Earnings Release • Aug 26, 2010
Earnings Release
Open in ViewerOpens in native device viewer
Neuilly-sur-Seine, France, August 26, 2010 – The Board of Directors of Bureau Veritas met on August 25, 2010 and has closed the Group's H1 2010 accounts.
Frank Piedelièvre, Chairman and CEO of Bureau Veritas, stated:
"In the second quarter of 2010, Bureau Veritas restored organic growth and also managed to improve margins. The highlight of the first half year was clearly the acquisition of Inspectorate which has enabled us to become a key player in the buoyant commodities testing and inspection market.
In the second half, revenue growth should total around 10%, thanks to faster momentum in organic growth and the consolidation of Inspectorate. Over the full-year 2010, we are forecasting a slight growth in operating margin on an organic basis."
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 1,349.1 | 1,329.5 | +1.5% |
| Adjusted operating profit (a) | 225.6 | 214.5 | +5.2% |
| As a % of revenue | 16.7% | 16.1% | +60 basis points |
| Operating profit | 213.7 | 205.4 | +4.0% |
| Net financial expense | (15.2) | (28.2) | (46.1)% |
| Income tax | (54.4) | (44.7) | +21.7% |
| Attributable net profit | 140.8 | 130.5 | +7.9% |
| Attributable adjusted net profit (a) | 149.5 | 137.3 | +8.9% |
| Adjusted net financial debt on June 30 (b) | 712.8 | 881.3 | (168.5) |
(a) Before amortization of intangibles and non-recurring items
(b) Net financial debt after currency hedging instruments as defined for the Group's covenants calculation
In 2010, the Group resumed its acquisitions policy by acquiring three companies representing cumulated annual revenue of more than €300 million.
On June 1, 2010, Bureau Veritas announced the acquisition of Advanced Coal Technology – (2009 revenue of SAR78 million), one of the leading suppliers of coal testing services in South Africa and offering development potential in other southern African countries (Mozambique, Botswana, Zimbabwe).
On June 22, 2010, Bureau Veritas announced the signing of an agreement to acquire Inspectorate (2009 revenue of GBP246 million) and thereby took a decisive step in its development by becoming one of the global leaders in commodities testing and inspection. This acquisition provides the Group a new dimension by doubling the size of its laboratories network (330 sites) and enabling it to offer the widest range of services in the inspection and certification sector via eight lines of global services: Industry, Construction, Marine, Consumer Products, Commodities, Systems Certification, In-Service Inspection & Verification and Government Services. After the consolidation of Inspectorate, the Group will have more than 47,000 employees spread throughout 140 countries and generate revenue of more than €3 billion.
The Group also acquired US company SMSI, specialised in elevators inspection, with revenue of around €0.2 million.
Q2 2010 revenue rose by 5.7% to €720.2 million and broke down as follows:
H1 2010 revenue rose by 1.5% vs. H1 2009 to €1,349.1 million and broke down as follows:
| (in millions of euros) | 2010 | 2009(a) | Overall growth |
Organic growth |
|---|---|---|---|---|
| Marine | 79.7 | 84.7 | (5.9)% | (11.0)% |
| Industry | 188.5 | 157.1 | +20.0% | +10.1% |
| In-Service Inspection & Verification (IVS) | 107.4 | 108.1 | (0.6)% | +1.7% |
| Construction | 110.0 | 117.2 | (6.1)% | (2.3)% |
| Certification | 83.3 | 75.5 | +10.3% | +5.7% |
| Consumer Products | 105.3 | 97.9 | +7.6% | +2.1% |
| Government Services & International Trade (GSIT) | 46.0 | 40.8 | +12.7% | +12.2% |
| TOTAL Q2 | 720.2 | 681.3 | +5.7% | +2.5% |
| (in millions of euros) | 2010 | 2009(a) | Overall growth |
Organic growth |
|---|---|---|---|---|
| Marine | 156.0 | 165.0 | (5.5)% | (8.3)% |
| Industry | 349.2 | 304.3 | +14.8% | +6.3% |
| In-Service Inspection & Verification (IVS) | 209.1 | 215.4 | (2.9)% | (0.6)% |
| Construction | 209.6 | 234.7 | (10.7)% | (6.3)% |
| Certification | 157.1 | 143.0 | +9.9% | +6.8% |
| Consumer Products | 182.7 | 188.2 | (2.9)% | (4.3)% |
| Government Services & International Trade (GSIT) | 85.4 | 78.9 | +8.2% | +10.0% |
| TOTAL H1 | 1,349.1 | 1,329.5 | +1.5% | 0% |
(a) Since January 1, 2010, the Health, Safety & Environment (HSE) activities have been reclassified under the IVS, Industry and Construction businesses. 2009 data has been adjusted according to this new organisation in order to facilitate comparison.
Adjusted operating profit rose by 5.2% to €225.6 million in H1 2010 vs. €214.5 million in H1 2009.
Adjusted operating margin, expressed as a percentage of revenue, widened by 60 basis points to 16.7% in H1 2010, compared with 16.1% in H1 2009. This growth reflected the improvement in operating processes, primarily in the In-Service Inspection & Verification, Certification and Government Services & International Trade businesses and the ability to adapt the organisation to offset the decline in revenue in the Construction and Marine businesses.
The improvement in operating margin was also enabled by the reform of business tax in France. The value added component (CVAE) of the new business tax applicable in France has been recognized in income tax expense since January 1, 2010. Up to December 31, 2009, it was included in operating items within "Taxes other than on income". This reclassification generated an improvement of €4.7 million in operating profit, equivalent to 35 basis points of operating margin.
| (in millions of euros) | Adjusted operating profit | Adjusted operating margin | ||||
|---|---|---|---|---|---|---|
| 2010 | 2009(a) | Chg. | 2010 | 2009(a) | Chg. (bps) |
|
| Marine | 48.2 | 54.0 | (10.7)% | 30.9% | 32.7% | (180) |
| Industry | 37.4 | 33.8 | +10.7% | 10.7% | 11.1% | (40) |
| IVS | 22.6 | 16.2 | +39.5% | 10.8% | 7.5% | +330 |
| Construction | 20.7 | 19.2 | +7.8% | 9.9% | 8.2% | +170 |
| Certification | 30.9 | 25.2 | +22.6% | 19.7% | 17.6% | +210 |
| Consumer Products | 49.8 | 53.2 | (6.4)% | 27.3% | 28.3% | (100) |
| GSIT | 16.0 | 12.9 | +24.0% | 18.7% | 16.3% | +240 |
| TOTAL H1 | 225.6 | 214.5 | +5.2% | 16.7% | 16.1% | +60 |
(b) Since January 1, 2010, the Health, Safety & Environment (HSE) activities have been reclassified mainly under the IVS, Industry and Construction businesses. 2009 data has been adjusted according to this new organisation in order to facilitate comparison.
Other operating expense totalled €11.9 million compared with €9.1 million in H1 2009, and included:
After taking account of other operating expense, operating profit rose by 4.0% to €213.7 million vs. H1 2009.
Net financial expense totalled €15.2 million in H1 2010, significantly lower than the €28.2 million in H1 2009, and included:
Corporate tax totalled €54.4 million on June 30, 2010 vs. €44.7 million on June 30, 2009. The increase in the effective tax rate from 25.2% on June 30, 2009 to 27.4% on June 30, 2010 was primarily due to the value added component (CVAE) of the new business tax applicable in France recognized in income tax expense since January 1, 2010. Adjusted for this reclassification, the Group's effective tax rate would have totalled 25.6% on June 30, 2010, similar to the level booked on June 30, 2009.
H1 2010 attributable net profit rose by 7.9% to €140.8 million. Earnings per share totalled €1.30 in H1 2010 vs. €1.21 in H1 2009.
Attributable net profit adjusted for other operating expenses net of tax rose by 8.9% vs. June 30, 2009 to €149.5 million. Adjusted earnings per share totalled €1.38 in H1 2010 vs. €1.27 in H1 2009.
Cash flow generated from operating activities totalled €118.1 million in H1 2010 compared with the exceptionally high amount of €194.1 million in H1 2009. Indeed, H1 2009 cash flows more than doubled relative to the H1 2008 level of €86.8 million.
In 2010, seasonal trends in cash flow should be similar to those noted in previous years (excluding 2009) with H1 generally accounting for 30% of full-year cash flow. Note that seasonal factors primarily stem from higher working capital requirements in H1 given that three categories of spending are entirely focused in the first months of the year, namely insurance premiums, employee bonuses and profit-sharing premiums as well as the balance of income tax due for the previous year.
On June 30, 2010, working capital requirements totalled €241.9 million, representing 9.1% of revenue over the previous 12 months and compared with €236.9 million on June 30, 2009 (8.8% of revenue).
The overall amount of capital expenditure (capex) undertaken by the Group in H1 2010 totalled €28.1 million, slightly ahead of the €27.8 million reported in H1 2009. The Group's capex to revenue ratio remained stable at 2.1% of revenue in H1 2010.
Levered free cash flow (cash flow after income tax, interest expenses and capex) totalled €73.4 million in H1 2010 compared with €143.2 million in H1 2009.
Adjusted net financial debt (net financial debt after currency hedging instruments as defined in the calculation of banking covenants) totalled €712.8 million on June 30, 2010 vs. €693.0 million on December 31, 2009. This €19.8 million increase was the result of:
In view of the gradual acceleration in organic growth and the consolidation of Inspectorate over four months, H2 2010 revenue growth should total around 10%. Over the full-year 2010, the Group is targeting a slight growth in adjusted operating margin (as a percentage of revenues) on an organic basis. Inspectorate's financial performance in H1 allows us to confirm its full-year target of £280 million in revenues and £30 million in operating profit. Group net debt at December 31, 2010 should represent less than 2x EBITDA, thereby leaving the Group sufficient financial capacity to pursue an active policy to make small and medium-sized acquisitions.
Further out, structural growth factors in the sector remain the same, namely the multiplication and the bolstering of QHSE regulations, the privatisation and outsourcing of inspection and control activities and the globalisation of trade. The Group's strategy is to invest in market segments offering the highest potential growth such as commodities testing, nuclear, offshore energy and energy efficiency of buildings while remaining the reference for consolidation of the market and maintaining a high-level operating performance.
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 156.0 | 165.0 | (5.5)% |
| Adjusted operating profit | 48.2 | 54.0 | (10.7)% |
| Adjusted operating margin | 30.9% | 32.7% | (180)bps* |
* bps: basis points
Revenue in the Marine business fell by 5.5% from €165.0 million in H1 2009 to €156.0 million in H1 2010, due to:
Revenue from the new construction activity fell by 15% on same-structure and exchange-rate basis.
The Marine business took 335 orders for new ship construction during H1 2010; representing 3.8 million gross tons (GRT), up 46% relative to H1 2009.
The order book for new construction only incurred a low number of cancellations and totalled GRT 29.5 million on June 30, 2010 compared with GRT 31,0 million on December 31, 2009.
The decline in revenue ought to slow during H2 2010 and the rise in new orders seen during H1 2010 improves visibility for 2011.
Revenue in the ships in service activity rose by 1% on a same-structure and exchange rate basis.
On June 30, 2010, the fleet classed by Bureau Veritas totalled 9,217 ships, up 6% relative to H1 2009 and representing GRT 72.1 million (+10.2%).
Lower growth in revenue generated by the ships in service inspection activity in H1 2010 was due to the younger age of the fleet classed by Bureau Veritas since new ships do not require inspection for around 18 months after their delivery, as well as delays in periodical inspections by certain ship owners. This lag should be gradually reabsorbed over the next 12 months.
Adjusted operating margin in the Marine business remained at a high level of 30.9% vs. 32.7% in H1 2009, reflecting the flexible organisation of the business.
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 349.2 | 304.3 | +14.8% |
| Adjusted operating profit | 37.4 | 33.8 | +10.7% |
| Adjusted operating margin | 10.7% | 11.1% | (40)bps |
Revenue in the Industry business totalled €349.2 million in H1 2010 vs. €304.3 million in H1 2009, with the 14.8% increase driven by:
Higher organic growth of 10.1% in Q2 2010 compared with 2.6% in Q1, stemmed from:
Adjusted operating profit in the Industry business rose by 10.7% from €33.8 million in H1 2009 to €37.4 million in H1 2010. The slight decline in adjusted operating margin from 11.1% in H1 2009 to 10.7% was due to the Mining & Minerals activity, where margins narrowed in H1.
For H2 2010, the Industry business is set to benefit from robust organic growth generated by:
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 209.1 | 215.4 | (2.9)% |
| Adjusted operating profit | 22.6 | 16.2 | +39.5% |
| Adjusted operating margin | 10.8% | 7.5% | +330bps |
Revenue in the In-Service Inspection & Verification business fell by 2.9% from €215.4 million in H1 2009 to €209.1 million due to:
Organic growth in the IVS business improved to 1.7% in the second quarter of 2010 (Q2 2010) after the 2.8% decrease witnessed in Q1, which suffered particularly from calendar effects and disadvantageous weather conditions.
Performances were mixed depending on the region:
was highly competitive and loss-making. The Group decided to halt the activity and made this effective in Q4 2009.
Adjusted operating profit in the In-Service Inspection & Verification business rose by 39.5% from €16.2 million in H1 2009 to €22.6 million in H1 2010 prompted by the 330 basis-point widening in adjusted operating margin to 10.8%. This performance stemmed from the completion of re-engineering of processes and the roll-out of automated production tools in France, as well as the recognition of the value added component (CVAE) of the new business tax applicable in France in income tax expense since January 1, 2010 whereas up to December 31, 2009, it was included in operating items..
In the future, the IVS business should continue to benefit from the extended scope of mandatory periodical inspections in Europe as well as expansion in new regions (Eastern Europe, Germany, Italy and the US), further re-engineering of methods and the overhaul of production tools in all countries.
In H2 2010, the Group is forecasting an improvement in activity in Spain and the end to the negative impact caused by the halt to electrical appliance inspection in the UK beyond the third quarter of 2010 (Q3 2010).
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 209.6 | 234.7 | (10.7)% |
| Adjusted operating profit | 20.7 | 19.2 | +7.8% |
| Adjusted operating margin | 9.9% | 8.2% | +170bps |
Revenue in the Construction business fell by 10.7% from €234.7 million to €209.6 million due to:
The organic performance improved gradually in Q2, with a decline of 2.3% vs. -10.3% in Q1 2010 prompted by the combination of:
Adjusted operating profit in the Construction business rose by 7.8% thanks to the recovery in adjusted operating margin from 8.2% in H1 2009 to 9.9% in H1 2010. The margin widened considerably in Japan from 7% in H1 2009 to 13% in H1 2010 and also increased in France with the recognition of the value added component (CVAE) of the new business tax applicable in France in income tax expense since January 1, 2010 whereas up to December 31, 2009, it was included in operating items.
The Group confirmed that the lower volume of operations ought to gradually be reabsorbed by the end of 2010 despite a slower infrastructure market due to lower state spending in Europe.
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 157.1 | 143.0 | +9.9% |
| Adjusted operating profit | 30.9 | 25.2 | +22.6% |
| Adjusted operating margin | 19.7% | 17.6% | +210bps |
Revenue in the Certification business rose by 9.9% from €143.0 million in H1 2009 to €157.1 million in H1 2010, driven by:
During H1 2010, the Certification business reported robust organic growth thanks to:
Adjusted operating profit in the Certification business rose by 22.6% from €25.2 million in H1 2009 to €30.9 million in H1 2010 on the back of 9.9% growth in revenue and an improvement in productivity prompted by the gradual roll-out of the new integrated production IT system. Operating margin therefore totalled 19.7% in H1 2010 compared with 17.6% in H1 2009.
2010 should continue to benefit from the roll-out of new certification schemes, customized audit solutions for major clients and development in fast-growing economies. In France, the GSAC (Group for Civil Aviation Safety) contract concerning control and verification of civil aviation safety may not be renewed with the Group. The contract is worth €18 million in revenue over the full year and could be ended in Q4 2010.
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 182.7 | 188.2 | (2.9)% |
| Adjusted operating profit | 49.8 | 53.2 | (6.4)% |
| Adjusted operating margin | 27.3% | 28.3% | (100)bps |
Revenue in the Consumer Products business fell by 2.9% from €188.2 million in H1 2009 to €182.7 million in H1 2010 due to the combination of:
After the 11.2% organic decline noted in Q1 2010 due to particularly demanding comparison with record high organic growth of 38% in Q1 2009, revenue picked up rapidly in Q2 (+2.1%).
Over H1 2010 as a whole, revenue from toys and other children's products testing dropped 20.6% on a same-structure and exchange rate basis given demanding comparison in H1 2009 caused by the new
Consumer Product Safety Improvement Act (CPSIA) in the US. The Group reported healthy growth in other business segments and in particular the electrics and electronics segment.
Adjusted operating profit in the Consumer Products business fell by 6.4% due to the 2.9% decrease in revenue and slight narrowing in adjusted operating margin from 28.3% in H1 2009 to 27.3% in H1 2010.
This slight decline in adjusted operating margin stemmed from a disadvantageous product mix with a lower share of high-margin analytical testing on toys. This disadvantageous mix was offset by high structural productivity gains generated by the rising momentum of the new laboratories platform in China. Over the full-year, adjusted operating margin in the business ought to be stable compared with the 2009 level of 27.5% of revenue.
The Group is forecasting acceleration in organic growth during H2 2010, particularly in view of the end to demanding comparison with the year-earlier period caused by the CPSIA. In addition to this, growth factors in the business are set to stem from new regulations, especially the European Directive on toys and tougher standards in the local Chinese market as well as the development of new innovative solutions for improving security in client supply chains.
| (in millions of euros) | H1 2010 | H1 2009 | Change |
|---|---|---|---|
| Revenue | 85.4 | 78.9 | +8.2% |
| Adjusted operating profit | 16.0 | 12.9 | +24.0% |
| Adjusted operating margin | 18.7% | 16.3% | +240bps |
Revenue in the Government Services & International Trade business rose by 8.2% from €78.9 million in H1 2009 to €85.4 million in H1 2010 following:
Organic growth in the Government Services segment was healthy throughout H1 2010 with an increase in the FOB value of merchandise inspected as well as the rising momentum of new contracts in Indonesia, Algeria and Saudi Arabia. The international trade segment benefited from the recovery in volumes of goods inspected.
Adjusted operating profit in the business rose by 24% to €16 million driven by higher volumes and improved contract terms in Ivory Coast and Mali.
In H2 2010, the Group should benefit from further robust organic growth with the start-up of recently signed contracts (Syria, Uganda and the Philippines).
The 2010 half-year financial report is registered today with the French Financial Markets Authorities (AMF) and can be consulted on the Bureau Veritas website at the following address:
www.bureauveritas.com/investors under Publications/Regulated Information/Financial Reports.
November 3, 2010 (after trading): Publication of information on Q3 2010
Examination procedures for the half-year accounts have been undertaken and the Statutory Auditor's report published.
| (in millions of euros) | H1 2010 | H1 2009 |
|---|---|---|
| Revenue | 1,349.1 | 1,329.5 |
| Purchases and external charges | (387.3) | (373.3) |
| Personnel costs | (699.1) | (678.5) |
| Taxes other than on income | (28.8) | (31.8) |
| Net (additions to) reversals of provisions | 7.7 | (10.6) |
| Depreciation and amortization | (37.2) | (34.7) |
| Other operating income | 10.4 | 6.5 |
| Other operating expense | (1.1) | (1.7) |
| Operating profit | 213.7 | 205.4 |
| Income from cash and cash equivalents | 1.0 | 0.9 |
| Finance costs, gross | (19.1) | (24.8) |
| Finance costs, net | (18.1) | (23.9) |
| Other financial income | 10.0 | 0.4 |
| Other financial expense | (7.1) | (4.7) |
| Net financial expense | (15.2) | (28.2) |
| Share of profit of associates | (0.1) | - |
| Profit before income tax | 198.4 | 177.2 |
| Income tax expense | (54.4) | (44.7) |
| Profit from continuing operations | 144.0 | 132.5 |
| Profit from discontinued operations and operations held for sale | - | 0.4 |
| Net profit for the period | 144.0 | 132.9 |
| Attributable to: | ||
| Equity holders of the company | 140.8 | 130.5 |
| Minority interests | 3.2 | 2.4 |
| Earnings per share (euros): | ||
| Basic earnings per share | 1.30 | 1.21 |
| Diluted earnings per share | 1.28 | 1.19 |
| (in millions of euros) | June 2010 | Dec. 2009 |
|---|---|---|
| Goodwill | 936.2 | 832.2 |
| Intangible assets | 176.0 | 171.4 |
| Property, plant and equipment | 220.4 | 208.2 |
| Investments in associates | 0.5 | 0.6 |
| Deferred income tax assets | 63.4 | 66.3 |
| Investments in non-consolidated companies | 0.4 | 0.4 |
| Other non-current financial assets | 37.2 | 31.2 |
| Total non-current assets | 1,434.1 | 1,310.3 |
| Trade and other receivables | 891.8 | 798.9 |
| Current income tax assets | 26.6 | 20.2 |
| Current financial assets | 6.9 | 7.9 |
| Derivative financial instruments | 69.9 | 13.8 |
| Cash and cash equivalents | 169.1 | 147.0 |
| Total current assets | 1,164.3 | 987.8 |
| Assets held for sale | - | - |
| TOTAL ASSETS | 2,598.4 | 2,298.1 |
| Share capital | 13.1 | 13.1 |
|---|---|---|
| Retained earnings and other reserves | 686.5 | 476.6 |
| Equity attributable to equity holders of the Company | 699.6 | 489.7 |
| Minority interests | 9.0 | 11.5 |
| Total equity | 708.6 | 501.2 |
| Bank borrowings | 833.0 | 740.8 |
| Other non-current financial liabilities | 1.6 | 1.9 |
| Deferred income tax liabilities | 25.2 | 35.2 |
| Pension plans and other long-term employee benefits | 89.2 | 88.0 |
| Provisions for other liabilities and charges | 88.3 | 102.8 |
| Total non-current liabilities | 1,037.3 | 968.7 |
| Trade and other payables | 649.9 | 632.8 |
| Current income tax liabilities | 66.3 | 57.2 |
| Derivative financial instruments | 18.5 | 42.6 |
| Total current financial liabilities | 117.8 | 95.6 |
| Total current liabilities | 852.5 | 828.2 |
| Liabilities held for sale | - | - |
| TOTAL EQUITY AND LIABILITIES | 2,598.4 | 2,298.1 |
| (in millions of euros) | June 2010 | June 2009 |
|---|---|---|
| Profit before income tax | 198.4 | 177.2 |
| Elimination of cash flows from financing and investment activities | 19.8 | 24.2 |
| Provisions and other non-cash items | (7.3) | 4.5 |
| Depreciation, amortization and impairment | 40.0 | 34.7 |
| Movements in working capital attributable to operations | (69.4) | (11.0) |
| Income tax paid | (63.4) | (35.5) |
| Net cash generated from operating activities | 118.1 | 194.1 |
| Acquisitions of subsidiaries | (16.7) | (32.7) |
| Proceeds from sales of subsidiaries | 7.9 | - |
| Purchases of property, plant and equipment and intangible assets | (28.1) | (27.8) |
| Proceeds from sales of property, plant and equipment and intangible assets | 0.6 | 0.1 |
| Purchases of non-current financial assets | (12.4) | (5.1) |
| Proceeds from sales of non-current financial assets | 2.0 | 2.1 |
| Other | 1.1 | 5.2 |
| Net cash used in investing activities | (45.6) | (58.2) |
| Capital increase | 0.5 | 1.8 |
| Purchases/sales of treasury shares | 0.5 | 0.8 |
| Dividends paid | (84.6) | (77.9) |
| Increase in borrowings and other debt | 119.2 | 66.1 |
| Repayment of borrowings and other debt | (95.3) | (158.6) |
| Interest paid | (17.2) | (23.2) |
| Net cash used in financing activities | (76.9) | (191.0) |
| Impact of currency translation differences | 11.2 | (0.3) |
| Net increase (decrease) in cash and cash equivalents | 6.8 | (55.4) |
| Net cash and cash equivalents at beginning of period | 139.3 | 145.4 |
| Net cash and cash equivalents at end of period | 146.1 | 90.0 |
| o/w cash and cash equivalents | 169.1 | 105.7 |
| o/w bank overdrafts | (23.0) | (15.7) |
Bureau Veritas is the world's second largest group in conformity assessment and certification services. Created in 1828, the group has more than 47,000 employees in 1,000 offices and 330 laboratories located in 140 countries. Bureau Veritas helps its clients to improve their performances by offering services and innovative solutions in order to ensure that their products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on the Euronext Paris (Compartment A, code ISIN FR 0006174348, stock symbol: BVI). www.bureauveritas.com
This press release contains forward-looking statements which are based on current plans and forecasts of Bureau Veritas' management. Such forward-looking statements are by their nature subject to a number of important risk and uncertainty factors such as those described in the documents filed by Bureau Veritas with the Autorité des marchés financiers (Registration Document) that could cause actual results to differ from the plans, objectives and expectations expressed in such forward-looking statements. These such forward-looking statements speak only as of the date on which they are made, and Bureau Veritas undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
***
Date: Thursday August 26, 2010
Time: 2.00 p.m. CEST
The conference is to be held in English. It will be broadcast live, with a recording subsequently available on the Group's website: www.bureauveritas.com/investors.
The presentation document will also be available on the website.
Bureau Veritas Claire Plais +33 (0)1 55 24 76 09 Domitille Vielle +33 (0)1 55 24 77 80 [email protected]
Bureau Veritas Véronique Gielec +33 (0)1 55 24 76 01 [email protected] Golin Harris Amandine Pesqué +33 (0)1 40 41 56 17 [email protected]
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.