- Net income, Group share: €85.9
million driven by the profitability of the asset management
activities and income from investment activities
- Assets under management: €11.1
billion as at 30.06.2017, an increase of 11% compared with
31.12.2016
- Further international
development
- The goal by the end of 2017 is €13
billion in assets under management, in keeping with the target of
€20 billion between now and the end of 2020
Regulatory News:
First half results: sharp increase in
net income
Tikehau Capital’s (Paris:TKO) Supervisory Board met today in
order to review Tikehau Capital’s simplified consolidated
first-half financial statements for the period ended 30 June 2017.
1
First-half 2017 net income, Group share, amounted to €85.9
million (compared with a loss of €5.8 million in the first half
of 2016 on a pro forma basis).
This result reflects the increase in the income from asset
management activities which amounted to €25.1 million, up 39%
compared with the first half of 2016 (€18.1 million on a pro forma
basis) and the sound performance of the investment activities,
where income amounted to €121.6 million (compared with €35.6
million for the first half of 2016 on a pro forma basis).
Asset
management
The significant increase in income from asset management
activities (39%) reflects both the increase in the Group’s
assets under management and the increase in assets under management
that generate management fees. Some funds only generate management
fees once the amounts committed by investor clients have been
invested. Accordingly, the Group’s management fees gradually
increase as the amounts committed by its investor clients are
progressively invested. This increase in income from asset
management activities occurred against a backdrop of tightly
controlled costs: net income from asset management
activities amounted to €2.9 million compared with a loss of €0.8
million in the first half of 2016 (on a pro forma basis).
Investment
Income from investment activities amounted to €99 million in
the first half, which marked a sharp increase compared with
the first half of 2016 (€10.5 million on a pro forma basis)
due to revenues from assets amounting to €23 million and positive
changes in fair value amounting to €98.6 million. These changes
mainly correspond to a €57.1 million revaluation of the listed
securities held in the portfolio (including Assystem, Eurazeo and
SES-imagotag. This portfolio is currently the subject of exclusive
negotiations with a view to divestment), as well as to the
revaluation of the shares in Salvepar, upon its inclusion in
Tikehau Capital’s consolidation scope, for an amount of €32.4
million (revaluation of the percentage of Salvepar’s IFRS equity
capital compared with a stock market valuation in the financial
statements for the year ended 31 December 2016).
Balance sheet
data
The Group reported a gross cash position of €120.2 million on a
consolidated basis as at 30 June 2017 compared with €129.8 million
as at 31 December 2016.
The first half of the 2017 financial year was also characterised
by the completion of the reorganisation operations launched by
Tikehau Capital during the 2016 financial year, and which resulted
in the listing of the Company on the stock market on 7 March 2017.
Tikehau Capital carried out three capital increases for a total
amount of €351 million during the first half; two of those
increases were undertaken on a cash basis for a total amount of
€200 million, while one increase for €151 million formed part of
the settlement of the tender offer for Salvepar.
11.3% increase in assets under
management
Tikehau Capital’s assets under management amounted to €11.1
billion as at 30 June 2017, i.e., an
increase of 11.3% over the first half. This €1.1 billion
increase in assets under management results from a net inflow of
€1.3 billion compared with market and distribution effects of -€0.2
billion.2
Tikehau Capital’s assets under management break down as follows
as at 30 June 2017:
- Private Debt: €5.0 billion,
i.e., 45% of the Group’s assets under
management, and an increase of 2.6%
- Real Estate: €1.9 billion,
i.e., 17% of the Group’s assets under
management, and an increase of 6.8%
- Private Equity: €1.6 billion,
i.e., 15% of the Group’s assets under
management, and an increase of 15.2%
- Liquid Strategies: €2.6 billion,
i.e., 23% of the Group’s assets under
management, and an increase of 34.7%
The assets under management as at 30 June 2017 do not take into
account the fund-raising rounds that were launched during the first
half and were completed after the half-year close on 30 June, or
are expected to be finalised between now and the end of the 2017
financial year. See below the outlook for the second half.
Tikehau Capital reached several symbolic milestones as part of
its asset management activities during the first half of 2017,
reflecting the Group’s sound commercial momentum, which was
bolstered by its recent listing on the stock market.
- Private
Debt – Tikehau Senior Loan II (TSL II), the Group’s main
senior debt (leveraged loans) fund achieved a final closing
amounting to €615 million at the end of April.
- Liquid
Strategies – Liquid strategies drove the growth in the
Group’s assets in the first half. Specifically, Tikehau Taux
Variables (TTV), Tikehau Capital’s main fixed income fund reached
the threshold of €1 billion in assets under management in February.
TTV’s assets under management amounted to €1.35 billion as at 30
June 2017, i.e., an increase of
approximately 53% over the first half.
- Real
Estate –Tikehau Capital announced in early June that it had
purchased a shopping centre in Turin (“Area12”) via a fund. This
transaction was undertaken at a cost of €65 million.
In June 2017, Tikehau also finalised the purchase of 96% of
Credit.fr, the French specialist in crowd-funding for smaller
businesses (VSEs) and SMEs. This acquisition enables Tikehau
Capital, a leading player in the corporate private debt market in
France, to consolidate and expand its lending platform, and extend
its corporate financing solutions to include VSEs and SMEs.
Tikehau Capital’s teams also continued to roll-out the existing
strategies via the launch of new funds in the private debt and real
estate business areas, which will contribute to the sustained
growth of the Group’s assets under management. (See below the
outlook for the second half.)
Lastly, to support its international development, the Group
continued to broaden its geographic footprint by opening a branch
office in Madrid, Spain, and a representative office in Seoul,
Korea, in the first half.
Investment activities in the first half
of 2017
Tikehau Capital continued the active turnover of its portfolio
of investments held on the balance sheet in the first half of 2017.
Total investments came to €555.7 million, while disposals
amounted to €98.2 million.
Investments
The main investments completed by the Company as part of its
investment activities during the first half of 2017 were as
follows:
- Oodrive –
At the end of March, Tikehau Capital announced its role as lead
manager in a deal securing funding of up to €65m for the European
leader in sensitive-data management solutions Oodrive, to
accelerate the Oodrive’s growth. The deal raised a total of €25m in
investments in Oodrive, including €16m on the Company’s balance
sheet.
- Claranet –
In May, the Company entered into an agreement to acquire a minority
shareholding in Claranet alongside the current shareholders.
Claranet is an independent leader in integrated hosting, networks
and communications managed-services based in London and operating
in seven European countries and Brazil. Tikehau Capital invested
£75m in ordinary and preference shares alongside the current
shareholders.
- Eurazeo –
In May, Tikehau Capital announced the acquisition of a 7.6% stake
in the listed investment company Eurazeo, at a total cost price of
€329.8 million.
- The Group has also invested €37.7
million of its balance sheet in its asset management
strategies.
Divestments
The main divestments during the period were as follows:
- E.CF – In
early April, Tikehau Capital sold its shareholding in Ecotel
Chomette Favor (E.CF) to Naxicap Partners. The Company generated a
gross capital gain of €18.2 million on the disposal of this
investment (including the coupons received during the investment
period), i.e., a gross multiple of 2.8
times the amount invested.
- Asten
Santé – At the beginning of May, the Company and the other
shareholders of Asten Santé announced that exclusive negotiations
were underway with Groupe La Poste for the sale of a majority
shareholding in Asten Santé, which is one of the leaders in
homecare services on the French market. In April 2014 and April
2016, Tikehau Capital had invested a total of approximately €28.5m
for a 21% capital shareholding in Asten Santé. The disposal, which
was finalised on 6 June 2017, will enable the Company to realise a
capital gain of around €16 million, i.e., a gross multiple of 1.6x the amount
invested.
In addition, SES-imagotag announced its planned combination with
the Chinese BOE Technology Group in mid-June. Against this
backdrop, SES-imagotag’s main shareholders, including the Company,
which has a 14% interest in SES-imagotag, entered into exclusive
negotiations with the purchaser on 16 June 2017, with a view to
disposing of their aggregate interest or 55% in the company at a
price of €30 per share. Subject to the completion of the conditions
precedent, this disposal will enable the Company to generate income
of around €6 million (on a consolidated basis in accordance with
IFRS) for the 2017 financial year. The gross multiple realised on
this investment by the Company is estimated at 2.7x.
Post-balance sheet event: capital
increase in July 2017
The Company continued to strengthen its shareholders’ equity in
the 2nd half. It performed a capital increase in an amount of
around €702 million (including the issue premium) on 23 July 2017,
following the full exercise of the extension clause decided by the
General Partner, which resulted in the issuance of 31,903,367 new
shares. This capital increase was carried out at a price of €22 per
share with preferential subscription rights and subscribed to in
full by cash contribution.
The purpose of this capital increase was to finance the
Company’s next development stage, as announced at the time of the
stock-market listing, and to drive its growth, with a view to
achieving €20 billion in assets under management in 2020.
This capital increase has also enabled the Company to diversify
its shareholder base, and to increase its visibility on the capital
markets.
Outlook for H2 2017
Based on the fund-raising rounds undertaken since the beginning
of the 2nd half, and on the transactions that are in the process of
being finalised between now and the end of the 2017 financial year,
the Group aims to achieve €13 billion in assets under management by
the end of the financial year, i.e., a
30% increase in assets under management over the financial year as
a whole (assuming that the assets under management in the liquid
strategies remain stable).
Specifically, where the debt securitisation activities are
concerned, Tikehau Capital Europe launched the build-up of the
asset portfolio (warehousing stage) of its 3rd CLO (Collateralised
Loan Obligation) during the first half. The transaction was
launched on 19 September for a final amount of €435 million. This
3rd CLO will enable Tikehau Capital to exceed €1 billion in assets
managed as part of its CLO business activities.
The Group intends to focus on the following areas for
improvement in the short and medium term:
- Seeking operational performance:
- Promoting the Tikehau Capital brand
across all strategies
- Continuing to improve the profitability
of the asset management activities
- Optimising the allocation of
capital
- Organic growth
- Continuing the fund-raising
momentum
- Expanding the client base, the product
range, and the geographic footprint
- Transposing the Group’s expertise and
track record in private equity to dedicated funds managed on behalf
of clients
- External growth
- Performing selective external growth
transactions or hiring external teams, in France and abroad.
Key data for the first half of
2017
Financial information for the first half
ended 30 June 2017 (according to IFRS):
In millions of euros
First half of 2017
(6 months)
First half of
2016
(6 months pro
forma)
Income from management companies 25.1 18.1 Operating
and other expenses (22.2) (18.9) Net income from
asset management activities 2.9 (0.8) Portfolio
income 121.6 35.6 Operating and other expenses
(22.6) (21.1) Net income from investment activities
99.0 10.5
Net income from investment and asset management
activities 101.9 9.7 Net income
(Group share) 85.9 (5.8) In
millions of euros
30 June
2017
31 December 2016
Shareholders' equity (Group share) 1,574.5 1,129.7
Gross cash 120.2 129.8 Gross debt 343.7
119.2
Change in assets under
management:
In millions of euros(Non-audited data)
First half
of 2017
2016 financial
year
Assets under management 11,105 9,979 Net change over
the period 1,125 3,627
About Tikehau Capital:
Tikehau Capital is an asset management and investment Group
which manages approximately €11.1bn of assets, with shareholders’
equity of €2.3bn. The Group invests in various asset classes
(private debt, real-estate, private equity and liquid strategies),
including through its asset management subsidiary Tikehau IM, on
behalf of institutional and private investors. Controlled by its
managers, alongside leading institutional partners, Tikehau Capital
employs 170 staff in its Paris, Milan, Brussels, London, Milan,
Seoul and Singapore offices.
Tikehau Capital is listed on Euronext Paris, compartment A (ISIN
code: FR0013230612; Ticker: TKO.FP)
www.tikehaucapital.com
1 The audit processes carried out in relation to the IFRS
financial statements by the Statutory Auditors are in progress. The
pro forma data set out in this release has not been the subject of
an audit.2 The assets under management published by the Company as
at 31 December 2016 were established on a pro forma basis
(including events such as the capital increases, which occurred at
the beginning of the first uarter of 2017).
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170921005958/en/
Press:Tikehau Capital
:Julien Sanson, +33 1 40 06 18 40jsanson@tikehaucapital.comorImage
7:Leslie Jung, + 44 781 864 18 03ljung@image7.uk.com
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