Consent to the processing of personal data

For the purpose of providing services and investing First Veterinary Fund Central Europe SICAV a.s. (hereinafter “Vetfund”) processes some personal data. These are contact details that you provide us mainly via the contact form or email, namely: name and surname, email, telephone number and possibly also the address of residence. Vetfund processes this data and keeps it in contact for further agreement on investments and services. The Vetfund does so on the basis of Article 6 (1) (a). b) GDPR – negotiation of the contract, resp. take pre-contractual measures at your request. If no further cooperation is established, Vetfund will store your data for a maximum of 3 years from the last communication.

Vetfund respects your privacy and undertakes to store your personal data and not to distribute it to third parties without your permission. Exceptions are companies that participate in the operation of the investment fund. They are:

Tiller Investment Company a.s. with its registered office at Karolinská 707/7,  186 00 Praha 8, IČ: 08608733

Conseq Investment Management a.s. with its registered office at Rybná 682/14, 110 00 Prague 1, IČ: 26442671

Versute investiční společnost, a.s. with its registered office at Masarykovo nábřeží 246/12, 110 00 Praha 1, IČ: 08787131

Consent to the storage of cookies and their use on the Vetfund website

By using this website, you agree that the website stores cookies on your computer or mobile device.

Cookies are short text files that remember website settings. They store cookies on devices that users use to access the Internet so that they can identify them later. The storage of cookies is controlled only by the internet browser used by the user. It is possible to limit or deactivate the storage of cookies as needed.

Cookies are essential for the smooth delivery of online services; without them, the most common electronic services would be impossible. By using cookies, the website is able to record user preferences, which allows us to customize the site for more efficient, faster and more pleasant use. Cookies are used to store data about websites (details about customizing the site), to support the provision of online services (eg webstores), to help collect statistics about users, their preferences, number of page views, etc.

The cookies used by the Vetfund website do not collect personal data that would allow your personal identification and cannot harm your computer, tablet or smartphone. Cookies support the operation of the Vetfund website and help us understand which specific information is most beneficial to users.

If you want to change the way your internet browser uses cookies (including blocking or deleting them), you can do so by changing the settings accordingly. Most Internet browsers allow users to accept or reject cookies, to accept only certain types of cookies, or to indicate that a website would like to store a cookie. The user can also easily delete cookies that the internet browser has stored. The way cookies are managed or deleted varies depending on your internet browser.

Our ESG Strategy – We act responsibly

We believe that business and investment is not just a performance and profit-oriented activity, but has much wider social reach and affects our future. That is why we act responsibly. We strive to do the best for our customers, investors, employees and partners, while taking future generations into account. Our investment philosophy combines an emphasis on results with a strong focus on areas related to the environment, social impact, and governance (ESG). We know that a sustainable approach to value creation pays off not only for our customers, employees, partners, suppliers, but above all for ourselves.

We have a well-defined ESG strategy and a clear plan for incorporating a responsible approach into our day-to-day operations. We focus on 4 key priorities:

Revenue recognition and tax liability – we apply the strictest accounting principles and transparent reporting of results. We focus mainly on accurate income recognition, which is a critical area in veterinary care.

Equal opportunities, diversity and inclusion – we create an inspiring place to work where our employees receive equal opportunities. We strive to offer equal pay based on functional level, maintain a work environment leading to high job satisfaction and low turnover.

Corporate governance – we have clear rules and processes according to which our clinics are operated, regulated or controlled. These are factors that affect the interests of all stakeholders in the company, including shareholders, customers, suppliers, government regulators and management.

Employee development – we operate in the field of services and healthcare, where the quality of employees is a key asset for success. We make sure that we provide the highest quality training to our employees and create an environment in which they can develop their professional skills and provide the best veterinary services.

We have defined different key performance indicators (KPIs) for each of the four ESG priority themes. Based on these KPIs, we monitor ESG performance. From 2022, these indicators will also be regularly measured and reported annually.

Consolidation of veterinary care in Western Europe

The veterinary market in Western Europe has undergone significant consolidation over the past five years. The trend is set by two main players:

IVC Evidensia – operates in 12 countries with 6100 veterinarians treating more than 4 million pets

AniCura – operates in 13 countries with 2,800 veterinarians treating about 3 million pets

This development represents a significantly higher quality of care provided to the pets and more efficient operation of veterinary clinics. The operational management of the clinics is run by professional management. Doctors and nurses can devote themselves fully to professional care. Consolidation brings an increased investment in clinic equipment and staff professional development.

Overloaded veterinary care system in the Czech Republic

In the Czech Republic, there is a strong tradition in pet care with further expected growth. The number of pets in the Czech Republic is above the EU average: 41% of households keep a dog (vs 25% EU), 21% a cat (vs 24% EU). The number of pets is still growing and this corresponds to an increase in feed costs of up to 6 +% per year. The forecasts for the next few years assume that the global market for pet products and services will grow by about 5% per year.

In the Czech Republic, on the other hand, the number of veterinarians is slightly below the European average – a total of 4,500 physicians (0.42 per 1,000 inhabitants vs. 0.43 Western Europe). Their number has not changed in recent years and significant growth cannot be expected in the future. Veterinarians are already overwhelmed due to the large number of patients. For practice owners and chief physicians, administrative activities also contribute to the overload – clinic management, human resources management, financial management and more.

Sources: FEDIAF European Facts & Figures; consumer panel GfK Czech, MAT 5/2020; KVL Czech Republic, 2020

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