Slide 1: Gimv Group's results for 1H 2010-2011
Gimv Group’s results for 1H 2010-2011 Press & Analyst Conference Brussels – 18 November 2010 P-597
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: 1. Introduction
1. Introduction
Slide 4: Dedicated organisation and investment teams
Dedicated organisation and investment teams Buyouts & Growth Venture Capital Funds managed Gimv-XL Belgium DG Infra+ Netherlands Technology DG Infra Yield France Cleantech Gimv-Agri+ Germany (Halder) Life Sciences Central Europe & Russia Other funds Gimv Group’s results for 1H 2010 - 2011 18 Novembe
Slide 5: Gimv's operational environment
Gimv’s operational environment Portfolio • Further diversification • Value increase because of rise in company results • Stock markets hesitating to choose clear direction • Outlook impacted by economic growth, consumer confidence, government spending and credit conditions Investments Exits • Signs
Slide 6: 2. Results 1H 2010 - 2011
2. Results 1H 2010 - 2011
Slide 7: Trends confirmed
Trends confirmed IFRS 1H 09/10 2H 09/10 FY 09/10 1H 10/11 Net group results 75.4 42.1 117.5 56.8 Investments (balance sheet) 96.8 48.0 144.8 81.7 Investments (incl. FuM) 101.1 104.1 205.2 89.0 Divestments (balance sheet) 36.3 84.2 120.5 55.5 As % of opening value portfolio 6.2% 9.7% 15.9% 3.9% Dives
Slide 8: Net group profit of EUR 57 million
Net group profit of EUR 57 million 1H 09/10 2H 09/10 FY 09/10 1H 10/11 Realised gains & losses 0.6 30.2 30.8 29.0 Unrealised gains & losses + impairment losses 64.0 7.7 71.7 31.3 Other operating result 2.1 -2.2 -0.1 0.2 Financial income & cost 10.3 4.6 14.9 2.3 Tax expenses -0.5 0.0 -0.5 -1.8 Net re
Slide 9: Portfolio results: balanced on all fronts
Portfolio results: balanced on all fronts Buyouts & Venture Co-investment Total Growth Capital funds Realised gains & losses 15.0 13.6 0.4 29.0 Unrealised gains & losses/impairments 21.3 7.5 2.5 31.3 Dividends/interests 7.1 0.6 2.5 10.2 (in EUR mio) (as %of opening portfolio) 15% Portfolio return 10
Slide 10: Positive operational performance portfolio companies, partly offset by stock markets
Positive operational performance portfolio cies. partly offset by negative evolution stock markets > detail unrealised gains & losses/impairments 25,1 EBITDA or sales 15,9 First time uplift 5,4 Up/down round 4,3 Funds 0,6 Other movements 0,2 Exchange rate 0,0 Imminent sales or IPO 0,0 Loans -2,3 Quo
Slide 11: Divestments: 110.4% above opening book value end March 2010
Divestments: 110.4% above opening book value end March 2010 • Proceeds from 1H10/11 divestments : EUR 58.1 mio (including EUR 2.6 mio dividends, interest and management fees on divested portfolio) • Loans: EUR 3.6 mio • Listed shares : EUR 9.1 mio • Private-equity : EUR 45.4 mio • Uplift on opening
Slide 12: Dividend payment hides growth in equity
Dividend payment hides growth in equity 1H 09/10 2H 09/10 FY 09/10 1H 10/11 EPS (group share) 3.25 1.82 5.07 2.45 Equity (group share) 41.91 43.73 43.73 43.78 (in EUR) Evolution NAV/share (incl. dividend) 80 70 60 50 40 30 dec/01 jun/02 dec/02 jun/03 dec/03 jun/04 dec/04 jun/05 dec/05 jun/06 dec/06
Slide 13: 3. Equity
3. Equity
Slide 14: Equity stabilizes despite important dividend payment
Equity stabilizes despite important dividend payment NAV = EUR 43.78 per share 1100 1000 55,6 56,8 In EUR mio 900 1013,4 1 014,6 800 700 Equity group share Closing dividend 1H10/11 result Equity group share (IFRS) 31/03/2010 08/07/2010 (IFRS) 30/09/2010 Gimv Group’s results for 1H 2010 - 2011 18 Nov
Slide 15: 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+) net Region assets Belgium 258.9 58.3 83.0 400.2 France 47.2 90.5 - 137.7 The Netherlands 30.8 40.0 - 70.8 Germany 28.7 9.0
Slide 16: 4. Portfolio
4. Portfolio
Slide 17: Current portfolio amounts to EUR 811 million
Current portfolio amounts to EUR 811 million 1100 1000 900 31,3 55,5 81,7 29 10,9 800 700 In EUR mio 600 500 400 810,9 713,5 300 200 100 0 Portfolio Investments Net realised Net Divestments Transfers Portfolio 31/03/2010 capital gains unrealised 30/06/2010 capital gains Gimv Group’s results for 1H 2
Slide 18: Portfolio analysed by valuation method and vintage
Gimv’s portfolio analysed by valuation method and vintage Other (ao exit- value) 2% Loans 2007-2010 18% 43% Last round Third partyfunds 8% 18% Cost 9% 2004-2006 Listed 25% 11% <= 2000 19% Multiple 2001-2003 34% 13% Weighted average EV/EBITDA multiple: 5.2x (after 24% discount) Gimv Group’s results f
Slide 19: Ten largest unlisted investments: Buyouts & Growth
Ten largest unlisted investments Buyouts & Growth (Belgium, the Netherlands, France & Germany) Company Activity Location Entry Scana Noliko Canned fruit & vegies Belgium 2004 Vandemoortele Frozen bakery, lipids & soy Belgium 2009 Bananas Non-traditional marketing & sales agency Belgium 2009 Electraw
Slide 20: 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 Automotive components Belgium 2009 Lintor-Verbinnen Chicken processing Belgium 2007 Operator Group Delft ICT services Netherlands 2006 VAG Armaturen Industr
Slide 21: Ten largest unlisted investments: Venture capital
Ten largest unlisted investments Venture capital (Technology, Life Sciences & Cleantech) Company Activity Location Entry Inside Contactless Smartcard design France 1998 Ceres Agrobiotech / genomics USA 1998 Human Inference Data quality mgt software Netherlands 2007 Astex Therapeutics Molecule-direct
Slide 22: Ten largest unlisted investments: Venture capital - Cont'd
Ten largest unlisted investments Venture capital - Cont’d Company Activity Location Entry Mentum Network planning software France 2002 Virtensys I/O virtualization based techn. UK 2006 OTN Systems Open transport network solutions Belgium 2008 Tinubu Square Credit management solutions France 2002 Ubi
Slide 23: 5. Investment activities
5. Investment activities
Slide 24: 1H 2010/2011 investments supported by all activities
1H 2010/2011 investments supported by all activities Buyouts & Grow th V enture Capital (incl. Cleantech) Co-investment f unds (Gimv-XL, DG Inf ra+) Funds under management (external money) 180 160 39,2 22 140 2,6 70,3 120 48,3 31,4 48,6 100 4,7 4,3 0,1 1,9 1,2 7,3 80 26,6 7,7 44,1 40,7 56,1 52 60 17
Slide 25: Investment matrix: balanced by region and activity
Investment matrix: balanced by region and activity (01/04/2010 – 30/09/2010) Business Unit Buyouts & Venture Co-investment Total Region Growth Capital funds (Gimv-XL, DG Infra+) Belgium 11.2 3.6 7.7 22.5 France 12.1 20.5 - 32.5 Netherlands 0.0 6.8 - 6.8 Germany 0.7 1.0 - 1.7 Rest of Europe 11.0 1.0
Slide 26: Gimv invests in growth stories
Gimv invests in growth stories Buyouts & Growth Venture Capital Co-investment funds Fundraising DG Infra Yield > EUR 80 million commitments already announced Gimv Group’s results for 2010 - 2011 18 November 2010 p. 26
Slide 27: 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 28: 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 29: 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 30: Inside Contactless
Inside Contactless www.insidecontactless.com • Business • French company Inside Contactless 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 Detail
Slide 31: 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 32: 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 33: 6. Dividend
6. Dividend
Slide 34: Dividend policy confirmed
Dividend policy confirmed Baring unforeseen circumstances, the Board of Directors holds out the prospect to pay a gross dividend of at least EUR 2.40 (EUR 1.80 net) per share in respect of the 2010 / 2011 financial year 4,5 4,0 3,5 3,0 InEUR 2,5 2,0 1,5 1,0 0,5 0,0 1997 1998 1999 2000 2001 2002 2003
Slide 35: 7. Q&A
7. Q&A
Slide 36: Questions & Answers
Questions & Answers Gimv Group’s results for 1H 2010 - 2011 18 November 2010 p. 36
Slide 37: Annexes: Additional portfolio information
: Annexes ortfolio information Additional p
Slide 38: Overview listed shareholdings 30/09/2010
Overview listed shareholdings 30/09/2010 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 7,95 31 563 Alfacam ALFA BB 4,7% 380 695 4,95 1 884 Antisoma ASM LN 2,0% 12 384 453 0,06 864 Barco
Slide 39: Annexes: The AIFM Directive
: Annexes irective D The AIFM
Slide 40: AIFM (Alternative Investment Fund Manager Directive): introduction
AIFM (Alternative Investment Fund Manager Directive) : introduction • Response of European Union to financial crisis • Addresses concerns of EU regarding (perceived) systematic risk and lack of risk management of the alternative investment industry (hedge funds & PE) • Draft directive approved in pr
Slide 41: Position of Gimv
Position of Gimv • Observations: • Directive has finally been approved and consequently a start has been made to remove uncertainty • We welcome harmonisation and introduction of European passport • Authorities are urged to quickly put level 2 regulations in place to execute and implement directive
Slide 42: Annexes: The European private equity market
: rket Annexes va te eq u ity ma pe an pri The Euro
Slide 43: European M&A activity and average transaction size
European M&A-activity 500.000 300 450.000 250 400.000 Average transaction size 350.000 Amount (in EUR mio) 200 (in EUR mio) 300.000 250.000 150 200.000 100 150.000 100.000 50 50.000 0 0 * Q 03 Q 03 Q 03 Q 03 Q 04 Q 04 Q 04 Q 04 Q 05 Q 05 Q 05 Q 05 Q 06 Q 06 Q 06 Q 06 Q 07 Q 07 Q 07 Q 07 Q 08 Q 08 Q
Slide 44: IPOs Europe versus USA
IPO’s Europe versus USA 70.000 800 60.000 700 Amount (in mio EUR) 600 50.000 500 Number 40.000 400 30.000 300 20.000 200 10.000 100 - 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 1H2010 Europe - amount United States - amount Europe - number United States - number Source: PwC – IPO Watch Europe Gim
Slide 45: 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