Slide 1: Press conference / Analyst meeting FY 2015/2016 results
Press conference / Analyst meeting FY 2015/2016 - results Brussels, 19 May 2016 P-1130
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: Gimv Group's results FY 2015-2016 by CEO and CFO
Gimv Group’s results FY 2015-2016 by CEO Koen Dejonckheere & CFO Kristof Vande Capelle 3 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 4: Key messages
Key messages Good results backed by strong portfolio performance • Solid sales & ebitda growth in majority of portfolio companies • Portfolio return of 20% • 50 Portfolio companies Further portfolio expansion & good exit momentum • Active investment year with 8 new investments and already 4 new deal
Slide 5: 1. Good results backed by strong portfolio performance
1. Good results backed by strong portfolio performance 5 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 6: Strong performance of portfolio companies and exits
Strong performance of portfolio companies and exits … Sales growth EBITDA growth +12% +25 % 75% of portfolio cies show positive growth 43% uplift on exits in 2015 6 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 7: …leads to strong FY results for Gimv
…leads to strong FY results for Gimv Net profit Portfolio return EUR 137 mio +20 % Equity (NAV) Return on equity EUR 1 168 mio 12.6% EUR 45.9 per share 7 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 8: Return on equity of 12.6% driven by strong portfolio result
Return on equity of 12.6% driven by strong portfolio result Portfolio result of EUR 185.4 mio = 20% portfolio return 1300 26.2 -36.7 1200 88.7 -62.3 -11.1 70.5 1100 1000 1167.9 1 167.9 1 092.6 900 800 Equity Net realised Net Dividend & Other results Dividend Share of Equity 31/3/2015 capital gains U
Slide 9: Strong uplift on exits confirmed
Strong uplift on exits confirmed • Proceeds from FY 2015-16 divestments (incl. income received): EUR 236.3 mio • Uplift on opening equity of 31 March 2015: 43% Total uplift on opening equity 140% 120% 100% 80% 60% 40% 20% 0% FY05 FY06/07 FY07/08 FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/1
Slide 10: Imminent sale of some companies and good portfolio performance drive valuation result
Imminent sale of some companies and good portfolio performance most important driver for positive valuation result • 41% of portfolio has a multiple-based valuation (=52% of 72.9 Imminent Sale the platform portfolio, i.e. 61.4 Ebitda or Sales excluding third-party funds) • Weighted average 21.1 Othe
Slide 11: Portfolio grows to more than EUR 1 billion
Portfolio grows to more than EUR 1 billion Investments and net value increase compensate for exits 1300 1200 -70.2 158.9 1100 -165.5 1000 130.2 40.3 900 800 1 013.9 700 920.2 600 500 Portfolio Investments Value Value Divestments Other Portfolio 31/03/2015 increases decreases Portfolio value 31/03/20
Slide 12: Sound financial position allows future growth
Sound financial position allows future growth • Net treasury at EUR 184 mio* • Available co-investment funds with LPs (remaining external commitments) : EUR 270 mio • Unused credit lines of EUR 200 mio • No debt at Gimv level • Moderate leverage at level of portfolio companies at 1.9x EBITDA (consol
Slide 13: Continued value creation for our shareholders
Continued value creation for our shareholders Return on equity FY15/16: 12.6% FY 14/15 1H 15/16 2H 15/16 FY 15/16 EPS (group share) 5.35 2.55 2.84 5.39 Equity (group share) 42.97 43.09 45.93 45.93 Cumulative shareholder value (in EUR) 100 90 80 Over 10 years: 70 • Annual return 60 (dividends 50 rein
Slide 14: 2. Continued exit momentum but also active investment year
2. Continued exit momentum but also active investment year 14 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 15: High investment and divestment activity
High investment and divestment activity Invested Divested EUR 130 mio EUR 227 mio (EUR 163 mio incl. co- (EUR 304 mio incl. co- investment funds) investment funds) 8 new investments + multiple add-on 13 full exits investments 15 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 16: High investment activity
High investment activity • Entry: September 2015 • Entry: December 2015 • Entry: December 2015 • Entry: March 2016 • Manufacturer of medical • One of the leading • Glass daylight • Logistics service devices for biosurgery, multidisciplinary group constructions as well as provider specialised in vent
Slide 17: New investment: Itho Daalderop - Klimaatgarant
New investment : Itho Daalderop - Klimaatgarant COMPANY & INVESTMENT CASE VALUE CREATION OPPORTUNITIES • Provider of complete HVAC solutions for the residential market and developer of energy neutral housing projects • Growing climate awareness and stricter Combining Geographic energy performance st
Slide 18: New investment: Benedenti
New investment : Benedenti or help companies get to the next level • Insert Benedenti movie 18 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 19: Add-on investment: Mackevision
Add-on investment: Mackevision or empowering ambitious entrepreneurs • Insert Mackevision movie 19 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 20: Investment strategy focused on growth acceleration
Investment strategy focused on growth acceleration Deal thesis: growth acceleration by Focused International Product Organic growth Buy & Build platforms expansion development Connected Legallais Consumer Melijoe* Biom’Up Benedenti Health & Care Equipe Zorgbedrijven Topas Therape
Slide 21: Continued exit momentum & interest of industrial buyers
Continued exit momentum & interest of industrial buyers • July 2015 – partial exit • Sept 2015 – full exit • May 2015 – full exit • June 2015 – full exit • Repayment of EUR 12 • More than a year after the • 3 divisions acquired by the • Sold to Webedia, a French million subordinated IPO (March 2014)
Slide 22: Next chapter in VCST's growth story
Next chapter in VCST’s growth story • March 2016: Sold to BMT Group/IGW • Integrated into a large international Improving balance industrial group with Belgian roots, in sheet order to fully realize its potential for Interna- Successful expansion and build a world leader in tionalisation CEO- to eme
Slide 23: Punch Powertrain
Punch Powertrain • Gimv announced that the shareholders of Punch Powertrain signed an exclusive sale and purchase agreement with the Chinese Yinyi group to acquire 100% of the securities of the Belgian company Punch Powertrain (10 March 2016) • Why Yinyi? • 7 comparable offers, Yinyi decided quickly
Slide 24: 50 companies with a value of > EUR 1 billion
50 companies with a value of > EUR 1 billion 24 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 25: 3. Wrap-up
3. Wrap-up 25 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 26: Key conclusions
Key conclusions Strong performance of our portfolio companies Further growth of our portfolio Continued exits in liquid markets Solid financial position enables growth ambition Investment strategy geared towards value creation 26 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 27: Questions & Answers
Questions & Answers 27 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 28: Annexes: Additional information
Annexes: Additional information 28 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 29: Twenty largest investments: rank 1 to 5
Twenty largest investments make up 54% of portfolio (based on NAV of 31 March 2016) > rank 1 to 5 Company Activity Platform Location Entry Variable transmission systems Belgium 2010 Frozen bakery and lipids Belgium 2009 HVAC solutions in residential renovation and new The Netherlands 2016 build mark
Slide 30: Twenty largest investments (ctd): rank 6 to 10
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Wireless datacom technology The Netherlands 2006 Wall covering producer Belgium 2007 3D visualization, animation and visual effects Germany 2014 Video advertising on social and premium media France 2011 Women’s
Slide 31: Twenty largest investments (ctd): rank 11 to 15
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Plastic pallet pooling Belgium 2016 Online telephony shop France 2010 Chemical industry, production of household cleaning France 2012 products Solutions for glass daylight constructions, The Netherlands 2015 ve
Slide 32: Twenty largest investments (ctd): rank 16 to 20
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry User workspace management The Netherlands 2010 Transport & logistic services Belgium 2014 Provider of Geospatial Awareness software Belgium 2013 Specialty pharma & medical homecare The Netherlands 2013 Software
Slide 33: Profitable divestments and increased results lead to EUR 137 million results in FY 2015/16
Profitable divestments and increased results portfolio companies lead to EUR 137 million results in FY 2015/16 IFRS FY 14/15 1H 15/16 2H 15/16 FY 15/16 Net group results 136.0 64.9 72.3 137.2 Investments (balance sheet) 154.3 20.1 110.1 130.2 Investments (incl. FuM) 191.0 40.1 122.4 162.5 Divestment
Slide 34: Equity matrix: diversified portfolio ~50 companies
Equity matrix: diversified portfolio ~ 50 companies Business Unit Net Other Connected Health & Smart Sustainable Third party treasury & Equity participations Total Consumer Care Industries Cities funds other net group (incl. infra) Region assets Belgium 125.9 7.0 122.8 73.2 4.8 59.2 393.0 France 110
Slide 35: Portfolio build-up over the past years is gradually paying off
Portfolio build-up over the past years is gradually paying off 250 91,8 16.9 200 18.6 150 26.5 20.6 29.7 56.5 12.3 24.1 46.6 52.3 100 55.3 13.7 50 26.7 17.5 45.8 3.4 17.8 50 16.1 20.1 20,0 123.7 125.9 110.1 133.6 105.3 138.3 193.7 103.3 123.9 53.1 70.9 28.4 79.2 92.6 57.7 75.4 50.3 49 45 0 1H11/12 2
Slide 36: Solid portfolio return driven by valuation increase and realised gains
Solid portfolio return driven by valuation increase and realised gains Connected Health & Smart Sustainable Other Total Consumer Care Industries Cities portfolio* Realised gains & losses 4.1 33.1 24.7 -0.5 9.2 70.5 Unrealised gains & losses/impairm. 11.9 -3.4 48.2 0.0 32.0 88.7 Dividends/interests 6
Slide 37: 50 portfolio companies with a value of > EUR 1 billion
50 portfolio companies with a value of > EUR 1 billion 7% 28% 21% 9% 15% 20% Connected Consumer Health & Care Smart Industries Sustainable Cities Third party funds Other shareholdings (incl.infra) 37 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 38: Young portfolio: 60% was newly invested in the past 5 years
Young portfolio: 60% was newly invested in the past 5 years Weighted average by valuation method EV/EBITDA‐ratio: 6.7x by vintage** 3% (after 26% discount)* 1% 8% 5% 4% 41% 25% 11% 33% 14% 21% 34% Multiple Third party funds Cost Other ≤ 2006 2007-2009 2010-2013 ≥ 2014 Loans Listed Gimv managed funds
Slide 39: Weighted average multiple at 6.7x
Weighted average multiple at 6,7x • Stable ebitda multiple after discount • Average discount at 26% 7.00 30% 6.00 25% 5.00 20% 4.00 15% 3.00 10% 2.00 1.00 5% 0.00 0% 03/2014 06/2014 09/2014 12/2014 03/2015 06/2015 09/2015 12/2015 03/2016 EV/Ebitda (weighted average) Discount to peer group 39 RESULTS
Slide 40: European M&A activity
European M&A activity 40 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 41: Global buyout-backed exits in 2015
Global buyout-backed exits in 2015 41 RESULTS FY 2015-2016 (19 MAY 2016)
Slide 42: Contact
CONTACT Frank De Leenheer T +32 3 290 22 08 frank.deleenheer@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding BV Gimv France SAS Gimv Karel Oomsstraat 37 Berlage-Huis 83, rue Lauriston Promenadeplatz 12 2018 Antwerpen Groenhovenstraat 2 75116 Paris 80333 München T +32 3