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.

Credit Rating

Rating agencyLong-term ratingOutlookLast review date
Moody’sA3Stable24th April 2024

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 with 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 millionsMaturityCoupon (%)Nominal amountCurrency
2016 BondSep. 20262.000%200 millionEUR
2018 BondJan. 20251.875%500 millionEUR
2019 BondJan. 20271.125%500 millionEUR

US private Placements

At December 31, 2023, US Private Placement break down as follows:

In currency millionsMaturityCoupon (%)Nominal amount 
(in € equivalent)
2017 USPPSep. 2027
Jul. 2028
181 million
140 million
2018 USPPJan. 2029Fixed181 millionUSD
2019 USPPJan. 2030Fixed181 millionUSD
2022 USPPJan. 2032Fixed200 millionEUR

Bank facilities

At December 31, 2023, bank facilities break down as follows:

In currency millionsMaturityDrawn amountAvailable amountCurrency
2018 Syndicated Credit FacilityMay 2025-600 millionEUR

Financial operation Press Releases

DateTitlePress Release
16 May 2024Bureau Veritas sucessfully completes an inaugural A3 rated (by Moody’s) bond issuance of EUR 500 million with a maturity in May 2036Download (153k)
24 Feb 2021Bureau Veritas links its syndicated credit facility financial terms to Environmental, Social and Governance (ESG) indicatorsDownload (218k)
12 Nov. 2019Bureau Veritas successfully completes a bond issuance:
EUR 500 million non-rated maturity January 2027
Download (138k)
28 Sep. 2018Bureau Veritas successfully issued
a EUR 500 million non-rated new bond issue maturity January 2025
Download (145k)
4 Sep 2017Bureau Veritas successfully raises
USD 355 million 10-year USPP
Download (128k)
31 Aug. 2016Bureau Veritas successfully raises
EUR 700 million through a 7-year and 10-year non-rated new bond issue
Download (81.5k)
16 Jan. 2014Bureau Veritas successfully launches a second bond issueDownload (20.1k)


22 May 2024Download (636k)
14 Nov. 2019Download (1M)
2 Oct. 2018Download (355k)
5 Sept. 2016Download (384k)