WENDEL Shareholders' Meeting
M A Y 1 6 , 2 0 2 4
Agenda
2023 highlights & portfolio performance
by Laurent Mignon, Group CEO
2024 and recent events
by David Darmon, Member of the Executive Board and Group Deputy CEO
ESG performance
by Christine Anglade, Director of Sustainable Development and Communication, Executive Board Advisor
Governance and compensation
by Gervais Pellissier, Vice Chairman of the Supervisory Board and Lead Independent Member
Resolutions
by Caroline Bertin-Delacour,General Counsel
Statutory auditors reports
Questions from shareholders
Vote on resolutions
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4 | 2 |
2023 highlights & portfolio performance
L a u r e n t M i g n o n , G r o u p C E O
2023 kick starts Wendel's transformation journey
Principal
Investments
Assets turnover & Good Operational Performance
Acquisition of Scalian
Sale of Constantia Flexibles
4 direct investments
by Wendel Growth
Stahl: Acquisition of ISG & €85m dividend to Wendel
+6.4% organic growth in
consolidated entities
Deploying capital to generate more growth
Asset
Management
Building an Asset
Management platform
in private assets
Acquisition(1) of IK Partners
The most active GP in the
European mid-market
2027 FRE target : €150m
Return to
Shareholders
Higher dividend policy
2023 dividend:
€4.0 per share, up 25%
Dividend payout increased to 2.5% of NAV from 2024 onwards and heading to 3.5% mid-term
+
Opportunistic share buyback
(1) Closing realized in on May 14, 2024
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4
4
2023 financial higlights: strong financial flexibility
Strong performance of
portfolio companies
Consolidated sales of €7.1bn, up +5.7% overall, including +6.4% organically
Strong margins across the board
Total Contribution from subsidiaries up +4.7%
Significant
financial flexibility
Ample liquidity: €2.2 billion(1)
Significant headroom: 9.6% LTV(2)
Low leverage across portfolio companies overall, with adequate maturities
2023 NAV impacted
by listed assets
NAV €160.2, down 2.7%(3) YoY, including dividend
Good performance of unlisted assets, with more than 10% growth in value(4)
Listed assets share prices fell in 2023
Price | BVI | IHS | Tarkett |
change | |||
FY2023 | -7.1% | -25.2% | -19.0% |
2024 YTD(5) | +20.4% | -27.3% | -2.4% |
% in GAV(6) | 35% | 2.5% | 0.4% |
- Total liquidity of €2.2 billion as of December 31, 2023, including €1,286 million of cash and a €875 million committed credit facility (fully undrawn). Figure before the €1.1 billion proceeds from the sale of Constantia Flexibles.
- Proforma of Constantia flexibles disposal, investment in IK Partners, sponsor money commitments and the remainder of the share buyback program, LTV would stand at 9.6%.
(3 )Adjusted for the €3.2 dividend per share paid in 2023 NAV is down 2.7%. In reported figures NAV is down 4.6%.
- At constant December 2022 scope
- As of May 14, 2024
- As of December 31, 2023
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4 | 5 |
Net Asset Value per share bridge in 2023
-2.7% | |||||||
In euro per share 167.9 | +8.8 | +3.2 | 163.4 | ||||
160.2 | |||||||
-2.8
-10.5-3.2
Share prices(1):
BVI: -7.1%
IHS: -25.2%
Tarkett: -19.0%
31/12/2022 | Listed | assets | Unlisted | assets | Other | Dividend | paid | ||
as | |||||||||
of | |||||||||
NAV | |||||||||
(1) Share prices changes in 2023 |
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4
NAV as of 31/12/2023
paid | |
reintegrated | |
Dividend |
Pro forma
NAV as of 31/12/2023
6
Return to shareholders: higher dividend policy is starting now
Proposing a €4.00 per share dividend, up +25%
Representing a yield of 4.4%(1) on Share Price and 2.5% of NAV
c. 475,000 Wendel shares already repurchased(2) for €39.5 million
+8% CAGR
€4.00 2023 dividend to be proposed today
€3.20
€1.75 €1.85
€1.25 €1.30
€2.00
€2.65
€2.35
€2.15
€2.80 €2.80 €2.90
€3.00
Div/ANR | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
1.3% | 1.7% | 1.5% | 1.4% | 1.6% | 1.6% | 1.5% | 1.5% | 1.9% | 1.7% | 1.8% | |
yield | |||||||||||
In euros per share, ordinary dividend
The 2011 ordinary dividend included an exceptional distribution of 1 Legrand share for every 50 Wendel shares held.
- Based on Wendel's share price of €90.80 as of February 23, 2024
- As of April 24, 2024 and since the beginning of the programme on October 27, 2023.
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4
2021 2022 2023
1.6% 1.9% 2.5%
7
2023 performance of Group's companies
Minority holdings
Sales | Δ | Organic | EBITDA, Op. profit | Margin | |
growth | for BVI (1) | ||||
Bureau Veritas | €5,868m | +3.8 % | +8.5% | €930m | 15.9% |
ACAMS | $103m | +4.5% | n.a | $25m | 23.9% |
Crisis Prevention | $138m | +15.2% | +15.6% | $69m | 49.6% |
Institute | |||||
Scalian | €541m | +15.7% | n.a | €66m | 12.2% |
Stahl | €914m | - 0.2% | - 8.3% | €204m | 22.3% |
Tarkett | €3,363m | +0.1% | +4.5% | €288m | 8.6% |
IHS Towers | $2,126m | +8.4% | +36.9% | $1,133m | 53.3% |
- EBIT and EBITDA before goodwill allocation entries, management fees, and non-recurring items. Including IFRS 16 impacts Financing documentation may include specific definitions of EBIT & EBITDA.
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4 | 8 |
Leverage - Net debt at low level and strong resilience of LTV
Low LTV
52.0%
47.5%
36.7%
32.6% 31.9% 34.4%
22.9%
12.2% 6.1% | 6.0% | 6.2% | 10.3% | 5.8% | 9.6% (1) |
2010 2011 2012 2013
€ bn | 4.5 | 4.1 |
3.3 3.2
2010 | 2011 | 2012 | 2013 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
Net debt kept low
3.4
2.8
2.2
1.1
0.4 0.5 0.5
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
2021 2022 2023
- Proforma of the disposal of Constantia, acquisition of IK Partners, sponsor money commitments and the remainder of the share buyback program, LTV would stand at 9.6%.
1.0 0.4 1.1
2021 2022 2023
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4
9
2023 is the beginning of Wendel's transformation journey
March 17:
Announcement of New
Strategic Orientations
March 22: Wendel announces the successful issue of €750m of bonds exchangeable into ordinary shares of Bureau Veritas due 2026
June 22 : Laurent Mignon becomes Chairman of Bureau Veritas
July 31: Sale of Constantia Flexibles (c. €1.1bn of proceeds, above NAV valuation)
October 17: IK Partners acquisition announcement. First tranche : 51% for €383M
January | February | March | April | May | June | July | August | September | October | November December | Avril 2024: Sale of ~9 % of |
Bureau Veritas' share capital | |||||||||||
June 28 :
Wendel's statement on IHS Governance
April 27: Scalian's acquisition announcement
July 27: Scalian's acquisition closing, c.82% of the capital for €557M
December 12: Wendel's Investor day -Strategicupdate on Asset Management and Permanent Capital -Increasedreturn to shareholders policy
Shareholder's Meeting | 0 5 . 1 6 . 2 0 2 4 | 10 |
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Disclaimer
Wendel SE published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 12:43:07 UTC.
