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Molten Ventures : Annual Financial Report

06/13/2022 | 04:23pm BST

Molten Ventures plc 20 Garrick Street London, WC2E 9BT Tel: +44 (0)20 7931 8800

FY22 Report Annual

Molten Ventures plc (formerly Draper Esprit plc)

Annual Report FY22

REGISTRATION NUMBER: 09799594

ANNUAL REPORT FY22

OVERVIEW

Molten Ventures plc moltenventures.com

Contents

Overview

02 Molten

  1. Performance highlights
  2. Chair's introduction

Strategic Report

  1. CEO's statement
  1. Market context
  1. Our value chain
  2. How we fuel growth
  1. Opportunities, dealflow and pipeline
  2. Sectors, stages & criteria
  3. The investment process
  4. Supporting companies for growth
  5. Case study: Supporting our portfolio for growth

22 Case study: Climate tech at Molten Ventures

  1. Our portfolio
  1. Our strategy
  2. KPIs
  3. Activities in the year
  1. What's in a share?
  2. Portfolio review
  1. Financial review
  1. Sustainability
  1. Risk management
  2. Principal risks

Governance Report

84 Board of directors

  1. Corporate governance report
  1. Governance overview
  2. Board leadership
  1. Division of responsibilities
  1. Composition, succession and evaluation
  2. Nominations committee report

99 Audit, risk and valuations committee report

  1. Directors' remuneration report
  1. Directors' report

125 Statement of directors' responsibilities

Financials

128 Independent auditors' report

  1. Consolidated statement of comprehensive income
  2. Consolidated statement of financial position
  3. Consolidated statement of cash flows
  4. Consolidated statement of changes in equity
  5. Notes to the consolidated financial statements
  1. Company statement of financial position
  2. Company statement of changes in equity
  3. Notes to the company financial statements
  1. Board, management and administration
  2. Glossary

moltenventures.com

01

ANNUAL REPORT FY22

OVERVIEW

We are one of the most active venture capital firms in Europe, developing and investing in disruptive, high-growth technology companies.

We inject visionary companies with energy to help them transform and grow. This energy comes in many forms - capital, of course, but also knowledge, experience, relationships and commitment.

We believe it is our role to support the entrepreneurs who will invent the future, and that future is being built, today, in Europe.

We are different.

We create value.

Our public listing and multi-fund

Investors get access to some of the

model offers us flexibility to provide

fastest growing private technology

entrepreneurs with backing across

companies. Entrepreneurs get a

their company's life cycle, fuelling the

more flexible approach to funding.

best for longer.

We have a proven

We are there

track record.

for the journey.

Our Investment Team have a long

Be it a few investment rounds, until

history of investing in tech and a

exit or even IPO, we devote time and

strong track record.

energy to supporting our portfolio

for the long term.

02

moltenventures.com

03

ANNUAL REPORT FY22

Performance highlights

OVERVIEW

Chair's introduction

Financial highlights

£1,532m £1,434m

Gross Portfolio Value

Net Assets

(31 March 2021: £984m)

(31 March 2021: £1,033m)

937p £78m

Operational highlights

• Cash investments of £311m during the year from the

Molten Ventures balance sheet (year to 31 March 2021:

£128m), with a further £45m from EIS/VCT funds (year

to 31 March 2021: £34m). This increased cadence is

attributable to a higher level of follow-on opportunities

in the existing portfolio, consistently leading rounds in

new primary investment opportunities and the continued

expansion of our scalable platform

• Committed to 22 new seed funds via our Fund of Funds

programme bringing the overall seed portfolio to

57 funds

• Cash proceeds of £126m received during the year (year

to 31 March 2021 £206m). These were predominantly

FY22 has been a busy year for us - we began it as Draper Esprit, listed on AIM and Euronext Growth, and ended it as Molten Ventures, a FTSE 250 and Euronext Dublin company. The successful rebranding and step up to a Main Market listing reflect the considerable progress we have made since our AIM listing in 2016 in maturing and growing the business in pursuit of our commitment to investing in Europe's best entrepreneurs and seed funds.

NAV per share

plc cash

(31 March 2021: 743p)

(including restricted cash)

(31 March 2021: £161m plc cash)

37%

£301m

Gross Portfolio fair value growth

Profit after tax

(31 March 2021: 51%)

(year to 31 March 2021: £267m)

£126m

£108m

Cash proceeds from realisations

Net funds raised during the year

(year to 31 March 2021: £206m)

(31 March 2021: £107m)

<1%

£311m

Operating costs (net of

Cash invested in the year, and a further

fee income) continue to

£45m from EIS/VCT funds

be substantially less than the targeted

(year to 31 March 2021: £128m from plc

1% of year-end NAV

and £34m from EIS/VCT funds)

The above figures contain alternative performance measures ("APMs") - see Note 33 for reconciliation of APMs to IFRS measures.

generated by the sale of shares held in publicly-listed

Trustpilot and UiPath, exits from SportPursuit, Premfina,

Conversocial and Bright Computing, as well as amounts

being released from escrow relating to previously

announced disposals

• Completed successful move to the Premium Segment

of the Official List and to trading on the London Stock

Exchange's Main Market as well as to the secondary listing

segment of the Official List of Euronext Dublin and to

trading on the regulated market of Euronext Dublin

• Unveiled a new name, Molten Ventures, and a new

motto "Make More Possible". The new brand reflects

our ongoing transformation: our increased investment

cadence and expanding team

• Continued to progress our ESG roadmap, including being

awarded the Diversity VC Standard Level 1 certification,

becoming a signatory of the Investing in Women Code,

establishing an ESG Committee of the Board (in addition

to the ESG Working Group), completing our first year

of TCFD reporting, approval of our Board Diversity and

Inclusion Policy, Investment Team ESG training, and

engaging with the portfolio on their own ESG activities

Post period-end highlights

  • Deployed £73.7 million into new and existing portfolio companies, including our announced deal in HiveMQ
  • Announced the funding rounds of Thought Machine and Aiven (Aiven is held via our partnership in Earlybird)
  • At 31 March 2022, we held interests in three listed companies - Trustpilot, UiPath, and Cazoo. Their valuations are based on their quoted share price on 31 March 2022. Their value using the closing quoted share price on 8 June 2022 was £43.9 million

Our people remain the most important part of our business. The considerable work which we have undertaken in recent years to create an agile, scalable and resilient platform provides a very sound base for our continued delivery of value to our Shareholders.

Karen Slatford

Chair

This transformation continued in FY22 amidst a volatile external environment. It saw the end of many national lockdowns and the beginning of a post-pandemic 'new normal', followed by the invasion of Ukraine and a resulting fall in stock markets across the world. Despite these factors, overall FY22 was a period of strong performance and significant investment opportunity for the Molten team.

I would like to offer my thanks to Grahame Cook, our Senior Independent Director, who stepped up to assume the responsibility of temporary Chair during a short period earlier in the year when I was indisposed due to illness.

I am very impressed by the team at Molten, who have managed these challenging times with professionalism and consistency. They have invested in some of the best companies in the market, while maintaining a high level of investment discipline and rigour. Our people remain the most important part of our business. The considerable work which we have undertaken in recent years to create an agile, scalable and resilient platform provides a sound base for our continued delivery of value to our Shareholders.

Once again, we exceeded our stated gross fair value growth target in FY22 and are actively invested in a diverse portfolio of high-growth technology businesses, all of which have their own ambitions to harness the power of technology to invent a better future.

FY22 has also been a positive year for realising investments, where Molten's role has come to a natural conclusion, including the sale of Bright Computing and SportPursuit, which were sold to new owners. Cazoo and UiPath were listed on leading Stock Exchanges during the year, following TrustPilot's listing in the previous financial year. These are, in some cases, decade- long partnerships and we are happy to have been able to support these entrepreneurs and companies in a key stage of their development.

At Molten, we are also proud to be playing a significant part in society's mission to achieve a sustainable future for coming generations. As well as our own internal ESG initiatives, we are committed to working with our entrepreneurs to support them with their own ESG programmes.

We are active board members, and we know that as investors we have a responsibility to help build companies which are successful in growing value but also sustainable in the long term. ESG is increasingly embedded into every part of our business, including within our investment criteria, our initiative into climate tech investing, our subscription to the UK Corporate Governance Code, as well as through our remuneration structure.

Finally, I am pleased to welcome Gervaise Slowey, Non-Executive Director and Chair of our newly formed ESG Committee, and Sarah Gentleman, Non-Executive Director and Chair of Molten's Remuneration Committee, who joined the Board in July and September 2021 respectively. They bring with them decades of experience in strategy, general management and governance.

Karen Slatford

Chair

04

moltenventures.com

05

ANNUAL REPORT FY22

Strategic report

STRATEGIC REPORT

Contents

  1. CEO's statement
  1. Market context
  1. Our value chain
  2. How we fuel growth
  3. Opportunities, dealflow and pipeline
  4. Sectors, stages and criteria
  5. The investment process
  6. Supporting companies for growth

20 Case study: Supporting our portfolio for growth

22 Case study: Climate tech at Molten Ventures

  1. Our portfolio
  1. Our strategy
  2. KPIs
  3. Activities in the year
  1. What's in a share?
  2. Portfolio review
  1. Financial review
  1. Sustainability
  1. Risk management
  2. Principal risks

06

moltenventures.com

07

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Molten Ventures plc published this content on 13 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 June 2022 15:22:01 UTC.


© Publicnow 2022
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Martin Michael Arthur Davis Chief Executive Officer & Director
Benjamin David Wilkinson Chief Financial Officer & Director
Daragh Phelan Finance Director
Karen Slatford Independent Non-Executive Chairman
Jayson Tulloch Manager-Information Technology