Net asset value (post-dividend) stable; good 2nd quarter results offset difficult 1st quarter - New platform strategy now operational - Major divestments with capital gains and result stock dividend strengthen our financing capacity

22/11/2012 - 07:00 | Financial

The results for the first half of the 2012-2013 financial year cover the period from 1 April 2012 to 30 September 2012. Gimv announced on 28 September 2012 that its investment strategy is now based on four investment platforms: Consumer 2020, Health & Care, Smart Industries and Sustainable Cities. From today onwards, results are reported following the new structure.

Key elements (limited consolidation)

Results

  • Net result (group‟s share) EUR -8.0 million (EUR -0.33 per share)
  • Net realised capital gains: EUR 35.5 million.
  • Net unrealised capital losses: EUR -48.9 million, caused by the falling earnings of the portfolio companies and lower stock market prices of certain of our listed companies.

Equity

  • Equity (group‟s share) EUR 971.1 million (or EUR 40.5 per share) - stable compared with 31 March 2012, after payment of cash dividends and the effect of the capital increase at the occasion of the stock dividend.

Dividend

  • Gimv is committed to maintaining its long-term dividend policy.

Balance sheet

  • Balance sheet total: EUR 1 010.5 million
  • Net cash position: EUR 190.9 million.
  • Financial assets/portfolio: EUR 791.9 million, of which 20% in Consumer 2020, 11% in Health & Care, 28% in Smart Industries, 13% in Sustainable Cities, 23% in third party funds en 5% in other shareholdings.

Investments

  • Total new investments (on balance sheet): EUR 57.7 million. Additional investments by Gimv-managed funds: EUR 26.7 million. Total investments (on balance sheet & via co-investment funds): EUR 84.4 million.

Divestments

  • Total divestment revenues: EUR 105.3 million. Additional revenue from divestments by Gimv-managed funds: EUR 24.1 million. Total divestments (on balance sheet & via co-investment funds): EUR 129.4 million.
  • Divestment proceeds: 50.8% above equity carrying value at 31 March 2012, and at a multiple of 1.7x original acquisition value.
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