Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — Q1 2008 Earnings Presentation
12 slides from Bureau Veritas Sa's earnings presentation, May 7, 2008
Slide 1: Q1 2008 Revenue
Frank Piedelièvre Q1 2008 Revenue Chief Executive Officer François Tardan Chief Financial Officer May 7, 2008 Highlights François Tardan 2 1
Slide 2: Q1 2008 Revenue and Acquisitions to date
Q1 2008 Revenue +13.1% +17.6% (€m) (4.5)% +9.0% 552.0 469.2 Q1 2007 Organic External Currency Q1 2008 Revenue Growth Growth Impact Revenue ► Solid organic growth performance of 9.0% with a strong increase in Marine, Industry and Consumer Products. Due to the merger of BV and ECA’s networks, organic
Slide 3: Acquisition of Amdel
Acquisition of François Tardan 5 Acquisition of Amdel Amdel Overview Transaction Structure ► Largest provider of upstream minerals ► EV-to-2008/091 EBITA multiple of 10x testing services in Australia Also offers materials, environmental and ► Financed through an additional debt of food testing €250m
Slide 4: Amdel portfolio of services
Amdel portfolio of services Minerals Food Environmental Industrial (80% of revenues) (7% of revenues) (10% of revenues) (3% of revenues) Analytical, mineral Food testing Laboratory testing Petroleum testing processing and Focus on dairy and services services, metal and mineralogy testing meat plasti
Slide 5: Minerals testing market overview
Minerals testing market overview ► Upstream minerals testing market overview c€1.5bn global market with strong outsourcing potential Driven by growing mining exploration spend and global demand for minerals (in particular China and India) Two global competitors: SGS and ALS ► Australia : a key marke
Slide 6: Financial highlights
Financial highlights (AU$ millions) 2007/081 2008/092 ► Consolidation as of May 6, 2008 ► Financed through an additional debt Revenue 151 188 of €250m signed at April 29, 2008 EBITDA 39 54 ► Average capex-to-sales ratio of 6% as a % of revenue 26% 29% to 7% EBITA 32 45 ► Working capital requirements
Slide 7: Marine and Industry
Marine Q1 2008 revenue (€m) 66.9 +12.8% 59.3 Q1 2007 Q1 2008 ► Organic growth of 17.7% ► Continuous growth in new construction From shipyards located in Asia (China), Turkey and the Netherlands and from equipement manufacturers in Germany Order book at 31/03/08 of GRT 31.3m, representing four years
Slide 8: In-Service Inspection & Verification; Health, Safety & Environment
In-Service Inspection & Verification Q1 2008 revenue 79.0 (€m) +25.8% 62.8 Q1 2007 Q1 2008 ► Organic growth of 3.6% +2.1% in France (57% of revenues) +7.2% in Spain (20% of revenues) +0.1% in the UK (13% of revenues) ► Organic growth would be 6.0%, on a like-for-like number of working days basis (Q1
Slide 9: Construction and Certification
Construction Q1 2008 revenue 109.4 +18.7% (€m) 92.1 Q1 2007 Q1 2008 ► Organic growth of 5.1% +3.1% in France (47% of revenues): a combination of slow growth in new buildings code compliance services and accelerated growth in asset management services (technical due diligence, property audits and HQE
Slide 10: Consumer Products and Government Services & International Trade
Consumer Products Q1 2008 revenue (€m) 58.1 +7.8% 53.9 Q1 2007 Q1 2008 ► Organic growth of 18.3% Dynamic activity in all segments, especially in toy testing and softlines analytical services Continued strong growth in US retail-generated toys testing following product recalls and in anticipation of
Slide 11: Outlook
Outlook Frank Piedelièvre 21 Outlook ► Strong growth expected in 2008… In excess of 15% growth in revenues and adjusted operating profit, at 2007 exchange rate and excluding any contribution from 2008 acquisitions ► … in line with the 2011 target Double 2006 revenue by 2011, based on: • Average orga
Slide 12: Q&A and Disclaimer
Q&A 23 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 docum