Annual Report 2011 - Analist.be

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Accounts at 31 December 2011 - Notes3.3. Fair value and variationsThe investments in listed companies are valued on the basis of the share price at the end of the financial year.Shares in the “Funds”, i.e. PAI Europe III, Sagard I and Sagard II, are revalued at their fair value, determined by the managersof these funds in terms of their portfolio of investments.The changes in fair value of investments are recorded in the revaluation reserves (see note 3.4.).In EUR million Total GDF SUEZSuezEnvironnementPernodRicard Iberdrola Arkema Funds OtherTotalfairvalueAt 31 December 2008 3,655.2 4,140.1 421.8 954.5 189.2 28.8 70.2 2.6 9,462.4Funds earnings - - - - - - (21.5) - (21.5)Acquisitions - - - 201.3 13.3 - 2.7 - 217.3Disposals/Reimbursements - - - - - - (2.2) - (2.2)Change in revaluation reserves 572.6 (591.2) 142.6 486.8 43.6 32.3 7.1 (0.2) 693.6Impairments - - - (198.2) (36.5) - - - (234.7)At 31 December 2009 4,227.8 3,548.9 564.4 1,444.4 209.6 61.1 56.3 2.4 10,114.9Funds earnings - - - - - - 2.3 - 2.3Acquisitions - - - 121.8 - 27.5 7.6 - 156.9Disposals/Reimbursements - - - - - - (3.2) - (3.2)Change in revaluation reserves (503.0) (402.6) (23.6) 269.7 (7.9) 77.7 10.1 - (579.6)Impairments - - - - (20.4) - - - (20.4)At 31 December 2010 3,724.8 3,146.3 540.8 1,835.9 181.3 166.3 73.1 2.4 9,670.9Funds earnings - - - - - - 43.0 - 43.0Group structure changes/Business combinations - - - - - - - 6.2 6.2Acquisitions - - - - - 155.0 17.0 38.3 210.3Disposals/Reimbursements - - - - (158.6) - (56.4) (1.2) (216.2)Change in revaluation reserves (59.6) (671.4) (229.3) 33.9 (34.9) 17.7 (15.8) 1.4 (958.0)(Impairments)/Reversals - - - - 78.9 - (8.9) (0.1) 69.9Other - - - 2.1 - - - 47.6At 31 December 2011 3,710.7 2,474.9 311.5 1,869.8 68.8 339.0 52.0 47.0 8,873.7Of which: Holding 3,710.7 2,474.9 311.5 1,869.8 68.8 339.0 - 41.3 8,816.0Imerys - - - - - - - 4.8 4.8Private equity - - - - - - 52.0 0.9 52.990 Annual Report 2011
3.4. Revaluation reservesIn EUR million Total GDF SUEZSuezEnvironnementPernodRicard Iberdrola Arkema Funds OtherAt 31 December 2008 1,530.0 1,556.7 76.1 - - 0.4 0.3 (141.6) 3,021.9Change in fair value 572.6 (591.2) 142.6 288.6 7.1 32.3 7.1 88.5 547.6Transfer to result(disposal/impairment) - - - 198.2 36.5 - - - 234.7At 31 December 2009 2,102.6 965.5 218.7 486.8 43.6 32.7 7.4 (53.1) 3,804.2Change in fair value (503.0) (402.6) (23.6) 269.7 (28.3) 77.7 10.1 (29.1) (629.1)Transfer to result(disposal/impairment) - - - - 20.4 - - - 20.4At 31 December 2010 1,599.6 562.9 195.1 756.5 35.7 110.4 17.5 (82.2) 3,195.5Change in fair value (59.6) (671.4) (229.3) 33.9 (12.2) 17.7 (24.7) 1.4 (944.2)Transfer to result(disposal/impairment) - - - - (22.7) - 8.9 - (13.8)At 31 December 2011 1,540.0 (108.5) (34.2) 790.4 0.8 128.1 1.7 (80.8) 2,237.5Changes in the fair value of available-for-sale investments (detailed in point 3.3.) are included in the above table. The “Other”heading covers the share of the variation of GBL in the revaluation reserves of associated companies (Lafarge and Imerys).Totalfairvalue4. Other operating income and expenses and personnel costs4.1. Details on other operating income and expensesIn EUR million 2011 2010 2009Services and other goods (24.2) (19.2) (16.7)Personnel costs (7.6) (8.0) (7.1)Depreciation (1.2) (1.4) (1.1)Other operating expenses (1.1) (0.1) (0.1)Other operating income 1.0 0.8 0.7Other operating expenses and income – investing activities (33.1) (27.9) (24.3)Accounts at 31 December 2011Transport costs (426.4) - -Sub-contracting costs (129.1) - -Operating leases (44.9) - -Fees (61.4) (4.3) -Various taxes (34.5) - -Other operating expenses (173.3) - -Other operating income 43.0 - -Net earnings from associated companies belonging to consolidated operating activities 7.9 - -Other operating income and expenses – operating activities (818.7) (4.3) -Other operating expenses related to operating activities includes EUR 7 million in transaction costs for the Imerys acquisitions.Annual Report 2011 91
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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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Main financial data30 June 2011 30
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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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Page 74 and 75: Accounting policiesGroupe Bruxelles
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Page 99 and 100: In EUR millionLand andbuildingsMine
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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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