Annual Report 2011 - Analist.be

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Accounts at 31 December 2011 - NotesGBL group’s shareIn EUR million 2011 2010 2009Lafarge 124.6 174.1 155.2Imerys 21.8 74.1 12.6ECP I & II (10.1) 14.0 (6.7)Net earnings from associated companies – investing activities 136.3 262.2 161.1Associated companies related to consolidated operating activities(shown under “Other operating income and expenses”) 7.9 - -Total 144.2 262.2 161.1GBL does not make the distinction in its result of the period between recurring and non-recurring elements. The non-recurringelements are presented below for information purpose:2011LafargeLafarge’s net earnings for 2011 amounted to EUR 593 million compared to EUR 827 million in 2010. In 2011, this group registereda one-time capital gain of EUR 466 million related essentially to the capital gain on the disposal of its Gypsum activities in Europe,Latin America, Asia and Australia; a capital gain of EUR 161 million on the disposal of Cimpor shares was registered for theprevious financial year; a EUR 285 million impairment on goodwill, mainly concerning Greece, also impacted net earnings for 2011.ECP I & IIThe contribution by ECP I & II to GBL’s net earnings came to EUR – 10 million in 2011 and resulted primarily from changes in thecarrying amount of components of its portfolio.2010LafargeThe net result registered by Lafarge shows a 12% expansion to EUR 827 million in 2010 compared to EUR 736 million in 2009.In 2010, it realized a capital gain on the disposal of Cimpor shares in the amount of EUR 161 million.ImerysAn after-tax expense of EUR 1 million related to non-recurring elements is included in Imerys’ net result (EUR 241 million).It is made up of a badwill on the acquisition of PPSA of EUR 40 million, a gain of EUR 7 million following restructuring of financefor the group’s American subsidiaries, and a provision for restructuring and impairments in the amount of EUR - 31 million, as wellas transfers to provisions for site rehabilitation in the amount of EUR - 14 million.ECP I & IIThe contribution of ECP I & II to GBL’s net result amounted to EUR 14 million in 2010, stemming mainly from the evolution of bookvaluations of its portfolio.2009LafargeThe net income of Lafarge includes EUR 93 million of net costs coming from impairments from the Cement business in WesternEurope (EUR - 90 million), charges related to settlement of the litigation with USG (EUR - 47 million) and a reversal of provisionof EUR 44 million as the result of the court decision in a competition case in Germany.ImerysA net loss of EUR 78 million, related to non-recurring elements, is included in Imerys’ net income (EUR 41 million). It consistsprincipally of a cash expense of EUR 53 million for cost-cutting programmes implemented during the year, a non-cash amount ofEUR - 45 million representing impairments on industrial assets and impairments of goodwill, and a capital gain of EUR 11 million(in particular on the sale of Planchers Fabre in May 2009).ECP I & IIECP’s I & II consolidated loss of EUR 16 million consists mainly of reversals of unrealised capital gains recorded in previous years.86 Annual Report 2011
2.2. Share in the shareholders’ equity of associated companiesIn EUR million Lafarge Imerys ECP I & II Other TotalAt 31 December 2008 2,738.9 558.8 94.2 - 3,391.9Investment 317.1 78.8 3.7 - 399.6Result of the period 155.2 12.6 (6.7) - 161.1Distribution (82.5) (19.2) - - (101.7)Currency translation adjustments (8.9) 8.7 - - (0.2)Change in revaluation reserves/hedging 72.1 16.6 - - 88.7Other (34.5) (14.6) 0.2 - (48.9)Reversal of impairment 649.6 - - - 649.6At 31 December 2009 3,807.0 641.7 91.4 - 4,540.1Investment - 3.9 1.1 - 5.0Result of the period 174.1 74.1 14.0 - 262.2Distribution (120.9) (23.1) - - (144.0)Currency translation adjustments 226.0 47.3 - - 273.3Change in revaluation reserves/hedging (29.1) 3.9 - - (25.2)Other (4.3) (5.7) - - (10.0)At 31 December 2010 4,052.8 742.1 106.5 - 4,901.4Investment - - 10.4 0.7 11.1Reimbursement - - (11.4) - (11.4)Disposals - - - (0.5) (0.5)Result of the period 124.6 21.8 (10.1) 7.9 144.2Distribution (60.5) - - (0.7) (61.2)Changes in group structure - - - 75.9 75.9Currency translation adjustments (84.9) (26.2) - - (111.1)Change in revaluation reserves/hedging - 1.3 - - 1.3Actuarial gains and (losses) (41.7) - - - (41.7)Change in consolidation method - (739.3) - - (739.3)Impairment (649.6) - - (1.5) (651.1)Other movements 22.1 0.3 2.6 25.0At 31 December 2011 3,362.8 - 95.4 84.4 3,542.6Of which: Holding 3,362.8 - - - 3,362.8Imerys - - - 82.4 82.4Private equity - - 95.4 2.0 97.4Accounts at 31 December 2011The market value of the interest in Lafarge at the end of 2011 stood at EUR 1,638 million (EUR 2,830 million on 31 December 2010).ECP I & II are not listed.The acquisition of a controlling share in Imerys and the change in consolidation method are detailed in the section “Consolidationscope, associated companies and changes in group structure”.Annual Report 2011 87
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Annual Report2011 Groupe Bruxelles
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Responsible persons1 Responsibility
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Message to shareholdersLadies and G
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Stock Exchange dataShareholder info
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Selected Portfolio and financial ad
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Consolidated result analysisThe tab
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Consolidated figures IFRSIn 2011, t
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20 Annual Report 2011
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Total is a global, integrated oil a
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GDF SUEZ is a world reference energ
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Overview of the activities - GDF SU
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The world’s co-leader in Wine & S
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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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Chain of ownershipPaul G.Desmarais6
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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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