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Semi-Annual Report As at March 31St, 2016 Unideutschland XS Investment Company: Union Investment Privatfonds Gmbh
Semi-annual report as at March 31st, 2016 UniDeutschland XS Investment Company: Union Investment Privatfonds GmbH In case of discrepancy between the English and German version, the German version shall prevail. Contents Page Preface 3 UniDeutschland XS 6 Investment Company, Depositary, Distributors 12 and Paying Agents, Committees, Auditor 2 Preface Union Investment – devoted to your interests Dealing with the change in the markets The Union Investment Group manages assets of about EUR 265 A volatile capital market, changing regulatory requirements and billion, making it one of Germany's largest investment companies new customer demands are all challenges we are meeting for both private and institutional investors. It is a fund successfully. management expert within the cooperative finance association. About 4.1 million private and institutional investors have placed The six months under review began on an upward trend, after their trust in us as their partner for fund-based investments. concerns about growth in China in previous months levelled off and the Fed stated that it intended to continue with its planned Today, the idea behind the foundation of the group in 1956 is interest rate increases, although at a moderate pace. In more topical than ever: private investors should have the December 2015, the two large central banks, the ECB and the opportunity to benefit from economic developments – even with Fed eventually stayed true to their announcements, albeit in only small monthly savings contributions. The interests of these different directions. While the Europeans further eased their investors have always been our main concern and, together with monetary policy, the Fed decided to tighten its policy. -
3-Month 2015
3-Month Report 2015 2 Selected key figures 2015 2014 Jan. – March Jan. – March Change Net income (in 5 million) Sales 905.1 709.9 + 27.5% EBITDA 173.5 112.1 + 54.8% EBIT 119.1 89.7 + 32.8% EBT 112.3 86.2 + 30.3% EPS (in 1) 0.39 0.31 + 25.8% EPS before PPA amortization (in 1) 0.43 0.32 + 34.4% Balance sheet (in 5 million) Current assets 643.5 304.3 + 111.5% Non-current assets 2,956.7 976.7 + 202.7% Equity 1,230.6 369.3 + 233.2% Equity ratio 34.2 % 28.8 % Total assets 3,600.2 1,281.0 + 181.0% Cash flow (in 5 million) Operative cash flow 133.1 79.7 + 67.0% Cash flow from operating activities 369.6(1) 125.6 + 194.3% Cash flow from investing activities - 139.1 - 22.2 Free cash flow (1) 343.1(1) 115.9 + 196.0% Employees at the end of March (2) Total 7,902 6,747 + 17.1% thereof in Germany 6,379 5,128 + 24.4% thereof abroad 1,523 1,619 - 5.9% Share (in 5) Share price at the end of March (Xetra) 42.41 34.08 + 24.4% Customer contracts (in million) Access, total contracts 7.01 5.72 + 1.29 thereof Mobile Internet 2.78 2.09 + 0.69 thereof DSL complete (ULL) 3.95 3.27 + 0.68 thereof T-DSL / R-DSL 0.28 0.36 - 0.08 Business Applications, total contracts 5.82 5.73 + 0.09 thereof in Germany 2.40 2.38 + 0.02 thereof abroad 3.42 3.35 + 0.07 Consumer Applications, total accounts 34.47 33.84 + 0.63 thereof with Premium Mail subscription 1.83 1.86 - 0.03 thereof with Value-Added subscription 0.35 0.33 + 0.02 thereof free accounts 32.29 31.65 + 0.64 (1) Free cash flow is defined as net cash inflows from operating activities, less capital expenditures, plus payments from disposals of intangible assets and property, plant and equipment; cash flow from operating activities and free cash flow Q1/2015 including the capital gains tax refund of 1 326.0 million (2) The headcount statistics of United Internet AG were revised as of June 30, 2014 and now disclose only active employees. -
Annual Report
Building Long-term Wealth by Investing in Private Companies Annual Report and Accounts 12 Months to 31 January 2021 Our Purpose HarbourVest Global Private Equity (“HVPE” or the “Company”) exists to provide easy access to a diversified global portfolio of high-quality private companies by investing in HarbourVest-managed funds, through which we help support innovation and growth in a responsible manner, creating value for all our stakeholders. Investment Objective The Company’s investment objective is to generate superior shareholder returns through long-term capital appreciation by investing primarily in a diversified portfolio of private markets investments. Our Purpose in Detail Focus and Approach Investment Manager Investment into private companies requires Our Investment Manager, HarbourVest Partners,1 experience, skill, and expertise. Our focus is on is an experienced and trusted global private building a comprehensive global portfolio of the markets asset manager. HVPE, through its highest-quality investments, in a proactive yet investments in HarbourVest funds, helps to measured way, with the strength of our balance support innovation and growth in the global sheet underpinning everything we do. economy whilst seeking to promote improvement in environmental, social, Our multi-layered investment approach creates and governance (“ESG”) standards. diversification, helping to spread risk, and is fundamental to our aim of creating a portfolio that no individual investor can replicate. The Result Company Overview We connect the everyday investor with a broad HarbourVest Global Private Equity is a Guernsey base of private markets experts. The result is incorporated, London listed, FTSE 250 Investment a distinct single access point to HarbourVest Company with assets of $2.9 billion and a market Partners, and a prudently managed global private capitalisation of £1.5 billion as at 31 January 2021 companies portfolio designed to navigate (tickers: HVPE (£)/HVPD ($)). -
INVITATION BERENBERG Is Delighted to Invite You to Its
INVITATION BERENBERG is delighted to invite you to its EUROPEAN CONFERENCE 2017 on Monday 4th – Thursday 7th December 2017 at Pennyhill Park Hotel & Spa London Road • Bagshot • Surrey • GU19 5EU • United Kingdom LIST OF ATTENDING COMPANIES (SUBJECT TO CHANGE) Automotives, Chemicals, Construction and Metals & Mining Banks, Diversified Financials, Insurance and Real Estate (cont’d) Capital Goods & Industrial Engineering and Aerospace & Defence ArcelorMittal SA Lloyds Banking Group Plc* GKN Plc* Balfour Beatty Plc NewRiver REIT Plc* Jungheinrich AG BASF SE* Nordea Bank AB KION GROUP AG* Bekaert SA Patrizia Immobilien AG* Krones AG Clariant AG* Phoenix Group Holdings* Meggitt plc * Covestro* RBS Plc* NORMA Group SE Croda International Plc Sampo Oyj* OSRAM Licht AG* Elementis Plc* St James’s Place Plc PALFINGER AG* Elringklinger AG Svenska Handelsbanken AB QinetiQ Plc Evonik Industries AG* Tryg A/S Rational AG HeidelbergCement AG* Unibail-Rodamco SE* Rheinmetall AG* HOCHTIEF AG* Vonovia SE* Rolls-Royce Holdings Plc* Johnson Matthey Plc* SAF-HOLLAND SA Kingspan Group Plc* Business Services, Leisure and Transport & Logistics Schneider Electric SA Klöckner & Co SE* Altran Technologies SA* Schoeller-Bleckmann Oilfield Equipment AG Lanxess AG* AP Moller Maersk A/S* Senvion SA* Lenzing AG Brenntag AG SGL Carbon SE* Linde AG* Compass Group Plc* Stabilus SA Novozymes A/S* DCC Plc* va-Q-tec AG PORR AG* Deutsche Post AG Varta AG Royal DSM NV* Elis SA VAT Group AG* Siltronic AG Fuller, Smith & Turner Plc* Vossloh AG* Travis Perkins Plc* Hapag-Lloyd AG -
Presentation of the Second Quarter of 2017 21 July 2017 Agenda
PRESENTATION OF THE SECOND QUARTER OF 2017 21 JULY 2017 AGENDA A Operating Companies’ Performance TODAY’S PRESENTERS B Investment Management Activities Joakim Andersson Acting CEO, Chief Financial Officer C Kinnevik’s Financial Position Chris Bischoff Senior Investment Director D Summary Considerations Torun Litzén Director Corporate Communication Q2 2017 HIGHLIGHTS: HIGH INVESTMENT MANAGEMENT ACTIVITY AND NEW KINNEVIK CEO APPOINTED OPERATING COMPANIES’ PERFORMANCE . E-Commerce: New customer offerings and scale benefits supported continued growth and profitability improvements . Communication: Continued mobile data adoption drove revenue and customer growth . Entertainment: The shift in consumer video consumption towards on demand and online entertainment products continued and drove growth . Financial Services: Product development and new partnerships supported strong customer growth . Healthcare: Strong user growth driven by strategic partnerships, and further investments made to improve the customer proposition INVESTMENT MANAGEMENT ACTIVITIES . Total investments of SEK 3.9bn in the second quarter, whereof SEK 3.7bn for a 18.5% stake in Com Hem . Total divestments of SEK 3.1bn, whereof: . SEK 2.1bn (EUR 217m) from the sale of Kinnevik’s remaining shareholding in Rocket Internet . SEK 1.0bn (USD 115m) from the sale of Kinnevik’s remaining shareholding in Lazada . On 21 July, Kinnevik announced an investment of USD 65m in Betterment, increasing the ownership to 16% FINANCIAL POSITION . Net Asset Value of SEK 81.9bn (SEK 298 per share), up SEK 2.4bn or 3% during the quarter led by a SEK 1.9bn increase from Zalando and a SEK 1.2bn increase from Tele2 including dividend received. Adding back dividend paid of SEK 2.2bn, the value increase was 6% during the quarter . -
Investing in Shipping Marine Capital’S Gihan Ismail Brings Shipping to the Institutional Investment Market
June 2015 AlphaFOR INSTITUTIONAL INVESTORS & ASSETQ MANAGERS CROWDFUNDING TIGER CUBS The new kid growing Sharpen their up on the block claws in the private markets INTELLECTUAL PROPERTY WINE SURVEY Mind the IP risks BNP Paribas reveals when doing the stats behind academic investing your glass of red MONETISING DATA STAMPS MANAGEMENT Using philately to Quality data breeds hedge inflation long-term success Investing in shipping Marine Capital’s Gihan Ismail brings shipping to the institutional investment market www.AlphaQ.world Source new investors Be the first to know about investors’ fund searches View performance of individual funds Customize performance benchmarks to meet your needs Access profiles for over 17,200 hedge funds Conduct market research and competitor analysis Develop new business Find out how Preqin’s Hedge Fund Online can help your business: www.preqin.com/hedge [email protected] | +44 (0)20 3207 0200 alternative assets. intelligent data. EDITORIAL elcome to the second edition of Global Fund Media’s AlphaQ, the digital magazine focused on skill-based, risk adjusted Wreturns. We have a plethora of subjects in this issue. Our cover story focuses on shipping, which provides institutional investment managers with true diversification. We look at the shipping industry and the fund route to investment. From here, our attention turns to crowdfunding which is rapidly maturing from its homespun origins to holding its own alongside its more traditional Private Equity and Venture Capital peers. Our piece explains how it can work for institutional investors. Stamp collecting has come a long way from its image of earnest ELEANOR ROSTRON youngsters, albums and pots of glue. -
How Index Ventures Use Signal to Have Eyes and Ears Across Multiple Markets
CASE STUDY How Index Ventures use Signal to have eyes and ears across multiple markets Vojtech Horna is the Director of Communications & Marketing at Index Ventures, a global venture capital firm with offices in San Francisco, London and Geneva. We spoke to Vojtech about his experiences working with Signal. The challenge The solution Index Ventures share the news with Vojtech liked the fact transcribed TV and has offices in San the wider team. They that Signal’s platform radio broadcast Francisco, London also wanted to use the is powered by content globally. and Geneva and insights gleaned from data to better inform their artificial intelligence The content sets a portfolio of over communications strategy and can, therefore, are comprehensive 164 companies in and plan more effectively. process large volumes enough that Index 24 countries. With “We wanted to track of global news quickly Ventures can view their previous media a variety of topics in and accurately. Signal all their relevant monitoring provider, the news globally that offers unlimited sources in Signal and they were only able relate to the sectors our searches and an don’t need to search to track coverage portfolio companies easy-to-use interface or source content of their own brand operate in such as enabling Vojtech to elsewhere. as their volume- fintech, mobility and set-up and manage “The breadth and based pricing made retail.” email alerts for the depth of content with the ease and creating additional VOJTECH investment team searches cost- based on their flexibility of the tool prohibitive. Index specific areas of made Signal the right Ventures wanted expertise. -
Rocket Internet Case Study
Rocket Internet Case Study Jan Fröhlich Dissertation written under the supervision of Ana M. Aranda Dissertation submitted in partial fulfilment of requirements for the MSc in Finance, at the Universidade Católica Portuguesa, 5th January 2018. Table of Contents (4,660 words) 1 Introduction ....................................................................................................................... 4 2 Literature Review: Business model ................................................................................. 5 2.1 Origin and evolution .................................................................................................. 5 2.2 Methodology ............................................................................................................... 7 2.3 IT based conceptualizations ...................................................................................... 8 2.4 Structural conceptualizations ................................................................................. 10 2.5 Strategic conceptualizations ................................................................................... 12 2.5.1 Value creation .................................................................................................... 12 2.5.2 Distinction with other strategy concepts ............................................................ 12 2.5.3 Relationship with company performance ........................................................... 13 2.6 Shareholder value ................................................................................................... -
Vcs Name the Startups That Will Boom in 2020
Search BI and the web using Microsoft Bing 72 startups that will boom in 2020, according to VCs Julie Bort Jan 22, 2020, 6:30 AM Shutterstock/8zkes We asked a group of investors at successful venture capital @rms to name the startups that will boom this year. to name the startups that will boom this year. Each VC was asked to name two startups: one that they or their @rm invested in, and one where they have no @nancial ties or any other interest, but believes will do well. The result is an exciting list of startups to watch in 2020 from the people who make their livings watching startups. Whether you are looking for a hot startup to join as an employee or looking out for tech trends, this list will serve as an indication of what Silicon Valley thinks is hot. Click here to read more BI Prime stories. 2020 is upon us and one of the best ways to see what the year holds for the tech industry is to ask the venture capitalists that fund, advise and hear pitch after pitch from tech startups. In that spirit, we reached out to a select group of successful venture capital =rms and asked them name the startups that are poised to have very good years. When we spoke to each VC, we set some ground rules for participation: B. The VC must tell us about one startup in their portfolio. After all, they believed in the startup in question enough to fund them. F. And they must also tell us about one startup where they have no =nancial ties or any other interest. -
Individual Financial Statements Berlin 2018
INDIVIDUAL FINANCIAL STATEMENTS BERLIN 2018 – HelloFresh SE – INDIVIDUAL FINANCIAL STATEMENTS BERLIN 2018 HELLOFRESH SE, BERLIN | BALANCE SHEET AS OF 31 DECEMBER 2018 Assets 31. December 2017 EUR EUR EUR A. Fixed assets I. Intangible assets 1. Internally generated software 3,025,425.81 3,542,879.14 Concessions, industrial property rights and similar rights 2. and assets, and licenses in such rights and assets 662,820.99 877,285.68 3 Assets under construction 870,291.36 208,979.03 4,558,538.16 4,629,143.85 II. Property, plant and equipment Other equipment, furniture and fixtures 1,658,265.72 1,029,995.25 1,658,265.72 1,029,995.25 III. Financial assets 1. Shares in affiliates 52,383,239.28 7,078,064.87 2. Loans to affiliates 328,595,116.28 265,986,336.61 3. Other financial assets 34,418.39 303,062.32 381,012,773.95 273,367,463.80 387,229,577.83 279,026,602.90 B. Current assets I. Receivables and other assets 1. Trade receivables due from affiliates 16,896,499.08 19,611,240.40 2. Other assets 3,557,909.33 3,154,501.00 20,454,408.41 22,765,741.40 II. Cash on hand and bank balances 149,186,057.74 294,528,749.37 169,640,466.15 317,294,490.77 C. Prepaid expenses 2,245,616.67 781,662.78 559,115,660.65 597,102,756.45 4 HelloFresh SE INDIVIDUAL FINANCIAL STATEMENTS 2018 Equity and liabilities 31. -
Capital Dynamics Private Equity Review & Outlook
«Your bridge to the world of private assets.» Capital Dynamics Private Equity Review & Outlook Summary Q1 2013 Confidential US buyout In brief US private equity had a slow start in 2013 but the outlook for 2013 remains positive. Buoyant credit markets supported buyout deals, although overall activity was light. Full year 2012 distributions were the highest in US private equity history. Table: US buyout market data USD billion 2011 2012 Q112 Q412 Q113 Dy/y Dq/q Fundraising 132.0 165.2 42.7 39.6 26.3 (38%) (33%) Investments 111.2 123.3 13.5 42.4 21.3 58% (50%) Exits 106.4 164.8 32.1 21.8 27.1 (16%) 24% Drawdowns 75.9 52.8 11.2 16.4 n/a (30%) 42% Distributions 77.5 89.3 14.6 33.5 n/a 15% 94% Appreciation as % of NAV 8.3% 9.8% 4.5% 2.0% n/a 1.5% (1.0%) 10 year pooled net IRR 8.5% 10.4% 9.0% 10.4% n/a 1.9% 0.3% Notes: Dq/q is the comparison of Q1 2013 vs. Q4 2012 for fundraising and deals and Q4 2012 vs. Q3 2012 for cash flows and performance data. Dy/y is the comparison of Q1 2013 vs. Q1 2012 for fundraising and deals and the full- year 2012 vs. the full-year 2011 data for cash flows and performance data. n/a – data not available. Source: Thomson ONE, S&P Capital IQ, as of June 10, 2013. Cash flows, appreciation, and 10-year pooled net IRR data are as of December 31, 2012. -
Venture Capital Report
Venture Capital Report Europe | 3Q | 2017 VENTURE CAPITAL REPORT VENTURE CAPITAL REPORT The following report presents Dow Jones VentureSource’s quarterly findings for European venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 3Q 2017 include: • Both the number of funds and amount raised by European venture capital funds decreased compared to the previous quarter. • Venture capital investment into European companies fell by 25% from 2Q 2017 in terms of amount raised, but was up 48% year-on-year. • The number of and amount raised through M&As fell 30% and 43%, respectively, compared with the previous quarter. • Exits via IPOs saw a steep drop in the third quarter compared to 2Q 2017, both in terms of amount raised and number of IPOs. VENTURE CAPITAL REPORT 2 EUROPEAN VENTURE CAPITAL FUNDRAISING EXPERIENCES SIGNIFICANT DROP IN 3Q 2017 FUNDRAISING European VC Fundraising 20 European venture capital funds raised Based on multiple closings (2014–2017) €1.58 billion during 3Q 2017. Compared with 2Q 2017, total 40 € 3.50 capital raised experienced a 48% drop, and the number of € 3.04 35 € 2.85 € 3.00 fund closings decreased by 41%. € 2.57 30 Compared with the same quarter last year, amount raised € 2.23 € 2.50 € 2.08 25 increased by 24%, despite closing 13% fewer funds. € 2.03 € 1.58 € 2.00 € 1.70 20 Partech International Ventures VII, which raised €400 million, € 1.40 € 1.30 € 1.20 € 1.27 € 1.50 was the largest fund of the quarter, accounting for 25% of the 15 total amount raised in 3Q 2017.