Business update - First three months of the 2011/2012 financial year

20/07/2011 - 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 2011 to 30 June 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: "In the first few months of the financial year, the trend for a strong operating performance for our investments was confirmed. This was frequently within the context of a clear growth strategy for the businesses in question. However, conditions in the financial markets remained tough, virtually ruling out flotations for the time being, and consumer confidence was also weak. Nevertheless, Gimv remains firmly investment-oriented, via both our existing portfolio, expanded greatly in recent years, and new projects currently under development."

Key elements

Equity

  • Equity value (group’s share) at 30 June 2011: EUR 1 053.6 million (or EUR 45.46 per share), after deduction of the dividend paid on 7 July 2011 (EUR 56.8 million or EUR 2.45 per share), versus EUR 1 091.4 million (or EUR 47.09 per share before dividend) on 31 March 2011.
  • Although the previously announced Scana Noliko deal was not quite finalised by the end of the quarter, the conditions were in place for arriving at a deal in the first weeks of July. It was therefore decided to increase Scana Noliko's value in Gimv's equity by EUR 30.7 million versus 31 March 2011. Therefore, Gimv's equity value as published today takes this revaluation into account.

Balance sheet (as at 30.06.2011)

  • Balance sheet total: EUR 1 169.3 million
  • Financial assets: EUR 927.2 million

Investments

  • Total investments (on balance sheet): EUR 25.7 million. Additional investments by third parties in Gimv-managed funds: EUR 7.9 million. Total investments (on balance sheet & via co-investment funds): EUR 33.6 million.
  • 57% of investments (EUR 14.6 million) were in Buyouts & Growth (Belgium, the Netherlands, France and Germany) and 43% (EUR 11.1 million) in Venture Capital (Technology, Life Sciences, Cleantech).
  • Geographically, investments break down as follows: 20% (EUR 5.2 million) in Belgium, 17% (EUR 4.4 million) in the Netherlands, 29% (EUR 7.4 million) in France, 4% (EUR 1.0 million) in Germany, 18% (EUR 4.7 million) in the rest of Europe and 12% (EUR 3.0 million) in the USA.
  • 2% (EUR 0.6 million) in new direct investments, 56% (EUR 14.3 million) in direct follow-up investments and 42% (EUR 10.8) in third party funds.
  • The main investments in the first quarter: Alfacam, Ambit, Greenpeak and Multiplicom.

Divestments

  • Total divestment revenues (on balance sheet): EUR 10.1 million. Additional income for third parties from divestments in Gimv-managed funds: EUR 26.0 million. Total divestments (on balance sheet & via co-investment funds): EUR 36.1 million.
  • 82% (EUR 8.2 million) in Buyouts & Growth and 18% (EUR 1.9 million) in Venture Capital.
  • 4% (EUR 0.4 million) in Belgium, 11% (EUR 1.1 million) in France, 54% (EUR 5.4 million) in Germany, 21% (EUR 2.2 million) in the rest of Europe and 10% (EUR 1.0 million) in the USA.
  • 4% (EUR 0.4 million) of loans, 1% (EUR 0.1 million) of listed shareholdings, 63% (EUR 6.4 million) of unlisted shareholdings and 32% (EUR 3.2 million) of funds.
  • No additional dividends, interest or management fees from sold shareholdings.
  • The main divestments in the first quarter: ADA Cosmetics.
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