An introduction to GBL Presentation to the analysts FY17 Annual - - PowerPoint PPT Presentation
Experience. Our greatest asset. An introduction to GBL An introduction to GBL Presentation to the analysts FY17 Annual Results 16 th March 2018 p. 3 FY 2017 Highlights p. 8 FY 2017 Financial performance p. 19 Dividend distribution p.
16th March 2018
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Solid FY 2017 performance notably supported by the favourable evolution of the macroeconomic environment giving momentum to the financial markets NAV increasing by 11.2% over the period to €18.9bn TSR of 16.8% in 2017 Consolidated net result of €705m Cash earnings of €427m LTV ratio of 2.3% Gross dividend yield of 3.3% Continued execution of the portfolio diversification strategy
12.6% 4.2% 9.6% 8.3% 2.6% 5.8% 5 years 10 years 15 years GBL Stoxx Europe 50
4 Strenghtening of the position
heritage
the company on 10 November 2017
compared to 2.95% at end of December 2016
Equity investment
North America and Asia, listed on the Madrid stock exchange
Reunidos announced on 12 April 2017
2017, representing a market value of €254m Investment case
3-4% p.a. over the next few years, driven by the demographics, increasing wealth and travel
considered as the best-in-class digital player in the industry
return thanks to its solid balance sheet and strong cash conversion
capital allocation policy (dividend distribution and a share buyback) Investment case
during economic downturn
potential
growth
newly-acquired parks
5 Equity investment in GEA
equipment and project management for a wide range of processing industries
rights in the company on 3 August 2017
2017, representing a market value of €328m Participation in the capital increase
the acquisition of the hygienic consumables activity of Hypermarcas
transaction (market value of €454m at end of December 2017)
May 2017 Investment case
long-term market trends with financial performances that offer upside potential:
power
Investment case
rates for hygiene products in emerging countries
adult incontinence products
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Disposal of Golden Goose and ELITech
majority stake in Golden Goose (an Italian designer of contemporary footwear, clothing and accessories), generating a net consolidated capital gain of €112m (GBL’s share)
manufacturer and distributor of specialty in-vitro diagnostics equipment and reagents), generating a net consolidated capital gain of €104m (GBL’s share) Acquisition of a majority stake in Keesing Media Group
Group, the leading European publisher of games and puzzle magazines, from Telegraaf Media Group Exclusive negotiations on svt
IK Investment Partners to acquire svt Holding GmbH (“svt”), one of the leaders in preventive passive fire protection Launch of ECP IV
Ergon Capital Partners IV (ECP IV), with a first closing expected in 2018 and a targeted fundraising of €500m
Performance of KCO III in line with target returns
invested and distributed in the course of the year an amount of €43m to Sienna Capital Successful closing of KCO IV
commitment of €870m, including €150m from Sienna Capital Investment in Ipackchem
global leaders in the manufacturing of « barrier » packaging, whose products are mainly used in the transport and storage of aromas, fragrances and agrochemical products for which permeability, contamination and evaporation constraints are critical Exclusive negotiations on Alvest, Kiloutou and Climater
exclusive negotiations with Sagard 3 and Alvest’s management team to acquire a significant stake in the capital of Alvest, the global leader in airport ground support equipment
negotiations with the investment firms PAI Partners and Sagard II, to acquire a majority stake in Kiloutou, one of the European leaders in industrial and construction equipment rental
negotiations with Weinberg Capital Partners with a view to acquire the Climater group, one of the French leaders in climate control engineering
Commitment to new fund
fund specialized in the sector of new digital technologies
7 Maturity of the bonds exchangeable into ENGIE shares
the bonds exchangeable into ENGIE shares for €306m at maturity on 7 February 2017
underlying the bonds exchangeable into ENGIE shares (i.e. 11.9m shares or 0.5% of the capital for €145m), generating a consolidated gain of €1m Success of the inaugural institutional bond issue
1.375% and maturing on 23 May 2024
− further diversify its financing sources by successfully establishing the group’s credit quality on the institutional bond market, − lengthen the debt maturity profile from 1.3 years at year-end 2016 to 4.0 years at end of December 2017, and − reinforce its liquidity profile
a diversified base of primarily French, Belgian and Anglo-Saxon tier 1 institutional investors
31/12/17 31/12/16 Net cash / (Net debt) (in €m) (443) 225 LTV ratio 2.3% 0.0% Average maturity
4.0 yrs 1.3 yr Liquidity profile
(in €bn)
2.7 3.5
Repayment of the Retail Bond
Retail Bond issued in June 2010 for an amount of €350m
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Net asset value at €18.9bn, increasing by 11.2% or €1.9bn over 2017 notably supported by the strong performance of Pernod Ricard, Umicore, SGS, Imerys and adidas (making up 75% of the portfolio value’s increase in 2017)
Decrease compared to last year (€440m at year-end 2016) primarily as a result of the partial exit from high-yielding assets of the energy sector and the lower yield enhancement income reflecting persistently low volatility
Favourable impact of the capital gains realized on the disposal by ECP III of its majority stakes in Golden Goose and ELITech (€216m, group’s share)
LTV maintained at a conservative level
Significant liquidity profile allowing rapid implementation of investment decisions
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Note: year of first investment and stake value/unrealized capital gains at 31 December 2017 (1) Excluding Imerys (fully consolidated) and Parques Reunidos (associate being accounted for using the equity method since end 2017)
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Note: Bloomberg dividend forecasts at 9/03/18, combined dividend yield includes all assets in GBL’s portfolio at 31/12/17
Note: TSR computed for participations held for over a year, since investment date until 31/12/17 (source: GBL)
3.0% 1.8% 1.6% 2.2% 2.4% 2.0% 1.7% 2.5% 3.3%
SGS Umicore adidas Ontex Burberry GEA Parques Combined GBL
8.4% 27.9% 41.6% 1.7% 13.5% 17.1%
SGS Umicore adidas Ontex Burberry Combined TSR
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Listed investment Sienna Capital Sector Specialty minerals TIC Cement & aggregates Wines & Spirits Sports equipment Materials technology Oil & Gas Luxury fashion Hygienic consum. Process technology food sector Leisure parks Alternative assets Ranking in their sector #1 #1 #1 #2 #2 Top 3 Top 5 Top 5 Top 3 #1 Top 3 n.a. GBL’s ranking in the shareholding(1) #1 #1 #2 #2 #1 #1 #11 #3 #1 #5 #2 n.a. Date of first investment 1987 2013 2005 2006 2015 2013 1998 2015 2015 2017 2017 2013 GBL %
53.8% 16.6% 9.4% 7.5% 7.5% 17.0% 0.6% 6.5% 19.98% 4.3% 21.2% 100% Market cap(1) (€bn) 6.3 16.6 28.5 35.0 35.0 8.8 116.5 8.6 2.3 7.7 1.2 n.a. Value of GBL’s stake(1) (€bn) 3.4 2.8 2.7 2.6 2.6 1.5 0.7 0.6 0.5 0.3 0.3 0.9
(1) Figures at 31/12/2017
Listed investment Sienna Capital Value of GBL’s stake(1) (€bn) 3.4 2.8 2.7 2.6 2.6 1.5 0.7 0.6 0.5 0.3 0.3 0.9 Value of GBL’s stake in # of days of ADTV(2) 281 37 16 26 15 34 1 9 56 7 103 n.a Ratings (S&P / Moody’s) BBB / Baa2 n.r. / A3 BBB / Baa2 BBB / Baa2 Unrated Unrated A+ / Aa3 Unrated BB / Ba2 BBB / Baa2 Unrated n.a Bloomberg consensus reco(3) n.a
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(1) Figures at 31/12/2017 (2) 1-year average at 31/12/2017 in terms of ADTV (Average Daily Trading Volume) (3) Consensus at 9/03/2018
78 73 75 37 75 19 25 5 6 47 18 107 83 80 40 36 27 26 9 9 3 2 40
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(3.2%)
(1) Interests, other financial and other operating income and expenses
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31 December 2017 favourably impacted by the capital gains on disposals within Sienna Capital for €216m (group’s share)
primarily as a result of (i) the partial exit from the high-yielding assets of the energy sector and (ii) the lower yield enhancement income notably due to persistently low volatility
€ million 2017 2016 Δ Cash earnings 426.5 440.4 (13.9) Mark to market and other non cash items (5.2) 14.4 (19.6) Operating companies and Sienna Capital 413.4 223.1 + 190.4 Eliminatons, capital gains, depreciations and reversals (129.3) (1,135.6) + 1,006.3 Consolidated net result 705.4 (457.7) + 1,163.1
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(1.000) (800) (600) (400) (200)
400 Net cash 31/12/2016 Acquisitions Disposals Cash Earnings Dividend distribution Other Net debt 31/12/2017 225 (1,052) 617 (473) 427 (443) (187) (1,000) Gross cash 1,375 564 Gross debt (1,150) (1,007) LTV 0.0% 2.3% Undrawn committed credit lines 2,150 2,150 Liquidity profile 3,525 2,714
(1)
(1) Primarily the elimination of the sale of ENGIE shares (reclassified in treasury at 31/12/2016) and Sienna Capital’s dividend
(in €m)
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Note: Computed based on information disclosed in GBL’s annual and half-yearly reports using the adjusted portfolio value (i.e. increased by the value of the treasury shares underlying the bonds convertible into GBL shares issued in October 2013)
04/2011: acquisition of Pargesa Holding S.A.’s 25.6% stake in Imerys in 03/2011 06/2013: €2bn acquisition of 15% of SGS from EXOR
implementation of GBL’s portfolio rotation strategy and (ii) GBL’s formal policy of limited net indebtedness over time.
constantly kept the Loan To Value ratio under control.
keep close control over the LTV ratio, GBL reassesses on a continuous basis its investment capacity by monitoring its commitments under:
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extended to 4.0 years at end of 2017 (1.3 year at end of 2016) following (i) the issuance of a 7-year inaugural institutional bond of €500m in May 2017 with an annual coupon of 1.375% and (ii) the repayment of the retail bond
Note: not taking into account the €57m bank debt maturing in 2023-27
(1) €57m bank debt maturing in 2023-27 (2) Excluding the €57m bank debt (1) (2)
500 1000 1500 2000 2500 2017 2018 2019 2020 2021 2022 2023 2024
Convertible Bonds €450m Institutional Bond €500m Undrawn committed credit lines €2,150m
Institutional bond Convertible bonds Bank debt
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0% 1% 2% 3% 4% 5% 6% 0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Gross dividend per share NAV per share Dividend yield
3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Div. (€) NAV (€) 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0
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Gross dividend
per share Dividend growth
Proposed
dividend
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increase carried out by Umicore in February 2018
16.9% vs. 17.0% before capital raising
Sienna?
affiliated with the investment firm KKR in Flora Foods Group (“FFG”), Unilever’s Spreads Business.
approvals and employee consultations in certain jurisdictions. Ergon
Partners and has subsequently announced having signed an agreement to acquire Rolf Kuhn. The merger of those two players of the fire protection sector is subject to customary antitrust approvals.
its participation in Nicotra Gebhardt. The completion of the transaction is subject to customary antitrust approvals. Sagard
Placement du Québec and Ardian of its participation in Alvest with a reinvestment in the capital of the company and (ii) the acquisition of a majority stake in the Climater group.
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Stoxx Europe 50 reference index, through share price performance and continuous dividend growth over the long term, while maintaining a solid capital structure.
and an active collaboration at the level of the Boards of its portfolio companies, is a durable one through economic cycles and that its portfolio today has a healthy diversification across sectors and geographies.
relation to the 2017 financial year.
Listed investment
2-year EPS growth (consensus) (1) + 9.6% + 7.7% + 32.5% + 5.8% + 18.1% + 16.0% + 3.9% + 0.6% + 8.5% + 13.7% + 22.8% Consensus Target Price and vs stock price(1) € 81.7
CHF 2,490 + 1.6% CHF 58.3 + 9.7% € 134.3 + 0.4% € 208.7 + 20.2% € 45.2 + 0.8% € 53.9 + 16.0% £ 16.81 + 0.8% € 28.0 + 21.5% € 41.3 + 6.2 % € 13.6 + 4.8 % NTM dividend yield (2) 2.6% 3.0% 3.6% 1.6% 1.6% 1.8% 5.5% 2.4% 2.2% 2.0% 1.7%
(1) EPS CAGR computed from FY17 results (actuals or forecast) to forecasted FY19 results (Bloomberg consensus at 9/03/2018) (2) Dividend yield at 31 December 2017 (Bloomberg dividend forecasts at 9/03/2018)
Following the entry into force of the IFRS 9 standard, applicable since 1 January 2018, GBL’s consolidated results are not impacted anymore neither by results from disposals nor by any impairment related to Available-For- Sale investments.
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Desmarais family Frère family Frère group Parjointco 50% 50% 56% (75%) Power Corporation of Canada group % ownership (% voting rights) Swiss listed company 4% 50% (52%)(1)
(1) Taking into account the treasury shares whose voting rights are suspended
forces to invest together in Europe in the early 1980s – A shareholders’ agreement between the two families was created in 1990 and has been extended twice, once in 1996 and again in 2012 – 27 years of formal partnership
2029 and with the possibility of extension, establishes a parity control in Pargesa and GBL
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at 31 December 2017
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in place for listed investment opportunities
evolutions
factors
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Board presence 6/17 3/10 2/12 2/13 1/16 2/11 1/12
Audit Committee 1/3 1/4 1/4 1/3 1/4 1/3 1/4
Nomination and/or Remuneration Committee 2/5 2/6 1/3 1/5 1/4
1/4
Strategic Committee 4/8 n.a. 1/4 1/5 n.a. n.a.
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36% 29% 16% 10% 3% 1% Other 5%
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Energy 4% Industry 42% Consumer 34% Services 15% Sienna Capital 5% Value/Yield 4% Value/ Growth 34% Growth 57% Sienna Capital 5%
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Source: GBL Source: Bloomberg Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
Key financial data (m€) 31/12/17 Revenue 4,598 Current EBITDA 890 Net debt 2,246 Net debt/EBITDA (x) 2.5 Ratings (S&P/Moody’s) BBB/Baa2 Market data 31/12/17 Market capitalization (m€) 6,252 NTM gross dividend per share (€) 2.075
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Source: GBL Source: Bloomberg
Key financial data (mCHF) 31/12/17 Revenue 6,349 Adjusted EBITDA 1,247 Net debt 698 Net debt/EBITDA (x) 0.6 Ratings (S&P/Moody’s) nr/A3 Market data 31/12/17 Market capitalization (mCHF) 19,397 NTM gross dividend per share (CHF) 75.00
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
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Source: GBL Source: Bloomberg
Key financial data (mCHF) 31/12/17 Net sales 26,129 Recurring EBITDA 5,990 Net debt 14,346 Net debt/Recurring EBITDA (x) 2.4 Ratings (S&P/Moody’s) BBB/Baa2 Market data 31/12/17 Market capitalization (mCHF) 33,350 NTM gross dividend per share (CHF) 2.00
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
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Source: GBL Source: Bloomberg
Key financial data (m€) 30/06/17 Net sales 9,010 Profit from recurring operations 2,394 Net debt 7,851 Net debt/EBITDA (x) 3.0 Ratings (S&P/Moody’s) BBB/Baa2 Market data 31/12/17 Market capitalization (m€) 35,022 NTM gross dividend per share (€) 2.06
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
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Source: GBL Source: Bloomberg
Key financial data (m€) 31/12/17 Net sales 21,218 Operating profit 2,070 Net cash 484 Net leverage n.a. Ratings (S&P/Moody’s) unrated Market data 31/12/17 Market capitalization (m€) 34,970 NTM gross dividend per share (€) 2.60
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
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Source: GBL Source: Bloomberg
Key financial data (m€) 31/12/17 Revenues (excl. metals) 2,916 Recurring EBITDA 599 Net debt 840 Average net debt/EBITDA (x) 0.9 Ratings (S&P/Moody’s) unrated Market data 31/12/17 Market capitalization (m€) 8,838 NTM gross dividend per share (€) 0.73
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
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Source: GBL Source: Bloomberg
Key financial data (mUSD) 31/12/17 Sales 171,493 Net income 8,631 Net debt 15,424 Debt-equity ratio (%) 14 Ratings (S&P/Moody’s) A+/Aa3 Market data 31/12/17 Market capitalization (m€) 116,447 NTM gross dividend per share (€) 2.54
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
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Source: GBL Source: Bloomberg
Key financial data (mGBP) 31/03/17 Revenue 2,766 Adjusted operating profit 459 Net cash 809 Net debt/EBITDA (x) n.a. Ratings (S&P/Moody’s) unrated Market data 31/12/17 Market capitalization (mGBP) 7,654 NTM gross dividend per share (GBP) 0.43
Key financial data (m€) 31/12/17 Reported revenue 2,355 Adjusted EBITDA 266 Net debt 744 Net debt/Adjusted EBITDA (x) 2.8 Ratings (S&P/Moody’s) BB/Ba2
Market data 31/12/17 Market capitalization (m€) 2,271 NTM gross dividend per share (€) 0.60
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures Source: GBL Source: Bloomberg
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Source: GBL Source: Bloomberg
Key financial data (m€) 31/12/17 Revenue 4,605 Operating EBITDA 564 Net cash 6 Net debt/EBITDA (x) n.a. Ratings (S&P/Moody’s) BBB/Baa2 Market data 31/12/17 Market capitalization (m€) 7,702 NTM gross dividend per share (€) 0.80
Not meaningful (<1 year investment)
Source: GBL Source: Bloomberg
Note: all key figures at 31/12/2017, except where superseded by more recent public disclosures
Not meaningful (<1 year investment)
Key financial data (m€) 30/09/17 Revenue 579 Recurrent EBITDA 174 Net debt 516 Net debt/EBITDA (x) 3.0 Ratings (S&P/Moody’s) unrated Market data 31/12/17 Market capitalization (m€) 1,199 NTM gross dividend per share (€) 0.25
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and contribute to growing GBL’s Net Asset Value and dividend
GBL’s portfolio and revenue stream
factory
100%
Underlying operating companies
Creation of Sienna Capital
Invested capital
Distribution received to date
+ Stake value
Cumulative implied money multiple
Remaining uncalled commitment
Contribution to GBL’s Net Asset Value
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7 managers 14 funds
45 Funds/year of initial investment Strategy Funds Commitment Capital invested Remaining callable capital Distribution received to date Stake value Implied money multiple 2005 Private Equity ECP I, II, III €863m €517m €345m €593m €199m 1.5x 2002 Private Equity Sagard I, II, 3 €398m €266m €131m €199m €246m 1.7x 2013 LBO Debt KCO III & IV €300m €151m €149m €53m €150m 1.3x 2014 Healthcare Growth Capital Mérieux Participations I & II €75m €43m €32m €0m €50m 1.2x 2015 European mid-cap public equities PrimeStone €150m €150m
1.2x 2015 Long-term capital to closely held businesses BDTCP II €113m €56m €57m
1.1x 2017 Digital technologies Backed 1 €25m €8m €17m
1.1x Cumulative €1,924m €1,191m €733m €844m €893m 1.5x
46 Created in 2005, Ergon Capital Partners (“ECP”) is a private equity fund operating in the mid-market segment. It makes equity investments from €25m up to €75m in leading companies with a sustainable competitive position in attractive niche markets located in the Benelux, Italy, Iberia, France, Germany and Switzerland Created in 2002 on the initiative of Power Corporation of Canada, Sagard invests in companies valued at more than €100m that are leaders in their markets, primarily in French-speaking European countries. Working with company management, it supports them in their growth Kartesia offers liquidity and credit solutions to mid-sized European companies, while providing a higher stable return to its investors. More generally, Kartesia wishes to facilitate the participation of institutional investors and major individual investors in the European LBO debt market, by offering them exposure to highly rated, resilient and diversified credit through primary, secondary or rescue financing operations carried out with duly selected mid-sized companies.
47 Established in 2009, Mérieux Developpement invests in growth equity and venture capital within the healthcare and nutrition sectors, working alongside entrepreneurs whose products and services can bring genuine advances to patients and consumers worldwide. Merieux Developpement is the investment arm of Institut Mérieux, which employs 15,000 people worldwide and generated revenues in excess of $3bn in 2017. BDT Capital Partners was created in 2009 by Byron Trott, a longstanding partner of Goldman Sachs, with the aim of meeting the strategic and financial needs of families and/or company founders around the globe. BDT Capital Partners successfully raised $3bn over 2 fundraisings in 2010 and 2012, and then a second fund in 2014, BDT Capital Partners Fund II (“BDTCP II”), amounting to $5.2bn. In 2015, BDTCP II was reopened to new investors, in order to raise $1bn of new capital. PrimeStone was established in 2014 by three former partners from The Carlyle Group, specialising in buyouts, and who have worked and invested together across Europe for more than 15 years. PrimeStone has a strategy of constructive and active management in mid-sized listed European companies that have significant value creation potential through strategic, operational or financial improvement. PrimeStone creates value by taking a long-term perspective, adopting an active approach and having a significant influence over its underlying investments through a constructive dialogue with boards and management teams. Backed is a London-based venture capital fund and has a unique investment proposition, as an investment team of millennials is targeting millennials entrepreneurs who create products and offer services for millennials. Backed was launched in 2015 by a 29 years old talented investment professional. The fund invests in seed / series A deals.
Earlier in his career, Mr. Gallienne worked at the private equity firm Rhône Group in New York and London. In 2005, he founded and was Managing Director of the private equity funds of Ergon Capital Partners in Brussels. He has been a Director of Groupe Bruxelles Lambert since 2009 and Co-CEO since 2012. He obtained an MBA from INSEAD in Fontainebleau.
Société Générale de Belgique as an investment manager and management controller from 1989 to 1995. He moved to Compagnie Financière de Suez as Advisor to the Chairman and Secretary of the Executive Committee (1995-1997) before becoming Deputy Director for Planning, Control and Accounting. In 2000, Gérard Lamarche joined NALCO (American subsidiary of the Suez Group and world leader in industrial water treatment) as Director, Senior Executive Vice President and CFO. In January 2003, he was appointed CFO of the Suez group. In July 2008, in the context of the merger-takeover of Suez by Gaz de France, he became Executive Vice-President, Chief Financial Officer of GDF SUEZ. He has been a Director of Groupe Bruxelles Lambert since 2011 and Co-CEO since 2012.
Gérard Lamarche is on the board of several listed and non-listed companies in Europe including Total, SGS, LafargeHolcim and Umicore.
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Rhône Group, a private equity firm, where he held various management positions for 10 years in New York and London. In 2009, he was the co-founder of a hedge fund, sponsored by Tiger Management (New York), where he worked until 2011. In 2012 he joined, as CEO, Sienna Capital, a 100% subsidiary of Groupe Bruxelles Lambert, which regroups its alternative investments (private equity, debt or specific thematic funds). In 2016, he was also appointed to the role of Head of Investments at GBL. He holds a BA from Amherst College and an MBA from the Stanford University Graduate School of Business.
administrative and financial positions at MIC. In 1997, he joined PwC where he became Senior Manager and was designated as C.P.A. by the Institut des Réviseurs d’Entreprises. In 2007, he joined Ergon Capital Partners as Chief Financial Officer. Later, in June 2012, he was appointed Group Controller of GBL. Since 1st August 2017, he assumes the CFO function.
Brussels School of Economics & Management (ULB).
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Sophie Gallaire began her career in 1999 at Arthur Andersen in statutory audit in Paris. She then moved to the banking sector, working successively in the structured finance departments of Halifax Bank of Scotland, Bank of Ireland and Barclays Bank PLC. After 12 years of experience in LBO, real estate and corporate financing, she joined GBL in April 2014. She is in charge of Corporate Finance & Communication at GBL. Sophie Gallaire holds a Master in Management from the ESCP Europe business school in Paris.
Hans D’Haese started his career in the banking sector at Générale de Banque (now BNP Paribas Fortis), where he held various commercial positions. He moved on to Crédit Lyonnais Belgium (now Deutsche Bank) working mainly in fixed income and after a couple of years he joined de Buck Vermogensbankiers in Ghent where he managed for eight years the buy-side research department. After 12 years of experience as a sell- side equity analyst for Benelux holding and portfolio companies at Bank Degroof Petercam, he joined GBL in December 2016, where he is in charge of investor relations. Hans D’Haese graduated in Business Management from the Ghent Odysee University-College.
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