ANNUAL REPORT 2007 | 2008 - Gimv

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