Annual Report 2017

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About GBL

Leading investor in Europe, controlled by the Frère and Power Corporation of Canada groups.

Our strategy

Deploying capital in high-quality assets, leaders in their sector.

Our commitment

Being an active and responsible professional investor.

Our objective

Value creation through continuous and sustainable growth of our intrinsic value and paid dividend distribution.

Our financial policy

Maintaining a solid and flexible financial structure.

Timeline

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  • Net asset value in € per share 00/00/00
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  • 140
  • 120
  • 100
  • 80
  • 60
  • 40

Portfolio

    • 75 % - 80 %
    • Long term objective
    • (contribution to GBL's portfolio)

    Investments generally larger than one billion euros, primarily in listed companies, in which GBL can exercise a marked influence over the long terme. They represent the bulk of the portfolio.

    Imerys

    Imerys

    Imerys is the world leader in mineral-based specialty solutions for industry

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    • 53.77%
      Share capital 31/03/2018
    • 6
      Number of representatives in statutory bodies 31/12/2017
    • 67.40%
      Voting rights 31/03/2018
    • 3,381 EUR M
      Value of the stake 31/03/2018
    adidas

    adidas

    adidas is the European leader in sports equipment

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    • 7.50%
      Share capital 31/03/2018
    • 1
      Number of representatives in statutory bodies 31/12/2017
    • 7.50%
      Voting rights 31/03/2018
    • 3,086 EUR M
      Value of the stake 31/03/2018
    LafargeHolcim

    LafargeHolcim

    LafargeHolcim is the leading global construction materials and solutions company

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    • 9.43%
      Share capital 31/03/2018
    • 2
      Number of representatives in statutory bodies 31/12/2017
    • 9.43%
      Voting rights 31/03/2018
    • 2,535 EUR M
      Value of the stake 31/03/2018
    SGS

    SGS

    SGS is the world leader in inspection, verification, testing and certification

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    • 16.60%
      Share capital 31/03/2018
    • 3
      Number of representatives in statutory bodies 31/12/2017
    • 16.60%
      Voting rights 31/03/2018
    • 2,526 EUR M
      Value of the stake 31/03/2018
    Pernod Ricard

    Pernod Ricard

    Pernod Ricard, the world´s number two player in Wines & Spirits holds a leading position globally

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    • 7.49%
      Share capital 31/03/2018
    • 2
      Number of representatives in statutory bodies 31/12/2017
    • 10.88%
      Voting rights 31/03/2018
    • 2,691 EUR M
      Value of the stake 31/03/2018
    Umicore

    Umicore

    Umicore is a leader in materials technology and recycling of precious metals

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    • 16.93%
      Share capital 31/03/2018
    • 2
      Number of representatives in statutory bodies 31/12/2017
    • 16.93%
      Voting rights 31/03/2018
    • 1,791 EUR M
      Value of the stake 31/03/2018
    Total

    Total

    Total is an integrated global oil and gas group with a presence in chemicals

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    • 0.62%
      Share capital 31/03/2018
    • 1
      Number of representatives in statutory bodies 31/12/2017
    • 1.16%
      Voting rights 31/03/2018
    • 747 EUR M
      Value of the stake 31/03/2018
    Ontex

    Ontex

    Ontex is a leading international personal hygiene solutions provider

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    • 19.98%
      Share capital 31/03/2018
    • 1
      Number of representatives in statutory bodies 31/12/2017
    • 19.98%
      Voting rights 31/03/2018
    • 357 EUR M
      Value of the stake 31/03/2018
    GEA

    GEA

    GEA is one of the largest suppliers of process technology to the food industry

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    • 5.25%
      Share capital 31/03/2018
    • 5.25%
      Voting rights 31/03/2018
    • 349 EUR M
      Value of the stake 31/03/2018
    Parques Reunidos

    Parques Reunidos

    Parques Reunidos is a leading operator of leisure parks with a global presence.

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    • 21.19%
      Share capital 31/03/2018
    • 1
      Number of representatives in statutory bodies 31/12/2017
    • 21.19%
      Voting rights 31/03/2018
    • 219 EUR M
      Value of the stake 31/03/2018
    • 10 % - 15 %
    • Objectif à long terme
    • (contribution au portefeuille de GBL)

    Une sélection réduite de participations de taille moins importante (EUR 250 millions - 1 milliard), cotées en bourse ou non, ayant le potentiel de devenir stratégiques dans la durée, au sein desquelles GBL vise à devenir un actionnaire de référence et, pour les sociétés de taille moyenne, à prendre éventuellement une position majoritaire.

    • 10 %
    • Long term objective
    • (contribution to GBL's portfolio)

    Sienna Capital comprises significant investments in private equity, debt or specific thematic funds. GBL intends to reinforce the diversification of its portfolio and achieve its value creation objectives while pursing the development of its alternative investments within Sienna Capital.

    Ergon Capital Partners

    Ergon Capital Partners

    Created in 2005, Ergon Capital Partners (“ECP”) is a private equity fund operating in the mid-market segment.

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    • 199 EUR M
      Value of the stake 31/12/2017
    Sagard

    Sagard

    Sagard was founded in 2002 on the initiative of Power Corporation of Canada.

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    • 246 EUR M
      Value of the stake 31/12/2017
    Kartesia

    Kartesia

    Kartesia offers liquidity and credit solutions to mid-sized European companies, while providing a higher stable return to its investors.

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    • 150 EUR M
      Value of the stake 31/12/2017
    Mérieux

    Mérieux

    Established in 2009, Mérieux Developpement invests in growth equity and venture capital within the healthcare and nutrition sectors.

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    • 50 EUR M
      Value of the stake 31/12/2017
    PrimeStone

    PrimeStone

    PrimeStone was established in 2014 by three former partners from The Carlyle Group, specialising in buyouts, and who have worked and invested together across Europe for more than 15 years.

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    • 178 EUR M
      Value of the stake 31/12/2017
    BDT Capital Partners

    BDT Capital Partners

    BDT Capital Partners was created in 2009 by Byron Trott, a long-standing partner of Goldman Sachs, with the aim of meeting the strategic and financial needs of families and/or company founders around the globe.

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    • 62 EUR M
      Value of the stake 31/12/2017
    Backed

    Backed

    Backed was launched in 2015 by a 29 years old talented investment professional. The fund invests in seed / series A deals.

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    • 8 EUR M
      Value of the stake 31/12/2017