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  • 05 Aug 15

The H1 15 net result increased to €720m for the Group share (compared with €502m at 30/06/2014), including a loss of €13m for the consolidated operating companies and associates due to negative non-recurring items in the net result of Lafarge. GBL’s net result benefited from the dividends received on investments (€192m) and from a high amount (€480m) of income from disposals, impairments and reversal of non-current assets: 1) a net capital gain made on the sale of 0.1% of Total’s capital (€42m); 2) the net income recorded on the conversion of bonds exchangeable into Suez Environnement shares (€21m); 3) the mark-to-market of the forward sales of Total (€38m), which will occur in Q4 15; 4) the mark-to-market of the derivatives components embedded in exchangeable convertible bonds (€66m); and 5) the partial reversal of the previously recorded impairment with regards to Lafarge (€403m), according to IFRS 5 about non-current assets held for sale and discontinued operations, and in anticipation of the merger of Lafarge and Holcim. Cash earnings amounted to €339m (compared with €319m yoy), thanks to the increase in unit dividends from Imerys, Lafarge and SGS. The level of the 2015 expected cash earnings could allow GBL to pay an increased dividend to its shareholders. The parent company’s net debt increased from €233m at 31/12/2014 to €777m at the end of June 2015, as a consequence of the investments made (€689m) and the dividend payment (€450m). For the calculation of GBL’s NAV, we increase the net debt with the amount of the company’s commitments in respect of the Financial Pillar, which reached €402m at 30/06/2015. GBL has also confirmed credit lines (€1,750m, currently undrawn for €1,550m) which were extended until 2020.