ANNUAL REPORT 2007 | 2008 - Gimv

ANNUAL REPORT 2007 | 2008

TABLE OF
CONTENTS
Table of contents Cover
Key fi gures Cover
Portfolio and equity Cover
Gimv at a glance 1
Interview with the Chairman and CEO 2
Highlights of 2007-2008 4
Operating and fi nancial report 6
Structure 8
Strategy 9
Market analysis 10
Results 14
Valuation at Gimv 18
Buy-outs and growth capital 20
Corporate Investment Belgium 21
Corporate Investment Netherlands 28
Corporate Investment Germany 33
Corporate Investment France 36
Venture capital 40
Information & Communication Technology 40
Life Sciences 48
Cleantech 55
Infrastructure 56
Human resources and responsible corporate behaviour 58
Management, corporate governance and shareholders 64
Management 66
Corporate governance 72
Capital 72
Board of Directors 74
Committees 76
Composition and remuneration of day-to-day management 77
Exit bonus plan 79
Co-investment companies 79
Auditing of Gimv 80
The Code of Conduct 80
Corporate governance score 80
Departures from the Lippens Code 81
Shareholders 84
General share information 84
Share price – evolution over the past fi ve years 84
Share price – evolution over 2007-2008 85
Gimv share performance vs. indexes 86
Distribution of available profi t 86
Dividend policy 87
Shareholder structure 88
Shareholder and investor relations 88
Financial calendar 89
Contact data Investor Relations 89
Consolidated fi nancial statements 90
Introduction 93
Limited consolidation 94
Statutory consolidation 105
Unconsolidated fi nancial statements 152
Glossary 155
Contact information and fi nancial calendar 156

KEY FIGURES
LIMITED CONSOLIDATION
31/03/08 31/03/07 31/12/05
CONSOLIDATED FINANCIAL STATEMENTS (LIMITED CONSOLIDATION) (IN EUR 000)
Equity (attributable to equity holders of the parent company) 1 327 554 1 278 526 1 111 094
Portfolio (fi nancial assets valued at fair value through P&L + loans to companies in
the investment portfolio)
848 144 820 751 664 269
Cash and cash equivalents 512 524 445 608 472 009
Net cash and cash equivalents1 512 524 445 608 472 009
Balance sheet total 1 393 986 1 327 425 1 164 018
Net profi t (attributable to equity holders of the parent company) 161 432 249 319 171 863
Total gross dividend 101 047 96 952 81 888
Investments on portfolio level (own balance sheet) 234 936 192 122 103 922
Investments on portfolio (including funds under management) 304 636 226 331 121 011
Divestments on portfolio level (own balance sheet) 380 665 272 385 328 893
Divestments on portfolio level (including funds under management) 476 315 315 167 334 251
Number of employees 83 74 75
KEY FIGURES PER SHARE (IN EUR)
Equity (attributable to equity holders of the parent company) 57.28 55.17 47.94
Net profi t (attributable to equity holders of the parent company) 6.97 10.76 7.42
Diluted net profi t (attributable to equity holders of the parent company) 2 6.97 10.76 7.42
Gross dividend 4.36 4.1833 3.5333
Share price (on the closing date of the fi nancial year) 47.75 48.10 44.80
Total number of shares (on the closing date of the fi nancial year)
RATIO’S
23 176 005 23 176 005 23 176 005
Pay-out ratio3 62.6% 38.9% 47.6%
Return on equity 4 12.6% 18.0% 17.0%
Return on portfolio5 22.3% 33.5% 26.2%
Premium (+) / discount (-) on equity6 -16.6% -12.8% -6.5%
1 Cash and cash equivalents less long and short-term fi nancial liabilities
2 On the assumption that all options / warrants that are in the money at the end of the period will be exercised
3 Total gross dividend / net profi t (attributable to equity holders of the parent company)
4 Net profi t (attributable to equity holders of the parent company) / equity (attributable to equity holders of the parent company – at start of year).
5 (Realised capital gains + unrealised capital gains on fi nancial fi xed assets + dividends + management fees + turnover) / portfolio at start of year
6 (Equity per share - share price) / Equity per share
Comment for the reader - the decimal character in numbers is a full stop; thousands are separated by a space.

PORTFOLIO
AND EQUITY
EQUITY (LIMITED CONSOLIDATION)
Financial assets valued at fair value through P&L (I) 737 935
of which listed shareholdings
Company Bloombergsymbol
Shareholding
in %
Shareholding in
no. of shares
Bid price in local
currency
Value
(in EUR 000)
Ablynx 1 ABLX BB 10.2% 3 703 483 5.70 20 751
Alfacam ALFA BB 3.2% 255 282 12.30 3 140
Avalon Pharmaceuticals AVRX US 5.3% 891 607 2.26 1 274
Barco BAR BB 9.9% 1 249 921 45.35 56 684
Evotec EVT GR 0.5% 360 238 1.70 612
Galapagos GLPG BB 0.4% 87 940 5.91 520
Innate Pharma IPH FP 7.6% 1 925 020 2.03 3 908
LivePerson LPSN US 1.3% 644 323 3.05 1 243
Memory Pharmaceuticals MEMY US 1.4% 1 051 628 0.48 319
Metris MTRS BB 4.5% 563 261 8.95 5 041
Metris warrants - - 425 890 1.64 698
Santhera Pharmaceuticals SANN SW 5.0% 156 192 69.10 6 858
Telenet TNET BB 1.3% 1 415 344 14.00 19 815
Thrombogenics THR BB 0.2% 40 000 7.30 292
Torreypines Therapeutics TPTX US 11.0% 1 738 179 1.36 1 495
Total listed shareholdings 122 650
Loans to companies in the investment portfolio (II) 110 209
Total portfolio (I + II) 848 144
Other assets net of commitments (III) 501 120
Minority interests (IV) 21 710
Equity (attributable to equity holders of the parent company) (I + II + III - IV) 1 327 554
1 Value of Ablynx shares adjusted before lock-up period

GIMV AT A GLANCE
AN ACTIVE INVESTOR (2000-2008 * )
INVESTMENTS
EUR 1.4 billion invested
in 179 new shareholdings
* until 31 March 2008
DIVESTMENTS
EUR 1.85 billion divested
with 138 exits, 19 IPOs

INTERVIEW WITH
THE CHAIRMAN
AND CEO
2 | Gimv Annual Report 2007-2008 | Interview
Chairman Herman Daems (left)
and CEO Dirk Boogmans

Strong performance and expansion
in an uncertain economic climate
How did Gimv perform in a year for which the US
credit crisis marked the pivot point? Chairman
Herman Daems and CEO Dirk Boogmans point
out that Gimv has experienced hardly any negative
infl uence from this new economic situation. Gimv
remains a solid top player with a well distributed
portfolio, experienced investment teams and a
highly profi table long-term strategy. On top of this
the successful internationalization of its activities is
offering attractive prospects.
The consequences of the credit crisis are still working
through the markets. What infl uence has Gimv
experienced?
Herman Daems - In the fi rst half of the 2007 there was still strong
upward movement in the economy. The pivot point came in summer
2007 when the credit crisis hit and dragged markets down. It was
primarily the megabuy-outs from EUR 1 billion upwards which ran
into a headwind. The 2007 credit crisis scarecely impacted Gimv.
Dirk Boogmans - If we look at the investments we made, we see
that the investment volume has even risen slightly. The markets in
which Gimv operates are continuing to perform well. In divestments
too we can present outstanding results.
Has Gimv been able to hold its position in terms of
performance?
Herman Daems - Recent fi gures from the European Private Equity
and Venture Capital Association (EVCA) show incontrovertibly that
Gimv is among the 25 percent of strongest players on the market,
and that for 25 years now. These methodologically well-founded
data are based on a comparison of 1 215 European funds. The most
recent fi gures also confi rm that Gimv is continuing this long-term
trend. The past fi nancial year was another good year.
Dirk Boogmans - We should point out here that Gimv’s portfolio is
structurally sound. The falls in market values are offset by higher
EBITDAs at our companies. Around two thirds of the value creation
comes from the increase in EBITDA. This result was achieved
despite the strong cash position, which will become even stronger
in the long term. Gimv is also allowing its shareholders to share in
its results with an attractive dividend.
Gimv has expanded its fi eld of action. How do these new
activities relate to the core ones?
Herman Daems - The extension is in three areas: infrastructure,
cleantech and growth capital. For infrastructure investments Gimv
has recruited experienced experts. Together with Dexia, Gimv has
set up DG Infra+, a new unlisted fund that focuses on infrastructure
and real estate projects. Together we are aiming at a fund size of
around EUR 150 million.
Dirk Boogmans - In an extension of its core activities, Gimv is also
concentrating on the large potential that exists in cleantech. The
Corporate Investment Belgium team has also been strengthened to
enable Gimv to play a more active role on the growth capital market.
This extension is taking place in a carefully controlled fashion, starting
each time from our existing skills and maintaining our focus in
each of our activities.
In 2006, Gimv was gearing up for further international
expansion. How far was this achieved in 2007?
Herman Daems - Gimv has been working on its international expansion
for some time now. A good example is the continued internationalization
of our ICT activities in various European countries.
Gimv has signifi cantly strengthened its presence in France. We have
opened an offi ce in Paris with a local investment team for the local
buy-out market. A cooperation agreement with Pragma Capital also
ensures us of additional support.
For our ICT activities we have also recruited a local investment manager.
We already had considerable expertise in the French market,
with shareholdings in French ICT and life science companies and
various buy-outs. In Germany we can announce the successful
closing of the Halder-Gimv Germany II fund. As with the fi rst fund,
the emphasis will be on management buy-outs of medium-sized
German companies.
Dirk Boogmans - We have also been pretty active in Central and
Eastern Europe. With KBC Private Equity we have concluded a
partnership in order to further develop the Russian market. The
partners will concentrate on investments in fast-growing economic
sectors. The cooperation runs via a new company, Eagle Capital
Partners, which is acting as investment consultant.
Gimv’s employee count has grown sharply over the past
fi nancial year. What comments would you like to make
here?
Herman Daems - Gimv’s employee count has risen by around
10 percent, which is a pretty strong rise. The integration of the
newcomers has been excellent. Let me take this opportunity to
express my great appreciation for all our employees. They have
made possible Gimv’s strong results.
I would like also to mention the hard work of Professor Christine Van
Broeckhoven, who has retired as an independent director. I would
also like to thank our departing CEO Dirk Boogmans for his many
years of commitment to our company. Dirk has been one of the driving
forces behind Gimv’s success. On behalf of all Gimv employees
and the Board of Directors I wish him all the very best.
In April 2007 our former chairman Raynier van Outryve d’Ydewalle
passed away. Not only was he one of Gimv’s founders, but throughout
his long career he was a great source of inspiration for the
expansion of the company.
| 3

HIGHLIGHTS OF
2007-2008
RECORD NUMBER OF DIVESTMENTS,
INVESTMENT RHYTHM REMAINS STRONG
Sale of HOLONITE, a Dutch
producer of prefabricated
building elements
Gimv commits EUR 30 million
to the CLEANTECH FUND
of Swiss-based Emerald
Technology Ventures and
concludes a partnership for
building its own cleantech
business unit
Israeli early stage technology
company OREE is Gimv’s fi rst
co-investment with Genesis
Partners
Exit from Germany interior
door manufacturer PRÜM-
GARANT (Halder-Gimv
Germany Fund)
ALFACAM, Europe’s largest
supplier of outdoor HDTV
services, is introduced on
Euronext Brussels
German company GEKA
BRUSH is acquired in a
management buy-out (Halder-
Gimv Germany Fund)
4 | Gimv Annual Report 2007-2008 | Highlights
ACTECH is Gimv’s second
German MBO in 2007
(Halder-Gimv Germany Fund)
KRONOS acquires Gimv’s ICT
shareholding in Captor
Voith Turbo becomes the
new owner of turbo
gears specialist BHS
GETRIEBE (Halder-Gimv
Germany Fund)
Liberty Global strengthens
its position in TELENET by
exercising a call option on,
among others, a package of
shares held by Gimv
APRIL JUNE AUGUST
Gimv increases its holding in
Dutch press agency ANP
MAY JULY SEPTEMBER
Gimv sells DTS, France’s
market leader in safety lighting.
Wallpaper manufacturer
GRANDECO comes into Gimv’s
hands via a management
buy-out
Gimv takes a majority
shareholding in ACERTYS
GROUP, which sells and
distributes medical apparatus
and consumer goods
Gimv sells its shareholding
in deep-frozen vegetable
producer DUJARDIN FOODS
The listed ICT group
Sopra extends its product
range by acquiring
BUSINESS ARCHITECTS
INTERNATIONAL
Dutch company BEVER
ZWERFSPORT is acquired by
its Belgian opposite number
AS Adventure

In 2007-2008 Gimv realised 10 new investments and 11 complete divestments
2 Gimv portfolio companies went public
ALUKON, a supplier of
aluminium roller blinds and
doors, is added to the German
portfolio (Halder-Gimv
Germany Fund)
Gimv acquires a majority
interest in LE COBOURG, a
fast-growing Belgian producer
of salad pastes
Gimv opens an offi ce in
FRANCE and concludes a
partnership with Pragma
Capital.
Gimv sells its holding in
GEVEKE to ABN Amro
Participaties
Gimv and KBC Private Equity
sign partnership to invest in
RUSSIA
Road-builder VERHAEREN
brings in Gimv to help it grow
further
Gimv expands it technology
territory with participation in
a JAPANESE venture capital
fund
OCTOBER DECEMBER FEBRUARI
NOVEMBER JANUARY MARCH
Gimv becomes the principal
shareholder of Dutch industrial
service company NUMAC
GROUP
Gimv takes a majority holding
in chicken processor LINTOR-
VERBINNEN
Dexia and Gimv launch the DG
INFRA+ infrastructure fund
Dutch fashion chain TERSTAL
joins the Gimv portfolio
ABLYNX becomes the biggest
biotech IPO ever on Euronext
Brussels
Start-up MOVEA strengthens
the French ICT portfolio
VAG ARMATUREN decides to
grow with Gimv (Halder-Gimv
Germany Fund).
HEBU hydraulic components
retailer sold to supplier Manuli
Successful closing of
HALDER-GIMV GERMANY II
fund at EUR 325 million.
Belgian renewable energy
company ELECTRAWINDS is
DG Infra+’s fi rst investment
| 5

OPERATING
AND FINANCIAL
REPORT

Structure | 08
Strategy | 09
Market analysis | 10
Results | 14
Valuation at Gimv | 18
Buy-outs and growth capital | 20
Venture capital | 40
Infrastructure | 56
• FUNDS • SHAREHOLDINGS
OVER 27 YEARS GIMV
HAS CONCLUDED MANY
PARTNERSHIPS WITH TOP
COMPANIES AND HELPED
THEM SUCCESSFULLY
REALIZE THEIR STRATEGIC
PLANS.

STRUCTURE
Gimv’s structure has three cornerstones: Balanced and diversifi ed portfolio
1 Gimv invests in management buy-outs and growth capital of
companies in traditional sectors. Four local teams – Corporate
Investment Belgium, Corporate Investment Netherlands,
Corporate Investment Germany and Corporate Investment
France – concentrate on these activities.
2. In sectors of the future Gimv invests in information and communication
technology (ICT), life sciences and environmentally-friendly
technology (Cleantech). Each of these sectors
has its own specialist team.
3. For growth capital investments in Central and Eastern Europe
Gimv has set up a joint venture with KBC Private Equity. For
infrastructure products Gimv invests together with Dexia via
DG Infra+. Gimv is also backed by a strong international
network thanks to investments in specialist partnerships like
CapMan (Scandinavia), Lyceum Capital (United Kingdom)
and FinTech Gimv Fund (Japan).
Belgium
Management
buy-outs and
growth capital
Germany
(Halder)
8 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
1
Netherlands
(Halder)
France
ICT
As an active partner and coach, Gimv contributes know-how
and experience to the approximately 100 companies in its
portfolio, reinforcing and supporting their growth. Respecting
local cultures and businesses, Gimv has local experts in its four
offi ces in Antwerp, The Hague, Frankfurt and Paris.
A diversifi ed and balanced portfolio
Financial assets of EUR 848.1 million
Buy-outs
and growth capital
62.7%
Gimv
2
Venture capital
Life
Sciences
Infrastructure
0.3%
Cleantech
Central &
Eastern Europe
3
Other activities
Infrastructure
(DG Infra+)
ICT 19.6%
Life sciences 16.5% 16
Cleantech 0.9%
Other fund
investments

STRATEGY
Gimv is an independent, listed investment company which
operates in private equity and venture capital, mainly on the
European market.
Gimv’s ambition is to create added value by investing in promising
small to medium-sized companies and to actively accompany
and support these companies as a professional and
experienced partner in their growth, expansion, operational
improvement and fi nancial optimization. Gimv can take shareholdings
in companies with enterprise values of up to around
EUR 125 million.
Gimv wants to fulfi l this ambition in two core activities:
Gimv’s local buy-out teams are concentrating on companies in
more traditional sectors in Belgium, the Netherlands, France
and Germany. In Belgium Gimv also provides growth capital to
companies wanting to speed up their growth.
In the venture capital fi eld, Gimv provides venture capital to
starters from a focus on sector specialization, investing in companies
in ICT, life sciences and cleantech, at every phase of
development.
Whilst retaining its strong position in its key markets, Gimv wants
to grow and expand in a private equity market characterized by
ever increasing internationalization, competition and specialization.
This was one reason for Gimv’s opening its own offi ce
in France. For investments in the Russian market, Gimv has
entered into a joint venture with KBC Private Equity. In terms
of sectors, Gimv has extended its venture capital activities to
include cleantech and launched the DG Infra+ infrastructure
fund in partnership with Dexia.
Gimv invests to a large extent with its own balance sheet assets.
Gimv’s strong cash position permits strong growth in the coming
years, in both its original and in new activities. The extensive
experience and high degree of specialization and professionalism
of Gimv employees, combined with a continuing thrust
towards innovation and exploring new opportunities, form a
strong basis for further ambitious growth.
Gimv manages as an active partner an extensive portfolio of
geographically and sectorally diversifi ed private equity investments.
The capital gains that Gimv is able to realize benefi t all
its investors through the company’s consistent dividend policy
and its equity growth.
In its 27 years of existence, Gimv has achieved an average annual
return of over 13 percent. This impressive performance
makes Gimv one of the 25 percent best players in its market.
Gimv’s target for the future remains a minimum return of
13 percent.
The presence of the Vlaamse Participatiemaatschappij as a reference
shareholder (27 percent) guarantees Gimv’s continued
independence and its long-term strategy.
| 9

MARKET
ANALYSIS
The European private equity market before and
after the start of the credit crisis
Mergers and acquisitions (M&A)
The trend data clearly divide the past year into two very contrasting
periods: that before and that after the credit crisis. Whilst in
the fi rst half of the year the European M&A market exhibited a
previously unseen dynamism (+ 28 percent year on year), this
market changed totally at the start of August. Even so, 2007 was
a record year, with EUR 1 022 billion of transactions, giving a
modest 2.3 percent growth on an annual basis.
All in all the average transaction volume also remained stable at
EUR 161 million. Obviously here again there were large differences
between the two halves of the year, with a small number
500000
450000
400 000
350 000
300 000
250 000
200000
150000
100 000
50 000
0
Q1
2003
Q2
2003
Q3
2003
Q4
2003
Q1
2004
Q2
2004
Q3
2004
M&A-activity in Europe
(in EUR million)
Q4
2004
Q1
2005
Q2
2005
Q3
2005
10 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Q4
2005
Q1
2006
Q2
2006
Q3
2006
of already announced megatransactions just before the outbreak
of the credit crisis. More surprising is the strong growth recorded
again in the fi rst quarter of 2008, driven this time by renewed
activity by industrial players. In this same quarter, private equity
players represent the lowest portion of M&A activity for the past
three years. Research bureau Dealogic estimates their share in
the fi rst quarter of 2008 at around 7 percent of total transaction
volume, compared with approximately one fi fth of all transactions
during the past two years.
Private equity
Compared with earlier years, the past year was a very good one
for the European private equity industry. However, provisional
fi gures suggest that the records of 2006 will not be beaten.
Q4
2006
Q1
2007
Q2
2007
Q3
2007
Q4
2007
Q1
2008
300
270
240
210
180
150
120
90
60
30
All European M&A
European Mid Market M&A
Average transaction value all
European M&A (right scale)
Average transaction size
European Mid Market M&A
(right scale)
0 Source | Mergermarket

Fundraising
Provisional fi gures from the European Private Equity and Venture
Capital Association (EVCA) show that total fundraising in 2007
amounted to EUR 74.3 billion, which is one third less than the
record fi gure reached in 2006 (EUR 112.3 billion), but still higher
than the 2005 fi gure of EUR 71.4 billion. Striking here is the lack
of any major difference in amounts raised in the fi rst and second
halves. This clearly indicates that the fundraising cycle was independent
from the credit crisis and that private equity has grown
into a fully-fl edged asset class with its own dynamism.
As in earlier years a handful of players dominated the market. No
less than 13 funds each raised over EUR 1 billion in capital, representing
53 percent of total fundraising. The bulk of this money
went to buy-out funds (87 percent compared with 82.8 percent in
2006). Just over 8 percent went to venture capital funds, almost
halving last year’s amount (15.5 percent).
Sector specialist Private Equity Intelligence estimates that right
now 340 European private equity funds are trying to raise no
less than USD 70 billion of fresh money. Given the growing share
of private equity in institutional investor portfolios, it is probable
that in 2008 substantial amounts of money will again be raised.
Only in the immediate future, depending on how the credit market
evolves, more attention may well be paid from the investor side to
mezzanine funds and funds specializing in ‘special situations’.
Investments
Provisional investment fi gures for 2007 come out at EUR 68.3 billion,
putting an end to a run of record years. Based on the fi nal
fi gures EVCA nonetheless expects that the record level of 2006
will still be beaten. Based on the quarterly fi gures published by
Unquote/Private Equity Insight it appears that since the third
quarter the credit crisis has had a clear negative impact on total
transaction volume and that this negative trend has continued
unabated in the fi rst quarter of 2008. Given the continuing problems
faced by fi nancial institutions and the deteriorating economic
prospects, it is unlikely that this situation will improve in the short
term. In addition, after the bursting of a bubble it is always sellers
that are the last to adapt to the new reality that their enterprises
are worth a good deal less than nine to twelve months before. It
comes therefore as no surprise that there are fewer transactions
in the market in the wake of a crisis.
120 000
100 000
80 000
60 000
40 000
20 000
0
Funds raised and private equity investments in
Europe (in EUR million – preliminary fi gures for 2007)
Buy-outs
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
With EUR 56.8 billion or 83 percent of the total invested amount,
compared with EUR 53.9 billion in 2006, the share of buy-outs
again reached an absolute record, despite the credit crisis. Here
again the annual fi gures give a somewhat distorted image. The
quarterly fi gures show that total transaction value has considerably
reduced since the third quarter of 2007. This decline has
continued into the fi rst three months of the present fi nancial year.
Indeed the value of all European buy-outs during the fi rst quarter
of 2008 was just one third of the average value for the three
quarters preceding the outbreak of the credit crisis. On top of
this the UK fi gures for the fi rst quarter of 2008 are fl attered by a
single large transaction (Biffa Waste Services) and a marked rise
in the number of transactions in expectation of a change in the tax
regime that came into effect in April 2008. Another striking evolution
in the fi rst quarter of 2008 is that the total value of small-cap
buy-outs (enterprise value of less than EUR 160 million), was a
full third less than the average for the four previous quarters.
Thanks to a handful of spectacular megatransactions, including
Alliance Boots and EMI, the UK again succeeded in 2007 in
slightly increasing its share of transaction volume. In this way average
transaction volume also increased for the European market
as a whole. Leaving aside Great Britain the average transaction
amount fell by 20 percent to EUR 131 million, back to the 2005
level. This also shows that the fall was most marked in the very
large buy-out segment, which is a direct consequence of the
scarce fi nancing opportunities. In past years, the large funds
collected enormous amounts which had to be used. In the coming
period it is possible that they will increasingly take refuge in
minority shareholdings, transactions involving almost exclusively
capital, or they will head downmarket to the mid-cap sector.
According to Standard & Poors Leverage Commentary and
Data (S&P LCD), the average acquisition multiple in Europe for
2007 amounted to 9.7x EBITDA, compared with 8.8x in 2006.
In the fi rst quarter of 2008 this ratio ratcheted up even further
to no less than 10.7x EBITDA. By way of comparison, over the
past ten years, the average multiple was 7.9x EBITDA. In the
medium-sized buy-outs segment with enterprise values of up to
EUR 250 million the same trend was visible, but with somewhat
lower acquisition multiples (8.8x EBITDA in 2007 compared with
7.6x in 2006).
Source | EVCA
Funds raised
Private equity investments
| 11

Venture capital
Venture Capital was good for EUR 11.6 billion or 17 percent
of total European investments, a fall of one third compared
with the previous year (EUR 17.3 billion in 2006). In terms of
number of transactions the fall was even more marked, to the
lowest level since 2001. This clearly illustrates the shift towards
later stage transactions, and away from higher risk early-stage
investments.
Credit market
Buy-outs / buy-ins in Europe
(in EUR million)
Amount Number
200 000
150 000
100 000
50 000
0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Until summer 2007 the private equity sector was also underpinned
by the ample availability of cheap debt fi nancing, also
from non-bank lenders like hedge funds and CLO funds. Figures
from Standard & Poors LCD show that the average debt level in
2007 ran up to 6.1x EBITDA, compared with 4.2x EBITDA in
2001-2002. In the summer months this ratio went as high as 7.0x
EBITDA. Over the entire year a little more than 50 percent of the
fi nanced LBOs had debt levels of over 6.0x EBITDA.
At the same time credit quality continued to fall. Whereas in
the fi rst half of 2004, 40 percent of buy-out debt had a B rating,
this had risen by the fi rst half of 2007 to over 90 percent.
When in August the fi rst problems surfaced on the US subprime
mortgage market, demand for such debt paper collapsed like a
house of cards. According to S&P LCD, European banks still had
EUR 70 billion of such credit on their balance sheets at the start
of 2008. This is around half of the total volume of debt made
available during the past year. In the past year a record amount
of buy-out fi nancing was also provided. Until such time as this
overhand has disappeared from the market, the credit climate
will remain diffi cult and the availability of debt fi nancing will be
limited. In such a climate we can expect to see fewer refi nancings
and secondary buy-outs.
The equity portion of the total acquisition price remained stable
during the past year at a comfortable 34 percent of the acquisition
price. With the fi nancing problems, this fi gure has increased to
50 percent or more in a quarter of all transactions in the fi rst
quarter of 2008.
At the end of 2007 the default rate stood at 0.6 percent, compared
with 1.9 percent at the end of 2006. Although this may
well increase in the course of the year, it remains well under the
historical average of 3.8 percent.
12 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Divestments
Divestments (at cost price) fell by 30 percent to EUR 23.3 billion.
By way of preference, venture capital investments were divested
via sales to industrial players, whilst in the case of buy-outs, sales
to other private equity players dominated. Given the diffi cult credit
climate it is very likely that the number of secondary transactions
and refi nancings will decrease this year, which will weigh on the
total divestment volume.
Write-downs in Europe fell further to 2.0 percent of total divestments,
the lowest fi gure ever. This level will probably rise again.
IPOs
As in recent years the IPO market in the USA remained historically
weak with 235 IPOs, which together raised EUR 40.2 billion
(2006: EUR 36.1 billion from 217 IPOs). In Europe too the
number of IPOs remained stable at 694 (672 in 2006). The total
amount raised in these IPOs fell slightly from EUR 65.7 billion to
EUR 64.3 billion.
Returns
1 500
1 200
900
600
300
Continental Europe: amount
Europe (incl. UK): amount
Continental Europe: number
(right scale)
Europe (incl. UK): number
(right scale)
Source | CMBOR - Barclays - Deloitte
In the past year the sector was able to present excellent returns. In
recent years the buy-out returns are signifi cantly above the longterm
average. This short-term buy-out performance was driven in
particular by transactions between 2002 and 2004, when prices
were very attractive and fi nancing easy to come by. The long-term
returns (over 10 and 20 years) exhibit on the other hand a greater
stability, albeit at a very high level (around 16 percent).
These buy-out returns are not yet infl uenced by the credit crisis,
but certainly will be in future. As well as the negative impact on
company results of an economic downturn, falling stock markets
will also, thanks to the IFRS rules, also negatively impact portfolio
valuations. This means that in the future returns will not only be
lower, but will have to come more from operational improvements
than from fi nancial engineering.
For venture capital there was a slight reduction in short-term
returns.
Long-term yields for the total private equity sector remain quite
stable and very high, which means that private equity remains
attractive as a class of assets.

35000
30000
25000
20000
15000
10000
5000
0
Divestments and write-downs in Europe
(in EUR million)
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
IPOs: Europe versus the USA
(investment companies excluded) (in EUR million)
Amount Number
8000
7000
6000
5000
4000
3000
2000
1000
0
2001 2002 2003 2004 2005 2006 2007
Net IRR at 31 december 2007*
(in EUR million - provisional 2007 fi gures)
Source | EVCA | Thomson Financial - provisional fi gures
Net IRR at 31/12/2007 3 years 5 years 10 years 20 years
Venture capital 4.4% 0.9% 1.8% 4.6%
Buy-outs 21.9% 15.9% 16.6% 16.2%
All private equity 17.1% 11.5% 11.5% 11.9%
* Investment horizon return:
IRR calculated using net asset value (NAV) as capital outfl ow at the start of the period,
NAV at the end of the period and the actual intervening cash fl ows.
800
700
600
500
400
300
200
100
0
Source | EVCA
Divestments
Write-downs
Europe: amount
United States: amount
Europe: number (right scale)
Source | PwC - IPO Watch Europe
United States: number (right scale)
| 13

RESULTS
Gimv posts net profi t of
over EUR 160 million
For the 12 months of the 2007-2008 fi nancial year, Gimv posted
a net profi t (group share) of EUR 161.4 million. This compares
with EUR 249.3 million for the extended 2006-2007 fi nancial
year (15 months). This profi t is strongly infl uenced by favourable
divestments, with shareholdings sold above their most recent
carrying values. On top of this comes also the favourable development
in the value of the Gimv portfolio. Since the application
of IFRS, Gimv’s profi t has been largely based on the evolution in
the value of the portfolio, including both realised and unrealised
value fl uctuations.
Net realised capital gains in the 2007-2008 fi nancial year totalled
EUR 128.1 million. Of this amount, 81 percent (EUR 103.8 million)
came from the Corporate Investment activities (Belgium,
Netherlands and Germany), 17 percent (EUR 21.9 million) from
ICT and 2 percent (EUR 2.3 million) from Life Sciences.
Net unrealised capital gains amounted to EUR 37.3 million. This
breaks down into net unrealised capital gains of EUR 60.1 million
on Corporate Investment activities, of EUR 0.2 million on the
new activities, and negative contributions of EUR 21.6 million
and EUR 1.4 million from Life Sciences and ICT respectively.
Here it was primarily the listed shareholdings and the negative
exchange rate effects which produced the negative value
movements.
14 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Unrealised capital gains and losses together amount
to EUR 37.3 million (in EUR million)
Imminent sale
Change in earnings
First uplift
Up-down rounds
Change in value of third party funds
Change multiples
Other movements on
unquoted investments
Change in net fi nancial debt
Currency effects
Write-downs
Change in listed portfolio
-80 -70 -60 -50 -40 -30 -20 -10 0 1 20 30 40 50 60 70 80
On top of this came an other operating result 1 of –EUR 9.4 million
and a net fi nancial result of EUR 12.2 million, including
EUR 4.7 million hedging results on USD-denominated assets.
After deducting taxes (EUR 0.1 million) and minority interests
1 Dividends, interest, management fees, turnover and other operating income, after
deducting services and other goods, personnel costs, amortization of intangible
assets, depreciation of property, plant and equipment and other operating costs.

(EUR 6.6 million), Gimv realised in the 2007-2008 fi nancial year
a net profi t (group share) of EUR 161.4 million.
Investments: 88 percent in direct investments
and 91 percent in European companies
Gimv invested in all EUR 234.9 million during the 2007-2008
fi nancial year. Another EUR 70.6 million was invested by
funds managed by Gimv. Gimv invested EUR 134.8 million in
Corporate Investment (99.3 million in Belgium, 19.5 million in
the Netherlands and 16.0 million in Germany), EUR 67.6 million
in ICT, EUR 18.4 million in Life Sciences and EUR 14.0 million
in new initiatives (Cleantech, Infrastructure and Corporate
Investment France).
53 percent of the total investment amount went to Belgium and
39 percent to the rest of Europe. The remaining 9 percent was
invested principally in the United States.
The largest investments by business unit in 2007-2008 were
Grandeco and Lintor-Verbinnen for Corporate Investment
Belgium, Numac and TerStal for Corporate Investment
Netherlands, and Alukon and VAG Armaturen for Corporate
Investment Germany. During this same period ICT invested,
6.6
5.5
11.4
* 9 months
8.2
15.3
20.7
Recent investment history (in EUR million)
6.4
15.1
31.0
5.2
15.4
20.8
17.9
11.5
9.9
28
12.9
8.1
28.9
12.2
24.2
12.8
17.8
1H03 2H03 1H04 2H04 1H05 2H05 1H
06/07
1.7
22
29.1
17.5
89.0
2H
06/07*
among others, in Metris and Telenet (conversion of warrants),
while Gimv Life Sciences invested in Ablynx and Ambit
Biosciences.
Total direct investments amounted to EUR 205.7 million, of
which EUR 93.4 million (40 percent) in the form of new investments
and EUR 112.4 million (48 percent) of follow-up investments.
12 percent of total investments (EUR 29.2 million) went
to funds managed by third parties, in most cases in line with
Gimv’s strategy of fi rst developing new activities and regions in
conjunction with partners.
31.4
9.2
31.9
8.6
48.7
1H
07/08
39.2
4.8
35.7
9.8
86.1
2H
07/08
Corporate Investment
Life Sciences
ICT
New activities
Funds under management
| 15

RESULTS
Securitized paper
7%
Funds 10%
Bonds 4%
Insurance products
31%
2-5 years
17%
3 months-2 years
47%
Gimv’s net treasury by product
(512 EUR million)
Gimv’s net treasury by maturity
(512 EUR million)
16 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Bank deposits
36%
Dynamic cash
management
12%
0-3 months
36%
EUR 380.7 million of divestments across the
different business units
During the 2007-2008 fi nancial year Gimv sold, among others, its
shareholdings in Alfacam, Jensen Group, Dujardin Foods, DTS,
Bever Zwerfsport, Geveke, Hebu, Holonite, Telenet, Business
Architects and deVGen. In total Gimv sold shareholdings in an
amount of EUR 380.7 million. 62 percent (EUR 237.4 million) of
these divestments were undertaken in Corporate Investment, 35
percent (EUR 133.3 million) in ICT and 3 percent (EUR 9.9 million)
in Life Sciences companies, plus a further EUR 95.6 million
of divestments by funds under management.
These divestments were carried at 31 March 2007 at a total
value of EUR 254.2 million. In addition the shareholdings sold
by Gimv in 2007-2008 generated EUR 8.6 million of dividends,
interest and management fees. In this way these sold shareholdings
produced a total of EUR 389.3 million, or an uplift of
53.1 percent (EUR 135.1 million) on their opening equity at
31 March 2007 (valued at fair value in the limited consolidation)
and 119.1 percent (EUR 211.6 million) above their original
acquisition value of EUR 177.7 million, or a multiple of 2.2.
Portfolio value rises to EUR 848.1 million
The balance sheet total at 31 March 2008 amounted to
EUR 1 394.0 million, of which EUR 848.1 million consisted of
fi nancial assets. At the end of March 2008 Gimv had a net cash
position of EUR 512.5 million. The graphs break down the cash
position by product and by maturity.
Equity rises further to EUR 1 327.6 million or
EUR 57.28 per share
The value of equity (group’s share) (replaces the former net
asset value) at 31 March 2008 amounted to EUR 1 327.6 million,
giving a value of EUR 57.28 per share. The growth in
equity during the 2007-2008 fi nancial year plus the dividends of
EUR 112.4 million paid out during the 2007-2008 fi nancial year
mean that Gimv achieved a return on equity of 12.6 percent
during 2007-2008.

Business units
Regions
Corporate
Investment
Belgium
Corporate
Investment
Germany
Corporate
Investment
Netherlands
Gimv pays total dividend of EUR 4.36 gross
(EUR 3.27 net) per share
The Board of Directors will be proposing to the Ordinary General
Meeting of 25 June 2008 that the company declare a gross
dividend of EUR 4.36 (EUR 3.27 net) per share in respect of
the 2007-2008 fi nancial year. In December 2007 Gimv already
paid an interim dividend of EUR 2.00 gross (EUR 1.50 net) per
share, refl ecting the strong results achieved in the fi rst half of
the year.
Following the proposal of the Board of Directors it can be expected
that on 3 July 2008 a closing dividend of EUR 2.36
gross (EUR 1.77 net) per share will be made available for payment
(coupon no. 15). This brings the gross dividend yield on
the average share price for the 2007-2008 fi nancial year to
9.0 percent.
ICT Life
Sciences
New
activities
Belgium 333.3 - - 69.8 26.5 2.7 432.4
France 8.3 0.9 - 34.7 29.0 4.7 77.5
Germany 11.1 30.1 - 14.3 0.6 - 56.1
Netherlands - - 111.2 17.9 6.1 - 135.2
Rest of Europe 30.2 - - 10.1 21.1 - 61.5
Europe (subtotal) 383.1 30.9 111.2 146.7 83.3 7.4 762.7
United States - - - 13.2 56.3 8.0 77.5
Rest of World 2.0 - - 5.9 - - 7.9
Total portfolio 385.1 30.9 111.2 165.8 139.6 15.4 848.1
Of which listed 59.8 - - 26.8 36.0 - 122.6
Net treasury and other
assets
Equity group
share
Funds under
management
Breakdown of equity
(at 31 March 2008 - in EUR million)
30.0
(ERF)
480.0
(HGG I & II)
115.0
(Halder IV)
30.0
(Arkiv ICT)
25.0
(BFV)
135.0
(DG Infra+)
Total Net
treasury
and other
assets
479.4
Equity
group
share
1 327.6
Signifi cant events after the balance sheet date
In mid-May, Gimv sold its shareholding in Westerlund Group, a
Belgian logistics company that specializes in wood products, to
international investment and consulting fi rm Babcock & Brown.
This sale adds EUR 9.2 million (EUR 0.40 per share) to the
value of Gimv’s equity at 31 March 2008.
At the same time Gimv has made a follow-up investment of
USD 7 million in CoreOptics, a German-US company in the
optical networks sector. EUR 3 million has also been invested
in Openbravo, a Spanish company that develops open-source
ERP software.
| 17

VALUATION
AT GIMV
Methods used and link with the development
of fi nancial markets
Gimv values its investment portfolio on a quarterly basis. This is done on the basis of the International Private
Equity and Venture Capital Valuation Guidelines (IPEV). These valuation rules have been subscribed by around
35 international organizations and are used worldwide in the private equity sector. These recommendations
allow the general and theoretical IFRS accounting rules to be adapted to the specifi c worlds of private equity
and venture capital.
These accounting rules start from the principle that the portfolio
value should represent the fair value. This is the value at which
the investment could be sold, at the particular point in time, in
a voluntary sale. Forced sale or liquidation prices cannot be
used as a basis for valuation. This means that the portfolio valuation
can vary from one quarter to the next in line with market
circumstances.
Determining the fair value of a listed company in the portfolio
is in principle a simple matter. This value is the listed price of
the enterprise at the reporting date, multiplied by the number of
shares owned by Gimv. This stock market value has to be used
for valuation purposes, even if Gimv would be unwilling to sell at
that price. In the past fi nancial year, 17 percent of the portfolio
consisted of listed companies. In this way fl uctuations in the
stock market and in the price on reporting date immediately
impact the valuation of the Gimv portfolio.
The majority of the portfolio consists of unlisted shareholdings.
As these enterprises lack listed prices, an alternative valuation
method is called for. It is here that the IPEV guidelines are of
great importance. For investments less than one year old, the
original investment cost is retained as the most relevant valuation,
except if clear indications exist of revaluation during this
fi rst year. At the end of March 2007, 7 percent of the Gimv
portfolio was valued at original investment cost.
18 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
In the case of buy-outs and growth capital investments, Gimv
generally looks for a group of comparable listed companies as
a reference. An average of the valuation multiples of this group
is then used to estimate the value of the unlisted shareholding.
In many cases this valuation is further corrected with a discount
to refl ect the more limited liquidity of unlisted shareholdings.
In this way a market-related valuation is obtained, and a link
created between value development on capital markets and
the valuation of the unlisted shareholdings. This explains why
unlisted shareholdings, even if they are doing well, can be the
subject of negative valuation corrections on falling markets. At
the end of March 2008, Gimv valued 31 percent of its portfolio
in this way. Given that this valuation is totally independent of the
original investment costs and fl uctuates with capital markets, it
is possible that, on sale, a capital loss is obtained against the
most recent carrying value, and at the same time an attractive
capital gain in comparison with the original investment costs.
Many companies that are fi nanced with venture capital are still
at the starting phase and develop unique products. For this
reason it is impossible in most cases to put together a reference
group of listed companies. The most objective way of valuing
such technology starters is therefore to use the value of the
latest fi nancing round for the shareholding in question. At Gimv,
17 percent of the portfolio is valued in this way.

When, in the case of a potential sale of a shareholding, indications
exist as to the price at which this shareholding will be
sold, then this indication is used for estimating the value of
the shareholding. At the end of March 2008, 13 percent of the
Gimv portfolio was valued in this way. This extraordinary high
percentage was due to the ongoing negotiations on the sale of
Westerlund.
Portfolio loans are valued at nominal value (in certain cases
including capitalized interest), providing that the interest rate is
in line with the market interest rate for similar investments.
The graph below gives the various methods used by Gimv for
valuing its portfolio. It shows that Gimv values its portfolio in a
balanced and professional manner.
Other (a.o.
exit valuation)
13%
Loans 15%
Value latest
fi nancing round
17%
Portfolio according to valuation method
(31/3/2008) - fund investments excluded
Investment cost
7%
Multiple 31%
Listed 17%
| 19

BUY-OUTS
AND GROWTH
CAPITAL
Corporate Investment encompasses two
activities: buy-out fi nancing and the provision of
growth capital. In a buy-out a new shareholder
structure is created, with Gimv taking a majority
stake in the company, on its own or with other
private equity players. Gimv provids growth
capital by taking minority shareholdings that
do not fundamentally change a company’s
shareholder structure.
Gimv has four local teams within Corporate Investment:
Corporate Investment Belgium, Corporate Investment
Netherlands, Corporate Investment Germany and Corporate
Investment France. Teams’ knowledge of their local markets
enables them to optimally judge opportunities in the light of the
particularities of the countries in which they operate. Through
their local presence they are also close to the entrepreneurs
in their portfolio companies. Finally they can also avail of the
group’s international knowledge and experience.
Gimv also manages funds that invest in Central and Eastern
Europe. Its partnership with KBC Private Equity in new Eagle
Capital Partners also confi rms Gimv’s interest in being structurally
active on this market and in further extending its presence,
based on its existing successful investment activities in the
Russian market.
20 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Corporate investment portfolio according to
geographic distribution
(based on portfolio value at 31/03/2008 - excl. Barco)
Rest of Europe
6 %
Germany 9 %
Netherlands s
23 %
France 3 %
Corporate investment portfolio according
to stage of development
(based on portfolio value at 31/03/2008 - excl. Barco)
Private equity funds s
15 %
PIPE transactions s
1 %
MBO/MBI B BI
47 %
Rest of the world
1 %
Belgium
58%
Early Ea y stage 1 %
Growth
fi nancing
12 122
%
Secondary Seecond
transactions transac
24 %

Gimv takes 86 percent holding
WALL COVERING SPECIALIST GRANDECO READY FOR GROWTH
Grandeco has clearly grasped that wallpaper is once again in. As well as traditional patterns, Grandeco also produces contemporary
and hip motifs which are proving popular with consumers. Its wallpaper is also easier to fi x to the wall, which is an attractive
advantage for DIYers.
Grandeco, a former division of West Flemish carpet giant Balta, wants to travel an independent course in order to take better
advantage of market opportunities. Grandeco has 10 percent of the European market, with leadership positions in France and
in the Benelux. The intention is to maintain this position and to grow in Eastern Europe, where wallpaper imports are growing
by 20 percent a year. The company is looking for further growth by a constant focus of quality products and modern creations.
Nor does the company exclude growth through acquisitions. Finally, Grandeco is seeking to improve its profi tability by optimally
coordinating the processes in its two production facilities.
Corporate Investment Belgium
For Corporate Investment Belgium, 2007 saw a very healthy and varied dealfl ow. The investment team
completed buy-outs in Acertys, Le Cobourg, Grandeco and Lintor-Verbinnen and provided growth capital to
Verhaeren. The business unit is also seeking to profi le itself as a mezzanine capital provider, as illustrated by
its investment in VAG Armaturen.
The Belgian private equity market remained strongly competitive
in 2007. Not only were local players particularly active, but
Gimv’s counterparts from the Netherlands, the United Kingdom
and France exhibited considerable interest in Belgian deals. This
increased competition and valuations, as elsewhere in Europe.
The team reacted to this situation with more creative deals and
by supporting a more active buy and build strategy in different
portfolio companies. With the slowing of the economy and the
credit crisis, the team expects that valuations will fall in 2008 to
more conservative levels, potentially providing new and interesting
investment opportunities.
The Belgian private equity market showed to be very healthy
in 2007 with private equity investments in Belgium totalling
EUR 2 billion versus EUR 1.4 billion in 2006. The investment
volume in larger deals is expected to reduce in 2008, now that
banks have become more reticent towards fi nancing these
transactions, but this development can be expected to be
less strong in the small transactions and midcap deals market
segment.
Investment focus
Corporate Investment Belgium aims to invest in small to mediumsized
companies with enterprise values of up to EUR 125 million.
During the past year Gimv invested on average in slightly
larger deals in this market segment.
As well as buy-outs and providing growth capital, the team is
concentrating in extending mezzanine activities. This mezzanine
fi nance can be used both as growth fi nancing and in buy-out
transactions, alone or in cooperation with private equity funds
with which Gimv collaborates.
INVESTMENTS
In 2007-2008 Corporate Investment Belgium invested
EUR 99.3 million, of which EUR 72.7 million in new investments
and EUR 18.4 million in follow-on investments. To meet earlier
commitments, its also invested EUR 8.2 million in third party
private equity funds.
Acertys Group
www.acertys.com
Acertys sells, distributes and acts as an integrator of high tech
medical apparatus. With its own team of technical specialists,
Acertys provides specifi c user training. The group also supplies
technical equipment to fi refi ghting, police, defence and civil
defence services and distributes medical consumables to hospitals,
homes for the elderly and fi rst aid services. Acertys came
into being in 2007 through the merger of Meda, Vandeputte
| 21

BUY-OUTS
AND GROWTH
CAPITAL
Medical BV and Vandeputte Medical & Security NV. The merger
of these Belgian and Dutch companies allows the company to
guarantee outstanding service and at the same time remain
a trusted proximity partner to its customers. Acertys employs
185 people. With sales of almost EUR 44 million the group has
a leading market position in the Benelux. Corporate Investment
Belgium and the Life Sciences business units have together
taken a majority interest in this new group.
Grandeco
www.grandecogroup.com
As one of Europe’s top fi ve wall covering producers, Grandeco
produces mainly high quality vinyl wallpaper, sold both under
its own brands (including Ideco and Grantil) and under private
label. The enterprise is well known for the quality of its products
and services, its state-of-the-art machinery and its experienced
management team with a strongly innovative focus. Grandeco, a
spin-out of the Balta Group, has production facilities in Belgium
and France and a distribution centre in the United Kingdom.
Last year its almost 500 employees achieved sales of over
EUR 80 million. Together with Gimv, that in 2007 acquired an
86 percent majority holding, Grandeco is looking to expand in
the high value segment of the wallpaper market. A particular
target here is the further penetration of the Eastern European
market.
Le Cobourg
www.lecobourg.be
Le Cobourg, founded in 1994, is a medium-sized producer of
fresh-chilled salad spreads. These salads, consisting of fi sh,
meat, chicken and/or vegetables, are distributed to butchers,
delicatessen counters, snackbars and catering companies. Le
Cobourg started as a catering company in Brussels and expanded
into a quality player in the salad spreads market. In
October 2007, Gimv took a 90 percent holding in the company.
Le Cobourg intends to continue its organic growth, but also
wants to grow through acquisitions. This it illustrated with its
add-on acquisitions of DC Products and Euro-Tomat. The new
combination has 95 employees and consolidated sales of nearly
EUR 13 million.
22 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Lintor-Verbinnen
www.lintor.be
Lintor-Verbinnen is the largest chicken processor in Belgium.
The group consists of a chicken slaughterhouse (Lintor) and a
processor and packer of a wide range of fresh chicken products
(Verbinnen). The company is unique in being vertically
integrated, with slaughtering, preparation, packaging as well as
processing of the slaughter waste on a single site. A workforce
of almost 400 and consolidated sales of over EUR 100 million
make it a medium-sized player on the European market. In recent
years the group has grown by an average 10 percent a year.
As well as continuing its organic growth, Lintor is also aiming to
acquire complementary companies. In January 2008 Gimv took
an 80 percent shareholding in Lintor-Verbinnen.
Verhaeren
www.verhaeren.be
Verhaeren is one of the fastest growers on the Belgian market for
roadbuilding, asphalting and drainage work. This road-builder
focuses on public works (laying roads, squares, drainage, earthmoving
and surfacing) in Brussels and Flemish Brabant, but
also private infrastructure works (parking garages, sports tracks,
preparation of building plots). The group distinguishes itself on
this market through its vertical integration, covering surfacing,
production of its own materials, waste processing, recycling
and transport. Between 1997 and 2007 the Verhaeren Group
grew by an average 18 percent a year. With sales of around
EUR 38 million and 165 employees, the Verhaeren Group is a
medium-sized player on the Belgian, market. Gimv has taken a
30 percent holding and is making additional resources available
for further growth.

Gimv accompanies growth through buy-and-build
GASCO, ACCENT AND LE COBOURG STRENGTHEN THEMSELVES WITH ACQUISITIONS
Gimv is helping the companies in which it has shareholdings to grow through buy-and-build. In this way they can increase market
share and profi tability and realize operating process synergies.
In 2007 Gimv invested in Gasco Group, a distributor of industrial gases. After Gimv’s entry, Gasco acquired in autumn 2007 British
company SWM which distributes air conditioners in the United Kingdom. This activity dovetails perfectly with the cooling gases and
cooler components that Gasco sells. Gasco’s objective is to become Europe’s largest independent distributor of cooling technology
products. Gasco has facilities in the Benelux, the UK, France, Germany and Ireland, and is planning further acquisitions in the
highly fragmented European market.
Buy-and-build is also the motto of Accent Jobs for People, the Flemish temping agency in which Gimv invested in 2006. Accent
has 80 offi ces in Belgium, eight in the Netherlands and one in France. Its acquisition of its Spanish counterpart Grupo Activa
gives Accent access now to the Spanish market. With ten offi ces, Grupo Activa is the market leader in the Valencia region. With
its acquisition of Intervention, Accent has also doubled its number of offi ces in the Netherlands. With today just over a hundred
offi ces, Accent is shooting for a network of two hundred offi ces by 2012.
Portfolio company Le Cobourg, a producer of salad spreads, also acquired two Belgian counterparts, DC Products and Euro-Tomat.
DC Products makes private label salad spreads; Euro-Tomat produces sauces and salads under the Salsa brand. The acquisition of
these smaller family enterprises gives Le Cobourg, under its new name of Salsa Food Group, various scale benefi ts.
MEZZANINE-FINANCIERING
VAG Armaturen
www.vag-armaturen.com
VAG Armaturen produces and distributes industrial valves and
accessories for the water provision and sewage treatment industries.
VAG Armaturen products are used fi rst of all in water
treatment stations, hydroelectric stations, locks and dams. In
the 130 years since it was founded in 1872, VAG has gathered
extensive knowhow in its fi eld. Apart from its main facility in
Mannheim, VAG also has plants in the Czech Republic, China
and India, as well as sales offi ces in Chile and Poland and an
extensive distribution network. In 2007 its workforce of 850
achieved sales of over EUR 100 million. Gimv provided VAG
with part of the mezzanine fi nancing (EUR 11 million) for the
management buy-out led by the Halder-GIMV Germany Fund
(see pages 34-35).
MAIN FOLLOW-ON INVESTMENT
Accent Jobs for People
www.accent.be
In 2006 Gimv became a minority shareholder (33.33 percent)
in Accent Jobs for People. This fast-growing Belgian temping
agency acts as the holding company for various specialist offi
ces, including Accent Select Services (managers and white
collars), Accent Industry Services (blue collars and technical
personnel), Accent Financial Forces (fi nancial sector) and
Accent Construct (building sector). Accent was founded in
1995, and in just over ten years has acquired a major position
on the Belgian temporary labour market.
In 2007 its workforce of 350 achieved sales of over EUR 125 million.
This makes Accents undoubtedly one of the top ten Belgian
temping agencies. This year it will be continuing its active
expansion policy by opening new offi ces in Belgium and the
Netherlands. In January this year Accent took its fi rst steps
on the Spanish market by acquiring a Spanish counterpart,
Grupo Activa, followed at the end of March by the acquisition
of Intervention, doubling the number of Accent offi ces in the
Netherlands.
FUND INVESTMENT
Lyceum Capital II
www.lyceumcapital.co.uk
Lyceum Capital concentrates on buy-outs of medium-sized
companies in the United Kingdom. As in Lyceum’s fi rst fund,
Gimv is again one of the largest investors. Gimv provided
GBP 21 million (EUR 28 million) to this fund, which managed
to collect a total of GBP 255 million. The fi rst fund, in which
Gimv invested EUR 75 million, was a big success, with an IRR
of 44 percent on the realized divestments.
DIVESTMENTS
DTS
www.dtselec.fr
DTS (Drilling Technical Supplies), founded in 1983, produces
and sells electrical material and lighting for explosive and corrosive
environments, including lighting fi ttings, control panels
and safety electricity boxes.
| 23

BUY-OUTS
AND GROWTH
CAPITAL
DTS is the market leader in France, but two-thirds of sales are
for export. This makes it one of the three large independent
manufacturers in the European market, with sales points in over
25 countries across the world. DTS customers are mainly in the
petrochemical sector. The company has annual sales of over
EUR 10 million and around 50 employees. Gimv entered DTS
in 2000 through a management buy-in. Together with other
investors, Gimv sold its holding to Thomas & Betts Corporation,
a listed US producer of electrical components for the building,
industrial and utilities sectors.
Dujardin Foods
www.dujardin-foods.com
Dujardin Foods is a leading European producer of private label
deep-frozen vegetables. With two production plants in Belgium,
and one each in France, Spain and the United Kingdom,
Dujardin Foods products are distributed in over sixty countries
across the world. With its 700 employees, Dujardin sticks to
its motto of “Food you can trust”. The availability, safety and
quality of the existing range are the subject of expert care, as
is the development of new products. In 2000 Gimv provided
growth capital in exchange for a 12 percent shareholding. In the
seven years of Gimv’s presence in the company, Dujardin Foods
increased its processing volume from 100 000 to 180 000 tons.
Sales of more than EUR 170 million today place Dujardin among
the top three in its sector. Gimv sold its stake to the Dutch
company NPM Capital.
24 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Jensen Group
www.jensen-group.com
Jensen Group, formerly Laundry Systems Group, is one of
the largest producers of professional laundry systems. This
Belgian-Danish group has a very extensive product offering,
from transport and processing systems, tunnel washers, laundry
sorters, feeders and folders to total project management for
industrial laundries. Jensen Group has facilities in 11 countries
and distribution networks in more than 80. Through its local
presence Jensen in different countries seeks to adapt its knowledge
to local needs. Customers include textile hire companies,
industrial laundries, central hospital laundries and hotel and
cruise ship laundries. Worldwide the company employs more
than 900 people. Gimv sold its remaining 15.75 percent holding
in this listed company through a secondary transaction.
PARTIAL DIVESTMENTS
Alfacam
www.alfacamgroup.com
Since being founded in 1987, Alfacam has grown into a major
supplier of TV services to numberless European TV stations
and production houses. The company operates out of Belgium
and is also represented in France and Germany. By winning the
contract for the Beijing 2008 Olympics, Alfacam strengthened
its position as the leading European player in outside broadcasting
facilities. Alfacam wants to strengthen its position in the high
end segment of its market by strong expansion outside Europe
and by investing in wireless high defi nition services. In March
2008 Alfacam opened a subsidiary in Italy to strengthen its
position in the Mediterranean area. In 2007 the group achieved
a turnover of EUR 30 million. Gimv sold down part of its interest
when Alfacam was introduced onto Euronext Brussels in May
2007. At the end of the fi nancial year, Gimv still held more than
3 percent of the capital.
Lyceum Capital I
www.lyceumcapital.co.uk
Lyceum Capital concentrates on buy-outs of medium-sized
companies in the United Kingdom. Lyceum Capital I is a
EUR 300 million buy-out fund. Following the sale of certain
portfolio companies, investors were repaid a part of their investments.
The fund is proving highly successful with an IRR of
44 percent on realized divestments.

GIMV OFFERS CREDIBILITY
ALFACAM GROWS EXPONENTIALLY
WITH GIMV SUPPORT
In 1998 Alfacam CEO Gabriel Fehervari negotiated for fi nancing
with various venture capital providers. The choice fi nally fell on
Gimv. More than ten years later both parties are still working together.
Alfacam delivers TV facilities and services to broadcasters
and production houses across the world. Sales have moved
up from around EUR 2 million in 1998 to almost EUR 30 million
in 2007, whilst gross margin has also risen by a double-digit
factor. CEO explains a rarely equalled success story.
How did the cooperation between Alfacam and Gimv
come about?
“Initially we were very sceptical towards external fi nancing, but
Gimv had the patience to stay with us and allow trust to grow.
Gimv was also the only investor that saw the potential of our
product range and business model. Despite Alfacam’s initial
small size, Gimv believed in us. After a period of getting to know
us and negotiating, it came in as a shareholder in 1998, with
board representation.”
Gabriel Fehervari - CEO Alfacam
Let’s fast forward ten years and an IPO. What were
the high points in this period?
“The IPO in 2007, in which Gimv supported us, was obviously a
milestone. Gimv’s good name in the market obviously played to
our advantage, leading to attractive valuations. Gimv is positively
perceived in the market by banks, suppliers, government authorities
and customers: its name is synonymous with credibility.
For any entrepreneur this is a major asset. For Gimv too the
stock market introduction provided nice capital gains. In this
sense the cooperation has been a win-win relationship.”
Do you attach value to the know-how that Gimv can
transfer?
“The Gimv representative in our board of directors plays a very
valuable role in Alfacam’s growth. He has followed the company’s
development from the start. When necessary we could
always count on a subtle form of coaching in important business
and strategic decisions. Not obtrusive, but to the point and at
the right moment. This may sound exaggerated, but over the
past ten years we have never made a decision we have lived to
regret. Gimv also gave us valuable support with legal matters,
like the decisions to purchase buildings and the like.
How will cooperation evolve in the future?
“We hope that Gimv will remain a shareholder in Alfacam for a
long time to come. The feedback from its representative in the
board of directors is of great value for the company. By bringing
Hugo Vandamme onto our board, Gimv is also allowing us to
share in a valuable network of relationships. This is good for
our reputation.”
| 25

BUY-OUTS
AND GROWTH
CAPITAL
INVESTMENTS IN CENTRAL AND
EASTERN EUROPE
Gimv has been active in the Russian market since 1996, where,
via the management company Eagle Venture Partners, it has invested
USD 104 million in 31 shareholdings. With an investment
in the BASK outdoor chain and an investment commitment for
soy producer PTI, the Eagle Russia Fund launched in 2006 is
now nearly fully invested, with USD 27 million in four shareholdings.
At the start of 2008, Gimv concluded a partnership with
KBC Private Equity for private equity investments in Russia.
The Russian market has seen average growth of over six percent
a year since 2000. Within a few years Russia has grown into
the world’s tenth largest economy. Russian consumers measure
themselves against Western living standards, are very confi dent
in the market and have high spending patterns. This offers interesting
investment possibilities in the fast-growing consumer
and services sectors.
In 2006, USD 1.5 billion of new funds were collected, bringing
the total capitalization of the private equity industry in Russia to
USD 6 billion. Is it generally assumed that the strong growth in
this sector continued last year. All investment stages, from early
stage to buy-out, are represented here. Russia is becoming increasingly
a fully-fl edged venture capital market. This growth
will very likely continue and competition between venture capital
suppliers will increase. For the time being, however, valuations
remain very attractive.
Investment focus
Gimv and KBC Private Equity will be investing in medium-sized
mature companies in Russia via their joint venture Eagle Capital
Partners. Investee companies preferably operate in fast-growing
sectors like food and drink, leisure, personal care, telecommunications,
pharmacy and building construction. Initially the accent
will be on taking minority interests.
In the 2007-2008 fi nancial year the existing Eagle Russia Fund
made a new investment in BASK. Shortly after the closing of
the fi nancial year followed the investment in PTI. These two
investments, together representing USD 14 million, bring the
total invested amount to USD 27 million, and making the fund
almost fully invested.
26 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
BASK
www.bask.info
BASK Group is the Russian market leader in outdoor clothing
and equipment. The group produces and sells clothing and accessories
under two proprietary brands, BASK and LMA, as
well as distributing internationally well-known brands. BASK
has its own chain of fi ve stores in Moscow and one in Nizhni
Novgorod and is looking to expand to other cities. The Eagle
Russia fund entered BASK in October 2007 with a shareholding
of 43 percent.
PTI
PTI is a leading Russian producer of soy products, herbs
and spices. These products are intended for food processing
companies in Russia and countries like Azerbaijan, Georgia,
Ukraine and Belarus. The company has twenty distribution
centres across these countries. PTI sells both its own brands
and imported products. The company’s 2000 customers are
mainly patisseries and companies in the meat, dairy and soft
drink industries. At the start of 2008 Eagle Russia Fund invested
in PTI along with Troika Capital Partners, the private equity fund
of Troika Dialog, one of Russia’s largest merchant banks. 21 percent
is now owned by the Eagle Russia Fund.

Joint venture of network and experience
GIMV AND KBC PE INVEST IN RUSSIA’S BLOSSOMING CONSUMER MARKET
Gimv has concluded a partnership with KBC Private Equity to invest together in the Russian market. Gimv and KBC PE have
attractive complementary experience in Central and Eastern Europe. Gimv can look back on more than twelve year’s experience in
the eastern European market, including funds in Russia and Kazakhstan. For Gimv this partnership represents a follow-on to the
Eagle Russia Fund that was introduced in 2006. KBC PE, for which Central Europe is its second home market, is also continuing to
build in known territory, with offi ces in the Czech Republic, Hungary, Poland and Romania. KBC Bank also recently acquired
Russia’s Absolut Bank. The cooperation runs via a new company, Eagle Capital Partners, which is acting as an investment
consultant.
Each partner plans to invest EUR 10 million a year, bringing the two partners’ total investment over an initial three-year period to
EUR 60 million. The focus is on investments in medium-sized Russian companies in sectors offering good prospects thanks to
growing consumption and rising living standards: food and drink, personal care, leisure, building construction, packaging, pharma,
retailing, telecoms and engineering. The local investment team consists of eight Russian and Western European professionals which
have already been cooperating successfully for several years.
Gimv also manages two funds for the Czech Republic and
Slovakia. Both funds were set up in 2000 and are now in the
divestment phase.
EUR 15 million of Gimv Czech Ventures’ capital of EUR 20.5 million
has been committed by Gimv. Other investors are Fortis
Private Equity and AIG Global Investment Corporation. The latter
company entered the capital at the end of 2005 by buying
out Dresdner Kleinwort Wasserstein (now Allianz Private Equity
Partners).
The second fund, GIMV Czech & Slovak SME Fund, has Gimv
Czech Ventures and the EBRD as its shareholders. Both have
committed EUR 6 million. Two shareholdings were sold during
the past fi nancial year: TNS, which produces parts for the
automobile industry, and Novesta, a manufacturer of rubber
boots. Gimv Czech & Slovak SME Fund is certain to produce
a positive return on liquidation. For Gimv Czech Ventures this
is less certain.
Finally, Gimv also has a holding in Nova Polonia, a Polish fund set
up in 2000. Gimv has a commitment for around EUR 10.5 million
out of a total capital of EUR 58 million. The fund is fully
invested and is now in the divestment stage. Thanks to a small
number of successful exists, including the sale of local energy
producer Praterm in early 2008, this fund will provide Gimv with
an attractive return.
| 27

BUY-OUTS
AND GROWTH
CAPITAL
Corporate Investment Netherlands
Corporate Investment Netherlands can look back on a very active year. With eleven investments and
divestments, the business unit was one of the most active venture capital providers on the Dutch market. Two
new investments, Numac Groep and TerStal, were added to the Dutch Gimv portfolio. With the buy-out of
the newspaper publishers, Gimv’s 15 percent shareholding in press agency ANP has grown into a substantial
minority interest.
The investment team took advantage of the attractive climate
for exits to sell various holdings, including Holonite, Bever
Zwerfsport, Geveke and HEBU, at attractive returns. Finally, two
sales took place from the Halder Investments IV portfolio.
The market was marked by rising prices. The importance of
auctions, which increase competition and place upward pressure
on prices, has increased. Gimv remains very cautious in
this price spiral and focuses on attractive niche companies with
growth potential and strong management teams.
Whereas in 2007 very strong results were still available, prospects
for 2008 are somewhat more subdued. The transaction
fl ow may still be large enough, but with the somewhat more
diffi cult economic circumstances investors will be very apprehensive
of paying too high prices. The cost of bank fi nancing
rose a bit in the course of 2007, with slightly lower levels of
fi nancing in certain sectors.
28 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Investment focus
Corporate Investment Netherlands targets small and mediumsized
niche companies. The company also pays attention to
growth companies.
One feature which stands out is the signifi cant number of add-on
acquisitions made by companies in the portfolio. In 2007-2008,
for example, BMC acquired research and consultancy bureau
SGBO, and Borgers Groothandel in Groenten en Fruit was acquired
by De Groot International. LowLand Fashion and TerStal
also went actively on the acquisition path.
In 2007-2008, Corporate Investment Netherlands invested
EUR 19.5 million, of which 14.3 million in two new
shareholdings.

Gimv majority shareholder in TerStal
FASHION CHAIN TERSTAL WRITES STRATEGIC SUCCESS STORY
With targeted acquisitions and a successful strategy change, fashion chain TerStal has considerably extended its store network in
the Netherlands over the past ten years. Management of the fashion house, which now has just over 170 outlets, wants to extend
the group further to between 250 and 300 stores.
In the 70s and 80s the company operated a low price strategy. In the mid-90s the company made a strategic sea-change. The
stores were made more attractive and inviting, with a profi le that set TerStal clearly apart from the discount chains. Along with this
TerStal introduced its own design department. Production of its own designs in Asia is actively controlled by the fashion house.
TerStal directs its collections at the entire family, responding to consumers’ need to dress distinctively and attractively at reasonable
prices. The range offered in the shop is wide, but not deep. For each clothing item just a few garments in each size are hung
out, and the main items are changed every four weeks. TerStal’s own collections are supplemented by offerings from high quality
importers.
INVESTMENTS
Numac Groep
www.numac.nl
Dutch technical services group Numac’s main activities are
machinery maintenance, process optimization, industrial automation
and trading in technical equipment. The Numac Group
consists of three complementary companies. As well as the
original Numac company, the group has included since 2007
both Van de Meerakker and Planatec.
The Numac Group is playing to the current trend to outsource
industrial maintenance. As well as pure mechanical maintenance,
Numac provides also electronics and IT know-how.
Numac specialists’ professional knowledge and solutions are
helping companies confi rm and where possible improve the
returns on their installations, machinery and product lines. In
2007 a workforce of nearly a thousand employees realized sales
of over EUR 70 million. Gimv took a 60 percent shareholding.
TerStal
www.terstal.nl
Dutch fashion chain TerStal offers fashionable and affordable
private label clothing for the whole family. TerStal designs a large
part of its collection itself and then outsources production to
manufacturers in the Far East. With 170 outlets, TerStal is one
of the larger fashion chains in the Netherlands. The company,
present mainly in the central, eastern ad northern regions of
the Netherlands, is planning to further extend its store network
in the Netherlands. In December 2007 Gimv took a majority
shareholding in the group. Following Gimv’s entry, the company
purchased Philipoom Mode, a Dutch chain of 21 fashion stores
in and around Utrecht. In all the company has 525 employees,
who together realized sales of over EUR 50 million in 2007.
FOLLOW-ON INVESTMENTS
ANP
www.anp.nl
The Algemeen Nederlands Persbureau (ANP) was set up
in 1934 by the Dutch daily press in order to deliver objective
news to the Dutch newspapers. ANP has since grown
in the Netherlands’ leading and most complete multimedia
information nexus. ANP journalists, photographers and correspondents
deliver news reports, photos and videos round
the clock to the domestic and foreign press and to non-media
companies. Every year ANP produces over 160 000 news
reports and 58 000 photos. In 2007, ANP’s 215 employees
produced sales of EUR 34 million. Gimv entered in 2004, and
subsequently increased its interest from 15 to 44 percent. The
remaining shares are held by NPM Capital (44 percent) and
management.
| 29

Luc van Gompel - CEO ANP
GIMV INVESTS IN PRESS AGENCY’S
INDEPENDENT PATH
VENTURE CAPITAL ALLOWS ANP TO GROW
ANP, the Algemeen Nederlands Persbureau, has recently become
an autonomous enterprise, which is growing rapidly with
corporate services. Luc van Gompel, ANP’s CEO since April
2007, explains how ANP has become a successful marketoriented
company.
Why did ANP opt for Gimv as an investor?
“Historically the Dutch newspapers have been ANP’s largest
shareholders. In this way a large group of customers held most
of the company, making external fi nancing a delicate operation
calling for a respectful approach.
Gimv, better known in the Netherlands under the name of its
Halder subsidiary, took a fi rst shareholding in the press agency
in 2004. In 2007 it increased its interest by taking over the
shares still held by the newspapers. It had carefully examined
our case with an investment team that reacted very alertly.
Gimv’s partner shareholder is NPM Capital, with an equal sized
shareholding. Management too holds a small amount. With the
2007 buy-out ANP became totally independent.”
30 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
What has been the greatest added value in the
cooperation with Gimv?
“The fi nancing has allowed us to distance ourselves from our
founder newspapers. Gimv expertly accompanied this transition
period. The contact is a close one, with monthly fi nancial
consultation, and we obtain good coaching.”
Does Gimv’s international network offer you added
value?
“The press agency market is a somewhat unusual one as each
country has its own press agency, which does not mean that
we do not have international aspirations. We very much hope
that Gimv will play a role in this. We are already cooperating
well, for example, with Belgian press agency Belga. The growth
strategy we are following has been made possible in part by
Gimv’s capital contribution.”
Where does ANP see growth opportunities in the
market?
“ANP continues to fulfi l its press agency role with the media
as major customers, representing a good one third of sales.
The other two thirds come from the business-to-business market.
Delivery of photographic images plays a large part in this.
Creating newsfeeds for major companies is another signifi cant
area. ANP delivers newsfeeds, for example, to all Shell offi ces,
which is a major advantage for each company wanting to know
whenever it is mentioned in the press and to be informed of
reporting on specifi c subjects. Online media are the ideal channel
for this.”

HVEG – (LowLand Fashion)
www.lowlandfashion.nl
LowLand Fashion, which recently changed its name to HVEG,
has been active in the Netherlands since 1989 as a wholesaler
and importer of women’s, men’s, children’s and baby clothing.
The clothing is sold under private labels to large retail chains
and purchasing organizations in Europe. Having all processes,
from design to sales, under its own control allows HVEG to offer
its customers total service and fl exibility and very sharp value
for money. In 2007 it acquired three fashion accessory chains:
Belt Fashion, Wink Accessoires and Debo. HVEG has facilities
in the Netherlands, Germany, China and Bangladesh. The group
has 275 employees and achieved sales of EUR 150 million in
2007.
DIVESTMENTS
Bever Zwerfsport
www.bever.nl
Bever Zwerfsport is the specialist and market leader in the
Netherlands for outdoor articles and accessories. The outdoor
chain sells a wide range of clothing, footwear other articles
from internationally reputed brands for outdoor activities like
expeditions, mountaineering and camping. In thirty years the
company has, with 29 subsidiaries, acquired a leading position
on the Dutch market. Bever’s cast iron concept of offering a
wide range of quality articles with good value for money and
a customer-directed approach, has made the outdoor market
accessible to a broad Dutch public. In September 2007 Gimv
sold its shareholding to AS Adventure, another company in the
sector. AS Adventure is the clear market leader in Belgium,
with a strong foothold also in Great Britain through Cotswold
Outdoor.
Geveke
www.geveke.nl
Geveke is an industrial service provider with more than
125 years’ experience. The Dutch company offers know-how
intensive processing apparatus to the oil and gas industry
and to the chemicals, petrochemicals and industrial market in
the Benelux and South-East Asia. Geveke operates in various
business departments – pumps, compressed air technology,
climate technology, plastics technology and internal transportation
– each with its own product offering and marketing. In these
fi elds the company represents various internationally-known
brands. Besides selling new units, Geveke also supplies spare
parts and carries out maintenance for its customers. In 2007,
Geveke had consolidated sales of around EUR 70 million. ABN
AMRO Participaties acquired Gimv’s majority shareholding in
December 2007.
HEBU
www.hebu.nl
HEBU, founded in 1940, is the Dutch market leader in hoses,
pipes and accessories for hydraulic systems. For its service
activities HEBU maintains a network of outlets each with its
own workplaces and warehouses. The company has seventeen
outlets in the Netherlands and Belgium and ten mobile service
buses for on-site repairs. Logistics, tailored quality, expert advice
and service, speed and fl exibility are key concepts for the company.
In 2007 HEBU posted sales in excess of EUR 25 million
with 115 employees. In January Gimv sold its shareholding to
Manuli, an Italian enterprise that is HEBU’s strongest supplier.
| 31

BUY-OUTS
AND GROWTH
CAPITAL
Holonite
www.holonite.nl
Holonite develops and produces prefabricated composite
stone elements for the building industry. The product range,
including doorsteps, window sills and wall coverings, is directed
at all applications in housing and utility construction and the
extensive renovation market. Combining quality with research
and innovative technology has allowed Holonite to boast steady
growth. With its extensive customer portfolio Holonite, founded
in 1969, is the Netherlands’ market leader in the sills segment.
Egeria acquired Holonite from Gimv and Rabo Participaties in
April 2007.
The past fi nancial year saw two further divestments from Halder
Investments IV (Euretco and Novagraaf). With EUR 115 million
in capital, this investment fund built up a portfolio of 16
shareholdings in Belgium and the Netherlands between 1998
and 2000. Following these divestments the fund still manages
three shareholdings. Investors have already fully recouped their
original capital investments.
32 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Euretco
(shareholding of the Halder Investments IV fund)
www.euretco.net
Euretco is a dynamic retail organization in the non-food retail
sector, directed at independent entrepreneurs, and through its
own retail activities, also at consumers. The company works
together with more than 1 500 entrepreneurs and franchisees,
together representing almost 2 100 outlets and consumer sales
of almost EUR 2 billion in fashion, sport and interior decoration.
Euretco’s strength lies in promoting independent entrepreneurship,
either by strengthening franchise formulas or by providing
services to independent entrepreneurs. With 270 employees,
Euretco looks after grouped buying, central payment traffi c,
joint promotions and logistics expertise. In December 2007 the
group sold its shareholding to NIBC.
Novagraaf
(shareholding of the Halder Investments IV fund)
www.novagraaf.nl
Novagraaf, founded in 1888 as Van der Graaf & Co’s brand
name agency, is a Dutch service agency providing consultancy
in intellectual property. With over 350 employees Novagraaf offers
a complete service package in the fi eld of brand protection,
models, copyright and domain names. The company has offi ces
in the Netherlands, England, France, Switzerland and Belgium
and a worldwide agency network. The group manages nearly
400 000 registered trade marks, more than half of them in the
Netherlands. This makes Novagraaf the market leader in the
Netherlands and one of Europe’s top ten intellectual property
companies. In May 2007, Gimv, along with Alpinvest, sold its
share in the company to funds managed by Gilde.

Corporate Investment Germany
(Halder Beteiligungsberatung GmbH)
With the divestments of Prüm-Garant and BHS Getriebe, 2007-2008 was a record year
for Corporate Investment Germany in terms of divestment income. The investment team also successfully
added four new investments – GEKA Brush, ACTech, Alukon and VAG Armaturen – to the Halder-Gimv
Germany I fund portfolio.
The current portfolio is generally performing well, with promising
developments continuing at most portfolio companies. At the
start of 2008 fundraising for the new Halder-Gimv Germany
II fund was closed at EUR 325 million.
In 2007 the strong growth seen in the German lower mid-cap
market since 2001 continued. More than 70 buy-out transactions
with values of between EUR 20 and 250 million were
concluded. With banks now becoming less forthcoming with
loans, we are seeing a slight pressure on prices, and sellers
are more likely to provide a part of the fi nancing. If economic
conditions worsen, company valuations may well slip, and sellers
could have second thoughts about selling. For this reason it
is possible that in 2008 the number of transactions will also fall
for the fi rst time in several years.
In December 2007 fundraising began for the Halder-Gimv
Germany II fund. Three months later the fund was closed at
EUR 325 million. 13 institutional investors from nine countries
had subscribed. As sponsor Gimv put up EUR 81.25 million
or 25 percent of the total investment, as well as promising
EUR 40 million for co-investments.
Investment focus
With the Halder-Gimv Germany II fund, Gimv Corporate
Investment Germany is aiming primarily at family companies
in the lower midcaps market segment with valuations of up
to EUR 300 million. The fund is directed primarily at German
companies, but can also invest in neighbouring countries and
in Italy. The main investment criteria are a strong track record,
good management and leading market position.
In 2007-2008, Corporate Investment Germany invested
EUR 69 million in four new shareholdings. Gimv’s part in these
shareholdings amounts to 16 million EUR.
INVESTMENTS
The Halder-Gimv Germany I fund has made nine investments,
four of them during the past fi nancial year. The fund is now
almost fully invested, with the balance earmarked for follow-on
investments in the existing portfolio companies.
ACTech
www.actech.de
ACTech was set up in 1995 and specializes in “rapid prototyping”,
that is the rapid development and production of cast metal
prototypes. ACTech covers the full process of planning, casting
and fi nishing the prototypes as far as simulation tests. The company
has two production units in Germany and a sales offi ce in
the USA. ACTech products are intended primarily for the automobile
industry and its suppliers in the toolmaking and aircraft
industries. The product range includes motor castings, control
panels and metal processing instruments. With 257 employees,
the company achieved sales of EUR 25 million in 2007.
| 33

BUY-OUTS
AND GROWTH
CAPITAL
Alukon
www.alukon.com
Alukon, with its head offi ce in the German town of Konradsreuth,
designs, produces and distributes high quality aluminium roller
blinds, roller doors and accessories. The company, which was
founded in 1974, offers a wide range of products, from loose
parts to tailored solutions. A large storage capacity, a dense
logistics network and a proprietary order service guarantee high
product availability and rapid, reliable order processing. Alukon
is one of Europe’s market leaders in its segment and is planning
to strengthen its market position through internationalization,
mainly in eastern Europe. Last year, with 331 employees, Alukon
posted sales of around EUR 71 million.
34 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
GEKA BRUSH
www.geka-brush.com
Since 1925 GEKA BRUSH has been developing and producing
cosmetics brushes and packaging. The company specializes
in small brushes for mascara, lip gloss and eye make-up. The
product range also includes brushes and packaging for nail
varnish, eyeliner, lip gloss and eye shadow. Major customers
include international cosmetics houses like Procter & Gamble,
Avon and Chanel. To meet these customers’ wishes, GEKA
BRUSH is constantly optimizing its products and services. The
company is headquartered at Bechhofen in Germany, with
two additional production facilities in England and America.
With 540 employees, GEKA BRUSH achieved sales of around
EUR 95 million in 2007.
VAG Armaturen
www.vag-armaturen.com
VAG Armaturen produces and distributes industrial valves
and accessories for the water supply and sewage treatment
industries. VAG Armaturen products are used primarily in water
treatment stations, hydroelectric stations, locks and dams. In
the 130 years since it was founded in 1872, VAG has gathered
extensive know-how in its fi eld. Apart from its main facility in
Mannheim, VAG also has plants in the Czech Republic, China
and India, as well as sales offi ces in Chile and Poland and an
extensive distribution network. VAG Armaturen wants to use
the partnership with Gimv to internationalize further. In 2007 it
posted sales in excess of EUR 100 million with 850 employees.
Corporate Investment Belgium also provided part of the mezzanine
fi nancing in this buy-out (see page 23).

Gimv invests in world leader
VAG DEMONSTRATES ITS MASTERY OF WATER TREATMENT SYSTEMS AND
INDUSTRIAL PROCESSES
Founded in 1872, VAG Armaturen is a company with unrivalled knowledge and experience of pumps and industrial valves for
collecting, transporting and storing drinking and process water. Around 1920 it was already the market leader in South America.
The company has continued innovating and growing, and now has production facilities in Germany, the Czech Republic, China and
India.
Almost all water pumping, transporting or treatment installations anywhere in the world use VAG systems. These systems have to be
able to withstand extreme pressure and variable temperatures. Experience shows that they can function problem-free for up to 50
years, with certain valves operating now for over 100 years.
VAG solutions are omnipresent also in sectors in which safety is essential. Nuclear energy plants, conventional energy plants,
chemicals and steel companies opt for VAG’s unbeaten safety, with valves that can even withstand earthquakes.
DIVESTMENTS
During the past fi nancial year, the Halder-Gimv Germany I fund
sold two of its shareholdings. In this way three of the nine portfolio
companies have now been divested. On these divestments
the fund has achieved an IRR of 106 percent, almost earning
back the total resources invested in the nine shareholdings.
BHS Getriebe
www.bhs-getriebe.de
BHS Getriebe is one of the world’s largest producers of turbo
propulsion systems. BHS turbo drives are used in electricity
generation, oil and gas extraction and transportation, and in the
chemicals and petrochemicals industries. BHS produces also
clutches and rotor propulsion systems. It has 310 employees.
BHS has been acquired by Voith Turbo, another German producer
of propulsion systems. With this acquisition, Voith Turbo
and BHS Getriebe are combining their know-how in planetary
and turbo transmissions in order to boost their growth. The two
companies’ international service and sales structure also offers
prospects for growth.
Prüm-Garant
www.tuer.de – www.garant.de
PRÜM-GARANT is one of the top producers of high quality interior
doors in Germany. Its specifi c focus on doors guarantees the
consumer a very high degree of expertise, service and advice. A
strategic focus on specialist retailing is one of the main reasons
for this company’s success. Prüm-Garant Holding came into
being in May 2005 with the combination of PRÜM-Türenwerk
and GARANT Türen und Zargen. Since this merger, PRÜM-
GARANT has been constantly expanding its market share. In
2007 it posted sales of EUR 114 million with 727 employees.
Every year the company produces more than 1.1 million doors.
In May 2007 Gimv sold its entire holding to Looser Holding in
Switzerland.
| 35

BUY-OUTS
AND GROWTH
CAPITAL
Corporate Investment France
At the end of 2007, Gimv opened an offi ce in the French capital and put together a buy-out team. With buy-out
teams already in place in Belgium, the Netherlands and Germany, the extension to neighbouring France was
a logical choice. To support and accelerate the French investment activities, Gimv concluded a cooperation
agreement with the French company Pragma Capital.
The French buy-out market, which is the largest in Europe after
the United Kingdom, offers many high quality investment opportunities.
France is no newcomer to Gimv, which has already
invested EUR 80 million in French companies, including preprepared
fi sh dish producer Européenne de la Mer, industrial
chains manufacturer Sédis and biotech company Diatos. Gimv
also cooperates with the French funds Sofi nnova, EPF and
I-source.
To support the new team and speed up the introduction to the
French buy-out market, Gimv concluded a partnership with
France’s Pragma Capital, a local player specializing in midmarket
buy-outs. As part of the agreement, Gimv is investing
EUR 40 million in the Pragma II fund. This cooperation also
allows Gimv to co-invest in the larger Pragma deals.
36 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Investeringsfocus
The French buy-out team, for the time being consisting of three
investment managers, is directing its efforts at companies with
enterprise values of up to EUR 125 million. For larger transactions
Gimv can act as a co-investor with Pragma. Gimv has
earmarked EUR 30 million for this.
Pragma II
www.pragmacapital.fr
Pragma II is aimed at management buy-outs of French companies
with enterprise values of up to EUR 250 million. The fund
has collected a total of EUR 345 million. With EUR 40 million
Gimv is the largest foreign investor. Other foreign parties in the
fund beside Gimv are the Banco Espirito Santo and Caledonia
Investment. The other investors are French institutional investors
like AXA, BNP Paribas and AGF. Pragma Capital, which split
off from the Crédit Agricole banking group in 2002, manages
the fund. In total this French private equity company manages
EUR 500 million with nine investment professionals.

Corporate Investment’s ten largest unlisted
shareholdings
(Belgium – Netherlands – Germany – France)
The Corporate Investment portfolio has a total value of EUR 532.0 million. EUR 59.8 million of this amount
relates to listed (mainly Barco) and EUR 472.2 million to unlisted companies. At the end of the 2007-2008
fi nancial year the value of the ten largest unlisted shareholdings amounted to EUR 271.8 million, or 68 percent
of all unlisted Corporate Investment shareholdings (funds excluded).
BMC Groep
www.bmcgroep.nl
BMC Groep is the Dutch market leader in professional services
for the public sector (government and non-profi t organizations).
The company was set up in 1986 and acts as the
holding company for four separate companies, BMC, TMOP,
XOPP and PublicSpirit. BMC specializes in change management,
organizational consulting, coaching and training. TMOP
concentrates on interim management and project support. Top
management, directors and supervisory board members are
selected by PublicSpirit, whilst XOPP detaches (administrative)
assistants. The group employs over 1 000 professionals out of
six offi ces in the Netherlands, who generally come themselves
from government organizations, teaching and care institutions
and other public bodies. In 2007, BMC Groep had sales of
EUR 135 million.
De Groot International
www.degroot-int.nl
De Groot International is an international importer, distributor
and exporter of fruit and vegetables. Over the past 50 years
it has grown from a small fruit trading company into a leading
organization in its fi eld with over 100 employees and sales in
excess of EUR 150 million. At the start of 2008, De Groot took
a majority shareholding in Borgers Groothandel in Groenten en
Fruit, strengthening its position in Germany and Scandinavia.
Retail organizations are major De Groot customers. As well as
traditional trading and cold storage, De Groot International has
computer-controlled banana ripening chambers, packaging
lines and its own transportation enterprise. Gimv acquired a
shareholding in De Groot in the second half of 2005.
European Bulk Terminals – EBT
www.sea-invest.be
EBT is the overall holding company of the Sea-Invest group,
which has built up over 70 years’ experience in bulk and fruit
handling, with terminals in Belgium, France, South Africa and
elsewhere. The group operates bulk terminals (coal, iron ore
etc.) and is active in fruit handling via Universal Fruit Operators
(UFO). In 2006 Sea-invest built a brand-new EUR 40 million,
11 hectare fruit terminal in the Port of Antwerp (Fresh Fruit
Terminal Antwerp), with a storage capacity of 9 600 fruit pallets
and which processes around 500 000 tonnes of fruit every year.
In 2007 EBT had sales of around EUR 650 million.
| 37

BUY-OUTS
AND GROWTH
CAPITAL
Grandeco
www.grandecogroup.com
See pages 21 and 22.
Lintor - Verbinnen
www.lintor.be
See page 22.
HVEG (LowLand Fashion)
www.lowlandfashion.nl
See page 31.
OGD (Operator Group Delft)
www.ogd.nl
OGD was founded in 1988 and delivers tailored ICT services,
like management, helpdesk, ICT projects and software development.
OGD combines high quality service with keen pricing. It
employs more than 350 well-trained young professionals with
technical service backgrounds. OGD has fi ve outlets in the
Netherlands. In 2007 OGD generated sales of EUR 24 million.
Together with its management, Gimv acquired a majority interest
in 2006 through a management buy-out.
PDC Brush
www.pdcbrush.be
Founded in 1946, PDC Brush is a leading European producer of
household cleaning equipment (brushes, window wipers, dusters,
etc.). As well as its own Linea and Nola Bliss brands, PDC
Brush produces primarily under private label. Production is at
two plants in Belgium and one in Romania. PDC’s customers
are mainly in Western Europe and include many well-known
retail chains. The company has customers in over 50 countries
and is looking to grow through further geographic expansion
and extending its product offering. In 2007 PDC Brush posted
sales of nearly EUR 33 million.
38 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Scana Noliko Holding
www.scana-noliko.be
Scana Noliko Holding is a major European producer of private
label bottled and canned vegetables and fruits, pasta and
sauces. With its 30 years’ experience in food bottling and
canning, this Belgian company is a trusted name for retailers,
catering companies and food producers. Some 80 percent of
products are exported, mainly to EU companies, headed by
Germany. The company has 475 employees and works with
over 300 Belgian, Dutch and German farmers. In 1993 it was
the fi rst European company in its segment to be awarded the
ISO 9001 quality certifi cate. In its 2007-2008 fi nancial year it
had sales of around EUR 135 million.
Westerlund Group
www.westerlundgroup.com
Founded in 1903, Westerlund is a port terminal operator that
specializes in handling forest products. Westerlund’s Belgian
terminal in Antwerp has grown into the world’s largest specialist
pulp and paper terminal, extending over 880 000 m². The
group also owns maritime terminals at Rouen (France) and
Changshu (China) and container freight stations in the ports
of Tilbury (UK) and Marseilles (France). The group’s activities
have evolved in recent years towards full logistics service provision.
The group also participates in various major environmental
projects around its terminals. In 2007, the group had sales of
around EUR 124.3 million. After the balance sheet date, Gimv
sold its shareholding to Babcock & Brown.

Overview of major shareholdings in the Gimv
Corporate Investment portfolio
Name Website Country Activity Entry
Accent Jobs for People www.accent.be Belgium Temporary employment agencies 2006
Acertys Group www.acertys.com Belgium Sale and distribution of medical equipment 2007
ACTech* www.actech.de Germany Metal casting moulds 2008
ADA* www.ada-online.de Germany Hotel cosmetics 2006
Alfacam www.alfacam.com Belgium Outdoor TV facilities and HDTV 1998
Alukon* www.alukon.de Germany Aluminium roller blinds and doors 2007
Anaf Products www.anaf.be Belgium Door panels 1998
ANP www.anp.nl Netherlands Press agency 2004
Arcomet www.arcomet.com Belgium Crane building and rental 2001
Barco www.barco.com Belgium Professional visualization systems 1981
BEM www.bem-fcic.com Belgium Cofi nancing building projects in Central and Eastern
Europe
Biodiesel Holding www.bioro.be Belgium Biodiesel production 2006
BMC Groep www.bmcgroep.nl Netherlands Professional services for the public sector 2007
Boortmalt www.boortmalt.be China Malt-house 1998
Cappelle www.cappelle.be Belgium Colour pigments 1989
De Groot International www.degroot-int.nl Netherlands Fruit and vegetable wholesaling 2005
Domus Flandria Belgium Lending company for social housing 1992
EBT www.sea-invest.be Belgium Port and port-related activities 1992
Européenne de la Mer www.tassos.fr
www.charles-amand.fr
1997
France Pre-prepared food and traditional Greek products 2005
Gealan www.gealan.de Netherlands Wholesaling and importing of private label clothing 2002
GEKA Brush* www.geka-brush.com Germany PVC door and window profi les 2007
Grandeco www.grandecogroup.com Germany Cosmetics brushes and packaging 2007
HVEG (LowLand Fashion) www.lowlandfashion.nl Belgium Wallpaper 2006
Impression www.impression-global.com Belgium Posters and point of sales campaigns 2000
INVE www.inve.be Netherlands Fish farming / feed components 1999
Karl Eugen Fischer* www.kefi scher.de Germany Cord-cutting machinery for the tyre industry 2006
Le Cobourg www.lecobourg.be Belgium Home-made salad spreads 2007
Lintor-Verbinnen www.lintor.be Belgium Chicken slaughtering and processing 2007
Mebrom www.mebrom–group.com Belgium Distributor of specialty gases 2007
Microtherm www.microtherm.uk.com Belgium Thermal insulation material 2004
Mondi Foods Belgium www.mondifoods.be Belgium Red fruit ingredients 2001
Numac Groep www.numac.nl Netherlands Industrial services 2007
OGD www.ogd.nl Netherlands ICT services 2006
PDC Brush www.pdcbrush.be Belgium Household cleaning material 2005
Prolyte www.prolyte.com Netherlands Modular aluminium load-bearing constructions 2007
Scana Noliko www.scana-noliko.be Belgium Bottled and canned fruit and vegetables 2004
Sédis www.sedis.com France Industrial chains 2000
Sfi nc www.pellicula.be Belgium Spices and ingredients for the meat industry 2004
Sovitec www.sovitec.com Belgium Glass beads for industrial applications 2004
TerStal www.terstal.nl Netherlands Fashion chain for private label clothing 2008
Tops Foods www.topsfoods.com Belgium Pre-prepared meals 1993
VAG Armaturen* www.vag-armaturen.com Germany Industrial valves and fi ttings 2008
Verhaeren www.verhaeren.be Belgium Road building 2008
Westerlund www.westerlundgroup.com Belgium Port and logistics company 2005
Wichard www.wichard.fr France Sailing ship accessories 2002
* Shareholdings of the Halder-Gimv Germany I fund
| 39

VENTURE
CAPITAL
Information & Communication Technology
In 2007 the ICT business unit continued its
European expansion by acquiring an experienced
ICT venture capitalist in France. This has already
produced an investment in the French company
Movea. The cooperation with Israeli venture
capital fund Genesis Partners resulted during the
fi nancial year in a joint investment in the Israeli
company Oree.
The continuing internationalization of its ICT activities refl ects
Gimv’s ambition of attracting the best deals as a top tier
European venture capital provider.
With around thirty years of development behind it, the venture
capital market has become more mature and international.
Entrepreneurs looking for fi nancing no longer give preference
to local players, but to venture capitalists who look beyond their
own national boundaries. With international experience and local
presence in various countries, Gimv ICT can look back on
good performances and focus on attractive opportunities.
In 2007 interest remained strong for internet companies with
Web 2.0 applications, leading to extensive M&A activity at
high valuations. Another striking feature was the sharp grown
in consumer-directed technology like HDTV, advanced mobile
phones, games and home server networks, all young markets
which still offer lots of potential.
The past fi nancial year saw acceptable valuations for early stage
companies and rather high valuations for later stage ones. This
phenomenon was more marked in France and in the United
Kingdom, where the high numbers of venture capitalists spurred
on the market, resulting in high prices. European market fi gures
rose slightly in 2007. In total EUR 4.60 billion of venture
capital was invested, compared with EUR 4.46 billion in 2006.
Up 2 percent on the previous year, this is the highest amount
since 2002.
40 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
ICT portfolio according to geographic distribution
(based on portfolio value at 31/03/2008 - excl. Telenet)
United States
9 %
Rest of Europe pe
7 %
Germany 10 %
Netherlands 12 %
Rest of the world
4 %
Belgium 34%
France 24 %
ICT portfolio according to stage of development
(based on portfolio value at 31/03/2008 - excl. Telenet)
Private equity funds ds
11 %
Secondary ary
transactions 3 %
Growth fi nancing ng
35 5 %
Seed fi nancing
2 %
Early stage 49 %

Oree develops revolutionary lighting technology
ELASTIC POLYMERS PROVIDE ULTRA-FLAT, LONG-LASTING LIGHTING SOURCE
Ultra-thin screens with environmentally friendly components: this is one of the applications that Oree is targeting with its energy-saving,
patented lighting technology.
Oree develops elastic, fl at fi bres that radiate light equally from their core. The technology is not aimed at replacing LED lighting, but at
making it a lot more effi cient. The LEDs will no longer be behind a protective layer, but integrated into it.
Oree is focusing in the fi rst place on the strong growth market of fl at screens for TVs, computers, telephones and the like. Potential
customers are manufacturers of backlight units (BLUs) and fl at display screens like LG, Samsung and Sharp. In addition an enormous
market lies open for general lighting, in which this shapeable lighting offers a wide range of possibilities.
Investeringsfocus
Gimv ICT has the necessary fi nancial strength to grasp chances
directly in the present market circumstances, and can fl exibly
put up both smaller and very large investment amounts.
The ICT team invests at every point in a company’s development
from early stage to late stage. As in previous years the
emphasis is on communications, semi-conductors and software.
This is a sector in which the team has built up extensive
experience and where attractive investment possibilities still
exist. Geographically the focus is on Europe, with an emphasis
on Belgium, the Netherlands, France, Germany and the United
Kingdom.
In 2007-2008, ICT invested EUR 67.6 million, of which
EUR 5.3 million in three new shareholdings and EUR 59 million
in follow-on investments. EUR 3.3 million was also invested in
third party funds.
INVESTMENTS
Applied Development
www.appdev.be
Belgian-Indian company Applied Development develops software
for Belgian SMEs from India. It was set up in 2006 by
the founders of ValueSource, another company specializing
in offshore projects that was sold to KBC in 2004. Applied
Development offers SMEs a fi xed price formula, with the price
and time frame agreed in advance. Customers can also opt
for either a team working exclusively for them in India, or for
consultants on site. Applied Development has around twenty
software developers working for it. In September 2007 Gimv
took a 10 percent shareholding in the company. This investment
will allow Applied Development to speed up the growth and
diversifi cation of its activities.
Movea
www.movea-tech.com
Movea, which is headquartered in Grenoble (France), was set
up in March 2007 as a spin-out from French research institute
CEA-Léti. It develops and sells solutions for recording human
movement. Movea’s products are mobile, wireless, and cost
and energy saving. Movea’s motion-sensing modules are aimed
both at the consumer market, with pointing devices and mobile
telephony, and at the health care market, including revalidation
and recording of physical activities. In December 2007, Movea
acquired the US company Gyration, which specializes in pointing
devices for digital media. Gimv invested EUR 3 million in an
initial capital round totalling EUR 7.3 million.
Oree
www.oree-inc.com
Oree, founded in 2004, is an Israeli early stage technology company
that develops parts for LED-based display modules. Oree’s
advanced light technology makes it possible to produce more
effi cient and more fl exible LED-based light systems for LCD
screens. Oree’s technology also signifi cantly reduces the production
costs of LED-based LCD screens. The company’s technology
can also be used for general lighting for cars, household
equipment and interior decoration. In May 2007 Gimv invested
USD 3 million in a USD 7 million series A fi nancing round. Oree
is Gimv’s fi rst co-investment with the Israeli company Genesis
Partners, with which it has been cooperating since 2005.
| 41

VENTURE
CAPITAL
MAIN FOLLOW-ON INVESTMENTS
CoWare
www.coware.com
American microelectronics company CoWare, which originated
in the Imec research centre at Leuven, is an authority in developing
electronic design automation (EDA) software and services.
Founded in 1996, it is today the world’s largest independent
EDA company. CoWare delivers products and services for
systems-on-chips (SoC) designers. These chips are becoming
ever smaller and the applications ever more complex. CoWare
seeks to offer its customers a complete package of products and
services, to enable them to continue to meet the demands of a
highly complex and integrated SoC market. The main customers
are leading systems, semi-conductor and IP companies.
Gimv invested USD 2.8 million in a sixth capital round totalling
USD 10 million.
Digital Imaging Systems
www.disimage.com
Digital Imaging Systems (DIS), a spin-off of listed company
Dialog Semiconductor, develops advanced camera modules
for mobile phones with the same quality level as autonomous
digital cameras. DIS’s high quality modules offer resolutions of
up to eight megapixels, very low battery consumption and a
wide range of functionalities, including autofocus and optical
zoom. The company is located in Stuttgart (Germany) and New
Jersey (USA) and has around 60 employees. Gimv added DIS
to its portfolio in 2006. Gimv invested EUR 2.4 million in a
EUR 10 million capital round.
Gemidis
www.gemidis.com
Gemidis was set up in 2004 as a spin-off from the Imec research
centre and the University of Ghent. The company
develops LCOS (liquid crystal on chip) imagers. These liquid
crystal microdisplays are used to module a miniature image on
a minuscule chip, which is then enlarged with lenses to produce
very high resolution broad image displays. Gemidis applications
are intended both for the consumer market (home cinema
projects) and the professional market (monitors and simulators).
The company is seeking to offer superior image quality at
affordable prices. Gemidis has its head offi ce in Belgium, and
other facilities in Taiwan and Japan. 45 people work for Gemidis.
In June 2007 Gemidis collected EUR 6 million from a group of
investors including Gimv, Quest for Growth and Fortis.
42 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Inside Contactless
www.insidecontactless.com
French company Inside Contactless develops and sells chips
and other hardware for contactless smartcards and electronic
card readers. Inside’s contactless payment chips are used,
among other things, to permit wireless payments from mobile
telephones. The telephone is just placed next to a scanner and
the purchase is activated in wireless mode. Inside is taking full
advantage of the crucial importance of rapid, effi cient product
development in this fast growing market. With offi ces in France,
China, Poland, the USA and Singapore, Inside is a global player.
Gimv’s EUR 3 million investment was part of a total EUR 25 million
capital round, in which Nokia and Motorola also invested.
Gimv has been supporting Inside Contactless since 1998.
L&C
www.landcglobal.com
Language & Computing (L&C), which was set up in 1998, develops
software based on its own patented NLP (Natural Language
Processing) technology. L&C’s medical language technologies
enable a computer to understand the content of written medical
language and to reorganize and structure information from
databases of medical reports. The L&C technology signifi cantly
improves the level of detail and precision. Applications include
coding systems, electronic medical fi les and text analysis systems.
In 2007 the company relocated its headquarters from
Belgium to the USA. Gimv fi rst invested in L&C in 2000. The
follow-up investment amounts to EUR 1.3 million.

Liquavista
www.liquavista.com
Dutch company Liquavista, a spin-off of Philips Research Labs,
has developed a revolutionary display screen technology known
as electrowetting. This refl ective screen technology, whereby the
screen is formed of microscopically small oil droplets in water, offers
two major advantages over existing screen technologies. An
electrowetting-based display consumes 90 percent less power.
Screens are also very brightly coloured, making them perfectly
legible also in strong sunlight. Liquavista screens are used for
a wide range of mobile products, including videos, telephones,
digital cameras and navigation equipment. Liquavista’s fi rst
energy-saving screens will be reaching the market in mid-2008.
The company has offi ces in Eindhoven, Cambridge and Hong
Kong. In March 2008 Gimv joined Amadeus Capital Partners
and New Venture Partners in a second fi nancing round totalling
EUR 8 million.
Mentum (ex-CTS International)
www.mentum.com
French company Mentum develops network planning, network
implementation and optimization software for mobile network
operators. The company came into being in June 2007 when
CTS International took over Ericsson’s network planning product
line. Mentum software allows mobile operators to use their existing
networks more effectively and to optimally extend their networks.
Mentum has offi ces in Tokyo, Hong Kong, Paris, Ottawa
and Dallas and customers in more than 40 countries worldwide.
The Gimv follow-on investment is part of a EUR 6.7 million third
capital round.
Metris
www.metris.com
Since being set up in 1995 as a spin-off of the Catholic University
of Leuven, Metris has grown into a world player providing total
3D quality control solutions for development and production
departments in the automotive and aircraft industries. Metris
delivers both traditional coordinates measuring equipment and
innovative optical measuring systems. Metris solutions provide
high-accuracy 3D measurement of complete vehicles (cars,
aircraft, trains, ships) and of individual components, with which
to guarantee perfect assembly. At the end of 2006 Metris was
introduced onto the stock market. In 2007 it acquired Garda,
Coord3, M-Cubed, X-Tek and the iLS (Intelligent Laser Systems)
department of Virtek. Gimv granted Metris a EUR 20 million
mezzanine loan with warrants to fi nance the acquisitions.
Telenet
www.telenet.be
See page 45.
VirtenSys
www.virtensys.com
Virtensys is a British start-up in the young and fast-growing
market of input / output virtualization. Its products are fi nding
their way into data centres and into storage and network
infrastructure markets. Virtensys was set up in 2005 and has
put together an exceptional team of experts in the fi eld of
semiconductor and systems development. The head offi ce is
in Manchester (UK) and the sales and marketing offi ces in the
USA. Gimv invested GBP 2 million in a series B fi nancing round
together with Scottish Equity Partners and Celtic House Venture
Partners. The additional resources will enable the company to
expand and shortly bring its fi rst products to market.
| 43

Rémy de Tonnac - CEO Inside Contactless
GIMV NETWORK OPENS DOORS
INSIDE’S NO-CONTACT TECHNOLOGY IS
CONVINCING BUYERS WORLDWIDE
Since 2006 Rémy de Tonnac has headed up Inside Contactless,
a company that develops chipsets that can communicate wireless
and contactless and without any energy source with cell
phones, computers, terminals and the like. The electromagnetic
fi eld generated by the apparatus provides the requisite energy
for data exchange via radio waves. Application areas are bank
cards, ID cards and passports fi tted with chips, but the possibilities
are much wider. The CEO speaks of his experiences with
Gimv as a venture capital provider.
How did the cooperation between Inside Contactless
and Gimv come about?
“I myself have been in the private equity world, but the relationship
with Gimv was for me something new and refreshing. When
Gimv invested in Inside Contactless in 1998, our company had
only a limited choice of capital providers. Even though the company
was still in a very tender early stage, Gimv recognised what
was unique in Inside’s technology. I remember that when setting
up Inside I was originally not in favour of spinning off Inside
from its parent company Gemplus. Inside would initially have to
devote itself almost entirely to research & development. In this
sense Gimv had a sharp eye for Inside’s distinctive technology
and patents, and saw the items that needed to be addressed.”
44 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
What distinguishes Gimv from other investment
companies?
“Gimv spotted the uniqueness that the others missed. It also
looks very carefully at the quality of the management and the
implementation of key processes. Whereas other venture capital
providers are focused primarily on the fi nancial side, with
a somewhat short-term horizon, Gimv is in for the long haul.
They detached competent people to our board of directors, who
made all the difference.”
What does ‘make all the difference’ really mean?
“Gimv is a partner we can count on when the going gets rough.
It is then that it becomes clear who is really committed. Gimv
has a no-nonsense, “in your face” style which you have to be
ready to accept. But the result was always positive. The fact that
Gimv asked us the right questions at the right time meant that
we knew where the real challenges lay. We realized when we
had to deal with dysfunctional situations in the organization. At
times this was tough, but always very relevant. With well-argued,
well-founded reasons, Gimv exercised the right pressure to
make Inside successful.”
What for you is Gimv’s best card?
“Gimv is not driven just by the fi nancial side of things, but also
by a concern for the company. It is a respectful partner. In
particular Gimv has an eye for the key questions. Is the positioning
good? Can the gross margin hold? Who will be the strong
player in the market two years out? How and with whom must
the operations be streamlined? And do we have the right people?
These are basic questions, but timing is everything. Gimv
asks the questions at the right time and delivers the results it
promises.”
How do you see the cooperation looking forward?
“Gimv is a partner that says what its does and does what it says.
The high quality introductions that Gimv provides to important,
infl uential parties and decision-makers such as top semiconductor
producers are of enormous value to us. We hope that we
will continue to make a lot of use of these in the future.”

DIVESTMENTS
Business Architects
www.baiworld.com
Business Architects International (BAI) is a leading European
software company offering a wide range of software solutions to
banks and asset managers. With offi ces in fi ve countries, BAI
has grown into an established European player with a product
range tailored to the various countries it serves. In February
2007 BAI sold Eximius, its Wealth Management department, to
Thomson Financial. In September of the same year Gimv and
the other shareholders sold their interests in BAI to the listed
French consultancy and IT services company Sopra Group.
Gimv, that entered the company in 1998, played an active role
in the internationalization of BAI.
Captor
www.captorgroup.com
Captor offers solutions that allow companies and organizations to
manage their employees effi ciently and effectively, with software
and hardware for time recording, access control and personnel
planning, and software applications for training and competence
management. The company was set up in 1987. With offi ces
in Belgium, the Netherlands, France, Germany and the United
Kingdom, Captor is one of the only pan-European groups in this
sector. Its products are used in over 2 000 organizations across
Europe. In June 2007 Gimv sold its shareholding to Kronos,
the US company which is the market leader in workforce management.
This acquisition strengthens Kronos’ position in the
European market.
Interwise
www.interwise.com
Interwise develops and sells software for real time video, audio
and data communication via the internet. The US-Israeli
company focuses on web conferencing and the live e-learning
market. The company originated in Israel, but is headquartered
in the USA. Interwise is active in countries like the United
Kingdom, France, Japan, China and Australia, and has offi ces
in six countries. Gimv entered the company in 2001. In 2007
the US telecoms group AT&T acquired Interwise and integrated
it into its Global Business Services division.
Mediornet
A bankruptcy forced Gimv to write off its entire investment in
Austrian company Mediornet. This bankruptcy followed an unsuccessful
search for additional capital and a strategic partner.
The Mediornet assets from the bankruptcy were sold to the
German group Riedel Communications.
PARTIAL DIVESTMENTS
Telenet
www.telenet.be
Belgian cable operator Telenet offers TV distribution (both
analogue and digital), internet and telephony. It is the largest
supplier of broadband cable services for private individuals in
Belgium. Telenet Solutions is aimed at the professional market,
delivering appropriate voice and data traffi c, internet and digital
TV solutions to major enterprises, government bodies, health
institutions and SMEs. Since 2005 Telenet has been listed on
Euronext Brussels. The company has around 1 500 employees.
Belgian Cable Investor, controlled by Liberty Global, exercised
its call options on the Telenet shares held by Gimv, at EUR 25
a share, representing a cash income of EUR 95.1 million for
3 804 450 shares. At the beginning of August, Gimv exercised
its Telenet warrants at EUR 13.33, bringing its holding in
Telenet back up to 1 615 344 shares or 1 percent of the share
capital. Finally, in November, Telenet carried out a capital
reduction of EUR 6 per share, giving Gimv a cash income of
EUR 9.7 million.
GIMV ICT’S TEN LARGEST UNLISTED
SHAREHOLDINGS
The ICT portfolio has a total value of EUR 165.8 million.
EUR 26.8 million of this amount relates to listed and
EUR 139.0 million to unlisted companies. At the end of the
2007-2008 fi nancial year the combined value of the ten largest
unlisted shareholdings amounted to EUR 76.3 million, or 62 percent
of all unlisted Gimv ICT shareholdings (funds excluded).
| 45

VENTURE
CAPITAL
Clear2Pay
www.clear2pay.com
Clear2Pay develops innovative payment systems for fi nancial
institutions, aimed at the safe, timely and smooth processing
of internal payment traffi c. Clear2Pay invests around
EUR 5 million a year in researching and developing innovative
payment technologies for use on a global scale. The company
is headquartered in Belgium and operates in the Netherlands,
Germany, Poland, Spain, the UK, the USA, China, Australia
and Singapore. It has more than 400 employees. In 2007
Clear2Pay acquired Belgian company Integri which specializes
in test services and software. This was followed a few weeks
later by its French counterpart Diagram EDI. At the start of
this year Clear2Pay collected EUR 10 million from its existing
shareholders, including Gimv.
CoreOptics
www.coreoptics.com
Fast-growing and innovative CoreOptics develops advanced
optical network subsystems which signifi cantly increase the
capacity of existing networks (higher speed) and the reach of
optical links (improved signal). CoreOptics solutions can be
applied universally both on local and on ultra-long distance
networks. Direct customers are primarily major suppliers of optical
transmission systems like Siemens, Fujitsu and Ericsson
that integrate CopeOptics’ modular building blocks into various
applications and network systems for telecom and data networks.
The company was set up in 2001 and employs around
100 people. The head offi ce is in Nürnberg, with sales and
support divisions in the USA. Gimv has invested in CoreOptics
since 2006.
CoWare
www.coware.com
See page 42.
Digital Imaging Systems
www.disimage.com
See page 42.
Gemidis
www.gemidis.com
See page 42.
46 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Human Inference
www.humaninference.com
Human Inference, which was founded in 1986, is a leading
European player on the market for solutions to improve the
quality of business data. Data quality management has proved
a strongly growing area in recent years, mainly because it determines
the effi ciency of business applications like CRM and
ERP. Human Inference’s software allows customers to work with
reliable data, thanks to a technological platform that couples
existing business processes to external references to ensure
that data are complete, correct, up-to-date and unique (and in
this way improve their quality). The company today has 75 employees
and delivers to 180 blue chip companies in various
sectors. Gimv entered Human Inference in 2007.
Inside Contactless
www.insidecontactless.com
See pages 42 and 44.
Liquavista
www.liquavista.com
See page 43.
Mentum (ex-CTS International)
www.mentum.com
See page 43.
Tinubu Square
www.tinubusquare.com
French company Tinubu Square is the European leader in automated
solutions and consultancy for the B2B credit insurance
market. Tinubu Square helps manage customer risk and payment
guarantees for inter-company transactions, regardless of
the buyer’s or seller’s country. The service is fl exible, rapid and
complete, and functions as a real interface between credit insurers
and their customers. The Tinubu Square solutions reduce the
cost risk, automate the administrative management processes
and improve the company’s service quality. Tinubu Square has
offi ces in France and Belgium and has forty employees.

Overview of the Gimv ICT portfolio
Name Website Country Activity Entry
3mensio www.3mensio.com Netherlands 3D software for medical applications / radiology 2004
Applied Development www.appdev.be Belgium / India Software development 2007
Aventiv www.aventiv.com Belgium Online document management 2007
Clear2Pay www.clear2pay.com Belgium Innovative payments applications 2006
CoreOptics www.coreoptics.com Germany Optical network subsystems 2006
CoWare www.coware.com USA Chip design software (EDA) 1997
CR2 www.cr2.com Ireland Financial channel management software 2000
Digital Imaging Systems www.disimage.com Germany Mobile phone camera modules 2006
Ecophos www.ecophos.com Belgium R&D company in the phosphate industry 1996
Gemidis www.gemidis.com Belgium Micro-displays for high resolution broadband monitors 2004
Greenpeak www.greenpeak.com Netherlands Low consumption ZigBee solutions 2006
Human Inference www.humaninference. com Netherlands Data quality management software 2007
Inside Contactless www.insidefr.com France Smartcard design 1998
L&C www.landcglobal.com USA NLP-based software solutions 2000
Liberty Channels www.libertytv.com Luxembourg B&C, B&B travel website 2000
Liquavista www.liquavista.com Netherlands Screen technology for mobile applications 2006
LivePerson www.liveperson.com USA Online conversation solutions 2002
Mentum www.mentum.com France Network planning software 2002
Metris www.metris.be Belgium Quality control software and hardware 2000
Movea www.movea-tech.com France Human movement recording apparatus 2008
Oree www.oree-inc.com Israel LED display parts 2007
Psytechnics www.psytechnics.com United Kingdom Speech quality measurement software 2004
Telenet www.telenet.be Belgium Broadband cable operator 1996
Tinubu Square www.tinubusquare.com France Automated credit management solutions 2002
VirtenSys www.virtensys.com United Kingdom Input / output-virtualization 2006
| 47

VENTURE
CAPITAL
Life Sciences
The big events for Life Sciences in 2007-2008
were the stock market introduction of Ablynx
and the further divestment from deVGen. The
business unit also optimised its more mature
portfolio with various follow-on investments. The
range of activities for new investments is also
widening.
Bioworld Finance Watch, in its annual overview for 2007, reports
USD 24 billion of venture capital investment in the life
sciences sector, up slightly on 2006, with more money being
invested in later stage companies. For venture capital investors
in early stage companies, the time-to-divestment is becoming
ever longer.
Major differences remain between countries and regions, as
in previous years. In the USA, the market is volatile, in the UK
market performance is weak. In Scandinavia we are seeing a
perceptible cooling off with stock market introductions being
put off until later. In Germany results were not brilliant either,
with certain listed life science companies experiencing severe
setbacks.
In Belgium and the Netherlands, the investment climate was
reasonable, including the stock market introductions of Ablynx
and Tigenix and the private placements of Innogenetics,
OncoMethylome Sciences and Thrombogenics. Switzerland
too remains a highly attractive market for life sciences, with
attractive results.
Investment focus
Life Sciences focuses on long-term investments, with a careful
eye to the specifi cities of different geographic markets. It is aiming
at a diversifi ed portfolio with investments in drug research
and diverse technologies. Diagnostics activities and technologies
with applications in the agro and energy sectors also fi t into
the investment policy. Gimv remains interested in every phase of
a company’s development, from early stage to listed. Its primary
focus is on European companies, but it also looks at promising
enterprises in other parts of the world.
In 2007-2008, Life Sciences invested EUR 18.4 million.
48 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Life Sciences portfolio according to geographic
distribution (based on portfolio value at 31/03/2008)
United States
40 %
Rest of Europe
15 %
Life Sciences portfolio according to stage of
development (based on portfolio value at 31/03/2008)
Private equity ty
funds ds
26 %
Growth fi nancing ng
28 %
BBelgium
19%
France F 21 %
Netherlands N
4 %
Germany 1 %
Seed fi nancing
2 %
Early stage 44 %

Gimv continues to support shareholding
ABLYNX CARRIES OFF LARGEST EVER BIOTECH IPO ON EURONEXT BRUSSELS
With its IPO in the last quarter of 2007, Ablynx collected EUR 85 million, which is a record for a biotech company on Euronext
Brussels. Ablynx now has ample resources with which to continue developing its therapies. The pipeline is promising and continues to
grow. An initial product has recently been tested on humans. Ablynx has cooperation agreements with top companies like Boehringer
Ingelheim, Novartis, Procter & Gamble and Wyeth to further validate its technology.
This IPO demonstrates how Flemish start-ups can grow wings with venture capital from Gimv. Gimv did not sell any shares at the IPO,
but used the attractive introduction price to buy more.
Ablynx specialises in a new category of medicines derived from llama antibodies. From these antibodies it has developed nanobodies,
that is tiny antibody fragments which should also be able to heal human beings. The antibodies developed in this way can be used
against cardiovascular disorders, Alzheimer’s and cancer, but the potential is much wider.
NEW INVESTMENT
Acertys
www.acertys.com
Acertys sells, distributes and acts as an integrator of high tech
medical apparatus. With its own team of technical specialists,
Acertys provides specifi c user training. The group also supplies
technical equipment to fi refi ghting, police, defence and civil
defence services and distributes medical consumables to hospitals,
homes for the elderly and fi rst aid services. Acertys came
into being in 2007 through the merger of Meda, Vandeputte
Medical BV and Vandeputte Medical & Security NV. The merger
of these Belgian and Dutch companies allows the company to
guarantee outstanding service and at the same time remain
a trusted proximity partner to its customers. Acertys employs
185 people. With sales of almost EUR 44 million the group has
a leading market position in the Benelux. Corporate Investment
Belgium and the Life Sciences business units have together
taken a majority interest in this new group.
MAIN FOLLOW-ON INVESTMENTS
Ablynx
www.ablynx.com
This biopharmaceuticals company, a spin-off of the VIB, is
investigating and developing a new type of antibodies. Derived
from camels, these will be used for treating thrombosis, immunity
system problems and neurodegenerative illnesses. In 2007
Ablynx concluded a major cooperation contract, potentially
worth EUR 1.3 billion, with Boehringer Ingelheim to co-develop
and co-market 10 nanobody drugs. In November 2007, Ablynx
pulled off the largest ever biotech IPO on Euronext Brussels.
Gimv used the attractive introductory price to increase its holding
in Ablynx.
Ambit
www.ambitbio.com
US biotech company Ambit, set up in 2000, develops little molecular
kinase blockers for treating cancer. Using its proprietary
KinomeScan technology, Ambit produces uniform, detailed kinase
(enzymes) profi les which serve to develop more targeted
drugs with minimum side effects. Many of Ambit’s drugs are
at the preclinical and clinical research stages. These include
AC220, a kinase blocker for treating an acute form of leukaemia.
The company maintains partnerships with prominent companies
like Roche, Pfi zer and GlaxoSmithKline. Gimv, which has been a
shareholder of Ambit since 2002, took part in a USD 49.3 million
series D capital increase.
Ceres
www.ceres-inc.com
With a technology which uses plant genomes, Ceres is developing
new commercial applications and sustainable solutions for
energy production, agriculture, health and human food. Among
other things it uses innovative crops for producing biofuels.
Ceres works with Monsanto to develop new and better plant
varieties. Since being founded in 1997, Ceres has mapped the
genetic codes of 70 000 plants. The company has 130 employees.
In September 2007, Gimv took part in a USD 75 million
investment round.
| 49

VENTURE
CAPITAL
Diatos
www.diatos.com
Franco-Belgian company Diatos, a spin-off of the Institut
Pasteur, is developing anti-cancer therapies using its proprietary
peptide technology. Diatos is seeking to improve the features of
existing therapies and to create new ones with greater effi ciency,
optimised dosage and reduced toxicity and side effects. Diatos
has 40 employees working out of facilities in France, Belgium
and the USA. Gimv co-invested in a series D capital round for
EUR 9.4 million. This new capital will serve to fi nance patient
testing of Diatos’s therapies. The company will shortly be testing
DTS-301, a new breast cancer treatment with reduced side
effects.
Fovea Pharmaceuticals
www.fovea-pharma.com
Fovea Pharmaceuticals was set up in 2005 to research and
develop drugs for treating ophthalmologic disorders, such as
age-related macular degeneration, retinitis pigmentosa and diabetic
retinopathy. Fovea has developed a range of products in
different stages of testing, from pre-clinical products to products
about to undergo clinical testing. Fovea collected EUR 30 million
in a series B fi nancing round from various investors, including
Gimv, Sofi nnova Partners, Forbion and Abingworth. Fovea will
be using the new resources for further developing its pre-clinical
and clinical stage drugs and its technology platform.
Nereus Pharmaceuticals
www.nereuspharm.com
Nereus Pharmaceuticals is a US pharmaceuticals R&D company
that was set up in 1999 to explore new candidate substances.
These Nereus obtains from the sea, which is the planet’s largest
source of microbial diversity. Based on this marine microbiology
Nereus is developing medicines for cancer, infectious diseases
and infl ammations. Two Nereus drugs are at the clinical test
phase. A number of other highly promising candidates are expected
to reach this stage in 2009. 38 people work for Nereus
Pharmaceuticals. Gimv, which has been a shareholder since
2000, took part in a USD 45 million series D fi nancing round.
50 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
DIVESTMENT
deVGen
www.devgen.com
Ghent-based biotech company deVGen, a spin-off of the VIB,
researches, develops and markets biotech products to protect
a wide range of agrocrops against pest organisms. It is also
developing new drugs to treat disorders like diabetes, obesity,
cardiovascular irregularities and infl ammations. In June
2005, deVGen was successfully introduced onto Euronext. In
November 2007 it acquired Monsanto’s seed activities in India.
In so doing deVGen has grown into an integrated player on the
seed market, from lab to farmer. Its headcount has now risen
to over 170. During two private placements in 2007, Gimv sold
a sizeable package of deVGen shares. The remaining participation
was fully realized in 2008. Gimv had been a shareholder in
deVGen since 1997.

GIMV IS A REFERENCE IN THE BIOTECH
MARKET
VALUE CREATION AT DEVGEN PROVES
SECTOR’S POTENTIAL
Flemish agro-biotech company deVGen is generating income
by licensing technologies and products. Increasingly it is also
developing solutions based on its own proprietary technology.
DeVGen has concluded partnerships with top companies
like Sumitomo and Monsanto. CEO Thierry Bogaert tells how
Gimv helped stimulate deVGen’s success and that of Flemish
biotech.
Why did deVGen chose Gimv
as a fi nancing partner?
“When we set out to sea in 1997 with Gimv, this was a logical
choice for deVGen. Gimv had experience in biotechnology –
something rare at the time – and was also a strong local player.
This is important: a start-up company needs to win the trust
of a major local investor. This is essential. The local investor
knows the market situation and can correctly assess the potential
existing in the company. Gimv has played its venture
capital investor role immaculately. Indeed, the biotech sector
as a whole has received many fresh impulses from the Flemish
government’s “Innovation through Knowledge and Technology”
(IWT) programme.”
Was the transfer of knowhow from Gimv
important for deVGen?
“Gimv’s input, also from outside the fi nancial fi eld, was vital
for deVGen. The Gimv representative played a crucial role in
developing the business plan, devising the strategy and defi ning
the choices we have made as a company. Gimv’s track record
in biotech is of the highest level. Gimv is one of the better and
more committed biotech investors in Europe and has a strong
investment team.”
Thierry Bogaert - CEO deVGen
What for you are Gimv’s strongest points?
“Gimv does not work like closed funds, which after a predefi ned
number of years start looking to divest. Its time horizon is longer
than the customary three to fi ve years. This is necessary in life
sciences and enables exits to be planned more strategically. A
biotech company needs more time to prove itself on the market.
We have seen this with colleagues like Ceres, Innogenetics and
Ablynx.”
Does the Gimv network offer an added value for
deVGen?
“Gimv is a well reputed player in the agro-biotech world with an
interesting network of quality companies. This is a major added
value. Doors open to people in this network. Companies are
happy to be part of the Gimv portfolio, it is a reference of their
credibility. If tomorrow I were to again start a biotech company,
I would again set sail with Gimv.”
| 51

VENTURE
CAPITAL
BIOTECH FONDS VLAANDEREN
The Biotech Fonds Vlaanderen was set up in 1994 to provide
venture capital to existing and starting medium and large sized
companies in the Flemish biotechnology sector. The fund’s remit
includes attracting new biotech companies to start or develop
activities in Flanders. In this way the fund is placing Flanders on
the world map of scientifi c research and industrial development.
Gimv manages this fund at the request of the Flemish Region.
In 2007-2008, Biotech Fonds Vlaanderen made follow-on investments
in Ablynx, Actogenix, Diatos, Movetis and Thrombogenics
in an amount of EUR 12.1 million. The fund took no new shareholdings
during the past fi nancial year.
GIMV LIFE SCIENCES’ TEN LARGEST
UNLISTED SHAREHOLDINGS
The Life Sciences portfolio has a total value of EUR 139.6 million.
EUR 36 million of this amount is in listed and EUR 103.6 million
in unlisted companies. At the end of the 2007-2008 fi nancial
year the value of the ten largest unlisted shareholdings
amounted to EUR 59.8 million, or 90 percent of all unlisted
Gimv Life Sciences shareholdings (funds excluded).
Ambit
www.ambitbio.com
See page 49.
Astex Therapeutics
www.astex-therapeutics.com
British biotech company Astex researches and develops new
drugs against cancer and other human diseases for which as
yet no effective cures have been found. The company’s primary
thrust is in oncology, with an emphasis on putting together drugs
that are more effective and less toxic. Since it was founded
in 1999, Astex Therapeutics has developed a whole series of
products with the patented Pyramid platform. These products
are now at the clinical and pre-clinical phase. Astex has
concluded various cooperation agreements with major pharmaceuticals
companies like Novartis, AstraZeneca and Boehringer
Ingelheim. Gimv entered the capital of Astex in 2001.
52 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Ceres
www.ceres-inc.com
See page 49.
ChemoCentryx
www.chemocentryx.com
ChemoCentryx is a leading late stage biotech company producing
oral drugs for treating auto-immune diseases, infl ammatory
disorders and cancer. It is a pioneer in research into the chemokine
network (network of signal substances) that plays a crucial
role in regulating the immune system. Crohn’s disease, rheumatoid
arthritis and multiple sclerosis are some of the diseases
which ChemoCentryx has programmes to combat. In 2006 it
concluded a cooperation agreement with GlaxoSmithKline for its
Trafi cet-EN treatment of irritable bowel syndrome. The cooperation
with Gimv began in 2002.
Diatos
www.diatos.com
See page 50.
Fovea Pharmaceuticals
www.fovea-pharma.com
See page 50.
Nereus Pharmaceuticals
www.nereuspharm.com
See page 50.

PamGene
www.pamgene.com
PamGene, a Ditch biotech spin-off of Organon Technika, is
developing test chips based on microarray technology, which
is one of the most important analysis technologies in molecular
biology research. The PamChip has a much faster analysis time
than the better known DNA chips: a few minutes in place of
hours. As well as DNA analysis PamGene is also using the same
technology to examine how cells react to the administration of
certain medicines. This would enable medicines with less sideeffects
to be brought more effi ciently onto the market. Japanese
company Olympus and Belgian company Innogenetics have
licensed in PamGene’s platform technology for diagnostic applications.
PamGene has been in the Gimv portfolio since 2000.
Plexxikon
www.plexxikon.com
American company Plexxikon is a leading player in researching
and developing new drugs for handling cardiovascular and
metabolic disorders, infl ammations and cancers. The research
is based on its proprietary technology platform that uses structural
screening and analysis in as early a stage as possible
in developing drugs. Plexxikon has signed partnerships with
Servier, Wyeth Pharmaceuticals and Genentech Inc. In 2006
Plexxikon concluded a cooperation agreement with Roche to
develop a cancer drug. Gimv has been supporting Plexxikon
since 2002.
Xanthus Pharmaceuticals
www.xanthus.com
Xanthus Pharmaceuticals was set up in Massachusetts, USA,
in 2001. It researches, develops and markets new therapies
to combat cancer and auto-immune disorders. The broad
portfolio of licensed-in products, including Xanafi de and Oral
Fludarabine, is spread over various stages of research. Gimv
entered Xanthus in 2003.
| 53

VENTURE
CAPITAL
Overview of the Gimv
Life Sciences portfolio
Name Website Country Activity Entry
7tm Pharma www.7tm.com France Therapeutics for treating metabolic disorders 2002
AbLynx www.ablynx.com Belgium Antibody technology 2001
ActoGenix www.actogenix.com Belgium Proteins for treating gastrointestinal diseases, etc. 2006
Ambit www.ambitbio.com United States Kinase drug discovery 2002
Acertys Group www.acertys.com Belgium Sale and distribution of medical equipment 2007
Astex Therapeutics www.astex-therapeutics.com United Kingdom Molecule-directed drugs 2001
Avalon Pharmaceuticals www.avalonrx.com United States Cancer / genomics 2000
Ceres www.ceres-inc.com United States Agrobiotechnology / genomics 1998
ChemoCentryx www.chemocentryx.com United States Chemokine receptor drug discovery 2004
Diatos www.diatos.com France Drug delivery 2000
Evotec www.evotec.com Germany Drugs for central nervous system disorders 2004
Fovea www.fovea-pharma.com France Drugs for eye disorders 2005
Galapagos www.glpg.com Belgium Bone and articulatory diseases 1999
Innate Pharma www.innate-pharma.fr France Immuno-modulation therapeutics 2000
Memory Pharmaceuticals www.memorypharma.com United States Memory dysfunction drugs 1998
Movetis www.movetis.com Belgium Drugs for gastrointestinal problems 2006
Nereus Pharmaceuticals www.nereuspharm.com United States Marine microbiology-derived therapies 2000
Pamgene www.pamgene.com Netherlands Microarray-systemen 2000
Plexxikon www.plexxikon.com United States Drugs for cancer, infl ammation and metabolic disorders 2002
Pronota www.pronota.com Belgium Protein biomarkers 2006
Santhera Pharmaceuticals www.santhera.com Switzerland Drugs for neuromuscular and metabolic disorders 2001
Thrombogenics www.thrombogenics.com Belgium Drugs for vascular diseases 2006
TorreyPines Therapeutics www.torreypinestherapeutics.com United States Biotests for Alzheimer’s 2000
Xanthus Pharmaceuticals www.xanthus.com United States Cancer treatment drugs 2003
54 | Gimv Annual Report 2007-2008 | Operating and fi nancial report

Cleantech
Last year Gimv took its fi rst steps towards setting
up a cleantech business unit with its investment
in Emerald Technology Ventures’ cleantech fund.
In April 2007, Gimv upped its commitment from
EUR 12 million to EUR 30 million. Since then
the Emerald Fund, in which Gimv is the largest
investor, has undertaken nine investments. Gimv
has also begun building up its own cleantech
team.
With climate change looming large and energy reserves growing
scarce, cleantech has received worldwide attention from the
general public, politicians and the investment community. The
growing importance of the cleantech sector is demonstrated by
the rapidly growing interest and large number of investments in
cleantech. In just a few years the cleantech market has become
both larger and broader. Alongside ‘green classics’ like renewable
energy and water treatment, cleantech can also be found
in other areas like transport, agriculture, biotechnology and new
materials.
Europe has built up a major lead in the development of green
technology. Half of the licences for fuel-saving motor vehicles
come from the European Union. This technological lead is not,
however, refl ected in the total amount invested in environmentally
friendly technology. Of the USD 3.5 billion of venture capital
currently going annually into cleantech, 75 percent is going to
US companies, followed by 18 percent for Europe. It is now up
to Europe to start to catch up here with the United States.
Gimv is aiming for a prominent position in Europe’s fast-growing
cleantech market, with an initial focus on the Benelux. For this
it can rely on its own track record and experience in venture
capital and on the cleantech expertise of Emerald Technology
Ventures. As well as investing in Emerald’s cleantech business,
Gimv is busy starting up its own cleantech business unit. Two
investment professionals have already been recruited for it. The
recruitment and supervision of these sector specialists is being
actively supported by Emerald Technology Ventures.
Emerald Technology Ventures
www.emerald-ventures.com
Emerald Technology Ventures, with offi ces in Zurich and
Montreal, is the world leader in cleantech venture capital. It
invests primarily in early stage and expansion stage European
and North American companies. Emerald focuses on innovative
technologies in energy, materials and water. Emerald’s 16 specialists
have EUR 285 million under management in 34 portfolio
companies. Gimv invested EUR 30 million in Emerald’s recent
cleantech fund (EUR 150 million), making it the largest investor.
The fund has nine companies in its portfolio: Fluxxion (NL),
Emergya Wind Technologies (NL), O-fl exx Technologies (D),
Identic Solutions (A), Vaperma (CAN), ARXX Green Building
Systems (USA), SDC Materials (USA), SynapSense (USA) and
Xunlight Corporation (USA).
| 55

INFRA-
STRUCTURE
DG Infra+
Together with Dexia, Gimv has set up DG Infra+,
an unlisted fund that is focused on infrastructure
investments. In an initial closing in December
2007, DG Infra+ gathered EUR 135 million from
institutional investors Arcofi n, Dexia BIL, Ethias,
Gemeentelijke Holding and the Société Régionale
d’Investissement de Wallonie.
56 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
The fund’s management team is concentrating on three types
of transaction:
- The fund wants to participate in infrastructure construction
and management companies. These companies can be active
in a broad range of infrastructure activities. Renewable energy,
transport and logistics are some of the areas DG Infra+ is
interested in. The fund can distinguish itself in the market
with a project-oriented approach and a readiness to invest in
not-yet-developed projects or greenfi elds.
- In PPP projects DG Infra+ is the fi nancial partner in consortia
with various building parties. These consortia enter into longterm
DBFM (Design-Build-Finance-Maintain) agreements with
the government in various sectors like transport and housing.
- Finally, the fund can also invest in selective real estate projects
which are still at an early stage and therefore involve a development
risk.
The geographic emphasis is on the Benelux, where Gimv’s local
anchoring offers added value through its familiarity with market
conditions. DG Infra+ is also interested in investment opportunities
in other European Union countries, where cooperations with
co-investors permit further portfolio diversifi cation and larger
transactions.

INVESTMENTS
Electrawinds
www.electrawinds.be
Electrawinds, which was set up in 1998, is the largest private
player on Belgium’s renewable energy market, producing, selling
and distributing green electricity generated from inexhaustible,
clean energy sources like wind, sun and organic material. As
well as producing and operating wind farms, sun panel parks
and biomass plants, Electrawinds is developing new possibilities
and applications of renewable energy. Since August 2005,
for example, Electrawinds has been operating a biomass plant
in Ostend, where energy is obtained from chip oil, plant oils
and cultivated oils. The company is also internationally present
with projects in France, Italy, Romania and Bulgaria. In 2007
Electrawinds achieved sales of EUR 38 million with 110 employees.
Together with Gemeentelijke Holding, DF Infra+ invested
EUR 20 million in a subordinated warrant loan.
| 57

HUMAN RESOURCES AND
RESPONSIBLE CORPORATE
BEHAVIOUR

Human resources | 60
Responsible corporate
behaviour | 63
WITH LOCAL OFFICES
IN BELGIUM, GERMANY,
FRANCE AND THE
NETHERLANDS AND A
JOINT VENTURE IN RUSSIA,
GIMV TRIES TO BE AS
CLOSE AS POSSIBLE TO
THE COMPANIES IN ITS
PORTFOLIO.

GIMV USES ITS
BEST CARDS
“ Variation and involvement are
what characterise my work at
Gimv in the Netherlands. I meet
lots of successful companies and
inspiring entrepreneurs every
year. Industries and people we
want to get to know in depth.
Together with the management
teams our goal is to build even
more attractive companies.”
Netherlands - Dennis Plomp
Senior Investment Advisor,
Corporate Investment
60 | Gimv Annual Report 2007-2008 | Human resources and responsible corporate behaviour
Well-motivated employees are crucial for Gimv.
Recruiting and retaining the right people, with
solid competencies and the potential for personal
growth, is vital to its future.
“ It is exciting to develop Gimv’s
international operations.
Especially for me in France,
where I have been provided
with the right balance between
autonomy and support. In open
and constructive discussions
we integrate the specifi cities
of local culture and increase
the value we’re building with
entrepreneurs.”
France - Geoffroy Dubus
Directeur, ICT

Policy-wise, Gimv is paying ever greater attention to human
resources management. A lot of care is devoted to an optimal
recruitment process and to supervising both new and more experienced
employees. Coaching helps employees attain results
and makes sure they can evolve, grow and remain motivated.
“ Making things happen together,
that’s what job satisfaction
means to me. As a member
of the communication team
I often correspond with
the international offi ces.
Gimv organises regular
events to bring employees
of all countries together.
Working with people you know
makes the job so much more
fascinating.”
Belgium - Isabelle van Tilburg
Management Assistant,
Finance and Communications
“ My job at Halder Germany is
universal and exciting, each
day. Having access to an
international network through
Gimv is very helpful when
advising and accompanying
our investments. Being
a member of one of the
best private equity teams
in the German market, it
is imperative to know what
happens around you.”
Germany - Fabian Walesch
Investment Advisor,
Corporate Investment
| 61

THE GIMV STRATEGY TRANSLATED TO
INDIVIDUAL EMPLOYEES
Last year Gimv worked hard on optimizing its evaluation and objectives
process, a central element in Gimv’s human resources
policy, through which it translates its strategy to each employee’s
concrete function. In the process, Gimv has also placed a more
express accent on making, discussing, following up and evaluating
objectives formulated according to the SMART (Specifi c,
Measurable, Acceptable, Realistic and Time-limited) system.
Managers receive specifi c supervision here and all employees
are informed of what this process sets out to achieve and of
their role in it.
A HIGHLY PROFESSIONAL HUMAN
RESOURCES POLICY
Gimv’s international and global growth ambitions bring specifi c
challenges with them, in terms of organisational structure and
corporate culture, and more operationally in terms of recruitment,
supervision and retention of employees. In the coming
period Gimv will therefore be taking further steps to make its
human resources policy more professional.
RESULT-ORIENTED REMUNERATION OF
INVESTMENT MANAGERS AND STAFF
EMPLOYEES
Gimv offers investment managers and staff employees a remuneration
package consisting essentially of three elements:
• the base salary and the benefi ts in kind
• discretionary bonus
• exit bonus.
This remuneration structure is in line with international market
practices and is aimed at attracting and retaining highly qualifi
ed employees.
Supplementing the base salary is the discretionary bonus system,
depending on Gimv’s fi nancial result. In consultation with
the remuneration committee the CEO proposes a distribution of
the discretionary bonus.
62 | Gimv Annual Report 2007-2008 | Human resources and responsible corporate behaviour
Distribution by gender
at 31/03/2008
Malee
60.2% %
Distribution by activity
at 31/03/2008
Other
8.4%
Cleantech
1.2%
ICT
10.8%
Life Sciences
7.2%
Distribution by country
at 31/03/2008
Belgium
69.9%
Female F
39.8%
Financial F
28.9% 2
Legal L
6.0% 6
Corporate C
Investment I
37.3% 3
France F
3.6% 3
Germany G
12.0% 1
Netherlands N
14.5%

RESPONSIBLE
CORPORATE
BEHAVIOUR
Young entrepreneurs
Gimv supports various initiatives aimed at
encouraging entrepreneurship amongst young
people.
Vlaamse Jonge Ondernemingen (Flemish Young Companies –
Vlajo) wants to acquaint young students with entrepreneurship
and encourage companies and schools to join in. Gimv sponsors
Vlajo’s mini-companies. This project gives students an opportunity
to wear an entrepreneur’s coat for the duration of a school
year. Together with their classmates they set up a miniature
company and bring their own product onto the market.
Gimv also sponsors NFTE, the Network for Training
Entrepreneurship, an initiative that supports young people looking
for opportunities to become successful entrepreneurs. Via
the NFTE the young people obtain a solid basis of knowledge
of how business works and the necessary support in setting
up their own business. They can also count on continuing accompaniment
and support from NFTE.
It is the support of NFTE that enabled Miguel Garcia (Kortrijk
°1981) to realise his business dream. The young boss of
M-Interieur now manages a fl ourishing enterprise with fi ve employees
and a network of supporting freelancers with which he
cooperates structurally.
“NFTE has the know-how and the teachers to bring young talent
into bloom”; Miguel Garcia explains. “I dreamed of my own
business, but did not know how to go about it. At technical
school little attention was paid to entrepreneurship. Thanks to
the NFTE course and their support I was able to set up a business
plan and get the business up and running.”
What is M-Interieur’s core activity? “We are a painting and total
interior decoration company which provides high quality painting
and original interior design. We use exclusive and nearly
forgotten technologies in order to give interiors a unique cachet.
The VIP rooms and the business area of the Bruges football
stadium are, for example, an attractive reference for us”, Miguel
tells us.
In 2007, Miguel Garcia’s efforts were crowned with the NFTE
Young Entrepreneur of the Year Award.
ENTERPRISING ARTISTS
The Dutch Foundation Art Initiatives was set up in 2005 to develop
projects in which art and society can interact. The foundation
is directed at young artists seeking their way in an artistic
career. Art Partner is one initiative of Foundation Art Initiatives
that seeks to help young artists fi nd a balance between artistic
development and entrepreneurship. Through this project companies
can commit to supporting a young artist for two years
fi nancially and with advice.
Gimv and Jasper Hagenaar (www.jasperhagenaar.nl) have found
each other in Art Partner. Gimv is providing Jasper with a small
fi xed income to enable him to further develop his artistic career.
He can also obtain business advice from Gimv. Gimv helped
Jasper publish a small book on his work, not unimportant for a
starting artist. In turn Jasper produced a series of lithographs
for Gimv to distribute as business gifts. Jasper’s creative ideas
are also proving highly inspirational for Gimv.
Every year since 1981, Gimv has commissioned one or two
unique graphic works from a Flemish creative artist. These
pieces of Flemish graphic art have served as gifts to mark new
business relationships and now decorate offi ces across the
world. In 2006 the works were compiled into a book depicting
the evolution of Flemish graphic art from 1980 to 2005, from
Roger Raveel to Fred Bervoets to Sam Dillemans. Last year the
choice went to graphic artist Franky Cane, seen as one of the
greatest innovators in woodcuts in Flanders, and who in 2007
received the Louis Paul Boon prize.
Gimv also supports other cultural activities, including the
Festival of Flanders in Ghent and Leuven, the Filharmonie and
the Middelheim Museum.
| 63

MANAGEMENT,
CORPORATE GOVERNANCE
AND SHAREHOLDERS

Management | 66
Corporate Governance | 72
Shareholders | 84
THE OWNERSHIP OF GIMV
SHARES HAS BECOME MUCH
MORE INTERNATIONAL.
AT THE START OF 2008,
MOST SHAREHOLDERS
WERE IN BELGIUM, THE UK,
FRANCE, SWITZERLAND,
THE NETHERLANDS AND
IRELAND.

MANAGEMENT
66 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
THE BOARD OF DIRECTORS
Herman Daems is the Chairman of
the Board of Directors of Gimv and
of Barco, and associate professor
in Strategic Management at the
K.U. Leuven. Previously he was
also a visiting professor at Harvard
Business School and Chairman
of the European Private Equity
& Venture Capital Association
(EVCA). He is a director of CoWare,
Domo Chemicals, Vanbreda Risk
& Benefi ts and Efi co, chairman of
IPEV, an international consultation
body that defi nes valuation
standards for Private Equity and
Venture Capital, and a member
of the Executive Committee of
the Federation of Enterprises in
Belgium (VBO-FEB).
Dirk Boogmans was appointed
Managing Director and Chairman
of the Executive Committee in
September 2003, following his
appointment as CEO in July 2001.
From 1998 till 2001 he was the
managing director of CFE, an
international building and dredging
group. Prior to that he worked
for 17 years at Gimv, heading the
venture capital activities. He is a
board member of BVA (Belgian
Venturing Association), CFE, P&V,
De Lijn and VEV-VOKA.

Zeger Collier has had a varied
career since graduating, mainly in
the banking sector. He currently
works for the Organization division
of Delta Lloyd Bank Belgium. He
has been a Gimv board member
since April 2004.
Greet De Leenheer has over 25
years’ experience as a strategic
Media Consultant, working for
various foreign groups. She is a
co-founder of Vitaya TV. She is a
board member of Plan Belgium
and has been a Gimv board
member since 2004.
Eddy Geysen was until 2004
Vice-President of General Motors
Europe. He is also a member of
the Adam Opel GmbH supervisory
board and of the boards of
directors of Agoria (a multisectoral
federation for the technology
industry), Punch International,
Flanders Drive and Conteyor NV.
He has been an independent
board member of Gimv since
2005.
Jan Kerremans is chef de cabinet
to the Vice Prime Minister and the
Minister of Internal Affairs. He has
been a Gimv board member since
2005. He is also a member of the
board of directors of Infrabel NV.
| 67

MANAGEMENT
68 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
THE BOARD OF DIRECTORS
Frank Meysman is CEO of the
Belgian Advertising Standards
Board, former chairman of the
board of Sara Lee-Douwe Egberts
and Executive Vice-President of
the Sara Lee Corporation. He is a
board member of Picanol, Spadel,
WDP, Corporate Express, Festival
van Vlaanderen and Grontmij. He
has been an independent director
of Gimv since 1998. He is the
chairman of the remuneration
committee.
Martine Reynaers is General
Manager and Managing Director
of Reynaers Aluminium NV, a
leading European company in
quality aluminium systems for the
building industry. She has been
a board member of Gimv since
1999. She is also a board member
of the Federation of Enterprises in
Belgium (VBO-FEB) and a director
of Flanders Investment and Trade.

Eric Spiessens is a member of
the executive committee of the
Arco Group, a holding company
of the cooperative movement that
operates mainly in banking and
insurance, utilities and medicines
distribution. He has been a Gimv
board member since 1999. He is
also a board member of the various
Arco companies and of different
companies in which the Arco
Group has shareholdings.
Marc Stordiau is managing
director of the port engineering
and investment fi rm Rent-A-Port.
Until July 2006 he was CEO at
DEME, a world class player in
dredging and marine engineering,
and where he remains a director.
Prior to that he managed major
construction projects for CFE in
black Africa. He is a director of the
Middle East Dredging Company
(MEDCO) in Doha (Qatar) and of
International Seaport Dredging
(I.S.D.) in Chennai (India). He has
been a board member of Gimv
since 1993.
Emile van der Burg was Managing
Partner of NIB Capital Private
Equity and Chairman of the
European Private Equity and
Venture Capital Association
(EVCA). He is a member of the
investment committee of a number
of internationally operating private
equity funds and an associate
partner of CAM Private Equity.
He has been an independent
board member of Gimv since
2005.
Leo Victor has been Managing
Director of the Liaison Committee
Flanders-Europe since 2006. Prior
to that he was General Secretary,
and as such the top offi cial, of the
General Affairs Department of the
Ministry of the Flemish Community.
He has been Vice-Chairman of the
Board of Gimv since it was founded
in 1980, giving him very long
experience of decision-making in
private equity.
| 69

MANAGEMENT
Dirk Beeusaert has worked for
Gimv since 1996. He has a law
degree from the University of
Ghent and also a special degree in
tax law and accounting (Vlerick).
He joined the executive committee
in 2001. He is responsible for
business development and
providing support with the legal
aspects of deals. He is also
company secretary and as such
co-responsible for the proper
functioning of the Gimv group.
70 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
THE EXECUTIVE COMMITTEE
Dirk Boogmans was appointed
Managing Director and Chairman
of the executive committee in
September 2003, following his
appointment as CEO in July 2001.
From 1998 till 2001 he was the
managing director of CFE, an
international building and dredging
group. Prior to that he worked
for 17 years at Gimv, heading the
venture capital activities. He is a
board member of BVA (Belgian
Venturing Association), CFE, P&V,
De Lijn and VEV-VOKA.
Alex Brabers joined Gimv in
1990 and is responsible for the
ICT business unit. He joined the
executive committee in 2001.
He is a board member of various
listed and non-listed companies,
including Telenet. He holds a
degree in Economics from the K.U.
Leuven.

Paul De Ridder has been
a member of the executive
committee since 2001 and is
responsible for the Corporate
Investment Germany business unit.
From 1978 to 1991 he worked
at Continental Bank, primarily
in Italy and Germany. He is a
board member of various investee
companies. Paul De Ridder holds a
degree in Applied Economics from
the University of Antwerp and an
MBA from Antwerp Commercial
College.
Patrick Van Beneden has worked
at Gimv since 1985 and joined
the executive committee in 2001.
He heads up the Life Sciences
business unit. He is a board
member of various listed and
non-listed investments, including
deVGen, Avalon Pharmaceuticals
and the Biotech Fonds Vlaanderen.
Patrick Van Beneden has a
degree in Financial Sciences from
VLEKHO in Brussels.
Geert-Jan van Logtestijn heads
up the Corporate Investment
Netherlands and Corporate
Investment Belgium business
units. Prior to that he was in charge
of the corporate fi nance team of
Ernst & Young Transaction Advisory
Services in the Netherlands. Geert-
Jan van Logtestijn holds an MA in
General Economics and Marketing
from the Erasmus University in
Rotterdam and an MBA from
INSEAD-Fontainebleau (F). He
joined the executive committee in
2007.
Marc Vercruysse is Chief Financial
Offi cer and has been a member
of the executive committee of
the company since 1998. He is a
board member of various listed and
non-listed investee companies. He
joined the company in 1982 and
was successively Internal Auditor,
Senior Investment Manager and
Head of the Structured Finance
department. Marc Vercruysse has
a degree in Applied Economics
from the State University of Ghent.
| 71

CORPORATE
GOVERNANCE
Good corporate governance is very important for
Gimv in achieving its strategic objectives. Gimv is
keen to be an exemplary company in this fi eld.
Institutional Shareholder Service Europe (ISS Europe), an independent
organization that specializes in corporate governance,
fi rst inspected Gimv in 2003, giving it a score of 7.5 out of 10. In
the following year this score was raised to 8 and in 2005 to 8.5
out of 10. For the 2006-2007 fi nancial year ISS Europe again
gave it a score of 8.5 out of 10 (see 9 – page 80). Nothing has
changed during the 2007-2008 fi nancial year.
Since 2005 companies have been required to formally justify
in their annual reports the degree to which their corporate governance
policies comply with the principles and best practice
provisions of the Lippens Code (see 10 - page 81). ISS Europe
has established that since 2005 Gimv has complied with over
94 percent of the Lippens Code.
Since December 2005, Gimv has had a Corporate Governance
Charter that sets out and explains the key aspects of its corporate
governance policy. The text is available on the Gimv
website (www.gimv.be/06 06 04.asp). Gimv will also send
a hard copy by post on request. The company updates this
Corporate Governance Charter whenever relevant developments
take place. The latest version was approved by the Gimv Board
of Directors on 17 July 2007.
The present chapter of the annual report provides factual
information on corporate governance and also discusses any
changes in corporate governance policy and relevant events
during the past fi nancial year. For a complete picture, this chapter
is best read in conjunction with the Corporate Governance
Charter.
72 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
1. CAPITAL
1.1 - Reference shareholder
Since the private placement that took place on 12 October
2006, the Vlaamse Participatiemaatschappij (VPM) has held a
27.06 percent interest in Gimv (6 270 403 shares).
Decisions lying within the powers of the board of directors of
listed companies that involve relationships between the listed
company and affi liated companies (other than subsidiaries)
must fi rst be assessed by a committee of three independent
directors, assisted by one or more independent experts.
Article 524 of the Company Code sets out the procedure to be
followed in such cases.
During the 2007-2008 fi nancial year there were no situations
that could have occasioned the application of said article.

1.2 - Evolution of capital
The capital of Gimv amounts to EUR 220 000 000, represented
by 23 176 005 shares. The following capital increases have
taken place since 1995 (converted into EUR)
Date Capital Issue premium Total number
of shares
Increase Total
31/01/1995 672 262 102 756 848 1 021 820 4 145 201
31/07/1995 12 146 782 114 903 631 37 436 384 4 635 201
27/05/1997 1 103 240 216 218 146 301 - 23 176 005
05/12/2000 2 1 853 698 220 000 000 - 23 176 005
1 Incorporation of the issue premium and 1:5 share split - 2 Capital increase and conversion into EUR
1.3 - Warrant plan
A total of 277 900 warrants have been issued and allotted
to company employees (including executive committee
members).
The warrant plan is summarised below:
Year of issue Available
for
allocation
Allotted Outstanding
at
31.03.08
Exercise
price
Exercise
from
Exercise
until
1998 43 800 42 200 16 000 76.92 2000 2008
1999 67 000 55 350 15 850 62.31 2003 2009
2000 182 450 174 650 27 950 69.00 2004 2010
2000 5 700 5 700 74.01 2004 2010
Totaal 293 250 277 900 65 500
65 500 of these 277 900 warrants were still outstanding at 31
March 2008. All are exercisable at the exercise prices given
above. No warrants have yet been exercised.
Were all warrants to be exercised, the total number of shares
would increase from 23 176 005 to 23 241 505, representing a
dilution of 0.30 percent of the existing shares.
1.4 - Authorized capital and purchase of own shares
The Board of Directors did not make any use of this authorization
with regard to authorized capital in 2007-2008.
| 73

CORPORATE
GOVERNANCE
Nor in 2007-2008 did Gimv make any use of the possibility of
purchasing its own shares.
2. BOARD OF DIRECTORS
2.1 - Number of directors and composition
In accordance with article 12 of the Articles of Association, the
Board of Directors is composed of:
- fi ve directors appointed from candidates presented by the
Flemish Region or by a company controlled by the Flemish
Region, provided that it holds more than 25 percent of the
shares. The Chairman of the Board of Directors is to be chosen
from among these directors;
- at least three independent members of the Board of Directors,
chosen in accordance with the criteria set out in article 524
of the Companies Code;
- other directors appointed from among candidates not presented
by the Flemish Region or a company controlled by
the Flemish Region.
See the table on page 75 for the composition of the Board of
Directors.
Until 5 October 2007, Professor Christine Van Broeckhoven was
a member of the Board of Directors. She resigned following
her appointment as a member of the federal parliament. The
Board of Directors wishes to express its esteem and gratitude
for Christine Van Broeckhoven’s fruitful cooperation.
Dirk Boogmans is the only director to have an executive function
in Gimv. All other board members are non-executive directors.
2.2 - Independent directors
Independent directors within the meaning of Article 524 of
the Companies Code
Up to 5 October 2007 the Board of Directors of Gimv had four
directors who at the time of their appointment were found by
the General Meeting to meet the criteria of article 524 of the
Companies’ Code: Eddy Geysen, Frank Meysman, Emile van
der Burg and Christine Van Broeckhoven. Since Christine Van
Broeckhoven’s resignation from the board, the board of directors
continues to have three independent directors.
Frank Meysman’s term of offi ce runs in principle to 30 June
2010. Those of Eddy Geysen and Emile van der Burg expire in
principle on 24 June 2009.
74 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
Independent directors within the meaning of the Lippens
Code
The fact that Eric Spiessens, Marc Stordiau and Zeger Collier
were board members of VPM until 26 May 2005 and until such
time were not independent, this does not under the terms of the
Lippens Code mar their independence at the time of this annual
report, and they can therefore be considered as independent
directors within the meaning of the Lippens Code.
2.3 - Activities report
During 2007-2008 the Board of Directors exercised its powers
as set out in the Corporate Governance Charter
2.4 - Number of meetings and attendance levels
During 2007-2008 the Board met 13 times, 6 times during
the fi rst and second quarters, and 7 times during the third and
fourth quarters. Average attendance was 83.5 percent.
One director attended all meetings, 6 directors were absent from
one meeting, one director was absent from 2 meetings, 3 were
absent from 3 meetings, one was absent from 4 meetings, and
one director was absent from 6 meetings.
2.5 - Confl icts of interest – article 523
of the Company Code
During the 2007-2008 fi nancial year, two situations arose
requiring the application of the rules concerning confl icts of
interest.
On 17 July 2007 the Board of Directors met to set the discretionary
bonus of the CEO. This decision gave rise to the application
of article 523 of the Company Code. The minutes note the
following:
“Based on a proposal by the remuneration committee, the
Board of Directors gives its approval to a discretionary bonus
for the CEO in an amount of 30 percent of his remuneration for
the extended 2006-2007 fi nancial year.
The CEO did not take part in the deliberations and the decision
on this item, given his confl ict of interests of a personal asset
nature within the meaning of article 523 of the Companies’
Code.”
On 18 September 2007 the Board of Directors met to decide
whether to grant share options in Adviesbeheer Gimv Deal
Services 2007 NV to the CEO. This decision gave rise to the
application of article 523 of the Company Code. The minutes
note the following:

“Prior to the Board of Directors discussing the granting of share
options in Adviesbeheer Gimv Deal Services 2007 NV to Mr
Dirk Boogmans, the person in question left the meeting and
did not take part in the discussion and in the decision-making.
As an interested party to this decision, he has an interest of a
personal asset nature within the meaning of article 523 of the
Companies’ Code.”
Resolution
The board of directors resolves unanimously to grant the CEO
call options on 21.33 percent of the shares of Adviesbeheer
Gimv Deal Services 2007, with the exercise price being equal
to the fractional value.
The chairman is authorized to formalize this offer and to sign the
related participation agreement on behalf of the company.”
Year of
birth
Director
since
2.6 - Directors’ remuneration
On 26 May 2005 the Annual General Meeting decided to
- set the attendance fee at EUR 620 for each meeting of the
board or a board committee;
- set the total fi xed remuneration of all board members together,
including that of the Chairman and the Managing Director, at
EUR 1 450 000 per year.
The total remuneration in respect of the 2007-2008 fi nancial
year amounted to EUR 954 540 (not including group insurance
premiums, see below). This amount was divided up as
follows:
Appointed
until AGM
of
Fixed
remuneration
Attendance
fees
Herman Daems (chairman) 1946 1999 2009 264 000 - 264 000
Leo Victor (vice-chairman) 1946 1980 2009 27 083 8 680 35 763
Dirk Boogmans (managing director) 1, 2 1955 2003 2010 375 000 - 375 000
Zeger Collier 1969 2004 2009 21 667 8 060 29 727
Greet De Leenheer 1947 2004 2009 21 667 7 440 29 107
Eddy Geysen 1947 2005 2009 21 667 10 540 32 207
Jan Kerremans 1946 2005 2009 21 667 7 440 29 107
Frank Meysman 1952 1998 2010 27 083 10 540 37 623
Martine Reynaers 1956 1999 2009 21 667 10 540 32 207
Eric Spiessens 1960 1999 2009 21 667 9 300 30 967
Marc Stordiau 1946 1993 2009 21 667 5 580 27 247
Christine Van Broeckhoven 3 1953 2005 2009 18 334 1 240 19 574
Emile van der Burg 1949 2005 2009 21 667 9 920 31 587
1 The Managing Director’s variable remuneration is discussed in 4.1 - page 77.
2 Dirk Boogmans offered the Board of Directors his resignation and will leave Gimv as of 1 July 2008
3 Director until 5 October 2007
Total
| 75

CORPORATE
GOVERNANCE
Apart from the fi xed remuneration and attendance fees, none
of the non-executive directors, except for the Chairman, receive
any other remuneration from Gimv (or any affi liated company).
The Chairman and the Managing Director are the only board
members among the benefi ciaries of the group insurance
scheme that covers Gimv employees. In 2007-2008, Gimv
paid EUR 81 600 of premiums into the scheme in respect of
the Chairman. The group insurance premiums in respect of the
Managing Director are mentioned further under 4.1, page 77.
In addition the Chairman is entitled to an amount of EUR 585 705
under an individual pension commitment. This amount, which
is provided in full, will be paid out at the end of the Chairman’s
term of offi ce, plus interest calculated at a market rate from
1 August 2006 onwards.
With the exception of the Managing Director, the Chairman and
other directors do not participate in any incentive plan for Gimv
employees. In this way no board member, with the exception
of the Managing Director, holds options on Gimv shares or participates
in the co-investment structure (see 6 – page 79). The
directors’ remuneration covers all assignments and mandates
undertaken on behalf of the company.
One of the company’s directors has declared that he or his
family members held Gimv shares at 31 March 2008 as part
of the management of their private assets.
2.7 - Assessment of the Board of Directors
Every two years the Chairman organises individual interviews
with all directors based on a questionnaire which is made available
in advance. The latest round of interviews, in summer
2006, focused among others on the following questions:
- The degree to which timely and complete information is made
available to directors, and the way any questions and comments
are answered by management;
- The discussion and decision-making processes in the Board
of Directors, and in particular whether all viewpoints can be
formulated and taken into consideration;
- The participation of individual directors in the discussions and
the suffi cient contribution by the director of his/her specifi c
expertise during discussions;
- The way meetings are led by the Chairman of the Board of
Directors, with particular attention to the complete exercise
of everyone’s right to speak, the conformity of the board
resolutions with the discussions and the consensus of the
directors.
76 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
Following these individual consultations, the Chairman reported
in writing on his fi ndings. This report was discussed in autumn
2006 by the complete Board of Directors and also the Executive
Committee. During the discussion of this report, individual directors
were able to comment on the fi ndings and directors could
draw conclusions with respect to the operation and chairing
of the Board of Directors. Concretely, this assessment has led
this year to a certain number of changes in the structure of
the agenda of the Board of Directors in order to increase the
effectiveness of meetings. The next assessment will take place
in 2008.
3. COMMITTEES
3.1 - Audit Committee
Members
Since 21 June 2005 the Audit Committee has consisted of Leo
Victor (Chairman), Herman Daems, Eric Spiessens and Eddy
Geysen. This means that the Audit Committee consists entirely
of non-executive directors, two of whom are independent (see
10 – page 81).
Activities report
Apart from its primary activity, that consists of controlling the
fi nancial reporting and the accounting and administration,
the audit committee paid special attention in 2007-2008 to a
number of items.
The valuation method was discussed in detail, with specifi c attention
to the impact of stock market developments on the valuation
of the shareholdings in the Gimv portfolio. Attention was
also paid to fi nancial reporting on the funds under management.
The committee also looked specifi cally at the bonus budget and
at a review of recent years’ due diligence costs.
The audit committee proposed to the Board of Directors that
it have a new risk analysis executed, given the major changes
within Gimv in terms both of activities and organisation. In
November 2007, Gimv’s investment processes were compared
with the most prevalent practices in comparable European companies.
Where necessary, adaptations will be implemented by
the management.
Based on this revised risk analysis, a new multi-annual internal
audit programme will be launched in the course of 2008-2009.
For this a new selection procedure will be set up. The Board of
Directors followed this recommendation.

Finally the audit committee analyses on an ongoing basis the
current legal and tax disputes and the off-balance sheet obligations
on the basis of detailed internal and external reports. No
items have been found to exist that are not incorporated into the
annual accounts and the annual report.
The Statutory Auditor’s management letter did not contain any
changes leading to signifi cant adaptations of the accounts.
The audit committee has not made any fi ndings that could signifi
cantly impact the annual report as presented here.
Number of meetings and attendance levels
The audit committee met fi ve times in 2007-2008.
One audit committee member attended every meeting. The
other members were each absent just once. Average attendance
was 85 percent.
The audit committee also meets once a year with no executive
committee member present.
3.2 - Remuneration Committee
Members
Since 26 May 2006 the Remuneration Committee has consisted
of Frank Meysman (Chairman), Herman Daems, Martine
Reynaers and Emile van der Burg.
In this way the remuneration committee consists entirely of nonexecutive
directors, three of whom are independent directors.
Activities report
In 2007-2008 the remuneration committee again paid attention
to keeping its employee remuneration policy in line with market
conditions, and providing appropriate remuneration packages
for directors and executive committee members.
Number of meetings and attendance levels
In 2007-2008, the remuneration committee met fi ve times.
Three members of the remuneration committee attended every
meeting and one member was absent one time. Average attendance
was 95 percent.
3.3 - Nomination committee
Members
From 21 June 2005 to 5 October 2007 the nomination committee
consisted of Herman Daems (Chairman), Christine Van
Broeckhoven, Frank Meysman, Emile van der Burg and Marc
Stordiau. Since Christine Van Broeckhoven’s resignation from
the board on 5 October 2007, the nomination committee has
consisted of Herman Daems (chairman), Frank Meysman, Emile
van der Burg and Marc Stordiau.
In this way the nomination committee consists entirely of nonexecutive
directors, three of whom are independent directors.
Number of meetings and attendance levels
The nomination committee met twice during 2007-2008.
Only one director was absent, bringing the attendance level to
90 percent.
4. COMPOSITION AND REMUNERATION
OF DAY-TO-DAY MANAGEMENT
The Lippens Code (best practice provision 7.15) recommends
reporting in the annual report the remuneration paid in respect
of the fi nancial year in question to the CEO (on an individual
basis) and to executive management members (on a global basis).
The disclosure applies to all forms of remuneration, fi xed,
variable and other.
4.1 - Managing Director’s remunerationuurder
In 2007-2008, Gimv paid EUR 702 300 of premiums into the
group insurance scheme in respect of the Managing Director.
This amount includes:
- a fi xed remuneration of EUR 375 000 and a fi xed annual
group insurance premium of EUR 117 328,
- a variable component of EUR 205 102,
- an occupational accident insurance premium of EUR 1 350.
| 77

CORPORATE
GOVERNANCE
The total value of benefi ts in kind in the Managing Director’s
remuneration package amounts to EUR 3 520.
The Managing Director participates in the co-investment structure
(see 6 - page 79), equal to a carried interest arrangement
of 10 percent. Around 1/25 of this carried interest accrues to
the Managing Director. He also takes an 8.87 percent stake of
the exit bonus. The value of both the carried interest and the
exit bonus depends entirely on the evolution of the underlying
investments.
The Managing Director does not own any Gimv shares of options
thereon.
4.2 - Executive committee
Members
The Managing Director is assisted in the execution of his task
by an executive committee. In addition to the Managing Director
the executive committee consists of:
Name Function Year of birth
Marc Vercruysse Chief Financial Offi cer 1959
Dirk Beeusaert Executive Vice-President Business Development and Secretary of the Board of Directors 1964
Paul De Ridder Executive Vice-President Corporate Investment Germany 1956
Alex Brabers Executive Vice-President ICT 1965
Patrick Van Beneden Executive Vice-President Life Sciences 1962
Geert-Jan van Logtestijn 1 Executive Vice-President Corporate Investment Belgium and Netherlands 1960
Guy Mampaey 2 Executive Vice-President Corporate Investment Belgium 1954
1 from 1 September 2007 - 2 to 31 August 2007
Remuneration of the Executive Committee
In 2007-2008, Gimv paid EUR 3 050 016 of gross salaries and
group insurance premiums in respect of the members of the
Executive Committee, excluding the Managing Director.
78 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
Upon his appointment as Managing Director the following severance
settlement was agreed:
- if his appointment is terminated before age 60 because
of a decision taken by the Board of Directors, Gimv owes
him remuneration equal to twice his present fi xed annual
remuneration;
- if his appointment is terminated after age 60, no severance
settlement will be owed by Gimv.

This includes:
- joint fi xed remuneration of EUR 1 525 509 and an annual
fi xed group insurance premium of EUR 164 508.
- joint variable remuneration in respect of the 2007-2008 fi -
nancial year of EUR 606 894 and life insurance premiums
dependent on the variable remuneration of EUR 753 105.
The total value of benefi ts in kind in the remuneration package
of executive committee members (not including the Managing
Director) amounts to EUR 7 124.
No special agreements have been concluded in relation to the
recruitment or dismissal of executive committee members, who
are covered by the usual legal provisions, with the exception,
however, of the Managing Director (see 4.1 - page 77).
5. EXIT BONUS PLAN
Through the exit bonus plan, staff employees share in the capital
gains realized from 2006 onwards on investments made prior to
2001 (with the exception of Barco), based on the net asset value
at 31 December 2005. An exit bonus is paid only where the
realized capital gains represent a minimum return (4 percent).
The rights to the exit bonus are subject to a vesting plan.
A similar capital gains system is also provided for a number
of fund investments where Gimv is involved in management
(IT Partners, Buy Out Fund, Lyceum Capital, Biotech Fonds
Vlaanderen and Gimv ARKIV ICT Fund) and for investments
undertaken by the Gimv group via its Dutch and German business
units.
The fi nancial impact on Gimv of the exit bonus plan is totally
dependent on the evolution of the value of the underlying shareholdings.
For this Gimv has already set up total provisions of
EUR 8 040 000 in recent years. This provision has been calculated
on the basis of the employees concerned remaining with
the company to the end of the vesting scheme.
6. CO-INVESTMENT COMPANIES
6.1 - The co-investment structure
In line with market practice and in order to involve employees
more closely in the respective investment portfolios, Gimv has
set up co-investment companies for the various business units.
Executive committee members have been able to participate
(via share options) in the share capital of these co-investment
companies in their capacity as members of the boards or investment
advisory committees of these companies.
Co-investment plan benefi ciaries are entitled to 10 percent of
the capital gains realized on shareholdings in the respective
investment portfolios after an exit and after deduction of fi nancing
and administrative costs. This structure represents a carried
interest of 10 percent within the Gimv group.
Given the specifi c structure of the German activities, a separate
arrangement has been worked out for Halder Germany
employees.
6.2 - Composition of the CICs’ management bodies
The boards of directors of the different co-investment companies
(CICs) are each composed of Gimv NV (permanently represented
by Dirk Boogmans), Dirk Boogmans, Marc Vercruysse and
the Executive Vice-President of the business unit concerned.
The directorships in the CICs are unremunerated.
The investment advisory committees are composed mainly of
the investment managers of the respective business units.
6.3 - Granting of options on shares in CICs
In their capacity of board members and/or investment advisory
committee members of the co-investment companies, executive
committee members (with the exception of the Managing
Director) were allotted 23.3 percent, 23.3 percent and 23 percent
respectively of the total number of options on the shares
of the various co-investment companies set up in 2001, 2004
and 2007.
In his capacity of board member of the co-investment companies,
the Managing Director was allotted 4 percent, 4.4 percent
and 3.9 percent respectively of the total number of options on
the shares of the various co-investment companies set up in
2001, 2004 and 2007.
6.4 - Financial impact of the CICs on Gimv
The fi nancial impact on Gimv of these CICs is totally dependent
on the evolution of the value of the shareholdings held by
these companies. On 31 March 2008, the total provision set
aside by Gimv for the as yet unexercised options amounts to
EUR 9 079 906. This provision is calculated on the assumption
that the employees concerned remain with the company until
the end of the vesting scheme and is based on the valuation of
the fi xed assets in question at the end of the fi nancial year.
| 79

CORPORATE
GOVERNANCE
7. EXTERNAL AUDIT BY THE STATUTORY AUDITOR
The auditing of the company and the majority of its subsidiaries
was entrusted by the Annual General Meeting of 27 June 2007
to B.C.V. Ernst & Young Bedrijfsrevisoren, represented by Rudi
Braes.
In respect of 2007-2008, Gimv has paid EUR 587 342 (ex-VAT)
to Ernst & Young Bedrijfsrevisoren. This amount is composed
of:
- EUR 87 000 for the statutory audit of Gimv’s fi nancial
statements;
- EUR 302 728 for the statutory audits of the fi nancial statements
of the (direct and indirect) subsidiaries of Gimv of
which Ernst & Young Bedrijfsrevisoren is statutory auditor;
- EUR 12 600 for other audit assignments. These services relate
to reporting in connection with the interim dividend and to additional
auditing controls in the context of the consolidation;
- EUR 62 560 for advice regarding IFRS;
- EUR 7 500 for tax advice assignments;
- EUR 110 064 for assignments outside the auditing mandate,
including external verifi cation of the calculation of variable
remuneration and benchmarking the investment process at
Gimv against general practice in the European private equity
sector.
The remuneration of the statutory audit of Gimv’s fi nancial accounts
and of Gimv’s (direct and indirect) subsidiaries is adjusted
annually in line with the consumer price index. Article 134 §4 of
the Company Code requires that the notes to the annual report
include “the object of and the remuneration attached to tasks,
mandates or assignments undertaken by a person with whom
the statutory auditor has concluded a working agreement or with
whom he has a professional cooperation arrangement or by a
company or person associated with the statutory auditor” within
Gimv, Belgian companies or persons associated with Gimv, and
its foreign subsidiaries.
To fulfi l this provision, Gimv applies the following procedures:
- the audit committee subjects the additional legal assignments
and also other services undertaken by Gimv’s statutory
auditor (and companies associated with or having cooperation
arrangements with Ernst & Young) to a strict approval
procedure;
- Gimv has also enquired of those companies of which it owns
more than 50 percent of the shares and of their statutory
auditors whether Ernst & Young (or associated (legal) persons)
have undertaken assignments for Belgian companies
or foreign subsidiaries associated with Gimv.
80 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
Gimv management is generally not involved in the choice of
service provider for its participations. This enquiry has shown
that due diligences in the context of takeovers are the only
material assignments carried out by Ernst & Young. These
assignments, amounting to EUR 116 807, do not fall under
the “1-for-1” rule;
- Ernst & Young also has its own internal systems for the early
detection of confl icts of interest. Although Gimv has no reason
whatsoever to doubt the completeness and accuracy of
the information obtained in this way, it is unable to give any
guarantees in this respect.
The above shows that the remuneration for assignments other
than the external audit which is used in calculating compliance
with the “1-for-1” rule” for the 2007-2008 fi nancial year, is signifi
cantly lower than that received by Ernst & Young as statutory
auditor for its external audit assignment.
8. THE CODE OF CONDUCT
In order to maintain a high standard of business ethics, Gimv
has produced guidelines for its Board of Directors and all employees.
The text of this Code of Conduct is included as Annexe
A in the Corporate Governance Charter (see Section 6 “Rules of
Behaviour” of the Corporate Governance Charter).
9. CORPORATE GOVERNANCE SCORE
Report by Institutional Shareholder Service Europe
To the Board of Directors and Shareholders of Gimv:
“At the request of the Board of Directors we have assessed the
current Corporate Governance structures and workings of Gimv.
The outcome of this analysis is the assignment of a Corporate
Governance Rating. The Rating refl ects ISS Europe’s opinion of
the extent to which Gimv complies with internationally recognised
corporate governance principles and practices that serve
the long-term interests of its shareholders.
The Rating is measured on a scale of 10 (best practice) to 1
(most questionable practice).
In its report ISS Europe accords Gimv a rating of 8.5.
In addition to the company ratings, specifi c corporate governance
ratings are allocated to each of the following categories
that contribute to the overall rating. Gimv received the following
corporate governance scores measured on a scale of 10 (best
practice) to 1 (most questionable practice):

- Rights and duties of shareholders 7.5
- Commitments to shareholder value 8.0
- Disclosure on corporate governance 8.5
- Structure and functioning of the Board of Directors 8.5
Our corporate governance ratings are compiled according to
a methodology based on internationally recognised corporate
governance standards, regularly updated to refl ect the latest
market expectations in the fi eld of corporate governance.
We conducted this analysis from a position of independence
and objectivity. The rating is based on public and non-public
data provided by Gimv, as well as on “one-to-one” interviews
with members of the Board of Directors and executive committee.
ISS Europe does not audit the information it receives.
This rating and accompanying analysis are based on current
information provided to ISS Europe as of 16 April 2007. The
rating as well as the accompanying analysis may be changed,
suspended or withdrawn as a result of changes in or unavailability
of such information.
The Rating & Investor Report may be obtained from Gimv.
While due care has been taken by ISS Europe in compiling the
information, analysis and interviews, it does not assume any
liability, express or implied, with respect to the consequences or
use of its ratings or analysis. In particular the Rating & Investor
Report on Gimv is not intended to constitute an offer, solicitation
or advice to buy, sell or hold any interest in the company.
Following the assessment of the Corporate Governance structure
and workings of Gimv, ISS Europe also compared the practices
of Gimv with the best practice provisions set out by the Belgian
Corporate Governance Code (Lippens Code). ISS Europe can
confi rm that on a total of 87 best practice provisions Gimv complies
with 82 provisions.”
10. DEPARTURES FROM THE LIPPENS CODE
ISS Europe has established that during 2006-2007 Gimv fulfi lled
all nine principles of the Lippens Code and that all applicable
best practice provisions are complied with, with the exception of
the fi ve best practice provisions mentioned below. Nothing has
changed during 2007-2008, which means that these fi ndings
are still relevant. At the time of the present annual report, Gimv
complies with 94.25 percent of the best practice provisions.
10.1 - Directors’ appointments
Best practice provision 4.1
“There should be a rigorous and transparent procedure for an
effi cient appointment and re-election of directors. The board
should draw up nomination procedures and selection criteria
for board members, allowing for specifi c rules for executive and
non-executive directors where appropriate.”
Departure from the best practice provision
Five members of the Gimv Board of Directors are presented
by the Vlaamse Participatiemaatschappij (VPM) and are also
directors of VPM. The presentation procedure for these directors
therefore deviates from the procedure applied for the other
directorships.
Explanation
The specifi c nature of the ownership structure (and the management
agreement between VPM and the Flemish Region) largely
defi nes the framework for the candidacy of directors other than
the independent directors. This is a reality that Gimv has to take
account of. Notwithstanding this the directors presented by the
reference shareholder provide a good balance and complementarity
of profi les within the board.
10.2 - Composition of the audit committee
Best practice provision 5.2.1
“The board should set up an audit committee composed exclusively
of non-executive directors. At least a majority of its
members should be independent. The chairman of the board
should not chair the audit committee. The board should satisfy
itself that the committee has suffi cient relevant expertise to fulfi l
its role effectively, notably in fi nancial matters.
Departure from the best practice provision
The audit committee has four members, all of them non-executive
directors. Two of them cannot, however, be viewed as
independent within the meaning of the Lippens Code. The audit
committee therefore does not consist primarily of independent
directors.
Explanation
The Board of Directors is aware of the role and value of independent
directors. At the same time it is convinced that membership
of non-independent directors is necessary in order to
achieve a balanced composition of the audit committee. The
Board of Directors fi nds that there are good reasons for including
in this committee directors that have been presented by a
| 81

CORPORATE
GOVERNANCE
reference shareholder, as only in this way is it possible to achieve
a balanced composition.
When it comes to the core duties of the audit committee, the interests
of the reference shareholders and the other shareholders
are totally identical. The special role of the independent directors
as protectors of the minority shareholders is only relevant
in very exceptional circumstances in which there would be a
confl ict of interest between the reference shareholder and the
minority shareholders.
The Board of Directors considers that, with the present number
of independent directors, the audit committee is composed in
a balanced way of parties who have an interest in a well and
independently functioning audit committee.
10.3 - Powers of the nomination committee
Best practice provision 5.3.4
“The nomination committee should make recommendations to
the board with regard to the appointment of directors.
Guideline: The role of the nomination committee should be to
ensure that the appointment and re-election process is organised
objectively and professionally.
82 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
Guideline: more specifi cally the nomination committee should:
- draft appointment procedures for board members;
- periodically assess the size and composition of the board
and make recommendations to the board with regard to any
changes;
- identify and nominate, for the approval of the board, candidates
to fi ll any vacancies as they arise;
- advise on proposals for appointment originating from
shareholders;
- properly consider issues relating to succession planning.”
Departure from the best practice provision
The nomination committee has no say in the selection of candidates
proposed by VPM.
Explanation
This situation derives from the specifi c nature of the company’s
ownership structure, as explained in 10.1.
Best practice provision 5.3.5
“The nomination committee should consider proposals made
by relevant parties, including management and shareholders.
In particular the CEO should be entitled to submit proposals
to, and be adequately consulted by the nomination committee,
especially when dealing with issues related to executive
directors or executive management.”
Departure from the best practice provision
Except with respect to the Managing Director, the nomination
committee is not empowered to put forward nominations for
management posts.
Explanation
The Lippens Code is directed primarily at enterprises with a
one tier structure. Gimv has a de facto two-tier management
structure, with the Managing Director responsible for day-to-day
management and the composition of management, whilst the
Board of Directors concentrates on setting general policy lines
and on its supervisory function.

10.4 - Threshold for calling
a shareholders’ meeting
Best practice provision 8.9
“The level of shareholding for the submission of proposals by
a shareholder to the general shareholders’ meeting should not
exceed 5 percent of the share capital.”
Departure from the best practice provision
Gimv has no special provision in its articles of association for
lowering the 20 percent legal threshold for calling a general
meeting. Nor is there any separate stipulation with regard to
placing an item on the agenda of a general meeting.
Explanation
The Board of Directors will consider any reasonable proposal
made by a shareholder, regardless of how many shares he or
she holds. If the proposal is in Gimv’s and its shareholders’
interest the Board of Directors will place it on the agenda of the
general meeting.
The introduction of a lower threshold would moreover not make
any de facto difference, given that no single shareholder (with
the exception of VPM) holds more than 5 percent.
| 83

SHAREHOLDERS
1 - General share information
The Gimv share has been listed on Euronext Brussels since
26 June 1997. The share is a component of various Euronext indexes
(Next 150, Bel Mid, Bel Financials, Belgian All Shares,…)
and of specialized private-equity indexes (DJ Stoxx Private
Equity 20, Private Equity NXT, LPX 50, LPX Europe,…).
Share code GIMB
ISIN-code BE0003699130
Reuters-code GIMV.BR
Bloomberg-code GIMB BB
Liquidity-providers Bank Degroof and KBC Securities
Financial servicing KBC Bank
Number of shares (31/03/08) 23 176 005
Market capitalisation (31/03/08) EUR 1 106.7 million
2 - Share price over the past fi ve years
Financial
year
Share price Average daily
trading volume
84 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
Gross
dividend
Net
dividend
Gross
dividend
yield 1
End of
fi nancial year Average High Low Number In EUR In EUR In EUR In %
2003 26.48 20.94 26.48 15.65 8 330 177 001 0.74 0.56 3.5
2004 37.52 31.84 37.94 26.80 8 235 265 263 2.393 1.79 7.5
2005 44.80 40.23 46.18 34.10 82 651 3 165 005 3.534 2.65 7.9
2006-2007 5 48.10 46.75 49.76 40.20 50 173 2 319 895 4.186 3.13 8.9
2007-2008 47.75 48.68 54.99 41.25 35 232 1 722 768 4.367 3.27 9.0
1 Gross dividend as a percentage of the average share price
2 31 March for 2006-2007 and 2007-2008
3 Being a one-off interim of EUR 0.74 gross per share and a fi nal dividend of EUR 1.65 gross per share
4 Being a one-off interim dividend of EUR 1.3333 gross per share and a fi nal dividend of EUR 1.65 gross per share
5 The 2006-2007 fi nancial year ran for 15 months from 1 January 2006 to 31 March 2007
6 Being a one-off interim of EUR 1.3333 gross per share (payable from 6 December 2006) and a fi nal dividend of EUR 2.85
gross per share (payable from 2 July 2007)
7 Being a one-off interim of EUR 2.00 gross per share (payable from 6 December 2007) and a fi nal dividend of
EUR 2.36 gross per share (ex-date from 30 June 2008).

Volume
16 000 000
14 000 000
12 000 000
10 000 000
8 000 000
6 000 000
4 000 000
2 000 000
0
Share price and trading volumes over the past
fi ve years (in EUR)
3 - Share price in 2007-2008
2003 2004 2005 2006 2007
The credit crisis, and the shadow it threw over fi nancial markets,
brought to an end the continuous rise in the Gimv share price
since the start of 2003.
Despite this, Gimv posted excellent results during the past fi nancial
year. It also took important steps for expanding its activities,
both sector-wise and geographically.
The share price reached its highest point at EUR 54.99 on
18 June 2007, and its lowest point of EUR 41.25 on 15 January
2008. The average price was EUR 48.68.
The average daily trading volume decreased signifi cantly from
50 173 shares in 2006-2007 to 35 232 during the past year.
This is mainly due to the private placement in October 2006.
The stock market price remained quite stable over the fi nancial
year (- 0.7 percent), despite the payment of major dividends.
The evolution of the market price, together with the dividends
paid, represents a gross yield for shareholders of 9.4 percent.
2008
Price
60
55
50
45
40
35
30
25
20
15
10
Volume (monthly averages)
Price (right scale)
| 85

SHAREHOLDERS
4 - The Gimv share compared with the Belgian All Shares
index, the BEL20 index and the DJ Eurostoxx50 index
300
250
200
150
100
50
2004 2005 2006 2007 2008
5 - Distribution of available profi t
In 2007-2008, Gimv realised a net profi t (unconsolidated)
of EUR 45.9 million, compared with EUR 135.6 million in
2006-2007 (15 months). Adding to this the profi t carried forward
from the previous fi nancial year (EUR 508.3 million), the
2007-2008
in EUR million
2006-2007
in EUR million
86 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
profi t available for appropriation amounts to EUR 554.2 million
(2006-2007: EUR 605.2 million).
2005
in EUR million
2004
in EUR million
2003
in EUR million
Profi t for the fi nancial year available
for appropriation 45.9 135.6 200.7 164.8 258.6
Profi t carried forward 508.3 469.6 350.8 241.4 -
Total profi t available for appropriation 554.2 605.2 551.5 406.2 258.6
Dividends
Dividends on shares exempt from
101.0 96.9 81.9 55.4 17.2
withholding tax
Dividends on shares subject to
27.3 30.9 32.8 38.8 12.0
withholding tax 73.7 66.0 49.1 16.6 5.1
Withholding tax to be retained 18.4 16.5 12.3 -4.2 -1.3
Net dividends 82.6 49.5 36.8 12.5 3.9
Profi t to be carried forward 453.1 508.3 469.6 350.8 241.4
Withdrawal from reserves - - - - -
Transfer to reserves
To be carried forward to the following
- - - - -
fi nancial year 453.1 508.3 469.6 350.8 241.4
BAS
BEL20
Gimv
DJ Eurostoxx 50

6 - Dividend policy
The Board of Directors proposes to the General Shareholders’
Meeting an appropriation of the result such that dividends grow
at least in line with infl ation, insofar as there is enough profi t
available for appropriation.
As an investment company, however, Gimv’s earnings are determined
by both realized and unrealized capital gains and losses.
No guarantee can therefore be given that this dividend policy
will be continued unchanged in the future.
Thanks to the strong results of the fi rst half of 2007-2008, the
Gimv Board of Directors decided to pay in December 2007 a
one-off interim dividend (EUR 2.00 gross per share - coupon
no. 14). In arriving at this amount the Board took into account
the customary assessment of the cash position with a view to
maximum value creation for shareholders, the long-term IRR
and the growth strategy.
5
4
3
2
1
0
Gross dividend per share
(in EUR)
1997 1998 1999 2000 2001 2002 2003 2004 1 2005 2 2006/2007 3 2007/2008 4
1 Extraordinary interim dividend of EUR 0.74 per share (payable from 29 October 2004) + fi nal dividend of
EUR 1.65 per share (payable from 31 May 2005)
2 Extraordinary interim dividend of EUR 1.3333 per share (payable from 15 November 2005) + fi nal dividend of
EUR 2.20 per share (payable from 6 June 2006)
3 Extraordinary interim dividend of EUR 1.3333 per share (payable from 6 December 2006) + fi nal dividend of
EUR 2.85 per share (payable from 2 July 2007)
4 Extraordinary interim dividend of EUR 2.00 per share (payable from 6 December 2007) + fi nal dividend of
2.36 EUR per share (payable from 3 July 2008)
Gimv will in future be constantly assessing its cash position
to guarantee maximum value creation. With this in mind the
Board of Directors will be proposing to the General Meeting of
25 June 2008 that it approve the payment of a gross dividend
of EUR 4.36 per share before deduction of withholding tax.
After deduction of 25 percent investment withholding tax, the
net dividend amounts to EUR 3.27 per share.
The balance of this dividend amounts to EUR 2.36 gross per
share. Compared with the annualized dividend for 2006-2007,
this represents a rise of 3.51 percent. The fi nal dividend will be
payable on 3 July 2008 against presentation of coupon no. 15
at KBC Bank. In this way the Board of Directors confi rms the
dividend policy.
Final dividend
Extraordinary interim dividend
Final dividend of the
three supplementary months of
the extended fi nancial year
| 87

7 - Shareholder structure
The capital of Gimv amounts to EUR 220 million and is represented
by 23 176 005 fully paid-up shares without nominal
value. All shares are listed on Euronext Brussels. All shares have
the same rights and fractional value, and are fully paid up.
The largest shareholder in Gimv NV is the Vlaamse
Participatiemaatschappij (VPM). At 1 April 2008 it controlled
27.06 percent of the capital or 6 270 403 shares.
In addition Gimv received notifi cation in January 2008 that a
holding of 3 percent or more of the total outstanding shares had
been acquired or had changed hands. KBC Asset Management
announced that various funds managed by it together have a
3.01 percent interest in Gimv. All other shares are distributed
among the investing public.
88 | Gimv Annual Report 2007-2008 | Management, Corporate Governance and Shareholders
8 - Relations with shareholders and investors
Gimv would like to thank not only its shareholders, but also
everyone, like analysts and journalists, who brings the company
to investors’ attention.
The ownership of Gimv shares has become much more diversifi
ed and international over the past few years. At the start of
2008 most shareholders were located in Belgium, the United
Kingdom, France, Switzerland, the Netherlands and Ireland.
Gimv seeks to provide interested investors with timely information.
Care is taken to treat all shareholders equally at all times. In
Gimv’s own interest and under the terms of certain agreements,
we are unable to always publish full details of transactions. Gimv
provides as complete information as is possible on its website,
in its annual report and in press releases.
During the 2007-2008 fi nancial year, Gimv also organized 16
days of roadshows for investors and various investors visited the
company. During 2007-2008, nearly 90 meetings took place
with institutional investors. Gimv also took part in the largest
information mart for private investors in Belgium.
Eight fi nancial institutions followed the share during the fi nancial
year.

9 - Financial calendar
22 May 2008
Press release, press and analysts’ meeting in respect of FY
2007-2008
25 June 2008
Ordinary General Shareholders’ Meeting in respect of FY
2007-2008 and Extraordinary General Shareholders’ Meeting
30 June 2008
Ex-date for the fi nal dividend in respect of FY 2007-2008 (coupon
no. 15)
2 July 2008
Record date for the fi nal dividend in respect of FY 2007-2008
(coupon no. 15)
3 July 2008
Payment date of the fi nal dividend in respect of FY 2007-2008
(coupon no. 15)
End July – Beginning August 2008
Interim statement fi rst quarter FY 2008-2009
20 November 2008
Press release, press and analysts’ meeting in respect of the fi rst
half of FY 2008-2009
10 - Contact data Investor Relations
Shareholders and interested investors wishing to obtain copies
of the annual report, the annual accounts of Gimv NV or other
information about the Gimv group can contact:
Frank De Leenheer
Investor Relations Manager
Tel. +32 3 290 22 18
Fax +32 3 290 21 05
E-mail frankdl@gimv.be
On Gimv website you will fi nd, in Dutch (www.gimv.be) and in
English (www.gimv.com) extracts from the annual report, press
releases, the portfolio, the stock price and other information on
the Gimv group.
| 89

ANNUAL ACCOUNTS

DURING THE 2007-2008
FINANCIAL YEAR GIMV
INVESTED AGAIN A LOT IN
ITS CORE COUNTRIES
BELGIUM, GERMANY, THE
NETHERLANDS AND
FRANCE BUT IT ALSO
EXTENDED ITS PORTFOLIO
WITH COMPANIES AND
FUNDS IN THE REST OF
EUROPE AND BEYOND.

ANNUAL
ACCOUNTS
Introduction
1 General Information
2 Limited consolidation versus statutory consolidation
Limited consolidation
1 Consolidated income statement
2 Consolidated balance sheet
3 Consolidated statement of changes in equity
4 Simplifi ed cash fl ow statement
5 Summary of the main valuation rules used for the limited consolidation
6 Discussion of the main income statement headings
7 Discussion of the main balance sheet headings
8 Statutory auditor’s statement
Statutory consolidation
1 Consolidated income statement
2 Consolidated balance sheet
3 Consolidated statement of changes in equity
4 Consolidated cash fl ow statement
5 Summary of signifi cant accounting policies
6 Impact of new or amended standards applicable after 31 March 2008
7 Signifi cant judgements and estimates
8 Subsidiaries
9 Acquisitions of subsidiaries
10 Sales of subsidiaries
11 Segment information
12 Operating result
13 Financial result
14 Taxes
15 Earnings per share
16 Paid and proposed dividends
17 Goodwill and other intangible assets
18 Property, plant and equipment
19 Goodwill impairment
20 Financial assets at fair value through the income statement
21 Loans to investee companies
22 Inventories
23 Trade and other receivables
24 Cash and cash equivalents
25 Issued capital and reserves
26 Pension liabilities
27 Provisions
28 Financial liabilities and trade and other receivables
29 Related parties
30 Financial risk management
31 Share-based transactions
32 Fair value
33 Key events after the balance sheet closing date
34 Off-balance sheet obligations and major pending litigation
35 Director’ report on the statutory consolidation fi gures
36 Auditor’s report
37 Reconciliation of the limited and statutory consolidations
Unconsolidated fi nancial statements
1 Balance sheet
2 Income statement
Glossary
Contact information
Financial calendar
92 | Gimv Annual Report 2007-2008 | Table of contents annual accounts
93
93
93
94
94
95
96
98
98
99
102
104
105
105
106
108
110
112
117
117
118
119
120
121
126
128
129
130
131
132
134
135
135
135
137
137
138
138
138
140
140
142
145
145
145
145
145
148
150
151
152
152
154
155
156
156

INTRODUCTION
1. GENERAL INFORMATION
Gimv NV
Public Limited Company
Registered offi ce:
Karel Oomsstraat 37
2018 Antwerp
Phone: +32 3 290 21 00
Fax: +32 3 290 21 05
Website
www.gimv.com
Commercial register
Antwerp nr. 222.348
Enterprise number
0220.324.117
Date of formation
25/02/1980
Financial year
1 April 2007 - 31 March 2008
Financial servicing
KBC Bank
Number of shares (31/03/2008)
23 176 005
2. LIMITED CONSOLIDATION VERSUS STATUTORY
CONSOLIDATION
From the 2005 fi nancial year onwards Gimv is required to prepare
its consolidated annual accounts in accordance with the
‘International Financial Reporting Standards’ (IFRS) as approved
for application in the European Union. The Group has opted,
after the transition to IFRS, to continue presenting two kinds of
consolidated accounts, that is the ‘statutory’ consolidation and
a ‘limited’ consolidation.
A signifi cant impact of the transition to IFRS is that a number
of companies in the investment portfolio which the Gimv group
is deemed to control in accordance with IAS 27 (scope of
consolidation) have to be fully consolidated. Given that these
investments have been made expressly with a view to creating
capital gains and generating income, we believe that the consolidation
of enterprises included in the investment portfolio is not a
relevant yardstick for measuring the Gimv group’s performance
and can even be potentially misleading.
Gimv regrets that the IASB, in its improvements project, has
failed to include an exception for the consolidation of investment
companies on the lines of those included for associates and
joint ventures. Such an exemption from consolidation exists, for
example, under US GAAP and Australian GAAP.
To meet the information needs of annual report readers, we
consider it necessary to produce a second set of fi nancial
statements in addition to the consolidated annual statements
prepared in accordance with IFRS as approved by the European
Union. This “limited” consolidation fully consolidates only the
investment company subsidiaries; the other companies which
under IAS 27 Gimv is deemed to control, but which belong to
the investment portfolio, are valued at fair value in accordance
with the international valuation guidelines for private equity
companies.
The consolidated fi nancial statements are expressed in thousands
of euros unless otherwise mentioned.
The consolidated fi nancial statements of Gimv NV at 31 March
2008 were approved for publication by the Board of Directors
on 20 May 2008.
| 93

LIMITED
CONSOLIDATION
1. CONSOLIDATED INCOME STATEMENT (IN EUR 000)
Limited consolidation
94 | Gimv Annual Report 2007-2008 | Limited consolidation
31/03/08 31/03/07
1. Operating income 318 979 369 171
1.1. Dividend income 5 885 25 122
1.2. Interest income 7 630 8 098
1.3. Gain on disposal of investments 129 710 105 835
1.4. Unrealised gains on fi nancial assets at fair value through profi t & loss 155 952 214 794
1.5. Management fees 4 150 5 794
1.6. Turnover 10 260 7 635
1.7. Other operating income 5 393 1 892
2. Operating expenses (-) -163 027 -134 604
2.1. Realised losses on disposal of investments -1 615 -3 942
2.2. Unrealised losses on fi nancial assets at fair value through profi t & loss -106 633 -67 321
2.3. Impairment losses -12 026 -12 734
2.4. Purchase of goods and services -12 006 -14 244
2.5. Personnel expenses -15 339 -27 773
2.6. Depreciation of intangible assets -62 -569
2.7. Depreciation of property, plant and equipment -494 -786
2.8. Other operating expenses -14 851 -7 234
3. Operating result, profi t (loss (-)) 155 952 234 567
4. Financial income 21 270 20 298
5. Financial costs (-) -9 080 -353
6. Share of profi t (loss (-)) of associates - -
7. Result before tax, profi t (loss (-)) 168 143 254 512
8. Tax expenses (-) -141 -157
9. Net profi t (loss (-)) of the period 168 002 254 355
9.1. Minority interests 6 570 5 036
9.2. Attributable to shareholders of the parent 161 432 249 319
EARNINGS PER SHARE (IN EUR)
31/03/08 31/03/07
1. Basic earnings per share 6.97 10.76
2. Diluted earnings per share * 6.97 10.76
* On the assumption that all options / warrants that are ‘in the money’ at the end of the period will be exercised

2. CONSOLIDATED BALANCE SHEET (IN EUR 000)
Limited consolidation
ASSETS
31/03/08 31/03/07
I. NON -CURRENT ASSETS 853 142 825 816
1. Goodwill and other intangible assets 115 167
2. Property, plant and equipment 4 779 4 687
3. Participation in non-consolidated subsidiaries - -
4. Investments in associates - -
5. Participations in joint ventures - -
6. Financial assets at fair value through profi t & loss 737 935 764 280
7. Loans to investee companies 110 209 56 471
8. Other fi nancial assets 104 210
9. Deferred taxes - -
10. Pension assets - -
11. Other non-current assets - -
II. CURRENT ASSETS 540 844 501 610
12. Inventories - -
13. Current income tax receivables - -
14. Trade and other receivables 17 162 6 481
15. Loans to investee companies 4 380 46 518
16. Cash and cash equivalents 512 524 445 608
17. Other current assets 6 779 3 002
Total assets 1 393 986 1 327 425
Limited consolidation
LIABILITIES
31/03/08 31/03/07
I. EQUITY 1 349 264 1 288 924
A. Equity attributable to shareholders of the parent company 1 327 554 1 278 526
1. Issued capital 220 000 220 000
2. Share premium account 1 1
3. Retained earnings (losses (-)) 1 107 553 1 058 525
4. Translation differences - -
B. Minority interest 21 710 10 399
II. LIABILITIES 44 722 38 501
A. Non-current liabilities 27 287 20 772
5. Pension liabilities 2 875 3 299
6. Provisions 24 412 17 473
7. Deferred tax liabilities - -
8. Financial liabilities - -
9. Other liabilities - -
B. Current liabilities 17 435 17 729
10. Financial liabilities - -
11. Trade and other payables 14 254 16 365
12. Income tax payables 217 369
13. Other liabilities 2 964 995
Total equity and liabilities 1 393 986 1 327 425
| 95

3. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IN EUR 000)
Year 2007-2008
TOTAL 01/04/07
1. Total profi t (loss (-)) for the year recognised directly in equity
1.1. Translation differences on translating foreign operations
1.2. Tax on items taken directly to or transferred from equity
2. Net profi t (loss (-)) of the period
3. Capital increase
4. Repayment of capital (-)
5. Changes in consolidation scope
6. Dividends to shareholders
7. Other changes
TOTAL 31/03/08
Year 2006-2007
TOTAL 01/01/06
1. Total profi t (loss (-)) for the year recognised directly in equity
1.1. Translation differences on translating foreign operations
1.2. Tax on items taken directly to or transferred from equity
2. Net profi t (loss (-)) of the period
3. Capital increase
4. Repayment of capital (-)
5. Changes in consolidation scope
6. Dividends to shareholders
7. Other changes
TOTAL 31/03/07
96 | Gimv Annual Report 2007-2008 | Limited consolidation

Issued
capital
Sharepremium
account
Attributable to shareholders of the parent
Uncalled
capital
Retained
earnings
Translationdifferences
Treasuryshares
Total Minorityinterest
Limited
consolidation
220 000 1 - 1 058 522 2 - 1 278 525 10 399 1 288 924
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - 161 432 - - 161 432 6 570 168 002
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - -112 404 - - -112 404 - -112 404
- - - - - - - 4 741 4 741
220 000 1 - 1 107 551 2 - 1 327 554 21 710 1 349 264
Issued
capital
Sharepremium
account
Attributable to shareholders of the parent
Uncalled
capital
Retained
earnings
Translationdifferences
Treasuryshares
Total Minorityinterest
Limited
consolidation
220 000 1 - 891 091 2 - 1 111 094 3 691 1 114 785
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - 249 319 - - 249 319 - 249 319
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - -81 888 - - -81 888 - -81 888
- - - - - - - 6 708 6 708
220 000 1 - 1 058 522 2 - 1 278 525 10 399 1 288 924
| 97

4. SIMPLIFIED CASH FLOW STATEMENT (IN EUR 000)
98 | Gimv Annual Report 2007-2008 | Limited consolidation
31/03/08 31/03/07
Cash and cash equivalents at beginning of period 445 608 472 009
Investments -234 936 -192 122
Divestments 378 135 237 417
Interim dividend of the fi nancial year -46 352 -30 901
Closing dividend previous fi nancial year -66 052 -50 987
Other 36 120 10 191
Cash and cash equivalents at end of period 512 524 445 608
5. SUMMARY OF THE MAIN VALUATION RULES
USED FOR THE LIMITED CONSOLIDATION
The limited consolidation is prepared using the valuation
rules as laid down by the Board of Directors. These valuation
rules are in principle the same as those used for the statutory
consolidation, the only difference being that in the limited
consolidation the entire investment portfolio is valued at fair
value as determined in accordance with IAS 39. Here Gimv
follows also the international valuation guidelines for the private
equity and venture capital sector. In the statutory consolidation
a number of companies in the investment portfolio which
under IAS 27 Gimv is deemed to control are fully consolidated.
In the 2006-2007 fi nancial year these were Bever Zwerfsport
Investments, De Groot International Investments, Geveke
Investments, Hebu Investments, Interbrush, LowLand Fashion
and Operator Groep Delft. For the 2007-2008 fi nancial year
these are again HVEG Investments (former LowLand Fashion),
Operator Groep Delft, De Groot International Investments and
Interbrush, plus Grandeco Wallfashion Group, Verlihold, Numac
Investments and Terstal. The shareholdings in Bever Zwerfsport
Investments, Geveke Investments and Hebu Investments were
sold in the course of the past fi nancial year.
The other valuation rules are the same as those used for the
statutory consolidation (see heading 5 of the statutory consolidation
- page 112).

6. DIVIDENDS, INTEREST, MANAGEMENT FEES AND TURNOVER (IN EUR 000)
Operating result
Dividends, interest, management fees and turnover
The fall of EUR 18 725 is explained primarily by the EUR 19 237
fall in dividends, caused by the payment of an exceptional dividend
of EUR 18 017 by Accessories International in 2006.
Interest income received by the Gimv group from investee
companies fell by EUR 468. The fact that the previous fi nancial
year lasted 15 months is largely offset by interest income from
new loans like that of EUR 1 071 from Grandeco Wallfashion
Group.
The management fees include the fee that the Gimv group
receives from the Halder Gimv Germany Fund and the Halder
IV Fund.
2007-2008 2006-2007 Change
Dividends 5 885 25 122 -19 237
Interest 7 630 8 098 -468
Management fees 4 150 5 794 -1 645
Turnover 10 260 7 635 2 625
Total 27 925 46 650 -18 725
Gains and losses on the disposal of investments
Turnover consists of management and directors’ fees received
by the Gimv group from investee companies and fees for the
management of portfolios like Biotech Fonds Vlaanderen and
Nif Ventures. The increase in turnover is due to a recategorizing
of the carried interest for the HGGF. Previously this was reported
as unrealized income from fi nancial fi xed assets at fair value.
To improve transparency it was decided to report the carried
interest as a performance fee under turnover (EUR 5 151).
2007-2008 2006-2007 Change
Capital gains on disposal of investments 129 710 105 836 23 875
Losses on disposal of investments -1 615 -3 942 2 327
Total 128 095 101 894 26 202
Gains and losses in 2007-2008 on the disposal of investments by activity
Corporate
Investment
ICT Life Sciences Total
Capital gains on disposal of investments 104 069 22 163 3 478 129 710
Losses on disposal of investments -199 -234 -1 181 -1 615
Total 103 870 21 929 2 297 128 095
| 99

Realised gains and losses in 2007-2008 on the disposal of investments by activity - continued
Corporate
Investment
ICT Life Sciences Total
Listed companies 11 519 12 135 -835 22 818
Funds 19 035 2 119 2 731 23 885
Shareholdings 73 316 7 675 401 81 392
Total 103 870 21 929 2 297 128 095
Unrealised gains and losses on fi nancial assets at fair value, and on loans in investee companies
Purchase of goods and other services, personnel expenses and depreciation
100 | Gimv Annual Report 2007-2008 | Limited consolidation
2007-2008 2006-2007 Change
Unrealised gains from fi nancial assets at fair
value 155 952 214 794 -58 842
Unrealised losses on fi nancial assets at fair value -106 633 -67 321 -39 312
Impairment losses -12 026 -12 734 707
Total 37 292 134 739 -97 447
This heading refl ects the periodic revaluations of shareholdings.
These take the form of investments in shares from the investment
portfolio.
These are classed as fi nancial assets and valued at fair value via
the income statement. These investments are initially recorded
at cost. Subsequently the unrealized gains and losses resulting
from the periodical revaluations are recognised in the income
statement.
These are revalued quarterly based on decisions of the valuation
committee. This committee establishes the fair value in
accordance with IAS 39. Listed investments are valued on the
basis of the bid rate on the reporting date, taking into account
any trading restrictions. Where no stock market price is available,
the fair value is determined using the valuation methods
most appropriate to the particular type of investment. Gimv
follows here the International Private Equity and Venture Capital
Valuation Guidelines.
Unrealized valuation movements amounted to EUR 37 292.
EUR 18 544 of the unrealized losses are due to exchange rate
losses, mainly because of the effect of the fall of the US dollar
against the euro.
2007-2008 2006-2007 Change
Goods and services -12 006 -14 244 2 238
Personnel expenses -15 339 -27 773 12 434
Depreciation -556 -1 355 799
Total -27 901 -43 372 15 471
The fall in this expense item is due mainly to the fact that
the 2007-2008 fi nancial year lasted 12 months, whereas the
2006-2007 fi nancial year lasted 15 months. Also, in 2006-2007
remuneration was somewhat higher due to higher variable remuneration
for employees, caused by provisions linked to the
positive evolution in the value of the portfolio.

Other operating income and expenses
OPERATING INCOME:
Financial result
2007-2008 2006-2007 Change
Foreign exchange income 273 195 78
Result from derivatives 4 741 1 406 3 334
Other operating income 378 290 88
Total operating income
OPERATING EXPENSES:
5 393 1 892 3 500
Other fi nancial expenses -931 -1 107 176
Provisions for liabilities and charges -7 919 -4 155 -3 764
Provision for pensions 425 -1 568 1 993
Taxes and operating costs -890 -1 103 213
Foreign exchange expenses -52 -43 -9
Other operating expenses -5 484 742 -6 226
Total operating expenses -14 851 7 234 -7 617
Operating result -9 459 -5 342 -4 117
The other operating result fell by EUR 4 117. This fall is due
to positive hedging results and a lower provision for pensions.
Provisions for liabilities and charges and other operating expenses
rose.
2007-2008 2006-2007 Change
Financial income 21 270 20 298 972
Financial costs -9 080 -353 -8 727
Total 12 191 19 945 -7 754
The fi nancial result fell by EUR 7 754. This is due mainly to
the EUR 8 946 increase in the reduction in value on fi nancial
derivatives, in particular on CDOs in the treasury portfolio.
Income taxes
Gimv traditionally pays little tax. The Group’s main activity consists
of taking shareholdings with the intention of reselling them
later with a capital gain. Capital gains are tax-exempt in Belgium.
Gimv NV has extensive tax loss carryforwards and fi nally taxed
income from the past. With the introduction of notional interest
deduction, an additional buffer of notional interest deduction
is created every year, which can be carried forward for seven
years.
Gimv does not record deferred taxation on the deductible
temporary differences and on tax loss carryforwards. This is
because, in the group’s specifi c tax situation, the likelihood that
these can be applied in the near future is considered low.
Minority interests
The minority interests relate mainly to the portion of the net
profi t due to employees who participate in the co-investment
companies, and results from the positive evolution in the value
of the underlying portfolio. Another important minority interest is
the shareholding in the Gimv ARKIV ICT Fund of Arkimedes.
| 101

7. DISCUSSION OF THE MAIN BALANCE SHEET HEADINGS (IN EUR 000)
Assets
Fixed assets
102 | Gimv Annual Report 2007-2008 | Limited consolidation
2007-2008 2006-2007 Change
Financial assets at fair value through the income
statement 737 935 764 280 -26 345
Loans to investee companies 110 209 56 471 53 738
Total 848 144 820 751 27 393
The value of the fi nancial assets and outstanding loans to investee
companies (the shareholdings of and loans by Gimv NV and
its subsidiaries) has increased by EUR 27 393. Gimv invested
through its various activities an amount of EUR 234 936. The
main investments in the past fi nancial year were Verlihold,
Grandeco Wallfashion Group and VAG Armaturen (Corporate
Investment Belgium), Halder-Gimv Germany Fund (Corporate
Investment Germany), Pragma Capital (Corporate Investment
France), Numac Investments (Corporate Investment
Netherlands), Metris and Telenet (exercise of warrants) (ICT)
and Ablynx and Ambit (Life Sciences).
Divestments of EUR 254 176 were also undertaken. This fi gure
is based on the fair value of the sold shareholdings at 31 March
Current assets
Cash and cash equivalents
2007-2008 2006-2007 Change
Trade and other receivables 17 162 6 481 10 681
Loans to investee companies 4 380 46 518 -42 138
Trade receivables rose by EUR 10 681 with the reclassifi cation
of the performance fee from the Halder-Gimv Germany Fund. To
improve transparency this is no longer shown as a value movement
but as a trade receivable. Receivables from the sale of
shareholdings have also been reclassifi ed to trade receivables.
2007 (at carrying value). The main divestments by Gimv during
this period were Lyceum Capital I, Alfacam Group, Jensen
Group and DTS (Corporate Investment Belgium), the Halder-
Gimv Germany Fund (Corporate Investment Germany), Geveke
Investments, Bever Zwerfsport Investments, Holowell and Hebu
Investments BV (Corporate Investment Netherlands), Telenet
and Business Architects (ICT) and deVGen (Life Sciences).
Added to this is the effect of the unrealized value movements
on the portfolio resulting from the quarterly revaluation of the
still unsold assets. This effect amounted during the 2007-2008
fi nancial year to EUR 36 882. There were also a number of
transfers in a value of EUR 9 751.
The EUR 42 138 fall in loans to investee companies is due
mainly to the collection of open receivables from the sale of the
shareholdings in Hypnion and Arrow Therapeutics at the end of
the previous fi nancial year.
2007-2008 2006-2007 Change
Cash and cash equivalents 512 524 445 608 66 915
The EUR 66 915 rise in the cash position is the outcome of
investments of EUR 234 936 and divestments of EUR 378 135
(at sales price). Gimv also twice paid out a dividend during
the fi nancial year: in July 2007 a fi nal dividend of EUR 2.85
gross per share or EUR 66 052 in respect of the 2006-2007
fi nancial year, and in December 2007 an interim dividend in
respect of the 2007-2007 fi nancial year of EUR 2.00 gross per
share or EUR 46 352. There was also a positive cash infl ow of
EUR 36 120, mainly from the settlement of shareholdings sold
in the 2006-2007 fi nancial year.

The distribution of cash and cash equivalents by investments products at 31 March 2008 was as follows:
Type of product
Liabilities
Equity
2007-2008 2006-2007 Change
Equity (group’s share) 1 327 554 1 278 526 49 029
The growth in equity (group’s share) is due to the adding of
the net profi t for the fi nancial year (group’s share), less the
dividends paid during the fi nancial year (EUR 112 404).
Minority interests
2007-2008 2006-2007 Change
Minority interests 21 710 10 399 11 311
Minority interests consist essentially of the portion of equity
attributable to employees participating in the co-investment
companies. The increase since 31 March 2007 is due to
the positive evolution in the value of the underlying portfolio.
31/03/08 in %
Deposits 183.8 35.9%
Insurance products 160.3 31.3%
Dynamic cash management 59.9 11.7%
Bonds 21.9 4.3%
Funds 48.9 9.5%
Securitized paper 37.6 7.3%
Total 512.5 100.0%
Cash and equivalents broke down by investment horizon as follows:
Investment horizon
31/03/08 in %
0-3 months 183.8 36%
3 months-2 years 243.8 48%
2 years-5 years 84.9 17%
Total 512.5 100%
Another important minority interest is the shareholding in the
Gimv ARKIV ICT Fund of Arkimedes.
| 103

Liabilities
8. AUDITOR’S STATEMENT
The auditor, Ernst & Young Bedrijfsrevisoren BCVBA, represented
by Mr Rudi Braes, has audited the limited consolidation.
He concludes that the limited consolidation has been drawn up
in accordance with the accounting principles as mentioned in
note 5 (page 112) to the annual report, and this in all material
aspects.
104 | Gimv Annual Report 2007-2008 | Limited consolidation
2007-2008 2006-2007 Change
Current liabilities 17 435 17 729 -293
This item has fallen by EUR 293. Trade payables have fallen
by EUR 2 111 and the other current liabilities have risen by
EUR 1 969, owing to dividends still to be paid in respect of past
fi nancial years.
2007-2008 2006-2007 Change
Non-current liabilities 27 287 20 772 6 514
Non-current liabilities have risen by EUR 6 514, mainly in the
form of provisions for liabilities and charges due to the positive
development of the value of the underlying portfolios of the coinvestment
companies (EUR 3 422) and provisions for possible
litigation in respect of investment fi les (EUR 3 516). The pension
provision has been adapted to the latest actuarial calculation,
leading to a fall of EUR 424.

STATUTORY
CONSOLIDATION
1. CONSOLIDATED INCOME STATEMENT (IN EUR 000)
IFRS Statutory consolidation
Explanations 31/03/08 31/03/07
1.1. Operating income 837 644 689 479
1.1. Dividend income 11.I - 1.1 5 885 23 034
1.2. Interest income 11.I - 1.2 5 691 8 101
1.3. Realised gain on disposal of investments
1.4. Unrealised gains on fi nancial assets at fair value
11.I - 1.5 129 710 105 836
through profi t & loss 11.I - 3 163 732 227 806
1.5. Management fees 11.I - 1.3 4 150 5 794
1.6. Turnover 11.I - 1.4 494 526 315 367
1.7. Other operating income 11.I - 5 33 951 3 540
2. Operating expenses (-) -643 981 -449 181
2.1. Realised losses on disposal of investments
2.2. Unrealised losses on fi nancial assets at fair value
11.I - 2 -1 615 -3 972
through profi t & loss 11.I - 3 -115 546 -92 365
2.3. Impairment losses 11.I - 3 -13 541 -12 936
2.4. Purchase of goods and services 12.4 -363 278 -243 642
2.5. Personnel expenses 12.4 -88 266 -61 576
2.6. Depreciation of intangible assets 12.4 -7 572 -5 010
2.7. Depreciation of property, plant and equipment 12.4 -7 318 -5 422
2.8. Other operating expenses 12.5 -46 845 -24 258
3. Operating result, profi t (loss) 12.5 193 663 240 298
4. Financial income 13 21 820 20 035
5. Financial costs (-) 13 -21 910 -6 138
6. Share of profi t (loss (-)) of associates - -
7. Result before tax, profi t (loss (-)) 193 573 254 194
8. Tax expenses (-) 14 -8 134 -4 813
9. Net profi t (loss (-)) of the period 185 438 249 382
9.1. Minority interests 17 421 8 091
9.2. Attributable to shareholders of the parent 168 018 241 290
EARNINGS PER SHARE (IN EUR)
1. Basic earnings per share 15 7.25 10.41
2. Diluted gains earnings per share * 15 7.25 10.41
* On the assumption that all options / warrants that are ‘in the money’ at the end of the period will be exercised
| 105

2. CONSOLIDATED BALANCE SHEET (IN EUR 000)
ASSETS
106 | Gimv Annual Report 2007-2008 | Statutory consolidation
IFRS Statutory consolidation
Explanations 31/03/08 31/03/07
I. NON -CURRENT ASSETS 1 119 032 955 345
1. Goodwill and other intangible assets 17 308 108 169 561
2. Property, plant and equipment 18 90 452 37 282
3. Participation in non-consolidated subsidiaries - -
4. Investments in associates - 681
5. Participations in joint ventures - -
6. Financial assets at fair value through profi t & loss 20 648 398 690 811
7. Loans to investee companies 21 70 758 56 497
8. Other fi nancial assets 943 240
9. Deferred taxes 14 373 274
10. Pension assets - -
11. Other non-current assets - -
II. CURRENT ASSETS 718 135 598 976
12. Inventories 50 343 37 653
13. Current income tax receivables 23 - -
14. Trade and other receivables 23 116 728 59 062
15. Loans to investee companies 21 4 817 46 549
16. Cash and cash equivalents 24 538 337 452 535
17. Other current assets 7 909 3 177
TOTAL ASSETS 1 837 167 1 554 321

2. CONSOLIDATED BALANCE SHEET (IN EUR 000)
LIABILITIES
IFRS Statutory consolidation
Explanations 31/03/08 31/03/07
I. EQUITY
A. Equity attributable to shareholders of the parent
3 1 366 290 1 285 557
company 1 315 124 1 259 562
1. Issued capital 220 000 220 000
2. Share premium account 1 1
3. Retained earnings (losses (-)) 1 095 065 1 039 451
4. Translation adjustments 58 110
B. Minority interest 51 165 25 995
II. LIABILITIES 470 877 268 764
A. Non-current liabilities 309 913 159 654
5. Pension liabilities 26 4 010 3 766
6. Provisions 27 26 242 18 155
7. Deferred tax liabilities 14 5 571 6 383
8. Financial liabilities 28 266 665 125 232
9. Other liabilities 7 425 6 118
B. Current liabilities 160 965 109 110
10. Financial liabilities 28 54 190 37 162
11. Trade and other payables 28 83 122 53 292
12. Income tax payables 6 864 5 160
13. Other liabilities 16 789 13 497
TOTAL EQUITY AND LIABILITIES 1 837 167 1 554 321
| 107

3. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IN EUR 000)
Year 2007-2008
108 | Gimv Annual Report 2007-2008 | Statutory consolidation
Explanations
TOTAL 01/04/07 2
1. Total profi t (loss (-)) for the year recognised directly in equity
1.1. Translation differences on translating foreign operations
1.2. Tax on items taken directly to or transferred from equity
2. Net profi t (loss (-)) of the period 1
3. Capital increase
4. Repayment of capital (-)
5. Changes in consolidation scope
6. Dividends to shareholders 16
7. Other changes
Total 31/03/08 2
Year 2006-2007
Explanations
Total 01/01/06 2
1. Total profi t (loss (-)) for the year recognised directly in equity
1.1. Translation differences on translating foreign operations
1.2. Tax on items taken directly to or transferred from equity
2. Net profi t (loss (-)) of the period 1
3. Capital increase
4. Repayment of capital (-)
5. Changes in consolidation scope
6. Dividends to shareholders 16
7. Other changes
Total 31/03/07 2

Attributable to shareholders of the parent
Issued capital Sharepremium
account
Uncalledcapital
Retained
earnings
Translationdifferences
Treasuryshares
Total Minorityinterest
Statutory
consolidation
220 000 1 - 1 039 451 110 - 1 259 562 25 994 1 285 557
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - 168 018 - - 168 018 17 421 185 438
- - - - - - - - -
- - - - - - - - -
- - - - - - - 8 225 8 225
- - - -112 404 - - -112 404 - -112 404
- - - - -52 - -52 -475 -527
220 000 1 - 1 095 065 58 - 1 315 124 51 165 1 366 290
Attributable to shareholders of the parent
Issued capital Sharepremium
account
Uncalledcapital
Retained
earnings
Translationdifferences
Treasuryshares
Total Minorityinterest
Statutory
consolidation
220 000 1 - 879 937 50 - 1 099 988 14 736 1 114 724
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - 241 290 - - 241 290 8 091 249 382
- - - - - - - - -
- - - - - - - - -
- - - - - - - 3 167 3 167
- - - -81 888 - - -81 888 - -81 888
- - - 112 60 - 172 - 172
220 000 1 - 1 039 451 110 - 1 259 562 25 994 1 285 557
| 109

4. CONSOLIDATED CASH FLOW STATEMENT (IN EUR 000)
110 | Gimv Annual Report 2007-2008 | Statutory consolidation
IFRS Statutory consolidation
Explanations 31/03/08 31/03/07
I. NET CASH FLOWS FROM (USED IN) OPERATING
ACTIVITIES (1. en 2.) 46 066 -29 622
1. Cash generated from operations (1.1. till 1.3.) 44 362 -31 169
1.1. Operating result 1 193 663 240 298
1.2. Adjustment for -161 592 -249 619
1.2.1. Interest income (-) -5 691 -8 101
1.2.2. Dividends (-) -5 885 -23 034
1.2.3. Gain on disposal of investments -129 710 -105 836
1.2.4. Losses on disposal of investments 1 615 3 973
1.2.5. Depreciation and amortisation 4 678 10 431
1.2.6. Impairment losses 13 541 12 937
1.2.7. Translation differences
1.2.8. Unrealised gains (losses (-)) on fi nancial
-112 -
assets at fair value through profi t & loss -49 246 -135 441
1.2.9. Increase (decrease (-)) in provisions
1.2.10. Increase (decrease (-)) pension liabilities
8 087 6 106
(assets) 244 -10 465
1.2.11. Other adjustments 886 -190
1.3. Change in working capital 12 291 -21 848
1.3.1. Increase (decrease (-)) in inventories
1.3.2. Increase (decrease (-)) in trade and other
-3 630 -432
receivables
1.3.3. Increase (decrease (-)) in trade and other
11 846 -8 816
payables (-) 3 320 -20 922
1.3.4. Other changes in working capital 754 8 322
2. Income taxes paid (received) 1 704 1 548

4. CONSOLIDATED CASH FLOW STATEMENT (IN EUR 000) - CONTINUED
IFRS Statutory consolidation
Explanations 31/03/08 31/03/07
II. NET CASH FLOWS FROM (USED IN) INVESTING
ACTIVITIES (1 till 16) 152 676 -17 317
1. Purchase of property, plant and equipment (-) -3 099 -3 876
2. Purchase of investment property (-) -250 -
3. Purchase of intangible assets (-)
4. Proceeds from disposal of property, plant and
-41 243 -109
equipment (+) 49 67
5. Proceeds from disposal of investment property (+) 19 26
6. Proceeds from disposal of intangible assets (+)
7. Proceeds from disposal of fi nancial assets at fair value
28 2
through profi t & loss (+)
8. Proceeds from repayment of loans granted to investee
362 368 166 543
companies (+)
9. Investment in fi nancial assets at fair value through
16 505 28 237
profi t & loss (-) -123 319 -131 421
10. Loans granted to investee companies (-) -49 811 -18 182
11. Net investment in other fi nancial assets
12. Acquisitions of subsidiaries, associates or joint
- 2
ventures, net of cash acquired (-) -20 993 -90 854
13. Interest received 5 691 8 101
14. Dividends received 5 885 23 035
15. Government grants received - -
16. Other cash fl ows from investing activities 847 1 112
III. NET CASH FLOWS FROM (USED IN) FINANCING
ACTIVITIES (1 till 11) -112 940 12 724
1. Proceeds from capital increase - 5 243
2. Proceeds from borrowings 46 291 81 342
3. Proceeds from fi nance leases - -
4. Proceeds from the sale of treasury shares - 681
5. Capital repayment - -
6. Repayment of borrowings (-) -43 082 -7 845
7. Repayment of fi nance lease liabilities (-) -3 001 -
8. Purchase of treasury shares (-) -475 -
9. Interest paid (-) -21 910 -6 138
10. Dividends paid (-) -112 584 -83 303
11. Other cash fl ows from fi nancing activities 21 820 22 744
IV. NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (I till III) 85 803 -34 215
V. CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 24 452 535 486 750
VI. EFFECT OF EXCHANGE RATE DIFFERENCES ON
CASH AND CASH EQUIVALENTS - -
VII. CASH AND CASH EQUIVALENTS, END OF PERIOD
(IV till VI) 24 538 337 452 535
| 111

5. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
5.1 Consolidation principles
Scope of consolidation
For certain companies, the fi gures consolidated are those of
31 December 2007: HVEG Investments (formerly LowLand
Fashion), Operator Groep Delft, De Groot International
Investments, Interbrush, Grandeco Wallfashion Group, Verlihold,
Numac Investments and Terstal. Bever Zwerfsport Investments,
Geveke Investments and Hebu Investments were sold in the
course of the fi nancial year and are therefore no longer included
in the statutory consolidation at the end of March 2008. Should
any important transaction or event take place between the balance
sheet closing dates of the subsidiaries and that of the
parent company, the necessary adjustments are made.
5.2 Subsidiaries
Subsidiaries are those companies in which Gimv owns directly or
indirectly more than 50 percent of the voting rights or otherwise
has the power, directly or indirectly, to govern the fi nancial and
operational policies so as to obtain benefi ts from its activities.
The fi nancial statements of subsidiaries are included in the
consolidated fi nancial statements as from the date that control
commences until the date control ceases. The fi nancial statements
of subsidiaries are prepared using consistent accounting
policies and are drawn up for the same reporting period as the
parent company, with a maximum difference of three months.
Whenever divergent valuation rules are applied, adjustments are
made to bring them into line with the group valuation rules.
All transactions between group companies are eliminated.
5.3 Associates
Associates are undertakings in which Gimv has signifi cant infl
uence over the fi nancial and operating policies, but which it
does not control. Given that Gimv is an investment company,
these investments are measured at fair value, in accordance
with IAS 28, para. 1, and are presented in the balance sheet as
“Investments at fair value through profi t or loss”. Changes in fair
value are included in profi t or loss in the period of the change.
Associates held by buy-out investments that are consolidated,
are accounted for under the equity method of accounting and
are carried in the balance sheet at the lower of the equityaccounted
amount and the recoverable amount, and the pro
rata share of income (loss) of these associates is included in
income.
5.4 Foreign currencies
Transactions in foreign currencies
Transactions in foreign currencies are recorded at the rates of
exchange prevailing at the dates of the individual transactions.
At the end of the accounting period the monetary assets and
liabilities denominated in foreign currencies are translated at
the rates of exchange prevailing at the balance sheet closing
date. Foreign exchange gains and losses resulting from currency
transactions and from the translation of monetary assets
and liabilities are recognized in the income statement. Nonmonetary
items measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair
value is determined.
112 | Gimv Annual Report 2007-2008 | Statutory consolidation
Foreign group companies
In the consolidated accounts, all items of the income statements
of foreign group companies are translated into euro at the average
rates of the accounting period.
The balance sheet items of foreign group companies are translated
into euro at the rates of exchange prevailing at the balance
sheet closing date with the exception of the components
of shareholders’ equity which are translated to euro at historical
rates. Differences resulting from the translation of the income
statement items at the average rate and the balance sheet at
the closing rate are taken directly to equity under the heading
“Translation differences”. On disposal of a foreign entity, accumulated
exchange differences are recognized in the income
statement as a component of the gain or the loss on disposal.
Goodwill and fair value adjustments arising on the acquisition of
a foreign entity are treated as assets and liabilities of the acquiring
company and are translated to euro at the rate of exchange
prevailing at the balance sheet closing date.
5.5 Financial derivatives
Derivates are valued mark-to-market.
5.6 Financing costs
Financing costs are charged against the income statement as
soon as incurred.
5.7 Intangible assets
Acquired intangible assets other than goodwill are recognized at
cost and amortized on a straight line basis over a period of fi ve
years. The amortization period and method are reviewed annually.
The carrying values of intangible assets are tested for impairment
whenever events or changes in circumstances indicate that the
carrying value may not be recoverable.
5.8 Goodwill
Goodwill represents the excess of the cost of an acquisition over
the fair value of the company’s share in the identifi able assets,
liabilities and contingent liabilities of the subsidiary. Goodwill is
not amortized but is tested for impairment annually, or more
frequently if events or changes in circumstances indicate that it
might be impaired, in accordance with IAS 36.
Whenever the company’s share in the net fair value of the acquiree’s
identifi able assets, liabilities and contingent liabilities
exceeds the cost of the business combination, the excess is
recognized immediately in profi t or loss.
Goodwill is expressed in the currency of the subsidiary to which
it relates.

5.9 Property, plant and equipment
Property, plant and equipment are stated in the balance sheet at
cost less accumulated depreciation and impairment losses.
Depreciation is provided over the estimated useful lives of the
assets using the straight line method.
Estimated useful lives are
- buildings 20-30 years
- installations 10 years
- production machinery 5 years
- measuring equipment 4 years
- tools and models 3 years
- furniture 10 years
- offi ce equipment 5 years
- computers 3 years
- vehicles 5 years
- leasehold improvements the remaining term
of the lease contract
- demo material 1 to 3 years
Depreciation is calculated from the date the asset is available
for use.
5.10 Impairment of fi xed assets
At each closing date, the Group assesses whether there is any
indication that an asset may be impaired. Where such indications
of impairment exist, the Group makes a formal estimate of
recoverable amount. Where the carrying amount of an asset exceeds
its recoverable amount the asset is considered impaired
and is written down to its recoverable amount.
The recoverable value of an asset is the greater of either the fair
value less costs to sell or the value in use. In determining value
in use, the estimated future cash fl ows are discounted to their
present value using a pre-tax discount rate that refl ects current
money market yields and the risks specifi c to the asset. For an
asset that does not generate largely independent cash infl ows,
the recoverable amount is determined for the cash-generating
unit to which the asset belongs.
Impairment losses are recognized in the income statement.
5.11 Financial assets at fair value through profi t or loss
Gimv follows the International Private Equity and Venture Capital
Valuation Guidelines as explained below.
Investments at fair value through profi t or loss are equity instruments
that belong to the investment portfolio of the group,
including investments in associated companies. They are initially
recognized at cost being the fair value of the consideration
given.
After initial recognition, these investments are measured at
fair value, with unrealized gains and losses recognized in the
income statement. Realized gains and losses on investments
are calculated as the difference between the selling price and
the carrying amount of the investment at the date of disposal.
All regular way purchases and sales of fi nancial assets are recognised
on the trade date. Regular way purchases or sales are
purchases or sales of fi nancial assets that require delivery of
assets within the time frame generally established by regulation
or convention in the marketplace.
Determination of fair value
a. General
- Movements in exchange rates that may impact the value of
the investments are taken into account.
- Where the reporting currency is different from the currency
in which the investment is denominated, the translation into
the reporting currency is done using the exchange rate at
reporting date.
- The fair value is based on the assumption that options and
warrants will be exercised whenever the fair value is in excess
of the exercise price. In the case of options and warrants
of listed companies, the time value of money is taken into
account wherever possible.
- Other rights such as conversion options and ratchets, which
may impact the fair value, are reviewed on a regular basis to
assess whether these are likely to be exercised and the extent
of any impact on the value of the investment.
- Differential allocation of proceeds, such as liquidation preferences,
may have an impact on the valuation. If these exist,
they are reviewed to assess whether they give a benefi t to the
Gimv group or to a third party.
- Loans granted awaiting a coming fi nancing round are, in
the case of an initial investment (bridge loans), measured at
cost.
- If the bridge fi nance is provided to an existing investment in
anticipation of a follow-on investment, the bridge fi nance is
included together with the original investment and valued as
a package.
- Warrants attached to mezzanine loans are considered separately
from the loan. In the event that the mezzanine loan is
one of a number of instruments held by the Gimv group in
the underlying business, then the mezzanine loan and any
attached warrants are included as a part of the overall investment
package being valued.
b. Listed companies
For investments that are actively traded in organized fi nancial
markets, fair value is determined by reference to the stock exchange
quoted market bid prices at the close of business on
the balance sheet closing date. The valuation takes into account
any limitations on the negotiability of the share.
c. Instruments for which no quoted market price exists
In accordance with IAS 39, fair value is determined as the
amount for which an asset could be exchanged between knowledgeable,
willing parties in an arm’s length transaction. In the
absence of an active market for a fi nancial instrument, the Gimv
group uses valuation models. Gimv follows the International
Private Equity and Venture Capital Valuation Guidelines. The
valuation methodologies are applied consistently from period to
period, except where a change would result in a better estimate
of fair value.
Valuation methodologies
- Price of recent investment
This method is applied
- where the investment being valued was itself made recently:
its cost generally will provide a good indication of fair value, if
the purchase price was representative of the fair value at the
time;
- in the event of a recent investment in the company.
| 113

Where there has been any recent investment in the company
in question, the price of that investment will provide a basis for
the valuation. However, in the case of an internal round that
involves only existing investors in the same proportion to their
existing investments, the round is unlikely to be an appropriate
basis for a change in valuation. Nevertheless a fi nancing with
investors at a lower price than the valuation at the previous
reporting date may indicate a decrease in value and is taken
into consideration.
The objectives of investors in making an internal down round
may vary. Although a down round evidences that the company
was unable to raise funds from investors at a higher valuation,
the purpose of such a round may be, among others, the dilution
of the founders or of investors not participating in the fi nancing
round.
Similarly when a fi nancing is done at a higher valuation (internal
up round), in the absence of new investors or other signifi cant
factors which indicate that value has been enhanced, the transaction
alone is unlikely to be a reliable indicator of fair value.
In applying the Price of Recent Investment methodology, Gimv
uses the cost of the investment itself or the price at which a
signifi cant amount of new investment into the company was
made to estimate the fair value of the investment, but only for a
limited period of no more than one year following the date of the
relevant transaction. During the limited period following the date
of the relevant transaction, Gimv assesses whether changes or
events subsequent to the relevant transaction would imply a
change in the investment’s fair value.
- Earnings Multiple
The method is applied to investments in an established business
with an identifi able stream of continuing earnings that can
be considered to be maintainable.
(i) In using the earnings multiple method in order to determine
the fair value of an investment, a multiple is applied that is
appropriate and reasonable (given the risk profi le and earnings
growth prospects of the company) to the maintainable
earnings of the company; if the company and/or the market
in which the company operates is smaller than the reference
company, a discount will be applied to the enterprise value;
(ii) the factor defi ned in (i) is adjusted for any surplus assets
or excess liabilities and other relevant factors, to derive an
enterprise value for the company;
(iii) from this enterprise value are deducted all amounts relating
to fi nancial instruments ranking ahead of the highest
ranking instrument of the Group in a liquidation and taking
into account the effect of any instrument that may dilute
the Group’s investment in order to derive the gross equity
value;
(iv) an appropriate marketability discount is applied to the gross
equity value derived in (iii) to give the net equity value;
and
(v) the net equity value is appropriately apportioned between
the relevant fi nancial instruments.
The market-based multiples chosen as reference are derived
from the market valuation of quoted companies that are similar,
in terms of risk attributes and earnings growth prospects, to the
company being valued. Recent transactions involving the sale of
114 | Gimv Annual Report 2007-2008 | Statutory consolidation
similar companies may also be used as a basis for determining
an appropriate multiple.
Depending on the circumstances the multiple will be determined
by reference to one or more comparable companies
or the earnings multiple of a quoted stock market sector or
sub-sector.
The data used are based on the most recent available information
Gimv can rely on (historical, current or forecast), and are
adjusted for exceptional or non-recurring items, the impact of
discontinued operations and acquisitions and forecasted downturns
in profi ts.
The following methods are in use at Gimv:
- comparable price/earnings, price/cash fl ow, enterprise value/
earnings before interest (and tax and depreciation) and enterprise
value/sales multiples
- reference to relevant and applicable sub-sector average
multiples
- actual entry multiples paid for an investment.
An appropriate marketability discount is determined, not from the
perspective of the current holder of the investment but from the
perspective of market participants in an investment. A discount
in the range of 10 percent to 35 percent (in steps of 5 percent)
is used depending upon the particular circumstances.
- Investments in funds not managed by the Gimv group
For investments in funds not managed by the Gimv group, the
fair value of the investment is derived from the value of the net
assets of the fund.
- Discounted cash fl ows or earnings
This methodology involves determining the value by calculating
the present value of the expected future cash fl ows of the
underlying business.
Given the high degree of subjectivity of the inputs, DCF is only
used as a cross-check of values determined using market-based
methodologies.
Specifi c considerations
- Indicative offers
Indicative offers are not used in isolation but need to be corroborated
by one of the valuation methodologies.
- Enterprises without signifi cant profi ts or signifi cant positive
cash fl ows:
For these starting enterprises, there are usually no current
and no short-term future earnings or positive cash-fl ows. It
is diffi cult to gauge the probability and fi nancial impact of the
success or failure of development or research activities and
to make reliable cash fl ow forecasts. Consequently the most
appropriate approach to determine fair value is a methodology
that is based on market data, that being the price of a recent
investment. The length of time for which this methodology will
remain appropriate for a particular investment will depend on
the specifi c circumstances, but will in general not be longer than
one year. After the appropriate limited period, the group considers
whether either the circumstances of the investment have
changed, such that one of the other methodologies would be

more appropriate or whether there is any evidence of deterioration
in value. As part of this consideration industry benchmarks
may provide appropriate support.
5.12 Criteria for the writing out of fi nancial assets and
liabilities
Financial assets and liabilities are written out of the books
whenever the Gimv group no longer manages the contractual
rights attached to the fi nancial assets and liabilities. It does this
whenever the fi nancial assets are sold or whenever the cash
fl ows attributable to these assets and liabilities are transferred
to an independent third party.
5.13 Regular purchases and sales of fi nancial assets
Regular purchases and sales of fi nancial assets are recorded
at amortized cost.
5.14 Leasing
Finance leases
Finance leases, which effectively transfer to the Group substantially
all risks and benefi ts incidental to ownership of the
leased item, are capitalized at the inception of the lease at the
fair value of the leased item or, if lower, at the present value of
the minimum lease payments. Lease payments are apportioned
between the fi nance charges and reduction of the lease liability
so as to achieve a constant rate of interest on the remaining
balance of the liability throughout the life of the lease. Finance
charges are charged directly against income.
Operating leases
Leases where the leaser retains substantially all the risks and
benefi ts of ownership of the asset are classifi ed as operating
leases. Rental payments under operating leases are charged
to the income statement on a straight-line basis over the lease
term.
5.15 Inventories
Inventories are valued at the lower of cost and net recoverable
value. Cost is determined on a fi rst-in fi rst-out (FIFO) basis or
by the ‘weighted average’ method. Net recoverable value is the
estimated selling price in the ordinary course of business, less
the cost of completion and the estimated costs necessary to
make the sale. For inventories in process, cost means full cost
including all direct and indirect production costs required to
bring the inventory items to the stage of completion at the balance
sheet closing date.
5.16 Other non-current and current assets
Other non-current and current assets are measured at amortized
cost.
5.17 Income tax
Current taxes are based on the results of the group companies
and are calculated according to the local tax rules.
Deferred income tax is provided, based on the liability method,
on all temporary differences between the tax basis of assets
and liabilities and their carrying amounts for fi nancial reporting
purposes.
Deferred tax liabilities are recognized on all taxable temporary
differences:
- except where the deferred income tax liability arises from the
initial recognition of goodwill or the initial recognition of an
asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the
accounting profi t or taxable profi t or loss; and
- in respect of taxable temporary differences associated with
investments in subsidiaries, associates and interests in joint
ventures, except where the timing of the reversal of the temporary
difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future.
Deferred income tax assets are recognized for deductible temporary
differences and carry-forward of unused tax credits and
tax losses, to the extent that it is probable that taxable profi t
will be available in the foreseeable future against which the
deductible temporary differences and carry forward of unused
tax credits and unused tax losses can be utilized.
The carrying amount of deferred income tax assets is reviewed
at each balance sheet closing date and reduced to the extent
that it is no longer probable that suffi cient taxable profi t will be
available to allow all or part of the deferred income tax to be
utilized. Deferred income tax assets and liabilities are measured
at the tax rates that are expected to apply to the period when
the asset is realized or the liability is settled, based on tax rates
and tax laws that have been enacted or substantially enacted
at the balance sheet closing date.
5.18 Cash and cash equivalents
Cash and cash equivalents include cash on hand, cash with
banks and short-term deposits. They are carried at nominal
value in the fi nancial statements.
5.19 Treasury shares
Consideration paid or received for the acquisition or sale of the
company’s own equity instruments is recognised directly in equity
attributable to the company’s shareholders. No gain or loss
is recognized in profi t or loss on the purchase, sale, issue, or
cancellation of treasury shares, but is taken directly into equity.
Any directly attributable incremental costs (net of taxes) are
also deducted from equity attributable to the shareholders of
the parent company.
Own shares are classifi ed as treasury shares and presented as
a deduction from the total equity.
5.20 Minority interests
Minority interests is that part of the net results and of net assets
of a subsidiary attributable to interests which are not owned,
directly or indirectly through subsidiaries, by the Gimv group.
5.21 Provisions
Provisions are recognized when the Group has a present legal
or constructive obligation as a result of past events, it is probable
that an outfl ow of resources will be required to settle the
obligations and a reliable estimate of the amounts can be made.
Where the group expects an amount which has been provided
for to be reimbursed, the reimbursement is recognized as an
asset only when the reimbursement is virtually certain.
| 115

5.22 Revenue recognition
Revenue is recognized whenever it is probable that the economic
benefi ts will fl ow to the Gimv group and the revenue can
be reliably measured.
With respect to sale of goods, revenue is recognized at the
time that the signifi cant risks and rewards of ownership of the
goods have passed to the buyer. Sales are recognized when
persuasive evidence of an agreement can be presented, delivery
has occurred, the remuneration is fi xed and determinable, and
collectibility is probable.
For work in progress the percentage of completion method is
used, where the outcome of the contract can be assessed with
reasonable certainty.
For the rendering of services, revenue is recognized by reference
to the stage of completion. In the case of government
grants, revenue is recognized as income pari passu with the
depreciation of the underlying fi xed assets.
5.23 Employee benefi ts
Post employment benefi ts comprise pensions, life insurance
and medical care.
Retirement benefi ts under defi ned contribution and defi ned
benefi t plans are provided through separate funds or insurance
plans.
- defi ned contribution plans:
Contributions to defi ned contribution pension plans are recognized
as an expense in the income statement as incurred.
- defi ned benefi t plans:
For defi ned benefi t plans, the amount recognized in the
balance sheet is determined as the present value of the defi
ned benefi t obligation less any past service costs not yet
recognized and the fair value of any plan assets. Where the
calculation results in a net surplus the recognized asset is
limited to the total of all cumulative unrecognized past service
costs and the present value of any refunds from or reductions
in future contributions to the plan.
The recognition of actuarial gains and losses is determined
separately for each defi ned benefi t plan. Actuarial gains and
losses are fully recognized in the income statement in the period
in which they are established.
116 | Gimv Annual Report 2007-2008 | Statutory consolidation
5.24 Share-based payment transactions
As part of the remuneration system and in order to involve employees
more closely in the respective investment portfolios,
options and/or shares are offered to members of staff in the
co-investment companies which have been set up on a business
unit basis. The cost of the options/shares allocated in this
way is calculated based on the fair value of the share options
at the date of allocation. Together with an identical increase in
equity, this amount is taken into the income statement over the
vesting period, ending on the date on which the employees in
question are fully entitled to the allocation.
5.25 Financial liabilities
Interest-bearing loans and borrowings are initially valued at cost
less transaction-related costs. After initial recognition, interestbearing
loans and borrowings are subsequently measured at
amortized cost using the effective interest method. In calculating
the amortized cost, account is taken of any issue costs, and
any redemption discount or premium.
5.26 Dividends
Dividends proposed by the Board of Directors are not recorded
in the fi nancial statements until they have been approved by the
shareholders at the annual General Meeting.
5.27 Earnings per share
The Group calculates both basic and diluted earnings per share
in accordance with IAS 33. Basic earnings per share is computed
using the weighted average number of shares outstanding
during the period. Diluted earnings per share is computed using
the average number of shares outstanding during the period
plus the dilutive effect of warrants and stock options outstanding
during the period.

6. IMPACT OF NEW OR AMENDED STANDARDS
APPLICABLE AFTER 31 MARCH 2008
The group has chosen not to apply prematurely the standards
and interpretations that are applicable after 31 March 2008.
These new or revised standards include:
IFRS 8 Operating Segments
IAS 1 Presentation of Financial Statements – Revised
IAS 23 Borrowing costs – Revised
The Gimv group does not expect these amendments to have a
material impact on the annual accounts when applied for the
fi rst time.
7. SIGNIFICANT JUDGEMENTS AND ESTIMATES
In putting together the balance sheet and income statement,
estimates or assumptions are often made that infl uence the
assets or liabilities reported at balance sheet closing date and
the income and charges for the reporting period.
Although such estimates are made in a rational fashion, based
on management’s knowledge of the business, it is possible that
actual fi gures will differ from the estimated fi gures. The largest
risk of material adaptations relates to the estimates made in
determining the fair value of the fi nancial assets and loans to
companies in the investment portfolio (done in accordance with
the valuation rules described under item 5.11).
| 117

8. SUBSIDIARIES
Information on subsidiaries (31/03/08)
Name of the subsidiary City, country Company
number
118 | Gimv Annual Report 2007-2008 | Statutory consolidation
% voting
right
Change to
previous
year
Reason why >
50% does not
lead to
consolidation
1. Limited consolidation
Accessories International Menen, Belgium 0475.344.639 50.00% 0.00% Materiality
Acertys Aartselaar, Belgium 0413.534.556 50.10% 50.10% Materiality
Advies- en beheer Mij Fincon BV Den Haag, The Netherlands 100.00% 0.00%
Adviesbeheer Gimv CI Antwerpen, Belgium 0476.170.723 33.61% -25.52%
Adviesbeheer Gimv CI 2004 Antwerpen, Belgium 0863.249.322 97.74% -0.31%
Adviesbeheer Gimv CI 2007 Antwerpen, Belgium 0887.141.115 99.23% -0.77%
Adviesbeheer Gimv DS Antwerpen, Belgium 0476.173.790 26.47% -26.16%
Adviesbeheer Gimv DS 2004 Antwerpen, Belgium 0863.250.114 90.97% -1.24%
Adviesbeheer Gimv DS 2007 Antwerpen, Belgium 0887.077.371 97.26% -2.74%
Adviesbeheer Gimv ICT Antwerpen, Belgium 0476.172.307 34.77% -24.63%
Adviesbeheer Gimv ICT 2004 Antwerpen, Belgium 0863.241.107 90.43% -0.31%
Adviesbeheer Gimv ICT 2007 Antwerpen, Belgium 0887.142.303 99.23% -0.77%
Adviesbeheer Gimv LS Antwerpen, Belgium 0476.170.921 53.97% -6.52%
Adviesbeheer Gimv LS 2004 Antwerpen, Belgium 0863.241.897 97.74% -0.31%
Adviesbeheer Gimv LS 2007 Antwerpen, Belgium 0887.140.224 99.23% -0.77%
Adviesbeheer Gimv CI Projects 2007 Antwerpen, Belgium 0887.141.115 79.62% 79.62%
Adviesbeheer Gimv CT 2007 Antwerpen, Belgium 0893.833.224 79.62% 79.62%
Eagle Venture Partners BV Vlaardingen, The Netherlands 68.50% 0.00% Materiality
Eagle Venture Partners Limited Guernsey, GB 73.30% 0.00% Materiality
Finimmo Antwerpen, Belgium 0436.044.197 50.00% 0.00% Fiduciary control
Fortress Warehousing Tilbury, GB 53.84% 53.84% Materiality
Gimfi n NV Antwerpen, Belgium 0422.112.920 100.00% 0.00%
Gimo-Hold Noorderlaan Antwerpen, Belgium 0449.794.740 100.00% 0.00% Materiality
Gimv Arkiv Antwerpen, Belgium 0878.764.174 50.17% 0.00%
Gimv Coordination Center NV Antwerpen, Belgium 0438.266.190 100.00% 0.00%
Gimv Czech Ventures BV Vlaardingen, The Netherlands 73.17% 0.00% Materiality
Gimv Frankrijk Paris, France 100.00% 100.00%
Halder Bet. Beratung GmbH Frankfurt, Germany 99.00% 0.00%
Halder Holdings BV Den Haag, The Netherlands 100.00% 0.00%
Halder Invest BV Den Haag, The Netherlands 100.00% 0.00%
Halder Investments IV BV Den Haag, The Netherlands 100.00% 0.00%
Halder Management BV Den Haag, The Netherlands 100.00% 0.00%
Halder V BV Den Haag, The Netherlands 100.00% 0.00%
Halder-GIMV Germany Management BV Den Haag, The Netherlands 100.00% 0.00%
Halder-GIMV Investeringen 2004 BV Den Haag, The Netherlands 89.00% 0.00%
Halder-GIMV Investeringen 2007 BV Den Haag, The Netherlands 100.00% 100.00%
Impression International Antwerpen, Belgium 0895.599.119 85.00% 0.00% Materiality
Inframan Brussel, Belgium 0891.786.920 50.00% 50.00% Fiduciary control
L'Enfant Terrible Antwerpen, Belgium 0473.475.707 100.00% 0.00% Materiality
L&C St.Denijs Westrem, Belgium 0463.196.279 62.20% -1.15% Materiality
OBP Adjunct II Boston, USA 99.00% 0.00% Materiality
OBP Adjunct III Boston, USA 99.00% 0.00% Materiality
Participatie Mij Damrak BV Den Haag, The Netherlands 100.00% 0.00%
Prolyte Investments BV* Leek, The Netherlands 51.25% 51.25% Materiality
Rollinvest Kontich, Belgium 0422.578.520 90.00% 90.00% Materiality
Ronin Antwerpen, Belgium 0865.712.231 62.75% 0.00% Materiality
Sfi nc Brakel, Belgium 0870.576.384 50.00% 0.00% Fiduciary control
VIM NV Antwerpen, Belgium 0421.600.008 100.00% 0.00%
Westerlund Group Kallo, Belgium 0423.177.544 53.70% 53.70% Materiality

8. SUBSIDIARIES - CONTINUED
Information on subsidiaries (31/03/08)
Name of the subsidiary City, country Company
number
% voting
right
Change to
previous
year
2. Statutory consolidation
Bever Zwerfsport Investments BV* Zoutermeer, The Netherlands 0.00% -84.80% Sold
De Groot International Investments BV* Hedel, The Netherlands 54.27% 0.00%
Geveke Investments BV* Amsterdam, The Netherlands 0.00% -79.74% Sold
Grandeco Tielt, Belgium 0889.387.654 86.00% 86.00%
Hebu Investments BV*
HVEG Investments BV*
(ex LowLand Fashion)
Krimpen aan de Ijssel, The
Netherlands 0.00% -75.13% Sold
Veenendaal, The
Netherlands 50.50% -3.82%
Reason why >
50% does not
lead to
consolidation
Interbrush Izegem, Belgium 0875.486.861 85.00% 0.00%
Numac Investments BV* Venray, The Netherlands 64.74% 64.74%
OGD Investments BV* Delft, The Netherlands 67.39% 0.00%
TerStal Investments BV* Almelo, The Netherlands 30.70% 30.70% Fiduciary control
Verlihold Antwerpen, Belgium 0893.429.881 80.00% 80.00%
* and the subsidiaries that we consolidate
WORK FORCE
Employees Workers Total
Work force 2007-2008 2 857 754 3 611
Work force 2006-2007 1 107 386 1 493
The results of a small number of subsidiaries are not included,
by way of application of the materiality principle, or given the
fi duciary nature of the control.
In the case of a number of subsidiaries which are consolidated,
the signifi cant fall in voting rights is due to the partial exercise
of options by employees.
9. ACQUISITION OF SUBSIDIARIES (IN EUR 000)
In April 2007 gimv acquired an 86 percent shareholding in
Grandeco Wallfashion Group NV. As one of Europe’s largest
producers of wall coverings, Grandeco produces in particular
high quality vinyl wallpaper both under its own brands and for
private label. The company has production facilities in Belgium
and France and a distribution centre in the United Kingdom.
In November 2007 Gimv acquired an 80 percent shareholding
in Verlihold NV. This company has grown into the largest
chicken processor on the Belgian market. The group consists of
a slaughterhouse, a cutting plant, a packaging plant, a slaughter
waste processor and a proprietary cold transportation fl eet.
The company is unique in integrating slaughtering, preparation,
packaging as well as processing of the slaughter waste on a
single site.
Through its Halder subsidiary the Gimv group acquired in
December 2007 a 65 percent interest in Numac Investments
BV. The Numac Group is one of the largest independent technical
service providers in the Netherlands, focusing on engineering,
maintenance, consulting and automation of industrial
installations and machinery.
Finally, a 31 percent interest was taken, via Halder, in TerStal
Investments BV. This company is included in the consolidation
as the group exercises legal control. TerStal offers fashionable,
affordable private label clothing for the whole family. With 152
stores, mainly in eastern, central and northern Netherlands,
the TerStal Group is one of the larger fashion chains in the
Netherlands. TerStal largely develops its own collections, which
is produced directly by manufacturers in the Far East.
The goodwill from these subsidiaries amounted to EUR 129 539
at 31 March 2008 (EUR 121 205 at 31 March 2007). These
acquisitions contributed –EUR 915 to the result. Owing to the
contractual arrangements and for reasons of confi dentiality, the
Gimv group is unable to release data on the purchase prices
or cash impact. We give below an overview of the net assets
acquired through these acquisitions:
| 119

9. ACQUISITIONS OF SUBSIDIARIES (IN EUR 000) - CONTINUED
Assets
NON-CURRENT ASSETS
120 | Gimv Annual Report 2007-2008 | Statutory consolidation
31/03/08 31/03/07
Goodwill and other intangible assets 129 539 121 417
Property, plant and equipment 53 806 21 278
Other fi nancial assets 431 5 318
Deferred tax assets 191 70
Trade and other receivables - -
Other non-current assets - -
CURRENT ASSETS
Inventories 31 383 24 195
Trade and other receivables 51 353 34 381
Income tax receivables 1 040 -
Cash and cash equivalents 11 901 2 960
Other current assets 951 99
Total assets 280 594 209 717
Liabilities
31/03/08 31/03/07
NON-CURRENT LIABILITIES
Provisions 1 580 163
Post-employment benefi t obligations 905 259
Deferred tax liabilities 395 4 812
Financial liabilities 173 366 61 840
Trade and other payables - -
Other non-current liablities - -
CURRENT LIABILITIES
Financial liabilities 26 635 21 708
Trade and other payables 41 655 7 603
Interest-bearing loans and borrowings - 2 400
Income tax payables 2 088 5 306
Provisions - 155
Other current liabilities 7 236 4 004
Total liabilities 253 861 108 250
10. SALES OF SUBSIDIARIES (IN EUR 000)
In September 2007 the 85 percent interest in Bever Zwerfsport
was sold, followed on 12 December 2007 by the 80 percent interest
in Geveke Investments BV and on 16 January 2008 by the
75 percent interest in Hebu Investments BV. These companies
were deconsolidated in March 2008. The net assets at the time
of deconsolidation are given below. The capital gain amounted
to EUR 44 314. Owing to the contractual arrangements and for
reasons of confi dentiality, the Gimv group is unable to release
data on the sales prices or cash impact.

Assets
NON-CURRENT ASSETS
31/03/08 31/03/07
Goodwill and other intangible assets 27 672 11 385
Property, plant and equipment 3 175 28 791
Other fi nancial assets 572 206
Deferred tax assets 70 5 435
Trade and other receivables - -
Other non-current assets - 26
CURRENT ASSETS
Inventories 26 713 19 558
Trade and other receivables 20 998 23 537
Income tax receivables - -
Cash and cash equivalents 1 763 380
Other current assets - -
Total assets 80 963 89 317
Liabilities
NON-CURRENT LIABILITIES
31/03/08 31/03/07
Provisions 748 -
Post-employment benefi t obligations 374 12 436
Deferred tax liabilities 664 7 800
Financial liabilities 23 957 30 778
Trade and other payables - -
Other non-current liabilities - 5 829
CURRENT LIABILITIES
Financial liabilities 11 963 7 540
Trade and other payables 11 749 16 584
Interest-bearing loans and borrowings - -
Income tax payables 2 846 -
Provisions - -
Other current liabilities 11 067 -
Total liabilities 63 368 80 967
Net available assets 17 594 8 351
11. SEGMENT INFORMATION (IN EUR 000)
Gimv applies in the fi rst instance an activities-based segmentation,
in line with its internal management reporting. The segments
correspond to the various activities as indicated below.
Within the Corporate Investment segment (buy-outs), Gimv has
four business units in Belgium, the Netherlands, Germany and
France. The ICT, Life Sciences and Cleantech business units
together form the Venture Capital segment. Through the DG
Infra+ fund Gimv invests also in infrastructure and real estate
projects.
In the statutory consolidation Gimv is required to fully consolidate
a number of subsidiaries in which the group holds majority
interests: De Groot Investments BV, Interbrush NV, Grandeco
Wallfashion Group NV, Verlihold NV, HVEG Investments BV
(formerly LowLand Fashion), Operator Group Delft BV, Numac
Investments BV and TerStal Investments BV. These activities
have been placed together in the Buy-outs segment. Gimv
group wishes to clearly state that the risk attached to these
buy-outs is limited to the amount of the group’s investment in
the company in question.
The second segmentation is undertaken on a geographic basis.
Each investment has a specifi c nationality, depending on the
region invested in.
The Corporate Investment segment concentrates on providing
growth capital and on fi nancing management buy-out/buy-in fi -
nancings (MBO/MBI). The Venture Capital segment focuses on
investments in the ICT, biotechnology and cleantech sectors.
| 121

11. SEGMENT INFORMATION (IN EUR 000)
I. Segmentation according to the activities
Year 2007-2008 Corporate Investment Venture Capital
1. Revenue 125 734 29 962
1.1. Dividend income 5 885 -
1.2. Interest income 4 175 1 516
1.3. Management fees 4 150
1.4. Turnover 7 455 2 805
1.5. Realised gains on disposal of investments 104 069 25 641
2. Realised losses on disposal of investments
3. Unrealised gains (losses) on fi nancial assets at fair value
-199 -1 416
through profi t & loss 60 296 -23 004
4. Segment result 173 041 -2 339
5. Unallocated expenses and profi ts - -
6. Operating result 173 041 -2 339
7. Net fi nance costs (+/-) - -
8. Result before tax - -
9. Tax expenses - -
10. Net result
11. Assets & liabilities
- -
11.1. Segment assets 535 549 321 769
11.2. Segment liabilities
12. Other segment information
- -
12.1. Capital expenditure 78 753 91 689
12.1.1. Financial assets at fair value through profi t & loss 51 633 68 998
12.1.2. Loans to investee companies 27 120 22 690
12.2. Impairment losses -10 273 -1 753
II. Geographical information
Year 2007-2008 Belgium The Netherlands Germany
1. Revenue 120 408 460 195 22 640
1.1. Dividend income 4 550 1 107 -
1.2. Interest income 4 122 16 448
1.3. Management fees - 546 3 604
1.4. Turnover 75 997 410 220 5 151
1.5. Realised gains on disposal of investments 35 740 48 306 13 437
2. Segment assets 438 280 135 160 56 427
3. Capital expenditure 76 969 7 417 20 494
3.1. Financial assets at fair value through profi t & loss 46 474 6 429 19 841
3.2. Loans to investee companies 30 494 - 653
122 | Gimv Annual Report 2007-2008 | Statutory consolidation

Buy-outs Infrastructure Overhead Statutory consolidation
484 266 - - 639 962
- - - 5 885
- - - 5 691
- - 4 150
484 266 - - 494 526
- - - 129 710
- - - -1 615
-2 648 - - 34 644
39 415 180 - 210 298
- - -16 635 -16 635
39 415 180 -16 635 193 663
- - - -90
- - - 193 573
- - - -8 134
- - - 185 439
443 211 2 688 533 951 1 837 167
443 211 - 1 393 956 1 837 167
- 2 688 - 173 129
- 2 688 - 123 319
- - - 49 811
-1 515 - - -13 541
France Rest of World USA Other countries Overhead Statutory
consolidation
5 149 22 113 8 272 1 185 - 639 962
- 228 - - - 5 885
399 75 617 13 - 5 691
- - - - - 4 150
11 1 936 40 1 172 - 494 526
4 739 19 874 7 615 - - 129 710
78 248 64 216 79 736 7 939 977 161 1 837 167
32 482 16 541 14 261 5 953 - 173 129
21 517 9 307 13 797 5 953 - 123 319
10 965 7 234 463 - - 49 811
| 123

11. SEGMENT INFORMATION (IN EUR 000) - CONTINUED
I. Segmentation according to the activities
Year 2006-2007 Corporate Investment Venture Capital
1. Revenue 94 662 55 736
1.1. Dividend income 23 033 1
1.2. Interest income 6 030 2 068
1.3. Management fees 5 794 -
1.4. Turnover 1 104 6 532
1.5. Realised gains on disposal of investments 58 701 47 135
2. Realised losses on disposal of investments
3. Unrealised gains (losses) on fi nancial assets at fair value
-672 -3 270
through profi t & loss 94 081 40 659
4. Segment result 171 265 82 054
5. Unallocated expenses & profi ts - -
6. Operating result 171 265 82 054
7. Net fi nance costs (+/-) - -
8. Result before tax - -
9. Tax expenses - -
10. Net result
11. Assets & liabilities
- -
11.1. Segment assets 467 274 400 040
11.2. Segment liabilities
12. Other segment information
- -
12.1. Capital expenditure 66 056 83 547
12.1.1. Financial assets at fair value through profi t & loss 65 257 66 164
12.1.2. Loans to investee companies 799 17 383
12.2. Impairment losses -9 716 -3 017
II. Geographical information
Year 2006-2007 Belgium The Netherlands Germany
1. Revenue 124 536 278 977 21 538
1.1. Dividend income 22 233 3 -
1.2. Interest income 5 682 3 805
1.3. Management fees - - 5 794
1.4. Turnover 37 113 277 736 -
1.5. Realised gains on disposal of investments 59 508 1 234 14 940
2. Segment assets 416 778 134 980 42 489
3. Capital expenditure 44 779 31 574 15 254
3.1. Financial assets at fair value through profi t & loss 31 174 31 271 15 254
3.2. Loans to investee companies 13 605 303 -
124 | Gimv Annual Report 2007-2008 | Statutory consolidation

Buy-outs Infrastructure Overhead Statutory consolidation
307 734 - - 458 133
- - - 23 034
3 - - 8 101
- - - 5 794
307 731 - - 315 367
- - - 105 836
-30 - - -3 972
-12 235 - - 122 505
5 730 - - 259 049
- - -18 751 -18 751
5 730 - -18 751 240 298
- - - 13 896
- - - 254 194
- - - -4 813
- - - 249 382
226 895 - 460 112 1 554 320
226 895 - 1 327 425 1 554 320
- - - 149 604
- - - 131 421
- - - 18 183
-203 - - -12 936
France Rest of World USA Other countries Overhead Statutory
consolidation
2 362 12 770 17 600 349 - 458 133
425 372 1 - - 23 034
829 213 569 - - 8 101
- - - - - 5 794
30 131 63 294 - 315 367
1 079 12 053 16 967 55 - 105 836
72 146 96 730 102 522 1 669 687 007 1 554 320
12 813 26 425 16 964 1 794 - 149 604
10 761 26 220 14 947 1 794 - 131 421
2 052 205 2 017 - - 18 183
| 125

12. OPERATING RESULT (IN EUR 000)
12.1 Dividends, interest, management fees and turnover
126 | Gimv Annual Report 2007-2008 | Statutory consolidation
2007-2008 2006-2007 Change
Dividends 5 885 23 034 -17 150
Interest 5 691 8 101 -2 411
Management fees 4 150 5 794 -1 645
Turnover 494 526 315 367 179 160
Total 510 251 352 297 157 955
The EUR 157 955 increase in the item is explained mainly by the
EUR 179 160 increase in turnover, due primarily to the impact
of the buy-outs that Gimv is required to include in the statutory
consolidation.
12.2 Gains and losses on the disposal of investments
2007-2008 2006-2007 Change
Gains on disposal of investments 129 710 105 836 23 875
Losses on disposal of investments -1 615 -3 972 2 357
Gains and losses on disposal of investments 128 095 101 863 26 232
Gains and losses on the disposal of investments by activity
CI ICT LS Total
Gains on disposal of investments 104 069 22 163 3 478 129 710
Losses on disposal of investments -199 -234 -1 181 -1 615
Gains and losses on disposal of investments 103 870 21 929 2 297 128 095
Listed companies 11 519 12 135 -835 22 819
Funds 19 035 2 119 2 731 23 885
Shareholdings 73 316 7 675 401 81 391
Gains and losses on disposal of investments 103 870 21 929 2 297 128 095
12.3 Unrealised gains and losses on fi nancial assets at fair value
The largest increases relate to HVEG Investments BV (formerly
LowLand Fashion) (EUR 88 171), TerStal Investments
BV (EUR 49 585) and Grandeco Wallfashion Group NV
(EUR 41 104). These last two buy-outs were consolidated for
the fi rst time in the 2007-2008 fi nancial year.
2007-2008 2006-2007 Change
Unrealised income from fi nancial assets at fair
value 163 732 227 806 -64 074
Unrealised losses on fi nancial assets at fair value -115 546 -92 365 -23 182
Impairment losses -13 541 -12 936 -605
Unrealised gains and losses 34 644 122 506 -87 861

Unrealised gains and losses by activity
CI CT ICT LS Total
Unrealised income from fi nancial assets
at fair value 132 842 461 17 158 13 271 163 732
Unrealised losses on fi nancial assets at
fair value -63 574 -292 -16 801 -34 879 -115 546
Impairment losses -11 788 -1 727 -26 -13 541
Unrealised gains and losses 57 479 169 -1 370 -21 635 34 644
Listed companies -22 150 -14 975 -14 761 -51 886
Funds 11 689 170 -3 370 -5 696 2 793
Shareholdings 67 940 16 975 -1 178 83 737
Unrealised gains and losses 57 479 170 -1 370 -21 635 34 644
This heading refl ects the periodic revaluations of the shareholdings,
that is the shares and investments in shares held in the
investment portfolio.
These are classed as fi nancial assets at fair value via the income
statement. These investments are initially recorded at
cost. Subsequently the unrealized gains and losses resulting
from the periodical revaluations are recognized in the income
statement.
These revaluations take place on a quarterly basis based on decisions
of the valuation committee. This committee determines
the fair value in accordance with IAS 39.
12.4 Purchase of goods and other services, personnel expenses and depreciation
2007-2008 2006-2007 Change
Goods and services -363 278 -243 642 -119 636
Personnel expenses -88 266 -61 576 -26 690
Depreciation -14 890 -10 432 -4 458
Total -466 434 -315 650 -150 784
Purchases of goods and services rose by EUR 119 636, in particular
in buy-outs (EUR 121 875). This increase is explained
mainly by the turnover increases at HVEG Investments (former
LowLand Fashion) (EUR 65 975), at Grandeco (EUR 29 616)
and TerStal (EUR 22 902).
Listed investments are measured based on the bid price at
balance sheet closing date, taking into account any limitations
on negotiability.
Where no listed price is available, the fair value is determined
using the valuation methods most appropriate to the particular
type of investment. In this Gimv follows the International Private
Equity and Venture Capital Valuation Guidelines.
Unrealized valuation movements amounted to EUR 34 644.
Personnel expenses rose by EUR 26 690. Personal expenses at
the buy-outs increased by EUR 39 123, explained by the fi rsttime
inclusion of personnel expenses for OGD (EUR 15 634),
Grandeco (EUR 9 971) and TerStal (EUR 9 895). Personnel
expenses for the Gimv group itself decreased by EUR 12 433,
with the return to a normal 12-month fi nancial year (2006-2007
was an extended fi nancial year of 15 months), and because of
higher levels of variable remuneration in 2006-2007.
| 127

12.5 Other operating income and expenses
128 | Gimv Annual Report 2007-2008 | Statutory consolidation
2007-2008 2006-2007 Change
Foreign exchange income 130 195 -65
Result from derivatives 4 741 1 406 3 335
Operating income buy-outs 28 702 1 649 27 053
Other 378 362 16
Other operating income 33 951 3 612 30 339
Other fi nancial costs -931 -1 107 176
Provisions for liabilities and charges -9 058 -4 155 -4 903
Provision for pensions -243 -1 568 1 325
Taxes and operating costs -935 -1 103 168
Foreign exchange expenses -52 -43 -9
Operating expenses buy-outs -30 142 -17 024 -13 118
Other -5 484 742 -6 226
Other operating expenses -46 845 -24 258 -22 587
Other operating result -12 894 -20 646 7 752
The other operating result rose by EUR 7 752. The operating
result of the buy-outs rose by EUR 13 935. The effect of this was
reduced by the EUR 6 183 reduction in the operating result of
the Gimv group due to increases in provisions for liabilities and
charges and other operating charges.
13. FINANCIAL RESULT (IN EUR 000)
2007-2008 2006-2007 Change
Financial income 21 820 20 035 1 785
Financial cost -21 910 -6 138 -15 772
Financial result -90 13 896 -13 986
The fi nancial result reduced by EUR 13 986, owing mainly to a
EUR 15 772 increase in fi nancial costs. The fi nancial costs of
the buy-outs, for which the Gimv group has no liability whatsoever,
rose by EUR 7 045.
The fi nancial costs of the Gimv group rose by EUR 8 727, mainly
as a result of a valuation allowance of EUR 8 945 on fi nancial
derivatives.

14. TAXES (IN EUR 000)
2007-2008 2006-2007
CONSOLIDATED INCOME STATEMENT
Current income tax 8 416 5 217
Current income tax charge 8 416 5 234
Adjustments in respect of current income tax of previous periods - -17
Deferred income tax -282
Relating to origination and reversal of temporary differences -282 -404
Relating to reduction in tax rates - -
Income tax expense reported in consolidated income statement 8 134 4 813
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Current income tax - -
Deferred income tax - -
Income tax expense / benefi t reported in equity - -
RECONCILIATION OF INCOME TAX EXPENSE APPLICABLE TO RESULT
BEFORE TAX AT THE STATUTORY INCOME TAX RATE TO INCOME TAX
EXPENSE AT THE GROUP’S EFFECTIVE INCOME TAX RATE
Result before tax 193 573 254 194
Taxes based on local statutory income tax rate 65 795 91 537
Higher (lower) income tax rates of other countries 1 309 -2 524
Adjustments in respect of current income tax of previous periods 6 -13
Expenses non-deductible for tax purposes 3 583 -4 467
Tax exempt profi ts -58 156 -73 323
Non-deductible amortization of goodwill 563 -
Impact of special tax status -416 -8 534
Non-taxable dividends from investments in non-group companies -4 591 -7 282
Non-recorded deferred income tax assets - 9 717
Other 40 -298
Taxes at effective income tax rate 8 134 4 813
Effective income tax rate 4.2% -1.9%
DEFERRED INCOME TAX RELATES TO THE FOLLOWING:
Deferred income tax liabilities
Accelerated depreciation for tax purposes 3 256 3 563
Remeasurement of fi nancial instruments to fair value 9 24
Deferred taxation on sales of property, plant and equipment 947 1 202
Other 1 359 1 594
Gross deferred income tax liabilities
Deferred income tax assets
5 571 6 383
Remeasurement of fi nancial instruments to fair value - -
Post-employment benefi ts - -
Tax losses carried forward 175 198
Other 198 76
Gross deferred income tax assets 373 274
Net deferred income tax liabilities 5 571 6 383
Net deferred income tax assets 373 274
| 129

Gimv pays little tax. The Group’s main activity consists of taking
shareholdings and reselling them later with a capital gain. Capital
gains are tax-exempt in Belgium. Gimv NV has extensive tax loss
carryforwards and fi nally taxed income from the past. With the
introduction of notional interest deduction, an additional buffer
of notional interest deduction is also created every year, which
can be carried forward for seven years.
Gimv does not record deferred taxation on the deductible
temporary differences and on tax loss carryforwards. This is
because, in the group’s specifi c tax situation, the likelihood
15. EARNINGS PER SHARE
(in EUR 000)
130 | Gimv Annual Report 2007-2008 | Statutory consolidation
2007-2008 2006-2007
Net profi t attributable to ordinary shareholders of the parent A 168 018 241 290
Interest on convertible non-cumulative redeemable preference shares
Net profi t attributable to ordinary shareholders of the parent adjusted
for the effect of effect van de convertible preference shares B 168 018 241 290
(X 000)
Weighted average number of ordinary shares (excluding treasury
shares) for basic earnings per share
Effect of dilution
A 23 176 23 176
Share options - -
Redeemable preference shares
Weighted average number of ordinary shares (excluding treasury
- -
shares) adjusted for the effect of dilution B 23 176 23 176
(in EUR)
Earnings per share A 7.25 10.41
Earnings per share with effect of dilution B 7.25 10.41
Earnings per share are obtained by dividing the net profi t attributable
to the holders of ordinary shares of the parent company
by the weighted average number of shares outstanding during
the year.
The diluted earnings per share are calculated by dividing the net
profi t attributable to the holders of ordinary shares of the parent
company (after deducting interest on convertible, redeemable,
non-cumulative preference shares) by the sum of the weighted
that these can be applied in the near future is considered low.
The deferred tax assets and liabilities that are recorded derive
exclusively from the consolidated buy-out companies.
The EUR 8 134 of tax charges in the statutory consolidation
come mainly (EUR 7 993) from the buy-outs that are required
to be included in the statutory consolidation.
The Gimv group’s risk is limited to the amount of the investment
in these buy-outs. The Gimv group therefore bears no liability
whatsoever for the tax liabilities of these buy-outs.
average number of outstanding shares during the year and the
weighted average number of ordinary shares that would be
issued by the conversion into ordinary shares of all rights to
ordinary shares having a potentially dilutive effect.
The table above gives information on the profi t and shares
fi gures used in calculating normal and diluted earnings per
share.

16. PAID AND PROPOSED DIVIDENDS
The Board of Directors will be proposing to the Ordinary General
Meeting of shareholders that the company declare a gross dividend
of EUR 4.36 per share in respect of the 2007-2008 fi nancial
year. After deduction of 25 percent investment withholding
tax, the net dividend amounts to EUR 3.27 per share. Given the
interim dividend paid on 6 December 2007 (EUR 2.00 gross
per share), a fi nal dividend of EUR 2.36 gross per share will be
paid on 3 July 2008.
Paid dividends
2007-2008 2006-2007
Closing dividend (total value) (in EUR 000) 66 052 50 987
Closing dividend (value per share) (in EUR) 2.85 2.20
Interim dividend (total value) (in EUR 000) 46 352 30 901
Interim dividend (value per share) (in EUR) 2.00 1.33
Total closing and interim dividend 112 404 81 888
Proposed dividends
Closing dividend (total value) (in EUR 000) 54 695 66 052
Closing dividend (value per share) (in EUR) 2.36 2.85
| 131

17. GOODWILL EN ANDERE IMMATERIËLE ACTIVA (IN 000 EUR)
Year 2007-2008 Goodwill Licences,
patents and
similar rights
132 | Gimv Annual Report 2007-2008 | Statutory consolidation
Computer
software
Other
intangible
assets
1. Opening balance, net carrying
amount 161 794 125 701 6 942 169 562
1.1. Gross carrying amount 161 794 100 909 150 111 177 813
1.2. Accumulated amortisation (-) - 25 -207 -8 069 -8 252
1.3. Accumulated impairment (-) - - - - -
2. Additions, internally generated
intangible assets - 167 - - 167
3. Additions, separate acquisition 43 862 7 215 - 44 084
4. Acquisition through business
combinations 128 798 469 162 110 129 539
5. Sales and disposals (-) - - - - -
6. Disposal of subsidiaries (-) -20 072 -59 -599 -6 942 -27 672
7. Amortisation (-)
8. Impairment losses recognised in
profi t & loss (-) during the period or
-7 308 -188 -76 - -7 572
reversed (+) - - - - -
9. Increase (decrease (-)) translation
differences - - - - -
10. Other increase (decrease (-)) - - - - -
11. Closing balance, net carrying amount 307 074 522 402 110 308 108
11.1. Gross carrying amount 334 931 785 775 4 424 340 914
11.2. Accumulated amortisation (-) -21 786 -263 -372 -4 314 -26 736
11.3. Accumulated impairment (-) -6 071 - - - -6 071
Total

17. GOODWILL EN ANDERE IMMATERIËLE ACTIVA (IN 000 EUR) - CONTINUED
Year 2006-2007 Goodwill Licences,
patents and
similar rights
Computer
software
Other
intangible
assets
1. Opening balance, net carrying
amount 54 730 61 116 5 859 60 766
1.1. Gross carrying amount 62 451 261 1 611 9 516 73 839
1.2. Accumulated amortisation (-) -2 940 -200 -1 495 -3 657 -8 292
1.3. Accumulated impairment (-)
2. Additions, internally generated
-4 781 - - - -4 781
intangible assets - - 77 134 211
3. Additions, separate acquisition 3 838 - - - 3 838
4. Acquisition through business
combinations 121 205 - 212 - 121 417
5. Sales and disposals (-) - - -2 - -2
6. Disposal of subsidiaries (-) -5 994 - - -5 391 -11 385
7. Amortisation (-)
8. Impairment losses recognised in
profi t & loss (-) during the period or
-485 - -113 -4 412 -5 010
reversed (+) - - - - -
9. Increase (decrease (-)) translation
differences - - - - -
10. Other increase (decrease (-)) -11 500 64 411 10 752 -273
11. Closing balance, net carrying amount 161 794 125 701 6 942 169 562
11.1. Gross carrying amount 161 794 100 909 15 011 177 813
11.2. Accumulated amortisation (-) - 25 -207 -8 069 -8 252
11.3. Accumulated impairment (-) - - - - -
Total
| 133

18. PROPERTY, PLANT AND EQUIPMENT (IN EUR 000)
Year 2007-2008 Land and
buildings
134 | Gimv Annual Report 2007-2008 | Statutory consolidation
Machinery and
equipment
Furniture
andvehicles
Other
property,
plant and
equipment
CHANGES IN PROPERTY, PLANT
AND EQUIPMENT
1. Opening balance, net carrying amount 21 957 9 437 2 601 3 287 37 282
1.1. Gross carrying amount 40 795 74 919 21 589 3 384 140 686
1.2. Accumulated depreciation and
impairment (-) -18 837 -65 482 -18 987 -97 -103 404
2. Additions 3 637 8 825 1 529 235 14 227
3. Acquisition through business
combinations 28 307 17 704 6 027 1 768 53 806
4. Sales and disposals (-) - -990 -169 -665 -1 824
5. Disposal of subsidiaries (-) - -2 337 -682 -156 -3 175
6. Depreciation (-)
7. Impairment losses recognised in
profi t & loss (-) during the period
-1 152 -5 084 -889 -193 -7 318
or reversed (+) 14 -2 927 77 227 -2 609
8. Increase (decrease (-)) translation
differences - - - - -
9. Transfer from (to) - - - - -
10. Other increase (decrease (-)) 11 423 -117 -254 63
11. Closing balance, net carrying amount 52 775 25 052 8 377 4 249 90 452
11.1. Gross carrying amount 57 856 47 296 15 032 5 793 125 977
11.2. Accumulated depreciation and
impairment (-) -5 082 -22 244 -6 655 -1 544 -35 525
Year 2006-2007 Land and
buildings
Machinery and
equipment
Furniture
and vehicles
Other
property,
plant and
equipment
CHANGES IN PROPERTY, PLANT AND
EQUIPMENT
1. Opening balance, net carrying amount 19 635 19 524 4 498 2 702 46 358
1.1. Gross carrying amount 37 323 82 377 22 386 2 702 144 787
1.2. Accumulated depreciation and
impairment (-) -17 688 -62 853 -17 888 - -98 428
2. Additions 214 1 093 937 424 2 669
3. Acquisition through business
combinations 10 071 10 343 711 153 21 278
4. Sales and disposals (-) -75 -240 -291 - -606
5. Disposal of subsidiaries (-) -8 083 -18 606 -2 207 105 -28 791
6. Depreciation (-)
7. Impairment losses recognised in
profi t & loss (-) during the period
-1 162 -2 734 -1 430 -97 -5 422
or reversed (+) 12 104 330 - 446
8. Increase (decrease (-)) translation
differences - -15 - - -15
9. Transfer from (to) - -13 -69 - -82
10. Other increase (decrease(-)) 1 345 -20 122 - 1 447
11. Closing balance, net carrying amount 21 957 9 437 2 601 3 287 37 282
11.1. Gross carrying amount 40 795 74 919 21 589 3 384 140 686
11.2. Accumulated depreciation and
impairment (-) -18 837 -65 482 -18 987 -97 -103 404
Total
Total

19. GOODWILL IMPAIRMENT
The goodwill recorded in the books relates solely to the buy-out
companies. This goodwill is tested annually for impairment by
comparing the carrying value of the subsidiaries in question with
their fair value. In 2007-2008 this produced a total impairment
loss of EUR 7 308.
20. FINANCIAL ASSETS AT FAIR VALUE THROUGH
PROFIT AND LOSS (IN EUR 000)
The fi nancial assets, consisting of shareholdings by Gimv and
its subsidiaries, reduced by EUR 42 313.
In the 2007-2008 fi nancial year, the Gimv group invested
EUR 123 319 in shareholdings. The main investments were VAG
Armaturen and Rollinvest NV (Corporate Investment Belgium),
the Halder-Gimv Germany Fund (Corporate Investment
Germany), Metris and Telenet Group Holding (ICT) and Ablynx
and Ambit Biosciences (Life Sciences).
Divestments totalling EUR 212 199 were also undertaken. The
main divestments were: Lyceum Capital, Alfacam, Jensen and
Dujardin Foods (Corporate Investment Belgium), the Halder-
Gimv Germany Fund (Corporate Investment Germany), Holowell
(Corporate Investment Netherlands), Telenet Group Holding and
Business Architects (ICT) and deVGen (Life Sciences).
Unrealized capital gains amounted to EUR 34 644. These gains
refl ect the periodical valuation exercises covering the entire portfolio.
Gimv group values listed shareholdings at their bid price
and unlisted shareholdings based on the valuation methods
most appropriate for the particular type of investment, in line
with the European Private Equity and Venture Capital Valuation
Guidelines.
2007-2008 2006-2007
1. Opening balance 690 811 557 477
1.1. Investments 123 319 131 421
1.2. Acquisition through business combination -
1.3. Divestments (-) -212 199 -134 048
1.4. Disposal of subsidiaries -
1.5. Unrealized change (increase (+), decrease (-) in fair value) 34 644 135 441
1.6. Increase (decrease) translation differences -
1.7. Other (increase (+), decrease (-)) 11 823 520
2. Closing balance
Of which
648 398 690 811
Shares - listed 122 651 247 598
Shares - unlisted 525 747 443 213
Change in fair value recognised in profi t & loss during the period 34 644 135 441
Estimated using a valuation technique 81 222 72 299
Determined directly -50 794 63 142
21. LOANS TO INVESTEE COMPANIES
(IN EUR 000)
Loans totalling EUR 49 811 were made, the largest being to
Metris, Mondi Foods NV, Rollinvest NV, Verhaeren NV, VAG
Armaturen, Fortress Warehousing & Distribution and Impression
International. Loans totalling EUR 15 606 were repaid, with
the largest repayments coming from Alfacam NV, Fortress
Warehousing & Distribution, Mondi Foods NV, BAI Beheer
and Elixent. The impact of valuation movements and transfers
amounted to – EUR 19 944.
| 135

21. LOANS TO INVESTEE COMPANIES (IN EUR 000)
Year 2007-2008
1. Opening balance 56 497
1.1. Gross carrying amount 56 497
1.2. Accumulated impairment (-) -
2. Investments 49 811
3. Acquisition through business combination -
4. Sales (-) -15 606
5. Disposal of subsidiaries -
6. Impairment losses (-) -12 464
7. Reversal of impairment losses (+) -
8. Increase (decrease (-)) translation differences -
9. Transfer to (from) -7 480
10. Other (increase (+), decrease (-)) -
11. Closing balance 70 758
11.1. Gross carrying amount 70 758
11.2. Accumulated impairment (-) -
Additional information regarding loans to investee companies
Duration Max 1 year 1 to 5 years Total
4 380 66 378 70 758
Currency EUR USD GBP Total
66 646 4 112 - 70 758
136 | Gimv Annual Report 2007-2008 | Statutory consolidation
Fixed interest
rate
Total
Variable interest
rate Total
Applied interest rate
67 309 3 449 70 758
Average interest rate 7.21% 10.15%
Year 2006-2007
1. Opening balance 79 103
1.1. Gross carrying amount 79 103
1.2. Accumulated impairment (-) -
2. Investments 18 183
3. Acquisition through business combination -
4. Sales (-) -27 578
5. Disposal of subsidiaries -
6. Impairment losses (-) -12 936
7. Reversal of impairment losses (+) -
8. Increase (decrease (-)) translation differences -
9. Transfer to (from) -274
10. Other (increase (+), decrease (-)) -
11. Closing balance 56 497
11.1. Gross carrying amount 56 497
11.2. Accumulated impairment (-) -
Total

22. INVENTORIES (IN EUR 000)
Gimv as an investment company does not carry inventories.
These inventories relate to the buy-outs included in the statutory
consolidation: De Groot International Investments BV, TerStal
Investments BV, Interbrush NV, Grandeco Wallfashion Covering
Nv, HVEG Investments BV (formerly LowLand Fashion), Numac
Investments BV en Verlihold NV.
2007-2008 2006-2007
Materials 16 507 2 661
Products in preparation 1 102 300
Finished products 12 756 6 737
Commodities 19 978 27 955
Closing balance 50 343 37 653
Impairment losses recognised in profi t & loss
Reversal of impairment losses recognised in profi t & loss
-2 502 -688
23. TRADE AND OTHER RECEIVABLES
(IN EUR 000)
Trade and other receivables rose by EUR 57 666. This increase
comes mainly from the buy-outs included in the statutory
consolidation. Four new buy-outs were consolidated, with
EUR 51 830 of trade and other receivables.
2007-2008 2006-2007
Non-current trade and other receivables (more than 1 year)
Trade receivables - -
Cash guarantees - -
Interest receivables - -
Long-term deposits - -
Other receivables - -
Closing balance - -
Current trade and other receivables (maximum 1 year)
Trade receivables 106 038 54 400
Interest receivables 28 783
Tax receivable, other than income tax 1 251 216
Derivative fi nancial instruments with positive fair values - 20
Other receivables 9 411 3 643
Closing balance 116 728 59 062
| 137

24. CASH AND CASH EQUIVALENTS (IN EUR 000)
The cash position is EUR 85 803 higher as a net result of the
cash fl ow from divestments and investments, and dividend payments
(EUR 112 404). The marketable securities are invested
in immediately realizable instruments like bonds, CDOs and
investment funds. The return varies as a function of the market
interest rate. The cash position of the buy-outs increased by
EUR 18 888.
138 | Gimv Annual Report 2007-2008 | Statutory consolidation
2007-2008 2006-2007
Marketable securities and other instruments 456 164 347 183
Short term bank deposits 17 771 12 129
Cash and other cash equivalents 64 402 93 223
Gross carrying amount 538 331 452 535
25. ISSUED CAPITAL AND RESERVES (IN EUR 000)
Number (in 000) Amount
2007-2008 2006-2007 2007-2008 2006-2007
Shares authorised 23 176 23 176 220 000 220 000
Par value per share - - - -
Shares issued and fully paid at the beginning of
the period 23 176 23 176 220 000 220 000
Change
Shares issued and fully paid at the end of the
- - - -
period 23 176 23 176 220 000 220 000
26. PENSION LIABILITIES (IN EUR 000)
2007-2008 2006-2007
Total pension assets-liabilities 4 010 3 766
I. DEFINED BENEFIT PLANS
1. Amounts recognised in the balance sheet 2 253 2 940
1.1. Net funded defi ned benefi t plan obligation (asset) 2 253 3 262
1.1.1. Present value of funded or partially funded obligation 5 756 10 783
1.1.2. Fair value of plan assets (-) -3 502 -7 520
1.2. Present value of wholly unfunded obligation - -
1.3. Unrecognised actuarial gains (losses (-)) - -323
1.4. Unrecognised past service cost - -
1.5. Fair value of any right to reimbursement recognised as an asset (-) - -
1.6. Other components - -
Defi ned benefi t plan obligation (asset), total 2 253 2 940
Liabilities 5 756 10 427
Assets -3 502 -7 487

26. PENSION LIABILITIES (IN EUR 000) - CONTINUED
2007-2008 2006-2007
2. Net expense recognised in income statement * 177 2 177
2.1. Current service cost 559 753
2.2. Interest cost 315 392
2.3. Expected return on plan assets (-) -215 -318
2.4. Expected return on reimbursement rights recognised as an asset (-) - -83
2.5. Net actuarial (gain) loss recognised -482 1 346
2.6. Past service cost - -
2.7. Loss (gain) on curtailments and settlements - 87
Actual return on plan assets 157 176
Actual return on reimbursement rights recognised as an asset - -
3. Movements in defi ned benefi t plan obligation (asset) 4 506 5 880
3.1. Defi ned benefi t plan obligation, opening balance 2 940 13 647
3.2. Contributions paid (-) -623 -689
3.3. Expense recognised 177 2 177
3.4. Charge recognised directly through equity -
3.5. Increases through business combinations - 241
3.6. Decreases through business divestitures (-) -241 -12 436
3.7. Foreign currency exchange increase (decrease (-)) -
3.8. Other increase (decrease (-)) -
3.9. Defi ned benefi t plan obligation, closing balance 2 253 2 940
4. Principal actuarial assumptions
4.1. Discount rate 4.50% 4.00%
4.2. Expected return on plan assets 4.20% 4.75%
4.3. Expected rate of salary increase
4.4. Future defi ned benefi t increase
4.5. Expected rate of return on reimbursement rights recognised as an asset
4.6. Medical cost trend rate
5.00% 5.00%
II. DEFINED CONTRIBUTION PLANS -
1. Amounts recognised in the balance sheet 1 757 826
2. Amounts recognised in the income statement 66 72
* Recognised as personnel expenses
Pension commitments at the Gimv group consist mainly of a
plan at Gimv NV for employees and executives in which the
benefi ciaries are entitled, at pension date, to an amount that is
set in relation to their fi nal salary.
The EUR 244 rise in pension liabilities is due to a EUR 446
reversal of the pensions provision for the Gimv group and the
changes in pension liabilities of the buy-out companies in an
amount of EUR 690. The Gimv group therefore bears no liability
whatsoever for the pension liabilities of the buy-outs.
| 139

27. PROVISIONS (IN EUR 000)
Year 2007-2008
I. PROVISIONS
140 | Gimv Annual Report 2007-2008 | Statutory consolidation
Technical warranty Provisions for litigations
1. Opening balance 3 525 1 455
1.1. Non - current provisions 3 525 1 455
1.2. Current provisions - -
2. Additional provisions made 500 1 695
3. Provisions utilised (-) - -
4. Provisions: unused amounts reversed -1 819 -
5. Changes in consolidation scope -256 3
6. Translation differences increase (decrease (-)) - -
7. Effect of changes due to discounting - -
8. Other increase (decrease (-)) - -
9. Closing balance 1 950 3 153
9.1. Non - current provisions 1 950 3 153
9.2. Current provisions - -
Provisions rose by EUR 8 086 as a result of a EUR 4 000 provision
for the restructuring of Westerlund UK. An additional
provision of EUR 1 697 has been set up for legal disputes, in
particular for the Ganges Graver case.
Provisions set up by the buy-outs rose by EUR 1 147. Provisions
for employment benefi ts rose by EUR 1 844. These employment
benefi ts relate on the one hand to potential carried interest
28. FINANCIAL LIABILITIES AND TRADE AND OTHER PAYABLES (IN EUR 000)
Year 2007-2008
remuneration, which is dependent on future exit values, and
on the other to the difference between the current equity value
of share in and the exercise price of options issued by, the coinvestment
companies.
Maximum 1 year 1 to 5 years More than 5
years
I. Interest bearing loans and
borrowings
1. Loans 40 656 72 475 140 023 253 154
2. Bond loans - - 36 620 36 620
3. Convertible loans - - - -
4. Obligations under fi nance leases - - - -
5. Bank overdrafts 8 566 - - 8 566
6. Other loans -1 208 - 4 699 3 491
Total 48 014 72 475 181 342 301 831
II. Leasing information
1.1. Minimum leasing payments 4 709 14747 8 081 27537
1.2. Financial cost (-) -1 441 -4 751 -2 321 -8 513
Total 3 268 9 996 5 760 19024
III. Trade and other payables
1. Trade payables 62 109 - - 62 109
2. Received advances - - - -
3. Other payables 21 014 - - 21 014
of which due to employees 9 568 - - 9 568
Total 83 122 - - 83 122
Total

Restructuring provision Environmental risk Post-employment
benefi ts
Provisions / others Statutory consolidation
- - 11 991 1 184 18 155
- - 11 991 1 184 18 155
- - - - -
4 000 - 1 844 695 8 734
- - - - -
- - - - -1 819
- 130 - - -123
- - - - -
- - - 1 295 1 295
- - - - -
4 000 130 13 835 3 174 26 242
- - 13 835 3 174 26 242
- - - - -
28. FINANCIAL LIABILITIES AND TRADE AND OTHER PAYABLES (IN EUR 000)
Year 2006-2007
Maximum 1 year 1 to 5 years More than 5
years
I. Interest bearing loans and borrowings
1. Loans 21 240 62 784 26 628 110 652
2. Bond loans - - - -
3. Convertible loans - - - -
4. Obligations under fi nance leases 52 78 - 130
5. Bank overdrafts 16 994 - - 16 994
6. Other loans 408 33 858 352 34 618
Total 38 694 96 720 26 980 162 394
II. Other information
1. Trade payables 33 538 - - 33 538
2. Received advances 2 947 - - 2 947
3. Other payables 16 807 - - 16 807
of which due to employees 12 268 - - 12 268
Total 53 292 - - 53 292
The Gimv group has no fi nancial debt. The increase in debt in
the statutory consolidation derives entirely from the buy-outs
that are consolidated. In buy-out transactions a part of the investment
is externally fi nanced, which explains the size of the
debt on the balance sheet. The Gimv group has no liability or
risk in respect of this debt. The Gimv group’s risk is limited to
the amount of the investment in these companies.
Total
Trade and other payables rose by EUR 29 829. This is due
essentially to the EUR 31 352 increase in the payables of the
buy-outs. Here too the Gimv group’s risk is limited to the amount
of the investment in these companies.
| 141

29. RELATED PARTIES (IN EUR 000)
Year 2007-2008
142 | Gimv Annual Report 2007-2008 | Statutory consolidation
Subsidiaries Associates Key
management
Other
related
parties
I. AMOUNTS OWED BY RELATED
PARTIES 8 250 20 003 - - 28 253
1. Loans to investee companies and
other fi nancial assets 8 250 20 003 - - 28 253
1.1. Loans 8 250 20 003 - - 28 253
1.2. Other fi nancial assets - - - - -
2. Receivables - - - - -
2.1. Trade receivables - - - - -
2.2. Other receivables - - - - -
3. Other assets - - - - -
II. AMOUNTS OWED TO RELATED
PARTIES - - - - -
1. Financial liabilities - - - - -
2. Trade and other payables - - - - -
2.1. Trade payables - - - - -
2.2. Other payables - - - - -
3. Other liabilities - - - - -
III. TRANSACTIONS WITH RELATED
PARTIES
1. Sales of goods 3 52 - - 55
2. Purchase of goods (-) - - - - -
3. Management fees - - - - -
4. Purchase of services (-) - - - - -
5. Financing arrangements - - - 42 42
6. Compensation of key management
of the Group - - 3 976 - 3 976
6.1. Short-term employee benefi ts - - 2 655 - 2 655
6.2. Pension payments - - 1 321 - 1 321
6.3. Resignation fees - - - - -
6.4. Share-based payments - - - - -
Total

29. RELATED PARTIES (IN EUR 000)
Year 2006-2007
Subsidiaries Associates Key
management
Other
related
parties
I. AMOUNTS OWED BY RELATED
PARTIES 10 179 31 400 - - 41 579
1. Loans to investee companies and
other fi nancial assets 10 179 31 400 - - 41 579
1.1. Loans 10 179 31 400 - - 41 579
1.2. Other fi nancial assets - - - - -
2. Receivables - - - - -
2.1. Trade receivables - - - - -
2.2. Other receivables - - - - -
3. Other assets - - - - -
II. AMOUNTS OWED TO RELATED
PARTIES
1. Financial liabilities - - - - -
2. Trade and other payables - - - - -
2.1. Trade payables - - - - -
2.2. Other payables - - - - -
3. Other liabilities - - - - -
III. TRANSACTIONS WITH RELATED
PARTIES
- - - - -
1. Sales of goods - 85 354 - - 85 354
2. Purchase of goods (-) - - - - -
3. Management fees - - - - -
4. Purchase of services (-) - - - - -
5. Financing arrangements - - - 42 42
6. Compensation of key management
of the Group - - 7 021 - 7 021
6.1. Short-term employee benefi ts - - 4 497 - 4 497
6.2. Pension payments - - 2 524 - 2 524
6.3. Resignation fees - - - - -
6.4. Share-based payments - - - - -
Total
| 143

Explanation of the remuneration of the Executive Committee and Board of Directors
144 | Gimv Annual Report 2007-2008 | Statutory consolidation
2007-2008 2006-2007
1. Remuneration
Fixed
Executive Committee 1 525 509 1 575 521
Board of Directors* 984 909 1 250 742
Variable
Executive Committee 606 894 1 353 854
Board of Directors 23 427 316 728
Subtotal
Executive Committee 2 132 403 2 929 375
Board of Directors 1 008 336 1 567 470
2. Group insurance
Fixed
Executive Committee 164 508 363 770
Board of Directors 198 928 637 313
Variable
Executive Committee 753 105 1 420 655
Board of Directors 205 102 102 717
Subtotal 917 613 1 784 425
Executive Committee
Board of Directors
404 030 740 030
Total 4 462 382 7 021 300
Executive Committee 3 050 016 4 713 800
Board of Directors 1 412 366 2 307 500
* Including the insurance of the Chairman and CEO

30. FINANCIAL RISK MANAGEMENT
See Directors’ Report, ‘Main risks and uncertainties’, page
149.
31. SHARE-BASED TRANSACTIONS
31.1 Warrant plan
See Corporate governance – page 73.
31.2 The co-investment structure
See Corporate Governance – page 79.
31.3 Remuneration of management and staff employees
See Human Resources – page 62.
32. FAIR VALUE
The majority of the group’s fi nancial assets are carried at fair
value in the balance sheet. With respect to long-term receivables
the amortized cost is deemed to approximate to the estimated
fair value. For trade receivables, trade debts, other current assets
and liabilities, and cash and cash equivalents, the carrying
amounts in the balance sheet approximate to the fair value,
given their short term nature.
In the case of long-term interest-bearing liabilities the amortized
cost is presumed to approximate to the fair value.
33. SIGNIFICANT EVENTS AFTER THE BALANCE
SHEET CLOSING DATE
See Directors’ Report, ‘Signifi cant events after balance sheet
closing date’ - page 149.
34. OFF-BALANCE SHEET OBLIGATIONS AND
MAJOR PENDING LITIGATION (IN EUR 000,
GDP 000 AND USD 000))
The text below gives an overview of off-balance sheet obligations
in relation to shareholdings which represent a material portion
of the Gimv Group’s fi nancial fi xed assets.
At 31 March 2008, outstanding commitments for further investments
in funds amounted to EUR 253 223.
Apart from these commitments to invest in funds (see table
overleaf):
- there are six fi les with binding fi nancial commitments totalling
EUR 17 952;
- in only one fi le has Gimv provided a bank guarantee of
EUR 1 500;
- in around half the fi les agreements have been made which, in
the event of an exit, could result in an uneven distribution of
the proceeds, to the benefi t or detriment of Gimv depending
on the fi le and/or the circumstances;
- in around two-thirds of the fi les Gimv’s interest can be diluted,
albeit generally to a relatively limited extent, by stock option
plans or securities entitling their holders to shares upon exercise
or conversion;
- around one third of the fi les include an anti-dilution clause
which comes into effect whenever additional capital is obtained
at a lower price per share, and which in most cases,
but not always, operates to Gimv’s advantage;
- 60 percent of fi les commit Gimv to co-selling its holdings, in
most cases together with the other members of the fi nancial
consortium;
- in two fi les Gimv has granted a call option on all or part of its
shares in a particular participating interest, and in six fi les one
or more third parties have put options on Gimv;
- in less than one third of the 109 contractual divestments
undertaken by Gimv since 1997 have representations and
warranties been given that are still effective. At the year-end
closing date there was no indication whatsoever to suggest
that any claim might be made against these representations
and warranties.
The buy-outs have purchase obligations amounting to USD
34 972 and GDP 105. Guarantees totalling EUR 59 have also
been given.
| 145

34. OFF-BALANCE SHEET OBLIGATIONS AND MAJOR PENDING LITIGATIONS (IN EUR 000)
Name fund Year Currency Total
commitment
146 | Gimv Annual Report 2007-2008 | Statutory consolidation
Total
commitment 1
CORPORATE INVESTMENT
Buy out Fund 1999 EUR 12 400 12 400
CapMan VIII Buyout 2006 EUR 20 000 20 000
Corpeq Urals Fund2 1999 EUR 1 000 1 000
DKB Emerging Europe L.P. 2001 USD 3 173 2 943
Eagle Russia fund2 2006 USD 10 000 6 949
EPF I 1996 EUR 1 524 1 524
EPF II 2001 EUR 5 000 5 000
EPF III 2006 EUR 5 000 5 000
Fintech Gimv Fund 2007 USD 15 000 9 620
Halder-Gimv Germany A2 2003 EUR 15 000 15 000
Halder-Gimv Germany B2 2003 EUR 19 069 19 069
Halder-Gimv Germany II 2008 EUR 81 250 81 250
Industri Kapital 1997 EUR 3 500 3 500
Kazakhstan Fund2 1997 EUR 2 000 4 432
Lyceum Capital I 2000 EUR 75 000 75 000
Lyceum Capital II 2008 GBP 21 000 26 389
Nova Polonia 2000 EUR 10 450 10 450
Pragma 2007 EUR 40 000 40 000
Rabo Black Earth2 1996 EUR 300 242
Rendex 1999 EUR 3 099 3 099
Czech Fund2 2000 EUR 9 835 9 835
Vectis 2004 EUR 3 000 3 000
Outstanding
commitment on
31/03/08
Value on
31/03/08
Total Corporate Investment 355 701 176 196 70 296
CLEANTECH
Emerald Technology Ventures II 2006 EUR 30 000 30 000
Total Cleantech 30 000 21 694 8 009
LIFE SCIENCES
Abingworth Bio. II 1997 USD 3 006 4 193
Abingworth Bio. IIIB 2001 USD 5 000 4 804
Alta Biopharma Partners III 2004 USD 10 000 7 607
Forward Ventures 4 2000 USD 5 000 4 729
OBP II 1996 USD 1 000 882
OBP II Annex 2002 USD 2 848 3 013
OBP II Adj. 1996 USD 6 000 5 561
OBP III 1999 USD 3 600 3 792
OBP III Adjunct 1999 USD 14 400 14 786
OBP IV 2001 USD 12 000 10 706
Sofi nnova Venture III 1998 EUR 2 284 2 284
Sofi nnova Venture IV 2000 EUR 10 000 10 000
Sofi nnova Venture V (FR) 2005 EUR 7 500 7 500
Total Life Sciences 79 859 5 548 37 093
INFRASTRUCTURE
DG Infra+ 3 2007 EUR 30 000 30 000
Total Infrastructure 30 000 27 413 2 588

34. OFF-BALANCE SHEET OBLIGATIONS AND MAJOR PENDING LITIGATIONS (IN EUR 000) - CONTINUED
Name fund Year Currency Total
commitment
Total
commitment 1
INFORMATION &
COMMUNICATION TECHNOLOGY
AIC 2000 EUR 1 250 1 250
Alta Berkeley V 1996 EUR 2 000 2 000
Alta Berkeley VI 2000 EUR 3 000 3 045
Baekelandfonds 1999 EUR 1 200 1 200
Charles River 07 1998 USD 2 500 2 009
Charles River 08 1999 USD 2 000 1 827
Charles River 09 1999 USD 3 000 3 008
Charles River 10 2000 USD 5 460 5 560
Charles River 11 2000 USD 3 677 3 365
Galileo II 1998 EUR 2 287 2 287
Galileo II B 2002 EUR 360 360
Galileo III 2000 EUR 3 150 3 150
Genesis III 2000 USD 10 000 7 030
Gimv-Arkiv ICT Fund2 2006 EUR 15 100 15 100
I-source 2006 EUR 5 000 5 000
IT Partners 1997 EUR 7 442 7 442
MTV I 1997 USD 5 000 4 556
MTV III 2000 USD 2 675 2 579
Pacven Walden III 1997 USD 1 000 828
Pacven Walden IV 1998 USD 2 000 1 977
Pacven Walden V 2001 USD 1 920 1 713
Sofi nnova Venture V (USA) 2000 USD 3 500 3 367
Outstanding
commitment on
31/03/08
Value on
31/03/08
Total ICT 78 654 22 372 16 123
Overall total 574 213 253 223 134 109
1 Amounts already paid are recorded in historical exchange rates, amounts still payable are recorded at the exchange rate on 31 March 2007
2 These funds are being managed by a management company in majority owned by Gimv
3 This fund is being managed by a management company of which Gimv owns 50 percent
| 147

35. DIRECTORS’ REPORT ON THE STATUTORY
CONSOLIDATION FIGURES
Comments on the fi nancial statements
Income statement
The net profi t of Gimv (group’s share) for the 2007-2008 fi nancial
year amounts to EUR 168.0 million compared with a net
profi t of EUR 241.3 million for the 2006-2007 fi nancial year
(15 months). The profi t refl ects both the divestments made at
above the latest carrying value and the favourable development
of the value of the Gimv portfolio.
Under IFRS, Gimv’s profi t is largely based on the movement in
the value of the portfolio, including both realized and unrealized
value movements. Added to this is the profi t of the companies
included in the statutory consolidation, after deconsolidating
any divestments.
In the 2007-2008 fi nancial year, realized and unrealized value
movements of EUR 162.7 million were recorded. The difference
with the EUR 165.4 million in the limited consolidation
can be explained mainly by the elimination of the unrealized
value movements of the companies included in the statutory
consolidation.
The other operating result* amounts to EUR 30.9 million. This
fi gure conceals, however, major differences in its composition
compared with the - EUR 9.4 operating result shown in the
limited consolidation. The fact is that by including in the statutory
consolidation the companies listed in item 5.1., page 112,
Gimv is suddenly confronted with considerably higher fi gures
for turnover, personnel costs, depreciation of tangible assets
and other operating costs compared with the fi gures recorded
in the limited consolidation.
Together with the fi nancial result of EUR -0.1 million, and after
deduction of taxes (EUR 8.1 million) and minority interests
(EUR 17.4 million), Gimv realised a net profi t (group’s share) of
EUR 168.0 million in the 2007-2008 fi nancial year.
Balance sheet
Assets
Non-current assets
Non-current assets in the statutory consolidation rose to
EUR 1 119.0 million, compared with EUR 955.3 million at
31 March 2007. Goodwill and other intangible assets almost
doubled to EUR 308.1 million (+ EUR 138.5 million) following
the acquisitions of Numac, TerStal and Lintor-Verbinnen and
the add-on acquisitions at HVEG Investments (ex LowLand
Fashion). On top of this come the inclusion in the consolidation
of the purchasing holdings and the deconsolidation of Bever
Zwerfsport, Geveke and Hebu, which have since been sold. This
increases property, plant and equipment from EUR 53.2 million
to EUR 90.5 million. Financial assets at fair value through profi t
and loss and loans to companies in the investment portfolio
fell by EUR 28.2 million to EUR 719.2 million, mainly because
divestments well outweighed investments during the past fi -
nancial year. The difference of EUR 129.0 million between the
fi nancial assets in the statutory and the limited consolidations
corresponds to the fair value of the shareholdings that are consolidated
in the statutory consolidation.
* Dividends, interest, management fees, turnover and other operating income, after
deducting services and other goods, personnel costs, amortisation of intangible
assets, depreciation of property, plant and equipment and other operating costs.
148 | Gimv Annual Report 2007-2008 | Statutory consolidation
Current assets
In the 2007-2008 fi nancial year, current assets rose sharply
by EUR 119.2 million to EUR 718.1 million. The EUR 50.3 million
of inventories shown in the balance sheet come entirely
from the buy-outs consolidated in the statutory consolidation.
This amount is somewhat higher than at 31 March 2007. Trade
receivables almost doubled to EUR 116.7 million. These derive
primarily from the buy-out shareholdings included in the statutory
consolidation. This explains the considerable difference with
the amount of the trade receivables in the limited consolidation
(EUR 17.2 million).
There was also a decrease in loans to investee companies
(EUR 4.8 million vs. EUR 46.5 million) and a sharp increase in
cash and cash equivalents from EUR 452.5 million at 31 March
2007 to EUR 538.4 million at 31 March 2008. The latter is the
net effect of divestments, investments, loan repayments and
dividend payments.
Equity and liabilities
Equity
Equity increased from EUR 1 285.5 million to EUR 1 366.3 million.
This amount includes the equity of the limited consolidation,
which rises with the profi t for the fi nancial year (EUR 185.4
million) after payment of dividends of EUR 112.4 million (the
fi nal dividend in respect of the 2007-2007 fi nancial year that
was paid in July 2007 and the interim dividend in respect of the
2007-2008 fi nancial year that was paid in December 2007).
This consolidated equity fi gures also includes the reserves
shown in the accounts of De Groot International Investments,
Interbrush, HVEG Investments (formerly LowLand Fashion),
Operator Groep Delft, Grandeco Wallfashion Group, Verlihold,
Numac Investments and TerStal Investments, after eliminating
any revaluations of these shareholdings in the Gimv group limited
consolidation.
Minority interests rose from EUR 26.0 million to EUR 51.2
million, mainly from the consolidation of a number of new
investments.
Liabilities
Total liabilities rose from EUR 268.8 million to EUR 470.9
million.
Non-current liabilities rose in the 2007-2008 fi nancial year
to EUR 309.9 million (EUR 159.7 million at 31 March 2007).
This is the composite result of increased provisions (+ EUR 8.1
million), a very sharp rise in fi nancial liabilities (+ EUR 141.4
million) and a slight reduction in deferred taxation (- EUR 0.8
million). The fi nancial liabilities fi gure stands in sharp contrast
to the total absence of long-term fi nancial liabilities in the limited
consolidation. This refl ects the presence of buy-out debts in
the purchasing holdings included in the statutory consolidation.
These are not, however, direct liabilities of Gimv. Gimv’s risk is
limited to its investment in the various shareholdings.

Current liabilities rose by almost half to EUR 161.0 million, mainly
due to a EUR 17.0 million increase in short-term fi nancial liabilities
and a EUR 29.8 million rise in trade and other payables.
Here too, short-term fi nancial liabilities stand in sharp contrast
to the total absence of current fi nancial liabilities in the limited
consolidation, for the same reasons as given above.
Principal risks and uncertainties
Credit risk
The fi nancial assets consist mainly of unguaranteed investments
in unlisted companies. The Board of Directors views the
maximum credit risk as being the total value of the portfolio.
The diversity of the portfolio allows the investment manager to
control the credit risk by taking into account the specifi c features
of the underlying assets.
Liquidity risk
Given its balance sheet structure the Gimv group, excluding the
buy-outs included in the consolidation, has a very positive net
cash position. There are therefore no risks related to fi nancings.
The buy-outs included in the consolidation do have debts, for
which the Gimv group has not given any joint and liable guarantee.
Gimv does keep watch, however, to ensure that these
buy-out companies build in suffi cient margin and do not incur
any liabilities which could exceed their expected repayment
capacities in normal circumstances. Given this situation, the
Board of Directors views the liquidity risk as limited.
Price risk
The valuation of the unlisted investments depends on a number
of market-related elements and the results of the enterprises in
question. Gimv does not hedge the market risk inherent in the
portfolio, but manages the risks specifi c to each investment.
Interest risk
Interest on outstanding mezzanine instruments is almost always
fi xed for the entire life of the loan. The market interest rate can,
though, have a signifi cant impact on the valuation of the buyout
portfolio, given that these are mostly leveraged buy-outs.
This risk is part of the business risk, along with the results
of the shareholdings themselves and the available fi nancing
possibilities.
Market risk
Given that the Gimv group reports its fi nancial assets at market
value, there is no difference between the reported carrying
value and market value.
Signifi cant events after balance sheet closing date
In mid-May, Gimv sold its shareholding in Westerlund Group, a
Belgian logistics company that specializes in wood products, to
international investment and consulting fi rm Babcock & Brown.
This sale adds EUR 9.2 million (EUR 0.40 per share) to the
value of Gimv’s equity at 31 March 2008.
Gimv has also made a USD 7 million follow-up investment in
CoreOptics, a German-US company in the optical networks sector.
Finally, EUR 3 million has been invested in Openbravo, a
Spanish company that develops open-source ERP software.
Outlook
The earnings of Gimv as an investment company are dependent
on the evolution of the value of the companies in which Gimv
participates. Given that this value is dependent on various factors,
like the evolution of fi nancial markets, it is impossible to
make any realistic statement as to the prospects of the group.
Research and development
Gimv and its consolidated subsidiaries did not undertake any
research and development activities during the past year.
Financial risks and the use of fi nancial instruments
Currency hedging
Without the buy-outs the Gimv group had on 31 March 2008
a currency risk of EUR 111 064 (USD 138 899, GBP 12 978
and CHF 10 793). Gimv is aiming to hedge the currency risk on
the USD in full in an appropriate way in the longer term. With
this intention, Gimv carried out between 2005 and 2008 various
hedging operations covering the period 2006 to 2010. On
31 March 2008, USD 65 300 (47 percent of the USD risk) was
covered by a combination of various instruments. These hedges
produced a positive result of EUR 4 741. In the buy-outs, foreign
exchange contracts are concluded to cover purchasing and
sales transactions. Interest rate risks on loans are hedged.
Financial instruments are used by Gimv to cover risks that are
not part of Gimv’s core activities.
On behalf of the Board of Directors, 20 May 2008
Herman Daems and Leo Victor, director.
| 149

36. AUDITOR’S REPORT (IN EUR 000)
Statutory auditor’s report to the General Meeting of
shareholders of Gimv NV on the statutory consolidated
fi nancial statements for the year ended 31 March 2008
In accordance with the legal requirements, we report to you on
the performance of our mandate of statutory auditor. This report
contains our opinion on the statutory consolidated fi nancial
statements as well as the required additional comments.
Unqualifi ed opinion on the statutory consolidated fi nancial
statements
We have audited the statutory consolidated fi nancial statements
of Gimv NV and its subsidiaries (collectively referred to as ‘the
Group’) for the accounting period ended 31 March 2008,
prepared in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union, and with
the legal and regulatory requirements applicable in Belgium.
These statutory consolidated fi nancial statements comprise
the consolidated balance sheet as at 31 March 2008, and the
consolidated statements of income, cash fl ows and changes
in equity for the accounting period ended 31 March 2008, as
well as the summary of signifi cant accounting policies and other
explanatory notes. The consolidated balance sheet total shows
total assets of EUR 1 837 167 and the consolidated statement of
income shows a profi t, share of the Group, of EUR 168 018.
Responsibility of the board of directors for the preparation
and fair presentation of the statutory consolidated fi nancial
statements
Responsibility for the preparation and fair presentation of the
statutory consolidated fi nancial statements lies with the Board of
Directors. This responsibility includes: designing, implementing
and maintaining internal control relevant to the preparation and
fair presentation of statutory consolidated fi nancial statements
that are free from material misstatement, whether due to fraud
or error; selecting and applying appropriate accounting policies;
and making accounting estimates that are reasonable in the
circumstances.
Responsibility of the statutory auditor
Our responsibility is to express an opinion on these statutory
consolidated fi nancial statements based on our audit. We conducted
our audit in accordance with the legal requirements
and the auditing standards applicable in Belgium, as issued
by the Institute of Registered Auditors (Institut des Réviseurs
d’Entreprises/Instituut van de Bedrijfsrevisoren). Those standards
require that we plan and perform the audit to obtain reasonable
assurance whether the statutory consolidated fi nancial
statements are free from material misstatement.
In accordance with these standards, we have performed audit
procedures to obtain audit evidence about the amounts and disclosures
in the statutory consolidated fi nancial statements. The
procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the statutory
consolidated fi nancial statements, whether due to fraud or error.
In making those risk assessments, we take into account the existing
internal control regarding the Group’s preparation and fair
presentation of the statutory consolidated fi nancial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Group’s internal control. We have
evaluated the appropriateness of accounting policies used, the
reasonableness of signifi cant accounting estimates made by the
150 | Gimv Annual Report 2007-2008 | Statutory consolidation
Group and the presentation of the statutory consolidated fi nancial
statements, taken as a whole. Finally, we have obtained from
the Board of Directors and the Group’s offi cials the explanations
and information necessary for executing our audit procedures.
We believe that the audit evidence we have obtained is suffi cient
and appropriate to provide a basis for our opinion.
Opinion
In our opinion, the statutory consolidated fi nancial statements
give a true and fair view of the Group’s fi nancial position as
at 31 March 2008 and of the results of its operations and its
cash fl ows for the year ended on this date, in accordance with
IFRS as adopted by the European Union, and with the legal and
regulatory requirements applicable in Belgium.
Additional comments
The preparation and the content of the directors’ report on the
consolidated fi nancial statements are the responsibility of the
Board of Directors.
Our responsibility is to include in our report the following
additional comments, which do not modify the scope of our
opinion on the statutory consolidated fi nancial statements:
The directors’ report on the statutory consolidated fi nancial
statements covers the information required by law and is consistent
with the statutory consolidated fi nancial statements.
We are, however, unable to comment on the description of the
principal risks and uncertainties which the entities included in
the consolidation are facing, and on their fi nancial situation,
their foreseeable evolution or the signifi cant infl uence of certain
facts on their future development. We can nevertheless
confi rm that the matters disclosed do not present any obvious
inconsistencies with the information that we became aware of
during the performance of our mandate.
Antwerp, 22 May 2008
Ernst & Young Bedrijfsrevisoren BCVBA
Statutory auditor
represented by
Rudi Braes
Partner

37. CONNECTION BETWEEN LIMITED AND STATUTORY CONSOLIDATION
Connection between equity
(attributable to shareholders of the parent company)
31/03/08 31/03/07
Limited consolidation 1 327 554 1 278 526
Inclusion of Bever Zwerfsport Investments - -6 185
Inclusion of De Groot International Investments -8 714 -7 449
Inclusion of Geveke Investments - -6 881
Inclusion of Grandeco Wallfashion Group 251 -
Inclusion of Hebu Investments - 668
Inclusion of Interbrush 641 139
Inclusion of HVEG Investments (former Lowland Fashion) 2 778 718
Inclusion of Numac Investments -246 -
Inclusion of Operator Group Delft -6 221 26
Inclusion of TerStal Investments -319 -
Inclusion of Verlihold -600 -
Statutory consolidation 1 315 124 1 259 562
Connection between the result
(attributable to shareholders of the parent company)
31/03/08 31/03/07
Limited consolidation 161 432 249 319
Inclusion of Bever Zwerfsport Investments 6 184 -8 867
Inclusion of De Groot International Investments -1 270 -7 927
Inclusion of Geveke Investments 6 880 -5 955
Inclusion of Grandeco Wallfashion Group 251 -
Inclusion of Konrad Hornschuch - 13 279
Inclusion of Hebu Investments -668 669
Inclusion of Interbrush 2 180 139
Inclusion of HVEG Investments (former Lowland Fashion) 2 115 608
Inclusion of Numac Investments -246 -
Inclusion of Operator Group Delft -7 921 26
Inclusion of TerStal Investments -319 -
Inclusion of Verlihold -600 -
Statutory consolidation 168 017 241 290
The main difference between the limited and the statutory consolidations
lies in the fact that the statutory consolidation fully
consolidates a number of companies in place of showing them
at fair value, as in the limited consolidation.
In the 2006-2007 fi nancial year the companies concerned
were Bever Zwerfsport Investments, De Groot International
Investments, Geveke Investments, Hebu Investments,
Interbrush, HVEG Investments (formerly LowLand Fashion)
and Operator Groep Delft. In 2007-2008 they were again De
Groot International Investments, Interbrush, HVEG Investments
and Operator Group Delft and also Grandeco Wallfashion
Group, Verlihold, Numac Investments and TerStal Investments.
The shareholdings in Bever Zwerfsport Investments, Geveke
Investments and Hebu Investments were sold in the course of
the past fi nancial year.
| 151

UNCONSOLIDATED
FINANCIAL STATEMENTS
1. BALANCE SHEET AFTER DISTRIBUTION OF PROFIT GIMV NV (IN EUR 000)
Assets
152 | Gimv Annual Report 2007-2008 | Unconsolidated fi nancial statements
31/03/08 31/03/07 31/12/05 31/12/04 31/12/03
FIXED ASSETS 685 469 654 459 638 504 697 806 830 670
I. Intangible fi xed assets 115 167 176 256 268
II. Tangible fi xed assets 4 317 4 338 4 806 5 285 5 753
A. Land and buildings 3 931 4 001 4 400 4 746 5 112
B. Plant, machinery and equipment 3 4 64 91 86
C. Furniture and vehicles
F. Assets under construction and
382 333 341 448 555
advance payments - - - - -
IV. Financial fi xed assets 681 036 649 954 633 522 692 265 824 650
A. Affi liated enterprises 341 109 257 549 247 449 226 466 339 431
1. Shares 244 127 83 374 78 224 76 799 113 402
2. Amounts receivable
B. Enterprises linked by participating
96 981 174 175 169 225 149 667 226 029
interests 199 040 269 989 289 963 378 491 392 337
1. Shares 159 158 238 396 246 202 267 882 295 356
2. Amounts receivable 39 881 31 593 43 761 110 609 96 981
C. Other fi nancial fi xed assets 140 886 122 416 96 110 87 308 92 882
1. Shares
2. Amounts receivable and cash
122 823 117 613 93 955 84 819 90 877
guarantees 18 062 4 803 2 155 2 489 2 005
CURRENT ASSETS 505 747 482 283 459 452 322 939 51 661
V. Amounts receivable after one year - - - - 3 883
B. Other amounts receivable - - - - 3 883
VII. Amounts receivable within one year 15 311 46 293 14 150 36 580 27 375
A. Trade debtors 2 840 4 759 1 750 1 003 1 313
B. Other amounts receivable 12 471 41 534 12 400 35 577 26 062
VIII. Cash investments 452 395 347 491 412 077 260 900 17 382
B. Other investments 452 395 347 491 412 077 260 900 17 382
IX. Cash at bank and in hand 36 753 86 857 28 190 24 249 2 336
X. Deferred charges and accrued income 1 287 1 642 5 034 1 210 685
Total assets 1 191 216 1 136 742 1 097 956 1 020 745 882 332

1. BALANCE SHEET AFTER DISTRIBUTION OF PROFIT GIMV NV (IN EUR 000)
Liabilities
31/03/08 31/03/07 31/12/05 31/12/04 31/12/03
EQUITY 993 567 1 048 753 1 010 078 891 246 781 877
I. Capital 220 000 220 000 220 000 220 000 220 000
II. Share premium account 1 1 1 1 1
IV. Reserves 320 464 320 464 320 464 320 464 320 464
V. Profi t carried forward 453 102 508 288 469 613 350 781 241 412
VII. Provisions for liabilities and charges 6 988 4 092 5 169 4 395 5 259
1. Pensions and similar obligations 621 600 534 448 366
2. Taxes - - - - 3 524
4. Other liabilities and charges 6 366 3 492 4 636 3 947 1 369
LIABILITIES
VIII. Amounts payable after one year - - - 37 500 51 028
A. Long-term fi nancial debts - - - 37 500 50 000
4. Credit institutions - - - 37 500 50 000
5. Other loans - - - - -
D. Other amounts payable - - - - 1 028
IX. Amounts payable within one year
A. Current portion of amounts payable
189 009 83 889 82 688 80 949 43 796
after one year - - - 13 528 871
B. Financial debts - - - - 11 500
1. Credit institutions - - - - -
2. Other loans - - - - 11 500
C. Trade debts 932 1 138 3 986 825 825
1. Suppliers
E. Taxes, payroll and related
932 1 138 3 986 825 825
obligations 11 812 11 821 2 231 14 630 -
1. Taxes 24 144 10 4 184
2. Payroll and social security 11 787 11 677 2 221 14 626 7 982
F. Other amounts payable 176 264 70 930 76 471 51 966 22 435
X. Accrued charges and deferred income 1 653 8 20 6 655 372
Total liabilities 1 191 216 1 136 742 1 097 956 1 020 745 882 332
| 153

2. PROFIT & LOSS ACCOUNT – GIMV NV UNCONSOLIDATED ANNUAL ACCOUNTS (IN EUR 000)
CHARGES
154 | Gimv Annual Report 2007-2008 | Unconsolidated fi nancial statements
31/03/08 31/03/07 31/12/05 31/12/04 31/12/03
A. Interest and other debt charges 541 301 657 3 103 6 098
B. Other fi nancial charges 961 1 659 3 350 4 549 502
C. Services and other goods
D. Payroll, social security charges and
9 115 11 165 6 261 8 045 5 624
pensions 10 923 19 571 2 068 11 882 5 330
E. Other operating charges
F. Depreciation and write-downs on
formation expenses, tangible and
808 1 065 474 689 747
intangible fi xed assets 450 745 676 842 1 014
G. Write-downs on 78 910 72 302 150 376 50 694 77 451
1. fi nancial fi xed assets 68 921 70 895 150 330 49 664 76 730
2. current assets 9 989 1 407 46 1 032 721
H. Provisions for liabilities and charges 2 896 66 1 074 2 660 327
I. Losses on the disposal of 917 2 543 437 1 623 556
1. fi nancial fi xed assets 917 2 543 435 1 623 555
2. current assets 0 - 2 - 1
J. Extraordinary charges 287 19 - - -
K. Taxes - - - - 23
L. Profi t / loss for the fi nancial year 45 860 135 627 200 720 164 760 258 562
INCOME
A. Income from fi nancial fi xed assets 10 860 33 584 74 433 33 624 36 443
1. Dividends 1 017 20 422 66 895 25 327 25 475
2. Interest 9 843 13 162 7 538 8 297 10 968
B. Income from current assets 19 962 19 011 8 829 3 142 909
C. Other fi nancial income 78 1 663 372 315 113
D. Income from services provided 6 697 9 788 3 724 3 405 2 668
E. Other operating income 2 230 273 8 103 212 665
G. Write-back of write-downs on 20 499 76 886 193 515 36 867 36 552
1. fi nancial fi xed assets 20 321 76 118 193 418 36 681 35 499
2. current assets
H. Write-back of provisions for liabilities
178 768 97 186 1 053
and charges - 1 144 - - 98
I. Capital gains on the disposal of 91 341 102 551 76 298 167 717 275 879
1. fi nancial fi xed assets 91 341 102 551 76 298 167 705 275 566
2. current assets - - - 13 313
J. Extraordinary income 2 11 820 13 256
K. Adjustment of income taxes - 153 - 3 565 2 651

GLOSSARY
Blue chip:
a company that is well known and fi nancially reliable.
Call option:
an option that gives the buyer the right to purchase the
underlying security at a pre-set price at a future date.
Carried interest (carry):
the share of the profi t that is paid to the management of a
private equity fund.
Corporate Governance:
rules and behaviours constituting good governance that companies
need to adopt and for which they must give account
(Belgian Corporate Governance code - www.corporategovernancecommittee.be).
Due diligence:
the in-depth analysis and assessment of the commercial,
legal, fi nancial, technical and environmental aspects of a
company targeted for investment.
EBITDA:
earnings before interest, taxes, depreciation and amortization
= operating cash fl ow.
Early stage fi nancing:
fi nancing of companies which have developed their products,
but need additional fi nancial resources to bring them to
market and sell them. Companies at this stage are not yet
developing profi ts.
Exit:
the termination of an investment as private equity investor by
means of IPO, trade sale or secondary buy-out.
Follow-on investment:
investment in a company that has already received venture
capital fi nancing.
Free fl oat:
the portion of a company’s share capital that is freely negotiable
on the stock market.
Growth fi nancing / growth capital:
capital that is invested in an expanding company. These funds
can be used to increase production capacity, for product
development, for marketing or to provide additional working
capital.
Initial Public Offering (IPO):
the introduction (fl otation) of a company onto a stock
exchange.
Internal Rate of Return (IRR):
the return on a yearly basis on an investment.
Lead investor:
the investor in a private equity fi nancing round that makes the
largest investment and is the most involved in the fi nancing
project.
Management buy-out (MBO):
fi nancing where a company’s existing management takes over
a company together with an external fi nancier.
Mezzanine fi nancing:
fi nancing with subordinated loans or convertible bonds. The
risk level of this type of fi nancing lies midway between equity
and bank debt.
Private equity:
investment in non-listed companies.
Put option:
an option that gives the buyer the right to sell at a pre-set
price at a future date.
Risk capital:
see venture capital.
Secondary buy-out:
an exit formula by which an investment company sells its
shareholding in a company to another venture capital provider.
Trade sale:
the sale of a shareholding outside the stock market.
Venture capital:
capital fi nancing of young, fast growing companies.
| 155

CONTACT INFORMATION &
FINANCIAL CALENDAR
CONTACT INFORMATION
Offi ces
Belgium
Gimv NV
Karel Oomsstraat 37
2018 Antwerp
Belgium
Phone +32 3 290 21 00
Fax +32 3 290 21 05
Website www.gimv.com
Enterprise number 0220.324.117
Date of formation 25/02/1980
Financial year 1 April – 31 March
Financial servicing KBC Bank
Listing Euronext Brussels
Germany
Halder Beteiligungsberatung GmbH
Barckhausstrasse 12-16
60325 Frankfurt am Main
Germany
Phone +49 69 24 25 33 0
Fax +49 69 23 68 66
Website www.halder-d.com
France
Gimv France SAS
38, Avenue Hoche
75008 Paris
France
Phone +33 1 58 36 45 60
Fax +33 1 58 36 45 70
Website www.gimv.fr
Netherlands
Halder Holdings BV
Lange Voorhout 9
2514 EA Den Haag
Netherlands
Phone +31 70 36 18 618
Fax +31 70 36 18 616
Website www.halder.nl
Investor Relations & Press
Frank De Leenheer
Phone +32 3 290 22 18
E-mail frankdl@gimv.be
156 | Gimv Annual Report 2007-2008 | Contact information - Financial calendar
FINANCIAL CALENDAR
22 May 2008
Press release, press and analysts’ meeting in respect of the
2007-2008 fi nancial year
25 June 2008
Ordinary General Meeting of Shareholders in respect of the
2007-2008 fi nancial year
30 June 2008
Ex-date of the 2007-2008 fi nal dividend
2 July 2008
Record date of the 2007-2008 fi nal dividend
3 July 2008
Payment date of the 2007-2008 fi nal dividend
End July – early August 2008
Business update fi rst quarter of the 2008-2009 fi nancial year
22 November 2008
Press release, press and analysts’ meeting on the fi rst half of
the 2008-2009 fi nancial year
On the Gimv websites you will fi nd, in Dutch (www.gimv.be)
and English (www.gimv.com), the annual report, press releases,
portfolio, the share price and other information on the Gimv
group.
This entire document, with the exception of the Interview with
the chairman and the CEO, constitutes the annual report.
Only the Dutch language version of the annual report is the
offi cial legal version. The English version is a translation of the
original Dutch version.
De Nederlandstalige versie van dit jaarverslag is beschikbaar bij
Gimv, Karel Oomsstraat 37, 2018 Antwerpen of op onze website
www.gimv.be.

Concept & design
Concerto
Photography
Philippe Van Gelooven, Dimitri Lowette, Rob Keeris
Getty Images, Corbis
Copywriting
Bodycopy, Kaat Van Bosstraeten
Translation
Lomax BVBA
Printing
Dereume Printing
This annual report is printed on environment-friendly paper
by a FSC certifi ed printer (www.fsc.org)

Belgium
Karel Oomsstraat 37
2018 Antwerp
T. + 32 3 290 21 00
France
38, Avenue Hoche
75008 Paris
T. + 33 1 58 36 45 60
Germany
Barckhausstrasse 12-16
60325 Frankfurt am Main
T. + 49 69 2425.330
Netherlands
Lange Voorhout 9
2514 EA Den Haag
T. + 31 70 3618.618
www.gimv.com