Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2020-2021 Earnings Presentation
36 slides from Gimv Nv's earnings presentation, Nov 19, 2020
Slide 1: 1H 2020-2021 results: Press / Analysts video-conference call
Press / Analysts video-conference call 1H 2020-2021 results November 19, 2020 P-1311
Slide 2: Gimv group results 1H 2020-2021 - Highlights
2 Gimv group results 1H 2020-2021 - Highlights
Slide 3: Positive rebound in first half of FY 2020-21
Positive rebound in first half of FY 2020-21 Second covid-19 wave shows different impact sector-to-sector 1H Portfolio return of 12% • Resilient portfolio in combination with uplift in multiples underpins valuation result • Significant capital gains (ia. on Contraload exit) Portfolio growth of 12% •
Slide 4: Key figures for the first semester of FY 2020-2021
Key figures for the first semester of FY 2020-2021 Investments Portfolio Exit proceeds EUR 105.5 mio EUR 1 140 mio (+12%) 3 new investments EUR 103.4 mio Several strategic add-ons 55 companies Portfolio result Portfolio return Liquidity on the EUR 122.4 mio +12% balance sheet EUR 303mio 4 1H 2020-21
Slide 5: 1. Strong portfolio result
5 1. Strong portfolio result
Slide 6: 1H portfolio result underlines strength and resilience of our portfolio
1H portfolio result underlines strength and resilience of our portfolio • Total portfolio result in 1H 2020-2021 of EUR 122.4 mio • EUR 51.5 mio realised result – ao. significant capital gain on exit Contraload • EUR 70.9 mio unrealised result – resilient portfolio and rebound capital markets • Tota
Slide 7: 1H unrealised result of EUR 70.9 mio
1H unrealised result of EUR 70.9 mio Rebound in capital markets has driven valuation upwards • In the period April-Sept 2020, capital markets recovered Sources of value creation 1H 2020-2021 from their strong dip in March 108,7 Multiples 4,3 Listed 1,3 Other -0,9 3F -1,9 FX rate -5,6 Write downs • T
Slide 8: Updated last estimates for our companies as at Sept 2020
Updated last estimates for our companies as at Sept 2020 show overall improvement vs. June 2020 on the operational front 75% of our companies have increased or confirmed their LE in Sept vs. June 2020 Evolution Sales YoY (€mio) Evolution EBITDA YoY (€mio) 3 000 350 2 900 330 2 800 310 2 700 290 2 60
Slide 9: 2/3 of our Top-20 portfolio companies estimate top-line growth in 2020
2/3 of our Top-20 portfolio companies estimate top-line growth in 2020 2020 Sales growth estimates of Top 20 >20% 123,3 #3 10-19% 268,7 #2 0-9% 116,7 #8 (10)-0% 82,3 #4 <(10%) 125,5 #3 0 50 100 150 200 250 300 350 NAV 9 1H 2020-2021 RESULTS
Slide 10: Focus on Q2 unrealised result: Strong operational resilience
Focus on Q2 unrealised result: Strong operational resilience 2020 outlook less negative than expected • As at end Sept 2020, overall impact of Covid-19 less Sources of value creation Q2 2020-2021 drastic than expected 33,3 EBITDA or Sales • Strong performers drive valuation upwards. 8,0 Multiple • D
Slide 11: Differentiated Covid-19 impact per platform
Differentiated Covid-19 impact per platform Connected Consumer 18%* Health & Care 28%* - Severely impacted by lockdown - Majority of sub-sectors have generally been resilient - Started gradual recovery in Q2 upon reopening - Some saw strong increase in demand - Short term cash needs addressed - Some
Slide 12: 2. Portfolio growth
12 2. Portfolio growth
Slide 13: Investment ambition confirmed: > EUR 100 mio invested
Investment ambition confirmed: > EUR 100 mio invested 3 new companies and strategic add-ons in existing portfolio 1H 2020-2021 INVESTMENTS • EUR 73.7 mio invested in 3 new portfolio companies EUR 105.5 mio • Televic (SI) • Rehaneo (HC) Investments by platform in EUR mio • Kinaset Therapeutics (HC) 7
Slide 14: Largest investment ever from the Gimv balance sheet: Televic
Largest investment ever from the Gimv balance sheet: Televic • Gimv recently invested in Televic, a supplier of high- tech and high-quality communication systems for healthcare, education, the transport / train sector and the conference market. • Televic is the market leader in various fields, among
Slide 15: Zoom on add-on investments (1H 2020-2021)
Zoom on add-on investments (1H 2020-2021) Biolam – Add-on Biocéane GPNZ – Several acquisitions PLATFORM Health & Care PLATFORM Health & Care ACTIVITY Medical biology laboratories ACTIVITY Chain of dentists France Germany INVESTMENT THESIS INVESTMENT THESIS • Medical diagnostics services are consider
Slide 16: Successful exit of Contraload
Successful exit of Contraload 1H 2020-2021 EXIT PROCEEDS • Contraload (SC) landmark exit EUR 103.4 mio • Generates a significant capital gain of EUR 30mio versus the book value as at 31 March 2020 Cash proceeds by platform EUR mio • Largest exit in the last 3,5 years in terms of proceeds 65,5 • Stro
Slide 17: Contraload, European market leader in pooling load carriers, sold to Tosca
Contraload, European market leader in pooling load carriers and expert in providing circular logistics services, was sold to Tosca • As the absolute European market leader in plastic pallet pooling, Contraload is a unique story of successful entrepreneurship • Contraload realized a very successful g
Slide 18: Circular economy at the center of the Contraload activities
Circular economy at the center of the Contraload activities • The company is a proactive participant in the circular economy: Re-use is the key word as Contraload facilitates moving away from single use packaging towards a circular model of returning re- usable packaging • “Re-use all assets, when b
Slide 19: Portfolio recovers to more than EUR 1.1 bio
Portfolio recovers to more than EUR 1.1 bio driven by investments and positive valuation impact 1H 2020-2021 PORTFOLIO Portfolio composition: further value potential EUR 1 140.4 mio • 12% portfolio growth to EUR 1 140 mio • 55 portfolio companies (+2 versus end March) Portfolio breakdown • Young por
Slide 20: 3. Concluding remarks
20 3. Concluding remarks
Slide 21: Second covid-19 wave shows a different impact sector-to-sector
Second covid-19 wave shows a different impact sector-to-sector • The strong worldwide surge of covid-19 confronts us with a persistently uncertain and volatile climate. • The 2nd wave re-introduction of strong restrictive measures against the spread of the coronavirus will have an impact on the econ
Slide 22: Concluding Remarks: Engage, Support & repair, Accelerate
Concluding Remarks Commitment to act in tune with the impact of the pandemic virus • Engage • Support & repair • Accelerate Efficient use of our solid balance sheet • Support of portfolio companies (equity repairs if and when needed) • Continue to realize our investment ambitions (both new and bolt-
Slide 23: Questions & Answers
23 Questions & Answers
Slide 24: Annexes: Additional information
Annexes: 24 Additional information
Slide 25: Twenty largest investments make up 63% of portfolio
Twenty largest investments make up 63% of portfolio (based on NAV of 30 September 2020) > 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 Supplier of high-tech and high-quality communica
Slide 26: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Service provider in incontinence care @home Germany 2018 Full-service rental specialist in cooling and heating The Netherlands 2019 equipment Equipment and solutions for the efficiency of the France 2018 drinkin
Slide 27: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Eco-friendly flame retardant additives Belgium 2014 Road safety equipment Germany 2017 Facility management and technical building services Germany 2019 Specialised producer of smart electronics The Netherlands
Slide 28: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Industrial coating of trucks and car parts Belgium 2019 Software solution company for utilities Belgium 2013 Group of para-medical (regulated), thermal spas France 2018 Medical diagnostics laboratories France 2
Slide 29: Total portfolio increases with 12% to EUR 1.140m
Total portfolio increases with 12% to EUR 1.140m (in EUR mio) 1400 111,1 1,6 9,4 1200 118,3 1000 -76,8 - 30,1 -10,0 800 Valuation result EUR +70,9m 600 1 140,4 1 017,0 400 200 0 31/03/2020 Invested* Divested Performance Deleverage Multiple / Other Accrued 30/09/2020 Value* Listed Interest * Includes
Slide 30: 55 portfolio companies with a value of EUR 1.14 billion
55 portfolio companies with a value of EUR 1.14 billion Portfolio by platform Portfolio by region Infra Rest of the Third-party 7% Connected world funds Consumer 10% 5% 15% Belgium 4% 33% The Sustainable Netherlands Cities 25% 24% Health & Care 25% France Smart Germany 16% Industries 16% 24% 30 1H 2
Slide 31: 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** Imminent Weighted average Other sale ≤ 2009 2010-2012 Price last 3% 1% EV/EBITDA-ratio: 7.5x 2% 3% round (after 23% negative 9% calibration effect)* 2013-2015 14% ≥ 201
Slide 32: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Cash proceeds from 1H 2020-21 divestments: EUR 103.4 mio • Uplift on opening equity of 31 March 2020: 46% 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 FY19/20
Slide 33: Evolution Equity: Optional stock dividend results in capital increase
Evolution Equity Optional stock dividend results in capital increase of EUR 28,2m (in EUR mio) 1 200 0,0 94,0 -63,6 28,2 900 600 1 163,6 1 104,9 1 041,4 300 0 31/03/2020 Dividend Capital 1H Result Other 30/09/2020 Increase 2020-21 NAV/share EUR 43,5 EUR 44,7 33 1H 2020-2021 RESULTS
Slide 34: Portfolio with 55 companies and a value of EUR 1.14 billion
Portfolio with 55 companies and a value of EUR 1.14 billion 34 1H 2020-2021 RESULTS
Slide 35: 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 36: IR contact
IR 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