Wendel
Re: Wendel
RESS RELEASE – APRIL 5, 2024
Wendel successfully completes the sale of 9% of Bureau Veritas’ share capital Wendel raises approximately 1.1 billion euros of gross proceeds The Lac1 fund, managed by Bpifrance, has purchased 4% of Bureau Veritas share capital for €500m and Bureau Veritas has repurchased 0.8% of its own capital for €100m in the accelerated bookbuilding process Wendel remains Bureau Veritas’ largest shareholder and controlling shareholder and reiterates full confidence in Bureau Veritas’ strategy Bpifrance will obtain the right to nominate one director at the Board of directors of Bureau Veritas, Wendel retaining four directors Wendel (the “Seller”) today announces that it has successfully completed the sale of 40.5 million shares in Bureau Veritas (the “Company”) by way of an accelerated bookbuilding process (the “Offering”), representing c. 9% of the Company’s share capital, for total proceeds of approximately 1.1 billion euros. As part of the Offering, the Lac1 fund, managed by Bpifrance, has purchased c.4% of Bureau Veritas’ share capital. Pursuant to a governance agreement entered into by Bureau Veritas and Bpifrance, Bpifrance will be granted the right to nominate one director at the Board of Directors of Bureau Veritas, and Wendel will vote in favor of this appointment. The number of directors at the Board of directors of Bureau Veritas is to remain at 12 and Wendel will retain four directors, in line with the current situation. Wendel remains Bureau Veritas’ largest shareholder with a c. 26.5% stake and c. 41.2% of the voting rights post transaction.
Wendel successfully completes the sale of 9% of Bureau Veritas’ share capital Wendel raises approximately 1.1 billion euros of gross proceeds The Lac1 fund, managed by Bpifrance, has purchased 4% of Bureau Veritas share capital for €500m and Bureau Veritas has repurchased 0.8% of its own capital for €100m in the accelerated bookbuilding process Wendel remains Bureau Veritas’ largest shareholder and controlling shareholder and reiterates full confidence in Bureau Veritas’ strategy Bpifrance will obtain the right to nominate one director at the Board of directors of Bureau Veritas, Wendel retaining four directors Wendel (the “Seller”) today announces that it has successfully completed the sale of 40.5 million shares in Bureau Veritas (the “Company”) by way of an accelerated bookbuilding process (the “Offering”), representing c. 9% of the Company’s share capital, for total proceeds of approximately 1.1 billion euros. As part of the Offering, the Lac1 fund, managed by Bpifrance, has purchased c.4% of Bureau Veritas’ share capital. Pursuant to a governance agreement entered into by Bureau Veritas and Bpifrance, Bpifrance will be granted the right to nominate one director at the Board of Directors of Bureau Veritas, and Wendel will vote in favor of this appointment. The number of directors at the Board of directors of Bureau Veritas is to remain at 12 and Wendel will retain four directors, in line with the current situation. Wendel remains Bureau Veritas’ largest shareholder with a c. 26.5% stake and c. 41.2% of the voting rights post transaction.
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Re: Wendel
Bureau Veritas :
PRESS RELEASE Neuilly-sur-Seine, France – April 25, 2024 Strong start to the year; 2024 outlook confirmed
Q1 2024 Key figures1 Revenue of EUR 1,439.5 million in the first quarter of 2024, up 2.5% year-on-year and up 8.0% organically Strong organic growth from Industry +16.3%, Certification +13.7%, Marine & Offshore +13.6%, compared to the first quarter of 2023; growth of +6.1% for Consumer Products Services, +3.6% for Buildings & Infrastructure and +3.2% for Agri-food & Commodities The scope effect was a positive 0.1%, reflecting bolt-on acquisitions offset by a small disposal The currency impact was negative by 5.6% mainly due to the depreciation of some emerging countries’ currencies against the euro Q1 2024 Highlights New strategy LEAP | 28, announced on March 20, 2024, to deliver a step change in growth and performance, built around three pillars: Focused Portfolio, Performance-led execution and Evolved People model Strong growth in every region (Americas, Middle East, Africa, Asia-Pacific and Europe), outperforming many underlying markets Growth momentum maintained for sustainability services – both transition services and Green Objects - across the entire portfolio In line with the LEAP | 28 strategy, the Consumer Products Services business line completed the acquisition of three bolt-on companies in South and North-East Asia, expanding the Group’s portfolio into new sectors and diversifying its geographical coverage, adding an annualized revenue of c. EUR 20 million To execute the share buyback program announced in March at the Capital Markets Day, an acquisition of c. 0.8% of the Group’s own shares on April 5, 2024, was completed under the Wendel placement Assignment of the first long-term credit rating of Bureau Veritas with a A3 rating from Moody’s, with “stable” outlook, which reflects the Group’s strong financial structure and competitive advantage New recognition of Bureau Veritas’ CSR commitment by several non-financial rating agencies, including a first ranking in Sustainalytics. Bureau Veritas also joins the United Nations Global Compact. 2024 Outlook confirmed Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas expects to deliver for the full year 2024: › › › Mid-to-high single-digit organic revenue growth; Improvement in adjusted operating margin at constant exchange rates; Strong cash flow, with a cash conversion2 above 90%. The Group expects H2 organic revenue growth above H1 given stronger comparables in Q2.
PRESS RELEASE Neuilly-sur-Seine, France – April 25, 2024 Strong start to the year; 2024 outlook confirmed
Q1 2024 Key figures1 Revenue of EUR 1,439.5 million in the first quarter of 2024, up 2.5% year-on-year and up 8.0% organically Strong organic growth from Industry +16.3%, Certification +13.7%, Marine & Offshore +13.6%, compared to the first quarter of 2023; growth of +6.1% for Consumer Products Services, +3.6% for Buildings & Infrastructure and +3.2% for Agri-food & Commodities The scope effect was a positive 0.1%, reflecting bolt-on acquisitions offset by a small disposal The currency impact was negative by 5.6% mainly due to the depreciation of some emerging countries’ currencies against the euro Q1 2024 Highlights New strategy LEAP | 28, announced on March 20, 2024, to deliver a step change in growth and performance, built around three pillars: Focused Portfolio, Performance-led execution and Evolved People model Strong growth in every region (Americas, Middle East, Africa, Asia-Pacific and Europe), outperforming many underlying markets Growth momentum maintained for sustainability services – both transition services and Green Objects - across the entire portfolio In line with the LEAP | 28 strategy, the Consumer Products Services business line completed the acquisition of three bolt-on companies in South and North-East Asia, expanding the Group’s portfolio into new sectors and diversifying its geographical coverage, adding an annualized revenue of c. EUR 20 million To execute the share buyback program announced in March at the Capital Markets Day, an acquisition of c. 0.8% of the Group’s own shares on April 5, 2024, was completed under the Wendel placement Assignment of the first long-term credit rating of Bureau Veritas with a A3 rating from Moody’s, with “stable” outlook, which reflects the Group’s strong financial structure and competitive advantage New recognition of Bureau Veritas’ CSR commitment by several non-financial rating agencies, including a first ranking in Sustainalytics. Bureau Veritas also joins the United Nations Global Compact. 2024 Outlook confirmed Leveraging a healthy and growing sales pipeline, high customer demand for ‘new economy services’ and strong underlying market growth, Bureau Veritas expects to deliver for the full year 2024: › › › Mid-to-high single-digit organic revenue growth; Improvement in adjusted operating margin at constant exchange rates; Strong cash flow, with a cash conversion2 above 90%. The Group expects H2 organic revenue growth above H1 given stronger comparables in Q2.
Re: Wendel
PRESS RELEASE - APRIL 25, 2024
Een toch wel bijzondere prestatie :
Q1 2024 NAV up +11%
Dynamic implementation of new strategic directions Net asset value as of March 31, 2024: €7,912 million or €178.1 per share, up +11.2% since December 31, 2023
Q1 2024 consolidated net sales: €1,848 million, up +11.7% overall and up +6.9% organically • Strong organic growth of CPI (+9.7%) and Bureau Veritas (+8.0%) • Strong total growth of Stahl (+9.8%), with a return to organic growth • Scalian total growth of +1.3%, impacted by the slowdown in growth observed in the engineering/IT services market, amplified by an unfavorable seasonality effect • ACAMS first quarter down -3.1%, tied to timing effects expected to be offset over the year Implementation of new strategic directions • Sale of 9% of Bureau Veritas’ share capital, with favorable conditions, generating approximately 1.1 billion euros of gross proceeds o This partial monetization, in line with Wendel’ strategy of active portfolio management, was carried out at a price of €27.127 per share, or a discount of only 3%, close to its value in the March 31, 2024 NAV o Wendel remains Bureau Veritas’ largest shareholder and controlling shareholder and reiterates its full confidence in Bureau Veritas’ strategy Strong financial structure • Total liquidity of €3.2bn as of March 31, 2024, including €2.3bn of cash and €875 million available under the committed credit facility (fully undrawn) • Pro forma for the sale of the 9% stake in Bureau Veritas and the dividend paid by CPI in April 2024, cash available is €3.5 billion • LTV ratio of 0.6% as of March 31, 2024 and -5.1% proforma of IK Partners acquisition, sponsor money commitments, the remainder of the share buyback program, BVI disposal and CPI dividend
Share buyback: • c. 475,000 shares, totaling €39.5 M, already bought back as of April 24, 2024 under the €100 M program launched on October 27, 2023. This program may be opportunistically renewed.
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Een toch wel bijzondere prestatie :
Q1 2024 NAV up +11%
Dynamic implementation of new strategic directions Net asset value as of March 31, 2024: €7,912 million or €178.1 per share, up +11.2% since December 31, 2023
Q1 2024 consolidated net sales: €1,848 million, up +11.7% overall and up +6.9% organically • Strong organic growth of CPI (+9.7%) and Bureau Veritas (+8.0%) • Strong total growth of Stahl (+9.8%), with a return to organic growth • Scalian total growth of +1.3%, impacted by the slowdown in growth observed in the engineering/IT services market, amplified by an unfavorable seasonality effect • ACAMS first quarter down -3.1%, tied to timing effects expected to be offset over the year Implementation of new strategic directions • Sale of 9% of Bureau Veritas’ share capital, with favorable conditions, generating approximately 1.1 billion euros of gross proceeds o This partial monetization, in line with Wendel’ strategy of active portfolio management, was carried out at a price of €27.127 per share, or a discount of only 3%, close to its value in the March 31, 2024 NAV o Wendel remains Bureau Veritas’ largest shareholder and controlling shareholder and reiterates its full confidence in Bureau Veritas’ strategy Strong financial structure • Total liquidity of €3.2bn as of March 31, 2024, including €2.3bn of cash and €875 million available under the committed credit facility (fully undrawn) • Pro forma for the sale of the 9% stake in Bureau Veritas and the dividend paid by CPI in April 2024, cash available is €3.5 billion • LTV ratio of 0.6% as of March 31, 2024 and -5.1% proforma of IK Partners acquisition, sponsor money commitments, the remainder of the share buyback program, BVI disposal and CPI dividend
Share buyback: • c. 475,000 shares, totaling €39.5 M, already bought back as of April 24, 2024 under the €100 M program launched on October 27, 2023. This program may be opportunistically renewed.
Wendel /Bureau Veritas
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