Press release

Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information




Net Asset Value per share increases with 9.4% in six months
to EUR 55.6 thanks to continued strong growth performance
of the portfolio
◼ The solid results of our companies lead to a portfolio return of 12% (non-annualized).
◼ H1 net profit of 144.9 mio EUR (EUR 5.1 per share) increases the equity value per share with 9.4%
to EUR 55.6.
◼ Preparation of a potential capital increase to support the acceleration of our growth ambitions
and value creation plans.

CEO Koen Dejonckheere:
“Our portfolio companies continued their strong growth path in the first half of the current financial
year. Total sales again recorded a double-digit growth. At the same time, the margin extension could
be sustained, resulting in an overall profitability growth at our companies of almost 20%, an excellent
performance in line with the past full year. So once again, our companies clearly outperform the
overall economy. Our total portfolio value further expanded with 10% to a record level of more than
1.7 billion EUR.
In the first half of the financial year 2024-25, Gimv generated a net profit of 145 mio EUR, or EUR 5.1 per
share, leading to a 9.4% growth in our Net Asset Value to EUR 55.6 per share.
Today, we published the convocation to an extraordinary shareholders meeting in preparation of a
potential capital increase in order to support the acceleration of our strategic growth and to further
maximize value creation. We look forward to giving more details on our growth ambitions on the Gimv
Capital Markets Day that will take place on 22 January 2025.”



Interim consolidated key figures (first six months of Financial Year 2024-25)
Results H1 2024-25 H1 2023-24
Sales growth portfolio companies 12,2% 16,6%
Ebitda growth portfolio companies 19,1% 13,1%
Portfolio result (mio EUR) 186,8 202,8
Portfolio return % 12,0% 13,3%
Net result (mio EUR) 144,9 158,2
Net return on equity % 9,7% 12,1%
Net result/share 5,1 5,8
Balance sheet H1 2024-25 FY 2023-24
Investments (mio EUR) 97,9 115,8
Exit proceeds (mio EUR) 127,7 364,6
Portfolio (mio EUR) 1.713,9 1.558,9
NAV (mio EUR) 1.591,0 1.489,2
NAV/share 55,6 53,4
Available liquidity (mio EUR) 310,3 346.8

The first half of financial year 2024-25 relates to the consolidated figures for the period from 1 April 2024 to 30 September 2024.



Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 1
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Notes to consolidated figures
Sustained margin extension and strong The strong performance of our companies in the first half
profitability growth at our companies of FY 2024-25 has led to a total portfolio result of 186.8 mio
EUR, or a non-annualized portfolio return of 12%
◼ 12.2% total sales growth in our portfolio, (annualized again above our annual portfolio return of at
combined with an even stronger increase in least 15%). The portfolio return on the platform portfolio
was even higher at 12.8%. It should be noted that the sale
margins (19.1% increase in operating
of Mega was not yet completed at the end of September
profitability)
2024; hence the upward revaluation of this transaction of
◼ Portfolio result of 186.8 mio EUR EUR 0.5 per share is still included in the unrealised result.
(12% return – non-annualized)
The average Ebitda multiple used to measure the fair
◼ Net profit of 144.9 mio EUR or EUR 5.1 per share value of our companies under the IFRS increased slightly
Our companies continued their excellent growth from 8.6x at the end of March 2024 to 9.0x at the end of
performance in the first half of the current financial year September 2024 (mainly triggered by a shift in
2024-25, proving the solidity and value creation potential composition of our portfolio). Hence, the positive
of our portfolio. Overall, they have been able to increase valuation result was mainly determined by the strong
their sales with 12.2%, while the operating profitability operational results of our companies, with growth in
even grew stronger with 19.1%, continuing their margin Ebitda being the main contributor to our unrealized result.
extension in line with the strong results of the past full year.
Most of the growth in profitability comes from organic
expansion. Over the first half of 2024, we have seen a
double digit Ebitda growth in all of our platforms (ranging
from 17% in Smart Industries to 30% in Consumer).




Sales Growth by platform (in mio EUR) EBITDA Growth by platform (in mio EUR)

2.500 +12% 250 +19%


2.000 200



1.500 150



1.000 100



500 50



0 0
CO HC SI SC Total CO HC SI SC Total

H1 2023 H1 2024 H1 2023 H1 2024




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 2
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Total Portfolio Return

27,0%



20,1% 20,4%
18,8% 19,1% (6 months)
15,6% 16,2% 12,0%




-0,2%

2015-2016 2016-2017 2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 2023-24 H1 2024-25



-10,3%
Long term objective




Thanks to the strong portfolio result, Gimv’s net profit for Further new investments are planned to be announced
the first half of the financial year 2024-25 amounts to 144.9 upon fulfillment of transaction conditions.
mio EUR or EUR 5.1 per share. This translates into a net
At the start of the fiscal year, the exit of Acceo could be
return on equity of 9.7%, again showing a limited spread
finalized. In September 2024, the exit of Mega to
with the portfolio return of 12% thanks to an effective use
Bizzdesign was announced. In the course of October, also
of our capital and the further scaling through the costs.
this transaction was closed. Excluding the cash not yet
received on the exit of Mega, total proceeds from the
Size of the portfolio further expands to a
sale of portfolio companies in the first half of the financial
record level of more than EUR 1.7 billion year 2024-25 amounted to 127.7 mio EUR.

◼ New investments in 3 new portfolio companies
and further value creation within the portfolio
Portfolio composition (in mio EUR)
Gimv continued to invest further in expanding its portfolio.
In the first half of the current financial year, 97.9 mio EUR 1.714
was invested. This included an investment of 62.3 mio EUR 1.559 91
in three new portfolio companies (SMG (SI; DE), Curana 95 271
Infra and other

(CO; BE) and Kivu Bioscience (LS; NL/USA)) and 1 roll-over
300 Sustainable Cities
investment (Acceo (SC; FR). In addition, strategic buy-
and-build projects continued to be rolled out.
632 Smart Industries
495
35.6 mio EUR was invested in the portfolio to participate in Life Sciences
new financing rounds at some Life Sciences companies 128
131
and to finance acquisitions at amongst others Projective Healthcare

with the acquisition of Thede (SC; BE), the Wallfashion 311 336
House (CO; BE) with the acquisition of Rasch and Variass Consumer

(SI; NL) acquiring A1 Electronics. 227 256

31/03/2024 30/09/2024




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 3
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Portfolio growth (in mio EUR)


1.714

1.523 1.559
1.449

1.233

1.017




03/2020 03/2021 03/2022 03/2023 03/2024 09/2024




Over the full term, the proceeds from the sale of Acceo Persistent strong equity growth
and Mega amounted to 2.7x the original investment cost,
representing a realised IRR of 15.2%. ◼ Net equity value per share grows with 9.4% in six
months to EUR 55.6
The combination of the new investments and the
sustained strong value creation at our portfolio resulted in ◼ Available liquidity maintained at a level above
a continued strong rise in our total portfolio value with 10% 300 mio EUR
to a record level of more than 1.7 billion EUR. After payment of the dividend (EUR 2.60 per share) for the
previous financial year 2023–2024 and including the
The investment portfolio consists of 62 companies, well strong net profit for the first half of the financial year 2024–
distributed across the five platforms and the four 2025 (EUR 5.1 per share), the net equity value grew with
countries. 9.4% to EUR 55.6 per share at the end of September 2024.
Gimv’s total net equity value amounts to 1,591 mio EUR.

Taking into account the cash impact of the dividend (36.9
mio EUR) investments of almost 100 mio EUR and exit
proceeds of 128 mio EUR, Gimv’s liquidity position was
maintained during the first half of the current financial
year at a level of 310.3 mio EUR. This liquidity is partly
financed by long-term bonds (350 mio EUR). Gimv also
has 210 mio EUR of undrawn credit lines at banks.

Gimv aims to continue its current dividend policy.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 4
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Sustainability In a second phase in September 2024, Gimv announced
the sale of half of its participation in Infravest to
Gimv continues to deliver on both pillars of its sustainability WorxInvest, allowing to join forces as the long-term
strategy. As a responsible company, Gimv conducted reference shareholder of TINC. At the same time, Gimv
the double materiality assessment as necessary and Belfius Bank announced their intention to contribute
foundation for Gimv’s sustainability priorities for the their respective participations in TDP NV to Infravest in
coming years and resulting disclosures pursuant to the EU exchange for new shares in Infravest, subject to obtaining
Corporate Sustainability Reporting Directive as of 2026. In the required regulatory approvals. Further
July 2024, the board of directors of Gimv validated the communication will follow after and subject to successful
outcome of this assessment which underpins Gimv’s completion including obtaining the aforementioned
ambition to be a leading company and investor. regulatory approvals.
Moreover, Gimv increased its ambition level to reduce its
own scope 1 & 2 GHG emissions upon realizing a Key events after 30/09/2024
reduction of its own scope 1 & 2 emissions of 42% per
March 31st, 2024 compared to baseline year 2019-20. This • The valuation of our portfolio is based on market
motivated Gimv to raise the level of ambition, deciding multiples as at the end of September 2024. Since
on a target reduction by 2030 of its own scope 1 & 2 then, we have closely followed the evolution of the
emissions by 70% compared to the baseline year 2019-20. stock markets. To date, we have not noticed any
Gimv contributed also in 2024 to the Carbon Disclosure evolution in market multiples that indicates that our
Project (CDP) by participating in their 2024 reporting valuation should be adjusted.
cycle. • On 16 October 2024, Gimv announced the exit of
United Dutch Breweries (CO; NL) to Brouwerij Martens.
From a high complementarity, both companies will
As a sustainable investor, Gimv further aligned its
strengthen each other's further growth. The exit had
responsible investing approach with the European no material impact on the last published Net Asset
Sustainability Reporting Standards (ESRS) by applying the Value of Gimv.
ESG due diligence framework, that was upgraded and • End October 2024, Gimv announced its participation
aligned with the ESRS in 2023, to the 2023 portfolio ESG in a $92M Series A financing round at Kivu Bioscience
survey adding an extra analytical dimension to Gimv's (LS; USA) to advance next-gen cancer treating
existing approach on monitoring the ESG maturity of the antibody-drug conjugates.
current portfolio. • In the course of October, Anjarium Biosciences (LS;
CH) was sold to an undisclosed CDMO in the USA with
Other significant events during the first half of no material impact on the Net Asset Value.
the financial year 2024–2025 • On 20 November 2024, the sale of Gimv’s majority
stake in the outpatient rehabilitation specialist
In the context of the optional dividend for the financial rehaneo (HC; DE) to Fremman Capital was
year 2023-2024, 57.8% of the dividend rights were announced. The transaction is subject to approval by
contributed against the issue of 732,567 new ordinary the German antitrust authorities and is expected to
shares, resulting in a capital increase of EUR 29.3 million. close in Q1 2025. This transaction will have a positive
On 26 July 2024, the new shares were issued and admitted impact on our NAV at 30 September 2024 of around
to trading on Euronext Brussels. EUR 1 per share. The realized return on this transaction
substantially exceeds our long-term portfolio return
End June 2024, Gimv announced the acquisition of the target.
TINC shares held by Belfius Insurance via a newly created
company Infravest, laying the foundations for a future-
oriented shareholdership of TINC in support of TINC’s
further growth ambitions. This transaction was fully
financed by Belfius Bank.




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 5
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Preparations for a potential capital increase More details on Gimv’s growth ambitions will be
announced on the Gimv Capital Markets Day that will
Gimv published today the convocation for an take place on 22 January 2025.
extraordinary shareholders meeting in preparation of a
potential capital increase (‘righs issue’) over the coming Notice on U.S. Securities Registration
months (click here for the relevant convocation The securities to be issued in connection with any
materials). potential rights issue will not be registered under the
United States Securities Act of 1933, as amended (the
CEO Koen Dejonckheere comments: “Gimv targets to ‘Securities Act’) or with any applicable state securities
accelerate the further growth of its portfolio with an laws of any state or other jurisdiction of the United States
ambition to double the size. Not only by further boosting and may not be offered or sold in the United States
the investment ambitions and increasing the average absent registration under the Securities Act or an
ticket size of our investments, but also by substantially applicable exemption from such registration
extending the investment horizon of a selected portfolio requirements.
of companies. A larger scale will at the same time enable
a further operational efficiency. A higher focus on value Statement regarding risk
creation and an enhanced long-term compounding
The future performance of our companies and the value
effect will become a source of additional shareholder
development of our portfolio depend on a number of
value for Gimv.”
external factors, such as: (i) the impact of geopolitical
tensions on the stability of the international economic
Subject to the approval of the rights issue by the
fabric, (ii) the impact of the monetary policies of Central
extraordinary shareholders meeting, Gimv’s reference
Banks in handling inflation and the related consequences
shareholder WorxInvest has already indicated its intention
for interest rate evolutions, (iii) the extent to which
to participate pro-rata in this rights issue by exercising all
consumer confidence is affected by rising prices, (iv) the
of its subscription rights. WorxInvest intends to further
evolution in the labour market and the availability of
support the transaction with a backstop commitment
sufficiently qualified personnel for our companies, (v) the
(subscription amount of up to 60 mio EUR) provided that
liquidity in the banking system to support companies,
it can also benefit from a priority allocation in the rump
including in case of possible further financing needs, (vi)
placement (subscription amount of up to 30 mio EUR,
the stability of the regulatory and financial environment in
which will count towards the backstop commitment). Any
the markets in which both Gimv and our companies
priority allocation remains subject to the consideration
operate, (vii) the extent to which the market for
and approval by the board of directors including in
investments and acquisitions remains active,
accordance with article 7:97 BCCA as well as certain
accompanied by a sufficient level of liquidity and feasible
conditions subsequent as included in WorxInvest’s
financing conditions, and (viii) the extent to which the
commitment letter.
financial markets can maintain their stability. It is
extremely difficult to estimate the impact of all these
Subject to the exercise of the preferential rights by the
factors in the coming period.
other shareholders, WorxInvest could, in the context of a
potential rights issue, increase its stake in the Company
above the 30% threshold without being forced to launch Management declaration in accordance with
a mandatory takeover bid for all the Company's shares. the Royal Decree of 14 November 2007
In accordance with Article 13 §2 3° of the Royal Decree
Gimv will, to the extent required, prepare a prospectus to
of 14 November 2007, CEO Koen Dejonckheere and CFO
be approved by the Financial Services and Markets
Kristof Vande Capelle declare the following in the name
Authority (FSMA) in accordance with applicable
of and on behalf of Gimv and to the best of their
legislation.
knowledge:




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 6
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




a) The half-yearly financial statements on 30 September
2024 have been prepared in accordance with the IFRS
Financial calendar
and IAS 34 “Interim Financial Reporting” as approved by
the European Union, and they provide a true and fair view
Gimv Capital Markets Day
of the assets, financial position and results of Gimv and
22 January 2025
the companies included in the consolidation.

Annual results for FY 2024–2025
b) The half-yearly report gives a fair overview of the main
22 May 2025
events of the first half of the financial year, their impact
on the financial statements, the main risk factors and
Annual General Meeting FY 2024–2025
uncertainties for the remaining months of the financial
25 June 2025
year, as well as the main transactions with related parties
and their impact, if any, on the summarised financial
statements.

Statutory auditor’s report on the accounting About Gimv
information included in the half-yearly press
release of Gimv NV Gimv is a European investment company, listed on
Euronext Brussels and a member of the Euronext BEL
We have compared the accounting information ESG Index. With over 40 years' experience in private
included in the half-yearly press release of Gimv NV with equity, Gimv currently has an investment portfolio of
the interim consolidated financial statements for the six more than EUR 1.7 billion. The portfolio contains around
months ended 30 September 2024, where this period 60 portfolio companies, with combined turnover of EUR
closed with a balance sheet total of EUR 2,034,035k and 4.0 billion and more than 20,000 employees.
a net profit of EUR 144,872k. We confirm that this
accounting information does not contain any apparent As a recognized market leader in selected investment
inconsistencies with the interim consolidated financial platforms, Gimv identifies entrepreneurial, innovative
statements. companies with high growth potential and supports
them in their transformation into market leaders. Gimv's
We have issued a review report on these interim five investment platforms are Consumer, Healthcare,
consolidated financial statements as at 30 September Life Sciences, Smart Industries and Sustainable Cities.
2024 in which we conclude that nothing has come to our Each platform works with an experienced team across
attention during our review that causes us to believe that Gimv’s home markets of Benelux, France and DACH,
the accompanying interim consolidated financial supported by an extended international network of
statements have not, in all material respects, been experts.
prepared in accordance with IAS 34 “Interim Financial
Reporting”, as approved by the European Union. Further information can be found on www.gimv.com.


Antwerp, 20 November 2024 For further information please contact:


BDO Bedrijfsrevisoren BV Kristof Vande Capelle, Chief Financial Officer
Statutory Auditor T +32 3 290 22 17 – kristof.vandecapelle@gimv.com
Represented by David Lenaerts
Company Auditor




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 7
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim Consolidated balance sheet per 30/09/2024


Assets (in 1,000 EUR) 30-09-2024 31-03-2024
Non-current assets 1.721.921 1.567.370
Intangible assets 181 213
Property, plant and equipment 7.830 8.178
Investment portfolio 1.713.910 1.558.979
Financial assets: equity investments at fair value through P&L (FVPL) 1.379.797 1.222.800
Financial assets: debt investments at fair value through P&L (FVPL) 97.402 88.176
Financial assets: debt investments at amortised cost 236.711 248.003
Current assets 312.114 349.856
Trade and other receivables 1.233 2.577
Cash and cash equivalents 271.079 307.019
Marketable securities 39.204 39.816
Other current assets 598 443
Total assets 2.034.035 1.917.226



Equity and liabilities (in 1,000 EUR) 30-09-2024 31-03-2024
Equity 1.591.027 1.489.289
Equity - group share 1.591.027 1.489.289
Issued capital 271.619 264.665
Share premium 158.660 136.282
Reserves 1.160.748 1.088.342
Minority interests - -
Liabilities 443.009 427.937
Non-current liabilities 413.032 393.665
Financial debts - bonds 350.000 350.000
Financial debts - lease liabilities 1.333 1.431
Provisions 61.699 42.234
Current liabilities 29.977 34.272
Financial debts 4.156 7.188
Trade and social debt 9.154 16.296
Income tax payables 700 483
Other liabilities 15.967 10.305
Total equity and liabilities 2.034.035 1.917.226




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 8
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim Consolidated income statement for the first six months to 30/09/2024


Consolidated income statement (in EUR 1,000) 30-09-2024 30-09-2023
Dividend income 2.228 10.104
Interest income 16.639 17.360
Realised gains on disposal of investments 957 67.161
Unrealised gains on financial assets at fair value trough P&L 238.325 155.413
Reversal of impairments on debt investments via amortised cost 294 3.503
Portfolio profit 258.443 253.541
Realised losses on disposal of investments -639 -7.503
Unrealised losses on financial assets at fair value through P&L -53.487 -40.984
Impairments on debt investments via amortised cost -17.550 -2.208
Portfolio losses -71.676 -50.695
Portfolio result: profit (loss) 186.767 202.846
Management fees 541 429
Other operating income 330 224
Operating income 871 653
Personnel expenses - salaries -12.251 -11.323
Personnel expenses - LTIP remuneration -1.846 -
Total personnel expenses -14.097 -11.323
Selling, general and administrative expenses -7.298 -6.674
Amortisation and depreciation expenses -1.185 -1.209
Other operating expenses -20.628 -21.922
Operating expenses -43.208 -41.128
Operating result 144.430 162.371
Finance income 6.262 1.470
Finance costs -5.636 -5.660
Result before tax: profit (loss) 145.056 158.181
Corporate income tax expenses -184 -15
Net profit (loss) of the period 144.872 158.165
Minority interests - -
Share of the group 144.872 158.165

Consolidated statement of the comprehensive income (in EUR 1,000) 30-09-2024 30-09-2023
Net profit (loss) of the period 144.872 158.165
Other comprehensive income - -
Total other elements of the comprehensive income (i + ii) - -
Total comprehensive income 144.872 158.165
Minority interests - -
Share of the group 144.872 158.165




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 9
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release
Gimv Group – Interim Statement of changes in consolidated equity for the first six months to 30/09/2024

Actuarial gains
Share (losses) DB pension Treasury Equity - Group
First six months ended 30-09-2024 (in 1,000 EUR) Issued capital premium Retained earnings plans Shares share Minority interests Total equity

01-04-2024 264.665 136.282 1.087.940 809 -407 1.489.289 - 1.489.289
Net Result for the period - - 144.872 - - 144.872 - 144.872
Other comprehensive income - - - - - - - -
Total comprehensive income - - 144.872 - - 144.872 - 144.872
Capital increase / decrease 6.954 22.378 - - - 29.332 - 29.332
Acquisition / disposal of subsidiaries - - - - - - - -
Dividends to shareholders - - -72.466 - - -72.466 - -72.466
Net purchase / sale own shares - - - - - - - -
Other changes - - 0 - - 0 - 0
30-09-2024 271.619 158.660 1.160.346 809 -407 1.591.027 - 1.591.027




Actuarial gains
Share (losses) DB pension Treasury Equity - Group
First six months ended 30-09-2023 (in 1,000 EUR) Issued capital premium Retained earnings plans Shares share Minority interests Total equity

01-04-2023 258.414 117.362 935.465 1.284 -116 1.312.409 12.726 1.325.135
Net Result for the period - - 158.165 - - 158.165 -0 158.165
Other comprehensive income - - - - - - - -
Total comprehensive income - - 158.165 - - 158.165 -0 158.165
Capital increase / decrease 6.251 18.920 - - - 25.171 -997 24.174
Acquisition / disposal of subsidiaries - - - - - - - -
Dividends to shareholders - - -70.774 - - -70.774 - -70.774
Net purchase / sale own shares - - - - 49 49 - 49
Other changes - - 6.282 - - 6.282 -11.456 -5.174
30-09-2023 264.665 136.282 1.029.138 1.284 -67 1.431.302 273 1.431.575




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 10
Antwerp, November 21st, 2024, 7:00 AM CET, Regulated information Press release




Gimv Group – Interim Consolidated cash flow statement for the first six months to 30/09/2024


Cash flow statement (direct method) in 1,000 EUR 30-09-2024 30-09-2023
Cash flow from operating activities -22.729 -27.911
Interest received on cash deposits 6.961 1.309
Management fees from managed funds - 154
Remuneration and other benefits to employees and directors -15.696 -14.172
LTIP remuneration to employees -9.181 -
Other operating expenses -5.320 -6.219
Paid/recovered CIT and other taxes 506 -8.983

Cash flows from investing activities 31.750 80.345
Investments in financial assets: equity investments -63.634 -56.793
Investments in financial assets: debt investments -24.567 -26.767
Proceeds from divested financial assets: equity investments 92.815 137.912
Proceeds from repaid financial assets: debt investments 20.559 17.184
Interest received from the investment portfolio 4.453 2.392
Dividend received from the investment portfolio 2.175 9.997
Investments in subsidiaries (LTIP earn out) - -2.249
Other cash flows from investment activities -52 -1.332

Cash flows from financing activities -44.680 -55.248
Paid interest and fees on cash deposits and credit lines -8.577 -8.547
Dividends to shareholders -36.853 -45.608
Dividends to minorities - -997
Purchase Own Shares - -828
Sales Own Shares 675 732
Other cash flow from financing activities 75 -

Change in cash during period -35.659 -2.814
Cash at beginning of period 344.472 194.416
Acquired not yet received interest on deposits and other investments 1.470 -
Cash at end of period 310.283 191.602




Gimv NV - Karel Oomsstraat 37, 2018 Antwerp, Belgium - T +32 3 290 21 00 - www.gimv.com 11