In the first three quarters of 2015, Private Equity Managers S.A. Group (PEManagers Group, Group) generated a net profit of PLN 42.1 million, putting its annual projection execution rate at 81%. Its gross assets under management increased to more than PLN 2 billion.
In the first nine months of 2015, PEManagers Group generated a net profit of PLN 42.1 million, vis-a-vis PLN 33.2 million the year before (an increase by 27%). The Group’s EBITDA amounted to PLN 42.5 million, which translated into an EBITDA margin of 63.4%. Gross assets under management as at the end of September 2015 stood at PLN 2.050 billion, i.e. 28% more than a year ago. The net asset value, which provides the basis for the calculation of the fixed management fee, was PLN 1.779 billion, which represents a 34% increase year-on-year and a 23% increase since the beginning of 2015.
The Group’s revenue reached PLN 67.6 million and mainly originated from the variable management fee (PLN 38.8 million). The fixed management fee of PLN 28.2 million after 9 months of 2015 accounted for 42% of the Group’s revenue.
“In the first nine months of this year, the funds managed by PEManagers generated very good investment results. They would have been even better had the market conditions in Q3 been more favourable for our stock market assets,” said Krzysztof Konopiński, CFO at Private Equity Managers S.A.
From the beginning of the year to 30 September, all the funds managed by PEManagers generated a rate of return significantly exceeding the WIG stock market index:
|Fund||Net rate of return9 months of 2015||Net rate of return2015 Q3|
|Helix Ventures Partners||20%||50%|
The Group’s financial plan for 2015, published in the prospectus, envisages sales revenue at PLN 74.5 million, EBITDA at PLN 56.7 million and net profit at PLN 51.8 million.
The table below presents the degree of achievement of the projections after the third quarter of 2015.
|Item (in PLN million)||Projection for 2015||Progress after the third quarter of 2015|
“With a net profit margin consistently exceeding 60%, we are among the most profitable asset management companies in Poland. After the Q3 results, we can maintain our annual projection and the commitment to allocate up to 100% of our net profit for dividend,”said Cezary Smorszczewski, President of the Management Board of Private Equity Managers S.A. “The funds under our management have spent almost PLN 400 million on new investments since the beginning of the year.This is a sound basis for further progress in terms of the funds’ rate of return,” he added.
In the first nine months of this year, the funds managed by the PEManagers Group spent in excess of PLN 300 million on new investments. By the date of publication of the financial report for the third quarter of 2015, the amount grew to almost PLN 400 million.
New investments made until the financial statement publication date:
Further financing rounds with participation of the funds managed by the Group were conducted for the two companies:
|cleaning services marketplace|
|e-commerce / sales of baby care products|
At the end of Q3 2015, more than 50% of the investments were located outside of Poland.