QUEST FOR GROWTH Interim Financial Report January March 2012

Transcription

1 PRESS RELEASE Leuven / 26 April 2012 / 5.40 PM Regulated information. This press release contains information subject to the transparency requirements imposed on listed companies. Schedule for publication: 26 April PM Press release available at 27 April AM Press & Analyst meeting, Capricorn Venture Partners NV, Lei 19, 3000 Leuven QUEST FOR GROWTH Interim Financial Report January March 2012 INTERIM REPORT Quest for Growth has made a strong start in 2012, with an increase of the net asset value to 8.44 per share on 31 March 2012, to compare with 7.90 per share on 31 December In the first quarter the net profit ran up to 6.2 million ( 0.54 per share), while the net profit in the first quarter of 2011 amounted to 0.9 million ( 0.07 per share). The quarterly profit comes entirely from the quoted portfolio. This makes up for an important part of the loss in the quoted portfolio during No less than six shares in the portfolio increased by more than 25 %: Leguide. com, Arcadis, Umicore, Init, LEM and Melexis. Mobotix was sold entirely with a profit of approximately 40 % in less than one year. Stratec Biomedical, a German producer of diagnostic systems, was the only newcomer in the portfolio. In the unquoted portfolio most activities took place through the funds. In February the Board of Directors of Quest for Growth appointed ADP Vision BVBA, represented by Antoon De Proft, as its new Chairman. Following the recent merger between Quest Management and Capricorn Venture Partners the latter has, as the legal successor of Quest Management, taken over the role of managing director of Quest for Growth.Thanks to his wide experience in the financial and the high-tech world - as CEO of the listed company ICOS Vision Systems, as Chairman of IMEC and as Board member of Barco Antoon De Proft has the right profile to succeed the outgoing Chairman Jos B. Peeters. During the last quarter the ownership of shares of Quest for Growth has changed significantly. Laxey Partners, Ltd. reported no longer holding voting securities, while Financial & Investment Management Group, Ltd. crossed the threshold of 10 % voting rights and reported holding % voting securities of Quest for Growth. 1 DISCOUNT QUEST FOR GROWTH VALUATION QUEST FOR GROWTH 60% 55% 50% 45% Discount of Quest for Growth and Belgian investment companies Stock Price Net asset value/share 31/03/ /03/ /02/ /12/ EUR 8.44 EUR 8.38 EUR 7.90 EUR Number of shares 11,529,950 11,529,950 11,529,950 Discount of the share price versus Net Asset Value: 40.75% Source: Estimate by Capricorn Venture Partners NV 40% 35% 30% PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER % 40 20% 15% 10% % Average discount of Belgian investment companies (Source: KBC Securities) 10 % Discount Quest for Growth 0% Leguide.com Arcadis Umicore Init LEM Holding Melexis Nexus Nemetschek Imtech Unit4 Andritz Kendrion Schaltbau Transics QfG quoted (e) Centrotec TECDAX Performance DJ STOXX Small 200 Teva - ADR Econocom DJ STOXX 600 Faiveley Pharmagest United Drug Gerresheimer Docdata Sphere Medical EVS

2 CONDENSED INTERIM FINANCIAL STATEMENTS 2 1. BALANCE SHEET AT MARCH 31 ST 2012 ASSETS March December LIABILITIES March December Fixed assets Capital and Reserves Formation expenses 0 0 Issued capital Financial assets Reserves Shares Reserves not available for distribution 0 0 Claims Reserves available for distribution Current assets Profit carried forward 0 Amounts receivable > one year 0 0 Loss carried forward ( ) ( ) Trade receivables 0 0 Result for the period Other receivables 0 0 Amounts receivable < year Debts Trade receivables 0 0 Amounts payable < one year Other receivables Financial debts 0 0 Investments 0 0 Trade debts Own shares 0 0 Taxes Term investments 0 0 Other debts Cash Deferred charges and accrued income Deferred charges and accrued income TOTAL ASSETS TOTAL LIABILITIES STATEMENT OF INCOME FOR THE PERIOD ENDED MARCH 31 ST December March December March 2012 Operating income and charges Gross operating income 6,831,461 1,097,286 Realised gains/losses on shares 822,909 1,073,688 Unrealised gains/losses on shares 6,029,658 (444,919) Results from option transactions (44,687) 0 Realised results from forward currency rate agreements 148, ,908 Unrealised results from forward currency rate agreements (124,846) (128,391) Depreciation and other amounts written off 0 0 Other operating charges (472,459) (468,900) Management fee (372,951) (369,863) Custodian fee (11,269) (10,808) Statutory Auditors fee (2,904) (2,264) Printing and publication costs (19,138) (15,558) Annual tax on collective investment schemes (18,121) (20,911) Directors fees (23,304) (17,852) Advisory fees (4,238) (8,723) Accountants 0 0 Other (20,534) (22,922) Operating profit / loss 6,359, ,386 Financial income 243, ,766 Financial charges (404,576) 70,756 Amounts written off own shares 0 165,955 Capital increase cost 0 0 Other (404,576) (95,199) Profit / Loss for the period, before taxes 6,198, ,908 Income taxes 0 0 Profit / Loss for the period, after taxes 6,198, ,908 Profit / Loss for the period, after taxes, per share

3 3. OFF BALANCE POSITIONS AT MARCH 31 ST Commitments Commitment Currency Commitment in Capricorn Cleantech Co-investments 1,500,000 1,500,000 Capricorn Cleantech Fund 550, ,000 Capricorn Health-tech Fund 11,250,000 11,250,000 Carlyle Europe Technology Partners I 385, ,056 Carlyle Europe Technology Partners II 1,292,301 1,292,301 Cartagenia 625, ,001 Life Sciences Partners III 70,799 70,799 Life Sciences Partners IV 1,213,575 1,213,575 Schroder Ventures International Life Sciences Fund II 19,953 $ 14,939 Ventech Capital 2 203, ,714 Vertex III 49,023 $ 36,705 TOTAL 17,142, Forward currency rate agreements Value date Counterparty Quest for Growth buys Quest for Growth sells 30/04/2012 Belfius Bank 3,097, ,600,000 30/04/2012 Belfius Bank 1,870, $ 2,500,000 30/04/2012 KBC Bank 2,980, ,500,000 30/04/2012 KBC Bank 2,021, $ 2,700,000 3 PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT MARCH 31 ST ,000, ,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 Cash + Other net assets Quoted portfolio Unquoted portfolio Venture funds Market capitalisation

4 4. NOTES TO THE FINANCIAL STATEMENTS FINANCIAL ASSETS BREAKDOWN AT MARCH 31 ST Shares quoted companies 4 Company Sector / Market Number of shares Change since 31/12/2011 Currency Share price Valuation in in % of Net Asset Value Software & DOCDATA Euronext Amsterdam 65, , % ECONOCOM Euronext Brussels 180,263 26, ,028, % INIT INNOVATION Deutsche Börse 106,178 7, ,953, % LEGUIDE.COM Euronext Paris 80, ,565, % NEMETSCHEK Deutsche Börse 132,500-7, ,114, % PHARMAGEST INTERACTIVE Euronext Paris 40, ,850, % TRANSICS Euronext Brussels 250, ,782, % UNIT 4 Euronext Amsterdam 70,330-87, ,529, % Technology Hardware EVS BROADCAST EQUIPM. Euronext Brussels 90, ,499, % LEM Holding SWX Swiss Exchange 4, CHF ,998, % Pharma & Biotech TEVA PHARMACEUTICAL Nasdaq 60,000 0 $ ,024, % Healthcare Equipement & GERRESHEIMER Deutsche Börse 50,000 15, ,640, % NEXUS Deutsche Börse 170,000 52, ,438, % SPHERE MEDICAL AIM 930, , % STRATEC BIOMEDICAL Deutsche Börse 40,000 40, ,240, % UNITED DRUG Dublin 1,391, , ,950, % Electrical & Engineering ANDRITZ Vienna 57,500-5, ,219, % ARCADIS Euronext Amsterdam 225, ,525, % FAIVELEY Euronext Paris 27,500-2, ,430, % IMTECH Euronext Amsterdam 147,555-42, ,536, % KENDRION Euronext Amsterdam 61,500 6, ,206, % SCHALTBAU HOLDING Deutsche Börse 12,777 2, ,053, % Semiconductors MELEXIS Euronext Brussels 125,133 5, ,651, % Materials CENTROTEC Deutsche Börse 65,000-8, , % UMICORE Euronext Brussels 100,000-10, ,130, % Options DAX PUT strike sep , % UMICORE Call strike apr ,500-7, , % 53,942, % 4.2. Shares unquoted companies Company Sector / Market Currency Valuation in in % of Net Asset Value ANTERYON Technology Hardware 1,499, % CAPRICORN CLEANTECH CO-INVESTMENTS 1,074, % CARTAGENIA Software & 625, % CLEAR2PAY Software & 5,570, % IDEA AG Pharma & Biotech 164, % KIADIS PHARMA Pharma & Biotech 2,374, % MAGWEL Software & 430, % OXAGEN Ltd. Pharma & Biotech 5, % PROSONIX Pharma & Biotech 2,609, % SYNTAXIN Pharma & Biotech 2,412, % TCLAND Pharma & Biotech 1,499, % 18,264, %

5 4.3. Investments in venture funds CAPRICORN VENTURE PARTNERS Currency Last Valuation Date Valuation in in % of Net Asset Value CAPRICORN CLEANTECH FUND ,121, % CAPRICORN HEALTH-TECH FUND ,395, % Other fonds CARLYLE EUROPE TECHNOLOGY PARTNERS I ,456, % CARLYLE EUROPE TECHNOLOGY PARTNERS II ,624, % CETP LP CO-INVESTMENT ,568, % CETP II LP CO-INVESTMENT , % LIFE SCIENCES PARTNERS III ,348, % LIFE SCIENCES PARTNERS IV , % SCHRODER VENTURES LSF II $ , % VENTECH CAPITAL , % VERTEX III $ ,345, % 14,718, % Total Financial Assets - Shares 86,926, % Depreciation unquoted companies -3,280, % Total Financial Assets Shares after depreciation 83,645, % 4.4. Amounts receivable companies Company Face value in currency Currency Valuation in in % of Net Asset Value Loan notes ANTERYON Convertible loan note 63,440 63, % TCLAND Convertible loan note 500, , % 563, % Commercial paper CODRALUX 2,000,000 1,999, % CODRALUX 2,000,000 1,999, % DEME 2,000,000 1,999, % ETEXCO 1,000, , % 6,998, % 5 Total Financial Assets - Amounts receivable 7,562, % Total Financial Assets 91,207, % Cash 5,716, % Other Net Assets 375, % Quest for Growth - Ordinary shares % Total Net Asset Value 97,299, % PORTFOLIO DISTRIBUTION BY SECTOR PORTFOLIO DISTRIBUTION BY COUNTRY PORTFOLIO DISTRIBUTION BY CURRENCY Software & 24.3% Electrical & Engineering 16.8% Austria 4.5% Israel 3.6% Switzerland 2.3% Ireland 3.1% US 2.1% GBP 5.57% Cash & other net assets 3.1% Funds & Diversified Companies 15.4% France 8.1% USD 3.79% CHF 2.01% Materials 5.2% Pharma & Germany 11.5% Belgium 34.0% EUR 88.64% Health Care Equipment & 8.4% Other sectors 5.2% Biotech 12.1% Technology Hardware 9.5% United Kingdom 13.3% Netherlands 17.6%

6 ADDED VALUE PER SECTOR PER SHARE (JANUARY - MARCH 2012) 8.70 PORTFOLIO HEDGE GAINS AND LOSSES NAV 31/12/2011 Technology Hardware Semiconductors Pharma & Biotech Health Care Equipment & Funds & Diversified Companies Software & Electrical & Engineering NAV / Aandeel Materials Other sectors Depreciation unquoted companies Equity Hedging Currency hedging Financial profits & losses Expenses NAV 31/03/ PROFILE, AIM Quest for Growth focuses on European technology-based growth companies in sectors such as life sciences, information technology, software, semiconductors, telecom, electronics, new materials and special situations in other growth sectors. Funds under management amounted to 97 million on March 31st Quest for Growth has been listed on Euronext Brussels since September 23rd INVESTMENT POLICY Quest for Growth invests in growth companies with the objective of converting capital gains into tax-free income through the Privak structure. The largest part of the portfolio is invested in growth companies listed on European stock exchanges (Euronext, London Stock Exchange, Deutsche Börse etc.) and other regulated markets. Under Privak rules this part may not exceed 65 % of the assets. The Privak, created by Royal Decree of April 18th 1997, is an investment vehicle, specially tailored to provide a suitable framework for investments in private equity and in growth companies. The Privak is a closed-end Undertakings for Collective Investments in Transferrable Securities (UCITS) under the regulation of the Financial and Market Authority (FSMA) and subject to specific investment and dividend pay out.

7 THE INTERIM FINANCIAL REPORT JANAURY MARCH 2012 HAS NOT BEEN CONSOLIDATED NOR SUBMITTED TO A CONDENSED REVIEW BY THE STATUTORY AUDITOR KLYNVELD PEAT MARWICK GOERDELER BEDRIJFSREVISOREN STATEMENT ON THE TRUE AND FAIR VIEW OF THE CONDENSED INTERIM FINANCIAL STATE- MENTS AND THE FAIR OVERVIEW OF THE INTERIM FINANCIAL REPORT Regine Slagmulder BVBA, represented by Prof. Regine Slagmulder, Director Chairman of the Audit Committee and Capricorn Venture Partners NV, represented by Dr. Jos B. Peeters, Managing Director certify, on behalf and for the account of the Board of Directors of Quest for Growth NV, that, to their knowledge, a) the condensed interim financial statements which have been prepared in accordance with the accounting framework and standards applicable in Belgium give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, under Article 13, 4 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. b) the interim financial report includes a fair overview of the information required under Article 13, 5 and 6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. Leuven, 24 April 2012 Regine Slagmulder BVBA Director Chairman of the Audit committee represented by Regine Slagmulder Capricorn Venture Partners NV Managing Director represented by Jos B. Peeters 7 TOTAL SHAREHOLDERS RETURN (SINCE 31/03/2009) QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2005 UNTIL 31 MARCH ,000,000 30,000,000 20,000,000 10,000, Q1/ ,000,000-20,000,000

8 GeNeRAL INFORMATIONS 8 Board of Directors ADP Vision BVBA, Director, represented by Mr. Antoon De Proft Capricorn Venture Partners NV, Managing Director, represented by Dr. Jos B. Peeters, Managing Director René Avonts BVBA, Director, represented by Mr. René Avonts Auxilium Keerbergen BVBA, Director, represented by Mr. Frans Theeuwes Axxis BVBA, Director, represented by Mr. Philippe de Vicq de Cumptich Baron Bernard de Gerlache de Gomery, Director De Meiboom NV, Director, represented by Mr Edward Claeys Euro Invest Management NV, Director, represented by Prof. Philippe Haspeslagh Gengest BVBA, Director, represented by Mr. Rudi Mariën Pamica NV, Director, represented by Mr. Michel Akkermans Regine Slagmulder BVBA, represented by Prof. Regine Slagmulder Mr. Dirk Vanderschrick, Director Audit Committee Regine Slagmulder BVBA, Chairman, represented by Prof. Regine Slagmulder Auxilium Keerbergen BVBA, represented by Mr Frans Theeuwes Baron Bernard de Gerlache de Gomery Managing Director Capricorn Venture Partners NV, Lei 19 box 1, B-3000 Leuven, represented by Dr. Jos B. Peeters Auditors Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren Burg. CV, represented by Mr. Erik Clinck, Prins Boudewijnlaan 24d, B-2550 Kontich Depositary bank BELFIUS BANK BELGIUM, Pachecolaan 44, B-1000 Brussels Incorporation June 9 th, 1998 Official listing September 23 rd, 1998 on Euronext Brussels Security number ISIN: BE Stock Price Bloomberg: QFG BB Equity Reuters: QUFG.BR Telekurs: Company reports published quarterly, the next quarterly report will be published in July 2012 Estimated published every first Saturday of the month in De Tijd and in L Echo, Moneytalk and on the website Net Asset Value QUEST FOR GROWTH NV Privak, fixed capital investment company established under Belgian Law Lei 19, box 3 - B-3000 Leuven - Phone: +32 (0) Fax: +32 (0) quest@questforgrowth.com