Gimv posts EUR 15.0 million profit for the year, giving a net asset value of EUR 40.12 per share - Major investment activity (EUR 194.6 million) across all platforms - Gross dividend stable at EUR 2.45 - with optional dividend

22/05/2014 - 07:00 | Financial

The results for the 2013-2014 financial year cover the period from 1 April 2013 to 31 March 2014.

Highlights (consolidated figures)

Results

  • Net result (group’s share) EUR 15.0 million (EUR 0.61 per share)
  • Net realised capital gains: EUR 7.9 million
  • Net unrealised capital gains: EUR 3.3 million

Equity (at 31.03.2014)

  • Equity value (group’s share): EUR 992.0 million (EUR 40.12 per share)

Dividend

  • Dividend for the 2013-2014 financial year: EUR 60.6 million, or EUR 2.45 gross (EUR 1.84 net) per share (subject to approval by the AGM of 25 June 2014). To strengthen Gimv's further growth and its investment activities, an optional dividend will be offered again this year.

Balance sheet (at 31.03.2014)

  • Balance sheet total: EUR 1 026.7 million
  • Net cash position: EUR 56.6 million.
  • Financial assets: EUR 931.0 million.

Investments

  • Total investments (on balance sheet): EUR 194.6 million (EUR 49.2 million in the fourth quarter). Additional investments via co-investment funds: EUR 70.2 million (EUR 27.5 million in the fourth quarter). Total investments (on balance sheet & via co-investment funds): EUR 264.8 million (EUR 76.7 million in the fourth quarter).

Divestments

  • Total divestment revenues (on balance sheet): EUR 95.8 million (EUR 17.6 million in the fourth quarter). Additional revenue from divestments via co-investment funds: EUR 35.3 million (EUR 2.9 million in the fourth quarter). Total divestments (on balance sheet & via co-investment funds): EUR 131.1 million (EUR 20.5 million in the fourth quarter).
  • Divestment revenues: 10.5% above equity carrying value at 31 March 2013, and at a multiple of 0.94x original acquisition value.

Commentary

Managing Director Koen Dejonckheere, on the past financial year's results: "Gradually we are seeing signs that the European economy has been coming out of recession since the second half of 2013, slowed somewhat by measures many European countries are having to take to bring their budgets back into balance, and which weigh on companies’ growth and profitability. On the other hand, we find that company balance sheets are quietly becoming healthy again and quite a few companies are targeting international growth markets. Moreover, confidence in the equity markets has returned, as also reflected in the revival of IPOs. " He continues: "The past year was marked by a historically high investment activity, with Gimv entering no less than twelve new long-term partnerships with promising companies and selectively investing in the further development of the various platforms. In the case of Electrawinds we have turned the page and have joined in a scenario that provides continuity for both the company and the employees involved. This particular case does not, however, weaken Gimv's commitment towards the renewable energy sector."

Chairman Urbain Vandeurzen adds: "In September 2012, Gimv launched its platform strategy. Focused on value creation, this states our ambition to be the reference in a number of carefully selected investment platforms. Two years later, entrepreneurs focused on innovation, internationalization and expansion are finding their way to Gimv's door. This has doubled of the number of new investments, selected as responding to a number of crucial societal challenges and long-term trends. The Gimv Health & Care Fund that Gimv launched last year with a number of stakeholders also meets these challenges. In recent months, the fund has entered promising partnerships with two innovative companies and service providers in the health & care sector. " He continues: "To finance the further expansion of the portfolio and the growth of Gimv, we are again offering our shareholders this year a stable dividend with the possibility of opting for a stock dividend."

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