Annual Report 2011 - Analist.be

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Consolidated figures IFRSKey figuresIn EUR million 2011 2010 2009 2008 2007Consolidated resultCash earnings 522.3 565.0 603.5 718.1 532.2Mark to market and other non-cash 18.9 (20.0) 4.7 (117.8) (9.3)Operating companies (associated or consolidated)and private equity 284.4 260.2 135.5 337.7 144.0Eliminations, capital gains, impairments and reversals (750.6) (164.4) 314.0 (1,625.5) 112.0Consolidated result, group’s share 75.0 640.8 1,057.7 (687.5) 778.9Consolidated result of the period 167.3 638.4 1,057.7 (687.5) 778.9Total distribution 419.5 409.9 390.5 371.1 337.2Consolidated balance sheet (1)AssetsNon-current assets 15,788.7 14,727.7 14,694.7 12,894.7 17,519.3Current assets 2,361.2 818.7 632.2 1,141.1 1,863.2LiabilitiesShareholders’ equity 13,644.6 14,754.7 14,828.8 13,417.2 18,868.6Non-current liabilities 3,073.1 685.0 428.4 425.3 422.3Current liabilities25,0001,432.2 106.7 69.7 193.3 91.620,000 Number of shares at the end of the year (2)Basic 155,258,843 155,223,385 155,641,380 155,849,909 148,997,89115,000 Diluted 157,431,914 158,721,241 161,202,533 155,849,909 154,324,86610,000Pay-out (in %)Dividend/cash earnings5,00080.3 72.5 64.7 51.5 65.9Dividend/consolidated result 250.7 64.2 36.9 N/A 43.30Consolidated result per share 0.48 4.13 6.80 (4.41) 5.23Consolidated cash earnings per share 3.36 3.64 3.88 4.61 3.5720027,0417,52820038,8892004200511,11016,7632006200719,74612,8112008200915,23214,324201011,561 12,838201102/2012Cash flow: Evolution over 1 year (in EUR million)1,2001,0008006004002000(200)(400)(600)(800)509Net cash31/12/2010522Cash earnings(410)Dividend paid(1,311)Investments90DisposalsPrivate equity(20)(74)Various(694)Net debt31/12/2011(1) The balance sheet figures for 2008 to 2010 presented for comparison purposes were restarted to take account of the voluntary change of accounting method for the treatment of actuarial variancesin respect of employee benefits(2) The calculation of the number of basic and diluted shares is detailed on page 112 of the annual report2010Suez Environnement 3.8% 14 Annual Report 2011Imerys 3.9%2.1% Other
Consolidated result analysisThe table contained in this analysis is intended to present a moreprecise picture of the different elements that make up GBL’sconsolidated result, stated in accordance with IFRS requirements.The elements shown in the different columns are describedin the glossary.Group’s shareIn EUR millionCashearningsMarkto marketand othernon-cash2011 2010Operatingcompanies(associated orconsolidated)and privateequityEliminations,capital gains,impairmentsand reversals Consolidated ConsolidatedNet earnings from consolidatedassociated and operating companies - - 255.7 - 255.7 260.3Net dividends on investments 566.5 45.4 - (111.6) 500.3 450.7Interest income and expenses (27.0) (2.3) (0.9) - (30.2) (14.6)Other financial income and expenses 6.4 (20.0) - - (13.6) (9.8)Other operating income and expenses (23.6) (4.9) (4.6) - (33.1) (27.9)Earnings on disposals, impairmentsand reversals from non-current assets - - 34.2 (639.0) (604.8) (18.8)Taxes - 0.7 - - 0.7 0.9IFRS consolidated result (2011) 522.3 18.9 284.4 (750.6) 75.0IFRS consolidated result (2010) 565.0 (20.0) 260.2 (164.4) 640.8A. Cash earningsIn EUR million 2011 2010Variation2011-2010Net dividends on investments 566.5 594.7 (28.2)Total 206.3 204.8 1.5GDF SUEZ 175.8 175.8 -Lafarge 60.5 120.9 (60.4)Imerys 51.1 23.1 28.0Pernod Ricard 37.6 34.8 2.8Suez Environnement 22.8 22.8 -Iberdrola 7.9 10.7 (2.8)Arkema 3.8 1.4 2.4Other 0.7 0.4 0.3Interest income and expenses (27.0) (13.0) (14.0)Other financial income and expenses 6.4 3.7 2.7Other operating income and expenses (23.6) (20.4) (3.2)Total 522.3 565.0 (42.7)Net dividends collected in 2011 (EUR 567 million) were4.7% lower than in 2010 (EUR 595 million). This evolutionwas primarily the result of the 50% reduction in the Lafargedividend, which impacted cash earnings in the amount ofEUR 60 million, but was partially offset by the Imerys dividendincrease and the incremental dividend resulting from theacquisition in early April of an additional 25.6% of this company(EUR 28 million cumulated). The contributions from Total,GDF SUEZ, Pernod Ricard and Suez Environnement wereslightly higher overall (EUR 443 million compared toEUR 438 million in 2010).Annual Report 2011 15
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 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
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Other investmentsIberdrola(http://w
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66 Annual Report 2011
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Consolidated balance sheet at 31 De
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Consolidated statement of changes i
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Accounting policiesGroupe Bruxelles
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Non-current assets held for sale an
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Pension liabilities and similar obl
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When such estimates are established
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Changes in group structureThe most
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NotesFor the sake of consistency, t
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Accounts at 31 December 2011 - Note
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In EUR millionLand andbuildingsMine
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11. InventoriesIn EUR million 2011
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Bank loans (GBL)GBL drew on its cre
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16. ProvisionsIn EUR million Legal
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Asset plan distributionIn % 2011 20
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18. Other current liabilitiesIn EUR
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19.2. Change in net balance sheet p
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ImerysImerys has put in place an in
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Fair value and carrying amountTo re
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Statutory Auditor’s report116 Ann
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Non-consolidated summary balance sh
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Dividend policyThe profit appropria
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Accounts at 31 December 2011 - Hist
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Corporate governance statementIan G
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Corporate governance statement1.1.2
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Corporate governance statementGéra
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Corporate governance statementAmaur
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Corporate governance statementNumbe
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Corporate governance statementThe a
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Corporate governance statementThe t
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Corporate governance statement3.2.
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Corporate governance statement3.4.1
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6. Risk management and internal con
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Six specific risks have been identi
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7. Policy on conflicts of interestC
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Extract of the minutes of the meeti
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Chain of ownershipPaul G.Desmarais6
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9.3.3. Organisation chart of shareh
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11.9. Capital11.9.1. Issued capital
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Resolutions proposed to shareholder
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• Regent and Member of the Budget
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Paul DesmaraisVice-Chairman of the
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• Director of 152245 Canada Inc.
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List of activities and other mandat
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• Director of Pargesa Holding S.A
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• Director of Great-West Lifeco I
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Amaury de SezeDirectorList of activ
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• Director of 4400046 Canada Inc.
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Gross annual returnThe gross annual
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Groupe Bruxelles Lambertwww.gbl.be
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