Gimv realizes net profit of EUR 75.4 million in first half - Net asset value of EUR 41.91 per share and affirmation of dividend policy

19/11/2009 - 07:00 | Financial

The results for the first half of the 2009/2010 financial year cover the period from 1 April 2009 to 30 September 2009.

Key elements (limited consolidation)

Results

  • Net result (group’s share): EUR 75.4 million
  • Net realised capital gains: EUR 0.6 million
  • Net unrealised capital gains: EUR 64.0 million, reflecting the recovery in share prices and the corresponding adjustment of multiples

Equity

  • Equity value (group’s share): EUR 971.3 million (or EUR 41.91 per share), after the 1 July 2009 payment of the final dividend for the previous financial year amounting to EUR 54.7 million (EUR 2.36 per share)

Dividend

  • Barring unforeseen circumstances, Gimv is forecasting the continuation of its dividend policy, expecting to pay an unchanged base dividend of EUR 2,36 gross per share for the entire 2009/2010 financial year.

Balance sheet

  • Balance sheet total: EUR 1,015.8 million
  • Net cash position: EUR 265.3 million
  • Financial assets: EUR 711.9 million

Investments

  • Total investments: EUR 96.8 million
    Additional investments by Gimv-managed funds: EUR 4.3 million
  • 56% (EUR 54.2 million) in Buyouts & Growth, 42% (EUR 40.7 million) in Venture Capital (Technology, Life Sciences and Cleantech) and 2% (EUR 1.9 million) in new initiatives (Gimv-XL and DG Infra+).
  • 32% (EUR 31.4 million) in Belgium, 7% (EUR 6.8 million) in the Netherlands, 25% (EUR 24.5 million) in France, 9% (EUR 8.3 million) in Germany, 19% (EUR 18.6 million) in the rest of Europe, 5% (EUR 4.9 million) in the USA and 2% (EUR 2.3 million) elsewhere
  • 46% (EUR 44.2 million) in 10 new direct investments, 38% (EUR 36.5 million) in direct follow-on investments and 17% (EUR 16.0 million) in third party funds.
  • Principal investments: Alfacam, Bananas, Capman, Claymount, Easyvoyage, Eclipse, Endosense, Made In Design, Novopolymers, Ubidyne, VCST and Virtensys.

Divestments

  • Total proceeds from divestments: EUR 36.3 million. Additional revenue from divestments by Gimv-managed funds: EUR 4.1 million
  • 15% (EUR 5.3 million) Buyouts & Growth and 85% (EUR 31.0 million) Venture Capital
  • 77% (EUR 28.0 million) in Belgium, 7% (EUR 2.4 million) in the Netherlands, 10% (EUR 3.8 million) in France, 5% (EUR 1.7 million) in the rest of Europe and 1% (EUR 0.5 million) in the USA.
  • 59% (EUR 21.5 million) in the form of loans, 7% (EUR 2.6 million) of unlisted shareholdings, 18% (EUR 6.5 million) of listed shareholdings and 16% (5,7 million EUR) funds.
  • Additional dividends, interest and management fees from divested shareholdings: EUR 1.8 million
  • Divestment revenues: 7.2% above carrying value at 31 March 2009, and 41.4% below original acquisition value
  • Principal divestments: Bandolera, Metris, TerStal and Thrombogenics
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