Quest for Growth. Press & Analyst Meeting. 28 April 2016

Transcription

1 Quest for Growth Press & Analyst Meeting 28 April

2 Agenda 2016 Q1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Capital increase Questions and Answers 2

3 2016 Q1 results and performance Quest for Growth Key figures: Return on equity per share: - 3,53 % since 31 December 2015 Net Asset Value per share at March 31 st 2016: 9,21 (December 31 st 2015: 9,54) Net loss for 2016 Q1: - 3,878,433 ( per share) against a profit of + 13,823,892 ( per share) for Q Share price at March 31 st 2016: (December 31 st 2015: 11.40) Premium of the share price versus Net Asset Value: % at March 31 st 2016 (Discount of % at December 31 st 2015) Dividend payment of 2.73 per ordinary share (net dividend of 2,70 per ordinary share) Capital increase by issuance of 3,843,316 new ordinary shares starting April 27th 3

4 2016 Q1 results and performance Quest for Growth Added value per sector per share 4

5 2016 Q1 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 31/03/2016 6

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

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

9 Quest for Growth share price Portfolio composition and market capitalisation at 31/03/2016 Top quoted companies and % of NAV Kiadis Pharma 4,72% TKH Group 4,63% Nexus AG 4,06% Pharmagest 3,60% Gerresheimer 3,57% Umicore 3,50% Andritz 3,41% Tomra 3,19% Melexis 3,16% Bertrandt 3,09% Current value of investments made by Quest for Growth in Capricorn Funds and % of NAV: Cleantech 2.2 mio 2,09% Health-tech 8.9 mio 8,42% ICT ARKIV 5.0 mio 4,74% Top non-quoted companies and % of NAV ALIAXIS 2,13% GREEN BIOLOGICS 2,01% ANTERYON 1,69% FRX POLYMERS 1,50% AVANTIUM 1,41% 9

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

11 Agenda 2016 Q1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Capital increase Questions and Answers 11

12 Portfolio quoted Equity market environment Weak start for equity markets in 2016 Stock markets in Europe (STOXX 600), Small caps (Stoxx Small 200) & USA (S&P 500) STOXX 600: -8% STOXX Small: -6% S&P 500 ( ): -4% source: Factset, Capricorn Venture Partners 12

13 Portfolio quoted Equity market environment Economic indicators ISM Manufacturing Index & US recessions (NBER) IFO index source : ISM, NBER, IFO, Bloomberg, Capricorn Venture Partners 13

14 Portfolio quoted Equity market environment Valuations Europe (STOXX 600) and USA (S&P 500) - evolution 12 month forward P/E source: Factset, Capricorn Venture Partners 14

15 Portfolio quoted Transactions 2016 Q1 IN OUT INCREASE REDUCTION Init Technotrans SAP JANUARY FEBRUARY Nibe Nexus SAP Umicore Fresenius MARCH Technotrans TKH Saft Groupe Fresenius UDG Healthcare Zetes 15

16 Portfolio quoted Transactions 2016 Q1: sale Init 16

17 Portfolio quoted Transactions 2016 Q1: sale NIBE 17

18 Portfolio quoted Top 10 holdings country sector/activity portfolio entry % NAV 31/03/16 Kiadis Pharma* Netherlands biotechnology 2007* 4.7% TKH Group Netherlands telecom, building and industrial solutions % Nexus AG Germany software for hospitals % Pharmagest France software for pharmacies % Gerresheimer Germany pharma packaging % Umicore Belgium materials technology % Andritz Austria plant engineering % Tomra Norway collection and sorting equipment % Melexis Belgium automotive semiconductors % Bertrandt Germany engineering and design services % 18

19 Portfolio quoted Valuation of portfolio companies: 12m fwd. P/E = month forward P/E of portfolio companies at 31/03/2016 source : Factset, Capricorn Venture Partners 19

20 Portfolio quoted 2016 Q1 result 2016 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, excluding Kiadis (quoted/unquoted and in lockup) (I) = return since introduction, (O) return until removal from portfolio 20

21 Portfolio quoted Performance attribution 2016 Q1 TOP POSITIVE CONTRIBUTIONS TOP NEGATIVE CONTRIBUTIONS Stock Contrib.% Stock Contrib.% 1 Umicore Compagnie d'entreprises CFE SA Pharmagest Interactive SA NEXUS AG ANDRITZ AG UDG Healthcare Plc Zetes Industries NV technotrans AG TKH Group N.V. Cert Kendrion N.V Estimated gross (excl. fees & cash) performance QfG Quoted Portfolio: -5% Source: Factset, Capricorn Venture Partners 21

22 Portfolio quoted Performance Kiadis Source: Bloomberg, Capricorn Venture Partners 22

23 Agenda 2016 Q1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Capital increase Questions and Answers 23

24 Portfolio unquoted Unquoted companies: ICT Unquoted companies: Unquoted companies: Cleantech Health-tech (coinvestments) (coinvestments) Venture Funds: Capricorn Cleantech Fund Venture Funds: Capricorn Health-tech Fund Venture Funds: Capricorn ICT ARKIV Venture funds: Other funds 24

25 Portfolio unquoted Value adjustments not assigned to a specific company or venture capital fund In the unquoted portfolio value adjustments for a total of - 683,253 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. 25

26 Portfolio unquoted Follow on investment Avantium: $ 500,000 On December 16, 2015 the company signed a joint venture with BASF. The cooperation with a major chemical player is considered a significant strengthening of the business case and was unanimously approved by all shareholders also those who had doubts about the stand alone plans previously. 26

27 Portfolio unquoted Capricorn Cleantech Fund Punch Powertrain 27

28 Portfolio unquoted Capricorn Health-tech Fund 28

29 Portfolio unquoted Capricorn Health-tech Fund 29

30 Portfolio unquoted Capricorn CICT Arkiv invests in bluebee Capricorn ICT Arkiv invests in the 10 M series A round of Bluebee, a pioneer in cloud-based high performance genomics solutions Bluebee, a pioneer in cloud-based high performance genomics solutions, today announced the closing of its Series A round of venture capital funding. The company raised 10 million ($11.6 million) from a strategic group of investors active at the crossroads of life sciences and ICT, including Capricorn ICT Arkiv, Korys and Biover II. Bluebee's technology allows research centres, clinical labs and diagnostics companies to substantially reduce cost, complexity and throughput time of their genomic data analysis. "Our technology solves one of the biggest bottlenecks in DNA analysis today," says Hans Cobben, CEO of Bluebee, "the solution has been designed to accelerate scientific and clinical breakthroughs, to simplify collaboration amongst scientists and to facilitate global roll-out of genetic tests." 30

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

32 Capital increase Overview of the transaction 32

33 Capital increase Calendar of the transaction 33

34 Capital increase Reasons for rights issue & use of proceeds 34

35 Capital increase Background CSCF 35

36 Capital increase Investment focus CSCF 36

37 Financial calendar

38 Agenda 2016 Q1 results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Capital increase Questions and Answers 38

39 Thank you for your attention! 39