Sustained growth in revenue and profits from ordinary activities. Nine-month revenue was 6.1% higher year-on-year at €45.1 million[1]. Sixty-one per cent of total revenue was generated by the investment banking business and the remaining 39%, by the asset management business. The ordinary net profit margin was 21.1%.

Solid financial position for funding business plan.At the September close, N+1 had cash of €49.2 million, having distributed dividends totalling €34.5 million year-to-date and funded the execution of the right of withdrawal of certain Dinamia shareholders in the amount of €33 million.

The exits from Eysa and Arco (which closed in October) and the agreement to sell 70.6% of an investment portfolio to Access Capital Partners[2], announced to the market yesterday, will boost the cash balance to €109 million. N+1 has no financial borrowings whatsoever.

This cash will be invested gradually in businesses and products managed by the Group in order to make progress on the planned strategic shift away from a portfolio-based model towards a business model oriented towards the generation of recurring earnings by leveraging the investment banking and asset management businesses.

Strong business volumes year-to-date:

So far this year, the investment banking division, with teams in seven European countries (Germany, Spain, France, Italy, the UK, Switzerland and Turkey) has advised on 66 transactions: 25 M&A deals, 15 fixed-income transactions, 19 capital markets deals and seven credit portfolio transactions.

N+1's team in France, which started up in January, already has four partners and 15 professionals in total. This new team has closed its first three transactions and currently has 15 mandates in the pipeline.

In September, Mark Pensaert came on board to run the Group's investment banking business. Until January 2015, Mark Pensaert was CEO of Leonardo & Co Europe and before that, Managing Director at Lazard.

In asset management, it is worth highlighting the launch of a private debt fund in July; the fund achieved a first close of €100 million.

The private equity division, meanwhile, closed the exits from Eysa (a deal announced in June) and the unwinding of N+1's position in Bodegas Arco (generating a profit for the Group of €1.9 million).

At the September close, the Group had €2.73 billion of assets under management.


[1] Due to accounting adjustments made in connection with the merger between N+1 and Dinamia (restatement of the carrying amounts of recognised assets and liabilities), net profit attributable to the equity holders of the parent totalled €63.5 million.

[2] The sale is subject to approval at an Extraordinary General Meeting of N+1.

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