Successful investment pathways leading to excellent annual result of EUR 136.0 million - Net asset value up 14% to EUR 42.97 per share - Stable gross dividend of EUR 2.45, representing a dividend yield of 5.8%

21/05/2015 - 07:00 | Financial

The results for the 2014-2015 financial year cover the period from 01 April 2014 to 31 March 2015.

Highlights (consolidated figures)

Results

  • Net result (group’s share) EUR 136.0 million (EUR 5.35 per share)
  • Net realized capital gains: EUR 102.6 million
  • Net unrealised capital gains: EUR 45.9 million

Equity (at 31.03.2015)

  • Equity value (group’s share): EUR 1 092.6 million (EUR 42.97 per share)

Dividend

  • Dividend stable for FY 2014-2015: EUR 2.45 gross (EUR 1.84 net) per share (subject to approval by the General Meeting of 24 June 2015)
  • We have opted for a 100% cash dividend.

Balance sheet (at 31.03.2015)

  • Balance sheet total: EUR 1 136.0 million
  • Net cash position: EUR 184.8 million
  • Portfolio: EUR 920.2 million

Investments

  • Investments (on balance sheet): EUR 154.3 million (EUR 67.0 million in the fourth quarter). Additional investments via co-investment funds: EUR 36.7 million (EUR 7.1 million in the fourth quarter).
  • Total investments (on balance sheet & via co-investment funds): EUR 191.0 million (EUR 74.1 million in the fourth quarter).

Divestments

  • Total divestment revenues (on balance sheet): EUR 332.0 million (EUR 38.9 million in the fourth quarter). Additional revenue from divestments via co-investment funds: EUR 35.5 million (EUR 14.5 million in the fourth quarter).
  • Total divestments (on balance sheet & via co-investment funds) EUR 367.5 million (EUR 53.5 million in the fourth quarter).
  • Divestment revenues: 44.9% above equity carrying value at 31 March 2014, and at a multiple of 2.0x original acquisition value.

 

Commentary

Managing Director Koen Dejonckheere, on the past financial year's results: “This past year we have reaped the fruit of sustained investment paths, favourable financial markets and a cautious economic recovery. A near-record level of divestments and the value growth of the existing portfolio translated into an excellent annual results and an increase in net asset value that is above the long-term average. We also invested in six promising new growth businesses and in further expansion of our existing participations. In this way the portfolio remained stable in volume terms, with ample earning potential for the future. Moreover, the increased liquidity position allows us to sustain this growth.”

Commenting on the recent TINC IPO, Koen Dejonckheere adds: “TINC, an infrastructure company born out of our infrastructure joint venture, has grown into a reference player in infrastructure investments in the Benelux. Besides its existing institutional funding, the recent IPO provided TINC with additional savings to continue its ambitious growth trajectory.”

Chairman Urbain Vandeurzen adds: “Besides the excellent results, the current portfolio clearly reflects Gimv's transformation: a young and promising portfolio that increasingly reflects the platform strategy. In this way our employees can engage fully in sustainable transformation and growth projects in the most promising companies and entrepreneurs in their sectors. This will allow us to achieve our ambition of 'building leading companies' and to lay solid foundations for further value creation and growth.”

He continues: “In line with our dividend policy, this year we again offer our shareholders a stable dividend, which in combination with a nice increase of our net asset value, offers very attractive returns.”

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