quest for growth...3 fy 2012 results and performance quest for growth key figures: •return on...

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Quest for Growth

Press & Analyst Meeting

25 January 2013

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Agenda

FY 2012 results and performance Quest for Growth

Comments on quoted portfolio

Comments on unquoted portfolio

Questions and Answers

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Key figures:

•Return on equity per share: + 17 % since 31 December 2011

•Net Asset Value per share at December 31st 2012: € 9.26 (December 31st 2011: € 7.90).

•Net profit for the fiscal year: + € 15,701,811 (+ € 1.36 per share) against a loss of - € 13,313,623

(- € 1.15 per share) for the previous fiscal year

•Share price at December 31st 2012: € 5.70 (December 31st 2011: € 4.75) or a increase of 20 %

•Discount of the share price versus Net Asset Value: 38.4 % at December 31st 2012

(39.9 % at December 31st 2011).

•New investment in Capricorn ICT ARKIV: + € 7,500,000 (€ 1,875,000 paid in capital).

•Additional investments in unquoted companies (AC Capital, Anteryon, Capricorn Co-Investments, Cartagenia,

Kiadis, Prosonix en TC Land Expression) for a total amount of € 3,533,987

Stock Price

31/12/2012 31/12/2012 30/11/2012 31/12/2011

5.70 EUR 9.26 EUR 9.09 EUR 7.90 EUR

Number of shares 11,529,950 11,529,950 11,529,950

Source: Estimate by Capricorn Venture Partners NV

Net asset value/share

Discount of the share price versus Net Asset Value: 38.42%

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FY 2012 results and performance Quest for Growth Added value per sector per share

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FY 2012 results and performance Quest for Growth Added value per asset class per share

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Quest for Growth NAV Results from 1/01/2005 until 31/12/2012

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Quest for Growth NAV Evolution loss carried forward since 2007

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Quest for Growth share price 3 year total shareholders return

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Quest for Growth share price Discount to Net Asset Value: 38,4 %

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Quest for Growth share price Portfolio composition and market capitalisation at 31/12/2012

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Quest for Growth share price Net exposure quoted equities

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Distribution of the portfolio by sector

at 31/12/2012

Software & Diensten19.5% Technologie

Hardware10.9%

Halfgeleiders2.9%

Medische Uitrusting &

Diensten13.0%

Farma & Biotech10.0%Electrical &

Engineering19.5%

Materialen3.3%

Fondsen & gediversifieerde Ondernemingen

15.1%

Andere sectoren3.4%

Cash & andere activa2.4%

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Agenda





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Portfolio quoted Strong equity markets in 2012

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Portfolio quoted Equity market environment: economic outlook is mixed

ISM Manufacturing Index & US recessions (NBER) IFO index

source : ISM, NBER, IFO, Bloomberg, Capricorn Venture Partners

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Portfolio quoted Equity market environment:

Detailed analysis with close contact to companies

Company contacts (Capricorn quoted team)

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Portfolio quoted Transactions 2012 – stocks introduced / removed

IN OUT

Wacker Chemie SMA Solar

Stratec Biomedical Mobotix

Wacker Chemie

Saft Groupe

Rhön-Klinikum

SAP Stratec Biomedical

Rhön-Klinikum

Leguide.com

Docdata

MAY

JUNE

JANUARY

FEBRUARY

MARCH

APRIL

IN OUT

LPKF

Unit4

Fresenius SE

Tomra

Transics

ptf. with earnout

NOVEMBER

DECEMBER

JULY

AUGUST

SEPTEMBER

OCTOBER

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Portfolio quoted Transactions 2012 – Q4

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• In December 2012, QfG acquired a portfolio of quoted companies

• Portfolio includes 13.5% stake in 4Energy

• Subject to earnout agreement

• Net valuation at 31/12/2012: € 646,874 (0.5% of NAV)

Portfolio quoted Shares quoted companies subject to an earn-out agreement

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Portfolio quoted Top 10 holdings

country sector/activity% NAV

31/12/12

Econocom Belgium IT infrastructure management 4.4%

EVS Belgium digital image-processing systems for TV broadcasters 4.2%

Arcadis Netherlands engineering consultancy 4.2%

Andritz Austria plant engineering for hydro power, pulp & paper, ... 4.1%

Nemetschek Germany building software 3.5%

United Drug Ireland healthcare services 3.4%

Umicore Belgium materials technology 3.3%

Imtech Netherlands technical services 2.9%

Gerresheimer Germany glass and plastic products for pharma packaging 2.6%

Init Germany telematics for public transport 2.5%

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Portfolio quoted Valuations of portfolio companies are still reasonable

12 month forward P/E of portfolio companies at 31/12/2012 (excl. unprofitable cos.)

source: Factset, Capricorn Venture Partners

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Portfolio quoted Dividend yields

2013e dividend yield of portfolio companies at 31/12/2012 (excl. unprofitable cos.)


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Portfolio quoted Financial strength of portfolio companies

Net debt/EBITDA 2012e of portfolio companies at 31/12/2012 (excl. unprofitable cos.)


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Portfolio quoted Strong 2012 performance

2012 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

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Agenda





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Portfolio unquoted Value adjustments not assigned to a specific company

In the unquoted portfolio value adjustments for a total of - € 2.86 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.

Total Financial Assets - Shares € 103,483,604 96.89%

Depreciation unquoted companies € -2,858,018 -2.68%

Total Financial Assets – Shares after depreciation € 100,625,586 94.22%

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Portfolio unquoted Follow on investments (direct investments)

• AC Capital 22/06/2012 € 200,039.50

27/12/2012 € 168,817.76

• Anteryon 12/01/2012 € 63,440.00

25/09/2012 € 85,000.00

• Capricorn Cleantech co-investments € 535,955.40

• Cartagenia 22/10/2012 € 625,000.60

• Kiadis Pharma 12/11/2012 € 499,996.54

• Prosonix 05/10/2012 £ 525,650.00

• TC Land 11/05/2012 € 701,333.54

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• On 18 December 2012, the Capricorn ICT Arkiv was set up with a capital of €15 million for a

period of 10 (+1) years. Quest for Growth invested € 7.5 million.

• The BoD of the Capricorn ICT Arkiv consists of Prof Em Guy Mannaerts (Independent Chairman),

Pamica/ Michel Akkermans (for Quest for Growth), Wouter Winnen (for Ark-M) and Jos B. Peeters

(for Capricorn Venture Partners).

• The investment strategy of the Capricorn ICT Arkiv:

• Geography: Flanders

• Sector: ICT with main focus on Digital Healthcare & Big Data

• Stage: Early Stage

• Investment amount: €500k to €1.5 million (max 20% of fund per portfolio company)

Portfolio unquoted Capricorn ICT ARKIV

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Broad band & High speed connections

anywhere everywhere

digital innovation in healthcare

Elderly people and chronic disease sufferers wanting to keep an active high quality lifestyle

Healthy people looking to collect, store and analyse personal health

data (“the quantified Self”)

Ageing population and increased burden of chronic diseases

Growing shortage of healthcare workers

Ever more lengthy and costly development cycles for new

medicines

New information and communication technologies Informed patients demanding

high quality, personalized treatment and care and companion diagnostics Unsustainable costs are leading to

healthcare reforms

Push

Pull Right environment


Key drivers supporting the Digital Healthcare strategy

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Targeted Investment Areas

• Secure management of clinical information

• Workflow management and clinical decision support

Tools for healthcare providers

• Large scale image processing, computer-aided-detection, semantic reasoning

•Extracting appropriate information out of massive data sets

•Decision support

Tools for healthcare professionals

•Electronic health information networks

•Tools for massive data collection and data mining tools to address policy questions

Tools for healthcare authorities

•Telemedicine and health portals

•Personal wearable and portable communication systems, wireless networks and sensors

Tools for patients and citizens

•Management of massive amounts of data at all stages of research and development of new drugs and therapies

Tools for Pharma & Biotech

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Big Data as a ‘big’ part of Digital Healthcare

• Most digital healthcare companies are by definition data-driven businesses

• Big Data refers to

• The collection, management and analyis of massive (‘big’) data sets

• Any dataset that is too large for a typical database software tool to store,

manage and analyze

• Any body of information that is so big it cannot be analyzed directly for

profitable use in its raw form

• Massive dat sets or combined data sets that are being put to use in new ways

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Investment strategy

• Complying with Arkimedes rules & legislation

• Support innovative companies in early phase of development

• Preference for significant shareholding position and possibility of impacting company strategy

• Series A and series B as majority of initial investments including opportunities in :

• spin-offs from universities and research centres

• spin-outs from corporates

• Initial investment amount from ~€ 500k up to € 1.5 million

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Team

Jos B. Peeters

Katrin Geyskens

Marc Lambrechts

Frank Bulens

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Portfolio unquoted

Unquoted companies:

ICT

Unquoted companies:

Health-tech

Unquoted companies:

Cleantech

(co-investments)

Venture Funds:

Capricorn Cleantech

Fund

Venture Funds:

Capricorn Health-tech

Fund

Venture funds:

Other funds

Venture Funds:

Capricorn ICT ARKIV

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Quest for Growth Shareholders structure

Financial & Investment

Management Group, Ltd

15.04%

Belfius Bank12.09%

KBC Asset Management

3.55%

Board members6.24%

Market63.07%

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Financial calendar 2012

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Agenda

Introduction





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Thank you for your attention!

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