2010 Activity Report - Bureau Veritas

Consolidated financial statementsSUMMARY INCOME STATEMENTin millions of euros2010 2009 2008Revenue 2,929.7 2,647.8 2,549.4Adjusted operating profit 490.5 433.2 387.6Adjusted operating margin 16.7% 16.4% 15.2%Other operating expenses (1) (34.2) (27.8) (19.1)Operating profit 456.3 405.4 368.5Net financial expense (45.7) (61.1) (69.7)Share of profit of associates (0.1) 0.1 0.1Income tax expense (112.9) (87.1) (75.3)Profit from activities held for sale – 0.4 –Minority interests 7.2 5.0 6.4Attributable net profit 290.4 252.7 217.2Attributable adjusted net profit (2) 315.2 273.5 231.4Earnings per share (in euros) 2.68 2.34 2.02Adjusted earnings per share (in euros) 2.91 2.53 2.15(1) Amortization of acquisition intangibles, discontinued activities and transaction-related costs.(2) Before other operating expenses net of tax.SUMMARY BALANCE SHEETin millions of euros2010 2009 2008ASSETSGoodwill 1,329.3 832.2 769.7Intangible assets 330.4 171.4 154.9Property, plant and equipment 281.1 208.2 193.4Other non-current assets 148.9 98.5 140.8Total non-current assets 2,089.7 1,310.3 1,258.8Trade and other receivables 929.7 798.9 800.8Other current assets 28.2 41.9 75.8Cash and cash equivalents 225.0 147.0 153.4Total current assets 1,182.9 987.8 1,030.0TOTAL ASSETS 3,272.6 2,298.1 2,288.8EQUITY AND LIABILITIESEquity attributable to shareholders of the company 844.4 489.7 270.4Minority interests 15.5 11.5 13.4Total equity 859.9 501.2 283.8Bank borrowings 1,185.8 740.8 973.2Provisions and other non-current liabilities 284.0 227.9 252.0Total non-current liabilities 1,469.8 968.7 1,225.2Trade and other payables 736.7 632.8 584.3Current financial liabilities 108.8 85.5 87.9Other current financial liabilities 97.4 109.9 107.6Total current liabilities 942.9 828.2 779.8TOTAL EQUITY AND LIABILITIES 3,272.6 2,298.1 2,288.842