Bureau Veritas Sa · EURONEXT:BVI
Bureau Veritas Sa — FY2021 Earnings Presentation
70 slides from Bureau Veritas Sa's earnings presentation, February 2022
Slide 1: Bureau Veritas
BUREAU VERITAS
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 HIGHLIGHTS SUSTAINABILITY SOLUTIONS FINANCIAL REVIEW BUSINESS REVIEW OUTLOOK Q&A APPENDIX
Slide 4: Highlights
HIGHLIGHTS
Slide 5: Health & Safety, clients' service, and financial solidity at the core of our actions
Health & Safety, clients’ service, and financial solidity at the core of our actions Ensuring employee Health & Safety Ensuring business continuity with and for clients Protecting the financial solidity of the Group FULL YEAR 2021 RESULTS 5
Slide 6: Bureau is committed and delivers upon its CSR performance
Bureau is committed and delivers upon its CSR performance 2025 FY 2021 target Total Accident Rate (TAR)1 0.27 0.26 By V.E and Proportion of women in leadership positions2 26.5% 35% EURONEXT Number of training hours per employee 29.9 35.0 (per year) CO2 emissions per employee (tons per year)3 2.49 2.
Slide 7: FY 2021 financial highlights: an excellent financial performance
FY 2021 financial highlights: an excellent financial performance • Total revenue increase of 8.3% with +5.2% in Q4 GROUP REVENUE €5.0bn • Organic revenue increase of 9.4% with +2.5% in Q4 • Positive external growth of 0.1% with +0.4% in Q4 +8.3% y/y • Negative currency impact of 1.2% despite +2.3% i
Slide 8: Bureau Veritas posting strong broad-based revenue growth in 2021
Bureau Veritas posting strong broad-based revenue growth in 2021 FY 2021 PORTFOLIO SPLIT BY PERCENTAGE OF GROUP REVENUE KEY 2021 HIGHLIGHTS Consumer Products, Certification, Marine & Offshore, Buildings & Infrastructure Agri-Food & Commodities • Consumer Products was the best performing activity, 4.
Slide 9: A significant portion of Group sales contributing to sustainability through the BV Green Line
A significant portion of Group sales contributing to sustainability through the BV Green Line BV CONTRIBUTING SIGNIFICANTLY TO SUSTAINABILITY (BV GREEN LINE REPRESENTING 52% OF SALES) IN PERCENTAGE OF GROUP SALES BREAKDOWN OF GROUP SALES (FY 2021) BREAKDOWN OF BV GREEN LINE SALES BY TYPE OF SERVICES
Slide 10: Sustainability Solutions
SUSTAINABILITY SOLUTIONS
Slide 11: Bureau Veritas' Green Line
BUREAU VERITAS’ GREEN LINE OF INDEPENDENT EXPERTISE TO FOSTER A SUSTAINABLE WORLD RESOURCES NEW & PRODUCTION MOBILITY BUILDINGS & SOCIAL, ETHICS RENEWABLES & CONSUMPTION INFRASTRUCTURE E-MOBILITY, & GOVERNANCE ALTERNATIVE ENERGIES & TRACEABILITY ALTERNATIVE CONSTRUCTION PROPULSION SOCIAL PRACTICES &
Slide 12: Green Line of Services: Create Trust
GREEN LINE OF SERVICES C R E AT E T R U S T O U R S U S TA I N A B I L I T Y S E R V I C E S A C R O S S T H E VA L U E C H A I N IN OUR CLIENTS’ S U S TA I N A B I L I T Y COMMITMENTS Renewables & alternative energies E-mobility, alternative Sustainable use propulsion of natural resources Social pr
Slide 13: Clarity Solution
CLARITY OUR SOLUTION FIELD ASSESSMENTS A G G R E G AT E D S C O R E S a 4-pillar program A-la-carte assessments of their assets, All the observations of BV auditors are internal entities or suppliers, based on displayed in the sites assessment reports, to manage clients’ digital self-assessments ver
Slide 14: Financial Review
FINANCIAL REVIEW
Slide 15: Bureau Veritas delivers a strong financial performance
Bureau Veritas delivers a strong financial performance KEY INDICATORS Strong revenue improvement, catching-up on 2019 level +9.4% organic growth vs. FY 2020 Margin in line with mid-term guidance above 16% 16.1% adjusted operating margin Strong cash generation, enabling a leverage ratio at a lowest l
Slide 16: FY 2021 total revenue growth of 8.3%
FY 2021 total revenue growth of 8.3% REVENUE EVOLUTION VARIATION ANALYSIS 9.5% at constant currency +9.4% +0.1% 4,981.1 4,601.0 (1.2)% FY 2020 Organic 1 Scope Currency FY 2021 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation FULL
Slide 17: FY 2021 revenue growth by business
FY 2021 revenue growth by business % of @ constant revenue currency 29% Buildings & Infrastructure (0.2)% +11.8% +11.6% 21% Agri-Food & Commodities (0.2)% +4.6% +4.4% 20% Industry +7.5% +7.5% 14% Consumer Products +15.7% +0.1% +15.8% 8% Marine & Offshore +3.3% +3.3% 8% Certification +15.4% +3.3% +18
Slide 18: Disciplined and selective bolt-on M&A in 2021
Disciplined and selective bolt-on M&A in 2021 RENEWABLE ENERGY CYBERSECURITY & CONSUMER PRODUCTS UNITED STATES, MARCH NETHERLANDS, JANUARY €11m (additional revenue), c.€10m (additional revenue), 50 employees 100 employees • Provides owner's representation as well as construction and site • Security
Slide 19: Bureau Veritas acquires PreScience, expanding growth in Transportation Infrastructure Market
Bureau Veritas acquires PreScience, expanding growth in Transportation Infrastructure Market PRESCIENCE’S BUILDINGS & INFRASTRUCTURE PORTFOLIO STRUCTURE UNITED STATES (CALIFORNIA), Revenue by end-market DECEMBER 2021 c.$25m (additional revenue) • Established in 2013, PreScience is supporting the con
Slide 20: Adjusted operating margin strongly up (1/2)
Adjusted operating margin strongly up (1/2) GROUP MARGIN EVOLUTION +280bps at constant currency +278bps +2bps (7)bps 16.2% 16.1% 13.4% FY 2020 Organic 1 Scope Margin at Currency FY 2021 constant (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of thi
Slide 21: Adjusted operating margin (2/2)
Adjusted operating margin (2/2) GROUP MARGIN EVOLUTION Total Organic Scope Currency FY 2021 FY 2020 change y/y (bp) y/y (bp) y/y (bp) y/y (bp) Marine & Offshore 22.4% 21.9% +47 +82 +0 (35) Agri-Food & Commodities 13.4% 12.1% +124 +124 +3 (3) Industry 12.5% 11.2% +130 +133 +8 (11) Buildings & Infrast
Slide 22: FY 2021 key financial metrics
FY 2021 key financial metrics FINANCIAL HIGHLIGHTS Change Change IN EUR MILLIONS FY 2021 FY 2020 y/y at constant y/y currency Revenue 4,981.1 4,601.0 +8.3% +9.5% Adjusted operating profit1 801.8 615.0 +30.4% +32.4% Adjusted operating margin1 16.1% 13.4% +273bps +280bps Operating profit 718.8 407.4 +
Slide 23: Cash flow statement and Working Capital Requirement ratio evolution
Cash flow statement and Working Capital Requirement ratio evolution SUSTAINED STRONG CASH FLOW GENERATION WORKING CAPITAL REQUIREMENT / REVENUE RATIO FY FY Change IN EUR MILLIONS 2021 2020 y/y Profit before income tax 645.5 269.7 +139.3% 10.0% 9.7%(1) Elimination of cash flows from 33.1 140.1 (76.4)
Slide 24: Further deleveraging with a ratio reduced to 1.1x in FY 2021
Further deleveraging with a ratio reduced to 1.1x in FY 2021 ADJUSTED NET DEBT EVOLUTION DEBT MATURITY PROFILE AS OF DEC. 31, 2021 IN EUR MILLIONS 677 Free Lease Dec. 31, Other Dec. 31, cash Acquis. Dividends payments 2020 (incl. FX) 2021 flow (IFRS 16) 500 500 (69.7) (186.1) (1,051.4) (121.8) +52.3
Slide 25: Business Review
BUSINESS REVIEW
Slide 26: FY 2021 strong performance across all businesses (1/3)
Bureau Veritas’ FY 2021 strong performance across all businesses (1/3) Marine & Offshore Agri-Food & Commodities organic adjusted operating organic adjusted operating growth margin growth margin • Low single-digit decline in New Construction (slowdown • M&M: double-digit organic growth overall, acro
Slide 27: FY 2021 strong performance across all businesses (2/3)
Bureau Veritas’ FY 2021 strong performance across all businesses (2/3) Industry Buildings & Infrastructure organic adjusted operating organic adjusted operating growth margin growth margin • Double-digit growth for Power & Utilities – key growth driver • Very strong double-digit organic growth in Am
Slide 28: FY 2021 strong performance across all businesses (3/3)
Bureau Veritas’ FY 2021 strong performance across all businesses (3/3) Certification Consumer Products organic adjusted operating organic adjusted operating growth margin growth margin • Strong recovery driven by i) a catch-up of 2020 postponed • Recovery driven by a large pick-up of activity in Asi
Slide 29: Outlook
OUTLOOK
Slide 30: 2022 Outlook
Option 2 2022 Outlook Based on a healthy sales pipeline and the significant growth opportunities related to Sustainability, and assuming there are no severe lockdowns in its main countries of operation due to Covid-19, for the full year 2022 Bureau Veritas expects to: Generate Achieve sustained Impr
Slide 31: Questions & Answers
QUESTIONS & ANSWERS
Slide 32: 2022 Financial Calendar & Contacts
2022 Financial Calendar & Contacts 2022 AGENDA INVESTOR RELATIONS DEPARTMENT BUREAU VERITAS HEAD OFFICE – 40/52 BOULEVARD DU PARC Q1 2022 revenue: April 21, 2022 92200 NEUILLY-SUR-SEINE, FRANCE Shareholders’ meeting: June 24, 2022 Laurent Brunelle H1 2022 results: July 28, 2022 Head of Investor Rela
Slide 33: Appendix
APPENDIX
Slide 34: 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 FULL YEAR 2021 RESULTS extent b
Slide 35: 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 Sustainability Low risk Yearbook 2022 ranked 3rd Advanced (Professional services) in Research rating Dated February 2022 and Consulting category 66/100 Pl
Slide 36: CSR Key Performance Indicators
Option 2 CSR Key Performance Indicators FY 2021 FY 2020 FY 2019 2025 target Total Accident Rate (TAR)1 0.27 0.26 0.38 0.26 Proportion of women in leadership positions2 26.5% 27.5% 24.4% 35% Number of training hours per employee (per year) 29.9 23.9 19.0 35.0 CO2 emissions per employee (tons per year
Slide 37: Green Line of independent expertise to foster a sustainable world
Bureau Veritas’ Green Line of independent expertise to foster a sustainable world RESOURCES & PRODUCTION NEW MOBILITY RENEWABLES & E-MOBILITY, ALTERNATIVE ENERGIES BUILDINGS ALTERNATIVE SOCIAL, ETHICS ENERGY TRANSITION & INFRASTRUCTURE PROPULSION & GOVERNANCE Onshore and offshore Wind Farms, Solar P
Slide 38: Portfolio of business
Portfolio of business REVENUE BY BUSINESS ADJUSTED OPERATING PROFIT Marine & Offshore Marine & Offshore 14% 8% 10% 21% Agri-Food & Commodities Agri-Food & Commodities 8% 21% 18% Industry Industry FY 2021 9% FY 2021 Buildings & Infrastructure Buildings & Infrastructure 29% Certification 16% Certifica
Slide 39: FY 2021 revenue by business
FY 2021 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE FY 2021 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 375.2 +3.3% - (1.0)% Marine & Offshore 14% 8% Agri-Food & Commodities Agri-Food & Commodities 1,065.2 +4.6% (0.2)% (0.9)% 8% 21% Industry Indus
Slide 40: FY 2021 revenue evolution by geography
FY 2021 revenue evolution by geography REVENUE BY GEOGRAPHIC AREA (FY 2021) REVENUE EVOLUTION BY NATURE (FY 2021) Organic Scope +14.7% Asia Americas +0.2% Pacific 24% +12.8% 31% +10.4% +14.5% +4.8% Africa, +12.8% +0.3% +10.5% Middle East Europe +4.5% 9% 36% (0.1)% Americas Europe Africa, Asia Pacifi
Slide 41: Q4 2021 total revenue increase of 5.2%
Q4 2021 total revenue increase of 5.2% REVENUE EVOLUTION +2.9% at constant currency +2.5% +0.4% 2.3% 1,317.0 1,252.2 Q4 2020 Organic 1 Scope Currency Q4 2021 (1) Alternative performance indicators are presented, defined and reconciled with IFRS in appendix of this presentation FULL YEAR 2021 RESULTS
Slide 42: From adjusted operating profit to operating profit
From adjusted operating profit to operating profit ADJUSTMENT ITEMS Change IN EUR MILLIONS FY 2021 FY 2020 y/y Adjusted operating profit 801.8 615.0 +30.4% Amortization of intangible assets (64.1) (132.8) (51.7)% resulting from acquisitions Impairment and retirement (4.9) (34.6) (85.8)% of non-curre
Slide 43: Net financial expense
Net financial expense FINANCIAL RESULT Change IN EUR MILLIONS FY 2021 FY 2020 y/y Finance costs, net (74.7) (108.2) (31.0)% Foreign exchange gains/(losses) 6.6 (22.2) (129.7)% Interest cost on pension plans 0.6 (2.9) (120.7)% Other financial products and (5.8) (4.5) +28.9% expenses Net financial exp
Slide 44: Tax / Tax rate
Tax / Tax rate ADJUSTED EFFECTIVE TAX RATE EVOLUTION Change IN EUR MILLIONS FY 2021 FY 2020 y/y Profit before Tax 645.5 269.7 +139.3% Income tax expense (199.3) (130.8) +52.4% Effective Tax Rate (ETR) 30.9% 48.5% n.m. Adjusted ETR 30.1% 36.6% (648)bps FULL YEAR 2021 RESULTS 44
Slide 45: Marine & Offshore (8% of revenue, 10% of profit)
Marine & Offshore (8% of revenue, 10% of profit) KEY FINANCIALS FY 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS FY 2021 FY 2020 Change • Robust performance overall for the second year in a row Low single-digit decline Revenue 375.2 366.7 +2.3% in New Construction Organic +3.3% • New Construction: low
Slide 46: Agri-Food & Commodities (21% of revenue, 18% of profit)
Agri-Food & Commodities (21% of revenue, 18% of profit) KEY FINANCIALS FY 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS FY 2021 FY 2020 Change • O&P: mid-single-digit organic decline; Impacted by reduced testing volumes due to Revenue Organic 1,065.2 1,029.6 +3.5% +4.6% lower fuel consumption (notably
Slide 47: Industry (20% of revenue, 16% of profit)
Industry (20% of revenue, 16% of profit) KEY FINANCIALS FY 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS FY 2021 FY 2020 Change • Oil & Gas: the activity improved as many projects finally resumed; Opex-related activities Revenue 1,013.5 965.6 +5.0% (two-thirds of O&G) delivered double-digit Power & Ut
Slide 48: Buildings & Infrastructure (29% of revenue, 26% of profit)
Buildings & Infrastructure (29% of revenue, 26% of profit) KEY FINANCIALS FY 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS FY 2021 FY 2020 Change Building In-Service (48% of divisional revenue): high single-digit organic growth Revenue 1,458.4 1,314.1 +11.0% • Led by the US (strong commercial developm
Slide 49: Certification (8% of revenue, 9% of profit)
Certification (8% of revenue, 9% of profit) KEY FINANCIALS FY 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS FY 2021 FY 2020 Change • Strong recovery driven by i) a catch-up of 2020 postponed audits in H1, ii) the effect related Revenue Organic 398.2 339.6 +17.3% +15.4% to a year of recertification for
Slide 50: Consumer Products (14% of revenue, 21% of profit)
Consumer Products (14% of revenue, 21% of profit) KEY FINANCIALS FY 2021 HIGHLIGHTS KEY FIGURES IN EUR MILLIONS FY 2021 FY 2020 Change • The best performing business within the Group’s portfolio, led by a large pick-up of activity in Asia Revenue 670.6 585.4 +14.6% (and China), across most product c
Slide 51: Q4 2021 revenue growth by business
Q4 2021 revenue growth by business % of @ constant revenue currency 30% Buildings & Infrastructure +2.5% +2.5% 21% Agri-Food & Commodities (0.6)% +2.9% +2.3% 20% Industry +1.3% +1.1% +2.4% 14% Consumer Products +9.5% +0.2% +9.7% 8% Certification (3.6)% +3.1% (0.5)% 7% Marine & Offshore (0.1)% (0.1)%
Slide 52: Q4 2021 revenue by business
Q4 2021 revenue by business REVENUE AND YEAR-ON-YEAR REVENUE GROWTH BREAKDOWN OF REVENUE Q4 2021 IN EUR MILLIONS €m Organic Scope Currency Marine & Offshore 93.7 (0.1)% - +1.5% Marine & Offshore 14% 7% Agri-Food & Commodities Agri-Food & Commodities 274.1 +2.9% (0.6)% +3.1% 21% 8% Industry Industry
Slide 53: Q4 2021 revenue evolution by geography
Q4 2021 revenue evolution by geography REVENUE BY GEOGRAPHIC AREA (Q4 2021) REVENUE EVOLUTION BY NATURE (Q4 2021) Organic Scope Americas Asia Pacific 23% +9.3% +9.4% 32% +1.3% +5.6% +9.4% +8.0% +5.7% Africa, +0.3% Middle East (0.1)% Europe 9% 36% (4.4)% (4.1)% Americas Europe Africa, Asia Pacific Mi
Slide 54: Adjusted Operating Profit by business
Adjusted Operating Profit by business Adjusted operating profit (€m) Adjusted operating margin (%) Change Change IN EUR MILLIONS FY 2021 FY 2020 FY 2021 FY 2020 (%) (bp) Marine & Offshore 84.1 80.4 +4.6% 22.4% 21.9% +47 Agri-Food & Commodities 142.5 125.0 +14.0% 13.4% 12.1% +124 Industry 126.6 108.0
Slide 55: Consolidated income statement
Consolidated income statement IN EUR MILLIONS FY 2021 FY 2020 Revenue 4,981.1 4,601.0 Purchase and external charges (1,394.0) (1,350.3) Personnel costs (2,565.6) (2,343.5) Taxes other than on income (44.9) (45.0) Net (additions to)/reversals of provisions (3.4) (72.5) Depreciation and amortization (
Slide 56: Consolidated statement of financial position
Consolidated statement of financial position IN EUR MILLIONS DEC. 31, 2021 DEC. 31, 2020 IN EUR MILLIONS DEC. 31, 2021 DEC. 31, 2020 Goodwill 2,079.1 1,942.9 Share capital 54.3 54.2 Intangible assets 402.5 427.3 Retained earnings and other reserves 1,584.2 1,183.8 Property, plant and equipment 364.3
Slide 57: Consolidated statement of cash flow (1/2)
Consolidated statement of cash flow (1/2) IN EUR MILLIONS FY 2021 FY 2020 Profit before income tax 645.5 269.7 Elimination of cash flows from financing and investing activities 33.1 140.1 Provisions and other non-cash items 49.1 48.7 Depreciation, amortization and impairment 275.2 362.9 Movements in
Slide 58: Consolidated statement of cash flow (2/2)
Consolidated statement of cash flow (2/2) IN EUR MILLIONS FY 2021 FY 2020 Capital increase 21.1 2.7 Purchases/sale of treasury shares 24.3 8.8 Dividends paid (186.1) (31.8) Increase in borrowings and other debt 46.3 790.5 Repayments of borrowings and other debt (504.3) (1,123.5) Repayments of amount
Slide 59: Adjusted net financial debt
Adjusted net financial debt IN EUR MILLIONS DEC. 31, 2021 DEC. 31, 2020 Bank borrowings due after one year (2,362.0) (2,376.2) Bank borrowings due within one year (101,8) (543.0) Bank overdrafts (10,3) (7.5) Gross financial debt (2,474.1) (2,926.7) Total cash and cash equivalents 1,420.7 1,594.5 Net
Slide 60: Earnings per share
Earnings per share IN EUR MILLIONS FY 2021 FY 2020 FY 2019 Basic EPS 0.93 0.28 0.83 Basic adjusted EPS 1.07 0.64 1.02 Weighted average number of shares 450,921,434 448,616,542 442,259,428 Diluted EPS 0.92 0.28 0.83 Diluted adjusted EPS 1.06 0.63 1.01 Weighted average number of shares for diluted 455
Slide 61: Currency mix in FY 2021
Currency mix in FY 2021 REVENUE CURRENCY EXPOSURE CURRENCY CHANGE (YEAR ON YEAR) OTHER 11.8% USD (and pegged) (3.5)% VND 0.9% PEN 0.9% CNY +3.2% XOF 1.0% AUD +5.1% COP 1.1% EUR 29.9% CAD +3.2% KRW 1.2% SGD 1.3% GBP +3.5% INR 1.6% BRL (7.6)% TWD 1.6% CLP +0.5% JPY 1.9% JPY (6.2)% CLP 2.5% TWD +1.7% F
Slide 62: 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, 2021 DEBT BREAKDOWN Bond 3% 1% 0.5% USPP 177 China Loan 27% Bond Other USPP Fixed rate China Loan Floating rate Other 69% 500 500 500 99.5% 32 200 177 177 137 76 3% 2022 2023 2024 2025 2026 20
Slide 63: 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 64: 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 65: 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 66: 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 FREE CASH FLOW The effective tax rate (ETR) represents income tax expense divided by the Free cash flow represents net cash generated from operating activities amount of pre-tax profit. (o
Slide 67: Definition of alternative performance indicators and reconciliation with IFRS (5/5)
Definition of alternative performance indicators and reconciliation with IFRS (5/5) FINANCIAL DEBT CONSOLIDATED EBITDA Gross debt (or gross finance costs/financial debt) represent bank loans and Consolidated EBITDA represents net profit before interest, tax, depreciation, borrowings plus bank overdr
Slide 68: 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 69: Ownership and market data at December 31, 2021
Ownership and market data at December 31, 2021 STABLE SHAREHOLDING STRUCTURE MARKET DATA 0.2% • Listed on Euronext-Paris • Ticker: BVI • ISIN: FR0006174348 Wendel group • IPO on October 2007: €9.44/share 35.5% • Share Price1: €29.18 Executive Committee & Employees • Market Cap.1: €13.2bn 63.4% • Mai
Slide 70: Bureau Veritas - Shaping a World of Trust
BUREAU |BUREAU | Shaping a World of Trust