Gimv Nv · EURONEXT:GIMB
Gimv Nv — FY2018/2019 Earnings Presentation
30 slides from Gimv Nv's earnings presentation, May 23, 2019
Slide 1: Press / Analyst conference call FY 2018/2019 results
Press / Analyst conference call FY 2018/2019 results Antwerp, May 23, 2019
Slide 2: Gimv Group results FY 2018-2019
2 Gimv Group results FY 2018-2019
Slide 3: Accelerated growth and enduring strong performance
Accelerated growth and enduring strong performance Accelerated growth • New investments across all platforms and countries • Intensive buy-and-build activity supports value creation • Largest PE portfolio in Gimv history and doubled in 10 years time • Young portfolio with attractive growth potential
Slide 4: Key figures
Key figures Investments Portfolio EUR 222 mio EUR 1 082 mio (+13%) 9 new investments* 55 companies 20 add-on acquisitions Net result Dividend EUR 112 mio EUR 2.50/share * includes investment in Coolworld Rentals, closed early April 4 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 5: 1. Investments - Higher investment ambitions achieved
1. Investments - Higher investment ambitions achieved Clear step up in investment volumes towards Growing initial ticket size from EUR 10 mio to > EUR 200 mio EUR 22 mio over the last 6 years Investments Average initial investment ticket In mio EUR In mio EUR 300 25 246 250 222 20 200 180 154 15 150
Slide 6: 1. Investments - The investment engine is running intensively in all platforms & countries
1. Investments - The investment engine is running intensively in all platforms & countries EUR 222 million investments in FY 2018-19 (in EUR mio) 80 71 70 60 58 52 50 Dental Partners 40 37 30 20 10 4 0 CO HC SC SI Other 6 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 7: 1. Investments - Accelerated buy & build activity within the existing portfolio
1. Investments - Accelerated buy & build activity within the existing portfolio >20 add-ons in 12 portfolio companies 2 add-ons 2 add-ons 1 add-on 1 add-on 2 add-ons 3 add-ons 1 add-on 2 add-ons 1 add-on 2 add-ons 2 add-ons 2 add-ons 7 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 8: 2. Portfolio result - Important contribution of mature third party funds portfolio to realised result
2. Portfolio result - Important contribution of mature third party funds portfolio to realised result Realised portfolio result (EUR 101.3 mio)* 100 Portfolio Recurring portfolio income interests with important contribution of Hansea (dividend of 80 Portfolio EUR 11mio) dividends 60 Realised gains o
Slide 9: 2. Portfolio result - Value creation through top-line and profit growth in young portfolio
2. Portfolio result - Value creation through top-line and profit growth in young portfolio Consistent double digit growth of our portfolio companies Performance In % growth 20% 18% 17% 16% 14% 12% 12% 11% 10% 10% 10% 8% 4% 0% 2015-16 2016-17 2017-18 2018-19 Sales growth EBITDA growth Target 9 RESULT
Slide 10: 2. Portfolio result - Portfolio performance key contributor to valuation result
2. Portfolio result - Portfolio performance key contributor to valuation result FY 2018-19 Unrealised result: EUR 53.9 mio 40,4 Ebitda or Sales 35,0 Multiple 14,0 3F (incl. cy impact) 1,1 Exchange Rate 0,5 First time uplift 0,4 Other -1,0 Write down -3,8 Listed -32,6 Net Financial Debt -40 -20 0 20
Slide 11: 2. Portfolio result - Portfolio return above 15% target for the fifth year in a row
2. Portfolio result - Portfolio return above 15% target for the fifth year in a row Portfolio return of 16.2% in FY 2018-2019 Portfolio return 25% 20,1% 20% 18,8% 18,3% 16,2% 15,6% 15% Long term objective 10% 5% 0% 31/03/2015 31/03/2016 31/03/2017 31/03/2018 31/03/2019 11 RESULTS FY 2018-2019 (23 MA
Slide 12: 3. Portfolio - Step up in investments and strong portfolio performance
3. Portfolio - Step up in investments and strong portfolio performance result in Gimv’s highest PE portfolio ever, despite substantial exits • A portfolio with less lines and larger companies • Portfolio growth of 13% in FY 2018-19 towards EUR 1.1 bio Portfolio evolution In mio EUR 1.200 1082 1014 1
Slide 13: 3. Portfolio - A sizeable and young portfolio with strong growth potential
3. Portfolio - A sizeable and young portfolio with strong growth potential • 73% of our platform portfolio is invested in the last 3 years • Average portfolio duration of 3,4 years Vintages 7% 3% 17% 73% 2007-2009 2010-2012 2013-2015 ≥ 2016 13 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 14: Looking ahead
Looking ahead • While keeping an eye on our current operating environment and the economy… • PE market is and remains hot • Paradigm shift in business models (digitalization, labour shortage,…) • The world is global (geo-political tensions, trade conflicts,…) • Climate and the environment concerns t
Slide 15: Questions & Answers
15 Questions & Answers
Slide 16: Annexes: Additional information
Annexes: 16 Additional information
Slide 17: 13% growth in portfolio to EUR 1.1 billion
13% growth in portfolio to EUR 1.1 billion (in EUR mio) Unrealised result € 53.9 mio 17 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 18: 55 portfolio companies with a value of EUR 1.1 billion
55 portfolio companies with a value of EUR 1.1 billion 5% 5% 7% 10% 28% 33% 22% 23% 18% 13% 20% 16% Connected Consumer Health & Care Smart Industries Belgium France Germany Sustainable Cities Third-party funds Other participations The Netherlands Rest of Europe Rest of the world 18 RESULTS FY 2018-2
Slide 19: A young platform portfolio with promising growth potential
A young platform portfolio with promising growth potential by valuation method by vintage** 7% 2% 1% 3% 10% 4% Weighted average EV/EBITDA-ratio: 7.7x 4% (after 25% discount)* 17% 21% 73% 58% Listed Multiple 2007-2009 2010-2012 2013-2015 ≥ 2016 Cost Price last round Third-party funds Co-investment pa
Slide 20: Twenty largest investments make up 60% of portfolio
Twenty largest investments make up 60% of portfolio (based on NAV of 31 March 2019) > rank 1 to 5 Company Activity Platform Location Entry Provider of complete HVAC solutions in the residential The Netherlands 2016 renovation and new build markets Independent European ICT service provider Belgium 20
Slide 21: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Equipment and solutions for the efficiency of the France 2018 drinking water network Service provider in incontinence care Germany 2018 Developer and supplier of tailor-made cheese France 2018 solutions Medical
Slide 22: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Plastic pallet pooling services Belgium 2016 Eco-friendly flame retardant additives Belgium 2014 Roll and flatbed digital cutting machines Belgium 2016 Road safety equipment Germany 2017 Premium baby strollers
Slide 23: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Software solution company Belgium 2013 Supplier of innovative laser and photonics solutions Germany 2018 Production and distribution of pet care products France 2017 Medical plastics France 2018 Group of therma
Slide 24: EUR 0.9 billion investments and EUR 1.5 billion exits over 5 years
EUR 0.9 billion investments and EUR 1.5 billion exits over 5 years 450 394 400 371 350 332 300 246 250 227 222 196 200 180 154 150 130 100 50 0 2014-15 2015-16 2016-17 2017-18 2018-19 Investments Exits (in EUR mio) 24 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 25: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Proceeds from FY 2018-19 divestments: EUR 196.2 million • Uplift on opening equity of 31 March 2019: 47% Total uplift on opening equity 140% 120% 100% 80% 60% 40% 20% 0% FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 25 R
Slide 26: Portfolio result drives above-average portfolio return
Portfolio result drives above-average portfolio return Portfolio result of EUR 155.3 mio (in EUR mio) = 16.2% annualised portfolio return 26 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 27: Strong portfolio result leads to FY result of EUR 112 mio
Strong portfolio result leads to FY result of EUR 112 mio 1H 18/19 2H 18/19 FY 18/19 FY 17/18 Portfolio result 79.8 75.5 155.3 150.4 Net group result 62.5 49.6 112.1 107.1 Investments 60.9 128.1 189.0 246.2 Divestments 98.6 97.6 196.2 371.1 Equity – group share 1 270.9 1 321.3 1 321.3 1 274.3 (in EU
Slide 28: 55 companies with a value of EUR 1.1 billion
55 companies with a value of EUR 1.1 billion 28 RESULTS FY 2018-2019 (23 MAY 2019)
Slide 29: 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 30: Contact
Kristof Vande Capelle T +32 3 290 22 90 kristof.vandecapelle@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding BV Gimv France SAS Gimv Karel Oomsstraat 37 WTC The Hague 83, rue Lauriston Promenadeplatz 12 2018 Antwerpen Prinses Margrietplantsoen 87 75116 Paris 80333 Münc