Quest for Growth. Press & Analyst Meeting. 26 January 2018

Transcription

1 Quest for Growth Press & Analyst Meeting 26 January

2 Agenda 2017 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 2

3 2017 FY results and performance Quest for Growth Beurskoers Intrinsieke waarde 31/12/ /12/ /11/ /12/2016 8,811 EUR 10,71 EUR 10,66 EUR 8,91 EUR Aantal aandelen Disco unt van de beursko ers ten o pzichte van de intrinsieke waarde: 17,75% Bron: Berekening door Capricorn Venture Partners NV Key facts: Quest for Growth ends 2017 with a profit of 27mm shareholders will have the possibility to opt for a stock dividend Return on equity per share: 20.4 % since 31 December 2016 Net asset value per share at 31 December 2017: 8.91 (31 December 2016: 8.91) Net profit for the fiscal year: + 27,389,776 ( per ordinary per share) against a profit (based on IFRS) of + 538,144 ( per ordinary share) for the previous fiscal year Share price at 31 December 2017: (31 December 2016: 7.649) Discount of the share price versus net asset value: % at 31 December 2017 (14.11 % at 31 December 2016) Amendment investment policy allows direct investments in unlisted companies again New investments in unlisted companies: Sensolus, NGDATA, Bluebee and HalioDX The board of directors will propose a gross dividend of 1.55 gross per ordinary share ( 1.52 net) at the AGM Shareholders will have the choice between a payment in cash, new ordinary shares of a combination of both, payment in cash or ordinary shares 3

4 2017 Q4 results and performance Quest for Growth Added value per sector per share 4

5 2017 FY results and performance Quest for Growth Added value per sector per share 5

6 2017 Q4 results and performance Quest for Growth Added value per asset class per share 6

7 2017 FY results and performance Quest for Growth Added value per asset class per share 7

8 Quest for Growth NAV Results from 1/01/2007 until 31/12/2017 8

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

10 Quest for Growth share price Discount to Net Asset Value: % 14,00 13,00 12,00 11,00 10,00 9,00 8,00 7,00 6,00 10 jan 14 feb 14 mrt 14 apr 14 mei 14 jun 14 jul 14 aug 14 sep 14 okt 14 nov 14 dec 14 jan 15 feb 15 mrt 15 apr 15 mei 15 jun 15 jul 15 aug 15 sep 15 okt 15 nov 15 dec 15 jan 16 feb 16 mrt 16 apr 16 mei 16 jun 16 jul 16 aug 16 sep 16 okt 16 nov 16 dec 16 jan 17 feb 17 mrt 17 apr 17 mei 17 jun 17 jul 17 aug 17 sep 17 okt 17 nov 17 dec 17 jan 18 EUR Discount Quest for Growth 1 January December 2017 NAV Price

11 Quest for Growth share price Portfolio composition and market capitalisation at 31/12/

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

13 Agenda 2017 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 13

14 Portfolio quoted Equity market environment Equity markets in 2017 Stock markets in Europe & USA source: Bloomberg 14

15 Portfolio quoted Equity market environment Equity markets in 2017 source: Bloomberg 15

16 Portfolio quoted Equity market environment Economic indicators ISM Manufacturing Index & US recessions (NBER) IFO index source : ISM, NBER, IFO, Bloomberg, Capricorn Venture Partners 16

17 Portfolio quoted Equity market environment Valuation STOXX Europe month forward P/E source: Factset, Capricorn Venture Partners 17

18 Portfolio quoted Transactions

19 Portfolio quoted Transactions 2017 Q4 Introduction Accell Group Key figures & ratios 31/12/17 Mkt. Cap. (m EUR) 615 Accell Group is one of Europe's largest manufacturers of bicycles. Brands include Batavus (NL), Ghost (DE), Haibike (DE), Koga (NL), Lapierre (FR), Loekie (NL), Raleigh and Diamondback (UK, US, Canada), Redline (US), Sparta (NL), Tunturi (FI), Winora (DE) and XLC (international). The group also sells bicycle parts and accessories. The group was a pioneer in the development of electrically assisted bikes (e-bikes). Accell Group occupies a strong position in the middle and higher segments of the market. The bicycles developed and produced by Accell Group are mainly sold through the bicycle retail specialists channel. P/E (12m fwd.) 15.0 FCF yield (2017) 5.6% Dividend yield (2017) 2.7% EPS growth % EPS growth 12/17 3% Net debt/ebitda (2017) 2.4 ROE (2017) 10% 19

20 Portfolio quoted Transactions 2017 Q4 Introduction Exel Industries Key figures & ratios 31/12/17 Mkt. Cap. (m EUR) 792 P/E (12m fwd.) 16.1 FCF yield (2017) 6.3% Dividend yield (2017) 1.4% Exel Industries SA is a France-based company engaged in the design, manufacture and sale of precision spraying equipment for three markets: agriculture, industry and gardening. The Company has various subsidiaries, including Kremlin Rexson SA, Tecnoma Technologies SAS, Caruelle-Nicolas SAS, Preciculture SAS, Moreau SAS and Herriau SAS, among others. EPS growth % EPS growth 12/17 12% Net debt/ebitda (2017) 0.8 ROE (2017) 14% 20

21 Portfolio quoted Transactions 2017 Q4 Datron Key figures & ratios 31/12/17 Mkt. Cap. (m EUR) 53 Datron AG develops and manufactures equipment and tools in the field of high-speed milling of aluminium and plastics and neighbouring technology such as dispensing machines. Their products cover a wide range of industrial production processes as well as applications in dental technology. The company was founded in 1969 and went IPO in Datron is headquartered in Mühltal, Germany. P/E (12m fwd.) 14.8 FCF yield (2017) 5.7% Dividend yield (2017) 1.5% EPS growth % EPS growth 12/17 12% Net debt/ebitda (2017) -1.2 ROE (2017) 12% 21

22 Portfolio quoted Top 10 holdings 22

23 Portfolio quoted Valuation of portfolio companies: 12m fwd. P/E = month forward P/E of portfolio companies at 31/12/2017 source : Factset, Capricorn Venture Partners 23

24 Portfolio quoted 2017 result Portfolio company returns in local currency Source: Bloomberg, Capricorn Venture Partners QfG quoted (e) is estimate excluding costs and cash 24

25 Portfolio quoted Performance attribution 2017 TOP POSITIVE CONTRIBUTIONS TOP NEGATIVE CONTRIBUTIONS Stock Contrib.% Stock Contrib.% 1 technotrans AG Axway Software SA TKH Group N.V. Cert EVS Broadcast Equipment SA NEXUS AG Fresenius SE & Co. KGaA NORMA Group SE Accell Group N.V Pharmagest Interactive SA Kiadis Pharma NV -0.3 Estimated gross (excl. fees & cash) performance QfG Quoted Portfolio: 23% Source: Factset, Capricorn Venture Partners 25

26 Agenda 2017 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 26

27 Portfolio unquoted 27

28 Portfolio unquoted Direct investment: HALIODX - 999,978 HalioDx is an immuno-oncology diagnostic company providing oncologists with first-in-class Immune-based diagnostic products and services to guide cancer care and contribute to precision medicine in the era of immunooncology and combination therapies. Immunoscore proprietary technology, integrates immunohistochemistry combined with advanced imaging analysis enabling extraction of spatially-organized tissue molecular information. Immunoscore is a diagnostic solution for many cancers, as immune response to tumor is a key hallmark of disease progression. HalioDx collaborates with renowned international clinical groups to support clinical utility and ensure rigorous performance validation of its assays in selected cancer indications. HalioDx also develops assays such as Halioseek and Immunosign to help stratifying patients for immunotherapies. HalioDx has an experienced team of more than 130 employees, a CLIA laboratory and compliant facilities to develop, manufacture, register and market in vitro diagnostic (IVD) products. HalioDx executes biomarker studies and companion diagnostic assay development in conformity with regulations and in partnership with biopharmaceutical companies. Based in Marseille, France, the company co-founded the European immunology cluster Marseille Immunopôle (MI). 28

29 Portfolio unquoted Co-investment: NGDATA - 838,056 NGDATA helps data-rich companies in financial services, telecom, utilities, hospitality, etc., to drive connected experiences. The company s next-generation customer data platform, Lily, puts people at the center of every business via Lily s Customer DNA, which continuously learns from behavior to deliver compelling experiences for companies such as Belfius Bank, Innogy and Telenet. NGDATA is headquartered in Gent, Belgium and has offices in the United States, Europe and Asia-Pacific. For more information, please visit 29

30 Portfolio unquoted Co-investment: Bluebee - 500,070 Bluebee offers a secure global bio-informatics platform to process, analyze, share and store genomics data. Through a private cloud service, Bluebee supports users in clinical diagnostics, therapeutics and research with advanced analytics for genomic data driven medicine that will fuel the future of genomic discovery. Designed for cross-functional teams of clinicians and life science researchers the Bluebee platform effectively centralizes and manages genomics data processes and storage. Bluebee s multi-layered security is designed to meet both specific organizational and regulatory data protection requirements when analyzing and storing research or clinical grade data. Local data processing is guaranteed via Data Residency Control in state-of-the-art data centers. The service is available across all major European countries and US cities, as well as in Canada and Asia Pacific. 30

31 Portfolio unquoted CHF invests in Sensolus 31

32 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. 32

33 Portfolio unquoted Investments in Venture Funds in % of Currency Last Valuation Date Valuation in Net Asset Value CAPRICORN VENTURE PARTNERS CAPRICORN CLEANTECH FUND 31/12/ ,71% CAPRICORN HEALTH-TECH FUND 31/12/ ,68% CAPRICORN ICT ARKIV 31/12/ ,12% CAPRICORN SUSTAINABLE CHEMISTRY FUND 31/12/ ,09% THIRD PARTY FUNDS CARLYLE EUROPE TECHNOLOGY PARTNERS I 30/09/ ,00% CARLYLE EUROPE TECHNOLOGY PARTNERS II 30/09/ ,48% CETP LP CO-INVESTMENT 30/09/ ,01% LIFE SCIENCES PARTNERS III 30/09/ ,32% LIFE SCIENCES PARTNERS IV 30/09/ ,99% SCHRODER VENTURES LSF II $ 31/12/ ,03% VENTECH CAPITAL 2 30/09/ ,03% VERTEX III $ 30/09/ ,45% ,89% 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. 33

34 Portfolio unquoted Value adjustments not assigned to a specific company or venture capital fund Total Financial Assets - Shares ,18% Change in valuation in unquoted companies ,22% Total Financial Assets Shares after depreciation ,96% In the unquoted portfolio value adjustments for a total of - 3,606,713 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. 34

35 Agenda 2017 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Stock dividend Questions and Answers 35

36 Financial Optional dividend calendar in shares 2018 Terms of the offer Proposal to the extraordinary general assembly to issue a stock dividend. Shareholders will have the choice between a payment in cash, new ordinary shares of a combination of both, payment in cash or ordinary shares 1 Issuance of ordinary shares Preference shares will have a limited right to participate issue price: Average close price of reference period minus gross dividend minus discount to be decided before start of the operation Investors will have the choice between: Dividend in cash Dividend in shares Combination of both, dividend in cash and dividend in shares 1 The capital increase regarding the stock option which will be proposed to the extraordinary general assembly is also subject to approval by the FSMA 36

37 Financial Optional dividend calendar in shares 2018 Terms of the offer Proposal to the extraordinary general assembly to issue a stock dividend. Shareholders will have the choice between a payment in cash, new ordinary shares of a combination of both, payment in cash or ordinary shares 1 Preliminary timeline: EGM 1 minimum attendance quorum required 3/03/2018 AGM Allocation of result EGM 2 no minimum attendance quorum required 29/03/2018 Ex-coupon date: 3/04/2018 Record date: 4/04/2018 Option period: 3/04/ /04/2018 Payment date or attribution shares: 17/04/2018 Listing of the new shares: 17/04/ The capital increase regarding the stock option which will be proposed to the extraordinary general assembly is also subject to approval by the FSMA 37

38 Financial calendar

39 Agenda 2017 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Keuzedividend Questions and Answers 39

40 Thank you for your attention! 40