Business update - First 3 months of the 2009 / 2010 financial year

23/07/2009 - 07:00 | Financial

As well as publishing annual and semi-annual results, Gimv provides, as usual, quarterly business updates without publishing full results.

The figures below refer to the period from 1 April 2009 to 30 June 2009. All figures refer to the “limited consolidation” of Gimv (non-audited figures).

Commentary
Managing Director Koen Dejonckheere, on the past quarter’s activities: “Thanks to the positive evolution of the stock exchange, the value of the portfolio has stabilized. We remain though vigilant for the economic impact on the results of the portfolio companies during the current fiscal year. Gimv has optimally used the current market circumstances to further strengthen its investment capacity. As such, Gimv has succeeded in attracting EUR 60 million EUR additional funding for its Gimv-XL fund and in further completing the team. In a context of a multi-disciplinary approach within the different foreign offices, also the other teams have been reinforced. In addition, Gimv has continued to invest in all its activities and markets. The expansion of funding and people, together with the continued investments, should give us the possibility to optimally respond to the opportunities that we see today, and as such lay the foundations for the future results.“

Key elements

Equity

  • Equity value (group’s share) at 30 June 2009: EUR 938.8 million (or EUR 40.51 per share), after payment of the dividend on 1 July 2009 (EUR 54.7 million EUR or EUR 2.36 EUR per share), compared with EUR 950.6 million (or EUR 41.01 per share before dividend payment) on 31 March 2009.

Balance sheet (at 30.06.2009)

  • Balance sheet total: EUR 1 032.8 million
  • Net cash position before dividend payment: EUR 352.6 million EUR (EUR 297.9 million after dividend payment on 1 July 2009).
  • Financial assets: EUR 644.5 million

Investments

  • Total investments: EUR 40.8 million. Additional third party investments in Gimv-managed funds: EUR 4.5 million.
  • The investments per activity were as follows: 56% (EUR 23.0 million) in Buyouts & Growth (Belgium, the Netherlands, France and Germany), 39% (EUR 16.0 million) in Venture Capital (Technology, Life Sciences and Cleantech) and 5% (EUR 1.8 million) in new initiatives (Gimv-XL, DG Infra+).
  • The regional distribution of the investments was as follows: 42% (EUR 17.2 million) in Belgium, 17% (EUR 6.9 million) in the Netherlands, 7% (EUR 3.0 million) in France, 18% (EUR 7.2 million) in Germany, 7% (EUR 2.8 million) in the rest of Europe, 6% (EUR 2.3 million) in the USA and 3% (EUR 1.4 million) elsewhere.
  • 58% (EUR 23.6 million) in 5 new direct investments, 22% (EUR 9.2 million) in direct followup investments and 20% (EUR 8.1 million) in third party funds.
  • The main investments in the first quarter: Bananas, Claymount, Demonstrate, Eclipse and NovoPolymers.

Divestments

  • Total divestment revenues: EUR 9.7 million. Additional income from divestments for third parties in Gimv-managed funds: EUR 4.0 million
  • 36% (EUR 3.5 million) Buyouts & Growth, 64% (EUR 6.2 million) Venture Capital
  • 37% (EUR 3.6 million) in Belgium, 14% (EUR 1.4 million) in the Netherlands, 39% (EUR 3.8 million) in France and 10% (EUR 0.9 million) in the rest of Europe
  • 5% (EUR 0.5 million) of loans, 19% (EUR 1.8 million) of unlisted shareholdings, 54% (EUR 5.3 million EUR) in funds and 22% (EUR 2.1 million) in listed shareholdings
  • No additional dividends, interest and management fees from sold shareholdings
  • The main divestments in the first quarter: Ter Stal and Thrombogenics
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