Mci Capital Alternatywna Spolka Inwestycyjna S.a. · GPW:MCI
Mci Capital Alternatywna Spolka Inwestycyjna — MCI Capital — H1 2017 Earnings Presentation
19 slides from Mci Capital Alternatywna Spolka Inwestycyjna's earnings presentation, Aug 29, 2017
Slide 1: MCI Capital S.A. Presentation of Financial Results for H1 2017
MCI Capital S.A. PRESENTATION OF FINANCIAL RESULTS for H1 2017 Warsaw, 29 August 2017
Slide 2: Table of contents
Table of contents 1 Financial results 2 Increasing transparency 3 Own share buyback and authorised share capital 4 Fund performance 5 Summary
Slide 3: Basic data for H1 2017
Basic data for H1 2017 2,213 1,974 1,371 1,033 PLN m PLN m PLN m PLN m Fund assets Net asset value of the funds ICs on MCI’s balance sheet Net asset value (NAV) 56 47 19.54 47% PLN m PLN m PLN Return on investment Net profit Net assets per share P/BV -3-
Slide 4: Analysis of the components of the MCI result (PLN m)
Analysis of the components of the MCI result (PLN m) Components of the MCI result (PLN 47.4m) Contribution of the Funds to the MCIresult (PLN 61.6m) income tax -1.0 41 other operating revenue / other operating expenses balance 0.2 operating expenses -1.8 financial expenses -8.9 16 financial income 2
Slide 5: Financial results in H1'17 vs H1'16
Financial results in H1’17 vs H1’16 H1 17 vs H1 16 – explanation of major changes: 1.Return on investment increased PLN thousand 1H 17 1H 16 diff diff (%) by PLN 6.9m (14%), which was mainly due to the revaluation of the ICs held by MCI at a rate higher than that from the previous Revaluation of sha
Slide 6: Analysis of the MCI's balance sheet
Analysis of the MCI’s balance sheet PLN thousand 30 Jun 2017 31 Dec 2016 diff diff (%) Assets 1 334 762 1 340 871 (6 109) 0% Investment certificates 98 267 113 945 (15 678) -14% Investments in subsidiaries 1 139 690 1 083 838 55 852 5% Investments in associates 17 735 21 389 (3 654) -17% Trade and o
Slide 7: How are Fund assets reflected in MCI's balance sheet?
How are Fund assets reflected in MCI’s balance sheet? From NAV of the Funds to ICs included in MCI’s balance sheet (PLN thousand) ICs of the Funds on MCI’s balance sheet (PLNmillion) NAV attributable to % of Funds’ ICs NAV of the Funds as MCI Group as at 30 70 29 Fund/Sub-Fund held by MCI (in %) at
Slide 8: Simplifying the capital structure of the Group
Simplifying the capital structure of the Group Current structure Target structure MCI Capital S.A. MCI Capital S.A. 100% 100% 100% MCI Fund Management Sp. z o. o. MCI Fund Management Sp. z o. o. MCI Fund 100% IV MCI.PrivateVentures S.K.A. Management II MCI.PrivateVentures S.K.A. Sp. z o. o. MCI Fund
Slide 9: Changes in capital
Changes in capital Own share buyback: • In 2017, the Company acquired 5.9m shares (at an average price of PLN 9.75) for a total • Following share redemption, NAV/S rose by PLN 0.98 (5.3%) of PLN 57.7m • Own shares can possibly be bought back at a total price of PLN 12.3m • Following the redemption o
Slide 10: Growth rate of NAV/S
Growth rate of NAV/S NAV per share 19.63 19.31 19.54 18.69 18.10 18.15 18.01 17.75 17.74 17.22 16.46 16.14 15.69 13.98 11.88 12.25 Q4'13 Q3'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 • Net asset value per share increased by 10% (from PLN 17.75 at the end o
Slide 11: Fund performance
Fund performance 6M 1Y 3Y 5Y 6.2% -4% 13.4% 108.5% 2.3% -3.5% 22.5% 53.5% 4.6% 4.1% 21.5% 5-year average annual return for MCI.EV: 15.5% 5-year average annual return for MCI.TV: 8.8% 5-year average annual return for WIG: 8.4% Historical investment results do not guarantee a similar future outcome. -
Slide 12: NAV breakdown for the MCI.TechVentures 1.0 Sub-Fund
NAV breakdown for the MCI.TechVentures 1.0 Sub-Fund (PLN m) A 885.1 Deposits 658.7 shares 171.7 stock 41.1 options (preferred) 13.6 claims B 82.8 Receivables and other 885.1 A 78.8 unpaid ICs other NAV 4.0 receivables 917.8 C 10.5 Cash D 60.6 Liabilities 42.7 bank loans 11.5 reserves (investment set
Slide 13: Portfolio structure of MCI.TechVentures 1.0 1/2
Portfolio structure of MCI.TechVentures 1.0 1/2 Sub-fund’s portfolio structure by valuation method Market price: Funds invested: PLN 64.4m PLN 94.3m 7% 11% Adjusted net assets: PLN 4.1m 1% Most recent comparable transaction: PLN 208.8m 24% Comparative: PLN 499.9m 57% -13-
Slide 14: Portfolio structure of MCI.TechVentures 1.0 2/2
Portfolio structure of MCI.TechVentures 1.0 2/2 representing at least 2% of asset value Holding (%) Cumulated purchase Investment (PLN 000) Dividend Partial exit Valuation as at Valuation price Q2’2017 method Windeln.de 16.9% -77 438 0 32 850 63 652 Market price Gett 2.9% -71 974 0 0 128 098 Frisco
Slide 15: NAV breakdown for the MCI.EuroVentures 1.0 Sub-Fund
NAV breakdown for the MCI.EuroVentures 1.0 Sub-Fund (PLN m) A 856.3 Deposits 541.3 stock 225.5 shares 52.4 claims (Indeks) 27.1 ICs of the MCI.CV Fund 10.0 other 856.3 A B 0.5 Receivables and other C 114.5 Cash NAV 819.2 D 152.1 Liabilities 119.8 bank loans 17.4 liabilities arising from transaction
Slide 16: Portfolio structure of MCI.EuroVentures 1.0
Portfolio structure of MCI.EuroVentures 1.0 Sub-fund’s portfolio structure by valuation method Comparative: 261.9 PLN million 37% Market price: PLN 442.5m 63% Cumulated purchase Investment (PLN 000) Holding (%) Dividend Partial exit Valuation as at Q2’2017 Valuation method price Indeks 26.1% -95 994
Slide 17: Summary
Summary • Return on investment increased by 14% to PLN 56m • Net profit decreased by 2% to PLN 47.4m • In the first half of the year, the Company acquired 5.9m own shares for a total of PLN 57.7m, thus achieving an increase in NAV/s of PLN 0.98 (5.3%) • NAV/s increased by 10% to PLN 19.54 in the fir
Slide 18: Disclaimer
This presentation has been prepared by MCI Capital S.A. with due diligence. However, it may contain certain inaccuracies or omissions. This presentation cannot be regarded as a comprehensive financial analysis of MCI Capital S.A., nor does it provide a complete view of its financial position and fut
Slide 19: MCI Capital SA
MCI Capital SA Warsaw Spire Plac Europejski 1, 00-844 Warsaw tel. +22 540 73 80, fax: +22 540 73 81 www.mci.pl The above presentation does not MCI Capital SA declares that the above presentation has been constitute an offer under any prepared to the best of its knowledge and is up to date as at the