Business update - First 3 months of the 2016/2017 financial year

20/07/2016 - 07:00 | Financial

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 2016 to 30 June 2016. All figures refer to the consolidated figures of Gimv (non-audited figures).

Key elements & Commentary

Equity
 

  • Equity value (group's share) at 30 June 2016: EUR 1,131.3 million (EUR 44.49 per share), after deduction of the dividend that was paid on 6 July 2016 (EUR 62.3 million or EUR 2.45 gross per share), compared to EUR 1,167.9 million (EUR 45.93 per share before dividend payment) on 31 March 2016.


Balance sheet (as at 30/06/2016)
 

  • Balance sheet total: EUR 1,270.3 million

  • Portfolio : EUR 925.0 million

  • Net cash position: EUR 245.9 million after dividend payment at 6 July 2016 (EUR 308.2 million (1) on 30 June 2016)


Commentary

CEO Koen Dejonckheere, over the past quarter: "In the last quarter we continued to ride the momentum of the previous financial year. There were some successful divestments, including the sale of the holding in the family owned food group Vandemoortele. And we also invested in five new participations, which helps to lay the foundations for future value creation and further growth. Finally, the earnings from our existing shareholdings over the past three months again showed a positive trend. During this period we also faced volatility and falling stock markets (due to the Brexit-referendum) which resulted in slightly lower market multiples and which cancelled out some of the positive results."

Investments
 

  • Total investments (on balance sheet): EUR 44.4 million, of which EUR 43.1 million within the four investment platforms. Additional investments via co-investment funds: EUR 4.4 million. Total investments (on balance sheet & via co-investment funds): EUR 48.8 million.

  • The main investments in the first quarter: Arplas, EndoStim, G-Therapeutics, Joolz and Real Impact Analytics next to an add-on investment in Argina by Brakel.


Divestments
 

  • Total divestment revenues (on balance sheet): EUR 191.7 million, of which EUR 153.0 million within the four investment platforms. Additional proceeds from divestments in co-investment funds: EUR 113.4 million. Total divestments (on balance sheet & via co-investment funds): EUR 305.1 million.

  • Revenues from divestments: 13.2% higher than their book value as at 31 March 2016, and a multiple of 2.1x compared to their original acquisition value of EUR 91.4 million (14.2% for the divestments within the four investment platforms, or a multiple of 2.3x compared to their original acquisition value of EUR 65.7 million).

  • The main divestments in the first quarter: Altaïr/Brunel, GreenPeak Technologies, Onedirect and Vandemoortele, next to the sale of our stake in the Pragma II fund.



(1) Cash and cash-equivalents of EUR 328.4 million, corrected for advance payments from divestments to be transferred

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