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Head Office: 92077 Paris La Défense Cedex – France
Tel: +33 (0)1 42 91 52 91 - Fax: +33 (0)1 42 91 52 92 - www.bureauveritas.com
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wood from well-managed forests certified in
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Profile 1

1996 Forest Steward-

Message from the president 2

ship Council A.C.

FSC trademark©
FSC certification of traceability - EUR-COC-050601 –
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Independently certified for the traceability of products
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Our Activities
Industry & Facilities 10
Marine 22 Bureau Veritas
Consumer Products 24 Joint stock company with Directorate and
Supervisory Board with e13,973,445.60 capital
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& International Trade 26 17 bis, place des Reflets
La Défense 2 – 92400 Courbevoie – France
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Picture credits
Bureau Veritas
Gérard Uféras / Rapho (p3)
Electricité de France (p11)
Creatas (p11 – p14 – p26)
TVO (p13)
Hutchinson (p15)
PhotoAlto (p17)
Danisco (p19 - p20)
Digital stock (p21)
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Stock (p25)
BV_60069_rapport annuel_UK 21/04/06 12:02 Page 1

Since its foundation in 1828, the

Bureau Veritas Group has consistently
built recognized expertise, helping
clients comply with standards and
regulations relating to Quality, Health
& Safety, Environment and Social
Accountability (QHSE-SA).

Large and small organizations, whether private or

public, can rely on Bureau Veritas’ independence
to support them in protecting their respective
brands, assets and business. We play a key role
in both risk management and performance
improvement.

Bureau Veritas deploys multidisciplinary skills

from over 23,000 employees in 700 offices and
laboratories worldwide.

1
BV_60069_rapport annuel_UK 21/04/06 12:02 Page 2

Message from the president

After a record-breaking year We enjoyed particularly strong organic growth in

services related to consumer products and oil
in 2004, we were able to
& gas industries. Our marine activities performed
reach all of our financial well, especially in the classification of new ships
objectives in 2005 thanks to where our market share increased. Geographically,
a particularly strong second revenues from our operations in Latin America, the
Middle East, India, China and South-East Asia grew
half:
at a fast pace, exceeding even our own expectations.
Organic growth was also solid in France, given our
Revenues grew by 16% strong market share.
to €1,647M
We were very active throughout last year in
completing several strategic acquisitions which will
Income from recurring strengthen many of our growth platforms: Industry
operations rose by 19% & Facilities in the USA, the UK, Benelux, Spain and
to €240M and reached Eastern Europe; Consumer Products in the USA,
14.6% of sales the UK and Asia. These acquisitions are positioning
us well for further expansion.

Cash-flow was €196M.

Growing rapidly, both organically and through
acquisitions, cannot be sustained over time without
an intense focus on continuous delivery of tangible
added value to our clients.

We are a global and independent company; we want

to be the partner of choice and the reference for
conformity and risk management solutions; we

2
BV_60069_rapport annuel_UK 21/04/06 12:02 Page 3
focus on protecting our clients’ brands, assets and
business; and we are eager to share knowledge,
thus reinforcing the value of our services.
Across our worldwide network of 700 offices and
laboratories, all Bureau Veritas employees are
committed to contribute to four main objectives:
delivering value to clients, generating sustainable
growth, achieving operational excellence and
developing people.
Delivering value to clients
To support our clients, we invest in the development
of methodologies and information systems, based
on our experience and accumulated technical
knowledge. We continuously enhance the expertise
of our employees, particularly our technicians,
spending more than 3% of our turnover each year
on training and tutoring.
We also increase the value of our services through
continuous efforts to ensure consistency across
offices and laboratories, and to maintain reliability
through extensive internal audits and systematic
risk management reviews.
Our span of services is large: it includes conformity
assessment services, technical support, consultancy
services as well as customized solutions and
outsourcing. We believe that when it comes to
Quality, Health & Safety, Environment and Social
Accountability (QHSE-SA) issues, our clients are
entitled to expect best-in-class responses from
Bureau Veritas, customized when necessary to their
specific industry or geographical scope, to their
size, or to their business dynamics (acquisitions,
organic growth, innovations, etc).
Generating sustainable growth
We are a fast-growing company (sales have more
than tripled in 10 years). To sustain our development,
we regularly assess the value of our portfolio of busi-
nesses. We want to be positioned on fast-growing
opportunities, whether geographically or by market
segment. To achieve this, we choose to invest in
businesses with long-term tail-wind profiles.
In particular, our 2006 investments will address grow-
ing economies (Asia-Pacific, India, Middle East, Latin
America) and market segments with long-term
growth potential (energy, retail, electronics & electri-
cal, health & safety, environment, international trade).
3
BV_60069_rapport annuel_UK 21/04/06 12:02 Page 4
Achieving operational excellence
As competition intensifies and clients require us
to deliver more cost-efficient services, we will
maintain earnings growth through operational
excellence:
We will further leverage our size to implement
more shared services and better back-office
efficiency. In particular, we will invest heavily in
differentiating information technology and sys-
tems. We want to build a more scalable Bureau
Veritas across service lines and geographies,
benefiting both from volume expansion and
acquisitions, reducing costs and generating
synergies.
We will also continue to develop sales and pro-
duction re-engineering solutions that streamline
our value chain, based on collective good prac-
tices. Our ability to disseminate such practices
with speed and accuracy must improve and be
recognized as a core Group capability.
Finally, we will maintain our focus on simplifying
our decision-making, reducing bureaucracy and
making decisions based on facts and key per-
formance indicators.
increasing our pool
of talented people
our clients are entitled to expect best-in-class responses from Bureau Veritas
4
Developing people
This is definitely our no.1 objective. Each year, we
invest more in developing our people and nurturing
new talents. We are convinced that having the right
people in the right jobs always makes the difference
in a service business, and that increasing our pool
of talented people is the main engine to drive our
expansion.
Through performance management reviews and
career management, we develop opportunities for
our employees. We want to make sure that every
Bureau Veritas employee is assessed at least once
a year, is listened to, and is regularly considered for
new job options. We strive to ensure that equity,
fairness and transparency are respected in our pro-
motion and reward decisions, with strong emphasis
on competence and merit.
Our goal is to nurture our talent pipeline, from field
staff to executive levels. In doing so, we will
increase our reservoir of future Bureau Veritas
leaders.
We will work hard in 2006 to deliver on these four
dimensions and we want to become better in each
ensure consistency and m
 BV_60069_rapport annuel_UK 21/04/06 12:02 Page 5

Message from the president

of them over time. Our leadership ambition will only
be met if we execute well a powerful differentiating
strategy, if we build up a dynamic portfolio of
interrelated businesses, if we fully leverage our
‘BV Business Model’.
Combining the entrepreneurial spirit of our leaders
with the power of a large international group is real-
ly what Bureau Veritas aims at. It is the essence of
our ‘BV-One-Company philosophy’, where every
unit has autonomy and capacity to take initiatives
aligned with the Group’s principles and strategy.
All of this becomes reality as a result of the
commitment of our team of talented, dedicated and
passionate people. We are very fortunate indeed to
have so many of them at Bureau Veritas. I am very
grateful to them, and with their support, I am confi-
dent in Bureau Veritas' great future and in its
capacity to continuously deliver on its promises.

Frank Piedelièvre
President and Chief Executive Officer

we continuously
d maintain reliability enhance
our expertise
the entrepreneurial spirit of our leaders with the power of a large international group

5
BV_60069_rapport annuel_UK 21/04/06 12:02 Page 6

Key figures

16 %
growth
in revenue

19 %
increase in income
from recurring
operations

23,700 global workforce

15 %
rise in staff
numbers

6
BV_60069_rapport annuel_UK 21/04/06 12:02 Page 7

In millions of euros

1,647

240
1,422

203
1,283

171
1,145
1,012

137
106
2001

2002

2005
2003

2004

2001

2002

2005
2003

2004
Consolidated Consolidated income
revenues from recurring operations
196

23,683
174

20,530
17,250
16,265
127
123

122

12,866
2001

2002

2005
2003
2004

2001

2002

2005
2003
2004

Cash flow Global workforce

from operations

Consumer Africa
Products €77M
€197M 4%
12% Asia & Europe
Government Middle East 20% €903M
Services & Industry €326M
International & Facilities
Trade 10% €1,107M
€163M
67% 55%
Marine
11% Americas 21%
€180M €341M

Revenue breakdown Revenue breakdown

by division by geographical zone

IFRS (International Financial Reporting Standards) have been applied for 2004 and 2005.
French GAAP (Generally Accepted Accounting Principles) were applied in previous years.

For simplicity, some figures have been rounded to the nearest unit.
7
BV_60069_rapport annuel_UK 21/04/06 12:02 Page 8

Worldwide presence

Americas
134 offices and
laboratories
in 113 cities

4,578 staff including

over 2,600 in the US
and more than 1,000
in Brazil

Europe
370 offices and
laboratories
in 309 cities

10,842 staff including

over 6,000 in France,
1,500 in the UK
and 1,000 in Spain

an international network since t

proximity wherever our clients operate
expanding through both mature and e
8
 BV_60069_rapport annuel_UK 21/04/06 12:02 Page 9

Asia & Middle East

138 offices and
laboratories
in 103 cities

7,306 staff including

over 3,600 in China
and more than
600 in India

Africa
57 offices and
laboratories
in 52 cities

957 staff

meeting the needs

e the company’s creation of global players
as well as local clients
d emerging markets
9
BV_60069_rapport annuel_UK 21/04/06 12:03 Page 10

Industry & Facilities

Health, safety and

environmental (HSE) management

Conformity assessment In-service

of industrial processes, verification
equipment and products

Testing and analysis

Asset management -
Buildings

Conformity assessment of
building construction

Certification Training

Developers and operators of industrial facilities, buildings and infrastructures have to deal
with an increasing number of Quality, Health & Safety and Environmental (QHSE) issues.
To support them, Bureau Veritas provides a comprehensive range of integrated services
across the life cycle of their assets.

10
BV_60069_rapport annuel_UK 21/04/06 12:03 Page 11
Conformity assessment of industrial
processes, equipment and products
Industry today is under ever closer scrutiny. There
are growing pressures for companies to abide
by strict regulations. Bureau Veritas helps its clients
monitor the Quality, Health & Safety and
Environmental (QHSE) impacts of their industrial
equipment and processes, from design stage to their
actual installation, commissioning and operation.
Our services include certification of conformity of
installations, shop and site inspections, design
review, asset integrity management services for
industrial equipment, and product conformity
assessment (PCA).
Our customers value our multi-directive PCA
approach which enables them, through a single sup-
plier, to meet all requirements to reach the
European Union market. New notifications gained
in 2005 (ATEX directive in Italy, construction prod-
ucts directive in Spain and Italy) expanded our
capabilities.
Bureau Veritas provides its suite of services across
all industrial sectors. We have achieved a global
leadership position and gained the trust of major
companies in three markets in particular: Oil & Gas,
Power, and Transport & Logistics.
11
BV_60069_rapport annuel_UK 21/04/06 12:03 Page 12

Industry & Facilities

Oil & Gas

2005 saw an upsurge in investment as oil compa-
nies scrambled to renew reserves while continuing
necessary upgrade and maintenance of existing
facilities. New investments were particularly strong
in upstream (exploration and production) and in the
LNG (Liquefied Natural Gas) sector. Bureau Veritas
mostly provides certification of conformity of instal-
lations and site inspections.
Several key achievements marked 2005 as a suc-
cessful year. French oil major Total assigned
Bureau Veritas with a strategic structural integrity
management services contract for four operating
offshore oil platforms in the UK’s North Sea sector.
In Brazil, Petrobras assigned Bureau Veritas with
the certification of three of its most important new
deep water exploration and production invest-
ments: the P53 floating production unit, which
includes the world's largest turret system, the P55
semi-submersible rig, and the P57 floating produc-
tion and storage offloading unit. In the case of the
P53, Petrobras switched to Bureau Veritas class in
order to be able to work with us on all activities
related to exploration and production processes
and equipment.
Bureau Veritas also won a 4-year contract with
AGIP-KCO for Quality Assurance (QA) and Quality
Control (QC) of its Kashagan project, in
Kazakhstan’s Caspian Sea, one of the largest oil
fields in development in the world.
In the LNG field, Bureau Veritas signed a contract
with CBI for inspection and Non-Destructive Testing
(NDT) of a pipeline being built within Shell’s project
in Sakhalin, Russia. In Texas, USA, Bureau Veritas
was appointed by Cheniere to provide technical per-
sonnel for QA/QC surveillance throughout the com-
plex planning and construction process of an LNG
receiving terminal.

Technip
Engineering and construction services company Technip was
awarded a contract by Total to build a technically-sound
deepwater pipeline for the Dalia oil field off Angola.
We provided experts to monitor quality control inspections
during welding and coating of the pipes on site, and ensured
smooth operations by monitoring documentation and trace-
ability of materials.

12
BV_60069_rapport annuel_UK 21/04/06 12:03 Page 13
Power
As needs for electrical power expand, investment
trends are emerging to develop new generation
capacities in nuclear, gas, coal, hydro and wind
power. Bureau Veritas has the worldwide capabili-
ties and credentials to serve operators in this field.
In Finland, TVO (Teollisuuden Voima Oy), which is
building the first new generation EPR (European
Pressure Reactor), has entrusted Bureau Veritas to
carry out construction inspections and testing
supervision of all major electrical and mechanical
equipment, manufactured all over the world, for
this nuclear plant.
In France, Bureau Veritas reinforced its partnership
with EDF Nuclear for outage management, while
Areva entrusted Bureau Veritas to carry out remain-
ing life analysis on its nuclear waste treatment
facilities in The Hague.
In the USA, the California Energy Commission
granted an outstanding services award to Bureau
Veritas for its plant review, construction inspection
and safety monitoring services for the Palomar
Energy gas-fired plant.
In China, Bureau Veritas showed continuity with the
hydro industry by obtaining the worldwide inspec-
tion services contract for all major rotating equip-
ment to be installed at the Yi Xing pump storage
station.
The acquisition of KW2 in the Netherlands expand-
ed our service offering with emission and perform-
ance measurements for all types of fossil-fired
power plant.
Finally, with the setting up of a specialized wind
power office in Denmark, we are now ready to
deliver a full spectrum of high value offerings to
operators involved in this field all over the world.
Transport & Logistics
In port crane inspection, Bureau Veritas reinforced
its leadership position, notably with Chinese manu-
facturers. In October 2005, we were awarded the
two largest inspection services contracts ever in the
harbor handling industry: one with Euromax to
supervise construction and factory testing of
14 quay cranes and 58 automated rail mounted
gantry cranes; the other with Yantian International
Container Terminal for inspection of 25 quay cranes
and 12 rubber tire gantry cranes.
In tank and general purpose container certifica-
tion, Bureau Veritas has reinforced its leadership
position and now delivers owner inspection servic-
es to two of the top three shipping lines in the
world.
13
BV_60069_rapport annuel_UK 21/04/06 12:04 Page 14

Industry & Facilities

In-service verification

In the face of increasing health and safety compli-
ance requirements, both private and public organi-
zations need to regularly assess conformity of their
equipment and installations. At Bureau Veritas we
constantly update our knowledge of applicable reg-
ulations in the countries where our clients operate,
thus offering a complete advisory service as well as
adapted inspection services.
Significant client successes
In the UK, British Energy appointed us to carry out
statutory in-service inspections at 4 nuclear power
stations. Bureau Veritas is now the largest provider
of such inspection services to the UK nuclear power
generation industry.
In France, retailer Carrefour once again renewed
its assignment for statutory verifications across
1,000 stores.
Broadening our skills base
To better serve a growing client need for trans-
national service, Bureau Veritas significantly
strengthened its network resources through
strategic acquisitions. In the Netherlands, in 2005,
we acquired KW2, which carries out inspection and
measurement services related to energy, water
and pressure equipment. In 2006, we acquired
Nagtglas Versteeg Inspecties, specialized in the
inspection of buildings and industrial facilities. In
Germany, we bought NSQ Hauk, specialized in
Non-Destructive Testing (NDT), stress analysis for
pipes and piping systems, and scheduling, control-
ling and documentation of inspection cycles and
necessary maintenance activities for industrial
installations.

EDF (Electricité de France)

EDF needs to maintain constant surveillance to guar-
antee optimum safety and continued power production.
Bureau Veritas has an ongoing year-round mission to
assist EDF for both periodic regulatory inspections and
non-regulatory services. These include electrical
installations and lift equipment verifications, pressure
equipment testing, and fire safety checks.

14
BV_60069_rapport annuel_UK 21/04/06 12:04 Page 15
Health, safety and environmental (HSE)
management
Today's businesses need to monitor and control the
HSE impacts of their industrial processes and
facilities. These include soil, water and air quality,
emissions, occupational hygiene and workplace and
safety management.
Our services range from measurements, analyses,
diagnosis and audits to technical recommendations
and consultancy, all aiming at better global HSE
performance or risk assessment.
Applying expertise
Bureau Veritas was awarded a large-scale mission
by car manufacturer PSA Peugeot-Citroën to
perform a legally required asbestos survey of its
sites in France. The scope covered a vast
5,000,000m2 property portfolio, which was assessed
over three months, and included more than 1,000
analyses from samples taken on site.
Hutchinson Worldwide
This leading manufacturer of rubber products aims
for continuous improvement and high levels of
workplace safety at 95 petrochemical sites around
the world. Working closely with Hutchinson,
Bureau Veritas helped develop and implement an
extensive program that goes far beyond a standard
safety audit. As a result, workplace accidents have
been reduced by 50%.
The Kyoto Protocol gave rise to a variety of EU
directives, interpreted by a host of national laws, to
address greenhouse gas emissions. To comply with
these requirements, energy services specialist Elyo
asked us to verify its CO2 emissions.
Likewise, energy performance of buildings is
becoming an important issue, both in respect of
new regulations but also to save on energy costs.
Essilor, a leading lens manufacturer, appointed us
for energy performance assessment of its sites
across Europe, Asia and Latin America.
Acquiring extra capability
The 2005 acquisitions of Clayton and NATLSCO in
the US, Casella in the UK, and KW2 in the
Netherlands reinforced our HSE capabilities in these
key markets, better enabling us to serve the needs
of multinational clients across several countries.
15
BV_60069_rapport annuel_UK 21/04/06 12:04 Page 16
Conformity assessment of building construction
Any organization that embarks on a construction
project today needs to address its Quality, Health &
Safety and Environmental (QHSE) aspects. Bureau
Veritas accompanies clients at every stage of con-
struction, from design through to completion. We
deliver conformity assessment on a multi-local basis
for buildings and infrastructure projects, thus cover-
ing both the private and public sectors. We can also
provide technical support at design stage as well as
soil analysis and construction material testing.
Going from strength to strength
2005 performance rode high on the crest of a con-
struction boom that was felt around the globe.
Construction code compliance work in the United
States continued to gain momentum in building
permit activity, technical inspections and building
site safety. A flagship multi-million dollar contract
was won to provide conformity assessment services
16
throughout construction of the new Dallas Cowboys
stadium, one of the largest building projects in
the US.
In Turkey, Bureau Veritas was chosen for project
management and site inspection of the world's
largest Carrefour store. In Dubai, Bureau Veritas
was entrusted with the considerable role of provid-
ing quality assurance, quality control and site safe-
ty management services for Burj Dubai, which will
be the tallest tower in the world.
For the ambitious Lyon-Turin railway tunnel,
Bureau Veritas was appointed to perform safety
inspections for the entire project.
In Spain, a partnership was established with
Fadesa, the country's second largest real estate
developer, for technical inspection of all its building
projects in Spain.
BV_60069_rapport annuel_UK 21/04/06 12:04 Page 17
Asset management - Buildings
This service helps real estate owners and investors
control and protect the value of their assets. Bureau
Veritas accompanies clients in various aspects of
property management and maintenance, enabling
them to assess and follow-up the state of their
industrial or residential properties. Our involvement
can extend to the eventual sale of the property with
due diligence reports.
A market on the move
At least two emerging trends increased the need for
asset management services: one such trend was
for hotel and retail chains to sell off property port-
folios in favor of focusing on core activities; another
trend saw pension funds actively seeking to invest
in property.
Asset management on this scale requires experts in
fields as diverse as geophysics, fire safety, structur-
al engineering, maintenance of heating, electrical
and lift systems, and health and safety. Bureau
Veritas leverages its global network to provide
the necessary balance of on-the-ground presence
and appropriate skill sets.
Industry & Facilities
In the US, Bureau Veritas successfully managed a
large environmental site assessment project for
Archon Group, covering 143 hotel sites. We evaluat-
ed current and past uses of the properties, check-
ing for contamination and other environmental
issues. Hotel interiors were also inspected for
water damage or visible fungal growth which can
expose owners to liability due to health risks. More
than 80 consultants from 18 US offices were mobi-
lized to meet the client's aggressive schedule.
In Europe, an even larger contract was granted to
Bureau Veritas by Starwood Hotels Group. Prior to
purchasing a chain of hotels in Europe, Starwood
needed to know the condition of each property it
was acquiring. In just 4 weeks, Bureau Veritas com-
pleted a mission of technical due diligence assess-
ing 290 hotels across 8 countries. The state of all
technical installations was identified and a precise
evaluation of repair costs was delivered.
17
BV_60069_rapport annuel_UK 21/04/06 12:04 Page 18
Testing and analysis
Bureau Veritas helps its clients acquire a perfect
knowledge of their products, equipment and instal-
lations, through careful component level analyses
during their entire life cycle. This is done through a
wide range of testing and control methods.
Services offered cover in particular Non-Destructive
Testing (NDT), environmental analyses (asbestos,
pollutants), ionizing radiation and construction
material testing.
Training
Bureau Veritas offers a comprehensive portfolio
of regulatory and technical training services in
relation to various business activities. We help our
clients improve their Quality, Health & Safety,
Environmental and Social Accountability (QHSE-SA)
performance, and lead them to take into considera-
tion the human factor.
Specialist subjects covered include compliance with
18
Industry & Facilities
Our industrial clients include names as diverse as
EDF (Electricité de France) for which we carry out
Non-Destructive Testing at nuclear power plants,
and Rolls-Royce, Eurocopter and EADS.
All over the world, Bureau Veritas operates its own
laboratories and also benefits from the support of a
network of partner laboratories.
regulations, technical training, risk management
training and sector-specific training for industries
such as automotive, food, marine, local government
and health.
In France alone, we train around 50,000 people a
year for clients such as Total, EADS, Carrefour and
the Defence Ministry.
BV_60069_rapport annuel_UK 21/04/06 12:04 Page 19
Certification
Certification and auditing are recognized as a
valuable approach to ensure reliable delivery of
consistent products and services, while fostering
continuous improvement.
As the independent certification body of Bureau
Veritas, BVQI offers management system audits
against certification standards. We also conduct
audits on customized schemes connected with
Quality, Environment, Health & Safety, and Social
Accountability.
Over the years, we have earned the trust of over
60,000 clients across the world, offering:
A full range of competencies, with a pool of
more than 4,800 qualified auditors worldwide
A truly global and consistent network to serve
clients locally in the countries where they oper-
ate. Clients benefit from optimized logistic costs
and local knowledge of the business context,
legislation and language
A full portfolio of certification and auditing services
Recognition by more than 40 accreditation bodies.
Enhanced value for large
companies and targeted sectors
In 2005, BVQI enhanced its service offering to large
clients. We pursued optimization of operations to
improve performance and consistency of service
quality. We continued to develop our customized
electronic reporting, and reinforced our dedicated
project management approach for complex multina-
tional certification programs.
In addition, we focused on specific sectors where a
de-centralized supply chain requires independent
auditing at different steps of the chain by qualified
auditors. Such sectors include food, automotive,
aerospace, electronics and forestry. Among
achievements in this area:
Our worldwide relationship with IBM was
expanded to include information security certifi-
cation in addition to global certification on
ISO 9001 (quality) and ISO 14001 (environment).
Danone selected us as one of two preferred
suppliers for systems certification services
worldwide, covering ISO 9001, ISO 14000,
OHSAS 18000 (workplace safety) and the new
ISO 22000 standard (food).
19
BV_60069_rapport annuel_UK 21/04/06 12:04 Page 20

Industry & Facilities

Bringing more value through
innovative services
In 2005, we continued to enrich our portfolio of
services.
ISO 22000
An example of these new developments is
ISO 22000, a new standard created for the food
sector. BVQI was the first certification body in the
world to be accredited for this standard and we
awarded the first ISO 22000 accredited certificate
to Danisco Sugar of Denmark.
Information security
We are promoting ISO 17799 as a standard encom-
passing the way information security is managed
within an organization.
Union Emission Trading Scheme (EUETS). We also
help companies that want their emissions reduc-
tions validated under the United Nations Clean
Development Mechanism (UN-CDM). We validated
several projects under the UN-CDM, mainly in the
energy and chemicals sectors. As a result, our
clients will be able to trade their carbon credits as
well as contribute to the global reduction of green-
house gases.
Internal audits
We help more and more companies by auditing
them on a wide range of private schemes to
improve quality and/or performance. For instance
in Italy, we were appointed by Autostrade, which
builds and manages highways, to carry out ‘mys-
tery shopper’ audits of their gas and food stations
to monitor quality of service.

Greenhouse gas emissions Supplier audits

We serve companies that need to verify their As more companies tend to outsource services, they
greenhouse gas emissions within the European and their stakeholders need reassurance about

Danisco Sugar
This food ingredients producer needed to manage food
safety at every stage of its supply chain. The company
saw great potential in the new food safety standard ISO
22000. With BVQI, it became the world's first company to
achieve ISO 22000 accredited certification. Danisco Sugar
has used the management system to increase efficiency
by harmonizing operations across its sites.

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BV_60069_rapport annuel_UK 21/04/06 12:04 Page 21

Sony
Sony had already implemented ISO 14001
(environment) around the world but this
covered individual sites separately. The
company chose BVQI to implement a Global
Environmental Management System, in line
with ISO 14001, that consistently covers all
Sony sites all over the world.

suppliers, particularly on their environmental and
social accountability practices. We therefore verify
that suppliers comply with the standards of their
clients. In this context, Janssen-Cilag, a pharma-
ceutical company owned by Johnson & Johnson,
appointed us to manage audits of its suppliers in
several countries in North America, Asia and
Europe.
VeriCERT: our risk-based audit approach
VeriCERT is a new risk-based approach to auditing
developed by Bureau Veritas. A VeriCERT audit
focuses on the main areas of risk for the client, in
a customizable fashion, taking into account the
issues relevant for the sector to which the client
belongs. Our major clients searching for added
value are engaging in this new approach. As an
example, we applied risk-based auditing to VT Plus
Training, a UK based training organization, to help
it achieve targets and demonstrate performance,
thus ensuring continued government funding.
A reinforced team for an ambitious
vision
In 2005 we also reinforced local management
teams with new leaders, thus bringing additional
energy to achieve our ambition of being the certifi-
cation provider of choice for major companies
around the world.

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BV_60069_rapport annuel_UK 21/04/06 12:05 Page 22

Marine

Improving the quality of ships and shipping

around the world

The global maritime industry once again benefited
from high demand and confronted growing press-
ures of regulations. Bureau Veritas helped clients
in every sector develop their activities while keep-
ing them abreast of safety and quality priorities.
Stepped up demand for energy
transport
Production, Storage & Offloading units (FPSOs)
and FSOs requiring class. The Bureau Veritas
classed fleet and order book of such ships grew
significantly throughout the year. Indeed, six new
FPSOs ordered in 2005 and being built in China will
be classed by Bureau Veritas. We are now number
two worldwide in terms of the number of classed
FPSO vessels.

Rising demand for energy drove accelerated
growth in the number of oil and LNG (Liquefied
Natural Gas) carriers being built.
A significant contract was won with Danish com-
pany AP Møller for the classification of six LNG
carriers it has ordered. With a capacity of
165,000m3 each, they will be the biggest LNG carr-
iers ever built.
The year also saw strong development in offshore
oil and gas activities, with many new Floating
Focusing technology for new
generation shipping
One visible response to growing demand for
capacity was seen in Japan and Korea where the
size of container carriers being built has been
increasing dramatically. New, bigger ships require
special expertise to ensure they are safe and
structurally sound. In the race to master new tech-
nologies and apply them to developing innovative
vessels, Bureau Veritas has a strong technology
platform.

Port of Cork
The Port of Cork (Ireland) sought a tangible way to prove its com-
mitment to safety and the environment. The client worked close-
ly with Bureau Veritas to become the world's first port certified
under the IPSEM Code (International Port Safety
& Environmental Protection Management). Attention to these
issues has paid off in increased traffic and better results.

22
BV_60069_rapport annuel_UK 21/04/06 12:05 Page 23

Petrobras
Petrobras (Brazil) wanted to convert a very large
crude carrier into a floating production unit.
Pushing the frontiers of technology, it involved
installing a turret able to accommodate 75 ris-
ers in waters over 1,000m deep.To achieve this
technically complex conversion, the client chose
to proceed under Bureau Veritas class. The con-
version got under way in 2005.

Launched in 2004, VeriSTAR Project Management
became fully operational in 2005. This innovative
software gives manufacturers, owners and
authorities instant access to vital documents via the
Web, and has proved to be a boon to productivity.
Our focus on delivering the appropriate technology
continued to attract significant projects in all
marine sectors. We classed the only two LNG
regasification vessels in existence, and will class
the three others that have been ordered. We
classed the biggest dredger in the world, owned by
Belgian company DEME and delivered in 2005. In
cruise ships, Bureau Veritas was appointed by
MSC Cruises to class two giant ships, each having
a capacity of 3,300 passengers. Also in 2005, the
French Navy ordered eight multi-mission frigates
with Bureau Veritas class, under construction in
France's DCN shipyards.
members agreed upon common structural rules
for tankers and bulk carriers. This breakthrough
will benefit the industry through a focus on fatigue
life mirroring Bureau Veritas' existing rules. To
facilitate the application of IACS rules for clients,
Bureau Veritas has considerably improved its
MARS and VeriSTAR Hull software programs.
Following guidelines from the International
Maritime Organization (IMO), Bureau Veritas has
set up a guidance note for the so-called Green
Passport. The scheme asks all shipowners to pos-
sess a list of hazardous materials, such as
asbestos, on board each vessel. Bureau Veritas
has initiated ways to make this easier.
In virtually every marine sector, Bureau Veritas
channeled its breadth and depth of expertise to
serve maritime clients better.

Improving standards
Under the chairmanship of Bureau Veritas, IACS
(International Association of Classification Societies)

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BV_60069_rapport annuel_UK 21/04/06 12:05 Page 24
Expertise for a changing market
In today’s consumer and retail markets, manufac-
turers, buyers and retailers face increasing press-
ure to keep pace with reduced product cycle times
and changing regulatory requirements across the
globe. Growing consumer demand for high quality,
low cost, and environmentally-friendly products
further contributes to the complexities of the mar-
ketplace.
As a leading quality assurance provider for the
global consumer product and retail markets,
Bureau Veritas provides the necessary expertise in
laboratory testing, inspection, consulting, training,
auditing and social accountability services to
assist clients in this complex and competitive envi-
ronment. By continually adapting and improving
capabilities, we help our clients achieve success
by providing them with the ability to better manage
risk, assure regulatory compliance, protect their
brand equity and reduce cycle times within their
supply chains.
In 2005, Bureau Veritas achieved strong double
digit organic growth in consumer products servic-
es. Core testing services for US retailers led this
activity and our business with major accounts
increased significantly. Worldwide, Bureau Veritas
is number one in toys and hardlines testing, and
24
Consumer Products
number two in softlines testing. Our leadership
position enables us to further invest in our capabil-
ities to continue meeting the evolving needs of the
consumer and retail marketplace.
Expanding our capabilities
We expanded our laboratory capabilities in Europe
and Asia. New laboratories were opened in
Germany, Vietnam, and the US. In addition, to
strengthen our capabilities in electrical and elec-
tronics testing, we acquired Advance Data
Technology (ADT) in Taiwan and Curtis-Straus in
the US. To reinforce our position in the UK market
for softlines quality assurance, we also acquired
MTL UK. In Asia, significant investment was made
to develop our sales and business development
teams, matching the growing demand from local
manufacturers and vendors.
A step ahead to serve clients
Bureau Veritas is committed to providing clients
with the highest levels of quality standards.
We have well-established relationships with
government agencies and industry organizations.
Our experts participate in over 75 technical and
working groups of standard developing organiza-
BV_60069_rapport annuel_UK 21/04/06 12:05 Page 25

QVC, Inc.
This US leader in electronic retailing wanted to
quantify the quality of its jewelry items, but no
commonly accepted industry standards existed for
the mechanical testing of jewelry. Bureau Veritas
worked with manufacturers and industry experts
to develop objective quality standards. The result:
proprietary specifications that QVC can apply to
ensure high quality products for its customers.

tions. This knowledge and expertise is leveraged to
our clients’ advantage. Our proactive approach in
helping clients understand, adhere and react
quickly to changing regulations is essential to their
continued success.
Beyond compliance
Bureau Veritas possesses unrivaled knowledge of
the consumer and retail markets. All our clients
benefit from this expertise.
2005 saw the roll-out of an innovative series of
workshops designed to further develop our global
client service approach. These workshops aim to
build ongoing improvement deeper into our
processes. For clients, it promises to further
improve turnaround time as well as ensuring better
worldwide consistency and quality of the services
we provide.
Moving forward, in addition to testing and inspec-
tion services, Bureau Veritas provides clients with
consultative decision support along their entire
supply chain, addressing their needs for reduced
cycle times and higher levels of product quality.

25
BV_60069_rapport annuel_UK 21/04/06 12:05 Page 26

Government Services &

International Trade

Supporting world trade through innovative

services

In the context of a slowed market in pre-shipment
inspection government contracts, Bureau Veritas
developed innovative inspection services to help
both governments and businesses sustain reliable
trade.
Government contracts
services. Indeed we continued to develop and main-
tain our presence in the country despite the political
crisis that dominated the year.
In November 2005, an exclusive contract was
signed with the Democratic Republic of Congo for
pre-shipment inspection.

The Central African Republic appointed us for both
pre-shipment inspection (PSI) and a new service
for inspection of tropical timber exports. This new
program offers traceability of exotic timbers and
comes at a time when worldwide pressures for
responsible forest stewardship are increasing. This
Bureau Veritas initiative proves origin of timber to
consumers across the globe and also provides
producing countries with a framework in which to
manage their rainforest resources with a sustain-
able business model.
In a joint effort with our consumer products serv-
ices teams, we formalized an agreement with the
Royal Scientific Society of Jordan to establish a
testing laboratory. The aim is twofold; firstly, to test
consumer products entering the kingdom for qual-
ity and safety; secondly, the lab will prove a useful
resource for other clients in the region.
We also began work on two key contracts to pro-
vide verification of the conformity of imports with
product standards in Lebanon and Jordan.

2005 saw the consolidation of our position in Côte The pre-shipment inspection contract with
d'Ivoire as we became the only supplier of PSI Venezuela was completed during the year. The
country no longer calls on such services.

Republic of Angola, Ministry of

Finance
The government aimed to modernize its customs system,
tighten controls, and increase revenue from import duty and
tax. We perform pre-shipment inspections for Angola in
close partnership with customs. Earnings from duties and
taxes went from USD200 million to USD900 million in 3 years.
Customs clearance time was reduced from 45 to 15 days.

26
BV_60069_rapport annuel_UK 21/04/06 12:06 Page 27
C.P. Intertrade
As one of Thailand's largest export compa-
nies, particularly strong in rice, C.P. Intertrade
needed to reassure its customers in over
50 countries of rice weight and quality being
delivered. By leveraging our extensive global
network, we provide third party verification
of deliveries, thus helping to control each
shipment en route and at delivery.
International Trade
We continued to expand our presence and activities
in Latin America. General Motors reasserted its
confidence in Bureau Veritas by extending its
vehicle damage tracking (VDT) program, already
covering Argentina, Brazil and Chile, to three more
countries: Colombia, Ecuador and Venezuela. This
service monitors vehicles for damage at every stage
during transport from factory to showroom. We also
provided VDT to PSA Peugeot Citroën in Argentina
and Brazil.
Rich in opportunities, Russia continued to be a
focal point for development as more of our clients
considered doing business in the Russian
Federation. With an accreditation by the Russian
government to check imports into the country
against the GOST-R standard, Bureau Veritas was
able to support several new large clients to ship
goods or industrial equipment into the Russian
Federation.
In commodities, Bureau Veritas upheld its market
position, notably holding 15% share of the world
market in rice inspection. Nigeria, the Republic of
Congo, Côte d’Ivoire and other African countries
were staunch partners of Bureau Veritas, calling on
services to inspect a wide variety of commodities
including oil, cocoa and tropical fruit. Orders for
inspections in the major origin countries for other
grains, sugar and soya were also maintained with a
variety of public and private clients.
Aeronautics & Space
2005 was a very good year for our aviation asset
management service. Spanish airline Iberia used it
to apply innovative asset management techniques
to a selected part of its fleet.
Reconfirming its role in helping ensure aviation
safety, Bureau Veritas continued its active position
as a partner member of GSAC, France's Civil
Aviation Safety Group.
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BV_60069_rapport annuel_UK 28/04/06 11:24 Page 28

Executive & Supervisory Boards

Bureau Veritas, a joint stock company with Directorate and Supervisory Board,
is a subsidiary of Wendel Investissement, which owns 99.5% of shares.

Supervisory Board Industry & Facilities Division

Jean-Bernard Lafonta, president Patrick Aubry
Pierre Hessler, vice president France and Italy
Jérôme Charruau
Laurent Bermejo
Philippe Louis-Dreyfus
United Kingdom and Ireland, Northern Europe
Yves Moutran
and Eastern Europe
Bernard Renard
Jean-Michel Ropert Eduardo Camargo
Ernest-Antoine Seillière Latin America
Aldo Cardoso, censor
Laurent Clavel
Spain and Portugal
Business Line – Services Industry *
Management Board Pedro-Paulo Guimaraes
Frank Piedelièvre, president Latin America and Asia Pacific
François Tardan Business Lines – Oil & Gas and Power
Industries *
Olivier Guize
Executive Committee United Kingdom and Ireland
Frank Piedelièvre Philippe Lanternier
President and Chief Executive Officer Sales and Marketing
François Tardan Business Lines – Certification, Inspection,
Member of the Management Board HSE (Health & Safety, Environment) *
Group Finance, Legal and Information Systems Jacques Lubetzki
Arnaud André France
Group Organization, Quality, Communications, Business Line – Aeronautics *
Human Resources Tony Mouawad
Middle East, Africa, India and Russia
Marine Division
Dickerson Wright
Bernard Anne
North America
Consumer Products Services Division * Worldwide coordination
Kevin O'Brien

Government Services & International Auditors

Trade Division Bellot Mullenbach Associés
Tony Mouawad PricewaterhouseCoopers Audit

28
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The FSC logo identifies products which contain

wood from well-managed forests certified in
Our Group accordance with the rules of the Forest
Stewardship Council.
Profile 1

1996 Forest Steward-

Message from the president 2

ship Council A.C.

FSC trademark©
FSC certification of traceability - EUR-COC-050601 –
Expiration date 06/22/2010
Independently certified for the traceability of products
Key figures 6 originating from sustainably managed forests. Our
FSC products are clearly identifiable as such by their
Worldwide presence 8 product description.

Our Activities
Industry & Facilities 10
Marine 22 Bureau Veritas
Consumer Products 24 Joint stock company with Directorate and
Supervisory Board with e13,973,445.60 capital
Government Services RCS Nanterre B 775 690 621
& International Trade 26 17 bis, place des Reflets
La Défense 2 – 92400 Courbevoie – France
Executive &
Supervisory Boards 28 Mailing address
92077 Paris La Défense Cedex – France

Bureau Veritas on the Internet

www.bureauveritas.com

Communications Department
Tel: +33 (0)1 42 91 52 91
Fax: +33 (0)1 42 91 52 92

Design & production

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May 2006

Picture credits
Bureau Veritas
Gérard Uféras / Rapho (p3)
Electricité de France (p11)
Creatas (p11 – p14 – p26)
TVO (p13)
Hutchinson (p15)
PhotoAlto (p17)
Danisco (p19 - p20)
Digital stock (p21)
Port of Cork (p22)
Petrobras (p23)
Stock (p25)
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Head Office: 92077 Paris La Défense Cedex – France
Tel: +33 (0)1 42 91 52 91 - Fax: +33 (0)1 42 91 52 92 - www.bureauveritas.com