N+1 Dinamia reported its first-half earnings results on 7th August. Given that the merger between Dinamia and N+1 had not yet closed as of the reporting date, the CNMV has been provided with the condensed interim financial statements of Dinamia for the first half of 2015, as required under prevailing reporting rules.
In addition, with the goal of reporting on the performance of N+1 (similarly on a separate basis) during the first half of the year, this entity's consolidated income statement and balance sheet are also attached.
The financial information corresponding to the third quarter of 2015 will reflect the aggregate results of N+1 and Dinamia, whose investee portfolio was spun off to a group subsidiary on the occasion of the merger, for the first time. Against this backdrop, it is worth noting that due to the change in applicable accounting regime (as Dinamia is no longer classified as a private equity firm), the aforementioned investee portfolio will no longer be valued at its net asset value (NAV) as had been the case until now.
N+1's results
N+1 reported first-half revenue of €33.1 million (up 5% on 1H14), while expenditure increased by just 2%, to €21.3 million.
The Investment Banking division advised on 44 transactions: 18 M&A transactions (with an aggregate value of €1.95 billion), nine debt related transactions (€782 million), 15 capital markets transactions (raising €404 million and advising a total volume of €4.26 billion) and three credit portfolio deals (€845 million).
The Asset Management division had €3.05 billion of assets under management as of 30 June 2015, 3.8% more than at year-end 2014.
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