- 1 Consolidated income statement
- 2 Consolidated balance sheet
- 3 Changes in equity
- 4 Consolidated cash flow statement
- 5 Accounting policies
- 6 Subsidiaries
- 7 Acquisition of subsidiaries
- 8 Sales of subsidiaries
- 9 Segment information
- 10 Operating result
- 11 Financial result
- 12 Income taxes
- 13 Earnings per share
- 14 Paid and proposed dividends
- 15 Goodwill and other intangible assets
- 16 Property, plant and equipment
- 17 Goodwill impairment
- 18 Financial assets
- 19 Loans to portfolio companies
- 20 Inventories
- 21 Trade and other receivables
- 22 Cash and marketable securities
- 23 Outstanding capital and reserves
- 24 Pension liabilities
- 25 Provisions
- 26 Financial liabilities and trade payables
- 27 Related parties
- 28 Financial risk management
- 29 Share-based transactions
- 30 Fair value
- 31 Outstanding fund commitments
- 32 Auditor's report
- 33 Limited to statutory consolidation
31 Outstanding fund commitments
| Name fund | Year | Currency | Total commitment | Total commitment exchange rate 31/03/2012 | Outstanding commitment on 31/03/2012 | Value on 31/03/2012 |
| Buyouts & Growth | ||||||
| Buy out Fund | 1999 | EUR | 12 400 | 12 400 | - | - |
| CapMan VIII Buyout | 2006 | EUR | 20 000 | 20 000 | - | - |
| CapMan IX Buyout | 2009 | EUR | 13 000 | 13 000 | - | - |
| CapMan Russia Fund | 2009 | EUR | 7 922 | 7 922 | - | - |
| CapMan Public Market Fund | 2009 | EUR | 1 905 | 1 905 | - | - |
| Corpeq Urals Fund *1 | 1999 | EUR | 1 000 | 1 000 | - | - |
| DKB Emerging Europe L.P. | 2001 | USD | 3 173 | 2 375 | - | - |
| Eagle Russia fund *1 | 2006 | USD | 10 000 | 7 487 | - | - |
| EPF II | 2001 | EUR | 5 000 | 5 000 | - | - |
| EPF III | 2006 | EUR | 5 000 | 5 000 | - | - |
| Fintech Gimv Fund | 2007 | USD | 15 000 | 11 231 | - | - |
| Halder-Gimv Germany A *1 | 2003 | EUR | 15 000 | 15 000 | - | - |
| Halder-Gimv Germany B *1 | 2003 | EUR | 19 069 | 19 069 | - | - |
| Halder-Gimv Germany II | 2008 | EUR | 81 250 | 81 250 | - | - |
| Genesis Private Equity II | 2009 | EUR | 10 000 | 10 000 | - | - |
| Industri Kapital | 1997 | EUR | 3 500 | 3 500 | - | - |
| Lyceum Capital I | 2000 | EUR | 75 000 | 75 000 | - | - |
| Lyceum Capital II | 2008 | GBP | 21 000 | 25 183 | - | - |
| Nova Polonia | 2000 | EUR | 10 450 | 10 450 | - | - |
| Pragma | 2007 | EUR | 40 000 | 40 000 | - | - |
| Rendex | 1999 | EUR | 3 099 | 3 099 | - | - |
| Czech Fund *1 | 2000 | EUR | 9 835 | 9 835 | - | - |
| Vectis | 2004 | EUR | 3 000 | 3 000 | ||
| Vectis II | 2011 | EUR | 5 000 | 5 000 | - | - |
| 387 707 | 89 663 | 135 516 | ||||
| Venture Capital | ||||||
| AIC | 2000 | EUR | 1 270 | 1 270 | - | - |
| Alta Berkeley V | 1996 | EUR | 2 000 | 2 000 | - | - |
| Alta Berkeley VI | 2000 | EUR | 3 000 | 3 000 | - | - |
| Baekelandfonds | 1999 | EUR | 1 200 | 1 200 | - | - |
| CapMan Technology Fund | 2009 | EUR | 8 305 | 8 305 | - | - |
| Charles River 07 | 1998 | USD | 2 500 | 1 872 | - | - |
| Charles River 08 | 1999 | USD | 2 000 | 1 497 | - | - |
| Charles River 09 | 1999 | USD | 3 000 | 2 246 | - | - |
| Charles River 10 | 2000 | USD | 5 460 | 4 088 | - | - |
| Charles River 11 | 2000 | USD | 3 677 | 2 505 | - | - |
| Galileo II | 1998 | EUR | 2 287 | 2 287 | - | - |
| Galileo II B | 2002 | EUR | 360 | 360 | - | - |
| Galileo III | 2000 | EUR | 3 150 | 3 150 | - | - |
| Genesis III | 2000 | USD | 10 000 | 7 487 | - | - |
| Genesis IV | 2009 | USD | 10 000 | 7 487 | - | - |
| Gimv Arkiv Technology Fund *1 | 2006 | EUR | 15 100 | 15 100 | - | - |
| Gimv Arkiv II *1 | 2011 | EUR | 13 000 | 13 000 | - | - |
| I-source | 2006 | EUR | 5 000 | 5 000 | - | - |
| IT Partners | 1997 | EUR | 7 442 | 7 442 | - | - |
| MTV III | 2000 | USD | 2 801 | 2 097 | - | - |
| Pacven Walden III | 1997 | USD | 1 000 | 749 | - | - |
| Pacven Walden IV | 1998 | USD | 2 000 | 1 497 | - | - |
| Pacven Walden V | 2001 | USD | 1 920 | 1 438 | - | - |
| Sofinnova Venture V (USA) | 2000 | USD | 3 500 | 2 621 | - | - |
| Emerald Technology Ventures II | 2006 | EUR | 30 000 | 30 000 | - | - |
| Abingworth Bio. II | 1997 | USD | 3 006 | 2 251 | - | - |
| Abingworth Bio. III B | 2001 | USD | 5 000 | 3 744 | - | - |
| Alta Biopharma Partners III | 2004 | USD | 10 000 | 7 487 | - | - |
| Forward Ventures IV | 2000 | USD | 5 000 | 3 744 | - | - |
| Gimv Agri+ | 2009 | EUR | 30 000 | 30 000 | - | - |
| OBP II | 1996 | USD | 1 000 | 749 | - | - |
| OBP II Annex | 2002 | USD | 2 848 | 2 133 | - | - |
| OBP II Adj. | 1996 | USD | 6 000 | 4 492 | - | - |
| OBP III | 1999 | USD | 3 600 | 2 695 | - | - |
| OBP III Adjunct | 1999 | USD | 14 400 | 10 782 | - | - |
| OBP IV | 2001 | USD | 12 000 | 8 985 | - | - |
| Sofinnova Capital III | 1998 | EUR | 2 284 | 2 284 | - | - |
| Sofinnova Capital IV | 2000 | EUR | 10 000 | 10 000 | - | - |
| Sofinnova Capital V | 2005 | EUR | 7 500 | 7 500 | ||
| Sofinnova Capital VI | 2008 | EUR | 5 000 | 5 000 | - | - |
| 229 543 | 57 016 | 67 320 | ||||
| Gimv-XL*2 | 2008 | EUR | 251 520 | 251 520 | ||
| Total Gimv-XL | 251 520 | 114 990 | 98 223 | |||
| Infrastructure | ||||||
| DG Infra+*3 | 2007 | EUR | 29 833 | 29 833 | - | - |
| DG Infra Yield | 2010 | EUR | 6 375 | 6 375 | - | - |
| Total Infrastructure | 36 208 | 23 124 | 11 512 | |||
| Overall total | 904 978 | 284 793 | 312 572 |
*1 These funds are being managed by a management company in majority owned by Gimv
*2 Gimv's investments in the shareholdings of the Gimv-XL fund are recorded directly in the Gimv balance sheet
*3 This fund is being managed by a management company of which Gimv owns 50 percent
Off-balance sheet obligations and major pending litigation
The text below gives an overview of off-balance sheet obligations in relation to shareholdings which represent a material portion of the Gimv group’s non-current financial assets.
Apart from these commitments to invest in funds (cfr. supra):
- there are thirteen files with binding financial commitments totalling EUR 28 175 228 and USD 64 735;
- in two thirds of the files, agreements have been made which, in the event of an exit, could result in an uneven distribution of the proceeds, to the benefit or detriment of Gimv depending on the investment and/or the circumstances;
- in almost two-thirds of investments Gimv’s interest can be diluted, albeit generally to a relatively limited extent, by stock option plans or securities entitling their holders to shares upon exercise or conversion;
- around 40% of files include an anti-dilution clause which comes into effect whenever additional capital is obtained at a lower price per share, and which in most cases, but not always, operates to Gimv’s advantage;
- in just under half of the files, Gimv can be required to co-sell its holdings, in most cases together with the other members of the financial consortium;
- in three files Gimv has granted a call option on all or part of its shares in a particular shareholding, and in eight files one or more third parties have put options on Gimv;
- there are fifteen files (mainly buyouts) in which Gimv has agreed, in the event of an exit, to cede part of its capital gain above a certain return to one or more other shareholders;
- in only one in seven of the 155 divestments undertaken by Gimv since 1997 have representations and warranties been given that are still effective. With the exception of one file in which Gimv is being sued for damages, but in which Gimv resolutely disputes the claim (mentioned below in the note on pending disputes), there was at year-end closing date no indication whatsoever to suggest that any significant claim might in future be made against these representations and warranties.
In the pending litigation in which the Gimv group was involved at 31 March 2012, appropriate provisions have been set up where necessary, so that no significant impact can be expected from any negative decision.