Pmv 086 abc 2015 eng full web

the of HANDBOOK AND ANNUAL REPORT 2015 • The Flemish investment company PMV is pleased to present this edition of its ABC, which provides insights into its activities and achievements during 2015. In keeping with tradition, this volume will also provide fuller details of the guiding principles, focus and aims of the organisation. This will make it a useful guide for anyone wishing to know what drives PMV forward and what keeps it on course.

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OUR FINANCIAL SOLUTIONS

2015 IN A NUTSHELL

528

Capital

million euros

Invested capital on the PMV group balance sheet

Loans

363

Guarantees

Financing for entrepreneurs

million euros

165

Invested capital Companies

million euros

Invested capital property, infrastructure and energy

Infrastructure

Investments in property, infrastructure and energy

Area development

122 employees

Energy

€ 17,700,000* Consolidated net profit*

Heritage buildings

* pro forma consolidated accounts

€ 142,600,000 Amount invested 2015 Loans, capital and funds

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PMV

PMV • PMV is a do-and-dare company which is shaping the future of the Flemish economy: PMV "does" as an adviser and "dares" as an investor.

PMV finances promising businesses from start-up and through their growth and internationalisation and carries out projects alongside and on behalf of the government that make important contributions towards the welfare and wellbeing of people in Flanders.

www.pmv.eu 25-05-2016

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A WORD FROM THE CHAIRMAN  • "Panta rei:

everything is constantly in motion". That is how the Ancient Greeks put it. This year, to streamline the overwhelming diversity of financing tools that have developed historically, PMV has begun to cut down some of the tangle of specific brands that compete for attention. Entrepreneurs could no longer find their way to what they needed. There was a need for simplification and from now on PMV has one simple message: every sound business plan or project in Flanders which is supported by a strong team should be able to find financing and PMV has all the tools required to fill the gaps where it is missing.

From now on PMV will only have two complementary brands: PMV and PMV/Z. We have created PMV/Z specially for start-ups, self-employed entrepreneurs and other SMEs. People with good ideas can approach it for standardised loans up to 350,000 euros or for a guarantee for up to 1.5 million euros.

More mature growth companies and the innovators of the future will still be able to count on the expertise and tailored solutions provided by PMV's investment managers, who will be glad to put together a financing solution for you involving capital, loans, guarantees or a combination of these.

Our prosperity and welfare depend on continuing investment in the future of our region.

The PMV group therefore pursues a realistic, cautious policy on investment and makes efforts to ensure that it provides an efficient service in regard to its core tasks. I would like to express my sincere thanks to the management and all our employees for their continuing dedication and meticulous work.

The results are a testimony to this. In 2015 – with support from Europe – we invested a total of no less than 142.6 million euros in the economic fabric of Flanders.

Thanks to a number of successful exits and realised capital gains, the consolidated net profit for the PMV group was 17.7 million euros.1 Capital investments in portfolio companies consist of 53% start-ups and new companies and the overall portfolio of shares consists mainly of the life sciences and the health care sector, energy, real estate and infrastructure (84%). The share of the PMV portfolio accounted for by financing of takeovers and transfers of family businesses is growing steadily.

PMV is also very concerned about good governance. There has been some news in this area in 2015. The mandate of Mr Clair Ysebaert, a founder

and early proponent of PMV, expired at the General Meeting on 19 May 2015. He is therefore quite rightly being honoured in this issue. The same General Meeting also resolved to appoint Mr Sas van Rouveroij van Nieuwael as Director with immediate effect, to hold office until the Annual General Meeting in 2019. As for me, I have been asked to wield the Chairman's gavel, so I am grateful to all the other Directors for their confidence.

Finally, in 2015 we also welcomed Vlaams Energiebedrijf (VEB – Flemish Energy Company) into the PMV group. This company plays a key role in reducing energy costs for the government and local administrations. Its activities therefore fully complement our investments in green energy and offer the prospect of a more sustainable future.

PMV has had another very busy year in 2015, and this has led to some very respectable results: as they say "constantia et labore" (although that were the Romans). 2

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2. Through determination and hard work.

These are proforma consolidated figures.

Koen Kennis chairman 25 May 2016

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AGRAFRESH

A AGRAFRESH • Every year Agrafresh cuts and packages more than 7,000 tonnes of fresh vegetables. This company, which was founded in 2001 by entrepreneurs Jan Demarez and Pieter and Ann Vantyghem from West Flanders, now has sales in excess of 13 million euros a year and eighty employees.

The scope for expansion at the production site in Egem turned out to be too limited for the rapid growth of Agrafresh. The shareholders therefore decided to build an additional produc-

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tion and storage site in Arras in Northern France. This is an ideal location for deliveries to both French and British customers.

The investment in this new factory amounts to more than 8.5 million euros and in 2016 it will allow the group to double its total production capacity.

Agrafresh approached PMV for partial financing, which provided both capital and a subordinated loan to the Flemish vegetable cutting and packaging company.

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AGROSAVFE

AGROSAVFE • This start-up

by the Flemish Institute for Biotechnology (VIB) and Vrije Universiteit Brussel (VUB) develops so-called agrobodies™.

These are camel antibody fragments which can be used to produce environmentally friendly crop protection agents.

They are naturally occurring molecules which are also used in the health care industry and in a number of industrial sectors.

In 2015 Agrosavfe succeeded in generating a number of agrobodies with antifungal effects and demonstrating that they give plants effective protection against infection with grey mould (Botryotinia fuckeliana).

This opens up a range of possibilities for the development of agrobodies as effective, safe and environmentally friendly crop protection agents. They offer an alternative to the chemical pesticides that are being used at present. Food safety is important, so the company is now also developing anti-mould products for vegetables and fruit for the first time.

A consortium of investors in the life sciences (PMV, Biovest, Gimv, Gimv-Agri+, Madeli Participaties, QBIC, SOFI and VIB) is providing significant support to the company. This allows it to successfully pursue its product development work and also permits AgroSavfe to continue its growth in Ghent, the premier European hotspot for green biotechnology.

ALBERT CANAL • The Flemish

Government wants to encourage infrastructure projects that solve existing mobility problems and improve the performance, efficiency and cohesiveness of our traffic and transport networks. One such priority project involves raising fifteen bridges over the Albert Canal,

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working through public-private partnerships. The target date for completion of the work is 2020.

By replacing or adapting the bridges, the vertical clearance on the canal can be increased to 9.10 metres. This will make the Albert Canal navigable for four-layer container vessels, immediately improving its attractiveness for container transport. Eliminating this bottleneck is also very important in terms of the expected growth in container traffic and the increased use of 'hi-cube containers'.

These are thirty centimetres higher than standard containers.

The Flemish Government has asked Via-Invest to assist the nv De Scheepvaart in implementation of this PPP project, which is worth more than 100 million euros. This will be done by means of two separate DBFM missions (Design, Build, Finance and Maintain).

The first cluster comprises seven bridges: in Eigenbilzen, Eindhout, Geel-Stelen, Herentals-Lier, Kwaadmechelen-Zwartenhoek, Stokrooi and Zutendaal. The tender was announced in August 2015. There are four consortia competing at the invitation to tender stage: (1) Jan De Nul, Eiffage and Victor Buyck, (2) Besix, Rebel and Stadsbader, (3) Artes Group and (4) Franki, Hye, Kumpen, Aelterman and Aswebo. During 2016 ViaInvest will also be starting the process of obtaining permits for the second cluster.

ARKIMEDES • Through

ARKimedes, PMV invests indirectly in promising start-ups and SMEs in Flanders. "ARK" stands for Activering van RisicoKapitaal (Activating Risk Capital). The Greek mathematician Archimedes only needed a place to stand and a lever to lift

ARKIMEDES

the world: a small effort with a great effect.

Through ARKimedes, PMV takes up significant minority interests in so-called ARKIVs. These are private funds which invest in promising start-ups and growth companies. They are a driving force for innovation, jobs and improved quality of life.

For every euro that ARKimedes invests in an ARKIV, the private fund also has to contribute at least one euro. It is the ARKIVs that ultimately invest in startups and SMEs. These ARKIVs are managed by private ARKIV managers.

To allow ARKimedes to play its role as a cornerstone investor, the Flemish Government decided in 2015 to increase the capital of ARKimedes by 50 million euros. This allows ARKimedes to continue to support entrepreneurship and creativity in Flanders.

Since 2015 ARKimedes has also been able to reuse the proceeds from its investments for new investment opportunities and will be able to recognise additional ARKIVs when they present themselves. As a rolling fund, ARKimedes will therefore no longer require a formal recognition period, but from now on it will be able to review new funding proposals on a continuous basis.

The total funding volume of the ARKIVs covered by the ARKimedes-Fonds II amounts to 358 million euros, of which 115 million euros has come from the government.

The fund has already created more than five thousand jobs in high-technology and innovative sectors such as ICT and biotechnology. Thirty percent of all funds invested by ARKIVs have flowed into spinoffs from Flemish knowledge institutions.

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BELBAL GROUP

B BELBAL GROUP • In late

2015 Dovesco, the risk capital provider for Domo Investment Group, together with young entrepreneurs Jérôme Leclef and Bart Van Huffel, acquired a controlling interest in Belbal Group.

This strategic takeover took place partly thanks to partial financing with a subordinated loan from PMV.

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The Belbal Group is an international group that specialises in manufacturing, printing and distributing latex balloons and developing printing machines for these balloons. The company has sufficient capacity for 750 million units a year, a significant proportion of which are printed by the company's own departments. The group has subsidiaries in Belgium, Canada, Japan, Poland, the United Kingdom and the United States.

It has more than three hundred employees.

The new shareholders aim to play a leading role in consolidation of the latex balloons market, which has been highly fragmented until now. This is because the European party goods market is engaged in a process of catching up with the American and Asian markets. Belbal aims to respond to this situation by extending its own product range.

BIG BANG VENTURES II •

Seed capital and start-up fund Big Bang Ventures II has had a particularly productive year in 2015. This ARKIV, which is led

by Frank Maene and Barend Van den Brande, was specialising in rapidly growing digital media and software companies.

The fund has now been put into liquidation and ARKimedesFonds received an attractive liquidation bonus.

In recent years Big Bang Ventures II has achieved a number of attractive exits. One example is Clear2Pay, which was sold for 375 million euros to American company FIS, the world leader in payment technology. Q-Layer was sold to Sun Microsystems and Shutl went to eBay. In 2015 Amplidata, a specialist in storage systems for big data, was added to the list of successful exits. Amplidata was taken over by American

BLUE GATE ANTWERP

Rope-maker Bexco from Hamme is a specialist in ropes for the shipping and offshore industry. It is the first company on the Blue Gate site in Antwerp.

company HGST, a subsidiary of Western Digital which operates in the same sector.

Maene and Van den Brande, however, were able to improve on this further. Hummingbird ARKIV – together with PMV through its participation in ARKimedes-Fonds II – has also been able to sell its interest in Amplidata to Western Digital.

The participation in Ghent company Engagor has gone to American company Clarabridge, a specialist in software for customer experience management.

Clarabridge will be using Ghent as a springboard into Europe.

BLUE GATE ANTWERP •

Blue Gate Antwerp is located in the south of Antwerp, just outside the orbital motorway, on the Scheldt Right Bank. This brownfield site with an area in excess of 110 hectares was an oil terminal from 1902 until the mid-1980s, where a number of accidental spills and two world wars had caused considerable environmental damage. The site

is also in a polder region, and as a result the land is saturated with water. Finally, the remains of the industrial past represent a major challenge in terms of preserving and integrating items that are relevant in terms of our heritage. In short, the site is under-used and neglected. There was an urgent need for complete redevelopment.

PMV is involved in redeveloping this site to create a high-quality, exceptionally sustainable regional waterside industrial park. It is collaborating closely in this with the other project partners: the Antwerp urban development company AG Vespa, the City of Antwerp and the waterways manager Waterwegen & Zeekanaal. The multidisciplinary team at PMV were involved in the formation of this partnership in 2007. It maintains sustainable development as a high priority and seeks to innovate in the areas of industry, research and development, energy and waterside logistics.

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With support from Agentschap Ondernemen (Enterprise Flanders) and the European Regional Development Fund it was quick to catalogue the difficult areas. There are a number of obstacles to redeveloping a site with a history like this one.

Examples include issues relating to archaeological research, the environmental impact study, soil analysis, mobility, heritage and real estate issues, legislation on public tendering and hydrological issues. PMV transforms these into opportunities where this is possible.

On 20 October 2015 Blue Gate Antwerp held a ceremonial opening for the new quay wall which will support the continuing development of a waterside cluster quay. Part of the existing quay wall has been developed into a loading and unloading quay, which will be used among other things to bring supplies to the site. It is expected that 220,000 tonnes of goods will pass through here

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MACQUARIE AND PMV: PARTNERS IN OFFSHORE WIND PROJECTS

DAVID ROSEMAN Head of Infrastructure, Utilities & Renewables Macquarie

For many years now the Australian investment bank Macquarie has been a valued player throughout the world in the large infrastructure investments market, with a strong focus on renewable energy. To continue to develop this sector in Flanders, the bank has been looking for a partner with strong expertise in the offshore wind sector. "It is an unbelievable growth market", explains David Roseman.

"In PMV we have found the ideal partner for our future projects."

PMV and Macquarie will jointly be providing financing for large-scale offshore infrastructure projects. This may be during the development, construction or operation phase of projects.

The condition is that such a project must have a major impact on the Flemish economy, for example through the involvement of Flemish dredging companies. "The participations will be large enough to have an influence on the policy behind a project, with between 50 and 200 million euros in risk capital, with room for manoeuvre both above and below that", explains David Roseman, who is head of the Infrastructure, Utilities & Renewables group within Macquarie and has worked at the bank for more than twenty-five years.

UNIQUE POSITION AMONG OTHER BANKS Macquarie occupies a unique position amongst other investment banks: they not only advise their customers on what to do with their capital but they also invest their own capital in some transactions. "We were able to see the benefits of major infrastructure investments twenty years ago. Thanks to the increasing number of institutional investors in that sector, our business has grown enormously", says David Roseman, who has seen a growing interest worldwide, particularly in the last ten years.

"We advise many of the world's largest pension and sovereign wealth funds on the best ways to invest. Most of them prefer low-risk projects

Mermaid Northwester 2

Seastar Rentel

Norther

22 km Zeebrugge

Oostende

Nieuwpoort An additional 5 billion euros will be invested in the coming years in additional offshore wind farms off the Belgian coast: Norther, Rentel, Seastar, Northwester 2 and Mermaid.

which are financially stable. Examples might be an existing gas company or an airport.

These sectors are particularly attractive for investors who want stable cashflows in the long term. We more frequently use our own capital for projects that are still at the development stage."

In offshore locations the wind is also much more consistent than it is on land, which allows you to achieve better and more efficient generation, says Roseman. "Europe is lucky in this respect: the conditions here are good.

There is a lot of shallow water close to densely populated coastal areas. This means you do not have to lay long transmission cables, which is expensive. Thanks to technological progress, it is becoming increasingly easy to store all that energy. There is also a lot of knowledge in this area, mainly in Germany, the UK and Belgium, but there is not so much capital. That is where we can come in. We help the developers, make sure the project gets its financial close and contribute our know-how from other countries."

Most investment banks do not have the knowledge or patience to develop infrastructure projects, says Roseman. "We do. Sometimes it takes years before it is even possible to start work on a project like that. That is why we are one of the leaders in this area."

EUROPE: GOOD CONDITIONS FOR OFFSHORE WIND In recent years Macquarie has been increasingly focusing on the renewable energy market: this sector is perfectly suited for long-term investments and needs a huge quantity of development capital. "The offshore wind market offers particularly good opportunities", explains David Roseman. "Even the size of these wind farms: each one can supply 500 to 1,000 megawatts in energy capacity. That is huge, for example in comparison with solar energy. You can deliver serious quantities of constant power with this, which is also called the 'base load'."

In the UK and Germany Macquarie already has a number of large companies as partners.

They have just entered into a collaboration agreement for 270 million euros with EnBW, a German offshore wind farm. In the UK Macquarie has purchased half the shares held

by RWE Innogy in a wind farm called Galloper, which is intended to generate energy for around 336,000 households in England each year. Now Macquarie is also moving into the Belgian wind energy market. "We have already been active in Belgium for several years, as a

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partner in projects involving public-private collaboration. We have participated in a number of public tenders and won three projects, of course working alongside local partners, mostly construction firms. That is also how we got to know PMV, which is very active in that area through Via-Invest. When we were looking for a partner for investment projects relating to offshore wind farms, it made perfect sense to us. PMV partly owns the investment holding company Parkwind, a leading European business in developing, building and managing offshore wind farms."

“MANY COUNTRIES WILL HAVE TO INVEST SIGNIFICANTLY MORE IN RENEWABLE ENERGY. WHEN GOVERNMENTS INVEST MORE, IT IS EASIER FOR INVESTORS TO FOLLOW.�

The Belgian coast offers good conditions for offshore wind farms: consistent strong winds and plenty of shallow water close to densely populated coastal areas. This means you do not have to lay long transmission cables, which is expensive.

INVESTMENT VOLUME OF 5 BILLION EUROS PMV and Macquarie are convinced that their collaboration is a response to the large demand in the market. There will be continuing major investments during the coming years in five additional offshore wind farms off the Belgian coast: Norther, Rentel, Seastar, Northwester 2 and Mermaid. These projects represent a total of 5 billion euros in investment, of which 1.5 billion euros is risk capital. The offshore electricity grid will also be further developed.

PMV is intending through this collaboration with Macquarie to further strengthen the leading position of Flanders in the offshore wind energy sector.

countries will have to invest significantly more in renewable energy. When governments invest more, it is easier for investors to follow.

Our customers are also asking for a greater focus on sustainability. I recently read that the Norwegian Government Pension Fund Global has decided that from now on it will only invest in sustainable sectors. That is typical for investors of this type, who are also participants in our funds, so those are signals that we cannot ignore."

"We will be looking at every project in Belgium that involves offshore wind", says David Roseman. "We are already talking to a number of parties, but no agreements have been concluded yet. These are major projects, often involving complex combinations of shareholders. It is important to be patient."

Macquarie is convinced that renewable energy will continue to grow in importance as a sector for investment in the coming years.

This is certainly the case in Europe, where the climate goals for 2020 have been tightened up since the Paris climate conference. "Many

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BUBBLE POST

each year, which is equivalent to approximately 9,000 truckloads.

In the same year Blue Gate Antwerp welcomed rope-maker Bexco from Hamme, which was the first company to choose the site for the construction of a new, eco-effective facility. Bexco produces ropes for the shipping and offshore industry. It has concluded a thirty year long lease agreement for a 1.1 hectare site on which it will be building its factory of the future, employing about twentyfive people.

Finally, on 17 February 2016 Blue Gate Antwerp awarded the contract for redevelopment of the site to the Blue O'pen consortium. This consists of two companies from the DEME group (DEME Environmental Contractors and Dredging International) and real estate consultant Bopro.

The subcontractors include the following companies: Van Moer Stevedoring, Montea and City Depot (logistics), Cofely (Energy), Quares (park management), VITO and University of Antwerp (research and development) and the Studiegroep Omgeving (spatial planning and permits).

Total development costs for the first phase of the PPP project site – totalling around 63 hectare in size – are estimated to be 58 million euros excluding VAT (2016 prices), of which 22 million euros have been set aside for the decontamination process. This development, however, will be taking place in stages, so that the income can be offset against the costs. This reduces the investment required from shareholders (5 million euros) and the bank (8.3 million euros). The project has also received considerable strategic and regular support from the Government of Flanders.

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BUBBLE POST • We are all aware of the problem: our environment is under pressure from the thousands of tonnes of CO2 emitted daily by vehicles on our busy roads. A large proportion of this comes from suppliers and distributors.

Bubble Post, however, does not see this as a model for a sustainable future. This company, which was founded in Ghent in 2012, offers a 100% environmentally friendly solution. Bubble Post specialises in 'first-and-last-mile-delivery' and has put the focus back on the city and its inhabitants.

Goods are delivered to a depot on the edge of the city and then sorted and grouped. The proprietary IT system developed by the company then calculates the most efficient route and provides the most suitable vehicle to cover the first and last kilometres in the city centre in a way that is inexpensive and sustainable.

Anyone living in Ghent or one of the eighteen other cities in Belgium or the Netherlands where Bubble Post is now active, may have noticed them already: the characteristic cargo bicycles and electric vehicles that are the company's trademark. Now that this model has proven its value, expansion within Europe also beckons, with initiatives in Germany, Spain and Switzerland among others.

To make all these ambitions a reality, Bubble Post is supported by a number of faithful shareholders: its founders Michel De Waele, Benjamin Rieder and Anthony Viaene (56 percent), PMV (30 percent) and Aultmore, the investment vehicle run by Maarten Makelberge (11 percent).

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CAPITAL

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CAPITAL • PMV has been very

concerned to develop sustainable companies that create value for all the stakeholders involved.

This added value may be environmental, economic or financial in nature. Start-ups and mature companies which are seeking to develop and/or market a high-impact technology can therefore always find the right partner if they approach PMV. PMV provides the right mix of financing and contributes actively towards the growth of the business.

This is because whether you as an entrepreneur are looking to grow your capital or strengthen your balance sheet, financing is vitally important. Your choice will be made not only based on your need for funds, but also on the phase in the life cycle of your business. As a start-up or new growth company you will usually not yet have enough cashflow. At that point attracting additional share capital

is the obvious solution. An additional injection of capital may, however, also be needed at a later stage. One example is in the case of a takeover.

PMV is different from other capital providers. It is an active but patient investor, has no predetermined exit date and can therefore work with you over a number of years to build for the future. It will ensure that your financing round is structured correctly to take into account both your own needs and those of the other investors.

In every investment decision, the impact of your business on the Flemish economy, the strength of the business plan and the vision and dedication of the management team are the most important criteria for PMV. That is because strong teams are what make your business a success.

We want to see a realistic business plan built on a sound rationale and we will evaluate and test it comprehensively to

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ascertain its feasibility. We are looking at factors including market potential, where you are standing out from the competition, the commercial plan, a realistic estimate of costs, financial needs and exit potential.

CARTAGENIA • The portfolio of every venture capital fund has some participations that come and go. For some companies, the time to say goodbye comes earlier than expected. That is the case with Cartagenia, the Leuven-based start-up founded in 2008 under the leadership of researcher and entrepreneur Herman Verrelst. He had just added a further 4.25 million euros to assure the continuing growth of his business, when American company Agilent Technologies, which operates in the same sector, took the company over on 4 May 2015.

Cartagenia develops and sells specialised software products

CELYAD

for clinical analysis and interpretation of genetic tests. It is a rapidly growing market. In the past everyone used microscopes, but now chip technology is increasingly being used to carry out DNA research. As a result laboratory technology is evolving very rapidly and also becoming cheaper. In the past, for example, a full DNA readout was said to cost 1 million euros, but now it can be done for about 1,000 euros.

Cartagenia is able to introduce continual new innovations in genetic diagnostics thanks to the expertise of its employees and its close links with both the University and the University Hospital in Leuven. In fact this has turned out to be one of the main driving forces behind the takeover bid by Agilent Technologies and it creates an assurance that the company will remain anchored in Flanders.

Herman Verrelst himself has now moved to the United States, where he is Vice-

President and General Manager of the Genomics and Clinical Applications Division of the new parent company in Santa Clara. You never forget where you come from, however, and he has already started investing again, this time in new start-up companies such as icoMetrix in Leuven and Ugentec from Hasselt. He will therefore certainly still be active in the well-known Flemish biotechnology ecosystem.

CELYAD • The change in the name of the former Cardio3Biosciences to Celyad was closely related to the company's spectacular transformation in 2015. Celyad develops new treatment methods for heart failure and cancer, the two most important causes of death in rich countries. Celyad uses technologies that have come from well reputed research centres such as Onze-Lieve-Vrouw Hospital in Aalst, the Mayo Clinic in Minnesota and Dartmouth

College in New Hampshire.

The company has cuttingedge technology which is helping to shape the medicine of the future. Celyad recruited and treated two hundred and forty patients in a phase III clinical study of regenerative cell therapy in heart failure. The therapy, C-CureÂŽ, is based on stem cells.

The company has also received permission from the Food and Drug Administration to start a phase III clinical study in the United States.

Finally, in 2015 Celyad took over American company OnCyte, which is active in the same sector. As a result it now has a complete technology platform for immuno-oncology, together with a new cell-based therapeutic product which has already undergone phase I/IIa 3 clinical testing. The treatment, which is called Car-TÂŽ, changes the genetic characteristics of white blood cells, which then find and attack tumours. In other words, the patient heals himself.

3. The immune system is the body's natural defence system. It is a collection of organs, cells and special molecules that protect the body against infections, cancer and other diseases. If a foreign organism enters the body, for example a bacterium, the immune system recognises the intruder and attacks it so that it cannot do any harm. This process is called an immune response. Since cancer cells are very different from the normal cells in the body, the immune system attacks cancer cells when it recognises them.

In many cases, however, cancer cells look like normal cells, so the immune system does not always see them as dangerous. What is more, like viruses they can also change (mutate) after a period of time, thus escaping from the immune response. In many cases the natural immune response to cancer cells is not strong enough to stop them. In a treatment based on immuno-oncology the immune system is activated so that it can recognise and destroy cancer cells.

Celyad develops new treatment methods for heart failure and cancer, the two most important causes of death in rich countries.

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THE BANK IN A CHANGING WORLD Change. That is the only constant we have seen in the world during the past years, decades and centuries. The pace of change has certainly been particularly rapid in the last few years. The speed of technological breakthroughs, and particularly the rapidity with which they are incorporated into society as a whole, has created a particularly challenging environment in recent times. No economic players are immune to these changes today.

The rapid collapse in the cost of computing power, communications, sensors and data storage have been the driving force behind a large number of breakthroughs in technology, medicine and society.

MAX JADOT CEO BNP Paribas Fortis

“THE ONLY THING THAT NEVER CHANGES IS CHANGE ITSELF.�

After electricity first became commercially available in the mid-19th century, it took almost half a century for even a quarter of the American population to start using the technology. Who can still remember that the iPad was only introduced in 2010? The speed with which tablets have become an essential part of daily life is truly unprecedented. The pace of technological innovation and its adoption by society represent a two-edged sword. On the one hand this offers tremendous opportunities for growth, progress and welfare. At the same time it poses many threats to traditional industries, businesses and jobs.

THE FINANCIAL SECTOR IS NOT IMMUNE The financial sector also finds itself in the midst of these developments.

This is another area in which technological developments represent both great opportunities and major threats. One complicating factor for the financial sector is that its economic, financial and regulatory environment has also changed a lot. An environment of lower economic growth, low interest rates, low interest margins and stricter financial regulation has made life much more difficult for financial institutions in any case. Looking forward it will therefore be important for the financial sector to seize the opportunities presented by technological developments and innovation and respond to a challenging environment.

The economic environment is the most challenging aspect of all for the financial sector. Firstly, economic growth is structurally lower now than it was before the financial and economic crisis. The greater caution shown by businesses, consumers and also financial institutions in the aftermath of the crisis has suppressed economic growth. At the same time, part of this lower growth is also structural. The ageing of the Western population and the particularly weak growth in productivity are holding back the growth in welfare. As a cog at the very centre of the economic machine, financial institutions are particularly sensitive to this.

Linked with this is the second major challenge facing the financial sector, namely the particularly low level of interest rates and the flat interest rate curve. Poor economic growth is keeping short-term interest rates low. Meagre expectations of any acceleration in growth are also keeping long-term interest rates down. The result is a low-interest environment and a flat interest rate curve. It is the last of these which represents a particular threat to the profitability of financial institutions. The transformation of short-term deposits into longer-term loans is therefore the unique trademark of financial institutions. Smaller interest margins are making life more difficult for banks and consequently threatening the profitability of the financial sector.

This could have a double effect: some institutions will address the low margins and become more cautious in their lending policy, while others may choose to just run faster by raising their risk profile.

The third major challenge is the simultaneous expansion and tightening of financial regulation. In the aftermath of the financial crisis there have been more calls for a more strictly regulated financial sector. First of all there have been demands for higher capital requirements for the banking sector, so that possible losses are initially absorbed by shareholders rather than taxpayers.

Secondly, stricter requirements have also been introduced in relation to the management of liquidity by banks. Financial institutions attract short-term liquidity and convert it into longer-term loans. In situations of uncertainty

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or financial stress, that liquidity can be called upon by customers at almost no notice. The loans that have been granted are frequently only repaid over a much longer period. To block this potential source of instability, regulators have imposed stricter liquidity requirements. More specifically, banks are having to find liquidity that is entrusted to them for longer periods, while the duration of the loans that are granted is becoming shorter on average.

This is once again reinforcing the trend towards taking less risk and weaker economic growth.

DIGITISATION AS A CHALLENGE AND A SOLUTION In view of these simultaneous challenges, it is not an easy task for financial institutions to continue achieving sustainable growth. Here the digitisation of the economy represents both a major challenge and an opportunity. The challenge that digitisation poses for the financial sector is immediately obvious. Large technology companies are increasingly entering a market that has traditionally been served by banks. Consider Apple with ApplePay, Google or even Paypal, which are seeking to make payment traffic an extra service.

It is perhaps the first time in history that financial institutions have experienced competition from businesses without a banking background.

Rather than seeing this as a threat, what the bank needs to do is accept the challenge. The major technology giants are gathering unprecedented amounts of data about their users. This allows them to provide a highly personalised service in a cost-efficient way.

Since the very simplest banking services (savings, lending, investing) have largely been standardised, bankers can only stand out by providing an improved and more personalised user experience.

Although this focus is apparently less deeply etched into the DNA of larger financial institutions, they do not have to simply give way to the technology giants. With personal relationships built up over many years and extensive knowledge of their customers, banks have a strong base on which to adjust the customer experience for the 21st century.

Smaller so-called Fintech start-ups are standing out by specialising in one specific niche (microcredits, overseas money transfers etc.). These companies can also learn from banks. The willingness to question existing systems and markets makes it possible to explore new opportunities and markets.

Financial institutions that anticipate and think ahead will increasingly embrace this dynamic. They will get on board with start-ups, promote entrepreneurship and dare to hold up the status quo to careful scrutiny.

Nobel prize winner Niels Bohr once said: "Predictions are difficult, certainly about the future". At present it is really crystal ball gazing to consider in any detail what the banking landscape will look like in ten or even five years' time. What can definitely be predicted is that reliable, customer-oriented, forward-looking financial institutions will have an important place, even in that changed landscape.

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“SMALLER SO-CALLED FINTECH START-UPS ARE STANDING OUT BY SPECIALISING IN A SINGLE SPECIFIC NICHE (MICROCREDITS, OVERSEAS MONEY TRANSFERS ETC.).

THESE COMPANIES CAN ALSO LEARN FROM BANKS. THE WILLINGNESS TO QUESTION EXISTING SYSTEMS AND MARKETS MAKES IT POSSIBLE TO EXPLORE NEW OPPORTUNITIES AND MARKETS.”

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COLUMBUS STEEL

To finance all this Celyad raised an impressive 120 million euros in 2015. Most of this came from abroad, with an eyecatching flotation on the Nasdaq stock exchange in the USA. This has given the company enough cash to complete capitalintensive phase III studies and assure the continuing clinical development of its oncology programmes.

PMV is particularly proud that it provided 9.5 million euros in leverage financing three years ago for this company's stock market flotation in Brussels and Paris, thereby helping this promising Flemish success story to spread its wings.

COLUMBUS STEEL • In October 2015, PMV granted a subordinated loan of 1.5 million euros to Columbus Steel, providing partial financing for its ambitious growth plans.

Columbus Steel is a production and service company in the reinforced concrete sector and is owned by its CEO Frans Rombouts, the former head of De Post. This company supplies around 90,000 tonnes of steel structures every year (such as mesh reinforcement, bars etc.) for infrastructure projects. As a result this company achieves sales of around 60 million euros a year and employs some fifty employees.

The company has production sites in Dendermonde and Diest.

The site in Diest has undergone a major transformation in recent years, and as a result Columbus Steel will be able to supply larger and more complex construction sites in future. By investing in high-tech machines with high added value, Columbus Steel is now evolving 'from workshop to factory'.

Institute for Biotechnology (VIB) and Vrije Universiteit Brussel (VUB) set up a new biotech company which, like Ablynx and arGEN-X, is absolutely fascinated by llamas. In the case of Confo Therapeutics, however, the llama antibodies are not being used as a drug themselves but instead as a tool for the development of new drugs.

The company uses the so-called CONFO® technology developed by Professor Jan Steyaert and his team to do this.

This technology makes it possible for the first time to stabilise the medically important GPCRs (G-protein coupled receptors) in their active functional state. This is an essential step in the search for new drugs. GPCRs represent attractive targets for treatment of a wide range of disorders because they play an essential role in many of the processes involved in life and consequently

also in disease. They act as on-off switches embedded in the cell membrane which pass on signals from the outside to the inside of the cell by making conformational changes in their structure.4 In certain diseases these signals are not passed on perfectly.

To finance this new business PMV has created a syndicate with other leading investors in the life sciences: Capricorn HealthTech Fund, MINTS (University of Michigan), Qbic, Sofi, V-Bio Ventures and the VIB. Together they have injected 6.7 million euros into this promising start-up. The money will be used to further expand the team at Confo Therapeutics and build a portfolio of pre-clinical development programmes

4. Conformation = the temporary spatial arrangement of atoms within a molecule.

CONFO THERAPEUTICS •

On 24 June 2015 the Flemish

CPF Industrial: father Walter, his wife Lieve and daughter Inga.

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CPF-INDUSTRIAL

in the disease areas that are relevant to this treatment.

CPF-INDUSTRIAL • "The

Times, They Are A-Changin", sang Bob Dylan in 1964, and today it is happening faster than ever. This means that companies are forced to adapt quickly to a changing economic context.

Disruption and innovation are the new buzz-words of our time.

The Buggenhout family from Merchtem knows all about this.

Their company, CPF-Industrial is a specialist in printing on wood. Using a new technology they are able to insert personalised images between two layers of lacquer in a single pass. The result is a decorative panel that is washable, with scratch resistance of no less than nine Newtons.

If customers request it, an antibacterial or anti-graffiti finish can be added too. CPFIndustrial is currently providing solutions for all kinds of interior applications such as decorative

panels, acoustic partitions or doors, but also for applications in the furniture industry. In late 2016 CPF coatings will also be available for exterior applications and floors.

Father Walter, his wife Lieve and their daughter Inga have a long history in the world of wood. In 2002 they joined forces with veneering company MariĂŤn to set up the joint venture B&M. This allowed them to apply a high-quality layer of stain and lacquer to their own products quickly and efficiently.

The company has rapidly become a leading third party contract lacquering provider. Ten years later they sold the business to Spanogroup in West Flanders, which was taken over the following year by Unilin, the manufacturer of Quick-Step and Pergo laminate floors. As a result B&M is now part of Mohawk, a company listed on the American stock exchange.

This is the largest interior design and floor coverings company in the world.

The Buggenhout family set up CPF-Industrial using income from the sale of B&M. Before starting up the new company they also called on a business angel and made use of the SME cofinancing tool which PMV/Z makes available to self-employed entrepreneurs.

The reception lobby of CPFIndustrial boasts a large picture of the savanna on the wall, which is printed on four separate interlocking panels. "We are really proud of this", glows Walter. "We do this through our collaboration with Unilin, using the click system patented by Quick-Step to create the joins.

That makes the seam between the different panels virtually invisible, so that visually the result is a single photo wall."

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Nevertheless, it took a good deal of leg-work before the procedure was completely finished. Machine builders from Germany and Austria spent six months working on the installation and panel feed for the production line. "To say that we were not able to fully roll out our commercial strategy as a result of this, would be an understatement", grumbles Walter. "Nevertheless, we can now really go for it, and with two shifts we can easily manufacture up to a million metres a year."

Clearly there is no lack of ambition at CPF-Industrial.

Walter is currently researching whether he can use his procedure to offer an alternative to the use of rare or protected wood varieties such as ebony, palisander or wenge.

"We have plenty of ideas. We feel that our innovative products are being received enthusiastically by customers like Quick and Accor. Soon we will also be moving more into the consumer market."

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EIF GUARANTEE

EIF GUARANTEE • Since

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September 2015 the European Investment Fund (EIF) has provided a guarantee to PMV subsidiary Participatiefonds (Participation Fund) Vlaanderen (PFV). The funds, which come from the European COSME programme and the European Fund for Strategic Investments (EFSI), are therefore part of the so-called 'Juncker plan'.

The guarantee made available is being used to provide 40 million euros in loans over the next two years to about seven hundred SMEs in Flanders.

That is because this initiative is intended to finance more ambitious start-ups or investors, thereby allowing promising SMEs and self-employed people to create more jobs.

Thanks to this guarantee, Participatiefonds Vlaanderen is able to make its product range more flexible and accessible. The financing tools have been highly simplified in 2015 and there are now only two loan schemes: the Startlening+ (Start-up Loan Plus) and SME cofinancing.

Entrepreneurs do still always have to submit a sound and strongly argued business plan.

F FLEMISH ENERGY COMPANY (VLAAMS ENERGIEBEDRIJF) • To reduce public sector energy

costs, in 2012 the Flemish Region set up the Flemish Energy Company (Vlaams Energiebedrijf - VEB). Two years later, on 6 May 2015, this company became part of PMV. The VEB has a key part to play in reducing energy costs for the government. It achieves this by purchasing energy centrally at lower prices, by centralising energy data – and also processing it – and by guiding government institutions and local administrations on ways of using energy more efficiently.

The VEB therefore acts as a central purchaser of energy and takes responsibility for all aspects of the public procurement process. It is a professional organisation with excellent knowledge of the market, which purchases energy in a targeted way with the intention of providing the best price for

FLEMISH ENERGY COMPANY (VLAAMS ENERGIEBEDRIJF)

its own customers. The VEB also delivers added value by operating a digital portal which is tailored to meet the needs of its government customers. It supports the budget estimates for the coming year and provides detailed information about consumption.

Together with other government partners, the VEB is also working on a data warehouse entitled "Terra". This combines energy data with legacy data for use by government bodies in Flanders by linking together a number of existing databases.

Finally, the VEB is also a pioneer in the field of energy efficiency. On 26 October 2015 the very first energy supply contract was concluded within the Flemish public sector. To achieve this, the VEB negotiated a guaranteed saving of more than 30 percent on the energy bill of Openbaar Psychiatrisch Zorgcentrum (Public Psychiatric Care Unit) in Rekem. This was an exemplary project which has been followed by others; the VEB is currently working on a number of similar projects.

In 2016 VEB will be continuing to expand its service to include additional energy services.

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FLEMISH HERITAGE VAULT (VLAAMSE ERFGOEDKLUIS) • Cultural heritage used to be

thought of as dusty old junk.

Now it is seen as a sparkling, inviting treasure chamber that absolutely must be protected, discovered and explored.

The Flemish Heritage Vault (Vlaamse Erfgoedkluis) has been working since June 2013 to safeguard heritage properties in Flanders for future generations.

It does this from a property investment perspective.

The Heritage Vault works with the Flemish Government, local administrations, heritage associations and project developers, and also with private individuals wishing to develop and manage heritage projects in profitable ways.

The aim of doing this is to maintain, repurpose and redevelop valuable heritage property sites. Breathing new economic life into these empty heritage sites not only creates added value on the site itself, but it also creates economic and social value for the surrounding area.

In 2015 the Heritage Vault continued to work hard on redevelopment of the Handelsbeurs building in Antwerp. It also entered into collaboration agreements with the city of Vilvoorde to redevelop the left wing of the prison complex there. An agreement is in place with the city of Ghent to repurpose St. Anne's Church and in Dendermonde there is a project involving the Dutch Barracks.

FUTURE FOUNDATIONS •

In December 2015 PMV and international construction firm Denys set up Future Foundations nv. Denys, a specialist in high-technology construction, is innovating by creating and developing new

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During the team building exercise in Spa on 29 May 2015 Olympic champion Robert Van de Walle emphasised the importance of good physical and mental balance in achieving top performance.

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FUTURE FOUNDATIONS

that workers have to work in a claustrophobic space measuring one metre by three metres which is up to thirty metres deep.

To provide a solution for these dreadful working conditions and the often hazardous safety situations, Future Foundations is working on a mechanical solution using the Wall Slot Robot, a machine that does the dirty work itself.

As well as comfort and safety, the system offers a number of clear advantages. The Wall Slot Robot will therefore be developed with the aim of offering considerable time savings in comparison with manual excavation. The technique also makes it possible to dig a number of trenches in quick succession, and it is ideal for building, for example, underground railway stations, restoring foundations or extending existing buildings by adding additional underground storeys or car parks.

Future Foundations – Wall Slot Robot

techniques for use by contractors. Denys is therefore working with Future Foundations on a new way of building supported trenches.

'Supporting' actually means cladding the sides of the trench with wood or stone. This method, which is also called the 'miner's technique', involves manually digging a trench in the ground. Small prefabricated concrete panels are continually added to shore up the sides and struts hold these panels fixed in place so that the walls of the trench cannot collapse. The soil excavated from the narrow trench is brought to the surface using a bucket and pulley. The technique is mainly used to dig tunnels in city centres or other densely populated areas.

The disadvantage, however, is

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G GALERIE MANIERA • In November 2015 Belgium is Design organised a prestigious exhibition in Milan. The best surprise of all – at least according to members of the design press who were present – was the exhibition put on by the Brussels gallery Maniera in the atmospheric Palazzo Clerici.

This included furniture by 6A Architects, a table by Richard Venlet inspired by Henry Van de Velde and a spectacular carpet by textile designer Christoph Hefti, who has also worked for Dries Van Noten and Lanvin.

For two years now Galerie Maniera has been releasing furniture and interior objects designed by reputed architects and fine artists. Well-known architects OFFICE Kersten Geers David Van Severen were the first, with creations straddling the boundary between furniture and art, items that are both functional and expe-

Galerie Maniera – Christoph Hefti

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GALERIE MANIERA

rimental, right at the interface between object and architecture.

Since all these hand-made objects are unique, they are also prized by collectors.

After this success in Milan there are plans to open a permanent showroom in Brussels in 2016. This will allow the many art and design collectors in Brussels to become acquainted with what is now the fifth and sixth collection of objects from Galerie Maniera, a collaboration with Belgian architects De Vylder Vinck Taillieu and Studio Mumbai from India.

To invest in its continuing professionalisation and international growth, Galerie Maniera has been benefiting from PMV's financial creativity since 2015.

GLOBALYEAST • Research into

optimising yeasts has already

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GLOBALYEAST

been in progress for several years at the leading Flemish Institute for Biotechnology (VIB). This is important because industrial yeasts are used for purposes such as bioethanol production.

Making the yeast strains more resilient to the demanding conditions that occur in the production process means that more ethanol can be produced from a given quantity of biomass. New technologies are also making it possible to replace plant-based sugars such as those made from sugar beet, with woody materials. This means that various types of biomass can be used to prepare ethanol, which represents a step towards a more sustainable, greener economy.

In 2015 PMV was involved in the creation of GlobalYeast nv, a spin-off for production of these high-quality industrial yeast strains. This was done via the SOFI Fund. The other initial investors were the VIB, the Gemma Frisius Fund from KU Leuven and independent Brazilian investment fund Performa Investimentos.

This business therefore had a transnational character from day one, combining the benefits offered by Flanders in the areas of biotechnology and spin-offs with the huge market opportunities that exist for bioethanol in the Brazilian market and among major groups throughout the world.

GUARANTEES • As an entrepreneur, when you need financing for your business you usually approach the bank. You may submit a strong business case but it can still happen that the bank does not offer you a loan. This is because although it may believe in your case, it may feel that there is a lack of security.

In that case PMV can provide a suitable solution. Making a guarantee available lowers the risk for your bank and improves your creditworthiness.

A guarantee for up to 1.5 million euros can cover up to 75% of the underlying credit for a very attractive guarantee premium. PMV is working with a large number of financial institutions. This means that an entrepreneur can get in touch via more than a thousand branches in Flanders and Brussels.

The "generic" Guarantee Scheme allows entrepreneurs to have the necessary security to obtain financing for their investment projects and activities.

During the course of 2015, a total of 12,412 contracts have already come under this guarantee, amounting to almost 1.6 billion euros in total. These contracts have made bank credits possible for a total of 2.5 billion euros, resulting in investments totalling 3.6 billion euros. This significant leverage effect means that more than 2.3 euros have been invested for every euro in guarantees provided.

In 2015 Waarborgbeheer nv provided guarantees totalling more than 194.5 million euros across 1,573 cases. As a result it was possible to provide credit totalling 308 million euros and investments were made totalling 451 million euros.

The proportion of start-up companies in 2015 amounted to almost 43 percent of the total amount of guarantees used.

These, however, accounted for almost 51 percent of the total quantity of liabilities. This indicates that a lot of entrepreneurs who are starting up businesses are still finding their way to the Guarantee Scheme as a way of helping them to acquire a loan.

Virtually all SMEs in Flanders can therefore contact

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their own banker or leasing company if they wish to make use of the Guarantee Scheme.

These institutions can decide for themselves whether a loan or leasing arrangement will be eligible for a guarantee via PMV. They can simply notify us of the cases that meet the conditions.

In the case of loans for less than 750,000 euros it is not even necessary to wait for approval from PMV. In 2015 Waarborgbeheer nv received premiums totalling 4.2 million euros. Claims were made against guarantees on two hundred and fourteen contracts.

These resulted in almost 19 million euros in contributions being paid out. At the same time Waarborgbeheer nv received 8.8 million euros from loans on which contributions had previously been paid.

Guarantees in excess of 1.5 million euros are able to cover up to 80% of the underlying credit. All forms of credit are eligible. You can contact your bank for these or you can address PMV subsidiary Gigarant nv directly. For these large loans PMV can also provide support through the guarantee company Gigarant in structuring your case and consulting with the banks. Companies in turnaround situations or in a transition process can also obtain government guarantees to allow them to access the necessary financing for their business.

Finally Gigarant can – where this is appropriate in terms of jobs and the guarantee situation – also coinvest with private investors.

Complicated, you say? Call us and we will be glad to guide you through the process.

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HANDELSBEURS ANTWERPEN • The original

Handelsbeurs building in Antwerp has been burned to the ground twice, first in 1583 and then for a second time in 1858. The present building was erected in the late 19th century on the foundations of the 16th century stock exchange. In 1997 this building lost its purpose, however, as the stock exchange was relocated from Antwerp to Brussels. Since that time it has been empty and derelict.

The new group taking the initiative from Mopro Invest III nv (The Sax bvba) has fortunately developed a strong business plan in which the Handelsbeurs building becomes a semi-public events area with a restaurant in the adjacent Shipping Exchange. The old Population Register building in Lange Nieuwstraat will be home to a hotel which is part of the international Marriott chain with one hundred and thirtyeight rooms and an underground car park for three hundred cars.

This new and profitable way of

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HERMAN TEIRLINCKGEBOUW

using the site will release funds for the necessary maintenance and management. This will make it possible to ensure a safe long-term future for the Handelsbeurs building.

De Vlaamse Erfgoedkluis (Flemish Heritage Vault), a joint venture between PMV and the Flemish heritage organisation Herita, is supporting those behind this initiative by providing a bridging loan. It has also promised to take up a participation in its risk capital and to provide a subordinated loan.

In November 2015 a joint venture was also set up between the Flemish Heritage Vault and construction group Denys nv, urban development company AG Vespa, The Sax bvba and Diepensteyn nv. The latter is the family holding company of Jan Toye, who is well known from the Palm brewery and Eddy Merckx Cycles. Diepensteyn wants a property that can be used to showcase its extensive range of beers.

The project already has a building permit and the first stages of the renovation work began in late 2015. If all goes well, the Handels- en Schippersbeurs (Trade and Shipping Exchange) will open in late 2018. The hotel should then be opening in the spring of 2019.

More information is available at www.vlaamseerfgoedkluis.be HERMAN TEIRLINCK BUILDING • Since mid-2015

PMV has been a co-investor in the Herman Teirlinck building, holding 49 percent of the shares in the special project company VAC De Meander nv. The other shareholder is Extensa group nv, the property group owned by stock market listed company Ackermans & Van Haaren.

This company is building the Flemish Administrative Centre

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THE NEED FOR CONCRETE INNOVATION Modern business management is now unimaginable without innovation. Ever y business and organisation has the term innovation somewhere in a statement of its mission, vision or values. Nevertheless, many companies are still struggling to bring about concrete innovation and implement it successfully. Innovation is important, indeed even crucial for ever y business, large and small, new and old. The term itself, however, has now become a catch-all term that is used to cover (too) many different meanings. So how do you define innovation? And why is it so important?

MATHIEU MOTTRIE CEO Crea x

"EVERY PROBLEM HAS ALREADY BEEN SOLVED SOMEWHERE."

On the question of what exactly innovation means, someone once gave me this answer: "Innovation is like Our Lady of Lourdes. One person has seen it, and everyone talks about it". Innovation is the continuous process of finding better solutions for the functions that we want to achieve. It is therefore very important to think in terms of functions rather than solutions. For example, let us consider the function of "communication". People have always wanted to communicate and they will always want to do so. The solutions used, however, evolve over time: smoke signals, tom-toms, fixed telephone lines. Today we have mobile phone technology. This solution, however, will also evolve and change in the (near) future. That is because we will always want to communicate. Transport is another example. In the past it was the horse and cart, now it is the car, tomorrow will it be drones?

It is the businesses that think in terms of functions rather than solutions that will survive. That is precisely the driving force behind innovation and its necessity: to secure the future of the business in the longer term. Take Free Record Shop. This business, which has now closed down, was thinking in terms of providing CDs and DVDs (solutions) not in terms of delivering personalised music (function). Through the arrival of new so-called disruptive technologies and players such as iTunes, Spotify and Cloud computing, there is no longer a market for CDs. We could take the detergent business as an example. Are companies like Procter & Gamble and other Unilevers in the business of detergents (solution), or in the business of "cleaning clothes" (function)? Now we are seeing electrical goods companies such as LG, Sanyo and others bringing washing machines to the market that no longer use detergents. Technologies such as electrolysis and acoustic cavitation are taking over the cleaning function so that there is no longer any need for detergent.

An efficient process of innovation consists of three phases: anticipation, creation and implementation.

ANTICIPATION – THE NEED FOR AN INNOVATION STRATEGY To innovate in an efficient and targeted way, a sound innovation strategy is needed. This must maximise the "return on innovation" and help the business to innovate and improve in targeted ways. The innovation strategy initially translates the business strategy into a concrete plan. This plan sets out the lines for clear actions that will make the most efficient possible use of scarce resources, time and budgets. These actions should help people in the short, medium and also the long term to actually implement the general strategy of that business.

In addition to the business strategy, a second important input when it comes to determining an innovation strategy is knowledge of the playing field in which the business finds itself. Who are the various players in the market, what are the latest developments and trends, who are the experts, what new technologies are about to arrive? Before you can renew anything (so before you can innovate), you must first know what is there already. This logical and vital step is very often ignored. The first important reason for doing this is so that you do not have to reinvent the wheel. All too often this still does happen. A second important reason is that companies have to try to stand out from their competitors. They can only do this, however, if they know what others are doing and research where opportunities exist for differentiation.

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CREATION – CONCRETE INNOVATION PROJECTS The innovation strategy must in turn be translated into concrete innovation projects. These can go in three possible directions: product innovation, process innovation and/or market innovation. In product innovation, the focus is on the development of new products and technologies for existing markets. In process innovation, processes are refined and improved with the aim of becoming more efficient and consequently saving costs. Finally, a third approach is market innovation, which means looking for new markets and applications for the existing knowledge, products and processes of the business. It is not necessary to choose between these three approaches. It is best to combine them and allow them to work alongside each other.

IMPLEMENTATION – GETTING THINGS DONE Finally, everything has to be made concrete and implemented. That is where the great difference between creativity and innovation comes in. Successful innovation, whether it addresses products, processes or markets, has to be implemented with the aim of generating the necessary return as quickly as possible. Translating ideas and concepts into the real world, however, can also represent a serious challenge. Technical, economic and customer-related aspects have to be considered and validated. It is not until the implementation has taken place and the renewal is beginning to show a yield that it will be possible to speak of successful innovation.

"THE INNOVATION PROCESS CONSISTS OF ANTICIPATION, CREATION AND IMPLEMENTATION." EXISTING KNOWLEDGE AS A SOURCE FOR INNOVATION A study of the future of innovation management has shown that knowledge management and high speed/low risk innovation play an extremely important part in the ability to innovate efficiently.

These days everything is evolving so quickly that it is quite a challenge to gain any insight into one's own sector and industry. What is more, this has to be regularly and continuously updated and maintained. Today we are living in a so-called knowledge economy. Knowledge is abundant and it is also accessible and available. Unfortunately the wheel is constantly being reinvented. That is a shame, and it is an unnecessary waste of the available resources.

If we want to innovate quickly and efficiently, we must make use of this by matching external knowledge to internal expertise. Relevant, interesting knowledge is, however, not only available within one's own sector and industry, but also outside it. Every problem has already been solved somewhere.

The aim is in fact to avoid the situation where we reinvent solutions and ideas that already exist. We can illustrate this using a simple example. Ima-

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gine we want to get water out of a glass without touching the glass. This is our specific problem. We could, however, translate this to "how can we move a fluid"? In other words we can translate our specific problem into an abstract problem. If we search through the existing knowledge, for example by looking at patents, scientific literature and the internet, to see how many technologies exist for moving fluids, we will find that there are about fifty solutions already in existence.

When it comes to colouring shampoos, preserving the colour is the single greatest challenge. Once again, however, this is not specific to the sector.

Clothing has to be kept from becoming discoloured too. The same applies to photographic paper. Many different areas encounter the same challenges and these probably have also found solutions. There is a very real likelihood that these solutions can be transferred – this is technology transfer. That is because a hair fibre, textile fibre and paper fibre all have very similar characteristics. Here is another example: the annoying thing about cutting cheese is that it sticks to the knife. Food companies face this challenge on an industrial scale. As an elastomeric material, however, cheese is very similar to rubber. The two have similar characteristics. Research has shown that an existing technology used in the tyre sector for cutting rubber is the ideal solution for cutting cheese more efficiently.

EVERYONE CAN AND MUST INNOVATE Many publications and presentations on innovation refer to the Apples and Googles of this world. Talking in this way does not always support the idea that anyone can innovate and make improvements; sometimes it has the opposite effect. Sometimes it puts people off. This must be avoided. Every business and organisation in Flanders can and must innovate.

Not new, but new for you. That is what it actually comes down to. Recycling existing knowledge and transferring it between domains and industries allows us to innovate much more efficiently. More efficient means more targeted, faster and with lower risks. In any case we have no choice, given our current economic context. Budgets are under pressure and are being squeezed. On the other hand there is a greater need than ever for innovation and improvement. Otherwise there is a risk of missing the boat. The solution to this contradiction lies in the reuse of existing knowledge. You can avoid reinventing the wheel, the risks are smaller and the available resources can be used much better.

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HERMAN TEIRLINCK BUILDING

The Herman Teirlinck building, the new headquarters of the Flemish Government in Brussels, has been designed by Dutch firm of architects Neutelings Riedijk and Conix RDBM Architecten.

for Brussels on the Tour & Taxis site alongside the Brussels canal.

At the ceremonial laying of the first stone in July 2015 the building was officially named after writer Herman Teirlinck, who was born in Sint-JansMolenbeek. Delivery of the completed building is scheduled for early 2017.

Since the lease agreements are expiring in 2017 for its existing offices in the Boudewijn and Phoenix buildings, a stone's throw away on Koning Albert II-laan, the Flemish Government has opted to relocate its approximately 2,600 employees to this new, sustainable building. In early 2015 it signed the lease agreement and the project obtained the necessary licences. Prior to this PMV conducted the highly intensive and competitive tendering procedure, with the

result that it has obtained a high-quality building on good financial terms.

The design by Dutch firm of architects Neutelings Riedijk – assisted by Conix RDBM Architecten – provides floor space totalling approximately 46,000 m2. The short two-year construction time allocated for such a large building has meant that the general contractor, Van Laere, is facing new challenges every day. With an E rating of E34 and the maximum possible quality level of four stars, this passive building meets the very highest standards.

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IMALSO BUILDING • In July

2015, Algemene Aannemingen Van Laere nv began building work on redevelopment of the Imalso site on the Scheldt Left Bank in Antwerp. Work began as soon as the building permit was obtained and the asbestos procedure for the existing building had been completed.

The renovation work and the construction of the new building and underground car park are now both underway. The project involves renovation of the existing building at Thonetlaan providing some 4,500 m2 and a new building with approximately 2,000 m2.

The historic modernist head office of the Intercommunale Maatschappij van de LinkerScheldeoever (Intermunicipal Company of the Scheldt Left Bank or Imalso) dates from 1954 and was designed by architects Cols & De Roeck. Architect Wessel de Jonge now has the

IMALSO BUILDING

working for organisations such as the Dab Pilotage Association, the Dab Fleet, the Maritime Access Department and the Coastal Department.

INFRASTRUCTURE FUND •

task of renovating the site, while respecting the existing architecture as far as possible. To create a pleasant landscape office, he has lightened up the site, which was originally semi-industrial in nature, providing new areas illuminated by daylight and a patio.

The new building has been designed by architecture firm Trans. It is cruciform in shape with a ground floor, three upper storeys and a single-storey basement. The primary aim was to achieve the right mix between working space and meeting areas. The building will also deliver a large number of auxiliary functions, such as providing space for workshops.

The Flemish Government is the client for this project and will also continue to own the buildings, with provisional delivery scheduled for late 2016.

The so-called 'waterside departments' will then be housed here.

These include civil servants

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The PMF Infrastructure Fund (PMF) allows institutional investors to have access to a portfolio of infrastructure projects. AG Insurance, Argenta, Crelan, Ethias, Contassur, Pensioenfonds Metaal and VDK are all shareholders in this fund, in which PMV is acting as a shareholder and also as the fund manager. PMV has sold a number of its participations (for example Via-Zaventem and Via Noord-Zuid Kempen) to PMF, which also invests in third party infrastructure projects.

In 2015 PMF progressed at a rapid pace. Its invested capital almost doubled from 44.5 million euros in late 2014 to 83.3 million euros, with a balanced portfolio consisting of public-private partnership and renewable projects. In 2015 PMF achieved a net profit of more than 630,000 euros.

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JUNCKER FUND • Although

there is enough liquidity in Europe, private investors are not investing enough. This is partly due to uncertainty and a lack of confidence. The Investment Plan for Europe aims to do something about this. Since the global economic and financial crisis the European Union has been suffering from declining investment.

To reverse this downward trend and help Europe to get firmly back on its way to economic recovery, a number of collective and coordinated efforts are needed at the European level.

In comparison with the peak in 2007, investment in the EU has fallen by approximately 15 percent.

In the short term such a low level of investment tends to slow the economic recovery; in the longer term the lack of investment has a negative effect on growth and competitiveness.

Limited investment in the eurozone is having a significant impact on the capital stock, which in turn acts as a brake on

potential growth, productivity and job creation in Europe.

To respond to this situation and further strengthen the investment climate in Europe, in 2015 the European Commission set up the European Fund for Strategic Investments (EFSI).

This is also more informally known as the 'Juncker Fund'.

The Fund is being set up in close collaboration with the European Investment Bank (EIB) and the European Investment Fund (EIF). They are in turn making use of the so-called 'national promotional banks', and PMV is one of these.

Via the EFSI the Commission is in fact channelling its arsenal of subsidies into guarantee mechanisms and loans. Within PMV, the tools provided by the EFSI are used to provide loans to SMEs via an EIF counterguarantee.

The investment plan has three objectives: to eliminate the obstacles to investment by deepening the single market, to give greater visibility and

35

technical support to investment projects, and to make more intelligent use of both new and existing funding resources.

According to European Commission estimates, the Investment Plan may contribute 330 to 410 billion euros to the EU's gross domestic product and may lead to the creation of 1 to 1.3 million new jobs in the coming years.

Thanks to its expertise and insight into the Flemish and European investment landscape, the Flemish Government has appointed PMV to coordinate the additional European funds for the Flemish projects. When an application is submitted to PMV it is automatically checked whether funding will be provided using Flemish or European funds.

K K EBONY • In November 2015 Norwegian wood producer Kebony announced that it had obtained 177.5 million Norwegian kroner (19.05 million euros) to build a second factory in Europe.

The new production facility will be sited in Flanders.

Kebony is the sustainable alternative to tropical hardwood and wood treated with preservatives. This technology developed in Norway offers a patented,

environmentally friendly process that reinforces the properties of sustainable softwood using a biologically based fluid. This process causes a permanent change in the wood cell walls, as a result of which Kebony wood acquires the premium characteristics of hardwood. This is a smart way of combating deforestation of tropical rainforests and replacing this expensive wood with fast-

KEBONY

growing, soft wood varieties such as pine.

Kebony was recognised as a 'technological pioneer' by the World Economic Forum in 2014 and has been mentioned four times in the Global Cleantech 100. It has also been enthusiastically received by leading international architects and developers.

The company has therefore been growing rapidly for many years. From 2008 to 2015 Kebony achieved average growth figures of no less than 35 percent per year. Christian Jebsen, CEO of Kebony, is also expecting a great deal more future growth throughout the world. Demand is clearly outstripping the production capacity of Kebony's existing factory in Vold in Norway, and the proceeds of the capital increase will be used mainly to build a second factory in Flanders. This is expected to become operational in 2017.

The key investors in this capital round were PMV (10.6 million euros) and Norwegian government fund Ivestinor.

Financing has been provided by issuing new shares amounting to 140 million Norwegian kroner and with a subordinated loan for 37.5 million Norwegian kroner.

Kebony: inspired by nature, this complex design in Greenwich (U.K.) by Chun Qing Li establishes a new standard for mobile, sustainable pavilions.

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TAILORED GUIDANCE FOR THE INTERNATIONAL BUSINESS Exports, international trade and attracting foreign investment are all crucially important for the prosperity of F landers. The figures for 2015 show this more clearly than ever. For the first time F landers has exports in excess of 300 billion euros; this is the largest export balance ever.

CLAIRE TILLEKAERTS Managing Director Flanders Investment & Trade (FIT)

"DOES THE COMPANY AND ITS INTERNATIONAL PROJECTS HAVE THE NECESSARY MATURITY?"

Within Europe, Flanders as a region is only surpassed by Germany, the Netherlands, France, the United Kingdom and Italy. It has also been an excellent year in terms of inward investment: 227 new investment projects with investment totalling 2.7 billion euros and the creation of 4,352 new jobs. In terms of the number of projects, this was approximately 25% higher than in 2014.

"ADVICE FROM A PANEL OF EXPERTS TO OFFER THE OPTIMUM FINANCING MIX." As a government organisation, Flanders Investment & Trade (FIT) is close to the marketplace and close to companies. As well as five provincial offices in Flanders itself, our foreign network represents the eyes and ears of economic Flanders, with more than one hundred offices throughout the world. Last year we provided guidance to 429 foreign businesses involved in investment projects for Flanders. FIT was involved in more than 60 percent of new foreign investments in Flanders. Almost eleven thousand commercial queries from Flemish companies were answered. A recent customer satisfaction survey carried out by Dimarso showed that 80 percent of the foreign contacts that we set up are positive for Flemish companies. Almost half of that 80 percent actually conclude a contract. That is a record within Europe.

Flemish subsidies for international businesses are also successfully hitting the mark. Through research carried out by KU Leuven, the researchers quantified the impact of indirect government support during the 2008-2009 financial crisis. They showed that businesses that received support for their exports during that period exported 20 percent more by volume on average than companies that were left to themselves. What is more, their chance of surviving the crisis was on average 6 percent higher.

EXPORTMETER There are many benefits associated with exports, but there are of course risks too, particularly in more distant export markets. As an agency, we go beyond simply offering advice: we provide guidance to companies and even help them to structure their export plans. This means that we find out whether the company and their international projects have the necessary maturity.

There are major differences depending on whether a business is new or experienced, smaller or larger, depending on the sector. It is important to have a well thought-through export plan on the table to permit structural growth.

For a few years now FIT has had access to the perfect tool for this. The EXPORTmeter is a free mini-audit that gives you a bird's eye view of your company's capabilities. This tool screens your business for possible shortcomings and quickly, efficiently and confidentially finds out to what extent you could improve your export strategy. In concrete terms, the EXPORTmeter uses about ninety questions about various areas of the business such as purchasing, sales, personnel management, business management etc. .

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On the basis of the analysis resulting from these questions, an action plan is then suggested. This includes tips, recommendations about methods, processes and best practices for a robust export base, and guidelines on how you can implement this. During the follow-up process, the importance of these tips is also clarified and translated into the situation in your company.

FINMIX INTERNATIONAL Since the last financial crisis it has not been so easy to obtain financing to do business internationally: banks have become more reticent. There is also not very much risk capital in Flanders. Flemish companies still tend to build too much on their own equity to provide export financing for their internationalisation. Unfortunately this sometimes slows down their growth. The trusted bank is the first point of contact, but the reflex is to stop searching too quickly if they say 'no'. Particularly in an SME where the business manager does just about everything, it can sometimes be difficult to have an overview of all the financing options that exist. Financiers also respond to export plans in different ways. Consider a private and public credit insurer, risk capital providers etc. It is good to get advice on everything that is out there.

As a solution FIT is working with the Innovation & Enterprise Agency to offer specialised individual guidance for international projects: FINMIX International. A panel of experts offers the right guidance and support and suggests the optimum mix of financing for you. The new, free individual guidance service – which is not a subsidy – focuses on future plans with an international character such as exporting, setting up a foreign office or taking over a company abroad.

An expert panel consisting of banks, credit insurers (Delcredere, Coface, Atradius), risk capital providers (BMI and private venture capital), PMV, a consultant for international financing sources (Cross-Border Solutions bvba) and enterprise organisations ( Voka, Unizo Internationaal) offer you specialised advice. Start-ups, companies growing internationally and established businesses can all benefit from their expertise. The only prerequisite is a minimum financing requirement of 150,000 euros.

TAILORED SOLUTIONS In short, FIT aims by providing an individual service to work in an individually tailored way that meets the needs of very diverse clients, depending on the sector, activity, size, business model and the ambitions of each one. These are also organisations with a presence or activities throughout the world.

This is a huge and complex challenge, but internationalisation is the lifeblood of the Flemish economy. Flanders accounts for 83 percent of Belgian exports. Four out of ten jobs are created by international companies. We are the third most globalised country in the world and our exports per capita are three times larger than those of Germany. Our engineers are extremely well trained and our research centres have a unique way of working: innovation through cross-pollination across traditional sectors. This means that we as a small region are able to take a place alongside the large economies.

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“SINCE THE LAST FINANCIAL CRISIS IT HAS NOT BEEN SO EASY TO OBTAIN FINANCING TO DO BUSINESS INTERNATIONALLY: BANKS HAVE BECOME MORE RETICENT. THERE IS ALSO NOT VERY MUCH RISK CAPITAL IN FLANDERS. FLEMISH COMPANIES STILL TEND TO BUILD TOO MUCH ON THEIR OWN EQUITY TO PROVIDE EXPORT FINANCING FOR THEIR INTERNATIONALISATION.”

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Entrepreneurship in 2015. The jury praised Swen for his inspiring role within the Flemish games sector and praised his creative, alert and persuasive entrepreneurship. He has chosen to pursue his own path as a small creative entrepreneur. He does not want a major publisher to determine his business approach,

LARIAN • After an initial suc-

cessful crowdfunding campaign in 2013, gaming company Larian from Ghent raised more than 2 million dollars via crowdfunding in 2015. The money is being used for the development of Divinity: Original Sin II. The original game won more than a hundred and fifty prizes in 2014 and immediately became an international success. After its release Divinity: Original Sin was the most downloaded game for a month on Steam, the largest online distribution platform in the sector. In the course of two months more than half a million copies of the game were sold. Divinity was acclaimed as PC Game of the Year by Gamespot and specialist gaming magazines such as PC Gamer included Divinity among the top best role-playing games of all time.

The founder and inspiration behind Larian, Swen Vincke, also received the Flemish Culture Prize for Cultural

but prefers to manage the games himself.

The success of these games in a highly competitive international market has put Flanders on the world map and allowed Larian to open new studios in Quebec and St. Petersburg in 2015. PMV is proud to have made a contribution to this great story of entrepreneurship.

LEOPOLD BARRACKS • The Provincial Administration of East Flanders decided in 2015 to centralise its administrative services in the Leopold Barracks building in Ghent, which will be redeveloped for that purpose in collaboration with PMV. This former military complex is located in the Kunstenkwartier arts district between Sint-Pietersplein square and Ghent Sint-Pieters station.

The eclectic buildings date from between 1890 and 1905 and were designed by architects Modeste de Noyette and Otto Geerling. The complex is listed

41

in the Architectural Heritage Inventory and currently houses a number of training facilities and departments of both the Ghent municipal council and the province of East Flanders.

The site covers more than two hectares and the buildings offer approximately 34,500 m2 of floor space that can be sustainably developed. The province and PMV are expecting mixed development to take place on this site, combining a number of different urban functions. These include renovation of existing buildings, creation of public space, construction of a multifunctional underground area and ultimately also a small-scale new building. In a few years' time the province's officials will have a new home providing approximately 24,000 m2 of floor space.

The facility will allow them to work according to some of the new principles governing work.

PMV is acting as project director in this redevelopment process. It launched a publicprivate partnership procedure in June 2015 for the design, construction and operation of the renewed Leopold Barracks.

The negotiations are taking place through a so-called competition dialogue. This is a specific tendering procedure for complex projects. The procedure yielded six candidate consortia and these will submit proposals in mid2016. Contracts are expected to be awarded in spring 2017.

To make the redevelopment of the Leopold Barracks possible, PMV is also assisting the provincial administration with the sale of a number of properties. These include the Provincial Administrative Centre "Het Zuid", the former seminary and the "House of Economics" on the banks of the Reep, and the historic Masons' Guild Hall opposite St. Nicholas' Church.

LOANS

LOANS • Since 2009 PMV has granted subordinated loans up to 5 million euros to SMEs that create significant added value for Flanders. Since 2015 PMV has also been providing business loans which are senior and nonsubordinated in nature. This is done through co-financing with one or more banks.

In our neighbouring countries, in Brussels and in Wallonia there are similar developments taking place in the alternative financing channels available, so that the term 'growth mezzanine' no longer covers what is being done. PMV has therefore changed the name of this tool to 'PMV business loans'. This provides a better view of the debt financing that is available for entrepreneurs in Flanders.

Companies like Agrafresh, Belbal, Columbus Steel, Malysse-StĂŠrima and Veritas

were among the first to be able to make use of these nonsubordinated loans.

LUXEXCEL • LUXeXcel,

which was founded in 2009 in Goes (the Netherlands) is a leading light in the world of three-dimensional printed lenses and optical components. This company has acquired a leading position in the development and marketing of 3D printing technology for optics and is currently investing in a production facility in Turnhout.

LUXeXcel lenses are not built up in layers as is usually done in standard 3D printing.

The company has an alternative method in which the plastic is applied drop by drop and then hardened by irradiation with ultraviolet. The added advantage of this procedure is that additional processing is no longer required.

The Leopold Barracks in Ghent will be the future headquarters of the Province of East Flanders.

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LUXEXCEL

LUXeXcel lenses are not built up in layers as is usually done in standard 3D printing.

The company has an alternative method in which the plastic is applied drop by drop and then hardened by irradiation with ultraviolet.

This method allows LUXeXcel to offer new solutions for prototyping in a number of market segments, such as LED lighting. It is also innovative and competitive for 3D printing in series. The company is therefore focusing strongly on the glasses market, which is currently still controlled by a number of large players. Printing lenses for glasses would be a huge breakthrough and would provide new opportunities for innovative market players.

LUXeXcel is intending to start up a pilot project in 2016 with an eye surgery laboratory.

If the quality of the printed lenses turns out to be adequate, the method will be rolled out further to other labs in Europe and the United States.

In July 2015 PMV joined the Set Ventures and Munich

Venture Partners investment funds for a capital-raising exercise totalling 7.5 million euros. PMV of course expects to see continuing growth from this Flemish gem.

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M MALYSSE-STERIMA • The Malysse-Sterima group provides a wide range of services to the health and care sectors. Its customers include hospitals, residential and care homes and their suppliers throughout the Benelux region. The services include (i) textiles management for hospitals and residential and care homes, (ii) sterilisation services for hospitals and medical businesses and (iii) logistics services for hospitals, residential and care homes, medical wholesalers and pharmaceuticals companies.

The group has sales of approximately 50 million euros and employs more than seven hundred people, five hundred and fifty of whom work in Flanders. Due to the large number of less well educated people, people from non-native backgrounds and less gifted people it employs (in protected workplaces), Malysse-Sterima plays an important role in society in Flanders.

The family shareholders, PMV and the company's bankers made considerable efforts in early 2015 to finance the further modernisation and automation of the group's industrial laundries in Aarschot, Geraardsbergen, Heule and Villers-Le-Bouillet.

Having made these investments the group is better equipped to deal with the growing challenges in the care sector and is working to build a sustainable position in the market.

MEZZANINE PARTNERS 1 •

This is an investment fund that focuses exclusively on providing mezzanine financing. This is a hybrid form of financing occupying the middle ground between equity capital and bank financing. The fund has 100 million euros at its disposal. Those behind the initiative, PMV and the family group Capital@Rent have each contributed 15 million euros. The remainder of the funds have come from Flemish investors, industrial companies

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MALYSSE-STERIMA

and ING Belgium, which is a strategic partner providing bank financing to the fund.

By establishing this joint fund, PMV and Capital@Rent wished to provide a structural response to the need for financing of larger businesses. The amount of investment made in each company ranges from a minimum of 2.5 million to a maximum of 10 million euros.

The intention is to build a diversified portfolio of fifteen to twenty investments by the end of 2017.

MIDIAGNOSTICS • In May 2015 PMV invested 10 million euros in miDiagnostics, an initiative by the Leuven research centre imec and John Hopkins Medicine (Baltimore).

These two world-class institutions are developing miLab. It is a device measuring a few square centimetres that people can use to carry out a full set of blood tests themselves in only five to ten minutes. If the results reveal a problem, they can be sent via smartphone directly to their GP. The device will cost about ten to twenty euros from pharmacists.

With this advanced self-diagnosis platform, miDiagnostics is seeking to take a further step in the direction of better and more personalised medicine.

This is because a fast and correct diagnosis and follow-up are absolutely essential. miDiagnostics has succeeded in obtaining a total of 60 million euros for this. That makes it the best capitalised start-up in Belgium and even in Europe. The other investors in this round are Alychio nv, the family holding company of Marc Coucke (29.5 million euros), Michel Akkermans (12.5 million euros), imec and John Hopkins Medicine (8 million euros).

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EN AT NU WS HS IE LN E. .. .. .

On 22 September 2015 PMV spread its wings at the Flanders' Informal Summit at the Ghent Opera House.

YOU HAVE TO MAKE YOUR OWN LUCK AS AN ENTREPRENEUR It's in his blood. That could be a lifetime motto for Kris Leysen, Business Manager of Anelca Wise Dogs Academy. After a thirty year career in the police force, he decided to make a complete change and pursue his lifelong passion. Thanks to his extensive expertise as a dog trainer he was immediately able to find a promising niche.

KRIS LEYSEN Business Manager and dog trainer for Anelca Wise Dogs Academy

'Think Dog'. This is the baseline that immediately came to mind while corresponding with Kris to arrange the interview. It expresses perfectly what he is about. He and his partner have both devoted their lives to man's best friend. He works as a dog trainer and she runs a dog grooming salon. With the money from the Startlening+ loan, work on refurbishing their industrial unit is fully underway. "Getting financing for our project was not easy", explains Kris. "Especially because we were not yet able to present any figures, it was difficult to persuade a banking partner. Other forms of financing were also not an option because I wanted to preserve my independence. The problem was the start-up capital, and that is where PMV/Z offered the right solution."

BED BUGS The business plan put forward by Kris was initially related to training, selling and leasing drugs and patrol dogs. When he saw a report one evening about bed bugs infesting hotel bedrooms in the Brussels area, the cogs started whirring. The bed bug is a small, wingless insect that owes its name to the place where it is usually found, namely in and around beds.

It feeds on the blood of human beings and animals. In recent years the bed bug seems to have been making a comeback. It goes without saying that hotels are not pleased when these uninvited guests arrive and they are even more keen to see them leave. Pest control companies can address the problem, but not very effectively and the costs are also very high.

Although Kris had never heard of bed bugs, he immediately saw an opportunity to deploy his

The Cocker Spaniel is the ideal mixture of intelligence and keenness to work, combined with a gentle character.

Spaniel, to detect the bed bugs. If you compare that with the half an hour per room that a pest control company needs, you can make huge time savings. What is more, a dog's nose is also much more effective."

“THREE MINUTES. THAT IS HOW LONG IT TOOK NEMESIS, OUR COCKER SPANIEL, TO DETECT BED BUGS. IT TAKES A PEST CONTROL COMPANY HALF AN HOUR TO DO THAT.�

FIRST EMPLOYEE It goes without saying that not only Kris but also the pest control companies immediately saw the benefits. The aim is in future to do proactive detection in the various hotel rooms and also to check after the eradication process whether the room is free of bed bugs. To do this Kris wants to train six dogs, all Cocker Spaniels. The first orders from Belgium and the Netherlands are now coming in fast, but Kris is also convinced that he can roll this out internationally. He has also recruited his first employee.

"It is all moving very fast at the moment, so I will have to expand again very soon. I am happy that it is going so well and actually proud to be able to open up this niche by being inventive myself. Sometimes luck just comes to you, but in my case I did mostly have to make my own luck. My story doesn't end with the bed bugs though. I can provide a service in any area involving odours."

dogs. After a search on the internet, he found that this was not a new idea. Kris: "I went to America to see what I could bring back. There are a hundred and seventy dog teams there working exclusively on the problem of bed bugs. During a short stay in Alabama I saw twenty-five dogs that are able to do it, and also had a look at some of the pitfalls. I brought all these insights back to Belgium, added my own touch and it has opened a very useful door."

COCKER SPANIEL The choice of dog is crucial. The dogs that are used need to have the right skills and also a high cuteness factor, so that hotel guests will not be put off. The Cocker Spaniel came up as offering the ideal mixture of intelligence and keenness to work, combined with a gentle character. With his knowledge from America in the back of his mind, Kris trained one Cocker Spaniel as a test case. The result was immediately spectacular: "Three minutes.

That is how long it took Nemesis, our Cocker

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NOBELWIND

NOBELWIND • In October

2015 Nobelwind nv received a package of investments totalling about 655 million euros from its existing shareholders – Meewind (19.9 percent), Parkwind (41.08 percent) and Sumitomo Corporation (39.02 percent) – and from a number of Belgian, European and Japanese financial institutions.

The European Investment Bank had a central part to play in this financing project, contributing 250 million euros to its campaign to combat climate change and support sustainable energy. Other banks involved were BNP Paribas Fortis, Rabobank, Sumitomo Mitsui Banking Corporation and Mizuho Bank. The Danish and Norwegian export credit institutions EKF and GIEK also took part in this financing round. Subordinated debt was

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provided by the existing shareholders, the PMF Infrastructure Fund, market listed infrastructure investor TINC and DG Infra Yield. PMV holds a participation of 6.74 percent in Nobelwind via the nv Parkwind, in which the Colruyt Group and the investment holding company Korys also hold shares.

The funds are being used to build an additional wind farm 46 kilometres off the Belgian coast, right next to Belwind's offshore wind farm which has just been completed. Nobelwind is installing fifty MHI Vestas turbines there. These will have a total capacity of 165 megawatts or the annual power needs of approximately 186,000 households. Since the connection to land involves a high tension cable which Nobelwind will be sharing with the Northwind project, major cost synergies can be achieved and the project risk is also lower. The work will continue until 2017.

The port of Ostend has been selected as the staging port. To keep the wind farm operational throughout this period, the Danish turbine builder Vestas will expand its team in Ostend further. For installation of the turbines, Nobelwind is also collaborating with Flemish dredging company Jan De Nul.

P PHARMAFLUIDICS • This spin-

off from Vrije Universiteit Brussel (VUB) allows laboratory analysts to analyse very complex biological samples more efficiently. For the specialists among us: the company is developing a new generation of high-performance columns for chromatographic molecular separation.5 This is important to support better research into complex diseases like cancer and diabetes and the rapid growth in biopharmaceutical products.

The company came into being in 2010 in the Chemical Engineering Techniques and Industrial Chemistry department at the VUB, but in 2014 it was relocated to the Ardoyen science park in Ghent. This decision to move to the heart of the Flemish biotech cluster was a strategic one. It provides the perfect base

5.

Chromatography is a technique used to separate mixtures of different substances into their separate components.

for collaboration with other players in the sector, which also have a tremendous European and international network. The first product line has already found its way into a number of laboratories at the Flemish Institute for Biotechnology.

In August 2015 PMV, together with Qbic Arkiv Fund and SOFI, invested a further 750,000 euros in Pharmafluidics.

The company will use these funds for the further development of columns that can be used industrially for specific target applications, including the field of proteomics which is rapidly growing in importance.6 The range of possible applications will therefore continue to be extended, in collaboration with the Research Institute for Chromatography in Kortrijk and other players. This is a research centre for chromatography and mass spectrometry with a strong global reputation.

6.

Proteomics is the study of the proteome. This term refers to the proteins in an organism or part of an organism (such as an organ, a cell or a subcellular structure).

The field of proteomics can be viewed as part of systemic biology.

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On 20 October 2015 Clair Ysebaert took a last bow at the Handelsbeurs in Ghent as Chairman of PMV.

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Q-BIOLOGICALS

Q-BIOLOGICALS • In late 2015 the start-up Q-Biologicals from East Flanders, having previously received acclaim from the weekly journal Trends, entered into a takeover agreement with the Amatsi group in France.

This French services company focuses entirely on development of pharmaceutical products for human and veterinary use and it has been active in the area of 'contract manufacturing' for about twenty-five years already. Its activities therefore strongly complement those of Q-Biologicals, which – working under strictly controlled conditions – produces medicinal products and vaccines from natural proteins for third parties.

In 2014 the Amatsi group was already expressing an interest in the Flemish life sciences ecosystem, with the takeover of SEPS Pharma.

Q-Biologicals is a spin-off from the Flemish Institute for Biotechnology (VIB) and the

University of Ghent. The company came into being in 2011 when Innogenetics, having been taken over by Fujirebio, stopped producing biological molecules for third parties. Professor Annie Van Broekhoven and a small group of collaborators therefore decided to anchor this Flemish expertise in a new company.

That was done thanks to an investment of approximately two million euros coming from PMV (SOFI), Life Sciences Research Partners and the VIB. The company has grown rapidly and become an established player in the Flemish biotech landscape. Its highly qualified employees have more than twenty years' experience of biopharmaceutical production development. For PMV the takeover of Q-Biologicals by the Amatsi group therefore not only means a successful exit, but it also offers a guarantee that this effective research team will continue to develop its activities in Flanders.

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S SCHOOL BUILDINGS •

Flanders has a pressing need for new and sustainable school infrastructure. PMV is making its own contribution towards meeting this need through the public-private partnership 'Tomorrow's Schools'. This involves the design, financing, construction and maintenance of some two hundred school buildings in all the various education systems. Each Tomorrow's School is a unique project based on local needs and a local vision. They are compliant with all modern standards in terms of sustainability, comfort and flexibility.

The total value of the project is one and a half billion euros. This means that the school building programme is also providing a major stimulus for our economy.

The first Tomorrow's School was delivered in 2014. In 2015 the programme was up to speed, with schools being delivered on a weekly basis from the summer onwards. Almost all the building permits have now been granted

and building work is beginning on one site after another in rapid succession. In 2016 the project will have reached cruising speed with 127 schools simultaneously in the construction phase.

PMV is participating in implementation of this large-scale PPP project via its subsidiary School Invest nv, which holds 25 percent plus one of the shares in DBFM Scholen van Morgen nv. The remaining shares are owned by the private partner Fscholen. This is a joint venture between BNP Paribas Fortis and AG Real Estate. PMV is also advising the Agency for Instruction in Education (AGIOn) on setting up and tendering for this project, and it has a seat on the Board of Directors of DBFM Scholen van Morgen nv, allowing it to safeguard the interests of the public body involved.

SMART TURNHOUT (SLIM TURNHOUT) • The nv Slim

Turnhout (Smart Turnhout) is redeveloping a number of derelict

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industrial sites near the railway station in this city which is home to the playing card industry.

These include the sites formerly used by packaging company Foresco and steel construction company Atelfond. In 2012 a brownfield agreement was signed for this. The master plan for the site provides for the building of six hundred homes, plus offices, shops, student accommodation and a residential and nursing home or assisted housing.

The unique feature of this project is that Slim Turnhout, for the first time in Flanders, is aiming to bring about a far-reaching social innovation: a new residential and care zone in which residents care for each other. This will give people the opportunity to live in their own homes for longer, reducing the cost to society. This remarkable concept has been designed and developed in conjunction with the Flemish Institute for Technological Research and Thomas More College.

In Turnhout PMV has also created an innovative form of joint venture between the public and private landowners. The creation of a land bank in which all the owners receive the same price per square metre for their land, regardless of how it is subsequently developed, results in a win-win situation in which the collective interests of the owners are allowed to take precedence.

In addition to PMV the City of Turnhout (via ASK nv) and developer ION are also shareholders in Slim Turnhout. PMV has a participation of 88,750 euros in the capital (17.75 percent of the shares) and it has granted a subordinated loan of 1,250,000 euros in additional financing. ASK has also obtained a revolving loan of 600,000 euros.

The Flemish Government has provided 2.6 million euros in

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From left to right: Michel Casselman, General Manager, PMV; Geert Bourgeois, Prime Minister of the Flemish Government; Marianne Thyssen, European Commissioner for Employment, Social Affairs, Skills and Labour Mobility; Pier Luigi Gilibert, Chief Executive European Investment Fund.

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On 26 November 2015 PMV and the European Investment Fund signed a cooperation agreement at the Errera House in the context of the European Fund for Strategic Investments (EFSI).

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SME COFINANCING

subsidies from the urban renewal fund. A proportion of these subsidies will be used to finance a heat grid for the whole site. Work on building this grid began in late 2015.

Slim Turnhout will develop the sites and build the necessary infrastructure. Separate project companies will develop the buildings in stages until 2025.

The first phase of the project, comprising one hundred and thirty-nine residential units, has already been partly completed

by ION. The first homes will be delivered from April 2016 onwards. Visit the website at www.niefhout.be Work is currently taking place on development of the subsequent phases, namely the centrally located pioneer building and the offices alongside the station. In 2016 applications can be submitted for the required permits for this. PMV is also expecting to invest in these property developments.

More information is available at www.slimturnhout.be SME COFINANCING • This

subordinated loan allows entrepreneurs to strengthen the financial structure of their companies and access bank loans more easily. It is aimed at both start-ups and existing businesses.

The maximum amount of the loan is 350,000 euros. It is limited to no more than 50 percent of the investment required and up to four times the management contribution, which may be contributed via a Win-win loan if applicable. For every euro you contribute, whether you provide it yourself or obtain it from another source, you can therefore borrow four euros. The condition is that a bank, investment fund or business angel must provide a minimum of 20 percent of the investment required.

SME cofinancing also carries an attractive interest rate of Report on the figures, results, prospects, etc. for the past year.

3 percent and entrepreneurs can receive an exemption from capital repayments for one or two years.

The loan has a duration of three to ten years and can be combined with a Startlening+ (Start-up Loan Plus). The total amount of both loans must not, however, exceed 350,000 euros.

SME cofinancing is one of the two remaining standard products from PMV subsidiary Participatiefonds Vlaanderen.

This organisation has recently further simplified its product offering to bring it closer to the market's requirements. In combination with the Startlening+, SME cofinancing makes it possible to provide an effective support to self-employed entrepreneurs, start-ups, job seekers and SMEs. Since it has been in place the number of applications has also been rising. Once the scheme reaches cruising speed, as many as five hundred financing cases are expected to be handled each year.

You can use both products to invest in working capital, tangible and intangible investments, the commercial part of property investments or to take over an existing business. We do, of course, expect to see a sound, feasible project, carried forward by an entrepreneur who knows his area and his market.

To submit a request for SME cofinancing, contact your bank or BAN Vlaanderen.

SME cofinancing also benefits from European Union support under the Loan Guarantee Facility which is set out in Regulation (EU) no. 1287/2013 of the European Parliament and the Council of 11 December 2013 setting up a programme for competitiveness of small

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and medium-sized enterprises (COSME) (2014-2020).

SPORTS INFRASTRUCTURE PLAN • Five years ago PMV

was involved right from the beginning in an effort to upgrade sports infrastructure through public-private partnerships. It has already created a number of fields with synthetic grass pitches, simple sports halls, multi-functional sports centres and swimming pools all over Flanders. For each project the government provides a maximum subsidy of thirty percent of the annual gross fee that municipalities have to pay for provision of this infrastructure.

The investment value of the whole project is approximately 200 million euros, and in each case the private partner is responsible for long-term maintenance (and operation, where applicable).

Having delivered forty-eight synthetic grass pitches during the period from 2010 to 2015, a further fifteen synthetic grass pitches will be laid in 2016 and the last multifunctional sports centres will be completed.

Together with the nine simple sports halls that have already been built and the swimming pool in Westerlo, this has led to a welcome enhancement of the available sports infrastructure provision in Flanders.

PMV also provided guidance with awarding procedures for six multifunctional sports centres in Aalst, Bruges, Halle, Heistop-den-Berg, Hoogstraten and Lanaken. The first three centres (including two recreational swimming pool complexes) are already operational, while the multifunctional sports centre in Aalst and the recreational swimming pool complex in Halle will be opening in September 2016. Construction work on the multifunctional sports complex

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in Lanaken (which includes a swimming pool) is also starting in 2016 and this will successfully complete the process of upgrading our sports infrastructure to the required standard.

ST-ANNE'S CHURCH IN GHENT • Architect Lodewijk

Roelandt (1786-1864), whose achievements include the University Aula auditorium and lecture theatre in Ghent, the Opera House and the former Law Courts, designed St. Anne's Church in 1851. It was built to replace the old St. Anne's Chapel in Lange Violettestraat, which dated from 1644. Building work on the Sint-Annaplein (St. Anne's Square) began two years later, and on 12 June 1866 Bishop Hendrik-French Bracq (18041888) solemnly consecrated the new church.

It is built to a Rundbogenstil design. This is an eclectic style with Roman, Byzantine and Gothic elements, which was originally devised by German architect Heinrich Hübsch (1795-1863). It was generally used for stations and synagogues.

Although the style was originally an expression of the early natio-

nalistic reawakening in Germany, it spread rapidly through the diaspora to England, Hungary, Poland, the United States and ...

Belgium.

St. Anne's Church is still used occasionally for worship services and concerts. Since the parish is struggling with an increasingly small and ageing community, raising the question of its vitality and resilience in future, the city of Ghent has decided, after consultation with the Diocese through the 'Diocesan church plan for Ghent City Centre', to consider the church for a change of use in the short or medium term. In any case restoration work is also required to both the interior and exterior of the building.

In the course of this change of use it will be ensured as far as possible that the various stakeholders, such as the Diocese and the various Flemish and city-based services, are all able to contribute their views. It is the city of Ghent, as owner of the building, which is looking for a new, meaningful function and wishes to transfer the real rights over the property to another party in the near future.

St-Anne's Church in Ghent.

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It is working on this with Vlaamse Erfgoedkluis (Flemish Heritage Vault). This organisation is a joint venture between the Flemish heritage body Herita and PMV. The aim is to attract a public and/or private partner who will take responsibility for the necessary restoration work and the operation of the building in future years. The Flemish Heritage Vault is also researching whether it can play an active part as an investor in the project.

More information about the options provided by the Heritage Vault can be found at wwww. vlaamseerfgoedkluis.be START UP LOAN PLUS (STARTLENING+) • Start-ups

can use this type of subordinated loan to strengthen the financial structure of their business. These are entrepreneurs who have been running the business as their main job for less than four years.

The maximum amount of the loan is 100,000 euros. It is limited to no more than 50 percent of the investment required and up to four times the management contribution, which may be contributed via a Win-win loan if applicable. For every euro you

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INNOVATIVE FAMILIES, INNOVATIVE COMPANIES "A region of SMEs and family businesses." This is how the economic fabric of F landers is often described. This is quite true. The question immediately arises: what does this mean in terms of innovation and rejuvenation? That is a good question. In other words, is the family driving renewal and change? Or is the family actually holding back renewal and change? The fact that both questions can be asked means that there may conceivably be explanations pointing in either direction. It is therefore useful and relevant to think about this a little more carefully.

KOENRAAD DEBACKERE Flemish Professor specialising in technolog y, innovation management & innovation policy – Facult y of Economics and Business, KU Leuven

"INNOVATION WITH RESPECT FOR THEIR DNA."

When we talk about renewal and change, innovation is the first concept that comes up. The term has acquired a multiplicity of diverse meanings in recent decades. It is important to remember this, because it shows that innovation is not a concept with any kind of abstract, generic meaning. It means that the business needs to reflect on what type of innovation will be the best fit with its "genetic make-up" or even with its DNA. Forty years ago, innovation was very clearly technological in nature. It meant new technologies. We very quickly arrived at the insight that we cannot look at these technologies through the same lens. Some technological innovations represent rather a limited step forward, and are very incremental. Others turn out to have a much more dramatic impact; they represent the beginning of a wave of creative destruction, as referred to by Joseph Schumpeter. These are referred to as radical or breakthrough innovations. They often originate from very innovative startup companies.

IMPACT ON THE MARKET The meanings attached to the term have become even more wide-ranging over the years. That is because innovation is not only something that occurs at the limits of our technological ability. Innovation is clearly firstly and foremostly intended to have an impact on the market. That is in line with the original definition: innovation is the marriage of new knowledge, a new combination of technologies (whether new and/or existing), with its successful introduction in a market environment in the form of new or improved products, services and processes.

The (re)discovery of this focus on the market means that market innovations have received greater attention. Clayton Christensen acquired a reputation as an innovation guru through the introduction of the concepts of 'supportive' innovation and 'disruptive' innovation. The unique feature of his approach is the fact that innovation is very explicitly positioned as an improvement or disruption in the market. Technology does, of course, underlie these factors, but in this approach technology is not ascribed the same prominent, decisive role that it was given in the wake of Joseph Schumpeter's theories.

Since then the meanings attributed to the term innovation have become even more wide-ranging as explicit attention has been focused on organisational, as well as wide-ranging thematic innovations such as eco-innovation, energy innovation, digital innovation etc.

In short, when we put business and innovation together, we have to understand that this means a variety of different things. It immediately becomes clear that this matters when we study innovation in family businesses.

INNOVATION IN FAMILY BUSINESSES Family businesses are the backbone of the Flemish economy. It is therefore important to study the role and place of the innovation process in this group of businesses more closely. Before taking another look at innovation itself, we will first consider the investments that these family businesses make in research and development. From the perspective of technological innovation, investments in research and development act as an important lever.

There are reasons to assume that family companies, thanks to the long-term vision of the family shareholders and their efforts to achieve sustainable 60

continuity, tend to invest more on average in research and development than non family-controlled businesses. There are also, however, reasons to explain why family-controlled businesses would invest less in research and development than their counterparts which are not under family control. One example: a focus on paying out profits to the family, a focus on maintaining harmony between family members at the expense of taking risks, a focus on continuity which leads to fundamental changes being viewed with suspicion.

When we also bring in the empirical evidence by mapping the investments made in research and development by family businesses, we observe that up to now, on average, they invest less in research and development than their non family-owned counterparts. We can see, however, that in recent years these investments have been on the rise in family businesses. At the same time it is also clear that if family businesses do make adequate investments in research and development those investments will have a clear and positive impact on the introduction of renewed products and services by those enterprises. In short, less is invested on average in research and development, but once those investments have been made they definitely bear fruit.

As is clear from the definitions above, however, innovation is about more than research and development. So what can the data on innovation in family businesses teach us? The insights emerging from a lot of the empirical research paint a clear positive picture. In order to characterise the performance of family businesses in terms of innovation, however, we must first look at some of their typical strengths.

Family businesses characteristically have structures and processes that are, on average, more flexible than those of their non family-owned counterparts.

As much of the research literature shows, this is one of the decisive features of family businesses. Thanks to the presence of family shareholders, they are often less formalised and consequently have more flexible forms of organisation. This organisational flexibility has now been validated by a great deal of empirical research. When it comes to innovation, this flexibility has itself been found to be an important and significant determinant of performance in terms of product and process innovation. More specifically, this allows us to show that this organisational flexibility has a positive impact on the extent to which the family business is able to bring renewed products to the market. What is more, this organisational flexibility allows the family business to work very efficiently on process innovation.

That is because this organisational flexibility turns out to make it easier for employees to alternate "normal" routine tasks with innovative activities, resulting in greater efficiency than that of full-time cross-functional teams.

This approach also has the advantage that costs are more strictly controlled, so that robust performance in terms of innovation can be achieved with less investment in research and development. The resulting innovations are much better attuned to the knowledge, skills and size of the business. This in turn leads to respectable performance in the area of innovation.

THE NEED FOR FAMILY-DRIVEN INNOVATION (FDI) These insights have recently led to the insight that there is a need for a unique administrative framework to support and facilitate innovation in family businesses. The so-called Family-Driven Innovation framework, developed in 2015 by De Massis, Di Minin and Frattini, offers a promising, integrated and detailed approach to this. More specifically, it provides a basis on 61

which the specific characteristics of a family business can be linked to the innovation pathway that will be better for the business. In short, the FDI framework aims to link the DNA of the family business to the form of innovation that will be most effective for it.

The FDI framework looks for the effective overlaps between the following important dimensions: the goals, motivation, organisational structure and resources of the family business, on one side, and the optimum search for knowledge, management of the innovation process and the type of innovation that will offer the business the greatest chance of success on the other.

In short, successful innovation in family businesses means innovating in a way that respects their DNA. It has now been very clearly demonstrated that this is not impossible. It can be achieved. Family businesses have a number of advantages (due precisely to the presence of family shareholders) that turn their ability to organise themselves flexibly into a meaningful lever for innovation.

A number of case studies of Flemish family businesses show that this tailored innovation process is not an empty slogan, but a powerful concept that is geared towards achieving results. It is good to see that Flemish innovation policy is also fully addressing this reality. It has three powerful tools that can be used in this process: Flanders Innovation and Entrepreneurship (Dutch: VLAIO), the Flemish Innovation Centres and PMV. These three tools can be used to the full in support of innovative family businesses in Flanders.

CONCLUSION: INNOVATIVE FAMILIES AS PILLARS OF INNOVATIVE BUSINESSES To conclude this short essay, we will set out a few reflections on the families behind the innovative family businesses. One major strength of innovative family businesses in Flanders is the willingness and ambition of the family shareholders to build a business that will give rise to sustainable growth.

Thanks to that willingness and ambition, Flanders now has a set of family businesses that include a superb group of hidden champions, as was shown by a study carried out by VOKA in 2013 together with Hermann Simon.

We would like to see this group continuing their growth in terms of both numbers and strength, both to give recognition to those who have made this possible, but also to allow them to form the backbone of a dynamic, futureoriented Flemish business sector.

The families that seek to do this by taking risks, motivating their many employees, questioning the successes of the past and engaging in renewal at the right time, while explicitly investing their wealth in the future of our region, deserve our respect, recognition and support. Let us make sure we give it to them. The Flemish innovation toolkit and the knowledge base of Flanders are both equipped for this.

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contribute, whether you provide it yourself or obtain it from another source, you can therefore borrow four euros. Credit is also available at an attractive interest rate of 3 percent and entrepreneurs can be exempted from capital repayments for one or two years.

The Startlening+ has a duration of three to ten years and can be combined with SME cofinancing.

The total amount of both loans must not, however, exceed 350,000 euros.

The Startlening+ also has a few extras to offer job seekers wishing to start their own businesses. As a job seeker the duration of your loan must be at least 5 years and in that case PMV does not require any guarantees. If you wind up the business or enterprise, a debt of up to 40,000 euros can even be waived. You will, however, retain the right to claim unemployment benefit if the business ceases trading for any reason within fifteen years after the time when you started working as a selfemployed person.

The Startlening+ is one of the two remaining standard products from PMV subsidiary Participatiefonds-Vlaanderen.

This has recently further simplified its product offering so that it matches the market's requirements more closely.

Together with SME cofinancing, the Startlening+ makes it possible to provide an efficient service to self-employed entrepreneurs, start-ups, job seekers and SMEs. Since it has been in place the number of applications has also been rising. Once the scheme reaches cruising speed, as many as five hundred financing cases are expected to be handled each year.

To submit a request for a Startlening+ you can contact a wide range of employer organisations and support points for start-ups. A list of available

contact points can be found at www.pmv.eu.

The Startlening+ also receives support from the European Union under the Loan Guarantee Facility which is included in Regulation (EU) no. 1287/2013 of the European Parliament and the Council of 11 December 2013 establishing a programme for the competitiveness of small and medium-sized enterprises (COSME) (2014-2020).

STORM HOLDINGS • Three different Storm Holdings are investing in the construction and operation of new onshore wind farms which have been developed

by Storm Management. Two holding companies are active in Belgium and there is a third in Ireland.

The first Storm Holding, which was founded in December 2011, has been fully invested since late 2014 and has eight wind farms in its portfolio via a number of subsidiaries. This accounts for eighteen wind turbines in Flanders (Dilsen-Stokkem, Geel, Genk, Maasmechelen, Meer, Wachtebeke, Westerlo and Wielsbeke) and total installed capacity of 42 megawatts.

This allows Storm Holding to supply energy to thirty thousand households.

Storm Holding 2 was founded in early 2015 and in March of that year it built two turbines in Desselgem. There are also plans for three wind turbines on the Arcelor Mittal site in Ghent. The fund will ultimately be similar in size to the first Storm Holding, namely eighteen turbines and a combined capacity of 46 megawatts.

Storm Holding Ireland dates from mid-2015 and like the other funds it will invest in building and operating wind farms, but in this case in Ireland. In September 2015 construction work began on

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six turbines in Old Mill, which account for an installed capacity of 17 megawatts.

PMV has been helping Storm Management since the beginning.

It supplied specific knowledge of the sector and invested funds during the characteristically long and difficult development period during which permits for its large wind turbines were processed. In each wind farm it or its subsidiary PMF Infrastructure Fund took up a participation of about 40 percent of the required amount of investment or 8 million euros each in the form of capital and subordinated loans.

In that way it has made a significant contribution towards the achievement of the Flemish and European 20.20.20 targets.

STUDENT ENTREPRENEURS •

In January 2016 there were more than five thousand students in Belgium who were also running their own business. This figure comes from the ADMB child benefit fund. A survey carried out

by UNIZO also showed that no less than four in ten young people aged between sixteen and eighteen are thinking about starting their own business. So there is a clear interest in entrepreneurship among our young people. A number of them do not even wait until they have graduated. They start their own business even while they are students.

To respond to this need, PMV/Z is making the Startlening+ available to students who wish to start a business or develop it further – up to four years after the start-up. This is because the Startlening+ is the ideal financing product for start-ups.

Those who are interested in rolling up their sleeves even while they are still students can contact PMV/Z at any time for more information.

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TECH LANE GHENT • Tech

Lane Ghent is the collective term for a number of state-ofthe-art business parks. Ghent wants to bring together and market all its advantages in the area of knowledge and innovation infrastructure under a single umbrella.

In southern Ghent, Tech Lane Ghent will be developing a new sustainable regional business park on Eiland Zwijnaarde (Zwijnaarde Island), providing space for offices and laboratories for knowledge businesses (research activities) and mixed businesses (waterside logistics). The park guarantees good accessibility via a direct exit and access road from the Ghent orbital road (R4), thanks to the quay walls along the Upper Scheldt and via an extensive network of cycle paths. The design of this business park has been matched as closely as possible to the

Tech Lane Ghent: the collective term for a number of state-of-the-art business parks.

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surrounding countryside, with extensive green spaces, some of which will be accessible to the general public. The ground level is currently being raised and the necessary preparatory technical studies are being carried out so that the internal road network can be built and to allow development of the coastal strip along the tidal arm of the Scheldt. This work is scheduled to begin in 2017.

The knowledge zone which is being constructed on Eiland Zwijnaarde is being built by a consortium consisting of Alinso Group, the Ghent urban development company Sogent, the Provincial Development Company and PMV. Together with the existing Ardoyen technology park, it will position itself internationally under the name Tech Lane Science Park (69 hectares). It will provide an ecosystem for knowledgeintensive businesses in the IT and communication technology sectors, the life sciences, clean technology and materials research.

The waterside logistics zone, which is being developed in collaboration with Waterwegen

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and Zeekanaal, is being called Tech Lane Logistics (18 hectares). The sum of the parts is referred to as Tech Lane Ghent.

This joint positioning is important in order to work alongside the City and University of Ghent, Flanders Investment & Trade, the Flemish Institute for Biotechnology (VIB) and iMinds to attract additional research and development centres for international technology companies. The foundations for this have been built by concluding an alliance agreement between the partners in Eiland Zwijnaarde, the University of Ghent and the Flemish Institute for Biotechnology (VIB). That will also result in the creation of new property initiatives in which PMV can play a proactive role in facilitating investment.

TRENDMINER • Originally

a spin-off from KU Leuven in 2008, data specialist D Square in Hasselt obtained an additional 5 million euros in late 2015 to put TrendMiner on the map internationally.

This software for the process industry makes information generated by machines easier to understand. The huge quantity of data that is now made available by various sensors and measurement points, is not yet being adequately used. Thanks

to TrendMiner's digitisation and smart search and recognition technology, it is easier to gain new insights and improve efficiency. This is because the system is able to predict new incidents based on patterns of previous events. TrendMiner therefore prevents abnormal situations occurring in the non-stop production process in a company. To do this it uses a technology which is based on pattern recognition, making the system very robust, easily scalable and suitable for use in a wide range of situations.

TrendMiner has already succeeded in gaining a market share of 15 percent while still in its BETA phase, in the test region of Belgium and the Netherlands, including a few very big names in the chemicals, oil and gas industries such as Bayer, Borealis, Evonik, ThyssenKrupp and Umicore. Thanks to this success TrendMiner will be making its debut in the United States even more quickly, with a new sales department in Houston, Texas.

CEO Bert Baeck was even proclaimed Flemish Young Entrepreneur of the Year in 2016.

In this financing round PMV has invested alongside LRM, Gemma Frisius, Fortino Capital and private investor Jurgen Ingels.

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U Urban Crops is aiming for very rapid growth (left: Brecht Stibbe, sales manager Belgium and right: co-founder and CEO Maarten Vandecruys).

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URBAN CROPS • This

specialist in the very latest agricultural technology comes from Waregem and its ambition is to make food production possible throughout the world – desert or tundra – using vertical farming.

This is done using specially designed containers in which vegetables and herbs can be grown on a substrate with (fully) automated LED lighting, misting, ventilation and use of organic fertilisers. With the Urban Crops system it is perfectly possible that everyone will be able to produce their own organic lettuce or spinach in future. What is more, it only takes seventeen days to grow a lettuce, while this can easily take seventy days using traditional farming methods. Less water and energy is required, and no pesticides at all.

Urban Crops aims to achieve very rapid growth, and it is using a balanced mix of financing types to pursue this goal.

In addition to contributions from the entrepreneurs themselves, the company has also received SME cofinancing for 350,000 euros and a bank loan for 150,000 euros.

On 25 February 2016 the Urban Crops pilot Food Factory in Beveren-Leie was officially opened. This is the largest automated indoor farm in Europe.

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F M AMBITIOUS INVESTMENT PLAN TO MOBILISE FINANCE FOR INVESTMENT IN EUROPE

The Investment Plan for Europe launched by the European Commission as one of its key priorities aims to foster the long-term growth of the European economy and job creation by stimulating investment. Its European Fund for Strategic Investments (EFSI) aims to mobilise at least EUR 315 billion of total investment in strategic areas of the EU economy over three years, with a maximum of private capital and a minimum of public funds.

The Commission estimates that the Plan could also contribute to the creation of between 1 and 1.3 million new jobs.

JYRKI KATAINEN Vice-President of the European Commission European Commissioner for Economic and Monetar y Affairs and the Euro Former Prime Minister of Finland

"THROUGH EFSI WE WANT TO MOBILISE AT LEAST 315 BILLION EUROS IN INVESTMENT OVER THREE YEARS."

The overall strategy of the Investment Plan for Europe is based on three pillars: mobilising finance for investment through the EFSI; making investment reach the real economy; and improving the investment environment in the EU. To mobilise finance for investment, the EFSI provides a substantial riskbearing capacity to the European Investment Bank (EIB), which allows the latter to sign a higher volume of riskier operations than would otherwise be possible. It also allows the European Investment Fund (EIF) to increase its reach, enhancing support to European SMEs and Mid-Caps.

Thanks to the EFSI, the EIB is able to respond quickly to financing needs in areas where alternative sources of financing are scarce or unavailable. The projects financed via the EFSI have to provide additionality and bear more risk than normal EIB financing while crowding in as much private sector financing as possible.

CO-INVEST ALONGSIDE THE EIB The EFSI is an interesting opportunity for investors, since it provides them not only with solid, economically and financially viable projects, but also the opportunity to co-invest alongside the EIB, a AAA-rated institution with extensive experience and credibility. In this context, it is expected that the EIB will take a significant share of the overall risk ("first loss piece") and offer more senior instruments to the market. This allows co-investors to participate in investment projects that would otherwise have been deemed too risky. Independent experts approve the projects to be supported irrespective of their geographic location and solely on the basis of the project's economic and financial benefits. Private investors can thus have sufficient assurance that the projects supported by EFSI are worth investing in. Indeed, the projects financed so far have attracted a significant share of private investment.

The EFSI has made a swift start. Since its entry into force in July 2015, it has been helping to finance infrastructure and innovation projects across key sectors such as energy and resource efficiency, transport, broadband, research, health as well as SMEs and Mid-Caps. So far, approved projects are expected to mobilise more than 80 billion euros of investments and support over 150,000 SMEs across 25 Member States.

OVER 1,3 BILLION EUROS IN TOTAL INVESTMENT In Belgium, an offshore wind project, a project for the remediation and regeneration of polluted brownfield sites, and six financing agreements for SME support – including with PMV – have already been concluded under the EFSI. Overall, this is expected to generate over 1.3 billion euros in total investment and to support more than 2,000 start-ups, SMEs and MidCaps across Belgium. The agreement with PMV will allow Participatiefonds Vlaanderen, a subsidiary of PMV, to provide 40 million euros of loans to over 700 SMEs in Flanders over the next two years.

The Investment Plan presents a huge opportunity for Flanders. Combining the EIB's expertise with the support offered by the EFSI can lead to a smarter use of financial resources and help boost investments in key sectors of the Flemish economy. Moreover, it is important to know that the EFSI can also be combined with other funds, such as European Structural and Investment Funds. The EFSI is a very flexible instrument to which the usual application procedures for EIB Group transactions apply. Project promoters – be they 68

private or public – can apply for funding directly with the EIB. SMEs and Midcaps interested in EFSI transactions financed via the EIF can contact EIF financial intermediaries. The list of intermediaries active in Belgium is available here: http://www.eif.org/what_we_do/where/be/index.htm.

INVESTMENT PLATFORMS The EFSI also allows for the creation of Investment Platforms, which are a means to aggregate investment projects, reduce transaction and information costs, and provide for more efficient risk allocation between various investors.

Investment platforms open up financing from multiple sources to a pool of projects with a thematic focus (e.g. energy efficiency, sustainable transport, broadband or SMEs), or a geographic focus (e.g. projects in several Member States, or within a particular region). They can also allow for the pooling of a number of smaller or local investment opportunities, which would by themselves be too small to benefit from EFSI, or to make bundled projects accessible to new investor groups, for example pension funds or overseas institutional investors that are less familiar with the EU market.

To help investment reach the real economy, the Commission and the EIB have set up the European Investment Advisory Hub (http://www.eib.org/eiah/). The Hub is Europe's gateway to investment support. It offers a single access point to a comprehensive offering of advisory and technical assistance services. Project promoters, public authorities and private companies can receive technical support to help get their projects off the ground, make them investment-ready, gain advice on suitable funding sources, and access a unique range of technical and financial expertise.

In addition, the Commission has put in place the European Investment Project Portal (www.ec.europa.eu/eipp). The Portal is a website offering a transparent pipeline of investable projects in the EU, so international investors can see what opportunities exist. Project promoters can submit their projects online, where they will be matched with relevant investment opportunities. The Portal is not limited only to projects to be financed with EFSI support but is open to any Europe-based investment project looking for funding.

The Commission is also working on an ambitious approach to remove bottlenecks to investment, to provide greater regulatory predictability, and to reinforce the Single Market through complementary actions at EU and national level. In the medium-term, this will ensure a better business climate and attract further investment in Europe.

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“THE INVESTMENT PLAN PRESENTS A HUGE OPPORTUNITY FOR FLANDERS. COMBINING THE EIB'S EXPERTISE WITH THE SUPPORT OFFERED BY THE EFSI CAN LEAD TO A SMARTER USE OF FINANCIAL RESOURCES AND HELP BOOST INVESTMENTS IN KEY SECTORS OF THE FLEMISH ECONOMY.”

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On 18 January 2016 PMV put enterprise in the spotlight during a New Year reception at Tour & Taxis.

From left to right: Christian Jebsen, CEO Kebony; Rudi Pauwels, CEO Biocartis; Benjamin Rieder, CEO Bubble Post.

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V-BIO VENTURES FUND • In late 2015 ARKimedes-Fonds II invested 10 million euros in V-Bio Ventures. This new investment fund for the life sciences and biotechnology sectors consequently has 63 million euros in the bank. It is managed by partners Christina Takke and Willem Broeckaert.

The earliest investors – both private and institutional – also include the European Investment Fund (EIF), Gimv, Korys, KU Leuven and the Flemish Institute for Biotechnology (VIB). In 2016 Gimv and the Federal Participation and Investment Company joined the club too.

The strong commitment from the EIF confirms the good reputation of Flanders as a top region for biotech companies.

The new investment fund is a catalyst for the launch of innovative businesses and it offers extra funds to support the growth of the Flemish ecosystem in the life sciences.

V-Bio Ventures therefore selects start-ups and new companies with high growth potential. It will be concentrating on investments in (bio)pharmaceuticals, diagnostics and agricultural improvements.

V-Bio Ventures will also work closely with the VIB. This research institute is one of the very best in the world and it has an impressive track record of developing successful start-ups in the life sciences.

VERITAS • Veritas is one of

the oldest success stories in the retail sector in Belgium. The first store was opened in 1892 when Jean-Baptiste Leestmans bought an old mercer's shop in Antwerp city centre. In 1930 Veritas developed into Belgium's premier specialist for sewing equipment, fashion accessories and stockings. No other shop

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Veritas - Leuven

had these three ranges under one roof, which made the company a concept store before the term was even invented.

In 1971 there was a growing understanding that Veritas needed a consistent image and that the company ought to have a recognisable logo. This was what became the iconic yellow button. Recently the logo has been updated, giving the brand a fresh, trendy look in the market again, ready to serve the needs of the growing numbers of DIY fashion enthusiasts.

Veritas has been working since 2013 on plans to engage more with today's world of globalisation and digitisation.

With its unique brand, personal story and discerning vision, it is very enthusiastic about the future and in recent years it has invested a lot in modernisation

of its logistics infrastructure and development of an e-commerce platform. The company is now ready to serve its customers via multiple harmonically integrated channels. Veritas now has one hundred and twenty-eight stores in Belgium and Luxembourg.

In April 2015 the investment company Indufin bought the well-known chain of stores from the founding families. Together with the management, which now also holds a stake in the capital, Indufin wants the company to continue its growth both in Belgium and abroad. Indufin is owned by the investment company Luxempart, which is listed on the Luxembourg stock exchange, and the unquoted family-owned Flemish investment company De Eik. Mezzanine Partners 1, a joint initiative between PMV and

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Capital@Work, has provided a mezzanine loan to make this transaction possible.

VIA-INVEST • PMV subsidiary

Via-Invest carries out public works through public-private partnerships. Providing the links that are missing from the Flemish waterways and road networks and dealing with bottlenecks that reduce capacity are important preconditions for ensuring the smooth movement of traffic. People who sit in traffic jams every day are aware of their social and economic significance.

Via-Invest is bringing together the technical expertise of government departments in the area of public works with PMV's expertise in financing and public-private partnerships.

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NEOSCORES: FROM START-UP TO SCALE-UP To become the iTunes for musical scores. That and nothing less is the ambition of Flemish start-up neoScores. Although it is only just possible to call neoScores a start-up: last year they attracted 2 million euros in venture capital, there are now fifteen people working there and they recently opened their first foreign office in New York. On the way to world domination? "We hope so. But we do understand: the higher we aim, the further we could fall."

BART VAN DER ROOST CEO neoScoresÂŽ

Bob Hamblok, Jonas Coomans and Bart Van der Roost are three enthusiastic, professional musicians who went in various directions after graduating. Hamblok worked as a web developer, Coomans became a bassoonist at the Brussels Philharmonic, the same symphony orchestra where Van der Roost was working as operational director. It was Hamblok and Coomans who came up with a simple but visionary idea in 2008: a web application for musical scores, at a time before iPads and touchscreens were on nearly every kitchen table. "It took them a while to convince me", laughs Bart Van der Roost, who is now CEO of neoScores. "But in 2012 they had a prototype that worked. Just then the orchestra received a request from Samsung, which wanted to 'do something' with the Brussels Philharmonic.

They wanted to present their Galaxy Tab 10.2 and we wanted to test the app, so it worked out well."

In late November that year the Brussels Philharmonic therefore played the first digital concert ever. Instead of large paper scores, each musician simply had a tablet in front of him. It was the neoScores technology rather than the tablet that got the most attention from the press, and Van der Roost was also convinced. In mid-2013 he left the Philharmonic and went to work full-time for neoScores.

VENTURE CAPITAL NEEDED Until 2015 they were still just "three boys with an idea", says Van der Roost. Although the

start-up did enjoy a few notable successes.

In 2014 in Seoul (Korea) they were acclaimed the world's second most promising start-up, at the Startup Nations Summit. "However, we were getting by with very little capital. During that period we used up all our savings." In early 2015 they received some good news: Schott Music, a large German music publisher, wanted to come on board with them. That contract also brought them an unbelievable catalogue: neoScores had to process eighty thousand music files. "We were enthusiastic, but we only had two developers. It was clear that we were not going to make it unless we could become a lot bigger", says Van der Roost.

has potential: every year people spend up to 4 billion dollars on paper scores. Nevertheless, the sector has not seen any innovation for three hundred years: 90% of sales are on paper.

There was not only a need for a real digital format for scores – like MP3 for audio files – but also for a marketplace: a single place where you could buy digital scores legally."

The last part was not their original intention.

NeoScores just wanted to make a cool app.

They had some crazy ideas: the app would be able to listen to you playing via the microphone on your instrument and it would therefore know when to turn the page. "From our tests, however, it turned out that many musicians were nervous about all those extra features, so we shelved those plans. Gustaf is now a stylish app with strong functionality that can do a lot, but our unique selling point is the fact that we are also a sales platform. After all, what is the good of a slick app if you can't find your Miles Davis or your Bach? So now our focus is on extending our offering as far as possible: we are currently covering about 60 percent of the market, which means 150,000 scores."

The ambitious entrepreneurs needed money, a lot of money. So the company started a venture capital raising process. That turned out to be more successful than many people had initially thought: by mid-July 2015 they had 2 million euros. Crowdfunding brought them about 100,000 euros and the PMV, Theodorus III and SOFI funds together invested 1.2 million euros in the Antwerp company. "We were glad that both PMV and iMinds put their trust in us. The rest came from a few business angels", says Van der Roost.

The only way to be successful in the marketplace is by becoming a large global player as quickly as possible, says Van der Roost. "There are currently a hundred and twenty-five ways of buying audio legally. But how many of them do you know about? Spotify and Apple Music, generally that's as far as it goes. Have you ever heard of Nokia Music Club? It has had a few million invested in it, but nobody knows about it. This is a theory that has been proven correct again and again: there can only be one or two large players in this field. So we have to try to conquer the world from the start."

"GUSTAF IS NOW A STYLISH APP WITH STRONG FUNCTIONALITY THAT CAN DO A LOT, BUT OUR USP IS THE FACT THAT WE ARE ALSO A SALES PLATFORM."

The whole capital raising process resulted in a nine month delay for the team from Antwerp. In retrospect, however, Van der Roost nevertheless sees it as a good thing. "By the time you have got your money together, you have sat through dozens of meetings at which intelligent people ask you a lot of difficult questions. You are confronted with your weaknesses again and again. In time that does help you to get everything perfectly clear."

THE BIRTH OF GUSTAF Since this year the app will be continuing to operate under the name Gustaf. The name sounds good in every language. It is a reference to Austrian composer Gustav Mahler and in many languages a 'stave' or 'staff' is also used for writing music. It allows you to buy and process digital scores legally. These are converted to a proprietary format, they adjust automatically to the screen of your tablet or smartphone and work on every operating system. The range extends from Mozart to Shakira, from bagpipe music to people who want to learn how to play AC/DC on a guitar.

PIVOTING For neoScores this even meant a small change – a pivot as they call it in the sector – in their business strategy. "The music scores sector

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Americans." They are gradually evolving from a start-up into a scale-up. They are growing rapidly and successfully. The bigger and faster you grow, however, the further you can fall.

"In all honesty this step is keeping me awake at night more than the others", says Van der Roost. "Just imagine we had gone bankrupt in 2014. That would have been a shame, but we would only have lost our own savings. If we go bankrupt now, we have burned through two million from respected funds and captains of industry and I will have to lay off fifteen people.

That is a completely different story. Statistically the risk is high: eight out of ten tech companies go bankrupt. There is one statistic, however, that offers some relief: for those that work with iMinds, it is only six out of ten. That means we have a slightly better chance. (laughs)" THE NEXT GOOGLE Starting is not so difficult, says Van der Roost; it is continuing to consolidate and grow that is really difficult. "We have to continue to find enough talent to come and work for us. We are managing that at the moment, although the government could make it easier for us to recruit talent from abroad. Now much more than two years ago I really do have to manage a company. Fortunately I have support on our Board of Directors from some experienced CEOs. Mentors like that are simply priceless."

Brussels Philharmonic played the first digital concert ever.

"We do have competitors, but we offer the most complete range. With Gustaf it is very easy to make notes on your scores and from this year you will be able to share them too.

Links to YouTube clips, changing colours for certain parts, adding voices: you cannot do any of these things using PDF."

Financing for rapidly growing companies is also still easier to come by in the United States and Asia than it is here in Europe, even though it is beneficial for the Flemish economy to keep companies like neoScores here. "If we want to see the next Google come into being here, more money will have to be released to invest in our companies. Our American competitor gets a million dollars with a single phone call.

We have to work for six months to get that.

We are really spending cash now so that we can ultimately make a lot of profit, but to do it we will need even more money. Nevertheless, I believe in it. I think we have got the right team, the right product and the right investors, who think in the same way that we do. PMV gives us time to grow and if necessary it also has the resources to provide extra funding."

The number of users is currently around twenty thousand, ten thousand of whom use the app very regularly. That number needs to grow a lot larger, and quickly – ambassadors like wellknown pianist Jef Neve have been brought in to make this happen – but for now the team is continuing to focus on the supply side: offering as many scores as possible. "We currently have deals with four of the five largest players in the market; only the largest publisher of all, Hal Leonard Corporation, has not yet come on board. We are noticing, however, that it is increasingly easy to persuade music publishers of the benefits we offer."

NeoScores has now become a real business: there are fifteen employees. If all goes well, they will be joined this year by ten more. They have just opened their first foreign office, in New York. "We need to have a presence in the cultural heart of America, especially when you consider that half of our customers are

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VILVOORDE PRISON COMPLEX

In 2015 Via-Invest continued to work hard on the ongoing procedures to obtain permits for the N60 in Ronse and the Limburg North-South Link. In the same year Via-Invest also announced the government tender to raise the bridges over the Albert Canal and was awarded a silver trophy for its A11 project in the Global Government PPP Promoter of the Year class from the international PPP Bulletin Magazine. Important factors in the jury's decision were the organisation's strong track record and its commitment to innovation.

Since the European authorities have recently imposed a stricter view on budget-neutral PPP projects, the future of PPPs of this kind in Flanders will also be in jeopardy. Via-Invest will also have to reorientate itself to become a company that no longer takes up participations and which will be owned directly by the Flemish Region.

The Flemish Minister for Public

Works and Mobility has already given instructions to prepare for the formation of a new operating company.

VILVOORDE PRISON COMPLEX • Architect Laurent-

BenoĂŽt Dewez (1731-1812) completed the original Prison in Vilvoorde in 1779. This prison complex, which is also referred to locally as the 'Korrektie' (Correctional), was the second 'modern' prison in the Southern Netherlands, with 1,200 cells on four levels. In the wake of the Enlightenment, the way people thought about prisons began to change. In particular, those serving short sentences were treated differently. Rather than torture and corporal punishments, rehabilitation was more likely to occur, although this did take the form of forced labour. That is because 'laziness' was viewed as the source of all evils.

The Prison had a turbulent history over the years and evolved from a state prison into

De linkervleugel van het Tuchthuis in Vilvoorde.

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a military prison and then a barracks. The city of Vilvoorde purchased this remarkable building in 1981 and housed a number of associations and city departments there. In 2006 it was protected as a heritage building and at that time the mayor and some of his aldermen allowed the television programme Monumentenstrijd (Monument Battle) to lock them up in a cell for twenty-four hours.

The Prison is now located at the focal point of the so-called 'Kanaalpark' (Canal Park).

This is an ambitious, integrated conversion and development project for the derelict industrial area situated between the Brussels-Scheldt Sea Canal and the Schaarbeeklei. The left wing, which is the most authentic section presenting the greatest historical interest, still has to be renovated and will ultimately also be given a new purpose.

In early 2015 the city of Vilvoorde therefore signed a

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VOLTA VENTURES

collaboration agreement with Vlaamse Erfgoedkluis (Flemish Heritage Vault). This is a joint venture between PMV and the Flemish heritage organisation Herita. The Heritage Vault carried out a comprehensive market assessment for the redevelopment of this unusual property for sustainable use as a functional site. It produced a business plan focusing mainly on spatial planning and architectural impact of the property and on financial and economic feasibility.

Since the Flemish Heritage Vault is also considering making an investment of its own, it is very important for the project to become self-funding. That is because the Vault is a rolling fund so it must ensure that the amounts invested will be returned, preferably with a yield.

Any private player able to meet the financial criteria while also preserving the heritage value as far as possible will no doubt find that the Flemish Heritage Vault is open to the proposal and support may be available in the form of capital, (subordinated) loans and/or guarantees. More information about the opportunities provided by the Flemish Heritage Vault can be found at www.vlaamseerfgoedkluis.be

Volta Ventures focuses on investments in internet and software start-ups in the Benelux region and likes to make its shareholders' international experience and network available to promising ICT start-ups with a scalable business model.

By late 2015 Volta had already invested 2.7 million euros in the following businesses: Beatswitch develops management software for performers and festival organisers, Cashforce is working on a cash management platform, and Sentiance develops 'customer engagement software' by analysing sensor data from mobile devices.

VOLTA VENTURES • In late 2014 a group of about thirty experienced ICT business angels came together with the European Investment Fund (EIF) and PMV (via ARKimedes-Fonds II) to set up the venture capital fund Volta Ventures ARKIV. Its initial capital was 42 million euros, of which 10 million euros came from ARKimedes. In 2015 Marc Coucke and Michel Akkermans also joined the fund, bringing Volta's capital up to 55 million euros.

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WIN-WIN LOAN

WIN-WIN LOAN • In 2015, a total of 9,161 Win-win Loans were taken out in Flanders for a total of 246,749,488.55 euros.

On average Flemings took out about five Win-win loans every day in 2015.

There are always two winners in each case, since the friends, acquaintances or family members who grant Win-win loans to a company receive an annual tax credit of 2.5 percent of the amount they have lent. This makes it easier for entrepreneurs to obtain capital from the people closest to them. If the company ultimately does not repay the subordinated loan, the investor will get back 30 percent of the capital that has not been repaid via a single tax credit.

It is not only start-ups that are eligible for a Win-win loan.

All SMEs with an operating site in Flanders can borrow up to 200,000 euros via one or more Win-win loans for a maximum of 50,000 euros. The loan, which

has a standard duration of eight years, can also be repaid early, either in instalments or in full.

The procedure for taking out a Win-win loan is very simple.

Using the website at www.winwinlening.be, both the lender and the borrower complete the necessary details. On the basis of this the loan agreement and the associated repayment schedule are generated automatically. The lenders send one signed copy of these documents to PMV subsidiary Waarborgbeheer nv, which checks whether all the conditions have been met. If so, it registers the Win-win loan and informs the lender of this in writing. To obtain the annual tax credit of 2.5 percent, the lender has to attach this letter to his personal tax return.

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F M SUCCESSFUL ANCHORING OF FLEMISH BUSINESSES A ship that has put down its anchor will stop and make no further progress. It will not move. A ship that has no anchor is constantly in motion. It makes way under its own power – whether it is under sail or has engines – or it will be driven along by the current or other natural forces. It may even become the plaything of the wind, the waves and the tides. It will never be still. It is necessary for a ship to have an anchor.

To remain stable when necessary due to currents or inclement weather, to avoid running onto the rocks.

On the other hand, merely having an anchor is not enough to allow a ship to carry out its mission. Sound sails or a powerful engine are needed too, in order to make progress. A good captain and experienced crew are also absolutely essential. The ship must be well built and seaworthy.

PHILIPPE BARON VLERICK Chairman of the Board of Directors CEO V lerick Group & UCO

"BUSINESSES THAT HAVE THEIR DECISIONMAKING CENTRES IN FLANDERS HAVE A POSITIVE IMPACT ON OUR ECONOMIC DEVELOPMENT."

What is more, having a strong anchor is definitely not the same as lying at anchor forever and never seeking to make headway again. Nevertheless, "anchoring" in a global economy is often viewed as something limiting and restrictive, and it raises more questions than it answers. The international framework in which companies operate appears at first sight to run completely contrary to the traditional idea of anchoring. Since the introduction of the euro, the enlargement of the European Union and the triumph of free trade within the WTO resulting in further globalisation, this new context means that many companies are having to seek increases in scale and consolidation through mergers and acquisitions.

This can, however, lead to restructuring and job losses, and if the company carrying out the takeover is a foreign group, which is often the case, this can also have the effect of delocalisation and loss of economic activity and employment within Flanders. Sometimes it even means that the whole decision-making centre of the company that has been taken over is completely lost, which results in long-term consequences for our economy. We all know that family comes first.

PRESSURE FROM EMERGING ECONOMIES In addition to the specific, far from optimal framework in which Flemish businesses have to operate (which is fortunately being addressed), the emerging economies are also noticeably ratcheting up the pressure on our traditional industrial sectors such as textiles, steel and car assembly. As a result a large proportion of our industrial fabric has already vanished, despite all efforts to anchor those industries locally. Textiles plans, steel plans and tailored government support for at-risk sectors all have little effect if the underlying global economic current is moving in the opposite direction.

Sailing against the current and doggedly insisting on keeping certain activities here to preserve jobs in the short term is rarely the right decision.

Support to keeping coal mines open and preserving the steel industry did not achieve much in the past. Or, to use the words of one English Prime Minister: "We should accelerate the inevitable". Darwin's law applies in the economy too: whoever adapts to changing conditions best, will survive.

Nevertheless – to maintain a more balanced view –I do support the idea that having companies that have always been rooted in our Flemish society brings major benefits to our economy and for everyone who lives and works here. The greatest benefits of all are for the business itself, its employees and its direct stakeholders. As we have shown above, too much influence from abroad also makes an economy vulnerable and that in turn makes a society more vulnerable too.

When restructuring processes are required, it is therefore often better if the business and its head office remain here than for it to become a subsidiary of a foreign group. One example of this is what has happened to our car assembly companies and their supplier firms during the past twenty years.

Furthermore, local codetermination of the strategic decisions made by a business is actually essential when it comes to strategically important sectors such as energy supply and lending.

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SUSTAINABILITY FOR SOCIETY AT LARGE The importance of having a large number of well-anchored companies goes beyond the interests of those companies themselves, their employees, local shareholders and direct stakeholders. Its real importance is the sustainability it gives to society as a whole. Companies with their head office and decision-making centre in Flanders have a positive impact on our economic development, while preserving and in many cases extending their knowledge centres, the support services provided to the head office by third parties locally and our image abroad.

The cultural and social life of Flanders is therefore supported better by our "own" companies than by subsidiaries of foreign groups. In other words, our whole society benefits if Flemish companies can keep their decision-making centres here and then spread their wings from here to excel as champions in their own fields of activity within globalised markets throughout the world.

In my opinion there are three types of "anchoring" that can ensure that our companies keep their decision-making centres here.

First of all there is anchoring of talent. This is mainly but not exclusively important in future-oriented sectors which can make a difference in a globalised economy thanks to the know-how that they have in house. That know-how is produced by talented employees. They should be cherished so that they will continue to work in Flanders. Government policy is needed in this area. We as a society must invest in the development of talent in our knowledge institutions, provide opportunities to well-trained people and make it sufficiently attractive for them to stay here. In that way we can continue to create prosperity here in the future.

Secondly there is anchoring within a sector. When companies within a single sector join forces, this can lead to the emergence of real Flemish world players which have the necessary scale and effectiveness to make it on a global level. The history of the world's largest brewer is an excellent example of this. Intensive collaboration between universities and companies can also create the necessary basis for new future-oriented activities, with their global ambition as the driving force.

Thirdly there is financial anchoring. I am convinced that real anchoring of decision-making largely depends on stable financial anchoring. It is still true that "Whoever pays the bills makes the rules". We will need to do better in future at bundling our capital to ensure that large, ambitious projects that have taken root here can also be financially supported from here. The Government should have a part to play in facilitating this, by creating fiscal stimuli that will encourage risk capital. A favourable stock market environment, both for companies and for individual savers, can contribute towards this. In the past our promising companies, with a number of fortunate exceptions, have waited too long to benefit from the additional financial leverage offered by being quoted on a stock market so that they could grow to become global winners. It is therefore important for companies to turn to the financial markets at the right time, and even for family shareholders to let go of some of their imagined power, if that is necessary. It is also important in this context to encourage an understanding among controlling shareholders that watering them down to some extent through a market quotation may be beneficial both for the company and for themselves.

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BUNDLING FLEMISH CAPITAL In past decades we have also missed a number of opportunities to continue providing financial support to our growing companies by bundling of Flemish capital, a process that would anchor them here. Bundling capital in this way would of course have been hugely beneficial if we had large pension funds like some European countries do. It is also possible to ask whether we might benefit from promoting the financial anchoring of our businesses by introducing the technique of "double voting rights" for the long-term shareholder, similar to the situation in France. The criticism that will be heard from the English-speaking world in response to this may result in a small dip in the market price. If that does happen we should simply accept it, because it will create more space to embark on larger growth and expansion plans without running the risk of the anchor becoming dislodged.

Finally I am convinced that our region benefits hugely from keeping successful companies that have and keep their roots here, to strengthen our identity as a business-friendly, entrepreneurial society where people enjoy living and working. Successful businesses create a virtuous circle in which talented young people are attracted here and end up staying, diverse companies are formed to support those successful businesses and foreign initiatives also come to start up here. Successful businesses, then, represent both the force driving the economy and also the kingpin supporting it, making them highly beneficial for our society.

Our future prosperity and resulting well-being both depend on this.

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Y YSEBAERT, CLAIR

YSEBAERT, CLAIR • You

don't have to be a visionary to set up an investment company.

Nevertheless, a little clairvoyance may come in handy.

On Tuesday 20 October 2015 PMV said farewell to its Chairman Clair Ysebaert at the Handelsbeurs in Ghent.

He has always been a person who makes things happen and fifteen years ago he was one of those responsible for the creation of PMV from its original parent Gimv. Ultimately he also cut the cord that bound the two together while carefully ensuring the close family relationship was preserved. He quickly turned PMV into a fully fledged investment company. It is partly thanks to his efforts that PMV is now an ambitious investment group which is looking to the future with enthusiasm and will continue to support entrepreneurship in Flanders. PMV, its

Clair Ysebaert, Honorary Chairman of PMV.

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Board of Directors and all his colleagues would like to express their sincere thanks to him for this.

It is never easy to say goodbye to an organisation that is so close to your heart. With the Speaker of the Flemish Parliament, Belgian government watcher Ivan De Vadder, singersongwriter Jonas Winterland, pop icon Paul Michiels, grateful colleagues and good friends, it was an unforgettable evening in Ghent. A fitting tribute perhaps to the flair and passion that Clair Ysebaert has brought to PMV, making it the do-anddare company that it is now.

YSEBAERT, CLAIR

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This index provides an overview of the features that have been published in the current and previous editions of the ABC of PMV. 2009 Amakem ARKimedes Corporate investments Business centre Belwind Inland navigation Biofer Broad schools Brownfields Creative industry CultuurInvest DBFM Corporate governance Sustainable development Eco Projects Electrawinds Financial crisis Fonds VlaanderenInternationaal Area development Gigarant Growth financing Groeimezzanine (Growth mezzanine) Green energy Ports Leverage PMV on the move Helchteren/Houthalen iCUBES Infrastructure Innovatiemezzanine (Innovation mezzanine) Petroleum Zuid Investment Zone Key figures J curve Kempen KidsInvest Climate funds Life sciences Lunchcauserie Merelbeke Fashion Nautinvest Norkring Novovil Organisation Project investments Public-private partnerships Board of directors Ronse Portfolio

PMV on the move Clean technology School Invest Signature Vermeulen Social Investment Fund Sports infrastructure Study day Symposium Thenergo Publishing firm Property Vrijdag Via-Invest Visys Flemish Administrative Centres Flemish Innovation Fund Flemish Environmental Agency Football stadiums VRT transmitter infrastructure Guarantees Guarantee scheme Willebroek-Noord Win-win loan Xenics Ysebaert, Clair Seed capital Zaventem Zeebrugge PMV publications

Corporate governance Sustainable development Eco Projects Electrawinds Flanders’ Care Invest Fonds VlaanderenInternationaal Area development Gigarant Greenhouse construction Growth financing Groeimezzanine (Growth mezzanine) Green energy Feasibility studies Ports Leverage Helchteren/Houthalen Ikaros Solar Park Fund I Infrastructure Innovatiemezzanine (Innovation mezzanine) Jean Stéphenne Kempen Key figures KidsInvest Climate funds Life sciences Libelya Merelbeke Fashion Nautinvest Norkring Novovil Open Schools Organisation Public-private partnerships Rebo Ronse Portfolio Scholen van Morgen (Tomorrow's Schools) Clean technology School Invest Social Investment Fund Sports infrastructure Stopcontact op zee Thenergo TINA Property Vesalius Biocapital Via-Invest Koen Schoors Flemish Innovation Fund

2010 110 years of PMV Adam Software Aescap Venture Arcarios ARKimedes Corporate investments Business centre Belwind Biofer Biocartis Blue Gate Antwerp Brownfields Capricorn Health-tech Fund Creative industry CultuurInvest Citymesh DBFM DBM+F

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Flemish Administrative Centres Flemish Environmental Agency Football stadiums Board of directors Guarantee scheme Willebroek-Noord Win-win loan Ysebaert, Clair PMV welcomes Seed capital Zaventem Zeebrugge PMV on the move PMV publications 2011 Alvey Alvey Amakem Aminolabs ARKimedes Corporate investments Business centre Belwind Biocartis Blue energy Blue Gate Antwerp Brownfields Cartagenia Cultural and creative industry Dbfm Corporate governance Deurganckdok Lock dINK Ducatt Sustainable development Eiland Zwijnaarde Electrawinds Flanders’ Care Invest Area development Gigarant Growth financing Green guarantee Feasibility studies Leverage Inclusie Invest Infrastructure Innovatiemezzanine (Innovation mezzanine) Itineris Kempen North-South Link KidsInvest Synthetic grass pitches Larian Life sciences Tailored solutions Merelbeke R4 Nautinvest Norkring Novovil Open Schools

Organisation PMF Infrastructure Fund Public-private partnerships Q-Biologicals Rebo Saninvest Scholen van Morgen (Tomorrow's Schools) Clean technology Social Investment Fund Sofi Sports halls Sports infrastructure Stopcontact op zee Supremo Tina Property Vesalius Biocapital Via-Invest Flemish Administrative Centres Flemish Environmental Agency Flemish Innovation Fund Guarantee scheme Win-win loan Yesplan Ysebaert, Clair Seed capital Zaventem 2012 A11 AgroSavfe ARKimedes Awingu Bank plan Beast Animation Corporate investments Belwind Biocartis Blue Gate Antwerp Boma Brownfields Campus Syntra Cartagenia Central Housing Go! Christophe Ruys 360° Agency Cultural and creative industry Dbfm Corporate governance Ducatt Sustainable development Eiland Zwijnaarde Electrawinds Erfgoedkluis (Heritage Vault) eSaturnus Frigilunch Area development Gent R4 Gigarant Growth financing Feasibility studies Hefboom High Wind Imalso Site Inclusie Invest Infrastructure Innovatiemezzanine (Innovation mezzanine) Iparc Itineris Kempen North-South Link Key figures KidsInvest Synthetic grass pitches Life sciences Tailored solutions Motum Nautinvest Newtec Norkring Ontoforce

Nieuwpoort Rechteroever (Nieuwpoort Right Bank) Norkring Offshore Organisation Parkwind Participatiefonds (Participation Fund) Partnership PMF Infrastructure Fund Posios Public property Q-Biologicals Board of directors Racktivity Rebo Risk management Risk capital Ronse N60 Sanatorium Lemaire Scholen van Morgen (Tomorrow's Schools) Slim Turnhout (Smart Turnhout) Sofi Sports infrastructure Brussels Philharmonic Foundation Stopcontact op zee Trod Medical Property Via-Invest Vlaamse erfgoedkluis (Flemish Heritage Vault) Virginie Loveling building Guarantee scheme Win-win loan Xeikon X-factor Ysebaert, Clair Care Swimming pools

Open Schools Organisation Parkwind PMF Infrastructure Fund Public-private partnerships Public property Quinvita Board of directors Racktivity Rebo Saninvest Scholen van Morgen (Tomorrow's Schools) Slim Turnhout (Smart Turnhout) Social Investment Fund Sofi Sports halls Sports infrastructure Stopcontact op zee Tina Property certificates Vesalius Biocapital Via-Invest Flemish Tax Office Football stadiums Guarantee scheme Win-win loan Ysebaert, Clair Seed capital and start-up capital Zaventem Care Swimming pools 2013 A11 Additive manufacturing Ambition Argen-x ARKimedes Corporate financing Tax Office Biocartis Blue Gate Antwerp Brownfields Campus Syntra Cardio3Biosciences Creative industry Dbfm Corporate governance Do & Dare Dragon Commander Ducatt Sustainable development Eiland Zwijnaarde Exit FRX Area development Gent R4 Gigarant Growth financing Feasibility studies Handelsbeurs Antwerp Restructuring Huisvesting Fit (Housing Fit) Huisvesting Go! (Housing Go!) ILand Imalso Site Infrastructure Innovation Institutional financiers Itineris JIMS Fitness Kempen North-South Link Synthetic grass pitches Laboratoria Smeets Local governments Mezzanine Partners 1 Modular nurseries Multiplicom Mydibel Nautinvest

2014 A11 A11 Aminolabs Aratana Therapeutics Arcomet Argen-x ARKimedes Biocartis Blue Gate Antwerp Borit Bubble Post Campus Syntra Celyad Clear2Pay CMOSIS CogniStreamer Cyborn Deme Blue Energy Ducatt eSATURNUS EXKI Exquisite Seafood FEops Flema Snacks FRX Polymers High Wind Ikaros Solar Park Fund iLand Imalso Site Inclusie Invest Itineris KidsInvest Layerwise Loodswezen (pilotage) site Mezzanine Partners 1 ModuKid Morubel Multiplicom Newtec Parkwind

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Participatiefonds Vlaanderen Partnerships PoSios Pyxima Q-Biologicals RapidFit Scholen van Morgen (Tomorrow's Schools) SEPS Pharma Slim Turnhout (Smart Turnhout) Sport Start-ups Strelli Homme Tech Lane Ghent VAC Brussel Via-Invest Virginie Loveling Building Vlaamse erfgoedkluis (Flemish Heritage Vault) Vlaams Energiebedrijf YPC Zora 2015 Agrafresh AgroSavfe Albert Canal ARKimedes Belbal Group Big Bang Ventures II Blue Gate Antwerp Bubble Post Capital Cartagenia Celyad Columbus Steel Confo Therapeutics CPF-Industrial EIF guarantee Flemish Energy Company Flemish Heritage Vault Future Foundations Galerie Maniera GlobalYeast Guarantees Handelsbeurs Antwerp Herman Teirlinck building Imalso building Infrastructure Fund Juncker Fund Kebony SME cofinancing Larian Leopold Barracks Loans LUXeXcel Malysse-Sterima Mezzanine Partners 1 miDiagnostics Nobelwind PharmaFluidics Q-Biologicals School buildings Smart Turnhout SME Cofinancing Sports Infrastructure Plan St-Anne's Church in Ghent Start Up Loan Plus Storm Holdings Student entrepreneurs Tech Lane Ghent TrendMiner Urban Crops V-Bio Ventures Fund Veritas Via-Invest Vilvoorde Prison Complex Volta Ventures Win-win loan Ysebaert, Clair

PMV PUBLICATIONS TAILORED FINANCING SOLUTIONS FOR EVERY BUSINESS PMV makes tailored investments and offers a wide range of instruments resulting in the best possible financial solution for all companies active in Flanders. It always seeks to work in concert with other parties. This means that entrepreneurs with a good management team and a strong business plan can always approach PMV to finance their plans. Download our brochures from the websites at www.pmv.eu, www.pmvz.eu or request a printed copy.

PMV/Z • In 2015 PMV launched the label PMV/Z, with financial solutions specifically intended for start-ups, self-employed entrepreneurs and small SMEs with a good business plan. The aim is to simplify the way financing is provided for these and to offer each one a "tailored standard solution".

Startlening+ gives them a good start with loans of up to 100,000 euros at an interest rate of 3 percent per annum. Through SME cofinancing, an enterprise can take out a loan with a partner for up to 350,000 euros in order to continue its growth. With our Guarantees for up to 1.5 million euros we can cover up to 75 percent of the bank loan and the Win-win loan allows friends, acquaintances or investors to invest in their business on attractive terms. Find out more on our site at www.pmvz.eu.

Financing via a Startlening+ loan and SME cofinancing are possible thanks to the guarantee from COSME and the European Fund for Strategic Investments (EFSI).

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COLOFON

This ABC is printed on Cocoon, a 100% recycled paper with a certificate from the Forest Stewardship Council.

Design and coordination by Cantilis (www.cantilis.be).

Texts by PMV (features) and Cantilis (interviews). Final editing by Ben Jehaes, 25 May 2016.

Responsible publisher: Ben Jehaes PMV spokesman, Oude Graanmarkt 63 1000 Brussel T +32 (0)2 229 52 30 F +32 (0)2 229 52 31 info@pmv.eu www.pmv.eu

PMV • Entrepreneurship is vital for the future of Flanders.

PMV is helping to shape the future with financing formulas to suit every promising entrepreneurial project, from the very beginning up to and including the growth and internationalisation stages.

Financing for entrepreneurs can take different forms. For example, if you are a start-up facing a long development process during which you will not immediately be generating income, the most beneficial approach for you would be for PMV to acquire a share in your capital. If you are looking to take over an existing SME with an established customer base, a loan will probably be a better solution for you.

A loan, an investment in capital or a combination of the two – we can help you to determine the best approach, based on your specific project.

PMV is also able to bring other financiers on board by offering guarantees for the financing they provide. That reduces the risk for them and increases the financial opportunities for you.

Find out more on our site at www.pvm.eu.

Except for photographs supplied by external parties, photography is by Christophe Vander Eecken.

With thanks to David Roseman (Macquarie), Max Jadot (BNP Paribas Fortis), Mathieu Mottrie (Creax), Claire Tillekaerts (FIT), Kris Leysen (Anelca Wise Dogs Academy), Koenraad Debackere (KU Leuven), Jyrki Katainen (European Commissioner), Bart Van der Roost (neoScores) and Philippe Baron Vlerick (Vlerick Group & UCO).

25 May 2016

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REPORT IN FIGURES 2015 • Report on the figures, results, prospects, etc. for the past year.