Mci Capital Alternatywna Spolka Inwestycyjna S.a. · GPW:MCI
Mci Capital Alternatywna Spolka Inwestycyjna — MCI Capital — H1 2019 Earnings Presentation
24 slides from Mci Capital Alternatywna Spolka Inwestycyjna's earnings presentation, Sep 6, 2019
Slide 1: Investor presentation H1 2019
Investor presentation H1 2019 Warsaw, 6 September 2019
Slide 2: Contents
Contents 1) H1 summary – executive summary – business and strategy update 2) Financial statements of MCI Capital 3) Financial statements of Private Equity Managers 4) Performance of Investment Funds 5) Presentations of portfolio companies: 1. Answear.com 2. Frisco.pl 6) Appendices – detailed financi
Slide 3: Executive summary – business and strategy update
01 1 Executive summary – business and strategy update • Poland and its economy as well as all of the CEE region continue to stand out from the rest of Market Europe environment • Blackrock survey among 230 institutional clients: “Institutional investors continue to embrace illiquid assets” Private E
Slide 4: Institutional investors increasing their exposure to illiquid assets
02 1. Institutional investors increasing their exposure to illiquid assets Expected changes in asset allocation for institutional investors in 2019 representing more than USD 7 trillion in AuM DECREASE INCREASE Equities High yield Reallocation of risks in search of uncorrelated Hedge funds sources o
Slide 5: Digital Private Equity – more and more PE funds operating in the region
03 1. Digital Private Equity – more and more PE funds operating in the region 400 200 get involved in digital economy investments Ticket size - € M 100 KEY DIGITAL PRIVATE EQUITY DEALS IN CEE IN RECENT QUARTERS 50 Vitruvian Bitdefender 10 Apax Baltic Classifieds Traditional business Digital business
Slide 6: Key financial data for H1 2019 MCI Capital
04 2. Key financial data for H1 2019 MCI Capital PLN 2,413 PLN 2,027 PLN 1,438 PLN 1,203 million million million million Funds’ net IC value Net asset Funds’ assets asset value in MCI balance sheet value (NAV) of MCI PLN 25 million PLN 15 million PLN 22.74 13% Profit on investment Net profit Net ass
Slide 7: MCI Capital – H1 2019 – highlights
05 2. MCI Capital – H1 2019 – highlights MCI CAPITAL SHARE BUYBACK PROGRAMME • In July and August 2019 MCI completed share buyback • The Company bought back shares representing 5.67% of the share capital and of votes in the GSM • PLN 30 million was earmarked for the buyback (out of the PLN 50 millio
Slide 8: Key financial data for H1 2019
06 3. Key financial data for H1 2019 Private Equity Managers PLN 2,413 million PLN 2,027 million PLN 5 PLN 52 million million Funds’ net Funds’ assets asset value Gross profit New investments PLN 25 23.8% -8.0% 5.7% million Net IRR EV Net IRR TV Net IRR CV Revenues from management LTM LTM LTM
Slide 9: Key financial data for H1 2019 Private Equity Managers
07 3. Key financial data for H1 2019 Private Equity Managers Net asset value subject to a management fee Nominal margin including success fee (PLN million) and share (%) by participant group (PLN million) and share (%) by participant group 1 600 77% 18 2.3% 1 400 16 1 200 14 1 000 12 10 800 8 600 20
Slide 10: Funds / MCI.TechVentures 1.0. HY 2019
08 4. Funds / MCI.TechVentures 1.0. HY 2019 Gross asset value (PLN 917 M) Portfolio (PLN M) for HY 2019 Gross asset value HY’09-HY’19(PLN M) NAV CUMULATIVE PARTIAL EXIT Liabilities: Raiffeisen, Bank COUNTRY MODEL / AREA PURCHASE PRICE VALUE 1200 Millennium, retail bonds Portfolio IRR Morele/Pigu PL
Slide 11: Funds / MCI.EuroVentures 1.0 HY 2019
09 4. Funds / MCI.EuroVentures 1.0 HY 2019 Gross assets (PLN 1,183 M) Portfolio (PLN M) Geographical breakdown of portfolio CUMULATIVE PARTIAL EXIT NAV: Liabilities: COUNTRY PURCHASE PRICE VALUE Alior, retail bonds PL 230.4 46.3 370.1 25% Poland PL 122.1 175.5 105.2 125 HU 77.9 170.6 Other 75% count
Slide 12: Presentations of portfolio companies
10 5. Presentations of portfolio companies Answear.com – MCI.TechVentures Frisco.pl – MCI.TechVentures
Slide 13: Appendices
11 6. Appendices Detailed financial results of MCI Capital Detailed financial results of Private Equity Managers
Slide 14: Financial results of MCI Capital
Financial results of MCI Capital 14
Slide 15: Detailed results of MCI Capital
13 4.A. Detailed results of MCI Capital Contributors to MCI performance (PLN 15 million) Contribution of the Funds to MCI performance (PLN 35.0 million) Revaluation of ICs 2,4 Profit on Revaluation of shares in subsidiaries 29,6 investment PLN 24.8 60,4 Derivative instruments -1.9 million PEM revalu
Slide 16: Profit and loss account
14 4.A. Detailed results of MCI Capital Profit and loss account PLN thousands 2019 2018 diff diff (%) Revaluation of stocks/shares 24,340 68,021 (43,681) -64% Profit/loss on investment certificates 2,357 (3,070) 5,427 -177% HY’19 VS HY’18 – MAIN CHANGES: Revaluation of derivative financial instrumen
Slide 17: From Funds' NAV to ICs included in MCI balance sheet
15 4.A. Detailed results of MCI Capital From Funds’ NAV to ICs included in MCI balance sheet (PLN million) ICs included in MCI balance sheet (PLN million) NAV as at % of Funds’ ICs 30.06.2019 held by Funds’ NAV attributable to GK Fund/Sub-Fund MCI (%) as at 30.06.2019 MCI 56 24 Digital Buy-out (MCI.
Slide 18: MCI Balance Sheet
16 4.A. Detailed results of MCI Capital MCI Balance Sheet PLN thousands 30-06-2019 31-12-2018 diff diff (%) Assets 1.394.265 1.368.257 26.008 2% Investment Certificates 80.800 78.443 2.357 3% (a) Investment in subsidiaries 1.293.603 1.264.032 29.571 2% (b) ICs + Investment in subsidiaries 1.374.403
Slide 19: Financial results of Private Equity Managers
Financial results of Private Equity Managers 19
Slide 20: Detailed financial results of PEM: AuM and revenues
18 4.B. Detailed financial results of Private Equity Managers Funds’ net AuM value (PLN million) 2 023 2 107 1 999 2 027 In H1 2019 GK PEM made revenues from management 63 2 020 59 63 64 63 204 of PLN 24.7 million, i.e. PLN 2.3 million lower than last year 204 208 202 191 818 706 715 (down by 8.4% y
Slide 21: GK PEM operating income lower than last year
19 4.B. Detailed financial results of Private Equity Managers In H1 2019 GK PEM’s operating income was PLN 2.2 million lower than last year (down by 8.3% y/y). The gross result was PLN 5.3 million(down by PLN 1.2 million, or 18.7% y/y). In H1 2019 GK PEM’s revenues from fixed management fee were 3.3
Slide 22: Total revenues from management in H1 2019
20 4.B. Detailed financial results of Private Equity Managers Total revenues from management in H1 2019 amounted to Revenues from management PLN 24.7 million, and were 8.4% lower than last year PLN 45.1M o The fixed management fee for H1 2019 amounted to PLN 24.0 million. 2017 PLN 2.5M o The success
Slide 23: Disclaimer
21 This presentation was prepared by MCI Capital S.A. and Private Equity Managers S.A. with due diligence, however it may contain some inaccuracies or omissions. This presentation may not be treated as a comprehensive financial analysis of GK MCI Capital and PEM Group, and neither does it present th
Slide 24: Thank you for your attention
22 Thank you for your attention MCI Capital SA / Private Equity Managers SA Warsaw Spire (+48) 22 540 73 80 Plac Europejski 1, (+48) 22 540 73 81 00-844 Warszawa, office@mci.eu Poland The above presentation does not constitute an offer in the meaning of applicable laws and regulations.