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25 Provisions

Provisions rose by EUR 5 660. In the limited consolidation the provisions increased by EUR 4 084. A provision of EUR 3 569 was set up for Representations & Warranties in connection with the sale of one of the Gimv shareholdings.

The provisions of the majority shareholdings increased by EUR 1 575.

All options granted in the co-investment companies fall within the scope of IFRS 2 and qualify as 'cash-settled share-based option plans'.

At 31 March 2012, the provisions set up by Gimv in past years in respect of this co-investment structure amounted to EUR 7 088. EUR 427 of this provision relates to unexercised options and EUR 6 661 to the estimated settlement of already exercised options. This provision is calculated on the assumption that the employees concerned remain with the company until the end of the vesting scheme, based on the valuation of the financial assets in question at the end of the financial year. During 2011-2012 this provision evolved from EUR 7 123 at 31 March 2011 to the above-mentioned amount of EUR 7 088 at 31 March 2012.

The change in this provision is mainly explained by three factors. Initially a portion of the stock options relating to the 2004 co-investment companies were exercised during the past financial year, and these shares were consequently recorded under minority interests. Secondly, Gimv has made use of its rights to acquire most of these minority interests, with a provision set up for the still outstanding acquisition price. This, together with the evolution in the value of the portfolio, also explains the evolution of the relevant provision in the past year.

The A and B options allocated on the 2007 and 2010 co-investment companies run for four and eight years respectively.
 

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