contains information subject to the transparency ......interim financial report january – june...

8
1 INTERIM REPORT Results Quest for Growth’s profits in the first half of 2014 amount to EUR 4.04 million, or EUR 0.35 per share. This means that, in the second quarter, a modest profit of EUR 0.7 million, or EUR 0.06 per share, was attained. The net asset value per share fell from EUR 10.87 to EUR 9.88 during the first half year. The decline was caused solely by the dividend payment of EUR 1.1825 gross per share in March. Net asset value performance, with reinvestment of the dividend, amounts to 3.41% in the first six months of 2014. The share price ended the first half year at EUR 7.336, against EUR 7.93 at the end of last year. Bearing the dividend in mind, overall performance of the Quest for Growth share during the first half year amounted to approximately 3%. In the second quarter, the price fell by 7.5%. The discount of the share price as against asset value was 26% on 30 June, compared to 19% at the end of March and 24% on 31 December 2013. Market environment The modest rise in the equities market continued in the past few months. Volatility reduced again but it was noticeable that a number of segments did not entirely follow the market trends. Technology shares, i.e. the very-much hyped segments of “cloud software” and “digital media”, saw a sharp slump in April, but were able to fully or partly recover. After a long period in which small caps had performed better than the rest of the market, they lagged significantly in the past few months. The European DJ Stoxx 600 index rose 2% in the second quarter, thus bringing profit since the beginning of this year up to 4%. European small caps, which are measured by the DJ Stoxx Small 200, fell by 2% in the second quarter and, as a result, profit since the beginning of this year was down to 3.5%. Investments in listed companies The listed equities portfolio was able to consolidate the result during the second quarter. The average rise in the share prices of portfolio companies over the past six months was a good 5%. The most-negative development was in EVS, with a fall of 21%, both during the quarter and since the beginning of the year. Nemetschek and Melexis continued to rise robustly and profit since the beginning of the year was well over 30% for both shares. Two stocks were recently added to the portfolio, being the German USU Software in May and the Dutch TKH Group in July. Positions in companies including Nemetschek, Umicore, Melexis, Gerresheimer and Ablynx were reduced. Given the low volatility and high stock market valuations, a number of put options and indices were bought. The underlying value of these options amounts to approximately EUR 9 million Investments in unlisted companies The result from the portfolio of unlisted companies took a slight turn for the worse, in a quarter with little movement. Investments in venture capital funds As a result of a number of positive valuation adjustments, the result from venture capital funds is positive. The largest positive contributions came from the Carlyle and LSP funds. There was a great deal of activity among the indirect investments via Capricorn funds. Capricorn Health-tech Fund’s portfolio company Mainstay Medical, which is developing a new treatment for chronic lower back pain, has been listed on Euronext Paris and the Irish Stock Exchange Mainstay since 29 April. Capricorn Health-tech Fund invested further in the Swiss Sequana Medical. Together with investors like LSP and NeoMed, CHF 23 million of extra finance was assured. Capricorn ICT Arkiv took part in a supplementary funding round by portfolio company Cartagenia: it raised an additional EUR 4.25 million for the company from its existing shareholders. A number of companies within the Capricorn Cleantech Fund portfolio, like Avantium, were able to raise extra capital funding. Prospects Prospects remain largely unchanged since the beginning of the year: a better economic climate, increased stock valuations and improved market sentiment are ultimately producing a mixed picture for the stock markets in 2014. If the market environment remains positive, this may well increase the chances of making exits from unlisted shares. In view of the law of 19 April 2014 with regard to Alternative Investment Funds and their managers, Quest for Growth applied for registration as an AIF. Under the same law, Capricorn Venture Partners applied for registration as an AIF-Manager. DISCOUNT QUEST FOR GROWTH 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% Average discount of Belgian investment companies (Source: KBC Securities) Discount Quest for Growth PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER 2013 -30 -20 -10 0 10 20 30 40 50 EVS Econocom Tomra SAP Andritz Init Fresenius SE Centrotec FMCCorp(I) TKHGroup(I) Arcadis Gerresheimer Umicore Sartorius -Vorzug DJ STOXXSmall200 DJ STOXX600 Barco QfGquoted(e) USUSoſtware (I) UDGHealthcare Bertrandt Kendrion Nexus LEMHolding Pharmagest TECDAX Performance U-Blox(O) SaGroupe Schaltbau Ablynx Melexis Nemetschek % VALUATION QUEST FOR GROWTH Stock Price Net asset value/share 30/06/2014 30/06/2014 31/05/2014 31/12/2013 7.336 EUR 9.88 EUR (*) 9.81 EUR (*) 10.87 EUR Number of shares 11,529,950 11,529,950 11,529,950 (*) After dividend payment of 1,18 per per ordinary share at March 27th, 2014. Discount of the share price versus Net Asset Value: 25,72% Source: Estimate by Capricorn Venture Partners NV QUEST FOR GROWTH Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press release contains information subject to the transparency requirements imposed on listed companies. Schedule for publication: 24 July 2014 5.40 PM Communiqué de presse disponible sur www.questforgrowth.com 25 July 2014 11.00 AM Conférence de presse et d’analystes, Capricorn Venture Partners SA, Lei 19, 3000 Louvain

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Page 1: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

1

INTERIM REPORTResultsQuest for Growth’s profits in the first half of 2014 amount to EUR 4.04 million, or EUR 0.35 per share. This means that, in the second quarter, a modest profit of EUR 0.7 million, or EUR 0.06 per share, was attained. The net asset value per share fell from EUR 10.87 to EUR 9.88 during the first half year. The decline was caused solely by the dividend payment of EUR 1.1825 gross per share in March. Net asset value performance, with reinvestment of the dividend, amounts to 3.41% in the first six months of 2014. The share price ended the first half year at EUR 7.336, against EUR 7.93 at the end of last year. Bearing the dividend in mind, overall performance of the Quest for Growth share during the first half year amounted to approximately 3%. In the second quarter, the price fell by 7.5%. The discount of the share price as against asset value was 26% on 30 June, compared to 19% at the end of March and 24% on 31 December 2013.

Market environmentThe modest rise in the equities market continued in the past few months. Volatility reduced again but it was noticeable that a number of segments did not entirely follow the market trends. Technology shares, i.e. the very-much hyped segments of “cloud software” and “digital media”, saw a sharp slump in April, but were able to fully or partly recover. After a long period in which small caps had performed better than the rest of the market, they lagged significantly in the past few months. The European DJ Stoxx 600 index rose 2% in the

second quarter, thus bringing profit since the beginning of this year up to 4%. European small caps, which are measured by the DJ Stoxx Small 200, fell by 2% in the second quarter and, as a result, profit since the beginning of this year was down to 3.5%.

Investments in listed companiesThe listed equities portfolio was able to consolidate the result during the second quarter. The average rise in the share prices of portfolio companies over the past six months was a good 5%. The most-negative development was in EVS, with a fall of 21%, both during the quarter and since the beginning of the year. Nemetschek and Melexis continued to rise robustly and profit since the beginning of the year was well over 30% for both shares.Two stocks were recently added to the portfolio, being the German USU Software in May and the Dutch TKH Group in July. Positions in companies including Nemetschek, Umicore, Melexis, Gerresheimer and Ablynx were reduced. Given the low volatility and high stock market valuations, a number of put options and indices were bought. The underlying value of these options amounts to approximately EUR 9 million

Investments in unlisted companiesThe result from the portfolio of unlisted companies took a slight turn for the worse, in a quarter with little movement.

Investments in venture capital fundsAs a result of a number of positive valuation adjustments, the result from venture capital funds is positive. The largest positive

contributions came from the Carlyle and LSP funds.There was a great deal of activity among the indirect investments via Capricorn funds. Capricorn Health-tech Fund’s portfolio company Mainstay Medical, which is developing a new treatment for chronic lower back pain, has been listed on Euronext Paris and the Irish Stock Exchange Mainstay since 29 April. Capricorn Health-tech Fund invested further in the Swiss Sequana Medical. Together with investors like LSP and NeoMed, CHF 23 million of extra finance was assured. Capricorn ICT Arkiv took part in a supplementary funding round by portfolio company Cartagenia: it raised an additional EUR 4.25 million for the company from its existing shareholders. A number of companies within the Capricorn Cleantech Fund portfolio, like Avantium, were able to raise extra capital funding.

Prospects Prospects remain largely unchanged since the beginning of the year: a better economic climate, increased stock valuations and improved market sentiment are ultimately producing a mixed picture for the stock markets in 2014. If the market environment remains positive, this may well increase the chances of making exits from unlisted shares.

In view of the law of 19 April 2014 with regard to Alternative Investment Funds and their managers, Quest for Growth applied for registration as an AIF. Under the same law, Capricorn Venture Partners applied for registration as an AIF-Manager.

DISCOUNT QUEST FOR GROWTH

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

Average discount of Belgian investment companies (Source: KBC Securities)

Discount Quest for Growth

PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER 2013

-30

-20

-10

0

10

20

30

40

50

EVS

Econocom

Tomra

SAP

Andritz

Init

Fresenius SE

Centrotec

FMC Corp (I)

TKH Group (I)

Arcadis

Gerresheim

er

Um

icore

Sartorius-Vorzug

DJ STO

XX Small 200

DJ STO

XX 600

Barco

QfG quoted (e)

USU Soft

ware (I)

UD

G Healthcare

Bertrandt

Kendrion

Nexus

LEM H

olding

Pharmagest

TECDA

X Performance

U-Blox (O)

Saft Groupe

Schaltbau

Ablynx

Melexis

Nem

etschek

%

VALUATION QUEST FOR GROWTH

Stock Price Net asset value/share30/06/2014 30/06/2014 31/05/2014 31/12/20137.336 EUR 9.88 EUR (*) 9.81 EUR (*) 10.87 EUR

Number of shares 11,529,950 11,529,950 11,529,950(*) After dividend payment of € 1,18 per per ordinary share at March 27th, 2014.

Discount of the share price versus Net Asset Value: 25,72%Source: Estimate by Capricorn Venture Partners NV

QUEST FOR GROWTHInterim financial report January – June 2014

PRESS RELEASE Leuven / 24 July 2014 / 17h40

Regulated information. This press release contains information subject to the transparency requirements imposed on listed companies.

Schedule for publication: 24 July 2014 5.40 PM Communiqué de presse

disponible sur www.questforgrowth.com

25 July 2014 11.00 AM Conférence de presse et d’analystes, Capricorn Venture Partners SA, Lei 19, 3000 Louvain

Page 2: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

2

CONDENSED INTERIM FINANCIAL STATEMENTS

1. BALANCE SHEET AT 30 JUNE 2014

201430 June

201331 December

201430 June

201331 December ASSETS LIABILITIES

Fixed assets 110,245,442 120,264,108 Capital and Reserves 113,879,146 109,837,261

Formation expenses 0 0 Issued capital 109,748,742 109,748,742

Financial assets 110,245,442 120,264,108 Reserves 0 0

Shares 102,797,875 106,950,253 Reserves not available for distribution 0 0

Claims 7,447,567 13,313,854 Reserves available for distribution 0 0

Current assets 3,912,842 5,083,517 Profit carried forward 88,518 88,518

Amounts receivable > one year 591,610 666,305 Loss carried forward 0 0

Trade receivables 591,610 666,305 Result for the period 4,041,886 0

Other receivables 0 0

Amounts receivable < one year 139,387 70,187 Debts 279,137 15,510,364

Trade receivables 0 0 Amounts payable < one year 45,955 15,478,430

Other receivables 139,387 70,187 Financial debts 0 0

Investments 0 0 Trade debts 0 0

Own shares 0 0 Taxes 346 346

Term investments 0 0 Dividends to be paid for the fiscal year 0 15,440,141

Cash 3,060,980 4,280,362 Other debts 45,609 37,944

Deferred charges and accrued income 120,864 66,662 Deferred charges and accrued income 233,182 31,933

TOTAL ASSETS 114,158,284 125,347,624 TOTAL LIABILITIES 114,158,284 125,347,624

2. STATEMENT OF INCOME FOR THE PERIOD ENDED 30 JUNE 20141 January 2014

30 June 20141 april 2014

30 June 20141 January 2013

30 June 20131 april 2013

30 June 2013Operating income and charges

Gross operating income 4,355,048 533,979 5,375,246 155,078

Realised gains/losses on shares 3,980,630 1,515,076 2,380,495 1,879,033

Unrealised gains/losses on shares 620,628 (775,169) 2,720,345 (1,872,195)

Results from option transactions (63,405) (28,475) 65,975 12,900

Realised results from forward currency rate agreements (187,479) (171,770) 137,913 66,198

Unrealised results from forward currency rate agreements 4,675 (5,683) 70,517 69,141

Operating charges (985,207) (492,156) (995,797) (476,952)

Management fee (711,366) (350,163) (718,285) (341,982)

Custodian fee (26,743) (13,307) (25,569) (12,855)

Statutory Auditors fee (6,120) (3,059) (6,085) (3,676)

Printing and publication costs (37,466) (18,836) (50,144) (25,211)

Annual tax on collective investment schemes (50,382) (25,330) (42,370) (21,302)

Directors fees (113,812) (62,635) (99,974) (49,569)

Advisory fees (3,495) (1,757) (9,916) (4,985)

Other (35,822) (17,068) (43,454) (17,371)

Operating profit / loss 3,369,841 41,823 4,379,449 (321,874)

Financial income 808,587 675,393 1,295,357 1,049,617

Financial charges (136,542) (21,522) (102,336) (15,043)

Other (136,542) (21,522) (102,336) (15,043)

Profit / Loss for the period, before taxes 4,041,886 695,694 5,572,471 712,700

Income taxes 0 0 101 (359)

Profit / Loss for the period, after taxes 4,041,886 695,694 5,572,572 712,341

Profit / Loss for the period, after taxes, per share 0.35 0.06 0.48 0.06

Page 3: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

3

PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT 30 JUNE 2014

€ 0

€ 20,000,000

€ 40,000,000

€ 60,000,000

€ 80,000,000

€ 100,000,000

€ 120,000,000

Cash +Other net assets

Quoted portfolio Unquoted portfolio Venture funds Market capand commercial paper

3. OFF BALANCE POSITIONS AT 30 JUNE 2014

3.1. Commitments

Commitments CurrencyCommitments

in €

Capricorn Cleantech Co-investments 616,667 € 616,667

Capricorn Health-tech Fund 9,000,000 € 9,000,000

Capricorn ICT ARKIV 6,750,000 € 6,750,000

Carlyle Europe Technology Partners I 385,056 € 385,056

Carlyle Europe Technology Partners II 699,650 € 699,650

Life Sciences Partners III 58,393 € 58,393

Life Sciences Partners IV 696,206 € 696,206

Vertex III 49,023 $ 35,893

TOTAL: 18,241,866

3.2. Forward currency rate agreements

Value date Counterparty Quest for Growth buys Quest for Growth sells

31/07/2014 Belfius Bank € 1,870,790.72 £ 1,500,000

31/07/2014 Belfius Bank € 2,350,003.67 $ 3,200,000

31/07/2014 KBC Bank € 2,244,109.21 £ 1,800,000

31/07/2014 KBC Bank € 1,394,188.44 $ 1,900,000

Page 4: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

4

4. NOTES TO THE FINANCIAL STATEMENTSFINANCIAL ASSETS BREAKDOWN AT 30 JUNE 2014

4.1 Shares quoted companies

company Sector / market number of

ShareS

change Since

31/12/2013 currency Share price Valuation

in €

in % of net aSSet

Value

Software & Services

ECONOCOM Euronext Brussels 387,921 -203,744 € 6.9250 2,686,353 2.36%

INIT INNOVATION Deutsche Börse 68,700 -23,800 € 21.7800 1,496,286 1.31%

NEMETSCHEK Deutsche Börse 30,096 -29,904 € 70.5100 2,122,069 1.86%

SAP Deutsche Börse 66,000 6,000 € 56.4000 3,722,400 3.27%

USU SOFTWARE Deutsche Börse 100,000 100,000 € 13.5650 1,356,500 1.19%

Technology Hardware

BARCO Euronext Brussels 40,000 -2,000 € 58.1500 2,326,000 2.04%

EVS BROADCAST EQUIPM. Euronext Brussels 42,500 -2,500 € 36.2800 1,541,900 1.35%

LEM Holding SWX Swiss Exchange 3,643 -286 CHF 769.0000 2,304,596 2.02%

TKH GROUP Euronext Amsterdam 50,000 50,000 € 24.9050 1,245,250 1.09%

TOMRA SYSTEMS Oslo Stock Exchange 290,000 -60,000 NOK 49.9000 1,722,021 1.51%

Semiconductors

MELEXIS Euronext Brussels 110,000 -39,000 € 32.3650 3,560,150 3.13%

Pharma & Biotech

ABLYNX Euronext Brussels 20,000 -80,000 € 9.0000 180,000 0.16%

Healthcare Equipment & Services

FRESENIUS Deutsche Börse 31,000 -6,000 € 108.9000 3,375,900 2.96%

GERRESHEIMER Deutsche Börse 74,000 -17,000 € 50.3800 3,728,120 3.27%

NEXUS Deutsche Börse 250,000 15,000 € 11.8850 2,971,250 2.61%

PHARMAGEST INTERACTIVE Euronext Paris 27,000 -3,500 € 100.9500 2,725,650 2.39%

SARTORIUS Deutsche Börse 20,000 -8,250 € 88.0900 1,761,800 1.55%

UDG HEALTHCARE London 950,786 -125,000 £ 3.4250 4,062,935 3.57%

Electrical & Engineering

ANDRITZ Vienna 75,000 0 € 42.2050 3,165,375 2.78%

ARCADIS Euronext Amsterdam 146,472 -23,495 € 25.1700 3,686,700 3.24%

BERTRANDT Deutsche Börse 28,300 1,300 € 116.2000 3,288,460 2.89%

CENTROTEC Deutsche Börse 200,000 10,000 € 18.1750 3,635,000 3.19%

KENDRION Euronext Amsterdam 97,602 7,014 € 25.3450 2,473,723 2.17%

SAFT GROUPE Euronext Paris 71,639 -6,500 € 28.0200 2,007,325 1.76%

SCHALTBAU HOLDING Deutsche Börse 79,702 -21,298 € 53.9400 4,299,126 3.78%

Materials

FMC NYSE 36,000 36,000 $ 71.1900 1,876,439 1.65%

UMICORE Euronext Brussels 45,000 -45,000 € 33.9300 1,526,850 1.34%

Options

DAX PUT strike 9500 19 SEP 14 500 500 € 141.8000 70,900 0.06%

DJ STOXX50 PUT strike 3200 19 DEC 14 1,250 1,250 € 128.1000 160,125 0.14%

69,079,201 60.66%

4.2 Shares unquoted companies

company Sector / market currency Valuation

in €

in % of net aSSet

Value

ALIAXIS Materials € 1,260,320 1.11%

ANTERYON Technology Hardware € 1,563,117 1.37%

CAPRICORN CLEANTECH CO-INVESTMENTS (Ducatt. Epigan. FRX Polymers) € / $ 2,939,865 2.58%

CLEAR2PAY Software & Services € 5,570,337 4.89%

IDEA AG Farma & Biotech € 92,924 0.08%

KIADIS PHARMA Farma & Biotech € 2,875,774 2.53%

MAGWEL Software & Services € 430,000 0.38%

MAPPER LITHOGRAPHY Semiconductors € 605,423 0.53%

PROSONIX Farma & Biotech £ 3,263,426 2.87%

18,601,186 16.33%

Page 5: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

5

4.4. Amounts receivable Companies

companyface Value in

currency currency Valuation in €

in % of net aSSet

Value

Loan notes

ANTERYON Convertible loan note 235,000 € 235,000 0.21%

DUCATT Loan note 31,249 € 31,249 0.03%

PROSONIX Loan note 546,126 £ 681,380 0.60%

947,629 0.83%

COMMERCIAL PAPER

CODRALUX 2,500,000 € 2,499,981 2.20%

CODRALUX 500,000 € 499,996 0.44%

ETEXCO 2,500,000 € 2,499,972 2.20%

ETEXCO 1,000,000 € 999,989 0.88%

6,499,938 5.71%

Total Financial Assets - Amounts receivable € 7,447,567 6.54%

Total Financial Assets € 110,245,442 96.81%

Cash € 3,060,980 2.69%

Other Net Assets € 572,724 0.50%

Quest for Growth - Ordinary shares - 0.00%

Total Net Asset Value € 113,879,146 100.00%

4.3. Investments in Venture Funds

currency

laSt Valuation

Date Valuation in €

in % of net aSSet

ValueCAPRICORN VENTURE PARTNERS

CAPRICORN CLEANTECH FUND € 31-03-2014 1,452,594 1.28%

CAPRICORN HEALTH-TECH FUND € 31-03-2014 4,170,880 3.66%

CAPRICORN ICT ARKIV € 31-03-2014 2,142,458 1.88%

THIRD PARTY FUNDS

CARLYLE EUROPE TECHNOLOGY PARTNERS I € 31-03-2014 217,629 0.19%

CARLYLE EUROPE TECHNOLOGY PARTNERS II € 31-03-2014 3,417,589 3.00%

CETP LP CO-INVESTMENT € 31-03-2014 285,474 0.25%

CETP II LP CO-INVESTMENT £ 31-03-2014 217,812 0.19%

LIFE SCIENCES PARTNERS III € 31-03-2014 1,119,164 0.98%

LIFE SCIENCES PARTNERS IV € 31-03-2014 1,387,485 1.22%

SCHRODER VENTURES LSF II $ 31-12-2013 105,035 0.09%

VENTECH CAPITAL 2 € 31-03-2014 731,071 0.64%

VERTEX III $ 31-03-2014 954,963 0.84%

16,202,155 14.23%

Total Financial Assets - Shares 103,882,542 91.22%

Change in valuation in unquoted companies and Venture Funds -1,084,667 -0.95%

Total Financial Assets – Shares after depreciation 102,797,875 90.27%

PORTFOLIO DISTRIBUTION BY SECTOR

Software & Services15.3%

Technology Hardware

9.2% Semiconductors3.7%

Health Care Equipment &

Services16.4%

Pharma & Biotech6.2%

Electrical & Engineering

21.7%

Materials4.8%

Funds & Diversified Companies

13.8%

Other sectors5.7%

Cash & other net assets3.2%

PORTFOLIO DISTRIBUTION BY COUTNRY

Belgium31.9%

Germany28.8%

Netherlands13.6%

United Kingdom7.3%

France4.9%

Switzerland2.1%

Austria2.8%

Ireland3.6%

Norway1.5%

Israel0.9%

US2.5%

PORTFOLIO DISTRIBUTION BY CURRENCY

CHF2.11%

EUR85.57%

GBP7.23%

USD3.31%

NOK1.78%

Page 6: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

6

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PROFILE

QUEST FOR GROWTH, Privak (closed-end private equity fund), a closed-end undertaking for collective investment (UCI) under Belgian law.

The diversified portfolio of Quest for Growth chiefly comprises investments in growth undertakings listed at European stock exchanges, European unlisted companies and venture capital funds. Quest for Growth focuses on innovative companies in areas such as information and communication technology (ICT), technologies for the healthcare sector (Health-tech) and clean technology (Cleantech).

Quest for Growth has been listed on Euronext Brussels since 23 September 1998.

Page 7: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

7

Regine Slagmulder BVBA, represented by Prof, Regine Slagmulder, Director – Chairman of the Audit Committee, René Avonts BVBA, represented by Mr René Avonts, Director – Effective Leader and Axxis BVBA, represented by Mr Philippe de Vicq de Cumptich, Director – Effective Leader, certify, on behalf and for the account of the Board of Directors of Quest for Growth NV, that, to their knowledge,

a) the condensed interim financial statements which have been prepared in accordance with the accounting framework and standards applicable in Belgium give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, under Article 13, § 4 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.

b) the interim financial report includes a fair overview of the information required under Article 13, §§ 5 and 6 of the Royal De-cree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.

Leuven, 22 July 2014

Regine Slagmulder BVBA René Avonts BVBA Axxis BVBA Director – Chairman of the Audit Committee Director – Effective Leader Director – Effective Leaderrepresented by represented by represented byRegine Slagmulder René Avonts Philippe de Vicq de Cumptich

VERKLARING OVER HET GETROUW BEELD VAN DE VERKORTE FINANCIELE OVERZICHTEN EN HET GETROUWE OVERZICHT IN HET TUSSENTIJDSE FINANCIEEL VERSLAG

TOTAL SHAREHOLDERS RETURN (SINCE 30/06/2011) QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2005 UNTIL 30 JUNE 2014

-20,000,000

-10,000,000

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

16.0%

22.4% 1.8%

26.8%

24.7%

-12.1%

17.2%

17.4%

3.4%

INTRODUCTIONWe have reviewed the accompanying condensed statement of financial position of Quest for Growth NV-SA as at June 30, 2014, the condensed income statement for the six-month period then ended and notes to the interim financial information (“the condensed interim financial information”). The board of directors is responsible for the preparation and presentation of this condensed interim financial information in accordance with the accounting framework and standards applicable in Belgium. Our responsibility is to express a conclusion on this condensed interim financial information based on our review.

SCOPE OF REVIEWWe conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Finan-cial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and conse-quently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSIONBased on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as at June 30, 2014 and for the six-month period then ended is not prepared, in all material respects, in accordance with the accounting framework and standards applicable in Belgium.

Kontich, 22 July 2014

Klynveld Peat Marwick Goerdeler Réviseurs d’Entreprises / Bedrijfsrevisoren -Statutory auditorRepresented by Erik Clinck, Réviseur d’Entreprises / Bedrijfsrevisor

STATUTORY AUDITOR’S REPORT TO THE BOARD OF DIRECTORS OF QUEST FOR GROWTH NV-SA ON THE REVIEW OF THE CONDENSED INTERIM FINANCIAL INFORMATION AS AT JUNE 30, 2013 AND FOR THE SIX-MONTH PERIOD THEN ENDED (FREE TRANSLATION OF A REPORT ORIGINALLY PREPARED IN THE DUTCH LANGUAGE)

STATEMENT ON THE TRUE AND FAIR VIEW OF THE CONDENSED INTERIM FINANCIAL STATEMENTS AND THE FAIR OVERVIEW OF THE INTERIM FINANCIAL REPORT

Page 8: contains information subject to the transparency ......Interim financial report January – June 2014 PRESS RELEASE Leuven / 24 July 2014 / 17h40 Regulated information. This press

8

SUPPLEMENTARY INFORMATION

Board of directors

ADP Vision BVBA, Chairman, represented by Mr Antoon De Proft

Axxis BVBA, Director – executive officer, represented by Mr Philippe de Vicq de Cumptich

René Avonts BVBA, Director – executive officer, represented by Mr René Avonts

Regine Slagmulder BVBA, Director, represented by Prof. Regine Slagmulder

Baron Bernard de Gerlache de Gomery, Director

De Meiboom NV, Director, represented by Mr Edward Claeys

Euro Invest Management NV, Director, represented by Prof. Philippe Haspeslagh

Gengest BVBA, Director, represented by Mr Rudi Mariën

Pamica NV, Director, represented by Mr Michel Akkermans

Mr Bart Fransis, Director

Mr Jos B. Peeters, Director

Audit committee Regine Slagmulder BVBA, Chairman, represented by Prof. Regine Slagmulder

Baron Bernard de Gerlache de Gomery

Asset manager Capricorn Venture Partners NV, Lei 19 box 1, B-3000 Leuven,

Staturary auditor Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren Burg. CV, represented by Mr Erik Clinck, Prins Boudewijnlaan 24d, B-2550 Kontich.

Depository bank BELFIUS BANK BELGIË, Pachecolaan 44, B-1000 Brussels

Incorporation June 9th, 1998

Official listing September 23rd, 1998 on Euronext Brussel

Security number ISIN: BE0003730448

Stock price Bloomberg: QFG BB EquityReuters: QUFG.BRTelekurs: 950524

Company reports published quarterly, the next quarterly report will be published in October 2014

Estimated Net Asset Value published every first Thursday of the month on the website www.questforgrowth.com

Closed-end private equity funds as instituted by the Royal Decree of 18 April 1997 are an investment instrument designed to offer individual investors a suitable framework in which to invest in unlisted companies and growth undertakings.

A closed-end private equity fund is a closed undertaking for collective investment (UCI) which is under the supervision of the Financial Services and Market Authority (FSMA) and subject to specific investment rules and obligations as regards the distribution of dividends:

Investment rules- 50% of more of the portfolio must be invested in equities;- 70 % of more of the portfolio (qualified investments) must be invested in:

• unlisted companies• listed growth equities• venture capital funds with an investment policy similar to that of the private equity fund.

However, the investments in listed growth equities may not exceed 50% of the qualified holdings.

A private equity fund may not invest more than 20% of its portfolio or more than 6.2 million euros per annum in a single undertaking.

QUEST FOR GROWTH NV PRIVAK, FIXED CAPITAL INVESTMENT COMPANY ESTABLISHED UNDER BELGIAN LAW

LEI 19, BOX 3 B-3000 LEUVEN PHONE: +32 (0)16 28 41 28FAX: +32 (0)16 28 41 29 WWW.QUESTFORGROWTH.COM [email protected]