Growing results in portfolio companies plus profitable divestments give strong annual result of EUR 137.2 million, with a 20% return on portfolio - Active investment year with eight new growth stories - Stable gross dividend of EUR 2.45

19/05/2016 - 07:00 | Financial

Managing Director Koen Dejonckheere, on the past financial year's results: "Cashing in a number of strong growth stories at the right moment and active strategic involvement in our businesses enabled us to post attractive earnings during the past financial year, with a 20 percent return on our portfolio. We look back on a busy investment year in which we invested in eight new growth stories, bringing our portfolio to its largest size in more than 10 years: more than 1 billion euros invested in 50 companies."

Chairman Hilde Laga adds: "Focusing on the further growth of our businesses and our portfolio, we are laying a solid foundation for sustainable and innovative value creation. Our prime investment targets are companies at the forefront of the current economic transformation. In line with our dividend policy, we are proposing to our shareholders to distribute for the past year a stable dividend, which together with the increase in equity provides an attractive shareholder return."

The results for the 2015-2016 financial year cover the period from 1 April 2015 to 31 March 2016.

Highlights (consolidated figures)

  • Results supported by strong portfolio result

    • Solid sales and EBITDA growth in the large majority of the shareholdings

    • Valuation of Punch Powertrain factors in the financial and regulatory conditions that have still to be met before the transaction can be finalized

    • Return on equity of 12.6%

  • Favourable exit environment and further expansion of the portfolio

    • Continued intense divestment activity provided attractive realisation gains

    • An active investment year with eight new shareholdings, and another four new investments already announced since FY year-end

    • Portfolio at its highest level in over 10 years

    • Ample liquidity base
       

Results

  • Net result (group’s share) EUR 137.2 million (EUR 5.39 per share)

  • Net realised capital gains: EUR 70.5 million.

  • Net unrealised capital gains: EUR 88.7 million.

Equity (at 31.03.2016)

  • Equity value (group’s share): EUR 1,167.9 million (EUR 45.93 per share)

Balance sheet (at 31.03.2016)

  • Balance sheet total: EUR 1,230.3 million

  • Investment portfolio: EUR 1,013.9 million

  • Net cash position: EUR 183.9 million.

Investments

  • Total investments (on balance sheet): EUR 130.2 million (EUR 162.5 million including co-investment funds)

Divestments

  • Total proceeds from divestments (on balance sheet): EUR 227.2 million (EUR 303.5 million including co-investment funds)

  • Proceeds from divestments: 42.7% above their value in equity at 31 March 2015.

Dividend

  • Dividend stable for FY 2015-2016: EUR 2.45 gross (EUR 1.79 net) per share (subject to approval by the General Meeting of 29 June 2016)

  • We have opted for a 100% cash dividend.

Read all press releases