Increased operating profits in portfolio companies and profitable divestments give first-half profit of EUR 48.5 million - Net assets up 4.9% (EUR 39.46 per share)

20/11/2014 - 07:00 | Financial

The results for the first half of the 2014-2015 financial year cover the period from 1 April 2014 to 30 September 2014.

Highlights (consolidated figures)

Results

  • Net result (group’s share) EUR 48.5 million (EUR 1.91 per share)
  • Net realised capital gains: EUR 24.0 million.
  • Net unrealised capital gains: EUR 24.0 million.

Equity (at 30.09.2014)

  • Equity value (group’s share): EUR 1,003.3 million (or EUR 39.46 per share), or +4.9% excluding the dividend paid and the capital increase from the optional dividend.

Dividend

  • Gimv strives to maintain its current dividend policy.

Balance sheet (at 30.09.2014)

  • Balance sheet total: EUR 1 041.6 million
  • Net cash position: EUR 116.1 million.
  • Financial assets: EUR 883.3 million.

Investments

  • Total new investments (on balance sheet): EUR 28.4 million. Additional investments by Gimv-managed funds: EUR 16.1 million.
    Total new investments (on balance sheet & via co-investment funds): EUR 44.5 million. 

Divestments

  • Total divestment revenues (on balance sheet): EUR 138.3 million.
    Additional revenue from divestments by co-investment funds: EUR 18.6 million. Total divestments (on balance sheet & via co-investment funds): EUR 156.9 million.
  • Divestment revenues: 22.0% above equity carrying value at 31 March 2014, and at a multiple of 1.7x original acquisition value.

Commentary

Managing Director Koen Dejonckheere, on the past half-year's financial results: "After years of continuous net investment and portfolio expansion, we were able in the past half-year to undertake a number of attractive exits, helped by a favourable exit climate. This is reflected in the attractive capital gains in the figures for the first half. At the same time we observed improved operating performances by our portfolio companies, which positively impacted their valuations. We continue to work on expanding the portfolio by exploring growth opportunities for existing shareholdings and with a number of promising new investments."

Chairman Urbain Vandeurzen adds: "In general, companies continue to face weak economic growth as well as uncertainties and risks in the global economy. We are pleased to note that the operating results of the portfolio companies exhibit a cautious increase, mainly due to the sustained efforts of the companies themselves. Only by committing fully to innovation, internationalization and expansion do these companies manage to continue to grow profitably. We continue to focus fully on our strategic choices concerning both the expansion of the portfolio and the international expansion of the organization. This should allow us, as in the past half-year, to achieve our profitability targets in a sustainable way."  

 

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