ANNUAL REPORT 2007 | 2008 - Gimv

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.
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