Gimv Nv · EURONEXT:GIMB
Gimv Nv — FY2023-24 Earnings Presentation
36 slides from Gimv Nv's earnings presentation, May 23, 2024
Slide 1: FY 2023-2024 results
FY 2023-2024 results Analyst & Press conference 23 May 2024 CONSUMER HEALTHCARE LIFE SCIENCES SMART INDUSTRIES SUSTAINABLE CITIES P-1419
Slide 2: Gimv Group results - Highlights
Gimv Group results - Highlights FY 2023-24
Slide 3: Record results in a remarkable FY 2023-24
Record results in a remarkable FY 2023-24 >€ 1.5bn 15% Sales growth € 291mio 19.1% 20% EBITDA growth Double digit growth portfolio result In our portfolio companies € 53.4/share € 365mio portfolio Net profit of Exit proceeds - Realized invested in 58 €7.8/share results in value creation with portfol
Slide 4: 1. Portfolio performance
1. Portfolio performance FY 2023-24
Slide 5: Strong growth performance and margin extension
Strong growth performance and margin extension • After a year 2022 with severe inflationary cost pressure on margins, our companies have shown their strength by realising a continued double digit topline growth (+15%) combined with a significant margin recovery (EBITDA +20%) in 2023. • Input prices
Slide 6: Re-confirmed growth ambitions
Re-confirmed growth ambitions • Our companies have confirmed growth ambitions in their 2024 budgets. Gimv’s portfolio companies endeavour to grow significantly faster than the economy • Not a smooth ride: • Consumer market in better shape: somewhat slowing growth rates, but improved margins • Indust
Slide 7: Portfolio return for 8 out of the 10 past years above 15% target
Portfolio return for 8 out of the 10 past years above 15% target Total portfolio return (%) 27,0% 20,1% 20,4% 18,3% 18,8% 19,1% 15,6% 16,2% -0,1% -10,3% Long term objective FY14/15 FY15/16 FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 €170m €291m The growth engine works 7 FY 2023 -
Slide 8: FY 2023-24 portfolio result of more than € 290mio
FY 2023-24 portfolio result of more than € 290mio Portfolio result by platform (€ mio) • Total portfolio result in FY 2023-24 of € 291.1mio - 150 highest portfolio result ever 130 in absolute terms 110 • € 159.3mio realised result, 90 mainly capital gain on exits 70 • € 97.9mio unrealised result, 50
Slide 9: Strong topline and profitability growth across all platforms
Strong topline and profitability growth across all platforms Sales by platform (LfL, € mio) EBITDA by platform (LfL, € mio) 4.500 450 +20% +15% 4.000 400 3.500 350 3.000 300 2.500 250 2.000 200 1.500 150 1.000 100 500 50 0 0 CO HC SI SC Total CO HC SI SC Total FY 2022 FY 2023 FY 2022 FY 2023 99 FY 2
Slide 10: Margin expansion in all platforms, except for Healthcare
Margin expansion in all platforms, except for Healthcare Evolution of EBITDA margin (%) • The growth in profitability outpaced sales growth in almost all of our 14% platforms, giving evidence of 12% recovering and rising margins after a HC SC year of severe inflationary cost 10% SI pressure in 2022.
Slide 11: Unrealised result of € 97.9mio
Unrealised result of € 97.9mio Portfolio performance growth is the key value driver Sources of value creation (€ mio) • Solid growth performance of the portfolio is the key contributor to the FY unrealised result. With overall double-digit turnover and 151,3 EBITDA or Sales profitability growth, our
Slide 12: Unrealised result FY 2023-24 per platform
Unrealised result FY 2023-24 per platform Consumer Healthcare - Overall good performance, some companies start to face - EBITDA margins impacted by wage inflation (HC services in a pressure on volumes regulated context) - Few companies still impacted by higher costs while others see - Continued good
Slide 13: Unrealised result FY 2023-24 per platform
Unrealised result FY 2023-24 per platform Smart Industries Sustainable Cities - Strong performance confirms relaunch after year with strong - Most companies performing well margin pressure - NFD increase mainly driven by buy and build - Able to expand EBITDA margins and to decrease working - Exit Ac
Slide 14: Maintained limited leverage exposure in our portfolio
Maintained limited leverage exposure in our portfolio FY 2023-24 Leverage at portfolio companies • The average leverage (NSFD/EBITDA) of (# 43) our portfolio is 1.7x (slightly down from FY 2022-23 1.8x) 36% • Only 14% of our portfolio has a current 25% Net Financial Debt/EBITDA ratio in excess of 4x
Slide 15: 2. Portfolio growth
2. Portfolio growth FY 2023-24
Slide 16: Portfolio maintained at more than € 1.5bn despite intensive exit activity
Portfolio maintained at more than € 1.5bn despite intensive exit activity Focus on value creation • In FY 2023-24 the size of Sustained Portfolio growth (€ mio) portfolio was maintained above the record-high level of € 1,5bn (4% portfolio 1.523 1.559 1.449 growth vs. LY) despite 1.233 intensive exit
Slide 17: FY 2023-24 Investments at € 116mio
FY 2023-24 Investments at € 116mio 5 new companies and further intensive buy-and-build activity • € 57.5mio invested in 5 new portfolio companies: Investments by platform (€ mio, %) SI; G; May 2023 Global leader in thermal management solutions for 39,4 semiconductor manufacturing 33,3 SC; B; Decembe
Slide 18: Value creation through buy-and-build is a material part of our core business
Value creation through buy-and-build is a material part of our core business and value creation 21 bolt-on acquisitions are realised in our portfolio in FY 2023-24 • Buy & build remains an integrated part of our value creation approach • Combination of auto-financing capacity and Gimv add-on investm
Slide 19: FY 2023-24 Exit proceeds at 365mio (excl. Acceo)
FY 2023-24 Exit proceeds at 365mio (excl. Acceo*) 6 full exits realised in a challenging market environment as a proof of our strategic value creation through growth • 6 full exits realised in FY 2023-24: SC; NL; 2019 HC; G; 2018 Full service rental specialist in cooling and heating equipment Build-
Slide 20: 3. Sustainability
3. Sustainability FY 2023-24 20
Slide 21: Gimv, a leading responsible company …
Gimv, a leading responsible company … >40% reduction of own • First full audited scope 1 & 2 emissions scope 1, 2 & 3 in 4 years emission disclosure Gimv continues 500 439,3 • First portfolio related Celebrating to be among emissions disclosure 1 anniversary of st the best-performing 400 Euronext BE
Slide 22: … that builds leading sustainable companies
… that builds leading sustainable companies >80% of companies take 2 types of sustainable investing at Gimv concrete actions on climate change Transition investing Responsible investing Sustainability agenda Futureproofing as a key driver existing businesses of the business 69% 64% 62% 21% 17% 10% E
Slide 23: Conclusions
Conclusions 232023 - 2024 RESULTS FY
Slide 24: NAV per share jumps with 17% from EUR 45,6 to EUR 53,4
NAV per share jumps with 17% from EUR 45,6(*) to EUR 53,4 (in € mio) 25,2 217,1 -5,4 -70,8 1.489,3 1.312,4 31/03/2023 Dividend Capital FY2023-24 Other 31/03/2024 Increase result NAV/share € 45,6(*) € 53,4 (*) Net of € 2,6 dividend on FY 2022-23 24 FY 2023 - 2024 RESULTS
Slide 25: Growth at portfolio companies confirmed as the key source of value creation
Growth at portfolio companies confirmed as the key source of value creation (data based on exits as of 2014) -0,4% contribution 25% contribution 76% contribution 25 FY 2023 - 2024 RESULTS
Slide 26: Annex
Annex Portfolio reporting
Slide 27: Five largest investments make up 27% of portfolio value
Five largest investments make up 27% of portfolio value (based on NAV of 31 March 2024) > rank 1 to 5 Company Activity Platform Location Entry Independent European ICT service provider Belgium 2017 Inspection and certification services for building France 2016 owners Service provider in incontinence
Slide 28: Twenty largest investments
Twenty largest investments (ctd) > rank 6 to 10 Company Activity Platform Location Entry Supplier of high-tech/high-quality Belgium 2020 communication systems Ambulatory rehabilitation provider Germany 2020 Online learning platform Germany 2021 Developer and manufacturer of electronic and The Nether
Slide 29: Twenty largest investments
Twenty largest investments (ctd) > rank 11 to 15 Company Activity Platform Location Entry Facility management and technical building Germany 2019 services A CDMO for injectable (bio)pharmaceutical The Netherlands 2022 products Premium baby strollers The Netherlands 2016 Specialist contractor in cabl
Slide 30: Twenty largest investments make up 64% of total portfolio value
Twenty largest investments make up 64% of total portfolio value (ctd) > rank 16 to 20 Company Activity Platform Location Entry Developer and supplier of tailor-made cheese France 2018 solutions Industrial coating of trucks and car parts Belgium 2019 Medical plastics France 2018 Specialised producer
Slide 31: Portfolio maintained above EUR 1.5 bln in an intensive exit year
Portfolio maintained above EUR 1.5 bln in an intensive exit year (in € mio) 115,8 158,1 34,1 -37,8 -22,3 -212,9 Valuation result € 98.0mio 1.522,9 1.559,0 31/03/2023 Invested(*) Divested Performance Leverage Market Accrued 31/03/2024 Value effect Interest 31 FY 2023 - 2024 RESULTS
Slide 32: 58 portfolio companies with a value of € 1.56bn
58 portfolio companies with a value of € 1.56bn Portfolio by platform Portfolio by region 3F NA Rest of the IF 1% 1% CO world 4% 15% 3% SC 19% DACH Belgium 30% 31% HC 20% SI LS France The Netherlands 32% 8% 19% 17% 32 FY 2023 - 2024 RESULTS
Slide 33: Portfolio breakdown according to valuation method and vintage
Portfolio breakdown according to valuation method and vintage Platform portfolio by valuation method Platform portfolio by ageing* Listed Other 1% 2013-2015 9% Price last 4% round 20% ≥ 2021 2016-2017 33% 32% Multiples 70% 2018-2020 31% Weighted average EV/EBITDA-ratio: 8.6x (after 22% negative cali
Slide 34: Portfolio with 58 companies and a value of € 1.56bn
Portfolio with 58 companies and a value of € 1.56bn 34 FY 2023 - 2024 RESULTS
Slide 35: Disclaimer
Disclaimer • This document is being provided to you solely for your information. It is confidential, is not intended for distribution to the press or other media, and may not be reproduced or redistributed by mail, facsimile, electronic or computer transmission or by any other means to any other per
Slide 36: Contact
Contact Kristof Vande Capelle T +32 3 290 22 17 [email protected] Belgium Gimv nv Karel Oomsstraat 37 2018 Antwerpen T +32 3 290 21 00 The Netherlands Gimv Nederland Holding BV WTC The Hague Prinses Margrietplantsoen 87 2595 BR Den Haag T +31 70 3 618 618 France Gimv France Participation