ANNUAL REPORT 2007 | 2008 - Gimv

RESULTS
Securitized paper
7%
Funds 10%
Bonds 4%
Insurance products
31%
2-5 years
17%
3 months-2 years
47%
Gimv’s net treasury by product
(512 EUR million)
Gimv’s net treasury by maturity
(512 EUR million)
16 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Bank deposits
36%
Dynamic cash
management
12%
0-3 months
36%
EUR 380.7 million of divestments across the
different business units
During the 2007-2008 fi nancial year Gimv sold, among others, its
shareholdings in Alfacam, Jensen Group, Dujardin Foods, DTS,
Bever Zwerfsport, Geveke, Hebu, Holonite, Telenet, Business
Architects and deVGen. In total Gimv sold shareholdings in an
amount of EUR 380.7 million. 62 percent (EUR 237.4 million) of
these divestments were undertaken in Corporate Investment, 35
percent (EUR 133.3 million) in ICT and 3 percent (EUR 9.9 million)
in Life Sciences companies, plus a further EUR 95.6 million
of divestments by funds under management.
These divestments were carried at 31 March 2007 at a total
value of EUR 254.2 million. In addition the shareholdings sold
by Gimv in 2007-2008 generated EUR 8.6 million of dividends,
interest and management fees. In this way these sold shareholdings
produced a total of EUR 389.3 million, or an uplift of
53.1 percent (EUR 135.1 million) on their opening equity at
31 March 2007 (valued at fair value in the limited consolidation)
and 119.1 percent (EUR 211.6 million) above their original
acquisition value of EUR 177.7 million, or a multiple of 2.2.
Portfolio value rises to EUR 848.1 million
The balance sheet total at 31 March 2008 amounted to
EUR 1 394.0 million, of which EUR 848.1 million consisted of
fi nancial assets. At the end of March 2008 Gimv had a net cash
position of EUR 512.5 million. The graphs break down the cash
position by product and by maturity.
Equity rises further to EUR 1 327.6 million or
EUR 57.28 per share
The value of equity (group’s share) (replaces the former net
asset value) at 31 March 2008 amounted to EUR 1 327.6 million,
giving a value of EUR 57.28 per share. The growth in
equity during the 2007-2008 fi nancial year plus the dividends of
EUR 112.4 million paid out during the 2007-2008 fi nancial year
mean that Gimv achieved a return on equity of 12.6 percent
during 2007-2008.