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Persistence & Performance

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Persistence & Performance Annual Report 2020-2021 Persistence & Performance 2 For over 40 years now, Gimv has been investing in innovation and entrepreneurship. Our flexible 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. Cover: Inside of the automated ‘Kardex’ crate warehousing system of portfolio company AME where components, parts and/or semi-finished products are stored. 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 Investment focus & platforms Results 2020-21 ESG Governance & Remuneration Financial statements Annual Report 2020-2021 4 Gimv at a glance Overview 31-03-2021 1.2 57 15,000 2.8 BILLION EUROS PORTFOLIO PROFESSIONALS WORKING BILLION EUROS TURNOVER IN PORTFOLIO COMPANIES IN PORTFOLIO COMPANIES BY PORTFOLIO COMPANIES Value creation around four investment platforms Growing investment portfolio Sustainabe Smart eath & Consumer Cities Industries Care 8 11 23 15 394 portfolio companies portfolio companies 1 1,233 2 102 22 222 101 964 101 1 205 1 20 0 10 19 845 1 10 201-1 201-1 201-1 201-1 2019-20 1 1 232 29 344 1 22 2012 201 201 201 201 201 201 201 2020 2021 12 11 12 II ERS I RFI 10 10 10 9 Portfolio composition (amount of companies / EUR millions per platform) Portfolio evolution over 10 years (2009-2021, in EUR millions) 201-1 201-1 201-1 201-1 2019-20 Foreword Highlights 2020-21 Investment focus & platforms Results 2020-21 ESG Governance & Remuneration Financial statements Annual Report 2020-2021 5 Key figures Consolidated financial 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 return1 27.0% -10.3% 16.2% 15.6% 18.8% Net profit 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 394employees 89 91 91 92 93 371 Key figures per share (in EUR) Equity 246 266 49.0 43.5 52 50.1 48.5 222 211 Net profit 196 205 7.96 -5.96 4.41 4.21 5.19 180 Gross dividend 179 2.5 2.5 2.5 2.5 2.5 1 082 1 014 1 01 1 964 960 Realised capital gains + unrealised capital gains on financial fixed assets + dividends + interests / portfolio at start of financial year 884 931 920 845 814 714 2016-17 2017-18 2018-19 2019-20 2020-21 578 394 17% 371 14% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 12% 246 266 11% 222 10% 10% 10% 211 9% 93 portefeuillebedriven 196 205 180 179 53 portefeuiebedriven 1 082 1 014 4 964 960 1 01 884 931 920 845 814 2 714 2016-17 2017-18 2018-19 2019-20 2020-21 2016-17 2017-18 2018-19 2019-20 2020-21 578 Turnover Ebitda Investments Divestments 17% Turnover and Ebitda growth in the portfolio (in %) Investments and divestments on annual basis (in EUR millions) 14% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 12% 2020 11% 10% 10% 10% 9% 93 portefeuillebedriven 53 portefeuiebedriven Foreword Highlights 2020-21 Investment focus & platforms Results 2020-21 ESG Governance & Remuneration Financial statements 4 2 2016-17 2017-18 2018-19 2019-20 2020-21 Annual Report 2020-2021 6 1. Message from Chairman and CEO “ In the right gear, accelerating out 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 of a difficult turn in the road” support us where necessary. Without committed employees we wouldn't be where we are today. Therefore, not Dear shareholder, 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 We don’t need to underline yet again that the past year was an exceptional and strength to guide Gimv through this crisis. Working from home turned out to be no challenging one. But no one could have predicted that a year later we would still have obstacle to putting their shoulders to the task, On the contrary: our strong team to live and work in this never previously experienced context. That the pandemic managed to record a record profit year despite everything. We are therefore very would test our businesses, our health care system, our working-at-home population, proud of such a resilient team. indeed our entire society for so long and so severely. That this pandemic is causing so much human suffering worldwide. Some of us have been personally hit hard by And even though the environment is unparalleled and challenging, we remain this. Our thoughts go out especially to them. 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. In addition, a big word of thanks is also in order. A strong portfolio achieves growth and a record return In the first place to the management and all employees of our portfolio companies, Despite the impact of Covid-19, our portfolio performed strongly during the past year, for the decisiveness and perseverance they have demonstrate over the past year. Not with positive turnover and Ebitda growth, and this in a severely shrinking economy. only have they continuously adapted to difficult and rapidly changing circumstances, Some of our businesses were accelerated their growth, while others were forced into but they have always continued to look ahead to a future without Covid-19. Today, complete inactivity. In global terms, all this translated into a solid portfolio return of thanks to the tremendous perseverance of all teams involved, we can proudly say 27 percent over the past year. 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 As an active and responsible shareholder, we combined supporting our portfolio systems or other forms of support to protect their workforces. We are grateful to the companies with promising new investments and some important exits. We were able respective authorities for this. In addition to targeted support through a Gimv capital to expand our portfolio in all our platforms and in all countries where we operate. For injection, this helped to avoid any bankruptcy and preserve the chances of a speedy the fourth year in a row, we have exceeded our investment ambition of EUR 200 recovery after the reopening. million. Foreword Highlights 2020-21 Investment focus & platforms Results 2020-21 ESG Governance & Remuneration Financial statements Annual Report 2020-2021 | Foreword 7 “ With their innovations and positive entrepreneurial spirit, our companies offer a promising future and will revive our economy” Sustainable investing Stronger, more resilient and ready for the future Our companies operate in industries and sectors that are essential to the future of Out the outset of the pandemic, our teams and our portfolio companies took the right our society. Whether the digitisation of healthcare and our society, the promotion of measures. For this reason, our portfolio is today more robust than ever, and with an healthy sustainable food or the development of eco-efficient technologies for a even stronger financial position we are ready to realise the further growth of Gimv circular economy, we are focusing our investments on the major challenges facing us. and our portfolio companies. Let's not forget that our economy is driven by excellent Our economy and society are facing transformation. Gimv wants to continue to SMEs, led by courageous business leaders with strong ideas and committed support and grow companies that will play a leading role in this. employees. They are the ones who piloted us through this crisis. With their innovations and positive entrepreneurial spirit, they offer a promising future and will revive our In March 2021, Gimv pioneered the creation of a sustainable financing framework, and economy. We are pleased to join them in this, with our own entrepreneurs and the in so doing took a major step in reconciling the traditional requirements of a added value they create. With our strong portfolio, passionate and specialised teams sustainable bond with our long-term investment strategy. In this way we focus our and a solid balance sheet, we have all the assets to shift up a gear after this pandemic. investments on companies that actively contribute to the realisation of the Sustainable No virus can compete with that. That is something we have all proven together over Development Goals of the UN.
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