Annual Financial Report 2008 Groupe Bruxelles Lambert WorldReginfo - 5a278aa3-cf65-44a3-a033-2d4c770494f2 GBL’s primary objective is to create value for its shareholders over the medium-term. Therefore, GBL strives to maintain and promote the growth of a portfolio of investments focused primarily on a small number of companies in which it plays its role as a professional shareholder. This portfolio will evolve over time following the evolution of the different companies as well as market opportunities. GBL invests in companies that offer potential to create value for shareholders and sells investments deemed to have reached maturity. GBL’s dividend policy seeks to achieve a sound balance between providing an attractive cash yield to shareholders and achieving sustained growth in its share price. WorldReginfo - 5a278aa3-cf65-44a3-a033-2d4c770494f2 Groupe Bruxelles Lambert Responsible persons 2 Annual Financial Message to shareholders 3 Report 2008 Selected financial information 4 Stock Exchange data 4 Contents Portfolio and adjusted net assets 6 Consolidated figures IFRS 9 Overview of the activities 13 Risk factors 13 GDF SUEZ 14 Total 18 Lafarge 22 Pernod Ricard 26 Imerys 30 Suez Environnement 34 Other investments 38 Accounts at 31 December 2008 39 Consolidated financial statements 40 Non-consolidated summary balance sheet and income statement 68 Dividend policy 70 Historical data 71 Corporate governance 76 Information relating to the company 96 Resolutions proposed to shareholders 99 Appendix – Offices of the Directors between 2004 and 2008 100 Glossary 114 For further information Inside back cover This English version is a full translation of the French version To obtain information on GBL, please contact: Carine Dumasy Tel.: +32-2-289.17.17 – Fax: +32-2-289.17.37 – e-mail:
[email protected] – Website: http://www.gbl.be Dit jaarlijks financieel verslag is ook verkrijgbaar in het Nederlands Ce rapport financier annuel est aussi disponible en français WorldReginfo - 5a278aa3-cf65-44a3-a033-2d4c770494f2 Responsible persons 1.