Slide 1: FY 2019-2020 results press / analysts conference call
Press / Analysts conference call FY 2019-2020 results Antwerp, May 20, 2020 P-1293
Slide 2: Gimv group results FY 2019-2020 - Highlights
2 Gimv group results FY 2019-2020 - Highlights
Slide 3: Strong portfolio and solid balance sheet with ample liquidity
Strong portfolio and solid balance sheet with ample liquidity Significant impact of negative capital markets on valuation Strong and diversified portfolio • 3rd year in a row investment volume > EUR 200mio • Good growth performance of our portfolio in 2019 • Gimv’s portfolio in excess of EUR 1 bio S
Slide 4: Key figures FY 2019-2020
Key figures FY 2019-2020 Investments Exits Portfolio EUR 205 mio (1) EUR 179 mio EUR 1 017 mio 6 new investments Several strategic add-ons 6 portfolio exits 53 companies Portfolio 2019 operational Portfolio result Portfolio return performance EUR -112 mio -10.3% +12% Sales growth +9% EBITDA growth (
Slide 5: 1. Update on the impact of Covid-19
5 1. Update on the impact of Covid-19
Slide 6: Diversified portfolio shows good resilience
Diversified portfolio shows good resilience • As of the start of the pandemic crisis, all our portfolio companies took immediate action to restrain the direct impact as good as possible: • Workforce • Operations and business continuity • Supply chain • Liquidity management • For 30-35% of our portfo
Slide 7: Lockdown exit seems to be very gradual
Lockdown exit seems to be very gradual • Perspective on a quick recovery is fading • High uncertainty on the speed and level of consumer demand pick-up: • what will become the new normal? • will the 1,5m economy be a 90% economy? • It is still to be confirmed, but the Covid-19 aftermath might be mor
Slide 8: Robust financial position to support our portfolio
Robust financial position to support our portfolio • With a robust balance sheet and ample liquidity (EUR 368mio end FY 2019-20 + EUR 200mio unused credit lines), Gimv is in a good position to support our portfolio companies where needed and to further invest where appropriate • Given the gradual ec
Slide 9: 2. Investment and exit activity FY 2019-2020
9 2. Investment and exit activity FY 2019-2020
Slide 10: Continued high investment activity, 3rd year above EUR 200mio
Continued high investment activity, 3rd year above EUR 200mio 6 new portfolio companies and buy-and-build in existing portfolio • Total investments in FY 2019-2020 of EUR 204.9 mio* • EUR 89.3 mio in 6 new portfolio companies • EUR 115.6 mio in existing portfolio mainly for buy-and-build through a s
Slide 11: Zoom on new investments (1H 2019-2020)
Zoom on new investments (1H 2019-2020) Alro Group iSTAR Medical Smart Battery Solutions PLATFORM Smart Industries PLATFORM Health & Care PLATFORM Smart Industries ACTIVITY Industrial coating of trucks and ACTIVITY Development of ophthalmic ACTIVITY Development, production & sales car parts implants
Slide 12: Zoom on new investments (2H 2019-2020)
Zoom on new investments (2H 2019-2020) Köberl AME Biolam PLATFORM Sustainable Cities PLATFORM Smart Industries PLATFORM Health & Care ACTIVITY Facility management and ACTIVITY Specialised producer of smart ACTIVITY Medical biology laboratories technical building services electronics Germany The Neth
Slide 13: Zoom on add-on investments (1H 2019-2020)
Zoom on add-on investments (1H 2019-2020) France Thermes – Impact – One of A Kind Technologies – Add-on Compagnie de Vichy Add-on Haldu Groep Add-on KOAT PLATFORM Health & Care PLATFORM Connected Consumer PLATFORM Smart Industries Developer of machine vision ACTIVITY Thermal resorts ACTIVITY Tempora
Slide 14: Zoom on add-on investments (2H 2019-2020)
Zoom on add-on investments (2H 2019-2020) Cegeka – Groupe Claire – Impact – Add-on KPN Consulting Add-on Ijinus Add-on DeGraaf PLATFORM Smart Industries PLATFORM Sustainable Cities PLATFORM Connected Consumer Independent European ICT Equipment and solutions for the ACTIVITY ACTIVITY Temporary employ
Slide 15: Zoom on transactions in Life Sciences (2H 2019-2020)
Zoom on transactions in Life Sciences (2H 2019-2020) Biotalys – Second closing series C with new US JenaValve – Closed equity round led by new investor Novalis LifeSciences investor Bain Capital Life Sciences PLATFORM Health & Care PLATFORM Health & Care Development of innovative formulations of cro
Slide 16: Exit proceeds of EUR 179 mio, 6 portfolio exits
Exit proceeds of EUR 179 mio 6 portfolio exits generating an overall realised money multiple of 2x Cash proceeds by platform in EUR mio 68 36 33 21 19 CC HC SI SC 3F 16 FY 2019-2020 RESULTS
Slide 17: Portfolio above EUR 1 bio
Portfolio above EUR 1 bio • Notwithstanding the significant impact of the negative valuation, the total portfolio still exceeds EUR 1 bio (decrease by -6%) Long-term portfolio evolution in EUR mio 1 082 1 014 1 017 964 960 931 920 884 845 814 714 578 Other Core portfolio # 92 # 53 FY08/09 FY09/10 FY
Slide 18: Young portfolio with attractive growth potential
Young portfolio with attractive growth potential • 80% of our platform portfolio is invested since 2016 • Average portfolio duration of 3.3 years Platform portfolio by ageing ≤ 2009 2010-2012 2% 3% 2013-2015 16% ≥ 2018 38% 2016-2017 41% 18 FY 2019-2020 RESULTS
Slide 19: 3. Portfolio performance FY 2019-2020
19 3. Portfolio performance FY 2019-2020
Slide 20: Solid portfolio performance in 2019
Solid portfolio performance in 2019 Both through organic growth and buy-and-build, our companies continued their strong performance and achieved a consistent sound growth in 2019… …and also the first months of 2020 showed an encouraging start, with most of our companies on or above their budget. Y-o
Slide 21: Sustained strong portfolio performance over a long term
Sustained strong portfolio performance over a long term Performance in % growth 20% 18% 18% 17% 16% 14% 14% 12% 12% 12% 11% 10% 10% 10% 10% 9% 8% 6% 4% 2% 0% 2015-16 2016-17 2017-18 2018-19 Sales growth EBITDA growth Target 21 FY 2019-2020 RESULTS
Slide 22: Unrealised result of EUR -195.3 mio
Unrealised result of EUR -195.3 mio Strong portfolio performance before corona, negative impact of lower stock markets and multiples in Q4 Sources of value creation FY 2019-2020 48,7 EBITDA or Sales 17,2 Other 0,4 Exchange rate -2,9 Listed -18,6 Net Financial Debt -22,5 3F -36,1 Write downs -181,5 M
Slide 23: FY portfolio return negatively impacted by unrealised loss
FY portfolio return negatively impacted by unrealised loss • Total portfolio result in FY 2019-2020 of EUR -112.0 mio • EUR 83.3 mio realised result • EUR -195.3 mio unrealised result • Total portfolio return of -10.3% Portfolio return 25% 20,1% 20% 18,3% 18,8% 15,6% 16,2% 15% 10% 5% 0% -5% -10% -10
Slide 24: Key take-aways
Key take-aways 2019 portfolio showed good growth Severe valuation impact of stock market reaction on Covid-19 Gimv has a solid balance sheet and robust liquidity position for portfolio support and future investments Too early to assess consequences of Covid-19 for performance of our companies and Gi
Slide 25: Questions & Answers
25 Questions & Answers
Slide 26: Annexes: Additional information
Annexes: 26 Additional information
Slide 27: Portfolio above EUR 1 billion
Portfolio above EUR 1 billion (in EUR mio) 1400 -134,1 7,2 1200 238,1 -18,6 -183,9 8,0 18,3 1000 800 Unrealised result 600 EUR -195.3 mio 1 081,9 1 017,0 400 200 0 31/03/2019 Invested Divested Performance Deleverage Multiple / Other Accrued 31/03/2020 Value Listed Interest 27 FY 2019-2020 RESULTS
Slide 28: 53 portfolio companies with a value of EUR 1 billion
53 portfolio companies with a value of EUR 1 billion Portfolio by platform Portfolio by region Other Rest of the participations world 8% Connected 11% Third-party Consumer funds 16% 6% Belgium 32% Germany 15% Health & France Care 18% 24% Sustainable Cities The Netherlands 28% 24% Smart Industries 18
Slide 29: Portfolio breakdown according to valuation method and vintage
Portfolio breakdown according to valuation method and vintage Platform portfolio by valuation method Platform portfolio by ageing** Price last Other Weighted average ≤ 2009 2010-2012 round 3% 2% 3% EV/EBITDA-ratio: 6.8x 5% 2013-2015 (after 24% discount)* 16% Cost ≥ 2018 14% 38% 2016-2017 Multiples 4
Slide 30: Twenty largest investments make up 61% of portfolio
Twenty largest investments make up 61% of portfolio (based on NAV of 31 March 2020) > rank 1 to 5 Company Activity Platform Location Entry Provider of complete HVAC solutions in the residential The Netherlands 2016 renovation and new build markets Independent beer group The Netherlands 2015 Medical
Slide 31: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Plastic pallet pooling services Belgium 2016 Equipment and solutions for the efficiency of the France 2018 drinking water network Full service rental specialist in cooling and heating The Netherlands 2019 equipm
Slide 32: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Service provider in incontinence care @home Germany 2018 Developer and supplier of tailor-made cheese France 2018 solutions Road safety equipment Germany 2017 Roll and flatbed digital cutting machines Belgium 2
Slide 33: Twenty largest investments (ctd)
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Facility management and technical building services Germany 2019 Software solution company Belgium 2013 Development of transcatheter aortic valves Germany 2010 Premium baby strollers The Netherlands 2016 Medica
Slide 34: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Cash proceeds from FY 2019-2020 divestments: EUR 179.4 mio • Uplift on opening equity of 31 March 2019: 40% Uplift on exits in EUR mio 140% 120% 100% 80% 60% 40% 20% 0% FY08/09 FY09/10 FY10/11 FY11/12 FY12/13 FY13/14 FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/
Slide 35: Evolution equity
Evolution equity (in EUR mio) 1.400 -63,6 - 151,6 -1,2 1.050 700 1.321,3 1.104,9 350 0 31/03/2019 Dividend FY Result Other 31/03/2020 2019-20 NAV/share EUR 52 EUR 43,5 35 FY 2019-2020 RESULTS
Slide 36: Portfolio with 53 companies and a value of EUR 1 billion
Portfolio with 53 companies and a value of EUR 1 billion 36 FY 2019-2020 RESULTS
Slide 37: 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 38: Contact details
Kristof Vande Capelle T +32 3 290 22 17 kristof.vandecapelle@gimv.com Belgium The Netherlands France Germany Gimv nv Gimv Nederland Holding BV Gimv France Participations SAS Gimv Karel Oomsstraat 37 WTC The Hague 83, rue Lauriston Promenadeplatz 12 2018 Antwerpen Prinses Margrietplantsoen 87 75116 P