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GBL is a leading investor in Europe, focused on long-term value creation and relying on a stable and supportive family shareholder base. GBL strives to maintain a diversified high-quality portfolio composed of global companies, leaders in their sector, in which it can contribute to value creation by being an active professional investor.
adidas is a global leader specialised in the design, development, production and distribution of sporting goods (footwear, clothing and equipment). Distribution is done through its own stores retail network, e-commerce and independent distributors.
SGS provides tailored inspection, verification, testing and certification solutions to its customers to make their commercial activities faster, simpler and more efficient. Its worldwide network consists of more than 89,000 employees at more than 2,600 offices and laboratories.
Since its inception in 1975, Pernod Ricard has built up the most premium portfolio in the industry and has become the world’s number two player in the Wine & Spirits market through organic growth and acquisitions, including Seagram in 2001, Allied Domecq in 2005 and Vin&Spirit in 2008. This portfolio includes notably 13 strategic international brands, 15 strategic local brands, specialty brands and 4 strategic wine brands, produced and distributed by the group through its own worldwide distribution network.
Holcim is the world leader in construction materials and solutions. The company offers the most innovative cement, concrete, and aggregates solutions to meet its customers’ needs. The group employs about 70,000 persons in around 70 countries and has a balanced presence in developing and mature markets.
Imerys extracts, transforms, develops and combines a unique range of minerals to provide functionalities that are key to its customers’ products and production processes. These specialities have a very wide range of uses and are becoming increasingly common on growing markets.
Umicore is a global group specialized in materials technology and the recycling of precious metals. Its activity is focused on application fields where its expertise in materials science, chemistry and metallurgy is widely recognized. It is centered on three business groups: Catalysis, Energy & Surface Technologies and Recycling.
Webhelp is a global business process outsourcer (BPO), specializing in customer experience, sales and marketing services and payment services. Services are delivered across all channels including voice, social media and digital channels. From 50 countries with a strong team of over 65,000 employees, Webhelp’s focus is on engineering performance improvements and delivering a lasting transformation in its clients’ operating models to further enhance customer experience and drive efficiency gains.
Mowi is one of the world’s leading seafood companies, and the world’s largest producer of Atlantic salmon. With over 14,500 people and a presence in 25 countries, Mowi fulfills one fifth of global demand for farm-raised Atlantic salmon and is constantly driven by innovation and the desire to achieve the highest standards of sustainability.
GEA is a world leader in the supply of equipment and project management for a wide range of processing industries. Its technology focuses on components and production processes for various markets, particularly in the Food & Beverage sectors. The company employs more than 18,000 people worldwide.
Ontex is a growing international group specialised in hygienic products for baby, adult and feminine care. Ontex products are distributed in more than 110 countries under the company’s own brands and retailer brands. The main sales channels are retail trade, medical institutions and pharmacies.
Since its inception in 1967 as a small-sized Spanish operator, Parques Reunidos has become one of the leading operators of leisure parks in Europe and the US, through organic growth and multiple acquisitions, including Bobbejaanland (Belgium, 2004), Mirabilandia (Italy, 2006), Warner (Spain, 2007), Palace Entertainment (US, 2007) and Tropical Islands (Germany, 2018). The company operates amusement, animal and water parks with a portfolio of regional and local parks, which have strong local brands.
Sienna is GBL’s alternative assets platform. Since its creation in 2013, Sienna has experienced strong growth through two strategies: investments in alternative funds managed by top-notch firms and direct private equity co-investments. Today, Sienna manages GBL’s and third-party assets under the respective brand names “Sienna Capital” and “Sienna Investment Managers.”
The information included below is as disclosed by GBL in its third and fourth quarter of 2022 press releases. Refer to GBL’s website for more information at www.gbl.be.
For the three months ended |
For the years ended |
||||
---|---|---|---|---|---|
(In millions of euros, except per share amounts or as otherwise noted) |
Dec. 31 |
Sept. 30 |
Dec. 31 |
Dec. 31 |
Dec. 31 |
Consolidated net result |
(112) | (144) | (12) | (585) | 279 |
Cash earnings(1) |
39 | (7) | 30 | 416 | 474 |
Net asset value(1) |
17,775 | 17,196 | 22,501 | 17,775 | 22,501 |
Market capitalization |
11,411 | 10,998 | 15,348 | 11,411 | 15,348 |
Discount(1) |
35.8% | 36.0% | 31.8% | 35.8% | 31.8% |
Net investments / (divestments)(2) |
(356) | 1,895 | 248 | 1,652 | (624) |
Net cash / (Net debt)(1) |
(2,671) | (3,122) | (990) | (2,671) | (990) |
Loan to Value(1) |
13.5% | 15.7% | 4.3% | 13.5% | 4.3% |
(1) Refer to the section “Glossary” available on GBL’s website at www.gbl.be/en/glossary for more information on the definition of these financial measures reported by GBL.
(2) Includes returns to GBL Capital and Sienna Investment Managers; excludes forward sales of Holcim’s residual position (maturity: May 2023).
The information included below is as disclosed by GBL in its fourth quarter of 2022 press release. Refer to GBL’s website for more information at www.gbl.be.
As at and for the years ended December 31 |
2022 |
2021 |
2020 |
---|---|---|---|
Consolidated net result |
(585) |
279 | 391 |
Per share |
(3.99) |
1.83 | 2.53 |
Cash earnings(1) |
416 |
474 | 440 |
Per share(1) |
2.72 |
3.03 | 2.72 |
Dividends per share |
2.75 |
2.75 | 2.50 |
Net investments / (divestments)(2) |
1,652 |
(624) | 1,433(3) |
Net cash / (Net debt)(1) |
(2,671) |
(990) | (1,563) |
Loan to Value(1) |
13.5% |
4.3% | 7.3% |
Net asset value(1) |
|||
Listed assets |
|||
Pernod Ricard |
3,266 |
4,207 | 3,119 |
SGS |
3,127 |
4,223 | 3,539 |
adidas |
1,748 |
3,473 | 4,086 |
Imerys |
1,686 |
1,696 | 1,794 |
Umicore |
1,347 |
1,403 | 1,744 |
Holcim |
567(4) |
592 | 2,100 |
GEA |
434 |
455(5) | 450 |
Mowi |
157 |
757 | 552 |
Ontex |
103 |
115 | 181 |
TotalEnergies |
16 |
12 | 9 |
|
12,450 |
16,933 | 17,574 |
Private assets |
|||
Webhelp |
1,721 |
1,553 | 1,044 |
Affidea |
996 |
- | - |
Sanoptis |
711 |
- | - |
Canyon |
439 |
349 | - |
Parques Reunidos |
291 |
236 | 106 |
Voodoo |
273 |
266 | - |
|
4,431 |
2,404 | 1,150 |
GBL Capital |
2,535 |
3,134 | 2,521 |
Sienna Investment Managers(6) |
120 |
48 | - |
Other |
- |
194 | 94 |
Portfolio (total) |
19,535 |
22,713 | 21,340 |
Treasury shares |
912 |
779 | 721 |
Gross debt |
(4,069) |
(3,283) | (2,286) |
Gross cash |
1,397 |
2,293 | 723 |
Net asset value (total)(1) |
17,775 |
22,501 | 20,498 |
Net asset value per share(1) |
116.18 |
143.91 | 127.03 |
Market capitalisation |
11,411 |
15,348 | 13,315 |
Share price |
74.58 |
98.16 | 82.52 |
Discount(1) |
35.8% |
31.8% | 35.0% |
(1) Refer to the section “Glossary” available on GBL's web site at www.gbl.be/en/glossary for more information on the definition of these financial measures reported by GBL.
(2) Includes returns to GBL Capital and Sienna Investment Managers; excludes forward sales of Holcim’s residual position (maturity: May 2023).
(3) Excludes forward sales of TotalEnergies shares exercised in 2019 and having matured in January 2020.
(4) The amount corresponds to the proceeds of forward sales cum dividend.
(5) As of December 31, 2021, the value of the shares underlying the bonds exchangeable into GEA shares has been capped at the exchange price, i.e., €40.00 per share.
(6) Valued at the acquisition cost of the management companies less any impairment in value.