Gimv posts net profit of EUR 56.8 million in first half - Net asset value of EUR 43.78 per share and confirmation of dividend policy Gimv posts net profit of EUR 56.8 million in first half - Net asset value of EUR 43.78 per share and confirmation of dividend policy Gimv posts net profit of EUR 56.8 million in first half - Net asset value of EUR 43.78 per share and confirmation of dividend policy

Gimv posts net profit of EUR 56.8 million in first half - Net asset value of EUR 43.78 per share and confirmation of dividend policy

Corporate

The results for the first half of the 2010-2011 financial year cover the period from 1 April 2010 to 30 September 2010.

Key elements (limited consolidation)

Results

  • Net result (group’s share) EUR 56.8 million
  • Net realised capital gains: EUR 29.0 million
  • Net unrealised capital gains: EUR 31.3 million, reflecting the improvement in investee company results

Equity

  • Equity value (group’s share): EUR 1,014.6 million (or EUR 43.78 per share)

Dividend

  • Barring unforeseen circumstances, Gimv expects to maintain its dividend policy in respect of the present 2010-2011 financial year, with a dividend of at least EUR 2.40 gross per share for the entire year.

Balance sheet

  • Balance sheet total: EUR 1,059.6 million
  • Net cash position: EUR 214.0 million
  • Financial assets: EUR 810.9 million

Investments

  • Total investments: EUR 81.7 million
    Additional investments by Gimv-managed funds: EUR 7.3 million
  • 43% (EUR 35.0 million) in Buyouts & Growth, 48% (EUR 39.0 million) in Venture Capital (Technology, Life Sciences and Cleantech) and 9% (EUR 7.7 million) in the co-investment funds Gimv-XL, DG Infra+ and Gimv-Agri+).
  • 27% (EUR 22.5 million) in Belgium, 8% (EUR 6.8 million) in the Netherlands, 40% (EUR 32.5 million) in France, 2% (EUR 1.7 million) in Germany, 15% (EUR 12.0 million) in the rest of Europe, 7% (EUR 5.4 million) in the USA and 1% (EUR 0.6 million) elsewhere.
  • 30% (EUR 24.4 million) in 5 new direct investments, 48% (EUR 39.4 million) in direct follow-up investments and 22% (EUR 17.9 million) in third party funds.
  • Principal investments: Acertys, Bananas, Belwind, Ceres, Datacontact, Inside Contactless, Luma, McPhy Energy, OneDirect, Private Outlet and Res Software.

Divestments

  • Total divestment revenues: EUR 55.5 million.
    Additional revenue from divestments by Gimv-managed funds: EUR 16.7 million.
  • 55% (EUR 30.2 million) Buyouts & Growth and 45% (EUR 25.2 million) Venture Capital.
  • 34% (EUR 18.6 million) in Belgium, 22% (EUR 12.4 million) in the Netherlands, 30% (EUR 16.6 million) in Germany, 13% (EUR 7.4 million) in the rest of Europe and 1% (EUR 0.4 million) in the USA.
  • 7% (EUR 3.6 million) of loans, 68% (EUR 38.0 million) of unlisted shareholdings, 12% (EUR 6.6 million) of listed shareholdings and 13% (EUR 7.4 million) of funds.
  • Additional dividends, interest and management fees from divested shareholdings: EUR 2.6 million.
  • Divestment revenues: 110.4% above equity carrying value at 31 March 2010, and 23.7% above original acquisition value.
  • Main divestments: ANP, Claymount, CoreOptics, Microtherm, Mondi Foods, Movetis, Prolyte and Santhera Pharmaceuticals.
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