ANNUAL REPORT 2007 | 2008 - Gimv

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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
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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
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Overview of the Gimv ICT portfolio
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Gimv continues to support sharehold
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GIMV IS A REFERENCE IN THE BIOTECH
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PamGene www.pamgene.com PamGene, a
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Cleantech Last year Gimv took its f
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INVESTMENTS Electrawinds www.electr
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Human resources | 60 Responsible co
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Policy-wise, Gimv is paying ever gr
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RESPONSIBLE CORPORATE BEHAVIOUR You
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Management | 66 Corporate Governanc
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Zeger Collier has had a varied care
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Eric Spiessens is a member of the e
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Paul De Ridder has been a member of
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1.2 - Evolution of capital The capi
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“Prior to the Board of Directors
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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 and 102: Issued capital Sharepremium account
Page 103 and 104: 6. DIVIDENDS, INTEREST, MANAGEMENT
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: 14. TAXES (IN EUR 000) 2007-2008 20
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
Page 153 and 154: Current liabilities rose by almost
Page 155 and 156: 37. CONNECTION BETWEEN LIMITED AND
Page 157 and 158: 1. BALANCE SHEET AFTER DISTRIBUTION
Page 159 and 160: GLOSSARY Blue chip: a company that
Page 161 and 162: Concept & design Concerto Photograp
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