Results and key figures
Net profit of EUR 135.2 million
For FY 2010-2011 Gimv posted a net profit of EUR 135.2 million. This is 15 percent higher than the previous net profit of EUR 117.5 million. This result is mainly determined by the gains on disposal of a number of portfolio companies. The rest of the portfolio also grew nicely in value, with the continuing recovery of these companies’ results and the increased share prices of a number of listed companies.
Realised net capital gains during FY 2010-2011 amounted to EUR 75.8 million. These capital gains come mainly from the Venture Capital activities (EUR 54.9 million). Another EUR 17.6 million derive from the Buyouts & Growth activities and the remaining EUR 3.3 million from the co-investment funds.
“Besides an attractive profit, Gimv also achieved an above-average return on equity.”
Unrealised net capital gains totalled EUR 57.8 million. These gains came entirely from the Buyouts & Growth activities: EUR 74.2 million, partly offset by negative contributions of EUR -15.2 million from the Venture Capital activities and EUR -1.3 million from the co-investment funds. The net unrealised capital gains are a direct consequence of the application of the prevailing international private equity valuation rules. You can find a breakdown of the investment portfolio per valuation method and details of the unrealised capital gains and losses further on. For more information on our valuation methodologies, take a look at point 5 of the statutory consolidations.
The other operating result for FY 2010-2011 came out at EUR 3.8 million and the net financial result for the financial year is EUR 5.0 million positive. Hence, after deducting taxes (EUR -2.8 million) and non-controlling interests (EUR -4.3 million), Gimv realised for the 2010-2011 financial year a net profit of EUR 135.2 million.
Investment pace maintained
In FY 2010-2011, Gimv invested a total of EUR 151.7 million on balance sheet. Another EUR 20.0 million was invested (third party share) by funds managed by Gimv.
The main investments by business unit during the past financial year were in Acertys, Square Melon (Bananas) and Eden Chocolates (Buyouts & Growth Belgium), BMC (Buyouts & Growth Netherlands), and Onedirect and Brunel (Buyouts & Growth France). During this same period Technology invested in, among others, Inside Secure, Luma, Private Outlet, RES Software, Ubidyne and Virtensys. Life Sciences invested in Ceres and Devgen. McPhy Energy and PE International were the major investments in Cleantech. There were also the investments in DataContact (CEE), Belwind (DG Infra Yield) and the increase in the shareholding in listed Scandinavian fund manager Capman.
Continued strong interest from industrial buyers
In FY 2010-2011, Gimv sold among others its shareholdings in ADA Cosmetics, ANP, Claymount, CoreOptics, Liquavista, Microtherm, Mondi Foods, Movetis, Nuance Technologies, Plexxikon, Polymer Insulation Products (PIP), Prolyte, Psytechnics, Santhera Pharmaceuticals, Thrombogenics and 3Mensio. In all Gimv divested for an amount of EUR 130.8 million. On top of this come another EUR 19.9 million of divestments by the co-investment funds (third party share).
On 31 March 2010 these divestments represented a total value of EUR 59.1 million. In addition the divestments in 2010-2011 generated EUR 3.0 million of dividends, interest and management fees. This means that these divestments produced a total of EUR 133.8 million, or 126.3 percent (EUR 74.6 million) more than their carrying value at 31 March 2010 (valued at fair value in the limited consolidation) and 55.5 percent (EUR 47.7 million) above their original acquisition cost of EUR 86.0 million, or a multiple of approximately 1.6x.
Solid balance sheet
The balance sheet total amounted at 31 March 2011 to EUR 1 139.6 million. The portfolio is valued at EUR 883.8 million compared with EUR 713.5 million at 31 March 2010 (+ 24 percent).
Gimv’s net cash position at 31 March 2011 was EUR 185.8 million compared with EUR 302.0 million at 31 March 2010. The decrease is mainly due to the payment of the dividend for FY 2009-2010 (EUR 55.6 million), to the excess of investments (EUR 151.7 million) over divestments (EUR 130.8 million), and the fact that the proceeds of a number of major divestments were received only after the financial year end.
Equity (= net asset value) amounted at 31 March 2011 to EUR 1 091.4 million (EUR 47.09 per share), compared with EUR 1 013.4 million (EUR 43.73 per share) at 31 March 2010 (both figures prior to dividend payment). The increase in equity during FY 2010-2011, plus the dividends of EUR 55.6 million paid out during the financial year, represent a return on equity for the financial year of 13.2 percent, which is slightly above Gimv’s long-term return.
- EUR 171.7 million investments (incl. funds under management)
- EUR 150.7 million divestments (incl. funds under management)
- Portfolio value amounts to EUR 883.8 million
- Net cash position of EUR 185.8 million
- Equity rises further to EUR 1 091.4 million or EUR 47.09 per share
Gross dividend rises to EUR 2.45 per share (EUR 1.84 net)
|Consolidated financial statements (limited consolidation) (in EUR 000)|
|Equity *1||1 091 433||1 013 389||950 564||1 327 554||1 278 526|
|Portfolio||883 786||713 505||578 211||848 144||820 751|
|Cash and cash equivalents||185 841||302 013||382 777||512 524||445 608|
|Net cash and cash equivalents||185 841||302 013||382 777||512 524||445 608|
|Balance sheet total||1 139 625||1 057 676||993 745||1 393 986||1 327 425|
|Net profit *1||135 187||117 521||-322 295||161 432||249 319|
|Total gross dividend||56 781||55 622||54 695||101 047||96 952|
|Investments (own balance sheet)||151 673||144 807||188 622||234 936||192 122|
|Investments (including funds under management)||171 710||205 207||213 621||304 636||226 331|
|Divestments (own balance sheet)||130 788||120 538||181 952||380 665||272 385|
|Divestments (including funds under management)||150 641||124 618||220 587||473 624||315 167|
|Number of employees||100||104||99||83||74|
|Key figures per share (in EUR)|
|Net profit *1||5.83||5.07||-13.91||6.97||10.76|
|Diluted net profit *1||5.83||5.07||-13.91||6.97||10.76|
|Share price (on the closing date of the financial year)||42.5||39.95||32.59||47.75||48.1|
|Total number of shares||23 176 005||23 176 005||23 176 005||23 176 005||23 176 005|
|Return on equity||13.2%||12.4%||-24.3%||12.6%||18.0%|
|Return on portfolio *2||23.5%||22.7%||-30.1%||22.3%||33.5%|
|Premium (+) / discount (-) on equity||-9.8%||-8.6%||-20.5%||-16.6%||-12.8%|
*1 Attributable to shareholders of the parent company
*2 (Realised capital gains + unrealised capital gains on financial fixed assets + dividends + interests + management fees + turnover) / portfolio at start of financial year
*3 Extended accounting year :15 months
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