Emv Capital Plc · LSE:EMVC
Emv Capital — H1 2024 Earnings Presentation
23 slides from Emv Capital's earnings presentation, Oct 1, 2024
Slide 1: A Deep Tech & Lifesciences VC Investment Group
A DEEP TECH & LIFESCIENCES VC INVESTMENT GROUP LIFE SCIENCES | DEEP TECH | SUSTAINABILITY “INVESTOR MEET COMPANY” PRESENTATION 1 OCTOBER 2024
Slide 2: Disclaimer
DISCLAIMER This presentation (and any information contained in any oral presentation accompanying it) (Presentation) has been prepared by EMV Capital plc (Company). This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act
Slide 3: Agenda
AGENDA 1. ABOUT EMV CAPITAL PLC (EMVC) 2. FINANCIAL AND OPERATIONAL HIGHLIGHTS H1 2024 3. PORTFOLIO HIGHLIGHTS 4. OUTLOOK: STRATEGY UPDATE 5. SUMMARY AND Q&A 3 STRICTLY PRIVATE
Slide 4: Introduction
INTRODUCTION EMV CAPITAL PLC (EMVC) IS A DEEP TECH AND LIFE SCIENCES VC INVESTMENT GROUP • Identifying, investing in, and building high growth companies in the UK and internationally • Vision to become a leading VC investor in the deep tech and life sciences sectors, both in the UK and international
Slide 5: Operating Model
OPERATING MODEL ▪ CAPITAL EFFICIENT INVESTMENT STRATEGY: third party investments in portfolio with selective balance sheet use ▪ PROACTIVE PORTFOLIO MANAGEMENT: providing value opportunities, investment on advantageous conditions ▪ VALUE CREATION SERVICES: selectively supporting portfolio companies,
Slide 6: Effective Board Leadership
EFFECTIVE BOARD LEADERSHIP DR ILIAN ILIEV ED HOOPER CEO Executive Director and Group General Counsel Significant shareholder of EMV Capital PLC (15%+) Former Partner of a City headquartered international law firm Experienced investor, negotiator, strategist & hands-on 20+ years’ experience as a lawy
Slide 7: Balanced Group Portfolio for Enhanced Performance and Risk Mitigation
BALANCED GROUP PORTFOLIO FOR ENHANCED PERFORMANCE AND RISK MITIGATION LIFESCIENCES, INDUSTRIALS AND SUSTAINABILITY Portfolio of 50+ companies Immuno-oncology, Liver cancer Respiratory Liquid biopsy Regenerative Robotics, sales managed & VC business NASDAQ-listed, late diagnostics, late clinical diag
Slide 8: Addition of Martlet's Portfolio of 50+ Companies
ADDITION OF MARTLET’S PORTFOLIO OF 50+ COMPANIES STEP-CHANGE IN THE OPPORTUNITY SET: CARRIED INTEREST EXPOSURE, FOLLOW-ON AND SECONDARY INVESTMENT OPPORTUNITIES, ECOSYSTEM PLAY Selected portfolio companies from Martlet’s 50+ portfolio Novel production of Gallium Nitride transistors for Quantum crypt
Slide 9: Financial and Operational Highlights H1 2024
FINANCIAL AND OPERATIONAL HIGHLIGHTS H1 2024 Total Assets Under Management increased to over £106.7m (2023: £74.0m): • Fair Value of direct holdings increased by c.15% to £41.0m (2023: £35.6m) • Incl. direct balance sheet investments of £16.8m and subsidiaries and associates at directors' valuations
Slide 10: Financial and Operational Highlights 2024 Cont.
FINANCIAL AND OPERATIONAL HIGHLIGHTS 2024 CONT. Group Income increased to £1.17m (H1 2023: £1.15m): • Core Group revenue increase • Driven by EMV Capital revenues of £1.0m (H1 2023: £0.7), with a profit of £0.1m, covering c. 66% of core costs • No divestments during the period Group Loss of £1.8m (H
Slide 11: Highlights and KPIs 2024
HIGHLIGHTS AND KPIs 2024 Direct Fair Value now stands at £41.0m (2023: £35.6m) Grown c.3.5x from £11.8m end of 2019 PLC placings of c.£11.5m over last 5 years Managed stakes Assets Under Management have grown significantly by c.71% to £65.7m (2023: £38.4m) Grown from nil mid-2020 11 STRICTLY PRIVATE
Slide 12: Highlights and KPIs 2024 Cont.
HIGHLIGHTS AND KPIs 2024 CONT. Net Assets of £18.5m (2023: £17.1m) Net Asset Value Per Share is £0.77 (2023: £0.73) NAV and NAV p. share do not take into account the full Fair Value of the subsidiaries or implied carried interest of third-party assets under management 12 STRICTLY PRIVATE
Slide 13: Fair Value Composition by Portfolio Company
FAIR VALUE COMPOSITION BY PORTFOLIO COMPANY 13 STRICTLY PRIVATE
Slide 14: Fair Value Composition: Direct, Funds, 3rd Party AUM
FAIR VALUE COMPOSITION: DIRECT, FUNDS, 3rd PARTY AUM 14 STRICTLY PRIVATE
Slide 15: Martlet Capital Fund Mandate
MARTLET CAPITAL FUND MANDATE ON 13 MAY 2024, EMV CAPITAL WAS APPOINTED AS INVESTMENT MANAGER TO MARTLET CAPITAL • This non-dilutive transaction provides the Group with: ▪ additional funds under management (£24.1m) ▪ carried interest over the Martlet Portfolio ▪ recurring fund management fees over a
Slide 16: Portfolio Highlights: Selected Companies
PORTFOLIO HIGHLIGHTS: SELECTED COMPANIES Product/Model: Algorithm-driven Product: Next gen satcoms antenna Product/Model: Chemical recycling biomarker panel test to detect early- (low energy, solid state, modular) platform for plastic waste; proven stage curable liver cancer Identified use cases at
Slide 17: Outlook: Strategy Update
OUTLOOK: STRATEGY UPDATE 1. GROW THE VALUE OF OUR PORTFOLIO COMPANY HOLDINGS ▪ Proactive management ▪ Value Creation Services to drive ambitious roadmaps ▪ Targeted growth of direct stakes in a capital efficient manner 2. SCALE FUNDS PRACTICE – INCREASING AUM ▪ Martlet Capital Fund ▪ Evergreen EIS F
Slide 18: Summary and Q&A
SUMMARY AND Q&A ADVANCING A ROBUST AND SUSTAINABLE BUSINESS MODEL ▪ Positioned to take advantage of the ongoing VC industry shift ▪ Management of two existing funds and growth of the practice ▪ Exit strategies being mapped for several portfolio companies ▪ Align underlying asset value with market ca
Slide 19: Join Our Community
JOIN OUR COMMUNITY Subscribe to our newsletter Follow EMV Capital on Linkedin & Twitter 20 St Andrew Street, London EC4A 3AG, UK www.emvcapital.com
Slide 20: Appendices
EMVCAPITAL APPENDICES
Slide 21: Fair Value of Directly Held Portfolio Holdings
FAIR VALUE OF DIRECTLY HELD PORTFOLIO HOLDINGS FAIR VALUE OF DIRECT STAKES AND DIRECTORS’ VALUATIONS Group Stake Fair Value (m) Portfolio Company Country Sector Stage (%) H1 2024 2023 EMV Capital UK Venture capital Sales 100% £3.6 £3.5 Glycotest US Liver cancer diagnostics Late clinical 52.7% £11.0
Slide 22: Fair Value of Managed Portfolio Holdings
FAIR VALUE OF MANAGED PORTFOLIO HOLDINGS AUM FAIR VALUE OF MANAGED PORTFOLIO HOLDINGS AUM Fair Value (m) Portfolio Company Country Sector Stage AUM stake (%) H1 2024 2023 Martlet Capital Portfolio UK Life sciences/DeepTech Sales - £24.1 £0.0 Q-Bot UK Robotics Sales 31.5% £9.4 £8.6 Sofant Technologie
Slide 23: Addition of Martlet Capital's Portfolio of 50+ Companies Under Management
ADDITION OF MARTLET CAPITAL’S PORTFOLIO OF 50+ COMPANIES UNDER MANAGEMENT STEP-CHANGE IN THE OPPORTUNITY SET AND CARRIED INTEREST EXPOSURE 23 STRICTLY PRIVATE