Annual Report 2011 - Analist.be

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