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Bureau Veritas

Continued growth at Bureau Veritas, as the group reinforces its positioning on sustainability services with the “Green Line”

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CAPITAL HELD BY WENDEL
35.6
AMOUNT INVESTED BY WENDEL
€397.3
m
YEAR OF ACQUISITION
1995

Bureau Veritas is the world’s leading provider of inspection, certification and testing services in the areas of quality, health, safety, security, environmental and social responsibility (QHSE-SR). Bureau Veritas is directly and indirectly involved in ESG and in 2020 launched its “Green Line” of services and solutions to help its clients implement their strategies and measure and achieve their sustainability goals with confidence and transparency. Bureau Veritas generates approximately 55% of its sales through the BV Green Line of services and solutions.

(1) Share of equity owned by Wendel as of December 31, 2022 net of treasury shares for 51.7% of voting rights.
Key figures
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€5,650.6 m
2022 sales
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€397.3 m
amount invested by Wendel since 1995
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c. 82,000
29.1% of whom are women in management positions
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55 %
of sales linked to the Green Line

Why did we invest in Bureau Veritas?

Bureau Veritas is well positioned in markets driven by long-term structural trends. QHSE regulations and standards are proliferating and becoming tougher to meet. Increasingly, certification and inspection activities are being outsourced. Health and environmental protection standards are becoming more stringent. And trade has become global. The growing need for companies to be responsible players in their ecosystems demonstrates the central role of Bureau Veritas in building trust between companies and all their stakeholders.

Since it was founded in 1828, Bureau Veritas has gradually built up its globally renowned expertise. The market that Bureau Veritas addresses has numerous barriers to entry. Operating certification and approval are mandatory in each country. Service providers must offer a comprehensive range of inspection services (in particular for major clients) and extensive geographical coverage both locally and internationally. They must provide high value-added solutions through first-rate technical expertise and enjoy a reputation of independence and integrity. Bureau Veritas’ success is based on its ability to adjust to new business challenges, whether they are one-off situations or long-term issues.

Wendel has gradually increased its holding in Bureau Veritas. When Wendel made its initial €25 million investment in 1995, obtaining 19% of the share capital, Bureau Veritas generated annual revenue of less than €400 million. Wendel then supported the company’s growth until it held 99.2% of the capital in 2004. In 2007, Bureau Veritas was listed on the stock exchange, enabling it to continue its international expansion.

What is the development potential?

2023 Outlook

Based on a healthy sales pipeline and the significant growth opportunities related to Sustainability, and taking into account the current macro uncertainties, Bureau Veritas expects for the full year 2023 to deliver:

  • Mid-single-digit organic revenue growth;
  • A stable adjusted operating margin;
  • A strong cash flow, with a cash conversion(1) above 90%.

(1) Net cash generated from operating activities/Adjusted Operating Profit.

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Bureau Veritas’ ESG approach

ESG has always been at the heart of Bureau Veritas’ concerns. The company gives a key place to social, environmental and ethical issues in all its sectors of activity.

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Employee health and safety

Achieve 0.26 accident rate (TAR(1)) by 2025.
=> in 2022: 0.26

(1) TAR: Total Accident Rate.

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Climate change mitigation

Reduce CO2 emissions (2) to 2 tons per employee (per annum) by 2025.
=> in 2022: 2.32

(2) Greenhouse gas emissions from offices and laboratories, tons of CO2 equivalent per employee and per year for Scopes 1, 2 and 3.

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Equity and diversity

Reach 35% of female representation in leadership positions (3) by 2025.
=> in 2022: 29.1%

(3) Senior/executive management roles from the Executive Committee to Band II

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Products and services with environmental added value

Share of sales linked to the Green Line
=> in 2022: 55%

Bureau Veritas non-financials ratings
djsi
85/100
score obtained in the DJSI’s Professional Services category (top rank)
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AA
8th among 21 companies
sustainalytics
10.1
Rated “Low risk”, ranked 1st among 69 companies of the Research & Consulting subindustry
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70
Ranked 1st in the European business support services sector among 99 companies

Wendel’s role in corporate governance


Board of Directors

Laurent Mignon (Chairman)
Christine Anglade
Claude Ehlinger (Wendel Senior Advisor)
Jérôme Michiels

Strategic Committee

Laurent Mignon

Nomination & Compensation Committee

Claude Ehlinger (Wendel Senior Advisor)

Audit and Risk Committee
Jérôme Michiels

CSR Committee
Christine Anglade

Useful links