Slide 1: Introductory message by Chairman Urbain Vandeurzen
Introductory message by Chairman Urbain Vandeurzen Press Conference Brussels – 22 May 2012 P-767
Slide 2: Gimv's Strategische Positionering: Visie
Gimv’s Strategische Positionering • VISIE “Private Equity” partijen vervullen een economisch belangrijke en catalyserende rol door te investeren in het kapitaal van portfolio-bedrijven en door het management van deze ondernemingen te ondersteunen in een kritische groeifase van hun onderneming Aanzie
Slide 3: Gimv's Strategische Positionering: Missie en Ambitie
Gimv’s Strategische Positionering • MISSIE en AMBITIE • Gimv is een Europese Private Equity speler van Wereldklasse die door selectie en ontwikkeling van “business platformen” met buitengewoon groeipotentieel “groei-ondernemingen” ondersteunt in hun transformatie tot performante marktleiders • Gimv
Slide 4: Gimv's Strategische Positionering: Business-platformen
Gimv’s Strategische Positionering • BUSINESS-PLATFORMEN • Spelen in op macro-trends die duurzame en attractieve groei op MLT en LT waarborgen • Maken gebruik van de unieke troeven van Gimv: • op het vlak van cross-sectoriële kennis • toegang tot performante eco-systemen • het beschikken over een ste
Slide 5: Gimv's Strategische Positionering: Business Model
Gimv’s Strategische Positionering • BUSINESS MODEL • Pro-actieve selectie- en deal sourcing, met focus op de strategisch gekozen business platformen • Inbreng van kapitaal en actieve managementondersteuning voor de realisatie van het transformatieproject en onderliggend business plan van de portfoli
Slide 6: Voorbeelden van Business Platformen
Gimv’s Strategische Positionering • VOORBEELDEN van “BUSINESS PLATFORMEN” 1) “Slimme” Maakindustrie (vb. automobiel- en toelevering, machinebouw, windturbines…) • Macro trends • 80% van de innovaties in de maakindustrie in de volgende decennia zullen gebeuren via slimme toepassingen • exceptionele g
Slide 7: Voorbeelden: Life Sciences
Gimv’s Strategische Positionering • VOORBEELDEN (Ctd.) 2) Life Sciences: Health-tech en Med-tech • Macro trends • vergrijzing in de OESO-landen, toenemende kosten van de gezondheidszorg gekoppeld aan schaarste op de arbeidsmarkt • toenemende levensstandaard in nieuwe groeimarkten creëert bijkomende
Slide 8: Gimv Group's results for FY 2011-2012 by CEO Koen Dejonckheere
Gimv Group’s results for FY 2011-2012 by CEO Koen Dejonckheere Press Conference Brussels – 22 May 2012
Slide 9: 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 10: Key messages FY 11/12
Key messages FY 11/12 • Mark-to-market valuation leads to limited loss of EUR 21.9 mio • turmoil on financial markets impacts results • 2H profit largely reverses 1H loss • continued appetite from industrials for healthy assets • Portfolio keeps us well at EUR 845.2 mio • important divestments outpa
Slide 11: 1. Introduction
1. Introduction
Slide 12: Gimv's organisation today
Gimv’s organisation today Buyouts & Growth Venture Capital Funds & Joint Ventures Belgium Software & Internet Gimv-XL the Netherlands Cleantech Gimv-Agri+ France Biopharma / Agri DG Infra Central Europe & MedTech Russia Halder-Gimv Germany Other funds Gimv Group's results for FY 2011-2012 22 May 201
Slide 13: 2. Results FY 2011 - 2012
2. Results FY 2011 - 2012
Slide 14: A profitable second semester - high activity levels
A profitable second semester - high activity levels IFRS FY 10/11 1H 11/12 2H 11/12 FY 11/12 Net group results 135.2 -74.3 52.4 -21.9 Investments (balance sheet) 151.7 79.2 92.6 171.8 Investments (incl. FuM) 171.7 134.5 144.9 279.4 Divestments (balance sheet) 130.8 133.6 49.0 182.6 As % of opening v
Slide 15: Loss entirely caused by unrealised mark-to-market valuations in first half
Loss entirely caused by (unrealised) mark-to- market valuations in first half IFRS FY 10/11 1H 11/12 2H 11/12 FY 11/12 Realised gains & losses 75.8 49.9 11.4 61.3 Unrealised gains & losses + impairment losses 57.8 -123.8 35.6 -88.2 Other operating result 3.8 -1.9 2.7 0.8 Financial income & cost 5.0
Slide 16: Portfolio result shows resistance in difficult times
Portfolio result shows resistance in difficult times Buyouts & Venture Total Growth Capital Realised gains & losses 53.3 8.0 61.3 Unrealised gains & losses/impairments -41.2 -47.0 -88.2 Dividends/interests 25.1 1.2 26.3 Total 37.2 -37.8 -0.6 (in EUR mio) 10% 5% 0% B&G B&G VC -5% -10% -15% Gimv Group
Slide 17: Drop in stock-markets and VC valuations leads to EUR 88.2 mio unrealised losses
Drop in stock-markets and further drop in VC valuations leads to EUR 88.2 mio unrealised losses 4,9 Exchange Rate 4,0 Imminent Sale or IPO 2,7 First Time Uplift 2,3 Other 1,3 Net Financial Debt -3,3 Funds -4,1 Ebitda or Sales -5,1 Write down on Loan -26,8 Up or Down Round -30,4 Listed -33,7 Multiple
Slide 18: Substantial divestments: 50.7% uplift above opening book value
Substantial divestments: 50.7% uplift above opening book value end March 2011 - in line with historic average • Total Proceeds from FY11/12 divestments : EUR 184.5 mio • Uplift on opening equity : 50.7 % • Money-multiple: 1.9x Total uplift on opening equity 140% 120% 100% 80% 60% 40% 20% 0% Gimv Gro
Slide 19: Investment capacity remains strong
Investment capacity remains strong • Treasury end March 2012 : EUR 183.4 mio (EUR 185.8 mio at the end of March 2011 - both before dividend payment) • Proceeds of a number of important divestments from previous year (a.o. Plexxikon/Psytechnics) were received during the accounting year • Available co
Slide 20: NAV shows EUR 2.26 growth per share in 2nd semester
NAV shows EUR 2.26 growth per share in 2nd semester FY 10/11 1H 11/12 2H 11/12 FY 11/12 EPS (group share) 5.83 -3.21 2.26 -0.95 Equity (group share) 47.09 41.44 43.63 43.63 (in EUR) 90 80 70 60 EUR 24.5 dividend per share paid over 50 2001-2011 40 NAV NAV + dividends 30 NAV + dividends reinvested Gi
Slide 21: 3. Equity
3. Equity
Slide 22: ROE of -2.1% leads to lower NAV per share
ROE of -2.1% leads to lower NAV per share 1100 -56.8 -1.4 -21.9 1000 In EUR mio 900 1091.4 1011.3 800 700 Equity group share Closing dividend Change in Minorities FY11/12 result Equity group share (IFRS) 31/03/2011 (IFRS) 31/03/2012 Gimv Group's results for FY 2011-2012 22 May 2012 p. 22
Slide 23: 4. Portfolio
4. Portfolio
Slide 24: Portfolio keeps up well at EUR 845.2 million
Portfolio keeps up well at EUR 845.2 million: significant investment activity - important divestments - unrealised value decreases 1100 61.3 -88.2 1000 171.8 -182.6 900 (in EUR mio) -0.9 800 700 600 883.8 845.2 500 400 300 Portfolio Investments Net realised Net unrealised Divestments Other Portfolio
Slide 25: Gimv's portfolio analysed by activity and geography
Gimv’s portfolio analysed by activity and geography Portfolio by activity Portfolio by geography 2% 6% 11% 30% 5% 48% 9% 70% 19% 70% Buyouts & Growth 48% Belgium 30% Venture Capital 19% France 9% The Netherlands 5% Germany 11% Rest of Europe 6% USA 2% Rest of the world Gimv Group's results for FY 20
Slide 26: Portfolio analysed by valuation method and vintage
Gimv’s portfolio analysed by valuation method and vintage Portfolio by valuation method Portfolio by vintage * Weighted 4% 1% average 5% EV/EBITDA 17% 23% multiple: 5.1x 20% (after 26% 11% discount) 6% 16% 21% 16% 41% 23% Multiple 19% 20% ≤ 2000 21% Third party funds 19% Listed 6% 2001-2003 16% Loan
Slide 27: Ten largest unlisted investments: Buyouts & Growth
Ten largest unlisted investments: Buyouts & Growth Company Activity Location Entry Accent Jobs1 Recruitment and selection agency Belgium 2006 Vandemoortele Frozen bakery and lipids Belgium 2009 Engine, driveline and technical VCST Belgium 2009 components Electrawinds2 Green power Belgium 2008 EBT Po
Slide 28: Ten largest unlisted investments: Buyouts & Growth (Ctd)
Ten largest unlisted investments: Buyouts & Growth (Ctd) Company Activity Location Entry Information & comparison site for Easyvoyage France 2009 travelling Verhaeren-Kembo Road works, asphalt works and sewerage Belgium 2008 Oldelft Ultrasound High-tech medical diagnostics The Netherlands 2012 Produ
Slide 29: Ten largest unlisted investments: Venture capital
Ten largest unlisted investments: Venture capital Company Activity Location Entry Ebuzzing Distribution of content on social media France 2011 The GreenPeak Wireless datacom technology 2006 Netherlands The RES Software User workspace management 2010 Netherlands OTN Systems Open transport network sol
Slide 30: Ten largest unlisted investments: Venture capital (Ctd)
Ten largest unlisted investments: Venture capital (Ctd) Company Activity Location Entry The Human Inference Data quality management software 2007 Netherlands Mentum Network planning software France 2002 Ubidyne Digital antenna embedded radio system Germany 2009 The Prosensa Treatment of neuromuscula
Slide 31: 5. Investment activities
5. Investment activities
Slide 32: Significant investment activity in both semesters
Significant investment activity in both semesters 2011/2012 200 Buyouts & Growth Venture Capital Funds under management (external money) 39.2 150 70.3 52.3 31.4 48.6 55.3 100 4.7 4.3 17.3 7.3 11.8 26.6 44.1 40.7 56.1 12.7 39 18.3 28 50 88.0 80.8 77.0 23.3 67.8 54.2 56.1 51.7 51.2 42.7 24.6 0 1H07/08
Slide 33: Investment matrix: balanced by region and business unit
Investment matrix: balanced by region and business unit (01/04/2011 – 31/03/2012) Business Unit Buyouts & Venture Capital Total Region Growth Belgium 64.8 3.4 68.2 France 9.4 14.1 23.5 Netherlands 25.7 4.8 30.6 Germany 10.8 3.4 14.2 Rest of Europe 18.3 3.7 22.0 Europe 129.1 29.5 158.6 USA - 4.9 4.9
Slide 34: Supporting promising companies in their transition to world class players
Supporting promising companies in their transition to world class players Buyouts & Growth Co-investment funds Venture Capital Fundraising DG Infra Yield > EUR 146 million in second closing Gimv Group's results for FY 2011-2012 22 May 2012 p. 34
Slide 35: ActivePath
ActivePath www.activepath.be ActivePath. founded in 2007 offers interactive email solutions. This refers to the capability to do transactions and have interactive content within the body of an email. The company focuses on two key markets: financial institutions (email banking and card services) and
Slide 36: Ebuzzing
Ebuzzing www.ebuzzing.com The French Ebuzzing founded in 2005 is the market leader in social media in Europe. They provide companies with marketing solutions that allow them to promote their brands on social media, especially by the distribution of viral videos. Ebuzzing has offices in Paris, Toulou
Slide 37: Greenwatt
Greenwatt www.greenwatt.be GreenWatt was founded in 2004 as a spin-off of the Belgian Université Catholique de Louvain (UCL) and designs, develops, commercializes and maintains locally integrated turn-key biogas installations for the agro-food and beverage industry. Investment details • Gimv-Agri+,
Slide 38: Multiplicom
Multiplicom www.multiplicom.be Multiplicom N.V. is a startup company from VIB and the University of Antwerp, based on technology developed in the VIB Department for Molecular Genetics.University of Antwerp, Belgium. The company is specialized in the development, manufacturing and commercialization o
Slide 39: Oldelft Ultrasound
Oldelft Ultrasound www.oldelft.nl Oldelft Ultrasound, headquartered in Delft (the Netherlands), is a high-tech medical diagnostic company specialised in the development, manufacture and service of innovative miniature ultrasound transducers applied in cardiac imaging for children and small adults. T
Slide 40: PinguinLutosa
PinguinLutosa www.pinguinlutosa.be PinguinLutosa, headquartered in Westrozebeke (Belgium), specializes in the development, production and sale of deep-frozen food products: vegetables. potato products and ready-made meals. After the takeover of the frozen vegetable activities of the French CECAB gro
Slide 41: Studiekring
Studiekring www.studiekring.nl Studiekring was founded in 2000 by Reinier and Ivo Richaers. Studiekring is the Netherlands' largest independent company in the field of homework guidance, tutoring, student coaching and examination training. Headquartered in Utrecht, Studiekring currently has over 70
Slide 42: Trustteam
Trustteam www.trustteam.be Trustteam, established in 2002, is an ICT provider that offers on the one hand SMEs a total package of network services with regard to infrastructure, security and communication and on the other hand a software package in health care. The company employs 65 people and has
Slide 43: Walkro International
Walkro International www.walkro.com Walkro, established in Belgium in 1991, is a leading producer of mushroom substrate for the mushroom industry in Europe. Today it has sites in the Netherlands, Belgium and Germany where substrate is produced for mushroom cultivators in Europe and Asia. The company
Slide 44: XL Video
XL Video www.xlvideo.com XL Video, established in 1996, is a global player in the rental of state-of-the-art video display systems for concerts, shows and other events. Headquartered in Ostend, XL Video also has teams in Ghent, the US, the UK, Germany, France, the Netherlands, Sweden and China and c
Slide 45: 6. Dividend
6. Dividend
Slide 46: Stable dividend – introduction optional dividend
Stable dividend – introduction optional dividend • Gross dividend of EUR 2.45 to be approved by the AGM on 27 June 2012 • Gross yield of 6.4% (based on closing price at FY11/12 end) • Dividend policy: • ‘Not to lower the dividend and to increase it in a sustainable manner whenever possible (barring
Slide 47: Optional dividend
Optional dividend • Option created by the EGM of June 2011 • To finance the further growth of Gimv and its portfolio • Shareholder has the option to choose between: • New shares & VVPR-strip • Payment in cash • A combination of shares and cash • Details to be published after the AGM of 27 June 2012
Slide 48: 7. Q&A
7. Q&A
Slide 49: Questions & Answers
Questions & Answers Gimv Group's results for FY 2011-2012 22 May 2012 p. 49
Slide 50: Annexes: Additional portfolio information
Annexes: Additional po rtfolio information
Slide 51: Equity matrix: growing and diversified portfolio
Equity matrix: growing and diversified portfolio Business Unit Buyouts & Venture Total Net treasury Equity Growth Capital & other net group assets Region Belgium 363.2 40.0 403.3 France 69.3 88.4 157.7 The Netherlands 40.3 32.7 73.1 Germany 31.7 11.3 43.0 Rest of Europe 80.0 16.9 96.9 Europe 584.5 1
Slide 52: Overview listed shareholdings 31/03/2012
Overview listed shareholdings 31/03/2012 Company BB symbol Holding in % of shares Holding in n° of shares Ablynx ABLX BB 9.1% 3.970.149 Alfacam ALFA BB 12.9% 1.139.782 Astex ASTX US 3.0% 2.778.980 Barco BAR BB 9.8% 1.249.921 CapMan CPMBV FH 10.0% 8.431.978 Ceres CERE US 6.0% 1.420.363 Chemocentryx C
Slide 53: Gimv nv
Gimv nv Karel Oomsstraat 37 2018 Antwerpen Investor Relations & Media Contact: Frank De Leenheer Phone: +32 3 290 22 18 Mail: frank.deleenheer@gimv.com