Sofina Sa · EURONEXT:SOF
Sofina Sa — FY2023 Earnings Presentation
28 slides from Sofina Sa's earnings presentation, Mar 28, 2024
Slide 1: Analyst Presentation Annual Results 2023
ANALYST PRESENTATION ANNUAL RESULTS 2023 28 March 2024
Slide 2: 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. 21 SOFINA
Slide 3: Sofina in a nutshell
Sofina in a nutshell
Slide 4: Recent exploration of Sustainable supply chains sector
*Recent exploration of Sustainable supply chains sector 4 I
Slide 5: What makes us unique
What makes us unique Wearea We offer Weare family-run patient capital, diversified oO investment company making us a reliable partner through across sectors, geographies and 0 with +125 years history economic cycles investment styles or Co) Weare We believe in ~ purpose-driven, teamwork, helping com
Slide 6: Performance, NAV, Investments
Stability in foundations and ability to invest across cycles Performance • Underlying businesses creating growth and value, with synergies across group • Active investment approach to seize opportunities, with focus on sustainability NAV • Resilient NAV at € 9.1 bn in a volatile environment • Strong
Slide 7: Performance
2023 Performance SOFINA
Slide 8: €9.1bn Total NAV
NAV NAV & Portfolio NAV evolution(3) €9.2 Bn €9.2 Bn €9.1 Bn €0.2 Bn €0.1 Bn €0.2 Bn Sofina Growth Sofina Private €1.9 Bn Funds 21% €4.2 Bn 46% Total Direct Investments €9.1bn €4.7 Bn 52% Total Net Cash / (Net Debt) €8.9 Bn €9.0 Bn €8.9 Bn €0.2 Bn NAV 2% Sofina Long-Term Minority Other €2.8 Bn €0.0
Slide 9: Financial Statements – Overview of the Year 2023
FINANCIAL STATEMENTS – OVERVIEW OF THE YEAR 2023 (1) 31/12/2023 31/12/2022 2023 2022 Net result (share of the group) Net Asset Value (in million EUR) 9,083 9,313 -104 -1,872 (in million EUR) Net result (share of the group) per share Net Asset Value per share (in EUR) 273.62 279.41 -3.12 -55.85 (in E
Slide 10: Financial Figures in Transparency
FINANCIAL FIGURES IN TRANSPARENCY (1) (IN MILLION EUR) KEY FIGURES IN TRANSPARENCY 31/12/2023 31/12/2022 Net debt (+) / Net cash (-) -197 -312 Investment portfolio 8,928 9,062 Loan-to-value (in %) -2.2% -2.6% KEY COMPREHENSIVE INCOME FIGURES IN TRANSPARENCY 2023 2022 Dividends 44 53 Net result of th
Slide 11: Total Portfolio NAV bridge
Total Portfolio NAV bridge per Investment Style (in EUR m) 9,062 8,928 -21 -113 -0.2% -1.3% NAV Q4 2022 Sofina Direct Sofina Private Funds NAV Q4 2023 Total Portfolio NAV bridge (in EUR m) Value creation (0%) 609 713 9,062 172 8,928 202 NAV Q4 2022 Acquisitions Disposals & Revenues Market Impact FX
Slide 12: Underlying unlisted portfolio performance strong at +17%
Underlying unlisted portfolio performance strong at +17%. Listed portfolio outperformed the MSCI ACWI benchmark by ±4%. Direct NAV performance bridge Listed(1) Unlisted(1) Both 4,760 17% -13% 4,739 7% -9% 22% -4% -1% 644 722 4,116 4,017 NAV FV '22’22 Q4 Market impact (2) Multiples impact (3) Perform
Slide 13: The 10 largest investments of Sofina Direct
The 10 largest investments of Sofina Direct represent 27% of the fair value of the portfolio in transparency with the top 5 representing more than 15% but less than 20%, evidencing Sofina’s well diversified portfolio. SOFINA DIRECT - THE 10 LARGEST INVESTMENTS SOFINA PRIVATE FUNDS - THE 10 LARGEST G
Slide 14: Sofina Direct – New Investments & Add-ons
SOFINA DIRECT – NEW INVESTMENTS & ADD-ONS ADD-ON NEW INVESTMENT ADD-ON SOFINA GROWTH SOFINA GROWTH LONT-TERM MINORITY BELGIUM GERMANY LUXEMBOURG CONSUMER AND RETAIL(1) CONSUMER AND RETAIL DIGITAL TRANSFORMATION (1) NEW INVESTMENT NEW INVESTMENT ADD-ON SOFINA GROWTH SOFINA GROWTH SOFINA GROWTH CHINA
Slide 15: Sofina Direct – Full & Partial Divestments
SOFINA DIRECT – FULL & PARTIAL DIVESTMENTS FULL EXIT PARTIAL EXIT FULL EXIT(2) LONT-TERM MINORITY LONT-TERM MINORITY LONT-TERM MINORITY FRANCE FRANCE BELGIUM HEALTHCARE AND LIFE OTHER SCIENCES CONSUMER AND RETAIL PARTIAL EXIT (1) PARTIAL EXIT (1) PARTIAL EXIT SOFINA GROWTH SOFINA GROWTH SOFINA GROWT
Slide 16: Sofina Private Funds – Investments in Venture and Growth Capital Funds
SOFINA PRIVATE FUNDS – INVESTMENTS IN VENTURE AND GROWTH CAPITAL FUNDS 16 I
Slide 17: Sofina's investment case
Sofina’s investment case SOFINA
Slide 18: Purpose & Patience Delivering Outperformance Across Cycles
PURPOSE & PATIENCE DELIVERING OUTPERFORMANCE ACROSS CYCLES 1 2 3 4 5 Diversified and Access to top-tier Track record Exposure to Experienced consistent private businesses of long-term structural management portfolio balanced through a global performance and innovation trends team supported across ec
Slide 19: Partnering with leading entrepreneurs and investors across all stages
1 PARTNERING WITH LEADING ENTREPRENEURS AND INVESTORS ACROSS ALL STAGES OF A COMPANY LIFECYCLE € Sofina Private Funds € Sofina Growth Long-Term Minority Investments Early stage Growth stage Expansion stage Accelerated revenue Entrance in new Idea to first revenue generation with proven markets/segme
Slide 20: Total Portfolio Sector Split by Geography
1 TOTAL PORTFOLIO SECTOR SPLIT GEOGRAPHIC SPLIT VINTAGE SPLIT (1) BY GEOGRAPHY SOFINA DIRECT 21% 19% 20% 34% 26% > 75 growth 11% investments 20% 11% 63% ASIA 13% 27% EUROPE 21% 41% 38% Consumer & Retail Digital EUROPE 0-3 years Healthcare Education N. AMERICA N. AMERICA 4-7 years 35% Other ASIA €4.7
Slide 21: Partnerships with talented entrepreneurs, families and investors
2 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 FOUNDERS
Slide 22: Performance vs respective benchmarks
3 CONSISTENCY ENABLED BY A ROBUST INVESTMENT AND RISK MANAGEMENT PROCESSES 14% 13% 14% 18% 15% 21% 14% 14% 11% 7% Consistent liquidity 1,342 growing portfolio generation while 1,224 1,227 1,042 943 854 736 567 599 610 117 119 119 143 148 160 197 194 177 107 2014 2015 2016 2017 2018 2019 2020 2021 20
Slide 23: Being Explored
4 GROWING COMPANIES BOLSTERED BY INNOVATIVE & TRANSFORMATIONAL TRENDS WITH SUSTAINABLE MODELS ACROSS EU, ASIA & NORTH AMERICA Proprietary sourcing tool leveraging privileged Identification of early-stage trends, notably access to knowledge & data through the private funds’ portfolio S U S T AI N D I
Slide 24: 37 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 60+ board and 300+ years of combined observer seats across our 16 nationalities investment experience(3) portfolio companies Average tenure 3
Slide 25: 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 25 I
Slide 26: Appendix
Appendix
Slide 27: Discount at 18% at 31 December 2023
Discount at 18% at 31 December 2023. Price and NAV per Sofina outstanding share Premium/ Discount (-) of Sofina outstanding (EUR) share vs NAV evolution 40% 500 432 30% 450 28% 400 20% 350 10% 300 338 279 274 5% 265 0% 250 227 277 194 200 172 -10% -15% 225 -16.4% 159 206 193 150 166 -20% -15% -24% -
Slide 28: Sofina SA contact details
SOFINA SA Rue de l’Industrie, 31 B – 1040 Brussels Tel.: +32 2 551 06 11 [email protected] – www.sofinagroup.com