Annual Report 2011 - Analist.be

More documents

Recommendations

Info

Dividend policyThe profit appropriation policy proposed by the Board of Directors aims to maintain a balance between an attractive cash yieldfor shareholders and growth in the value of the GBL share. The dividend payout level is backed up by cash earnings.Appropriation of profitTaking into account the profit carried forward of EUR 7,855,138,201.87 and the loss for the year of EUR 1,956,596,796.49,the amount available for appropriation is EUR 5,898,541,405.38. The Board of Directors will propose the following appropriationto the General Meeting to be held on 24 April 2012:In EURDividend on 161,358,287 shares 419,531,546.20To be carried forward 5,479,009,859.18Appropriation of profit by Groupe Bruxelles Lambert (non-consolidated accounts)In EUR million 2011 2010 2009Profit available for appropriation 5,898.5 8,265.0 8,542.8Profit (loss) for the year available for appropriation (1,956.6) 112.7 3,186.0Profit carried forward from the previous year 7,855.1 8,152.3 5,356.8Profit to be carried forward (5,479.0) (7,855.1) (8,152.3)Profit to be carried forward 5,479.0 7,855.1 8,152.3Profit to be distributed (419.5) (409.9) (390.5)Dividends 419.5 409.9 390.5Dividend per shareIn EUR 2011 2010 2009Gross Net (1) Gross Net (1) Gross Net (1)Share 2.60 1.950 2.54 1.905 2.42 1.815Share + VVPR strip 2.60 2.054 2.54 2.159 2.42 2.057(1) Withholding tax of 25% on the share dividend and of 21% (year 2011) and 15% (year 2010 and 2009) respectively for shares presented with the VVPR strip120 Annual Report 2011
Historical dataSummary of GBL’s investments since 20092011Acquisition of exclusive control of ImerysIn April, GBL acquired the full 25.6% stake in Imerys held byPargesa Holding S.A. for EUR 1,087 million, raising its stake to56.4% of the firm’s capital and therefore securing sole controlover this asset. GBL marginally increased its investment in thecompany during the year, bringing it to 57.0% in capital andthereby exceeding the threshold of two thirds of voting rights.Increase to 10% in ArkemaGBL boosted its interest in Arkema to 10.0% in 2011, investinganother EUR 170 million.Extension of credit linesWith the aim of controlling its medium-term financing, thegroup took advantage of favourable market conditions toextend its confirmed credit lines and will consequently benefitfrom facilities in the amount of EUR 1.8 billion until 2016-2017.Buyback of exchangeable bondsGBL continued in 2011 its policy of buying back its exchangeablebonds maturing in April 2012, for an additional EUR 92 million,bringing its accumulated buybacks to EUR 251 million of a totalof EUR 435 million.Distributions and additional investments in private equityIn 2011, GBL invested EUR 95 million in the Ergon CapitalPartners, PAI Europe III and Sagard funds and collecteddistributions of EUR 75 million for the disposal of variousinterests. At the end of 2011, undrawn commitments ondifferent private equity funds totalled EUR 341 million.Private equityPrivate equity activity showed a modest recovery in 2010.Apart from a few pay-outs or marginal payments in full in theECP I & II, PAI Europe III, Sagard and Sagard II funds, GBLinvested some EUR 40 million in Ergon Capital Partners III,a vehicle created in the first half of 2010 in which GBL,the sole shareholder, has agreed to invest EUR 350 million.At the end of 2010, the uncalled subscribed commitmentson these different funds totalled around EUR 443 million.2009Stronger position in Pernod Ricard and distribution of shares freeof chargesGBL increased its shareholding by nearly 1% in 2009, bringingit to 9.1% at the end of the year. It spent EUR 113 million to thisincrease, which was made through acquisitions on the StockExchange.During fourth quarter 2009, Pernod Ricard allocated sharesfree of charges in the proportion of 1 new share for 50existing shares. This transaction, which had no impact on theownership rate, increased the number of shares held by GBLby 500,000.Participation in the capital increases of Lafarge, Pernod Ricardand ImerysDuring the first half of 2009, GBL invested nearlyEUR 485 million in the capital increases launched by Lafarge(EUR 1,500 million; EUR 16.65 per share), Pernod Ricard(EUR 1,036 million; EUR 26.70 per share) and Imerys(EUR 251 million; EUR 20.00 per share) in accordance withits role of long-term shareholder.Accounts at 31 December 20112010Stronger position in Pernod Ricard and ArkemaGBL spent EUR 120 million strengthening its investment inPernod Ricard, raising it to 9.9% at the end of 2010. It alsoinvested EUR 27 million in Arkema and passed the 5%threshold in its capital at the end of December.Financing policy – Bond issueFor the sake of controlling its medium-term financing,GBL took advantage of favourable market conditions to raiseEUR 350 million in June 2010 falling due in December 2017.These bonds are listed on the Stock Exchange and offera coupon with a nominal rate of 4% gross.Buyback of exchangeable bondsTaking advantage of attractive yields, the group earmarkedsome EUR 160 million of its cash holdings for the buyback onthe market of part of the bonds exchangeable for GBL shares.This loan stock of EUR 435 million was issued by Sagerparin 2005 and comes to maturity in April 2012. In consequenceof these transactions part of the treasury shares initiallyallocated to cover the loan stock are free.Distributions and additional investments in the fundsErgon Capital Partners, PAI Europe III and SagardIn 2009, GBL invested EUR 7 million in the different privateequity vehicles that make up its portfolio and collecteddividend payouts totalling EUR 2 million. The commitmentsnot called up totalled EUR 138 million on 31 December 2009.Acquisition of treasury sharesDuring 2009, GBL acquired 478,088 treasury shares fora total amount of EUR 27 million.Annual Report 2011 121
Page 1:
Annual Report2011 Groupe Bruxelles
Page 4 and 5:
Responsible persons1 Responsibility
Page 6:
Message to shareholdersLadies and G
Page 10 and 11:
Stock Exchange dataShareholder info
Page 14:
Selected Portfolio and financial ad
Page 17:
Consolidated result analysisThe tab
Page 20 and 21:
Consolidated figures IFRSIn 2011, t
Page 22 and 23:
20 Annual Report 2011
Page 24 and 25:
Total is a global, integrated oil a
Page 30:
GDF SUEZ is a world reference energ
Page 34 and 35:
Overview of the activities - GDF SU
Page 36 and 37:
The world’s co-leader in Wine & S
Page 39 and 40:
Main financial data30 June 2011 30
Page 42 and 43:
With a presence in 64 countries, La
Page 45 and 46:
Environment variables and operating
Page 47 and 48:
Data on Stock Exchange and on GBL
Page 49 and 50:
Percentage of share capital .......
Page 51 and 52:
Environment variables and operating
Page 54 and 55:
Suez Environnement is a global lead
Page 58 and 59:
Overview of the activities - Suez E
Page 62 and 63:
Overview of the activities - Arkema
Page 64 and 65:
Overview of the activities - Arkema
Page 66 and 67:
Other investmentsIberdrola(http://w
Page 68 and 69:
66 Annual Report 2011
Page 70 and 71:
Consolidated balance sheet at 31 De
Page 72 and 73: Consolidated statement of changes i
Page 74 and 75: Accounting policiesGroupe Bruxelles
Page 77 and 78: Non-current assets held for sale an
Page 79 and 80: Pension liabilities and similar obl
Page 81 and 82: When such estimates are established
Page 83 and 84: Changes in group structureThe most
Page 85: NotesFor the sake of consistency, t
Page 88 and 89: Accounts at 31 December 2011 - Note
Page 96: Accounts at 31 December 2011 - Note
Page 99 and 100: In EUR millionLand andbuildingsMine
Page 101 and 102: 11. InventoriesIn EUR million 2011
Page 103 and 104: Bank loans (GBL)GBL drew on its cre
Page 105 and 106: 16. ProvisionsIn EUR million Legal
Page 107 and 108: Asset plan distributionIn % 2011 20
Page 109 and 110: 18. Other current liabilitiesIn EUR
Page 111 and 112: 19.2. Change in net balance sheet p
Page 113 and 114: ImerysImerys has put in place an in
Page 115: Fair value and carrying amountTo re
Page 118 and 119: Statutory Auditor’s report116 Ann
Page 120 and 121: Non-consolidated summary balance sh
Page 124 and 125: Accounts at 31 December 2011 - Hist
Page 126 and 127: Corporate governance statementIan G
Page 128 and 129: Corporate governance statement1.1.2
Page 130 and 131: Corporate governance statementGéra
Page 132 and 133: Corporate governance statementAmaur
Page 134 and 135: Corporate governance statementNumbe
Page 136 and 137: Corporate governance statementThe a
Page 138 and 139: Corporate governance statementThe t
Page 140 and 141: Corporate governance statement3.2.
Page 142 and 143: Corporate governance statement3.4.1
Page 145 and 146: 6. Risk management and internal con
Page 147 and 148: Six specific risks have been identi
Page 149 and 150: 7. Policy on conflicts of interestC
Page 151 and 152: Extract of the minutes of the meeti
Page 153 and 154: Chain of ownershipPaul G.Desmarais6
Page 155 and 156: 9.3.3. Organisation chart of shareh
Page 157 and 158: 11.9. Capital11.9.1. Issued capital
Page 159 and 160: Resolutions proposed to shareholder
Page 161 and 162: • Regent and Member of the Budget
Page 163 and 164: Paul DesmaraisVice-Chairman of the
Page 165 and 166: • Director of 152245 Canada Inc.
Page 167 and 168: List of activities and other mandat
Page 169 and 170: • Director of Pargesa Holding S.A
Page 171 and 172: • Director of Great-West Lifeco I
Page 173 and 174:
Amaury de SezeDirectorList of activ
Page 175 and 176:
• Director of 4400046 Canada Inc.
Page 177:
Gross annual returnThe gross annual
Page 180:
Groupe Bruxelles Lambertwww.gbl.be
show all

Annual Report 2011 - Analist.be

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?