ANNUAL REPORT 2007 | 2008 - Gimv

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VENTURE CAPITAL Overview of the Gimv Life Sciences portfolio Name Website Country Activity Entry 7tm Pharma www.7tm.com France Therapeutics for treating metabolic disorders 2002 AbLynx www.ablynx.com Belgium Antibody technology 2001 ActoGenix www.actogenix.com Belgium Proteins for treating gastrointestinal diseases, etc. 2006 Ambit www.ambitbio.com United States Kinase drug discovery 2002 Acertys Group www.acertys.com Belgium Sale and distribution of medical equipment 2007 Astex Therapeutics www.astex-therapeutics.com United Kingdom Molecule-directed drugs 2001 Avalon Pharmaceuticals www.avalonrx.com United States Cancer / genomics 2000 Ceres www.ceres-inc.com United States Agrobiotechnology / genomics 1998 ChemoCentryx www.chemocentryx.com United States Chemokine receptor drug discovery 2004 Diatos www.diatos.com France Drug delivery 2000 Evotec www.evotec.com Germany Drugs for central nervous system disorders 2004 Fovea www.fovea-pharma.com France Drugs for eye disorders 2005 Galapagos www.glpg.com Belgium Bone and articulatory diseases 1999 Innate Pharma www.innate-pharma.fr France Immuno-modulation therapeutics 2000 Memory Pharmaceuticals www.memorypharma.com United States Memory dysfunction drugs 1998 Movetis www.movetis.com Belgium Drugs for gastrointestinal problems 2006 Nereus Pharmaceuticals www.nereuspharm.com United States Marine microbiology-derived therapies 2000 Pamgene www.pamgene.com Netherlands Microarray-systemen 2000 Plexxikon www.plexxikon.com United States Drugs for cancer, infl ammation and metabolic disorders 2002 Pronota www.pronota.com Belgium Protein biomarkers 2006 Santhera Pharmaceuticals www.santhera.com Switzerland Drugs for neuromuscular and metabolic disorders 2001 Thrombogenics www.thrombogenics.com Belgium Drugs for vascular diseases 2006 TorreyPines Therapeutics www.torreypinestherapeutics.com United States Biotests for Alzheimer’s 2000 Xanthus Pharmaceuticals www.xanthus.com United States Cancer treatment drugs 2003 54 | Gimv Annual Report 2007-2008 | Operating and fi nancial report
Cleantech Last year Gimv took its fi rst steps towards setting up a cleantech business unit with its investment in Emerald Technology Ventures’ cleantech fund. In April 2007, Gimv upped its commitment from EUR 12 million to EUR 30 million. Since then the Emerald Fund, in which Gimv is the largest investor, has undertaken nine investments. Gimv has also begun building up its own cleantech team. With climate change looming large and energy reserves growing scarce, cleantech has received worldwide attention from the general public, politicians and the investment community. The growing importance of the cleantech sector is demonstrated by the rapidly growing interest and large number of investments in cleantech. In just a few years the cleantech market has become both larger and broader. Alongside ‘green classics’ like renewable energy and water treatment, cleantech can also be found in other areas like transport, agriculture, biotechnology and new materials. Europe has built up a major lead in the development of green technology. Half of the licences for fuel-saving motor vehicles come from the European Union. This technological lead is not, however, refl ected in the total amount invested in environmentally friendly technology. Of the USD 3.5 billion of venture capital currently going annually into cleantech, 75 percent is going to US companies, followed by 18 percent for Europe. It is now up to Europe to start to catch up here with the United States. Gimv is aiming for a prominent position in Europe’s fast-growing cleantech market, with an initial focus on the Benelux. For this it can rely on its own track record and experience in venture capital and on the cleantech expertise of Emerald Technology Ventures. As well as investing in Emerald’s cleantech business, Gimv is busy starting up its own cleantech business unit. Two investment professionals have already been recruited for it. The recruitment and supervision of these sector specialists is being actively supported by Emerald Technology Ventures. Emerald Technology Ventures www.emerald-ventures.com Emerald Technology Ventures, with offi ces in Zurich and Montreal, is the world leader in cleantech venture capital. It invests primarily in early stage and expansion stage European and North American companies. Emerald focuses on innovative technologies in energy, materials and water. Emerald’s 16 specialists have EUR 285 million under management in 34 portfolio companies. Gimv invested EUR 30 million in Emerald’s recent cleantech fund (EUR 150 million), making it the largest investor. The fund has nine companies in its portfolio: Fluxxion (NL), Emergya Wind Technologies (NL), O-fl exx Technologies (D), Identic Solutions (A), Vaperma (CAN), ARXX Green Building Systems (USA), SDC Materials (USA), SynapSense (USA) and Xunlight Corporation (USA). | 55
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ANNUAL REPORT 2007 | 2008
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KEY FIGURES LIMITED CONSOLIDATION 3
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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
Page 53 and 54: Gimv continues to support sharehold
Page 55 and 56: GIMV IS A REFERENCE IN THE BIOTECH
Page 57: PamGene www.pamgene.com PamGene, a
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
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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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