Bureau Veritas

Last updated

Bureau Veritas S.A.
Company type Société anonyme
Euronext:  BVI
CAC Next 20 Component
ISIN FR0006174348  OOjs UI icon edit-ltr-progressive.svg
IndustryTesting, inspection, certification
Founded1828;196 years ago (1828)
Headquarters Neuilly-sur-Seine, Paris, France
Area served
Worldwide (140 countries)
Key people
Hinda Gharbi (CEO);
Services Testing, inspection, certification
Revenue €5,65 billion(2022) [1]
Number of employees
84,000
Parent Wendel (35.5%)
Website www.bureauveritas.com

Bureau Veritas is a French company specialized in testing, inspection and certification founded in 1828. It operates in a variety of sectors, including building and infrastructure (27% of revenue), agri-food and commodities (23% of revenue), marine and offshore (7% of revenue), industry (22% of revenue), certification (7% of revenue), consumer products (14% of revenue), and Education.

Contents

Bureau Veritas is present in 140 countries through a network of over 1,500 offices and laboratories, and 84,000 employees. [2] Bureau Veritas generated €5.65 billion in revenue in 2022. [3] Hinda Gharbi has been CEO of Bureau Veritas since June 2023. [4]

History

1828: Origins

Bureau Veritas was founded in Antwerp, the Netherlands, in 1828. Originally called the Bureau de renseignements pour les assurances maritimes (Information Office for Maritime Insurance), its mission was to "establish the truth and expose without apprehension or favoritism". [5] Bureau Veritas provided insurers with information that enabled them to assess the reliability of ships and equipment, and to ensure the protection of people and property. A year after its founding, the company adopted the name "Bureau Veritas" on 28 May 1829. In July 1833, the headquarters moved to Paris. [5]

1990: Diversification and worldwide expansion

To meet the needs of its clients, Bureau Veritas developed its Certification and Government services businesses to evaluate management systems and supply chains. It also reinforced its network and opened offices in Africa, China and the United States. [6]

2007: Initial public offering (IPO)

Bureau Veritas was listed on Euronext Paris on October 24, 2007. This initial public offering was aimed at consolidating Bureau Veritas’ growth strategy by raising its profile, giving it access to new means of financing and forging loyalty among its employees. [7]

2010: Development of the commodities business and in high-potential markets

After its acquisition of Inspectorate in 2010, Bureau Veritas became one of the world’s top three players in the commodities sector and continued to expand its geographic footprint. It became the leader of its sector in Canada following the acquisition of Maxxam in 2014 [8] and carried out in parallel a series of acquisitions in the construction and consumer products industries in China.

2020: Announcement of the 2025 strategy

The 2025 strategy will be a value-enhancing journey ensuring both short and long term growth for Bureau Veritas, capturing the maximum value from the Group’s existing businesses adjacent to its core activity and leading sustainability in the TIC sector. As of June 30, 2020, Bureau Veritas had cash and cash equivalents of €2.1 billion. In 2020, Bureau Veritas announced a net profit of €125.3 million despite a nearly 10% drop in revenue to €4.6 billion. [9] Diversification of its activities has enabled the company to remain in the black despite the crisis. In the first half of 2021, Bureau Veritas posted a net profit of €196.9 million with revenues of €2.4 billion, up 9.9 compared to 2020. [10] The management is satisfied after having lost 34 million euros during the health crisis of 2020. These figures therefore allow the group to raise its growth forecasts for the whole of 202117. In the same year, Bureau Veritas recruited 8,000 people, including 1,000 in France. [11]

2024: LEAP | 28 strategy

In March 2024 Bureau Veritas announced LEAP | 28 it's latest strategy. Based on three pillars, Portfolio, Performance and Human Capital. [12]

Corporate Updates

2015 to 2019 Strategy

In 2015, Bureau Veritas launched a strategic plan [13] to make the Group more resilient, and more resistant to macroeconomic fluctuations (e.g. oil, gas, primary commodities, marine). This strategy aims to expand the business into high-growth sectors, such as agri-food, [14] construction and infrastructure, connected objects and automotive. The diversification of Bureau Veritas' activities has been accompanied by a geographical restructuring. The Group has expanded on its historical presence in France and Europe, reorganizing itself into three main zones: the Americas, Europe/Africa and Asia. [15]

In December 2021, Didier Michaud-Daniel announced Bureau Veritas' ambitions for 2025, “wishing to make it a world leader on critical societal subjects such as energy transition, smart cities, new forms of mobility and traceability of supply chains”. [16]

Digital strategy

In 2016, Bureau Veritas entered into a strategic partnership agreement with Dassault Systèmes, [17] which allows Bureau Veritas to use their 3DEXPERIENCE [18] digital platform to carry out continuous assessment of ships, offshore platforms and on-board equipment throughout the entire life cycle. [19]

In 2017, Bureau Veritas entered into a partnership with Avitas Systems [20] a GE Venture, to launch a range of inspection services based on predictive data analytics (i.e. artificial intelligence) for all industrial sectors.

In 2018, the Group launched Origin, [21] the very first traceability label based on blockchain technology, which provides consumers with complete, end-to-end proof of a product's journey, from farm to fork.

Bureau Veritas entered into a strategic partnership with Microsoft in 2019 to develop artificial intelligence in testing laboratories. [22]

Acquisitions

In January 2015, the Group expanded in China. Bureau Veritas acquired Shandong Chengxin, a Chinese company specialized in support services for the construction of industrial infrastructure for the energy sector. [23] In 2017, China became the Group's largest market in terms of both revenue and employees. [24] In April 2019, Bureau Veritas acquired Shenzhen Total-Test, a Chinese food testing company. [25] Bureau Veritas aims to reach €1 billion in revenue in China by 2021. [26]

In 2017, Bureau Veritas announced the acquisition of Primary Integration Solutions in the United States, thus expanding its Building & Infrastructure business into data centers. [27] In March 2018, the Group expanded into the construction sector in the United States with the acquisition of EMG. [28] This expansion continued even further with the acquisition of Owen in 2019, a provider of compliance services for buildings and infrastructure. [29]

In Europe, Bureau Veritas acquired Q Certificazioni, [30] an Italian organic food certification body, in 2019. The very same year, with the integration of Capital Energy in France, [31] Bureau Veritas expanded its consulting and assistance services in the field of energy efficiency certification.

In January 2021, Bureau Veritas takes a majority stake in cybersecurity specialist Secura. [32] In April 2021, the company acquires Bradley Construction Management, an American society specialized in project management and construction management services for the renewable energy sector. [33] In September 2021, Bureau Veritas acquires AET France, a company specializing in laboratory testing, product development and sustainability testing. [34]

In January 2022, Bureau Veritas acquires PreScience specialized in Project Management and Construction management services for Transportation Infrastructure projects. [35] In June 2022, Advanced Testing Laboratory, specialized in scientific sourcing services, is acquired by Bureau Veritas. [36] In July 2022, Bureau Veritas acquires AMSfashion, an expert in sustainability, quality and conformity services for the fashion industry. [37]

Governance

Shareholders

List of primary shareholders as of 30 April 2022 [38]

 % of shares held
Free Float63,94%
Groupe Wendel35,47%
FCP BV Next 0.22%
Group-owned stock0.19%
Managers0.18%

Executive committee

Board of directors

Bureau Veritas' board of directors is made up of twelve members. In December 2022, Laurent Mignon was appointed on the board of directors succeeding André François-Poncet. [46] In June 2023, Laurent Mignon is appointed Chairman of the Board of Directors and Pascal Lebard is appointed Lead Independent Director and Vice-Chairman of the Board of Directors. [4] In July 2023, Geoffroy Roux de Bézieux was appointed as an Independent Director of the Company, [47]

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References

  1. ↑ "Bureau Veritas performance financière 2022" (PDF). Bureau Veritas (in French). 1 January 2023.
  2. ↑ Bourse, Zone. "Kathryn Dolan nommée Vice-Présidente exécutive Ressources Humaines & QHSE | Zone bourse". www.zonebourse.com (in French). Retrieved 1 September 2022.
  3. ↑ "Bureau Veritas financial performance 2022" (PDF). Bureau Veritas.
  4. 1 2 3 VERITAS, BUREAU (22 June 2023). "BUREAU VERITAS - Changes to Bureau Veritas' corporate governance". GlobeNewswire News Room. Retrieved 23 June 2023.
  5. 1 2 "Le bureau Veritas, gardien de la sécurité sur les océans, dans les airs et sur les continents". Le Monde diplomatique (in French). 1 January 1959. Retrieved 7 April 2020.
  6. ↑ "Bureau Veritas 2021" (PDF). Bureau Veritas.
  7. ↑ VERITAS, BUREAU (27 February 2020). "BUREAU VERITAS' strong fundamentals driving an excellent set of 2019 results". GlobeNewswire News Room (Press release). Retrieved 3 October 2022.
  8. ↑ "Bureau Veritas a finalisé l'acquisition de Maxxam". Investir (in French). 3 February 2014. Retrieved 16 January 2023.
  9. ↑ "Bureau Veritas (BVI.PA) - Revenue". companiesmarketcap.com. Retrieved 3 October 2022.
  10. ↑ VERITAS, BUREAU (24 February 2022). "Bureau Veritas: Strong operating and excellent financial performance in 2021; Solid 2022 outlook". GlobeNewswire News Room (Press release). Retrieved 3 October 2022.
  11. ↑ "Didier Michaud-Daniel (Bureau Veritas): "Je préfère la conviction aux quotas"". LEFIGARO (in French). 5 December 2021. Retrieved 3 October 2022.
  12. ↑ "Bureau Veritas: a new strategic plan that hits the mark". BOURSIER.COM (in French). 20 March 2024. Retrieved 10 September 2024.
  13. ↑ "Bureau Veritas accélère sa diversification technologique et géographique". Les Echos (in French). 6 December 2017. Retrieved 7 April 2020.
  14. ↑ "New Business Opportunities : Agricultural Testing Market 2025 – SGS, Eurofins, Intertek, Bureau Veritas, TUV Nord Group, ALS Limited, Merieux". Market Reporter. Archived from the original on 12 January 2021. Retrieved 7 April 2020.
  15. ↑ "wendelgroup". wendelgroup.com/fr.
  16. ↑ VERITAS, BUREAU (3 December 2021). "Bureau Veritas 2025 strategy aims to take the Group's value creation to the next level". GlobeNewswire News Room (Press release). Retrieved 1 September 2022.
  17. ↑ Saudemont, Eric. "Certification : Bureau Veritas signe un partenariat avec Dassault Systèmes". Pétrole & Gaz-Energies Nouvelles (in French). Retrieved 7 April 2020.
  18. ↑ "Bureau Veritas". Dassault Systèmes®. 14 September 2017. Retrieved 7 April 2020.
  19. ↑ "DASSAULT SYSTEMES : BUREAU VERITAS a sélectionné sa solution " Designed for Sea "". Capital.fr (in French). 7 September 2016. Archived from the original on 11 February 2021. Retrieved 7 April 2020.
  20. ↑ "Bureau Veritas s'allie à Avitas System dans la maintenance prédictive". Investir (in French). 5 December 2017. Retrieved 7 April 2020.
  21. ↑ "Bureau Veritas lance Origin, la première solution de traçabilité alimentaire construite sur la blockchain". ITespresso.fr (in French). Retrieved 7 April 2020.
  22. ↑ Renault, Enguérand (28 February 2019). "Bureau Veritas s'allie avec Microsoft pour installer de l'IA dans ses labos". Le Figaro.fr (in French). Retrieved 7 April 2020.
  23. ↑ "Didier Michaud-Daniel conduit Bureau Veritas en Chine". L'Opinion (in French). 7 January 2015. Retrieved 7 April 2020.
  24. ↑ "" Bureau Veritas n'est plus un groupe cyclique "". Investir (in French). 26 April 2019. Retrieved 7 April 2020.
  25. ↑ Bourse, Zone. "Bureau Veritas : acquiert le chinois Shenzhen Total-Test | Zone bourse". www.zonebourse.com (in French). Retrieved 7 April 2020.
  26. ↑ "Didier Michaud-Daniel : " Là où ils sont précurseurs, les Chinois définissent la norme et Bureau Veritas les y aide "". Les Echos (in French). 25 July 2019. Retrieved 7 April 2020.
  27. ↑ "BUREAU VERITAS s'offre PRIMARY INTEGRATION SOLUTIONS, FUSACQ Buzz". www.fusacq.com. Retrieved 7 April 2020.
  28. ↑ Bourse, Zone. "BUREAU VERITAS : acquiert l'américain EMG | Zone bourse". www.zonebourse.com (in French). Retrieved 7 April 2020.
  29. ↑ "Bureau Veritas acquiert l'américain Owen Group". Capital Finance (in French). 19 March 2019. Retrieved 7 April 2020.
  30. ↑ "Bureau Veritas acquiert Q Certificazioni". Boursier.com.
  31. ↑ "BUREAU VERITAS acquiert Capital Energy". Capital.fr (in French). 16 January 2019. Retrieved 7 April 2020.
  32. ↑ "Bureau Veritas Further Expands Cybersecurity Offer by Joining Forces With Secura". www.businesswire.com. 20 January 2021. Retrieved 1 August 2022.
  33. ↑ Veritas, Bureau. "Bureau Veritas Acquires Bradley Construction Management, Accelerating Growth in Renewable Energy Market". www.prnewswire.com (Press release). Retrieved 1 August 2022.{{cite press release}}: |first= has generic name (help)
  34. ↑ VERITAS, BUREAU (1 September 2021). "Bureau Veritas acquires AET France, a company specializing in laboratory testing, product development and sustainability testing". GlobeNewswire News Room (Press release). Retrieved 1 August 2022.
  35. ↑ VERITAS, BUREAU (6 January 2022). "Bureau Veritas acquires PreScience, expanding growth in Transportation Infrastructure Market". GlobeNewswire News Room (Press release) (in French). Retrieved 1 August 2022.
  36. ↑ "Bureau Veritas: acquisition d'Advanced Testing Laboratory". La Tribune (in French). 28 June 2022. Retrieved 4 August 2022.
  37. ↑ "Bureau Veritas acquires AMSfashion to boost Europe presence". Just Style. 29 July 2022. Retrieved 1 September 2022.
  38. ↑ "| live". live.euronext.com. Retrieved 7 June 2022.
  39. ↑ "Alberto Bedoya Appointed Member of the Bureau Veritas Executive Committee, in Charge of Latin America Operations". www.businesswire.com. 17 December 2020. Retrieved 4 January 2021.
  40. ↑ "Bureau Veritas : Vincent Bourdil est nommé Vice-Président exécutif Global Business Lines et Performance". Boursier.com (in French). Retrieved 2 May 2023.
  41. ↑ "Bureau Veritas : Catherine Chen est nommée Vice-Présidente Exécutive de la division Biens de consommation". Bourse Direct (in French). Archived from the original on 31 October 2020. Retrieved 7 April 2020.
  42. ↑ VERITAS, BUREAU (9 May 2022). "Kathryn Dolan appointed Executive Vice-President Human Resources & QHSE". GlobeNewswire News Room (Press release). Retrieved 1 June 2022.
  43. ↑ VERITAS, BUREAU (9 July 2020). "BUREAU VERITAS: Béatrice Place Faget joins Bureau Veritas Group Executive Committee as Executive Vice-President Group Legal Affairs and Internal Audit". GlobeNewswire News Room (Press release). Retrieved 2 June 2021.
  44. ↑ "Marc Roussel est nommé Vice-Président exécutif de la division Matières Premières, Industrie & Infrastructures de Bureau Veritas en France et Afrique". Bureau Veritas France (in French). Retrieved 7 March 2023.
  45. ↑ VERITAS, BUREAU (25 August 2021). "BUREAU VERITAS: Shawn Till appointed Executive Vice-President of Bureau Veritas Commodities, Industry and Facilities division in North America". GlobeNewswire News Room (Press release). Retrieved 2 September 2021.
  46. ↑ "Laurent Mignon succeeds André François-Poncet on the Board of Directors of Bureau Veritas as of December 15th, 2022". Bureau Veritas. Retrieved 21 February 2023.
  47. ↑ "Geoffroy Roux de Bézieux co-opted to Bureau Veritas Board of Directors | Bureau Veritas". group.bureauveritas.com. Retrieved 26 July 2023.
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