Business update - First 9 months of the 2008 / 2009 financial year

19/02/2009 - 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 below refer to the period from 1 April 2008 to 31 December 2008. All figures refer to the “limited consolidation” of Gimv (non-audited figures).

Commentary
Managing Director Koen Dejonckheere, on the past quarter’s activities: “Falling stock markets and the further weakening of the economy in the third quarter of the financial year have required us to record additional impairment losses, though to a lesser extent than in the second quarter. Our solid balance sheet structure strengthens our competitive position. This has also made it possible to announce the first closing of the XL fund. Gimv, as initiator and sponsor, will be investing EUR 250 million of its own money in this fund. The Vlaamse Participatiemaatschappij has also committed to the same amount. During the year other parties will be invited to take part in this initiative. This will allow us to take advantage of the many opportunities opening up to us today, both in Flanders and internationally, against the background of continuing financial market difficulties.”

Key elements

Equity

  • Equity value (group’s share) at 31 December 2008: EUR 1,051.1 million (or EUR 45.35 per share), compared with EUR 1,113.0 million (or EUR 48.02 per share) on 30 September 2008.

Balance sheet (at 31.12.2008)

  • Balance sheet total: EUR 1,108.2 million
  • Net cash position: EUR 440.7 million
  • Financial assets: EUR 618.4 million

Investments

  • Total investments: EUR 138.9 million (EUR 44.5 million in the third quarter)
  • Additional third party investments in Gimv-managed funds: EUR 21.5 million (EUR 16.8 million in the third quarter) 69% (EUR 95.2 million) in Buyouts & Growth, 16% (EUR 22.5 million) in Technology, 7% (EUR 9.5 million) in Life Sciences and 8% (EUR 11.7 million) in new initiatives (Cleantech, Infrastructure and Buyouts & Growth France). These percentages were 70%, 7%, 13% and 10% in the third quarter.
  • 53% (EUR 73.1 million) in Belgium, 17% (EUR 23.6 million) in the Netherlands, 5% (EUR 7.2 million) in France, 7% (EUR 9.0 million) in Germany, 14% (EUR 19.2 million) in the rest of Europe, 5% (EUR 6.2 million) in the USA and under 1% (EUR 0.6 million) elsewhere.
  • 38% (EUR 52.3 million) in 5 new direct investments, 45% (EUR 63.1 million) in direct follow-up investments and 17% (EUR 23.5 million) in third party funds.
  • The main investments in the third quarter: Actogenix, CoreOptics, Electrawinds, Prosensa and Verhaeren & Co.

Divestments

  • Total divestment revenues: EUR 177.2 million (EUR 23.8 million in the third quarter). Additional income from divestments for third parties in Gimv-managed funds: EUR 38.6 million (EUR 0.3 million in the third quarter)
  • 96% (EUR 170.3 million) Buyouts & Growth, 3% (EUR 5.2 million) Technology and 1% (EUR 1.7 million) Life Sciences
  • 83% (EUR 147.7 million) in Belgium, 4% (EUR 6.4 million) in the Netherlands, 9% (EUR 15.8 million) in Germany, 3% (EUR 5.6 million) in the rest of Europe and 1% (EUR 1.7 million) in the USA
  • 10% (EUR 17.7 million) of loans, 87% (EUR 154.2 million) of unlisted shareholdings, 3% (EUR 4.8 million EUR) in funds and under 1% (EUR 0.5 million) in listed shareholdings.
  • Additional dividends, interest and management fees from sold shareholdings: EUR 1.2 million
  • Revenues from divestments: 30.2% above their carrying value at 31 March 2008, and 113% above their original acquisition value
  • The main divestments in the third quarter: Sfinc
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