Slide 1: Analyst meeting 1H2012/2013 results
Analyst meeting 1H2012/2013-results Brussels - 22 November 2012
Slide 2: Introductory message by Chairman Urbain Vandeurzen
Introductory message by Chairman Urbain Vandeurzen P-767
Slide 3: Gimv Group's results for 1H 2012-2013
Gimv Group’s results for 1H 2012-2013 by CEO Koen Dejonckheere
Slide 4: 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 5: Key messages 1H 2012/2013
Key messages 1H 2012/2013 • Stable net asset value • Substantial divestments at 50% premium to NAV (strong realised results) • Lower company results and drop in share price of limited number of shareholdings weighs on valuation (unrealised results) • 2Q profit largely reverses 1Q loss • NAV of EUR 4
Slide 6: 1. Introduction
1. Introduction
Slide 7: Gimv's organisation today
Gimv’s organisation today: Multidimensional cross country platformstrategy Consumer 2020 Companies with a clear vision on the needs and preferences of the future consumer Health & Care Health and care solutions for the ageing, growing and health conscious society Smart Industries Smart, technology e
Slide 8: 2. Results 1H 2012 - 2013
2. Results 1H 2012 - 2013
Slide 9: Stable NAV after dividend payment
Stable NAV after dividend payment IFRS 1H 11/12 2H 11/12 FY 11/12 1H 12/13 Net group results -74.3 52.4 -21.9 -8.0 Investments (balance sheet) 79.2 92.6 171.8 57.7 Investments (incl. FuM) 134.5 144.9 279.4 84.4 Divestments (balance sheet) 133.6 49.0 182.6 105.3 As % of opening value portfolio 9.4% 4
Slide 10: Strong realised results reversed by valuation impact
Strong realised results reversed by valuation impact IFRS 1H 11/12 2H 11/12 FY 11/12 1H 12/13 Realised gains & losses 49.9 11.4 61.3 35.5 Unrealised gains & losses + impairment losses -123.8 35.6 -88.2 -48.9 Other operating result -1.9 2.7 0.8 1.8 Financial income & cost 2.2 2.1 4.3 2.1 Tax expenses
Slide 11: Portfolio result shows resilience in difficult economy
Portfolio result shows resilience in difficult economy OP 3P Total Realised gains & losses 0.3 0.3 0.0 0.0 32.0 2.9 35.5 Unrealised gains & -4.4 11.5 -37.7 -13.1 -6.8 1.7 -48.9 losses/impairments Dividends/interests 5.7 0.5 2.4 1.8 0.8 0.0 11.3 Total 1.6 12.3 -35.3 -11.3 26.0 4.6 -2.1 (in EUR mio) (
Slide 12: Divestments of 50.8% uplift above opening book value
Divestments of 50.8% uplift above opening book value end March 2012 - in line with historic average • Total proceeds from 1H12/13 divestments : EUR 105.5 mio • Uplift on opening equity : 50.8 % • Money-multiple of 1.7x represents important realised capital gain versus original acquisition value Tota
Slide 13: Lower results portfolio companies and drop in share prices mark unrealised losses
Lower results portfolio companies and drop in share price of number of listed companies mark unrealised losses 10,8 First Time Uplift 8,9 Net Financial Debt 3,1 Other 2,2 Exchange Rate -0,2 Imminent Sale or IPO -0,2 Third party Funds -0,5 Write down on Loan -1,7 Up or Down Round -7,0 FuM -8,3 Multip
Slide 14: Investment capacity remains strong
Investment capacity remains strong • Treasury end September 2012 : EUR 190.9 mio (EUR 183.4 mio at the end of March 2012 - before dividend payment) • Important cash income from successful divestments (i.e. Accent Jobs, OGD) Available co-investment schemes with LPs • Unused credit lines for EUR 135 m
Slide 15: Drop in NAV after dividend payment
Drop in NAV after dividend payment 1H 11/12 2H 11/12 FY 11/12 1H 12/13 EPS (group share) -3.21 2.26 -0.95 -0.33 Equity (group share) 41.44 43.63 43.63 40.52 (in EUR) 80 75 70 65 60 55 EUR 25.6 dividend 50 per share paid over 45 2002-2012 40 NAV 35 NAV + dividends 30 NAV + dividends reinvested Gimv G
Slide 16: 3. Equity
3. Equity
Slide 17: Limited impact of dividend and result on NAV
Limited impact of dividend and result on NAV 1100 24.6 1000 -56.8 -8.0 In EUR mio 900 1011.3 971.1 800 700 Equity group share Cap Increase Dividend Result 1H12/13 Equity group share (IFRS) 31/03/2012 (IFRS) 30/09/2012 Gimv Group's results for 1H 2012-2013 22 November 2012 p. 17
Slide 18: 4. Portfolio
4. Portfolio
Slide 19: Important divestments lead to lower portfolio value
Important divestments lead to lower portfolio value 1100 1000 35.5 -48.9 900 57.7 -105.3 800 7.7 (in EUR mio) 700 600 845.2 500 791.9 400 300 Portfolio Investments Net realised Net unrealised Divestments Other Portfolio 31/03/2012 capital gains capital losses Portfolio value 30/9/2012 Gimv Group's r
Slide 20: Gimv's portfolio by platform and geography
Gimv’s portfolio… by investment platform by geography 5% 3% 6% 20% 13% 23% 46% 11% 9% 6% 13% 28% 17% 20% Consumer 2020 46% Belgium 11% Health & Care 17% France 28% Smart Industries 6% Germany 13% Sustainable Cities 9% The Netherlands 23% 3th Party Funds 13% Rest of Europe 5% Other shareholdings 6% U
Slide 21: Gimv's portfolio by valuation method and vintage
Gimv’s portfolio… by valuation method by vintage * Weighted 3% 1% average 6% EV/EBITDA 23% 17% 25% multiple: 5.0x (after 25% 11% discount) 6% 13% 11% 23% 18% 43% 25% Multiple 17% ≤ 2000 23% Third party funds 18% Listed 6% 2001-2003 13% Loans 11% 2004-2006 11% Cost 43% 2007-2009 6% Price Last Round 2
Slide 22: Twenty largest investments spread over different platforms
Twenty largest investments spread over different platforms (based on current NAV) Company Activity Platform Location Entry Professional visualisation systems Belgium 1981 Frozen bakery and lipids Belgium 2009 Frozen & canned vegetables, fruit Belgium 2011 & potatoes Engine, driveline and technical B
Slide 23: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry Port & port-related activities Belgium 1992 Information & comparison site for France 2009 travelling Antibody technology Belgium 2001 Production of substrate for the Belgium 2012 cultivation of mushrooms Online store for desig
Slide 24: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry Integrated solutions for Intelligent The Netherlands 2012 Transport Systems High-tech medical diagnostics The Netherlands 2009 Road works, asphalt works and Belgium 2008 sewerage Distribution of content on social France 2011 m
Slide 25: Twenty largest investments (ctd)
Twenty largest investments (ctd) Company Activity Platform Location Entry Wireless datacom technology The Netherlands 2006 User workspace management The Netherlands 2010 ICT services Belgium 2011 Smart card design France 2012 Catheters for cardiac rhythm Switzerland 2009 disorders Total NAV 20 large
Slide 26: Decreasing importance of 3rd party fund portfolio
Decreasing importance of 3rd party fund portfolio • Vintage 2007-2009 represents up to 60% of NAV 3rd party funds • 5 largest funds on average 66% called • Almost no new investments in third party funds since 2010 3rd party funds by vintage * 1% 7% 5% 7% 1996-1999 5% 2000-2003 27% 2004-2006 60% 2007
Slide 27: Evolution cash flows 3rd party fund portfolio
Evolution cash flows 3rd party fund portfolio • Cyclical • Return to net cash inflows • Expected positive cashflows over the next years, to be re- invested in direct portfolio of the investment platforms 80 60 40 20 +11,3 0 -20 -8,3 -40 -60 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Slide 28: 5. New investments
5. New investments
Slide 29: ARS T&TT
ARS T&TT www.ars.nl ARS T&TT, founded in 1998, is a leading player in the Netherlands in Intelligent Transport Systems (ITS). These integrated solutions include traffic monitoring, traffic management and tolling. The company employs 160 FTEs in total with its headquarters in The Hague (The Netherlan
Slide 30: Essar Ports
Essar Ports www.essar.com Essar Ports develops, owns and operates ports and terminals, and is India's second-largest private sector port and terminal company by capacity and throughput. The company's ports business is held by Essar Ports Limited (EPL), which is listed on the Bombay Stock Exchange an
Slide 31: Govecs
Govecs www.govecs.com GOVECS GmbH is a leading European electric scooter company based in Munich (Germany). It dedicates itself to the development, production and distribution of electric vehicles. It was established in 2009 with the goal of offering clean, efficient, reliable an affordable vehicles
Slide 32: Prosonix
Prosonix www.prosonix.co.uk Prosonix (Oxford, UK) is a specialty pharmaceutical company developing a portfolio of inhaled respiratory medicines of known and approved drugs, using its own particle engineering technology. Investment details • Gimv, together with a syndicate of life science investors i
Slide 33: 6. Dividend
6. Dividend
Slide 34: Dividend policy
Dividend policy • Objective to keep dividend policy unchanged • 2011/2012 optional dividend was successful: 58% of the coupons were exchanged for 787.781 new ordinary shares, leading to a capital increase of EUR 24.6 mio 2,5 2,0 1,5 1,0 0,5 0,0 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 Base
Slide 35: 7. Gimv Next
7. Gimv Next
Slide 36: Gimv Next up and running
Gimv Next up and running Teams Portfolio Reporting Gimv Group's results for 1H 2012-2013 22 November 2012 p. 36
Slide 37: Questions & Answers
Questions & Answers Gimv Group's results for 1H 2012-2013 22 November 2012 p. 37
Slide 38: Annexes: Additional portfolio information
Slide 39: Equity matrix: diversified portfolio
Equity matrix: diversified portfolio Net Business Unit treasury Equity 3P OS Total & other group net assets Region Belgium 92.4 37.5 129.4 83.7 12.8 8.6 364.4 France 54.8 - 35.4 3.1 42.7 - 136.0 The Netherlands 9.9 19.3 31.7 12.8 - 0.7 74.4 Germany - 2.4 14.1 - 24.0 8.2 48.8 Rest of Europe 3.3 11.3
Slide 40: Investments by platform (01/04/2012 – 30/09/2012)
Investments by platform (01/04/2012 – 30/09/2012) Business Unit 3P OS Total Region Belgium 5.5 0.2 0.5 13.6 - 0.4 20.2 France - - 0.5 1.1 0.7 - 2.3 Netherlands - 0.7 1.3 12.8 - - 14.8 Germany - 0.2 5.1 - 1.1 0.8 7.2 Rest of Europe - 3.3 0.8 - 4.2 0.3 8.6 Europe 5.5 4.5 8.1 27.5 6.0 1.5 53.2 USA - 0.
Slide 41: Overview listed shareholdings 30/09/2012
Overview listed shareholdings 30/09/2012 (Gimv pro-rata holding) Company BB symbol Holding in % of shares Holding in n° of shares Ablynx ABLX BB 9.1% 3.970.149 Alfacam ALFA BB 12.9% 1.139.782 Astex ASTX US 3.0% 2.778.980 Barco BAR BB 9.8% 1.249.921 CapMan CPMBV FH 10.0% 8.431.978 Ceres CERE US 5.8%
Slide 42: Trends in European private equity activity flows
Trends in European private equity activity flows Index Q1 2007=100 120 100 80 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 Funds raised Investments Divestments at cost Source: EVCA / PEREP Analytics Presentation Title xx-xx-2012 Gimv G
Slide 43: Evolution of European private equity investments by number of companies
Evolution of European private equity investments by number of companies Index Q1 2007=100 450 400 350 300 250 200 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2007 2008 2009 2010 2011 2012 Early-stage Later-stage Growth Buyout, rescue/turnaround and replacement c
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 Inés Sylverans Phone: +32 3 290 22 23 Mail: ines.sylverans@gimv.com