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SOF.BR - Sofina Societe Anonyme

Discussion in 'International Stock Markets' started by Marvan, Jan 25, 2020.

  1. Marvan

    Marvan Active Member

    Mar 16, 2019
    Likes Received:
    Sofina SA is a Belgium-based holding company that invests, directly and indirectly, in companies from various sectors.

    In the sector of Energy & Services the Company has interest in GDF Suez, International Power, Exmar, bioMerieux and Suez Environnement.

    In the sector of Retail Sofina invests in Colruyt and Delhaize.

    The Consumer Goods sector includes Danone, Rapala, Chapoutier and B & W Group.

    The Satellite Operators division includes SES company.

    Finance Companies sector consists of Eurazeo, Caledonia and Luxempart;

    The Industry division includes Petit Forestier, Oberthur Fiduciare, Ipsos, Mersen, Touax and Deceuninck.

    Alternative assets division consists of Private equity and Hedge funds.

    Sofina SA has a number of consolidated subsidiaries, such as Rebelco, Finabru, Sidro, Sofindev, Sofilec, Truficar, Trufidee, Tufilux, Sofina Multi Stategy, among others.

    Through its subsidiaries, the Company is mainly active in Belgium, Luxembourg, the Netherlands, Switzerland and Panama.

    #1 Marvan, Jan 25, 2020
    Last edited: Jan 25, 2020
  2. Marvan

    Marvan Active Member

    Mar 16, 2019
    Likes Received:
    Newsletter 5

    It has been a busy six months – and overall a dynamic 2019 – for Sofina. The sourcing efforts we initiated several years ago and continue to implement contributed to the materialisation of several new investments across our three investment styles in Europe, the United States and Asia.

    2019 was driven by the closing of 4 new “long-term minority” investments representing an investment value over EUR 600 million, new commitments of over EUR 490 million in “venture and growth capital funds”, and the closing of 7 new investments for “Sofina Growth” totalling over EUR 150 million, alongside a number of follow-on investments in portfolio companies. 2019 also saw the first implementation of our sector approach, focused on Consumer and Retail, Digital Transformation, Education and Healthcare; the insights gleaned by this work yielded some interesting opportunities across the regions and investment styles practised at Sofina.

    The rotation of mature assets in our portfolio continued, through full or partial exits.

    We closed the year occupying 47 board/observer seats in 39 boards across Europe, the US and Asia.

    We are grateful for the continued hard work and commitment demonstrated by our growing team operating across our three offices, as we step into the new year and new decade.

    [​IMG] Harold Boël
    Chief Executive Officer

    Sofina's shareholders' equity

    Sofina's shareholders' equity on 31 December 2019 is estimated at EUR 7.63 billion1 or EUR 227/share2 based on preliminary and unaudited data.

    1 Since 1 January 2018, Sofina has adopted the status of investment entity in accordance with IFRS 10. As from then, its shareholders’ equity, also referred to as net asset value, is equal to the fair value of its portfolio companies, direct subsidiaries and their portfolio companies and other assets and liabilities.

    2 On the basis of 33,618,272 shares on 31 December 2019.

    investments ~ 43% of shareholders’ equity1

    Investments in venture and growth capital funds ~ 31% of shareholders’ equity1

    Sofina Growth - Investments in fast-growing businesses ~ 20% of shareholders’ equity1

    1 As at 31 December 2019, shareholders’ equity based on preliminary and unaudited data.

    Investment activity

    1. Long-term minority investments

    By leveraging its expertise in the Consumer and Retail sector, Sofina is well placed to support the future growth of NUXE, a leading French brand and pioneer in natural cosmetology. In 30 years of existence, the group Nuxe has become a leader in its field, creating exceptional products. It mixes the awakening of the senses, the strength of nature and the efficiency of science. A restructuring of the founding family’s shareholding in 2019 enabled Sofina to secure a 49% equity stake in the group alongside Aliza Jabès, majority shareholder and CEO since 1989. The transaction also paved the way for a refinancing of Nuxe's balance sheet to further enable its international growth.

    As mentioned in the last Half Year Financial Report, Sofina completed a new investment in Drylock Technologies, a Belgian family owned manufacturer of personal hygiene products headquartered in Zele, with 9 production plants and more than 2,500 employees worldwide. This capital increase will fuel Drylock Technologies’ ambitious plans to grow its patented product portfolio. Following this transaction, Sofina became a minority shareholder in Drylock Technologies alongside Bart Van Malderen, the founder and CEO of the company who remains the majority shareholder and driving force of the company.

    Aligned with its investment in Drylock Technologies, Sofina participated in the Series C financing round of Lillydoo, a leading German player in the subscription service for diapers founded in 2015 by two former employees of P&G. Drylock Technologies has been the main supplier of Lillydoo since its inception, and Bart Van Malderen has been an early investor in the start-up.

    During the last semester, Sofina also completed follow-on investments in Cognita and The Hut Group.

    Belgian group Arcomet, a company specialising in self erecting and tower cranes, was restructured and merged with French counterpart Matebat. This newly born Belgo-French group operates under the new commercial name Uperio. Sofina retrieved a substantial part of its initial investment during this transaction.

    Finally, Sofina proceeded with certain divestments as part of the rotation of its portfolio. Sofina divested its entire shareholding in Ipsos, a global leader in market research, and reduced its shareholdings in Danone, SES, and Orpea.

    2. Investments in venture and growth capital funds

    Throughout the year 2019, we have seen an unprecedented rise in liquidity generated by venture and growth strategies fuelled by increased IPO activity. For Sofina, this has translated into record distributions from the private investment funds practice. At the same time, our new commitments have also reached new heights amidst a sustained strong fundraising environment characterised by shorter fundraising cycles in venture and growth. Our priority remains the careful and disciplined selection, nurturing and continuing support of managers that we believe will generate the best performance over the long term.

    3. Sofina Growth - Investments in fast-growing businesses

    During the last six months, Sofina co-invested alongside Kedaara Capital, one of India's leading private equity investors, in Lenskart, a leading eyewear manufacturer and omni-channel retailer in India.

    Also in the Consumer and Retail sector, leveraging on its relationships with its portfolio managers Lightspeed and General Atlantic respectively, Sofina made investments in Vinted, the leading European online marketplace and community that allows its users to sell, buy and swap second-hand clothing items and accessories, and in Morphe, a global beauty brand based in Los Angeles that specialises in affordable makeup.

    Within the existing Sofina Growth portfolio, Sofina closed follow-on investments in Bira 91, an Indian premium beer brand, MedGenome, an Indian genomics research and genetic diagnostics company, and ThoughtSpot, a US based company providing business intelligence software for large enterprises.

    Sofina also realised part of its investment in opseo, a German outpatient intensive care provider, in the context of a refinancing of the company. Sofina remains a minority shareholder alongside investment funds managed by Ergon Capital.


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