Consistent application of market valuations gives unrealised capital loss - EUR 1 billion available to seize investment opportunities

The results for the 2008/2009 financial year cover the period from 1 April 2008 to 31 March 2009.

Key elements (limited consolidation)

Results

• Net result (group’s share) EUR -322.3 million
• Net realised capital gains: EUR 44.1 million
• Net unrealised capital losses: EUR -333.3 million, reflecting the sharp fall in stock markets and a corresponding adjustment of multiples

Equity

• Equity value (group’s share): EUR 950.6 million (EUR 41.01 per share)

Dividend

• Dividend for the entire 2008/2009 financial year: EUR 2.36 gross (EUR 1.77 net) per share (subject to approval by the GM of 24 June 2009)

Balance sheet

• Balance sheet total: EUR 993.7 million
• Net cash position: EUR 382.8 million
• Financial assets: EUR 578.2 million

Investments

• Total investments (on balance sheet): EUR 188.6 million
  Additional investments by Gimv-managed funds: EUR 75.0 million 49% (EUR 91.6 million) in Buyouts & Growth, 15% (EUR 27.7 million) in Technology, 6% (EUR 10.5 million) in Life Sciences and 3% (EUR 5.6 million) in Cleantech and 28% (EUR 53.2 million) in new initiatives (Gimv-XL en DG Infra+).
• 53% (EUR 100.8 million) in Belgium, 15% (EUR 28.0 million) in the Netherlands, 12% (EUR 22.2 million) in France, 5% (EUR 9.7 million) in Germany, 11% (EUR 20.0 million) in the rest of Europe, 3% (EUR 6.2 million) in the USA and 1% (EUR 1.6 million) elsewhere.
• 45% (EUR 85.5 million) in 10 new direct investments, 37% (EUR 70.5 million) in direct followup investments and 17% (EUR 32.7 million) invested in third party funds.
• Main investments: ActoGeniX, Bandolera, CoreOptics, Digital Imaging Systems, Electrawinds, Greenpeak Technologies, Leyton & Associés, Openbravo, Scana Noliko, Vandemoortele Group, Verhaeren and the further honouring of commitments to Capman Buyout VIII, DG Infra+, Emerald Cleantech Fund II and Pragma Capital II.

Divestments

• Total divestment revenues (on balance sheet): EUR 182.0 million. Additional revenue from divestments by Gimv-managed funds: EUR 38.7 million
• 96% (EUR 174.2 million) Buyouts & Growth, 3% (EUR 5.4 million) Technology and 1% (EUR 2.4 million) Life Sciences
• 81% (EUR 147.9 million) in Belgium, 4% (EUR 6.4 million) in the Netherlands, 9% (EUR 15.8 million) in Germany, 5% (EUR 8.2 million) in the rest of Europe, 1% (EUR 2.3 million) in the USA and under 1% elsewhere (EUR 0.9 million)
• 10% (EUR 18.2 million) in the form of loans, 85% (EUR 154.3 million) of unlisted shareholdings, 5% (EUR 8.4 million EUR) of funds, 1% (EUR 1.1 million) of listed shareholdings.
• Additional dividends, interest and management fees from sold shareholdings: EUR 1.3 million
• Divestment revenues: 32.5% above carrying value at 31 March 2008, and 97.7% above original acquisition value
• Main divestments: Arcomet, BMC, Gealan, Sfinc and Westerlund. On top of these come distributions from, among others, the following funds: Halder-Gimv Germany I and Lyceum Capital I.