Gimv NV · EURONEXT:GIMB
Gimv NV — H1 2021-2022 Earnings Presentation
39 slides from Gimv NV's earnings presentation, Nov 18, 2021
Slide 1: Press / Analysts conference 1H 2021-2022 results
Press / Analysts conference 1H 2021-2022 results November 18, 2021 P-1345
Slide 2: Gimv group results 1H 2021-2022 - Highlights
2 Gimv group results 1H 2021-2022 - Highlights
Slide 3: Robust growth of our companies leads to excellent results
Robust growth of our companies leads to excellent results Strong portfolio performance • In general, our portfolio companies show strong top-line and profit growth versus 1H 2020 but also a considerable double-digit increase versus the pre-covid 1H 2019, showing intrinsic growth deeper than the rela
Slide 4: Key figures 1H 2021-2022
Key figures 1H 2021-2022 Investments Portfolio Exit proceeds EUR 1 376 mio EUR 62.3 mio 4 new investments EUR 87.4 mio (+12% in 6 months) Several strategic add-ons 59 companies Liquidity on the Portfolio result Portfolio return balance sheet EUR 175.9 mio +14.3% (as at end September 2021) EUR 394.0
Slide 5: 1. Strong portfolio result
5 1. Strong portfolio result
Slide 6: 1H portfolio result, a half-year record high
1H portfolio result, a half-year record high • Total portfolio result in 1H 2021-2022 of EUR 175.9 mio • EUR 64.3 mio realised result – ao. significant capital gain on exit Summa • EUR 111.7 mio unrealised result – Robust portfolio performance (see next slides) • Total portfolio return of 14.3% (on
Slide 7: Excellent performance in 1H 2021-2022: overall double-digit growth above pre-Covid levels
Excellent performance in 1H 2021-2022: overall double-digit growth above pre-Covid levels…with operating strains in the current environment • 1H 2021 operational performance by platform demonstrates a positive trend across all platforms both in terms of revenues as well as profitability with 1H 2021
Slide 8: Excellent performance in 1H 2021-2022 across all platforms
Excellent performance in 1H 2021-2022 across all platforms Sales growth (LfL on the basis of 1H 2019) EBITDA growth (LfL on the basis of 1H 2019) 1 600 180 EUR mio EUR mio +15% +25% 1 400 160 140 1 200 120 1 000 100 800 80 600 60 400 40 200 20 0 0 CO HC SI SC Total CO HC SI SC Total 1H 2019 1H 2020
Slide 9: Sales & EBITDA growth is the main driver of the result
1H unrealised result of EUR 111.7 mio Sales & EBITDA growth is the main driver of the result… • Our portfolio demonstrates strong 1H performance: turnover and profitability growth are the key contributor to the valuation result • The weighted average EBITDA multiple went up versus end March from 7.8
Slide 10: …and performance is a key contributor in all platforms
…and performance is a key contributor in all platforms Consumer Health & Care - Most subsectors have recovered - Majority of subsectors show persistently strong performance - Some companies are facing supply chain issues impacting the - France Thermes relaunched margins due to higher costs (transpor
Slide 11: Supply chain issues & higher raw material prices have had a limited impact so far
Supply chain issues & higher raw material prices have had a limited impact so far, but continued effects can influence the growth rhythm in the course of H2 of 2021 • 20 portfolio companies (out of 59) are impacted by supply chain issues in some kind of way which represent 44% of our total platform
Slide 12: 2. Portfolio growth
12 2. Portfolio growth
Slide 13: 1H Investments at EUR 62 mio: 4 new companies and strategic add-ons
1H Investments at EUR 62 mio 4 new companies and strategic add-ons in existing portfolio 1H 2021-2022 INVESTMENTS • EUR 33.9 mio invested in 4 new portfolio companies EUR 62.3 mio • Anjarium (HC; Switzerland) • Klotter (SC; Germany) Investments by platform in EUR mio • Projective (SC; Belgium) 24,2
Slide 14: Invest in the consolidation of the electrical engineering market
Invest in the consolidation of the electrical engineering market • Klotter (renamed e-Gruppe) is a leading and fast- growing electrical engineering company in Germany, founded in 1997, with an excellent reputation. • Klotter offers end-to-end electrical engineering solutions, including service and m
Slide 15: Invest in digital change trajectories & European expansion
Invest in digital change trajectories & European expansion • Projective Group consists of Projective, a consulting firm specializing in operational, regulatory and digital change trajectories in financial services and Exellys, a technology talent incubator that recruits, trains and matches people wi
Slide 16: Invest in the European market leader for wire mesh solutions
Invest in the European market leader for wire mesh solutions • The German WDM Group, a leading supplier of customised, spot-welded wire mesh solutions, and the German Deutenberg Group, a producer of high- quality bent wire components, joined forces. • The partnership will reinforce the market leader
Slide 17: Invest in the development of novel non-viral gene therapies
Invest in the development of novel non-viral gene therapies • Anjarium Biosciences is a biotech company focused on creating and delivering a new class of non-viral gene therapies. The round was co-led by Gimv and Abingworth, with significant participation from Omega Funds, Pfizer Ventures and Survey
Slide 18: Invest in a strong national player for underground infrastructure
Invest in a strong national player for underground infrastructure through the strategic combination of Baas - Verkley • Gimv’s investment of last April in Verkley is expanded through the add-on of Baas. • Verkley is active in the construction and maintenance of underground infrastructure in the Nort
Slide 19: Two successful IPOs realized in our Life Sciences portfolio
Two successful IPOs realized in our Life Sciences portfolio: Biotalys and ONWARD • IPO Biotalys, food and crop protection biotech company, raises EUR 54.6 mio on Euronext Brussels (listed since July 2nd, 2021). • Proceeds from the financing will be used to fund the development of the existing pipeli
Slide 20: 1H Divestments at EUR 87 mio: Successful landmark exit of Summa closed
1H Divestments at EUR 87 mio Successful landmark exit of Summa closed 1H 2021-2022 EXIT PROCEEDS • Summa (SI; Belgium) landmark exit EUR 87.4 mio • Generates a significant capital gain of EUR 38mio versus the book value as at 31 March 2021 Cash proceeds by platform EUR mio • Strong realized performa
Slide 21: Evolving from a 'hidden champion' into a global market leader
Landmark exit Summa, specialist in digital cutting solutions, to Ergon Evolving from a ‘hidden champion’ into a global market leader • With its digital finishing solutions, Summa responds to the evolutions in the attractive digital printing industry. The ongoing market shift from analog to digital p
Slide 22: Kind Technologies sells its pharmaceutical business Vimec
Kind Technologies executes on its strategy to become a leading AgriTech group and sells its pharmaceutical business Vimec • Dutch high-tech group Kind Technologies sold daughter company Vimec Applied Vision Technology to Tiama, the world leading company in quality inspection of glass containers. • V
Slide 23: Portfolio grows to a record level of almost EUR 1.4 bio
Portfolio grows to a record level of almost EUR 1.4 bio driven by investments and value creation Long-term portfolio evolution • Over the last years our portfolio 1 376 grows at a steady pace in 1 233 combination with an intense 1 082 1 017 portfolio rotation 960 • 12% portfolio growth in 1H 2021-22
Slide 24: 3. Wrap-up and conclusions
24 3. Wrap-up and conclusions
Slide 25: Equity evolution
Equity evolution Strong rise in NAV: +EUR 5,1/share or +11% (after dividend on FY 20-21) (in mEUR) 1 400 0,4 137,0 - 65,1 28,7 1 050 700 1 374,8 1 375,3 1 274,3 1 209,2 350 0 31/03/2021 Dividend Capital H1 Other 30/09/2021 Increase result NAV/share EUR 46,5(*) EUR 51,6 (*) excl. dividend on FY 2020-
Slide 26: Conclusions – Strong performance of our companies produces excellent results
Conclusions – Strong performance of our companies produces excellent results • The strength of our companies is confirmed by the solid growth in 1H 2021, not only outperforming last year but also pre-Covid levels of 1H 2019. This shows a growth trend at our companies that is stronger than the cyclic
Slide 27: Questions & Answers
27 Questions & Answers
Slide 28: Annexes: Additional information
Annexes: 28 Additional information
Slide 29: Twenty largest investments make up 59% of portfolio
Twenty largest investments make up 59% of portfolio (based on NAV of 30 Sept 2021) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2017 Supplier of high-tech and high-quality communication Belgium 2020 systems for specific markets Service prov
Slide 30: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Full-service rental specialist in cooling and heating The Netherlands 2019 equipment Independent beer group The Netherlands 2015 Eco-friendly flame retardant additives Belgium 2014 Group of specialized clinics T
Slide 31: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Developer and supplier of tailor-made cheese France 2018 solutions Build-up of a dental chain Germany 2018 Road safety equipment Germany 2017 Facility management and technical building services Germany 2019 Köb
Slide 32: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Medical diagnostics laboratories France 2020 Provider of specialty pharmaceuticals and specialized The Netherlands 2013 medical homecare Industrial coating of truck and car parts Belgium 2019 Software solution
Slide 33: Total portfolio grows 12% to record level of EUR 1.376m
Total portfolio grows 12% to record level of EUR 1.376m (in mEUR) 1400 62,3 50,9 12,2 69,1 1200 -8,3 -43,0 1000 Valuation result EUR +111,7m 800 1 376,1 600 1 232,9 400 200 0 31/03/2021 Invested Divested Performance Deleverage Multiple / Accrued 30/09/2021 Value Listed Interest 33 1H 2021-2022 RESUL
Slide 34: 59 portfolio companies with a value of EUR 1.38 billion
59 portfolio companies with a value of EUR 1.38 billion Portfolio by platform Portfolio by region 34 1H 2021-2022 RESULTS
Slide 35: 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: 8.3x (after 22% negative calibration effect) * related to the year of initial investment 35 1H 2021-2022 RESULTS
Slide 36: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Cash proceeds from 1H 2021-22 divestments: EUR 87.4 mio • Uplift on opening equity of 31 March 2021: 103% Uplift on exits in EUR mio 36 1H 2021-2022 RESULTS
Slide 37: Portfolio with 59 companies and a value of EUR 1.38 billion
Portfolio with 59 companies and a value of EUR 1.38 billion 37 1H 2021-2022 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