ANNUAL REPORT 2007 | 2008 - Gimv

TABLE OF
CONTENTS
Table of contents Cover
Key fi gures Cover
Portfolio and equity Cover
Gimv at a glance 1
Interview with the Chairman and CEO 2
Highlights of 2007-2008 4
Operating and fi nancial report 6
Structure 8
Strategy 9
Market analysis 10
Results 14
Valuation at Gimv 18
Buy-outs and growth capital 20
Corporate Investment Belgium 21
Corporate Investment Netherlands 28
Corporate Investment Germany 33
Corporate Investment France 36
Venture capital 40
Information & Communication Technology 40
Life Sciences 48
Cleantech 55
Infrastructure 56
Human resources and responsible corporate behaviour 58
Management, corporate governance and shareholders 64
Management 66
Corporate governance 72
Capital 72
Board of Directors 74
Committees 76
Composition and remuneration of day-to-day management 77
Exit bonus plan 79
Co-investment companies 79
Auditing of Gimv 80
The Code of Conduct 80
Corporate governance score 80
Departures from the Lippens Code 81
Shareholders 84
General share information 84
Share price – evolution over the past fi ve years 84
Share price – evolution over 2007-2008 85
Gimv share performance vs. indexes 86
Distribution of available profi t 86
Dividend policy 87
Shareholder structure 88
Shareholder and investor relations 88
Financial calendar 89
Contact data Investor Relations 89
Consolidated fi nancial statements 90
Introduction 93
Limited consolidation 94
Statutory consolidation 105
Unconsolidated fi nancial statements 152
Glossary 155
Contact information and fi nancial calendar 156