Groupe Bruxelles Lambert SA · EURONEXT:GBLB
Groupe Bruxelles Lambert SA — Shareholder Meeting (May 2024)
29 slides from Groupe Bruxelles Lambert SA's shareholder meeting presentation, May 2, 2024
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: 2024 Ordinary General Shareholders' Meeting
2024 Ordinary General Shareholders’ Meeting May 2, 2024 2
Slide 3: Agenda
Agenda Agenda 1. Strategy & performance 4 2. Financial update 16 3. ESG 19 4. Outlook 23 5. Appendix 26 3
Slide 4: 1. Strategy & performance
1. Strategy & performance 4
Slide 5: 2023: sharper strategy focus supported by a stronger organization
Strategy 2023: sharper strategy focus supported by a stronger organization ◢ Streamlining of the portfolio and crystallization of value ◢ Focus on operational performances of our companies ◢ Preservation of a strong balance sheet ◢ Record level of cash returned to our shareholders ◢ Strengthened gov
Slide 6: Streamlining of the portfolio for even sharper focus and crystallizing value
Portfolio rotation Streamlining of the portfolio for even sharper focus and crystallizing value EXITS VALUE CRYSTALLIZATION €1.1bn Total proceeds €76m(2) Net capital gain €158m Proceeds: €110m remains the top shareholder €567m after the reference family shareholder (forward sales cum dividend) (1) €
Slide 7: Confirmation of the transition toward resilient and fast-growing private assets
Portfolio rotation Confirmation of the transition toward resilient and fast-growing private assets 100% % of portfolio at year end 75% 65% (1) Listed Assets 18% (2) Private Assets 14% 17% 11% < 1% 0% < 1% 2021 2023 Figures have been rounded (1) 60% had the combination between Webhelp and Concentrix
Slide 8: Strong operational performance
Listed assets Strong Top 3 assets represent 71% of the listed asset portfolio operational + 6% in FY 2023 ◢ Positive mid-term outlook ◢ Better agility and speed performance ◢ Organic sales Listed assets (65% of the portfolio) • Mid-term 2027 objectives: • Mid-term financial • FY 2024: • Organic sale
Slide 9: Strong overall operational performances of private assets
+ 24% Private assets (1) Strong overall operational performances of private assets FY 2023 Sales Private assets (18% of the portfolio) Completion of Entry into 3 countries, 106 14 acquisitions raising to 5 the number of Canyon service points countries of operation added + 19% + 33% + 22% + 17% organ
Slide 10: Value creation from all private assets
Private assets Value creation from all private assets: + €361m (1) Value creation in 2023 + €199m + €118m + €21m NAV at end 2023 €1,195m €829m €460m 1.2x 1.2x 1.3x Multiple of Invested Capital (2) (1) Affidea, Sanoptis and Canyon (+ €343m in total), Parques Reunidos (+ €5m) and Voodoo (+ €14m) 10 (2
Slide 11: GBL Capital: significant value creation and renewed strategy
GBL Capital Significant value creation and renewed strategy GBL Capital (17% of the portfolio) Net Asset Value New management: €3.0bn CEO Joe Topley joined in September 2023 Strategy renewal, with investments that: • are typically up to €50m Value creation + €267m • diversify the portfolio • generat
Slide 12: Sienna Investment Managers: solid commercial performance
Sienna Investment Managers Solid commercial performance Sienna Investment Managers (< 1% of the portfolio) Significant inflows €2.6bn Revenues Strong focus on to more than ~ €115m ESG €34bn (including €23m of fees from GBL Capital) in AuM Delivering innovative solutions with purpose 5 ◢ Listed asset
Slide 13: Share price and NAV per share evolution
Share price and NAV per share Share price and NAV per share evolution 117.97 (1) 116.19 (2) in € 74.58 71.22 Share price Share price NAV per share NAV per share 12/31/2022 12/31/2023 12/31/2022 12/31/2023 Share price evolution NAV per share evolution ◢ Overall solid operational performances of our ◢
Slide 14: Cash returns to shareholders at a record level
Shareholder returns Cash returns to shareholders at a record level Dividend Share buybacks Total shareholder returns €402m €816m > €1.2bn in FY 2023 €2.75 per share c c c € 3,071.7 c c 14
Slide 15: Strategic appointments to contribute to value creation
Appointments Strategic appointments to contribute to value creation Frédéric Oudéa Joe Topley Michael Dobson Senior Executive Advisor CEO Chairman — Non-executive ◢ Broad financial and ◢ 20+ years of private equity ◢ 40+ years of experience capital markets experience, experience, most recently in in
Slide 16: 2. Financial update
2. Financial update 16
Slide 17: Financial highlights
Financial highlights Financial highlights Cash earnings Consolidated net result ◢ Nearly stable at €414m ◢ Increasing from €(585)m in FY 2022 to €1,723m in FY 2023 ◢ Higher dividends (+ €71m), mainly following the exceptional dividend paid by Imerys, but ◢ Gain from disposals including the deconsoli
Slide 18: Active balance sheet management and sound financial position
Financial position Active balance sheet management and sound financial position Strong liquidity profile Loan To Value (1) €3.5bn 11.4% at year-end 2023 at year-end 2023 Institutional 10-year bond enabling GBL to quickly seize attractive investment opportunities €500m oversubscribed close to 1.8x re
Slide 19: 3. ESG
3. ESG 19
Slide 20: GBL as a Responsible Investor
ESG GBL as a Responsible Investor Integrating ESG factors into the investment analysis and management Comprehensive approach Listed assets Private assets ESG is one of ESG strategy execution ESG risk monitoring GBL’s focus areas for influence ESG sparring partner ESG priorities discussed with govern
Slide 21: GBL as a Responsible Company
ESG Environment GBL as a Responsible Company Setting the example GOVERNANCE ENVIRONMENT SOCIAL Agile and recognized Environmental awareness Diversity governance supporting Employee satisfaction GBL’s strategic ambitions Training and development Green mobility policy Code of Conduct Building energy e
Slide 22: GBL ACT: Acting today for a better tomorrow
GBL ACT Acting today for a better tomorrow 2023 Education €2 million supporting 30 projects, mainly in Belgium Healthcare & Scientific Research Social Impact Environment 22
Slide 23: 4. Outlook
4. Outlook 23
Slide 24: Our ongoing commitment to shareholders
Outlook Our ongoing commitment to Dividend Share cancellations shareholders €2.75 8.3m (2) per share for FY 2023 3.9%(1) yield Delivering meaningful growth (1) Based on the share price of €71.22 as of December 31, 2023 (2) Approved at GBL’s Extraordinary General Meeting on May 2, 2024 24
Slide 25: 2024 & beyond: greater agility for delivering meaningful growth
Outlook 2024 & beyond: greater agility for delivering meaningful growth ◢ Priorities of GBL’s teams: Listed assets Private assets GBL Capital Sienna IM contribute actively to the support the successful continue implementation generate further delivery of the companies’ development of the portfolio o
Slide 26: 5. Appendix
5. Appendix
Slide 27: Highly-diversified portfolio for growth
Portfolio diversification Highly-diversified portfolio for growth SECTOR GEOGRAPHY(1) Digital 6% United States 5% Spain 2% Belgium 6% France 25% Healthcare 12% Consumer Goods 35% Netherlands 7% Industry 13% Germany 17% Switzerland 21% Business Services 16% GBL Capital & other 18% Other 18% 27 27 (1)
Slide 28: Disclaimer
Disclaimer Disclaimer This presentation has been prepared by Groupe Bruxelles Lambert (“GBL”) exclusively for information purposes. This presentation is It is therefore obvious that a modification of the conditions prevailing in the financial markets will have an effect on the figures present incomp
Slide 29: For more information
Groupe Bruxelles Lambert (“GBL”) is an established investment holding company, with seventy years of stock exchange listing and a net asset value of €16.7bn at the end of December 2023. As a leading and active investor in Europe, GBL focuses on long-term value creation with the support of a stable f
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