Growth at portfolio companies and capital gains on exits lead to excellent portfolio return and a strong net half-year result of EUR 62.6 million

23-11-2017 07:00

Managing Director Koen Dejonckheere, on the past half-year's results:

"Thanks to strong growth at our portfolio companies and the capital gains realized on attractive exits, the return for the first 6 months of the financial year confirms the above-average return of the past 3 years. Our half-year result of almost EUR 63 million puts us on track to realize once again this year an ROE in line with the long-term target. The past six months again saw strong transaction activity on all our investment platforms in a market that is highly competitive, but in which we can distinguish ourselves by our platform approach and continued focus on value creation."

The results for the first half of the 2017-2018 financial year cover the period from 1 April 2017 to 30 September 2017.

Highlights (consolidated figures)

  • Results supported by strong portfolio result for the seventh consecutive half-year.
    • Growth potential of portfolio companies confirmed: over 10% sales and EBITDA growth
    • Strong interest by industrial buyers results in successful exits.
    • Annualized portfolio yield of 17.2%
  • Active half-year in terms of transactions
    • 5 new investments, 3 divestments and already 6 transactions since balance sheet date
    • 53 shareholdings in portfolio
  • Lighter decision structures supported by a slimmed and rejuvenated Executive Committee

Results

  • Net result (group’s share) EUR 62.6 million (EUR 2.46 per share)
  • Portfolio result: EUR 82.6 million

Equity (at 30.09.2017)

  • Equity value (group’s share): EUR 1 232.6 million (EUR 48.48 per share)

Balance sheet (at 30.09.2017)

  • Balance sheet total: EUR 1 313.2 million
  • Investment Portfolio: EUR 1 007.6 million
  • Net cash position: EUR 286.6 million

Investments

  • Total investments (on balance sheet): EUR 77.6 million (EUR 83.5 million including co-investment funds)
  • Excluding the investments in Wemas Absperrtechnik, Agrobiothers and La Croissanterie, announced but not yet implemented as at 30 September.

Divestments

  • Total divestment revenues (on balance sheet): EUR 87.0 million (EUR 109.9 million including co-investment funds)
  • Divestment revenues: 10.1% above their value in equity at 31 March 2017.
  • Excluding the divestments of Almaviva Santé, Luciad and Marco & Vasco, already announced but not yet implemented as of 30 September.

Dividend

  • Gimv strives to maintain its current dividend policy.

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