Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2022-2023 Earnings Presentation
35 slides from Gimv Nv's earnings presentation, Nov 17, 2022
Slide 1: 1H 2022-2023 results Analyst & Press conference
1H 2022-2023 results Analyst & Press conference 17 November 2022
Slide 2: Gimv group results 1H 2022-2023 - Highlights
2 Gimv group results 1H 2022-2023 - Highlights
Slide 3: Sustained growth in difficult times
Sustained growth in difficult times Intensive investment activity boosts portfolio growth • EUR 172.5 mio invested in 6 new portfolio companies and 15 bolt-on acquisitions • Gimv investment portfolio grows with 6% to a new record level of EUR 1 535 bln, invested in 61 companies Continued growth perf
Slide 4: 1. Continued strong growth at portfolio companies
4 1. Continued strong growth at portfolio companies
Slide 5: Portfolio companies demonstrate robustness with strong growth performance
Our portfolio companies demonstrate their robustness and agility in challenging times with strong growth performance • Our portfolio companies achieved overall double-digit sales growth of 24% in 1H 2022 versus the same period last year. This positive trend is confirmed across all platforms and is d
Slide 6: Strong topline growth across all platforms keeps overall profitability stable
Strong topline growth across all platforms keeps overall profitability stable 1H 2022 1H 2022 Sales (L-f-L) EBITDA (L-f-L) vs. 1H 2021 vs. 1H 2021 CO 9% CO -20% HC 26% HC 5% SI 25% SI 0% SC 40% SC 11% Total platforms 24% Total platforms 0% Excl. Buy-and-build ca.10% Excl. Buy-and-build ca.-3% Sales
Slide 7: 1H portfolio result
1H portfolio result • Total portfolio result in 1H 2022-2023 of EUR -51.0 mio • EUR 21.4 mio realised result – ao. capital gain on exit Eurocept • EUR -72.5 mio unrealised result – thanks to the stable profitability, the impact of the difficult economic environment remains rather limited; negative v
Slide 8: Unrealised result of EUR -72.5 mio
Unrealised result of EUR -72.5 mio Portfolio companies can maintain profitability – Negative valuation results mainly caused by higher working capital needs • Our portfolio shows solid performance in 1H in a challenging environment with overall double-digit turnover growth and stable profitability,
Slide 9: Unrealised result 1H 2022-2023 per platform
Unrealised result 1H 2022-2023 per platform Consumer Healthcare - Most companies impacted by continued increasing costs (raw - Overall, still solid growth in the majority of subsectors material prices, logistics, energy, salaries) - Good buy-and-build momentum - Some companies facing higher WC needs
Slide 10: Unrealised result 1H 2022-2023 per platform (cont'd)
Unrealised result 1H 2022-2023 per platform (cont’d) Smart Industries Sustainable Cities - Mixed performance within difficult economic climate - Most companies still performing well despite increasing costs – so - Increasing margin pressure in certain subsectors (e.g. automotive) far able to pass on
Slide 11: Robust portfolio in a high inflation environment
Robust portfolio in a high inflation environment • Today, we are confronted with a complex and uncertain economic and geopolitical context. In this new business environment, our portfolio companies delivered overall robust growth in 1H 2022, evidencing the relevance of our well-positioned and divers
Slide 12: Wide divergence of portfolio exposure to energy & salary costs
Wide divergence of portfolio exposure to energy & salary costs (as % of sales) 90% Typically service companies 80% 70% Exposure to salary costs (as % of sales) 60% Typically industrial companies 50% 40% Avg. 30% 20% 10% 0% 0% 1% 2% 3% 4% 5% 6% 7% Exposure to energy costs (as % of sales) All financia
Slide 13: Alternative way to highlight potential exposure on salary increases
Alternative way to highlight potential exposure on salary increases EBITDA/FTE vs. Salary/FTE All figures based on FY 22 Last Estimate 13 1H 2022-2023 RESULTS
Slide 14: Our portfolio has an average leverage of 2,0x
Our portfolio has an average leverage (NSFD/EBITDA) of 2,0x Breakdown level of leverage in our portfolio (as at end June 2022) 30% 23% 23% 15% 9% unlevered 0-2x 2-4x 4-6x >6x • Less than one third of our portfolio has a current Net Financial Debt /EBITDA ratio in excess of 4x • Almost 40% has none o
Slide 15: 2. Portfolio growth
15 2. Portfolio growth
Slide 16: Portfolio grows to a new record level of more than EUR 1.5 bio
Portfolio grows to a new record level of more than EUR 1.5 bio driven by intensive investment activity Sustained portfolio growth 1.535 • Over the last years our portfolio 1.449 growth accelerated 1.233 • 6% portfolio growth in 1H 2022-23 to 1.082 1.014 964 1.017 EUR 1.54 bio 931 960 920 814 • 61 po
Slide 17: 1H 2022-2023 Investments at EUR 173 mio
1H 2022-2023 Investments at EUR 173 mio Intensive investment activity 1H 2022-2023 INVESTMENTS • EUR 130.7 mio invested in 6 new portfolio companies EUR 172.5 mio • BioConnection (HC; NL; injectable (bio)pharmaceutical products) • Variass (SI; NL; electronic and mechatronic products and systems) Inv
Slide 18: 6 new investments in 1H 2022-23
6 new investments in 1H 2022-23 BioConnection Variass Variotech April 2022 May 2022 May 2022 Gimv invests in BioConnection, a With Variass and AME, Gimv is well Variotech's products are an essential contract development and positioned to benefit in the coming years part of production automation and
Slide 19: 15 bolt-on acquisitions in 1H 2022-23
15 bolt-on acquisitions in 1H 2022-23 • Value creation through buy-and-build is a material part of our core business and value creation • With a combination of auto-financing capacity and Gimv add-on investments, 15 bolt-on acquisitions are realized in our portfolio during 1H 2022-23 Add-ons in 1H 2
Slide 20: 3. Wrap-up and conclusions
20 3. Wrap-up and conclusions
Slide 21: Decrease in NAV limited (-5.7%) to EUR 47.6 per share
Decrease in NAV limited (-5.7%) to EUR 47.6 per share (in mEUR) 1.500 -69,3 25,9 0,1 -75,1 1.000 1.413,0 1.343,7 1.294,5 1.294,7 500 0 31/03/2022 Dividend Capital HY 2022-23 Other 30/09/2022 Increase result NAV/share EUR 50.4(*) EUR 47.6 (*) excl. EUR 2.6 dividend on FY 2021-22 21 1H 2022-2023 RESUL
Slide 22: Growth at portfolio companies as the key source of value creation
Growth at portfolio companies as the key source of value creation (data based on exits as of 2014) 3% contribution 16% contribution 81% contribution 22 1H 2022-2023 RESULTS
Slide 23: Sustained Growth Strategy
Sustained Growth Strategy • Continued focus on and support for the long-term growth strategy of our portfolio companies • Our portfolio companies demonstrate their agility and are ready to make the right decisions in a challenging economic environment • Our investments remain focused on the importan
Slide 24: Questions & Answers
24 Questions & Answers
Slide 25: Annexes: Additional information
Annexes: 25 Additional information
Slide 26: Five largest investments make up 25% of portfolio
Five largest investments make up 25% of portfolio (based on NAV of 30 September 2022) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2017 Medical diagnostics laboratories France 2020 Service provider in incontinence care @home Germany 2018 Eq
Slide 27: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Full-service rental specialist in cooling and heating The Netherlands 2019 equipment Specialist contractor in cable and pipeline networks The Netherlands 2021 for energy and water Medical device company active i
Slide 28: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Independent beer group The Netherlands 2015 A CDMO for injectable (bio)pharmaceutical products The Netherlands 2022 Facility management and technical building services Germany 2019 Ambulatory rehabilitation pro
Slide 29: Twenty largest investments make up 60% of total portfolio
Twenty largest investments make up 60% of total portfolio (ctd) > rank 16 to 20 Company Activity Platform Location Entry Thermal resorts France 2018 Software solution company for utilities Belgium 2013 Developer and supplier of tailor-made cheese France 2018 solutions Premium baby strollers The Neth
Slide 30: Intensive investment activity increases total portfolio value with 6%
Intensive investment activity in 1H increases total portfolio value with 6% to 1.535 mio EUR (in mEUR) 1.800 7,2 13,9 180,1(*) -35,0 -16,7 1.500 -62,9 1.200 Valuation result EUR -72,5m 900 1.535,1 1.448,5 600 300 0 31/03/2022 Invested Divested Performance Leverage Market Accrued 30/09/2022 Value eff
Slide 31: 61 portfolio companies with a value of EUR 1.54 billion
61 portfolio companies with a value of EUR 1.54 billion Portfolio by platform Portfolio by region 31 1H 2022-2023 RESULTS
Slide 32: Portfolio breakdown according to valuation method and vintage
Portfolio breakdown according to valuation method and vintage Platform portfolio by valuation method Platform portfolio by ageing* Weighted average EV/EBITDA-ratio: 8.7x (after 21% negative calibration effect) * related to the year of initial investment 32 1H 2022-2023 RESULTS
Slide 33: Portfolio with 61 companies and a value of EUR 1.54 billion
Portfolio with 61 companies and a value of EUR 1.54 billion 33 1H 2022-2023 RESULTS
Slide 34: 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 35: Contact
Contact Kristof Vande Capelle T +32 3 290 22 17 kristof.vandecapelle@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding BV Gimv France Participations SAS Gimv Karel Oomsstraat 37 WTC The Hague 83, rue Lauriston Promenadeplatz 12 2018 Antwerpen Prinses Margrietplantsoen 87