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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.

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2021 Annual Report
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2022 Half-Year Report
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By the numbers

Listed investments and private assets

adidas

adidas

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

SGS

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.

Pernod Ricard

Pernod Ricard

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

Holcim

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

Imerys

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

Umicore

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

Webhelp

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

Mowi

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 Group

GEA Group

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

Ontex

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.

Parques Reunidos

Parques Reunidos

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

Sienna

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.”


Financial Highlights

The information included below is as disclosed by GBL in its third quarter of 2022 press release and half year report at June 30, 2022. Refer to GBL’s website for more information at www.gbl.be

 

For the three months ended

For the nine months ended

(In millions of euros, except per share amounts or as otherwise noted)
(unaudited)

Sept. 30
2022

June 30
2022

Sept. 30
2021

Sept. 30
2022

Sept. 30
2021

Consolidated net result

(144) (203) (44) (473) 291

Cash earnings(1)

(7) 245 17 377 444

Net asset value(1)

17,196 17,828 22,489 17,196 22,489
Market capitalization 10,998 12,191 15,342 10,998 15,342

Discount(1)

36.0% 31.6% 31.8% 36.0% 31.8%

Net investments / (divestments)(2)

1,895 (281) 518 2,008 (872)

Net cash / (Net debt)(1)

(3,122) (1,231) (737) (3,122) (737)

Loan to Value(1)

15.7% 6.6% 3.3% 15.7% 3.3%

(1) Refer to the section “Glossary” available on GBL’s website at www.gbl.be/en/glossary and the section “Financial glossary” in GBL’s most recent half-year report for more information on the definition of these financial measures reported by GBL.
(2) Includes returns to Sienna.

The information included below is as disclosed by GBL in its 2021 and 2020 annual reports. Refer to GBL's website for more information at www.gbl.be
 

As at and for the years ended December 31
[In millions of euros, except as otherwise noted]
(unaudited)

2021

2020

2019

Consolidated net result

279

391

705

Per share

1.83

2.53 4.48

Cash earnings(1)

474

440

595

Per share(1)

3.03

2.72 3.69

Dividends per share

2.75

2.50

3.15

Net investments / (divestments)(2)

(624)

1,433(3)

(543)

Net cash / (Net debt)(1)

(990)

(1,563)

(768)

Loan to Value(1)

4.3%

7.3%

3.7%

Net asset value(1)

     

Listed assets

 

 

 

SGS

4,223.4

3,539.5

3,094.5

Pernod Ricard

4,207.3

3,119.2

3,170.9

adidas

3,472.5

4,085.6

3,951.3

Imerys

1,695.8

1,794.2

1,617.2

Umicore

1,402.6

1,744.2

1,922.3

Mowi

756.9

551.7

100.1

Holcim

592.3

2,099.9

2,308.2

GEA

455.3

449.7

452.7

Ontex

115.0

181.0

308.5

TotalEnergies

11.9

9.4

797.6

 

16,933.1

17,574.3

17,723.3

Private assets

 

 

 

Webhelp

1,553.2

1,043.8

866.7

Canyon

348.6

-

-

Voodoo

266.0

-

-

Parques Reunidos

236.0

106.3

235.3

 

2,403.8

1,150.2

1,102.0

Sienna Investment Managers

3,181.9

2,521.1

1,785.0

Other

193.7

94.0

16.3

Portfolio (total)

22,712.5

21,339.5

20,626.6

Treasury shares

778.9

721.4

490.4

Gross debt

(3,283.0)

(2,285.8)

(2,601.7)

Cash and cash equivalents

2,292.5

722.7

1,834.1

Net asset value (total)(1)

22,501.0

20,497.9

20,349.4

Net asset value per share(1)

143.91

127.03

126.11

Market capitalisation

15,348

13,315

15,161

Share price

98.16

82.52

93.96

Discount (in %)(1)

31.8%

35.0%

25.5%

(1) Refer to the section “Glossary” available on GBL's web site at www.gbl.be/en/glossary and the section “Financial glossary” in GBL’s 2021 annual report for more information on the definition of these financial measures reported by GBL.
(2) Includes returns to Sienna Investment Managers.
(3) Excludes forward sales of TotalEnergies shares exercised in 2019 and having matured in January 2020.

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