Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2019-2020 Earnings Presentation
31 slides from Gimv Nv's earnings presentation, Nov 21, 2019
Slide 1: Press / Analysts presentation Results 1H 2019-2020
Press / Analysts presentation Results 1H 2019-2020 November 21, 2019
Slide 2: Gimv group results 1H 2019-2020 - Highlights
2 Gimv group results 1H 2019-2020 - Highlights
Slide 3: Confirmed growth and enduring strong portfolio performance
Confirmed growth and enduring strong portfolio performance Portfolio growth confirmed • Continued high investment activity • Further growth of Gimv’s PE portfolio to a new record high (EUR 1.2 bio) • Young portfolio with attractive growth potential Persistent strong performance • Double-digit top-li
Slide 4: Key figures 1H 2019-2020
Key figures 1H 2019-2020 Investments Exits Portfolio EUR 104 mio (1) EUR 118 mio EUR 1 171 mio 3 new investments (1) +8% growth (2) 5 portfolio exits + add-ons 53 companies Portfolio Portfolio result Portfolio return performance EUR 80 mio 7.4% (2) +10% Sales growth (3) +14% EBITDA growth (3) (1) ex
Slide 5: 1. Investment and exit activity 1H 2019-2020
5 1. Investment and exit activity 1H 2019-2020
Slide 6: Continued high investment activity
Continued high investment activity 3 new portfolio companies and buy-and-build in existing portfolio • Total investments in 1H 2019-2020 of EUR 104.3 mio* • EUR 38.3 mio in 3 new portfolio companies • EUR 66.0 mio in existing portfolio mainly for buy-and-build Investments by platform in EUR mio 47 3
Slide 7: Zoom on new investments
Zoom on new investments Alro Group iSTAR Medical Smart Battery Solutions PLATFORM Smart Industries PLATFORM Health & Care PLATFORM Smart Industries ACTIVITY Industrial coating of trucks and ACTIVITY Development of ophthalmic ACTIVITY Development, production & sales car parts implants for glaucoma pa
Slide 8: Zoom on add-on investments
Zoom on add-on investments France Thermes – Impact – One of A Kind Technologies – add-on Compagnie de Vichy add-on Haldu Groep add-on KOAT PLATFORM Health & Care PLATFORM Connected Consumer PLATFORM Smart Industries Developer of machine vision ACTIVITY Thermal resorts ACTIVITY Temporary employment a
Slide 9: Exit proceeds in excess of EUR 100 mio
Exit proceeds in excess of EUR 100 mio 5 portfolio exits generating an overall positive return above our long-term target of 15% • Total cash proceeds in 1H 2019-2020 of EUR 118.1 mio • Mainly generated by successful portfolio exits Cash proceeds by platform in EUR mio 31 28 26 19 14 HC CC SC SI 3F
Slide 10: Continued growth of portfolio to EUR 1.2 bio
Continued growth of portfolio to EUR 1.2 bio • Portfolio growth of 8% in 1H 2019-2020 towards EUR 1.2 bio • Core platform portfolio of EUR 1 bio ( ~ 90% of total portfolio) • Evolution towards a larger, more concentrated portfolio with higher average level of investment tickets Long-term portfolio e
Slide 11: Young portfolio with attractive growth potential
Young portfolio with attractive growth potential • 75% of our platform portfolio is invested since 2016 • Average portfolio duration of 3,3 years Platform portfolio by ageing ≤ 2006 2010-2012 3% 2007- 2009 6% 2013-2015 16% ≥ 2016 75% 11 RESULTS 1H 2019-2020 (21 NOV 2019)
Slide 12: 2. Portfolio performance 1H 2019-2020
12 2. Portfolio performance 1H 2019-2020
Slide 13: Solid portfolio performance in uncertain economic context
Solid portfolio performance in uncertain economic context In a current market environment characterised by… • Geo-political tensions • Slowdown in industrial production and investments in capital goods • Automotive sector stabilising at lower levels …our portfolio companies performed strongly by ach
Slide 14: Strong portfolio performance over a long term
Strong portfolio performance over a long term Performance in % growth 18% 17% 14% 14% 12% 11% 10% 10% 10% 10% Sales growth EBITDA growth Target 2015-16 2016-17 2017-18 2018-19 1H 2019-20 14 RESULTS 1H 2019-2020 (21 NOV 2019)
Slide 15: Portfolio performance key driver of valuation result
Portfolio performance key driver of valuation result Sources of value creation 1H 2019-2020 70,1 EBITDA or Sales 17,9 Other 0,4 Exchange rate -6,8 Multiples -7,3 3F -10,1 Write downs -51,3 Net Financial Debt Weighted average EBITDA multiple after discount of 25%: 7.7x (as at 30/09/2019) 15 RESULTS 1
Slide 16: Strong portfolio return – Important contribution of exits
Strong portfolio return – Important contribution of exits • Total portfolio result in 1H 2019-2020 of EUR 80.4 mio • EUR 66.3 mio realised result • EUR 14.1 mio unrealised result • Total portfolio return of 14.9% (annualised) Portfolio return 20,1% 18,3% 18,8% 15,6% 16,2% * 14,9% 31/03/2015 31/03/20
Slide 17: Key take-aways
Key take-aways Sustained portfolio growth to a new record high Young and strong portfolio with promising growth potential Our portfolio companies deliver a strong performance in an uncertain economic environment Portfolio return at 15% Ample liquidity to realize our further investment ambitions 17 R
Slide 18: Questions & Answers
18 Questions & Answers
Slide 19: Annexes: Additional information
Annexes: 19 Additional information
Slide 20: 8% growth in portfolio to EUR 1.2 billion
8% growth in portfolio to EUR 1.2 billion (in EUR mio) 1200 8,0 8,2 70,6 137,5 * -78,6 -51,3 -5,1 900 Unrealised result EUR 14.1 mio 600 1 171,2 1 081,9 300 0 31/03/2019 Invested Divested Performance Deleverage Multiple / Other Accrued 30/09/2019 Value Listed Interest (*) including Coolworld Rentals
Slide 21: 53 portfolio companies with a value of EUR 1.2 billion
53 portfolio companies with a value of EUR 1.2 billion Portfolio by platform Portfolio by region Other participations Rest of the world Third-party 6% 10% funds Connected 7% Consumer 25% Belgium 34% The Netherlands 24% Sustainable Cities 24% Health & Care 21% Smart Germany France Industries 13% 19%
Slide 22: A young platform portfolio with promising growth potential
A young platform portfolio with promising growth potential Platform portfolio by valuation method Platform portfolio by ageing** Price last FuM 1% round 3% 2007-2009 Listed 6% 4% Weighted average Other 4% EV/EBITDA-ratio: 7.7x 2010-2012 3% (after 25% discount)* 2013-2015 16% Cost 23% Multiples 65% ≥
Slide 23: Twenty largest investments make up 63% of portfolio
Twenty largest investments make up 63% of portfolio (based on NAV of 30 September 2019) > rank 1 to 5 Company Activity Platform Location Entry Provider of complete HVAC solutions in the residential The Netherlands 2016 renovation and new build markets Independent European ICT service provider Belgiu
Slide 24: Twenty largest investments (ctd) rank 6 to 10
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Medical device company active in spine surgery Switzerland 2016 Plastic pallet pooling services Belgium 2016 Equipment and solutions for the efficiency of the France 2018 drinking water network Leading nut suppl
Slide 25: Twenty largest investments (ctd) rank 11 to 15
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Specialised staffing agency Belgium 2018 Service provider in incontinence care Germany 2018 Developer and supplier of tailor-made cheese France 2018 solutions Eco-friendly flame retardant additives Belgium 2014
Slide 26: Twenty largest investments (ctd) rank 16 to 20
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Road safety equipment Germany 2017 Industrial coating of trucks and car parts Belgium 2019 Premium baby strollers The Netherlands 2016 Software solution company Belgium 2013 Development of transcatheter aortic
Slide 27: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Cash proceeds from 1H 2019-2020 divestments: EUR 118.1 mio • Uplift on opening equity of 30 September 2019: 61% Uplift on exits in EUR mio 140% 120% 100% 80% 60% 40% 20% 0% FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 H
Slide 28: Evolution of equity and NAV/share
Evolution of equity and NAV/share (in EUR mio) 1 400 51,4 -1,4 -63,6 1 050 700 1 321,3 1 307,7 350 0 31/03/2019 Dividend H1 Result Other 30/09/2019 2019-20 NAV/share EUR 52.0 EUR 51.4 28 RESULTS 1H 2019-2020 (21 NOV 2019)
Slide 29: 53 companies with a value of EUR 1.2 billion
53 companies with a value of EUR 1.2 billion 29 RESULTS 1H 2019-2020 (21 NOV 2019)
Slide 30: 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 31: Kristof Vande Capelle contact details
Kristof Vande Capelle T +32 3 290 22 90 kristof.vandecapelle@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding BV Gimv France SAS Gimv Karel Oomsstraat 37 WTC The Hague 83, rue Lauriston Promenadeplatz 12 2018 Antwerpen Prinses Margrietplantsoen 87 75116 Paris 80333 Münc