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Spor 3   bærekraftige porteføljer
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Spor 3 bærekraftige porteføljer

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  • 1. Intern  www.steria.no  Power of sharing © Steria
  • 2. Hva er CSR/Forretningsmessig samfunnsansvar ? Miljø Sponsing? Governance HMS? ? Etisk handel? Global Compact? Revisjoner? Anti korrupsjon? Sosial dumping? Nødhjelp? Etikk? www.steria.no
  • 3. CSR handler om å walk the walk Values + Corporate culture + Ethical codes Suppliers Employees Customers Focus: Focus: Focus: • Standards for HSE, • HSE, empowerment, corporate • Customer satisfaction Environment, Work values, education and personal • Make it easy to be good relations aso. development • Revision and control • Dialogue / feedbacksystems • Key drivers, incentives • Implementation in supply • Feedback and measurment • Communication chain • Communication • Communication Dialog ue with stakeholders Result: Result: Result: • Increases satisfaction and loyalty • Confirmation of customer • Enhanced relations identity • Confirmation of identity • Reduced risk • Increased customer • Increased motivation satisfaction • Better reputation • Reduces absence and turnover • Stronger brand value • Lower costs? • Increased empolyee attractivity • Enhanced customer • Enhanced reputation loyality www.steria.no
  • 4. CSR kan handle om å skape (et nødvendig) konkurransefortrinn Kundenes førstevalg Ansatte • ”87% are likely to switch from one product to another (price Ansattes førstevalg and quality beeing equal) if the • ”72% of Americans want their other product is associated employers to do more to support with a good cause” a cause or social issue, up from 52% in 2004” • ”75% of men say they consider Bedriften a company’s commitment to som • ”93% say it is important for their social issues when deciding foretrukket selskap companies to provide them with what to buy or where to shop, opertunities to become involved in compared to 58% in 2004.” social issues” Kunder Eiere Eieres førstevalg • ”70% of global investment managers surveyed believe that integrating environmental, social and governance issues into analysis will become mainstream in 3-10 years” • ”66% of investors state that a company’s commitment to a social issue is important when www.steria.no deciding which stocks or mutual fonds to invest in.”
  • 5.  om å redusere risiko Og Leverandører: Gjennom gode revisjonsrutiner og egne regler reduseres risiko for uegnede leverandører og Økonomi; gjennom godePolitiske rammefaktorer: underleverandører prosesser knyttet til korrupsjon,Gjennom gode rutiner for Omverdenen økonomistyring og governanceavfallshåndtering, reduseres risiko knyttet tilarbeidsmiljø, Leverandører Eiere underslag og økonomiskproduktutvikling etc kriminalitet – med betydeligereduseres risiko for endring følgerav rammebetingelser og Bedriftenpålegg som kan ramme sombedriften i særlig grad trygt selskap Interesseorganisasjoner: VedAntipati: Gjennom et å gjøre ”de riktige tingene”substansielt godt omdømme knyttet til miljø og HMS vilreduserer man risiko for risiko for aksjoner fra aktivister,generell antipati som på et fagforeninger og andretidspunkt vil ramme ens Ansatte reduseres betydeligevne til å rekruttere ogbeholde de riktige ansatte –og kunder Investorer: Investorer søker sikre investeringer – der alt det ovenstående www.steria.no er sikret – basert på gode og trygge rutiner
  • 6.  Power of Sharing - Steria Trend shift through transformation 12th June 2012 www.steria.no
  • 7. Trend shift through transformation 19 investments to date Independent team of 18 Scandinavian professionals with offices in Oslo, Stockholm and Copenhagen € 525 million long term equity capital under management  Investor base includes: Nordic and international leading private and public pension plans, endowments and foundations, funds of funds, banks and insurance companies Investor returns generated through transforming companies into significantly more competitive, international and profitable entities Main investment focus on Nordic mid cap growth companies with international potential  Implementation of aggressive organic expansion and globalisation initiatives  Buy and build strategies Three funds under management  Overall realised return: IRR 35%, ROI 3,1x.  Total NAV: IRR 25%, ROI 2,0x  2001 FSN Capital I € 54 million; fully realised; ROI 3.2x  2005 FSN Capital II € 151 million; fully invested; NAV 2.7x  2008 FSN Capital III € 375 million; eight platform investments made to date; NAV 1.3x www.steria.no
  • 8. FSN Capital Partners’ Ethos “We are decent people making a decent return in a decent way”  By decent people we mean that we are trustworthy individuals that behave with integrity  Making a decent return means generating alpha return, i.e. a risk adjusted return which is significantly higher than what our investors can achieve by investing in public market index funds  Generating this return in a decent way means that we operate according to the Internal Ethical Guidelines we have developed, that we implement similar ethical guidelines in our portfolio companies and that we adhere to the UN Global Compact, the UN Convention Against Corruption and the OECD Guidelines for Corporate Governance for Multinational Enterprises We believe there is plenty of money at the centre of the court We see no need to play around the edges www.steria.no
  • 9. Creating Alpha return on a P.E setting  FSN Capital Fund II benched to 2.0x leveraged OMX Small Cap investment ROI (x) 2.5x 2.0x 2.0x Alpha 22,8 % 1.5x 1.0x 0.5x 0.5x 0.0x -0.5x ROI FSN II ROI OMX Small Cap Active ownership Risk managementNote: OMX adjusted for mgmt fee of 0.5% + dividend yield of 1.0%  www.steria.no Index rebased to match FSN II draw downs
  • 10. Example: UK Equities 1693 - 2009 Extreme Observations in 08 and 09 08 09 Source: Bank of England www.steria.no
  • 11.  Low Volatility. Low Risk Premiums. High Risk Complacently Low Implied Volatilities Preceded the Crisis 70 230 Market-Implied Equity Volatility (VXO,VIX) (lhs) Low Market-Implied Tsy Yield Volatility (MOVE) (rhs) 60 200 50 170 volatility 40 140 30 110 20 80 10 50 Low risk Example: Emerging market and US high yield debt spread Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 premiums 18 Emerging Market Debt Spread 15 U.S. High-Yield Bond Spread 12 9 6 3 0 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 www.steria.no
  • 12. FSN Capital actively seeks to categorise, control and manage risk www.steria.no
  • 13. FSN Capital has a framework for categorising and managing risk exposure (on the fund and company level) FSN Capital believes risk management is about avoiding the biggest mistakes through disciplined decision making structures and by creating robust portfolios of companies Beta risk  Exogenously determined (cyclicality, FX exposure, commodity, etc) Alpha risk  FSN Capital controlled (operational, integration, technology, corporate governance, etc) www.steria.no
  • 14. We break the risk factors into categories and split between Alpha and Beta FSN risk categories Macro Operational ▬ Cyclicality  Management risk  Integration risk ▬ FX  Internal / External ▬ Commodity β Financial  Liquidity  Leverage Industry  Covenants ▬ Political ▬ Competitiveness ▬ Substitution Exit  Multiple sustainability  Marketability Commercial  Dependency on trend shift ▬ Operating leverage ▬ Concentration Active ownership ▬ Visibility  Majority shareholder  Ultimate control www.steria.no
  • 15.  EBITDA at Risk – quarterly loss potential at the fund level Q4 2011 FUND II Standard deviation 10.0% Assets 7 VaR (99% level) -20,6% VaR (95% level) -13,8 % Definitions Standard deviation: Std dev of portfolio including 8 assets VaR 99%: Minimum quarterly loss in worst 1% of cases VaR 95%: Minimum quarterly loss in worst 5% of casesAnalysis based on historical changes inquarterly portfolio company EBITDAwww.steria.no
  • 16. CONFIDENTIALFSN II would still generate value to investors in a tail end event V alue at Risk (€ million) Fund II V aR (99% level) -20.6 % V aR (95% level) -13.8 % Adjusted EBITDA 54.5 LTM EBITDA 59.1 LTM EBITDA 68.6 Blended multiple 7.2x Blended multiple 7.2x Blended multiple 7.2x EV 393.3 EV 426.9 EV 495.5 Net debt -123.6 Net debt -123.6 Net debt -123.6 Fund value 269.7 Fund value 303.3 Fund value 371.9 Reduction in value -27% Reduction in value -18% ROI 2.4x ROI 1.7x ROI 2.0xNote:ROI for All shareholdersFigures excludes CTEK and Norlandia | 16
  • 17. CONFIDENTIALLabor market in Nordics allow restructuring withrelatively swift P&L and cash flow effects ASAB - LTM EBITDA Via - LTM EBITDA80 200 18060 160 14040 12020 100 80 0 60 Q1-08 Q3-08 Q1-09 Q3-09 Q1-10 Q3-10 Q1-11 Q3-11 40-20 20 0-40 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 -20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4-60 LTM recurring LTM recurring LTM no action LTM no action Cost reduction: SEK 63 mill (20%) Cost reduction: NOK 112 mill (25% - 250 FTEs) | 17