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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.

Cyan Holdings

From trials to deployment

Outlook | Electronics & Electrical Equipment | 30 Mar 2011

While FY10 results were materially unchanged from FY09, Cyan saw improving order momentum in Q410 that should lead to ramping shipments and revenues through FY11. As Cyan’s customers move from trials to full scale deployment, there is significant potential for further volume orders. Cyan is likely to need to raise further funds to support the business as volumes move closer to break-even levels.

Cyan Holdings

Growing order potential

Update | Electronics & Electrical Equipment | 27 Jan 2011

Cyan has signed an MoU with an Indian lighting control system manufacturer that could lead to orders for 375k units. It has also updated the market on the current pipeline of business and its work with businesses and government departments to help define requirements for next generation utility metering. Recent share issues provide funding support as the company works towards break-even.