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Gimv confirms dividend but reports negative portfolio return

Harriet Matthews
20 May 2020

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Gimv's FY 2019/2020 results reveal that it has made a 2x money multiple on exits in the period
Cash proceeds from divestments stand at €179.4m
Healthcare and technology make up half of the GP's total investment activity, according to Unquote Data
Gimv invested €205m in six new platform investments and additional bolt-ons in 2019/2020

Listed GP Gimv has published its 2019/2020 financial year results, confirming a €2.50 dividend with the option to receive new shares, but reporting a negative 10.3% portfolio return in the wake of the coronavirus crisis.

The dividend payment remains subject to its general meeting in June 2020.

In 2019, the GP’s portfolio saw sales growth of 12% and EBITDA growth of 9%.

The GP invested €205m in six new platform investments, above its target of €200m. The GP also backed a number of add-ons.

The cash proceeds from its divestments were €179.4m and it realised a money multiple of 2x.

The GP said in a statement that the coronavirus crisis has had varying impacts across its portfolio but that it is still too early to predict the ultimate consequences. The statement added that more than 80% of its current portfolio is made up of companies that it has invested in in the last four years.

The GP’s balance sheet totals €1.4bn and its portfolio is valued at €1.017bn, in spite of significant coronavirus-related adjustments. It issued an LT bond in June 2019.

The GP’s current portfolio includes recently acquired Grandeco Wallfashion Group and Biotalys. According to Unquote Data, almost a quarter of the GP’s investment activity is in the technology sector and more than a quarter is in healthcare. Less than a fifth (18%) of its historic activity has been in the industrials sector.