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9 Segment information

Gimv applies in the first instance an activities-based segmentation, which is also used for internal management reporting in accordance with the new IFRS 8 requirements. The segments correspond to the various activities as indicated below. The Buyouts & Growth (B&G) segment consists of four business units: in Belgium, the Netherlands, Germany and France, and also the investments that Gimv holds in the Gimv-XL fund. The Technology, Life Sciences en Cleantech business units together form the Venture Capital (VC) segment. Through the DG Infra funds Gimv invests also in infrastructure and real estate projects.

The Buyouts & Growth segment concentrates on providing growth capital and on financing management buy-out/buy-ins (MBO/MBI). The Venture Capital segment concentrates on early and later-stage investments in the technology, cleantech and biotechnology sectors.

In the statutory consolidation Gimv is required to fully consolidate a number of subsidiaries in which the group holds majority interests: De Groot International Investments, Grandeco Wallfashion Group, HVEG Investments (Fashion Linq), Interbrush, Numac Investments, OGD, OTN Systems, Scana Noliko, Verlihold and VCST. These activities have been placed together in the majority shareholdings segment in the consolidation. The Gimv group wishes to emphasize with respect to these majority shareholdings that its risk is limited to that of the group’s investment in the enterprise in question.

The additional information, in line with the so-called IFRS 8 Entity-wide disclosures is provided on a geographic basis.

I. Segmentation according to the activities
Year 2010-2011	Buyouts & Growth	Venture Capital	Entirely consolidated shareholdings	Infrastructure (DG Infra+)	Funding & services	Statutory consolidation

1. Revenue	50 944	60 696	941 022	547	-	1 053 209
1.1. Dividend income	2 559	-	-	-	-	2 559
1.2. Interest income	10 807	1 181	-	248	-	12 235
1.3. Management fees	10 874	-	-	-	-	10 874
1.4. Turnover	5 490	2 627	940 978	299	-	949 394
1.5. Realised gains on disposal of investments	21 213	56 888	44	-	-	78 146
2. Realised losses on disposal of investments	-320	-2 011	-5	-	-	-2 336
3. Unrealised gains (losses) on financial assets at fair value through profit & loss	89 337	-15 018	-19 789	239	-	54 769
4. Segment result	111 310	35 204	-3 591	1 029	-	143 951
5. Unallocated expenses & profits	-	-	-	-	-10 211	-10 211
6. Operating result	111 310	35 204	-3 591	1 029	-10 211	133 740
7. Net finance costs	-	-	-	-	-	-10 741
8. Result before tax	-	-	-	-	-	122 999
9. Tax expenses	-	-	-	-	-	-10 900
10. Net result	-	-	-	-	-	112 098
11. Assets & liabilities
11.1. Segment assets	593 899	326 388	497 909	10 277	209 061	1 637 534
11.2. Segment liabilities	-	-	-	-	1 637 534	1 637 534
12. Other segment information
12.1. Capital expenditure	89 672	57 250	-	3 763	-	150 685
12.1.1. Financial assets at fair value through profit & loss	78 888	46 881	-	177	-	125 946
12.1.2. Loans to investee companies	10 783	10 369	-	3 586	-	24 739
12.2. Impairment losses on financial fixed assets	-16 650	-153	7 507	-	-	-9 296

II. Geographical information
Year 2010-2011	Belgium	The Netherlands	Germany	France	Rest of Europe	USA	Other countries	Funding & services	Statutory consolidation

1. Revenue	185 065	281 896	200 848	97 969	182 038	59 799	45 595	-	1 053 209
1.1. Dividend income	2 288	-	-	-	261	-	10	-	2 559
1.2. Interest income	8 266	157	1 767	1 585	283	173	3	-	12 235
1.3. Management fees	8 285	-	2 590	-	-	-	-	-	10 874
1.4. Turnover	149 610	274 271	184 269	94 544	177 549	24 313	44 838	-	949 394
1.5. Realised gains on disposal of investments	16 616	7 467	12 222	1 839	3 945	35 313	744	-	78 146
2. Segment assets	457 046	58 073	61 531	149 758	97 269	93 291	13 596	706 970	1 637 534
3. Capital expenditure	30 528	9 816	23 155	46 423	30 686	7 665	2 411	-	150 685
3.1. Financial assets at fair value through profit & loss	20 074	4 893	21 962	41 899	28 318	6 389	2 411	-	125 946
3.2. Loans to investee companies	10 454	4 923	1 194	4 524	2 368	1 276	-	-	24 739

I. Segmentation according to the activities
Year 2009-2010	Buyouts & Growth	Venture Capital	Entirely consolidated shareholdings	Infrastructure (DG Infra+)	Funding & services	Statutory consolidation

1. Revenue	35 476	35 641	835 361	177	-	906 654
1.1. Dividend income	1 584	-	-	-	-	1 584
1.2. Interest income	15 520	2 091	2	27	-	17 640
1.3. Management fees	9 187	-	-	-	-	9 187
1.4. Turnover	3 251	490	832 509	150	-	836 400
1.5. Realised gains on disposal of investments	5 934	33 060	2 850	-	-	41 844
2. Realised losses on disposal of investments	-7 529	-621	-	-	-	-8 151
3. Unrealised gains (losses) on financial assets at fair value through profit & loss	67 226	4 498	-29 498	-36	-	42 191
4. Segment result	84 276	28 440	12 357	378	-	125 451
5. Unallocated expenses and profits	-	-	-	-	-11 678	-11 678
6. Operating result	84 276	28 440	12 357	378	-11 678	113 773
7. Net finance costs (+/-)	-	-	-	-	-	-8 705
8. Result before tax	-	-	-	-	-	105 068
9. Tax expenses	-	-	-	-	-	-6 312
10. Net result	-	-	-	-	-	98 755
11. Assets & liabilities
11.1. Segment assets	446 888	283 966	526 128	6 274	320 547	1 583 805
11.2. Segment liabilities	-	-	526 128	-	1 057 676	1 583 805
12. Other segment information
12.1. Capital expenditure	70 253	64 030	-	1 888	-	136 171
12.1.1. Financial assets at fair value through profit & loss	48 696	52 517	-	1 138	-	102 351
12.1.2. Loans to investee companies	21 557	11 513	-	750	-	33 820
12.2. Impairment losses on financial fixed assets	-6 955	-51	-236	-	-	-7 243

II. Geographical information
Year 2009-2010	Belgium	The Netherlands	Germany	France	Rest of Europe	USA	Other countries	Funding & services	Statutory consolidatin

1. Revenue	205 161	371 219	131 907	85 582	70 323	16 892	25 570	-	906 654
1.1. Dividend income	1 264	285	-	-	35	-	-	-	1 584
1.2. Interest income	13 423	548	1 530	1 134	258	734	13	-	17 640
1.3. Management fees	6 990	96	2 100	-	-	-	-	-	9 187
1.4. Turnover	162 807	368 812	127 708	77 482	68 878	5 157	25 557	-	836 400
1.5. Realised gains on disposal of investments	20 677	1 479	569	6 966	1 151	11 001	-	-	41 844
2. Segment assets	363 903	82 945	35 578	93 731	88 763	58 737	13 472	846 676	1 583 805
3. Capital expenditure	47 086	12 268	13 314	26 685	23 547	6 631	6 640	-	136 171
3.1. Financial assets at fair value through profit & loss	27 038	9 669	10 698	20 736	22 397	5 173	6 640	-	102 351
3.2. Loans to investee companies	20 049	2 598	2 616	5 949	1 150	1 458	-	-	33 820

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