Quest for Growth. Press & Analyst Meeting. 27 October 2017

Transcription

1 Quest for Growth Press & Analyst Meeting 27 October

2 Agenda 2017 Q1-3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 2

3 2017 Q3 results and performance Quest for Growth Key figures: Return on equity per share: 20.63% since 31 December 2016 Net asset value per share at 30 September 2017: (31 December 2016: 8.91) Net result for the period: + 27,840,362 ( per ordinary share) against a profit of 2,827,498 (+ 0,19 per ordinary share) for Q Share price at 30 September 2017: 8.74 (31 December 2016: 7.649) Discount of the share price versus net asset value: 21 % at 30 September 2017 (14 % at 31 December 2016) Co-investment in Sensolus ( 500,000) New indirect investments in Arkite (CHF), Sensolus (CHF) and Virovet (CSCF) 3

4 2017 Q1-3 results and performance Quest for Growth Added value per sector per share 4

5 2017 Q1-3 results and performance Quest for Growth Added value per asset class per share 5

6 Quest for Growth NAV Results from 1/01/2007 until 30/09/2017 6

7 Quest for Growth share price 3 year total shareholders return 7

8 Quest for Growth share price Discount to Net Asset Value: 21 % 8

9 Quest for Growth share price Portfolio composition and market capitalisation at 30/09/2017 9

10 Distribution of the portfolio by sector at 30/09/

11 Agenda 2017 Q1-3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 11

12 Portfolio quoted Equity market environment Equity markets in 2017 Stock markets in Europe & USA source: Bloomberg 12

13 Portfolio quoted Equity market environment Equity markets in 2017 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 2017 Q3 JULY IN OUT INCREASE REDUCTION Kiadis Pharma EVS Umicore CEWE AUGUST Stratec Biomedical CEWE Aures SEPTEMBER Kiadis Pharma Kiadis warrant Aures Ablynx Gerresheimer Kingspan Technotrans Umicore 16

17 Portfolio quoted Transactions 2017 Q3 Introduction Stratec Biomedical Key figures & ratios 30/09/17 Mkt. Cap. (m EUR) 604 Stratec Biomedical is developing technological and scientific solutions for the diagnostic and life science industry. Stratec specializes on fully automated analyzer systems, software for laboratory data management and Molecular Diagnostic (MDx) sample preparation and stabilization. The company was founded in 1979 and is headquartered in Birkenfeld, Germany. P/E (12m fwd.) 19.1 EV/EBITDA (2017) 14.3 Dividend yield (2017) 1.7% EPS growth % EPS growth 12/17 16% Net debt/ebitda (2017) 19.0 ROE (2017) 1% 17

18 Portfolio quoted Top 10 holdings 18

19 Portfolio quoted Valuation of portfolio companies: 12m fwd. P/E = month forward P/E of portfolio companies at 30/09/2017 source : Factset, Capricorn Venture Partners 19

20 Portfolio quoted 2017 Q1-3 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 2017 Q1-3 TOP POSITIVE CONTRIBUTIONS TOP NEGATIVE CONTRIBUTIONS Stock Contrib.% Stock Contrib.% 1 technotrans AG Axway Software SA TKH Group N.V. Cert Kiadis Pharma NV Pharmagest Interactive SA Gerresheimer AG NEXUS AG Bertrandt AG NORMA Group SE Fresenius SE & Co. KGaA -0.3 Estimated gross (excl. fees & cash) performance QfG Quoted Portfolio: 22% Source: Factset, Capricorn Venture Partners 21

22 Agenda 2017 Q1-3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 22

23 Portfolio unquoted 23

24 Portfolio unquoted CHF invests in Arkite Arkite develops and commercializes a virtual assistant for operators in the manufacturing industry. Human Interface Mate (HIM) is the ultimate Virtual Guardian Angel. HIM is looking over the shoulder of the manufacturing operator warning as soon as a wrong operation is in progress and navigating towards standardized work. HIM reduces the cost of poor quality, increases work efficiency by reducing control operations and creates the possibility for two way information with the rest of the plant. 24

25 Portfolio unquoted CHF invests in Sensolus 25

26 Portfolio unquoted CSCF invests in Virovet ViroVet is a pioneering company dedicated to the development of disruptive and innovative technologies for the control of viral diseases in livestock, with antiviral drugs for respiratory disease complexes and innovative vaccines for viral infections. The livestock industry is a 100+ billion-euro industry. Viral diseases cost producers billions every year in losses and threaten the world supply of animal protein. 26

27 Portfolio unquoted Due to the implementation of IFRS in Quest for Growth, Capricorn funds are valued at the reporting date of the Quest for Growth. Impairments to the fund value are no longer reflected in a separate line change in valuation in unquoted companies and venture funds. This further enhances transparency in reports. 27

28 Portfolio unquoted Value adjustments not assigned to a specific company or venture capital fund In the unquoted portfolio value adjustments for a total of - 2,371,185 are booked in a separate line. These value adjustments are booked to reflect uncertainties at certain portfolio companies with respect to future rounds of financing. 28

29 Agenda 2016 Q1-3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 29

30 Financial calendar

31 Agenda 2016 Q1-3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 31

32 Thank you for your attention! 32