Mci Capital Alternatywna Spolka Inwestycyjna S.a. · GPW:MCI
Mci Capital Alternatywna Spolka Inwestycyjna — MCI Capital ASI — H1 2023 Earnings Presentation
27 slides from Mci Capital Alternatywna Spolka Inwestycyjna's earnings presentation, October 2023
Slide 1: H1 2023 Results MCI Capital ASI S.A.
H1 2023 Results MCI Capital ASI S.A. 1
Slide 2: Contents
Contents 1) 1H 2023 Key takeways 3 2) 1H 2023 MCI Highlights 4 3) MCI Financials 5 4) Consolidated BS of MCI from the perspective of the underlying assets as at June 30, 2023 6 5) Financial results of MCI Funds 1H 2023 (MCI.EV, MCI.TV) 7 6) New investments / recapitalization 11 7) Our team 12 8) MCI
Slide 3: 1H 2023 Key takeaways
3 1H 2023 Key takeways 5 CEE+ market MCI developments MCI results and portfolio 1. We are observing an increase in the 1. In addition to implementing the traditional 1. We expect improved results in 2023 vs 2022 attractiveness of transactions involving PE strategy, we are actively building a pipelin
Slide 4: 1H 2023 MCI Highlights
4 1H 2023 MCI Highlights Key events Investment activity Group cash position On March 30, 2023, the Management Board of NEW INVESTMENTS We are entering the second half of 2023 with a MCI Capital adopted a resolution on changing very high level of liquidity and we expect that the In January 2023, MCI.
Slide 5: MCI Financials
5 MCI Financials 5 OBSERVABLE SIGNIFICANT IMPROVEMENT IN RESULTS IN RELATION TO H1 2022 THANKS TO A BETTER MACRO SITUATION AND GOOD PERFORMANCE OF PORTFOLIO COMPANIES NAV [PLN] IRR per year [%] Net profit [PLN] NAV/S [PLN] 2,024M +10.2% +108M 38.6 Key financial data ‒ The Group's profit was influenc
Slide 6: Consolidated balance sheet of MCI from the perspective of the underlying assets
6 Consolidated balance sheet of MCI from the perspective of the underlying assets as at June 30, 2023 consolidated data (in PLN M) Structure of underlaying assets as of 30.06.2023 Assets amount share in NAV eSky 501.1 24.8% 1.4% IAI 438.7 21.7% 21.4% 24.8% Broker Topco 194.0 9.6% PHH 115.0 5.7% 17.9
Slide 7: Results summary – MCI.EuroVentures 1.0. Subfund
7 Results summary – MCI.EuroVentures 1.0. Subfund (value in the MCI balance sheet = PLN 2 100.4M / almost 88% of the MCI balance sheet total) MCI.EuroVentures 1.0. 1H 2023 Fund Managers: Portfolio (PLN M) as at 30.06.2023 [8 investment] Portfolio structure 19% Tomasz Czechowicz CUMULATIVE VALUATION
Slide 8: MCI.TechVentures 1.0. – summary of relevant information
8 MCI.TechVentures 1.0. – summary of relevant information ▪ The Subfund was established until September 16, 2024, with the possibility of extension for 1+1 year (with the consent of 2/3 TIME HORIZON of the votes at the investors' meeting) ▪ Investors paid to the Subfund a total amount of approx. PLN
Slide 9: MCI.TechVentures 1.0. – investments' structure in Subfund's NAV
9 MCI.TechVentures 1.0. – investments’ structure in Subfund’s NAV as of 30.06.2023 MCI.TechVentures 1.0’s investments 1H 2023 8% 9% 23% 12% 8% 33% 1% 6% Total Value as of Planned exit Partial exit so Company investment 30.06.2023 Business situation commencemt Geography far (PLN M) (PLN M) (PLN M) da
Slide 10: MCI.TechVentures 1.0. – redemption of investment certificates/payments to Investors
10 MCI.TechVentures 1.0. – redemption of investment certificates/payments to Investors MODEL OF REDEMPTION OF INVESTMENT CERTIFICATES ACCORDING TO THE STATUTE OF MCI.PV • Redemption of investment certificates of all MCI.TV series give the same rights • The redemption takes place automatically, witho
Slide 11: New investments / recapitalization
11 New investments / recapitalization 5 4 new transactions concluded in 1H 2023 with total value of PLN 106 million Answear Pigu Gett MCI Capital ✓ Investment date: January 2023 ✓ Investment date: February 2023 ✓ Investment date: May 2023 ✓ Investment date: June 2023 ✓ Transaction value: PLN 6M ✓ Tr
Slide 12: Our team
12 Our team Partners and Investment Team Tomasz Czechowicz Ewa Ogryczak Michał Górecki Filip Berkowski Aleksandra Kulas Founder, COO, Senior Investment Partner Investment Partner CFO, Investor Relations Managing Partner, CIO Senior Partner [TravelTech,E-comm.,OmniChannel, [InsurTech,FinTech,Payments
Slide 13: MCI's historical track record
13 MCI’s historical track record Track record: 28% IRR on buyout & expansion investments Unique and diversified experience in exits - over EUR 1 billion invested in buyout & expansion strategy, including realisation coinvestments (€M) ENTRY EXIT MCI GROSS GROSS COUNTRY CONTROL SOURCE STRATEGY INVEST
Slide 14: MCI Group Investment strategy: key assumptions
14 New investments: 2 – 3 investments per year and 1 recapitalization Key assumptions Key investment criteria: Value creation: BUDOWANIE WARTOŚCI: EUR 25M-100M Equity ticket Over 20 years of experience in building the value of Digital and climatech business located in CEE or digital companies, with
Slide 15: MCI Group – investment strategy: other assumptions
15 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@m
Slide 16: Roadmap of planned portfolio exits in 2023-2028
16 Roadmap of planned portfolio exits in 2023-2028* 2023 2024 2025 2026 2027-2028 [PE/strategist/IPO] [PE/recap] [recap] [PE/strategist/IPO] [PE/strategist/IPO] [PE/strategist/IPO] [ABB/PE/Recap] [strategist/IPO/PE] [dividend] [IPO/PE/recap] [earnout] [strategist/MBO] [II tranche] [IPO/strategist/re
Slide 17: Appendices
Appendices 17
Slide 18: eSky – global challenger in TravelTech sector
18 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 19: IAI – leading e-commerce platform in CEE
19 IAI – leading e-commerce platform in CEE Business profile Investment rationale Deal team Invested amounts (PLN M): IAI is the largest e-commerce platform in Poland for ✓ The aim of the investment is to build the Filip Berkowski ✓ In 2018: 115 creating online stores operating in SaaS model. In pos
Slide 20: Netrisk Group – leading InsurTech in CEE
20 Netrisk Group – leading InsurTech in CEE Business profile Investment rationale Deal team Invested amounts (PLN M): Netrisk is a leading group that runs internet portals for ✓ The aim of the investment is to build a CEE Filip Berkowski ✓ In 2020: 98 * comparing prices and concluding insurance cont
Slide 21: PHH Group – leading e-commerce and marketplace business in the Baltics
21 PHH Group – leading e-commerce and marketplace business in the Baltics Business profile Investment rationale Deal team Invested amounts (PLN M): Leading e-commerce platform and ✓ Low e-commerce penetration in the Baltic States Tomasz Czechowicz ✓ In 2021: 105 marketplace in the Baltics, operating
Slide 22: Answear.com – the first Polish online multibrand store
22 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 23: Gett – the leading transportation management platform for professionals
23 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 24: Results summary – MCI Capital Group (consolidated financial statements)
24 Results summary – MCI Capital Group (consolidated financial statements)| Profit and loss account for 6M 2023 and Balance sheet as at 30.06.2023 PLN thousand 6M 2023 6M 2022 Change Change (%) P&L 6M 2023 vs 6M 2022 – MAIN CHANGES: Profit/loss on investment certificates 142 444 3 503 138 941 3966.3
Slide 25: Results summary – MCI Capital (standalone financial statements)
25 Results summary – MCI Capital (standalone financial statements)| Profit and loss account for 6M 2023 and Balance sheet as at 30.06.2023 PLN thousand 6M 2023 6M 2022 Change Change (%) P&L 6M 2023 vs 6M 2022 – MAIN CHANGES: Revaluation of shares (3 434) (2 709) (725) 26.8% 1. Profit on investments
Slide 26: Results summary – MCI Capital Balance sheet | Business perspective
26 Results summary – MCI Capital Balance sheet I Business perspective Balance sheet perspective as at 30.06.2023 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 value in share in MCI's PLN
Slide 27: 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, office@mci.eu Poland 27