Gimv Nv · EURONEXT:GIMB
Gimv Nv — FY2022-2023 Earnings Presentation
39 slides from Gimv Nv's earnings presentation, May 17, 2023
Slide 1: FY 2022-2023 results Analyst & Press conference
FY 2022-2023 results Analyst & Press conference 17 May 2023
Slide 2: Gimv group results FY 2022-2023 - Highlights
2 Gimv group results FY 2022-2023 - Highlights
Slide 3: Strong vitality of our portfolio in 2H 2022-23
Strong vitality of our portfolio in 2H 2022-23 in a challenging economic environment Intensive investment activity boosts portfolio growth • EUR 260.6 mio invested in 9 new portfolio companies and 36 bolt-on acquisitions • Gimv investment portfolio reaches a level of more than EUR 1.5 bio, invested
Slide 4: Key figures FY 2022-2023
Key figures FY 2022-2023 Investments Exit proceeds Portfolio EUR 260.6 mio EUR 175.0 mio EUR 1 522.9 mio 9 new investments and (+5% in 1 year) Realized money multiple on Intensive buy & build activity exits of 1.8x 59 companies Plartform portfolio Platform portfolio result return Available liquidity
Slide 5: 1. Strong vitality of our portfolio companies
5 1. Strong vitality of our portfolio companies
Slide 6: Portfolio companies demonstrate vitality with strong growth performance
Our portfolio companies demonstrate their vitality in challenging times with strong growth performance • Our portfolio companies achieved overall double-digit sales growth of 24% in 2022 (equal to last year’s growth). This positive evolution is confirmed across all platforms and is driven by a combi
Slide 7: Strong topline growth across all platforms, profitability maintained
Strong topline growth across all platforms, profitability maintained despite inflationary pressure Sales (LfL) EBITDA (LfL) -1.7% 4.000 +24% 400 Millions Millions 3.500 350 3.000 300 2.500 250 2.000 200 1.500 150 1.000 100 500 50 0 0 CO HC SI SC Total CO HC SI SC Total FY2021 FY2022 FY2021 FY2022 7
Slide 8: FY portfolio result
FY portfolio result • Total portfolio result in FY 2022-2023 of EUR -1.2 mio • EUR 68.4 mio realised result – ao. capital gain on exits of Biolam, Kind Technologies and Eurocept • EUR -69.6 mio unrealised result – impact of increasing inflationary pressure remains overall rather limited • After a ch
Slide 9: Unrealised result of EUR -69.6 mio
Unrealised result of EUR -69.6 mio Portfolio shows strong vitality – Negative valuation results mainly caused by higher working capital needs in 1H • Our portfolio shows decent performance in FY 2022-2023 with an overall double-digit turnover growth and a maintained profitability. Buy-and-build is a
Slide 10: Start of recovery in 2H driven by performance growth
Start of recovery in 2H driven by performance growth and lower working capital requirements 1H 2022-2023 SourcesDrivers of value of valueH1 creation creation 2022-2023 2H 2022-2023 Drivers Sources of value of value creation creation H2 2022-2023 EBITDA or Sales 24,6 EBITDA or Sales -11,2 14,1 Multip
Slide 11: Unrealised result FY 2022-2023 per platform
Unrealised result FY 2022-2023 per platform Consumer Healthcare - Some companies impacted by increased costs (mainly raw - Some companies impacted by increasing energy costs & inflation material prices & logistics) but situation seem to be improving - Continued good buy-and-build momentum - Majority
Slide 12: Unrealised result FY 2022-2023 per platform
Unrealised result FY 2022-2023 per platform Smart Industries Sustainable Cities - Mixed performance in difficult economic climate - Most companies performing very well despite increasing costs - Margin pressure and working capital requirements in certain (high pricing power) companies (automotive an
Slide 13: Limited average leverage exposure in our portfolio
Limited average leverage exposure in our portfolio Breakdown level of leverage in our portfolio (as at end March 2023) 30% 28% 15% 13% 13% unlevered 0-2x 2-4x 4-6x >6x • The average leverage (NSFD/EBITDA) amounts to 1.8x • Only a quarter of our portfolio has a current Net Financial Debt /EBITDA rati
Slide 14: Portfolio starts to recover in a high inflation environment
Portfolio starts to recover in a high inflation environment • In 2022 we were confronted with a complex and uncertain economic and geopolitical context. In this new business environment, our portfolio companies demonstrated their vitality by delivering overall robust growth. • Moreover, in 2H, perfo
Slide 15: 2. Portfolio growth
Building leading com 2. Portfolio growth
Slide 16: Portfolio continues its growth to a record level of > EUR 1.5 bio
Portfolio continues its growth to a record level of > EUR 1.5 bio Sustained portfolio growth • Over the last years our portfolio 1.600 growth accelerated 1.400 1.523 • 5% portfolio growth in FY 2022-23 1.449 to record-level of EUR 1.52 bio 1.200 1.233 • 59 portfolio companies balanced 1.000 1.082 1.
Slide 17: FY 2022-2023 Investments at record-level of EUR 261 mio
FY 2022-2023 Investments at record-level of EUR 261 mio (*) 9 new companies and a growing number of strategic add-ons FY 2022-2023 INVESTMENTS • EUR 168.5 mio invested in 9 new portfolio companies EUR 261 mio • Picot (SI; FR; production of gates and fencing) • BioConnection (HC; NL; injectable (bio)
Slide 18: 9 new investments in FY 2022-23
9 new investments in FY 2022-23 BioConnection Variass Variotech April 2022 May 2022 May 2022 A contract development and With Variass and AME, Gimv is well Variotech's products are an essential manufacturing organisation for positioned to benefit from the further part of production automation and inj
Slide 19: 36 bolt-on acquisitions in FY 2022-23
36 bolt-on acquisitions in FY 2022-23 • Value creation through buy-and-build as a growing part of our core business and value creation • With a combination of auto-financing capacity and Gimv add-on investments, a record-level of 36 bolt-on acquisitions are realized in our portfolio during FY 2022-2
Slide 20: FY 2022-2023 Exit proceeds at EUR 175 mio
FY 2022-2023 Exit proceeds at EUR 175 mio (*) 4 full exits realized in difficult market environment FY 2022-2023 EXIT PROCEEDS • EUR 175.0 mio proceeds mainly from portfolio exits: EUR 175 mio • Biolam (HC; FR; 2019) • Kind Technologies (SI; NL; 2018) Cash proceeds by platform EUR mio • Eurocept (HC
Slide 21: Focused Forward on ESG
Building leading com Focused Forward on ESG
Slide 22: Continued data-driven dialogue leads to positive evolution of ESG-maturity
Continued data-driven dialogue with companies leads to positive evolution of ESG-maturity Enabling ESG progress Second year during holding period Focus on ESG portfolio survey + ESG maturity and Prepare companies for relevant quantitative ESG data increased stakeholder expectations (energy consumpti
Slide 23: Because we care at Gimv
Because we care at Gimv ESG rating Sustainalytics & Gimv Climate Plan inclusion in Euronext BEL ESG Index Maximum CO2 reduction by 2030 Starting from a higher ESG risk exposure level, Gimv’s ESG rating further improves to 11.0 -22% scope 1 & 2 emissions compared with representing a low ESG risk prev
Slide 24: 3. Wrap-up and conclusions
24 3. Wrap-up and conclusions
Slide 25: Decrease in NAV limited (-4.4%) to EUR 48.2 per share
Decrease in NAV limited (-4.4%) to EUR 48.2 per share (in mEUR) NAV/share EUR 50.4(*) EUR 48.2 (*) excl. EUR 2.6 dividend on FY 2021-22 25 FY 2022-2023 RESULTS
Slide 26: 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) 2% contribution 17% contribution 81% contribution 26 FY 2022-2023 RESULTS
Slide 27: Sustained Growth Strategy
Sustained Growth Strategy • Our confidence in the strength and solid foundations of our portfolio is confirmed: our companies and their teams demonstrate their vitality and entrepreneurship by making the right decisions in a challenging economic environment • Our investments and value creation remai
Slide 28: Questions & Answers
Building leading com Questions & Answers
Slide 29: Annexes: Additional information
Annexes: 29 Additional information
Slide 30: 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 Equipment and solutions for the efficiency of the France 2018 drinking water network Full-service rental
Slide 31: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Production of gates and fencing & provider of fencing France 2022 solutions Online learning platform Germany 2021 Supplier of high-tech/high-quality communication Belgium 2020 systems Independent beer group The
Slide 32: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Specialist contractor in cable and pipeline networks The Netherlands 2021 for energy and water Facility management and technical building services Germany 2019 Inspection and certification services for building
Slide 33: 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 Digital marketing solutions France 2022 End-to-end electrical engineering solutions Germany 2021 Premium baby strollers The Netherlands 2016 Developer and supplier of tailor-made
Slide 34: Intensive investment activity increases total portfolio value with 5%
Intensive investment activity increases total portfolio value with 5% to 1.523 mio EUR (in mEUR) (*) The total cash amount includes a EUR 7.6mio bridge loan to Variotech, that was repaid after 1 month (and hence is not included in the reported investment and exit figures) 34 FY 2022-2023 RESULTS
Slide 35: 59 portfolio companies with a value of EUR 1.52 billion
59 portfolio companies with a value of EUR 1.52 billion Portfolio by platform Portfolio by region 35 FY 2022-2023 RESULTS
Slide 36: 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: 8.8x (after 21% negative * related to the year of initial investment calibration effect) 36 FY 2022-2023 RESULTS
Slide 37: Portfolio with 59 companies and a value of EUR 1.52 billion
Portfolio with 59 companies and a value of EUR 1.52 billion 37 FY 2022-2023 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