Further growth and continuing strong portfolio results

21/11/2019 - 07:00 | Financial

 

Managing Director Koen Dejonckheere, on the past half-year's results:

“With a persistent strong pace of investment, Gimv grew its portfolio further to its present level of EUR 1.2 billion.

Our portfolio companies achieved attractive results in an uncertain economic context, with strong sales and profit growth.

Together with the realised capital gains on exits, this gave us again a strong portfolio return of 15% (annualised).

With our successful bond placement in June 2019, we locked in sufficient resources to finance the further growth of Gimv and its portfolio companies, while maintaining adequate liquidity throughout the investment cycle.” 

The results for the first half of the 2019-2020 financial year cover the period from 1 April 2019 to 30 September 2019.

Key elements

Results

• Continuing good results from the portfolio companies: 10% sales & 14% EBITDA growth (y-o-y, based on figures as at 30 June)
• Portfolio result: EUR 80.4 million
• Portfolio return: 14.9% (annualised)
• Net profit (share of the group):  EUR 51.4 million (EUR 2.02 per share)

Investments / Divestments

• Total investments*: EUR 104.3 million in 3 new portfolio companies and some important add-on acquisitions.
• Total cash proceeds from divestments: EUR 118.1 million

Balance sheet and portfolio

• Investment portfolio grows 8.3% to EUR 1 171.2 million
• Young and promising portfolio of 53 portfolio companies, with three-quarters of the portfolio invested since 2016
• Balance sheet total: EUR 1 614.5 million
• Cash position: EUR 426.2 million

Equity

• Equity value (groups’ share): EUR 1 307.7 million (EUR 51.4 per share)

Dividend

• Gimv seeks to maintain its long-term dividend policy

 

* Excl. the investment in Coolworld Rentals, concluded in early April 2019 and already reported as an investment in FY 2018-2019, but included in the portfolio only in FY 2019-2020.

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