- 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
18 Financial assets
Financial assets, consisting of shareholdings of Gimv NV and its subsidiaries, increased by EUR 25 164.
This development is explained as follows: In 2011-2012, the Gimv group invested EUR 123 129 in shareholdings. The main investments were PinguinLutosa Food Group, Oldelft Ultrasound, Walkro, XL Video, Trustteam, Studiekring and Expert Photo for Buyouts & Growth and Ebuzzing, Ubidyne, GreenPeak Technologies, ActivePath, Endosense and Made in Design for Venture Capital.
Divestments of EUR 36 929 were also undertaken. The main divestments were VAG Armaturen (Buyouts & Growth) and Innate Pharma and Tinubu (Venture Capital).
Unrealised capital losses amount to EUR 65 660. These reflect the periodic valuation exercises covering the entire portfolio. The Gimv group values listed shareholdings at their bid price and unlisted shareholdings based on the valuation methods most appropriate for the particular type of investment, following the International Private Equity and Venture Capital Valuation Guidelines.
The remaining increase reflects transfers due to reclassifications, conversions of loans into shares and the capitalisation of interest.
| 2011-2012 | 2010-2011 | |
1. Opening balance |
618 771 | 480 979 |
1.1. Investments |
123 129 | 125 946 |
1.2. Acquisition through business combination |
- | |
1.3. Divestments (-) |
-36 929 | -50 448 |
1.4. Disposal of subsidiaries |
- | |
1.5. Unrealized change (increase (+), decrease (-) in fair value) |
-65 660 | 42 703 |
1.6. Increase (decrease) translation differences |
- | |
1.7. Other (increase (+), decrease (-)) |
4 624 | 19 590 |
2. Closing balance |
643 935 | 618 771 |
| Of which | ||
| Shares - listed | 162 005 | 121 844 |
| Shares - unlisted | 481 930 | 496 927 |
| Change in fair value recognised in profit & loss during the period | -65 660 | 42 703 |
| Estimated using a valuation technique | -38 437 | 19 011 |
| Determined directly | -27 223 | 23 691 |
Hierarchy of fair values
At 31 March 2012 the group held the following financial instruments recorded at fair value. The group applies the following hierarchy for determining and disclosing the fair value of financial instruments, distinguished by valuation technique
- Level 1: listed (unadjusted) prices in active markets for identical assets or liabilities;
- Level 2: other methods for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly;
-
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data
| Assets measured at fair value | 2011-2012 | Level 1 | Level 2 | Level 3 |
| Financial assets at fair value through profit or loss | 643 935 | 162 005 | - | 481 930 |