Bureau Veritas Sa · EURONEXT:BVI

Bureau Veritas Sa — H1 2021 Earnings Presentation

73 slides from Bureau Veritas Sa's earnings presentation, Jul 28, 2021

  1. Slide 1: H1 2021 Results

    Sia. 42021 RESULTS hi f * JULY. 28,2021 © ab \* J : 5 Kon oer. if it Laat

  2. 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

  3. Slide 3: Agenda

    Agenda HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW OUTLOOK Q&A APPENDIX

  4. Slide 4: Highlights

    HIGHLIGHTS

  5. 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 OUR TEAMS ARE HIGHLY MOBILIZED & PROACTIVE H1 2021 RESULTS 5

  6. Slide 6: H1 2021 financial highlights

    H1 2021 financial highlights • Total revenue increase of 9.9% with +19.1% in Q2 GROUP REVENUE €2.4bn • Organic revenue increase of 14.3% with +22.5% in Q2 • Negative external growth of 0.1% with +0.2% in Q2 +9.9% y/y • Negative currency impact of 4.3% with -3.6% in Q2 ADJUSTED OPERATING €378m • Adju

  7. Slide 7: Bureau Veritas is benefiting from its excellent diversification

    Bureau Veritas is benefiting from its excellent diversification A BALANCED PORTFOLIO FUELING THE GROWTH A STRONG FRANCHISE ACROSS ALL CONTINENTS IN PERCENTAGE OF GROUP REVENUE IN PERCENTAGE OF GROUP REVENUE Marine & Offshore, 12.8% Africa, Middle East + Agri-Food & Commodities organic growth + 4.4 %

  8. Slide 8: Buildings & Infrastructure: diverse platforms fueling the growth

    Buildings & Infrastructure: 3 diverse platforms fueling the growth B&I H1 2021 REVENUE BY GEOGRAPHIC AREA IN PERCENTAGE OF DIVISIONAL REVENUE Europe Asia Pacific 3% Americas The Americas posted Other a 37.8% organic growth with a strong dynamic 19% in the United States Europe recorded a very H1 2021

  9. Slide 9: Stimulus plans will generate numerous business opportunities for Bureau Veritas

    Stimulus plans will generate numerous business opportunities for Bureau Veritas Investment themes Main benefiting activities 1 Energy renovation Legend 2 Transport infrastructure Marine & Offshore 3 Carbon-free hydrogen Agri-Food & Commodities 4 Industry decarbonation Industry Buildings & Infrastruc

  10. Slide 10: Bureau Veritas' Green Line of independent expertise to foster a sustainable world

    Bureau Veritas’ Green Line of independent expertise to foster a sustainable world RESOURCES & PRODUCTION NEW MOBILITY RENEWABLES & E-MOBILITY, ALTERNATIVE ENERGIES BUILDINGS ALTERNATIVE SOCIAL, ETHICS ENERGY TRANSITION & INFRASTRUCTURE PROPULSION & GOVERNANCE Onshore and offshore Wind Farms, Solar P

  11. Slide 11: Financial Review

    FINANCIAL REVIEW

  12. Slide 12: Strong financial performance, gradually returning to 2019 levels

    Bureau Veritas delivers a strong financial performance, gradually returning to 2019 levels KEY INDICATORS Revenue improvement, back above 2019 level helped partly by a catch-up effect in H1 2021 +4.1% organic growth vs. H1 2019 Margin improving to catch up progressively on pre-Covid-19 levels 15.6%

  13. Slide 13: H1 2021 total revenue increase of 9.9%

    H1 2021 total revenue increase of 9.9% REVENUE EVOLUTION VARIATION ANALYSIS 14.2% at constant currency 14.3% (0.1)% 2,418.4 (4.3)% 2,200.5 H1 2020 Organic 1 Scope Currency H1 2021 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation

  14. Slide 14: Adjusted operating margin (1/2)

    Adjusted operating margin (1/2) GROUP MARGIN EVOLUTION +606bps at constant currency +601bps +5bps (23)bps 15.9% 15.6% 9.8% H1 2020 Organic 1 Scope Margin at Currency H1 2021 constant (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentati

  15. Slide 15: Adjusted operating margin (2/2)

    Adjusted operating margin (2/2) GROUP MARGIN EVOLUTION Total Organic Scope Currency H1 2021 H1 2020 change y/y (bps) y/y (bps) y/y (bps) y/y (bps) Marine & Offshore 23.5% 23.1% +36 +115 - (79) Agri-Food & Commodities 12.8% 11.8% +97 +108 +4 (15) Industry 11.0% 7.4% +363 +376 +9 (22) Buildings & Infr

  16. Slide 16: From adjusted operating profit to operating profit

    From adjusted operating profit to operating profit ADJUSTMENT ITEMS Change IN EUR MILLIONS H1 2021 H1 2020 y/y Adjusted operating profit 378.2 215.8 +75.3% Limited adjustment Amortization of intangible assets (28.9) (104.4) (72.3)% items in H1 2021; resulting from acquisitions driven by a materially

  17. Slide 17: Net financial expense

    Net financial expense FINANCIAL RESULT Change IN EUR MILLIONS H1 2021 H1 2020 y/y Finance costs, net (37.6) (60.3) (37.6)% Decrease in the average debt Foreign exchange gains/(losses) 2.4 (3.2) n.m. and decrease in costs due to the repayment of the Interest cost on pension plans 0.7 (0.9) n.m. US Pr

  18. Slide 18: Tax / Tax rate

    Tax / Tax rate ADJUSTED EFFECTIVE TAX RATE EVOLUTION Change IN EUR MILLIONS H1 2021 H1 2020 y/y Decrease mainly due to the weight of taxes not directly Profit before Tax 309.2 (6.5) n.m. calculated by reference to taxable income (such as Income tax expense (97.1) (24.3) +299.6% withholding taxes and

  19. Slide 19: Cash flow statement

    Cash flow statement STRONG CASH IMPROVEMENT Change IN EUR MILLIONS H1 2021 H1 2020 y/y Profit before income tax 309.2 (6.5) n.m. Performance from the operating Elimination of cash flows from financing cash flow dragged by the 19.0 46.6 (59.3)% and investing activities movements in working capital Pr

  20. Slide 20: Further deleveraging with leverage ratio reduced to 1.3x in H1 2021

    Further deleveraging with leverage ratio reduced to 1.3x in H1 2021 WORKING CAPITAL REQUIREMENT / REVENUE RATIO ADJUSTED NET DEBT EVOLUTION IN PERCENTAGE IN EUR MILLIONS Free Lease Dec. 31, Other June 30, cash Acquis. Dividends payments 2020 (incl. FX) 2021 flow (IFRS 16) 13.0% 12.2% 12.4% 11.7% (35

  21. Slide 21: Business Review

    BUSINESS REVIEW

  22. Slide 22: H1 2021 performance rebounded across all businesses (1/3)

    Bureau Veritas’ H1 2021 performance rebounded across all businesses (1/3) Marine & Offshore Agri-Food & Commodities organic adjusted operating organic adjusted operating growth margin growth margin • Stable performance in New Construction (slowdown in new • Agri-Food: high single-digit organic impro

  23. Slide 23: H1 2021 performance rebounded across all businesses (2/3)

    Bureau Veritas’ H1 2021 performance rebounded across all businesses (2/3) Industry Buildings & Infrastructure organic adjusted operating organic adjusted operating growth margin growth margin • Double-digit growth for Power & Utilities – key growth • Double-digit growth in Europe primarily led Spain

  24. Slide 24: H1 2021 performance rebounded across all businesses (3/3)

    Bureau Veritas’ H1 2021 performance rebounded across all businesses (3/3) Consumer Products Certification organic adjusted operating organic adjusted operating growth margin growth margin • Recovery driven by a large pickup of activity in Asia across • Strong recovery driven by a catch-up of 2020 po

  25. Slide 25: Certification business benefited from a strong catch-up effect in H1 2021

    Certification business benefited from a strong catch-up effect in H1 2021 CERTIFICATION QUARTERLY REVENUE EVOLUTION IN EUR MILLIONS 2021: A YEAR WITH QUARTERLY VOLATILITY Q1 Q2 Q3 Q4 Strong first half 109.1 104.6 • Organic revenue up 38.6% including a stellar 102.4 58.5% growth in Q2, against very f

  26. Slide 26: Outlook

    OUTLOOK

  27. Slide 27: 2021 Outlook upgraded

    Option 2 2021 Outlook upgraded Based on the excellent half-year performance, considering tough comparables in the second half, and assuming no severe lockdowns in its main countries of operation due to Covid-19, Bureau Veritas now expects for the full year 2021 to: Achieve Improve Generate strong th

  28. Slide 28: Agility, innovation and discipline

    Agility, innovation and discipline Health & Safety is an absolute at Bureau Veritas Excellent H1 performance from the Group, both operationally and financially Bureau Veritas is well positioned, at the heart of society's challenges and growing demand for transparency A clear roadmap to 2025 and beyo

  29. Slide 29: Q&A

    Te28, BUREAU VERITAS Q&A

  30. Slide 30: 2021 Financial Calendar & Contacts

    2021 Financial Calendar & Contacts 2021 AGENDA INVESTOR RELATIONS DEPARTMENT BUREAU VERITAS HEAD OFFICE – 40/52 BOULEVARD DU PARC Q3 2021 revenue: October 26, 2021 92200 NEUILLY-SUR-SEINE, FRANCE Digital Investor Day: Q4 2021 Laurent Brunelle Head of Investor Relations +33 (0)1 55 24 76 09 laurent.b

  31. Slide 31: Appendix

    Te28 BUREAU VERITAS APPENDIX

  32. Slide 32: H1 2021 key financial metrics

    H1 2021 key financial metrics FINANCIAL HIGHLIGHTS Change Change IN EUR MILLIONS H1 2021 H1 2020 y/y at constant y/y currency Revenue 2,418.4 2,200.5 +9.9% +14.2% Adjusted operating profit1 378.2 215.8 +75.3% +84.6% Adjusted operating margin1 15.6% 9.8% +583bps +606bps Operating profit 346.1 59.6 +4

  33. Slide 33: Resumption of disciplined bolt-on M&A in 2021

    Resumption of disciplined bolt-on M&A in 2021 RENEWABLE ENERGY CYBER & CONSUMER PRODUCTS UNITED STATES, MARCH €11m (additional revenue), NETHERLANDS, JANUARY 50 employees c.€10m (additional revenue), • Provides owner's representation as well as construction and site 100 employees management assistan

  34. Slide 34: Committed to Shaping a Better World

    Bureau Veritas is committed to Shaping a Better World SHAPING A BETTER WORLD Strategic SHAPING A SHAPING A SHAPING BETTER axes BETTER WORKPLACE BETTER ENVIRONMENT BUSINESS PRACTICES Sustainability Social & Human capital Natural capital Governance pillars H1 2021 RESULTS 34

  35. Slide 35: Priorities to shape a better world

    Bureau Veritas priorities to shape a better world SHAPING A SHAPING A SHAPING BETTER BETTER WORKPLACE BETTER ENVIRONMENT BUSINESS PRACTICES Bureau Veritas’ priorities: Bureau Veritas’ priorities: Bureau Veritas’ priorities: • Occupational health and • Diversity and equal • Energy efficiency; • Effec

  36. Slide 36: CSR 2025 ambition

    Bureau Veritas’ CSR 2025 ambition 17 KEY INDICATORS IN TOTAL WITH A 2025 AMBITION, OF WHICH 5 WILL BE COMMUNICATED ON A QUARTERLY BASIS SOCIAL & HUMAN CAPITAL NATURAL CAPITAL GOVERNANCE Safety is an “absolute” Achieve 2 tons of CO2 emissions Reach 99% of employees Achieve 0.26 accident rate (TAR) pe

  37. Slide 37: CSR Key Performance Indicators

    Option 2 CSR Key Performance Indicators H1 2021 FY 2020 2025 target Total Accident Rate (TAR)1 0.25 0.26 0.26 Proportion of women in leadership positions (senior/executive 20.3% 19.8% 35% management roles from the Executive Committee to Band III) 2 Number of training hours per employee (per year) 3

  38. Slide 38: Powerful megatrends are supporting the development of the TIC sector

    Powerful megatrends are supporting the development of the TIC sector RISING INTERNATIONAL NEW SUSTAINABLE HEALTH AND POPULATION TRADE TECHNOLOGIES WORLD HYGIENE Urbanization growth Supply chains Further acceleration Increased focus Health & Hygiene unchanged reconfiguration of digitalization on ESG

  39. Slide 39: Well positioned to benefit from accelerating sustainability concerns

    Bureau Veritas well positioned to benefit from accelerating sustainability concerns Reinforced INTERNAL STRATEGY & ACTION PLAN stakeholders’ expectations • Ambition to become an industry leader, supported by our “Shaping a Better World” CSR plan through 2025 Increasing regulations EXTERNAL POSITIONI

  40. Slide 40: Strong macro drivers will reinforce current trends and create incremental opportunities

    Strong macro drivers will reinforce current trends and create incremental opportunities SUPPLY CHAIN EUROPEAN ENERGY GREEN TRANSITION MANAGEMENT DEAL NEED FOR BETTER SUPPLY 11 TOPICS TO BE CARBON 16 TERAWATT OF RENEWABLES CHAIN RISK MANAGEMENT NEUTRAL IN 2050 TO BE ADDED TO GLOBAL TO BECOME MORE FLE

  41. Slide 41: H1 2021 revenue growth by business

    H1 2021 revenue growth by business % of @ constant revenue currency 29% Buildings & Infrastructure (0.5)% +19.5% +19.0% 22% Agri-Food & Commodities +4.1% +4.1% 20% Industry (0.8)% +9.5% +8.7% 13% Consumer Products +23.4% +23.4% 8% Certification +38.6% +3.7% +42.3% 8% Marine & Offshore +5.3% +5.3% 10

  42. Slide 42: Q2 2021 revenue growth by business

    Q2 2021 revenue growth by business % of @ constant revenue currency 29% Buildings & Infrastructure +26.3% +26.3% 21% Agri-Food & Commodities +12.6% +12.6% 20% Industry (0.3)% +20.8% +20.5% 14% Consumer Products +27.3% +27.3% 8% Certification +58.5% +5.0% +63.5% 8% Marine & Offshore +7.3% +7.3% 100%

  43. Slide 43: Marine & Offshore

    Marine & Offshore (8% of revenue, 12% of profit) KEY FINANCIALS H1 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2021 H1 2020 Change • New Construction: stable performance, reflecting the slowdown in new orders intake in Stable performance Revenue 189.2 185.0 +2.3% the prior year (notably in Asia,

  44. Slide 44: Agri-Food & Commodities

    Agri-Food & Commodities (22% of revenue, 17% of profit) KEY FINANCIALS H1 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2021 H1 2020 Change • O&P: double-digit organic decline; Reduced testing volumes due to lower fuel Revenue Organic 518.0 517.1 +0.2% +4.1% consumption (notably for aviation Agri-F

  45. Slide 45: Industry

    Industry (20% of revenue, 14% of profit) KEY FINANCIALS H1 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2021 H1 2020 Change • Q2 organic revenue growth: acceleration to 20.8% with a noticeable improvement across Revenue 487.2 473.6 +2.9% all end markets helped by the comparables Power & Utilities

  46. Slide 46: Buildings & Infrastructure

    Buildings & Infrastructure (29% of revenue, 28% of profit) KEY FINANCIALS H1 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2021 H1 2020 Change Building In-Service (49% of divisional revenue): double-digit organic growth France Revenue 709.2 611.4 +16.0% Organic +19.5% • Led by the US (large project

  47. Slide 47: Certification

    Certification (8% of revenue, 10% of profit) KEY FINANCIALS H1 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2021 H1 2020 Change • Strong recovery driven by a catch-up of 2020 postponed audits (notably for QHSE, Food and Revenue Organic 196.5 142.0 +38.4% +38.6% Transportation schemes) as well as f

  48. Slide 48: Consumer Products

    Consumer Products (13% of revenue, 19% of profit) KEY FINANCIALS H1 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS H1 2021 H1 2020 Change • Strong recovery led by a large pick-up of activity in Asia, across all product categories Revenue 318.3 271.4 +17.3% Asia Organic +23.4% • Softlines: performed abo

  49. Slide 49: H1 2021 revenue by business

    H1 2021 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE H1 2021 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 189.2 +5.3% - (3.0)% Marine & Offshore 13% 8% Agri-Food & Commodities Agri-Food & Commodities 518.0 +4.1% (0.0)% (3.9)% 8% 22% Industry Industr

  50. Slide 50: Q2 2021 total revenue increase of 19.1%

    Q2 2021 total revenue increase of 19.1% REVENUE EVOLUTION 22.7% at constant currency 22.5% 0.2% 1,263.7 (3.6)% 1,061.0 1 Q2 2020 Organic Scope Currency Q2 2021 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation H1 2021 RESULTS 50

  51. Slide 51: Q2 2021 revenue by business

    Q2 2021 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE Q2 2021 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 95.1 +7.3% - (2.3)% Marine & Offshore 14% 8% Agri-Food & Commodities Agri-Food & Commodities 268.8 +12.6% - (2.6)% 8% 21% Industry Industry 254

  52. Slide 52: Adjusted Operating Profit by business

    Adjusted Operating Profit by business Adjusted operating profit (€m) Adjusted operating margin (%) Change Change IN EUR MILLIONS H1 2021 H1 2020 H1 2021 H1 2020 (%) (bps) Marine & Offshore 44.4 42.7 +4.0% 23.5% 23.1% +36 Agri-Food & Commodities 66.1 60.9 +8.5% 12.8% 11.8% +97 Industry 53.7 35.1 +53.

  53. Slide 53: Consolidated income statement

    Consolidated income statement IN EUR MILLIONS H1 2021 H1 2020 Revenue 2,418.4 2,200.5 Purchase and external charges (674.0) (663.3) Personnel costs (1,249.2) (1,182.2) Taxes other than on income (23.0) (22.0) Net (additions to)/reversals of provisions (13.2) (44.4) Depreciation and amortization (129

  54. Slide 54: Consolidated statement of financial position (1/2)

    Consolidated statement of financial position (1/2) IN EUR MILLIONS JUNE 30, 2021 DEC. 31, 2020 Goodwill 2,017.7 1,942.9 Intangible assets 428.2 427.3 Property, plant and equipment 351.3 348.8 Right-of-use assets 363.5 375.7 Non-current financial assets 108.9 105.7 Deferred income tax assets 126.1 13

  55. Slide 55: Consolidated statement of financial position (2/2)

    Consolidated statement of financial position (2/2) IN EUR MILLIONS JUNE 30, 2021 DEC. 31, 2020 Share capital 54.3 54.2 Retained earnings and other reserves 1,303.0 1,183.8 Equity attributable to shareholders of the Company 1,357.3 1,238.0 Non-controlling interests 60.7 47.7 Total equity 1,418.0 1,28

  56. Slide 56: Consolidated statement of cash flow (1/2)

    Consolidated statement of cash flow (1/2) IN EUR MILLIONS H1 2021 H1 2020 Profit before income tax 309.2 (6.5) Elimination of cash flows from financing and investing activities 19.0 46.6 Provisions and other non-cash items 23.7 60.4 Depreciation, amortization and impairment 129.0 212.4 Movements in

  57. Slide 57: Consolidated statement of cash flow (2/2)

    Consolidated statement of cash flow (2/2) IN EUR MILLIONS H1 2021 H1 2020 Capital increase 6.1 2.2 Purchases / sale of treasury shares 13.7 3.0 Dividends paid (8.4) (12.7) Increase in borrowings and other debt 5.7 782.7 Repayments of borrowings and other debt (484.7) (321.2) Repayments of amounts ow

  58. Slide 58: Adjusted net financial debt

    Adjusted net financial debt IN EUR MILLIONS JUNE 30, 2021 DEC. 31, 2020 JUNE 30, 2020 Bank borrowings due after one year (2,400.0) (2,376.2) (2,967.8) Bank borrowings due within one year (25.3) (543.0) (749.4) Bank overdrafts (6.4) (7.5) (13.8) Gross financial debt (2,431.7) (2,926.7) (3,731.0) Tota

  59. Slide 59: Earnings per share

    Earnings per share IN EUR MILLIONS H1 2021 H1 2020 FY 2020 Basic EPS 0.44 (0.08) 0.28 Basic adjusted EPS 0.48 0.19 0.64 Weighted average number of shares 449,836,389 448,056,073 448,616,542 Diluted EPS 0.43 (0.08) 0.28 Diluted adjusted EPS 0.47 0.19 0.63 Weighted average number of shares for diluted

  60. Slide 60: Portfolio of business

    Portfolio of business REVENUE BY BUSINESS ADJUSTED OPERATING PROFIT Marine & Offshore Marine & Offshore 13% 8% 12% 19% Agri-Food & Commodities Agri-Food & Commodities 8% 22% Industry 17% Industry H1 2021 10% H1 2021 Buildings & Infrastructure Buildings & Infrastructure 29% Certification 14% Certific

  61. Slide 61: H1 2021 revenue evolution by geography

    H1 2021 revenue evolution by geography REVENUE BY GEOGRAPHIC AREA (H1 2021) REVENUE EVOLUTION BY NATURE (H1 2021) Organic Scope +16.6% Americas Asia 23% +14.2% +12.7% Pacific 31% +0.2% +12.8% +16.7% +14.6% +12.5% +12.8% Africa, Middle East 9% Europe 37% (0.4)% (0.1)% Americas Europe Africa, Asia Pac

  62. Slide 62: Q2 2021 revenue evolution by geography

    Q2 2021 revenue evolution by geography REVENUE BY GEOGRAPHIC AREA (Q2 2021) REVENUE EVOLUTION BY NATURE (Q2 2021) Organic Scope +31.5% +0.2% Asia Americas 24% +24.9% +28.1% Pacific 31% +0.6% +13.2% +31.3% +0.1% Africa, +28.1% Middle +24.3% East 9% Europe 36% +13.1% Americas Europe Africa, Asia Pacif

  63. Slide 63: Currency mix in H1 2021

    Currency mix in H1 2021 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) OTHER MXN 0.8% 10.9% USD (and pegged) (8.6)% VND 0.9% PEN 0.9% CNY (0.6)% XOF 1.1% AUD +7.3% COP 1.1% EUR 30.9% CAD +0.0% KRW 1.2% SGD 1.4% GBP +0.8% INR 1.6% BRL (16.6)% TWD 1.6% CLP +3.1% JPY 2.0% JPY (8.2)% CLP 2.4%

  64. Slide 64: H1 2021 restructuring: €4.4 million

    H1 2021 restructuring: €4.4 million BY BUSINESS BY GEOGRAPHY 9% 20% Marine & Offshore Agri-Food & Commodities Europe 1% Industry Africa, Middle East 9% Asia Pacific Buildings & Infrastructure 1% Americas Certification 69% Consumer Products 91% H1 2021 RESULTS 64

  65. Slide 65: 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, 2021 DEBT BREAKDOWN Bond 3% 1% 0.2% USPP 168 China Loan 26% Bond Other USPP Fixed rate China Loan Floating rate Other 70% 500 500 500 99.8% 200 168 168 25 130 71 3% 2021 2022 2023 2024 2025 20

  66. Slide 66: 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

  67. Slide 67: 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

  68. Slide 68: 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

  69. Slide 69: 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

  70. Slide 70: 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

  71. Slide 71: 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

  72. Slide 72: Ownership and market data at June 30, 2021

    Ownership and market data at June 30, 2021 STABLE SHAREHOLDING STRUCTURE MARKET DATA 0.3% • Listed on Euronext-Paris • Ticker: BVI • ISIN: FR0006174348 Wendel group • IPO on October 2007: €9.44/share 35.5% • Share Price1: €26.68 Executive Committee & Employees • Market Cap.1: €12.1bn 63.2% • Main in

  73. Slide 73: Bureau Veritas

    BUREAU [BUREAU | Shaping a World of Trust

Bureau Veritas — H1 2021 Earnings Presentation on 6ix