Business update - First 9 months of the 2009/2010 financial year

11/02/2010 - 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 cover the period from 1 April 2009 to 31 December 2009. All figures refer to the ‘limited consolidation’ of Gimv (non-audited figures).

Commentary
Managing Director Koen Dejonckheere, on the activities of the past quarter: “The 2009 calendar year was a record investment year for Gimv, with a clear emphasis on providing growth capital to both younger technology enterprises as well as larger growth companies. In terms of exit climate, strong interest from the industrial side led to more divestments than initially expected. Together with the additional resources from our various fund initiatives, this confirmed our existing clout. The recently launched Gimv-Agri+ Investment Fund, for example, perfectly leverages and complements our existing core competencies, providing also fruitful interaction between our various networks and activities. During the past quarter the operating results of our portfolio companies remained steady and even showed the first signs of cautious recovery. However, the value of our assets is also indirectly affected by the still high volatility on stock markets, which is also making IPOs more difficult.”

Key elements

Equity

  • Equity value (group’s share) at 31 December 2009: EUR 985.5 million (or EUR 42.52 per share), compared with EUR 971.3 million (or EUR 41.91 per share) on 30 September 2009.

Balance sheet (at 31.12.09)

  • Balance sheet total: EUR 1,030.2 million.
  • Net cash position: EUR 305.3 million.
  • Financial assets: EUR 685.9 million.

Investments

  • Total investments: EUR 123.9 million (EUR 27.1 million in the third quarter). Additional investments by third parties in Gimv-managed funds: EUR 28.5 million (EUR 24.2 million in the third quarter).
  • 47% (EUR 59.0 million) in Buyouts & Growth (Belgium, the Netherlands, France and Germany), 40% (EUR 49.1 million) in Venture Capital (Technology, Life Sciences and Cleantech) and 13% (EUR 15.9 million) in new initiatives (DG Infra+ and Gimv-XL).
  • 39% (EUR 48.1 million) in Belgium, 8% (EUR 10.4 million) in the Netherlands, 21% (EUR 26.3 million) in France, 7% (EUR 8.3 million) in Germany, 18% (EUR 21.6 million) in the rest of Europe, 5% (EUR 5.8 million) in the USA and under 3% (EUR 3.4 million) elsewhere.
  • 45% (EUR 55.9 million) in new direct investments, 38% (EUR 46.7 million) in direct follow-up investments and 17% (EUR 21.3 million) in third party funds.
  • The main investments in the third quarter: Electrawinds, GreenPeak, Movetis and XDC.

Divestments

  • Total divestment revenues: EUR 96.2 million (EUR 59.9 million in the third quarter). Additional income from divestments for third parties in Gimv-managed funds: EUR 4.1 million (zero in the third quarter).
  • 8% (EUR 7.9 million) in Buyouts & Growth, 85% (EUR 82.1 million) in Venture Capital and 7% (EUR 6.2 million) in new initiatives (DG Infra+ and Gimv-XL).
  • 76% (EUR 73.0 million) in Belgium, 2% (EUR 2.4 million) in the Netherlands, 16% (EUR 15.6 million) in France, 2% (EUR 1.7 million) in the rest of Europe and 4% (EUR 3.5 million) in the USA
  • 29% (EUR 27.6 million) of loans, 26% (EUR 25.3 million) of unlisted shareholdings, 8% (EUR 8.1 million) in funds and 37% (EUR 35.1 million) in listed shareholdings.
  • Additional dividends, interest and management fees from sold shareholdings: EUR 1.5 million.
  • Divestment revenues: 26.9% above their carrying value in equity at 31 March 2009, and 3.8% below their original acquisition value.
  • The main divestments in the third quarter: Anaf, Clear2Pay, Fovea, LivePerson and Telenet.
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