Yearly results



Mar. 19 2021

Bureau Veritas resilient business model driving a strong cash flow generation and deleveraging; dividend reinstated.


  • Revenue of EUR 4,601 million in 2020, with organic growth of (6.0)%, of which (2.0)% in Q4 2020

  • Operating profit of EUR 407 million

  • Adjusted operating profit of EUR 615 million, showing a margin decline to 13.4%; margin significantly higher in the second half at 16.6% following cost reduction measures 

  • Attributable net profit of EUR 125 million

  • Adjusted net profit of EUR 285 million (EUR 0.64 per share)

  • Free cash flow of EUR 634 million (13.8% of Group revenue), led by a disciplined capex policy (1.9% of Group revenue) and a significant working capital reduction (6.1% of Group revenue, down 270bps year on year) benefiting from the Move For Cash program initiatives

  • Adjusted net debt / EBITDA ratio decreased to 1.8x as of December 31, 2020 versus 1.9x last year

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


The Group remains uniquely positioned with the diversity, the resilience of its portfolio and its numerous growth opportunities. Based on the current uncertainties around the Covid-19 pandemic and assuming no severe lockdowns in its main countries of operation, Bureau Veritas expects for the full year 2021 to:

  • Achieve solid organic revenue growth;
  • Improve the adjusted operating margin;
  • Generate sustained strong cash flow.

Didier Michaud-Daniel, Chief Executive Officer, commented:

“Throughout 2020, Bureau Veritas’ whole organization was mobilized to mitigate the impact of the crisis with three actions: ensuring the health & safety of all Bureau Veritas employees, protecting the financial solidity of the Group, and ensuring business continuity with and for our clients, both in the field and remotely via digital tools. I am proud of the ongoing efforts of our 75,000 employees and of their exemplary commitment to our clients notably supporting resumptions of their operations throughout the world with the Restart your Business with BV protocols. I also want to take this opportunity to thank our shareholders for their unwavering support during this crisis.

Our full-year 2020 results underline these efforts together with the great resilience of our business after five years of profound transformation that has repositioned our portfolio of activities. Thanks to our actions on cash, we come out stronger from 2020, with a lower level of debt.

In today’s world, most companies are accelerating their efforts to drive quality, safety, traceability and environmental stewardship. With our BV Green Line of services and solutions dedicated to sustainable development, we are perfectly positioned to help all clients and stakeholders, across multiple sectors, to bring transparency and reliability to their ESG commitments. In addition, as a responsible company, we act in order to be a role model for the industry in terms of positive impact on people and the planet.
Bureau Veritas will announce its 2025 strategic plan in Q4 2021, anchored in what we have built over the past 5 years and positioned to fully capture growth from new markets. Through this plan, we are on a journey to execute a value creating strategy for BV and all of its stakeholders going forward.”