2010 Full-Year Results...Pro Forma Key figures* FY 2010 Revenues of €3.15 Bn 48,000 employees 930...

Copyright©2011 Bureau Veritas - All rights reserved.

March 1st, 2011

Frank PiedelièvreChairman & Chief Executive Officer

François TardanChief Financial Officer

2010 Full-Year Results

2March 1, 2011Copyright©2011 Bureau Veritas - All rights reserved.

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 such forward-looking statements

speak only as of the date on which they are made, and Bureau Veritas

undertakes no obligation to update or revise any of them, whether as a

result of new information, future events or otherwise.


Agenda

Highlights

Financial review

Business review

Outlook

Q&A

Appendix


2010 Highlights

Frank Piedelièvre

Chairman & Chief Executive Officer


Bureau Veritas at a glance

Marine10%

Industry19%

In-Service inspection& Verification

14% Construction14%

Certification10%

Government Services6%

Consumer Products12%

Revenue by business *

Adjusted operating profit by business *

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 social responsibility standards and regulations

Pro Forma Key figures*

FY 2010 Revenues of €3.15 Bn

48,000 employees

930 offices and 330 laboratories in 140 countries

*FY 2010 pro-forma figures, including Inspectorate over 12 months

Marine18%

Industry14%

In-Service inspection& Verification

10%Construction8%

Certification13%

Government Services6%

ConsumerProducts

21%

Commodities15%

Commodities10%


Highlights

2010 performance

Revenues +11%

Adjusted operating profit +13%

Attributable net profit +15%

Dividends +37%

Bureau Veritas becomes a leading player in commoditie s testing

Fast growing geographies represent 45% of revenues

In 2011, the Group expects strong growth in revenues a nd adjusted operating profit, taking into account:

The impact of the full-year consolidation of acquisitions completed in 2010 and year-to-date; and

Organic growth exceeding that of 2010 and consistent with H2.


Asia Pacific (27% of revenue 1)

210 offices and 110 labs

16,700 staff

France (21% of revenue 1)


7,400 staff

EMEA (33% of revenue 1)


13,100 staff

Americas (19% of revenue 1)


10,800 staff

45% of revenues in fast growing geographies with a CAGR of ~30% since 200645% of revenues in fast growing geographies with a CAGR of ~30% since 2006

(1) 2010 revenues including Inspectorate over 12 months

Fast Growing zones(% of revenue1)

460 offices and 220 labs29,900 staffMature countries

(% of revenue1)

470 offices and 110 labs18,100 staff

55%

45%

Extensive geographic footprint with a strong exposure to fast growing zones


Financial Review

François TardanChief Financial Officer


Summary income statement

273.5

252.7

(5.0)

(87.1)

(61.1)

405.4

(27.8)

16.4%

433.2

484.0

2,647.8

FY 2009

+14.9%290.4Attributable net profit

+23.0%(34.2)Other operating expense

+30 bps16.7%Adjusted operating margin

315.2

(7.2)

(112.9)

(45.7)

456.3

490.5

553.9

2,929.7

FY 2010

+13.2%Adjusted operating profit(1)

+12.6%Operating profit

(25.2)%Net financial expense

+29.6%Income tax

+44.0%Minority interests

Change(in € millions)

+14.4%Adjusted EBITDA(1)

+15.2%Attributable adjusted net profit (1)

+10.6%Revenue

(1) Before amortization of acquisition intangibles, discontinued activities and transaction-related costs


FY 2010 revenue

2,647.82,929.7+2.9% +4.9%

+2.8%

(€m)

Total growth of

Good recovery of business in H2: organic growth of +6% vs +0% in H1.

FY 2009 Revenue External Growth Currency Impact FY 2010 RevenueOrganic Growth

+10.6%


Financial performance

Revenues & adjusted operating margin

Organic top-line & external growth

Adjusted operating margin

1,012 1,283 1,422 1,647 1,846 2,0672,549

2,9302,648

1,145

10.4%

11.9%

13.2%

14.4% 14.8% 14.5%15.1% 15.2%

16.4% 16.7%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

12%10%

6%

10%

13%

3%

9%

3%2%

10%

7% 7%7%7%

4%5% 5%

14%

2%

9%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Organic Grow th External grow th

Averageorganicgrowth:

Averageexternalgrowth:

7% 6%

Averagetotal

growth:Margin

improvement: 12%+220bps


Adjusted operating profit

€(3.7)m6.12.4Discontinued activities

+13.2%433.2490.5Adjusted operating profit

16.4%

27.8

-

21.7

405.4

FY 2009

+€6.4m34.2Total other operating expense

+€5.8m27.5Amortization of acquisition intangibles(1)

16.7%

4.3

456.3

FY 2010

+€4.3mTransaction-related costs


+12.6%Operating profit

+30 bpsAdjusted operating margin

(1) Including goodwill impairment of €1.8m of in 2010 and €1.9m in 2009


Net financial expense

(5.4)(1.0)(6.4)Other financial income / (expense)

+0.4(5.5)(5.1)Interest cost on pension plans

(0.7)0.7-O/w Fair value adjustments on foreign exchange hedges

+12.9(10.6)2.3Foreign exchange gains / (losses)

(1.3)(0.4)(1.7)O/w Fair value adjustments on interest rate hedges

(61.1)

(44.0)

FY 2009

(45.7)

(36.5)

FY 2010 Change(in € millions)

+7.5Finance costs, net

+15.4Net financial expense


Adjusted net profit

+44.0%(5.0)(7.2)Minority interests

273.5

278.5

0.1

0.4

(94.1)

(61.1)

433.2

FY 2009

+15.8%322.4Adjusted net profit

(25.2)%(45.7)Net financial expense

315.2

(0.1)

-

(122.3)

490.5

FY 2010

+30.0%Adjusted income tax(1)

-Net income from activities held for sale

-Share of profit of associates


+15.2%Attributable adjusted net profit

+13.2%Adjusted operating profit

(1) Effective tax rate of 27.5% in 2010 and 25.3% in 2009


Summary cash flow statement

+15.8%482.1558.1Cash before change in WCR and income tax

(65.3)(76.9)Purchases of property, plant and equipment

(110.1)(136.9)Income tax paid

0.61.6Proceeds from sales of property, plant and equipment

72.696.6Depreciation, amortisation and impairment, net

46.6(23.9)Movements in working capital

(5.1)%418.6397.3Net cash generated from operating activities

22.98.8Provisions and other non-cash items

42.242.2Elimination of cash flows from financing and investing activities

310.1

(43.8)

344.4

FY 2009

(34.4)Interest paid

287.6

410.5

FY 2010 Change(in € millions)

+19.2%Profit before income tax

(7.3)%Levered free cash flow


Adjusted net financial debt (1)

1,051.83.68.891.3567.5

693.0 287.6

Net Debt atDec. 2009

Levered freecash flow

Acquisitionspend

Dividends Disposals Others Net Debt atDec. 2010

(1) Net financial debt after currency hedging instruments as defined for the Group’s covenants calculation

(in € millions)


1.38x

1.89x

2.51x

2.07x

1.31x

Dec 07 June 08 Dec 08 Dec 09 June 10 Dec 10

Optimised leverage ratio (1)

Inspectorate acquisition financed through existing and new debt facilities

In excess of €400m debt with very long maturities ( 2018-2020)

€275m undrawn as of December 31, 2010

Amdel acquisition

Amdel acquisition

1.78x

(1) Adjusted net financial debt / EBITDA (earnings before interest, tax, depreciation, amortization and provisions) adjusted for all units acquired over the past 12 months

Inspectorate acquisition

Inspectorate acquisition


Summary financial position

693.01 051.8Adjusted net financial debt

125.1162.8Other non current liabilities(1)

501.2859.9Total equity

102.8101.1Provisions for other liabilities and charges

379.6611.5Net fixed assets

97.7117.0Other non current assets

166.9193.0Working capital requirements

1,476.42,250.8Total investment

832.21,329.3Goodwill

1,476.4

54.3

Dec. 2009

75.2Other current liabilities

2,250.8

Dec. 2010(in € millions)

Total resources

(1) Including retirement and other long-term employee benefits of €102.7m at December 2010 and €88.0m at December 2009.


2.91

2.53

2009 2010

Earning per share (EPS) and dividend

2.34

2.68

2009 2010

A dividend of €1.15 per share (+37%) will be proposedto the AGM of May 27, 2011, representing ~40% of Adj usted EPS

A dividend of €1.15 per share (+37%) will be proposedto the AGM of May 27, 2011, representing ~40% of Adj usted EPS

(1) Calculated on weighted average number of shares of 108,403,796 in 2010 and 108,040,729 in 2009(2) Before amortization of acquisition intangibles, discontinued activities and transaction-related costs

+15.0%+14.5%

EPS(1) Adjusted EPS (2)

(in € millions)


8 Acquisitions – c. €350m of revenues

€4mChinaElectrical & Electronics equipment testingSeptember 2010NS Technology

€0.5mItalyManagement systems certificationDecember 2010Certitex

Inspection services for the nuclear sector

Ski lifts inspection

Commodities inspection & testing

In-service inspection and verification of electrical equipments

Laboratories providing coal testing services

Elevator Inspection services

Business

France

France

Global

Italy

South Africa

USA

Country

November 2010

September 2010

September 2010

July 2010

June 2010

January 2010

Date

€8.5mAdvanced Coal Technology

€2mHalec

€2mThémis

€338mInspectorate

€2mK. Certificazioni

€0.2mSMSI

Annual revenuesName


Business Review



Revenue by business

-100%-86.8

841.5

47.2

95.0

89.9

110.7

122.0

211.4

78.5

€m

+3.8%0.0%+13.3%

+6.3%+11.6%+5.9%

+10.0%+0.1%+7.9%

0.0%

(5.0)%

(1.3)%

(0.3)%

0.0%

Scope

+6.1%(2.8)%

+3.3%0.0%

+4.8%(2.4)%

+1.6%+4.1%

+11.4%+16.4%

FXOrganic

Marine

Industry

IVS

Construction

Certification

Consumer Products

GSIT

2,929.7

115.9

180.1

382.3

321.6

427.8

431.1

757.4

313.5

€m

+4.6%0.0%(5.0)%

+4.9%+2.9%+2.8%

-100%-

+0.0%

+0.1%

0.0%

(5.5)%

(2.0)%

(0.9)%

Scope

+1.1%+0.9%

+5.5%+0.9%

+0.8%+12.8%

+4.3%+4.0%

+2.1%(3.1)%

+10.8%+10.3%

FXOrganic

(1) Inspectorate consolidated over 4 months

(1)

Total consolidated

Q4 2010 FY 2010


Adjusted operating profit by business

+100%-12.5

+13.2%433.2490.5

+55.6%19.630.5

99.4

57.6

40.8

41.3

74.8

99.7

FY 2009

+18.3%88.5

+15.3%66.4

+6.2%105.6

+7.4%43.8

+27.6%52.7

(9.2)%90.5

ChangeFY 2010

--10.8%

+30bps16.4%16.7%

+450bps12.4%16.9%

27.7%

19.4%

8.9%

9.6%

11.9%

31.7%

FY 2009

(20)bps11.7%

+120bps20.6%

(10)bps27.6%

+130bps10.2%

+260bps12.2%

(280)bps28.9%

ChangeFY 2010

Adj. Operating profit Adj. Operating margin

Marine

Industry

IVS

Construction

Certification

Consumer Products

GSIT

(1)

Total consolidated

(1) Inspectorate consolidated over 4 months

MarineConformity assessment of ships and marine equipment

31.7%

€99.7m

€314.8m

FY 2009

28.9%

€90.5m

+4.6%

0.0%

(5.0)%

€313.5m

FY 2010

Organic

Scope

Currency

(9.2)%Adjusted operating profit

(280)bpsAdjusted operating margin

Change

(0.4)%Revenue



Marine

44.348.6

54.6 58.364.5 68.4

76.5

9,493

7,9197,4827,0746,776

8,4668,933

Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10

9.7

4.6

9.5

17.4

30.2

35.6

31.028.8

3.56.1 5.3 6.5

10.912.2

18.0

2006 2007 2008 2009 2010

New orders Order book Deliveries

-5.0% organic evolution

New ships and equipment certification (53% of reven ues) -12.6% organic revenue evolution

2010 new order intake x2 vs 2009

In service activity (47% of revenues)+5.1% organic revenue evolution

Aligned with growth in in-service fleet

28.9% Adjusted operating margin (-280pbs)Volume decrease in new ships and equipment certific ation

services in Asia

OutlookSlight positive FY2011 top-line growth: still negat ivefor new ships and continuous growth for in-service

Growing segments: offshore units and service ships, offshore gas terminals, arctic shipping

New regulations:Green services and recyclability

US offshore

Inland navigation (dangerous goods) in Europe

(GRTm)

(Nb of ships)

BV new construction indicators

BV in-service fleet

(GRTm)

+10%

-10%

H2

+1%

-15%

H1

New ships

In-Service

(GRTm)

(Nb of ships)


Offshore initiative

Market contextSupported by oil price increase and LT demand

Offshore field development in increasingly deep water, development of projects in Arctic, requiring more technology

Need for additional units for oil surveys, drilling, production,support

Strengthening of regulations following the Gulf of Mexico disaster

BV initiative, positioningClassification rules development: FLNG, drilling ships, semi-submersible, for blow-out preventers (BOPs) and subseaequipmentsDevelopment of advanced hydro-structural tools for assessment of deepwater units global performance.

Key wins:

Classification: CLOV FPSO, Pride drilling units, Pipe laying barges. Feed appraisal: Shtokman Gas Project for SDAG, Tupi FLNG with Technip for Petrobras, FLNG for GDF-SUEZ, TRITON FSRU for GDF-SUEZ, EGINA FPSO for TOTAL, QUAD 204 for BP, Angola Block 32 for TOTAL

M04A/B – Gas Compression ModulesM09 – Sulphate Reduction

Lower Hull

Turbo Generators

Accommodation and Helideck

M07 – Gas Booster CompressionM08 – Amine Module

Integration of the whole UNIT

LER/IER Modules

Floating Production Unit P-55 for Petrobras

2010 Revenue ~€110m> 15% CAGR over 2010-2014

2010 Revenue ~€110m> 15% CAGR over 2010-2014

IndustryConformity assessment of facilities/equipment

Minerals testing

11.9%

€74.8m

€630.0m

FY 2009

11.7%

€88.5m

+10.8%

(0.9)%

+10.3%

€757.4m

FY 2010

Organic

Scope

Currency



Change

+20.2%Revenue



+10.3% Organic growth

Acceleration in Q4: +16.4%

All major segments contributingOil & Gas: Capex and OpexPower: Fossil, Nuclear and RenewableOffshoreMinerals

Brazil, Argentina, China, Africa in excess of 20%

11.7% Adjusted operating margin (-20 bps)

Diluting impact generated by the integration of for mer HSE activities

Industry

OutlookStrong organic growth in both Industry and Minerals

Operating Margin improvement

Price increases in Minerals

Services mix (Nuclear, AIM, Offshore)

New IS tool for Global shop inspection activity

2010 revenue breakdown

Industry€608.1m

in revenues11.6% in Adj.

Operating margin

Minerals€149.3m

in revenues12.2% in Adj.

Operating margin

Latin America25%

Asia Pacific21%

Middle East, India, Russia, Africa 14%

North Europe11%

North America 5%

South Europe24%

12.5%19.8%Minerals

9.9%

FY

15.6%

Q4

Industry

2010 revenue (excl. Minerals) by zone


Nuclear initiative

Global reach (400 engineers worldwide)

Diversified client base : operators (EDF, TVO, Kansai, Nucleoelectrica Argentina, Iberdrola, Endesa, GDF Suez,Eskom,NPCIL) ; Manufacturers (Areva, Westinghouse, Mitsubishi)

Complete service offering: from initial environmental Impact Assessment to In-service Inspection

2010 Revenue ~€50m

> 20% CAGR between 2010-2014

2010 Revenue ~€50m

> 20% CAGR between 2010-2014

A joint initiative of Areva and Bureau Veritas

NSQ100: nuclear standard based upon ISO 9001:2008 structure and comply with IAEA GS-R-3 & ASME NQA-1

Providing higher quality, reducing cost and time delivery for the supply chain

Integrate the major nuclear quality standards

Benefit from the existing industry quality standards and practices

Improve understanding of quality requirements by the suppliers

Help suppliers through an uniqueand shared quality platform

Standardize the requirementsin a globalized market

Nuclear reactors under construction

In-Service Inspection & VerificationPeriodic inspection of equipment & facilities to assess conformity with regulations

9.6%

€41.3m

€431.0m

FY 2009

12.2%

€52.7m

+1.1%

(2.0)%

+0.9%

€431.1m

FY 2010

Organic

Scope

Currency


+260bpsAdjusted operating margin

Change

0.0%Revenue



+0.9% Organic growth

First nine months impacted by portfolio rationaliza tion in the UK and Spain

12.2% Adjusted operating margin (+260 bps)On-going deployment of the new Siebel/Opale suite of integrated tools

Business tax reclassification impact in France

In-Service Inspection & Verification

OutlookEurope growth supported by new regulations

Continuous privatization trend in the US

Development in emerging countries (China, Turkey)

2010 Revenue breakdown by geography

France55%

Europe29%

Middle East & Africa3%

USA 6%Latin America 4%

Quarterly Organic growth

+1.7%

(4.1)%

+4.1%+1.7%

Q1'10 Q2'10 Q3'10 Q4'10

Others3%

8.9%

€40.8m

€457.5m

FY 2009

10.2%

€43.8m

+2.1%

(5.5)%

(3.1)%

€427.8m

FY 2010

Organic

Scope

Currency



Change

(6.5)%Revenue

ConstructionConformity assessment of buildings and infrastructures



(2.3)%+0.0%

(10.3)%

+0.6%

Q1'10 Q2'10 Q3'10 Q4'10

-3.1% Organic growth

Steady recovery over the year in all geographies ex cept Spain and the US

Double digit growth in Asia

Green building services growing in Europe

10.2% Adjusted operating margin (+130bps)Improved profitability in Japan (volume expansion)and France (business tax reclassification)

Downsizing continues in Spain

OutlookH1 still sluggish due to Spain and the US

Positive trend in France

Asia expansion: Japan, China, Vietnam, India

2010 revenue breakdown by geography

France46%

USA 19%

Spain 17%Germany 2%

Asia 8%

Others5%

Construction


Middle-East & Africa3%


Green Building: BV, a global partner of reference

A large growing market, driven by:New Energy and Carbon regulations , especially in Europe (Energy Performance of Buildings Directive 2010) and Asia Green Value of assets, becoming a new driver in acquisitions and portfolio strategies Increased awareness of quality of buildings

2010 Revenue ~ €23m

> 30% CAGR over 2010-2014

2010 Revenue ~ €23m

> 30% CAGR over 2010-2014

A unique positioningA global leadership group with managers from USA, Europe, Middle East, China, Japan, Turkey

Development of a Green Rating Tool in Europe with AXA REIM, GE RE, ING REIM, AEW Europe, Kanam Grund, Allianz RE and Lasalle Investment

Development of a web-based benchmark platform recording environmental data of audited buildings

Global network of construction, energy and environmental specialists, qualified for Green Buildings schemes (LEED, BREEAM, CASBEE)

Energy management missions contract for large international companies: Alstom, L’Oréal, GE RE, Barclays

Since 2009, Bureau Veritas has measured the environmental performance of over 3 million m² of office, retail and logistic properties in Europe through the Green Rating initiative. In 2011, this is turning into the Green Rating Alliance , including Bureau Veritas and 7 major real estate companies.

The launch of this initiative in Europe will be replicated in Asia from 2011

19.4%

€57.6m

€296.9m

FY 2009

20.6%

€66.4m

+4.3%

0.0%

+4.0%

€321.6m

FY 2010

Organic

Scope

Currency



Change

+8.3%Revenue

CertificationCertification of management systems

in the area of QHSE and second party auditing services



+4.0% Organic growthQ4 negative due to the loss of the French Civil Avi ation contract (€22m of revenues in 2010)

Double digit growth in the BRICs

Global contracts with multinational companies

20.6% Adjusted operating margin (+120bps)Deployment of the new Siebel/SAS suite of integrate d tools almost completed.

Certification

OutlookNew sustainability schemes: energy management, biofuels, GHG, carbon footprint

Industry specific standards: automotive, railways, food, forestry

Customized audit solutions for large multinational companies

Impact of the loss of the French Civil Aviation contract

2010 revenue breakdown

Food schemes9%

Standard schemes(ISO 9K,14K,18K)63%

Transport schemes7%

Sustainability & Climatechange schemes

6%

Europe60%

Second party& customized audits

8%

Middle East, India, Russia, Africa

10%

Asia Pacific15%

Latin America12%

North America3%

Training & Others7%

-

-

-

-

-

-

FY 2009

10.8%

€12.5m

-

100%

-

€115.9m

FY 2010

Organic

Scope

Currency

100%Adjusted operating profit

-Adjusted operating margin

Change

100%Revenue

InspectorateCommodities inspection and testing

Oil & Petrochemicals – Metals & Minerals - Agriculture



+12.2% Organic growth over FY 2010

Oil & Petrochemicals : increased coverage and capability from

growth projects (Ukraine, US, India, China, Latin America)

Metals & Minerals : recovery in upstream exploration, solid

growth in coal inspection and testing (Asia, Russia)

Joint key wins with BV : Riversdale & Richards Bay

Agriculture : increase in testing requirements (pesticides,

GMO, US Food Safety Enhancement Act)

10.2% Adjusted Operating margin over FY 2010 Recovery in M&M during H2, particularly the higher margin

upstream business

Increased revenue leveraging central fixed costs

Oil & Petrochemicals57%

Metals &Minerals

29%

Agriculture14%

2010 revenue by market segment

Inspectorate


Bureau Veritas becoming a leading playerin commodities inspection and testing

Global #3 in Oil

Global #2 in Minerals

Global #2 in Agri

A new verticalized business as of January 1st 2011

Pro-forma 2010 revenues of €488m and adjusted

operating margin of 10.7%

Network of more than 200 laboratories

Oil & Petrochemicals40%

Metals &Minerals

50%

Agriculture10%

. OutlookFurther expansion of the global platform:South America, Africa, Middle East and Asia

Increase of the testing share

Pursue selected tuck-ins opportunities

Margin improvement: central cost optimization, scal e, lab consolidation in Australia and Latin America

12.0%18150

338

488

Revenues

34

52

Adjusted Operating

profit

10.2%

Margin %

10.7%Pro-forma

2010 Pro Forma

Revenue breakdown

Commodities business

27.7%

€99.4m

€359.1m

FY 2009

27.6%

€105.6m

+5.5%

+0.1%

+0.9%

€382.3m

FY 2010

Organic

Scope

Currency



Change

+6.5%Revenue

Consumer ProductsTesting, inspection and certification of consumer goods



Strong recovery on growth

Toys and Juvenile products at +7.5% in H2 vs -20.6% in H1’10 due to strong CPSIA comps in H1’0 9

China testing for domestic standards

Expansion into growing sourcing markets (Vietnam, Cambodia, Indonesia, Korea, Bangladesh and China inland)

27.6% Adjusted operating margin (-10bps)Global productivity initiative

Shift to lower cost platform in China

OutlookEnforcement of new regulations: EU Toys Directive, REACH and EuP

E&E expansion in Greater China with added EMCand GSM capabilities, development of testing servic es for electronic toys

Leverage of integrated supply chain solutions (audi t, testing, inspections) for Softlines. BV One Source deployment

Food and cosmetics initiative

2010 revenue by product

Toys & hardlines 41%

Textiles, garments &

softlines39%

Electrical& electronics

20%

+2.1%+5.3%

+7.9%

(11.2)%

Q1'10 Q2'10 Q3'10 Q4'10


Consumer Products

Government Services & International TradeTrade facilitation services and commodities inspection and testing

12.4%

€19.6m

€158.5m

FY 2009

16.9%

€30.5m

+0.8%

0.0%

+12.8%

€180.1m

FY 2010

Organic

Scope

Currency



Change

+13.6%Revenue



+12.8% Organic growthIncrease in FOB value inspected (Africa, Middle Eas t, Asia)

New Verification Of Conformity – VOC programs: Algeria, Saudi Arabia, Syria, Philippines

Scope expansion: Indonesia

First Single Window contract signed in Benin

16.9% Adjusted operating margin (+450bps)

Increased volumes

Global back office consolidation in Mumbai

OutlookStart-up of contracts in Iraq and Zambia

Ivory Coast expected to be weak in Q1

New VOC and Vehicule Inspection Services opportunities in the pipeline (Africa, Middle Eastand Central Asia)

2010 revenue breakdown by geography

Europe7%

Africa63%

Single Window - Port of Cotonou (Benin)

Middle East & Asia21%

Americas9%

Government Services & International Trade


Outlook



2011 Outlook

In 2011, the Group expects strong growth in revenues a nd adjusted operating profit, taking into account:

The impact of the full-year consolidation of acquisitions completed in 2010 and year-to-date; and

Organic growth exceeding that of 2010 and consistent with H2.

Those expectations are aligned with 2006-2011 object ives, despite a more difficult economic environment than expected at IPO time (October 2007)

2006-2011 objectives:

Doubling of revenues at constant exchange rates

150 bps improvement in adjusted operating margin (from 14.5% to 16.0%)

Average annual growth in adjusted net profit between 15% and 20%


Q&A


Appendix


Consolidated income statement

252.7290.4Attributable net profit

257.3297.6Profit from continuing operations

344.4410.5Profit before income tax

(37.1)2.1Net (additions to)/reversals of provisions

(58.8)(60.8)Taxes other than on income

(1,336.5)(1,479.4)Personnel costs

(70.6)(89.1)Depreciation and amortization

(750.2)(843.4)Purchase and external charges

10.8(2.8)Other operating income / (expense)

0.1(0.1)Share of profit of associates

(87.1)(112.9)Income tax expense

297.6

-

(45.7)

(9.2)

(36.5)

(38.4)

1.9

456.3

2,929.7

FY 2010

(17.1)Other financial income/(expense)

257.7Net profit

(44.0)Finance costs, net

(61.1)Net financial expense

0.4Profit from operations held for sale

(45.4)Finance costs, gross

405.4Operating profit

1.4Income from cash and cash equivalents

2,647.8Revenue

FY 2009(in € millions)


Consolidated financial position

171.4330.4Intangible assets

57.281.4Current income tax liabilities

489.7844.4Equity attributable to shareholders of the Company

11.515.5Minority interests

501.2859.9Total equity

740.81,185.8Bank borrowings

227.9284.0Other non-current liabilities

968.71,469.8Total non-current liabilities

632.8736.7Trade and other payables

138.2124.8Current financial liabilities

828.2942.9Total current liabilities

2,298.13,272.6Total equity and liabilities

41.928.2Other current assets

147.0225.0Cash and cash equivalents

987.81,182.9Total current assets

2,298.13,272.6Total assets

798.9929.7Trade and other receivables

208.2281.1Property, plant and equipment

1,310.32,089.7Total non-current assets

98.5148.9Other non-current assets

832.21,329.3Goodwill

Dec. 2009Dec. 2010(in € millions)


Consolidated statement of comprehensive income

289.1430.5Comprehensive income

284.3423.0Attributable to equity holders

--Financial assets held for sale

13.170.8Currency translation adjustments

31.4132.9Total other comprehensive income for the period,net of income tax

7.5

(1.1)

(10.3)

73.5

297.6

FY 2010

24.6Cash Flow hedge instruments

(5.6)Actuarial gains / losses

(0.7)Income tax on other comprehensive income

FY 2009(in € millions)

4.8minority interests

257.7Net profit


Statement of changes in equity

(in € millions)

-13.613.613.6---Fair value of share-based payments

5.9-5.95.9---Perimeter entries

(6.2)6.2-----Purchase of minority interests

-1.01.01.0---Transactions on treasury shares

15.5844.4859.9702.726.3117.813.1Dec. 31, 2010

7.5423.0430.5359.770.8--Total comprehensive income

(3.5)(68.3)(71.8)(73.4)-1.6-Total transactions with shareholders

(0.5)0.3(0.2)(0.2)---Other movements

(2.7)(91.0)(93.7)(93.7)---Dividends paid

-1.61.6--1.6-Exercise of stock options

11.5489.7501.2416.4(44.5)116.213.1January 1, 2010

Attributableto minorityinterests

Attributable toshareholders

of the Company

Totalequity

Otherreserves

Currencytranslationreserves

Sharepremium

Sharecapital


Cash flow statement

15.58.8Proceeds from sales of subsidiaries

4.84.6Proceeds from sales of non-current financial assets

7.31.1Other

(72.0)(646.1)Net cash used in investing activities

4.21.6Capital increase

1.31.4Purchase/sale of treasury shares

(82.7)(91.3)Dividends paid

106.8727.2Increase in borrowings and other debt

(338.9)(304.5)Repayments of borrowings and other debt

(43.8)(34.4)Interest paid

(353.1)300.0Net cash generated from (used in) financing activit ies

0.410.9Impact of currency translation differences

(6.1)62.1Net decrease/increase in cash, cash equivalents and bank overdrafts

(7.2)(17.8)Purchases of non-current financial assets

(110.1)(136.9)Income tax paid

418.6397.3Net cash generated from operating activities

(27.7)(567.5)Acquisitions of subsidiaries

(65.3)(76.9)Purchases of property, plant and equipment and intangible assets

0.61.6Proceeds from sales of property, plant and equipment and intangible assets

46.6(23.9)Movements in working capital attributable to operations

42.242.2Elimination of cash flows from financing and investing activities

72.696.6Depreciation, amortization and impairment

22.98.8Provisions and other non-cash items

344.4410.5Profit before income tax

FY 2009FY 2010(in € millions)


Detail of adjusted EBITDA calculation

553.9

(25.7)

89.1

490.5

FY 2010 FY 2009(in € millions)

70.6+ Depreciation and amortisation

484.0Adjusted EBITDA

(19.8)- Amortisation of business combination intangibles

433.2Adjusted operating profit


Detail of adjusted net financial debt calculation

147.0225.0Total cash and cash equivalents

679.31,069.6Net financial debt

1,051.8

(17.8)

1,294.6

23,6

85,2

1,185.8

Dec. 2010

693.0Adjusted net financial debt

13.7

826.3

7.7

77.8

740.8

Dec. 2009

Impact of currency hedging instruments

Bank borrowings (current)

Gross financial debt

Bank overdrafts

Bank borrowings (non-current)

(in € millions)


Currency exposure

0.11%0.05%CNY

0.01%0.03%GBP

1% EuroChange vs.

Group Revenue Impact

Group Operating Profit Impact

USD 0.16% 0.20%

HKD 0.05% 0.09%

AUD 0.06% 0.03%

1. As of November 30, 2010

Euro 41%Others 18%

BRL 4%

CNY 5%

JPY 2%

AUD 6%GBP 3%

HKD 5% USD 16%

Revenue Currency Split (1) Key Sensitivities (1)


Earnings per share (EPS)

2.49

2.53

2.30

2.34

2009

2.85

2.91

2.63

2.68

2010

+15.0%Basic adjusted EPS (1)

+14.5%Diluted adjusted EPS(2)

+14.3%Diluted EPS(2)

+14.5%Basic EPS (1)


(1) Calculated on weighted average number of shares of 108,403,796 in 2010 and 108,040,729 in 2009(2) Calculated on weighted average number of shares for diluted earnings of 110,523,001 in 2010 and 109,750,740 in 2009


Shareholder structure

Market capitalization of €6.1bn at February 25, 2011

Ownership structure (1) Free float breakdown

o/w 26% US24% France21% UK16% Continental Europe (ex. France)

(1) As at January 31, 2011

Treasuryshares 0.7%

Wendel group 51.5%

Managers 2.9%

Employees0.8%

Free Float44.1%

Institutionalinvestors91%

Individual investors9%

2010 Full-Year Results...Pro Forma Key figures* FY 2010 Revenues of €3.15 Bn 48,000 employees 930...

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Transcript of 2010 Full-Year Results...Pro Forma Key figures* FY 2010 Revenues of €3.15 Bn 48,000 employees 930...