Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — Q3 2010 Earnings Presentation
24 slides from Bureau Veritas Sa's earnings presentation, Nov 3, 2010
Slide 1: Q3 2010 Revenue
Q3 2010 Revenue November 3, 2010 Frank Piedelièvre Chairman & Chief Executive Officer François Tardan Chief Financial Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 2: 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 Document de
Slide 3: Agenda
Agenda Key highlights Business review Outlook Q&A Copyright©2010 Bureau Veritas - All rights reserved. November 3, 2010 3
Slide 4: Key highlights
Key highlights François Tardan Chief Financial Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 5: Bureau Veritas at a glance
Bureau Veritas at a glance Founded in 1828 A global leader in conformity assessment and certification services Offering services and innovative solutions to its clients to ensure that their assets, products and management systems meet quality, health and safety, environmental, sustainability and soc
Slide 6: Highlights
Highlights 9M 2010 top-line performance: Revenues up 6.1% to €2.1bn thanks to a very strong Q3 (+15.8%) Acceleration of organic growth in Q3 +5.9% Contribution of currencies +4.5% Completion of the Inspectorate’s acquisition on September 9, 2010: Bureau Veritas becomes a leading player in commoditie
Slide 7: Quarterly organic evolution
Quarterly organic evolution +10.6% +5.9% +2.1% +2.5% +0.0% (2.6)% (3.3)% Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Acceleration in organic growth since Q2 2010 All businesses growing in Q3 Copyright©2010 Bureau Veritas - All rights reserved. November 3, 2010 7
Slide 8: Q3 2010 revenue
Q3 2010 revenue (€m) +7.3% 739.1 +2.6% +5.9% 638.5 Total growth of 15.8% Q3 2009 Revenue Organic Scope Currency Q3 2010 Revenue Copyright©2010 Bureau Veritas - All rights reserved. November 3, 2010 8
Slide 9: 9M 2010 revenue
9M 2010 revenue (€m) +4.5% 2,088.2 +1.8% 1,968.0 (0.2)% Total growth of 6.1% 9M 2009 Revenue Organic Scope Currency 9M 2010 Revenue Copyright©2010 Bureau Veritas - All rights reserved. November 3, 2010 9
Slide 10: Business Review
Business Review Frank Piedelièvre Chairman & Chief Executive Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 11: Performance by business: all businesses growing in Q3
Performance by business: all businesses growing in Q3 Q3 2010 Revenues (€m) 9M 2010 Revenues (€m) 73.8 238.8 (5.7)% +0.0% Marine 79.0 Marine 235.0 159.8 464.2 Industry 196.8 +11.6% Industry 546.0 +8.1% 98.8 +1.7% 314.2 (0.3)% In service Inspection In service Inspection 100.0 309.1 & Verification & V
Slide 12: Marine
Marine BV new construction indicators (GRTm: million gross tons) 35.6 Marine business has stabilized in Q3 30.2 31.0 28.6 Organic growth at +0% (-5.7% for 9M 2010) 17.4 18.0 13.5 12.8 New ships organic -9.5% in Q3 (-13% for 9M) 9.7 5.6 6.8 Improvement in both new ships and equipment certification 4.
Slide 13: Industry
Industry Quarterly Organic growth +21.3% Continuous strong performance in the industrial +18.6% +15.0% and energy segments (oil & gas, power) 9.8% 10.1% 16.8% 6.9% 9.1% 4.3% Driven by fast growing geographies: Brazil, Chile, Mexico, 2.2% China, South-East Asia, Africa, Middle-East Key wins: China, K
Slide 14: In-Service Inspection & Verification
In-Service Inspection & Verification Quarterly Organic growth Q3 organic evolution +1.7% +8.3% +2.8% +3.1% +1.7% +1.7% Moderate growth in France 10 years-authorization to operate in Cataluña renewal UK and Spain still down on last year (2.1)% (4.1)% Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Scope -2
Slide 15: Construction
Construction Quarterly Organic growth +0.6% Progressive recovery: Q3 organic +0.6%, 9M organic evolution - 4.2% (4.1)% (2.3)% Asia: rebound confirmed – double digit growth in Japan (7.7)% (11.1)% (10.3)% France is stabilizing (12.1)% No recovery so far in the US: still depressed Code Compliance Q1'0
Slide 16: Certification
Certification Quarterly Organic growth +8.4% +8.0% 9M Organic growth +6.6% +7.7% +6.4% +5.7% +6.3% Mass market slowdown in mature countries New global contracts with large multinational +2.2% companies Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Double digit growth in fast growing geographies: China,
Slide 17: Consumer Products
Consumer Products Quarterly Organic growth +38.4% Rapid recovery but 9M organic still negative +13.6% Toys and Juvenile products -12.8% due to strong comps in 2009 +5.1% +5.3% +2.1% (CPSIA) Good growth in Inspection & Audit and Electrical & Electronics (0.3)% segments (11.2)% Q1'09 Q2'09 Q3'09 Q4'09
Slide 18: Government Services & International Trade
Government Services & International Trade Quarterly Organic growth +18.2% Government services 9M organic growth +11.9% +12.2% +7.5% Growth in inspected FOB value (PSI) +5.0% +2.2% Ramp up of recent VOC contracts (Algeria and Saudi Arabia) and new contracts signed (Syria and (4.4)% (1.5)% Philippines
Slide 19: Inspectorate
Inspectorate Revenue (£m) €29.1m contribution to BV 2010 Q3 revenue Budget 280 (consolidation from September 1st 2010) 246 Q4: 64.1 Q3: 75.9 Q3: 61.9 Acceleration in organic growth Q3 +15% (9M +12.4%) Oil & Petrochemicals: increased coverage and capability H1: 120.0 H1: 139.9 from growth projects (U
Slide 20: Outlook
Outlook Frank Piedelièvre Chairman & Chief Executive Officer Copyright©2010 Bureau Veritas - All rights reserved.
Slide 21: Outlook
Outlook Guidance given on August 26, 2010 confirmed: Double digit top-line growth in H2 2010 Slight improvement in FY 2010 adjusted operating margin (as a percentage of revenues) on an organic basis Inspectorate should slightly exceed FY 2010 budget 2011 should benefit from the improvement observed
Slide 22: Q&A
Q&A Copyright©2010 Bureau Veritas - All rights reserved.
Slide 23: Bureau Veritas: Move Forward with Confidence
BUREAU |BUREAU_ VERITAS Move Forward with Confidence
Slide 24: Growth by business
Growth by business Q3 2010 9M 2010 Organic Scope FX Organic Scope FX Marine +0.0% - +7.0% (5.7)% - +4.1% Industry +11.6% (1.1)% +12.7% +8.1% (1.1)% +10.6% In service Inspection & +1.7% (2.4)% +1.9% (0.3)% (2.3)% +1.0% Verification Construction +0.6% (7.2)% +4.1% (4.2)% (5.6)% +1.7% Certification +6.