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heliad equity partners

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Heliad Equity Partners

Scale Update - Key portfolio holdings drive results

Update | Investment Companies | 14 Sep 2017

Heliad Equity Partners benefited from the stock price appreciation of its major listed portfolio holdings (most notably FinTech and MagForce), posting a considerable increase in PBT to EUR 10.9m from a pre-tax loss of EUR 24.8m in H116. Importantly, this includes a considerable proportion of realised gross capital gains of EUR 7.8m (above EUR 2.5m in H116), translating into an improved cash position (net cash of EUR 0.5m compared with net debt of EUR 2.1m in FY16). Consequently, net asset value improved by 8.7% vs FY16 to EUR 9.16 and the stock is now trading at a 23% discount to its NAV.

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.

FinLab

Several holdings complete financing rounds

Update | Financials | 02 Oct 2018

FinLab’s H118 results were influenced by the fall in Heliad Equity Partners’ share price and limited revaluation of non-listed holdings. However, after the balance sheet date FinLab announced several positive developments, including the partial profitable exit from Deposit Solutions and new financing rounds at several holdings. According to management, these should translate into NAV/share of around EUR 23 at end-September 2018, ie c 18% higher than the figure as at end-June 2018. Based on this estimate, FinLab is currently trading at an 11% discount to end-September NAV.

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.

FinLab

Expansion of fintech portfolio continues

Update | Financials | 18 Apr 2018

FinLab continues to expand its portfolio of fintech investments (currently nine holdings), putting special emphasis on opportunities in the blockchain and cryptocurrencies space. The company regards the expertise it has acquired in this area as a competitive advantage in the context of tightening regulations. Nevertheless, FinLab’s strong NAV growth in FY17 (c 41% y-o-y) was assisted by write-ups of its earlier investments: Heliad Equity Partners, Deposit Solutions and Kapilendo. As a result, FinLab’s shares are trading in line with the last reported NAV.

Heliad Equity Partners

Strong gains allow further diversification

Update | Investment Companies | 11 Apr 2018

Heliad Equity Partners (Heliad) posted strong results for FY17, with profit before tax of EUR 39.6m compared with a loss of EUR 22.2m in FY16. This was principally driven by share price gains among listed holdings, notably FinTech Group and MagForce. These increases allowed Heliad to realise gains of EUR 19.5m, supporting further diversification of the portfolio through additional participations in some existing private holdings, and new investments in both listed and unlisted companies, including mattress and home furnishing specialist Sleepz, and vertically integrated jewellery company Elumeo. A FY17 dividend of EUR 0.20 has been recommended.

Heliad Equity Partners

Focused DACH tech investor

Initiation | Investment Companies | 12 Jun 2017

Heliad Equity Partners (Heliad) is a DACH-focused (Germany, Austria and Switzerland) closed-ended fund investing in the tech, e-commerce and lifestyle sectors. It is managed by Heliad Management GmbH, a company wholly owned by Heliad's largest shareholder, FinLab (A7A). Stakes in listed tech companies FinTech Group (FTK) and MagForce (MF6) account for 69% of the portfolio value and their value currently exceeds Heliad's market cap, having appreciated 36% and 82%, respectively, in 2017 to date. The performance of these holdings and the diversification offered by Heliad's 12 other investments may make it an attractive way to access the German tech, e-commerce and lifestyle sectors at a discount.

Heliad Equity Partners

Scale Initiation - Focused DACH investor

Initiation | Investment Companies | 06 Jun 2017

Heliad Equity Partners (Heliad) is a DACH-focused investor in the tech, e-commerce and lifestyle sectors. It is managed by Heliad Management GmbH, a company wholly owned by Heliad's largest shareholder, FinLab (A7A). Stakes in listed tech companies FinTech Group (FTK) and MagForce (MF6) account for 69% of the portfolio value and their value currently exceeds Heliad's market cap, having appreciated 34% and 76%, respectively, in 2017 to date. The performance of these holdings and the diversification offered by Heliad's 12 other investments may make it an attractive way to access the German tech, e-commerce and lifestyle sectors at a discount.

Heliad Equity Partners

German tech growth and venture portfolio

QuickView | Investment Companies | 16 Nov 2016

Heliad Equity Partners (HPBK) is a private equity investment company with a Germany-focused portfolio comprising listed and unlisted investments across four sectors: internet & tech, e-commerce, life sciences and media & entertainment. NAV returns of over 20% have been achieved in each of the last three financial years, driven by largest portfolio holding FinTech Group, although 2016 performance has been weaker, with listed holdings affected by market volatility. Management sees positive developments at portfolio companies supporting its aim of growing NAV by over 25% pa and also targets a narrowing of the discount through greater transparency.