Ordinary General Meeting 2021 - April 27, 2021
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Ordinary General Meeting 2021 April 27, 2021
Introduction Page 3
Proof of GBL’s resilience and strong fundamentals Page 5
Continued focus on alternative assets and ESG Page 25
Financial performance Page 34
Outlook Page 39
2
3
Our commitment is to deliver significant net asset value growth
that is sustainable
4
5
to our GBL colleagues
& our portfolio companies
6736
(€m)
177
717
(129)
(788)
231
- Resilience of listed 20,498
investments 20,349
(795)
- Outperformance of
Sienna Capital
- Upward valuation of vs. –8.7 % for the
Webhelp Stoxx Europe 50
- Acceleration of
NAV Listed Parques Sienna Maturity of Total1 Net Treasury NAV
share buybacks 12/31/2019 investments
Webhelp
Reunidos Capital forward sale debt shares 12/31/2020
(1) Forward sales of Total shares entered into in 2019 and having matured in January 2020 7After its largest ever one-day loss in March 2020,
GBL’s share price has since recovered, +56%
(€)
100
95
90
85
80 €91.72
75 +22% LTM
+56% vs. March 12, 2020
70
65
60 - GBL share price suffered its largest ever daily loss
on March 12, 2020
55 - Stock fell -20% to €58.94
50
jan-20 apr-20 jul-20 oct-20 jan-21 apr-21
Source : Bloomberg 04/14/2021 8Source: Bloomberg 04/14/2021;
+397 bps
TSR with reinvested dividends
27.3%
23.3%
+166 bps
+240 bps
10.5% 11.1%
9.5%
8.1%
Stoxx Stoxx Stoxx
Europe Europe Europe
50 50 50
2012-YTD LTM YTD
(annualized)
(relative to the reference index) Stoxx
Europe
Stoxx 50
GBL Europe 50
2012-2021YTD: +78% +42%
2012-2020: +60% +31%
Dec-2011 Dec-2012 Dec-2013 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020
133.9
126.1 127.0
117.1
105.3
100.4
92.5 94.6 94.1
(€ per share)
82.1
71.7
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
9
YTD(1)10
with
with aa focus
focus on
on mega-trends
mega-trends
12%
Sienna Capital & Other
38%
5% Consumer
Digital
Growing health issues 17%
Business
and awareness Increase in NAV services
28%
Industry
Start with the
consumer experience
and work backwards Dividends paid 3%
Sienna Capital
54%
15% Energy
Consumer
Resource scarcity and
regeneration
challenges of share buybacks
29%
Industry
Digital transformation
and disruption
(1) Carried out under programs authorised since October 2018 11with strong growth potential
& resilience
Listed assets Private & alternative1 Controlled assets
assets
(1) Alternative investments through the Sienna Capital platform 12anchored by our top 3 listed assets
representing c.50% of
our portfolio
86 % Investment grade 39 % Europe, Middle East & Africa
13 % Unrated 30 % Asia
1% Sub-investment grade Americas
32 %
Note: information as of December 31, 2020
(1) Excluding private & other assets and Sienna Capital
(2) Breakdown of the 2020 consolidated revenue of portfolio companies weighted by their contribution to GBL’s portfolio;
Sum may not equal 100% due to rounding.
(3) Excluding part of sales not geographically allocated for adidas, LafargeHolcim, Mowi and Ontex, and allocating sales
generated in ‘Asia / Rest of World’ to Asia for Pernod Ricard 131/2
STOXX
EUROPE 50
Sales
Share price
(01/01/20 – 12/31/20)
Share price
(01/01/20 – 04/09/21)
Credit rating
(1) Figures at constant currency
(2) Figures at constant scope
(3) Figures as of June 30, 2020
14
Note : Credit Ratings as of April 14, 20212/2
STOXX
EUROPE 50
Sales
Share price
(01/01/20 – 12/31/20)
Share price
(01/01/20 – 04/09/21)
Credit rating
(1) Figures at constant currency
(2) Figures at constant scope
(3) Figures as of June 30, 2020
15
Note : Credit Ratings as of April 14, 2021with increasing exposure
to private assets
Figures subject to rounding
(1) Pro forma as of December 31, 2020 to include Canyon acquisition
(2) Alternative investments through the Sienna Capital platform 16our first private asset
in the digital sector
2012/20
CAGR
Great resilience in the pandemic + 28%
Sales Organic growth
EBITA
2006/12
CAGR
+ 24%
GBL’s stake
at year-end 2020
up + 20%
vs. year-end 2019
Note: Figures refer to FY 2020 unless otherwise specified 17Acquisition
adheres to GBL’s
World’s largest strategy to invest
direct-to-consumer player in in growth
the manufacturing and industries aligned
distribution of premium with sustainability
bicycles and to partner
with founders and
management
teams
GBL’s initial investment Controlling stake
2020 sales Average sales growth
over the past 7 years
Accelerated by the Covid-19 pandemic
Micro Health & Sustainability E-commerce Government
mobility wellness support
(1) Acquisition closed March 9, 2021 18Liquidity profile Investments Investments
€1.8bn of disposals,
taking advantage of
favorable market
windows
19Worldwide in Atlantic of global demand for
salmon farming farm-raised Atlantic
salmon fulfilled by Mowi Overall best performer
in the Coller FAIRR
Protein Index1
FY20 sales FY20 EBITDA
Capital held by GBL GBL’s stake at
year-end 2020
Rising Alternative Sustainability Health &
middle class proteins wellness
(1) Ranking the world’s largest listed protein producers on sustainability crfiteria 2021
reallocating capital
to support growth to be considered
in the future
Payout ratio
With the prospect of:
of cash earnings as from FY21 - Accelerating net asset value
Calendar - Supporting portfolio
companies if needed
- Further executing share
Ex-dividend date buybacks
Well positioned within peer
universe
Record date
dividend yield1
Payment date
(1) Based on a FY20 dividend of €2.50 per share and
proposed dividend2 GBL’s stock price of €82.52 at year-end 2020
per share (2) Subject to the approval of GBL’s Ordinary General
Meeting on April 27, 2021 on a total dividend
distribution of €395.9m for FY20
22increasing the free float
from 50% to 72%
Power Corporation
Frère group
of Canada group
50% 50%
28.2%
(43.2%)
% ownership 2
(% voting rights)
5.3%
Note: As of December 31, 2020
(1) Previously Parjointco Switzerland S.A. (until March 17, 2021)
(2) Treasury shares 23supporting future
investment opportunities
Significant oversubscription Significant oversubscription Significant premium to the
average purchase price
of the underlying treasury shares
2425
26
NAV at year-end 2020 External fund Direct investments
managers & Co-investments
NAV increase NAV NAV
vs. year-end 2019
€456m value creation
in 2020
Portfolio’s exposure to
technology & digital
2728
2829
with significant capabilities inside
Sienna Capital Services
3031
Supported by leading
international
sustainability reporting
frameworks
Strengthened
presence of
women on the
Employees are Board
valued, supported In 2020, largest
and empowered contribution to date,
Highest standards pledging €1.9 million
Setting the example
of Corporate across 38 projects in the
Community Governance fields of health,
Climate-neutrality involvement via education and the
GBL ACT environment
achieved in 2020
Promotion of sound Human rights
environmental championed through
practices within the United Nations
portfolio Global Compact
initiative
32recognizing
sustainability
opportunities and
supporting the
on governance, transformation of our
climate, diversity, portfolio companies’
to companies transparency and business models
toward access to sustainable
sustainability finance
covering each step of
the investment
process
3334
Δ
- €313m net dividends from portfolio companies
- Covid-19 impacted dividends payable in 2020 notably for adidas, Umicore and Ontex
- Sienna Capital’s contribution for €332m1
- Webhelp’s contribution for €(259)m2
(1) of which the change in fair value of Sienna Capital’s funds, neither consolidated nor accounted for
under the equity method, for €392m
(2) of which the change in debt to minority shareholders for €(283)m 35Δ
120
111
108
100 92 2020
87 89 88
2019
80
62
Dividend contribution from portfolio companies: 60 53
€373m1 in 2020 vs. €488m1 in 2019 43
40 34
27
20 13 13 11 10 7
5 4 3
1 0 0 0 0
0
Other
(1) Excluding reimbursements by the French tax authorities of withholding taxes 36700 700 750
Exchangeable bonds
750 450 500 500 500 500
Undrawn committed credit lines
Institutional bonds
Convertible bonds
Data as of December 31, 2020, with the exception of the maturity profile which is pro forma for issuances in 2021.
15%
(Not taking into account other bank debt of €86m maturing in 2024-2031)
9.6%
10%
8.2% 7.3%
5.8%
4.7% 4.2%
5% 3,4%
5%3.4%
2.3%
3.7%
1.5%
-
12/2005 12/2007 12/2009 12/2011 12/2013 12/2015 12/2017 12/2019
(1) April 2011: Acquisition of Pargesa Holding S.A.’s 25.6% stake in Imerys in March 2011 37
(2) June 2013: €2bn acquisition of 15% of SGS from EXORIssuance at zero coupon Inaugural rated issuance Issuance at zero coupon
and 3.2-year maturity at 10-year maturity and 5-year maturity
Significant oversubscription Significant oversubscription Significant premium to the
average purchase price
of the underlying treasury shares
Efficient terms with a Coupon reflecting Above our all-time high share price
negative annual gross yield to maturity our strong credit ratings
3839
Continued strengthening
of the portfolio and expansion
of the team
⁃
⁃
⁃
⁃
⁃
⁃
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