Annual Report 2011 - Analist.be

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With a presence in 64 countries, Lafargeis a world leader in building materials:Cement, Aggregates and ready-mix ConcreteTurnover (in EUR million)Evolution 2010/2011 (in %)Europe 4,733 (+ 4.1%)Americas 4,145 (+ 3.9%)Middle East/Africa 3,897 (+ 0.4%)Asia 2,509 (+ 4.0%)
Percentage of share capital .................................................................. 21.0%Percentage of voting rights ........................................................... 27.4%Contribution to GBL’s adjusted net assets .................... 14.2%Dividends collected by GBL ........................... EUR 61 millionOverview of the activitiesProfileLafarge holds a leading position in each of its business divisions: it is the world’slargest producer of Cement, second largest producer of Aggregates and fourthlargest producer of ready-mix Concrete.Lafarge’s strategy aims to strengthen its position as world leader in buildingmaterials, in terms of market share, innovation, corporate image, geographicalreach and profitability. The group has set two strategic priorities: Cement, primarilyin growth markets, and innovation, particularly in innovative construction systems,notably with respect to the challenges of sustainable construction.In Cement, consumption has grown significantly over the last twenty years, at anaverage growth rate of over 5% a year. Despite the economic crisis, global demandfor Cement rose by nearly 8% in 2011, sustained by the dynamism of the activityin most of large emerging countries, in particular China, Brazil, India and sub-Saharan Africa. The outlook for the medium and long term remains favourable,particularly in the emerging countries where demographics, urbanisation, housingand infrastructure needs constitute significant levers. With more than 75%of its capacity located in emerging markets, the group is in a very strong positionto benefit from this growth.The second strategic priority is to develop sales of construction materials,innovative systems and services that meet customers’ needs in terms of sustainableconstruction, aesthetics and cost. To expand its range of products and services,the group relies on enhanced research and testing means and its many yearsof experience in the field of innovation in developed markets, to which the group’sdevelopment in emerging markets is now contributing. These products, systemsand services with high value added are developed to respond to customers’new rising expectations, whether in terms of performance, ease of use, fasterimplementation or recycling.Overview of 2011Growth in emerging countries continuedin 2011. In the meantime, developedmarkets showed contrasting trends, withhigher volumes in France and the UnitedKingdom, a deterioration of the economiccycle in southern Europe and a slightactivity increase in North America.In these circumstances, the grouppursued and accelerated measuresto adapt to the environment andstrengthen its financial structure:• The group implemented cost-cuttingmeasures totalling EUR 250 million,exceeding its announced target ofEUR 200 million. It targets at leastEUR 400 million of incremental costreductions in 2012.• Debt was reduced by EUR 2 billion,in particular through the strategicdisposal of Gypsum assets,which generated a net gain ofEUR 466 million.• A project for a new country-basedorganisation was announced for 2012,to increase productivity and stimulateinternal growth and innovation.Annual Report 2011 41
Page 1: Annual Report2011 Groupe Bruxelles
Page 4 and 5: Responsible persons1 Responsibility
Page 6: Message to shareholdersLadies and G
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Page 66 and 67: Other investmentsIberdrola(http://w
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Accounts at 31 December 2011 - Note
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In EUR millionLand andbuildingsMine
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11. InventoriesIn EUR million 2011
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Bank loans (GBL)GBL drew on its cre
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16. ProvisionsIn EUR million Legal
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Asset plan distributionIn % 2011 20
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18. Other current liabilitiesIn EUR
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19.2. Change in net balance sheet p
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ImerysImerys has put in place an in
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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 statementThe a
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Corporate governance statement3.2.
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Corporate governance statement3.4.1
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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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