Annual Report 2011 - Analist.be

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