Quest for Growth 2011

Transcription

1 Quest for Growth Press & Analyst Meeting 28 October

2 Agenda Introduction Q results and performance Quest for Growth Comments on unquoted portfolio Comments on quoted portfolio Questions and Answers 2

3 Introduction Key facts Net Asset Value per share on September 30 th 2011: 7.99 (December 31 st 2010: 8.99) Net loss on September 30 th 2011: 14.2 million ( 1.23 per share) against a profit of 11.8 million ( 1 per share) at September 30 th 2010 Share price on September 30 th 2011: 5.00 (December 31 st 2010: 5.31) Discount of the share price versus Net Asset Value: % on September 30 th 2011 (41% on December 31 st 2010) One new investment in unquoted portfolio: Cartagenia 1,250,000 New board installed New major shareholding disclosed: FIM BVFA/ABAF award - ranking investor relations: 4 th place 3

4 Introduction New board of directors installed (*) (*) (*) independent (*) (*) 4

5 Introduction New board of directors installed 5

6 Introduction New board of directors installed 3 Board members leave the company: 6

7 Introduction New board of directors installed Mr. De Proft graduated with a masters degree in Electrical Engineering and a postgraduate degree in Medical Engineering in Mr De Proft was president, CEO and member of the board of directors of ICOS. ICOS was a public company, listed on the Euronext and Nasdaq stock market. In 2008 ICOS Vision systems was acquired by KLA-Tencor. Mr De Proft remained on board with ICOS until early As chairman of the board of IMEC, Mr De Proft has experience with a high-tech organization of approximately 1600 researchers. IMEC has a large technology network around the world and is actively connected to Belgian and European development programs. 7

8 Introduction New board of directors installed Baron Bernard de Gerlache de Gomery, PhD in Law (UCL), Master of Business Administration (Boston University), managing director of Belficor NV, chairman of Editions Dupuis NV, vice chairman of Texaf NV, director of Sipef NV, Floridienne NV, Siat NV. 8

9 Introduction New board of directors installed Regine Slagmulder is Partner and Full Professor management accounting & control at the Vlerick Leuven Gent Management School, where she is also head of the Competence Center Accounting & Finance. She is a guest professor at the Faculty of Economics and Business Adminstration of the Ghent University too. Beforehand she worked as strategy practice consultant at McKinsey & Company. She was previously joined to INSEAD as fullltime professor and to the Tilburg University as professor in management accounting. Regine Slagmulder graduated as civil electrotechnical engineer and as business engineer at the Ghent University, after which she obtained a PhD in Management at the Vlerick School. For her research activities she was joined as a Research Fellow to INSEAD, Boston University (USA) and the P. Drucker Graduate Management Center of Claremont University (USA). Her research and teaching is focussed on performance, risk en governance. 9

10 Introduction New board of directors installed Philippe de Vicq brings over 30 years of international experience in private equity and investment management. In his last position he was CEO of KBC Private Equity. De Vicq has a wide network among Belgium's mid-cap and family-owned businesses. 10

11 Introduction BVFA/ABAF award 11

12 Introduction New major shareholding disclosed 12

14 Q results and performance Quest for Growth Stock Price Net asset value/share 30/09/ /09/ /08/ /12/ EUR 7.99 EUR 8.34 EUR 8.99 EUR Number of shares 11,529,950 11,529,950 11,789,255 Source: Estimate by Quest Management NV The net asset value is calculated after dividend distribution and without taking into account the different dividend rights pertaining to the different classes o f shareho lders. 14

15 Q results and performance Quest for Growth 15

18 Q results and performance Quest for Growth Net result in millions Return Net result in millions % 20.00% 10.00% 0.00% % % % % Return / / (6 months) (9 months) % Dividend: 0 0 0,69 1,95 Boekjaar: 0,

19 Q results and performance Quest for Growth Results from 2005 until today 40,000,000 30,000,000 20,000,000 10,000, ,000, (until September 30th) -20,000,000 19

20 Q results and performance Quest for Growth Quarterly results Quest for Growth - Resultaten per kwartaal Q3/2002 Q4/2002 Q1/2003 Q2/2003 Q3/2003 Q4/2003 Q1/2004 Q2/2004 Q3/2004 Q4/2004 Q1/2005 Q2/2005 Q3/2005 Q4/2005 Q1/2006 Q2/2006 Q3/2006 Q4/2006 Q1/2007 Q2/2007 Q3/2007 Q4/2007 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 H1/2011 Q3/2011

21 Q results and performance Quest for Growth NAV compared to Market Indices at 30 September % Performance of Quest for Growth NAV and market indices to September 30th % 5% QfG Net Asset Value Nasdaq (in Euro) New Markets 50 DJ STOXX 600 (in Euro) 0% -5% -10% -15% -20% -6.79% % % % SinceJune30th % % % % SinceDecember31st

22 Q results and performance Quest for Growth Added value per sector 22

23 Q results and performance Quest for Growth Results of currency hedge since the beginning of the fiscal year 900, , ,000 EUR 300, , , , ,000 jan 11 feb 11 mrt 11 apr 11 mei 11 jun 11 jul 11 aug 11 sep 11 okt 11 nov 11 dec 11 23

24 Q results and performance Quest for Growth Share price: Total shareholders return 24

25 Q results and performance Quest for Growth Share price: Discount to Net Asset Value: 37.40% 60% Discount of Quest for Growth and Belgian investment companies 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Average discount of Belgian investment companies (Source: KBC Securities) Discount Quest for Growth 25

26 Q results and performance Quest for Growth Portfolio composition and market cap at 30/09/ ,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 Cash + Other net assets Quoted portfolio Unquoted portfolio Venture funds Market cap 26

27 Q results and performance Quest for Growth Distribution of the portfolio by sector at September 30 th 2011 Semiconductors 2.2% Software & Services 27.5% Electrical & Engineering 16.4% Health Care Equipment & Services 4.6% Other sectors 3.4% Materials 5.5% Technology Hardware 9.4% Funds & Diversified Companies 16.9% Pharma & Biotech 14.2% 27

28 Q results and performance Quest for Growth Distribution of the portfolio by country at Sep 30 th 2011 Ireland 4.1% US 0.3% Portugal 0.1% Austria 3.9% Israel 3.7% France 8.9% Switzerland 2.0% United Kingdom 12.6% Belgium 30.7% Netherlands 21.3% Germany 12.5% 28

30 Comments on unquoted portfolio Depreciations for a total amount of 1,400,000 not directly attributed to underlying companies 30

31 Comments on unquoted portfolio Cartagenia 31

32 Comments on unquoted portfolio Sphere Medical announces intention to float on AIM 32

33 Comments on unquoted portfolio Clear2Pay 29/6/2011: Clear2Pay acquires Lexcel (US) to widen global footprint and strengthen portfolio of test solutions. Lexcel Solutions provides payment testing software and services to third-party payment transaction processors, debit and credit networks, financial institutions, retailers, ATM/POS manufacturers and government organizations. Lexcel s expertise and test solutions along with Clear2Pay s Integri-branded test product range will create one of the most robust end-to-end testing platforms in the marketplace. Clear2Pay has furthermore announced additional client and project wins in the past quarter: 23/8/2011: Clear2Pay announced that EMVCo, the EMV standards body owned by American Express, JCB, MasterCard and Visa, has qualified its Integri EMV Contactless Card Type Approval Level 1 Test Suite, Version /8/2011: Clear2Pay announced that it is supporting ITSO, the government-backed, not-for-profit organisation which defines and develops the UK-wide technical specification for smart ticketing, with the implementation of a Certification Centre in the United Kingdom. Clear2Pay will also provide further consultancy services to ITSO and deliver Integri Test Solutions to their vendor community. 19/9/2011: Clear2Pay and Systar (Euronext Paris ISIN: FR SAR), the leading Business Activity Monitoring (BAM) solution provider, announce the first in a series of BAM solutions for Clear2Pay customers. Clear2Pay was recognised as leading global financial technology player in FinTech /10/2011: At the Global FinTech 2011 Award ceremony at the BAI Retail Delivery conference in Chicago, Clear2Pay received a recognition for ranking 81st on the list of financial technology companies that were judged according to their global revenues attesting to the company s stability and relevance to the industry. With this position Clear2Pay is the highest non-us based newcomer in the ranking with a full 100% revenue base in the financial services sector. 33

35 Equity market environment Strong correction in Q3, most pronounced in Europe 2011 stock market performance Europe versus US STOXX 600: -18% STOXX Small: -21% DAX: -20% S&P500 in : -11% source: Factset, Quest Management 35

36 Equity market environment US economy slowing, but ISM not in «recession territory» ISM Manufacturing Index & US recessions (NBER) source : ISM, NBER, Bloomberg, Quest Management 36

37 Equity market environment German economy: 2000 / 2008 or 1995 / 1998 / 2005? German IFO indices = recession = no recession Source: IFO, Bloomberg, Quest Management 37

38 Equity market environment Outlook? DAX evolution in bear markets (before/after DAX falls below 200-d average) Source: Commerzbank 8/9/

39 Portfolio quoted equity Net exposure quoted equities 39

40 Portfolio quoted equity Financial strength of portfolio companies further improved 30-Sep-11 ptf. cos. ex biotech companies % NAV FCF 2011e negative 2 1 Docdata 1% FCF 2012e negative 1 0 net debt/ebitda 11e > net debt/ebitda 11e > net debt & FCF 11e negative 0 0 net cash at end 2011e total portfolio companies Dec-10 ptf. cos. ex biotech companies % NAV FCF 2010e negative 2 1 Phoenix Solar 1% FCF 2011e negative 1 0 0% net debt/ebitda 10e > Econocom 1% net debt/ebitda 10e > Econocom, KPN 3% net debt & FCF 11e negative 0 0 0% net cash at end 2010e total portfolio companies Dec-09 ptf. cos. ex biotech companies % NAV FCF 2009e negative 5 2 S2M, Vestas 3% FCF 2010e negative 4 1 S2M 2% net debt/ebitda 09 > Centrotec 1% net debt/ebitda 09 > Centrotec, TKH 4% net debt & FCF 10e negative 1 1 S2M 2% net cash at end 2009e total portfolio companies

41 Portfolio quoted equity Important transactions 3rd quarter 2011 JULY IN OUT INCREASE REDUCTION Schaltbau KPN EVS United Drug Pfeiffer Vacuum AUGUST Melexis Roche Unit4 Umicore Wacker Chemie SMA Solar SEPTEMBER Hewlett-Packard Melexis Accell Andritz 41

42 Portfolio quoted equity Investments in large caps reduced 42

43 Portfolio quoted equity Large caps KPN, Roche & HP sold with mixed results source : Bloomberg 43

44 Portfolio quoted equity Profitable sale of Pfeiffer Vacuum source : Bloomberg 44

45 Portfolio quoted equity Introduction Schaltbau Net debt/ Mkt. Cap. P/E EPS growth Ebitda m EUR 12m fwd / Company Schaltbau % 18% 1.7 source : Factset 45

46 Portfolio quoted equity Introduction Melexis Net debt/ Mkt. Cap. P/E EPS growth Ebitda m EUR 12m fwd / Company Melexis % 7% 0.3 source : Factset 46

47 Portfolio quoted equity Top 10 holdings country sector/activity % NAV 30/9/11 Nemetschek Germany architecture-engineering-construction (AEC) software 4.2% Imtech Netherlands technical services in electrical & mechanical engineering 4.0% Arcadis Netherlands engineering consultancy 3.9% United Drug Ireland healthcare services 3.7% EVS Belgium digital image-processing systems for TV broadcasters 3.6% Andritz Austria plant engineering for hydro power, pulp & paper, % Unit4 Netherlands business software 3.4% Umicore Belgium materials technology 3.1% Econocom Belgium IT infrastructure management 2.2% Teva Israel generic and branded pharmaceuticals 2.1% 47

48 Portfolio quoted equity Q1-3 quoted portfolio down less than European markets 2011 Q1-3 portfolio company returns in l.c., excluding stocks introduced/removed during 2011 source: Bloomberg, Quest Management, QfG quoted (e) is estimate excluding costs and cash 48

50 Thank you for your attention! 50