Corporate Presentation
March 2008
Olivier RICHARD
Group Identity Card
Bureau Veritas at a Glance
Broad Geographical Presence
► Created in 1828
Africa
Americas
► A global leader in conformity assessment
services in the areas of quality, health and
safety, environment and social
responsibility (QHSE)

5%
16%
Asia Pacific &
Middle East
24%
2007 revenue: €2.07bn
France

2007 adjusted operating profit: €312m
32%
Europe
23%

More than 850 offices in 140 countries
► Over 33,000 skilled employees
► Eight global businesses providing
a complete set of services

Inspection, testing, audit, certification, risk
management, outsourcing, consulting and
training services
Eight Global Businesses
Government Services and
International Trade 7%
Marine 12%
Consumer Products
Industry
13%
14%
Certification
Inspection &
In-Service
Verification
12%
► Servicing 300,000 customers across a
13%
wide range of end markets
Construction
19%
Bureau Veritas Corporate Presentation – March 2008
HSE
10%
3
Our Profession : QHSE Compliance
Reference Standard
Action
Deliverable
Assessment
Full Independence
from any
Design / Manufacturing / Contracting / Insurance
Bureau Veritas Corporate Presentation – March 2008
4
A Balanced Portfolio of Activities
Marine
► Ship classification, ship and marine equipment certification, technical assistance and outsourcing
services
► Conformity assessment of industrial equipment and installations to regulatory or client specifications
Industry
from feasibility stage to de-commissioning
► Services include design review, shop inspection, site inspection, asset integrity management,
product certification and related testing services such as non-destructive testing
Inspection & In-Service
Verification (IVS)
Health, Safety and
Environment (HSE)
► Periodic inspection of equipment and installations to assess conformity with regulations or client-
specific requirements. Services apply to electrical installations, fire safety systems, lifts, pressure
equipment, lifting equipment and machinery
► Inspection, audit, measurement and testing services in the fields of environment / health & safety
► Technical assistance and consultancy services to help companies define their HSE management
strategy and improve their performance
► Conformity assessment of construction projects to local regulations and construction standards,
Construction
from design stage to completion
► Services include design review, code compliance, technical control, on-site safety coordination,
testing of construction materials, asset management and technical due diligence services
► Certification of management systems and processes in the areas of quality, health and safety,
Certification
environment and social responsibility based on public standards
► Second party auditing services based on customer-specific or Bureau Veritas standards
► Testing, inspection and certification of consumer goods including textile, hardlines, toys, electrical
Consumer Products
and electronic products
► Factory audits, social responsibility audits and training services
Government Services
and International Trade
(GSIT)
► Government Services: Pre-Shipment Inspection, X-Ray Scanning, Verification of Conformity of
imported products
► International Trade: Commodity quantity/quality assurance, automotive services
Eight global businesses providing strong growth and cross-selling opportunities
Bureau Veritas Corporate Presentation – March 2008
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Extensive Geographic Footprint
Americas
Europe (excl. France)
 140 offices, including
26 laboratories
 290 offices, including
41 laboratories
 5,700 staff
 8,600 staff
France
 175 offices, including
12 laboratories
 7,200 staff
Asia & Middle East
 190 offices, including
58 laboratories
 10,500 staff
Africa
 55 offices, including
9 laboratories
 1,000 staff
Global network comprising more than 850 locations across 140 countries
Bureau Veritas Corporate Presentation – March 2008
6
Bureau Veritas History
Wendel makes
initial investment
in Bureau Veritas
Merger
with CEP
(France)
Wendel gains
full control of
Bureau Veritas
IPO
GSIT
Construction
Consumer
Products
Certification
Industry
Building
global HSE
platform
Marine
1828
1910
1929
Expansion
to Africa
1984
1988
1993
I&F
China
1995
1996
Consumer
Products
US and China
1998
I&F
UK
Expansion to Asia
and Eastern Europe
2001
I&F
USA
2002
2004
I&F
Australia
2006
2007
Leader
In Spain
I&F
Germany
Reputation, network and portfolio of businesses built over 180 years
Note: I&F = Industry & Facilities division.
Bureau Veritas Corporate Presentation – March 2008
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Organisational Structure
CEO
Finance, Legal,
Risk Management,
Information Systems
Organisation & Human
Resources
Industry & Facilities
Technical Dpt.
Strat. Markets & KA Dpt.
Marine
Industry
IVS
HSE
Construction
Certification
Consumer
Products
Government
Services and
International
Trade
Europe
Europe
USA
Middle East
and Africa
Greater
China
Americas
South
Asia
Asia Pacific
► 8 global businesses,
managed through four
global divisions
South Europe
Europe
Northern & Eastern Europe
North
America
Latin
America
Middle East, India, Russia and Africa
through matrix
organisations
North America
Latin America
Asia
Asia Pacific
Middle
East
► All units managed
Bureau Veritas Corporate Presentation – March 2008
An organisation
designed to support
growth and drive
operational excellence
8
Group Business Highlights
Addressing Markets with Strong Growth Potential
QHSE
Regulations
Industrial
Globalisation
8 Global Businesses
in a €50bn + market…
Investments in
Infrastructure
Globalisation
of Standards
Industry
Growing Urban
Populations
Inspection &
In-Service
Verification
Construction
Health, Safety
& Environment
Certification
Outsourcing
Sustainable
Development
Consumer
Products
Marine
QHSE Risk
Mitigation
GSIT
Privatisation
… Supported by
strong tailwinds
Trade Growth
Bureau Veritas Corporate Presentation – March 2008
10
Leadership Positions in the Most Compelling Segments
Market
Size (€bn)¹
Business Position
Global No. 2 by number of vessels,
global No. 6 by tonnage
>2
Global Top 3
>7
IVS
Europe Top 3
>7
HSE
Global No. 4
10 – 15
Construction
Global No. 1
> 10
Certification
Global No. 1
>3
Global No. 1 in toys and hardlines, No. 2
in textiles, recently built E&E platform
3.5
Top 4 in Government Services,
niche position in International Trade
>4
Marine
Industry
Consumer
Products
GSIT
%
Outsourced
Market
Fragmentation
High
Low
1. Excludes growth through outsourcing and privatisation.
Bureau Veritas Corporate Presentation – March 2008
11
Strong Competitive Advantages
Efficient
International
Network
► Unique combination of international and local networks
► Consistency of service delivery across the globe
► Reactivity to deploy new service capabilities
Brand and
Reputation
► Strong brand built over 180 years of service:
 Technical excellence
 Integrity
 Independence
► Ability to push for high value-added services
► Ability to recruit talents
► Attractiveness for acquisition targets
Unmatched
Expertise
► Comprehensive portfolio of accreditations
► Thorough knowledge of regulations, reference frameworks and standards
► Extensive knowledge of industrial markets
Skilled
Employee Base
► Strong technical expertise:
 Electricity, metallurgy, electronics, corrosion, hydrodynamics, etc.
► Entrepreneurial and client-driven culture
Broad Service
Portfolio
► Ability to cover all QHSE requirements of a project / customer
► Cross-selling potential
Acquisition
Track Record
► Bolt-on acquisition experience
► Disciplined integration process
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Resilient Revenue Base
Diversified
Revenue
Streams
Fragmented
Customer Base
► Balanced portfolio of activities and locations
► Eight global businesses positioned on different investment cycles
► Mix of investment-related (capex) and life-cycle-related services (opex)
► 300,000 active customers
► Top ten customers account for less than 10% of group revenue
► Multi-year contracts (Marine, Certification, Inspection & In-Service Verification,
Industry, Government Services)

Recurring
Revenue
90% of Certification revenue and 60% of IVS revenue covered by multi-year contracts
► High degree of customer loyalty (Consumer Products, Construction, Industry):
“repeat business”

39 of top 40 Consumer Products customers in 2001 are still doing business with Bureau
Veritas today
► Long-term order book in Marine and Oil & Gas

Order book in Marine providing multi-year visibility on new construction activity
Bureau Veritas Corporate Presentation – March 2008
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A Solid Growth Track Record
Revenue Growth: Last 12 Years
Adjusted Operating Profit Growth: Last 12 Years
312
2 067
2 000
1 846
268
1 647
1 283
1 145
1 012
1 100
850
800
619
695 722
455
204
200
171
137
150
106
86
100
62
53 59
50
200
36
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
0
1996
Revenue (€m)
1 422
1 400
244
250
Adjusted Operating Profit (€m)
1 700
500
300
12 years of continuous growth and profit improvements
Revenue expanded by a multiple of 4.5 and adjusted operating profit by 9
Bureau Veritas Corporate Presentation – March 2008
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Group Business Strategy
Group Strategy
Vision: Become the global QHSE leader and a major
player in each of our eight businesses
1.
Drive
Organic
Growth
2.
Pursue
Acquisitions
3.
Improve
Operating
Performance
4.
Develop
Talent Pool
2011 Objectives
► Double
2006 revenue
► Average annual net income growth between 15 and 20%
Bureau Veritas Corporate Presentation – March 2008
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1. Drive Organic Growth
Geographic
Expansion
► Expand global network across eight businesses
► Optimise size in each platform country
► Invest in tailwind markets
 Oil & gas, energy, mining
Focus on HighGrowth Areas
► Focus on geographies and businesses with superior potential
 Marine, Consumer Products, Industry
 Asia Pacific, Latin America, Middle East, India and Russia
► Anticipate new regulations, privatisations and market opportunities to gain
first mover advantage
Develop New
Services
► Identify and develop new services
Reinforce Sales
& Marketing
Organisation
► Increase sales & marketing resources
Drive
Cross-Selling and
Key Accounts
► Leverage service portfolio and global network to enhance cross-selling and cross-
► Focus on value-added and customised solutions
► Set up dedicated sales forces in platform countries
border contracts
► Increase share of international customers
Expected 8% average annual organic growth
Bureau Veritas Corporate Presentation – March 2008
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1. Drive Organic Growth
Geographic Expansion
France
Rest of
Europe
North
America
Central
& Latin
America
Middle East/
Asia Pacific India/Russia
Africa
Marine
Industry
In-Service
Verification
Industry
&
Facilities
HSE
Construction
Certification
Consumer Products
Government Services
and International Trade
Mature network /
Scalable presence
Network to be completed /
Presence to be reinforced
Presence
to be built
Not a platform
region
Bureau Veritas aims to achieve critical size in each platform country,
to provide better service to clients and foster growth
Bureau Veritas Corporate Presentation – March 2008
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1. Drive Organic Growth
Develop New Services
Construction: Asset Management Services
Selected Example: Starwood Capital
Assistance to Maintenance Supervision
Selected Example: Quai Branly Museum
► Technical due diligence of 290
► Advised on selection of facility
hotels in 10 European countries
for Starwood Capital (2005)
► Audits and reports provided
in four weeks
manager and definition of KPIs1 for
the Quai Branly Museum in Paris
► Independent supervision of
quality and safety performance
of all outsourced services
► Customised inspection programme
and reporting tool
© Musée du quai Branly Photo
Antoine Borgeaud
Competitive Advantage
► Global player capable of mobilising European network in
very short timeframe
► Consistent assessment of property conditions from
structure to technical installations
Competitive Advantage
► Breadth of services portfolio and expertise

Knowledge of building background (CTC and IVS services
provided during construction)
► Ability to replicate methodologies used in existing
services (IVS)
Property condition assessment services now
provided in Western Europe, Asia, Middle
East, Eastern Europe and North America
Service offering to be deployed in Europe
Cross-selling potential with energy
consumption optimisation services
1. Key Performance Indicators.
Bureau Veritas Corporate Presentation – March 2008
19
1. Drive Organic Growth
Develop New Services
Consumer Products: REACH Directive
“Registration, Evaluation, Authorisation
and Restriction of Chemicals”
Marine: Audit Procedure for Ship Recycling
Selected Example: Audit procedure for assessment
of hazardous materials on Clemenceau ship
► Comes into force in 2007
► Context
and phased through 2018
► Requires traceability and
identification of chemicals
substances within products
► Aim:




► Full-scale assistance needed
Improve protection of human
health & environment from
hazardous chemicals
Enhance competitiveness of EU
chemicals industry.
Bureau Veritas Service Offering
► Consulting & technical assistance
► Auditing of chemical management systems
► Testing
► Data base management of compliance documents
Services proposed starting June 2007 in
Europe and Asia
Synergies with industrial HSE clients
Increasing concern around ship
recycling
Maritime authorities preparing
issuance of a “Green Passport”
(2009 onwards)
in the preparation of hazardous
materials inventory
Bureau Veritas Service Offering
► Design of audit procedure for assessment of potentially
hazardous products used on board of ships to be recycled
► Ability to leverage expertise of HSE business
New regulations and breadth of in-house
competence driving potential for new service
offering
Bureau Veritas Corporate Presentation – March 2008
20
1. Drive Organic Growth
Example: Cross-Selling in Industry & Facilities
Construction
Buildings
Industry
+
Inspection & In-Service Verification
Technical
Equipment
Health, Safety & Environment
+
Occupants/Users
Certification / Training
Design
=
Commissioning
Operation
Dismantling
Significant cross-selling opportunities throughout the life cycle
of a building / facility
Bureau Veritas Corporate Presentation – March 2008
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1. Drive Organic Growth
Example: Cross-Selling at Carrefour Group
Construction
► Construction technical control
► Safety on site

France, Spain, China
IVS
Certification
► In-service inspection of
► Traceability / food supply
fire safety, electrical
installations and lifting
equipment

 Second largest retailer in the world
 €87bn revenue in 2006
 Operations in 29 countries
France, Spain, Turkey
Industry
Future
► Site inspections to comply
with EU directives

France
chain inspection
► Supplier assessment
► ISO 9000 and 14000
certification
(ATEX1)
► Increase presence in:

Consumer Products

HSE
Bureau Veritas' broad business portfolio and geographic presence offers crossselling opportunities to key accounts
1. Explosive atmosphere directive.
Bureau Veritas Corporate Presentation – March 2008
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1. Drive Organic Growth
Example: Cross-Selling at Petrobras
Marine
► Ship classification and equipment
certification of nine tankers and
11 offshore floating units
► Offshore rigs classification
► Technical consulting
Industry
► Shop inspection of
Certification
► ISO 9000 and 14000
 8th largest oil company in the world
 $73bn revenue in 2006
 $15bn invested in 2006
certification
HSE
equipment used on
offshore platforms
► Site inspection
► Pipeline and offshore
platform asset integrity
management
Future
► Regulatory watch
► OHS1 performance
► Environmental performance
► New service offering?

IVS

Construction

GSIT (oil testing)
1. Occupational health and safety.
Bureau Veritas Corporate Presentation – March 2008
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2. Pursue Acquisitions
Rationale and Focus
Rationale
Focus
► Accelerate growth strategy


► External growth mainly driven by bolt-on
acquisitions
Access new geographies
Reinforce position in high-potential areas
(countries, markets)
► Acquire new capabilities

► Target small and mid-size companies:


New fields of technical expertise

Customer base
Target spend of about €100m p.a. for bolt-ons

► Reinforce skilled employee base

Increase footprint in key platform countries:
USA, Germany, Japan, Eastern Europe, Asia Pacific,
Latin America
Expand position in high-growth markets:
oil & gas, power, mining, retail
Develop new technical skills: HSE, Electrical
& Electronics
► Selective approach towards larger
acquisitions
Bureau Veritas will continue to actively pursue acquisitions to accelerate
its growth and development
Bureau Veritas Corporate Presentation – March 2008
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2. Pursue Acquisitions
Example: Building Global HSE Platform
2006:
International
Risk
Consultants
Australia
2006:
Alert Solutions
Australia
2006:
KilPatrick
Australia
2005:
KW2
Netherlands
2005:
Clayton
Group
Services
USA
2005:
CPV
Slovenia
2005:
Casella
Consulting
UK
2006:
ECS
France
2005:
NATLSCO
Risk & Safety
USA
2002:
WEEKS
UK
Successful track record of building global businesses
through acquisitions in platform countries
Bureau Veritas Corporate Presentation – March 2008
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2. Pursue Acquisitions
Example: Building Industry & Facilities in the USA
2006:
PVI
Industry
2005:
NATLSCO
Risk & Safety
HSE
2005:
Clayton
Group Services
HSE
2004:
OneCIS
Industry
2002:
US Laboratories
Construction
2006:
NEIS
IVS
2005:
Linhart Peterson
Powers Associates
Construction
2004:
Berryman
& Henigar
Construction
2004:
Graham Marcus
Construction
Successful track record of building global businesses
and establishing presence in platform countries
Bureau Veritas Corporate Presentation – March 2008
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3. Improve Operating Performance
► Systematic focus on underperforming units (quarterly review)
Turn Around
Under-performing
Units
► Establish action plan for performance improvement

Dedicated team and Key Performance Indicators (KPIs)
► Current initiatives in the UK, Spain and Germany
► Back-office
Leverage
Group Scale

Purchasing

Office / network rationalisation

IT infrastructure
► Operations

Utilisation rate of inspectors

Industrialised processes
► Performance optimisation process
Continuously
Re-engineer
Production
Processes

Mapping and re-engineering of key processes

Internal benchmarking

Identification of best-in-class practices

Integrated IT production tools

Centralised scheduling
Bureau Veritas Corporate Presentation – March 2008
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4. Develop Talent Pool
Bureau Veritas’ Employee Base is its Main Asset
Geographic Breakdown
Africa 3%
► Number of employees x4 since 1996
Americas
18%
► Strong technical expertise
Asia Pacific &
Middle East
► Bureau Veritas culture

Entrepreneurship

Client orientation

Integrity and ethics

Accountability

Cash focus
33%
Europe 25%
France 22%
Total Employees as of 31-Dec-2007: 33,018
► On-the-job training programs available to
all technicians and managers
► Widespread knowledge management
Evolution of Employees
33 018
practices

Over 100 communities that share good
practices and technical expertise
20 524
2004
23 683
2005
Bureau Veritas Corporate Presentation – March 2008
26 207
2006
2007
28
Execution of Strategy
Bureau Veritas Operating Model
Set targets
and align
organization
Vision and
Mission
BV
Founding
Principles
Leadership
Principles
Values
Our way
to
Excellence
Execute
Build assets
Define strategic positioning and
identify value creation
opportunities
Optimize
network and
matrix
organizations
Manage
people
Optimize
sales
process
Develop
customer
relationships
Optimize
production
process
Expand and
increase
density of
network
Define and review
organization
Ensure quality
and technical
excellence,
HSE and
ethical
compliance
Share and
leverage
knowledge
Set objectives
and ensure
performance
accountability
Develop
brand,
image, and
reputation
Management Levers
To ensure successful execution of strategy, Bureau Veritas has implemented
a unique business model defining 12 management levers with associated
methodologies, tools and KPIs
Bureau Veritas Corporate Presentation – March 2008
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Bureau Veritas Management Cycle
Annual Management Cycle
► Bureau Veritas’ business model provides a
common framework across eight businesses
to deliver growth and improve performance

Develop common language and culture

Help focus on key priorities, with selected KPIs

Strengthen accountability
4
2
3
Quarter Quarter
1
4
4
4
Quarter
3
► Strategic priorities defined at budgeting
1
for each business unit / country/ region

Local priorities specified in managers’ objectives

Quarterly follow-up of key priorities
Quarter
2
4
3
1► Strategic workshops and portfolio reviews
2► Budget process on business unit level
3► People review
4► Quarterly reviews and action plan monitoring
Bureau Veritas Corporate Presentation – March 2008
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The Bureau Veritas Pyramid
A Playing Field for Executing the Strategy
Technical
Assistance
and
Consultancy
Continuum of
services
Integrated
Solutions
Conformity
Assessment
* Assets, Products, Systems
Bureau Veritas Corporate Presentation – March 2008
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Large Account Approach
Integrated QHSE Compliance & Performance
Client
QHSE
Strategy
Governance
Robust KPIs
Sponsor
Solutions
Board
KA Manager
Senior Management
BVNet
Project Manager(s)
Specialists
Surveyors
Auditors
Technicians
Special projects
Management
Site
Contractors
Suppliers
Routine
Compliance
Data
(inspection, audit, testing)
Risk
Sust. Devt.
Compliance
Integrity
Performance
Programme
/ Campaign
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