S T SUL RE 2015 ANNUAL Ma rc h 10 th , 2016 F ORWARD L OOKING - - PDF document

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S T SUL RE 2015 ANNUAL Ma rc h 10 th , 2016 F ORWARD L OOKING - - PDF document

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S T SUL RE 2015 ANNUAL Ma rc h 10 th , 2016 F ORWARD L OOKING ST AT E ME NT S T his pre se ntatio n may c o ntain so me fo rward-lo o king state me nts. T he se state me nts are no t unde rtaking s as to the future pe rfo rmanc e

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SLIDE 1

2015 ANNUAL RE SUL T S

Ma rc h 10th, 2016

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SLIDE 2

F ORWARD L OOKING ST AT E ME NT S

2

T his pre se ntatio n may c o ntain so me fo rward-lo o king state me nts. T he se state me nts are no t unde rtaking s as to the future pe rfo rmanc e

  • f the

Co mpany. Altho ug h the Co mpany c o nside rs that suc h state me nts are base d o n re aso nable e xpe c tatio ns and assumptio ns at the date o f public atio n o f this re le ase , the y are by the ir nature subje c t to risks and unc e rtaintie s whic h c o uld c ause ac tual pe rfo rmanc e to diffe r fro m tho se indic ate d o rimplie d in suc h state me nts. T he se risks and unc e rtaintie s inc lude witho ut limitatio n the risk fac to rs that are de sc ribe d in the Do c ume nt de Base and in the 2014 Annual F inanc ial Re po rt, bo th re g iste re d in F ranc e with the F re nc h Auto rité de s marc hé s financ ie rs. I nve sto rs and ho lde rs o f share s o f the Co mpany may o btain c o py o f the se do c ume nts fro m the Auto rité de s marc hé s financ ie rs’ we bsite : www.amf-franc e .o rg o r fro m the Co mpany’ s we bsite : www.c o rpo rate -e lis.c o m T he 2015 Do c ume nt de Ré fé re nc e will be re g iste re d with the Auto rité de s marc hé s financ ie rs in the se c o nd half o f April 2016. T he Co mpany do e s no t have the o blig atio n and unde rtake s no

  • blig atio n to

update

  • r re vise

any

  • f the

fo rward-lo o king state me nts.

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SLIDE 3

Ouve r tur e de l’Asse mblé e Gé né r ale

T hie r r y Mor in – Pré side nt du Co nse il de Surve illa nc e

BUSINE SS OVE RVIE W

slide-4
SLIDE 4

2015 HIGHL IGHT S

4

Solid financ ial ac hie ve me nts in 2015

  • Or

ganic gr

  • wth of +2.9%
  • E

BIT DA in line with e xpe c tations in a diffic ult mac r

  • e nvir
  • nme nt

impac te d by the te r r

  • r

ist attac ks in Par is

  • Ve r

y good M&A mome ntum: 9 signific ant ac quisitions c omple te d in 2015

  • Suc c e ssful IPO and full r

e financ ing of de bt Continue d imple me ntation of Gr

  • up str

ate gy

  • Mar

ke t shar e gains in all ge ogr aphie s

  • Impr
  • ve me nt in ope r

ational e xc e lle nc e

  • E

xpansion of L atin Ame r ic an platfor m and e ntr y into Chile an mar ke t

  • Str
  • ng gr
  • wth in our Pe st Contr
  • l ac tivity (3D)
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SLIDE 5

(E UR million) 2015 2015 vs. 2014 Re ve nue s 1,415.4

Re por te d: +6.3% At c onsta nt e xc ha ng e ra te : +6.6% Or ganic : + 2.9%

E BIT DA 446.1

+4.0%

% o f re ve nue 31.5%

  • 70b ps

He adline ne t r e sult * 71.4

10x

Ne t de bt / E BIT DA ** 3.1x

4.7x in 2014

2015 KE Y F IGURE S

5

* Afte r e liminatio n o f impairme nt c harg e , PPA de pre c iatio n and I PO and re financ ing e xpe nse s (ne t o f tax) ** T railing 12 mo nths E BI T DA, pro fo rma fo r the full ye ar impac t o f ac quisitio ns

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SLIDE 6

34% 20% 18% 28%

70% 13% 10% 7%

2015 RE VE NUE BRE AKDOWN

Industry Southe rn E urope F ra nc e L a tin Ame r ic a

By activity

6 47% 31% 22%

Hyg ie ne a nd we ll- be ing Workwe a r F la t line n T r ade & Se r vic e s Hospita lity He a lthc a re Northe rn E urope

By end‐market By geography

No rthe rn E uro pe inc lude s S witze rland, Ge rmany, Be lg ium, L uxe mbo urg and Cze c h Re public S

  • uthe rn E

uro pe inc lude s S pain, Po rtug al and I taly L atin Ame ric a inc lude s Brazil and Chile

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SLIDE 7

2015 RE VE NUE PE R QUART E R

(E UR million) Q1 Q2 Q3 Q4 2015 2015 re ve nue s 322.0 360.4 381.2 351.8 1,415.4

2014 re ve nue s 302.4 341.9 355.8 330.9 1,331.0 Re po rte d g ro wth +6.5% +5.4% +7.1% +6.3% +6.3%

Gr

  • wth at c onstant e xc hange r

ate s +5.6% +5.0% +8.0% +7.6% +6.6% Or ganic gr

  • wth

+2.6% +2.1% +4.0% +2.6% +2.9%

7

slide-8
SLIDE 8

ORGANIC GROWT H BY COUNT RY

8

2015 or ganic gr

  • wth

> 4%

Spa in, Be lux, Cze c h Re pub lic

F r

  • m 3% to 4%

Bra zil, Po rtug a l, I ta ly

F r

  • m 0% to 3%

F ra nc e , Switze rla nd, Ge rma ny

< 0%

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SLIDE 9

2015 KE Y BUSINE SS HIGHL IGHT S

F ra nc e Southe rn E urope Northe rn E urope L a tin Ame ric a

  • Mar

ke t shar e gains

  • Continue d

roll- out

  • f

la rge c ontr ac ts

  • Diffic ult

mac ro e nvironme nt a nd low visibility

  • Controlle d pric ing pre ssure
  • Ve r

y good c omme r c ial mome ntum in our 3 c ountr ie s

  • Double -digit
  • r

ganic gr

  • wth

in Spa in

  • Consolidation

in Spain with ac quisition of 4th lar ge st mar ke t playe r

  • T

ra nsfe r

  • f

know- how a nd pr

  • duc tivity impr
  • ve me nt
  • Good

M&A mome ntum with 4 ac quisitions in 2015

  • E

lis be c ame mar ke t le ade r in Switze rla nd

  • Ne g a tive impac t from Swiss F

ra nc

  • n winte r se ason ac tivity
  • Diffic ult

mac r

  • e nvir
  • nme nt

in Bra zil

  • Good

c omme rc ial mome ntum with

  • r

ganic gr

  • wth

above 3% in Bra zil

  • Ac quisition
  • f Albia,

n°1 playe r in Chile

  • Str
  • ng pr
  • duc tivity impr
  • ve me nt 9
slide-10
SLIDE 10

CONT RACT WINS & RE NE WAL S

10

Wins Re ne wals Hospitality He althc ar e Industr y / T r ade & Se rvic e s

slide-11
SLIDE 11

NE W ST AT E OF T HE ART PL ANT IN NANT E RRE

11

  • 10,000sqm de dic ate d to hospitality c lie nts
  • Pla nt ide a lly loc a te d - le ss tha n 10km from Pa ris
  • Capac ity of above 450 tons with 2 te ams ove r

6 days

  • Absor

bs the volume s fr

  • m the Pute aux plant (c lose d dur

ing summe r 2015)

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SLIDE 12

VE RY ST RONG M&A MOME NT UM IN 2015

F ra nc e

  • 1

la undry ma inly se rving Hospita lity c lie nts in the Gironde re g ion

  • Ac quisition of sma ll c lie nt portfolios

 F

urthe r ne twork improve me nt Switze rla nd

  • 4 la undrie s (Ca nton of Gra ubünde n, c a nton of
  • St. Ga lle n, Zuric h)

Uriva lle d c ove ra g e with a ne twork

  • f

15 la undrie s Spa in

  • Ac quisition of 4th la rg e st pla ye r
  • 1 la undry in Alic a nte

a nd 1 in the Ba le a ric Isla nds

 Ne twork improve me nt a nd quic k syne rg ie s

Ge rma ny

  • 1

la undry in Munic h, 2 ne a r F ra nkfurt a nd 2 ne a r Ha mburg *

 E

lis re ma ins a sma ll pla ye r but is g rowing in some ke y re g ions Bra zil

  • 2

la undrie s se rving He a lthc a re c lie nts: 1 in F

  • rta le za (Northe a st) & 1 ne a r Sã o Pa ulo*

F urthe r ne twork improve me nt in stra te g ic re g ions Chile

  • Ac quisition of ma rke t le a de r, Albia
  • 8 la undrie s se rving He a lthc a re , Hospita lity a nd

Industry (mining ) c lie nts

 Comple me nta ry to Bra zilia n a c tivity in L

a ta m

* Announc e d in Januar y 2016 * Announc e d in Januar y 2016

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SLIDE 13

E L IS E NT E RS CHIL E AND E XPANDS IT S L AT AM PL AT F ORM

13

Why Chile ?

  • L

ine n r e nta l a nd ma inte na nc e ma rke t a lre a dy de ve lope d, a nd g rowing

  • E

lis imme dia te ly be c ome s ma rke t le a de r in the c ountry with 25% ma rke t sha re (#2 a nd #3 have c . 9% and 6% r e spe c tive ly)

  • Additiona l c onsolida tion opportunitie s
  • E

c onomic a lly, soc ia lly a nd politic a lly sta ble c ountry Ke y figur e s

  • Annua lize d re ve nue s of c . €20mn
  • E

BIT DA ma rg in in line with e xisting Br a zilia n

  • pe ra tions
  • Attra c tive a c quisition multiple
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SLIDE 14

E L IS BE COME S MARKE T L E ADE R IN SWIT ZE RL AND

14

  • In 5 ye a rs, E

lis ha s g rown from nic he pla ye r to ma rke t le a de r

  • Solid or

ganic gr

  • wth c ouple d with 7 tar

ge te d ac quisitions (inc luding 2 in 2015)

  • c . €100mn sa le s a nd one of the be st E

BIT DA ma rg ins in E urope within the Group

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SLIDE 15

CONT ROL E D PRICING PRE SSURE IN F RANCE

2013 bac kgr

  • und:
  • F

re nc h ma rke t ha s be e n diffic ult for se ve ra l ye a rs. Howe ve r, E lis struc tura lly

  • utpe r

for me d its c ompe titor s.

  • E

lis’ ma rke t sha re wa s unde rwe ig ht with lar ge ac c ounts H2 2015: initiative s take n by E lis

  • Pric ing

re vie w la unc he d with the he lp of spe c ia lize d e xte rna l c onsulta nts a nd imple me nta tion of an ac tion pla n

  • Slig ht

de c re a se in pre ssure from c ompe titors 2014: E lis imple me nts stra te g y to g a in ma rke t shar e

  • Minor

pric e disc ounts gra nte d to some la rg e ac c ounts, c ompe nsa te d by produc tivity improve me nts from the additional volume s signe d

  • Many c omme r

c ial suc c e sse s 2015: ge ne r alize d pr ic ing pr e ssur e

  • In a

soft ma rke t with no infla tion, some c ompe titors re a c te d strong ly to win ba c k volume s that had be e n lost to E lis

  • Sig nific a nt impa c t on ma rg in at the e nd of

H1 2015

15

slide-16
SLIDE 16

41.5% 0.9% 57.6%

SUCCE SSF UL IPO AND F UL L RE F INANCING

16

F e brua ry: IPO

  • T
  • tal offe r

ing size : €854m (post g r e e nshoe )

  • Public floa t: 58% of sha re c a pita l

April: full re fina nc ing

  • 2 a ttra c tive sourc e s of fina nc ing : ba nking

& bond de bt

  • Ave r

age c ost of de bt be low 3%

  • Nor

mative c ash inte r e st of €45m pe r ye ar

  • No signific ant r

e payme nt be for e 2020

Othe r (E CIP E lis, Ma na g e me nt)

*: o f whic h 38.5% o f to ta l sha re c a pita l thro ug h L e g e ndre Ho lding 27 SAS

Public float E ura ze o*

slide-17
SLIDE 17

F INANCIAL HIGHL IGHT S

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SLIDE 18

2015 RE SUL T S

(E UR million) 2015 2014 Change Re ve nue s 1,415.4 1,331.0 +6.3% E BIT DA 446.1 429.1 +4.0%

% o f re ve nue s 31.5% 32.2%

  • 70b ps

E BIT 208.4 210.2

  • 0.9%

% o f re ve nue s 14.7% 15.8%

  • 110b ps

He adline ne t r e sult * 71.4 6.5 +997.2% He adline fr e e c ash flow ** 56.6 87.0 Adjuste d ne t de bt at e nd of pe r iod

Adjuste d ne t de b t / E BI T DA *** 1,440.7

3.1x 2,019.1 4.7x

18

* Afte r e liminatio n o f impairme nt c harg e , PPA de pre c iatio n and I PO and re financ ing e xpe nse s (ne t o f tax) ** Afte re liminatio n o f I PO and re financ ing c o sts *** T railing 12 mo nths E BI T DA, pro fo rma fo r the full ye ar impac t o f ac quisitio ns

slide-19
SLIDE 19

2015 KE Y F INANCIAL HIGHL IGHT S

F ra nc e

  • +2.5% or

ganic gr

  • wth dr

ive n by the roll- out

  • f

lar ge c ontrac ts (Hospitality and He althc ar e )

  • Q4 org a nic g rowth impac te d by

the te rrorist a tta c ks in Pa ris

  • E

BIT DA mar gin dr

  • p

c ontaine d to - 70bps

E urope

  • +20% r

e ve nue gr

  • wth
  • Str
  • ng or

ganic gr

  • wth in Southe r

n E ur

  • pe (+8.0% ) with double - digit
  • rg a nic g rowth in Spa in
  • M&A in Ge r

many, Switze r land and Spain

  • +60bps

E BIT DA mar gin impr

  • ve me nt

dr ive n by pr

  • duc tivity gains

L a tin Ame ric a

  • +3.2%
  • rganic

gr

  • wth in Brazil

de spite diffic ult mac r

  • e nvir
  • nme nt
  • Good c omme r

c ial pe r for manc e but de c line in a c tivity from e xisting c lie nts

  • +110bps impr
  • ve me nt in E

BIT DA ma rg in throug h tra nsfe r of know- how

Group

  • +2.9% or

ganic gr

  • wth
  • E

BIT DA of €446.1mn

  • E

BIT DA mar gin dr

  • p

c ontaine d to - 70bps

  • IPO and full re fina nc ing of de bt:

c ost of de bt now be low 3%

slide-20
SLIDE 20

2015 RE VE NUE BY GE OGRAPHY

(E UR million) 2015 2014 Re por te d gr

  • wth

Or ganic gr

  • wth

Ho spita lity 309.5 290.5 +6.6% +6.6% I ndustry 189.6 187.6 +1.0% +1.0% T ra de & Se rvic e s 340.0 338.8 +0.3% +0.3% He a lthc a re 159.7 152.5 +4.7% +4.7%

F r anc e * 978.1 954.0 +2.5% +2.5%

No rthe rn E uro pe 185.2 148.7 +24.5% +1.4% So uthe rn E uro pe 142.5 125.5 +13.5% +8.0%

E ur

  • pe

327.7 274.3 +19.5% +4.4% L atin Ame r ic a 92.2 85.3 +8.0% +3.2% Manufac tur ing e ntitie s 17.5 17.4 +0.7%

  • 3.3%

T

  • tal

1,415.4 1,331.0 +6.3% +2.9%

*Afte r o the r ite ms inc luding re bate s

20

slide-21
SLIDE 21

QUART E RL Y 2015 ORGANIC GROWT H BY GE OGRAPHY

(E UR million) Q1 Q2 Q3 Q4 2015

Ho spita lity +5.2% +7.7% +8.4% +4.0% +6.6% I ndustry +2.0%

  • 0.6%

+1.0% +1.8% +1.0% T ra de & Se rvic e s

  • 0.7%
  • 1.2%

+2.2% +1.1% +0.3% He a lthc a re +3.7% +4.6% +5.9% +4.6% +4.7%

F r anc e * +2.5% +2.0% +3.8% +1.6% +2.5%

No rthe rn E uro pe

  • 0.8%
  • 0.9%

+4.5% +2.5% +1.4% So uthe rn E uro pe +7.9% +7.1% +8.1% +9.1% +8.0%

E ur

  • pe

+3.0% +2.8% +6.2% +5.4% +4.4% L atin Ame r ic a +2.0% +5.0% +0.8% +4.8% +3.2% Manufac tur ing e ntitie s +1.7%

  • 4.3%
  • 9.1%
  • 1.5%
  • 3.3%

T

  • tal

+2.6% +2.1% +4.0% +2.6% +2.9%

21

*Afte r o the r ite ms inc luding re bate s

slide-22
SLIDE 22

E BIT DA MARGIN E VOL UT ION

(E UR million) 2015 2014 Change H1 H2 F Y H1 H2 F Y H1 H2 F Y F r anc e 33.9% 36.8% 35.4% 35.1% 37.0% 36.1%

  • 120bps
  • 20bps
  • 70bps

E ur

  • pe

22.3% 26.6% 24.6% 24.0% 23.9% 24.0%

  • 170bps

+270bps +60bps L atam 19.1% 23.7% 21.4% 19.5% 21.0% 20.3%

  • 40bps

+270bps +110bps Gr

  • up

30.0% 32.9% 31.5% 31.8% 32.7% 32.2%

  • 180bps

+20bps

  • 70bps

22

slide-23
SLIDE 23

F ROM E BIT DA T O NE T RE SUL T

(E UR million) 2015 2014 E BIT DA 446.1 429.1

De pre c ia tio n a nd a mo rtiza tio n (237.7) (218.9)

E BIT 208.4 210.2

Ba nk c ha rg e s (1.5) (1.1) PPA de pre c ia tio n (45.6) (41.3) Go o dwill impa irme nt (14.6)

  • Othe ro pe ra ting inc o me a nd e xpe nse s *

(12.3) (23.1)

Ope r ating r e sult be for e IPO & r e financ ing e xpe nse s 134.4 144.7

I PO & re fina nc ing e xpe nse s * (123.3)

  • F

ina nc ia l inc o me / (e xpe nse s) (68.7) (153.6) T a x 0.4 (13.0)

Re por te d ne t r e sult (57.1) (21.9) He adline ne t r e sult ** 71.4 6.5

23

* E xc luding I PO and re financ ing e xpe nse s ** Afte re liminatio n o f impairme nt c harg e , PPA de pre c iatio n and I PO and re financ ing e xpe nse s (ne t o f tax)

slide-24
SLIDE 24

CASH F L OW ST AT E ME NT

(E UR million) 2015 2014 Gross c a sh flow 445.4 425.7

Cha ng e in o pe ra ting wo rking c a pita l re q uire me nt (33.3) (9.2)

  • f whic h o pe ra ting

(9.2) (4.2)

  • f whic h no n o pe ra ting

(24.1) (5.0) T a x (17.3) (21.4) I nte re sts pa yme nts e xc l. I PO & re fina nc ing e xpe nse s (72.0) (130.3)

Ne t c ash flow fr

  • m ope r

ating ac tivitie s 322.8 264.8

Ca pita l e xpe nditure s (ne t) (258.8) (143.8)

  • f whic h line n c a pita l e xpe nditure s

(167.8) (168.2)

  • f whic h industria l c a pita l e xpe nditure s

(100.1) (68.2)

  • f whic h c a pita l g a ins

9.1 92.6 Othe rs (7.5) (34.0)

He adline fr e e c ash flow 56.6 87.0

Divide nds (39.9)

  • E

q uity inc re a se 701.4 43.0 I PO & re fina nc ing e xpe nse s (134.2)

  • F

ina nc ia l inve stme nts (ne t) (115.9) (96.1) Othe r c ha ng e in de b t 110.4 (60.9)

T

  • tal c ash flow

578.4 (27.0) Adjuste d ne t de bt as of e nd of pe r iod 1 440.7 2 019.1

24

slide-25
SLIDE 25

F UL L RE F INANCING OF DE BT

25

800

500

170

28

  • 57

Othe r Comme rc ia l pa pe r 0.27% Ne w Se nior Cre dit F a c ilitie s Ag re e me nt E URIBOR + 2.125% Hig h Yie ld Bonds 3%

Ca sh

  • Ne t de bt a s of 31 De c e mbe r 2015: €1,440.7mn a nd

Adjuste d ne t de bt / E BIT DA* ra tio of 3.1x (c ove na nt of 4.0x)

  • 2 attr

ac tive sour c e s of financ ing: banking & bond de bt

  • Ave ra g e c ost of de bt be low 3%
  • Nor

mative c ash inte r e st of €45m pe r ye ar

  • No sig nific a nt re pa yme nt be fore 2020

Breakdown of net debt as of 31 December 2015 (millions EUR)

Maturity: 2022 Maturity: 2020 * pro fo rma fo r the full ye ar impac t o f ac quisitio ns

slide-26
SLIDE 26

KE Y T AKE AWAYS

26

  • Solid re ve nue g rowth a nd E

BIT DA in line with e xpe c ta tions

  • F

ra nc e E BIT DA ma rg in drop c onta ine d a nd improve me nts in E urope a nd L a tin Ame ric a

  • E

nha nc e d fina nc ia l fle xibility following IPO with full re fina nc ing of de bt

slide-27
SLIDE 27

GROWT H ST RAT E GY AND OUT L OOK

27

slide-28
SLIDE 28

A ST RAT E GY T O DE L IVE R PROF IT ABL E GROWT H

28 L a unc h ne w se r vic e s Continuous improve me nt in

  • pe ra tiona l

e xc e lle nc e E xpa nd our L a tin Ame ric a n pla tform Consolida te our position throug h

  • rg a nic a nd

e xte rna l g rowth

slide-29
SLIDE 29

MARKE T SHARE GAINS

29

Countr y E lis positioning Mar ke t size E stimate d E lis’ 2015 mar ke t shar e 2010 2014 2015

F ra nc e €2.0b n 40%-50% Switze rla nd Nic he pla ye r €400mn 30%-40% Bra zil No t pre se nt €900mn 10%-20% Spa in €600mn 10%-20% Ge rma ny Pre se nt in

4 re g io ns

Pre se nt in

5 re g io ns

Pre se nt in

7 re g io ns

€3.0b n <10% Chile No t pre se nt No t pre se nt €80mn 20%-30% Po rtug a l €80mn 40%-50%

slide-30
SLIDE 30

RAPID E XPANSION OF OUR BRAZIL IAN PL AT F ORM

Januar y 2014 E nd of 2014 E nd of 2015

  • E

lis pre se nt sinc e 2012 through a sma ll c omme rc ia l offic e in Sã o Pa ulo

  • 4 e mploye e s
  • Ac quisition
  • f

Atmosfe r a (F e brua ry) a nd of L ’Ac qua (July)

  • 9

pr

  • duc tion

and distr ibution c e nte r s

  • 1 c le a n room
  • 3,500 e mploye e s
  • F

ur the r e xte r nal g r

  • wth a c tivity
  • 15

pr

  • duc tion

and distr ibution c e nte r s

  • 1 c le a n room
  • 4,000 e mploye e s

Re ve nue : BRL 0mn Re ve nue : BRL 265mn Re ve nue : BRL 324mn

slide-31
SLIDE 31

CONT INUOUS IMPROVE ME NT IN PRODUCT IVIT Y

Cost of wa shing produc ts in €c t pe r kg (100 basis in 2007) E ne rg y c onsumption in kWh pe r kg (100 basis in 2007)

Workwe a r produc tivity in units pe r hour (100 basis in 2007)

100 101 99 80 74 72 72 70 66

2007 2008 2009 2010 2011 2012 2013 2014 2015

100 95 90 88 83 85 78 75 71

2007 2008 2009 2010 2011 2012 2013 2014 2015 100 105 112 123 128 131 132 132 134

2007 2008 2009 2010 2011 2012 2013 2014 2015

100 101 102 105 107 109 112 114 115

2007 2008 2009 2010 2011 2012 2013 2014 2015

F la t line n produc tivity in kg pe r hour (100 basis in 2007)

100 96 92 84 80 78 72 70 66

2007 2008 2009 2010 2011 2012 2013 2014 2015 Wa te r c onsumption in l pe r kg (100 basis in 2007)

slide-32
SLIDE 32

T ar ge ts

  • Re ve nue of €15mn in 2016 le ve r

aging on Gr

  • up’s de e p por

tfolio of e xisting c lie nts

  • Ac c e le r

ate E ur

  • pe an e xpansion
  • F

ur the r impr

  • ve c ustome r

satisfac tion and se r vic e dive r sific ation to me e t c lie nt e xpe c ta tions

DE VE L OPME NT OF OUR PE ST CONT ROL ACT IVIT Y

Bac kgr

  • und

2010: Ac quisition of AF Syste m in Italy 2011: L aunc h of 5 te st site s in E ur

  • pe

2012: L aunc h of E lis’ 2D Pr e ve ntion se r vic e 2014: Move to our 3D offe r. Imple me ntation of Re gional T e c hnic al Ce nte r s and de ve lopme nt of layout Ac hie ve me nts

Str

  • ng r

e ve nue gr

  • wth de spite r

e gulator y c onstr aints

Str

  • ng pe ne tr

ation with the food industr y (c . 60% of sale s)

Impr

  • ving c ustome r

satisfac tion

Cr e ation of a c e ntr alize d de dic ate d te am

2 4 6 8 10 2013 2014 2015

Re ve nue e volution (E UR million)

+134% CAGR

32

slide-33
SLIDE 33

2016 OUT L OOK

  • Re ve nue :
  • €1.5bn (+6% yoy)
  • +3% or

ganic gr

  • wth
  • +4% e xte r

nal gr

  • wth
  • E

BIT DA ma rg in:

  • 30bps in F

ra nc e

  • F

urthe r ma rg in improve me nt in E urope a nd L a tin Ame ric a

slide-34
SLIDE 34

34

2015 ANNUAL RE SUL T S

Ma rc h 10th, 2016