Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — FY2023 Earnings Presentation
69 slides from Bureau Veritas Sa's earnings presentation, Feb 22, 2024
Slide 1: Full Year 2023 Results
FULL YEAR 2023 R E S U LT S FEBRUARY 22, 2024 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 02 04 FINANCIAL OUTLOOK REVIEW 01 03 2023 BUSINESS & HIGHLIGHTS PORTFOLIO REVIEW
Slide 4: 2023 Highlights
01 2023 HIGHLIGHTS
Slide 5: 2023 Financial Highlights
REVENUE • +3.8% total growth (+9.1% at constant currency) €5.9bn • +8.5% organic growth in FY23, (incl. +9.4% in Q4) A D J U S T E D O P E R AT I N G P R O F I T +3.1% y/y €930.2m Adjusted operating margin of 15.9%, 2023 up 20bps organically y/y ADJUSTED EARNINGS PER SHARE FINANCIAL HIGHLIGHTS €1.27
Slide 6: CSR Commitment Accelerated
CSR COMMITMENT ACCELERATED S&P GLOBAL RATING (DJSI) FY FY 2022 2025 target 2023 #1 out of 184 companies Total Accident Rate (TAR)1 0.25 0.26 0.26 Score of 83/100 Proportion of women in leadership 29.3% 29.1% 35.0% positions2 Number of training hours per employee 36.1 32.5 35.0 SBTi (year to date)3 B
Slide 7: Key Organization & Governance Highlights in 2023
KEY ORGANIZATION & GOVERNANCE HIGHLIGHTS IN 2023 Bureau Veritas reshaped and strengthened its organization to support its future growth ambitions: O R G A N I Z AT I O N S T R E N G T H E N E D GOVERNANCE RESHAPED ׀Split of a large Asia-Pacific Middle East region into: ׀New Chair of the Board
Slide 8: 2023 Financial Guidance Exceeded
2023 FINANCIAL GUIDANCE EXCEEDED Based on a healthy sales pipeline and the significant growth opportunities related to Sustainability, Bureau Veritas expected for full-year 2023 to deliver: Initial guidance Guidance update (July 2023) Achievements Achieve mid-single-digit organic revenue growth Achi
Slide 9: Strong Full Year Organic Growth Across the Board
STRONG FULL YEAR ORGANIC GROWTH ACROSS THE BOARD A BALANCED PORTFOLIO FUELING THE GROWTH1 A STRONG FRANCHISE ACROSS ALL CONTINENTS1 Cumulative Cumulative revenue revenue Middle East and Africa IND DOUBLE-DIGIT DOUBLE-DIGIT 37% ORGANIC GROWTH 37% Americas ORGANIC GROWTH CER Ranging from 12.4% to 16.5
Slide 10: Consumer Product Services Ongoing Diversification
CONSUMER PRODUCT SERVICES ONGOING DIVERSIFICATION ORGANIC GROWTH IS NOW IMPROVING 5 AN ONGOING THREE-FOLD DIVERSIFICATION STRATEGY Growth at constant +4.9% +4.3% +6.0% +1.8% +3.6% +2.5% +0.9% +3.8% currency BY SECTOR BY BY GEOGRAPHY House, Beauty Americas, Europe +0.3% and Household SERVICE +0.3% +7
Slide 11: Consumer Product Services Ongoing Diversification: Acquisitions in Q4 2023
CONSUMER PRODUCT SERVICES ONGOING DIVERSIFICATION 2 ACQUISITIONS IN Q4 2023 GEOGRAPHIC DIVERSIFICATION SERVICE DIVERSIFICATION • TECNHOLOGY: the leader in testing and certification • SOFTLINES: Quality assurance for the footwear industry services company for electrical and electronics products in •
Slide 12: Financial Review
as | aia 02 FINANCIAL REVIEW
Slide 13: Strong Momentum in 2023
STRONG MOMENTUM IN 2023 Strong ability to navigate through a volatile environment with strong organic growth throughout the year 8.5% Organic growth vs. FY 2022 REPORTED CCY Adjusted operating margin up 20bps y/y organically 15.9% 16.2% Adjusted operating margin REPORTED CCY High single digit adjust
Slide 14: FY 2023 Organic Revenue Growth of 8.5%
FY 2023 ORGANIC REVENUE GROWTH OF 8.5% REVENUE EVOLUTION VARIATION ANALYSIS In € million +9.1% at constant currency +8.5% +0.6% (5.3)% 5,867.8 5,650.6 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation 14 FY 2023 RESULTS
Slide 15: Q4 2023 Organic Revenue Growth of 9.4%
Q4 2023 ORGANIC REVENUE GROWTH OF 9.4% REVENUE EVOLUTION VARIATION ANALYSIS In € million +9.0% at constant currency +9.4% (0.4)% (6.4)% 1,500.1 1,539.8 1 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation 15 FY 2023 RESULTS
Slide 16: FY & Q4 2023 Revenue Growth by Business
FY & Q4 2023 REVENUE GROWTH BY BUSINESS % of FY FY 2023 Q4 2023 revenue 30% Buildings & Infrastructure +6.3% +1.4% +4.4% 21% Agri-Food & Commodities +5.7% +7.5% 21% Industry (1.0)% +16.5% (2.1)% +18.7% 12% Consumer Products (0.5)% +3.1% +3.8% 8% Marine & Offshore +14.4% +13.4% 8% Certification +12.4
Slide 17: Adjusted Operating Margin (1/2)
ADJUSTED OPERATING MARGIN (1/2) GROUP MARGIN EVOLUTION +21bps at constant currency (32)bps +20bps +1bp 16.0% 15.9% FY 2022 Currency Scope Organic1 FY 2023 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation 17 FY 2023 RESULTS
Slide 18: Adjusted Operating Margin (2/2)
ADJUSTED OPERATING MARGIN (2/2) GROUP MARGIN EVOLUTION Total Organic Scope Currency FY 2023 FY 2022 change y/y (bp) y/y (bp) y/y (bp) y/y (bp) Marine & Offshore 23.8% 24.1% (24)bps +94bps - (119)bps Agri-Food & Commodities 14.9% 14.4% +55bps +70bps - (15)bps Industry 14.0% 11.8% +217bps +250bps +9bp
Slide 19: FY 2023 Key Financial Metrics
FY 2023 KEY FINANCIAL METRICS FINANCIAL HIGHLIGHTS Change Change IN EUR MILLIONS FY 2023 FY 2022 y/y at constant y/y currency Revenue 5,867.8 5,650.6 +3.8% +9.1% Adjusted operating profit1 930.2 902.1 +3.1% +10.5% Adjusted operating margin1 15.9% 16.0% (11)bps +21bps Operating profit 824.4 799.3 +3.
Slide 20: Strong Increase in Earnings Per Share (EPS)
STRONG INCREASE IN EARNINGS PER SHARE (EPS) +25% VERSUS 2019 ADJUSTED EARNINGS PER SHARE IN € PER SHARE FY 2023 TAKEAWAYS EPS Adjusted EPS 1.27 €1.11 1.18 1.11 2019 level 1.02 0.93 1.07 1.03 +7.7% 0.83 Earnings Per Share vs. FY 2022 0.64 +17.9% AT CONSTANT CURRENCY 0.28 €1.27 +7.4% Adjusted Earnings
Slide 21: Strong Focus Maintained on Cash Flow Generation
STRONG FOCUS MAINTAINED ON CASH FLOW GENERATION WELL-CONTROLLED WORKING CAPITAL REQUIREMENT Change IN EUR MILLIONS FY 2023 FY 2022 RATIO DESPITE THE STRONG REVENUE INCREASE IN Q4 y/y Profit before income tax 756.6 718.0 +5.4% Working capital requirement ratio 9,7% Elimination of cash flows from 30.8
Slide 22: Business & Portfolio Review
03 BUSINESS & PORTFOLIO REVIEW
Slide 23: Marine & Offshore
Key FY figures Business highlights MARINE & 40%* Organic Revenue Growth Strategic investment in OrbitMI, a US- based maritime performance software OFFSHORE • New Construction: double-digit • Core In-service: double-digit company 8% OF FY GROUP REVENUE 45%* • Services: double-digit First player t
Slide 24: Agri-Food & Commodities
Key FY figures Business highlights AGRI-FOOD Organic Revenue Growth & 31%* • Oil & Petrochemicals: mid-single-digit New Metals & Minerals lab in Jeddah COMMODITIES 32%* • Metals & Minerals: low-single-digit • Agri-Food: high-single-digit servicing gold & precious metals miners 21% OF FY GROUP REVE
Slide 25: Industry
Key FY figures Business highlights Organic Revenue Growth 22%* • Oil & Gas Opex: double-digit Quality control of the construction 11%* works for Scottish Power Renewables’ INDUSTRY 14%* • Oil & Gas Capex: double-digit • Power & Utilities: double-digit East Anglia THREE – one of the UK’s 21% OF FY
Slide 26: Buildings & Infrastructure
Key FY figures Business highlights BUILDINGS Organic Revenue Growth Project management for municipal road & 50%* • Europe: mid-to-high single-digit network in Shenzhen (China) INFRASTRUCTURE 27%* • Americas: low-single-digit • Asia Pacific: mid-to-high single-digit Inspection services on 22,000
Slide 27: Certification
Key FY figures Business highlights Organic Revenue Growth 36%* Direction Générale de l’Alimentation • QHSE: double-digit CERTIFICATION 40%* • Supply Chain & Sustainability: double-digit (DGAL) public outsourcing contract for food safety in France 8% OF FY GROUP REVENUE • Customized Solutions & Tra
Slide 28: Consumer Products Services
CONSUMER Key FY figures Business highlights Organic Revenue Growth Acquisitions of Impactiva and ANCE to PRODUCTS 33%* • Softlines: low-single-digit further diversify the business SERVICES 37%* • Hardlines, Toys & Audits: low-single-digit Consultation and technical advisory for 12% OF FY GROUP R
Slide 29: Leading the Way in Innovative Sustainability Customer Solutions
LEADING THE WAY IN INNOVATIVE SUSTAINABILITY CUSTOMER SOLUTIONS BV GREEN LINE KEY SOLUTIONS LAUNCHED IN Q4 2023 BREAKDOWN OF GROUP SALES IN FY 2023 AVANCE labs cooperation and signing H of a MoU on hydrogen certification 44% 56% Kayrros and Optel strategic partnership to help companies comply with E
Slide 30: Outlook
04 OUTLOOK
Slide 31: 2024 Outlook
2024 OUTLOOK Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and a strong underlying market growth, Bureau Veritas expects to deliver for full year 2024: Mid-to-high Strong cash Improved single-digit flow, adjusted organic with a cash operating revenu
Slide 32: Closing Remarks
CLOSING REMARKS Strong full-year results, backed by robust and consistent execution Confidence in the 2024 outlook backed by healthy and growing sales pipeline Maintaining focus on strategic high-growth markets, specifically sustainability and energy transition projects 32 FY 2023 RESULTS
Slide 33: Reminder Capital Markets Day
REMINDER CAPITAL MARKETS DAY STRATEGY UPDATE WEDNESDAY 20 MARCH 2024 IN PARIS 33 FY 2023 RESULTS
Slide 34: Questions & Answers
QUESTIONS & ANSWERS 34 FY 2023 RESULTS
Slide 35: 2023 Financial Calendar
2023 FINANCIAL CALENDAR Our information is certified with blockchain technology. AGENDA Check that this presentation is genuine at www.wiztrust.com • Capital Markets Day: March 20, 2024 • Q1 2024 Revenue: April 25, 2024 • Shareholders’ Meeting: June 20, 2024 Bureau Veritas has been ranked in the Top
Slide 36: Contacts
CONTACTS I N V E S T O R R E L AT I O N S D E PA R T M E N T 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 5
Slide 37: Appendix
05 APPENDIX
Slide 38: A Consistent Steady Organic Revenue Growth Since 2022
A CONSISTENT STEADY ORGANIC REVENUE GROWTH SINCE 2022 AN AVERAGE GROWTH AT 8.1% OVER THE LAST 8 QUARTERS ORGANIC REVENUE GROWTH (QUARTER ON QUARTER) 10,3% 8,7% 9,3% 9,4% 8,0% 8,5% 5,2% 5,8% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 38 FY 2023 RESULTS
Slide 39: 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 39 FY 2023 RESULTS extent b
Slide 40: 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 Low risk Advanced Platinum ranked 2nd in Research 70/100 76/100 Sustainability Yearbook 2024 July 2023 October 2022 and Consulting subindustry (Top 1% Pro
Slide 41: 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 42: Selection of BV Green Line Services Won or Delivered in 2023
SELECTION OF BV GREEN LINE SERVICES WON OR DELIVERED IN 2023 RESOURCES & PRODUCTION NEW MOBILITY RENEWABLES & ALTERNATIVE BUILDINGS & E-MOBILITY, SOCIAL, ETHICS CONSUMPTION INFRASTRUCTURE ALTERNATIVE ENERGIES & TRACEABILITY PROPULSION & GOVERNANCE • Key partner in the procurement CONSTRUCTION SOCIAL
Slide 43: Portfolio of Business
PORTFOLIO OF BUSINESS REVENUE BY BUSINESS ADJUSTED OPERATING PROFIT Marine & Offshore Marine & Offshore 12% 8% 12% 15% Agri-Food & Commodities Agri-Food & Commodities 8% 21% 9% Industry 20% Industry FY 2023 FY 2023 Buildings & Infrastructure Buildings & Infrastructure 30% Certification Certification
Slide 44: FY 2023 Revenue by Business
FY 2023 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 455.7 +14.4% - (5.5)% Marine & Offshore 12% 8% Agri-Food & Commodities Agri-Food & Commodities 1,233.6 +5.7% - (5.0)% 8% 21% Industry Industry 1,249.5
Slide 45: FY 2023 Revenue Evolution by Geography
FY 2023 REVENUE EVOLUTION BY GEOGRAPHY REVENUE BY GEOGRAPHIC AREA REVENUE EVOLUTION BY NATURE Organic Scope Asia Americas Pacific 28% 28% +2.3% FY 2023 Africa, Middle +18.2% East 9% +10.3% Europe +7.3% 35% +5.2% Americas Europe Africa, Asia Pacific Middle East 45 FY 2023 RESULTS
Slide 46: Currency Headwinds in FY 2023
CURRENCY HEADWINDS IN FY 2023 Large exposure to USD and pegged as well as ׀Translational impact only with mix effect emerging market currencies ׀BV’s strategy: Impact concentrated on few currencies in FY23: - Transactional hedging Others - Capital allocation in the last 4 years in countries wh
Slide 47: Q4 2023 Revenue by Business
Q4 2023 REVENUE BY BUSINESS REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 117.1 +13.4% - (6.0)% Marine & Offshore 12% 8% Agri-Food & Commodities Agri-Food & Commodities 316.5 +7.5% - (6.3)% 8% 21% Industry Industry 322.2 +18.
Slide 48: Q4 2023 Revenue Evolution by Geography
Q4 2023 REVENUE EVOLUTION BY GEOGRAPHY REVENUE BY GEOGRAPHIC AREA REVENUE EVOLUTION BY NATURE Organic Scope Asia Americas Pacific 27% 28% Q4 2023 +23.2% Africa, +19.8% Middle East 9% +10.0% +7.4% Europe 36% (1.5)% Americas Europe Africa, Asia Pacific Middle East 48 FY 2023 RESULTS
Slide 49: From Operating Profit to Adjusted Operating Profit
FROM OPERATING PROFIT TO ADJUSTED OPERATING PROFIT Change IN EUR MILLIONS FY 2023 FY 2022 y/y Operating profit 824.4 799.3 +3.1% Amortization of intangible assets resulting from 57.1 65.7 (13.1%) acquisitions Impairment and retirement 22.1 10.2 +116.7% of non-current assets Restructuring costs 30.3
Slide 50: Net Financial Expense
NET FINANCIAL EXPENSE Change IN EUR MILLIONS FY 2023 FY 2022 y/y Finance costs, net (46.0) (72.4) +36.5% Foreign exchange gains 6.9 4.6 +50.0% Interest cost on pension plans (5.1) 0.3 n.s. Implicit return on funded pension plan 1.4 0.4 n.s. assets Other (25.7) (14.3) (79.0%) Net financial expenses (
Slide 51: Tax / Tax Rate
TAX / TAX RATE Change IN EUR MILLIONS FY 2023 FY 2022 y/y Profit before Tax 756.6 718.0 +5.4% Income tax expense (240.7) (233.4) +3.1% Effective Tax Rate (ETR) 31.8% 32.5% (69)bps Adjusted ETR 31.1% 31.6% (50)bps 51 FY 2023 RESULTS
Slide 52: Adjusted Operating Profit by Business
ADJUSTED OPERATING PROFIT BY BUSINESS Adjusted operating profit (€M) Adjusted operating margin (%) Change Change FY 2023 FY 2022 FY 2023 FY 2022 (%) (bp) Marine & Offshore 108.6 100.7 +7.8% 23.8% 24.1% (24)bps Agri-Food & Commodities 184.0 176.0 +4.6% 14.9% 14.4% +55bps Industry 174.8 139.1 +25.6% 1
Slide 53: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT IN EUR MILLIONS FY 2023 FY 2022 Revenue 5,867.8 5,650.6 Purchase and external charges (1,642.3) (1,620.5) Personnel costs (3,061.8) (2,929.4) Taxes other than on income (48.9) (53.4) Net (additions to)/reversals of provisions (22.4) 0.5 Depreciation and amortization (29
Slide 54: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN EUR MILLIONS DEC. 31, 2023 DEC. 31, 2022 IN EUR MILLIONS DEC. 31, 2023 DEC. 31, 2022 Goodwill 2,127.4 2,143.7 Share capital 54.5 54.3 Intangible assets 360.0 392.5 Retained earnings and other reserves 1,881.6 1,807.8 Property, plant and equipment 389.0
Slide 55: Consolidated Statement of Cash Flow (1/2)
CONSOLIDATED STATEMENT OF CASH FLOW (1/2) IN EUR MILLIONS FY 2023 FY 2022 Profit before income tax 756.6 718.0 Elimination of cash flows from financing and investing activities 30.8 50.5 Provisions and other non-cash items 35.7 11.8 Depreciation, amortization and impairment 291.5 297.1 Movements in
Slide 56: Consolidated Statement of Cash Flow (2/2)
CONSOLIDATED STATEMENT OF CASH FLOW (2/2) IN EUR MILLIONS FY 2023 FY 2022 Capital increase 5.7 8.6 Purchases/sales of treasury shares (1.9) (49.8) Dividends paid (396.3) (280.9) Increase in borrowings and other debt 0.9 201.8 Repayments of borrowings and other debt (500.4) (82.9) Repayments of debts
Slide 57: Adjusted Net Financial Debt
ADJUSTED NET FINANCIAL DEBT IN EUR MILLIONS DEC. 31, 2023 DEC. 31, 2022 Bank borrowings due after one year (2,079.7) (2,102.0) Bank borrowings due within one year (27.4) (529.1) Bank overdrafts (3.8) (6.4) Gross financial debt (2,110.9) (2,637.4) Total cash and cash equivalents 1,173.9 1,662.1 Net f
Slide 58: Earnings Per Share
EARNINGS PER SHARE IN EUR MILLIONS FY 2023 FY 2022 Basic EPS 1.11 1.03 Basic adjusted EPS 1.27 1.18 Weighted average number of shares 453,009,724 452,140,348 Diluted EPS 1.10 1.02 Diluted adjusted EPS 1.26 1.17 Weighted average number of shares for diluted 457,456,313 456,568,962 earnings 58 FY 2023
Slide 59: FY 2023 Restructuring: €30.3 Million
FY 2023 RESTRUCTURING : €30.3 MILLION BY BUSINESS BY GEOGRAPHY 16% 10% Marine & Offshore Americas Agri-Food & Commodities 44% 2% Europe, 21% Industry Middle East & Buildings & Infrastructure Africa 23% 41% Certification Consumer Products 28% Asia Pacific 15% 59 FY 2023 RESULTS
Slide 60: 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, 2023 DEBT BREAKDOWN AS OF DEC. 31, 2023 Bond 1% 0,2% 181 USPP Other 34% Bond USPP Fixed rate Floating rate Other 500 500 65% 99,8% 200 181 181 200 140 28 2024 2025 2026 2027 2028 2029 2030 203
Slide 61: Currency Mix in FY 2023
CURRENCY MIX IN FY 2023 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) INR JPY SAR SGD TWD AED 1,8% 1,6% 1,2% 1,2% 1,2% 1,9% MXN +10,3% OTHER CLP 17,8% BRL +0,8% HKD 2,6% 2,6% SGD (0,1)% GBP PEN (0,2)% 3,1% GBP (2,0)% AUD HKD (2,3)% 4,2% AED (2,7)% BRL USD (and pegged) (2,8)% 4,1% FY 2023
Slide 62: 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 63: 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 64: 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 65: 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 66: 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 67: 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 68: Ownership and Market Data at December 31, 2023
OWNERSHIP AND MARKET DATA AT DECEMBER 31, 2023 A mettre à jour STABLE SHAREHOLDING STRUCTURE MARKET DATA • Listed on Euronext-Paris • Ticker: BVI • ISIN: FR0006174348 Wendel group • IPO on October 2007: €9.44/share 35,4% • Share Price1: €22.87 The Capital Group • Market Cap.1: €10.4bn Executive Comm
Slide 69: www.bureauveritas.com
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