Sofina Sa · EURONEXT:SOF
Sofina Sa — FY2022 Earnings Presentation
32 slides from Sofina Sa's earnings presentation, Mar 30, 2023
Slide 1: Annual results 2022
Annual results 2022 Voice-over presentation 30 March 2023 - available after 5.40pm: link
Slide 2: Member of the Executive Committee
Member of the Executive Committee 2 I
Slide 3: Our mission
Our mission 6¢ We aspire to partner with leading entrepreneurs and families, backing them with patient capital and supportive advice to foster sustainable growth of their businesses. 31 SOFINA
Slide 4: Sofina in a nutshell
Sofina in a nutshell
Slide 5: Sofina portfolio structure and sectors
Consumer & retail SOFINA DIRECT Digital Sofina Growth transformation Long-term minority Investments Education SOFINA PRIVATE Healthcare and life FUNDS sciences (1) Breakdown reported as a percentage of NAV, based on portfolio in transparency. 5 I
Slide 6: Shared beliefs around growth, purpose and patience
SHARED BELIEFS AROUND GROWTH, PURPOSE AND PATIENCE SOFINA’S BELIEFS… …ALIGNED WITH ITS STAKEHOLDERS SHAREHOLDERS GROWTH & INNOVATION Reference shareholding family with a Belief that innovation drives economic multi-generational mindset and an and societal progress entrepreneurial background TEAM Pur
Slide 7: Investment process and portfolio management anchored in SDG contributor role
INVESTMENT PROCESS AS WELL AS PORTFOLIO MANAGEMENT ANCHORED WITHIN SOFINA’S ROLE AS AN SDG CONTRIBUTOR SOFINA AS A COMPANY SOFINA AS AN INVESTOR TRAD ITIONAL ESG RISK SD G ENVIRO NM E NT SOCIA L GOVERNA N C E INVE STO R MITIGATOR CONTRIB U T O R ▪ Striving to ▪ Promoting diversity ▪ Applying the red
Slide 8: 2022 performance
2022 ' performance SOFINA
Slide 9: €9.3bn Group NAV
(1) GROUP NAV GROUP NAV & INVESTMENT PORTFOLIO EVOLUTION Net Cash & Others €0.3bn +28% -18% 3% €11.4bn €0.3bn €9.3bn €8.9bn Sofina Growth Long-term Minority €0.3bn €2.0bn Investments €0.6bn 21% €2.8bn 30% €9.3bn €11.1bn €9.1bn Group €8.3bn NAV Sofina Private Funds FY20 FY21 FY22 €4.3bn 46% Portfolio
Slide 10: Financial statements – overview of the year 2022
FINANCIAL STATEMENTS – OVERVIEW OF THE YEAR 2022 (1) (2) (3) (in million EUR) (1) The consolidated financial statements are presented under the Investment Entity status, in application of which direct subsidiaries of Sofina SA are stated at fair value, including the fair value of their equity invest
Slide 11: Financial figures in transparency
FINANCIAL FIGURES IN TRANSPARENCY (1) (IN MILLION EUR) (2) (1) Based on portfolio in transparency. (2) The small difference between the net result and the total comprehensive income comes from income and expenses recognised directly in the shareholders’ equity and subsequently reclassified in the ne
Slide 12: Sofina NAV & stock price evolution, discount/premium
SOFINA NAV & STOCK PRICE EVOLUTION SOFINA DISCOUNT (-) / PREMIUM (€ PER SHARE) EVOLUTION (%) 432 28% 338 277 279 227 265 5% 194 172 206 159 193 166 125 131 -15% -17% -15% -20% -24% -26% 2016 2017 2018 2019 2020 2021 2022 2016 2017 2018 2019 2020 2021 2022 NAV/share Stock price Discount 10-year avera
Slide 13: Total Group NAV bridge
TOTAL GROUP NAV BRIDGE (in m €) At portfolio level Other items 11,354 291 1,774 1,017 1,244 9,313 213 253 251 11,064 9,062 (1) NAV 2021 Value Creation Investments Divestments and Net Cash Generation Others NAV 2022 Revenues (1) from Portfolio Others relate to (i) dividend payment; (ii) share buyback
Slide 14: Sofina Direct and Private Funds portfolio NAV bridges
SOFINA DIRECT – PORTFOLIO NAV BRIDGE (in m €) Listed Private Both 5,811 427 1,079 4,760 572 456 21 1,748 134 644 853 4,732 4,116 -40% -37% +18% +3% +10% -8% +0% Fair Value 2021 Market impact (1) Multiples impact (2) Performance impact (2) Others impact (2) (3) Investments (4) Divestments & FX impact
Slide 15: The 10 largest investments and general partners
SOFINA DIRECT SOFINA PRIVATE FUNDS THE 10 LARGEST INVESTMENTS REPRESENT 27% THE 10 LARGEST GENERAL PARTNERS REPRESENT OF THE PORTFOLIO IN TRANSPARENCY (1) 25% OF THE PORTFOLIO IN TRANSPARENCY (2) 1 GROUPE PETIT FORESTIER 1 SEQUOIA CAPITAL (US, CHINA & INDIA) 2 SC CHINA CO INVESTMENT 2016-A (BYTEDANC
Slide 16: Sofina Direct - new investments
SOFINA DIRECT - NEW INVESTMENTS CONSUMER & RETAIL EDUCATION Biobest is a global Everdrop is a Rohlik is a Established in CoachHub is a Skillmatics is an Indian leader in biological purpose-driven, technology Denmark, German B2B online company building a crop protection and ecofriendly leader in e- L
Slide 17: Sofina Direct – follow-on investments, full & partial divestments
SOFINA DIRECT – FOLLOW-ON INVESTMENTS, FULL & PARTIAL DIVESTMENT S FOLLOW-ON INVESTMENTS FULL DIVESTMENTS CONSUMER & RETAIL DIGITAL TRANSFORMATION HEALTHCARE & LIFE SCIENCES PARTIAL DIVESTMENTS EDUCATION 17 I
Slide 18: Sofina Private Funds portfolio – investments in venture and growth funds
SOFINA PRIVATE FUNDS PORTFOLIO – INVESTMENTS IN VENTURE AND GROWTH CAPITAL FUNDS NEW COMMITMENTS IN SELECTED EXISTING PORTFOLIO MANAGERS NEW MANAGERS ADDED TO OUR PORTFOLIO DIVESTMENTS ▪ Non-core secondary sale of 7% of Sofina Private Funds ▪ In line with our strategic objectives to focus on Venture
Slide 19: Sofina's investment case
Sofina’s investment case SOFINA
Slide 20: Purpose and patience delivering outperformance across cycles
PURPOSE AND PATIENCE DELIVERING OUTPERFORMANCE ACROSS CYCLES 1 2 3 4 5 Track record of Diversified and Access to top-tier Exposure to Experienced outperformance consistent private businesses structural management and recurring portfolio balanced through a global innovation trends team supported liqu
Slide 21: Consistency enabled by robust investment and risk management processes
1 CONSISTENCY ENABLED BY A ROBUST INVESTMENT AND RISK MANAGEMENT PROCESSES ANNUAL AVERAGE RETURN (IN %) 4Y ROLLING PERFORMANCE (IN %) 19.9% 11.5% 11.6% 11.1% 10.3% 10.2% 10.8% 8.4% 7.7% 8.5% 6.4% 15.1% 4.7% 4.0% 11.8% 11.1% Outperformance 1 Year 10.6% 11.7% 13.7% vs respective 10 Years 7 Years 5 Yea
Slide 22: Partnering with entrepreneurs and investors across all lifecycle stages
2 PARTNERING WITH LEADING ENTREPRENEURS AND INVESTORS ACROSS ALL STAGES OF A COMPANY LIFECYCLE € Sofina Private Funds € Long-Term Minority Sofina Growth Investments Early stage Growth stage Expansion stage Accelerated revenue Entrance in new Company Idea to first revenue generation with proven marke
Slide 23: Depth of knowledge across three investment styles and four sectors
2 SUBSTANTIAL DEPTH OF KNOWLEDGE ACROSS THREE COMPLEMENTARY INVESTMENT STYLES AND FOUR SECTORS OF FOCUS SECTOR SPLIT GEOGRAPHIC SPLIT VINTAGE SPLIT (1) SOFINA DIRECT 11% 18% 21% 21% > 60 growth 34% 55% 58% 15% 24% investments 28% starting 15% from Series B Digital Transformation Europe 0-5 years Con
Slide 24: Partnerships with talented entrepreneurs, families and investors
3 PARTNERSHIPS WITH TALENTED ENTREPRENEURS, FAMILIES AND INVESTORS PARTNERSHIPS WITH TOP-TIER ENTREPRENEURS BACKING DIFFICULT-TO-ACCESS AND INVESTORS ON A GLOBAL SCALE PRIVATE BUSINESSES TOP-TIER PRIVATE FUNDS Selected examples ENABLERS Experienced Team Long-term and Patient Capital Sector Expertise
Slide 25: Four sectors of focus
4 GROWING COMPANIES BOLSTERED BY INNOVATIVE & TRANSFORMATIONAL TRENDS WITH SUSTAINABLE MODELS ACROSS EU, ASIA & NORTH AMERICA PROPRIETARY SOURCING TOOL LEVERAGING IDENTIFICATION OF EARLY-STAGE TRENDS, NOTABLY PRIVILEGED ACCESS TO KNOWLEDGE & DATA THROUGH THE PRIVATE FUNDS’ PORTFOLIO CONSUME R & D IG
Slide 26: 34 investment professionals located across 3 offices
5 DEEP BENCH WITH RELEVANT SKILLS AND DIVERSITY TO EXECUTE INVESTMENT STRATEGY EXPERIENCED RELEVANT DIVERSE (1) CLOSE TO MARKET LEADERSHIP TEAM (2) BACKGROUND 16 nationalities 250+ years of combined 63 board seats across investment experience our portfolio companies 34 investment professionals 53% 4
Slide 27: Resilient performance in challenging market conditions
Backing Resilient Active ownership Focus on ESG Growth investor innovators driving performance in supporting contributing to across all stages of societal and challenging portfolio long-term the lifecycle economic market conditions companies outcomes progress 27 I
Slide 28: Case studies
Case studies
Slide 29: Cambridge Associates
CAMBRIDGE ASSOCIATES IS A GLOBAL INVESTMENT FIRM BUILDING CUSTOM IZED INVESTMENT PORTFOLIOS TO HELP CLIENTS MAXIMIZE THEIR IMPACT ON T HE WORLD • Working with the alternative investments advisory practice of Cambridge Associates for many years Privileged Access • Developed close relationships with t
Slide 30: Rohlik
ROHLIK IS A LEADING ONLINE GROCERY BUSINESS ACTIVE IN CZECH REPUBLIC, HUNGARY, GERMANY, AUSTRIA AND ROMANIA • Food retail expertise acquired through Colruyt, with Sofina in an ideal position to observe the shift to online and Privileged Access home delivery • All major e-grocers assessed and reviewe
Slide 31: Verse Innovation
VERSE INNOVATION IS A TECHNOLOGY PLATFORM THAT DELIVERS PERSONALIZED CONTENT TO INDIAN DIGITAL USERS Privileged Access • Deal accessed thanks to our unique position in the Indian ecosystem • Presence of Sofina’s GPs (Matrix Partners, Sequoia India) vouching for Sofina as a relevant shareholder • Val
Slide 32: Sofina contact details
SOFINA Société Anonyme Rue de l’Industrie, 31 B – 1040 Brussels Tel.: +32 2 551 06 11 [email protected] – www.sofinagroup.com