Oakley Capital Investments Limited has released its final results for the year ended 31 December 2023. The company, a listed investment company, focuses on providing consistent, long-term returns by investing in funds managed by Oakley Capital, which primarily invest in unquoted, profitable, pan-European businesses with recurring revenues across four focus sectors.
The highlights for the year ended 31 December 2023 include a Net Asset Value ("NAV") per share of 684 pence and NAV of £1,207 million, a total NAV return per share of 4% (+27 pence), or approximately 6% before the impact of foreign exchange, and a total shareholder return of 18%. The company made investments of £175 million and received proceeds of £266 million, with outstanding commitments of £1,015 million and year-end cash and available credit facilities of £382 million.
The portfolio of private equity investments delivered robust trading during the period, with an average 14% organic EBITDA growth, modestly increased average valuation multiple to 16.4x, and average net debt/EBITDA ratio of 4.2x. The key drivers of NAV growth were highlighted, including specific portfolio companies' performance and the impact of foreign exchange.
OCI's look-through share of proceeds from exits and refinancings during the year totaled £266 million, consisting of realisations and refinancings. The company also made new investments totaling £175 million, including new platform deals, reinvestment, follow-on investments, and venture investments.
Post balance-sheet events included further new platform deals, and the Board continues to work towards the resolution and value maximization of OCI's two direct investments of Time Out and North Sails. The company also made total commitments to the Oakley Funds, with total liquidity as at 31 December 2023 at £382 million.
Overall, the report provides a comprehensive overview of OCI's financial performance, investment activities, portfolio highlights, and post-balance sheet events, demonstrating the company's strategic focus and commitment to delivering long-term value for its shareholders.