Quest for Growth. Press & Analyst Meeting. 26 April 2013

Transcription

1 Quest for Growth Press & Analyst Meeting 26 April

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

3 Q results and performance Quest for Growth Stock Price Net asset value/share 31/03/ /03/ /02/ /12/ EUR 9.68 EUR 9.62 EUR 9.26 EUR Number of shares 11,529,950 11,529,950 11,529,950 Discount of the share price versus Net Asset Value: 31.54% Source: Estimate by Capricorn Venture Partners NV Key figures: Return on equity per share: + 4,5 % since 31 December 2012 Net Asset Value per share at March 31 st 2013: 9.68 (December 31 st 20121: 9.26). Net profit Q1 2013: + 4,860,231 ( per share) against a profit of - 6,198,080 ( per share) for Q Share price at March 31 st 2013: 6.63 (December 31 st 2012: 5.70) or a increase of 16 % Discount of the share price versus Net Asset Value: 31.5 % at March 31 st 2013 (38.4 % at December 31 st 2012). 3

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

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

6 Quest for Growth NAV Results from 1/01/2005 until 31/03/2013 6

7 Quest for Growth NAV Evolution loss carried forward since

8 Quest for Growth share price 3 year total shareholders return 8

9 Quest for Growth share price Discount to Net Asset Value: 31,54 % 9

10 Quest for Growth share price Portfolio composition and market capitalisation at 31/03/

11 Quest for Growth share price Net exposure quoted equities 11

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

13 Agenda Q results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 13

14 Portfolio quoted Equity market environment S&P500 reached new all time high closing price on March 28th source: Bloomberg, Capricorn Venture Partners 14

15 Portfolio quoted Equity market environment Economic outlook is improving somewhat ISM Manufacturing Index & US recessions (NBER) IFO index source : ISM, NBER, IFO, Bloomberg, Capricorn Venture Partners 15

16 Portfolio quoted Transactions 2013 Q1 JANUARY IN OUT INCREASE REDUCTION Faiveley Fresenius SE Arcadis 4Energy SAP FEBRUARY Barco Imtech Umicore Econocom Gerresheimer Nemetschek MARCH Centrotec United Drug Andritz Arcadis Init Econocom 16

17 Portfolio quoted Introduction Q1/2013: Barco Specialised in visualisation, with leading positions in niches New products and acquisitions to counter digital cinema decline Strong cash position and free cash flow generation Low valuation Source: Factset, Capricorn Venture Partners 17

18 Portfolio quoted Removed in Q1/2013: Imtech Source: Factset, Capricorn Venture Partners 18

19 Portfolio quoted Top 10 holdings 19

20 Portfolio quoted Strong 2012 performance 2013-Q1 portfolio company returns in l.c., excl. trading positions (held < 3 m) source : Bloomberg, Capricorn Venture Partners, QfG quoted (e) is estimate excluding costs and cash, (I) = return since introduction, (O) return until removal from portfolio 20

21 Agenda FY 2012 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 21

22 Portfolio unquoted Value adjustments not assigned to a specific company In the unquoted portfolio value adjustments for a total of million were booked in a separate line. These value adjustments were booked mainly out of fear that certain portfolio companies, almost in need of refinancing, will have to go to the market with a lower valuation because of the deteriorating economic situation and the more difficult funding climate that goes with it. 22

23 Portfolio unquoted Unquoted companies: ICT Unquoted companies: Health-tech Unquoted companies: Cleantech (coinvestments) Venture Funds: Capricorn Cleantech Fund Venture Funds: Capricorn Health-tech Fund Venture Funds: Capricorn ICT ARKIV Venture funds: Other funds 23

24 Quest for Growth Shareholders structure 24

25 Financial calendar

26 Agenda Introduction Q results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 26

27 Thank you for your attention! 27