Annual Report 2011 - Analist.be

Data on Stock Exchange and on GBL’s investment2011 2010 2009Stock Exchange dataNumber of shares in issue (in thousands) 287,248 286,454 286,453Stock market capitalisation (in EUR million) 7,802 13,440 16,560Closing share price (in EUR/share) 27.16 46.92 57.81Net income (in EUR/share) 2.07 2.89 2.77Fully-diluted net income (in EUR/share) 2.06 2.89 2.77Normal dividend (in EUR/share) 0.50 1.00 2.00Bonus dividend (1) (in EUR/share) 0.55 1.10 2.20Overview of the activitiesGBL’s investmentPercentage of share capital (in %) 21.0 21.1 21.1Percentage of voting rights (in %) 27.4 24.6 27.1Market value of the investment (in EUR million) 1,638 2,830 3,486Dividends collected by GBL (in EUR million) 61 121 83Representatives in statutory bodies 3 3 3(1) Since 1999, shareholders who have held registered Lafarge shares (0.5% of the capital) for at least two years receive a bonus of 10% on their dividend. This two-year holding period runsfrom 1 January of the year following the year of registrationLafarge’s contribution to GBL’s adjusted net assets and earningsAsia 16% Asia The 16% stock market value of 22% GBL’s Western 22% 21.0% Western stake 30in Lafarge 30stood at EUR 1,638 million at the Europe end Europe of December 2011,25 25compared to EUR 2,830 million a year earlier. This decreaseLatin Latin of EUR 1,192 million resulted from a 42% decline 20 20 in theAmerica America 7% 7%company’s share price year-on-year.Central Central In & these &15 15Eastern Eastern circumstances and in accordance with IFRSEurope Europe requirements, GBL recognised in 2011 a further 10 impairment109% 9%of EUR 650 million on its investment in the company, 5 5bringing the consolidated carrying value of Lafarge in lineMiddle MiddleEast with & its share of IFRS total shareholders’ 20% Northequity 0 at 0East &20% Norththe endAfrica 25% Africa of 2011, 25% i.e. EUR 55.8 per share. America This America purely accounting-drivenimpairment has no impact on GBL’s cash earnings or adjustednet assets.25.728.6Cement25.728.6CementLafarge’s share in GBL’s adjusted 8 8 net assets amountedto 14.2% on 31 December 2011, compared to 19.8%a year earlier.6 6Lafarge’s contribution to GBL’s earnings under the equity4 4method of consolidation amounted to EUR 125 million in 2011,compared to EUR 174 million in 2010.2 2In 2011, Lafarge’s contribution to net dividends receivedon investments amounted to 0 EUR 0 61 million, comparedto EUR 121 million for the previous year. This decrease reflectsthe halving of 2010’s dividend payout, i.e. EUR 1.00 per sharefrom EUR 2.00 per share for 2009.8.89.5Aggregates &8.89.5ConcreteAggregates &Concrete5.36.6Cement5.36.6Cement3.43.4Aggregates &3.43.4ConcreteAggregates &Concrete4.95.84.95.8GroupGroupLafarge’s contribution to GBL’s adjustednet assetsLafarge’s contribution to net dividendscollected on investments14.2% 14.2%10.7% 10.7%Lafarge financial communicationJay BachmannTel.: +33-1-44.34.11.11Fax: +33-1-44.34.12.37e-mail: jay.bachmann@lafarge.comwww.lafarge.comAnnual Report 2011 45