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BUREAU VERITAS resilient business model driving a powerful cash movement era and deleveraging; dividend reinstated | VCS-412 PDF Braindumps and Free PDF

20210225_Press liberate Full yr 2020 effects

PRESS liberate

Neuilly-sur-Seine, France – February 25, 2021

Bureau Veritas resilient company mannequin riding a robust money stream era and deleveraging; dividend reinstated

2020 Key figures1

  • profits of EUR 4,601 million in 2020, with organic growth of (6.0)%, of which (2.0)% in this autumn 2020

  • working earnings of EUR 407 million

  • Adjusted operating income of EUR 615 million, showing a margin decline to 13.four%; margin drastically larger in the 2nd half at 16.6% following can charge reduction measures

  • Attributable web profit of EUR one hundred twenty five million

  • Adjusted web income of EUR 285 million (EUR 0.sixty four per share)

  • Free money circulation of EUR 634 million (13.8% of community profits), led by means of a disciplined capex policy (1.9% of group revenue) and a significant working capital reduction (6.1% of group revenue, down 270bps yr on year) taking advantage of the movement For cash application initiatives

  • Adjusted net debt / EBITDA ratio diminished to 1.8x as of December 31, 2020 versus 1.9x final yr

  • Proposed dividend of EUR 0.36 per share2, payable in cash

  • 2021 Outlook

    The group continues to be uniquely positioned with the variety, the resilience of its portfolio and its a large number of growth alternatives. based on the existing uncertainties around the Covid-19 pandemic and assuming no severe lockdowns in its leading nations of operation, Bureau Veritas expects for the total yr 2021 to:

  • achieve solid biological salary increase;

  • increase the adjusted working margin;

  • Generate sustained robust cash circulate.

  • Didier Michaud-Daniel, Chief government Officer, commented:

    “all the way through 2020, Bureau Veritas’ whole company became mobilized to mitigate the have an impact on of the crisis with three moves: ensuring the fitness & safety of all Bureau Veritas personnel, conserving the economic solidity of the community, and ensuring business continuity with and for their consumers, both within the container and remotely by way of digital equipment. i am proud of the continued efforts of their 75,000 employees and of their exemplary commitment to their shoppers peculiarly helping resumptions of their operations all the way through the realm with the Restart your company with BV protocols. I additionally want to take this probability to thank their shareholders for his or her unwavering support throughout this crisis.

    Story continues

    Our full-yr 2020 outcomes underline these efforts at the side of the excellent resilience of their company after five years of profound transformation that has repositioned their portfolio of activities. due to their actions on cash, they come out more advantageous from 2020, with a lower level of debt.

    In nowadays’s world, most agencies are accelerating their efforts to drive satisfactory, safety, traceability and environmental stewardship. With their BV eco-friendly Line of capabilities and solutions committed to sustainable development, they are completely placed to help all clients and stakeholders, throughout varied sectors, to carry transparency and reliability to their ESG commitments. moreover, as a responsible enterprise, they act with the intention to be a role model for the industry when it comes to nice impact on individuals and the planet.

    Bureau Veritas will announce its 2025 strategic plan in this fall 2021, anchored in what they have developed over the last 5 years and placed to completely catch growth from new markets. via this plan, they are on a event to execute a price growing method for BV and all of its stakeholders going ahead.”

    Key 2020 Figures

    The Board of administrators of Bureau Veritas met on February 24, 2021 and accepted the economic statements for the total year 2020. The main consolidated fiscal items are:

    IN EUR hundreds of thousands

    2020

    2019

    exchange

    constant foreign money

    earnings

    4,601.0

    5,099.7

    (9.8)%

    (6.4)%

    Adjusted working earnings(a)

    615.0

    831.5

    (26.0)%

    (21.9)%

    Adjusted working margin(a)

    13.4%

    16.three%

    (294)bps

    (271)bps

    operating income

    407.4

    721.3

    (43.5)%

    (forty.4)%

    Adjusted net earnings(a)

    285.2

    451.0

    (36.8)%

    (31.6)%

    Attributable net income (loss)

    one hundred twenty five.three

    367.9

    (65.9)%

    (sixty two.four)%

    Adjusted EPS(a)

    0.64

    1.02

    (37.three)%

    (32.6)%

    EPS

    0.28

    0.eighty three

    (sixty six.three)%

    (sixty two.9)%

    working money movement

    809.1

    820.4

    (1.four)%

    +2.6%

    Free cash movement(a)

    634.2

    617.9

    +2.6%

    +7.5%

    Adjusted net economic debt(a)

    1,329.1

    1,813.3

    (26.7)%

    (a) choice performance indications are offered, defined and reconciled with IFRS in appendices 6 and 7 of this press unlock

    BUREAU VERITAS performing PROACTIVELY towards COVID-19

    ensuring the health and protection of all Bureau Veritas personnel

    because the emergence of the outbreak, Bureau Veritas has taken each vital motion to offer protection to the fitness of its personnel and, where feasible, of its purchasers, suppliers, and subcontractors. The group’s corporations around the world activated their enterprise continuity plans and applied far off working at any place possible, in strict compliance with decisions taken by way of local governments and World health firm ideas.

    make certain company continuity with and for purchasers

    probably the most neighborhood’s right priorities all through the pandemic is to make certain business continuity with, and for its shoppers, with the aid of accompanying them in managing their hazards and restarting their operations. in lots of sectors, Bureau Veritas’ services, each in the container and by way of far off technological channels, make contributions to conserving operational actions, specially people who are crucial to making certain americans’s fitness and security. Bureau Veritas put collectively a portfolio of dedicated functions aimed at helping its consumers to face the crisis, together with e‑researching solutions to enable working towards to continue all the way through lockdown and for personnel working from home, and fitness & defense rule compliance assessment put in area with the aid of health authorities.

    interact in projects to battle against Covid-19

    The group has additionally been involved in many Covid-19-linked initiatives worldwide: emergency sanatorium construction in Shenzhen, China; an emergency container health center in Mulhouse, France; US retail staff security through installing sneeze guards in retail areas; and community movements within the distinct parts of the world where it operates, specifically in the course of the donation of private protecting device (masks, gloves) to several hospitals.

    display Bureau Veritas management’s spirit of harmony and accountability

    during 2020, as a way to join with Bureau Veritas’ spirit of cohesion and accountability in opposition t all its stakeholders, each the Chairman of the Board of directors and the manager govt Officer decided to waive 25% of their fastened remuneration all through the furlough duration for Bureau Veritas employees in France. These sums had been donated to the charity “La Fondation Hôpitaux de Paris-Hôpitaux de France”.

    guarantee the complete traceability of the Covid-19 vaccines all alongside the deliver chain

    In January 2021, Bureau Veritas and OPTEL, a number one world issuer of pharmaceutical deliver chain traceability systems, partnered together to launch V-hint, an entire and guaranteed traceability answer for Covid-19 vaccines. V-trace is an built-in solution designed to music and hint vaccines, while ensuring risk mitigation because of controls and inspections all alongside the logistics chain. V-trace offers a global control of the deliver chain due to the native presence of inspectors within the container.

    Digital and innovative services & options launched right through 2020

    Accelerating the launch of new services and solutions thanks to a digital platform

    In 2020, Bureau Veritas accelerated the launch of latest services and solutions thanks to a digital platform developed by using the community.

    Restrictive measures due to the Covid-19 pandemic limited the community’s skill to install definite functions physically. In response, the community capitalized on its digital belongings to deploy its supplies in a dematerialized way and launch new capabilities adapted to the international disaster context. current inspection, audit and distance getting to know capabilities have been deployed and supported more significantly, enabling a big range of features to be maintained despite the boundaries to traveling to valued clientele’ websites.

    A digital platform called “quick tune” turned into install to assist and allow the fast deployment (1 to three months) of new comprehensive features according to a digital consciousness mannequin. The “Restart your company with BV” suite of options, created to assist business resumption with applicable health, safeguard and hygiene circumstances, become powered by means of “speedy track”.

    moreover the “Restart your enterprise with BV” initiative, this digital platform helps several new functions, including:

  • “give-R”, a solution designed to aid all business and capabilities sector organizations to ensure company continuity and enhanced manipulate hazards associated with their portfolios of suppliers unfold across different geographies; and

  • “ChargeScan by way of BV”, an entire suite of capabilities dedicated to electric powered automobile Charging Stations (EVCS), protecting the entire asset lifecycle, from design, construction and commissioning to operations, to ensure the reliability of their EVCS community.

  • The a success deployment of “Restart Your enterprise with BV”

    in the context of the pandemic, fitness, security and hygiene issues have turn into a desirable priority. To support companies adopt highest quality practices and supply reassurance to their stakeholders, in spring 2020, Bureau Veritas launched the “Restart Your enterprise with BV” suite of options concentrated on customers who are resuming their company operations.

    Bureau Veritas’ geographical presence in 140 international locations, unparalleled network of inspectors and auditors, and unrivalled event in certification techniques and management of health, defense and hygiene hazards are appreciable property. They permit the group to deliver groups, public authorities and society as an entire with functions and in-depth skills of local specificities and laws.

    “Restart Your company with BV” is meant for businesses of all sizes and sectors, as well as government agencies. Bureau Veritas supports its local, countrywide and foreign purchasers whose corporations had been shut down, together with resorts, eating places, airlines, delivery businesses, searching centers, industrial and building websites, and premises open to the general public.

    The “Restart Your business with BV” suite of solutions is stronger with a finished digital ecosystem presenting traceability and transparency. The platform includes operational counsel equipment for organizations that are looking to reassure stakeholders of their compliance with rules and advised protective measures and improvement from a label (“defend” label or client’s personal label with a dedicated manufacturer) with on-line suggestions for conclusion-clients and consumers. Bureau Veritas can provide the label, in response to compliance with all requirements, after an unbiased verification performed by means of a duly qualified auditor.

    Bureau Veritas’ green Line of unbiased potential to Foster a Sustainable World

    In October 2020, the group launched its “green Line”, a wide array of present sustainability features that permit customers to handle turning out to be challenges during this container.

    Empowering corporations to aid them execute their sustainability recommendations

    through the eco-friendly Line of services and options, Bureau Veritas partners with agencies to assist them execute their sustainability suggestions with believe and transparency.

    Sustainability – and subject matters involving CSR or ESG – have develop into key boom drivers and a catalyst of believe for all financial avid gamers. past their monetary efficiency and ability to innovate, corporations are actually valued and judged on their fine have an effect on on americans and the planet.

    decision-makers face the challenge of building have confidence with their stakeholders: shareholders, boards, personnel, clients and society as a whole. handiest an impartial, expert third party can support them supply credibility to their CSR approaches and provide the proof that their commitments when it comes to environmental and social affects are backed up with the aid of information and moves.

    For groups, this also potential implementing, monitoring, improving and communicating their commitments to enhance their sustainability efficiency and remain competitive and respectable.

    Bureau Veritas is committed to tackling the area’s most pressing challenges

    As a “business to business to Society” enterprise, Bureau Veritas (BV) is dedicated to tackling the area’s most pressing challenges from all sectors of the financial system:

  • components and production: a pacesetter in TIC for industrial sectors, BV helps shoppers of their efforts to in the reduction of their carbon footprint, obtain web zero emissions, implement sustainable aid use and control the energy transition.

  • Consumption and traceability: thanks to its talents in complex deliver chains, BV permits organizations to be sure dependable and fair sourcing, and to ensure product traceability.

  • buildings and Infrastructure: at every stage, BV presents features for brand new and growing old assets and contributes to sustainable and sensible cities.

  • New mobility: BV also contributes to the construction of electric mobility. building on its near 200‑yr presence within the Marine trade, BV helps ship homeowners advance the use of alternative fuels – similar to LNG – and to make certain compliance with air emission rules.

  • Social, Ethics and Governance: besides its capabilities to handle health, defense and safety challenges, BV has developed a full range of options specializing in improving and monitoring diversity & Inclusion, Ethics and Integrity.

  • With Bureau Veritas, businesses can measurably display the have an impact on of their sustainability and ESG initiatives by means of making them traceable, seen and reliable.

    2020 Highlights

    Resilient biological income average despite the Covid-19 pandemic

    group organic salary turned into down via 6.0% in 2020, with a 2.0% decline in the closing quarter. earnings stronger within the 2nd half, falling three.2% compared with a profits lower of 9.0% in the first half of 2020. here is mirrored as follows with the aid of company:

  • Marine & Offshore (up 2.2% organically, led via New construction) felt simplest a confined influence from the Covid-19 disaster, with the group continuing to deliver elementary functions to its clients across the globe;

  • greater than three quarters of the portfolio (together with Agri-meals & Commodities, constructions & Infrastructure (B&I), Certification, and industry) confirmed a very good stage of resistance common, down 5.1% organically on normal. B&I strongly outperformed the typical with a decline restricted to 1.7% for the whole 12 months profiting from its geographical diversification, the support from energy effectivity courses and enhancing markets within the second half, notably in Europe. Certification (down 6.2%) become suffering from the postponement of audits all over the first half however recovered strongly in the 2nd. business declined 6.6% with strong company recreation for the energy & Utilities phase in certain, (inspection of electricity techniques, electrical grids, nuclear power vegetation). In Agri-food & Commodities (down 7.four% organically), a reliable efficiency become performed for each the Agri-meals and steel & Minerals segments, which persevered operating with meals security features closing critical to food deliver primarily. although, the Oil & Petrochemicals company suffered from the decrease demand for oil and oil products. executive features have been impacted by the lockdown measures brought in some African countries and the associated economic have an effect on.

  • below one-fifth of the portfolio (client items) declined sharply because of the have an effect on of the Covid‑19 shutdowns, down 15.0% organically. The enterprise turned into severely plagued by the lockdown cases (which all started in China in Q1 and increased to most other geographies in Q2) and by way of low recreation ranges from US and European purchasers (with orders cancelled and new product launches put on grasp).

  • in the fourth quarter, the neighborhood’s biological earnings decline become limited to 2.0% year on yr. Certification become the top performing enterprise, becoming by 10.7%, taking advantage of the “Restart Your company with BV” and “guard” solutions as well because the catch-up of audits and strong momentum on schemes regarding Sustainability.

    Acquisition tasks had been originally put on grasp in 2020; endeavor resumed more currently

    Bureau Veritas put acquisitions largely on dangle in 2020 to deliver protection to its cash position and reassess talents pursuits in gentle of the pandemic.

    The pipeline of opportunities continues to be suit, and the neighborhood will proceed to installation a very selective bolt-on acquisitions strategy in targeted areas (specially in Agri-food and structures & Infrastructure, Cybersecurity) and geographies (North the united states and Asia together with China principally). Discussions resumed throughout the second half of 2020.

    On January 20, 2021, the neighborhood introduced that it had completed the acquisition of Secura B.V. (starting with a majority stake), an impartial carrier company that specialize in cybersecurity functions. centered in 2000 within the Netherlands, Secura has 100 personnel determined in two technological centers in Eindhoven and Amsterdam. The business posted 2020 revenues a little bit beneath EUR 10 million. while firmly grounded in the European safety market, the company now serves a diversified overseas customer base and is lively in all sectors, focusing on expertise, power, industrial, car, monetary, public and healthcare markets.

    Secura can be a cornerstone within the cybersecurity approach of Bureau Veritas. With strong advantage and capabilities, Secura takes a holistic security strategy in opting for and assessing cybersecurity dangers in line with requisites, frameworks and certification programs. The business provides safety trying out, audit, practising and certification services covering americans, company, and technology (networks, systems, purposes and data). The business holds an intensive latitude of accurate-notch accreditations and licenses to operate to offer security trying out and certification features in keeping with a couple of standards.

    On February 4, 2021, the community announced the signing of Zhejiang Jianchuang checking out know-how functions enterprise constrained, a softlines checking out company specializing in home brands and e-shops in China. The enterprise generated around EUR 1.5 million of revenue in 2020. This helps the group’s diversification within its client products division against the chinese language domestic market and on-line manufacturers.

    Non-core divestments continued

    In 2020, the neighborhood persisted to divest non-strategic agencies in targeted markets and geographies.

    On September 2, 2020, it divested a non-core company unit from the industry activity based in the US. The Emissions Monitoring company featuring fugitive emissions detection and measurement capabilities on industrial property, was sold to Alliance source testing, LLC (AST), probably the most greatest air emissions trying out companies within the US. The enterprise had one hundred thirty employees and generated USD 12 million in income in 2019, with margins weighing on the overall divisional efficiency. It became deconsolidated from Q3 2020 onwards. This transaction is a different step in focusing on core fine assurance for Oil & fuel capital initiatives and asset integrity agencies in North the usa and investing in the enlargement of its power company, together with renewables.

    furthermore, the working footprint persevered to be tailored to maximise efficiency and optimize performance with certain laboratory and office amenities streamlined and reorganized (China, Europe and the U.S.).

    over the last two years, in total Bureau Veritas has divested around EUR 65 million of salary from actions having a negative affect on the neighborhood margin.

    Austerity plan put in region to cut back prices and measures taken to deliver protection to the money position

    right through 2020, Bureau Veritas put measures in vicinity to hold a decent rein on expenses and money, with indicators monitored on a regular groundwork. These blanketed suspending all non-primary investments and placing in location an austerity plan for its worldwide operations, which contains a freeze in recruitment and earnings raises, and minimizing discretionary spending. This led to round EUR 260 million of complete charge discount in 2020.

    The neighborhood benefited from a strong mobilization across the corporation on cash metrics, with initiatives below the circulation For cash application (aimed toward improving the operating working capital requirement) carrying on with to be deployed in 2020. As an illustration of these initiatives, Bureau Veritas optimized the “bill to cash” method, accelerated billing and money collection processes during the neighborhood bolstered through a primary project drive, and monitored cash inflows on an everyday groundwork.

    Bureau Veritas additionally adjusted its charge base in targeted geographies and concentrated on some structurally beneath-performing units, especially in consumer products (in China) and commodities-linked activities (Oil & Petrochemicals activities in each US and Europe) via a rationalization of the laboratory networks. This resulted in a restructuring can charge of EUR 26.5 million in the full yr 2020, compared toEUR 24.4 million in 2019. The restructuring can charge is anticipated to be at a lessen degree in 2021.

    effective monetary place

    Bureau Veritas’ financing pastime right through 2020 demonstrates the mighty guide and self belief of the group’s banks and credit score investor base in the context of the Covid-19 pandemic.

    on the conclusion of December 2020, the community's adjusted internet fiscal debt reduced compared with the level at December 31, 2019. The neighborhood has an excellent economic constitution and not using a maturities to refinance except 2023. at the yr-end, Bureau Veritas had EUR 1.6 billion in accessible money and cash equivalents and EUR 1.1 billion in undrawn dedicated credit score lines.

    On April 30, 2020, the neighborhood signed an extra liquidity credit score line of EUR 500 million, with a one-12 months maturity and a six-month extension option at Bureau Veritas’ discretion. This new credit score line reinforced the neighborhood’s liquidity place, brought to the EUR 600 million syndicated credit score facility maturing in may also 2025, undrawn at December 31, 2020.

    In April 2020, Bureau Veritas’ Board of directors took the extraordinary choice to cancel the dividend (EUR 0.fifty six per share)three. This resolution maintained money of around EUR 250 million within the group and complies with the French regulatory requirement for the suspension of dividend funds in return for govt assist (temporary layoffs in France, and the deferral of certain employment contributions and tax payments). It additionally reiterates the neighborhood’s accountability to all its stakeholders who are making considerable efforts or dealing with main challenges right through this unparalleled disaster.

    At December 31, 2020, the adjusted internet fiscal debt/EBITDA ratio turned into extra reduced to 1.80x (from 1.87x remaining year) and the EBITDA/consolidated internet economic expense ratio became eight.16x. As a precaution towards a worsening pandemic, Bureau Veritas received a waiver from its banks and USPP noteholders to relax its monetary covenants at June 30, 2020, December 31, 2020 and June 30, 2021. As a consequence, the adjusted web economic debt/EBITDA ratio should be lower than four.5x, 6.25x and 5.5x versus three.25x previously at the test dates and, for USPP best, the EBITDA/consolidated web monetary price ratio need to be greater than 5.5x (unchanged), 2x and 3x versus 5.5x previously on the equal dates.

    The standard maturity of the neighborhood’s fiscal debt turned into 5.2 years4 with a blended normal can charge of cash over the total year of 2.6% except for IFRS 16 influence. The blended usual cost of money turned into 2.four% with the exception of IFRS 16 affect and early compensation fees over the yr 2020 (compared with 2.eight% in 2019).

    On February 24, 2021, Bureau Veritas signed an modification to its EUR 600 million syndicated credit score line that links its economic costs with three of its ESG targets (selected amongst its non-fiscal ambition via 2025): total accident rate, female representation in management position and CO2 equal emissions. Bureau Veritas testifies through this initiative its willingness to mix efficiency and accountability.

    govt COMMITTEE APPOINTMENTS

    Béatrice place Faget appointed member of the Bureau Veritas government Committee as executive Vice-President group legal Affairs and internal Audit

    In July 2020, Bureau Veritas announced the appointment of Béatrice place Faget, advantageous August three, 2020, as government Vice-President in cost of community criminal Affairs and internal Audit and a member of the neighborhood government Committee.

    based mostly at the community’s head workplace in Neuilly-sur-Seine, France, Béatrice region Faget reviews to Didier Michaud-Daniel, Chief govt Officer of Bureau Veritas. Béatrice place Faget acted previously as intervening time customary assistance for Technicolor. Her other experiences encompass sixteen years with CGG in quite a few positions together with prevalent Secretary to the Board and neighborhood familiar assistance.

    Alberto Bedoya appointed member of the Bureau Veritas govt Committee as government Vice-President, Commodities, industry & facilities (CIF) Division in Latin america

    In December 2020, Bureau Veritas introduced the appointment of Alberto Bedoya, effective January 1, 2021, as govt Vice-President, Commodities, trade & amenities (CIF) Division in Latin the us and a member of the neighborhood govt Committee.

    based mostly in Lima, Peru, Alberto Bedoya experiences to Didier Michaud-Daniel, Chief govt Officer of Bureau Veritas. Alberto Bedoya joined Bureau Veritas in Peru in 1998 and has in-depth potential of the operations as well because the commercial environment of Bureau Veritas in Latin america. in view that 2019, he become govt Vice‑President Latin the united states, reporting to Eduardo Camargo.

    analysis of the neighborhood's consequences and financial place

    salary down 9.eight% 12 months on yr (down 6.0% on an organic foundation)

    revenue in 2020 amounted to EUR four,601.0 million, a 9.8% lessen compared with 2019. biological increase turned into (6.0)%, enhancing in H2 in comparison with H1 (down three.2% vs. (9.0)% respectively). After a low factor in April, the exercise levels confirmed gradual and continual development in opposition t the end of the 12 months. in the ultimate quarter, the neighborhood’s portfolio decline reduced to 2.0% on typical organically and throughout the board.

    Marine & Offshore delivered biological increase of 2.2%. Agri-food & Commodities, structures & Infrastructure, Certification and trade confirmed a very good level of resistance usual, down 5.1% organically on typical. Conversely, client products declined sharply because of the influence of the Covid-19 shutdowns, down 15.0% organically (with an growth throughout the second half of the yr).

    by using geography, activities in Europe strongly outperformed the rest of the neighborhood (37.4% of profits; down 1.4% organically), with particularly solid performances in France (led via constructions & Infrastructure and particularly powerful momentum on power effectivity courses) and jap nations. Asia Pacific (31.0% of income; down eight.5% organically) was primarily suffering from the lockdown measures in China in Q1 2020 across most groups, while Australia grew over the yr.

    actions in the Americas (23.2% of earnings) decreased by way of eight.5% organically, generally dragged down by means of North the usa (the us and Canada), while Latin america showed strong resistance (down 1.3% organically with a return to growth in the ultimate quarter), as it persevered to improvement from the successful diversification approach against Opex, in vigour & Utilities specifically. at last, in Africa and the center East (8.four% of profits), the company declined by way of 7.6%, pushed down by means of the power sector.

    external growth turned into a negative 0.4%, reflecting the impact from prior-12 months disposals (HSE consulting enterprise within the US, in selected) and exact disposals (with the emissions monitoring enterprise unit in the US) and the absence of transactions year-to-date.

    currency fluctuations had a negative have an impact on of 3.four%, in particular because of the depreciation of some emerging countries’ currencies and the USD and pegged currencies against the euro.

    Adjusted working earnings down 26% to EUR 615.0 million

    Consolidated adjusted operating income decreased by 26.0% to EUR 615.0 million; the total yr 2020 adjusted operating margin dropped 294 basis facets to 13.four%, together with a 23-basis-element negative have an impact on from overseas change and a 7-groundwork element wonderful affect from the scope. On an biological basis, it declined through 278 groundwork features to 13.5%.

    exchange IN ADJUSTED operating MARGIN

    IN percentage AND groundwork aspects

    2019 adjusted working margin

    16.3%

    biological exchange

    (278)bps

    biological adjusted working margin

    13.5%

    Scope

    +7bps

    Adjusted operating margin at regular forex

    13.6%

    forex

    (23)bps

    2020 adjusted working margin

    13.four%

    All company activities apart from Marine & Offshore experienced lessen organic margins as a result of the impact of the Covid-19 shutdowns on recreation. This changed into cushioned with the aid of potent can charge containment measures (profits & recruitment freeze, reduction of shuttle charges and non-discretionary spend peculiarly), executive aids in some countries (peculiarly the furlough scheme in France within the first half) and restructuring. Margins recovered neatly in the 2d half to 16.6% as many organizations saw improved operating situations.

    essentially the most affected divisional margins had been those of purchaser products and constructions & Infrastructure, due to a sharp income shortfall linked to poor mix effects. collectively, they represented greater than three quarter of the biological decline within the group’s margin within the full year 2020.

    other working expenses improved to EUR 207.6 million vs. EUR one hundred ten.2 million in 2019. These consist of:

  • EUR 132.eight million in amortization of intangible property on account of acquisitions (EUR seventy nine.8 million in 2019) as a result of the depreciation of intangible belongings;

  • EUR 34.6 million in write-off of non-current property concerning laboratory consolidations, and company downsizing in customer items (China, Europe and the united states practically) and Agri-food & Commodities (Australia, Latin america and the USA peculiarly);

  • EUR 26.5 million in restructuring costs, concerning chiefly to customer products and commodities-linked activities (EUR 24.4 million in 2019);

  • EUR 13.7 million in web losses on disposals and acquisitions (web gains of EUR 6.0 million in 2019).

  • working profit totaled EUR 407.four million, down 43.5% from EUR 721.3 million in 2019.

    Adjusted EPS of EUR 0.64, down 37% year on yr

    net financial charges amounted to EUR 137.8 million in full 12 months 2020 in comparison with EUR 118.6 million in 2019. It reflects larger finance costs and a better bad international alternate have an impact on (EUR 22.2 million vs. EUR 10.0 million in 2019) due to the depreciation of the U.S. dollar against the euro and the appreciation of the USA dollar and the euro towards most emerging nation currencies.

    internet finance prices multiplied to EUR 108.2 million (vs. EUR 100.2 million in 2019), with the upward push in particular as a result of right here gadgets: i) an increase in the standard debt (exceptionally because of the November 2019 bond difficulty to refinance the January 2021 maturity and the drawdown of the Syndicated mortgage between April and December 2020) and ii) charges arising from the early reimbursement all through the first half of 2020 of the bilateral US inner most Placements and of the fastened-cost Schuldschein tranches. can charge of debt at 2.4% versus 2.eight% in 2019.

    different gadgets (including pastime charge on pension plans and other financial expenses) stood at EUR 7.four million, a little down from EUR eight.4 million in 2019.

    income tax price totaled EUR 130.eight million in 2020, compared with EUR 210.7 million in 2019.

    This represents an excellent tax cost (ETR) of forty eight.5% for the duration, in comparison with 34.9% in 2019.

    The adjusted advantageous tax fee (ETR) is up 350 basis aspects at 36.6% for the period, in comparison with 33.1% in 2019. The boost is specifically due to the weight of taxes that are not directly calculated by means of reference to taxable profits, akin to withholding taxes and price-delivered contributions.

    Attributable web profit for the period changed into EUR 125.three million, vs. a EUR 367.9 million earnings in 2019.

    salary per share (EPS) stood at EUR 0.28 vs. EUR 0.eighty three in 2019.

    Adjusted attributable net earnings totaled EUR 285.2 million, down 36.8% vs. EUR 451.0 million in 2019.

    Adjusted EPS stood at EUR 0.64, a 37.three% lessen vs. 2019.

    amazing free cash move at EUR 634.2 million delivered by means of optimization measures

    Full 12 months 2020 operating money circulate a little lowered by way of 1.four% to EUR 809.1 million vs. EUR 820.four million in 2019 (up 2.3% on an biological groundwork). regardless of the decline in income earlier than earnings tax, the resilient performance resulted from a powerful working capital requirement influx of EUR 149.0 million, compared to a EUR 17.2 million outflow the outdated year, as a result of a major reduction in trade receivables primarily. The movement For money application persisted to enrich working working capital, with initiatives in location all the way through the company.

    The Working capital requirement (WCR) stood at EUR 280.2 million at December 31, 2020, in comparison to EUR 450.2 million at December 31, 2019. As a percentage of profits, WCR diminished through 270 basis points to six.1%, in comparison to eight.8% in 2019. This development displays the robust mobilization across the corporation on cash metrics, with initiatives under the circulation For cash application carrying on with to be deployed right through the 12 months (optimizing the “invoice to money” procedure, accelerating billing and cash assortment techniques throughout the neighborhood reinforced via a imperative assignment drive, and monitoring money inflows on an everyday basis).

    Purchases of property, plant and gadget and intangible property, internet of disposals (internet Capex), amounted to EUR 88.3 million in 2020, a reduce compared to EUR 122.7 million in 2019. This confirmed disciplined handle over the community’s net capex-to-revenue ratio at 1.9% (specializing in upkeep almost), down compared to the level finished in 2019 (2.four%).

    Free money flow (operating cash stream after tax, hobby costs and capex) was EUR 634.2 million, compared to EUR 617.9 million in 2019, up 2.6% year on yr. On an organic foundation, free money movement reached EUR 662.6 million, up 7.2% 12 months on yr.

    change IN FREE cash circulation

    IN EUR thousands and thousands

    Free money circulation at December 31, 2019

    617.9

    organic change

    +forty four.7

    organic free cash circulation

    662.6

    Scope

    +1.7

    Free money flow at steady foreign money

    664.three

    forex

    (30.1)

    Free money movement at December 31, 2020

    634.2

    At December 31, 2020, adjusted web monetary debt became EUR 1,329.1 million, i.e., 1.80x trailing twelve-month EBITDA as defined in the calculation of the financial institution covenant, in comparison with 1.87x at December 31, 2019. The lower in adjusted net financial debt of EUR 484.2 million vs. December 31, 2019 (EUR 1,813.3 million) reflects:

  • Free money circulation of EUR 634.2 million;

  • Dividend funds totaling EUR 31.8 million corresponding primarily to dividends paid to non-controlling interests and withholding taxes on intra-group dividends;

  • Acquisitions (internet) and compensation of amounts owed to shareholders, accounting for EUR 18.0 million;

  • hire funds (involving the utility of IFRS sixteen), accounting for EUR 119.1 million;

  • different gadgets that diminished the group's debt with the aid of EUR 18.9 million.

  • Proposed dividend

    Bureau Veritas is proposing a dividend of EUR 0.36 per share for 2020. The proposed dividend will be paid in cash. moving forward the neighborhood expects to suggest a dividend of round 50% of its adjusted net income.

    here's subject to the approval of the combined Shareholders’ meeting to be held on June 25, 2021 at three:00pm at Immeuble Newtime, forty-fifty two Boulevard du Parc, 92200, Neuilly-sur-Seine. The dividend may be paid in cash on July 7, 2021, (shareholders on the register on July 6, 2021 could be entitled to the dividend and the proportion will go ex-dividend on July 5, 2021).

    2021 Outlook

    The community is still uniquely placed with the diversity, the resilience of its portfolio and its a large number of increase alternatives. based on the latest uncertainties around the Covid-19 pandemic and assuming no severe lockdowns in its leading nations of operation, Bureau Veritas expects for the complete year 2021 to:

  • achieve solid biological earnings boom;

  • enrich the adjusted operating margin;

  • Generate sustained amazing cash circulation.

  • subsequent strategic plan

    in the context of the Covid-19 pandemic, the neighborhood determined to delay the announcement of its subsequent strategic plan to the fourth quarter of 2021. On this occasion, Bureau Veritas will unveil the accessories of its fiscal ambition up to 2025.

    The community’s potent fundamentals stay unchanged and certainly exhibit the soundness of the continuing strategy. as a result, while watching for the announcement of its subsequent strategic plan, Bureau Veritas will continue to Improve the method initiated in 2015, which is proving to be very successful. The essential strategic instructions recognized as growth drivers for the arrival years are already the subject of motion plans in all community entities.

    2025 CSR approach

    Bureau Veritas remains dedicated to its non-economic efficiency. ahead of the next strategic plan, it presents its approach for social and environmental responsibility as much as 2025. This method, aligned with the United nations' Sustainable development dreams (UN SDGs), aims at “Shaping a more robust World”. it is constructed upon three strategic axes: “Shaping a better office”, “Shaping a better ambiance” and “Shaping more suitable company practices”; and three sustainability pillars: “Social & Human capital”, “ambiance” and “Governance”.

    Strategic axes

    Shaping a betterworkplace

    Shaping a much better ambiance

    Shaping superior enterprise practices

    Sustainability pillars

    Social & Human capital

    ambiance

    Governance

    UN SDGs

    intention three:good fitness and neatly-being

    goal 5:gender equality

    goal eight:good workand economic increase

    intention 13:climate action

    goal sixteen:peace, justice and robust associations

    Bureau VeritasCSR priorities

    Bureau Veritas' non-economic ambition through 2025 might be monitored by 17 key indicators in complete, of which 5 can be communicated on a quarterly foundation:

  • Social & Human capital: security is an “absolute”: achieve 0.26 accident price (TAR5); reach 35% of feminine illustration in management positions6 and obtain 35 practicing hours per worker (each year);

  • ambiance: achieve 2 a whole lot CO2 emissions7 per employee (once a year);

  • Governance: attain 99% of personnel trained to the Code of Ethics.

  • Full 12 months 2020 business assessment

    MARINE & OFFSHORE

    IN EUR millions

    2020

    2019

    exchange

    biological

    SCOPE

    forex

    earnings

    366.7

    368.5

    (0.5)%

    +2.2%

    -

    (2.7)%

    Adjusted working profit

    eighty.four

    81.5

    (1.3)%

    Adjusted working margin

    21.9%

    22.1%

    (19)bps

    +55bps

    -

    (seventy four)bps

    The Marine & Offshore company delivered a impressive 2.2% organic income boom within the full 12 months 2020 despite the Covid-19 crisis. The community endured to convey “simple functions” which make certain enterprise continuity to its customers throughout the globe. within the fourth quarter, biological revenue changed into just a little up (up 0.three%). the whole yr biological performance effects chiefly from:

  • excessive single-digit boom in New construction (forty two% of divisional income), primarily pushed through North East Asia (China and South Korea in selected);

  • Low single-digit increase in the Core In-service pastime (forty three% of divisional earnings), a mirrored image of the fleet’s modest boom and strong stage of laid‑up ships. this autumn benefited from a favorable timing of inspections, specifically for special surveys. The fleet labeled by way of Bureau Veritas persisted to develop in 2020 (up 0.5% on a every year groundwork) led by all sectors, confirming the community's operational excellence. At yr conclusion, it comprised eleven,456 ships, representing 131,eight million of Gross Register Tonnage (GRT).

  • excessive single-digit decline for functions (15% of divisional profits, including Offshore) as they depend extra on discretionary spend and as the Offshore enterprise turned into penalized by using a freeze in orders for FPSOs and drilling vessels in a lessen oil cost environment. 2020 turned into although marked via a big boost in tasks in the wind energy sector, both for onshore and offshore wind mills. The group persevered to lengthen its portfolio of non-cyclical features.

  • In 2020, the transport market skilled a extremely sharp slowdown, with a 17% drop in global new orders (in GRT) in comparison to 2019, besides the fact that children the fourth quarter confirmed a brilliant recovery (for container ships and the energy market). In that context, Bureau Veritas endured to develop its market share as it turned into able to capitalize on its leading place within the LNG box by using providing its category capabilities for LNG carriers, LNG refueling tankers and ships the usage of LNG as a fuel. New orders totaled 6.1 million gross lots at December 2020 (from 6.5 million gross lots within the prior-year length). The order e-book, which remains very varied, stood at 14.1 million gross heaps at the end of the year, strong compared to the conclusion 2019.

    all over the outbreak, Marine & Offshore endured to focal point on efficiency levers through digitalization and excessive introduced value capabilities. These encompass new collaborative platform (3D type, remote and augmented surveyors) and sensible ships solutions.

    Adjusted working margin for the 12 months remained practically unchanged at 21.9% on a suggested basis in comparison to 2019, negatively impacted via FX (74 basis elements). Organically, it rose fifty five foundation points, taking advantage of the operating leverage, positive mix and operational excellence.

    Sustainability capabilities

    Bureau Veritas promises functions to accompany its customers (shipowner, shipyard and charterer consumers) by featuring its technical skills during the entire lifecycle of a vessel from design evaluate during the building section to classification capabilities of low-noise ships powered by cleaner fuels (liquefied herbal fuel – LNG/liquefied petroleum fuel – LPG). It assists its shoppers in the choice and the evaluation of future propulsion technologies in an increasingly annoying context in terms of reducing greenhouse fuel emissions. It additionally performs ship CO2 emissions verification and performance assessment in addition to environmental inspection features (e.g. water ballast management).

    In 2020, the neighborhood has strengthened its latitude of capabilities involving sustainability with, in certain, the cellular version of its Praxis solution (previously attainable handiest on the web), which allows Hazardous substances Inventories to be carried out, however also through the constructing of inner working groups to help the building of innovation within the context of the energy transition.

    AGRI-food & COMMODITIES

    IN EUR thousands and thousands

    2020

    2019

    trade

    biological

    SCOPE

    forex

    salary

    1,029.6

    1,168.2

    (eleven.9)%

    (7.4)%

    +0.1%

    (four.6)%

    Adjusted operating profit

    125.0

    161.4

    (22.6)%

    Adjusted working margin

    12.1%

    13.8%

    (168)bps

    (119)bps

    (15)bps

    (34)bps

    The Agri-food & Commodities business recorded an biological income decrease of 7.four% for the full year 2020, with resilient efficiency for each Agri-food and metal & Minerals. this fall recorded a 6.9% decline.

    The Oil & Petrochemicals (O&P) phase (34% of divisional profits) mentioned a double-digit biological decline. It stems from a slowdown favorite for TIC functions within the group’s leading markets on account of decrease gasoline consumption (notably for Jet / gas) and low oil costs. competition within the O&P trade market remained strong. via location, above general efficiency turned into executed in Asia and in Europe while the recreation was more severely hit in North the usa, primarily impacted by the closure of some unprofitable locations. during the year, Bureau Veritas persisted its diversification, reinforcing its market share in inspections and trying out of marine cargo through deepening its geographic footprint and opening new websites. The neighborhood’s strategy is additionally to increase its laboratory testing for lube oil, marine gasoline and natural gas, and to control laboratories outsourced by valued clientele.

    The Metals & Minerals section (29% of divisional income) proven a resilient biological efficiency usual, led with the aid of a 2.7% increase for the Upstream-connected organizations (65% of M&M). Upstream endured to record solid increase across all geographies with boom acceleration in the final quarter for both Americas (specially in Chile) and Asia Pacific areas. Gold persevered to be buoyant and drove the majority of exploration charges while other metals (together with copper and iron ore) benefited from better steel expenses. New mine onsite lab projects (in Australia, Latin america and West Africa) came on circulation or ramped up in 2020. trade activities declined mid-single-digit organically, dragged down by using all geographies aside from Australia (up double-digit organically), as it benefited from market share positive factors and chinese language stimulus assisting demand for metal and aluminum and using iron ore exports to China.

    Agri-food (23% of divisional revenue) recorded good biological performance within the full 12 months (including a mild boost in this autumn), with meals actions as well as agricultural testing and inspection capabilities final essential to the meals supply within the context of the pandemic. Double-digit organic boom was completed in Asia, whereas Australia delivered low single-digit increase because of market share gains. The Agri Upstream business a little declined as outcomes of the pandemic with decreased volumes for harvest monitoring features (in Latin the us and additionally in Europe due to heavy draught), while the Agricultural inspection activities remained strong in Brazil with exports maintained at excessive degree for soybean, corn and sugar. The meals business delivered an exceptional growth (together with four.1% in the remaining quarter) essentially fueled by way of Asia.

    executive capabilities (14% of divisional revenue) mentioned a double-digit organic decline in the full year (of which a mid-single-digit decline in the ultimate quarter) because of the Covid-19 pandemic in some African nations (South Africa, Morocco and DRC principally) and within the core East (Saudi Arabia, Iraq). This became partially offset by means of the ramp-up of Single Window contracts and the VOC (Verification of Conformity) in Morocco, Kenya and Zimbabwe above all.

    The adjusted working margin for the Agri-food & Commodities company declined to 12.1%, down 119 basis facets organically compared to last yr as a result of the revenue decline (in Oil & Petrochemicals virtually) cushioned by effective charge containment measures.

    Sustainability services

    Bureau Veritas promotes transparency of product origins and nice, whereas supporting sustainable creation. Its capabilities supply a vital contribution to the invention and protected, productive extraction and distribution of natural supplies to provide international needs. The community is constructing transparency and promoting sustainability from farm to fork with its world, end-to-conclusion capabilities protecting inspection, audit & certification, and testing features. The community is dedicated to supporting liable use of natural elements and animal welfare, in addition to guaranteeing the reliability of complex deliver chains, enabling conclusion buyers to make advised decisions. Sustainability features primarily include precision farming and crop monitoring solutions, biological food certification, responsible metal sourcing, first-class assessment of biofuels for the aerospace, marine and automobile sectors.

    trade

    IN EUR thousands and thousands

    2020

    2019

    alternate

    organic

    SCOPE

    foreign money

    earnings

    965.6

    1,111.1

    (13.1)%

    (6.6)%

    (0.four)%

    (6.1)%

    Adjusted working income

    108.0

    141.four

    (23.6)%

    Adjusted working margin

    11.2%

    12.7%

    (153)bps

    (one hundred forty four)bps

    +7bps

    (sixteen)bps

    trade salary declined by way of 6.6% organically within the full 12 months 2020. This efficiency primarily displays the merits of the method of diversification in opposition t Opex and non-Oil & gas markets. In this autumn, the decline limited to 4.5% with major improvement throughout all end markets aside Oil & gasoline.

    Market instances have been a variety of within the context of the Covid-19 pandemic. The vigor & Utilities phase endured to be a key contributor to growth. Conversely, Oil & gasoline actions dragged down the divisional performance as many initiatives had been frozen, however their share of community income has significantly decreased to six%, of which 3% are Capex-related.

    with the aid of geography, full yr increase was solid in China (fueled via a strong H2 healing), Australia, and in certain European nations, including Italy whereas each France and Spain recovered within the last quarter. Latin the united states delivered a very resilient performance led primarily by Argentina, and Chile thanks to powerful business development (P&U actions particularly). The pressures on the oil trade resulted in huge declines within the US (exposed to drilling) and within the middle East.

    right through the 12 months, Opex-linked activities (65% of divisional revenue) showed their resiliency with making certain the continuity of capabilities being “business crucial”. The increase became fueled by the power & Utilities segment (14%), for which Opex-linked actions grew excessive single-digit organically (and double-digit in this autumn), with the ramp-up of a couple of contracts with quite a few energy distribution consumers (in Argentina, Brazil and Chile). The neighborhood is now working to replicate its power field features to utilities with first success in Chile.

    In Oil & gasoline (30% of divisional profits), the market circumstances remained very complicated: Capex-connected activities declined double-digit organically, pretty much attributed to Asia (with South Korea impacted with the aid of a large contract completion) and the core East (with tasks being put on hold). The company grew although in China, Latin the united states (led via Peru) and in South & West Europe certainly on gas-connected tasks. Oil alternatives stay muted while the potentialities for fuel-linked tasks are materially more suitable.

    in different places, business has been impacted in various levels. critical infrastructure tasks have persevered to development. “Non-standard” operational monitoring projects were placed on cling all through the lockdown period and have steadily restarted on the grounds that restrictions have been lifted. solid boom changed into accomplished within the chemical compounds sector, while Manufacturing and Transportation had been a little bit down.

    In January 2021, Bureau Veritas and the choice Energies and Atomic energy commission (CEA), finished the primary validation of sensible contracts by means of formal proof for the digital solution with the startup ENGIE TEO (The energy foundation), reinforcing shoppers’ confidence on the origin of the eco-friendly power consumed. within the medium term, the community will strongly improvement from the boom alternatives concerning renewables and alternative energies. In Brazil, as an example, the group received a contract with NEBRAS vigor / Canadian photo voltaic to operate house owners engineering services for two of their solar power plant life. the european green Deal will accelerate previously identified trends in opposition t energy transition and objectives of carbon neutrality.

    Adjusted operating margin for the 12 months was eleven.2%, down 153 foundation aspects from 12.7% in 2019. It became attributed to the profits decline (Q2-centric), the carrying on with poor combine impact with the potent ramp-up of giant Opex contracts and mobilization fees, while mitigated via charge movements and the us disposal.

    Sustainability features

    Bureau Veritas supports its purchasers to meet today’s energy needs while constructing a low carbon future. present all along the cost chain, from design, development to operations, the neighborhood helps to make certain great and integrity, reduce environmental affect, avoid accidents, and protect americans and local communities throughout all sectors. The neighborhood’s a large number of fields of advantage and skills of ingenious technologies enables it to aid consumers investigate their latest carbon footprint, establish areas for development, and computer screen, quantify and limit emissions. Sustainability functions above all consist of growing older belongings decommissioning environmental handle, onshore & offshore wind lifecycle options, carbon footprint and fugitive emissions monitoring, power-to-X & hydrogen assurance.

    constructions & INFRASTRUCTURE

    IN EUR millions

    2020

    2019

    change

    organic

    SCOPE

    currency

    salary

    1,314.1

    1,379.2

    (four.7)%

    (1.7)%

    (1.5)%

    (1.5)%

    Adjusted working earnings

    one hundred forty four.7

    209.7

    (31.0)%

    Adjusted working margin

    eleven.0%

    15.2%

    (420)bps

    (437)bps

    +31bps

    (14)bps

    buildings & Infrastructure (B&I) salary declined by way of four.7% in the full year 2020 with a 1.5% bad affect from external increase (reflecting the disposal of the united states HSE consulting business in June 2019). Organically, despite the Covid-19 linked shutdowns throughout most of the community’s operations, the business proved to be very mighty supported by means of three increase platforms throughout different geographies (Europe, Asia Pacific and North the united states). It resulted in an organic salary decline of 1.7%. In this autumn, organic revenue grew 2.eight% confirming the gradual restoration of the pastime accompanied when you consider that Q3.

    strong increase changed into finished for the constructions In-provider activities (60% of divisional revenue), led with the aid of France, the united states and China, benefiting in the second half from a capture-up of regulatory pushed activities no longer delivered throughout H1. Conversely, building-connected activities (40% of divisional profits) declined vastly across most countries.

    In its biggest European market (fifty eight% of divisional income), the group recorded low single-digit biological revenue increase basically led by using France (46% of divisional profits, up mid-single-digit organically). It strongly benefited from the execution of its in shape backlog of Opex-connected works (round three-quarters of the French enterprise) and growth in power efficiency courses services. within the 2nd half, it also displays a seize-up of regulatory-pushed business primary led by using HSE. throughout the 12 months Capex‑connected works remained under pressure, with many projects being paused. Italy and the Netherlands recorded low single-digit boom fueled via selected tasks. in the medium time period, the neighborhood expects to improvement from the a large number of funding courses in the european (including the green deal in France and in other European international locations sch as Germany) aiming at assisting the green economic system.

    In Asia Pacific (22% of divisional profits), salary declined high single-digit organically, dragged down through the Q1 lockdown in China (with a decline of 46.6%) which ended in a full year decline of 6.6% mitigated with the aid of enhancing developments given that Q2. searching ahead, Bureau Veritas expects to continue profiting from the chinese language govt’s guide to the home economic system via long term infrastructure spending. In Japan, the activity suffered from weak Capex traits within the Covid-19 context regardless of resilient Opex-related actions.

    in the Americas (17% of divisional earnings), a mid-single-digit biological decline become recorded essentially because of Latin the united states (down double-digit, led with the aid of Colombia and Mexico regardless of resilient performances in other places), whereas the united states (poor four.5% biological increase) showed first rate resilience (including return to growth in q4) because it persisted to benefit from amazing dynamics in facts core commissioning functions (up 14.4%), offsetting some weaker markets disturbed by means of the Covid-19. considering the fact that Q2, the community’s valued clientele accelerated information core commissioning requirements to aid the enhance in homebased working.

    the new mobility, in specific electrical automobiles, have created a brand new enviornment for sustainability functions, which is currently growing to be swiftly. In this fall 2020, the community launched a full range of functions dedicated to Electrical car Charging Stations, which bring price to owners and operators when it comes to first-rate, safety, protection and performance from the design phase and allowing degrees to the trying out & operation stage. a few contracts had been received right through the year throughout many nations (US, UK and France).

    Adjusted operating margin for the year declined by way of 420 basis features to eleven.0%, due to salary decline, in China in Q1 and somewhere else in Q2 (concerning the lockdown measures), enormous poor mix results and restricted supplies alterations all over H1 given the healthy backlog.

    Sustainability features

    Bureau Veritas helps its valued clientele to make certain that property are sustainable, sound, efficient, protected and constructed to ultimate. The Sustainability capabilities developed by using Bureau Veritas handle the whole value chain: from preliminary reports (environmental have an impact on evaluation), via construction (eco-friendly development site monitoring, health and defense coordination at building), unless operations (environmental performance and carbon footprint monitoring). The neighborhood is providing Consulting capabilities for probably the most widespread green constructing labels and schemes (LEED, BREEAM, HQE). it is also existing, through its skilled community, in all fields involving the ambiance: air pollutants, noise, waste water, solid waste, biodiversity, social have an impact on.

    CERTIFICATION

    IN EUR tens of millions

    2020

    2019

    trade

    biological

    SCOPE

    foreign money

    salary

    339.6

    370.5

    (8.three)%

    (6.2)%

    +0.3%

    (2.four)%

    Adjusted operating income

    fifty three.7

    64.5

    (16.7)%

    Adjusted operating margin

    15.8%

    17.4%

    (161)bps

    (132)bps

    -

    (29)bps

    Certification undertaking recorded an biological decline of 6.2% in the full year 2020, with a powerful select up within the 2nd half (up 9.0% together with 10.7% within the fourth quarter), partly offsetting the extreme decline skilled within the first half (down 21.9%) because of the Covid-19 outbreak affect.

    First half become heavily impacted by the lockdown measures and go back and forth restrictions imposed in lots of nations which resulted in many audits’ postponements and sophistication-room practicing cancellations. because of the implementation of far off audits and virtual practising, the community has been capable of restrict the have an effect on of the Covid-19 crisis. far flung audits represented on average 15% of the audits delivered right through the yr (with a top to 33% in March and April 2020).

    pastime tiers strongly recovered within the 2d half as they primarily benefited from a catch-up of H1 postponed audits (chiefly for QHSE, meals and Transportation schemes) and also from the success of latest capabilities developed including “Restart Your enterprise with BV”. within the 2d quarter, the community has developed a “BioSafety” administration gadget and a “take care of” Label to show that the corporations have described the methods to manage biohazard dangers and applied the measures to protect their valued clientele and employees. Many contracts had been signed with valued clientele throughout diverse sectors, including hospitality and eating places, airways, banks, shopping facilities or the general public sector. This suite of options noticed a robust momentum since Q2.

    In 2020, most geographies skilled terrible biological tendencies with few exceptions (Argentina, Canada, Vietnam and Australia). Europe carried out above the divisional normal (led through the Nordics and Southern Europe) while Americas and Africa had been below. within the remaining quarter, most international locations delivered boom with double-digit growth experienced in Latin the united states (led via Argentina, Brazil and Columbia), Canada, Australia and most Asian nations (of which Japan) as well as European countries (together with Germany).

    inside the group’s portfolio, agency audits had been severely hit because of postponements from consumers as audits had been postponed and certificates validity turned into delayed. working towards capabilities had been the most severely impacted with the cancellation of face-to-face practising sessions, changed in some situations by way of virtual practising. Double‑digit biological boom turned into carried out in customer Operations Audits and biological food certification whereas meals safety, car & Railways, Sustainability & CSR capabilities, wood management and repair certification showed powerful resilience (fueled by using a stellar restoration in the fourth quarter). The community’s portfolio diversification persisted with new products building solid within the full 12 months 2020 compared to the prior year. The neighborhood’s new choices in the digital container include tips safety and facts protection linked to the european GDPR and the ISO 27701:2019 standard on privacy tips management.

    Adjusted operating margin for the entire yr declined to fifteen.eight%. This reflects a 132 foundation elements organic decrease led by using bad boom and mix (fully in H1) cushioned by using both a versatile can charge base and a strong H2 recovery (with very match margin attaining 21.6%).

    Sustainability services

    Bureau Veritas helps agencies determine their power effectivity, carbon and environmental footprint, greenhouse gasoline emissions, social responsibility commitments and sustainability reports. To exhibit agencies’ contribution to the combat towards local weather change, Bureau Veritas offers Certification functions for renewable and bio power and power administration techniques and verifies the greenhouse gas emissions to exhibit the agencies’ carbon footprint, carbon offsetting and web Zero Emissions goal success. To aid businesses’ liable provide chain, the community has a huge portfolio of features for dependable sourcing in food and seafood, forestry and timber, metals and minerals, prescription drugs and biomaterials. Bureau Veritas has also developed accountable production services for raw substances, water and waste management, to assist organizations evolve toward a round financial system mannequin. Sustainability features certainly consist of company audits and chance mapping analysis, dependable sourcing assessment (biofuel, agri-food, forestry, metals, minerals, and so on.), environmental & energy management systems certification, social accountability audits, assurance of CSR & sustainability reporting.

    customer products

    IN EUR hundreds of thousands

    2020

    2019

    exchange

    biological

    SCOPE

    foreign money

    revenue

    585.4

    702.2

    (sixteen.6)%

    (15.0)%

    +0.1%

    (1.7)%

    Adjusted operating earnings

    103.2

    173.0

    (40.three)%

    Adjusted working margin

    17.6%

    24.6%

    (701)bps

    (685)bps

    +2bps

    (18)bps

    The client products business turned into probably the most affected enterprise inside the neighborhood’s portfolio because the result of the Covid-19 crisis and the associated time-honored lockdowns observed in numerous nations, starting in China in Q1 2020. It recorded organic profits down by means of 15.0% within the full year 2020, strongly impacted within the first half (down 20.eight%) whereas improving within the 2nd half (down 9.6%). q4 organic income declined by means of eight.1% and demonstrated the gradual growth considered in Q3, with more desirable traits for Electrical & Electronics above all.

    by way of geography, powerful boom become carried out in South East Asia (led via Vietnam, Cambodia, Indonesia and Thailand well-nigh) and powerful in middle East & Africa. Conversely, undertaking ranges remained vulnerable in China, Europe and the united states.

    Softlines (33% of divisional salary) performed under the divisional average, dragged down by using most geographies aside some nations in South East Asia. recreation ranges were impacted by using the disruption caused by the lockdown measures in China in Q1 and somewhere else in Q2, primarily in South Asia and South East Asia whereas it saw some development in opposition t the conclusion of the yr. The recreation in China endured to undergo from elaborate buying and selling situations with massive US sellers, and the effects of extra bankruptcies.

    ultimately, the community expects to proceed to benefit from an accelerated sourcing shift out of China as well as solid momentum in South and South East Asia and from new geographies (including Latin america). In February 2021, the group signed the acquisition of a chinese softlines testing business focusing on home brands and e-retail outlets. This supports its aim to accelerate its construction within the chinese market.

    Hardlines (12% of divisional profits) performed beneath the divisional usual, with a mixed efficiency by using vicinity: strong growth in South Asia and South East Asia (fueled with the aid of Vietnam and India) taking advantage of the sourcing shift out of China for small apparels and do-it-yourself items, and extremely vulnerable traits in China and within the US because of a decreased degree of latest product launches. Toys (7% of divisional revenue) remained under power due to reduced endeavor amongst key purchasers. Conversely, inspection and Audit capabilities (13% of divisional salary) proved to be very resilient with strong growth in Asia specifically, making the most of multiplied demand for social and protection inspection and audit functions to make sure provide chain compliance with rules in drive, however additionally the commitments made via brands when it comes to social and environmental responsibility.

    finally, Electrical & Electronics (35% of divisional income, E&E) performed superior than the divisional normal, with extra resilient performance in cellular trying out (instant applied sciences / web of issues (IoT) items) while very difficult in car (reliability checking out and homologation services), dragged down by China. increase become finished in South Korea and Latin america while it become greatly poor within the US, China and in Europe. In Asia, 5G-linked products/infrastructures confirmed decent momentum with the community’s Asian verify systems (South Korea and Taiwan in specific) absolutely operational when you consider that the primary half of 2020 and supplemented by way of capacities within the US in H2. In 2021, Bureau Veritas will proceed to invest in 5G technology verify machine to take full potential of this construction chance.

    Adjusted operating margin for the complete yr strongly decreased to 17.6% (down 701 basis aspects) attributed to the effect of high income decline and constrained cost adjustment in Q1 mitigated by using restructuring measures from Q2 2020. H2 margin strongly recovered to 25.2% (up fifty six basis elements) led by using several charge discount movements.

    Sustainability functions

    Bureau Veritas helps its clients to provide excessive excellent, protected, sustainable and compliant items (toys, softlines, hardlines), connected contraptions and electrical & electronics products. The neighborhood helps both online and traditional agents, as well as manufacturers, to control their hazards all alongside the deliver chain, and to validate and Improve product performance. The neighborhood offers quite a lot of capabilities to its customers, corresponding to information in managing chemical waste all the way through their deliver chain. It additionally helps its consumers by way of providing product existence cycle analyses and eco-design. To this end, the group concerns the “Footprint growth” certification label to distinguish eco-designed products. Sustainability services specifically consist of social and moral audits of deliver chains, deliver chain great development application, regulatory compliance and verification of product efficiency.

    Presentation

  • Full 12 months 2020 consequences can be introduced on Thursday, February 25, 2021, at 3:00 p.m. (Paris time)

  • A video conference may be webcast reside. Please connect with: hyperlink to video convention

  • The presentation slides should be purchasable on: https://neighborhood.bureauveritas.com

  • All helping documents could be obtainable on the site

  • live dial-in numbers:

  • - France: +33 (0)1 70 37 71 sixty six

    - UK: +44 (0)33 0551 0200

    - US: +1 212 999 6659

    - international: +44 (0)33 0551 0200

    - Password: Bureau Veritas

    2021 financial Calendar

  • Q1 2021 earnings: April 22, 2021

  • Shareholders’ meeting: June 25, 2021

  • H1 2021 consequences: July 28, 2021

  • Q3 2021 revenue: October 26, 2021

  • Digital Investor Day: this fall 2021

  • About Bureau Veritas

    Bureau Veritas is an international chief in laboratory testing, inspection and certification services. Created in 1828, the neighborhood has 75,000 personnel determined in additional than 1,600 workplaces and laboratories everywhere. Bureau Veritas helps its valued clientele increase their efficiency via providing features and ingenious options in an effort to ensure that their property, products, infrastructure and methods meet standards and rules when it comes to great, fitness and safeguard, environmental coverage and social responsibility.Bureau Veritas is listed on Euronext Paris and belongs to the subsequent 20 index.Compartment A, ISIN code FR 0006174348, inventory image: BVI.For extra suggestions, seek advice from www.bureauveritas.com, and observe us on Twitter (@bureauveritas) and LinkedIn.

    Our guidance is licensed with blockchain expertise.check that this press free up is genuine at www.wiztrust.com.

    ANALYST/INVESTOR CONTACTS

    MEDIA CONTACTS

    Laurent Brunelle

    Véronique Gielec

    +33 (0)1 fifty five 24 seventy six 09

    +33 (0)1 55 24 seventy six 01

    laurent.brunelle@bureauveritas.com

    veronique.gielec@bureauveritas.com

    Florent Chaix

    DGM Conseil

    +33 (0)1 fifty five 24 77 80

    +33 (0)1 40 70 11 89

    florent.chaix@bureauveritas.com

    thomasdeclimens@dgm-conseil.frquentin.hua@dgm-conseil.fr

    This press release (including the appendices) contains forward-looking statements, that are in accordance with latest plans and forecasts of Bureau Veritas’ administration. Such ahead-searching statements are by way of their nature discipline to a couple of essential chance and uncertainty elements such as those described within the frequent Registration document (“document d’enregistrement universel”) filed through Bureau Veritas with the French monetary Markets Authority (“AMF”) that may cause exact outcomes to vary from the plans, ambitions and expectations expressed in such ahead-looking statements. These forward-looking statements talk handiest as of the date on which they're made, and Bureau Veritas undertakes no duty to replace or revise any of them, whether because of new counsel, future events or otherwise, in keeping with relevant regulations.

    Appendix 1: this autumn and full yr 2020 profits by way of business

    IN EUR tens of millions

    this autumn / FY 2020

    q4 / FY 2019

    exchange

    biological

    SCOPE

    forex

    Marine & Offshore

    ninety two.four

    ninety six.2

    (4.0)%

    +0.3%

    -

    (four.three)%

    Agri-meals & Commodities

    260.0

    300.6

    (13.5)%

    (6.9)%

    -

    (6.6)%

    business

    256.9

    295.3

    (13.0)%

    (4.5)%

    (0.9)%

    (7.6)%

    constructions & Infrastructure

    375.1

    377.0

    (0.5)%

    +2.eight%

    (0.7)%

    (2.6)%

    Certification

    109.1

    102.four

    +6.5%

    +10.7%

    -

    (four.2)%

    buyer products

    158.7

    180.9

    (12.three)%

    (eight.1)%

    +0.1%

    (4.3)%

    total q4 income

    1,252.2

    1,352.4

    (7.four)%

    (2.0)%

    (0.4)%

    (5.0)%

    Marine & Offshore

    366.7

    368.5

    (0.5)%

    +2.2%

    -

    (2.7)%

    Agri-meals & Commodities

    1,029.6

    1,168.2

    (11.9)%

    (7.four)%

    +0.1%

    (4.6)%

    business

    965.6

    1,111.1

    (13.1)%

    (6.6)%

    (0.4)%

    (6.1)%

    structures & Infrastructure

    1,314.1

    1,379.2

    (4.7)%

    (1.7)%

    (1.5)%

    (1.5)%

    Certification

    339.6

    370.5

    (eight.three)%

    (6.2)%

    +0.3%

    (2.four)%

    buyer items

    585.4

    702.2

    (sixteen.6)%

    (15.0)%

    +0.1%

    (1.7)%

    complete Full year earnings

    4,601.0

    5,099.7

    (9.eight)%

    (6.0)%

    (0.4)%

    (3.4)%

    Appendix 2: 2020 earnings by way of quarter

    2020 revenue through QUARTER

    IN EUR tens of millions

    Q1

    Q2

    Q3

    this fall

    Marine & Offshore

    94.four

    ninety.6

    89.three

    ninety two.4

    Agri-food & Commodities

    272.7

    244.4

    252.5

    260.0

    business

    253.3

    220.three

    235.1

    256.9

    structures & Infrastructure

    318.2

    293.2

    327.6

    375.1

    Certification

    seventy six.6

    65.four

    88.5

    109.1

    consumer items

    124.3

    147.1

    one hundred fifty five.three

    158.7

    total profits

    1,139.5

    1,061.0

    1,148.3

    1,252.2

    Appendix 3: Adjusted working earnings and margin by way of enterprise

    ADJUSTED working earnings

    ADJUSTED operating MARGIN

    2020

    2019

    change(%)

    2020

    2019

    alternate

    IN EUR tens of millions

    (foundation facets)

    Marine & Offshore

    eighty.four

    81.5

    (1.3)%

    21.9%

    22.1%

    (19)

    Agri-meals & Commodities

    one hundred twenty five.0

    161.four

    (22.6)%

    12.1%

    13.8%

    (168)

    industry

    108.0

    141.four

    (23.6)%

    11.2%

    12.7%

    (153)

    buildings & Infrastructure

    a hundred and forty four.7

    209.7

    (31.0)%

    11.0%

    15.2%

    (420)

    Certification

    fifty three.7

    64.5

    (16.7)%

    15.8%

    17.4%

    (161)

    client products

    103.2

    173.0

    (40.three)%

    17.6%

    24.6%

    (701)

    complete community

    615.0

    831.5

    (26.0)%

    13.4%

    16.three%

    (294)

    Appendix four: Extracts from the whole year consolidated economic statements

    Extracts from the complete year consolidated economic statements audited and authorized on February 24, 2021 via the Board of directors. The audit processes for the complete yr debts were undertaken and the Statutory Auditors’ record has been published.

    CONSOLIDATED profits SATEMENT

    IN EUR tens of millions

    2020

    2019

    salary

    four,601.0

    5,099.7

    Purchases and external fees

    (1,350.3)

    (1,438.three)

    Personnel prices

    (2,343.5)

    (2,596.8)

    Taxes other than on income

    (forty five.0)

    (forty five.eight)

    net (additions to)/reversals of provisions

    (72.5)

    (9.2)

    Depreciation and amortization

    (362.9)

    (305.three)

    other working revenue and price, web

    (19.4)

    17.0

    operating income

    407.four

    721.3

    Share of profit of fairness-accounted businesses

    0.1

    0.6

    working profit after share of income of equity-accounted corporations

    407.5

    721.9

    revenue from cash and cash equivalents

    7.1

    2.1

    Finance charges, gross

    (a hundred and fifteen.three)

    (102.three)

    Finance expenses, web

    (108.2)

    (a hundred.2)

    other economic profits and price, internet

    (29.6)

    (18.four)

    net financial fee

    (137.8)

    (118.6)

    income before revenue tax

    269.7

    603.3

    revenue tax rate

    (130.8)

    (210.7)

    internet salary (loss) from continuing operations

    -

    -

    internet revenue (loss) from discontinued operations

    -

    -

    net earnings

    138.9

    392.6

    Non-controlling pursuits

    13.6

    24.7

    Attributable net income

    125.three

    367.9

    income per share (in euros):

    fundamental salary per share

    0.28

    0.eighty three

    Diluted salary per share

    0.28

    0.83

    CONSOLIDATED statement OF economic position

    IN EUR hundreds of thousands

    DEC. 31, 2020

    DEC. 31, 2019

    Goodwill

    1,942.9

    2,075.1

    Intangible property

    427.3

    611.1

    Property, plant and gadget

    348.8

    444.9

    right-of-use property

    375.7

    369.0

    Non-latest financial property

    a hundred and five.7

    118.3

    Deferred income tax belongings

    136.6

    132.1

    total non-existing belongings

    three,337.0

    three,750.5

    change and other receivables

    1,332.7

    1,520.0

    Contract belongings

    232.1

    226.0

    existing earnings tax property

    46.1

    forty seven.0

    spinoff financial instruments

    6.7

    four.four

    different present economic assets

    17.0

    23.4

    money and money equivalents

    1,594.5

    1,477.eight

    complete present property

    3,229.1

    three,298.6

    belongings held on the market

    -

    -

    total belongings

    6,566.1

    7,049.1

    Share capital

    fifty four.2

    fifty four.2

    Retained income and different reserves

    1,183.eight

    1,209.6

    fairness caused by homeowners of the company

    1,238.0

    1,263.8

    Non-controlling pursuits

    forty seven.7

    fifty eight.three

    complete equity

    1,285.7

    1,322.1

    Non-existing borrowings and fiscal debt

    2,376.2

    2,918.5

    Non-latest rent liabilities

    320.four

    326.0

    derivative fiscal gadgets

    -

    -

    different non-latest financial liabilities

    ninety one.4

    a hundred and fifteen.7

    Deferred earnings tax liabilities

    84.4

    122.9

    Pension plans and other long-term worker advantages

    197.7

    192.8

    Provisions for different liabilities and costs

    92.5

    seventy two.2

    total non-latest liabilities

    three,162.6

    three,748.1

    change and other payables

    1,089.6

    1,098.6

    Contract liabilities

    194.9

    197.2

    present income tax liabilities

    a hundred twenty five.8

    137.four

    present borrowings and fiscal debt

    550.5

    369.0

    latest rent liabilities

    99.three

    ninety two.6

    by-product fiscal devices

    three.6

    four.9

    other present financial liabilities

    54.1

    79.2

    complete present liabilities

    2,117.eight

    1,978.9

    Liabilities held for sale

    -

    -

    complete equity AND LIABILITIES

    6,566.1

    7,049.1

    CONSOLIDATED remark OF cash FLOWS

    IN EUR tens of millions

    2020

    2019

    income before profits tax

    269.7

    603.3

    elimination of cash flows from financing and investing actions

    a hundred and forty.1

    134.9

    Provisions and other non-money gadgets

    forty eight.7

    (13.4)

    Depreciation, amortization and impairment

    362.9

    305.2

    movements in working capital requirement as a result of operations

    149.0

    (17.2)

    earnings tax paid

    (161.three)

    (192.four)

    internet money generated from operating activities

    809.1

    820.4

    Acquisitions of subsidiaries

    (20.8)

    (sixty nine.9)

    Proceeds from income of subsidiaries and companies

    four.5

    7.9

    Purchases of property, plant and gadget and intangible property

    (98.4)

    (127.9)

    Proceeds from income of property, plant and machine and intangible belongings

    10.1

    5.2

    Purchases of non-present economic assets

    (25.2)

    (18.three)

    Proceeds from revenue of non-latest fiscal belongings

    29.5

    12.8

    change in loans and advances granted

    2.7

    (5.three)

    Dividends got from fairness-accounted businesses

    0.1

    1.three

    net money utilized in investing actions

    (ninety seven.5)

    (194.2)

    Capital boost

    2.7

    three.1

    Purchases/earnings of treasury shares

    8.8

    14.5

    Dividends paid

    (31.8)

    (ninety seven.three)

    boost in borrowings and different debt

    790.5

    719.9

    compensation of borrowings and other debt

    (1,123.5)

    (608.5)

    repayment of amounts owed to shareholders

    (1.7)

    (36.5)

    reimbursement of hire liabilities and hobby

    (119.1)

    (109.0)

    pastime paid

    (86.6)

    (79.eight)

    web money generated from (used in) financing activities

    (560.7)

    (193.6)

    influence of forex translation transformations

    (29.6)

    (1.5)

    have an impact on of adjustments in accounting formulation

    -

    -

    net enhance (decrease) in cash and cash equivalents

    121.three

    431.1

    net cash and cash equivalents at starting of the period

    1,465.7

    1,034.6

    web money and cash equivalents at end of the length

    1,587.0

    1,465.7

    o/w cash and cash equivalents

    1,594.5

    1,477.8

    o/w financial institution overdrafts

    (7.5)

    (12.1)

    Appendix 5: detailed internet financial cost

    web economic price

    IN EUR tens of millions

    2020

    2019

    Finance prices, web

    (108.2)

    (one hundred.2)

    foreign trade positive aspects/(losses)

    (22.2)

    (10.0)

    activity charge on pension plans

    (2.9)

    (4.4)

    different

    (four.5)

    (four.0)

    web fiscal rate

    (137.eight)

    (118.6)

    Appendix 6: option efficiency indicators

    ADJUSTED working profit

    IN EUR hundreds of thousands

    2020

    2019

    operating income

    407.4

    721.three

    Amortization of intangible belongings as a consequence of acquisitions

    132.eight

    79.eight

    Impairment and retirement of non-present property

    34.6

    -

    Restructuring expenses

    26.5

    24.four

    Acquisitions and disposals

    13.7

    6.0

    Impairment of goodwill

    -

    -

    complete adjustment items

    207.6

    a hundred and ten.2

    Adjusted operating income

    615.0

    831.5

    alternate IN ADJUSTED operating earnings

    IN EUR millions

    2019 adjusted operating income

    831.5

    organic trade

    (182.2)

    biological adjusted working income

    649.3

    Scope

    (0.three)

    Adjusted operating profit at regular foreign money

    649.0

    currency

    (34.0)

    2020 adjusted working income

    615.0

    ADJUSTED positive TAX cost

    IN EUR hundreds of thousands

    2020

    2019

    earnings before revenue tax

    269.7

    603.three

    income tax fee

    (one hundred thirty.8)

    (210.7)

    ETR(a)

    48.5%

    34.9%

    Adjusted ETR

    36.6%

    33.1%

    (a) positive tax fee (ETR) = revenue tax rate / income before earnings tax

    ATTRIBUTABLE web profit

    IN EUR hundreds of thousands

    2020

    2019

    Attributable internet earnings

    one hundred twenty five.3

    367.9

    EPS(a) (€ per share)

    0.28

    0.eighty three

    Adjustment items

    207.6

    one hundred ten.2

    web profit (loss) from operations to be offered

    -

    -

    Tax impact on adjustment gadgets

    (43.eight)

    (25.4)

    Non-controlling activity on adjustment gadgets

    (3.9)

    (1.7)

    Adjusted attributable web profit

    285.2

    451.0

    Adjusted EPS(a) (€ per share)

    0.sixty four

    1.02

    (a) Calculated using the weighted average number of shares: 448,616,542 in 2020 and 442,259,428 in 2019

    change IN ADJUSTED ATTRIBUTABLE net earnings

    IN EUR millions

    2019 adjusted attributable internet earnings

    451.0

    biological change and scope

    (142.7)

    Adjusted attributable web profit at steady currency

    308.three

    currency

    (23.1)

    2020 adjusted attributable web income

    285.2

    FREE money flow

    IN EUR hundreds of thousands

    2020

    2019

    internet cash generated from operating activities(operating cash move)

    809.1

    820.4

    net purchases of property, plant and gadget and intangible belongings

    (88.three)

    (122.7)

    activity paid

    (86.6)

    (79.eight)

    Free money stream

    634.2

    617.9

    alternate IN net money GENERATED FROM working activities

    IN EUR tens of millions

    web cash generated from working actions at December 31, 2019

    820.four

    organic alternate

    +19.0

    organic internet money generated from working activities

    839.4

    Scope

    +2.2

    net money generated from operating actions at regular foreign money

    841.6

    forex

    (32.5)

    net cash generated from operating activities at December 31, 2020

    809.1

    ADJUSTED internet fiscal DEBT

    IN EUR tens of millions

    DEC. 31, 2020

    DEC. 31, 2019

    Gross monetary debt

    2,926.7

    three,287.5

    cash and money equivalents

    1,594.5

    1,477.eight

    Consolidated web economic debt

    1,332.2

    1,809.7

    currency hedging instruments

    (3.1)

    three.6

    Adjusted net financial debt

    1,329.1

    1,813.three

    Appendix 7: Definition of option efficiency indications and reconciliation with IFRS

    The management technique used through Bureau Veritas is according to a sequence of option performance symptoms, as introduced under. These symptoms were described for the purposes of Studying the community’s budgets and interior and exterior reporting. Bureau Veritas considers that these warning signs supply additional beneficial advice to financial plan users, enabling them to more suitable take into account the group’s performance, specifically its operating efficiency. Some of these indications symbolize benchmarks within the testing, inspection and certification (“TIC”) company and are universal and tracked by means of the financial neighborhood. These alternative efficiency indicators should be seen as a complement to IFRS-compliant symptoms and the ensuing alterations.

    boom

    total salary boom

    the whole income growth percentage measures changes in consolidated income between the outdated 12 months and the current yr. total earnings increase has three components:

    biological growth

    The community internally screens and publishes “organic” revenue growth, which it considers to be more representative of the group’s working performance in each and every of its enterprise sectors.

    The main measure used to manage and music consolidated income boom is like-for-like, or organic growth. determining biological boom makes it possible for the group to video display trends in its enterprise aside from the have an effect on of currency fluctuations, which can be outdoor of Bureau Veritas’ control, in addition to scope effects, which difficulty new groups or agencies that not kind part of the enterprise portfolio. organic growth is used to computer screen the neighborhood’s efficiency internally.

    Bureau Veritas considers that organic boom gives management and buyers with a extra complete figuring out of its underlying operating efficiency and present enterprise tendencies, aside from the affect of acquisitions, divestments (outright divestments as well as the unplanned suspension of operations – within the experience of overseas sanctions, as an example) and changes in exchange rates for agencies exposed to international change volatility, which could mask underlying developments.

    The neighborhood also considers that separately providing organic revenue generated through its agencies provides management and traders with effective information on trends in its industrial businesses, and allows a more direct comparison with different companies in its industry.

    organic income growth represents the percent of earnings boom, offered at group degree and for each and every company, in line with steady scope of consolidation and exchange rates over similar durations:

  • consistent scope of consolidation: statistics are restated for the affect of alterations within the scope of consolidation over a 12‑month duration;

  • steady exchange fees: records for the latest yr are restated the use of exchange prices for the old 12 months.

  • Scope effect

    To set up a significant comparison between reporting periods, the affect of alterations in the scope of consolidation is decided:

  • for acquisitions conducted in the current yr: by using deducting from revenue for the present 12 months profits generated by the acquired businesses in the current 12 months;

  • for acquisitions conducted within the old yr: via deducting from profits for the latest year profits generated through the received agencies within the months in the outdated year through which they have been no longer consolidated;

  • for disposals and divestments performed within the current year: through deducting from revenue for the old yr revenue generated with the aid of the disposed and divested agencies within the outdated 12 months within the months of the current 12 months by which they had been not part of the community;

  • for disposals and divestments performed within the previous 12 months, through deducting from profits for the previous year revenue generated through the disposed and divested organizations in the previous yr ahead of their disposal/divestment.

  • foreign money effect

    The foreign money effect is calculated by using translating salary for the latest yr on the exchange rates for the old 12 months.

    ADJUSTED operating earnings AND ADJUSTED working MARGIN

    Adjusted operating earnings and adjusted operating margin are key symptoms used to measure the efficiency of the business, excluding cloth objects that can't be considered inherent to the neighborhood’s underlying intrinsic performance owing to their nature. Bureau Veritas considers that these symptoms, offered at group degree and for each and every enterprise, are extra consultant of the operating efficiency in its trade.

    Adjusted operating earnings

    Adjusted operating profit represents operating profit in advance of alterations for here:

  • amortization of intangible assets on account of acquisitions;

  • impairment of goodwill;

  • impairment and retirement of non-latest assets;

  • gains and losses on disposals of agencies and other salary and charges regarding acquisitions (costs and fees on acquisitions of corporations, contingent consideration on acquisitions of agencies);

  • restructuring prices.

  • When an acquisition is performed all through the economic 12 months, the amortization of the linked intangible property is calculated on a time proportion foundation.

    considering a measurement duration of 365 days is allowed for identifying the fair price of received belongings and liabilities, amortization of intangible belongings within the 12 months of acquisition can also, in some instances, be in accordance with a brief measurement and be field to minor changes in the subsequent reporting period, once the definitive value of the intangible assets is normal.

    organic adjusted working profit represents working profit adjusted for scope and currency consequences over similar periods:

  • at constant scope of consolidation: records are restated in line with a 12-month period;

  • at consistent trade costs: records for the present year are restated the use of alternate rates for the old year.

  • The scope and currency consequences are calculated the usage of a similar method to that used for salary for each component of working income and adjusted operating profit.

    Adjusted operating margin

    Adjusted working margin expressed as a percentage represents adjusted working income divided via earnings. Adjusted operating margin can also be presented on an biological foundation or at regular trade charges, thereby, in the latter case, presenting a view of the neighborhood’s performance except for the influence of foreign money fluctuations, which might be backyard of Bureau Veritas’ manage.

    ADJUSTED effective TAX rate

    The constructive tax rate (ETR) represents earnings tax price divided by using the amount of pre-tax earnings.

    The adjusted useful tax expense (adjusted ETR) represents income tax cost adjusted for the tax impact on adjustment items divided by way of pre-tax income before contemplating the adjustment items (see adjusted working profit definition).

    ADJUSTED net income

    Adjusted attributable net income

    Adjusted attributable net earnings is described as attributable net earnings adjusted for adjustment items (see adjusted working income definition) and for the tax effect on adjustment items. Adjusted attributable net income excludes non-controlling interests in adjustment objects and best considerations continuing operations.

    Adjusted attributable web profit may also be introduced at constant change rates, thereby featuring a view of the neighborhood’s efficiency with the exception of the affect of currency fluctuations, which might be backyard of Bureau Veritas’ manage. The foreign money effect is calculated through translating the a considerable number of salary commentary objects for the existing 12 months on the change charges for the outdated 12 months.

    Adjusted attributable web profit per share

    Adjusted attributable web income per share (adjusted EPS or earnings per share) is described as adjusted attributable internet profit divided by means of the weighted typical variety of shares within the duration.

    FREE cash circulation

    Free money flow represents internet cash generated from operating activities (working cash circulation), adjusted for right here objects:

  • purchases of property, plant and gadget and intangible belongings;

  • proceeds from disposals of property, plant and device and intangible assets;

  • activity paid.

  • net money generated from operating activities is proven after earnings tax paid.

    biological free money circulate represents free cash stream at constant scope and change rates over similar periods:

  • at consistent scope of consolidation: records are restated according to a 12-month period;

  • at steady change fees: facts for the present yr are restated using alternate fees for the previous year.

  • The scope and foreign money results are calculated using an identical method to that used for income for every element of net cash generated from working activities and free cash move.

    economic DEBT

    Gross debt

    Gross debt (or gross finance prices/monetary debt) represents bank loans and borrowings plus bank overdrafts.

    web debt

    web debt (or net finance fees/monetary debt) as described and used by the community represents gross debt much less money and money equivalents. money and money equivalents incorporate marketable securities and an identical receivables in addition to money at bank and accessible.

    Adjusted internet debt

    Adjusted web debt (or adjusted net finance costs/fiscal debt) as described and used through the neighborhood represents internet debt thinking of currency and interest rate hedging contraptions.

    CONSOLIDATED EBITDA

    Consolidated EBITDA represents net earnings before activity, tax, depreciation, amortization and provisions, adjusted for any entities bought over the closing twelve months. Consolidated EBITDA is used by way of the neighborhood to tune its financial institution covenants.

    1 option efficiency indicators are offered, described and reconciled with IFRS in appendices 6 and seven of this press free up.

    2 Proposed dividend, field to Shareholders’ meeting approval on June 25, 2021.

    three in an effort to ensure the health and defense of its personnel, provider suppliers and shareholders, and additionally to retain shareholders’ rights to participate in the Annual common meeting (AGM), Bureau Veritas announced on March 13, 2020, its determination to delay the date of the AGM in the beginning set on Thursday, might also 14, 2020 to Friday, June 26, 2020. As per the existing fitness options, the neighborhood held its AGM behind closed doorways. Dividend turned into in the beginning as a result of be proposed to the June 26, 2020 Annual prevalent assembly referred to as to approve the fiscal statements for the year ended December 31, 2019

    four At December 31, 2020, on the groundwork of the gross debt adjusted for 2021 maturity for an quantity of EUR 500 million refinanced right through 2019

    5 TAR: total Accident rate (number of accidents with and without lost time x 200,000/variety of hours worked).

    6 proportion of ladies from government Committee to Band III (inside grade i.e. “administration” or “management” position) within the group (variety of women in full-time equivalent in the leadership position scope/complete full-time equal in leadership place scope).

    7 Greenhouse gas emissions from offices and laboratories, tons of CO2 equal per employee per yr for Scope 1, 2 and 3 (emissions concerning enterprise travels).

    Attachment


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