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GBL Delivering meaningful growth Continued portfolio rebalancing and strengthened financial position in a market environment that remains uncertain and volatile Net Asset Value rebound of + 32.9 % over the last 12 months , significantly outperforming the Stoxx Europe 50 ( + 21.7 % ) Portfolio rotation of EUR 1.4 billion , mainly due to reducing our position in Holcim¹ and increasing our exposure to growing private assets with the closing of Canyon Solid financial position strengthened by institutional and convertible² bond issuances totaling EUR 1.0 billion Consolidated net result up strongly with a significant contribution from Sienna Capital A tightened and strengthened Board of Directors for more agile governance ESG ambitions confirmed with clear 2025-2030 commitments and achievement of top - tier ranking ( Group's share ) Ian Gallienne , CEO of GBL stated , " We continue to operate in a particularly complex environment combining a lack of visibility regarding the evolution of the Covid - 19 pandemic and a strong recovery already observed in some markets , particularly the United States . Despite this uncertain environment , characterized by increased volatility , we continued to rebalance our portfolio toward assets with higher growth potential by reducing our position in Holcim and by taking a majority stake in the private group Canyon , world leader in the online distribution of high - end bicycles . Our agility in the capital markets has enabled us to strengthen our liquidity profile by 1 billion euros to more than 4 billion² euros , notably through the issuance of bonds convertible into GBL shares . Beyond the optimal use of part of our treasury shares and efficient financing terms , this issue , carried out at a conversion price of approximately 117.49 euros , enables us to reiterate our strong conviction in the potential of our net asset value growth and reduction of GBL's discount . " Key financial data ³ EUR million Consolidated net result Cash earnings Net asset value May 6 , 2021 - After 5:45 pm CET Regulated information - Interim statement Results as of March 31 , 2021 Market capitalisation Discount Net investments / ( divestments ) Net cash / ( Net debt ) Loan To Value End of March 2021 225 111 21,090 14,241 32.5 % ( 107 ) ( 1,363 ) 6.3 % 2020 15 161 15,875 11,556 27.2 % 565 5 ( 448 ) 2.8 % End of December 2020 Press release May 6 , 2021 // Page 1 / 15 // For more information : www.gbl.be 391 440 20,498 13,315 35.0 % 1,433 5 ( 1,563 ) 7.3 % Variation 4 211 ( 50 ) + 2.9 % + 7.0 % ( 2.6 ) % ( 673 ) 201 ¹ Name change from LafargeHolcim Ltd to Holcim Ltd ( " Holcim " ) approved at the Ordinary Shareholders ' Meeting on May 4 , 2021 2 Pro forma liquidity profile for convertible bonds placed on March 23 , 2021 with a settlement on April 1 , 2021 3 Alternative performance indicators are defined in the glossary available on GBL's website : https://www.gbl.be/en/glossary 4 Variation between March 2021 and March 2020 for the consolidated net result , cash earnings and net investments / ( divestments ) , and between March 2021 and December 2020 for net asset value , market capitalisation , discount and net debt 5 Excluding forward sales of Total shares exercised in 2019 and having matured in January 2020