PRESS RELEASE
BOARD OF DIRECTORS APPROVES
HALF-YEAR FINANCIAL STATEMENTS TO 30 JUNE 2019
- Assets under management of over EUR 11,700 million and management fees of EUR
- million, both up on HY1 2018
- The net operating result of the AAM platform came in at EUR 7.4 million, up (+8.8%) compared with EUR 6.8 million in HY1 2018.
- The net financial position of the holding companies was EUR 81.5 million, up vs EUR
- million as at 31 December 2018 (adjusted of the extraordinary dividend distribution)
Milan, 5 September 2019 - The Board of Directors of DeA Capital S.p.A., chaired by Lorenzo Pellicioli, met today to examine and approve the Half-Year Report to 30 June 2019.
Analysis of the Consolidated Results to 30 June 2019
- As at 30 June 2019, Assets under Management (AuM) came to over EUR 11,700 million (approximately EUR 11,200 million in HY1 2018), with management fees of EUR 31.3 million (EUR 30.6 million in HY1 2018).
- During the first half of 2019, the subsidiary DeA Capital Alternative Funds SGR completed its launch of the new "DeA Endowment Fund", a closed-end fund of funds intended for banking foundations, and obtained a management delegation of a portion of the closed-end,non-reserved AIF called "Azimut Private Debt", founded by Azimut Capital Management SGR S.p.A. for new assets under management totalling EUR 114 million.
- In June 2019, DeA Capital Real Estate France completed the structuring of its first transaction, which included the acquisition and subsequent management of a building for office use, in the Paris area, as advisor of a leading institutional investor.
Turning to the other key financials:
- The net operating result of the AAM platform came in at EUR 7.4 million, compared with EUR 6.8 million in HY1 2018.
- Group net result of EUR -3.9 million (essentially due to value alignments relating to the private equity portfolio), compared to a profit of EUR 17.1 million in the first half of 2018.
- The investments portfolio came to EUR 353.4 million, including net assets from alternative asset management of EUR 183.7 million, private equity investments of EUR 46.7 million and units of funds for EUR 123.0 million.
- The net financial position of the holding companies was positive for EUR 81.5 million at 30 June 2019, compared to EUR 65.3 million at 31 December 2018 (adjusted for the distribution of the extraordinary dividend of around EUR 31.2 million and of the effect of the application of IFRS
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy
Authorised share capital of EUR 266,612,100, fully paid up Tax Code, VAT reg. no. and Milan Register of Companies no. 07918170015, Milan REA (Administrative
Economic Register) 1833926
16 starting from 1.1.2019), corresponding to approximately 19% of the NAV. The consolidated net financial position came to EUR 108.1 million at 30 June 2019, compared with EUR 101.0 million at 31 December 2018.
-
The Net Asset Value (NAV) was EUR 1.69 per share, compared to EUR 1.72 at 31 December
2018 (adjusted for the distribution of the aforementioned extraordinary dividend of 0.12 €/share).
The comprehensive NAV (group shareholders' equity) was EUR 439.3 million, compared with EUR 435.3 million at year-end 2018.
Other significant events
Dividends from Alternative Asset Management
During the first months of 2019, the Alternative Asset Management companies distributed dividends to the holding companies for EUR 22.9 million (EUR 7.5 million in 2018), broken down as follows: EUR
17.8 million to DeA Capital Real Estate SGR (including the share of dividend resolved for SFP) and EUR 5.0 million to DeA Capital Alternative Funds SGR.
Foreign activities of the Alternative Asset Management Platform
DeA Capital Real Estate Iberia was established on 27 February 2019, a company under Spanish law, 73%-owned by the DeA Capital Group with the remaining portion owned by local key managers. The company is designed to develop real estate advisory business for raising funds and real estate advisory and management activities in Spain and Portugal, with a special focus on core plus, value-added and opportunistic investments. Through this initiative, DeA Capital S.p.A. is continuing the project of developing the real estate platform on a pan-European basis, through Group subsidiaries with the involvement of local senior management teams, already launched through the establishment in 2018 of DeA Capital Real Estate France.
Significant events after the end of the period
Signing of agreements with the Quaestio Group and its Shareholders
On 31 July 2019, in line with the development strategy of its Alternative Asset Management Platform, DeA Capital S.p.A. signed a series of agreements with the Quaestio Group and its main Shareholders, in particular Fondazione Cassa di Risparmio delle Provincie Lombarde and Alessandro Penati (Chairman of Quaestio Holding and Quaestio SGR); these agreements provide for:
- the acquisition by the DeA Capital Group of the business unit consisting of the NPL Management activity of Quaestio SGR, relating to the management of the funds Atlante and Italian Recovery Fund for a total AuM of EUR 2.5 billion;
- the entry of DeA Capital S.p.A. into the capital of Quaestio Holding, leader of the homonymous Group, alongside the "institutional" Shareholders of the company (with a relative majority stake of up to 44% of the capital).
The Quaestio Group is active in the following business areas:
- Asset Management and NPL Management, through Quaestio SGR, 100% controlled by Quaestio Holding;
- NPL Servicing, through Quaestio Cerved Credit Management, a joint-venture 50.1% owned by Quaestio Holding and 49.9% by Cerved Group.
Quaestio SGR is one of the leading operators in Italy specializing in investment solutions for institutional customers, with assets under management of around EUR 10 billion; in the year ended 31 December 2018, Quaestio SGR earned management fees of EUR 36.9 million - of which about EUR 7 million relating to NPL Management activities - and a net profit of EUR 2.9 million.
As regards the details of the agreements refer to the Press Release of DeA Capital of 31 July 2019.
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 | 2 |
Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy |
Authorised share capital of EUR 266,612,100, fully paid up Tax Code, VAT reg. no. and Milan Register of Companies no. 07918170015, Milan REA (Administrative
Economic Register) 1833926
Cancellation of 40,000,000 treasury shares
On 16 August 2019 was the cancellation of 40,000,000 treasury shares approved by the Extraordinary Meeting of DeA Capital S.p.A. on 18 April 2019. The transaction led to the reduction of the share capital from EUR 306,612,100 to EUR 266,612,100 and to the consequent amendment of Article 5 of the Articles of Association.
Please note that, as regards the foregoing, De Agostini S.p.A. - which had already waived, at the end of 2018, its double voting rights over 50% of the shares owned - finalized its waiver of double voting rights over the remaining 50% of the shares owned.
Outlook
Regarding the outlook, it will continue to be focused on the development of the Alternative Asset Management Platform, with the aim of completing the acquisition of the relative majority stake in Quaestio Holding / Quaestio SGR between the end of 2019 and the beginning of 2020 and of the NPL Management business, which is currently headed by the latter.
Specifically, the DeA Capital Group intends to consolidate its strategic positioning precisely in the NPL segment - extremely current and of great interest to investors - as well as integrate operations with investment solutions and capital allocation strategies with greater added value.
In relation to Private Equity Investment, work will be carried out to increase the value of the investments in the portfolio and, in parallel, taking advantage of the available capital will support the initiatives launched by the Alternative Asset Management Platform with a sponsorship / co-investment logic.
In terms of its capital position, DeA Capital S.p.A. will continue to maintain a solid financial structure, ensuring that shareholders receive attractive cash returns, primarily dividends, based on the available liquidity.
****
The Half-YearFinancial Statements to 30 June 2019 will be made available to the public on 09 September 2019, at the Company's headquarters, on the authorised storage system 1info (www.1info.it) and on the website at:http://www.deacapital.com/IT/29/Bilanci%20e%20Relazioni.aspx.
DECLARATION BY THE MANAGER RESPONSIBLE FOR PREPARING THE COMPANY'S ACCOUNTS
Manolo Santilli, Chief Financial Officer and the manager responsible for preparing the Company's accounts, hereby declares, pursuant to Article 154-bis, paragraph 2 of the Consolidated Finance Law (TUF), that the financial information contained in this press release accurately represents the figures in the Company's accounting records.
For further information, please contact: | |
DeA Capital S.p.A. - Investor Relations | De Agostini S.p.A. - Press Office |
Alberto Barucci / Anna Majocchi | Elena Dalle Rive |
Tel. +39 02 6249951 | Tel. +39 02 62499592 /335 7835912 |
ir@deacapital.com | elena.dallerive@deagostini.it |
DeA Capital (www.deacapital.com). DeA Capital S.p.A., a De Agostini Group company, is one of Italy's largest alternative investment companies. The Company, which operates in both Alternative Asset Management and Private Equity Investment, has over EUR 11,700 million assets under management and is listed in the STAR segment of the MTA market of the Milan stock exchange.
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 | 3 |
Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy |
Authorised share capital of EUR 266,612,100, fully paid up Tax Code, VAT reg. no. and Milan Register of Companies no. 07918170015, Milan REA (Administrative
Economic Register) 1833926
The Group's operating performance and financial position, along with a summary of the financial results of the asset management companies, are summarised below.
Net Asset Value
30 June 2019 | 31 December 2018 | |||
"adjusted" | ||||
M€ | €/Sh. | M€ | €/Sh. | |
Alternative Asset Management | ||||
- DeA Capital Real Estate SGR | 135.0 | 0.52 | 140.4 | 0.56 |
- DeA Capital Alternative Funds SGR | 41.6 | 0.16 | 43.4 | 0.17 |
- Other (YARD, DeA Capital RE France, Iberia) | 7.1 | 0.03 | 6.8 | 0.03 |
Total AAM (A) | 183.7 | 0.71 | 190.6 | 0.76 |
Private Equity Investment | ||||
- Funds | 123.0 | 0.47 | 125.0 | 0.49 |
- Shareholdings | 46.7 | 0.18 | 51.0 | 0.20 |
Total PEI (B) | 169.7 | 0.65 | 176.0 | 0.69 |
Investment Portfolio (A+B) | 353.4 | 1.36 | 366.6 | 1.45 |
Other net assets (liabilities) | 4.4 | 0.02 | 3.4 | 0.01 |
Net Financial Position Holdings | 81.5 | 0.31 | 65.3 | 0.26 |
NAV | 439.3 | 1.69 | 435.3 | 1.72 |
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 | 4 |
Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy |
Authorised share capital of EUR 266,612,100, fully paid up Tax Code, VAT reg. no. and Milan Register of Companies no. 07918170015, Milan REA (Administrative
Economic Register) 1833926
Consolidated Statement of Financial Position
30.6.2019 | 1.1.2019 restated | 31.12.2018 | ||
for IFRS 16 (*) | "as reported" | |||
(EUR thousand) | ||||
ASSETS | ||||
Non-current assets | ||||
Intangible and tangible assets | ||||
Goodwill | 93,745 | 93,745 | 93,745 | |
Intangible assets | 20,539 | 21,023 | 21,023 | |
Property, plant and equipment | 15,835 | 16,924 | 854 | |
- Building in Leasing | 14,753 | 15,681 | 0 | |
- Other leased assets | 367 | 389 | 0 | |
- Other property, plant and equipment | 715 | 854 | 854 | |
Total intangible and tangible assets | 130,119 | 131,692 | 115,622 | |
Investments | ||||
Investments at equity | 19,637 | 20,892 | 20,892 | |
Investments held by Funds at fair value through P&L | 23,883 | 23,511 | 23,511 | |
Other Investments at Fair Value through P&L | 46,700 | 50,953 | 50,953 | |
Funds at Fair Value through P&L | 149,129 | 153,551 | 153,551 | |
Other financial assets at Fair Value | 47 | 36 | 36 | |
Total financial Investments | 239,396 | 248,943 | 248,943 | |
Other non-current assets | ||||
Deferred tax assets | 1,276 | 2,183 | 2,183 | |
Loans and receivables | 1,009 | 752 | 752 | |
Receivables for deferment of placement costs | 430 | 482 | 482 | |
Financial receivables for leasing - non current position | 1,436 | 1,558 | 0 | |
Other non-current assets | 4,635 | 4,668 | 4,668 | |
Total other non-current assets | 8,786 | 9,643 | 8,085 | |
Total non-current assets | 378,301 | 390,278 | 372,650 | |
Trade receivables | 8,929 | 14,678 | 14,678 | |
Financial assets at Fair Value | 13,682 | 6,316 | 6,316 | |
Financial receivables | 0 | 500 | 500 | |
Financial receivables for leasing - current position | 242 | 240 | 0 | |
Tax receivables from parent companies | 1,349 | 374 | 374 | |
Other tax receivables | 8,777 | 15,760 | 15,760 | |
Other receivables | 3,520 | 4,051 | 4,051 | |
Cash and cash equivalents | 112,466 | 143,767 | 143,767 | |
Total current assets | 148,965 | 185,686 | 185,446 | |
Total current assets | 148,965 | 185,686 | 185,446 | |
TOTAL ASSETS | 527,266 | 575,964 | 558,096 | |
SHAREHOLDERS' EQUITY AND LIABILITIES | ||||
SHAREHOLDERS' EQUITY | ||||
Net equity Group | 439,255 | 466,481 | 466,481 | |
Minority interests | 24,854 | 39,299 | 39,299 | |
Shareholders' equity | 464,109 | 505,780 | 505,780 | |
LIABILITIES | ||||
Non-current liabilities | ||||
Trade payables | 900 | 900 | 900 | |
Deferred tax liabilities | 5,989 | 6,018 | 6,018 | |
End-of-service payment fund | 4,830 | 4,637 | 4,637 | |
Financial liabilities | 16,182 | 17,909 | 2,859 | |
- Financial liabilities for building in Leasing | 13,729 | 14,820 | 0 | |
- Financial liabilities for other leased assets | 190 | 230 | 0 | |
- Other financial liabilities | 2,263 | 2,859 | 2,859 | |
Total non-current liabilities | 27,901 | 29,464 | 14,414 | |
Current liabilities | ||||
Trade payables | 5,942 | 5,535 | 5,535 | |
Payables to staff and social security organisations | 5,860 | 9,122 | 9,122 | |
Current tax | 7,900 | 5,846 | 5,846 | |
Other tax payables | 786 | 1,256 | 1,256 | |
Other payables | 10,252 | 15,939 | 15,939 | |
Short term financial payables | 4,516 | 3,022 | 204 | |
- Short term financial payables for building in Leasing | 2,845 | 2,660 | 0 | |
- Short term financial payables for other leased assets | 178 | 158 | 0 | |
- Other Short term financial payables | 1,493 | 204 | 204 | |
Total curr | ent liabilities | 35,256 | 40,720 | 37,902 |
TOTAL | SHAREHOLDERS' EQUITY AND LIABILITIES | 527,266 | 575,964 | 558,096 |
(*) Figures at 31.12.2018 adjusted the effects of the application from 1.1.2019 of the new accounting standard IFRS 16
DeA Capital S.p.A., Registered Office in Milan, Via Brera 21, 20121 Milan - Italy, Tel. +39 02 6249951, fax +39 02 62499599 | 5 |
Controlled and coordinated by De Agostini S.p.A., Registered Office in Novara, Via G. da Verrazano 15, 28100 Novara - Italy |
Authorised share capital of EUR 266,612,100, fully paid up Tax Code, VAT reg. no. and Milan Register of Companies no. 07918170015, Milan REA (Administrative
Economic Register) 1833926
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DEA Capital S.p.A. published this content on 05 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2019 14:01:03 UTC