HALF YEAR RESULTS. August 27, 2014
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1 2014 HALF YEAR RESULTS August 27, 2014
2 2014 HALF YEAR RESULTS 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 référence filed with the French AMF that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These forward-looking statements speak only as of the date on which they are made, and Bureau Veritas undertakes no obligation, except to the extent required by law, to update or revise any of them, whether as a result of new information, future events or otherwise. P 2
3 Agenda HIGHLIGHTS FINANCIAL REVIEW BUSINESS REVIEW OUTLOOK Q&A APPENDICES August 27, 2014
4 2014 HALF YEAR RESULTS HIGHLIGHTS Didier Michaud-Daniel Chief Executive Officer April 29, 2014
5 H Key highlights KEY HIGHLIGHTS EUR H VLY CC Revenue 1,967.4m +0.5% +7.0% Adjusted operating margin 15.8% (20) bps +10 bps Adjusted net profit (7.8)% +3.7% Organic growth of 1.8%... Europe, France, Metals & Minerals Strong contribution from acquisitions of 5.2%...Americas, strategic markets Currency headwinds Adjusted operating margin improved thanks to operational excellence initiatives VLY: versus last CC: at constant currencies P 5
6 Portfolio of businesses Revenue KEY HIGHLIGHTS Adjusted operating profit 13% Consumer Products 6% GSIT 8% Marine 19% Consumer Products 6% GSIT 13% Marine 17% Commodities 8% Certification 11% Construction 14% IVS 23% Industry 12% Commodities 9% Certification 9% Construction 10% IVS 22% Industry IVS: In-Service inspection & Verification GSIT: Government Services & International Trade Balanced portfolio of services focused on growing and profitable market segments P 6
7 Geographical presence KEY HIGHLIGHTS Americas % of revenue 26% Organic Growth* +2.9% Headcount 19,600 Europe % of revenue 34% Organic Growth* (1.3)% Headcount 14,100 Middle East Africa Eastern Europe % of revenue 12% Organic Growth* Asia Pacific % of revenue 28% Organic Growth* (2.9)% Headcount 8, % Headcount 23,100 * H revenue organic growth P 7
8 2014 HALF YEAR RESULTS Maxxam KEY HIGHLIGHTS HIGHLIGHTS Canada s market leader in analytical services: environmental, petroleum and food safety and DNA/forensics Founded 40 years ago, headquartered in Toronto Best in class laboratory operations 22 labs in Canada, 2,400 employees 2013 Revenue: CAD 264m (EUR 180m) RATIONALE Platform to expand in North America Acquire additional expertise Strong financial track record and management team P 8
9 2014 HALF YEAR RESULTS DTI KEY HIGHLIGHTS HIGHLIGHTS US leader in inspection of offshore subsea/completion systems Founded 1989, headquartered in Houston, Texas 85 + people 2013 Revenue: USD 20.3m (EUR 15m) Strong position in the Gulf of Mexico (deep water) RATIONALE Strengthening the Group s position in the US Oil&Gas and Offshore Additional portfolio of projects and customers Reinforcing the Group s technical capabilities and expertise P 9
10 2014 HALF YEAR RESULTS Sistema PRI KEY HIGHLIGHTS HIGHLIGHTS Founded 1982, Headquartered in São Paulo, Brazil 800 people 2013 Revenue: BRL 117m (EUR 40m) Project Management Assistance Transportation, building and energy sectors One IT tool for all kind of construction RATIONALE Booming Construction/Power/Infrastructure markets in Brazil PMA services growing double digits Diversification of BV Brazil P 10
11 2014 HALF YEAR RESULTS Analysts Inc. KEY HIGHLIGHTS HIGHLIGHTS US specialist in lubricant oil analysis for vendors/users Founded 1960, headquartered in Los Angeles, California 190 people, 4 labs in the US + joint ventures in Mexico and Japan 2013 Revenue: USD 15m (EUR 11m) Power generation, marine, heavy construction, trucking, transportation, aircraft RATIONALE Diversification into oil lubricant analysis in North America Leverage Analysts expertise across the Group network P 11
12 2014 HALF YEAR RESULTS FINANCIAL REVIEW Sami Badarani Chief Financial Officer April August 29, 27,
13 Summary income statement FINANCIAL REVIEW (EUR millions) H H VLY CC Revenue 1, , % +7.0% Adjusted operating profit (1.0)% +8.0% Adjusted operating margin 15.8% 16.0% (20) bps +10 bps Other operating expenses (31.5) (30.1) Operating profit (1.6)% +7.6% Net financial expense (40.5) (33.7) Income tax (77.1) (73.0) Effective tax rate 32.4% 29.3% Minority interests (6.9) (6.1) Attributable net profit (9.5)% +2.5% Attributable adjusted net profit (7.8)% +3.7% VLY: versus last CC: at constant currencies P 13
14 Revenue +0.5% FINANCIAL REVIEW (EUR millions) +7.0% 1, % +5.2% 1,967.4 (6.5)% H Organic Scope Currencies H Q % +6.2% (6.0)% P 14
15 Q2 Organic revenue growth by business FINANCIAL REVIEW Q Marine 6.1% Consumer Products 4.9% Industry 3.4% IVS 1.6% Construction 0.6% Certification (0.2)% Key drivers of Q2 «low» growth Europe M&M seasonality US client retailers Commodities (3.1)% GSIT (8.7)% Total Group 0.9% P 15
16 #7 Acquisitions EUR 290m revenue FINANCIAL REVIEW Date Description Footprint Maxxam Jan. Canadian leader in analytical testing (petroleum, environment, food and DNA) Canada Jyutaku Apr. Building conformity assessment Japan Quiktrak Apr. Vehicle/agricultural machinery stock audits USA Andes Apr. Agri-food testing Chile, Peru DTI Jun. Offshore drilling equipment inspection USA Sistema Jul. Infrastructure Project Management Assistance Brazil Analysts Aug. Oil condition monitoring USA Increased exposure to the Americas Strengthened expertise on petroleum, offshore, automotive, infrastructure, food P 16
17 Adjusted operating profit FINANCIAL REVIEW (EUR millions) H H VLY CC Operating profit (1.6)% +7.6% Amortization of acquisition intangibles Goodwill impairment Restructuring & disposals (0.3) 3.8 Acquisition related costs 0.1 (0.1) Total other operating expenses Adjusted operating profit (1.0)% +8.0% Adjusted operating margin 15.8% 16.0% (20) bps +10 bps P 17
18 Adjusted operating margin FINANCIAL REVIEW (EUR millions) H EURm Margin % CC (bps) Driver Marine % +50 Volume Consumer Products % +40 Lean, Mix Industry % +50 Mix Construction % +140 Lean, Mix IVS % +140 Lean Commodities % (20) Certification % (70) Volume & Mix GSIT % (380) Total Group % +10 P 18
19 Net financial expense FINANCIAL REVIEW (EUR millions) H H VLY Net finance cost (37.6) (30.1) (7.5) Foreign exchange gain / (loss) (0.2) (1.2) +1.0 Interest cost on pension plans (1.6) (1.6) - Other financial expenses (1.1) (0.8) (0.3) Net financial expense (40.5) (33.7) (6.8) P 19
20 Summary cash flow statement FINANCIAL REVIEW (EUR millions) H H VLY Profit before income tax (11.3) Elimination of financing and investing activities Provisions and other non-cash items Depreciation, amortization and impairment Movements in working capital (WC) (95.0) (71.1) Income tax paid (102.1) (64.3) Net cash generated from operating activities (45.4) Net capex (63.2) (67.1) % of revenue 3.2% 3.4% Interest paid (41.7) (42.9) Free cash flow (40.3) P 20
21 Adjusted net financial debt FINANCIAL REVIEW (EUR millions) , , Dec Free cash-flow Acquisitions Dividends Stock options/ Share buybacks Other Jun Adjusted net financial debt as defined for the Group s covenants calculation P 21
22 Leverage ratio FINANCIAL REVIEW Jun-08 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Jun-13 Dec-13 Jun-14 Leverage ratio = Adjusted net financial debt / EBITDA (earnings before interest, tax, depreciation, amortization and provisions) adjusted for all units acquired over the past 12 months, as defined for the Group s covenants calculation Liquidity position at June 30, 2014 EUR 264.9m undrawn facilities EUR 176.8m of cash 2014 new sources of financing EUR 500m bond issue on January 21, 2014: 7 years, 3.125% coupon USD 100m (EUR 73.2m) drawn down on USPP, 8 years P 22
23 Summary financial position FINANCIAL REVIEW (EUR millions) June 2014 June 2013 Goodwill 1, ,457.6 Net fixed assets 1, Working capital (WC) Capital employed 3, ,571.3 Equity Adjusted net financial debt 1, ,386.0 Other WC as a % of LTM revenue June % Acquisitions +0.7% FX +0.2% Unfavorable timing +1.2% June % Capital resources 3, ,571.3 P 23
24 2014 HALF YEAR RESULTS BUSINESS REVIEW Didier Michaud-Daniel Chief Executive Officer April August 29, 27,
25 2014 HALF YEAR RESULTS Marine BUSINESS REVIEW KEY FINANCIALS Revenue (EUR m) Margin H1 13 H % 26.7% 7.8% Organic growth H HIGHLIGHTS In-Service (57% of revenues) - Fleet up 4.5% in GRT - Market share gains New construction (43% of revenues) - Order book: +3.8m GRT - Surge in equipment certification Margin maintained KEY INDICATORS in m GRT (millions of gross tons) OUTLOOK In-service fleet > 100m GRT Visibility improved on new construction Development in Offshore/LNG June 2013 June 2014 In-service fleet Order book New orders P 25
26 2014 HALF YEAR RESULTS Industry BUSINESS REVIEW KEY FINANCIALS Revenue (EUR m) H1 13 H1 14 Margin 14.6% 14.8% 3.6% Organic growth H HIGHLIGHTS 4 countries at -19% organic growth France, Colombia, South Africa, Kazakhstan Other countries growing +11% USA, Middle East, Asia Key Oil&Gas contracts awarded Scope +5%: Sievert, LVQ, Carab Tekniva Profitability improved REVENUE BREAKDOWN 10% North America 28% Latin America 25% Asia-Pacific 9% France 13% Other Europe 15% Middle East, Africa, Eastern Europe OUTLOOK Delayed projects to resume Reinforced key account/go-to-market strategies New market opportunities: shale gas, drilling, railways P 26
27 2014 HALF YEAR RESULTS In-Service Inspection & Verification BUSINESS REVIEW KEY FINANCIALS Revenue (EUR m) H1 13 H1 14 Margin 10.4% 11.4% +3.5% Organic growth H HIGHLIGHTS Increased weakness in Europe Slight recovery in the US post harsh winter conditions Strong growth in the Middle East, Latin America and Asia Scope +15.4%: Maxxam Margin improvement: lean management REVENUE BREAKDOWN OUTLOOK Middle East, Africa 3% Latin America 5% North America 18% Asia Pacific 2% Europe 72% o/w France 48% Further development in Latin America, the Middle East and Asia P 27
28 2014 HALF YEAR RESULTS Construction BUSINESS REVIEW KEY FINANCIALS H HIGHLIGHTS France not recovering Strong growth in China, the Middle East Revenue (EUR m) H1 13 H % Organic growth Scope +1.5%: acquisitions in Asia Margin improvement: lean management in France, geographic mix Margin 11.9% 13.0% REVENUE BREAKDOWN OUTLOOK Latin America 2% USA 13% Asia 22% Middle East, Africa Eastern Europe 8% Europe 55% o/w France 51% Continuous weakness in France Further growth in China specifically in industrial and commercial facilities Key infrastructure contracts in Singapore and the Middle East Brazil acquisition : Sistema PRI Building in One initiative P 28
29 2014 HALF YEAR RESULTS Certification BUSINESS REVIEW KEY FINANCIALS H HIGHLIGHTS End of Kyoto Protocol Program Stable QHSE conventional schemes Revenue (EUR m) H1 13 H1 14 (1.0)% Organic growth Growth in Supply Chain services Automotive, Aerospace Growth in Second Party Audits Margin 17.9% 16.6% REVENUE BREAKDOWN Latin America 11% Middle East, Africa, Eastern Europe 11% Asia Pacific 18% North America 4% Europe 56% OUTLOOK Re-certification cycle for QHSE standards Development in new markets: nuclear, timber supply chain, medical devices P 29
30 2014 HALF YEAR RESULTS Commodities BUSINESS REVIEW KEY FINANCIALS Revenue (EUR m) H1 13 H1 14 Margin 11.6% 11.2% (1.3)% Organic growth H HIGHLIGHTS Sustained O&P growth in Asia Lower seasonal recovery in M&M Coal: Australia slowdown, South Africa strikes Agri: North America expansion, Eastern Europe rebound Scope +7.6%: Maxxam/OTI/Andes Margin decrease: M&M upstream REVENUE BREAKDOWN OUTLOOK Organic Growth H % of revenues Oil & Petrochemicals (O&P) +8.9% 48% Limited visibility on M&M recovery O&P growth from new services Canada oil sands: good expectations Further cost saving initiatives in M&M Metals & Minerals (M&M) (12.9)% 31% Coal (6.1)% 11% Agriculture +11.7% 10% P 30
31 2014 HALF YEAR RESULTS Consumer Products BUSINESS REVIEW KEY FINANCIALS H HIGHLIGHTS Mobile/Wireless strong growth Softness in US retail market and toys Revenue (EUR m) H1 13 H % Organic growth Strong growth in retail business in Europe Good momentum for inspection Scope +4.4%: Maxxam food platform Margin 22.8% 22.9% Margin improvement REVENUE BREAKDOWN OUTLOOK Toys & Hardlines Food testing Electrical & Electronics (E&E) Textiles & Softlines Continuous Toys/E&E shift Recent client wins ramp up Growth initiatives: SmartWorld, Automotive, Accessories, Food P 31
32 2014 HALF YEAR RESULTS Government Services & International Trade BUSINESS REVIEW KEY FINANCIALS Revenue (EUR m) H1 13 H1 14 (8.4)% Organic growth H HIGHLIGHTS Unfavorable comparable basis: Angola, Ivory Coast government contracts Single Window development Automotive diversification: Quiktrak Margin impacted by volume reduction Margin 20.5% 16.2% REVENUE BREAKDOWN General Trade & Auto 36% Verification of conformity 27% Government contracts 37% OUTLOOK Easing comparable basis Ramp-up of new contracts Togo, Armenia (Q4) Verification of Conformity in Ivory Coast, Ghana Iraq uncertainty Further cost reductions P 32
33 2014 HALF YEAR RESULTS OUTLOOK Didier Michaud-Daniel Chief Executive Officer April August 29, 27,
34 2014 HALF YEAR RESULTS 2014 Outlook OUTLOOK The Group expects organic growth improvement in H2 2014, from favorable comparables, start of new contracts, catch up of delayed contracts and despite continuous softness in Europe and pending Metals & Minerals recovery revenue growth at constant currency should be above 9% with a strong contribution from acquisitions. Year-to-date, the Group has completed 7 acquisitions representing close to EUR 290 million in annual revenues. The profitability at constant currency should continue to improve gradually. P 34
35 2014 HALF YEAR RESULTS Update on Financial objectives OUTLOOK The Group confirms the objective to achieve revenue growth above 9% per year on average, at constant exchange rates, but with a different mix than the one initially contemplated: - Due to weakness in Metals & Minerals and European markets, average organic growth should be lower than +6%. - Based on the current pipeline and acquisitions already carried out, average external growth should be higher than +4%. The Group could achieve its objective of +100 basis points margin improvement in 2015 vs 2011, but has decided recently to invest part of the profitability gains, generated notably through Excellence@BV, in commercial initiatives to accelerate its future organic growth. As a consequence, the 2015 adjusted operating margin should be around 17%. In this context, the average growth of adjusted EPS for the period should be in the +5-7% range per year, due notably to tax rates increase and currency headwinds. P 35
36 2014 HALF YEAR RESULTS Q&A April August 29, 27,
37 2014 HALF YEAR RESULTS APPENDICES April August 29, 27,
38 Revenue by business APPENDICES Q H EURm Organic Scope FX EURm Organic Scope FX Marine % - (4.0)% % - (4.4)% Industry % +4.6% (9.2)% % +5.0% (10.1)% IVS % 20.8% (1.7)% % 15.4% (1.7)% Construction % 2.6% (3.0)% % 1.5% (3.1)% Certification 86.5 (0.2)% - (4.5)% (1.0)% - (4.8)% Commodities (3.1)% +8.7% (8.5)% (1.3)% +7.6% (9.3)% Consumer Products % +4.8% (4.8)% % +4.4% (4.7)% GSIT 68.3 (8.7)% 4.9% (6.9)% (8.4)% +2.5% (8.0)% Total Group 1, % +6.2% (6.0)% 1, % +5.2% (6.5)% P 38
39 Adjusted operating profit by business APPENDICES (EUR millions) Adjusted operating profit Adjusted operating margin H H Var. H H Var. Marine % 26.7% 27.2% (50) bps Industry % 14.6% +20 bps IVS % 11.4% 10.4% +100 bps Construction % 13.0% 11.9% +110 bps Certification (12.5)% 16.6% 17.9% (130) bps Commodities (7.1)% 11.2% 11.6% (40) bps Consumer Products % 22.9% 22.8% +10 bps GSIT (32.0)% 16.2% 20.5% (430) bps Total Group (1.0)% 15.8% 16.0% (20) bps P 39
40 Adjusted net profit APPENDICES (EUR millions) H H VLY Profit before income tax (4.5)% Income tax expense (77.1) (73.0) Non controlling interests (6.9) (6.1) Attributable net profit (9.5)% Other operating expenses Tax effect on other operating expenses (8.0) (7.8) Attributable adjusted net profit (7.7)% Effective tax rate (ETR) 32.4% 29.3% +310 bps Adjusted ETR 31.6% 28.9% +270 bps P 40
41 Adjusted net financial debt APPENDICES (EUR millions) June 2014 Dec Bank borrowings (non-current) ,407.1 Bank borrowings (current) Bank overdrafts Gross financial debt 2, ,511.3 Total cash and cash equivalents Net financial debt 1, ,320.7 Impact of currency hedging instruments Adjusted net financial debt 1, ,328.4 P 41
42 Earnings per share APPENDICES (EUR per share) H H CC Basic EPS % Basic adjusted EPS % Weighted average number of shares 437,061, ,925,614 Diluted EPS % Diluted adjusted EPS % Weighted average number of shares for diluted earnings 444,411, ,662,755 P 42
43 Currency exposure APPENDICES As of June 30, 2014 Revenue currency split Translation impact - Key currencies Other 33% EUR 31% 1% Euro Change vs. Revenue Impact Operating Profit Impact USD 0.12% 0.12% CNY 0.07% 0.14% BRL 3% JPY 2% CNY 7% AUD 5% GBP 3% HKD 4% USD 12% AUD 0.05% 0.01% HKD 0.04% 0.06% BRA 0.03% 0.03% P 43
44 Consolidated income statement APPENDICES (EUR millions) H H Revenue 1, ,957.5 Purchase and external charges (553.1) (560.4) Personnel costs (1,030.4) (1,018.0) Taxes other than on income (27.4) (25.3) Net (additions to)/reversals of provisions 0.3 (5.5) Depreciation and amortization (84.7) (73.8) Other operating income / (expense) Operating profit Income from cash and cash equivalents Finance costs, gross (38.3) (30.7) Finance costs, net (37.6) (30.1) Other financial income/(expense) (2.9) (3.6) Net financial expense (40.5) (33.7) Profit before income tax Income tax expense (77.1) (73.0) Net profit Minority interests Attributable net profit P 44
45 Consolidated comprehensive income APPENDICES (EUR millions) H H Net profit Currency translation differences 21.4 (98.9) Cash-flow hedges 2.4 (2.5) Income tax on items reclassified to profit or loss (0.9) 0.9 Total of other comprehensive income reclassified to profit or loss 22.9 (100.5) Actuarial gains / losses (5.8) 2.3 Income tax on items not reclassified to profit or loss 2.2 (0.8) Total of other comprehensive income not reclassified to profit or loss (3.6) 1.5 Total other comprehensive income for the period, net of income tax 19.3 (99.0) Comprehensive income Attributable to equity holders minority interests P 45
46 Consolidated financial position APPENDICES (EUR millions) Jun Dec Goodwill 1, ,412.1 Intangible assets Property, plant and equipment Other non-current assets Total non-current assets 2, ,356.4 Trade and other receivables 1, ,122.5 Other current assets Cash and cash equivalents Total current assets 1, ,360.7 Total assets 4, ,717.1 Equity attributable to shareholders of the Company Minority interests Total equity Bank borrowings 1, ,407.1 Other non-current liabilities Total non-current liabilities 2, ,714.2 Trade and other payables Current financial liabilities Other current liabilities Total current liabilities 1, ,020.8 Total equity and liabilities 4, ,717.1 P 46
47 Statement of change in equity APPENDICES (EUR millions) Share capital Share premium Currency translation reserves Other reserves Total equity Attributable to Shareholders of the Company Minority interests December 31, (155.6) 1, Exercise of stock options Fair value of stock options Dividends paid (214.4) (214.4) (209.5) (4.9) Transactions on treasury shares (25.3) (25.3) (25.3) - Other movements (0.4) 0.8 Total transactions with shareholders (227.1) (224.8) (220.7) (4.1) Net profit Other elements of comprehensive income (2.1) Total comprehensive income June 30, (134.2) P 47
48 Cash flow statement APPENDICES (EUR millions) H H Profit before income tax Elimination of cash flows from financing and investing activities Provisions and other non-cash items Depreciation, amortization and impairment Movements in working capital attributable to operations (95.0) (71.1) Income tax paid (102.1) (64.3) Net cash generated from operating activities Acquisitions of subsidiaries (477.9) (60.2) Proceeds from sales of subsidiaries Purchases of property, plant and equipment and intangible assets (64.4) (71.8) Proceeds from sales of property, plant and equipment and intangible assets Purchases of non-current financial assets (9.0) (8.8) Proceeds from sales of non-current financial assets Net cash used in investing activities (546.8) (127.7) Capital increase Purchase/sale of treasury shares (25.3) (57.1) Dividends paid (213.6) (207.6) Increase in borrowings and other debt Repayments of borrowings and other debt (52.1) (102.5) Interest paid (41.7) (42.9) Net cash generated from (used in) financing activities (150.0) Impact of currency translation differences (4.5) 0.8 Net decrease/increase in cash, cash equivalents and bank overdrafts (12.2) (55.4) P 48
49 Ownership at June 30, 2014 APPENDICES Treasury shares 1.3% Wendel 50.9% Free Float 45.8% Employees & Management 2.0% P 49
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