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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.

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.

	31-3-2011	31-3-2010	31-3-2009	31-3-2008	31-03-2007*3
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)
Equity *1	47.1	43.73	41.01	57.28	55.17
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
Gross dividend	2.45	2.40	2.36	4.36	4.18
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
Ratios
Pay-out ratio	41.1%	47.3%	N.A.	62.6%	38.9%
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%

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