Quest for Growth. Press & Analyst Meeting. 24 October 2014

Transcription

1 Quest for Growth Press & Analyst Meeting 24 October

2 Agenda 2014 Q3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 2

3 2014 Q3 results and performance Quest for Growth Key figures: Return on equity per share after dividend distribution: + 6,9 % since 31 December 2013 Net Asset Value per share at September 30 th 2014: after dividend pay out of 1.18 per share (December 31 st 2013: 10.87) Net profit for 2014 Q3: + 7,581,797 ( per share) against a profit of + 11,890,522 ( per share) for 2013 Q3 Share price at September 30 th 2014: 7.20 (December 31 st 2013: 8.21) Discount of the share price versus Net Asset Value: 29.3 % at September 30 th 2014 (24.4 % at December 31 st 2013) Dividend pay out of 1.18 per ordinary share (net dividend of 1,15 per ordinary share) at March 27 th

4 2014 Q3 results and performance Quest for Growth Added value per sector per share 4

5 2014 Q1-3 results and performance Quest for Growth Added value per sector per share 5

6 2014 Q3 results and performance Quest for Growth Added value per asset class per share 6

7 2014 Q1-3 results and performance Quest for Growth Added value per asset class per share 7

8 Quest for Growth NAV Results from 1/01/2005 until 30/09/2014 8

9 Quest for Growth share price 3 year total shareholders return 9

10 Quest for Growth share price Discount to Net Asset Value: 29,3 % 10

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

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

13 Agenda 2014 Q3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 13

14 Portfolio quoted Equity market environment Europe started to underperform, especially small caps Stock markets in Europe (STOXX 600), Small caps (Stoxx Small 200) & USA (S&P 500) source: Factset, Capricorn Venture Partners 14

15 Portfolio quoted Equity market environment Economic indicators: USA better, Europe weaker ISM Manufacturing Index & US recessions (NBER) IFO index source : ISM, NBER, IFO, Bloomberg, Capricorn Venture Partners 15

16 Portfolio quoted Equity market environment Market sentiment in Europe much more negative Net inflows in European equity ETFs source: Bloomberg, Haver Analytics, Morgan Stanley Research 16

17 Portfolio quoted Equity market environment Summer correction leads to slightly lower valuations Europe (STOXX 600) and USA (S&P 500) - evolution 12 month forward P/E source: Factset, Capricorn Venture Partners 17

18 Portfolio quoted Equity market environment High valuations in some technology segments source: Berenberg 18

19 Portfolio quoted Equity market environment... confirmed by recent e-commerce IPOs source: Bloomberg, Capricorn Venture Partners 19

20 Portfolio quoted Transactions 2014 Q3 20

21 Portfolio quoted Transactions 2014 Q3: Ablynx 21

22 Portfolio quoted Transactions 2014 Q3: Barco 22

23 Portfolio quoted Transactions 2014 Q3: LPKF 23

24 Portfolio quoted Top 10 holdings 24

25 Portfolio quoted Valuation of portfolio companies 12 month forward P/E of portfolio companies at 30/09/2014 source : Factset, Capricorn Venture Partners 25

26 Portfolio quoted Q1-3 result 2014-Q1/Q3 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 26

27 Portfolio quoted Performance attribution 2014 Q1-3 Source: Factset, Capricorn Venture Partners 27

28 Agenda 2014 Q3 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 28

29 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 29

30 Portfolio unquoted Value adjustments not assigned to a specific company In the unquoted portfolio value adjustments for a total of - 2,091,767 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. 30

31 Portfolio unquoted Capricorn Health-tech fund The company has filed for an IPO with a dual listing on First North in Helsinki and Stockholm. The premoney valuation is million with an intention to raising up to 25 million. The market conditions are worsening in the last couple of weeks but the company s boutique bankers: Pareto in Sweden and United Bankers in Finland, are recommending proceeding full speed. The pricing should occur by October

32 Portfolio unquoted Clear2Pay: Transaction closed beginning of October 32

33 Portfolio unquoted Clear2Pay: Durfkapitaal van start-up tot exit Clear2Pay als textbook case 33 33

34 Portfolio unquoted Clear2Pay: Financieringscyclus van bedrijven Vervangingskapitaal Buyout Trade sale Seed Zaaikapitaal Start-up Early stage Groei Expansie IPO / Beursintroductie Private Equity/ Durfkapitaal niet beursgenoteerd Genoteerde bedrijven Elke investeringsfase wordt gekenmerkt door verschillen in o.a. - Maturiteit bedrijf (producten, klanten, organizatie, financials,...) - Investeerders (specialisatie, risico-appetijt, lokaal vs internationaal, fondsgrootte,...) - Investeringsbedrag per ronde 34

35 Portfolio unquoted Clear2Pay: Quest for Growth volgde Clear2Pay in zijn financieringsbehoeften van early stage tot exit Investeringen Quest for Growth in Clear2Pay mln mln k k 1st tranche k 2nd tranche 35 35

36 Portfolio unquoted Clear2Pay: 2000 een goed idee? Seed Zaaikapitaal Start-up Early stage Groei Expansie Trade Sale / IPO??? + = 36

37 Portfolio unquoted Clear2Pay: 2001 seed capital Seed Zaaikapitaal Start-up Early stage Groei Expansie Trade Sale / IPO!! 37

38 Portfolio unquoted Clear2Pay: 2004 Eerste investering van Quest for Growth in Clear2Pay Seed Zaaikapitaal Start-up Early Stage Groei Expansie Trade Sale / IPO 38

39 Portfolio unquoted Clear2Pay: groeifinanciering door lokale & internationale Europese investeerders Seed Zaaikapitaal Start-up Early stage Groei Expansie Trade Sale / IPO 39

40 Portfolio unquoted Clear2Pay: 2009 klaar voor expansie door significante investering vanuit de U.S. Seed Zaaikapitaal Start-up Early stage Groei Expansie Trade Sale / IPO 40

41 Portfolio unquoted Clear2Pay: 2014 exit door verkoop aan FIS Seed Zaaikapitaal Start-up Early stage Groei Expansie Trade Sale / IPO 375 mln!!! 41

42 Financial calendar

43 Agenda 2014 H1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 43

44 Thank you for your attention! 44