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

On May 17, 2018, Bureau Veritas SA signed a EUR 600 million multicurrency Revolving Credit Facility. This syndicated credit facility has a five-year maturity, with 2 one-year extension options, exercised in 2019 and 2020.

The Revolving Credit Facility and US Private Placement (USPP) require compliance with certain bank covenants and ratios. At June 30, 2022, the adjusted net financial debt/EBITDA ratio was further reduced to 1.10x (from 1.30x last year) and the EBITDA/consolidated net financial expense ratio was 16.67x. At June 30, 2022, the ratio of adjusted net financial debt to EBITDA had to be less than 3.5x and, only for the US Private Placement, the ratio of EBITDA to consolidated net financial expense had to be greater than 5.5x.

At June 30, 2022, 99.3% of Group’s financial debt was fixed rate. The average maturity of the Group’s financial debt was 3.8 years with a blended average cost of funds over the year of 2.5% excluding the impact of IFRS 16 (compared with 2.4% at June 30, 2021 excluding the impact of IFRS 16). Debt is primarily denominated in Euro (68%) and US dollars (29%).

Bond issues

At June 30, 2022, bond issues break down as follows:

In euros millions Maturity Coupon (%) Nominal amount Currency
2016 Bond Sep. 2023 1.250% 500 million EUR
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 June 30, 2022, US Private Placement break down as follows:

In currency millions Maturity Coupon (%) Nominal amount Currency
2017 USPP Sep. 2027
Jul. 2028
200 million
155 million
2018 USPP Jan. 2029 Fixed 200 million USD
2019 USPP Jan. 2030 Fixed 200 million USD

Bank facilities

At June 30, 2022, bank facilities down as follows:

In currency millions Maturity Drawn amount Available amount Currency
2018 Syndicated Credit Facility May 2025 - 600 million EUR
CNY bank financing Sep. 2022 545 million 205 million CNY

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


12 Nov. 2019 Bureau Veritas successfully completes a bond issuance:
EUR 500 million non-rated maturity January 2027


28 Sep. 2018 Bureau Veritas successfully issued
a EUR 500 million non-rated new bond issue maturity January 2025


4 Sep 2017 Bureau Veritas successfully raises
USD 355 million 10-year USPP


31 Aug. 2016 Bureau Veritas successfully raises
EUR 700 million through a 7-year and 10-year non-rated new bond issue


16 Jan. 2014 Bureau Veritas successfully launches a second bond issue



Date Prospectus
14 Nov. 2019


2 Oct. 2018