PEM GROUP 2015 FINANCIAL RESULTS

Transcription

1 Venture Debt Fund July 2015 PEM GROUP 2015 FINANCIAL RESULTS WARSAW, 10 MARCH 2016

2 Agenda Key miletone in 2015 TSR - our offer for invetor 2015 financial reult Lat 4 year in number New invetment in

3 Key miletone in No PEM IPO hare price reache PLN 111 per hare The cale of reduction of ubcription in the individual invetor tranche exceed 90% PEM hare price on the opening day grow by 12.3% PEM pay a dividend of PLN per hare thu ranking among the companie with the highet dividend paid to invetor. Thi level of dividend payment repreent a rate of return of 10.8% for invetor who purchaed the hare in the IPO for PLN 111. PEM Group end 2015 with revenue exceeding PLN 80 million and a net profit of PLN 50 million, with net aet under management worth PLN million (+25 YoY) 3

5 What we offer to PEM Invetor? P rofit ~100% of cah EBITDA & up to 100% dividend payout ratio each year => table & ytematic cah flow for our invetor. E fficiency Efficient, cah generating buine model with more than 60% EBITDA margin & above 3% PAT to fee earning AUM. M anagement With olid experience & proven track record. Manager with paion & long term viion, who are dedicated to what they do. 5

6 We create value for our hareholder by paying out dividend and enuring the growth of our hare price TSR 23.5% 40% 30% 20% 10% 0% PLN PLN An 11% rate of return for PEM invetor who purchaed our hare in the IPO come from dividend payment A 12.5% rate of return for PEM invetor who purchaed our hare in the IPO come from hare price increae -10% -20% -30% PEM PEM TSR WIG -14% - WIG rate of return in the ame period => PEM outperform the market in relative term by 37.5% 6

8 A profit exceeding PLN 50 million in 2015 and 97% forecat execution In 2015, PEM generated revenue of PLN 80.5 million and executed the forecat at the level of 108% (PLN 74.5 million) 91% of the anticipated EBITDA of PLN 56.7 achieved - PLN 51.6 million, 97% of net profit achieved (PLN 50 million a oppoed to the projected PLN 51.8 million), while the AUM value reached 109%. EBITDA of 64%; the net profit to fee earning NAV ratio remaining at ca. 3%. % change % change % zmiany % zmiany PLN'000 4Q'14 4Q'15 v. 4Q'14 YTD'14 YTD'15 v. YTD'14 Fixed management fee Opł. Stała za zarządzanie % % Variable management fee Opł. Zmienna za zarządzanie (28)% % Other revenue Pozotałe przychody (1 775) 137 (108)% (69)% Total revenue Sale expene Przychody Razem % % Kozty przedaży (1) (1 879) n/a (4 124) (7 011) 70% Operating expene Kozty operacyjne (3 786) (7 981) 111% (7 665) (27 769) 262% Net financial expene Kozty finanowe netto (1 516) (1 023) (33)% (7 311) (3 543) (52)% Total cot Taxe Kozty Razem (5 303) (10 883) 105% (19 100) (38 323) 101% Podatki (151) n/a (109) n/a Net profit Net profit per hare Zyk netto % % Zyk netto na akcję 1,08 zł 2,37 zł 120% 11,05 zł 14,99 zł 36% % Net profit / Management revenue % Zyk netto / Przychody z zarządzania 33,3% 61,8% n/a 68,6% 62,7% n/a % Sale cot / Management revenue % Kozty przedaży / Przychody z zarządzania 0,0% 14,7% n/a 7,7% 8,8% n/a Total NAV WAN łącznie % % Revenue-generating NAV WAN generujący przychody % % % Przychody / WAN gen. przychody 3,0% p.a. 2,7% p.a. n/a 3,7% p.a. 4,1% p.a. n/a % Revenue / Fee earning NAV % Expene / Fee earning NAV % Kozty / WAN gen. przychody -1,5% p.a. -2,3% p.a. n/a -1,3% p.a. -2,0% p.a. n/a % Net profit / Fee earning NAV % Zyk netto / WAN gen. przychody 1,0% p.a. 1,6% p.a. n/a 2,5% p.a. 2,6% p.a. n/a 8

9 2015 i the firt full year when PEM operate outide of MCI Group tructure. Until mid-2014, PEM had been operating within the MCI Group and it operation were being pun-off. In 2015, the Management Board of PEM decided to implement a ytem for carry fee proviion (portfolio and individual proviion) and for variable compenation related to the iue of invetment certificate At the ame time, ince no proviion had previouly been etablihed, PEM 2015 reult alo took account of the cot of fundraiing in 2014 Public offering of the company 4,9 4,8 0,8 1,9 3,6 27,8 4,1 7,7 Fundraiing 2014 & 2015 OPEX 2014 Fundraiing 2014 & 2015 Carry fee (rezerwa) Carry free (paid & proviion) ESOP Kozty upublicznienia Public offering cot PCC Operation takeover/ development cot Kozty przejęcia operacji/rozwoju OPEX

10 33% YoY increae in fee earning AUM The value of aet on which a fixed fee wa charged in Q4 grew by 33% YoY. 28% YoY increae in gro aet value a a reult of organic growth and inflow into the fund, which amounted to over PLN 160 million in 2015 (~PLN 30 million more than in 2014) The aet on which the fixed fee i charged grew by PLN 482 million YoY. We recorded a very good YoY dynamic in the TV egment (+64%); a well a in CV (+40%) and jointly in IV and HVP fund (+65%), reulting from the ale of ebroker and Feedo at ignificantly higher rate a compared to their valuation in fund NAV at the end of 2015 amounted to PLN 2,030 million, repreenting a 25% increae YoY. The fund managed by PEM Group inveted more than PLN 500 million in The invetment provide a ound bai for poitive invetment reult in ubequent period. Moreover, the fund executed diinvetment of more than PLN 600 million, reaching a 40% aet turnover ratio Net aet value - fixed fee bai % Q'14 1Q'15 2Q'15 3Q'15 4Q'15 Buyout (EV) Growth (TV) Credit (CV) Early Stage (IV + HVP) 81 33% increaed NAV (fee bai) YTD more than PLN 160 million net certificate old more than PLN 200 million profit generated in fund PLN 2,174 million gro aet under management Aet under management 186 9% % % % 10

11 32% - dynamic of the fixed quarterly management fee The fixed management fee exceeded PLN 10 million in 4Q 15; PLN 39 million for 2015 The variable management fee for 2015 reached almot PLN 41 million. We achieved the bet reult in exceeding the hurdle rate in the firt ix month of In the econd half of the year, we did not manage to exceed the hurdle rate in EV and TV, but depite the difficult ituation in equity market, we obtained poitive reult in the fund under our management at the end of 4Q 15. All the fund under our management ignificantly outperformed the Waraw tock market index (WIG), which dropped by 10% in Revenue from the fixed management fee 1 Fund ROI Net 1 Revenue generated by the variable fee 1 8,3 8,5 0,8 0,3 0,3 3,7 3,9 0,8 +32% 9,8 9,8 4,9 0,8 0,3 0,4 11,0 5,6 6,1 0,4 0,5 4Q'15 YTD'15 MCI.TV 2,4% 15,9% MCI.EV 1,7% 6,5% MCI.CV 1,5% 7,6% 16,7 1,5 8,9 22,1 10,9 0,3 3,6 3,5 3,9 3,9 4,0-0,2 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 Buyout (EV) Growth (TV) Credit (CV) Early Stage (IV + HVP) 2,5 1,7 0,7 11,0 6,3 0,0 1,8 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 Buyout (EV) Growth (TV) Credit (CV) 1,7 11

12 We end 2015 with net cah of PLN 5 million At the end of 2015, PEM had PLN 9 million in cah, which totaled PLN 27 million including the charged management fee (PLN 18 million), i.e. PLN 8.1 per hare. During the year, PEM improved it cah poition from a net debt of PLN 8 million at the end of 2014 to net cah of PLN 5 million at the end of Before dividend payment (in July thi year) PEM had PLN 78.5 million in cah and charged management fee. Net cah amounted to PLN 42 million The net cah to EBITDA LTM ratio wa 0.11x PLN' YE Cah Środki and Pieniężne equivalent i Ekwiwalenty 9 Charged management fee Naliczone Opłaty za Zarządzanie 18 Total Razem 27 Credit Kredyty and i pożyczki loan 0 Iued Wyemitowane bond Obligacje 22 Bill Wekle of exchange włane 0 Net cah Gotówka netto 5 PLN 5 million net cah 0.11x net cah/ebitda LTM PLN 24 million available revolving credit facility ~ PLN 79 million cah + charged management fee before dividend payment Q'14 1Q'15 2Q'15 3Q'15 4Q'15 Cah Środki Pieniężne Cah poition 1 payment of PLN 36.8 million a dividend Charged management fee Naliczone Opłaty za Zarządzanie 12

13 Agenda Key miletone in 2015 TSR - our offer for invetor 2015 financial reult The lat 4 year in number New invetment in

14 Our buine i organically growing at an average rate of 40% per year Net aet value Revenue CAGR +40 % Net reult the dividend wa declared in the year in which the profit to be ditributed a dividend wa generated Dividend poible dividend rate with the current PEM SA dividend policy *) the dividend wa declared in the year in which the profit to be ditributed a dividend wa generated

15 The increae in the aet value in our fund reult from an increae in the value of the portfolio companie and the increaing trut our invetor place with u MCI.EuroVenture net aet value MCI.TechVenture net aet value 682,03 750,24 796,67 823,76 711,01 853,34 934,17 601,16 233,58 238,34 331,98 352,51 267,91 294,24 332,78 367,26 H1'12 H2'12 H1'13 H2'13 H1'14 H2'14 H1'15 H2'15 H1'12 H2'12 H1'13 H2'13 H1'14 H2'14 H1'15 H2'15 15

16 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Our main fund have been ignificantly outperforming the indice in Poland and Germany in recent year Comparion of MCI.Euroventure and MCI.Techventure from: WIG, WIG20, DAX 500% 450% MCI.TechVenture 400% 350% 300% MCI.EuroVenture 250% 200% 150% 100% 50% DAX WIG WIG20 0% 16

18 In 2015, the fund under our management pent more than PLN 500 million on new invetment Mobile banking and payment (Dotpay) FinTech (cah-free payment) Conolidation platform for diagnotic laboratorie Online auction houe FinTech (online cah tranfer) Mobile payment acceptance market leader in Europe and Latin America E-commerce/online taxi calling E-commerce E-travel market leader in Turkey One of the larget farming producer in the EU Genetic teting marketplace B2B brand publicity building platform (2016) Online inurance comparion tool Real etate marketplace Telemedicine (medical parameter meaurement) Online and offline grocery hopping Brower game Interactive app development platform Sale of regenerated electronic equipment 18

19 The fund managed by PEM group are among the mot active technology invetor in the CEE GLOBAL POLAND DACH CIS CEE TURKEY 19

20 Diclaimer The preentation ha been developed by PEM SA with due diligence, although it may include certain inaccuracie or omiion. Thi preentation may not be treated a a comprehenive financial analyi of PEM S.A. Group and it doe not provide a full picture of it poition or outlook. Invetor who intend to make an invetment deciion concerning the hare of PEM S.A. hould rely on information provided in official report drafted and publihed in compliance with applicable legal regulation. Thi preentation ha been prepared for indicative purpoe only and doe not contitute an offer to purchae or ell any financial intrument. Thi preentation may include certain forward-looking tatement, which may not be deemed projection of future reult of PEM S.A. Group. No tatement concerning the future or pat financial reult are a guarantee of the achievement of any reult in the future. The expectation of the Management Board of PEM S.A. are baed on their bet current knowledge and depend on many factor which may reult in ignificant dicrepancie between actual reult and thoe decribed in thi document. PEM S.A., member of it Management Board and it director hall not be held liable for any reaon ariing from any ue of thi preentation. No information contained in thi preentation hall be deemed to repreent a commitment or repreentation on the part of PEM S.A., the member of it Management Board or it director. PEM S.A. doe not undertake to publih any correction or update of the tatement included in thi preentation to reflect any change occurring after the date of it preparation. 20