Business Update - First 3 months of the financial year 2014/2015

17/07/2014 - 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 2014 to 30 June 2014. All figures refer to the consolidated figures of Gimv (legal consolidation - non-audited figures).

Commentary

Managing Director Koen Dejonckheere, on the activities of the past quarter: "The European economy seems to be improving gradually, but it is waiting for a real recovery in corporate profits. The opposite is true for the stock markets, which are being driven primarily by the forecasted recovery in profits. In order to confirm this trend – which was also reflected in positive developments in the value of the portfolio – in the coming quarters, the predicted increase in profits should materialise. However, the macro-economic indicators currently suggest that cautious optimism is warranted."

He adds: "What is more, we expect exit operations from the portfolio to become more important in the current financial year, provided of course that M&A activity and the appetite for IPOs remain buoyant. We are well aware that any increase in volatility on the financial markets could prove to be a killjoy. Finally, we continue to work selectively on a number of new investment opportunities."

Key elements

Equity

  • Equity value (group's share) at 30 June 2014: EUR 961.4 million (EUR 38.89 per share), after deduction of the dividend to be paid on 1 August 2014 (EUR 60.6 million or EUR 2.45 per share), compared to EUR 992.0 million (EUR 40.12 per share before dividend payment) on 31 March 2014.

Balance sheet (as at 30/06/2014)

  • Balance sheet total: EUR 1 050.9 million
  • Net cash position: EUR 110.0 million
  • Financial assets: EUR 898.1 million

Investments

  • Total investments (on balance sheet): EUR 20.2 million. Additional investments by third parties in co-investment funds: EUR 12.4 million. Total investments (on balance sheet & via co-investment funds): EUR 32.7 million.
  • The main investments in the first quarter: next to investments in different third party funds it concerns mainly follow-on investments in Luciad and PE International.

Divestments

  • Total divestment revenues (on balance sheet): EUR 81.8 million. Additional proceeds for third parties from divestments in co-investment funds: EUR 13.7 million. Total divestments (on balance sheet & via co-investment funds): EUR 95.5 million.
  • Revenues from divestments: 4.0% higher than their book value as at 31 March 2014, and a multiple of 3.8x compared to their original acquisition price.
  • The main divestments in the first quarter: Barco and various distributions from third party funds.
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