Private Equity News & Analysis

Gimv posts €32.7m annual profit

The firm has accelerated realisations over the second half of last year, allowing it to lift its NAV per share by 4.2% since end September.

By
Matthieu Favas
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The firm has accelerated realisations over the second half of last year, allowing it to lift its NAV per share by 4.2% since end September.

Gimv, the Antwerp-based manager, last week posted annual results that contrasted with the disappointing figures released a year ago. 

The firm recorded a €32.7 million profit in the 12 months to 31 March 2013, made up of €64.9 million in capital gains and €35.2 million in capital losses. This was a stark improvement on the net €21.9 million loss it posted for the same period last year.  

This positive picture was supported by strong realisations, comprising €180.7 million generated via balance sheet divestments and €74.1 million made through funds managed by the firm. Notable exits have included Human Interference, a Netherlands-based mail services company, and Mentum, a French software provider. Both were exited in November 2012. 

Despite these continuing difficult market conditions, Gimv achieved a number of exits with attractive gains

Koen Dejonckheere

“Despite these continuing difficult market conditions, Gimv achieved a number of exits with attractive gains. This enabled Gimv to post a respectable result in the second half, giving a profit for the year,” said Koen Dejonckheere, managing director at Gimv, in a statement.  

These developments had a positive impact on Gimv’s NAV per share, which increased from €40.5 on 30 September 2012 to €42.22 on 31 March 2013. The firm is also planning to keep its gross dividend stable this year, at €2.45 per share. An optional dividend, introduced for the first time in 2012, is to be offered again. 

Investments were the only indicator that compared unfavourably to the previous period, with €150.9 million deployed in the 12 months to end March 2013 as opposed to €279.4 million invested during the prior financial year. 

Gimv invests from its balance sheet, as well as through a number of specialist vehicles. These include Gimv XL, a growth capital fund closed in 2009 on €609 million, and Gimv Health & Care, launched last February with a target of €200 million.

Listed on NYSE Euronext Brussels, the firm manages around €1.8 billion worth of assets. 85 percent of its capital is invested directly in portfolio companies and 15 percent allocated to third party funds.