Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2009-2010 Earnings Presentation
42 slides from Gimv Nv's earnings presentation, Nov 19, 2009
Slide 1: Gimv Group's results for 1H 2009-2010
Gimv Group’s results for 1H 2009-2010 Press & Analyst Conference Brussels – 19 November 2009 P-453
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: Gimv covers a broad range of activities on an international level
Gimv covers a broad range of activities on an international level Dedicated and specialist teams which are closely cooperating Buyouts & Growth Venture Capital Funds managed Belgium Gimv-XL Netherlands Technology DG Infra+ (Infrastructure) France Cleantech Gimv Agri+ Investment Fund Germany (Halder)
Slide 5: How market circumstances affect Gimv's operations
How market circumstances affect Gimv’s operations Portfolio • Stabilizing economic climate • Cautious outlook by management portfolio companies • Low visibility company results • Fair market value closely correlated with public markets Investments Exits • Low visibility company results • Difficult e
Slide 6: 2. Results 1H 2009 - 2010
2. Results 1H 2009 - 2010
Slide 7: Inflection point has been reached
Inflection point has been reached IFRS 1H 08/09 2H 08/09 FY 08/09 1H 09/10 Net group results -159.8 -162.5 -322.3 75.4 Investments (balance sheet) 94.4 94.2 188.6 96.8 Investments (incl. FuM) 99.1 164.5 263.6 101.1 Divestments (balance sheet) 153.4 28.6 182.0 36.3 As % of opening value portfolio 14.
Slide 8: Net group profit of about EUR 75 million
Net group profit of about EUR 75 million 1H 08/09 2H 08/09 FY 08/09 1H 09/10 Realised gains & losses 36.4 7.7 44.1 0.6 (1) Unrealised gains & losses + impairment losses -175.0 -158.3 -333.3 64.0 (2) Other operating result -1.3 -11.4 -12.7 2.1 Financial income & cost -23.1 -4.0 -27.1 10.3 Tax expense
Slide 9: Difficult exit market
Difficult exit market Buyouts & Venture New Total Growth Capital activities Realised gains 2.7 4.5 0.0 7.2 Realised losses -6.4 -0.2 0.0 -6.6 Unrealised gains 72.8 59.7 0.0 132.5 Unrealised/impairment losses -28.2 -40.3 0.0 -68.5 (in EUR mio) 20% 15% As % of opening equity 10% 5% 0% B&G VC Total -5%
Slide 10: Higher stock markets and multiples lead to EUR 64.0 of net unrealised gains
Higher stock markets and multiples lead to EUR 64.0 of net unrealised gains 65,8 Multiple 60,9 Quoted portfolio 4,6 First time uplift 2,9 Imminent sale or IPO 2,3 Other movements -4,3 Write downs on loans -5,3 NFD -7,2 Exchange rate -9,5 Funds -20,3 Up/down round -25,9 EBITDA or SALES -30 -20 -10 0
Slide 11: Divestments: 7.2% above opening equity end March 2008
Divestments: 7.2% above opening equity end March 2008 Limited divestments … • Proceeds from 1H09/10 divestments : EUR 38.1 mio (including dividends, interest and management fees on divested portfolio) • Loans: EUR 23.2 mio • Listed shares : EUR 6.5 mio • Private-equity : EUR 8.3 mio • Uplift on open
Slide 12: Equity stabilizes despite important dividend payment
Equity stabilizes despite important dividend payment 1H 08/09 2H 08/09 FY 08/09 1H 09/10 EPS (group share) -6.9 -7.0 -13.9 3.25 Equity (group share) 48.0 41.01 41.01 41.91 (in EUR) 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 jun/07 dec/07 jun/08 dec
Slide 13: 3. Equity
3. Equity
Slide 14: Long-term ROE Gimv outpaces market and clearly shows less volatility
Long-term ROE Gimv outpaces market and clearly shows less volatility 100% 84,20% Gimv ROE DJ Eurostoxx 50 S&P Listed PE Index 75% 50% 42,70% 32,9% 25% 21,65% 7,9% 2,9% -1,87% 0% 6M -7,8% 1Y 3Y 5Y -18,97% -25% -20,12% -22,80% -50% -47,35% Gimv Group’s results for 2008 - 2009 26 May 2009 p. 14
Slide 15: Equity picks up again, NAV = EUR 41.91 per share
Equity picks up again NAV = EUR 41.91 per share 1000 950 75,4 54,7 900 In EUR mio 850 971,3 950,6 800 750 700 Equity group share Closing dividend 1H09/10 result Equity group share (IFRS) 31/03/2009 01/07/2009 (IFRS) 30/09/2009 Gimv Group’s results for 1H 2009 - 2010 19-11-2009 p. 15
Slide 16: Equity matrix: regional and divisional diversification
Equity matrix: regional and divisional diversification Business Unit Buyouts & Venture New activities Total Net Equity Growth Capital (Gimv-XL, treasury group DG Infra+) & other net Region assets Belgium 216.6 82.7 58.5 357.9 France 34.6 71.0 - 105.6 The Netherlands 49.9 21.7 - 71.6 Germany 10.0 14.
Slide 17: 4. Portfolio
4. Portfolio
Slide 18: Current portfolio amounts to EUR 711.9 million
Current portfolio amounts to EUR 711.9 million 900 800 35,5 7,8 700 64,0 0,6 96,8 600 500 In EUR m io 400 711,9 300 578,2 200 100 0 Portfolio Investments Net realised Net Divestments Tranfers Portfolio 31/03/2009 capital gains unrealised 30/09/2009 capital gains Gimv Group’s results for 1H 2009 - 20
Slide 19: Gimv's portfolio analysed by valuation method and vintage
Gimv’s portfolio analysed by valuation method and vintage Other (ao exit- value) 3% Loans 17% 2007-2009 34% Last round Funds 14% 16% 2004-2006 32% Cost 6% Listed 17% <2000 24% M ultiple 27% 2001-2003 10% Gimv Group’s results for 1H 2009 - 2010 19-11-2009 p. 19
Slide 20: 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 Lintor-Verbinnen Chicken processing Belgium 2007 BMC Public sector ser
Slide 21: Ten largest unlisted investments Buyouts & Growth - Cont'd
Ten largest unlisted investments Buyouts & Growth - Cont’d Company Activity Location Entry Electrawinds Green power Belgium 2008 Bananas Non-traditional comm. agency Belgium 2009 Easyvoyage Travel site France 2009 Operator Group Delft ICT services Netherlands 2006 Accent Jobs for People Temping agen
Slide 22: Ten largest unlisted investments Venture capital
Ten largest unlisted investments Venture capital (Technology, Life Sciences & Cleantech) Company Activity Location Entry Ceres Agrobiotech / genomics USA 1998 Inside Contactless Smartcard design France 1998 Astex Therapeutics Molecule-directed drugs UK 2001 Human Inference Data quality mgt software
Slide 23: Ten largest unlisted investments Venture capital - Cont'd
Ten largest unlisted investments Venture capital - Cont’d Company Activity Location Entry Virtensys Input/output-virtualization UK 2006 Tinubu Credit management solutions France 2002 CoreOptics Optical network subsystems Germany 2006 OTN Systems Open transport network solutions Belgium 2008 Clear2Pa
Slide 24: 5. Treasury
5. Treasury
Slide 25: Gimv's treasury of EUR 265 million analysed by product and maturity
Gimv’s treasury of EUR 265 million analysed by product and maturity CDO's (1) 1% Funds (1) 4% 2y-5y Bank deposits 4% 0-3m Bonds 13% 20% 20% Dynamic cash management 19% Insurance 3m-2y products 43% 76% (1) subject to M&M valuation Gimv Group’s results for 1H 2009 - 2010 19-11-2009 p. 25
Slide 26: 6. Investment activities
6. Investment activities
Slide 27: Investments supported by new activities
Investments supported by new activities 180 Buyouts & Grow th Venture Capital (incl. Cleantech) New activities (Gimv-XL, DG Infra+) Funds under management 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 80 44,1 26,6 40,7 52 60 17,9 12,2 40 21,5 89,0 85,4 21,4 21,0 37,0 23,5 20,6
Slide 28: Investment matrix: balanced by region and business unit
Investment matrix: balanced by region and business unit (01/04/2009 – 30/09/2009) Business Unit Buyouts & Venture New activities Total Region Growth Capital (Gimv-XL, DG Infra+) Belgium 24.8 4.6 1.9 31.4 France 10.6 13.9 - 24.5 Netherlands 5.6 1.2 - 6.8 Germany 1.3 7.0 - 8.3 Rest of Europe 10.8 7.8
Slide 29: Some recent investment examples
Some recent investment examples Gimv Group’s results for 1H 2009 - 2010 19-11-2009 p. 29
Slide 30: 7. Dividend
7. Dividend
Slide 31: Dividend policy confirmed
Dividend policy confirmed Barring unforeseen circumstances, the Board of Directors holds out the prospect to pay a gross dividend of at least EUR 2.36 (EUR 1.77 net) per share in respect of the 2009 / 2010 financial year 4,5 4,0 3,5 3,0 2,5 In EUR 2,0 1,5 1,0 0,5 0,0 07 08 09 ) 7 8 9 0 1 2 3 4 5 (e
Slide 32: 8. Gimv-Agri+ Investment Fund
8. Gimv-Agri+ Investment Fund
Slide 33: Gimv-AIF: complementary strengths
Gimv-AIF: complementary strengths AIF Gimv • Part of Boerenbond Group: the most • Market leader in private equity and important player in the agricultural venture capital in the Benelux sector in Belgium • Track-record in agrobiology (PGS, • Market knowledge and track-record Devgen, CropDesign) in a
Slide 34: Closed-end fund structure for Gimv-Agri+ Investment Fund
Closed-end fund structure for Gimv-Agri+ Investment Fund • First closing at EUR 60 mio by end 2009 • EUR 30 mio Gimv • EUR 30 mio AIF • Possibility to attract other investors with a relation to the sector • Management by Gimv, with active involvement from the co- sponsor • Market conditions • Fund h
Slide 35: Investment scope Gimv-Agri+ Investment Fund
Investment scope Gimv-Agri+ Investment Fund Investments in innovative companies / projects with substantial growth potential in agriculture and related sectors • Agrobiology / industrial biotechnology • Renewable energy • Environmental technology • Biotechnology related with veterinary medicine • Di
Slide 36: Investment scope Gimv-Agri+ Investment Fund
Investment scope Gimv-Agri+ Investment Fund • Long term investor in both private and public companies (both in a private equity context) • Both minority and majority investments, whereby the fund will seek to obtain influence on the company’s strategy • All stages of a companies life cycle • Geograp
Slide 37: 9. Q&A
9. Q&A
Slide 38: Questions & Answers
Questions & Answers Gimv Group’s results for 1H 2009 - 2010 19-11-2009 p. 38
Slide 39: Annexes: Additional portfolio information
: Annexes ortfolio information Additional p
Slide 40: Overview listed shareholdings 30/09/2009
Overview listed shareholdings 30/09/2009 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 10.1% 3 703 483 7,91 29 295 Alfacam ALFA BB 4.8% 380 695 7,80 2 969 Antisoma ASM LN 1.9% 11 517 307 0,35 4 791 Barc
Slide 41: Investments in private equity & venture capital funds
Investments in private equity & venture capital funds (both third party and managed funds) Outstanding Total* Equity value on Activity commitment on Commitments 30/09/2009 30/09/2009 Buyouts & Growth 386 761 177 185 52 478 Cleantech 30 000 14 940 8 656 Life Sciences 65 208 4 405 31 081 Technology 79
Slide 42: 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