Business update - First 9 months of the 2014/2015 financial year

19/02/2015 - 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 31 December 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: "In the last quarter, we have continued to take advantage of interest from industrial buyers and increased liquidity on the stock markets just as we did in the first half of the year. Once more, this has enabled us to make attractive exits, generating substantial cash amounts. Based on our platform vision, we have also invested in expanding the portfolio. Several new growth investments have seen the light, alongside continued investment in the expansion of our existing portfolio companies. Some of the companies we invest in have also financed major acquisitions themselves."

After nine months, Gimv's results are well on track to meet our long-term return targets. By far the largest factor in this were the capital gains achieved on divestments. We have also seen a modest operational improvement in the companies in the portfolio."

 

Key elements

Equity

  • Equity value (group's share) as at 31 December 2014: EUR 1,056.0 million (EUR 41.53 per share), as against EUR 1,003.3 million (EUR 39.46 per share) as at 30 September 2014.

Balance sheet (as at 31 December 2014)

  • Balance sheet total: EUR 1,095.9 million
  • Financial assets/portfolio: EUR 846.7 million
  • Net cash position: EUR 214.8 million

Investments

  • Total investments (on balance sheet): EUR 87.3 million (EUR 58.9 million in the third quarter). Additional investments for third parties in Gimv-managed funds: EUR 29.6 million (EUR 13.5 million in the third quarter). Total investments for the first 9 months of the accounting year (on balance sheet & via co-investment funds): EUR 116.9 million (EUR 72.4 million in the third quarter).
  • The main investments in the third quarter: Almaviva Santé, Ecochem, Europlasma, Mackevision and Melijoe.com

Divestments

  • Total divestment revenues (on balance sheet): EUR 293.1 million (EUR 154.8 million in the third quarter). Additional income for third parties from divestments in Gimv-managed funds: EUR 21.0 million (EUR 2.4 million in the third quarter). Total divestments for the first 9 months of the accounting year (on balance sheet & via co-investment funds): EUR 314.0 million (EUR 157.1 million in the third quarter).
  • Revenues from divestments: 45.0% uplift to the carrying value on 31 March 2014, and a money multiple of 2.0x compared to their original acquisition price.
  • Divestments in the third quarter mainly consisted of the sale of dcinex, EBT, Funico, Prosensa and Trustteam and a  subsequent payment in respect of the Endosense exit.

 

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