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Purpose & Patience Purpose & Patience We aspire to be the preferred partners of entrepreneurs and families who lead growing companies by backing them with patient capital and supportive advice. — H1 2019 Edition — 1 1 Our mission Our goal at Sofina is to create economic value with a human face. 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 globalized market. Our mission is to provide patient capital, expertise and advice to growing companies led by entrepreneurs and families and aspire to be their preferred partner, coupled with a long-term horizon that few other investors can match. Our heritage and culture are what makes 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 this way, we aspire to become the preferred investment partner for all those who share our beliefs and vision. 2 | Sofina | Purpose & Patience 3 | Our mission Highlights 2 ~€ 5 bn Global reach net6. asset value6 * A family run 3 US Europe Asia and controlled complementary investment Change over the last 20 years (1) investment company pillars 6.56 6.75 6.00 5.25 4.50 Four focus sectors 3.75 Long-term minority 3.00 1.70 investments 2.25 1.50 Offices in % NAV * 0.75 46 0 Brussels, Luxembourg Consumer 1997 2H2018 and Singapore Investments in venture and growth capital funds Digital 30% NAV * Roots going back ~ 5 Education Sofina Growth ─ 2 Investments in fast-growing investment businesses professionals * 120 Healthcare 17% NAV years across our 3 offices (1) Shareholders’ equity is net asset value as from 2017. (*) As at 31 December 2018 (net asset value based on preliminary and unaudited data). Note that Sofina values all its holdings at their fair value (whe- never fair value is required or permitted in accordance with IFRS) , as Sofina has qualified as an investment entity in accordance with IFRS 10/IAS 28 since 1 January 2018. As such, it does not apply the equity method for its interest in associates, since using fair value is more relevant. 4 | Sofina | Purpose & Patience 5 | Highlights 1898 - 2018 Founded more than 120 years ago as an engineering conglomerate, Sofina is now a listed investment company holding equity participations in Europe, the United States and Asia. We are invested across many sectors with a focus on Our history Consumer, Digital, Education and Healthcare. 3 2016 2014 2015 First direct investment in 2017 Fifth anniversary of the 2018 Opening of an office in the United States through 2013 More than 50% ‘Platform for Education and Exceeding €6bn Singapore and reinforcement a shareholding in Mérieux of Sofina’s portfolio Talent’, Sofina’s CSR project Investment in Flipkart in net asset value of Sofina Growth NutriSciences is invested The investment team counts mainly in India, China outside Europe Sir David Verey 20 professionals and the United States becomes Chairman 2011 Strategic move towards 2005 2007 2009 growth and more 2012 First investments Partnership with the Investment international exposure First investment in venture and growth Forestier family for the in bioMérieux in e-commerce capital funds in India delisting of Petit Forestier Richard Globet d’Alviella is appointed as Executive Chairman 1988 Yves Boël is appointed as 1978 1998 Chairman and Richard Globet 1987 1975 1965-70 d’Alviella as co-Managing Director First investments Investment Investment in Danone Investment in Colruyt Sofina becomes an in venture and growth in SES investment company Reinforcement of the family capital funds shareholding following the in the United States acquisition of Société Générale 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 IPOPrivate Opening of First investment of current Industrielles’), an engineering Equity fund in India Luxembourg office family shareholders Since 1956, Sofina conglomerate, active in has increased its dividend per the energy and share without interruption transportation sectors 6 | Sofina | Purpose & Patience 7 | Our history Investment Three investment pillars 4 Strategy Long-term Investments Sofina Growth – “Our strategy is simple. Wherever strong minority in venture and Investments in relationships can be created with like-minded investments growth capital fast-growing partners interested as we are by what makes funds businesses companies grow, we will be present.” Harold Boël Chief Executive Officer Long-term minority investments Supporting founders and Sofina Growth invests globally represent the main part of entrepreneurs is part of Sofina’s in fast-growing companies Sofina Group’s activities. Sofina DNA, which Sofina also does which are less mature than invests in healthy companies through its investments in the long-term minority with sustainable growth top tier fund managers with a investments and have a higher in closely held businesses strong bias towards venture and risk-return profile. alongside a family or an growth strategies. entrepreneur with meaningful The approach consists of skin in the game. As this activity is generating a investing alongside trusted high-quality transaction flow, partners in transactions where The investment size is ideally it represents an important Sofina Growth can invest up to between €75m and €300m network for the development of €50m. The portfolio has global for a minority stake. Sofina Growth. ambitions (Asia, Europe, US). The portfolio consists mainly of companies headquartered in Europe, with worldwide activities. 8 | Sofina | Purpose & Patience 9 | Investment Strategy What makes us unique 5 We understand family & entrepre- neurial dynamics and Our We deliver a expertise in our core We take a We only work for successive investments sectors providing guidance, long-term view take minority generations. ownership have a global market knowledge and invest our positions. footprint. and global network. equity only. We are a partner through cycles, We back entrepreneurial and We strive to be We are in good and bad a responsible growing companies from start-ups pragmatic and times. investor and care to mature companies through solution-oriented. for our our three investment pillars. communities. We offer decades of cumulated We are reactive experience and Through the three investment Common vision and have a fast expertise in a wide pillars, we bring our partners an and alignment decision-making range of board international network of of interests guide all our decisions. process. situations. key decision-makers. 10 | Sofina | Purpose & Patience 11 | What makes us unique What our partners say... 6 Sofina team has asimple , Beyond the sharing of strong family entrepreneurial values, we appreciate the collaborative approach with listening, openness and pragmatism sharp industry focus and insight of their teams. A balanced and trusting and builds true partnership with relationship was built very quickly. The quality local managers and entrepreneurs. of this relationship allows us to discuss the greatest Sofina comes number of subjects in our boards and to benefit Feng Ge, across as a group from all the experience of Sofina. Managing Partner of Trustbridge Partners and CEO of Carebridge Holdings of passionate, Philippe Sans, high CEO of Mérieux NutriSciences integrity and hardworking Sofina is a supportive and constructive people. long term partner. They understand Sofina has been a very our business well, and have contributed strong partner and Sachin Bansal, Given Sofina’s own Founder and CEO of Flipkart in implementing our international buy has supported us in focus on providing our exponential growth. and build strategy, particularly in Latin patient capital to Working closely with Sofina America and in Asia. has further enriched our Olivier Ginon, entrepreneurs, we have understanding on how we Founder and CEO of GL events been fortunate to build can innovate and optimize our offerings for every user a long term and of the app. We are happy mutually beneficial that the team at Sofina In Sofina we have a true partner shares our vision of who shares our vision to positively partnership. revolutionizing education and is there to guide us. impact the world while creating Bill Ford, economic value. CEO of General Atlantic Byju Raveendran, Founder and CEO of Byju’s Sam Santhosh, Founder and Chairman of MedGenome 12 | Sofina | Purpose & Patience 13 | What our partners say... Activity description Investment size ~46% Minority stakes of net asset between in privately owned and value* €75m and €300m listed companies Mainly European-based Companies with an Patient capital companies with a global enterprise value between Long-term reference exposure €250m and €4.5bn shareholders For more than 60 years, Sofina has been the partner We are active and constructive members of the of entrepreneurs, families and management teams company’s board and are involved in the develop- to support growth and create sustainable value. ment of strategic initiatives. Long-term Sofina invests in companies on a long term growth Our large capital base affords us patience and the path; we strive for seamless alignment with our ability to support our companies growth through minority partner shareholders oftentimes involved in the capital expenditures or acquisitions. investments management of the company. Our approach is flexible and next to growth initia- Our long-term view, our strategic and sector experi- tives we are also able to provide liquidity to existing ence, financial wherewithal, further enhanced by shareholders or support with other like-minded and Sofina’s broad and global network are the contribution aligned partners sponsor-less buy outs. we bring to our portfolio companies’ growth projects. (*) As at 31 December 2018 (based on preliminary and unaudited data).
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