Business update – First 9 months of the financial year 2013/2014

20/02/2014 - 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 2013 to 31 December 2013. 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 past quarter and by extension the first nine months of the current fiscal year Gimv was clearly in investment mode and we again entered into a considerable number of long-term partnerships with promising companies, and this in all of our investment platforms. In terms of the divestments, we note that the IPO market for European growth companies is still very weak. We also note that most European macroeconomic indicators were in a better condition at the end of the year than at the beginning of the recession years. We hope that the cautious recovery that we observe since the end of the year can continue."

He continues: "In recent months the portfolio experienced some negative value adjustments in a number of listed investments and in various funds managed by third parties. Our investment teams have been working very hard on concrete actions to create value in any of our companies and focus on the further development of our strategic platforms."

Key elements

Equity (as at 31/12/2013)

  • Equity value (group’s share) at 31 December 2013: EUR 984.4 million (or 39.81 EUR per share), compared to EUR 999.3 million (or 40.42 EUR per share) at 30 September 2013.

Balance sheet (as at 31/12/2013)

  • Balance sheet total: EUR 1 020.5 million
  • Financial assets: EUR 888.9 million

Investments

  • Total investments (on balance sheet): EUR 145.4 million (EUR 74.5 million in the third quarter). Additional investments by third parties in Gimv-managed funds: EUR 42.7 million (EUR 29.0 million in the third quarter). Total investments (on balance sheet & via co-investment funds): EUR 188.1 million (EUR 103.5 million in the third quarter).
  • The main investments in the third quarter: Almaviva, Covagen, Itineris, Lampiris and Wolf.

Divestments

  • Total divestment revenues (on balance sheet): EUR 78.2 million (EUR 27.4 in the third quarter). Additional proceeds for third parties from divestments in Gimv-managed funds: EUR 32.4 million (EUR 14.9 in the third quarter). Total divestments (on balance sheet & via co-investment funds): EUR 110.6 million (EUR 42.3 million in the third quarter). 
  • Revenues from divestments: 27.3% higher than their book value as at 31 March 2013, and a multiple of 1.0x compared to their original acquisition price.
  • The main divestments in the third quarter are the sale of the remaining stake in Ablynx and Ambit Biosciences, the sale of 30% of the participation in Punch Powertrain and various distributions from funds.
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