Business update – First nine months of the 2012-2013 financial year

21/02/2013 - 06:30 | 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 2012 to 31 December 2012. 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 positive quarterly results and the favourable development of Gimv's equity position are directly attributable to a number of divestments with nice capital gains. The positive result was achieved in spite of the fact that the market valuation of our portfolio was negatively impacted in the third quarter – as in previous quarters – from the ongoing difficult economic situation."

Key elements
Equity (as at 31 December 2012)

  • Equity value (group's share) at 31 December 2012: EUR 980.8 million (EUR 40.93 per share), compared to EUR 971.1 million (EUR 40.52 per share) at 30 September 2012.

Balance sheet (as at 31 December 2012)

  • Balance sheet total: EUR 1,015.3 million
  • Net cash position: EUR 202.5 million
  • Financial assets: EUR 774.1 million

Investments

  • Total investments (on balance sheet): EUR 85.3 million (EUR 27.6 million in the third quarter). Additional investments by third parties in Gimv-managed funds: EUR 33.5 million (EUR 6.8 million in the third quarter). Total investments (on balance sheet & via co-investment funds): EUR 118.8 million (EUR 34.4 million in the third quarter).
  • The main investments in the third quarter: ProxiAD and McPhy.

Divestments

  • Total divestment revenues (on balance sheet): EUR 158.6 million (EUR 53.3 in the third quarter). Additional income for third parties from divestments in Gimv-managed funds: EUR 42.8 million (EUR 18.8 in the third quarter). Total divestments (on balance sheet & via co-investment funds): EUR 201.4 million (EUR 72.1 million in the third quarter).
  • Revenues from divestments: 55.0% higher than their book value as at 31 March 2012, and a multiple of 1.3x compared to their original acquisition price.
  • The main divestments in the third quarter: ChemoCentryx, Devgen, Human Inference, Mentum and Salsa Food Group.

 

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