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Bureau Veritas

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

Bureau Veritas 2022 Universal Registration Document Image
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CAPITAL HELD BY WENDEL
35.6
%¹
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
icon
€5,650.6 m
2022 sales
i-1
€397.3 m
amount invested by Wendel since 1995
suite-pictos-bonhommes-2
c. 82,000
29.1% of whom are women in management positions
i-3
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.

Key milestones of the investment

1995
2004
2007
2009
2015
2018
1995
1995
Wendel acquires its first 19% stake in the company for an investment of €25 million
2004
September 6, 2004
66% controlling interest in Bureau Veritas
September 16, 2004
Offer to minority shareholders of Bureau Veritas
November 2, 2004
Takeover of Bureau Veritas – Offer made to minority shareholders of Bureau Veritas
December 3, 2004
Wendel Investment to own 99% of Bureau Veritas
2007
September 17, 2007
12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé (in French)
October 9, 2007
Bureau Veritas lance son introduction en Bourse (in French)
October 23, 2007
IPO of Bureau Veritas: Wendel sells 27.7 million shares at €37.75 per share and retains 67.6% of the capital of Bureau Veritas
2009
March 5, 2009
Wendel has successfully completed the placing of a 10% stake in Bureau Veritas
March 26, 2009
Frédéric Lemoine to be appointed as Head of Executive Board
2015
March 5, 2015
Wendel sells 10.9% of Bureau Veritas’ share capital
March 6, 2015
Wendel announces the completion of the sale of 10.9% of Bureau Veritas’s share capital
2018
October 29, 2018
Wendel sells 4.73% of Bureau Veritas’ share capital
October 30, 2018
Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital

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.

Photo BV_3

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.

01
02
03
04
01
i-1
Employee health and safety

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

(1) TAR: Total Accident Rate.

Read more about Bureau Veritas’ ESG strategy
02
changement-climat-4
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.

03
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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

04
feuille-rond-04
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)
suite-pictos-msci
AA
8th among 21 companies
sustainalytics
10.1
Rated “Low risk”, ranked 1st among 69 companies of the Research & Consulting subindustry
moodys
70
Ranked 1st in the European business support services sector among 99 companies

Top management

of Bureau Veritas
hinda-gharbi-rounded
Hinda Gharbi
CEO

Wendel’s role in corporate governance


Board of Directors
Laurent Mignon (Chairman)
Christine Anglade Pirzadeh
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 Pirzadeh

#LETTER TO SHAREHOLDERS
25 April 2023
Wendel and Bureau Veritas Group are listed in the S&P Global Sustainability Yearbook 2023
All news
– Press release
26 July 2023
Bureau Veritas – Strong H1 2023 operating and financial performance
All press releases
 
26 July 2023
Geoffroy Roux de Bézieux co-opted to Bureau Veritas Board of Directors
Useful links
Useful links

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