Slide 1: Press conference / Analyst meeting FY 2014/2015 - results
Press conference / Analyst meeting FY 2014/2015 - results Brussels, 21 May 2015
Slide 2: Contents
Contents Introductory messages by Chairman Urbain Vandeurzen CEO Koen Dejonckheere on the twelve months to 31 March 2015: 1. Financial highlights 2. Performance 3. Investment & divestment activity 4. Portfolio 5. Balance sheet 6. Organisation 7. Update on our infrastructure franchise 2 RESULTS FY 20
Slide 3: 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 4: Introductory messages by Chairman Urbain Vandeurzen
Introductory messages by Chairman Urbain Vandeurzen 4 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 5: Transformation on cruising speed
Transformation on cruising speed • Strong results • A younger and more focused portfolio reflecting Gimv’s platform strategy • 54 portfolio companies • 20 largest portfolio companies represent > 50% of total portfolio value • Half of 20 largest portfolio companies are investments from past 3 years •
Slide 6: Gimv Group's results for FY 2014-2015 by CEO Koen Dejonckheere
Gimv Group’s results for FY 2014-2015 by CEO Koen Dejonckheere 6 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 7: 1. Financial highlights
1. Financial highlights 7 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 8: Successful and sustained investments…
Successful and sustained investments… Activity Portfolio • EUR 154 mio invested • Platform portfolio performance: +20% (EUR 191 mio co-investment funds incl.) • Total portfolio performance: +18 % • EUR 332 mio divested • Realised gains: EUR 102 mio (EUR 368 mio co-investment funds incl.) • Unrealise
Slide 9: …lead to excellent results & healthy balance sheet
…lead to excellent results & healthy balance sheet allowing further growth Results Balance sheet • Equity (NAV): +13.7% to EUR 1 093 • Portfolio of EUR 920 mio or 81% of mio, or EUR 42.97 per share total assets put to work • Net profit of EUR 136 mio • Ample liquidity, with a.o. EUR 185 mio of net c
Slide 10: 2. Performance
2. Performance 10 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 11: Investors doubled their money over the past years, throughout the crisis
Investors doubled their money over the past 10 years, throughout the crisis FY 13/14 1H 14/15 2H 14/15 FY 14/15 EPS (group share) 0.61 1.91 3.44 5.35 Equity (group share) 40.12 39.46 42.97 42.97 NAV per share (in EUR) 90 80 70 • EUR 28.3 dividend 60 per share paid over 50 2005-2015 40 • Return on eq
Slide 12: Changes in equity (in EUR mio)
Return on equity of 13.7% Twelve months to 31 March 2015 150 136,0 102,6 100,6 100 Changes in equity (in EUR mio) 50 45,9 22,3 23,2 1,9 0 portfolio result = EUR 170,8 mio -34,8 -50 -60,5 -100 Net realised Net unrealised Dividend & Other results Net result Dividend paid Capital Change in Change in
Slide 13: Strong portfolio return driven by realised gains and valuation increase
Strong portfolio return driven by realised gains and valuation increase Consumer Health & Smart Sustainable Other Total 2020 Care Industries Cities portfolio* Realised gains & losses 3.5 52.3 13.8 14.1 18.7 102.6 Unrealised gains & losses/impairm. 18.5 -4.4 18.3 2.1 11.3 45.9 Dividends/interests 8.9
Slide 14: Improved performance portfolio companies most important driver of positive valuation result
Improved performance portfolio companies most important driver positive valuation result (Twelve months to 31 March 2015) 42,4 Ebitda or Sales 12,0 Exchange Rate 6,8 Net Financial Debt 4,9 Multiple 3,9 3F 1,7 First Time Valuation 1,0 Listed -4,7 Other -22,0 Write downs -40 -20 0 20 40 60 € Millions
Slide 15: 3. Investment & divestment activity
3. Investment & divestment activity 15 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 16: Portfolio build-up over the past years is gradually paying off
Portfolio build-up over the past years is gradually paying off 250 91,8 16,9 200 18,6 150 26,5 20,6 56,5 24,1 52,3 100 55,3 8,1 13,7 3,2 50 12,7 26,7 16,7 3,4 17,5 45,8 17,8 50 16,1 123,7 125,9 133,6 105,3 138,3 193,7 53,1 70,9 28,4 81,7 55,5 75,3 79,2 92,6 57,7 75,4 50,3 70 49 45 0 1H10/11 2H10/11
Slide 17: New investments & important add-on investments during 2014/2015
6 new investments & 2 important add-on investments during 2014/2015 As a technology leader in plasma coating, the company targets diverse and interesting niche end markets, whereby growth will be fuelled by (i) growing demand for coating protecting electronic devices, and (ii) shift towards technolo
Slide 18: 45% uplift on exits
45% uplift on exits • Proceeds from FY14/15 divestments (incl. income received): EUR 334.8 mio • Uplift on opening equity of 31 March 2014: 45% • Money-multiple of 2.0x versus investment cost Total uplift on opening equity 140% 120% 100% 80% 60% 40% 20% 0% FY04 FY05 FY06/07 FY07/08 FY08/09 FY09/10 F
Slide 19: Majority of exits to industrial buyers
Majority of exits to industrial buyers Most important divestments FY14/15 Other exits during the period, without relevant impact on cash position or results: Ceres, Govecs, Maes Compressoren, Novopolymers, Openbravo and Ubidyne Most important divestments after the end of the period Other exits after
Slide 20: 4. Portfolio
4. Portfolio 20 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 21: Portfolio value stable notwithstanding strong exit momentum
Portfolio value stable notwithstanding strong exit momentum 1300 1200 -82,2 128,1 1100 6,5 1000 154,3 -230,9 900 13,5 800 700 931,0 920,2 600 500 Portfolio Investments Capitalised Value Value Divestments Other Portfolio 31/03/2014 interests increases decreases Portfolio 31/03/2015 value 21 RESULTS F
Slide 22: Number of portfolio companies down from almost 95 three years ago to 54 today
Number of portfolio companies down from almost 95 three years ago to 54 today 2% 24% 31% 12% 9% 22% Consumer 2020 Health & Care Smart Industries Sustainable Cities Third party funds Other shareholdings 22 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 23: Young portfolio: >50% was newly invested in the past 5 years
Young portfolio: >50% was newly invested in the past 5 years Weighted by valuation method average by vintage** EV/EBITDA-ratio: 3%1% 6.1x 2% 1% 14% 7% (after 23% 18% 41% discount)* 7% 5% 34% 43% 24% Multiple Third party funds Listed Loans ≤ 2003 2004-2006 2007-2009 Cost Price last round 2010-2013 ≥
Slide 24: Twenty largest investments > rank 1 to 5
Twenty largest investments spread over different platforms make up more than 50% of portfolio (based on NAV of 31 March 2015) > rank 1 to 5 Company Activity Platform Location Entry Engine, driveline and technical components Belgium 2009 Frozen bakery and lipids Belgium 2009 Independent beer group Th
Slide 25: VCST
VCST www.vcst.be VCST designs and produces engine components, transmission shafts, brake system components and other machinal components, for OEMs and Tier1 suppliers in the passenger car and commercial vehicle markets, VCST is active in the European as well as the North American market with factori
Slide 26: Vandemoortele
Vandemoortele www.vandemoortele.com The Vandemoortele group, founded in 1899, is a leading European food group that manufactures and sells high quality food products. The Vandemoortele group focuses on two activities: frozen bakery products (Bakery Products) and margarines & fats (Lipids). The Vande
Slide 27: United Dutch Breweries
United Dutch Breweries www.udbexport.com UDB, which roots go back to 1538, is an independent beer group owing different heritage brands (e.g. Oranjeboom), going back to the company’s origin. In addition, it sells specialty beers, such as non- alcoholic beers, stout beers and dark malts. In 2008, UDB
Slide 28: Twenty largest investments (ctd) > rank 6 to 10
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Specialised clinics France 2013 Wireless datacom technology The Netherlands 2006 Video advertising on social and premium media France 2011 Women’s underwear France 2014 Transport & logistic services Belgium 2014
Slide 29: Twenty largest investments (ctd) > rank 11 to 15
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Specialty pharma & medical homecare The Netherlands 2013 User workspace management The Netherlands 2010 3D visualization, animation and visual effects Germany 2014 Provider of Geospatial Awareness software Belg
Slide 30: Twenty largest investments (ctd) > rank 16 to 20
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Production of substrate for the cultivation of Belgium 2012 mushrooms Software solutions company focused on utilities Belgium 2013 sector Online telephony shop France 2010 Chemical industry, production of house
Slide 31: 5. Balance sheet
5. Balance sheet 31 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 32: Liquidity position allows further roll-out of platform strategy
Liquidity position allows further roll-out of platform strategy • Treasury increases to EUR 185 mio (end March 2015) • Important divestment activity outpacing investments in FY14/15 > 17 complete divestments, next to some partial divestments, capital decreases and dividend payments • Net cash out di
Slide 33: 6. Organisation
6. Organisation 33 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 34: From a country and product organisation to a platform organisation
From a country and product organisation to a platform organisation with a matching executive committee Koen Dejonckheere Chief Executive Officer Dirk Beeusaert Alex Brabers Kristof Vande Capelle General Counsel Chief Business Operations Chief Financial Officer Peter Maenhout Bart Diels Hansjörg Sage
Slide 35: Platform organisation is supported by 3 country heads
Platform organisation is supported by 3 country heads • Ambassadors well networked within the local ecosystem • Transaction enabler • Coach and sounding board for the local teammembers • Local coordinator • Supporting the development of institutional relations Floris van Oranje Sven Oleownik Eric de
Slide 36: 7. Update on our infrastructure franchise
7. Update on our infrastructure franchise 36 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 37: TINC-IPO completes Gimv's business model
TINC-IPO completes Gimv’s business model Enables to scale our infrastructure franchise Allows to attract additional funding Creates liquidity for investors and sponsors Value accretion Allows to transfer greenfield infrastructure projects orginated and developed by TDP once operational and cashflow
Slide 38: TINC successfully raised EUR 110 million @ EUR 11 per share
TINC successfully raised EUR 110 million @ EUR 11/per share • The base offering of EUR 96 mio was 1.9x oversubscribed • Retail investors’ demand exceeded 2.5x reserved portion of 40% of offering retail tranche was raised to 60% • Gross proceeds for TINC amount to EUR 78 million, assuming a full exer
Slide 39: Questions & Answers
Questions & Answers 39 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 40: Annexes: Additional information
Annexes: Additional information 40 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 41: Profitable divestments and increased results lead to full year profit of EUR 136 million
Profitable divestments and increased results portfolio companies lead to full year profit of EUR 136 million IFRS 1H 13/14 2H 13/14 FY 13/14 1H 14/15 2H 14/15 FY 14/15 Net group results 21.0 -6.0 15.0 48.5 87.5 136.0 Investments (balance 70.9 123.7 194.6 28.4 125.9 154.3 sheet) Investments (incl. Fu
Slide 42: Equity matrix: diversified portfolio over about 55 portfolio companies
Equity matrix: diversified portfolio over about 55 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 145.2 15.3 113.3 89.2 4.4 9.6 377.0 France 90.
Slide 43: Reduced exposure to listed equities volatility
Reduced exposure to listed equities volatility Overview listed shareholdings 31/03/2015 (Gimv pro-rata holding) Company BB symbol Holding in % of shares Holding in n° of shares CapMan CPMBV FH 9.7% 8.431.978 Electrawinds EWI GR 3.1% 1.632.416 Inside Secure INSD FP 12.4% 4.254.171 Greenyard Foods * G
Slide 44: Weighted average multiple increased slightly
Weighted average multiple increased slightly • Ebitda multiple after discount increased from 5,9x to 6,1x in 2014-2015 • Average discount stable at ca. 23% 7,00x 30% 6,00x 25% 5,00x 20% 4,00x 15% 3,00x 10% 2,00x 5% 1,00x 0,00x 0% 03/2013 06/2013 09/2013 12/2013 03/2014 06/2014 09/2014 12/2014 03/201
Slide 45: European M&A activity
European M&A activity M&A-activity in Europe Volume (in USD billion) Average deal size (in USD million) 350 200 180 300 160 250 140 120 200 100 150 80 100 60 40 50 20 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14 14 14 14 15 All
Slide 46: Buyout-backed exits increased across all channels in 2014
Buyout-backed exits increased across all channels in 2014 46 RESULTS FY 2014-2015 (21 MAY 2015)
Slide 47: 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 BV Gimv France SAS Gimv Karel Oomsstraat 37 Groenhovenstraat 2 38, avenue Hoche Promenadeplatz 12 2018