ANNUAL REPORT 2007 | 2008 - Gimv

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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
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ANNUAL REPORT 2007 | 2008
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KEY FIGURES LIMITED CONSOLIDATION 3
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GIMV AT A GLANCE AN ACTIVE INVESTOR
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Strong performance and expansion in
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In 2007-2008 Gimv realised 10 new i
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Structure | 08 Strategy | 09 Market
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STRATEGY Gimv is an independent, li
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Fundraising Provisional fi gures fr
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35000 30000 25000 20000 15000 10000
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(EUR 6.6 million), Gimv realised in
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Business units Regions Corporate In
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When, in the case of a potential sa
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Gimv takes 86 percent holding WALL
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Gimv accompanies growth through buy
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GIMV OFFERS CREDIBILITY ALFACAM GRO
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Joint venture of network and experi
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Gimv majority shareholder in TerSta
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HVEG - (LowLand Fashion) www.lowlan
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Corporate Investment Germany (Halde
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Gimv invests in world leader VAG DE
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Corporate Investment’s ten larges
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Overview of major shareholdings in
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Oree develops revolutionary lightin
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Liquavista www.liquavista.com Dutch
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DIVESTMENTS Business Architects www
Page 51 and 52: Overview of the Gimv ICT portfolio
Page 53 and 54: Gimv continues to support sharehold
Page 55 and 56: GIMV IS A REFERENCE IN THE BIOTECH
Page 57 and 58: PamGene www.pamgene.com PamGene, a
Page 59 and 60: Cleantech Last year Gimv took its f
Page 61 and 62: INVESTMENTS Electrawinds www.electr
Page 63 and 64: Human resources | 60 Responsible co
Page 65 and 66: Policy-wise, Gimv is paying ever gr
Page 67 and 68: RESPONSIBLE CORPORATE BEHAVIOUR You
Page 69 and 70: Management | 66 Corporate Governanc
Page 71 and 72: Zeger Collier has had a varied care
Page 73 and 74: Eric Spiessens is a member of the e
Page 75 and 76: Paul De Ridder has been a member of
Page 77 and 78: 1.2 - Evolution of capital The capi
Page 79 and 80: “Prior to the Board of Directors
Page 81 and 82: Finally the audit committee analyse
Page 83 and 84: This includes: - joint fi xed remun
Page 85 and 86: - Rights and duties of shareholders
Page 87 and 88: 10.4 - Threshold for calling a shar
Page 89 and 90: Volume 16 000 000 14 000 000 12 000
Page 91 and 92: 6 - Dividend policy The Board of Di
Page 93 and 94: 9 - Financial calendar 22 May 2008
Page 95 and 96: DURING THE 2007-2008 FINANCIAL YEAR
Page 97 and 98: INTRODUCTION 1. GENERAL INFORMATION
Page 99 and 100: 2. CONSOLIDATED BALANCE SHEET (IN E
Page 101: Issued capital Sharepremium account
Page 105 and 106: Other operating income and expenses
Page 107 and 108: The distribution of cash and cash e
Page 109 and 110: STATUTORY CONSOLIDATION 1. CONSOLID
Page 111 and 112: 2. CONSOLIDATED BALANCE SHEET (IN E
Page 113 and 114: Attributable to shareholders of the
Page 115 and 116: 4. CONSOLIDATED CASH FLOW STATEMENT
Page 117 and 118: 5.9 Property, plant and equipment P
Page 119 and 120: more appropriate or whether there i
Page 121 and 122: 6. IMPACT OF NEW OR AMENDED STANDAR
Page 123 and 124: 8. SUBSIDIARIES - CONTINUED Informa
Page 125 and 126: Assets NON-CURRENT ASSETS 31/03/08
Page 127 and 128: Buy-outs Infrastructure Overhead St
Page 129 and 130: Buy-outs Infrastructure Overhead St
Page 131 and 132: Unrealised gains and losses by acti
Page 133 and 134: 14. TAXES (IN EUR 000) 2007-2008 20
Page 135 and 136: 16. PAID AND PROPOSED DIVIDENDS The
Page 137 and 138: 17. GOODWILL EN ANDERE IMMATERIËLE
Page 139 and 140: 19. GOODWILL IMPAIRMENT The goodwil
Page 141 and 142: 22. INVENTORIES (IN EUR 000) Gimv a
Page 143 and 144: 26. PENSION LIABILITIES (IN EUR 000
Page 145 and 146: Restructuring provision Environment
Page 147 and 148: 29. RELATED PARTIES (IN EUR 000) Ye
Page 149 and 150: 30. FINANCIAL RISK MANAGEMENT See D
Page 151 and 152: 34. OFF-BALANCE SHEET OBLIGATIONS A
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Current liabilities rose by almost
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37. CONNECTION BETWEEN LIMITED AND
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1. BALANCE SHEET AFTER DISTRIBUTION
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GLOSSARY Blue chip: a company that
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Concept & design Concerto Photograp
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