Annual Report 2011 - Analist.be

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Overview of the activities - ImerysMinerals for Ceramics, Refractories,Abrasives & Foundries(32% of group turnover in 2011)Demand for Refractories, Abrasives &Foundries was sustained overall, inspite of a growth deceleration in steelproduction during the second half ofthe year in China and Europe, partiallycompensated by an improvement inNorth America.Demand in Minerals for Ceramicsremained strong, sustained by thedynamism of emerging countries.Imerys increased capital spendingwith a USD 60 million investment in itsnew ceramic proppants plant (capacityof over 100,000 tonnes) based inAndersonville (Georgia, United States).Performance & Filtration Minerals(19% of group turnover in 2011)Markets for consumer staples andintermediate industries were driven bydynamic growth in emerging countries.On the other hand, the constructionmarket fared less well, improving onlyslightly in certain European countriesand remaining stable at a low activitylevel in the United States. The marketsserved by the talc business stood upwell overall.Investments continued to inversecompared to the previous year, witha focus on the development of newproducts and geographical expansion.Pigments for Paper & Packaging(21% of group turnover in 2011)In 2011, global paper production wascomparable to its level of 2010, withgrowth in emerging countries (+ 6%)compensating for an erosion in maturemarkets (- 4%). The Packaging segmentis still expanding and the branchallocates considerable meansto increasing its product offering andsales in the sector.Investments, up slightly over theprevious year, mainly concernedthe streamlining of Brazilian plantsfollowing PPSA’s acquisition and thereconstruction of the Miyagi Japaneseplant damaged by the tsunami.Materials & Monolithics(28% of group turnover in 2011)In France, new housing starts increasedby 10% and the renovation activityremained solid. In this context, volumesof clay products increased by 9.4%and 19% for roof tiles and bricks,respectively.Monolithic Refractories were drivenby the dynamism of the global steelmarket and internal development ofrefractory solutions for new plantsprojects. Investments by this branchfocused primarily on the maintenanceof industrial assets and the improvementof its energy efficiency.OutlookThe macro-economic environment hasbeen more uncertain since the endof last summer; visibility is reduced in2012 even though activity remainedsatisfactory in the early part of the year.Therefore, the group remains wary:it will invest selectively, with a focus ongrowth projects and fast paybacks,strict management of working capital,expenditures, variable costs evolutionand price/mix.In these circumstances, Imerys willcontinue its development strategy basedon the acceleration of organic growth –through innovation and expansion ofits portfolio in growth markets andgeographics – and on a selectiveacquisition policy.48 Annual Report 2011
Environment variables and operating data by sector of activity2011 2010 2009Operational dataMineral reserves(in thousand tonnes)Clay 25,917 28,714 26,561Carbonates 237,209 261,380 272,690Clay for bricks and tiles 94,432 92,073 90,498Feldspath 27,846 28,667 44,102Kaolin 104,210 106,385 96,955Diatomite and perlite 45,187 41,194 41,759Minerals for refractories 12,515 12,515 12,999Talc 29,527 - -Other minerals 3,504 3,743 4,088Overview of the activitiesPersonnel (in units) 16,187 15,090 14,592Sector-based information(in EUR million)Turnover 3,675 3,347 2,774Performance & Filtration Minerals 720 595 501Pigments for Paper & Packaging 796 767 632Materials & Monolithics 1,025 923 876Minerals for Ceramics, Refractories, Abrasives & Foundry 1,186 1,105 794Inter-segment eliminations (52) (43) (29)Current operating income (EBIT) 487 422 249Performance & Filtration Minerals 83 66 27Pigments for Paper & Packaging 83 77 42Materials & Monolithics 210 188 168Minerals for Ceramics, Refractories, Abrasives & Foundry 157 135 44Eliminations/Holdings (46) (44) (32)Main financial data2011 2010 2009Simplified profit and loss accounts(in EUR million)Turnover 3,675 3,347 2,774Gross operating income (EBITDA) 686 621 417Current operating income (EBIT) 487 422 249Net income from current operations (group share) 303 242 119Net income (group share) 282 244 41Simplified balance sheet(in EUR million)Fixed assets 3,197 2,923 2,735Equity (group share) 2,180 2,105 1,784Minority interests 31 27 19Net debt 1,031 873 964Debt to equity ratio (in %) 47 41 53Annual Report 2011 49
Page 1: Annual Report2011 Groupe Bruxelles
Page 4 and 5: Responsible persons1 Responsibility
Page 6: Message to shareholdersLadies and G
Page 10 and 11: Stock Exchange dataShareholder info
Page 14: Selected Portfolio and financial ad
Page 17: Consolidated result analysisThe tab
Page 20 and 21: Consolidated figures IFRSIn 2011, t
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Page 24 and 25: Total is a global, integrated oil a
Page 30: GDF SUEZ is a world reference energ
Page 34 and 35: Overview of the activities - GDF SU
Page 36 and 37: The world’s co-leader in Wine & S
Page 39 and 40: Main financial data30 June 2011 30
Page 42 and 43: With a presence in 64 countries, La
Page 45 and 46: Environment variables and operating
Page 47 and 48: Data on Stock Exchange and on GBL
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Page 54 and 55: Suez Environnement is a global lead
Page 58 and 59: Overview of the activities - Suez E
Page 62 and 63: Overview of the activities - Arkema
Page 64 and 65: Overview of the activities - Arkema
Page 66 and 67: Other investmentsIberdrola(http://w
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Page 70 and 71: Consolidated balance sheet at 31 De
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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 statementNumbe
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Corporate governance statementThe a
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Corporate governance statementThe t
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Corporate governance statement3.2.
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Corporate governance statement3.4.1
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6. Risk management and internal con
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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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