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	+13 % organic growth +23 % in revenue Despite the deterioration in the economic environment, 2008 was a year of very strong growth for Bureau Veritas, with earnings above estimates. The Group has posted continuous double-digit growth for over ten years. Bureau Veritas’ resilience derives from its effective business model and from structural growth factors.

	The adjusted operating profit* totals 387.6 million euros in 2008, up by 24.2% compared with the previous fiscal year.The adjusted operating margin* improved, representing 15.2% of revenue compared with 15.1% in 2007. On a same-structure basis, excluding the impact of companies acquired, it widened by 50 basis points to 15.6% relative to 2007. The Group is therefore ahead of the target it set for a 150 basis point improvement between 2006 and 2011.

	The adjusted attributable net profit* is up by 19.8%, at 231.4 million euros. This increase is at the high end of the range announced by the Group of average growth of 15% to 20% per year between 2006 and 2011.

	Thanks to the Group’s excellent operating performance and strict management of its working capital requirements, net cash generated from operating activities amounts to 315.4 million euros, up by 45% relative to 2007.
Revenue breakdown by business

	Marine No. 2 worldwide in number of classed ships We contribute to providing our clients with a license to operate. We carry out classification of ships, certification of equipment and regular surveillance throughout a vessel’s life to ensure standards are maintained. This enables clients to comply with statutory requirements defined by flag authorities and rules to protect life at sea and the environment.

	Industry One of the world’s top 3 Our clients must maintain their license to operate, reduce risks, ensure the sustainability of their assets and protect their reputation. We help them to fulfil technical and regulatory requirements that ensure the conformity and reliability of installations, equipment and processes. We also deliver enhanced performance through QHSE management.

	In-Service Inspection & Verification One of the world’s top 3 For our clients to stay in operation, their technical installations must comply with legal requirements and be regularly checked for health and safety. Items concerned include electrical installations, lifting equipment, machinery, elevators and fire safety systems. We provide inspections at all stages of the lifecycle. We also perform diagnosis to ensure optimal performance of installations.

	Health, Safety & Environment No. 4 worldwide By managing the impact of their activities and facilities on people and the environment, our clients ensure compliance with regulatory or best practice standards and can reduce accidents and costs. We help them monitor and evaluate environmental and health and safety risks and improve HSE performance with technical consulting related services.

	Construction No. 1 worldwide Clients need to manage risk at all stages of the construction cycle, from initial design through to maintenance. We enable them to control the quality, health and safety, and environmental elements of a project or existing asset, by assessing conformity with standards and regulations. Our clients also benefit from technical support and asset management services.

	Certification No. 1 worldwide Certification schemes help organizations improve performance by ensuring their systems and processes conform to international, sector specific or customer specific standards. Accredited by 40 accreditation bodies, Bureau Veritas Certification is one of the most recognized certification bodies worldwide.

	Consumer Products No. 1 worldwide for toy testing No. 2 for textile product testing Companies need to monitor the performance and quality of their products and processes, to better manage risk, assess regulatory compliance, and protect their brands. Bureau Veritas is a proactive partner offering supply chain solutions focusing on product testing, factory and social responsibility audits, inspections, training and consulting.

	Government Services & International Trade One of the world’s top 4 in government services Governments, international organizations and private traders need to avoid loss of revenues from import duties and taxes. They also need to check product compliance. We help them by verifying that the value of imports and exports matches that declared. By providing quality and quantity assurances for goods and commodities, our intervention cuts safety and security risks and promotes transparency in international trade.