Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — H1 2022 Earnings Presentation
69 slides from Bureau Veritas Sa's earnings presentation, Jul 28, 2022
Slide 1: H1 2022 Results, July 28, 2022
JULY 28,:2022
Slide 2: Disclaimer
Disclaimer This presentation contains statements related to our future business and financial performance and future events or developments involving Bureau Veritas that may constitute forward-looking statements. These statements are based on current plans and forecasts of Bureau Veritas’ management
Slide 3: Agenda
Agenda HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW OUTLOOK Q&A APPENDIX
Slide 4: Highlights
Kge ey w }BUREAU | i VERITAS | HIGHLIGHTS H1 2022 RESULTS
Slide 5: Health & Safety, clients' service, and financial solidity at the core of our actions
Health & Safety, clients’ service, and financial solidity at the core of our actions Ensuring employee Health & Safety Ensuring business continuity with and for clients Protecting the financial solidity of the Group H1 2022 RESULTS 5
Slide 6: H1 2022 financial highlights
H1 2022 financial highlights KEY GROWTH CHANGE IN PERCENTAGE ADJUSTED ADJUSTED GROUP OPERATING NET REVENUE PROFIT PROFIT Q2 H1 TOTAL +11.0% +11.4% Org. €2.7bn €410.9m €248.6m +5.2% +6.5% growth +11.4% y/y +8.7% y/y +15.8% y/y Scope +0.2% +0.4% FX +5.6% +4.5% ADJUSTED FREE CASH FINANCIAL EPS FLOW LEV
Slide 7: Bureau Veritas posting steady broad-based revenue growth in H1 2022
Bureau Veritas posting steady broad-based revenue growth in H1 2022 A BALANCED PORTFOLIO FUELING THE GROWTH IN PERCENTAGE OF GROUP REVENUE HIGH SINGLE-DIGIT ORGANIC GROWTH • Agri-Food & Commodities +8.6% • Agri-Food & Commodities’ growth is supported by organic growth ongoing buoyant market conditio
Slide 8: Effective adaptation to the China lockdowns in Q2
Effective adaptation to the China lockdowns in Q2 BREAKDOWN OF BV’S LABORATORIES & OFFICES IN CHINA Consumer Products: great resilience & adaptation capacities during the lockdowns in Q2 • Bureau Veritas continuous efforts to diversify its geographical footprint Beijing outside of China over the las
Slide 9: A successful diversification strategy across the portfolio
A successful diversification strategy across the portfolio c. €31m Activity: Leader in scientific sourcing services for the North American Consumer Healthcare Products, Cosmetics & annual revenue Personal Care and Medical Device markets Acquisition rationale: Asia & Pacific1 Americas1 Europe1 Ohio ▪
Slide 10: A solid price discipline
A solid price discipline AS A SERVICE COMPANY, BUREAU VERITAS IS MAINLY IMPACTED BY WAGE INFLATION GOOD TRACTION ON PRICING WITH VARIATIONS ACROSS SECTORS AND GEOGRAPHIES: • Price realisation more favorable in the mass market and in highly regulated activities • More complexity and a delayed impact
Slide 11: A significant portion of Group sales contributing to sustainability through the BV Green Line
A significant portion of Group sales contributing to sustainability through the BV Green Line BV CONTRIBUTING SIGNIFICANTLY TO SUSTAINABILITY (BV GREEN LINE REPRESENTING 58% OF SALES) IN PERCENTAGE OF GROUP SALES BREAKDOWN OF GROUP SALES (H1 2022) BREAKDOWN OF BV GREEN LINE SALES BY TYPE OF SERVICES
Slide 12: Bureau Veritas is committed and delivers upon its CSR performance
Bureau Veritas is committed and delivers upon its CSR performance H1 FY 2025 2022 2021 target Total Accident Rate (TAR)1 0.24 0.27 0.26 By V.E and By Axylia in EURONEXT the “Vérité 40” Index Proportion of women in leadership positions2 29.2% 26.5% 35% Number of learning hours per employee 14.2 29.9
Slide 13: Financial Review
FINANCIAL MAJ PHOTO ? REVIEW
Slide 14: Bureau Veritas maintains momentum in a volatile economic environment
Bureau Veritas maintains momentum in a volatile economic environment Strong ability to navigate through a challenging environment with a solid organic growth throughout H1 organic growth vs. H1 2021 Protected margin despite the Chinese lockdowns adjusted operating margin Strong EPS growth led by sol
Slide 15: H1 2022 total revenue increase of 11.4%
H1 2022 total revenue increase of 11.4% REVENUE EVOLUTION VARIATION ANALYSIS +6.9% at constant currency +4.5% 2,693.4 +6.5% +0.4% 2,418.4 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation H1 2022 RESULTS 15
Slide 16: H1 2022 revenue growth by business
H1 2022 revenue growth by business % of @ constant revenue currency 29% Buildings & Infrastructure +3.8% +1.6% + 5.4 % 22% Agri-Food & Commodities (0.3)% +8.6% +8.3% 21% Industry (0.5)% +10.8% +10.3% 13% Consumer Products +4.3% +0.3% +4.6% 8% Certification +4.1% +0.2% +4.3% 7% Marine & Offshore +6.0
Slide 17: Adjusted operating margin (1/2)
Adjusted operating margin (1/2) GROUP MARGIN EVOLUTION (42)bps at constant currency (44)bps +4bps +2bps 15.6% 15.2% 15.3% H1 2021 Organic1 Scope Margin at Currency H1 2022 constant currency (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this pre
Slide 18: Adjusted operating margin (2/2)
Adjusted operating margin (2/2) GROUP MARGIN EVOLUTION Total Organic Scope Currency H1 2022 H1 2021 change y/y (bps) y/y (bps) y/y (bps) y/y (bps) Marine & Offshore 24.5% 23.5% +106 +83 +0 +23 Agri-Food & Commodities 13.0% 12.8% +20 +20 +2 (2) Industry 11.0% 11.0% (1) (22) +13 +8 Buildings & Infrast
Slide 19: H1 2022 key financial metrics
H1 2022 key financial metrics FINANCIAL HIGHLIGHTS Change Change IN EUR MILLIONS H1 2022 H1 2021 y/y at constant y/y currency Revenue 2,693.4 2,418.4 +11.4% +6.9% Adjusted operating profit1 410.9 378.2 +8.7% +4.0% Adjusted operating margin1 15.3% 15.6% (38)bps (42)bps Operating profit 375.2 346.1 +8
Slide 20: A strong increase in Earnings Per Share (EPS)
A strong increase in Earnings Per Share (EPS) ADJUSTED EARNINGS PER SHARE IN € PER SHARE EPS Adjusted EPS 0.55 0.48 0.50 0.47 0.44 0.39 vs. H1 2021 Earnings Per Share 0.19 vs. H1 2021 (0.08) Adjusted Earnings Per Share Jun. Jun. Jun. Jun. 2019 2020 2021 2022 H1 2022 RESULTS 20
Slide 21: H1 2022 Cash Flow
H1 2022 CASH FLOW CASH FLOW STATEMENT Change IN EUR MILLIONS H1 2022 H1 2021 y/y Profit before income tax 345.8 309.2 +11.8% Elimination of cash flows from financing (4.0) 19.0 n.m. and investing activities Provisions and other non-cash items 26.1 23.7 +10.1% Depreciation, amortization and impairmen
Slide 22: Continued deleveraging in H1 2022
Continued deleveraging in H1 2022 ADJUSTED NET DEBT EVOLUTION WELL MANAGED LEVERAGE RATIO IN EUR MILLIONS NET DEBT / EBITDA RATIO1 – BANK COVENANT AT 3.50x 2.82 2.51 2.44 2.25 2.00 1.30 Free Lease Share 1.10 Dec. 31, Other June 30, cash Acquis. Dividend payments buy 2021 (incl. FX) 2022 flow (IFRS 1
Slide 23: Business Review
BUREAU VERITAS BUSINESS REVIEW a oe cae) as 5
Slide 24: H1 2022 performance was steady across all businesses (1/3)
Bureau Veritas’ H1 2022 performance was steady across all businesses (1/3) Marine & Offshore Agri-Food & Commodities organic adjusted operating organic adjusted operating growth margin growth margin • Mid-single-digit organic revenue growth in New • Oil & Petrochemicals segment delivered mid-single-
Slide 25: H1 2022 performance was steady across all businesses (2/3)
Bureau Veritas’ H1 2022 performance was steady across all businesses (2/3) Industry Buildings & Infrastructure organic adjusted operating organic adjusted operating growth margin growth margin • Best performing business within the Group’s portfolio, with • Construction-related activities grew faster
Slide 26: H1 2022 performance was steady across all businesses (3/3)
Bureau Veritas’ H1 2022 performance was steady across all businesses (3/3) Certification Consumer Products organic adjusted operating organic adjusted operating growth margin growth margin • Overall, the business achieved a solid organic growth • Strong organic growth performance in the countries an
Slide 27: Outlook
7e28 BUREAU VERITAS OUTLOOK
Slide 28: Confirmed 2022 Outlook
Option 2 Confirmed 2022 Outlook Based on a solid sales pipeline around the Group’s diversified portfolio and the significant growth opportunities related to its sustainability range of services and solutions and assuming there are no new Covid-19 lockdowns in its main countries of operation, Bureau
Slide 29: An agile and resilient business model
An agile and resilient business model Solid operational and financial performance in H1 2022 Our past transformation secured resilience and agility Current events and market conditions confirm the relevance of Bureau Veritas’ model and diversification strategy Bureau Veritas is well positioned, at t
Slide 30: Q&A
Te28, BUREAU VERITAS Q&A
Slide 31: 2022 & 2023 Financial Calendar & Contacts
2022 & 2023 Financial Calendar & Contacts BUREAU VERITAS HEAD OFFICE – 40/52 BOULEVARD DU PARC • Q3 2022 revenue: October 26, 2022 92200 NEUILLY-SUR-SEINE, FRANCE • Full Year 2022 Results: February 23, 2023 Laurent Brunelle • Q1 2023 revenue: April 20, 2023 Head of Investor Relations • Half Year 202
Slide 32: Appendix
7e28 BUREAU VERITAS APPENDIX
Slide 33: Bureau Veritas is committed to Shaping a Better World
Bureau Veritas is committed to Shaping a Better World Strategic axes Sustainability Social & Human capital Natural capital Governance pillars H1 2022 RESULTS 33
Slide 34: Bureau Veritas' priorities to shape a better world
Bureau Veritas’ priorities to shape a better world Bureau Veritas’ priorities: Bureau Veritas’ priorities: Bureau Veritas’ priorities: • Occupational health and • Diversity and equal • Energy efficiency; • Effective, accountable and safety; opportunity; transparent governance; • GHG emissions; • Hum
Slide 35: Bureau Veritas' CSR 2025 ambition
Bureau Veritas’ CSR 2025 ambition 19 KEY INDICATORS IN TOTAL WITH A 2025 AMBITION, OF WHICH 5 WILL BE COMMUNICATED ON A QUARTERLY BASIS Safety is an “absolute” Achieve 2 tons of CO2 emissions Reach 99% of employees Achieve 0.26 accident rate (TAR) per employee (per annum) trained to the Code of Ethi
Slide 36: H1 2022 revenue growth by business
H1 2022 revenue growth by business % of @ constant revenue currency 29% Buildings & Infrastructure +3.8% +1.6% + 5.4 % 22% Agri-Food & Commodities (0.3)% +8.6% +8.3% 21% Industry (0.5)% +10.8% +10.3% 13% Consumer Products +4.3% +0.3% +4.6% 8% Certification +4.1% +0.2% +4.3% 7% Marine & Offshore +6.0
Slide 37: Q2 2022 revenue growth by business
Q2 2022 revenue growth by business % of @ constant revenue currency 28% Buildings & Infrastructure +0.7% +1.7% +2.4% 22% Agri-Food & Commodities (0.3)% +7.9% +7.6% 21% Industry (1.1)% +9.8% +8.7% 14% Consumer Products +4.0% +0.3% +4.3% 8% Certification +4.0% +4.0% 7% Marine & Offshore +5.6% +5.6% 10
Slide 38: Bureau Veritas is benefiting from its excellent diversification
Bureau Veritas is benefiting from its excellent diversification B&I H1 2022 REVENUE BY GEOGRAPHIC AREA IN PERCENTAGE OF DIVISIONAL REVENUE Africa & strongly outperformed the Middle East rest of the Group, essentially driven by Buildings & +12.3% Infrastructure and energy organic growth projects in t
Slide 39: H1 2022 revenue by business
H1 2022 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE H1 2022 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 204.5 +6.0% - +2.1% Marine & Offshore 13% 7% Agri-Food & Commodities Agri-Food & Commodities 588.0 +8.6% (0.3)% +5.3% 8% 22% Industry Industry
Slide 40: Marine & Offshore (8% of revenue, 12% of profit)
Marine & Offshore (8% of revenue, 12% of profit) KEY FINANCIALS H1 2022 HIGHLIGHTS KEY KEYFIGURES FIGURES IN EUR MILLIONS H1 2022 H1 2021 Change • New Construction: Mid-single-digit organic growth, fueled by North Asia, Europe and Mid-single-digit performances Revenue 204.5 189.2 +8.1% Africa and cu
Slide 41: Agri-Food & Commodities (22% of revenue, 19% of profit)
Agri-Food & Commodities (22% of revenue, 19% of profit) KEY FINANCIALS H1 2022 HIGHLIGHTS KEY KEYFIGURES FIGURES IN EUR MILLIONS H1 2022 H1 2021 Change • O&P: mid-single-digit organic growth; benefited from increased activity in a context Revenue Organic 588.0 517.7 +13.6% +8.6% of higher fuel consu
Slide 42: Industry (21% of revenue, 15% of profit)
Industry (21% of revenue, 15% of profit) KEY FINANCIALS H1 2022 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2022 H1 2021 Change • Best performing business within the Group’s portfolio with most regions delivering strong Revenue 564.3 487.2 +15.8% growth in H1 Power & Utilities Organic +10.8% business
Slide 43: Buildings & Infrastructure (29% of revenue, 25% of profit)
Buildings & Infrastructure (29% of revenue, 25% of profit) KEY FINANCIALS H1 2022 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2022 H1 2021 Change • Construction-related activities (54% of divisional revenue) grew faster than Buildings Revenue 775.9 709.2 +9.4% In-service (46% of divisional revenue), A
Slide 44: Certification (8% of revenue, 10% of profit)
Certification (8% of revenue, 10% of profit) KEY FINANCIALS H1 2022 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2022 H1 2021 Change • Solid organic growth against challenging comparables (year of recertification for several Revenue 209.2 196.9 +6.3% schemes related to QHSE and Transportation), Sustain
Slide 45: Consumer Products (13% of revenue, 19% of profit)
Consumer Products (13% of revenue, 19% of profit) KEY FINANCIALS H1 2022 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2022 H1 2021 Change • Strong organic growth performance in the countries and regions where the Group has made a focus of Revenue 351.5 318.3 +10.5% diversification (Middle East & Africa
Slide 46: Q2 2022 total revenue increase of 11.0%
Q2 2022 total revenue increase of 11.0% REVENUE EVOLUTION VARIATION ANALYSIS +5.4% at constant currency +5.6% +5.2% +0.2% 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation H1 2022 RESULTS 46
Slide 47: H1 2022 total revenue increase of 11.4%
H1 2022 total revenue increase of 11.4% REVENUE EVOLUTION VARIATION ANALYSIS +6.9% at constant currency +4.5% +6.5% +0.4% 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation H1 2022 RESULTS 47
Slide 48: Q2 2022 revenue by business
Q2 2022 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE Q2 2022 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 103.1 +5.6% - +2.8% Marine & Offshore 14% 7% Agri-Food & Commodities Agri-Food & Commodities 307.2 +7.9% (0.3)% +6.9% 8% 22% Industry Industry
Slide 49: Adjusted Operating Profit by business
Adjusted Operating Profit by business Adjusted operating profit (€m) Adjusted operating margin (%) Change Change IN EUR MILLIONS H1 2022 H1 2021 H1 2022 H1 2021 (%) (bps) Marine & Offshore 50.1 44.4 +12.9% 24.5% 23.5% +106 Agri-Food & Commodities 76.2 66.1 +15.3% 13.0% 12.8% +20 Industry 62.2 53.7 +
Slide 50: Consolidated income statement
Consolidated income statement IN EUR MILLIONS H1 2022 H1 2021 Revenue 2,693.4 2,418.4 Purchase and external charges (767.6) (674.0) Personnel costs (1,414.1) (1,249.2) Taxes other than on income (28.1) (23.0) Net (additions to)/reversals of provisions 4.8 (13.2) Depreciation and amortization (128.7)
Slide 51: Consolidated statement of financial position (1/2)
Consolidated statement of financial position (1/2) IN EUR MILLIONS JUNE 30, 2022 DEC. 31, 2021 Goodwill 2,227.7 2,079.1 Intangible assets 425.6 402.5 Property, plant and equipment 373.1 364.3 Right-of-use assets 369.8 376.3 Non-current financial assets 108.6 107.4 Deferred income tax assets 118.1 12
Slide 52: Consolidated statement of financial position (2/2)
Consolidated statement of financial position (2/2) IN EUR MILLIONS JUNE 30, 2022 DEC. 31, 2021 Share capital 54.4 54.3 Retained earnings and other reserves 1,687.7 1,584.2 Equity attributable to shareholders of the Company 1,742.1 1,638.5 Non-controlling interests 72.4 68.6 Total equity 1,814.5 1,70
Slide 53: Consolidated statement of cash flow (1/2)
Consolidated statement of cash flow (1/2) IN EUR MILLIONS H1 2022 H1 2021 Profit before income tax 345.8 309.2 Elimination of cash flows from financing and investing (4.0) 19.0 activities Provisions and other non-cash items 26.1 23.7 Depreciation, amortization and impairment 129.0 129.0 Movements in
Slide 54: Consolidated statement of cash flow (2/2)
Consolidated statement of cash flow (2/2) IN EUR MILLIONS H1 2022 H1 2021 Capital increase 3.2 6.1 Purchases / sale of treasury shares (50.8) 13.7 Dividends paid (9.8) (8.4) Increase in borrowings and other debt 42.3 5.7 Repayments of borrowings and other debt (2.9) (484.7) Repayments of amounts owe
Slide 55: Adjusted net financial debt
Adjusted net financial debt IN EUR MILLIONS JUNE 30, 2022 DEC. 31, 2021 JUNE 30, 2021 Bank borrowings due after one year (2,420.2) (2,362.0) (2,400.0) Bank borrowings due within one year (105.4) (101.8) (25.3) Bank overdrafts (14.9) (10.3) (6.4) Gross financial debt (2,540.5) (2,474.1) (2,431.7) Tot
Slide 56: Earnings per share
Earnings per share IN EUR MILLIONS H1 2022 H1 2021 FY 2021 Basic EPS 0.50 0.44 0.93 Basic adjusted EPS 0.55 0.48 1.07 Weighted average number of shares 452,053,884 449,836,389 450,921,434 Diluted EPS 0.49 0.43 0.92 Diluted adjusted EPS 0.54 0.47 1.06 Weighted average number of shares for diluted 456
Slide 57: Portfolio of business
Portfolio of business REVENUE BY BUSINESS ADJUSTED OPERATING PROFIT Marine & Offshore Marine & Offshore 13% 7% 12% 19% Agri-Food & Commodities Agri-Food & Commodities 8% 22% Industry 19% Industry H1 2022 10% H1 2022 Buildings & Infrastructure Buildings & Infrastructure 29% Certification Certificatio
Slide 58: Q2 2022 revenue evolution by geography
Q2 2022 revenue evolution by geography REVENUE BY GEOGRAPHIC AREA (Q2 2021) REVENUE EVOLUTION BY NATURE (Q2 2022) Organic Scope Asia Pacific 30% Americas 27% +1.9% Africa, Middle East +15.7% 9% Europe +10.8% 34% +1.8% (0.3)% (0.5)% (0.0)% Americas Europe Africa, Asia Pacific Middle East H1 2022 RESU
Slide 59: H1 2022 revenue evolution by geography
H1 2022 revenue evolution by geography REVENUE BY GEOGRAPHIC AREA (H1 2022) REVENUE EVOLUTION BY NATURE (H1 2022) Organic Scope +2.4% Asia Americas Pacific 27% 30% +16.4% Africa, +12.3% Middle East 9% Europe +2.9% +1.9% 34% (0.4)% (0.0)% (0.0)% Americas Europe Africa, Asia Pacific Middle East H1 202
Slide 60: Currency mix in H1 2022
Currency mix in H1 2022 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) OTHER 10.9% MXN 0.9% USD (and pegged) +10.2% SAR 0.9% CNY +10.1% VND 0.9% PEN 1.0% EUR 28.8% AUD +2.8% XOF 1.0% ARS 1.1% CAD +8.1% KRW 1.1% COP 1.2% BRL +16.8% SGD 1.3% HKD +9.3% TWD 1.6% JPY 1.7% GBP +3.0% INR 1.8% CLP
Slide 61: Well diversified sources of financing with a balanced maturity profile
Well diversified sources of financing with a balanced maturity profile DEBT MATURITY PROFILE AS OF JUN. 30, 2022 DEBT BREAKDOWN 3% 1% 0.7% Bond 193 USPP China Loan 29% Bond Other USPP Fixed rate China Loan Floating rate Other 67% 500 500 500 99.3% 35 200 193 193 149 78 3% 2022 2023 2024 2025 2026 20
Slide 62: Definition of alternative performance indicators and reconciliation with IFRS (1/5)
Definition of alternative performance indicators and reconciliation with IFRS (1/5) INTRODUCTION ORGANIC GROWTH (1/2) The management process used by the Bureau Veritas Group is based on a The Group internally monitors and publishes “organic” revenue growth, which series of alternative performance in
Slide 63: Definition of alternative performance indicators and reconciliation with IFRS (2/5)
Definition of alternative performance indicators and reconciliation with IFRS (2/5) ORGANIC GROWTH (2/2) SCOPE EFFECT Organic revenue growth represents the percentage of revenue growth, To establish a meaningful comparison between reporting periods, the impact presented at Group level and for each b
Slide 64: Definition of alternative performance indicators and reconciliation with IFRS (3/5)
Definition of alternative performance indicators and reconciliation with IFRS (3/5) Adjusted operating profit and adjusted operating margin are key indicators Since a measurement period of 12 months is allowed for determining the fair used to measure the performance of the business, excluding materi
Slide 65: Definition of alternative performance indicators and reconciliation with IFRS (4/5)
Definition of alternative performance indicators and reconciliation with IFRS (4/5) ADJUSTED EFFECTIVE TAX RATE FREE CASH FLOW The effective tax rate (ETR) represents income tax expense divided by the Free cash flow represents net cash generated from operating activities amount of pre-tax profit. (o
Slide 66: Definition of alternative performance indicators and reconciliation with IFRS (5/5)
Definition of alternative performance indicators and reconciliation with IFRS (5/5) FINANCIAL DEBT CONSOLIDATED EBITDA Gross debt (or gross finance costs/financial debt) represent bank loans and Consolidated EBITDA represents net profit before interest, tax, depreciation, borrowings plus bank overdr
Slide 67: Glossary
Glossary Operating Profit (AOP) excludes amortization of acquisition intangibles, goodwill IoT: Internet of Things impairment, restructuring, acquisition and disposal-related items (adjustment items) IMO: International Maritime Organization ASR: Accident Severity Rate LNG: Liquefied Natural Gas Adju
Slide 68: Ownership and market data at June 30, 2022
Ownership and market data at June 30, 2022 STABLE SHAREHOLDING STRUCTURE MARKET DATA 0.3% • Listed on Euronext-Paris • Ticker: BVI • ISIN: FR0006174348 Wendel group • IPO on October 2007: €9.44/share 35.4% • Share Price1: €24.5 Executive Committee & Employees • Market Cap.1: €11,06 bn 63.3% • Main i
Slide 69: Shaping a World of Trust
[BUREAU | Shaping a World of Trust