Business update: First 9 months of the 2010/2011 financial year Business update: First 9 months of the 2010/2011 financial year Business update: First 9 months of the 2010/2011 financial year
Business update: First 9 months of the 2010/2011 financial year
As well as publishing annual and semi-annual results, Gimv has opted to provide quarterly business updates without publishing full results.
The figures below cover the period from 1 April 2010 to 31 December 2010. All figures refer to the ‘limited consolidation’ of Gimv (non-audited figures).
Commentary Managing Director Koen Dejonckheere, on the activities of the past quarter: "During the past quarter we have seen the economic recovery confirmed by the business dynamism of many of our shareholdings. To continue to grow in a European or even more international context, these companies are again working hard on new investment projects or acquisitions, in all sectors. We are therefore seeing many opportunities to support companies in their growth. At the same time we note that price expectations on a number of new transactions are quite high. This can offer interesting exit opportunities but also leads to a cautious stance on the investment side."
"Financial markets today still lack a dynamic IPO exit route, though we hope for improvement during the course of the year. At the same time interest from industrial companies in strategic acquisitions remains consistently high", he adds. Key elements
Equity value (group’s share) at 31 December 2010: EUR 1051.2 million (or EUR 45.36 per share), versus EUR 1,014.6 million (or EUR 43.78 per share) on 30 September 2010.
Balance sheet (at 31.12.2010)
Balance sheet total: EUR 1,098.8 million.
Net cash position: EUR 214.3 million.
Financial assets: EUR 857.3 million.
Total investments: EUR 115.1 million (EUR 33.5 million in the third quarter). Additional investments by third parties in Gimv-managed funds: EUR 20.4 million (EUR 13.1 million in the third quarter).
52% (EUR 59.9 million) in Buyouts & Growth (Belgium, the Netherlands, France and Germany), 39% (EUR 45.4 million) in Venture Capital (Technology, Life Sciences and Cleantech) and 9% (EUR 9.9 million) in new initiatives (DG Infra+ and Gimv-XL).
24% (EUR 27.6 million) in Belgium, 7% (EUR 8.2 million) in the Netherlands, 39% (EUR 45.4 million) in France, 4% (EUR 4.7 million) in Germany, 18% (EUR 21.1 million) in the rest of Europe, 6% (EUR 6.7 million) in the USA and under 1% (EUR 1.4 million) elsewhere.
29% (EUR 33.4 million) in new direct investments, 45% (EUR 51.9 million) in direct follow-up investments and 26% (EUR 29.8 million) in third party funds.
The main investments in the third quarter: Brunel, CapMan and Eden Chocolates.
Total divestment revenues: EUR 80.6 million (EUR 25.0 million in the third quarter). Additional income from divestments for third parties in Gimv-managed funds: EUR 18.5 million (EUR 1.8 million in the third quarter).
44% (EUR 35.5 million) in Buyouts & Growth, 54% (EUR 43.9 million) in Venture Capital and 2% (EUR 1.3 million) in new initiatives (DG Infra+ and Gimv-XL).
26% (EUR 21.0 million) in Belgium, 35% (EUR 28.1 million) in the Netherlands, 24% (EUR 19.2 million) in Germany, 4% (EUR 3.4 million) in France, 8% (EUR 6.3 million) in the rest of Europe, 2% (EUR 1.6 million) in the USA and 1% (EUR 0.9 million) elsewhere.
10% (EUR 8.3 million) of loans, 68% (EUR 54.7 million) of unlisted shareholdings, 14% (EUR 11.0 million) of funds and 8% (EUR 6.6 million) of listed shareholdings.
Additional dividends, interest and management fees from divested shareholdings: EUR 3.0 million.
Divestment revenues: 79.2% above equity carrying value at 31 March 2010, and 23.6% above original acquisition value.
The main divestments in the third quarter: ADA Cosmetics en Liquavista.