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Final Results for the Year Ended 31 December 2022

Oakley Capital
09.03.23
3 min read
Steven Tredget 800X300

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Steven Tredget discusses OCI's financial highlights for the year ended 31 December 2022, including a 24% Total NAV Return

Oakley Capital Investments Limited ("OCI" or the "Company") today announces its final results for the year ended 31 December 2022. 

Results And Reports 1 CTA

OCI is a listed investment company providing consistent, long-term returns in excess of the FTSE All-Share Index by investing in the Funds managed by Oakley Capital ("Oakley"), thereby capturing the outperformance of a leading private equity manager.

The Oakley Funds invest primarily in unquoted, profitable, pan-European businesses with recurring revenues, and across three sectors: Technology, Consumer and Education. Oakley's origination capabilities combined with proven value creation drivers help management teams accelerate growth and produce consistently superior returns for investors.  

The full results can be viewed here

Highlights for the year ended 31 December 2022

  • Net Asset Value (“NAV”) per share of 662 pence and NAV of £1,167 million
  • Total NAV return per share of 24% (+128 pence)
  • Total shareholder return of 1%
  • Additional investments made of £271 million and share of proceeds of £244 million
  • Year-end cash and available credit facility of £210 million
  • Outstanding commitments of £929 million
  • Buy-back and cancellation of 2.2 million shares
  • Final dividend of 2.25 pence, taking dividends declared to 4.5 pence

Portfolio highlights

  • Average portfolio company year-on-year EBITDA growth of 22% (2021: 30%)
  • Average portfolio company valuation multiple (EV/EBITDA) of 15.9x (2021: 15.3x)
  • Portfolio value increase was driven 65% by EBITDA growth, and 35% by multiple expansion primarily from exits
  • Average net debt/EBITDA ratio of 4.3x (2021: 4.2x)
  • The key drivers of NAV growth were:
    • IU Group (+64 pence): continuing strong growth in enrolments, reaching 100,000 students during the year
    • Contabo (+26 pence): sale of business at 105% premium to book value
    • Grupo Primavera (+21 pence): valuation uplift following its strategic combination with Cegid
    • Foreign exchange (+29 pence): 5% change in EUR:GBP

To better reflect the drivers of performance and the increasingly diverse weighting of each investee company within the portfolio, OCI has enhanced its reporting metrics from a simple, straight average to a weighted average based on its look through fair value in the underlying portfolio company investments. As such and unless stated otherwise, all ratios and EBITDA growth percentages are now published on a weighted average basis. To compare ratios and for current and historic data calculated on both a straight average and weighted average basis, please refer to this table.

Proceeds

OCI’s share of proceeds from realisations and refinancings totalled £244 million, consisting of:

  • Realisations: £234 million from five realisations at an average 5x gross money multiple and an average premium to carrying value of c.70%. They include:
    • TechInsights - £59 million from Fund III’s investment realisation
    • Contabo - £61 million from Fund IV’s investment realisation
    • Facile - £54 million from Fund III’s investment realisation
    • Seedtag - £14 million from Origin’s partial investment realisation
    • Wishcard - £45 million from Fund IV’s investment realisation
  • Refinancings: £10 million combined – both Wishcard and idealista completed refinancings, demonstrating the quality of their earnings growth
Vice Golf CTA

Oakley Capital invests £11 million in Vice Golf, a digital-first golf ball and apparel brand

Investments

During the period, OCI made a total look-through investment of £271 million comprising £216 million of new investments and £55 million of follow-on investments. The new investments comprise:

  • TechInsights (Fund IV) - £35 million - reinvestment in the content information platform for the chip industry
  • Vice Golf (Origin) - £11 million - a digital-first golf ball and apparel brand
  • Contabo (Fund V) - £34 million - reinvestment in the SME-focused cloud hosting platform
  • Affinitas (Fund IV) - £9 million - a global K12 schools group
  • Phenna Group & CTS (Fund V) - £73 million - leading providers of TICC (‘testing, inspection, certification and compliance’) services
  • Facile (Fund V) - £45 million - reinvestment in Italy’s leading price comparison website
  • vLex (Origin) - £9 million - a cloud-based, global legal information platform

Follow-on investments include Grupo Primavera (now part of Cegid) and Alessi in Fund III; TechInsights’ acquisition of Strategy Analytics in Fund IV; and direct debt investments in Time Out and North Sails.

During the period, OCI also completed the buyback and cancellation of 2.2 million shares at an average price of 407 pence per share, resulting in a NAV uplift of c.2 pence. The OCI Board remains committed to its share buyback programme.

Cash & commitments

Liquid resources

OCI’s total liquidity at year end was £210 million, comprising £110 million of cash and a £100 million credit facility

Total outstanding commitments

Following OCI’s €800 million commitment to Oakley Capital Fund V and €30 million commitment to Oakley Capital PROfounders Fund III during the year, OCI’s total outstanding commitments to the Oakley Funds amounted to £929 million as at 31 December 2022. In excess of £200 million of this is forecast not to be drawn, and the remainder is expected to be deployed into new investments over the next five years

Dividends declared

Dividends declared of 4.5 pence of which final 2.25 pence to be paid on 21 April 2023 to shareholders on the register on or before 17 March 2023

Outlook

The prevailing macroeconomic environment is likely to have an impact on portfolio company trading in 2023. However, resilient earnings growth, and demand for Oakley’s attractive assets are expected to continue driving NAV growth in the year ahead:

  • The portfolio of 26 European businesses continues to profit from long-term megatrends including the shift to online solutions by businesses and consumers, and the growing, global demand for quality, accessible education
  • The companies typically benefit from being both digitally disruptive and having recurring revenue streams. This results in predictable and stable cashflows that can grow by taking market share, rather than by relying on market growth
  • Continued liquidity and anticipated future exits as a result of growing demand for investee companies will enable OCI to take full advantage of the investment adviser’s origination strategy and pipeline
Quote Caroline Foulger

We are pleased to report that OCI has continued to generate strong NAV growth during a period of considerable market volatility and macroeconomic uncertainty. Despite numerous head winds our underlying portfolio of private businesses generated double-digit profit growth and this, together with strong demand for our investee companies, pushed OCI’s net assets to c.£1.2 billion. As we look to the year ahead, the Board remains confident in Oakley’s ability to continue sourcing attractive investment opportunities, and to support its portfolio companies accelerate growth and create value

Caroline Foulger

Chair — OCI

Quote Peter Dubens

Oakley remains focused on applying the same investment strategy and capabilities we have developed and validated over two decades of investing through economic cycles: backing profitable, enduring businesses led by talented, proven entrepreneurs, and then partnering with them to strengthen, professionalise and grow the businesses they founded.

Peter Dubens

Managing Partner — Oakley Capital

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If you would like to know more, contact a member of the OCI team.

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