Groupe Bruxelles Lambert SA · EURONEXT:GBLB
Groupe Bruxelles Lambert SA — H1 2022 Earnings Presentation
30 slides from Groupe Bruxelles Lambert SA's earnings presentation, Aug 1, 2022
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: HY 2022 Results Presentation
HY 2022 Results Presentation August 1, 2022 2
Slide 3: Table of contents
Table of contents 1. Business Update 04 2. Financial Update 16 3. Dividend policy & Outlook 20 4. Appendix 22 3
Slide 4: Business Update
Business Update 4 4
Slide 5: Executing our strategy with agility
Executing Active capital allocation our strategy with agility Took advantage Completed(3) Acquired(1) majority stakes of Mowi’s strong share price performance € 416m in attractive to reduce(2) our position of opportunistic growing and from 7.0% to 3.5% share buybacks resilient of the capital and gen
Slide 6: Positive newsflow
Positive newsflow in the face of macroeconomic Binding agreement(2) to sell its challenges Mexican business activities for Exclusive negotiations(1) underway to dispose of the ~ € 285m High Temperature Solutions Business Sale would be a key milestone in the for group’s strategy to focus on its ~ € 9
Slide 7: Positive newsflow
Positive newsflow Strategic investment to support Canyon’s LRMR Ventures, the family office of global ambitious US growth icon LeBron James and Maverick Carter, and SC Holdings, a US-based private plans equity firm focused on market-leading brands, are investing a combined € 30m Announcement made Ju
Slide 8: HY 2022 Net asset value (NAV)
HY 2022 NAV bridge Net asset value Listed investments and Sienna (Digital) were impacted by broader market corrections of these asset types, while private investments contributed positively overall (“NAV” ) (1) NAV NAV per share € 143.91 - 19% per share € 116.53 (€ m) 23,000 22,501 22,000 76 (4) (3,
Slide 9: Dynamic asset rotation favoring private & alternative investments
Dynamic asset rotation favoring € 2.9bn private & alternative investments HY22 Asset rotation(1)(2)(3) Disposals(2) Acquisitions(1)(2)(3) Sienna returns(2) Sienna investments(2) € 452m € 1,786m € 255m € 383m (1) Excluding share buybacks (2) May include other and/or non-disclosed assets; examples may
Slide 10: Diverse and attractive portfolio
Diverse and attractive portfolio Further diversification toward growth & resilience with Affidea and Sanoptis Listed investments Private investments Sienna 65% of listed investments(1) GBL is #1 shareholder % of share capital (% of voting rights) IMERYS AFFIDEA HOLCIM MOWI VOODOO ONTEX 54.64% 2.14%
Slide 11: Affidea: leading European diagnostic imaging player
The leading European diagnostic imaging player, with 320 centers operating across 15 countries. Affidea has expanded its offering across the value chain, Acquisition(1) of a majority providing an integrated pathway in advanced diagnostics, stake, GBL’s first sizeable outpatient and cancer care servi
Slide 12: Sanoptis: Europe's second largest ophthalmology services provider
Europe’s second largest ophthalmology services provider, with over 250 facilities. Acquisition(1) of a majority For GBL and management, the ambition will be to pursue stake in a leading network organic growth and acquisitions in new, attractive of ophthalmology clinics European geographies. across G
Slide 13: Sienna net asset value
Net asset value (“NAV”) NAV of the digital AUM as of June 30, 2022 vertical € 32.9bn € 2.6bn € 688m Including € 2.6bn of NAV representing proprietary capital unfavorable evolution from NAV organic evolution vs. end 2021 26% the impact of a few digital of Sienna’s NAV funds and co-investments in the
Slide 14: Sienna NAV & evolution
NAV 2022 2022 2022 NAV €m Other 12/31/2021 Investments Distributions Value changes 06/30/2022 NAV & evolution Non-digital assets - Funds 1,212 + 50 (243) + 96 - 1,115 Non-digital assets – 725 +1 (10) (19) - 698 Direct/Co-investments Overall value contribution from Non-digital assets Digital assets -
Slide 15: Ongoing transformation into a third-party asset manager
Ongoing transformation into a third-party asset manager March July Acquisition closings Newly-created vertical Sienna Private Equity acquires a minority interest in Sienna Gestion platform a leading financial and operational to provide access to consulting firm, to accompany the significant distribu
Slide 16: Financial Update
Financial Update 16
Slide 17: Sound financial position
Sound financial position Liquidity profile Loan To Value In € m HY 2022 FY 2021 Gross cash 2,050 2,293 10% 9.6% Change in net debt Gross debt (3,2831) (3,283) 8.2% Net debt (1,231) (990) 7.3% 6.6% 6.6% 5.8% Undrawn committed 2,150 2,150 credit lines 5% 4.7% 1 2 4.3% 4.2% LTV 6.6% 4.3% 3.4% (819) 3.7
Slide 18: Consolidated net result of € (329)m
Consolidated net result of € (329)m Key highlights The HY22 consolidated net result is € (329)m, compared to € 335m for HY21 Key figures In € m HY22 HY21 Δ This result is primarily driven by: Cash earnings 384 427 (43) • Cash earnings of € 384m Mark to market and other 137 (59) + 196 non-cash items
Slide 19: Cash earnings of € 384m
Cash earnings of € 384m Net dividends from listed investments Decrease, from € 427m to € 384m, including, among other elements: • the absence of reimbursements of holding taxes, which were € 37m in HY21 Key figures • a lower contribution from Sienna interest income In € m HY22 HY21 Δ • an increase i
Slide 20: Dividend policy & Outlook
Dividend policy & Outlook 20 20
Slide 21: Ongoing commitment to attractive shareholder returns
Ongoing Dividend payout policy Confirmation (1) of a dividend per share commitment of at least to attractive 75% to 100% € 2.75 total of cash earnings for FY22 shareholder returns (1) Subject to vote at the Ordinary General Shareholders’ Meeting of May 4, 2023 21
Slide 22: Appendix
Appendix 22
Slide 23: ESG integration
ESG integration 23 23
Slide 24: ESG Key figures
ESG FTE (1) Climate & SBTi targets (3) S&P Global ESG evaluation Key figures 55 1.5°C targets 82/100 approved Employee turnover (1) Sustainalytics ESG 12.4% Sustainable finance rating(5) product issuance (2) (4) 9.2 Negligible risk 80% PRI, Direct & Active Ownership modules (6) “A” scores (1) FY2021
Slide 25: GBL Portfolio trends
GBL Portfolio GBL’s portfolio of participations and level of ownership trends 14 Over the last decade, transformation of GBL’s 12 portfolio characterized by an increase in Above 50% 10 ownership levels 20% to 25% Total number of portolio holdings(1) supporting influence exercised on the assets 8 15%
Slide 26: GBL Portfolio trends
GBL Portfolio GBL’s portfolio of participations carbon footprint(1) trends 30 1,829 2500 Over the last decade, 2,010 1,754 transformation of GBL’s 25 portfolio characterized 2000 by a significant reduction 1,393 of exposure to carbon 20 assets 1,071 1500 t eq. CO2 / EUR mn 871 979 Mt eq. CO2 15 578
Slide 27: Our edges
Our edges ESG proprietary Annual ESG risk Engagement as framework review strategic long-term shareholder • Leverage external and • Annual in-depth risk review • Long-term horizon proprietary data (due diligence, process involving the entire • Ability to deploy capital involvement in governance inves
Slide 28: Climate-related KPIs
Climate- GBL focus area Transparency Climate SBTi (1) related KPIs SASB (2) TCFD (3) CDP Score (4) Actions in last 3 years Physical risk assessment Biodiversity risk Actions in last 3 years SBTi year of commitment SBTi ambitions Next revision Actions in last 3 years GBL SBTi 2030 Target Ambitious cl
Slide 29: Outlook
Ambitious Stewardship targets responsibilities Outlook 2025–2030 GBL ESG ESG & NAV ESG journey value added Access to Forward sustainable finance looking 29
Slide 30: 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 EUR 17.8 billion and a market capitalization of EUR 12.2 billion at the end of June 2022. GBL is a leading investor in Europe, focused on long- term va
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