Negative valuation impact from financial market turbulence outweighs positive realised result - Strong financing base put to advantage with focus on ambitious growth files - Net asset value falls 7% to EUR 41.44 per share

17/11/2011 - 07:00 | Financial

The results for the first half of the 2011-2012 financial year cover the period from 1 April 2011 to 30 September 2011.

Key elements (limited consolidation)


  • Net result (group‟s share): EUR -74.3 million (EUR -3.21 per share)
  • Net realised capital gains: EUR 49.9 million
  • Net unrealised capital losses: EUR -123.8 million, reflecting the fall in stock markets and the ensuing change in multiples


  • Equity value (group‟s share): EUR 960.3 million (EUR 41.44 per share)


  • Gimv is seeking to maintain its long-term dividend policy also in the present difficult market cirumstances

Balance sheet

  • Balance sheet total: EUR 1 017.4 million
  • Net cash position: EUR 222.3 million
  • Financial assets: EUR 759.2 million


  • Total investments (on balance sheet): EUR 79.2 million.
    Additional investments by Gimv-managed funds: EUR 55.3 million.
  • Total investments (on balance sheet & via co-investment funds): EUR 134.5 million.
  • 44% (EUR 35.0 million) in Buyouts & Growth, 35% (EUR 28.0 million) in Venture Capital and 20% (EUR 16.2 million) in the co-investment funds.
  • 27% (EUR 21.2 million) in Belgium, 13% (EUR 9.9 million) in the Netherlands, 22% (EUR 17.4 million) in France, 10% (EUR 8.1 million) in Germany, 15% (EUR 11.9 million) in the rest of Europe, 5% (EUR 3.8 million) in the USA and 9% (EUR 6.8 million) elsewhere.
  • 27% (EUR 21.1 million) in 6 new direct investments, 21% (EUR 16.7 million) in direct follow-up investments, 20% (EUR 16.2 million) via co-investment funds and 32% (EUR 25.1 million) in third party funds.
  • Main investments: ActivePath, Ebuzzing, ExpertPhoto, Multiplicom, PinguinLutosa, Studiekring and Ubidyne.


  • Total divestment revenues: EUR 133.6 million.
    Additional revenue from divestments by Gimv-managed funds: EUR 26.5 million.
    Total divestments (on balance sheet & via co-investment funds): EUR 160.1 million.
  • 87% (EUR 115.7 million) in Buyouts & Growth, 9% (EUR 11.9 million) in Venture Capital and 4% (EUR 6.0 million) in the co-investment funds.
  • 82% (EUR 109.1 million) in Belgium, 2% (EUR 2.2 million) in the Netherlands, 6% (EUR 7.8 million) in France, 4% (EUR 5.4 million) in Germany, 2% (EUR 2.7 million) in the rest of Europe and 5% (EUR 6.4 million) in the USA.
  • 1% (EUR 1.0 million) of loans, 90% (EUR 120.8 million) of unlisted shareholdings, 3% (EUR 4.1 million) of listed shareholdings and 6% (EUR 7.7 million) of third-party funds.
  • Divestment revenues: 61.1% above equity carrying value at 31 March 2011, and at a multiple of 2.8x original acquisition value.
  • Main divestments: ADA Cosmetics, Innate Pharma, Plexxikon (post-exit payment) and Scana Noliko.

Managing Director Koen Dejonckheere on the first half results: "The eurocrisis and the ensuing financial market turbulence have left their mark on the valuation of our portfolio, even though our shareholdings continue to post solid performances. We were also able once again to sell a number of shareholdings at attractive conditions, leaving our investment capacity intact.”

"The present economic uncertainty and continuing high financial market volatility are making IPOs still pretty much impossible, while the M&A market remains difficult. In addition, the slowdown in global growth is leading us to be cautious and remain selective in our investment decisions, with a clear preference for ambitious growth situations," he continues.

"Gimv has over the years built up a valuable platform", says chairman Urbain Vandeurzen. "The world in which our portfolio companies operate is, however, becoming ever more complex and global. This requires Gimv to be continuously adapting its model and a number of strategic priorities will be further developed. First of all we shall be focusing even more than before on value creation. We shall not only be looking for companies that are able and ready to make a difference, we shall also be accompanying the strategic choices they take on their growth path. A second important item of attention is internationalisation. We see many chances for our shareholdings to continue to develop, both in our existing home markets and in the world's burgeoning growth markets. As partners to these ambitious companies we want to encourage them in seizing these opportunities and to actively support them in their further internationalisation. Finally we need to have the courage to think about scaling up. This we can do by further extending our international reach, by entering into partnerships and by extending the volume of financial resources managed by Gimv.
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