Quest for Growth. Press & Analyst Meeting. 27 July 2018

Transcription

1 Quest for Growth Press & Analyst Meeting 27 July

2 Agenda 2018 H1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 2

3 2018 H1 results and performance Quest for Growth Key facts: Return on equity per share: -0.33% since 31 December 2017 Net asset value per share at 30 June 2018: 8.69 (31 December 2017: 10.71) Net result for the period: - 560,133 ( per ordinary share) against a profit of 22,104,883 ( per ordinary share) for H Share price at 30 June 2017: 7.50 (31 December 2017: 8.811) Discount of the share price versus net asset value: % at 30 June 2018 (17.75 % at 31 December 2017) New indirect investment in DMC (CSCF) Stock dividend: 53% conversion Capital increase: 11,171,831 (net of cost) 3

4 2018 H1 results and performance Quest for Growth Added value per sector per share 4

5 2018 H1 results and performance Quest for Growth Added value per asset class per share 5

6 Quest for Growth NAV Results from 1/01/2008 until 30/06/2018 6

7 Quest for Growth share price 10 year total shareholders return 7

8 Quest for Growth share price Discount to Net Asset Value: % 8

9 Quest for Growth share price Portfolio composition and market capitalisation at 30/06/2018 9

10 Distribution of the portfolio by sector at 30/06/

11 Agenda 2018 H1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 11

12 Portfolio quoted Equity market environment Equity markets in 2018 Stock markets in Europe & USA source: Bloomberg 12

13 Portfolio quoted Equity market environment Equity markets in 2018 Sector performance in Europe source: Bloomberg 13

14 Portfolio quoted Equity market environment Valuation STOXX Europe month forward P/E source: Factset, Capricorn Venture Partners 14

15 Portfolio quoted Transactions 2018 JANUARY IN OUT INCREASE REDUCTION Axway Technotrans Tomra Gerresheimer Nexus FEBRUARY Gerresheimer CEWE Tomra Cenit Umicore Kingspan Accell Group Jensen-Group MARCH APRIL Nexus Fresenius Stratec Biomedical Avantium MAY Avantium Corbion DAX put Jun-18 Nexus TKH Tomra Bertrandt Akka Technologies Bertrandt Kingspan JUNE 15

16 Portfolio quoted Transactions 2018 H1: Positions fully sold 16

17 Portfolio quoted Transactions 2018 H1: Sale Bertrandt source : Bloomberg, Capricorn Venture Partners 17

18 Portfolio quoted Transactions 2018 H1: Introduction Akka Technologies Akka Technologies offers engineering and technology consulting services, mainly in the field of automotive and aeronautic projects but also within the rail sector and in life sciences. The company was founded in

19 Portfolio quoted Top 10 holdings country sector/activity portfolio entry % NAV TKH Group Netherlands telecom, building and industrial solutions % Pharmagest France software for pharmacies % CEWE Germany photo and online printing services % Norma Group Germany connection technology and water mgmt % Fresenius SE Germany healthcare products and services % Aures France point-of-sale terminals % Stratec Biomedical Germany equipment for diagnostics and life sciences % Technotrans Germany liquid technology % Jensen-Group Germany heavy-duty laundry equipment % Cenit Germany PLM software & services % 19

20 Portfolio quoted Valuation of portfolio companies: 12m fwd. P/E = month forward P/E of portfolio companies source : Factset, Capricorn Venture Partners 20

21 Portfolio quoted Financial strength Net debt/ebitda 2018e of portfolio companies source : Factset, Capricorn Venture Partners 21

22 Portfolio quoted 2018 H1 result Portfolio company returns in local currency Source: Bloomberg, Capricorn Venture Partners QfG quoted (e) is estimate excluding costs and cash 22

23 Portfolio quoted Performance attribution 2018 H1 TOP POSITIVE CONTRIBUTIONS TOP NEGATIVE CONTRIBUTIONS Stock Contrib.% Stock Contrib.% 1 Pharmagest Interactive SA EVS Broadcast Equipment SA AURES Technologies Accell Group N.V TOMRA Systems ASA CENIT AG Kingspan Group Plc technotrans AG Umicore JENSEN-GROUP NV -0.6 Estimated gross (excl. fees & cash) performance QfG Quoted Portfolio: 1% Source: Factset, Capricorn Venture Partners 23

24 Agenda 2018 H1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 24

25 Portfolio unquoted 25

26 Portfolio unquoted Fully depreciated compared to fair value of EUR 68,496 per December 31, 2017 No expectation for a significant revenue due to further dilution of position QfG 26

27 Portfolio unquoted direct investments co-investments 27

28 Portfolio unquoted Venture Capital Funds Capricorn Cleantech Fund (CCF) End of lock-up period: 16 March 2018 Press release Avantium: AMSTERDAM, 12 January 2018 Avantium N.V. today announces that Synvina, its joint venture with BASF, plans to extend the pilot phase in order to optimize future commercial-scale production. 28

29 Portfolio unquoted Venture capital funds 29

30 Portfolio unquoted Venture Capital Funds Capricorn Health-tech Fund (CHF) Capital increase New CEO Jason Hannon has been performing well and impressed investors. His priorities are: Completing the ongoing trial and the PMA submission (the interim reading of the trial in December 2017 was positive, the DMC had no safety concerns and recommended sticking to 168 patients in the study). Trial read out is expected by the end of 2018 Launching commercial efforts in Germany is a priority Company completed a 30M raise in February with significant participation from major existing shareholders and the Irish Sovereign fund. 30

31 Portfolio unquoted Venture Capital Funds Capricorn Health-tech Fund (CHF) Nexstim: 1,000,000 follow on investment The enrolment in the E-FIT trial (post-stroke rehabilitation) has been completed in January and results are expected end of the summer. The company launched the commercialization of the Navigated Brain Therapy (NBT ) System for the treatment of Major Depressive Disorder (MDD) in the USA and has announced already a first sale in May. CHF purchased via a direct issuance 4,000,000 of Nexstim's shares. 31

32 Portfolio unquoted Venture Capital Funds Capricorn ICT Arkiv (CICT) Capital increase On January 19th, LindaCare closed a Series B round of 7 million led by Philips Health Technology Ventures (US / Netherlands) and joined by PMV (Flanders). The investment will be used to help LindaCare accelerate its US market expansion and product commercialization. It will also support the building of new services around the existing software platform and explore options for expanding its products to a broader range of cardiac diseases. LindaCare s first product, OnePulseTM, has been successfully installed and is in use in a number of major hospitals in Europe, as well as being launched in its first pilot projects in the US. 32

33 Portfolio unquoted Venture Capital Funds Capricorn Sustainable Chemistry Fund (CSCF) 33

34 Portfolio unquoted Venture Capital Funds Life Sciences Partners IV ARGX-110 (anti-cd70): reported that all 6 Acute Myeloid Leukemia (AML) patients in the Phase 1/11 study responded to ARGX Vidazia. ARGX-113 (anti-fcrn; degrade autoimmune Abs): reported positive Phase 11 efgartigimod (ARGX-113) data in myasthenia gravis (MG) showing statistically significant MG-ADL score improvement in 75% of patients (vs. only 25% of placebo). ArgenX closed US public offering for gross proceeds of USD 266 mln. Over the course of Q1, the share price moved from to (285% increase). Over the course of Q2, the share price moved from to (24% increase). Current share price is about 75 LSP IV invested 7,57 million. Valuation in the books of LSP IV at the end of March was 97,20 million. Quest for Growth has a 2,3% stake in LSP IV. ARGX.BR Line; ARGX.BR 16/07/2018; 75, /07/2017-2/08/2018 (BRU) Price EUR juli 2017 augustus 2017 september 2017 oktober 2017 november 2017 december 2017 januari 2018 februari 2018 maart 2018 april 2018 mei 2018 juni 2018 juli 2018 Auto 34

35 Agenda 2018 H1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 35

36 Financial Optional dividend calendar in shares 2018 Terms of the offer # shares: # rights exercised: Percentage exercised: : 53,39% # newly issued shares: # shares post stock dividend: Gross amount of capital increase: Cost of capital increase: ,05 Net amount of capital increase: Capital pre stock dividend: Capital post stock dividend: Capital post stock dividend (IFRS) Dilution existing shareholders: 2,04 36

37 Financial calendar

38 Agenda 2018 H1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 38

39 Thank you for your attention! 39