Positive second half result takes net asset value to EUR 43.63 per share - Gimv posts limited loss for the year despite negative financial market developments - Gross dividend stable at EUR 2.45 – introduction of stock dividend

22/05/2012 - 07:00 | Financial

The results for the 2011/2012 financial year cover the period from 01 April 2011 to 31 March 2012.

Key elements (limited consolidation)

Results

  • Net result (group’s share) EUR -21.9 million (EUR -0.95 per share)
  • Net realised capital gains: EUR 61.3 million
  • Net unrealised capital losses: EUR -88.2 million, mainly reflecting the decline in share prices, the resulting adjustment of multiples and (expected) new capital rounds at lower valuations at venture capital shareholdings.

Equity (at 31.03.2012)

  • Equity value (group’s share): EUR 1 011.3 million (EUR 43.63 per share)

Dividend

  • Dividend for the 2011/2012 financial year: EUR 56.8 million, or EUR 2.45 gross (EUR 1.84 net) per share (subject to approval by the GM of 27 June 2012). To boost Gimv's further growth and its investment activities, a stock dividend will be offered for the first time.

Balance sheet (at 31.03.2012)

  • Balance sheet total: EUR 1 055.2 million
  • Net cash position: EUR 183.4 million
  • Financial assets: EUR 845.2 million

Investments

  • Total investments (on balance sheet): EUR 171.8 million (EUR 52.3 million in the fourth quarter). Additional investments by Gimv-managed funds: EUR 107.6 million (EUR 22.9 million in the fourth quarter). Total investments (on balance sheet & via co-investment funds: EUR 279.4 million (EUR 75.2 million in the fourth quarter).
  • Main investments: ActivePath, Ebuzzing, Endosense, ExpertPhoto, GreenPeak, Made in Design, Oldelft Ultrasound, PinguinLutosa, Studiekring, Trustteam, Ubidyne, VCST, Walkro and XL Video.

Divestments

  • Total divestment revenues (on balance sheet): EUR 182.6 million (EUR 8.1 million in the fourth quarter). . Additional revenues from divestments from funds under management: EUR 72.3 million (EUR 0.4 million in the fourth quarter). Total divestments (on balance sheet and via co-investment funds: EUR 254.9 million (EUR 8.5 million in the fourth quarter).
  • Divestment revenues: 50.7% above equity carrying value at 31 March 2011, and at a multiple of 1.9x original acquisition value.
  • Main divestments: De Groot Fresh Group, Innate Pharma, PDC Brush, Plexxikon (earn-out milestone payment), Scana Noliko, Tinubu Square and VAG Armaturen.
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