Business update - First 9 months of the 2015/2016 financial year

18/02/2016 - 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 2015 to 31 December 2015. All figures refer to the consolidated figures of Gimv (legal consolidation/non-audited figures).

Commentary

CEO Koen Dejonckheere, on the past quarter: "The past few months showed an intensive investment activity with a good number of new opportunities, which were often the result of a proactive approach towards selected promising companies within the various investment platforms. In combination with an additional positive trend in the valuation of the existing participations, this resulted in a further growth of the investment portfolio."

Key elements

Equity

  • Equity value (group's share) at 31 December 2015: EUR 1 010.2 million (EUR 43.66 per share), compared to EUR 1 095.6 million (EUR 43.09 per share) on 30 September 2015.

Balance sheet (as at 31/12/2015)

  • Balance sheet total: EUR 1 156.4 million

  • Financial assets / portfolio: EUR 944.6 million

  • Net cash position: EUR 191.4 million

Investments

  • Total investments (on balance sheet): EUR 54.6 million (EUR 34.5 million in the third quarter). Additional investments via co-investment funds: EUR 26.4 million (EUR 6.4 million in the third quarter). Total investments (on balance sheet & via co-investment funds): EUR 81.0 million (EUR 40.9 million in the third quarter).

  • The main investments in the third quarter concerned Benedenti, Brakel and Equipe Zorgbedrijven, and a follow-on investment in EcoChem.

Divestments

  • Total divestment revenues (on balance sheet): EUR 121.0 million (EUR 17.8 million in the third quarter). Additional proceeds from divestments within the co-investment funds: EUR 73.1 million (EUR 26.5 million in the third quarter). Total divestments (on balance sheet & via co-investment funds): EUR 194.1 million (EUR 44.1 million in the third quarter).

  • Revenues from divestments (including dividends, interests and management fees generated by these participations): 39,0% above the shareholdings’ book value as at 31 March 2015. On these divestments, a total multiple of 1.2x was realized compared to the original acquisition value.

  • The main divestments in the first quarter: Essar Ports and Xeikon.

     

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