Slide 1: Gimv Group's results for FY 2010-2011
Gimv Group’s results for FY 2010-2011 Press & Analyst Conference Brussels - 19 May 2011 P-650
Slide 2: 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 3: Key messages for today: A prosperous year and a healthy outlook
Key messages for today: A prosperous year and a healthy outlook • Results +15% to EUR 135 mio • Continued appetite from industrials to buy companies at strategic premia • Healthy operational performance portfolio companies • Portfolio +24% to EUR 884 mio • NAV grows further to EUR 47.09 per share >
Slide 4: 1. Introduction
1. Introduction
Slide 5: Gimv's organisation today
Gimv’s organisation today • Dynamics differ in different countries • Local presence is important Buyouts & Growth Venture Capital Funds & Joint Ventures Belgium Technology Gimv-XL Netherlands Cleantech Gimv-Agri+ France Life Sciences DG Infra+/Yield Central Europe & Russia Halder-Gimv Germany Other
Slide 6: 2. Results FY 2010 - 2011
2. Results FY 2010 - 2011
Slide 7: Interest from industrial companies in strategic acquisitions remains high
Interest from industrial companies in strategic acquisitions remains high IFRS FY 09/10 1H 10/11 2H 10/11 FY 10/11 Net group results 117.5 56.8 78.4 135.2 Investments (balance sheet) 144.8 81.7 70.0 151.7 Investments (incl. FuM) 205.2 89.0 82.7 171.7 Divestments (balance sheet) 120.5 55.5 75.3 130.8
Slide 8: Net group profit: + 15% to EUR 135 million
Net group profit: + 15% to EUR 135 million FY 09/10 1H 10/11 2H 10/11 FY 10/11 Realised gains & losses 30.8 29.0 46.8 75.8 Unrealised gains & losses + impairment losses 71.7 31.3 26.5 57.8 Other operating result -0.1 0.2 3.6 3.8 Financial income & cost 14.9 2.3 2.7 5.0 Tax expenses -0.5 -1.8 -1.0 -2
Slide 9: Portfolio yields return of almost 22%
Portfolio yields return of almost 22% Buyouts & Venture Co-investment Total Growth Capital funds Realised gains & losses 17.6 54.9 3.3 75.8 Unrealised gains & losses/impairments 74.3 -15.2 -1.3 57.8 Dividends/interests 14.7 1.2 4.2 20.1 Total 106.6 40.9 6.2 153.7 (in EUR mio) (as % of opening portfo
Slide 10: Unrealised gains & losses/impairments: positive operational performance
Unrealised gains & losses/impairments: positive operational performance portfolio companies and value increase listed portfolio, partly offset by drop in multiples and VC downrounds 24,9 Listed 20,0 EBITDA or sales 18,3 First time uplift 6,2 Funds 5,9 NFD 4,4 Loans -0,6 Other movements -2,9 Exchange
Slide 11: Divestments: 126% uplift above opening value
Divestments: 126% uplift above opening value point at strategic premia being paid • Proceeds from FY10/11 divestments : EUR 133.8 mio (including dividends, interest and management fees on divested portfolio) • Loans: EUR 10.8 mio • Listed shares : EUR 10.1 mio • Private-equity : EUR 112.9 mio • Upli
Slide 12: Investment capacity remains intact
Investment capacity remains intact • Treasury end March 2011 : EUR 185.8 mio (EUR 302.0 mio at the end of March 2010, both before dividend payment) • Proceeds of a number of important divestments (a.o. Plexxikon, Psytechnics) were paid after the end of the accounting year • Cash position to date amo
Slide 13: NAV grows to EUR 47.09 per share
NAV grows to EUR 47.09 per share FY 09/10 1H 10/11 2H 10/11 FY 10/11 EPS (group share) 5.07 2.45 3.38 5.83 Equity (group share) 43.73 43.78 47.09 47.09 (in EUR) Evolution NAV/share 90 80 70 EUR 23,4 60 dividend per share paid over 50 2001-2010 40 30 jun/07 jun/08 jun/09 jun/05 jun/06 jun/10 jun/11 j
Slide 14: 3. Equity
3. Equity
Slide 15: ROE of 13.2% slightly above long-term return Gimv
ROE of 13.2% slightly above long-term return Gimv 1100 1,5 135,2 1000 55,6 In EUR mio 900 1091,4 1013,4 800 700 Equity group Closing dividend FY10/11 result Change in Equity group share (IFRS) 08/07/2010 Minorities share (IFRS) 31/03/2010 31/03/2011 Gimv Group’s results for FY 2010 - 2011 19 May 201
Slide 16: 4. Portfolio
4. Portfolio
Slide 17: Portfolio grew 24% to EUR 883.8 million
Portfolio grew 24% to EUR 883.8 million 1100 75,8 130,8 1000 57,8 900 151,7 7,8 8,1 800 (in EUR mio) 700 600 883,8 500 713,5 400 300 Portfolio Investments Net Net realised Divestments PIK Transfers Portfolio 31/03/2010 unrealised capital gains 31/03/2011 capital gains Gimv Group’s results for FY 201
Slide 18: Gimv's portfolio analysed by activity and geography
Gimv’s portfolio analysed by activity and geography Venture Capital USA RoW 32% 6% 2% Rest of Europe 11% Germany Co-investment 7% funds 9% The Netherlands 7% Belgium 51% France Buyouts & 16% Growth 59% Gimv Group’s results for FY 2010 - 2011 19 May 2011 p. 18
Slide 19: Gimv's portfolio analysed by valuation method and vintage
Gimv’s portfolio analysed by valuation method and vintage* Other (ao exit- value) 2007-2009 Loans 46% 2% 16% Third party Last round funds 7% 20% >=2010 Cost 6% 8% Listed 14% 2004-2006 <= 2000 17% 20% Multiple 33% 2001-2003 11% Weighted average EV/EBITDA multiple: 5.2x (after 24% discount) *: related
Slide 20: Ten largest unlisted investments Buyouts & Growth
Ten largest unlisted investments Buyouts & Growth Company Activity Location Entry Scana Noliko * Canned fruit & vegies Belgium 2004 Square Melon Non-traditional communication Belgium 2009 Vandemoortele Frozen bakery, lipids & soy Belgium 2009 Electrawinds Green power Belgium 2008 Accent Jobs for Peo
Slide 21: Ten largest unlisted investments Buyouts & Growth - Cont'd
Ten largest unlisted investments Buyouts & Growth - Cont’d Company Activity Location Entry EBT Port & port-related activities Belgium 1992 VCST Engine, driveline and tech. components Belgium 2009 Operator Group Delft ICT services Netherlands 2006 VAG Armaturen Industrial valves and fittings Germany
Slide 22: Ten largest unlisted investments Venture capital
Ten largest unlisted investments Venture capital Company Activity Location Entry Inside Secure Smartcard design France 1998 Ceres Agrobiotech / genomics USA 1998 Mentum Network planning software France 2002 Astex Therapeutics * Molecule-directed drugs UK 2001 OTN Systems Open transport network solut
Slide 23: Ten largest unlisted investments Venture capital - Cont'd
Ten largest unlisted investments Venture capital - Cont’d Company Activity Location Entry Tinubu Square Credit management solutions France 2002 Ambit BioSciences Functional proteomics USA 2002 Endosense Catheters for cardiac rhythm disorders Switzerland 2009 GreenPeak Technologies Wireless datacommu
Slide 24: 5. Investment activities
5. Investment activities
Slide 25: 2010-2011 Investments supported by all activities
2010-2011 Investments supported by all activities Buyouts & Growth Venture Capital (incl. Cleantech) Co-investment funds (Gimv-XL, DG Infra+/Yield, Gimv-Agri+) Funds under management (external money) 180 160 22 39,2 140 2,6 120 31,4 100 70,3 48,3 0,1 4,7 4,3 48,6 1,2 1,9 7,3 80 12,7 26,6 7,7 0,3 60
Slide 26: Investment matrix: balanced by region and business unit
Investment matrix: balanced by region and business unit (01/04/2010 – 31/03/2011) Business Unit Buyouts & Venture Co-investment Total Region Growth Capital funds (Gimv-XL, DG Infra+) Belgium 14.2 8.4 8.0 30.7 France 25.3 21.1 - 46.4 Netherlands 3.3 7.4 - 10.7 Germany 17.5 5.6 - 23.2 Rest of Europe 2
Slide 27: Gimv invests in growth stories
Gimv invests in growth stories Buyouts & Growth Venture Capital Co-investment funds Gimv Group’s results for FY 2010 - 2011 19 May 2011 p. 27
Slide 28: Brunel
Brunel www.brunel-fr.com • Business • The Brunel Group manufactures high quality household cleaning products (floors and other surfaces, wood and metal restoration and insecticides) that are marketed for specialised distribution, especially within the large DIY chains. • Investment Details • Gimv in
Slide 29: DataContact
DataContact www.datacontact.pl • Business • DataContact is a fast-growing Polish provider of outsourced contact center services. It focuses on customer service, marketing and sales activities for the Polish and German markets. The group offers both inbound and outbound call services as well as non-v
Slide 30: Eden Chocolates
Eden Chocolates www.senzchocolates.com • Business • Eden was founded with the aim to market a premium product by Belgian chocolate confectioners under the ‘Senz’ brand, both in China and in more mature markets • Investment Details • Gimv and Gimv Agri+ Investment Fund jointly provided EUR 7 million
Slide 31: Inside Secure
Inside Secure www.insidesecure.com • Business • French company Inside Secure develops and sells chips and other hardware for contactless smartcards and electronic card readers. With offices in France, China, Poland, the USA and Singapore, Inside is a global player. • Investment Details • Gimv invest
Slide 32: McPhy Energy
McPhy Energy www.mcphy.com • Business • McPhy Energy is a young innovative company created in 2008 to industrialize the patents developed by the CNRS labs in Grenoble, France. McPhy Energy has developed a technology to store hydrogen using magnesium hydrides. • Investment Details • First financing r
Slide 33: OneDirect
OneDirect www.onedirect.eu • Business • Onedirect is a French e-commerce company, specialized in the sale of leading brands in professional telephony. The company is active in the Spanisch, Italian, Portuguese and German market. • Investment Details • Gimv invests about EUR 15 mio in the management
Slide 34: Private Outlet
Private Outlet www.privateoutlet.com • Business • Private Outlet is a fast growing online private sales company of high- end brand clothing and accessories, which currently operates in France, Germany, Spain, Italy and the UK. It organizes short sale events with some of the most famous brands with u
Slide 35: RES Software
RES Software www.ressoftware.com • Business • RES Software is a leading company in user workspace management. Its product separates the user workspace from the underlying infrastructure. This offers organizations the ability to reduce complexity, increase productivity and lower total cost of ownersh
Slide 36: Square Melon
Square Melon www.squaremelon.be • Business • Square Melon (SQM), which is the new international name for Bananas, Demonst8, Amphion and NRG3, is a non-traditional marketing and communication agency that specialises in brand activities campaigns. Its client portfolio consists of several blue chip com
Slide 37: 6. Dividend
6. Dividend
Slide 38: Dividend growth in line with inflation confirms dividend policy
Dividend growth in line with inflation confirms dividend policy The Board of Directors will propose to the June 2011 AGM to pay out a gross dividend of EUR 2.45 (EUR 1.84 net) per share for the 2010-2011 financial year 4,5 4,0 3,5 3,0 In EUR 2,5 2,0 1,5 1,0 0,5 0,0 2004 2005 2006/2007 2007/2008 2008
Slide 39: 7. Q&A
7. Q&A
Slide 40: Questions & Answers
Questions & Answers Gimv Group’s results for FY 2010 - 2011 19 May 2011 p. 40
Slide 41: Annexes: Additional portfolio information
: Annexes ortfolio information Additional p
Slide 42: Equity matrix: growing and diversified portfolio
Equity matrix: growing and diversified portfolio Business Unit Buyouts & Venture Co-investment Total Net Equity Growth Capital Funds treasury group (Gimv-XL, & other DG Infra+/Yield, net Gimv Agri+) Region assets Belgium 313.1 62.3 81.3 456.7 France 61.4 88.0 - 149.4 The Netherlands 34.2 23.6 - 57.9
Slide 43: Overview listed shareholdings 31/03/2011
Overview listed shareholdings 31/03/2011 Holding in % Bloomberg Holding in n° Bid price in Value in of outstanding Company symbol of shares local currency EUR 000 shares Ablynx ABLX BB 9,11% 3 970 149 8.35 33 151 Alfacam * ALFA BB 4,70% 380 695 4.02 1 530 Antisoma ASM LN 2,00% 12 384 453 0.02 329 Ba
Slide 44: 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