Quest for Growth. 29 January 2010

Transcription

1 Quest for Growth Press & Analyst Meeting 29 January

2 Agenda Introduction FY 2009 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 2

3 Introduction Key figures Return on equity per share: % since 31 December Net Asset Value per share at 31 December 2009: 7.25 (31 December 2008: 5.71). Net profit for the fiscal year: + 18,076,265 ( 1.53 per share) against a loss of - 48,404, ( per share) for the previous fiscal year. Share price at December 31st 2009: 4.65 (31 December 2008: 3.15) or an increase of 47.6%. Discount of the share price versus Net Asset Value: 35.9% on 31 December 2009 (44.87% on 31 December 2008). Number of outstanding shares: 11,789,255 3

4 Agenda Introduction FY 2009 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 4

5 FY 2009 results and performance Quest for Growth Valuation QUEST FOR GROWTH Stock Price Net asset value/share 31/12/ /12/ /11/ /12/ EUR 7.25 EUR 6.83 EUR 5.71 EUR Number of shares 11,789,255 11,789,255 11,789,255 Source: Estimate by Quest Management NV The net asset value is calculated after dividend distribution and without taking into account the different dividend rights pertaining to the different classes of shareholders

6 FY 2009 results and performance Quest for Growth 6

7 FY 2009 results and performance Quest for Growth 7

8 FY 2009 results and performance Quest for Growth 8

9 FY 2009 results and performance Quest for Growth 9

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11 FY 2009 results and performance Quest for Growth Net result in millions Return Net re esult in millio ons % 20.00% 10.00% 0.00% % % % % Return / / (6 months) Dividend: 0 0 0,69 Boekjaar: 1,95 0, % 00% 11

12 15,000,000 10,000,000 5,000, ,000,000-10,000,000-15,000,000-20,000, ,000,000 FY 2009 results and performance Quest for Growth Quest for Growth - Quarterly results 12 Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/ Q4/

13 Performance of Quest for Growth NAV compared to Market Indices to 31 December

14 FY 2009 results and performance Quest for Growth Added value per sector Added value per sector per share (January - December 2009) Sector Hedge Cost 14 NAV / share Waarde 31/12/2008 Technology Hardware Semiconductors Pharma & Biotech Health Care Equipment & Services Funds & Diversified Companies Software & Services Electrical & Engineering Materials Other sectors Equity Hedging Currency hedging Financiële opbrengsten Kosten Waarde 31/12/2009

15 Results of currency hedge since the beginning of the fiscal year Added value currency hedging (January - December 2009) EUR 100, , , , , , , , , Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 15

16 Quest for Growth share price Total shareholders return 16

17 Quest for Growth share price Discount to Net Asset Value 60% 50% Discount 31/12/2009: 35,84% 40% 30% 20% 10% Long-term holding discount Quest for Growth - discount fully diluted 0% jan 02 jul 02 jan 03 jul 03 jan 04 jul 04 jan 05 jul 05 jan 06 jul 06 jan 07 jul 07 jan 08 jul 08 jan 09 jul 09 17

18 Quest for Growth One share of Quest for Growth represents: Share price ~ 4,65 18

19 Quest for Growth One share of Quest for Growth represents: Quoted portfolio ~ 4,62 Share price Euro ~ 4,65 19

20 Quest for Growth One share of Quest for Growth represents: Cash ~ 0,47 Share price ~ 4,65 Quoted portfolio ~ 4,62 20

21 Quest for Growth One share of Quest for Growth represents: Unquoted portfolio ~ 2,14 Share price ~ 4,65 Cash ~ 0,47 Quoted portfolio ~ 462 4,62 21

22 Share buy-back program Number of shares bought back at 31 December 2008: 259,305 (2.20 % of the outstanding shares) Valuation: 4.65 per share L.O.C.O.M. (Lower Of Cost Or Market) Profit in 2009: 0.03 per share Program ended on 30 October 2008 No new program in place 22

23 Distribution of the portfolio by sector at December 31st, 2009 Software & Services 25.8% Pharma & Biotech 19.8% Semi- conductors 0.5% Health C are Equipment & Services 4.1% Electrical & Engineering 18.8% Materials 5.7% Funds & Diversified Companies 10.3% Technology Hardware 15.0% 23

24 Distribution of the portfolio by country at December 31st, 2009 Switzerland 7% Norway 3% Israel 3% Ireland 3% Denmark Malta 1% 0% US Austria 0% 4% Portugal 0% France 7% United Kingdom 10% Germany 17% Belgium 25% Netherlands 20% 24

25 Agenda Introduction FY 2009 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 25

26 Genoteerde ondernemingen 62,88% Medische uitrusting & diensten Farma & Biotech Electrical & Engineering Software & diensten Technologie Hardware Materialen 2,49% 0,59% 3,79% 1,13% 3,59% 0,88% 6,32% 4,26% 2,69% 2,20% 1,74% 243% 2,43% 097% 0,97% 041% 0,41% 326% 3,26% 274% 2,74% 0,43% 1,65% 0,93% 3,27% 2,74% 2,05% 1,53% 3,90% 1,66% 1,46% 0,95% 2,82% 2.49% 9.77% 17.55% 15.39% 12.32% 5.36% 26

27 Market environment Recession to an end ISM Manufacturing & US recessions (NBER) source : ISM, NBER, Bloomberg, Quest Management US recession (NBER) ISM Manufacturing

28 Market environment Valuations not excessive, but bargains difficult to find Shiller P/E ratio for S&P source: Robert J. Shiller, Quest Management 28

29 Market environment Sentiment improving but not overly bullish US AAII Investor Sentiment (bullish minus bearish readings - 4 week average) source: AAII, Bloomberg, Quest Management 29

30 Market environment The four stages of the bear market and its aftermath source: Morgan Stanley 30

31 Portfolio quoted equity Net exposure quoted equity as % NAV 100% 90% 80% 70% % NA AV 60% 50% 40% 30% 20% 10% 0% 69% 67% 63% 61% 58% 61% 56% 58% 60% 57% 53% 48% 48% 46% 61% 43% 46% 47% 48% 49% 53% 52% 53% 54% 54% Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 net exposure quoted hedged (or cash bid) cash unquoted 31

32 Portfolio quoted equity Important transactions 4th quarter

33 Portfolio quoted equity Transactions: Transics PRESS RELEASE 26 November h Notification of threshold being crossed: Quest for Growth NV: Notification by Quest for Growth NV (a person that notifies alone) that he took a participation on 18 November 2009 of 3,09%, thus crossing the statutory threshold of 3%. Quest for Growth NV has voting rights attached to shares, i.e. 3,09% of the total voting rights. 33

34 Portfolio quoted equity Transactions: United Drug Next 12 months P/E for United Drug (IE Listing) (EI) in EUR as of 11/01/ United Drug (IE Listing) - Next 12 months P/E DJ Stoxx Next 12 months P/E DJ Stoxx /1/ Health Care - Next 12 months P/E source : Factset 34

35 Portfolio quoted equity Transactions: Centrotec Next 12 months P/E for Centrotec Hochleistung AG (DE) in EUR Centrotec Hochleistung AG - Next 12 months P/E DJ Stoxx Next 12 months P/E DJ Stoxx /2/ Construction & Materials Bench - Next 12 months P/E 4 source : Factset 35

36 Portfolio quoted equity Transactions: Faiveley Next 12 months P/E for Faiveley SA (FR) in EUR Faiveley SA - Next 12 months P/E DJ Stoxx Next 12 months P/E DJ Stoxx /2/ Industrial Goods & Services - Next 12 months P/E source : Factset 36

37 Portfolio quoted equity Transactions: SeLoger.com Next 12 months P/E for SeLoger.com (FR) in EUR Jun 06 Dec 06 Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 SeLoger.com - Next 12 months P/E DJ Stoxx Next 12 months P/E Rightmove Plc - Next 12 months P/E source : Factset 37

38 Portfolio quoted equity Tandberg: Cisco increased offer in November Price for TANDBERG ASA (NO Listing) (NO) in NOK as of 31/12/ Cisco bids NOK per share for Tandberg Quest for Growth starts buying Tandberg shares Cisco increases bid to 170 NOK per share 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 source : Factset 38

39 Portfolio quoted equity Top 10 holdings country sector/activity % NAV 31/12/09 Movetis Belgium specialty pharma with focus on gastroenterology 6.3% Arcadis Netherlands engineering consultancy 4.3% Unit 4 Agresso Netherlands business software 3.9% Andritz Austria plant engineering for hydro power, pulp & paper, % EVS Belgium digital image-processing systems for TV broadcasters 3.6% TKH Netherlands telecom, electrotechnical and industrial solutions 3.3% Tandberg Norway video conferencing solutions 3.3% Wirecard Germany internet payment processing 2.8% Pfeiffer Vacuum Germany technology for vacuum generation and analysis 2.7% Umicore Belgium materials technology 2.7% 39

40 Portfolio quoted equity 16 stocks with more than 50% performance in 2009 Best performing stocks in Quest for Growth porfolio in 2009 (in local currency) Solar Millennium SMA Solar ** Wirecard Andritz LEM Holding Unit 4 Agresso Tandberg ** Geberit ** Immupharma * EVS TKH Group Aixtron* Arcadis Umicore Ablynx Nemetschek Benmax50 index DJ Stoxx 600 index * sold during 2009: performance until removal from portfolio ** bought during 2009: performance since introduction in portfolio source : Bloomberg, Quest Management % 40

41 Agenda Introduction FY 2009 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 41

42 Niet beursgenoteerde ondernemingen 18,87% Leningen 2,12% Durfkapitaalfondsen 9,59% Technologie Farma & Biotech Technologie Farma & Biotech 0,94% 0,61% 0,98% 1,09% lll 1,88% 6,27% 2,34% 0,35% 1,87% lv 0,18% 1,39% 1,43% 0,47% III 0,56% 0,28% 0,50% 1,32% NANTOFEN 0,32% Co investments 1,53% 0,33% 1,98% 0,18% 1,76% 0,97% 1,05% 9.43% 9.44% 2.12% 7.25% 2.34% 42

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44 MOVETIS Total money invested: 2,500, Valuation per 31/12/2009: 5,401,258 Movetis, one of Quest for Growths portfolio companies, raised 85 million in the first significant size IPO in the European Life Sciences sector since early 2008 and started trading on Euronext Brussels. The company issued 6,938,776 new shares priced at per share. The IPO was led by Credit Suisse and KBC Securities as Joint Global Coordinators and Joint Bookrunners. The stock started trading at per share. Quest for Growth invested 2,500,220 in Movetis. The investment (3.07% of the portfolio on December 2nd, 2009) was in the books at the same value. Before completion of the offer Quest for Growth was in possession of 523,601 shares. The existing shareholders engaged themselves not to sell any of their shares for at least 12 calendar months following the IPO. Following the IPO Quest for Growth, in accordance with its valuation rules, applied an 18% discount to the stock price in its books. From the first month following the IPO, the discount applied will decrease by 1.5% per month and will have disappeared completely after December 4th, The book value of the Movetis shares in the Quest for Growth portfolio, taking into account the first stock price and the discount for the lock-up agreement, increased by 2,901,038 or 0.25 per share

45 CLEAR2PAY Total money invested: 3,820,403 Outstanding commitment: 211,324 Valuation per 31/12/2009: 5,359,013 - On December 23rd, Clear2Pay closed a 50 million financing round led by U.S. based Aquiline Capital Partners. QfG participated in this round for 500, /12/2009 Aquiline Capital Partners leads 50 million investment round in Clear2Pay 18/11/2009 GFI Informatique and Clear2Pay join forces in a broad European partnership 16/11/2009 Touchatag, an Alcatel-Lucent venture, and Clear2Pay partner on technology for mobile payment framework 22/10/2009 Clear2Pay wins the Flemish Government Award for the Most Promising Company 45 45

46 SPHERE MEDICAL Total money invested: 1,000,000 Valuation per 31/12/2009: 1,000,000 In October, 2008, QUEST FOR GROWTH has made an investment of 1 million as part of a total investment round of up to 10 million in Sphere Medical Holding. Sphere Medical is an unlisted medical device company providing minimally invasive, real time measurement of clinical chemistry parameters and therapeutic ti drug concentrations. ti Sphere Medical is headquartered d in the UK. On January 12th 2010 Quest for Growth subscribed for 250,000 in a convertible loan note to Sphere Medical Holding PLC. The loan note expires on December 18th

47 Financial calendar

48 Agenda Introduction FY 2008 results and performance Quest for Growth Comments on unquoted portfolio Comments on quoted portfolio Questions and Answers 48

49 Thank you for your attention! 49