Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — FY2022 Earnings Presentation
79 slides from Bureau Veritas Sa's earnings presentation, Feb 23, 2023
Slide 1: Full Year 2022 Results
FULL YEAR 2022 R E S U LT S FEBRUARY 23, 2023 1
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 PORTFOLIO BUSINESS BUSINESS REVIEW HIGHLIGHTS 2022 FINANCIAL OUTLOOK HIGHLIGHTS REVIEW
Slide 4: 2022 Highlights
2022 HIGHLIGHTS
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 business Protecting the Ensuring employee continuity with and financial solidity Health & Safety for clients of the Group 5 FY 2022 RESULTS
Slide 6: A smooth, ongoing management transition at Bureau Veritas
A SMOOTH, ONGOING MANAGEMENT TRANSITION AT BUREAU VERITAS • Hinda Gharbi joined Bureau Veritas in May 2022 as Chief Operating Officer and is a member of the Executive Committee • Since January 1st, 2023, Hinda assumes the position of Deputy CEO of Bureau Veritas • Hinda will be appointed as Chief Ex
Slide 7: CSR Key Performance Indicators
CSR KEY PERFORMANCE INDICATORS 2025 FY 2022 FY 2021 FY 2020 FY 2019 target Total Accident Rate (TAR)1 0.26 0.27 0.26 0.38 0.26 Proportion of women in leadership positions2 29.1% 26.5% 27.5% 24.4% 35% Number of training hours per employee (per year) 32.5 29.9 23.9 19.0 35.0 CO2 emissions per employee
Slide 8: Strong FY 2022 financial results
STRONG FY 2022 FINANCIAL RESULTS GROUP €5.7bn 9.3% organic growth in Q4 and 7.8% in FY 2022 REVENUE +13.4% ADJUSTED Adjusted operating margin of 16.0%, +c.10bps €902m excluding China lockdowns +12.5% OP. PROFIT A +10.7% €1.18 ADJUSTED A record high vs. €1.07 in 2021 EPS RECORD YEAR +9.0% €657m FREE
Slide 9: 2022 financial targets delivered
2022 FINANCIAL TARGETS DELIVERED Based on a healthy sales pipeline, the significant growth opportunities related to its sustainability range of services and solutions, and excluding the full year impact of the Covid-19 lockdowns in China, the Group expected for 2022 to: GUIDANCE ACHIEVEMENTS (1) Net
Slide 10: Key developments in full year 2022
KEY DEVELOPMENTS IN FULL YEAR 2022 Steady organic Reaping the reward of our diversified business revenue momentum Bolt-on M&A Focusing on Consumer Products and Buildings & Infrastructure in US & Europe Expertise for Accelerating momentum with Sustainability BV Green Line of services & solutions 10 F
Slide 11: Organic growth fueled by the excellent diversification
ORGANIC GROWTH FUELED BY THE EXCELLENT DIVERSIFICATION A BALANCED PORTFOLIO FUELING THE GROWTH A STRONG FRANCHISE ACROSS ALL CONTINENTS IN PERCENTAGE OF GROUP REVENUE IN PERCENTAGE OF GROUP REVENUE HIGH SINGLE-DIGIT ORGANIC GROWTH Africa, Middle East • Marine & Offshore, • Agri-Food & Commodities, +
Slide 12: Portfolio Business Highlights
PORTFOLIO BUSINESS HIGHLIGHTS
Slide 13: Portfolio attributes that contributed to the successful execution of 2022
PORTFOLIO ATTRIBUTES THAT CONTRIBUTED TO THE SUCCESSFUL EXECUTION OF 2022 GEOGRAPHICAL LEVERAGING FAST MORE CYCLE PROOF BUSINESS SCALING GROWING MARKETS EUROPE Products Capex c.26% 34% c.34% ASIA FY 2022 27% PACIFIC revenue 9% 30% AMERICAS Opex & AFRICA & MIDDLE EAST Systems c. 40% • Increased Opex
Slide 14: More cycle proof revenue streams
MORE CYCLE PROOF REVENUE STREAMS Reduced exposure to cyclical Capex markets : Opex & c. 5% c. 5% c.40% Systems Residential construction Oil & Gas and Mining Capex projects c.10% PERCENTAGE OF GROUP REVENUE (FY 2022) FY 2022 Capex supported by : Revenue • Large-scale investment programs (e.g. EU Gree
Slide 15: Focus on B&I main platforms
FOCUS ON B&I MAIN PLATFORMS A DIVERSIFIED PORTFOLIO OF ACTIVITIES EUROPE (50% OF DIV. REVENUE) 39% of divisional c. 75% revenue OPEX-led generated in France ASIA & PACIFIC ( 20%) • Capex-driven AMERICAS • Led by public (27%) spending : e.g. transport & energy • 21% of revenue infrastructures generat
Slide 16: A diversified B&I business in the US
A DIVERSIFIED B&I BUSINESS IN THE US % REV. BUSINESS TYPE SERVICES RECENT ACQUISITIONS c. 50%* CAPEX RELATED LEGACY SERVICES BUSINESS OPEX RELATED c.25%* SERVICES NEW SERVICES c.25%* DATACENTERS * As a percentage of US B&I revenue 16 FY 2022 RESULTS
Slide 17: Leveraging fast growing markets - BV Green Line
LEVERAGING FAST GROWING MARKETS - BV GREEN LINE BREAKDOWN OF GROUP SALES (FY 2022) BV Green Line Resources & Production Other 45% Consumption & Traceability services 55% Buildings & Infrastructure New mobility Social, Ethics & Governance 17 FY 2022 RESULTS
Slide 18: BV suite of services for sustainability and energy transition
BV SUITE OF SERVICES TO ACCOMPANY CUSTOMERS ON THEIR SUSTAINABILITY AND ENERGY TRANSITION JOURNEY RESOURCES & PRODUCTION NEW MOBILITY RENEWABLES & ALTERNATIVE BUILDINGS & SOCIAL, ETHICS ENERGIES CONSUMPTION INFRASTRUCTURE E-MOBILITY, & TRACEABILITY ALTERNATIVE & GOVERNANCE • Wind design review CONST
Slide 19: Financial Review
FINANCIAL REVIEW
Slide 20: A solid momentum maintained in a volatile economic environment
A SOLID MOMENTUM MAINTAINED IN A VOLATILE ECONOMIC ENVIRONMENT Strong ability to navigate through a challenging environment with strong organic growth throughout 2022 organic growth vs. FY 2021 Protected margin despite the Chinese lockdowns and the war in Ukraine adjusted operating margin Strong EPS
Slide 21: FY 2022 total revenue growth of 13.4%
FY 2022 TOTAL REVENUE GROWTH OF 13.4% REVENUE EVOLUTION VARIATION ANALYSIS In million € 8.7% at constant currency +4.7% 5,650.6 +7.8% +0.9% 4,981.1 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation 21 FY 2022 RESULTS
Slide 22: FY 2022 revenue growth by business
FY 2022 REVENUE GROWTH BY BUSINESS % of @ constant revenue currency 29% Buildings & Infrastructure +7.6% +2.2% +9.8% 22% Agri-Food & Commodities (0.2)% +9.3% +9.1% 21% Industry (0.6)% +11.4% +10.8% 13% Consumer Products +1.0% +3.2% +4.2% 7% Marine & Offshore +9.4% +9.4% 8% Certification +5.5% +0.1%
Slide 23: Q4 2022 revenue growth by business
Q4 2022 REVENUE GROWTH BY BUSINESS % of @ constant revenue currency 31% Buildings & Infrastructure +11.5% +3.1% +14.6% 21% Agri-Food & Commodities +10.2% +10.2% 21% Industry (0.6)% +13.2% +12.6% 12% Consumer Products (4.4)% +6.2% +1.8% 7% Marine & Offshore +15.8% +15.8% 8% Certification +7.0% +7.0%
Slide 24: A focused and disciplined M&A approach
A FOCUSED AND DISCIPLINED M&A APPROACH 2018-2022 M&A DEALS BY DIVISIONS In million € of annualized revenue KEY TAKEAWAYS 84 SINCE 2018 74 14 • 20 firms acquired over the last 5 years, representing c. €250m cumulated 30 annualized revenue 46 44 2 • Disciplined and selective approach aligned 10 with t
Slide 25: Adjusted operating margin (1/2)
ADJUSTED OPERATING MARGIN (1/2) GROUP MARGIN EVOLUTION (19)bps at constant currency +6bps (1)bp (18)bps 16.1% 16.0% FY 2021 Currency Scope Organic1 FY 2022 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation 25 FY 2022 RESULTS
Slide 26: Adjusted operating margin (2/2)
ADJUSTED OPERATING MARGIN (2/2) GROUP MARGIN EVOLUTION Total Organic Scope Currency FY 2022 FY 2021 change y/y (bp) y/y (bp) y/y (bp) y/y (bp) Marine & Offshore 24.1% 22.4% +166 +130 - +36 Agri-Food & Commodities 14.4% 13.4% +98 +103 +1 (6) Industry 11.8% 12.5% (71) (102) +16 +15 Buildings & Infrast
Slide 27: FY 2022 key financial metrics
FY 2022 KEY FINANCIAL METRICS FINANCIAL HIGHLIGHTS Change Change IN EUR MILLIONS FY 2022 FY 2021 y/y at constant y/y currency Revenue 5,650.6 4,981.1 +13.4% +8.7% Adjusted operating profit1 902.1 801.8 +12.5% +8.4% Adjusted operating margin1 16.0% 16.1% (13)bps (19)bps Operating profit 799.3 718.8 +
Slide 28: A strong increase in earnings per share
A STRONG INCREASE IN EARNINGS PER SHARE (EPS) ADJUSTED EARNINGS PER SHARE IN € PER SHARE EPS Adjusted EPS 1.18 2019 level 1.07 1.02 1.03 0.93 0.83 Earnings Per Share vs. FY 2021 0.64 0.28 Adjusted Earnings vs. FY 2021 Per Share Dec. 2019 Dec. 2020 Dec. 2021 Dec. 2022 28 FY 2022 RESULTS
Slide 29: Strong focus maintained on cash flow generation
STRONG FOCUS MAINTAINED ON CASH FLOW GENERATION WELL-CONTROLLED WORKING CAPITAL REQUIREMENT Change IN EUR MILLIONS FY 2022 FY 2021 RATIO DESPITE THE STRONG REVENUE INCREASE IN Q4 y/y Profit before income tax 718.0 645.5 +11.2% Elimination of cash flows from 50.5 33.1 +52.6% financing and investing a
Slide 30: Further deleveraging with a ratio down below 1x in FY 2022
FURTHER DELEVERAGING WITH A RATIO DOWN BELOW 1X IN FY 2022 WELL MANAGED LEVERAGE RATIO DEBT MATURITY PROFILE AS OF DEC. 31, 2022 NET DEBT / EBITDA RATIO1 – BANK COVENANT AT 3.50x 688 2.37 2.34 529 500 1.87 1.80 200 188 188 200 145 1.10 0.97 Dec. 2017 Dec. 2018 Dec. 2019 Dec. 2020 Dec. 2021 Dec. 2022
Slide 31: Business Review
i , 0. BUSINESS REVIEW
Slide 32: FY 2022 strong performance (1/3)
FY 2022 STRONG PERFORMANCE (1/3) • High single-digit organic revenue growth in New Construction, led by the dynamics in the new order intake in the prior year, notably in Asia, and particularly for LNG fueled ships Organic growth Marine & • Low double-digit growth in the Core In-service, benefiting
Slide 33: FY 2022 strong performance (2/3)
FY 2022 STRONG PERFORMANCE (2/3) • Steady organic growth for Power & Utilities – supported by solid activity in Latin America (grid Opex business) and Europe (nuclear power generation) Organic growth • Strong double-digit organic growth for Oil & Gas Opex from the conversion of a solid sales pipelin
Slide 34: FY 2022 strong performance (3/3)
FY 2022 STRONG PERFORMANCE (3/3) • Growth supported by volume and robust price increases across most countries and schemes Organic growth • Double-digit organic growth in countries where the business mix has been significantly diversified in recent years Certification • Strong growth achieved in Cor
Slide 35: Solid pricing in an inflationary environment
SOLID PRICING IN AN INFLATIONARY ENVIRONMENT PRICE DISCIPLINE AGAINST INFLATION ACCELERATED PRICE INCREASE EXPECTED IN 2023 • As a service company, Bureau Veritas is primarily impacted by wage inflation • Systematic pricing strategy deployed across the entire organization 2022 2023 1.5~2.0% Above 20
Slide 36: Outlook
OUTLOOK VERITAS
Slide 37: 2023 Outlook
2023 OUTLOOK Based on a healthy sales pipeline, the significant growth opportunities related to Sustainability and taking into account the current macro uncertainties, for the full year 2023, Bureau Veritas expects to deliver : Mid- A strong A stable single-digit cash flow, adjusted organic with a c
Slide 38: Reliable, resilient and agile
BUREAU VERITAS RELIABLE, RESILIENT AND AGILE A solid portfolio, reliable execution and a customer centric organization Well positioned to deliver on our 2023 commitments Sector opportunities are compelling and bright 38 FY 2022 RESULTS
Slide 39: Questions & Answers
QUESTIONS & ANSWERS 39 FY 2022 RESULTS
Slide 40: 2023 Financial Calendar
2023 FINANCIAL CALENDAR Our information is certified with blockchain technology. AGENDA Check that this presentation is genuine at www.wiztrust.com • Q1 2023 revenue: April 20, 2023 • Shareholders’ meeting: June 22, 2023 • Half year 2023 results: July 26, 2023 Bureau Veritas has been ranked in the T
Slide 41: Contacts
CONTACTS BUREAU VERITAS HEAD OFFICE – 40/52 BOULEVARD DU PARC 92200 NEUILLY-SUR-SEINE, FRANCE Laurent Brunelle Head of Investor Relations +33 (0)1 55 24 76 09 laurent.brunelle@bureauveritas.com Colin Verbrugghe Investor Relations Manager +33 (0)1 55 24 77 80 colin.verbrugghe@bureauveritas.com Karine
Slide 42: Appendix
APPENDIX
Slide 43: A successful diversification strategy across the portfolio
A SUCCESSFUL DIVERSIFICATION STRATEGY ACROSS THE PORTFOLIO A US B&I PLATFORM BUILT THROUGH BOLT-ON A SUCCESSFUL CPS DIVERSIFICATION STRATEGY ACQUISITIONS THROUGH BOLT-ON ACQUISITIONS c. €32m Acquisition rationale: c. €25m Acquisition rationale: expansion of Bureau Veritas’ annual revenue ▪ Contribut
Slide 44: Bureau Veritas' CSR vision is to lead the industry
BUREAU VERITAS’ CSR VISION IS TO LEAD THE INDUSTRY Owing to the nature of its services, BV has a two-fold impact on CSR issues WITHIN BV FOR CLIENTS thanks to its own thanks to its services supporting CSR strategy CSR commitment All SDGs are impacted with more or less 44 FY 2022 RESULTS extent by BV
Slide 45: Bureau Veritas aims to be the leader in non-financial ratings
BUREAU VERITAS AIMS TO BE THE LEADER IN NON-FINANCIAL RATINGS MAIN RATINGS TO NURTURE REPUTATION WITH CLIENTS AND TRUST WITH INVESTORS S&P Global Sustainability Yearbook 2023 (Professional services) Low risk Advanced Platinum February 2023 ranked 1st in Research 70/100 76/100 and Consulting subindus
Slide 46: Bureau Veritas' Green Line
BUREAU VERITAS’ GREEN LINE OF INDEPENDENT EXPERTISE TO FOSTER A SUSTAINABLE WORLD RESOURCES & PRODUCTION NEW BUILDINGS & MOBILITY RENEWABLES & INFRASTRUCTURE SOCIAL, ETHICS ALTERNATIVE ENERGIES CONSUMPTION E-MOBILITY, & GOVERNANCE ENERGY TRANSITION & TRACEABILITY CONSTRUCTION ALTERNATIVE Onshore and
Slide 47: Portfolio of business
PORTFOLIO OF BUSINESS REVENUE BY BUSINESS ADJUSTED OPERATING PROFIT Marine & Offshore Marine & Offshore 13% 7% 11% 20% Agri-Food & Commodities Agri-Food & Commodities 8% 22% Industry 20% Industry FY 2022 9% FY 2022 Buildings & Infrastructure Buildings & Infrastructure 29% Certification Certification
Slide 48: FY 2022 revenue by business
FY 2022 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE €M Organic Scope Currency Marine & Offshore Marine & Offshore 418.3 9.4% - 2.1% 13% 7% Agri-Food & Commodities 8% 22% Agri-Food & Commodities 1,224.8 9.3% (0.2)% 5.9% Industry Industry 1,181.0 11.4% (0.6)% 5.7%
Slide 49: FY 2022 revenue evolution by geography
FY 2022 REVENUE EVOLUTION BY GEOGRAPHY REVENUE BY GEOGRAPHIC AREA REVENUE EVOLUTION BY NATURE Organic Scope Asia Americas +4.4% Pacific 27% 30% FY 2022 Africa, +17.4% Middle +14.5% East 9% +4.8% Europe +2.2% 34% (0.3)% (0.1)% Americas Europe Africa, Asia Pacific Middle East 49 FY 2022 RESULTS
Slide 50: Q4 2022 total revenue increase of 13.9%
Q4 2022 TOTAL REVENUE INCREASE OF 13.9% +10.9% at constant currency +9.3% 1,500.1 +3.0% +1.6% 1,317.0 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation 50 FY 2022 RESULTS
Slide 51: From operating profit to adjusted operating profit
FROM OPERATING PROFIT TO ADJUSTED OPERATING PROFIT Change IN EUR MILLIONS FY 2022 FY 2021 y/y Operating profit 799.3 718.8 +11.2% Amortization of intangible assets resulting from 65.7 64.1 +2.5% acquisitions Impairment and retirement 10.2 4.9 +108.8% of non-current assets Restructuring costs 31.2 6.
Slide 52: Net financial expense
NET FINANCIAL EXPENSE Change IN EUR MILLIONS FY 2022 FY 2021 y/y Finance costs, net (72.4) (74.7) (3.1)% Foreign exchange gains/(losses) 4.6 6.6 (30.3)% Interest cost on pension plans 0.7 0.6 +16.7% Other (14.3) (5.8) +146.6% Net financial expenses (81.4) (73.3) +11.1% 52 FY 2022 RESULTS
Slide 53: Tax / tax rate
TAX / TAX RATE Change IN EUR MILLIONS FY 2022 FY 2021 y/y Profit before Tax 718.0 645.5 +11.2% Income tax expense (233.4) (199.3) +17.1% Effective Tax Rate (ETR) 32.5% 30.9% +160bps Adjusted ETR 31.6% 30.1% +150bps 53 FY 2022 RESULTS
Slide 54: Marine & Offshore
MARINE & OFFSHORE (7% OF REVENUE, 11% OF PROFIT) KEY FINANCIALS FY 2022 HIGHLIGHTS KEY FIGURES FY FY • Strong performance overall for the third year in a IN EUR MILLIONS Change row 2022 2021 High single-digit growth Revenue 418.3 375.2 +11.5% • New Construction: high single-digit growth, in New Cons
Slide 55: Agri-Food & Commodities
AGRI-FOOD & COMMODITIES (22% OF REVENUE, 20% OF PROFIT) KEY FINANCIALS FY 2022 HIGHLIGHTS KEY FIGURES FY FY • Oil & Petrochemicals: high single-digit organic IN EUR MILLIONS 2022 2021 Change growth, benefited from increased testing volumes Oil & Petrochemicals due to higher fuel consumption (notably
Slide 56: Industry
INDUSTRY (21% OF REVENUE, 15% OF PROFIT) KEY FINANCIALS FY 2022 HIGHLIGHTS KEY FIGURES • Power & Utilities: steady organic growth, IN EUR MILLIONS FY 2022 FY 2021 Change supported by strong activity in Latin America Opex Oil & Gas (grid Opex business) and Europe (nuclear power business Revenue 1,181
Slide 57: Buildings & Infrastructure
BUILDINGS & INFRASTRUCTURE (29% OF REVENUE, 25% OF PROFIT) KEY FINANCIALS FY 2022 HIGHLIGHTS KEY FIGURES FY FY Construction-related activities (55% of divisional IN EUR MILLIONS 2022 2021 Change revenue): double-digit organic growth United States • Slight organic decline in Asia Pacific due to (21%
Slide 58: Certification
CERTIFICATION (8% OF REVENUE, 9% OF PROFIT) KEY FINANCIALS FY 2022 HIGHLIGHTS KEY FIGURES FY FY • Growth supported by volume and price IN EUR MILLIONS 2022 2021 Change increases across most geographies and Sustainability schemes; strong levels achieved in Revenue 428.3 398.2 +7.6% Sustainability-dri
Slide 59: Consumer Products
CONSUMER PRODUCTS (13% OF REVENUE, 20% OF PROFIT) KEY FINANCIALS FY 2022 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS FY FY Change • The Middle East was the best performer, and South & Southeast Asia 2022 2021 Americas and Europe showed mid-single digit mainly Softlines growth Revenue 734.2 670.6 +9.5% Or
Slide 60: Q4 2022 revenue by business
Q4 2022 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE €M Organic Scope Currency Marine & Offshore Marine & Offshore 109.1 +15.8% - +0.6% 7% 12% Agri-Food & Agri-Food & Commodities 312.9 +10.2% - +4.0% 8% 21% Commodities Industry Industry 310.7 +13.2% (0.6)% +3.7% B
Slide 61: Q4 2022 revenue evolution by geography
Q4 2022 REVENUE EVOLUTION BY GEOGRAPHY REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE Organic Scope +7.4% Asia Pacific Americas 28% 28% +21.8% Africa, Middle +13.3% East +8.3% 9% +0.4% Europe (0.2)% 35% Americas Europe Africa, Asia Pacific Middle East 61 FY 2022 RESULTS
Slide 62: Adjusted operating profit by business
ADJUSTED OPERATING PROFIT BY BUSINESS Adjusted operating profit (€M) Adjusted operating margin (%) Change Change FY 2022 FY 2021 FY 2022 FY 2021 (%) (bp) Marine & Offshore 100.7 84.1 +19.7% 24.1% 22.4% +166 Agri-Food & Commodities 176.0 142.5 +23.5% 14.4% 13.4% +98 Industry 139.1 126.6 +9.9% 11.8% 1
Slide 63: Consolidated income statement
CONSOLIDATED INCOME STATEMENT IN EUR MILLIONS FY 2022 FY 2021 Revenue 5,650.6 4,981.1 Purchase and external charges (1,620.5) (1,394.0) Personnel costs (2,929.4) (2,565.6) Taxes other than on income (53.4) (44.9) Net (additions to)/reversals of provisions 0.5 (3.4) Depreciation and amortization (297
Slide 64: Consolidated statement of financial position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN EUR MILLIONS DEC. 31, 2022 DEC. 31, 2021 IN EUR MILLIONS DEC. 31, 2022 DEC. 31, 2021 Goodwill 2,143.7 2,079.1 Share capital 54.3 54.3 Intangible assets 392.5 402.5 Retained earnings and other reserves 1,807.8 1,584.2 Property, plant and equipment 374.8
Slide 65: Consolidated statement of cash flow (1/2)
CONSOLIDATED STATEMENT OF CASH FLOW (1/2) IN EUR MILLIONS FY 2022 FY 2021 Profit before income tax 718.0 645.5 Elimination of cash flows from financing and investing activities 50.5 33.1 Provisions and other non-cash items 11.8 49.1 Depreciation, amortization and impairment 297.1 275.2 Movements in
Slide 66: Consolidated statement of cash flow (2/2)
CONSOLIDATED STATEMENT OF CASH FLOW (2/2) IN EUR MILLIONS FY 2022 FY 2021 Capital increase 8.6 21.1 Purchases/sales of treasury shares (49.8) 24.3 Dividends paid (280.9) (186.1) Increase in borrowings and other debt 201.8 46.3 Repayments of borrowings and other debt (82.9) (504.3) Repayments of amou
Slide 67: Adjusted net financial debt
ADJUSTED NET FINANCIAL DEBT IN EUR MILLIONS DEC. 31, 2022 DEC. 31, 2021 Bank borrowings due after one year (2,102.0) (2,362.0) Bank borrowings due within one year (529.1) (101,8) Bank overdrafts (6.4) (10,3) Gross financial debt (2,637.4) (2,474.1) Total cash and cash equivalents 1,662.1 1,420.7 Net
Slide 68: Earnings per share
EARNINGS PER SHARE IN EUR MILLIONS FY 2022 FY 2021 Basic EPS 1.03 0.93 Basic adjusted EPS 1.18 1.07 Weighted average number of shares 452,140,348 450,921,434 Diluted EPS 1.02 0.92 Diluted adjusted EPS 1.17 1.06 Weighted average number of shares for diluted 456,568,962 455,044,838 earnings 68 FY 2022
Slide 69: FY 2022 restructuring: €31.2 million
FY 2022 RESTRUCTURING : €31.2 MILLION BY BUSINESS BY GEOGRAPHY 4% 18% Marine & Offshore Americas Agri-Food & Commodities 49% 29% Europe, 5% Industry Middle East & Buildings & Infrastructure Africa 39% 16% Certification Consumer Products 28% Asia Pacific 12% 69 FY 2022 RESULTS
Slide 70: Currency mix in FY 2022
CURRENCY MIX IN FY 2022 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) OTHER 11.6% VND 0.9% PEN 1.0% USD (and pegged) +13.4% XOF 1.0% EUR 28.0% CNY +7.5% KRW 1.0% AUD +4.1% COP 1.1% SGD 1.3% CAD +9.1% TWD 1.5% GBP +0.8% JPY 1.7% BRL +24.2% INR 1.8% CLP (2.4)% CLP 2.4% JPY (6.3)% FY 2022 GB
Slide 71: 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 DEC. 31, 2022 DEBT BREAKDOWN AS OF DEC. 31, 2022 Bond 1% 0.2% 188 USPP 29 Other 34% Bond USPP Fixed rate Floating rate Other 500 500 500 65% 99.8% 200 188 188 200 145 2023 2024 2025 2026 2027 2028 2029
Slide 72: 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 73: 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 74: 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 When an acquisition is carried out during the financial year, the amortization used to measure the performance of the business, excluding mat
Slide 75: 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 ADJUSTED ATTRIBUTABLE NET PROFIT PER SHARE The effective tax rate (ETR) represents income tax expense divided by the Adjusted attributable net profit per share (adjusted EPS or earnings pe
Slide 76: Definition of alternative performance indicators and reconciliation with IFRS (5/5)
DEFINITION OF ALTERNATIVE PERFORMANCE INDICATORS AND RECONCILIATION WITH IFRS (5/5) FREE CASH FLOW FINANCIAL DEBT Free cash flow represents net cash generated from operating activities Gross debt (or gross finance costs/financial debt) represent bank loans and (operating cash flow), adjusted for the
Slide 77: 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 78: Ownership and market data at December 31, 2022
OWNERSHIP AND MARKET DATA AT DECEMBER 31, 2022 REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE • Listed on Euronext-Paris • Ticker: BVI • ISIN: FR0006174348 • IPO on October 2007: €9.44/share Wendel group 35.6% • Share Price1: €24.61 • Market Cap.1: €11.1bn Executive Committee 63.4% & E
Slide 79: www.bureauveritas.com
WWW.BUREAUVERITAS.COM