Annual Report 2011 - Analist.be

Consolidation scope, associated companiesand changes in group structureFully consolidated subsidiaries% of shares hold MainName Head office 2011 2010 2009 activityBelgian Securities B.V. Amsterdam 100.0 100.0 100.0 HoldingBrussels Securities SA Brussels 100.0 100.0 100.0 HoldingGBL Treasury Center SA Brussels 100.0 100.0 100.0 HoldingSagerpar SA Brussels 100.0 100.0 100.0 HoldingGBL Participations SA Brussels - - 100.0 HoldingGBL Overseas Finance N.V. Willemstad 100.0 100.0 100.0 HoldingGBL Verwaltung GmbH Gütersloh 100.0 100.0 100.0 HoldingGBL Verwaltung S.A. Luxembourg 100.0 100.0 100.0 HoldingImmobilière rue de Namur S.à r.l. Luxembourg 100.0 100.0 100.0 Real estateGBL Finance S.A. Luxembourg Liquidated Liquidated 100.0 HoldingGBL Energy S.à r.l Luxembourg 100.0 100.0 100.0 HoldingGBL R S.à r.l Luxembourg 100.0 100.0 100.0 HoldingGBL Investments Limited Dublin 100.0 100.0 100.0 HoldingImerys S.A. (and subsidiaries) Paris 57.1 - - OperationalErgon Capital Partners III SA Brussels 100.0 100.0 - Private equityE.V.E. S.A. Luxembourg 100.0 100.0 - HoldingEVONG S.A. Luxembourg 75.1 75.1 - HoldingELITech Group S.A.S. Puteaux 60.2 58.6 - HoldingFinancière ELITech S.A.S.(and subsidiaries) Puteaux 100.0 100.0 - OperationalPublihold SA Brussels 92.0 - - HoldingEditis Belgium SA (Groupe De Boeckand subsidiaries) Brussels 100.0 - - OperationalErgon International S.A. Luxembourg 100.0 - - HoldingErgon Investments Europe S.A. Luxembourg 100.0 - - HoldingBenito Artis S.L. (and subsidiaries) Barcelona 84.6 - - OperationalVoting rights correspond to the percentage of holding with the exception of Imerys, for which voting rights amount to 66.8%.An incentive plan was established for the management of Ergon Capital Partners III concerning 16.7% of shares.Associated companiesRate (in %) Lafarge ImerysErgon CapitalPartnersErgon CapitalPartners II2011 Share hold 21.0 - (1) 43.0 42.4Voting rights 27.4 - (1) 43.0 42.4Consolidation 21.0 - (1) 43.0 42.42010 Share hold 21.1 30.7 43.0 42.4Voting rights 24.6 37.7 43.0 42.4Consolidation 21.1 30.7 43.0 42.42009 Share hold 21.1 30.7 43.0 42.4Voting rights 27.1 36.3 43.0 42.4Consolidation 21.1 30.7 43.0 42.4In subsequent notes, Ergon Capital Partners and Ergon Capital Partners II are referred together as “ECP I & II”, while the term“ECP” will be used to refer to these two companies plus Ergon Capital Partners III.(1) See “Changes in group structure”80 Annual Report 2011