ANNUAL REPORT 2007 | 2008 - Gimv

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BUY-OUTS AND GROWTH CAPITAL Corporate Investment France At the end of 2007, Gimv opened an offi ce in the French capital and put together a buy-out team. With buy-out teams already in place in Belgium, the Netherlands and Germany, the extension to neighbouring France was a logical choice. To support and accelerate the French investment activities, Gimv concluded a cooperation agreement with the French company Pragma Capital. The French buy-out market, which is the largest in Europe after the United Kingdom, offers many high quality investment opportunities. France is no newcomer to Gimv, which has already invested EUR 80 million in French companies, including preprepared fi sh dish producer Européenne de la Mer, industrial chains manufacturer Sédis and biotech company Diatos. Gimv also cooperates with the French funds Sofi nnova, EPF and I-source. To support the new team and speed up the introduction to the French buy-out market, Gimv concluded a partnership with France’s Pragma Capital, a local player specializing in midmarket buy-outs. As part of the agreement, Gimv is investing EUR 40 million in the Pragma II fund. This cooperation also allows Gimv to co-invest in the larger Pragma deals. 36 | Gimv Annual Report 2007-2008 | Operating and fi nancial report Investeringsfocus The French buy-out team, for the time being consisting of three investment managers, is directing its efforts at companies with enterprise values of up to EUR 125 million. For larger transactions Gimv can act as a co-investor with Pragma. Gimv has earmarked EUR 30 million for this. Pragma II www.pragmacapital.fr Pragma II is aimed at management buy-outs of French companies with enterprise values of up to EUR 250 million. The fund has collected a total of EUR 345 million. With EUR 40 million Gimv is the largest foreign investor. Other foreign parties in the fund beside Gimv are the Banco Espirito Santo and Caledonia Investment. The other investors are French institutional investors like AXA, BNP Paribas and AGF. Pragma Capital, which split off from the Crédit Agricole banking group in 2002, manages the fund. In total this French private equity company manages EUR 500 million with nine investment professionals.
Corporate Investment’s ten largest unlisted shareholdings (Belgium – Netherlands – Germany – France) The Corporate Investment portfolio has a total value of EUR 532.0 million. EUR 59.8 million of this amount relates to listed (mainly Barco) and EUR 472.2 million to unlisted companies. At the end of the 2007-2008 fi nancial year the value of the ten largest unlisted shareholdings amounted to EUR 271.8 million, or 68 percent of all unlisted Corporate Investment shareholdings (funds excluded). BMC Groep www.bmcgroep.nl BMC Groep is the Dutch market leader in professional services for the public sector (government and non-profi t organizations). The company was set up in 1986 and acts as the holding company for four separate companies, BMC, TMOP, XOPP and PublicSpirit. BMC specializes in change management, organizational consulting, coaching and training. TMOP concentrates on interim management and project support. Top management, directors and supervisory board members are selected by PublicSpirit, whilst XOPP detaches (administrative) assistants. The group employs over 1 000 professionals out of six offi ces in the Netherlands, who generally come themselves from government organizations, teaching and care institutions and other public bodies. In 2007, BMC Groep had sales of EUR 135 million. De Groot International www.degroot-int.nl De Groot International is an international importer, distributor and exporter of fruit and vegetables. Over the past 50 years it has grown from a small fruit trading company into a leading organization in its fi eld with over 100 employees and sales in excess of EUR 150 million. At the start of 2008, De Groot took a majority shareholding in Borgers Groothandel in Groenten en Fruit, strengthening its position in Germany and Scandinavia. Retail organizations are major De Groot customers. As well as traditional trading and cold storage, De Groot International has computer-controlled banana ripening chambers, packaging lines and its own transportation enterprise. Gimv acquired a shareholding in De Groot in the second half of 2005. European Bulk Terminals – EBT www.sea-invest.be EBT is the overall holding company of the Sea-Invest group, which has built up over 70 years’ experience in bulk and fruit handling, with terminals in Belgium, France, South Africa and elsewhere. The group operates bulk terminals (coal, iron ore etc.) and is active in fruit handling via Universal Fruit Operators (UFO). In 2006 Sea-invest built a brand-new EUR 40 million, 11 hectare fruit terminal in the Port of Antwerp (Fresh Fruit Terminal Antwerp), with a storage capacity of 9 600 fruit pallets and which processes around 500 000 tonnes of fruit every year. In 2007 EBT had sales of around EUR 650 million. | 37
Page 1 and 2: ANNUAL REPORT 2007 | 2008
Page 3 and 4: KEY FIGURES LIMITED CONSOLIDATION 3
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: Gimv invests in world leader VAG DE
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
Page 53 and 54: Gimv continues to support sharehold
Page 55 and 56: GIMV IS A REFERENCE IN THE BIOTECH
Page 57 and 58: PamGene www.pamgene.com PamGene, a
Page 59 and 60: Cleantech Last year Gimv took its f
Page 61 and 62: INVESTMENTS Electrawinds www.electr
Page 63 and 64: Human resources | 60 Responsible co
Page 65 and 66: Policy-wise, Gimv is paying ever gr
Page 67 and 68: RESPONSIBLE CORPORATE BEHAVIOUR You
Page 69 and 70: Management | 66 Corporate Governanc
Page 71 and 72: Zeger Collier has had a varied care
Page 73 and 74: Eric Spiessens is a member of the e
Page 75 and 76: Paul De Ridder has been a member of
Page 77 and 78: 1.2 - Evolution of capital The capi
Page 79 and 80: “Prior to the Board of Directors
Page 81 and 82: Finally the audit committee analyse
Page 83 and 84: This includes: - joint fi xed remun
Page 85 and 86: - Rights and duties of shareholders
Page 87 and 88: 10.4 - Threshold for calling a shar
Page 89 and 90: 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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