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ANNUAL REPORT Key IFRS Consolidated Figures 2014 ANNUAL REPORT Key IFRS consolidated figures 31/12/2014 31/12/2013 3 PROFIT (millions of €) Recurring profit 17.43 38.19 Capital gains on investment 82.36 55.20 Taxes -0.63 -0.09 Consolidated net profit 99.16 93.30 Group share 99.16 93.30 Minority share - - Revaluation of non-current financial assets 28.86 49.58 Total comprehensive income 128.02 142.88 BALANCE SHEET FIGURES (millions of €) Consolidated equity – Group share 1,091.48 983.60 CASH POSITION Group cash position 256.57 204.72 NET ASSETS (millions of €) 1 Consolidated net assets 1,091.48 983.60 KEY FIGURES PER SHARE (€) Equity – Group share 48.60 43.80 Net assets 2 48.60 43.80 Net profit – Group share 4.42 4.09 Total comprehensive income – Group share 5.70 6.26 • 1 Net assets now excludes the value of own shares. • 2 Net assets per share is calculated by dividing net assets by the number of shares issued excluding own shares. • 3 After retrospective application of the standard IFRS 10. Net Asset Value Breakdown of Group Net Assets at 18/03/2015 (estimated value) total : € 1,076 M Cash € M 229 / 21 % Securities and others Long-term investments € M 65 / 6 % € M 605 / 56 % Private equity and Funds € M 177 / 17 % Performance of Luxempart’s share price and net asset value Since 2003, Luxempart’s share price has shown a compound annual growth rate of 12 % (11 % for net assets). During 2014, Luxempart’s net asset value (NAV) increased by 12 %. On 18 March 2015, the Company’s share price showed a discount of approximately 34 % in relation to its NAV. From 1 January 2015 to 18 March 2015, NAV increased by 10.3 %, while the share price rose by 11.7 % in the same period. Performance of Luxempart’s dividend Luxempart’s dividend has seen a compound annual growth rate of 10 % since 2003. For the 2014 financial year, the Board of Directors proposes a gross dividend of € 1.00 per share, i.e. a 10 % increase on the previous financial year’s dividend. Performance of Luxempart’s share price from January 2014 to end-March 2015 vs. Lux X Luxempart has slightly outperformed Lux X since January 2014. Lux X was affected by the performances of : SES (up 37 %), Reinet (up 44 %), KBC (up 39 %) and Aperam (up 164 %), as well as by ArcelorMittal (down 23 %) and RTL Group (down 4 %). Luxempart benefited from the strong share price performance of SES, Foyer Group (before delisting), and by the good results of its underlying non-listed assets. Performance of Luxempart’s share price and net asset value in € 60 50 % 45 % 50 40 % 35 % 40 30 % 30 25 % 20 % 20 15 % 10 % 10 5 % 0 0 % 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Net assets Share price Discount Performance of Luxempart’s dividend in € 1,20 1,00 0,80 0,60 0,40 0,20 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Gross dividend / share Net dividend / share Performance of Luxempart’s share price from January 2014 to end-March 2015 vs. Lux X in € 38 36 34 32 30 28 26 24 22 20 Jan. 14 Feb. 14 Mar. 14 Apr. 14 May 14 June 14 July 14 Aug. 14 Sept. 14 Oct. 14 Nov. 14 Dec. 14 Jan. 15 Feb. 15 Mar. 15 Luxempart +24 % Lux X Index (adjusted) +21 % Portfolio breakdown at 31/12/2014 LUXEMPART Private Equity Long-term Investments Luxempart Indufin Capital Algebra Direct Direct Luxempart Actoline IV Capital Partners Partners Sicar Investments investments investments Invest Sicar Fonds de private M- Kyotec IPS RTL Group SES equity Sicherheitsholding Bartech Fonds Ekkio Mehler Atenor Rowies IHS Armira Holding SEO Preflexibel O3b DS Care Direct Energie SecureLink D’Alba Invest Quip Foyer Reload Mirato DMB 2 Foyer Finance Euphaco Stoll Pescanova Annual Report 2014 Luxempart S.A. 1 Contents Company Message to shareholders p. 2 Management report on the consolidated accounts at 31 December 2014 p. 4 Board of Directors p. 12 Group Executive Committee p. 14 Corporate governance p. 16 Portofolio Long-term investments p. 30 Private equity p. 35 Financial information IFRS consolidated financial statements at 31 December 2014 p. 49 Annual accounts at 31 December 2014 p. 99 2 Luxempart S.A. Annual Report 2014 Message to shareholders Dear shareholders, The general state of the economy in 2014 is a very complex affair. The United States is doing better than Europe. The US dollar is no longer so far off parity with the euro. The Fed is gradually coming around to seeing US interest rates return to normal. The price of oil is very low. The ECB (Draghi) continues to open the valves of easy money, rates are close to zero and banks are being called on to loan favourably to businesses; a portion of these funds is finding its way to the stock markets and the indices are looking good. For savers/investors in search of a return, there are barely any alternatives to the stock market, except perhaps in real estate. Events in Ukraine, Greece and the Middle East are dampening economic growth and terrorism adds another worrying dimension of insecurity to it all. China’s economic miracle has come to an end but growth remains stable, as in Germany, the driving force behind the European economy. It is against this backdrop that your Company’s managers have analysed the results for 2014, which has, once again, turned out to be a good year. The figures speak for themselves: consolidated net profit of € 99.16 million compared with € 93.30 at the end of 2013; taking into account portfolio valuation changes, total comprehensive income stood at € 128.02 million. Consolidated equity – Group Share – hit the billion mark and reached € 1,091.48 million. Cash resources of € 256.57 million allow Luxempart to seize opportunities presented to it. Net assets per share is € 48.60 compared with € 43.80 a year earlier. Net profit – Group Share – per share is € 4.42 vs € 4.09. The share price was € 31.51 at 31 December 2014 and reached € 37.37 at 30 March 2015, which represents an increase of 18.6 % since 1 January 2015. As a consequence of the lightening of SES and RTL Group supportive investments – for portfolio weighting reasons – recurring profit decreased, but the growth of capital gains on investment has enabled your Board of Directors to maintain the distribution policy and to propose a 10.2 % increase on dividends: € 1.00 gross (€ 0.85 net) vs € 0.9077 gross (€ 0.7715 net); this increase is another consistent point on an already lengthy trend. For years, Luxempart’s strategy has extended beyond its business in Luxembourg. The Dusseldorf office (Algebra), together with teams in Belgium, France and Italy, contribute significantly to business development. Under the supervision and control of the Group Executive Committee, the teams in place adopt a dynamic approach while remaining prudent. Luxempart did not take part in the takeover bid of Foyer S.A. The free float was reduced to 2.25 %. Foyer left the stock exchange. Luxempart remained a supportive shareholder in Foyer. Luxempart acquired a stake of 25.5 % in Mehler Vario System GmbH, a German company producing bulletproof vests for the police and army. Within the framework of a co-investment managed by Wendel, Luxempart invested $ 15 million in IHS, a telecom tower operator in several African countries. Luxempart has committed itself to investing up to € 25 million in an investment company managed by German professionals, seeking to acquire majority stakes, essentially in German and Swiss SMEs. It is worth highlighting the importance of a recent event: on 15 January 2015, Luxempart acquired 2,385,000 Luxempart shares held by BIL Group, i.e. 9.96 % of Luxempart’s share capital, for € 74 million. This transaction represents an accretive effect for shareholders. Luxempart now holds 3,882,220 own shares, some 16.2 % of share capital. Annual Report 2014 Luxempart S.A. 3 Outlook Since the vast majority of Luxempart’s shares point to increasing profits, we believe we will be able to improve recurring profit on current activity. A huge thank you to our shareholders for your trust. We would also like to thank all of our colleagues for their efficient and dedicated work. François TESCH Gaston SCHWERTZER Managing Director Chairman Message from the Managing Director Our Chairman, Gaston Schwertzer, and one of our long-standing Directors, André Elvinger, have decided to stand down in the next elections for the Board of Directors of your Company. This brings to a close an important chapter in the history of Luxempart. Gaston Schwertzer and André Elvinger played a key role in the 1992 takeover of BIL Participations, renamed Luxempart. Gaston Schwertzer acted as Managing Director from 1992 to 2002, when he took on the role of Chairman, a position he has held until today. During this time, Luxempart managed to achieve a remarkable performance on behalf of its shareholders, with the value of its stocks going from EUR 3 to EUR 37, despite the Company paying dividends each year. Having had the privilege of sharing many exciting times with these two gentlemen, their departure fills me with great emotion. On behalf of the Board of Directors, the entire team and all our shareholders, I thank them for all they have done for Luxempart. François TESCH Managing Director 4 Luxempart S.A. Annual Report 2014 Management report on the consolidated accounts at 31 December 2014 Luxempart is a holding company listed on the Luxembourg Stock Exchange.
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