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Gimv ends financial year with net profit of EUR 135.2 million - Return on equity of 13.2%, above long-term average - Gross dividend rises to EUR 2.45 and NAV grows to EUR 47.09 per share
Key elements (limited consolidation)
Net result (group’s share): EUR 135.2 million (EUR 5.83 per share), or 15% higher than in 2009-2010
Net realised capital gains: EUR 75.8 million
Net unrealised capital gains: EUR 57.8 million
Equity value (group's share): EUR 1,091.4 million (EUR 47.09 per share)
Dividend for the 2010-2011 financial year: EUR 56.8 million, or EUR 2.45 gross (EUR 1.84 net) per share (subject to approval by the GM of 29 June 2011)
Balance sheet total: EUR 1,139.6 million
Net cash position: EUR 185.8 million
Financial assets: EUR 883.8 million
Investments - Investment rhythm maintained
Total investments (on balance sheet): EUR 151.7 million.Additional investments by Gimv-managed funds: EUR 20.0 million.Total investments (on balance sheet & via co-investment funds): EUR 171.7 million.
57% (EUR 86.4 million) in Buyouts & Growth, 38% (EUR 57.3 million) in Venture Capital (Technology, Life Sciences and Cleantech) and 5% (EUR 8.0 million) in the co-investment funds Gimv-XL, DG Infra+/Yield and Gimv-Agri+).
20% (EUR 30.7 million) in Belgium, 7% (EUR 10.7 million) in the Netherlands, 31% (EUR 46.4 million) in France, 15% (EUR 23.2 million) in Germany, 20% (EUR 30.7 million) in the rest of Europe, 5% (EUR 7.7 million) in the USA and 2% (EUR 2.4 million) elsewhere.
26% (EUR 38.8 million) in 9 new direct investments, 35% (EUR 52.6 million) in direct follow-up investments, 5% (EUR 8.0 million) in co-investment funds and 34% (EUR 52.3 million) in third party funds.
Principal investments: Brunel, Eden Chocolates, Inside Secure, Onedirect, Private Outlet, RES Software and Square Melon (Bananas).
Announcement of a EUR 60 million investment in PinguinLutosa via the Gimv-XL fund, with implementation expected in the 2011/2012 financial year.
Divestments - Continued strong interest from industrial buyers
Total divestment revenues (on balance sheet): EUR 130.8 million. Additional revenues from divestments by Gimv-managed funds: EUR 19.9 million. Total divestments (on balance sheet & via co-investment funds): EUR 150.6 million 31% (EUR 41.1 million) Buyouts & Growth, 68% (EUR 88.4 million) Venture Capital and 1% (EUR 1.3 million) in the co-investment funds.
16% (EUR 21.3 million) in Belgium, 22% (EUR 28.4 million) in the Netherlands, 3% (EUR 4.4 million) in France, 15% (EUR 19.4 million) in Germany, 12% (EUR 15.2 million) in the rest of Europe, 32% (EUR 41.3 million) in the USA and 1% (EUR 0.9 million) elsewhere.
8% (EUR 10.4 million) of loans, 74% (EUR 97.1 million) of unlisted companies, 12% (EUR 15.8 million EUR) in third party funds, and 6% (EUR 7.5 million) of listed companies.
Additional dividends, interest and management fees from divestments: EUR 3.0 million.
Divestment revenues: 126.3% above equity value at 31 March 2010, and 55.5% above original acquisition cost.
Main divestments: ANP, Claymount, CoreOptics, Liquavista, Microtherm, Movetis and Plexxikon.
Announcement of an agreement to exit from Scana Noliko, with expected completion by mid-2011.
"The positive evolution in the first half was maintained throughout the year. Besides an attractive profit, we also achieved an above-average return on equity.
These results confirm the continued interest of industrial buyers in acquisitions which offer a strategic premium. They also underline the operational improvement in many of our portfolio companies, which had a positive impact on the valuation of the portfolio", says CEO Koen Dejonckheere, on the activities of the year.
"This past year we have made a number of promising new investments, continued to support the growth of our existing investment projects and maintained our dividend policy. At the same time we have undertaken a number of industrial exits that have kept our investment capacity intact.
Despite these major divestments, our selectively constructed portfolio has continued to grow well, with room for further value creation," he continues.
"During this past year, we have seen companies starting once again to plan and invest for growth. Gimv is ready to play its role in this relaunch of the economy. We can do this since we have weathered the financial crisis well, as is demonstrated by our results. Gimv's long-term return of 12.2 percent is one of the highest among investment companies in Belgium. It is clear proof that Gimv plays a stable and important role as an investor, shareholder and coach in growth-oriented companies" adds Chairman Herman Daems.
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