Belgian Investment Company Gimv Posts EUR159.8 Million 1st Half Net Loss
Thursday November 20th, 2008 / 8h22
Edited Press Release BRUSSELS -(Dow Jones)- Belgian investment company Gimv NV (GIMV.BT) said Thursday it posted a EUR159.8 million loss in the first half of the year because of unrealized capital losses. The loss in the six months between April 1 September 30 is compared with a EUR118.9 net gain in the same period last year. The company had capital gains for EUR36.4 million in the period, with EUR175 million in unrealized capital losses, reflecting the sharp fall in stock markets and the corresponding change in multiples. Basic dividend for the entire 2008/2009 financial year is EUR2.36 gross (or EUR 1.77 EUR net) per share, barring exceptional circumstances and subject to the approval of the general meeting of June 24, 2009. Given the difficult market situations, Gimv is expecting longer investment trajectories for its venture capital shareholdings. For this reason valuations, which are traditionally based on the most recent capital round, take into account the new economic reality. This gave rise to an additional EUR27.8 million provision. Given that the only valuations available to Gimv at the end of September for the venture capital funds were those of the end of June, it was decided to take into account the negative evolution of stock markets in the last quarter. This meant an additional EUR9.8 million write-down on these funds. Company Web site: http://www.gimv.com
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