Growth and strong results in an exceptional year

20/05/2021 - 07:00 | Financial

CEO Koen Dejonckheere:

In the past exceptional year, Gimv achieved strong results. After demonstrating their agility and robustness during the crisis, Gimv’s companies are today forging ahead in the economic relaunch with great positive entrepreneurial spirit. In a year in which economies contracted sharply, the Gimv companies achieved lasting growth, in terms of both turnover and profitability.

At the same time our solid financial position has allowed us to maintain our growth strategy.  During the year, we also boosted our liquidity position with our first sustainable bond issue. This provides strong financing capacity for pressing ahead with our growth strategy and allows again a significant dividend payment.

Chairman Hilde Laga adds:

We witnessed, among our employees, both at Gimv and in the portfolio companies, a great team spirit, solidarity and resilience, of which we are particularly proud. We therefore look forward with confidence to the relaunch of our economy, with the Gimv companies once again taking up their role as pioneers for innovative growth. Our economy and society are facing a transformation. Gimv is keen to continue to support the growth of companies that will play a leading role in this.

The results for the 2020-2021 financial year cover the period from 1 April 2020 to 31 March 2021.

Key elements

Results

  • Portfolio companies grow in 2020 despite a strongly shrinking economy: 2% sales growth and 4% EBITDA growth
  • This strong performance, combined with a recovery on the stock markets and realised capital gains on a small number of successful exits, produced a solid portfolio return and a record net result.
  • Portfolio result: EUR 274.8, or a portfolio return of 27%
  • Net result (group’s share) EUR 205.7 million (EUR 7.9 per share)

Investments / Divestments

  • Total investments: for the fourth consecutive year above our annual target of EUR 200 million. In FY 2020-2021, we invested EUR 211.1 million in 7 new portfolio companies and in a whole series of significant add-on investments.
  • Total cash proceeds from divestments: EUR 265.5 million, with a realised money multiple of 3.1x..

Balance sheet and portfolio

  • Sustained high investment rhythm and a significant upward revaluation of the Gimv companies carries the investment portfolio forward by 21% to a record EUR 1 233 million (invested in 57 companies)
  • Available liquidity further enhanced by a EUR 100 million sustainable bond
  • Taking into account the cash payments made in April 2021 for investments already contracted at the end of the financial year, the cash position amounts to EUR 437.5 million (of which EUR 350 million financed with LT bonds, giving net cash of EUR 87.5 million). At the end of the financial year (31 March 2021), the cash position was EUR 517.5 million.

Equity

  • Equity value (group’s share): EUR 1 274.3 million (EUR 49.0 per share)

Dividend

  • Dividend stable for FY 2020-2021 financial year, in line with Gimv's dividend policy: EUR 2.50 gross (EUR 1.75 net) per share (subject to approval by the General Meeting of 30 June 2021)
  • Payment via an optional dividend in cash or in stock, enabling Gimv to strengthen its cash position for supporting its portfolio and seizing new investment opportunities.
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