Annual Report 2018-2019 (Gimv)

Summary

• Gimv's investment portfolio reached €1.1 billion across 55 portfolio companies that jointly generate a turnover of more than €2.75 billion and employ 14 000 professionals.p.5
• Over the past 5 years, Gimv invested €932 million in 46 companies and generated €1 520 million in proceeds from 48 exits.p.5
• In FY 2018-2019, Gimv completed €189.0 million of on-balance sheet investments across its target platforms and home markets.p.38
• The portfolio delivered a result of €155.3 million for FY 2018-2019, representing a portfolio return of 16.2%, which exceeds the 15% long-term target for the fifth consecutive year.p.38
• Divestments during the financial year generated total proceeds of €196.2 million, realizing a money multiple of 2.5x over the entire holding period.p.39
• Gimv's net cash position stood at €276.7 million as of 31 March 2019.p.39

Key insights

1. Gimv's portfolio companies recorded 10% annual sales growth and 14% annual EBITDA profit growth in FY 2018-2019.p.28
2. Portfolio companies executed more than 20 add-on acquisitions across 12 portfolio companies during FY 2018-2019.p.28
3. The European lower-mid market includes around 200 players, with approximately two-thirds of deals realized by local investors in their home markets.p.22
4. In 2018, buyouts accounted for 73% of the total European private equity market volume, while growth capital represented 15% and venture capital 10%.p.22
5. More than 70% of Gimv's platform portfolio has been invested over the last 3 years, creating a young portfolio with significant growth potential.p.39
6. Realised net capital gains during FY 2018-2019 reached €62.7 million, alongside €38.6 million in dividends and interest received from portfolio companies.p.38
7. Gimv proposed an unchanged gross dividend of €2.50 per share, resulting in a total dividend payout of €63.6 million.p.40
8. Divestments realized during FY 2018-2019 generated proceeds that were 48% higher than their fair carrying value as of 31 March 2018.p.39