Quest for Growth. Press & Analyst Meeting. 23 July 2010

Transcription

1 Quest for Growth Press & Analyst Meeting 23 July

2 Agenda Introduction H results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 2

3 Introduction Key facts Net Asset Value per share on June 30th 2010: 7.37 (December 31st 2009: 7.25) Net profit H1/2010: 1.5 million ( 0.12 per share) against a profit of 5.4 million ( 0.46 per share) for H1/2009 Share price on June 30th 2010: 4.25 (December 31st 2009: 4.65) Discount of the share price versus Net Asset Value: % on June 30th 2010 (35.84 % on December 31st 2009) Investment in Anteryon: 1,000,000 Exit CoreOptics: accounting profit of over 2,500,000 3

4 Agenda Introduction H results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 4

5 H results and performance Quest for Growth 5

6 H results and performance Quest for Growth 6

7 H results and performance Quest for Growth 7

8 H results and performance Quest for Growth 8

9 H results and performance Quest for Growth Net result in millions Return Net result in millions % 20.00% 10.00% 0.00% % % % % Return / / (6 months) (till June 30) Dividend: 0 0 0,69 1,95 Boekjaar: 0, % 9

10 H results and performance Quest for Growth 40,000,000 30,000,000 20,000,000 10,000, ,000, (till June 30) -20,000,000 10

11 15,000,000 10,000,000 5,000, ,000,000-10,000,000-15,000,000-20,000,000-25,000,000 H results and performance Quest for Growth Quest for Growth - Quarterly results 11 Q3/2002 Q4/2002 Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006 Q4/2006 Q1/2007 Q2/2007 Q3/2007 Q4/2007 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010

12 Performance of Quest for Growth NAV compared to Market Indices to 30 June 2010 Performance of Quest for Growth NAV and market indices to June 30th % 15% QfG Net Asset Value Nasdaq (in EUR) New Markets 50 10% 9.13% 5% 1.71% 3.19% 0% -0.71% -5% -3.38% -3.25% -10% Since March Since December 31st

13 H results and performance Quest for Growth Added value per sector 13

14 Results of currency hedge since the beginning of the fiscal year Added value currency hedging (january-june 2010) 0-200, ,000 Situation July 21 EUR -600, ,000-1,000,000-1,200,000 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 14

15 Movetis Totaal bedrag geïnvesteerd: Waardering op 31/12/2009: 5,401,258 Waardering op 30/06/2010: De bestaande aandeelhouders hebben er zich toe verbonden geen aandelen te verkopen binnen de 12 kalendermaanden na de IPO. Na de eerste notering heeft Quest for Growth, conform haar waarderingsregels, deze aandelen in haar boeken genoteerd met een discount van 18% ten opzichte van de beurskoers. De discount is vanaf de eerste maand volgend op de IPO telkens met 1,5% per maand verminderd en zal volledig verdwenen zijn na 4 december

16 Movetis principe van de waardering door Quest for Growth 8,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, /10/ /11/ /12/ /01/ /02/ /03/ /04/ /05/ /06/ /07/ /08/ /09/ /10/ /11/ /12/ /01/2011 Waardering op basis van de beurskoers Waardering Quest for Growth

17 Results of currency hedge since the beginning of the fiscal year Added value equity hedging (January-June 2010) 300, ,000 EUR 100,000 0 Jan 2010 Feb 2010 Mar 2010 Apr 2010 May 2010 Jun

18 Portfolio quoted equity Equity hedging DAX index & VDAX (volatility) index QfG buys DAX puts QfG sells DAX puts / / / / / / / /2010 DAX index (lhs) VDAX index (rhs) source: Bloomberg, Quest Management 18

19 Quest for Growth share price Total shareholders return 19

20 Quest for Growth One share of Quest for Growth represents: 20

21 Quest for Growth share price Discount to Net Asset Value Discount Discount 30/06/2010: 30/06/2010: 42,35 42,35 % 21

22 Distribution of the portfolio by sector at June 30th,

23 Distribution of the portfolio by country at June 30th,

24 Agenda Introduction H results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 24

25 Market environment Leading economic indicators might have peaked ISM Manufacturing & US recessions (NBER) April 2010: source: ISM, NBER, Bloomberg, Quest Management US recession (NBER) ISM Manufacturing

26 Market environment ISM peak typically followed by lacklustre equity markets European market performance around ISM peaks (Feb 76, Jul 78, Dec 83, Dec 87, Oct 94, Nov 99, May 04) source: Banc of America-Merrill Lynch 26

27 Market environment The debt problem: US & UK worse than in Eurozone Total leverage as % of GDP Personal savings ratios source: Thomson Reuters, Credit Suisse 27

28 Market environment Forward P/E for European market back below 10 Forward P/E DJ STOXX 600 (Europe) vs S&P 500 (US) source: Factset, Quest Management STOXX 600 S&P 500 Index Fixed

29 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio quoted equity Net exposure quoted equity as % NAV 48% 46% 43% 46% 47% 48% 49% 53% 52% 53% 54% 54% 61% 61% 62% 62% 58% 60% 59% Jun Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 net exposure quoted hedged (or cash bid) cash unquoted % NAV

30 Portfolio quoted equity Important transactions 1th half

31 Portfolio quoted equity Transactions: Econocom 2011 (12/2011) 2010 (12/2010) 2009 (12/2009) 2008 (12/2008) Sales EPS Market Cap Net Debt Sales % Change 2.5% 3.8% 5.9% 2.3% EPS % Change 19.2% 27.7% 15.6% 11.3% net debt to EBITDA Return on Equity 28.3% 27.3% 23.6% 19.6% P/E Ev/EBITDA FCFyield 12.1% 10.9% 6.6% 8.5% source: Factset 31

32 Portfolio quoted equity Transactions: Accell 2011 (12/2011) 2010 (12/2010) 2009 (12/2009) 2008 (12/2008) Sales EPS Market Cap Net Debt Sales % Change 4.1% 5.2% 6.4% 13.0% EPS % Change 5.6% 9.8% 11.7% 13.6% net debt to EBITDA Return on Equity 18.5% 20.3% 21.7% 21.9% P/E Ev/EBITDA FCFyield 8.4% 7.3% 5.6% 8.4% source : Factset 32

33 Portfolio quoted equity Transactions: Parrot 2011 (12/2011) 2010 (12/2010) 2009 (12/2009) 2008 (12/2008) Sales EPS Market Cap Net Debt Sales % Change 10.0% 15.0% -18.4% -6.0% EPS % Change 14.6% 16.1% -35.0% -30.3% net debt to EBITDA Return on Equity 7.8% 7.6% 7.4% 12.2% P/E Ev/EBITDA FCFyield 10.7% 5.9% 21.3% 30.1% source : Factset 33

34 Portfolio quoted equity Transactions: Phoenix Solar 2011 (12/2011) 2010 (12/2010) 2009 (12/2009) 2008 (12/2008) Sales EPS Market Cap Net Debt Sales % Change 11.6% 27.8% 17.5% 54.7% EPS % Change 14.6% 134.4% -64.7% 52.1% net debt to EBITDA Return on Equity 16.6% 17.2% 8.8% 26.5% P/E Ev/EBITDA FCFyield 3.8% 1.4% -1.1% 17.2% source : Factset 34

35 Portfolio quoted equity Top 10 holdings country sector/activity % NAV 30/6/10 Movetis Belgium specialty pharma with focus on gastroenterology 4.8% Arcadis Netherlands engineering consultancy 4.1% Unit 4 Agresso Netherlands business software 3.9% Andritz Austria plant engineering for hydro power, pulp & paper, % Nemetschek Germany architecture-engineering-construction (AEC) software 3.5% Pfeiffer Vacuum Germany technology for vacuum generation and analysis 2.8% Umicore Belgium materials technology 2.7% United Drug Ireland healthcare services 2.7% Imtech Netherlands technical services in electrical & mechanical engineering 2.6% Roche Switzerland pharmaceuticals and diagnostics 2.6% 35

36 Portfolio quoted equity Best performing stocks H1 2010* Nemetschek Init Centrotec LEM Holding SeLoger.com Andritz Imtech TKH Group Pfeiffer Vacuum United Drug Benmax50 index DJ Stoxx 600 index % * Returns in local currency, until 30 June or date of sale for stocks sold during the period 36

37 Agenda Introduction H results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 37

38 Durfkapitaal mogelijk in elke bedrijfsfase 38

39 CoreOptics als praktijkvoorbeeld 39

40 2001 Early stage kapitaal zorgt voor start van CoreOptics 40

41 groeifinanciering door lokale & internationale Europese investeerders 41

42 2010 acquisitie door Cisco 42

43 QfG investeert 1 mln in Anteryon Anteryon is wereldleider in WaferOptics technologie en produceert camera modules voor mobiele telefoons en laser projectoren QfG participeert in een financieringsronde die geleid wordt door Qualcomm. Ook bestaande aandeelhouders BNP Paribas Private Equity en Biggell Finance volgen. Anteryon is een spin-off van Philips (2006) met hoofdkantoor in Eindhoven en verkoopkantoren en productiefaciliteiten in Europa, de V.S. en Azië. 43

44 Agenda Introduction H results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 44

45 Thank you for your attention! 45