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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Apax Global Alpha Limited | LSE:APAX | London | Ordinary Share | GG00BWWYMV85 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 133.00 | 132.20 | 133.20 | 133.00 | 133.00 | 133.00 | 60,770 | 09:39:23 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 70.18M | 53.48M | 0.1091 | 12.19 | 651.91M |
From Feb 2023 to Feb 2025
TIDMAPAX
RNS Number : 5867R
Apax Global Alpha Limited
02 March 2023
(LSE: APAX)
Apax Global Alpha Limited
Full year Results for the year ended 31 December 2022
Key highlights
Hot Features
Premium
-- AGA's Adjusted NAV was EUR1.3bn (FY21: EUR1.5bn) in 2022,
and Total NAV Return(1) was (7.4)% ((10.7)% constant currency).
-- Operationally, the Private Equity portfolio performed well
in 2022, with average EBITDA growth of 18.5% (2) . However,
this was not enough to fully offset negative movements in
valuation multiples.
-- Negative movements in valuation multiples were primarily
from multiple contraction for the Apax Funds' listed holdings
which represented 14% of the Private Equity portfolio at
31 December 2022 but contributed c. 80% to the multiple decline
in Private Equity. This led to a Total Return in Private
Equity decline by (11.3)% in 2022.
-- Derived Investments, which mainly consist of debt, delivered
a Total Return of 1.9% in 2022, cushioning overall Total
Return. This portfolio absorbs cash not invested in Private
Equity, enhances the robustness of AGA's balance sheet and
provides a steady flow of income to support dividends and
an additional source of alpha for AGA.
-- Despite a challenging market backdrop, the Apax Funds continued
to focus on opportunities where value creation could be achieved
through operational improvement. The Apax Funds completed
ten new Private Equity investments in the period in which,
on a look-through basis, AGA deployed EUR132.8m.
-- Demand for high-quality assets remained strong and the Apax
Funds completed seven full exits in the period at an average
uplift of 15.1% to last Unaffected Valuations (3) .
-- The Board takes a disciplined approach to liquidity and capital
management with rigorous scenario modelling and stress testing
when agreeing new commitments to the Apax Funds. As a result,
AGA was pleased to make commitments to three new funds during
2022: EUR700m to Apax XI, $60m to Apax Global Impact, and
$40m to Apax Mid-Market Opportunities II.
-- Dividend of 11.82p per share declared for the full year 2022,
in line with AGA's dividend policy of distributing 5% of
NAV per annum.
Tim Breedon CBE, Chairman of Apax Global Alpha, said:
"Whilst 2022 saw a marked change in the macro environment, the Apax Funds have continued to identify attractive investment opportunities, generate alpha through business improvement, and exit at attractive prices. Whilst no investment strategy can be totally immune to the current macro headwinds, we believe that the Apax Funds have the right investment approach for the current market conditions."
Financial highlights
-- AGA was 95% invested as at 31 December 2022 and had unfunded
commitments to the Apax Funds (together with recallable distributions)
of EUR1.0bn.
-- At 31 December 2022, AGA's invested portfolio consisted of
EUR871.0m in Private Equity (71%) and EUR364.2m in Derived
Investments (29%).
-- Following earlier commitments, as anticipated there were
several large capital calls towards the end of 2022, largely
from Apax X. After these calls, net cash was EUR64m, and
the EUR250m revolving credit facility ("RCF") remained undrawn
as at 31 December 2022.
-- In early 2023, AGA received formal notice that the RCF will
revert to a conventional fixed-term arrangement with an expiry
date of 10 January 2025.
FY 2022 FY 2022 FY 2021 FY 2022
EUR GBP EUR GBP
-------- -------- -------- --------
Adjusted NAV (4) 1,299m 1,150m 1,482m 1,247m
-------- -------- -------- --------
Adjusted NAV (4)
per share 2.65 2.34 3.02 2.54
-------- -------- -------- --------
NAV (4) per share 2.65 2.34 3.03 2.55
-------- -------- -------- --------
Exposure FY 2022 FY 2022
constant currency
Total NAV Return(1) (7.4)% (10.7)%
--------- -------- -------------------
Total Return(1) -
Private Equity 67% (11.3)% (14.8)%
--------- -------- -------------------
Total Return(1) -
Derived Debt 26% 2.7% (1.7)%
--------- -------- -------------------
Total Return(1) -
Derived Equity 2% (6.8)% (7.9)%
--------- -------- -------------------
Cash & Others 5%
--------- -------- -------------------
Portfolio highlights
-- Invested portfolio split across four key sectors: Tech
& Digital (40%), Services (28%), Healthcare (17%), and
Internet/Consumer (15%).
-- In Private Equity, the portfolio is well diversified
across vintages: 14% invested before 2017, 38% were acquired
in the 2017-2019 period, and 48% of investments are from
2020 and later
-- The Private Equity portfolio delivered a Total Return(1)
of (11.3)% ((14.8)% constant currency) in the period.
This reflected resilient trading performance with LTM
Revenue and EBITDA growth of 21.5%(2) and 18.5%(2) respectively
across the Private Equity portfolio demonstrating their
robust business models and the benefit of the Apax Funds'
investment approach, offset by the impact of multiple
compression on valuations, in particular from the publicly
listed holdings held.
-- At 31 December 2022, 14% of the Private Equity Invested
Portfolio was in publicly listed holdings. These reflect
residual stakes in previously IPO'd portfolio companies
which, together with secondary sales, have already returned
distributions totalling 3.4x initial costs(5) to AGA.
There is further potential to create value from these
holdings, as shown by the sale in January 2023 of the
residual holding in Duck Creek at a 57% premium to its
end-year market value.
-- In Private Equity, seven full exits were completed during
the period with a weighted average uplift of 15.1% compared
to last Unaffected Valuations(3) . Gross IRR(6) and Gross
MOIC (6) in 2022 were 17.1% and 3.1x respectively.
-- AGA's debt portfolio, which makes up 94% of Derived Investments,
delivered a Total NAV Return of 2.7% in 2022.
-- 99% of the Derived Debt investments are invested in floating
rate loans, reducing duration risk. With increasing base
rates, the portfolio generates a 9.9% income yield.
-- The average yield to maturity of the portfolio increased
to 12.1% at 31 December 2022 (FY21: 6.2%).
-- The Derived Debt portfolio has outperformed the S&P/LSTA
leveraged loan index(7) with a five-year cumulative return
on a constant currency basis of 31.2% compared to 17.7%.
-- EUR57.2m was deployed in Derived Debt in 2022. There
were no new investments in Derived Equity.
For further information regarding the announcement of AGA's FY 2022 Results, including the Company's results presentation and details for today's analyst and investor webcast at 9.30am (UK time), please visit www.apaxglobalalpha.com .
Contact details
Katarina Sallerfors, Investor Relations - AGA
Telephone: +44 207 666 6526
Email: Katarina.sallerfors@apax.com
APPIX
Movements in NAV
Adjusted NAV movements Private Derived Treasury Facility
(EURm) Equity Investments Cash Shares drawn Other(8) Total
-------- ------------- -------- --------- --------- --------- --------
Adjusted NAV at
31.12.21 1,012.9 327.2 108.5 - - 33.1 1,481.7
-------------------------- -------- ------------- -------- --------- --------- --------- --------
+ Investments 194.4 57.2 (248.0) - - (3.6) -
-------------------------- -------- ------------- -------- --------- --------- --------- --------
- Distributions/
divestments (227.8) (10.5) 271.0 - - (32.7) -
-------------------------- -------- ------------- -------- --------- --------- --------- --------
+ Interest and dividend
income - - 25.3 - - (0.3) 25.0
-------------------------- -------- ------------- -------- --------- --------- --------- --------
+/- Gains/(losses) (141.8) (32.9) - - - - (174.7)
-------------------------- -------- ------------- -------- --------- --------- --------- --------
+/- FX gains/(losses)(9) 33.3 14.8 0.2 - - - 48.3
-------------------------- -------- ------------- -------- --------- --------- --------- --------
+/- Costs and other
movements - - (9.5) - - (0.3) (9.8) -------------------------- -------- ------------- -------- --------- --------- --------- -------- - Dividends paid - - (71.1) - - - (71.1) -------------------------- -------- ------------- -------- --------- --------- --------- -------- +/- Performance fee reserve(10) - 8.4 - (8.4) - - - -------------------------- -------- ------------- -------- --------- --------- --------- -------- +/- Shares purchased - - (8.4) 8.4 - - - -------------------------- -------- ------------- -------- --------- --------- --------- -------- +/- Revolving credit - - - - - - - facility drawn/repaid -------------------------- -------- ------------- -------- --------- --------- --------- -------- Adjusted NAV at 31.12.22 871.0 364.2 68.0 - - (3.8) 1,299.4 -------------------------- -------- ------------- -------- --------- --------- --------- --------
Private Equity - operational metrics
Private Equity - operational metrics FY 22 FY 21
-----
Portfolio year-over-year LTM revenue growth(2) 21.5% 20.2%
================================================ ===== =====
Portfolio year-over-year LTM EBITDA growth(2) 18.5% 35.3%
================================================ ===== =====
Enterprise Value / EBITDA valuation multiple(2) 17.2x 23.2x
================================================ ===== =====
Net debt / EBITDA multiple (2) 4.8x 4.2x
------------------------------------------------ ----- -----
Derived Investments - operational metrics
Derived Investments - operational metrics FY 22 FY 21
-----
Debt average income yield to maturity(11) 12.1% 6.2%
=========================================== ===== =====
Debt average years to maturity 5.1 6.1
=========================================== ===== =====
Debt average income yield(12) 9.9% 5.4%
------------------------------------------- ----- -----
Other Invested Portfolio highlights
Invested Portfolio analysis(13) EURm EURm % %
----- ------- ---
* AEVI 2.2 0%
================================ ===== ======= === ====
* AEVII 23.8 2%
================================ ===== ======= === ====
* AVIII 88.6 7%
================================ ===== ======= === ====
* AIX 325.4 26%
================================ ===== ======= === ====
* AX 364.7 30%
================================ ===== ======= === ====
* AXI (3.4) 0%
================================ ===== ======= === ====
* AMI 23.4 2%
================================ ===== ======= === ====
* AMI II (0.7) 0%
================================ ===== ======= === ====
* ADF 48.1 4%
================================ ===== ======= === ====
* ADF II 0.9 0%
================================ ===== ======= === ====
* AGI (2.0) 0%
================================ ===== ======= === ====
Private Equity 871.0 71%
================================ ===== ======= === ====
* Derived Debt 340.6 27%
================================ ===== ======= === ====
* Derived Equity 23.6 2%
================================ ===== ======= === ====
Derived Investments 364.2 29%
-------------------------------- ----- ------- --- ----
Total 1,316.9 100%
-------------------------------- ----- ------- --- ----
Footnotes
1 "Total NAV Return" means the movement in the Adjusted NAV
per share over the quarter plus any dividends paid. "Total
Return" reflects the sub-portfolio performance on a stand-alone
basis. It excludes items at the overall AGA level such
as cash, management fees, and costs
2 Gross Asset Value weighted average of the respective metric
across the portfolio. LTM Revenue growth and LTM EBITDA
growth rates exclude companies where EBITDA is not meaningful
such as financial services or high growth business with
fluctuations in EBITDA. Net debt/EBITDA multiple and EV/EBITDA
valuation multiple excluded companies where EBITDA is not
meaningful such as financial services or high growth business
valued on a revenue basis.
3 Valuation uplifts on exits are calculated based on the
total actual or estimated sales proceeds and income as
appropriate since the last Unaffected Valuation. Unaffected
Valuation is determined as the fair value in the last quarter
before exit, when valuation is not affected by the exit
process (i.e. because an exit was signed, or an exit was
sufficiently close to being signed that the Apax Funds
incorporated the expected exit multiple into the quarter
end valuation). Where applicable, average uplifts of partial
exits and IPO's includes proceeds received and the closing
fair value at period end.
4 Adjusted NAV reflects Total NAV of EUR1,299.4m, before
performance fee reserve of EUR0.0m
5 Includes proceeds received from pre-IPO funding rounds,
dividends, primary and secondary offerings of shares in
companies to 31 December 2022, from companies that listed
in 2020 and 2021
6 Private Equity Aggregate Gross IRR and Gross MOIC calculated
based on the expected aggregate cash flows in euro across
all funds for the deals signed and/or IPO'd in the period.
Gross IRR represents concurrent Gross IRR.
7 Source: Bloomberg
8 Other reflects net current liabilities.
9 FX on cash includes the revaluation of cash balances and
net gain or losses arising from the differences in exchange
rates between transaction dates and settlement dates, and
unrealised net gains or losses arising from the translation
into euro of assets and liabilities (other than investments)
which are not denominated in euro
10 Movement in the performance fee reserve reflects the performance
fee reserve accrued by the Company's at 31 December 2022.
This does not represent the underlying Private Equity portfolio's
carried interest.
11 Gross Asset Value weighted average of the respective metric
across the Derived Debt portfolio.
12 Gross Asset Value weighted average of the current full
year income (annual coupon/clean price as at the respective
date) for each debt position in the Derived Debt portfolio
as at the respective date
13 Invested Portfolio excludes cash and cash equivalents,
revolving credit facility drawn and net current assets,
including these the NAV was EUR1,299.4m and Adjusted NAV
was EUR1,299.4m reflecting adjustment of EUR0.0m for the
estimated performance fee reserve accrued.
Notes
1. Note that references in this announcement to Apax Global Alpha
Limited have been abbreviated to "AGA" or "the Company". References
to Apax Partners LLP have been abbreviated to "Apax" or "the
Investment Adviser"
2. Please be advised that this announcement may contain inside
information as stipulated under the Market Abuse Regulations
(EU) NO. 596/2014 ("MAR")
3. This announcement is not for release, publication or distribution,
directly or indirectly, in whole or in part, into or within
the United States or to "US persons" (as defined in Regulation
S under the United States Securities Act of 1933, as amended
(the "Securities Act")) or into or within Australia, Canada,
South Africa or Japan. Recipients of this announcement in jurisdictions
outside the UK should inform themselves about and observe any
applicable legal requirements in their jurisdictions. In particular,
the distribution of the announcement may be restricted by law
in certain jurisdictions
4. The information presented herein is not an offer for sale within
the United States of any equity shares or other securities
of Apax Global Alpha Limited ("AGA"). AGA has not been and
will not be registered under the US Investment Company Act
of 1940, as amended (the "Investment Company Act"). In addition,
AGA's shares (the "Shares") have not been and will not be registered
under the Securities Act or any other applicable law of the
United States. Consequently, the Shares may not be offered
or sold or otherwise transferred within the United States,
or to, or for the account or benefit of, US Persons, except
pursuant to an exemption from the registration requirements
of the Securities Act and under circumstances which will not
require AGA to register under the Investment Company Act. No
public offering of the Shares is being made in the United States
5. This announcement may include forward-looking statements. The
words "expect", "anticipate", "intends", "plan", "estimate",
"aim", "forecast", "project" and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding AGA's
intentions, beliefs or current expectations concerning, among
other things, AGA's results of operations, financial condition,
liquidity, prospects, growth and strategies. The forward-looking
statements in this presentation are based on numerous assumptions
regarding AGA's present and future business strategies and
the environment in which AGA will operate in the future. Forward-looking
statements involve inherent known and unknown risks, uncertainties
and contingencies because they relate to events and depend
on circumstances that may or may not occur in the future and
may cause the actual results, performance or achievements of
AGA to be materially different from those expressed or implied
by such forward looking statements. Many of these risks and
uncertainties relate to factors that are beyond AGA's ability
to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants,
the actions of regulators and other factors such as AGA's ability
to continue to obtain financing to meet its liquidity needs,
changes in the political, social and regulatory framework in
which AGA operates or in economic or technological trends or
conditions. Past performance should not be taken as an indication
or guarantee of future results, and no representation or warranty,
express or implied, is made regarding future performance. AGA
expressly disclaims any obligation or undertaking to release
any updates or revisions to these forward-looking statements
to reflect any change in AGA's expectations with regard thereto
or any change in events, conditions or circumstances on which
any statement is based after the date of this announcement,
or to update or to keep current any other information contained
in this announcement. Accordingly, undue reliance should not
be placed on the forward-looking statements, which speak only
as of the date of this announcement.
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity investments in Apax Funds, and Derived Investments which are investments in equities and debt derived from the insights gained via Apax's Private Equity activities.
Further information regarding the Company and its publications are available on the Company's website at www.apaxglobalalpha.com.
About Apax Partners LLP
Apax Partners LLP ("Apax") is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and
ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax
Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.
Apax is authorised and regulated by the Financial Conduct Authority in the UK.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
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(END) Dow Jones Newswires
March 02, 2023 02:00 ET (07:00 GMT)
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