Spice Private Equity Ltd reports 2017 results – an eventful year focused on its new investment strategy, with two important acquisitions during the period. Donnerstag, 29. März 2018 - 19:51
Zug, 29 March 2018 – Spice Private Equity Ltd (the “Company”, ticker symbol “SPCE”) today released its 2017 results:
Given our significant cash position and allocation to new investments,
NAV per share was largely unchanged from 2016 to 2017, with a slight
decrease of 0.8%.
The new direct investments (Leon and Rimini Street) that were added to
our portfolio in 2017 represented more than 27% of Spice’s total NAV as
of 31 December 2017, with their performance posting an appreciation of
USD 4.1 million within the annual results. The performance of our Legacy
Portfolio (including our remaining funds portfolio and the Africa Oil
co-investment) generated a positive total of USD 1.0 million, mainly due
to the positive amount of USD 3.6 million in realized returns from
distributions, which are mostly related to proceeds from the conclusion
of the Magnesita-RHI merger transaction. Our Legacy Portfolio has also
contributed positively to our performance with USD 0.5 million in
dividends received, again largely driven by RHI-Magnesita.
Spice’s expenses (excluding transaction costs) totaled USD 6.8 million
in 2017, representing a reduction of 13% versus 2016 and 22% versus
2015. This reflects the significant impact of the cost-cutting efforts
implemented throughout the last two years. Results were also impacted by
one-off transaction costs of USD 2.0 million, due to the increase in
investment activities in 2017.
The Company generated other positive results (mainly financial results)
of USD 1.4 million in 2017. Considering revenues and expenses, the
result for the year was therefore negative by USD 1.7 million.
Thanks to the two new transactions, Spice was able to increase its
private equity investments allocation to almost 50% of total NAV at the
end of 2017, compared to nearly 20% in 2016. Nevertheless, the Company’s
liquidity position remains strong. This enables Spice to continue
pursuing attractive opportunities, as in the case of the announced
transaction with Bravo Brio, which remains subject to closing
conditions.
Finally, the Company’s share price increased by 11.2% during 2017,
reaching USD 28.90 compared to USD 26.00 in 31 December 2016.The
discount to NAV thus decreased by 7.4 percentage points, to 31.1%, as of
31 December 2017.
The 2017 Annual Report is available on the Company's website.
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For further information, please contact: Rodrigo Boscolo |
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