Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — FY2009 Earnings Presentation
22 slides from Bureau Veritas Sa's earnings presentation, Feb 4, 2010
Slide 1: 2009 Full-Year Revenue Conference call
2009 Full-Year Revenue Conference call February 4, 2010 Frank Piedelièvre – Chairman & Chief Executive Officer François Tardan – Chief Financial Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 2: Key highlights
Key highlights François Tardan Chief Financial Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 3: Bureau Veritas at a glance
Bureau Veritas at a glance A global leader in conformity assessment FY 2009 revenue breakdown by business services in the areas of quality, health and safety, environment and social responsibility (QHSE) GSIT Consum er Marine FY 2009 revenue of €2.65bn and adjusted operating 6% Products 12% profit(1
Slide 4: Q4 2009 revenue
Q4 2009 revenue (€m) 714.4 (3.3)% +0.4% (1.9)% 679.8 Total decrease of 4.8% Q4 2008 Organic External Currency Q4 2009 Revenue Growth Growth Impact Revenue February 4, 2010 Copyright©2010 Bureau Veritas - All rights reserved. 4
Slide 5: FY 2009 revenue
FY 2009 revenue (€m) +1.8% +0.2% 2,647.8 +1.9% 2,549.4 Total growth of 3.9% FY 2008 Revenue Organic External Currency FY 2009 Revenue Growth Growth Impact FY 2009 adjusted operating profit(1) estimated at above €430m (+12% versus 2008) FY 2009 adjusted operating margin(1) estimated at around 16.4%,
Slide 6: Financial performance
Financial performance Consolidated revenue CAGR: +13% 2,549 2,648 1,846 2,067 1,647 1,283 1,422 1,012 1,145 2001 2002 2003 2004 2005 2006 2007 2008 2009 Organic top-line & external growth Average organic growth: 9% Average external growth: 7% 14% 12% 13% 10% 10% 10% 9% 9% 7% 7% 7% 7% 6% 5% 5% 4% 2%
Slide 7: Financial performance
Financial performance Adjusted operating margin c. +600 bps 16.4% 14.4% 14.8% 14.5% 15.1% 15.2% 13.2% 11.9% 10.4% 2001 2002 2003 2004 2005 2006 2007 2008 2009 February 4, 2010 Copyright©2010 Bureau Veritas - All rights reserved. 7
Slide 8: Financial structure
Financial structure Net financial debt 1,020.0 907.7 < 700 Jun 08 Dec 08 Dec 09e Leverage ratio (1) 2.51x 1.89x <1.5x ► Strong operating cash flow generation ► Accelerated de-leveraging with only bolt-on acquisitions ► Estimated leverage ratio(1) below 1.5x at the end of Dec. 2009 (1) Net debt after
Slide 9: Business review
Business review Frank Piedelièvre Chairman & Chief Executive Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 10: Marine
Marine Q4 2009 revenue 2009 highlights (€m) 81.1 New ships and equipments certification services (57% of 76.3 revenues) –Drop in worldwide new orders (4.3)% (1.6)% BV new orders at GRT 4.6m (607 ships) Market share increase at 14.2% in GRT Total decrease of 5.9% Diversified order book amounting to G
Slide 11: Industry
Industry Q4 2009 revenue 2009 highlights (€m) 141.4 Industry, Oil & Gas and Power: strong growth +2.8% +2.4% 137.3 Excluding Mining & Minerals YTD organic growth of 8.5% (2.2)% Mining & Minerals: (15.7)% organic reduction mostly concentrated in base metals in Australia Total growth of 3.0% Q4 2008 O
Slide 12: In-Service Inspection & Verification
In-Service Inspection & Verification Q4 2009 revenue 2009 highlights (€m) 94.5 91.5 Unprofitable electrical PAT (Portable Appliance Testing) activities phase-out in the UK (2.1)% (1.1)% Solid FY organic growth of 4.5% when excluding the UK Total decrease of 3.2% Q4 2008 Revenue Organic Currency Q4 2
Slide 13: Health, Safety and Environment
Health, Safety and Environment Q4 2009 revenue 2009 highlights (€m) 65.9 Significant drop of activity in the US in environmental and 59.6 +0.3% to a lesser extent in occupational health and safety (9.2)% (0.7)% Total decrease of 9.6% Outlook Q4 2008 Organic External Currency Q4 2009 Restore commerci
Slide 14: Construction
Construction Q4 2009 revenue 2009 highlights (€m) Drop in new building permits number in all geographies 124.4 Partly balanced by market share increase, addition of new 107.2 city privatization contracts and growth in infrastructure (11.1)% (0.9)% Divestment of commoditised Construction Material Tes
Slide 15: Certification
Certification Q4 2009 revenue 2009 highlights (€m) +6.4% 85.3 Superior organic growth and improved market share 81.5 (1.7)% New industry specific schemes (i.e. cryogenics fluids in France) Total growth of 4.7% Addition of new key-accounts looking for global integrated solutions Q4 2008 Organic growt
Slide 16: Consumer Products
Consumer Products Q4 2009 revenue 2009 highlights (€m) 88.6 +0.6% 80.5 Growth concentrated in H1 due to CPSIA impact (0.3)% BV One Source (IT tool) successful launch (9.4)% China service delivery platform strongly reinforced Total decrease of 9.1% Q4 2008 Organic External Currency Q4 2009 Revenue gr
Slide 17: Government Services & International Trade
Government Services & International Trade Q4 2009 revenue 2009 highlights (€m) 41.1 38.0 Slowdown in PSI volumes and termination of Cambodia (1.5)% contract, balanced by (6.0)% New contracts in Algeria and Indonesia Total decrease of 7.5% All the contracts expiring in 2009 were renewed (except Cambo
Slide 18: Outlook
Outlook Frank Piedelièvre Chairman & Chief Executive Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 19: Outlook
Outlook Perspectives for 2010 Progressive return to positive organic growth in H2 when cyclical businesses stop decreasing Maintain 2009 operating margin level thanks to renewed cost containment efforts and progressive deployment of new production IT tools Continuous high cash flow generation allowi
Slide 20: Q&A
Q&A Copyright©2010 Bureau Veritas - All rights reserved.
Slide 21: Disclaimer
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 documents fi
Slide 22: Bureau Veritas - Move Forward with Confidence
BUREAU Move Forward with Confidence