Mci Capital Alternatywna Spolka Inwestycyjna S.a. · GPW:MCI
Mci Capital Alternatywna Spolka Inwestycyjna — MCI Capital ASI — FY2023 Earnings Presentation
53 slides from Mci Capital Alternatywna Spolka Inwestycyjna's earnings presentation, 2024
Slide 1: YE 2023 Results
YE 2023 Results MCI Capital ASI S.A.
Slide 2: Contents
Contents 1) 2023 Key takeways 3 2) 2023 MCI Highlights 4 3) Group structure and sources of revenue generation 5 4) MCI Group – Financials 2023 6 5) MCI Group – Key drivers of MCI investment results 8 6) Consolidated BS of MCI from the perspective of the underlying assets as at Dec 31, 2023 9 7) Resu
Slide 3: 2023 Key takeaways
3 2023 Key takeways CEE+ market MCI developments MCI results and portfolio 1. The economy in the Euro area and CEE is 1. MCI Group improved its results in 2023 compared 3 expected to recover in 2024, driven by a rebound is the current size of MCI AUM (12% to 2022, achieving a higher net result by 15
Slide 4: 2023 MCI Highlights
4 2023 MCI Highlights Key events Investment activity Group cash position 30.03.2023: the Management Board of MCI Capital (MCIC) NEW INVESTMENTS We entered 2024 with available liquidity at the level of adopted a resolution on changing the MCIC's dividend In 01’2023 MCI.EV acquired the second (1.3%) t
Slide 5: Group structure and sources of revenue generation
5 Group structure and sources of revenue generation ✓ In recent years, the MCI Group has gone through a process of intensive simplification and building a transparent organizational structure ✓ Currently, after the merger with PEM on June 21, 2021, MCI is the direct owner of TFI (100%) and, through
Slide 6: MCI Group – Financials 2023
6 MCI Group – Financials 2023 Observable improvement in results when compared to 2022 thanks to a better macro situation and good performance of portfolio companies 2,081M +7.9% +165M 39.7 NAV [PLN] IRR per year [%] Net profit [PLN] NAV/S [PLN] ✓ The Group's profit was influenced primarily by the re
Slide 7: MCI Group – Financials 2023 – other metrics
7 MCI Group – Financials 2023 – other metrics MCI is leading Digital & ClimaTech PE company offering investors access to long-term capital appreciation through its investments in the MCI Funds 28.2 15.1 13 SOLID & REPEATABLE RETURNSSOLID & STABLE IRR ✓ high-quality, stable and well-managed portfolio
Slide 8: Key drivers of MCI investment results
8 MCI Group – Key drivers of MCI investment results +209.5M PROFIT ON INVESTMENT CERTIFICATES MCI.EV MCI.TV MDCF V Other (IV) -3M +10M MCI.EV PROFIT – mainly portfolio +232M 99.5% +231M MCI share in MCI.EV MCI.EV result Attributable to MCI +209.5M Total MCI.TV LOSS – mainly portfolio -55.5M 48.1% -2
Slide 9: Consolidated balance sheet from the perspective of underlying assets
9 Consolidated balance sheet of MCI from the perspective of the underlying assets as at December 31, 2023 MCI Group’s BS structure from business perspective Structure of underlying assets as of 31.12.2023 consolidated data (in PLN M) Assets Amount Share in NAV eSky 450.5 21.6% 7% -2% IAI 439.1 21.1%
Slide 10: Results summary – MCI.EuroVentures 1.0. Subfund
10 Results summary – MCI.EuroVentures 1.0. Subfund (value in the MCI balance sheet = PLN 2,124.4M / almost 90.1% of the MCI balance sheet total) Fund Managers: Tomasz Czechowicz MCI.EuroVentures 1.0. invests in medium-sized companies that are leaders in the digital market or digital ecosystem with E
Slide 11: New investments / follow-ons
11 New investments / follow-ons 5 6 new transactions concluded in 2023 with total value of PLN 377 million Answear Pigu Gett MCI Capital Webcon Focus Telecom ✓ Investment date: January ✓ Investment date: ✓ Investment date: May ✓ Investment date: June ✓ Investment date: ✓ Investment date: and Novembe
Slide 12: Our team
12 Our team Partners and Investment Team Tomasz Czechowicz Paweł Borys [April’24] Ewa Ogryczak Michał Górecki Filip Berkowski Aleksandra Kulas Founder, Managing Partner,CIO COO, Senior Investment Partner Investment Partner CFO, Investor Relations Managing Partner,CEO CEO MCI TFI, Senior Partner [Tra
Slide 13: New investments: key assumptions and value creation
13 New investments: 2 – 3 investments per year and up to 1 recapitalization Key assumptions Key investment criteria Value creation BUDOWANIE WARTOŚCI: Over 20 years of experience in building the value of EUR 25M-100M Equity ticket digital companies, with 28% IRR i 2.6x MoIC Digital and climatech bus
Slide 14: MCI Group – investment strategy
14 MCI Group – investment strategy: new investments: 2 – 3 investments per year Other assumptions Key financial KPIs (EUR) Geography Due Dilligence Focus 50M-250M EV sweetspot Poland, Czech Republic, Slovakia – Michał Górecki Globalization and competiton risk 2.5M-25M EBITDA or 10M ARR (gorecki@mci.
Slide 15: Roadmap of planned portfolio exits 2024-2028
15 Roadmap of planned portfolio exits in 2024-2028 2024 – 2025 2026 2027 2028 [PE recap/strategist] [PE/strategist] [PE recap/strategist] [IPO/strateg] [PE recap/strategist] [PE recap/strategist] [post-IPO ABB] [IPO/strategist] [IPO/strategist/recap] [PE recap/strategist] [trade sale] [dividend reca
Slide 16: MCI’s historical track record
16 MCI’s historical track record Track record: 28% IRR on buyout & expansion investments Unique and diversified experience in exits realisation over EUR 1 billion invested in buyout & expansion strategy, including coinvestments (€M) ENTRY EXIT MCI GROSS COUNTRY CONTROL SOURCE STRATEGY GROSS IRR1 INV
Slide 17: Investing in MCI shares vs Traditional Private Equity
17 Investing in MCI shares vs Traditional Private Equity Overview of MCI vs traditional private equity NAV per share return Net Asset Value (NAV) per share return Year-on-Year* 40% ✓ NAV return per share on par with the biggest European listed Private Equity (PE) firms 35% ✓ Traditional PE trading c
Slide 18: Appendices
Appendices 18
Slide 19: eSky – global challenger in TravelTech sector
19 eSky – global challenger in TravelTech sector Business profile Investment rationale Deal team Invested amounts (PLN M): Leading Polish flight Online Travel Agency (OTA) with ✓ Underlying market before full recovery to Michał Górecki ✓ In 2022: 158 global presence, also in hotel booking and insura
Slide 20: IAI – leading e-commerce platform in CEE
20 IAI – leading e-commerce platform in CEE Business profile Investment rationale Deal team Invested amounts (PLN M): IAI is the largest e-commerce enablement platform in ✓ The aim of the investment is to build the Filip Berkowski ✓ In 2018: 115 Poland operating in SaaS model. In Poland, it serves p
Slide 21: Netrisk Group – leading InsurTech in CEE
21 Netrisk Group – leading InsurTech in CEE Business profile Investment rationale Deal team Invested amounts (PLN M): Netrisk is the leading on-line insurance broker that ✓ The aim of the investment is to build a CEE Filip Berkowski ✓ In 2020: 98 runs internet portals for comparing prices and market
Slide 22: Webcon – leading low-code BPM provider
22 Webcon – leading low-code Business Process Management provider Business profile Investment rationale Deal team Invested amounts (PLN M): Webcon is a low-code Business Process ✓ Market leading position in Poland & growing Michał Górecki ✓ In 2023: 163 Management provider with market leading presen
Slide 23: PHH Group – leading e-commerce player in the Baltics
23 PHH Group – leading e-commerce player in the Baltics with the growing presence in Finland Business profile Investment rationale Deal team Invested amounts (PLN M): A leading multicategory e-commerce platform ✓ Low e-commerce penetration in the Baltic States Tomasz Czechowicz ✓ In 2021: 105 in the
Slide 24: Focus Telecom – cloud Contact Center as a Service
24 Focus Telecom – leading provider of cloud services on Contact Center as a Service market in Poland Business profile Investment rationale Deal team Invested amounts (PLN M): The largest Polish provider of cloud based • Untapped market potential driven by increasing Paweł Sikorski ✓ In 2023: 80 con
Slide 25: Morele Group – leading e-commerce platform in Poland
25 Morele Group – leading e-commerce platform in Poland aggregating private labels Business profile Investment rationale Deal team Invested amounts (PLN M): A leading e-commerce platform in Poland, offering ✓ Significant potential for further development Paweł Sikorski ✓ In 2011: 6 customers a wide
Slide 26: Answear.com – the first Polish online multibrand store
26 Answear.com – the first Polish online multibrand store Business profile Investment rationale Deal team Invested amounts (PLN M): Answear.com is the leading and fastest growing ✓ E-fashion as a segment of the entire e-commerce Michał Górecki ✓ In 2013: 15 fashion online store in Poland. It operate
Slide 27: Gett – transportation management platform for professionals
27 Gett – the leading transportation management platform for professionals Business profile Investment rationale Deal team Invested amounts (PLN M): Gett is a technological platform for convenient ✓ Investment in the significant land transport Tomasz Mrozowski ✓ In 2015: 72 booking of passenger jour
Slide 28: Results summary – MCI Capital Group (consolidated)
28 Results summary – MCI Capital Group (consolidated financial statements) Profit and loss account for 12M 2023 and Balance sheet as at 31.12.2023 PLN thousand 12M 2023 12M 2022 Change Change (%) P&L 12M 2023 vs 12M 2022 – MAIN CHANGES: Profit/loss on investment certificates (IC) 209 451 158 196 51
Slide 29: Results summary – MCI Capital (standalone)
29 Results summary – MCI Capital (standalone financial statements) Profit and loss account for 12M 2023 and Balance sheet as at 31.12.2023 PLN thousand 12M 2023 12M 2022 Change Change (%) P&L 12M 2023 vs 12M 2022 – MAIN CHANGES: Other profit/loss on investments 29 0 29 n/a 1. Profit on investments i
Slide 30: Results summary – MCI Capital Balance sheet I Business perspective
30 Results summary – MCI Capital Balance sheet I Business perspective Balance sheet perspective as at 31.12.2023 Business perspective/underlaying assets [standalone financial statements of MCI Capital ASI S.A.] value share in MCI's Underlying assets in PLN M fixed assets TFI shares 42.2 2% value in
Slide 31: 25th anniversary of MCI
31 25th anniversary of MCI Overview of MCI vs traditional private equity NAV per share 1998 – … Since 1998, MCI has been supporting entrepreneurs and companies in their efforts towards achieving digital transformation and the position of European champions 25 business lessons for the 25th anniversar
Slide 32: Mission & Vision of the MCI Group
32 Mission & Vision of the MCI Group VISION To be a leading private equity fund in the digital economy and climate market in Central Europe MISSION Mission towards enterprises and entrepreneurs To be the first choice partner for the development of the best digital, technology and climate companies i
Slide 33: Thank you
Thank you MCI Capital ASI S.A. Warsaw Unit (+48) 22 540 73 80 Rondo Daszyńskiego 1, (+48) 22 540 73 81 00-843 Warszawa, Poland office@mci.eu 33
Slide 34: WEBCON
WEBCON Łukasz Wróbel, SVP & CBDO
Slide 35: about WEBCON
WEBCON about WEBCON
Slide 36: MCI invested in 65% stake in WEBCON late 2023
MCI invested in 65% stake in WEBCON late 2023
Slide 37: about WEBCON
about WEBCON 18 160 950 70 years employees clients partners
Slide 38: revenue growth 2019-2023
revenue growth 2019-2023 +20%
Slide 39: ARR growth 2019-2023
WEBCON ARR growth 2019-2023 27min 20 min 19 min 15 min 10 min +42% 10 min 5 a Omin |] 2019 2020 2021 2022 2023 Year
Slide 40: WEBCON client logos
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Slide 41: what is WEBCON BPS
WEBCON what is WEBCON BPS
Slide 42: Challenges of digital transformation
Digitalisation has been a top priority for CIOs and CEOs for many years. Over 600 thousand software developers CHALLENGES OF DIGITAL lacking in Europe alone. TRANSFORMATION Time to business and cost remain main challenges.
Slide 43: Paths to digitalization
01 COTS (Commercial Of The Shelf) software, including SaaS offerings. 02 Custom-built software delivery PATHS TO via internal software development teams or software houses. DIGITALIZATION 03 Low-Code Application Platforms, Business Process Automation, and Citizen Automation and Development Platforms
Slide 44: clients choose low-code
clients choose low-code How much you ag! agree with the following statements: @®@ wrongly agree {||P somewhat agree @|P somewhat disagree @|B strongly disagree Applications built with low-code platforms are less costly than custom-coded applications Applications built with low-code platforms provide
Slide 45: Low-code global market projected at $31.9B in 2024
Low-code development technologies global market is projected to total $31,9B in 2024, near 19% year on year growth, according to Gartner.
Slide 46: WEBCON BPS is a Low-Code Application Platform
WEBCON BPS is a Low-Code Application Platform. The Application Factory for delivering business process solutions at scale.
Slide 47: what makes WEBCON BPS unique
WEBCON what makes WEBCON BPS unique
Slide 48: key concepts
key concepts Application InstantChange™ Citizen-Assisted For Adults Factory technology Development by design
Slide 49: what our clients build with WEBCON BPS
what our clients build with WEBCON BPS
Slide 50: WEBCON BPS effect
WEBCON BPS effect • Time to business and cost across the entire application lifecycle are reduced significantly allowing for more applications to be built. Our clients build more applications. • Agile application delivery through DEVOPS teams becomes reality. • Even the most complex end-to-end busin
Slide 51: what’s next
WEBCON what's next
Slide 52: goal: hypergrowth
goal: hypergrowth Improving Channel-first Industry-focus, Becoming a revenue quality strategy productization regional leader - ARR in Poland and DACH
Slide 53: Thank you
Thank you lukasz.wrobel@webcon.com