The In 2008, Bureau Veritas is celebrating its 180th birthday. This unusual longevity bears witness to Bureau Veritas’ soundness and constant adaptation of its mission. The Group was created to manage risk and from its very origins specialized in inspecting merchant ships working in trade between Europe and the rest of the world - such issues are still its focus.

Over the years, we have built up a considerable amount of knowledge and expertise that focuses on questions such as sustainable development and energy efficiency, environmental protection and the management of risks arising from the globalization of trade. Such specialist areas are becoming subject to increasing requirements: regulations are more numerous and more complex; companies are globalising their operations and lengthening supply chains. They are also keen to further outsource QHSE functions in parallel with government-driven deregulation. Investment in infrastructures is particularly high, notably in emerging countries and the energy sector.

Over the past 12 years, we have built up a balanced portfolio of activities designed to limit the Group’s exposure to the vagaries of the global economic climate, thereby enabling us to post regular organic growth averaging around 8% per annum.

We are now the main consolidation platform for our sector of industry, with more than 60 acquisitions completed since 1995.  Consolidation in the industry is ongoing, with local stake holders seeking to ally themselves increasingly with major international groups.

In 2007, the Group’s organic growth was close to 10%, a figure that exceeded our objectives. A high number of acquisitions were completed during that year, representing a turnover of €260 million on a full-year basis. The Group’s adjusted operating margin improved, increasing from 14.5% to 15.1%, and our listing on the stock exchange was a particularly high point: it allowed us to achieve a higher profile amongst our clients and future employees and gave us additional resources to remain our industry’s premier consolidator.

In 2008, we plan to achieve organic growth of at least 8%, despite signs of a slowdown in the global economy. We are thus increasing investment in those regions of the world where growth is particularly high: Latin America, the Middle East and Asia. We are developing the services we offer to the mining industry, with a view to achieving an even sounder position in Australia and Latin America. Bureau Veritas is expanding its service portfolio in order better to respond to new needs, such as energy efficiency, greenhouse-gas emission verification and supply-chain control, particularly in connection with REACH, the EU’s chemical substances regulation. We are continuing to enhance our sales organisation so that we can respond more appropriately to our clients’ expectations, particularly in the case of large accounts, thereby becoming their reference partner for QHSE services. Indeed, our company must continue to grow by welcoming and training talented employees. Bureau Veritas’ principal asset is its employees, their essential role being to offer our current and future clients services of optimum quality – that is how we earn clients’ trust.

Frank Piedelièvre, President and Chief Executive Officer