Business update – First nine months of the 2011/2012 financial year

23/02/2012 - 07:00 | Financial

As well as publishing annual and half-yearly results, Gimv has opted to provide quarterly business updates without publishing full results.

The figures given below cover the period from 1 April 2011 to 31 December 2011. All figures refer to the 'limited consolidation' of Gimv (non-audited figures).

Commentary
Managing Director Koen Dejonckheere, on the activities of the past quarter: "All in all, our companies have borne up well in the recession, with each of them remaining focused on the path to long-term growth. This was also illustrated by the slightly positive quarterly trend in Gimv's equity."
He said of the present market environment: "We note that the European Central Bank's financial actions and the savings measures adopted by various European governments appear to be having a positive impact on the financial markets. We have capitalised on the slightly better stock-market climate in recent weeks to facilitate the IPOs of a number of the companies in our portfolio. In this way, they managed to avoid the ongoing difficult funding climate for venture capital companies to fund their further growth.”

Key elements

Equity (as at 31 December 2011)

  • Equity value (group's share) as at 31 December 2011: EUR 962.7 million (EUR 41.54 per share), as against EUR 960.3 million (EUR 41.44 per share) as at 30 September 2011.

Balance sheet (as at 31 December 2011)

  • Balance sheet total: EUR 1,016.5 million
  • Net cash position: EUR 233.8 million
  • Financial assets: EUR 750.2 million

Investments*

  • Total investments (on balance sheet): EUR 119.5 million (EUR 40.3 million in the third quarter). Additional investments for third parties in Gimv-managed funds: EUR 84.7 million (EUR 29.4 million in the third quarter). Total investments (on balance sheet and via co-investment funds): EUR 204.2 million (EUR 69.7 million in the third quarter).
  • 73% (EUR 86.7 million) in Buyouts & Growth and 27% (EUR 32.8 million) in Venture Capital.
  • 36% (EUR 42.5 million) in Belgium, 8% (EUR 9.9 million) in the Netherlands, 19% (EUR 22.5 million) in France, 11% (EUR 13.6 million) in Germany, 17% (EUR 19.9 million) in the rest of Europe, 3% (EUR 3.9 million) in the United States and 6% (EUR 7.1 million) elsewhere.
  • 23% (EUR 27.6 million) in new direct investments, 23% (EUR 27.3 million) in direct follow-up investments, 20% (EUR 24.3 million) in co-investment funds and 34% (EUR 40.2 million) in third-party funds.
  • The main investments in the third quarter: Made in Design, Trustteam, VCST and XL-Video.

Divestments*

  • Total divestment revenues (on balance sheet): EUR 174.5 million (EUR 40.9 million in the third quarter). Additional income from divestments for third parties in Gimv-managed funds: EUR 71.9 million (EUR 45.4 million in the third quarter). Total divestments (on balance sheet and via co-investment funds): EUR 246.4 million (EUR 86.3 million in the third quarter).
  • 89% (EUR 155.4 million) Buyouts & Growth and 11% (EUR 19.1 million) Venture Capital.
  • 63% (EUR 110.1 million) in Belgium, 8% (EUR 14.2 million) in France, 16% (EUR 28.2 million) in Germany, 7% (EUR 12 million) in the Netherlands, 2% (EUR 2.9 million) in the rest of Europe and 4% (EUR 7.2 million) in the United States.
  • 6% (EUR 11.1 million) of loans, 2% (EUR 4.1 million) of listed shareholdings, 85% (EUR 148.7 million) of unlisted shareholdings and 6% (EUR 10.5 million) of funds.
  • Additional dividends, interest or management fees from sold shareholdings: EUR 1.4 million.
  • The main divestments in the third quarter: De Groot Fresh Group, Tinubu Square and VAG Armaturen
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