Albion Crown Vct Plc · LSE:CRWC
Albion Crown Vct — Albion Venture Capital Trust — Shareholder Meeting (September 2024)
23 slides from Albion Crown Vct's shareholder meeting presentation, September 2024
Slide 1: Manager Presentation September 2024
Albion Venture Capital Trust PLC Manager Presentation September 2024 Results for the year to 31 March 2024
Slide 2: Agenda
AGENDA Financial summary Background Performance data Highlights in the year Investment portfolio Realisations Investment strategy ESG & responsible investing Prospects, Q1 results and shareholder events 2
Slide 3: Financial Summary to March 2024
FINANCIAL SUMMARY TO MARCH 2024 (6.9)% 2.46p 44.93p 239.38p Total tax-free dividend per Total shareholder value per Shareholder loss for the year Net asset value per share as at share paid during the year share from launch to 31 March ended 31 March 2024 31 March 2024 ended 31 March 2024 2024 3
Slide 4: Background
BACKGROUND • A disappointing loss for the year, characterised by an immature portfolio • Heightened global macro and geo-political uncertainties • Falling inflation but high interest rates remain • Portfolio focus on mission critical products and services is designed to provide resilience • Improved
Slide 5: Performance Data
PERFORMANCE DATA 53.7% 1 year return 3 year return 5 year return 10 year return (average 1.0% p.a.) (average 1.4% p.a.) (average 5.4% p.a.)
Slide 6: Performance Results Explained
PERFORMANCE RESULTS EXPLAINED • Challenging macroeconomic environment for young technology companies • Volatile valuations of quoted technology companies • Change of investment policy in 2018 (young growth companies) • 67% of invested portfolio is now growth companies • “J curve effect” of a relativ
Slide 7: Highlights in the Year
HIGHLIGHTS IN THE YEAR 2023 2024 Notes AAVC didn’t participate in the 2023/24 Top Up Fundraising £11.2m £0.4m Offer Exits £0.6m £1.3m Including Ophelos, at a 2.1x return on cost £2.7m in 6 new companies and £3.5m into existing Investment rate £9.4m £6.2m portfolio Share buybacks £1.4m £1.6m Dividend
Slide 8: Key Value Drivers in the Year
KEY VALUE DRIVERS IN THE YEAR 2023 Notes Gravitee TopCo (T/A Gravitee.io) £0.8m Strong trading Ophelos £0.5m Sale at 2.1x return on cost Seldon (£1.0m) Slower growth Threadneedle Software Holdings (£0.8m) Slower growth (T/A Solidatus) Including: Accelex Technology, Tem Energy and Runa Other – write
Slide 9: Portfolio Analysis: Portfolio of 50 companies
PORTFOLIO ANALYSIS Portfolio of 50 companies employing over 2,300 people predominantly in the UK 9 Comparatives for 31 March 2023 are in brackets.
Slide 10: Portfolio Analysis
PORTFOLIO ANALYSIS 10 * Renewable energy investments have no employees. Comparatives for 31 March 2023 are in brackets.
Slide 11: Top 3 Account for 16.0% of the NAV at 31 March 2024
TOP 3 ACCOUNT FOR 16.0% OF THE NAV AT 31 MARCH 2024 Investment Cost Book value Revenue Employee date £000 £000 growth growth Owner and operator of a 2 MW hydro- 2013 3,074 3,801 N/A N/A power scheme in the Scottish Highlands Over 8x API management platform 2021 2,189 3,412 since 35 to 110 investing
Slide 12: New Investments
NEW INVESTMENTS £0.9m £0.6m £0.5m £0.3m £0.2m AI enabled Distributed Supply chain platform AI powered Energy Quantum emissions providing chatbots and Resources computer modelling insights on virtual modelling software software nature-based assistants software assets 12
Slide 13: New Climate Tech Investment: Treefera
NEW CLIMATE TECH INVESTMENT: TREEFERA 1 • Treefera’s platform integrates satellite, drone and ground truth data at huge scale with cutting-edge AI An AI-enabled data algorithms, to provide continuous management monitoring, assurance and risk platform providing evaluation transparency and accuracy to
Slide 14: New Deeptech Investment: Phasecraft
NEW DEEPTECH INVESTMENT: PHASECRAFT 12 • A quantum software company focused on quantum advantage, that has reduced the cost of modelling materials on a quantum computer – by +1,000,000x compared with the Phasecraft is a best previous algorithms. quantum algorithm company led by leading academics • W
Slide 15: Follow-ons
FOLLOW-ONS £0.7m £0.6m £0.5m £0.5m uMedeor (T/A uMed) is a Runa Network (previously Gravitee Topco (T/A middleware technology WeGift) is a cloud platform NuvoAir is a digital Gravitee.io) is an API platform that enables life and infrastructure that therapeutics and management platform science organi
Slide 16: Realisations: Ophelos
1 REALISATIONS: OPHELOS • Using machine learning to create a new standard for how organisations manage customer debt - ethically and efficiently • Acquired by Intrum AB (Swedish listed) £3.2m 2.1x £0.9m Invested by Albion VCTs Cash on cash multiple AAVC VCT proceeds 16
Slide 17: Sunset Clause
SUNSET CLAUSE “The VCT Association has continuously sought to demonstrate • The Government passed legislation to continue the VCT scheme by extending the current sunset clause to April the positive impact made by our 2035 members throughout the UK, through their investment in the next • Strong engag
Slide 18: Investment Strategy
INVESTMENT STRATEGY Seed to Series B Backing Focus on Target (early stage Long-term B2B software and to growth) trends healthcare 18
Slide 19: ESG at Albion
ESG AT ALBION ENVIRONMENTAL SOCIAL GOVERNANCE • Albion is transitioning to • Fair HQ score improvement • ESG principles integrated Net Zero (from 6.1 to 6.6 out of 10) in across the full investment 2023 cycle • Measuring carbon footprint and purchased carbon • Albion’s Social Outreach • Completion o
Slide 20: Electronic Voting
ELECTRONIC VOTING • Online voting is quick and simple • Notification emails are sent before the AGM with full instructions • Two options: 1. Before the AGM via notification email or visit www.investorcentre.co.uk/eproxy 2. During the AGM via the Lumi platform • Any questions, contact us
Slide 21: Prospects
PROSPECTS • Focus on mission critical products and services, designed to provide resilience • Limited exposure to discretionary consumer facing sectors • Ongoing uncertainties but potential for longer term returns as portfolio matures • Well-balanced portfolio across target sectors 21 21 21
Slide 22: Q1 Results & Events
Q1 RESULTS & EVENTS • NAV at 30 June 2024 of 44.90p • Decrease of 0.07% to the 31 March 2024 NAV Shareholder seminar details • Virtual AGMs 20 November 2024 • Physical annual shareholder seminar No.11 Cavendish Square, London W1G 0AN • First dividend of 1.12p per share paid on 31 July 2024 To reserv
Slide 23: Thank you
Thank you This presentation is issued by Albion Capital Group LLP for information purposes only and is not to be regarded as an offer to buy or sell, or the solicitation to buy or sell shares in Albion Venture Capital Trust PLC. Any person considering an investment should seek advice from an authori
Albion Venture Capital Trust — Shareholder Meeting (September 2024) on 6ix