Financial and economic crisis leads to unrealised capital losses - Strong financial position will be used in all activities

20/11/2008 - 07:00 | Financial

The results for the first half of the 2008/2009 financial year cover the period from 1 April 2008 to 30 September 2008.

Key elements (limited consolidation)

Results

  • Net result (group’s share) EUR -159.8 million
  • Net realised capital gains: EUR 36.4 million
  • Net unrealised capital losses: EUR -175.0 million, reflecting the sharp fall in stock markets and the corresponding change in multiples

Equity

  • Equity value (group’s share): EUR 1,113.0 million (or EUR 48.02 per share), after payment on 3 July 2008 of the final dividend for the previous financial year of EUR 54.7 million (EUR 2.36 per share).

Dividend

  • Basic dividend for the entire 2008/2009 financial year: EUR 2.36 gross (EUR 1.77 EUR net) per share (barring exceptional circumstances and subject to the approval of the general meeting of 24 June 2009).

Balance sheet

  • Balance sheet total: EUR 1,170.5 million
  • Net cash position: EUR 469.2 million
  • Financial assets: EUR 651.0 million

Investments

  • Total investments: EUR 94.4 million
    Additional investments by Gimv-managed funds: EUR 4.7 million
  • 68% (EUR 63.9 million) in Buyouts & Growth, 20% (EUR 19.2 million) in Technology, 4% (EUR 3.8 million) in Life Sciences and 8% (EUR 7.5 million) in new initiatives (Cleantech, Infrastructure and Buyouts & Growth France).
  • 40% (EUR 37.9 million) in Belgium, 22% (EUR 21.0 million) in the Netherlands, 5% (EUR 4.7 million) in France, 8% (EUR 7.3 million) in Germany, 20% (EUR 18.8 million) in the rest of Europe, 4% (EUR 4.2 million) in the USA and 1% (EUR 0.6 million) elsewhere.
  • 27% (EUR 25.1 million) in 3 new direct investments, 55% (EUR 52.1 million) in direct follow-up investments and 18% (EUR 17.1 million) invested in third party funds.
  • Principal investments: Actogenix, Antisoma, Bandolera, CoreOptics, Dialog Imaging Systems, Emerald Cleantech Fund II, Mondi Foods, Openbravo, OTN, Pragma Capital, Scana Noliko.

Divestments

  • Total divestment revenues: EUR 153.4 million. Additional revenue from divestments by Gimv-managed funds: EUR 38.3 million
  • 96% (EUR 148.2 million) Buyouts & Growth, 3% (EUR 4.6 million) Technology and 1% (EUR 0.6 million) Life Sciences
  • 82% (EUR 125.3 million) in Belgium, 4% (EUR 6.4 million) in the Netherlands, 10% (EUR 15.8 million) in Germany, 3% (EUR 5.2 million) in the rest of Europe and 1% (EUR 0.8 million) in the USA
  • 7% (EUR 10.4 million) of loans, 91% (EUR 139.2 million) of unlisted participations and 2% (EUR 3.8 million) of funds
  • Additional dividends, interest and management fees from sold participations: EUR 1.0 million
  • Revenues from divestments: 31.4% above their carrying value at 31 March 2008, and 184% above their original acquisition value
  • Main divestments/refinancings: Arcomet, BMC, Ecophos, Gealan and Westerlund
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