Annual Report 2020-2021 (Gimv)

Summary

• Gimv achieved a record net profit of EUR 205.7 million for FY 2020-2021, compared to a net loss of EUR -151.6 million in FY 2019-2020.p.32
• The total investment portfolio reached a record level of EUR 1,233 million across 57 portfolio companies as of 31 March 2021.p.34
• On-balance sheet investments totaled EUR 211.1 million in FY 2020-2021, exceeding the EUR 200 million target for the fourth consecutive year.p.33
• Total available cash increased by 41% during the financial year to EUR 517.5 million as of 31 March 2021.p.35

Key insights

1. Gimv pioneered a sustainable financing framework in March 2021 and successfully issued its first sustainable bond for EUR 100 million.p.35
2. Portfolio companies achieved average turnover growth of almost 2% and Ebitda growth of 4% despite a 6% average GDP contraction across Gimv's core markets.p.32
3. Realised exits during the financial year generated 53% more than their carrying value as of 31 March 2020, achieving a realised money multiple of 3.1x.p.33
4. The average Ebitda multiple used to value portfolio companies under IFRS increased from 6.8x at the end of March 2020 to 7.8x at the end of March 2021.p.32
5. More than 52% of the platform portfolio has been invested in the last 4 years.p.34
6. The board of directors proposed an unchanged gross dividend of EUR 2.50 per share for FY 2020-2021.p.35