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Applus Services S.A. Investor Presentation 2022

Jul 26, 2022

1789_rns_2022-07-26_f4908a7c-24fb-4dc1-b34e-de3a008d6237.pdf

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Applus+ Group H1 2022 Results Presentation

Joan Amigó – Chief Executive Officer

26 July 2022

Disclaimer

This document has been prepared by APPLUS SERVICES, S.A. ("Applus" or the "Company") exclusively for its use during a presentation of financial results; therefore it cannot be disclosed or made public by any person or entity with an aim other than the one expressed above, without the prior written consent of the Company. The information and any opinions or statements made in this document have not been verified by independent third parties, nor audited and no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions or statements expressed herein. The information contained in this document on the price at which securities issued by Applus have been bought or sold, or on the performance of those securities, cannot be used to predict the future performance of securities issued by Applus.

This document may contain statements that constitute forward looking statements about Applus. These statements are based on financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations, which refer to estimates on, among others, future growth in the different business lines and the global business, market share, financial results andother aspects of the activity and situation relating to the Company. Although Applus believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Applus shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Applus, that could cause actual results and developments to differ materially from those expressed in or implied or projected by the forward-looking information and statements. Such forward looking statements, by its nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed or implied in these forward looking statements. These risks and uncertainties include those discussed or identified in fuller disclosure documents filed by Applus with the Spanish Market Regulator, the Comisión Nacional del Mercado de Valores. Except as required under applicable law, Applus does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. This document contains summarized information or information that has not been audited. In this sense this information is subject to, and must be read in conjunction with other publicly available information including if necessary any fuller disclosure document published by Applus. Nothing in this presentation should be construed as a profit forecast. Results Report includes the list and definition of the Alternative Performance Measures (APMs) usedboth in this presentation and the Results Report, according to the guidelines published by the European Securities and Markets Authority (ESMA).

Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement. This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with applicable laws and regulations, nor a request for any vote or approval in any other jurisdiction, nor an invitation or inducement to engage ininvestment activity. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000.

FINANCIAL REVIEW BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

Strategic Plan to unlock value is fully underway

FINANCIAL REVIEW BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

H1 2022: Highlights

1Strong first half with all divisions performing well

2High single digit organic revenue growth and mid single digit inorganic contribution

3Acquisitions aligned with the Strategic Plan with five made in 2022

4Statutory vehicle inspection contracts in Galicia, Massachusetts and Buenos Aires extended; Costa Rica terminated

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Strategic Plan to unlock value is fully underway

1 Organic is at constant exchange rates

2Adjusted for Other Results and amortisation of acquisition intangibles 3 Excluding IFRS 16

EUR Million

FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

H1 2022: Revenue Bridge

$+17.0%$
843.0 $+8.6%$ $+4.7%$ $+3.7%$ 986.7
H1 2021
Revenue		 Organic Inorganic Fx Impact H1 2022
Revenue
Q 2 20 22 $+9.9%$ $+4.3%$ $+4.7%$ $+18.9%$
  • •Strong organic and inorganic growth with FX tailwind
  • •Price increases in line with cost inflation
  • •All divisions performing well

FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

H1 2022: Adjusted Operating Profit Bridge

EUR Million

•Margin up 30bps year on year

FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

H1

H1 2022: Income Statement

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•Strong Adjusted EPS growth of 27% supported by share buyback

(1) Share buyback of 7.1m shares from 1 Feb to 13 May has reduced the average share count for EPS calculations by 4.3m shares to give an average period share count of 138.7m

FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

H1 2022: Cash FlowEUR Million

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  • • Strong Adjusted Free Cash Flow due to Ebitda growth and working capital increase lower than last year
  • • Acquisitions relates to Lightship, Alpe and IDV
  • • 5% Share buyback of €53.6 million at an average price of €7.50

FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

Leverage and Liquidity at 30 June

EUR Million

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  • •Consistent strong cash generation
  • • High level of liquidity to support Strategic Plan execution

(1) Stated at annual average rates and excluding IFRS 16 as defined by bank covenant. Including IFRS 16 2.8x

(*) Others includes Dividends to Minorities, Treasury Shares, Extraordinaries & Others, Change in IFRS 16 debt and FX

Energy & Industry Division

The Energy & Industry Division is a leading global provider of non-destructive testing, industrial and environmental inspection, quality assurance and quality control, engineering and consultancy, vendor surveillance, certification and asset-integrity services.

The Division designs and deploys proprietary technology and industry knowhow across diverse sectors, helping our clients to develop and control industry processes, protect assets and increase operational and environmental safety. The services are provided for a wide range of industries including power, construction, aerospace, telecommunications and oil and gas.

FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

Energy & Industry Division

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  • • Strong organic revenue growth driven by all end-markets and good divisional margin improvement
  • • Double digit growth in Renewables, O&G and Infrastructure & Construction benefiting from energy transition, resurgence of O&G market and post-pandemic infrastructure investment programmes
  • •Oil & Gas is just under half the revenue of the division
  • • By region, Southern Europe, Middle East and LatAm are strongest due to attractive end market exposures
  • • Acquisition in July of K2 in Colombia gives strong revenue synergies for environmental consulting & monitoring services for the infrastructure industry with €13 million annual revenue

Automotive Division

The Automotive Division delivers statutory-vehicle-inspection services globally. The Division's programmes inspect vehicles in jurisdictions where transport and systems must comply with statutory technical-safety and environmental regulations.

The Division operates 30-plus programmes, inspecting around 17 million vehicles inspection across Spain, Ireland, Denmark, Finland, Sweden, Andorra, the United States, Argentina, Georgia, Chile, Costa Rica, Ecuador, Mexico and Uruguay in 2021. In the programme-managed services, a further 10 million inspections were delivered by third parties.

HIGHLIGHTS FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

Automotive Division

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  • • Positive organic revenue growth in the period versus a strong comparative period which benefited from backlog recovery. Q2 organic revenue growth of 4.1%
  • • Acquisition of IDV in Madrid with 3 more stations reinforces presence in the region and country
  • • Costa Rica contract finished mid July. Revenue was €34 million in 2021 including €16 million in H2 2021 at above division margin
  • • Renewed the Galicia, Massachusetts and Buenos Aires contracts and started operations in Ecuador and Mexico compensating for loss of Connecticut
  • •Good pipeline of opportunities in several developing markets

IDIADA Division

IDIADA A.T. (80% owned by Applus+ and 20% by the Government of Catalonia) has been operating under an exclusive contract from the 351hectare technology centre near Barcelona (owned by the Government of Catalonia) since 1999. The contract to operate the business and use the assets runs until September 2024 and it has been decided that there will be a tender for a new 20 or 25 year concession.

IDIADA A.T. provides design, testing, engineering and homologation services to the world's leading vehicle manufacturers.

HIGHLIGHTSFINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

IDIADA Division

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  • •Strong high-teens organic revenue growth with limited impact from the lockdowns in China
  • •Significant margin improvement mainly driven by Catalonia Proving Ground
  • • Demand for testing for EV/hybrid continues to grow strongly with increasing order book, now over half the division revenue
  • •Tender for concession is expected at the beginning of 2023

Laboratories Division

The Laboratories Division provides testing, certification and development engineering services to improve the competitiveness of its clients' products and encourage innovation. The Division has a network of multidisciplinary laboratories in Europe, Asia and North America.

Our state-of-the-art facilities and the technical knowledge of our experts allow us to offer high added-value services to a wide range of industries such as aerospace, automotive, electronics, IT and construction.

17Revenue Adj. Op. Profit1,7921 13EmployeesCountries9%1 FY21 number of employees

HIGHLIGHTS FINANCIAL REVIEW

BUSINESS REVIEW

OUTLOOK & STRATEGIC PLAN

Laboratories Division

EUR Million

Financial Highlights

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  • • Strong organic revenue growth across all segments, double digit in Q2 driven by electrification and connectivity mega-drivers
  • • Margin impacted by China lockdown with some recovery expected in H2, increase of energy cost and seasonality of acquisitions made in middle of last year
  • • Acquisition strategy continues with three transactions so far this year:
  • • Cybersecurity, 2 acquisitions: Lightship in North America adding further accreditations to the global cybersecurity offering and jtsec in Spain purchased in July, adding new methods for cybersecurity assurance
  • •Alpe Metrology in Spain consolidating the regional metrology and calibration market position
  • •Strong pipeline of potential acquisitions

OUTLOOK & STRATEGIC PLAN

Outlook for 2022

  • •Mid to high single digit organic revenue growth
  • •AOP margin improvement between 30 and 40 basis points1

  • • Continue focus on portfolio mix quality improvement through selected divestments of some non-strategic operations and acquisitions

  • Margin improvement includes the impact of the IDIADA Accelerated Depreciation and is before taking account of the benefit of any disposals

OUTLOOK & STRATEGIC PLAN

Unlocking value

Portfolio evolution towards higher growth end markets

and to mitigate business risks

Accelerate growth aligned to global megatrends

Energy transition, Electrification, Connectivity

Continued focus on ESG 2024 targets linked to management remuneration as of 2022

Enhance returns to shareholders

  • Continuous investment in organic and inorganic growth
  • Dividend distribution and share buyback
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2
%
>		 iv
i
d
d
d
is
i
bu
i
d
j
d
D
tr
t
2
0
%
A
t
N
t
>
e
n
o
n
u
s
e
e
f
i
(
in
im
h
)
Pr
t
1
5
t
o
m
m
c
s
p
e
r s
a
e
u
r		 T
5
%
h
bu
b
k
in
2
0
2
2
t
a
rg
e
s
a
r
e
a
c
y

(*) Continuing operations / (**) Excluding IDIADA Accelerated Depreciation (AD).

OUTLOOK & STRATEGIC PLAN

Progress in delivery of our 2022-2024 Strategic Plan with Additional Actions

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Adjustments to Statutory Results

H
1
2
0
2
2		 H
1
2
0
2
1
E
U
R
M
i
l
l
ion		 j. Re
d
A
l
ts
su		 O
he
t
r
l
ts
re
su		 S
ta
tu
to
ry
l
ts
re
su		 j. Re
d
A
l
ts
su		 O
he
t
r
l
ts
re
su		 S
ta
tu
to
ry
l
ts
re
su		 /-
%
+
d
j.
A
l
Re
ts
su
Re
ve
nu
e		 9
8
6.
7		 0.
0		 9
8
6.
7		 8
4
3.
0		 0.
0		 8
4
3.
0		 1
7.
0
%
E
b
i
da
t		 1
5
6.
4		 0.
0		 1
5
6.
4		 1
3
4.
3		 0.
0		 1
3
4.
3		 1
6.
5
%
f
Op
ing
Pr
i
t
t
er
a
o		 9
7.
1		 (
3
8.
0
)		 5
9.
1		 8
0.
3		 (
3
4.
5
)		 4
5.
8		 2
1.
0
%
f
l e
Ne
ina
ia
t
nc
xp
en
se
s		 (
)
1
2.
8		 0.
0		 (
)
1
2.
8		 (
)
1
1.
4		 0.
0		 (
)
1
1.
4
f
i
fo
Pr
t
Be
Ta
o
re
xe
s		 8
4.
3		 (
)
3
8.
0		 4
6.
3		 6
8.
9		 (
)
3
4.
5		 3
4.
3		 2
2.
5
%
Cu
Inc
t
tax
rre
n
om
e		 (
2
2.
3
)		 6.
5		 (
1
5.
8
)		 (
1
7.
2
)		 5.
9		 (
1
1.
3
)
l
l
No
ing
in
tro
ter
ts
n c
on
es		 (
)
8.
7		 0.
0		 (
)
8.
7		 (
)
8.
3		 0.
0		 (
)
8.
3
f
i
Ne
t
Pr
t
o		 5
3.
3		 (
)
3
1.
5		 2
1.
8		 4
3.
3		 (
)
2
8.
6		 1
4.
7		 2
3.
0
%
be
f
ha
Nu
S
m
r o
res		 1
3
8,
6
8
9,
2
8
4		 1
3
8,
6
8
9,
2
8
4		 1
4
3,
0
1
8,
4
3
0		 1
4
3,
0
1
8,
4
3
0
in
E
P
S,
Eu
ro
s		 0.
3
8		 0.
1
6		 0.
3
0		 0.
1
0		 2
6.
9
%
/
Inc
e T
PB
T
om
ax		 (
5)
26.
%		 (
2)
34.
%		 (
0)
25.
%		 (
9)
32.
%
H
I
G
H
L
I
G
H
T
S
F
I
N
A		 N
C
I
A
L
R
E
V
I
E
W
B
U
S
I
N
E
S
S
R
E
V
I
E
W
O
O
O
&
S
G
C
U
T
L
K
T
R
A
T
E
I
P
L
A
N		 A
P
P
E
N
D
I
X
i
E
S
G
R
t
a
n
g
s
l
f
d
"L
d
"
A
A
R
i
C
i
i
t
a
n
g.
a
s
s
e
a
s
a
e
a
e
r
f
l
f
d
"L
k
".
f
l
l
l
d
S
1
5.
6
i
i
i
i
T
1
1
%
i
c
o
r
e
o
s
c
a
s
s
e
a
s
o
w
r
s
o
p
o
a
c
o
m
p
a
n
e
s
a
n
a
y
s
e
th
S
f
i
2
b
i
(
0
i
).
5
4.
A
4.
1
1
t
t
1
5
c
o
r
e
o
v
e
r
a
g
e
s
e
s
n
s
e
c
o
r
c
o
m
p
a
n
e
s
h
f
l
l
l
d
W
i
i
1
9
%
i
t
n
o
a
c
o
m
p
a
n
e
s
a
n
a
y
s
e
S
f
b
h
(
k
f
)
B
i
t
A
t
D-
c
o
r
e
o
s
a
o
v
e
e
a
v
e
r
a
g
e
s
c
o
r
e
s
r
a
n
r
o
m
o
f
l
l
l
d
7
1
%
T
2
0
%
i
o
p
o
a
c
o
m
p
a
n
e
s
a
n
a
y
s
e
l
d
d
h
d
I
i
i
F
T
S
E
4
G
I
B
E
X
t
n
c
e
n
o
o
u
w

H1 2022. Splits End Market and Geography

Revenue by Division/End Market Revenue by Geography

Currency Exposure

% Revenue by Actual Currency

Av
er
a		 ha
F
X
Ex
g
e
c		 te
ng
e
ra
s v		 Eu
s
ro
J
A
N
J
U
N
-
2
0
2
2		 J
A
N
J
U
N
-
2
0
2
1		 C
ha
ng
e		 C 2
J
A
N
D
E
-
0
2
1
U
S
D		 1.
0
9
4		 1.
2
0
5		 1
0.
2
%		 8
1.
1
4
C
A
D		 1.
3
9
1		 1.
5
0
3		 8.
1
%		 1.
4
8
3
S
E
K		 1
0.
4
7
3		 1
0.
1
2
5		 (
)
3.
3
%		 1
0.
1
4
0
A
U
D		 1.
5
2
0		 1.
5
6
2		 2.
8
%		 1.
5
7
5

(1) Includes currencies pegged to USD

(2) None above 3%

OUTLOOK & STRATEGIC PLAN APPENDIX

H1 2022. Revenue and Adj. Op. Profit by Division

l
R
ev
e
nu
e		 Ac
2
0
2
2
tu
a		 ic
Or
g
an		 ic
In
or
g
an		 hs
F
X		 l
To
ta		 l
Ac
2
0
2
1
tu
a
&
du
En
In
try
er
g
y
s		 5
2
9.
5		 0.
%
1
1		 6.
0
%		 6
%
5.		 2
%
1.
7		 4
3
4.
9
bo
ies
La
to
ra
r		 8
7.
6		 9.
%
1		 9.
3
%
1		 2
%
5.		 3
3.
6
%		 6
5.
6
Au
to		 2
4
0.
3		 1.
%
4		 0.
%
4		 0.
%
4		 2.
2
%		 2
3
5.
2
d
da
I
ia		 1
2
9.
3		 %
1
7.
7		 0.
0
%		 2.
8
%		 2
0.
%
5		 1
0
7.
3
T
l
R
t
o
a
ev
e
nu
e		 9
8
6.
7		 8.
6
%		 4.
7
%		 3.
7
%		 1
7.
0
%		 8
4
3.
0
d
j.
O
f
i
A
Pr
t
p.
o		 l
2
0
2
2
Ac
tu
a		 Or
ic
g
an		 In
ic
or
g
an		 hs
F
X		 To
l
ta		 l
2
0
2
Ac
tu
1
a
En
&
In
du
try
er
g
y
s		 3
7.
5		 7.
5
%		 1
4.
9
%		 9.
7
%		 3
2.
1
%		 2
8.
4
bo
La
ies
to
ra
r		 1
1.
4		 (
)
0.
6
%		 1
1.
2
%		 5.
9
%		 1
6.
5
%		 9.
8
Au
to		 9.
8
4		 2.
6
%		 0.
5
%		 (
0.
2
)
%		 2.
9
%		 8.
3
4
I
d
ia
da		 1
3.
5		 5
3.
5
%		 0.
0
%		 5.
3
%		 5
8.
8
%		 8.
5
Ho
l
d
ing		 (
)
1
5.
0		 (
)
1
4.
7
l
d
j.
f
i
T
A
O
Pr
t
t
o
a
p.
o		 9
7.
1		 1
0.
2
%		 6.
4
%		 4.
4
%		 2
1.
0
%		 8
0.
3

OUTLOOK & STRATEGIC PLAN APPENDIX

Q1 & Q2 2022. Revenue by Division and Adj. Op. Profit

EUR Million

Or
ic
g
an		 ic
In
F
X
or
g
an		 l
To
ta		 l
2
0
2
Ac
tu
1
a
2
4
5.
7		 1
0.
1
%		 7.
3
%		 4.
0
%		 2
1.
4
%		 2
0
2.
4
4
1.
0		 6.
3
%		 9.
%
1
7		 6
%
4.		 3
0.
6
%		 3
1.
4
1
1
6.
0		 (
1.
3
)
%		 0.
0
%		 (
0.
1
)
%		 (
1.
4
)
%		 1
1
7.
6
5
9.
7		 1
5.
4
%		 0.
0
%		 2.
2
%		 1
7.
6
%		 5
0.
8
4
6
2.
4		 2
%
7.		 3
%
5.		 2.
%
5		 0
%
1
5.		 4
0
2.
1
4
1.
5		 8.
8
%		 6.
3
%		 3.
3
%		 1
8.
4
%		 3
5.
1
l
2
0
2
2
Ac
tu
a		 Gr hs
t
ow
l
R
ev
e
nu
e		 l
2
0
2
2
Ac
tu
a		 Or
ic
g
an		 In
ic
or
g
an		 hs
F
X		 To
l
ta		 2
0
2
Ac
tu
1
a
En
&
In
du
try
er
g
y
s		 2
8
3.
8		 1
0.
1
%		 4.
8
%		 7.
1
%		 2
2.
0
%		 2
3
2.
6
bo
La
ies
to
ra
r		 6.
6
4		 1
1.
6
%		 1
9.
0
%		 5.
7
%		 3
6.
3
%		 3
2
4.
Au
to		 2
1
4.
4		 4.
1
%		 0.
8
%		 0.
8
%		 5.
7
%		 6
1
1
7.
I
d
ia
da		 6
9.
6		 1
9.
8
%		 0.
0
%		 3.
3
%		 2
3.
1
%		 5
6.
5
l
T
t
R
o
ev
e
e
a
nu		 5
2
4.
3		 9.
9
%		 4.
3
%		 4.
7
%		 1
8.
9
%		 4
4
0.
9
d
j.
f
i
A
O
Pr
t
p.
o		 5
5.
6		 1
1.
2
%		 6.
%
4		 %
5.
4		 2
3.
0
%		 4
5.
2

Q2

Q1

OUTLOOK & STRATEGIC PLAN APPENDIX

Q1 & Q2 & H1 2022. Summary Income Statement

Q
1		 Q
2		 H
1
2
0
2
2		 2
0
2
1		 ha
C
ng
e		 2
0
2
2		 2
0
2
1		 ha
C
ng
e		 2
0
2
2		 2
0
2
1		 ha
C
ng
e
Re
ve
nu
e		 4
6
2.
4		 4
0
2.
1		 1
5.
0
%		 5
2
4.
3		 4
4
0.
9		 8.
1
9
%		 8
9
6.
7		 8
4
3.
0		 1
7.
0
%
d
j.
Op
in
f
i
A
t
Pr
t
er
a
g
o		 4
1.
5		 3
5.
1		 1
8.
4
%		 5
5.
6		 4
5.
2		 2
3.
0
%		 9
7.
1		 8
0.
3		 2
1.
0
%
A
d
j.
Op
Pr
f
i
in
t
o
m
ar
g		 9.
0
%		 8.
7
%		 1
0.
6
%		 1
0.
3
%		 9.
8
%		 9.
5
%
P
P
A
Am
isa
ion
t
t
or		 (
)
1
7.
1		 (
6
)
1
5.		 (
2
)
1
7.		 (
6
)
1
5.		 (
3
3
)
4.		 (
3
)
1.
1
O
he
l
t
ts
r r
es
u		 (
0.
6
)		 (
0.
1
)		 (
3.
2
)		 (
3.
3
)		 (
3.
8
)		 (
3.
4
)
f
Op
in
i
t
t
er
a
g
p
ro		 2
3.
8		 1
9.
4		 3
5.
3		 2
6.
3		 5
9.
1		 4
5.
8
l
F
ina
Re
ts
nc
e
su		 (
8
)
5.		 (
6.
)
1		 (
0
)
7.		 (
3
)
5.		 (
2.
8
)
1		 (
)
1
1.
4
f
i
be
fo
Pr
t
ta
o
re
x		 1
8.
0		 1
3.
3		 2
8.
3		 2
1.
0		 4
6.
3		 3
4.
3
In
tax
co
me
es		 (
)
1
5.
8		 (
)
1
1.
3
f
i
Ne
t
Pr
t
o		 3
0.
5		 2
3.
0
M
ino
i
t
ies
r		 (
8.
7
)		 (
8.
3
)
Ne
Pr
f
i
Gr
t
t
o
ou
p		 2
1.
8		 1
4.
7		 4
7.
9
%
d
j
d
f
i
A
Ne
Pr
Gr
te
t
t
us
o
ou
p		 3.
3
5		 3.
3
4		 2
3.
0
%
E
P
S
in
€		 0.
1
6		 0.
1
0		 5
2.
5
%
d
j
d
in
A
te
E
P
S
€
us		 0.
3
8		 0.
3
0		 2
6.
9
%

H1 2022. Statutory Cash Flow

H 1
2
0
2
2		 2
0
2
1
f
i
f
Pr
t
B
t
o
e
o
e
ax
e
s
r		 4
6.
3		 3
4.
3
h
No
i
t
n
c
a
s
e
m
s		 1
0
0.
0		 9
7.
4
ha
k
l
C
in
ing
i
t
ng
e
wo
r
c
a
p
a		 (
3
2.
9
)		 (
3.
)
5
6
d
Ta
Pa
i
xe
s		 (
)
1
8.
4		 (
)
1
8.
1
O
in
C
h
F
l
t
p
er
a
g
a
s
ow		 9
4.
9		 6
0.
0
C
a
p
ex		 (
)
2
4.
0		 (
)
1
8.
0
b
Bu
ine
ina
io
t
s
s
s
c
o
m
n		 3.
3		 4.
5
is
i
io
f s
b
i
d
iar
ie
Ac
t
q
ns
o
s
s
u
u		 (
4
2.
8
)		 (
6
0.
5
)
h
l
fr
in
iv
i
i
C
F
In
t
t
t
a
s
ow
o
m
v
e
s
g
a
c
e
s		 (
6
3.
)
5		 (
)
7
4.
1
d
d
D
iv
i
M
ino
i
ie
t
t
e
n
s
o
r
s		 (
9
)
1.		 (
8.
)
1
d
In
i
t
t
er
e
s
p
a		 (
)
7.
2		 (
)
5.
8
ha
f
C
in
ina
ing
ng
e
s
nc		 1
3.
7		 (
)
1
4.
4
S
ha
bu
b
k
re
a
c
y		 (
)
5
3.
6		 0.
0
C
h
l
fr
in
in
iv
i
i
F
F
t
t
a
s
ow
o
m
a
nc
g
a
c
e
s		 (
)
4
9.
0		 (
)
2
8.
2
Cu
la
io
tr
t
rre
nc
y
a
ns
ns		 6.
1		 9
1.
C
h
/
(
)
In
D
a
s
cr
e
a
s
e
e
cr
e
a
s
e		 (
)
1
1.
5		 (
0.
)
4
4

OUTLOOK & STRATEGIC PLAN APPENDIX

H1 2022. Balance Sheet

H
1
2
0
2
2		 F
Y
2
0
2
1		 H
1
2
0
2
2		 F
Y
2
0
2
1
Go
dw
i
l
l
o		 8
7
7
4.		 2
8
7
5.		 i
Eq
ty
u		 6
3.
8
4		 6
6
6.
3
O
he
in
i
b
le
t
ta
ts
r
ng
as
se		 3
9
4.
1		 4
2
0.
0		 Lo
Te
Pr
is
ion
ng
rm
ov
s		 3
6.
2		 3
4.
3
P
P
A		 3
2
6.
6		 3
5
0.
8		 Ba
k
bo
ing
n
rro
w
s		 8
2.
2
7		 2
8
7
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5

Alternative Performance Metrics

Applus' financial disclosures contain magnitudes and metrics drafted in accordance with International Financial Reporting Standards (IFRS) and others based on the Group's disclosure model referred to as Alternative Performance Metrics

AD - IDIADA accelerated depreciation, to adapt assets useful life to contract/concession

duration

  • Adjusted measures are stated before other results
  • AOP, Adjusted Operating Profit
  • CAGR, Compounded Annual Growth Rate
  • Capex, realized investments in property, plant & equipment or intangible assets
  • Cash conversion, calculated as the ratio of EBITDA minus capex & change in working capital over EBITDA
  • EBITDA, measure of earnings before interest, taxes, depreciation and amortisation
  • EPS, Earnings per share
  • EV, Electrical Vehicle
  • FX, Foreign exchange
  • Free Cash Flow, operating cash generated after capex investment, working capital variation and tax & interest payments and before leases

Alternative Performance Metrics

  • Leverage, calculated as Net Debt/LTM Ebitda as per bank covenant definition
  • LTM, Last twelve months
  • Net Debt, current and non current financial debt, other institutional debt less cash. As per bank covenant definition, calculated at annual average exchange rates and pre-IFRS16
  • Net Profit, measure of earnings operating profit after interest, taxes and minorities
  • Operating Profit, measure of earnings before interest and taxes
  • Other results are those impacts corrected from the relevant measures to provide a better understanding of the underlying results of the Group, for example: amortisation of acquisition intangibles, restructuring, impairment and transaction & integration costs
  • P.A., per annum
  • PPA Amortisation corresponds to the amortisation of the Purchase Price Allocation related to acquisitions, allocated to intangible assets and Goodwill reduction for finite life concessions
  • ROCE, Net Adjusted Operating Profit After Tax/Capital Employed
  • WC, Working Capital

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