2002 Annual Report - EVCA

2002 Annual Report

About EVCA... 

The European Private Equity and Venture Capital Association (EVCA) exists to represent 

the European private equity sector. With over 950 members throughout Europe, EVCA's 

many roles include providing information services for members, creating networking 

opportunities, acting as a lobbying and campaigning organisation and working to 

promote the asset class both within Europe and throughout the world. EVCA's activities 

cover the whole range of private equity, from seed and start-up to development capital, 

buyouts and buyins, and the flotation of private equity-backed companies.

2002 Annual Report 

Table of Contents 

Letter from the Chairman page 2 

Mission page 5 

Structure & Organisation page 7 

Achievements June 2002 to June 2003 page 11 

Action Plan June 2003 to June 2004 page 20 

Accounts & Budget page 23 

1

Letter from the Chairman 

Letter from the Chairman 

My tenure as Chairman of the European Private Equity and Venture Capital Association 

(EVCA) will end with the celebration of EVCA’s 20th Anniversary in Vienna in June. I 

chaired EVCA at a time when our industry experienced dramatic changes - uncertainties 

but also huge gains, business opportunities as well as human tragedies, and business and 

financial losses. 

I have been in this industry for approximately 15 years and in business for 25 years. It occurs to me that in 

the past 25 years our financial business system has never been under so much strain as during the last 3 

years. We came from a ‘new paradigm’ world characterised by strong growth, low unemployment and 

continuous stock market appreciation and had to adapt to a business environment of plummeting stock 

prices, recession, war, shortage of liquidity, etc. Contrary to what we would have predicted had we been 

asked in 1999 - that this incredible shock and major economic downturn would have destroyed our 

tightly knit business system - we are still around, doing deals, creating new companies, refinancing 

existing businesses and creating value for our two stakeholders: investors and entrepreneurs. 

We can be very proud of what our industry has realised over the last 20 years. From a start-up industry we 

have grown to become a pan-European community with thousands of professionals in various private 

equity and venture capital related disciplines investing €20-30 billion in any given year, creating 

thousands of new jobs and offering exciting opportunities for our stakeholders. Although the past 3 years 

have been difficult for our industry and its performance, we deserve to look beyond our achievements in 

absolute terms to find that the private equity and venture capital industry has outperformed other asset 

classes. This makes us confident that we are here to stay. 

Over the past few years, we have seen very large private equity and venture capital players expanding and 

going global, and have watched regionally focused players thriving equally. Like in any other growing 

industry or company we are confronted with inherent developments, such as the need for compliance to 

best practice and professional standards, increasing competition, a need for differentiation and a move to 

consolidation. 

EVCA as an Association and its Secretariat have developed even more rapidly than the industry to become 

a professionally run trade body with a highly motivated and qualified staff. Its achievements during the 

past year were only possible because of the quality of the people managing the Association and the 

commitment of Members participating in the many Committees, Task Forces and Working Groups. 

EVCA’s services to Members are by now renowned in the European private equity and venture capital 

industry and beyond. Its yearly conferences – the International Investors Conference (Geneva, March 

2003), the Annual Symposium (Vienna, June 2003) and the Technology Investment Conference (Barcelona, 

October 2002) – serve as interactive discussion forums, bringing together a huge number of high-level 

European and international delegates. 

In response to participants’ needs, the EVCA Institute in 2002 enhanced its high-quality training and 

professional development courses for early career professionals, experienced practitioners and CFOs by 

requiring greater participant involvement and adding new modules. 

EVCA published a number of groundbreaking papers over the last year. As a promoter of best practice and 

professional standards, the Association presented its "Governing Principles and Sound Practice for the 

Establishment and Management of Private Equity and Venture Capital Funds" in March of this year. This 

publication was warmly welcomed by the financial community at large. 

EVCA has been particularly active in research-based public affairs. With its paper "European Private Equity 

and Venture Capital: Benchmarking European Tax and Legal Environments" EVCA demonstrated how the 

fragmented tax and legal environments in Europe hamper the development of a truly entrepreneurial 

environment and therefore require urgent attention. Research in the public affairs domain also included 

the study of the impact of regulations regarding Basel-II, IAS, the EU Pension Fund Directive, the EC 

Financial Services Action Plan, and the internationally ongoing discussion about valuation guidelines. 

2

Within EVCA’s various Committees new initiatives in research, public affairs and education for the industry 

are permanently being examined and developed. The investor workshops, organised twice per year in 

different countries and the ‘investor-only’ workshop, a new add-on to the International Investors 

Conference in March, are examples of such initiatives. 

The Association’s Secretariat, under the leadership of Javier Echarri, was further professionalised and 

expanded last year. Martine Steenhouwer, Finance Director and Véronique Bockstal, Marketing Director 

joined the EVCA team. Conference delegates and training participants could witness the quality of EVCA’s 

events and the successful integration of the industry’s needs as a result of the efforts of the Conferences & 

Training Committee and Philippe Defreyn, Conferences & Training Director. Didier Guennoc, Director of 

Research and Public Affairs, turned EVCA into a respected and effective partner for European policy 

makers. Hélène Van Gysel, EVCA’s Head of Special Projects, organised the first and successful Central & 

Eastern European Policy Meeting in Brussels. This platform, held on the eve of EU accession, allowed EU 

and EU accession countries’ policy makers to discuss the EC Risk Capital Action Plan and legislation 

favourable to private equity and venture capital. 

EVCA’s 20th Anniversary will be celebrated at the Annual Symposium, the main and most prestigious 

event of the European private equity and venture capital year. Its innovative format, with over 25 

roundtables, will encourage an open exchange of ideas and views on our industry including topics such 

as valuation guidelines, disclosure of fund information to the public at large, fundraising, performance 

measurement, succession planning, corporate governance at General Partner and portfolio company level 

and many more. The outcome of these brainstorming sessions will shape EVCA’s future as an Association 

and define its services to Members for the years to come. 

Last but not least I would like to thank Edoardo Bugnone and Max Römer, who are stepping down from 

the EVCA Executive Committee this year, for all of their valuable efforts during their 6-year tenure. We are 

also very grateful for the many efforts made by the other members of the Executive Committee, the Board 

of Directors, the Committee Chairmen as well as all of the members of the 7 EVCA Committees, the Task 

Forces and Working Groups. 

Looking forward to the future, we have a tremendous opportunity ahead as long as we keep working hard 

and focus on creating value for all of our stakeholders. 

Max Burger-Calderon 

EVCA Chairman 

3

Mission

Mission 

Mission 

EVCA’s global mission is to promote equity investment in unquoted companies by 

private equity investors and to facilitate interaction amongst the Members of our 

Association. 

EVCA establishes high standards of business conduct and professional competence. 

The Association stimulates the promotion, research and analysis of private equity in 

Europe and facilitates contacts with policy makers, investors, research institutions, 

universities, trade associations and other stakeholders. 

EVCA also encourages the development of equity markets that are appropriate to the 

needs of private equity investors and investees. 

This mission is pursued through actions and contacts with various peer groups. 

MISSION 

MEANS 

STAKEHOLDERS 

• Promote Private Equity 

• Facilitate Member 

Interaction 

• Committees 

• Conferences 

• Training 

• Research 

• Publications 

• Public Relations 

• Public Affairs 

• Tax & Legal Expertise 

• Members 

• Investors 

• Press 

• Public Bodies 

• National Associations 

• Entrepreneurs 

• Universities/Academia 

5

Structure & Organisation 

Committee Structure 

Board of Directors 

Executive Committee 

Secretariat



Committee Structure 

General Assembly 



Investor Relations 

Committee 

Professional 

Standards & 

Communications 

Committee 

Interest 

Group 

Coordinator 

Conferences & 

Training 

Committee 

Tax & Legal 

Committee 

High-Tech 

Committee 

National 

Assoc. 

Committee 

Buyout 

Committee 

The Board comprises up to 30 members representing countries with at least 3 EVCA Full Members. 

The Executive Committee of up to 8 Board members is composed of the Chairman, Chairman-elect, 

Immediate Past-Chairman, the Treasurer and, as they are elected, Directors who preside over specific 

operating committees. 

Three committees are directly represented at the Executive Committee level: Investor Relations, 

Professional Standards & Communications, and Conferences & Training. 

The Executive Committee monitors EVCA’s relationship with public bodies, the financial management 

of the Association (Treasurer), and the evolution of membership. 

The Chairman-elect looks after the development of specific interest groups within the EVCA 

membership and coordinates with other committees. Current interest group committees are: Tax & 

Legal, High-Tech, National Associations and Buyout. 

The Executive Committee formally reviews yearly the role of these interest groups and appoints their 

Chairmen. The Chairman of each interest group reviews yearly its composition. 

Whenever there is a need, ad-hoc task forces are formed by agreement of the Executive Committee 

and are supervised by the appropriate body. During the past year there were two such task forces: 

"Education Partnership Programme Task Force" and "Governing Principles Task Force". The first is 

formed under the aegis of the Professional Standards & Communications Committee and the latter is 

co-piloted by the Investor Relations and Professional Standards & Communications Committees. 

7



Chairman 

Mr. Max Burger-Calderon 

Directors 

Mr. Jens Bisgaard-Frantzen 

Mr. Helmut Bousek 

Mr. Edoardo Bugnone 

Mr. Hervé Claquin 

Prof. Herman Daems 

Mr. Graham Dewhirst 

Mr. José Furtado 

Dr. Ulrich Geilinger 

Mr. Andras Geszti 

Mr. Jaroslav Horak 

Ms. Carol Kennedy 

Mr. Javier Loizaga 

Mr. Robert J. Manz 

Mr. Juha Marjosola 

Mr. Kyriakos Mitsotakis 

Mr. Boudewijn T. Molenaar 

Mr. Gerry Montanus 

Mr. Conor O’Connor 

Mr. Francesco Panfilo 

Mr. Max W. Römer 

Mr. Jean-Bernard Schmidt 

Mr. Piet Serrure 

Mr. Jan Sundberg 

Mr. Tellef Thorleifsson 

Observer 

Dr. Giulio Grata 

Secretary 

Javier Echarri sprl 

APAX PARTNERS BETEILIGUNGSBERATUNG (D) 

ATP PRIVATE EQUITY PARTNERS (DK) 

INVEST EQUITY GROUP (A) 

ARGOS SODITIC (CH) 

ABN AMRO CAPITAL FRANCE (F) 

GIMV (B) 

BRIDGEPOINT CAPITAL (UK) 

IPE CAPITAL (P) 

HBM PARTNERS (CH) 

EUROVENTURES CAPITAL (H) 

DBG EASTERN EUROPE (CZ) 

PANTHEON VENTURES (UK) 

MERCAPITAL SERVICIOS FINANCIEROS (E) 

ENTERPRISE INVESTORS (PL) 

FINNISH INDUSTRY INVESTMENT (SUOMEN TEOLLISUUSSIJOITUS) (FIN) 

NBG VENTURE CAPITAL (GR) 

GILDE INVESTMENT MANAGEMENT (NL) 

ATLAS VENTURE (NL) 

ENTREPRISE EQUITY (IRL) 

PM & PARTNERS (I) 

QUADRIGA CAPITAL EIGENKAPITAL BERATUNG (D) 

SOFINNOVA PARTNERS (F) 

FIN.CO (B) 

SEB FÖRETAGSINVEST (S) 

NORTHZONE VENTURES (N) 

EUROPEAN COMMISSION – D.G. ENTREPRISE (EU) 

EVCA 


Chairman 

Mr. Max Burger-Calderon 

APAX PARTNERS BETEILIGUNGSBERATUNG (D) 

Chairman-elect and Interest Group Coordinator 

Mr. Jean-Bernard Schmidt SOFINNOVA PARTNERS (F) 

Immediate Past-Chairman 

Mr. Edoardo Bugnone 

Treasurer 

Mr. Piet Serrure 

Chairman Investor Relations 

Mr. Javier Loizaga 

ARGOS SODITIC (CH) 

FIN.CO (B) 


Chairwoman Conferences & Training 

Ms. Carol Kennedy 

PANTHEON VENTURES (UK) 

Chairman Professional Standards & Communications 

Mr. Hervé Claquin 

ABN AMRO CAPITAL FRANCE (F) 

8 

Secretary 


EVCA


Secretariat (April 2003) 

EVCA’s Secretariat is organised in such a way as to respond to the following objectives: 

• Continuously improve the service to our growing membership 

• Organise activities to help realise EVCA’s global mission 

• Have clearly identified contact names for all EVCA Committee and Interest Group members 

• Create stability within the Secretariat thus maintaining EVCA’s collective memory as well as 

providing a positive working atmosphere for staff members. 

The Secretariat is now comprised of 24 people. 

Javier Echarri 

Secretary General 

Marie Annick Peninon-Bernard 

Public Affairs Consultant 

Didier Guennoc 

Research & Public 

Affairs Director 

Véronique Bockstal 

Marketing Director 

Hélène Van Gysel 

Project Consultant 

Martine Steenhouwer 

Finance & 

Administration Director 

Philippe Defreyn 

Conferences & 

Training Director 

Emma Fau 

Public Affairs 

Coordinator 

Karen McLellan 

Marketing Consultant 

Nancy Verstrepen 

Accountant 

Joyce Dogniez 

Conference 

Coordinator 

Justin Perrettson 

Public Affairs 

Coordinator 

Charlotte Amiri 


Coordinator 

Els Van Dyck 

Assistant Accountant 

Catherine Dieuaide 

Training Coordinator 

Daniel Pritchard 

Research Coordinator 

Erika Van Overbeke 

Marketing Coordinator 

Iren Szabo 

IT/Membership 

Coordinator 

Delia De Winter 

Conference & Sales 

Assistant 

Sabine Rummel 

Research Coordinator 

Caroline Thomas 

Marketing Assistant 

Kristel Holsbeek 

Office Assistant 

Gaëlle Jadoul 

Sponsorship 

Coordinator 

Jennifer Vandermosten 

Research & 

Information Assistant 

9

Achievements 

June 2002 to June 2003 

Membership Evolution 

List of New Members 

Committee Achievements and Members

Achievements 

Achievements June 2002 to June 2003 

Membership Evolution 

EVCA’s total membership at 31 March 2003 amounted to 966, comprising 617 Full Members and 

321 Associate Members. 27 National Venture Capital Associations and one industry association 

exchange Associate Membership with EVCA. 

The graph below shows the membership evolution since EVCA’s foundation in 1983. 

EVCA Membership Evolution 

1000 

900 

800 

Full Members 

Associate Members 

National Associations 

700 

600 

500 

+617 

400 

300 

200 

+321 

100 

0 

+28 

1983 

1984 

1985 

1986 

1987 

1988 

1989 

1990 

1991 

1992 

1993 

1994 

1995 

1996 

1997 

1998 

1999 

2000 

2001 

2002 

2003 

11

Achievements 

List of New EVCA Members in the past working year 

New EVCA Full Members since June 2002 

Aqua Alta NV/SA (B) 

Argentum Fondsinvesteringer AS (N) 

AURICA XXI SCR SA (E) 

Bertelsmann Capital Ventures (D) 

Boi Venture Capital Ltd. (IRL) 

Bridgepoint Capital AB (S) 

CIBC Capital Partners (London) (UK) 

Dr. Engelhardt Unternehmensbeteiligungen GmbH (D) 

Eastman Chemical BV (NL) 

EMBL Venture Capital Partners GmbH (D) 

Emerging Markets Partnership (Europe) Ltd. (UK) 

Entrepreneurs Fund BV (NL) 

EPS Value Plus AG (CH) 

EQT Partners A/S (DK) 

EQT Partners Beteiligungsberatung GmbH (D) 

Faisal Finance (Switzerland) SA (CH) 

Fin.Co NV (B) 

Finance Wales Investments Limited (UK) 

Finartis Private Equity Ltd. (UK) 

Food Equity Management (B) 

Gartmore Investment Management PLC (UK) 

GIMV Czech Partners Management Company BV (CZ) 

Global Vision AG Private Equity Partners (D) 

Gresham LLP (UK) 

Halder Beteiligungsberatung GmbH (D) 

Industria & Finanza SGR S.p.A (I) 

Ineko Capital Partners (UA) 

Inflexion Private Equity (UK) 

Intel Capital c/o Intel Semiconductor (UK) 

Interregnum Plc (UK) 

IPO Beteiligungs-Management AG (A) 

New EVCA Associate Members since June 2002 

AB Kelonia Placering Oy (FIN) 

Abacus Corporate Services Ltd. (CHISL) 

Alfa Bank (RU) 

Ampega Asset Management GmbH (D) 

Ansbacher Fund Services (UK) 

Arkios Limited (UK) 

Arthur D. Little GmbH (D) 

Bedell Cristin (UK) 

Bonn Schmitt Steichen (L) 

Bridgelink AG (CH) 

Caprivé (SA) 

CIR Ventures (USA) 

CMEA Ventures (USA) 

CMS Derks Star Busmann (NL) 

CNP Assurances (F) 

Covington & Burling (UK) 

D&P Denmark (Lindh Stabell Horten A/S) (DK) 

D&P Germany (Görg Rechtsanwälte) (D) 

Debevoise & Plimpton (UK) 

Deutsche International Corporate Services (Ireland) Ltd. (IRL) 

eFront (F) 

Epiven Epiphany Ventures GmbH (CH) 

ERGO Equity Partner AG (D) 

Financial Corporation NIKoil (RU) 

Financial Technologies Inc. (USA) 

Financière de l‘Orangerie (F) 

Friedman Fleischer & Lowe (USA) 

Gernandt & Danielsson Advokatbyrå AB (S) 

Giza Venture Capital (IL) 

Global Asset Allocation Consultants LLC (USA) 

GlobalFinance Beratungs AG (D) 

Höegh Capital Partners Advisors Ltd. (UK) 

Hogan & Harston (PL) 

I-Source Gestion (F) 

IT Provider Adviser 1AB (S) 

K+ Venture Partners BV (NL) 

Kleinwort Capital Ltd. (UK) 

Langholm Capital LLP (UK) 

LCF Rothschild Capital Partners (F) 

LF Europe Limited (UK) 

Livförsäkringsaktiebolaget Skandia (S) 

MBO Partenaires (F) 

Momentum Capital (UK) 

Najeti SL (E) 

NCB Ventures Limited (IRL) 

Nova Capital Management Ltd. (UK) 

Pictet & Cie. (CH) 

Pragma Capital (F) 

Proventis GmbH (D) 

Rhône Capital LLC (UK) 

RVC Europe Limited (UK) 

RWB RenditeWertbeteiligungen AG (D) 

RWE Dynamics Venture Capital Management GmbH (D) 

Scandinavian Life Science Venture (SE) 

SEAF Management Bulgaria (E002) (BG) 

Seroba Bioventures Limited (IRL) 

SnV Partners Ltd. (FIN) 

Summit Partners Limited (UK) 

Tecnet Company Technologie-U.Beteiligungsmanagement AG (A) 

Terra Firma Capital Partners (UK) 

The e-Firm (CH) 

Unilever Ventures (UK) 

Ventizz Capital Partners AG (D) 

West Steag Partners GmbH (D) 

Hogan & Hartson (UK) 

Howden Insurance Brokers (UK) 

INBIS Ltd. (L) 

International Private Equity Ltd. (UK) 

Janny Marque Corporate Finance (F) 

Jerusalem Global Ventures Ltd. (IL) 

Kleinwort Benson Channel Islands (CHISL) 

KPMG SA - Transaction Services (F) 

Kuwait Fund for Arab Economic Development (KW) 

Lazard Private Fund Advisory Group (UK) 

Loyens Advocaten - Avocats (B) 

MARSH, Private Equity and M&A Practice (B) 

Medicis Ventures Management GmbH (D) 

Microsoft Limited (UK) 

Moda Capital Management Limited (UK) 

Moore Management Services Limited (CHISL) 

Mourant Services Limited (CHISL) 

Netage Solutions Inc. (USA) 

Norfund (N) 

Oostvogels & De Meester (L) 

Origo Management (B) 

Pacific Continental Securities Ltd. (UK) 

Pacific Corporate Group (USA) 

Parthenon Capital (USA) 

PricewaterhouseCoopers TLS/M&A (B) 

Saudi American Bank - Direct Investments (SA) 

SGDM (F) 

Taylor Wessing (UK) 

Transparent Capital Limited (UK) 

Uria, Menendez y Cia., Abogados, SC (E) 

VC on target GmbH (D) 

White & Case W. Danilowicz, W. Jurcewicz I. Wspolnicy (PL) 

zetVisions AG (D) 

12 

New EVCA Association Members since June 2002 

ECTA (European Competitive Telecommunications Association) (UK) 

UAIB Ukrainian Association of Investment Business (UA)

Achievements 

Committee Achievements and Members 

Independently of the Committees, EVCA organised, on the eve of EU accession, the first Central & 

Eastern European Policy Meeting in April in Brussels to offer Central & Eastern European policy makers 

the opportunity to learn about how regulatory measures can be taken to foster and expand growth in 

entrepreneurship and the development of successful businesses funded by private equity and venture 

capital. 110 delegates from the EU and accession countries attended this timely event. 

Investor Relations Committee 

1. The Investor Relations Committee organised, together with the Conferences & Training Committee, 

the 5th International Investors Conference, preceded this year by an investor-only workshop. The 

one-and-a-half day conference provided a forum for over 200 institutional and other professional 

investors to meet with EVCA Members for an open exchange of views and ideas. The conference 

attracted over 650 delegates and is now the largest international private equity investor conference. 

2. The Committee organised the 4th itinerant Investor Workshop in April in Paris. The 3rd itinerant 

workshop did not take place but was replaced by an investor-only workshop held in Geneva prior to 

the International Investors Conference. 

3. As a lead-up to the International Investors Conference, the Committee is working on a marketing 

campaign targeting top investor institutions outside Europe. 

4. The Committee studied the launch of a research paper by a university covering the performance of 

the private equity and venture capital asset class. One project is in progress. 

5. Together with the Professional Standards & Communications Committee, the Committee supported 

and monitored the work produced by the Governing Principles Task Force. The Governing Principles 

consultation document, which was presented at the International Investors Conference in Geneva, 

provides a key reference tool for private equity and venture capital fund management. 

6. The Committee set up a Task Force to analyse and improve the industry statistics provided by EVCA. 

Investor Relations Committee Members 

Chairman: Mr. Javier Loizaga 


Members: Ms. Wanching Ang ALLIANZ PRIVATE EQUITY PARTNERS (D) 

Ms. Janet Brooks 

ECI VENTURES (UK) 

Mr. Max Burger-Calderon APAX PARTNERS BETEILIGUNGSBERATUNG (D) 

Mr. Patrick Cook 

3i GROUP (UK) 

Mr. Graham Dewhirst BRIDGEPOINT CAPITAL (UK) 

Mr. Olivier Dupont FONDS PROMOTION POUR LE CAPITAL RISQUE 

GESTION (FPCR GESTION) (F) 

Mr. Remy Kawkabani CREDIT SUISSE FIRST BOSTON (UK) 

Mr. Jan Moulijn 

NIB CAPITAL PRIVATE EQUITY (NL) 

Mr. Serge Raicher 

PANTHEON VENTURES (B) 



Secretary: Philippe Defreyn EVCA 

13

Achievements 

Professional Standards & Communications Committee 

1. Together with the Investor Relations Committee, the Professional Standards & Communications 

Committee co-led the Governing Principles Task Force and produced the Governing Principles 

consultation document in March 2003. 

2. The Committee continued promoting the distribution and adoption of EVCA’s Reporting and 

Valuation Guidelines and led a survey to analyse the implementation of the guidelines. The survey 

results indicated a high level of nominal adoption of the guidelines but a modest degree of complete 

implementation. 

3. The Committee piloted the Entrepreneurship Education Task Force and the implementation of the 

Entrepreneurship Educational Toolkit on Private Equity & Venture Capital. The toolkit has already 

been distributed to 180 universities in 20 European countries. Demonstrations on a country-bycountry 

basis have begun. 

4. The Committee regularly provided input and speakers for the Financial Officer and Fund 

Administration Courses. 

5. The Committee provided input for EVCA’s marketing and communications activities. 

Professional Standards & Communications Committee Members 

Chairman: Mr. Hervé Claquin ABN AMRO CAPITAL FRANCE (F) 

Members: Mr. Edoardo Bugnone ARGOS SODITIC (CH) 

Mr. Serge Desvignes PART’COM MANAGEMENT (F) 

Mr. Patrick Dunne 

3i GROUP (UK) 

Dr. Holger Frommann BVK (BUNDESVERBAND DEUTSCHER KBG’s) (D) 

Mr. Jean-Bernard Thomas DENTON, SALES VINCENT & THOMAS (F) 

Mr. Simon Thornton LANDMARK PARTNERS EUROPE (UK) 



Secretary: Didier Guennoc EVCA 

14

Achievements 

Conferences & Training Committee 

1. The EVCA Institute organised two 3-day Introduction Courses in November 2002 and February 2003 

including concurrent modules for early and later stage. 170 junior private equity and venture capital 

professionals attended. 

2. The EVCA Institute organised two Advanced Courses for well-experienced practitioners. 65 professionals 

attended the November 2002 course and benefitted from the newly enhanced programme. The second 

course, held in May 2003, included an extra day requiring greater participant involvement and providing 

newly introduced modules on ‘deal structuring’ and ‘management profiling and recruiting’. 

3. The EVCA Institute organised two fully interactive Financial Officer and Fund Administration Courses in 

September 2002 and April 2003, which included dedicated working sessions. 

4. In collaboration with the Investor Relations Commttee, the Conferences & Training Committee organised the 

5th International Investors Conference, preceded this year by an investor-only workshop. 

5. The Committee is organising the 2003 Annual Symposium in Vienna. This main and most prestigious event 

of the European private equity and venture capital year will embody a celebration of 20 years of EVCA. 

High-level European and international delegates will gather in June to attend the speeches, panels and 

roundtable discussion tables, as well as the EVCA General Assembly. 

6. The Committee organised, together with the High-Tech Committee, the 7th Technology Investment 

Conference in Barcelona in October 2002. The conference attracted 416 delegates. 

Conferences & Training Committee Members 

Chairwoman: Ms. Carol Kennedy PANTHEON VENTURES (UK) 

Members: Mr. Tom Attwood INTERMEDIATE CAPITAL (UK) 

Ms. Svenja Bruelle EXTOREL PRIVATE EQUITY ADVISORS (D) 

Mr. Niall V.G. Carroll ACT VENTURE CAPITAL (IRL) 

Dr. Jos B. Peeters CAPRICORN VENTURE PARTNERS (B) 

Mr. John Singer 

ADVENT INTERNATIONAL (UK) 

Mr. Jamie Weir 

DUKE STREET CAPITAL (UK) 

Javier Echarri sprl EVCA 


15

Achievements 

Tax & Legal Committee 

1. The Tax & Legal Committee published a paper in April 2003 on European and National Merger Regulations, 

which included the EU accession countries. 

2. The Committee produced a paper on Private Equity and Venture Capital Incentives in Europe in June 2003. 

3. The Committee very actively contributed to the successful EVCA Benchmark on Tax and Legal Environments 

in Europe. 

4. The Committee produced a paper on Money Laundering regulations across Europe in June 2003. 

5. The Committee regularly publishes memoranda on tax and legal developments on a national level, which 

are made available on EVCA’s website (www.evca.com). 

6. The Committee continued supporting EVCA in its discussions with European and national institutions 

regarding all public affairs issues. The Committee supported BVA’s and EVCA’s efforts regarding the new 

Belgian fund vehicle PRIVAK. 

Tax & Legal Committee Members 

Chairman: Mr. Jonathan Blake SJ BERWIN (UK) 

Members: Dr. Fabio Brunelli DI TANNO E ASSOCIATI (I) 

Mr. Miguel de Avillez Pereira ABREU CARDIGOS & ASSOCIADOS (P) 

Mr. Marco J. De Lignie LOYENS & LOEFF (NL) 

Ms. Josyane Gold 

SJ BERWIN (UK) 

Mr. David Huff 

3i GROUP (UK) 

Ms. Maria Leander EUROPEAN INVESTMENT FUND (L) 

Mr. Frede Mørck 

DANSK KAPITALANLAEG (DK) 

Mr. John Olden 

A+L GOODBODY (IRL) 

Mr. Bernard Peeters TIBERGHIEN (B) 

Mr. George S. Pinkham SJ BERWIN (F) 

Mr. Andreas Rötheli LENZ & STAEHELIN (CH) 

Mr. Ulf Söderholm MANNHEIMER SWARTLING ADVOKATBYRA (S) 

Mr. Martti Timgren CAPMAN CAPITAL MANAGEMENT (FIN) 

Mr. Dirk Tirez 

NASDAQ EUROPE (B) 

Mr. Andrea Tomashù AIFI (ITALIAN PRIVATE EQUITY AND VENTURE CAPITAL 

ASSOCIATION) (I) 

Mr. Hans A. van Ramshorst VAN DOORNE (NL) 

Mr. Jacob Vinther 

BECH BRUUN DRAGSTED (DK) 

Ms. Daniela Weber-Rey CLIFFORD CHANCE PÜNDER (D) 

Mr. Klaus Weinand-Härer CLIFFORD CHANCE PÜNDER (D) 

Mr. Gian Paolo Zini ZINI & ASSOCIATES STUDIO LEGALE (I) 

Didier Guennoc 




Secretary: Mr. Simon Witney SJ BERWIN (UK) 

16

Achievements 

High-Tech Committee 

1. The High-Tech Committee organised, together with the Conferences & Training Committee, the 7th 

Technology Investment Conference in Barcelona in October 2002, which attracted 416 delegates. 

2. The High-Tech Committee continued the development of life sciences and ICT investments by 

organising 2 Life Sciences Workshops (September 2002 and April 2003) and 2, instead of the 

planned 3, ICT Workshops (September 2002 and June 2003). 

3. The Committee continued promoting the integration of corporate venturers within EVCA by 

organising a 3rd Corporate Venturing Workshop in February 2003. 

4. The Committee commented on the paper on Private Equity and Venture Capital Incentives in Europe 

issued by the Tax & Legal Committee. 

5. In its efforts to promote investment in European technology venture capital, the Committee published 

the ’European Technology Success Stories’ paper. 

High-Tech Committee Members 

Chairman: Mr. Michael Elias 

KENNET VENTURE PARTNERS (UK) 

Members: Mr. Alex Brabers GIMV (B) 

Mr. Denis Champenois INNOVACOM (F) 

Mr. Alan Duncan 

PRELUDE VENTURES (UK) 

Mr. Joe Golden 

ACCEL PARTNERS (UK) 

Dr. Kent Hansen 

IMH MANAGEMENT HOLDING (DK) 

Mr. Lennart Jacobsson CAPMAN (S) 

Mr. Denis Lucquin 

SOFINNOVA PARTNERS (F) 

Ms. Anu Nokso-Koivisto SITRA (FIN) 

Mr. Philippe Poggioli ACCESS CAPITAL PARTNERS (F) 

Mr. Neil Rimer 

INDEX VENTURES (CH) 

Mr. Karl Schütte 

TRINITY VENTURE CAPITAL (IRL) 

Mr. Falk F. Strascheg EXTOREL PRIVATE EQUITY ADVISERS (D) 

Mr. Marc Verlinden E.C. – DG ENTREPRISE (L) 

Mr. Charly Zwemstra NIB CAPITAL PRIVATE EQUITY (NL) 




Buyout Committee 

1. The Buyout Committee organised the 3rd Buyout Workshop in October 2002 and the 4th in May 2003. 

2. The Committee piloted, and continues to pilot, the activities of the Secretariat with respect to Basel-II. 

3. The Committee was in regular contact with the European banking community to improve the offer of debt and 

develop its links with the private equity and venture capital industry. 

4. The Committee continued providing input to the Secretariat for its efforts concerning EU Merger Regulation. 

5. The planned PR campaign targeted at entrepreneurs and policy makers was integrated into the overall EVCA 

communications activities. No stand-alone campaign was set up for buyouts. 

Buyout Committee Members 

Chairman: Mr. Jonathan Russell 3i GROUP (UK) 

Members: Ms. Andida Bouma NIB CAPITAL PRIVATE EQUITY (NL) 

Mr. Walter Butler 

BUTLER CAPITAL PARTNERS (F) 

Mr. Javier De Jaime CVC CAPITAL PARTNERS (E) 

Mr. Max W. Römer QUADRIGA CAPITAL (D) 

Mr. Fabio Sattin 

PRIVATE EQUITY PARTNERS (I) 

Mr. Nikos Stathopoulos APAX PARTNERS (UK) 

Mr. Vesa Vanha-Honko CAPMAN CAPITAL MANAGEMENT (FIN) 

Secretary: Javier Echarri sprl EVCA 

17

Achievements 

18 

National Venture Capital Associations Committee 

1. The National Venture Capital Associations Committee reinforced the coordination of public affairs 

activities at national and European level. More specifically it undertook actions wih the NVCAs 

regarding Merger Regulation. 

2. The Committee was also involved in EVCA’s Benchmark on Tax and Legal Environments in Europe, in 

the framework of the European Commission’s Risk Capital Action Plan. 

3. Despite difficult market conditions, the Committee continued to coordinate public awareness and 

promotion of activities. 

4. EVCA and key NVCAs thoroughly discussed the collection of activity and performance data and the 

methodologies used for compiling the statistics. 

National Venture Capital Associations Committee Members 

Chairman: Mr. Emile van der Burg JEMBURG MANAGEMENT & ADVIES 

Members: Ms. Dominique Barthel Denis ASCRI (ASOCIACION ESPANOLA DE ENTITADES DE 

CAPITAL-RIESGO) 

Mr. Tom Berggren 

SVCA (SWEDISH VENTURE CAPITAL ASSOCIATION) 

Mr. Ib Bøghave 

DVCA (DANISH VENTURE CAPITAL ASSOCIATION) 

Mr. Paulo Caetano 

APCRI (ASSOCIACÃO PORTUGUESA DE CAPITAL DE 

RISCO) 

Mr. Jean-Yves Demeunynck AFIC (ASSOCIATION FRANCAISE DES INVESTISSEURS EN 

CAPITAL) 

Mr. Arnaud de Dinechin AFIC (ASSOCIATION FRANCAISE DES INVESTISSEURS EN 

CAPITAL) 

Mr. Roberto Del Giudice AIFI (ITALIAN PRIVATE EQUITY AND VENTURE CAPITAL 

ASSOCIATION) 

Ms. Anna Gervasoni AIFI (ITALIAN PRIVATE EQUITY AND VENTURE CAPITAL 

ASSOCIATION) 

Dr. Holger Frommann BVK (BUNDESVERBAND DEUTSCHER KBG’s) 

Ms. Iveta Griacova 

SLOVCA (SLOVAKIAN VENTURE CAPITAL ASSOCIATION) 

Mr. Thomas Jud 

AVCO (AUSTRIAN PRIVATE EQUITY AND VENTURE 

CAPITAL ASSOCIATION) 

Ms. Riikka Korvenoja FVCA (FINNISH VENTURE CAPITAL ASSOCIATION) 

Ms. Krista Tulonen 

FVCA (FINNISH VENTURE CAPITAL ASSOCIATION) 

Mr. István Lakos 

HVCA (HUNGARIAN VENTURE CAPITAL AND PRIVATE 

EQUITY ASSOCIATION) 

Mr. Julian Tzvetkov 

HVCA (HUNGARIAN VENTURE CAPITAL AND PRIVATE 

EQUITY ASSOCIATION) 

Mr. John Mackie 

BVCA (BRITISH VENTURE CAPITAL ASSOCIATION) 

Ms. Tjarda Molenaar NVP (NEDERLANDSE VERENIGING VAN 

PARTICIPATIEMAATSCHAPPIJEN) 

Mr. Martin W. Noordzij NVP (NEDERLANDSE VERENIGING VAN 

PARTICIPATIEMAATSCHAPPIJEN) 

Ms. Albina Nikkonen RVCA (RUSSIAN VENTURE CAPITAL ASSOCIATION) 

Mr. Georges Noël 

BVA (BELGIAN VENTURING ASSOCIATION 

Ms. Hana Kovarikova CVCA (CZECH VENTURE CAPITAL ASSOCIATION) 

Mr. Michal Nosek 

CVCA (CZECH VENTURE CAPITAL ASSOCIATION) 

Mr. Conor O’Connor IVCA (IRISH VENTURE CAPITAL ASSOCIATION) 

Mr. Maurice Pedergnana, Ph.D. SECA (SWISS PRIVATE EQUITY & CORPORATE FINANCE 

ASSOCIATION) 

Mr. Ulfar Steindorsson ICELANDIC VENTURE CAPITAL ASSOCIATION 

Ms. Barbara Nowakowska PPEA (POLISH PRIVATE EQUITY ASSOCIATION) 

Mr. Dariusz Stola 

PPEA (POLISH PRIVATE EQUITY ASSOCIATION) 

Mr. Jaka Vadnjal 

SLEVCA (SLOVENIAN VENTURE CAPITAL ASSOCIATION) 

Ms. Anne H. Worsøe NVCA (NORWEGIAN VENTURE CAPITAL ASSOCIATION) 



Secretary: Didier Guennoc 

EVCA

Action Plan 

June 2003 – June 2004

Action Plan 

Action Plan June 2003 – June 2004 

The Committees will pursue the actions that are specified below, showing a detailed and ambitious work 

agenda for the coming working year. 

As usual, some of these actions are medium-term exercises and may continue even after the end of this 

working year. 

Through the pursuit and achievement of targeted objectives and actions, EVCA will add the highest 

possible value to its Members' activities and to the growth and profitability of the European private equity 

and venture capital sector. 

For the 2003-2004 working year the Executive Committee will focus on a number of additional activities 

such as EVCA’s public affairs and marketing and communications activities. 

20 

Investor Relations Committee 

1. Organise with the Conferences & Training Committee the 6th International Investors Conference in 

Geneva in March 2004. 

2. Organise the 4th itinerant Investor Workshop and the Investor Workshop preceding the 2004 International 

Investors Conference. 

3. Continue the development of the Investors Campaign targeting top investors outside Europe. 

4. Finalise the research paper on the economics and performance analysis of the private equity asset class. 

5. Guide the work of the Statistics Task Force promoting analysis and suggestions at a pan-European level. 

6. Monitor the evolution of disclosure issues. 

Professional Standards & Communications Committee 

1. Widen the distribution and adoption of EVCA’s Reporting and Valuation Guidelines as well as its 

recently published Governing Principles. 

2. Lead the initiatives towards GIPS and other bodies currently working on setting standards or guidelines, 

particularly on valuations. Monitor all issues related to guidelines and propose a course of action. 

3. Continue monitoring the implementation of the "Entrepreneurship Educational Toolkit on Private Equity 

& Venture Capital" by European universities. 

4. Participate in the Training Task Force and provide input to EVCA’s various training courses in order to 

enhance the professional standards content. 

5. Finalise the review of the EVCA Code of Conduct. 

Conferences & Training Committee 

1. Organise the 26th and 27th EVCA Institute Introduction Courses keeping the early-stage and later-stage 

tracks and continue enhancing the course content. 

2. Organise the 9th and 10th EVCA Institute Advanced Courses and evaluate the new format and 

modules. 

3. Organise the 5th and 6th Financial Officer and Fund Administration Courses and continue reviewing 

the programme in collaboration with the Professional Standards & Communications Committee. 

4. Organise in cooperation with the Investor Relations Committee EVCA’s 6th International Investors 

Conference in March 2004 and its subsequent networking event. 

5. Organise the 2004 EVCA Symposium on the basis and new format of the 2003 Symposium. 

6. Organise the 8th Technology Investment Conference in October in Amsterdam in cooperation with the 

High-Tech Committee. 

7. Set up a Task Force with the participation of members of the Professional Standards & 

Communications Committee to enhance the programmes of the EVCA Institute courses.

Action Plan 

Tax & Legal Committee 

1. Continue updating the successful EVCA Benchmark on Tax and Legal Environments in Europe in 

the framework of the European Commission’s Risk Capital Action Plan. 

2. Produce regularly national tax and legal developments memoranda. 

3. Produce a paper on company law issues. 

4. Produce a paper on debt financing structures. 

5. Produce a paper on marketing private equity funds. 

High-Tech Committee 

1. Organise the 8th Technology Investment Conference in Amsterdam in October 2003 in 

cooperation with the Conferences & Training Committee. 

2. Continue the development of both active interest groups for life sciences and ICT investments and 

organise 3 ICT and 2 Life Sciences Workshops. 

3. Continue promoting the integration of Corporate Venturers within EVCA and specifically organise 

the 4th Corporate Venturing Workshop. 

4. Study alternatives to improve networking between investment managers, technology officers and 

entrepreneurs. 

5. Negotiate preferential access to technology research reports for EVCA Technology Members. 

6. Act as an advisor to EVCA working groups with regard to IAS and different valuation exercises. 

National Associations Committee 

1. Coordinate the production of the yearly activity and performance statistics based on a single 

methodology and ideally reach a consensus on common suppliers for all the European countries 

and the aggregated European figures. 

2. Coordinate public affairs priorities and agendas in order to reach a common platform for the 

benefit of public affairs activities at both national and European level. 

3. Set up an Industry Strategy Meeting. 

Buyout Committee 

1. Organise the 5th and 6th Buyout Workshops. 

2. Act as an advisor to EVCA working groups with regard to Basel-II and the different valuation and 

professional standards exercises. 

3. Study an activity conducive to generating deals for the buyout member constituency of EVCA. 

4. Reinforce the Committee by including representatives from debt, mezzanine and equity providers. 

5. Produce a research paper on the impact of private equity on generational change. 

21

Accounts & Budget 

Auditor’s Report 

General Comments on the 2002 

Accounts & 2003 Budget 

2002 Accounts 

2003 Budget



Auditor’s Report 

23


General Comments on the 2002 Accounts 

EVCA’s statement of income over expenditure for 2002 shows: 

• Total income of €5.48 million, an increase compared with the total income of €5.04 million that was 

recorded in 2001 

• Total expenditure of €5.29 million, a rise compared with the total expenditure of €4.63 million in 2001 

• An excess of income over expenditure of €0.20 million, compared to €0.41 million in 2001. 

The larger rise in expenditure as compared to the rise in income is in line with the increase in services 

to members that has been built into the 2002-2003 Action Plan. 

As the graph below shows, general reserves at the end of 2002 rose to €2.48 million compared to 

€2.29 million at the end of 2001. 

EVCA’s actual accounts over the last 5 years show a steady growth of the reserves. 

Detailed comments for the financial years 2002 and 2001 are provided on the following pages for: 

• The balance sheet 

• The statement of income less expenditure 

Evolution of Income/Expenditure/Reserves 

6 

98 Actuals 

99 Actuals 

5 

00 Actuals 

01 Actuals 

02 Actuals 

4 

03 Budget 

€ million 

3 

2 

1 

0 

Income Expenditure Reserves 

24


General Comments on the 2003 Budget 

The 2003 budget forecasts: 

• Total income of €5.59 million, a slight increase compared to the actual income of €5.48 million in 2002 

• Total expenditure of €5.88 million, a rise compared to actual expenditure of €5.29 million in 2002 

• A loss of €0.29 million, which brings the general reserves to €2.19 million. 

The graph below shows budgeted membership fee income at 2002 levels (Membership), a positive 

evolution of registration fee income from EVCA conferences, training and sales of publications (Fees) 

and a slight increase of income from sponsorship (Sponsorship). 

EVCA’s Board of Directors and Executive Committee wish to enhance further the activities in support of 

its Members given the difficult market situation. This is reflected in the 2003 expenditure budget, which 

takes into account an expected increase of activities and an extended Secretariat. Planned activities are 

laid out in the 2003 Action Plan. 

A detailed comparison between the 2003 budget and the 2002 actuals is provided on the following pages. 

Detailed Evolution of Income 

2.6 

2.4 

2.2 

2.0 

98 Actuals 

99 Actuals 

00 Actuals 

01 Actuals 

€ million 

1.8 

1.6 

1.4 

02 Actuals 

03 Budget 

1.2 

1.0 

0.8 

0.6 

0.4 

0.2 

0.0 

Membership 

Fees Sponsorship Other 

25


2002 Accounts 

2002 Balance Sheet 

ACTUALS 

ACTUALS 

31 December 31 December 

All amounts in € 2002 2001 

ASSETS 

FIXED ASSETS 

At cost less depreciation 117,713.82 168,633.44 

CURRENT ASSETS 

Receivables 540,385.12 374,768.41 

Provisions for bad debt - 301,310.26 - 222,790.83 

Deposits and prepayments 8,740.13 8,740.13 

VAT 100,047.29 138,345.68 

Deferred charges 378,195.83 110,982.73 

Cash at banks 3,147,498.29 2,914,691.88 

Transitory 325.37 

TOTAL CURRENT ASSETS 3,873,556.40 3,325,063.37 

TOTAL ASSETS 3,991,270.22 3,493,696.81 

LIABILITIES 

GENERAL RESERVES 

Opening balance 2,285,357.84 1,871,425.38 

Attribution of profit/loss 198,029.19 413,932.46 

Closing balance 2,483,387.03 2,285,357.84 

PROVISIONS 170,216.05 193,834.05 

CURRENT LIABILITIES 

Suppliers 816,101.54 660,805.23 

Payroll accruals 240,655.60 83,095.42 

Deferred income 280,910.00 270,604.27 

TOTAL CURRENT LIABILITIES 1,337,667.14 1,014,504.92 

TOTAL LIABILITIES 3,991,270.22 3,493,696.81 

26


Comments on the 2002 Balance Sheet 

ASSETS 

Fixed assets at cost less depreciation 

New office equipment and furniture were acquired in 2002 due to the increased secretariat headcount. 

Fixed assets are depreciated at 33.33% per annum. 

Receivables and provisions for bad debt 

Receivables and provisions for bad debt increased. Receivables include unpaid membership fees and 

unpaid registration fees by participants of 2003 EVCA events. The provision of €301,310.26 covers 

membership fees invoiced in 2002 which were unpaid at the end of February 2003. 

Deposits and prepayments 

This amount mainly includes guarantees for social charges. 

VAT 

VAT represents the amount which was due by the Belgian government for the third and fourth quarters of 

2002. EVCA received this amount after the close of the 2002 financial year. 

Deferred charges 

Deferred charges include expenditures related to events planned for 2003 and rent paid for the first 

quarter of 2003. 

LIABILITIES 

General reserves 

All transactions being purely financial and with the fixed assets being less than 5% of the balance sheet 

total, the cash position of EVCA exceeds the amount of total reserves. The cash position covers 54% of the 

estimated expenses for 2003. 

Provisions 

Provisions (excluding the provision for unpaid membership and registration fees – see above) totalled 

€170,216.05 at the end of 2002 and are equal to 3 months staff salaries and charges. 

Suppliers 

The outstanding balance for suppliers was paid in the first quarter of 2003. The increase in 2002 

compared to 2001 is due to invoices received in 2003 but related to costs for 2002. 

Payroll accruals 

Payroll accruals totalled €240,655.60 at the end of 2002 and include: 

• legal holiday provision for staff on EVCA’s payroll € 140,888.38 

• Social charges for December 2002 (paid in January 2003) € 99,767.22 

Deferred income 

Deferred income includes income from invoiced sponsoring and registration fees related to 2003 

conferences and training. 

27


Statement of Income less Expenditure - Actuals 2002 versus 2001 

ACTUALS 

ACTUALS 

All amounts in € 2002 2001 

Membership fees 2,323,907.19 1,968,527.56 

Fees & subscriptions 2,449,913.18 2,329,347.69 

Sponsorship 541,895.00 619,914.90 

Other income 109,101.96 124,470.71 

Unforeseen 59,830.92 

TOTAL INCOME 5,484,648.25 5,042,260.86 

Staff -1,610,979.53 -1,267,508.67 

External fees -829,575.05 -466,540.94 

Office and meeting accommodations (conferences included) -1,376,142.87 -1,344,556.16 

Equipment -145,256.86 -118,348.63 

Travel, hotels and representation -186,210.88 -218,232.79 

Communications -370,830.61 -328,986.04 

Printing & audio-visual -494,218.76 -609,373.20 

Various office costs -70,569.95 -50,499.18 

Financial charges, exchange differences & misc. -121,982.79 -68,689.31 

Provisions -80,851.76 -155,593.48 

TOTAL EXPENDITURE -5,286,619.06 -4,628,328.40 

INCOME LESS EXPENDITURE 198,029.19 413,932.46 

28


Comments on the Statement of Income less Expenditure 

- Actuals 2002 versus 2001 

Membership fees 

The invoiced amount for membership fees in 2002 increased by 18% compared to 2001. Membership fees in 

2001 increased by 38.9% compared to 2000. 

Fees and subscriptions 

The 2002 actual figure is slightly higher than the actual figure for 2001. This is mainly due to record income 

from successful additional EVCA Institute courses, which increased by 37.19%. Income from conferences 

remained at the level of 2001. The sales of EVCA publications and yearbooks decreased by 42.49%, 

compared to an increase of 8.5% in 2001. 

Sponsorship 

Income from sponsorship in 2002 decreased by 12.59% compared to 2001. This was the result of a 42.49% 

decrease in sponsorship for the EVCA annual yearbook and directory, a 30.30% decrease in sponsorship for 

EVCA’s annual Technology Conference, and a 15% increase in sponsorship for the International Investors 

Conference and the Annual Symposium. 

Other income 

Other income mainly includes interest on term accounts. Other income decreased, compared to 2001, due to 

lower interest rates. 

Unforeseen 

Unforeseen includes income that EVCA received from UFSIA and the European Commission for their 

participation in the Entrepreneurship Toolkit and the closing of dossiers from the Venture Consort project. 

Staff and external fees (inter-related costs) 

Staff costs and external fees increased by 40.74%. This reflects the investments made by EVCA to support the 

increase in activities - services to members, training, research, conferences and publications - as well as the 

related recruitment costs. 

Office and meeting accommodations (including conferences) 

This category of costs was equal to last year’s amount. Direct costs related to conferences and training 

accommodation and meetings account for 85% of these expenditures. 

Equipment 

Equipment is mostly depreciated on a 3-year write-off basis. The increase compared to 2001 is primarily due 

to the maintenance of the office equipment. 

Travel, hotels and representation 

Travel, hotels and representation costs remained at the level of 2000 when related to general secretariat 

activities. There is a decrease of 14.67% due to less attendance by secretariat staff of non-EVCA conferences 

and EVCA committees. All these expenses relate to projects, conferences, working committees and training. 


The increase of 12.72% is mainly due to an increased number of mailings to members. 

Printing and audio-visual/various office costs 

The decrease of 18.9% is due to the fact that printing costs for the Entrepreneurship Toolkit were booked in 

2001. 58% of printing and audio-visual costs relate to conferences and training and are the result of increased 

conference and training activity and improved quality. 

Financial charges, exchange differences & misc. 

The increase of 77.58% is related to an increased number of payments, credit card transactions and some 

unforeseen costs related to 2001. 

29


2003 Budget 

Statement of Income Less Expenditure - Budget 2003 versus Actuals 2002 

All amounts in € BUDGET ACTUALS 

2003 2002 

Membership fees 2,300,397.00 2,323,907.19 

Fees & subscriptions 2,634,875.00 2,449,913.18 

Sponsorship 572,000.00 541,895.00 

Other income 78,000.00 109,101.96 

Unforeseen 59,830.92 

TOTAL INCOME 5,585,272.00 5,484,648.25 

Staff -2,048,000.00 -1,610,979.53 

External fees -928,100.00 -829,575.05 

Office and meeting accommodations (conferences included) -1,493,135.00 -1,376,142.87 

Equipment -123,000.00 -145,256.86 

Travel, hotels and representation -222,310.00 -186,210.88 

Communications -377,300.00 -370,830.61 

Printing & audio visual -535,624.00 -494,218.76 

Various office costs -82,200.00 -70,569.95 

Financial charges, exchange differences & misc. -66,500.00 -121,982.79 

Provisions -80,851.76 

TOTAL EXPENDITURE -5,876,169.00 -5,286,619.06 

INCOME LESS EXPENDITURE -290,897.00 198,029.19 

30


Comments on the Statement of Income Less Expenditure - 

Budget 2003 versus Actuals 2002 

Membership fees 

The 2003 budget is in line with the actual figures of 2002. 

Fees and subscriptions 

Due to the excellent results booked for EVCA events in 2002, and taking into account a number of new 

projects that will be launched in 2003, the budget foresees an increase of 7.5%. 

Sponsorship 

As new planned activities for 2003 result in more sponsorship opportunities, an increase of 5.5% has 

been budgeted. 

Other income 

Due to an expected increase in advance payments for conference locations, a decrease in the interest on 

term accounts has been included in the budget. 

Staff and external fees 

The 2003 budget foresees an increase of 22% as new staff will be hired to handle an increased level of 

activities. The increase in external fees is mainly related to research and lobby activities. 

Office and meeting accommodations (including conferences) 

In parallel with the foreseen increase in activity for conferences and training, expenses for office and 

meeting accommodations have been increased accordingly. 

Equipment 

The budget for equipment is lower than the 2002 actual costs as some hardware (acquired in 2000) was 

fully written off at the end of 2002. 

Travel, hotels and representation 

These costs have been increased in the 2003 budget due to more staff. 


These expenses are in line with 2002 actuals, due to planned cost reductions. 

Printing and audio-visual 

Compared to the 2002 actual costs, an increase has been budgeted to include additional costs related to 

new training projects. 

Various office costs 

An increase has been budgeted to cover the expected increase in subscriptions and the upgrading of 

software. 

Financial charges, exchange differences and miscellaneous 

A decrease is foreseen due to an improvement in negotiated terms related to credit card payments and 

electronic banking. 

31

visit www.evca.com

Minervastraat 4, B-1930 Zaventem, Belgium 

Tel: +32 2 715 00 20 Fax: +32 2 725 07 04 

e-mail: evca@evca.com web: www.evca.com 

This annual report is published by the European Private Equity & 

Venture Capital Association (EVCA). ©Copyright EVCA 28 April 2003

2002 Annual Report - EVCA

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