International financial markets were affected by the nervousness concerning the macro-economic environment, growth prospects and geopolitical uncertainties. This produced a downward impact on the mergers and acquisitions market and on valuations. Despite the improved situation in the second half, it led to significant unrealised losses.In this environment that remains challenging, our businesses are holding their own by focusing on their long-term growth trajectories. The realised capital gains with attractive exits prove that the Gimv model remains intact even in difficult market conditions. To finance Gimv's further growth and the expansion of the portfolio, we are this year offering our shareholders for the first time a stock dividend.In such a context, Gimv's ambition is more than ever to use the levers of capital and management support to help promising enterprises transform into global players. To facilitate this, the previously formulated strategic priorities - innovative value creation, expansion and internationalisation - will be applied with increased vigour. Even more than before we will be focusing on companies that are or have the potential to become market leaders in attractive growth sectors and/or growth markets.
Chairman and CEO