Bureau Veritas Sa · EURONEXT:BVI

Bureau Veritas Sa — H1 2009 Earnings Presentation

41 slides from Bureau Veritas Sa's earnings presentation, Aug 27, 2009

Slide 4: Bureau Veritas at a glance
Bureau Veritas at a glance H1 2009 revenue breakdown Government Services & Marine International Trade 6% 13% ► A global leader in conformity assessment Consumer Products services in the areas of quality, health 14% and safety, environment and social Industry responsibility (QHSE) 19% Certification R
Slide 5: Extensive geographic footprint
Extensive geographic footprint Americas (15% of revenue) France (26% of revenue) EMEA (1) (34% of revenue) Asia-Pacific (25% of revenue) 153 locations, including 165 locations, including 388 locations, including 45 205 locations, including 31 laboratories 14 laboratories laboratories 66 laboratories
Slide 6: Highlights
Highlights ► Solid financial performance in H1 2009 Revenues up 10.9% (6.0% organic growth) to €1.3bn Adjusted operating profit up 19.0% to €214.5m Adjusted attributable net profit up 22.0% to €137.3m Net cash generated from operating activities up 103.2% to €194.1m ► Net debt down 13.7% in June 200
Slide 7: Financial performance
Financial performance Organic top-line growth 10% average 12% 13% 13% 10% 10% 10% 7% 6% 7% 6% 2001 2002 2003 2004 2005 2006 2007 2008 H1 2008 H1 2009 EBITA margin 16.1% 14.8% 15.1% 15.2% 15.0% 14.4% 14.5% 13.2% 11.9% 10.4% 2001 2002 2003 2004 2005 2006 2007 2008 H1 2008 H1 2009 August 27, 2009 Copyr
Slide 9: Summary income statement
Summary income statement (in € millions) H1 2009 H1 2008 Change Revenue 1,329.5 1,198.9 +10.9% Adjusted EBITDA (1) 240.1 200.9 +19.5% Adjusted operating profit (1) 214.5 180.3 +19.0% Adjusted operating margin 16.1% 15.0% +110bps Other operating expense (9.1) (8.1) +12.3% Operating profit 205.4 172.2
Slide 10: H1 2009 revenue
H1 2009 revenue (in € millions) 1,329.5 +3.3% 1.6% +6.0% 1,198.9 Total growth of 10.9% H1 2008 Revenue Organic External Currency H1 2009 Revenue Growth Growth Impact ► Organic growth of 6.0% ► Growth from acquisitions of 3.3% ► Positive currency impact of 1.6% August 27, 2009 Copyright©2009 Bureau V
Slide 11: Adjusted operating profit
Adjusted operating profit (in € millions) H1 2009 H1 2008 Change Operating profit 205.4 172.2 +19.3% Amortisation of business combination intangibles 9.1 7.6 +€1.5m Goodwill impairment - 0.5 €(0.5)m Total other operating expense 9.1 8.1 +€1.0m Adjusted operating profit 214.5 180.3 +19.0% Adjusted op
Slide 12: Net financial expense
Net financial expense (in € millions) H1 2009 H1 2008 Change Finance costs, net (1) (23.9) (16.8) (7.1) O/w Fair value adjustments on interest rate hedges (2.1) 6.6 (8.7) Foreign exchange gains / (losses) (2.2) (5.2) +3.0 O/w Fair value adjustments on foreign exchange hedges - - - Interest cost on p
Slide 13: Adjusted net profit
Adjusted net profit (in € millions) H1 2009 H1 2008 Change Adjusted operating profit 214.5 180.3 +19.0% Net financial expense (28.2) (24.7) +14.2% Adjusted income tax (1) (47.0) (40.0) +17.5% Net income from activities held for sale 0.4 0.8 (50.0)% Share of profit of associates - 0.1 - Adjusted net
Slide 14: Summary cash flow statement
Summary cash flow statement (in € millions) H1 2009 H1 2008 Change Profit before income tax 177.2 147.6 +20.1% Elimination of cash flows from financing and investing activities 24.2 23.1 Provisions and other non-cash items 4.5 (3.7) Depreciation, amortisation and impairment, net 34.7 28.6 Movements
Slide 15: Financial structure
Financial structure Net cash generated from operating activities Net financial debt 1,020.0 907.7 880.1 315.4 2008 H1 2008 H1 2009 194.1 95.5 Leverage ratio (1) 2008 H1 2008* H1 2009 1.89x 2.51x 1.76x (2) * Before IPO costs paid in H1 2008 ► Superior operating cash flow generation in H1 Low capex-to
Slide 16: Summary financial position
Summary financial position (in € millions) June 2009 June 2008 Dec. 2008 Goodwill 823.2 783.3 769.7 Net fixed assets 361.2 336.2 348.3 Other non current assets (1) 118.0 136.2 161.4 Working capital requirements 236.9 246.1 216.5 Total investment 1,539.3 1,501.8 1,495.9 Total equity 343.3 207.4 283.8
Slide 17: Shareholder structure
Shareholder structure ► Market capitalization of €3.8bn at August 26, 2009 ► Free float of 43% (€1.6bn) ► Number of shares outstanding (1): 108,868,878 ► High proportion of institutional investors (USA, UK, France) Ownership structure (1) Free float breakdown Treasury Individual shares investors 1%
Slide 19: Marine
Marine H1 2009 H1 2008 Change Order book breakdown by ship type Revenue €165.9m €138.9m +19.4% (Nb of ships) Organic 18.9% Tanker Bulk Scope - 18% 21% Currency 0.5% Adjusted operating profit €54.1m €43.2m +25.2% Passenger 4% Adjusted operating margin 32.6% 31.1% +150bps Cargo H1 2009 highlights 12%
Slide 20: Industry
Industry H1 2009 H1 2008 Change Revenue breakdown by activity Revenue €258.0m €213.3m +21.0% Other Organic 8.9% 19% Oil & gas 26% Scope 14.0% Services Currency (1.9)% 4% Adjusted operating profit €31.3m €24.4m +28.3% Process Adjusted operating margin 12.1% 11.4% +70bps 4% Construction H1 2009 highli
Slide 21: In-Service Inspection & Verification
In-Service Inspection & Verification H1 2009 H1 2008 Change Revenue breakdown by geography Revenue €166.6m €160.5m +3.8% Others Organic 5.5% 12% Scope - UK Currency (1.7)% 10% Adjusted operating profit €15.8m €17.6m (10.2)% Adjusted operating margin 9.5% 11.0% (150)bps France 56% H1 2009 highlights
Slide 22: Health, Safety & Environment
Health, Safety & Environment H1 2009 H1 2008 Change Revenue breakdown by geography Revenue €117.4m €114.9m +2.2% Other 7% Organic (4.2)% Latin Am erica France 10% 28% Scope 6.9% Currency (0.5)% Australia Adjusted operating profit €3.5m €5.6m (37.5)% 9% Adjusted operating margin 3.0% 4.9% (190)bps H1
Slide 23: Construction
Construction H1 2009 H1 2008 Change Revenue €219.0m €233.3m (6.1)% Revenue breakdown by geography Organic (8.3)% Scope (0.1)% Currency 2.3% Adjusted operating profit €18.9m €26.4m (28.4)% Adjusted operating margin 8.6% 11.3% (270)bps Others 10% H1 2009 highlights Japan 6% ► Slow growth in infrastruc
Slide 24: Certification
Certification H1 2009 H1 2008 Change Revenue €139.5m €132.3m +5.4% Revenue breakdown by scheme Organic 5.0% Scope 0.4% Currency - Adjusted operating profit €24.9m €23.7m +5.1% Adjusted operating margin 17.8% 17.9% (10)bps Customized H1 2009 highlights & sector schemes ► Good growth from new mandator
Slide 25: Consumer Products
Consumer Products H1 2009 H1 2008 Change Revenue €188.2m €134.9m +39.5% Revenue breakdown by product Organic 24.3% Scope 1.1% Currency 14.1% Adjusted operating profit €53.3m €29.1m +83.2% Electrical & electronics Adjusted operating margin 28.3% 21.6% +670bps 18% Textiles, garments & H1 2009 highligh
Slide 26: Government Services & International Trade
Government Services & International Trade H1 2009 H1 2008 Change Revenue €74.9m €70.8m +5.8% Revenue breakdown by activity Organic 3.6% Scope - Currency 2.2% Adjusted operating profit €12.7m €10.3m +23.3% Adjusted operating margin 17.0% 14.5% +250bps International Trade H1 2009 highlights 21% ► New
Slide 28: 2009 outlook
2009 outlook ► H2 revenue to grow at a slower pace compared to H1 Slowdown of Construction and Mining & Minerals Reduced growth in Marine & CPS Good growth in Certification & Industry ► Operating margin and cash flow expected to improve for the full year 2009 Continuous cost control and roll-out of
Slide 30: Bureau Veritas - Move Forward with Confidence
BUREAU VERITAS Move Forward with Confidence
Slide 32: Consolidated income statement
Consolidated income statement (in € millions) June 2009 June 2008 Revenue 1,329.5 1,198.9 Purchase and external charges (373.3) (348.8) Personnel costs (678.5) (626.1) Taxes other than on income (31.8) (25.7) Net (additions to)/reversals of provisions (10.6) 1.9 Depreciation and amortization (34.7)
Slide 33: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income (in € millions) H1 2009 H1 2008 FY 2008 Net profit 132.9 110.5 223.6 Cash Flow hedge instruments 9.5 (7.3) (32.9) Actuarial gains / losses - 1.4 1.2 Currency translation adjustments (0.7) (1.5) (28.3) - - - Income tax on other comprehensive income (3.3)
Slide 34: Consolidated financial position
Consolidated financial position (in € millions) June 2009 Dec. 2008 Goodwill 823.2 769.7 Intangible assets 164.1 154.9 Property, plant and equipment 197.1 193.4 Other non-current assets 118.0 140.8 Total non-current assets 1,302.4 1,258.8 Trade and other receivables 807.3 800.8 Other current assets
Slide 35: Statement of changes in equity
Statement of changes in equity (in € millions) Currency Attributable to Attributable Share Share Other Total translation shareholders to minority capital premium reserves equity reserves of the Company interests January 1, 2009 13.0 112.2 (57.6) 216.2 283.8 270.4 13.4 Capital reduction - - - - - - -
Slide 36: Cash flow statement
Cash flow statement (in € millions) June 2009 June 2008 Profit before income tax 177.2 147.6 Elimination of cash flows from financing and investing activities 24.2 23.1 Provisions and other non-cash items 4.5 (3.7) Depreciation, amortisation and impairment, net 34.7 28.6 Movements in working capital
Slide 37: Detail of adjusted EBITDA calculation
Detail of adjusted EBITDA calculation (in € millions) June 2009 June 2008 Adjusted operating profit 214.5 180.3 + Depreciation and amortisation 34.7 28.2 - Amortisation of business combination intangibles (9.1) (7.6) Adjusted EBITDA 240.1 200.9 August 27, 2009 Copyright©2009 Bureau Veritas - All rig
Slide 38: Detail of net financial debt calculation
Detail of net financial debt calculation (in € millions) June 2009 June 2008 Dec. 2008 Bank borrowings (non-current) 892.0 801.5 973.2 Bank borrowings (current) 78.1 320.5 79.9 Bank overdrafts 15.7 21.0 8.0 Gross financial debt 985.8 1,143.0 1,061.1 Total cash and cash equivalents 105.7 123.0 153.4
Slide 39: Currency exposure
Currency exposure Revenue Currency Split (1) Key Sensitivities (1) Others BRL 15% 3% CNY Group Group 4% 1% Euro Revenue Operating Profit JPY Euro Change vs. Impact Impact 2% 45% AUD USD 0.16% 0.20% 5% HKD 0.06% 0.13% GBP 4% GBP 0.04% 0.01% HKD 6% AUD 0.05% 0.02% USD 16% Moderate Moderate impact impa
Slide 40: Earnings per share (EPS)
Earnings per share (EPS) (in € millions) H1 2009 H1 2008 Change Basic EPS (1) 1.21 0.99 22.2% Diluted EPS (2) 1.19 0.97 22.7% Basic adjusted EPS (1) 1.27 1.05 21.0% Diluted adjusted EPS (2) 1.25 1.03 21.4% (1) Calculated on weighted average number of shares of 107,780 in June 2009 and 107,380 thousa
Slide 41: Disclaimer
Disclaimer This presentation contains forward-looking statements which are based on current plans and forecasts of Bureau Veritas’ management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors such as those described in the documents fi

Bureau Veritas — H1 2009 Earnings Presentation on 6ix

Bureau Veritas Sa — H1 2009 Earnings Presentation

Slide 1: 2009 Half Year Results

Slide 2: Agenda

Slide 3: Highlights

Slide 4: Bureau Veritas at a glance

Slide 5: Extensive geographic footprint

Slide 6: Highlights

Slide 7: Financial performance

Slide 8: Financial review

Slide 9: Summary income statement

Slide 10: H1 2009 revenue

Slide 11: Adjusted operating profit

Slide 12: Net financial expense

Slide 13: Adjusted net profit

Slide 14: Summary cash flow statement

Slide 15: Financial structure

Slide 16: Summary financial position

Slide 17: Shareholder structure

Slide 18: Business review

Slide 19: Marine

Slide 20: Industry

Slide 21: In-Service Inspection & Verification

Slide 22: Health, Safety & Environment

Slide 23: Construction

Slide 24: Certification

Slide 25: Consumer Products

Slide 26: Government Services & International Trade

Slide 27: Outlook

Slide 28: 2009 outlook

Slide 29: Q&A

Slide 30: Bureau Veritas - Move Forward with Confidence

Slide 31: Appendix

Slide 32: Consolidated income statement

Slide 33: Consolidated statement of comprehensive income

Slide 34: Consolidated financial position

Slide 35: Statement of changes in equity

Slide 36: Cash flow statement

Slide 37: Detail of adjusted EBITDA calculation

Slide 38: Detail of net financial debt calculation

Slide 39: Currency exposure

Slide 40: Earnings per share (EPS)

Slide 41: Disclaimer