Annual Report 2021-2022 (Gimv)

Summary

• Gimv's private equity investment portfolio grew by 17.5% over the 2021-2022 financial year to reach a record level of EUR 1,448.5 million across 59 portfolio companies.p.39
• Portfolio companies achieved 24% revenue growth and 37.6% Ebitda growth, with 60% driven organically and 40% coming from acquisitions.p.37
• During FY 2021-2022, Gimv invested EUR 193.8 million, including EUR 100.1 million in new portfolio companies and EUR 91.9 million across 26 bolt-on acquisitions.p.38
• Divestments from the balance sheet generated EUR 218.9 million with an average realised money multiple of 3.2x on sold portfolio participations.p.38
• The board of directors proposed increasing the gross dividend to EUR 2.60 per share, up from EUR 2.50 per share in the prior year.p.40

Key insights

1. Gimv exceeded its long-term average annual portfolio return target of 15% for the second consecutive year by achieving 20.4% in FY 2021-2022.p.37
2. Health & Care was Gimv's largest platform with EUR 469 million across 24 portfolio companies at 31 March 2022.p.4
3. More than half (63%) of Gimv's platform portfolio was invested in vintages from 2018 onwards, creating a young portfolio with growth potential.p.39
4. The portfolio value was geographically concentrated in Belgium (27%), Germany (27%), France (24%), and the Netherlands (19%).p.39
5. Following the financial year-end, Gimv decided to split its Health & Care platform into separate Healthcare and Life Sciences platforms, moving to five platforms in total.p.41
6. In its first portfolio-wide ESG survey of 53 companies representing 94% of portfolio value, Gimv recorded a 100% response rate.p.51
7. A total of EUR 743.2 million of Gimv's portfolio met sustainable eligible criteria under the Gimv Sustainable Finance Framework as of 31 March 2022.p.54
8. Vlaamse Participatiemaatschappij NV (VPM) remains Gimv's reference shareholder with a 27.55% interest representing 7,342,899 shares.p.70