- A consolidated net profit of PLN 240.5 million after three quarters of 2014 (a year-on-year increase by 45.8%).
- Net asset value per share (NAV/share) as of 30 September 2010 amounted to PLN 16.10 (a year-on-year increase by 35.3%) as opposed to PLN 16.50 forecasted for end of 2014.
- Total assets as of 30 September 2014 amounted to PLN 1,194 million (PLN 247.5 more than as of 31 December 2013).
- Assets under management (AUM) amounted to PLN 1,589 million (a year-on-year increase by 51.2%).
- MCI Group Funds completed three investments in the third quarter, including MyBaze.com, LepszaOferta.pl and Travelata.ru (second round of financing)
- A public offering of the shares of Private Equity Managers S.A (PEManagers) is prepared for the fourth quarter of 2014 or the first quarter of 2015, depending on the market conditions and the decision of the Financial Supervision Authority.
After 9 months of 2014, MCI Group generated a net result of PLN 240.5 million, i.e. 46% more than in the comparable period of the previous year. An increase in the value of investment certificates of MCI.TechVentures and MCI.EuroVentures (PLN 166.6 million) accounted for the greatest share of net profit, along with profit on PEManagers deconsolidation (PLN 62 million) and on profit on asset management generated by PEManagers until the day of deconsolidation (PLN 22.4). Consolidated assets amounted to PLN 1,194 million – PLN 247.5 million more than as of 31 December 2013. As of the end of September 2014, AUM amounted to PLN 1,589 million, which means a 51.2% (PLN 538) increase, as compared to the end of the third quarter of 2013. The NAV/share, which best describes the condition of Private Equity funds, increased by 35.3% within a year to PLN 16.10, as compared to PLN 11.9 as of the end of the third quarter of last year.
“Since the announcement of the forecast for 2014 in December 2013, we have been consistently implementing our plan. The results can be seen in the published financial results. Within 9 months, we generated a net profit of PLN 240.5 million – the highest value in the history of MCI. The value of assets under management exceeded PLN 1.5 billion and the net assets per share value, which best describes the operations of the investment fund, reached PLN 16.10. It is 35.3% higher than one year before. We are headed in the right direction to prove last year’s assumptions right,” said Cezary Smorszczewski, President of the Management Board of MCI Management S.A.
Investments / Exits / Fundraising
During the third quarter of 2014, MCI Capital Group completed three new investments. Two of them were implemented by Internet Ventures: the fund contributed over PLN 2 million to the development of LepszaOferta.pl, an online platform enabling household owners to cut their bills, and up to PLN 4 million to the geographical expansion of MyBaze.com, an online platform bringing together designers, artists and young design brands. The third investment carried out by MCI Group Funds in the 3rd quarter of 2014 is MCI.TechVentures’ participation in the second round of financing for Travelata, a Russian e-travel market leader.
“Over the last three quarters we completed investments with an overall value exceeding more than half of our annual plan of PLN 305 million of new investments by March 2015. New investment projects are in the pipeline,” said Tomasz Czechowicz, Vice-President of the Management Board and Chief Investment Officer at MCI Management.
Over the first nine months of 2014, MCI Group acquired PLN 39 million from exits. This amount consists in dividends received from ABC Data S.A., Indeks and Netia S.A. The plan for 2014 envisages PLN 100 million as profit from exits.
With a rate of return of 825%, MCI ranked second in the MiS80 category in the ranking prepared by biznes.pl, bringing together the best publicly listed companies which generated the greatest profit for their investors over the last 10 years.
Gazeta Finansowa awarded MCI the title of the most dynamic financial institution in Poland in terms of revenue growth.