Gimv Nv · EURONEXT:GIMB
Gimv Nv — FY2020-2021 Earnings Presentation
35 slides from Gimv Nv's earnings presentation, May 20, 2021
Slide 1: FY 2020-2021 results
Press / Analysts video-conference call FY 2020-2021 results May 20, 2021 P-1330
Slide 2: Gimv group results FY 2020-2021 - Highlights
2 Gimv group results FY 2020-2021 - Highlights
Slide 3: Growth and strong results in an exceptional year
Growth and strong results in an exceptional year FY Portfolio return of 27% • Strong portfolio performance combined with stock market recovery underpins valuation result • Significant capital gains on landmark exits (ia. Contraload, Itho Daalderop, OTN) Portfolio grows 21% to > EUR 1.2bio • Investme
Slide 4: Key figures FY 2020-2021
Key figures FY 2020-2021 Investments EUR 211.1 mio Exit proceeds Portfolio 7 new investments EUR 1 233 mio (+21%) EUR 265.5 mio Several strategic add-ons 57 companies (24 bolt-on acquisitions) Liquidity on the Portfolio result Portfolio return balance sheet EUR 274.8 mio +27% (as at end April 2021)
Slide 5: 1. Strong portfolio result
5 1. Strong portfolio result
Slide 6: FY portfolio result underlines strength and resilience of our portfolio
FY portfolio result underlines strength and resilience of our portfolio • Total portfolio result in FY 2020-2021 of EUR 274.8 mio • EUR 124.3 mio realised result – ao. significant capital gain on exit Contraload, Itho Daalderop and OTN • EUR 150.5 mio unrealised result – Solid performance of our por
Slide 7: Solid portfolio performance in a challenging environment
Solid portfolio performance in a challenging environment • Realised growth in our portfolio companies in 2020 despite a shrinking economy (-6% GDP growth): 2% top line growth and 4% profitability growth • Above average performance of top 20 • FY 2020 operational performance by portfolio companies: 8
Slide 8: FY unrealised result of EUR 150.5 mio
FY unrealised result of EUR 150.5 mio Solid Sales & EBITDA performance and multiples back to pre-crisis level • In the period April 2020-March 2021, capital markets Sources of value creation FY 2020-2021 recovered from their strong dip in March last year 31/3/20 31/12/20 31/3/21 137,7 Multiples 24,1
Slide 9: Focus on Q4 unrealised result (EUR 24.4 mio)
Focus on Q4 unrealised result (EUR 24.4 mio) Re-launch is already happening in our portfolio • Overall portfolio demonstrates considerable Sources of value creation Q4 2020-2021 resilience in Q4: performance is key value driver with a contribution of EUR 20,2 mio to the Q4 2020-21 20,2 EBITDA or Sal
Slide 10: Differentiated Covid-19 impact per platform (FY 2020)
Differentiated Covid-19 impact per platform (FY 2020) Consumer 21%* - Health & Care 31%* + - Lockdown continues to have impact on portfolio - Majority of subsectors persistently resilient - Some subsectors show gradual recovery - Some saw continued strong increase in demand - France Thermes most hit
Slide 11: Overall resilient portfolio, only limited part shows severe impact
Overall resilient portfolio, only limited part shows severe impact % NAV 31/03/2021 by Covid-impact (*) Y-o-Y Sales evolution by category of Covid-impact 1 800 Severe impact 1 600 1 + EUR 188 mio 4% 3 +14% sales growth 1 400 (#6) 1 200 2 1 000 - EUR 56 mio 800 -5% sales growth 600 400 No or 200 - EU
Slide 12: 2. Portfolio growth
12 2. Portfolio growth
Slide 13: Investment ambition of >EUR 200 mio reached for the 4th consecutive year
Investment ambition of >EUR 200 mio reached for the 4th consecutive year 7 new companies and strategic add-ons in existing portfolio FY 2020-2021 INVESTMENTS • EUR 171.0 mio invested in 7 new portfolio companies EUR 211.1 mio • Televic (SI; Belgium) • Sofatutor (CO; Germany) Investments by platform
Slide 14: Invest in the digital future of education
Invest in the digital future of education • Gimv recently invested in sofatutor, one of Germany’s leading digital education platforms for years one to twelve (K-12). • sofatutor is the most comprehensive digital education platform for schoolchildren in the German-speaking countries. With more than 1
Slide 15: Invest in the energy transition and a more sustainable data-driven society
Invest in the energy transition and a more sustainable data-driven society • Gimv recently invested in Verkley, an important northern Dutch player in underground infrastructure, specialising in building and maintaining underground cable and pipeline networks for energy and water. • For 50 years, the
Slide 16: Successful landmark exits of Itho Daalderop, Contraload and OTN
Successful landmark exits of Itho Daalderop, Contraload and OTN FY 2020-2021 EXIT PROCEEDS • Above average return on 3 portfolio exits: EUR 265.5 mio • Itho Daalderop (SC; The Netherlands) Money Multiple: 3.1x • Contraload (SC; Belgium) IRR: 27% Cash proceeds by platform EUR mio • OTN (SI; Belgium)
Slide 17: Creation of integrated sustainable solutions for energy-neutral living
Creation of integrated sustainable solutions for energy-neutral living • Itho Daalderop-CFL has grown into a major player in the Benelux in the field of HVAC products for the residential market. • Itho realized a very successful growth story: • Doubled its turnover and sharply increased profitabilit
Slide 18: Product innovation in telecommunication transmission and security solutions
Product innovation in telecommunication transmission and security solutions • Under the partnership with Gimv, OTN has evolved into a market leader of building superior networks in specific industrial segments including power utilities, transportation and oil and gas. • OTN realized a successful gro
Slide 19: Portfolio grows to a record level above EUR 1.2 bio
Portfolio grows to a record level above EUR 1.2 bio driven by investments and positive valuation impact Long-term portfolio evolution • Over the last 10 years portfolio 1 233 doubles in size in combination with 1 082 1 014 1 017 intense portfolio rotation (portfolio 931 964 960 920 845 814 x2 of 201
Slide 20: 3. Concluding remarks
20 3. Concluding remarks
Slide 21: Shifting from re-Launch to re-Naissance
Shifting from re-Launch to re-Naissance • The strength of our portfolio is confirmed by the solid growth in 2020, outperforming the economy. The re-launch is happening: • Industry started after the summer 2020 • Trend accelerated in December/January (with some supply chain hick-ups in February/March
Slide 22: Questions & Answers
22 Questions & Answers
Slide 23: Annexes: Additional information
Annexes: 23 Additional information
Slide 24: Twenty largest investments make up 60% of portfolio
Twenty largest investments make up 60% of portfolio (based on NAV of 31 March 2021) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2017 Supplier of high-tech and high-quality communication Belgium 2020 systems for specific markets Independent
Slide 25: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Full-service rental specialist in cooling and heating The Netherlands 2019 equipment Equipment and solutions for the efficiency of the France 2018 drinking water network Online learning platform Germany 2021 Rol
Slide 26: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Developer and supplier of tailor-made cheese France 2018 solutions Specialist contractor in cable and pipeline networks The Netherlands 2021 for energy and water Facility management and technical building servi
Slide 27: Twenty largest investments
Twenty largest investments (ctd) > rank 16 to 20 Company Activity Platform Location Entry Industrial coating of trucks and car parts Belgium 2019 Provider of specialty pharmaceuticals and specialized The Netherlands 2013 medical homecare Software solution company for utilities Belgium 2013 Specialis
Slide 28: Total portfolio grows 21% to EUR 1.233m
Total portfolio grows 21% to EUR 1.233m (in mEUR) 1400 19,3 1,5 1200 223,9 -179,3 21,1 137,3 1000 -7,9 800 Valuation result EUR +150,5m 600 1 232,9 1 017,0 400 200 0 31/03/2020 Invested* Divested Performance Deleverage Multiple / Accrued Other 31/03/2021 Value* Listed Interest * Includes the non-cas
Slide 29: 57 portfolio companies with a value of EUR 1.23 billion
57 portfolio companies with a value of EUR 1.23 billion Portfolio by platform Portfolio by region 29 FY 2020-2021 RESULTS
Slide 30: 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** Weighted average EV/EBITDA-ratio: 7.8x (after 22% negative calibration effect)* * with average DEBT/EBITDA-ratio of 2.1x ** related to the year of initial investment 30
Slide 31: Long-term uplift on exits confirmed
Long-term uplift on exits confirmed • Cash proceeds from FY 2020-21 divestments: EUR 265.5 mio • Uplift on opening equity of 31 March 2021: 53% Uplift on exits in EUR mio 31 FY 2020-2021 RESULTS
Slide 32: Equity evolution: Strong rise in NAV: + EUR 8/share
Equity evolution Strong rise in NAV: + EUR 8/share (in mEUR) 1 400 -1,1 0,1 1 050 -63,6 28,2 205,7 700 1 274,2 1 274,3 1 104,9 1 041,4 350 0 31/03/2020 Dividend Capital FY Treasury Other 31/03/2021 Increase result shares NAV/share EUR 43,5(*) EUR 49,0 (*) incl. dividend on FY 2019-20 32 FY 2020-2021
Slide 33: Portfolio with 57 companies and a value of EUR 1.23 billion
Portfolio with 57 companies and a value of EUR 1.23 billion 33 FY 2020-2021 RESULTS
Slide 34: 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 35: Contact
Contact 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