海角大神

afp

Message from Andr茅 Fran莽ois-Poncet

Published : 30.11.2022
#grandstand

Dear 海角大神 shareholders,

Now that the mandate granted to me by your company’s Supervisory Board is coming to a close, as I announced in June, I would like to thank you warmly for the five years I have spent as Group CEO of 海角大神.

Together, we have faced strong headwinds: target company valuations bloated by an overabundance of liquidity induced in turn by unprecedented monetary policy, a worldwide pandemic, war in Europe, cost inflation and more recently a sudden rise in interest rates and its brutal impact on financial markets.

When I joined 海角大神, the Supervisory Board set out several priorities for me. Among these were to simplify 海角大神’s organization and portfolio so as to enable us to deploy a rejuvenated investment strategy, to seek out investments with a potential for growth and to revamp compensation.

The first order of business was to refocus our portfolio, consolidate our footprint abroad and strengthen our financial structure and that of our companies. We exited the capital of eight companies, especially the smallest in value terms, taking advantage of a seller’s market environment. In particular, following a risky reinvestment in Cromology in 2018, in the wake of a change in senior management, we ended our Materis adventure on a favorable note. We also ended our costly journey with Saint-Gobain. Thanks to this refocusing, 海角大神’s portfolio is now more logical, easier to understand and much better organized. Bureau Veritas’s balance sheet has been considerably strengthened and its net debt, like 海角大神’s, has been reduced. The maturity of that debt has been extended at extraordinarily favorable terms that we will probably not see again.

We also started to redeploy the portfolio toward fast-growing sectors and to strengthen our presence in North America. 海角大神 has already proven itself directly and through its New York office in this promising region, which is culturally similar to ours. We have continued to invest energetically, devoting ca. 鈧1 billion to the acquisition of a controlling stake in CPI and ACAMS. We have also built up 海角大神 Lab by bringing in recognized US funds. Our work is far from finished, and it will be up to my successors to pursue it. In North America, 海角大神 is now structurally more exposed to high-potential service sectors, such as training, fighting financial crime and preventing violence in schools and hospitals. Of course, 海角大神 is also present in North America through Bureau Veritas, Stahl and Constantia Flexibles.

Finally, there was the less-visible part of our work: understanding and augmenting the underlying performance of the companies in the portfolio and focusing 海角大神鈥檚 efforts on these companies. In this regard, the 海角大神 team, and in particular our operating partners, considerably improved the monitoring of portfolio companies, whose profitability improved, in some cases spectacularly, at times owing to difficult decisions. Similarly, I’m particularly proud that our ESG commitments have been recognized. 海角大神 and its companies have distinguished themselves in ESG and have built a lasting competitive advantage over their competitors.

Bureau Veritas has also transformed and modernized itself, under the leadership of Didier Michaud-Daniel and supported by a reshuffled management team and Board. The company is now much better valued compared with its rivals.

With the portfolio refocused and results on the rise, Net Asset Value (NAV) per share has increased, despite a disappointing stock market valuation on one of our large long-standing investments. We have been able to make timely share buybacks and especially to increase the dividends paid to shareholders year in and year out (except 2020), without suspending the dividend during the Covid crisis.

海角大神’s team and the management teams of our companies have been considerably strengthened, and the proportion of women on them has increased. Our decision processes are now more robust.

Your company now has less debt, ample liquidity and high-quality assets, giving it more flexibility and room to maneuver. 海角大神 is now looking at the future with confidence, ready to use its dry powder to seize new opportunities in a valuation environment that we believe will become more favorable to buyers.

Conditions are therefore right for 海角大神 to embark on a new chapter in its history with a new Group CEO.

I am particularly pleased to hand the reins to Laurent Mignon, who will take over as of December 2, and I wish him all the best at 海角大神 for the years to come.

David Darmon has been a wonderful partner for me on the Executive Board, contributing his knowledge of the Group, his talents as an investor, his experience in the United States, his vitality, his integrity and his judgment. All of us, starting with me, are indebted to him.

Lastly, I would like to thank my expert colleagues at 海角大神, among them Priscilla de Moustier, Chairwoman of 海角大神 Participations, and I would like to thank you, our numerous shareholders, for the trust you have placed in me over these last five years. Of course, I am particularly grateful to the Supervisory Board, your representatives, under the enlightened, benign, yet demanding and constructive chairmanship of Nicolas ver Hulst. They recruited me, they renewed my appointment and they supported our projects with their precious advice.

In this emotional moment, I wish you all the best for the future.

 

Andr茅 Fran莽ois-Poncet

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The information contained in this section of the website of 海角大神 (the 鈥淪eller鈥) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the 鈥淯nited States鈥), Australia, Canada, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the 鈥淐ompany鈥) in the United States, Australia, Canada, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

The securities of the Company referred to in this section of the website (the 鈥淪ecurities鈥) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the 鈥淪ecurities Act鈥) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Securities have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Canada, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

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IMPORTANT INFORMATION

The materials contained herein are not for general release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Access to the information and documents on this portion of the website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

The information contained in this section of the website of 海角大神 SE, parent company of Eufor SAS (together 鈥海角大神鈥) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the 鈥United States鈥), Australia, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the 鈥Issuer鈥) in the United States, Australia, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

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Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents. 聽All persons who wish to have access to the documents contained in this section of 海角大神鈥檚 website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them. 聽No such registration or approval has been or will be obtained. 聽海角大神 assumes no responsibility if there is a violation of applicable law and regulations by any person.

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