Bureau Veritas: a good performance in a difficult economic backdrop
Against a backdrop of global recession, the Group’s businesses proved resilient thanks to their recurring nature and further growth in emerging markets. Despite the slowdown at the end of the year, revenue rose over full-year 2009 whilst the Group improved margins and cash flows.
Revenue for 2009 reached €2,648 million. This 3.9% increase on 2008 derived from organic growth of 1.9% (including +6% in H1 and -1.8% in H2) and external growth of 1.8% primarily driven by the full-year consolidation of companies acquired during 2008 (Amdel, Cesmec, Geoanalitica and Anasol). Variations in exchange rates had a positive impact of 0.2%.
in millions of euros
and as a % of revenue
Adjusted operating margin*: 16.4%
The adjusted operating profit* totalled €433.2 million, up 11.8% on 2008. The adjusted operating margin* widened by 120 basis points to 16.4% in 2009 compared with 15.2% in 2008, reflecting an improvement in operating processes and the impact of cost-control programmes.
in millions of euros
Attributable adjusted net profit*: +18%
The attributable adjusted net profit* is up by 18.2%, at €273.5 million. Since the Group’s initial public offering, in the period 2006-2009 attributable adjusted net profit rose by an annual average of 19%.
in millions of euros
Levered free cash flow: +64%
Levered free cash flow (cash flow after tax, interest expenses and capital expenditure) was €310.1 million in 2009, up 63.8% on 2008. This sharp increase enabled the Group to reduce net financial debt to €679.3 million from €907.7 million in 2008.
Revenue breakdown by business
* before amortization of intangible assets, goodwill impairment and non-recurring items
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