Wendel Se · EURONEXT:MF
Wendel — Q1 2020 Earnings Presentation
12 slides from Wendel's earnings presentation, Apr 30, 2020
Slide 1: Q1 2020 Trading update
Q1 2020 Trading update 2020 INVESTING FOR THE LONG TERM 1 Q1 2020 Trading Update | April 30, 2020
Slide 2: Q1 2020 trading update key highlights
Q1 2020 trading update key highlights NAV : €118.2 per share, down 28.9% year-to-date (as of March 31, 2020) • Impacted by stock market decline and updates in metrics used for the valuation of unlisted assets Q1 2020 consolidated net sales: €1,875.1m(1) , down 2.5%overall and down 2.9% organically y
Slide 3: Disposal of the entire remaining stake in Allied Universal
Disposal of the entire remaining stake in Allied Universal Disposal of the entire remaining stake in Allied Universal closed on April 29, 2020 • Additional proceeds of c.$196 million, subject to price adjustments • Total net proceeds: 2.5 times equity invested and an investment $IRR of c.30% p.a. Th
Slide 4: Q1 2020 performance of Group's companies
Q1 2020 performance of Group’s companies Organic Sales Δ External growth FX impact growth Bureau Veritas €1,139.5 -3.0% -1.6% -0.3% -1,1% IHS Towers(1) $328m +8.2% +10.4% +0.9% -3.1% Constantia Flexibles €383.9m +0.7% -0.6% +0.5% +0,7% Stahl €201.0m -2.4% -3.0% 0.0% +0.7% Cromology €135.5m -16.0% -1
Slide 5: NAV of €118.2 as of March 31, 2020
NAV of €118.2 as of March 31, 2020 (in millions of euros) Mar. 31, 2020 Listed equity investments Number of shares Share price(1) 2,928 • Bureau Veritas 160.8 million €18.2 2,928 Investments in unlisted assets (2) 2,801 Other assets and liabilities of Wendel and holding companies(3) 51 Cash and mark
Slide 6: Net Asset Value bridge since January 2020
Net Asset Value bridge since January 2020 • For approximately two thirds of the decrease: fall in listed peers’ multiples used for valuation as well as adjustments in valuation samples. With regard to IHS Towers, the weighting of peer sample is now 100%-based on emerging markets comparable companies
Slide 7: Strong liquidity profile as of March 31, 2020
Strong liquidity profile as of March 31, 2020 €1.13 bn cash(1) + €750m undrawn credit facility expiring Oct. 2024 LTV ratio: (1) Before proceeds of sale of remaining stake in Allied Universal for c.$196m Proforma of this sale, cash available will amount to $1.3 bn and total liquidity to $2.1 bn 8.6%
Slide 8: What's next
What’s next Considerable uncertainties such as the future timing, sequence, processes for and effects of the end of lockdowns, the state of economies, the mindset of consumers as we emerge from the crisis… Intense efforts are being deployed to mitigate negative impacts on employees (health and safet
Slide 9: Q&A session
Q&A session 9 Q1 2020 Trading Update | April 30, 2020
Slide 10: Financial agenda
Financial agenda 07/02/2020 2020 Annual General Meeting 07/30/2020 Q2 Trading update / Publication of NAV as of June 30, 2020, and Q2 trading update (post-market release) 09/16/2020 2020 Half-Year consolidated financial statements / Condensed Half-Year consolidated financial statements (post-market
Slide 11: Disclaimer
Disclaimer • This document has been prepared by Wendel S.E. (“Wendel”) solely for use at the 2020 Q1 Trading update presentation, to be held on April 30, 2020. This document must be treated confidentially by attendees at such presentation and may not be reproduced or redistributed to any other perso
Slide 12: Q1 2020 Trading Update | April 30, 2020
12 Q1 2020 Trading Update | April 30, 2020