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W WENDEL PRESS RELEASE - APRIL 28 , 2021 Q1 2021 Trading update Net asset value as of March 31 , 2021 : € 7,488 million or € 167.4 per share , up 5.3 % since December 31 , 2020 ( € 159.1 per share ) and up 41.7 % since the low point in March 2020 Q1 2021 consolidated net sales : € 1,913 million , up 2.0 % overall and up 6.5 % organically year - on - year • Double digit growth for Cromology , + 22.6 % organic growth • Strong organic growth for Bureau Veritas ( + 6.6 % ) and Stahl ( + 9.6 % ) • Crisis Prevention Institute back to organic growth , with March 2021 revenue above pre - Covid levels • Nearly flat organic growth for Constantia Flexibles • Strong FX headwinds across the portfolio ( -4.5 % consolidated ) Partnership with the Deconinck family to acquire the shares of Tarkett and to support the growth of the company • This investment will be accompanied by an offer to acquire Tarkett ( TKKT.FP ) shares Wendel will hold up to 30 % of Tarkett Participation , alongside the Deconinck family Investment activity by Group companies since January 1 , 2021 • • In April 2021 IHS announced the acquisition of Centennial Towers ' Brazilian and Colombian tower operations , bringing an additional 602 towers in Brazil , and 217 towers in Colombia Acquisition of US - based Bradley Construction Management by Bureau Veritas , accelerating growth in renewable energy market Other noteworthy developments since January 1 , 2021 • On March 11 , 2021 , Stahl announced the appointment of Maarten Heijbroek as new CEO , starting July 1 , 2021. Huub van Beijeren , will retire from Stahl at that time , join Stahl's board and also serve as an advisor to Wendel • Wendel adopted the 10 Principles of the United Nations Global Compact • Wendel unwound its euro / dollar cross currency swaps in March 2021 , for a gain of € 39 million and c . € 25 million future interest costs savings Strong financial structure • LTV ratio at 6.8 % as of March 31 , 2021 • Total liquidity of € 1.8 billion as of March . 31 , 2021 , including € 1,069 million of cash and a € 750 million committed credit facility ( fully undrawn ) • Investment grade corporate ratings : Moody's Baa2 with stable outlook / S & P BBB with stable outlook • Integration of ESG targets into the financial terms of the undrawn € 750 million syndicated credit : measurable aspects of the non - financial performance of Wendel and portfolio companies to be now taken into account in the calculation of the margin of this syndicated credit 1/8