Slide 1: Press conference / Analyst meeting 1H 2018/2019 - results
Press conference / Analyst meeting 1H 2018/2019 - results Antwerp, 22 November 2018 P-1246
Slide 2: Gimv Group's results 1H 2018/2019
Gimv Group’s results 1H 2018/2019 CEO Koen Dejonckheere CFO Kristof Vande Capelle 2 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 3: Excellent 1H results thanks to continued growth at our portfolio companies
1. Excellent 1H results thanks to continued growth at our portfolio companies 3 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 4: Key messages results
Key messages results Strong portfolio return and persistent good trading at our portfolio companies Continued growth portfolio, with 7 new investments YTD and intensive buy & build activity Excellent 1H results allow to confirm dividend policy 4 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 5: Strong portfolio return and persistent strong trading at our portfolio companies
Strong portfolio return and persistent strong trading at our porfolio companies • Portfolio return of 17% in 1H 25% 20% 15% Long term objective 10% 5% 0% FY14/15 FY15/16 FY16/17 FY17/18 1H18/19 (annualised) • Continued strong sales & EBITDA growth (LTM) in our portfolio companies Sales growth Ebitda
Slide 6: Further growth platform portfolio
Further growth platform portfolio 1800 1600 Dividends 1400 paid 1200 1000 800 600 400 # 54 # 75 200 0 31/03/2013 30/09/2018 Platform portfolio Other portfolio 3F portfolio Cash Dividends paid (in EUR mio) 6 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 7: Continued high investment activity
Continued high investment activity • EUR 61 million investments in 1H • And already EUR 100 million new investments after the close of the 1H 7 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 8: On top of intensive buy & build activity within the existing portfolio
On top of intensive buy & build activity within the existing portfolio 8 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 9: The guilty pleasure gourmet burger
The guilty pleasure gourmet burger • Trendy restaurant chain for guilty pleasure gourmet burger meals, using premium products, with 25 restaurant in Belgium, The Netherlands and France • Gimv and Top Brands took majority, next to the management team • Employs 270 people • Turnover 2017: EUR 24 milli
Slide 10: Watching it closely
Watching it closely • Dutch specialist in machine vision solutions, mostly for inspection systems in food and pharmaceutical sectors • Employs 65 people • Turnover 2017: ND INVESTMENT CASE • Combination of deep technology knowhow and two dynamic and ambitous entrepreneurs • A well-defined expansion
Slide 11: Beam me up Scotty
Beam me up Scotty • Independent European supplier of innovative laser and photonics solutions • HQ in Germany, with subsidiaries in France, Spain and Sweden • Gimv acquired a 75% next to the founder- managing director • Employs 65 people • Turnover 2017: ND INVESTMENT CASE • New emerging fields of a
Slide 12: Leakproof
Leakproof • Two German companies combined into one new group, specialised in mail-order of home-care supplies, with a particular focus on incontinence and stoma care • Supplies 150,000 end-consumers annually • Gimv acquired a majority stake, next to the CEO • Employs 225 people • Combined turnover o
Slide 13: Who moved my cheese?
Who moved my cheese? • French specialist in the development and supply of tailor-made cheese solutions to industrial food processing groups • Gimv acquired a majority stake, next to the management team • Employs 37 people on its industrial site, where production capacity will be doubled shortly • Tu
Slide 14: Precision radiation
Precision radiation • Brussels-based spin-off from VUB, developing novel radiopharmaceuticals, using camelid domain antibodies linked to radionuclides • Completed a EUR 37 million series-A financing by an international consortium of specialised life sciences investors, led by Gimv INVESTMENT CASE •
Slide 15: The water engineers
The water engineers • French leading player in equipment for drinking water networks (metering, connection, control) • Gimv to acquired a majority stake, next to the management team • Employs 190 people • Turnover 2017: EUR 53 million INVESTMENT CASE • Drinking water networks require continuous opti
Slide 16: EUR 2.7 billion transactions and EUR 711 million value created since launch platform strategy
EUR 2.7 billion transactions and EUR 711 million value created since launch platform strategy 1 800 1 600 1 400 Value created: 1 200 EUR 711 mio 1 000 800 1 620 600 1 066 909 400 200 - Cost of exits Exits* Investments (in EUR mio) * Including dividends & interest received 16 RESULTS 1H 2018-2019 (22
Slide 17: The European private equity market into perspective
2. The European private equity market into perspective 17 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 18: Private Equity in Europe shows high activity
Private Equity in Europe shows high activity Fundraising, Investments & Divestments at cost 18 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 19: Mid-market EV/EBITDA-multiples at peak-levels
Mid-market EV/EBITDA-multiples at peak-levels On a 6-month rolling basis 19 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 20: Key conclusions
Key conclusions Strong portfolio return and good trading at portfolio companies Further growth platform portfolio Continued high investment activity and intensive buy & build Excellent 1H results allow to confirm dividend policy Very high activity in European PE and multiples at peak levels 20 RESUL
Slide 21: Questions & Answers
Questions & Answers 21 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 22: Annexes: Additional information
Annexes: Additional information 22 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 23: Strong portfolio result leads to 1H result of EUR 63 mio
Strong portfolio result leads to 1H result of EUR 63 mio IFRS 1H 17/18 2H 17/18 FY 17/18 1H 18/19 Net group results 62.6 44.4 107.1 62.5 Investments (balance sheet) 77.6 168.6 246.2 60.9 Divestments (balance sheet) 87.0 284.2 371.1 98.6 % of portfolio that was divested 8.3% 18.9% 27.2% 10.3% Equity
Slide 24: Portfolio result drives above-average portfolio return
Portfolio result drives above-average portfolio return Portfolio result of EUR 79.8 mio = 16.6% annualised portfolio return 1 400 34.6 45.2 -15.8 1 300 -63.6 -3.8 1 200 1 100 1 274.3 1 000 1 270.9 900 800 Equity Realised portfolio Unrealised Other operating Dividends paid Change in Equity 31/03/2018
Slide 25: Unrealised results – buy & build leads to somewhat higher NFD
Growth portfolio companies and first time valution main driver for unrealised results – buy & build leads to somewhat higher NFD 26,3 Multiple 19,5 Ebitda or Sales 2,5 3F (incl. cy impact) 2,0 Listed 1,9 Other 0,8 Exchange Rate 0,7 Imminent Sale -5,5 Write down -13,6 Net Financial Debt -20 -10 0 10
Slide 26: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Proceeds from 1H2018-19 divestments (incl. income received): EUR 99.0 million • Uplift on opening equity of 31 March 2018: 62% Total uplift on opening equity 140% 120% 100% 80% 60% 40% 20% 0% FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/1
Slide 27: Promising younger portfolio of EUR 1 billion
Promising younger portfolio of EUR 1 billion 1200 63,9 -29,3 -61,3 60,9 4,8 900 Unrealised result: EUR 34,6m 600 960,4 999,4 300 0 31/03/2018 Investments Value Value Divestments Other 30/09/2018 increases decreases (Opening Value) (in EUR mio) 27 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 28: EUR 1.1 billion investment and EUR 1.6 billion exits over 5 years
EUR 1.1 billion investment and EUR 1.6 billion exits over 5 years 400 350 300 250 200 341,8 150 100 87,0 28,4 50 20,1 123,7 138,3 125,9 193,7 103,3 110,1 123,9 168,6 284,2 63,6 52,5 77,6 60,9 98,6 70,9 50,3 116 45 0 1H 13/14 2H 13/14 1H 14/15 2H 14/15 1H 15/16 2H 15/16 1H 16/17 2H 16/17 1H 17/18 2H
Slide 29: 54 portfolio companies with a value of EUR 1 billion
54 portfolio companies with a value of EUR 1 billion 7% 3% 7% 11% 29% 36% 11% 20% 17% 28% 15% 16% Connected Consumer Health & Care Belgium France Smart Industries Sustainable Cities The Netherlands Germany Third party funds Other shareholdings (incl. infra) Rest of Europe Rest of World 29 RESULTS 1H
Slide 30: A younger portfolio with promising growth potential
A younger portfolio with promising growth potential by valuation method by vintage** 2% 2% 5% 3% Weighted average 18% 9% EV/EBITDA-ratio: 7.4x (after 26% discount)* 52% 11% 9% 57% 13% 19% Multiple Cost 3F ≤ 2006 2007-2009 2010-2012 Loans Listed Price last round Other 2013-2015 ≥ 2016 * With average
Slide 31: Twenty largest investments make up 58% of portfolio
Twenty largest investments make up 58% of portfolio (based on NAV of 30 September 2018) > rank 1 to 5 Company Activity Platform Location Entry HVAC solutions in residential renovation and new The Netherlands 2016 build markets European ICT service provider Belgium 2017 Wall covering producer Belgium
Slide 32: Twenty largest investments (ctd) > rank 6 to 10
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Roll and flatbed digital cutting machines Belgium 2016 Specialised staffing agency Belgium 2018 Plastic pallet pooling Belgium 2016 Leading nut supplier The Netherlands 2017 Eco-friendly flame retardant additive
Slide 33: Twenty largest investments (ctd) > rank 11 to 15
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Medical device company active in spine surgery Switzerland 2016 Supplier of innovative laser and photonics solutions Germany 2018 Premium baby strollers The Netherlands 2016 Road safety equipment Germany 2017 S
Slide 34: Twenty largest investments (ctd) > rank 16 to 20
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Transport & logistic services Belgium 2014 Production and distribution of pet care products France 2017 Leading supplier of airbag components The Netherlands 2017 Thermal resorts France 2018 High-tech ultrasoun
Slide 35: 54 companies with a value of EUR 1 billion
54 companies with a value of EUR 1 billion 35 RESULTS 1H 2018-2019 (22 NOVEMBER 2018)
Slide 36: 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 37: 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 Prinses Margrietplantsoen 87 83, rue Lauriston Promenadeplatz 12 2018 Antwerpen 2595 BR Den Haag 75116 Paris 80333 M