Introduction

We look back at an eventful and geopolitically turbulent year. The continuing government austerity programmes and the monetary context also impacted the real economy. Together with revolutionary digital and technology developments, these produced a scenario of disruptive upheavals and innovation opportunities. Economic growth declined worldwide, and despite ECB efforts and persistently low interest rates, consumers remained hesitant and businesses took at times a wait-and-see approach towards further investment. This was reflected also in volatile equity markets.

Despite this, Gimv again produced excellent results, ending  the past financial year with a profit of EUR 137 million.

Our shareholdings reported significantly improved results, with a favourable knock-on impact on their valuations. Aided by a positive exit environment and high levels of available liquidity, we made 13 divestments with an attractive realized capital gain of EUR 71 million. It was also a busy investment year. We invested at a fast pace, especially in the second half, signing 8 promising new partnerships with an investment outlay of EUR 130 million.  And we continued our unceasing efforts to expand our existing portfolio, with 5 follow-on investments. All this created a dynamism that we intend to maintain this year.

Hilde Laga, Chairman and Koen Dejonckheere, CEO