Annual Report 2011 - Analist.be

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Overview of the activities - ArkemaFinancial reportSales of continuing operationsin 2011 stood at EUR 5.9 billion, 21%up over 2010. In a context of high rawmaterial and energy costs, Arkemacontinued to successfully implementits sales price increase policy across allbusinesses (+ 14%). The + 9% scopeof business effect mostly reflects theintegration of Specialty Resins boughtfrom Total on 1 July 2011, whichachieved EUR 408 million sales in thesecond half of the year. Volumes werestable compared to last year. They rosein Performance Products, in particularthanks to the start-ups in Asia and thedevelopment of solutions for sustainabledevelopment. They recorded a smalldecrease in Industrial Chemicals due todestocking at year-end.EBITDA reached EUR 1,034 million(EUR 809 million in 2010). The EBITDAmargin grew at 17.5%, compared to16.6% in 2010. Market conditions in2011 were globally favorable with anexcellent start of the year in the first halfand with destocking in various industrialsupply chains at year-end.All Industrial Chemicals and PerformanceProducts business lines contributed tothis excellent performance, sustainedby the start-up of Kynar® PVDF in Asia,developments in specialty polymers,the acquisition of Total’s Resins, anda better product mix in particular inPerformance Products.Operating income stood atEUR 717 million including EUR 272 milliondepreciation and amortization andEUR - 45 million other incomeand expenses.Net income from continuing operationsachieved a record level at EUR 572 million.It represented EUR 9.21 per share and9.7% of sales.Net result, group’s share,of discontinued operations stoodat EUR - 587 million and includedEUR 505 million non-recurring expensesrelating to the announcement of aproject to divest Vinyls businesses.This includes primarily write-offs oftangible and intangible assets, provisionmainly corresponding to contractualcommitments on working capital, and tothe negative impact on Arkema net debtrelated to the cash to be transferred.Consequently, net income, group’sshare, stood at EUR - 19 million.Arkema continuing operations generateda free cash flow of EUR 377 millioncompared to EUR 320 million in 2010.This strong cash generation reflects highEBITDA and the strict control of workingcapital which, at constant scope ofbusiness, represents 13.8% of salesdespite a significant sales increase.It also includes recurring capitalexpenditures of EUR 311 million.Net debt amounts to EUR 603 millionat 31 December 2011 compared toEUR 94 million end 2010. Gearingremains moderate at 27% representing0.6 times 2011 EBITDA. Net debtincludes the impact of acquisitions anddivestments finalized during the year fora total amount of EUR 568 million.Taking into account the progressachieved by the group, its confidencein its outlook and according to itsdistribution policy, the Board of Directorshas decided to propose to the nextshareholders Annual General Meetingdue on 23 May 2012 the payment ofa dividend of EUR 1.30 per share, anincrease of 30% vs 2011.Geographical breakdown of turnover (in %)Evolution of turnover by sector (in EUR million)Evolution of current operating income (EBIT)by sector (in EUR million)6005004003002001000Asia and Restof the World 26%560417240167(38)(22)33% North Asia and 4,000 Rest 600America of the World 26%5003,0004003002,0002001,00010003,9283,1715604171,9521,68024016733% NorthAmerica(38)(22)60050040030020010005604,0003,0004172,0001,0003,928240 3,1711671,9521,680(38)(22)4,0003,0002,0001,000(100)Europe 41%IndustrialChemicalsPerformanceProductsCorporateEurope 41%0(100)IndustrialChemicalsIndustrialChemicalsPerformanceProductsPerformanceProducts2018CorporateCorporate(100)IndustrialChemicals0IndustrialPerformance ChemicalsProductsPerformanceProducts Corporate2011 20102018Corporate0In62 Annual Report 2011
Data on Stock Exchange and on GBL’s investment2011 2010 2009Stock Exchange dataNumber of shares in issue (in thousands) 66,865 61,494 60,455Stock market capitalisation (in EUR million) 3,384 3,313 1,572Closing share price (in EUR/share) 54.70 53.87 26.00Fully-diluted net income (in EUR/share) (0.31) 5.67 (2.85)Dividend (in EUR/share) 1.30 1.00 0.60Overview of the activitiesGBL’s investmentPercentage of share capital (in %) 10.0 5.0 3.9Percentage of voting rights (in %) 12.5 8.1 3.7Market value of the investment (in EUR million) 339 166 61Dividends collected by GBL (in EUR million) 4 1 1Representatives in statutory bodies 0 0 0Asia and Asia Rest and Rest33% North 33% North 600 6004,000 4,000of the World of the 26% World 26%America America500 500Arkema’s contribution to GBL’s 400 adjusted 400 net assets and earnings 3,000 3,000300 300The stock market value of GBL’s 10.0% interest in Arkema In 2011, Arkema’s contribution 2,000to 2,000 GBL’s cash earningsstood at EUR 339 million at the end of December 200 200 2011, amounted to EUR 4 million, corresponding to the Arkemacompared to EUR 166 million a year earlier. This 100 increase 100dividend received by GBL for 1,000 2010, 1,000i.e. EUR 1.00 per shareresulted primarily from GBL’s higher stake in Arkema, 0 0 sincethe company’s closing share price at end 2011 was practically(100) (100)unchanged (EUR 54.70) from the end of 2010 (EUR 53.87).Europe Europe 41% 41%0 0Arkema’s share in GBL’s adjusted net assets was 3%on 31 December 2011, compared to 1% a year earlier.560417IndustrialChemicals560417IndustrialChemicals240167240167PerformanceProductsPerformanceProducts(38)(22)Corporate(38)(22)Corporate3,9283,171IndustrialChemicals3,9283,171IndustrialChemicals1,9521,6801,9521,680PerformanceProductsPerformanceProducts2018Corporate2018CorporateArkema’s contribution to GBL’s adjustednet assetsArkema’s contribution to net dividendscollected on investments2.9% 2.9%0.7% 0.7%Arkema financial communicationSophie FouillatTel.: +33-1-49.00.74.63www.arkema.comAnnual Report 2011 63
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Annual Report2011 Groupe Bruxelles
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Responsible persons1 Responsibility
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Message to shareholdersLadies and G
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Stock Exchange dataShareholder info
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Page 66 and 67: Other investmentsIberdrola(http://w
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Page 99 and 100: In EUR millionLand andbuildingsMine
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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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