Quest for Growth. Press & Analyst Meeting. 26 April 2018

Transcription

1 Quest for Growth Press & Analyst Meeting 26 April

2 Agenda 2018 Q1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 2

3 2018 Q1 results and performance Quest for Growth Beurskoers Intrinsieke waarde 31/03/ /03/ /02/ /12/2017 9,32 EUR 10,61 EUR 10,87 EUR 10,71 EUR Aantal aandelen Disco unt van de beursko ers ten o pzichte van de intrinsieke waarde: 12,13% Bron: Berekening door Capricorn Venture Partners NV Key facts: Return on equity per share: -0.99% since 31 December 2017 Net asset value per share at 31 March 2018: (31 December 2017: 10.71) Net result for the period: - 1,604,160 ( per ordinary share) against a profit of 15,413,064 ( per ordinary share) for Q Share price at 31 March 2017: 9.32 (31 December 2017: 8.811) Discount of the share price versus net asset value: % at 31 March 2018 (17.75 % at 31 December 2017) New indirect investment in DMC (CSCF) Stock dividend: 53% conversion Capital increase: 11,327,844 3

4 2018 Q1 results and performance Quest for Growth Added value per sector per share 4

5 2018 Q1 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 31/03/2018 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 31/03/2018 9

10 Distribution of the portfolio by sector at 31/03/

11 Agenda 2018 Q1 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 Economic indicators ISM Manufacturing Index & US recessions (NBER) IFO index source : ISM, NBER, IFO, Bloomberg, Capricorn Venture Partners 14

15 Portfolio quoted Equity market environment Valuation STOXX Europe month forward P/E source: Factset, Capricorn Venture Partners 15

16 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 16

17 Portfolio quoted Transactions 2018 Q1: Positions fully sold 17

18 Portfolio quoted Top 10 holdings country sector/activity portfolio entry % NAV 31/03/2018 TKH Group Netherlands telecom, building and industrial solutions % Stratec Biomedical Germany equipment for diagnostics and life sciences % Norma Group Germany connection technology and water mgmt % CEWE Germany photo and online printing services % Pharmagest France software for pharmacies % Jensen-Group Germany heavy-duty laundry equipment % Cenit Germany PLM software & services % Technotrans Germany liquid technology % Aures France point-of-sale terminals % Fresenius SA Germany healthcare products and services % 18

19 Portfolio quoted Valuation of portfolio companies: 12m fwd. P/E = month forward P/E of portfolio companies at 31/03/2018 source : Factset, Capricorn Venture Partners 19

20 Portfolio quoted 2018 Q1 result Portfolio company returns in local currency Source: Bloomberg, Capricorn Venture Partners QfG quoted (e) is estimate excluding costs and cash 20

21 Portfolio quoted Performance attribution 2018 Q1 TOP POSITIVE CONTRIBUTIONS TOP NEGATIVE CONTRIBUTIONS Stock Contrib.% Stock Contrib.% 1 Pharmagest Interactive SA Accell Group N.V AURES Technologies CEWE Stiftung & Co. KGaA STRATEC Biomedical AG USU Software AG TOMRA Systems ASA technotrans AG NORMA Group SE EVS Broadcast Equipment SA -0.4 Estimated gross (excl. fees & cash) performance QfG Quoted Portfolio: 0% Source: Factset, Capricorn Venture Partners 21

22 Agenda 2018 Q1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 22

23 Portfolio unquoted 23

24 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 24

25 Portfolio unquoted direct investments co-investments FAIR VALUE ,153, ,226, ,000,000 4,000,000 6,000,000 8,000,000 25

26 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. 26

27 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. 27

28 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. 28

29 Portfolio unquoted Venture Capital Funds Capricorn Sustainable Chemistry Fund (CSCF) 29

30 Portfolio unquoted Venture capital funds 3,493,120 CCF 4,398,479 8,734,700 CHF 9,219,032 6,948,542 CICT 6,682,725 3,299,289 CSCF 3,392,352-2,000,000 4,000,000 6,000,000 8,000,000 10,000,

31 Agenda 2017 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 31

32 Financial calendar 2018 Optional dividend in shares Terms of the offer 32

33 Financial calendar

34 Agenda 2017 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Keuzedividend Questions and Answers 34

35 Thank you for your attention! 35