Net earnings EUR 596 million (EUR 1,076 million) EUR 3.84 (EUR 6.91)

Transcription

1 Groupe Bruxelles Lambert 5 November After 17:45 Regulated information Interim declaration Data at end September (end September ) (global/per share) Net earnings EUR 596 million (EUR 1,076 million) EUR 3.84 (EUR 6.91) Net earnings excluding (reversals of) impairments EUR 614 million (EUR 682 million) EUR 3.97 (EUR 4.38) Cash earnings EUR 552 million (EUR 611 million) EUR 3.42 (EUR 3.79) Adjusted net assets EUR 13,063 million (EUR 14,576 million) EUR (EUR 90.34) The calculation per share is based on the number of shares in issue on (161.4 million), s except for the net earnings per share, which pursuant to IFRS refers to the weighted average number of ordinary shares (155.2 million in ). GBL's Board of Directors, meeting on 5 November, approved the group's IFRS consolidated nonaudited financial statement for the period ended, based on the financial information provided by its associated companies and private equity funds. Consolidated net profits on stood at EUR 596 million, compared with EUR 1,076 million in, which included a large amount of nonrecurring items, in particular reversals of net impairments of EUR 395 million and exceptional dividends of around EUR 140 million. Cash earnings for the first nine months of the year totalled EUR 552 million, including declared but not yet cashed in interim dividends from Total and GDF SUEZ. Cash earnings of EUR 611 million recorded in benefited from the exceptional dividend payout from GDF SUEZ and a nonrecurring reimbursement of withholding taxes on dividends. Excluding these factors, cash earnings increased by 19% yearonyear. Adjusted net assets (EUR 80.96) and the GBL share price (EUR 61.12) at end September rose by 3.1% and 7.0% respectively compared with 30 June, reflecting the stock market recovery that began during this period. Adjusted net assets as of stood at EUR 13,063 million and included cash/nearcash of some EUR 800 million. GBL's debt consists of EUR 350 million in bonds (2017) issued last June and EUR 435 million in exchangeable bonds (2012). Since the beginning of the year, GBL has nevertheless bought back EUR 126 million of these exchangeable bonds and the balance is covered by own shares held by GBL. For more information: Page 1/6

2 1. GBL s portfolio and adjusted net assets at 29 October Portfolio Adjusted net assets % in capital Share price(eur) () Total GDF SUEZ Lafarge Pernod Ricard Imerys Suez Environnement Iberdrola Private Equity Arkema and other investments 135 Portfolio 13,150 Cash net/trading/treasury shares 376 Adjusted net assets 13,526 Adjusted net assets per share (EUR) Share price (EUR) The number of GBL outstanding shares currently stands at 161,358,287. The cash position on 29 October will be increased by the interim dividends from GDF SUEZ and Total to be paid in November, i.e. by some EUR 200 million. 2. IFRS consolidated results 9 months Non audited Cash earnings Mark to market and other noncash 30 September Associated companies and private equity Eliminations, capital gains, impairments and reversal Consolidated Consolidated Net earnings from associated companies Net dividends on investments (144.0) Interest income and expenses (9.3) (2.8) 1.4 (10.7) (8.3) Other financial income and expenses 2.9 (14.5) (11.6) (8.0) Other operating income and expenses (13.3) (3.0) (3.3) (19.6) (16.0) Earnings on disposals, impairments and reversal of noncurrent assets 2.0 (20.4) (18.4) Taxes Consolidated result (9 months ) (19.6) (164.4) Basic result per share 3.84 Diluted result per share 3.75 Consolidated result (9 months ) Basic result per share Diluted result per share , The weighted average number of shares used to calculate earnings per share basic is 155,211,392 (155,871,877 on ); earnings per share diluted are calculated on 159,097,955 shares (161,437,096 on ). For more information: Page 2/6

3 2.1. Cash earnings (EUR 552 million compared to EUR 611 million) Net dividends Total GDF SUEZ Lafarge Imerys Suez Environnement Pernod Ricard Iberdrola Other Subtotal GDF SUEZ exceptional Reimbursement withholding tax on dividends Total Excluding the exceptional GDF SUEZ dividend of EUR 94 million in and the reimbursement of EUR 45 million of withholding taxes on the dividend, net dividends collected as of increased by EUR 64 million yearonyear. All dividends collected on GBL's investments have risen or are stable. Note that, in the case of Lafarge and Imerys, the growth reflects the rise in the capital of those companies. The dividends in the accounts as of include in particular the interim dividends for decided by the Boards of Directors of Total and GDF SUEZ but not yet paid on that date. At EUR 1.14 per share, the Total interim dividend remains stable compared with ; the GDF SUEZ interim dividend of EUR 0.83 per share shows a 4% increase. Alongside net dividends, interest expenses and other financial income and expenses contribute negatively to the cash earnings by EUR 6 million, among which 4 million related to the retail bond issued in June, against a loss of EUR 23 million for the same period in which included a loss of EUR 40 million on a trading position Mark to Market and other non cash (EUR 20 million compared to EUR 4 million) Interest income and expenses (2.8) (2.9) Other financial income and expenses (14.5) 8.9 Other operating income and expenses (3.0) (2.9) Taxes Total (19.6) 4.0 On, this heading primarily included actuarial depreciation on exchangeable bonds (EUR 3 million) and elimination of the dividend on treasury shares (EUR 15 million). For more information: Page 3/6

4 2.3. Associated companies and private equity (EUR 228 million compared to EUR 147 million) Lafarge Imerys Private equity 9.8 (27.3) Total The share in the earnings of associated companies amounted to EUR 228 million at end September, an increase of EUR 81 million compared with the previous year. This development reflects both the stability of Lafarge's results, the sound performance by Imerys and the positive contribution of private equity. Private equity includes the contribution of the different ECP funds placed at equity and of other funds, namely PAI Europe III, Sagard I and Sagard II, which are not placed at equity. Lafarge (EUR 161 million compared to EUR 164 million) The economic environment has remained uneven since the start of the year in the developed countries, which can be seen in higher volumes in North America and England, stabilisation in France and a continuing decline in volumes in Greece and Spain. In the emerging countries, demand has remained sustained on the whole, with the exception of central Europe, which nevertheless has been showing encouraging signs of stabilisation in recent months. The commissioning of new capacities in the AfricaMiddle East region temporarily impacted the group's volumes negatively, but the third quarter also benefited from the first effects of inclusion of the group's new Brazilian activities in a particularly dynamic market. In this context, turnover remained stable at EUR 12,210 million (a decline of 4% at comparable group structure and exchange rates) and current operating income of EUR 1,911 million slipped by 4% (a 10% decrease at comparable group structure and exchange rates). The overall solidity of cement prices and ongoing significant costcutting efforts sustained the group's operating margin at 15.7% and the margin for the cement business at 20%, in spite of lower volumes and rising costs for production factors, particularly energy, during the third quarter. Net result for the period amounted to EUR 765 million compared with EUR 774 million for the first nine months of. Excluding adjustments to provisions for the Cement litigation in Germany in and the capital gain on the disposal of Cimpor shares in, net result group's share declined by 25%. The group also continued to implement actions to improve its cash position and financial structure. The group has arranged disinvestments of EUR 350 million for the end of October as part of its disposal plan totalling EUR 300 to 500 million announced in February. It has also refinanced all due dates on Lafarge SA's longterm debt and extended in both amount and duration its confirmed and unused lines of credit, bringing them to EUR 3.8 billion with an average maturity of more than three years. Imerys (EUR 57 million compared to EUR 10 million) For the first nine months of, Imerys's turnover expanded by 21% to EUR 2,515 million, due to a sharp increase in volumes of sales and a positive exchange rate impact. The gradual pickup in activity in the different sectors was amplified by the rebuilding of stocks that continued in the third quarter, in particular in industrial equipment sectors. The strong performance of the emerging economies was an asset to the group's results and led to growth in the developed countries through exports, sustained by the weak euro and by temporary recovery measures. For more information: Page 4/6

5 The increase in turnover includes a positive exchange rate impact of EUR 93 million resulting from this weakening of the euro compared with other currencies, as well as an impact of changes in group structure of EUR 7 million. Current operating result amounted to EUR 322 million, reflecting higher volumes of sales, a favourable price/mix component and lower fixed and variable costs. Operating margin advanced by 4 points to 12.8%. Net result, group's share, amounted to EUR 186 million, which brings Imerys's contribution to GBL's net earnings to EUR 57 million. ECP (EUR 10 million compared to EUR 5 million) ECP's contribution to GBL's net earnings as of amounted to EUR 10 million, in contrast with its negative contribution of EUR 5 million a year earlier. This change stems mainly from the evolution of the book valuations of its portfolio Eliminations, capital gains, impairments and reversal (EUR 164 million compared to EUR 314 million) Reversal on associated companies Lafarge Impairments on listed companies (20.4) (234.7) Pernod Ricard (31 March 09) (198.2) Iberdrola (30 June March 09) (20.4) (36.5) Eliminations of the dividends (Lafarge and Imerys) (144.0) (101.7) Other 0.9 Total (164.4) GBL has entered EUR 658 million in accumulated impairments on its investments in Pernod Ricard and Iberdrola, of which EUR 403 million in 2008, EUR 235 million in and EUR 20 million in. Evolution of the stock market to reveals an unrealized gain of EUR 550 million on these investments. This unrealized gain cannot, however, be entered as a reversal of impairment pursuant to IFRS rules as they apply to availableforsale assets. On 31 December 2008, GBL entered an impairment of EUR 1,092 million on its investment in Lafarge and a partial reversal at the end of September, in the amount of EUR 650 million. As was already the case on 30 June, the review of Lafarge s valuation computation has not brought any change in the company value as per. Eliminations (EUR 144 million) correspond to the net dividends on investments placed at equity (Lafarge and Imerys) eliminated in consolidation. For more information: Page 5/6

6 3. IFRS consolidated result on the third quarter Non audited Third quarter Third quarter Net earnings from associated companies Net dividends on investments Interest income and expenses (3.9) (3.6) Other financial income and expenses Other operating income and expenses (6.2) (4.1) Earnings on disposals and impairments of noncurrent assets Taxes Consolidated result of the period The third quarter result amounts to EUR million and primarily includes the interim dividends from GDF SUEZ and Total (EUR 200 million) and the earnings of the associated companies (EUR 103 million). 4. Outlook for The bulk of net dividends on shareholdings are already included in the results at end September, although interim dividends from GDF SUEZ and Total will not be collected until the fourth quarter. Based on the dividend proposed at Pernod Ricard's meeting on 10 November, GBL is expected to collect roughly an additional EUR 20 million. Excluding this element, GBL therefore expects cash earnings at the end of the year to be in line with those registered on. The consolidated result will also be influenced by the evolution of the contributions by the associated companies (Lafarge, Imerys and ECP), as well as by adjustments to the fair value of financial instruments and results on any disposals or impairments/reversals that may occur in the portfolio. The annual results for will be published on 3 March For more information: Page 6/6