Friday 21th November 2008 Association for the Promotion of Industry Castellano / Euskera Web Map Newsletter Other Links Contact Areas of operation International Business Promotion Technological Innovation Information Society SPRI Who We Are Shareholdings Annual Report Publications Some Useful Addresses Venture Capital as an activity The Central Management Unit Funds and Companies managed Investee companies Contact Other Links Venture Capital Management The Central Management Unit WHAT THE CENTRAL MANAGEMENT UNIT IS? HOW IT ACTS? STAGES of "VENTURE CAPITAL" MANAGED CAPITAL AND STAKEHOLDING PORTFOLIO THE CENTRAL MANAGEMENT UNIT GESTIÓN DE CAPITAL RIESGO DEL PAÍS VASCO SGECR, S.A. is a company which acts on behalf of third parties, managing venture capital companies and funds (ENTITIES). It was founded by the Basque Government in 1985 through the Sociedad para la Promoción y Reconversión Industrial (SPRI) in order to promote and develop activities relating to Venture Capital in the Basque Country Its composition of shareholdings is as follows: SPRI, S.A. 70 % BILBAO BIZKAIA KUTXA 10 % GIPUZKOA ETA DONOSTIAKO KUTXA 7 % ARABA ETA GASTEIZKO AURREZKI KUTXA 3 % MCC INVERSIONES, SPE, S.A. 7 % VIANA SPE, S.L. 3 % THE ACTION TAKEN BY THE CENTRAL MANAGEMENT UNIT FOCUSES ON THE FOLLOWING STAGES: Collecting funds and Incorporation of Entities Selection and analysis of projects Investment Control and monitoring of investment Final disinvestment Up THE VARIOUS STAGES OF VENTURE CAPITAL ARE AS FOLLOWS:Collecting funds for: Extensions to the Entities already incorporated Incorporation of new Entities Selection of Projects and Investment. The various steps are as follows Preliminary analysis Process of in-depth Analysis Decision relating to Investment Carrying out Due Diligence Signature of the Contract Control and monitoring: Fluid communication with the companies in which stocks are held Monitoring of the Plan drawn up Period information with regard to Management Participation with regard to Strategy / Management / Boards of Directors Analysis of deviations / Corrective action Review of annual accounts and financial results / Auditing Disinvestment: Fixed time period or no fixed time period At the right time Conditions will have been agreed A number of different options Re-purchase by the original shareholders Strategic alliance Sale to third parties Stock Exchange quote Re-purchase by the Company Up CAPITALES EN GESTIÓN Y CARTERA DE PARTICIPACIONES MANAGED CAPITAL ? STAKEHOLDING PORTFOLIO ? 1992 6.299.000 2.082.000 1993 26.409.000 9.931.000 1994 49.710.000 20.594.000 1995 59.188.000 32.285.000 1996 61.682.000 33.642.000 1997 76.761.000 51.626.000 1998 77.729.000 58.110.000 1999 90.152.000 65.085.000 2000 94.359.000 64.026.000 2001 162.712.000 89.175.000 Up