Annual Report 2015-2016 (Gimv)

Summary

• Gimv generated a net profit of EUR 137.2 million for the 2015-2016 financial year, compared to EUR 136.0 million in 2014-2015.p.40
• Total assets under management reached EUR 1.8 billion spread across 50 portfolio companies.p.10
• On-balance sheet investments amounted to EUR 130.2 million, adding 8 new growth companies to the portfolio.p.41
• The net cash position remained solid at EUR 183.9 million as of 31 March 2016.p.42
• The total value of the investment portfolio grew to EUR 1 013.9 million from EUR 920.2 million in the previous year.p.42

Key insights

1. Connected Consumer represents the largest platform in Gimv's portfolio, accounting for 28% or EUR 281.5 million of total portfolio value.p.23
2. Gimv achieved a net return on equity of 12.6% for FY 2015-2016, exceeding its long-term return target.p.18
3. The average debt ratio across Gimv's portfolio companies was 1.9 times operating cash flow (EBITDA).p.7
4. Gimv is financial debt-free with unused credit lines, keeping direct interest and liquidity risks low.p.7
5. Outstanding commitments to third-party managed funds stood at EUR 26 050 at the end of March 2016.p.9
6. The five largest shareholdings accounted for 25.4% of the total investment portfolio value at end-March 2016.p.6
7. Gimv proposed an unchanged gross dividend of EUR 2.45 per share for the financial year 2015-2016.p.18
8. Portfolio companies achieved an average sales growth of 12% and EBITDA growth of 25% over the past year.p.18