Consolidated figures IFRSKey figuresIn EUR million <strong>2011</strong> 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 Num<strong>be</strong>r 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 12,838<strong>2011</strong>02/2012Cash 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/<strong>2011</strong>(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 <strong>be</strong>nefits(2) The calculation of the num<strong>be</strong>r of basic and diluted shares is detailed on page 112 of the annual report2010Suez Environnement 3.8% 14 <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong>Imerys 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 descri<strong>be</strong>din the glossary.Group’s shareIn EUR millionCashearningsMarkto marketand othernon-cash<strong>2011</strong> 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 (<strong>2011</strong>) 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 <strong>2011</strong> 2010Variation<strong>2011</strong>-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 -I<strong>be</strong>rdrola 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 <strong>2011</strong> (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).<strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> 15
- Page 1: Annual Report2011 Groupe Bruxelles
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Other investmentsIberdrola(http://w
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Accounting policiesGroupe Bruxelles
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Accounts at 31 December 2011 - Note
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In EUR millionLand andbuildingsMine
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Bank loans (GBL)GBL drew on its cre
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Asset plan distributionIn % 2011 20
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ImerysImerys has put in place an in
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Six specific risks have been identi
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Chain of ownershipPaul G.Desmarais6
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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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Amaury de SezeDirectorList of activ
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Groupe Bruxelles Lambertwww.gbl.be