Groupe Bruxelles Lambert SA · EURONEXT:GBLB
Groupe Bruxelles Lambert SA — FY2021 Earnings Presentation
39 slides from Groupe Bruxelles Lambert SA's earnings presentation, Mar 11, 2022
Slide 1: Delivering meaningful growth
Delivering meaningful growth
Slide 2: 2021 Results Presentation
2021 Results Presentation March 11, 2022 2
Slide 3: Table of contents
Table of contents 1. Business Update 04 2. Financial Update 22 3. ESG 26 4. Appendix 31 3
Slide 4: Business Update
Business Update 4 4
Slide 5: Successful strategy execution, ready to seize new opportunities
2021 2022 Successful strategy execution Ready to seize new opportunities • Good financial performance • Business recovery from Covid-19 • Dynamic asset rotation for our portfolio companies • Increased exposure to private assets • Current geopolitical situation creating macroeconomic impacts and mark
Slide 6: Double-digit net asset value growth
2021 NAV bridge Double-digit Strong value creation thanks in particular to contributions from private and alternative assets and lower net debt net asset value growth NAV per share + 13% NAV per share € 127.03 € 143.91 22,501 (€ m) + 10% Listed investments Sienna Private assets Investment Managers S
Slide 7: Dynamic asset rotation in 2021 favoring private & alternative assets
Dynamic asset rotation in 2021 € 4.2bn favoring private & alternative assets 2021 Asset rotation(1)(2) Disposals(2) Acquisitions(1)(2) Sienna returns Sienna investments € 2,088m € 908m € 523m € 672m € 1,640m € 357m € 256m € 268m € 146m € 110m (1) Excluding share buybacks (2) Including other and non-
Slide 8: Diverse and attractive portfolio
Diverse and attractive portfolio Listed investments % of share capital (% of voting rights) Private assets Sienna Investment Managers GBL is #1 shareholder WEBHELP MOWI GEA VOODOO ONTEX 59.15% 7.01% 6.29% 16.18% 19.98% (59.15%) (7.01%) (6.29%) (16.18%) (19.98%) HOLCIM CANYON PARQUES OTHERS 2.14% 51.
Slide 9: Webhelp continues to exceed expectations
Webhelp continues • GBL’s first private asset acquisition in the digital space • Significant uplift in the value of our stake to exceed • Strong organic growth (large, underpenetrated market) expectations • Active M&A (23 acquisitions since 2013) • In August 2021, acquisition of OneLink, increasing
Slide 10: Canyon is benefitting from multiple structural trends
Canyon is benefitting from multiple #1 € 357m Micro structural mobility Direct-to-Consumer GBL’s initial (DTC) distributor of investment(2) trends premium bicycles Fitness On course to become a €1 billion company in the medium term € 0.5bn >50% 2021 sales Controlling stake Sustainability >20% E-comm
Slide 11: Voodoo is a fast-growing actor in the digital sector
Voodoo is a fast-growing actor in the € 268m 100+ At the crossroads digital sector GBL’s initial investment(1) games launched of several Publisher of the most 16% 5 billion structural trends successful Hypercasual GBL’s stake downloads games (Helix Jump, Aqua Park, etc.) leading to Digitalization 20
Slide 12: Sienna Investment Managers: double-digit NAV increase
Net asset (“NAV”) External fund Sienna Digital NAV at year-end 2021 managers € 1.2bn € 3.2bn 13 Double-digit External fund NAV increase (1) NAV increase vs. managers NAV € 1.2bn 2020 Rapid development of the digital vertical + 26% Direct & co-investments NAV € 0.7bn (1) Alternative performance indic
Slide 13: NAV & evolution
NAV & 12/31/2020 Investments Distribution Value Creation Other 12/31/2021 evolution Funds 1,340 + 74 - 487 + 284 - 1,212 Fast-growing digital investments Invest 662 + 61 - 20 + 23 - 725 Distributions from long-standing Digital 519 + 468 - 16 + 225 - 1,196 investments in various funds (e.g., Ergon, P
Slide 14: Transforming into a third-party asset manager
Transforming into a third-party asset manager November March July Exclusive negotiations begin to become AIMF Launch of the brand sole controlling accreditation shareholder of from the Luxembourg regulator, CSSF to bring together the group’s various areas of expertise October July Exclusive negotiat
Slide 15: Three major transactions
Acquisition of a controlling Partnership(2) between Acquisition of Acofi(2), expert in interest in L'Etoile Properties(1), Sienna Investment Managers and private credit with 4 areas of adds a leading real estate Malakoff Humanis will focus on expertise: vertical to the Sienna Investment the developm
Slide 16: Sound financial position
Sound financial position Liquidity profile Loan To Value In € m 2021 2020 Gross cash 2,293 723 Change in net debt Gross debt (3,283) (2,286) Net debt (990) (1,563) Undrawn committed 2,150 2,150 credit lines 1 2 LTV 4.3% 7.3% Divestments/returns Liquidity profile 4,443 2,873 (1) April 2011: Acquisiti
Slide 17: New challenges in 2022
2022 GBL’s portfolio GBL is ready to seize New challenges companies have opportunities in a recovered from the market context that pandemic has become more volatile in 2022 due to geopolitical tensions 17
Slide 18: GBL's portfolio is solid
2022 Revenues New challenges Dividends 2019 2020 2021 declared GBL’s portfolio companies have (1) 100 85 97 for 2021(2) are higher 100 92 96 recovered from the pandemic than for 2020 100 84 97 100 87 101 100 122 150 100 96 118 100 91 102 100 87 100 100 95 96 GBL’s 100 135 159 portfolio 100 104 119 i
Slide 19: New challenges in the current crisis
2022 Direct Indirect Active Low New challenges in impact impact monitoring leverage the current crisis Limited direct • Rising raw material GBL is in regular contact Net debt/EBITDA 1.9x exposure of our and energy prices with its portfolio Our portfolio is well portfolio companies in • Increased mar
Slide 20: Ready to seize new opportunities
2022 Active deal Reinforced Solid financial Ready to seize new pipeline team position opportunities GBL is monitoring more actively GBL has strengthened its team Thanks to successful financing than ever potential investment with the addition of new over the past two years and GBL is ready to seize o
Slide 21: Enhancing shareholder returns
Enhancing shareholder € 407m + 10% GBL share buybacks in 2021 Growth in proposed(2) returns FY21 dividend per share of € 2.75 5m 3.4m Treasury share cancellations(1) Proposed(3) treasury share cancellations Confirmation of an ordinary dividend payout ratio between 75% and 100% of cash earnings Conti
Slide 22: Financial Update
Financial Update 22
Slide 23: Consolidated net result of €279m
Consolidated net result of € 279m Key highlights The 2021 consolidated net result is € 279m, compared to € 391m in 2020. Key figures In € m 2021 2020 Δ This result is primarily driven by: Cash earnings 474 440 + 35 • Cash earnings of € 474m Mark to market and other (168) 40 (207) non-cash items • Si
Slide 24: Cash earnings up 8% to €474m
Cash earnings up + 8% to € 474m Net dividends from listed investments Increase, from € 411m to € 417m, including, among other elements: Key figures • higher dividends from (i) adidas (absence of dividends in 2020 due to the In € m 2021 2020 Δ pandemic), (ii) Umicore and Pernod Ricard (increased divi
Slide 25: Sienna key figures
Sienna Sienna In € m Investment Total Capital Managers Development of asset management activity Revenues - 34.7 34.7 Key figures SG&A - 2.0 - 28.0 - 30.0 AUM Value creation Fees to Sienna IM - 25.7(1) - - 25.7 € 10bnn € 532.8mn Deal expenses - - 7.7 - 7.7 incl. € 3.2bn of proprietary capital in 2021
Slide 26: ESG Highlights
ESG Highlights 26 26
Slide 27: ESG Key figures
ESG Key figures FTE(1) Climate & SBTi targets(3) Sustainalytics ESG rating 55 1.5°C targets 9.2 approved Negligible risk Employee turnover(1) 12.4% Sustainable finance(2) (4) PRI, Direct & Active 63% Ownership modules(5) “A” scores CDP Climate (1) FY2021 as reported in Annual Report 2020 (2) GBL as
Slide 28: Our edge: solid ESG integration
Our edge ESG proprietary Annual ESG risk Engagement as Fully ESG integrated framework review strategic long-term investment process • Leverage external and • Annual in-depth risk review shareholder proprietary data (due process involving the entire • Long-term horizon diligence, involvement in inves
Slide 29: Our ESG roadmap: governance and diversity
Our ESG roadmap Governance Diversity 33% Women(1) GBL as a 33% INED(1) % in GBL Board of Directors, FY2023 responsible Independent Non-Executive Directors in GBL Board of Directors, FY2023 40% Women(1) COMPANY % in overall GBL workforce, FY2025 33% - 50% INED(1) GBL as a Listed assets, % Independent
Slide 30: Our ESG roadmap: climate and transparency
Our ESG roadmap Climate Transparency Climate Neutral company(1) SASB(3), TCFD(4), CDP GBL as a SBTi 1.5°C targets in place(1) reporting(1) Science Based Target initiative, FY2021 FY2021 responsible 50% reduction carbon Data quality assurance(2) COMPANY emissions(2) FY2022 Scope 1 & Scope 2, FY2030,
Slide 31: Appendix
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Slide 32: Solid and stable shareholding structure
Solid and stable shareholding structure as of December 31, 2021(1) 1.7% Float - registered 5.1% 50% Treasury share Frère Group 29.1% of capital Pargesa SA 44.2% of voting rights 50% Power Corporation 29.1% of Canada group Pargesa SA 64.1% Float - dematerialized (1) Accounts for cancellation of 5 mil
Slide 33: Successful financing to seize future investment opportunities
Successful financing 2021 to seize future Convertible investment bonds opportunities 2021 € 500m Institutional bonds 2020 € 500m € 117.49 Significant premium to the average purchase Exchangeable price of the underlying bonds treasury shares € 450m > 3.5x Significant oversubscription A+ A1 3x Signifi
Slide 34: Proprietary sourcing and differentiated execution
Proprietary sourcing and differentiated execution makes GBL an attractive, pan-European partner Flexibility (1) Permanent Pan-European Differentiated Family DNA in size and capital network execution capital (aware of changes (largest shareholder (successful in competitive (flexible time horizon) (fa
Slide 35: €25bn in asset rotation favoring growth and resilience
€ 25bn in asset rotation favoring growth and resilience and (1) including investments in private & alternative assets Parques Reunidos Voodoo € 0.3bn € 0.2bn 2021(2) Canyon € 0.3bn SGS GEA € 4.2bn 6 countries € 0.5bn Holcim 75% listed € 0.6bn Mowi € 0.8bn NAV 52% growth assets € 22.5bn Pernod Ricard
Slide 36: Attractive, diverse portfolio
Attractive, diverse portfolio Listed Investments Private Assets Sienna Company HQ Year of 2013 2006 2015 1987 2013 2020 2005 2017 2015 2019 2021 2021 2017 investment Process Wines & Sports Specialty Materials Salmon Cement & DTC premium Mobile Alternative asset Sector TIC Spirits equipment minerals
Slide 37: Climate-related KPIs
ESG integration GBL focus area Climate- Transparency Climate SBTi(1) CDP Physical risk Biodiversity SBTi year of GBL SBTi 2030 SASB(2) TCFD(3) SBTi ambitions Next revision related KPIs Score(4) assessment risk commitment Target Actions in last 3 years Actions in last 3 years Actions in last 3 years
Slide 38: Disclaimer
Disclaimer This presentation has been prepared by Groupe Bruxelles Lambert (“GBL”) exclusively for information purposes. This It is therefore obvious that a modification of the conditions prevailing in the financial markets will have an effect on the presentation is incomplete without reference to,
Slide 39: 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 22.5 billion and a market capitalization of EUR 15.3 billion at the end of December 2021. GBL is a leading investor in Europe, focused on long- ter
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