Gimv ends financial year with net profit of EUR 117.5 million; to give a return on equity of 12.4 per cent

The results for the 2009/2010 financial year cover the period from 1 April 2009 to 31 March 2010.

Key elements (limited consolidation)

Results

• Net result (group’s share) EUR 117.5 million (EUR 5.07 per share)
• Net realized capital gains: EUR 30.8 million
• Net unrealized capital gains: EUR 71.7 million

Equity

• Equity value (group’s share): EUR 1,013.4 million (EUR 43.73 per share)

Dividend

• Dividend for the entire 2009/2010 financial year: EUR 55.6 million, or EUR 2.40 gross (EUR 1.80 net) per share (subject to approval by the GM of 30 June 2010)

Balance sheet

• Balance sheet total: EUR 1,057.7 million
• Net cash position: EUR 302.0 million
• Financial assets: EUR 713.5 million

Investments
Constantly high pace of investment:

• Total investments (on balance sheet): EUR 144.8 million. Additional investments by Gimv-managed funds: EUR 60.4 million. Total investments (on balance sheet & via co-investment funds): EUR 205.2 million.
• 46% (EUR 67.3 million) in Buyouts & Growth, 44% (EUR 64.0 million) in Venture Capital (Technology, Life Sciences and Cleantech) and 9% (EUR 13.4 million) in the co-investment funds Gimv-XL and DG Infra+).
• 37% (EUR 53.7 million) in Belgium, 10% (EUR 14.3 million) in the Netherlands, 18% (EUR 26.7 million) in France, 9% (EUR 13.3 million) in Germany, 16% (EUR 23.5 million) in the rest of Europe, 5% (EUR 6.6 million) in the USA and 5% (EUR 6.6 million) elsewhere.
• 51% (EUR 73.6 million) in 16 new direct investments, 31% (EUR 45.6 million) in direct follow-up investments and 18% (EUR 25.6 million) in third party funds.
• Principal investments: Alfacam, Ada Cosmetics, Bananas, CapMan, Claymount, Easyvoyage, Eclipse, Electrawinds, Endosense, Greenpeak, JenaValve, Liquavista, Made in Design, Movetis, Novopolymers, Oree, Prosensa, Punch Powertrain, Ubidyne, VCST, Virtensys and XDC.

Divestments
Higher than expected divestments in difficult markets:

• Total divestment revenues (on balance sheet): EUR 120.5 million. Additional revenues from divestments from funds under management: EUR 4.1 million. Total divestments (on balance sheet & via co-investment funds: EUR 124.6 million.
• 12% (EUR 14.8 million) Buyouts & Growth, 87% (EUR 105.0 million) Venture Capital and 1% (EUR 0.8 million) within the funds initiatives.
• 59% (EUR 71.6 million) in Belgium, 2% (EUR 2.4 million) in the Netherlands, 16% (EUR 19.6 million) in France, 1% (EUR 1.0 million) in Germany, 2% (EUR 2.5 million) in the rest of Europe and 19% (EUR 23.4 million) in the USA.
• 18% (EUR 22.3 million) of loans, 38% (EUR 45.6 million) of unlisted shareholdings, 9% (EUR 10.7 million EUR) in funds 35% (EUR 41.9 million) of listed shareholdings.
• Additional dividends, interest and management fees from sold shareholdings: EUR 1.9 million
• Divestment revenues: 33.2% above their carrying value at 31 March 2009, and 2.6% below their original acquisition value.
• Main divestments: Anaf, Bandolera, Clear2Pay, Coware, Evotec, Fovea, L&C, LivePerson, Metris, Sedis, Telenet, Ter Stal and Thrombogenics