Gimv Nv · EURONEXT:GIMB
Gimv Nv — FY2021-2022 Earnings Presentation
39 slides from Gimv Nv's earnings presentation, May 19, 2022
Slide 1: FY 2021-2022 results Analyst & Press conference
FY 2021-2022 results Analyst & Press conference 19 May 2022
Slide 2: Gimv group results FY 2021-2022 - Highlights
2 Gimv group results FY 2021-2022 - Highlights
Slide 3: Impressive growth of our companies leads to excellent results
Impressive growth of our companies leads to excellent results Very strong portfolio performance • Our portfolio companies showed their power and realized a considerable double-digit growth, both in sales and profitability • Robust portfolio performance is a key driver of the result Excellent results
Slide 4: Key figures FY 2021-2022
Key figures FY 2021-2022 Investments Exit proceeds Portfolio EUR 193.8 mio EUR 218.9 mio EUR 1 448.5 mio New investments and (+17.5% in 1 year) Realized money multiple on Intensive buy & build activity exits of 3.2x 59 companies Portfolio result Portfolio return Available liquidity EUR 251.3 mio +20
Slide 5: 1. Strong portfolio result
5 1. Strong portfolio result
Slide 6: FY portfolio result
FY portfolio result • Total portfolio result in FY 2021-2022 of EUR 251.3 mio • EUR 147.5 mio realised result – ao. significant capital gain on exit Summa, Incendin, Equipe Zorgbedrijven and Wolf • EUR 103.8 mio unrealised result – Robust portfolio performance (see next slides) • Total portfolio ret
Slide 7: Excellent performance with solid double-digit growth in sales and profitability
Excellent performance in FY 2021-2022 with a solid double- digit growth in sales and profitability • FY 2021 operational performance demonstrates a strong positive trend both in terms of revenues as well as profitability with a strong double-digit growth versus last year. • At the same time, several
Slide 8: Excellent growth performance across all platforms
Excellent growth performance across all platforms +24% +38% 8 FY 2021-2022 RESULTS
Slide 9: Unrealised result of EUR 103.8 mio
Unrealised result of EUR 103.8 mio Sales & EBITDA growth is the driver of the result • Our portfolio demonstrates strong FY performance: turnover and profitability growth are the key contributor to the valuation result • The weighted average EBITDA multiple went slightly up versus end March from 7.8
Slide 10: Platform analysis confirms performance as key contributor
Platform analysis confirms performance as key contributor Consumer Health & Care - Most companies have recovered & show better results - Persistent organic growth in the majority of subsectors and good - Some companies are facing supply chain issues impacting the Buy-and-Build momentum are the key d
Slide 11: Impact of inflationary pressure on our portfolio companies
Although the impact of the inflationary pressure on our portfolio companies still was limited in 2021, the continued effects can influence future margin growth • Throughout 2021, the impact of a disrupted supply chain, rising energy prices and higher raw material costs on the top-line and profitabil
Slide 12: 2. Portfolio growth
12 2. Portfolio growth
Slide 13: FY 2021-2022 Investments at EUR 194 mio
FY 2021-2022 Investments at EUR 194 mio Several new companies and a growing buy-and-build activity FY 2021-2022 INVESTMENTS • EUR 100 mio invested in new portfolio companies ao. EUR 193.8 mio • Anjarium (HC; Switzerland) • eGruppe (SC; Germany) Investments by platform in EUR mio • GSDI (SC; France)
Slide 14: Value creation through buy-and-build has become a material part of our core business
Value creation through buy-and-build has become a material part of our core business 26 bolt-on acquisitions are realized in our portfolio during FY 2021-22 • Acceleration on buy & build through a sustained and structured full potential approach • Combination of auto-financing capacity and Gimv add-
Slide 15: Invest in European leader in surface treatment and adhesive films
Invest in European leader in surface treatment and adhesive films • GSDI (FR) specialises in the surface treatment and installation of technical adhesive films. It offers solutions for renovation, thermal comfort, protection and decoration to its customers in the railway, building and food sectors.
Slide 16: Invest in omnichannel customer engagement through buy and build
Invest in omnichannel customer engagement through buy and build • Olyn (FR) is a newly created digital marketing group focused on omnichannel customer engagement. As brands have become increasingly digital and consumers have made omnichannel purchasing part of their regular shopping behaviour, Olyn
Slide 17: FY 2021-2022 Exit proceeds at EUR 219 mio
FY 2021-2022 Exit proceeds at EUR 219 mio Successful value creation trajectories at Summa, Equipe Zorgbedrijven, Wolf & Incendin FY 2021-2022 EXIT PROCEEDS • EUR 206.0 mio proceeds from portfolio exits EUR 218.9 mio • Equipe Zorgbedrijven (HC; The Netherlands) • Incendin (SC; Belgium) Cash proceeds
Slide 18: Equipe Zorgbedrijven grew into a leading independent provider of healthcare
Equipe Zorgbedrijven grew into a leading independent provider of healthcare with a clear focus on specialisation and quality • In 2015 Gimv acquired an equity stake in Equipe Zorgbedrijven. Throughout the Gimv investment period the company evolved towards a market leader in the Netherlands in hand a
Slide 19: Successful exit of Incendin after an intense buy-and-build process
Successful exit of Incendin, the market leader in fire protection products after an intense buy-and-build process • In 2014 Gimv acquired a majority stake in Ecochem, a company in sustainable fire protection chemistry. An intense buy and build process with five acquisitions resulted in a group that
Slide 20: Portfolio grows to a record level of EUR 1.45 bio
Portfolio grows to a record level of EUR 1.45 bio driven by investments and value creation Accelerating portfolio growth • Over the last years our portfolio 1.600 1.449 growth accelerated, in combination 1.400 1.233 with an intense portfolio rotation 1.200 1.082 1.017 • 17% portfolio growth in FY 20
Slide 21: Stepping up our ESG efforts
21 Stepping up our ESG efforts
Slide 22: A proactive dialogue with our portfolio on ESG
A proactive dialogue with our portfolio on ESG as integral part of #buildingleadingcompanies Enabling ESG progress during holding period Focus on ESG maturity Extensive ESG survey on full + and relevant ESG data portfolio - Prepare companies for increased (human capital & governance) 100% response r
Slide 23: Gimv #futureproof
Gimv #futureproof Gimv Sustainable Finance Framework Gimv Climate Plan • Issued in 2021 • Maximum CO2 reduction by 2030 • Validated by Sustainalytics • Sustainability as a reflex • EUR 100mio sustainable bond issued • Today -10% scope 1 & 2 emissions compared • >EUR 700mio eligible activities per 31
Slide 24: 3. Wrap-up and conclusions
24 3. Wrap-up and conclusions
Slide 25: Strong rise in NAV: + EUR 4/share
Strong rise in NAV: + EUR 4/share (+dividend pay-out of EUR 2.5/share) (in mEUR) 1.500 0,9 174,3 - 65,1 28,7 1.000 1.411,3 1.412,1 1.274,3 1.209,2 500 0 31/03/2021 Dividend Capital FY Other 31/03/2022 Increase result NAV/share EUR 49,0(*) EUR 53,0 (*) incl. dividend on FY 2020-21 25 FY 2021-2022 RES
Slide 26: Conclusions
Conclusions: - Impressive performance of our companies produces excellent results - Impact of current economic instability to be monitored • The strength of our portfolio is confirmed by the solid growth of our companies in FY 2021. Both sales and profitability grew at an impressive pace, combining
Slide 27: Questions & Answers
27 Questions & Answers
Slide 28: Annexes: Additional information
Annexes: 28 Additional information
Slide 29: Five largest investments make up 25% of portfolio
Five largest investments make up 25% of portfolio (based on NAV of 31 March 2022) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2017 Supplier of high-tech/high-quality communication Belgium 2020 systems Service provider in incontinence care
Slide 30: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Specialist contractor in cable and pipeline networks The Netherlands 2021 for energy and water Full-service rental specialist in cooling and heating The Netherlands 2019 equipment Medical device company active i
Slide 31: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Facility management and technical building services Germany 2019 Chain of dental practices Germany 2018 Thermal resorts France 2018 Surface treatment and technical adhesive films France 2021 Developer and suppl
Slide 32: Twenty largest investments make up 61% of total portfolio
Twenty largest investments make up 61% of total portfolio (ctd) > rank 16 to 20 Company Activity Platform Location Entry Road safety equipment Germany 2017 Industrial coating of truck and car parts Belgium 2019 Specialty pharmaceuticals and medical homecare The Netherlands 2013 Software solution com
Slide 33: Total portfolio shows a second year of strong growth (+17%) to EUR 1.45bln
Total portfolio shows a second year of strong growth (+17%) to EUR 1.45bln (in mEUR) 1.500 0,7 25,8 -107,9 113,1 -10,0 193,8 1.200 Valuation result EUR +103.8m 900 1.448,5 600 1.232,9 300 0 31/03/2021 Invested Divested Performance Deleverage Multiple / Accrued 31/03/2022 Value Listed Interest 33 FY
Slide 34: 59 portfolio companies with a value of EUR 1.45 billion
59 portfolio companies with a value of EUR 1.45 billion Portfolio by platform Portfolio by region 34 FY 2021-2022 RESULTS
Slide 35: 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: 8.1x (after 21% negative calibration effect) * related to the year of initial investment 35 FY 2021-2022 RESULTS
Slide 36: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Cash proceeds from FY 2021-22 divestments: EUR 218.9 mio • Uplift on opening equity of 31 March 2021: 103% Uplift on exits in EUR mio Average 36 FY 2021-2022 RESULTS
Slide 37: Portfolio with 59 companies and a value of EUR 1.45 billion
Portfolio with 59 companies and a value of EUR 1.45 billion 37 FY 2021-2022 RESULTS
Slide 38: 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 39: 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