ANNUAL REPORT 2007 | 2008 - Gimv

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Rémy de Tonnac - CEO Inside Contactless GIMV NETWORK OPENS DOORS INSIDE’S NO-CONTACT TECHNOLOGY IS CONVINCING BUYERS WORLDWIDE Since 2006 Rémy de Tonnac has headed up Inside Contactless, a company that develops chipsets that can communicate wireless and contactless and without any energy source with cell phones, computers, terminals and the like. The electromagnetic fi eld generated by the apparatus provides the requisite energy for data exchange via radio waves. Application areas are bank cards, ID cards and passports fi tted with chips, but the possibilities are much wider. The CEO speaks of his experiences with Gimv as a venture capital provider. How did the cooperation between Inside Contactless and Gimv come about? “I myself have been in the private equity world, but the relationship with Gimv was for me something new and refreshing. When Gimv invested in Inside Contactless in 1998, our company had only a limited choice of capital providers. Even though the company was still in a very tender early stage, Gimv recognised what was unique in Inside’s technology. I remember that when setting up Inside I was originally not in favour of spinning off Inside from its parent company Gemplus. Inside would initially have to devote itself almost entirely to research & development. In this sense Gimv had a sharp eye for Inside’s distinctive technology and patents, and saw the items that needed to be addressed.” 44 | Gimv Annual Report 2007-2008 | Operating and fi nancial report What distinguishes Gimv from other investment companies? “Gimv spotted the uniqueness that the others missed. It also looks very carefully at the quality of the management and the implementation of key processes. Whereas other venture capital providers are focused primarily on the fi nancial side, with a somewhat short-term horizon, Gimv is in for the long haul. They detached competent people to our board of directors, who made all the difference.” What does ‘make all the difference’ really mean? “Gimv is a partner we can count on when the going gets rough. It is then that it becomes clear who is really committed. Gimv has a no-nonsense, “in your face” style which you have to be ready to accept. But the result was always positive. The fact that Gimv asked us the right questions at the right time meant that we knew where the real challenges lay. We realized when we had to deal with dysfunctional situations in the organization. At times this was tough, but always very relevant. With well-argued, well-founded reasons, Gimv exercised the right pressure to make Inside successful.” What for you is Gimv’s best card? “Gimv is not driven just by the fi nancial side of things, but also by a concern for the company. It is a respectful partner. In particular Gimv has an eye for the key questions. Is the positioning good? Can the gross margin hold? Who will be the strong player in the market two years out? How and with whom must the operations be streamlined? And do we have the right people? These are basic questions, but timing is everything. Gimv asks the questions at the right time and delivers the results it promises.” How do you see the cooperation looking forward? “Gimv is a partner that says what its does and does what it says. The high quality introductions that Gimv provides to important, infl uential parties and decision-makers such as top semiconductor producers are of enormous value to us. We hope that we will continue to make a lot of use of these in the future.”
DIVESTMENTS Business Architects www.baiworld.com Business Architects International (BAI) is a leading European software company offering a wide range of software solutions to banks and asset managers. With offi ces in fi ve countries, BAI has grown into an established European player with a product range tailored to the various countries it serves. In February 2007 BAI sold Eximius, its Wealth Management department, to Thomson Financial. In September of the same year Gimv and the other shareholders sold their interests in BAI to the listed French consultancy and IT services company Sopra Group. Gimv, that entered the company in 1998, played an active role in the internationalization of BAI. Captor www.captorgroup.com Captor offers solutions that allow companies and organizations to manage their employees effi ciently and effectively, with software and hardware for time recording, access control and personnel planning, and software applications for training and competence management. The company was set up in 1987. With offi ces in Belgium, the Netherlands, France, Germany and the United Kingdom, Captor is one of the only pan-European groups in this sector. Its products are used in over 2 000 organizations across Europe. In June 2007 Gimv sold its shareholding to Kronos, the US company which is the market leader in workforce management. This acquisition strengthens Kronos’ position in the European market. Interwise www.interwise.com Interwise develops and sells software for real time video, audio and data communication via the internet. The US-Israeli company focuses on web conferencing and the live e-learning market. The company originated in Israel, but is headquartered in the USA. Interwise is active in countries like the United Kingdom, France, Japan, China and Australia, and has offi ces in six countries. Gimv entered the company in 2001. In 2007 the US telecoms group AT&T acquired Interwise and integrated it into its Global Business Services division. Mediornet A bankruptcy forced Gimv to write off its entire investment in Austrian company Mediornet. This bankruptcy followed an unsuccessful search for additional capital and a strategic partner. The Mediornet assets from the bankruptcy were sold to the German group Riedel Communications. PARTIAL DIVESTMENTS Telenet www.telenet.be Belgian cable operator Telenet offers TV distribution (both analogue and digital), internet and telephony. It is the largest supplier of broadband cable services for private individuals in Belgium. Telenet Solutions is aimed at the professional market, delivering appropriate voice and data traffi c, internet and digital TV solutions to major enterprises, government bodies, health institutions and SMEs. Since 2005 Telenet has been listed on Euronext Brussels. The company has around 1 500 employees. Belgian Cable Investor, controlled by Liberty Global, exercised its call options on the Telenet shares held by Gimv, at EUR 25 a share, representing a cash income of EUR 95.1 million for 3 804 450 shares. At the beginning of August, Gimv exercised its Telenet warrants at EUR 13.33, bringing its holding in Telenet back up to 1 615 344 shares or 1 percent of the share capital. Finally, in November, Telenet carried out a capital reduction of EUR 6 per share, giving Gimv a cash income of EUR 9.7 million. GIMV ICT’S TEN LARGEST UNLISTED SHAREHOLDINGS The ICT portfolio has a total value of EUR 165.8 million. EUR 26.8 million of this amount relates to listed and EUR 139.0 million to unlisted companies. At the end of the 2007-2008 fi nancial year the combined value of the ten largest unlisted shareholdings amounted to EUR 76.3 million, or 62 percent of all unlisted Gimv ICT shareholdings (funds excluded). | 45
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 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: Liquavista www.liquavista.com Dutch
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
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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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