Annual Report 2011 - Analist.be

Overview of the activitiesGBL’s primary objective is to create value for its shareholders.GBL strives to develop a portfolio of investments focusing ona small number of industrial companies that are leader ontheir markets, in which it can play its role as a long-termprofessional shareholder. This portfolio currently includesTotal, GDF SUEZ, Pernod Ricard, Lafarge, Imerys, SuezEnvironnement and Arkema, in addition to a few smallerinvestments in listed and unlisted companies (private equity).Investments at 31 December 2011Total ........................................................................................................... 22GDF SUEZ .................................................................................................. 28Pernod Ricard ............................................................................................. 34Lafarge ....................................................................................................... 40Imerys ........................................................................................................ 46Suez Environnement ................................................................................... 52Arkema ...................................................................................................... 58Other investments ....................................................................................... 64Overview of the activitiesThis portfolio is meant to evolve over time depending on thecompanies’ development and market opportunities. GBLinvests and disinvests according to its objectives of valuecreation and of maintaining a solid financial structure.GBL’s dividend policy seeks to achieve a sound balancebetween providing an attractive cash yield to shareholders andachieving sustained growth in its share price.Geographical breakdown of turnoverThe following pages present for each operating investment:• a description of the company’s activities, key events duringthe year, financial results and outlook;• a table of key figures showing operating data, data bysector, Stock Exchange and consolidated financial data foreach company;• the share of the investment in GBL’s adjusted net assets andin the dividends collected on its shareholdings.A glossary containing definitions of key words used in thisannual report can be found on page 174 of the annual report.Europe 67%North America 9%Africa 8%Rest of the World 16%Europe 80%North America 6%South America 5%Africa 1%Asia/Middle East/Pacific 8%First half 2011-2012Europe 38%America 25%Asia/Rest of the World 37%Europe 31%Americas 27%Middle East/Africa 25%Asia 16%Western Europe 48%United States/Canada 20%Japan/Australia 5%Emerging countries 27%Europe 72%North America 6%Australia 7%Rest of the World 16%Europe 41%North America 33%Asia/Rest of the World 26%Annual Report 2011 21