Keppel Corporation is proposing to acquire a 50% stake in Aermont Capital, a leading European asset manager, with plans to fully acquire Aermont by 2028. This would accelerate Keppel's transformation into a global asset manager and operator. Aermont has strong recurring fees and over S$24 billion in funds under management from over 50 global clients. The acquisition would expand Keppel's network of investors, deepen its talent pool, and be earnings-accretive with minimal impact on gearing. It represents a unique opportunity for Keppel to gain a significant foothold in Europe and accelerate growth towards its funds under management target of S$200 billion by 2030.
Aegon & La Banque Postale strategic partnershipAegon
In June 2015 Aegon Asset Management and La Banque Postale formed a long term strategic partnership. Under the terms of the agreement, Aegon has acquired a 25% stake in La Banque Postale Asset Management (external link) (LBPAM) for a consideration of EUR 112.5 million. LBPAM is the fifth largest asset manager in France, with approximately EUR 150 billion assets under management. For further details visit: http://www.aegon.com/LBP
Aegon & La Banque Postale strategic partnershipAegon
In June 2015 Aegon Asset Management and La Banque Postale formed a long term strategic partnership. Under the terms of the agreement, Aegon has acquired a 25% stake in La Banque Postale Asset Management (external link) (LBPAM) for a consideration of EUR 112.5 million. LBPAM is the fifth largest asset manager in France, with approximately EUR 150 billion assets under management. For further details visit: http://www.aegon.com/LBP
A workshop was held in the IFSC on December 8th 2016, looking at financial incentives to promote citizen investment in renewable energy. The workshop was organised by Dr. Celine McInerney, Cork University Business School, and Joseph Curtin, UCC. It was funded by the EPA Research programme.
Corporate Finance project on understanding a company's performance and growth using Sales, EBIT, Net profit before and after tax, Retained Earnings, Assets, Cost of capital and stock price performance
Gama Aviation Plc, the global aviation services company, is pleased to announce its interim results from June 30th 2015.
For more information see: www.gamaaviation.com/investor-centre.
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Company Snapshot:
•
Established 2016
•
Driven by dedicated team with deep expertise
•
Supported by high stake investment advisory committee, each with 20+ years experience
•
Powered by proven operational platform with fully-integrated lead generation strategy
A workshop was held in the IFSC on December 8th 2016, looking at financial incentives to promote citizen investment in renewable energy. The workshop was organised by Dr. Celine McInerney, Cork University Business School, and Joseph Curtin, UCC. It was funded by the EPA Research programme.
Corporate Finance project on understanding a company's performance and growth using Sales, EBIT, Net profit before and after tax, Retained Earnings, Assets, Cost of capital and stock price performance
Gama Aviation Plc, the global aviation services company, is pleased to announce its interim results from June 30th 2015.
For more information see: www.gamaaviation.com/investor-centre.
These are short summary enotes for acca paper and more will be available if you message me.
in case you need any sort of assistance do let me know I will provide all type of help in acca advanced financial management course to all of you.
if you are doing acca and need my help in reporting, financial management or any other acca subject you have to just whatsapp me on my number mentioned in the pdf file name.
I can also help you all in performance management acca paper as well
Company Snapshot:
•
Established 2016
•
Driven by dedicated team with deep expertise
•
Supported by high stake investment advisory committee, each with 20+ years experience
•
Powered by proven operational platform with fully-integrated lead generation strategy
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As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
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2. i Assuming up to EUR 154 million of the Phase 1 consideration is funded in Keppel treasury shares with the remainder in cash, and calculated on a
pro forma basis assuming the acquisition of the 50% stake was completed on 31 December 2022.
ii Average realised IRR and MOIC based on invested capital to date.
iii Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM as at end-June 2023.
2
Strategic proposed acquisition to accelerate Keppel’s
transformation as global asset manager and operator
PERE 2023: #1 European real estate
manager by funds raised in last 5 years.
25% Gross IRRii
2.8x Gross MOICii
16 years
Proven track record
FUM of S$24biii
4 active funds and
1 single asset vehicle
• Proposed acquisition of initial 50% stake in Aermont by 1H 2024,
with 100% acquisition and full integration in 2028
Unique and strategic opportunity for Keppel to acquire Aermont Capital,
a leading European platform, with strong recurring fees and a premium
global LP network, at an attractive valuation.
• Attractive valuation; can be funded with a mix of cash and
treasury shares
• Earnings-accretive, with minimal gearing impact on pro forma basisi
3. 3
Immediate, significant foothold in Europe
Expands asset management capabilities beyond Asia Pacific, bolstering
Keppel’s presence and value proposition to global LPs
1
Accelerating FUM growth by initial S$24bi
Further upside potential: up to 2.5x growth to about S$60b by 2030
through co-creating new fund products
2
Expanding network of blue-chip LPs
Through Aermont’s longstanding relationships with
over 50 global clients, many of whom are new to Keppel
3
Deepening talent pool
Experienced senior team with extensive track record and
networks in Europe
4
Highly synergistic acquisition
i Gross asset value of investments and uninvested capital commitments on a leveraged basis to project
fully-invested FUM as at end-June 2023.
Aermont will be Keppel’s European real estate platform.
4. SWFs
48%
Endowment
5%
Others 5%
Pension Funds
(Public and
Corporate)
42%
Asia
34%
North America
29%
Europe
21%
Middle
East
16%
4
>50 global LPs
Public pension funds, SWFs,
endowments and foundations
Fortifying Keppel’s presence in Europe
8 of 15 largesti LPs
are new to Keppel
Geographic profile of LPsii
Diversified real estate portfolio
across 10 key cities in Europe Expands Keppel’s network with Aermont’s global blue-chip LPs
Fund typesii
i LPs that have invested/committed >EUR100m.
ii Based on total capital raised; from most recent 4 active funds and 1 single asset vehicle.
5. Operator-oriented DNA
22
Investment
team
professionals
10 years
Average tenure
for Principals
and above
Best-in-class asset management professionals
Focus on creating prime assets and businesses with:
6
partners
37
Total team
members
13
nationalities
Leading
positions
Inflation-protected
cashflows
Good growth
potential
Aermont’s operating culture is similar to and a good fit with Keppel’s,
with a strong emphasis on value-adding and active management.
Expanding management capabilities
6. 6
Fund I
Fully realised
and liquidated
2007
EUR1.2b
equity raised
EUR3.8b
equity raised
GBP 3.0b
equity raised
Strong performance and track record
Strong
performance
Strong
performance
Well positioned
Made first
investment recently
Growth
advancing
5 Pan-European Opportunistic Funds Single-asset
Fund II
2012
Fund III
2015
Fund IV
2018
Fund V PGV
EUR1.3b
equity raised
EUR1.5b
equity raised
EUR2.0b
equity raised
+33%
+8%
+15%
+90%
Culture: Discipline,
Creativity, Expertise
Proactive, Operator-
Oriented DNA
European
Specialists
Solid Returns,
Moderate Risk Profile
2022 2022
7. Pro Forma
1H 2023
2030
Target
Aermont’s opportunistic strategy strongly complements Keppel’s core and value-add investment approach.
Accelerating growth towards FUM target
7
S$24bi
Aermont’s
current FUM
S$60b
Potential to further grow
FUM by up to 2.5x by 2030
with value-add from
Keppel and joint initiatives
S$200b Potential to leverage Keppel's expertise to co-create
new fund products and platforms for growth
Credit Funds Data Centre Funds
Core Funds/SMAs/
Single Investment Vehicles
Evergreen Funds
REITs
S$77bi
i Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM as at end-June 2023.
8. Phase 1:
Acquisition of first
50% stake
Transition
period
Phase 2:
Acquisition of
remaining 50% stake
8
1H 2024 2028
Compelling deal structure
• Performance-based structure
Consideration tied to Aermont’s actual financial results
• Attractive implied valuation
13x EV/EBITDA in Phase 1
• Long-term interest alignment
Consideration can be paid in a mix of cash and treasury shares, to achieve
greater long-term alignment between the interests of Aermont and Keppel
Note: The estimated maximum consideration for the Proposed Transaction would be S$517 million in respect of the Phase 1 Closing and
S$834 million in respect of the Phase 2 Closing, based on an exchange rate of €1 : S$1.45.
9. FY 2022 Pro Forma
FY 2022
52.1 cts
/share
52.4 cts
/share
Note: The pro forma financial impact of the initial 50% stake acquisition assumes up to EUR 154 million of the Phase 1 consideration is funded in Keppel treasury shares
with the remainder in cash, and calculated on a pro forma basis assuming the acquisition of the 50% stake was completed on 31 December 2022. In addition, the potential
impact of purchase price allocation under Singapore Financial Reporting Standard (International) 3 Business Combinations has not been taken into account.
i Recurring income comprises asset management income and operating income.
9
Earnings-accretive and minimal impact on gearing
Earnings per Share Recurring Incomei Net Tangible Assets
per Share
FY 2022 Pro Forma
FY 2022
S$512m
S$503m
FY 2022 Pro Forma
FY 2022
S$5.49
/share
S$5.50
/share
When completed, the acquisition of the initial 50% will bolster Keppel’s recurring incomei and FUM,
with an approximate one percentage point impact to the Company’s net gearing on a pro forma basis.
10. The strategic proposed acquisition of Aermont is a
pivotal step forward in Keppel’s ambition to be a
global asset manager and operator, availing us of a
highly attractive European platform with strong
recurring fees and a premium network of global LPs.
As we grow our recurring income and achieve our
FUM targets, Keppel aims to continue delivering
superior returns to our shareholders.
10
11. Disclaimer
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION,
INCLUDING IN THE UNITED STATES.
This presentation is for information purposes only and does not have regard to your specific investment
objectives, financial situation or your particular needs. Any information in this presentation is not to be
construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any
offer to acquire, purchase or subscribe for securities or other financial instruments in Keppel Corporation
Limited (“Keppel”). The past performance of Keppel is not indicative of the future performance of Keppel.
You should exercise judgment in your own financial decisions. If in doubt, please consult with your
professional advisers.
Unless explicitly indicated otherwise, all monetary values denoted as ‘$’ within this presentation are to be
interpreted as referring to Singapore dollars.