ANNUAL REPORT 2007 | 2008 - Gimv

RESULTS
Gimv posts net profi t of
over EUR 160 million
For the 12 months of the 2007-2008 fi nancial year, Gimv posted
a net profi t (group share) of EUR 161.4 million. This compares
with EUR 249.3 million for the extended 2006-2007 fi nancial
year (15 months). This profi t is strongly infl uenced by favourable
divestments, with shareholdings sold above their most recent
carrying values. On top of this comes also the favourable development
in the value of the Gimv portfolio. Since the application
of IFRS, Gimv’s profi t has been largely based on the evolution in
the value of the portfolio, including both realised and unrealised
value fl uctuations.
Net realised capital gains in the 2007-2008 fi nancial year totalled
EUR 128.1 million. Of this amount, 81 percent (EUR 103.8 million)
came from the Corporate Investment activities (Belgium,
Netherlands and Germany), 17 percent (EUR 21.9 million) from
ICT and 2 percent (EUR 2.3 million) from Life Sciences.
Net unrealised capital gains amounted to EUR 37.3 million. This
breaks down into net unrealised capital gains of EUR 60.1 million
on Corporate Investment activities, of EUR 0.2 million on the
new activities, and negative contributions of EUR 21.6 million
and EUR 1.4 million from Life Sciences and ICT respectively.
Here it was primarily the listed shareholdings and the negative
exchange rate effects which produced the negative value
movements.
14 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Unrealised capital gains and losses together amount
to EUR 37.3 million (in EUR million)
Imminent sale
Change in earnings
First uplift
Up-down rounds
Change in value of third party funds
Change multiples
Other movements on
unquoted investments
Change in net fi nancial debt
Currency effects
Write-downs
Change in listed portfolio
-80 -70 -60 -50 -40 -30 -20 -10 0 1 20 30 40 50 60 70 80
On top of this came an other operating result 1 of –EUR 9.4 million
and a net fi nancial result of EUR 12.2 million, including
EUR 4.7 million hedging results on USD-denominated assets.
After deducting taxes (EUR 0.1 million) and minority interests
1 Dividends, interest, management fees, turnover and other operating income, after
deducting services and other goods, personnel costs, amortization of intangible
assets, depreciation of property, plant and equipment and other operating costs.