Annual Report 2020-2021
Persistence
& Performance
Cover: Inside of the automated ‘Kardex’ crate warehousing system of
portfolio company AME where components, parts and/or semi-nished
products are stored.
2
For over 40 years now, Gimv has been investing in
innovation and entrepreneurship. Our exible approach
is based on a solid balance sheet, patient capital, and
long-term view. Hand-in-hand with the driven teams of
growth companies, our dedicated teams of experts are
working on innovative solutions for tomorrow’s society.
Contents
1. Message from Chairman and CEO 6
2. Highlights 2020-2021 8
3. Investment focus and value creation 11
4. Four forward-looking investment platforms 17
Consumer 18
Health & Care 22
Smart Industries 26
Sustainable Cities 29
5. Results 2020-2021 32
6. ESG 38
7. Corporate Governance 47
8. Remuneration report 62
9. Financial statements 74
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
Annual Report 2020-2021
4
Sustainable
Cities
Smart
Industries
Health &
Care
Consumer
344297 227
23 158 11
MILLION EUROS IN PORTFOLIO
232
Value creation around four investment platforms Growing investment portfolio
Gimv at a glance
Overview 31-03-2021
1.2
BILLION EUROS
IN PORTFOLIO
57
PORTFOLIO
COMPANIES
15,000
PROFESSIONALS WORKING
IN PORTFOLIO COMPANIES
2.8
BILLION EUROS TURNOVER
BY PORTFOLIO COMPANIES
2015-16 2016-17 2017-18 2018-19 2019-20
227
394
371
196
179
130
180
246
222*
205
2015-16 2016-17 2017-18 2018-19 2019-20
18%
17%
10%
14%
9%
11%
12%
10%
10%
12%
20162015201420132012 2017 2018 2019 2020
2021
1,017
1,233
1,082
960
964
1,014
920
931
814
845
85 portfolio companies 57 portfolio companies
Portfolio evolution over 10 years (2009-2021, in EUR millions)Portfolio composition (amount of companies / EUR millions per platform)
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
Annual Report 2020-2021
5
Investments Divestments
Consolidated nancial statements (in EUR 000) 2020-2021 2019-2020 2018-2019 2017-2018 2016-2017
Equity 1,274,280 1,104,924 1,321,252 1,274,252 1,233,177
Portfolio 1,232,929 1,016,984 1,081,926 960,369 963,585
Cash and cash equivalents 517,480 368,041 276,699 380,452 313,906
Portfolio result 274,815 -111,959 155,259 150,400 169,007
Portfolio return
1
27.0% -10.3% 16.2% 15.6% 18.8%
Net prot 205,724 -151,573 112,079 107,064 131,853
Total gross dividend 63,567 63,567 63,567 63,567 63,567
Investments (own balance sheet) 211,129 204,885 222,208 246,209 179,628
Divestments (own balance sheet) 265,510 179,404 196,205 371,145 394,346
Number of employees 89 91 91 92 93
Key gures per share (in EUR)
Equity 49.0 43.5 52 50.1 48.5
Net prot 7.96 -5.96 4.41 4.21 5.19
Gross dividend 2.5 2.5 2.5 2.5 2.5
1
Realised capital gains + unrealised capital gains on nancial xed assets + dividends + interests / portfolio at start of nancial year
Key gures
266
394
371
196
179
211
180
246
222
205
2016-17 2017-18 2018-19 2019-20 2020-21
2016-17 2017-18 2018-19 2019-20 2020-21
9%
17%
10%
14%
4%
11%
12%
10%
10%
2%
20162015201420132012201120102009 2017 2018 2019 2020
1 017
1 082
960
964
1 014
920
931
814
845
884
714
578
93 portefeuillebedrijven
53 portefeuillebedrijven
266
394
371
196
179
211
180
246
222
205
2016-17 2017-18 2018-19 2019-20 2020-21
2016-17 2017-18 2018-19 2019-20 2020-21
9%
17%
10%
14%
4%
11%
12%
10%
10%
2%
20162015201420132012201120102009 2017 2018 2019 2020
1 017
1 082
960
964
1 014
920
931
814
845
884
714
578
53 portefeuillebedrijven
Turnover Ebitda
Turnover and Ebitda growth in the portfolio (in %) Investments and divestments on annual basis (in EUR millions)
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
Annual Report 2020-2021
6
In addition, thank you to our business partners. We could never have tackled this
crisis alone: they have remained continuously active in the market and continue to
support us where necessary.
Without committed employees we wouldn't be where we are today. Therefore, not
least a big thank you to all our Gimv employees. From day one of the pandemic, they
have shown a close commitment to our portfolio companies and a strong will and
strength to guide Gimv through this crisis. Working from home turned out to be no
obstacle to putting their shoulders to the task, On the contrary: our strong team
managed to record a record prot year despite everything. We are therefore very
proud of such a resilient team.
And even though the environment is unparalleled and challenging, we remain
optimistic and looking for new opportunities. With an increasing vaccination coverage,
the prospect of an exit from this crisis is growing. We are ready for that.
A strong portfolio achieves growth and a record return
Despite the impact of Covid-19, our portfolio performed strongly during the past year,
with positive turnover and Ebitda growth, and this in a severely shrinking economy.
Some of our businesses were accelerated their growth, while others were forced into
complete inactivity. In global terms, all this translated into a solid portfolio return of
27 percent over the past year.
As an active and responsible shareholder, we combined supporting our portfolio
companies with promising new investments and some important exits. We were able
to expand our portfolio in all our platforms and in all countries where we operate. For
the fourth year in a row, we have exceeded our investment ambition of EUR 200
million.
Dear shareholder,
We don’t need to underline yet again that the past year was an exceptional and
challenging one. But no one could have predicted that a year later we would still have
to live and work in this never previously experienced context. That the pandemic
would test our businesses, our health care system, our working-at-home population,
indeed our entire society for so long and so severely. That this pandemic is causing
so much human suering worldwide. Some of us have been personally hit hard by
this. Our thoughts go out especially to them.
In addition, a big word of thanks is also in order.
In the rst place to the management and all employees of our portfolio companies,
for the decisiveness and perseverance they have demonstrate over the past year. Not
only have they continuously adapted to dicult and rapidly changing circumstances,
but they have always continued to look ahead to a future without Covid-19. Today,
thanks to the tremendous perseverance of all teams involved, we can proudly say
that our portfolio is stronger than ever. A limited number of portfolio companies, hit
particularly hard by the crisis, have been able to rely on temporary unemployment
systems or other forms of support to protect their workforces. We are grateful to the
respective authorities for this. In addition to targeted support through a Gimv capital
injection, this helped to avoid any bankruptcy and preserve the chances of a speedy
recovery after the reopening.
1. Message from Chairman and CEO
“ In the right gear, accelerating out
of a dicult turn in the road”
Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platformsForeword
7
Annual Report 2020-2021 | Foreword
Sustainable investing
Our companies operate in industries and sectors that are essential to the future of
our society. Whether the digitisation of healthcare and our society, the promotion of
healthy sustainable food or the development of eco-ecient technologies for a
circular economy, we are focusing our investments on the major challenges facing us.
Our economy and society are facing transformation. Gimv wants to continue to
support and grow companies that will play a leading role in this.
In March 2021, Gimv pioneered the creation of a sustainable nancing framework, and
in so doing took a major step in reconciling the traditional requirements of a
sustainable bond with our long-term investment strategy. In this way we focus our
investments on companies that actively contribute to the realisation of the Sustainable
Development Goals of the UN. The successful placement of our rst sustainable bond
showed that institutional investors support our sustainability ambitions.
Stronger, more resilient and ready for the future
Out the outset of the pandemic, our teams and our portfolio companies took the right
measures. For this reason, our portfolio is today more robust than ever, and with an
even stronger nancial position we are ready to realise the further growth of Gimv
and our portfolio companies. Let's not forget that our economy is driven by excellent
SMEs, led by courageous business leaders with strong ideas and committed
employees. They are the ones who piloted us through this crisis. With their innovations
and positive entrepreneurial spirit, they oer a promising future and will revive our
economy. We are pleased to join them in this, with our own entrepreneurs and the
added value they create. With our strong portfolio, passionate and specialised teams
and a solid balance sheet, we have all the assets to shift up a gear after this pandemic.
No virus can compete with that. That is something we have all proven together over
the past year.
You too are part of this eort, dear shareholder. Thank you for your trust!
Hilde Laga, Chairman and Koen Dejonckheere, CEO
“ With their innovations
and positive
entrepreneurial spirit,
our companies oer
a promising future
and will revive our
economy”
Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platformsForeword
Annual Report 2020-2021
8
Exit
June
Spineart - a Swiss med-tech company
active in spinal surgery - and Gimv
welcome EGS Beteiligungen AG as
co-investor
August
France’s Melijoe and Gimv join forces
with The Babyshop Group for global
leadership in high-end children’s
fashion
October
Gimv invests in Biolam (F) to continue
its rollout as a regional challenger in
medical laboratories
November
Gimv invests in SynOx Therapeutics
(IRL) which raises EUR 37 million for
developing emactuzumab to treat
tenosynovial tumours
2. Highlights of 2020-2021
Televic
June
Gimv acquires a signicant shareholding in Televic (B), a global player in
high-tech communication systems, to support the company’s international
growth
Gimv, D2E and founders sell
Belgian logistics service
provider Contraload to Tosca,
an American player in
reusable packagings and
supply chain solutions
Contraload
June
Foreword Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platformsHighlights 2020-21
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Annual Report 2020-2021 | Highlights of 2020-2021
December
Gimv sells Itho Daalderop-Climate for
Life (NL) - market leader in
sustainable total solutions for energy-
neutral living in the Benelux - to
Parcom
March
Gimv pioneers a sustainable nancing
framework and successfully issues its
rst sustainable bond
March
Gimv invests in Verkley, a contractor
in the Northern Netherlands
specialising in cable and pipe
networks for energy and water
April
Gimv invests in Apraxon to support
growth ambitions of this German
specialist in home-based wound care
Gimv sells OTN Systems (B), a
supplier of telecommunication
solutions for the industrial market, to
US listed Belden Inc.
OTN Systems
January
Gimv invests in Kinaset
Therapeutics (US) via a USD 40
million Series A investment round
to develop new inhalation therapies
for severe asthma conditions
Kinaset
October
sofatutor
March
Investor consortium around EMERAM
and Gimv backs German digital
learning platform sofatutor into its next
growth phase
Exit
Follow our news on
Exit
Foreword Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platformsHighlights 2020-21
Annual Report 2020-2021
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10
Annual Report 2020-2021
Communication platforms
keep the economy going
communication that matters
From its headquarters in Belgium and with a strong foreign
presence, 950 employees and a turnover of of approximately
EUR 130 million, Televic is a world player in the making for high-
tech communication systems in specic markets. The growth
potential is great in sectors where digital communication
applications are the solution for many challenges: reliable
passenger information systems and control systems
in trains and trams, digital health applications e.g. in elderly
care, lifelong e-learning and the ubiquitous conferencing systems
for, among other things, remote meetings.
From a strong vision on technological trends, a powerful focus on
innovation, a clear vision on distribution and a great customer
orientation, the company is well on its way to fullling its dual
growth strategy: a combination of gaining even more market
share locally and to further strengthen its international growth.
www.televic.com
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
As an investment company we seek to create sustainable
strategic added value in response to the major economic
and social challenges facing us today. We do this together
with our portfolio companies.
11
Annual Report 2020-2021
3. Investment focus
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
12
Annual Report 2020-2021 | Investment focus
Gimv is an active and committed shareholder. In four strategic investment platforms
- Consumer, Health & Care, Smart Industries and Sustainable Cities - we join forces
with companies which present strong growth potential. As an investment company,
we set to work with entrepreneurs to grow their businesses, delivering added
value through innovation, internationalisation, digitisation and sustainability.
The management teams at our portfolio companies can count on our extensive
operational and nancial expertise, expanding their own ecosystems with the
extensive international network that we have built up over a long time at Gimv.
Our multidisciplinary and international teams are happy to complement an
entrepreneur's in-depth sector knowledge with additional insights, market
opportunities and experience from other portfolio companies. Partnering with
entrepreneurs in our specialist areas is the key to achieving sustainable value
creation.
On the following pages, we illustrate this with some examples, based on the exits of
the past nancial year.
An active shareholder
with an international focus
and a proven track record
Flexible partner with solid balance sheet
Gimv invests directly in companies, mainly out of its own balance sheet resources.
With a strong balance sheet and permanent access to capital, Gimv presents itself as
a exible and evergreen partner. This exibility also translates into a wide range of
investment structures (buyout, growth capital or venture capital for the life sciences
sector), through both majority and minority investments. In this way we can respond
to the specic needs of each portfolio company.
Investment criteria
ambitious and innovative companies with strong growth potential
small to medium-sized companies with capital needs of between EUR 5 and
75 million
companies headquartered in Benelux, France or the DACH countries
companies with strong managements, clear business visions, and strategies based
on sustainable value creation and social added value
Six levers for value creation
by expanding sales
networks or entering
new market segments
Accelerating sales
by developing and
bringing to market new
products or business
models
by enabling companies
to grow from local
champions into leading
global players
adapted to the growth
process of the particular
company (reporting,
organisational structure ...)
or growth through
acquisitions
Strategically
positioning
of the company for its
next growth phase
Global anchoring Buy-and-build
From product innovation
to go-to-market
Helping shape
operational excellence
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
13
Annual Report 2020-2021 | Investment focus
Itho Daalderop-Climate for Life responds to the trend towards sustainable homes and
the growth potential of the theme of comfortable, healthy and carefree living. Starting
from a Top 10 priority plan with a solid investment agenda, the company and Gimv
together foresaw that the main potential for growth lay with integrated systems and
concepts that respond to that trend, for both renovation and new construction
markets.
Value creation takes various paths
During the past year we added to our portfolio 24 companies, all platforms combined.
Companies like as Kind Technologies, Cegeka, Arseus Medical, Biolam, Grandeco,
Köberl and many others made varied acquisitions. Agrobiothers and Spineart worked
on product innovation that ties in with trends towards, inter alia, more sustainable
products or progressive care. With additional capital rounds, Topas Therapeutics,
Onward and Precirix raised funds for further product development. At Contraload,
OTN Systems and Itho-Daalderop-Climate for Life new investors were attracted for
the next growth phase.
Value creation takes various paths, and Gimv's investment teams are happy to
respond to the opportunities and specic needs of the company involved.
growth in
turnover at
portfolio companies
Ebitda increase
at portfolio
companies
of realised
capital gains
on exits
111
add-on
acquisitions
2% 4% EUR 100 mio 24
growth in
turnover at
portfolio companies
Ebitda increase
at portfolio
companies
of realised
capital gains
on exits
111
add-on
acquisitions
2% 4% EUR 100 mio 24
Value creation
Climate for Life
Responding intelligently to the trend
towards sustainable homes
At Itho, value creation had already started before Gimv’s entry, through a combination
of sales acceleration and product innovation via a new business model. In 2016,
Gimv facilitated the merger of Itho Daalderop (www.ithodaalderop.nl) and
Klimaatgarant (www.klimaatgarant.nl). In recent years, Itho Daalderop-CFL has grown
into a major player in HVAC products for the Benelux residential market. CFL was able
to expand the group through investments in people, assets, innovation and the further
development of integrated, sustainable HVAC solutions for homes, with full support
from Gimv. The group currently occupies a leading position in the Dutch new-build
market and is an unrivalled pioneer in ground source heat pumps.
In December 2020, Gimv sold its majority holding in Climate for Life Holding, the
merger partner above producer Itho Daalderop and service provider Klimaatgarant,
to Parcom. cholding.com
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
Contraload leases out plastic load carriers, IBC containers, FLC containers and layer pads for the
professional market, including support services like transport, cleaning and repair. In so doing
Contraload is responding to the trend towards sustainable packaging devices, with maximum
customer service. www.contraload.com
Contraload contributes to achieving
the Sustainable Development Goals
“ The demand from our
customers is becoming more
and more international and
specic. Our unique range of
innovative products and plans
clearly contributes to reducing
the waste mountain”
– Jesse Sels, CEO Contraload
Value creation
Contraload
14
Annual Report 2020-2021 | Investment focus
Innovative logistics
to reduce waste
in the supply chain
As a Belgian logistics service provider, Contraload is the absolute European market
leader in the niche market for plastic pallets and other load carriers.
In 2016, Gimv took a shareholding in Contraload, alongside D2E Capital and founders
Sylvain Naets and Jesse Sels, CEO. With more than 20% annual organic growth,
the company has developed a strong growth path in recent years, boosting its
sales team to increase its European footprint and working to achieve
operational excellence. The expansion of the product range, among other things via
the strategic acquisition of PLS in 2018 (pooling & cleaning of layer pads), provided
an additional growth element. The company today employs 155 people and posted
sales of EUR 46 million in 2019. Since its inception in 2004, Contraload has invested
more than EUR 75 million in load carriers, and today manages over three million asset
items that provide services to around 800 customers via more than 4,000 collection
points in Europe.
In June 2020, Gimv, D2E and the company’s founders sold Contraload to Tosca.
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
OTN Systems develops and distributes business-critical telecommunication solutions
for specic industrial segments such as electricity (DSO & TSO) and transport.
Since its introduction in 2015, more than 100 customers worldwide have chosen XTran.
www.otnsystems.com
OTN Systems contributes to achieving
the Sustainable Development Goals
15
Annual Report 2020-2021 | Investment focus
In 2008 Gimv took over the OTN business unit of Nokia Siemens Networks via a
carve-out and founded OTN Systems. The company was then ready to become
independent, a process that Gimv was able to help shape over the ensuing years. As
well as installing a good sales process for existing products, work proceeded in
parallel on XTran, a completely new technology platform for industrial applications
which, with its underlying network technology, proved less complex than the then
prevalent solutions. Today XTran forms the basis for numerous metro trains across in
the world, for the stable operation of pipelines, and for universally accessible
electricity. XTran guarantees reliable operability in sometimes harsh conditions, with
a control system that is intuitive and easy to employ.
Clear choices, a focus on strong technology and incisive eorts and resources for
R&D, substantial operational improvements and a signicant expansion of the
network of partners permitted Xtran’s successful worldwide marketing.
In January 2021 Gimv sold OTN Systems to listed company Belden Inc. Watch the
exit interview
Global player through
powerful technology
and focus
Value creation
OTN Systems
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
16
Annual Report 2020-2021 | Investment focus
Introduction to ESG
At Gimv we are fully cognisant of the social context in which we work. This DNA is in
our roots. Let’s not forget that Gimv was founded in 1980 to support the growth of
Flemish companies and turbo-charge the growth of Flanders’ socio-economic fabric.
Today, the challenges and trends of today’s societies form the foundation of our
platform organisation and investment approach.
Gimv's investment strategy ts seamlessly with the reference framework
of the UN Sustainable Development Goals (SDGs). The more than fty
companies in which we have shareholdings today oer answers to the
social issues of tomorrow: sustainability, ageing, healthcare, urbanisation,
globalisation, ecological food, renewable energy and more. They set the
bar high, seeking to transform their sectors with their products and
services. See Chapter 6. ESG for more info
General connection of Gimv's investment platforms
to the Sustainable Development Goals
Platform strategy ts seamlessly with
the Sustainable Development Goals
“ ESG is interwoven into
Gimv's platform strategy
and investment approach”
investment focus
driven by societal
trends
negative
screening
ESG due
diligence
attention for
sustainability
during holding period
1 2 3 4
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
Integration of ESG in the investment process
17
Annual Report 2020-2021
17
In four strategic investment platforms - Consumer, Health & Care, Smart Industries and
Sustainable Cities - we are searching for tomorrow's market leaders. Starting from
a specialised sector vision, we join forces with the management teams of innovative
companies, working with them to achieve growth and create value.
4. Four future-looking
investment platforms
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
Annual Report 2020-2021 | Investment platforms
18
The Consumer platform focuses on companies that respond to the
needs and preferences of consumers who consciously choose active,
healthy and ecologically responsible lifestyles.
As consumers, we eat and drink, try to live comfortable lives at home, go
shopping, play sports and enjoy other leisure moments. Consumer goods
and services form a diverse ecosystem, represented by millions of
companies across Europe, from tiny SMEs to multinationals. Almost all of
them seek to respond to consumer trends such as health and well-being,
spoiling oneself, sustainability, digitization, etc.
In Consumer, Gimv collaborates with a wide range of companies, both
younger 'digital native' and more established, both B2B and B2C,
both production and distribution. In so doing, the team wants to be a
trusted sparring partner for entrepreneurs wanting to write the next
chapter of their business stories. With our skills that complement
entrepreneurs' in-depth sector knowledge, we are keen to turn challenges
into opportunities. With more general sector knowledge and lots of
experience from other growth companies, in particular with fresh
perspectives and an open mind. Seeking sustainable growth and value
creation through innovation, internationalisation, digitisation and
sustainability.
Consumer
“ With a passion for the story of the
entrepreneur and the contemporary
consumer, we want to be partners
linking ambition and realization”
– Koen Bouckaert,
Managing Partner, Head Consumer
Investment focus
FOOD & BEVERAGE
healthy, sustainable and tasty food and drinks, to inspire international
consumers
PET FOOD & CARE
quality pet foods and accessories for pets as full family members
HOME & FAMILY
high-quality products and services for home, garden and family, tailored
to comfortable, pleasant lives
In other sectors, including Education, Health, Welfare, Sports and Leisure,
we are well placed to oer fresh perspectives and discover new
opportunities.
With Consumer, Gimv contributes to realizing
the Sustainable Development Goals
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
19
Annual Report 2020-2021 | Investment platforms
Portfolio Consumer
227
MILLION EUROS
IN PORTFOLIO
15
PORTFOLIO
COMPANIES
Production and distribution
of pet care products
Multi-channel retailer in baby
and children’s products
Leading supplier of nuts
and healthy snacks
Trendy restaurant chain
for fast casual meals
Overview at 31-03-2021
Activity in the portfolio in 2020-2021
In the past year, the Consumer platform invested EUR 41.5
million. In the existing portfolio, French company Melijoe
joined forces with The Babyshop Group, Dutch company
Snack Connection became Blendwell Group, after a
number of acquisitions. Belgian company Grandeco also
moved up a gear with its strategic acquisition of Holden
Decor Ltd (UK), strengthening its position as the future-
proof market leader in decorative wallpaper. Finally, with
a new investment in the German digital learning platform
sofatutor, Gimv enters the promising e-learning market.
Manufacturer of decorative
wallcoverings
Temporary employment agency
for specialised proles
Premium baby strollers Developer and supplier of
tailor-made cheese solutions
A leading French-style
convenience food chain
Posters and point-of-
sales-material
Provider of interactive
email solutions
Telecom big-data
applications
Online learningplatform International beer group Design, manufacturing and
distribution of women’s underwear
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
20
Annual Report 2020-2021 | Investment platforms
“ Together with our co-investors,
we look forward to further
growing sofatutor in e-learning.
To close the gap in online learning
and improve access to quality
education”
– Stephan Bayer, CEO sofatutor
Spotlight sofatutor
player in the digital learning oering. The sofatutor product and service package
includes some 11,000 videos or digitally animated content in 'Pixar' quality, as well as
interactive exercises and worksheets for 14 dierent school subjects. Students have
exible access to material via the web-based platform or the sofatutor app and can
chat about homework in real time with qualied teachers. Sofatutor has everything
needed to support schools, teachers and students not only after school hours but
also during lessons with digital teaching content. www.sofatutor.com
Making quality digital education universally accessible
Quality education is an important factor for society. Together with a consortium of
investors, Gimv took a shareholding in German company sofatutor, the most
comprehensive digital learning platform for students in German-speaking countries.
The existing high demand for sofatutor’s digital learning was boosted by
homeschooling as a result of Covid-19. The company responded by accelerating its
growth: with over 1 million users and around 25 percent of all teachers in Germany
integrating sofatutor's digital learning content into their lessons, it is the leading
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGResults 2020-21Investment focus & platforms
Annual Report 2020-2021
21
Annual Report 2020-2021 | Investment platforms
21
Responding to the demand
for animal-friendly and
ecological pet care products
The Pet Care segment is growing in both retail and online,
supported by the positive trends of a growing pet
population and higher spending per pet. In 2018, Gimv
became the majority shareholder of the French group
Agrobiothers, a European player in the production and
distribution of accessories and care products for small
pets. The group has annual sales of over 60 million euros,
270 employees and distributes over 3,000 products in
more than twenty countries. Agrobiothers wants to
accelerate its growth by developing and selling more
environment- and animal-friendly products under its own
brand, by strengthening its positioning on digital channels
and by making acquisitions in what is a fairly fragmented
market. www.agrobiothers.com
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Health & Care
In Health & Care, Gimv is investing in pioneering biotechnology, innovative medical
technology and leading service companies in the health & care sector.
Covid-19 once again proved the importance of a well-functioning health care system.
The pandemic placed huge pressure on hospitals and medical sta, on top of all the
other health challenges we see in society. Our population is ageing. People are living
longer and more chronically ill people need help. The government must meet the
challenges in the health and care sector with a budget that - this year more than
ever - is under pressure. Fortunately, technological innovations and scientic progress
are progressing. New vaccines, diagnoses and treatments are appearing and the
available resources are used as eciently as possible to achieve results.
The investment opportunities in the sector are great. The Health & Care platform’s
experienced team has long been familiar with the entire life cycle of a company and
invests throughout the value chain. As one of the Europe’s most active healthcare
investors, Gimv is keen to make a positive contribution to the United Nations'
sustainable development goals for health and well-being.
" Together with the next generation of
European mid-market growers in biotech
and healthcare, we want to respond to the
many challenges in the eld of health and
well-being"
– Bart Diels,
Managing Partner, Head Health & Care
Investment focus
HEALTH CARE
healthcare providers & patient services
medical products
B2B services & software
LIFE SCIENCES
focus: companies operating in drug development, from early preclinical to
late clinical
selective: investments in medical equipment, diagnostics and agro/food,
mainly in companies in the late research or initial sales phase
With Health & Care, Gimv contributes to achieving
the Sustainable Development Goals
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344
MILLION EUROS
IN PORTFOLIO
23
PORTFOLIO
COMPANIES
Distributor of medical equipment
and consumables
Medical diagnostics
laboratories
Development of innovative
formulations of crop protection
products
Group of specialized clinics
eurocept
homecare
eurocept
homecare
Overview at 31-03-2021
Activity in the portfolio in 2020-2021
In the past year, Gimv strengthened its active position,
with the Health & Care platform investing EUR 61.1 million,
among others in Biolam, a French group of medical
laboratories. In Germany, the team invested in rehaneo, a
service provider for outpatient rehabilitation, and in
Apraxon (April 2021), which provides high-quality wound
care in a home care environment. In Life Sciences, Irish
company SynOx Therapeutics, which is developing
emactuzumab for treating tenosynovial tumours, and US
company Kinaset Therapeutics, which is developing new
inhalation therapies for severe asthma diseases, joined
the portfolio. In the existing portfolio, Biotalys took
signicant steps towards the potential production of its
safe food biocontrols with global eld trials, while iStar
and Onward are also taking breakthrough steps in their
development. Where buy-and-build is important for
growth and value creation, Biolam, rehaneo, GPNZ and
Arseus Medical are continuing their growth paths through
acquisitions. And nally, Imcheck, Spineart, Topas
Therapeutics, Onward and GPNZ raised additional capital
for their further growth in new nancing rounds.
Specialized medical homecare
(‘hospital to home’)
Provider of specialty
pharmaceuticals
Specialized
outpatient clinic
Monitoring device used in case
of risk of heart failure
Thermal resorts Build-up of a dental chain Immuno-oncology Development of ophthalmic
implants for glaucoma patients
MVZ
Development of transcatheter
aortic valves
Treatments for
respiratory
Service provider in
incontinence care
Medical practices
Neuromodulation technologies for
spinal cord injury patients
Precision radiopharmaceuticals
for cancer treatment
Ambulatory rehabilitation
provider
Medical plastics
by spineart
Medical device company active
in spine surgery
Orphan Oncology Biopharma company -
immunotherapy
Portfolio Health & Care
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Bringing investors
together to develop
life-saving treatments
In Life Sciences, Gimv invests in companies that develop medicines with a focus
on strong science, solid data packages and experienced teams. This requires
long-term investments, with the risk often spread over investor syndicates and
successive investment rounds. As an experienced investor with a broad
international network, Gimv enjoys its role of bringing investors together to develop
new therapies.
Making a dierence for severe asthma patients with
limited treatment options
Asthma is a complex and varied sickness aecting more than 300 million people
worldwide, with 10 percent of patients suering its acute form. Kinaset Therapeutics
wants to develop new therapies for this patient population.
In autumn 2020, together with 5AM Ventures and Atlas Venture, Gimv invested in
Kinaset Therapeutics via a USD 40 million Series A investment round. These funds
enable the company to continue clinical development of KN-002, a new dry powder
inhalable pan-JAK inhibitor for treating acute asthma. www.kinasettherapeutics.com
Meeting unmet medical needs
In November 2020 Gimv invested in the newly established Irish company SynOx
Therapeutics through a EUR 37 million Series A round, together with HealthCap,
Medicxi and Forbion. This funding enables SynOx to conduct further research for
developing emactuzumab, designed to target and deplete macrophages in tumour
tissue. Diuse tenosynovial tumors (dTGCT) are a rare and a quite aggressive
oncological condition, aecting an estimated 70,000 patients in the US and the EU.
This condition is characterized by pain, swelling and movement restrictions which
signicantly aect patients’ quality of life. The funds from this funding round will be
used for further research into emactuzumab in order to develop a treatment option
for dTGCT patients. www.synoxtherapeutics.com
Focus on Life Sciences
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Annual Report 2020-2021
25
Reference network of
medical laboratories in
north-west France
The pandemic has underscored the importance of well-
functioning medical laboratories. France’s Biolam Group
wants to become a reference network of medical laboratories,
based on a growth strategy which combines opening
laboratories in regions where these are in short supply with
external growth. As a regional challenger, Biolam has already
taken some attractive steps since its inception: today the
group has 15 laboratories and 150 employees in the regions of
Hauts-de-France and Normandie. Biolam Group is studying
various other growth projects.
The Biolam and Gimv teams form a good tandem: Gimv's
expertise in the health sector and its ability to support very
rapid build-up strategies add value to European consolidation
projects. www.groupebiolam.fr
25
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Smart Industries
The Smart Industries platform covers companies that stand out in their sectors
with innovative engineering and intelligent technologies.
Our economic society is evolving at lightning speed. Virtually all such companies, in
very divergent industries, are confronted with this continuous change and an
increasingly global business environment. Almost by denition, these companies are
heavy exporters of their products and services. Technological innovation is often
a driving factor for achieving this scalability, for taking products and services to a
higher level, making processes more ecient and improving the go-to-market.
Rapidly accelerating digitisation also creates opportunities for eciency gains and
process improvements. And nally, technology can provide an even better customer
experience and a distinctive position against international competition.
The Smart Industries team works together with companies responding to these
trends, to turn them into international leaders in their sectors.
“ Broadening our companies’ horizons so that
their innovative technologies can tap into
new markets and applications. This is how
we create sustainable value together with
them”
– Tom Van de Voorde,
Managing Partner, Head Smart Industries
Investment focus
ICT
Companies producing software or oering value-added ICT services
ENGINEERED PRODUCTS
Companies that develop, produce and market technical products and
associated services
ADVANCED MANUFACTURING
Companies that distinguish themselves with outstanding process expertise
and market positions
With Smart Industries, Gimv is contributing to achieving
the Sustainable Development Goals
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297
MILLION EUROS
IN PORTFOLIO
11
PORTFOLIO
COMPANIES
Industrial coating of battery
and car parts
Leading supplier of
airbag components
Specialized producer of
smart electronics
Sheet metal welding for
automotive sector
Overview at 31-03-2021
Activity in the portfolio in 2020-2021
In the past year, the Smart Industries platform invested
EUR 74.2 million, including a signicant investment in the
Televic, a Belgian-based global player in high-tech
communication systems. Within the existing portfolio, we
supported Kind Technologies and Cegeka in their
buy-and-build processes, with both companies again
making signicant acquisitions this year. OTN Systems, a
Belgian supplier of high-tech telecommunication solutions
for the industrial market, was sold to listed company
Belden Inc. And where the pandemic impacted the
automotive sector, aected portfolio companies like Alro
Group and ALT weathered the crisis well, with Alro in
particular strengthening itself strategically by focusing
even more on the surface treatment of batteries.
European ICT
service provider
Machine vision
applications
Supplier of innovative laser and
photonics solutions
Provider of business and
IT transformation software
communication that matters
Low voltage
battery systems
Roll and atbed
digital cutting machines
High-tech communication
systems for specic markets
Portfolio Smart Industries
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At Gimv we are happy to contribute to the achieving of growth through acquisitions.
The acquisition process is well known to us, and while every acquisition comes
with its own particular challenges, we can often guide the entrepreneur through
a process that is usually better known to us than to him. A number of portfolio
companies in our Smart Industries platform were active in this area in the
past year.
Buy-and-build as leverage
for growth and value creation
The Belgian IT group Cegeka took over telecom company Gridmax - a managed
service provider of business-critical 4G connectivity with which Cegeka takes a new
step in the promising Industrial Internet of Things (IIOT) market - and joined forces
with Citymesh, in a partnership that oers a unique opportunity for tailored mobile
connectivity solutions in industrial companies. Through these acquisitions, Cegeka is
increasingly developing into a broad knowledge house, an IT powerhouse, as it were,
in which 5G and data analytics are also gaining in importance. www.cegeka.com
Spotlight Cegeka - Kind Technologies
communication that matters
Kind Technologies, a Dutch specialist company developing, building and selling
machine vision applications, is growing steadily through smart partnerships. Kind took
over Martin Stolze to grow further in the horticultural market. In addition, they have also
started a joint venture under the name HORTILOGICS, to take data-driven automation
of in-greenhouse logistics to the next level. www.kindtechnologies.nl
+ LOGO Kind Technologies
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Sustainable Cities
The Sustainable Cities team is helping build companies that develop products
and industrial services which meet new challenges for sustainability, eciency
and service provision. These include smart energy use, advanced logistics and
mobility, and smart building and other materials.
In a post-Covid world, the trends that Sustainable Cities has been focusing on for
some time will only gain in importance. More and more people in our society are
aware of the importance of sustainability and eciency for maintaining our long-term
prosperity in congruence with the survival of our planet.
To these complex issues our portfolio companies respond with product innovation
and with service and process optimisation, in both B2C and B2B contexts Intra-
company processes, for example, are becoming more complex and specic, precisely
in order to meet demands for sustainability and eciency. For this reason, companies
often outsource parts of their activities to B2B service companies, which act as
external industrial service providers. Such underlying processes, often remain to the
man in the street, have a major impact in the interplay of sustainability elements in
our daily lives. Gimv supports promising growers who are responding to this.
“ We work shoulder to shoulder with
companies looking to provide answers to
the sustainability questions that dominate
our daily lives”
– Erik Mampaey, Managing Partner,
Head Sustainable Cities
29
Investment focus
CONSTRUCTION & MATERIALS
Companies operating in HVAC, smart construction technologies or supplies,
specic chemicals
ENERGY & ENVIRONMENT
Companies operating in smart energy applications, recycling
TRANSPORT, LOGISTICS & MOBILITY
Companies active in transport, logistics and mobility
INDUSTRIAL SERVICES
B2B services in a broad sense of the term, frequently interfacing
with construction, energy, and logistics
With Sustainable Cities, Gimv is contributing to
achieving the Sustainable Development Goals
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232
MILLION EUROS
IN PORTFOLIO
8
PORTFOLIO
COMPANIES
Inspection and certication
services for building owners
Full service rental specialist in
cooling and heating equipment
Equipment and solutions
for the drinking water network
Eco-friendly ame retardant
additives
Overview at 31-03-2021
Activity in the portfolio in 2020-2021
In the past year, the Sustainable Cities platform invested
EUR 30.5 million, including in Dutch company Verkley,
which builds and maintains underground cable and
pipeline networks for energy and water. In the existing
portfolio, the German company Köberl, which focuses on
outdated oce and residential stock with facility
management and structural engineering installation
services, acquired 089 Immobilienmanagement GmbH.
We were also able to realize two attractive exits: Itho
Daalderop-Climate for Life, market leader in sustainable
total solutions for energy-neutral living in the Benelux,
was sold after a strong growth path, including a doubling
of turnover since Gimv’s entry. Gimv, D2E and the
company’s founders also sold Belgian logistics service
provider Contraload to Tosca. This follows a trajectory of
more than 20 percent year-on-year organic growth,
achieved by increasing the company’s European footprint
and by strengthening its operating eciency.
Software solution company Facility management and technical
building services
Specialist contractor in cable and
pipeline networks for energy and
water
Road safety equipment
Portfolio Sustainable Cities
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Spotlight Verkley
Contributing to the energy
transition to a data-driven,
sustainable society
Investing in public utilities is a must. With the increasing demand for electricity
(e.g. electric vehicles, heat pumps, ICT systems), today’s electricity networks are
inadequate to meet future demand. With climate change and increasingly scarce
water supplies, water transition is becoming equally important, calling for maintenance
and replacement investments for the drinking water networks. The growth
opportunities for a well-reputed player like Verkley are great.
In March 2021, Gimv acquired a majority holding in Verkley, with the ambition of further
expanding its activities in a sustainable manner, and thereby supporting energy and
water transition in the Netherlands.
“ Our shared vision of long-term value
creation is the best guarantee for
success in our markets”
– Erik Blauw, CEO Verkley
Verkley has for 50 years built and maintained underground cable and pipeline networks
for energy and water utilities in the northern Netherlands. www.verkley.nl
Verkley contributes to achieving
the Sustainable Development Goals.
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Annual Report 2020-2021
5. Annual results 2020-2021
Strong results from our companies in a shrinking economy
In very dicult and uncertain circumstances, our portfolio companies delivered
convincing results which demonstrate the dynamism and resilience of their
management teams and employees. In a shrinking economy (GDP fell by an average
6% in the countries where Gimv operates), the turnover of our companies rose by on
average almost 2%, with Ebitda increasing by an even more pronounced 4%.
Together with the recovery on the stock markets during the past nancial year, which
translated into an increase in the valuation multiples used to value our portfolio
companies under IFRS, these growth results led to a solid result on the portfolio. For
the full nancial year this amounted to EUR 274.8 million, giving a portfolio return of
27% (compared to -10.3% over the previous nancial year).
Portfolio return
With a number of successful landmark exits, the realised result (net capital gains on
sales, interest and dividends) amounted to EUR 124.3 million. Realised net capital
gains on exits amounted to EUR 100.2 million (FY 2019-2020: EUR 53.4 million). In
addition, EUR 24.1 million of dividends and interest were received from portfolio
companies (EUR 30 million in FY 2019-2020).
The strong performance of our portfolio, in combination with the stock market
recovery, translates into an unrealised valuation result of EUR 150.5 million (compared
to EUR -195.3 million in FY 2019-2020). The average Ebitda multiple at which the
portfolio companies are valued rose from 6.8x at end of March 2020 to 7.8x at the end
of March 2021.
For FY 2020-2021 Gimv posted a record net prot (share of the group) of
EUR 205.7 million (vs. a net loss of EUR -151.6 million in FY 2019-2020).
Versatile Gimv companies, with varying impact of Covid-19
Thanks to the decisive action and exibility of the teams in our portfolio companies,
the negative impact of the pandemic was limited as optimally as possible.
The impact of the Covid-19 crisis on our portfolio is inevitably very diverse. Indeed, for
some of our companies it brought opportunities to gear up faster and achieve above-
budget growth. This applies in particular to certain of our Health & Care companies,
but also in our Smart Industries portfolio, some of our companies could take advantage
of the accelerated trend towards digitisation. At the other end of the spectrum, some
companies have been very strongly impacted by, among other things, the mandatory
lockdown. This includes some of our Consumer portfolio companies, but also a
company like France Thermes, which has still not been able to reopen.
Within our overall portfolio, we saw that 45% registered a positive evolution, while 4%
were severely impacted by the crisis. The majority of our portfolio (51%) was able to
keep the impact rather limited and report fairly stable turnover and prot gures,
albeit lower than the growth budgeted at the start of the year.
Today we observe that the exit from the crisis is accompanied by major supply
problems in the international logistics chain, including severe shortages of
semiconductors and other imported technological components. There is also
27.0%
18.8%
15.6%
16.2%
2020-212016-17
long term objective
2017-18 2018-19
-10.3%
2019-20
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33
Annual Report 2020-2021 | Annual results 2020-2021
signicant pressure on the availability of a large number of raw materials, resulting in
rising material prices. In some of our companies, these problems have already led to
forced interruptions in production and deliveries, but for now the impact seems to be
limited mainly to temporary postponements and no loss of sales. It remains to be
seen to what extent this will be passed on into the end prices for customers and if
and how far this will place pressure on margins.
Investment volume above EUR 200 million for the fourth consecutive year
In FY 2020-2021, Gimv undertook in all EUR 211.1 million of on-balance sheet
investments (versus EUR 204.9 million in FY 2019-2020). In this way Gimv achieved an
investment volume above the goal of EUR 200 million for already the fourth year in
succession, underlining its determination to continue to grow the portfolio. The high
investment activity took place in all four platforms and in all four countries in which
Gimv operates.
In all, EUR 171 million was invested in seven new portfolio companies: Televic (SI; BE),
sofatutor (CO; D), Verkley (SC; NL), Apraxon (H&C; D), rehaneo (H&C; D) and two new
Life Sciences investments in Synox Therapeutics and Kinaset Therapeutics. These
investments include the three investments (sofatutor, Verkley and Apraxon) already
contracted at the end of the nancial year, but for which the nal closing and cash
payments took place only at the beginning of April 2021.
Investments by year (2016-2021, in EUR millions)
Alongside these, Gimv made major follow-on investments of EUR 40.1 million, with
again a strong focus on buy-and-build. Several portfolio companies made major
add-on acquisitions, some funded by additional capital injections by Gimv. In this way,
further growth was realised at, among others, Kind Technologies, Arseus, Biolam,
GPNZ and Grandeco Wallfashion Group. The other follow-on investments consisted
mainly of capital rounds at Life Sciences portfolio companies Precirix and Topas
Therapeutics.
Osetting these new investments were also a number of exits, for which Gimv
received a total of EUR 265.5 million. In FY 2020-2021, Gimv sold, among others, its
holdings in Contraload (SC; BE), Itho-Daalderop (SC; NL), and OTN Systems (SI; BE).
On 31 March 2020 these divestments were carried at a total value of EUR 174.4 million.
Consequently, the exits generated 53% more than their carrying value at
31 March 2020 (measured at fair value in the consolidated gures). Over the entire
period the realised money multiple on these exits was 3.1x.
2020-212016-17 2017-18 2018-19
2019-20
222
205
211
180
246
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Signicant growth of the total investment portfolio to a record level of over
EUR 1.2 billion
As a result of the continued high investment activity and the strong portfolio results,
Gimv's total investment portfolio grew signicantly by 21% to a record EUR 1,233
million (as against EUR 1,017 million at the end of FY 2019-20).
Portfolio evolution (2012-2021, in EUR millions)
The investment portfolio consisted at end-March 2021 of 57 portfolio companies,
distributed evenly across the 4 platforms and 4 countries. More than 52% of the
platform portfolio has been invested in the last 4 years. This makes for a young
portfolio with promising growth potential.
2015-16 2016-17 2017-18 2018-19 2019-20
227
394
371
196
179
130
180
246
222*
205
2015-16 2016-17 2017-18 2018-19 2019-20
18%
17%
10%
14%
9%
11%
12%
10%
10%
12%
20162015201420132012 2017 2018 2019 2020
2021
1,017
1,233
1,082
960
964
1,014
920
931
814
845
85 portfolio companies 57 portfolio companies
2010-2012
2013-2015
2016-2017
≥ 2018
Belgium
The Netherlands
France
Germany
Rest of the world
Portfolio by vintage Portfolio by region
16%
21%
10%
33%
20%
52%
15%
3%
30%
Portfolio composition (in EUR millions)
31-03-2020 31-03-2021
232
297
344
227
72
60
1.232
1.017
286
182
241
166
78
63
Third-party funds
Infra and other
Consumer
Health & Care
Smart Industries
Sustainable Cities
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Sustainable investing
For Gimv, sustainability is a cornerstone of our activities as a responsible investor. In
March 2021, Gimv pioneered with the creation of a sustainable nancing framework
by reconciling the traditional requirements of a sustainable bond with our long-term
investment strategy. Accordingly, we are focusing our investments on companies that
actively contribute to the realisation of the Sustainable Development Goals of the UN.
The successful placement of our rst sustainable bond for an amount of EUR 100
million showed that institutional investors with sustainable proles support our
ambitions.
During the past nancial year, Gimv took further steps to integrate its ESG policy even
more into the investment process. Gimv has underlined its ambitions as a sustainable
investor by signing the United Nations Principles of Responsible Investment (UNPRI).
Strong liquidity position
Gimv further strengthened its liquidity position, in part with the additional resources
of the EUR 100 million sustainable bond. Gimv's total available cash rose by 41%
during the past nancial year to EUR 517.5 million, as against EUR 368 million at
31 March 2020. EUR 350 million of the available liquidity has been funded by long-
term bonds. After the closing of the three investments already contracted at the end
of the previous nancial year but only eectively paid in cash in April 2021, the total
available cash position amounts to EUR 437.5 million (or a net cash of EUR 87.5
million). Gimv also has EUR 200 million in undrawn credit lines with its banks. In this
way we have not only sucient resources to accelerate the growth of our portfolio,
but we can also continue to invest in new, promising and innovative companies.
Equity rises sharply to EUR 49 per share
After payment of the dividend (EUR 2.50 per share) for FY 2019-20 and the strongly
positive impact of the result for FY 2020-2021 (EUR 7.9 per share), the net asset value
is EUR 49 per share.
Dividend conrmation
The board decided on 18 May 2021 to propose to the annual general meeting of
30 June 2021 to pay an unchanged gross dividend of EUR 2.50 per share. This
dividend is consistent with the Gimv's dividend policy of not lowering the dividend,
except in exceptional circumstances, and to increase it in a sustainable manner
whenever possible.
In addition, the board of directors has decided to oer the shareholders of the
company this year the option of receiving their dividends in the form of new ordinary
shares, cash or a combination of both. This allows us to secure additional nancing
for our existing portfolio and the investment opportunities presenting themselves
during the economic recovery.
The arrangements for the distribution of the optional dividend will be published after
the general meeting of 30 June 2021.
Main events after 31 March 2021
The valuation of our portfolio is based on market multiples at the end of March
2021. Since then, we have closely followed stock market developments. To date, we
have not observed any evolution in the market multiples to indicate that this
valuation needs to be adjusted.
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At the end of April 2021, Gimv announced its investment in Projective Group
(www.projectivegroup.com), a Belgian specialist in digital transformation projects
in the nancial sector. With a minority stake, Gimv is keen, in collaboration with
management, to boost this group’s further European expansion, with a specic
focus on buy-and-build.
In early May 2021, Gimv announced an additional investment in GPNZ to support
the ambitions of this fast-growing, high-quality German dental platform. GPNZ
(Gesellschaft für Praxisnachfolge in der Zahnmedizin, Munich, - www.gpnz.de) was
born at the end of 2018 from the ambition to develop a leading dental group in
Germany through buy-and-build.
In early May 2021 Gimv exited Riaktr, the provider of big data applications for telecom
companies, through a sale to the Swedish company Seamless Distribution Systems.
This sale had a negligible impact on Gimv's net asset value at 31 March 2021.
Statement regarding risk
The future results of our businesses and the value development of our portfolio
remain more than ever dependent on a number of external factors. These include
(i) the speed at which our companies realise the post-Covid-19 relaunch, important
parameters of which are the extent to which consumer demand picks up and to
which the international economic fabric can become operational again (including
the smooth working of international logistics chains), (ii) how our companies can
pick up on new and changing post-Covid-19 trends and display agility in adapting
their business models to them, (iii) the speed with which vaccinations will permit a
resumption of (new) normal life, (iv) the amount of support from governments and
central banks to assist companies in restarting their businesses, (v) the liquidity
available in the banking system to assist companies, also with possible further
nancing needs, (vi) the geopolitical climate in various regions of the world,
(vii) the stability of regulations and taxation in the markets in which both Gimv and
our portfolio companies operate, (viii) the extent to which the market for investments
and acquisitions remains active, accompanied by an adequate level of liquidity
and (ix) the extent to which nancial markets maintain their stability. Assessing the
impact of all these factors for the coming period is particularly dicult.
You can nd more information on the risks that Gimv faces and on our risk
management, in Chapter 9 of this annual report (9.2. note 23).
Research and development
Gimv and its consolidated subsidiaries did not undertake any research and
development activities during the past year.
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37
Gimv’s 20 largest investments
Based on NAV at 31-03-2021
European ICT service provider B Smart Industries
communication that matters
High-tech and high-quality
communication systems
B Smart Industries
Beer group NL Consumer
Spineart
Medtech company, develops
implants for spine surgery
CH Health & Care
Home delivery of incontinence
products
D Health & Care
Subtotal 5 largest investments
EUR 305 million
Full-service rental of cooling and
heating equipment
NL Sustainable Cities
Equipment and solutions for
drinking water networks
FR Sustainable Cities
Online learningplatform D Consumer
Manufactures cutting machines for
the graphics sector
B Smart Industries
Eco-friendly ame retardant
additives
B Sustainable Cities
Subtotal 10 largest investments
EUR 485 million
Develops and supplies cheese
specialties for the food industry
FR Consumer
Cable and pipeline networks for
energy and water
NL Sustainable Cities
Köberl
Facility management and technical
installation services
D Sustainable Cities
Medical diagnostics laboratories
FR Health & Care
Road safety equipment
D Sustainable Cities
Subtotal 15 largest investments
EUR 617 million
Industrial coating of car and truck
parts
B Smart Industries
Supplier of specialised medicines
NL Health & Care
Meter-to-billing and other utility
software solutions
B Sustainable Cities
Develops and produces smart
electronics
NL Smart Industries
Development of transcatheter
aortic valves
D Health & Care
Total 20 largest investments
EUR 733 million
Annual Report 2020-2021 | Annual results 2020-2021
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationESGInvestment focus & platforms Results 2020-21
Create long term sustainable value
Manage ESG risk
Avoid negative impact
on sustainability
& society
Realise positive impact
on sustainability
& society
Capture ESG opportunities
Annual Report 2020-2021
38
1. ESG at Gimv in 3 questions
1.1. How does Gimv take ESG into its strategic thinking?
As sustainable investor, Gimv is keen to have a positive impact on the companies in
which it invests in various areas. As an active investor, Gimv is a ‘travel companion’ for
its portfolio companies. This includes acting as a sounding board for strategy and
growth paths dened at board level and aimed at creating sustainable long-term
value. In doing so, Gimv seeks to exercise a positive impact on both sustainability and
society. Gimv, together with the companies in which it invests, wants to be part of the
solutions to the challenges facing society, such as climate transition, universal access
to quality healthcare or making sure no one is left behind in tomorrow’s digital society.
The basis for this vision is an investment focus that Gimv has been applying for nearly
ten years now. This consists of four themes identied on the basis of a number of key
social trends (see Chapter 4. of this annual report for a detailed description).
6. ESG
“ As sustainable investor, Gimv is
keen to have a positive impact
on the companies in which it
invests in various areas”
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Annual Report 2020-2021 | ESG
1.2. How does Gimv put its vision on ESG into practice?
Gimv’s ESG strategy has two pillars. The rst pillar (Gimv as a responsible company)
relates to Gimv as a company. It includes Gimv’s direct ecological footprint, Gimv’s
role as a responsible employer, and the extent to which Gimv applies the principles
of corporate governance and business ethics. The second pillar (Gimv as a responsible
investor) relates to how Gimv integrates ESG in the dierent stages of its investment
process. All components of both pillars dovetail seamlessly with the reference
framework of the Sustainable Development Goals (SDGs) of the United Nations.
Each of these pillars provides a framework for concrete initiatives to integrate
attention to ESG into the way Gimv thinks and works. The steps forward in this respect
made during FY 2020-2021 are outlined further in this chapter.
1.3. Who is responsible for ESG at Gimv?
Everyone - the board of directors, the executive committee and all Gimv employees - is
consciously engaged in ESG. The talent present within Gimv, with its diverse
backgrounds, is an important foundation for Gimv’s ESG approach.
A certain degree of coordination and alignment of all ESG initiatives remains
necessary. This is provided by the Gimv Compliance & ESG Oce, currently composed
of Koen Dejonckheere (CEO - managing director), Kristof Vande Capelle (CFO),
Edmond Bastijns (CLO - Secretary General) and Vincent Van Bueren (Compliance &
ESG Manager). They are the persons best placed in the organisation to achieve
maximum interaction on ESG with all players and stakeholders involved, both inside
Gimv and beyond. The Gimv Compliance & ESG Oce also reports at least once a
year to the board of directors on initiatives taken during the year with respect to
Gimv’s ESG approach.
Responsible Gimv
ESG ratings
During FY 2020-2021, Gimv further built
a dialogue with ESG rating agencies.
A Sustainalytics ESG rating of 23,5 was
obtained (rating on a scale of 0 to 100
where the lower the score, the lower
the ESG-risk and everything below 30
represents a low to medium score).
Gimv scores high on the key domains
of corporate governance and
ESG-integration.
Foreword Highlights 2020-21 Financial statementsGovernance & RemunerationResults 2020-21Investment focus & platforms ESG
responsible
company
responsible
investor
Ecological
footprint
Talent with diverse
backgrounds
as a foundation
Good governance &
business ethics
E
S
G
Platform strategy driven by
societal trends & developments
Screening (exclusion list,
ESG due diligence)
Attention for sustainability
during holding period
40
Annual Report 2020-2021 | ESG
2. Stakeholders
Proper follow-up of the relationships with all stakeholders of an organisation is an
important component of a solid ESG approach. The table below provides a schematic
overview of the stakeholders in the Gimv ecosystem and describes how Gimv
interacts with each of them.
Nature of the stakeholder relationship Stakeholder Description of stakeholder relationship
Funding of Gimv Shareholders With its investor relations activities, Gimv maintains a permanent dialogue with institutional and private shareholders and
bondholders. It is their trust and funding that ensure that Gimv is permanently able to make investments aimed at sustainable
long-term value creation.
Bondholders
Gimv’s investment activity Portfolio companies Gimv’s investment teams interact on a daily basis with the managements of the portfolio companies and with their networks
such as co-investors and banks that provide nancing to the portfolio companies. As an active investor, Gimv is also involved in
all decision-making regarding the growth and strategy paths of its portfolio companies. An extensive network of entrepreneurs,
advisers and experts ensures Gimv’s access to suitable investment opportunities, both for itself and for portfolio companies
looking for acquisitions. In the divestment phase too, this network helps Gimv’s portfolio companies nd new safe havens.
Entrepreneurs
Advisers and Gimv network
Financial institutions
Gimv’s organisation Board of Directors These internal stakeholders of Gimv are logically in permanent interaction. The active involvement of both the board
of directors and executive committee members in investment and divestment decision-making ensures a permanent
interaction and dialogue on Gimv’s investment activity between all parts of the organisation. The recently implemented Gimv
Sustainable Finance Framework (see infra) also strengthens the involvement of Gimv’s investment teams in the aspects
of sustainability & society that are addressed in the relationship between Gimv and its shareholders and bondholders.
Executive Committee
Gimv employees
Gimv in society Government & regulators As a listed company, Gimv attaches great importance to maintaining a permanent good relationship with the FSMA as regulator.
Gimv is also actively involved in national and European initiatives that unite the private equity sector (BVA in Belgium, BVK
in Germany, France Invest in France, NVP in the Netherlands as well as multinational initiatives such as Invest Europe and
LPeC). Finally, Gimv has a good historical relationship with various knowledge institutions that are closely linked to Gimv’s
investment focus, such as the Flemish Institute for Biotechnology or Imec. Gimv employees are also happy to exchange
know-how and experience with young and upcoming talent via guest lectures or participation in expert panels or juries.
Sector associations
Knowledge institutions
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Annual Report 2020-2021 | ESG
3. Gimv as a responsible company
3.1. Gimv as a responsible employer
In the social eld, 2020 was a year marked by distance: social distancing, mouth
masks that impede non-verbal communication, and compulsory teleworking,
increasing the distance between employer and employees as well as of employees
among themselves. The big challenge for every organisation was therefore to bridge
this distance as much as possible and to watch over everyone’s mental health and
well-being. As an organisation consisting of teams with employees from dierent
countries, Gimv was no exception during the past nancial year. Almost all contacts
and interaction took place digitally. Nevertheless, Gimv made sure that it was possible
to return occasionally to the oce, and to pay extra attention to the guidance of new
employees, of course always with respect for all applicable rules regarding Covid-19
and with due observance of all possible precautions. Gimv also continued to invest in
dialogue with its employees by means of an employee engagement survey. This
provides a starting point for further reection and action in which the entire Gimv
organisation is involved as far as possible. Finally, exceptional circumstances also
bring out the best in terms of creativity. Gimv teams discovered alternative meeting
methods such as walking meetings, while traditional team-building activities were
exchanged for original digital meeting moments, both within each of the dierent
teams and for the organisation as a whole.
Gimv attaches great value to employee self-development and oers every year
maximum incentives for taking training sessions, seminars and courses (both short
and long-term). The fact remains, however, that the distance created by Covid-19
signicantly impacted Gimv’s spending on training and education during the past
nancial year (average EUR 222 per employee nancial year vs. EUR 1,946 in FY 2019-
2020). Most Gimv employees opted to postpone already scheduled training courses
until after the Covid-19 pandemic when physical participation will be possible again.
During the past nancial year, numerous training moments took place in the Gimv
network in the form of formal or informal webinars, free of charge or paid for by Gimv.
In this way, despite distancing, Gimv employees could remain fully informed on the
latest trends and developments in private equity, M&A and the specic domains of
each of the Gimv investment platforms.
Responsible Gimv
Young potentials
During the past nancial year, 20 young
potentials were able to do internships at
Gimv. As part of stimulating young and
diverse talent, Gimv also took part during
the past nancial year in the digital ASATT
100x100 event
89 42 YEAR 19,777 EUR
EMPLOYEES
2019-20 91
AVERAGE AGE INVESTED IN TRAINING
8.8 YEAR 20 STAGES
AVERAGE TIME
AT GIMV
INTERNSHIPS
37% 63%
15%
13%
16%
56%
47% 53%
Distribution by gender
Male
Female
Distribution by country
Belgium France
Germany The Netherlands
Distribution by activity
Platform teams
Central services
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Annual Report 2020-2021
42
Gimv also oers internship opportunities to talented and motivated students and
recent graduates that introduce them to the world of private equity and M&A from the
outset of their careers. During the past nancial year, 20 young potentials were able
to do internships at Gimv. As part of stimulating young and diverse talent, Gimv also
took part during the past nancial year in the digital ASATT 100x100 event organised
by the youth and mentoring organisation A Seat At The Table and VOKA in which 100
young Flemish of various origins had online speed dates with CEOs of Flanders’ and
Belgium’s largest companies. Young potential Wassim Essebane had his speed date
with Gimv CEO Koen Dejonckheere at this event.
3.2. Ecological footprint
As a responsible company, Gimv is aware that its own ecological footprint also calls
for the necessary monitoring. Last year, Gimv’s direct emissions were calculated and
reported for the rst time. The gures for this year are shown in the table below.
in tons CO
2
2020-2021 2019-2020
Scope 1 emissions 238.0 397.6
Scope 2 emissions 87.0 41.7
Total emissions 325.0 439.3
Number of employees 89 91
Total emissions per employee 3.7 4.8
Scope 1 emissions are Gimv’s direct CO
2
emissions caused by its own sources within the company, such as
the company car eet and its own buildings. Scope 2 emissions are Gimv’s indirect CO
2
emissions linked to
the consumption of purchased electricity or heating.
34%
66%
38%
62%
Scope 1 emissions 2020-2021
Fleet
Buildings
Scope 1 emissions 2019-2020
Fleet
Buildings
Annual Report 2020-2021 | ESG
The signicant decline of Gimv’s scope 1 emissions compared to the previous nancial
year is almost entirely explained by the Covid-19 pandemic and the resulting
teleworking and reduced commuting and oce presence. The increase in scope 2
emissions is related to a lower share of renewably-sourced electricity consumption
compared with FY 2019-2020. Gimv took further steps during FY 2020-2021 to ensure
the green origin of electricity consumed in its oces from now on (i.e. as from the
start of the new 2021-2022 nancial year). Its approach towards the company car eet
was updated during the past year to reect the evolution within the car sector towards
greener and electried eets. Finally, following on the intensive eorts of Gimv’s
Finance department to digitise its processes during the previous nancial year,
permitting a complete switch to a paperless procedure, Gimv’s Legal department
was led, impelled also by the increased distancing created by Covid-19, to fully
digitise the procedure for signing legal documents.
3.3. Corporate governance and business ethics
For a detailed description of how corporate governance is structured at Gimv
(including a Gimv-tailored diversity policy), we refer to Chapter 7 of this annual report
as well as to Gimv’s corporate governance charter. This has been updated in line with
the Belgian Code on Corporate Governance 2020 and can be consulted on the Gimv
website. With this update, the attention Gimv pays to sustainability was also integrated
into the corporate governance charter.
63%
37%
male female
Reducing
environmental pressure
With, among other things, extra attention to the
green origin of purchased energy and an update
of the car policy, Gimv is taking concrete steps to
further improve its ecological footprint.
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Annual Report 2020-2021 | ESG
Gimv’s ethical framework consists of the Code of Conduct and the Dealing Code,
both of which can be consulted on the Gimv website. In the area of business ethics,
it is Gimv’s express desire and ambition to meet the highest standards.
Gimv’s core values revolve around creating a business environment:
where laws and regulations are complied with
where everyone treats each other with respect
where no form of fraud or corruption is tolerated
where conicts of interest are avoided or at least handled responsibly
where competition is conducted fairly
where the processing of personal data is handled in a respectful and responsible
manner.
Application of these standards is monitored by the Gimv Compliance & ESG Oce,
with annual reporting to the Gimv audit & risk committee. During FY 2020-2021, at the
initiative of the Gimv Compliance & ESG Oce, an independent external party
assessed the way compliance was organised within Gimv in recent years. In this way,
Gimv can make sure that its compliance approach continues to meet the highest
standards. The results of this assessment were shared and discussed with Gimv’s
audit & risk committee and concrete action points for FY 2021-2022 were dened,
on which will be reported concretely next year.
4. Gimv as a responsible investor
Gimv’s approach as a responsible investor is based on two principles:
Gimv applies a tailor-made ESG approach to every investment
Primarily, responsibility for the proper management of the relevant identied ESG
themes lies with the management teams of the portfolio companies. They can
count on Gimv as a sounding board to support them in the eld of ESG.
Since two years, Gimv has also a ‘Responsible Investing Policy’. This can be consulted
on the ESG page of the Gimv website. The objective is to integrate attention to ESG
at every step of the investment process: during screening and due diligence as well
as during the investment period. This will ensure that a portfolio company has made
the necessary progress on ESG by the time Gimv exits.
4.1. ESG in the investment process
All investment les submitted to the investment committee and/or Gimv’s board of
directors for approval during FY 2020-2021 included an initial ESG analysis.
Gimv further rened its internal tools to enable the investment teams to undertake
initial ESG analyses of investment les. This included switching from a general
approach that looked at the E, S and G aspects separately for each le, to a more
integrated and theme-based approach. In this way the investment teams can identify
more specically the relevant ESG themes for a potential portfolio company, and also
estimate the maturity level for each of the relevant themes. This can then lead to
concrete action points during the holding period. This method leads to a tailor-made
internal ESG analysis. It also allows for adjustments to new or changing sustainability
themes.
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Annual Report 2020-2021 | ESG
The table below lists the dened themes that can potentially apply to investment
opportunities in each of the four Gimv investment platforms.
ESG-themes
Environmental Social Governance
Vision on sustainability
Ecological footprint
Responsible supply chain
Sustainable product design
Waste management
Water management
Well-being at work
Recruitment, training & retention
Quality management
Responsible research & development
Societal impact
Compliance culture
During the holding period too, ESG is an important element of the ongoing dialogue
between Gimv and the portfolio companies. During FY 2019-2020, ESG scans were
performed on the existing portfolio companies. These served to identify the most
important ESG aspects for the sectors falling within the investment focus of the
various Gimv platforms (see Chapter 6.3. of the FY 2019-2020 annual report). On the
one hand, these insights formed an important basis for the initial ESG analysis
performed by the investment teams during the due diligence phase. On the other
hand, the results of the ESG scans of the individual companies served during the past
FY 2020-2021 as a basis for further interaction with the portfolio company management
teams, including setting ESG-related objectives where possible.
Furthermore, Gimv introduced its ‘Gimv Business Conduct Charter’ already some time
ago This is a framework in which a number of fundamental principles of business
ethics, governance and compliance are translated into general guidelines. Where
Gimv is in a practical position to do so, this charter is included in the legal
documentation that regulates the agreements between the various shareholders and
management with respect to a portfolio company. In the context of Gimv’s ESG
strategy, this charter was revised during the past nancial year, on the one hand by
reformulating the guidelines into solid commitments that Gimv expects from its
portfolio companies and, on the other hand by explicitly adding attention to
sustainability to the charter in the form of a commitment to always pay attention to
sustainability in business operations, including avoiding negative impact where
possible.
The following commitments are addressed in the charter:
compliance (i.e. compliance with laws and regulations and the pursuit of a solid
compliance culture)
fair competition
ghting corruption
avoiding or at least appropriately dealing with conicts of interest
integrity and business ethics
sustainability.
In 57 percent of all current portfolio companies (regardless of whether Gimv holds a
majority or minority interest) in which the initial investment was made in the past four
years, this charter is part of the contractual documentation or else the contractual
framework contains ESG-related provisions. For the portfolio companies in this
sample in which Gimv has a majority interest, this is 79 percent.
Moreover, it is not because it is not possible to include the Business Conduct Charter
due to external circumstances (e.g., due to the speed and/or particularly competitive
nature of the deal process) that the sustainability theme is not explicitly on the
agenda of the board of directors and management of the portfolio company after the
investment.
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Annual Report 2020-2021 | ESG
4.2. Frames of reference
Starting from Gimv’s investment focus consisting of the four platforms (Consumer,
Health & Care, Smart Industries and Sustainable Cities), each of which is based on
important social trends, Gimv connects with the reference framework of the
Sustainable Development Goals of the United Nations. The graph to the left shows to
which of the 17 goals all Gimv platforms contribute either jointly or individually.
Last year, Gimv already announced its ambition to consider endorsing additional
reference frameworks with a view to guaranteeing the market conformity of Gimv’s
ESG strategy in the longer term. In this context, at the start of the new FY 2021-2022,
Gimv endorsed the ‘Principles of Responsible Investment’ or ‘PRI’ (www.unpri.org/),
an international investor initiative supported by the United Nations. around six
principles (hereinafter the ‘ Principles’) related to responsible investment:
integrating ESG into the investment analysis and decision process
being an active investor with attention to ESG themes during the holding period
committing to appropriate transparency on ESG issues at portfolio company level
promoting the Principles within the sector
collaboration with the PRI organisation and other PRI endorsers to increase its
eectiveness
reporting on the application of the Principles.
Sustainable Cities
Smart Industries
Health & Care
Consumer
Connection of investment platforms
to Sustainable Development Goals
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Annual Report 2020-2021 | ESG
5. Gimv Sustainable Finance Framework
During FY 2020-2021, Gimv launched the ‘Gimv Sustainable Finance Framework’
(below the ‘Sustainable Framework’), a framework within which Gimv can issue
sustainable nancing instruments, such as green, social or sustainable bonds. As an
investment company, Gimv was a pioneer with this framework. Whereas green, social
or sustainable nancing is traditionally issued with the aim of nancing specic
projects with green, social or sustainable perspectives, the Gimv Sustainable
Framework aims to attract such nancing in order to invest in companies whose
activities match the green and social activities mentioned in the Sustainable
Framework (hereinafter the ‘Eligible Activities’).
These are dened in such a way that they are maximally aligned with internationally
recognised green, social and sustainable nance guidelines such as the International
Capital Markets Association Green Bond Principles, Social Bond Principles,
Sustainability Bond Guidelines and the Loan Market Association Green Loan Principles.
The Framework was validated by Sustainalytics. Both the Sustainable Framework and
Sustainalytics’ opinion can be consulted on the ESG page of the Gimv website.
In March 2021, Gimv issued under the Sustainable Framework its rst institutional
sustainable bond loan for an amount of 100 million euros with a term of 8 years and
an interest rate of 2.25 percent. The following table shows the various Eligible Activities
and the extent to which Gimv’s portfolio corresponds with these at the end of the FY
2020-2021, and compares this with the social, green and sustainable nancing
instruments issued by Gimv. Since the issue of the sustainable bond at the beginning
of March 2021, Gimv has invested more than 75 million euros in Eligible Activities.
Sustainable Finance Framework Use of Proceeds (in mio euro) 31-3-2021
Green Use of Proceeds 184.4
Renewable energy (energy transition) 73.8
Energy eciency 6.7
Eco-ecient and/or Circular Economy Adapted Products,
Production Technologies and Processes
23.5
Sustainable Water and Wastewater Management 33.6
Green Buildings 46.8
Social Use of Proceeds 420.7
Access to Essential Services 242.5
Socioeconomic Advancement and Empowerment 137.6
Healthy Sustainable Food 40.5
Total Portfolio of Sustainable Eligible Projects 605.1
Total sustainable nance instruments 100.0
Sustainable bond 2021 (100mio - 15/03/21-15/03/29 - 2,25% -
ISIN BE0002774553)
100.0
This interim reporting is unaudited. In accordance with the Sustainable Framework, an audited allocation reporting
will be included in the annual report for FY 2021-2022.
The following graph shows to what extent Gimv’s portfolio result for FY 2020-2021
relates to the Eligible Activities and, within the portion of the result associated with
the Eligible Activities, the breakdown between Green and the Social Eligible Activities.
Sustainable Eligible Activities
31.4%
68.6%
31.4%
68.6%
Green 37.9%
Social 62.1%
Relevant portfolio
Other
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Annual Report 2020-2021
Gimv applies the Belgian Corporate Governance Code for listed companies (2020) as its reference
code (hereinafter the ‘2020 Code’). The text of the 2020 Code can be consulted publicly on the
Belgian Corporate Governance Committee website (www.corporategovernancecommittee.be).
The key aspects of Gimv’s corporate governance policy are explained in its Corporate Governance
Charter. The text of this charter can be consulted publicly on the company’s website
(www.gimv.com/nl/corporate-governance-charter). Gimv will also send a hard copy by regular mail
upon on request. The company updates this Corporate Governance Charter whenever relevant
developments take place. The most recent version dates from 18 May 2021.
Changes in corporate governance policy and relevant events during the past nancial year are
amplied in the following corporate governance statement. In order to obtain a complete picture,
this chapter is best read together with the Corporate Governance Charter.
1. Board of Directors
Gimv has a one-tier board structure. The board of directors will evaluate at least every ve years
whether the chosen governance structure remains suitable.
The board of directors is the highest administrative body of the company. It is authorised to perform
all acts that are necessary or useful for the realisation of the object of the company, except for
those powers reserved by law to the general meeting. The board of directors decides on the
strategy of the company. It also takes all important investment and divestment decisions.
The board of directors consists of twelve members who, in principle, convene on a monthly basis
to dene the principles of Gimv’s strategic policy. These strategic principles are then implemented
by the chief executive ocer
1.1. Composition
Under Article 12 of Gimv’s articles of association, the directors are appointed by the general
meeting based on a proposal of the board of directors. Their appointments may be revoked at any
time ad nutum by the general meeting.
The board of directors consists of:
ve directors appointed from candidates proposed by the Flemish Government or a company
controlled by the Flemish Government, as long as the Flemish Government holds more than
25 percent of the shares; The chairman of the board of directors is elected from among these
directors
at least three independent directors appointed based on a proposal by the board of directors
by reason of their independence in accordance with the criteria stated in the corporate
governance code referred to in article 7:87 of the Companies and Associations Code
the other directors, who are appointed on the proposal of the board of directors from candidates
not put forward by the Flemish Region or a company controlled by the Flemish Region.
Koen Dejonckheere has been appointed CEO by the board of directors. He is the only director
having an executive function within Gimv. The other board members are all non-executive directors.
During 2020-2021, there were no changes in the composition of the board of directors: The ordinary
general meeting of Wednesday 24 June 2020 decided to renew the director’s mandate of Manon
Janssen for a four-year term until the closing of the annual general meeting in 2024 and to renew
the director’s mandate of Bart Van Hooland for a two-year term until the closing of the annual
general meeting in 2022.
7. Corporate Governance Statement
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Annual Report 2020-2021 | Corporate Governance
48
A proposal will be made to the general meeting of 30 June 2021 (i) to reappoint Frank Verhaegen
as an independent director for a new four-year term, (ii) to reappoint An Vermeersch as an
independent director for a new four-year term of four years, and (iii) to reappoint Koen Dejonckheere
as a director for a new four-year term.
Deviation from best principle provision 4.21
Five directors in the Gimv board of directors are proposed by the VPM, of which they are also
directors. As such, the proposal procedure for these directors deviates from the regular procedure,
since the board of directors of Gimv has no direct inuence on the nomination procedure or
selection criteria for directors put forward by VPM. This situation is specic to Gimv’s ownership
structure (and the management agreement between VPM and the Flemish Government). This is a
reality that Gimv has to take account of. Nevertheless, VPM takes care to ensure a well-balanced
composition and complementarity within the proles of the directors it puts forward.
Independent directors
The board of directors of Gimv includes six directors, of whom the general meeting concluded at
the time of their appointments that they meet the aforementioned independence criteria. These are
Johan Deschuyeleer, Manon Janssen, Luc Missorten, Bart Van Hooland, Frank Verhaegen and
An Vermeersch.
Gimv board of directors
From left to right: Hilde Laga, top row: Geert Peeters, Luc Missorten, Marc Descheemaecker, middle row: Manon Janssen, Brigitte Boone, An Vermeersch, bottom row: Frank Verhaegen, Bart Van Hooland, Karel Plasman
and Koen Dejonckheere, not (visible) in the photo: Johan Deschuyeleer
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1.2. Members
Hilde Laga (1956), Chairman
Hilde Laga has been a member of Gimv’s board of directors since June 2015 and chairman since
1 April 2016. Among other things she is on the boards of directors of Barco, Agfa Gevaert and
Greenyard, all of which are listed on Euronext. She is also visiting professor at the KU Leuven and
a member of the Belgian Corporate Governance Committee. She is the founder of the law rm Laga
(now Deloitte Legal), where she was managing partner for many years, as well as head of the
corporate and M&A practice.
Koen Dejonckheere (1969), CEO
Koen Dejonckheere was appointed CEO of Gimv in 2008. Before that, he was managing director at
KBC Securities. Prior to that, Koen Dejonckheere was active in both corporate nance and private
equity, company nancing and venture capital. Koen Dejonckheere graduated in civil engineering
at Ghent University and has an MBA from IEFSI-EDHEC in Lille (France). As CEO, he has been
a member of the Gimv board of directors since 2008.
Brigitte Boone (1960), Director
Brigitte Boone has an master’s degree in law and another in economic law. She is also an alumna
of INSEAD and Harvard Business School. Between 1985 and 2009, Brigitte Boone held various
positions (legal counsel, head of tax department, CEO Fortis Private Equity, CEO commercial and
investment banking) at Generale Bank, subsequently Fortis Bank. She was also member of the
executive committee and of the board of directors of Fortis Bank until May 2009. Currently, Brigitte
Boone is general manager at 2B Projects. She is also an independent director of Amonis OFP,
Fidimec, Imec, NN Insurance Belgium, SD Worx, Van Puijenbroek Participaties, VPM and
Wereldhave Belgium. She is also non-executive director at Enabel. Brigitte Boone has been
a member of Gimv’s board of directors since June 2015.
Marc Descheemaecker (1955), Director
Marc Descheemaecker obtained in 1977 a master’s in Applied Economics from UFSIA (University of
Antwerp). In 1978, he completed his studies at the College of Europe in Bruges, where he obtained
a postgraduate degree in European Economics. Marc Descheemaecker was CEO of the NMBS
(Belgian national railroad company from 2004 till 2013. He is chairman of the board of directors of
De Lijn and Lijncom, a director of Ethias and a member of the board of directors of the European
Investment Bank (EIB) and of the European Investment Fund (EIF). Since January 2017,
Marc Descheemaecker has been a member of the board of directors of NMBS. Marc Descheemaecker
has been a member of Gimv’s board of directors since October 2014.
Johan Deschuyeleer (1958), Director
Johan Deschuyeleer has more than 35 years of international experience in the IT and technology
sector. After various positions at the start of his career - as an engineer and manager at Siemens
and Hewlett-Packard - Johan became Managing Director Belux at Compaq. Subsequently, Johan
returned to Hewlett-Packard, rst as Managing Director Belux, after which he shaped HP’s global
Sales Strategy from Silicon Valley. He then headed Technology Services EMEA and later Technology
Consulting WW. Today, Johan is chairman of the board of directors of Orange Belgium and chairman
of the board of directors of EVS as well as a director at AE, Automation and Gimv. An industrial
engineer by training, Johan has also followed a Middle Management course at the Vlerick
Management School. He has been a member of Gimv’s board of directors since June 2018.
Manon Janssen (1961), Director
Manon Janssen graduated as a commercial engineer at the Free University of Brussels/Solvay
Business School. She began her career at Procter & Gamble, working worked for 16 years in dierent
countries and where she was responsible for major brands. In 2000, she became Vice President of
Marketing & Innovation at Electrolux Europe and in 2005 took up the post of Chief Marketing Ocer
at Philips Lighting. From May 2010 till May 2015, Manon Janssen was CEO and Managing Director of
Ecofys Group, a leading consulting rm in the eld of energy and climate. Since September 2015,
she has been CEO and Chairman of the Board of Management at Ecorys, an international
consultancy that assists private and public leaders in making informed choices on economic, social
and spatial development issues. In addition, Manon Janssen is chair of De Topsector Energie (NL)
and the theme Energy and Sustainability (NL). She is also a member of several expert committees
in the eld of energy transition. Since January 2021, she has also headed the Puratos CSR
committee. Manon Janssen has been a member of Gimv’s board of directors since January 2017.
Luc Missorten (1955), Director
Luc Missorten was CEO of Corelio until the end of September 2014. Previously, he held positions at
law rm Linklaters and at Citibank, after which he was appointed chief nancial ocer at AB InBev
and UCB. Luc Missorten holds various directors' mandates, mainly in listed companies, such as
Barco (until April 2020), Ontex (until May 2020), Recticel and Scandinavian Tobacco Group. Luc
Missorten has been a member of Gimv’s board of directors since June 2014.
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Geert Peeters (1966), Director
Geert Peeters is currently COO at Dr. Martens Airwair PLC He was previously COO at Cath Kidston
Ltd after holding various positions during a long career with VF Corporation and
Levi Strauss & Co. He also worked for Bacardi Ltd and Sonal NV. Geert Peeters holds a master’s
degree in industrial engineering in textiles/chemistry, an executive MBA from Flanders
Business School and a Master's in Operations & Supply Chain Management from Vlerick Business
School. Geert Peeters has been a member of Gimv’s board of directors since April 2016.
Karel Plasman (1954), Director
Karel Plasman holds a master’s degree in commercial and nancial sciences. For 5 years he
was a professor at the Handelshogeschool in Antwerp, teaching modern nancial techniques.
Karel Plasman held senior management positions at international nancial organisations like
Rabobank Nederland, VISA International London and the Almanij-group. In June 2002, Karel Plasman
started up Corga SA Luxembourg, which in 2007 became part of Acerta Consult. Until May 2014,
Karel Plasman was CEO of the Acerta Group. Karel Plasman has been a member of Gimv’s board of
directors since June 2015.
Bart Van Hooland (1964), Director
Bart Van Hooland is active as an entrepreneur and investor, especially in innovative start-ups and
early stage companies. He founded, among others, Droia, a life science venture capitalist. His most
recent initiative is Thia Ventures, an international investor focused on the crossroads of nutrition,
biotech and health. He has been a member of Gimv’s board of directors since June 2010.
Frank Verhaegen (1960), Director
Frank Verhaegen is an independent director in various companies and a non-executive director
at various start-ups. Previously, he held various positions as Audit Partner, was Chairman of
Deloitte Belgium and Chairman of the Institute of Auditors, accredited for nancial institutions.
Frank Verhaegen holds a master’s degree in Law and in Economic Sciences from KU Leuven
and an executive MBA ‘High Performance Boards’ from IMD (Belgium). Frank Verhaegen has been
a member of Gimv’s board of directors since July 2017.
An Vermeersch (1971), Director
An Vermeersch has 25 years of experience in the Pharma and Healthcare sector. She started her
career a GSK in 1995, before joining McKinsey & Company, Inc as a consultant in 2000. In 2008 she
returned to GSK Vaccines where she held senior management and world-wide positions in Research
& Development, Strategy & Transformation and Governmental & Public Aairs. Since October 2019,
An leads as Vice President, Head of Vaccines Vaccines Global Health, thGlobal Health department
and theen de vaccines business met supranationale organisaties business with supranational
organizations. An graduated as a Bio-Engineer in Microbiology and Biochemistry at the University of
Ghent and obtained a Master in Business Administration at the Vlerick Business School. An
Vermeersch has been a member of Gimv’s board of directors since June 2017.
We give below a full overview of all corporate mandates held by Gimv’s directors on 31 March 2021.
Current board memberships
Hilde Laga
Agfa-Gevaert, Barco, Commissie Corporate Governance, Greenyard,
Kortrijk Innovatie Netwerk, KU Leuven, Ons Erfdeel, VPM, UZ Leuven
(board committee)
Koen Dejonckheere
Various entities of the Gimv group, Entrepreneurs' federations Voka and
VBO (non-exec and ex-ocio), Ziekenhuisgroep AZ Delta-TRIaz, Roularta
Media Group
Brigitte Boone
Amonis, Enabel, Fidimec, Interuniversitair Micro-Electronica Centrum
(IMEC), NN Insurance Belgium, SD Worx, VPM, VP Capital, Wereldhave
Belgium, 2B Projects
Marc Descheemaecker De Lijn, Ethias, Europese Investeringsbank (EIB), Europees
Investeringsfonds (EIF), Lijncom,VPM
Johan Deschuyeleer AE, Automation, EVS, Orange, The House of Value
Manon Janssen Ecorys (member board of management), Topsector Energie (chairman
Topteam)
Luc Missorten Lubis, Recticel, Scandinavian Tobacco Group
Geert Peeters Several entities of Dr. Martens Airwair group, VPM
Karel Plasman E.N.A.G.A., Fluvant, Oscare, Pinvest, VPM, Z-Immo
Bart Van Hooland Broos, Clair, Margaret, South Lane, Tux, Xia
Frank Verhaegen
Bank J. Van Breda & Co, Beego, De Kathedraal, Caloritum (Q-pinch),
FinAx, Frank Verhaegen BV, Namé Recycling, Projective, Vankajo Invest,
VDK Bank
An Vermeersch Floré
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1.3. Operations
Activities report
During FY 2020-20 the board of directors exercised its powers as described in the Corporate
Governance Charter. In addition to its regular activities and investment decisions, the board of
directors gave its attention during the past nancial year to (i) the implementation of a sustainable
nance framework and the issuance of a rst sustainable bond in this context, (ii) the new long-
term incentive plan 2021-2035, (iii) the strategic positioning of the company, (iv) the impact of
Covid-19 on the portfolio and activities, (v) the repurchase of 40,000 own shares with a view to
oering them as part of a share purchase plan for personnel, and (vi) the developments in
sustainable entrepreneurship (ESG).
Number of meetings and attendance
During FY 2020-2021, the board of directors met twelve times, ve times during the rst half and
seven times during the second half of the nancial year. With the exception of one meeting that
took place physically, all meetings were held by videoconference owing to the safety regulations
associated with Covid-19. Two times one director was absent from one meeting, which brings the
average attendance rate to 98.61 percent. Directors’ individual attendances are shown in the
following table:
Presences
Board of
Directors
Remuneration
Committee
Audit & risk
committee
Nomination
Committee
Hilde Laga 12/12 – – 1/1
Koen Dejonckheere 12/12 – – –
Brigitte Boone 12/12 – 4/4 –
Marc Descheemaecker 12/12 – 4/4 1/1
Johan Deschuyeleer 12/12 – – –
Manon Janssen 12/12 7/7 – 1/1
Luc Missorten 12/12 – 4/4 –
Geert Peeters 11/12 6/7 – –
Karel Plasman 12/12 6/7 – –
Bart Van Hooland 12/12 7/7 – 1/1
Frank Verhaegen 12/12 7/ 7 4/4 1/1
An Vermeersch 11/12 – – –
Conicts of interest - Article 7.96 of the Companies and Associations Code (CAC)
During the 2020-21 nancial year, two situations arose in the board of directors giving rise to the
application of the procedure for conicts of interest.
During its meeting of 15 September 2020, the board of directors resolved on the CEO’s short-
term incentive for FY 2019-2020.
‘The evaluation and variable remuneration of the managing director is the next item discussed. As
the managing director has, with respect to these decisions, an interest of a proprietary nature
within the meaning of article 7:96 CAC he leaves the meeting and does not participate in the
deliberation and decision-making on this item. Kristof Vande Capelle and Edmond Bastijns
also leave the meeting prior to the discussion of this agenda item.
In view of this positive evaluation, the remuneration committee advises the board of directors to
grant Koen Dejonckheere a variable remuneration for the past nancial year of € 106k, in line with
the principle of the 19.44 percent bonus budget.
Resolution:
In the light of the Company’s results for the past nancial year and the status of the set objectives,
the board of directors approves - upon recommendation of the remuneration committee - the
CEO’s bonus of EUR 106k.’
At its 16 March 2021 meeting, the board of directors approved the new long-term incentive plan
2021-2035 and determined the managing director’s share in this LTIP:
‘Given that the managing director’s share in the 2021-2035 LTIP is the discussed in the context of
this agenda item, the managing director indicates that he has, as a beneciary of this decision,
an interest of a proprietary nature within the meaning of article 7:97 CAC and that he will
therefore leave the meeting and does not want to take part in the deliberation and decision-
making on this item.
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Resolution:
On the proposal of the remuneration committee, the board of directors decides to:
approve the LTIP 2021 - 2035 according to the key parameters as included in the
presentation
to establish the share of the members of the executive committee in the LTIP 2021-2035 as
follows: 5 percent for the CEO, 4.25 percent for each of the platform heads and 2.75 percent
for the CFO and the CLO respectively.’
Conicts of interest - Article 7.97 of the CAC
Listed companies are required to subject decisions for which competence lies with the board of
directors and which relate to the relationship between the company and its aliated companies, to
a committee of three independent directors, Article 7:97 of the Belgian Companies and Associations
Code describes the procedure to be followed. During the 2020-2021 nancial year, no situations
arose leading to the application of this legal procedure.
Gimv shares owned by members of the board of directors
Koen Dejonckheere is the only director who owns Gimv shares. At the start of the nancial year,
he held 10,574 Gimv shares. In the course of FY 2020-2021, he purchased a further 2,433 shares.
As a result, he owns 12,980 Gimv shares as of 31 March 2021.
1.4. Evaluation
In principle every three years, the chairman organises an evaluation of the performance of the
board of directors. This exercise consists of a digital questionnaire on various aspects of
governance, plus individual interviews with directors. The aim of this exercise is to capture individual
opinions and feedback by means of a quantitative instrument.
The questions include:
to what extent is information presented in a timely and accurate manner to the directors and
how does management respond to any questions and remarks
how do discussions and decision-making work within the board and is there adequate
opportunity to present all points of view
to what extent do individual directors participate in the discussions and do directors suciently
contribute their specic expertise during discussions
how is the chairman’s leadership during meetings perceived, with particular attention to
everybody’s right to speak, the conformity of decisions taken with the discussions and the
consensus of the directors.
The most recent evaluation of the functioning of the board of directors took place during FY 2018-2019.
1.5. Remuneration
The remuneration of the directors is set out in the remuneration report (cfr. below).
1.6. Rules of conduct
Gimv Dealing Code and Gimv Code of Conduct
Gimv has a ‘Gimv Dealing Code’ and a ‘Gimv Code of Conduct’, both of which apply to directors and
employees of Gimv and its group companies. Both documents are available for public consultation
on Gimv’s website.
Code of Ethics
Gimv takes its lead in its activities from, inter alia, the code of conduct of the Belgian Venture
Capital & Private Equity Association (BVA). This code aims to contribute to the lasting development
of the private equity sector in Belgium. Its main points relate to sustainable creation of value by
means of active shareholdership in investee companies and to the ethically responsible use of
investment resources on the basis of integrity, condence and open communication. This BVA code
of conduct was integrated in the Gimv Code of Conduct and can also be found on the BVA website
(www.bva.be).
In March 2021, the board of directors resolved that Gimv should subscribe to the Principles of
Responsible Investment (an international initiative of investors endorsed by the United Nations),
as from the start of FY 2021-2022.
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2. Advisory committees within the board of directors
Three specialised advisory committees have been set up within the board of directors: the audit &
risk committee, the remuneration committee and the nomination committee. The functioning of
these committees is described in greater detail in the Corporate Governance Charter. After each
meeting, the board of directors receives a report with recommendations in respect of decisions to
be taken by the board.
2.1. Audit & risk Committee
Composition
The audit & risk committee consists of Luc Missorten (chairman), Brigitte Boone, Marc
Descheemaecker and Frank Verhaegen. In this way the Committee is comprised solely of
non-executive board members, half of whom are independent. All audit & risk committee members
meet the criteria of expertise with respect to bookkeeping and audit. The committee as a whole is
balanced and possesses the necessary independence, competences, knowledge, experience and
ability to perform its task eectively.
Operations
Activities report
The main role of the audit & risk committee is to direct and supervise the nancial reporting, the
bookkeeping process and the administration of the Company. The nancial reporting is extensively
discussed on a quarterly basis, with special attention to the valuation decisions relating to the
shareholdings in the portfolio. The audit & risk committee also monitors the eciency of internal
control and risk management systems. The audit & risk committee reports systematically on its
activities to the board of directors.
During FY 2020-2021, the audit & risk committee paid more specic attention, inter alia, to the
following items:
the nancial reporting was discussed in detail at each of the four meetings, including the reporting
process itself and the portfolio valuations and results. During the May and November meetings,
the annual and half-yearly results respectively and the nancial communication were discussed in
the presence of the statutory auditor. During the meeting in May the nancial report as included
in the 2019-2020 annual report was also discussed
the valuation methods, as set out in Gimv’s valuation rules, were continuously monitored. During
FY 2020-2021, the committee examined more closely the evolution of the various components
of the valuation, with specic attention to the impact of the results of the portfolio companies
on the valuation, as well as the evolution of the valuation multiples applied and the consistent
application of any valuation discounts
the audit & risk committee analyses annually the scal situation of the Gimv group, along with
any tax disputes. In addition, the audit & risk committee analyses at regular intervals the ongoing
legal disputes, as well as Gimv’s o-balance sheet obligations. Next to that, the group insurance
and potential pension obligations are analysed and discussed at least once a year. All these
subjects are discussed on the basis of internally and externally prepared reports. The committee
is therefore of the opinion that there are no items that are not included in the annual accounts
and the annual report
the Gimv Compliance & ESG Oce reports once a year on the compliance procedures within
Gimv.
With respect to risk management, this the company again opted this year for an approach whereby
the portfolio and process risks with which Gimv is confronted in its activities are discussed and
assessed on a regular basis in the audit & risk committee. A number of these risks (including
market and economic risk, liquidity risk and currency risk) are included in the recurrent nancial
reporting. In addition, a number of other risks (scal risk, legal risks, provisions for group insurance
obligations, etc.) are examined on an annual basis. Finally, a number of other risks are reviewed on
an ad-hoc basis In this way, this year the audit & risk committee examined more specically (i) the
valuation methodology and (ii) IT security. In addition, the audit & risk committee was informed of
the evaluation of way compliance is organised within Gimv. This was undertaken on a voluntary
basis by the Gimv Compliance & ESG Oce in the context of permanent quality control, with the
assistance of an external party. This combination of recurrent monitoring and ad-hoc discussion of
major risks is intended to allow Gimv’s management to guarantee the ecient application of the
control processes, so as to continuously enhance the eectiveness of risk management.
A more detailed description of the internal control approach and methodology can be found in the
chapter on internal control and risk management (cfr. item 7 below).
The auditor’s management letter contained no recommendations leading to signicant adjustments.
The statutory auditor therefore delivered an unqualied opinion.
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The audit & risk committee has no knowledge of facts or circumstances with a potentially signicant
impact on Gimv that are not included in the annual accounts or the annual report.
Number of meetings and attendance
During FY 2020-2021, the audit & risk committee met four times. All members were present at every
meeting (attendance level of 100 percent).
The audit & risk committee meets at least once a year without any executive committee member
present and at least once without the auditor.
2.2. Remuneration Committee
Composition
The remuneration committee is composed of Frank Verhaegen (chairman), Bart Van Hooland,
Manon Janssen, Karel Plasman and Geert Peeters. In this way the remuneration committee consists
entirely of non-executive directors, Three of its ve members are independent directors.
Operations
Activities report
During FY 2020-2021, the remuneration committee examined the recurrent subjects set out in the
Corporate Governance Charter. In addition to its regular work on the remuneration policy and
the preparation of the remuneration report, the remuneration committee focused in the past year
on (i) the evaluation of executive management and setting their objectives and annual variable
remuneration, (ii) the LTIP 2021-2035 and (iii) the annual update of the HR policy.
Number of meetings and attendance
In 2020-2021, the remuneration committee met seven times. Two members were unable to attend
one meeting, resulting in an average attendance of 94.29 percent. The individual attendances of
the committee’s members are shown in the table above (cfr. item 1.3. above).
2.3. Nomination Committee
Composition
The nomination committee is currently composed of Hilde Laga (chairman), Marc Descheemaecker,
Manon Janssen, An Vermeersch and Johan Deschuyeleer. An Vermeersch and
Johan Deschuyeleer were appointed to the nomination committee in July 2020, replacing
Bart Van Hooland and Frank Verhaegen. In this way the remuneration committee consists entirely
of non-executive directors, Three of its ve members are independent directors.
Operations
Activities report
During FY 2020-2021, the nomination committee advised the board of directors to renew the
mandates of Manon Janssen and Bart Van Hooland as an independent director for a four-year and
two-year term respectively.
Number of meetings and attendance
The nomination committee met once during FY 2020-2021. All then members were present
(attendance level of 100 percent). The individual attendances of the nomination committee’s
members are shown in the table above (cfr. item 1.3. above).
Departure from best principle 4.21 of the 2020 Code
Five directors in the Gimv board of directors are put forward by the Vlaamse
Participatiemaatschappij NV (VPM), of which they are also directors. As such, the nomination
procedure for these directors deviates from the regular procedure, since the Gimv board of
directors has no direct inuence on the nomination procedure or selection criteria for directors put
forward by VPM. This situation is specic to Gimv’s ownership structure (and the management
agreement between VPM and the Flemish Government). This is a reality of which Gimv has to take
account. Nevertheless, VPM takes care to ensure a well-balanced composition and complementarity
of the directors it puts forward.
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3. Executive Committee
The CEO is responsible for developing and implementing the strategic and investment decisions of
the board of directors. The CEO is assisted in the execution of his duties by an executive committee.
3.1. Members
Alongside the CEO, the executive committee consists of:
Edmond Bastijns, Chief Legal Ocer and Secretary General
Edmond Bastijns joined Gimv in September 2000. Since 2007, he has been responsible for the legal
department in his capacity as Chief Legal Ocer. In July 2016, he was appointed Secretary General
and became a member of the executive committee. Before Gimv, he worked at Linklaters in
Brussels (then De Bandt, van Hecke & Lagae) from 1996 until 2000. Edmond Bastijns holds a
Master’s degree in Law from the University of Leuven (KU Leuven). He recently completed the
Advanced Management Program at the Chicago Booth School of Business.
Koen Bouckaert, Managing Partner - Head Consumer
Koen Bouckaert joined the Gimv team in July 2020 as Head Consumer. He started his career as a
strategy consultant at AD Little and The Boston Consulting Group, where he worked for 8 years. He
then joined the management committee of Alpro, the European market leader in plant-based dairy
alternatives. For 16 years he worked as VP Strategy & Business Development on a growth strategy
that enabled the company to achieve double-digit growth. He was also chairman of the European
sector organisation ENSA for a while. More recently, Koen was responsible for Strategic Development
and M&A in the Executive Committee of La Lorraine Bakery Group.
Koen Bouckaert holds a Masters in Business Economics from the Catholic University of Leuven
(Belgium), a Masters in Business Administration from the University of Chicago Booth School of
Business (USA) and has taken Executive Education courses at INSEAD (France).
Bart Diels, Managing Partner - Head Health & Care
During his more than 25 years at Gimv, Bart Diels has built a successful and broad full-cycle track
record - in early and late stage investments, in business building, in buy &and-build strategies and
in exits (IPO & trade sale) - in various sectors. Bart has guided early stage companies such as BAI,
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Koen Dejonckheere Tom Van de Voorde Bart Diels Kristof Vande Capelle Erik Mampaey Koen Bouckaert Edmond Bastijns
56
Annual Report 2020-2021 | Corporate Governance
Benedenti, Coreoptics, eXimius, Filepool and Metris at each step of the growth process, from smart
idea to successful exit. He has also achieved substantial capital gains on late stage investments
such as Acertys, Almaviva FICS, LMS and OTN Systems. Today Bart is a board member of Arseus
Medical, Eurocept and Spineart. His broad experience is vital for the further expansion of Gimv’s
Health & Care platform, which he has headed since late 2012. Bart holds a Master’s degree in
Financial and Quantitative Economics and an MBA, both from the University of Antwerp.
Erik Mampaey, Managing Partner - Head Sustainable Cities
Erik Mampaey joined Gimv as Head Sustainable Cities and a member of the executive committee
in early 2018. He was previously employed at ENGIE as Head of Acquisitions, Investments & Financial
Advisory (AI & FA) Europe (business units in the Benelux, Northern, Eastern, Central and Southern
Europe, and in the UK /Ireland). In this capacity, he was responsible for a whole series of strategic
and nancial projects in Europe, where he was in charge of an M&A/nancial engineering team
focused on a very wide range of energy and sustainable topics. Erik Mampaey graduated as
a Commercial Engineer from KU Leuven, after which he obtained an executive master’s diploma
in Corporate Finance from Solvay Brussels School.
Kristof Vande Capelle, CFO
Kristof Vande Capelle is CFO of Gimv. Before joining Gimv in September 2007, he worked at
Mobistar (Orange Belgium) as Director of Strategic Planning and Investor Relations. He has also
worked as a credit analyst at KBC and as an academic assistant at the University of Leuven. He
holds a master in Applied Economics (specialisation in Corporate Finance) and an MA in Economics,
both from KU Leuven. Kristof has also followed the Advanced Management Program (AMP) at
IESE Business School.
Tom Van de Voorde, Managing Partner - Head Smart Industries
Tom Van de Voorde joined the Gimv team in 2007, rst at Buyouts & Growth Belgium, where he
completed several management buyouts and investments in growth companies, and then in the
Smart Industries platform. Today he is responsible for the Smart Industries platform, focused on
value-creating investments in technology. He gained valuable experience in investment banking at
Bank Degroof, as vice-president Investment Banking & Private Equity, and at NIBC Advisory in
Brussels as head of M&A. He is a board member of, among others, Cegeka, Mega, Summa,
Laser2000, AME, Grandeco and Impression International. Since 2014 he has undertaken the exits
from Trustteam, Xeikon, Hecht, Luciad, Mackevision, Grandeco and Vandemoortele. Tom Van de
Voorde is a commercial engineer (KU Leuven) and holds an MBA from the University of Chicago.
Changes in the composition of the executive committee during FY 2020-2021
Koen Bouckaert was appointed as Consumer platform head in the second quarter of FY 2020-2021.
3.2. Remuneration
For the remuneration of the members of the executive committee, the reader is referred to the
remuneration report (cfr. Chapter 8. below)
3.3. Termination rules
CEO
The compensation due in the event of termination of the mandate of the CEO is twelve months’
xed and short-term variable remuneration, unless the mandate is terminated after the age of 60,
in which case no termination compensation is due.
Other executive committee members
The other executive committee members are attached to the Company by employment contracts.
The termination of such contracts is subject to the mandatory provisions of Belgian labour law, with
no possibility of contractual derogation. This therefore implies an unavoidable departure from best
principle 7.12 of the 2020 Code.
3.4. Evaluation
Executive committee members are evaluated every year by the CEO. The results are presented by
the CEO and discussed in the remuneration committee. The remuneration committee assesses the
CEO’s performance on an annual basis. This evaluation is prepared jointly by the chairman of the
board of directors and the chairman of the remuneration committee. The remuneration committee
reports to the board of directors on the above-mentioned evaluations.
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3.5. Ownership of securities on 31 March 2021
The table below gives an overview of the numbers of Gimv shares and bonds held by current
executive committee members at the start and end of FY 2020-2021:
Securities holding executive committee
Shares Bonds
01-04-2020 31-03-2021 01-04-2020 31-03-2021
Koen Dejonckheere 10,574 12,980 - -
Edmond Bastijns 1,500 3,557 - -
Koen Bouckaert - 1,500 - -
Bart Diels - 2,000 24 24
Erik Mampaey - 1,000 - -
Kristof Vande Capelle 3,101 4,220 16 16
Tom Van de Voorde 50 1,200 - -
4. Diversity policy
Gimv believes that diversity in various areas contributes to a better understanding of social
developments and innovative trends and therefore also of Gimv’s investment opportunities, risk
management and organisation. Diversity of competences and opinions ensures an open and
constructive discussion of strategic decisions on its turn leading to better decision-making.
Diversity, at least in terms of gender and professional background, is also an explicit part of the
procedure for the selection of new board of directors and executive committee members. More
broadly within the organisation, Gimv is attentive, on a permanent basis, to investing in the
recruitment, training, career guidance and retention of diverse talent.
It goes without saying that Gimv does not tolerate any form of discrimination. Everyone must
respect the dierences in the individuality of each person and must achieve Gimv’s objectives
together without regard to race, ethnicity, religion, origin, gender, sexual orientation, disability, age,
marital status or other characteristics. No form of illegal discrimination or inappropriate/
unacceptable (sexual) behaviour will be tolerated (see also the Code of Conduct, 4.2).
4.1. Gender diversity
Gender diversity promotes better understanding of the market, enhances creativity and provides
more eective leadership. Gimv strives to discover potential female talents at an early stage and to
provide them with opportunities that enable them to develop their full potential.
With four women out of twelve directors, including the chairman of the board of directors, Gimv meets
the legally required gender diversity in the composition of the board of directors (Article 7:86 CAC).
Gender diversity was a particular point of attention when lling the two vacancies on the executive
committee in 2017 and 2019. Unfortunately, the search for the right candidate for the position did
not result in the recruitment of a rst woman to the executive committee. This will again remain an
important point of attention in future changes in the composition of the executive management.
In terms of gender diversity within the organisation, in FY 2019-2020, Gimv subscribed to the France
Invest Charter ‘sur les engagements pour favoriser la parité femmes-hommes chez les acteurs du
capital-investissement et dans leurs participations.’
4.2. Professional background
Complementary professional knowledge and experience is another important part of Gimv’s
diversity policy in order to remain competitive in a constantly changing world. This applies equally
for the board of directors, the executive committee and more broadly throughout the organisation.
4.3. Age
Age diversity is also essential in the context of diversity policy. Attracting young talent with
complementary knowledge and experience, with particular attention to 'digital natives' and creating
a dynamic environment all contribute to Gimv’s ability to remain at the forefront of insight into new
technology and social evolutions. The combination of these with talented professionals having
broader and more in-depth work experience leads to better outcomes, both in the selection of
interesting investment opportunities and in guiding the participations on their way to success.
Gimv is also keen to invest in the personal and professional development of young talent by
providing maximum stimulation for following advanced courses, both in regular higher education
and in the context of specic training courses for young professionals.
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4.4. Geographic diversity
Gimv’s presence in four countries with local teams translates into a geographical diversity that
provides signicant added value in a world characterised by increasing internationalisation.
5. Capital
5.1. Reference shareholder
Vlaamse Participatiemaatschappij NV (VPM) holds 7,080,653 shares or a 27.18 percent interest in
Gimv. During FY 2020-2021, no situations arose leading to the application of article 7:91 of the
Companies and Associations Code (cfr. above).
The presence of ve directors appointed to the Gimv board of directors on the proposal of VPM
makes VPM’s strategic objectives as reference shareholder clear for Gimv’s board of directors.
5.2. Evolution of capital
Gimv’s share capital amounts to EUR 247,254,426.21 and is represented by 26,047,134 fully paid-up
shares without nominal value. All shares have the same rights and fractional value and are fully paid
up. The following capital increases have taken place since 1995 (converted into EUR):
Evolution of capital
Date Capital Issue premium
Total number
of shares
Increase Total
31-01-1995 672,262.43 102,756,848.70 1,021,820.48 4,145,201
31-07-1995
(1)
12,146,782.71 114,903,631.00 37,436,384.32 4,635,201
27-05-1997
(1)
103,240,216.30 218,146,301.80 - 23,176,005
05-12-2000
(2)
1,853,698.20 220,000,000.00 - 23,176,005
03-08-2012
(3)
7,478,071.40 227,478,071.40 17,130,237.58 23,963,786
02-08-2013
(3)
7,223,793.74 234,701,865.10 17,946,082.81 24,724,780
01-08-2014
(3)
6,662,763.59 241,364,628.60 16,552,314.41 25,426,672
28-07-2020
(3)
5,889,797.58 247,254,426.20 22,341,223.42 26,047,134
1
Incorporation of issue premium and 1:5 share split (1:5)
2
Capital increase and conversion into EUR
3
Capital increase via stock dividend option
Apart from the above-mentioned shares the company has not issued any securities that on exercise
or conversion would produce an increase in the number of shares. All shares of the Company are
listed on the First Market of Euronext Brussels, with share code GIMB, ISIN code BE0003699130,
Reuters code Gimv.BR and Bloomberg code GIMB BB.
5.3. Authorised capital
Based on the articles of association (article 9) as approved by the extraordinary general meeting on
24 June 2020, the board of directors is authorised to increase the share capital in one or more
instalments by (i) an amount of up to the capital for capital increases with application of the
preferential subscription right of existing shareholders, and (ii) an amount of no more than twenty
percent (20 percent) of the capital for capital increases with suspension of the preferential
subscription right of existing shareholders.
The special report of 17 March 2020 of the board of directors to the general meeting (in application
of article 7:199 CAC) sets out the special circumstances in which the board of directors can make
use of this authorisation.
During FY 2020-2021, more specically in July 2020, the board of directors made us of this
authorisation for the rst time, in the context of the optional dividend that was approved by the
ordinary general meeting of 24 June 2020. Th statutory capital was increased with 5,889,797.58 EUR
by issuing 620,462 new shares with an issue price of 45.50 EUR per share. The dierence between
the fractional value and the issue price, i.e. 22,341,223.42 EUR, was recorded as an issue premium.
5.4. Repurchase of own shares
Based on the articles of association (Article 11) as approved by the extraordinary general meeting
on 24 June 2020, the board of directors is authorised to acquire its own securities up to a maximum
of twenty percent (20%) of the capital or to pledge them at a unit price that may not be lower than
twenty percent (20%) below the average closing price of the last twenty trading days prior to the
transaction and that may not be higher than twenty percent (20%) above the average closing price
of last twenty trading days prior to the transaction.
This authorisation has been granted for a ve-year period until June 2025. During FY 2020-2021,
Gimv made use of this option for the rst time in order to buy back 40,000 treasury shares as part
of the share purchase plan for certain employees (see remuneration policy 4.10).
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5.5. Threshold for convening the general meeting
Shareholders who, independently or jointly, represent 3 percent of the authorised capital, are
entitled to place items on the agenda of the general meeting and to submit proposals for
resolutions.
Apart from this, the board of directors will consider any reasonable proposal from a shareholder,
regardless of his shareholding. If the proposal is of interest to Gimv and its shareholders, the board
of directors will place the item on the agenda of the General Meeting.
6. External audit
The external audit of Gimv and of most of its subsidiaries was entrusted by resolution of the general
meeting of 26 June 2019 to BDO Bedrijfsrevisoren CVBA, having its registered oce at Antwerp-
Berchem, Uitbreidingstraat 72 box 1, for a renewable period of three years ending after the general
meeting that will be invited to approve the accounts for FY 2021-2022. BDO Bedrijfsrevisoren has
appointed David Lenaerts, auditor, and Veerle Catry, auditor, as permanent representatives.
During FY 2020-2021, Gimv paid a total of 274,758 EUR (VAT excluded) to BDO: This amount is
composed of:
86,840 EUR for the statutory audit of Gimv’s nancial statements
130,634 EUR for the statutory audit of the annual accounts of Gimv’s subsidiaries, for which BDO
is appointed as statutory auditor
30,000 EUR forother audit assignments, mostly in connection with other advisory assignments
relating to Gimv investee companies
0 EUR for tax advice relating to Gimv’s investee companies
27,785 EUR for assignments outside the scope of auditing, including verifying the variable
remuneration and checking the valuation of share options or warrants of co-investment
companies
0 EUR for various due diligence assignments.
The remuneration for the statutory audits of the annual accounts of Gimv and its (direct or indirect)
subsidiaries is adjusted annually based on the evolution of the consumer price index.
Article 3:65 of the Belgian Companies and Associations Code requires the Company to state in the
notes to the nancial statements the fees associated with exceptional activities or special
assignments performed by the statutory auditor or a person associated with the statutory auditor,
within (i) Gimv, (ii) Belgian companies or persons aliated with Gimv and (iii) its foreign subsidiaries.
Since Gimv, as an investment company, has dozens of shareholdings, in Belgium and abroad, it has
agreed the following procedures with its statutory auditor:
the additional statutory tasks and the other services provided by the statutory auditor (and
companies aliated to or cooperating with BDO) are subject to strict monitoring and, on
occasions, approval
Gimv requires a specic report of the assignments undertaken by BDO or (legal) persons
aliated to it for Belgian aliates or foreign subsidiaries where Gimv holds more than 50
percent of the shares
for all other participating interests, whether or not companies aliated with Gimv, Gimv inquires
of its statutory auditor (or companies aliated to or cooperating with BDO) whether tasks,
mandates or assignments have been carried out. However, as Gimv’s management is generally
not involved in appointing service providers for its investee companies, it does not always have
this information
BDO also has internal systems for detecting conicts of interest in a timely manner. Although
Gimv has no reason to doubt the completeness and accuracy of the information obtained in this
way, it is unable to give any guarantees in this respect.
7. Internal control and risk management
Internal control can be dened as a system, developed by the governing body, which contributes
to the governance of the Company’s activities, its ecient performance and an optimal use of its
assets, taking into account the objectives, size and complexity of the activities.
The ever-increasing complexity of today’s society and of Gimv’s investment projects in general, as
well as changing laws and regulations, necessitate a greater degree of risk awareness.
Risk management is the process of identifying, assessing, controlling and communicating about
risk from an integrated and organisation-wide perspective. This is an ongoing process, imposed on
us by a changing world and measures introduced in changing circumstances.
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The main features of the internal control and risk management systems are described below.
7.1. Control environment
The Company’s control environment - the way the organisation deals with risk management - is
dened by its corporate culture:
the mission and values, organisational culture, philosophy, management style and corporate
structure
the denition of integrity and ethics in the Gimv Code of Conduct for the board of directors and
employees (www.gimv.com/en/about-gimv/corporate-governance)
the roles and responsibilities of the board of directors and the various committees as dened
in the Corporate Governance Charter (www.gimv.com/en/about-gimv/corporate-governance).
This shows that each department within Gimv operates with a high level of independence, but
that, at the same time, Gimv has also developed a powerful and centralised decision process
for new investments.
7.2. COSO-model based approach
The Company is convinced that risk management is an essential part of good governance and the
development of sustainable corporate performance. By maintaining an appropriate balance
between risks and returns, the Company seeks to maximise business success and shareholder
value. Optimal risk management also needs to contribute to the realisation of the (strategic)
objectives by:
optimising operational business processes in terms of eectiveness and eciency
reliable nancial reporting
monitoring its activities in accordance with regulations, laws and codes of conduct.
This approach concords with that of the COSO model. This is an international frame of reference
for an integrated system of internal control and risk management as developed by the Committee
of Sponsoring Organisations of the Treadway Commission (‘COSO’). This COSO reference framework
is built around 5 components: (i) control environment, (ii) risk management process,
(iii) control activity, (iv) information and communication and (v) supervision and monitoring. This
model is until now acknowledged as the standard framework for internal control.
7.3. Management measures and internal control
This risk analysis serves to update the risk and control matrix, showing the risks and the
corresponding management measures for each process. This includes both the operating risks and
risks that impact the nancial reporting:
during an initial phase, Gimv evaluates whether the internal control mechanisms are structured
in a suciently eective and ecient manner. Where shortcomings are detected, remedial
measures are taken by the persons responsible for the relevant process and control mechanisms
in a second phase, all controls are tested in terms of structure and of eectiveness and
eciency. In this way we check whether the controls are operating correctly in the daily
activities. Where shortcomings are detected, recommendations are formulated and a second
round of tests follows to determine whether all recommendations have been implemented.
Departure from best principle 4.14 of the 2020 Code
Gimv does not have a separate internal audit function. As such it departs from best principle 4.14
of the 2020 Code. The audit & risk committee assesses on an annual basis the need to set up an
independent internal audit function and advises the board of directors on this. To date, the board
of directors and the audit & risk committee have always considered that an internal audit function
is not strictly necessary, as the evaluation of the internal control systems is embedded in the
nancial department and the external audit. For time to time, external parties are also brought in to
provide specialised advice on specic risk areas. The main internal control risks are linked to the
management of the company portfolio and are mainly transaction-related. Thorough substantive
control of transactions initiated by the business is carried out by the central functions. This second-
line control is supplemented by the external audit.
Additional reasons for the absence of an internal audit function include the fact that Gimv has a
relatively small sta, that an internal audit function would not be a full-time assignment, that a
segregation of duties increases independence and, moreover, makes it possible to test against
external experiences. Moreover, the rigorous internal and external control systems in place lead to
a comparable result.
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7.4. Assessment of the approach applied
For risk control, Gimv has opted for an approach in which the portfolio and process risks confronting
Gimv in its activities are assessed on a regular basis. The monitoring of a number of these risks
(including market and economic risk, liquidity risk and currency risk) is included in the recurrent
nancial control. In addition, a number of other risks (scal risk, legal risks, provisions for group
insurance obligations, etc.) are monitored by the audit & risk committee on an annual basis. Finally,
there are a number of further risks handled on an ad-hoc basis. In this way, this year the audit & risk
committee examined more specically (i) safety and risks in the IT area, and (ii) the compliance
procedures. This combination of recurrent monitoring and ad-hoc discussion of major risks is
intended to allow Gimv’s management to guarantee the ecient application of the control
processes, so as to continuously enhance the eectiveness of risk management.
7.5. The most signicant risks
The most signicant risks facing the Company are set out in Chapter 9. Financial Statements.
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Annual Report 2020-2021
A. Remuneration report
1. FY 2020-2021 Gimv results and link with remuneration
In the exceptional past nancial year 2020-2021, Gimv succeeded in posting strong results. In a
year of sharp economic contraction (-6%), the portfolio companies were able to achieve lasting
growth, in terms of both turnover (+2%) and Ebitda (+4%) This strong performance, combined with
realised capital gains on a number of successful exits (viz. EUR 265.5 million in cash proceeds, with
a realised money multiple of 3.1x of the invested amount) and a recovery on the stock markets,
result in a net operating result of EUR 205.7 million. The pace of investment remained high with a
total invested amount of EUR 211 million.
With these results, the predetermined performance criteria for FY 2020-2021 were almost fully
achieved and the budget for the short-term incentive amounts to 29.36 percent of the total xed
salary mass. The board of directors is of the opinion that this outcome is fair in the light of the
realised results of the past nancial year. Further details on this can be found below (cfr. infra A.6).
The board of directors establishes that the total remuneration paid during or with regard to
FY 2020-2021 accords with the predetermined principles and with the remuneration policy as will
be submitted for approval to the general meeting on 30 June 2021 for the rst time. There were no
signicant increases in xed remuneration during the past nancial year, nor were there any
signicant payments under the historical co-investment structures or the long-term incentive plan.
The most important variable is therefore the short-term incentive, which is determined by nancial
and non-nancial performance criteria that are largely focused on long-term performance (Ebitda
and turnover growth in portfolio companies, investment volume, etc.). The introduction of
the ‘shareholding guidelines’ for executive management and a new long-term incentive plan for
2021-2035 also conrm the focus of the remuneration policy on the company’s long-term
performance.
2. Relevant events during FY 2020-2021
The remuneration report has undergone a radical change compared to previous nancial years.
This is mainly the result of the implementation of the remuneration policy, which was approved by
the board of directors on 18 May 2021 and will be submitted for approval to the general meeting on
30 June 2021, and on the other hand of the entry into force of the new Code on Corporate
Governance 2020 and the transposition into Belgian law of the Shareholders' Rights Directive
(act of 28 April 2020).
During FY 2020-2021, the board of directors approved in January 2021 a share purchase plan. In
March 2021, the new long-term incentive plan 2021-2035 was approved for the three-year investment
period starting on 1 April 2021. The details are explained in the remuneration policy.
At the general meeting of 24 June 2020, the remuneration report for FY 2019-2020 was approved
with a majority of 98.23 percent.
3. Development of the remuneration policy and determination of the remuneration
3.1. Development of the remuneration policy
For the development of the remuneration policy and the determination of the remuneration of the
non-executive directors and the members of the executive committee, the following procedure was
followed during FY 2020-2021:
based on benchmarking with available best practices and with the help of external experts, the
remuneration committee prepared an initial draft remuneration policy, which was subsequently
approved by the board of directors and will nally be submitted for approval to the General
Meeting on 30 June 2021
the principles for determining the remuneration of the non-executive directors, as proposed in
the remuneration policy, were tested against an external benchmarking with Willis Towers
Watson that was carried out in 2019
8. Remuneration report and report
on the co-investment structure
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the principles of the long-term incentive plan 2021-2035 were established in March 2021 by the
board of directors following consultation in the remuneration committee and on the basis of
external expert advice
the assessment of the performance criteria for FY 2020-2021 was carried out by the remuneration
committee and the board of directors in April 2021 (cfr. A.1 above and A.6 below)
in May 2021, the board of directors, on the proposal of the remuneration committee, established
the nancial and non-nancial performance criteria for FY 2021-2022.
As of the date of this annual report, the board of directors does not expect any signicant changes
to the remuneration policy in the next two nancial years.
3.2. Application of the principles of the remuneration policy in 2020-2021
The following observations are made when applying the principles underlying the remuneration
policy (cfr. remuneration policy item 4.1) during FY 2020-2021:
Principle Application
Alignment with shareholders The long-term incentive plan 2021-2035 has been approved with respect to the investment period from April 2021 to March 2024.
The members of the executive committee purchased during the nancial year 2020-2021 collectively 11,082 Gimv shares. The
build-up of this share position ts within the ‘shareholding guidelines’ (sub A.8) and the investment obligation in the context of LTIP
2018-2032 and the LTIP 2021-2035.
Alignment with the nancial performance The net operating result under IFRS amounted to EUR 205.7 million and thus far exceeded the ambitious target of EUR 100 million
net operating result.
Alignment with portfolio companies Gimv was able to achieve signicant growth in the turnover and Ebitda of its portfolio companies compared to the economy as
a whole. This resulted in an outperformance of +2 percent in terms of turnover and +4 percent in terms of Ebitda, in both cases
compared to the weighted average evolution of GDP in Belgium, France, Germany and the Netherlands which was -6 percent.
Attracting and retaining talented professionals During the past nancial year, Gimv recruited eight new investment professionals, from junior proles to executive management,
mainly in Belgium, Germany and the Netherlands. During the same period, ve investment professionals left Gimv, of their own
accord or otherwise, for various reasons.
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4. Remuneration of the non-executive directors
The following table details all remuneration paid or owed by the Company to the non-executive
directors in respect of FY 2020-2021. These remunerations have been paid in accordance with the
principles set out in the remuneration policy (sub 3.1.).
4.1. Remuneration of the non-executive directors (in EUR)
Director Fixed remuneration Remuneration attendance fees
Total amount
received
Since Until
Board of
directors
Remuneration
committee
Audit & risk
committee
Nomination
committee
Board of
directors
Remuneration
committee
Audit & risk
committee
Nomination
committee
Hilde Laga * 2015 2023 175,000 - - - - - - - 175,000
Koen Dejonckheere 2008 2021 - - - - - - - - -
Brigitte Boone 2015 2023 21,000 - 3,750 - 15,000 - 5,000 - 44,750
Marc Descheemaecker 2014 2023 21,000 - 3,750 3,750 15,000 - 5,000 1,250 49,750
Johan Deschuyeleer 2018 2022 21,000 - - 2,813 15,000 - - - 38,813
Manon Janssen 2017 2024 21,000 3,750 - 3,750 15,000 8,750 - 1,250 53,500
Luc Missorten 2014 2022 21,000 - 7,500 - 15,000 - 5,000 - 48,500
Geert Peeters 2016 2023 21,000 3,750 - - 13,750 7,500 - - 46,000
Karel Plasman 2015 2023 21,000 3,750 - - 15,000 7,500 - - 47,250
Bart Van Hooland 2010 2022 21,000 3,750 - 938 15,000 8,750 - 1,250 50,688
Frank Verhaegen 2017 2021 21,000 7,500 3,750 938 15,000 8,750 5,000 1,250 63,188
An Vermeersch 2017 2021 21,000 - - 2,813 13,750 - - - 37,563
* In addition to her xed annual remuneration, the chairperson receives a xed annual remuneration of EUR 48,000 to
reimburse the costs necessarily incurred for this mandate.
The board of directors has decided not to comply with principle 7.6 of the 2020 Belgian Code on
Corporate Governance for the time being. The non-executive directors therefore do not receive any
remuneration in the form of Gimv shares. The reasons for this deviation are set out in the
remuneration policy (cfr. remuneration policy, item 3.1.C). The board of directors will periodically
re-evaluate this in the light of any changes in market practice.
The total budget for the remuneration of the non-executive directors that will be submitted
for approval to the general meeting on 30 June 2021 will be reduced from EUR 1,450,000 to
EUR 900,000 and is limited to the non-executive directors. In line with prevailing market practice,
the CEO is no longer included in this budget, as he is not remunerated for his directorship, but only
for his mandate as managing director tasked with day-to-day management. This remuneration is
determined by the board of directors and is reported annually in the remuneration report.
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5. Remuneration of the executive committee
The remuneration of the CEO and the other executive committee members is based on the
principles set out in the remuneration policy (cfr. remuneration policy, item 4).
A direct connection exists between the Company's performance and the remuneration of executive
committee members, in the form both of the short-term incentive, which is based, inter alia, on
clearly dened nancial group objectives, and of the long-term incentive plan, which is based on
sustainable value creation in the portfolio and in this way is directly linked to the interests of the
shareholders.
The total remuneration package and the relative ratios between the xed annual remuneration, the
short-term incentive, the long-term incentive, the contribution to the group insurance and the
benets in kind and other remuneration components are in line with the established remuneration
policy. In view of the performance criteria applied (see below), this remuneration also contributes
to the long-term performance of the Company.
5.1. The remuneration of the CEO
The following table details the total remuneration package paid or owed by the Company to the
CEO for FY 2020-2021 and the three preceding nancial years:
Remuneration of the CEO (in EUR)
FY Yearly xed remuneration Variable remuneration in cash
Contribution to group and
accident insurance
Total Ratio xed / variable
Fixed
remuneration
Benets
in kind
One year Multiple years LTIP Fixed Variable
2020-2021 550,074 11,798 106,000 - - 78,953 746,825 85.8% 14.2%
2019-2020 546,451 11,237 130,000 - - 81,445 769,133 83.1% 16.9%
2018-2019 536,850 13,399 130,000 46,940 - 81,367 808,556 78.1% 21.9%
2017-2018 526,021 13,072 120,000 155,709 - 75,130 889,932 69.0% 31.0%
The CEO’s remuneration relates to his mandate as managing director charged with day-to-day
management. The CEO does not receive any annual xed remuneration in his capacity as a member
of the board of directors. Nor does he receive any additional remuneration for participating in
board of directors or advisory committee meetings. All other directorships with group companies
are also unpaid.
In accordance with Principle 7.10 of the 2020 Code, the maximum of the short-term incentive is
45 percent of the xed annual remuneration. The short-term incentive paid during FY 2020-2021
amounted to EUR 106,000, which corresponds to 19.4 percent of the xed annual remuneration.
This percentage is the result of the achievement of the performance criteria for FY 2019-2020
(cfr. infra 6.2) and the assessment of individual performances.
During FY 2020-2021, no shares, stock options or other rights to acquire shares were oered,
granted to or exercised by the CEO, with the exception of (i) the acquisition in March 2021 by the
CEO in the context of the share purchase plan of 1,000 Gimv shares at EUR 41 per share with a lock-
up period of three years (cfr. remuneration policy, item 4.10), and (ii) the exercise of subscription
rights in the context of the historical co-investment structure (cfr. infra B.3). Nor did any stock
options or other rights to acquire shares in his possession lapse.
In accordance with the ‘shareholding guidelines’ approved by the board of directors, the managing
director is required to own Gimv shares with an acquisition value of at least EUR 500,000 (cfr.
remuneration policy, item 4.9). As of 31 March 2021, the managing director owned 12,980 Gimv
shares with a joint acquisition value of EUR 584,498. He therefore meets the minimum threshold.
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5.2. Remuneration of the other executive committee members
The following table details the total remuneration packages paid or owed by the Company to
the other executive committee members in respect of FY 2020-2021:
Remuneration of executive committee members (in EUR)
FY Yearly xed remuneration Variable remuneration in cash
Contribution to
group insurance
Total Ratio xed / variable
Fixed
remuneration
Benets in kind One year Multiple years LTIP Fixed Variable
2020-2021 1,379,992 48,975 224,750 - - 221,790 1,875,507 88.0% 12.0%
2019-2020 1,317,249 36,048 575,000 - - 211,888 2,140,185 73.1% 26.9%
2018-2019 1,342,051 32,209 523,000 85,335 - 174,588 2,157,183 71.8% 28.2%
2017-2018 1,774,525 30,743 746,250 602,720 - 246,912 3,401,150 60.3% 39.7%
In accordance with Principle 7.10 of the 2020 Code, the maximum of the short-term incentive is
45 percent of the xed annual remuneration. The short-term incentive paid to the members of the
executive committee during FY 2020-2021 amounted to EUR 310,000. This percentage is the result
of the achievement of the performance criteria for FY 2019-2020 (cfr. infra 6.2) and the assessment
of individual performances.
1
During FY 2020-2021, no shares, stock options or other rights to acquire shares were oered,
granted to or exercised by the other members of the executive committee, with the exception of
(i) the acquisition in March 2021 by each member of the executive committee in the context of the
share purchase plan of 1,000 Gimv shares at EUR 41 per share with a lock-up period of three years
(cfr. remuneration policy, item 4.10), and (ii) the granting of and exercise of subscription rights in the
context of the historical co-investment structure (cfr. infra B.3). Nor did any stock options or other
rights to acquire shares in their possession lapse.
1
When comparing with other years, it should be taken into account that no short-term incentive was paid to Koen Bouckaert
during FY 2020-2021, who started only in the second quarter of 2020, while his xed remuneration for FY 2020-2021 is
included in the table above. This therefore distorts to some extent the relative ratio between the total xed and total variable
remuneration of the executive committee members for the relevant nancial year.
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5.3. Comparative information about the change in the remuneration and salary ratio
The table below provides an overview of (i) the annual change in the remuneration of the CEO and
the other members of the executive committee
2
, (ii) the annual change in the average employee
remuneration based on a full-time equivalent
3
and (iii) the company's performance.
The following is important for a proper understanding of the table below:
the reported gures of the short-term incentive always relate to the amounts paid in the relevant
nancial year based on the performance of the previous nancial year
changes in the remuneration of the other executive committee members are signicantly
aected by changes in the composition of the executive committee.
3
With the exception of the members of the board of directors, the CEO and the other executive committee members. The
reference group includes Belgian and German employees employed by Gimv nv as well as employees employed by its direct
subsidiaries in France and the Netherlands. The calculation is expressed as a full-time equivalent and takes into account the
xed remuneration (based on twelve months), the holiday pay and the short-term incentive. However, this calculation does
not take into account either the benets in kind, as these are not material in the comparison, or the contributions to the group
insurance or comparable systems in the other countries, as this remuneration component does not provide a correct basis
for comparison between the dierent countries.
Change in remuneration executive committee 2020-21 2019-20 2018-19 2017-18 2016-17
Managing director
Fixed remuneration 0.8% 1.4% 2.1% 2.2% 1.7%
Short term incentive -18.5% 0.0% 8.3% 0.0% 9.1%
LTIP 0.0% 0.0% 0.0% 0.0% 0.0%
Other members executive committee
Fixed remuneration 5.6% -1.5% -23.9% -8.8% 14.0%
Short term incentive -60.9% 9.9% -29.9% -1.5% 35.3%
LTIP 0.0% 0.0% 0.0% 0.0% 0.0%
Average remuneration employees (FTE) 2020-21 2019-20 2018-19 2017-18 2016-17
% change vs. previous year -6.6% 9.9% 1.0% 8.9% 12.6%
Company performance 2020-21 2019-20 2018-19 2017-18 2016-17
Net company result (IFRS) (in k EUR) 205,724 - 151,573 112,079 107,064 131,853
% change net company result vs. previous year 235.7% -235.2% 4.7% -18.8% -3.9%
RoE (Return on equity) (in %) 18.8% -11.5% 8.8% 8.7% 11.3%
% change RoE vs. previous year 264.1% -230.3% 1.4% -23.1% -10.0%
For FY 2020-2021, the ratio between (i) the CEO’s total compensation (see table 5.1.), and (ii) the
total compensation of the lowest-earning employee employed by Gimv (converted to a full-time
basis) is 18:1.
2
Taking into account (i) the xed remuneration, (ii) the short-term incentive, (iii) the contributions to the group insurance, and
(iv) the long-term incentive plan. With regard to the short-term incentive, these gures do not take into account the
exceptional payouts in FY 2016-2017 and 2017-2018 (and to a lesser extent 2018-2019). These are non-recurring and refer to
historical agreements not related to performance over the relevant period (exit bonus and bonus agreement funds; see the
relevant annual reports for full details). Nor do these amounts take into account the payments made in the context of the
historical co-investment structures (cfr. infra B).
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6. The short-term incentive
6.1. FY 2019-2020
The gures given in the present annual report relate to the short term incentive paid in
FY 2020-2021, i.e. with respect to the objectives for FY 2019-2020.
The group objectives for FY 2019-2020 consisted of the nancial performance criteria stated below,
aimed at the achieving of the medium-term plan. The weighting of each objective is listed in the
summary table. If a nancial performance criterion is not fully met, that particular component is
prorated with a linear interpolation between 0 and 100 percent and a lower limit of 2/3, below which
there is no bonus budget for the relevant target.
Short term incentive FY 2019-2020
Performance criterion Weighting Realised
Growth in Ebitda and turnover in the portfolio companies
Minimum 10% Ebitda growth 16.66% 8.9% Ebitda growth 14.81%
Minimum 10% turnover growth 16.66% 11.6% turnover growth 16.66%
Investment volume Minimum EUR 200 million 33.33% EUR 205 million 33.33%
Net operating result (under IFRS) Minimum EUR 102 million 33.33% EUR -151.6 million 0%
The application of the performance criteria for FY 2019-2020 leads to the conclusion that these
were 64.8 percent achieved, resulting in a short-term incentive budget of 19.44 percent
(64.8 percent of the maximum of 30 percent) of the total xed salary of the participating employees,
including the executive committee members. The mathematical application of the formula leads to
a balanced outcome of long-term elements (turnover and Ebitda growth of the portfolio companies)
and short-term elements (the annual result that was strongly inuenced by the Covid-19 crisis,
mainly due to the lower multiples as of 31 March 2020 ). This last element reduces the total budget
for the short-term incentive by 1/3. Without these external, uncontrollable circumstances, the
predetermined performance criteria would have been fully achieved.
In addition, the board of directors approved an additional net operating result target for FY 2019-
2020 of EUR 120 million. If this additional objective had been achieved, an additional one-o
envelope of up to EUR 1 million would have been granted, for distribution at the CEO's discretion,
with post factum reporting to and supervision by the remuneration committee. Although the
achievement of this additional target was within reach at the end of the third quarter, it was not met
owing to the crisis that struck in the last quarter of the nancial year and which hugely impacted
the determination of the net operating result under IFRS. This additional bonus envelope could
therefore not be awarded.
In FY 2020-2021, Gimv therefore paid a total gross variable remuneration under its short term
incentive plan of EUR 2.05 million to its Belgian and foreign employees (including executive
committee members, but excluding the CEO). Each individual's share in this is in function of
achieving certain team and individual goals that are not disclosed but that are primarily of a
non-nancial nature.
6.2. FY 2020-2021
The group objectives for FY 2020-2021 consisted of the nancial and non- nancial performance
criteria stated below, aimed at the achieving of the strategic medium-term plan. The weighting of
each objective is listed in the summary table. If a nancial performance criterion is not fully met,
that particular component is prorated with a linear interpolation between 0 and 100 percent and a
lower limit of 2/3, below which there is no bonus budget for the relevant target.
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Short term incentive FY 2020-2021
Performance criterion Weighting Realised
Financial group criteria
Growth in Ebitda and turnover in
the portfolio companies
Turnover growth of at least 10% above the average evolution of GDP in
Belgium, the Netherlands, France and Germany
70%
11.66% 82% 9.6%
Ebitda growth of at least 10% above the average evolution of GDP in
Belgium, the Netherlands, France and Germany
11.66% 104% 11.66%
Investment volume Minimum EUR 200 million new investments
23.33% 105% 23.33%
Net operating result (under IFRS) Minimum EUR 100 million
23.33% 206% 23.33%
Non-nancial group
criteria
Covid-19 Proactive crisis management of the portfolio companies impacted by the
current crisis
30%
12.5% 100% 12.5%
Relaunch at Gimv and the portfolio companies with an appropriate
balance between health, safety and economic interests
12.5% 100% 12.5%
ESG Implementation of ESG due diligence and preparation of an action plan
in relevant new investment les
5% 100% 5%
The total bonus budget for FY 2020-2021 therefore amounts to EUR 3.14 million, i.e. 29.36 percent of
the total xed salaries of the beneciary employees. The decision on the individual allocation to
each beneciary within this bonus budget is dependent on the achievement of certain team and
individual objectives. Payment will take place between June and August 2021 and will therefore be
reported in the next annual report.
6.3. FY 2021-2022
The group targets for FY 2021-2022 consist of nancial and non-nancial performance criteria that
are aimed at the achieving of the medium-term plan and are in line with the performance criteria
and their weighting as set out in the remuneration policy. Where a nancial performance criterion
is not fully met, it is in principle prorated with a linear interpolation between 0 and 100 percent and
a lower limit of 2/3 (below which there is no bonus budget for the relevant target), except where
there is an over-performance on another nancial performance criterion, in which case a percentage
compensation takes place.
Since these objectives contain information of a condential and strategic nature for Gimv, details
will be communicated only post factum in the next annual report. The assessment of these
objectives, the determination of the bonus amount and its payment will take place in the customary
manner in FY 2022-2023. This will therefore be reported on at a later date.
7. The long-term incentive plan
As described in greater detail under item 4.5.B of the remuneration policy, Gimv has introduced a
long-term remuneration plan that started on 1 April 2018 and covers all investments made in the
three-year period up to 31 March 2021. A new long-term incentive plan was approved for the three-
year investment period starting on 1 April 2021.
As of 31 March 2021, the total provision for all beneciaries together amounts to EUR 5,326,022. This
provision relates entirely to the LTIP 2018-2032. No disbursements have yet been made under this
LTIP 2018-2032, nor under the LTIP 2021-2035.
The allocation percentages of the individual members of the executive committee under the LTIP
2018-2032 and the LTIP 2021-2035 as of 31 March 2021 are as follows: the CEO ve percent, the
chief nancial ocer 2.75 percent, the chief legal ocer 2.75 percent and each of the four platform
heads 4.25 percent.
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8. Shareholding guidelines
As described under item 4.8. of the remuneration policy, the board of directors has established
shareholding guidelines for the members of the executive committee. The parties involved have a
period of ve years to build up a position in the Gimv share with an acquisition value equal to at
least EUR 500,000 for the CEO and at least EUR 250,000 for the other executive committee
members (corresponding to approximately 100 percent of their respective xed gross annual
salaries).
As of 31 March 2021, the members of the executive committee held the following positions in the
Gimv share with the stated acquisition values and ratios with respect to the above-mentioned
minimum threshold:
Number of
Gimv shares
Acquisition value
Minimum
threshold
31-03-2021 31-03-2021 31-03-2021
Koen Dejonckheere 12,980 584,498 117%
Edmond Bastijns 3,557 155,653 62%
Koen Bouckaert 1,500 64,125 26%
Bart Diels 2,000 89,750 36%
Erik Mampaey 1,000 41,000 16%
Kristof Vande Capelle 4,220 165,781 66%
Tom Van de Voorde 1,200 50,857 20%
B. Reporting on the historical co-investment structures
1. Principles
In line with private equity practice with closed-end funds, Gimv implemented a co-investment
structure (also known as 'carried interest') for investments made up to 31 March 2018, which was
based on successive investment periods of two to three years ('vintage'). As of 31 March 2021, there
are still three active 'vintages', viz. the 2010, 2013 and 2016 vintages that still run until 2023, 2026
and 2029 respectively.
Executive committee members and a signicant group of employees share, for the remaining lives
of these co-investment structures, in the net capital gains realised on the respective investment
portfolios, and participate in this way in Gimv's long-term results.
It is only to the extent that a portfolio of companies can be successfully sold, after osetting
protable shareholdings with any loss-making ones and settling the nancing and management
costs, that employees can share in the realised capital gain, pro rata to their investment. In this way,
employees' interests are directly aligned with those of Gimv and its shareholders, that is the
maximisation of realised net capital gains on the portfolio and the resulting creation of shareholder
value.
Through the co-investment companies, Gimv employees co-invest in the basket of companies in
which Gimv also invests during the particular vintage. The co-investments are therefore not carried
out per individual participation, but per group (basket or vintage) of companies. In this manner,
protable and loss-making investments oset each other. The co-investment companies always
invested pro rata with Gimv and at the same conditions.
Any investment returns can be realised by employees at the earliest eight years after the start of
the vintage. The realised investment income is based on any net capital gains realised at that time
in cash on the total investment portfolio of the relevant co-investment company, and after
settlement of the costs. In year eight, Gimv buys the shares held by the participants. This is followed
by a ve-year earn-out period, during which further cash realisations of the investment portfolio
may lead to additional payments (in principle once a year). At the end of this 13-year period, that
part of the investment portfolio which has not been realised in cash by means of sales to third
parties can no longer give rise to any payment under the co-investment structure, and therefore
inures to Gimv.
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For the current vintages, the co-investment percentage is 12.5 percent. The nal percentage can be
inuenced downwards if certain warrants are not vested or exercised or certain shares are not
transferred by Gimv to individual participants, since any such non-allocated portion ows back to
Gimv (see below).
These historical co-investment structures each include around 50 participants and feature a high
degree of solidarity between the various investment platforms. This solidarity is achieved by setting
up a co-investment company at group level (Adviesbeheer Gimv Groep) that participates in each of
the four platforms.
Of the total co-investment structure, approximately 30-40 percent falls to the members of the
executive committee (including the CEO) and approximately 60 to 70 percent to the other sta
members.
2. The historical co-investment structures in practice
Instrument - For each vintage, Gimv incorporated a co-investment company for each of the four
investment platforms, as well as an umbrella co-investment vehicle. Belgian participants in the 2013
and 2016 co-investment structures received warrants free of charge (before 2013: options) on
shares of these co-investment companies, while foreign beneciaries acquired shares of these
co-investment companies.
Vesting - The co-investment structures incorporated a rule by which participants acquire their
rights gradually over a period of time ('vesting'). For the 2016 and 2013 co-investment structures,
vesting takes place over an eight-year period as follows: no vesting in year one, 18.75 percent per
year in years two and three, subsequently 7.5 percent per year as from year four up to and including
year eight, and a nal 25 percent at the start of year nine. Thus the rst date at which a participant
can potentially realise any investment income is after year eight, followed by ve-year earn-out
period.
Clawback - The 2016 and earlier co-investment structures do not contain any provisions whereby
a beneciary may be required to reimburse any payment received.
Exercise and transfer - Under the 2016 vintage and earlier co-investment structures, Belgian
participants acquired warrants (or options) and, upon exercise, each warrant (or option) gives the
right to one share in the particular co-investment company. These can be sold to Gimv at the
earliest eight years after the commencement of the vintage (the rst time potential investment
returns can be realised), followed by a ve-year earn-out period. The amount of the sale price is
determined by any realised net capital gains on the basket of investments in the relevant
co-investment company.
3. Evolution of the total value accrued in the historical co-investment structures
As per 31 March 2021, the total accrued value for all beneciaries together amounts to EUR 29,295,557,
compared to EUR 20,660,155 as per 31 March 2020. During the past nancial year Gimv paid a total
gross amount of EUR 1,740,795 to participants in the 2007 and 2010 co-investment structure. This
amount represents the nal earn-out payment in the 2007 co-investment structure and an earn-out
payment in the 2010 co-investment structure. Otherwise, no payments were made in FY 2020-2021
in connection with the historical co-investment structures.
The breakdown at 31 March 2021 of the outstanding provisions for earn-out payments (2010 vintage)
and of the total accrued value (2013 and 2016 vintages) is as follows:
Vintage
Total provision for earn-outs per 31-03-2021
2010-2013 4,183,852
Total accrued value per 31-03-2021
2013-2016 24,688,727
2016-2018 422,978
Total 29,295,557
The above-mentioned amounts for provisions and accrued value are subject to changes over the
coming years for various reasons:
the evolution of the value of the underlying, as yet unrealised investment portfolio (as stated
before, each vintage relates to several companies)
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the cash realisation of the accrued capital gains on the underlying investment portfolio, and the
timing thereof
the increase or decrease of the number of outstanding options/warrants and/or the number of
outstanding shares.
In addition, the minority interests and provisions assume that co-investment structure participants
continue in Gimv's employ until the end of the vesting scheme.
The share of the executive committee members as of 31 March 2020 in the total accrued value of
the co-investment structure as well as the gross amounts received in FY 2020-2021 are shown in
the table below:
Overview executive committee share in co-investment structure (in EUR)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Gross
amounts
paid in
2020-21
Granted in
2020-21
Koen
Dejonckheere
34,282
108,695
Edmond
Bastijns
14,957
42,688
Koen Bouckaert
3%
Bart Diels
2,599
39,186
Erik Mampaey
Kristof
Vande Capelle
11,569
46,590
Tom
Van de Voorde
90,824
13,985
First settlement and start earn-out period (5 years) End of the earn-out periode
466,328
183,142
199,884
301,034
3,467
1,606,261
916,731
963,806
1,221,011
926,739
0
0
0
94,837
104,812
0
2007-10
2007-10
2007-10
2007-10
2007-10
2010-13
2010-13
2010-13
2010-13
2010-13
2013-16
2013-16
2013-16
2013-16
2013-16
2016-18
2016-18
2016-18
2016-18
2016-18
2016-18
0
2016-18
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During FY 2020-2021, warrants were granted to Koen Bouckaert in the framework of the 2016
co-investment structure, viz. 475 subscription rights to shares of Adviesbeheer Gimv Connected
Consumer 2016 nv with an exercise price of EUR 5 per subscription right and 372 subscription
rights to shares of Adviesbeheer Gimv Group 2016 nv with an exercise price of EUR 2 per
subscription right.
In March 2021, the executive committee members exercised all warrants held by them under the
2016 co-investment structure:
AGG2016 AGHC2016 AGSI2016 AGSC2016 AGCC2016
Koen Dejonckheere 892 - - - -
Edmond Bastijns 535 - - - -
Koen Bouckaert 372 - - - 475
Bart Diels 476 827 - - -
Erik Mampaey 476 - - 750 -
Kristof Vande Capelle 535 - - - -
Tom Van de Voorde 476 - 785 - -
No options or warrants lapsed, nor did executive committee members transfer any options or
warrants. During FY 2020-2021 no other transactions took place involving executive committee
members.
On behalf of the board of directors, 18 May 2021
Hilde Laga Frank Verhaegen
Chairman of the board of directors Chairman of the remuneration committee
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1. Consolidated nancial statements 75
2. Notes to the consolidated nancial statements 81
3. Statutory auditor’s report 129
4. Unconsolidated nancial statements 132
9. Financial statements
General information
Gimv NV
Public Limited Company
Registered oce
Karel Oomsstraat 37
2018 Antwerp
Tel: +32 3 290 21 00
info@gimv.com
www.gimv.com
Enterprise number: BE 0220.324.117
Date of formation: 25 February 1980
Financial year: 1 April 2020 - 31 March 2021
Financial service: KBC Bank
Number of shares (31 March 2021): 26,047,134
The consolidated nancial statements of Gimv NV at 31 March 2021 were approved for publication
by the board of directors on 18 May 2021.
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1. Consolidated income statement
in EUR 1,000 Note 2020-2021 2019-2020 2018-2019
Operating income 331,915 148,423 226,834
Dividend income 4;5 3,769 11,037 24,526
Interest income 4;5 20,287 18,915 14,116
Realised gain on disposal of investments 4;5 101,961 55,113 63,669
Unrealised gains on nancial assets at fair value trough P&L 4;5;11;12 203,950 61,325 122,245
Management fees 4;5 601 740 795
Turnover 4;5 240 135 198
Other operating income 4;5 1,106 1,157 1,285
Operating expenses -99,777 -300,357 -106,468
Realised losses on disposal of investments 4;5 -1,744 -1,749 -988
Unrealised losses on nancial assets at fair value through P&L 4;5;11 -38,487 -236,394 -65,659
Impairment losses on debt assets 4;5;12 -14,922 -20,207 -2,650
Selling, general and administrative expenses 4;5 -15,745 -17,734 -15,803
Personnel expenses 4;5 -17,750 -17,793 -17,287
Depreciation of intangible assets 4;5 -168 -241 -173
Depreciation of property, plant and equipment 4;5;10 -1,964 -1,917 -992
Other operating expenses 4;5 -8,998 -4,323 -2,915
Operating result: prot (loss) 232,138 -151,935 120,367
Finance income 4;6 495 462 278
Finance costs 4;6 -9,024 -7,015 -614
Result before tax: prot (loss) 223,609 -158,488 120,030
Tax expenses 4;7 -48 -423 -3,125
Net prot (loss) of the period 223,561 -158,911 116,905
Minority interests 17,837 -7,337 4,826
Share of the group 205,724 -151,573 112,079
Earnings per share (in EUR) Note 2020-2021 2019-2020 2018-2019
Basic earnings per share 8 7.96 -5.96 4.41
Diluted gains earnings per share 8 7.96 -5.96 4.41
Consolidated nancial statements
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2. Consolidated statement of comprehensive income
in EUR 1,000 Note 2020-2021 2019-2020 2018-2019
Net prot (loss) of the period 223,561 -158,911 116,905
Other comprehensive income
Actuarial gains (losses) DB pension plans 16;18 -37 -128 306
Items that cannot be reclassied to prot or loss in subsequent periods (i) -37 -128 306
Items that can be reclassied to prot or loss in subsequent periods (ii) - - -
Total other elements of the comprehensive income (i + ii) -37 -128 306
Total comprehensive income 223,524 -159,038 117,212
Minority interests 17,837 -7,337 4,826
Share of the group 205,687 -151,701 112,386
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3. Consolidated balance sheet
Assets (in 1,000 EUR) Note 31-03-2021 31-03-2020 31-03-2019
Non-current assets 1,243,090 1,028,366 1,090,299
Intangible assets 368 536 618
Property, plant and equipment 10 9,793 10,846 7,754
Financial assets at fair value through P&L (FVPL) 11 950,521 773,531 899,465
Financial receivables from investee companies 12 282,408 243,453 182,461
Current assets 519,893 371,063 281,020
Trade and other receivables 13 1,835 2,573 3,485
Cash, deposits and cash equivalents 14 517,480 355,041 261,699
Marketable securities and other instruments - 13,000 15,000
Other current assets 578 448 836
Total assets 1,762,984 1,399,429 1,371,319
Liabilities (in 1,000 EUR) Note 31-03-2021 31-03-2020 31-03-2019
Equity 1,303,707 1,123,821 1,347,337
Equity - group share 1,274,280 1,104,924 1,321,252
Issued capital 15 247,254 241,365 241,365
Share premium 15 73,971 51,629 51,629
Reserves 953,055 811,930 1,028,258
Minority interests 29,427 18,897 26,085
Liabilities 459,276 275,608 23,982
Non-current liabilities 362,681 258,763 14,078
Financial debts - bonds 17 350,000 250,000 -
Financial debts - lease liabilities 17 1,630 2,311 -
Provisions 18 11,051 6,452 14,078
Deferred tax liabilities - - -
Current liabilities 96,595 16,845 9,904
Financial debts - lease liabilities 19 1,001 1,051 -
Trade and other payables 19 8,665 7,625 6,975
Income tax payables 7 300 390 772
Other liabilities 19 86,629 7,779 2,156
Total equity and liabilities 1,762,984 1,399,429 1,371,319
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4. Consolidated statement of changes in equity
2020-2021 (in 1,000 EUR)
Issued
capital
Share
premium
Retained
earnings
Actuarial gains
(losses) DB
pension plans
Treasury
Shares
Equity -
Group share
Minority
interests
Total equity
01-04-2020 241,365 51,629 812,826 -897 - 1,104,924 18,897 1,123,821
Net Result for the period - - 205,724 - - 205,724 17,837 223,561
Other comprehensive income - - - -37 - -37 - -37
Total comprehensive income - - 205,724 -37 - 205,687 17,837 223,524
Capital increase / decrease 5,890 22,341 - - - 28,231 -133 28,098
Acquisition / disposal of subsidiaries - - - - - - - -
Dividends to shareholders - - -63,567 - - -63,567 -7,246 -70,813
Net purchase / sale own shares - - - - -1,090 -1,090 - -1,090
Other changes - - 95 - - 95 72 167
31-03-2021 247,254 73,971 955,078 -934 -1,090 1,274,280 29,427 1,303,707
2019-2020 (in 1,000 EUR)
Issued
capital
Share
premium
Retained
earnings
Actuarial gains
(losses) DB
pension plans
Treasury
Shares
Equity -
Group share
Minority
interests
Total equity
01-04-2019 241,365 51,629 1,029,027 -769 - 1,321,252 26,085 1,347,337
Net Result for the period - - -151,573 - - -151,573 -7,337 -158,911
Other comprehensive income - - - -128 - -128 - -128
Total comprehensive income - - -151,573 -128 - -151,701 -7,337 -159,038
Capital increase / decrease - - - - - - 280 280
Acquisition / disposal of subsidiaries - - - - - - -88 -88
Dividends to shareholders - - -63,567 - - -63,567 - -63,567
Other changes - - -1,060 - - -1,060 -44 -1,104
31-03-2020 241,365 51,629 812,826 -897 - 1,104,924 18,897 1,123,821
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2018-2019 (in 1,000 EUR)
Issued
capital
Share
premium
Retained
earnings
Actuarial gains
(losses) DB
pension plans
Treasury
Shares
Equity –
Group share
Minority
interests
Total equity
01-04-2018 241,365 51,629 982,332 -1,075 - 1,274,251 65,600 1,339,851
Net result for the period - - 112,079 - - 112,079 4,826 116,905
Other comprehensive income - - - 306 - 306 - 306
Total comprehensive income - - 112,079 306 - 112,385 4,826 117,212
Capital increase / decrease - - - - - - 880 880
Acquisition / disposal of subsidiaries - - - - - - -44,424 -44,424
Dividends to shareholders - - -63,567 - - -63,567 - -63,567
Other changes - - -1,818 - - -1,818 -796 -2,615
31-03-2019 241,365 51,629 1,029,027 -769 - 1,321,252 26,085 1,347,337
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5. Consolidated cash ow statement (direct method)
This cash ow statement is based on Gimv and its consolidated subsidiaries. Gimv reports its
majority shareholdings at market value based on the exception for investment entities (in line with
IFRS 10). Gimv has no claim whatsoever on the cash balances of its majority shareholdings. Gimv is
responsible solely for the value of the group’s investment in the company in question.
Gimv uses the direct method for the cash ow statement. This provides the best and most relevant
insight into Gimv’s actual cash ows. The cash ow statement includes movements in both ‘cash,
bank deposits and cash equivalents’ and ‘marketable securities and other instruments’ as shown
under current assets in the balance sheet. The other operating activities mainly consist of payments
to suppliers.
Cash ow statement (direct method) in 1,000 EUR Note 31-03-2021 31-03-2020 31-03-2019
Cash ow from operating activities 14 -34,623 -37,923 -35,482
Management fees from managed funds 633 614 721
Payments to employees and directors -18,744 -18,928 -17,378
Other operating expenses -15,717 -18,505 -18,593
Paid/recovered CIT and other taxes -795 -1,104 -231
Cash ows from investing activities 136,951 -56,716 -4,606
Investments in investee companies 4;11;12 -131,199 -238,090 -189,008
Proceeds from divested investee companies 4 262,367 178,942 196,205
Interest received 4 4,104 1,006 2,892
Dividend received 4 3,188 10,953 24,526
LTIP payments 18 -1,741 -9,662 -39,494
Other cash ows from investment activities 233 135 272
Cash ows from nancing activities 47,111 185,981 -63,665
Proceeds from borrowings 17 99,500 250,000 -
Interest received on cash deposits 493 12 -
Paid interest and fees on cash deposits and credit lines 17 -8,767 -400 -
Dividends to shareholders 10 -35,336 -63,567 -63,567
Dividends to minorities -7,246 - -
Purchase Own Shares 15 -2,035 - -
Sales Own Shares 15 703 - -
Other cash ow from nancing activities -202 -64 -98
Change in cash during period 149,439 91,342 -103,753
Cash at beginning of period 368,041 276,699 380,452
Cash at end of period 517,480 368,041 276,699
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Notes to the consolidated nancial statements
Note 1. Statement of conformity
The consolidated nancial statements are prepared in accordance with the International Financial
Reporting Standards and IFRIC interpretations in force on 31 March 2021, as adopted by the
European Commission.
New and amended Standards and Interpretations applied by the Group
During the current period, the Group has applied all new and revised Standards and Interpretations
issued by the International Accounting Standards Board (IASB) and the International Financial
Reporting Interpretations Committee (IFRIC) of the IASB, as endorsed by the European Union,
which are eective for the nancial year beginning on 1 April 2020. The Group has not applied any
new IFRS guidelines that are not yet eective as of 31 March 2021.
The following new and revised Standards and Interpretations, issued by the IASB and IFRIC and as
endorsed by the EU, are in force for the current period:
IFRS 3 Business Combinations - amendments to clarify the denition of a business (October 2018)
Amendments to IFRS 9, IAS 39 and IFRS 7 - Interest Rate Benchmark Reform - Phase 1 (September
2019)
IAS 1 Presentation of Financial Statements - amendments to the relating to the denition of
‘material’ (October 2018) and amendment deferring the eective date of amendments due to
come into eect for nancial years beginning in 2020 (July 2020)
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors - amendments relating
to the denition of ‘material’ (October 2018)
Changes to references to the conceptual framework in IFRS Standards (March 2018).
The application of these new Standards, Interpretations and Amendments has not led to any
signicant changes in The Group’s accounting policies.
Standards and interpretations issued but not yet eective for the current period
The Group has opted to not to adopt in advance the following new Standards, Interpretations and
Amendments, issued by the IASB and IFRIC, which were not yet mandatory and/or endorsed by the
EU as of 31 March 2021, but which could have a potentially signicant impact.
Annual improvements to the IFRS, 2018-2020 cycle (May 2020) *
IFRS 3 Business Combinations - amendments adapting a reference to the Conceptual Framework
(May 2020) *
IFRS 4 Insurance Contracts - amendments concerning the deferment of the eective date of
IFRS 17, which will be replacing IFRS 4, and of the temporary exemption from applying IFRS 9
(June 2020)
IFRS 16 Leases - amendments to exempt lessees from assessing whether a Covid-19 related
rental concession is a rental adjustment (May 2020)
IFRS 17 Insurance Contracts (originally issued May 2017) *
IFRS 17 Insurance Contracts - Amendments to address issues and implementation challenges
identied after IFRS 17 was issued (includes a deferral of the eective date to scal years
beginning on or after January 1, 2023) (June 2020) *
IAS 1 Presentation of Financial Statements - Deferment of the eective date of Amendments
concerning the Classication of Liabilities as Current or Non-current from January 2020 to
January 2023 (July 2020) *
IAS 16 Property, Plant and Equipment - Amendments that prohibit a company from deducting
from the cost of an item of property, plant and equipment any proceeds from from the sale of
items produced while preparing the asset for its intended use (May 2020) *
IAS 37 Provisions, Contingent Liabilities and Contingent Assets - changes in the costs to be
taken into consideration in assessing whether a contract is onerous (May 2020) *
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 - Interest Rate Benchmark Reform - phase 2
(August 2020).
* Not yet adopted by the EU as of 31 March 2021
No material impact is expected in subsequent periods from the application of the other new and
revised Standards and Interpretations issued by the IASB and IFRIC and mandatory for periods
after 1 April 2020, which were not yet mandatory and/or endorsed by the EU as of 31 March 2021.
Signicant judgements and estimates
In putting together the balance sheet and income statement, estimates or assumptions are often
made that inuence the assets or liabilities reported at balance sheet closing date and the income
and charges for the reporting period. Although such estimates are made in a rational fashion,
based on management’s knowledge of the business, it is possible that actual gures will dier
from the estimated gures. The largest risk of material adaptations relates to the estimates made
in determining the fair value of the nancial assets and loans to companies in the investment
portfolio (done in accordance with the measurement rules for nancial assets). Note 2. describes
the methodology used for measuring the investment portfolio at fair value. Note 23. ‘Risk factors’
quanties possible changes in valuation drivers.
The Covid-19 health crisis and the resulting measures posed an exceptional challenge to our
economy and society. The Gimv portfolio companies exhibited strong agility and resilience. Today,
however, it remains dicult to estimate the full impact of the Covid-19 crisis on the future results
of our companies and the value development of our portfolio. In determining the fair value of the
portfolio companies as of 31 March 2021, Gimv has in each case made an individual assessment
of the economic reality of the company concerned, also in the light of market expectations and
multiples.
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Note 2. Accounting principles
1. Consolidation principles
The consolidated nancial statements of the Company are prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB) and as adopted by the European Union.
Exemption from the consolidation obligation for investment entities
The general application of IFRS 10 ‘Consolidated nancial statements’ requires entities to
consolidate participations over which it exercises de facto control. IFRS 10 grants investment
entities a derogation from the general principle that a parent must consolidate all of its subsidiaries.
Given that Gimv meets the denition of an investment entity, the group measures all majority
shareholdings at fair value through prot and loss, in accordance with IFRS 9 ‘Financial Instruments’.
IFRS 10 denes an investment entity as an entity that:
acquires funds from one or more investors for the purpose of providing investment management
services to these investors
undertakes to its investors to realise capital gains or other investment income or a combination
of both (corporate purpose)
measures and evaluates the performance of substantially all of its investments on a fair value
basis.
Resources
As a publicly listed investment company Gimv obtains its funds from a wide variety of investors who
are shareholders of the listed company. In addition to a number of institutional investors, there are
also a large number of (mainly Belgian) retail investors who via their shares in Gimv gain access to
a portfolio of unlisted growth companies.
Gimv also carries out investments in the form of co-investment partnerships, using funds provided
by external parties. The co-investment partnerships are currently in the divestment phase.
Corporate objective
Gimv’s stated aim is to ‘achieve double-digit returns and implement an attractive dividend policy
through the performances of our portfolio companies and through successful exits’. Gimv invests
in companies with a view to achieving a nancial return on exit and not to developing products and
services in cooperation with the investee companies.
It strives rst of all to build strongly performing companies, with the potential to grow on the basis
of, among other things, competitive advantage, dominant market position, strong management
and potential scalability in other markets. Starting from carefully selected macro trends, Gimv’s
vision for the future is translated into four investment platforms, each with a specic investment
approach: Consumer, Health & Care, Smart Industries and Sustainable Cities.
Fair value
Gimv management assesses the performance of the investments on the basis of fair value.
The results of the portfolio valuation (by reference to fair value) are explained in detail in the
external nancial communication to investors, analysts and the press.
2. Scope of consolidation
Subsidiaries and Associates
Given that Gimv meets the denition of an investment entity, it measures both all subsidiaries
(majority shareholdings) and associates at fair value through prot and loss. Associates are
undertakings in which Gimv has signicant inuence over the nancial and operating policies, but
which it does not control.
Subsidiaries and associates are presented in the balance sheet as ‘nancial assets at fair value
through prot and loss’. Changes in fair value are taken into prot or loss in the period in which
the change takes place. See below (‘determination of fair value’) for more information about the
measurement procedure.
Subsidiaries of an investment entity that provide asset management services to third parties have,
however, to be consolidated.
All subsidiaries are listed in Note 3.
Non-controlling interests
‘Non-controlling interests’ represent that part of the net results and of the net assets of a subsidiary
that is attributable to interests which are not owned, directly or indirectly through subsidiaries, by
the Gimv group.
3. Foreign currencies
Foreign currency transactions are stated at the exchange rate applicable at the transaction date.
Monetary assets and liabilities denominated in foreign currencies are translated at the rates
of exchange prevailing at the balance sheet closing date. Foreign exchange gains and losses
resulting from currency transactions and from the translation of monetary assets and liabilities
are recognised in the income statement. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value is determined.
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4. Financial derivatives
Derivatives are measured at fair value. Changes in fair value are recognised in the income statement.
Gimv does not apply hedge accounting as referred to in IFRS 9 or IAS 39.
5. Financing costs
Financing costs are charged against the income statement as soon as incurred.
6. Intangible assets
Acquired intangible assets other than goodwill are recognised at cost and amortised on a straight
line basis over a period of ve years. The amortisation period and method are reviewed annually.
The carrying values of intangible assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying value may not be recoverable.
7. Property, plant and equipment
Property, plant and equipment are stated in the balance sheet at cost less accumulated depreciation
and impairment losses. Depreciation is recorded over the estimated useful lives of the assets using
the straight line method.
Estimated useful lives are:
software and licences: 5 years
land: nil
buildings: 30 years
buildings maintenance: 3 years
furniture and equipment: 9 to 13 years
hardware: 5 years
Depreciation is calculated from the date the asset is available for use.
Impairment of xed assets
At each closing date, the Group assesses whether there is any indication that an asset may be
impaired. Where such indications of impairment exist, an estimate is made of the recoverable
amount. Where the carrying amount of an asset exceeds its recoverable amount the asset is
considered impaired and is written down to its recoverable value. Impairment losses are recognised
in the income statement.
Leasing
For all contracts, a right of use and a lease obligation are recognised in conformity with IFRS 16
Leases, with the exception of:
leases of low-value assets
leases with terms of 12 months or less.
Lease obligations are measured at the present value of the contractual payments due to the lessor
over the lease term, the discount rate being based on the interest rate included in the lease, except
where this cannot be directly determined, in which case the group’s marginal interest rate at the
start of the lease is applied. Variable lease payments are included in the measurement of the lease
obligation only where they are based on an index or interest rate. In such cases, it is assumed
at the time of the initial measurement of the lease liability that the variable element will remain
unchanged throughout the lease term. Other variable lease payments are charged in the period in
which they are incurred.
On initial recognition, the carrying amount of the lease liability also includes:
amounts expected to be payable under residual value guarantees
the exercise price of a purchase option granted to the group if it is reasonably certain that the
group will exercise this option
payments of lease termination penalties, if the lease period reects the exercise of an option
to terminate the lease.
Rights of use are initially measured at an amount equal to the lease obligation, less lease incentives
received, and increased by:
lease payments made at or before the commencement of the lease
the initial direct costs incurred
the amount of a provision recognised when the group is contractually obliged to dismantle,
remove or repair the leased asset.
After the initial valuation, lease obligations increase as a result of a constant interest rate on the
remaining balance and reduced by lease payments made. Rights of use are depreciated on a
straight-line basis over the remaining term of the lease or the remaining economic life of the asset
where, in exceptional cases, this is considered shorter than the lease term.
Lease obligations are revalued in the event of a change in future lease payments as a result of
a change in an index or rate or in the event of a change in the estimated term of a lease contract.
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8. Financial assets
Gimv follows the International Private Equity and Venture Capital Valuation Guidelines (IPEV Guide-
lines) as explained below. In December 2018 a new version of these guidelines was published.
These guidelines are in compliance with IFRS 9 Financial Instruments.
Shareholdings are classied as nancial xed assets and measured at fair value through P&L. This
covers equity instruments belonging to the Group’s investment portfolio, including associates.
These investments are initially recorded at cost. Subsequently the unrealised gains and losses
resulting from the periodical revaluations are recognised in the income statement.
Loans to portfolio companies are nancial assets with xed or determinable payments that are not
listed in an active market. After initial recognition, these nancial assets are measured at cost less
any impairment losses when there are doubts about the recoverability of the loan. Debt instruments
are regularly subjected to the SPPI test, which can result to measurement at fair value through
prot or loss. Further information can be found under ‘specic considerations’ below.
Realised gains and losses on investments are calculated as the dierence between the selling
price and the carrying amount of the investment at the date of disposal. All ‘regular way’ purchases
and sales of nancial assets undertaken are recognised on the settlement date.
Regular way purchases or sales are purchases or sales of nancial assets that require delivery of
assets within the time frame generally established by regulation or convention in the marketplace.
Investments are recognised in nancial xed assets on the date of payment of the investment
amounts. Investments contracted before the end of the nancial year for which Gimv manages the
related contractual rights, and for which the investment amounts are paid shortly after the closing
date, are also recognised in the nancial xed assets on the closing date of the nancial year.
8.1 Determination of fair value
Listed companies
For investments that are actively traded in organised nancial markets, fair value is determined by
reference to the stock exchange bid prices on the balance sheet closing date. Any limitations on
the negotiability or the share, or situations where the share price is not representative given the
size of the shareholding, are taken into account in the valuation. Generally no discounts are applied
to listed prices, except where contractual, governmental or other legally enforceable limitations
exist that can inuence the value, or in the scenarios below:
when a stock price is available on an active market, but this stock price is not a representative
measure of fair value as a result of information occurring after the balance sheet date but
before the measurement date. The stock price used will be adjusted to reect the post-balance
sheet information
in determining the fair value of an obligation or equity instrument belonging to the group based
on the stock price, used for identical asset components in an active market and when specic
adjustments are required due to specic factors that apply.
Adjusting publicly available information means that the assets or liabilities, measured by these
adjustments, will be classied lower than level 1.
Instruments for which no stock market price is available
In accordance with IAS 13 Fair Value Measurement, fair value is dened as the amount for which an
asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction. In
the absence of an active market for a nancial instrument, the Gimv group uses valuation models.
Gimv follows here the International Private Equity and Venture Capital Valuation Guidelines. The
valuation methodologies are applied consistently from one period to the next, except where a
change would result in a better estimate of fair value.
8.2 Valuation methods
Price of a recent investment
This method will be applied in the case of a recent investment in a company which has no
signicant prots or signicant positive cash ows. For these starting enterprises, there are usually
no existing earnings or positive cash ows, nor will there be in the short-term future. It is dicult
to gauge the probability and nancial impact of the success or failure of development or research
activities and to make reliable cash ow forecasts. Consequently the most appropriate approach to
determine fair value is a methodology that is based on market data, that being the price of a recent
investment. Where there has been a recent investment in the enterprise in question, the price will
generally provide a good indication of fair value, if the purchase price was representative of the
fair value at the time.
In the event of an internal round involving only existing investors proportionally to their existing
investments, it is important to examine whether specic conditions exist that could reduce the
reliability of this nancing round as an indication of real value. Nevertheless a nancing with
investors at a lower price than the valuation at the most recent reporting date may indicate a
decrease in value and is taken into consideration. The objectives of investors in making an internal
down round may vary. Although a down round evidences that the company was unable to raise
funds from investors at a higher valuation, the purpose of such a round may be, among others, the
dilution of the founders or of investors not participating in the nancing round.
Similarly when a nancing is done at a higher valuation (internal up round), in the absence of new
investors or other signicant factors which indicate that value has been enhanced, the transaction
alone is unlikely to be a reliable indicator of fair value. By using the ‘recent transaction price’ method,
Gimv takes the costs of the investment itself or the price at which a signicant new investment
was made in the company for determining the fair value of the investment. Gimv does this only
for a limited period following the date of the relevant transaction. This length of this period will
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depend on the specic features of the investment in question. During the limited period following
the date of the relevant transaction, Gimv assesses whether changes or events subsequent to the
relevant transaction would imply a change in the investment’s fair value. Where Gimv decides that
an indication exists that the fair value has changed (on the basis of objective data or the particular
investment team’s experience), it will adjust the price of the most recent nancing round.
Earnings Multiple
The method is applied to investments in an established business with an identiable stream of
turnover or prot that can be considered to be maintainable.
in using the earnings multiple method to determine the fair value of an investment, a multiple
is applied that is appropriate and reasonable (given the risk prole and earnings growth
prospects of the company) to the maintainable turnover or prot of the company. Depending on
the circumstances the multiple will be determined by reference to a one or more comparable
companies. It is important that the market-based multiple derived from the group of comparable
listed companies (the ‘peer group’) be corrected for the dierences between the peer group
and the company to be valued. Account is taken here of the dierence in liquidity of the shares
being valued compared with that of listed shares. Other reasons for correcting multiples can be
size, growth, diversity, type of activities, dierences in markets, competitive position, etc. Recent
transactions involving the sale of similar companies may also serve as a basis for determining
an appropriate multiple
the factor dened under (i) is adjusted for any surplus assets or liabilities and other relevant
factors in order to derive an enterprise value for the company
from this enterprise value are deducted all amounts relating to nancial instruments ranking
ahead of the highest ranking instrument of the Group in a liquidation and taking into account
the eect of any instrument that may dilute the Group’s investment in order to derive the net
equity value
the net equity value is appropriately apportioned between the relevant nancial instruments.
The data used are based on the most recent available information Gimv can rely on (historical,
current or forecast), and are adjusted for exceptional or non-recurring items, the impact of
discontinued operations and acquisitions and forecast downturns in prots.
The following methods are in use at Gimv:
comparable price/earnings, price/cash ow, enterprise value/earnings before interest (and tax
and depreciation) and enterprise value/sales multiples
reference to relevant and applicable sub-sector average multiples
actual entry multiples paid for an investment.
Investments in funds not managed by the Gimv group
For investments in funds not managed by the Gimv group, the fair value of the investment is
derived from the value of the net assets of the fund. Depending on market circumstances it can be
decided to base the valuation of the funds on individual valuations of the underlying shareholdings,
based on the Gimv valuation methodology. In turbulent markets the value of the funds can be
adapted as a function of the relevant stock market indexes between the fund reporting date and
the Gimv balance sheet closing date.
Although the reported fund value provides a relevant starting point for determining the fair value
of the fund, it may be necessary to adjust this value on the basis of the best available information
at reporting date. Elements that can give rise to an adjustment are: a timing dierence between
the fund’s and Gimv’s reporting dates, major valuation dierences or any other element that can
impact the value of the fund.
Discounted cash ows or earnings
This methodology involves determining the value by calculating the present value of the expected
future cash ows of the underlying business. Owing to the high degree of subjectivity of the data
used, discounted cash ow is only used as a cross-check of values determined using market-based
methodologies. Where there is the possibility of payments subsequent to the sale of a participation
(earn-outs), these may be measured using a discounted cash ow model, based on the estimated
probability of receiving these payments.
Specic considerations
exchange rate movements that may impact the value of the investments are taken into account
where the reporting currency diers from the currency in which the investment is denominated,
the translation into the reporting currency uses the exchange rate at reporting date
signicant positions in options and warrants are valued separately from the underlying
investments, using an option valuation model. The fair value is based on the assumption that
options and warrants will be exercised whenever the fair value exceeds the exercise price
other rights such as conversion options and ratchets, which may impact the fair value, are
reviewed on a regular basis to assess the likelihood of their being exercised and to determine
the potential impact on the value of the investment
dierential allocation of proceeds, such as liquidation preferences, may impact the valuation.
Where this occurs, these dierences are reviewed to assess whether they provide a benet to
the Gimv group or to third parties and are applied to the measurement
loans granted pending a nancing round are, in the case of an initial investment (bridge
nancing), valued at cost. Where doubts exist as to the feasibility of the nal nancing, a
discount may be applied
whenever bridge nance is provided to an existing investment in anticipation of a follow-on
investment, this bridge nance is included together with the original investment and measured
as a package
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many nancial instruments used in private equity accumulate the interest, which is paid out in
cash only at redemption of the instrument. In measuring these, Gimv takes into account the total
amount receivable, including the increase in accumulated interest
debt instruments are subject to the SPPI test in accordance with IFRS 9 Financial Instruments.
The ‘Solely Payments of Principal and Interest’ test examines whether the generated (future)
cash ows are caused solely by principal and interest payments. Principal is dened as the fair
value at the time of recognition in the nancial asset. Interest is dened as the compensation for
the time value of money and credit risk. In the event that debt instruments, such as a convertible
loan or a receivable with warrants, do not meet the SPPI test, this debt instrument is measured
at fair value through prot and loss. Where debt instruments pass the SPPI test, the receivable
is valued at amortised cost
where the mezzanine loan is one of a number of instruments held by the Gimv group in the
business, then the mezzanine loan and any attached warrants are included as a part of the
overall investment package being measured
where doubts exist as the creditworthiness of the beneciary of a loan, and hence to its
repayment, a discount may be applied to the nominal amount
indicative oers are not used in isolation but need to be corroborated by one of the valuation
methodologies.
9. Criteria for the derecognition of nancial assets and liabilities
Financial assets and liabilities are derecognised whenever the Gimv group no longer manages the
contractual rights attached to them. It does this whenever the nancial assets are sold or whenever
the cash ows attributable to these assets and liabilities are transferred to an independent third
party. After initial recognition, these investments are measured at fair value, with unrealised gains
and losses recognised in the income statement. Realised gains and losses on investments are
calculated as the dierence between the selling price and the carrying amount of the investment
at the date of disposal. All ‘regular way’ purchases and sales of nancial assets undertaken are
recognised on the settlement date. Regular way purchases or sales are purchases or sales of
nancial assets that require delivery of assets within the time frame generally established by
regulation or convention in the marketplace.
10. Other non-current and current assets
Other non-current and current assets are measured at amortised cost.
11. Income tax
Current taxes are based on the results of the group companies and are calculated according to
the local tax rules. Deferred income tax is recorded, based on the liability method, on all temporary
dierences between the tax basis of assets and liabilities and their carrying amounts for nancial
reporting purposes.
12. Liquid assets
Cash and cash equivalents are split into two categories. The rst consists of cash, bank deposits
and liquid assets. These are all treasury resources held in cash or on a bank deposit, as well as
treasury resources invested in liquid products not subject to uctuations in value. These products
are therefore reported at nominal value.
The second comprises negotiable securities and other liquid assets. These are treasury
resources invested in negotiable securities or funds which are subject to market valuation. These
investments are originally recognised at fair value, being equal to their cost price at recognition
date. Subsequently these products are measured at fair value, with any uctuations taken into the
nancial result.
13. Provisions
Provisions are recognised when the group has a legal or constructive obligation as a result of past
events, and it is probable that an outow of resources will be required to settle these obligations
and a reliable estimate of the amounts can be made.
14. Revenue recognition
Interest revenue is recognised as revenue using the eective interest method as set out in IAS
39. Dividends allocated to Gimv group are recorded as revenue once the general meeting of
shareholders of the investee company has approved the dividend.
15. Own shares
The purchase or sale of own shares is recognised as a decrease or increase in equity respectively.
The changes in the reported period are specied in the consolidated statement of changes in
equity. No prot or loss is recognised on these changes.
16. Share-based payment transactions
To involve employees in the respective investment portfolios, warrants and/or shares have been
oered to employees in the co-investment companies set up for each platform, in the context of
the LTIP (Long term Incentive Plan). The value of these warrants is subsequently determined based
on the evolution of the value of the underlying portfolio in the co-investment company in question.
The fair values of these warrants or shares are calculated annually and presented in accordance
with IAS 37 under the balance sheet heading ‘provisions’.
Belgian beneciaries of the LTIP obtained, for the 2013 and 2016 vintages, subscription rights on
shares of these co-investment companies, while foreign beneciaries could acquire shares of
these co-investment companies. An adjusted system was introduced in 2018. For further details
the reader is referred to the remuneration report.
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17. Pension obligations
Post-employment benets comprise pensions, life insurance and medical care. Employee benets
under dened contribution and dened benet plans are provided through separate funds or
insurance plans.
dened benet plans: for dened benet plans, the amount recognised in the balance sheet is
determined as the present value of the dened benet obligation less any past service costs
not yet recognised and the fair value of any plan assets. Where the calculation results in a net
surplus the recognised asset is limited to the net total of all cumulative unrecognised past
service costs and the present value of any refunds from or reductions in future contributions
to the plan
dened contribution plans: As a result of the legislative changes, Gimv no longer measures
dened contribution plans at intrinsic value. In the same way as with the dened benet plans,
the net outstanding pension liability is determined by actuarial calculation in accordance with
IAS 19 (using the PUC method).
The recognition of actuarial gains and losses is determined separately for each dened benet plan.
Actuarial gains and losses, as and when established, are recognised under ‘Other comprehensive
income’.
18. Financial liabilities
Interest-bearing loans and borrowings are initially measured at cost less transaction-related costs.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the eective interest method. In calculating the amortised cost, account is
taken of any issue costs, and any redemption discount or premium.
19. Earnings per share
The Group calculates both basic and diluted earnings per share in accordance with IAS 33.
The basic earnings per share is calculated based on the weighted average number of shares
outstanding during the period. Diluted earnings per share is computed using the average number
of shares outstanding during the period plus the dilutive eect of warrants and stock options
outstanding during the period.
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Note 3. Subsidiaries
Subsidiaries to which IFRS 10 does not apply are fully consolidated. Regardless of the participation
percentage, Gimv retains control over these companies under the contractual provisions.
In a number of subsidiaries that are consolidated, the evolution of voting rights is due to the partial
exercise of subscription rights by employees or an eventual call by Gimv on the shares held by
employees.
Name of subsidiary
City, Country
Enterprise number
% voting rights
Changes to
previous year
Why > 50% does not
lead to control
Acceo Group Gémenos, France 822.110.433 65.60% 0.00% IFRS 10
Advanced Joining Technologies (Arplas) Amersfoort, The Netherlands 65.528.247 60.00% 0.00% IFRS 10
Advanced Safety Technologies (ALT) Utrecht, The Netherlands 68.218.737 66.67% 0.00% IFRS 10
Adviesbeheer Gimv B&G Belgium 2010 Antwerp, Belgium 0823.741.915 100.00% 0.00%
Adviesbeheer Gimv Buyouts & Growth 2007 Antwerp, Belgium 0887.141.115 0.00% -100.00%
Adviesbeheer Gimv Buyouts & Growth 2010 Antwerp, Belgium 0824.507.397 100.00% 0.00%
Adviesbeheer Gimv Buyouts & Growth Netherlands 2010 The Hague, The Netherlands 50.482.904 100.00% 0.00%
Adviesbeheer Gimv CO 2013 Antwerp, Belgium 0518.892.392 22.44% 0.00%
Adviesbeheer Gimv CO 2016 Antwerp, Belgium 0649.473.594 20.03% 1.43%
Adviesbeheer Gimv DS 2007 Antwerp, Belgium 0887.077.371 0.00% -100.00%
Adviesbeheer Gimv Fund Deals 2007 Antwerp, Belgium 0893.837.083 0.00% -100.00%
Adviesbeheer Gimv Group 2010 Antwerp, Belgium 0824.472.383 100.00% 0.00%
Adviesbeheer Gimv Group 2013 Antwerp, Belgium 0515.977.741 51.99% 0.00%
Adviesbeheer Gimv Group 2016 Antwerp, Belgium 0649.467.260 77.95% -12.43%
Adviesbeheer Gimv HC 2013 Antwerp, Belgium 0518.890.018 28.93% 0.00%
Adviesbeheer Gimv HC 2016 Antwerp, Belgium 0649.474.782 27.01% 1.24%
Adviesbeheer Gimv Participants 2007 The Hague, The Netherlands 27.362.562 100.00% 0.00%
Adviesbeheer Gimv SC 2013 Antwerp, Belgium 0518.894.273 32.96% 0.00%
Adviesbeheer Gimv SC 2016 Antwerp, Belgium 0649.474.188 20.66% 0.63%
Adviesbeheer Gimv SI 2013 Antwerp, Belgium 0518.893.085 33.38% 0.00%
Adviesbeheer Gimv SI 2016 Antwerp, Belgium 0649.472.705 24.63% 1.66%
Adviesbeheer Gimv Tech 2007 Antwerp, Belgium 0887.142.303 0.00% -100.00%
Adviesbeheer Gimv Venture Capital 2010 Antwerp, Belgium 0823.743.893 100.00% 0.00%
Adviesbeheer Gimv XL Antwerp, Belgium 0823.740.430 100.00% 0.00%
Alro International Dilsen-Stokkem, België 0729.709.917 75.00% 0.00% IFRS 10
AME Investments Eindhoven, The Netherlands 77.271.335 65.17% -21.53% IFRS 10
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Name of subsidiary
City, Country
Enterprise number
% voting rights
Changes to
previous year
Why > 50% does not
lead to control
Apraxon Holding Hofbieber, Germany HRB.121.220 70.00% 70.00% IFRS 10
Bébéo (Melijoe) Paris, France 430.370.841 0.00% -75.38% IFRS 10
Buyouts & Growth Participants 2004 The Hague, The Netherlands 27.331.774 100.00% 0.00%
CFL Holding (Itho Daalderop) Tiel, The Netherlands 64.664.457 0.00% -71.32% IFRS 10
Claire Holding Paris, France 844.249.771 70.77% 0.00% IFRS 10
Codex 324 Holding (France Thermes) Paris, France 832.074.017 66.46% -6.65% IFRS 10
Coolworld Investments Waalwijk, The Netherlands 74.085.093 67.56% -3.61% IFRS 10
Dutch Participants 2010 The Hague, The Netherlands 50.482.777 100.00% 0.00%
Financière de l’Echourgnac (La Comtoise) Paris, France 843.848.698 58.98% 1.64% IFRS 10
Gesellschaft für Praxisnachfolge in der Zahnmedizin (Dental Partners) Munich, Germany HRB.244.937 72.20% 0.00% IFRS 10
Gimv Arkiv Tech Fund II Antwerp, Belgium 0839.659.912 52.00% 0.00%
Gimv Arkiv Technology Fund Antwerp, Belgium 0878.764.174 50.17% 0.00%
Gimv Buyouts & Growth 2004 The Hague, The Netherlands 27.274.508 100.00% 0.00%
Gimv Buyouts & Growth Netherlands 2010 The Hague, The Netherlands 27.378.792 100.00% 0.00%
Gimv France Participations Paris, France 840.172.910 100.00% 0.00%
Gimv Group Co-Invest 2018 Antwerp, Belgium 0692.551.492 0.00% -100.00%
Gimv H&C Co-Invest 2018 Antwerp, Belgium 0692.681.057 0.00% -100.00%
Gimv Investments CC Netherlands 2016 The Hague, The Netherlands 65.881.702 100.00% 0.00%
Gimv Investments CO Netherlands 2013 The Hague, The Netherlands 62.731.521 100.00% 0.00%
Gimv Investments H&C Netherlands 2013 The Hague, The Netherlands 57.093.156 100.00% 0.00%
Gimv Investments H&C Netherlands 2016 The Hague, The Netherlands 68.071.167 100.00% 0.00%
Gimv Investments SC Netherlands 2013 The Hague, The Netherlands 59.482.583 100.00% 0.00%
Gimv Investments SI Netherlands 2013 The Hague, The Netherlands 65.423.445 100.00% 0.00%
Gimv Investments SI Netherlands 2016 The Hague, The Netherlands 68.071.272 100.00% 0.00%
Gimv Nederland The Hague, The Netherlands 27.162.749 100.00% 0.00%
Gimv Nederland Holding The Hague, The Netherlands 27.258.597 100.00% 0.00%
Gimv SI Co-Invest 2018 Antwerp, Belgium 0692.679.671 0.00% -100.00%
Gimv-XL Antwerp, Belgium 0820.802.914 100.00% 0.00%
GMGT Holding (Köberl) Munchen, Germany HRB.252.274 57.16% -2.56% IFRS 10
Halder Investments The Hague, The Netherlands 27.127.858 100.00% 0.00%
Halder-Gimv Germany Management The Hague, The Netherlands 27.114.196 100.00% 0.00%
I-mmopad Antwerp, Belgium 0422.112.920 100.00% 0.00%
Impression International Antwerp, Belgium 0895.599.119 95.00% 0.00% IFRS 10
Incendin Olen, Belgium 0506.792.732 60.74% 0.00% IFRS 10
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Name of subsidiary
City, Country
Enterprise number
% voting rights
Changes to
previous year
Why > 50% does not
lead to control
Konnektor Investments (Verkley) Drachten, The Netherlands 81.990.669 91.66% 91.66% IFRS 10
L2K (Laser 2000) Wessling, Germany HRB.239.577 75.00% 0.00% IFRS 10
Medcare Partners (Arseus Medical) Bornem, Belgium 0677.862.724 60.00% 0.00% IFRS 10
Medi-Markt Holding Mannheim, Germany HRB.732.359 97.60% 0.00% IFRS 10
MVZ Holding AG Zug, Switserland CHE-114.678.485 51.03% 0.00% IFRS 10
OOAKT Holding Eindhoven, The Netherlands 69.527.504 51.00% 0.50% IFRS 10
OTN Systems Herentals, Belgium 0898.723.509 0.00% -50.88% IFRS 10
Peninsula Expansion (Wolf Lingerie) Paris, France 799.257.084 53.28% 0.00% IFRS 10
Pet Invest (Agrobiothers) Cuisery, France 834.423.162 54.86% -3.14% IFRS 10
rehaneo Verwaltungs München, Germany HRB.257.271 94.50% 94.50% IFRS 10
Smart Battery Solutions Kleinostheim, Germany HRB.11.439 57.36% 6.16% IFRS 10
Snack Connection Investments Giessen, The Netherlands 69.247.668 70.58% -3.26% IFRS 10
TDP Brussels, Belgium 0891.786.920 50.00% 0.00% IFRS 10
Topsumma Gistel, Belgium 0661.638.879 70.80% 1.82% IFRS 10
Unted Investments (UDB) Breda, The Netherlands 62.747.444 83.86% 0.00% IFRS 10
Xpertise Antwerp, Belgium 0692.681.948 85.51% 0.00% IFRS 10
Note 4. Segment reporting
Gimv reports its investment activities with a focus on four platforms. The management reporting
also follows this new structure in line with the requirements of IFRS 8.
The four segments are:
Consumer: companies with a clear vision of the needs and preferences of the customer of the
future
Health & Care: solutions for the health and care sector that respond to the concerns of
a growing, ageing, health- and cost-conscious society
Smart Industries: suppliers of smart systems and services that oer added value through
intelligent and dierentiating technologies
Sustainable Cities: services, utilities and infrastructure with a lasting impact on society.
The additional segment ‘Other’ consists mainly of investments in third-party funds and infrastructure.
The additional information, in line with IFRS 8 Entity-wide disclosures, is provided on a geographic
basis.
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91
I. Business segments
Year 2020-2021 per platform (in 1,000 EUR)
Consumer
Health
& Care
Smart
Industries
Sustainable
Cities
Other
Business
Services &
General
Total
Gains 41,728 7 7,74 2 88,583 9 7, 407 24,508 - 329,968
Portfolio Income - Dividend - - 850 - 2,919 - 3,769
Portfolio Income - Interest 5,514 4,490 3,904 5,438 941 - 20,287
Realised gains on disposal of investments 7,107 3,180 22,180 67,602 1,892 - 101,961
Unrealised gains on nancial assets at fair value through P&L 29,107 70,072 61,649 24,366 18,756 - 203,950
Losses -23,090 -15,107 -5,493 -1,069 -10,394 - -55,153
Realised losses on disposal of investments - - -105 - -1,639 - -1,744
Unrealised losses on nancial assets at fair value through P&L -14,975 -8,510 -5,275 -972 -8,755 - -38,487
Impairment losses on loans and receivables -8,115 -6,597 -113 -97 - - -14,922
Portfolio result 18,638 62,635 83,090 96,338 14,114 - 274,815
Turnover and Management fees 48 - 62 65 225 441 841
Other operating income 125 202 49 19 82 629 1,106
Services, Goods and Administration (SG&A) -1,719 -1,879 -2,824 -1,709 -14 -7,600 -15,745
Personnel Expenses -2,937 -3,383 -2,420 -2,695 - -6,315 -17,750
Depreciation of (in)tangible assets and rights-of-use - - - - - -2,132 -2,132
Other operational expenses -285 -2,088 -1,149 -1,783 -2 -3,691 -8,998
Operating result 13,870 55,487 76,808 90,235 14,406 -18,668 232,138
Financial result - - - - - -8,529 -8,529
Tax expenses - - - - - -48 -48
Net result - - - - - - 223,561
Assets & Liabilities
Assets 226,718 344,490 297,406 231,749 131,892 530,729 1,762,984
Liabilities - - - - - 1,762,984 1,762,984
Other segment information
Investments in investee companies via : 54,300 61,110 74,188 30,537 3,808 - 223,943
Financial assets at fair value through P&L (FVPL) 15,470 46,927 73,288 30,078 2,558 - 168,321
Financial receivables from investee companies 38,830 14,183 900 459 1,250 - 55,622
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II. Geographical information
Year 2020-2021 per region (in 1,000 EUR)
Belgium
The
Netherlands
Germany
France
Rest of
Europe
United
States
Other
countries
Total
Gains 162,667 77,795 32,931 35,067 4,388 53 17,066 329,967
Portfolio Income - Dividend 3,769 - - - - - - 3,769
Portfolio Income - Interest 5,867 607 6,017 7,4 4 6 332 18 - 20,287
Realised gains on disposal of investments 53,089 36,786 622 7, 24 8 1,338 - 2,878 101,961
Unrealised gains on nancial assets at fair value through P&L 99,942 40,402 26,292 20,373 2,718 35 14,188 203,950
Losses -14,886 -217 -4,156 -16,890 -15,269 -19 -3,716 -55,153
Realised losses on disposal of investments -1,632 - - - -112 - - -1,74 4
Unrealised losses on nancial assets at fair value through P&L -8,526 -217 -4,059 -8,726 -13,671 - -3,288 -38,487
Impairment losses on loans and receivables -4,728 - -97 -8,164 -1,486 -19 -428 -14,922
Portfolio result 147,781 7 7, 5 78 28,775 18,177 -10,881 34 13,350 274,814
Segment assets
Investment portfolio 403,139 247,675 264,723 195,802 81,285 2,452 37,853 1,232,929
Financial assets at fair value through P&L (FVPL) 352,256 238,983 151,202 93,883 77,336 2,452 34,410 950,522
Financial receivables from investee companies 50,883 8,692 113,521 101,919 3,949 - 3,443 282,407
Investments 78,925 31,468 76,535 17,308 17,290 2,417 - 223,943
Financial assets at fair value through P&L (FVPL) 77,235 28,660 40,080 3,120 16,808 2,417 - 168,320
Financial receivables from investee companies 1,690 2,808 36,455 14,188 482 - - 55,623
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I. Business segments
Year 2019-2020 per platform (in 1,000 EUR)
Consumer
Health
& Care
Smart
Industries
Sustainable
Cities
Other
Business
Services &
General
Total
Gains 24,042 57,924 16,828 26,556 21,040 - 146,390
Portfolio Income - Dividend 2,357 - 533 - 8,147 - 11,037
Portfolio Income - Interest 6,624 4,570 3,219 4,052 450 - 18,915
Realised gains on disposal of investments 5,217 23,931 11,003 9,080 5,882 - 55,113
Unrealised gains on nancial assets at fair value through P&L 9,844 29,423 2,073 13,424 6,561 - 61,325
Losses -106,673 -52,963 -48,949 -20,464 -29,300 - -258,349
Realised losses on disposal of investments -1,166 -53 -113 - -417 - -1,748
Unrealised losses on nancial assets at fair value through P&L -87,072 -51,569 -48,406 -20,464 -28,883 - -236,394
Impairment losses on loans and receivables -18,435 -1,341 -431 - - - -20,207
Portfolio result -82,631 4,961 -32,122 6,092 -8,259 - -111,959
Turnover and Management fees - - 31 33 - 811 875
Other operating income 152 65 217 17 205 501 1,157
Services, Goods and Administration (SG&A) -1,726 -2,153 -3,781 -1,006 -35 -9,033 -17,734
Personnel Expenses -3,111 -3,499 -2,581 -2,454 - -6,149 -1 7,7 9 3
Depreciation of (in)tangible assets and rights-of-use - - - - - -2,158 -2,158
Other operational expenses - - -7 -37 -15 -4,264 -4,323
Operating result -87,316 -626 -38,243 2,645 -8,104 -20,292 -151,935
Financial result - - - - - -6,553 -6,553
Tax expenses - - - - - -423 -423
Net result - - - - - - -158,911
Assets & Liabilities
Assets 166,412 241,108 181,589 286,057 141,818 382,445 1,399,429
Liabilities - - - - - 1,399,429 1,399,429
Other segment information
Investments in investee companies via : 21,580 75,092 59,332 56,674 25,412 - 238,090
Financial assets at fair value through P&L (FVPL) 6,468 51,387 36,169 41,466 16,126 - 151,616
Financial receivables from investee companies 15,112 23,705 23,163 15,208 9,286 - 86,474
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II. Geographical information
Year 2019-2020 per region (in 1,000 EUR)
Belgium
The
Netherlands
Germany
France
Rest of
Europe
United
States
Other
countries
Total
Gains 38,069 10,969 56,204 22,157 7,203 60 11,728 146,390
Portfolio Income - Dividend 11,020 - - - 17 - - 11,037
Portfolio Income - Interest 5,448 348 4,522 7, 4 07 1,130 60 - 18,915
Realised gains on disposal of investments 11,494 - 33,863 5,218 4,112 - 426 55,113
Unrealised gains on nancial assets at fair value through P&L 10,107 10,621 17,819 9,532 1,944 - 11,302 61,325
Losses -80,246 -55,126 -38,602 -68,469 -8,571 -4,027 -3,309 -258,349
Realised losses on disposal of investments -1,296 - -166 -287 - - - -1,749
Unrealised losses on nancial assets at fair value through P&L -69,218 -55,732 -35,998 -61,302 -7,608 -3,227 -3,309 -236,394
Impairment losses on loans and receivables -9,732 606 -2,438 -6,880 -963 -800 - -20,207
Portfolio result -42,177 -44,157 17,602 -46,312 -1,368 -3,967 8,419 -111,959
Segment assets
Investment portfolio 306,561 246,715 161,056 183,588 38,501 - 80,563 1,016,984
Financial assets at fair value through P&L (FVPL) 243,074 240,323 89,070 89,752 30,748 - 80,563 773,531
Financial receivables from investee companies 63,487 6,392 71,986 93,836 7,752 - - 243,453
Investments 75,926 59,615 55,760 33,208 5,760 - 7,820 238,089
Financial assets at fair value through P&L (FVPL) 32,098 5 7,35 2 39,306 9,281 5,760 - 7,820 151,617
Financial receivables from investee companies 43,828 2,263 16,454 23,927 - - - 86,472
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I. Business segments
Year 2018-2019 per platform (in 1,000 EUR)
Consumer
Health
& Care
Smart
Industries
Sustainable
Cities
Other
Business
Services &
General
Total
Gains 34,380 36,080 42,212 45,519 66,364 - 224,556
Portfolio Income - Dividend 1,563 4,839 - 11,368 6,757 - 24,526
Portfolio Income - Interest 6,901 2,175 1,898 2,580 563 - 14,116
Realised gains on disposal of investments 10,653 16,161 3,281 3,110 30,465 - 63,669
Unrealised gains on nancial assets at fair value through P&L 15,263 12,906 37,034 28,462 28,580 - 122,245
Losses -20,688 -13,443 -6,342 -12,028 -16,797 - -69,297
Realised losses on disposal of investments -63 -19 -671 - -236 - -988
Unrealised losses on nancial assets at fair value through P&L -18,005 -13,424 -5,671 -12,028 -16,531 - -65,659
Impairment losses on loans and receivables -2,620 - - - -30 - -2,650
Portfolio result 13,692 22,637 35,870 33,491 49,567 - 155,259
Turnover and Management fees 7 11 79 101 795 - 993
Other operating income 9 6 - 2 332 936 1,285
Services, Goods and Administration (SG&A) -881 -1,647 -1,706 -790 -79 -12,631 -17,734
Personnel Expenses -2,304 -3,197 -2,170 -1,973 -66 -7,5 7 7 -1 7, 287
Depreciation of (in)tangible assets and rights-of-use - - - - - -1,165 -1,165
Other operational expenses -9 -5 1 -3 -1,441 -1,458 -2,915
Operating result 10,514 17,805 32,074 30,828 49,108 -21,895 118,436
Financial result - - - - - -336 -336
Tax expenses - - - - - -3,125 -3,125
Net result - - - - - - 114,974
Assets & Liabilities
Assets 297,770 196,942 175,759 242,244 169,210 289,393 1,371,319
Liabilities - - - - - 1,371,319 1,371,319
Other segment information
Investments in investee companies via : 58,381 51,579 37,312 37,531 4,204 - 189,007
Financial assets at fair value through P&L (FVPL) 35,771 26,149 26,336 1 7, 5 42 3,035 - 108,832
Financial receivables from investee companies 22,610 25,430 10,976 19,989 1,169 - 80,175
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II. Geographical information
Year 2018-2019 per region (in 1,000 EUR)
Belgium
The
Netherlands
Germany
France
Rest of
Europe
United
States
Other
countries
Total
Gains 78,833 46,662 34,924 22,163 11,786 2,305 27,884 224,556
Portfolio Income - Dividend 18,088 5,071 - - 1,367 - - 24,526
Portfolio Income - Interest 4,909 351 2,899 5,665 281 11 - 14,116
Realised gains on disposal of investments 3,966 19,886 20,385 7,968 3,945 2,294 5,225 63,669
Unrealised gains on nancial assets at fair value through P&L 51,870 21,354 11,640 8,530 6,192 - 22,659 122,245
Losses -25,535 -11,716 -6,572 -12,840 -11,737 -690 -207 -69,297
Realised losses on disposal of investments -500 -63 - -189 -236 - - -988
Unrealised losses on nancial assets at fair value through P&L -23,571 -11,653 -6,572 -11,523 -11,443 -690 -207 -65,659
Impairment losses on loans and receivables -1,464 - - -1,128 -58 - - -2,650
Portfolio result 53,298 34,945 28,351 9,323 49 1,615 27,677 155,259
Segment assets
Investment portfolio 359,836 231,877 13 7, 297 220,856 82,196 3,967 45,898 1,081,927
Investments 23,241 19,056 63,244 76,019 6,719 729 - 189,007
Financial assets at fair value through P&L (FVPL) 18,893 17,856 30,490 34,875 6,719 - - 108,832
Financial receivables from investee companies 4,348 1,200 32,754 41,144 - 729 - 80,175
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Note 5. Operating result
Dividends, interest, management fees and turnover (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Dividend income 3,769 11,037 24,526
Interest income 20,287 18,915 14,116
Management fees 601 740 795
Turnover 240 135 198
Total 24,897 30,828 39,635
The income from dividends, interest and management fees amounted in FY 2020-2021 to
EUR 24,897 thousand, down EUR 5,930 thousand compared to 2019-2020. The decrease can mainly
be explained by lower dividend income from portfolio companies. Interest income increased by
EUR 1,372 thousand, reecting the higher amount of shareholder loans to portfolio companies.
In FY 2019-2020, the income from dividends, interest and management fees amounted to EUR 30,828
thousand, down EUR 8,808 thousand compared to 2018-2019. The decrease can be explained by
the reduction of dividend income to EUR 11,037 thousand. The main sources of dividend income
were Grandeco and Gimv-XL Partners. Interest income increased by EUR 4,799 thousand due to a
larger outstanding amount of shareholder loans to investment portfolio companies.
Realised gains and losses (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Realised gain on disposal of investments 101,961 55,113 63,669
Realised losses on disposal of investments -1,744 -1,749 -988
Total 100,218 53,364 62,680
In FY 2020-2021, the realised result amounts to EUR 100,218 thousand. This is the dierence between
the sum of the sales prices of the investments divested during the nancial year (EUR 277,503
thousand, including the transfer from Melijoe to Babyshop Group) plus deferred payments received
on historical sales (EUR 2,064 thousand) and the opening value of these investments at the start
of the nancial year (EUR 179,350 thousand). The Sustainable Cities platform made the largest
contribution to the realised result, followed by Smart Industries. In the past nancial year, Gimv
sold its shareholdings in Contraload and Itho Daalderop, both part of Sustainable Cities. In Smart
Industries, the shareholding in OTN Systems was sold. These three exits generated revenue
substantially in excess of the respective carrying values at the opening of the nancial year. Over
the entire period the average realised money multiple on these shareholdings was 3.1x.
Gimv recorded in FY 2019-2020 a realised net gain of EUR 53,364 thousand. The Health & Care
platform made the largest contribution - EUR 23,878 thousand - to the realised result with the sale
of Breath Therapeutics. The sales of thinkstep and Hansea also made material contributions to the
realised result.
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Realised gains and losses by platform (in 1,000 EUR)
Consumer
Health &
Care
Smart
Industries
Sustainable
Cities
Other
Total
Realised gain on disposal of investments 7,107 3,180 22,180 67,603 1,892 101,961
Realised losses on disposal of investments - - -105 - -1,639 -1,744
Total 7,1 0 7 3,180 22,075 67,603 253 100,218
Listed companies - - - - - -
Funds - - - - 38 38
Shareholdings 7,107 3,180 22,075 67,603 215 100,180
Total 7,1 0 7 3,180 22,075 67,603 253 100,218
Unrealised gains and losses (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Unrealised gains from nancial assets at fair value 203,950 61,325 122,245
Unrealised losses from nancial assets at fair value -38,487 -236,394 -65,659
Impairment losses -14,922 -20,207 -2,650
Total 150,541 -195,276 53,936
Unrealised gains and losses by platform (in 1,000 EUR)
Consumer
Health &
Care
Smart
Industries
Sustainable
Cities
Other
Total
Unrealised gains on nancial assets at fair value trough P&L 29,107 70,072 61,649 24,366 18,756 203,950
Unrealised losses on nancial assets at fair value through P&L -14,975 -8,510 -5,275 -972 -8,755 -38,487
Impairment losses on debt assets -8,115 -6,597 -113 -97 - -14,922
Total 6,016 54,964 56,261 23,297 10,002 150,541
Listed companies - - - - 1,980 1,980
Funds - - - - 8,369 8,369
Shareholdings 6,016 54,964 56,261 23,297 -347 140,193
Total 6,016 54,964 56,261 23,297 10,002 150,541
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The unrealised gains and losses item reects the periodic revaluations of shareholdings and of
debt instruments to investee companies.
Shareholdings are classied as nancial xed assets and measured at fair value through P&L. These
investments are initially recorded at cost. After an initial market valuation the unrealised gains and
losses resulting from the periodical revaluations are recognised through P&L. The valuation rules
applied here are set out in Note 2.
The strong results at our portfolio companies in a dicult year, in combination with the stock
market recovery, translate in FY 2020-2021 into an unrealised net valuation result of EUR 150,541
thousand. The average EBITDA multiple at which the portfolio companies are valued rose from 6.8x
at the end of March 2020 to 7.8x at the end of March 2021, back almost to the level of December
2019. The most important unrealised uctuations in value came from the Smart Industries platform
followed by Health & Care The Consumer portfolio was the one most impacted by the Covid crisis,
which is where we notice the most limited upward revaluation.
In the Health & Care platform in FY 2019-2020 a discount of 10% was applied across the board to
the life sciences and medtech venture capital investments, in an amount of EUR 6,045 thousand.
This discount reected the expected delay in the conduct of clinical studies. During FY 2020-2021
there were no signicant delays in the conduct of clinical studies and additional cash needs. The
discount was therefore fully reversed as of 31 March 2021.
The third-party funds were also written down during FY 2019-20 by an additional 20% of their
reported market value at 31 December 2019. The discount anticipated write-downs based on the
reports to be received as of 31 March 2020. During FY 2020-2021, this write-down turned out
to be justied and as of 31 March 2021, this write-down was almost completely reversed via the
valuations. The remaining amount of EUR 2,230 thousand is retained as a discount on a small
number of funds, where Gimv has doubts about the future performance of a limited number of very
old underlying participations.
Loans instruments to portfolio companies are nancial assets with contractually xed payments
that are not listed in an active market. After initial recognition, these nancial assets are measured
at nominal value less any impairment losses whenever there are doubts about the recoverability
of the loan. Debt instruments are also regularly subjected to the SPPI test, which can lead to
their being measured at fair value through prot or loss. Specically, impairments of EUR 14,922
thousand were recorded in FY 2020-2021, mainly in the Consumer and Health & Care platforms. An
unrealised value increase of EUR 6,406 thousand was recorded on debt instruments that do not
pass the SPPI test, mainly in the Health & Care platform.
Revaluations of investments and loans are carried out on a quarterly basis based on decisions
of the valuation committee. This committee determines the fair value in accordance with IFRS 9
and 13.
Listed investments are measured based on the bid price at the balance sheet closing date, taking
into account any trading limitations. Where no stock market price is available, the fair value is
determined using the valuation methods most appropriate to the particular type of investment.
GIMV follows here the International Private Equity and Venture Capital Valuation Guidelines.
Operationel expenses (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Selling, general and administrative expenses -15,745 -17,734 -15,803
Personnel expenses -17,750 -1 7,7 9 3 -1 7,28 7
Depreciation -2,132 -2,158 -1,165
Total -35,626 -37,685 -34,255
In 2020-2021, operating costs decreased by EUR 2,059 thousand, mainly due to the lower
expenditure for services and various goods. EUR 1,989 thousand of this reduction is directly
attributable to Covid-19. For example, the Covid-19-related measures meant signicantly less travel
and a number of annual recurring events were cancelled. Due diligence and portfolio consultancy
costs were higher than in the previous nancial year owing to the increased investment and
divestment activities during the second half of the year. Remuneration and depreciation are in line
with previous years.
During FY 2019-2020, operating costs rose by EUR 3,430 thousand. Goods and other services
increased by EUR 1,932 thousand as a result of due diligence investigations on an increasing
number of investment opportunities in a competitive market. Personnel expenses and depreciation
also increased by EUR 506 thousand and EUR 993 thousand respectively. Depreciation increased
owing to the application of IFRS 16 Leases, whereby operating leases are capitalised as rights of
use and be amortised over the remaining lease term.
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Other operating result (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Result from derivatives 209 - -
Other operating income 897 1,157 1,285
Total other operating income 1,106 1,157 1,285
Other nancial expenses -3 -7 -103
Provisions for liabilities and charges -6,502 -1,908 -609
Foreign exchange results -14 -10 -1
Result from derivatives - -655 -2,003
Other operating expenses -2,478 -1,74 2 -199
Total other operating expenses -8,998 -4,323 -2,915
Total -7,892 -3,166 -1,630
The other operating result decreased in FY 2020-2021 by EUR 4,726 thousand to give an other
operating loss of EUR 7,892 thousand. The increase in the loss mainly consists of the EUR 4,595
thousand increase in the provision for risks and costs. The provisions are further discussed in Note
18. As an investment company, Gimv NV is mixed VAT liable, and therefore has non-tax deductible
VAT in its costs in an amount of EUR 1,777 thousand.
In addition, the hedging of the USD portfolio produced a positive result of EUR 209 thousand due
to a positive exchange rate dierence. This hedging serves to largely oset the uctuations in
the value of the USD portfolio by an opposite value movement in the hedging contracts. These
derivatives are measured quarterly using a fair value approach. Given the very limited size of the
USD portfolio, there is no more hedging open as of 31 March 2021.
In FY 2019-2020, the other operating loss increased by EUR 1,536 thousand to EUR 3,166 thousand
owing to an increase in other operating costs. This increase can be explained by a EUR 1,299
thousand increase in the provision for risks and a EUR 655 thousand exchange rate loss on the
hedging of the USD portfolio.
Note 6. Financial result
Financial result (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Finance income 495 462 278
Finance costs -9,024 -7,015 -614
Total -8,529 -6,553 -337
The nancial result fell by EUR 1,976 thousand to a negative result of EUR 8,529 thousand. Financing
costs rose by EUR 2,009 thousand in FY 2020-2021 to EUR 9,024 thousand owing to the increased
interest charges. The interest charges on nancial debts amount to EUR 8,357 thousand. These
relate on the one hand to the EUR 250 million bond issue in 2019 and which impacts a full nancial
year for the rst time in FY 2020-2021. On the other hand, interest charges of EUR 99 thousand have
already been recognised the recently issued EUR 100 million sustainable bond. The nancing costs
also include reservation costs of EUR 366 thousand on unused bank nancing lines.
An increased charging of negative bank interest rates on bank deposits, together with the increase
in available cash and cash equivalents, also means higher nancing costs.
In FY 2019-2020, the nancial result fell by EUR 6,216 thousand to EUR -6553 thousand. The strong
increase in nancial charges is explained by the interest charges of EUR 6,126 thousand on the
EUR 250 million bond issue of June 2019.
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Note 7. Taxes
Corporate income taxes (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Current period income tax expense / prot (-) 48 424 1,681
Deferred tax liabilities / assets (-) - - -
Total current and deferred tax expense (income) 48 424 1,681
Other taxes - - 1,443
Reconciliation income tax expense / prot(-) of the year and accounting result
Accounting net result of the year before tax 223,609 -158,488 120,030
Statutory tax rate (%) 25.00% 29.58% 29.58%
Tax expense using statutory tax rate 55,902 - 35,505
Impact of other rates in other countries 136 1,162 -
Impact of tax adjustments prior periods -84 108 -
Impact of exempted valuation gains or losses -64,465 -4,010 -35,267
Impact of exempt dividend income -942 - -
Other tax adjustments 9,501 3,164 1,443
Taxes at eective income tax rate 48 424 1,681
Eective tax rate 0.0% -0.3% 1.4%
Gimv group’s core business consists of investing in shareholdings that are then sold after a certain
period with a capital gain.
Capital gains realised in Belgium are fully tax-exempt providing that certain conditions governing
participation, holding periods and valuation are met. The shares must represent 10% of the
total number of shares or have an acquisition value of at least EUR 2,500,000 to meet the
participation condition. All Belgian realised capital gains on shares that do not meet one of the
aforementioned participation, permanence and valuation conditions are taxable in tax year 2021 at
a basic rate of 25%.
In the other countries where Gimv is active, capital gains on the sale of shares are fully or almost
completely tax exempt. As a result, under IFRS no provision is made for deferred tax arising on the
basis of the unrealised capital gains on the shareholdings.
Gimv NV has denitively taxed income (DBI) and extensive carryforwardable tax losses from the
past. However, a minimum tax has been introduced in the context of the corporate tax reform.
From now on, a restriction applies to the use of certain tax deductions. Specically, this restriction
takes the form of not allowing the use of these tax reserves on 30% of the remaining prot above
an amount of EUR 1 million. Up to EUR 1 million, the aforementioned deductions therefore remain
fully applicable.
The tax expense for Gimv group for FY 2020-2021 is EUR 48 thousand.
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Note 8. Earnings per share
Earnings per share is obtained by dividing the net prot attributable to the holders of ordinary
shares of the parent company by the weighted average number of shares outstanding during the
nancial year.
The diluted earnings per share is equal to the earnings per share because, as of 31 March 2021, no
instruments exist that have a dilutive eect on the holders of ordinary shares.
Prot per share (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Net result of the period, share of the group 205,724 -151,573 112,079
Weighted average number of shares 25,841,318 25,426,672 25,426,672
Earnings per share (in EUR) 7.96 -5.96 4.41
Net result of the period, share of the group 205,724 -151,573 112,079
Weighted average number of shares 25,841,318 25,426,672 25,426,672
Impact dilution eect - - -
Adjusted weighted average number of shares 25,841,318 25,426,672 25,426,672
Diluted earnings per share (in EUR) 7.96 -5.96 4.41
Note 9. Paid and proposed dividends
Proposed and distributed dividends (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Determined and paid out during the year 63,567 63,567 63,567
Final dividend 63,567 63,567 63,567
Interim dividend - - -
Proposed for approval by AGM 65,118 63,567 63,567
Number of shares 26,047,134 25,426,672 25,426,672
Gross dividend per share (in EUR) 2.50 2.50 2.50
The board of directors will be proposing to the ordinary general meeting of shareholders that the
company declare a gross dividend of EUR 2.50 per share in respect of FY 2020-2021. The payment
will be made via an optional cash/stock dividend, to further nance Gimv’s investment ambitions.
After 30% investment withholding tax, the net dividend amounts to EUR 1.75 per share. The eective
amount paid out will be adjusted for the number of treasury shares held by Gimv at the time of the
dividend payment, as these are not dividend-entitled. Their number was 17,877 at the end of March
2021.
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Note 10. Property, plant and equipment
Property, plant and equipment for the period 2020-2021 (in 1,000 EUR)
Land and
buildings
Machinery and
equipment
Furniture and
vehicles
Right-of-use Assets
IFRS 16 Lease
Total
Opening balance, net carrying amount 6,274 - 1,241 3,332 10,847
Gross carrying amount 15,582 - 3,325 4,877 23,785
Accumulated depreciation and impairment (-) -9,309 - -2,084 -1,545 -12,938
IFRS 16 adjustment - - - - -
Investments 933 - 330 396 1,660
Acquisition through business combinations - - - - -
Transfers and business demergers (-) -1,041 - -18 -241 -1,300
Sales of subsidiaries (-) - - - - -
Depreciations (-) -492 - -379 -1,092 -1,964
Impairment losses recognised (reversed) through P&L (+) - - - - -
Increase (decrease (-)) due to translation dierences - - - - -
Transfer from (to) - - - - -
Other increase (decrease (-)) 326 - 13 212 551
Closing balance, PPE 6,000 - 1,187 2,607 9,793
Gross amount 15,475 - 3,638 5,032 24,145
Accumulated depreciation and impairment (-) -9,475 - -2,451 -2,425 -14,351
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Property, plant and equipment for the period 2019-2020 (in 1,000 EUR)
Land and
buildings
Machinery and
equipment
Furniture and
vehicles
Right-of-use Assets
IFRS 16 Lease
Total
Opening balance, net carrying amount 5,996 479 1,280 - 7,75 5
Gross carrying amount 14,811 731 2,796 - 18,338
Accumulated depreciation and impairment (-) -8,815 -252 -1,516 - -10,583
IFRS 16 adjustment - - - 4,548 4,548
Investments 477 - 95 388 960
Acquisition through business combinations - - - - -
Transfers and business demergers (-) - - - -59 -59
Sales of subsidiaries (-) - - - - -
Depreciations (-) -414 - -396 -1,107 -1,917
Impairment losses recognised (reversed) through P&L (+) - - - - -
Increase (decrease (-)) due to translation dierences - - - - -
Transfer from (to) 295 -731 434 - -2
Other increase (decrease (-)) -80 252 -172 -438 -438
Closing balance, PPE 6,274 - 1,241 3,332 10,847
Gross amount 15,582 - 3,325 4,877 23,785
Accumulated depreciation and impairment (-) -9,309 - -2,084 -1,545 -12,938
Property, plant and equipment for the period 2018-2019 (in 1,000 EUR)
Land and
buildings
Machinery and
equipment
Furniture and
vehicles
Right-of-use Assets
IFRS 16 Lease
Total
Opening balance, net carrying amount 6,375 550 697 - 7,622
Gross carrying amount 14,802 1,190 4,945 - 20,937
Accumulated depreciation and impairment (-) -8,428 -640 -4,248 - -13,316
Investments 68 - 1,051 - 1,119
Acquisition through business combinations - - - - -
Transfers and business demergers (-) -59 -459 -3,196 - -3,714
Sales of subsidiaries (-) - - - - -
Depreciations (-) -453 -71 -468 - -992
Impairment losses recognised (reversed) through P&L (+) - - - - -
Increase (decrease (-)) due to translation dierences - - - - -
Transfer from (to) - - - - -
Other increase (decrease (-)) 66 459 3,196 - 3,721
Closing balance, PPE 5,996 479 1,280 - 7,7 5 5
Gross amount 14,811 731 2,800 - 18,342
Accumulated depreciation and impairment (-) -8,815 -252 -1,520 - -10,587
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Note 11. Financial assets
Financial assets (in 1,000 EUR) 31-03-2021 31-03-2020 31-03-2019
Financial assets at fair value through P&L (FVPL) 950,521 773,531 899,465
of which listed shareholdings 48,132 47,938 40,073
Financial receivables from investee companies 282,408 243,453 182,461
Total 1,232,929 1,016,984 1,081,926
The nancial assets consist of equity shareholdings at fair value through prot or loss and of
amounts receivable (straight and convertible loans and other debt instruments) from investee
companies.
The total investment portfolio rose substantially by EUR 215,945 thousand.
Financial assets at fair value through P&L (in 1,000 EUR) 31-03-2021 31-03-2020 31-03-2019
Opening balance 773,531 899,465 835,056
Investments 168,320 151,616 108,832
Divestments (-) -150,908 -113,454 -99,853
Unrealised gains in fair value 197,543 61,242 117,581
Unrealised losses in fair value -38,487 -236,394 -65,659
Increase (+) or decrease (-) due to exchange rate dierences - - -
Other increase (+) or decrease (-) 523 11,056 3,507
Closing balance 950,521 773,531 899,465
Of which
Shares - listed 48,132 47,938 40,073
Shares - unlisted 902,389 725,593 859,392
Fair value changes recognised in P&L during the period 159,056 -175,153 51,922
Shares - listed 1,980 -2,858 -3,830
Shares - unlisted 157,076 -172,294 55,753
Financial assets, consisting of the shareholdings of Gimv and its subsidiaries, increased by
EUR 176,991 thousand.
During FY 2020-2021, Gimv invested EUR 168,320 thousand in shareholdings. Investments
were made in seven new companies: Apraxon, Rehaneo, SynOx and Kinaset Therapeutics
(Health & Care); sofatutor (Consumer platform); Verkley (Sustainable Cities) and Televic
(Smart Industries). In addition to these investments in seven new companies, sizeable follow-up
investments were also made, among others, in Biolam, GPNZ and several life sciences investments
for the Health & Care platform; La Comtoise (Consumer); Itineris (Sustainable Cities); and Kind
Technologies (Smart Industries). The investments in equity participations (EUR 168,320 thousand)
and in debt instruments (EUR 55,623 thousand) give a total investment amount of EUR 223,943
thousand. However, the consolidated cash ow statement shows an amount of EUR 131,199
thousand. The dierence between the two amounts can be explained by a number of new
investments contracted before the end of the nancial year but where the conditions precedent
were not fullled until shortly after the end of the nancial year. The investment amounts were paid
shortly after the closing date. In addition, the investment in Babyshop Group took place through
a contribution from our shareholding in Melijoe (and not through a cash payment).
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Gimv completely divested three portfolio companies in FY 2020-2021: Itho Daalderop and Contraload
(Sustainable Cities), and OTN Systems (Smart Industries). In addition, partial divestments took
place at Spineart (Health & Care) and at Summa (Smart Industries). Distributions were also received
from the third-party funds. These full and partial divestments had an opening value of EUR 150,908
thousand.
The periodic valuation exercises on the total portfolio in FY 2020-2021 resulted in unrealised positive
value uctuations of EUR 159,056 thousand. This strong valuation evolution is the result of, on the
one hand, the agility and resilience of the portfolio companies. In a year of a contracting economy,
the portfolio companies grew both their sales and their prots. On the other hand, the recovery
in nancial markets translates into rises in the valuation multiples used to value the holdings. The
combination of both valuation drivers explains the strong upward evolution in unrealised value.
The other increase of EUR 523 thousand is due to the conversion of convertible loans into shares.
During FY 2019-2020, Gimv invested EUR 151,616 thousand in shareholdings. Investments were made
in six new companies: iStar and Bioman Holding (Health & Care); Köberl (Sustainable Cities); Smart
Battery Solutions, Alro and AME (Smart Industries). There were also sizeable follow-up investments,
among others, in France Thermes, GPNZ and various life sciences and medtech investments for the
Health & Care platform; also at Impact (Consumer platform). Gimv also participated pro rata to its
participation in the capital increase of TINC.
During FY 2019-2020, six portfolio companies were divested and major distributions were received
from third party funds. The carrying value of these exits amounted to EUR 113,454 thousand. The
main divestments were Breath Therapeutics and Benedenti (Health & Care); Grandeco and Legallais
(Consumer); thinkstep (Smart Industries) and Hansea (Sustainable Cities).
Unrealised gains and losses amounted to EUR -175,153 thousand as a result of the periodic valuation
exercises on the total portfolio. This amount is mainly explained by the impact of the Covid-19
pandemic on the stock markets during the last month of the nancial year. This negative impact
cancelled out the strong performance of the investee portfolio and resulted in a material write-
down of the participations during the last quarter. The other increase of EUR 11,056 thousand is
mainly due to the conversion of convertible loans into shares.
Overview of listed shareholdings
Company
Ticker
Stake
in %
Number of
shares
Electrawinds EWI GR 3.34% 1,632,416
TINC TINC BB 10.67% 3,881,597
Restrictions
Gimv receives income in the form of dividends and interest from its portfolio companies. There are
no signicant restrictions on transfers of funds from these portfolio companies to Gimv.
Contractual obligations
As of 31 March 2021, Gimv has contractual obligations to provide nancial support to 16 companies
in the portfolio in an amount of EUR 63,991 thousand of binding nancial commitments.
Classication of nancial instruments and hierarchy of fair values
The following table compares the carrying value and the market value of the nancial receivables
and nancial liabilities at reporting date.
Gimv applies the following hierarchy for dening and disclosing nancial instruments as part of the
portfolio, classied by measurement technique:
level 1: listed (unadjusted) prices in active markets for identical assets or liabilities
level 2: other methods in which all variables have a signicant eect on the calculated fair value
and are observable, either directly or indirectly
level 3: techniques using inputs which have a signicant aect on the calculated fair value, but
are not based on observable market data.
Gimv considers the carrying amounts of the other nancial instruments to be a reliable approximation
of their market value: The fair value of the other nancial instruments is determined according to
the following methods:
for the short-term nancial instruments, such as trade receivables and payables, the fair value
is seen as not signicantly dierent from the carrying value at amortised cost
for the long-term nancial debts, the fair value is seen as not signicantly dierent from the
carrying value at amortised cost
for cash and marketable securities, the fair value is seen as not signicantly dierent from the
carrying value determined on the basis of discounted future ows.
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Carrying value Fair value
Classication in 1,000 EUR 31-03-2021 Classication IFRS 9 Level 1 Level 2 Level 3
Investment portfolio 1,232,929 48,132 256,585 928,212
Equity investments 950,521 Fair value through prot and loss 48,132 - 902,389
Debt instruments that don't comply with the SPPI test 25,823 Fair value through prot and loss - - 25,823
Loans and other debt instruments 256,585 Amortized cost - 256,585 -
Trade and other receivables 1,835 Fair value through prot and loss - 1,835 -
Cash, deposits and cash equivalents 517,480 Fair value through prot and loss - 517,480 -
Marketable securities and other instruments - Fair value through prot and loss - - -
Financial debts - bonds 350,000 Amortized cost - 350,000 -
Trade and other payables 8,665 Amortized cost - 8,665 -
Carrying value Fair value
Classication in 1,000 EUR 31-03-2020 Classication IFRS 9 Level 1 Level 2 Level 3
Investment portfolio 1,016,984 47,938 243,453 725,593
Equity investments 773,531 Fair value through prot and loss 47,938 - 725,593
Debt instruments that don't comply with the SPPI test - Fair value through prot and loss - - -
Loans and other debt instruments 243,453 Amortized cost - 243,453 -
Trade and other receivables 2,573 Fair value through prot and loss - 2,573 -
Cash, deposits and cash equivalents 355,041 Fair value through prot and loss - 355,041 -
Marketable securities and other instruments 13,000 Fair value through prot and loss - 13,000 -
Financial debts - bonds 250,000 Amortized cost - 250,000 -
Trade and other payables 7,6 25 Amortized cost - 7,6 2 5 -
Transfers in fair value hierarchy
No transfers took place during the nancial year ending 31 March 2021. These transfers in the fair
value hierarchy t with the application of the valuation rules.
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Value evolution 2020-2021
The graph below (in EUR million) shows the sources of changes in the valuation of the unlisted portfolio
companies (level 3). This shows that both the growth performance of our portfolio companies and
the recovery on the stock markets lie at the basis of the strong valuation result. The average Ebitda
multiple used for the valuations was 7.8x at the end of March 2021 (after a discount of 22%). The
sensitivity of the measurement to variations in the multiple is discussed in Note 22 Risk Factors.
In addition, there was a slight increase in the average net debt at the portfolio companies (mainly to
nance add-on acquisitions) and a small number of companies were written down on a discretionary
basis. For a further description of our measurement method underlying this graph, the reader is
referred to the valuation rules for Financial Assets.
Value evolution of the non-listed portfolio companies 2020-2021: unrealised result of
EUR 148.6 million from the revaluation of the portfolio
Value evolution 2019-2020
In FY 2019-2020 the strong operating performance of the portfolio companies was more than oset
by the sharp decline in the market multiples used. This decrease was the result of sharp fall in stock
prices caused by the Covid-19 pandemic and explains more than 90% of the unrealised negative
value movements.
Write-downs include impairments on outstanding receivables and loans, as well as the separate
discounts on the life sciences and medtech venture capital investments. The decrease in the market
value of the third-party funds can be partly explained by the 20% discount on the reported market
value at 31 December 2019. The increase in net nancial debt of the portfolio companies served
almost exclusively for add-on acquisitions in the context of buy-and-build at certain companies.
-11,6
-7,9
-2,4
137,7
24,1
1,6
7,1
Multiple
Ebitda or sales
Third-party funds
Other movements
Exchange rate
Net nancial debt
Write downs
Value evolution of the non-listed portfolio companies 2019-2020: unrealised result of
EUR -192.4 million from the revaluation of the portfolio
Value evolution 2018-2019
The graph below shows the sources of changes in the valuation of the unlisted portfolio companies
(level 3). For FY 2018-19, the strong performance of the portfolio companies largely explained the
positive valuation evolution. This was clearly reected in the positive contribution of the evolution of
EBITDA/sales. Total unrealised gains on the unlisted portfolio companies amounted to EUR 55,753
thousand. The average EBITDA multiple used for these valuations at the end of March 2019 was
7.7x after a discount of 25% up from 7.1x at the end of March 2018. This increase also made an
important contribution to the unrealised increases in value. The increase in the net nancial debt
of the portfolio companies tempered the unrealised increases in value. This nancial debt was
used almost exclusively for add-on acquisitions in the context of buy-and-build at certain portfolio
companies.
Value evolution of the non-listed portfolio companies 2018-2019: unrealised result of EUR 55.8
million from the revaluation of the portfolio
48,7
17,2
0,4
-18,6
-22,5
-36,1
-181,5
Ebitda or sales
Other movements
Exchange rate
Net nancial debt
Third-party funds
Write downs
Multiple
-33,0
40,0
34,6
14,0
1,1
-1,5
0,5
Ebitda or sales
Multiple
Third-party funds
Exchange rate
First time valuation
Other movements
Net nancial debt
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Note 12. Loans to portfolio companies
During FY 2020-2021, outstanding debt instruments granted to portfolio companies increased by
EUR 38,955 thousand to EUR 282,408 thousand. New loans totalling EUR 55,623 thousand were
made, the largest being to sofatutor and Blendwell (Consumer) and Biolam (Health & Care).
Loans including accrued interest were repaid in an amount of EUR 28,442 thousand. The main
repayments came from France Thermes (Health & Care); OTN (Smart Industries); along with a
repayment from Tinc Development Partners under Other.
The net impact of gains and losses as a result of the periodical valuation of the entire portfolio
is EUR -8,515 thousand. The accrued interest on the outstanding loans amounts to EUR 19,265
thousand. The dierence with the interest income recognised in the prot and loss account can
be explained by accrued non-capitalised interest. This non-capitalised interest is paid on a regular
basis and is not part of the individual valuation.
Convertible debt instruments were converted into capital in an amount of EUR 528 thousand, while
EUR 1,551 thousand of deferred payments (escrow receivables) arose as a result of the divestments.
In FY 2019-2020, loans to portfolio companies increased by EUR 59,525 thousand to EUR 243,453
thousand. New loans totalling EUR 86,473 thousand were made, the largest being to Impact
(Consumer); France Thermes (Health & Care); Alro (Smart Industries); GMGT Holding (Sustainable
Cities); and TDP. Loans of EUR 20,640 thousand were repaid (at carrying value on an IFRS basis).
The net impact of gains and losses (as a result of the valuation process) and transfers is EUR
-20,123 thousand. The accrued interest on the outstanding loans amounted to EUR 18,291 thousand.
Additionally, convertible loans of EUR 11,176 thousand were converted into shares, while escrow
receivables (deferred payments) of EUR 8,167 thousand arose as a result of the divestments.
Financial receivables from investee companies (in 1,000 EUR) 31-03-2021 31-03-2020 31-03-2019
Opening balance 243,453 182,461 125,313
Gross carrrying amount 278,085 220,282 188,865
Accumulated impairment (-) -34,632 -37,820 -63,552
Investments 55,623 86,473 80,175
Repayments (-) -28,442 -20,640 -33,907
Impairments (-) -14,922 -20,207 -2,650
Reversal of impairment (+) 6,407 83 4,664
Increase (+) or decrease (-) due to exchange rate dierences - - -
Conversion -528 -11,176 -3,034
Accrued Interest 19,265 18,291 11,901
Other (increase (+), decrease (-)) 1,551 8,167 -
Closing balance
282,408
243,453 182,461
Gross carrrying amount 324,070 278,085 220,282
Accumulated impairments (-) -41,662 -34,632 -37,820
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Additional information on loans to portfolio companies 2020-2021 (in 1,000 EUR)
Duration 1 year 1 to 5 years Total
8,216 274,192 282,408
Currency USD EUR Tot al
- 282,408 282,408
Applied interest rate
Fixed
interest
Variable
interest
Total
282,356 52 282,408
Average interest rate 6.45% 1.07%
Additional information on loans to portfolio companies 2019-2020 (in 1,000 EUR)
Duration 1 year 1 to 5 years Total
9,709 233,744 243,453
Currency USD EUR Tot al
- 243,453 243,453
Applied interest rate
Fixed
interest
Variable
interest
Total
243,453 - 243,453
Average interest rate 7.70% -
Additional information on loans to portfolio companies 2018-2019 (in 1,000 EUR)
Duration 1 year 1 to 5 years Total
7,0 9 4 175,367 182,461
Currency USD EUR Tot al
740 181,721 182,461
Applied interest rate
Fixed
interest
Variable
interest
Total
182,461 - 182,461
Average interest rate 8.46% -
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Note 13. Trade and other receivables
During FY 2020-2021, outstanding trade and other receivables decreased fell by EUR 738 thousand.
The outstanding receivables of EUR 1,326 thousand consisted mainly of recoverable withholding
tax on dividends received.
The entire cash position is held in bank deposits and in securities that can be traded within three
months. These deposits and marketable securities are not subject to marking to market. Marketable
securities mainly include securities with a term of more than three months.
During FY 2019-2020, the cash position increased by EUR 91,342 thousand. The cash-in from
divestments (at sales price) was EUR 179,403 thousand. Gimv invested EUR 238,090 thousand and
paid a cash dividend of EUR 63,567 thousand in respect of 2018-2019. In June, Gimv successfully
issued a EUR 250 million bond to maintain its investment rhythm. There was also an after-payment
of EUR 9,662 thousand for shares of co-investment companies purchased under the ongoing LTIP
programme.
During FY 2019-2020, trade and other receivables fell by EUR 912 thousand. Trade receivables
rose by EUR 826 thousand. Other receivables together fell by EUR 1,738 thousand. These other
receivables consisted mainly of recoverable withholding tax on dividends received.
Trade and other receivables (in 1,000 EUR) 31-03-2021 31-03-2020 31-03-2019
Maximum 1 year
Trade receivables 102 883 57
Intrest receivables - - -
Tax receivable, other than corporation tax 1,326 551 24
Deferred costs and accrued income - - -
Other receivables 408 1,140 3,404
Closing balance 1,835 2,573 3,485
Note 14. Cash and marketable securities
In FY 2020-2021, the overall cash position rose by EUR 149,439 thousand to EUR 517,480 thousand.
An amount of EUR 269,891 thousand was received from the portfolio companies, consisting of
cash proceeds from the sale of equity participations, dividends received, repayments of debt
instruments and accrued interest. An amount of EUR 131,199 thousand was invested. Together with
an after-payment of EUR 1,741 thousand for shares purchased from co-investment companies under
the current LTIP program, this gives a positive cash ow of EUR 136,951 thousand from the investing
activities for FY 2020-2021.
The cash ow from nancing activities is again positive for FY 2020-2021 and amounts to EUR 47,111
thousand with the recently issued EUR 100 million sustainable bond. The outgoing nancing ows
can mainly be explained by the payment of the dividend to the shareholders (EUR 35,336 thousand)
and interest payments on nancial debts (EUR 8,767 thousand). Operating costs represented a
cash outow of EUR 34,623 thousand.
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Cash and marketable securities (in 1,000 EUR) 31-03-2021 31-03-2020 31-03-2019
Cash, bank deposits and cash equivalents 517,480 355,038 261,699
Bank deposits 275,587 313,585 223,547
Cash and other cash equivalents 241,893 41,453 38,152
Marketable securities and other instruments - 13,003 15,000
Marketable securities and other instruments - 13,003 15,000
Total 517,480 368,041 276,699
Note 15. Outstanding capital and reserves
Gimv is a listed company. 27.18% of its shares are held by the Vlaamse Participatiemaatschappij.
The balance is spread over a large number of institutional and retail shareholders. All shares are
admitted to trading on the Continuous Market of Euronext Brussels under the share code GIMB
(ISIN: BE0003699130)
The participation percentage of the Vlaamse Participatiemaatschappij has increased by 0.36%
compared to the previous nancial year because the Vlaamse Participatiemaatschappij opted to
take its dividend entirely in stock.
The ordinary general meeting of Gimv declared on 24 June 2020 a dividend in respect of FY 2019-
2020 of EUR 63,567 thousand (EUR 2.50 per share). Shareholders could take their dividends in
cash or in stock (stock dividend). This stock option led to the issue of 620,462 new shares at an
issue price of EUR 45.50 per share. This capital increase of EUR 28,231 thousand took the form of
a capital increase of EUR 5,890 thousand within authorised capital and an issue premium of EUR
22,341 thousand. The issue premium is the dierence between the fractional value per share and
the issue price.
Consequently, since 28 July 2020, the outstanding capital has amounted to EUR 247,254 thousand,
represented by 26,047,134 fully paid-up no par ordinary shares. All shares have the same rights and
fractional value. Gimv has not issued any securities that on exercise or conversion would produce
an increase in the number of shares.
During the FY 2020-2021, Gimv repurchased 40,000 of its own shares as part of a share purchase
plan for employees. Prior to this buy-back, Gimv did not own any of its own shares. 22,123 shares
were sold to employees. As at 31 March 2021, Gimv still owns 17,877 treasury shares, which represents
a limited amount of capital (including issue premium) of EUR 220 thousand.
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Outstanding capital and reserves (in 1,000 EUR) 31-03-2021
31-03-2020 31-03-2019
Number of shares at start of period 25,426,672 25,426,672 25,426,672
Changes during the period 620,462 - -
Number of shares at end of period 26,047,134 25,426,672 25,426,672
Capital at start of the period 241,365 241,365 241,365
Changes during the period 5,890 - -
Capital at end of the period 247,254 241,365 241,365
Share premium at start of the period 51,629 51,629 51,629
Changes during the period 22,341 - -
Share premium at end of the period 73,971 51,629 51,629
Number of own shares at start of period - - -
Changes during the period 17,877 - -
Number of own shares at end of period 17,877 - -
Own shares : capital size at start of period - - -
Changes during the period 0.2 - -
Own shares : capital size at end of period 0.2 - -
Note 16. Pension plans
The majority of employees have dened contribution plans. Only a few have dened benet plans,
entitling them, at pension date, to an amount that is set in relation to their nal salary. These plans
comply with Belgian law and are therefore subject to the statutory minimum return. There are no
specic risks in these pension plans.
Belgian legislation requires an employer to guarantee a minimum return of 3.25% on his own
contributions to the xed contribution plans, for all payments up to and including 31/12/2015 and up
to the retirement age. As of 1 January 2016, an amendment dated 18 December 2015 to the WAP/LPS
(Supplementary Pension Act) states that the return guaranteed by the employer will be a ‘variable’
interest rate, linked to the return on the bond market to be determined annually on 1 January on the
basis of a formula established in the WAP/LPS. This guaranteed return has been 1.75% since 2017.
The guarantee provided by the employer under the WAP is a secondary guarantee. Only in the
event that the return on plan assets guaranteed by the insurer is lower than the legally guaranteed
return must the employer adjust the shortfall.
As a result, changes, Gimv no longer values dened contribution plans at intrinsic value. As with the
dened benet plans, the net outstanding pension liability is determined by actuarial calculation in
accordance with IAS 19 (using the PUC method). The plan assets are measured at the discounted
value of the reserves, taking into account the insurers’ rate guarantees. Actuarial gains and losses
are recognised as other comprehensive income in equity.
The actuarial assumptions were not adjusted during the nancial year. In FY 2019-2020, the discount
rates used were lowered from 1.6% to 1.25% given the persistently low interest rates. In parallel, the
ination assumption was also further reduced from 1.75% to 1.25%.
Since then there been no amendments made to these plans, and no surrenders have occurred.
The fair value of the assets in these plans amounts to EUR 38,735 thousand. The discounted value
of future liabilities in this plan is EUR 39,668 thousand. The dierence between the fair value of the
assets and the future liabilities was recognised as a pension liability on the consolidated balance
sheet in an amount of EUR 934 thousand, with an increase of EUR 37 thousand taken through other
comprehensive income.
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Pension plans 2020-2021 (in 1,000 EUR)
Dened benet
obligations
Fair value of
plan assets
Net pension
liability
Opening balance 38,284 37,388 896
Service Cost 481 - 481
Admin cost 10 - 10
Interest costs 481 467 14
Subtotal included in income statement 972 467 505
Return on plan assets (excl. amounts included in net interest costs) - 752 -752
Actuarial changes resulting from changes in demographic assumptions - - -
Actuarial changes resulting from changes in nancial assumptions - - -
Actuarial changes based on experience 518 - 518
Subtotal included in OCI 518 752 -233
Benets paid -105 -105 -
Employer contributions - 234 -234
Closing balance 39,668 38,735 934
Changes in the present value of the dened benet
obligations (in 1,000 EUR)
31-03-2021
31-03-2020
DBO at opening 38,284 42,832
Service Cost 481 553
Intrest Cost (incl. admin cost) 491 705
Employer contributions - -
Benets paid -105 -6,318
Translation dierences 518 511
DBO at closing 39,668 38,284
The main plan assets categories
(in 1,000 EUR)
31-03-2021
31-03-2020
Equities 2,882 2,030
Derivatives - -
Bonds 30,399 29,949
Corporate bonds - 152
Cash 1,321 1,450
Real estate 709 877
Loans 3,425 2,929
Total 38,735 37,388
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The main actuarial assumption used (in 1,000 EUR) 31-03-2021 31-03-2020
Discount rate 1.25% 1.25%
Ination 1.25% 1.25%
Salary increases
< 50 year 3.00% 3.00%
> 50 year 1.25% 1.25%
Mortality tables: the mortality tables were based on the MR-5 for men and the FR-5 for women.
Employee turnover - new participants: The actuarial calculation is based on the current population.
The retirement probability used: up to age 55: 5% per year; from age 55: 0% a year.
Sensitivity analysis (in 1,000 EUR) 31-03-2021 31-03-2020
Discount rate
Increase of 50 base points 38,831 37,380
Decrease of 50 base points 40,704 39,333
Decrease of 125 base points 42,372 41,079
Salary increases index
Increase of 50 base points 40,229 38,323
Decrease of 50 base points 40,154 38,245
Expected payments
2021-2024 // 2020-2023 17,414 9,057
2025-2029 // 2024-2028 12,263 16,873
>2029 // >2028 23,586 2 7,95 5
The average remaining lifespan of the plans is 13.8 years.
Note 17. Non-current nancial debts
Remaining term
2020-2021 (in 1,000 EUR) < 1 year 1 to 5 years > 5 years Total
Financial debts
Bonds - - 350,000 350,000
Lease liabilities (IFRS 16) 1,001 1,630 - 2,631
Total 1,001 1,630 350,000 352,631
In the rst half of FY 2019-2020, Gimv successfully placed its rst public bond issue, with 7 and
12 year bonds issued in amounts of EUR 75 million (nominal interest rate of 2.875%) and EUR 175
million (nominal interest rate of 3.50%) respectively. In the second half of FY 2020-2021, an 8-year
sustainable bond with a nominal value of EUR 100 million was placed at a nominal interest rate of
2.25%.
The bonds issued in 2019 are used for general nancing purposes, i.e. to fund the further growth
of Gimv and its portfolio companies while maintaining an adequate level of liquidity throughout the
investment cycle. The 2026 bonds were oered to both retail and institutional investors. The 2031
bonds were oered to institutional investors only.
The recent sustainable bond issue has been made possible by the establishment of a sustainable
nancing framework which conrms Gimv’s ambition as a responsible investor. With this framework
Gimv wants to align its nancing policy with its sustainable investment ambitions and further
increase the impact on society. The framework will make it possible to attract sustainable nancing
in the future as well. The issue was largely oversubscribed and placed with a wide group of
institutional investors, a signicant majority of which have sustainable proles.
As of 31 March 2021, the interest cost for Gimv amounts to EUR 8,259 thousand.
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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 specications.
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 specications 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
signicant 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 osetting protable 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 beneciaries acquired
warrants for the 2013 and 2016 vintages (prior to 2013: options) on shares of these co-investment
companies, while foreign beneciaries 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, beneciaries’ 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 osetting of all protable and loss-making investments
and net of nance and management costs) have been allocated to the beneciaries.
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As of 31 March 2021, all warrants on the current LTIP 2013 and 2016 vintages have been exercised.
Therefore no provisions have been set up for non-exercised warrants. Upon exercise, the warrant
holders are shareholders of the relevant co-investment company. The evolution of the share value
is reected in the minority interest.
Since 1 April 2018, an alternative LTIP plan is in place. For further explanation on this, we refer to the
remuneration report (chapter 8).
2020-2021 (in 1,000 EUR)
Warranties
Litigation
In respect
of the LTIP
OCI:
Remeasurement
pension plans
Other
Total
Opening Balance - 250 5,306 896 - 6,452
Additional provisions 608 - 5,946 37 - 6,591
Use of provisions (-) - -200 -1,741 - - -1,941
Reversal of unused provisions (-) - -50 -1 - - -51
Changes in consolidation scope - - - - - -
Other increase (decrease (-)) - - - - -
Closing balance 608 - 9,510 933 - 11,051
The increase in provisions of EUR 4,599 thousand during this nancial year is the result of:
a further EUR 620 thousand for the estimated settlement of previously transferred options from
the 2010-2012 vintage, recognised in the income statement
a decrease of EUR 1,741 thousand due to a paid settlement (earn-out) of previously transferred
shares from the 2007-2009 vintage and from the 2010-2012 vintage, not recognised in the
income statement
a provision of EUR 5,326 thousand related to the LTIP 2018. The LTIP 2018 is structured dierently
from the earlier vintages. Further information is given in the remuneration report. This amount is
recognised in the income statement
an additional net increase of EUR 358 thousand in respect of past and current disputes. This
amount was recognised in the income statement
an increase of EUR 37 thousand on the provision set aside for future pension liabilities through
other comprehensive income in accordance with IAS 39.
2019-2020 (in 1,000 EUR)
Warranties
Litigation
In respect
of the LTIP
OCI:
Remeasurement
pension plans
Other
Total
Opening Balance 631 - 12,680 769 - 14,079
Additional provisions - 250 2,288 128 - 2,665
Use of provisions - - -9,662 - - -9,662
Reversal of unused commissions -631 - - - - -631
Changes in consolidation scope - - - - - -
Changes due to discounting - - - - - -
Other increase (decrease (-)) - - - - -
Closing balance - 250 5,306 896 - 6,452
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In FY 2019-2020, provisions fell by EUR 7,626 thousand to EUR 6,452 thousand. The provision in
respect of the LTIP decreased by EUR 7,374 thousand. This change is explained as follows:
the provision on warrants held by employees in the 2016 vintage of co-investment companies
decreased by EUR 232 thousand to EUR 1 thousand. The evolution in the the value of the
underlying portfolio of the 2016 co-investment companies caused the provision in respect
of warrants held by employees to fall by EUR 229 thousand. The change in the number of
outstanding warrants decreased the provision by a further EUR 3 thousand
the provision contained an amount of EUR 5 305 thousand for the estimated settlement of
previously transferred options from the 2007-2009 and 2010-2012 vintages. This provision had
fallen during the year by EUR 7,141 thousand, as the net result of (i) positive value evolutions
in the underlying portfolio of EUR 2 520 thousand and (ii) payout of EUR 9 662 thousand of
outstanding earn-out price of shares in the 2010 co-investment companies.
Furthermore, an increase of EUR 128 thousand to EUR 896 thousand was recorded via other
comprehensive income on the provision made for future pension obligations.
In addition, there was a reversal of EUR 631 thousand of unused provisions for a dispute that had
dragged on for more than 17 years. Finally, an additional provision of EUR 250 thousand was set up
for disputes that were evolving towards amicable settlements.
Note 19. Short-term nancial liabilities and trade payables
In FY 2020-2021, the nancial debt in respect of lease obligations fell to EUR 1,001 thousand.
Trade and other payables increased sharply by EUR 79,800 thousand to EUR 95,594 thousand
at 31 March 2021. This strong increase is explained by investments in new portfolio companies
contracted before the end of the nancial year, but where the investment amount was paid shortly
after the end of the nancial year. These investments were included in the investment portfolio as
of 31 March 2021.
2020-2021 (in 1,000 EUR) Term < 1 year
Financial debts
Lease liabilities (IFRS 16) 1,001
Total 1,001
Trade and other payables
Trade payables 2,736
Social debts 5,927
Various taxes 300
Historical dividends 292
Other payables 86,338
Total 95,594
As a result of the new IFRS 16 Leases standard, Gimv had at the end of FY 2019-2020 a nancial
debt in respect of lease obligations of EUR 1,051 thousand. Trade and other payables increased
during the nancial year by EUR 650 thousand to EUR 7,625 thousand.
2019-2020 (in 1,000 EUR) Term < 1 year
Financial debts
Lease liabilities (IFRS 16) 1,051
Total 1,051
Trade and other payables
Trade payables 2,690
Social debts 4,865
Various taxes 390
Historical dividends 292
Other payables 7, 5 57
Total 15,794
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2018-2019 (in 1,000 EUR) Term < 1 year
Trade and other payables
Trade payables 540
Social debts 5,041
Various taxes 772
Historical dividends 295
Other payables 328
Total 6,975
Note 20. Related parties
2020-2021 (in 1,000 EUR)
Subsidiaries
Unconsolidated
subsidiaries
Associates
Management
sta
Total
Amounts owed by related parties - 148,192 71,076 - 219,267
Loans to investee companies - 148,192 71,076 - 219,267
Receivables - - - - -
Other assets - - - - -
Amounts owed to related parties - - - - -
Financial liabilities - - - - -
Trade and other payables - - - - -
Other assets - - - - -
Related party transactions - 105 464 2,741 3,310
Sale of goods - - - - -
Purchase of goods (-) - - - - -
Provision of services - 105 464 - 569
Purchase of services - - - - -
Remuneration of executive committee members and directors - - - 2,741 2,741
Personnel expenses - - - 2,436 2,436
Pension plans - - - 305 305
Severance compensation - - - - -
Share-based payments - - - - -
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2019-2020 (in 1,000 EUR)
Subsidiaries
Unconsolidated
subsidiaries
Associates
Management
sta
Total
Amounts owed by related parties - 176,237 44,847 - 221,084
Loans to investee companies and other nancial assets - 176,237 44,847 - 221,084
Receivables - - - - -
Other assets - - - - -
- - - -
Amounts owed to related parties - - - - -
Financial liabilities - - - - -
Trade and other payables - - - - -
Other assets - - - - -
Related party transactions - 10 63 3,114 3,187
Sale of goods - 10 63 - 73
Purchase of goods (-) - - - - -
Provision of services - - - - -
Purchase of services - - - - -
Remuneration of executive committee members and directors - - - 3,114 3,114
Personnel expenses - - - 2,821 2,821
Pension plans - - - 293 293
Severance compensation - - - - -
Share-based payments - - - - -
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2018-2019 (in 1,000 EUR)
Subsidiaries
Unconsolidated
subsidiaries
Associates
Management
sta
Total
Amounts owed by related parties - 41,335 18,667 - 60,002
Loans to investee companies and other nancial assets - 41,335 18,667 - 60,002
Receivables - - - - -
Other assets - - - - -
- - - -
Amounts owed to related parties - - - - -
Financial liabilities - - - - -
Trade and other payables - - - - -
Other assets - - - - -
Related party transactions - 3 - 3,139 3,142
Sale of goods - 3 - - 3
Purchase of goods (-) - - - - -
Provision of services - - - - -
Purchase of services - - - - -
Remuneration of executive committee members and directors - - - 3,139 3,139
Personnel expenses - - - 2,884 2,884
Pension plans - - - 255 255
Severance compensation - - - - -
Share-based payments - - - - -
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Remuneration of executive committee and directors (in 1,000 EUR) 2020-2021 2019-2020 2018-2019
Remuneration
Fixed Executive committee 1,429 1,353 1,374
Board of directors 725 781 725
Variable Executive committee 225 557 608
Board of directors 106 130 177
Subtotal Executive committee 1,654 1,910 1,982
Board of directors 831 911 902
Group insurance
Fixed Executive committee 222 212 175
Board of directors 83 81 80
Variable Executive committee - - -
Board of directors - - -
Subtotal Executive committee 222 212 175
Board of directors 83 81 80
Total Executive committee 1,876 2,122 2,157
Board of directors 914 992 982
Note 21. Outstanding fund commitments
For many years Gimv invested in ‘third party funds’. These are funds set up and managed by
external fund managers, in which Gimv has no advisory role. In the past Gimv invested in such
funds to explore certain markets and sectors. For several years now there have been no new
commitments to third party funds. Given their long term nature, these funds are still part of our
balance sheet portfolio. The still outstanding commitments to these third-party funds amounted
at end-March 2021 to EUR 7,251 thousand. These commitments are not included in the balance
sheet. The total fair value of the remaining investments in third-party funds amounts to EUR 60,337
thousand at the end of March 2021 (down from EUR 63,462 thousand at the end of March 2020).
At the same time, for a number of segments, Gimv has taken the initiative to set up joint
co-investment partnerships and cooperation arrangements with experienced partners, which
also allow external institutional investors to participate in a targeted way in specic sectors. The
co-investment partnerships, which are complementary to Gimv’s core business, can take advantage
of the experience of the various platform teams that advise on investment decisions. Gimv is the
largest investor here, with over a third of committed funds. 24 well-reputed Belgian external parties
account for the other 65%. The still outstanding commitments to these co-investment partnerships
amounted at end-March 2021 to EUR 14,672 thousand.
All of these funds, both third party funds and ‘own co-investment partnerships’, are measured at fair
value in accordance with the IPEV valuation rules (see Note 10). Financial assets
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Co-investment partnerships
(in 1,000 EUR)
Year
Currency
Total commitment
Total commitment
31-03-2021
Outstanding commitment
31-03-2020
Market value
31-03-2020
Gimv Arkiv Tech Fund II 2011 EUR 10,400 10,400
DG Infra Yield
3
2010 EUR 7,350 7,350
Gimv Health & Care Co-Investment
Partnership
1, 2
2013
EUR
72,000
72,000
Total co-investment partnerships 89,750 14,672 52.269
1 This fund is managed by a management company which is majority owned by Gimv
2 Gimv’s investments in the shareholdings of Gimv H&C CIP are recorded directly in the Gimv balance sheet
3 This partnership is managed by TDP, which is 50% owned by Gimv
Note 22. O-balance sheet obligations and major pending litigation
The text below gives an overview of o-balance sheet obligations at 31 March 2021 linked to
investments representing a material portion of the Gimv group’s non-current nancial assets:
Apart from commitments to invest in funds (cfr. supra):
there are 16 les in the regular portfolio with binding nancial commitments totalling EUR 63,991
thousand
in addition, Gimv is committed to investing EUR 40,275 thousand in primary infrastructure
projects via TDP
in approximately half of its investments, Gimv’s interest can be diluted, albeit generally to a
relatively limited extent, by stock option plans or securities entitling their holders to shares upon
exercise or conversion
in just under 80% of the les, agreements have been made which, in the event of an exit, could
result in an uneven distribution of the proceeds, to the benet or detriment of Gimv depending
on the investment and/or the circumstances
slightly over 40% of the les include an anti-dilution clause which comes into eect whenever
additional capital is obtained at a lower price per share, and which in most cases, but not
always, operates to Gimv’s advantage
around 40% of the les commit Gimv to co-selling its holdings, in most cases together with the
other members of the nancial consortium
in 1 le Gimv has granted a call option on all or part of its shares in a particular shareholding,
and in 3 les one or more third parties have put options on Gimv
there are 17 les in which Gimv has agreed, in the event of an exit, to cede part of its capital gain
above a certain return to one or more other shareholders
given the 3 complete divestments during the past year, there are currently only 30 les in which
representations and warranties have been given that are still eective (including still outstanding
terms of limitation). As of 31 March 2021, Gimv was addressed in respect of representations and
warranties in the context of 2 previous investments. Appropriate provisions were set up based
on a detailed risk analysis of these claims. Otherwise, at the year-end closing date there was no
indication whatsoever to suggest that any signicant claim might in future be made in respect
of these representations and warranties.
In the pending litigation in which Gimv group is involved at 31 March 2021, the appropriate provisions
have been set up where necessary, based on risk assessments using the information available at
the close of the nancial year.
In this regard, for the sake of completeness, it is also mentioned that in December 2020, Gimv
was summoned by Mr Naets to appear before the Antwerp Court of First Instance in connection
with a dispute relating to the sale in August 2020 of all outstanding securities of Sureca NV by its
former shareholders, including Mr Naets and Gimv. Naets argues that the former shareholders and
directors of Sureca allegedly violated his right of pre-emption in the context of the exit, in particular
by failing to comply with an element of the procedure for the exercise of that pre-emption right.
Naets therefore demands that the former shareholders and directors of Sureca NV be held jointly
and severally liable for the payment of damages amounting to EUR 302 million. Sureca’s former
shareholders and directors contest the claim in its entirety. Based on (i) the facts of the case,
(ii) external legal advice and (iii) the applicable accounting rules, Gimv has decided not to make
a provision in its accounts.
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Note 23. Risks
Gimv is - just like any other company - exposed to a number of risks. The increasing complexity of
society and of the investment projects in which Gimv is involved, along with the changing laws and
regulations, as well as the potential impact of the recent pandemic crisis, call for a high degree of
risk awareness.
Risk management is the process of identication, assessment, management and communication of
risk from an integrated and organisation-wide perspective. This is is a continuous process, if only
because the current situation and the fact of taking measures in changing circumstances require
this of us.
Gimv is convinced that risk management is an essential part of good governance and the
development of a sustainable business. By maintaining an appropriate balance between risks and
returns, Gimv seeks to maximise business success and shareholder value. Optimal risk management
needs to contribute to the realisation of the strategic objectives:
optimising the eectiveness and eciency of operating processes
ensuring the reliability of nancial reporting
monitoring that its activities comply with regulations, laws and codes of conduct.
This section describes the risks with which Gimv is confronted as an investment company, along
with the operational and nancial risks associated with Gimv’s investment activities.
1. Risks related to economic, political and social circumstances
Gimv’s portfolio companies are exposed to specic risks associated with the sector in which these
companies operate. These risks are managed at the level of the portfolio company concerned.
Dicult economic circumstances can have negative consequences not only for the valuation of the
existing portfolio, but also for the quantity and quality of new investment opportunities and of exit
opportunities for existing participations (and therefore for generating cash). It follows that Gimv’s
revenue, prot and cash ow are subject to many dierent elements and can therefore uctuate
considerably. Such uctuations can have a material adverse eect on Gimv’s ability to redeem its
bonds. The evolution of the general economic situation can potentially impact the results of the
shareholdings and by extension the valuation of these shareholdings on Gimv’s balance sheet.
Given Gimv’s highly dierentiated portfolio, spread over 57 dierent shareholdings operating in
dierent sectors and countries, uctuations in the economic situation can have very varied impacts.
For more information about Gimv’s portfolio, see www.gimv.com/portfolio.
Changes in general political and social conditions can also have a material adverse eect on Gimv’s
activities and prospects. Gimv can be inuenced by political events beyond its control. In addition,
more global geopolitical tensions (including between the US and China), possibly resulting in trade
disputes, can also aect the operating conditions and thereby the performance of Gimv’s portfolio
companies.
The concentration in the portfolio is limited. No individual holding represents more than 10% of the
total value of the investment portfolio, and the largest ve holdings together represent 24.7% of the
total portfolio, compared with a 24.0% at the end of March 2020 (see table below).
Dicult economic conditions may not only have an adverse eect on the valuation of the existing
portfolio of Gimv, but also on the quantity and quality of available new investment opportunities,
and on the exit opportunities for existing shareholdings (and by extension on cash generation).
It ensues from this that Gimv’s turnover, earnings and cash ow are subject to many divergent
elements and can also uctuate signicantly.
Gimv is therefore unable to maintain its current dividend policy at all times.
Covid-19
Needless to say, the recent global pandemic crisis has had a far-reaching impact on the activities
of our portfolio companies, and therefore also on the results of Gimv. Despite the hopeful signs of
an economic recovery, it is still possible today that some portfolio companies will remain heavily
impacted by this crisis. It remains to be seen how quickly consumer demand will recover, and
how quickly and at what level the entire industrial supply chain will become operational again. The
availability of support from governments and the banking system also play an important role here.
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Investment portfolio (in descending order of value) 31-03-2021 Investment portfolio (in descending order of value) 31-03-2020
1. Cegeka 1. Itho Daalderop / Klimaatgarant
2. Televic 2. UDB
3. UDB 3. SpineArt
4. SpineArt 4. Cegeka
5. Medi-Markt 5. France Thermes
Share of total portfolio 24.7% Share of total portfolio 24.0%
6. Coolworld Rentals 6. Contraload
7. Groupe Claire 7. Groupe Claire
8. sofatutor 8. Coolworld Rentals
9. Summa 9. Incendin
10. Incendin 10. Alro
Combined share of total portfolio 39.3% Combined share of total portfolio 39.1%
2. Market risk
Under International Financial Reporting Standards (IFRS), Gimv values its portfolio at fair value
based on certain market data, valuation models, estimates and assumptions. The portfolio is
initially recognised at cost, with unrealised gains and losses arising from periodic revaluations
subsequently recognised in the income statement.
The value of the listed portion of the portfolio depends directly on the stock market prices of
the companies concerned and on the uctuations thereof. Under IFRS, the valuation of unlisted
investments depends also on a number of market-related elements (inter alia through comparison
with a peer reference group of listed companies. However, the volatility of such market data does
not necessarily reect the performance of the shareholding in question. This means that the
unrealised capital gains and losses on the unlisted part of Gimv’s portfolio (and therefore Gimv’s
earnings) are also determined to a large extent by market developments.
A 10% change in the market prices of the listed part of the portfolio and in the value of the unlisted
part of the portfolio measured using multiples has, as at end-March 2021, an impact of EUR 4,813
thousand and EUR 72,060 thousand respectively (at end-March 2020 this impact was EUR 4,794
thousand and EUR 68,175 thousand respectively). The unrealised gains and losses on Gimv’s
portfolio (and therefore Gimv’s prot) are therefore largely determined by market developments. In
the absence of directly observable market data, some of the investments are valued by methods
that use non-observable measurements/inputs that may have an eect on fair value. The valuation
is also based on a number of estimates and assumptions (based on specic data).
The value of the portfolio may therefore not reect the performance of the shareholdings concerned.
A signicant change in the value of Gimv’s portfolio can have a material adverse eect on Gimv’s
business, operating results, nancial condition and prospects.
An overview of the various valuation methods and parameters that are applied to Gimv’s portfolio
can be found in Note 2 of the 2020-2021 annual report.
3. Risks in relation to anti-trust legislation
Gimv generally invests on a non-recourse basis. This implies that the nancial risk is limited to
the amount of the investment in the shareholding concerned. In recent years, however, private
equity companies themselves have been directly ned for violation of anti-trust legislation by
their investee companies. These violations were committed by shareholdings in which private
equity rms held controlling stakes. The anti-trust authorities are of the opinion that maintaining a
controlling interest constitutes sucient grounds for direct liability for the nes imposed, even if
the private equity rm itself was in no way involved in the anti-trust oence. If such a situation were
to occur in relation to Gimv, this could have a material adverse eect on Gimv’s activities, operating
results, nancial situation and prospects.
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4. Competition risk
Gimv operates in a competitive market of both local and international private equity players and
a rapidly changing competitive landscape. Gimv’s success is largely determined by its ability to
maintain a strong competitive and dierentiated position. If Gimv cannot maintain such a position,
this can have a material adverse eect on Gimv’s activities, operating results, nancial situation
and prospects.
5. Taks risk
Currently, Gimv has oces in Belgium, the Netherlands, France and Germany. As such, Gimv falls
under the jurisdiction of various tax authorities. Its results may therefore be aected by changes
in the tax legislation of the countries in question or in the interpretation and application of existing
tax legislation in these countries.
Capital gains on shares represent the largest share of Gimv’s result. Since 2018, the denitively
taxed income conditions (more than 10% of capital or an investment above EUR 2.5 million) must be
met in order to be exempt from capital gains tax. Another measure of the 2017 summer agreement
that can possibly inuence Gimv’s tax situation is the limitation of the use of loss carryforwards
and other tax reserves (also referred to as ‘minimum corporation tax’). These changes and all future
adjustments in the treatment of capital gains on shares in corporate income tax can have a material
impact on Gimv’s results.
6. Regulatory risk
Gimv’s key activity consists of private equity investments, a sector that has, in recent years, been
increasingly subject to European and national regulations (e.g. in certain cases via Directive 2011/61/
EU on Alternative Investment Fund Managers).
As a listed company, Gimv is also subject to various legal provisions and disclosure obligations.
The ever-changing regulatory environment is closely monitored at Gimv, the impact on the
organisation, administration or reporting is evaluated on a regular basis, and any necessary
adjustments are made. With the rules diering from one type of private equity rm to another and
from country to country, Gimv risks suering competitive disadvantage from a changing regulatory
framework. Were such a risk situation to arise, this could have a material adverse eect on Gimv’s
activities, operating results, nancial situation and prospects.
7. Liquidity risk
With a net cash position and unused credit lines, Gimv is not exposed to risks associated with debt
nancing. Gimv watches, however, to ensure that the buyout companies build in a sucient margin
and do not incur debts that could exceed their repayment capacity. The average debt ratio for
Gimv’s portfolio companies is 2.1 times operating cash ow (or Ebitda). For this reason the Board
considers the liquidity risk a limited one.
Gimv’s portfolio consists of investments that are generally high risk, unsecured and unlisted and
therefore illiquid. The realisation of capital gains on its investments is uncertain, can be slow in
coming and is at times legally or contractually restricted during certain periods (lock-up, stand still,
closed period, etc.) These capital gains depend, among other things, on the earnings evolution
of the specic shareholding, on the general economic situation, on the availability of buyers and
nancing, and on the possibility of IPOs. As a result, the illiquid nature of its assets presents a risk
for Gimv’s results and cash ow generation. In addition, Gimv does not always control the timing or
the course of the sales process, which can possibly lead to a suboptimal return.
8. Credit risk
Gimv incurs credit risk (or counterparty risk) both in respect of its cash position and as a result of
the loans in the investment portfolio.
At treasury level this risk is managed through distributing this cash sensibly across a suciently
large number of banks and other nancial institutions with good ratings. This cautious approach
to its treasury policy does not, however, give any cast iron guarantee against adverse changes in
the nancial institutions in question and may potentially have a signicant impact on Gimv’s cash
position.
Loans to portfolio companies are nancial assets with xed or determinable payments that are not
listed in an active market. After initial recognition, these nancial assets are valued at cost less any
impairment losses as soon as there is doubt about the recoverability of the relevant loan. In FY
2020-2021 there was a negative net impact of value uctuations of EUR 8,515 thousand (compared
to a negative net impact of EUR 20,123 thousand in FY 2019-2019). The credit risk from the loans in
the investment portfolio is diversied over a large number of holdings. Total loans as end-March
2021 are 282,408 thousand (22.9% of the total investment portfolio), with the largest loan equal
to 2.9% of the total investment portfolio. At end-March 2021, 4.1% of the total loan portfolio was in
arrears (3.5% at end-March 2020). A more detailed description of the loans is provided in Note 11 to
the annual nancial statements (9.11).
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The loans that Gimv makes available to its shareholdings are often subordinated to the investments
of other parties. This subordination applies generally vis-à-vis funds made available by nancial
institutions, with the risk of there being insucient proceeds from the sale or liquidation of the
company in question to repay the loans from Gimv. Should a shareholding get into nancial
diculties, Gimv’s inuence can also decrease to the benet of the secured creditors. The directors
view the change in fair value of investments due to changes in credit risk as insignicant and
therefore present no sensitivity gures with respect to credit risk.
9. Interest and renancing risk
In Juny 2019, Gimv issued a EUR 250 million bond. The maturities of this bond are 7 years (EUR 75
million) and 12 years (EUR 175 million) respectively. In addition, in March 2021, Gimv issued a EUR
100 million sustainable bond with an 8-year term. Given the long terms of the outstanding bonds,
the renancing risk is limited and the xed interest coupon means that there is no interest risk.
Gimv does not currently have any other debt nancing. Gimv’s investee companies obviously make
frequent use of debt nancing. For some of them this means that an interest and/or renancing risk
exists when existing loans mature and need to be renanced.
Leveraged buyouts bear the inherent risk of the company getting into serious trouble in the event
that a drastic fall in earnings erodes its repayment capacity. Moreover, a particular outcome in one
shareholding (e.g. bankruptcy) can have a (direct or indirect) impact on the attitude of interested
third parties towards one or more other shareholdings. Were such a risk situation to arise, this
could have a material adverse eect on Gimv’s activities, operating results, nancial situation and
prospects.
10. Human resources risk
For achieving its objectives, Gimv is largely dependent on the experience, commitment, reputation,
deal-making skills and networks of its senior employees. Human capital is a key asset. The departure
of senior employees and any resulting negative perception of the same from the market or related
industry can therefore have a negative impact on Gimv’s activities and results. In addition, Gimv
may have potential diculties in recruiting suitable employees, both for expanding its activities and
for replacing resigning employees. Recruiting such suitable employees can also entail considerable
costs, in terms of both salaries and other incentive programs.
11. Currency risk
As of 31 March 2021 Gimv group has foreign currency assets with a countervalue of EUR 60,924
thousand. The breakdown by currency is shown in the table below:
Portfolio in foreign currencies on 31-03-2021 in foreign currency in EUR
USD 63,124 53,837
CHF 4,119 3,721
SEK 34,462 3,366
Total 60,924
Portfolio in foreign currencies on 31-03-2020 in foreign currency in EUR
USD 56,178 50,965
CHF 5,464 5,148
Total 56,113
This shows that Gimv’s direct exchange rate risk is rather limited (up to 4.8% of the Group’s equity).
A 10% change in the USD and GBP exchange rate against the EUR has an impact of about EUR 6,092
thousand or 0.5% of Gimv’s equity.
Besides the direct foreign exchange risk through the holding of foreign-currency denominated
participating interests, Gimv also has an indirect exchange rate risk from the activities and,
potentially, the nancing of the portfolio companies. Any hedging against this latter currency risk
takes place at the level of the respective portfolio companies.
12. Risk associated with fund commitments
Gimv has in the past invested in private equity funds managed by third parties. These investment
commitments must be paid in proportionally to the investments that are decided and implemented.
Gimv has no further control or power of decision over these investments.
The amount of outstanding commitments fund has fallen sharply in recent years since Gimv has
chosen in principle not to make any new commitments to external funds.
At end-March 2021 Gimv still had EUR 7,251 thousand of such outstanding commitments to funds
managed by third parties (= 1.4% of its available cash resources). The greatly reduced amount of
these fund commitments means that there is no risk of investment calls limiting the capacity to
make direct investments.
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13. Risk related to o-balance sheet commitments and signicant pending litigation
As part of its investment activities, Gimv has a whole series of commitments that are not
expressed on its balance sheet. In a number of cases, for example, Gimv is committed to follow-
up investments. These commitments total EUR 63,991 thousand at end-March 2021 (EUR 51,944
thousand at end-March 2020). There are also a whole series of agreements or commitments that
can directly impact the shareholdings and/or their value. The Company’s shareholding may be
diluted by exercise of share options and the eect of anti-dilution clauses; there can be agreements
concerning division of the proceeds of any sale or obligations to co-sell with other investors.
When selling shareholdings, the company has in certain cases to provide warranties with respect to
these. At the end of March 2021, there were 30 les (31 at end-March 2020) for which representations
and warranties were still outstanding. In addition, the Company is involved in a limited number of
judicial proceedings, both as defendant and as plainti. The costs of such claims, disputes or
lawsuits can - insofar as they become reality - have a material adverse eect on Gimv’s activities,
nancial situation, operating results and prospects. Where deemed necessary, the requisite
provisions are set up, based on an assessment of these risks using the available information. A
more detailed description can be found in Note 21 to the nancial statements (9.21).
14. Risk related to Gimv’s IT systems and cyber security
Gimv uses information and communication technologies that may be subject to information security
risks, such as condentiality, availability and integrity.
Reliable IT systems are an integral part of Gimv’s activities. Moreover, Gimv operates in an
increasingly connected world and is therefore also vulnerable to possible external cyber attacks on
the integrity of its systems and data. Despite the measures taken by Gimv, including those relating
to cyber security, its IT systems can be breached or damaged by computer viruses and system
attacks (such as malware attacks, natural incidents or human errors and disasters). Any malfunction
can negatively aect Gimv’s reputation.
15. Risks related to the implementation of the strategy
Gimv’s investment strategy is based on certain estimates and assumptions regarding economic,
market and other circumstances, including estimates regarding the value or potential value
of a company and the potential return on investment. These estimates may dier from reality,
making Gimv’s strategy inappropriate/unsuitable, with adverse consequences for Gimv’s business
activities, operating results, nancial situation and prospects.
16. Risks related to the possibility of internal controls not being eective
Preparing nancial information in terms of adequate systems, reporting and compiling nancial
information - taking into account changes in the scope or changes in accounting standards - is
a challenge for Gimv, especially given the complexity arising from the activities in Belgium, the
Netherlands, France and Germany. Eective internal controls on nancial reporting are built in
and necessary for Gimv to provide reasonable assurance as to the reliability of both internal and
external nancial reports. Given the inherent limitations of the system (such as human error or
circumvention of internal control measures), the existing nancial reporting control mechanism
may not always prevent certain deviations in the nancial reporting. Internal control measures may
also become ineective due to changes in circumstances and in applicable monitoring procedures.
If Gimv fails to maintain adequate internal control systems or to implement new or improved control
procedures or faces problems with internal controls, this may adversely aect Gimv’s activities and
operating results.
Gimv may furthermore be liable for unauthorized transactions where signing authority and
delegation of authority have not been correctly dened or are not being observed. If such a risk
situation occurs, this can have a material adverse eect on Gimv’s activities, operating results,
nancial situation and prospects.
Note 24. Events after the balance sheet date
the valuation of our portfolio is based on market multiples at the end of March 2021. Since then,
we have closely followed the stock market developments. To date, we have not noticed any
evolution in the market multiples to indicate that our valuation needs to be adjusted
at the end of April 2021, Gimv announced its investment in Projective Group, a Belgian specialist
in digital transformation projects in the nancial sector. Through a minority stake, Gimv is keen,
in collaboration with management, to boost this group’s further European expansion, with a
specic focus on buy-and-build
in early May 2021, Gimv announced an additional investment in GPNZ to support the ambitions
of this fast-growing and high-quality German dental platform. GPNZ (Gesellschaft für
Praxisnachfolge in der Zahnmedizin, Munich, - www.gpnz.de) was created at the end of 2018 out
of the ambition to develop a leading dental group in Germany through buy-and-build
at the beginning of May 2021, Gimv divested from Riaktr, the provider of big data applications
for telecom companies, through a sale to Swedish Seamless Distribution Systems. This sale had
a negligible impact on Gimv’s net asset value as of 31 March 2021.
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STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF GIMV NV FOR THE YEAR ENDED
31 MARCH 2021 (CONSOLIDATED FINANCIAL STATEMENTS)
In the context of the statutory audit of the consolidated nancial statements of Gimv NV (‘the
Company’) and its subsidiaries (together referred to as ‘the Group’), we hereby present our statutory
auditor’s report. It includes our report of the consolidated nancial statements and the other legal
and regulatory requirements. This report is an integrated whole and is indivisible.
We have been appointed as statutory auditor by the general meeting of 26 June 2019, following
the proposal formulated by the board of directors issued upon recommendation of the Audit
Committee. Our statutory auditor’s mandate expires on the date of the General Meeting deliberating
on the nancial statements closed on 31 March 2022. We have performed the statutory audit of the
consolidated nancial statements of Gimv NV for two consecutive years.
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
Unqualied opinion
We have performed the statutory audit of the Group’s consolidated nancial statements, which
comprise the consolidated statement of nancial position as at 31 March 2021, and the consolidated
statement of prot or loss and other comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash ows for the year then ended, and notes
to the consolidated nancial statements, including a summary of signicant accounting policies
and other explanatory information, and which is characterised by a consolidated statement of
nancial position total of 1.762.984 kEUR and for which consolidated income statement and other
comprehensive income shows a prot for the year of 223.561 kEUR.
In our opinion, the consolidated nancial statements give a true and fair view of the Group’s net
equity and nancial position as at 31 March 2021, as well as of its consolidated nancial performance
and its consolidated cash ows for the year then ended, in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union and with the legal and regulatory
requirements applicable in Belgium.
Basis for unqualied opinion
We conducted our audit in accordance with International Standards on Auditing (ISA) as applicable
in Belgium. Our responsibilities under those standards are further described in the ‘Statutory
auditor’s responsibilities for the audit of the consolidated nancial statements’ section in this report.
We have complied with all the ethical requirements that are relevant to the audit of consolidated
nancial statements in Belgium, including those concerning independence.
We have obtained from the administrative body and company ocials the explanations and
information necessary for performing our audit.
We believe that the audit evidence we have obtained is sucient and appropriate to provide a
basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most signicance
in our audit of the consolidated nancial statements of the current year. These matters were
addressed in the context of our audit of the consolidated nancial statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
Valuation of the investment portfolio
Description of the key matter
As an investment company, Gimv NV participates in various portfolio companies, which are valued
at fair value and are presented in the header ‘nancial assets valued at fair value through prot and
loss’ of the consolidated statement of nancial position for an amount of 1.232.931 kEUR.
These represent 69,9% of the consolidated statement of nancial position. Although Gimv NV uses
a clear and consistent valuation method, the fair value of the assets involved often depends to a
large extent on management’s assumptions and estimates.
The use of a dierent valuation method on the one hand and/or a change in the underlying
assumptions and estimates on the other hand could lead to a signicant deviation from the fair
value.
The global pandemic ‘COVID-19’ is causing uncertainty in the market regarding the current and
future performance of companies, which can also translate into increased volatility in market
multiples.
This increases the risk of a signicant deviation from the fair value of the portfolio companies.
Summary of procedures performed
With regard to the aforementioned key matter, we have conducted additional procedures in areas
with an increased risk of subjectivity in the valuation process.
Statutory auditor’s report
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This included, amongst others:
we have engaged our internal valuation specialists for the purpose of:
– assessing the assumptions and estimates used by management. The adequacy and
consistency of the applied valuation method was assessed, as well as the multiples used
and the discounts applied. The correctness of the calculation was also checked.
– assessing the valuation methodologies used by management in accordance with the
‘International Private Equity and Valuation guidelines’ and with IFRS’
we discussed and analysed the valuation method used for the investments
we have reconciled the source data used with, where available, audited data and the published
annual accounts
we have investigated potential indications of impairment by analysing the performance of the
underlying investment les
we have audited the disclosures in Note 11 of the consolidated nancial statements for content
and completeness in accordance with IFRS 7 ‘Financial Instruments: Disclosures’ and IFRS 13
‘Fair Value Measurement’.
Responsibilities of administrative body for the drafting of the consolidated nancial
statements
The administrative body is responsible for the preparation of consolidated nancial statements
that give a true and fair view in accordance with the International Financial Reporting
Standards (IFRS) as adopted by the European Union and with the legal and regulatory provisions
applicable in Belgium, and for such internal control as the administrative body determines
is necessary to enable the preparation of consolidated nancial statements that are free from
material misstatements, whether due to fraud or error.
In preparing the consolidated nancial statements, the administrative body is responsible for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the administrative
body either intends to liquidate the Group or to cease operations, or has no realistic alternative
but to do so.
Statutory auditor’s responsibilities for the audit of the consolidated nancial statements
Our objectives are to obtain reasonable assurance about whether the consolidated nancial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue a statutory auditor’s report that includes our opinion. Reasonable assurance is a high level
of assurance, but it is not a guarantee that an audit conducted in accordance with ISAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could reasonably be expected
to inuence the economic decisions of users taken on the basis of these consolidated nancial
statements.
When executing our audit, we respect the legal, regulatory and normative framework applicable
for the audit of the consolidated nancial statements in Belgium. However, a statutory audit does
not guarantee the future viability of the Group, neither the eciency and eectiveness of the
management of the Group by the administrative body. Our responsibilities regarding the continuity
assumption applied by the administrative body are described below.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
identify and assess the risks of material misstatement of the consolidated nancial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sucient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control
obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the eectiveness of the Group’s internal control; Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the administrative body
conclude on the appropriateness of the administrative body’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast signicant doubt on the Group’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our statutory auditor’s report to the related disclosures in the consolidated nancial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our statutory auditor’s report. However,
future events or conditions may cause the Group to cease to continue as a going concern
evaluate the overall presentation, structure and content of the consolidated nancial statements
and whether the consolidated nancial statements represent the underlying transactions and
events in a manner that achieves fair presentation
obtain sucient appropriate audit evidence regarding the nancial information of the entities
or business activities within the Group to express an opinion on the consolidated nancial
statements. We are responsible for the management, the supervision and the performance of
the Group audit. We assume full responsibility for the auditor’s opinion.
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We communicate with the Audit Committee regarding, among other matters, the planned scope
and timing of the audit and signicant audit ndings, including any signicant deciencies in
internal control identied during the audit.
We also provide the audit committee with a statement that we respected the relevant ethical
requirements relating to independence, and we communicate with them about all relationships and
other issues which may inuence our independence, and, if applicable, about the related measures
to guarantee our independence.
From the matters communicated with the Audit Committee, we determine those matters that were
of most signicance in the audit of the consolidated nancial statements of the current year and
are therefore the key audit matters. We describe these matters in our statutory auditor’s report,
unless law or regulation precludes public disclosure about the matter.
OTHER LEGAL AND REGULATORY REQUIREMENTS
Responsibilities of the administrative body
The administrative body is responsible for the preparation and the contents of the management
report on the consolidated nancial statements and for the other information included in the annual
report on the consolidated nancial statements.
Responsibilities of the statutory auditor
In the context of our mission and in accordance with the Belgian standard (version revised
2020) which is complementary to the International Standards on Auditing (ISA) as applicable in
Belgium, it is our responsibility to verify, in all material aspects, the management report on the
consolidated nancial statements and the other information included in the management report on
the consolidated nancial statements, as well as to report on these elements.
Aspects relating to the management report on the consolidated nancial statements and to
the other information included in the annual report on the consolidated nancial statements
In our opinion, after having performed specic procedures in relation to the management report,
this report is consistent with the consolidated nancial statements for the same nancial year, and
it is prepared in accordance with article 3:32 of the Code of companies and associations.
In the context of our audit of the consolidated nancial statements, we are also responsible for
considering, in particular based on the knowledge we have obtained during the audit, whether the
management report on the consolidated nancial statements and the other information included in
the annual report on the consolidated nancial statements, namely:
Chapter 1 ‘Word from the chairman and CEO’
Chapter 5 ‘Annual results 2020-2021’
Chapter 7 ‘Corporate governance’
contain a material misstatement, i.e. information which is inadequately disclosed or otherwise
misleading. Based on the procedures we have performed, there are no material misstatements we
have to report to you.
Statement concerning independence
Our audit rm and our network did not provide services which are incompatible with the statutory
audit of the consolidated nancial statements and our audit rm remained independent of the
Group during the terms of our mandate.
The fees related to additional services which are compatible with the statutory audit as referred
to in article 3:65 of the Code of companies and associations were duly itemised and valued in
the notes to the consolidated nancial statements.
Other statements
This report is in compliance with the contents of our additional report to the Audit Committee
as referred to in article 11 of regulation (EU) No 537/2014.
Antwerp, 20 May 2021
BDO Réviseurs d’Entreprises SRL BDO Réviseurs d’Entreprises SRL
Statutory auditor Statutory auditor
Represented by David Lenaerts Represented by Veerle Catry
Auditor Auditor
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Unconsolidated nancial statements
In the following two notes we give abridged versions of the balance sheet and income statement
of Gimv NV.
The full nancial statements, audited by BDO and for which they have issued an unqualied opinion,
will be led electronically with the National Bank of Belgium.
This ling will be made within thirty days of the Annual General Meeting of 30 June 2021.
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1. Balance sheet
Assets 31-03-2021 31-03-2020 31-03-2019
Formation expenses 4,546 4,542 -
Fixed assets 1,063,706 1,007,590 997,091
Intangible xed assets 368 536 618
Tangible xed assets 6,300 5,623 5,563
Financial xed assets 1,057,038 1,001,431 990,910
Aliated enterprises 655,662 699,096 675,035
Enterprises linked by participating interests 289,485 251,377 236,569
Other nancial xed assets 111,891 50,958 79,307
Current assets 492,139 357,907 232,204
Amounts receivable within one year 1,860 1,890 2,144
Cash investments 276,496 190,063 151,941
Cash at bank 213,270 165,785 7 7,97 3
Deferred charges and accrued income 514 169 146
Total assets 1,560,391 1,370,038 1,229,295
Equity and Liabilities 31-03-2021 31-03-2020 31-03-2019
Equity
968,270 930,031 1,061,189
Capital 247, 25 4 241,365 241,365
Share premium account 73,971 51,629 51,629
Reserves 322,601 322,601 322,601
Prot carried forward 324,444 314,436 445,594
Provisions for liabilities and charges 459 - 630
Liabilities 354,049 254,542 -
Current liabilities 237,613 185,466 167,477
Trade debts 2,195 1,707 847
Taxes, payroll and related obligations 4,495 4,219 2,859
Other amounts payable 224,690 172,081 162,080
Accrued charges and deferred income 6,234 7,4 59 1,689
Total liabilities 1,560,391 1,370,038 1,229,295
Foreword Highlights 2020-21 Financial statementsESGResults 2020-21Investment focus & platforms Governance & Remuneration
Annual Report 2020-2021 | Financial statements
134
2. Income statement
Income statement 2020-2021 2019-2020 2018-2019
Operating income 6,283 3,749 4,980
Income from rendered services 2,293 2,686 2,823
Other recurring income 3,979 1,062 2,157
Non-recurring operating income 11 - -
Operating charges 26,210 30,127 50,674
Services and other goods 10,982 14,129 12,046
Payroll, social security charges and pensions 12,452 13,474 9,480
Depreciation and write-downs on formation expenses and non-nancial xed assets
754
752 798
Provisions for liabilities and charges 459 -630 -1,824
Other operating charges 1,563 2,369 2,561
Non-recurring operating charges - 32 27,614
Operating result -19,928 -26,378 -45,694
Financial income 147,888 83,449 185,508
Recurring nancial income 30,752 24,931 94,822
Income from nancial xed assets 30,255 24,469 94,548
Income from current assets 493 436 163
Other nancial income 4 26 111
Non-recurring nancial income 117,135 58,518 90,686
Financial charges 52,823 124,633 87,615
Recurring nancial charegs 11,971 6,924 679
Debt charges 8,847 6,528 426
Other nancial charges 3,124 395 253
Non-recurring nancial charges 40,852 117,710 86,936
Prot for the period before taxes 75,137 -67,562 52,199
Taxes 12 28 136
Prot for the period 75,125 -67,590 52,062
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Annual Report 2020-2021 | Financial statements
135
3. Appropriation account
The following appropriation of the prot for the nancial year of EUR 75,125 thousand is proposed
to the ordinary general meeting of Gimv NV:
Result to be appropriated 2020-2021 2019-2020 2018-2019
Result to be appropriated 389,562 378,004 511,540
Result or the period available for appropriation 75,125 -67,590 52,062
Result of the preceding period brought forward 314,437 445,594 459,478
Result to be carried formward 324,444 314,437 445,594
Prot to be distributed 65,118 63,567 65,946
Compensation for contribitions 65,118 63,567 63,567
Employees - - 2,380
This appropriation includes the distribution of a gross dividend of EUR 2.50 per share. Shareholders
will have the option between a cash dividend or a stock dividend to further nance Gimv’s
investment ambitions. After 30% investment withholding tax, the net dividend amounts to EUR 1.75
per share. The eective amount dividended out will be adjusted for the number of treasury shares
held by Gimv at the time of the dividend payment, as these are not dividend-entitled. Their number
was 17,877 at the end of March 2021.
Foreword Highlights 2020-21 Financial statementsESGResults 2020-21Investment focus & platforms Governance & Remuneration
136
Contact information
Annual Report 2020-2021
Oces
Belgium
Gimv NV
Karel Oomsstraat 37, 2018 Antwerp
Tel +32 3 290 21 00
info@gimv.com
The Netherlands
Gimv Nederland Holding BV
WTC The Hague
Prinses Margrietplantsoen 87, 2595 BR The Hague
Tel +31 70 3 618 618
info@gimv.nl
France
Gimv France SAS
83, rue Lauriston, 75116 Paris
Tel +33 1 58 36 45 60
info@gimv.fr
Germany
Gimv
Promenadeplatz 12, 80333 Munich
Tel +49 89 44 23 27 50
info@gimv.de
Investor relations
Shareholders and interested investors having questions about the annual report, the annual
accounts of Gimv NV or other information about the Gimv group are invited to contact:
Kristof Vande Capelle
CFO
Tel: +32 3 290 22 17
Email: kristof.vandecapelle@gimv.com
On the Gimv website www.gimv.com (investors) you will nd previous annual reports, press releases,
the portfolio, the stock price and other information on the Gimv-group.
Sustainability
As a sustainable company, Gimv pursues not only a nancial return, but also a social return. For this
reason, only a limited number of copies of the full 2020-2021 annual report are printed. Otherwise
the annual report is available as a PDF on our website www.gimv.com.
English language translation
The present translation into English is intended as a faithful translation of the original Dutch
language text and is provided as a courtesy to investors and other stakeholders. In the event of
any divergence with the original Dutch text, the Dutch text prevails.
Foreword Highlights 2020-21 ESGResults 2020-21Investment focus & platforms Governance & Remuneration Financial statements
www.gimv.com
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