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Annual Report 2015 Annual Report 2015 Experience. Our greatest asset. Groupe Bruxelles Lambert Online additional information www.gbl.be Additional information can be found on our website, among which: • Historical information on GBL • Our annual and half-year reports as well as press releases in relation to quarterly results • Adjusted net assets on a weekly basis • Our press releases • Our investments • A market consensus Investor information Online registration in order to receive investor information (notifications of publication, press releases, etc.) is available through our website. Investor relations Céline Donnet [email protected] Tel.: +32 (0)2 289 17 77 Overview GBL 2015 GBL is the second largest listed holding company in Europe with adjusted net assets of EUR 15.2 billion and a market capitalisation of EUR 12.7 billion at the end of 2015. As a holding company focused on long-term value creation, GBL relies on a stable, family shareholder base. Its portfolio is composed of global industrial and services companies, leaders in their market and in which GBL plays its role of professional shareholder. Groupe Bruxelles Lambert GBL Annual Report 2015 Overview GBL’s primary objective is to create value for its shareholders. Key information 2nd largest Founded in 1902 holding and listed since company in Europe 1956 Focused on global industrial and services Controlled by the Frère (Belgium) Target leaders and Power Corporation of Canada (Canada) groups Resilient track record with above market average Progressive diversification of the portfolio in terms of sectors, geographies, as well as type and number of assets Executive Management: Gérard Lamarche and Ian Gallienne Policy of limited Significant Competitive net debt financial cost over time liquidity structure GBL Annual Report 2015 Overview GBL strives to develop a quality portfolio focused on a targeted number of companies that are leaders in their market and in which it can play an active role as a professional shareholder over the long term. Evolution of the share price over 10 years In base 100 GBL’s share price CAC 40 index BEL 20 index 140 130 120 110 100 90 80 70 60 50 40 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 GBL Annual Report 2015 Overview The portfolio will evolve over time with the aim to increase its sector and geographic diversity and to ensure the balance between growth- and return- focused investments. GBL invests and divests depending on companies’ development and market opportunities in order to achieve its objectives of value creation and to maintain a solid financial structure. Evolution of the adjusted net assets (1) and the share price over 10 years In EUR per share The share price presents a 16.3% discount on the adjusted net assets at 31/12/15 150 Adjusted net assets (in EUR) Share price (in EUR) 120 94.13 90 60 78.83 30 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (1) Bertelsmann was valued based on GBL’s share in the company’s consolidated shareholders’ equity until mid-2006 GBL Annual Report 2015 Overview GBL’s dividend policy seeks to achieve a sound balance between providing an attractive yield to shareholders and achieving sustained growth of the share price. Gross dividend growth over 10 years In EUR per share GBL has maintained sustained dividend growth over the past 10 years (+ 4.6% on average) 2016 2.86 2015 2014 2013 2012 2011 + 4.6% 2010 Year of payment Year 2009 2008 2007 1.90 0 1 2 3 GBL Annual Report 2015 Overview 1 Strategic Investments (1) Situation at 31 December 2015 Imerys is world leader in speciality minerals 17.9% €2,761M # 1 53.9% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview Strategic Investments LafargeHolcim is the world leader in construction materials: cement, aggregates and concrete 17.3% €2,674M # 1 9.4% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview Strategic Investments Total is a global, integrated oil and gas group, with a presence in the chemical industry 15.9% €2,463M Top 5 2.4% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview Strategic Investments Pernod Ricard is world’s co-leader in Wines & Spirits 13.5% €2,093M # 2 7.5% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview Strategic Investments SGS is the world leader in inspection, verification, testing and certification 13.4% €2,067M # 1 15.0% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview Strategic Investments ENGIE is a leading international energy group, operating in electricity, gas and services 5.8% €893M # 1 2.3% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview 1 Incubator Investments (1) Situation at 31 December 2015 adidas is the European leader in sports equipment 5.8% €890M # 2 4.7% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview Incubator Investments Umicore is a group specialised in materials technology and precious metals recycling 4.7% €720M Top 3 16.6% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview Incubator Investments Ontex is a global leader specialised in the field of hygienic consumables 1.2% €181M Top 3 7.6% Share in the portfolio of GBL Value in the portfolio Sectorial ranking Capital held by GBL GBL Annual Report 2015 Overview 1 Sienna Capital (1) Situation at 31 December 2015 Sienna Capital includes the alternative investments of GBL (private equity, debt or specific thematic funds) 4.6% €715 M 100% Share in the portfolio of GBL Value in the portfolio Capital held by GBL Annual Report GBL 2015 Overview GBL 2015 .....................................................................................Insert Accounts at 31 December 2015 ............................................................... 77 Message from the Chairman of the Board of Directors ..............02 Consolidated balance sheet ..........................................................................78 Message from the Managing Directors ................................................. 04 Consolidated statement of financial position Strategy ..................................................................................................................... 06 at 31 December .....................................................................................................78 Outlook ......................................................................................................................10 Consolidated statement of comprehensive income at 31 December .....................................................................................................79 Competitive positioning .................................................................................11 Consolidated statement of changes in shareholders’ equity .....80 Highlights ................................................................................................................12 Consolidated statement of cash flows ...................................................81 Key figures...............................................................................................................16 Accounting policies ...........................................................................................82 Economic presentation of the consolidated result .........................18 Scope of consolidation .....................................................................................89 Adjusted net assets ............................................................................................23 Notes ............................................................................................................................92 Corporate Social Responsibility .................................................................27 Statutory Auditor’s report ...........................................................................136 Condensed statutory accounts at 31 December ...........................138 Shareholder information and stock performance ...................... 30 Dividend policy .................................................................................................140 Distribution policy and proposed dividend .......................................32 Historical data .................................................................................................... 141 Financial calendar ..............................................................................................33 Investor relations .................................................................................................33 Corporate Governance ................................................................................145 Change in the share price in 2015 ............................................................33 Corporate Governance Statement ..........................................................146 Stock data and stock market indicators ..............................................34 Board of Directors ...........................................................................................146 Resolutions proposed to shareholders ..................................................35
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