First 3 months of the 2010/2011 financial year First 3 months of the 2010/2011 financial year First 3 months of the 2010/2011 financial year

First 3 months of the 2010/2011 financial year

Corporate

As well as publishing annual and semi-annual results, Gimv has opted to provide quarterly business updates without publishing full results.

The figures given below cover the period from 1 April 2010 to 30 June 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: "In recent months we have seen confirmation of a gradual economic recovery. This comes, however, against the backdrop of continuing market volatility and fragile consumer confidence, both of which also significantly impact the future value of the portfolio. We have also taken advantage of continued strong interest from industrial companies for promising niche players, leading to divestments with a positive impact on the result."

Key elements

Equity

  • Equity value (group’s share) at 30 June 2010: EUR 973.4 million (or EUR 41.99 per share) after deduction of the dividend paid on 8 July 2010 (EUR 55.6 million or EUR 2.40 per share), versus EUR 1013.4 million (or EUR 43.73 per share before dividend) on March 31, 2010

Balance sheet (at 30.06.2010)

  • Balance sheet total: EUR 1,070.5 million
  • Financial assets: EUR 741.8 million
  • Net cash before dividend payment: EUR 289.8 million (EUR 250.0 million today)

Investments

  • Total investments (on balance sheet): EUR 29.4 million. Additional investments by third parties in Gimv-managed funds: EUR 4.1 million. Total investments (on balance sheet & via co-investment funds): EUR 33.5 million.
  • 50% of investments (EUR 14.6 million) were in Buyouts & Growth (Belgium, Netherlands, France and Germany), 39% (EUR 11.4 million) in Venture Capital (Technology, Life Sciences, Cleantech) and 11% (EUR 3.3 million) in co-investment funds (Gimx-XL, DG Infra+).
  • Geographically, investments break down as follows: 39% (EUR 11.4 million) in Belgium, 19% (EUR 5.6 million) in the Netherlands, 4% (EUR 1.0 million) in France, 1% (EUR 0.3 million) in Germany, 24% (EUR 7.1 million) in the rest of Europe and 13% (EUR 4.0 million) in the USA.
  • 27% (EUR 7.9 million) in 2 new direct investments, 40% (EUR 11.7 million) in direct follow-up investments and 33% (EUR 9.7 million) in third party funds.
  • The main investments in the first quarter: Bananas, Ceres, Liquavista and RES Software.

Divestments

  • Total divestment revenues (on balance sheet): EUR 31.0 million. Additional income for third parties from divestments in Gimv-managed funds: EUR 1.0 million. Total divestments (on balance sheet & via co-investment funds): EUR 32.0 million.
  • 43% (EUR 13.4 million) Buyouts & Growth, 57% (EUR 17.6 million) Venture Capital.
  • 10% (EUR 3.1 million) in Belgium, 29% (EUR 9.1 million) in the Netherlands, 2% (EUR 0.5 million) in France, 58% (EUR 18.0 million) in the rest of Europe and 1% (EUR 0.2 million) in the USA
  • 10% (EUR 2.9 million) of loans, 83% (EUR 25.8 million) of unlisted shareholdings and 7% (EUR 2.2 million) of funds
  • No additional dividends, interest or management fees from sold shareholdings.
  • The main divestments in the first quarter: ANP, Coreoptics, Mondi Foods en Prolyte.ANP, CoreOptics, Mondi Foods and Prolyte.
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