
Annual Report 2020-2021 | Financial statements
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The following table summarises the contractual nominal payments of the three current bond debts
by future accounting period, broken down into the principal repayment and the annual interest
payments. The annual payment date is stated in the table of the bond’s specications.
Period (in 1,000 EUR) Principal Interest Total
From 01-04-2021 to 31-03-2022 - 10,531 10,531
From 01-04-2022 to 31-03-2023 - 10,531 10,531
From 01-04-2023 to 31-03-2024 - 10,531 10,531
From 01-04-2024 to 31-03-2025 - 10,531 10,531
From 01-04-2025 to 31-03-2026 - 10,531 10,531
From 01-04-2026 to 31-03-2027 75,000 10,531 85,531
From 01-04-2027 to 31-03-2028 - 8,375 8,375
From 01-04-2028 to 31-03-2029 100,000 8,375 108,375
From 01-04-2029 to 31-03-2030 - 6,125 6,125
From 01-04-2030 to 31-03-2031 - 6,125 6,125
From 01-04-2031 to 31-03-2032 175,000 6,125 181,125
The table below gives the main specications of the various bonds.
Bond characteristics (in EUR)
2031 12 year
(175 m)
2029 8 year
(100 m)
2026 7 year
(75 m)
Trade date 21-06-2019 08-03-2021 21-06-2019
Value date 05-07-2019 15-03-2021 05-07-2019
Maturity date 05-07-2031 15-03-2029 05-07-2026
Nominal value (100%) 175,000,000 100,000,000 75,000,000
Denomination 1,000 100,000 1,000
Issue Price 102.000% 100.000% 101.875%
Issue Value 178,500,000 100,000,000 76,406,250
Interest rate - nominal 3.500% 2.250% 2.875%
Interest rate - actuarial 3.296% 2.250% 2.579%
Payment date 05-07-20xx 15-03-20xx 05-07-20xx
In addition to its EUR 350 million of long-term bond debts, Gimv also has a lease obligation of EUR
2,631 thousand resulting from the IFRS 16 Leases standard, in force since 1 April 2019. The resulting
long-term lease obligation amounts to EUR 1,630 thousand as of 31 March 2021.
Remaining term
2019-2020 (in 1,000 EUR) < 1 year 1 to 5 years > 5 years Total
Financial debts
Bonds - - 250,000 250,000
Lease liabilities (IFRS 16) 1,051 2,311 - 3,362
Total 1,051 2,311 250,000 253,362
Note 18. Provisions
In FY 2020-2021, provisions increased by EUR 4,599 thousand, mainly in the context of the Long
Term Incentive Plan (LTIP). In line with private equity practice in Gimv’s home markets, Gimv has
since 2001 had a long-term incentive plan, under which executive committee members and a
signicant group of employees share in the realised net capital gains and participate in this way
in Gimv’s long-term results. It is only to the extent that a portfolio of companies can be sold
successfully, and osetting protable with loss-making shareholdings, that employees can share
in the realised capital gain. In this way, employees’ interests are directly aligned with those of Gimv
and its shareholders, in particular the maximisation of realised net capital gains on the portfolio and
the resulting creation of shareholder value.
This LTIP is based on successive three-year investment periods years (‘vintages’). Until and
including the 2016 vintage, Gimv employees could co-invest, through co-investment companies, in
the basket of companies in which Gimv also invested during that three-year period. For each three-
year investment period, Gimv set up a co-investment company for each of the four investment
platforms, as well as an overarching co-investment company. Belgian LTIP beneciaries acquired
warrants for the 2013 and 2016 vintages (prior to 2013: options) on shares of these co-investment
companies, while foreign beneciaries could acquire shares of these co-investment companies.
Since the 2018, an adjusted system has applied. For further information, the reader is referred
to the remuneration report. As a general rule, beneciaries’ rights under the LTIP are only nally
acquired after a period of eight years (the ‘vesting period’). Upon exercise, each warrant entitles
the holder to one share in the co-investment company in question. The co-investment company
shares acquired by exercising the warrants may be sold to Gimv at the earliest eight years after
the start of the three-year investment period, based on the cash gains realised on that date on the
relevant total investment portfolio and after payment of all management and nancing costs. For
this reason, the rst settlement date is only after eight years, followed by a ve-year earn-out period
in which further cash realisations from the investment portfolio can lead to additional payments.
Based on this LTIP, since 2010, approximately 12.5% of the net realised cash gains on divestment
from the relevant investment portfolios (with osetting of all protable and loss-making investments
and net of nance and management costs) have been allocated to the beneciaries.
Foreword Highlights 2020-21 Financial statementsESGResults 2020-21Investment focus & platforms Governance & Remuneration