ANNUAL REPORT 2007 | 2008 - Gimv

INTRODUCTION
1. GENERAL INFORMATION
Gimv NV
Public Limited Company
Registered offi ce:
Karel Oomsstraat 37
2018 Antwerp
Phone: +32 3 290 21 00
Fax: +32 3 290 21 05
Website
www.gimv.com
Commercial register
Antwerp nr. 222.348
Enterprise number
0220.324.117
Date of formation
25/02/1980
Financial year
1 April 2007 - 31 March 2008
Financial servicing
KBC Bank
Number of shares (31/03/2008)
23 176 005
2. LIMITED CONSOLIDATION VERSUS STATUTORY
CONSOLIDATION
From the 2005 fi nancial year onwards Gimv is required to prepare
its consolidated annual accounts in accordance with the
‘International Financial Reporting Standards’ (IFRS) as approved
for application in the European Union. The Group has opted,
after the transition to IFRS, to continue presenting two kinds of
consolidated accounts, that is the ‘statutory’ consolidation and
a ‘limited’ consolidation.
A signifi cant impact of the transition to IFRS is that a number
of companies in the investment portfolio which the Gimv group
is deemed to control in accordance with IAS 27 (scope of
consolidation) have to be fully consolidated. Given that these
investments have been made expressly with a view to creating
capital gains and generating income, we believe that the consolidation
of enterprises included in the investment portfolio is not a
relevant yardstick for measuring the Gimv group’s performance
and can even be potentially misleading.
Gimv regrets that the IASB, in its improvements project, has
failed to include an exception for the consolidation of investment
companies on the lines of those included for associates and
joint ventures. Such an exemption from consolidation exists, for
example, under US GAAP and Australian GAAP.
To meet the information needs of annual report readers, we
consider it necessary to produce a second set of fi nancial
statements in addition to the consolidated annual statements
prepared in accordance with IFRS as approved by the European
Union. This “limited” consolidation fully consolidates only the
investment company subsidiaries; the other companies which
under IAS 27 Gimv is deemed to control, but which belong to
the investment portfolio, are valued at fair value in accordance
with the international valuation guidelines for private equity
companies.
The consolidated fi nancial statements are expressed in thousands
of euros unless otherwise mentioned.
The consolidated fi nancial statements of Gimv NV at 31 March
2008 were approved for publication by the Board of Directors
on 20 May 2008.
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