Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — FY2019 Earnings Presentation
67 slides from Bureau Veritas Sa's earnings presentation, Feb 27, 2020
Slide 1: Full Year 2019 Results
FULL YEAR 2019 RESULTS FEBRUARY 27, 2020
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
BUREAU VERITAS HIGHLIGHTS
Slide 5: FY 2019 financial highlights
FY 2019 financial highlights • Total growth of +6.3% (Q4 at +7.3%) GROUP REVENUE €5.1bn • Organic revenue growth of +4.3% (Q4 at +5.3%) • External growth of +1.2% (Q4 at +1.4%) with 5 transactions completed +6.3% y/y • Positive currency impact of 0.8% (with +0.6% in Q4 2019) ADJUSTED OPERATING €832m
Slide 6: Excellent operational and financial performance
Bureau Veritas achieves an excellent operational and financial performance IMPROVED PORTFOLIO RESILIENCY STRONG FUNDAMENTALS ACROSS THE BUSINESS ACTIVITIES • Portfolio repositioned towards faster and Buildings Industry resilient businesses: more Opex services & Infrastructure & Consumer end-markets
Slide 7: Strong fundamentals driving an excellent set of 2019 results
Bureau Veritas’ strong fundamentals driving an excellent set of 2019 results ACHIEVEMENTS Solid organic revenue growth +4.3% Organic growth Continued adjusted operating margin +20bps improvement at constant currency Organic + scope before applying IFRS 16 Sustained strong cash flow generation 12.1%
Slide 8: Portfolio repositioning provides enhanced resiliency
Bureau Veritas portfolio repositioning provides for an enhanced resiliency 2019 PORTFOLIO BY NATURE OF SERVICES IN PERCENTAGE OF GROUP REVENUE Capex B&I US Opex & Systems B&I China Repeat business with long term B&I Europe = 22% visibility and high retention rates, mainly driven by regulation and Oi
Slide 9: Supporting clients in their Corporate Social Responsibility commitments
Bureau Veritas continues to support its clients in their Corporate Social Responsibility commitments BUREAU VERITAS STRATEGY IS ALIGNED WITH UN’S BUREAU VERITAS IS AMONGST THE INDUSTRY LEADERS SUSTAINABLE DEVELOPMENT GOALS (SDG) ACCORDING TO NON-FINANCIAL RATING FIRMS 2 B nd most responsible rating
Slide 10: Financial Review
FINANCIAL REVIEW
Slide 11: Significant progress in financial profile
Bureau Veritas made significant progress in its financial profile KEY INDICATORS Active portfolio management with further disposals +7bps scope impact on adj. op. margin Strong free cash flow improvement, with positive effects from the Move For Cash program still being deployed, +29% contributing in
Slide 12: FY 2019 total revenue growth of 6.3%
FY 2019 total revenue growth of 6.3% REVENUE EVOLUTION VARIATION ANALYSIS +5.5% at constant currency +4.3% +1.2% +0.8% 5,099.7 4,795.5 FY 2018 Organic 1 Scope Currency FY 2019 (1) Organic growth represents the percentage of revenue growth (presented at Group level and for each activity) based on con
Slide 13: FY 2019 revenue growth by business
FY 2019 revenue growth by business % of @ constant revenue currency 23% Agri-Food & Commodities 6.7% 1.2% +7.9% 27% Buildings & Infrastructure 3.2% 3.6% +6.8% 22% Industry (0.1)% 6.4% +6.3% 7% Marine & Offshore 4.9% 0.1% +5.0% 14% Consumer Products 2.3% +2.3% 7% Certification (1.5)% 0.2% (1.3)% 100%
Slide 14: Q4 2019 revenue growth by business
Q4 2019 revenue growth by business % of @ constant revenue currency 22% Industry 9.3% +9.3% 22% Agri-Food & Commodities 6.6% 1.0% +7.6% 8% Certification 6.7% 0.5% +7.2% 28% Buildings & Infrastructure 2.8% 4.3% +7.1% 13% Consumer Products 2.8% +2.8% 7% Marine & Offshore (0.3)% 2.4% +2.1% 100% Total G
Slide 15: FY 2019 acquisitions adding €46m of revenue
FY 2019 acquisitions adding €46m of revenue1 BUILDINGS & INFRASTRUCTURE AGRI-FOOD DISPOSALS ASIA, JANUARY HSE CONSULTING BUSINESS €4m (additional revenue) IN NORTH AMERICA FRANCE, JANUARY Food testing joint venture created with AsureQuality in €23m Singapore providing services to South East Asian ma
Slide 16: FY 2019 key financial metrics
FY 2019 key financial metrics FINANCIAL HIGHLIGHTS FY 2019 FY 2019 Change AFTER BEFORE Change y/y at IN EUR MILLIONS FY 2018 APPLYING APPLYING y/y1 constant IFRS 16 IFRS 16 currency1 Revenue 5,099.7 5,099.7 4,795.5 +6.3% +5.5% Adjusted operating profit2 831.5 818.5 758.0 +9.7% +6.9% Adjusted operati
Slide 17: Adjusted operating margin (1/2)
Adjusted operating margin (1/2) GROUP MARGIN EVOLUTION +20bps at constant currency +25bps +13bps +7bps +5bps 16.3% 16.0% 16.1% 15.8% FY 2018 Organic Scope Margin at Forex FY 2019 IFRS 16 FY 2019 constant before impact after currency applying applying IFRS 16 IFRS 16 FULL YEAR 2019 RESULTS 17
Slide 18: Adjusted operating margin (2/2)
Adjusted operating margin (2/2) GROUP MARGIN EVOLUTION FY 2019 FY 2019 Total after before Organic Scope Currency IFRS 16 FY 2018 change1 applying applying y/y (bp) y/y (bp) y/y (bp) y/y (bp) y/y (bp) IFRS 16 IFRS 16 Marine & Offshore 22.1% 22.0% 21.1% +104 +55 +35 +4 +10 Agri-Food & Commodities 13.8
Slide 19: From adjusted operating profit to operating profit
From adjusted operating profit to operating profit ADJUSTMENT ITEMS FY 2019 FY 2019 AFTER BEFORE Change IN EUR MILLIONS FY 2018 APPLYING APPLYING y/y1 IFRS 16 IFRS 16 Adjusted operating profit 831.5 818.5 758.0 +9.7% Amortization of intangibles assets resulting from (79.8) (79.8) (75.1) +6.3% acquis
Slide 20: Net financial expenses
Net financial expenses FINANCIAL RESULT FY 2019 FY 2019 AFTER BEFORE Change IN EUR MILLIONS FY 2018 APPLYING APPLYING y/y1 IFRS 16 IFRS 16 EUR16.8m impact from Net financial charges (100.2) (83.4) (82.5) +21.5% IFRS 16 and slight increase in average Foreign exchange gains/(losses) (10.0) (8.9) (5.7)
Slide 21: Tax / Tax rate
Tax / Tax rate ADJUSTED EFFECTIVE TAX RATE EVOLUTION FY 2019 FY 2019 AFTER BEFORE Change IN EUR MILLIONS FY 2018 APPLYING APPLYING y/y1 IFRS 16 IFRS 16 Decrease mainly Profit before Tax 603.3 608.2 544.4 +10.8% explained by the new Tax (210.7) (212.0) (189.3) +11.3% rules for the tax deduction of in
Slide 22: Cash flow statement
Cash flow statement STRONG CASH IMPROVEMENT FY 2019 FY 2019 AFTER BEFORE Change IN EUR MILLIONS FY 2018 APPLYING APPLYING y/y1 IFRS 16 IFRS 16 Profit before income tax 603.3 608.2 544.4 +10.8% Elimination of financing and investing Strong increase in the free cash activities 134.9 117.0 87.4 +54.3%
Slide 23: Improving working capital requirement ratio
Improving working capital requirement ratio WORKING CAPITAL REQUIREMENT / REVENUE RATIO MOVE FOR CASH CONTINUING TO BE DEPLOYED Operations and Finance cash champions network • Global network of 140 “cash champions” across the Group within all 10.0% functions, not exclusively finance 9.7%(1) Deployme
Slide 24: Leverage ratio improved to 1.9x from 2.3x
Leverage ratio improved to 1.9x from 2.3x ADJUSTED NET DEBT EVOLUTION DEBT MATURITY PROFILE AS OF DEC. 31, 2019 IN EUR MILLIONS Free Lease Already refinanced 678 Dec. 31, Other Dec. 31, cash Acquis. Dividends payments 589 2018 (incl. FX) 2019 flow (IFRS 16) 500 500 (98.5) 358 (97.3) (109.0) (11.3) (
Slide 25: Business Review
BUSINESS REVIEW Unless specified otherwise, the information presented and discussed in this section consists of financial data after the restatements resulting from the application of IFRS 16 in the full-year consolidated financial statements.
Slide 26: Portfolio delivering resilient growth and expanding margins (1/3)
Bureau Veritas’ portfolio is delivering resilient growth and expanding margins (1/3) Marine & Offshore Agri-Food & Commodities 2019 • High single-digit growth in New Construction • Agri-Food: double-digit growth, led by new services and new lab openings; market share gain in Food highlights • Low si
Slide 27: Portfolio delivering resilient growth and expanding margins (2/3)
Bureau Veritas’ portfolio is delivering resilient growth and expanding margins (2/3) Industry Buildings & Infrastructure 2019 • Double-digit growth for Capex Oil & Gas activities • High single-digit growth in Asia Pacific (China and Japan) highlights • Mid-single-digit growth for Opex Oil & Gas acti
Slide 28: Portfolio delivering resilient growth and expanding margins (3/3)
Bureau Veritas’ portfolio is delivering resilient growth and expanding margins (3/3) Certification Consumer Products 2019 • Slightly negative growth as expected attributed to the end • E&E: growth in Europe (mobile testing) and weaker in the of the 3-year standards revision period; Q4 positive US (e
Slide 29: Outlook
OUTLOOK
Slide 30: Impact on the business due to Covid-19
Impact on the business due to Covid-19 SAFETY IS AN ABSOLUTE: ACTIONS WERE TAKEN TO PROTECT HOW DOES IT AFFECT THE BUSINESS? OUR PEOPLE • Closely monitoring the economic inactivity associated with the Covid-19 outbreak • Direct impact on the Group’s operations: primarily in China (17% of Group reven
Slide 31: 2020 Outlook
Option 2 2020 Outlook The Group remains uniquely positioned considering the diversity and the resilience of its portfolio. Given the negative impact of the Covid-19 force majeure, Bureau Veritas expects for the full year 2020 to: Achieve solid Focus on protecting Generate organic revenue the adjuste
Slide 32: Conclusion: Bureau Veritas delivers
Conclusion: Bureau Veritas delivers Resilient growth profile with good progress made on profitability Full benefits of portfolio transformation & diversification High free cash flow generation & deleveraged balance sheet FULL YEAR 2019 RESULTS 32
Slide 33: Q&A
Q&A
Slide 34: 2020 Financial Calendar & Contacts
2020 Financial Calendar & Contacts 2020 AGENDA INVESTOR RELATIONS DEPARTMENT BUREAU VERITAS HEAD OFFICE – 40/52 BOULEVARD DU PARC • Barclays, TIC Conference, London – June 4, 2020 92200 NEUILLY-SUR-SEINE, FRANCE • Exane BNP Paribas, CEO Conference, Paris – June 10, 2020 Laurent Brunelle Head of Inve
Slide 35: Appendix
Te28 BUREAU VERITAS APPENDIX
Slide 36: Marine & Offshore
Marine & Offshore (7% of revenue, 10% of profit) KEY FINANCIALS1 2019 HIGHLIGHTS KEY FIGURES • New Construction: high single-digit growth, driven IN EUR MILLIONS FY 2019 FY 2018 Var. by the equipment certification business in North High single-digit growth Revenue 368.5 348.6 +5.7% East Asia in New
Slide 37: Marine market perspective
Marine market perspective WORLDWIDE NEW SHIP ORDERS BUREAU VERITAS NEW SHIP ORDER BOOK IN MGT IN NUMBER OF SHIPS, FOR SHIPS ABOVE 5,000 GT 120 Bulk 100 Tanker Gas 80 20-year average Offshore 60 Passenger Container 40 Other 20 • Very diversified order book with expanding shares for Bulk, 0 LNG vessel
Slide 38: Agri-Food & Commodities
Agri-Food & Commodities (23% of revenue, 19% of profit) KEY FINANCIALS1 2019 HIGHLIGHTS KEY FIGURES • O&P: low single-digit growth IN EUR MILLIONS 2019 2018 Var. Strong growth in Europe and Africa (new services); Revenue Organic 1,168.2 1,074.5 +8.7% +6.7% slightly negative growth in North America (
Slide 39: Industry
Industry (22% of revenue, 17% of profit) KEY FINANCIALS1 2019 HIGHLIGHTS KEY FIGURES • Oil & Gas Capex: low double-digit growth IN EUR MILLIONS 2019 2018 Var. confirming the recovery observed over the year Revenue 1,111.1 1,052.8 +5.5% US, Latam & Africa (+) ; Asia (=) +14.6% OPEX P&U* Organic +6.4%
Slide 40: Buildings & Infrastructure
Buildings & Infrastructure (27% of revenue, 25% of profit) KEY FINANCIALS1 2019 HIGHLIGHTS KEY FIGURES Construction-related activities (44% of IN EUR MILLIONS 2019 2018 Var. divisional revenue) mid-single-digit growth China* Revenue 1,379.2 1,275.7 +8.1% • Spread across most geographies, particularl
Slide 41: Certification
Certification (7% of revenue, 8% of profit) KEY FINANCIALS1 2019 HIGHLIGHTS KEY FIGURES • Slightly negative growth as expected attributed to IN EUR MILLIONS 2019 2018 Var. the end of the 3-year standards revision period Revenue 370.5 373.7 (0.9)% • Decline of QHSE and Transportation Certification Po
Slide 42: Consumer Products
Consumer Products (14% of revenue, 21% of profit) KEY FINANCIALS1 2019 HIGHLIGHTS KEY FIGURES • E&E: flat overall. Good growth in Mobile testing and IN EUR MILLIONS 2019 2018 Var. Europe; difficult trading conditions in the US Revenue 702.2 670.2 +4.8% (bankruptcies) South East Asia mainly Softlines
Slide 43: Full Year 2019 revenue by business
Full Year 2019 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE FY 2019 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 368.5 +4.9% +0.1% +0.7% Marine & Offshore 14% 7% Agri-Food & Commodities Agri-Food & Commodities 1,168.2 +6.7% +1.2% +0.8% 7% 23% Indust
Slide 44: Q4 2019 total revenue growth of 7.3%
Q4 2019 total revenue growth of 7.3% REVENUE EVOLUTION +6.7% at constant currency +1.4% +0.6% 1,352.4 +5.3% 1,260.6 Q4 2018 Organic 1 Scope Currency Q4 2019 (1) Organic growth represents the percentage of revenue growth (presented at Group level and for each activity) based on constant scope of cons
Slide 45: Q4 2019 revenue by business
Q4 2019 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE Q4 2019 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 96.2 +2.4% (0.3)% +0.9% Marine & Offshore 13% 7% Agri-Food & Commodities Agri-Food & Commodities 300.6 +6.6% +1.0% +0.8% 8% 22% Industry Indust
Slide 46: Adjusted Operating Profit by business after applying IFRS 16
Adjusted Operating Profit by business after applying IFRS 16 Adjusted operating profit (€m) Adjusted operating margin (%) FY 2019 FY 2019 AFTER Change AFTER Change IN EUR MILLIONS APPLYING FY 2018 APPLYING FY 2018 (%) (bp) IFRS 16 IFRS 16 Marine & Offshore 81.5 73.5 +10.9% 22.1% 21.1% +104 Agri-Food
Slide 47: Adjusted Operating Profit by business before applying IFRS 16
Adjusted Operating Profit by business before applying IFRS 16 Adjusted operating profit (€m) Adjusted operating margin (%) FY 2019 FY 2019 BEFORE Change BEFORE Change IN EUR MILLIONS APPLYING FY 2018 APPLYING FY 2018 (%) (bp) IFRS 16 IFRS 16 Marine & Offshore 81.2 73.5 +10.5% 22.0% 21.1% +94 Agri-Fo
Slide 48: Consolidated income statement
Consolidated income statement FY 2019 FY 2019 FIRST TIME AFTER BEFORE IN EUR MILLIONS APPLICATION FY 2018 APPLYING APPLYING OF IFRS 16 IFRS 16 IFRS 16 Revenue 5,099.7 5,099.7 4,795.5 Purchase and external charges (1,438.3) 107.4 (1,545.7) (1,418.0) Personnel costs (2,596.8) (2,596.8) (2,507.1) Taxes
Slide 49: Consolidated statement of financial position (1/2)
Consolidated statement of financial position (1/2) DEC. 2019 DEC. 2019 FIRST TIME AFTER BEFORE IN EUR MILLIONS APPLICATION DEC. 2018 APPLYING APPLYING OF IFRS 16 IFRS 16 IFRS 16 Goodwill 2,075.1 2,075.1 2,011.6 Intangible assets 611.1 611.1 634.6 Property, plant and equipment 444.9 444.9 471.1 Right
Slide 50: Consolidated statement of financial position (2/2)
Consolidated statement of financial position (2/2) DEC. 2019 DEC. 2019 FIRST TIME AFTER BEFORE IN EUR MILLIONS APPLICATION DEC. 2018 APPLYING APPLYING OF IFRS 16 IFRS 16 IFRS 16 Non-current borrowings and financial debt 2,918.5 2,918.5 2,655.7 Non-current lease debt 326.0 326.0 - - Derivative financ
Slide 51: Consolidated statement of cash flow (1/2)
Consolidated statement of cash flow (1/2) FY 2019 GY 2019 FIRST TIME AFTER BEFORE IN EUR MILLIONS APPLICATION FY 2018 APPLYING APPLYING OF IFRS 16 IFRS 16 IFRS 16 Profit before income tax 603.3 (4.9) 608.2 544.4 Elimination of cash flows from financing and investing 134.9 17.9 117.0 87.4 activities
Slide 52: Consolidated statement of cash flow (2/2)
Consolidated statement of cash flow (2/2) FY 2019 FY 2019 FIRST TIME AFTER BEFORE IN EUR MILLIONS APPLICATION FY 2018 APPLYING APPLYING OF IFRS 16 IFRS 16 IFRS 16 Capital increase 3.1 3.1 2.6 Purchases / sale of treasury shares 14.5 14.5 (30.9) Dividends paid (97.3) (97.3) (277.7) Increase in borrow
Slide 53: Adjusted net financial debt
Adjusted net financial debt DEC. 2019 DEC. 2019 IN EUR MILLIONS AFTER APPLYING BEFORE APPLYING DEC. 2018 IFRS 16 IFRS 16 Non-current borrowings and debt (2,918.5) (2,918.5) (2,655.7) Current borrowings and debt (356.9) (356.9) (487.3) Bank overdrafts (12.1) (12.1) (11.7) Gross financial debt (3,287.
Slide 54: Earnings per share
Earnings per share FY 2019 FY 2019 IN EUR MILLIONS AFTER APPLYING BEFORE APPLYING FY 2018 IFRS 16 IFRS 16 Basic EPS 0.83 0.84 0.76 Basic adjusted EPS 1.02 1.03 0.96 Weighted average number of shares 442,259,428 442,259,428 435,786,895 Diluted EPS 0.83 0.83 0.76 Diluted adjusted EPS 1.01 1.02 0.95 We
Slide 55: Portfolio of business
Portfolio of business REVENUE BY BUSINESS ADJUSTED OPERATING PROFIT1 Marine & Offshore Marine & Offshore 14% 7% 10% 21% Agri-Food & Commodities Agri-Food & Commodities 7% 23% 19% Industry Industry 2019 8% 2019 Buildings & Infrastructure Buildings & Infrastructure 27% Certification Certification 17%
Slide 56: Revenue is growing in all geographies
Revenue is growing in all geographies REVENUE BY GEOGRAPHIC AREA REVENUE GROWTH BY NATURE Organic growth Acquisition growth Americas Asia 25% 5.5% 6.4% Pacific 31% 5.6% 0.1% 5.4% 0.8% 2.8% 6.6% Africa, 5.4% Middle 4.8% East 9% Europe 2.6% 35% (0.2)% Americas Europe Africa, Asia Pacific Middle-East F
Slide 57: Forex impact in FY 2019
Forex impact in FY 2019 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE Y/Y OTHER 11.9% USD (and pegged) +5.5% XOF 0.9% PEN 0.9% CNY +0.9% RUB 1.0% EUR 27.9% CAD +3.0% COP 1.3% GBP +0.8% KRW 1.4% TWD 1.4% AUD (1.9)% SGD 1.5% BRL (2.4)% INR 1.7% CLP (3.8)% JPY 2.1% JPY +6.9% CLP 2.3% FY 2019 INR +2.4% SGD
Slide 58: FY 2019 restructuring: EUR 24.4 million
FY 2019 restructuring: EUR 24.4 million BY BUSINESS BY GEOGRAPHY 5% 5% 7% Marine & Offshore 28% Agri-Food & Commodities Europe 32% Industry Africa, Middle East 29% Asia Pacific Buildings & Infrastructure 59% Americas Certification 7% Consumer Products 6% 22% FULL YEAR 2019 RESULTS 58
Slide 59: Well diversified sources of financing with balanced maturity profile
Well diversified sources of financing with a balanced maturity profile DEBT MATURITY PROFILE AS OF DEC. 31, 2019 DEBT BREAKDOWN Already refinanced 2%1% 4% Bond 6% 178 USPP 89 Schuldschein Bond China Loan 24% USPP Fixed rate Other Schuldschein China Loan Floating rate 44 Other 67% 70 500 500 500 500
Slide 60: Definition of alternative performance indicators (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 61: Definition of alternative performance indicators (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 62: Definition of alternative performance indicators (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 recurring performance of the business, exclud
Slide 63: Definition of alternative performance indicators (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 64: Definition of alternative performance indicators (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 65: 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 66: Ownership and market data at December 31, 2019
Ownership and market data at December 31, 2019 STABLE SHAREHOLDING STRUCTURE MARKET DATA 1.0% • Listed on Euronext-Paris • Ticker: BVI • ISIN: FR0006174348 • IPO on October 2007: EUR 9.44/share 35.6% Wendel • Share Price1: EUR 23.26 Managers & Employees • Market Cap.1: EUR 10.5bn 62.6% Free Float •
Slide 67: Bureau Veritas - Shaping a World of Trust
BUREAU |BUREAU | Shaping a World of Trust