-
Many people had announced 2012 as a difficult year. At
the economic level this fear has come true: the Euro crisis
reached new heights, in the United States the year was
closed with the run-up to the “fiscal cliff” and the growth
in China seemed to slow down. The financial markets
however managed to climb the wall of worry. In all the im-
portant regions of the world the stock markets closed the
year with a profit, featuring the tormented old continent
Europe as best performing region. The European stock
markets (DJ Stoxx Europe 600 index) increased by around
14%, excluding dividends, to compare with an increase of
around 11% for the worldwide stock market indices (MSCI
World index in euro).
Results
In these market conditions Quest for Growth made a
profit of € 15.7 million (€ 1.36 per share). This represents
an
increase of the net asset value of € 7.9 per share to € 9.26
per share. The increase of the net asset value (or return on
equity per share) amounts to 17.1%, thereby largely com-
pensating the decrease of 12.1% in 2011. The share price of
Quest for Growth increased by 20% to € 5.70 per share, as
a result of which the discount dropped slightly to 38.4%,
compared to 39.9% at the end of 2011.
Shares quoted companies
The portfolio of quoted stocks has delivered a strong per-
formance: more than 30% in 2012. A number of market
trends contributed to this result, especially the outper-
formance of European small caps with the DJ Stoxx Small
200 index increasing by 20%. The geographic positioning,
with Germany and Belgium as the two most important
countries in the quoted portfolio, also turned out to be a
positive factor. The TecDax index, representing German
small & mid-cap technology stocks, went up by 21%.
Shares in the portfolio which strongly contributed to
the performance in 2012 are Init (annual return of 70%),
United Drug (+69%), Econocom (+57%), Andritz (+56%)
and Arcadis (+52%).
Shares unquoted companies
The portfolio of unquoted stocks (venture capital funds
and direct investments) obtained a slight positive result
in 2012. The market circumstances were difficult, with the
European IPO market being almost completely absent.
The direct participations of Quest for Growth were backed
up by a number of follow-on investments in existing par-
ticipations such as AC Capital (Active Circle), Cartagenia,
Kiadis Pharma, Prosonix and TCLand, for a total amount
of € 3 million. The Capricorn Health-tech Fund, through
which Quest for Growth indirectly invests in unquoted
companies in the life sciences sector, realized a new in-
vestment in Mainstay Medical Ltd.
On 18 December 2012 the Capricorn ICT Arkiv NV was
launched. This new fund will provide € 15 million of ven-
ture capital to innovative ICT companies, with a focus on
Key figures:
• Returnonequitypershare:+17%since31December2011
•
NetAssetValuepershareatDecember31st2012:€9.26(December31st2011:€7.90)
•
Netprofitforthefiscalyear:+€15,701,811(+€1.36pershare)againstalossof-€13,313,623
(-€1.15pershare)forthepreviousfiscalyear
•
SharepriceatDecember31st2012:€5.70(December31st2011:€4.75)oraincreaseof20%
•
DiscountofthesharepriceversusNetAssetValue:38.4%atDecember31st2012(39.9%atDecember31st2011).
•
NewinvestmentinCapricornICTARKIV:+€7,500,000(€1,875,000paidincapital).
•
Additionalinvestmentsinunquotedcompanies(ACCapital,Anteryon,CapricornCo-Investments,Cartagenia,Kiadis,
ProsonixenTCLandExpression)foratotalamountof€3,533,987
ANNuALRESuLTSQuESTfoRGRowTh
Schedule for publication
on 24 January 2013:
5.40 PM press release available at www.questforgrowth.com
on 25 January 2013:
11.00 AM press & analyst meeting, Capricorn Venture Partners
NV, Lei 19, 3000 Leuven
preSS releaSe Leuven / 24 January 2013 / 5.40 PMRegulated
information. This press release contains information subject to the
European transparency requirements imposed on listed companies.
QueSt for growthPrivak, fixed capital investment company
established under Belgian Law
-
[email protected]
Digital Healthcare & Big Data. Besides a participation
by
the ARKimedes Fonds II NV, Quest for Growth will invest
€ 7.5 million in the Capricorn ICT Arkiv NV. Through the
launch of this fund, Quest for Growth will be able to par-
ticipate in growth companies in Cleantech, in Health-tech
and now also in ICT, each time via a specialized venture
capital fund of Capricorn Venture Partners, the asset
manager of Quest for Growth.
Prospects
A careful optimism regarding the further evolution of the
net asset value remains justified. As far as the quoted
port-
folio is concerned, a number of factors remain positive but
the average valuations are higher than a year ago and the
performance of 2012 will be difficult to match. For the un-
quoted portfolio the perspectives of exits may improve
if the sentiment on the capital markets further improves.
Finally it is important to underline that the transferred
losses of Quest for Growth have been reduced to € 3.6
million, compared to € 19 million a year earlier. As a
result,
the possibility of the pay-out of a dividend increases, on
the condition that the results keep evolving positively.
The Annual General Assembly will be held on 21 March
2013 at 11.00 AM in Leuven.
Total shareholders return ( 31/12/2011 – 31/12/2012) Return on
equity of Quest for Growth and market indices until 31 December
2012
3.62%
17.15%
-5.04%
13.67%
4.17%
14.37%
-10%
-5%
0%
5%
10%
15%
20%
Since September 30th 2012 Since December 31st 2011
QfG Net Asset Value
Nasdaq (in Euro)
DJ STOXX 600 (in Euro)
€ 0
€ 20,000,000
€ 40,000,000
€ 60,000,000
€ 80,000,000
€ 100,000,000
€ 120,000,000
Cash + Other net assets
Quoted portfolio Unquoted portfolio Venture funds Market cap
Portfolio composition and market capitalisation at 31/12/2012
Results from 31/12/2005 until 31/12/2012
-20,000,000
-10,000,000
-
10,000,000
20,000,000
30,000,000
40,000,000
2005 2006 2007 2008 2009 2010 2011 2012
-
[email protected]
1. Balance sheet 201231 December
201131 December
201031 December
200931 December
200831 December
200731 December
200631 December
ASSETS
Fixed assets 104,265,373 86,989,456 99,778,377 79,850,099
61,137,896 108,892,469 105,699,790
Formation expenses 0 0 0 0 0 0 0
Financial assets 104,265,373 86,898,456 99,778,377 79,850,099
61,137,896 108,892,469 105,699,790
Shares 100,625,585 79,492,057 93,078,608 78,033,562 59,198,500
108,028,068 104,733,291
Amounts receivable 3,639,788 7,497,399 6,699,769 1,816,537
1,939,396 864,401 966,499
Current assets 2,632,925 4,203,529 6,298,058 5,713,801 6,535,923
7,606,626 11,865,851
Amounts receivable in more than one year 0 0 885,932 0 0 0
185,804
Trade receivables 0 0 0 0 0 0 0
Other receivables 0 0 885,932 0 0 0 185,804
Amounts receivable within one year 689,618 1,165,102 98,934
399,726 235,277 298,014 0
Trade receivables 0 0 0 237,256 177 0 0
Other receivables 689,618 1,165,102 98,934 162,470 235,100
298,014 0
Short term investments 0 0 1,376,910 3,455,768 816,811 6,870,357
11,043,412
Own shares 0 0 1,376,910 1,205,768 816,811 1,702,806
1,093,412
Term deposits 0 0 0 2,250,000 0 5,167,551 9,950,000
Cash at bank and in hand 1,867,036 3,038,427 3,724,105 1,797,803
5,165,410 297,132 546,328
Deferred charges and accrued income 73,271 31,501 212,177 60,504
318,425 141,123 90,307
TOTAL ASSETS 106,898,298 91,224,485 106,076,435 85,563,899
67,673,819 116,499,095 117,565,641
LIABILITIES
Capital and reserves 106,803,118 91,101,307 106,009,655
85,441,572 67,365,307 115,769,735 95,943,007
Issued capital 109,748,742 109,748,742 109,748,742 109,748,742
109,748,742 109,748,742 89,942,195
Reserves 656,423 656,423 2,251,148 2,251,148 2,251,148 6,000,000
6,000,000
Reserves not available for distribution 0 0 1,376,910 1,205,768
816,811 1,702,806 1,093,412
Reserves available for distribution 656,423 656,423 874,239
1,045,380 1,434,337 4,297,194 4,906,588
Profit carried forward 0 0 0 0 0 20,993 812
Loss carried forward (3,602,048) (19,303,859) (5,990,236)
(26,558,319) (44,634,583) 0 0
Amount payable 98,180 123,179 66,779 122,328 308,512 729,359
21,622,634
Amounts payable within one year 43,405 105,882 66,291 69,648
80,253 729,359 21,614,063
Financial debts 0 0 0 0 0 0 0
Trade debts 4,971 55,358 7,865 42 0 0 0
Taxes 447 432 70 72 178 420 324
Dividends to be paid for the fiscal year 0 0 0 0 0 600,394
21,539,468
Other amounts payable 37,987 50,092 58,356 69,534 80,075 128,546
74,272
Accrued charges and deferred income 51,775 17,297 488 52,679
228,259 0 8,570
TOTAL LIABILITIES 106,898,298 91,224,485 106,076,435 85,563,899
67,673,819 116,499,095 117,565,641
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[email protected]
*Reversal of impairment on treasury shares before annulment on
June 29th 2011
2. Income statement Fiscal year2012
Fiscal year2011
Fiscal year2010
Fiscal year2009
Fiscal year2008
Fiscal year2007
Fiscal year2006
Operating income and charges
Gross operating income 16,549,688 (13,327,578) 21,373,611
19,136,134 (45,903,202) 3,096,848 22,750,915
Realised gains/losses on shares 822,772 1,975,022 14,229,612
(9,073,057) (7,910,960) 3,489,436 22,887,740
Unrealised gains/losses on shares 15,799,482 (15,131,517)
7,108,393 28,305,578 (38,451,622) (1,333,413) 401,662
Result from option transactions 46,758 60,200 254,920 54,090
68,553 (16,463) (611,553)
Realised results from Forward currency rate agreements
(76,147) (37,391) (457,777) (326,057) 752,579 824,850
(45,926)
Unrealised results from Forward currency rate agreements
(43,177) (193,893) 238,462 175,579 (361,752) 132,438 118,991
Depreciation and other amounts written off
0 0 0 0 0 0 0
Other operating charges (1,988,074) (1,904,226) (1,973,725)
(2,281,376) (2,688,514) (2,616,901) (2,074,225)
Management fee (1,473,230) (1,500,000) (1,610,959) (1,950,000)
(2,276,684) (2,156,217) (1,645,231)
Custodian fee (44,011) (45,323) (43,940) (29,871) (43,820)
(67,015) (59,036)
Statutory Auditors fee (9,767) (11,680) (9,183) (12,047) (9,680)
(20,933) (20,364)
Printing and publication costs (101,118) (76,974) (64,155)
(68,663) (122,038) (148,219) (122,808)
Annual tax on Collective Investment schemes
(72,881) (84,808) (67,763) (53,892) (92,616) (76,754)
(67,163)
Directors fees (204,770) (93,730) (72,398) (68,719) (53,350)
(53,140) (60,538)
Advisory fees (19,645) (17,852) (34,683) (22,219) (14,731)
(22,024) (16,797)
Accountancy (0) (0) (0) (0) (0) (16,200) (16,200)
Others (62,652) (73,859) (70,602) (75,966) (75,595) (56,399)
(23,519)
Operating Profit/Loss 14,561,614 (15,231,804) 19,399,928
16,854,758 (48,591,716) 479,947 20,676,690
Financial income 1,646,024 1,770,100 1,394,583 1,025,963
1,621,451 1,527,626 1,184,793
Financial charges (505,741) 148,442 (226,358) 195,616
(1,434,317) (1,386,901) (325,236)
Amounts written off treasury shares* 0 217,816 171,141 388,957
(1,280,790) (153,548) (0)
Amounts written off other current assets (383,871) (0) (0) (0)
(0) (0) (0)
Capital increase costs (0) (0) (0) (0) (0) (698,722) (0)
Others (121,868) (69,373) (397,350) (193,341) (153,527)
(534,631) (325,236)
Profit/Loss on ordinary activities, before taxes
15,701,897 (13,313,262) 20,568,153 18,076,337 (48,404,582)
620,672 21,536,246
Income taxes (86) (362) (70) (72) 154 (97) (324)
Profit/Loss for the period 15,701,811 (13,313,623) 20,568,083
18,076,265 (48,404,428) 620,575 21,535,923
3. Profit distribution Fiscal year2012
Fiscal year2011
Fiscal year2010
Fiscal year2009
Fiscal year2008
Fiscal year2007
Fiscal year2006
Profit to be appropriated 621.387 21.540.280
Loss to be appropriated (3,602,048) (19,303,859) (5,990,236)
(26,558,319) (48,383,435)
Profit to be appropriated for the period 15,701,811 20,568,083
18,076,265 620,575 21,535,923
Loss to be appropriated for the period (13,313,623)
(48,404,428)
Profit/loss brought forward (19,303,859) (5,990,236)
(26,558,319) (44,634,583) 20,993 812 4,357
Transfers from capital and reserves 3,748,852
From reserves 3,748,852
Transfers to capital and reserves
To other reserves
Profit/loss to be carried forward (3,602,048) (19,303,859)
(5,990,236) (26,558,319) 44,634,584 (20,993)
Profit to be carried forward (20,993) (812)
Loss to be carried forward (3,602,048) (19,303,859) (5,990,236)
(26,558,319) 44,634,584
Distribution of profit (600,394) (21,539,468)
Dividends 600,394 21,539,468
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4. Off balance sheet positions
4.1.Commitments Commitments in currency
Currency Commitments in €31/12/2012
Commitments in €31/12/2011
Capricorn Cleantech Co-investments 1,068,621 € 1,068,621
1,500,000
Capricorn Cleantech Fund 250,000 € 250,000 675,000
Capricorn Health-tech Fund 11,250,000 € 11,250,000
11,250,000
Capricorn ICT ARKIV 5,625,000 € 5,625,000 0
Carlyle Europe Technology Partners I 385,056 € 385,056
377,944
Carlyle Europe Technology Partners II 348,669 € 348,669
1,339,098
Cartagenia 0 € 0 625,001
Life Sciences Partners III 70,799 € 70,799 114,219
Life Sciences Partners IV 1,020,773 € 1,020,773 1,213,575
Schroder Ventures International Life Sciences Fund II
0 $ 0 15,421
Ventech Capital 2 203,711 € 203,711 305,571
Vertex III 49,023 $ 37,156 128,661
Total: 20,259,784 17,544,490
4.2.forwardCurrencyRateAgreements
Value date Counterparty Quest for Growth buys Quest for Growth
sells
31/01/2013 Belfius Bank € 3,289,072.97 £ 2,700,000
31/01/2013 KBC Bank € 3,287,811.35 £ 2,700,000
31/01/2013 Belfius Bank € 1,733,102.25 $ 2,300,000
31/01/2013 KBC Bank € 1,733,219.79 $ 2,300,000
5. Report of the statutory auditor
The statutory auditor, Klynveld Peat Marwick Goerdeler
Bedrijfsrevisoren – Réviseurs d’Entreprises, represented by Mr.
Erik Clinck, has issued an unqualified audit opinion on the
financial statements of the fiscal year 2012 and has confirmed that
the accounting data included in this annual announcement does not
include any apparent inconsistencies with the financial
statements.
The annual financial report including the audited annual
accounts, the annual report, the statement on the true and fair
view of the annual accounts and the fair overview in the annual
report by the responsible persons and the report of the Statutory
Auditor shall be available as from February 15th 2013, on request
at the registered office: Lei 19 box 3, 3000 Leuven, Belgium.
[email protected]
QUEST FOR GROWTH NVPrivak, fixed capital investment company
established under Belgian LawLei 19, box 3 B-3000 Leuven Phone: +32
(0)16 28 41 28 - Fax: +32 (0)16 28 41 29