SHARP RISE IN NET SALES AND EARNINGS.

In 2007, net sales totaled €2,067 million, up 12% from 2006. Organic growth of 10% resulted from robust advances in all divisions. Fluctuations in exchange rates had a negative impact of 3% on growth, as the euro became stronger. Adjusted operating income was €312 million, up 16% from 2006, and the operating margin stood at 15.1%, widening from 14.5% in 2006.

GOOD PERFORMANCE IN ALL DIVISIONS.

Net sales in the Marinedivision totaled €247 million, up 18%. This increase was driven by strong growth in classifi cation and surveillance of ships under construction and in service.

The Industry Servicesdivision achieved net sales of €299 million, up 29%. The division benefi ted from robust growth from its investments in energy and from expansion in its scope of consolidation in Australia (CCI Holdings, Intico).

Net sales in the Inspection and In-service Verification division totaled €268 million, up 11%. Organic growth derived essentially from France.

The Health, Security and Environmentdivision achieved net sales rise 7% to €201 million. The division benefited from solid growth in France, where services in social responsibility and in energy and environmental efficiency were in high demand, whereas business was more sluggish in the companies recently acquired in the United States, the United Kingdom and Australia.

The Construction Servicesdivision grew by 5% to €393 million. The good performance posted on the French, Spanish and Japanese markets were offset by a decline in the United States, where Bureau Veritas nevertheless continued to win new outsourcing contracts with municipalities. The division is benefiting from a structural trend towards privatization.

The Certificationdivision posted an increase of 7% to €247 million This good performance resulted from growth in the certification business, rapid expansion in large worldwide contracts and double-digit advances in certain high-growth countries such as China, India, Brazil and Russia.

Net sales in the Consumer Productsdivision (€259 million) increased by 4%, composed of 12% organic growth and a 7% contraction due to the impact of currency fluctuations. Growth was strong in the toys area and in analytical tests on textiles.

Net sales in the Government Services and International Tradedivision jumped 27% to €152 million. Pre-shipment inspection contracts were signed with the governments of Cambodia, Mali and the Democratic Republic of the Congo, and the division benefi ted from strong growth in imports inspection in Angola. In addition, inspection of mineral commodities received a boost from the acquisition of Australian company CCI Holdings and the opening of a specialized laboratory in Tianjin, China.

CONTINUED ACQUISITIONS.

In 2007, Bureau Veritas confi rmed its leadership role in the consolidation of its industry with the acquisition of 16 companies having total net sales in excess of €260 million.

In 2007, Bureau Veritas used its acquisition strategy to strengthen positions in Europe, North America, South America and Asia, in virtually all of its operating divisions.

By acquiring CCI Holdings in June 2007, Bureau Veritas doubled its size in Australia. Moreover, by taking 100% control of ECA in October 2007, Bureau Veritas now holds a leadership position in Spain. Overall, 2007 acquisitions contributed 5% of Bureau Veritas’ growth.

The outlook for future acquisitions is also very positive. In early February, Bureau Veritas announced that it had signed an agreement to buy Chilean market leader Cesmec, which posted net sales of €21.5 million in 2007..

OUTLOOK

2008 looks set to be in line with the announced target of doubling net sales between 2006 and 2011, to be derived from several factors: organic growth of 8%, acquisitions, operating margin improvement and average annual growth in attributable net income of 15-20% (excl. non-recurring items).

Based on the December 31, 2007 scope of consolidation and at constant exchange rates, net sales and adjusted operating income are expected to rise by more than 15% in 2008 compared with 2007.