OFI Private Equity Capital NAV reaches nearly 150 million. Half year consolidated turnover of 165 million increasing by 9%

Transcription

1 PRESS RELEASE 30 July 2010 OFI Private Equity Capital NAV reaches nearly 150 millin Half year cnslidated turnver f 165 millin increasing by 9% Olivier Millet, President f the Management Bard f OFI Private Equity, said: The acceleratin in the cnslidated turnver grwth f 12% n the secnd semester 2010 cnfirmed the psitive trend nted since the beginning f the year. This prgressin came tgether with a perfect cntrl f the perating margins. The trend in the first semester makes us ptimistic fr the secnd ne, during which the internal grwth culd be amplified by build-ups peratins. The sharehlder s equity strengthening, due t the successful capital increase f 35 millin, allws reducing the net debt ver sharehlder s equity rati t 5% versus 36% n March This peratin gives us the pprtunity t realize new investments n a mre favrable market and then cntinue prtfli diversificatin. As a result f this capital increase, OFI Private Equity Capital NAV is millin r by share after payment f the annual dividend f 0.27 by share. The cmbinatin f a strengthened financial structure and grwth in cmpanies activity shuld cntribute t the decrease f the share discunt cmpared t the NAV during the cming quarters. > CONSOLIDATED TURNOVER Cnslidated turnver fr semester ended 30 June 2010 was millin, cmpared t millin n a 30 June 2009 cmparable basis, an increase f 8.8%. This increase is based n a a gd level f activity, especially fr Lén de Bruxelles and Financière de Siam. The 2 nd quarter turnver is 85.2 millin, cmpared t 76 millin in 2 nd quarter 2009, an increase f 12%. > KEY EVENTS OF THE PORTFOLIO COMPANIES DURING THE SECOND QUARTER OF 2010 DESSANGE Internatinal wrld leader in high end beauty salns (1,000 salns) 24% f the value f the prtfli f OFI Private Equity Capital A part f the investment was sld t a family ffice, n the basis f a price superir f 40% t the initial price f July The FCPR OFI PEC 2 wns 63% f the grup after this peratin. Negciatins in prgress fr acquiring the master franchise in the US Stability f the turnver at M25 Lén de Bruxelles ne f France s leading specialty restaurant chains Belgian brasserie - 56 restaurants 19% f the value f the prtfli f OFI Private Equity Capital Increase in the revenues f 21% t 50.1 millin in the first half f 2010 and increase f the number f custmers f 2.4% n a cmparable basis Sale f the building f five restaurants t CILOGER fr 8.5 millin and increased capacity t finance the acquisitin f new restaurants amunting t 20 millin Gd prgress in 2010/2011 restaurants pening plan. 1

2 IMV Technlgies wrld leader in bitechnlgies fr animal reprductin 19% f the value f the prtfli f OFI Private Equity Capital First semester activity remains stable cmpared t 2009 Build-ups pprtunities New plant delivery in l Aigle in Nrmandy planned in August Grupe Financière de Siam a wrld leader f advanced industrial sealing slutins 21% f the value f the prtfli f OFI Private Equity Capital The market cmes mre favurable, specifically in USA and UK Turnver increase f 10% cmpared t 2009 Bank negtiatins were finalized in July t reset cvenants n the French scpe f Financière de Siam Gault & Frémnt French leader fr specialty packaging in paper and cardbard fr the pastry and bakery markets 8% f the value f the prtfli f OFI Private Equity Capital Purchase f a new business in prgress Slight decrease f turnver t 16 millin Certificatin FSC (Frest Stewardship Cuncil), PEFC (Prgramme Eurpéen des Frêts Certifiées) and Imprim'Vert, ec-labels that enable t give value t wd prducts resulting frm respnsible frest management. Fndis Electrnic French leader fr hand-held scientific and analytical instruments fr industrial and prperty sectrs 3% f the value f the prtfli f OFI Private Equity Capital Turnver increase f 39% cmpared t 1 er semester 2009, 16 % n a cmparable basis In additin, OFI Private Equity Capital is a minrity sharehlder f fur ther cmpanies: Mrs Smitt, Crédirec, Grupe BFR and Axsn Technlgies. Average turnver increased f 7.5% in the first semester. These fur minrity hldings represent 8% f the value f the prtfli. Detailed cmments n the 1 st semester are presented in the the dcuments «Infrmatins sur l évlutin de l activité du 1 er semestre 2010» available n the website. > KEY EVENTS OF OFI PRIVATE EQUITY CAPITAL DURING THE SECOND QUARTER OF 2010 The capital increase launched n 14 June 2010 and paid n 12 July was a success, the ffer was versubscribed with a ttal request cvering mre than 105.5% f the ffer. The issuance f the ABSA prcures OFI Private Equity Capital with new resurces enabling it t seize pprtunities fr acquisitins frm the secnd half f 2010 accrding t the pprtunities, befre achieving the natural rtatin f its prtfli fr the 2011/2013 perid, thus giving it a certain level f autnmy in its develpment. Besides, OFI Private Equity Capital paid the 8th July a dividend f 0.27by share, t shares existing befre the capital increase. 2

3 > NET ASSET VALUE AT 30 JUNE 2010 The capital increase is recrded as creditr at 30 June 2010 fr an amunt f 35,2 millin.the cash was received n 12 July shares were issued, the ttal number f share is nw With these data, NAV at 30 June is millin, and by share. NAV at 30 June 2010 is split as fllws, cmpared t the prfrma NAV at 30 March 2010 including the capital increase: 30 June March 2010 Prfrma * M per share M per share Majrity investments at fair market value 151,7 14,4 148,5 14,1 Minrity investments at fair market value 13,6 1,3 13,1 1,2 Ttal prtfli 165,2 15,7 161,6 15,3 Financial debt -46,3-4,4-45,9-4,4 Treasury prtfli 3,6 0,3 4,6 0,4 Net financial debt -42,7-4,1-41,3-3,9 Capital increase - cash received 12 July 35,2 3,3 35,2 3,3 Net financial debt after capital increase -7,6-0,7-6,2-0,6 Othe assets and liabilities -2,2-0,2-2,4-0,2 Dividends t pay -1,7-0,2 0,0 0,0 Minrity interests -5,2-0,5-5,0-0,5 Net Asset Value 148,6 14,1 147,9 14,0 * Prfrma : after capital increase The increase in the value f the prtfli is due t the Len de Bruxelles grwth and t the DESSANGE Internatinal value increase based n the June transactin price. These tw increases are partly cmpensated by the slight decrease f the cmparable cmpany multiples used t value the individual cmpnents f the prtfli (alng with the discunted cash flw methd). The interests earned n the mezzanine prtfli increase f 1.3 millin during the quarter. With the capital increase cash received n 12 th July, the net treasury prtfli is at 38.8 millin. The net financial debt after capital increase cash is reduced t 7.6 millin (versus 41.3 millin at 31 March 2010). This includes a 30 millin f 5 year Senir Ntes due 2013, and a drawn dwn credit line f 15 millin due September The Net Gearing Rati (debt net ver sharehlders equity) after capital increase is at 5.1% versus 36.5% at end f March. Other liabilities include principally minrity interests ( 5.2 millin), principally related t the FCPR OFI PEC 2 which has been pened t external investrs in 2008, the prvisin fr carried interest ( 3.2 millin) as well as accunts payable. Other assets include investments held fr sale t managers f the prtfli cmpanies ( 0.9 millin) and an histrical investment ( 0.3 millin). > PRIVATE EQUITY PORTFOLIO AT 30 JUNE 2010 At 30 June 2010, OFI Private Equity Capital has ten unquted cmpanies in its private equity prtfli: 3

4 - six cmpanies under majrity cntrl: DESSANGE Internatinal, IMV Technlgies, Lén de Bruxelles, Grupe Financière de Siam (Siem Supranite and The Flexitallic Grup, Inc.), Gault & Frémnt and Fndis Electrnic - fur cmpanies thrugh minrity investments: Mrs Smitt Hldings, Crédirec, Grupe BFR/Japack, and Axsn Technlgies. As at 30 June 2010, the private equity prtfli is valued at millin, an increase f 35% cmpared t the initial investment cst f millin. This increase in value des nt include the cash interests paid by the mezzanine prtfli ( 3.5 millin since July 2007). millins Initial investment cst Valuatin at 30 June 2010 Change Equity prtfli % Mezzanine prtfli % Ttal Prtfli % > OUTLOOK After a prmising first semester, the cmpanies in the prtfli shuld be in a gd psitin t benefit frm the expected ecnmic recvery and t implement their grwth plans. Several f these culd be realized during the curse f > ABOUT OFI PRIVATE EQUITY CAPITAL OFI Private Equity Capital is an investment cmpany quted n NYSE Eurnext (cde: OPEC), which invests in bth equity and mezzanine in secndary buy-uts f French cmpanies with enterprise values f between 15 and 75 millin that have been the subject f a previus LBO. OFI PRIVATE EQUITY: GROUPE OFI: BRUNSWICK: Olivier Millet +33 (0) millet@fi-privateequity.fr Jean-Françis Mallinjud +33 (0) jmallinjud@fi-privateequity.fr Elisabeth Auclair +33 (0) eauclair@fi-privateequity.fr Anne-Françise Lacste +33 (0) alacste@fi-am.fr Agnès Catineau + 33 (0) acatineau@brunswickgrup.cm Benît Grange + 33 (0) bgrange@brunswickgrup.cm OFI PRIVATE EQUITY CAPITAL 12, rue Clément Mart Paris Preliminary financial calendar: Cnslidated financial results at 30 June 2010 : 28 September 2010 Net Asset Value at September 2010 : 4 Nvember 2010 Share infrmatin: Ticker: OPEC Listing: NYSE Eurnext Paris Cmpartment C ISIN cde: FR Number f shares: Fr mre infrmatin, please cnsult ur web site at: 4

5 > OTHER INFORMATION Valuatins at 30 June 2010 As in prir perids, OFI Private Equity Capital fllws the valuatin guidelines set frth by the Internatinal Private Equity & Venture Capital Valuatin Bard («IPEV»), which have been adpted in their entirety by AFIC and EVCA, in the preparatin f its quarterly valuatin f its investments. Histrically, the valuatin prcess used by OFI Private Equity Capital fr unquted investments is based principally n cmparables, whether f multiples f earnings f a cmparable quted peer grup, r in cmparisn t a recent transactin, as well as the discunted cash flw («DCF») methd. The multiples f cmparable quted cmpanies are used after applying illiquidity discunts f between 20 and 65%. The cherence f the results btained (in terms f implied EBITDA multiples) have been validated with each particular quted peer grup, and in particular with the actual EBITDA multiples paid by OFI Private Equity Capital during the initial investment. The valuatin f the prtfli at 30 June 2010 (excluding Fndis) results in implied EBITDA multiples between 4.6x and 9.1x, fr an average implied multiple f 6.6x, cmpared t an average multiple paid fr the investments f 6.1x. The average multiple fr the majrity held investments, excluding Fndis, is 7.6x Acquisitin % f prtfli Change ver 2nd quarter 2010 Majrity held investments DESSANGE Internatinal juil-08 24% + 3,9% Financière de Siam (Siem et Flexitallic) ct-06 20% - 2,0% IMV Technlgies juin-07 19% + 1,6% Lén de Bruxelles avr-08 19% + 7,2% Gault & Frémnt mai-08 8% + 1,6% Fndis Electrnic juin-08 3% - 7,9% TOTAL 92% Minrity held investments Mrs Smitt Internatinal mai-06 4% + 4,7% Crédirec avr-06 2% - 1,8% Grupe Japack fev 07 1% - 1,8% Axsn Technlgies janv-06 1% + 21,5% TOTAL 8% Turnver by quarter: M Q1 Q2 Q3 Q4 Cumulative ,3 85,2 164, basis cmparable 75,2 ** 76,0 ** 77,4 78,4 307,0 NAV: The cnslidated financial statements f OFI Private Equity Capital under IFRS include the changes in the scpe f cnslidatin, including the cnslidatin f the FCPR OFI PEC 1 and FCPR OFI PEC 2, the cmpanies IMV Technlgies, Siem Supranite, The Flexitallic Grup, Inc., Lén de Bruxelles, Gault & Frémnt, Fndis Electrnic and DESSANGE Internatinal, as well as their respective acquisitin hlding cmpanies. In rder t give greater clarity and cmparability ver time, OFI Private Equity Capital publishes every quarter a Net Asset Value, which is a financial indicatr reflecting the Cmpany s true vcatin as an investment cmpany. NAV is calculated n the basis f the cnslidated financial statements f the Cmpany n a basis which includes nly the cmpany OFI Private Equity Capital and the FCPR OFI PEC 1 and FCPR OFI PEC 2, with all the investments in the FCPR at fair market value. Given this different scpe f cnslidatin, NAV is nt strictly cmparable t the cnslidated financial statements under IFRS. Additinal infrmatin regarding Net Asset Value can be fund in the Cmpany s Reference Dcument, available n its internet site. ** Reclassificatin f 4.5 millin between the first and secnd quarter 2009 between published accunts and n a cmparable basis. 5