Annual Report 2017-2018 (Gimv)

Summary

• The firm deployed a record EUR 246.2 million in on-balance sheet investments (EUR 295.3 million including co-investment partnerships) across its core platforms.p.9
• Divestments generated total cash proceeds of EUR 371.1 million, realizing an average money multiple of 2.3x original acquisition cost on sold platform holdings.p.9
• Equity value attributable to the group increased to EUR 1 274.3 million (EUR 50.1 per share) at 31 March 2018, delivering a return on equity of 8.5%.p.9
• Cash and cash equivalents grew to EUR 380.5 million at 31 March 2018, up from EUR 313.9 million a year earlier.p.9
• The board of directors proposed an unchanged gross dividend of EUR 2.50 per share (EUR 1.75 net).p.18

Key insights

1. Sales and operating cash flows of Gimv's overall portfolio companies increased by approximately 10% during the year.p.6
2. The portfolio return reached 15.6% overall and 19.1% across the four dedicated investment platforms.p.8
3. Realised net capital gains for FY 2017-2018 reached EUR 113.4 million compared to EUR 84.2 million in FY 2016-2017.p.8
4. Exits executed during the year generated EUR 111.6 million (or 42.6%) above their consolidated net asset value at 31 March 2017.p.9
5. Invest Europe reported that private equity investment volume across Europe rose by 30% to EUR 73.5 billion across 7 400 transactions in 2017.p.14
6. Vlaamse Participatiemaatschappij (VPM) remained Gimv's reference shareholder with a 26.82% stake comprising 6 818 407 shares.p.20
7. Portfolio concentration was managed with the top five holdings representing 24.1% of the total investment portfolio value.p.21