Gimv NV · EURONEXT:GIMB
Gimv NV — H1 2023-24 Earnings Presentation
35 slides from Gimv NV's earnings presentation, Nov 23, 2023
Slide 1: H1 2023-2024 results
H1 2023-2024 results Analyst & Press conference 23 November 2023 CONSUMER HEALTHCARE LIFE SCIENCES SMART INDUSTRIES SUSTAINABLE CITIES P-1400
Slide 2: Gimv Group results - Highlights
Gimv Group results - Highlights H1 2023-24
Slide 3: Strong results in H1 2023-24 confirm value creation strategy through growth
Strong results in H1 2023-24 confirm value creation strategy through growth • Double-digit topline and profitability growth at our portfolio companies • Realised value creation through exits • Portfolio result of € 203m (non-annualized portfolio return of 13.3%) • Continued portfolio growth to more
Slide 4: Key figures H1 2023-2024
Key figures H1 2023-2024 >€ 1.6bn 17% Sales growth € 203mio 13.3% 13% EBITDA growth portfolio result In portfolio companies (H1-on-H1) € 51.3/share € 158mio portfolio invested Exit proceeds (realized portfolio in 59 companies money multiple of 1.9x*) NAV as at 30/9/23 return € 85mio € 192mio Investm
Slide 5: 1. Portfolio performance
1. Portfolio performance H1 2023-24
Slide 6: Our companies grow in an economy “in dubio”…
Our companies grow in an economy “in dubio”… • Sometimes overwhelmed by fast developing geopolitical tensions • The economic evolution is unevenly distributed between sectors and regions. • Some sectors are doing well with a remarkable margin recovery after the cost explosions. • Others are sufferin
Slide 7: … stuck between Tesla and BYD
… stuck between Tesla and BYD • Most of our portfolio companies are active in an “open” economy and can thrive in free markets; However, we are currently confronted with deglobalisition, a series of national protectionist measures and increasing state support. Some are fast adapters… • Europe urgent
Slide 8: H1 2023-24 Portfolio result endorses return target
H1 2023-24 Portfolio result endorses return target • Total portfolio result in H1 Total portfolio return (%) 2023-24 of € 202.8mio • € 69.8mio realised result, 27,0% ao. capital gain on exits • € 115.7mio unrealised 20,1% 20,4% 18,3% 18,8% (6 months) result, mainly driven by solid 15,6% 16,2% perfor
Slide 9: Strong topline and profitability growth across all platforms
Strong topline and profitability growth across all platforms Sales by platform (LfL, € mio) EBITDA by platform (LfL, € mio) 2.500 250 +17% +13% (+13% (+11% organic) organic) 2.000 200 1.500 150 1.000 100 500 50 0 0 CO HC SI SC Total CO HC SI SC Total H1 2022 H1 2023 H1 2022 H1 2023 99 H1 2023 - 2024
Slide 10: Unrealised result of €115.7mio
Unrealised result of €115.7mio Portfolio performance growth is the key value driver • Solid growth performance of the portfolio is Sources of value creation (€ mio) the main contributor to the H1 unrealised result. With overall double-digit turnover and profitability growth, our portfolio companies
Slide 11: Unrealised result H1 2023-24 per platform
Unrealised result H1 2023-24 per platform Consumer Healthcare - Most companies show improved performance - EBITDA margins impacted by wage inflation (in a regulated - Some companies still face increased costs and are impacted by context) lagging effect of price increases - Continued good buy-and-bui
Slide 12: Unrealised result H1 2023-24 per platform
Unrealised result H1 2023-24 per platform Smart Industries Sustainable Cities - Strong performance confirms relaunch after year with strong - Most companies performing very well margin pressure - NFD increase mainly driven by buy and build - Able to expand EBITDA margin and keep working capital requ
Slide 13: Stable limited average leverage exposure in our portfolio
Stable limited average leverage exposure in our portfolio • The average leverage (NSFD/EBITDA) of H1 2023-24 Leverage at portfolio companies our portfolio is 1.9x (in line with FY 2022-23 (# 43) 1.8x) 39% • Only 16% of our portfolio has a current 28% Net Financial Debt/EBITDA ratio in excess of 4x (
Slide 14: Outlook for our companies
Outlook for our companies • The FY 2023 portfolio figures are estimated to confirm a solid top-line and profitability growth. • For FY 2024: • It remains to be seen whether decreasing input prices will result in a structurally lower inflation • It is not yet clear how a possible slowdown in demand i
Slide 15: 2. Portfolio growth
2. Portfolio growth H1 2023-24
Slide 16: Continued portfolio growth to more than € 1.6bn
Continued portfolio growth to more than € 1.6bn Focus on value creation • Over the last years our Sustained Portfolio growth (€ mio) portfolio growth has 1.642 accelerated to record levels 1.523 1.449 • 8% portfolio growth in H1 2023-24 to more than € 1.6bn 1.233 (incl. Groupe Claire) 1.082 1.014 96
Slide 17: H1 2023-24 Investments at € 85mio
H1 2023-24 Investments at € 85mio 3 new companies and strategic add-ons • € 43.1mio invested in 3 new portfolio Investments by platform (€ mio, %) companies: 38,4 SI; G; May 2023 21,5 Global leader in thermal management solutions for semiconductor manufacturing 7,4 7,2 6,2 3,7 SI; NL; April 2023 SI
Slide 18: Value creation through buy-and-build as a material part of our core business
Value creation through buy-and-build as a material part of our core business and value creation 14 bolt-on acquisitions are realised in our portfolio in H1 2023-24 • Buy & build remains an integrated part of our value creation approach • Combination of auto-financing capacity and Gimv add-on investm
Slide 19: H1 2023-24 Exit proceeds at € 158mio (excl. Groupe Claire*)
H1 2023-24 Exit proceeds at € 158mio (excl. Groupe Claire*) 4 full exits realised in difficult market environment • 4 full exits realised in H1 2023-24: SC; NL; 2019 HC; G; 2018 Full service rental specialist in cooling and heating equipment Build-up of a dental chain CO; B; 2018 SC; FR; 2018 Equipm
Slide 20: 3. Sustainability
3. Sustainability H1 2023-24 20
Slide 21: Further improving our Sustainalytics ESG risk rating
Further improving our Sustainalytics ESG risk rating in an increasing ESG risk environment - top-quartile position in our industry Based on external factors 21 H1 2023 - 2024 RESULTS
Slide 22: Conclusions
Conclusions 222023 - 2024 RESULTS H1
Slide 23: NAV per share grows from € 45,6 to € 51,3
NAV per share grows from € 45,6 to € 51,3 (in € mio) 25,2 158,2 6,3 -70,8 1.431,3 1.312,4 31/03/2023 Dividend Capital H1 FY 2023-24 Other 30/09/2023 Increase result NAV/share € 45,6(*) € 51,3 (*) Net of € 2,6 dividend on FY 2022-23 23 H1 2023 - 2024 RESULTS
Slide 24: Growth at portfolio companies as the key source of value creation
Growth at portfolio companies as the key source of value creation (data based on exits as of 2014) 1% contribution 22% contribution 77% contribution 24 H1 2023 - 2024 RESULTS
Slide 25: Annex: Portfolio reporting
Annex Portfolio reporting
Slide 26: Five largest investments make up almost 30% of portfolio value
Five largest investments make up almost 30% of portfolio value (based on NAV of 30 September 2023) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2017 Equipment and solutions for the efficiency of the France 2018 drinking water network Servic
Slide 27: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Supplier of high-tech/high-quality Belgium 2020 communication systems Online learning platform Germany 2021 Ambulatory rehabilitation provider Germany 2020 Developer and manufacturer of electronic and The Nether
Slide 28: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Independent beer group The Netherlands 2015 Facility management and technical building Germany 2019 services A CDMO for injectable (bio)pharmaceutical The Netherlands 2022 products Specialist contractor in cabl
Slide 29: Twenty largest investments make up 61% of total portfolio value
Twenty largest investments make up 61% of total portfolio value (ctd) > rank 16 to 20 Company Activity Platform Location Entry Premium baby strollers The Netherlands 2016 One-stop shop for technical installations, Belgium 2022 products & services Digital marketing solutions France 2022 Road safety e
Slide 30: High valuation result is the main driver of the total portfolio increase
High valuation result is the main driver of the total portfolio increase to € 1.642mio (in € mio) 84,5 17,6 220,0 -71,6 -32,7 -98,5 Valuation result € 115.7mio 1.642,4 1.522,9 31/03/2023 Invested(*) Divested Performance Leverage Market Accrued 30/09/2023 Value effect Interest 30 H1 2023 - 2024 RESUL
Slide 31: 59 portfolio companies with a value of € 1.64bn
59 portfolio companies with a value of € 1.64bn Portfolio by platform Portfolio by region IF 3F NA Rest of the 2% 0% CO world 4% 13% 2% DACH Belgium 30% 29% SC 25% HC 19% LS The 8% Netherlands SI 15% France 29% 24% 31 H1 2023 - 2024 RESULTS
Slide 32: 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* Listed 2010-2012 Other 1% 2013-2015 1% 4% 4% ≥ 2021 Price last 30% round 26% 2016-2017 27% Multiples 69% 2018-2020 38% Weighted average EV/EBITDA-ratio: 8.7x (after 21%
Slide 33: Portfolio with 59 companies and a value of € 1.64bn
Portfolio with 59 companies and a value of € 1.64bn 33 H1 2023 - 2024 RESULTS
Slide 34: 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 35: Contact
Contact Kristof Vande Capelle T +32 3 290 22 17 kristof.vandecapelle@gimv.com Belgium Gimv nv Karel Oomsstraat 37 2018 Antwerpen T +32 3 290 21 00 The Netherlands Gimv Nederland Holding BV WTC The Hague Prinses Margrietplantsoen 87 2595 BR Den Haag T +31 70 3 618 618 France Gimv France Participation