Record investment year - Strong return as a result of significant growth of portfolio companies and capital gains on exits

24/05/2018 - 07:00 | Financial

Managing Director Koen Dejonckheere, on the past financial year's results: "The past year was again a very active one, with a record of nearly EUR 250 million of investments across our various investment platforms and home markets. Our proactive approach, our expertise, which we continue to build, and our clear formulation of the joint value creation processes are increasingly setting us apart in a competitive market.

High strategic interest in our shareholdings enabled us to realize significant capital gains again. In addition to this, our portfolio companies translated their growth ambitions into strong sales and good profitability. This enabled us to realize an above-average portfolio return for the fourth consecutive year, resulting in a net profit of EUR 107 million."

Chairman Hilde Laga adds: "We have confidence in the strength of our companies and our investment approach. This allows us to again propose an attractive dividend of EUR 2.5 per share."

The results for the 2017-2018 financial year cover the period from 01 April 2017 to 31 March 2018.

Highlights (consolidated figures)

  • Again a very active year
    • 12 new investments, 9 exits and a strong start to 2018
    • Growing share of self-generated dealflow thanks to a proactive and specialized market approach
    • A younger portfolio with substantial growth potential
    • 54 shareholdings in portfolio
  • Results supported by strong portfolio result for the 4th consecutive year.
    • Solid sales and EBITDA growth in the shareholdings
    • Strong appetite from industrial buyers results in successful exits with substantial capital gains.
    • Portfolio return for fourth year above long-term target of 15%

Investments

  • Total investments (on balance sheet): EUR 246.2 million (EUR 295.3 million including co-investment funds)

Divestments

  • Total divestment revenues (on balance sheet): EUR 371.1 million (EUR 418.0 million including co-investment funds)
  • Divestment revenues: 42.6% above their value in equity at 31 March 2017. Over the entire holding period the realized money multiple on the sold platform shareholdings was 2.3x their original acquisition price.

Results

  • Portfolio result: EUR 150.4 million
  • Platform portfolio return of 19.1%[1]
  • Net result (group’s share) EUR 107.1 million (EUR 4.21 per share)

Balance sheet (at 31.03.2018)

  • Balance sheet total: EUR 1 356.5 million
  • Investment Portfolio: EUR 960.4 million
  • Cash position: EUR 380.5 million

Equity (at 31.03.2018)

  • Equity value (group’s share): EUR 1 274.3 million (EUR 50.1 per share)

Dividend

  • Unchanged dividend for FY 2017-2018: EUR 2.50 gross (EUR 1.75 net) per share (subject to approval by the General Meeting of 27 June 2018)
  • Like last financial year, we have opted for a 100% cash dividend.

 


[1] Return on shareholdings in the four investment platforms.

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