QUEST FOR GROWTH NV Schedule for publication:
26 October 2017 5.40 PM Press release available at
www.questforgrowth.com 27 October 2017 11.00 AM Press & Analyst meeting,
Capricorn Venture Partners NV,
Lei 19, 3000 Leuven
QUEST FOR GROWTH
VALUATION QUEST FOR GROWTH Stock Price Net asset value/shareQuarterly update 30 September 2017
Results
In the first nine months of 2017, return on equity stood at 20.6% (compared to the net asset value at the end of the prior financial year). Net asset value per share stood at
10.74 euros, as against 8.91 eu- ros on 31 December 2016. Over the course of these nine months, Quest for Growth generated a result of 27.8 million euros (1.58 euros per ordinary share), which stands against profit of 3.7 million euros in the first nine months of 2016. In the third quarter, a return on equity of 3.7% was attained.
The share price on 30 September 2017 was 8.499 euros, compared to 7.649 euros at the end of the prior year. At the end of the third quarter, the share was listing with a discount of 21%, compared to one of 14% on 31 December 2016.
Market environment
Stock markets resumed their up- ward trend in the third quarter. The European exchanges, measured in the STOXX Europe 600 Net Return Index, achieved a performance figure
of 9.9% since the start of the year. The STOXX Europe Small 200 Net Return Index booked performance of 15.5% since the beginning of 2017.
Investments in listed companies
The portfolio of listed shares con- tinued the robust performance it had put in over the previous quar- ters. The portfolio's estimated gross performance was approximately 22% since the beginning of the year. Losses were only incurred on a handful of stocks in portfolio, such as Kiadis, Axway and Bertrandt. Technotrans is around 120% up on its level nine months earlier. In ad- dition, TKH, Nexus, Pharmagest, Kingspan, USU Software and Nor- ma Group also brought in returns of 40% and more.
Stratec Biomedical was added to the portfolio. It's a German compa- ny developing systems for analysis within the medical sector. A part profit was taken on shares that had risen sharply, like Umicore and Technotrans. In other areas, posi- tions in CEWE, EVS and Aures were increased.
Investments in unlisted companies
In September, a new joint invest- ment was made in Sensolus, an Industrial Internet-of-Things com- pany, based in Ghent, Belgium. By combining smart sensors, low-power communication net- works and cloud analytics Sensolus reduces operational costs and in- creases asset up- and usage time. This investment is the first joint one Quest for Growth has made togeth- er with Capricorn ICT Arkiv. Quest for Growth made a direct invest- ment of 500,000 euros.
Investments in venture capital funds
The Capricorn funds were very ac- tive with three new holdings in the third quarter, two of which were made through Capricorn ICT Arkiv. Sensolus has been mentioned and, in addition, an investment was made in Arkite. The company is es- tablished in Genk and is developing a virtual assistant for the process- ing industry.
In other quarters, Capricorn Sus- tainable Chemistry Fund rounded off its first investments with a hold- ing being taken in Virovet, a Belgian company working on the develop- ment of innovative vaccines and anti-viral drugs for cattle.
Prospects
At the present time, the economic indicators are painting a hope-giv- ing picture for how the economy will further develop. Together with the switch from bonds to stocks, this is further buoying the exchanges. The rise in stock prices is making it more difficult to discern where interest- ingly priced listed companies might be lurking, nonetheless. Within the investments in unlisted companies and venture capital funds, the port- folio is being further expanded.
30/09/2017 30/09/2017 31/08/2017 31/12/2016
8.499 EUR 10.74 EUR 10.36 EUR 8.91 EUR Number of shares 15,155,969 15,155,969 11,529,950
Discount of the share price versus Net Asset Value: 20.88% Source: Estimate by Capricorn Venture Partners NV
DISCOUNT QUEST FOR GROWTH PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER 2016EUR
14,00
13,00
12,00
11,00
10,00
9,00
8,00
1 January 2014 - 30 September 2017
130
120
110
100
90
80
70
60
50
40
30
20 %
10
0
-10
Technotrans
TKH Group
Nexus
Pharmagest
Kingspan
Norma Group
Tomra
Umicore
Melexis
UDG Healthcare
Jensen-Group
CFE
QfG quoted (e)
Kiadis Pharma
STOXX Europe Small 200
Ablynx
SAP
Corbion
STOXX Europe 600 TR
Cenit
Andritz
EVS
Aliaxis
Gerresheimer
Fresenius SE
Bertrandt
-20
7,00
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
6,00
FINANCIAL ASSETS BREAKDOWN AT 30 SEPTEMBER 2017
Company | Sector / Market | Number of shares | Change since 31/12/2016 | Currency | Share price | Valuation in € | in % of Net Asset Value |
Software & Services | |||||||
AXWAY SOFTWARE | Euronext Paris | 81,562 | 81,562 | € | 22.2000 | 1,810,676 | 1.11% |
BERTRANDT | Deutsche Börse | 29,000 | -5,000 | € | 85.1800 | 2,470,220 | 1.52% |
CENIT | Deutsche Börse | 124,437 | 0 | € | 20.9700 | 2,609,444 | 1.60% |
CEWE STIFTUNG | Deutsche Börse | 70,000 | 70,000 | € | 80.4100 | 5,628,700 | 3.46% |
SAP | Deutsche Börse | 36,500 | -16,500 | € | 92.6900 | 3,383,185 | 2.08% |
USU SOFTWARE | Deutsche Börse | 142,806 | 0 | € | 28.0200 | 4,001,424 | 2.46% |
Technology Hardware | |||||||
AURES TECHNOLOGIES | Euronext Paris | 114,912 | 114,912 | € | 35.7000 | 4,102,358 | 2.52% |
EVS | Euronext Brussels | 152,000 | 112,000 | € | 31.9950 | 4,863,240 | 2.99% |
TKH GROUP | Euronext Amsterdam | 142,601 | -17,500 | € | 54.9600 | 7,837,351 | 4.81% |
TOMRA SYSTEMS | Oslo Stock Exchange | 365,000 | -5,000 | NOK | 119.5000 | 4,633,997 | 2.85% |
Semiconductors | |||||||
MELEXIS | Euronext Brussels | 30,135 | -11,000 | € | 81.8000 | 2,465,043 | 1.51% |
Healthcare Equipment & Services | |||||||
FRESENIUS | Deutsche Börse | 57,000 | -3,000 | € | 68.2500 | 3,890,250 | 2.39% |
GERRESHEIMER | Deutsche Börse | 62,500 | -2,500 | € | 65.4900 | 4,093,125 | 2.51% |
NEXUS | Deutsche Börse | 144,989 | -104,172 | € | 26.5000 | 3,842,209 | 2.36% |
PHARMAGEST INTERACTIVE | Euronext Paris | 138,000 | -22,000 | € | 49.6800 | 6,855,840 | 4.21% |
STRATEC BIOMEDICAL | Deutsche Börse | 94,900 | 94,900 | € | 50.6200 | 4,803,838 | 2.95% |
UDG HEALTHCARE | London Stock Exchange | 215,786 | -175,000 | £ | 8.4950 | 2,078,866 | 1.28% |
Pharma & Biotech | |||||||
ABLYNX | Euronext Brussels | 119,950 | -60,000 | € | 12.3200 | 1,477,784 | 0.91% |
KIADIS PHARMA | Euronext Amsterdam | 80,000 | -294,332 | € | 9.8500 | 788,000 | 0.48% |
Electrical & Engineering | |||||||
ANDRITZ | Vienna | 108,000 | 11,000 | € | 48.9050 | 5,281,740 | 3.24% |
CFE | Euronext Brussels | 34,302 | -7,000 | € | 126.0500 | 4,323,767 | 2.66% |
JENSEN GROUP | Euronext Brussels | 105,000 | 5,000 | € | 43.4400 | 4,561,200 | 2.80% |
NORMA GROUP | Deutsche Börse | 105,700 | 13,000 | € | 55.6400 | 5,881,148 | 3.61% |
TECHNOTRANS | Deutsche Börse | 100,659 | -68,302 | € | 49.8000 | 5,012,818 | 3.08% |
Materials | |||||||
ALIAXIS | Euronext Expert Market Brussels | 128,998 | 6,850 | € | 20.0000 | 2,579,960 | 1.58% |
AVANTIUM | Euronext Amsterdam | 169,636 | 0 | € | 8.8907 | 1,508,183 | 0.93% |
CORBION | Euronext Amsterdam | 150,000 | 20,000 | € | 27.2500 | 4,087,500 | 2.51% |
KINGSPAN | Dublin | 120,000 | 0 | € | 35.9800 | 4,317,600 | 2.65% |
UMICORE | Euronext Brussels | 50,000 | -23,000 | € | 69.9900 | 3,499,500 | 2.15% |
Options | |||||||
DAX PUT strike 11.000 jun17 | 1,000 | 1,000 | € | 25.4000 | 25,400 | 0.02% | |
112,714,366 | 69.23% | ||||||
Shares quoted companies
Shares unquoted companies
Currency
Valuation in €
in % of
Net Asset
Value
Company Sector / Market
ANTERYON Technology Hardware
MAPPER LITHOGRAPHY Semiconductors
Co-investments Capricorn Venture Funds
€
€
131,953
68,496
0.08%
0.04%
200,449 0.12%
EPIGAN | Semiconductors | € | 394,518 | 0.24% |
FRX POLYMERS | Materials | $ | 2,018,944 | 1.24% |
GREEN BIOLOGICS | Materials | £ | 2,328,656 | 1.43% |
SENSOLUS | Software & Services | € | 500,000 | 0.31% |
SEQUANA MEDICAL | Healthcare Equipment & Services | CHF | 1,486,543 | 0.91% |
6,728,661 | 4.13% |
Investments in venture funds CAPRICORN VENTURE PARTNERS | Currency | Last Valuation Date | Valuation in € | in % of Net Asset Value |
CAPRICORN CLEANTECH FUND | € | 30-09-2017 | 1,090,937 | 0.67% |
CAPRICORN HEALTH-TECH FUND | € | 30-09-2017 | 9,284,511 | 5.70% |
CAPRICORN ICT ARKIV | € | 30-09-2017 | 5,115,317 | 3.14% |
CAPRICORN SUSTAINABLE CHEMISTRY FUND | € | 30-09-2017 | 3,476,937 | 2.14% |
AVEVE | 500,000 | € | 499,746 2,249,390 | 0.31% 1.38% |
ETEXCO | 2,250,000 | € | ||
ETEXCO | 950,000 | € | 949,737 | 0.58% |
ETEXCO | 500,000 | € | 499,865 | 0.31% |
ETEXCO | 2,000,000 | € | 1,999,452 | 1.23% |
PURATOS | 3,000,000 | € | 2,999,685 | 1.84% |
PURATOS | 3,000,000 | € | 2,999,477 | 1.84% |
12,197,352 | 7.49% |
THIRD PARTY FUNDS
CARLYLE EUROPE TECHNOLOGY PARTNERS I | € | 30-06-2017 | 48,166 | 0.03% |
CARLYLE EUROPE TECHNOLOGY PARTNERS II | € | 30-06-2017 | 617,355 | 0.38% |
CETP LP CO-INVESTMENT | € | 30-06-2017 | 74,156 | 0.05% |
LIFE SCIENCES PARTNERS III | € | 30-06-2017 | 542,000 | 0.33% |
LIFE SCIENCES PARTNERS IV | € | 30-06-2017 | 1,676,000 | 1.03% |
SCHRODER VENTURES LSF II | $ | 31-12-2016 | 47,877 | 0.03% |
VENTECH CAPITAL 2 | € $ | 30-06-2017 30-06-2017 | 42,882 987,943 | 0.03% 0.61% |
VERTEX III | ||||
23,004,081 | 14.13% |
Total Financial Assets - Shares | € | 142,647,557 | 87.62% |
Change in valuation in unquoted companies | € | -2,371,185 | -1.46% |
Total Financial Assets - Shares after depreciation | € | 140,276,371 | 86.16% |
Amounts receivables companies | ||||
Company | Face value in | in % of Net Asset | ||
Loan notes | currency | Currency | Valuation in € | Value |
ANTERYON | 150,000 | € | 150,000 | 0.09% |
GREEN BIOLOGICS | 477,906 | $ | 404,799 | 0.25% |
554,799 | 0.34% | |||
Commercial paper |
Total Financial Assets - Amounts receivable | € | 12,752,152 | 7.83% |
Total Financial Assets | € | 153,028,522 | 93.99% |
Cash | € | 9,544,609 236,345 | 5.86% 0.15% |
Other Net Assets | € | ||
Quest for Growth - Ordinary shares | - | 0.00% |
Total Net Asset Value | € | 162,809,476 | 100.00% |
PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT 30 SEPTEMBER 2017
€ 180,000,000
€ 160,000,000
€ 140,000,000
69.23%
10.63%
14.13%
€ 120,000,000
€ 100,000,000
€ 80,000,000
€ 60,000,000
€ 40,000,000
€ 20,000,000
6.01%
€ 0
Cash + Other net assets
Quoted portfolio Unquoted portfolio Venture funds Market cap
and commercial paper
PORTFOLIO DISTRIBUTION BY SECTORSemiconductors 1.6%
Technology Hardware 13.3%
Software & Services 12.5%
Health C are Equipment & Services 16.2%
Pharma &
Biotech 1.4%
Electrical & Engineering 15.6%
C ash & other net assets 6.0%
Div
C om 2
Funds & ersified
panies 1.6%
Materials 11.7%
Ireland
Israel 0.6%
Norway
US
1.3 %
Switzerland
TOTAL SHAREHOLDERS RETURN (SINCE 30/09/2014)4.1%3.0%
Austria 3.4%
1.0%
PORTFOLIO DISTRIBUTION BY COUNTRYFrance 8.2%
United Kingdom 2.2%
Belgium 35.9%
Netherlands 10.8%
Germany 29.4%
PORTFOLIO DISTRIBUTION BY CURRENCYGBP 2.71%
USD 2.13%
NOK 2.85%
QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2007 UNTIL 30 SEPTEMBER 2017100,000,000
80,000,000
+20.63%
EUR 91.40%
CHF 0.91%
60,000,000
40,000,000
34.5 %
-0.3 %
20,000,000
-
1.8 %
2008
2010
2012
17.4 %
7.9 %
2007
2009
24.7 % 2011 17.2 % 2013 2014 2015 2016 2017
-20,000,000
26.8 %
-12.1 %
-40,000,000
-60,000,000
-41.8 %
Quest for Growth NV published this content on 26 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 October 2017 15:54:03 UTC.
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