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    In the world of investment, Wendel is unique.

    Its permanent capital and stable shareholder base give it the time and ability to carefully select and nurture the companies in which it invests. 

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    • Governance principles
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    Wendel is a company with an Executive Board and a Supervisory Board, thereby setting out a clear division of responsibilities between the executives and the shareholders and between the company's management and its supervision.

    Read more
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    Supporting investment with our international presence

    1.  France
    2.  Luxembourg
    3.  North America
  • Companies

    Wendel Group companies are leaders in their industries and make innovation central to their development.

    Bureau Veritas
    35.8%
    Certification and verification
    Constantia Flexibles
    60.8%
    Flexible packaging
    Crisis Prevention Institute
    96 %
    Training services
    Cromology
    95.9%
    Manufacture and distribution of paints
    IHS
    21.3%
    Global mobile telecom infrastructure
    Stahl
    67.5%
    High-performance coatings and leather-finishing products
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    17/10/2014 12:09:09

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    NAV per share as of 09.30.20
    €145.3

    Press releases

    2019 Universal Registration Document

  • ESG

    Investing for the long-term

    Engaging with entrepreneurial teams to build sustainable leading companies

    Visit the ESG page

    • ESG Performance
    • ESG Approach
    • ESG at Wendel
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35.8
Capital held by Wendel
(1) Share of equity owned by Wendel as of June 30, 2020 net of treasury shares for 51.3% of voting rights
Bureau Veritas pursues its growth and global leadership strategy

Bureau Veritas is the world’s second-largest provider of compliance and certification services in the areas of quality, health, safety, environment and social responsibility (QHSE-SR). The group derives approximately 50% of its sales from high-growth countries.

Key figures

Discover how sustainability is embedded in Bureau Veritas' business model
2019 sales

€5,099.7​m

Amount invested by Wendel

€397.3​m since 1995 (2)

Employees

> 78,000

Clients

400,000

ISO 14001 certification

76% of headcount activity covered

ISO 45001

86% of sites certified

Women (total headcount)

30%

Sustainability of products and services

+15% growth in overall revenue

(2) Amount of equity invested by Wendel for the stake held as of June 30, 2020.

Why did we invest in Bureau Veritas?

Bureau Veritas is ideally 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.

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. 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 sales 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

  • 09.06.2004
    66% controlling interest in Bureau Veritas
  • 09.16.2004
    Offer to minority shareholders of Bureau Veritas
  • 11.02.2004
    Takeover of Bureau Veritas - Offer made to minority shareholders of Bureau Veritas
  • 12.03.2004
    Wendel Investment to own 99% of Bureau Veritas
  • 09.10.2007
    Bureau Veritas lance son introduction en bourse
  • 09.17.2007
    12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé
  • 10.23.2007
    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
  • 03.05.2009
    Wendel has successfully completed the placing of a 10% stake in Bureau Veritas
  • 03.26.2009
    Frédéric Lemoine to be appointed as Head of Executive Board
  • 03.05.2015
    Wendel sells 10.9% of Bureau Veritas’ share capital
  • 03.06.2015
    Wendel announces the completion of the sale of 10.9% of Bureau Veritas's share capital
  • 10.29.2018
    Wendel sells 4.73% of Bureau Veritas’ share capital
  • 10.30.2018
    Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital
    • 66% controlling interest in Bureau Veritas - 110.8 KB - PDF
    • Offer to minority shareholders of Bureau Veritas - 24.49 KB - PDF
    • Takeover of Bureau Veritas - Offer made to minority shareholders of Bureau Veritas - 25.5 KB - PDF
    • Wendel Investment to own 99% of Bureau Veritas - 27.71 KB - PDF
    • Bureau Veritas lance son introduction en bourse - 142.75 KB - PDF
    • 12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé - 42.93 KB - PDF
    • 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 - 20.84 KB - PDF
    • Wendel has successfully completed the placing of a 10% stake in Bureau Veritas - 40.75 KB - PDF
    • Frédéric Lemoine to be appointed as Head of Executive Board - 19.22 KB - PDF
    • Wendel sells 10.9% of Bureau Veritas’ share capital - 314.25 KB - PDF
    • Wendel announces the completion of the sale of 10.9% of Bureau Veritas's share capital - 315.23 KB - PDF
    • Wendel sells 4.73% of Bureau Veritas’ share capital - 99.47 KB - PDF
    • Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital - 627.31 KB - PDF
    Read the press releases



    10.30.2018 - Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital




    10.30.2018 - Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital - 627.31 KB - PDF





    10.29.2018 - Wendel sells 4.73% of Bureau Veritas’ share capital




    10.29.2018 - Wendel sells 4.73% of Bureau Veritas’ share capital - 99.47 KB - PDF





    03.06.2015 - Wendel announces the completion of the sale of 10.9% of Bureau Veritas’ share capital




    03.06.2015 - Wendel announces the completion of the sale of 10.9% of Bureau Veritas’ share capital - 315.23 KB - PDF





    03.05.2015 - Wendel sells 10.9% of Bureau Veritas’ share capital




    03.05.2015 - Wendel sells 10.9% of Bureau Veritas’ share capital - 314.25 KB - PDF





    03.26.2009 - Frédéric Lemoine to be appointed as Head of Executive Board




    03.26.2009 - Frédéric Lemoine to be appointed as Head of Executive Board - 19.22 KB - PDF





    03.05.2009 - Wendel has successfully completed the placing of a 10% stake in Bureau Veritas




    03.05.2009 - Wendel has successfully completed the placing of a 10% stake in Bureau Veritas - 40.75 KB - PDF





    10.23.2007 - 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




    10.23.2007 - 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 - 20.84 KB - PDF





    10.09.2007 - Bureau Veritas lance son introduction en bourse (in French)




    10.09.2007 - Bureau Veritas lance son introduction en bourse (in French) - 142.75 KB - PDF





    09.17.2007 - 12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé (in French)




    09.17.2007 - 12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé (in French) - 42.93 KB - PDF





    12.03.2004 - Wendel Investissement to own 99% of Bureau Veritas




    12.03.2004 - Wendel Investissement to own 99% of Bureau Veritas - 27.71 KB - PDF





    11.02.2004 - Takeover of Bureau Veritas - Offer made to minority shareholders of Bureau Veritas




    11.02.2004 - Takeover of Bureau Veritas - Offer made to minority shareholders of Bureau Veritas - 25.5 KB - PDF





    09.16.2004 - Offer to minority shareholders of Bureau Veritas Wendel Investissement share buyback program




    09.16.2004 - Offer to minority shareholders of Bureau Veritas Wendel Investissement share buyback program - 24.49 KB - PDF





    09.06.2004 - 66% controlling interest in Bureau Veritas




    09.06.2004 - 66% controlling interest in Bureau Veritas - 110.8 KB - PDF



    Outlook for development

    2016-2020 Ambition

    ​In February 2020, Bureau Veritas announced that the achievement last year of its 2016-2020(1) ambition was no longer relevant in the context in the of COVID-19 crisis.

    Bureau Veritas' solid fundamentals remain unchanged and clearly demonstrate the soundness of its strategy. Bureau Veritas will announce its next strategic plan in September 2020, continuing the current successful trajectory.

    The Group will uphold its extra-financial commitments for 2020 and in particular aims to: 

    • Health and Safety: reduce accident rates by 50% (TAR: Total Accident Rate, LTR: Lost Time Rate)(2);
    • Inclusion: achieve 25% female representation on the Group’s executive management team;
    • Environment(3): reduce CO2 emissions by 10% per full-time equivalent employee; increase the use of renewable energies by 10%; have 75% of the Group’s businesses ISO 14001 certified (environmental management).

    As of April 1, 2020, Bureau Veritas has indicated that current developments in the epidemic are threatening the global economy with a systemic crisis.  In response, the Group is deploying its best efforts to protect its business activities and ensure continued excellence in the quality of the services it provides to its clients. In these unprecedented circumstances, the 2020 targets are no longer relevant. It is still too early to revise them at this stage. 

     

    (1) As a reminder, the financial ambition for 2016-2020 was as follows: increase Group sales by €1.5 billion in 2020 (compared to 2015), at the exchange rates used for the original Plan in 2015 as presented at the Journées Investisseurs (Investor Days) in October 2015, half of which was to come from organic growth and the other half from external growth; to achieve organic growth of between 5% and 7% between now and 2020; to achieve an adjusted operating margin higher than 17% in 2020, at the exchange rates used for the original Plan in 2015 as presented at the Journées Investisseurs in October 2015; to continue to generate significant available cash flow.
    (2) Bureau Veritas defines attributable “adjusted” net income as attributable net income adjusted for other operating expenses net of tax.
    (3) Net financial debt as defined in the calculation of bank covenants.

     

    “Wendel is our stable core shareholder. We can count on the strength of Wendel in pursuing our development strategy.”

    Didier Michaud-Daniel

    Chief Executive Officer of Bureau Veritas

    Sustainable development and extra-financial information

    CSR (corporate social responsibility) has always been a priority for Bureau Veritas. Indeed, social, environmental and ethical issues are given central importance in all of the company’s activities.

    As a global leader in QHSE (Quality, Health, Safety, Environment), Bureau Veritas is continuously developing ever more innovative services to meet society’s needs. As such, in the face of the major ecological and social challenges of our century, Bureau Veritas is using its expertise to support secure, sustainable development. The company is also committed to promoting diversity, gender equality and basic respect for individuals in the workplace through tangible initiatives. 

    Bureau Veritas’ ESG approach

    Health and Safety

    Reduce accident rates by 50% by 2020 (TAR,LTR) (1)

    Inclusion

    Achieve 25% female representatives on the Group’s executive management team by 2020

    Environment (2)

    By 2020 :

    - Reduce CO2 emissions by 10% per full-time equivalent employee
    - Increase the use of renewable energies by 10%
    - Achieve 75% of Group activities ISO 14001 certified

     

    (1) TAR: Total Accident Rate; LTR: Lost Time Rate. Compared to 2014 consolidated results.

    (2) Compared to 2015 consolidated results.

    + Circular +

    A new approach to sustainability, built on a comprehensive suite of services to help companies transition to a circular business model. 

    Top management

    Didier Michaud-Daniel
    CEO

    Aldo Cardoso
    Chairman of the Board

    Wendel's role in corporate governance

    Board of Directors 

    André François-Poncet (Vice-Chairman) 
    Stéphanie Besnier
    ​Claude Ehlinger  
    ​Jérôme Michiels

    Strategic Committee

    André François-Poncet (Chairman) ​
    Stéphanie Besnier

    Nomination & Compensation Committee

    Claude Ehlinger
     

    Audit and Risk Committee

    Jérôme Michiels

    As a majority shareholder, Wendel votes Bureau Veritas' resolutions in accordance with the best ESG governance practices.

    For more information

    • Bureau Veritas' website
    • Twitter
    • Linkedin

    Files to download

    • Bureau Veritas: 2019 Registration Universal Document
    • Groupe
      • Purpose & Values
      • Strategy
      • Our shareholders
      • History
      • Contacts

      In the world of investment, Wendel is unique.

      Its permanent capital and stable shareholder base give it the time and ability to carefully select and nurture the companies in which it invests. 

      Read more
      • Purpose & Values
      • Strategy
      • Our shareholders
      • History
      • Contacts
    • Gouvernance
      • Governance principles
      • Supervisory board
      • Executive Board

      Wendel is a company with an Executive Board and a Supervisory Board, thereby setting out a clear division of responsibilities between the executives and the shareholders and between the company's management and its supervision.

      Read more
      • Governance principles
      • Supervisory board
      • Executive Board
    • Équipes
      • Corporate teams
      • Investment teams

      Supporting investment with our international presence

      1.  France
      2.  Luxembourg
      3.  North America
      • Corporate teams
      • Investment teams
    • Companies

      Wendel Group companies are leaders in their industries and make innovation central to their development.

      Bureau Veritas
      35.8%
      Certification and verification
      Constantia Flexibles
      60.8%
      Flexible packaging
      Crisis Prevention Institute
      96 %
      Training services
      Cromology
      95.9%
      Manufacture and distribution of paints
      IHS
      21.3%
      Global mobile telecom infrastructure
      Stahl
      67.5%
      High-performance coatings and leather-finishing products
      • Bureau Veritas
      • Constantia Flexibles
      • Crisis Prevention Institute
      • Cromology
      • IHS
      • Stahl
    • Investors
      • Wendel in brief
      • Wendel share
      • Net asset value
      • Results
      • Credit Investors
      • Individual shareholders
      • Annual General Meetings
      • Investor Days
      • Other presentations
      • Financial agenda
      • Regulated information
      • Coverage by analysts
      • Tools and downloads
      • Contacts

      17/10/2014 12:09:09

      Loading...

       

      NAV per share as of 09.30.20
      €145.3

      Press releases

      2019 Universal Registration Document

      • Wendel in brief
      • Wendel share
      • Net asset value
      • Results
      • Credit Investors
      • Individual shareholders
      • Annual General Meetings
      • Investor Days
      • Other presentations
      • Financial agenda
      • Regulated information
      • Coverage by analysts
      • Tools and downloads
      • Contacts
    • ESG

      Investing for the long-term

      Engaging with entrepreneurial teams to build sustainable leading companies

      Visit the ESG page

      • ESG Performance
      • ESG Approach
      • ESG at Wendel
      • ESG in companies
      • Ethics & Compliance
      • ESG Policies
      • Extra-Financial Performance Declaration
      • Corporate Patronage and Solidarity
      • ESG News
      • 2020 ESG Brochure
      • ESG Contact
      • ESG Performance
      • ESG Approach
      • ESG at Wendel
      • ESG in companies
      • Ethics & Compliance
      • ESG Policies
      • Extra-Financial Performance Declaration
      • Corporate Patronage and Solidarity
      • ESG News
      • 2020 ESG Brochure
      • ESG Contact
    • Press portal
      • Individual shareholders
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      • IHS
      • Stahl
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      • Wendel in brief
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      • Credit Investors
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      • Other presentations
      • Financial agenda
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      • Coverage by analysts
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