Gimv NV · EURONEXT:GIMB
Gimv NV — FY2013/2014 Earnings Presentation
53 slides from Gimv NV's earnings presentation, May 22, 2014
Slide 1: Analyst meeting FY 2013/2014 - results
Analyst meeting FY 2013/2014 - results Brussels, 22 May 2014 RESULTS FY 2013-2014 (22 MAY 2014) P-978
Slide 2: Disclaimer
Disclaimer • This document is being provided to you solely for your information. It is confidential, is not intended for distribution to the press or other media, and may not be reproduced or redistributed by mail, facsimile, electronic or computer transmission or by any other means to any other per
Slide 3: Introductory message by Chairman Urbain Vandeurzen
Introductory message by Chairman Urbain Vandeurzen RESULTS FY 2013-2014 (22 MAY 2014) 3
Slide 4: The economic environment is becoming (somewhat) more positive
The economic environment is becoming (somewhat) more positive • European economy seems to come out of recession, with recovery constrained by governments faced with budgetary challenges and structural reforms : low growth environment and risk for desinflation • Companies’ balance sheets often look v
Slide 5: Gimv's platform strategy starts to pay off
Gimv’s platform strategy starts to pay off • In 2012 a new strategic model was defined for Gimv • 2013/2014 was characterized by: • Implementing the strategy • Optimizing our organisation • Refining our processes • Platform teams & organisation • Strengthened & complemented with entrepreneurial & sp
Slide 6: Gimv Group's results for FY 2013-2014 by CEO Koen Dejonckheere
Gimv Group’s results for FY 2013-2014 by CEO Koen Dejonckheere RESULTS FY 2013-2014 (22 MAY 2014) 6
Slide 7: 1. Key messages
1. Key messages RESULTS FY 2013-2014 (22 MAY 2014) 7
Slide 8: Key messages FY 2013/2014
Key messages FY 2013/2014 • Historic strong investment year with EUR 195 million worth of investments • EUR 265 million co-investment funds included • Very high activity in all platforms • EUR 15 million net profit or return on equity of 1.4% • Limited exits – uplift on equity (realised results) neg
Slide 9: Key messages FY 2013/2014 (ctd)
Key messages FY 2013/2014 (ctd) • Portfolio value of EUR 931 million or >90% of total assets put to work • Overall high investment activity • Divestments halved versus previous year • Positive impact of stock markets and debt reduction neutralised by negatives at third party funds (HGG) and drop in
Slide 10: 2. Results FY 2013/2014
2. Results FY 2013/2014 RESULTS FY 2013-2014 (22 MAY 2014) 10
Slide 11: High level of investment activity, even in historic perspective
High level of investment activity, even in historic perspective IFRS FY 12/13 1H 13/14 2H 13/14 FY 13/14 Net group results 32.7 21.0 -6.0 15.0 Investments (balance sheet) 110.8 70.9 123.7 194.6 Investments (incl. FuM) 150.9 84.9 180.2 264.8 Divestments (balance sheet) 180.7 50.8 45.0 95.8 As % of op
Slide 12: Gimv realises FY profit of EUR 15 million
Gimv realises FY profit of EUR 15 million IFRS FY 12/13 1H 13/14 2H 13/14 FY 13/14 Realised gains & losses 64.9 15.2 -7.3 7.9 Unrealised gains & losses + impairment losses -35.2 0.7 2.6 3.3 Other operating result -2.3 4.2 -2.9 1.3 Financial income & cost 4.9 1.6 2.8 4.4 Tax expenses -1.8 -0.8 -0.9 -
Slide 13: Portfolio result suffers EUR 45 million cumulative negative impact
Portfolio result suffers EUR 45 million cumulative negative impact from Electrawinds, Barco and Halder-Gimv Germany Third Consumer Health & Smart Sustainable Other party Total 2020 Care Industries Cities investments funds Realised gains & losses 1.1 4.8 2.9 -10.4 2.2 7.2 7.9 Unrealised gains & losse
Slide 14: Negative impact Electrawinds on results and equity
Negative impact Electrawinds on results and equity • Gimv’s pro-rata investment in Electrawinds: EUR 25.3 million • Via Gimv-XL (EUR 28 million equity investment + EUR 25 million subordinated loan) • Via DG Infra+ (EUR 15 million subordinated loan) • Gimv submitted several proposals, but ultimately
Slide 15: Divestments with 10.5% uplift versus opening book value
Divestments with 10.5% uplift versus opening book value • Total proceeds from FY13/14 divestments (incl. income received): EUR 97.8 mio • Uplift on opening equity of 31 March 2013: 10.5%, below historic average • Money-multiple of 0.94x reflects sale of Electrawinds receivables to Tecteo Total uplif
Slide 16: Positive impact of improving stock markets and debt reduction
Positive impact of improving stock markets and debt reduction Negative impact of company results, 3rd party funds (HGG) and negative evolution stock price (Barco) 35,0 Multiple 26,0 Net financial debt 6,4 First time uplift 2,2 Imminent sale or IPO -0,5 Write down on loan -1,4 FuM -2,1 Exchange rate
Slide 17: High level of investments reduces cash position, but capacity remains strong
High level of investments reduces cash position, but investment capacity remains strong • Treasury reduced to EUR 56.6 mio (end March 2014) • Important investment activity in FY 13/14 > 12 new investments • Net cash out dividend of EUR 33.5 mio (gross dividend minus proceeds capital increase from op
Slide 18: Dividend remains important driver for shareholder return
Dividend remains important driver for shareholder return FY 12/13 1H 13/14 2H 13/14 FY 13/14 EPS (group share) 1.37 0.85 -0.24 0.61 Equity (group share) 42.22 40.42 40.12 40.12 80 75 70 • EUR 27.3 dividend 65 per share paid over 60 2004-2013 55 • Return on equity for 50 FY13/14: 1.4% 45 40 NAV 35 NA
Slide 19: 3. Portfolio
3. Portfolio RESULTS FY 2013-2014 (22 MAY 2014) 19
Slide 20: Portfolio increases to EUR 931 million
Portfolio increases to EUR 931 million, or more than 90% of total assets invested 1200 1100 100.8 -97.5 1000 5.6 -88.5 1.7 900 194.6 800 700 931.0 600 814.4 500 400 300 Portfolio Investments Capitalised Value Value Divestments Other Portfolio 31/03/2013 intrests increases decreases Portfolio 31/03/2
Slide 21: Gimv's portfolio
Gimv’s portfolio Weighted average EV/EBITDA-multiple: by investment platform by valuation method 5.9x by vintage* (after 25% discount) 3% 2% 5% 21% 24% 3%4% 14% 16% 32% 1% 34% 8% 10% 11% 15% 13% 21% 38% 27% Multiple Third party funds Consumer 2020 Health & Care ≤ 2000 2001-2003 Listed Loans Smart In
Slide 22: Twenty largest investments spread over different platforms
Twenty largest investments spread over different platforms (based on NAV of 31 March 2014) Company Activity Platform Location Entry Professional visualisation systems Belgium 1981 Frozen bakery and lipids Belgium 2009 Engine, driveline and technical components Belgium 2009 Port & port-related activi
Slide 23: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry Production of substrate for the cultivation of Belgium 2012 mushrooms Specialised clinics France 2013 High-tech medical diagnostics The Netherlands 2009 Women’s underwear France 2014 Transport & logistic services Belgium 2014
Slide 24: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry Specialty pharma & medical homecare The Netherlands 2013 Distribution of content on social media France 2011 Manufacturer of Continuously Variable Transmission Belgium 2009 systems Info & comparison travelsite France 2009 Smar
Slide 25: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry ICT services Belgium 2011 Wireless datacom technology The Netherlands 2006 User workspace management The Netherlands 2010 Integrated solutions for Intelligent Transport Systems The Netherlands 2012 Road works, asphalt works an
Slide 26: 4. Investment activities
4. Investment activities RESULTS FY 2013-2014 (22 MAY 2014) 26
Slide 27: Almaviva Santé
www.almaviva-sante.fr Almaviva Santé Established in 2007 by CEO Bruno Marie, Almaviva has grown into a group of 7 MSO (Medicine-Surgery- Obstetrics) specialised clinics with a strong local presence and an excellent reputation in certain surgical fields thanks to a highly-driven, well-thought-out acq
Slide 28: RESULTS FY 2013-2014 (22 MAY 2014)
RESULTS FY 2013-2014 (22 MAY 2014) 28
Slide 29: Complix
www.complix.be Complix Complix is a biopharmaceutical company developing a pipeline of therapeutics, called AlphabodiesTM, mainly focused on oncology and auto-immunity. Complix is headquartered in Hasselt (Belgium) at the Life Sciences incubator BioVille and has research facilities in Ghent (Belgium
Slide 30: CoScale
www.coscale.com CoScale CoScale, a spin-off from Ghent University, offering software solutions for IT operations Analytics. Their technology gives organisations an insight into the performance of their web applications. CoScale’s software gathers and correlates data from web applications as well as
Slide 31: Covagen
www.covagen.com Covagen Covagen (Zurich, Switzerland) develops bispecific FynomAbs by fusing its human Fynomer® binding proteins to antibodies, resulting in therapeutics with novel modes of action and enhanced efficacy. INVESTMENT DETAILS • Series B round of CHF 42 million led by Gimv. Other funds p
Slide 32: Eurocept
Eurocept www.eurocept.nl Eurocept, established in 2001 in Ankeveen, offers a unique combination of specialty pharma products (Pharmaceuticals) and medical homecare services (Homecare). Focus on high-value prescription drugs for chronic diseases where by both divisions target the same medical special
Slide 33: Hansea
Hansea Hansea (former Veolia Transport Belgium) is Flanders' leading private bus operator, which operates daily urban and interurban connections under the authority of the public transport authorities (De Lijn and TEC). Hansea is also active in school traffic, personnel transport and bus charter. In
Slide 34: Itineris
www.itineris.be Itineris Itineris is a Belgium based software solution company offering a CIS - Customer Information System - and consultancy services to customers in the utility sector (power/gas/water/broadband). Their UMAX product is a software solution for the utilities’ meter-to-cash process: m
Slide 35: Lampiris
www.lampiris.be Lampiris Lampiris is an independent supplier of green electricity and gas based in Belgium. The company was founded in 2003 and has experienced impressive growth since the liberalisation of the energy market. Today the company has over 800 thousand connection points in Belgium, which
Slide 36: RESULTS FY 2013-2014 (22 MAY 2014)
RESULTS FY 2013-2014 (22 MAY 2014) 36
Slide 37: Luciad
www.luciad.com Luciad Luciad develops and provides software that enables fast development of high-performance Geospatial Situational Awareness applications, with focus on the security and the aviation industries. Luciad, founded in 1999 as a spin-off from the University KU Leuven, today employs 80 p
Slide 38: RESULTS FY 2013-2014 (22 MAY 2014)
RESULTS FY 2013-2014 (22 MAY 2014) 38
Slide 39: Marco et Vasco
www.marcoetvasco.com Marco et Vasco Marco et Vasco is an online travel agent offering tailor-made long-haul holiday experiences to destinations in Asia-Pacific, Africa and the Americas. The company is based in France and employs about 170 people, of which a well-trained sales team specialized per de
Slide 40: RESULTS FY 2013-2014 (22 MAY 2014)
RESULTS FY 2013-2014 (22 MAY 2014) 40
Slide 41: Wolf Lingerie
Wolf Lingerie Created in Strasbourg in 1947, the Wolf group designs, manufactures and distributes women’s underwear, mostly under its own brands: Rosy (www.rosy.fr), Sans-Complexe (www.sanscomplexe.com), Billet Doux (www.billetdoux.com), Oups (www.oups-lingerie.com) and Jardin Secret. In addition, i
Slide 42: Xeikon
www.xeikon.com Xeikon Xeikon is an innovator in digital-printing technology. The company designs, develops, and delivers web- fed digital colour presses for labels and packaging applications, document printing, as well as commercial printing. INVESTMENT DETAILS • Gimv-XL invested alongside Bencis an
Slide 43: 5. Dividend
5. Dividend RESULTS FY 2013-2014 (22 MAY 2014) 43
Slide 44: Dividend policy continued
Dividend policy continued • Gross dividend of EUR 2.45 to be approved by the AGM on 25 June 2014 • Gross yield of 6.6% (based on closing price of FY13/14) • Dividend policy: • ‘Not to lower the dividend and to increase it whenever sustainably possible (barring unforeseen circumstances)’ 2,5 2,0 1,5
Slide 45: Optional dividend
Optional dividend • Facility created by the EGM of June 2011 • To finance the further growth of Gimv and its portfolio • Shareholder has the option to choose between: • New shares • Payment in cash • A combination of shares and cash • Details to be published after the AGM of 25 June 2014 RESULTS FY
Slide 46: Questions & Answers
Questions & Answers RESULTS FY 2013-2014 (22 MAY 2014) 46
Slide 47: Annexes: Additional portfolio information
Annexes: Additional portfolio information RESULTS FY 2013-2014 (22 MAY 2014) 47
Slide 48: Equity matrix: diversified portfolio in about 70 portfolio companies
Equity matrix: diversified portfolio in about 70 portfolio companies Business Unit Net Consumer Health & Smart Sustainable Third party Other treasury & Equity Total 2020 Care Industries Cities funds participations other net group Region assets Belgium 120.2 11.0 176.5 120.9 4.9 10.4 443.9 France 95.
Slide 49: Investments by platform (01/04/2013 – 31/03/2014)
Investments by platform (01/04/2013 – 31/03/2014) Business Unit Consumer Health & Smart Sustainable Third party Other Region 2020 Care Industries Cities funds participations Total Belgium 6.3 1.1 16.9 48.8 - 2.6 75.7 France 27.0 19.6 0.8 0.6 1.1 - 49.0 Netherlands - 16.8 0.8 - - - 17.5 Germany - 5.3
Slide 50: Overview listed shareholdings 31/03/2014
Overview listed shareholdings 31/03/2014 (Gimv pro-rata holding) Company BB symbol Holding in % of shares Holding in n° of shares Barco BAR BB 9.8% 1.249.921 CapMan CPMBV FH 10.0% 8.431.978 Ceres * CERE US 4.5% 709.972 Electrawinds EWI GR 3.1% 1.632.416 Inside Secure INSD FP 12.9% 4.254.171 GreenYar
Slide 51: European M&A activity
European M&A activity Source: Mergermarket / Merrill Datasite RESULTS FY 2013-2014 (22 MAY 2014) 51
Slide 52: European private equity: fundraising/investments/divestments
European private equity: fundraising/investments/divestments Source: Thomson Reuters / EVCA-PEREP Analytics RESULTS FY 2013-2014 (22 MAY 2014) 52
Slide 53: Contact
CONTACT Frank De Leenheer T +32 3 290 22 08 frank.deleenheer@gimv.com Inés Sylverans T +32 3 290 22 23 ines.sylverans@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding Gimv France SAS Gimv Karel Oomsstraat 37 BV 38, avenue Hoche Promenadeplatz 12 2018 Antwerpen Lange Voo