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  • 53.8 %
    Share capital 30/09/2016
  • 2,755 EUR M
    Market value of investment 30/09/2016
  • 69.7 %
    Voting rights 30/09/2016
  • 6
    Representatives in statutory bodies 30/09/2016
Investment Year 1987 Investment history

Imerys extracts, transforms, develops and combines a unique range of minerals to provide functionalities that are vital to its customers’ products and production processes. These specialities have a very wide range of uses and are becoming more common on growing markets.


GBL and Imerys

As a long-standing shareholder in Imerys, GBL became its majority shareholder in 2011, after buying shares held by Pargesa S.A. Over time, GBL has participated in the transformation of the initial mining group into a world leader in the minerals market. GBL supports the management in the implementation of its organic and external growth strategy; the group has notably facilitated discussions and signed a shareholders’ agreement with the Kyriacopoulos family, S&B’s founding and controlling shareholder.

Half-year results 2016

  • Turnover grew by 1.9% to EUR 2,097 million, buoyed by external growth of 5.4%. In organic terms, turnover decreased by 2.2% due to a drop in volumes
  • Current operating income grew by 6.9% to EUR 293 million after perimeter changes and the currency effect, but was down 3.3% in organic terms. The margin increased by 70 bps to 14.0% further to an improvement in the product price-mix and the restructuring and efficiency programmes. Net income from current operations increased by 5.2%
  • Compared with 31 December 2015, net debt increased to EUR 1,524 million

Outlook for 2016

In a mixed economic environment, Imerys will continue to implement its growth strategy as well as its active cost and cash management approach while maintaining the flexibility of its production facilities. It will also benefit from increasing synergies at S&B.
Further to this, Imerys is confident that in the second half of 2016 it will be able to generate growth in net income from current operations in line with the performance observed during the first half of the year.



Boards of Directors (6/17*) Strategy Committee (4/7*) Audit Committee (1/3*) Appointments Committee (2/5*) Remuneration Committee (2/5*)
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* Number of GBL's representatives in statutory bodies in relation to the total number of members