Groupe Bruxelles Lambert SA · EURONEXT:GBLB
Groupe Bruxelles Lambert SA — FY2022 Earnings Presentation
29 slides from Groupe Bruxelles Lambert SA's earnings presentation, Mar 10, 2023
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: FY 2022 Results Presentation
FY 2022 Results Presentation March 10, 2023 2
Slide 3: Table of contents
Table of contents 1. Business update 4 -GBL highlights 5 -Private assets 8 -GBL Capital 10 -Sienna Investment Managers 11 -NAV evolution 13 -Portfolio overview 14 2. Financial update 15 3. Returns to shareholders & outlook 20 4. ESG 22 5. Appendix 26 3
Slide 4: Business update
Business update -GBL highlights -Private assets -GBL Capital -Sienna Investment Managers -NAV evolution -Portfolio overview 4 4
Slide 5: Transition toward fast-growing private assets
highlights Transition toward fast-growing private assets % of portfolio1 Investment Strategy Listed • Leading companies in their sector, with a • Net Asset Value (“NAV”) growth Assets clear and sustainable business model • Diversification within this porfolio 2012 64% • Majority and minority shareho
Slide 6: Major 2022 achievements in a challenging environment
highlights Major 2022 achievements in a challenging environment achievements private assets Strong performance of Solid balance sheet Attractive shareholder returns NAV per share growth in Q4 23% 10.9% (2) €1.0bn + 3.4% of GBL’s portfolio LTV in total returns (down from 15.7% + 5.0% Sales grow th at
Slide 7: Dynamic asset rotation, notably with listed asset disposals and private asset acquisitions
highlights Dynamic asset rotation, notably with listed asset disposals and private asset acquisitions € 4.5bn FY22 asset rotation(1)(2) Disposals(2) Acquisitions(1)(2) returns(2) investments(2) investments(2) €1.6bn (3) €1.8bn €375m €498m €138m 1 (1) Excluding share buybacks (2) May include other an
Slide 8: Strong sales growth of consolidated private assets
Private assets Strong sales growth of consolidated private assets + 19% (€m) €4.3bn (5) of total sales in FY 2022 2,485 + 26% Sales growth 2,081 + 26% + 37% 745 (1) 646(3) 589 (1) + 56% 475(3) (4) + 27% EBITDA growth 456(2) 291 (2) FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 FY 2021 FY 2022 € 2,
Slide 9: Valuation increase of consolidated private assets
Private assets Valuation increase of consolidated private assets (1) €m Acquisition MoIC(2) NAV NAV NAV Variation Variation Major drivers 12/31/2021 9/30/2022 12/31/2022 (12 months) (3 months) Higher earnings impacted Webhelp’s valuation positively, while lower multiples impacted it 2019 1.9x 1,553
Slide 10: GBL Capital NAV evolution
NAV evolution NAV NAV €m Value creation Proceeds Investments 12/31/2021 12/31/2022 NAV impacted by conservative mark-downs External funds & on digital assets in Q2 & Q3 1, 937 + 115 (372) 109 1,790 direct/co-investments Value decline of digital assets is Digital external funds & due, in part, to the
Slide 11: A full-fledged asset manager
A full-fledged asset manager Seoul • Real Estate 6 • Private Credit South Korea • Venture Capital Hamburg • Private Equity Amsterdam London • Fund of funds Frankfurt strategies • Listed assets Luxembourg Paris 3 Zurich • Sienna Gestion (French AIFM) • Sienna AM France (French AIFM) Sienna offices •
Slide 12: Offering a wide range of investment solutions to all types of investors
Offering a wide range of investment solutions to all types of investors ~€30bn AuM €3bn €9bn €7bn €11bn Institutional & Institutional investors Retail customers wealth investors liquid assets (Life insurance, retirement, IFAs) real assets 12
Slide 13: FY & Q4 NAV bridge
NAV evolution FY & Q4 NAV bridge NAV + 5.0% (2) per share in Q4 2022 €117.97 (2) NAV NAV NAV NAV (1) per share per share per share + 3.4% per share increased + 5.0% (2) €143.91 €112.39 in Q4 2022 €116.18 on a pro forma basis, or + 3.4% on a reported basis, (€ m) 22,501 during the Q4, with continued
Slide 14: Diverse and attractive portfolio
Portfolio overview Diverse and attractive portfolio Further diversification toward growth & resilience with Affidea and Sanoptis Listed assets Private assets GBL Capital 23% private investments Sienna Investment Managers (1) (vs. 11% at year-end 2021) GBL is #1 shareholder % of share capital IMERYS
Slide 15: Financial update
Financial update 15
Slide 16: Sound financial position
Sound financial position Liquidity profile Change in net debt Net debt Net debt Net debt €m FY 2021 FY 2022 12/31/2021 9/30/2022 12/31/2022 Gross cash 2,293 1,397 (990) (3,123) (2,671) Undrawn committed 2,150 2,450 credit lines (2,908) Liquidity profile 4,443 3,847 c 39 (3) (538) Loan To Value 1,096
Slide 17: Active balance sheet management
Active Available credit lines Institutional 7-year bond balance sheet increased €300m to €500m €2.45bn management 7 years, close to 3.3x oversubscribed Placement of bonds exchangeable into shares €500m due in 2025 17
Slide 18: Cash earnings of €416m
Cash earnings of €416m Net dividends from listed investments Decrease, from €474m to €416m, including, among other elements: • higher dividends (+ €13m) Key figures • quasi-absence of reimbursements from withholding taxes in FY22 In €m FY21 FY22 Δ • interest income from GBL Capital of €69m Net divid
Slide 19: Consolidated net result of €(585)m
Consolidated net result of €(585)m Key highlights Key figures This result is primarily driven by: In € m FY21 FY22 Δ • positive mark-to-market in FY22 (derivative components associated with Cash earnings 474 416 (58) exchangeable and convertible bonds) Mark-to-market and (168) 97 + 265 other non-cas
Slide 20: Returns to shareholders & outlook
Returns to shareholders & outlook 20 20
Slide 21: Our ongoing commitment to shareholders
Our ongoing Thanks to a solid balance sheet Approval (1) of sixth share buyback envelope commitment €500m to shareholders is well positioned to seize new opportunities and deliver meaningful growth Proposal to cancel (2) an additional to its shareholders 6.3m shares Delivering Priorities Communicati
Slide 22: ESG
ESG 22 22
Slide 23: ESG recognition
ESG recognition S&P Global Ratings Moody’s Sustainalytics PRI CDP First CIS-1 9.4 Top scores A- investment (positive) negligible risk holding company to get an ESG evaluation Highest possible ESG rating For several modules in the 2022 Climate score, ESG Credit Impact Score (1) 2021 Principles for Le
Slide 24: Setting an example
ESG Our approach Exerting our influence GBL as a GBL as a responsible responsible company investor Setting ESG an example integration 24 24
Slide 25: Climate-related KPIs
GBL focus area Transparency Climate SBTi (1) Climate- SASB (2) TCFD (3) CDP Score (4) Physical risk assessment Biodiversity risk SBTi year of commitment SBTi ambitions Next revision GBL SBTi 2030 Target related KPIs Actions in last 3 years Actions in last 3 years Actions in last 3 years GBL A- 99.98
Slide 26: Appendix
Appendix 26
Slide 27: A diversified portfolio with growth and resilience
A diversified portfolio with growth and resilience Thanks to active portfolio rotation, our portfolio is concentrated, yet well-diversified, offering both growth and resilience Listed Private Alternative Other(1) HQ consumer services consumer sustain- sustain- diversified digital health- health- con
Slide 28: Disclaimer
Disclaimer This presentation has been prepared by Groupe Bruxelles Lambert (“GBL”) exclusively for information purposes. This of this report. It is therefore obvious that a modification of the conditions presentation is incomplete without reference to, and should be viewed solely in conjunction with
Slide 29: For more information
Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with over sixty years of stock exchange listing, a net asset value of €17.8bn and a market capitalization of €11.4bn at the end of December 2022. As a leading and active investor in Europe, GBL focuses on long-term value
Groupe Bruxelles Lambert — FY2022 Earnings Presentation on 6ix