ANNUAL REPORT 2007 | 2008 - Gimv

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BUY-OUTS AND GROWTH CAPITAL Grandeco www.grandecogroup.com See pages 21 and 22. Lintor - Verbinnen www.lintor.be See page 22. HVEG (LowLand Fashion) www.lowlandfashion.nl See page 31. OGD (Operator Group Delft) www.ogd.nl OGD was founded in 1988 and delivers tailored ICT services, like management, helpdesk, ICT projects and software development. OGD combines high quality service with keen pricing. It employs more than 350 well-trained young professionals with technical service backgrounds. OGD has fi ve outlets in the Netherlands. In 2007 OGD generated sales of EUR 24 million. Together with its management, Gimv acquired a majority interest in 2006 through a management buy-out. PDC Brush www.pdcbrush.be Founded in 1946, PDC Brush is a leading European producer of household cleaning equipment (brushes, window wipers, dusters, etc.). As well as its own Linea and Nola Bliss brands, PDC Brush produces primarily under private label. Production is at two plants in Belgium and one in Romania. PDC’s customers are mainly in Western Europe and include many well-known retail chains. The company has customers in over 50 countries and is looking to grow through further geographic expansion and extending its product offering. In 2007 PDC Brush posted sales of nearly EUR 33 million. 38 | Gimv Annual Report 2007-2008 | Operating and fi nancial report Scana Noliko Holding www.scana-noliko.be Scana Noliko Holding is a major European producer of private label bottled and canned vegetables and fruits, pasta and sauces. With its 30 years’ experience in food bottling and canning, this Belgian company is a trusted name for retailers, catering companies and food producers. Some 80 percent of products are exported, mainly to EU companies, headed by Germany. The company has 475 employees and works with over 300 Belgian, Dutch and German farmers. In 1993 it was the fi rst European company in its segment to be awarded the ISO 9001 quality certifi cate. In its 2007-2008 fi nancial year it had sales of around EUR 135 million. Westerlund Group www.westerlundgroup.com Founded in 1903, Westerlund is a port terminal operator that specializes in handling forest products. Westerlund’s Belgian terminal in Antwerp has grown into the world’s largest specialist pulp and paper terminal, extending over 880 000 m². The group also owns maritime terminals at Rouen (France) and Changshu (China) and container freight stations in the ports of Tilbury (UK) and Marseilles (France). The group’s activities have evolved in recent years towards full logistics service provision. The group also participates in various major environmental projects around its terminals. In 2007, the group had sales of around EUR 124.3 million. After the balance sheet date, Gimv sold its shareholding to Babcock & Brown.
Overview of major shareholdings in the Gimv Corporate Investment portfolio Name Website Country Activity Entry Accent Jobs for People www.accent.be Belgium Temporary employment agencies 2006 Acertys Group www.acertys.com Belgium Sale and distribution of medical equipment 2007 ACTech* www.actech.de Germany Metal casting moulds 2008 ADA* www.ada-online.de Germany Hotel cosmetics 2006 Alfacam www.alfacam.com Belgium Outdoor TV facilities and HDTV 1998 Alukon* www.alukon.de Germany Aluminium roller blinds and doors 2007 Anaf Products www.anaf.be Belgium Door panels 1998 ANP www.anp.nl Netherlands Press agency 2004 Arcomet www.arcomet.com Belgium Crane building and rental 2001 Barco www.barco.com Belgium Professional visualization systems 1981 BEM www.bem-fcic.com Belgium Cofi nancing building projects in Central and Eastern Europe Biodiesel Holding www.bioro.be Belgium Biodiesel production 2006 BMC Groep www.bmcgroep.nl Netherlands Professional services for the public sector 2007 Boortmalt www.boortmalt.be China Malt-house 1998 Cappelle www.cappelle.be Belgium Colour pigments 1989 De Groot International www.degroot-int.nl Netherlands Fruit and vegetable wholesaling 2005 Domus Flandria Belgium Lending company for social housing 1992 EBT www.sea-invest.be Belgium Port and port-related activities 1992 Européenne de la Mer www.tassos.fr www.charles-amand.fr 1997 France Pre-prepared food and traditional Greek products 2005 Gealan www.gealan.de Netherlands Wholesaling and importing of private label clothing 2002 GEKA Brush* www.geka-brush.com Germany PVC door and window profi les 2007 Grandeco www.grandecogroup.com Germany Cosmetics brushes and packaging 2007 HVEG (LowLand Fashion) www.lowlandfashion.nl Belgium Wallpaper 2006 Impression www.impression-global.com Belgium Posters and point of sales campaigns 2000 INVE www.inve.be Netherlands Fish farming / feed components 1999 Karl Eugen Fischer* www.kefi scher.de Germany Cord-cutting machinery for the tyre industry 2006 Le Cobourg www.lecobourg.be Belgium Home-made salad spreads 2007 Lintor-Verbinnen www.lintor.be Belgium Chicken slaughtering and processing 2007 Mebrom www.mebrom–group.com Belgium Distributor of specialty gases 2007 Microtherm www.microtherm.uk.com Belgium Thermal insulation material 2004 Mondi Foods Belgium www.mondifoods.be Belgium Red fruit ingredients 2001 Numac Groep www.numac.nl Netherlands Industrial services 2007 OGD www.ogd.nl Netherlands ICT services 2006 PDC Brush www.pdcbrush.be Belgium Household cleaning material 2005 Prolyte www.prolyte.com Netherlands Modular aluminium load-bearing constructions 2007 Scana Noliko www.scana-noliko.be Belgium Bottled and canned fruit and vegetables 2004 Sédis www.sedis.com France Industrial chains 2000 Sfi nc www.pellicula.be Belgium Spices and ingredients for the meat industry 2004 Sovitec www.sovitec.com Belgium Glass beads for industrial applications 2004 TerStal www.terstal.nl Netherlands Fashion chain for private label clothing 2008 Tops Foods www.topsfoods.com Belgium Pre-prepared meals 1993 VAG Armaturen* www.vag-armaturen.com Germany Industrial valves and fi ttings 2008 Verhaeren www.verhaeren.be Belgium Road building 2008 Westerlund www.westerlundgroup.com Belgium Port and logistics company 2005 Wichard www.wichard.fr France Sailing ship accessories 2002 * Shareholdings of the Halder-Gimv Germany I fund | 39
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 and 40: Gimv invests in world leader VAG DE
Page 41: Corporate Investment’s ten larges
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
Page 91 and 92: 6 - Dividend policy The Board of Di
Page 93 and 94:
9 - Financial calendar 22 May 2008
Page 95 and 96:
DURING THE 2007-2008 FINANCIAL YEAR
Page 97 and 98:
INTRODUCTION 1. GENERAL INFORMATION
Page 99 and 100:
2. CONSOLIDATED BALANCE SHEET (IN E
Page 101 and 102:
Issued capital Sharepremium account
Page 103 and 104:
6. DIVIDENDS, INTEREST, MANAGEMENT
Page 105 and 106:
Other operating income and expenses
Page 107 and 108:
The distribution of cash and cash e
Page 109 and 110:
STATUTORY CONSOLIDATION 1. CONSOLID
Page 111 and 112:
2. CONSOLIDATED BALANCE SHEET (IN E
Page 113 and 114:
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
Page 121 and 122:
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
Page 135 and 136:
16. PAID AND PROPOSED DIVIDENDS The
Page 137 and 138:
17. GOODWILL EN ANDERE IMMATERIËLE
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19. GOODWILL IMPAIRMENT The goodwil
Page 141 and 142:
22. INVENTORIES (IN EUR 000) Gimv a
Page 143 and 144:
26. PENSION LIABILITIES (IN EUR 000
Page 145 and 146:
Restructuring provision Environment
Page 147 and 148:
29. RELATED PARTIES (IN EUR 000) Ye
Page 149 and 150:
30. FINANCIAL RISK MANAGEMENT See D
Page 151 and 152:
34. OFF-BALANCE SHEET OBLIGATIONS A
Page 153 and 154:
Current liabilities rose by almost
Page 155 and 156:
37. CONNECTION BETWEEN LIMITED AND
Page 157 and 158:
1. BALANCE SHEET AFTER DISTRIBUTION
Page 159 and 160:
GLOSSARY Blue chip: a company that
Page 161 and 162:
Concept & design Concerto Photograp
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