Business update - First three months of the 2012/2013 financial year

19/07/2012 - 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 2012 to 30 June 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: "In the last quarter, operating results for our investments held up in the face of a tough macroeconomic environment. However, the international financial markets remained highly unstable, which had a negative effect on the valuation of the portfolio. Despite these tougher conditions, Gimv has managed to sell several investments (such as Accent Jobs and OGD) successfully in the last few months. These deals will be finalised at the beginning of July."

Key elements
Equity

  • Equity value (Group's share) at 30 June 2012: EUR 917.8 million (or EUR 39.60 per share), after deduction of the dividend to be paid on 3 August 2012 (EUR 56.8 million or EUR 2.45 per share), versus EUR 1,011.3 million (or EUR 43.63 per share before the dividend) on 31 March 2012.

Balance sheet (as at 30/06/2012)

  • Balance sheet total: EUR 1,018.1 million
  • Financial assets: EUR 825.5 million

Investments1

  • Total investments (on balance sheet): EUR 29.1 million. Additional investments by third parties in Gimv-managed funds: EUR 21.4 million. Total investments (on balance sheet & via co-investment funds): EUR 50.5 million.
  • 60% of investments (EUR 17.4 million) were in Buyouts & Growth and 40% (EUR 11.6 million) in Venture Capital.
  • Geographically, investments break down as follows: 51% (EUR 14.7 million) in Belgium, 7% (EUR 2.0 million) in the Netherlands, 5% (EUR 1.6 million) in France, 8% (EUR 2.4 million) in Germany, 23% (EUR 6.7 million) in the rest of Europe and 6% (EUR 1.6 million) in the USA and the rest of the world.
  • 31% (EUR 9.0 million) in new direct investments, 56% (EUR 16.4 million) in direct follow-up investments and 13% (EUR 3.7 million) in third-party funds.
  • The main investments in the first quarter: Essar Ports, Northwind and Prosonix.

Divestments1

  • Total divestment revenues (on balance sheet): EUR 15.5 million. Additional income for third parties from divestments in Gimv-managed funds: EUR 24.0 million. Total divestments (on balance sheet & via co-investment funds): EUR 39.5 million.
  • 82% (EUR 12.8 million) Buyouts & Growth and 18% (EUR 2.7 million) Venture Capital.
  • 18% (EUR 2.8 million) in Belgium, 14% (EUR 2.1 million) in France, 32% (EUR 5.0 million) in Germany, 30% (EUR 4.6 million) in the rest of Europe and 6% (EUR 0.9 million) in the USA and the rest of the world.
  • 18% (EUR 2.8 million) of loans, no listed shareholdings, 32% (EUR 5.0 million) of unlisted shareholdings and 50% (EUR 7.7 million) of funds.
  • No additional dividends, interest or management fees from sold shareholdings.
  • The divestments in the first quarter mainly come from distributions from funds.
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