ANNUAL REPORT 2007 | 2008 - Gimv

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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
KEY FIGURES LIMITED CONSOLIDATION 31/03/08 31/03/07 31/12/05 CONSOLIDATED FINANCIAL STATEMENTS (LIMITED CONSOLIDATION) (IN EUR 000) Equity (attributable to equity holders of the parent company) 1 327 554 1 278 526 1 111 094 Portfolio (fi nancial assets valued at fair value through P&L + loans to companies in the investment portfolio) 848 144 820 751 664 269 Cash and cash equivalents 512 524 445 608 472 009 Net cash and cash equivalents1 512 524 445 608 472 009 Balance sheet total 1 393 986 1 327 425 1 164 018 Net profi t (attributable to equity holders of the parent company) 161 432 249 319 171 863 Total gross dividend 101 047 96 952 81 888 Investments on portfolio level (own balance sheet) 234 936 192 122 103 922 Investments on portfolio (including funds under management) 304 636 226 331 121 011 Divestments on portfolio level (own balance sheet) 380 665 272 385 328 893 Divestments on portfolio level (including funds under management) 476 315 315 167 334 251 Number of employees 83 74 75 KEY FIGURES PER SHARE (IN EUR) Equity (attributable to equity holders of the parent company) 57.28 55.17 47.94 Net profi t (attributable to equity holders of the parent company) 6.97 10.76 7.42 Diluted net profi t (attributable to equity holders of the parent company) 2 6.97 10.76 7.42 Gross dividend 4.36 4.1833 3.5333 Share price (on the closing date of the fi nancial year) 47.75 48.10 44.80 Total number of shares (on the closing date of the fi nancial year) RATIO’S 23 176 005 23 176 005 23 176 005 Pay-out ratio3 62.6% 38.9% 47.6% Return on equity 4 12.6% 18.0% 17.0% Return on portfolio5 22.3% 33.5% 26.2% Premium (+) / discount (-) on equity6 -16.6% -12.8% -6.5% 1 Cash and cash equivalents less long and short-term fi nancial liabilities 2 On the assumption that all options / warrants that are in the money at the end of the period will be exercised 3 Total gross dividend / net profi t (attributable to equity holders of the parent company) 4 Net profi t (attributable to equity holders of the parent company) / equity (attributable to equity holders of the parent company – at start of year). 5 (Realised capital gains + unrealised capital gains on fi nancial fi xed assets + dividends + management fees + turnover) / portfolio at start of year 6 (Equity per share - share price) / Equity per share Comment for the reader - the decimal character in numbers is a full stop; thousands are separated by a space.
Page 1: ANNUAL REPORT 2007 | 2008
Page 5 and 6: GIMV AT A GLANCE AN ACTIVE INVESTOR
Page 7 and 8: Strong performance and expansion in
Page 9 and 10: In 2007-2008 Gimv realised 10 new i
Page 11 and 12: Structure | 08 Strategy | 09 Market
Page 13 and 14: STRATEGY Gimv is an independent, li
Page 15 and 16: Fundraising Provisional fi gures fr
Page 17 and 18: 35000 30000 25000 20000 15000 10000
Page 19 and 20: (EUR 6.6 million), Gimv realised in
Page 21 and 22: Business units Regions Corporate In
Page 23 and 24: When, in the case of a potential sa
Page 25 and 26: Gimv takes 86 percent holding WALL
Page 27 and 28: Gimv accompanies growth through buy
Page 29 and 30: GIMV OFFERS CREDIBILITY ALFACAM GRO
Page 31 and 32: Joint venture of network and experi
Page 33 and 34: Gimv majority shareholder in TerSta
Page 35 and 36: HVEG - (LowLand Fashion) www.lowlan
Page 37 and 38: Corporate Investment Germany (Halde
Page 39 and 40: Gimv invests in world leader VAG DE
Page 41 and 42: Corporate Investment’s ten larges
Page 43 and 44: Overview of major shareholdings in
Page 45 and 46: Oree develops revolutionary lightin
Page 47 and 48: Liquavista www.liquavista.com Dutch
Page 49 and 50: DIVESTMENTS Business Architects www
Page 51 and 52: 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
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This includes: - joint fi xed remun
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- Rights and duties of shareholders
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10.4 - Threshold for calling a shar
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Volume 16 000 000 14 000 000 12 000
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6 - Dividend policy The Board of Di
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9 - Financial calendar 22 May 2008
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DURING THE 2007-2008 FINANCIAL YEAR
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INTRODUCTION 1. GENERAL INFORMATION
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2. CONSOLIDATED BALANCE SHEET (IN E
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Issued capital Sharepremium account
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6. DIVIDENDS, INTEREST, MANAGEMENT
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Other operating income and expenses
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The distribution of cash and cash e
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STATUTORY CONSOLIDATION 1. CONSOLID
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2. CONSOLIDATED BALANCE SHEET (IN E
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Attributable to shareholders of the
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4. CONSOLIDATED CASH FLOW STATEMENT
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5.9 Property, plant and equipment P
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more appropriate or whether there i
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6. IMPACT OF NEW OR AMENDED STANDAR
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8. SUBSIDIARIES - CONTINUED Informa
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Assets NON-CURRENT ASSETS 31/03/08
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Buy-outs Infrastructure Overhead St
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Buy-outs Infrastructure Overhead St
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Unrealised gains and losses by acti
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14. TAXES (IN EUR 000) 2007-2008 20
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16. PAID AND PROPOSED DIVIDENDS The
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17. GOODWILL EN ANDERE IMMATERIËLE
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19. GOODWILL IMPAIRMENT The goodwil
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22. INVENTORIES (IN EUR 000) Gimv a
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26. PENSION LIABILITIES (IN EUR 000
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Restructuring provision Environment
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29. RELATED PARTIES (IN EUR 000) Ye
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30. FINANCIAL RISK MANAGEMENT See D
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34. OFF-BALANCE SHEET OBLIGATIONS A
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Current liabilities rose by almost
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37. CONNECTION BETWEEN LIMITED AND
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1. BALANCE SHEET AFTER DISTRIBUTION
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GLOSSARY Blue chip: a company that
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Concept & design Concerto Photograp
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ANNUAL REPORT 2007 | 2008 - Gimv

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