Slide 1: Introductory message by Chairman Urbain Vandeurzen
Introductory message by Chairman Urbain Vandeurzen Press & Analyst Conference Brussels – 17 November 2011 P-699
Slide 2: Introduction by Chairman Urbain Vandeurzen
Introduction by Chairman Urbain Vandeurzen • Gimv is a top performer in the European private equity industry with a strong local presence in Flanders. • As a reliable partner, Gimv invested directly in 90 companies. Together, they employ 27,000 people and realise a combined turnover of EUR 5.7 billi
Slide 3: Introduction by Chairman Urbain Vandeurzen (Ctd.)
Introduction by Chairman Urbain Vandeurzen (Ctd.) • As the business environment for our portfolio companies becomes more complex and more global, Gimv will further evolve its business model around following strategic priorities: 1) Focus on value creation • Selecting ambitious entrepreneurial compan
Slide 4: Introduction by Chairman Urbain Vandeurzen (Ctd.)
Introduction by Chairman Urbain Vandeurzen (Ctd.) 2) Internationalization of portfolio companies • Supporting our existing franchise – with our existing networks • Actively supporting companies to take benefit of opportunities offered by emerging growth markets 3) Scaling-up of Gimv • Further increa
Slide 5: Gimv Group's results for 1H 2011-2012
Gimv Group‟s results for 1H 2011-2012 by CEO Koen Dejonckheere Press & Analyst Conference Brussels – 17 November 2011 P-699
Slide 6: 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 7: Key messages
Key messages • Mark to market valuation leads to loss of EUR 74 mio • Euro crisis and turmoil on financial markets impact valuation • 1th semester showed healthy operational performance portfolio companies, although growth momentum is slowing in certain areas • Continued appetite from industrials fo
Slide 8: 1. Introduction
1. Introduction
Slide 9: Gimv's organisation today
Gimv‟s organisation today Buyouts & Growth Venture Capital Funds & Joint Ventures Belgium Technology Gimv-XL Netherlands Cleantech Gimv-Agri+ France Life Sciences DG Infra+/Yield Central Europe & Russia Halder-Gimv Germany Other funds Gimv Group‟s results for 1H 2011 - 2012 17 November 2011 p. 9
Slide 10: 2. Results 1H 2011 - 2012
2. Results 1H 2011 - 2012
Slide 11: Negative result despite profitable divestments, though with positive cashflow
Negative result despite profitable divestments, though with an important positive cashflow IFRS 1H 10/11 2H 10/11 FY 10/11 1H 11/12 Net group results 56.8 78.4 135.2 -74.3 Investments (balance sheet) 81.7 70.0 151.7 79.2 Investments (incl. FuM) 89.0 82.7 171.7 134.5 Divestments (balance sheet) 55.5
Slide 12: Turmoil on financial markets affects mark to market result
Turmoil on financial markets affects mark to market result IFRS 1H 10/11 2H 10/11 FY 10/11 1H 11/12 Realised gains & losses 29.0 46.8 75.8 49.9 Unrealised gains & losses + impairment losses 31.3 26.5 57.8 -123.8 Other operating result 0.2 3.6 3.8 -1.9 Financial income & cost 2.3 2.7 5.0 2.2 Tax expe
Slide 13: Mark to market valuation weighs on portfolio result
Mark to market valuation weighs on portfolio result Buyouts & Growth Venture Capital Realised gains & losses 44.0 5.5 Unrealised gains & losses/impairments -88.3 -32.2 Dividends/interests 12.0 0.6 Total -32.0 -26.1 (in EUR mio) (as % of opening portfolio 5,0% Gross portfolio return 0,0% B&G VC -5,0%
Slide 14: Eurocrisis pushes valuations down, leading to unrealised losses
Eurocrisis pushes valuations down, leading to EUR 124 mio unrealised losses > detail unrealised gains & losses/impairments Gimv Group‟s results for 1H 2011 - 2012 17 November 2011 p. 14
Slide 15: Substantial divestments: 61.1% uplift above opening book value
Substantial divestments: 61.1% uplift above opening book value end March „11 • Proceeds from 1H11/12 divestments : EUR 133.6 mio • Loans: EUR 1.0 mio • Listed shares : EUR 4.1 mio • Private-equity : EUR 128.5 mio • Uplift on opening equity : 61.1 % • Loans: 3.5 % • Listed shares : 57.3 % • Private-e
Slide 16: Investment capacity remains intact
Investment capacity remains intact • Treasury end September 2011: EUR 222.3 mio (after dividend payment) (EUR 185.8 mio at the end of March 2011, before dividend payment) • Unused credit lines for EUR 135 mio • Successful first closing for DG Infra Yield at EUR 116 mio Gimv Group‟s results for 1H 20
Slide 17: NAV at EUR 41.44 per share after half year result & dividend payment
NAV at EUR 41.44 per share after half year result & dividend payment 1H 10/11 2H 10/11 FY 10/11 1H 11/12 EPS (group share) 2.45 3.38 5.83 -3.21 Equity (group share) 43.78 47.09 47.09 41.44 (in EUR) 90,00 80,00 70,00 EUR 25,9 60,00 dividend per share paid over 50,00 2001-2011 40,00 30,00 NAV NAV + di
Slide 18: 3. Equity
3. Equity
Slide 19: ROE of -6.8% leads to lower NAV per share
ROE of -6.8% leads to lower NAV per share 1200 1100 1000 -56,8 -74,3 900 800 700 600 1 091,4 500 960,3 400 300 200 100 0 Equity group share Dividend FY 2010-2011 Result 1H 2011-2012 Equity group share 31/03/2011 30/09/2011 Gimv Group‟s results for 1H 2011 - 2012 17 November 2011 p. 19
Slide 20: 4. Portfolio
4. Portfolio
Slide 21: Portfolio at EUR 759.2 million, influenced by divestments & unrealised value movements
Portfolio at EUR 759.2 million, influenced by important divestments & unrealised value movements 1100 49,9 1000 79,2 900 -123,8 800 3,7 700 -133,6 600 500 883,8 400 759,2 300 200 100 0 Portfolio Investments Net realised Net unrealised Divestments Transfers Portfolio 31/03/2011 capital gains capital
Slide 22: Gimv's portfolio analysed by activity and geography
Gimv‟s portfolio analysed by activity and geography Portfolio by activity Portfolio by country 3% 35% 8% 12% 12% 41% 8% 8% 53% 20% 53% Buyouts & Growth 41% Belgium 35% Venture Capital 20% France 12% Co-investment funds 8% The Netherlands 8% Germany 12% Rest of Europe 8% USA 3% Rest of the world Gimv
Slide 23: Gimv's portfolio analysed by valuation method and vintage
Gimv‟s portfolio analysed by valuation method and vintage Portfolio by valuation method Portfolio by vintage 2% 9% 12% 18% 25% 10% 9% 43% 25% 18% 18% Weighted average EV/EBITDA multiple: 4.5x (after 24% discount) 11% 25% Fund 18% <= 2000 18% Loan 9% 2001-2003 11% Cost 18% 2004-2006 24% Multiples 43%
Slide 24: Ten largest unlisted investments: Buyouts & Growth
Ten largest unlisted investments: Buyouts & Growth Company Activity Location Entry Accent Jobs for People Temping agencies Belgium 2006 Vandemoortele Frozen bakery, lipids & soy Belgium 2009 Electrawinds Green power Belgium 2008 EBT Port & port-related activities Belgium 1992 VCST Engine, driveline
Slide 25: Ten largest unlisted investments: Buyouts & Growth (Continued)
Ten largest unlisted investments: Buyouts & Growth (Continued) Company Activity Location Entry Square Melon Non-traditional communication Belgium 2009 Pinquin Lutosa Frozen & canned vegetables, fruit & potatoes Belgium 2011 Operator Group Delft ICT services The Netherlands 2006 VAG Armaturen Industr
Slide 26: Ten largest unlisted investments: Venture capital
Ten largest unlisted investments: Venture capital Company Activity Location Entry Inside Secure Smartcard design France 1998 Ceres Agrobiotech / genomics USA 1998 Ebuzzing Distribution of content on social media France 2011 GreenPeak Technologies Wireless datacomm. technology The Netherlands 2006 En
Slide 27: Ten largest unlisted investments: Venture capital (Continued)
Ten largest unlisted investments: Venture capital (Continued) Company Activity Location Entry Ubidyne Digital antenna embedded radio system Germany 2009 Human Inference Data quality mgt software The Netherlands 2007 OTN Systems Open transport network solutions Belgium 2008 Ambit BioSciences Function
Slide 28: 5. Investment activities
5. Investment activities
Slide 29: Significant investment activity in 1H 2011/2012
Significant investment activity in 1H 2011/2012 Buyouts & Growth Venture Capital Co-investment funds (Gimv-money) Funds under management (external money) * Total on balance sheet 54,8 137,3 98,5 136,4 94,4 94,2 96,8 48,0 81,7 70,0 79,2 Total including FuM 67,0 159,3 129,9 175,6 99,1 164,6 101,1 104,
Slide 30: Investment matrix: balanced by region and activity
Investment matrix: balanced by region and activity (on balance sheet Gimv 01/04/2011 – 30/09/2011) Business Unit Buyouts & Venture Capital Co-investment Total Growth Funds (Gimv-XL, DG Infra+/Yield, Region Gimv Agri+) Belgium 3.5 1.4 16.2 21.2 France 6.4 11.0 0.0 17.4 The Netherlands 6.5 3.4 0.0 9.9
Slide 31: Gimv invests in ambitious growth projects
Gimv invests in ambitious growth projects Buyouts & Growth Co-investment funds Venture Capital Fundraising DG Infra Yield > EUR 116 million commitments already announced Gimv Group‟s results for 1H 2011 - 2012 17 November 2011 p. 31
Slide 32: Studiekring
Studiekring www.studiekring.nl Studiekring was founded in 2000 by Reinier and Ivo Richaers. Studiekring is the Netherlands' largest independent company in the field of homework guidance, tutoring, student coaching and examination training. Headquartered in Utrecht, Studiekring currently has over 70
Slide 33: Multiplicom
Multiplicom www.multiplicom.be Multiplicom N.V. is a startup company from VIB and the University of Antwerp, based on technology developed in the VIB Department for Molecular Genetics,University of Antwerp, Belgium. The company is specialized in the development, manufacturing and commercialization o
Slide 34: ActivePath
ActivePath www.activepath.be ActivePath, founded in 2007, offers interactive email solutions. This refers to the capability to do transactions and have interactive content within the body of an email. The company focuses on two key markets, financial institutions (email banking and card services) an
Slide 35: Ebuzzing
Ebuzzing www.ebuzzing.com The French Ebuzzing, founded in 2005, is the market leader in social media in Europe. They provide companies with marketing solutions that allow them to promote their brands on social media, especially by the distribution of viral videos. Ebuzzing has offices in Paris, Toul
Slide 36: PinguinLutosa
PinguinLutosa www.pinguinlutosa.be PinguinLutosa, headquartered in Westrozebeke (Belgium), specializes in the development, production and sale of deep-frozen food products: vegetables, potato products and ready-made meals. After the takeover of the frozen vegetable activities of the French CECAB gro
Slide 37: 6. Dividend
6. Dividend
Slide 38: Dividend policy
Dividend policy Objective to keep longstanding dividend policy unchanged, despite difficult market circumstances Exceptional interim dividend Final dividend of the three supplementary months of the extended financial year Base dividend 4,5 4,0 3,5 3,0 2,5 in EUR 2,0 1,5 1,0 0,5 0,0 2004 2005 2006/20
Slide 39: 7. Q&A
7. Q&A
Slide 40: Questions & Answers
Questions & Answers Gimv Group‟s results for 1H 2011 - 2012 17 November 2011 p. 40
Slide 41: Annexes: Additional portfolio information
Slide 42: Equity matrix: diversified portfolio
Equity matrix: diversified portfolio Business Unit Buyouts & Venture Co-investment Total Net treasury Equity group Growth Capital Funds & other net (Gimv-XL, assets DG Infra+/Yield, Gimv Agri+) Region Belgium 182.1 39.2 94.2 315.5 France 65.2 90.5 - 155.7 The Netherlands 30.2 29.4 - 59.6 Germany 47.
Slide 43: Overview listed shareholdings 30/09/2011
Overview listed shareholdings 30/09/2011 Holding in % of Holding in Bid price Value in Company BB symbol outstanding n° of in local EUR shares shares currency 000 Ablynx ABLX BB 9,11% 3.970.149 4,2 16.675 Alfacam ALFA BB 13,09% 1.158.231 3,55 4.112 Antisoma ASM LN 2,00% 12.384.453 0,02 307 Astex AST
Slide 44: 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