ANNUAL REPORT 2007 | 2008 - Gimv

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.