PURPOSE & PATIENCE We aspire to be the preferred partner of entrepreneurs and families who lead growing companies by backing them with patient capital and supportive advice
— Q1 2021 Edition —
OUR MISSION
Our goal at Sofina is to create economic value with a human approach
We believe that the entrepreneurial spirit that characterises many family businesses and growth companies is a source of progress. By supporting these entrepreneurs and innovators, we intend to contribute to global growth, development and innovation.
We believe entrepreneurs become successful by being competitive in a globalised market
Our mission is to provide patient capital, expertise and advice to growing companies led by entrepreneurs and families. We as- pire to be their preferred partner, and have a long-term horizon that few other investors can match.
Our heritage and culture are what make us unique
We put human relationships at the heart of what we do. All our investments are stories of shared values, friendships and ambitious projects with talented entrepreneurs and their management teams. By continuously working in this way, we aspire to become the preferred investment partner of those sharing our beliefs and vision.
2 SOFINA - PURPOSE & PATIENCE OUR MISSION 3 KEY FIGURES
Highlights
EUR 8.9 BN GLOBAL SHAREHOLDERS’ EQUITY (2) REACH
A FAMILY RUN 3 US EUROPE ASIA AND CONTROLLED COMPLEMENTARY Change over the last INVESTMENT COMPANY INVESTMENT 20 years (3) STYLES 9.00 8.00 7.00 6.00 FOUR FOCUS 5.00 4.00 SECTORS Long-term minority 3.00 investments 2.00 42% OF SHAREHOLDERS’ EQUITY (1) 1.00 Offices in Brussels, 0 Luxembourg and Singapore Consumer and Retail 2000 2020 Sofina Private Funds – Investments in venture and growth capital funds
Digital Transformation 39% OF SHAREHOLDERS’ EQUITY (1)
Roots going back 29 Sofina Growth – Investments in Education investment fast-growing businesses professionals 120+ YEARS across our 13% OF SHAREHOLDERS’ EQUITY (1) 3 offices Healthcare
(1) Considering the portfolio in transparency. (2) As at 31 December 2020. (3) Since 1 January 2018, Sofina has adopted the status of investment entity in accordance with IFRS 10. Figures relating to the financial years 2016 and 2017 have been restated in accordance with IAS 28, §18 to ensure that the shareholders’ equity can be compared to that of following years. Accounting data are established in accordance with IFRS since 31 December 2004. Shareholders’ equity for the financial years prior to 2004 correspond to the estimated value of the assets.
4 SOFINA - PURPOSE & PATIENCE HIGHLIGHTS 5 MILESTONES 1898 – 2021 Founded more than 120 years ago as an engineering conglomerate, Sofina is now a listed investment company with equity holdings in Europe, the United States and Asia, across many sectors with a particular focus on Consumer and Retail, Digital Transformation, Our history Education and Healthcare.
2016 2014 First direct investment in the Fifth anniversary of the 2015 2020 2017 United States through a share- ‘Platform for Education and The Singapore office Launch of the 2018 More than half holding in Mérieux Talent’, Sofina’s Philanthropic opens and Sofina Growth Sofina Covid Exit from Flipkart of Sofina’s portfolio NutriSciences project is reinforced, mainly Solidarity Fund. is invested in India, China Sir David Verey CBE outside Europe The investment team and the United States becomes Chair counts 20 professionals
2011 2005 2007 2009 Strategic move towards 2012 Partnership with the growth and more 2013 First investments Investment First investment Forestier family for the international exposure Investment in Flipkart in venture and growth in bioMérieux in e-commerce delisting of Groupe capital funds in India Count Goblet d’Alviella is Petit Forestier appointed Executive Chair
1988 Yves Boël is appointed Chair 1998 and Count Goblet d’Alviella co- 1987 1978 1975 1965-70 Managing Director First investments Investment Investment in Danone Investment in Colruyt Sofina becomes an in venture and growth in SES Reinforcement of the family investment company shareholders following the capital funds acquisition of Société Générale in the United States de Belgique’s stake
1898 1956 Foundation of Sofina 1910 Yves Boël is appointed as (‘Société Financière de First1910 investment 1938 1950s Sofina’s Managing Director Transport et d’Entreprises in a Private Initial Public Offering The Luxembourg First investment by current Since 1956, Sofina Industrielles’), an engineering Equity fund in India office opens family shareholders has increased its annual conglomerate, active in the dividend per share without energy and interruption transportation sectors
6 SOFINA - PURPOSE & PATIENCE OUR HISTORY 7 STRATEGY
Our strategy
Our strategy could be thought as a multi-dimensional network: by investment style, by region and by sector with incorporation of ESG criteria
LONG-TERM SOFINA PRIVATE FUNDS SOFINA GROWTH – MINORITY – INVESTMENTS INVESTMENTS IN INVESTMENTS IN VENTURE AND FAST-GROWING GROWTH CAPITAL BUSINESSES FUNDS
CONSUMER AND RETAIL
EUROPE
“Our strategy is simple. Wherever strong HEALTHCARE relationships can be created with like-minded ASIA partners as interested as we are by what
makes companies grow, we will be present.” DIGITAL TRANSFORMATION US
HAROLD BOËL, CHIEF EXECUTIVE OFFICER
EDUCATION
RESPONSIBLE INVESTOR AND SIGNATORY OF THE UNPRI
8 SOFINA - PURPOSE & PATIENCE OUR STRATEGY 9 OUR APPROACH
What makes us unique
WE UNDERSTAND FAMILY AND WE ONLY WE PROVIDE EXPERTISE IN OUR CORE SECTORS ENTREPRENEURIAL OUR TAKE DYNAMICS AND WORK THROUGH INVESTMENTS MINORITY FOR SUCCESSIVE GUIDANCE, HAVE A GLOBAL WE TAKE A OWNERSHIP GENERATIONS MARKET KNOWLEDGE FOOTPRINT LONG-TERM VIEW POSITIONS AND GLOBAL NETWORK AND INVEST OUR EQUITY ONLY
WE ARE A PARTNER WE DO OUR THROUGH CYCLES, WE BACK ENTREPRENEURIAL AND BEST TO BE GROWING COMPANIES IN GOOD AND BAD WE ARE PRAGMATIC TIMES A RESPONSIBLE FROM START-UPS TO MATURE AND SOLUTION- INVESTOR. WE CARE FOR COMPANIES OUR COMMUNITES, OUR ORIENTED PEOPLE AND THE PLANET THROUGH OUR THREE INVESTMENT STYLES
WE ARE AGILE AND HAVE A FAST WE OFFER DECADES DECISION- OF CUMULATED COMMON VISION EXPERIENCE AND MAKING THROUGH THE THREE INVESTMENT EXPERTISE IN A WIDE AND ALIGNMENT PROCESS STYLES, WE BRING OUR PARTNERS AN RANGE OF BOARD OF INTERESTS GUIDE ALL OUR INTERNATIONAL NETWORK OF DECISIONS SITUATIONS KEY DECISION-MAKERS
10 SOFINA - PURPOSE & PATIENCE WHAT MAKES US UNIQUE 11 TESTIMONIALS
What our partners say...
“After a partnership of more “Sofna continues to be a valuable “At a time when the methods of “Healthcare stands on the pillars of than four decades, Sofna has and supportive long term partner of education took a drastic turn, Sofna unwavering dedication, deeply seated decided to quietly but steadily THG as we consolidate our position helped us navigate through the passion, out of the box innovation sell its shareholding in Colruyt. as the leading e-commerce pure uncertain and complex environment and globalized communication. Sofna has had a very nice ride with us player and technology group in by continuously providing us with Rarely does one fnd these qualities and has always been very supportive, beauty and nutrition worldwide. global updates, information, analysis in investors, but we did fnd them in even in the 80s when there was some The support of their team has been and advice. This has kept us motivated Sofna. LYFE realizes that healthcare uncertainty about Colruyt Group’s particularly appreciated this year to provide new and innovative goes beyond borders, we have survival. Sofna even reinvested due in a context of high growth, the education services and solutions dedicated our efforts in generating to their belief and trust in us. listing of THG on the London Stock to Indian educators and students. international value for our companies Today we say goodbye to François Exchange and the realisation of The Sofna team is always there to by building bridges, Sofna has Gillet, whose mandate will not be several strategic acquisitions.” provide assistance, connect with supported and advised us in this extended. François, who has been a people in the industry or just be a endeavor. We look forward to our
director with us since 1996, has always MATT MOULDING, sounding board to bounce off ideas.” long term relationship for building been a great help to me in terms FOUNDER AND CEO, THG strong human connections globally.”
of support, suggestions, advice ... JAI DECOSTA, CEO, and sometimes a fnger that goes K12 TECHNOSERVICES JAMES ZHAO, up: “should we be cautious of this” FOUNDING PARTNER, LYFE CAPITAL or “maybe it is worth analyzing this further”. It wasn’t always very explicit “Our partnership with Sofna is signals, but they were always spot on.” underpinned by a common operating “With its experience in long term ethos and shared values that allow us minority investments in fast growing J. COLRUYT DURING THE SHAREHOLDER to work hand-in-glove on investment businesses Sofna is an excellent GENERAL MEETING IN SEPTEMBER 2020 opportunities. We have enjoyed success partner for Collibra. With Collibra together and addressed challenging we are building a global leader in situations, but always with a similar Data Intelligence. Sofna’s strategy is frame of mind and positive orientation. perfectly aligned with our objectives. We I am certain that Highland Europe appreciate their long-term vision, their and Sofna will continue to work in advice and their worldwide network.” tandem for decades to come.”
FELIX VAN DE MAELE, FERGAL MULLEN, CO-FOUNDER AND CEO, COLLIBRA PARTNER, HIGHLAND CAPITAL
12 SOFINA - PURPOSE & PATIENCE WHAT OUR PARTNERS SAY... 13
OUR THREE INVESTMENT STYLES (1/3)
42% Investment size Minority stakes of shareholders’ between EUR 75MIO in privately owned and (1) listed companies equity and EUR 300MIO
Mainly European-based In partnership with Patient capital companies with a global entrepreneurs and Long-term reference exposure families shareholder
Why? How? For more than 60 years, Sofna has partne- Our long-term minority investment portfolio red with entrepreneurs, families and mana- consists mainly of European-based compa- Long-term gement teams to support them over their nies having a global exposure in which we long-term growth and create sustainable generally invest between EUR 75 and 300 minority value. million for a minority stake. We are active and constructive members of the company’s To our portfolio companies we bring our investments board and are involved in the development long-term view, strategic and sector expe- of strategic initiatives. Our large capital base rience, fnancial expertise, as well as our glo- affords us patience and the ability to sup- bal network. port growth through capital expenditures or acquisitions. Our approach is flexible and besides growth initiatives, we are also able to provide liqui- dity to existing shareholders or support other like-minded and aligned partners in sponsor-less buy outs. We strive for seamless alignment with our partner shareholders who are often involved in the management of the company.
(1) As at 31 December 2020.
14 SOFINA - PURPOSE & PATIENCE LONG-TERM MINORITY INVESTMENTS 15 I am delighted with Sofna entering into COGNITA CAMBRIDGE ASSOCIATES SALTO DRYLOCK TECHNOLOGIES BIOTECH DENTAL the capital of the Group. It represents a NUXE great opportunity to further develop the www.cognita.com www.cambridgeassociates.com www.saltosystems.com www.drylocktechnologies.com www.biotech-dental.com success story of NUXE in France and fr.nuxe.com abroad. Sofna’s expertise in consumer 2019 | UK 2018 | US 2020 | ES goods will enable NUXE, a pioneer brand 2019 | BE 2018 | FR 2019 | FR Cognita is an independent Cambridge Associates Salto Systems is a Spanish in natural cosmetics and renowned for its Drylock Technologies is a Biotech Dental is a European NUXE is a pioneering French school platform that owns is a global investment frm manufacturer of access control innovative and audacious character, to global designer and private label dentistry leader. It is brand which became the and operates K-12 private that provides portfolio and locking systems. The accelerate its growth. We will pool our manufacturer of hygiene products recognised for its exclusive strengths and share our entrepreneurial reference player in natural schools in Asia, Europe management and advisory company offers stand-alone, for daily comfort & care digital products and services values of commitment, to build together cosmetology, No. 1 in France and Latin America. services to endowments, battery-powered electronic locks (for babies and females mostly). offering, including design and and over the long term. with operations in foundations, pension plans, for access control purposes, The company focuses strongly manufacturing of implants, 60 countries. and private clients. enabling users to control all their on innovation and now owns a dental prostheses, intraoral access needs and secure all their ALIZA JABÈS, PRESIDENT AND unique patent portfolio. The scanners and custom-made FOUNDING MEMBER OF THE doors without complex and NUXE GROUP company operates 72 production transparent aligners. expensive wiring. lines in America and Europe.
HILLEBRAND FIRST EAGLE VEEPEE THE HUT GROUP BYJU’S MÉRIEUX Over the year 2016, Sofna and its NUTRISCIENCES www.hillebrand.com www.thg.com www.feim.com www.veepee.com team have proved to be the right www.byjus.com www.merieuxnutrisciences.com partners for us at a time of rapid 2016 | DE 2016 | UK 2016 | US 2016 | FR growth at THG. We value Sofna’s 2016 | IN Hillebrand is a global leading long-term approach and are pleased The Hut Group is an 2014 | US First Eagle is a leading Veepee, formerly vente- Byju’s is a leading provider of service provider in the shipping, to count on their continued support international technology closely-held investment privee, is a European leader supplemental education Mérieux NutriSciences offers transportation and logistics of as we set about delivering on our company focusing on online management frm based in online flash sales and solutions. Byju’s developed analysis and support services beverages and products that ambitious global expansion. retail in the beauty and in New York, serving both specializes in selling brand effective, adaptive and engaging for new product development require special care. wellbeing sectors. It is active retail investors and overstock exclusively to its learning programs, focused on in the food industry. It operates The company focuses on two in Europe, US and Asia. institutional clients. members. The company is MATTHEW MOULDING, the K-12 segment. The company a network of laboratories specifc niche markets: beer, CEO OF THE HUT GROUP active in several sectors, is active in India and the Middle around the world. wine and spirits, and industrial including fashion, travel, East. bulk such as mineral oils and entertainment and wine. chemicals.
SOME FORMER INVESTMENTS
GL EVENTS BIOMÉRIEUX GROUPE PETIT FORESTIER CHAPOUTIER LUXEMPART DANONE www.gl-events.com www.luxempart.lu www.biomerieux.com www.corporate.petitforestier.com www.chapoutier.com www.danone.com 2013 -> 2020 | FR
2012 | FR 1992 | LU 2009 | FR 2007 | FR 2007 | FR 1987 | FR GL events is a fully integrated Luxempart is an investment bioMérieux is a global leader Groupe Petit Forestier Chapoutier is one of the leading Danone is a global leader in international event company company that manages in in vitro diagnostics and is the European leader wine producers in the Rhône bringing health through food across the three main market Valley (France), and is also present a portfolio of listed and provides diagnostics solutions in refrigerated vehicle, with its four businesses: 2011 -> 2019 | FR segments: congresses, non-listed frms mainly that improve patient health display unit and in other regions. The business has Essential Dairy and Plant- conferences and conventions; in Luxembourg, Belgium, and ensure consumer safety. container rental. built an international reputation Based Products, Waters, Early cultural, sports, institutional, France and Germany. thanks to exceptional domain Life Nutrition and Medical corporate and political events; names, a longstanding high- Nutrition. Its brand portfolio trade shows and consumer quality standard and a pioneering includes evian, Nutrilon, fairs. position in biodynamic wine- Activia, Alpro and Mizone. 2011 -> 2016 | UK growing.
16 SOFINA - PURPOSE & PATIENCE LONG-TERM MINORITY INVESTMENTS 17
OUR THREE INVESTMENT STYLES (2/3)
39% ~60 Venture and growth of shareholders’ Core GPs capital funds equity (1)
+ Equity commitment between First investments Active in the US, Asia between EUR 10 m 1978 and Europe and EUR 40 m
Why? Sofna’s frst commitment to a Private Fund SELECTED GPS BASED SELECTED GPS dates back to the late 70s, laying the founda- IN US OR WITH BASED IN ASIA GLOBAL FOOTPRINT tion for further geographic diversifcation of the • Ascendent group. Since then, the investment activity has • Abry • China Renaissance matured into a formalized investment activity • Andreessen Horowitz • ChrysCapital with exposure to the US, Europe and Asia. • Battery • Crescent Point • Bessemer Our portfolio is deliberately skewed towards • Falcon House • DST Sofina Venture Capital and Growth as these strate- • Genesis • Founders Fund gies resonate best with Sofna’s DNA of being • GGV Private Funds • Foundry Group long-term supporters of Founders. • InvAscent • General Atlantic • Kedaara – Investments In addition to delivering attractive returns, • H.I.G. • Loyal Valley Capital in venture this investment pillar adds tangible value by • Iconiq • LYFE enhancing our network, knowledge and deal • Insight • Multiples and growth flow. Fund Managers, on the other hand, value • IVP • Qiming Sofna’s European & long-term profle, as well • Kleiner Perkins • Source Code capital funds as our ability to support their portfolio compa- • Lightspeed (US, India • Trustbridge nies through Sofna Growth. & China) • Lux Capital How? • NEA SELECTED GPS • Redpoint (US & China) BASED IN EUROPE Investments in Venture and Growth funds • Sequoia (US, India & can be summarized as follows: Sofna com- China) • Atlantic Labs mits a fxed amount of capital to a Limited • Spark • Atomico Partnership for a period of 10 to 12 years. • Spectrum • Blossom • Dawn These partnerships are managed by spe- • Summit • EMH cialized teams: General Partners raise funds • TA Associates • Felix from institutional investors such as Sofna • Thoma Bravo • Thrive • Highland (the “Limited Partners”). The General Partners • Lake Star usually have an investment period of fve to • Tiger Global • Venrock • Local Globe six years to make investments according to a • Mérieux pre-determined investment strategy. • Northzone These investments are exited prior to the end • Singular of the fund lifetime (10 to 12 years), but the • Sofindev exact timing is at the discretion of the GPs. • Stride The proceeds of the divestures are distributed to LPs, net of fees. (1) As at 31 December 2020.
18 SOFINA - PURPOSE & PATIENCE SOFINA PRIVATE FUNDS – INVESTMENTS IN VENTURE AND GROWTH CAPITAL FUNDS 19 OUR THREE INVESTMENT STYLES (3/3)
13% Investment size High growth between EUR m of shareholders’ 15 sectors (1) equity and EUR 50 m
In partnership with Transparent Global trusted footprint and fast partners investment process
Sofina Why? Initiated in 2013, Sofna Growth focuses on As a long-term partner, Sofna is repre- Growth – investments in fast-growing companies, sented in governance bodies when its pre- positioned on the most dynamic themes sence is desired and aims to maintain close Investments within of our focus sectors (Consumer and relationships with the founders whose eco- Retail, Digital Transformation, Education nomic interests are aligned with ours. in fast- and Healthcare). The strategy consists of leveraging Sofna’s experience in direct Given the evergreen nature of our capital, growing investments, its permanent capital base and we support the growth of companies by businesses its network of investors in order to access investing additional capital in subsequent high-quality investment opportunities wor- rounds. We also support such growth by ldwide. providing access to relevant stakeholders within our vast network of portfolio com- How? panies, investors and other partners across Sofna Growth usually invests equity tickets multiple geographies. between EUR 15 and 50 million per com- Sofna Growth has a global geographic pany, as part of “late stage” venture capital coverage oriented towards regions driving or “early growth” capital rounds. Priority is growth and innovation. Initially, most of our given to investment opportunities where efforts were concentrated on Asia (India, trusted partners are present within the China, South-East Asia) and the United shareholders’ base, whether they are Gene- States. More recently, we have been paying ral Partners from Sofna Private Funds’ port- increasing attention to the European mar- folio or other reputable investors. Thanks to ket, and several investments have been a fast decision-making process for assessing made. new opportunities, we are able to follow our partners as soon as an investment meets our criteria.
(1) As at 31 December 2020.
20 SOFINA - PURPOSE & PATIENCE SOFINA GROWTH — INVESTMENTS IN FAST-GROWING BUSINESSES 21 MAMAEARTH CRED COLLIBRA K12 TECHNO SERVICES KOPI KENANGAN QINGZHU VINTED LENSKART FORMA BRANDS HEALTHKART VERSE INNOVATION
www.mamaearth.in www.cred.club www.collibra.com www.k12technoservices.com www.kopikenangan.co.id www.qinghotel.com www.vinted.com www.lenskart.com www.formabrands.com www.healthkart.com
2021 | IN 2021 | IN 2020 | BE 2020 | IN 2020 | IND 2020 | CN 2019 | LT 2019 | IN 2019 | US 2019 | IN 2019 | IN Mamaearth is an online-frst CRED is a credit card bill Collibra is a Data Intelligence K12 Techno Services is a Kopi Kenangan is a fast Qingzhu is an asset-light, Vinted is the leading European Lenskart manufactures eyewear Founded as a professional HealthKart is an Indian VerSe offers personalized certifed toxin-free baby and payment platform active in company. Collibra school management growing Indonesian grab-and- tech-enabled economy hotel online marketplace and brands Vincent Chase and John makeup brush company in manufacturer and retailer of personnalized high quality personal care brand in India. India and counting more accelerates trusted business company that operates the go coffee chain which offers chain in China which community that allows its users Jacobs and sells its products Los Angeles, Forma Brands has health and ftness content to users in vernacular than 3 million members. outcomes by connecting the Orchids International Schools fresh affordable coffee to supports partner hotels by to sell, buy and swap second- through an omnichannel developed an innovative, supplements. language, through Dailyhunt. CRED is offering rewards and right data, insights and brand in India. The Indonesian consumers. The providing access to its online hand clothing items and platform that includes 500 influencer-led platform, services to its members for algorithms to all data company’s services offer company has over 340 outlets booking platform, software accessories. physical stores across India, an becoming a global beauty brand transacting on its platform. citizens. enables students to get (and growing) across 18 cities in solutions and management online store and a home with a highly engaged and loyal access to better Indonesia. assistance. eye-check up service. base of customers. opportunities to build up their future.
GRAPHCORE ZHANGMEN XINYU AOHUA BIRA 91 GRAND ROUNDS ZILINGO MISSFRESH MEDGENOME THOUGHTSPOT OPSEO
www.graphcore.ai www.zhangmen.com www.censh.com www.aohua.com www.bira91.com www.grandrounds.com www.zilingo.com www.missfresh.cn www.medgenome.com www.thoughtspot.com www.opseo-intensivpflege.de
2018 | UK 2018 | CN 2018 | CN 2018 | CN 2018 | IN US 2018 | SG 2018 | CN 2017 | IN 2017 | US 2016 | DE Graphcore is a chip Zhangmen is a leading player in Xinyu is the largest watch Aohua is a leading Chinese Bira91 is an Indian beer brand, Grand Rounds is a US healthcare Zilingo is a B2B platform that MissFresh is a leading MedGenome is a leading ThoughtSpot provides a opseo Intensivpflege is a manufacturer who built the China’s K-12 online retailer and wholesaler in China, endoscopy equipment and emerging as a leader in the company that provides aims to make the global apparel e-commerce platform which Indian genomics research and business-intelligence leading player in the German fastest and most flexible after-school tutoring space. offering a comprehensive consumables manufacturer premium segment. technology solutions to identify supply chain fair, connected and provides high quality fresh genetic diagnostics company analytics search software for outpatient intensive care Intelligence Processing Unit It connects students with portfolio of mid- to high-end with more than 20 The company produces and connect the most transparent. Its software and groceries. With its integrated with offces and labs in large enterprises. It helps market. for the artifcial intelligence teachers online, offering and luxury watches from subsidiaries and branch a range of flavourful beers appropriate specialist doctors marketplace help businesses in supply chain and network of Bangalore, Singapore and non-technical users to easily market. personalised tutoring programs. world-renowned brands. offces globally. and has a differentiated based on the medical needs of the apparel sector with sourcing mini-warehouses across the Bay Area. explore, analyse and marketing strategy. the individuals. and production effciency. major Chinese cities, the share real-time business Its services help to reduce company delivers fresh analytics data. medical costs and enhance groceries to its customers effciency. within an hour.
SOME FORMER INVESTMENTS
CAREBRIDGE TCNS ACT PINE LABS 1STDIBS PRACTO HECTOR BEVERAGES IHS SPARTOO
www.jiahui.com www.wforwoman.com www.actcorp.in www.pinelabs.com www.1stdibs.com www.practo.com www.paperboatdrinks.com www.ihstowers.com www.spartoo.com 2013 › 2018 | IN 2010 › 2016 | UK 2019 › 2020 | US
2016 | CN 2016 | IN 2016 | IN 2015 | IN 2015 | US 2015 | IN 2015 | IN 2014 | NIG 2012 | FR Anchored by TCNS Clothing Company is a Atria Convergence Technologies Pine Labs is a provider of 1stdibs is a leading US online Practo is a provider of tech- Hector Beverages is an IHS is one of Africa’s leading Spartoo is a French leader Jiahui International Hospital, leading player in the (ACT) is a provider of broadband innovative IT solutions that marketplace for decorative arts. enabled solutions connecting Indian company, specialized providers of telecom tower in omni-channel Carebridge is an integrated women’s branded apparel internet access and cable TV Its main categories of products stakeholders in the Indian in the production and shoe sales and is active simplify payments for infrastructure for mobile 2013 › 2015 | IN 2013 › 2016 | ES 2016 › 2020 | US healthcare services network market in India. It owns three distribution in India, with more merchants, with terminals are furniture, fne arts, jewellery & healthcare value chain (patients, distribution phone operators. The group throughout Europe. based in Shanghai which brands (W, Aurelia and than 1.5 million subscribers. The suitable for all types of watches and fashion. doctors, hospitals and service of beverages based on builds, leases, and manages delivers differentiated quality Wishful) in the contemporary company is active in Hyderabad, electronic payments. providers). traditional Indian recipes telecommunications towers and impact in clinical care, ethnic segment. Bangalore, Delhi, Chennai and is The company is a market through its flagship brand which it owns or are owned clinical research and expanding in other cities. leader in India and is Paper Boat. by others. professional training. expanding internationally. 2014 › 2014 | IN 2015 › 2017 | UAE
22 SOFINA - PURPOSE & PATIENCE SOFINA GROWTH — INVESTMENTS IN FAST-GROWING BUSINESSES 23 FOUR FOCUS SECTORS Selected portfolio companies Focus sectors in our focus sectors
Sector knowledge is paramount. We have teams We have gathered signifcant industry exper- focusing on our four preferred sectors with the tise and investment experience in those areas belief, in line with our mission, that these sec- through our investment styles. This knowledge, tors are well positioned to contribute to global alongside our partners’ industry experience, growth, development and innovation. enables us to support the growth of our portfolio companies.
Consumer Digital Healthcare Education and Retail Transformation
We believe intimate knowledge of an industry to be a condition for adding meaningful value to growing companies. Over the years, we have built a track record of investing in our Focus Sectors: Consumer and Retail, Digital Transformation, Education, and Healthcare. By being closer to these industries and their people, we can better identify the trends and themes that will drive future growth. As your partner, we believe our sector knowledge and dedicated resources allow us to provide guidance, market knowledge and a global network.
24 SOFINA - PURPOSE & PATIENCE FOCUS SECTORS 25 OUR STORY IN ASIA
Investing and contributing Asian companies to growth in Asia in our focus sectors
Consumer and Retail
Fashion-focused Premium Indian manufacturer Producer of Indian e-commerce player in beer brand and retailer of health and ethnic beverages South-East Asia fitness supplements
Leading eyewear Leading women’s Online grocery Largest watch retailer and manufacturer and apparel brand company in China wholesaler in China retailer in India
Indonesian grab-and-go Tech-enabled economy Online-first certified coffee chain hotel chain in China toxin-free baby and personal care brand in India
Since 2005 we have held the belief, that has in the meantime turned Digital Transformation into fact, that growth in Asia and especially, growth of its domestic consumption was going to be a secular driver of global growth. Payments technology Leading vernacular content Credit card bill payment company aggregator in India platform active in India
Education
Online provider Leading player in China’s School management 2020 2019 2018 2016 of supplemental K-12 after-school tutoring company providing services education content space to 37 schools in India More than 10 employees More than 20 First First in Singapore direct investments investment in investment office in Asia South-East Asia (Zilingo) in China (Carebridge) Healthcare
2015 2015 2013 2005 Provider of tech-enabled Genomics research Integrated healthcare The fund portfolio Opening of the First First investments solutions for the and genetic services company healthcare sector diagnostics company in China reaches 20 GPs Singapore office investment in India in venture and growth (Flipkart) capital funds in Asia Chinese endoscopy equipment and consumables manufacturer
26 SOFINA - PURPOSE & PATIENCE INVESTING AND CONTRIBUTING TO GROWTH IN ASIA 27 ESG
The cornerstone of our ESG commitment is to when Sofna considers its environmental foot- implement the United Nations Principles for print. This focus is present in how we work and ESG commitments Responsible Investment (UNPRI) in our invest- interact with each other in and outside the work- ment decision making process since 2019. These place, our presence in volunteering and non- principles are now part of our investment strategy, proft organisations as well as on our willingness decision-making and portfolio company mon- to reduce our environmental footprint. itoring process. This approach was formalised in a Responsible investment policy and in an inter- nal assessment tool, the “ESG Framework” used to measure the ESG performance of our target and portfolio companies. By applying this policy Sofna also launched the Sofina Covid Solidar- and assessment tool in our decision making pro- ity Fund, a + EUR 20M fund mainly fnanced by cess, we expect to evolve from an initial approach Sofna with additional contributions being made as mitigator of the 17 Sustainable Development by its management team and Board members to Goals developed by the United Nations (“SDG”), address the adverse consequences of the global towards a position of contributor to these SDGs. Covid-19 pandemic on two key issues related to its ESG is also at the heart of what we do as an focus sectors: specifc challenges in healthcare sys- employer, as an active community member and tems and services and the digital gap in education.
These undertakings are further illustrated in the below chart which set outs our four main themes divided into specifc commitments:
Our Our Our Our Investments People Communities Environnement
We implement the We promote We are socially We strive to reduce “The commitment to responsibly recommendations diversity, inclusion engaged and our environmental issued by the United and a collaborative support initiatives footprint create enduring value lies at the Nations on ESG in organization. promoting our investment cultural and social We raise awareness heart of Sofna’s culture. Our role as a decision making We build a fulfilling development in on environmental process in order to workplace for our communities. issues. better manage risks everyone and aim at long-term shareholder and investor while generating being a responsible We comply with laws sustainable returns employer. and regulations and over the long term favor spirit over is to foster sustainable growth.” We support perma- the letter. nent learning, personal develop- We strive to ment and dynamic implement the career management best governance with a growth practices at all levels. minded approach.
28 SOFINA - PURPOSE & PATIENCE ESG 29 GOVERNANCE Board of Directors
1. 2. 3. 4. 1. Dominique 6. Jacques Emsens 12. Charlotte Strömberg * Lancksweert Board Member of UFB Vice-chair of the Board Chair of the Board of Sofna Dominique Lancksweert Harold Boël Laura Cioli Nicolas Boël of Sofna 7. Anja Langenbucher * Chair of the Board Senior Advisor at Morgan European Director of of Castellum 5. 6. 7. 8. Stanley the Bill and Melinda Gates Foundation 13. Michel Tilmant * 2. Harold Boël Board member of Chief Executive Offcer 8. Robert Peugeot BNP Paribas Group Laurent de Meeûs d’Argenteuil Jacques Emsens Anja Langenbucher Robert Peugeot Chair of FFP 3. Nicolas Boël 14. Guy Verhofstadt * 9. 10. 11. 12. Chair of the Board of Solvay 9. Analjit Singh * Former Belgian Prime Founder and Chair Minister and Member of 4. Laura Cioli * of Max Group Renew Europe in the EU Board member Parliament 10. Michèle Sioen * Analjit Singh Michèle Sioen Catherine Soubie Charlotte Strömberg of Pirelli, Brembo, Mediobanca and Autogrill CEO of Sioen Industries 15. Gwill York * 13. 14. 15. Co-founder and Managing 5. Laurent de Meeûs 11. Catherine Soubie * Director of Lighthouse d’Argenteuil CEO of Arflia Capital Partners Senior Partner at Egon Zehnder International Michel Tilmant Guy Verhofstadt Gwill York
* Independent directors
30 SOFINA - PURPOSE & PATIENCE BOARD OF DIRECTORS 31 TEAM
We are Sofina Executive Committee
HAROLD BOËL VICTOR CASIER XAVIER COIRBAY Chief Executive Officer Executive Committee Executive Committee
• Joined in 2008 as CEO, • Joined in 2006 • Joined in 1992 member of the controlling family • Boards: Veepee and Drylock • Boards: Cambridge Associates and • Boards: bioMérieux, Mérieux • Previously at Roland Berger, First Eagle NutriSciences and Cognita Transwide Ltd • Previously at Générale • Previously at Usines Gustave Boël and Banco Urquijo de Banque and Corus • Louvain School of Management, • Solvay Brussels School of Economics • Brown University (Chem.), University & Management école Polytechnique Lausanne of Chicago (MBA) and INSEAD and INSEAD (IDP-C*) (Mat. Sc.) and INSEAD (IDP-C*) (IDP-C*)
WAUTHIER FRANÇOIS EDWARD DE BASSOMPIERRE GILLET KOOPMAN Executive Committee Executive Committee Executive Committee
• Joined in 1999 • Joined in 1988 • Joined in 2015 • Committee member of • Boards: Hillebrand, Luxempart • Boards: GL events, the Platform for Education and Groupe Petit Forestier The Hut Group and Nuxe and Talent • Previously at Union Minière • Previously at BNPP, Barings, Bain • Previously at CMS DeBacker • Louvain School of Management & Co. • Catholic University of Louvain and INSEAD (IDP-C*) and Electra Partners Europe/ (Law), ICHEC (Tax), Vleckho Cognetas (Business Communication) • EM Lyon Business School and INSEAD (IDP-C*)
* International Directors Programme - Certifcate in Corporate Governance
32 SOFINA - PURPOSE & PATIENCE EXECUTIVE COMMITTEE 33 Investment Team International team with 14 nationalities
DAVID BIRGET YASHVIN SINGH BOPARAI JEAN-FRANÇOIS BURGUET YANA KACHURINA ANTHONY KEUSTERS MARKUS KREUS Investment Associate Investment Associate Senior Investment Manager Investment Manager Investment Manager Investment Associate
• Joined in 2019 • Joined in 2017 • Joined in 2014 • Joined in 2016 • Joined in 2013 • Joined in 2019 • Previously at the Boston • Board: 1stDibs • Boards: 1stdibs, Uperio and • Boards: VerSe, Hector Beverages • Boards: Sofndev, Drylock and • Previously at PwC Consulting Group (BCG) • Previously at Barclays and Royal Graphcore and Mamaearth Lillydoo • Maastricht University School of • HEC Paris (Fin. Econ.) Bank of Scotland • Previously at Deloitte • Previously at Roland Berger and a • Previously at Deloitte Business and Economics (SBE) • Oxford University • Polytechnique Louvain (Elec. Eng.) French family offce • University of Antwerp (Fin. Econ.) and The Wharton School (MBA) • Solvay Brussels School of (Law & Tax), ICHEC (Tax) Economics & Management and EMS (Fin.)
STÉPHANIE DELPERDANGE HADRIEN DUHEM AGATHE EMPRIN YIZHEN LIM XIAO-TIAN LOI AINHOA MANTEROLA SOLANS Head of Luxembourg Investment Associate Investment Associate Investment Associate Senior Investment Manager Senior Investment Manager
• Joined in 2007 • Joined in 2018 • Joined in 2020 • Joined in 2019 • Joined in 2015 • Joined in 2017 • Boards: Cambridge Associates • Previously at Bain & Co. • Previously at PwC • Previously at Venturecraft • Boards: Carebridge, MedGenome • Board: Biotech Dental and Salto • Previously at KPMG • Solvay Brussels School of • IESEG School of Management & Ark Bio Holdings, KPMG and Qingzhu • Previously at Bain Capital and Kredietbank Economics & Management (Corporate fnance) and Singapore Economic • Previously at Allianz Capital and McKinsey • ICHEC and Certifed Luxembourg and HEC Paris (Fin.) Development Board Partners, Monetary Authority • Institut Supérieur de Accountant • Peking University (Econ.) of Singapore and Singapore l’Aéronautique et de l’Espace Economic Development Board (Aero. Eng.) • UC Berkeley (Chem. Eng.) and Columbia University (Fin. Eng.)
BERTRAND FAWE ALEXI GANTELME VAIBHAV GARG Investment Associate Investment Manager Investment Associate
• Joined in 2017 • Joined in 2014 • Joined in 2021 • Board: Groupe Petit Forestier • Board: Biotech Dental • Previously at Bain & Co. • Previously at Mediobanca and • Previously at Exane BNP Paribas • Shri Ram College of Commerce LFPI and KPMG Corporate Finance (Delhi) and ESSEC Business School • Solvay Brussels School of • Louvain School of Management (Paris) Economics & Management
* International Directors Programme - Certifcate in Corporate Governance
34 SOFINA - PURPOSE & PATIENCE TEAM 35 Investment Team Corporate and Tax & Legal Team
LINDA MULYANI PHILIPPE NYSSEN MATHIEU POMA PASCAL BOSSIROY FRÉDÉRIC DOCQUIER AMÉLIE LAGACHE Investment Associate Investment Manager Senior Investment Manager Head of HR Group Business Controller Head of Tax
• Joined in 2018 • Joined in 2014 • Joined in 2008 • Joined in 2019 • Joined in 2016 • Joined in 2014 • Previously at Goldman Sachs • Previously at PwC • Boards: Chapoutier, Nuxe • Previously at Sumitomo • Previously at PwC, SCA Packaging, • Previously at PwC • Singapore Management • Graduate from Solvay Brussels and Spartoo Mitsui Banking Corporation, Leleux TNT, Avnet and bpost • Catholic University of Louvain (Law) University (Fin.) School of Economics & • Previously at Associated Brokers, Robeco/ • Solvay Brussels School of and Solvay Brussels School of Management and The Wharton Bridgestone Europe Kaupthing Bank Belgium and Economics & Management Economics & Management (Tax) School (MBA) • Solvay Brussels School of RaboRobeco Bank Luxembourg • Certi fed in-house tax advisor Economics & Management • University of Nancy II (DESS DGHR) (IEC-IAB) and Institut Supérieur Lucien Cooremans (Fin.)
BENJAMIN SABATIER TANYA SEN MAXENCE TOMBEUR JEAN-FRANÇOIS CARINE EMILIE VAN DE WALLE Investment Manager Investment Manager Head of Asia LAMBERT LEROY DE GHELCKE Head of Operations Head of Talent Senior Legal Counsel • Joined in 2016 • Joined in 2017 • Joined in 2008 • Previously at Deloitte and Cube • Boards: Zilingo, Cognita, HealthKart • Boards: Practo, Hector Beverages, • Joined in 2009 • Joined in 2005 • Joined in 2016 Infrastructure Managers and K12 Techno Services Pine Labs, Byju’s and Bira 91 • Previously CIO at Robeco Bank • Previously at Belgacom Skynet, • Previously at Freshfelds Bruckhaus • Arts et Métiers ParisTech (Mech. • Previously at Bain & Co. • Previously at ING Belgium & Kaupthing Bank Colgate Palmolive, Levis Strauss, Deringer Eng.), Georgia Tech (Mech. Eng.) and Deutsche Bank • Louvain School of Management Belgium, Consultant at Callataÿ & Lintas & IBM • Catholic University of Louvain and HEC Paris (Fin.) • Oxford University (Eng., Econ. & Wouters • EHSAL Management School, (Law), Free University of Brussels Mgmt.) and The Wharton School • École Polytechnique Louvain Vlerick Business School and Solvay (Econ. Law) and the London (MBA) (Civil Eng.), INSEAD (TGM), Vlerick Brussels School of Economics School of Economics and Political Business School (IMP), Solvay & Management Science (LLM) Business School (IT), Louvain School of Management
GIULIA VAN WAEYENBERGE YANHUAN WANG Senior Investment Manager Investment Associate
• Joined in 2010 • Joined in 2020 • Boards: GL events and Mérieux • Previously at Tiger Global Nutrisciences Management and Macquarie • Previously at De Eik • Columbia University (MPA) and and Merrill Lynch National University of Singapore • Catholic University of Leuven (MPP) (Elec. Eng.), Singapore Management University (Econ.) and INSEAD (IDP-C*)
36 SOFINA - PURPOSE & PATIENCE TEAM 37 CREATING VALUE
Long-term growth of assets Key figures
SHAREHOLDERS’ EQUITY (BN EUR) (1) (2)
9.0 8.9
8.0
7.0
6.0
5.0
4.0 3.1 3.0
2.0
1.0
0 (3) (3) 2011 2013 2015 2012 2019 2018 2014 2001 2010 2003 2020 2002 2005 2007 2006 2009 2008 2004 2000 2017 2016
ANNUAL AVERAGE RETURN (%) (4)
18 18.0 15.1 15 13.4 11.2
12 10.7 10.1 9.2 9 6.7 5.4
6 4.6
“As an evergreen investment holding, 4.5 we aim to create long-term shareholder 3 value across three investment styles 0 -3
valued as one portfolio.” -6 -3.2 1 YEAR 4 YEARS 7 YEARS 10 YEARS
Shareholders’ equity of Sofina (5) MSCI AC WI (EUR) (6) EURO STOXX 50 (7)
(1) The accounting data are prepared under IFRS standards since fnancial year closed at 31 December 2004. The shareholders’ equity for fnancial years prior to 2004 corresponds to the estimated value of the assets. (2) As at 31 December 2020. (3) Figures relating to 2016 and 2017 have been restated in accordance with IAS 28, §18 to ensure that the shareholders’ equity for 2016 and 2017 can be compared to that of following years. (4) Average annual growth rate over the reference period ending on 31 December 2020. (5) Per share, gross dividends reinvested. The fgures relating to 2016 and 2017 have been restated according to IAS 28, §18 to ensure that the shareholders’ equity for 2016 and 2017 can be compared to that of following years. (6) MSCI AC World Net Total Return EUR Index – NDEEWNR Index. (7) Euro Stoxx 50 Net Return Index EUR - SX5T Index.
38 SOFINA - PURPOSE & PATIENCE LONG-TERM GROWTH OF ASSETS 39 CONTACT
Our offices
BRUSSELS LUXEMBOURG SINGAPORE
Rue de l’Industrie, 31 Rue Léon Laval, 12 108 Amoy Street, #03-01 B-1040 Brussels L-3372 Leudelange Singapore 069928 Belgium Luxembourg Singapore
Tel. +32 2 551 06 11 Tel. +352 45 61 92 Tel. +65 6327 1700 [email protected] [email protected] [email protected]
Postal address: Sofna Partners SA BP 16 L-3205 Leudelange
40 SOFINA - PURPOSE & PATIENCE OUR OFFICES 41 SOFINA | Société anonyme
Brussels Office – Registered Office Rue de l’Industrie, 31 | B-1040 Brussels – Belgium Tel. : (+32) 2 551 06 11
[email protected] | www.sofinagroup.com
44 SOFINA - PURPOSE & PATIENCE