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  • 15.0 %
    Share capital 30/09/2016
  • 2,341 EUR M
    Market value of investment 30/09/2016
  • 15.0 %
    Voting rights 30/09/2016
  • 3
    Representatives in statutory bodies 30/09/2016
Investment Year 2013 Investment history

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 85,000 employees at more than 1,800 offices and laboratories.


GBL has been represented by three Directors on the Board of Directors since July 2013, following the acquisition of a 15% block of shares. GBL supports the management in its strategy of global organic growth and targeted acquisitions, coupled with an attractive shareholder dividend policy. In 2015, GBL supported the arrival of a new management team (Frankie Ng as CEO and Carla De Geyseleer as CFO).

Half-year results 2016

  • Turnover grew organically by 3.4% or by 7.0% on a currency neutral basis (external growth: 3.6%). After the negative currency effect (- 1.6%), turnover increased by 5.4% to CHF 2,901 million
  • Adjusted operating income increased by 0.4% in organic terms but fell by 0.2% to CHF 411 million after the currency effect. The decrease in margin to 14.2% is mainly attributable to the impact of investments in IT systems governing both human resources management and laboratory operations and the build out of shared services infrastructures. Furthermore, certain acquisitions made will only contribute to margin improvement in the medium term
  • Compared with 31 December 2015, net debt rose to CHF 990 million due notably to the dividend payment and the share buyback plan

Outlook for 2016

SGS is forecasting organic growth of between 2.5% and 3.5%, combined with growth in the adjusted operating income at constant exchange rates and solid cash flow generation.



Board of Directors (3/10*) Audit Committee (1/4*) Nomination and Remuneration Committee (1/5*)
Member Member
Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members