GIMV returns to profit

The listed Belgian private equity firm, having announced a €71m net capital gain for 2003, is upbeat about its prospects.

GIMV, Belgium’s largest private equity provider, has published its annual accounts for 2003, outlining improved performance and increased investment activity in the first quarter of 2004.

The firm reversed a loss in 2002 to make a net profit of €41.1 million ($49.8 million) in 2003, realising €70.7 million of net capital gains.

This year, GIMV has already realised €158 million from the sale of its shareholdings in European cinema chain Kinepolis and Belgian dredging company Deme. GIMV also partially exited Barco, a Belgian electronics company, in April.

This year the firm has invested €42.4 million in new shareholdings including Microtherm, a Belgian-headquartered thermal solutions provider and Psytechnics, a UK-based voice quality measurement company.

GIMV also announced the appointment of two new directors, Greet de Leenheer and Zeger Collier, who will replace Marina Heyvaert and Annemarie Roppe.

GIMV mainly invests in information and communications technology in Belgium and Europe. Last year it committed €30 million to a German mid-market buyout fund, raised by its subsidiary Halder.

GIMV, which has been listed on the Brussels Stock Exchange since 1997, manages more than €1.2 billion of fund activities through its own portfolio companies and third party funds. It has a current net asset value of close to €1 billion.