Value8 N : Jaarverslag 2022

		9,03
		2021	2022
		2020
		2019
		2018
		2017
		2015
	2014	2016
	2013
	2012
	2011
2010	Annual report 2022
		Value8 N.V.
2009
0,41
2008

Table of contents

1.	Value8 invests in growing SMEs	4	13.	Risk factors	22
2.	Economy and stock market impacted by inflation 5	14.	Share capital and legal structure	26
3.	Diversified portfolio held up well in 2022	6	15.	Corporate Governance	29
4.	Growth at top four interests not yet rewarded	8	16.	Personalia	32
5.	Sound progress at other companies	10	17.	Board of Directors' statement	34
6.	Modest drop in net asset value to 9.03 euro	14
7.	Share capital and dividend	15

8. Eleven consecutive years of dividend payment 16

9.	Staff and organisation	16
10.	Investment and financing	17
11.	Expectations for 2023	17
12.	Report of the Supervisory Board	18

	Peter Paul de Vries			Robert de Haze Winkelman
	Board of Directors		Supervisory Board
	CEO		Chairman
	since September 2008.		since May 2019.
	Investor		Investor
	business economist		former member of
				Dutch senate
	Gerben Hettinga			Jan Peter Kerstens
	Board of Directors		Supervisory Board
	Member		Member
	since September 2008.		since September 2019.
	Economist		CFO Downtown Music
	governance expert		Holdings

	Remko Herschel			Value8 N.V.
	Investment Director		PO Box 26
	since December 2016.		1400 AA Bussum
				[e-mail]
	Chartered accountant,		www.value8.com
	financial expert

VALUE8 | ANNUAL REPORT 2022

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		2021	9,03
		2022
		2020
		2019
		2018
		2017
		2015
	2014	2016
	2013
	2012
	2011
2010	Annual report 2022
		Value8 N.V.
2009
0,41
2008

Dear shareholder, dear relation,

Value8 focusses on the long term. We don't get upset by the waves of the market and are constantly looking for opportunities to strengthen our companies and our portfolio. When the net asset value grew by over 22 per cent in 2021, we did not become complacent, we did not uncork champagne and we did not build an imposing new glass office. That is not who we are. Value creation is not only achieved by getting returns, but also by being cost-conscious. Not too frugal, but efficient.

The stock market in 2022 was quite different from 2021. Soaring inflation, rising interest rates and sharp corrections in stock markets. The financial climate was not sunny, but rather rainy and bleak. As our shareholders know, no company is immune to that. Value8 had to take a small step back in net asset value and in share price. The result for 2021 and 2022 can be summarized as follows: three steps forward, one step back.

Since a large part of Value8's portfolio is listed, lower stock market prices reduce the value of our listed stakes and of our net asset value. But daily stock market prices are short term snapshots and not necessarily a good indication of a company's value. In 2022, recycling group Renewi's and ICT company Ctac's shares fell substantially, while the companies performed well. Both managed to boost revenue and underlying profitability. We remain convinced that in the long term the stock market valuations will follow the fundamental growth of these companies.

Value8 started in 2008 and has built a track record for more than 14 years since. Net asset value has grown from 0.41 in 2008 to 9.03 euro. Moreover, a further 2.55 euro in dividends were distributed. Given the sound portfolio, the quality of our companies and our excellent team, much more is in store.

Value creation is our primary goal, but we do so - and have done since the start! - with an eye for people and planet. We do not boast about our ESG policy, but our companies contribute positively. A good example is Kersten, that provides work for people with special needs and for differently abled people. Another example is Renewi, that actively contributes to a better environment. The other companies are also doing their bit. We have also been appointing women in key positions since Value8 was founded. Simply because we are looking for the best candidate and because diverse teams often perform better.

Looking back, we are grateful for the good cooperation with the companies we invest in and the commitment of all people, now over 900, working for companies in which we hold a majority stake.

I hope you will enjoy reading our annual report and will continue to follow and support us - preferably as a shareholder.

Sincerely,

Value8 N.V.

1. Value8 invests in growing SMEs

PROFILE & MISSION

Value8 N.V. (hereafter: Value8) is a listed investment company that invests in small caps and SMEs. Our mission is to support these companies in achieving their growth objectives. We provide venture capital to finance that growth and make listing accessible to these companies. Through our own listing, we offer retail and institutional investors the opportunity to make diversified investments in the small-cap segment.

The combination of investing in unlisted SMEs (10 million euro-plus segment) and investing in listed small caps offers diversification and risk reduction, and the flexibility to switch if one of the two segments has more attractive prospects or is valued significantly lower.

Partner of enterpreneurs

Growing together

Focus on SME

OBJECTIVES & REALISATION

Value creation

IPO potential

Successful since 2009

Value8's objective is to create value for our shareholders. Corporate social responsibility and sustainability play an important role in our policy and strategy. As a measure of value creation, we use the development of the net asset value per share. We assume that, in the long term, this development will be reflected in the development of the Value8 share price.

Value8 was launched on 24 September 2008. The net asset value at that time was 41 eurocents per share. Successful investments, business expansion and add-on acquisitions strongly increased net asset value. At the end of 2022, net asset value was 9.03 euro. In addition, through the years dividends were paid as shown in the following table.

2011	2012	2013	2014	2015	2016
7,5	10	12	14	15	3%
eurocents eurocents eurocents eurocents eurocents	stock
dividend	dividend	dividend	dividend	dividend	dividend

2017	2018	2019	2020	2021	2022
15	15	15	16	17	18
eurocents eurocents eurocents eurocents eurocents eurocents
dividend	dividend	dividend	dividend	dividend	dividend
		+ super	+ repay-		(dividend
		dividend:	ment 30		proposal)
		1,05 euro	eurocents

VALUE8 | ANNUAL REPORT 2022

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Highlights Value8 2022

Financial:

• Direct income amounted to 4.6 million euro, of which 3.6 million euro was dividend income. The organisation's costs were unchanged at 1.9 million euro and interest expenses amounted to 0.3 million euro.
• Due to the decrease in value of the listed investments, equity decreased slightly from 96.1 to 91.9 million euro. Value8 thus achieved a significant outperformance compared to the AEX and international stock market indices.
• Net asset value (equity per share) fell from 9.32 to 9.03 euro. Adjusted for dividends paid (17 eurocents), net asset value fell from 9.15 to 9.03 euro per share, down 1.3 per cent.
• Solvency improved significantly from 85.2 to 91.5 per cent.
• Proposed dividend: 18 eurocents per share, almost 6 per cent higher than the dividend for calendar year 2021 (17 eurocents per share).

Corporate:

• Acquisition of 70% stake in ICE Interim
• Skysource stake increased from 46 to 100 per cent
• PIDZ was sold to Almunda Professionals
• Kersten was sold to Morefield Group
• Operational growth of Value8's companies and associates
• Sharp drop in Ctac's and Renewi's share prices

FINANCIAL REPORT

INTRODUCTION

2 . Economy and stock market impacted by inflation

After the economic contraction in 2020 due to the Corona measures, the international economy showed a strong recovery growth in 2021 and 2022. So did the Dutch economy, which grew by 4 per cent in 2022. How- ever, the limits of growth were visible in early 2022. Staff shortages, resource scarcity and high utilisation rates limited the scope for further growth. Sharply higher energy prices reduced consumer and business spending in the Netherlands, as well as in our main trading partners, during 2022.

Above all, 2022 will go down in history as the year of rising inflation. 2022 saw an inflation rate of 10.0 per cent, the highest inflation rate since 1975 and miles away from the ECB inflation target of 2 per cent. Explanations for that high inflation mainly point to increased energy prices - partly due to the war in Ukraine. That is only part of the story, however. Massive government spending during the Covid period, extremely low interest rates and years of monetary easing by the ECB have helped boost demand. In our view, the 2022 inflation will feed through into infla-