Annual Report 2011 - Analist.be

Percentage of share capital .................................................................. 57.0%Percentage of voting rights ........................................................... 66.8%Contribution to GBL’s adjusted net assets .................... 13.2%Dividends collected by GBL ........................... EUR 51 millionOverview of the activitiesProfileImerys processes, enriches and combines a unique range of minerals, in many casesmined from its own deposits, to bring essential features to its customers’ productsand processes. Thanks to their properties, these mineral-based speciality productshave a wide range of applications in everyday life and are expanding in many growthmarkets. Imerys’ R&D and marketing teams combine their efforts to develop newvalue-added solutions. Imerys has leading positions and a global presence in itsfour sectors of activity:The Minerals for Ceramics, Refractories, Abrasives & Foundry business (94 industrialsites in 24 countries) has high-quality mineral reserves and sophisticated hightemperaturetreatment processes. Its products have key features: abrasion, thermaland mechanical resistance, whiteness, purity and conductivity. These specialities,used in highly technical fields (ceramics, refractories, abrasives, semi-conductors,oil and gas exploration, etc.), serve the industrial equipment, construction andconsumer durables markets.The Performance & Filtration Minerals business (64 industrial sites in 20 countries)provides customers with mineral solutions that meet precise specifications:composition, morphology, mechanical properties, thermal and chemical resistancebut also compliance with food, cosmetic and pharmaceutical industry requirements.The branch innovates to increase the use of minerals in reinforced plastics, helpingreduce vehicles weight, and to develop alternatives to chemical solutions in paints,coatings and polymers.The Pigments for Paper & Packaging business (47 industrial sites in 19 countries)produces mineral components that improve the properties of graphic and officepapers and cardboard packaging, that require whiteness, opacity, coverage and abarrier effect. Through this branch, Imerys is the only minerals specialist combininglarge reserves of kaolin and calcium carbonates and processing know-how.It supplies more than 350 paper mills worldwide.The Materials & Monolithics business (40 industrial sites in 16 countries) transformsred clay from its deposits into clay roof tiles, bricks and chimney blocks forthe French single-family housing market. The branch also designs refractoryproducts used in high-temperature industries (steel, cement, foundry, energy,petrochemicals and incineration) and provides a full range of project managementand maintenance services.Overview of 2011The end markets on which Imerysoperates stood up well in 2011compared to 2010, a year of sharpupturn. Demand for capital goodsand consumer durables remainedhigh, with a 7% rise in global steelproduction. Consumer staples andpackaging kept pace with global growthwhile construction activity was mixednotwithstanding a 10% rise of newsingle-family housing in France.In this context, Imerys registered stronggrowth in 2011: the group improved itsprofitability, strengthened its financialresources and generated high cashflow that enabled it to intensify itsinvestments. Imerys set up “The QuartzCorp SAS” joint venture with NorskMineral, closed its acquisition ofLuzenac group, world leader in talc, andinaugurated a ceramic proppants plantin the United States to serve the fastgrowing market of non-conventional oiland gas drilling.These developments will help the groupachieve its development strategy,“Ambition 2012-2016”, focused onaccelerating in organic growth backedby a greater effort and targeteddevelopment in emerging countries andgrowth markets, which will supplementselective acquisitions.Annual Report 2011 47