Growing earnings at portfolio companies provides major contribution to strong half-year result of EUR 64.9 million - Net asset value up 5.9% on six months to EUR 43.09 per share

19/11/2015 - 07:00 | Financial

Managing Director Koen Dejonckheere, on the results of the past financial half year: "In the first half we were able to maintain last year’s momentum. Our shareholdings reported significant earnings growth, with a favourable knock-on impact on their valuations. On top of this, the exit climate remained positive, enabling us to complete investment journeys with successful divestments and attractive capital gains, producing a strong first half result. We continued to invest in expanding our portfolio, through new investments and by expanding our existing shareholdings."

Chairman Urbain Vandeurzen adds: "Our focus more than ever is on value creation through active strategic involvement in our portfolio companies, in line with the choices made in 2012. The key levers here are organic growth, buy & build, and internationalization, all of which should translate into a sustainable return for our shareholders. We are therefore pleased with the results of the past six months which, like last year, are in line with our long-term objective of realising double-digit returns."

The results for the first half of the 2015/2016 financial year cover the period from 1 April to 30 September 2015.

Highlights (consolidated figures)

  • Results supported by strong portfolio result.

    • Solid sales and EBITDA growth in the large majority of our shareholdings
    • Strong half-year results
    • Further value creation for our shareholders
  • Favourable exit environment and further expansion of the portfolio
    • Successful divestments delivered attractive gains
    • New and follow-on investments
    • Stable portfolio and ample liquidity
  • Investment strategy geared to value creation

    • Growth is the core of our strategy
    • Backed by megatrends and active involvement
    • Diversified portfolio with various growth levers

Results

  • Net result (group’s share): EUR 64.9 million (EUR 2.55 per share)
  • Net realised capital gains: EUR 26.8 million
  • Net unrealised capital gains: EUR 45.6 million

Equity (at 30.09.2015)

  • Equity value (group’s share): EUR 1 095.6 million (EUR 43.09 per share)

Balance sheet (at 30.09.2015)

  • Balance sheet total: EUR 1 136.3 million
  • Investment Portfolio: EUR 908.9 million
  • Net cash position: EUR 208.0 million

Investments

  • Total new investments (on balance sheet): EUR 20.1 million (EUR 40.1 million including co-investment funds)

Divestments

  • Total divestment proceeds (on balance sheet): EUR 103.3 million (EUR 149.9 million including co-investment funds)
  • Divestment proceeds: 36.4% above the shareholdings’ book value as at 31 March 2015

Dividend

  • Gimv strives to maintain its current dividend policy

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