Excellent half-year result reflects enlarged portfolio and further growth at our portfolio companies

22/11/2018 - 07:00 | Financial

Managing Director Koen Dejonckheere, on the past half-year's results: "The past six months were marked by further portfolio growth. Despite more than EUR 1.5 billion of exits over the past 5 years, the portfolio has grown by more than a third in size during the same period.

Our value creation has also continued apace.  In the first six months of the financial year our portfolio companies again grew nicely, in terms of both turnover and profitability. In addition, various portfolio companies continued to expand through intensive buy & build strategies. In this way, a strong portfolio return was once again achieved, with a half-year profit of EUR 63 million."

The results for the first half of the 2018-2019 financial year cover the period 1 April 2018 to 30 September 2018.

Key elements

Further expansion of the portfolio

  • 3 new investments and 3 exits
  • Intensive buy & build trajectories at various portfolio companies
  • Further reduction of third-party funds
  • Promising, young portfolio of EUR 1 billion
  • 54 shareholdings in portfolio
  • 4 transactions already in the beginning of the second half

Another attractive half year result

  • Further growth of the portfolio companies: ~ 10% sales & EBITDA growth
  • Strong portfolio return of 16.6% (annualized)


Results

  • Portfolio result: EUR 79.8 million
  • Portfolio return: 16.6%
  • Net result (group’s share): EUR 62.5 million (EUR 2.46 per share)


Investments

  • Total investments: EUR 60.9 million


Divestments

  • Total divestments : EUR 98.6 million
  • 61.6% uplift on their opening value in equity at 31 March 2018


Equity

  • Equity value (group’s share): EUR 1 270.9 million (EUR 50.0 per share)
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Balance sheet

  • Balance sheet total: EUR 1 331.6 million
  • Portfolio: EUR 999.4 million
  • Cash position: EUR 314.6 million


Dividend

  • Gimv strives to maintain its current dividend policy
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