Delivering meaningful growth
FY 2023
Results
Presentation
March 15, 2024
2
Content
Table of contents
1. | Business update | 4 |
- Overview | 5 | |
- Portfolio rotation | 6 | |
- Listed assets | 7 | |
- Private assets | 8 | |
- GBL Capital | 11 | |
- NAV evolution | 12 | |
2. | Financial update | 13 |
3. | Outlook | 16 |
4. | Appendix | 19 |
3
Business update
4
Business update - overview
Focus on value creation
Solid operational performance
Strong double-digit growth
for private assets(1)
Sales
+ 24%
Organic sales
+ 18%
Good growth
for listed assets(2)
Organic sales
+ 6%
Significant milestones
14 acquisitions completed
3 new countries entered
106 service points added
+
creation of a
prominent global player(3)
Delivering value creation
+ €361m(4)
fair value increase of private assets
+ €267m
value creation for
Dynamic asset rotation
including portfolio streamlining with exits of listed assets totaling
€1.1bn(5)
€475m
Record cash returns
€1.2bn
delivered to shareholders
in FY 2023
€2.75
dividend per share
paid in FY 2023
€816m
share buybacks
in FY 2023
vs. €643m in FY 2022
€475m
- Consolidated private assets held as at December 31, 2023
- GBL's top 3 listed assets (SGS, Pernod Ricard and adidas), representing 71% of this asset class, for their FY 2023
- Transaction to combine private asset Webhelp with listed company Concentrix closed on September 25, 2023
- Affidea (+ €203m), Sanoptis (+ €122m), Canyon (+ €18m), Parques Reunidos (+ €5m), Voodoo (+ €14m)
- GEA, Holcim and Mowi. GBL holds a residual stake in GEA, valued at €4m as at December 31, 2023
5
Business update - portfolio rotation
Dynamic asset rotation
portfolio streamlining with over €1bn of listed asset exits | FY 2023 asset rotation(1) |
Exits(1) | Crystallizing value(1) |
€1.1bn | €110m(5) |
(2)
(3)
Capital gains
(4)€76m(5)
- Examples may be non exhaustive
- Holcim disposal generated net proceeds of €534m (€567m cum dividend) and a net capital gain of €45m
- GEA disposal occurred through an accelerated bookbuilt offering, generating total proceeds of €365m and a net capital loss of €36m. GBL holds a residual stake in GEA, valued at €4m as at December 31, 2023
- Mowi disposals in H1 2023 and FY 2022 generated proceeds of €670m and a net capital gain of €70m; the annualized TSR of this investment was 8%
(5) Pernod Ricard disposals in H1 2023 and FY 2022 generated total proceeds of €500m and a capital gain of €331m based on the historical acquisition price | 6 |
Business update - listed assets
Positive overall outlook for GBL's three largest listed assets
- Mid-term2027 objectives:
- Organic sales growth: + 5% to + 7% annually
-
Adjusted operating income margin:
at least 1.5% by 2027 - Cash conversion:
to exceed 50% by 2027
- New governance since January 2024
• Mid-term financial | • FY 2024: | |||
framework: | • | Currency-neutral sales: | ||
• | Net sales: | mid-single-digit growth | ||
organic growth in the | vs. stability in FY 2023 | |||
• | upper end of + 4% to + 7% | • | Operating profit: | |
Operating margin: | €500m | |||
organic improvement of | vs. €268m in FY 2023 | |||
+ 50 to + 60 bps | ||||
Please refer to company-specific publications for more detail
7
Business update - private assets
Strong double-digit sales growth(1) | + 24%(1) |
FY 2023 Sales |
€856m | €606m | €791m |
+ 19% | + 33% | + 22% |
+ 17% organic | + 11% organic | + 22% organic |
(1) Consolidated private assets held as at December 31, 2023
8
Business update - private assets
Value creation from all private assets: + €361m(1)
Confirming their status as platform companies since GBL's entry in July 2022
1.2x | 1.2x | 1.3x |
MoIC | MoIC | MoIC |
Completion of | Entry into 3 countries, | 106 Canyon service points |
14 acquisitions | raising to 5 the number | added in FY 2023 |
in FY 2023 | of countries of operation | |
in FY 2023 |
(1) Affidea (+ €203m), Sanoptis (+ €122m), Canyon (+ €18m), Parques Reunidos (+ €5m) and Voodoo (+ €14m) | 9 |
Business update - private assets
A successful start to 2024 for Affidea
January 2024
Appointment of
Frans van Houten (former CEO of Philips) as
non-executive Supervisory Board member
Affidea will leverage his experience in healthcare innovation and technology to enhance its aspirations for growth and digital advancement
February 2024
Successful repricing of debt and completion of a €200m Fungible Term Loan B in addition to the existing €770m Term Loan B
This credit facility further supports the company's growth strategy
March 2024
Announcement of the acquisition of Romanian-based
MedEuropa, a renowned cancer care provider (including radiotherapy)
This acquisition positions Affidea to become a
key player in cancer care in Europe
AI is high on the agenda as diagnostic imaging is expected to benefit. Solutions are being rolled out
to manage the patient pathway (e.g., bookings, follow-up scans) and to read scans, thereby increasing productivity
10
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GBL - Groupe Bruxelles Lambert SA published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 08:27:02 UTC.