Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2013/2014 Earnings Presentation
59 slides from Gimv Nv's earnings presentation, Nov 21, 2013
Slide 1: Analyst meeting 1H 2013/2014 - Results
Analyst meeting 1H 2013/2014 - Results Brussels – 21 November 2013
Slide 2: 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 3: Introductory message by Chairman Urbain Vandeurzen
Introductory message by Chairman Urbain Vandeurzen
Slide 4: Year 1 – Implementing the new Platform Strategy
Year 1 – Implementing the new Platform Strategy • Well received communication both internally and externally t • New organisation fully operational • Cross Border, cross disciplinary teams • Integration of additional sector knowledge (internal and external networks) • Upgrading core processes and sy
Slide 5: Accelerating investments in infrastructure
Accelerating investments in infrastructure • DG Infra joint venture team, embedded in Gimv operations • Deep expertise and positive trackrecord with EUR 220 mio investments over past 5 years t • Team will be expanded to adress ambition of EUR 400 mio investments in next 5 years • Projects : Becoming
Slide 6: Gimv Group's results for 1H 2013/2014
Gimv Group’s results for 1H 2013/2014 by CEO Koen Dejonckheere
Slide 7: Key messages 1H 2013/2014
Key messages 1H 2013/2014 • Divestments lead to EUR 21.0 mio net profit • Divestments of EUR 50.8 mio (Endosense, Ablynx (part) - strong realised results) • Divestments at 42.9% premium to NAV • Lower portfolio company results and drop in share price of limited number of shareholdings weighs on valu
Slide 8: 1. Results 1H 2013/2014
1. Results 1H 2013/2014 8
Slide 9: Considerable investments in all platforms - Profitable 1H13/14
Considerable investments in all platforms - Profitable 1H13/14 IFRS 1H 12/13 2H 12/13 FY 12/13 1H 13/14 Net group results -8.0 40.7 32.7 21.0 Investments (balance sheet) 57.7 53.1 110.8 70.9 Investments (incl. FuM) 84.4 66.5 150.9 84.6 Divestments (balance sheet) 105.3 75.4 180.7 50.8 As % of openin
Slide 10: Positive 1H result is driven by realised gains on divestments
Positive 1H result is driven by realised gains on divestments IFRS 1H 12/13 2H 12/13 FY 12/13 1H 13/14 Realised gains & losses 35.5 29.4 64.9 15.2 Unrealised gains & losses + impairment losses -48.9 13.7 -35.2 0.7 Other operating result 1.8 -4.1 -2.3 4.2 Financial income & cost 2.1 2.8 4.9 1.6 Tax e
Slide 11: Realised capital gains and dividend/interest income lead to portfolio result
Realised capital gains and dividend/interest income lead to portfolio result of EUR 25.7 million Other Third Consumer Health & Smart Sustainable participati party Total 2020 Care Industries Cities ons funds Realised gains & losses 0.1 8.2 0.1 0.1 2.5 4.2 15.2 Unrealised gains & losses/impairm. 11.8
Slide 12: Divestments of 42.9% uplift above opening book value
Divestments of 42.9% uplift above opening book value end March 2013 • Total proceeds from 1H13/14 divestments : EUR 51.1 mio • Uplift on opening equity : 42.9 % • Money-multiple of 1.0x (due to a certain number of restructurings) Total uplift on opening equity 140% 120% 100% 80% 60% 40% 20% 0% 12 RE
Slide 13: Economic environment further weighs on performance
Economic environment further weighs on performance 27,0 Multiple 6,4 First time uplift 5,6 Net financial debt 1,8 Up or down round 0,3 FuM -0,2 Write down on loan -0,8 Third party funds -1,0 Other -2,5 Exchange rate -9,8 Listed -26,1 Ebitda or sales -30 -20 -10 0 10 20 30 (in EUR mio) 13 RESULTS - 1
Slide 14: Significant net treasury ensures investment capacity
Significant net treasury ensures investment capacity • Treasury end September 2013 : EUR 138.0 mio (EUR 195.3 mio at the end of March 2013) • Important investments during the 1H 2013 • Total cash-out dividend of EUR 58.7 mio • Optional dividend resulted in a capital increase of EUR 25.2 mio • Availa
Slide 15: Dividend remains important driver for shareholder return
Dividend remains important driver for shareholder return 1H 12/13 2H 12/13 FY 12/13 1H 13/14 EPS (group share) -0.33 1.70 1.37 0.85 Equity (group share) 40.52 42.22 42.22 40.42 80 75 70 65 60 EUR 27.3 dividend 55 per share paid over 50 2004-2013 45 40 NAV 35 NAV + dividend 30 NAV + dividend re-inves
Slide 16: 2. Equity
2. Equity 16
Slide 17: Portfolio value increase to EUR 856 million thanks to high level of investments
Portfolio value increase to EUR 856 million thanks to high level of investments 1000 60.0 -59.3 900 4.5 -35.7 70.9 0.9 800 700 855.6 814.4 600 500 Portfolio Investments Capitalised Value Value Divestments Other Portfolio 31/03/2013 interests increases decreases Portfolio 30/09/2013 value 17 RESULTS
Slide 18: Gimv's portfolio
Gimv’s portfolio Weighted average by investment platform by valuation method EV/EBITDA-multiple: by vintage* 5.7x 3% 3% 1% (after 24% discount) 15% 24% 4% 24% 29% 9% 32% 4% 11% 10% 8% 13% 16% 24% 28% 42% Multiple ≤ 2000 Consumer 2020 Third party funds Health & Care Listed 2001-2003 Smart Industries
Slide 19: Twenty largest investments spread over different platforms
Twenty largest investments spread over different platforms (based on NAV of 30 September 2013) Company Activity Platform Location Entry Professional visualisation systems Belgium 1981 Engine, driveline and technical components Belgium 2009 Frozen bakery and lipids Belgium 2009 Port & port-related ac
Slide 20: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry Production of substrate for the cultivation of Belgium 2012 mushrooms Info & comparison travel site France 2009 High-tech medical diagnostics The Netherlands 2009 Green power Belgium 2008 User workspace management The Netherla
Slide 21: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry Distribution of content on social media France 2011 Road works, asphalt works and sewerage Belgium 2008 Manufacturer of Continuously Variable Belgium 2009 Transmission systems Integrated solutions for Intelligent Transport The
Slide 22: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry ICT services Belgium 2011 Treatment of neuromuscular diseases Belgium 2008 Online telephony shop France 2010 Smart card design France 2012 Antibody technology Belgium 2001 Total NAV 20 largest investments (in EUR mio) 427 22 R
Slide 23: 3. Investment activities
3. Investment activities 23
Slide 24: Complix
Complix www.complix.be Complix is a biopharmaceutical company developing a pipeline of therapeutics, called AlphabodiesTM, mainly focused on oncology and auto-immunity. Complix is headquartered in Hasselt (Belgium) at the Life Sciences incubator BioVille and has research facilities in Ghent (Belgium
Slide 25: Luciad
Luciad www.luciad.com Luciad develops and provides software that enables fast development of high-performance Geospatial Situational Awareness applications, with focus on the security and the aviation industries. Luciad, founded in 1999 as a spin-off from the University KU Leuven, today employs 80 p
Slide 26: PlanetVeo
PlanetVeo www.planetveo.com Planetveo is an on-line travel agency specialised in tailor-made, long-haul holiday packages to Asia, Africa, the Pacific region and America. Thanks to an offering that combines genuine discovery and novel encounters with local cultures, the company has grown very rapidly
Slide 27: Xeikon
Xeikon www.xeikon.com Xeikon is an innovator in digital-printing technology. The company designs, develops, and delivers web-fed digital color presses for labels and packaging applications, document printing, as well as commercial printing. INVESTMENT DETAILS • Gimv-XL will invest alongside Bencis a
Slide 28: 4. Our infrastructure franchise
4. Our infrastructure franchise 28
Slide 29: Gearing up investments in infrastructure by building on existing synergies with DG Infra
Gearing up investments in infrastructure by building on existing synergies with DG Infra & other stakeholders Gimv • Key-component within Sustainable Cities platform DG Infra • Leveraging on existing team, expertise, organisation • Experienced infrastructure • Create critical mass investor since 200
Slide 30: Background
Background DG Infra was incorporated in 2007 as a joint venture cooperation between euronext listed Gimv and Belfius Bank as sponsor and manager of unlisted infrastructure investment funds • DG Infra management company EUR 21 mio (EUR 10.5 mio from Gimv) • DG Infra+ (2007) EUR 135 mio (EUR 30 mio fr
Slide 31: DG Infra portfolio is on track
DG Infra portfolio is on track DG Infra+ DG Infra Yield • Fund of EUR 135 mio • Fund of EUR 163 mio • ˚ 2007 with a term of 12 years • ˚ 2011 with a term of 30 years • Focus on early stage infrastructure & • Focus on infrastructure & selective real selective real estate related assets with estate re
Slide 32: Multiplier effect enabled EUR 2 billion of investments
Multiplier effect enabled EUR 2 billion of investments EUR 220 mio invested mainly in DG Infra equity Operational parties Mezzanine providers Bank financing Realisation of > EUR 2 bio of capex 32 RESULTS - 1H 2013/2014 (21 NOVEMBER 2013)
Slide 33: Business model DG Infra
Business model DG Infra Greenfield Operational asset (Equity risk) (Fixed income risk) Investors DG Infra DG Infra+ Yield (insurers, (Gimv & Belfius) Equity Equity pension funds,…) Mezzanine Mezzanine Private individuals savings Short term debt Long term debt Cashflow Construction Completion generat
Slide 34: Infrastructure portfolio
Infrastructure portfolio PPP OPTIMEP4 ETECK PPP VIA R4-GENT SHIPIT STORM Country Country Country Country Country France The Netherlands Belgium Belgium Belgium Activity Activity Activity Activity Activity PPP project in respect of Portfolio of geothermal Road PPP project Portfolio of on-shore Trimod
Slide 35: Infrastructure portfolio
Infrastructure portfolio HIGHTIDE BELWIND PPP DUO2 PPP KOMFORT BIO-ACCELERATOR Country Country Country Country Country Belgium The Netherlands The Netherlands Belgium Activity Belgium Activity Activity Activity PPP project in respect Activity Owner and operator of PPP project in respect of Operator
Slide 36: Public private partnership approach in practice
Public private partnership approach in practice 36 RESULTS - 1H 2013/2014 (21 NOVEMBER 2013)
Slide 37: Project Brabo 1 NV
‘i —— 1 rs lial -_= | cael a a lint — —— —— —— = _—_ a ee fig a ‘avin = Fo =* -
Slide 38: Public Private Partnership in Belgium: Project Brabo 1 NV
Public Private Partnership in Belgium: Project Brabo 1 NV / PPP • Equity investment in Project Brabo 1 NV, a company that has entered into two 35-year DBFM agreements with Agentschap Wegen en Verkeer (AWV) and De Lijn • The DBFM agreement relates to the Design, Build, Finance and Maintenance of vari
Slide 39: Prison Facility Marche-en-Famenne
Prison Facility Marche-en-Famenne
Slide 40: Public Private Partnership in Belgium: Prison Facility Marche-en-Famenne
Public Private Partnership in Belgium: Prison Facility Marche-en-Famenne • Equity investment in L’Hourgnette SA, a project company that has entered in a 30-year DBFM agreement with the Belgian Building Agency • The DBFM agreement relates to the Design, Build, Finance and Maintanence of a greenfield
Slide 41: Partnership approach in practice
Partnership approach in practice 41 RESULTS - 1H 2013/2014 (21 NOVEMBER 2013)
Slide 42: Partnership approach in practice: Business service center
Partnership approach in practice Business service center
Slide 43: Bio-Accelerator
Bio-Accelerator • Partnership between DG Infra, Vlaams Instituut voor Biotechnologie and contractors Denys and Ipes • Bio-Accelerator is a business service center catering for customers active in the field of life- science and biotech companies. Covering 18,000 m² of laboratoria and office facilitie
Slide 44: Partnership approach in practice: Geothermal Heat Exchange Systems
Partnership approach in practice Geothermal Heat Exchange Systems
Slide 45: Eteck
Eteck • Partnership between DG Infra and Eteck Warmte Holding BV • Eteck is a Dutch company which develops, builds, optimises and maintains decentralised energy systems with a focus on collective systems for the production of heat and cold based on Thermal Energy Storage (TES) • TES which is using a
Slide 46: Partnership approach in practice: Care Infrastructure
Partnership approach in practice Care Infrastructure
Slide 47: Armonea
Armonea • Partnership between DG Infra and care operator Armonea • Armonea is a leading private operator of care facilities active across Belgium with 57 care facilities under management. Its ambition to roll-out its business model requires growing the number of care facilities under management • Th
Slide 48: Partnership approach in practice: Renewable Energy
Partnership approach in practice Renewable Energy
Slide 49: Fabricom
Fabricom • Partnership between DG Infra and Fabricom • Fabricom is a contractor active in developing, building and maintaining decentralised energy systems, including solar installations for large industrial customers • DG Infra and Fabricom have incorporated a joint-venture company to own, finance
Slide 50: Gearing up our infrastructure ambitions
Gearing up our infrastructure ambitions • Double the investment volume of DG Infra over the next 5 years to EUR 400 mio • Substantially increase the Greenfield infrastructure exposure on balance sheet and P&L • Expand the areas of activity • Originator/developer/sponsor of infra initiatives, project
Slide 51: Gimv's investment in infrastructure
Gimv’s investment in infrastructure Committed Invested Total EUR 48 mio EUR 26 mio % of Sustainable Cities portfolio 22.6% % of balance sheet 5% 2.6% 51 RESULTS - 1H 2013/2014 (21 NOVEMBER 2013)
Slide 52: Integrated within Gimv's business model
Integrated within Gimv’s business model • Gimv’s business model in infrastructure is evolving from a fee generating/asset- management model to a direct investor focused on capital gains with the goal to realise a low double digit return • The future development of primary assets will be done on the
Slide 53: Conclusion
Conclusion • Fit with Gimv strategy • Market opportunity (evidenced by strong deal flow) • Risk/return perspectives • Opportunities for collaboration with financial stakeholders • Seasoned investment team with 5 year experience, track record and well embedded in the market 53 RESULTS - 1H 2013/2014
Slide 54: 5. Questions & Answers
5. Questions & Answers 54
Slide 55: 6. Annexes – Additional portfolio information
6. Annexes – Additional portfolio information 55
Slide 56: Equity matrix: diversified portfolio in about 75 portfolio companies
Equity matrix: diversified portfolio in about 75 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 101.2 21.2 170.1 96.8 5.2 9.8 404.2 France 76.8
Slide 57: Investments by platform (01/04/2013 – 30/09/2013)
Investments by platform (01/04/2013 – 30/09/2013) Business Consumer Health & Smart Sustainable Third party Other Unit 2020 Care Industries Cities funds participations Total Region Belgium 5.8 1.1 14.6 5.6 - 1.0 28.2 France 9.0 - 0.8 - 0.4 - 10.2 Netherlands - 0.1 - - - - 0.1 Germany - 2.7 1.8 - 17.7
Slide 58: Overview listed shareholdings 30/09/2013
Overview listed shareholdings 30/09/2013 (Gimv pro-rata holding) Holding in % of Holding in n° of Company BB symbol shares shares Ablynx* ABLX BB 2.2% 1.079.839 Ambit Biosciences AMBI US 3.8% 679.330 Barco BAR BB 9.8% 1.249.921 CapMan CPMBV FH 10.0% 8.431.978 Ceres CERE US 4.6% 1.144.890 Electrawind
Slide 59: Contact - Investor Relations
CONTACT - INVESTOR RELATIONS Frank De Leenheer Inés Sylverans T +32 3 290 22 08 T +32 3 290 22 23 frank.deleenheer@gimv.com ines.sylverans@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding BV Gimv France SAS Gimv Karel Oomsstraat 37 Lange Voorhout 9 38, avenue Hoche Prom