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Summary of Q3 2009

10.11.2009 Download PDF

After three quarters of 2009, MCI Management SA generated a consolidated net result of 25.65 mil. PLN, comprising over 119% of the total result for the previous year.

The MCI Management SA Capital Group generated in Q3 2009, consolidated net profit of 14.3 mil. PLN, which translated into increasing profit after three quarters of 2009 to 25.65 mil. PLN. The book value of net consolidated assets of MCI (valuation according to the guidelines of EVCA, i.e. the European Venture Capital & Private Equity Association) at the end of Q3 2009 was 239.3 mil. PLN; an increase of 15% compared to 31 December 2008 (208.0 mil. PLN).

After three quarters of 2009, the MCI Group generated revenues from managing funds in the amount of 6.6 mil. PLN, which resulted in generating gross revenues from sales in the amount 5.5 mil. PLN. In addition to the above profit, which reached 1.3 mil. PLN in Q3 2009 alone, the total consolidated net profit in Q3 was significantly influenced by an increase in the value of assets of the managed funds owned by the MCI Group, resulting from, among others, increases in stock prices of companies listed on the WSE, improvements in efficiency of portfolio companies and increasingly better results generated by those companies in 2009.
Using the high growth potential on the electronic book market (e-books), the MCI.TechVentures 1.0 Subfund executed a new investment, acquiring shares in the company “Złote Myśli,” which is a leader on this market. Złote Myśli is the largest electronic publisher in Poland, focusing on practical self-help books on motivation and widely understood success, published in electronic form (as e-books) and in print (on demand). In addition to electronic books, Złote Myśli also publishes audiobooks.

In Q3 2009, the non-public issue of MCI Management SA bonds convertible to shares was successfully executed. Due to high demand, exceeding supply, subscriptions had to be reduced. The issue was primarily addressed to institutional investors. Offered were three-year bonds, convertible to shares. The issue consisted of 5,000 pcs. with total value 50 mil. PLN. Since 26 October 2009, MCI bonds are traded on Catalyst market, as the first corporate bond to debut in this trading system organized by the Warsaw Stock Exchange.

Concurrently, MCI Management SA until 16 October 2009, redeemed bonds from the previous issue of 1997 with the value 50 mil. PLN. The total level of the MCI Group’s liabilities, as on the day of this publication, is 68.9 mil. PLN, including the nominal debt to external entities of approximately 51.5 mil. PLN, representing 16.3% of current total assets of the Company.
Due to the positive accomplishment of the Company’s plans in Q3 2009, the Board of MCI upholds the forecast of the consolidated net result for the end of 2009 at the level of 28.7 mil. PLN.

We are very satisfied with the results generated by our funds’ portfolio companies. We estimate this year the total sum of net profit in those companies to double compared with the previous year, which is mainly the result of improving efficiency of ABC DATA, dynamic growth of mobile companies business (SMS competitions, mobile advertising, mobile Internet) as well as e-commerce sector companies generating positive operational results. Despite the challenging external situation, practically the whole portfolio of the subfund MCI.TechVentures 1.0 managed to reach break-even point – said Tomasz Czechowicz, President of MCI Management SA.

Achievements of portfolio companies:

– ABC Data – The company resisted the crisis and retained its market share from last year while raising EBITDA (PLN 26,936k – cumulated EBITDA after Q3 2009; 10.4% – YTY EBITDA growth after Q3 2009); since October 2009, the company is the official distributor of Toshiba products in Slovakia; in November 2009, the company launches – as an official reseller – sales of HP printers and supplies products for HP printers in the Czech Republic and Slovakia; the Company continues preparation to issue an IPO on the primary market of WSE; the company continues work connected with the entering the stock exchange – the plan assumes filing the prospectus to the PFSA by the end of the year;
– One-2 One Group signed on November 2nd, an agreement with Telewizja Polska SA for handling Premium SMS traffic on its networks (Value of the ordered services will amount to around PLN 60 million within the next two years); the Board of O2O supports the published forecast of sales (continued operations) at PLN 55 million, result of EBITDA (from continued operations) at the level of PLN 1 million for the year 2009 and PLN 2 million for the second half of 2009, as well as positive financial results from continued operations;
– TelecomMedia – The service Juup.com launched by the Company (free mobile content) after only a few months reached the Top 20 Megapanel (19th place) in the category New Technologies; The company constantly develops its portfolio of mobile advertising clients and strengthens its leading position;
– Travelplanet.pl is number 1 in online travel (according to ranking by Money.pl and Wprost); turnover realized by Travelplanet in September amounted to PLN 14,521 thousand, an increase of 5% compared with September 2008; PKO BP Brokerage House analysts raised their recommendation for Travelplanet from “sell” to “accumulate;” the target price of shares was set at PLN 18.05;
– NaviExpert NaviExpert introduces the new 5.0 version of its mobile navigation software (with a unique search for POI feature) and continues cooperation with its Russian partners (delivering the new version of software in Russian, mainly for Samsung phones);
– INVIA.CZ scored 18th place in the ranking “Deloitte Technology Fast 50 Central Europe”;
– Geewa – since this May, three online games offered on Facebook and the “8-Ball Pool game” by Geewa is the most popular pool game on Facebook with daily gains in unique users reaching 2%; it is Geewa’s ambition within the next four years to become the global leader in casual online multiplayer games, by increasing the base of users on social networking sites, opening API interfaces for external developers and offering new games.

10.11.2009 Download PDF