Quest for Growth. Press & Analyst Meeting. 29 April 2011
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1 Quest for Growth Press & Analyst Meeting 29 April
2 Agenda Introduction Q results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Current market environment Questions and Answers 2
3 Introduction Key facts Net Asset Value per share on March 31 st 2011: 9.06 (December 31 st 2010: 8.99) Net profit on March 31 st 2011: 0.9 million ( 0.07 per share) against a profit of 2.1 million ( 0.18 per share) at March 31 st 2010 Share price on March 31 st 2011: 5.95 (December 31 st 2010: 5.31) or an increase of 12% Discount of the share price versus Net Asset Value: % on March 31 st 2011 (41% on December 31 st 2010) Investment in Ducatt NV: 1,058,813 Decisions AGM: Proxy for annulment of treasury shares Introduction of authorised capital 3
4 Agenda Introduction Q results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Current market environment Questions and Answers 4
5 Q results and performance Quest for Growth Stock Price Net asset value/share 31/03/ /03/ /02/ /12/ EUR 9.06 EUR 9.01 EUR 8.99 EUR Number of shares 11,789,255 11,789,255 11,789,255 Discount of the share price to the net asset value: 34,36% Source: Estimate by Quest M anagement NV 5
6 Q results and performance Quest for Growth 6
7 Q results and performance Quest for Growth 7
8 Q results and performance Quest for Growth 8
9 Q results and performance Quest for Growth Net result in millions Return Net result in millions ,00% 20,00% 10,00% 0,00% -10,00% -20,00% -30,00% -40,00% Return / / (6 months) ,00% Dividend: 0 0 0,69 1,95 Boekjaar: 0,
10 Q results and performance Quest for Growth Results from 2005 until today 10
11 Q results and performance Quest for Growth Quarterly results Quest for Growth - Quarterly results 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
12 Q results and performance Quest for Growth NAV compared to Market Indices at 31 March
13 Q results and performance Quest for Growth Added value per sector Sector Hedge Fin. profit Cost 13
14 Q results and performance Quest for Growth Results of currency hedge since the beginning of the fiscal year EUR jan 11 feb 11 mrt 11 14
15 Q results and performance Quest for Growth Share price: Total shareholders return 15
16 Q results and performance Quest for Growth Share price: Discount to Net Asset Value: 34,36% 31/03/2011: 34,4% 60% 55% Discount Quest for Growth en Belgische investeringsvennootschappen 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Gemiddelde discount van Belgische investeringsvennootschappen (Bron: KBC Securities) Discount Quest for Growth 16
17 Q results and performance Quest for Growth Share price: Portfolio composition and market cap at 31/03/
18 Q results and performance Quest for Growth Distribution of the portfolio by sector at March 31st,
19 Q results and performance Quest for Growth Distribution of the portfolio by country at March 31st,
20 Agenda Introduction Q results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Current market environment Questions and Answers 20
21 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Portfolio quoted equity Net exposure quoted slightly increased during March correction 48%46% 43% 46%47%48%49% 53% 52%53%54%54% 61%61%62%62% 58% 60%59%60% 55%56% 59%59% 60%61%61%63% 21 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Feb-09 Jan-09 Dec-08 net exposure quoted hedged (or cash bid) cash unquoted % NAV
22 Portfolio quoted equity Important transactions 1st quarter
23 Portfolio quoted equity Introduction Wacker Chemie: growth driven by solar 2011 (12/2011) 2010 (12/2010) 2009 (12/2009) 2008 (12/2008) Sales 5,193 4,748 3,719 4,298 EPS Market Cap. 8,131 6,811 6,369 3,896 Net Debt Sales % Change 9.4% 27.7% -13.5% 13.7% EPS % Change 19.3% R+ R- 4.1% net debt to EBITDA Return on Equity 20.6% 20.3% -3.7% 21.2% P/E Ev/EBITDA FCFyield 1.4% 1.6% -1.1% 0.5% Source: Factset 23
24 Portfolio quoted equity Introduction Mobotix: high growth security company 2012 (06/2012) 2011 (06/2011) 2010 (06/2010) 2009 (06/2009) Sales EPS Market Cap Net Debt Sales % Change 26.5% 37.4% 19.9% 27.1% EPS % Change 25.7% 44.6% net debt to EBITDA Return on Equity 32.92% 33.02% 28.55% P/E 15.8 x 19.9 x 15.9 x Ev/EBITDA Source: Factset 24
25 Portfolio quoted equity Top 10 holdings country sector/activity % NAV 31/3/11 Nemetschek Germany architecture-engineering-construction (AEC) software 4.7% Arcadis Netherlands engineering consultancy 4.1% Unit4 Netherlands business software 4.1% Imtech Netherlands technical services in electrical & mechanical engineering 4.0% Umicore Belgium materials technology 3.9% Andritz Austria plant engineering for hydro power, pulp & paper, % EVS Belgium digital image-processing systems for TV broadcasters 3.2% United Drug Ireland healthcare services 3.1% LEM Holding Switzerland current and voltage transducers 2.8% SMA Solar Germany inverters for solar electricity 2.5% 25
26 Portfolio quoted equity 2011 started positively, thanks to strong performance in March 2011 Q1 portfolio company returns in l.c., excluding stocks introduced/removed during % Stratec Biomedical Umicore Imtech EVS Teva - ADR Pharmagest Accell Arcadis Hewlett-Packard Andritz Nemetschek Unit4 LEM Holding DJ STOXX 600 Roche Leguide.com Ablynx BENMAX 50 United Drug KPN Pfeiffer Vacuum Transics Faiveley Init SMA Solar Centrotec Econocom
27 Agenda Introduction Q results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Current market environment Questions and Answers 27
28 Comments on unquoted portfolio Direct investment of 1,058,813 in Ducatt NV, a Belgian based solar-glass start up The Board of Directors decided to co-invest for all new unlisted investments which Capricorn Cleantech Fund is doing, at a pro rata 12.5% of said investments. 28
29 Comments on unquoted portfolio Direct investment of 1,058,813 in Ducatt NV, a Belgian based solar-glass start up Ducatt is a Belgian company and a spin out of Emgo NV, a 50/50 joint venture between Osram and Philips Lighting. The new company will convert the existing production line for light bulbs into a manufacturing unit for high-quality glass for the photovoltaic industry. Capital round of 20 million by: Capricorn Cleantech Fund LRM Dexia Bank Belgium PMV Quest for Growth 29
30 Agenda Introduction Q results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Current market environment Questions and Answers 30
31 Market environment Economic indicators pointing towards continued growth ISM Manufacturing Index & US recessions (NBER) US recession (NBER) Source : ISM, NBER, Bloomberg, Quest Management ISM Manufacturing
32 Market environment Events in Lybia & Japan lead to first meaningful correction since May 2010 Performance Europe/DJ Stoxx 600 & US/S&P 500 (rebased 31/12/10) Lybia 105 Fukushima Dec 10 Jan 11 Feb 11 Mar 11 Apr STOXX 600 (Rebased) S&P 500 Index Fixed (Rebased) Source: Factset, Quest Management 32
33 Market environment Renewable energy/cleantech positively impacted by Fukushima disaster Performance renewable energy/cleantech stocks in QfG portfolio (rebased 31/12/10) Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 SMA Solar Technology AG (Rebased) Wacker Chemie AG (Rebased) Phoenix Solar AG (Rebased) Centrotec Sustainable AG (Rebased) Source: Factset, Quest Management 33
34 Market environment The debt problem: (finally) US also in focus Total leverage as % of GDP Personal savings ratios Source : Thomson Reuters, Credit Suisse 34
35 Quest for Growth aandeel marktactiviteit (januari maart 2011) ,50 6,00 5,50 5,00 4,50 4,00 3,50 3,00 2,50 2,00 Beurskoers jan 10 feb 10 mrt 10 apr 10 mei 10 jun 10 jul 10 aug 10 sep 10 okt 10 nov 10 mrt 11 feb 11 dec 10 jan 11 Volume Share Price Verhandelde aandelen
36 Quest for Growth aandeel Overzicht beursactiviteit Q1/
37 Quest for Growth aandeel Euronext statistieken (tot 31/03) Volume Aantal orders Gemiddeld order
38 Financial calendar
39 Agenda Introduction FY 2010 results and performance Quest for Growth Comments on unquoted portfolio Comments on quoted portfolio Questions and Answers 39
40 Thank you for your attention! 40
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