Annual Report 2011 - Analist.be

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Accounts at 31 December 2011 - NotesImpairment recognised in 2008 on Lafarge and partial reversal in 2009At end 2008, the decrease in the share price of Lafarge constituted objective evidence of the necessity of performing animpairment test in accordance with IAS 28 and IAS 36. GBL compared the consolidated book value with the value in use andwith the closing stock market value.Based on the five-year projections drawn up by GBL from public information and valuation assumptions shown in the followingtable, the value in use of the investment in Lafarge (based on the “Discounted Cash Flow method”) amounts to between EUR 55and EUR 85 per share. The share price at 31 December 2008 stood at EUR 43.35. Considering this range, GBL’s managementdecided to record an impairment of EUR 26 per share in 2008, which represents an overall charge of EUR 1,092 million, thusbringing down the consolidated book value of GBL’s stake to the share in IFRS shareholders’ equity of Lafarge at endDecember 2008 (EUR 66 per share).Impact onuseful valueValuation assumptions Sensitivity to assumptions Variation In EUR/shareDiscount rate 7.4% – 7.9% Discount rate + 0.25%- 0.25%- 7 to - 21- 9 to + 8Long-term growth rate 1.0% – 2.0% Long-term growth rate - 1.0% - 9 to - 21Considering the increase in the Lafarge share price in the first nine months of 2009, GBL was required, in application of IAS 36,to reverse part of the impairment recorded in 2008, at the closing of the period ended on 30 September 2009. This reversal,which amounts to EUR 650 million, was calculated in relation to the share price on that date (EUR 61.15). In conformity withIAS 28 and IAS 36, the amount of this reversal did not have to be adjusted in the fourth quarter because there was no objectiveevidence of impairment at 31 December 2009.Impairment recognised in 2011Given the prolonged decline in the share price relative to the value of this equity-accounted interest, GBL conducted animpairment test. The reiteration of this impairment test on 30 September 2011 on the basis of information available on that date,and taking account of the weakened economic environment, resulted in a consolidated carrying amount (EUR 65.2 per share)greater than the value in use. GBL therefore recognised an impairment that had the effect of bringing this value down to Lafarge’sIFRS equity share at end September 2011 (EUR 54.4 per share), which falls within the range of estimated values in use. Thisimpairment in the amount of EUR 10.8 per share represented a charge of EUR 650 million for the third quarter of 2011.The valuation assumptions as of 30 September 2011 are shown in the following table:Valuation assumptions Sensitivity to assumptions VariationImpact onuseful valueIn EUR/shareDiscount rate 7.6% – 8.1% Discount rate + 0.25%- 0.25%- 5+ 5Long-term growth rate 1.0% – 2.0% Long-term growth rate - 1.0% - 11The impairment test was repeated on 31 December 2011 but did not result in any change to the outcome of the test of30 September 2011. As a result, the consolidated carrying amount for Lafarge in GBL’s accounts still corresponds to Lafarge’sIFRS equity share at the end of 2011, i.e. EUR 55.8 per share.The valuation assumptions as of 31 December 2011 are shown in the following table:Valuation assumptions Sensitivity to assumptions VariationImpact onuseful valueIn EUR/shareDiscount rate 7.6% – 8.1% Discount rate + 0.25%- 0.25%- 5+ 5Long-term growth rate 1.0% – 2.0% Long-term growth rate - 1.0% - 102.3. Complementary disclosures relating to the investments in associatesAggregated financial information of the companies consolidated using the equity methodIn EUR million 2011 2010 2009Total assets 41,162.7 47,173.7 43,647.4Total shareholders’ equity 16,308.8 18,564.1 17,029.2Total turnover 16,288.2 19,516.2 18,658.2Total results 650.5 1,100.7 761.788 Annual Report 2011
3. Total, GDF SUEZ, Pernod Ricard, Suez Environnement, Iberdrola, Arkemaand other available-for-sale investments3.1. Net dividendsIn EUR million 2011 2010 2009Total 251.7 204.8 200.8GDF SUEZ 175.8 175.8 257.7Pernod Ricard 37.6 34.8 11.4Suez Environnement 22.8 22.8 22.8Iberdrola 7.9 10.7 8.6Arkema 3.8 1.4 1.4Other 0.7 0.4 47.6Total 500.3 450.7 550.3In 2011, GBL registered EUR 500 million in dividends (EUR 451 million en 2010). This EUR 49 million increase resulted mainlyfrom Total’s new quarterly dividend payout policy: Total’s third interim dividend for 2011, decided in October 2011 (payablein March 2012), will be recorded in the accounts for 2012. Excluding this element, dividends were stable in 2011 and 2010.The amount of EUR 550 million registered in 2009 included the exceptional GDF SUEZ distribution of EUR 94 million and theone-time reimbursement of EUR 48 million in withholding at the source on previous dividends.3.2. Earnings on disposals and impairments on available-for-sale investmentsIn EUR million 2011 2010 2009Impairments on available-for-sale investments - (20.4) (234.7)Pernod Ricard - - (198.2)Iberdrola - (20.4) (36.5)Capital gains on AFS shares 10.6 - -Iberdrola 10.6 - -Other 34.2 1.6 (23.6)Funds 35.6 3.6 (19.1)Other (1.4) (2.0) (4.5)Total 44.8 (18.8) (258.3)Accounts at 31 December 2011Impairments on available-for-sale investmentsIn the context of the downturn of financial markets, GBL recorded, in compliance with IFRS requirements, EUR 255 millionin impairments in 2009 and 2010 on its investments in Pernod Ricard and Iberdrola, of which EUR 235 million in 2009 andEUR 20 million in 2010. The impairments recorded corresponded to the difference between the acquisition cost and the shareprice on closing date.Capital gains on available-for-sale sharesIn 2011, GBL disposed of part of its investment in Iberdrola at a sale price of more than EUR 90 million, resulting in a capital gainof EUR 11 million. GBL still held 0.2% of Iberdrola on 31 December 2011.OtherWith regard to the private equity funds, Sagard and PAI Europe III contributed EUR 17 million and EUR 19 million respectivelyin 2011 (compared to EUR 0 million and EUR 4 million in 2010).As a reminder, GBL’s investments are held through companies established in countries which, in principle, do not tax capitalgains on these investments.Annual Report 2011 89
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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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