Annual Report 2011 - Analist.be

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Accounts at 31 December 2011 - Accounting policiesAll transactions qualified as hedge accounting are documentedby reference to the hedging strategy by identifying thehedged risk, the hedged item, the hedging instrument, thehedging relationship and the measurement method of thehedge relationship effectiveness. The measurement of thehedge relationship effectiveness is updated at every balancesheet date. Derivatives are measured at fair value on initialrecognition. Fair value is subsequently remeasured at everybalance sheet date by reference to market conditions.Derivatives recorded as assets or liabilities are classified in theheadings “Other non-current assets and liabilities” and “Othercurrent assets and liabilities” depending on their maturity dateand that of the underlying transactions. The recognition ofderivatives classified as hedging varies depending on whetherthey are designated as fair value hedges, cash flow hedgesor hedges of net investments in foreign entities.Fair value hedgeWhen changes in fair value of a recognised asset or liabilityor an unrecognised firm commitment may affect income,these changes may be covered by a fair value hedge. Thehedged item and the hedging instrument are remeasuredsymmetrically against profit or loss at every balance sheetdate. The impact in profit or loss is limited to the ineffectiveportion of the hedge.Cash flow hedgeA cash flow hedge is used to cover unfavourable cash flowvariations related to a recognised asset or liability or a highlylikely future transaction when such variations are likely to affectincome. At every balance sheet date, the effective portion ofthe hedge is recognised in equity and the ineffective portion inprofit or loss. When the transaction is recognised, the effectiveportion in equity is reclassified to profit or loss simultaneouslywith recognition of the hedged item.Hedge of net investments in foreign operationsExchange rate variations generated by net assets held inthe Group’s consolidated operating companies in foreigncurrencies can be hedged. At every balance sheet date, theeffective portion of the hedge is recognised in equity andthe ineffective portion in profit or loss. Upon cessation of theactivity, the effective portion in equity is reclassified in profitor loss.GBL also uses derivatives. It can carry out transactions onlisted shares in its portfolio using call or put options. Thesetransactions are implemented with reference to thoroughdocumentation and are monitored periodically and manageddynamically, as necessary.Items denominated in foreign currenciesMonetary assets and liabilities denominated in foreigncurrencies in the accounts of Group’s companies aretranslated into euro using the exchange rates of the last dayof the financial year. Unrealised differences on translationresulting from the application of this methodology are recordedas gains or losses of the financial year. Non-monetary assetsand liabilities are recorded using the exchange rates applicableon the date of the transaction.In the consolidated financial statements, the Group’s foreignassets and liabilities are converted at the closing rate.Headings of income and expenses in foreign currencies areconverted into euro at the average exchange rate for the year.Differences on translation arising from the difference betweenaverage rate and closing rate are included in shareholders’equity under the “Currency translation adjustments“ heading.These currency adjustments are recorded in profit or losswhen the Group disposes of the entity concerned.InterestInterest income and expenses include interest to be paidon loans and interest to be received on investments.Interest income received is recorded prorata temporis in theconsolidated statement of comprehensive income, taking intoaccount the effective interest rate on the investment.DividendsDividends relating to available-for-sale investments or tradingsecurities are booked on the date on which their distributionis decided upon. The amount of withholding tax is recordedas a deduction of gross dividends.Accounting policies, changes in accounting estimates anderrors/judgementsA change in the accounting policies is only applied to meetthe requirements of a standard or an interpretation, or if itgives a more reliable and more relevant information. Changesin accounting policies are recognized retrospectively, exceptin case of specific transitional provision stated in a standardor an interpretation. When an error is detected, it is alsoretrospectively adjusted.Uncertainties inherent to the activities require estimates tobe made when preparing the financial statements. Theseestimates result from judgements aiming at providing a trueand fair view based upon available and reliable information.An estimate is revised to reflect changes in circumstances,new information available and effects linked to experience.78 Annual Report 2011
When such estimates are established, they are explained in thenotes on the items to which they relate. The principal estimatesare as follows:• the principal assumptions used in impairment testing onassociated companies (note 2.);• the principal assumptions related to goodwill impairmenttesting (note 8.);• an estimate of the useful life of intangible assets with limitedlife (note 7.) and tangible assets (note 9.); and• actuarial assumptions for defined benefits schemes(note 17.).Exchange rates used2011 2010 2009Closing rateUS Dollar 1.29 1.34 1.43Swiss franc 1.22 1.25 1.48Average rateUS Dollar 1.40 1.32 1.39Swiss franc - - -Presentation of the consolidated financial statementsAs the result of GBL’s acquisition of a controlling share inImerys and the development of its private equity activities,GBL has changed the presentation of its financial statementsin order to respect the requirements of IAS 1 – Presentation offinancial statements.Henceforth, the consolidated statement of comprehensiveincome will mention separately:• investing activitiesComponents of income resulting from investing activities,which includes the operations of GBL and of its subsidiarieswhose main purpose is investment management. Thisincludes private equity activities such as the PAI Europe IIIand Sagard investment funds, Ergon Capital Partners,Ergon Capital Partners II and Ergon Capital Partners III,as well as the result of associated operating companies(Lafarge in 2011 and Imerys during the first quarter of 2011)and non-consolidated operating companies (Total,GDF SUEZ, etc.); andAccounts at 31 December 2011• operating activitiesComponents of income resulting from consolidatedoperating activities, i.e. from consolidated operatingcompanies (De Boeck, ELITech and Benito groups, as wellas Imerys’s results as from 1 April 2011).Presentation of the consolidated balance sheet and of theconsolidated cash flow statement was modified to take intoaccount the changes that occurred in the group in 2011.The figures presented for comparison were also reclassifiedto encure consistency with these new presentations.Annual Report 2011 79
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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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Selected Portfolio and financial ad
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Consolidated result analysisThe tab
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Consolidated figures IFRSIn 2011, t
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20 Annual Report 2011
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Total is a global, integrated oil a
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Page 36 and 37: The world’s co-leader in Wine & S
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Page 42 and 43: With a presence in 64 countries, La
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Page 51 and 52: Environment variables and operating
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Page 62 and 63: Overview of the activities - Arkema
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Page 66 and 67: Other investmentsIberdrola(http://w
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Page 72 and 73: Consolidated statement of changes i
Page 74 and 75: Accounting policiesGroupe Bruxelles
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Page 99 and 100: In EUR millionLand andbuildingsMine
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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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Annual Report 2011 - Analist.be

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