Atalian FY 2014 results December 9, 2014 Confidential
Disclaimer Certain statements in this presentation are forward-looking. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. These include, among other factors, changes in economic, business, social, political and market conditions, success of business and operating initiatives, and changes in the legal and regulatory environment and other government actions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward- looking statements, which speak only as of the date of this presentation. Information contained herein relating to markets, market size, market share, market position, growth rates, penetration rates and other industry data pertaining to the Company’s business is based on the Company’s estimates and is provided solely for illustrative purposes. In many cases, there is no readily available external information to validate market-related analyses and estimates, thus requiring the Company to rely on internal surveys and studies. The Company has also compiled, extracted and reproduced market or other industry data from external sources, including third parties or industry or general publications, for the purposes of its internal surveys and studies. Any such information may be subject to significant uncertainty due to differing definitions of the relevant markets and market segments described. This presentation contains references to certain non-IFRS financial measures and operating measures. These supplemental measures should not be viewed in isolation or as alternatives to measures of the Company’s financial condition, results of operations or cash flows as presented in accordance with IFRS in its consolidated financial statements. The non-IFRS financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies. 1 FY 2014 R ESULTS
Today’s presenting team Franck Julien Franck Julien Sophie Pécriaux – Julien Sophie Pécriaux – Julien Chairman of ATALIAN Group Chairman of ATALIAN Group Vice President of ATALIAN Group Vice President of ATALIAN Group Matthieu de Baynast Matthieu de Baynast Loïc Evrard Loïc Evrard Chairman of ATALIAN International Chairman of ATALIAN International Chief Finance Officer of ATALIAN Group Chief Finance Officer of ATALIAN Group 2 FY 2014 R ESULTS
Summary 1 KEY HIGHLIGHTS FOR THE YEAR 4 2 BUSINESS REVIEW 10 3 FINANCIAL REVIEW 17 4 STRATEGY UPDATE 22 3 FY 2014 R ESULTS
1 KEY HIGHLIGHTS FOR THE YEAR 4 FY 2014 R ESULTS
1. Key highlights for the year Atalian Overview FY 2014 FY 2014 Sales: €1,266.7m FY 2014 EBITDA: €87.1m (6.9% margin) FY 2014 proforma (1) EBITDA: €90.1m Cleaning Facility Management International FY 2014 sales (2) : €697.2m vs. FY 2014 sales (2) : €157.5m vs. €152.0m FY 2014 sales (2) : €436.6m vs. €439.5m in 2013 €645.2m in 2013 in 2013 FY 2014 EBITDA (3) : €27.9m FY 2014 EBITDA (3) : €72.9m FY 2014 EBITDA (3) : €8.9m FTE (4) employees: ~6,800 FTE (4) employees: ~19,400 FTE (4) employees: ~8,200 Integrated and standalone offering of Facility Renown multi-services and multi- Management services Leading player in France technical player in Europe Engineering services ( €194.3m sales (2) , 44.5% of FM) Comprehensive offering of Cleaning, Security and Facility – Well-established player in France traditional and specialised Management services – Multi-technical, Construction, Technical building services maintenance and Industrial utilities services, Energy Presence in 15 countries outside saving of France , primarily in Eastern & Security services ( €134.2m sales (2) , 30.7% of FM) Central Europe and South East Asia – Strong brand recognition Other businesses ( €108.1m sales (2) , 24.8% of FM) – Landscaping, Painting and Transportation services Covering most of the building and industrial services, Atalian is a leading Facility Management provider in France, Eastern & Central Europe and South East Asia (1) Proforma EBITDA 2014 is calculated as if the acquisitions realized during the fiscal year 2014 (Niwaki Group subsidiaries, Etkin and acquisitions in South East Asia) had occurred on September 1st, 2013 (2) Excluding inter-sectors transactions (€(24.6)m in 2014 and €(30.5)m in 2013) (3) Excluding holding costs (€22.8m in total) 5 (4) FTE = Full time equivalent average in 2014 FY 2014 R ESULTS
1. Key highlights for the year Focus on the year 2014 Continued results improvement – Group revenue: €1,267m in 2014 vs. €1,206m in 2013, +5% despite challenging economic environment Financial – Highest level of EBITDA ever reached of €87m (proforma (1) EBITDA: €90m) performance – Net result growth of +85% to €15m in 2014 – Adjusted net debt of €319m (3.5x proforma (1) EBITDA) vs. €335m (4.0x proforma (1) EBITDA) in 2013 New contracts Membership in the United Nations Global Compact Sustainability Charter Code of ethics – Introducing an ethical approach within the Group goes well beyond its initial commitment to comply with laws and regulations. By taking such an approach beyond the strict confines of legalities and standards, A TALIAN Group has a long-term vision. This Code is a necessary support for our development strategy Sustainability and an important vehicle for our continuous quest to deliver performance. commitments (1) Proforma EBITDA 2014 is calculated as if the acquisitions realized during the fiscal year 2014 (Niwaki Group subsidiaries, Etkin and acquisitions in South East Asia) had occurred on September 1 st , 2013 6 FY 2014 R ESULTS
1. Key highlights for the year Events of the year 2014 Acquisitions of the year in France Acquisitions in South East Asia – Acquisition of 5 subsidiaries in Cleaning Niwaki – Acquisition in February of Tritunggal in Group generating around €27m in turnover with Indonesia (turnover around $8.5m full 500 employees and €4m EBITDA (full year) year), engaged in cleaning activities and – Acquisition of Ergelis (Energy Saving) allowing to multi-services. This company employs over further complete the scope of services, providing 2,300 FTE employees and is ISO 9001 competitive differentiation and tools to retain certified existing maintenance contracts. Team of 25 – Acquisition in July of FM Advance Service highly qualified engineers currently in charge of in Thailand Bangkok (turnover around innovation for the whole group. Annual revenue of $2.0m full year), engaged in technical around €2m maintenance activities with 200 FTE – Acquisition of Socanet (Cleaning North of France, employees €2m of annual turnover and EBITDA of €0.7m) – Post Q4 event: • Acquisition of Harta in Malaysia Acquisition of the year in Turkey operating in cleaning and facility – Acquisition of Etkin in multi-technical services, management services with around generating around €10m in turnover per year and $30m of revenues and EBITDA of €3.0m EBITDA of €1.1m, with approximately 170 FTE (full year). Completed in November employees New financial department: INTERNAL AUDIT – Team members: 2 senior auditors directly under the Group CFO supervision – Assignments: • Supporting audit assignments during acquisitions • Analysing and securing overall processes (especially cash flows) • Supporting local teams during the implementation of Group management software 7 FY 2014 R ESULTS
1. Key highlights for the year Key figures – FY 2014 EBITDA increased to €87.1m vs. €74.9m as of FY Increase of revenue mainly due to external growth 2013 (+16.3%) (impact of +6.4%) EBITDA margin reached 6.9% vs 6.2% Q4 trend: stability of sales (€317.9m vs. €318.9m as of Q4 2013) All divisions resist the price pressure (1) (1) Including inter-sectors transactions (€(24.6)m in 2014 (2) Total EBITDA including Holding costs (2) and €(30.5)m in 2013) 8 FY 2014 R ESULTS
1. Key highlights for the year Key figures – Q4 2014 (1) Total EBITDA including Holding costs 9 FY 2014 R ESULTS
2 BUSINESS REVIEW 10 FY 2014 R ESULTS
2. Business review Q4 2014 Group revenue in € millions Change in scope of +€77.2m, mainly related to Cleaning International activities recurring business has increased activities (+€70.5m) and International (+€17.4m) by +6.0%, whereas add-on sales have been reduced considerably Despite a complicated market, especially for Cleaning, limited decrease of Group organic growth by -1.1% Forex impact of €(3.5m) essentially due to Czech Koruna and Hungarian Forint Positive organic growth for FM activities of 2.2% 11 FY 2014 R ESULTS
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