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Heliad Equity Partners

NAV decline driven by listed holdings

QuickView | Investment Companies | 19 Nov 2018

Heliad's results and NAV were influenced by the overall conditions in theequity markets, with all but one listed holding (DEAG DeutscheEntertainment) posting a share price decline in H118. Major portfoliodevelopments during the period include the reduction of the FinTechGroup stake, participation in the pre-IPO funding round of Cyan andacquisition of Cubitabo by Sleepz. Heliad's shares currently trade at a 29%discount to the last reported NAV of €10.38 (as at end-June 2018), with aneven wider discount if we take into account FinTech's current share price.

Cyan

The transformation continues

Update | Technology | 13 Nov 2018

The acquisition of I-New transforms Cyan’s scale and growth prospects still further. Recent interim results highlighted a business on track to exceed FY18 pro forma guidance of EUR 20m and expand EBITDA margins significantly. With a largely recurring revenue base, orders with an annualised contract value (ACV) of over EUR 6m already signed and a qualified pipeline of EUR 100m in ACV, the company also appears well positioned to deliver FY19 revenue guidance of EUR 35m (implying 75% y-o-y organic pro forma revenue growth).

Heliad Equity Partners

NAV decline driven by listed holdings

Update | Investment Companies | 05 Oct 2018

Heliad’s results and NAV were influenced by the overall conditions in the equity markets, with all but one listed holding (DEAG Deutsche Entertainment) posting a share price decline in H118. Major portfolio developments during the period include the reduction of the FinTech Group stake, participation in the pre-IPO funding round of Cyan and acquisition of Cubitabo by Sleepz. Heliad’s shares currently trade at a 29% discount to the last reported NAV of EUR 10.38 (as at end-June 2018), with an even wider discount if we take into account FinTech’s current share price.

Heliad Equity Partners

Strong returns being driven by listed holdings

Review | Investment Companies | 21 Jun 2018

Heliad Equity Partners (Heliad) achieved a NAV total return of 47.3% in 2017, driven by the strong performance of its listed holdings, including its largest investment, FinTech Group. Diversification continued in 2017, with some of Heliad’s listed holdings reduced to fund new investments in Sleepz, Elumeo and Urbanara. In 2018, Heliad has invested in Cyan and merged Cubitabo into Sleepz. The portfolio now comprises seven listed investments and eight private equity investments, all operating within the technology and digital brands market segments. While NAV declined in the first quarter of 2018, Heliad’s listed investments have recovered strongly so far in the second quarter, and the manager expects strong growth in the value of portfolio companies to drive NAV higher over the full year.

Cyan

Operational and structural transformation

Initiation | Technology | 28 Mar 2018

Cyan is set to transform itself from a smallish, privately held Austrian tech company dependent on a single product group and a single customer, into a globally focused vendor of a range of cyber security systems for mobile data. The IPO proceeds fund the full acquisition of the operating subsidiary. New products address the operating cost issue for virtual mobile network operators and the ever-growing need to protect mobile financial services users from a range of threats. The established business should remain profitable but can only be a minor component of Cyan's value in its new guise.

Cyan Holdings

Major Indian CyLec order

Flash note | Electronics & Electrical Equipment | 17 May 2012

Cyan has received its largest order to date in the Indian market, worth over $1m. The order provides an endorsement of Cyan's CyLec technology, and shows that the recent development work undertaken to support the Indian electricity metering market has paid off. The TNEB tender in India (for which the outcome is due imminently) could provide additional material orders in this market.

Cyan Holdings

Chinese market update

Flash note | Electronics & Electrical Equipment | 17 Jan 2012

Cyan has won another initial lighting order in China, which could lead to follow-on orders through 2012. Cyan has more than 40 prospective and active lighting customers in China that could lead to substantial volume orders as trials move from pilot to full scale installations. The recent fund-raising provides Cyan with working capital to support product development and a ramp in orders.

Cyan Holdings

Strategic partnership

Flash note | Electronics & Electrical Equipment | 27 Oct 2011

Cyan has announced further penetration of the Chinese street lighting market with the signing of a strategic agreement with a Chinese lighting manufacturer. As the supplier to two street lighting manufacturers, Cyan is now better positioned to benefit from the award of energy management contracts (EMCs) to either partner.

Cyan Holdings

Driving energy efficiency

Update | Electronics & Electrical Equipment | 03 Oct 2011

Cyan reported strong y-o-y revenue growth in H1 as initial lighting orders were shipped. However, the pace of follow-on orders has been slower than anticipated and we have cut our FY11 revenue forecast accordingly. The regulatory environment for both Chinese lighting and Indian electricity metering has been defined, positioning Cyan well to benefit from orders from customers once they win tenders.

Cyan Holdings

H111 trading update

Update | Electronics & Electrical Equipment | 06 Jul 2011

Cyan's H1 trading update confirms that the backlog continues to grow and highlights that backlog-based revenue for FY11 is likely to exceed FY09 and FY10 revenues combined. This still leaves a large volume to be shipped in H2 to meet our revenue forecast. We believe this is still achievable from a supply perspective and possible based on a combination of orders from existing and new customers.

Cyan Holdings

Follow-on lighting order

Flash note | Electronics & Electrical Equipment | 30 Jun 2011

Cyan has announced a follow-on order from a Chinese HID lighting customer. Cyan has a growing backlog of initial orders for this market and could receive significant follow-on orders as customers move to full-scale deployment. H111 revenues exceeded FY10 revenues; a significant ramp in orders through H2 will be required to reach our FY11 revenue forecast.

Cyan Holdings

More initial lighting orders

Flash note | Electronics & Electrical Equipment | 11 Apr 2011

Cyan has announced further initial orders for use in lighting projects in two new geographies. Cyan has a growing backlog of initial orders for this end market and has the potential to receive significant follow-on orders as customers move to full-scale deployment.