Gimv posts EUR 32.7 million annual profit thanks to a strong realised result on portfolio - Positive second half result takes net asset value per share to EUR 42.22 - Gross dividend stable at EUR 2.45 - with renewed optional dividend

23/05/2013 - 07:00 | Financial

The results for the 2012-2013 financial year cover the period from April 2012 to 31 March 2013.

Key elements (limited consolidation)

Results

  • Net result (group’s share) EUR 32.7 million (EUR 1.37 per share)
  • Net realised capital gains: EUR 64.9 million
  • Net unrealised capital losses: EUR -35.2 million

Equity (at 31.03.2013)

  • Equity value (group’s share): EUR 1 011.8 million (EUR 42.22 per share)

Dividend

  • Dividend for the 2012-2013 financial year: EUR 58.7 million, or EUR 2.45 gross (EUR 1.84 net) per share (subject to approval by the AGM of 26 June 2013). To strengthen Gimv's further growth and its investment activities, an optional dividend will again be offered this year.

Balance sheet (at 31.03.2013)

  • Balance sheet total: EUR 1 072.5 million
  • Net cash position: EUR 195.3 million
  • Financial assets: EUR 814.4 million

Investments

  • Total investments (on balance sheet): EUR 110.8 million (EUR 25.5 million in the fourth quarter). Additional investments by Gimv-managed funds: EUR 40.1 million (EUR 6.6 million in the fourth quarter). Total investments (on balance sheet & via co-investment funds: EUR 150.9 million (EUR 32.1 million in the fourth quarter).

Divestments

  • Total divestment revenues (on balance sheet): EUR 180.7 million (EUR 22.1 million in the fourth quarter). . Additional revenues from divestments from funds under management: EUR 74.1 million (EUR 31.3 million in the fourth quarter). Total divestments (on balance sheet & via co-investment funds: EUR 254.8 million (EUR 53.4 million in the fourth quarter).
  • Divestment revenues: 58.9% above equity carrying value at 31 March 2012, and at a multiple of 1.3x original acquisition value.

Commentary
Managing Director Koen Dejonckheere, on the past financial year's results: "Persistent uncertainty about the growth of the world economy, lasting doubts in the eurozone and budgetary restructuring right round the world that weigh on both consumer and producer confidence, negatively impacted the earnings of our businesses and hence the valuation of our investments. Moreover, the price evolution of a number of listed companies was below par. Despite these continuing difficult market conditions Gimv achieved a number of exits with attractive gains. This enabled Gimv to post a respectable result in the second half, giving a profit for the year. He continues: "With its renewed strategy Gimv is fully focused on the strategic long-term growth trajectory of our businesses. In this way some promising growers were again added to our portfolio. To finance Gimv's further growth and the expansion of its portfolio, we are again this year offering our shareholders a stable dividend, optional in cash or shares."
"In a rapidly changing world of both challenges and opportunities, the past financial year was a busy one. The Board worked enthusiastically with management and the various teams in shaping the updated strategy. Central to this are a number of key societal challenges: how businesses are going to exploit megatrends like globalization, digitization, demographic trends and changing consumer needs. More than ever Gimv is keen – in partnership with its businesses – to respond to these trends and to discover new and exciting growth stories, and in this way build tomorrow's market leaders. This ambition is reflected in our new baseline: 'Building leading companies',” says Chairman Urbain Vandeurzen. “Our recently launched Health & Care fund fits perfectly with this new strategy, giving us the critical mass and clout to invest in the growth and expansion of innovative manufacturing and service companies in a sector that represents enormous challenges and opportunities,"
he continues.

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