Gimv Nv · EURONEXT:GIMB
Gimv Nv — H1 2014/2015 Earnings Presentation
42 slides from Gimv Nv's earnings presentation, Nov 20, 2014
Slide 1: Press conference / Analyst meeting 1H 2014/2015 - results
Press conference / Analyst meeting 1H 2014/2015 - results Brussels, 20 November 2014
Slide 2: Contents
Contents Introductory messages by Chairman Urbain Vandeurzen CEO Koen Dejonckheere on the six months to 30 September 2014: 1. Financial highlights 2. Performance 3. Investment & divestment activity 4. Portfolio 5. Balance sheet 6. Organisation 2 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 3: 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 4: Introductory messages by Chairman Urbain Vandeurzen
Introductory messages by Chairman Urbain Vandeurzen 4 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 5: Transformation as key to sustained success
Transformation as key to sustained success • Focus on core-business • Organised around 4 selected investment platforms, leading to targeted sourcing, sharpened focus, sector expertise and faster learning • Value creation by transforming our companies into international market leaders • More concentr
Slide 6: Gimv Group's results for 1H 2014-2015 by CEO Koen Dejonckheere
Gimv Group’s results for 1H 2014-2015 by CEO Koen Dejonckheere 6 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 7: 1. Financial highlights
1. Financial highlights 7 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 8: Profitable divestments and increased company profits…
Profitable divestments and increased company profits… Activity Portfolio • EUR 28.4 mio invested (EUR 44.5 • Portfolio performance: +7 % mio co-investment funds incl.) • 37% of portfolio has a multiple-based • EUR 138.3 mio divested (EUR 156.9 valuation mio co-investment funds incl.) with • EV/EBITD
Slide 9: …lead to solid results and healthy balance sheet
…lead to solid results and healthy balance sheet Results Balance sheet • Equity (NAV): +4,9% to EUR 1,003 • Portfolio of EUR 883 mio or 88% of mio, or EUR 39.46 per share net assets put to work • Net profit of EUR 48.5 mio • Ample liquidity, with a.o. EUR 116 mio of net cash available • Total divide
Slide 10: 2. Performance
2. Performance 10 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 11: Changes in equity (in EUR mio)
Return on equity of 4.9% (non-annualised) Six months to 30 September 2014 60 48,5 40 Changes in equity (in EUR mio) 24,0 24,0 23,2 20 13,7 11,2 0 portfolio result = EUR 61,7 mio -20 -13,2 -40 -60 -60,6 -80 Net realised Net unrealised Dividend & Other results Net result (group) Dividend paid Capita
Slide 12: Gross portfolio return at 7%
Gross portfolio return at 7% Third Consumer Health & Smart Sustainable Other party Total 2020 Care Industries Cities investments funds Realised gains & losses 0.9 17.5 1.6 0.0 0.0 4.0 24.0 Unrealised gains & losses/impairm. 2.3 2.1 12.2 -2.8 -1.4 11.6 24.0 Dividends/interests 4.0 3.0 3.2 1.1 0.9 1.5
Slide 13: Improved performance portfolio companies leads to positive valuation result
Improved performance portfolio companies leads to positive valuation result (Six months to 30 September 2014) 18,3 EBITDA or sales 10,7 Imminent sale 7,4 Third party funds 7,2 Stock price 6,2 Exchange rate 1,1 FuM 0,9 First time uplift -0,1 Write down on loan -0,7 Other -2,2 Up/down round -5,8 Net f
Slide 14: 3. Investment & divestment activity
3. Investment & divestment activity 14 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 15: Portfolio build-up over the past years is gradually beginning to pay off
Portfolio build-up over the past years is gradually beginning to pay off 350 300 91,8 250 200 38,3 39,2 18,6 26,5 150 56,5 3,8 24,1 31,4 70,4 4,3 52,3 4,7 100 55,3 8,1 13,7 0 3,2 12,7 50 26,7 16,7 3,4 17,5 45,8 56,1 17,8 4,1 50 28,4 16,1 28,6 0,4 258,5 136,4 122,2 153,4 123,7 133,6 105,3 138,3 36,3
Slide 16: Investment activity within the platforms
Investment activity within the platforms • No new investments took place in the 1H, but already 2 new investments after closing of the period, being Europlasma and EcoChem As a technology leader in plasma coating, the company targets diverse and interesting niche end markets, whereby growth will be
Slide 17: 22.0% uplift on divestments
22.0% uplift on divestments • Proceeds from 1H14/15 divestments (incl. income received): EUR 140.2 mio • Uplift on opening equity of 31 March 2014: 22% • Money-multiple of 1.7x versus investment cost Total uplift on opening equity 140% 120% 100% 80% 60% 40% 20% 0% FY04 FY05 FY06/07 FY07/08 FY08/09 F
Slide 18: Exit activity within the investment platforms
Exit activity within the investment platforms Acquiring Most important divestments 1H14/15 party Listed technology company, active in Van de Wiele visualization products for selected professional Group (industrial) markets. Swiss biotech company developing therapeutics for the Cilag GmbH Int’l treat
Slide 19: Exit activity within the investment platforms
Exit activity within the investment platforms Acquiring Most important divestments after the end of the period party Pan-European end-to-end cinema sales and service Ymagis organisation (industrial) ICT service provider which offers SMEs a total package Naxicap Partners of network services with rega
Slide 20: 4. Portfolio
4. Portfolio 20 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 21: 88% of net assets currently put to work
88% of net assets currently put to work 1100 1000 68.8 -44.7 28.4 3.5 -114.9 900 11.3 800 931.0 700 883.3 600 500 Portfolio Investments Capitalised Value Value Divestments Other Portfolio 31/03/2014 interests increases decreases Portfolio 30/09/2014 value 21 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 22: Number of portfolio companies down from almost 95 three years ago to 60 today
Number of portfolio companies down from almost 95 three years ago to 60 today 3% 27% 24% 10% 15% 21% Consumer 2020 Health & Care Smart Industries Sustainable Cities Third party funds Other shareholdings 22 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 23: 85% of Gimv's portfolio was constructed during the past years
85% of Gimv’s portfolio was constructed during the past years Weighted by valuation method average by vintage* EV/EBITDA- 4% 3% multiple: 5.6x 4% 8% 1% (after 24% 13% 7% discount) 37% 12% 38% 7% 43% 24% Multiple Third party funds ≤ 2004 2004-2006 2007-2009 Listed Loans Cost Price last round 2010-201
Slide 24: Weighted average multiple decreased slightly
Weighted average multiple decreased slightly • Ebitda multiple after discount decreased from 5,9x to 5,6x in H1 2014-15 • Average discount stable at ca. 24% 7,0x 30% 6,0x 25% 5,0x 20% 4,0x 15% 3,0x 10% 2,0x 5% 1,0x 0,0x 0% 03/2013 06/2013 09/2013 12/2013 03/2014 06/2014 09/2014 EV/Ebitda (weighted a
Slide 25: Twenty largest investments spread over different platforms (rank 1 to 5)
Twenty largest investments spread over different platforms (based on NAV of 31 September 2014) > rank 1 to 5 Company Activity Platform Location Entry Frozen bakery and lipids Belgium 2009 Engine, driveline and technical components Belgium 2009 Port & port-related activities Belgium 1992 sold after 3
Slide 26: Trustteam
Trustteam www.trustteam.be Trustteam was established in 2002 by Stijn Vandeputte and has since developed into a strong ICT service provider in its domain. The company offers SMEs a total package of network services with regard to infrastructure, security, communication, cloud and software. The compa
Slide 27: Twenty largest investments (ctd) > rank 6 to 10
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Production of substrate for the cultivation of Belgium 2012 mushrooms Specialised clinics France 2013 Women’s underwear France 2014 Wall covering producer Belgium 2007 Transport & logistic services Belgium 2014
Slide 28: Twenty largest investments (ctd) > rank 11 to 15
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Specialty pharma & medical homecare The Netherlands 2013 Video advertising on social and premium media France 2011 Smart card design France 1998 Wireless datacom technology The Netherlands 2006 Treatment of neu
Slide 29: Teads
Teads www.teads.tv Teads (former Ebuzzing), founded in 2005, is the market leader in social media in Europe. They provide companies with marketing solutions that allow them to promote their brands on social media, especially by the distribution of viral videos on social media (blogs, YouTube, Facebo
Slide 30: Twenty largest investments (ctd) > rank 16 to 20
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Manufacturer of Continuously Variable Transmission Belgium 2009 systems User workspace management The Netherlands 2010 Provider of Geospatial Situational Awareness Belgium 2013 software Info & comparison travel
Slide 31: 5. Balance sheet
5. Balance sheet 31 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 32: Liquidity position enables further roll-out of portfolio strategy
Liquidity position enables further roll-out of portfolio strategy • Treasury increases to EUR 116.1 mio (end September 2014) • Important divestment activity in 1H14/15 > 8 complete divestments, next to some partial divestments, capital decreases and dividend payments • Net cash out dividend of EUR 3
Slide 33: 6. Organisation
6. Organisation 33 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 34: From a country and product organization to a platform organization
From a country and product organization to a platform organization with a matching executive committee Koen Dejonckheere Chief Executive Officer Dirk Beeusaert Alex Brabers Kristof Vande Capelle Marc Vercruysse General Counsel Chief Business Operations Chief Financial Officer Chief Funding Officer P
Slide 35: Recent and upcoming changes to the executive committee
Recent and upcoming changes to the executive committee Benoît Raillard • Joined Gimv mid November as Operating Partner, to focus on accompanying the different platform teams and portfolio companies in their growth- and value creation trajectories • A seasoned professional with more than 20 years’ ex
Slide 36: Questions & Answers
Questions & Answers 36 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 37: Annexes: Additional information
Annexes: Additional information 37 RESULTS 1H 2014-2015 (20 NOVEMBER 2014)
Slide 38: Gimv paid out 75% of current NAV over the past 10 years
Gimv paid out 75% of current NAV over the past 10 years 1H 13/14 2H 13/14 FY 13/14 1H 14/15 EPS (group share) 0.85 -0.24 0.61 1.91 Equity (group share) 40.42 40.12 40.12 39.46 80 75 70 65 • EUR 29 dividend 60 per share paid over 55 2004-2013 50 • Return on equity 45 for 1H14/15: 4.9% 40 35 NAV 30 ma
Slide 39: Profitable divestments and increased results lead to half year profit of EUR 48.5 million
Profitable divestments and increased results portfolio companies lead to half year profit of EUR 48.5 million IFRS 1H 13/14 2H 13/14 FY 13/14 1H 14/15 Net group results 21.0 -6.0 15.0 48.5 Investments (balance sheet) 70.9 123.7 194.6 28.4 Investments (incl. FuM) 84.9 180.2 264.8 44.5 Divestments (ba
Slide 40: Equity matrix: diversified portfolio over about 60 portfolio companies
Equity matrix: diversified portfolio over about 60 portfolio companies Business Unit Net Consumer Health & Smart Sustainable Third party Other treasury & Equity Total 2020 Care Industries Cities funds participations other net group Region assets Belgium 123.3 12.1 118.5 121.0 5.2 9.7 389.8 France 97
Slide 41: Reduced exposure to listed equities volatility
Reduced exposure to listed equities volatility Overview listed shareholdings 30/09/2014 (Gimv pro-rata holding) Company BB symbol Holding in % of shares Holding in n° of shares CapMan CPMBV FH 10.0% 8.431.978 Electrawinds EWI GR 3.1% 1.632.416 Inside Secure INSD FP 12.5% 4.254.171 GreenYard Foods GR
Slide 42: Contact
CONTACT Frank De Leenheer T +32 3 290 22 08 frank.deleenheer@gimv.com Inés Sylverans T +32 3 290 22 23 ines.sylverans@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding BV Gimv France SAS Gimv Karel Oomsstraat 37 Lange Voorhout 9 38, avenue Hoche Promenadeplatz 12 2018 An