Debt information
This section illustrates the Group’s solid financial profile, with information on debt structure and financing policy.
Financing Policy
Bureau Veritas has access to well-diversified sources of financing including bond issues, US Private Placements and bank loans with a balanced maturity profile.
The Group has the policy to finance its assets in the concerned currencies allowing a natural hedge of currency risk. Currency swaps are used to hedge subsidiaries’ cash surpluses and requirements in other currencies.
The Group monitors interest rate exposure so that less than 60% of its consolidated net debt can be exposed to a rise in interest rates. The Group may enter into hedging instruments for this purpose. No financial instruments are contracted for speculative purposes.
Debt structure
At the end of December 2023, the Group's adjusted net financial debt decreased compared with the level at December 31, 2022. Bureau Veritas has a solid financial structure most of its maturities to be refinanced after 2024.
The Group had EUR 1.2 billion in available cash and cash equivalents and EUR 600 million in undrawn committed credit lines.
At December 31, 2023, the adjusted net financial debt/EBITDA ratio was further reduced to 0.92x (from 0.97x at December 31, 2022) and the EBITDA/consolidated net financial expense ratio was 44.33x. The average maturity of the Group’s financial debt was 3.7 years, while the average gross cost of debt during the year was 2.7% excluding the impact of IFRS 16 (compared to 2.1% in 2022, excluding the impact of IFRS 16).
On September 7, 2023, the Group redeemed at maturity a €500 million bond program issued in 2016.
Bond issues
At December 31, 2023, bond issues break down as follows:
In euros millions | Maturity | Coupon (%) | Nominal amount | Currency |
---|---|---|---|---|
2016 Bond | Sep. 2026 | 2.000% | 200 million | EUR |
2018 Bond | Jan. 2025 | 1.875% | 500 million | EUR |
2019 Bond | Jan. 2027 | 1.125% | 500 million | EUR |
US private Placements
At December 31, 2023, US Private Placement break down as follows:
In currency millions | Maturity | Coupon (%) | Nominal amount | Currency |
---|---|---|---|---|
2017 USPP | Sep. 2027 Jul. 2028 | Fixed Fixed | 181 million 140 million | USD USD |
2018 USPP | Jan. 2029 | Fixed | 181 million | USD |
2019 USPP | Jan. 2030 | Fixed | 181 million | USD |
2022 USPP | Jan. 2032 | Fixed | 200 million | EUR |
Bank facilities
At December 31, 2023, bank facilities down as follows:
In currency millions | Maturity | Drawn amount | Available amount | Currency |
---|---|---|---|---|
2018 Syndicated Credit Facility | May 2025 | - | 600 million | EUR |
Financial operation Press Releases
Date | Title | Press Release |
---|---|---|
24 Feb 2021 | Bureau Veritas links its syndicated credit facility financial terms to Environmental, Social and Governance (ESG) indicators | Download (218k) |
12 Nov. 2019 | Bureau Veritas successfully completes a bond issuance: EUR 500 million non-rated maturity January 2027 | Download (138k) |
28 Sep. 2018 | Bureau Veritas successfully issued a EUR 500 million non-rated new bond issue maturity January 2025 | Download (145k) |
4 Sep 2017 | Bureau Veritas successfully raises USD 355 million 10-year USPP | Download (128k) |
31 Aug. 2016 | Bureau Veritas successfully raises EUR 700 million through a 7-year and 10-year non-rated new bond issue | Download (81.5k) |
16 Jan. 2014 | Bureau Veritas successfully launches a second bond issue | Download (20.1k) |
Prospectus
Date | Prospectus |
---|---|
14 Nov. 2019 | Download (1M) |
2 Oct. 2018 | Download (355k) |