Transcription
INTERTEKTOTAL QUALITY ASSURANCE28 September 2017
AGENDA01INTERTEK TQA STRATEGY02TQA GROWTH OPPORTUNITIES03TQA VALUE PROPOSITION04TQA DELIVERY05INTERTEK PERFORMANCE
01INTERTEK TQA STRATEGY
ATTRACTIVE GROWTH IN THE 250BN GLOBAL QUALITY ASSURANCE MARKETExisting customers: Increase account penetration ATIC cross sellingNew customers: New contracts 50BNCurrentlyoutsourcedExisting & New customers: Outsourcing 200BNCurrentlyin-house4
THE QUALITY ASSURANCE INDUSTRY IS EVOLVING FROM TIC TO ATICTIC PROVIDES QUALITY & SAFETY CONTROLS IN HIGH RISK AREASSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD PARTYOWNEDDISTRIBUTIONTRANSPORTATIONDISTRIBUTION E PROVIDES AN END-TO-END ASSESSMENT OF QUALITY & SAFETY PROCESSES5
INTERTEK TOTAL QUALITY ASSURANCE VALUE PROPOSITIONSystemic Approach to Quality and Safety with ATIC SolutionsRESEARCH &DEVELOPMENTCONSUMERMANAGEMENTOur CustomerPromiseRAW MATERIALSSOURCINGIntertek Total Quality Assuranceexpertise delivered consistently withprecision, pace and passion, enablingour customers to power ahead safelyAssurance Testing Inspection CertificationDISTRIBUTION &RETAIL ING6
OUR DIFFERENTIATED STRATEGY IS MOVING THE GROUP’S CENTRE OFGRAVITY TOWARDS THE HIGH GROWTH HIGH MARGIN SECTORS5x5 Strategic Goals12Fully engagedemployees working in asafe environmentSuperior customerservice in Assurance,Testing, Inspection andCertification5 Strategic Priorities34Margin accretive revenuegrowth based on GDP organic growthStrong cashconversion fromoperations5Accretive, disciplinedcapital allocationpolicy5 EnablersDifferentiated Brand PropositionLiving Our Customer Centric CultureSuperior Customer ServiceDisciplined Performance ManagementEffective Sales StrategySuperior TechnologyGrowth and Margin Accretive PortfolioEnergising Our PeopleOperational ExcellenceDelivering Sustainable Results7
02TQA GROWTHOPPORTUNITIES8
GLOBAL TRADING LANDSCAPE SIGNIFICANTLY DIFFERENT 50 YEARS AGOn/a38%10%27%72%7%20%Companies produced locally and were focussed on their domestic marketsGlobal Trade represented 25% of World GDP in the 1960’sTrade as % of GDPSource: World Bank. Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product.9
THE 21ST CENTURY HAS CREATED A TRULY GLOBAL %63%Global trade as a % of global %29%63%41%1965197519851995Demand has become truly global, reflected in global supplyToday Global Trade represents 58% of World GDPTrade as % of GDPSource: World Bank. Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product.10
CORPORATIONS RUN GLOBAL MULTI-TIER SOURCING AND MANUFACTURING OPERATIONSSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD PARTYOWNEDImproved emergingmarket manufacturingcapabilitiesFaster communication& infrastructureGlobal multi-tiersourcing andmanufacturingoperationsCheaper materialssourcingIncreased corporationfocus on riskmanagementFocus on corecompetenciesGlobal multi-tier sourcingGlobal manufacturing11
CORPORATIONS DISTRIBUTION ACTIVITIES ARE GLOBAL AND IBUTION CENTRESIN-STOREONLINECONSUMERAccess to technology is amajor driver toaccelerate innovationConsumers aredemanding more varietyin their Increased number oftrade channelsDeveloping countries’share of global demandis risingIncreased number ofcommunicationchannelsMulti-country distributionMulti-channel routes to market12
CORPORATIONS ARE INCREASING THEIR FOCUS ON SYSTEMIC OPERATIONAL RISKSUPPLYTIER 3TIER 2PRODUCTIONTIER 1Global multi-tier sourcing3RD PARTYOWNEDGlobal IBUTION CENTRESMulti-country distributionIN-STOREONLINEMulti-channel routes to marketCONSUMER13
THE QUALITY ASSURANCE INDUSTRY IS EVOLVING FROM TIC TO ATICSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD TION ificationTesting is evaluating how products and servicesmeet and exceed quality, safety, sustainability andperformance standardsInspection is validating the specifications, value andsafety of raw materials, products and assetsCertification is certifying that productsand services meet trusted standards14
THE QUALITY ASSURANCE INDUSTRY IS EVOLVING FROM TIC TO ATICSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD PARTYOWNEDDISTRIBUTIONTRANSPORTATIONDISTRIBUTION s our customers identify and mitigate theintrinsic risk in their operations, supply chain andquality management systems15
INTERTEK PROVIDES GLOBAL TOTAL QUALITY ASSURANCE: AA TT II CCTIC PROVIDES QUALITY & SAFETY CONTROLS IN HIGH RISK AREASSUPPLYATIER 3TIER 2PRODUCTIONTIER 13RD PARTYOWNEDDISTRIBUTIONTRANSPORTATIONDISTRIBUTION CENTRESRETAILIN-STOREONLINECONSUMERATTIICCGlobal multi-tier sourcingGlobal manufacturingMulti-country distributionMulti-channel routes to marketASSURANCE PROVIDES AN END-TO-END ASSESSMENT OF QUALITY & SAFETY PROCESSES16
03TQA VALUE PROPOSITION
INTERTEK PROVIDES A DEPTH AND BREADTH OF ATIC nagement SystemsSoftlinesAgricultureAppliance & ElectronicBenchmarking in Quality& PerformanceHardlinesAsset IntegrityAerospace & AutomotiveAutomotiveBuilding & ConstructionBuilding & ConstructionBiofuelsChemical & PetrochemicalConformity by CountryBuilding & ConstructionElectricalEco-TextileChemicals & PharmaExporter & ImporterFood & Food ServicesElectricalField LabellingHazardous LocationsFoodIndustrialHVACR1Health & BeautyMineralsIndustrial EquipmentMineralsOil & GasIT & TelecomsPackagingSite ConstructionLife Safety & SecurityPharmaceuticalTextile & ApparelLightingSustainability & EnvironmentFacility / Plant & EquipmentLegal & RegulatoryProduct DevelopmentVendor ComplianceCorporate Social ResponsibilityFailure InvestigationLaboratory OutsourcingRisk ManagementSupply Chain AssessmentOil & GasMedical DevicesNetwork Assurance1HeatingVentilation Air Conditioning and Refrigeration18
WE ARE UNIQUELY POSITIONED TO DELIVER ATIC SOLUTIONS WITH OURGLOBAL NETWORK42,000 100 employeescountriesGlobal MarketLeader inAssuranceGlobal MarketLeader in TIC3,0001,000 auditorslabs and offices90,000 80 languagesauditsAssurance Testing Inspection CertificationSystemic approach to Qualityand Safety with ATIC Solutions19
T-SHIRT GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD TION CENTRESIN-STORECONSUMERCommercial &Functional ClaimsGlobal OrganicTextile StandardRetail Store BuildingTesting & InspectionHigh VolumeInstrument TestingRaw Materials &Pre-ProductionInspectionCotton FieldONLINESpinning MillDyeing &Finishing MillProduct Testing forPhysical and ChemicalSafety Properties &QualitiesGarmentFactoryCertificate ofConformityRandom Inspection& T I CCTo control quality and safety at the high-risk /regulated points of the supply chain20
T-SHIRT GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD TION CENTRESIN-STOREONLINECONSUMERATo provide an end-to-end assessment ofquality & safety processesCotton FieldSpinning MillDamage rogrammeDyeing &Finishing MillEnvironmentalChemicalManagementSolutions ISO 14001GarmentFactoryWorkplace ConditionsAssessmentISO 9001 eImporterCustoms andTrade PartnershipQuality & tailerBenchmarking&Brand ssments21
T-SHIRT GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD TION CENTRESIN-STOREONLINECONSUMERCommercial &Functional ClaimsGlobal OrganicTextile StandardRetail Store BuildingTesting & InspectionHigh VolumeInstrument TestingRaw Materials &Pre-productionInspectionCotton FieldSpinning MillDamage rogrammeDyeing &Finishing MillEnvironmentalChemicalManagementSolutions ISO 14001Certificate ofConformityProduct Testing forPhysical and ChemicalSafety Properties &QualitiesRandom Inspection& LoadingSupervisionGarmentFactoryWorkplace ConditionsAssessmentISO 9001 eImporterCustoms andTrade PartnershipQuality & tailerBenchmarking&Brand ssmentsIntertek Total Quality Assurance: AA TTT II CC22
LIGHTBULB GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD TION CENTRESIN-STORECONSUMERCommercial &Functional ClaimsPhysical Testing &Chemical AnalysisMarket SurveillanceInspecting On-SaleProduct QualityHazardousMaterialAssessmentFactory WorkingConditionsEvaluationCopper MineONLINER&DLaboratoryManufacturingGlobal ingEnergy EfficiencyTestingIoT servicesManufacturingManufacturingGreen PackagingClaim CertificationHaulierDistributorRetailerRetailerT I CCTo control quality and safety at the high-risk /regulated points of the supply chain23
LIGHTBULB GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD TION CENTRESIN-STOREONLINECONSUMERATo provide an end-to-end assessment ofquality & safety processesCopper MineDamage anufacturingQuality/Health &Safety, EnvironmentalAuditsTraining ProgramsManufacturingManufacturingGlobal MarketAccess stributorGlobal ailerBenchmarkingRetailerProduct ReturnsAnalysis24
LIGHTBULB GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 13RD TION CENTRESIN-STOREMarket SurveillanceInspecting On-SaleProduct QualityHazardousMaterialAssessmentFactory WorkingConditionsEvaluationDamage SurveyCONSUMERCommercial &Functional ClaimsPhysical Testing &Chemical AnalysisCopper cesManufacturingQuality/Health &Safety, EnvironmentalAuditsTraining ProgramsGlobal ingEnergy EfficiencyTestingIoT servicesManufacturingManufacturingGlobal MarketAccess AssurancePackagingEvaluationHaulierGreen PackagingClaim CertificationDistributorGlobal ailerBenchmarkingRetailerProduct ReturnsAnalysisIntertek Total Quality Assurance: AA TTT II CC25
CAR GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 1DISTRIBUTIONOEMTRANSPORTATIONRETAILDISTRIBUTION ermarket SalesMaterial,Component &SoftwareValidationRaw Materials,Components ll of Materials &Part QualityInspectionResearch tProductionFleet & TrackTesting,HomologationImport andPre-ShipmentInspectionFull VehicleManufacturingImport/ExportStatutory VehicleInspectionsVehicle andSite t GovernmentT I CCTo control quality and safety at the high-risk /regulated points of the supply chain26
CAR GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 1OEMDISTRIBUTIONTRANSPORTATIONRETAILDISTRIBUTION CENTRESOEMCONSUMERATo provide an end-to-end assessment ofquality & safety processesResearch &DevelopmentRegulatoryComplianceAssessmentRaw Materials,Components &SystemsQuality/Health &Safety, EnvironmentalAudits, TrainingProgramsComponentManufacturingFunctional Safety &Risk AssessmentWorking as Validationand VerificationFailure analysisFull VehicleManufacturingImport/ExportGlobalSupply isedSystemCustoms CodingBenchmarkVehicles,Componentsand SystemsAftermarket GovernmentBenchmarking&Brand AuditsFieldPerformanceData Collectionand Analysis27
CAR GLOBAL OPERATIONS – SYSTEMIC RISK MANAGEMENTSUPPLYTIER 3TIER 2PRODUCTIONTIER 1OEMDISTRIBUTIONTRANSPORTATIONRETAILDISTRIBUTION ermarket SalesMaterial,Component aw Materials,Components &SystemsQuality/Health &Safety, EnvironmentalAudits, lianceBill of Materials &Part QualityInspectionResearch al Safety &Risk AssessmentWorking as Validationand VerificationFailure analysisFleet & TrackTesting,HomologationImport andPre-ShipmentInspectionFull VehicleManufacturingImport/ExportGlobalSupply ChainManagementStatutory VehicleInspectionsVehicle andSite SystemCustoms CodingBenchmarkVehicles,Componentsand SystemsAftermarket GovernmentBenchmarking&Brand AuditsFieldPerformanceData Collectionand AnalysisIntertek Total Quality Assurance: AA TTT II CC28
THE ATIC OPPORTUNITY IS INDUSTRY AGNOSTICTIC PROVIDES QUALITY & SAFETY CONTROLS IN HIGH RISK AREASASSURANCE PROVIDES AN END-TO-END ASSESSMENT OF QUALITY & SAFETY PROCESSESSUPPLYATIER 3TIER 2PRODUCTIONTIER 13RD PARTYOWNEDDISTRIBUTIONTRANSPORTATIONDISTRIBUTION CENTRESRETAILIN-STOREONLINECONSUMERATTIICC29
04TQA DELIVERY
INTERTEK IS A PURPOSE-LED COMPANYOUR PURPOSEBringing Quality and Safety to LifeOUR VISIONTo be the world’s most trusted partner forQuality AssuranceOUR VALUES We are a global family that values diversity We always do the right thing. With precision,pace and passion We trust each other and have fun winningtogether We own and shape our future We create sustainable growth. For all3131
INTERTEK’S INNOVATIVE CULTURE HAS PIONEERED THE INDUSTRY FOR 130 YEARS1888: Milton Herseyestablishes hischemical testing labin Canada1987: Inchcape Testing Services (ITS,the future Intertek) is founded andcompletes the purchase of Caleb Brett1896: Thomas Edison sets-up theLamp Testing Bureau in the US (thislater becomes the Electrical TestingLaboratories of ETL – a mark thatIntertek still applies today18802009: Intertekenters the FTSE 100index1996: Inchcape sellsITS to CharterhouseDevelopment Capital.ITS is renamed Intertek1973: Labtestestablished inHong Kong,initially to focuson testing textiles2002190019701885: Caleb Brettfounds his cargocertificationbusiness in the UK2015: Intertekacquires the PSIbuilding andconstructionassurance business2017: Intertekacquires KJ TechServices – aleading providerof automotivetesting solutionsin Germany1925: SEMKO (theSwedish ElectronicEquipment ControlOffice) is founded1911: MoodyInternational, Oiland Gas testing andcertificationbusinessIntertek’s pioneering founders1927: CharlesWarnock companyis created inCanada to inspectsteel products1996-021989: ITS entersthe Chinesemarket1988: ITSacquires ETL1994: ITSacquires SEMKOIntertek develops into an international testing businessthrough organic and inorganic growth2002: IntertekGroup plc listson the LondonStock Exchange2011: IntertekacquiresMoodyInternational2016: Intertek acquires: FIT Italia – a food quality& safety assurancebusiness EWA Canada – a leadingcyber security business ABC Analitic – a JV inMexico’s fast growingenvironmental testingmarketIntertek Group plc listed on the LSE32
INTERTEK’S DECENTRALISED CUSTOMER 1ST OPERATING MODELINTERTEK ORGANISATIONAL STRUCTUREBUSINESS LINESPRODUCTSSoftlines, Hardlines, Electrical &Network Assurance, BusinessAssurance, Building &Construction, TransportationTechnologies, Chemicals &Pharma, and FoodCargo & Analytical AssessmentTRADEGLOBAL FUNCTIONSAmericasGroup ATIC Customer Service &Operations ExcellenceChinaMarketing and CommunicationsSouth andSouth East AsiaHRMiddle East and AfricaFinance and ITEurope & Central AsiaLegal, Risk and ComplianceNorth East Asia & AustralasiaCorporate DevelopmentGovernment & Trade ServicesAgriWorldRESOURCESGEOGRAPHIC AREASIndustry ServicesMinerals33
SYSTEMIC PERFORMANCE MANAGEMENT AT THE SITE, COUNTRY, BUSINESSLINE AND GROUP LEVELRevenue ( m)1,2041,372H1 16H1 17Operating Profit ( m)186H1 16 13.9% 2.7% CCROperating margin (%)22415.4%H1 17H1 16 20.4% 10.1% CCRFINANCIAL KPIsNON-FINANCIAL KPIs Revenue growth Marketing Pricing power Customer Margin accretion Sales Working capital Service ROCE/ROIC Operational excellence16.3%H1 17Cash Flow from Operations ( m)156H1 16 90bps 110bps CCR226H1 17 45.0%PRODUCTIVITYMANAGEMENTTHREE TIER PORTFOLIOSTRATEGY Monthly performancereviews Capital and resourceallocation discipline Business line and countrybenchmarking Strategic review ofunderperforming businessunits Consolidation of facilities34
05INTERTEK PERFORMANCE
Our Mid- to Long-TermValue CreationOur SectorsOur ServicesHIGH MARGIN AND STRONGLY CASH GENERATIVE EARNINGS tsTradeResourcesGDP GDP growthLong-term growthGDP Organicrevenue growthMargin accretiverevenue growthCapex / M&AStrong freecash flowDisciplinedcapital allocationInvestmentsin growth36
ACCRETIVE DISCIPLINED ALLOCATION OF CAPITAL01Capex and working capital investment to support organic growth (target c.5% of revenue in capex)Sustainable shareholder returns through payment of progressive dividends0302M&A focused on strong growth and margin prospects in businesses with leading market positions or innew attractive growth areas, geographies or servicesEfficient balance sheet with flexibility to invest in growth with Net Debt / EBITDA target of 1.5x - 2.0x0437
TRACK RECORD OF SHAREHOLDER VALUE-CREATIONRevenue ( m)EPS (p)10y CAGR 14.5%10y CAGR 14.5%2015-16 19.2%138.6132.1FY 12FY 13FY 14Dividend (p)10y CAGR 15.9%10y CAGR 15.5%2015-16 22.9%46.049.1FY 13FY 14FY 0841.0FY 12FY 0733.7FY 1120.828.1FY 1018.025.5FY 0914.8FY 06FY 16FY 15387FY 14379FY 13333FY 12289FY 11271FY 10278FY 09FY 07194FY 08125149FY 06543442FY 16FY 152015-16 19.3%62.452.3FY 16Cash Generated from Operations ( m)FY 1589.4131.2140.7107.2FY 1181.5FY 10FY 07FY 0849.7FY 06FY 16FY 15FY 14FY 13FY 12FY 11FY 1043.267.1FY 09167.71,237 1,374FY 09FY 071,004FY 08665775FY 061,7492015-16 18.5%2,5672,1842,1662,0932,05438
SUMMARY The industry is evolving from TIC to ATIC and creating exciting growth opportunities Intertek is well positioned to seize these growth opportunities with itsdifferentiated TQA value proposition Decentralised customer 1st operating model delivering superiorcustomer service Disciplined performance management and accretive capitalallocation Track record of creating sustainable shareholder value39
APPENDIX
STRUCTURAL GROWTH DRIVERSProductsTradeResources58% of Revenue73% of Profit24% of Revenue21% of Profit18% of Revenue6% of ProfitIncreased numberof Brands & SKUsFaster innovationcyclePopulation growthGDP growthLong term demandfor energyInvestment ininfrastructureIncreasedregulationIncreased consumerfocus on sustainableproductsDevelopment ofregional tradeGrowth in transportinfrastructureSupply chain riskmanagementGrowth inalternative energyImprovements insafety, performanceand qualityIncreasedcorporation focuson risk managementIncreased focus ontraceabilityGrowth in portinfrastructureSustainability ofenergy supplyFocus on health &safetyGDP GDP growthMid to long-term outlook: GDP Organic revenue growth in real termsLong-term growth41
WE HAVE A CLEAR AND DEFINED THREE TIER ACCRETIVE PORTFOLIO STRATEGY0102GeographicGBLGrow Scale Businesses03Invest in Fast GrowingBusinessesImprove Performance Softlines Business Assurance Industry Services Hardlines Agriculture Minerals Electrical & Network Assurance Building & Construction Cargo & Analytical Assessment Transportation Technologies Government & Trade Services Food North America South Asia Australia Greater China South East Asia Europe South America Middle East and Africa42
STRONG EARNINGS GROWTH AND CASH GENERATIONOperating Profit ( m)Revenue ( m)1,2041,372H1 16H1 17224186H1 16 13.9% 2.7% CCRH1 16H1 1674.5H1 17H1 1616.3%H1 17 90bps 110bps CCRInterim Dividend (p)Adjusted EPS (p)226 45.0%15.4% 20.4% 10.1% CCRCash Flow from Operations ( m)156H1 17Operating margin (%)90.419.4H1 17H1 16 21.3% 11.4% CCR23.5H1 17 21.1%43
GROUP’S CENTRE OF GRAVITY MOVING TOWARDSHIGH GROWTH HIGH MARGIN SECTORSGroup RevenueGroup Operating Profit 1,500m16.6% 250m 1,372m 1,204m 1,200m 200m73%50% 100m25%23%16.2% 186m 150m 600m67%15.8%72%15.5%-10bps 10bps CCR115.4%15.4%24% 300m16.3% 164m58%56% 90bps 110bps CCR2 224m 1,060m 900mGroup Margin 50m25%21% 0mH1 1620%21%11%8%6%H1 15H1 16H1 1718% 0mH1 1522%H1 17Note: (1) At 2016 constant currency rates; (2) At 2017 constant currency rates15.0%H1 15H1 16H1 1744
5.5% ORGANIC REVENUE GROWTH IN 94% OF EARNINGSH1 17 Organic revenuegrowth CCR1 (%)10.0%Products: e: 4.6%20.0%H1 17 Total revenuegrowth (%)(5.0%)(10.0%)Resources: (12.3%)GDP Organic Growth inProducts & Trade: 5.5%6%ofearnings(15.0%)Note: (1) At 2017 constant currency rates45
ORGANIC OPERATING MARGIN ACCRETION OF 100BPSOrganic operating margin improvement1 100bps 60bps 40bpsH1 15Cost reduction activities2015HeadcountSavings2200 4m2016550 10m2017300 4mH1 16H1 17Productivity managementPortfolio strategy Monthly performance reviews for Top30 countries/16 Business Lines Margin accretive revenue growth inProducts and Trade Performance benchmarking by businessline, country and site Investments in attractive growth andmargin sectors Price and cost discipline Strategic review of underperformingbusiness unitsNote: (1) Organic operating margin at constant currency rates when reported (CCR); (2) Annualised46
GROUP OUTLOOK 2017 Solid organic revenue growth at constant currency Robust growth momentum in Products Good growth momentum in Trade Continuing challenging trading conditions in Resources Robust Group margin progression at constant currency Continuous cost discipline Performance management Portfolio strategy Strong cash conversion Capex: 120m – 130m Net debt: 600m – 650m147Note: (1) Before any material change in FX rates and any additional M&A
KEY INVESTOR INFORMATIONKey dates:2017 November Trading Update21 November 20172017 Full Year Results6 March 2018Conference attendance:Sanford C. Bernstein, Strategic Decisions Conference, London28 September 2017CEO, IRBerenberg, Testing, Inspection & Certification Conference, London5 October 2017IRSociete Generale, European ESG/SRI Conference7 November 2017IRDeutsche Bank, Business Services, Leisure and Transport28 November 2017IRCredit Suisse, Business Services and Consumer Conference, San Francisco5 December 2017IRKey contacts:Josh Egan, Investor Relations Director ; 44 (0)20 7396 3400; investor@intertek.comwww.intertek.com/investors48
Management Harmonised System Customs Coding Benchmark Vehicles, Components and Systems Field Performance Data Collection and Analysis Benchmarking & Brand Audits Intertek Total Quality Assurance: AA T T I C T I C 28 CAR GLOBAL OPERATIONS -SYSTEMIC RISK MANAGEMENT
