2016 PARGESA HOLDING SA PARGESA Pargesa Holding SA ANNUAL REPORT Pargesa E 2016 Holding SA Pargesa Holding SA 11, Grand-Rue www.pargesa.ch Pargesa Holding SA CH – 1204 Genève T +41 (0) 22 817 77 77
[email protected] Pargesa Holding SA Annual Report 2016 Pargesa Holding SA Annual Reportreport 20152016 2 Pargesa Holding SA Annual Report 2016 Contents Contents Structure and key data 4 Board of Directors, Committees, Auditor and Management 6 Letter from the Chairman 8 01 Business report 11 Introduction 12 Highlights 12 2016 consolidated results 15 Adjusted net asset value 19 Proposals at the Annual General Meeting of 4 May 2017 22 02 Group portfolio 25 GBL 26 Imerys 28 LafargeHolcim 30 SGS 32 adidas 34 Pernod Ricard 36 Umicore 38 Total 40 Other GBL assets 42 03 Corporate Governance report 49 04 Compensation report 61 05 Consolidated financial statements 67 06 Parent company financial statements 145 3 Pargesa Holding SA Annual Report 2016 Structure and key data Structure and key data Organisation chart at 31 December 2016 (1) Pargesa Holding SA 50.0% (2) Sienna Capital Other (5) 53.9% 9.4% 16.2% 7.5% 7.5% 17.0% 0.7% Incubator Strategic investments (3) investments (4) EUR 14’615 (6) EUR 730 (6) EUR 955 (7) (1) Shareholdings are expressed as a percentage of the capital held. (2) 51.9% of voting rights, taking into account the suspended voting rights relating to treasury shares. (3) Investments generally larger than EUR 1 billion, primarily in listed companies in which the Group can exercise clear influence.