Annual Report 2011 - Analist.be

Fair value and carrying amountTo reflect the importance of inputs used when valuing at fair value, the Group classifies these valuations according to a hierarchycomposed of the following levels:• level 1: (non-adjusted) listed prices on assets markets for identical assets or liabilities;• level 2: inputs other than listed prices referred to under level 1, which are observable for the asset or liability concerned eitherdirectly (namely prices) or indirectly (namely derived from prices); and• level 3: inputs related to the asset or liability not based on observable market data (non-observable inputs).There were no significant transfers between the different levels during 2011, 2010 or 2009.23. Possible assets and liabilities, rights and commitmentsRelated to GBLInvestment commitments/subscriptionsFollowing the investment by GBL in the private equity (PAI Europe III, Sagard I, Sagard II and ECP), the uncalled subscribedamounts totalled EUR 341 million at 31 December 2011 (EUR 443 million end 2010).Suez Environnement (SE)On 5 June 2008, GBL and other shareholders of SE, among them GDF SUEZ, concluded a shareholders’ agreement that sets uprules concerning the company’s corporate governance and management. The agreement also establishes rights and obligationswith regard to the acquisition or disposal of SE shares, in particular a joint right of pre-emption and disposal. The agreement isvalid for five years and will be renewed tacitly for identical periods.Foreign dividends/double international taxationThe Group has taken certain measures in order to preserve its interests in matters of double taxation on its foreign dividends.Litigation RhodiaEarly 2004, minority shareholders in Rhodia initiated proceedings against GBL and two of its Directors before the ParisCommercial Court, calling into question their responsibility as Directors of Rhodia. At the same time, a criminal justice procedurewas started against X.Accounts at 31 December 2011On 27 January 2006, the Court of Paris decided to suspend the civil procedure until a decision is made in the criminaljustice procedure. Since then, this lawsuit has practically not evolved: it is still adjourned pending the outcome of the criminalproceedings.Related to GBL’s consolidated subsidiariesOperating lease commitmentsOperating lease commitments correspond to future lease payment commitments in the framework of contracts for the leaseof real estate, equipment or vehicles to which GBL’s consolidated subsidiaries are parties. These commitments amountto EUR 147 million, of which EUR 24 million for 2012, EUR 65 million for 2013-2015 and EUR 58 million beyond.Other commitments given and receivedThese commitments given and received relate solely to Imerys.These commitments given and received relate solely to Imerys.• site rehabilitation, in the amount of EUR 26 million;• operating activities, i.e. firm purchase commitments given by Imerys in the framework of contracts for the purchase of goods,services, energy or transport (EUR 280 million);• cash, i.e. corresponding to letters of credit and guarantees, mortgages and pledges obtained by Imerys from financialinstitutions to guarantee operating cash flow needs for its clients (EUR 38 million); and• other obligations (EUR 19 million).Commitments received amounted to EUR 180 million on 31 December 2011.Annual Report 2011 113