Slide 1: Full-Year 2021 results
Full-Year 2021 results March 18, 2022 2022 2021 1 Full-Year 2021 results | 03.18.2022
Slide 2: 2021 Highlights - 1/2
2021 Highlights - 1/2 Strong performance of Active portfolio ESG acceleration portfolio companies management • Significant investments in • Consolidated net sales for • Extra-financial ratings two companies (Tarkett & 2021 of €7.5bn, up +9.8% improved ACAMS) overall and up +10.2% • Portfolio compani
Slide 3: 2021 Highlights - 2/2
2021 Highlights - 2/2 NAV close to Solid financial €3.0 proposed historical high structure dividend • NAV €188.1, up +20.1%(1) • Ample liquidity and 4.3% YoY LTV(2) • +27% excluding HIS IPO • Low leverage across aftermarket portfolio companies overall • Make-whole redemption of bonds in 2021 and 202
Slide 4: Redeploying capital towards more growth
Redeploying capital towards more growth Beginning of 2018(1) €812 million Today returned to shareholders 7 companies in portfolio: €1,553 million Refocused on larger assets Listed & more growth of capital deployed or committed NEW Since 2018 Unlisted Listed Unlisted NEW Acquisitions: +6 companies wi
Slide 5: ESG: Wendel's main achievements
ESG : Wendel’s main achievements 54% (1) of Wendel’s consolidated sales are generated from products and services with social and environmental added-value Solid ratings: Renewed inclusion in AA score Negligible Risk B- 75/100 DJSI World and Europe Inclusion in the Global top 50 best-rated companies
Slide 6: ESG: our companies are successfully deploying their roadmaps
ESG : our companies are successfully deploying their roadmaps, strategies and product offerings %(1) of total sales associated with products and services with Achievements & highlights environmental or social added-value BV Green line: Platinum Ecovadis medal Bureau Veritas 52% Inclusion in CAC40 ES
Slide 7: Performance of Group companies
Performance of Group companies FY 2021 - Figures include IFRS 16, unless otherwise specified 7 Full-Year 2021 results | 03.18.2022
Slide 8: Bureau Veritas
Bureau Veritas ▪ Revenues of €5.0bn, up 8.3% year-on-year ▪ Organic growth reached +9.4%, and +2.5% in Q4 (impacted by the cyber-attack in November 2021) o All 6 divisions posted organic growth with >50% of the portfolio (including Consumer Products, Certification, and Buildings & Infrastructure) po
Slide 9: Tarkett
Tarkett Revenues of €2.8bn, up 6.0% year-on-year, ▪ Organic growth reached +6.4%, or +8.0% % including price increases in the CIS region implemented to counter inflation in procurement costs Adjusted EBITDA of €229.0m in 2021 down 17.6% YoY, ▪ Unprecedented increases in purchasing costs: €178 millio
Slide 10: Stahl
Stahl New CEO, Maarten Heijbroek, joined on July 1st, 2021 Strong +24.2% sales rebound ▪ Organic growth was +25.4% while FX had a negative impact (-1.2%). ▪ Growth was strong across all regions and end-markets. In particular, Stahl’s automotive business rebounded significantly vs. FY2020, although w
Slide 11: Constantia Flexibles
Constantia Flexibles Encouraging 2021 topline performance: +6.5% growth driven by +4.2% organic growth and Propak acquisition (+3.2% scope effect, -0.9% FX) ▪ Consumer end market, up +6.1 % was partially offset by the -1.3% of the decline in sales of the Pharma industry since the activity was affect
Slide 12: Crisis Prevention Institute (CPI)
Crisis Prevention Institute (CPI) 2021 total sales passed the $100M mark for the first time, thanks to a total growth of +63.6% compared to 2020 and +18.9% versus 2019 (+58.8% organic growth, + 3.0% related to 2020 PPA, + 1.8% FX) ▪ Recoveries in attendance aided by CPI’s adaptation to virtual train
Slide 13: ACAMS acquisition – A primary situation and corporate carve-out
ACAMS acquisition – A primary situation and corporate carve-out On March 10, Wendel completed the acquisition of ACAMS (Association of Certified Anti- Money Laundering Specialists), the world’s largest membership organization dedicated to fighting financial crime. Wendel invested $338 million of equ
Slide 14: Modest leverage of our companies overall at the end of 2021
Modest leverage of our companies overall at the end of 2021 An overall impressive deleveraging Net debt to Net debt to Net debt to Net debt EBITDA(1) EBITDA(1) EBITDA(1) (as of Dec. 31, (as of Dec. 31, 2021 including IFRS (as of Dec. 31, 2020) (as of Dec. 31, 2021) 16) 2019) Bureau Veritas 1.9x 1.8x
Slide 15: Portfolio exposure to Russia & Ukraine
Portfolio exposure to Russia & Ukraine The Group direct exposure to Russia and Ukraine, through its companies Wendel is paying close attention to the evolution of the situation in Ukraine and its potential consequences, as the most material financial impact could come from an increase of our compani
Slide 16: Wendel Lab is ramping up
Wendel Lab is ramping up In 2021:€49m of new capital has been Source investment opportunities in VC and Growth, committed to funds through funds and direct equity, for which we have Total commitments of €115m as of Dec. no/ limited direct access so far 2021, of which c. 70% have already been Diversi
Slide 17: Wendel financials
Wendel financials Full-Year 2021 17 Full-Year 2021 results | 03.18.2022
Slide 18: Consolidated sales up +9.8%
Consolidated sales up +9.8% Consolidated sales (in €m) Net income from operations (in €m) (1) +9.8% +106.5% Organic +10.2% Bureau Veritas +68.2% 7,503.9 653.7 Scope +0.8% Other companies +100.0% 6,831.7 FX -1.2% and disposals Wendel operating -2.5% and financial expenses 316.5 2020 2021 2020 2021 (1
Slide 19: Net income Group share of €1,046.9 million
Net income Group share of €1,046.9 million in millions of euros 2020 2021 Contribution from subsidiaries 430.7 765.0 In 2021: Financial & operating expenses and taxes (114.2) (111.3) • €913m of capital gain due to the accounting Net income from operations (1) 316.5 653.7 treatment of the deconsolida
Slide 20: Net Asset Value & Return to Shareholders
Net Asset Value & Return to Shareholders 20 Full-Year 2021 results | 03.18.2022
Slide 21: Net Asset Value bridge for 2021
Net Asset Value bridge for 2021 +20.1% +18.3 % +15.2 +8.7 -0.6 -12.3 Tarkett -2.9 -3.1 188.1 +2.9 191.0 +24.0 IHS Dividend Other Others Exc. 159.1 Cromology unlisted dividend sale Assets Bureau Veritas NAV per share NAV per share Pro forma NAV per as of as of share as of Dec 31, 2020 Dec 31, 2021 De
Slide 22: Leverage – Net debt at low level and strong resilience of LTV
Leverage – Net debt at low level and strong resilience of LTV Improved LTV 52.0% 47.5% 36.7% 32.6%31.9% 34.4% 22.9% 12.2% 10.3% Pro forma the disposal 6.1% 6.0% 6.2% 4.3% of Cromology and the ACAMS transaction 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 PF 2021 € billions Net debt ke
Slide 23: Proposing a €3.00 per share dividend, up 3.4%
Dividend Proposing a €3.00 per share dividend, up 3.4% 2.90 € 3.00 € To be proposed at AGM 2.80 € 2.80 € 2.65 € Dividend increasing year on year 2.35 € 2.15 € 2.00 € 1.85 € 1.75 € 1.25 € 1.30 € 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 In euros per share, ordinary dividend The 2011
Slide 24: Continuous improvement in debt profile
Continuous improvement in debt profile as of March 18, 2022 (1) c.€1 bn cash(2) + €750m undrawn credit facility Oct. 2024 Cash available Weighted average Bond maturities cost of bond debt: 1.7% (1) Average maturity: 7.2 years (1) 500 500 c.€1.8 bn total 300 300 300 liquidity (2) Moody’s credit ratin
Slide 25: 2024 Roadmap & Investment Strategy
2024 Roadmap & Investment Strategy 25 Full-Year 2021 results | 03.18.2022
Slide 26: Wendel's portfolio in 2024
Wendel’s portfolio in 2024 Focus on redeploying our capital towards higher growth companies with a commitment c.€304m invested to to ESG. while remaining reasonably opportunistic €222m invested to acquire ACAMS (the world’s acquire Tarkett shares largest membership organization dedicated to fighting
Slide 27: Key takeaways
Key takeaways LONG-TERM INVESTOR 27 Full-Year 2021 results | 03.18.2022
Slide 28: Wendel is executing its 2021-2024 roadmap
Wendel is executing its 2021-2024 roadmap Good performance of portfolio companies 2 new companies in portfolio Wendel Lab is ramping up Regular and measurable progress on ESG € Strong balance sheets, providing capacity to face headwinds and to seize growth opportunities Paying a regular and growing
Slide 29: Q&A session
Q&A session 29 Full-Year 2021 results | 03.18.2022
Slide 30: Appendix
Appendix 1 30 Full-Year 2021 results | 03.18.2022
Slide 31: NAV of €188.1 as of December 31, 2021
NAV of €188.1 as of December 31, 2021 (in millions of euros) Dec. 31, 2021 Listed equity investments Number of shares Share price(1) 5,559 • Bureau Veritas 160.8 million €28.7 4,616 • IHS 63.0 million $13.5 748 • Tarkett €18.6 195 Investments in unlisted assets(2) 3,732 Other assets and liabilities
Slide 32: 2021 performance of Group's companies
2021 performance of Group’s companies Organic EBITDA, Op. profit for Sales Δ Margin growth BVI (1) Bureau Veritas 4,981.1 +8.3% +9.4% €801.8 16.1% Constantia Flexibles €1,603.4m +6.5% +4.2% €201.0m 12.5% Crisis Prevention $104.3m +63.6% +58.8% $51.5 49.4% Institute IHS $1,579.7m +12.6% +16.1% $926.4
Slide 33: Balanced exposure to geographies and sectors
Balanced exposure to geographies and sectors % OF GROSS ASSET VALUE SECTOR EXPOSURE (1) GEOGRAPHIC EXPOSURE (1) Africa & other Telecom & Energy 14% North America Infrastructure 20% 11% 13% Unlisted assets 37% Industry 4% Automotive & Eastern Europe Transportation Health 3% 12% 6% Russia & Asia Pacif
Slide 34: Appendix 2 - Financial information as of Dec. 31, 2021
Appendix 2 Financial information as of Dec. 31, 2021 34 Full-Year 2021 results | 03.18.2022
Slide 35: FY 2021 consolidated sales
FY 2021 consolidated sales in millions of euros 2020 2021 Δ Organic Δ Bureau Veritas 4,601.0 4,981.1 +8.3% +9.4% Constantia Flexibles 1,505.3 1,603.4 +6.5% +4.2% Stahl 669.4 831.3 +24.2% +25.4% CPI (1) 56.0 88.2 +57.6% +58.8% Consolidated sales (2) 6,831.7 7,503.9 +9.8% +10.2% (1) The PPA effect cor
Slide 36: FY 2021 sales of companies accounted for by the equity method
FY 2021 sales of companies accounted for by the equity method in millions of euros 2020 2021 Δ Organic Δ Tarkett n.a. 1,530.9 +9.7% +6.5% (1) Tarkett accounts has been consolidated since July 7, 2021. The published figures correspond to sales of the second-half of 2021. 36 Full-Year 2021 results | 0
Slide 37: IFRS 16 - Summary table of main aggregates
IFRS 16 - Summary table of main aggregates before and after the application of IFRS 16 Sales EBITDA (EBIT for IHS) Net debt (in millions) FY 2020 FY 2020 FY 2021 FY 2021 FY 2021 FY 2021 FY 2020 FY 2021 excluding including excluding including excluding including IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 1
Slide 38: Net income from operations
Net income from operations In millions of euros 2020 2021 Bureau Veritas 302.8 509.2 Stahl 78.3 113.9 Constantia Flexibles 49.5 50.9 Cromology 15.6 52.4 Tsebo -7.6 CPI -2.6 7.8 Tarkett (equity accounted) - 3.0 IHS (equity accounted) -5.3 27.7 Total contribution from Group companies 430.7 765.0 of wh
Slide 39: Consolidated income statement
Consolidated income statement In millions of euros 2020 2021 Net sales 6 831.7 7 503.9 Other income from operations 6.2 9.6 Operating expenses -6 358.1 -6 708.7 Net gain (loss) on sale of assets -28.2 4.3 Asset impairment -170.5 -0.7 Other income and expenses -18.6 -0.8 Operating income 262.4 807.6
Slide 40: Consolidated balance sheet
Consolidated balance sheet In millions of euros 12/31/2021 12/31/2020 In millions of euros 12/31/2021 12/31/2020 Goodwill 3,510.6 3,488.6 Share capital 179,0 178,9 Premiums 57,5 55.3 Intangible assets. net 1,536.4 1,692.3 Retained earnings & other reserves 1,317.9 2,033.6 Property. plant & equipment
Slide 41: Conversion from accounting presentation to economic presentation
Conversion from accounting presentation to economic presentation Equity-method Bureau Constantia Wendel & Group in millions d'euros Cromology Stahl CPI investments Veritas Flexibles Holdings total IHS Tarkett Net income from operations Net sales 4 981.1 1 603.4 - 831.3 88.2 7 503.9 EBITDA (1) N/A 20
Slide 42: Wendel's quality of extra-financial information rewarded through ratings
Wendel’s quality of extra-financial information rewarded through ratings and distinctions Extra-financial ratings 2021: Renewed AA score 2021 - Negligible 2021 – B- Score 2021 : 75/100 inclusion in DJSI World (sectoral leader Risk (consistent management of climate change in business and Europe - sco
Slide 43: Financial agenda
Financial agenda 43 Full-Year 2021 results | 03.18.2022
Slide 44: Financial agenda
Financial agenda 04.28.2022 Q1 2022 Trading update - Publication of NAV as of March 31, 2022 (pre-market release) 06.16.2022 Annual General Meeting 07.29.2022 H1 2022 results - Publication of NAV as of June 30, 2022 08.03.2022 H1 2022 consolidated financial statements – Publication of consolidated f
Slide 45: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the 2021 annual results presentation, to be held on March 18, 2022. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other person.
Slide 46: Full-Year 2021 results | 03.18.2022
46 Full-Year 2021 results | 03.18.2022