Slide 1: Gimv Group's results for FY 2009-2010
Gimv Group’s results for FY 2009-2010 Press & Analyst Conference Brussels - 20 May 2010 P-533
Slide 2: Disclaimer
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Slide 3: 1. Introduction
1. Introduction
Slide 4: Dedicated organisation and investment teams
Dedicated organisation and investment teams Buyouts & Venture Funds & Growth Capital Joint Ventures Belgium Technology Gimv-XL Netherlands Cleantech DG Infra+ France Life Sciences Gimv Agri+ Germany Central Europe (Halder) & Russia Other funds Gimv Group’s results for FY 2009 - 2010 20 May 2010 p. 4
Slide 5: How market circumstances affect Gimv's operations
How market circumstances affect Gimv’s operations Portfolio • Further diversification • Value increase because of rise in public markets • Recession impacted company results • Outlook impacted by volatility financial markets & credit conditions Investments Exits • Slowly improving credit markets • M
Slide 6: 2. Results FY 2009 - 2010
2. Results FY 2009 - 2010
Slide 7: Exits higher than initially expected
Exits higher than initially expected IFRS FY 08/09 1H 09/10 2H 09/10 FY 09/10 Net group results -322.3 75.4 42.1 117.5 Investments (balance sheet) 188.6 96.8 48.0 144.8 Investments (incl. FuM) 263.6 101.1 104.1 205.2 Divestments (balance sheet) 182.0 36.3 84.2 120.5 As % of opening value portfolio 1
Slide 8: Net group profit of EUR 118 million
Net group profit of EUR 118 million FY 08/09 1H 09/10 2H 09/10 FY 09/10 Realised gains & losses 44.1 0.6 30.2 30.8 Unrealised gains & losses + impairment losses -333.3 64.0 7.7 71.7 Other operating result -12.7 2.1 -2.2 -0.1 Financial income & cost -27.1 10.3 4.6 14.9 Tax expenses -1.5 -0.5 0.0 -0.5
Slide 9: Portfolio return (as % of opening portfolio)
Mixed activity model proves its value Buyouts & Venture Co-investment Total Growth Capital funds Realised gains & losses -2.7 32.4 1.1 30.8 Unrealised gains & losses/impairments 65.0 4.5 2.2 71.7 Dividends/interests 12.0 2.1 5.2 19.2 (in EUR mio) 30% (as % of opening portfolio) 25% Portfolio return
Slide 10: Stock market revival leads to unrealised gains of EUR 71.7 million
Stock market revival, partly offset by drop in earnings and VC downrounds, leads to unrealised gains of EUR 71.7 million 59,7 Multiple 51,3 Quoted portfolio 17,6 Loans (incl. warrants) 11,1 Other movements 10,4 Net financial debt 2,0 Imminent sales or IPO 0,6 Exchange rate -2,0 Funds -28,6 Up/down r
Slide 11: Divestments: 33.2% above opening book value end March 2009
Divestments: 33.2% above opening book value end March 2009 Higher than expected divestments in difficult markets, … • Proceeds from FY09/10 divestments : EUR 122.5 mio (including dividends, interest and management fees on divested portfolio) • Loans: EUR 23.7 mio • Listed shares : EUR 42.3 mio • Pri
Slide 12: Equity picks up despite important dividend payment
Equity picks up despite important dividend payment FY 08/09 1H 09/10 2H 09/10 FY 09/10 EPS (group share) -13.9 3.25 1.82 5.07 Equity (group share) 41.01 41.91 43.73 43.73 (in EUR) Evolution NAV/share (incl. dividend) 80 70 60 50 40 30 dec/01 jun/02 dec/02 jun/03 dec/03 jun/04 dec/04 jun/05 dec/05 ju
Slide 13: 3. Equity
3. Equity
Slide 14: ROE of 12.4% in line with long-term return
ROE of 12.4% in line with long-term return Gimv NAV = EUR 43.73 per share 1100 1000 117,5 In EUR mio 54,7 900 1 013,4 950,6 800 700 Equity group share Closing dividend FY09/10 result Equity group share (IFRS) 31/03/2009 01/07/2009 (IFRS) 31/03/2010 Gimv Group’s results for FY 2009 - 2010 20 May 2010
Slide 15: Equity matrix: growing and diversified portfolio
Equity matrix: growing and diversified portfolio Business Unit Buyouts & Venture Co-investment Total Net Equity Growth Capital Funds treasury group (Gimv-XL, & other DG Infra+) net Region assets Belgium 214.4 58.0 71.9 344.2 France 36.0 57.7 - 93.7 The Netherlands 50.1 32.8 - 82.9 Germany 20.1 12.5
Slide 16: 4. Portfolio
4. Portfolio
Slide 17: Current portfolio amounts to EUR 714 million
Current portfolio amounts to EUR 714 million 1100 1000 900 71,7 120,5 800 30,8 144,8 8,5 700 In EUR mio 600 500 400 713,5 300 578,2 200 100 0 Portfolio Investments Net realised Net Divestments Transfers Portfolio 31/03/2009 capital gains unrealised 31/03/2010 capital gains Gimv Group’s results for F
Slide 18: Gimv's portfolio analysed by valuation method and vintage
Gimv’s portfolio analysed by valuation method and vintage Other (ao exit- value) 2% Loans 2007-2010 19% 40% T hird party funds 18% Last round 14% 2004-2006 29% Cost Listed 14% <= 2000 5% 18% Multiple 2001-2003 28% 13% Weighted average EV/EBITDA multiple: 5.0x (after 25.1% discount) Gimv Group’s resu
Slide 19: Ten largest unlisted investments Buyouts & Growth
Ten largest unlisted investments Buyouts & Growth (Belgium, the Netherlands, France & Germany) Company Activity Location Entry Scana Noliko Canned fruit & vegies Belgium 2004 Vandemoortele Frozen bakery, lipids & soy Belgium 2009 Electrawinds Green power Belgium 2008 Lintor-Verbinnen Chicken process
Slide 20: Ten largest unlisted investments Buyouts & Growth - Cont'd
Ten largest unlisted investments Buyouts & Growth - Cont’d Company Activity Location Entry BMC Public sector services Netherlands 2007 Accent Jobs for People Temping agencies Belgium 2006 Operator Group Delft ICT services Netherlands 2006 VAG Armaturen Industrial Valves and fittings Germany 2008 Eas
Slide 21: Ten largest unlisted investments Venture capital
Ten largest unlisted investments Venture capital (Technology, Life Sciences & Cleantech) Company Activity Location Entry Ceres Agrobiotech / genomics USA 1998 Astex Therapeutics Molecule-directed drugs UK 2001 Human Inference Data quality mgt software Netherlands 2007 Liquavista Screen tech. for mob
Slide 22: Ten largest unlisted investments Venture capital - Cont'd
Ten largest unlisted investments Venture capital - Cont’d Company Activity Location Entry Virtensys I/O virtualization based techn. UK 2006 Inside Contactless Smartcard design France 1998 Tinubu Square Credit management solutions France 2002 OTN Systems Open transport network solutions Belgium 2008
Slide 23: 5. Treasury
5. Treasury
Slide 24: Gimv's treasury of EUR 302 million analysed by product and maturity
Gimv’s treasury of EUR 302 million analysed by product and maturity Funds (1) 2y-5y 3% 3% Bonds (1) 12% Bank deposits Money market 0-3m 36% products 37% 10% 3m-2y 60% Insurance products 39% (1) subject to MtM valuation Gimv Group’s results for FY 2009 - 2010 20 May 2010 p. 24
Slide 25: 6. Investment activities
6. Investment activities
Slide 26: 2009/2010 Investments supported by all activities
2009/2010 Investments supported by all activities Buyouts & Grow th Venture Capital (incl. Cleantech) Co-investment funds (Gimv-XL, DG Infra+) Funds under management (external money) 180 160 39,2 22 140 2,6 70,3 120 48,3 31,4 48,6 4,7 4,3 100 0,1 1,2 1,9 80 26,6 44,1 40,7 56,1 52 60 17,9 12,2 21,5 8
Slide 27: Investment matrix: balanced by region and business unit
Investment matrix: balanced by region and business unit (01/04/2009 – 31/03/2010) Business Unit Buyouts & Venture Co-investment Total Region Growth Capital funds (Gimv-XL, DG Infra+) Belgium 28.9 11.4 13.4 53.7 France 11.0 15.7 - 26.7 Netherlands 6.6 7.7 - 14.3 Germany 4.0 9.3 - 13.3 Rest of Europe
Slide 28: Gimv invests in growth stories
Gimv invests in growth stories Gimv Group’s results for 2009 - 2010 20 May 2010 p. 28
Slide 29: XDC
XDC • Business • Provides end-to-end digital cinema solutions including equipment supply, financing, training, installation and 24/7 maintenance, as well as content processing and delivery • Investment Details • Gimv provided growth financing for an amount of EUR 9.1 mio • Major shareholders (fully-
Slide 30: Punch Powertrain
Punch Powertrain • Business • Development, configuration, production and marketing of CVT (continuously variable transmission) units • Development of hybrid and electric powertrains for passenger cars • A customer base is primarily based in Asia • Investment Details • Gimv-XL provided growth capital
Slide 31: Easyvoyage
Easyvoyage • Business • The biggest French information and comparison site on travelling and one of the leading players in Spain and Italy • The different websites of the group count more than 6 million unique visitors each month (source: Xiti) and generate a turnover of about EUR 450 mio on web sho
Slide 32: JenaValve
JenaValve • Business • Medical device company developing new aortic valves that can be implanted via the femoral vein or an incision between two ribs • Investment Details • First financing round in 2006-2007 of EUR 13.5 mio • Gimv invests in second financing round totalling EUR 19 mio (March 2010) •
Slide 33: 7. Co-investment funds
7. Co-investment funds
Slide 34: Co-investment funds provide for multiplier-effect
Co-investment funds provide for multiplier-effect Why? • Importance of critical mass • Complementarity to existing activities, though slightly different • Leveraging on existing teams, expertise and organisation • Multiplier-effect Gimv-XL Gimv-Agri+ DG Infra+ Innovative companies Medium sized and l
Slide 35: 8. Partnership with CapMan
8. Partnership with CapMan
Slide 36: Further development of partnership with CapMan
Further development of partnership with CapMan 2006: • EUR 20 mio commitment to CapMan Buyout VIII 2009: • EUR 17 mio commitment to CapMan feed fund, allocated to • CapMan Technology Fund 2007 • CapMan Russia Fund 2009 • CapMan Public Market Fund 2009 • EUR 13 mio commitment to CapMan Buyout IX • Pu
Slide 37: 9. Dividend
9. Dividend
Slide 38: Dividend growth in line with inflation confirms dividend policy
Dividend growth in line with inflation confirms dividend policy The Board of Directors will propose to the June 2010 AGM to pay out a gross dividend of EUR 2.40 (EUR 1.80 net) per share for the 2009 / 2010 financial year 4,5 4,0 3,5 3,0 2,5 In EUR 2,0 1,5 1,0 0,5 0,0 7 8 9 0 97 98 99 00 01 02 03 04
Slide 39: 10. Q&A
10. Q&A
Slide 40: Questions & Answers
Questions & Answers Gimv Group’s results for FY 2009 - 2010 20 May 2010 p. 40
Slide 41: Annexes: Additional portfolio information
: Annexes ortfolio information Additional p
Slide 42: Overview listed shareholdings 31/03/2010
Overview listed shareholdings 31/03/2010 Holding in % Bloomberg Holding in n° Bid price in Value in of outstanding Company symbol of shares local currency EUR 000 shares Ablynx ABLX BB 9,11% 3 970 149 7,60 30 173 Alfacam ALFA BB 4,7% 380 695 7,02 2 672 Antisoma ASM LN 2,0% 12 384 453 0,07 1 020 Barc
Slide 43: Annexes: The European private equity market
: r ke t Annexes an private equity ma pe The Euro
Slide 44: European M&A-activity: average transaction size
European M&A-activity 500.000 300 450.000 250 400.000 Average transaction size 350.000 Amount (in EUR mio) 200 (in EUR mio) 300.000 250.000 150 200.000 100 150.000 100.000 50 50.000 0 0 Q 03 Q 03 Q 03 Q 03 Q 04 Q 04 Q 04 Q 04 Q 05 Q 05 Q 05 Q 05 Q 06 Q 06 Q 06 Q 06 Q 07 Q 07 Q 07 Q 07 Q 08 Q 08 Q 08
Slide 45: Funds raised and private equity investments in Europe
Funds raised and private equity investments in Europe (in EUR mio - preliminary figures 2009) 90.000 80.000 70.000 60.000 50.000 40.000 30.000 20.000 10.000 - 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 Funds rais ed PE inve
Slide 46: Buyouts / Buyins in Europe
Buyouts / Buyins in Europe 180.000 1.600 160.000 1.400 140.000 1.200 Volume (in EUR mio) 120.000 1.000 Number 100.000 800 80.000 600 60.000 400 40.000 20.000 200 0 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Continental Europe - am ount Europe (incl. UK) - am ount Contine
Slide 47: Divestments and unrealised losses in Europe
Divestments and unrealised losses in Europe (at cost - in EUR mio - preliminary figures 2009) 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Unrealis ed los s es Dives tm ents Source: EVCA – PEREP Analytics Gimv Group
Slide 48: IPO's Europe versus USA
IPO’s Europe versus USA 70.000 800 60.000 700 Amount (in mio EUR) 600 50.000 500 Number 40.000 400 30.000 300 20.000 200 10.000 100 - 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 Europe - am ount United States - am ount Europe - num ber United States - num ber Source: PwC – IPO Watch Europe Gimv G
Slide 49: Gimv nv
Gimv nv Karel Oomsstraat 37 2018 Antwerpen Investor Relations & Media Contact: Frank De Leenheer Phone: +32 3 290 22 18 Mail: frank.deleenheer@gimv.com