Registration 2017

REGISTRATION DOCUMENT
201
e
CONTENTS
1
Presentation
4
Management report 167
of the Group 9 4.1 2017 Highlights 168
1.1 General overview of the Group 10 4.2 Business review and results 169
1.2 Selected financial information 15 4.3 Cash flows and sources of financing 175
1.3 History 18 4.4 Internal control and risk management
procedures 181
1.4 The TIC industry 20
4.5 Events after the end of the reporting period 185
1.5 Strategy 24
4.6 Significant changes in financial and trading
1.6 Presentation of business activities 34 conditions 186
1.7 Accreditations, approvals and authorizations 54 4.7 2018 Outlook 187
1.8 Material contracts 55
1.9 Research and development,
innovation, patents and licenses
1.10 Information and management systems
1.11 Risk factors
1.12 Legal, administrative, government
56
56
57 5
Financial statements 189
and arbitration procedures and investigations 67
1.13 Insurance 69 5.1 Consolidated financial statements 190
5.2 Bureau Veritas SA statutory financial
statements 258
2
Corporate Social
5.3 Additional information regarding the Company
in view of the approval of the 2017 financial
statements 282
Responsibility
2.1 Vision
2.2 Governance and operational excellence
2.3 Human Resources
71
72
77
80
6
Information
2.4 Health, Safety and Environmental issues 88
on the Company
2.5 Society 96
and the capital 287
2.6 Duty of care plan 99 6.1 General information 288
2.7 Information compilation methodology 101 6.2 Simplified Group organization chart
2.8 Cross-reference index 103 at December 31, 2017 289
2.9 Opinion of the independent auditor 105 6.3 Main subsidiaries in 2017 290
6.4 Intra-group contracts 293
6.5 Industrial franchise, brand royalties
3
Corporate governance 109
and expertise licensing contracts
and central services
6.6 Share capital and voting rights
6.7 Ownership structure
293
294
297
6.8 Stock market information 299
3.1 Governance 111 6.9 Documents on display 301
3.2 Corporate Officers’ compensation 142 6.10 Related-party transactions 302
3.3 Interests of Executive Corporate Officers, 6.11 Articles of incorporation and by-laws 304
Directors and certain employees 160
6.12 Persons responsible 308
6.13 Statutory Auditors 309
6.14 Cross-reference table 310
Components of the Annual Financial Report are identified in this table of contents with the sign
REGISTRATION
DOCUMENT
2017
INCLUDING THE ANNUAL FINANCIAL REPORT
Copies of this Registration Document are available free of charge from the
registered office of Bureau Veritas at Immeuble Newtime, 40/52 Boulevard
du Parc, 92200 Neuilly-sur-Seine – France.
It may also be consulted on the Bureau Veritas Finance website
(finance.bureauveritas.fr) and on the AMF website (www.amf-france.org).
Pursuant to Article 28 of Commission Regulation (EC) No. 809/2004, the
following information is included by reference in this Registration
Document:
● the 2016 management report and consolidated financial statements as
well as the corresponding audit report set out on pages 133 to 148, 149
to 211 and 212 of the Registration Document filed with the AMF on
March 24, 2017 under number D.17-0225;
● the 2015 management report and consolidated financial statements as
well as the corresponding audit report set out on pages 127 to 141, 143
to 207 and 208 of the Registration Document filed with the AMF on
March 29, 2016 under number D.16-0217.
This document is a non-certified translation of the French Language

Document de reference 2017, submitted to the French financial markets
authority (Autorité des marchés financiers – AMF) on March 27, 2018 in
accordance with Article 212-13 of its General Regulation. It may be used in
support of a financial transaction only where it is supplemented by a
prospectus approved by the AMF. It was drawn up by the issuer and binds
the signatories.
1 Bureau Veritas - 2017 Registration Document

FOCUSED ON OUR CLIENTS, DRIVEN BY SOCIETY
our Our mission is to reduce risk, improve our clients’ performance and
ID help them innovate to meet society’s challenges with confidence.

We are a world leader in Testing, Inspection and Certification. Our mission is at
the heart of key challenges: quality, health and safety, environmental protection
and social responsibility. Through our wide range of expertise, impartiality and
independence, we foster confidence between companies, authorities and
consumers. For 190 years, our brand has been synonymous with integrity and
trust, for the benefit of business and people.
our Bureau Veritas is a “Business to Business to Society” company,
manifesto contributing to transforming the world we live in.

Today, we are capitalizing on our extensive expertise in quality, health and safety,
environmental protection and social responsibility to better serve society’s
aspirations. Driven by society, we acknowledge the challenges of growing
urbanization, anticipating the need for safer, smarter cities. We anticipate the
expectations of an expanding global population, including the need for secure
and reliable agricultural production. We understand the impact of climate
change, working to ensure people worldwide have access to cleaner energy,
while supporting our clients in the efficient management or conversion of their
existing assets. We embrace digitalization, while mitigating the risks it brings and
support the development of revolutionary materials and technologies.
Driven by society, we are working ever more closely with our clients,
addressing today’s crucial challenges and answering society’s aspirations.
€4.69 bn in revenue (2017)

~ 74,000 employees
400,000 clients 1,400 + offices & laboratories

in 140 countries
6 businesses
Marine & Offshore Industry Certification
Agri-Food & Buildings & Consumer

Commodities Infrastructure Products
Bureau Veritas - 2017 Registration Document 2

A global presence
Americas Europe Africa, Asia Pacific

Middle East
25%
of revenue
34%
of revenue
10%
of revenue
31%
of revenue
(including USA 10%) (including France 15%) (including China 17%)
20,500 employees 17,800 employees 6,100 employees 29,000 employees
385 locations 445 locations 85 locations 525 locations

Our business activities , our six business activities,
organized by end market, ensure the best possible alignment between our teams’
expertise and the needs of our clients in all sectors using a cross-functional
approach. Our global customer focus helps reinforce our presence among major
companies which also benefit from our local action.
Marine & Offshore

●● In-service ships and ships under construction, offshore
platforms and units, maritime equipment.
●● Our role: to help ensure safety at sea with ship and offshore
platform classification services. To provide technical
expertise in order to assess and manage risks and improve
performance.
Agri-Food & Commodities

●● Oil and petrochemicals, metals and minerals, coal,
agricultural and agri-food products, imported goods.
●● Our role: to improve transparency and to verify the
composition, quality and quantity of commodities
throughout the value chain, from drilling to trading, and from
farm to fork. To facilitate international trade and protect
citizens from poor quality products by verifying import
conformity.
Industry
●● Oil & Gas, electricity, transport including automotive,
manufacturing and processing industries.
●● Our role: to maintain the safety, reliability and integrity of
industrial assets throughout their life cycle, and assess
compliance with national, international and voluntary
QHSE(1) standards. To verify quality and help optimize the
automotive supply chain.
Buildings & Infrastructure

●● Residential and commercial buildings, industrial facilities,
public infrastructure and equipment, in-service equipment
in buildings and environmental analyses.
●● Our role: to provide assurance that buildings and infrastructure
in use or under construction are compliant and energy‑efficient.
To ensure business continuity and environmental protection
by assessing the safety and performance of in‑service
facilities, and by analyzing air and water quality.
(1) Quality, Health and Safety, Environment and social responsibility.

Certification
●● International QHSE(1) standards (mainly ISO), industry
management systems (agri-food, aeronautics, automotive,
etc.) and sustainable development (CSR, climate change).
●● Our role: to certify that quality, health and safety and
environmental management systems comply with international,
national or industry standards or company‑specific standards
in order to improve risk management and performance.
Consumer Products
●● Textiles, toys, electronic appliances, smart devices, food,
jewelry, cosmetics, sports equipment and automotive spare
parts.
●● Our role: to test and verify consumer product compliance,
quality, safety and performance and improve supply chain
efficiency.
Revenue by business Adjusted operating profit by business
Consumer
Products 14% 8% Marine & Offshore 11% Marine & Offshore
Consumer
Products 22%
Certification 8% 18% Agri-food &
23% Agri-food Commodities
& Commodities
2017 Certification 8% 2017
Buildings
& Infrastructure 24%
18% Industry
23%
Buldings
& Infrastructure
23% Industry
(1) Quality, Health and Safety, Environment and social responsibility.

our We built our strategy around five pillars to capitalize on our strengths and
strategy
further transform the Group in order to seize opportunities on fast-growing
markets. It is designed to enhance Bureau Veritas’ growth profile, resilience
and profitability.
Expand market coverage through key Growth Initiatives.

These are designed to help us further penetrate our
traditional markets through a broader range of services
and increase our exposure to sectors related to consumer
spending.
Become the partner of choice of large international

corporations for facilitating and securing their
transactions and operations, drawing on more integrated
global solutions.
our 5 strategic pillars

Further deploy an efficient operating model to improve
our own productivity and agility through internal initiatives
and accelerated digitalization of our processes and
services.
Balance our global footprint across three geographic

areas: Europe/Middle East/Africa (EMEA), Americas
and Asia Pacific. The Group will continue to expand and
consolidate its geographic footprint in emerging markets,
especially Asia and Africa.
Continue to play a leading role in TIC(1) market

consolidation. In line with its successful model based
on a combination of organic and external growth,
Bureau Veritas will continue to acquire companies in key
markets and geographies.
(1) TIC: Testing, Inspection and Certification.
2 priority countries
Two specific countries will support
the Group’s growth: China and
the United States. These are the
world’s largest markets for TIC
services, alongside Europe where USA CHINA
Bureau Veritas already enjoys a
strong presence.

our 4 ey
k
drivers
Several transformation drivers will support the roll-out of our growth initiatives as well as our
social responsibility strategy: human resources, a global approach to key account management,
our Excellence@BV program and digitalization.
our 5 key

Growth
Initiatives
Our growth enhancement strategy is built on initiatives in sectors where Bureau Veritas
can leverage its expertise and global footprint. These initiatives address the major trends
impacting the economy and society today. Together representing one-third of the Group’s
revenue at end-2017, these five initiatives offer the Group an additional source of growth and
help it achieve its diversification strategy.
1. BInfrastructure
uildings & 2. O(Oilpex&services
Gas,
3. Agri-Food
Expand in a large
4. Automotive
Capitalize on key
5. SmartWorld
Leverage our
Leverage leading Power & Utilities, market driven expertise in supply leading position,
global position Chemicals) by supply chain chain services and address new
in sizeable and Build recurring globalization, be and connectivity needs arising
growing markets. business models recognized as a to become a from connectivity.
2020 ambition: in fragmented reference player. recognized player. 2020 ambition:
€350 million to markets, offering 2020 ambition: 2020 ambition: €110 million to
€400 million(1) strong outsourcing €250 million to €130 million to €150 million(1)
opportunities. €300 million(1) €150 million(1)
2020 ambition:
€300 million to
€350 million(1)
Our 2020 ambition
Adding €1.5 billion of incremental revenue by 2020 compared to 2015, based on the

2015 plan initial exchange rates(2), half organic and half through external growth.
Reaching 5% to 7% of organic growth by 2020.
Achieving above 17% adjusted operating margin in 2020(3).
Generating continuous high free cash flow.
(1) Incremental revenue in 2020 versus 2015.

(2) As presented at the October 2015 Investor Days.
(3) At the 2015 plan initial exchange rates, as presented at the October 2015 Investor Days.

1
Presentation
of the Group
1.1 General overview of the Group 10 1.8 Material contracts 55
1.2 Selected financial information 15 1.9 Research and development,
innovation, patents and licenses 56
1.3 History 18
1.10 Information and management
1.4 The TIC industry 20 systems 56
1.5 Strategy 24 1.11 Risk factors 57
1.6 Presentation of business 1.12 Legal, administrative,
activities 34 government and arbitration
procedures and investigations 67
1.7 Accreditations, approvals
and authorizations 54 1.13 Insurance 69

1 Presentation of the Group
1.1 General overview of the Group

Mission
Bureau Veritas is a global leader in Testing, Inspection and Depending on its clients’ needs and on applicable regulations,
Certification (“TIC”) services. standards or contractual requirements, Bureau Veritas acts (i) as a
“third party”, i.e., an independent body issuing reports and
The Group’s mission is to reduce its clients’ risks, improve their
conformity certificates for products, assets, systems, services or
performance and help them innovate to meet the challenges of
organizations, (ii) as a “second party” on behalf of and upon the
quality, health, safety, environmental protection and social
instructions of its clients to ensure better control of the supply
responsibility. Leveraging its renowned expertise as well as its
chain, and (iii) as a “first party” on behalf of clients seeking to
impartiality, integrity and independence, Bureau Veritas has
ensure that the products, assets, systems or services they are
helped build trust between companies, public authorities and
producing or selling meet the requisite standards.
consumers for the past 190 years.
The services provided by Bureau Veritas are designed to ensure
that products, assets and management systems conform to
different standards and regulations in terms of quality, health,
safety, environmental protection and social responsibility
(“QHSE”).
BUREAU VERITAS
2 3
ST MANUFACTURER ND BUYER RD INDEPENDANT
OR SELLER OR USER ORGANISATION
PARTY
PARTY
PARTY
VERIFY COMPLIANCE VERIFY COMPLIANCE CERTIFY

OF THEIR PRODUCTS, ASSETS, OF THEIR SUPPLIERS CONFORMITY
AND SYSTEMS
According to ...
Client Private International Regulations

specifications schemes standards
or protocols or labels (ISO, IEC, UN…)

Presentation of the Group
1.1 General overview of the Group 1
The services delivered by Bureau Veritas cover six areas of value creation for its clients:
LICENSE
to operate
BRAND TRADE
reputation facilitation
Added value
1
of TIC
COST MARKET
control access
SAFETY
and reliability
Obtaining a license to operate Reducing risks

Companies must be able to show that they are compliant with a Managing risk in the areas of quality, health and safety, the
large number of rules and regulations. Bureau Veritas offers them environment and social responsibility improves the efficiency and
its in-depth knowledge of the regulations applicable to their performance of organizations. Bureau Veritas helps its clients to
businesses, and as an independent third party, is able to verify identify and manage these risks, from project design to completion
their compliance. This allows them to conduct and develop their and decommissioning.
businesses in compliance with local and international regulations
and to obtain and renew the licenses to operate issued by public
authorities.
Keeping costs in check
Thanks to second- and third-party testing, inspection and auditing
Facilitating trade methods, companies can determine the actual condition of their
assets and confidently launch new projects and products knowing
International trade relies among other things on third-party that costs, timing and quality are under control. During the
players who certify that the goods exchanged comply with the operational phase, inspections help optimize maintenance and the
quality and quantities stipulated in the contract between the useful life of industrial equipment.
parties. Bureau Veritas plays a role in the trade process by testing
materials, verifying that goods comply with contractual
specifications and validating quantities. Exchanges of
commodities, for example, are based on certificates issued by Protecting brands
companies such as Bureau Veritas.
The social network boom of recent years has prompted a
fundamental change in how global brands are managed. Brands
can quickly find themselves under fire due to a malfunction of one
Accessing global markets of the links in their supply or distribution chain. Bureau Veritas’
worldwide recognition allows companies to improve their risk
Capital goods or mass consumer products must comply with management using analyses conducted by a reputed independent
national and supranational standards before being sold on the player.
market in a given country. These standards constitute technical
trade barriers within the meaning of the WTO. Companies design
and manufacture their products and equipment so that they meet
the standards of several countries. In doing so, they call on Bureau
Veritas to carry out tests, optimize their test plan and ultimately
reduce the time-to-market.

Services
Bureau Veritas offers three main types of services: The Group’s services cover:
● laboratory and on-site tests and analyses are designed to ● Assets, such as:
determine the characteristics of a product or material. The aim
● ships, trains and planes,
is to ensure that the products or materials have the required
properties in terms of safety and quality and that they comply ● buildings, infrastructure and networks,
with specifications and applicable rules and regulations;
● power plants, refineries, pipelines, and other industrial
● inspection involves verifying on-site that a product, asset or installations;
system meets specified criteria. Inspections cover a wide range
of services designed to reduce risk, control quality, verify ● Products, such as:
quantity and meet regulatory requirements. They include visual ● consumer products – mass consumer electronics, textiles,
inspections, as well as verification of documents, manufacturing toys, automotive and food products, and connected devices,
supervision and electronic, electrical, mechanical and software
controls; ● industrial equipment – pressure equipment, machines,
electrical equipment,
● certification attests to compliance with specific requirements
and is delivered by an accredited body. It provides a guarantee ● commodities – oil, petrochemical products, minerals, metals,
from an independent third party that a product, service or and other agri-commodities;
management system meets specific standards. Certification ● Systems, such as:
enables companies to strengthen their reputation, access new
markets or simply carry out their activities. Bureau Veritas ● conventional QHSE management systems (ISO 9001,
offers certification services for management systems, products ISO 14001, OHSAS 18001, etc.),
and people. ● sector-specific QHSE management systems (automotive,
aeronautics, food, etc.),
● supply chain management including audits of suppliers.
Clients
Bureau Veritas has more than 400,000 clients. It operates in a wide range of industries, including transport and shipbuilding, the entire oil
and gas value chain from exploration to supply, construction and civil engineering, power and utilities, consumer products and retail,
aeronautics and rail, metals and mining industries, Agri-Food, government services, automotive and chemicals.
Organization
An increasingly global approach harnessing local Since the Group’s growth is driven by acquisitions that involve
execution capabilities in almost 140 countries integrating companies and teams within a wide variety of
practices and policies, Bureau Veritas has set up dedicated
Present in almost 140 countries with numerous operations in internal procedures to ensure the integration of companies
every global region, the Group has historically used a acquired.
decentralized management structure. This organization favors
local decision-making and accountability to better meet its client Changes in the organization of the Group’s
needs. businesses
In order to better capitalize on the market trends in which the Bureau Veritas continuously adapts its organization in order to
Group operates, this autonomy increasingly coincides with the better address the specific characteristics of some of its end
development of a transversal operational approach and global markets, meet the constantly evolving needs of its clients,
business management, based primarily on the Group’s Global improve management of its geographic network and support its
Service Lines. Bureau Veritas also has control procedures and 2020 strategic plan.
reporting rules applicable across the Group as a whole. These rules
In 2016, the Group adopted a leaner organization based around
and procedures are regularly updated to ensure that they are
the following four divisions: 1) Marine & Offshore, 2) Consumer
aligned with changes in Bureau Veritas’ businesses, organization,
Products, 3) Government Services & International Trade, and
processes and tools.
4) Commodities, Industry & Facilities (CIF). The CIF division
includes five businesses: Commodities, Industry, Construction,
Inspection & In-Service Verification and Certification.

1.1 General overview of the Group 1
In 2017, the Group continued to adapt its organization. The maximize revenues and check that imported products meet
Government Services & International Trade division was absorbed specified standards.
into the CIF division: government services and international trade
were integrated into the Agri-Food & Commodities business, and Industry
automotive activities into the Industry business. Most of the
Inspection & In-Service Verification business was allocated to Bureau Veritas checks the reliability and integrity of industrial
Construction to form the new Buildings & Infrastructure business, assets and their conformity with regulations. Services include
which now covers the entire asset lifecycle. The remaining conformity assessment, production monitoring, asset integrity
Inspection & In-Service Verification business was allocated to management and equipment certification. Bureau Veritas also
Industry, depending on the end markets. checks the integrity of industrial equipment and products through
services such as non-destructive testing and materials testing.
In the CIF division, Global Service Lines are responsible for the Lastly, the Group provides the automotive sector with a range of
overall management of each business. Global Service Lines services including technical controls, vehicle insurance damage
support day-to-day management through the CIF division’s four inspections and logistics management.
main regional hubs: Europe, North America, Latin America, and
AMAP (Africa, the Middle East, Asia Pacific, Russia, Turkey and the
Caspian Sea region).
Buildings & Infrastructure
The CIF division, which accounts for around 75% of the Group’s
revenue, is gradually adopting a matrix-based organization aimed at:
The Group is active at every stage in the buildings and
infrastructure lifecycle, including capital expenditure (Capex) and
1
● being able to serve its clients globally;
operating expenditure (Opex) services.
● adapting to market trends by pooling high-level technical and IT
capabilities;
spreading best practices throughout the network; and
●
In-Service Inspection & Verification
● benefiting from economies of scale to develop new products or (Opex services)
invest in new tools.
In light of this new, more market-focused organization adopted Bureau Veritas conducts recurrent inspections to assess in-service
since 2016, Bureau Veritas has revised its segment reporting. As equipment (electrical installations, fire safety systems, elevators,
of January 1, 2017, the Group’s reports on six businesses (as lifting equipment and machinery) for compliance with applicable
compared to eight previously): 1) Marine & Offshore, 2) Agri-Food health and safety regulations or client-specific requirements.
& Commodities, 3) Industry, 4) Buildings & Infrastucture,
5) Certification, and 6) Consumer Products. This change helps
enhance the understanding of its business portfolio. A more Construction (mainly Capex services)
detailed description is given in section 1.6.1 – Change in segment
reporting for results of this Registration document. Bureau Veritas helps its clients manage all quality, health, safety
A brief outline of the six businesses is provided below. A more and environmental (QHSE) aspects of their construction projects,
detailed description is given in section 1.6 – Presentation of from design to completion. Missions involve assessing
business activities of the Registration document. construction projects for compliance with technical standards,
technical assistance, monitoring safety management during works
and providing asset management services.
Marine & Offshore

As a classification society, Bureau Veritas assesses ships and Certification
offshore facilities for conformity with standards that mainly
concern structural soundness and the reliability of machinery As a certification body, Bureau Veritas certifies that the QHSE
on-Board. Bureau Veritas also provides ship certification on behalf management systems utilized by clients comply with international
of flag administrations. standards, (usually ISO) or with national, segment or large
company-specific standards.

Consumer Products
Bureau Veritas provides its clients with a comprehensive range of
inspection, laboratory testing and certification services for all Bureau Veritas works with retailers and manufacturers of
types of commodities, including oil and petrochemicals, metals consumer products to assess their products and manufacturing
and minerals, food and agri-commodities. Bureau Veritas provides processes for compliance with regulatory, quality and
assistance to government authorities, implementing programs to performance requirements. Bureau Veritas tests products,
inspects merchandise, assesses factories, and conducts audits of
the entire supply chain.

Central leadership for supporting the roll-out of Growth Initiatives and for
improving agility and productivity through digitalization and
The Group’s support functions are under the responsibility of operational excellence;
certain Group Executive Committee members. ● Nicolas Tissot, Executive Vice President Finance & Legal, in
Since January 1, 2017, central support functions have been charge of finance, tax, internal audit, acquisitions support,
represented on the Executive Committee by: investor relations, legal affairs, risks and compliance;
● Philippe Donche-Gay, Senior Executive Vice President, who is ● Xavier Savigny, Executive Vice President Human Resources.
responsible for reinforcing the Group’s sales and client culture,

1.2 Selected financial information 1
1.2 Selected financial information
The tables below set forth information taken from the Group’s audited consolidated financial statements for the financial years ended
December 31, 2015, 2016 and 2017, which were prepared in accordance with International Financial Reporting Standards (IFRS).
This information should be read and considered in conjunction with the Group’s audited consolidated financial statements and the notes
thereto presented in Chapter 5 section 5.1 – Consolidated financial statements and Chapter 4 – Management report of this Registration
document.
SELECTED INCOME STATEMENT DATA
(in millions of euros)

Revenue
(a)
2017
4,689.4
2016
4,549.2
2015
4,634.8 1
Adjusted operating profit 745.5 734.9 775.2
Adjusted operating margin in % 15.9% 16.2% 16.7%
Net financial expense (103.7) (86.5) (89.3)
Net profit attributable to owners of the Company 308.0 319.4 255.3
ATTRIBUTABLE ADJUSTED NET PROFIT(a)(b) 416.1 409.0 420.3
(a) Indicators not defined by IFRS.
(b) Details of attributable adjusted net profit are provided in section 4.2.7 of this Registration document.
RECONCILIATION OF OPERATING PROFIT WITH ADJUSTED OPERATING PROFIT
(in millions of euros) 2017 2016 2015

Operating profit 606.3 609.7 576.9
Amortization of intangible assets resulting from acquisitions 77.1 79.5 86.7
Restructuring costs 57.1 42.6 20.8
Acquisitions and disposals 5.0 3.1 0.8
Goodwill impairment - - 90.0
ADJUSTED OPERATING PROFIT (AOP)(a) 745.5 734.9 775.2
SELECTED CASH FLOW DATA

Net cash generated from operating activities 581.2 594.4 706.1
Purchases of property, plant and equipment
and intangible assets (142.3) (156.6) (169.4)
Proceeds from sales of property, plant and equipment
and intangible assets 8.9 10.7 3.8
Interest paid (98.2) (86.0) (78.4)
FREE CASH FLOW(a) 349.6 362.5 462.1

1.2 Selected financial information
SELECTED STATEMENT OF FINANCIAL POSITION DATA

Total non-current assets 3,354.3 3,401.4 3,146.3
Total current assets 2,015.5 2,693.8 2,010.9
Total assets 5,369.8 6,095.2 5,157.2
Total equity 1,032.7 1,243.0 1,124.9
Total non-current liabilities 2,809.9 3,040.5 2,798.0
Total current liabilities 1,527.2 1,811.7 1,234.3
Total equity and liabilities 5,369.8 6,095.2 5,157.2
Net financial debt(a) 2,084.7 1,988.3 1,867.0
Currency hedging instruments (as per bank ratios) 9.7 8.1 (4.3)
ADJUSTED NET DEBT(b) 2,094.4 1,996.4 1,862.7
(a) Indicators not defined by IFRS. Net financial debt is defined as the Group’s total gross debt less marketable securities and similar receivables and cash and cash
equivalents, as indicated in section 4.3.2 of this Registration document.
(b) Net financial debt after currency hedging instruments as defined in the calculation of bank covenants.
Revenue and adjusted operating profit by business

REVENUE
8% Marine & Offshore 8%

Consumer Products 14%
Consumer Products
14%
Agri-food & Agri-food &
8% 8%
Commodities Commodities
Certification Certification
23 % 22 %
2017 2016
Buildings & Infrastructure 24% Buildings & Infrastructure 23% 25%

23% Industry
Industry
ADJUSTED OPERATING PROFIT
Consumer
11%
Products
22% Consumer 14%
Products 21%
18%Agri-food & Agri-food &

Commodities
Commodities
16 %
Certification 8% 2017 Certification 8% 2016
18% Industry
Buildings & Infrastructure 23% Buildings & Infrastructure 21% 20% Industry

1.2 Selected financial information 1
Revenue by geographic area
Americas 25% Americas 25%

Europe
(France 15%)
34% Europe
34 %
2017 2016
10% Africa, Asia Pacific 31% 10% Africa,

1
31%
Asia Pacific Middle East Middle East
(China 17%)

1.3 History
1.3 History
1828: Origins 2007: Initial public offering (IPO)
The "Information Office for Maritime Insurance" was founded in Bureau Veritas was listed on Euronext Paris on October 24, 2007.
Antwerp, Belgium, in 1828 to collect, verify and provide shipping This initial public offering was aimed at consolidating Bureau
underwriters with information on the condition of ships and Veritas’ growth strategy by raising its profile, giving it access to
equipment. Renamed Bureau Veritas, the Company transferred its new means of financing and forging loyalty among its employees.
head office to Paris and built up an international network.
2010: Development of the commodities business
1920: Modern industrial revolution and in high-potential markets
The growing number of accidents during the construction boom Fast-growing countries are investing more in infrastructure and
that followed the First World War led to the introduction of a experiencing growing demand for quality, safety and reliability.
series of preventive measures. Bureau Veritas served as an After its acquisition of Inspectorate in 2010, Bureau Veritas
important partner for industrial expansion and branched into new became one of the world’s top three players in the commodities
activities such as inspecting metal parts and equipment for the rail sector and continued to expand its geographic footprint. It
industry and conducting technical controls in the aeronautical, became the leader of its sector in Canada following the acquisition
automotive and construction industries. Bureau Veritas opened its of Maxxam in 2014 and carried out in parallel a series of
first laboratories near Paris to provide clients with metallurgical acquisitions in the construction and consumer products industries
and chemical analyses and testing services for building materials. in China.
1960: Technical progress 2015: New strategic roadmap

The 30-year post-WWII boom brought with it technical progress, The Group conducted in-depth analyses of its markets and
growing urbanization and world trade. Bureau Veritas played an defined a strategic roadmap through to 2020. The roadmap is
active role in modernizing shipbuilding standards for the based on key initiatives aimed at enhancing its growth profile,
classification of subsea vessels, the first nuclear-powered vessels resilience and profitability. This strategy is primarily based on
and shipping hubs. The start of the computer era led to the use of Growth Initiatives, development in two main markets (US and
more scientific methods. In construction, Bureau Veritas China), and four key drivers to support the roll-out of these
reinforced its expertise in the protection of people and goods and initiatives: Human Resources, account management,
in energy efficiency. Excellence@BV and digitalization.
1990: Diversification and worldwide expansion 2017: 2020 ambition reaffirmed

As the world became increasingly globalized, economic players In December 2017, the Group organized a two-day Investor Days,
required traceability, transparency and technical consistency during which it confirmed that the execution of its 2020 strategic
across the international spectrum. To meet the needs of its plan was well underway and had already delivered positive results.
clients, Bureau Veritas developed its Certification and It showed that the five Growth Initiatives launched to boost the
Government Services businesses to evaluate management Group’s development in Buildings & Infrastructure, Opex services,
systems and supply chains. It also reinforced its network and Agri-Food, Automotive and SmartWorld were reporting high
opened offices in Africa, China and the US. In the 1990s, a series of single-digit growth and that the base business was now stabilizing
acquisitions helped give added impetus to the Group’s after having been faced with challenging market conditions.
development. It acquired CEP in 1996, becoming the leader in Bureau Veritas highlighted that it had achieved 40% of its external
compliance assessments for the construction industry in France. growth ambition as outlined in its strategic roadmap through to
US-based companies ACTS (1998) and MTL (2001) specializing in 2020. It also announced that it was stepping up its digital
consumer product testing added another business to the Group's transformation through key partnerships in order to bring its
portfolio. Bureau Veritas also expanded its presence in the US, the clients cutting-edge technologies in a wide range of areas such as
UK, Australia and Spain. inspection, predictive maintenance, data privacy and
cybersecurity.

1.3 History 1
Evolution of the shareholding structure
The Wendel Group, co-shareholder of Bureau Veritas since 1995 Bureau Veritas was listed on Euronext Paris on October 24, 2007.
with the Poincaré Investissements group, gradually acquired a The offering, which comprised existing shares mainly sold by the
controlling interest in Bureau Veritas in 2004. Wendel Group, amounted to €1,240 million, or around 31% of the
capital of Bureau Veritas. On March 5, 2009, the Wendel Group
The Wendel Group and Poincaré Investissements respectively
sold 11 million shares as part of a private placement. This
held 33.8% and 32.1% of the capital and voting rights of Bureau
transaction reduced Wendel’s stake in Bureau Veritas from 62%
Veritas in 2004. The remainder was held by individual investors.
to 52% of the capital. On March 6, 2015, the Wendel Group sold
On September 10, 2004, Wendel and the shareholders of Poincaré
48 million shares(1) as part of a private placement. Following that
Investissements reached an agreement for the sale to Wendel of
transaction, the Wendel Group held 40% of the capital and 56%
100% of the capital of Poincaré Investissements. After this
of the voting rights of Bureau Veritas.
transaction was carried out at the end of 2004, the Wendel Group
held 65.9% of the capital and voting rights of Bureau Veritas. At December 31, 2017, the Wendel Group held 40.08% of the
capital and 56.76% of the exercisable voting rights of Bureau
In parallel to this acquisition, Wendel proposed that Bureau
Veritas.
Veritas minority shareholders sell their interests under terms
similar to those offered in connection with the acquisition of
control. This private purchase and exchange offer enabled the
1
Wendel Group to increase its interest to 99% of the capital and
voting rights of Bureau Veritas.
(1) After the June 2013 four-for-one stock split.

1.4 The TIC industry

To the Group’s knowledge, there is no comprehensive report covering or dealing with the markets in which it operates. As a result, and unless
otherwise stated, the information presented in this section reflects the Group’s estimates, which are provided for information purposes only
and do not represent official data. The Group gives no assurance that a third party using other methods to collect, analyze or compile market
data would obtain the same results. The Group’s competitors may also define these markets differently.
1.4.1 A market worth an estimated €200 billion plus

Inspection, certification and laboratory testing services in the manufacturer of the product or the operator of the asset to
areas of quality, health and safety, environment, performance and control activities. In general, the TIC intensity falls within a range
social responsibility are commonly referred to as Testing, of between 0.1% and 0.8% of the value of the product or asset.
Inspection and Certification (“TIC”). TIC services encompass The total estimated value of the TIC market can be calculated by
several types of tasks, including laboratory or on-site testing, multiplying the TIC intensity by the amount spent by
management process audits, documentary checks, inspections manufacturers, operators, and the buyers and sellers of goods and
across the entire supply chain and data consistency verification. products.
These activities may be carried out on behalf of the end user or
On a short and medium-term basis, the size of the market mainly
purchaser, independently of stakeholders or at the request of the
varies in relation to inflation, global economic activity, investment
manufacturer, or on behalf of public or private authorities. TIC
and international trade. Applying the aforementioned approach,
services are called for at every stage of the supply chain and apply
Bureau Veritas estimated the size of the global TIC market in
across all industries.
2015 at over €200 billion, based on external macroeconomic data
The overall TIC market depends on product and asset values and such as investment volume per market, operational spending per
the associated risk. The TIC “intensity” corresponds to the market, the production value of goods and services, and the level
proportion of the value of the product or asset allocated by the of imports and exports.
END USER SPEND

Capex investment
X TIC INTENSITY
More safety
Operational expenditure More complexity
Production/Trade
volume Higher ratio

The overall TIC market can be broken down into two segments:
The TIC market ● the accessible (outsourced) market, where services are
> €200bn provided by specialized private organizations or firms, such as
Bureau Veritas;
Government/ ● the internal (insourced) market, where the companies
Insourced themselves perform these services as part of control and
quality assurance; along with the market served by public
bodies and organizations such as customs, competition
authorities, port authorities or industrial health and safety
authorities.
Accessible/
Outsourced
~40%
of TIC market
1
Source: Bureau Veritas estimates (2015)
The outsourced TIC market also depends on a country’s administrative organization, whether or not it has a federal structure, and the
industry concerned. Over time, these factors may have a significant impact on the size of the market, irrespective of the underlying
macroeconomic conditions. The balance between insourcing and outsourcing therefore fluctuates from year to year, depending on the
policies implemented by governments or changes in practices within industry sectors. This is the case in China, for example, where certain
sectors are opening up gradually.
A breakdown in TIC by sector shows that the biggest markets are those relating to consumption, followed by Oil & Gas, construction,
chemicals and mining. For Bureau Veritas, it is important to operate and enhance its presence in these markets.
The TIC market

In € billions
23 23
20
19 19
17
16
14
13
11
6 6
5
4 4
l
re
as
ds
to
ts
th
s
ai
al
al
rt
ie
es
in
nc
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en
tu
Au
al
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t
oo
ilit
o
ic
er
ar
re
oc
ra
c
He
sp
ul
il &
nm
em
lg
in
M
ru
Ut
su
Pr
&
ric
an
M
st
ria
er
Ch
O
in
ds
&
Ag
Tr
&
n
ov
st
d
o
Co
er
ls
an
go
du
&
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w
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od
et
in
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g
er
in
M
of
Fo
m
nk
su
Ba
in
n
ur
Co
act
uf
an
M
Source: IHS, Bureau Veritas estimates (2015)

The TIC market can be split into three main regions: Europe, North America and Asia. Bureau Veritas is present across all of these regions
thanks to the investments it has made over the past 15 years. Going forward, the Group plans to bolster its positioning, particularly in the
fastest-growing markets such as China and the US.

1.4.2 Evolving growth drivers

TIC market growth is driven by six main factors: Long-term structural trends
● overall growth in the world economy and in international trade,
which influences the expenditure volumes of Bureau Veritas Long-term structural trends (“megatrends”) should boost growth
clients; prospects in the TIC industry. Four such trends are particularly
important:
● TIC intensity, corresponding to the proportion of the value of
the product or asset allocated by the manufacturer of the (1) The rise of the middle classes in emerging countries has led
product or the operator of the asset to control activities. This to an increase in the demand for safety and the
tends to be fairly stable in the short term but increases over the corresponding safety standards, as well as infrastructure
long-term due to stricter standards and regulations; investments;
● increased use of tests and inspections to facilitate and secure (2) The use of more complex technologies, for example in the
transactions and operations; case of the Internet of Things, is increasing the number of
tests that need to be carried out on each product and the
● subcontracting by businesses; number of subcontractors that need to be managed. Shorter
● privatization by government bodies; product life cycles are encouraging companies to outsource
a growing proportion of prototype testing and supply chain
● digitalization of the economy and of the service offer. monitoring, so that they can be more responsive to market
trends;
(3) It is increasingly difficult to protect global brands,
Global economic growth continues to influence particularly in view of the surge in popularity of social media,
the market where information can be shared in real time. In addition to
regulatory compliance and the drive to be responsible
After a period of vigorous growth driven by globalization, players, companies now believe that proactive and global
economic growth in emerging countries and the commodities management of QHSE issues offers a way to create value
“super cycle”, the TIC market should grow at a more moderate and guarantee survival over the long-term;
pace going forward. (4) Public authorities are increasingly contracting out their
(1) Globalization of the world economy accelerated when China control activities to specialized firms, which have the
joined the WTO, with global trade growing at double the rate necessary flexibility to adapt to the constraints of the
of global GDP growth on average. Since 2011, growth in markets in which they operate, allowing them to
global trade has slowed and in the next few years is considerably reduce their spending on such activities.
expected to be around one time the growth in global GDP; Bureau Veritas targets above-market growth by offering a range
(2) The commodities super cycle which had begun in the early of innovative services that meet clients’ new demands, thereby
2000s is now at an end. Over the next few years, commodity increasing its market share in the fastest-growing sectors and
prices are expected to remain low, leading to more modest regions, and seizing opportunities related to the outsourcing and
growth in investments in new projects (capital expenditure) privatization of certain markets.
and in commodity trading volumes;
(3) Emerging countries will continue to spearhead growth, albeit
at a less sustained pace. The growth gap between mature
and emerging economies should narrow.

1.4.3 High barriers to entry
High barriers to entry make it difficult for new global players to ● offer a broad spectrum of services and inspections, particularly
emerge. These barriers concern the need to: for key accounts, undertake certain large contracts, and stand
out from local players;
● have a reputation for integrity and independence in order to
forge long-term partnerships with companies in managing their ● boast highly qualified technical experts. Thanks to the
risks; technical prowess and professionalism of the Group’s teams, it
can create a competitive edge by providing high value-added
● obtain authorizations and accreditations in a large number of
solutions;
countries in order to do business. Obtaining an authorization or
accreditation is a lengthy process. Acquiring a broad portfolio of ● have an internationally recognized brand.
authorizations and accreditations can therefore only be
achieved over the long-term;
● have a dense geographic network at both local and
international levels. Local network density is particularly
important for rolling out the portfolio of services and benefiting
from economies of scale. At the same time, an international
network makes it possible to support global customers at all
1
their facilities;
1.4.4 Regional, national or global markets

Many markets in which Bureau Veritas operates are still regional In light of the Group’s global network, its position as one of the
or national, but are becoming more global. There are also several world leaders in each of its businesses and its experience in
hundreds of local or regional players specialized by activity or type carrying out acquisitions, Bureau Veritas is well placed to be one of
of service, as well as a few global players. Some competitors are the main actors in TIC consolidation. A more detailed description
state-owned or quasi-state-owned organizations or are registered of the Group’s acquisition strategy is provided in section 1.5.6 –
as associations. According to the Group’s estimates, the five Acquisitions: an active and selective external growth strategy in
biggest industry players today account for less than 25% of the this Registration document.
outsourced market.
The increasing globalization of certain TIC markets favors
consolidation within the industry, with the support of major
players able to position themselves to serve large companies
throughout the world and increase their presence on local
markets.
Business Fragmentation Competitive environment

Marine & Offshore Medium Twelve members of the International Association of Classification Societies
(IACS) class more than 90% of the global shipping fleet.
Agri-Food High A few global players. A large number of local players.
Commodities Medium A few global players. A few regional groups and specialized local players.
Government services and international trade Low Four main players for government services.
Industry High A few large European or global players. A large number of highly specialized
local players.
Buildings & Infrastructure High A few regional players. A large number of local players.
Certification High A few global players and quasi-state-owned national certification bodies,
and many local players.
Consumer Products Medium A relatively concentrated market for toys, textiles and hardline products.
Fragmented markets for electrical products and electronics.

1.5 Strategy
1.5 Strategy
1.5.1 The Group’s key advantages
An efficient international network From a sales standpoint, its global network enables the Group to
service key accounts (around one-quarter of the Group’s revenue)
Bureau Veritas has an extensive global network of over 1,400 and thereby win major international contracts, which represent a
offices and laboratories in almost 140 countries. growing part of its activity.
This network is particularly well developed in leading industrialized From an operational standpoint, the Group improves its
countries (e.g., France, the United States, Canada, Japan, the profitability by generating economies of scale resulting in
United Kingdom, Spain, Italy, Australia), which have a strong particular from sharing offices, back-office functions and IT tools,
regulatory background and where the Group is recognized for its and from amortizing the cost of developing and replicating new
technical expertise and innovative production models. services and industrializing inspection processes over a larger
base.
Bureau Veritas is also well established in key high-potential
economies like China, Brazil, Chile, Colombia or India, where it has The organization into regional hubs located in key countries
built solid growth platforms with a strong local presence over enables the Group to spread knowledge, technical support and
time. The Group continues to expand its presence in these regions sales teams across a given region.
by opening new offices and laboratories and systematically In the future, the Group aims to strengthen this network
developing each of its businesses in these markets. organization around regional hubs enabling it to generate scale
The Group’s scale is one of its core assets, providing value and effects.
differentiation both commercially and operationally.
Europe
17,800 73,400
employees
445
1,440
Offices & Labs
34%
31%
25%
29,000
Asia Pacific
20,500 10%
Americas 525
385
6,100
Africa, Middle East
% of 2017 revenue
85

1.5 Strategy 1
A strong brand image of technical expertise Quality and integrity embedded in the Group’s
and integrity culture and processes
Bureau Veritas has built its successful global business based on its Integrity, ethics, impartiality and independence are some of
long-standing reputation of technical expertise, high quality and Bureau Veritas’ core values and are central to its brand reputation
integrity. This reputation is one of its most valuable assets and is a and the value proposition for its clients.
competitive advantage for the Group worldwide.
These values are the focal point of the work carried out by the TIC
profession in 2003 under the leadership of the International
Federation of Inspection Agencies (IFIA), which led to the drafting
Technical expertise recognized by the of the Group’s first Code of Ethics, published in October 2003.
authorities and by many accreditation bodies
Over the years, the Group has acquired skills and know-how in a A profitable, cash-generating growth model
large number of technical fields, as well as a broad knowledge of
regulatory environments. Bureau Veritas is currently accredited as There are four aspects to Bureau Veritas’ financial model:
a second or third party by a large number of national and
international delegating authorities and accreditation bodies. The
Group constantly seeks to maintain, renew and extend its
portfolio of accreditations and authorizations. It is subject to
● it is based on two growth drivers: organic growth and growth
through acquisitions. Between 2007 and 2017, the Group
posted average annual revenue growth of around 10%. A little
1
regular checks and audits by authorities and accreditation bodies less than half of this came from organic growth;
to ensure that its procedures, the qualification of its personnel and ● it focuses on profitable growth: between 2007 and 2017, the
its management systems comply with the requisite standards, adjusted operating margin remained above 16% on average;
norms, guidelines or regulations.
● it generates significant, regular cash flow: between 2007 and
2017, the Group generated more than €300 million in free cash
flow per year on average, including more than €350 million over
the last five years;
● it is underpinned by the Group’s strategy of strict cash
allocation: net debt must be maintained well below bank ratios
and the Group must be able to fund acquisitions and pay
dividends.

1.5 Strategy
1.5.2 Five-pillar strategy

To enhance its growth profile, resilience and profitability, the Group has revisited its strategy around five central pillars:
1. Expand market coverage through key 4. Balance its global footprint among three
growth initiatives geographic areas (Europe/Middle East/Africa,
Americas and Asia Pacific)
The Group will further penetrate its traditional markets through a
broader range of services. It has identified several initiatives to Bureau Veritas will take advantage of specific growth drivers in
achieve this objective, including Opex services (provided during key selected geographies:
the operational phase) in specific segments (Oil & Gas, Power &
Utilities, Chemicals). ● Europe, which is the reference for issuing standards and
regulations on quality, health, safety and the environment;
Bureau Veritas also plans to increase its exposure to sectors
related to consumer spending through four initiatives: Buildings & ● the United States, which has a strong economic outlook and in
Infrastructure, Agri-Food, Automotive and SmartWorld. which many Fortune 500 companies are headquartered, and
which is still a highly fragmented market;
● China, with the gradual opening of the domestic TIC market.
2. Become the partner of choice of large The Group will continue to expand and reinforce its geographic
international corporations for facilitating and footprint in developing markets.
securing their transactions and operations
Bureau Veritas is shifting towards more integrated and global 5. Continue to play a leading role in TIC market
solutions (combining inspections, audits, testing, data
management), increasing the digital content of its services, and consolidation
accelerating the roll-out of the key account management strategy
launched in 2014. In line with its successful model based on a combination of organic
and external growth, Bureau Veritas will continue to acquire small
and mid-size companies in specific markets and geographies.
3. Further deploy an efficient operating model

to improve its agility and productivity
The Group is further developing internal initiatives such as
Excellence@BV and will step up the digital content of its services.
All initiatives will be supported by the strong commitment of its
people and endorsed by the Group’s Human Resources &
Corporate Social Responsibility strategy.

1.5 Strategy 1
1.5.3 Initiatives to accelerate growth
At the end of 2015, to help sustain its growth, the Group identified the eight Growth Initiatives outlined below.
Given market trends and the contribution and potential of each of these eight Growth Initiatives, the Group decided in 2017 to focus its
development efforts on just five of the original eight. Together amounting to around one-third of Group revenue, these five initiatives will
offer the Group an additional source of growth and help it achieve its diversification strategy.
1. Buildings & Infrastructure(1) expertise and further round out its portfolio of services to become
a recognized player in this sector.
The Group will benefit from its global leadership in this sizable and
fast-growing market. It will further develop its activities in
emerging markets where urbanization is leading to a surge in 5. SmartWorld(1)
demand for infrastructure and transportation. More stringent
regulations will also open up significant opportunities for TIC The Internet of Things will impact every market in which Bureau
services. The Group will continue to develop innovative solutions
and Opex services, both in mature and in emerging countries.
Veritas operates. The number of connected devices is expected to
grow exponentially for example, creating a significant market
opportunity for equipment testing but also for new services
1
related to connectivity and data security. Bureau Veritas will
2. Opex services in specific markets: Oil & Gas, benefit from its leading position, expertise, and reputation in this
segment.
Power & Utilities, Chemicals(1)
Bureau Veritas plans to develop its market share in Opex-related
services for the Oil & Gas, Power & Utilities and Chemicals 6. Certification global contracts
markets. The Group has identified these three markets on account
of their common characteristics, i.e., a high degree of The system certification market is still fragmented and is
fragmentation, the outsourcing potential and the opportunity to expected to consolidate as large international corporations
build recurring business models. It will leverage its excellent increasingly entrust system certifications to a single certification
reputation and expertise, in particular in Capex and body. Thanks to its global footprint, Bureau Veritas is ideally
product-related services. placed to address this new market need. With the implementation
of key account management, Bureau Veritas’ ambition is to
strengthen its market share on global contracts.
3. Agri-Food(1)
The TIC market for Agri-Food should see vigorous growth buoyed 7. Marine & Offshore
by the population increase, the globalization of the food supply
chain, more stringent regulations and rising consumer demand for Bureau Veritas is one of the top players in the highly profitable
quality and traceability. The Group is already present across the Marine & Offshore business. Its resilient business model combining
entire supply chain, enjoying front-ranking positions in specific verification of newly constructed facilities and inspections of
market segments, a global network and international in-service facilities will continue to reduce its exposure to market
accreditations. The Group plans to expand its geographic presence cycles. Bureau Veritas’ strategy is to develop its business in
while enlarging its portfolio of services. innovative services around energy efficiency and risk
management, and to maintain its technological leadership.
4. Automotive(1)
8. Adjacent segments – retail and mining
The automotive market is having to contend with several
deep-seated trends, including the relocation of production and Most retail and mining clients call on Bureau Veritas for just one
consumption to emerging countries and the fundamental shift to type of service. The Group sees significant cross-selling
“smart” cars and electric technologies. These trends will generate opportunities in offering the full portfolio of asset- and
additional needs for TIC services. Bureau Veritas has built a strong product-related services to existing customers through key
presence in supply chain services, electronics and connectivity account management. The Group will diversify into recurring
during the last five years. It aims to leverage these key areas of businesses and position itself as the provider of choice.
(1) Five initiatives refocused since January 1, 2017.

1.5 Strategy
1.5.4 Two key markets: the US and China

United States China
As the world’s economic powerhouse, the US is a priority market China is one of the world’s most dynamic countries, with buoyant
for Bureau Veritas. The global headquarters of many different demand for infrastructure, transport and energy. China’s TIC
companies can be found in the US and the TIC market in the market will potentially prove the biggest in the world. Today, only
country is estimated to be worth over €30 billion. Bureau Veritas a fraction of this market can be accessed, since most is covered
has stepped up its expansion in the US over the last five years, internally and by public services. Structural growth drivers (rise of
reporting a 2.5-fold increase in revenue. The country represented the middle classes, increasing environmental awareness, ongoing
approximately 10% of total Group revenue in 2017. improvement in local quality standards, etc.) are powerful
catalysts for TIC demand and help open up the domestic market
The Group’s strategy has three main focuses:
to international players.
● bolstering its leading position in the consumer products,
The Group is already present in China through all of its businesses
Oil & Gas, construction and industrial equipment markets;
and is expanding its presence and regional coverage with the
● expanding its activities in new market segments such as ultimate aim of becoming a front-ranking player in the domestic
SmartWorld, Agri-Food, Aeronautics and Automotive; Chinese market. The two acquisitions carried out in 2016 and the
acquisition finalized in 2017 are consistent with this strategy.
● rolling out its Excellence@BV initiative with Lean management, Since the end of 2016, China (including Hong Kong – Special
shared service centers and pooled purchasing. Administrative Region) has been the Group’s biggest market. At
December 31, 2017, it accounted for almost 17% of Group
revenue.
1.5.5 Four major factors

Human Resources certification businesses. It also offers these clients access to
Bureau Veritas’ entire international network and divisional
resources in order to best meet their broad spectrum of needs
Motivated and skilled employees across the globe.
One of Bureau Veritas’ greatest assets is its employees. They are In 2017, key account sales grew faster than the Group’s average
selected for their understanding of the local culture, their sales growth on all markets, with the exception of Oil & Gas which
industrial, technical, operational or sales expertise, their passion was hit by the slowdown in investments and by maintenance
for helping businesses effectively manage their needs, and their operations amid sluggish oil prices.
commitment to the Group’s values.
With nearly 74,000 employees, Bureau Veritas has an enriching
mix of cultures and personalities. The Group continuously invests
in its employees and takes staff training very seriously. Helping its
Excellence@BV
teams to develop their professional skills has always been a
To partner its strong growth and international development,
priority.
Bureau Veritas launched a Lean management approach in 2012.
The Lean management approach is based on process
An experienced management team management and rounds out the Group’s historical,
experience-based business model. Lean management is an
The consistency and experience of the management team have integral part of the Group’s operating system in this new
allowed the Group to develop a strong business culture founded corporate culture, defined as an ongoing performance
on merit and initiative. improvement approach. It is designed to generate productivity
gains and cost savings and to make performance more robust and
consistent. This culture of ongoing improvement gives Bureau
Key account management Veritas the agility it needs to successfully navigate a constantly
changing environment.
Key account management is a strategic market segment for In practice, the lean management approach is rolled out around
Bureau Veritas, covering some 130 major national and particularly two objectives.
international companies, selected among the Group’s 400,000
clients. Key accounts represent around 25% of sales and offer ● First, existing processes are re-engineered through value
above-average growth potential for the Group. stream mapping. These maps simplify and harmonize
processes, thereby generating productivity gains and overall
Since the needs of these clients are so specific, a key account performance sustainability.
management team has been in place since 2014, which is
responsible for partnering the clients and offering them ● Second, scorecards are deployed within its operating units.
high-quality bespoke services. This dedicated team enables the Scorecards will enable the performance of operating units to be
services provided by the Group to these key accounts to be harmonized and will therefore allow for proactive management
properly coordinated and clients to be informed of any technical of key indicators in order to obtain a high degree of flexibility
and regulatory changes in the Group’s testing, inspection and and quality in a decentralized environment.

1.5 Strategy 1
The Lean approach will help the Group meet its mid- to long-term ● scheduling optimizes the time available to the teams so that
objectives by improving its margin and designing processes able to they can complete the work requested by our clients;
manage expected growth. Optimized (efficient and attractive)
● lastly, route management helps optimize journey times for
processes can simplify post-acquisition integration.
inspectors on the ground.
The Lean approach takes the form of six strategic initiatives:
Other projects currently in progress are designed to improve
● the shift to digital solutions (“dematerialization”) leverages new purchasing management at Bureau Veritas with the aim of:
technologies in order to prevent employees from having to
(1) reducing the cost of the goods or services which Bureau
make physical trips for standard inspections;
Veritas buys, particularly by leveraging volumes through
● data management through configurators and optimized data global contracts;
architecture makes information systems more efficient;
(2) creating an actionable supplier database. This means
● auto-notification enables information to be provided to clients reducing the number of suppliers and purchasing contracts
in real time at each stage of the process; put in place;
● process re-engineering is a fundamental tool for adapting (3) ensuring compliance with clearly formalized governance
processes so that they best meet client needs in terms of cost, rules, both with respect to internal processes (e.g.,
quality and timing by refocusing teams’ efforts on value added; segregation of duties between the purchaser and the referral
agent) and external processes (e.g., ethical purchases).
The Group is also ramping up shared service centers in order to
1
centralize support functions such as IT services, finance and
Human Resources.
Digitalization
A number of digital technologies are currently disrupting the global economy: among those, Cloud, Artificial Intelligence, Open APIs
(Application Programming Interface) and Blockchain.
Blockchain Big Data
Collaborative
Economy
Industry 4.0 Social
CLOUD Business
Artificial Open API

Intelligence Fast IT
These technologies can be leveraged and become transformative for the TIC activity of Bureau Veritas overall if seized quickly with a
business focus.

1.5 Strategy
To that end, Bureau Veritas has integrated its digital transformation plan into its 2020 strategy and focused its digital strategy around
three business priorities:
DIGITAL NEW DIGITAL NEW TIC

EFFICIENCY OPERATING MODELS DIGITAL SERVICES
Boost Profitability Accelerate Growth Diversify in
of existing TIC services with Alternative models new market segments
One-stop-shop
Conformity
4.0
Cost-efficient offer Digital customer Technology-enabled Be compliant on new norms

for core services engagement services for digital products & models
Innovation program to incubate all new technologies
● Digital Efficiency relates to the deployment of new digital tools ● Inspection field force management: as the inspection business
to its field force and its backoffice to provide more automated is field-force intensive, deploying a standard, end-to-end, next
services and improve efficiency of the core Bureau Veritas generation field management platform, mixing mobile tools,
services; advanced scheduling as well as digital client interfaces in an
integrated way reduces drastically the back-office effort.
● New Digital Operating Models relates to the reinvention of the
Deployment of such platform in a pilot project in the Marine &
way the Group delivers services through digital to accelerate
Offshore division led to a significant reduction of these efforts.
the growth, both with digital customer engagement through
e-Commerce, marketplaces…(“One-stop-shop” offer) and new ● Complex project management: in very large projects such as
services relying heavily on Industry 4.0 technologies, such as buildings construction, a specific project management solution
Industrial Internet of Things, Artificial Intelligence, Big Data, (Sistema PRI) has been built and deployed successfully in Brazil,
Cloud 3D (“Conformity 4.0” offer); enabling Bureau Veritas to establish itself as the controller of
the works on behalf of the contractor.
● New TIC Digital Services relates to the developing market for
Bureau Veritas of testing and certifying the digital products and ● Digital collaboration, training & change management: to
services of its clients, such as cybersecurity certification, support the digitalization of processes, a significant
personal data protection certification, sensors testing, IOT transformation of the Group’s information systems
connectivity testing, connected cars testing. management has started under the lead of the new Chief
Information Officer (recruited in 2017), who will bring next
Here follows examples of realizations or on-going projects on
generation digital workplace and collaboration tools, migration
these three topics:
to the Cloud of significant business applications, and training
and change management regarding all of these.
Digital Efficiency
● Laboratories process and systems rationalization: in its testing New Digital Operating Models
activity, Bureau Veritas significantly grows through acquisitions,
having led in the past to the coexistence of multiple Laboratory
One-Stop-Shop
Information Management Systems (LIMS) and processes, and ● International e-commerce platform: Bureau Veritas, a world leader
difficulties to assess globally the calibration and quality of in certification, has built and rolled out an e-Commerce platform,
testing services. A significant harmonization work has been named LEAD (https://lead.bureauveritas.com) to enable any small
performed, leading to the global deployment of selected best and medium business (such as restaurants, craftsmen, small
in-class LIMS and associated tools, and rework and automation services, etc.) who want to be certified against standards, such as
of processes to enable the laboratories to have a fully online ISO 9001, or group of standards, to book and pay an audit online in a
service (digital work orders and reports), improving quality and few clicks in the simplest and fastest possible way. This platform
delay of service. has been deployed today in 10 countries including US, Brazil, India,
Spain, UK and Italy. Such platform will be extended to other
businesses such as supplier audit services within the CPS division.

1.5 Strategy 1
● External inspectors marketplace: Bureau Veritas is leveraging ● Reporting is being replaced by supervision platforms and
its prior acquisition of Quiktrak Inc., a qualified inspector collaborative asset registers, where the complete status of the
marketplace, enabling our clients looking for an agile and asset is monitored almost in real time through user-friendly
flexible inspections model to design their checklist for interfaces, such as the 3D representation of the asset, for
inspections according to their needs and then simply self-book instance.
the inspection at the right time and locations. The platform will
In this context, Bureau Veritas has already established itself as a
then put the job in relation with qualified external inspectors,
pioneer in 3D Asset Lifecycle Management, partnering with
who are independent contractors with the right qualification
Dassault Systèmes to manage digital twins of ships through its
(verified by Bureau Veritas) and availability. Bureau Veritas is
VeristarAIM3D offer, and with Bentley Systems for existing
acting here as a manager of external auditors, checking the
industrial assets Reality Modeling. In both cases, Bureau Veritas
qualification of the inspector and the quality of the delivery
operates the platform as a service on behalf of its customers,
through several control mechanisms. Such model is key to be
maintaining the digital twin up-to-date, and managing the single
able to deliver inspection services in less than 24/48.
source of truth regarding the asset and its integrity.
Conformity 4.0 To go beyond this first position and increase its value to
customers, Bureau Veritas entered in December 2017 into a
New digital technologies are disrupting the industrial inspection
strategic alliance with Avitas Systems, a GE venture. This alliance
process in all its steps:
● Visual inspection is impacted by the availability of autonomous
drones and other UAVs, that produce images which can be
will combine Bureau Veritas’ global leadership in industrial
inspection, its neutral positioning and accreditations and strong
technical expertise, with Avitas Systems' cloud-based platform
1
analyzed by pattern recognition techniques to automatically specialized in automated inspections and defect recognition as
identify objects and defects; well as risk-based optimization analytics, to build the next
generation of inspection and asset integrity management services
● On-site non-destructive testing is impacted by the based on artificial intelligence. Bureau Veritas customers will
deployment of permanent, connected sensors and autonomous benefit from increased asset & operational reliability, improved
robots which can continuously collect technical data from safety and conformity, and better efficiency and performance. The
assets; alliance will initially focus on the Power & Utilities market, then
● Engineering expertise can partially be learned through artificial quickly expand to other industrial markets.
intelligence, enabling machines to predict potential risks and
failures;
1 AUTOMATE DATA
COLLECTION 2 AI TO DEFINE RISK
& SEVERITY OVER TIME 3 REVIEW RESULTS
& FOCUS INSPECTIONS 4 SHARE AND
COLLABORATE OVER TIME
Remote visual & infrared Deep learning networks Dashboards to organise Asset integrity Manager
aerial inspection to identify defects focused inspections
Permanent sensors / robotics Sensor-fusion based Inspection reviewer

analytics to assess
risk severity
New Digital TIC Services sensors safety, telemetry and infotainment systems,
cybersecurity and data privacy. Generally speaking, the growth of
The separation between physical and digital assets is quickly connected things leads to an explosion of digital norms and
disappearing as connected things deploy at an exponential regulations to manage related cyber risks, a significant example of
rhythm. For instance, most cars are now connected and going these being the European GDPR (General Data Protection
towards autonomy, leading to a number of new elements requiring Regulation) regarding personal data.
testing or certification, such as on-board connectivity, UX and

1.5 Strategy
EVOLUTION OF THE NUMBER OF IOT OBJECTS EVOLUTION OF THE NUMBER OF DIGITAL NORMS
(in billions)
75
GDPR
(General Data Protection Regulation)
(May 2018)
Cybersecurity act
(end of 2018)
30
14
15
5
3
1
2015 2020F 2025F 1999 2004 2009 2014 2019
In this context, Bureau Veritas has addressed the market with defined per the new General Data Protection Regulation set by
management systems certification handling Cybersecurity and the European Union, and assesses and certifies Data Protection
Data Protection: Officers to this end.
● Bureau Veritas Certification is accredited to deliver ISO 27000 In addition, the Group has also acquired and will continue to
certificates as well as IEC 62443 regarding industrial control, strengthen its strategic and leadership position in the digital
having issued thousands of certificates globally. testing space, with several acquisitions in the past years (7layers,
NCC, Siemic, ICTK), a healthy pipeline of new acquisitions, and
● The Group is accredited to deliver the Cyberessentials label, a
strong relationships and business with major global manufacturers
UK scheme with significant traction in Europe.
of digital products, bringing top credibility on this market. This is
● Bureau Veritas has built multiples guidelines on key digital related to the SmartWorld Growth Initiative described in
topics (IoT, connectivity, etc.) that it has combined with a section 1.5.3 of this Registration document.
software analyzer built with the CEA (French Alternative
Energies and Atomic Energy Commission), a public
government-funded research organization, to automatically
Digital Innovation program
analyze Code quality. Aside of these short-term impact business focuses, Bureau Veritas
has built an innovation program to incubate less mature but not
● The Marine & Offshore division is expanding its rule set for ships
less promising technologies such as Artificial Intelligence for Labs,
on Cyber with the SYS-COM additional class notation.
Blockchain for traceability and trust in digital trade, AR/VR for
● Bureau Veritas has developed a technical reference and remote inspection services.
certifications system to ensure protection of personal data as

1.5 Strategy 1
1.5.6 Acquisitions: an active and selective external growth strategy
As a player in a highly fragmented market, Bureau Veritas above €100 million carried out over the past 20 years, most of
positions itself as an active consolidating force in its industry. The which are described in section 1.3 – History in this chapter of the
Group’s history has been shaped by numerous acquisitions which 2017 Registration document), most are bolt-on acquisitions of
today allow it to enjoy front-ranking positions in many different smaller companies.
countries and businesses.
Acquisitions enable the Group to expand its portfolio of businesses
Over the last ten years, the Group has made more than 110 and to:
acquisitions, representing aggregate cumulative revenue of over
● increase its presence in regions where it already operates by
€1.7 billion. Acquisitions also represent an important part of its
rounding out its business portfolio;
strategy and are expected to contribute significantly to its
additional growth target through to 2020 (around €750 million in ● gain a foothold in new regions;
additional growth over the period 2015-2020).
● broaden the scope of its expertise.
Acquisitions must meet criteria for the Group in terms of price,
scale, profitability and value creation. While some acquisitions are In 2017, Bureau Veritas made nine acquisitions, representing
aimed at developing new platforms (five acquisitions with revenue cumulative annual revenue of €146 million.
1
1.5.7 2020 ambition
Bureau Veritas’ 2020 ambition is to: ● reach 5% to 7% of organic growth by 2020;
● add around €1.5 billion to the Group’s revenue in 2020 ● achieve above 17% adjusted operating margin in 2020(2);
compared to 2015, based on the 2015 plan initial exchange
● generate continuous high free cash flow.
rates(1), half organic and half through external growth;
(1) As presented at the October 2015 Investor Days.

(2) At the 2015 plan initial exchange rates, as presented at the October 2015 Investor Days.

1.6 Presentation of business activities

1.6.1 Change in segment reporting for results
In 2017, Bureau Veritas changed the segment reporting for its January 1, 2017, the Group's reporting will be based on the
results to reflect its business approach, focused primarily on end following six operating segments (compared to eight previously):
markets. This approach was adopted in 2016 and resulted in the
1) Marine & Offshore;
merger of the Commodities and Industry & Facilities businesses
within a single Commodities, Industry & Facilities (“CIF”) division 2) Agri-Food & Commodities;
and in the creation of an Agri-Food segment included within the
Commodities business. In line with these changes and consistent 3) Industry;
with the Group's new operational organization, effective 4) Buildings & Infrastructure;
5) Certification;
6) Consumer Products
CHANGE IN SEGMENT REPORTING
Marine & Offshore Marine & Offshore

Industry
Agri-Food
GSIT & Commodities
IVS Industry
Construction Buildings & infrastructure
Certification Certification
Commodities Consumer Products
Consumer Products
The main changes in 2017 were as follows:

● allocation of a large majority of Inspection and In-Service Verification (IVS) businesses to the Buildings & Infrastructure segment, with the
remaining IVS activities reported in Industry (depending on end markets);
● allocation of GSIT (Government Services & International Trade) to the Agri-Food & Commodities segment (with the exception of
Automotive, to be reported in Industry).
The Group considers that this change improves the understanding of its business portfolio.

1.6 Presentation of business activities 1
1.6.2 Marine & Offshore
GROUP REVENUE GROUP ADJUSTED OPERATING PROFIT
8% Marine & Offshore

11% Marine & Offshore
2017 2017
A portfolio of high value-added services for a loyal client base

Bureau Veritas classifies ships and offshore facilities by verifying 62% was generated by the surveillance of ships in service and
their compliance with classification rules, mainly regarding complementary services.
structural soundness and the reliability of all related equipment.
The Group is a member of the International Association of
This mission is usually carried out together with the regulatory
Classification Societies (IACS), which brings together the
(“statutory”) certification mission.
12 largest international classification societies. They class more
Class and regulatory certificates are essential for operating ships. than 90% of world tonnage, with the remaining fleet either not
Maritime insurance companies require such certificates to provide classed or classed by small classification companies operating
insurance, and port authorities regularly check that valid mainly at the national level.
certificates exist when ships come into port. Similarly, keeping
existing offshore facilities in compliance with safety and quality Worldwide network
standards as well as regulatory requirements is crucial for To meet the needs of its clients, the Marine & Offshore network
operators. spans 90 countries. In addition to 18 local design approval offices
Marine & Offshore services are designed to help customers located near its clients, the Group’s network of 180 control
comply with regulations, reduce risk, increase asset lifecycles and stations gives it access to qualified surveyors in the world’s largest
ensure operational safety. The Group’s services begin at the ports. This means that visits can be conducted on demand and
construction phase, approving drawings, inspecting materials and without the delays that could be detrimental to the ship’s
equipment, and surveying at the shipyard. During the operational business and owner.
life of the assets, Marine & Offshore experts make regular visits
and offer a comprehensive range of technical services including A highly diverse fleet under Bureau Veritas class
asset integrity management. On behalf of its clients, Bureau
Veritas monitors any changes in regulations, identifies applicable Bureau Veritas ranks number two worldwide in terms of the
standards, manages the compliance process, reviews design and number of classed ships and number five worldwide in terms of
execution and liaises with the competent authorities. tonnage (source: Bureau Veritas estimates). The Group has
recognized technical expertise in all segments of maritime
The Group has also diversified into several complementary
transport (bulk carriers, oil and chemical tankers, container ships,
services for its Marine & Offshore clients, including loss adjusting
gas carriers, passenger ships, warships and tugs) and offshore
and risk assessment for the offshore industry (acquisition of
facilities for the exploration and development of both coastal and
MatthewsDaniel in 2014); marine accident investigations, pre- and
deep-water oil and gas fields (fixed and floating platforms,
post-salvage advice and the re-floating of vessels (acquisition of
offshore support vessels, drill ships, subsea facilities). The fleet
TMC Marine Ltd. in 2016); and niche services to manage risk at
classed by Bureau Veritas is highly diverse, and the Group holds a
sea during offshore operations or projects (acquisition of MAC).
leading position in the market for highly technical ships such as
In 2017, 38% of Marine & Offshore revenue was generated by the liquefied natural gas (LNG)-fueled vessels, LNG or liquefied
classification and certification of ships under construction and petroleum gas (LPG) carriers, FPSO/FSO floating production
systems, offshore oil platforms, cruise ships, ferries, and
specialized ships.

A diversified and loyal client base ● equipment and component manufacturers;
The Group has several thousands of clients, and the largest ● shipowners;
represents 1.3% of the business segment’s revenue. Key clients ● oil companies and Engineering Procurement Installation
are: Commissioning (EPC) contractors involved in the construction
● shipyards and shipbuilders around the world; and operation of offshore production units;
● insurance companies, P&I clubs(1) and lawyers.
Changes in the order book

in millions of GRT (gross registered tonnage)
18.3
16.3 17.1
15.1
13.6
12.6
8.6
7.5 6.9
4.6 5.1
1.9
Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017
New orders Order book
Changes in the Group’s in-service fleet
12000
11,300 11,345 11,299
10,914
10,519 118.0
10,152
113.9
109.1
103.6
10000
97.4
90.9
Dec. 2012 Dec. 2013 Dec. 2014 Dec. 2015 Dec. 2016 Dec. 2017
In millions of gross tons In number
(1) Protection & Indemnity.

Changing market conditions transport was subsequently affected by the economic crisis that
erupted in 2008. The global fleet’s tonnage capacity increased
due to the delivery of orders placed before the crisis. This led to
A changing regulatory environment overcapacity in transport supply, in particular in the bulk carrier
International regulations applicable to maritime safety and and container ship segments, and to a fall in freight rates.
environmental protection continue to evolve, providing After years shaped by low levels of new orders, the market rallied
classification companies with growth opportunities. These include: in 2013, buoyed by opportunistic orders placed as prices in
● new regulations to reduce greenhouse gas emissions for new shipyards fell, despite significant residual overcapacity in the
and existing ships in accordance with the international market. 2014 and 2015 benefited from this rally, whereas 2016
conventions adopted under the aegis of the International saw a downturn in the cycle shaped by a slump in new orders.
Maritime Organization (IMO) and the European Union. To The level of orders bounced back in 2017, with contractual
respond to these regulatory requirements and to help tonnage more than double that of the previous year. However,
shipowners reduce energy costs, Bureau Veritas has developed total order volumes remain sharply down on the average for the
a range of dedicated services and tools; past ten years. Based on market indicators, the positive trends
● the 2004 convention on Ballast Water Management (BWM) observed in 2017 should continue through 2018 and 2019.
adopted under the aegis of the IMO, which makes it mandatory In terms of orders, 2017 was a good year for Bureau Veritas as
to obtain approval for ballast water treatment systems and
imposes changes in ship design. This regulation came into force
at the beginning of September 2017;
regards both volumes and market share. It was awarded a number
of contracts for innovative vessels, including a historic order for
1
nine 22,000 TEU LNG-fueled container ships for CMA CGM and an
● the Hong Kong international convention on ship recycling, which expedition cruise icebreaker with hybrid fuel for Ponant. These
was adopted in May 2009 and will come into force 24 months two orders highlight Bureau Veritas’ frontranking position in the
after it has been ratified by 15 States. This should represent at segment for LNG-fueled vessels. In the bulk carriers segment,
least 40% of the gross tonnage of the global merchant vessel Bureau Veritas notably landed the order for Kamsarmax-type
fleet; carriers and very large crude carriers (VLCC) in Chinese, South
Korean and Japanese shipyards. The rally in oil prices in 2017
● European ship recycling regulation, which will come into force brought a sense of optimism and drove a moderate upturn in
at the end of 2018 at the latest for new ships and as from the business. Bureau Veritas won a significant share of the market for
end of 2020 for existing vessels. It requires ships to have on Capex projects, including SBM’s Fast4WardTM floating production,
board an inventory of hazardous materials (IHM); storage and offloading unit (FPSO). Other opportunities exist in the
● regulations applicable to ships for inland navigation floating storage regasification unit (FSRU) segment. Offshore
transporting hazardous materials. Bureau Veritas is one of three windfarm and dredging sectors continue to generate attractive
classification societies recognized by the European Union; opportunities, with Bureau Veritas obtaining two state-of-the-art
offshore service vessels equipped with a dynamic positioning
● the new International Association of Classification Societies system, as well as 16 offshore dredgers.
(IACS) unified requirement concerning on Board use and
application of computer-based systems, which came into force Against this backdrop, Bureau Veritas is concentrating on two key
on July 1, 2016; areas:
● a global move towards a “safety case” system which is ● digitalization; and

emerging for the offshore industry and requires the expertise of ● high value-added services.
an independent verification body;
● Regulation (EU) No. 2015/757 of the European Parliament and
of the Council of the European Union dated April 29, 2015 on Digitalization and the development of a high
the monitoring, reporting and verification (MRV) of carbon
dioxide emissions from maritime transport, which came into value-added service offering
force on July 1, 2015. Monitoring plans were submitted for
verification in 2017 while emissions reports are to be submitted Digital innovations focused on performance
for verification in 2019;
Bureau Veritas Marine & Offshore continued its digital
● the IMO Guidelines for Ships Operating in Polar Waters, or transformation. Bureau Veritas offers its clients new services
“Polar Code”, which came into effect on January 1, 2017; allowing them to face up to new challenges or risks, while at the
same time leveraging digital opportunities to enhance client
● the International Maritime Organization (IMO) Data Collection experience and its own operational excellence.
System (DCS) regulation concerning carbon dioxide emissions,
which will come into effect in 2019. In 2017, the Marine & Offshore business continued to digitalize its
inspection process for in-service ships, notably introducing
e-certificates. Today, shipowners can access a secure digital
Upturn in the market for the construction platform that allows them to request visits online, manage their
of new ships inspections and reports, and directly access their electronically
The market for the construction of new ships is cyclical. Until signed certificates. The next stage, which is currently under
2008, demand was buoyed by sustained growth in the global development, will involve optimizing inspection schedules by
economy, the rise in the number of economic partners (China, providing clients with proactive advice online and real-time
Brazil, Russia, and India) and increasing distances between the visibility on the status of their requests.
main centers of production and consumption. All maritime

In partnership with Dassault Systems, Bureau Veritas Marine & Bureau Veritas is also actively working on new technologies, such
Offshore launched VeristarAIM3D, its new collaborative platform as drones or remote video inspections, aimed at improving service
built around a 3D digital twin which is able to consolidate all data lead times while reducing risks for inspectors and crews.
on a given asset and export that data to digital analytical tools
when revaluations are required. This innovative solution facilitates
decision-making, optimizes maintenance and repairs and reduces A strategy based on broadening the service offer
operating costs and lead times. Developing high value-added services remains an important
2017 also saw the roll-out of a digital inspection scheduling avenue for growth for Bureau Veritas Marine & Offshore. These
solution that helps optimize the timetable and productivity of services harness recent acquisitions (HydrOcean, MatthewsDaniel,
inspectors, while offering clients the appropriate skills in the right TMC Marine and MAC) that have allowed the Group to widen its
place and at the right time. portfolio of services and increase the number of clients it is able to
serve. At the same time, changes in regulations, particularly
Bureau Veritas Marine & Offshore entered into a partnership with environmental regulations (identification of hazardous materials,
Bourbon within the context of the Smart Shipping program, with a management of ballast water, monitoring of emissions), are
view to digitalizing vessel operations to optimize safety and creating new opportunities to support clients in preparing relevant
reliability of operations at optimum costs. The first applications of compliance strategies and optimizing the necessary measures to
this partnership include the real-time verification of the dynamic be rolled out. Lastly, Bureau Veritas Marine & Offshore looks to
positioning operations of the Bourbon fleet, classification of the assist its clients by offering services in the shipbuilding phase
connectivity systems and cybersecurity issues. (engineering, risk analysis) and also throughout the life of the
asset, using new digital tools.
1.6.3 Agri-Food & Commodities

23% Agri-food &

Commodities 18% Agri-food &
Commodities
2017 2017
The Commodities business provides a wide range of inspection (exploration, production, trade), and operates in many geographic
and laboratory testing services in three main market segments: Oil regions. The Group also offers single window inspection services
& Petrochemicals, Metals & Minerals (including coal) and to governments (primarily in Africa) to facilitate and support the
Agri-Food. The Group has a diversified business portfolio covering growth of international trade.
all commodities at each stage of the production cycle

This balanced portfolio enables Bureau Veritas to weather cycles The Group also offers its clients high value-added adjacent
related to fluctuations in trading volumes and capital expenditure services such as crude oil assays, LPG services, cargo treatment,
and to assist its customers throughout their projects, from bunker quantity surveys, biofuel certification, lube oil analysis and
exploration and production to shipping, processing and recycling. measurement services. The acquisition of Maxxam has
For Agri-Food, the Group works with blue chip customers of all the strengthened Bureau Veritas’ position in natural gas, bitumen and
value chain, from harvesting grain and marine resource to oil sands analysis.
manufacturing complex food products such as infant formula, and
Most of the activity relates to trade volumes of oil and
operating global foodservice brands. All the services offered by
petrochemicals, which are dependent on the end consumption of
the Agri-Food & Commodities business also maximize the
these products. Maxxam’s businesses are chiefly related to
synergies within the Group across the global network of testing
production volumes in the upstream and midstream segments,
laboratories.
notably for oil sands.
The Agri-Food & Commodities business is reported in the Group’s
CIF division, which is managed by Global Service Lines.
Extensive global coverage and a key presence
in major refining centers
REVENUE BY BUSINESS SEGMENT The Group has a global network of laboratories and qualified Oil &
Petrochemicals measurement and inspection experts.
The business is managed from two strategic locations: Houston
and London. These locations are major Oil & Petrochemicals
1
Govenment services
and international trade 15% trading centers and headquarters for many of the major oil
companies and traders. Additional support is provided by other
Oil & key locations in Moscow, Rotterdam, Singapore, Geneva, Buenos
Petrochemicals Aires and Dubai. Maxxam’s petroleum activities are managed from
38% its base in Toronto, Canada, while the laboratories are located in
the Alberta and Saskatchewan regions.
Agri-food
20% 2017
Metals & Minerals
The Metals & Minerals segment provides a wide range of
inspection and laboratory testing services to the mining industry,
covering all minerals (coal, iron ore, base metals, bauxite, gold,
uranium) and metals (coke and steel, copper cathodes, bullion).
27%
These services can be split into two categories:
Metals & Minerals
Exploration and production-related services or

“Upstream services” (around 60% of revenue)
Oil & Petrochemicals The Group provides laboratory testing services, including sample
preparation, geoanalytical testing along with metallurgy and
The Group provides inspection and laboratory testing services for mineral tests. These tests provide mining companies with crucial
all oil and petrochemical products, including crude oil, gasoline, information at the different stages of their operations:
light distillates, heavy distillates and petrochemicals. ● during the exploration phase, business activity and sample
The segment is mainly focused on the inspection and testing of volumes are supported by favorable long term outlook for key
bulk marine oil cargoes, generally during their transfer from metal prices. At a local level they can also be strongly
production sites to the world’s major oil refining and trading influenced by local currency exchange rate vs US dollar. A
centers. Cargo inspection services can assist in providing positive outlook leads clients to increase spending on
assurance that valuable bulk commodities are delivered within greenfields and brownfields exploration; to develop new mines
contractually agreed specifications and limits, avoiding or expand existing projects – all of these investment decisions
contamination and reducing losses. require significant volumes of data;
The Group also offers laboratory testing services, which recently ● during the production phase, many mining companies have
became an important growth area with oil refineries, pipeline outsourced their recurrent testing requirements to Bureau
managers and other market players now outsourcing these Veritas. This often requires provision of sampling and testing
activities. Laboratory analysis by an independent body is an services on location at the operating mine site to provide rapid
essential means by which oil industry players can be sure that turnaround of resource grade control and other production
products comply with industry standards. samples. Specialized metallurgical testing is also an important
service, typically offered from Bureau Veritas’ larger hub
laboratories in Australia and Canada.

Inspection and testing services relating to Crop monitoring is a prime example of upstream agri services. The
international trade (around 40% of revenue) world is experiencing a new agricultural revolution with new seed
varieties, crop protection technologies and digitalization driving
Bureau Veritas is a market leader in the Metals and Minerals Trade big increases in the productivity of available farm land. Bureau
sector. This covers the entire supply chain from the point at which Veritas is mapping planted areas using ground based
a mineral leaves its original mine site through to the time when it investigations, supplemented by drone and satellite data. Bureau
becomes part of a manufactured product, and in some cases it Veritas’ data is provided to farmers, traders, banks and input
extends into the recycling stage of the metal’s life cycle. suppliers enabling them to monitor the performance of their
products and maximize the efficiency and payback.
This business is strongly linked to the physical movement of the
traded commodities and the perceived risk level of the
transaction. Agricultural commodities inspection and testing
Trade-related inspection and testing services verify and certify the Agri-commodities include grains, oilseeds and vegetable oils,
quantity and quality of commodities as they move through the cotton, ‘softs’, animal feed, chemical feedstock and other
supply chain. These services inform the clients how much metal is by-products. Bureau Veritas’ network and services cover
there, enabling them to agree its commercial value. Major clients origination to destination and all points in between.
include traders, mining companies, smelters and metal refiners,
thermal power generators, banks, finance providers, and recyclers. Inspection services maximize control at every link in the supply
chain, from inland production and storage sites, to export
Bureau Veritas’ trade business is present in all the world’s key terminals, vessel hold and hatch surveys to loading and discharge
locations, with strategic hubs in London, Singapore, Shanghai, supervision.
Perth, Lima and Houston. These locations are major trading
centers and headquarters for many of the major mining Grading and laboratory analyses determine product quality and
companies, banks and traders. Additional support is provided by phytosanitary condition.
other key locations in Moscow, Rotterdam, Geneva, Jakarta, Trade-related inspection and testing services verify and certify the
Johannesburg, and Dubai. quantity and quality of agri-commodities as they move through
the supply chain. These services provide the Group’s clients with
Leading-edge laboratories data to enable them to agree commercial value. Major clients
include traders, buying organizations, banks and finance providers.
Bureau Veritas has world-class facilities in all of its Metals &
Minerals activities. The reputation for quality of service, technical Bureau Veritas’ agri-commodities trade business is present in all
excellence and innovation cultivated by the Group over the years the world’s key locations, with strategic hubs in London, Paris,
allows Bureau Veritas to offer high quality service across all Geneva, Sao Paulo, Moscow, Singapore, Shanghai and Houston.
laboratories and inspection facilities around the globe. Additional support is provided by other key locations in Rotterdam
and Dubai.
In Brazil, Bureau Veritas laboratories provide testing services to
cotton producers, enabling farmers and cotton processors to
Agri-Food establish the key parameters of fiber length, strength and
micronaire – and agree commercial value for their production.
Bureau Veritas intends to be a leading provider of inspection and
laboratory testing services to the agriculture and food industries,
covering the entire supply chain, from farm to fork. Food inspection and testing
These services can be split into three categories: Key analyses chiefly cover veterinary drug residues, pesticides,
heavy metals, organic contaminants, nutritional testing, allergens,
colorants and dyes, GMO, species identification, along with
Upstream agricultural services microbiological, chemical and environmental-type analyses for a
Bureau Veritas provides inspection and testing services during the series of foodstuffs.
growth and harvesting stages of the agricultural crops. The Group
Bureau Veritas’ global network of food safety experts carryout
is present in many of the world’s main farming regions, providing
visual inspections of finished food products for quality and
clients with the data they need to make informed decisions,
quantity checks, making sure its clients’ products are safe, healthy
leading to more efficient growing practices and contributing to a
and fresh. The Group is also combining food safety and brand
more sustainable and productive agriculture supply chain.
standards inspections in large retail and foodservice networks.

Government services and international trade The drivers of growth for this business are the growing number of
contracts for inspection by scanner, services relating to the
verification of products’ conformity with standards, and other
A comprehensive and diversified portfolio services related to facilitating trade, in particular the national
of services “single window”.
The Government services and international trade business
provides merchandise inspection services (finished products,
equipment, commodities) in connection with international trade Established presence with major companies
transactions. These services are intended for governments
(customs authorities, port authorities, standards organizations, and governments
etc.), exporters, importers, intermediaries, banks, and international
organizations managing development aid programs (the European Bureau Veritas enjoys long-standing relationships with the leading
Union, the World Bank, and the International Monetary Fund). operators in the oil, mining and Agri-Food processing and retail
industries, as well as with the leading commodity trading
In the context of these programs, the Verigates client portal companies.
enables foreign trade operators and government authorities to
confidentially track inspection records step-by-step through to The Group considers it the global leader in government services,
with recognized know-how and expertise in the market built up
delivery of the certificate on a dedicated, secure web platform
available round-the-clock.
Bureau Veritas offers governments a range of services from
over more than 30 years.
1
Pre-Shipment Inspection (PSI) to contracts for inspection by
scanner. These services are designed to guarantee due recovery of Solid competitive advantages
import taxes and also to fight illegal imports and terrorism. As PSI
inspection contracts gradually disappear, the Group offers The Group believes that its leading position is based on the
governments Verification of Conformity (VOC) contracts of following competitive advantages:
imported merchandise with existing regulations and standards, ● a global presence, with significant exposure to key geographies
which are intended to prevent unfair competition and fraudulent and high-potential economies;
imports of non-compliant, counterfeit or poor-quality products.
● strong leadership positions in all commodities segments with
The Group also offers national “single window” foreign trade recognized multi-sector technical expertise;
services, which are intended to facilitate and optimize the flow of
import-export and transit or transshipment transactions by ● high-level technical laboratory capabilities in key locations;
offering a secure, electronic platform for customs and port
● a dense and stable network of inspectors, laboratories and test
communities aimed at the entire community of domestic
centers, allowing a reduction in costs and project completion
stakeholders of international trade (public and private sectors).
time;
Bureau Veritas is well positioned in “single window” services,
● the ability to put in place new programs very quickly worldwide
which are intended to provide a paperless platform for
in the field of government services and international trade; and
administrative processes as part of the move towards online
government services. These services cover many different sectors. ● long-standing relationships and a good reputation with major
In 2017 for example, Bureau Veritas developed a platform for players in the Commodities and Agri-Food sectors and with
contracting insurance policies and managing claims for retail governments in the government services and international
customers in Armenia. trade sectors.
The Group is also engaged in consulting activities for European There are also important synergies within the Group in terms of
Union project funding. sharing the global network of testing laboratories, particularly
between the Agri-Food & Commodities and Consumer Products
In the field of international trade, Bureau Veritas provides a broad
segments.
spectrum of inspection services. These services aim to offer
independent inspection to verify the compliance and quantity of
shipments (commodities, consumer products, equipment). Clients
include governments, exporters, importers, intermediaries, banks, A leading position built through acquisitions
and international organizations managing development aid
programs (the European Union, the World Bank and the Today, the market for Commodities testing and inspection is fairly
International Monetary Fund). concentrated. Bureau Veritas has played an active role in the
consolidation of this sector.
A changing market Since 2007, the Group’s Commodities business has expanded
through a series of acquisitions in Australia (CCI, Amdel), Chile
The increase in international trade since the early 1980s has
(Cesmec, GeoAnalitica) and South Africa (Advanced Coal
generated strong demand for trade inspections and verifications.
Technology). In September 2010, the Group took a decisive step
However, due to new liberalization rules issued by the World Trade with the acquisition of Inspectorate, a global leader in the
Organization and the reduction in customs duties in most inspection and analysis of commodities (oil, metals and minerals,
countries, traditional PSI controls appear less strategic for the and agricultural products). Following this acquisition, the Group
countries concerned and are gradually being replaced by gradually deepened its footprint in Canada (ACME Labs, OTI
Verification of Conformity (of products with standards) contracts. Canada Group) before becoming no. 1 in oil analysis services on
this market with its acquisition of Maxxam Analytics finalized in
2014. Also in 2014, Bureau Veritas continued to expand in North
America after its acquisition of US-based Analysts Inc., a specialist
in oil condition monitoring.

Bureau Veritas believes that it is ranked third worldwide in Oil & In the Metals & Minerals segment, Bureau Veritas’ priority is still to
Petrochemicals inspecting and testing and that it is one of provide a coherent, comprehensive offer, develop new services
two international operators offering the full range of inspection and optimize the Group’s geographic presence. Its ambition is to
and testing services at all stages of the cycle (exploration, increase its market share in trade-related inspections and in
production, international trade) for all minerals. testing services through an expanded network leveraging its
expertise and strong client relations.
Growth in the Agri-Food segment has been fueled by acquisitions.
In 2016, the Group became the leader of the food testing market In Agri-Food, the Group’s aim is to become world’s leading players,
in Australia, following its acquisition of DTS which also rounding out its offering to ensure it is present at every stage in
strengthened its leadership in servicing the dairy industry. In late the industry’s supply chain. Bureau Veritas will strengthen and
2016 Kuhlmann Monitoramento Agrícola Ltda (KMA) was carve out positions at the world’s biggest agri-commodity import
acquired, marking a move into the Brazilian upstream agri market. and export locations, and also intends to develop its global
This was followed by the acquisition of the Schutter Group in network of high-level food testing laboratories. Bureau Veritas is
March 2017. These two acquisitions helped move Bureau Veritas presently a world leader in rice inspections, and the market leader
into a leadership position in the important Brazilian for food testing in Canada, Australia and South America. The
agri-commodities market. Group is actively investing in new laboratory facilities in North
America, Asia and Pacific to support the growing demand of large
customers for a comprehensive and global offer. The TIC market
for Agri-Food should see vigorous growth driven by the population
A strategy focused on geographic expansion increase, the globalization of the food supply chain, more stringent
and an enriched portfolio of services regulations and rising consumer demand in terms of quality and
product traceability.
The recent economic environment defined by low oil prices and a
rise in trading of crude and refined products has been a boon to In terms of government services and international trade, the
Oil & Petrochemicals product analysis. The Group continues to Group’s strategy is based on supporting the transition to single
expand in this segment, reinforcing its market share in inspections windows. Recommendations by international organizations
and tests of marine cargo by deepening its geographic footprint encourage governments to set up secure web platforms to
and opening new sites. The Group’s strategy is also to develop its restructure and simplify government services. “Single windows”
laboratory testing for lube oil, marine fuel and natural gas, and to facilitate transactions and also deliver efficiency gains and cost
manage laboratories outsourced by clients. savings. Bureau Veritas assists players in their modernization drive
and helps them to manage change. Single windows have been
introduced as part of public-private partnerships.

1.6.4 Industry
2017 2017
1
18% Industry
23 % Industry
A portfolio of services covering the entire ● independent third-party certification of equipment or facilities,
in accordance with regional, national or international
asset lifecycle regulations;
Bureau Veritas supports its industrial clients by conducting ● services related to production continuity and asset integrity
conformity assessments for equipment and processes throughout management during the operation phase (opex) in order to
the entire life of any types of industrial facilities. This involves optimize asset performance, reduce risk and minimize costs.
verifying the quality of equipment, the reliability and integrity of These services include regulatory and voluntary inspections and
assets, the safety of processes and their compliance with client audits during the operation of industrial facilities, asset
specifications, as well as with national and international management solutions, non-destructive testing during
regulations and standards. shut-downs, and measurement of fugitive emissions;
The solutions offered by Bureau Veritas fall into four main ● HSE services for industry, technical training of staff, and the
categories: delivery of qualifications relating to technical standards and
client specifications.
● assistance for industrial projects during the engineering and
construction phases (Capex), including design review, risk and
safety studies, reliability studies, and shop and on-site
inspections, from design to commissioning;
Decommissioning or handover Feasibility and engineering

Risk analysis Risk analysis
Technical due diligence Reliability studies
On-site supervision Design review and approval
Operational safety
6 1
CAPEX
OPEX
Modification Procurement
Management of change verification
Fitness for service 5 2 Supplier assessment
Equipment certification
Lifetime extension Shop inspection
Operation 4 3 Construction
QHSE management services Code compliance
Asset integrity management services On-site supervision
Periodic inspection Operational safety

Broad coverage of industrial markets REVENUE BY GEOGRAPHIC AREA
Bureau Veritas’ Industry services cover many different sectors,

including Oil & Gas (upstream, midstream, downstream),
representing around 38% of revenue in 2017, as well as Power &
Utilities (nuclear, thermal and renewable energies, gas for urban
supply, water supply systems, waste management), Chemicals
South
America 21% 22% Europe
and Processing (cement, paper, etc.), Manufacturing (equipment,

machines, modules), Metals & Minerals, Transport and Logistics
(aeronautics, rail, terminals, port facilities, containers, etc.) and
Automotive.
In the Automotive sector, Bureau Veritas offers a portfolio of
services covering the entire supply chain, from automaker to end
2017
user (damage inspection on new vehicles, inventories of vehicles
at car dealers and of agricultural machinery, mandatory technical North
20% 17%
inspections of used vehicles, vehicle insurance damage America Africa,
Middle East
inspections, etc.).
A fairly diversified client base Asia Pacific 20%

Bureau Veritas serves a wide range of industrial firms across the
value chain: asset owners and managers, engineering firms
(EPC contractors), construction sites and equipment Key market growth factors
manufacturers. The Group acts as an independent third-party
player, second-party inspector, technical consultant or external The market for TIC services for Industry is highly fragmented due
contractor for managing the QHSE and Code compliance aspects to the diversity of end markets, and is defined by a large number
of a given project. of local firms and few large global players. The Group believes it
was the world’s leading provider of industrial inspection and
Bureau Veritas’ clients are large international corporations certification services in 2017.
operating worldwide and regional leaders of various sectors, as
well as a considerable number of small local firms within each The factors Bureau Veritas sees as driving market growth are as
country. The Group provides an effective response to the needs of follows:
its clients through its targeted sales and marketing strategy, with ● The number of industrial projects and the development of new
the Group’s global network ensuring that each client receives the regions and industries: Bureau Veritas believes that
same high-quality service. To deliver on its mission, Bureau Veritas investments in industrial facilities and infrastructure will remain
has cutting-edge IT systems and tools, along with robust internal significant, particularly in high-potential economies. Most
quality and risk management systems. sectors should benefit from this trend with the exception of Oil
The Group’s biggest client in its Industry business operates in the & Gas, which has seen a fall in exploration projects amid low
Power & Utilities sector and accounts for around 5% of revenue. prices. The development of new industries such as renewable
energies, high-speed rail and urban transport also offers new
growth opportunities for the TIC market.
A global presence and significant exposure ● Opportunities regarding existing assets (opex services): amid
tighter financial conditions, industrial players are looking to
to high-potential regions prolong the life and use of their existing assets while reining in
operating costs. Certain clients are reconsidering outsourcing
Bureau Veritas’ Industry business is present across the globe. The control and inspection activities, thereby giving rise to new
Group is active in all major industrial countries (France, Australia, opportunities for growth. Industrial facilities are also equipping
the US, Italy, the UK, Germany, the Netherlands, Spain and Japan) themselves with more and more sensors and IoT, opening doors
and high-potential regions (Latin America, India, China, Africa, the to TIC industry for new services. All sectors including Oil & Gas
Middle East, South East Asia and the Caspian Sea countries). are benefiting from this trend.
The Industry business is reported in the Group’s CIF division, which
is managed by Global Service Lines.

● More and stricter regulations and standards at both regional In terms of diversification, it has identified key markets such as
and international level, along with the globalized nature of the Power & Utilities, Transport, Automotive and Chemicals, offering
supply chain, are making the operational environment significant growth potential.
increasingly complex for industrial firms.
To improve the recurring nature of its businesses, Bureau Veritas
● The growing emphasis placed on safety and environmental has rolled out an initiative to develop Opex services, particularly
risks, along with sustainable development issues in general, for the Oil & Gas, Power & Utilities, and Chemicals sectors. To
owing to their significant impact on a company’s brands and meet this objective, the Group will use and replicate the
reputation. Capex/Opex model which it has successfully rolled out in other
businesses, with key account management in particular helping to
● New digital tools/technology solutions (sensors, drones and
increase its market share with existing clients. New services
other robotics) such as a Cloud-based platform combining
related to digital asset management should also help capturing
automated data collection and artificial intelligence techniques
recurring business and securing long term client relationship.
to bring continuous industrial risk management/integrity
assessment to a new level for asset owners. The automotive market is experiencing deep-seated changes with
the relocation facing the shift of production and consumption to
emerging countries and the move to “smart/connected” cars and
electric technology. These trends will generate additional needs
A strategy focused on diversification,
balancing Capex and Opex services, and more
recurrent businesses such as Automotive
for TIC services. Bureau Veritas has built a robust presence in
supply chain services, electronics and connectivity over the last
five years. It aims to leverage these key areas of expertise and
1
further round out its portfolio of services to become a recognized
The Group will leverage its top-ranking position on the global player in this sector.
market for inspection and asset management services for industry
in order to continue diversifying its industry exposure and
increasing its market share in Opex services.
1.6.5 Buildings & Infrastructure

Bureau Veritas services in Buildings & Infrastructure cover the GROUP REVENUE
entire construction value chain. The Group’s solutions are
structured to support the life cycle of the different assets, from
planning and design, through procurement of components,
equipment and services to construction and operation. In other
words, the Group is operating from the capital expenditures
(Capex) to the operational expenditures (Opex).
In particular the Group’s services are composed by two main areas
of specialization: “In-Service Inspection & Verification” (around
40% of the divisional revenue) focusing on the periodic inspections
required by regulations of the different equipment and assets, and
“Construction services” (around 60% of the divisional revenue)
providing independent technical assistance, control and 2017
supervision in planning, design construction and operation stage.
In-service inspection and verification services are related to Opex
while the Construction services are mainly related to Capex.
24%
The Buildings & Infrastructure business is reported in the Group’s Buildings
CIF division, which is managed by Global Service Lines. & Infrastructure

GROUP ADJUSTED OPERATING PROFIT in various fields including structure, envelope, electrics, fire safety,
air conditioning, heating, elevators and lifting equipment, pressure
equipment, indoor air quality and acoustics. The in-service
inspection and verification services are recurrent, owing partly to
the periodic inspections required by regulations and partly to the
fact that the condition of an in-service real estate asset changes
on an ongoing basis and therefore requires regular inspections. As
a result, most of the Group’s business comes from multi-year
contracts or contracts that are renewed from year to year.
The service offering covers all types of buildings and facilities,
particularly residential buildings, commercial buildings (offices,
2017 hotels, hospitals, stores and supermarkets, logistics warehouses,
industrial buildings, multipurpose complexes) public buildings,
sports and leisure facilities.
The service also includes inspections in all type of equipment and
assets related to infrastructure segments like road, rail, port,
logistic center and airport.
Buildings
& Infrastructure 23% The Group has a global coverage of the in-service inspection and
verification services. It mainly operates in mature countries
(France, the UK, Spain, the US and Japan), but has also developed
an important presence in certain high-potential markets in recent
years (China, Brazil, India and the United Arab Emirates).
REVENUE BY GEOGRAPHIC AREA
World leader
South America 5%
The Group believes that it has a number of advantages that have
North America 8% enabled it to carve out a position as global leader of the In-Service
Inspection & Verification market:
● it is able to provide a comprehensive offering both to local and
international clients, leveraging its broad geographic coverage
and the diverse technical capabilities of its local teams, which
23%
Asia Pacific allow it to offer a full range of mandatory inspection services;
(incl. China 17%) 2017 ● it is involved in the construction phase for certain assets,
making it ideally placed for in-service work;
● it boasts unrivaled technical expertise based on leading-edge
methodological tools and technologies. The use of an integrated
suite of tools has raised the quality of the service provided to
Africa,
Middle East 4% 60% Europe
(incl. France 45%) clients; and
● its established position in the market gives it access to
historical data and statistics that are used to improve collective
knowledge.
IN-SERVICE INSPECTION AND VERIFICATION

(OPEX) A market that benefits from structural growth
drivers
A portfolio of services aimed at improving the
quality, safety and performance of buildings The growing global market for In-Service Inspection & Verification
and infrastructure in operation is driven by:
● ongoing growth in global real estate;
Bureau Veritas’ mission is to provide independent assistance to
clients such as asset owners, operators and managers, in order to ● the growth of high-potential markets, where the emergence of
help them attain their performance, safety and regulatory the middle classes has resulted in more demanding
compliance objectives when operating their real estate assets, by expectations in terms of quality of life and the performance of
reference to the best international practices. buildings and facilities;
Bureau Veritas designs a suite of services tailored to the needs of ● the development of new technologies for buildings and facilities
its clients and their environment (the type of parties involved, and their operation;
local regulations, operating and maintenance techniques), using
● the outsourcing by public authorities of certain mandatory
the best inspection, testing, critical data analysis and online
building and facility inspections.
reporting tools. The Group has an international network of experts

A strategy focused on geographic expansion, including geotechnics, foundations, cement, asphalt, steel, wood
and mixed woods, seismology, vibration, fire safety, facades,
innovation and productivity gains vulnerability analysis, waterproofing, air conditioning, heating,
electrics and elevators.
Continuing to improve the geographic balance
The portfolio of services covers all types of buildings and
The Group has built a solid network in the main high-growth infrastructure, particularly residential buildings, commercial
countries. It has developed its presence by supporting the buildings (offices, hotels, hospitals, stores and supermarkets,
international expansion of key international accounts and by logistics warehouses, industrial buildings, multipurpose
offering solutions for local markets. These include developing complexes), public buildings, road & highway, rail, port and airport
voluntary services in the Chinese market for large global clients, infrastructure, and sports and leisure facilities.
fire safety inspections in shopping malls in Brazil, and factory
inspections in India and South East Asia for the subcontractors of In order to limit exposure to the cyclical nature of construction
large international retailers. The business has also grown in the US, markets, the Group is rebalancing its positioning between mature
Canada (with the consolidation of Maxxam’s environment and high-potential countries, and has developed complementary
activities) and Japan (launch of periodic regulatory building asset management-related services such as infrastructure
inspections). inspection and monitoring, technical and environmental audits,
energy audits and assistance in obtaining “green” building
Developing services focused on performance

management assistance for real estate assets
certification. This strategy enabled the Group to mitigate the
impact of the construction crisis in Europe and France, which
remains one of the Group’s main markets.
1
Bureau Veritas participates in projects that require data Bureau Veritas operates in mature countries, France, the US and
processing capacities (Big Data) and new systems that collect Japan. It has also strongly expanded its presence in a number of
information using sensors. The Group has therefore adapted its high-potential markets such as China, India, Brazil, Singapore,
knowledge-sharing, technical support and connected tablet Russia, the United Arab Emirates, Saudi Arabia and several
reporting tools for its technicians and engineers, as well as for its countries in Africa.
clients, by making the data available online and interfacing it with In particular, China is today one of largest operation in
maintenance management tools. constructions services for Bureau Veritas with more than 3,000
The Group is also developing specific inspection based on Remote engineers and technicians located in 30 Chinese cities.
Connected Assistance Devices that are allowing its staff to
interact with another remotely and to improve the capacity of an
inspector on field.
A global leader in compliance assessment
for the construction market
Service quality excellence and improved
profitability Although local by definition, compliance assessment for the
construction market reflects certain key global trends such as:
Optimization of the services portfolio and the roll-out of lean
management has led to a significant improvement in the quality of ● the increasing urbanization of high-potential countries, which
services and profitability in certain key countries. The aim is to has given rise to “mega cities” and major infrastructure needs;
continue these efforts and to deploy these best practices in all
countries. ● he emergence of the middle classes in these countries, which
has resulted in more demanding requirements in terms of
quality of life and performance of buildings and facilities;
CONSTRUCTION (MAINLY “CAPEX”)
● stricter sustainable development requirements in mature
economies;
A portfolio of services aimed at improving
the quality, safety and performance ● regulatory changes;
of construction projects ● new construction methods, particularly Building Information
Modeling (BIM) and increased automation of construction
Bureau Veritas’ mission is to provide independent assistance to processes.
clients such as supervisory authorities, developers, investors,
engineers and construction firms, and help them attain the quality,
safety and performance objectives for their projects while
complying with regulations and the best international standards.
A strategy focused on improving the
geographic balance of activities and
Bureau Veritas builds a range of services tailored to the needs of
its clients and their environment (project development, local developing an innovative portfolio of services
regulations, design and construction techniques), combining the
best design review and testing techniques for the production and Bureau Veritas is currently a leading player in the construction
pre-production phases and the best calculation, supervision & market. To continue growing, it is rolling out the model it
project management tools. The Group has an international successfully developed in mature markets – particularly in Europe
network of experts in all infrastructure and buildings segments – to regions with high potential, and expanding its innovative
with high professional experience in several technical fields service offering.

Expansion in markets with strong growth exposure (90% of EMG revenue is Opex related services) and thus
potential reducing the Group’s Oil & Gas weight in the United States.
The portion of revenue from high-potential countries increased

from 10% in 2011 to more than 50% in 2017. The Group has built An innovative portfolio of services tailored
up a solid network in the main countries concerned. In China, the to new client requirements
Group has developed regulated businesses thanks to its 2012 Bureau Veritas has developed its portfolio of services in response
acquisition of Huaxia, its acquisitions of Shangdong Chengxin and to new client requirements regarding new technologies. The Group
Shanghai TJU Engineering Services in 2015, and its voluntary is involved in a number of projects designed using Building
Project Management Assistance assignments. In 2016 and 2017 Information Modeling systems in both Europe and China and is
the Group further expanded its footprint in China, acquiring adapting its services and internal tools to this collaborative design
Chongqing Liansheng and Shanghai Project Management. methodology.
In 2014, the acquisition of Sistema PRI bolstered the Group’s Assisted by its main clients, Bureau Veritas developed Building in
presence on the facilities market in Brazil and has since helped this One™, a cloud-based information exchange platform. This
business expand into other South American countries. manages building-related data by creating a virtual building that
The acquisition of INCA in Mexico, at the end of 2017, will allow can be accessed by all stakeholders in the property chain.
the Group to create a multidisciplinary B&I platform in North Latin As for the infrastructure asset management services, the Group in
America, including also an high recognized specialization in both Brazil is performing an integrated technical assistance to one of
Capex and opex highway services. the largest highway concessionaire in the country for monitoring
The Group’s position in the US has also been strengthened with and controlling the status of the different assets comprising the
the acquisition of Primary Integration Solution, leader in building highway infrastructure.
commissioning and operational risk management services for data In the framework of the different assignments that Bureau Veritas
center facilities. is performing in the Grand Paris Express construction project,
Bureau Veritas has also reinforced its presence in Australia with Bureau Veritas is also carrying out specific services on the
the acquisition at the end of 2017 of McKenzie Group, the Vulnerability Assessment of the urban area affected by the
Australian leader in mandatory property compliance services. construction of metro lines.
In March 2018, Bureau Veritas acquired EMG (around €70 million The Group is also developing its services for sustainable buildings.
of revenue), a provider of technical assessment and B&I project For example, Green Rating™, an environmental performance
management assistance services in the U.S. The latter: i) brings benchmarking tool for buildings, now covers new social
the Group in the US a new expertise with sizeable platform for responsibility requirements. Elsewhere, a partnership agreement
technical assessment and project management assistance; ii) was signed with the US Green Building Council (USGBC), founder
enhances its growth profile and resiliency by increasing its Opex of the LEED™ certification system, in order to support its
international development.

1.6.6 Certification
Certification 8%
2017 8% 2017
Certification
1
A full range of customized audit ● training: accredited by the Chartered Quality Institute (CQI) and
the International Register of Certificated Auditors (IRCA), the
and certification services Certification business also offers training in quality, health and
safety, environment, social responsibility, food safety,
As a certification body, Bureau Veritas certifies that the QHSE information system security, business continuity management
management systems utilized by clients comply with international and energy management.
standards, usually ISO norms, or with national, segment or large
company-specific standards.
The Certification business provides a global and integrated REVENUE BY BUSINESS SEGMENT
offering, including:
● QHSE management system certification services: Quality
(ISO 9001), Environment (ISO 14001), and Health and Safety
(OHSAS 18001);
Customized Solutions
● certification services in accordance with specific sector & Training
schemes, in particular for the automotive industry 26%
(ISO TS 16949, replaced by the IATF), aeronautics (AS 9100),
rail (IRIS), Agri-Food (IFS, ISO 22000, HACCP – management of
food health and safety), the forestry/wood sector (FSC/PEFC),
and health services. In France, Bureau Veritas also provides
44% QHSE
label certification services in the Agri-Food sector (e.g., Label
Rouge, Agriculture Biologique (AB) and Origine France Garantie); 2017
● environment-related services: verification of sustainability
practices in the fields of climate change (EU ETS), energy
management (ISO 50001), biomass and biofuel sustainability
(EU Directive on Renewable Energy), carbon footprinting
Supply Chain &
30%
(ISO 14064, PAS 2050), social responsibility (SA 8000,
Sustainable Development
ISO 26000) and sustainability reporting (AA 1000, GRI);
● customized certification and second-party audits, based on
standards defined by clients to audit or certify their network of
franchisees, resellers, stores or suppliers;

A resilient market Thanks to its global presence, Bureau Veritas is ideally placed to
help its clients develop in high-potential regions, particularly in
The Certification market has seen steady growth in line with Asia. The Certification business helps build company trust in these
growth in the world economy. This is due to the fact that emerging markets upstream of the supply chain.
Certification covers a wide variety of sectors and has a significant The Certification business is reported in the Group’s CIF division,
development potential on account of a still-low penetration rate which is managed by Global Service Lines.
in the corporate market.
Certification is also a very resilient market. Most contracts run on Bureau Veritas boasts strong competitive
a three-year cycle, with an initial audit phase during the first year advantages:
and further audits carried out during annual or semi-annual
supervisory visits in the following two years. The certification ● a broad, diverse offering covering all certification services,
process is generally renewed by the client for a new cycle after a meeting needs specific to the main business sectors and
period of three years. The average attrition rate observed for providing innovative, customized solutions to companies
these three-year certification missions is low. It is less than 10% wishing to improve their performance;
and mostly reflects clients who have discontinued their business,
● a global, coherent network of qualified auditors in all major
who no longer seek to be active in the markets for which
geographic regions, allowing Bureau Veritas to have critical
certification was required or who have reduced and consolidated
mass in local markets, along with the ability to manage
their numerous certification programs into one single program.
large-scale contracts through regional hubs;
Since September 2015, companies have been adapting their
● expertise universally acknowledged by over 50 national and
Management Systems to meet the new ISO 9001 and ISO 14001
international accreditation bodies;
standards, which bring more added value because they involve a
company’s entire management team, developing risk ● one-stop-shop offer: thanks to its very broad range of
management and allowing for standards to be more easily expertise, Bureau Veritas Certification simplifies management
assimilated. At the end of 2017, the number of companies for the most complex projects (multiple certifications,
transitioning to these new standards had picked up pace. In 2017 international issues, etc.);
transportation companies began their transition to the new IATF
standard in the automotive industry, which replaces ISO ● efficient report management tools, enabling customers to
TS 16949, the revised AS 9100 standard in the aeronautics consult audit results for all of their sites throughout the world
industry, and the new ISO/TS 22163 standard in the rail industry. and monitor key indicators such as the number of audits
already planned, incidents of non-compliance, certificates
issued and invoicing; and
a certification brand that is known and respected across the
A diversified client portfolio ●
globe as a symbol of expertise and professionalism, enabling
clients to enhance the image of their company and gain the
The Group manages a large volume of certificates (over 142,000
confidence of their customers and partners.
certificates currently valid) for three types of client:
● large international companies, most commonly for external
certification assignments of their management systems
covering all of their sites worldwide;
A strategy focused on key accounts and new
product development
● large national companies seeking to improve their performance
and enhance their reputation by certifying their management
systems; and
Increase business with key accounts
● small and medium-sized companies for which management The Certification market is still fragmented and is expected to
system certification may be a condition of access to export, consolidate as large international corporations entrust their
public procurement, and high-volume markets. system certifications to a limited number of certification bodies.
The aim is to simplify and harmonize the certification process,
The Certification portfolio is very diversified. The Group’s biggest obtain more visibility over their operations, better deploy and
Certification client represents less than 1% of the business’s assimilate standards and reduce direct and indirect costs related
revenue. to the audits.
Leveraging its global footprint, Bureau Veritas is ideally placed to
address this new market need. Bureau Veritas is one of the few
Market position companies able to offer global certification to the main standards
used by large international corporations.
A front-ranking player
Bureau Veritas is a leader in Certification along with a few other
global companies. The market is still fragmented, with more than
two-thirds of the world’s Certification business conducted by local
and/or small firms.

Development of new products and services field concern cybersecurity and protection of personal data. In
sustainable development, Bureau Veritas helps companies verify
To assist its clients in implementing the revised ISO 9001, 14001, their environmental footprint, social responsibility commitments
IATF and AS 9100 standards, Bureau Veritas has developed and sustainable development reports.
bespoke client services which include online training,
self-assessment tools and pre-audits in order to prepare and Bureau Veritas is also stepping up the drive to digitalize its
facilitate their transition to the new requirements. services through several solutions. These include e-learning
solutions for training services, the launch of an e-commerce
Other new products round out its existing offering in several platform allowing small and mid-sized business clients to
critical areas. In risk management, the Group has launched purchase their certification services directly online and benefit
solutions covering business continuity, asset management and the from solutions tailored to their needs, and e-certificates, the new
fight against corruption. The Group’s new offerings in the digital secure digital certificates from Bureau Veritas.
1.6.7 Consumer Products

1
14%
Consumer
Products
22%
Consumer
Products
2017 2017
A portfolio of services covering the entire comply with regulatory safety standards or with voluntary or
industry standards of quality and performance, including as
consumer products manufacturing and supply regards connectivity and safety.
chain
The main product categories include:
The Group provides quality management solutions and ● textiles (clothing, leather goods, footwear);
compliance assessment services for the consumer products
manufacturing and supply chain. These solutions and services, ● hardlines (furniture, sporting and leisure goods, office
which include inspection services, laboratory testing and product equipment and supplies) and toys;
certification as well as production site and social responsibility ● electrical and electronic products such as domestic appliances,
audits, are provided to retailers, manufacturers and vendors of wireless and smart devices (tablets, smart phones, applications
consumer products. and connected objects) and automotive products (parts,
Services are provided throughout the clients’ manufacturing and components and on-board systems).
supply chains to ensure that products offered to the market

REVENUE BY PRODUCT CATEGORY Usually, the Group is accredited by a client-retailer as one of two
or three inspection and testing companies (generally its major
competitors) designated as an “approved supplier”. In this
situation, manufacturers and vendors can choose which company
will inspect and test their products.
33%
Electrical
& Electronics (E&E)
Softlines 36% A market driven by innovation and new

regulations
2017 The Group believes that the market will benefit from the following
factors:
● the development of new products and technologies that will
have to be tested;
● shorter product lifecycles and time-to-market, as
demonstrated by the swift adoption of wireless/smart
technologies and their emergence in all types of products;
31% Hardlines, Toys,
Audits
● the continuing tendency of retailers to outsource quality
control and product compliance assessment;
● stricter standards and regulations regarding health, safety, and
environmental protection;
The Group provides services:
● the emergence of new requirements linked to wireless
● during a product’s design and development: verification of
integration systems in terms of connectivity, interoperability,
product performance, advice on regulations and standards
safety and quality of service;
applicable in all countries across the globe, assistance in
defining a quality assurance program; ● growing demand from middle-class consumers in emerging
countries for safer, higher-quality products;
● at the sourcing stage for materials and components:
inspections and quality control tests for materials and ● the gradual opening up of previously unexploited markets (India
components used in manufacturing the product; and China) to foreign players;
● at the manufacturing stage: inspections and tests to assess ● the migration of manufacturing facilities to South Asia
regulatory compliance and product performance, as well as (Bangladesh, India, Pakistan, Sri Lanka) and South East Asia
compliance of product packaging, factory audits with respect to (Cambodia, Indonesia, Malaysia, Myanmar, the Philippines,
quality systems and social responsibility; and Vietnam).
● at the distribution stage: tests and assessment of compliance
with specifications, and comparative tests with equivalent
products. Leading positions in key market segments
A concentrated and loyal client base The Group is one of the three world leaders in consumer products
testing, with leadership positions in textiles, clothing and hardlines
The Group provides its services to retailers, brands and including toys. More recently, the Group has strengthened its
manufacturers throughout the world, but mainly in the US and positions in the Electrical & Electronics segment, and more
Europe for products they source from Asia. Retailers in emerging specifically in SmartWorld and wireless testing (mobiles,
countries in Latin America, China and India are also enjoying rapid connected devices) and for automotive products.
growth, and the Group has recently developed its business with
local Asian clients and manufacturers.
A particularly robust presence in the US
Most of the revenue from this business is traditionally generated
by around 100 key accounts. The 20 largest clients represented The Group distinguishes itself from competitors by its robust
just under 30% of the revenue for this business in 2017. presence in the US and its deep penetration of the large US
retailer market, which has resulted from the successful integration
of two US companies: ACTS, the US leader for testing toys and
products for children, acquired in 1998; and MTL, the US number
one for testing fabrics and clothes, acquired in 2001.

Growth in market share in Europe A breakthrough in wireless technologies
business in Europe has grown significantly over the past few years,
and SmartWorld
mainly in France, Germany and the UK, which have become Innovation remains one of the key factors driving growth. The
important markets. The Group continues to expand its activities SmartWorld initiative was launched to address growth
and skills in Europe to reinforce its client base and optimize its opportunities resulting from the exponential growth in the number
position in the toys and hardlines testing segment. In December of connected devices, as regards both equipment testing as well
2015, Bureau Veritas strengthened its foothold in Italy following as new connected services and data security.
its acquisition of luxury product testing laboratory, Certest.
Thanks to its acquisition of 7layers in Germany in January 2013,
the Group became one of the world’s leaders in wireless/smart
A growth strategy focused on domestic markets technologies. Working hand-in-hand with a broad spectrum of
in Asia industries involved in the continuous improvement and increased
usage of wireless communications technologies, devices, services
To adapt to a market in Asia which is driven increasingly by and applications for all facets of modern life, in early 2017, the
domestic consumption rather than by exports, the Group has Group strengthened its foothold on this market by acquiring
devised a plan to develop its activities on fast-growing domestic Siemic, one of the main telecoms testing and certification bodies
markets and particularly China. This means growing organically, in the United States. In December 2017, Bureau Veritas acquired
such as with the 2016 opening of a test circuit for tires in China's
northern Zibo region, and through acquisitions, partnerships or
joint ventures with local firms. Leveraging its leading position
South Korea-based ICTK, enabling it to penetrate the fast-growing
market for smart payment testing and certification services.
Growth in this market is buoyed by strong consumer demand for
1
among global luxury brands, Certest also helps foster growth with contactless and mobile payments.
international brands accessing emerging markets across Asia.
A new platform in the Automotive sector

Unique supply chain quality management
solutions The automotive market is facing the shift of production and
consumption to emerging countries and the move to “connected”
The Group believes that its “BV OneSource” service offering is a cars and electrical technology. These trends will generate
unique and innovative solution for customers seeking an additional needs for TIC services.
integrated solution for global supply chain quality and information
management. BV OneSource offers real-time tracking of the The majority stake acquired in VEO, a China-based automotive
status of tests and inspections conducted on products and audits conformity assessment body, testifies to the Group’s growth push,
of facilities, as well as immediate access to applicable regulations aimed at offering Chinese automakers and parts suppliers a
and reports. This digital platform is an analytical tool that helps genuine single window solution for both domestic and export
customers manage their risks, protect their brand and access markets. Bureau Veritas’ acquisition of IPS Tokai Corporation in
better information on their sourcing. late 2017 provides it with its first laboratory in the technology
testing market in Japan. The acquisition will enable the Group to
help equipment manufacturers meet their compliance and
performance requirements for current and future electric and
connected vehicles.

1.7 Accreditations, approvals and authorizations
1.7 Accreditations, approvals

and authorizations
To conduct its business, the Group has numerous licenses to operate (“Authorizations”), which vary depending on the country or business
concerned: accreditations, approvals, delegations of authority, official recognition, certifications or listings. These Authorizations may be issued
by national governments, public or private authorities, and national or international organizations, as appropriate.
Marine & Offshore (M&O) division

The Group is a certified member of the International Association of Classification Societies (IACS), which brings together the 12 largest
international classification societies. At European level, Bureau Veritas is a “recognized organization” under the European Regulation on
classification societies and a “notified body” under the European directive on marine equipment. Bureau Veritas currently holds more than
150 delegations of authority on behalf of national maritime authorities.
Commodities, Industry & Facilities (CIF) division

Industry & Facilities Then, the business is accredited by the International Motor Vehicle
Inspection Committee (CITA) for vehicle inspections.
The Group has more than 150 accreditations issued by numerous
national and international accreditation organizations, including
COFRAC in France, ENAC in Spain, UKAS and CQI in the United Commodities
Kingdom, ANAB in the United States, JAS-ANZ and NATA in
Australia and New Zealand, INMETRO in Brazil, ACCREDIA in Italy, The Group is a member of several industry organizations including
DAkkS in Germany, RVA in the Netherlands, BELAC in Belgium, the International Federation of Inspection Agencies (IFIA), the
INN in Chile and DANAK in Denmark. These accreditations cover American Association of Analytical Chemists (AOAC), the
both its certification activities and its inspection and testing American Chemical Society (ACS), the American Petroleum
activities. Institute (API), the American Society for Quality (ASQ), the
The Group is also a notified body under European directives and American Society of Safety Engineers (ASSE), the American
holds more than 300 approvals, certifications, official Society for Testing and Materials International (ASTM
acknowledgments and authorizations issued mainly by International), the National Conference on Weights and Measures
government organizations. The main international approvals (NCWM), the American Fuel & Petrochemical Manufacturers
concern pressure equipment, transport equipment for hazardous (AFPM), the Energy Institute (EI), and the International
goods, building materials, Agri-Food products and environmental Organization for Standardization (ISO). Bureau Veritas is also a
measures. member of various ISO technical committees including those on
iron ore, non-ferrous concentrates, copper and copper alloys.
All such accreditations and approvals are regularly renewed upon
expiration. The Group is US-customs bonded and approved and is also
accredited by the American Association of State Highway and
Each of the Group’s businesses has set up an organization Transportation Officials (AASHTO) for laboratory asphalt testing.
dedicated to managing and monitoring these authorizations on a Certain minerals laboratories are included as listed Samplers and
centralized basis, and the authorizations are subject to regular Assayers by the London Metal Exchange (LME) and as
audits by the authorities concerned. Obtaining, renewing and Superintendents and Facilitators by the London Bullion Metals
maintaining these authorizations must be justified by qualitative Association (LBMA). The Group is also approved as a “Good
and quantitative criteria concerning the independence, Delivery Supervising Company” by the London Platinum &
impartiality and professional capabilities of the beneficiaries, such Palladium Market (LPPM). Certain Agri-Food laboratories are
as proof of (i) experience in the field concerned over a certain accredited by the Federation of Oils, Seeds and Fats Associations
length of time, (ii) the existence of trained and qualified technical (FOSFA) and the Grain & Feed Trade Association (GAFTA). Bureau
personnel, and (iii) a quality control system as well as technical Veritas is also accredited by the Sugar Association of London
resources and methodologies that comply with applicable (SAL) and the Federation of Cocoa Commerce (FCC), as well as by
standards such as ISO/IEC 17020 for inspection companies, a number of other relevant national and international associations
ISO/IEC 17021 for management system certification bodies or and organizations in various countries.
ISO/IEC 17065 for products and services, or those relating to
testing and calibration laboratories (ISO/IEC 17025).

1.8 Material contracts 1
Most of the Group’s US laboratories are also accredited by the US authorities. As of December 31, 2017, the division had some fifty
Environmental Protection Agency (EPA) to carry out fuel tests on government contracts.
EPA-regulated products such as fuel oil and gas.
For its PSI (Pre-Shipment Inspection) and VOC (Verification of
For government contracts, authorizations to conduct business are Conformity) activities, Bureau Veritas is ISO 17020-accredited by
issued as delegations or concessions granted by national COFRAC (the French Accreditation Committee).
governments in contracts entered into with government
Consumer Products (CPS) division

The Group holds the following principal authorizations and (KAN), Thai Industrial Standards Institute (TISI), Vietnam
accreditations: American Association for Laboratory Accreditation Laboratory Accreditation Scheme (VILAS), CTIA Authorized
(A2LA), French Accreditation Committee (COFRAC), Zentralstelle Testing Laboratory (CATL), PCS Type Certification Review Board
der Lander fur Sicherheitstechnik (ZLS), Hong Kong Laboratory (PTCRB), Global Certification Forum (GCF), Bluetooth Qualification
Accreditation Scheme (HOKLAS), IEC System for Conformity Test Facility (BQTF), Bluetooth Qualification Expert (BQE), NFC
Testing and Certification of Electrical Equipment (IECEE), National
Environmental Laboratory Accreditation Program (NELAP),
Singapore Laboratory Accreditation Scheme (SINGLAS), United
Forum Authorized Test Laboratory, WiFi Alliance Authorized Test
Laboratory, Federal Communications Commission (FCC), Industry
Canada (IC), Car Connectivity Consortium (CCC), OmniAir
1
Kingdom Accreditation Services (UKAS), China National Authorized Test Laboratory (OATL), LoRa Alliance Authorized Test
Laboratory Accreditation for Conformity Assessment (CNAS), House (ATH), Sigfox Accredited Test House, Thread Authorized
Deutsche Akkreditierungsstelle Chemie GmbH (DACH), Deutsche Test Lab, Wireless Power Consortium for Qi certification (QI),
Akkreditierungsstelle GmbH (DAkkS), AKS Hannover, Japan EMVCo Service Provider, Visa Recognized Testing Laboratory,
Accreditation Board (JAB), National Accreditation Board for Agence Nationale de Telocommunications du Brésil (ANATEL) and
Testing and Calibration Laboratories (NABL), Pakistan National Institut National de Métrologie, Qualité et Technologies
Accreditation Council (PNAC), Laboratory Accreditation (INMETRO).
Correlation and Evaluation (LACE), Komite Akreditasi Nasional
Each of the Group’s businesses has set up an organization dedicated to managing and monitoring these authorizations on a centralized
basis and the authorizations are subject to regular audits by the authorities concerned. Obtaining, renewing and maintaining these
authorizations must be justified by qualitative and quantitative criteria concerning the independence, impartiality and professional
capabilities of the beneficiaries, such as proof of experience in the field concerned over a certain length of time, the existence of trained and
qualified technical personnel, and an internal quality control system conforming to applicable standards, such as the EN 4005 standard for
inspection companies.
1.8 Material contracts

In light of the nature of its business, as of the date of this Registration document the Company has not entered into material contracts
other than those entered into in the ordinary course of business, with the exception of the loans described in the Sources of Financing
section in Chapter 4 – Management report of this Registration document.

1.9 Research and development, innovation, patents and licenses
1.9 Research and development,

innovation, patents and licenses
As part of its research and innovation strategy, the Group carries ● its partnership with industrial joint research centers like IRT
out experimental development activities on strategic projects that Jules Verne and with academic laboratories such as that of
aim to bolster its positioning or enable it to capture new markets. École centrale de Nantes for developing digital solutions for
innovative hydrodynamic studies;
The Group’s R&D strategy is rolled down through:
● its involvement in subsidized joint projects, notably those
● a research partnership with the French Alternative Energies and
financed by the Single Interministerial Fund, and its replies to
Atomic Energy Commission (CEA), with which ten or so projects
European calls for projects;
are carried out each year on issues as varied as cybersecurity,
smart grids and the Internet of Things; ● its participation in the IEC System for Certification of Standards
Relating to Equipment for Use in Renewable Energy
● its membership of the Consortium Factory Lab, which is a
Applications;
cluster of public research laboratories, global industry leaders
and companies developing innovative technologies. This Lab ● the shift of its businesses and solutions to digital media, with
looks at areas such as the factory of the future, physical and the development of future inspectors and inspection services.
cognitive assistance for operators, and process/testing
The Group is eligible for the research tax credit in France within
automation;
the framework of its business activities. This tax credit is similar to
● contracts with innovative technology start-ups and industry a subsidy in that it is refundable even if it exceeds the amount of
players to develop common interest projects such as remote tax payable. Accordingly, it is included in current operating profit.
assistance and support;
A €2.5 million research tax credit was recognized as a subsidy in
● its involvement in the work of the European Cyber Security the 2017 consolidated financial statements.
Organisation (ECSO) within the context of an EU-driven
A total of €10.9 million in research and development costs
public-private partnership to define the technological roadmap
relating mainly to the Marine & Offshore business was recognized
for the cybersecurity sector;
under expenses in 2017.
1.10 Information and management systems

The Group’s IT department is responsible for: Management is organized around four continental hubs (Regional
Shared Services Centers): in Nantes (France) for the
● defining the Group’s technological architecture by outlining the
Europe-Middle East-Africa region and cross-functional solutions;
standards applicable to all businesses and regions in terms of
in Hong Kong for the Asia region; in Melbourne for the Pacific
software application development and network infrastructure;
region; and in Buffalo, New York, for the Americas region. These
● selecting, adapting, implementing, deploying and maintaining shared services centers manage the infrastructure for the global
integrated cross-functional solutions in all operating units network and provide different support services (help desks,
(email, collaboration tools, ERP finance, client relationship hosting, support, etc.) to their respective continents.
management, Human Resources and production systems, etc.);
A Global Shared Services Center has also been set up in India
● guaranteeing the availability and security of the infrastructure (Noida) with the aim of pooling certain cross-functional
and integrated solutions used by the Group; and operational support processes.
● managing the Group’s overall relationship with its main In 2017, the total expenses for the Group’s information systems
suppliers of equipment, software and telecommunications (excluding capital expenditure) represented 3% of the Group’s
services. consolidated revenue.

1.11 Risk factors 1
1.11 Risk factors
Investors are advised to carefully read the risks described in this the related risk management procedures on an ongoing basis.
chapter, as well as the other information contained in this Reports are regularly submitted to the Executive Committee and
Registration document. As of the date on which this Registration to the Board of Directors’ Audit & Risk Committee.
document was filed, the risks presented below are the main risks
Internal control and risk management procedures in place within
which the Group believes could have a significant adverse effect
the Group are described in section 4.4, page 181, of this
on the Group, its business, its financial position, its results or its
Registration document.
outlook should they materialize. The occurrence of one or more of
these risks could result in a decrease in the value of the However, other risks may exist or may come to exist that are not
Company’s shares, and investors could lose all or part of their known by Bureau Veritas at the date of this Registration
investment. document, or that are considered at that date unlikely to have a
significant adverse impact on the Group, its business, its financial
The Group’s various operating departments and support functions
both within and outside France identify and assess risk along with
position, its earnings or its outlook were they to materialize.
1
1.11.1 Risks relating to the Group’s operations and activities
Risks related to the macroeconomic international trade, while Agri-Food & Commodities and Industry
are suffering from the effects of commodity price volatility, with
environment low oil prices triggering a slowdown in investment spending. These
factors could have a significant adverse impact on the Group’s
Description business, financial position, earnings or outlook.
The Group is present in almost 140 countries through a network
of over 1,400 offices and laboratories. Through its six global Risk management
businesses (Marine & Offshore, Agri-Food & Commodities,
Industry, Buildings & Infrastructure, Certification, and Consumer The Group’s presence on geographically diverse markets and in a
Products), the Group offers its clients services in numerous wide range of sectors reduce its sensitivity to a downturn in a
sectors of the economy. While the Group’s business is diversified given market.
and fairly resilient to different economic cycles, it is sensitive to The relevant indicators for measuring global trade volumes,
changes in the overall macroeconomic environment. Demand for investments and consumption are monitored by regional heads
the Group’s services, the price of those services and the margin and heads of the operating businesses. These data are reviewed
they represent, are directly related to the level of its clients’ by Group management at the time of the tri-annual operating
business activity, which itself is sensitive to global economic reviews, in order to anticipate changes and adjust the service
growth. offering and resources accordingly.
Developments in certain sectors of the world economy may also As part of its 2020 strategy, the Group has launched a series of
have a significant impact on some of the Group’s businesses. In Growth Initiatives aimed at further diversifying its exposure to
particular, developments in international trade could impact the different economic sectors, particularly towards consumer
Marine & Offshore, Agri-Food & Commodities and Industry products. This will help rebalance the Group’s business portfolio
businesses; investments in the oil and gas and mining sectors and make it more resilient.
could particularly impact the Industry and
Agri-Food & Commodities businesses; household consumption
could impact the Consumer Products business, and new building
construction in industrialized and fast-developing countries could Risks related to the geopolitical environment
impact the Buildings & Infrastructure business.
In light of the Group’s broad geographic presence, particularly in Description
emerging countries, its business may be sensitive to inflation Given the variety and number of regions in which the Group
trends, recession and financial market volatility in these countries. operates, including emerging countries in Asia, Latin America,
By impacting commercial flows between countries and reducing Africa and Eastern Europe, its businesses may be affected by
the technical obstacles to trade, free trade agreements could political change or instability (elections, referendums, etc.), social
have an adverse impact on demand for tests, inspections and unrest, terrorist attacks, riots, war and health crises. These risks
certification. could have an adverse impact on the viability or continuity of the
Group’s businesses in one or more countries.
Macroeconomic trends and an economic slowdown are currently
affecting several of the Group’s markets, for example Marine &
Offshore is affected by a decline in maritime transport linked to

1.11 Risk factors
Risk management Risk management

The Group endeavors to diversify the geographic footprint of its To reduce its exposure to the risks described above, the Group
businesses in order to reduce its exposure to the risks described endeavors to diversify the geographic footprint of its portfolio of
above. By engaging in ongoing diplomatic and commercial efforts, Government Services businesses and to structure its programs so
the Group is better able to anticipate crises, ensure that its that services are paid for by the operators and not by the relevant
contracts and agreements are secure with the help of its internal governments.
and external counsel, and contract certain insurance policies that
By engaging in ongoing intensive diplomatic and commercial
may be called on where appropriate.
efforts, the Group is also better able to anticipate crises and
Bureau Veritas has also set up an internal and external intelligence manage such risks if they were to arise.
unit to anticipate events, along with a crisis management
Lastly, Bureau Veritas seeks to secure its contracts as far as
procedure enabling all stakeholders to quickly respond to a crisis
possible with the help of its internal and external counsel and,
and limit any potential consequences. A Crisis Alert Committee
where appropriate, by taking out insurance policies against
has been set up for this purpose. It provides any manager facing a
political risks.
crisis situation with immediate assistance in organizing an
appropriate response.
To better protect itself against such risks, safety and security
plans also exist. In this respect, guides and information are Risks related to the Group’s competitive
circulated to raise awareness of safety and security issues, environment and innovation
training is given to safety and security teams, security at Group
sites is reinforced, and a travel ban is enforced for countries Description
considered high-risk.
The markets in which the Group is present are subject to intense
The Group cannot however ensure that it will be able to develop competition which could increase in the future.
and apply procedures, policies and practices allowing it to
anticipate or control these risks or manage them effectively. In The Group’s main competitors operate at national or global level
this case, its business, financial position, earnings or growth on one or more of the Group’s markets and may, given their scale,
prospects may be adversely affected. possess more financial, commercial, technical or Human
Resources than the Group. These competitors may in the future
adopt aggressive pricing policies, diversify their service offering or
develop increased synergies within their range of services. They
Risks related specifically to Government may develop long-term strategic or contractual relationships with
Services in the Agri-Food & Commodities current or potential clients in markets where the Group is present
business or seeking to develop its business, or even acquire companies or
assets representing potential targets for the Group. As a result,
Bureau Veritas could lose market share and its profitability could
Description be affected if it were unable to offer prices, services or quality of
Government Services (included within the Agri-Food & Commodities service at least comparable to those offered by its competitors, or
business), and in particular Pre-Shipment Inspection (PSI), if it were unable to take advantage of new commercial
Verification of Conformity (VOC) and Single Window (SW) solutions, opportunities. A sharp increase in competition on the Group’s
involve a relatively limited number of programs, contracts and markets could therefore result in decreased revenue, a loss of
accreditations (the “Contracts”) signed with or granted by market share and/or a decline in profitability, and could thus have
governments or public authorities. a significant adverse effect on the Group’s business, financial
position, earnings or outlook.
At the date this Registration document was filed, the Group had
around 50 Contracts, most of which involved services for In addition, on some Group markets which are currently
countries in Africa, the Middle East and Asia. These Contracts are fragmented, particularly Industry, Buildings & Infrastructure and
generally for a period of one to three years (or ten years for the Certification, there is a trend towards industry consolidation giving
single window). Many of them are subject to local administrative rise to major international groups. Over time, if the Group were
law and may be unilaterally terminated at short notice at the unable to take part in the market consolidation, its ability to meet
discretion of the government or authority concerned. They are its objectives may be affected. In such a case, this increase in
also subject to the uncertainties inherent in conducting business in consolidation or competition (e.g., greater competition in open
emerging countries, some of which have been or could be subject bidding) could impact the Group’s business and hence its ability to
to political or economic instability, sudden and frequent changes maintain and increase its market share.
in regulations, civil war, violent conflict, social unrest or actions of The Group’s competitiveness could also be adversely impacted if
terrorist groups. The suspension, cancellation or non-renewal of its innovation efforts proved inadequate relative to its
even a small number of these Contracts could have a significant competitors. The environment in which Bureau Veritas carries on
adverse effect on the Group’s business, financial position, earnings its businesses is in fact constantly changing owing to the
or outlook. emergence of new technologies and services. The Group may not
In addition, in executing the Contracts entered into with be able to anticipate these changes satisfactorily or make the
governments or public authorities, the Group may face difficulties technological adjustments needed to preserve its
in collecting amounts receivable, and the collection process could competitiveness, maintain a high level of performance and
prove long and complex. The non-payment or late or partial operational excellence, and best meet the needs and demands of
payment of substantial sums owed under these Contracts could its clients. This could have a significant adverse effect on the
also have a significant adverse effect on the Group’s business, Group’s business, financial position, earnings or outlook.
financial position, earnings or outlook.

1.11 Risk factors 1
Risk management The Group may also encounter difficulties and/or experience
delays in integrating acquired companies, due in particular to the
Bureau Veritas works tirelessly to ensure it remains a loss of clients, possible incompatibilities between systems and
world-leading provider of Testing, Inspection and Certification procedures (particularly accounting and control systems) or
services. Part of the central Corporate Development team is in corporate policies and cultures, the loss of personnel and
charge of innovation and strategy in close collaboration with the particularly senior management, and the assumption of liabilities
operating units and with the aim of strengthening the Group’s or costs, especially material litigation not foreseen at the time of
competitive edge. This team also carries out a periodic review of the acquisition.
the businesses and strategies of the Group’s major competitors in
the TIC industry so that these are factored into their strategic The Group’s competitors, as well as its financial investors and
approach. private equity funds in particular, could acquire companies or
assets representing potential targets for the Group, or could cause
Bureau Veritas has rolled out a large number of organic growth acquisitions sought by the Group to be more difficult or expensive.
initiatives in order to develop its business in the most attractive
market segments. Updates are given regularly on these initiatives, If the Group fails to pursue an active and competitive acquisition
mainly during tri-annual operating reviews. policy in comparison with other market players, its ability to meet
its revenue growth targets and to grow or maintain its market
To limit the impact of these risks, Bureau Veritas also carries out share could be affected, and this could have a significant adverse
acquisitions and develops partnerships on certain programs. In
2017 for example, it acquired INCA (Mexico), IPS Tokai
Corporation (Japan) and Primary Integration Solutions, Inc. (United
effect on the Group’s business, financial position, earnings or
outlook. 1
States), and signed a strategic partnership with Avitas Systems
(United States), a GE Venture, to launch inspection services driven Risk management
by advanced analytics. Bureau Veritas and the central Corporate Development team have
In innovation, a digital transformation plan was incorporated into a specific organization devoted to external growth operations.
the Group’s 2020 strategy. The first results of the plan This team is responsible for overseeing and managing the external
(integration of new technologies within the Group’s businesses, growth process through the Mergers and Acquisitions Committee,
creation of new offerings combining digital and personal services, which meets every two weeks to work with the operating groups
enhanced testing and certification capabilities for digital products and the central functions concerned to validate the acquisition
and services) are presented below in the “Risks related to targets. This team is also responsible for direct involvement with
technological change” section. the local teams during the negotiation and due diligence stages.
Management rules governing external growth transactions are
defined in a specific procedure. This procedure describes the steps
Risks related to Group acquisitions involved in evaluating and validating transactions, the requisite
documents (content of presentations, points to be covered,
financial analyses required) as well as the respective roles and
Description responsibilities of the operating departments and the
The Group’s external growth strategy is largely based on headquarters’ support functions. The different support functions
acquisitions of businesses or assets and on the creation of joint (Legal, Risk and Compliance, Audit and Acquisitions Services,
ventures or strategic alliances with local players, providing access Treasury and Financing, Tax and Consolidation) review and
to new markets and/or creating synergies with the Group’s approve projects before the Group makes any commitment.
existing businesses. External growth projects (acquisitions or divestments) worth
between €5 million and €10 million are reviewed by the Board of
The Group may not however be able to identify appropriate Directors’ Strategy Committee which decides whether or not to
targets, complete the acquisitions on satisfactory terms pursue the projects. Planned acquisitions worth more than
(particularly as to price), adequately identify the potential risks €10 million must be approved by the Board of Directors.
related to each acquisition under the due diligence performed to
examine financial, legal, ethical, tax, operational or IT matters, or The Group has also implemented a dedicated organization and
efficiently integrate the acquired companies or activities and internal procedures governing the acquisition integration plan.
achieve the anticipated benefits in terms of cost and synergies. In Additional information is provided in section 4.4 – Internal control
addition, the Group may not be able to obtain financing for and risk management procedures on page 181 of this Registration
acquisitions on favorable terms, and it may thus decide to finance document.
the acquisitions with cash which could have been allocated to
other purposes in connection with the Group’s existing businesses.
In the event of major acquisitions, the Group may be required to
rely on external sources of financing, particularly the capital
markets.

1.11 Risk factors
Risks related to the non-renewal, suspension Risks related to outsourcing and

or loss of certain Authorizations subcontracting
Description Description
A significant part of the Group’s business requires it to obtain and The Group regularly uses subcontractors to carry out its activities
maintain accreditations, approvals, permits, delegations of in fields where it does not have the necessary resources
authority, official recognition and authorizations more generally (personnel, skills, equipment, etc.) or adequate geographical
(hereafter referred to as “Authorizations”) at local, regional or coverage, Authorizations or expertise to fulfill a contract or
global level, issued by public authorities or by professional comply with local regulations. Subcontracting requests are issued
organizations following long and often complex review by the local line managers in charge of assessing the resources
procedures. Most Authorizations are granted for limited periods of needed to respond to calls for tender or in certain cases other
time and are subject to periodic renewal by the authority needs at the level of the Group.
concerned. For some of its businesses (in particular Government
Subcontracting is common practice in the industry but represents
services and international trade in the Agri-Food & Commodities
a risk which must be closely tracked according to the Group’s own
business and Marine & Offshore), the Group (or division
quality standards. The risk of failure by its subcontractors could
concerned) must be an active member of certain professional
cause the Group to violate contractual provisions or applicable
organizations in order to be eligible for select projects.
regulations, and may lead to the loss of certain Authorizations or
Although the Group closely monitors the quality of services could raise compliance issues (conflicts of interest, data
provided under these Authorizations, as well as the renewal and protection, integrity, etc.). This could have a significant adverse
stability of its Authorizations portfolio, any failure to meet its effect on the Group’s business, financial position, earnings or
professional obligations or real or perceived conflicts of interest, outlook.
could cause the Group to lose one or more of its Authorizations
either temporarily or on a permanent basis. A public authority or
professional organization which has granted one or more Risk management
Authorizations to the Group could also unilaterally decide to To manage its risks related to outsourcing and subcontracting, the
withdraw such Authorizations. Group reviews its subcontractors in carrying out the Group’s
The non-renewal, suspension or loss of any of these business. The Group’s Commitment Committees may also be
Authorizations, or of its position as member of certain professional called on to analyze and prevent certain situations that could lead
organizations, could have a significant adverse effect on the to risks or conflicts of interest.
Group’s business, financial position, earnings or outlook. On formalizing their relationship with the Group, subcontractors
are required to sign a subcontracting agreement which contains
Risk management numerous compliance clauses (compliance with the Group’s Code
of Ethics, statements of compliance with anti-corruption
For each of its businesses, Bureau Veritas has put in place a legislation, etc.). They are also required to provide a high quality of
specific organization for managing and monitoring Authorizations. service and to comply with strict payment terms with regard to
expenses and fees due.
The management of Authorizations used in several countries was
reinforced in 2017, particularly in the Agri-Food & Commodities, The Group also has insurance against these risks.
Industry and Marine & Offshore businesses, through optimum
organization and implementation of control tools (especially
employee qualification management and supervision, Internal
Audit management, a shared service center to monitor execution, Risks related to technological change
and Commitment Committees to analyze and prevent conflicts of
interest). These tools and systems are regularly reviewed and Description
enhanced by the Group.
The Group conducts its business on markets which are
Measures are also in progress to reinforce the centralized experiencing profound changes in the value chain linked to mass
management of international Authorizations and streamline their use of digital technologies (cloud computing, social media, drones,
geographical footprint in order to limit the Group’s exposure to the captors, robots, collaborative economy, artificial intelligence,
risk of losses. Internal initiatives aimed at raising awareness of blockchain, etc.).
potential conflicts of interest have also been rolled out so that the
While offering many new development opportunities, digital media
risks associated with Authorizations can be better understood and
are likely to result in new conditions for the Group’s businesses
addressed.
that may reduce the scope of its operations, for example by
Additional information on these Authorizations and their reducing the need for inspectors’ on-the-ground presence, or slow
management is provided in section 1.7 – Accreditations, approvals the growth of the Group’s business in general. Digital media may
and authorizations, page 54 and section 4.4 – Internal control and also make some of the Group’s activities obsolete, since
risk management procedures, page 181 of this Registration technology is gradually replacing certain demand for inspections,
document. tests and certifications performed by third parties such as Bureau
Veritas. Consequently, the pace at which the Group adopts digital
technologies in its businesses is key to its competitiveness in the
industry and is therefore a risk factor for Bureau Veritas.

1.11 Risk factors 1
However, the rash development of certain technological solutions Risks related to information systems, data
unsuited to the market and/or to applicable regulations on
account of inaccurate forecasts of market trends or expectations protection and cybersecurity
or ongoing technological change, and the use of poor or unsuitable
external service providers, could expose the Group to the Description
reputational risks (decline in the quality of services offered), legal
The Group’s activities and processes are increasingly dependent
risks (penalties in the event of failure to comply with applicable
on technical infrastructure and IT applications, which are central
regulations) and/or financial risks (loss of markets).
to the production of services. In addition, the Group’s international
In certain markets, Bureau Veritas clients may lose substantial scope requires multiple, interconnected information systems able
market share to digital players operating with a different business to process increasing volumes of data. Malfunctions or shutdowns
model. This loss in revenue may directly impact the Group’s related to external threats (viruses, hacking) or internal threats
businesses, since demand for the Group’s services, the price of (malicious acts, violation of data protection) could lead to an
those services and the margin they represent are directly linked to inability to ensure continuity of service for the critical information
its clients’ business levels. systems that host operating and strategic information, to lost or
leaked information, delays and/or additional costs representing a
More generally, the Group cannot guarantee that rapid and/or risk for the Group’s strategy. Furthermore, if these databases and
important changes in current technologies will not have significant the related back-ups were destroyed or damaged for any reason
adverse effects on its business, financial position, earnings or
outlook going forward.
whatsoever, the Group’s business could be disrupted. This could
have financial consequences (loss of client contracts, penalties,
etc.), consequences on the Group’s reputation (disclosure of
1
Risk management confidential and personal information) and/or legal consequences
(liability with regard to legal entities and/or individuals on which
To address these new challenges, a digital transformation plan the Group holds information).
was incorporated into the Group’s 2020 strategy under the
responsibility of the Chief Digital Officer. The plan identifies three As part of its business, the Group compiles and processes personal
main priorities and has already delivered some initial results: data. Regulations on personal data are becoming increasingly
strict, particularly in Europe. Regulation (EU) No. 2016/679 of the
● Digitally-augmented TIC: to increase and optimize the Group’s European Parliament and of the Council on data protection
capabilities in its existing businesses thanks to digital (hereafter the “Regulation”) is set to enter into force on
technologies. In 2017, drones, smartglasses and artificial May 25, 2018. As well as providing for legal and IT checks, the
intelligence were used in several of the Group’s businesses; Regulation also introduces the obligation to report any data leaks
● Platforms & Data: to support the Group’s organic growth to the competent authorities. Failure to comply with such
ambition by putting in place digital platforms for rolling out regulations could result in criminal and financial penalties for the
global services for customers and their ecosystems thanks to Group and harm its reputation.
systematic internal and external data mining (2017 saw the
creation of VeristarAIM3D, a collaborative platform for managing Risk management
a digital twin of any ship and its integrity in partnership with
Dassault Systèmes; SafeSupply, a digital platform for managing The Group currently has a series of procedures and technologies
procurement risks in the food supply chain in partnership with allowing it to deal with risks identified above; however, it will never
ComplianceMetrix; and Building-in-One, a collaborative be able to guarantee a wholly risk-free environment.
documentary platform providing lifetime property management ● Technological risks
services and compliance, in partnership with VP&White);
To protect itself against malicious acts, central security systems
● New TIC for the Digital Economy: to develop new TIC have been put in place offering protection against software
capabilities adapted to the digital world (enhancement in 2017 attacks (viruses, spam, etc.), and against attempts to hack into
of the Group’s current capabilities for digital products and the Group’s systems. This security policy is audited every year by a
services thanks to the acquisition of specialized companies specialized independent company, which simulates intrusion
such as Siemic and the development of new offers in the digital attempts besides its audit work.
economy segment, such as certification of personal data
protection). In 2018, the Group will continue to upgrade its protection by
installing cutting-edge systems enabling it to better protect itself
Towards the end of 2017, Bureau Veritas also signed a strategic against new types of attack. With regard to data processing
partnership with Avitas Systems, a GE Venture, to jointly develop security, the Group’s main data centers are covered by a Disaster
cross-industry inspection services driven by advanced analytics on Recovery Plan (DRP) that enables them to migrate their critical
a global scale. This partnership will initially focus on power and software to an alternative data center in under 24 hours in the
utility assets (in line with the 2020 strategic plan) and will rapidly event of a major disaster, and with the loss in data not exceeding
be extended to other industrial assets. two hours.
The Group also actively monitors technological changes through
its membership of several innovation networks and involvement in
collaborative projects with its clients. It also signs partnerships
with organizations offering technological expertise.

1.11 Risk factors
● Human and process risks future employees. Showcasing the meaning of its businesses in a
world where sustainable development, environmental and safety
With regard to employee security, all the work of the teams
concerns are increasingly important, is the best guarantee of a
follows detailed, documented procedures applicable to all of the
pertinent, high-quality recruitment policy.
Group’s data centers. This enables teams from other centers
around the world to carry out the tasks normally assigned to a The Group is not aware of any exposure to specific labor-related
different center, thus ensuring continuity of service in the event of risks other than risks that can arise in the ordinary life of a
social or geopolitical unrest. company of the Group’s scale and worldwide geographical reach.
In 2018, training and awareness-raising initiatives targeting all Additional information on Human Resources management is
Group users will help reduce vulnerability to hacking and the risk provided in section 2.3 – Human Resources on page 80 of this
that viruses and other threats will spread. The introduction of an Registration document.
IT Charter provides a framework for employees’ activities and
especially activities carried out by the Group’s subcontractors and
partners.
Risks related to health and safety
Data confidentiality and security, particularly in terms of personal
data, is one of the issues taken up in the Group’s Compliance Description
Program. This program puts in place the measures needed to
enhance the Group’s procedures and organization in terms of Bureau Veritas directly employs some 74,000 people in over
personal data protection, which notably include the appointment 1,400 offices and laboratories across the globe and also uses
of a Group Data Protection Officer before the Regulation comes many different subcontractors. Those working at either Group or
into effect. The Group’s compliance program is described in client facilities may be exposed to physical, mechanical, chemical
further detail in sections 4.4 – Internal control and risk or biological risks.
management procedures on page 181 of this Registration
A serious accident or epidemic with potentially devastating human
document.
consequences or, more generally, poor working or health and
safety conditions, represent a risk likely to affect the availability of
internal resources or subcontractors, thereby disrupting Bureau
Main risks related to Human Resources Veritas’ operations.
Description Risk management

The Group employs some 74,000 people across the globe. To prevent accidents and ensure the safety of its employees and
Employee expertise, quality and commitment is vital for the subcontractors along with the availability of those needed to
success of a service provider like Bureau Veritas. The Group’s deliver services for its clients, Bureau Veritas has defined safety
Human Resources policy, in particular its ability to attract, retain, and security as an “absolute”.
train, motivate and reward its personnel and especially its
high-performing employees, is therefore considered one of the key Measures and policies to improve working conditions, health,
drivers of its performance. safety, and the well-being of employees and third parties are
rolled out in every country in which the Group does business.
Certain employees, mostly senior managers, have very broad Safety and security standards have been defined at Group level
knowledge of the Group’s businesses and sector. The departure of and rolled out across the globe. These standards are audited and
these senior managers therefore poses a risk for the Group. improved in order to ensure good conduct and ongoing
Furthermore, inadequate communication regarding the careers improvement in these areas. A project has been launched by
Bureau Veritas offers could affect the Group’s appeal among Bureau Veritas to analyze, manage and reduce risks related to
younger generations and high-caliber candidates. personal safety.
A detailed description of employee health and safety in general
Risk management and the measures put in place in this field are presented in section
2.4 on page 88 of this Registration document.
The Group endeavors to provide rewarding career opportunities
and roles to its employees. It looks to foster employee loyalty
through an attractive system of annual and multi-annual
compensation as part of a long-term strategy. Risk of ethical violations
Bureau Veritas has put in place annual reviews (known as Description
Organization and Leadership Development Reviews – OLDR)
aimed at preparing succession plans for all of the Group’s senior Although the Group strives to enforce strict ethical values and
managers. The annual review process is rolled out within each principles in conducting its business, the risk of isolated acts in
operating group and used in turn to prepare succession plans for breach of these values and principles by Group personnel, agents
local management. These reviews help the Group draw up or partners as a means to maintain business relationships, avoid or
succession plans and devise career paths or mobility offers to settle disputes or fast track administrative decisions cannot be
ensure the continued development of the Group and its excluded (acts of corruption, fraud, conflicts of interest,
employees and ensure that it retains high-performers. anti-competitive practices, violation of international economic
sanctions, etc.). Such acts may lead other parties to claim that
Bureau Veritas strives to retain key talent in its merger and Group employees, managers or companies are liable. This situation
acquisition transactions through contractual and financial could lead to penalties – particularly financial penalties – and/or
measures, in order to avoid slowing down implementation of the affect the Group’s reputation and adversely impact its business,
Group’s strategies. financial position, earnings or outlook.
The Group is also stepping up its presence on social media in order
to improve understanding about its businesses among potential

1.11 Risk factors 1
Risk management to applicable standards and regulations. Certification enables
companies to strengthen their reputation, access new markets or
The Group has implemented a Compliance Program dedicated to simply carry out their activities.
ethics. This includes a Code of Ethics along with a manual of
internal rules and procedures applicable to all employees, a Since obtaining certification is often vital for companies, Bureau
dedicated organization and training course, a map of ethical Veritas is exposed to the risk that its reports or certificates are
violation risks and a risk management framework under the falsified or tampered with, or that counterfeit reports or
responsibility of the Group’s Ethics Committee. certificates are issued infringing Bureau Veritas’ trademarks
and/or copyright. The production of forged or counterfeit reports
The Group’s Compliance Program is described in further detail in can result from employee conduct (a malicious act for example)
section 4.4 – Internal control and risk management procedures on or, more commonly, external sources (fraudulent behavior by a
page 181 and in section 2.2.1 – Ethics: an “Absolute” on page 77 customer or third party in order to meet regulatory requirements).
of this Registration document.
This situation could lead to legal proceedings (civil and criminal),
jeopardize the Group’s ability to maintain or renew the
Authorizations it needs to pursue certain activities, result in the
Risks related to international economic withdrawal of certain products from the market and/or damage
sanctions the reputation of the Group and the TIC industry in general. It
Description
could also adversely impact the Group’s business, financial
position, earnings or outlook. 1
Certain countries in which the Group may operate could be
subject to economic sanctions, embargoes or other restrictive
Risk management
measures provided for by the laws and regulations of certain A policy aimed at preventing counterfeit certificates has been in
governments or international organizations. In particular, the place in the Group since 2015. Whenever there is a suspected
European Union has adopted a number of regulations seeking to case of forged or counterfeit certificates, the Group conducts an
limit trade with Syria and Russia. The Group considers that its investigation to rapidly identify the source and authors of the
operations in the countries concerned do not infringe the forgeries/counterfeits. Where applicable, it reports on the matter
economic sanctions adopted by a Member State or other member to clients, accreditation bodies and, if necessary, government and
of the international community. However, the Group cannot customs authorities, particularly in light of applicable legal and
guarantee that current or future regulations in terms of economic regulatory requirements. Legal and criminal proceedings are also
sanctions will not have a significant adverse effect on its business, initiated to put a stop to the fraud and seek damages for the harm
financial position, or reputation. A breach of these regulations suffered by the Group. Penalties may be adopted against those
could result in material civil, criminal and/or financial penalties for responsible.
the Group.
For some of its businesses, the Group is developing an electronic
signature for its certificates and the use of QR codes in a bid to
Risk management reduce the risk of forged or counterfeit certificates and improve
the traceability of the reports and certificates issued by the Group.
The Group conducts frequent regulatory monitoring and
identification of risks associated with international sanctions
through its risk map. It has established specific control procedures
and awareness-raising programs so that it may conduct its Image and reputational risk
business in compliance with applicable rules and regulations. It
also maintains regular contact with the competent authorities. Description
Bureau Veritas’ ability to fulfill its responsibilities as a trusted third
party relies heavily on its reputation for integrity, independence
Risks related to the production of forged and competence. Publication in the media of any certain or alleged
certificates difficulties, particularly as regards the performance of major or
sensitive projects, could affect the Group’s image and credibility
Description among its clients and therefore, its ability to be awarded certain
contracts.
The Group’s main missions include ensuring that products, assets
and management systems conform to a given framework (mainly
standards and regulations in terms of environmental protection, Risk management
social responsibility, quality, health and safety). Bureau Veritas Bureau Veritas has implemented a three-pronged approach to
acts as an independent body and issues reports and certificates reducing its image and reputational risk.
stating that products, assets, and management systems conform

1.11 Risk factors
● Explain the scope of its services ● Detect and manage crises

Bureau Veritas is strengthening its business line communications A crisis management procedure describes the rules put in place by
among third parties, with the aim of explaining the conditions in Bureau Veritas to act effectively in times of potential or known
which its services are provided and how they can help reduce risks crises. This procedure enables all stakeholders to respond quickly
and improve client performance. These communications should to a crisis in order to limit any consequences. A Crisis Alert
result in a better understanding of its professional discipline and Committee has been set up for this purpose. This committee
the limits of its actions and consequently its liability. considers the critical nature of the situation for the Group and
helps each Group entity facing a crisis situation to devise an
● Preventing risks
appropriate response in the shortest possible time.
The Group regularly identifies the risks to which it is exposed
In a globalized world where information is available immediately,
through its activities and the work performed by its employees,
Bureau Veritas has also set up a media and social network
particularly by means of a risk map. It strives to control these risks
intelligence unit which allows it to identify any situations
preventively by implementing appropriate policies and processes.
potentially harmful to its image.
This approach covers in particular technical, operational, ethical
and reputational risks for all of the Group’s businesses.
1.11.2 Legal risks

Risks related to changing regulations
Risk management
Description The Group endeavors to monitor all of these changes through its
regulatory intelligence in order to anticipate, monitor and give its
The Group conducts its business in a heavily regulated
input to the competent authorities when new regulations are
environment, with regulations sometimes differing widely from
being drafted.
one country to the next.
The Group is also member of national and international
Changes in regulations applicable to the Group’s businesses may
associations of the TIC profession, including the International
be either favorable or unfavorable. Stricter regulations or stricter
Federation of Inspection Agencies (IFIA), and the International
enforcement of existing regulations, while creating new business
Association of Classification Societies (IACS), which publish ethical
opportunities in some cases, may also result in new conditions for
and classification standards.
the Group’s activities that increase its operating costs, limit the
scope of its businesses (for example, in connection with real or
perceived conflicts of interest) or more generally slow the Group’s
development. Risks related to litigation or pre-litigation
Certain countries may also choose not to allow private or foreign proceedings to which the Group is a party
firms to engage in the local TIC market or may decide to change
the rules for exercising business in such a manner that the Group Description
can no longer do business in those countries.
In the normal course of some of its businesses, the Group is
In particular, important changes in regulations or legislation involved with respect to some of its activities in a large number of
applicable to the Group’s businesses in the principal countries litigation or pre-litigation proceedings seeking to establish its
where it operates may lead to frequent, or even systematic, claims professional liability. Although the Group takes care to manage
against the professional liability of employees, the Company or its risks and ensure the quality of the services it provides, certain
subsidiaries. The Group could become the object of multiple disputes involving the Group may give rise to material financial
litigation proceedings and may be required to pay substantial penalties, result in its criminal liability being invoked, and/or have
damages and interest, which may not be covered by insurance an adverse impact on its reputation and image.
despite the fact its services were provided in the jurisdiction prior
to any regulatory changes. In extreme cases, such changes in the Due to the French Spinetta Law of January 4, 1978 which
regulatory environment could lead the Group to exit certain establishes a presumption of joint and several liability for technical
markets where it considers the regulation to be overly restrictive. inspectors, there is a high and recurring claim rate to which Bureau
Veritas’ Construction business in France is particularly exposed.
In general, the Group cannot guarantee that rapid and/or The Group’s other businesses are not subject to a presumption of
important changes in current regulations will not have a significant liability, and the various litigation proceedings to which the Group
adverse effect on its business, financial position, earnings or is party are proportionately fewer than for the Construction
outlook in the future. business in France with regard to the number of services provided.
In professional civil liability litigation, there may be a substantial
delay between the date the services are provided and the date a
claim is filed. To date, rulings handed down against the Group in
major cases have generally been for amounts significantly lower
than those initially claimed.

1.11 Risk factors 1
We cannot rule out that new claims may be made against Bureau challenge damage claims filed by the Group. In the event of claims
Veritas in the future leading to substantial liability for the Group which are not covered or which significantly exceed the insurance
and this could have a significant adverse effect on the Group’s policy coverage, or in the event of a significant repayment claim
business, financial position, earnings or outlook. A detailed from insurers, the related costs and rulings could have a significant
description of major litigation proceedings to which the Group is adverse impact on the Group’s business, financial position,
party is provided in section 1.12 – Legal, administrative, earnings or outlook.
government and arbitration procedures and investigations on
The insurance premiums paid by the Group over the last five years
page 67 of this Registration document.
have remained fairly stable while the coverage terms have been
extended – despite growth in the Group’s business. However, the
Risk management insurance market could evolve in a manner unfavorable to the
Group, or several events could occur giving rise to substantial
Bureau Veritas has implemented procedures aimed at preventing, damage claims in a given year, generating an increase in premiums
monitoring and managing litigation. These procedures are or making it impossible or much more expensive to obtain
described in section 4.4 – Internal control and risk management adequate insurance coverage. These factors could result in a
procedures on page 181 of this Registration document. substantial increase in insurance costs, or possibly cause the
Provisions may be set aside to cover expenses resulting from such Group to withdraw from certain markets, which could have a
significant adverse impact on the Group’s business, financial
proceedings. The amount recognized as a provision is the best
estimate of the expenditure required to settle the present
obligation at the end of the reporting period. Details of total
position, earnings or outlook.
1
provisions for contract-related disputes are provided in Risk management
section 5.1 – Consolidated financial statements, Note 27 –
Provisions for liabilities and charges on page 230 of this Wherever possible, the Group continues to take out worldwide
Registration document. insurance policies by increasing coverage where appropriate and
putting in place operational risk management procedures. The
Group seeks to build long-term relationships with its insurers in
order to obtain the best possible coverage for its businesses.
Risks related to the Group’s business insurance
coverage The Group’s Legal, Risk & Compliance department is responsible
for setting up and monitoring global insurance policies. Claims
made against the Group must be systematically reported to the
Description Legal, Risk & Compliance department so that the Group’s insurers
The Group seeks to adequately insure itself against all financial can be promptly informed. As part of its acquisitions process, the
consequences of claims asserting professional civil liability. Group reviews risks and insurance to ensure that adequate
However, there can be no guarantee that all claims made against policies are in place within all of the Group’s entities.
the Group or all losses incurred are or will be effectively covered A detailed presentation of the Group’s insurance policies is
by its insurance, or that the policies in place will always be provided in section 1.13 – Insurance on page 69 of this
adequate to cover all costs and financial penalties that may result Registration document.
from such proceedings. Insurers may also look to reduce or
1.11.3 Financial and market risks

Risks related to Group debt, sources change of control and clauses requiring full or partial repayment
should certain events occur:
of financing and commitments
(1) If the change of control clause is enforced (in the event a
Description third party, acting alone or in concert, should directly or
indirectly hold more than one-third of the voting rights and
Group debt consists of (i) five private placements of debt more voting rights than the current majority shareholder
securities with US and UK investors (US Private Placements – Wendel), lending banks or investors could require early
“USPP”) drawn in different currencies, (ii) two Schuldschein-type repayment of the entire amounts owed by the Group and/or
private placements (“SSD”) with investors on the German market, force the Group to renegotiate its financing agreements
and (iii) three bond issues. Debt also includes other bank loans, under less favorable terms and conditions.
overdrafts and accrued interest. The Group also has an undrawn
syndicated loan. A detailed description of Group debt is provided (2) The USPP also contain a make-whole clause which may
in section 4.3 – Cash flows and sources of financing on page 175, notably be exercised in the event of default and which is in
and in section 5.1 – Consolidated financial statements, Note 24 – addition to the aforementioned early repayment clause for
Borrowings and financial debt on page 224 of this Registration Group debt: the Group may be required not only to repay
document. capital and accrued interest to lenders but also to
compensate them according to a calculation based on a
The USPP, SSD and the syndicated loan contain the usual clauses comparison between the fixed rate payable over the
limiting the Group’s operational flexibility, and particularly its remaining term of the debt and the yield curve on treasury
ability to grant security interests, take out or grant loans, provide bonds over the same period. It should be specified that
guarantees, undertake acquisitions, disposals, mergers or change of control does not represent a default incident for
restructuring operations, or make certain investments. They also the USPP debt.
include bank ratios as well as clauses applicable in the event of a

1.11 Risk factors
In the event these different restrictions were to apply, this could Liquidity risk
affect the Group’s ability to pursue its external growth policy,
maintain its borrowing costs stable or adapt its businesses to
competitive pressures; lead to a slowdown in its markets; or affect
Description
general economic conditions. In the event of a liquidity shortfall, In a crisis, the Group may not be able to access financing or roll
the Group may also be required to reduce or postpone its over the debt it needs to meet its investment commitments, or it
investment spending, sell assets, look for additional funding or may not be able to obtain satisfactory financial conditions.
restructure its debt.
The Group has always complied with the specified covenants and Risk management
fulfilled its obligations under these agreements. However, the
Group’s future ability to comply with the contractual covenants The Group seeks to ensure that it has confirmed, undrawn credit
and obligations contained in certain loans or agreements, or to lines at all times in order to service its debt. At December 31,
refinance or repay its loans according to the conditions agreed, 2017, the Group had access to an undrawn confirmed revolving
will depend in particular on its future operating performance and syndicated facility totaling €450 million (syndicated loan) in
could be affected by numerous factors beyond its control, such as addition to cash. This facility was set up in July 2012 for a
economic conditions, market conditions for debt and regulatory five-year period and its maturity was extended to April 2019 in
changes. 2014.
A detailed description of liquidity risk management is provided in
Risk management section 5.1 – Consolidated financial statements, note 5 – Financial
risk management on page 205, Note 24 – Borrowings and
A detailed description of Group debt is provided in section 4.3 – financial debt on page 224, of this Registration document.
Cash flows and sources of financing on page 175, and in
Borrowings and financial debt on page 224 of this Registration
document. Currency risk
A detailed description of liquidity risk management is provided in
Description
Financial risk management on page 205, and Note 24 – Due to the international scope of its operations, the Group is
Borrowings and financial debt on page 224 of this Registration exposed to fluctuations in exchange rates (in particular the euro
document. The Group looks to achieve a balanced debt repayment against the US dollar, Canadian dollar, Hong Kong dollar, Chinese
schedule. yuan, Brazilian real and Australian dollar) and to currency
devaluations.
Interest rate risk Risk management

A detailed description of currency risk management is provided in
Description section 5.1 – Consolidated financial statements, note 5 – Financial
The Group’s interest rate risk arises primarily from assets and risk management on page 205, Note 24 – Borrowings and
liabilities bearing interest at floating rates. At December 31, 2017, financial debt on page 224, and Note 34 – Additional financial
12% of the Group’s gross debt was at floating rates. instrument disclosures on page 236 of this Registration document.
Risk management
Counterparty and credit risk
The Group seeks to limit its exposure to a rise in interest rates
through the use of derivative financial instruments where
appropriate. Interest rate exposure is monitored on a monthly
Description
basis. The Group continually analyses the level of hedges put in Financial instruments that may expose the Group to counterparty
place and ensures that they are appropriate for the underlying risk are mainly trade receivables, cash and cash equivalents and
exposure. derivatives.
A detailed description of interest rate risk management is
provided in section 5.1 – Consolidated financial statements, Risk management
Note 5 – Financial risk management on page 205, Note 24 –
Borrowings and financial debt on page 224, and Note 34 – Counterparty risk arising on trade receivables is limited due to the
Additional financial instrument disclosures on page 236, of this large number of clients and the broad range of businesses and
Registration document. countries concerned (France and international).
A detailed description of counterparty risk management is
provided in section 5.1 – Consolidated financial statements,
Note 5 – Financial risk management on page 205, and Note 20 –
Trade and other receivables on page 220 of this Registration
document.

1.12 Legal, administrative, government and arbitration procedures and investigations 1
Risk of impairment of intangible assets Risks related to taxation
resulting from acquisitions
Description
Description Group companies are bound by the tax regimes of the countries in
A significant proportion of the Company’s assets correspond to which they operate. In the event of a significant change in
intangible assets and goodwill resulting from business applicable tax regulations and/or tax audit arrangements, the
combinations. The value of these items essentially depends on the Group could be exposed to a tax risk which could impact its
future operating profit of the companies acquired and the business and earnings.
discount rates used, which are themselves based on the current The Group is currently in talks with the competent local
and future economic and financial environment. authorities after it was notified of proposed tax adjustments in
Changes in the assumptions underpinning their valuation can lead several countries. Given the current status of the pending matters
the Group to write down some of its assets, thereby reducing the and based on the information available to date, the Company
Group’s attributable net profit and equity. believes that these audits and adjustments have been adequately
provisioned in the Group’s consolidated financial statements,
Under existing IFRS standards, these write-downs cannot be although the Group cannot comment on the outcome of these
reversed. However, cash flow for the period would not be affected.
1
ongoing proceedings.
Risk management Risk management

The Group carries out half-yearly impairment tests to ensure that The Group’s Tax department keeps a close watch on the main
the fair value of its intangible assets in the statement of financial changes in tax regulations in the countries in which Bureau Veritas
position is appropriate. The testing approach used is detailed in operates, to ensure that the Group complies with all such regulations.
Summary of significant accounting policies on page 197 of this In the event of a tax audit or reassessment, the Group’s positions
Registration document. are defended by external counsel, whose responsibilities are
coordinated by the Group’s Tax department.
1.12 Legal, administrative, government

and arbitration procedures
and investigations
In the normal course of business, the Group is involved with respect to its activities in a large number of legal proceedings seeking to
establish its professional liability. Although the Group pays careful attention to managing risks and the quality of the services it provides,
some services may result in adverse financial penalties.
Provisions may be set aside to cover expenses resulting from such proceedings. The amount recognized as a provision is the best estimate of
the expenditure required to settle the present obligation at the end of the reporting period. The costs which the Group ultimately incurs may
exceed the amounts set aside to such provisions due to a variety of factors such as the uncertain nature of the outcome of the disputes.
At the date of this Registration document, the Group is involved in the main proceedings described below.
Dispute concerning the construction of a hotel and commercial

complex in Turkey
Bureau Veritas Gozetim Hizmetleri Ltd. Sirketi (“BVG”) and the inspection and supervision duties and BVG’s responsibility in the
Turkish company Aymet are parties to a dispute before the withdrawal of the project’s financing.
Commercial Court of Ankara relating to the construction of a hotel
Regarding procedural issues, the experts appointed by the judge
and business complex in respect of which the parties entered into
filed two reports in 2009 that were unfavorable to BVG. In 2014, a
a contract in 2003. In 2004, construction on the project was
new panel of experts filed two further reports which were even
halted following the withdrawal of funding for the project by the
more unfavorable to BVG.
Aareal Bank. Aymet filed an action against BVG in 2008, claiming
damages for alleged failures in the performance of its project

1.12 Legal, administrative, government and arbitration procedures and investigations
The court appointed a new team of experts in late 2015 to project and which was also summoned to the proceedings by
examine all aspects of the case. Their report, filed on Aymet, along with legal opinions provided by several distinguished
December 16, 2015, considers that BVG fulfilled its contractual professors of Turkish law, support the Company’s position
obligations and that Aymet’s claims are unfounded. Accordingly, according to which Aymet’s claims are without firm legal or
the experts state that Aymet should reimburse BVG for the contractual foundation.
residual amount owed for its services.
In November 2017, a decision was handed down in the case
Following the parties' observations, the judge requested that the between Aareal Bank and Aymet via its legal representative,
experts write an additional report. Three of the five experts have within the scope of the same affair. The Court considered that
since removed themselves from the case and were replaced in Aareal Bank had legitimately terminated its financing on account
February 2017. On March 15, 2017, the new experts filed a of a breach of contract by the lender, Aymet. This decision could
further report unfavorable to BVG, confirming the 2014 reports have a favorable impact on the proceedings involving BVG.
and increasing Aymet's calculation of alleged damages. In light of
Under local law, Aymet’s claim is now capped at 87.4 million
the troubling circumstances that led to this most recent report,
Turkish lira (around €18 million in March 2018), plus interest
BVG initiated criminal and disciplinary proceedings which the
charged at the statutory rate and court costs. BVG challenges
Court brought before the public prosecutor. The Company
both the principle of the initial claim and the assessment of the
considers that these unfavorable expert reports did not take into
damage.
account the evidence provided by BVG and Aareal Bank and did
not address the legal and contractual issues that might establish At the current stage of proceedings, the outcome of this dispute is
any liability on BVG’s part. At the hearing on January 17, 2018, the uncertain. Based on the available insurance coverage, the
Court requested that the experts prepare an additional report and provisions booked by the Group and the information currently
set the date for the next hearing on May 23, 2018. available, and after considering the opinions of its legal counsel,
the Company considers that this claim will not have a material
Regarding the merits of the case, the documents presented to the
adverse impact on the Group’s consolidated financial statements.
court by BVG and Aareal Bank, which provided a loan for the
Dispute concerning the Gabon Express airplane crash

Following the crash of an airplane of Gabon Express at Libreville was dismissed in February 2015 by a decision of the Court of
on June 8, 2004 causing the death of 19 passengers and crew Cassation in Libreville. Accordingly, the evidence should be
members and injuries to 11 persons, the General Director of the referred back to the Criminal Court to set a hearing on the merits.
subsidiary Bureau Veritas Gabon SAU (“BV Gabon”) at that time BV Gabon had summonses delivered directly to the foreign
was sued for involuntary homicide and injury. BV Gabon has been brokers who had illegally invested the policy covering the aircraft
sued for civil liability in Gabon. in order to include them as party in the proceedings.
At the date of this Registration document, no quantified claim has Based on the available insurance coverage and on the information
been made in a court of law and the assignment of liability is not currently available, and after considering the opinion of its legal
yet known. The main proceedings have not yet begun, due to counsel, the Company considers that this claim will not have a
procedural difficulties. The application for withdrawal of the material adverse impact on the Group’s consolidated financial
judgment of June 18, 2013 filed by BV Gabon in September 2013 statements.
Dispute concerning technical inspector accreditation in France

Proceedings were brought before the Cergy-Pontoise Bureau Veritas Construction SAS, the receiving party of the
Administrative Court by Fédération CINOV, an association of disputed ruling, resolved to join the defense proceedings in
trade unions in the intellectual property, consulting, engineering support of the findings presented by the Ministries concerned.
and digital sectors, seeking annulment of the November 2, 2016
After considering the opinion of its legal counsel, the Group
ruling in which the Ministry for the Environment, Energy and the
believes that the arguments put forward by Fédération CINOV are
Sea, responsible for international relations focused on climate
unfounded and that the Ministries are likely to be able to assert
issues (now known as the Ministry for Ecological and Solidary
their position in the courts. Although the consequences and/or
Transition) and the Ministry for Housing and Sustainable Habitat
costs of this claim cannot be predicted with any certainty, the
(now known as the Ministry for Regional Cohesion) (hereafter “the
Group does not expect the claim to have a material impact on its
Ministries”) awarded Company subsidiary Bureau Veritas
financial position or profitability. Consequently, no provision has
Construction SAS accreditation as a technical inspector for a
been accrued in this respect in the consolidated financial
period of three years as from the date of the accreditation
statements.
decision.

1.13 Insurance 1
Tax disputes
Bureau Veritas SA received a tax adjustment proposal from the There are no legal, administrative, government and arbitration
French tax authorities for fiscal years 2010 to 2014. Within the procedures and investigations (including any proceedings of which
scope of the adversarial proceedings, the Company presented the the Company is aware that are pending or with which the Group is
arguments allowing it to defend its position. Following the tax threatened) that could have, or have had over the last 12 months,
authorities’ approval, the Company is exposed to a residual risk a material impact on the Group’s financial position or profitability.
only in respect of this dispute, as indicated in section 1.11.3 of this A detailed description of the provisions for claims and disputes
Registration document on tax risks. booked by the Group is provided in Note 27 to the 2017
consolidated financial statements in section 5.1 of this
1
1.13 Insurance
In 2017, the Group continued: business in France is insured locally, for example, due to the
specific characteristics of technical inspections and the ten-year
● its policy of centralizing insurance programs, in order to achieve
mandatory construction guarantee (see section 1.6.5 –
an appropriate match between the risks transferred and the
Buildings & Infrastructure in this chapter). In the event of a claim,
cover purchased, thereby maximizing economies of scale while
Group companies pay the deductible agreed under the terms of
taking into account the specific characteristics of the Group’s
these various insurance policies.
businesses and contractual or legal constraints;
The Group’s self-insurance system is centered on its reinsurance
● its optimization of cover limits and procedures for obtaining
subsidiary. This captive company has enabled the Group to better
insurance or reinsurance with appropriate deductibles.
manage risks and disputes and to optimize the insurance
To this end, the Group has taken out various global and centralized premiums it pays. The reinsurer provides:
insurance policies placed via specialized insurance brokers with
● first-line coverage for the Civil Liability policy for all of the
leading insurers such as Allianz Global Corporate & Specialty
Group’s businesses, where this is permitted by applicable
(AGCS), MSIG Insurance Europe AG, AIG, Zurich, RSA, XL Insurance
legislation and regulations. The maximum annual amount
Company, and Chubb. All insurers selected by the Group have a
payable by the reinsurance captive for the Civil Liability policy
minimum S&P rating of A-.
was €9 million for 2017, with a limit of €3 million per claim.
The main centralized programs are as follows: These amounts apply worldwide except for the United States,
where there is an annual per-claim limit of USD 10 million for
● the Civil Liability policy, which covers professional civil liability Errors & Omissions cover and of USD 2 million for General
for all the Group’s activities, with the exception of Construction Liability cover;
in France and Aeronautics (these are covered by specific
insurance programs). This Civil Liability policy is complementary ● as part of the Group’s Property Damage and business
to the Civil Liability policies taken out in the countries in which Interruption policy, per-claim cover of €400,000, up to a
Bureau Veritas operates, but with different limits and/or maximum amount of €1.2 million per annum. The per-claim
conditions. As in the past, this policy involves the traditional amount was increased to €2 million and the maximum amount
insurance and reinsurance market as well as the Group’s to €4 million per annum with effect from January 1, 2018.
captive reinsurance company;
The Group believes that the coverage and limits of these central
● the “Directors and Officers” (D&O) policy, which covers and local policies are broadly similar or even more extensive than
Corporate Officer liability; those subscribed by global companies of the same scale operating
in the same sector.
● the Aviation policy, which mainly covers aircraft inspection
activities leading to certificates of airworthiness; The Group intends to continue its policy of taking out global
insurance policies where possible, increasing coverage where
● the international Property Damage and Business Interruption necessary and reducing costs through self-insurance policies as
policy, which has been rolled out on a country-by-country basis appropriate. It will ensure that its main accidental or operational
since 2014. This policy covers the offices and laboratories risks are transferred to the insurance market where such a market
rented, owned or otherwise made available to the Group. exists, and that such transfer can be justified financially. The
Other risks must be managed locally. Insurance policies such as for insurance program described above will be adjusted in accordance
vehicle fleets or “worker’s compensation” are taken out on a with ongoing risk assessments (based mainly on risk maps),
national basis in compliance with local practices and regulations market conditions and available insurance capacity.
and to provide cover for the relevant risks. The Construction


2
Corporate Social
Responsibility
2.1 Vision 72 2.5 Society 96
2.2 Governance and operational 2.6 Duty of care plan 99
excellence 77
2.7 Information compilation
2.3 Human Resources 80 methodology 101
2.4 Health, Safety and 2.8 Cross-reference index 103
Environmental issues 88
2.9 Opinion of the independent
auditor 105

2 Corporate Social Responsibility
2.1 Vision
Corporate Social Responsibility (“CSR”) is at the heart of Bureau quality, longer lasting and environmentally-friendly products,
Veritas’ activities and underpins the value of its brand. equipment and services.
The Group provides services that have a positive impact on The Bureau Veritas brand brings added trust, a key component of
quality, health and safety as well as protection of society and the economic success.
environment. By helping its clients, partners and suppliers to live
The development of CSR initiatives is an important aspect of the
and work in a safer and more responsible environment, Bureau
Group's development strategy and one of the drivers of its
Veritas actively contributes to the design and use of safer, better
operating efficiency model.
2.1 Vision
2.1.1 CSR at the heart of our business
Bureau Veritas helps to lessen negative external factors for both CSR – serving tomorrow’s world
small and large companies and organizations by delivering services
aimed at preventing risk; reducing environmental impact; Bureau Veritas has identified long-term structural trends that
safeguarding assets, products and infrastructure; promoting drive its strategic approach. Population growth, increasing scarcity
responsible purchasing; and ensuring traceability and supply chain of natural resources, climate change, global brand protection and
oversight. shorter product life cycles are challenges that the Group must
Beyond the immediate issue of regulatory compliance, Bureau anticipate by designing ever more effective, responsible and safer
Veritas helps its clients to increase the availability of their assets services.
by extending their useful lives, improving maintenance activities The new, more open and digitalized global economy is prompting
and introducing new control procedures. companies and organizations to completely rethink their
The Group also continues to develop its range of services directly relationships with their employees, clients and suppliers. Bureau
related to CSR and sustainable development, in order to reinforce Veritas sees these changes as opportunities.
the positive impact of its business activities on society.
It uses its expertise to foster sustainable, inclusive, transparent
growth, helping to maintain trust in a fast-changing environment. A CSR strategy which supports and
contributes to the Group’s economic
performance
Bureau Veritas’ strategic roadmap through to 2020, as described
in section 1.5 of this Registration document, is based on four
drivers. Human Resources, within which CSR plays an important
role, is one of these drivers.

Corporate Social Responsibility
2.1 Vision 2
CSR at the heart of our core values and “absolutes”
The expertise and know-how of Bureau Veritas teams, along with the core values that are shared by all staff and underpin Bureau Veritas
corporate culture, reinforced by three “absolutes” rooted in Group practices, are decisive in helping to protect the brand’s image and the
Group’s reputation, as well as in driving value creation over the long term.
IMPARTIALITY
TY
ET
AND INDEPENDENCE
FE
HIC
SA
S
RESPECT 3 ABSOLUTES INTEGRITY
FOR ALL 4 CORE AND ETHICS
INDIVIDUALS VALUES
2
SOCIAL
AND ENVIRONMENTAL
RESPONSIBILITY
FIN
A N CI OL
AL CO NTR
2.1.2 CSR oversight

The Group’s CSR organization was enhanced in 2015 when the Resources Director, comprises representatives of the relevant
strategic roadmap for 2020 was defined. This strenghtened corporate departments responsible for their own area of expertise
organization aims to improve the coordination and oversight of all and reporting. These departments manage their network of
initiatives set up within the Group, while allowing active input internal correspondents within the operating groups.
from all internal stakeholders concerned with the development
For example:
and implementation of the Group’s CSR policy.
● governance issues relating to ethical conduct are monitored by
In April 2015, the Board of Directors entrusted the Appointments
the Legal, Risk & Compliance department;
and Compensation Committee with monitoring the Group’s CSR
strategy. ● issues relating to recruitment, inclusiveness and labor relations
fall under the responsibility of the HR department;
At the executive level, the Group’s Executive Committee handles
CSR issues. Under the responsibility of the Group Human ● issues relating to safety and environment are managed by the
Resources Director, the Executive Committee defines the Group’s Quality, Health and Safety department;
CSR vision and strategy, approves and publishes its CSR policy,
procedures and key CSR indicators, and reports to the Board of ● issues relating to purchasing are managed by the Purchasing
Directors. department;
A dedicated organization has been set up at the level of the ● issues relating to Corporate Social Responsibility are managed
corporate support departments, led by a CSR Steering Committee. by the Communication department.
This committee, which also reports to the Group Human

2.1 Vision
2.1.3 Stakeholders
The Group’s key stakeholders include:
● employees: direct internal stakeholders;
● shareholders: indirect internal stakeholders;
● clients, suppliers, subcontractors and accreditation bodies: direct external stakeholders;
● civil society in a broad sense: indirect external stakeholders as Bureau Veritas provides services with a positive impact on quality, health
and safety as well as protection of society and the environment.
The economic performance shared with Bureau Veritas’ stakeholders and the manner in which the Group interacts with them are set out in
the following tables.
Economic performance shared with stakeholders
EMPLOYEES SUB-CONTRACTORS SUPPLIERS GOVERNMENT

ACCREDITATION BODIES Personnel costs Missions Procurement of Taxes
AND AUTHORITIES €2.4 billion (1)
€385 million(1) goods & services €234 million(1)
€1.0 billion(1)
Without accreditations,
a significant part of Bureau
Veritas services would
not be possible
CREATING
AND SHARING
VALUE WITH
OUR
CLIENTS STAKESHOLDERS
Revenue
€4.69 billion
CIVIL SOCIETY
Risk prevention
through services DEBT FINANCING CAPITAL ACQUISITIONS SHAREHOLDERS
delivered to clients INCREASED BY INSTITUTIONS Lab equipment, IT External growth Dividends
€98 million(3) Financing costs €133 million (2)
€169 million (2)
€240 million(2)
€98 million(2) Share buybacks
€33 million(2)
(1) 2017 P&L impact.

(2) 2017 cash impact.
(3) Adjusted net debt.

2.1 Vision 2
Dialogue with stakeholders
STAKEHOLDERS BUREAU VERITAS CONTACTS KEY CONCERNS PRINCIPAL MEANS OF DIALOGUE
CLIENTS  Executive management  Service quality  Client satisfaction surveys; sales and
 Account managers  Safety technical meetings to anticipate
 Business line heads  Technical expertise long-term trends and ensure that the
 Business unit managers  Impartiality and integrity organization responds to client needs;
 Quality management Internet portal; client seminars; breakfast
briefing on technical issues
STAFF  Executive management  Training on mobility employability  Annual evaluation

 HR department  Safety at work  Internal communication campaigns
 Employee representatives  Inclusiveness  Intranet
 Fair pay  “BV flash” newsletters
 Non discrimination
 Ethics
ACCREDITATION  Business line heads  Regulatory compliance  Technical committee and working groups
BODIES AND  Experts, technical advisors  Transparancy and trust to define new standards and regulations
AUTHORITIES  Technical departments  Expertise in drawing-up standards  Accreditation audits
 Responses to public consultations
2
SUPPLIERS AND  Purchasing department  Long-term business relations  Responses to CSR questionnaire
SUBCONTRACTORS  Business line managers  Fair treatment  Calls for trender contraining compliance
 HR department  Performance assessment clauses regarding Group CSR and Code of Ethics
 QHSE department  Working in a safe environment  General terms and conditions of purchase
 Legal, Risk and  Standard contracts
Compliance department  Training
 Meeting discussing the process for classifying
suppliers and subcontractors
 Monitoring of the implementation of contracts
and framework agreements
CIVIL SOCIETY  Local management  Prevention of social and  Events, communication activities
 Head of external environmental risks  Training activities
local communication  Safety  Tradefairs and exhibitions
 Respect for fundamental liberties  Group Compliance Program
and civil rights
 Business ethics
HIGHER EDUCATION  HR department  Sharing skills and expertise  Student career days
with students  Partnerships with certains schools
 Career planning assistance  Work placement programs
GOVERNMENT  Executive management  Economic development  Relations with governmental authorities

PUBLIC ATHORITIES  Technical departments  Job creation  European Commission
 Legal, Risk and  Environmental and  Group Compliance Program
Compliance department safety programs
 Compliance with the law
and regulations
SHAREHOLDERS  Executive management  Transparency and ethics  Shareholders’ Meetings

 Finance department  Financial and ESG performance  Roadshows
 Investor Relations department  Strength and growth  External website
 Legal, Risk and  Letter to shareholders
Compliance department  Conferences, meetings
 Registration document
 Group Compliance Program
FINANCIAL  Executive management  Transparency and ethics  Registration document

INSTITUTIONS  Finance department  Financial and ESG performance  External website
ESG ANALYSTS AND  Treasury and Financing department  Strength and growth  Roadshows, conferences, meetings
RATING AGENCIES
 Investor Relations department  Responses to ESG questionnaire
 Legal, Risk and Compliance  Group Compliance Program
department

2.1 Vision
2.1.4 Key issues – “materiality” matrix

In order to better define its priorities and adapt its resources and Key issues were identified in a three-step process:
investments in an appropriate manner, Bureau Veritas developed a
● an inventory of cross-cutting issues was drawn up concerning
materiality matrix in 2014 covering all of its businesses, assisted
all companies, the Group’s industry and Bureau Veritas itself;
by working groups made up of internal experts from the relevant
support departments. In 2015, this initiative was rounded out by a ● major issues were identified;
series of workshops organized with a sample of external
stakeholders located in France and the United States. ● the importance of these issues was measured and ranked on a
scale of 1 (insignificant issue) to 4 (extremely significant issue)
based on two criteria: “importance for Bureau Veritas” and
“importance for stakeholders.”
20 challenges were then identified by the Group and organized into four themes (Governance and operational excellence, Health, Safety
and Environmental issues, Human Resources and Society) illustrated in the diagram below:
ETHICS
TECHNICAL EXPERTISE
PERFORMANCE OCCUPATIONAL
CLIENT SATISFACTION & DATA PROTECTION & FINANCIAL CONTROL SAFETY
Significant
LICENSES TO OPERATE
ACCREDITATIONS
FINANCIAL TRANSPARENCY
JOB CREATION
REPUTATION
& RISK MANAGEMENT
SUBCONTRACTOR MANAGEMENT
Acknowledged
IMPORTANCE FOR STAKEHOLDERS
INNOVATION
SPONSORSING &
COMPENSATION
LOCAL INVESTMENT
IT STRATEGY
RETENTION & ENGAGEMENT

Medium
DIVERSITY
ENERGY MANAGEMENT
CARBON FOOTPRINT
Low
BIODIVERSITY
Low Medium Acknowledged Significant
IMPORTANCE FOR BUREAU VERITAS

Governance and operational excellence Health, Safety and Environmental issues Human Resources Society

2.2 Governance and operational excellence 2
2.2 Governance and operational
excellence
2.2.1 Ethics, an “absolute”
Group Code of Ethics Similarly, the Group’s business partners such as intermediaries,
subcontractors, joint-venture partners and key suppliers are also
The Group’s Code of Ethics sets forth the values, principles, and required to take note of and commit in writing to act in
rules on which the Group wishes to base its development and compliance with the Code of Ethics when dealing with Bureau
sustainable growth and build relationships of trust with its clients, Veritas. In 2018, the Group will circulate a Code of conduct
employees and business partners. dedicated to its commercial partners, who will have to comply
with it when they do business with Bureau Veritas.
The Code of Ethics applies to all Group employees and complies
with the requirements of the International Federation of
Inspection Agencies (IFIA). It is regularly updated to reflect
changes in the Group and in its regulatory environment. Group compliance program
It has four core principles:
(i) the Code of Ethics must be applied rigorously; Worldwide program
2
(ii) our conduct must always be governed by the principles of The Group’s compliance program (the “Compliance Program”)
transparency, honesty, and fairness; includes the Group’s Code of Ethics, a manual of internal
procedures, a compulsory training program for all staff worldwide
(iii) we are committed to fully complying with the laws and (available primarily as an e-learning module and supplemented by
regulations of the countries in which we operate; local training and awareness-raising initiatives), a whistleblowing
(iv) we are committed to fighting corruption. procedure for internal and external ethics violations, a risk map
process, internal and/or external assessment procedures for
Complying with these values and ethical principles has become a commercial partners coupled with an information database and
key competitive advantage for the Group and a source of pride for sample contracts, accounting control procedures with the
all employees. All employees must ensure that their day-to-day allocation of specific accounts for regulated transactions (gifts,
decisions are taken in compliance with the Code of Ethics. donations, etc.), and regular control and assessment processes,
Disciplinary measures that may lead to dismissal may be taken which are mainly conducted via an annual self-assessment
against any Bureau Veritas employee who fails to comply with the campaign and rounded out by internal and external audits.
principles and rules set out in the Code of Ethics.
32 LANGUAGES
CODE
OF ETHICS
16 LANGUAGES
6 LANGUAGES
E-LEARNING
INTERNAL
MODULE
PROCEDURE MANUAL
RISK MAPPING
ALERT LINE
ORGANISATION

2.2 Governance and operational excellence
Since 2016, the e-learning module pertaining to the Compliance and the Compliance Program by the employees falling within
Program has been transferred to the Group’s dedicated his/her authority. To this end, he or she is required to provide a
MyLearning platform in order to enhance and facilitate its copy of the Code of Ethics to all of his or her employees, to ensure
worldwide deployment. that they are trained, to inform them of their duties in simple,
practical and concrete terms, and to make them aware that any
The Compliance Program is rolled out by a dedicated global
violation of the Code of Ethics constitutes a serious breach of their
network of Human Resources managers. A quarterly reporting
professional obligations.
system has been set up to monitor the number of trained
employees and to take the necessary steps to ensure that the
training rate is close to 100%. At December 31, 2017, 98.6% of Global yearly assessments
the Group employees had followed the Compliance Program
training. Each year the Company carries out a compliance assessment on
the basis of a questionnaire. As a result of this process,
Regularly reinforced procedures declarations are issued by each of the legal representatives of
each entity.
The fourth version of the Code of Ethics is available on the Bureau
Veritas website at the following address: These declarations are then consolidated at the level of each
http://www.bureauveritas.fr. This version is being revised to operating group, after which an annual declaration of compliance
reflect recent legislative and regulatory changes. is signed by each Executive Committee member responsible for an
operating group. These declarations of compliance are sent to the
Through dedicated internal rules and procedures, the Group Compliance Officer who issues on this basis an annual report
controls notably the selection of its commercial partners which is provided to the Ethics Committee and to the Audit & Risk
(intermediaries, joint-venture partners, subcontractors, main Committee.
suppliers) and the integrity of their actions, prohibits certain
transactions, such as facilitation payments and kickbacks, and Complying with Bureau Veritas’ ethical principles and rules is also
restricts others, such as donations to charitable organizations, taken into account in managers’ annual evaluations. Each manager
sponsorships and gifts. is required to confirm compliance with the Group’s ethical
standards during his or her annual evaluation. Employees may
The measures adopted to fight both corruption and harassment contribute to improving the Code of Ethics during annual
and comply with international economic sanctions are regularly evaluation interviews, training sessions and departmental
improved. This is done by updating internal rules and procedures, meetings. Questions, claims or comments from third parties
providing additional training and sending regular alerts through the concerning the Code of Ethics may also be sent directly to the
Group’s network of Compliance Officers. Compliance Officer.
Each operating unit has a dedicated manual covering its own
specific legal, risks and ethics issues made in compliance with the Regular internal and external audits
rules applicable to the Group as a whole.
The Compliance with the Code of Ethics is periodically reviewed
In carrying out its business, the Group rolls out specific operational by internal auditors, who report their findings to the Ethics
procedures for its inspectors and auditors to ensure the integrity Committee and the Audit & Risk Committee. Compliance auditing
and impartiality of its services. is one of the main cycles and procedures covered by the Group’s
Internal Audit and Acquisitions Services department.
In addition, the compliance program is subject to a yearly external
Monitoring of the implementation of the audit, following which an independent audit firm issues a
Compliance Program certificate of compliance to the Compliance Officer, who
subsequently sends it to the IFIA’s Compliance Committee. Each
year, the Compliance Officer presents the findings of this audit to
An organization with dedicated resources the Executive Committee and subsequently to the Audit & Risk
Committee.
The Group’s Compliance Officer (hereafter referred to as the
“Compliance Officer”) is the head of the Group’s Legal, Risk &
Compliance department. He or she defines, implements and Centralized and systematic processing of
oversees the Compliance Program, assisted by a network of complaints through a professional alert hotline
Compliance Officers within each operating group.
If a Group employee has a question or faces an issue relating to
The Group’s Ethics Committee, whose members are appointed by the implementation or interpretation of the Compliance Program,
the Company’s Board of Directors, comprises the CEO, CFO, he or she may contact the local Compliance Officer or ask his or
Human Resources Director and the Group’s Compliance Officer. her local managers for advice.
The Committee meets at least once a quarter and whenever
necessary. It oversees the implementation of the Compliance If no satisfactory solution is forthcoming and if the employee is
Program and deals with all ethical issues submitted by the Group reluctant to discuss this matter with his or her superior or if the
Compliance Officer. The Compliance Officer reports the violations other procedures for handling individual complaints are not
he is aware of and provides the Committee with a full yearly applicable, the employee can follow the alert procedure dedicated
report on the implementation and monitoring of the Compliance to ethical issues either by directly contacting the Compliance
Program. Officer through the internal alert hotline or by contacting the
external professional alert hotline which is being rolled out within
Every six months, the Group Compliance Officer provides the the Group. On his or her request, the matter will be treated
Company’s Audit and Risk Committee with a report on confidentially and the identity of the employee will not be
Compliance. disclosed as far as possible.
In addition, the legal representative of each legal entity (subsidiary
or branch) is responsible for the application of the Code of Ethics

2.2 Governance and operational excellence 2
2.2.2 An operating model designed for excellence
The “Lean Management” approach: an In terms of day-to-day work, “Lean Management” fosters
teamwork and helps create a pleasant work environment thanks
operating model for re-engineering processes to a coherent allocation of roles and responsibilities. Lastly, it also
plays a role in the ongoing improvement of Bureau Veritas’
To support its growth and international development, since 2012 relations with its clients by providing solutions that meet their
Bureau Veritas has adopted a “Lean Management” approach (see needs and expectations.
section 1.5.5 of this Registration document). “Lean Management”
can be defined as an ongoing performance improvement
approach.
As part of the strategic plan for 2020, six transformation
A quality management system
initiatives focused on the Group’s operating fundamentals were
Operational excellence requires a quality management system
launched. These initiatives have led the operating teams to rethink
that underpins the Group’s organization and allows Bureau Veritas
their way of working and enable them to identify areas for
to disseminate the same standards across the globe and in each of
improvement in their organization. The improvements and tools
its businesses.
implemented through “Lean Management” projects reduce work
times and optimize travel with a view to improve the services The Group’s quality policy is focused on four areas:
provided to the clients.
● providing Bureau Veritas clients with premium service ensuring
These improvements also have an effect on the environment and performance and integrity;
carbon footprint since the optimization of processes lessens the
● satisfying stakeholder expectations;
use of consumables in the offices and laboratories and provide
ways to reduce the amount of waste.
For example:
●
●
managing risks; and
incorporating continuous improvement into each employee’s
2
● simplified order-taking by the client portal and mobile daily activities.
applications which provide instant reports reduce paper Bureau Veritas’ Quality, Health and Safety department looks to
consumption and the related mail volume to a strict minimum; develop and ensure compliance with the quality processes within
● the optimization of the inspectors’ routes, in addition to the Group. These procedures have been certified ISO 9001 by an
improving business efficiency, reduces road-related risks and independent international body. This continuous improvement of
helps decrease fuel consumption. processes is based on a structured network of “Quality” managers
allowing Bureau Veritas to deliver reliable and consistent services
to its clients across the globe.

2.3 Human Resources
2.3 Human Resources

The men and women working for Bureau Veritas are the Group’s this commitment among the younger generations who wish to join
most valuable asset. The growth and success of the Group are the Group and are looking for meaningful careers.
closely linked to the performance of its employees, mainly
The Group is also committed to creating opportunities for skills
engineers, technical experts and other qualified QHSE
building, training and mobility throughout its employees’ careers,
professionals.
as well as encouraging their ability to innovate, a decisive
Bureau Veritas employees proudly serve the general interest by competitive factor enabling the Group to adapt to technological
helping to reduce social risks. Bureau Veritas wants to promote change and offer innovative solutions to its clients.
2.3.1 Optimizing workforce management

The Group’s Human Resources priorities are an essential component of its growth strategy.
Headcount trends
In 2017, Bureau Veritas’ headcount increased at a faster pace than in 2016. At December 31, 2017, the Group had 73,417 employees, an
increase of 6.3% compared with the end of 2016.
(number of employees) December 2017 December 2016 December 2015

Europe 15,776 15,160 14,673
o/w France 7,967 7,683 7,630
Africa, Middle East and Eastern Europe 8,739 8,535 8,878
Americas 20,512 19,058 17,947
Asia Pacific 28,390 26,289 24,497
TOTAL HEADCOUNT 73,417 69,042 65,995
The geographic spread of Bureau Veritas’ employees is closely linked to the trends in the markets in which the Group does business.
Bureau Veritas is continuing to expand in North Asia. With a total of 14,562 employees, China represents 20% of the Group’s total
headcount and increased its headcount by 16% in 2017.
In Latin America, Brazil and Colombia increased their headcount significantly with 17% growth in Brazil and 20% in Colombia, due to the
access to various additional markets.
Movements in headcount
2017 2016 2015

New hires(a) 13,101 12,362 11,021
Acquisitions 2,541 1,869 1,559
Layoffs 4,558 5,648 4,898
Voluntary departures 8,294 8,366 8,753
(a) Permanent contract (or similar).

2.3 Human Resources 2
An active and modern recruitment policy Facilitating the integration of new employees
Bureau Veritas pursues an active and modern recruitment policy The Group gives its new employees a professional and efficient
to support its long-term growth and development. The Group welcome by enabling them to rapidly assume their new duties and
offers a wide range of career opportunities to its staff in terms of feel comfortable in their new environment. New recruits are
business diversity and geographical mobility. invited to log on to MyLearning, the Group’s e-learning platform,
and to go through the Group’s induction programs, in addition to
The Group has been stepping up its presence on social media since
an induction process provided at the local level:
2014, by developing an active global profile and regularly
reporting on its activities on LinkedIn, Facebook and Twitter. ● "Discovering Bureau Veritas", the Group’s onboarding program,
Videos, employee testimonials and a broad range of employment which presents the Group’s organization and culture;
opportunities are also posted online.
● "Cardinal Safety Rules", a program explaining the fundamental
In 2017, the Group launched its “Digital Ambassador” program rules of workplace safety;
through which it identified, trained and provided ongoing support
● "Bureau Veritas Compliance Program", training regarding the
to 150 employees – mainly from Human Resources – to
Code of Ethics and the Compliance Program.
effectively use social media and promote the Group’s digital
notoriety through a well-defined approach.
At the same time, the Group continues to reinforce its
partnerships with engineering and business schools and with Digitalization of Human Resources processes
universities by participating in forums or sponsoring special
events. In December 2013, Bureau Veritas Executive Committee
approved the initiative to acquire an integrated Human Resources
The Group’s acquisitions also contribute significantly to the Information System (HRIS) in order to optimize the quality and
growth of its headcount. Bureau Veritas acquired seven
companies in 2017, adding over 2,500 employees to its
workforce. Welcoming and integrating these new employees is a
volume of data for all employees and to manage all Human
Resources-related processes through a single platform.
2
priority for the Group. To be as close as possible to these new At the end of 2017, the Group spread out the "Success Factors"
team members, the integration plan is defined locally and aligned solution in all countries where it operates.
with the acquired company’s specific situation, environment and Through this tool, the Group endeavors to harmonize and simplify
characteristics. its processes and reduce the processing times of the
In 2017, the Group had a voluntary attrition rate of 10.7%, a administrative tasks for the benefit of higher value-added
constant rate compared to 2016 (10.8%). The specific reasons for activities: identifying or recruiting talents, career development,
which employees leave the Group are identified locally and internal mobility, etc. HRIS’s implementation within Bureau Veritas
discussed during exit interviews held by the local HR teams. contributes to reinforce the role of the Human Ressources which
Bureau Veritas analyzes these factors to tailor its Human are crucial partners for the management of the Group.
Resources management policies to the labor market’s local
context and requirements.
2.3.2 Nurturing and retaining talent

Succession plans and talent identification and In 2017:
support ● 192 executive positions were reviewed at Bureau Veritas’
headquarters together with the Group’s Chief Executive Officer;
At December 31, 2017, the Group had 1,729 managers. The
● 1,220 management positions were reviewed by the regional
average age of these managers is 48. This relatively high average
operational departments concerned.
age, which is similar to 2016, can be explained by the high degree
of expertise required by the Group’s specific and complex At the end of this process, the talent identified are specifically
businesses. monitored at Group or local level in order to prepare them to their
future roles.
Given this specific feature, Bureau Veritas commits to identifying
formalized succession plans covering all its managers. For example, in France, three plans were put into effect:
Since 2012, through its “Organization & Leadership Development ● Selecting and supporting new managers. This process aims to
Review”, the HR department has identified potential successors assess the ability and train internal candidates for the position
for managerial positions and set up a specific career transition of head of department.
review for these positions.
● Bringing together a group of talents, which aims to make
employees identified for their high potential, participate in a
multidisciplinary project and to provide them with the
necessary support.
● Setting up of a professional development group, which aims to
train employees in order to help them acquire new professional
practices.

2.3 Human Resources
Promoting internal mobility Excellence label by the government of Taiwan. This award
completes a series of awards received in the last few years in
Its broad geographical presence across the world and the diversity recognition of Bureau Veritas’ inclusive culture, including: Best
of its businesses and sectors of activity allow Bureau Veritas to Partner in 2015, Employment Excellence in 2014 and Excellent
have an internal mobility policy that is a strong driver of personal Grading in 2013. The availability of the jobs for local candidates,
development for its employees. positive working environment and the organization of
federative events for the employees, were key criteria for the
This policy is being rolled out through four tools: winning of such awards.
● performance interviews: employees are invited to discuss how ● In Hong Kong, for the second year running, Bureau Veritas
they wish to evolve within the Group over the subsequent received the Good Mandatory Provident Fund Employer award
18 months (geographic or professional mobility). These goals granted to companies with the most exemplary pension
are then discussed and adjusted by the employee and his/her benefits programs for their employees.
manager during the individual interview;
● In France, Bureau Veritas was included for the second
● position reviews: internal mobility for the Group’s executive consecutive year in the “2017 Universum France” ranking in
functions is promoted through a formalized Group-level process the category of the companies, the engineering students and
which systematically reviews the position and individual profile recent graduates dream about. Bureau Veritas was also ranked
and therefore enables greater responsiveness to the Group’s in first place in the “Experienced Engineers” category of the
operating priorities; same ranking.
● recruitment: all job offers are first advertised internally; Lastly, the Bureau Veritas headquarters participated for the
second year in a row in the “Special Olympics” event, where
● internal communication: appointments to new positions and
athletes with disabilities team up with Bureau Veritas employees
promotions are announced via the tool “Connections”.
in order to experience together the magic of sports through a
sporting event (indoor soccer in 2017 and kin-ball in 2016).
Creating a performance-driven culture

Developing a performance-driven culture is a challenge for the
Motivating employees through compensation
Group. It implies that all employees adopt the Company’s
International compensation surveys are carried out regularly by
corporate vision and project. In order to foster the committment
the Group HR department to ensure that Bureau Veritas continues
of its employees, Bureau Veritas wants to provide a stimulating
to be well positioned, enabling it to both attract the best
work environment in which employees feel valued and
candidates and compensate employees according to their level of
empowered.
commitment and performance.
Managers are closely associated with the Group’s growth through
bonus schemes that take into account their individual
Building a strong employer brand performance and the performance of the Group as a whole.
Bureau Veritas seeks to maintain a strong, attractive brand image. Bureau Veritas promotes loyalty among some of its managers
through a system of stock options and/or through performance
Bureau Veritas received several awards in 2017. For example: shares as part of a long-term incentive plan. The stock option and
● In the United Kingdom, it was awarded Britain’s Top Employers performance share plans implemented by the Company are
label for the sixth year in a row. This certification was awarded detailed in sections 3.3.3 and 3.3.4 of this Registration document.
by an independent organization (CRF Institute) in recognition of In addition, since 2007, a Group savings plan has been established
the excellent working conditions provided by Bureau Veritas. (see section 2.3.5 of this Registration document).
● For the second year in a row, Bureau Veritas received the Employees of the Company and its French subsidiaries also benefit
United Kingdom’s Gold award from Prince William, the Duke of from profit-sharing agreements. Information related to these
Cambridge, in recognition of its induction program in favor of agreements can be found in section 2.3.5 of this Registration
British army veterans. Indeed, the Group has committed to document.
support the armed forces community by recruiting army
veterans and giving them the opportunity to build a second Information relating to personnel costs can be found in Note 8 –
career. Details of the operating result attached to the consolidated
Financial Statements provided in section 5.1 of this Registration
● For the second year in a row, Bureau Veritas' “Consumer document.
Products” division in Asia was awarded the Employment

2.3.3 Becoming a learning organization
Personal development and training are key goals of the Group’s one-year-long program alternates between seminar periods,
HR strategy which allow Bureau Veritas to maintain its employees’ mentoring and remote working periods. In 2017, 12 European
expertise aligned with its businesses and to offer interesting employees identified as high potentials benefited from this
career paths. training.
For 89% of the Group’s total workforce, Bureau Veritas recorded a The Group is also working to develop its policy of digitalization of
total of 1,350,511 hours of training in 2017, representing an the training it provides to its employees.
average of 21 training hours per employee for this year. In parallel,
Through a single platform for the entire Group named
Bureau Veritas is continuing to develop a uniform training indicator
"MyLearning", the e-learning offer, initially focused on technical
in all of its host countries so that it can ultimately publish data at
matters, was broadened in 2017 through the addition of 110
the level of the entire Group.
micro-learning type courses on cross-cutting subjects, in order to
develop the managerial culture and bolster professional
effectiveness. This offer was structured around three managerial
Broadening access to knowledge modules: manager (first level), manager coach and inclusive
manager.
Bureau Veritas wants to expand the range of learning tools offered Lastly, as part of the annual performance review, all Group
to its employees in order to support their development throughout managers had an online module to complete which covered two
their career. Several initiatives overseen by the Group or key subjects: “Giving feedback” and “Managing and motivating
developed by local entities have been implemented. diverse teams” in order to support them during the annual
In 2017, Bureau Veritas supported the development of 34 high
potentials with the aim of promoting them to higher-responsibility
positions within the Group in the short and medium term. This
performance reviews.
In December 2017, 65,000 Bureau Veritas employees obtained a
MyLearning license, i.e., 88% of the Group’s workforce. These
2
program, called "BV University", is organized like American employees are therefore able to develop their expertise on a daily
Universities with Colleges overseen by a dean, responsible for the basis through technical, commercial, managerial, leadership and
quality of the content. safety training.
Two Colleges have been launched on the basis of the priorities of
the 2020 strategic plan: Marketing & Sales and Project
Management.
Technical upskilling and accreditations
The 34 participants, from 19 different countries, met for one week
in Paris in March then in Houston in June and finally Shanghai in Bureau Veritas operates in a large number of technical fields and
September. Each week was organized around a specific training its technical training offer is therefore very diverse. Technical
subject and included various activities: role plays, simulations, training is necessary so that employees can work with full
workshops, meetings with clients, etc. Between sessions, knowledge of standards and regulations, inspection methods
participants completed e-learning modules and took part in two (sampling, analysis, non-destructive tests, measurements, etc.),
serious games each lasting approximately eight hours which were the technical characteristics of the items inspected (products,
focused on negotiating and management. processes, equipment, etc.) and safety standards.
This program was an opportunity for the participants to acquire The Technical departments of each operational group and division
new skills as well as meet Bureau Veritas executives from each also monitor employees’ qualifications. At each stage of the
continent while also developing their internal networks. process, employees’ skills are assessed by these departments and
are also audited by accreditation bodies (COFRAC, IACS, UKAS,
In Europe, Bureau Veritas’ European Development Center, created
etc.).
in 2016, is designed to enable talents pre-selected in Europe to
develop managerial skills in an international context. This
2.3.4 Creating an inclusive culture

An inclusive culture enables each and every employee to reach In 2016, Bureau Veritas officially launched its inclusion strategy,
his/her full potential. Inclusiveness goes beyond diversity alone, which is both global and comprehensive:
since it implies that the values that the Company upholds enable
● global, because the strategy provides Bureau Veritas’ 140 host
all forms of diversity – age, gender, geographic origin – to express
countries with a shared framework known as “Gender plus one”.
themselves and work effectively. Bureau Veritas wishes to share
This program aims to help each operating group and division
this "inclusive" culture to all its employees so that they think in a
focus on two issues:
broader and more cross-functional manner.
● improve the gender balance within its teams;
The "BV University" program described above will help to achieve
this goal with its aim of giving tomorrow’s leaders an opportunity ● define and implement an additional inclusion initiative
to get to know each other and work together in an international covering a matter in relation with local priorities.
and multicultural environment.

2.3 Human Resources
● comprehensive, because the strategy aims to promote the For example:

broadest possible range of profiles within the Group and to
● In the US, as part of the reinforcement of the Equal
unlock the potential of all team members by creating a working
Employment Opportunity policy, Bureau Veritas put in place
environment that encourages each person to express their
recruitment action plans for racial minorities, veterans, women
ideas or comments relating to the improvement of the Group
and people with disabilities in its branches and offices in recent
performance.
years. This policy has borne fruit since in 2017; racial minorities
In 2017, the Group began to implement the recommendations represented 35% of Bureau Veritas’ task force in the US.
that were presented to the CEO at the end of 2016 by the
● in South Africa, Bureau Veritas continued its actions to fight
Inclusion Advisory Board, created in early 2016 and made up of 11
inequality in connection with the government-backed
Senior Executives.
“Broad-Based Black Economic Empowerment” program. In
Various initiatives were launched in 2017: webinars on inclusion 2017, Bureau Veritas South Africa again donated 1% of its net
for Human Resources members (with a focus on recruitment after-tax profit to "Maths Centre", "Ubuhle" and "Dream Girls",
issues), inclusion awareness-raising for managers, a poster organizations involved in the education of children, particularly
campaign in the United States, etc. The Group’s Executive girls, in primary schools.
Committee and its 140 most senior managers all had an
● In Ivory Coast, Bureau Veritas continues its partnership with the
inclusion-related objective among their annual objectives.
Ministry of Employment and Social Affairs to strengthen
The "Inclusion in motion" internal letter provided to all Group initiatives designed to provide a job to vulnerable populations,
employees tackles inclusion from all angles: as a major issue, at notably women, disabled people and first job-seekers over 35.
the individual country-level, key indicators and personal This year, Bureau Veritas Côte Ivoire participated in various
testimonials. events aimed at promoting the employability of disabled
persons.
To get the most out of this diversity, Group employees throughout
the organization must voice the Group’s values of equality and
inclusion within the whole Group. An e-learning awareness-raising
module, which focuses on the inclusive behavior expected from all Promoting a better gender balance
Group employees, will be made available to all Group employees in
2018. For Bureau Veritas the gender balance is a driver of progress.
The Group’s European offices have launched a certification Women remain insufficiently represented in senior management
process in four countries for the "GEEIS" (Gender Equality positions and in governing bodies.
European and International Standard) label, a symbol of the Among the Group’s worldwide headcount at the end of 2017,
mobilization of the Group’s entities on the inclusion issue. 70% were men and 30% women.
At the end of 2017, the initial results were already visible: Bureau In line with the launch of its “Gender plus one” program in 2016,
Veritas made progress in the "Ethics & Boards" ranking on the the Group strongly encourages initiatives aimed at increasing the
increased female representation on management bodies as it share of women within its workforce and the first signs of progress
reached the 80th rank which constitutes a significant gain of 26 are already apparent:
places since 2015. Moreover, in April 2017 Natalia Shuman joined
the Group as Executive Vice President in charge of North America ● as of December 31, 2017, the percentage of women in the
and is the first female member of the Group’s Executive Group’s executive management team was 14.5%, versus 12%
Committee. one year earlier. Bureau Veritas has set a goal of raising this
percentage to 25% by the end of 2020. This ambitious target
has been widely circulated in house; the percentage of women
in the Group’s junior management positions is 19%, the same
Fighting discrimination percentage as in the previous year;
● in its succession plans, women represent 27% of the potential
Respect of all individuals is one of the Group’s core values. By
successors identified in 2017 for the Group’s executive
joining Bureau Veritas, all of the Group’s employees agree to
positions. Last year, this percentage amounted to 18%. This
respect differences, which excludes any form of discrimination
indicator and its change over time are being closely followed at
related to nationality, ethnic origin, age, gender, religious or
Group level.
political beliefs. Bureau Veritas endeavors to constantly
encourage and reinforce diversity within its teams, which is In order to help meet this ambitious objective, in France, the talent
considered as a source of enrichment and success. This interest and development groups identified in the processes initiated by
for diversity is particularly evidenced through the composition of Human Resources are systematically perfectly balanced between
Bureau Veritas’ Executive Committee, where 36% of its members men and women.
are foreign citizens.
"Diversity" policies have been formally introduced at local level.
"Employee handbooks" describing anti-discrimination policies are Inclusive recruitment policy
distributed to employees in several countries, in order to raise
awareness on these issues. Bureau Veritas primarily seeks to recruit passionate, committed
Initiatives run within entities are monitored and upgraded over people regardless of whether they have a university background or
time. come from a prestigious graduate school. This inclusive academic
policy gives access to the Group to a wider, more creative and
more proactive talent pool.

Enrichment through difference Millennials (18-38 years old) represent more than 60% of the
workforce. The Group is striving to attract and develop
Bureau Veritas seeks to create favorable conditions allowing “tomorrow’s managers” through its dynamic policy of career
people with disabilities to have access to employment. management and its ongoing digital transformation.
In France, ever since Bureau Veritas SA received accreditation In addition, the operating groups and divisions are implementing
from the DIRECCTE (Regional directorate for companies, initiatives to promote age diversity in accordance with local
competition, consumption, work and employment) for its conditions.
agreement on employment of disabled persons in 2014, Human For example:
Resources teams have been pursuing their initiatives to train and
raise awareness among employees. These actions include internal ● In France, recruitment teams strive to create a pool of young
communication campaigns with brochures and posters, work with talents. In 2017, employees recruited on work-study contracts
expert consultants, recruitment campaigns on specialized sites represented 17% of all new hires. In addition, 43% of all new
such as Réseau handicap and Agefiph, and/or participation in hires on permanent contracts in 2017 concerned people under
employment fairs organized by student federation for the 30, which constitues a 5% increase compared to 2016.
integration FEDEEH. ● In the United Kingdom, to retain and protect its oldest
Since the agreement was signed, the employment rate for people employees, Bureau Veritas offers them numerous possibilities
with disabilities in France has increased, up to 2% in 2017 from to organize their work by giving them a role as mentors or
1.89% in 2013. consultants or by offering them part-time work solutions. Since
2012, Bureau Veritas United Kingdom has also participated in a
program that gives veterans an opportunity to continue their
career paths in a corporate setting.
Getting the most from age diversity
As of December 31, 2017, the average age of the Bureau Veritas
workforce worldwide was 38. This figure applies to a zone
2
covering 97% of the Group’s workforce.
Age bracket
<26 11%
26-30 19%
31-35 19%
36-40 15%
41-45 11%
46-50 9%
51-55 7%
56-60 5%
>61 3%
0% 5% 10% 15% 20%

Percentage of workforce

2.3 Human Resources
2.3.5 Constructive labor relations

Work organization Of 96% of the Group’s total headcount, the absenteeism rate in
2017 was 1.2%. This rate takes into account the total number of
HR Directors are responsible for organizing working time in days of absence that cannot be planned in advance (due to illness,
compliance with local regulations. Due to the diversity of the workplace accidents, or unauthorized absences) to get a better
Group’s businesses, a different work organization is adopted for view of the level of commitment of the employees.
each business sector, depending on whether its employees are
sedentary (laboratory) or mobile (inspection).
Working hours vary depending on the country and the applicable Labor relations
laws.
The Group has set up employee representative bodies within most
As an example, 538 employees of the Group in France, i.e., 7.3% of of its entities and strives to ensure that they function effectively.
the Group’s workforce in France, worked part time in 2017, which
is in line with the previous years (7.6% in 2016, 7.7% in 2015 and More generally, Bureau Veritas also encourages communication,
7.8% in 2014). exchanges of ideas and opinion gathering via notice boards,
Human Resources networks, suggestion boxes, exit interviews,
ethics correspondents, accident prevention committees, monthly
personnel meetings and an open door policy, etc.
Absenteeism
Absenteeism is monitored by local HR departments in accordance
with local labor laws.
Personnel representative Such bodies exist in most of Bureau Veritas’ key countries: Canada, China, France, Spain, Italy, the United States,
bodies Japan, Germany, the Netherlands, Belgium, Czech Republic, Australia, Singapore, India, Thailand, Malaysia, Russia,
Ukraine and most of African countries (Senegal, Mali, Ivory Coast, Benin, Togo, Gabon, Congo, Angola and South
Africa).
They take various forms depending on local legislation and the size of the workforce. They are generally made up of
personnel delegates, works councils, health and safety and working conditions committees (CHSCTs), union
representatives, etc.
Committees Employee committees have been set up in Singapore, Vietnam, the United States, Germany, Spain, France, Belgium,
the United Kingdom and Canada.
In China, a discussion meeting open to all personnel is held each year to enable a dialogue with employees on subjects
such as training and career development.
European Works Council The European Works Council facilitates information and consultation with employees on transnational issues and
represents a strong channel for constructive labor relations. The terms of office were renewed in early 2017. It
currently has 30 representatives from European countries. The European Works Council is regularly informed of the
Group’s economic and financial situation and the likely direction of its businesses and divestments. It is also consulted
on the employment situation and trends, investments, significant changes in organization, the introduction of new
working methods or new production processes, mergers or discontinued activities, and large-scale redundancies.
Collective agreements Collective agreements covering key HR issues (organization of working hours, compensation policy, working
conditions, etc.) have been signed in Bureau Veritas’ main markets: Argentina, Australia, Brazil, Canada, Chile, France,
India, Italy, Mexico, the Netherlands, Peru, Russia, Singapore, Spain, Ukraine and Vietnam.
There are 14 company agreements currently in force within Bureau Veritas SA. These agreements set out the
conditions for labor relations, describe the modus operandi for employee representative bodies, and discuss a variety
of other issues such as health care costs and personal insurance.
With respect to workplace health and safety, over 40 committees have been identified, created further to local
requirements or OHSAS 18001 certification initiatives providing for employees’ participation and consultation. No
additional agreements arose out of these committees in 2017.

Profit-sharing agreements
The profit-sharing agreements described below do not cover Bureau Veritas SA and its subsidiaries outside of France.
A profit-sharing agreement was signed on December 22, 2016 for 2017, 2018 and 2019 for the six subsidiaries resulting from the legal
reorganization carried out in France on December 31, 2016.
Statutory profit-sharing
Regardless of seniority, all the employees of the six subsidiaries in France are entitled to participate in the special reserve calculated
pursuant to the statutory method set forth in article L. 3324-1 of the French Labor Code (Code du travail).
In 2017, statutory profit-sharing represents €8,155,526 for a total of 7,458 beneficiaries.
Contractual profit-sharing
The employees of six subsidiaries of the Company in France who work for the Group for more than three months are entitled to contractual
profit-sharing proportional to their seniority.
2017 2016 2015

Number of beneficiaries 7,458 7,005 6,948
TOTAL CONTRACTUAL
PROFIT-SHARING (IN EUROS) 7,024,162 2,989,972 12,994,953
2
Group savings plan Promotion of and compliance with the
An agreement to convert the Company savings plan into a Group
fundamental conventions of the International
savings plan was signed with the Works Council on July 19, 2007, Labour Organization
enabling all Group companies that are related companies within
the meaning of article L. 3332-15 paragraph 2, of the French Bureau Veritas endeavors to comply with and promote the
Labor Code to join the Group savings plan. fundamental conventions of the International Labour Organization
(ILO) in all the countries in which it operates.
The Group Savings Plan comprises seven mutual funds in which
€157,677,256 were invested as of December 31, 2017. The ILO’s fundamental conventions cover various topics, including
respect for freedom of association and collective bargaining, the
Bureau Veritas contributes to the savings of its employees by elimination of discrimination in respect of employment and
paying a top-up contribution into the Group savings plan up to a occupation, the abolition of forced labor, and the abolition of child
maximum of €1,525 per employee per calendar year. labor.

2.4 Health, Safety and Environmental issues
2.4 Health, Safety and Environmental

issues
For Bureau Veritas, safety is an “absolute”, a non-negotiable example, the rate of accidents leading to lost work time is down
priority without which the business could not continue. by 72%.
The Group’s safety culture, driven by the goal of being a The growth of Bureau Veritas has also had an impact on its
zero-accident company, is a significant factor in forging internal environmental footprint, mainly in terms of electricity
cohesion as well as a key focus. The Group’s expansion into new consumption and CO2 emissions which are related to work-related
countries and industrial sectors gives rise to many challenges. travel. To reduce these impacts, Bureau Veritas has developed
These challenges have been identified by Bureau Veritas thanks to internal programs to lighten the Company’s carbon footprint.
the unwavering commitment of its management and the expertise
In 2017, the Group focused on three priority areas: reducing the
of its Health, Safety and Environment (HSE) managers. Since
number of accidents caused by falls, increasing the number of
2009, when the Group’s first series of reliable indicators were
safety briefings held by the management and securing the scope
established, the number of accidents has fallen sharply. For
of the reporting on the environmental footprint.
2.4.1 A comprehensive HSE policy

The Group’s HSE policy has been defined to address the following environmental issues, within the core values of the corporate
challenges: culture. This clear undertaking reflects the Group’s long-term
commitment to continuously improve its HSE performance.
● successful integration of a large number of new employees
each year into a growing Group; This statement is available on the Group’s website
(www.bureauveritas.fr). It includes the following commitments:
● local harmonization of HSE practices in an international
network of 140 countries; 1. provide a safe workplace and safe working methods to
prevent accidents and injuries to our employees;
● performance of a wide range of activities that carry different
HSE risks; 2. prevent pollution, minimize energy consumption and waste;
● missions on client sites in working environments that the Group 3. increase employees’ HSE awareness and safe behavior;
cannot control; and
4. comply with all relevant HSE legislation (regulations, internal
● protection against the risk of road accidents during policies, client requirements, and other applicable
work-related travel. requirements).
These commitments are also reflected in the active participation
of the Group’s Executive Management in the analysis of serious
Unwavering commitment of the Group’s accidents, in the conduct of specific HSE reviews, by the setting of
Executive Management HSE certification objectives, and in the quarterly monitoring of
performance indicators and action plans.
In signing an “HSE statement”, the Group’s Executive Management
has undertaken to enshrine safety at work, along with health and

Setting of HSE objectives
Bureau Veritas undertakes to protect the safety of its employees and the environment by setting annual objectives in line with the Group’s
HSE vision and mission. Since 2015, Bureau Veritas’ operating teams, supported by the HSE network, have been working towards the
following goals:
Progress as of
Objectives December 31, 2017 Comments
Zero fatal accidents Not Achieved 1 fatality in 2017
Reduce the frequency of accidents with lost work Achieved
time and the frequency of all accidents by 10% Achieved
Reduce the accident severity rate by 15%.
Secure the scope of reporting on the environmental Achieved
footprint
Conduct initial HSE training for all new arrivals Not achieved Certain entities do not have reporting procedures. Roll out in 2018
of automatic and mandatory participation in "SuccessFactor".
Ensure that each employee attends at least six safety Achieved
briefings per year
Roll out of two safety/accident prevention Not achieved Due to other Group priorities, the two campaigns could not be
campaigns carried out. However, the two campaigns for 2018 have already
Obtain OHSAS 18001 certification for all the entities

with more than 200 employees
Not Achieved
been defined.
Due to extensive external growth, not all of the acquired companies
are as yet included in the Group certification.
2
Details on these objectives are provided below.
A local and global HSE organization

Bureau Veritas has put in place the following HSE organization in order to provide an effective management at Group level and a consistent
local implementation of objectives, programs and practices.
The strength of this organization lies in the balance between its network and the importance of its activities.
Title Role and responsibilities Supervision

HSE department It defines global strategy, programs and tools. Senior Vice President, Operational Excellence
HSE steering group It helps to define the Group’s HSE strategy and more specifically Operating group management teams
to select prevention campaigns.
HSE managers They implement HSE policies, integrates the local constraints Regional and local management teams
associated with the Group’s various businesses, languages,
cultures and regulatory contexts.
HSE network It reviews HSE performance during quarterly conference calls and Operating group management teams
annual seminars in order to set clear directions for HSE objectives
and programs; participates in the development and
implementation of new tools in order to share good practices.
Ionizing Radiation Safety It ensures that all activities using ionizing radiation equipment Operating group management teams
Committee under Bureau Veritas’ responsibility deliver their services safely.
Working groups They work together on specific topics in order to deliver joint HSE department
proposals to the Group.

Certification objectives
The Group is seeking to obtain OHSAS 18001 certification for all the entities with more than 200 employees. In parallel, the Group strongly
recommends that all entities obtain ISO 14001 certification.
Coverage of the Group headcount in relation to the following

standards 2017 2016 2015 2014
ISO 14001 72% 79% 77% 68%
OHSAS 18001 82% 88% 85% 74%
Due to strong external growth in 2016, the Group certification coverage rate decreased slightly. Newly acquired companies have one year
to be covered by the Group’s certification. However, these rates only apply to Group certifications; some acquired companies have their
own ISO 14001 or OHSAS 18001 certifications. Certification activities are excluded from this scope as they are subject to specific
accreditation processes. Similarly, companies acquired in 2017 will not be covered by this certification program until 2018, so as to give
them time to roll out and apply the Group’s management system.
2.4.2 Protection of the health and safety of the employees

Health and safety indicators
Bureau Veritas has implemented health and safety indicators in each country in which it operates. These indicators have been defined
according to World Health Organization guidelines.
An internal procedure defines the methods for collecting these indicators by way of a single tool that enables information about accidents
to be reported in real time. They are collected from all of the Group’s legal entities. A specific process is applied for the company acquired
during the current year, which are systematically excluded at first from the Group’s health and safety management system. These entities
are integrated on a case-by-case basis after checking the reliability of data and more generally after at least one year of reporting.
Objectives
Indicator Definition Unit 2017 2016 2015(a) for 2017
Total Accident Rate Frequency rate of all Number of accidents with and
(TAR) accidents without lost time x
200,000/Number of hours worked 0.49 0.61 0.67 -10%
Lost Time Rate (LTR) Frequency rate of lost time Number of accidents with lost time
accidents x 200,000/Number of hours worked 0.22 0.26 0.30 -10%
Accident Severity Rate Severity rate Number of days lost x
(ASR) 1,000/Number of hours worked 0.021 0.03 0.027 -15%
Fatality (FAT) Number of deaths Number of deaths 1 0 1 Zero
(a) The 2015 rates have been revised following the change in method for calculating the number of hours worked. As from 2015, this number has been set at 160
hours per person and per month.
The Group continues to make overall progress (TAR – 20%, LTR – 15%, ASR – 30%) thanks to the programs put in place to improve the
analysis of root causes and the effectiveness of the measures adopted, as well as the day-to-day input of line management. In 2017, all
accidents categorized as “serious” according to the Group’s own criteria were closely monitored: the analysis of the accidents and the
related action plan were reviewed by the HSE department and then presented by the line managers to their superiors at a specific meeting.
This information is also provided to the Bureau Veritas' Chief Executive Officer during quarterly operating reviews. Moreover, all Bureau
Veritas managers were given a safety management guide by their line managers or their HSE organization at their annual evaluations or
during a meeting on these issues. This guide constitutes the basis for understanding the role of management in deploying the safety culture.

Priority programs
The decrease in the number of accidents is linked to the rolling out Cardinal Safety Rules
of appropriate programs. The Group is implementing a series of
The Cardinal Safety Rules ("CSR") define the fundamental safety
initiatives (some of which are described below), which are being
rules of Bureau Veritas. These rules were enhanced in 2017 in
developped locally, which help to ensure that practices and
order to make them more specific and clearer for all of the Group’s
guidelines are consistent. Local action plans specific to the local
employees. An e-learning module has been created to support the
entities’ concerns and to their degree of maturity on certain issues
implementation of these modifications; this training module must
are also in place.
be completed by each new employee during the induction process.
At present the Cardinal Safety Rules are divided into three major
areas as shown below.
Analyzing the root causes of an accident Occupational illnesses

Analyzing the root causes of an accident is an essential factor of
Occupational illnesses are monitored and reported locally, in
improvement and prevention. The internal accident investigation
accordance with applicable regulations, and local prevention plans
procedure was changed in 2015 to incorporate more effective
are defined and put in place. Implementation of OHSAS 18001
tools for the identification of the root causes and the
certification within the Group drives local entities’ commitment to
determination of appropriate long-term corrective and preventive
continuous improvement.
measures. An e-learning module has also been developed to
support this change and was rolled out in the second quarter of The Group analyzes its activities to identify the main risks to
2017 to all the relevant people who perform accident analyses. which its employees are exposed and to define the appropriate
The causes of the most serious accidents, 57 in 2016, were control mechanisms. Two principal exposures have been
analyzed by the management of the concerned entities together identified: ionizing radiation and asbestos.
with the Group’s Quality, Health and Safety department in order
to raise managers’ awareness of this approach.
Ionizing Radiation
Safety briefings Ionizing Radiation (IR), such as X-rays and gamma rays, is emitted
by mobile or fixed equipment used primarily to perform
Safety briefings are a key preventive measure for accidents and non-destructive testing. An Ionizing Radiation Safety Committee
are part of the Group’s internal processes. was created in 2007 and established a Group policy and
procedure that must be followed in all Bureau Veritas operations
They help remind employees of the importance of safety in their
using IR equipment. This policy establishes the maximum exposure
day-to-day work, highlight areas of business requiring particular
threshold to which Bureau Veritas employees may be subject, the
vigilance and help develop an open dialogue about these issues
monitoring of this exposure and particularly its medical follow-up.
with employees. For employees, the briefings are an opportunity
Compliance with these requirements is verified for each entity at
to share any doubts or suggestions for improvement they may
least every three years by internal experts. These audits are
have and are an important link in the knowledge chain.
completed by annual self-assessments.
In 2017, the Group set the goal of ensuring that each employee
participates in at least six safety briefings per year. This goal was
achieved to differing degrees across the Group, depending on the
maturity of the entity in question.

Asbestos each operation. Beyond a certain density of fibers present in the

air, a written plan to limit exposure is required and includes
The main hazard linked to asbestos exposure is the inhalation of procedures for medical oversight. The key elements of this
airborne fibers that may be released by Materials Containing program are defined globally and must be communicated locally.
Asbestos (MCA). For Bureau Veritas' employees, exposure may In 2016, a training module designed by the working group on
occur when services are performed in a work environment where asbestos to raise the awareness of potential exposure (see the
asbestos is present, or during work on MCAs that may generate section above on HSE organization) was rolled out through the
airborne fibers (inspection of boilers insulated with materials Group’s internal e-learning platform (MyLearning).
containing asbestos, decontamination of buildings, etc.).
In France, four work-related illness claims were filed with the
To ensure that the exposure is under control, the Group has authorities in 2017.
implemented an internal policy providing for a risk analysis for
2.4.3 Limiting Bureau Veritas’ environmental impact

Bureau Veritas’ environmental policy applies to all its activities. Based on these findings, the Group-led environmental programs
The Group sets annual targets for reducing the environmental and tools focused on these six sources while requesting more
impact and implements specific programs to reduce its most detailed reports on the data related to work-related travel and
significant environmental impacts. Several action plans were energy consumption.
implemented in 2017.
The overall picture remains valid despite the Group’s growth and
the increase in laboratory activities.
As a result, Bureau Veritas is determined to reduce its
A recognized environmental commitment environmental footprint and minimize its normative energy
consumption and carbon footprint relating to work-related travel.
Since 2009, the Group has voluntarily had all of its environmental In order to do so, the Group sets annual objectives that are
practices and its overall CSR program evaluated by the ECOVADIS presented yearly to the CEO, CFO, and heads of the
agency. Legal, Risk & Compliance and Human Resources departments.
ECOVADIS is an independent non-financial rating agency which The Group’s environmental indicators are calculated based on the
annually evaluates labor practices, environmental protection data gathered through the "Environmental and Carbon Reporting".
initiatives, business ethics and implementation of responsible These indicators are circulated to the Group’s Executive
criteria in the acquisition of companies operating in all business Committee and through the website.
sectors. For some of the Group’s largest clients, a supplier’s
evaluation by ECOVADIS is a pre-requisite for becoming an To stabilize the scope of the data monitored and ensure its
approved supplier. reliability through a detailed review of changes in consumption,
the reporting period has been moved back by one calendar year.
In 2017, the Bureau Veritas Group received a 68/100 rating. As a result, the data available for 2017 correspond to actual
Through this rating the Group continues to maintain an operations in 2016.
“Advanced” commitment level, thereby reaffirming its “Gold”
supplier status according to ECOVADIS' criteria.
Energy consumption
To achieve the targets set by the Group, local action plans have
Reduction of CO2 emissions been rolled out, documented and communicated. These action plans
may be persuasive (information campaigns), behavioral (regulated
Given the nature of the Group’s activity as a service provider, its watering, careful control of indoor temperatures, optimized lighting)
environmental impact is fairly limited. To get a better view of this or managerial (procedures, management systems).
impact, the sources of Bureau Veritas’ CO2 emissions were
For laboratory activities in 2016, reliable data for electricity
mapped in 2008 through full carbon audits of a representative
consumption were collected for 17,759 employees, or 69% of the
sample using the carbon footprint methodology created in 2004
staff in the Group's laboratories with more than 25 people and
by France Bilan Carbone. The results showed that 98% of Bureau
80% of Group laboratories with more than 25 people.
Veritas’ total CO2 emissions stemmed from work-related travel,
the consumption of energy, paper and water, leaks of ozone Given that the data for 2015 show that 80% of the total volume
depleting substances and waste generation. The breakdown of of electricity consumed by the Group was attributable to
CO2 emissions among these different sources varies according to laboratories, and the remaining 20% attributable to offices,
the nature of the performed completed within the Group. Bureau Veritas has chosen to focus on data related to the
Work-related travel was the main source of CO2 emissions for electricity consumption of the laboratory activities in laboratories
inspection and office activities, for example, while energy with more than 25 people.
consumption was the main source of CO2 emissions for
laboratories.

The data on energy consumption presented below concern Work-related travel is the second largest contributor to CO2
electricity only. Gas consumption is not significant and therefore emissions. In 2016, reliable data on the offices’ carbon footprint
no longer included in this calculation. resulting from work-related travel were monitored for 24,172
employees, or 57% of the staff in the Group’s offices with more
The table below shows the electricity consumption of the Group's
than 50 people and 65% of the Group's offices with more than 50
laboratories per person and per year for 2015 and 2016:
people.
Energy in MWh/person/year 2016 2015 In view of the volume of CO2 emissions resulting from
Laboratories 6.9 6.5 work-related travel undertaken by office staff as compared to
laboratory staff, Bureau Veritas has chosen to focus on office data
for the offices with more than 50 people.
The table below shows the gross electricity consumption of Group
laboratories in 2015 and 2016: The initiatives described above and put in place in the Group’s
offices to reduce energy consumption allow it to continue
Energy in MWh 2016 2015 reducing the Group’s CO2 emissions.
Laboratories 121,789 112,996 GROUP'S CO2 EMISSIONS ARISING FROM ELECTRICITY
CONSUMPTION – LABORATORIES
The gross energy consumption figure for 2016 presented here increased Tons of CO2/person Tons of CO2/person
by 8% compared to the figure for 2015 published in the 2016 report. The Energy 2016 2015
reporting scope was constant between the two publications with 17,358 Laboratories 3.10 3.07
people in 2015 versus 17,759 people in 2016.
The standardized energy consumption rose by 5%, due to growth
in the laboratories’ activities.
CO2 emissions
GROUP CO2 EMISSIONS ARISING FROM
WORK-RELATED TRAVEL – OFFICES
2
The "BV Carbon" tool developed internally in 2009 to measure the Work-related Tons of CO2/person Tons of CO2/person
travel 2016 2015
Group’s CO2 emissions and assess the efficiency of environmental
programs has been consolidated within the "Environmental and Offices 2.35 2.46
Carbon Reporting tool" since 2014.
The following emission scopes are taken into account: Data related to work-related travels shown above include data
● Scope 1 – Direct emissions: sum of direct emissions resulting linked to the use of cars (corporate, rental and leased vehicles),
from burning fossil fuels such as oil and gas or from resources motorbikes and scooters, flights (short, medium and long-haul)
owned or controlled by the Group; and train travels. Commuting is not included.
● Scope 2 – Indirect emissions: sum of indirect emissions arising

from the purchase or production of electricity; Streamlining work-related travel
● Scope 3 – Other emissions: sum of all other indirect emissions Bureau Veritas’ businesses involve numerous visits to clients’
including work-related travel. premises, resulting in high levels of fuel consumption.
By analyzing available data, energy consumption can be identified In order to reduce the CO2 emissions, local initiatives have been
as one of the two areas of the business generating the majority of put in place, mainly in France, Australia, Italy and Latin America.
the Group’s CO2 emissions. In France, for example, teams are putting in place a program
The 2016 results for the consolidation of the carbon footprint aimed at replacing vehicles, which are more than three years old,
linked to electricity consumption for laboratory activities are with more fuel-efficient vehicles in order to reduce average fuel
identical to the electricity consumption results shown above in the consumption. This will reduce emissions resulting from
“Energy consumption” section. work-related travel.

Pollution and waste management

Potential pollution that could result from the Group’s office, inspection and laboratory activities is described in the table below. Compliance
with requirements in connection with pollution is verified by local authorities and by ISO 14001 certification bodies.
Business Potential pollution Examples of action plans

Offices and inspections Air conditioning equipment in offices, which may Appropriate maintenance contracts
provoke refrigerant gas leaks Recent vehicle fleet with low CO2 emissions and training in
Use of cars to travel to client premises eco-driving
Laboratories Air conditioning equipment in laboratories that may Appropriate maintenance contracts
provoke refrigerant gas leaks Technical equipment to monitor emissions and procurement
Testing equipment that may generate polluting of necessary permits, regular emissions checks
atmospheric emissions Recent vehicle fleet and training in eco-driving
Use of cars to travel to client premises Dedicated storage areas equipped with appropriate
Storage of chemical products and dangerous waste retention tanks and necessary control procedures
Measures for the prevention, recycling The best action programs receive a trophy.
and removal of waste In 2017, four trophies were awarded in the following categories:
"Creativity", "Education" and "Social Media" in addition to the
The nature of Bureau Veritas’ activities means that its main waste year’s theme “Connecting People to Nature”.
product in terms of volume is paper. In order to limit its
consumption and reduce the waste generated, several initiatives
have been set up within various Group entities regarding the
generation of electronic reports, as well as electronic printing and
Noise and other forms of pollution
archiving when permitted by clients and applicable regulations.
Bureau Veritas is working towards its paperless goal for the Noise and other forms of pollution related to the Group’s activities
Consumer Products business (reduction of paper consumption, are monitored in accordance with applicable local regulations.
storage and shipment). Due to the nature of its activities, Bureau Veritas causes little
Other types of waste, such as cardboard, plastic, glass, batteries, noise pollution in the local communities in which it is present.
light bulbs as well as waste resulting from electrical and electronic However, where excessive noise is identified (e.g., at laboratories
equipment, chemicals and mineral samples arising from laboratory carrying out resistance tests on concrete or metal parts),
tests carried out by the Group, are measured and managed in appropriate sound insulation has been installed. Appropriate
accordance with local regulations requiring that they be disposed protective measures are also identified and put in place for the
of by specialized companies. employees concerned.
Due to the growing importance of the Group’s laboratory

activities, waste reporting has been improved in order to better
measure the information reported and ensure its reliability. Helping clients to reduce their environmental
impact
Bureau Veritas offers a range of services enabling its clients to
Involving all employees reduce their environmental footprint, such as:
Since 2009, Bureau Veritas has celebrated World Environment ● conducting carbon and energy audits to identify the sources of
Day every June 5 on the theme announced by the United Nations emissions, quantify and prioritize them, and recommend
(UN). For this event, the Group’s Quality, Health and Safety methods for reducing CO2 emissions;
department propose to the employees to organize initiatives to ● supporting clients in their efforts to obtain ISO 14001
reduce their environmental impact. This involvement of all certification and training environment managers, which
employees in this ongoing effort to improve environmental constitues a key contribution to professionalizing initiatives to
protection is celebrated with an internal competition. A selection reduce environmental impact and ensuring their ongoing
committee meets to examine and evaluate each project effectiveness over the long term;
submitted.
● technical checks carried out on ships in service and under
For the last several years, more than a hundred action plans have construction to prevent ecological disasters related to
been implemented, with an ever greater number of participants. accidental spills;
● "LEED" certification and support in obtaining HQE certification
Year 2015 2016 2017 for buildings that help reduce energy consumption during the
construction and operational phases.
Number of action
programs 130 116 121
Number of participants 30,000 47,000 54,000

Provisions and guarantees activities. In addition, the Group has subscribed insurance
coverage for all of its business activities (see section 1.13 of this
Provisions and guarantees for environmental risks are monitored Registration document).
at local level depending on the potential impact of Bureau Veritas’
2.4.4 Continuing employee training

A Health, Safety and Environmental induction module is provided This platform, available to all the Group's employees, offers
to new employees when they join Bureau Veritas. Around multilingual training modules on health, safety and environmental
13,000 induction sessions were held in 2016. issues such as the cardinal safety rules, handling of chemical
products, working at heights, defensive driving for two and
This induction training is supplemented with specific modules that
four-wheeled vehicles, eco-driving and handling of gas cylinders.
are defined by each country based on the risks employees may be
Specifically-designed modules are also made available to the
exposed to when performing their duties and in accordance with
managers and concerns the measures the managers must take
regulatory requirements. Training is provided with respect to the
with respect to personal protection equipment, IR, working at
entry into confined spaces, working at heights, first aid, use of
heights and the entry into confined spaces.
firefighting equipment, handling of pressurized cylinders and
preventive actions. Training leading to a certification is also In 2018, the updating of certain modules will bring them in line
provided for the members of the HSE network on HSE with the latest requirements and best practices.
management systems, applicable standards, internal audits, and
accident investigations.
E-learning platform: MyLearning

2
After Bureau Veritas set up a new global e-learning platform
(MyLearning) in late 2014, substantial resources were allocated by
HSE teams so that all training courses available at Group level
could be incorporated into the platform. The configuration of 15
modules in several languages, the identification and the training of
around 200 local administrators, the creation of automatic reports
and the exchange of good practices between the Group entities
which use this platform made it possible to post online 14 HSE
courses in 2015 and two new courses in 2016.

2.5 Society
2.5 Society
2.5.1 Serving the general interest
In a world where public opinion is becoming increasingly sensitive to technological, environmental, energy, social and economic risks, Bureau
Veritas provides solutions to issues relating to quality, safety, environmental protection and social responsibility.
Helping our clients to generate value A specific CSR-focused business

on a long-term basis
The Group’s business portfolio includes services more directly
Bureau Veritas has more than 400,000 clients. It operates in a linked to CSR. In addition to those mentioned in section 2.4.3 of
wide range of industries, including aeronautics, the automotive this Registration document, Bureau Veritas provides other types
industry, the building industry, real estate, consumer products, the of services including:
electrical and electronics industry, the agri-food industry, ● conventional QHSE management system certification services:
industrial equipments, the maritime industry, oil and gas, the Environment (ISO 14001) and Health & Safety (OHSAS 18001);
process industry and the mining industry, retail, services,
transportation and infrastructures. The scale of its activities also ● certification services for specific sectors, in particular for the
allows Bureau Veritas to promote a culture of quality, health and agri-food industry (BRC/IFS, ISO 22000, HACCP – management
safety, environmental protection, efficiency and social of food health and safety), the forestry/wood sector
responsibility throughout global value chains. (FSC/PEFC) and health services. In France, Bureau Veritas also
provides certification services for labels in the Agri-Food sector
The services delivered by Bureau Veritas encompass six value (Label Rouge, AB and Origine France Garantie);
creation levers for its clients, which are more detailed in
section 1.1 of this Registration document. ● environment-related services: verification of sustainability
practices in the fields of climate change (EU ETS), energy
By helping its clients to protect their brands, manage their risks management (ISO 50001), biomass and biofuels sustainability
and improve their performance, Bureau Veritas serves the general (EU Directive on Renewable Energy), carbon footprinting
interest. (ISO 14064, PAS 2050), social responsibility (SA 8000,
The Group’s services help improve: ISO 26000) and sustainable development reporting (AA 1000,
GRI);
● the safety of users of buildings, equipment and vehicles;
● training in environmental issues, social responsibility, food
● the safety of the consumers (food products, electrical and safety, IT security, business continuity management and energy
electronic equipment, and other consumer products); management.
● the health and safety of employees in their workplace;
● the environmental impacts of the industrial operations,
transportation, construction and consumption of natural
resources;
● the safety and transparency of international trade;
● Corporate Social Responsibility.
Bureau Veritas acts in the general interest in accordance with the
following commitments to:
● identify and reduce risks for the benefit of the public and
economic spheres, the consumers and end users, and society in
general;
● comply with its Code of Ethics which includes, in particular,
rules relating to independance, integrity and impartiality in
providing objective and impartial, unbiased professional
opinions;
● promote local initiatives in response to local problems.

2.5 Society 2
2.5.2 Management of suppliers and subcontractors
The Group Purchasing department identify the “right price” but also by adopting a “responsible
consumption” attitude with the internal Purchasing
Since 2013, the Group’s Purchasing department has focused on department's clients. This can be done both by ensuring that
three main objectives: they systematically use listed suppliers and contracts in place,
and by ensuring that they are used reasonably and efficiently –
● optimizing commitments with suppliers and subcontractors; for example, not simply ensuring compliance with the travel
policy, but making an effort to use tele or videoconferencing;
● ensuring compliance with clearly formalized governance rules,
with respect to internal processes (e.g., segregation of duties ● significantly reducing the number of suppliers in order to enable
between the purchaser and the requisitioner) and external Bureau Veritas to influence its suppliers and subcontractors on
processes (e.g., ethical purchases); important issues;
● managing risks related to procurement and subcontracting. ● adopting a systematic approach to risk management in the
supply chain.
The goals of the Purchasing department for 2017 reflect these
three concerns: As purchasing and subcontracting accounts for a large proportion
of Bureau Veritas’ total expenses, it is essential to pay close
● achieving additional savings, by consolidating needs as far as
attention to relationships with subcontractors and suppliers and
possible at the appropriate level, pooling expertise and
the sustainable development strategy adopted by the Group with
resources and sharing experience. The cost savings target is
regard to these stakeholders.
expected to be achieved not only by systematically seeking to
Breakdown of suppliers and subcontractors 2

Partners Role % of 2017 revenue CSR issues taken into account
Operational subcontractors Technical personnel not on the Bureau 8.2% Personnel selection, supervision,
Veritas payroll, used in addition to the training when and where necessary
Group’s salaried headcount and possible
Suppliers Companies supplying the material used 21.5% Contracts referencing the applicable
by Bureau Veritas personnel to carry Code of Ethics of Bureau Veritas,
out its work (laboratory equipment, specifying the expected degree of
measuring equipment, individual equipment safety, the necessary
protection equipment, etc.), equipment respect for human rights, the
or services such as lease of offices, implementation of a travel policy and
telecommunications, hardware and a policy to reduce CO2 and vehicle
software, travel services and vehicles emissions; use of EcoVadis to
for work-related travel evaluate suppliers on CSR issues
Evaluation of the CSR practices of the Out of these 105 suppliers, 65% have been reevaluated and 69%
of them have improved their evaluation results.
suppliers
More generally, in 2017 Bureau Veritas initiated an overall
In 2014, Bureau Veritas launched a continuous purchasing mapping of risks and an action plan for managing these risks.
improvement program from a CSR perspective. The Group teamed Three main types of supplier-related risks have been defined and
up with ECOVADIS, an independent platform evaluating suppliers will be managed by the Group as from 2018:
in terms of sustainable development and CSR, and identified the
● operational risks, i.e., risks of interruption of the production
following goals:
chain;
● demonstrate Bureau Veritas’ commitment to sustainable
● legal risks; i.e., risks related to insufficient or inadequate
development across the entire supply chain;
coverage at the contractual level;
● systematically evaluate key suppliers on CSR issues;
● CSR-related risks. In this specific area, Bureau Veritas is
● assist suppliers with the improvement of their environmental implementing action plans to limit risks for (i) existing suppliers
and social performances. and (ii) new suppliers, which will make it possible to meet the
requirements imposed by French law no. 2017-399 of
ECOVADIS uses 21 criteria when evaluating suppliers, based on March 27, 2017 on the duty of care of parent companies and
four main themes: environment, fair working conditions, business sub-contracting companies.
ethics and supply chain. In all, 45 suppliers were evaluated via a
CSR questionnaire as part of the first campaign launched in 2014. Bureau Veritas has also launched an initiative to rationalize the
supplier base which, among other goals, aims to simplify the
At this stage, 105 suppliers have been evaluated by ECOVADIS management of suppliers and increase control over them.
and 16 additional suppliers are in the process of being evaluated.

2.5 Society
Qualification of subcontractors The Group will soon enable them to update their skills by providing
them with a standard package of e-learning and information
Subcontractors have expectations which are similar to those of modules.
Bureau Veritas employees: This standard package will comprise:
● to work in a secure environment; ● the Code of Ethics of Bureau Veritas to be countersigned by the
● to have appropriate skills; and service provider;
● to be fairly compensated. ● a statement to be signed by the service provider in which it

recognizes the nature of the operating needs and constraints of
In addition to the checks carried out to ensure that employees Bureau Veritas and its client;
have the requisite skills for the tasks they are assigned, Bureau
Veritas ensures that its subcontractors comply with the Group’s ● a service charter, formally documenting the service provider’s
ethical and safety standards. commitments in delivering its services, for example delivering in
accordance with the agreed schedule;
● the list of specific applicable health and safety rules;
● a confidentiality agreement to be signed by the service
provider.
Depending on its specific needs, each entity will add to this
standard package other information relevant for the type of
subcontracted services.
2.5.3 A responsible corporate citizen

Supporting local development Action for the community
The Group has a strong international presence. The community initiatives rolled out by Bureau Veritas are decided
locally in each of the 140 countries in which the Group does
This makes it possible to provide a “one stop” response to clients
business.
that generally operate around the globe. However, the Group’s
presence on the ground, its understanding of the language and
dialects and the availability of its employees are what allows it to
really understand the human issues at local level. This is how
Bureau Veritas is able to provide effective local solutions with
global support.
The Group’s highly decentralized organization favors local hiring in
the 140 countries in which it does business. In this way, Bureau
Veritas helps further socio-economic development in the
countries in which it operates, including through its network of
local suppliers and partners.
The Group takes care to ensure that each of its 1,440 offices and
laboratories across the globe develops local skills and expertise in
partnership with the authorities and the stakeholders concerned.

2.6 Duty of care plan 2
2.6 Duty of care plan
The Law no. 2017-399 of March 27, 2017 on the duty of care Given the nature of the subjects addressed and in order to
applicable to parent companies and sub-contracting companies capitalize on what already exists, avoid duplication and optimize
provides that: existing synergies between the functions concerned (HSE, Human
Resources and Purchasing), the subjects related to the duty of
● any company that has, at the end of two consecutive financial
care are being handled by the organization in place for CSR (see
years, at least 5,000 employees directly or through its direct
details in section 2.1.2 of this chapter of the Registration
and indirect subsidiaries whose headquarters are located on
document). Therefore, at the level of the corporate support
French territory, or at least 10,000 employees directly or
departments, the “Duty of Care” Steering Committee is the CSR
through its direct and indirect subsidiaries, whose headquarters
Steering Committee. This committee, which reports to the Group
are located on French territory or abroad, must establish and
Human Resources Director, comprises representatives of the
implement in an effective manner a duty of care plan;
relevant corporate departments responsible for their own area of
● This plan must include reasonable measures to identify and expertise. These departments manage their network of
prevent risks of serious infringements to human rights and correspondents within the operating groups.
fundamental freedoms, the health and safety of persons as well
For example:
as the environment, resulting from the Company’s activities and
those of the companies that it controls directly or indirectly ● issues relating to fundamental freedoms and human rights fall
within the meaning of article L. 233-16 II of the French under the responsibility of the HR department;
Commercial Code as well as subcontractors or suppliers with
whom it maintains an established business relationship, when
these activities are related to this relationship.
● issues relating to health and safety and the environment are
managed by the Quality, Health and Safety department;
2
● issues relating to purchasing are managed by the Purchasing
Pursuant to article L. 225-102-4 of the French Commercial Code,
department.
the duty of care plan includes the following five measures:
● a mapping of the risks that identifies, analyzes and ranks risks;
Staff
● procedures to regularly assess, in accordance with the risk
mapping, the situation of subsidiaries, subcontractors or Numerous monitoring and performance indicators, particularly in
suppliers with whom the Company maintains an established relation to health and safety, are already in place in each country
business relationship; in which the Group operates. These indicators have been defined
according to World Health Organization guidelines.
● appropriate actions to mitigate risks or prevent serious
violations; In 2018, as part of the Plan’s deployment, a specific action plan
was launched including notably: the initiation of staff training on
● an alert mechanism that collects signals of potential or actual the Group’s "absolute" values, the creation and roll-out of a new
risks, developed in partnership with the trade union training module on the “Cardinal Rules” incorporated into the
organizations representative of the concerned company; mandatory induction program and lastly the publication of a new
“Human Rights” procedure and the monitoring of the
● a monitoring system to follow up the measures implemented
“Inclusion@BV” program.
and assess their effectiveness.
As the Company is subject to this new regulation, the purpose of
this section is to describe the degree of advancement of the work Subcontractors
carried out in 2017. As the Duty of Care Plan (“the Plan”) is Bureau Veritas ensures that its subcontractors comply with the
intended to be developed in collaboration with the Company’s Group’s rules, particularly in relation to ethical and safety
stakeholders, it is noted that the measures are being gradually put standards. The measures implemented for this purpose are
into place and will be more widely deployed in the course of 2018. described in section 2.5.2 of this chapter of the Registration
The report on the implementation of the Plan will be presented at document. Subcontractor-related risk is also integrated in the
the end of 2018 (in the 2018 Registration document). Group risk mapping carried out in 2017.
The issues related to duty of care have been integrated in the The “subcontractor” section of the Plan includes notably this year
broad-based work of risk mapping carried out by the Group in the setting up of a due diligence questionnaire integrating CSR
2017. On the basis of this year, Bureau Veritas has determined concerns, the introduction of a screening tool, the publication of a
appropriate actions for reducing risks or preventing serious “Business Partners code of conduct” and the insertion of CSR
violations. clauses in the Group's standard subcontracting contracts.
Governance
The Company has set up a dedicated governing body to oversee
the development of the plan and its application.

2.6 Duty of care plan
Suppliers Alert mechanism that collects signals of

In 2014, Bureau Veritas launched a continuous Purchasing
potential or actual risks
improvement program from a CSR perspective. The actions The alert mechanism put into place as part of the Group’s
undertaken in this area, including the work carried out with compliance program (see the details of this alert mechanism in
ECOVADIS, an independent platform evaluating suppliers in terms section 2.2.1 of this chapter of the Registration document) will be
of sustainable development and Corporate Social Responsibility, gradually extended to all of the areas covered by the duty of care
are detailed in section 2.5.2 of this chapter of the Registration law.
document.
This alert system, which is currently reserved for internal staff, will
In addition, in 2017 the Group’s Purchasing department carried be gradually extended, pursuant to articles 6 et seq. of the French
out a general mapping of the Group’s purchasing risks and, within Law no. 2016-1691 of December 9, 2016 on transparency, fight
this framework, defined a strategy for managing them. Among the against corruption and modernization of the economy (law known
risks identified, particular attention was given to CSR risks for as “Sapin II”), to external or occasional staff. The opening of the
which an action plan was defined with a view to limiting the risks alert line to suppliers and to subcontractors is under review.
(i) for existing suppliers and (ii) for new suppliers.
This extension will be established in consultation with the
A specific action plan was launched in 2018 as part of the organizations representing the employees of the companies
deployment of the Plan, including in particular the extension of the concerned.
ECOVADIS evaluation, the publication of a Group purchasing
manual, the publication of a Code of Conduct for commercial
partners, the insertion of CSR clauses in the contracts and general
terms and conditions of purchase and the integration of the
purchasing process manual in the Integrated Management System
(IMS).

2.7 Information compilation methodology 2
2.7 Information compilation methodology
Labor-related information Health, Safety and Environment (HSE)
Bureau Veritas SA’s social audit is available at the head office In the absence of recognized public standards for inspection
upon request. operations, Bureau Veritas has defined its own set of HSE
indicators including specific definitions, scopes and methods of
The information published in this document is mainly taken from
consolidation, responsibilities, and information verification.
the Group’s Human Resources reporting system. It is published
and submitted on a quarterly basis to Executive Committee These indicators are described in the manuals for the areas in
members and to the HR departments of the various operating question (HSE). They are regularly updated in order to take into
groups. Within the Group HR department, a reporting team is in account the introduction of additional programs and any changes
charge of verifying and publishing these data in conjunction with in the scope (program extended to existing entities, integration of
the local managers. new acquisitions).
An annual survey is also conducted among the HR Directors of the
operating groups to compile the relevant qualitative information Information gathering
presented in section 2.3 of this chapter.
HSE indicators fall under the responsibility of the HSE department,
which relies on the data provided by the network and the IT
Scope of consolidation
The HR data are continuously updated in the Group HR
systems.
HSE indicators are input by Group entities using an online tool.
2
information system (HRIS), except for the training indicators which
Data on accidents are registered in real time. Details about the
are updated by the local teams and are reported on a quarterly
registration methodology can be found in section 2.4.2 of this
basis.
chapter.
The data on the workforce and movements (entries and
Environmental indicators are registered through a single reporting
departures) are provided on a Group-scope basis.
process known as “Environmental and Carbon Reporting” (see
The training data cover 89% of the Group’s workforce and the below for more details).
absenteeism data cover 96% of the Group’s workforce.
For data on training hours and hours worked/absenteeism, the Scope and methods of consolidation
Group respectively uses a rolling three-month and rolling one-month
period for the reporting. Training data for 2017 therefore relates to HSE indicators are consolidated at Group level or within specific
the period between October 1, 2016 and September 30, 2017, programs. The indicated exclusions concern entities for which
while data on hours worked and absenteeism for 2017 covers the data for the previous year are not available or are not reliable, as
period between December 1, 2016 and November 30, 2017. well as entities acquired in the previous year. Moreover, to ensure
that the data collected are consistent, the indicators are only
Other data are not reported on a rolling basis and cover the full consolidated from the second year of data reporting.
2017 calendar year.
Energy consumption includes the consumption of electricity used
The data on the profit-sharing agreements extend beyond Bureau in buildings and processes.
Veritas SA and cover the Company’s six French subsidiaries:
Bureau Veritas Services, Bureau Veritas Services France, Bureau The number of employees used in the calculation of safety and
Veritas Exploitation, Bureau Veritas Construction, Bureau Veritas environment indicators is based on the quarterly average number
GSIT and Bureau Veritas Marine & Offshore. of employees.
By default, the number of hours used to calculate the frequency
Documentation and training for users and severity rates is set at 160 per month and per employee.
Since 2014, in order to facilitate and improve reporting on the
Detailed, regularly updated documentation is available in the
main environmental impacts and CO2 emissions, Bureau Veritas
Group’s IT systems. Each new user and/or contributor to the
has used a single tool called “Environmental and Carbon
Human Resources reporting must complete training on how to
Reporting”.
collect and enter data, as well as on online consultation of
indicators. This training is provided by the Group HR department.

2.7 Information compilation methodology
Each entity must report annually on energy, paper and water Data for work-related travel include the use of four-wheel
consumption, waste generation and work-related travel and every vehicles (corporate, rental and leased vehicles), motorbikes and
other year on ozone-depleting substances. Exceptions are scooters, flights (short, medium and long-haul) and train travel.
provided for in the reporting procedure in the following cases: Commuting is not included.
● data cannot be obtained because they are included in the ● In view of the volume of CO2 emissions resulting from
overall rental charge, there is no meter installed, and it would work-related travel undertaken by office staff as compared to
be too costly to put one in place; laboratory staff, Bureau Veritas has chosen to focus on office
data from offices with more than 50 people.
● the reporting scope only covers 80% of the workforce, when
the remaining 20% consists of small, geographically dispersed ● In 2016, reliable data on the offices’ carbon footprint resulting
entities; from work-related travel were monitored for
24,172 employees, or 57% of the staff in Group’s offices with
● newly acquired entities have two years to improve their data
more than 50 people and 65% of Group offices with more than
reporting, so that they can begin with pilot sites and then roll
50 people.
out the reporting process to the entire entity.
In order to ensure that the data reported by newly acquired
entities are consistent with the Group’s processes, the first
Indicators that are not relevant to Bureau
reporting year is documented but the data are not included in the Veritas’ businesses
Group’s consolidated results. Bureau Veritas’ operations are not affected by the adaptation to
Moreover, the data reported must cover 12 calendar months the consequences of climate change and measures for protecting
(from January 1 to December 31). In this report: or increasing biodiversity, and are carried out in compliance with
the relevant local regulations. Further, with respect to the Group’s
● The health and safety data cover 2017 in its entirety (from portfolio of services, these areas also have business potential. For
January 1 to December 31, 2017); example, the Group has carried out a project to define a
framework for preparing business continuity plans in accordance
● The environmental data are those for the year 2016 (from
with ISO 22301, as required by regulations in certain countries.
January 1 to December 31, 2016).
The business activities of Bureau Veritas do not involve the use of
Any entity whose annual data cannot be reliably verified is
soil or land, apart from the use of the buildings which the Group
excluded from the Group’s consolidated results.
usually leases as a tenant. They do not involve the consumption of
Energy consumption includes the consumption of electricity used raw materials except fuel, more details of which are provided in
in buildings and processes. section 2.4.3 along with the measures taken to improve fuel
efficiency.
● Given that the data for 2015 show that 80% of the total
volume of electricity consumed by the Group was attributable The Group’s business activities do not involve the use of water,
to the laboratories, and the remaining 20% attributable to except water consumed by employees and during certain testing
offices, Bureau Veritas has chosen to focus on data linked to processes in laboratories. Its business activities are carried out in
the electricity consumption of the laboratory activities in compliance with the relevant local standards and regulations on
laboratories with more than 25 people. water consumption and discharge. As part of ISO 14001
certification, water consumption is monitored in those businesses
● For laboratory activities in 2016, reliable data for electricity
in which it is considered significant, and measures are adopted to
consumption were measured for 17,759 employees, or 69% of
reduce and optimize consumption.
the staff in Group laboratories with more than 25 people and
80% of Group laboratories with more than 25 people. Lastly, the Group’s business activities did not generate any
significant food waste.

2.8 Cross-reference index 2
2.8 Cross-reference index
With articles L. 225-102-1 and R. 225-104 et seq. of the French
Commercial Code
The following table lists the CSR-related information required in the Company’s management report by articles L. 225-102-1 and
R. 225-104 et seq. of the French Commercial Code (Code de commerce).
Labor-related information Section(s) Page(s)

Employees
Total headcount and breakdown of employees by gender, age and geographic area 2.3.1, 2.3.4 80-81, 83-85
Hirings and layoffs 2.3.1 80
Remuneration and changes in remuneration 2.3.2, 2.3.5 81-82, 86-87
Work organization
Organization of working time
Absenteeism
2.3.5
2.3.5
86
86
2
Labor relations
The organization of labor relations, notably procedures for informing, consulting and negotiating with
employees 2.3.5 86
Collective agreements 2.3.5 86
Health and safety
Health and safety conditions in the workplace 2.4.2 90-91
Agreements signed with trade unions or employee representatives on health and safety at work 2.3.5 86
Accidents at work, in particular, their frequency and severity, and work-related illnesses 2.4.2 90-92
Training
Training policies 2.3.3, 2.4.4 83, 95
Total number of training hours 2.3.3 83
Equal treatment
Measures to promote gender equality 2.3.4 84
Measures to promote the employment and inclusion of people with disabilities 2.3.4 85
Anti-discrimination policy 2.3.4 84
Promotion and compliance with the fundamental conventions of the International Labour
Organization in relation to:
● respect for freedom of association and the right to collective bargaining 2.3.5 87
● the elimination of discrimination in respect of employment and occupation 2.3.5 87
● the elimination of forced labor 2.3.5 87
● the abolition of child labor 2.3.5 87

2.8 Cross-reference index
Environmental information Section(s) Page(s)

General environment policy
Organization of the Company to take into account environmental issues, and if applicable,
environmental assessment or certification approaches 2.4.3 92
Initiatives to provide employees with training and information on environmental protection 2.4.3, 2.4.4 94, 95
Resources allocated to the prevention of environmental risks and pollution 2.4.3 93-94
Provisions and guarantees for environmental risks, provided that this information does not
cause serious harm to the Company in an ongoing dispute 2.4.3 95
Pollution
Measures to prevent, reduce or address air, water or soil pollution having a serious impact
on the environment 2.4.3 94
Noise and other forms of pollution specific to an activity 2.4.3 94
Circular economy
Measures to prevent, recycle, recover and remove waste 2.4.3 94
Measures to fight against food waste N/A N/A
Water consumption and water supply in accordance with local restrictions N/A N/A
Consumption of commodities and measures taken to use them more efficiently N/A N/A
Consumption of energy and measures taken to improve energy efficiency and increase the
use of renewable energies 2.4.3 92-93
Use of soil N/A N/A
Climate change
Material sources of greenhouse gas emissions generated by the Company’s operations and
notably by the use of goods and services produced by the Company 2.4.3 93
Adaptation to the consequences of climate change N/A N/A
Protection of biodiversity
Measures taken to preserve or develop biodiversity N/A N/A
Information on the Company’s corporate social commitments for sustainable development Section(s) Page(s)
Local, economic and social impact of the Company’s activity
In terms of employment and regional development 2.3.4, 2.5.3 83-84, 98
On local or neighboring communities 2.3.4, 2.5.3 83-84, 98
Relationships with persons or organizations affected by the Company’s activity,
notably social outreach associations, educational institutions, environmental
protection organizations, consumer associations and local communities
Conditions for dialogue with these persons/organizations 2.5.3 98
Partnership or sponsorship initiatives 2.5.3 98
Subcontractors and suppliers
The inclusion of social and environmental issues in purchasing policies 2.5.2 97
The importance of subcontracting and the inclusion of corporate social and environmental
responsibility in dealings with suppliers and subcontractors 2.5.2 97-98
Fair practices
Measures to prevent corruption 2.2.1 77-78
Measures to protect the health and safety of consumers 2.5.1 96
Other measures implemented in respect of human rights 2.3.4, 2.5.3 83-85, 98

2.9 Opinion of the independent auditor 2
2.9 Opinion of the independent auditor
This is a free translation into English of the original report issued in the French language and it is provided solely for the convenience of English
speaking users. This report should be read in conjunction with, and construed in accordance with, French law and professional standards
applicable in France.
Independent verifier’s report on consolidated social, environmental and societal information presented
in the management report
For the year ended December 31, 2017
To the shareholders,
In our quality as an independent verifier accredited by the COFRAC(1), under the number n° 3-1050, and as a member of the network of one
of the statutory auditors of the company Bureau Veritas, we present our report on the consolidated social, environmental and societal
information established for the year ended on the December 31, 2017, presented in the management report, hereafter referred to as the
“CSR Information,” pursuant to the provisions of the Article L. 225-102-1 of the French Commercial code (Code de commerce).
Responsibility of the company

It is the responsibility of the Board of Directors to establish a management report including CSR Information referred to in the Article
R. 225-105-1 of the French Commercial code (Code de commerce), in accordance with the protocols used by the company (hereafter
2
referred to as the “Criteria”), and of which a summary is included in the management report and available on request at the company’s
headquarters.
Independence and quality control

Our independence is defined by regulatory requirements, the Code of Ethics of our profession as well as the provisions in the Article
L. 822-11-3 of the French Commercial code (Code de commerce). In addition, we have implemented a quality control system, including
documented policies and procedures to ensure compliance with ethical standards, professional standards and applicable laws and
regulations.
Responsibility of the independent verifier

It is our role, based on our work:
● to attest whether the required CSR Information is present in the management report or, in the case of its omission, that an appropriate
explanation has been provided, in accordance with the third paragraph of R. 225-105 of the French Commercial code (Code de commerce)
(Attestation of presence of CSR Information);
● to express a limited assurance conclusion, that the CSR Information, overall, is fairly presented, in all material aspects, in according with
the Criteria.
However it is not up to us to deliver an opinion regarding the compliance to other applicable statutory provisions, in particular the ones
related to Article L. 225-102-4 of the French Commercial code (duty of care) and to the law n° 2016-1691 of the December 9, 2016; Sapin
II (fight against corruption).
Our verification work mobilized the skills of six people between September 2017 and February 2018 for an estimated duration of six weeks.
We conducted the work described below in accordance with the professional standards applicable in France and the Order of May 13, 2013
determining the conditions under which an independent third-party verifier conducts its mission, and in relation to the opinion of fairness
and the limited assurance report, in accordance with the international standard ISAE 3000(2).
1. Attestation of presence of CSR Information

Nature and scope of the work
We obtained an understanding of the company’s CSR issues, based on interviews with the management of relevant departments, a
presentation of the company’s strategy on sustainable development based on the social and environmental consequences linked to the
activities of the company and its societal commitments, as well as, where appropriate, resulting actions or programmes.
We have compared the information presented in the management report with the list as provided for in the Article R. 225-105-1 of the
French Commercial code (Code de commerce).
In the absence of certain consolidated information, we have verified that the explanations were provided in accordance with the provisions
in Article R. 225-105, paragraph 3, of the French Commercial code (Code de commerce).
(1) Scope available at www.cofrac.fr

(2) ISAE 3000 – Assurance engagements other than audits or reviews of historical information

2.9 Opinion of the independent auditor
We verified that the information covers the consolidated perimeter, namely the entity and its subsidiaries, as aligned with the meaning of
the Article L.233-1 and the entities which it controls, as aligned with the meaning of the Article L.233-3 of the French Commercial code
(Code de commerce).
Conclusion
Based on this work, and given the limitations mentioned above we confirm the presence in the management report of the required CSR
information, except for environmental information (i.e. energy consumption and business travel), which are provided for a period covering
January 1, 2016 to December 31, 2016 instead of the year 2017, as this is explained in the “information compilation methodology” section
of the Registration Document.
2. Limited assurance on CSR Information

Nature and scope of the work
We undertook seven interviews with the people responsible for the preparation of the CSR Information in different departments (Human
Resources, Quality, Health, Safety & Environment, Purchasing, Customer Relations, Certification and Data Security), in charge of the data
collection process and, if applicable, the people responsible for internal control processes and risk management, in order to:
● Assess the suitability of the Criteria for reporting, in relation to their relevance, completeness, reliability, neutrality, and understandability,
taking into consideration, if relevant, industry standards;
● Verify the implementation of the process for the collection, compilation, processing and control for completeness and consistency of the
CSR Information and identify the procedures for internal control and risk management related to the preparation of the CSR Information.
We determined the nature and extent of our tests and inspections based on the nature and importance of the CSR Information, in relation
to the characteristics of the Company, its social and environmental issues, its strategy in relation to sustainable development and industry
best practices.
For the CSR Information which we considered the most important(1):
● At the level of the consolidated entity, we consulted documentary sources and conducted interviews to corroborate the qualitative
information (organisation, policies, actions, etc.), we implemented analytical procedures on the quantitative information and verified, on a
test basis, the calculations and the compilation of the information, and also verified their coherence and consistency with the other
information presented in the management report;
● At the level of the representative selection of sites that we selected(2), based on their activity, their contribution to the consolidated
indicators, their location and a risk analysis, we undertook interviews to verify the correct application of the procedures and undertook
detailed tests on the basis of samples, consisting in verifying the calculations made and linking them with supporting documentation. The
sample selected therefore represented on average 18% of the total workforce and between 8% and 33% of the quantitative
environmental information, that were considered as representative characteristics of the environmental and social domains.
For the other consolidated CSR information, we assessed their consistency in relation to our knowledge of the company.
Finally, we assessed the relevance of the explanations provided, if appropriate, in the partial or total absence of certain information.
We consider that the sample methods and sizes of the samples that we considered by exercising our professional judgment allow us to
express a limited assurance conclusion; an assurance of a higher level would have required more extensive verification work. Due to the
necessary use of sampling techniques and other limitations inherent in the functioning of any information and internal control system, the
risk of non-detection of a significant anomaly in the CSR Information cannot be entirely eliminated.
(1) Social information: employment (total headcount and breakdown, hiring and terminations), absenteeism (absenteeism rate), training (number of
hours of training), work accidents (frequency rate of lost time accidents, severity rate), induction trainings on health and safety.
Societal information: importance of subcontracting and the consideration of environmental and social issues in purchasing policies, freedom of
association and the right for collective bargaining, customer satisfaction, data security and customer data protection.
Environmental information: energy consumption and CO² emissions from energy consumption, business travels and CO² emissions from business
travels.
(2) France (French entities), India (Inspectorate Griffith India Pvt. Ltd; CPS India), Chile (Bureau Veritas Chile), Peru (Inspectorate Services Peru SAC)

2.9 Opinion of the independent auditor 2
Conclusion
Based on our work, we have not identified any significant misstatement that causes us to believe that the CSR Information, taken together,
has not been fairly presented, in compliance with the Criteria.
Paris-La Défense, March 1, 2018
French original signed by:
Independent Verifier
ERNST & YOUNG et Associés
Eric Duvaud Bruno Perrin
Partner, Sustainable Development Partner


3
Corporate
governance
3.1 Governance 111 3.3 Interests of Executive
Corporate Officers, Directors
3.2 Corporate Officers’ and certain employees 160
compensation 142

3 Corporate governance

Corporate governance
3.1 Governance 3
Pursuant to article L. 225-37-4 of the French Commercial Code, this report on corporate governance, drawn up under the responsibility of
the Board of Directors in accordance with article L. 225-37 of said code, contains details of the composition of the Board, the application of
the principle of gender balance among its members and the conditions governing the preparation and organization of the Board’s work in
2017.
The report also includes a list of the directorships and positions held by each Corporate Officer, the limitations of powers imposed to the
Chief Executive Officer, the Corporate Governance Code to which the Company refers, a summary of delegations relating to capital
increases, the conditions for participating in Shareholders’ Meetings and the issues likely to have an impact in the event of a public offer.
It specifies the rules and principles adopted by the Board of Directors for determining the compensation and benefits of all nature awarded
to Corporate Officers. It also includes the report on the proposed resolutions to be submitted to a vote at the Shareholders’ Meeting to be
held on May 15, 2018 to approve the principles and criteria for determining, allocating and awarding the fixed, variable and special
components of the total compensation and benefits of all nature awarded to the Chairman of the Board of Directors and the Chief
Executive Officer.
The report was reviewed by the Nomination & Compensation Committee at its meetings of December 14, 2017 and January 17, 2018. It
was reviewed in draft form by the Board of Directors on December 15, 2017 and then approved at its meeting of February 28, 2018.
3.1 Governance
Since February 13, 2012, the roles of Chairman of the Board of
Directors and Chief Executive Officer have been separate. This
two-tier governance system ensures that a clear distinction is
and appointed Vice-Chairman of the Board of Directors to replace
Frédéric Lemoine, effective as of January 1, 2018.
In accordance with the law, as Chairman of the Board Aldo
3
made between the strategic, decision-making and oversight
Cardoso organizes and supervises the Board's work and reports on
functions of the Board of Directors and the operational and
it to the Shareholders' Meeting. He oversees the proper
executive functions that are the Chief Executive Officer's
functioning of the Company's executive bodies, ensuring in
responsibility.
particular that the Directors are able to fulfill their duties.
Aldo Cardoso has served as Chairman of the Board of Directors
The Vice-Chairman is called upon to replace the Chairman in the
since March 8, 2017, replacing Frédéric Lemoine, then appointed as
event the Chairman is absent, temporarily unavailable or in the
Vice-Chairman of the Board of Directors. On December 15, 2017,
event that he has resigned, died or not been reappointed, in
André François-Poncet was co-opted as a Director of the Company
accordance with the By-laws’ provisions (the “By-laws”).
3.1.1 Board of Directors

In accordance with article 14 of the Company’s By-laws, the The proportion of Board members over 70 years old may not, at
Board of Directors must have a minimum of 3 and a maximum of the end of each Annual Ordinary Shareholders’ Meeting, exceed
18 members. one-third of Board members in office.
At the date this Registration document was filed, the Board of Information on Board members’ nationality, age, business address,
Directors had 12 members. positions within the Company, main functions, start and end dates
of terms of office, detailed biographies and a list of positions held
These members are appointed by the Ordinary Shareholders’
by the Directors over the previous five years are presented below,
Meeting and their term of office is four years. However, in
primarily in the table entitled “Composition of the Board of
accordance with the By-laws, the Ordinary Shareholders' Meeting
Directors and its Committees” below.
can follow the recommendation of the Board and appoint or
renew one or more Directors for a term of one, two or three years,
thereby ensuring a gradual renewal of the Board members.

3.1 Governance
Composition of the Board of Directors

In the context of the diversification of the composition of the Ehlinger, Ana Giros Calpe, Ieda Gomes Yell, Siân Herbert-Jones,
Board of Directors and notably of its feminisation and its Pierre Hessler, Pascal Lebard, Jean-Michel Ropert and Lucia
internationalization, in 2017 the Board appointed Ana Giros Calpe Sinapi-Thomas.
as an independent director. She followed a full induction program.
Since January 1, 2018, André François-Poncet has been a Director
At December 31, 2017, the Board of Directors of the Company and has served as Vice-Chairman of the Board of Directors,
comprised twelve members: Aldo Cardoso, Chairman of the Board replacing Frédéric Lemoine. The new composition of the Board of
of Directors, Frédéric Lemoine, Vice-Chairman of the Board of Directors is shown below:
Directors, Stéphane Bacquaert, Stéphanie Besnier, Claude
(a)
Aldo Cardoso
Chairman of the André Francois-Poncet
Board of Directors Vice-Chairman
Ana Giros Calpe (a) of the Board
Director of Directors
Lucia Sinapi-Thomas Stéphane Bacquaert

Director Director
Jean-Michel Ropert Stéphanie Besnier

Director
Bureau Veritas Director
Pascal Lebard (a) Claude Ehlinger

Director Director
Pierre Hessler (a) l (a)

Director Director
(a)
Director
(a) Independent director.
The Company has not appointed an employee Director since it is In this context, in order to determine the non-material and
exempted from this obligation as the subsidiary of a company non-conflicting nature of the business relationships between the
required to appoint an employee Director within the meaning of Company and Saint-Gobain, Capgemini and Suez Environnement,
article L. 225-27-1, paragraph 1 of the French Commercial Code. the Board on the recommendation of the Nomination &
Compensation Committee, used as a criterion the importance or
At its meeting of December 15, 2017 and based on the
“intensity” of the relationship with regard to (i) revenue generated
recommendation of the Nomination & Compensation Committee
in 2017 between the Group's companies and the companies of
held on December 14, 2017, the Board of Directors considered the
the Group in which the Director also holds office, and (ii) the
independence of its members with regard to (i) the definition set
absence of economic dependency or exclusivity between the
out in the AFEP-MEDEF Corporate Governance Code of Listed
parties.
Corporations (AFEP-MEDEF Code), specifically “a Director is
independent if he or she has no relationship of any kind whatsoever Having noted the absence of economic dependency between the
with the Company, its Group or its Management that may interfere parties and that the revenue generated with these companies
with his or her freedom of judgment” and (ii) the criteria below represents less than 1% of the Group’s consolidated revenue, the
summarized in the following table, which are set out in the Board’s Board concluded that business relationships between Bureau
Internal Regulations. Veritas and Saint-Gobain, Capgemini and Suez Environnement
were not likely to call into question the respective qualification of
To determine the material or non-material nature of any business
Ieda Gomes Yell, Siân Herbert-Jones and Ana Giros Calpe as
relationship existing with the Company or Group, the Board
independent directors.
performs a quantitative and qualitative review of the situation of
each independent director concerned.

3.1 Governance 3
The Board of Directors may decide that a Director does not qualify Based on the definition and the criteria provided for in the
as independent, even if the criteria in the table below are met, in AFEP-MEDEF Code, six of the twelve Directors were qualified as
light of his/her specific situation or the specific situation of the independent: Aldo Cardoso, Ana Giros Calpe, Ieda Gomes Yell, Siân
Company with regard to its shareholder base, or for any other Herbert-Jones, Pierre Hessler, and Pascal Lebard.
reason. Conversely, the Board may deem a Director to be
At December 31, 2017, 50% of the members of the Board of
independent even if the above criteria are not met.
Directors of Bureau Veritas were independent and 42% were
When Pierre Hessler was reappointed, the Board of Directors had women. In accordance with article L. 225-18-1 of the French
carefully examined his situation with regard to the AFEP-MEDEF Commercial Code, more than 40% of Board members are women.
Code, which recommends “not to have been a Director of the As of January 1, 2018, these percentages have not changed.
company for more than twelve years”. It considered that this
The table below summarizes the situation of each Director with
criterion alone was not sufficient to automatically disqualify Pierre
regard to the independence criteria.
Hessler as an independent director and decided not to apply it for
the reasons set out in the table in section 3.1.5 of this Registration
document.
Following the recommendation of the Nomination &
Compensation Committee, the Board of Directors’ meeting of
December 15, 2017 confirmed its position.

3.1 Governance
Situation of Directors with regard to the independence criteria set out in the AFEP-MEDEF Code(1)
Aldo André Stéphane Stéphanie Claude

First name, last name Cardoso François-Poncet Bacquaert Besnier Ehlinger
Position held in the Company Chairman of Vice-Chairman Director Director Director
the Board of of the Board of
Directors Directors
First appointment June 3, 2009 January 1, 2018 June 2, 2008 October 18, October 18,
2016 2016
End of term of office AOSM(a) 2018 AOSM(a) 2021 AOSM(a) 2021 AOSM(a) 2020 AOSM(a) 2020
Total time in office 8 years - 9 years 1 year 1 year
AFEP-MEDEF independence criteria
Not to be, or not to have been over the √ Chairman Managing Managing Chief Executive
previous five years: of the Executive Director of Director of Officer of
– an employee or an Executive Officer Board of Wendel Africa Wendel Oranje-Nassau,
of the Company Wendel and member of Managing
the Investment Director and
– an employee, an Executive Officer or Committee of member of the
Director of a company consolidated by Wendel Investment
the Company Committee of
– an employee, an Executive Officer or Wendel
Director of the Company's parent
company or of a company consolidated
by the parent company;
Not to be an Executive Officer of an entity √ √ √ √ √
in which the Company holds a
directorship, directly or indirectly, or in
which an employee designated as such
or an Executive Officer of the Company
(currently in office or having held such
office in the previous five years) is a
Director;
Not to be a client, supplier, investment √ √ √ √ √
banker or commercial banker:
– that is significant for the Company or its
group or
– that has a significant part of its business
with the Company or its Group;
Not to be related by close family ties to a √ √ √ √ √
Corporate Officer of the Company or its
group.
Not to have been a Statutory Auditor of √ √ √ √ √
the Company, or of a Group company
within the previous five years
Not to have been a Director of the √ √ √ √ √
Company for more than 12 years.
Not to receive or have received variable √ √ √ √ √
cash compensation, securities or any
other performance-based compensation
from the Company or the Group.
(a) Annual Ordinary Shareholders’ Meeting
(1) At the date this Registration document was filed.

3.1 Governance 3
Ana Ieda Siân Pierre Pascal Jean-Michel Lucia
Giros Calpe Gomes Yell Herbert-Jones Hessler Lebard Ropert Sinapi-Thomas
Director Director Director Director Director Director Director

May 16, 2017 May 22, 2013 May 17, 2016 June 19, 2002 December 13, December 21, May 22,
2013 2005 2013
AOSM(a) 2021 AOSM(a) 2021 AOSM(a) 2020 AOSM(a) 2019 AOSM(a) 2018 AOSM(a) 2018 AOSM(a) 2021
7 months 4 years 1 year 15 years 4 years 12 years 4 years

√ √ √ √ √ Employee of Director
Wendel during the recommended
past five years by Wendel

√ √ √ √ √ √ √

3

√ √ √ √ √ √ √

√ √ √ √ √ √ √

√ √ √ √ √ √ √

√ √ √ X √ X √

√ √ √ √ √ √ √


3.1 Governance
Composition of the Board of Directors and its Committees(1)

Current office
(c)
Name Nationality Age Main business address within Company Main functions
Aldo French 61 years Bureau Veritas Chairman of the Board Director of companies
Cardoso(a)(d) old Immeuble Newtime of Directors
40/52, boulevard du Parc
92200 Neuilly-sur-Seine – France
André French 58 years Wendel Vice-Chairman of the Chairman of the Executive
François-Poncet old 89, rue Taitbout Board Board of Wendel
75009 Paris – France of Directors
Stéphane French 46 years Wendel Anfaplace Member of the Board Managing Director
Bacquaert old Centre d’affaires Est of Directors of Wendel Africa and
Boulevard de la Corniche Ain Diab member of the Investment
20100 Casablanca – Morocco Committee of Wendel
Stéphanie Besnier French 40 years Wendel Member of the Board Managing Director at
old 89, rue Taitbout of Directors Wendel
75009 Paris – France
Claude Ehlinger Luxembourg 55 years Wendel London Member of the Board Chief Executive Officer of
old 63 Brook Street of Directors Oranje-Nassau, Managing
London, W1K 4HS Director and member of the
United Kingdom Investment Committee of
Wendel
Ana Giros Calpe(a) Spanish 43 years Suez Groupe Tour CB21 Member of the Board Chief Executive Officer for
old 16 place de l’Iris of Directors Latin America and
92040 Paris La Défense Executive Committee
member at Suez
Ieda Gomes Yell(a) British 61 years Bureau Veritas Member of the Board Consultant, Researcher
old Immeuble Newtime of Directors
Siân British 57 years Bureau Veritas Immeuble Newtime Member of the Board Director of companies
Herbert-Jones(a) old 40/52, boulevard du Parc of Directors
Pierre Hessler(a) French 74 years 23, rue Oudinot Member of the Board Consultant, Researcher
old 75007 Paris – France of Directors

Pascal Lebard(a)(d) French 55 years Sequana Member of the Board Chairman and Chief
old 8, rue de Seine of Directors Executive Officer of Sequana
92517 Boulogne-Billancourt Cedex
France
Jean-Michel French 51 years Bureau Veritas Member of the Board Consultant
Ropert(d) old Immeuble Newtime of Directors
Lucia French 53 years Capgemini Member of the Board Executive Director,
Sinapi-Thomas old 76 avenue Kleber of Directors Capgemini's business
75116 Paris – France Platforms
Patrick Buffet Member of
the Board of Directors
until May 16, 2017
Frédéric Lemoine Vice-Chairman of
the Board of Directors
until December 31, 2017
(a) Independent director.
(b) Annual Ordinary Shareholders’ Meeting.
(c) At December 31, 2017.
(d) Director whose term of office expires at the next Shareholders’ Meeting.
(1) At the date this Registration document was filed.

3.1 Governance 3
Nomination &
Audit & Risk Compensation
Start of term of office End of term of office Committee Committee Strategy Committee
Censor: June 2005 AOSM(b) 2018 Chairman Member
Director: June 3, 2009
Chairman of the Board: March 8, 2017

Co-optation as Director and appointment AOSM(b) 2021 Chairman
as Vice-Chairman: January 1, 2018

Co-optation as member AOSM(b) 2021
of the Supervisory Board: June 2, 2008

Director: October 18, 2016 AOSM(b) 2020 Member

Director: October 18, 2016 AOSM(b) 2020 Member Member

Director: May 16, 2017 AOSM(b) 2021 Member

Director: May 22, 2013

AOSM(b) 2021 Member Member 3


Chairman of the Supervisory Board: AOSM(b) 2019 Chairman Member
June 19, 2002
Vice-President of the Supervisory Board:
June 27, 2005
Co-optation as Director: December 13, 2013 AOSM(b) 2018 Member Member

Co-optation as member of the Supervisory Board: AOSM(b) 2018
December 21, 2005


Board of Directors Audit & Risk Nomination & Strategy Committee

Committee Compensation
Committee
Number of meetings in 2017 9 8 7 7
Average attendance rate 97% 91% 97% 100%

3.1 Governance
Expertise and experience in corporate management of the members of the Board of Directors and
positions held over the last five years(1)
POSITIONS HELD BY THE DIRECTORS
61 years old (2)

Nationality: French
Main business address

Bureau Veritas
Immeuble Newtime
Aldo Cardoso 40/52, boulevard du Parc
Chairman of the Board of Directors
Chairman of the Audit & Risks Committee
Member of the Nomination & Compensation Committee
Biography
Aldo Cardoso, censor observer of the Company since June 2005, was appointed Director and Chairman of the Audit & Risk Committee on
June 3, 2009 when the Company's governance and management structure changed. He has been Chairman of the Board of Directors since
March 8, 2017. From 1979 to 2003, he held various positions at Arthur Andersen: Consultant Partner (1989), Country Managing Partner for
France (1994), member of the Board of Directors of Andersen Worldwide (1998), Non-Executive Chairman of the Board of Directors of
Andersen Worldwide (2000) and Chief Executive Officer of Andersen Worldwide (2002-2003). Aldo Cardoso is a graduate of the École
supérieure de commerce de Paris, has a Master’s degree in business law and is a certified public accountant.
Current positions (2) Positions no longer held (but held in the last five years)
Director: ENGIE (3), Imerys (3) and Worldline (3) Director: Accor(3), Orange (3), Penauille Polyservices, Gecina (3), Axa
Investment Manager, Rhodia (3) and Mobistar (3)
Censor: Axa Investment Manager
(1) As of the date of filing of this Registration document.

(2) At December 31, 2017.
(3) Listed company.

3.1 Governance 3
58 years old (1)

Nationality: French

Wendel
89, rue Taitbout
André François-Poncet 75009 Paris – France
Vice-Chairman of the Board of Directors
Chairman of the Strategy Committee
Biography
André François-Poncet graduated from Ecole des Hautes Etudes Commerciales (HEC) and holds an MBA from Harvard Business School. He
began his career in 1984 at Morgan Stanley in New York, before moving to London and then Paris, where he was in charge of setting up
Morgan Stanley’s French office. After 16 years at Morgan Stanley, he joined BC Partners (Paris and London) in 2000 as Managing Partner
until December 2014 and then as Senior Advisor until December 2015. He was a partner at the French asset management firm CIAM in
3
Paris from 2016 to 2017. He became Chairman of the Executive Board of Wendel in January 2018.
Current positions (1) Positions held in subsidiaries of the Wendel Group

(2)
Chairman of the Executive Board: Wendel Chairman and Director: Trief Corporation SA
Director: Axa (2) Director: Winvest Conseil SA
Chairman and Director: Harvard Business School Club of France Positions no longer held (but held in the last five years)
Member of the bureau: Club des Trente Chairman and Chief Executive Officer: LMBO Europe SAS
Member of the European Advisory Board: Harvard Business School Director: Medica
Partner: CIAM (Paris)

(2) Listed company.

3.1 Governance
46 years old (1)

Nationality: French

Wendel Anfaplace
Centre d’affaires Est
Stéphane Bacquaert Boulevard de la Corniche Ain Diab
Member of the Board of Directors
20100 Casablanca – Morocco
Biography
Stéphane Bacquaert, member of the Supervisory Board of the Company since June 2008, was appointed as Director on June 3, 2009 when the
Company's governance and management structure changed. He began his career as a strategy consultant at Bain & Company in Europe and Latin
America. He later joined Netscapital, a merchant bank specialized in media and information technologies, as Chief Executive Officer. He was made
Partner in charge of the Paris office of Atlas Venture, an international venture capital firm. He joined the Wendel Group in June 2005 and has been
Managing Director since June 2008. Stéphane Bacquaert is a graduate of the École Centrale Paris and the Institut d'études politiques de Paris has an
MBA from Harvard Business School.
Director: IHS, Saham group and Tsebo Solutions Group Holdings Member of the Management Board: Materis Parent Sarl and Winvest
Conseil Sarl
Director: Oranje-Nassau Mecatherm, Oranje-Nassau Developpement SA
SICAR and Winvest International SA SICAR

3.1 Governance 3
40 years old (1)

Nationality: French

Wendel
89, rue Taitbout
Stéphanie Besnier 75009 Paris – France
Member of the Audit & Risk Committee
Biography
Stéphanie Besnier was appointed as Director of the Company on October 18, 2016. Working at Wendel since 2007, Stéphanie Besnier
began her career as a deputy officer in the Treasury department (international desk) of the French Ministry of Finance in 2003. Later, she
worked for the agency managing the French State's equity holdings, where she was responsible for railway and shipping companies.
Stéphanie Besnier graduated from France’s École Polytechnique, Corps des Ponts et Chaussées, as well as the École d’Économie de Paris.
None Director: IHS 3

3.1 Governance
55 years old (1)

Nationality: Luxembourg

Wendel London
63 Brook Street
Claude Ehlinger London, W1K 4HS – United Kingdom
Member of the Strategy Committee
Biography
Claude Ehlinger was appointed as Director of the Company on October 18, 2016. He joined Wendel on October 1, 2016 as Chief Executive
Officer of Oranje-Nassau, Managing Director and member of the Investment Committee. He previously served as Deputy Chief Executive
Officer of Louis Dreyfus Company, which he joined in July 2007 as Group Chief Financial Officer. From June 2014 to October 2015, he was
acting Chief Executive Officer of Louis Dreyfus Company. Claude Ehlinger began his career at the Thomson group in 1985, before joining
Finacor as Managing Director in 1987. From 1999 to 2003, he served as Chief Financial Officer at CCMX, and later Regional Financial
Controller at Capgemini. He joined Eutelsat as Group Chief Financial Officer in June 2004, a position he held until July 2007. Claude Ehlinger
is a graduate of the École des hautes études commerciales (HEC).
Director: Trief Corporation SA and Winvest Conseil SA Director: Expansion 17 SA SICAR, Global Performance 17 SA
SICAR
Chairman and Director: Stahl Lux 2 SA and Stahl Group SA
Permanent representative of Oranje-Nassau Groep BV within
Permanent representative of Oranje-Nassau Groep BV within
Oranje-Nassau Développement SA SICAR
Winvest International SA SICAR

3.1 Governance 3
43 years old (1)

Nationality: Spanish

Suez Groupe
Tour CB21
Ana Giros Calpe 16, place de l'Iris
92040 Paris La Défense – France
Biography
Ana Giros Calpe has been a member of the Board of Directors since May 16, 2017. Ana Giros Calpe is the Chief Executive Officer for Latin
America and a member of the Executive Committee at Suez. She is a graduate of the UPC engineering school in Barcelona and of INSEAD
business school in France. She has held various positions at Alstom Transport including the position of Managing Director of its Transport
France division.
Current position(1) Positions no longer held (but held in the last five years)
Director: Suez Treatment Solutions Spain
Permanent member of the Board: IAM (Inversiones Agnas
None 3
Metropolitanas) (Chile)

3.1 Governance
61 years old(1)
Nationality: British

Bureau Veritas
Immeuble Newtime
Ieda Gomes Yell 40/52, boulevard du Parc
Biography
Ieda Gomes Yell was appointed as Director of the Company on May 22, 2013. She has held a variety of executive positions at BP, including
Vice-President of New Ventures at BP Integrated Supply and Trading (2004-2011), President of BP Brazil (2000-2002), Vice-President of
Regulatory Affairs (1999-2000), Vice-President of Market Development at BP Solar (2002-2004) and Vice-President of Pan American
Energy (1998-1999). Prior to BP, she was CEO of Brazil's largest gas distribution company, Comgás (1995-1998). She has also held several
executive-level positions in industry trade associations (the Brazilian Association of Infrastructure, the International Gas Union, the US Civil
Engineering Foundation and the Brazilian Association of Gas Distribution Companies). Ieda Gomes Yell is Director of the department of
Infrastructure – DEINFRA (Advisory Board) of FIESP (Sao Paulo Industry Federation), member of the Advisory Board of Companhia de Gás
de S. Paulo (Comgás), and a Fellow visiting Researcher at the Oxford Institute of Energy Studies and Fundação Getulio Vargas Energia. She
has a BSc in Chemical Engineering from the Federal University of Bahia (1977), and an MSc in Energy from the University of São Paulo
(1996) and in Environmental Engineering from the École polytechnique fédérale de Lausanne (1978).
Current positions(1) Positions no longer held (but held in the last five years)
(2)
Director: Saint Gobain , InterEnergy Holdings and Exterran Vice-Chairman: New Ventures and NGLs (BP Integrated Supply
Corporation & Trading)
Councilor: Brazilian Chamber of Commerce in Great Britain Member of the Board: BP Brasil Ltd. and BP Egypt Investments
Ltd.
Managing Director: Energix Strategy Ltd.
Independent Chair: British Taekwondo Ltd.

(2) Listed company.

3.1 Governance 3
57 years old(1)
Nationality: British

Bureau Veritas
Immeuble Newtime
Siân Herbert Jones 40/52, boulevard du Parc
Biography
Siân Herbert-Jones was appointed as Director of the Company on May 17, 2016. She began her career at PricewaterhouseCoopers’ London
office where she served as Corporate Finance Director from 1983 to 1993. In 1993, she joined the firm’s Paris office as Director in the
Merger & Acquisitions department. In 1995 she joined the Sodexo group, where she headed up international development between 1995
and 1998, Group treasury from 1998 to 2000 and Deputy Chief Financial Officer in 2000. She served as Chief Financial Officer of the
Sodexo group from 2001 to March 2016.
Siân Herbert-Jones holds an MA in History from Oxford University and is a Chartered Accountant in the United Kingdom.
Current positions(1) Sodexo Remote Sites Europe Ltd., Universal Sodexho Eurasia Ltd..,
3
Sodexo, Inc., Sodexo Management, Inc., Sodexo Remote Sites USA,
Director: Air Liquide SA(2) (Chairman of the Audit and Accounts
Inc., Sodexo Services Enterprises LLC, Universal Sodexho Services
Committee), Capgemini SE(2) (since May 2016) and Compagnie
de Venezuela SA, Universal Sodexho Empresa de Servicios y
Financière Aurore International (Sodexo group subsidiary) (since
Campamentos SA, Sodexo Global Services UK Ltd., Sodexo
February 2016)
Remote Sites Support Services Ltd., Universal Sodexho
Positions no longer held (but held in the last five years) Kazakhstan Ltd., Universal Sodexo Euroasia Ltd., Sodexo
Motivation Solutions Mexico SA de CV and Sodexo Motivation
Chief Financial Officer and member of the Executive Committee of Solutions UK Ltd.
the Sodexo group
Member of the Executive Board: Sodexo en France SAS, Sodexo
Chairman of Etin SAS, Sodexo Etinbis SAS and Sofinsod SAS Entreprises SAS, Sodexo Pass International SAS, One SAS
Director of Sodexho Awards Co, Sodexo Japan Kabushiki Kaisha Permanent representative of Sofinsod SAS on the Supervisory
Ltd., Sodexho Mexico SA de CV, Sodexho Mexico Servicios de Board: One SCA
Personal SA de CV, Sodexo Remote Sites the Netherlands BV,

(2) Listed company.

3.1 Governance
74 years old(1)
Nationality: French

23, rue Oudinot
75007 Paris – France
Pierre Hessler
Chairman of the Nomination & Compensation Committee
Biography
Pierre Hessler, Chairman of the Supervisory Board from 2002 to 2005 and Vice-Chairman of the Supervisory Board since June 2005, was
appointed as Director of the Company and Chairman of the Nomination & Compensation Committee on June 3, 2009 when the Company's
governance and management structure changed. Pierre Hessler began his career at IBM where he spent approximately 27 years, holding
positions at IBM Switzerland (from 1965 to 1980) where he was Director of Agencies in the computer field, then IBM Europe from 1980 to
1993 where he served as Director of Operations, Director of Marketing and Services, Regional General Director, Chairman of IBM France and
General Director of Operations, Marketing and Services. From 1982 to 1984, he held positions as Director of Development at IBM
Corporation, then as Director of Corporate Marketing from 1989 to 1991 and finally IBM Vice-President. In 1993, he joined Capgemini
where he served in various executive management roles, including Chairman and Chief Executive Officer of Gemini Consulting, member of
the Management Board, and Executive Officer, then Director, in 2000. Pierre Hessler is currently manager of Actideas and adviser to
Capgemini. He holds a Bachelor's degree in Law and Political Economy from the University of Lausanne in Switzerland.
Current positions(1) Positions no longer held (but held in the last five years)
Advisor: Capgemini Government Solutions, Washington Censor: Capgemini SE(2)
Manager: Actideas SARL Chairman of the Supervisory Board: Capgemini Sd & M (Germany)
Director: A Novo Paris(2) and various companies in the
Capgemini group
Manager: Médias holding SARL and Médias SARL

(2) Listed company.

3.1 Governance 3
55 years old(1)
Nationality: French

Sequana
8, rue de Seine
Pascal Lebard 92517 Boulogne-Billancourt cedex – France
Biography
Pascal Lebard was co-opted as a Director of the Company by the Board of Directors on December 13, 2013. He began his career as
Business Manager at Crédit Commercial de France (1986-1989), before joining 3i SA as Managing Partner (1989-1991). In 1991, he
became Director of Ifint, now Exor group (the Agnelli group). In 2003, he joined Worms & Cie (which became Sequana in 2005) as a member
of the Supervisory Board (2003-2004) and as a member and then Chairman of the Executive Board (2004-2005). He became Deputy
Managing Director of Sequana in 2005 then Chief Executive Officer in 2007. He was appointed Chairman and Chief Executive Officer in
June 2013. Pascal Lebard is a graduate of EDHEC business school.
(1)
3
Current positions Positions held in subsidiaries of the Sequana group
Chairman and Chief Executive Officer: Sequana(2) Chairman: Arjowiggins, Antalis International, Antalis Asia Pacific
Ltd. (Singapore), ArjoWiggins Paper Trading (Shanghai) Co Ltd.
Director: CEPI (Confederation of European Paper Industries)
(China), Arjowiggins Security, Arjobex and Boccafin SAS
(Belgium) and Lisi(2)
Director: Arjowiggins HKK1 Ltd. and Permal group Ltd. (United
Chairman: DLMD SAS and Pascal Lebard Invest SAS
Kingdom)
Permanent representative of Oaktree Luxembourg Flandre Anchor
Positions no longer held (but held in the last five years)
Sarl on the Board of Directors of Novartex (Vivarte) since
April 2017 Chairman: Fromageries de l’Étoile SAS and Étoile Plus SAS
Director: Club Méditerranée(2), SGS (Switzerland), Greysac
(formerly Domaines Codem) and Taminco (USA)
Member of the Supervisory Board: Ofi Private Equity Capital and
Eurazeo PME

(2) Listed company.

3.1 Governance
51 years old(1)
Nationality: French

Bureau Veritas
Immeuble Newtime
Jean-Michel Ropert 40/52, boulevard du Parc
Biography
Jean-Michel Ropert, a member of the Supervisory Board since December 2005, was appointed as Director of the Company on June 3, 2009
when the Company’s governance and management structure changed. He joined the Wendel Group in 1989 where he successively
occupied various positions within the accounting, consolidation and treasury teams, before becoming Chief Financial Officer in 2002. From
2013 to September 2015, he served as Wendel’s Group Vice-President in charge of Finance. Jean-Michel Ropert holds a degree in Finance
and Accounting (DECF).
Current positions(1) Director: Deutsch group, Exceet, Stahl Lux2, Stahl group BV, Trief
Corporation, Winvest Part BV, Stahl Holdings BV (Netherlands)
None
and Union+
Positions no longer held (but held in the last five years)
Director and Deputy Chief Executive Officer: Coba
Chairman of the Board of Directors: Grauggen, Hourggen, Ireggen
Chairman: Winvest 11 SAS, Stahl group SA, Win Sécurisation and
and Jeurggen (Luxembourg)
Sofisamc (Switzerland)
Chief Executive Officer: Coba
Chief Executive Officer and Director: Sofiservice
Member of the Supervisory Board (employee representative):
Member of the Management Board: Winvest Conseil and Materis
Wendel(2) and Oranje-Nassau Groep BV (Netherlands)
Parent SARL (Luxembourg)

(2) Listed company.

3.1 Governance 3
53 years old(1)
Nationality: French

Capgemini
76, avenue Kléber
Lucia Sinapi-Thomas 75116 Paris – France
Biography
Lucia Sinapi-Thomas was appointed as Director of the Company on May 22, 2013. She graduated from ESSEC business school (1986) and
Paris Law University (1988), was admitted to the Paris bar (1989), and has a financial analyst degree (SFAF 1997). She started her career
as a tax and business lawyer in 1986, before joining Capgemini in 1992. She has more than 20 years of experience within Capgemini group,
successively as Group Tax Advisor (1992), Head of Corporate Finance, Treasury and Investor Relations (1999), extended to Risk
Management and Insurance (2005), and member of the Group Engagement Board. Lucia Sinapi-Thomas was Deputy Chief Financial Officer
from 2013 until December 31, 2015. She is currently Executive Director Business Platforms at Capgemini group.
She has been a member of the Board of Directors of Dassault Aviation since May 15, 2014, and is also a member of the Dassault Aviation's
Audit Committee. She joined the Board of Directors of Capgemini SE on May 24, 2012 and has been a member of the Capgemini SE's
Compensation Committee since June 20, 2012.
3
Current positions(1) Chairman of the Supervisory Board: FCPE Capgemini
(2) (2)
Director: Capgemini SE: and Dassault Aviation Member of the Supervisory Board: FCPE ESOP Capgemini
Positions held in subsidiaries of the Cap Gemini group Chief Executive Officer: Sogeti France SAS since January 2018
Chairman: Capgemini Employees Worldwide SAS Positions no longer held (but held in the last five years)
Director: Sogeti Sverige AB (Sweden), Sogeti Sverige MITT AB Director: Sogeti AS/NV (Belgium), Euriware SA and Capgemini
(Sweden), Capgemini Sogeti Danmark AS (Denmark), Sogeti Norge Reinsurance International (Luxembourg)
A/S (Norway), Sogeti SA (Belgium) and Capgemini Polska Sp zoo.
(Poland) and Capgemini Business Services (Guatemala).

(2) Listed company.

3.1 Governance
3.1.2 Executive Management

Didier Michaud-Daniel has been Chief Executive Officer of the Company since March 1, 2012.
Company
Name, Start of term End of term shares
Age(1) Nationality Main business address Position Main function of office of office held(1)
Didier French Bureau Veritas Chief Chief Executive Appointed Chief Executive Officer February 28, 2022 301,120
Michaud-Daniel Immeuble Newtime Executive Officer, Bureau on February 13, 2012
59 years old 40/52, boulevard du Parc Officer Veritas with effect from March 1, 2012
92200 Neuilly-sur-Seine Reappointed on February 23, 2017
France with effect from March 1, 2017
Expertise and experience in corporate management of the Chief Executive Officer and positions
held over the last five years
Didier Michaud-Daniel began his career at Otis in 1981 as a Didier Michaud-Daniel is a graduate of École supérieure de
technical salesperson, progressing into sales management and commerce de Poitiers with a degree in Business Management and
operational support. In 1991, he was appointed Field Operations a graduate of INSEAD.
Officer of Otis France, and, in 1992, was promoted to Paris Field
Current positions(1)
and Sales Operations Director. He was named Deputy General
Manager of Operations in January 1998. From September 2001 to None
August 2004, Didier Michaud-Daniel was Managing Director of
Otis United Kingdom and Ireland. He was Chairman of Otis for the Positions held within the Group
UK, Germany and Central Europe region from August 2004 to Chairman of Bureau Veritas International SAS
May 2008, until his appointment as Chairman of Otis Elevator
Company in May 2008. Positions no longer held (but held in the last five years)
None
3.1.3 Statements related to Corporate Officers

Convictions for fraud, public accusations and/or public sanctions,
or liability for bankruptcy within the last five years
As far as the Company is aware, none of the Directors or the Chief administrative, management or supervisory body of a company, or
Executive Officer have been, within the last five years, from participating in the management or conduct of a company’s
(i) convicted of fraud or been subject to an official accusation or business.
penalty delivered by legal or administrative authorities;
Furthermore, there are no family relationships linking Corporate
(ii) involved in a bankruptcy, receivership or liquidation; or (iii)
Officers (Directors and the Chief Executive Officer).
prohibited by a court from acting as a member of an
Conflicts of interest and agreements in which Directors and the Chief Executive Officer
are interested parties
Pursuant to article 1.7 of the Board of Directors’ Internal provisions do not apply to agreements entered in the ordinary
Regulations, all Board members undertake to avoid any conflict course of business and under arm's length conditions.
between their own interests and those of the Company.
In order to prevent any potential conflicts of interest, the Directors
The Directors and the Chief Executive Officer are required to and the Chief Executive Officer are required to complete a signed
promptly inform the Chairman of the Board of Directors of any declaration each year describing any direct or indirect links of any
related-party agreements that may exist between companies in kind they may have with the Company. To this day, none of these
which they have an interest, whether directly or through an declarations has revealed any existing or potential conflict of
intermediary, and the Company. The Directors and the Chief interest between the Chief Executive Officer or a Director and the
Executive Officer are required to notify the Board of Directors of Company. In cases where a business relationship is under
any agreement, referred to under articles L. 225-38 et seq. of the consideration between (i) the Company or the Group and
French Commercial Code (Code de commerce), to be entered into (ii) directly or indirectly a Director or the Chief Executive Officer,
between themselves or a company in which they are managers or the procedure governing related-party agreements as set forth in
in which they own, directly or indirectly, a significant shareholding articles L. 225-38 et seq. of the French Commercial Code, is
and the Company or one of its subsidiaries. If any such agreement followed.
exists, the person(s) concerned will abstain from participating in
With the exception of related-party agreements and
discussions and all decision-making on related matters. These
commitments that were entered into or remained in effect during
(1) As of December 31, 2017.

3.1 Governance 3
2017 and presented in the section on related-party transactions paragraph 2 of the Company’s By-laws, members of the Board of
in section 6.10 of this Registration document, the Company is not Directors are required to hold a minimum of 1,200 shares
aware of any other potential conflicts of interest between the throughout their term of office.
duties of the Directors and the Chief Executive Officer with regard
In addition to the prohibition referred to in the stock subscription
to Bureau Veritas and their personal interests and/or other duties.
or performance option and performance share plans, the Chief
The members of the Board of Directors are not subject to any Executive Officer formally agreed not to use hedging instruments
contractual restrictions regarding the Company's shares they own for the shares he holds in the Company throughout his term of
except for the closed and black-out periods as defined in the office. He is also required to observe the restrictions regarding
Group’s Insider Trading Policy. However, under article 14.1, closed and black-out periods.
3.1.4 Executive Committee

The Executive Committee is the Group's management body. UK, Germany and Central Europe region from August 2004 to
Chaired by the Chief Executive Officer, it includes the managers of May 2008.
Group divisions (Marine & Offshore, Consumer Products) and the
Didier Michaud-Daniel is a graduate of the École Supérieure de
heads of the main regions for the Commodities, Industry &
Commerce with a degree in Business Management and a graduate
Facilities(1) division and the support functions.
of INSEAD.
The Executive Committee examines and approves issues and
Didier Michaud-Daniel is a Chevalier de la Légion d’honneur.
decisions relating to the Group's strategy and general
organization. It adopts the policies and procedures to be applied
across the Group. Each Operating Group has its own Executive Philippe Donche-Gay – Deputy CEO
Committee. and President, Marine & Offshore Division
As of the publication date of this Registration document, Philippe Donche-Gay joined Bureau Veritas in 2008 as Executive
the Executive Committee had nine members: Vice-President for the Industry and Facilities Division and as
● Didier Michaud-Daniel, Chief Executive Officer; President for the Marine & Offshore Division.
● Philippe Donche-Gay, Deputy Chief Executive Officer;

Oliver Butler, Consumer Products;
He started his career at IBM, holding various management
positions in France and in the United States. In 1994, he joined the
3
● international management of Capgemini and as of 1996, set up a
● Eduardo Camargo, Commodities, Industry & Facilities - global unit dedicated to the Telecom market, becoming the unit’s
Latin America; CEO in 2001. In 2004, he was appointed CEO of Capgemini
France. In January 2007, he became CEO of Capgemini West
● Natalia Shuman, Commodities, Industry & Facilities - Europe and Latin America. Member of the Capgemini Group’s
North America; Executive Committee, he was also in charge of the global
coordination of the Technology Services business line.
● Jacques Lubetzki, Commodities, Industry & Facilities - Europe;
Philippe Donche-Gay holds an engineering degree from École
● Nicolas Tissot, Finance & Legal Affairs;
Polytechnique and a Master’s of Science from Stanford University.
● Xavier Savigny, Human Resources.
Philippe Donche-Gay is a Chevalier de la Légion d’honneur.
Bureau Veritas Executive Committee Members Oliver Butler – Executive Vice-President

Consumer Products Division
Oliver Butler joined Bureau Veritas in 2004 to set up the Electrical
Didier Michaud-Daniel – Chief Executive Officer & Electronics platform. In 2008, he became Senior Vice-President
in charge of the Global Testing Operations for the Consumer
Didier Michaud-Daniel was appointed Chief Executive Officer of
Products Services Division. Since June 2010, he has served as
Bureau Veritas on March 1, 2012. Before taking on this position,
Chief Operating Officer for the Consumer Products Services
he had been President of Otis Elevator Company since May 2008.
Division. Before joining Bureau Veritas, Oliver Butler held senior
Didier Michaud-Daniel began his career at OTIS in 1981 as a
management positions in both the IT and nuclear industries in
technical salesperson, progressing into sales management and
Europe and North America, notably with Ontario Power
operational support. In 1991, he was appointed Field Operations
Generation and Exelon Corporation of Chicago.
Director for Otis France and, in 1992, was promoted to Paris Field
and Sales Operations Director. He was named Deputy General Oliver Butler obtained his final certificate in Radio
Manager of Operations in January 1998. From September 2001 to telecommunications and computers from the Crawford Institute
August 2004, Didier Michaud-Daniel served as Chief Executive of Technology, Cork, Ireland.
Officer of Otis UK and Ireland. He was Chairman of Otis for the
(1) The Commodities, Industry & Facilities division created on January 1, 2016 includes the Commodities, Industry, Inspection & In-Service
Verification and Certification businesses.

3.1 Governance
Eduardo Camargo – Executive Vice-President, He started his career with Otis in France where he held various
CIF – Latin America senior positions in Human Resources, ultimately being promoted
to Global Compensation & Benefits Manager. In 1998, he moved
Eduardo Camargo started his career in Verolme Shipyard. In 1986, to Atos as Compensation and Benefits Director. In 2001, he
he joined Bureau Veritas in the Marine Division. In 1989, he worked returned to Otis as Director of Compensation & Benefits. In 2003,
for the Industry Division and, in 1993, for the Health, Safety & he was promoted to Human Resources Director for North Europe,
Environment Division. In 1997, he became Regional Chief with responsibilities expanding to Eastern Europe in 2004 and
Executive for Mexico & Central America, based in Mexico. In 2002, Africa in 2009. In 2010, he was appointed Vice-President of Group
he was appointed Regional Chief Executive for Latin America, Human Resources, based in the United States.
based in Argentina. Eduardo Camargo served as Senior
Vice-President for the Latin America region of the Industry & Xavier Savigny holds an MSc in Chemical Engineering from the
Facilities Division until 2003, and was promoted to Executive University of Technology of Compiègne (France) and a Master’s
Vice-President in 2011. Degree in Human Resources from ESSEC Business School (France).
Eduardo Camargo holds a Master’s degree in Naval Architecture

& Marine Engineering from Rio de Janeiro Federal University Natalia Shuman – Executive Vice-President,
(Brazil), an MBA in Finance from Rio de Janeiro Pontifical Catholic CIF – North America
University (Brazil) and a diploma from an Executive Management Before joining Bureau Veritas, Natalia Shuman was in charge of
Course at INSEAD (France). Kelly Services’ EMEA and APAC regions. She also served as a
board member of Kelly Services’ joint venture, where she was
Juliano Cardoso, Executive Vice-President, based in Singapore and Switzerland.
CIF – Africa, Middle East and Asia Pacific She first joined Kelly Services in Russia to launch its operations
Juliano Cardoso started his career as Quality Engineer at Duratex there. She was relocated to New York in 2000 to take over Kelly
Group in Brazil. In 1995 he moved to the automotive industry, Services’ operations in the United States as well as key accounts
working for Textron Group as a quality and project manager. In and strategic growth initiatives. In 2011, she relocated to Asia to
1999 he joined Bureau Veritas, first as Training & Consulting focus on Kelly Services’ customers and partners in the APAC
Manager, then as Senior Business Engineer. In 2003 he became region. She was then appointed chief operating officer to start up
Country Chief Executive for Chile and in 2006, he was appointed Kelly’s joint venture operations in China and North Asia and was
Regional Chief Executive for Chile and Peru. In 2011, he became based in Shanghai. She has been Senior Vice-President and
Senior Vice-President for the Pacific region. In 2014 he was General Manager of the EMEA and APAC regions for the past four
appointed Executive Vice-President for the Commodities Division. years.
Since 2015, he has served as the Vice-President of the CIF She completed a dual Global Executive MBA program with
Division. Columbia University and London Business School, and graduated
Juliano Cardoso holds a Bachelor’s degree in Business with distinction from St. Petersburg University of Economics and
Management and a Master’s degree in Reliability Engineering from Finance in Russia.
Universidade de Campinas (Brazil) and a diploma from an
Executive Management Course at INSEAD (France). Nicolas Tissot – Executive Vice-President,
Finance & Legal Affairs
Jacques Lubetzki – Executive Vice-President, Nicolas Tissot joined Bureau Veritas in May 2016 after having
CIF – Europe been the Group Chief Operating Officer and a member of the
Jacques Lubetzki started his career in the Construction and Oil & Executive Committee of the reinsurance company Scor
Gas sectors. He worked for more than 10 years for Suez Group since 2015. From 2010 to 2015, he was the Chief Financial Officer
(now Engie), first as CEO of Novergie, then as Deputy CEO of Elyo and a member of the Executive Committee of AlstPreviously, he
(now Cofely). worked for Engie (formerly GDF Suez), where he started in the
Financial Planning and Analysis Department which he led from
In 2003, Jacques Lubetzki joined Bureau Veritas as Senior 2000 to 2003. He then became Chief Financial Officer and
Vice-President in charge of Group Strategy & Organization. In Executive Vice-President of Suez Energy International
2005, he became Deputy CEO of France. In 2008, he was (2003-2005), Chief Financial Officer and Executive Vice-President
appointed Executive Vice-President for France, then, in 2012, for of Electrabel (2005-2008), based in Brussels, and finally Deputy
Southern Europe. Since 2013, he has been Executive Chief Executive Officer of GDF Suez’s Global Gas & LNG Division
Vice-President of CIF, Europe. (2008-2010).
Jacques Lubetzki has an engineering degree from the Ecole Nicolas Tissot started his career at the French Ministry of
Polytechnique and a Master's degree from Ecole Nationale des Economy, Finance and Industry (1995-1999).
Ponts et Chaussées.
Nicolas Tissot is a graduate of HEC business school and École
nationale d’administration and was a senior civil servant
Xavier Savigny – Executive Vice-President, (inspecteur des finances).
Human Resources
Xavier Savigny has been in charge of Group Human Resources
since 2014. He joined Bureau Veritas in 2012 as Vice-President of
Human Resources for Southern Europe for the Industry & Facilities
Division.

3.1 Governance 3
3.1.5 Corporate Governance Code
Since December 16, 2008, the Company refers to the The code can be downloaded on the MEDEF website:
AFEP-MEDEF Code in its version dated November 2016, which www.medef.fr. It can also be obtained at the Company’s
introduces new provisions on governance (strengthening of the registered office.
Board's role in terms of strategy, Directors' independence,
Pursuant to article L. 225-37 of the French Commercial Code, this
reference to CSR policy) and on pay.
report details the provisions of the AFEP-MEDEF code that the
Group has not complied with and the reasons for these exceptions
in the table below.
AFEP-MEDEF rommendations Bureau Veritas practices/explanations

Independent directors The Board of Directors carefully examined Pierre Hessler’s situation when it
(section 8.5.6 of the Code) renewed his term of office in 2016.
Directors cannot be members of the Board for more than 12 years. It noted that Pierre Hessler's seniority on the Board granted him a more extensive
ability to understand the issues and risks at hand, and to question Executive
Management, added weight to the opinions he expressed and enabled him to
formulate balanced and objective judgments, regardless of the circumstances,
with regard to Executive Management. Pierre Hessler's ability to think critically
during debates and decision making by the Board, his personality, skills, leadership
and commitment, which are widely recognized by the Company’s shareholders,
98.79% of whom voted to approve the renewal of his term of office on
May 17, 2016, also illustrate his independence of spirit.
The Board also considered that the attention that Pierre Hessler always paid to
the proper organization of the Board's work as Chairman of the Nomination &
Compensation Committee, in particular within the scope of the annual
evaluations and the appointment and renewal of terms of office of independent
directors, is essential.
These qualities, combined with a strong grasp of the challenges faced by
the Company, make a major contribution to the Board’s deliberations and to
the contextualization of its decisions.
3
On the recommendation of the Nomination & Compensation Committee,
the Board of Directors confirmed on December 15, 2017 its position under which
the 12-year criterion set out in the Code was not sufficient to automatically
disqualify a Director as an independent director.
Evaluation of the Board of Directors (section 9.2 of the Code) During the annual evaluation of the Board of Directors and its Committees, each
The evaluation should consider the actual contribution of each Director to the Director is asked about the organization of the Board’s work, and at that time
Board's work. he/she has the opportunity to discuss any problems. Any Directors who so wish
can therefore freely express their opinion on the actual individual contributions of
each Director during their discussions with the Chairman of the Nomination &
Compensation Committee or the specialist firm in charge of the evaluation.
The Nomination & Compensation Committee and subsequently the Board
evaluateeach Director's contribution and how well their profiles match with the
Company's needs notably at the time of appointing and/or renewing the terms of
office of Directors and Committee members. Given the positive findings of the
evaluation, resulting from individual contributions generally found to be
satisfactory, to date the Board has not expressed a wish to conduct a formal
evaluation of each Director’s contribution, since it considers this could adversely
affect the culture of trust.
Composition of the Audit & Risk Committee (section 15.1 of the Code). Besides the independence criterion, and given the composition of the Board,
Two-thirds of the members of the Audit & Risk Committee must be independent members of the Audit & Risk Committee are selected primarily based on their
directors. experience and expertise, particularly in the fields of finance, accounting and risk
management. Even though the proportion of two-thirds of independent members
has not been complied with three of the five members including the Chairman of
the Committee are independent, i.e., 60% of the Audit & Risk Committee
members.
Stock options and performance shares (section 24.3.3 of the Code) Although the ceiling for stock option and performance shares expressed as a
Based on each company's particular situation (size, industry, scope of granting, percentage of capital is not defined in the resolutions, the Board ensures that
number of senior executives, etc.) and in relation to the global amount approved there is a fair balance of these allocations with respect to the Company's capital,
by the shareholders, the Board shall set the maximum percentage of options and the Chief Executive Officer's compensation and the total number of stock options
performance shares that may be granted to Corporate Officers. The resolution and performance shares granted.
authorizing the allocation plan submitted to the vote at the Shareholders' The Company will comply with this when renewing the resolutions authorizing
Meeting must mention the maximum percentage of options and performance stock option and performance share plans at its May 15, 2018 Annual
shares that can be granted to Executive Corporate Officers in the form of a Shareholders' Meeting.
sub-ceiling of allocation.
Stock options and performance shares (section 24.3.3 of the Code) The Company will follow this recommendation in 2018.
Stock options and performance shares valued under the method applied in the
consolidated financial statements must represent a proportionate percentage of
the aggregate of all the compensation, options and shares which are granted. The
Board shall set the maximum percentage of compensation that such allocations
cannot exceed.

3.1 Governance
3.1.6 Conditions governing the preparation and organization of the

work of the Board of Directors
Conditions governing preparation and organization
Framework for the work of the Board of by the Board of Directors. The Internal Regulations were updated
Directors at the Board of Directors’ meetings of August 25, 2010 and
May 27, 2011, respectively to take into account changes made to
The conditions governing the preparation and organization of the the limitations imposed on the powers of the Chief Executive
work of the Board of Directors are set out in the Board’s Internal Officer and executive officers concerning the authorized threshold
Regulations which were last updated on February 23, 2017. These for planned acquisitions such threshold was increased from
Internal Regulations represent the Governance Charter for €5 million to €10 million, while the minimum number of Company
Directors. shares to be held by a Director was raised from 100 to 300. The
Internal Regulations were updated again in June, July and
The Board of Directors meets as often as needed in the interests
November 2013 to reflect (i) the four-for-one stock split and the
of the Company and meetings are convened by its Chairman.
resulting change in the minimum number of shares in the
The provisional annual schedule of the Board of Directors’ Company to be held by each Director (i.e., 1,200) and (ii) the
meetings (excluding extraordinary meetings) is drawn up and sent June 2013 amendments to the AFEP-MEDEF Code. They were
out to each member before the end of each financial year. also updated in May 2015 to restrict the limitations imposed on
the powers of the Chief Executive Officer as regards strictly
In addition to the mandatory Board meetings held to finalize the internal reorganizations and to amend the article on the length of
annual and interim financial statements, meetings are held to Directors’ terms of office following the amendment to article 14.3,
prepare the Annual Shareholders’ Meeting and the Registration paragraph 2 of the By-laws by the Shareholders’ Meeting of
document, or in the normal course of business (planned May 20, 2015. The Internal Regulations were updated again in
acquisitions, deposits, endorsements and guarantees, February 2017 to take into account changes to the Group’s
authorizations to be given pursuant to the internal governance organization.
rules set out in article 1.1 of the Internal Regulations of the Board
of Directors). The Internal Regulations state that the Board of Directors
determines the strategic direction of the Company’s business and
The Statutory Auditors are convened to meetings of the Board ensures that they are implemented. Subject to powers granted
held to finalize the annual and interim financial statements. expressly by law to Shareholders’ Meetings and within the limits of
Each year, a meeting is held without the Chief Executive Officer. In the corporate purpose, the Board handles all issues related to the
addition, the Directors may meet with the Company’s key proper functioning of the Company and resolves by deliberation all
executives without the Chief Executive Officer, who is notified of business matters.
the meeting in advance. The Internal Regulations are divided into five chapters, the main
For each meeting, a file covering the items on the agenda is provisions of which are described below:
prepared and sent to each member a few days before the meeting ● the first chapter deals with the role of the Board of Directors
to allow prior examination of documents by the Directors. and describes the conditions for holding Board meetings (e.g.,
During meetings, members of Executive Management give a meetings using telecommunications means), ethical rules and
detailed presentation of the items on the agenda. Generally the Directors’ Charter and Directors’ compensation;
speaking, each Director is provided with all the information ● the second chapter specifies the rules for Directors'
needed to carry out his/her duties and can ask Executive independence;
Management to provide him/her with any useful documents
(including any critical information about the Company). Questions ● the third and fourth chapters concern the censors (censeurs)
may be asked during presentations and these are followed by and the Board’s Committees; and
discussions before a vote is taken. Detailed minutes in draft form,
● the last chapter deals with the terms and conditions applicable
summarizing the discussions and questions raised and mentioning
to amendments, entry-into-force and publication of the Internal
the decisions and reservations made are then sent to members for
Regulations and to the evaluation of the Board of Directors.
examination and comment before being formally approved by the
Board of Directors. The Internal Regulations also provide the limitations imposed on
the powers of Executive Management which are detailed in the
The Directors may also be provided with useful information about
section “Limitations placed on the powers of the Chief Executive
the life of the Company at any time if such information is
Officer by the Board of Directors” in section 3.1.6 of this
considered as important or urgent.
Registration document. The Internal Regulations state in
They may also receive additional training, if they see fit, on the particular that any major strategic transactions or transactions
Company’s specific nature, its businesses and sector of activity. that may have a material effect on the economic, financial or legal
situation of the Company and/or Group and are not foreseen in
the annual budget must receive prior approval from the Board.
Internal Regulations of the Board of Directors
Lastly, the Internal Regulations state that each Director shall be
The Board’s Internal Regulations are intended to lay down how it given all of the information needed to carry out his/her duties and
organizes its work in addition to the relevant legal, regulatory and can ask Executive Management to provide him/her with any useful
By-laws provisions, and were adopted at the Board of Directors’ documents.
meeting of June 3, 2009. They are reviewed and regularly updated

3.1 Governance 3
Insider Trading Policy Group’s Executive Committee, as well as changes in the
composition of the Board of Directors and its committees to
The Company aims to ensure the compliance with the further its aim of strengthening diversity and the range of
recommendations issued by the stock market authorities with expertise as well as increasing the proportion of female and
respect to the management of the risks relating to the possession, non-French members. On February 23, 2017, based on the
disclosure and possible use of inside information. financial statements for the year ended December 31, 2016, the
The Company drew up an Insider Trading Policy in 2008 and Board of Directors noted that the performance conditions for the
appointed a Group Compliance Officer. The purpose of this Insider performance share and stock subscription and purchase option
Trading Policy is to outline applicable regulations and to draw the plans of July 16, 2014, July 15, 2015 and June 21, 2016 had been
attention of the concerned people to (i) the laws and regulations in met. The Board of Directors also approved the report of its
force regarding inside information (requirement to refrain from Chairman on corporate governance and on internal control and
trading shares, ban on certain speculative transactions and special risk management procedures.
provisions on stock options and free shares), as well as the The Board of Directors, making use of the authority delegated to it
administrative sanctions and/or penalties for not complying with by the Shareholders’ Meeting, approved the implementation of
those laws and regulations, and (ii) the implementation of performance share and stock purchase option plans put in place
preventive measures (black-out periods, insider lists, for managers and the Chief Executive Officer. It authorized the
confidentiality list, disclosure requirements and reporting Chief Executive Officer to implement the share buyback program
obligations of executives and individuals closely related to them) and to renew the liquidity agreement. The Board of Directors
that enable them to invest in Bureau Veritas shares while in full reduced the Company’s share capital by canceling treasury shares
compliance with the rules on market integrity. Each Director held in connection with the share buyback program.
agrees to comply with the provisions of this Charter when taking
up office. With regard to strategic matters, the Board of Directors
monitored implementation of the Group’s strategy and digital
The Insider Trading Policy also provides for “black-out” periods transformation and approved the Group’s major planned
beginning 30 days before the publication of the annual and acquisitions.
half-year parent company and consolidated financial statements
and ending the day after their publication, and a period beginning In accordance with the action plan drawn up after the 2016
15 days before the publication of quarterly financial information evaluation of the Board and its committees, the format of
and ending the day after its publication, during which the meetings continued to evolve to make them more interactive and
concerned people must abstain from any transactions on the analytically focused. In addition, operational presentations were
Company's shares.
The Charter was updated by the Board of Directors’ meeting of
given regularly to the Board by members of the Group’s Executive
Committee and further progress was made on the reports
submitted to the Board by the Chairmen of the committees.
3
December 16, 2016 following the entry into force of Regulation
(EU) No. 596/2014 of the European Parliament and of the Council
of April 16, 2014 on market abuse. Evaluation of the Board of Directors and its
committees
Work of the Board of Directors In accordance with the recommendations of the AFEP-MEDEF
Code and pursuant to article 5.4 of the Board of Directors’ Internal
In 2017, the Company’s Board of Directors met nine times with an Regulations, since 2009 the Company has evaluated the
attendance rate of 97%. Meetings lasted four hours on average. composition, organization and functioning of the Board of
With regard to financial and accounting matters, the Board of Directors and its committees.
Directors prepared the parent company and consolidated financial The aim of this evaluation is to review the organization of the
statements for 2016 and the first half of 2017, together with the Board’s work so as to make it more effective and ensure that
related financial reporting. It examined the Group’s business important issues are properly prepared and discussed. Each year,
activities and performance, along with management projections, the results of this evaluation are examined by the
the financial position, debt, cash and long-term financing. The Nomination & Compensation Committee before being presented
Board also delegated authority to the Chief Executive Officer in to the Board of Directors. The Board then examines its functioning,
respect of deposits, endorsements and guarantees. At its composition and organization.
December 2017 meeting, the Board reviewed and approved the
draft Group budget for 2018. The Chairman of the Nomination & Compensation Committee is
responsible for this evaluation, except every three years when the
With regard to governance matters, the Board of Directors evaluation is performed by a specialist firm. The evaluation for
considered the Company’s compliance with the recommendations 2017 was conducted by a firm based on individual meetings with
of the AFEP-MEDEF Code and of the AMF regarding corporate each Director.
governance and compensation for 2017, as well as “Say on Pay”
(ex ante vote), and set the objectives and compensation of the The results of this evaluation were presented for discussion to the
Chief Executive Officer and the methods for allocating Directors’ Nomination & Compensation Committee before being presented
fees among the Directors. The Board considered appointments, to the Board of Directors at its meeting on December 15, 2017.
changes and issues relating to succession planning within the

3.1 Governance
On the recommendation of the Nomination & Compensation process financial and accounting information, without
Committee, the Board has defined an action plan outlining compromising its independence;
avenues for improvement in 2018: (i) continuing to make working
● monitoring the effectiveness of information system security;
documents less verbose, (ii) continuing to invite operating
managers to Board meetings on a regular basis to enhance ● examining risks, disputes and material off-balance sheet
cohesion and ensure that information is shared effectively with commitments.
the Board, (iii) determining at the start of the year the topics to be
addressed during the year by the Board and the committees and ● External oversight – Statutory Auditors
deciding in advance on the methods to be used to monitor the ● issuing a recommendation to the Board of Directors pursuant
topics (jointly with the Chairman of the Board and the Chairmen of to article 16 of Regulation (EU) No. 537/2014 on the
the committees), and lastly (iv) when the next Directors are Statutory Auditors recommended for appointment or
selected, identifying candidates that correspond to the Group’s reappointment by the Shareholders’ Meeting;
main challenges.
● monitoring the work of the Statutory Auditors taking into
account the observations and findings of the Haut Conseil du
Committees of the Board of Directors Commissariat aux Comptes (French audit oversight Board)
further to the audits performed in application of
The Internal Regulations of the Board of Directors provide for the
articles L. 821-9 et seq. of the French Commercial Code;
possibility of creating one or more Board Committees intended to
enrich its reflections, facilitate the organization of the Board’s ● ensuring that the Statutory Auditors comply with the
work and contribute effectively to the preparation of its decisions. independence rules set out in articles 821-9 et seq. of the
The committees have an advisory role and are responsible for French Commercial Code, taking the necessary measures
working on matters submitted by the Board or its Chairman and pursuant to section 3, article 4 of the aforementioned
for presenting their findings to the Board in the form of reports, Regulation (EU) No. 537/2014 and ensuring that the
proposals or recommendations. conditions set out in article 6 of said Regulation are
respected;
In 2017, the Board of Directors was assisted in the course of its
work by three Board Committees, whose members all sit on the ● approving services, other than statutory audit services,
Board: the Audit & Risk Committee, the provided by the Statutory Auditors or by members of their
Nomination & Compensation Committee and the Strategy network set out in article L. 822-11-2 of the French
Committee. Commercial Code. The Audit & Risk Committee issues its
opinion after reviewing the risks regarding Statutory auditor’s
Audit & Risk Committee independence and the measures taken by the Statutory
Auditors to safeguard their independence.
The Audit & Risk Committee adopted Internal Regulations in 2009
that describe its role, resources and functioning. These Internal The Audit & Risk Committee must report on its work to the Board
Regulations were updated at its meeting of July 27, 2016 to of Directors and bring to its attention any matters which appear
reflect the role of the committee further to Regulation (EU) problematic or which require a decision to be taken. It also reviews
No. 537/2014 and Ministerial Order No. 2016-315 of March 17, all issues raised by the Board of Directors on the matters set forth
2016 on statutory audit engagements. above.
The Audit & Risk Committee is responsible for monitoring the It meets as often as it deems necessary and at least before each
process of preparing financial and accounting information, the publication of financial information.
effectiveness of Internal Audit and risk management systems, the
statutory audit of the annual financial statements and If it deems necessary, the Audit & Risk Committee can invite one
consolidated financial statements by the Statutory Auditors and or more members of Executive Management and the Company’s
Statutory auditor’s independence. It prepares and facilitates the Statutory Auditors to attend its meetings.
work of the Board of Directors in these areas. The Chairman of the committee may call a meeting with the
More specifically, it is responsible for: Statutory Auditors and another with the head of Internal Audit at
any time he/she deems appropriate, neither of which are attended
● Financial reporting: by management.
● monitoring the process of preparing financial information and, In the course of its work and after having informed the Chairman
where applicable, drawing up recommendations to guarantee of the Board of Directors, and provided it notifies the Board of
the reliability of such information; Directors, the Audit & Risk Committee may ask Executive
Management to provide it with any documents that it deems
● analyzing the relevance of the accounting standards
relevant to its work and may speak to all or some of the members
selected, the consistency of the accounting methods applied,
of Executive Management or to any other person whom the
the accounting positions adopted and the estimates made to
committee deems useful.
account for material transactions, and the scope of
consolidation; The Audit & Risk Committee can also request the assistance of
any third party it deems appropriate at its meetings (independent
● examining, before they are made public, all financial and
experts, consultants, lawyers or Statutory Auditors).
accounting documents issued by the Company, including
quarterly publications and earnings releases. In accordance with the AFEP-MEDEF Code and except in duly
substantiated cases, the information needed for the committee’s
● Internal control systems and risk management procedures:
discussions is sent several days prior to the meeting. In 2017, the
● monitoring the effectiveness of internal control and risk committee was able to review the annual and half-year financial
management systems, along with Internal Audit where statements at least two days before they were reviewed by the
applicable, regarding the procedures adopted to prepare and Board of Directors.

3.1 Governance 3
At December 31, 2017, the Audit & Risk Committee had five After each meeting, the Chairman of the Audit & Risk Committee
members: Aldo Cardoso (Chairman), Stéphanie Besnier, Ieda provided a detailed report of the committee’s work, proposals and
Gomes Yell, Siân Herbert-Jones and Lucia Sinapi-Thomas. Based recommendations to the Board of Directors. The Chairman also
on their professional experience and training, the Company presented the committee’s recommendations, findings and/or
believes that the members of its Audit & Risk Committee have the observations on the annual and half-year financial statements at
required financial and accounting expertise. Besides the the Board meeting at which these financial statements were
independence criterion, and in view of the composition of the finalized. This is also the case for reports that may be presented
Board, Directors were selected primarily based on their experience by the Audit & Risk Committee on specific issues at the request of
and expertise. The proportion of two-thirds of independent the Board of Directors.
members recommended by the AFEP-MEDEF Code has not been
observed; however, three of the five members including the Strategy Committee
Chairman are independent.
The Strategy Committee has adopted Internal Regulations that
The Audit & Risk Committee met eight times in 2017, with an describe its role, resources and operation. It is primarily
attendance rate of 91%. The meetings were attended variously by responsible for examining and providing the Board of Directors
the Chief Financial Officer and the heads of Accounting, with its opinion and recommendations regarding the preparation
Management Control, Legal, Risk & Compliance, Internal and approval of the Group’s strategy, its budget and amended
Audit & Acquisitions Services, Treasury and Tax Affairs budgets as well as any planned acquisitions and disposals,
departments. particularly those submitted for prior authorization to the Board of
Directors in accordance with article 1.1 of the Board’s Internal
The Statutory Auditors attended the meetings of the Audit & Risk
Regulations.
Committee, at which they presented their work and described the
accounting options applied. The Strategy Committee may, at its own discretion, organize
meetings with the members of Executive Management, after
In 2017, the Audit & Risk Committee examined the
having informed the Chief Executive Officer, or request external
parent-company and consolidated financial statements for 2016,
technical studies or be accompanied by any outside counsel of its
the half-year results for 2017 and revenue for the first and third
choice provided that it notifies the Board of Directors.
quarters of 2017, as well as the related press releases and
financial reports. As of December 31, 2017, the Strategy Committee had five
members: Frédéric Lemoine, (Chairman), Claude Ehlinger, Ieda
During these meetings, the parent-company and consolidated
Gomes Yell, Pascal Lebard and Pierre Hessler. Since
financial statements, the notes to the financial statements and
technical issues relating to the year-end were discussed by the
Group’s Finance teams and analyzed by the members of the
January 1, 2018, André-François Poncet has replaced Frédéric
Lemoine as Chairman of the Strategy Committee. Three out of five
members are independent.
3
Audit & Risk Committee in the presence of the Statutory Auditors.
Particular attention was paid to the proposal for allocating 2016 In 2017, the Strategy Committee met seven times with a 100%
profit, the measurement and allocation of goodwill, provisions for attendance rate. It chiefly considered the implementation of the
other liabilities and charges and significant off-balance sheet Group’s strategic plan, the appropriateness and feasibility of the
commitments. different strategic options available to it, and any planned
acquisitions.
The work of the Audit & Risk Committee also covered: the
monitoring of the “Move for Cash” plan, exchange rate impacts The Chairman of the Strategy Committee reports on the
and risks, tax-related developments including changes in the committee’s work to the Board of Directors in detail.
regulations, the share buyback program, changes to debt, the
Group’s various financing arrangements, the evaluation of the Nomination & Compensation Committee
Statutory auditor’s work and independence and their advisory fees
and the Group’s financial documentation. The Company has a unified Nomination & Compensation
Committee, which has Internal Regulations that describe its role,
Every six months, the committee also reviewed the findings of the resources and functioning. It is mainly responsible for making
internal audits that had been conducted as well as the proposed recommendations to the Board of Directors with regard to the
annual planning and was kept informed of the progress of the selection of members of Executive Management and the Board,
action plans. The Audit & Risk Committee also reviewed the succession planning and executive compensation and benefits of
results and action plans reported to it in connection with the the members of the Executive Management, as well as the
implementation of the AMF’s Reference Framework for Risk methods of determining such compensation (fixed and variable
Management and Internal Control. portions, calculation method and indexing). Since
February 25, 2015, the Nomination & Compensation Committee
The head of Legal, Risk & Compliance presented his half-year
has also analyzed Corporate Social Responsibility (CSR) issues.
reports on risk management (including an update on the progress
made on the new risk mapping initiative), litigation (including a If it deems necessary, the Nomination & Compensation
root cause analysis of the Group's main disputes) and compliance Committee can invite one or more members of Executive
(fight against corruption, international sanctions, investigations, Management or any other Company employee to attend its
regulatory intelligence, etc.) to the Audit & Risk Committee. The meetings. The Nomination & Compensation Committee can also
Statutory Auditors informed the committee of their main request the assistance of any third party it deems appropriate at
observations regarding the identification of risks and their its meetings (independent experts, consultants, lawyers or
assessment of the internal control procedures. Statutory Auditors).

3.1 Governance
At December 31, 2017, the Nomination & Compensation (iv) any substantial change in the corporate governance rules
Committee comprised five members, four of whom were relating to internal control, as set out in article L. 225-37 of
independent: Pierre Hessler (Chairman), Aldo Cardoso, Claude the French Commercial Code;
Ehlinger, Ana Giros Calpe and Pascal Lebard. No Executive
(v) any purchase of Company's shares, besides purchases made
Corporate Officers sit on the committee. The Chief Executive
within the framework of a liquidity agreement previously
Officer was involved in the committee’s work, except when
approved by the Board of Directors;
agenda items concerned him. He does not participate in the
deliberations. (vi) any decision to initiate a procedure with the aim of being
listed on a regulated market or withdrawing such listing for
In 2017, the Nomination & Compensation Committee met seven
any financial instrument issued by the Company or one of its
times with a 97% attendance rate. It considered the
subsidiaries;
compensation policy and the objectives for the Chief Executive
Officer for 2017, as well as the quantitative and qualitative (vii) any implementation of an authorization from the
criteria used to determine the variable portion of compensation in Shareholders’ Meeting resulting immediately or over time in
respect of 2016. It also recommended putting in place stock an increase or reduction in share capital or the cancellation
option and performance share plans, which were approved by the of shares of the Company;
Board of Directors on June 21, 2017, examined the compensation
policy for the Chairman of the Board of Directors in light of the (viii) notwithstanding the powers vested in the Shareholders’
change in leadership in March 2017, and reviewed the method for Meeting by the law and the By-laws, any appointment,
allocating Directors’ fees. The committee also worked on the dismissal, renewal or termination of the term of office of
procedure for renewing the Chief Executive Officer’s term of Statutory Auditors, including those in any French or foreign
office, issues relating to succession planning within the Group, and subsidiaries with equity as per the consolidated financial
changes in the composition of the Board of Directors and its statements of over €50 million;
committees to further its aim of strengthening diversity and the (ix) any transactions referred to in the sections above, with the
range of expertise as well as increasing the proportion of female exception of those carried out as part of an intragroup
members. At its meeting on December 14, 2017, it reviewed the reorganization, whenever the amount of each such
Company’s compliance with the AFEP-MEDEF Code and analyzed transaction exceeds €10 million and provided that the
the results of the evaluation of the Board and its committees. It transaction was not authorized during the annual budget
also submitted an action plan to the Board in this respect. approval process:
The Chairman of the Nomination & Compensation Committee - acquisitions or disposals of Company real estate or other
reports in detail to the Board of Directors on its work, opinions, assets,
proposals and recommendations and informs it of all matters
which seem problematic or which require a decision. - acquisitions or disposals of shareholdings or business
assets,
- partnership agreements involving an investment of the
Limitations placed on the powers of the Chief aforementioned amount.
Executive Officer by the Board of Directors For the purposes of this section, “intragroup” transactions are
transactions between entities owned directly or indirectly by
The Board of Directors’ Internal Regulations, which were updated the Company;
on May 20, 2015, define the respective roles of the Board of (x) all debt, financing or off-balance sheet commitments
Directors, the Chairman of the Board of Directors and the Chief entered into by the Company representing an annual
Executive Officer, and also set limitations on the powers of the aggregate or transaction amount of over €50 million, other
Chief Executive Officer. than:
In addition to the decisions that legally require prior approval of - transactions subject to the prior approval of the Board of
the Board of Directors, prior approval of the Directors is also Directors pursuant to the law (sureties, endorsements and
required for the following decisions of the Chief Executive Officer: guarantees) or in accordance with the Board’s Internal
(i) approval of the annual budget; Regulations, and
(ii) any introduction by the Company of stock option or free - intragroup financing between Group's companies held
share plans and any granting of stock purchase or directly or indirectly by the Company, including capital
subscription options or free shares to the Group’s Executive increases and decreases, current account advances
Committee and Executive Leadership Team (ELT); provided that the planned intragroup financing transaction
is not designed to settle the liability of the entity
(iii) any implementation of a procedure provided for in Book VI of concerned;
the French Commercial Code or any equivalent procedure
relating to the Company or to French or foreign subsidiaries (xi) any approval given by the Company to directly or indirectly
that represent more than 5% of the Group’s Adjusted controlled companies to carry out an operation such as
Operating Profit (AOP); referred to in points (ix) and (x) above;
(xii) the granting of any pledge to guarantee the commitments
entered into by the Company for an amount exceeding
€5 million per commitment;
(xiii) the introduction of mandatory or discretionary profit-sharing
schemes at Company or Group level;

3.1 Governance 3
(xiv) in the event of any dispute, carrying out any transaction with These limitations on the powers of the Chief Executive Officer are
a net impact on the Group (after insurance) in excess of valid internally but cannot be enforced against third parties in
€10 million; accordance with the provisions of article L. 225-56-I, paragraph 3
of the French Commercial Code.
(xv) hiring/appointments, removals/dismissals and annual
compensation of members of the Group’s Executive
Committee and Executive Leadership Team (ELT);
(xvi) any major strategic transactions or any transactions likely to
have a material effect on the economic, financial or legal
situation of the Company and/or Group not provided for in
the annual budget.
Summary of delegations of authority/authorizations granted by the Shareholders’ Meeting

to the Board of Directors (article L. 225-37-4 of the French Commercial Code)
The table below summarizes the delegations of authority/authorizations relating to share capital granted by the Shareholders’ Meeting to
the Board of Directors that are still in effect as of the filing date of the Registration document.
Date of the Ordinary

and Extraordinary Duration and
Nature of delegation/authorization granted to the Board of Shareholders’ Meeting expiration of Maximum nominal Use during
Directors (OESM) the authorization amount the year
Issuance, with preemptive subscription rights, of (i) ordinary OESM May 16, 2017 26 months, i.e., Maximum nominal Not used
shares in the Company and/or (ii) equity securities that give (19th resolution) until July 15, 2019 amount of capital
access immediately and/or in the future to existing or new increases: €8 million(a)
shares of the Company and/or one of its subsidiaries and Maximum nominal
(iii) debt securities that give access or may give access to new amount of debt
shares issued by the Company or any of its subsidiaries
In the event of excess demand, increasing the number of
securities issued with preemptive subscription rights, in
OESM May 16, 2017
(20th resolution)
26 months, i.e.,
until July 15, 2019
securities: €1 billion(b)
15% of the initial
issue(a)(b)
Not used 3
accordance with the 19th resolution
Issuance, with cancellation of preemptive subscription rights, OESM May 16, 2017 26 months, i.e., Maximum nominal Not used
for members of a company savings plan of (i) ordinary shares (21st resolution) until July 15, 2019 amount of capital
of the Company and/or (ii) securities giving immediate and/or increases: 1% of
future access to the share capital of the Company the share capital(a)
Maximum nominal
amount of debt
Increase in the share capital by capitalizing reserves, retained OESM May 16, 2017 26 months, i.e., Maximum nominal Not used
earnings, share premiums or any other sum that may be (22nd resolution) until July 15, 2019 amount of capital
capitalized increases: €6 million(a)
Maximum nominal
amount of debt
Issuance of (i) ordinary shares of the Company and/or (ii) OESM May 16, 2017 26 months, i.e., Maximum nominal Not used
securities giving access immediately and/or in the future to (23rd resolution) until July 15, 2019 amount of capital
the Company’s share capital as consideration for contributions increases: 10%
in-kind granted to the Company of the share capital(a)
Maximum nominal
amount of debt
Issuance of (i) ordinary shares of the Company and/or (ii) OESM May 16, 2017 26 months, i.e., Maximum nominal Not used
securities giving access immediately and/or in the future to (24th resolution) until July 15, 2019 amount of capital
the Company’s share capital as consideration for share increases: €4 million(a)
contributions made under a public exchange offering initiated Maximum nominal
by the Company amount of debt

3.1 Governance
Date of the Ordinary

and Extraordinary
Nature of the delegation/authorization Shareholders’ Duration and expiration Maximum
granted to the Board of Directors Meeting (OESM) of the authorization nominal amount Use during the year
Grant of stock subscription or purchase OESM May 17, 2016 26 months, i.e., until 1.5% of the Authorization partially
options to employees and/or Executive (14th resolution) July 16, 2018 share capital(c) used by the Board of Directors
Corporate Officers of the Group on June 21, 2017 to grant
1,229,060 share purchase
options. (Combined ceiling used
for up to 2,436,880 shares).
Grant of existing or new free ordinary OESM May 17, 2016 26 months, i.e., until 1% of the share Authorization partially used
shares of the Company to employees (15th resolution) July 16, 2018 capital(c) by the Board of Directors
and/or Executive Corporate Officers of on June 21, 2017 to grant
the Group 1,207,820 performance shares.
(Combined ceiling used for up
to 2,436,880 shares.)
Share buyback OESM May 16, 2017 18 months i.e., until Maximum unit Continuation of the liquidity
(18th resolution) November 15, 2018 price per share: agreement implemented in
€40 February 2008 and buyback
10% of the of 2,400,000 shares
share capital(d)
Reduction in the share capital by OESM May 16, 2017 26 months, i.e., until 10% of the Authorization used
canceling all or a portion of the Company (25th resolution) July 15, 2019 share capital in December 2017 to cancel
shares acquired under any share buyback 330,000 treasury shares acquired
program under the share buyback program.
(a) The overall maximum nominal amount of capital increases that may be made under the 19th, 20th, 21st, 22nd, 23rd and 24th resolutions adopted at the Ordinary
and Extraordinary Shareholders’ Meeting on May 16, 2017 may not exceed €14 million.
(b) The overall maximum nominal amount of securities representing debt securities that may be issued under the 19th, 20th, 21st, 23rd and 24th resolutions adopted at
the Ordinary and Extraordinary Shareholders’ Meeting on May 16, 2017 may not exceed €1 billion.
(c) The total maximum number of shares that may be granted pursuant to the 14th and 15th resolutions adopted at the Shareholders’ Meeting on May 17, 2016 may
not exceed 1.5% of the share capital.
(d) The maximum amount allocated to the share buyback program amounts to €1,768,000,000 corresponding to a maximum of 44,200,000 shares purchased on
the basis of a maximum unit price of €40 (excluding transaction costs) and on the number of shares comprising the Company’s share capital at December 31,
2017. In the event of acquisitions, mergers, spin-offs or contributions, the treasuring shares acquired for this purpose may not exceed 5% of the total number of
shares comprising the Company’s share capital.

3.1 Governance 3
3.1.7 Conditions for participating in Shareholders’ Meetings
Any shareholder is entitled to participate in Shareholders’ Meetings under the conditions provided for by law.
The conditions governing participation in Shareholders’ Meetings are set out in article 26 of the By-laws. A summary of these rules is given
in section 6.11 of Chapter 6 – Information on the Company and the capital of this Registration document. The By-laws are also available on
Bureau Veritas’ website (www.bureauveritas.fr).
Article 28.3 of the By-laws stipulates that a double voting right is conferred to all fully paid-up registered shares held by the same
shareholder for at least two years.
3.1.8 Issues likely to have an impact in the event of a public offer

Information on issues likely to have an impact in the event of a public offer, as stipulated in article L. 225-37-5 of the French Commercial
Code is provided in sections 1.11.3 – Risks related to Group debt, sources of financing and commitments (change of control clauses defined
in the financing documentation), 3.1.1 – Board of Directors, 3.1.6 – Limitations placed on the powers of the Chief Executive Officer by the
Board of Directors and the summary table of the delegations/authorizations granted by the Shareholders’ Meeting to the Board of
Directors, 6.6.3 – Acquisition of treasury shares, 6.7.1 – Group ownership structure and 6.11 – Articles of incorporation and by-laws
(crossing of legal thresholds and rules applicable to amending the By-laws and the convening of Shareholders’ Meetings) of this Registration
document.

3.2 Corporate Officers’ compensation

3.2.1 Compensation for members of the Board of Directors
Compensation policy for members of the Board of Directors
The members of the Company’s Board of Directors receive In 2017, Directors’ fees were allocated on the following basis:
Directors’ fees. The maximum aggregate amount of Directors’ fees
that can be awarded to members of the Board is set by the Directors
Shareholders’ Meeting.
● fixed annual fee of €15,000 per Director;
The annual maximum amount of Directors’ fees that can be
awarded to members of the Board was set at €1,000,000 at the
● attendance: €2,250 per Board of Directors’ meeting.
Shareholders’ Meeting of May 16, 2017. The total amount paid in
respect of 2017 was €801,774. Committee chairs
Directors’ fees were awarded taking into account the attendance ● fixed annual fee of €20,000 (€40,000 for the Audit & Risk
and participation of Directors at Board and committee meetings. Committee);
In order to comply with the recommendations of the AFEP-MEDEF ● attendance: €2,000 per committee meeting.
Code, the method for awarding Directors’ fees was changed by
the Board of Directors at its meeting of December 11, 2014 to Committee members
make the variable portion primarily dependent on attendance and
participation in Board Committees. ● fixed annual fee of €7,500 per member;
Directors’ fees are allocated in accordance with the rules of ● attendance: €2,000 per committee meeting.
allocation decided by the Board of Directors. The balance of the Directors’ fees may be allocated among all of
the Board members according to the percentage of the aggregate
award initially allocated to each member, on the basis described
above. This type of allocation was not made in 2017.

3.2 Corporate Officers’ compensation 3
Compensation and benefits in-kind received by members of the Board of Directors
TABLE ON DIRECTORS’ FEES AND OTHER COMPENSATION RECEIVED BY NON-EXECUTIVE CORPORATE
OFFICERS FROM BUREAU VERITAS OR A GROUP COMPANY (AMF TABLE 3)
The table below shows the Directors’ fees awarded and paid to members of the Board of Directors by Bureau Veritas and by any Group
company for the 2016 and 2017 financial years. With the exception of the fixed compensation paid to the Chairman of the Board of
Directors since March 8, 2017, no other compensation has been received by the Directors from Bureau Veritas or any other Group company.
Other compensation
(fixed, variable and special compensation and
Directors’ fees benefits in-kind)
Awarded Awarded
for 2016, for 2017, Due Due
Member of the Board of Directors (in €) paid in 2017 paid in 2018 for 2016 for 2017
Aldo Cardoso (Chairman of the Board of Directors
since March 8, 2017) 105,909 112,750 - 180,227(d)
Frédéric Lemoine 70,607 69,250 - -
Stéphane Bacquaert 45,742 35,250 - -
Stéphanie Besnier 9,936 58,750 - -
Patrick Buffet 50,304 19,072(a) - -
Claude Ehlinger 9,936 65,226 - -
Nicoletta Giadrossi 50,607 23,322(a) - -
(b)
Ana Giros Calpe - 31,428 - -
Ieda Gomes Yell 76,668 78,000 - -
Siân Herbert-Jones 29,236 58,750 - -
Pierre Hessler
Pascal Lebard
85,456
50,607
90,750
71,476
-
-
-
-
3
Philippe Louis-Dreyfus 13,795 - - -
Jean-Michel Ropert 51,196 35,250 - -
Lucia Sinapi-Thomas 50,001 52,500 - -
TOTAL 700,000 801,774(c) - 180,227
(a) The terms of office of Nicoletta Giadrossi and Patrick Buffet expired at the Ordinary and Extraordinary Shareholders’ Meeting of May 16, 2017.
(b) Ana Giros Calpe was appointed as Director at the Ordinary and Extraordinary Shareholders’ Meeting of May 16, 2017.
(c) The annual amount of Directors’ fees awarded to members of the Board of Directors was set at €1,000,000 by the Shareholders’ Meeting of May 16, 2017.
(d) Acting on the recommendation of the Nomination & Compensation Committee, the Board of Directors’ meeting of March 8, 2017 set the Chairman of the
Board’s annual fixed compensation at €220,000. Given that Aldo Cardoso took up office on that date, his annual fixed compensation for 2017 amounted to
€180,227.

Compensation and benefits in-kind received by non-Executive Corporate Officers from Wendel
Pursuant to article L. 225-37-3 of the French Commercial Code, office duties of Bureau Veritas) that each Corporate Officer of the
as the Company is controlled by a company whose shares are Company received during 2017 from (i) the Company, (ii) the
admitted for trading on a regulated market, the amount of companies it controls, and (iii) the Company or companies that
compensation and benefits in-kind (as well as the amount of control it within the meaning of article L. 233-16 of the French
compensation, indemnities or benefits due or likely to be due in Commercial Code, is indicated below.
the event of the take-up, termination or change of corporate
Corporate Officers of the Company holding a corporate office at Wendel

In the years ended December 31, 2016 and December 31, 2017, Frédéric Lemoine, the then-Chairman of the Management Board of
Wendel, was awarded the following compensation and benefits:
2017 2016
Fixed compensation Directors’ fees
(excluding Directors’ Variable and other Benefits Total Total
(in €) fees) compensation(b) compensation(a) in-kind compensation compensation
Frédéric Lemoine,
Chairman of the
Management Board of Wendel(c) 995,326 1,022,760 289,627 12,604 2,320,317 2,287,084
(a) Including Directors’ fees paid in respect of their positions as Director of Bureau Veritas, details of which are provided above, in Table 3 - Table on Directors’ fees
and other compensation received by non-Executive Corporate Officers from Bureau Veritas or a Group company, in section 3.2.1 of this Registration document
and excluding termination benefits paid by Wendel in 2017.
(b) Mr. Frédéric Lemoine’s fixed remuneration and targets to be achieved to qualify for the variable portion are approved each year in February for that year by the
Supervisory Board of Wendel, based on and after consideration of the proposal of the Governance Committee, which makes its recommendation for the total
amount of remuneration with reference to market practices for listed companies and investment companies in Europe. The amount of variable remuneration is
set in accordance with the results obtained in the year just ended, measured by objective criteria. Directors’ fees are included in the total compensation.
(c) Frédéric Lemoine’s term of office as Chairman of the Management Board of Wendel expired on December 31, 2017.
Corporate Officers of the Company holding Directors’ fees paid by the Company (see Table 3 – Table on
salaried positions at Wendel Directors’ fees and other compensation received by non-Executive
Corporate Officers from Bureau Veritas or a Group company, in
Stéphane Bacquaert, Managing Director, Stéphanie Besnier, section 3.2.1 of this Registration document).
Managing Director and Claude Ehlinger, Managing Director, held
salaried positions within the Wendel Group in 2017. These Directors’ fees represent a minority of the payments and
benefits in-kind they receive in connection with their salaried
They hold no other corporate office in the Bureau Veritas Group positions within the Wendel Group.
and receive no benefit or compensation of any kind other than the
3.2.2 Executive Corporate Officers’ compensation
Compensation policy for Executive Corporate Officers

Pursuant to article L. 225-37-2, paragraph 2 of the French years ended December 31, 2017 and December 31, 2018. The
Commercial Code, this section presents the principles and criteria components relating to 2018 will be submitted for approval to the
for determining, allocating and awarding the fixed, variable and Ordinary Shareholders’ Meeting to be held in May 2018.
special components of the total compensation and benefits
The payment in 2019 of the variable portion and special
in-kind that may be granted to the Executive Corporate Officers of
components of the compensation for 2018 described below are
Bureau Veritas with respect to their office.
subject to the approval of the Ordinary Shareholders’ Meeting on
It also presents the compensation policy for the Chief Executive such components, pursuant to article L. 225-100 of the French
Officer and the Chairman of the Board of Directors for the fiscal Commercial Code.

Chief Executive Officer
Principles for determining the compensation A balance must be achieved between each element of
remuneration, with an emphasis on the shareholding component
of the Chief Executive Officer (stock option and performance share grants).
The compensation paid to the Chief Executive Officer of Bureau The Chief Executive Officer is also entitled to a company car and is
Veritas is: eligible for the same benefit plans as the Group’s other executive
officers and employees.
● linked to the Group’s performance;
● balanced, taking into account the expectations of all Proportionality and consistency
stakeholders (including those of shareholders);
The policy, mechanisms and levels of compensation awarded to
● demanding, given that it is aligned with best market practices;
the Chief Executive Officer are set consistently with those
● consistent with the principles applied by Bureau Veritas to all applicable to the Group’s other executive officers and managers.
its executives around the world;
Each year, the Nomination & Compensation Committee reviews
● set by the Board of Directors, on the basis of the and assesses the appropriateness of the compensation packages
recommendation of the Nomination & Compensation and particularly the criteria relating to the award of variable
Committee and in accordance with the recommendations set compensation for the coming year.
out in the AFEP-MEDEF Code to which the Company refers;
To do so, it considers:
● reviewed and discussed by the Board of Directors every year;
● the Group’s long-term objectives;
● determined according to the executive’s level of responsibility;
● the creation of shareholder value;
and
● the market benchmarking conducted each year with the
● determined by taking into account all of the components of
assistance of an external consultant based on French and
compensation to ensure a comprehensive view of the
international companies;
compensation of the Chief Executive Officer.
Chief Executive Officer compensation policy

● the recommendations of the applicable Corporate Governance
Code (AFEP-MEDEF Code). 3
Simplicity and understandability
General principles The rules governing the Chief Executive Officer’s compensation
In accordance with the recommendations of the AFEP-MEDEF are simple by choice.
Code, the Nomination & Compensation Committee considered the Each year, the Nomination & Compensation Committee
principles described below when issuing recommendations to the recommends quantifiable and qualitative performance criteria and
Board of Directors for compensation systems that are in line with specific levels of objectives to the Board of Directors. The criteria
the Group’s values. and levels selected are consistent with those of the Group’s
strategic plan.
Balance and clarity
The Chief Executive Officer’s compensation consists of four
elements, each linked to a specific objective: Chief Executive Officer compensation policy
● an annual fixed portion (basic salary) that acknowledges the
for 2017
importance and scope of the position. Each year, this portion is
compared with the practices of French and international Annual fixed portion
companies with comparable challenges, characteristics and The Chief Executive Officer’s basic salary was determined in
environments; relation to the scope of the position and the practices of French
● an annual variable portion, consisting of quantifiable and and international groups with revenue, market capitalization and
qualitative components. The variable portion recognizes the challenges similar to those of Bureau Veritas.
achievement of demanding, formal yearly objectives and is
reviewed each year by the Nomination & Compensation Variable portion
Committee, which in turn makes a recommendation to the
Board of Directors; The annual variable portion of the Chief Executive Officer’s
compensation represents 100% of the fixed portion if all the
● a long-term incentive plan (stock subscription or purchase quantifiable and qualitative objectives are met in full.
option and performance share grants) aligned with
shareholders’ best interests, the implementation of which is As of January 1, 2017, quantifiable objectives represented 60% of
subject to approval of the corresponding resolutions at the the variable portion and qualitative objectives the remaining 40%.
Shareholders’ Meeting and to the decision of the Board of
Directors;
Quantifiable criteria
● a termination payment linked to the position of Corporate
Officer. This payment is restricted in time and is subject to The quantifiable criteria chosen for 2017 by the Board of Directors
performance conditions. at its meeting of February 21, 2017, on the recommendation of
the Nomination & Compensation Committee, were organic growth
for 25%, Adjusted Operating Profit (AOP) for 25% and net cash
flow generated from operating activities for 10%.

The criteria were adjusted from those used in 2016 to introduce a ● if AOP is less than or equal to 90% of budgeted AOP, the bonus
growth objective. As a result, the weighting of the Group’s AOP paid for this objective is 0%;
was reduced from 50% in 2016 to 25% in 2017. The weighting of
● if AOP is between 90% and 100% of budgeted AOP, the bonus
net cash flow generated from operating activities, on the other
paid for this objective is calculated on a proportional basis;
hand, remained the same at 10%. With this adjustment, the Board
of Directors’ aim was to make quantifiable criteria more ● if AOP is equal to budgeted AOP, the bonus paid for this
demanding by introducing an objective relating to the Group’s objective is 100%;
growth.
● if AOP is greater than budgeted AOP, a coefficient is then
For the objective relating to the Group’s organic growth, the level applied based on the following example: if achieved AOP
of achievement is assessed as follows: represents 101% of budgeted AOP = application of a 105%
coefficient.
● if actual organic growth is less than or equal to the minimum
target level, the bonus paid for this objective is 0%; The extent to which the objective for net cash flow generated
from operating activities has been met is assessed in the same
● if actual organic growth is between the minimum target level
way as AOP.
and the target level, the bonus paid for this objective is
calculated on a proportional basis; The achievement levels required on quantifiable criteria for the
purpose of determining the variable portion of the Chief Executive
● if actual organic growth is equal to the target level, the bonus
Officer’s compensation have been defined in detail but are not
paid for this objective is 100%;
disclosed for confidentiality reasons.
● if actual organic growth is between the target level and 150%
If the objectives for the quantifiable portion are exceeded, the
of the target level, the bonus paid for this objective is calculated
variable portion is capped at 150% of the target variable portion
on a proportional basis;
(i.e., 150% of the fixed portion).
● if actual organic growth is more than 150% of the target level,
the bonus paid for this objective is 150%.
Qualitative criteria
The extent to which the Group’s AOP target has been met, at the
budgeted rate and excluding non-budgeted acquisitions, is The qualitative criteria relate to the implementation of the 2020
assessed as follows: strategic plan and include the monitoring of:
● the Group’s Growth Initiatives;
● strategic countries;
● performance drivers.
The qualitative portion is assessed between 0% and 100%,
depending on the extent to which these individual objectives have
been met, and cannot exceed 100%.

Long-term incentive plan The deferred commitment package awarded to the Chief
Executive Officer is limited to a termination benefit relating to his
Bureau Veritas’ long-term incentive policy is determined by the corporate office, which is paid if he is forced to leave the
Board of Directors, on the basis of the recommendation of the Company, except in the case of proven misconduct.
Nomination & Compensation Committee in the context of
resolutions adopted by the Ordinary and Extraordinary The termination benefit is equal to no more than the total fixed
Shareholders’ Meeting. This policy concerns the consideration and variable compensation received in the 12 months preceding
offered if ambitious growth objectives are met. It is directly the termination of his term of office, plus the amount of his latest
aligned with shareholders’ best interests and the achievement of variable compensation (the “Target Amount”). Pursuant to
objectives in line with Bureau Veritas’ strategic plan. article L. 225-42-1 of the French Commercial Code, payment is
contingent on a performance condition linked to the level of
This policy is designed to attract, retain and motivate margin achieved by the Company (the “Margin”) for each of the
high-performing employees who play an important role in the two financial years preceding the termination of his term of office.
Group’s long-term performance within Bureau Veritas and The margin is calculated as the ratio of AOP to revenue, before
throughout the world. It is made up of a long-term incentive plan tax.
which is granted annually at the same calendar times, and
composed of a grant of stock subscription or purchase options In respect of each of the two financial years concerned by the
and/or performance stock. performance condition, the Chief Executive Officer is entitled to a
benefit that could reach a maximum of half the Target Amount,
To align the best interests of all Group executive officers with calculated as follows:
Company strategy, and in compliance with the recommendations
of the AFEP-MEDEF Code, these grants are conditional on meeting ● if the Margin for the financial year is equal to or below 15%, no
the short- and medium-term objectives derived from the strategic benefit is paid in respect of that year;
plan and relating to the creation of shareholder value in the ● if the Margin for the financial year is between 15% and 16%,
medium term (three to five years). Currently, the performance the benefit in respect of that year will be equal to a percentage
conditions for stock subscription or purchase options and (between 0% and 100%, calculated by linear interpolation)
performance shares are the extent to which the group’s Adjusted applied to half of the Target Amount;
Operating Profit (AOP) target has been met for the year of the
grant and the group’s adjusted operating margin (AOP/revenue ● if the Margin for the financial year is equal to or above 16%, a
ratio) target for the next two financial years. Depending on the benefit equal to half the Target Amount is paid in respect of
extent to which these objectives are attained, the Chief Executive that year.
Officer may exercise/vest between 0% and 100% of the
options/shares granted.
The total awarded benefit is equal to the sum of the benefits
calculated for each of the two financial years preceding the year
3
The lock-up period is three years for stock subscription and of the Chief Executive Officer’s departure.
purchase options and the vesting period is three years followed by The Board of Directors determines whether the performance
a mandatory holding period of two years for performance shares. condition has been met at the time of termination, prior to any
Since 2016, performance share plans have a three-year vesting payment.
period and no holding period.
No benefit is paid if the Chief Executive Officer leaves of his own
No discount is applied when such shares are granted. accord. Similarly, the benefit is not payable in case of retirement
In addition to the prohibition referred to in the stock subscription or if the termination is as a result of proven misconduct.
or purchase option and performance share plans, the Chief The termination benefit commitment granted to Didier
Executive Officer has formally agreed not to use hedging Michaud-Daniel was authorized by the Board of Directors at its
instruments on options, on the shares resulting from the exercise meeting of March 8, 2017 and approved by the Shareholders’
of options or on performance shares throughout his term of office. Meeting of May 16, 2017 when his term of office was renewed.
He is also required to observe the restrictions regarding closed and This commitment replaces the previous one authorized by the
black-out periods. Board of Directors at its meeting of February 22, 2012 and
Pursuant to articles L. 225-185 and L. 225-197-1 of the French approved by the Shareholders’ Meeting of May 31, 2012.
Commercial Code and with the recommendations of the The Chief Executive Officer is not entitled to supplementary
AFEP-MEDEF Code, the Board of Directors has decided, on the (defined benefit or defined contribution) pension benefits or a
recommendation of the Nomination & Compensation Committee, non-competition indemnity.
that for the performance shares and stock purchase options
granted on June 21, 2017, the Chief Executive Officer is required
to retain in registered form at least 5% of the shares resulting Benefits in-kind
from the exercise of these options and at least 20% of the
performance shares vested until the expiration of his corporate The Chief Executive Officer is entitled to a company car and is
office within the Group. eligible for the same benefit plans as the Group’s other executive
officers and employees.
Deferred commitments
In accordance with the recommendations of the AFEP-MEDEF
Code, the Chief Executive Officer does not have an employment
contract and his compensation is linked entirely to his corporate
office.
Chief Executive Officer compensation policy for 2018

At its meeting of February 28, 2018, and on the recommendation It is based on the general principles, presented above, for
of the Nomination & Compensation Committee, the Board of determining the compensation of Executive Corporate Officers
Directors set the compensation policy applicable to the Chief and the Chief Executive Officer.
Executive Officer for 2018.

Annual fixed portion Variable portion

On the recommendation of the Nomination & Compensation The target amount of annual variable compensation for 2018 and
Committee, the amount of the Chief Executive Officer’s fixed the percentage of the maximum compensation remain unchanged.
annual compensation (€900,000) has been confirmed by the The quantifiable criteria for 2018 comprise objectives of organic
Board of Directors for 2018. growth, adjusted operating profit ("AOP") and net financial debt /
EBITDA adjusted ratio. The targets have been defined in detail but
are not disclosed for confidentiality reasons.
Criteria Type Weighting

Quantitative criteria Group organic growth Quantitative
Group AOP Quantitative 60%
Net financial debt / EBITDA adjusted ratio Quantitative
Qualitative criteria Digitalization Qualitative
Talent development Qualitative 40%
Follow up of the Strategic Plan Qualitative
TOTAL 100%
In accordance with article L. 225-100, paragraph 6 of the French Long-term incentive plan

Commercial Code, the payment of the Chief Executive Officer’s
variable portion with respect to 2018 is contingent on the The Chief Executive Officer may be granted stock subscription or
shareholders' approval of his compensation components at the purchase options and/or performance shares each year under
Ordinary Shareholders’ Meeting to be held in 2019. plans decided by the Board of Directors in favor of certain
executives of the group. Stock subscription or purchase options
and/or performance shares granted to him in this regard are
subject to the same terms and conditions as those granted to the
other beneficiaries of the plans.
In 2018, as in previous years, on the recommendation of the
Nomination & Compensation Committee, the Board of Directors
will consider implementing a stock subscription or purchase option
and/or performance share plan, of which the Chief Executive
Officer would be one of the beneficiaries.
The Chief Executive Officer’s compensation for 2018 in the form
of performance shares and stock subscription or purchase options
is estimated at between 105% and 115% of his total gross annual
compensation.
In 2018, in the proposed resolutions authorizing the Board of
Directors to grant performance shares or stock subscription or
purchase options to employees and/or Executive Corporate
Officers of the Group, the Shareholders’ Meeting will be asked to
approve a maximum percentage that can be granted to Executive
Corporate Officers in the form of a grant sub-ceiling.

In the event of a change in control of the Company, the allocation likely to be modified until the next renewal of the Chief Executive
terms and conditions provided for in the plan regulations would Officer’s term of office.
remain unchanged. In addition, the plan regulations do not provide
for accelerated vesting of performance shares or early exercise of
stock options in the event of a change in control. Benefits in-kind
In 2018, the Chief Executive Officer continues to be entitled to the
Deferred commitments same benefits in-kind (company car and benefit plan) as in 2017.
In 2018, Didier Michaud-Daniel continues to be entitled to the

termination benefit described above. This commitment is not
Chairman of the Board of Directors The Chairman of the Board is not eligible for any benefits-in-kind,
pension scheme, termination benefit or non-competition
compensation policy for 2017 indemnity.
Until March 8, 2017, the Chairman of the Board of Directors’
compensation was made up exclusively of Directors’ fees.
Since March 8, 2017, the compensation of the Chairman of the
Board of Directors comprises: compensation policy for 2018
● a fixed portion determined by the Board of Directors, following The Chairman of the Board of Directors’ compensation for 2018 is
a recommendation by the Nomination & Compensation the same as in 2017 (annual fixed portion of €220,000 and
Committee, in line with the principles described above and in Directors’ fees).
particular with the responsibilities allocated to the Chairman,
his experience and market practices;
● Directors’ fees, allocated in line with the rules for allocation
decided by the Board of Directors and presented in
section 3.2.1 – Compensation policy for members of the Board
3
of Directors of this Registration document.
In compliance with the recommendations set out in the
AFEP-MEDEF Code for companies where the roles of Chairman of
the Board of Directors and Chief Executive Officer are separate,
the Chairman is not entitled to any variable or special
compensation or any long-term incentive (i.e., stock option or
performance share) plans.
Compensation of Executive Corporate Officers for 2017

This section presents the components of compensation due or paid to each Executive Corporate Officer by the Board of Directors, on the
recommendation of the Nomination & Compensation Committee, for the year ended December 31, 2017.

Summary of Executive Corporate Officers compensation for 2017

TABLE SUMMARIZING THE COMPENSATION, OPTIONS AND SHARES AWARDED TO EACH CORPORATE OFFICER
(AMF TABLE 1)
Didier Michaud-Daniel,
(in €) 2017 2016
Compensation due in respect of the financial year (shown in table n° 2) 1,872,300 1,478,175
Valuation of the multi-annual variable compensation paid during the year - -
(a) (a)
Valuation of stock options granted during the year (shown in table n° 4) 407,419 563,200
Valuation of the performance shares granted during the year (shown in table n° 6) 1,515,342(a) 1,411,800(a)
TOTAL 3,795,061(b) 3,453,175
(a) The amounts in the above table reflect the accounting fair value of options and shares in accordance with IFRS standards.
(b) In 2017, the Chief Executive Officer’s compensation in the form of performance shares and stock options was capped at 107% of his total gross annual
compensation.
Frédéric Lemoine, Chairman of the Board

of Directors (until March 8, 2017)
(in €) 2017 2016
Compensation due in respect of the financial year (shown in table n° 2)(a) 69,250 70,607
Valuation of the multi-annual variable compensation awarded during the year - -
Valuation of the options granted during the year - -
Valuation of the performance shares granted during the year - -
TOTAL 69,250 70,607
(a) Frédéric Lemoine’s compensation, for his role as Chairman of the Board of Directors, was made up exclusively of Directors’ fees (see Table 3 - Table on Directors’
fees and other compensation received by non-Executive Corporate Officers from Bureau Veritas or a Group company, in section 3.2.1, page 143, of this
Registration document. The compensation and benefits in-kind received for 2016 and 2017 by Frédéric Lemoine from Wendel for his role as Chairman of its
Management Board are presented in the table in section 3.2.1 – Compensation and benefits in-kind received by non-Executive Corporate Officers from Wendel,
page 144, of this Registration document.
Aldo Cardoso, Chairman of the Board

of Directors (since March 8, 2017)
(in €) 2017 2016
Compensation due in respect of the financial year (shown in table n° 2) 292,977 105,909(a)
Valuation of the multi-annual variable compensation awarded during the year - -
Valuation of the options granted during the year - -
Valuation of the performance shares granted during the year - -
TOTAL 292,977 105,909
(a) The compensation paid to Aldo Cardoso for 2016 corresponds to the Directors’ fees awarded to him for his role as a Director of the Company (see Table 3 - Table
on Directors’ fees and other compensation received by non-Executive Corporate Officers from Bureau Veritas or a Group company, in section 3.2.1, page 143, of
this Registration document.

TABLE SUMMARIZING THE CONTRACTS, PENSION SCHEMES, BENEFITS AND INDEMNITIES APPLICABLE TO
EXECUTIVE CORPORATE OFFICERS (AMF TABLE 11)
Benefits or advantages due

or likely to be due as a result
Supplementary of termination or change Non-competition
Employment contract pension scheme of corporate office indemnity
Executive Corporate Officers Yes No Yes No Yes No Yes No
Didier Michaud-Daniel √ √ √ √
Start of first term:
March 1, 2012
End of current term:
February 28, 2022
Frédéric Lemoine √ √ √ √
until March 8, 2017
Start of first term:
April 14, 2009
Aldo Cardoso √ √ √ √
since March 8, 2017
End of current term:
Ordinary Shareholders’ Meeting
to be held to approve the financial
statements for the year ended
December 31, 2017
3
In 2017, Didier Michaud-Daniel was entitled, as a Corporate conditions, entitlement criteria and payment methods are
Officer, to a termination benefit that was subject to a described in section 3.2.2 – Chief Executive Officer compensation
performance condition and could not exceed a maximum amount policy for 2017 – Deferred commitments, page 145, of this
equal to the fixed compensation received by him in the 12 months Registration document.
preceding the termination of his term of office, plus the most
recent variable compensation payment. The performance

Components of Chief Executive Officer's compensation for 2017
Compensation and benefits awarded during 2017

TABLE SUMMARIZING THE COMPENSATION PAID TO THE CHIEF EXECUTIVE OFFICER (AMF TABLE 2)
Didier Michaud-Daniel
(in €) 2017 2016
due paid due paid
Fixed compensation 900,000 900,000 900,000 900,000
Annual variable compensation 954,300(a) 560,175 560,175 825,000
Multi-annual variable compensation - - - -
Extraordinary compensation - - - -
Directors’ fees - - - -
Benefits in-kind 18,000(b) 18,000 18,000 18,000
TOTAL 1,872,300 1,478,715 1,478,175 1,743,000
(a) Variable compensation due in respect of 2017 was set by the Board of Directors on February 28, 2018, on the recommendation of the
Nomination & Compensation Committee.
(b) Company car and the same benefit plans as the Group’s other executives and employees.
Annual fixed compensation At its meeting of February 28, 2018, the Board of Directors
determined, on the recommendation of the Nomination
The fixed compensation due to Didier Michaud-Daniel for 2017
& Compensation Committee, the level of achievement to be
amounts to €900,000 and is unchanged since 2015.
taken into account for the calculation of Didier Michaud-Daniel’s
annual variable compensation.
Variable compensation
It therefore set Didier Michaud-Daniel’s annual variable
On the recommendation of the Nomination & Compensation compensation for 2017 at 106% of the target compensation, or
Committee, the Board of Directors decided at its meeting of €954,300, based on the following:
February 23, 2017 to set Didier Michaud-Daniel’s target variable
compensation for 2017 at 100% of his fixed compensation,
capped at 150% of the target variable portion (i.e. 150% of the
fixed portion).
Criteria Type Assessment Achievement rate

Quantitative criteria (60%) Group organic Quantitative Significantly above
growth target
Group AOP Quantitative Target met
72%
Net cash generated
Slightly
from the Group’s Quantitative
below target
operating activities
Qualitative criteria (40%) Growth Initiatives Qualitative
Strategic countries Qualitative Slightly below target 34%
Performance drivers Qualitative
TOTAL 106%
The level of achievement required for quantitative criteria and the details of qualitative criteria have been specifically defined by the Board
of Directors but cannot be disclosed for confidentiality reasons.

Long-term incentive plan may be exercised by the beneficiary and none of the
performance shares granted to the beneficiary may vest,
As part of its compensation policy, Bureau Veritas grants stock
purchase and subscription options and performance shares to a - if the AOP is between the minimum target level and the
certain number of employees in the Group around the world. On target level, the number of options that may be exercised
the recommendation of the Nomination & Compensation or shares that may vest will be determined by linear
Committee, the Board of Directors’ Meeting of June 21, 2017 interpolation,
decided to grant stock purchase options and performance shares
- if the AOP is equal to or greater than the target level,
to Group employees.
100% of the options granted may be exercised and 100%
The grant concerned 582 Group employees, corresponding to a of the shares granted may vest;
total of 2,436,880 shares (1,207,820 performance shares and
● With regard to the Group’s adjusted operating margin for
1,229,060 stock purchase options), equivalent to approximately
2018 and 2019:
0.55% of the Company’s share capital. This grant represented
37% of the total number of performance shares and stock options - if the adjusted operating margin for one of the years is less
that the Board of Directors were authorized to grant by the than or equal to the minimum target level set by the Board
Annual Shareholders’ Meeting of May 17, 2016, under the 14th and of Directors, none of the options granted may be exercised
15th resolutions. by the beneficiary and none of the performance shares
granted to the beneficiary may vest,
Awards of stock options and performance shares are subject to:
- if the adjusted operating margin is between the minimum
● a condition of presence: the departure of the beneficiary leads
target level and the target level, the number of options
to the cancellation of his rights;
that may be exercised or shares that may vest will be
● two performance conditions: the Group’s AOP for 2017 and the determined by linear interpolation,
Group’s adjusted operating margin (ratio of AOP to revenue) for
- if the adjusted operating margin is equal to or greater than
2018 and 2019. The condition based on the Group’s adjusted
the target level, the percentage of options or shares
operating margin for 2018 and 2019 applies to the number of
determined by the level of achievement of the AOP may be
options determined according to the level of achievement of
exercised or may vest, provided that the condition of
the AOP condition for 2017;
presence has been met.
● With regard to the Group’s AOP for 2017:
Details of the maximum number of stock purchase options and
- if the AOP is less than or equal to the minimum target level
set by the Board of Directors, none of the options granted
performance shares granted to the Chief Executive Officer for
2017 are provided in the tables below. 3

STOCK SUBSCRIPTION OR PURCHASE OPTIONS GRANTED DURING 2017 TO THE CHIEF EXECUTIVE OFFICER BY
BUREAU VERITAS AND BY ANY COMPANY OF THE GROUP (AMF TABLE 4)
Valuation of the
options
according to the
Nature of the method used in
options the consolidated Number of options
Name of No. and date (purchase financial granted during Exercise Performance
Corporate Officer of the plan or subscription) statements the financial year price Exercise period conditions
Didier Stock purchase 06/21/2020 to (c)
Michaud-Daniel 06/21/2017 options €407,419 240,000 €20.65(a) 06/21/2027(b)
(a) The exercise price was set at €20.65, corresponding to the average undiscounted opening price during the 20 trading days preceding the date of the grant.
(b) Condition of presence: a three-year vesting period has been set during which the beneficiary must remain a Corporate Officer.Requirement to hold shares in
registered form: 5% of the shares resulting from the exercise of stock purchase options must be held in registered form until the expiration of the corporate
office within the Group.
(c) Performance conditions: depending on the level of achievement of the Group’s AOP objective for 2017 and on the Group’s adjusted operating margin objective
(ratio of Group AOP to Group revenue) for 2018 and 2019, between 0% and 100% of the stock purchase options granted to the beneficiary may vest. Details
of these performance conditions are presented above.
The amounts indicated correspond to the accounting fair value of options in accordance with IFRS standards. As a result, they are not the
actual amounts that could arise if these options were exercised.
The dilutive effect of the stock purchase options granted during 2017 is limited, representing 0.05% of the share capital of Bureau Veritas.
STOCK SUBSCRIPTION OR PURCHASE OPTIONS EXERCISED DURING 2017 BY THE CHIEF EXECUTIVE OFFICER
(AMF TABLE 5)
The Corporate Officer did not exercise any options during 2017.
Number of options
Name of Corporate Officer No. and date of the plan exercised during the year Exercise price
Didier Michaud-Daniel - - -
PERFORMANCE SHARES GRANTED DURING 2017 TO THE CHIEF EXECUTIVE OFFICER BY BUREAU VERITAS AND
BY ANY COMPANY OF THE GROUP (AMF TABLE 6)
Valuation of the shares

Number of shares according to the method
Name of Corporate No. and date awarded during used in the consolidated Performance
Officer of the plan the year financial statements Vesting date Availability date conditions
Didier
06/21/2017 80,000 €1,515,342 06/21/2020 06/21/2020(a) (b)
Michaud-Daniel
(a) Condition of presence: a three-year vesting period has been set during which the beneficiary must remain as Corporate Officer. Requirement to hold shares in
registered form: 20% of the vested performance shares must be held in registered form until the expiration of the corporate office within the Group.
(b) Performance conditions: depending on the level of achievement of the Group’s AOP objective for 2017 and on the Group’s adjusted operating margin objective
(ratio of Group AOP to Group revenue) for 2018 and 2019, between 0% and 100% of the performance shares granted to the beneficiary may vest. Details of
these performance conditions are presented above.
The dilutive effect of the performance shares granted during 2017 is limited, representing 0.02% of the share capital of Bureau Veritas.

PERFORMANCE SHARES THAT BECAME AVAILABLE TO THE CHIEF EXECUTIVE OFFICER DURING 2017
(AMF TABLE 7)
A total of 51,920 performance shares became available to the Executive Corporate Officer during 2017.
Number of shares that became

Name of Corporate Officer No. and date of the plan available during the year Vesting conditions
Didier Group AOP for 2014 and Group adjusted operating margin
July 16, 2014 51,920
Michaud-Daniel for 2015 and 2016
PAST GRANTS OF STOCK SUBSCRIPTION OR PURCHASE OPTIONS – INCLUDING SPECIFICALLY TO THE CHIEF
EXECUTIVE OFFICER (AMF TABLE 8)
Information on stock subscription or purchase options(b)

Date of the Shareholders’ Meeting 05/22/2013 05/20/2015 05/17/2016 05/16/2017
Date of the Board of Directors’ Meeting 07/16/2014 07/15/2015 06/21/2016 06/21/2017
Total number of shares to be subscribed or purchased 1,261,200 1,344,000 1,312,400 1,229,060
Of which total number of shares to be subscribed or
purchased by Didier Michaud-Daniel 240,000 240,000 240,000 240,000
Starting date for the exercise of options 07/16/2017 07/15/2018 06/21/2019 06/21/2020
(c) (c) (c) (c)
Performance conditions
Expiration date 07/16/2022 07/16/2025 06/21/2026 06/21/2027
Subscription or purchase price €20.28(a) €20.51(a) €19.35(a) €20.65(a)
Number of shares subscribed or purchased as of
3
December 31, 2017 36,705 0 0 0
Total number of stock subscription or purchase options
canceled or lapsed as of December 31, 2017 500,762 104,614 912,176 0
Stock subscription or purchase options remaining as of
December 31, 2017 723,733 1,239,386 400,224 1,229,060
(a) The stock subscription or purchase option price corresponds to the average undiscounted opening price during the last 20 trading days preceding the date of the
grant.
(b) The number of options and the stock subscription or purchase option prices were revised following the June 2013 capital increase and share split.
(c) At the end of the vesting period, the number of stock subscription or purchase options that can be delivered to each beneficiary depends on the level of
achievement of the Group AOP for the financial year in which the grant is made and the level of Group's adjusted operating margin (ratio of AOP to revenue)
recorded for the subsequent two financial years.

PAST GRANTS OF PERFORMANCE SHARES – INCLUDING SPECIFICALLY TO THE CHIEF EXECUTIVE OFFICER (AMF
TABLE 10)
Information on performance share grants

Date of the Shareholders’ Meeting 05/22/2013 05/22/2013 05/20/2015 05/17/2016 05/16/2017
Date of the Board of Directors’ Meeting 07/22/2013 07/16/2014 07/15/2015 06/21/2016 06/21/2017
Total number of shares granted 800,000 1,291,600 1,136,200 1,131,650 1,207,820
Of which total number of shares granted
to Didier Michaud-Daniel 800,000 80,000 80,000 80,000 80,000
Vesting date 06/21/2021 or 07/22/2017 or 07/16/2018 or
06/22/2022 07/22/2018 07/15/2019 06/21/2019 06/21/2020
(a) (b) (b) (b) (b)
Performance conditions
End of holding period 07/21/2021 or
07/21/2022 07/16/2019 07/15/2020 - -
Number of vested shares
as of December 31, 2017 0 337,658 1,972 0 0
Total number of shares canceled or lapsed
as of December 31, 2017 80,000 517,834 143,184 634,598 16,400
Remaining performance shares awarded
as of December 31, 2017 720,000 436,108 991,044 497,052 1,191,420
(a) The number of shares issued to each beneficiary at the end of the vesting period depends on the level of total shareholder return (TSR) achieved and measured
over three performance periods, corresponding to three tranches. For the first and second tranches, if the TSR as determined at the end of the first year of the
applicable performance period for each tranche is at least of 15%, the beneficiary may vest all of the shares in the tranche at the end of the vesting period. If the
TSR as determined at the end of the first year of the applicable performance period is between 10% and 15%, the number of shares that may be vested will be
determined by linear interpolation. If the TSR is below 10%, no shares in the tranche will be vested in respect of this first year and the applicable performance
period will be extended by an additional year. There will be a second calculation at the end of the second year of the applicable performance period to enable the
beneficiary to vest all or part of 50% of the shares in the tranche. The performance condition for the third tranche, which represents 90% of the total award, is
based on the TSR determined by comparing (i) a Company share price of €19, with (ii) the average opening price of the Company's share on Euronext Paris during
the 60 trading days preceding and the 30 trading days following the publication of 2020 earnings, with the possibility of extending this period by one year. If the
TSR as determined at the end of the performance period is at least of 15%, the beneficiary may vest all of the shares in the tranche at the end of the vesting
period. If the TSR is between 10% and 15%, the number of shares that may vest will be determined by linear interpolation. If the TSR is equal to 10%, the
beneficiary may vest 50% of the shares in the tranche at the end of the vesting period. If the TSR is between 7% and 10%, the number of shares that may vest
will be determined by linear interpolation. If the TSR is equal to 7%, the beneficiary may vest 20% of the shares in the tranche at the end of the vesting period. If
the TSR is below 7%, no shares in the tranche will vest. A nine-year vesting period has been set during which the beneficiary must remain as Corporate Officer,
followed by a mandatory two-year holding period.
(b) At the end of the vesting period, the number of performance shares that vest for each beneficiary depends on the level of group AOP achieved for the financial
year in which the grant is made and the level of Group adjusted operating margin (ratio of AOP to revenue) recorded for the subsequent two financial years.

Components of the Chairman of the Board of Directors' compensation for 2017
Components of compensation for 2017 of Frédéric Lemoine, Chairman of the Board of Directors until
March 8, 2017
TABLE SUMMARIZING THE COMPENSATION PAID TO FRÉDÉRIC LEMOINE (AMF TABLE 2)
Frédéric Lemoine
Chairman of the Board of Directors (until March 8, 2017)
(in €) 2017 2016
due paid due paid
Fixed compensation - - - -
Annual variable compensation - - - -
Directors’ fees 69,250 69,250 70,607 70,607
Benefits in-kind - - - -
TOTAL(a) 69,250 69,250 70,607 70,607
(a) The compensation and benefits in-kind received for 2016 and 2017 by Frédéric Lemoine from Wendel for his role as Chairman of its Management Board are
presented in the table in section 3.2.1 – Compensation and benefits in-kind received by non-Executive Corporate Officers from Wendel, page 144, of this
Frédéric Lemoine, Chairman of the Board of Directors until Directors' fees and other compensation received by non-Executive
March 8, 2017, decided to waive all compensation for his position
as Chairman besides Directors' fees.
Corporate Officers from Bureau Veritas or a Group company, in
section 3.2.1, page 143, of this Registration document). 3
The Directors' fees awarded to Frédéric Lemoine for 2017 and
paid in 2018 amounted to €69,250 (see Table 3 – Table on
Components of compensation for 2017 of Aldo Cardoso, Chairman of the Board of Directors since
March 8, 2017
Compensation and benefits awarded during 2017
TABLE SUMMARIZING THE COMPENSATION PAID TO ALDO CARDOSO (AMF TABLE 2)
Aldo Cardoso
Chairman of the Board of Directors (since March 8, 2017)
(In €) 2017 2016
due paid due paid
Fixed compensation 180,227 180,227 - -
Annual variable compensation - - - -
Directors’ fees 112,750 112,750 105,909 105,909
Benefits in-kind - - - -
TOTAL 292,977 292,977 105,909 105,909

Annual fixed compensation Directors' fees

Acting on the recommendation of the Nomination & Compensation Aldo Cardoso received €112,750 in Directors' fees for 2017. This
Committee, the Board of Directors’ Meeting of March 8, 2017 set amount was calculated in accordance with the rules for allocating
the Chairman of the Board’s annual fixed compensation at Directors' fees set by the Board of Directors (see section 3.2.1 –
€220,000. Given that Aldo Cardoso took up office on that date, his Compensation policy for members of the Board of Directors, page
annual fixed compensation for 2017 amounted to €180,227. 142, of this Registration document).
Variable compensation Long-term incentive plan

Aldo Cardoso does not receive any variable compensation for his The Chairman of the Board of Directors does not benefit from any
role as Chairman of the Board of Directors. long-term incentive (i.e. stock option or performance share) plans.
Tables summarizing the components of Executive Corporate Officers' compensation for 2017 to
be submitted to an ex post vote at the Shareholders’ Meeting to be held to approve the financial
statements for the year ended December 31, 2017
TABLE SUMMARIZING THE COMPONENTS OF COMPENSATION OF DIDIER MICHAUD-DANIEL, CHIEF EXECUTIVE

OFFICER
Amounts or accounting
valuation submitted to a
vote Details
Fixed €900,000 On the recommendation of the Nomination & Compensation Committee, the Board of Directors’
compensation Meeting of February 21, 2017 set the gross annual fixed compensation and the target variable
compensation of the Chief Executive Officer at €900,000. Annual fixed compensation has been
Target variable €900,000
remaining unchanged since 2015.
compensation
Annual variable €954,300 At its meeting of February 28, 2018, the Board of Directors, on the recommendation of the
compensation Nomination & Compensation Committee, noted that the achievement rates for quantifiable and
qualitative criteria were respectively 72% and 34% of the annual fixed compensation due to
Didier Michaud-Daniel for 2017 and, as a result, set the Chief Executive Officer’s variable
compensation for 2017 at 106% of his annual fixed compensation for the same year, or
€954,300. The level of achievement of the quantifiable and qualitative criteria was assessed by
the Board of Directors, on the recommendation of the Nomination & Compensation Committee,
in accordance with the terms and conditions described in the table in section 3.2.2, page 152, of
Payment of the Chief Executive Officer’s variable compensation for 2017 is subject to the
approval of the Shareholders’ Meeting to be held to approve the financial statements for the
year ended December 31, 2017 (ex post vote).
Deferred variable N/A No deferred variable compensation.
compensation
Multi annual N/A No multi-annual variable compensation.
variable
compensation
Extraordinary N/A No extraordinary compensation.
compensation
Stock purchase €1,922,761 (accounting On the recommendation of the Nomination & Compensation Committee, the Board of Directors’
options, amount) Meeting of June 21, 2017 decided to grant 240,000 stock purchase options and 80,000
performance performance shares to the Chief Executive Officer as part of its policy to make annual grants to
shares and any senior management (in application of the 14th and 15th resolutions adopted at the Shareholders’
other long-term Meeting of May 17, 2016.)
compensation The grants are subject to two performance conditions: (i) the Group’s AOP for 2017 and (ii) the
Group’s adjusted operating margin (ratio of group AOP to Group revenue) for 2018 and 2019.
The condition based on the Group’s adjusted operating margin for 2018 and 2019 applies to the
number of options and performance shares determined according to the level of achievement of
the AOP condition for 2017.
Details of the performance criteria, vesting conditions and holding requirements are presented in
section 3.2.2, page 154, of this Registration document.
Limited dilutive effect of the stock purchase options and performance shares granted to Didier
Michaud-Daniel: respectively 0.05% and 0.02% of the share capital of Bureau Veritas.
During 2017, 51,920 performance shares granted under previous plans became available to
Didier Michaud-Daniel.
Directors’ fees N/A Didier Michaud-Daniel does not receive Directors’ fees.

Amounts or accounting
valuation submitted to a
vote Details
Benefits in-kind €18,000 A company car is made available to Didier Michaud-Daniel and he is entitled to the same benefit
plans as the Group's other executive officers and employees.
Termination No payment As part of the commitment authorized by the Board of Directors’ Meeting of March 8, 2017 and
payments approved by the Ordinary Shareholders' Meeting of May 16, 2017 (5th resolution), Didier
Michaud-Daniel is entitled to a termination benefit for an amount not exceeding the fixed
compensation received by him in the 12 calendar months preceding his termination date plus the
most recent variable compensation paid. The performance conditions, entitlement criteria and
payment methods are described above, in section 3.2.2, page 147, of this Registration
document.
Non-competition N/A Didier Michaud-Daniel is not entitled to a non-competition indemnity.
indemnity
Supplementary N/A Didier Michaud-Daniel is not entitled to a supplementary pension scheme.
pension scheme
TABLE SUMMARIZING THE COMPONENTS OF COMPENSATION OF FRÉDÉRIC LEMOINE, CHAIRMAN OF THE

BOARD OF DIRECTORS UNTIL MARCH 8, 2017
Amounts submitted to a vote Details

Directors' fees 69,250 Frédéric Lemoine received €69,250 in Directors' fees for 2017. This amount was calculated in
accordance with the rules for allocating Directors' fees set by the Board of Directors.
TABLE SUMMARIZING THE COMPONENTS OF COMPENSATION OF ALDO CARDOSO, CHAIRMAN OF THE BOARD

OF DIRECTORS SINCE MARCH 8, 2017 3
Amounts submitted to a vote Details
Fixed 180,227 Acting on the recommendation of the Nomination & Compensation Committee, the Board of
compensation Directors’ Meeting of March 8, 2017 set the Chairman of the Board’s annual fixed compensation
at €220,000. Given that Aldo Cardoso took up office on that date, his annual fixed
compensation for 2017 amounted to €180,227.
Directors' fees 112,750 Aldo Cardoso received €112,750 in Directors' fees for 2017. This amount was calculated in
accordance with the rules for allocating Directors' fees set by the Board of Directors.

3.3 Interests of Executive Corporate Officers, Directors and certain employees
3.3 Interests of Executive Corporate

Officers, Directors and certain
employees
3.3.1 Interests of Executive Corporate Officers and Directors
in the Company’s capital
As of the publication date of this Registration document, the interests of Executive Corporate Officers and Directors in the capital of Bureau
Veritas were as follows:
Executive Corporate Officer Number of shares Percentage of capital

Didier Michaud-Daniel 301,120 nm
Didier Michaud-Daniel, Chief Executive Officer, also holds A detailed description of stock subscription and purchase option
1,146,720 stock purchase options granted under the July 18, 2012, plans is provided in section 3.3.4 – Stock subscription and
July 22, 2013, July 16, 2014, July 15, 2015, June 21, 2016 and purchase options, of this Registration document.
June 21, 2017 plans.
Directors Number of shares Percentage of capital

Aldo Cardoso 12,000 nm
André François-Poncet 1,200 nm
Stéphane Bacquaert 1,200 nm
Stéphanie Besnier 1,200 nm
Claude Ehlinger 1,200 nm
Ana Giros Calpe 1,200 nm
Ieda Gomes Yell Yell 1,200 nm
Siân Herbert-Jones 1,200 nm
Pierre Hessler 1,200 nm
Pascal Lebard 1,200 nm
Jean-Michel Ropert 3,000 nm
Lucia Sinapi-Thomas-Thomas 2,000 nm

3.3 Interests of Executive Corporate Officers, Directors and certain employees 3
3.3.2 Transactions executed by the management on Company
shares
To the best of the Company’s knowledge, and according to the declarations made to the AMF, transactions executed on Company shares
during the year by the management and persons mentioned in article L. 621-18-2 of the French Monetary and Financial Code (Code
monétaire et financier) and in article 19 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014
were as follows:
Description of
Nature of the Transaction the financial
Name Capacity transaction Transaction date Unit price (€) amount (€) instrument
Ana Giros Calpe Director Acquisition 11/09/2017 22.47 26,964.00 Shares
Jean-Michel Ropert Director Acquisition 02/27/2017 17.80 32,040.00 Shares
To the best of the Company's knowledge, and according to the declarations made to the AMF, transactions executed on Company shares
between the end of 2017 and the date of this Registration document by the management and persons mentioned in article L. 621-18-2 of
the French Monetary and Financial Code (Code monétaire et financier) and in article 19 of Regulation (EU) No. 596/2014 of the European
Parliament and of the Council of April 16, 2014 were as follows:
Description of
Nature of the Transaction the financial
Name Capacity transaction Transaction date Unit price (€) amount (€) instrument
André François-Poncet Director Acquisition 03/05/2018 21.4717 25,766.04 Shares

3.3.3 Performance shares

Date of the Shareholders’ Meeting 05/22/2013 05/22/2013 05/22/2013
Grant date 07/22/2013 07/22/2013 07/16/2014
Number of shares granted (adjusted) 1,346,700 800,000 1,291,600
Total maximum number of Company shares to which shares
1,346,700 800,000 1,291,600
granted give right (adjusted)
Number of shares vested 1,088,881 - 337,658
Number of shares canceled 257,819 80,000 517,834
Number of shares granted and not yet vested - 720,000 436,108
Total number of shares vested or that can be vested by
88,000 720,000 51,920
Corporate Officers
Total number of shares vested or shares that can be vested
78,400 - 52,541
by the top 10 employee grantees
Expiration of vesting period 07/22/2017 or 07/22/2016 07/16/2018 or 07/16/2017
07/21/2021 or
for employees of a French for employees of a French
07/21/2022
company company
Duration of the retaining period starting from the transfer of None, except for two years None, except for two years
ownership of the shares for employees of a French 2 years for employees of a French
company company
Vesting conditions Presence and
Presence and performance(a) Presence and performance(a)
performance(b)
Share price on the grant date (€) 21.00 21.00 19.88
Value of one share (€) 17.49 5.77 15.67
(a) Details of the condition of presence and performance conditions for performance share plans are presented in Table 10, section 3.2.2, page 156, of this
(b) Details of the extraordinary grant of performance shares on July 22, 2013 are provided in Table 10, section 3.2.2 of this Registration document.
Performance shares granted to the top ten employee grantees (excluding Corporate Officers)
during 2017
Valuation of the
shares according to
the accounting
method used in the
Number of performance consolidated
Performance shares granted shares granted financial statements Plan
Performance shares granted during the year by the issuer and by any
company within the scope of the grant of performance shares, to the 10
244,000 €18.94 06/21/2017
employees of the issuer and of any company within this scope, which
hold granted the highest number of shares (aggregate information)
Information regarding Corporate Officers is provided in Tables 6 and 7, section 3.2.2, pages 154 and 155 of this Registration document.

05/20/2015 05/17/2016 05/16/2017 Total
07/15/2015 06/21/2016 06/21/2017
1,136,200 1,131,650 1,207,820 6,913,970
1,136,200 1,131,650 1,207,820 6,913,970
1,972 - - 1,428,511
143,184 634,598 16,400 1,649,835
991,044 497,052 1,191,420 3,835,624
78,320 12,000 80,000 1,030,240
101,886 22,190 244,000 499,017
07/15/2019 or 07/15/2018
for employees of a French company 06/21/2019 06/21/2020

None, except two years holding period
for employees of a French company None None

Presence and performance(a) Presence and Presence and
performance(a) performance(a)
20.79 19.39 20.78
16.49 17.65 18.94
3

3.3.4 Stock subscription and purchase options

Date of the Shareholders’ Meeting 06/18/2007 06/18/2007 06/18/2007 05/27/2011 05/27/2011
(a)
Plan date 07/03/2009 07/23/2010 07/23/2010 07/18/2011 12/14/2011(a)
Number of shares concerned by stock
1,066,000 540,000 436,800 714,000 260,000
subscription options granted (adjusted)
Total maximum number of Company
shares to which options granted give right 1,066,000 540,000 436,800 714,000 260,000
(adjusted)
Number of options exercised 1,005,600 420,000 340,800 492,000 176,580
Number of options canceled 60,400 - - 36,000 4,940
Number of stock options granted
- 120,000 96,000 186,000 78,480
and in force
Total number of shares subscribed
or that can be subscribed/purchased - - - - -
by Corporate Officers
Total number of shares subscribed or that
can be subscribed/purchased by the top 194,000 120,000 110,000 126,000 78,480
10 employee grantees
Start of the option exercise period 07/03/2012 07/23/2013 07/23/2013 07/18/2014 12/14/2014
Option expiration date 07/03/2017 07/23/2018 07/23/2018 07/18/2019 12/14/2019
Subscription/purchase price adjusted at
8.75 11.58 11.58 14.42 13.28
the date of this Registration document (€)
(a) Stock purchase option plans.

05/27/2011 05/22/2013 05/22/2013 05/20/2015 05/17/2016 05/16/2017 Total
(a) (a) (a) (a) (a) (a)
07/18/2012 07/22/2013 07/16/2014 07/15/2015 06/21/2016 06/21/2017
1,346,400 1,240,800 1,261,200 1,344,000 1,312,400 1,229,060 10,750,660
1,346,400 1,240,800 1,261,200 1,344,000 1,312,400 1,229,060 10,750,660
469,200 60,000 36,705 - - - 3,000,885

59,654 159,206 500,762 104,614 912,176 - 1,837,752
817,546 1,021,594 723,733 1,239,386 400,224 1,229,060 5,912,023
240,000 240,000 155,760 234,960 36,000 240,000 1,146,720
237,600 198,000 147,972 296,784 70,410 562,000 2,141,246
07/18/2015 07/22/2016 07/16/2017 07/15/2018 06/21/2019 06/21/2020

07/18/2020 07/22/2021 07/16/2022 07/15/2025 06/21/2026 06/21/2027
17.540 21.01 20.28 20.51 19.35 20.65

Options exercised during 2017

AGGREGATE INFORMATION
Plan Number of options exercised Exercise price (in euros)

Stock subscription options plan 07/03/2009 234,000 8.75
Stock subscription options plan 07/23/2010 96,000 11.58
Stock purchase options plan 07/18/2011 182,000 14.42
TOTAL 893,345
Stock subscription or purchase options granted to the top ten employee grantees
(excluding Corporate Officers) and options exercised by the latter during 2017 (AMF Table 9)
Total number of options

granted/shares subscribed
Nature of the options or purchased Weighted average price Plan
Options granted, in 2017, by the issuer and by any
company within the scope of the grant to the
10 employees of the issuer and of any company within
this scope whom hold the highest number of options
(aggregate information) 562,000 €20.65 06/21/2017
Options granted by the issuer and by the companies 216,000 €8.75 07/03/2009
referred to above, exercised in 2017 by the 10 employees 96,000 €11.58 07/23/2010
of the issuer or its subsidiaries having subscribed to or
purchased the highest number of options (aggregate 182,000 €14.42 07/18/2011
information) 218,400 €17.54 07/18/2012
48,000 €21.01 07/22/2013
8,043 €20.28 07/16/2014
Information regarding Corporate Officers can be found in Tables 4 and 5, section 3.2.2, page 154, of this Registration document.
3.3.5 Potential impact of shares giving access to Company capital

As of December 31, 2017, a total of 216,000 shares would be Based on the share capital as of December 31, 2017, issuing all of
issued if all Bureau Veritas stock options were to be exercised. the 3,835,624 performance shares granted would result in a
Based on the number of shares making up the share capital of further maximum potential dilution of 0.87%, bringing the total
Bureau Veritas as of December 31, 2017, which is 442,000,000 dilutive effect (stock subscription options and performance
shares, issuing all of these shares would represent 0.05% of shares) to 4,051,624 shares, or 0.92% of the Company's capital.
Bureau Veritas’ capital.
3.3.6 Service agreements involving Executive Corporate Officers

or Directors and Bureau Veritas or one of its subsidiaries
As of the date of filing this Registration document, there were no service agreements between Executive Corporate Officers or Directors
and the Company or its subsidiaries providing for any benefits.

4
Management
report
4.1 2017 Highlights 168 4.5 Events after the end of the
reporting period 185
4.2 Business review and results 169
4.6 Significant changes in financial
4.3 Cash flows and sources of and trading conditions 186
financing 175
4.7 2018 Outlook 187
4.4 Internal control and risk
management procedures 181

4 Management report
4.1 2017 Highlights
This report covers the Group’s results and business activities for the year ended December 31, 2017 and was prepared based on the 2017
consolidated financial statements, included in section 5.1 of this Registration document.
4.1 2017 Highlights

4.1.1 High single-digit growth for Growth Initiatives; other
businesses stable
Group organic revenue growth achieved 2.2% in FY 2017, with an year-on-year with an organic growth of 2.6% in the last quarter.
acceleration in H2 including 3.8% in the last quarter. This is Apart from Marine & Offshore (8% of Group revenue) and Oil &
explained by: Gas Capex-related activities (less than 5% of Group revenue)
which remained under cyclical pressure (down 5% and 16%
● Strong growth for the 5 Growth Initiatives (a third of Group
respectively in 2017), the other activities performed well, with
revenue), up 6.9% organically and year-on-year (vs. +4.9% in FY
notably Metals & Minerals in a recovery mode, and Certification
2016). High double-digit growth was achieved in both
maintaining robust growth.
Automotive and SmartWorld and a mid-single digit for
Agri-Food, Opex and Buildings & Infrastructure. This set of figures supports the Group’s emphasis on its targeted
Growth Initiatives, which are delivering additional growth and
● Gradual improvement through the year for the Base business
intentional diversification.
(two-third of Group revenue), up 0.1% organically and
4.1.2 Nine acquisitions in 2017, all supporting the Growth

Initiatives
In 2017, the Group completed nine acquisitions, representing The Agri-Food initiative was enhanced by the acquisition of
€146 million in annualized revenue (or 3.2% of 2017 Group Rotterdam-based Schutter Group, a provider of inspection and
revenue). The scope effect was €112.7 million in 2017. These testing services to the global Agri-Food markets. The SmartWorld
bolt-on acquisitions allow Bureau Veritas to broaden the Group’s market was the focus of two acquisitions: Siemic, a US-based
services offering to existing clients while gaining access to new testing and certification body for electrical and electronic
ones, and to develop its footprint in new markets. All of the equipment, and ICTK, one of the key global players in smart
acquisitions in 2017 supported the Growth Initiatives. payment testing and certification services for mobile devices,
payment cards and point of sale terminals in South Korea. The
In particular, the Group expanded its presence on the Buildings &
Group also acquired IPS Tokai Corporation, a leading supplier of
Infrastructure market in various regions across the globe, including
electromagnetic compatibility (EMC) testing services in Japan.
the United States (Primary Integration Solutions and California
This acquisition will help Bureau Veritas expand its footprint in
Code Check), Mexico (INCA), China (Shanghai Project
Asia and add testing services to its automotive portfolio.
Management – SPM, finalized in February 2017) and Australia
(McKenzie Group).
4.1.3 Successful US private placement

In September 2017, Bureau Veritas successfully completed a This US private placement enables the Group to:
10-year USD 355 million private placement in the United States,
● capitalize on attractive market conditions to refinance its USD
comprising two tranches. The first USD 200 million tranche was
debt at a rate of 3.67% (with a 35 basis-point premium to be
issued on September 1, 2017 by the Group’s US subsidiary, Bureau
added for 12 months deferral), equivalent to a 1.68% EUR fixed
Veritas Holdings, Inc., while the second USD 155 million tranche
rate. The USD 155 million component deferred over one year
will be issued in July 2018 by the parent company, Bureau
refinances a 6.7% fixed-rate debt;
Veritas SA.
● extend the maturity of its debt to an average of 5.1 years
The transaction illustrates investors’ firm confidence in Bureau
versus 4.0 years previously;
Veritas’ business model and in the quality of its credit profile.
Bureau Veritas has been a repeat issuer on this market since ● obtain a one-year delayed drawn tranche rarely achieved on
2008. this market;
● expand its investor base with 10 new investors.

Management report
4.2 Business review and results
(€ millions) 2017 2016 Change
Revenue 4,689.4 4,549.2 +3.1%
Purchases and external charges (1,394.1) (1,340.3)
Personnel costs (2,449.0) (2,349.9)
Other expenses (240.0) (249.3)
Operating profit 606.3 609.7 (0.6)%
Share of profit of equity-accounted companies 0.6 0.8
Net financial expense (103.7) (86.5)
Profit before income tax 503.2 524.0 (4.0)%
Income tax expense (164.8) (188.9)
Net profit 329.8 335.1 (1.6)%
Non-controlling interests 21.8 15.7
ATTRIBUTABLE NET PROFIT 308.0 319.4 (3.6)%
4.2.1 Revenue
Bureau Veritas revenue totaled €4,689.4 million in full-year 2017, up 3.1% year-on-year. This reflects:
● organic growth(1) of 2.2%;
● a positive 2.5% impact from changes in the scope of consolidation; and
● a negative 1.6% impact from currency fluctuations related to the unfavorable performance of the US dollar against the euro.
4
4.2.2 Operating profit
Consolidated operating profit was €606.3 million in 2017, dipping 0.6% year-on-year. Expenses relating to purchases and personnel costs
were up 4.1% overall. Other expenses fell 3.7%.
4.2.3 Adjusted Operating Profit

The Group internally monitors "adjusted" operating profit which management considers more representative of the operating performance
in its business sector. This indicator is also used by most companies in the TIC industry.
Adjusted Operating Profit is defined as operating profit before income and expenses relative to acquisitions and other non-recurring items.
The table below shows a breakdown of Adjusted Operating Profit in 2017 and 2016:
(€ millions) 2017 2016 Change

Operating profit 606.3 609.7 (0.6)%
Amortization of intangible assets resulting from acquisitions 77.1 79.5
Restructuring costs 57.1 42.6
Acquisition and disposals 5.0 3.1
Total non-recurring items 139.2 125.2
ADJUSTED OPERATING PROFIT 745.5 734.9 +1.4%
(1) Organic growth for 2017 reflects year-on-year revenue growth at constant currency and scope.

4 Management report
Non-recurring items totaled €139.2 million in the year, compared currency and scope basis, adjusted operating margin narrowed by
to €125.2 million in 2016, and comprised: around 5 basis points in 2017.
● €77.1 million in amortization of intangible assets resulting from Above two-thirds of the portfolio have stable or improving
acquisitions; margins, adding 40 basis points to the Group organic margin: this
is driven by a significant improvement in Agri-Food &
● €57.1 million in restructuring costs recognized in all regions and
Commodities and in Buildings & Infrastructure, and maintained
businesses, with actions taken mainly in Marine & Offshore,
high margins in both Certification and Consumer Products. This
government services, Industry and commodities
improvement is the result of a combination of operating leverage,
related-activities;
strict cost management, Lean efforts and restructuring pay back.
● €5.0 million relating mainly to acquisition fees arising on
Less than a third of the portfolio has a minus 45 basis-point
acquisitions carried out in the year.
impact on Group margin with: i) -20 basis points coming from
The Group's operating profit adjusted for non-recurring items Marine & Offshore, due to lower volume of activity, notably for
climbed 1.4% to €745.5 million in 2017. new construction and Offshore Services; ii) -25 basis points
resulting from price pressure in Oil and Gas and change of mix in
Adjusted operating margin expressed as a percentage of revenue Industry.
was 15.9% in 2017, down 25 basis points on 2016. On a constant
4.2.4 Net financial expense

Consolidated net financial expense essentially includes interest on foreign currency transactions and adjustments to the fair value
and amortization of debt issuance costs, income received in of financial derivatives. It also includes the interest cost on
connection with loans, debt securities or equity instruments, or pension plans, the expected income or return on funded pension
other financial instruments held by the Group, and unrealized plan assets and the impact of discounting long-term provisions.
gains and losses on marketable securities as well as gains or losses
CHANGE IN NET FINANCIAL EXPENSE
(€ millions) 2017 2016

Finance costs, gross (88.1) (92.8)
Income from cash and cash equivalents 1.3 2.9
Finance costs, net (86.8) (89.9)
Foreign exchange gains/(losses) (12.1) 8.7
Interest cost on pension plans (2.8) (2.8)
Other (2.0) (2.5)
NET FINANCIAL EXPENSE (103.7) (86.5)
Net financial expense was €103.7 million in 2017 compared to ● The Group's foreign exchange gains and losses result from the
€86.5 million in 2016. impact of currency fluctuations on the assets and liabilities of
the Group's subsidiaries denominated in a currency other than
● The decrease in net finance costs, to €86.8 million in 2017 from
their functional currency. The Group reported a €12.1 million
€89.9 million in 2016, essentially derives from (i) the fall in the
foreign exchange loss in 2017, reflecting the depreciation in the
average interest rate, partly offset by the increase in average
US dollar against the euro and the currencies of several
indebtedness (additional bond issue in September 2016) and (ii)
emerging markets, coupled with the sharp rise in the euro
a decrease in income from cash and cash equivalents;
against various currencies;
● The interest cost on pension plans remained stable.
4.2.5 Income tax expense

Income tax expense on consolidated revenue amounted to The adjusted effective tax rate was 31.8%. This decrease of
€164.8 million in 2017 compared to €188.9 million in 2016. The 2.8 percentage points in the effective tax rate compared to 2016
effective tax rate, corresponding to the income tax expense (34.6%) reflects a combination of one-off items, including the
divided by the amount of pre-tax profit, was 32.8% in 2017 refund in 2017 of the 3% dividend contribution after this was
compared with 36.0% in 2016. declared null and void by the French Constitutional Court. The
Group’s deferred taxes were remeasured to reflect the reduction
in the US tax rate voted at the end of 2017.

Management report
4.2.6 Attributable net profit
Attributable net profit for the period was €308.0 million versus €319.4 million in 2016. Earnings per share (EPS) came out at €0.71,
compared to €0.73 in 2016.
4.2.7 Adjusted attributable net profit

Adjusted attributable net profit is defined as attributable net profit adjusted for other non-recurring items after tax.
CHANGE IN ADJUSTED NET PROFIT
(€ millions) 2017 2016

Attributable net profit 308.0 319.4
EPS(a) (in euros per share) 0.71 0.73
Non-recurring items 139.2 125.2
Net profit (loss) from discontinued operations 8.6 -
Tax impact on non-recurring items (39.7) (35.6)
ADJUSTED ATTRIBUTABLE NET PROFIT 416.1 409.0
ADJUSTED EPS(a) (in euros per share) 0.95 0.94
(a) Calculated using the weighted average number of shares: 436,422,741 shares in 2017 and 437,147,988 shares in 2016.
Adjusted attributable net profit amounted to €416.1 million, a rise of 1.7% compared to 2016. Adjusted earnings per share came out at
€0.95 in 2017 versus €0.94 one year earlier.
4.2.8 Results by business

CHANGE IN REVENUE BY BUSINESS
4
Growth
(€ millions) 2017 2016(a) Total Organic Scope Currency
Marine & Offshore 364.9 391.9 (6.9)% (5.3)% +0.6% (2.2)%
Agri-Food & Commodities 1,072.5 1,004.6 +6.8% +2.4% +5.6% (1.2)%
Industry 1,096.3 1,132.0 (3.2)% (0.8)% (0.9)% (1.5)%
Buildings & Infrastructure 1,119.9 1,029.0 +8.8% +5.1% +5.1% (1.4)%
Certification 368.6 353.5 +4.3% +6.1% +0.1% (1.9)%
Consumer Products 667.1 638.3 +4.5% +4.7% +1.9% (2.1)%
TOTAL GROUP 4,689.4 4,549.2 +3.1% +2.2% +2.5% (1.6)%
(a) Revenue for 2016 was restated to reflect the reclassification of approximately €5 million between Buildings & Infrastructure and Industry.

4 Management report
CHANGE IN ADJUSTED OPERATING PROFIT BY BUSINESS
Adjusted Operating Profit Adjusted operating margin

Total
change
(basis Organic
(€ millions) 2017 2016(a) Change 2017 2016 points) change Scope Currency
Marine & Offshore 80.2 99.2 (19.1)% 22.0% 25.3% (330) (260) (15) (55)
Agri-Food & Commodities 134.6 117.1 +14.9% 12.6% 11.7% +90 +120 (40) +10
Industry 133.1 148.4 (10.3)% 12.1% 13.1% (100) (115) +40 (25)
Buildings & Infrastructure 170.1 154.0 +10.4% 15.2% 15.0% +20 +75 (40) (15)
Certification 62.9 60.3 +4.3% 17.1% 17.1% - (20) +5 +15
Consumer Products 164.6 155.9 +5.6% 24.7% 24.4% +30 +30 + 10 (10)
TOTAL GROUP 745.5 734.9 +1.4% 15.9% 16.2% (25) (5) (9) (12)
(a) Adjusted operating profit for 2016 was restated to reflect the reclassification of approximately €4 million between Buildings & Infrastructure and Industry.
CHANGE IN ADJUSTED OPERATING MARGIN
(in percentage and basis points)

Adjusted operating margin at December 31, 2016 16.2%
Organic change (5)bp
Organic adjusted operating margin 16.1%
Scope (9)bp
Currency (12)bp
ADJUSTED OPERATING MARGIN AT DECEMBER 31, 2017 15.9%
Marine & Offshore Outlook: In 2018, Bureau Veritas expects organic growth in this
business to be slightly negative. This reflects i) a further decline in
Revenue decreased by 4.7% on a constant currency basis, New Construction given the lead time with a progressive rebound
including 5.3% negative organic growth and 0.6% acquisition-led expected from H2 2018 onwards thanks to new orders won in
growth. Q4 2017 revenue fell -4.2% on an organic basis, being 2017; ii) resilient In-Service activity including the Offshore-related
mainly affected by the new construction decline. activities.
Revenue for the In-service ship segment (62% of divisional

revenue) decreased slightly year-on-year, with a mixed situation
by sub-segment: Core In-service grew slightly, a reflection of Agri-Food & Commodities
growth in the classed fleet, partly offset by price pressure while
the level of laid-up ships stabilized. Offshore-related activities Revenue moved up 8.0% on a constant currency basis, including
recorded a single-digit fall, still driven by the lack of deep-sea organic growth of 2.4% and acquisition-led growth of 5.6%, driven
projects and further reduction of risk assessment studies. primarily by the acquisition of Schutter Group (in March). Q4
Nonetheless, services for offshore clients showed some revenue increased by +7.1% on a constant currency basis, of
stabilization towards the end of 2017. which 4.9% came from organic growth and 2.2% from scope
effect. Oil & Petrochemicals (O&P) segment (38% of divisional
At December 31, 2017, the fleet classified by Bureau Veritas revenue) achieved 3.0% organic growth, as a result of a good
comprised 11,299 ships and represented 118.0 million of Gross performance in O&P trade activities in the context of challenging
Register Tonnage (GRT), up 3.6% on a yearly basis. price, and competitive environment. Growth was particularly
While revenue from the New Construction segment (38% of strong in China, high in Africa and robust in Europe. Non
revenue) decreased sharply over the full-year, the new order trade-activities (OCM, Marine fuel) achieved double-digit growth
intake for the year represented 5.1 million GRT, compared to with an increased contribution.
1.9 million GRT a year ago. The order book reached 12.6 million Metals & Minerals segment (27% of revenue) achieved a good
GRT at the end of 2017 (compared to 13.6 million GRT as of performance with organic growth of 5.7% in 2017, led by both
December 2016) and remains well diversified with categories such Trade and Upstream (excluding coal) activities. Upstream
as Tankers, Bulk and LNG vessels expanding their share. activities, excluding coal which remains under pressure, recorded a
The adjusted operating margin for the year came in at 22.0%, significant uptick in the fourth quarter thereby confirming an
down 330 basis points compared to 2016, primarily explained by acceleration in the second half. Trade activities experienced
the downturn in new-build activity. The Group has undertaken growth across all geographies with particularly steady growth in
restructuring actions to counteract the heavy pressure on Marine Europe, benefiting from continued focus on key accounts and
& Offshore's operating margin. market share gains.

Management report
Agri-Food (20% of revenue) reported a solid 6.8% organic growth process in over 100 test centers operated by Bureau Veritas;
for the full-year, benefiting from double-digit growth in further deployment is expected in 2018.
agricultural testing and inspection activities. This was notably led
By geography, growth was strong in Africa and the Middle East,
by the solid performance of Brazilian activities with soybean and
robust in Latin America (primarily led by Brazil) owing to country
corn achieving record production levels. Overall, the Group is
and sector diversification while more subdued in both Europe and
enjoying increased depth and scope of Latin American capabilities
North America. USA was back in positive territory in Q4. There
provided by the acquisition of Schutter Group in the first quarter
was a marked decline in Australia and South Korea, as anticipated,
of 2017 as well as from KMA at the end of 2016.
due to large contracts ending.
Government Services (15% of revenue) revenue was down -7.1%
The adjusted operating margin for the year declined 100 basis
organically. The revenue declined essentially as a result of lower
points to 12.1%, from 13.1% in 2016 due to i) the negative mix
volume and value of imports intended for West African countries,
effect of Oil & Gas Capex decline and the push towards
the end of a PSI (Pre-Shipment Inspection) contract in Guinea, the
Opex-related services; ii) some persistent price pressure in Oil &
normal end of the Concession Scanner contract in Ivory Coast and
Gas Opex activities.
further deterioration in the Iraqi VOC (Verification of Conformity)
program. The latter, however, has been stabilizing in the fourth Outlook: In 2018, Bureau Veritas expects a return to slightly
quarter. 2017 was characterized by the gradual disappearance of positive organic revenue growth overall for the business as the
PSI in the revenue mix while VOC contracts increased at a strategy of diversification will continue to pay off (Power &
sustained pace, notably in Q4 2017. In addition, the Group has Utilities, Automotive) alongside bottoming Oil & Gas Capex
expanded the offering of new services such as a one-stop-shop markets throughout the year.
insurance offer in Armenia. This participates in the overall
reduction of the risk profile from Government Services activities.
The adjusted operating margin for the year gained 90 basis points Buildings & Infrastructure
at 12.6%, up from 11.7% in 2016 benefiting primarily from
volume and mix effects across the various segments. The Buildings & Infrastructure business demonstrated solid
Outlook: In 2018, the Group expects its Agri-Food & Commodities revenue growth of 10.2% at constant currency, equally split
business to improve its growth compared to 2017, fuelled by between organic (5.1%) and external growth (with five
recovering Metal & Minerals markets, healthy Agri-Food acquisitions completed in 2017: Shanghai Project Management in
businesses and stabilizing government services thanks to the China, California Code Check and Primary Integration in the US,
ramp-up of several contract wins. INCA in Mexico and McKenzie Group in Australia).
Slightly stronger organic growth was achieved in
Construction-related activities (60% of revenue) than for Building
Industry in-service activities.
Double-digit organic growth was experienced in Asia (25% of
Revenue decreased by 1.7% on a constant currency basis for the
4
revenue), including 16.4% organic growth for the operations in
full-year with a slight organic decline of -0.8% (including -0.2% in China (17% of Buildings & Infrastructure revenue) and 13.2%
Q4) and a -0.9% scope impact related to the disposal of growth in the more mature Japanese market. China was driven by
non-strategic non-destructive testing (NDT) activities in Europe strong growth in energy and infrastructure project management,
(France and Germany). sectors where Bureau Veritas has built strong positions.
This reflected a marked decline in Oil & Gas Capex-related In the Americas (13% of revenue), the robust growth was driven,
activities (down 16% at Group level), partly compensated by low in particular, by regional expansion (Chile, Colombia, Argentina)
single-digit growth in Oil & Gas Opex and solid performances in through new construction projects.
other end-markets such as Power & Utilities and Transportation
(including Automotive). Growth in Europe (59% of revenue) was below the divisional
average, mainly due to a slow start in France (44% of revenue)
In Oil & Gas markets (38% of divisional revenue), the conditions although Q4 showed a nice uptick. Capex-related activities is on
remained challenging with persistently weak levels of activity in an upward trend with a good level of sales and opex-related
Oil & Gas Capex with continued reduced investments amongst the activities benefited from acceleration in the recruitment phase
major oil companies and continuing pricing pressure. In this and contract wins in the mass market, notably in France and in the
context the Group continued its push on Opex-related services, UK.
which grew slightly during the year.
The adjusted operating margin for the year improved by 20bp to
Overall solid growth was achieved in Opex-related activities, 15.2%, including a 75bp improvement organically, thanks to
including an 18% organic growth in Power & Utilities, which volume and mix effects.
remains a key focus in the Group’s strategic plan.
Outlook: In 2018, the outlook for the business remains positive
In the Automotive sector, the Group is working on several overall with sustained solid growth on both Capex and Opex
outsourcing projects: this includes Code’nGO launched during the related services. This outlook reflects the expectation of strong
year, which enables learners to take the written test for the growth in Asia (notably in China led by numerous infrastructure
French driver’s license within a fully automated and digitalized projects) and Latam, as well as improving growth in Europe,
notably in France, driven by both Capex and Opex.

4 Management report
Certification Consumer Products

The Certification business achieved solid organic growth of 6.1% Revenue increased by 6.6% on a constant currency basis, of which
for the full-year 2017 (of which 6.8% in Q4), with growth spread 4.7% was organic, with a solid performance across nearly all
across all regions and categories. services categories. Q4 2017 revenue was up 6.5% at constant
currency, benefiting from a 4.9% increase on an organic basis.
Overall the growth was supported by renewed standards
(ISO 9001, 14001, AS 9100 in the Aerospace and IATF in the High single-digit growth was achieved in the Electrical &
Automotive sectors), along with new product and service Electronics segment (33% of divisional revenue) led by
launches. At the end of 2017, more than 50% of Bureau Veritas’ Automotive and Mobile testing, primarily in Europe and USA.
clients have transitioned to the new QHSE standards Hardlines performed strongly, up low double-digit organically led
(ISO 9001: 2015 and ISO 14001: 2015). The transition effect is by China and strong momentum with key accounts, notably in
expected to continue until the first-half of 2018. Europe; on the other side, Toys remained under structural pressure
with a single-digit decline for the full-year although stabilization
Double-digit growth was achieved for Customized Audits led by
was achieved in Q4.
Supplier Risk Management, Brand Protection and Client
Operations audits -, as well as for training activities, also Lastly, Softlines (36%) grew in line with the divisional average in
benefiting from the transition to the new standards. Food the context of a challenging environment with traditional retailers.
Certification schemes recorded high single-digit growth, notably This supports the Group’s strategy of targeting mega-vendors and
fuelled by Certification of Organic food products, while the growth mid-tier accounts. North Asia and South East Asia was the region
of Supply Chain & Sustainability delivered mid-single digit (led by that reported the highest growth. China’s domestic market
Energy management and Greenhouse Gases partly offset by a contributed to the performance, with the Automotive sector
decline of Wood Management Systems Certification). spearheading growth.
Global Certification contracts grew by 10% organically, with the The acquisition of Siemic early in 2017 enhanced Bureau Veritas’
ramp-up of new contracts signed with international companies, presence in the SmartWorld and Automotive sectors both in China
notably in Automotive, Aerospace, Food and Oil & Gas sectors. and in the USA. Moving forward, the Group will leverage its
homologation testing business in China (VEO acquisition) and
Lastly, new products and services launched were also a major
expand the platform in Japan (IPS Tokai).
contributor to growth. This includes the Group’s offering
addressing enterprise risks: cybersecurity, anti-bribery and The adjusted operating margin for the year improved by 30 basis
business continuity; in the field of cybersecurity, Bureau Veritas points to a strong 24.7% as margin initiatives (cost
obtained in Q3 2017 the authorization to deliver Information management/LEAN) more than offset price pressure and negative
Safety Certification in China. Also, the Group has developed its mix.
own referential for data privacy ahead of the implementation of
Outlook: In 2018, the Group expects mid-single digit growth,
the GDPR (General Data Protection Regulation) in May 2018
similar to 2017, reflecting strong momentum in Electrical &
within the EU.
Electronics supported by SmartWorld and Automotive initiatives
By geography, Eastern Europe and Latin America delivered a as well as for Hardlines helped notably by stabilization in the toys
double-digit growth, high single-digit growth was achieved in Asia sub-segment.
while the rest of Europe and Americas recorded a mid-single digit
pace.
The adjusted operating margin for the year was stable at a healthy
17.1%. This reflects a strong increase in Latam and a decrease in
North America due to significant investment while the other
regions remained broadly stable.
Outlook: In 2018, the Certification business is expected to deliver
a sustained robust growth with a stronger first-half than
second-half due to the revised standards transition deadline in
September 2018.

Management report
4.3 Cash flows and sources of financing 4
4.3 Cash flows and sources of financing
4.3.1 Cash flows
(€ millions) 2017 2016
Profit before income tax 503.2 524.0
Elimination of cash flows from financing and investing activities 103.8 61.1
Provisions and other non-cash items (0.3) 57.9
Depreciation, amortization and impairment 203.7 202.4
Movements in working capital attributable to operations (59.5) (37.2)
Income tax paid (169.7) (213.8)
Net cash generated from operating activities 581.2 594.4
Acquisitions of subsidiaries (164.8) (189.8)
Proceeds from sales of subsidiaries and businesses - 0.7
Purchases of property, plant and equipment and intangible assets (142.3) (156.6)
and intangible assets 8.9 10.7
Purchases of non-current financial assets (32.2) (10.7)
Proceeds from sales of non-current financial assets 10.3 19.3
Change in loans and advances granted 7.3 1.0
Dividends received from equity-accounted companies 0.7 0.5
Net cash used in investing activities (312.1) (324.9)
Capital increase 3.4 1.0
Purchases/sales of treasury shares
Dividends paid
(36.8)
(295.4)
(42.8)
(255.1)
4
Increase in borrowings and other financial debt 172.6 742.5
Repayment of borrowings and other financial debt (717.0) (35.9)
Repayment of amounts owed to shareholders (3.4) (13.3)
Interest paid (98.2) (86.0)
Other (0.3) -
Net cash generated from (used in) financing activities (975.1) 310.4
Impact of currency translation differences (27.7) (2.6)
Impact of change in accounting policy 0.2 -
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (733.5) 577.3
Net cash and cash equivalents at beginning of year 1,088.0 510.8
NET CASH AND CASH EQUIVALENTS AT END OF YEAR 354.5 1,088.1
o/w cash and cash equivalents 364.3 1,094.1
o/w bank overdrafts (9.8) (6.0)
Net cash generated from operating activities

Net cash generated from operating activities was down 2.2% to €581.2 million, primarily due to an estimated negative currency effect of
€20.2 million. The change in WCR at December 31, 2017 corresponds to €59.5 million in uses of funds in 2017, compared to €37.2 million
in uses of funds in 2016. This increase is mainly due to growth in the Group’s business in fourth-quarter 2017 (3.8% organic growth in the
three months to December 31, with an estimated impact of €40 million on trade receivables at the reporting date). These negative impacts
were partly offset by the organic increase in net cash flows and the decrease in tax paid in 2017, with the refund of the 3% dividend
contribution during the year and adjustments to various corporate income tax payments in France.
Working capital requirement (WCR) was €453.2 million at December 31, 2017, compared to €454.6 million at December 31, 2016. As a
percentage of revenue, it was down to 9.7% from 10.0% at end-2016.

4 Management report
(€ millions) 2017 2016

and intangible assets 8.9 10.7
FREE CASH FLOW 349.6 362.5
Free cash flow (net cash flow generated from operating activities by 3.2% in 2017. Adjusted for the unfavorable timing differences
after tax, interest expense and acquisitions of property, plant and in interest payments (-€10.3 million), the organic increase in free
equipment and intangible assets) was €349.6 million in 2017, cash flow was 6.0%.
down 3.6% on 2016. On an organic basis, free cash flow improved
CHANGE IN FREE CASH FLOW
(€ millions)
Free cash flow at December 31, 2016 362.5
Organic change +11.5
Organic free cash flow 374.0
Scope +7.7
Free cash flow at constant currency 381.7
Currency (32.1)
FREE CASH FLOW AT DECEMBER 31, 2017 349.6
Purchases of property, plant and equipment and Total purchases of property, plant and equipment and intangible
intangible assets assets net of disposals by the Group were limited, down 8.6%
year-on-year at €133.4 million. The Group’s net-Capex-to-revenue
The Group's inspection and certification activities are fairly ratio was 2.8% in 2017, compared to 3.2% in 2016.
non capital-intensive, whereas its laboratory testing and analysis
activities require investment in equipment. These investments
concern the Consumer Products and Agri-Food & Commodities Interest paid
businesses and certain customs inspection activities (Government Interest paid increased to €98.2 million from €86.5 million in
Services & International Trade, included within the Agri-Food & 2016, owing to the Group’s debt refinancing schedule.
Commodities business) requiring scanning equipment and
information systems.
Net cash used in investing activities

Net cash used in investing activities reflects the Group's acquisition-led growth. The breakdown of acquisitions made by the Group can be
presented as follows:
(€ millions) 2017 2016

Purchase price of acquisitions (189.9) (181.6)
Cash and cash equivalents of acquired companies 15.2 9.8
Contingent price consideration payable in respect of acquisitions
in the year 30.9 40.1
Purchase price paid in relation to acquisitions in prior periods (15.1) (52.3)
Impact of acquisitions on cash and cash equivalents (158.9) (184.0)
Acquisition fees (5.9) (5.8)
ACQUISITIONS OF SUBSIDIARIES (164.8) (189.8)

Management report
Acquisitions and disposals of companies Net cash generated from financing activities
The Group carried out nine acquisitions in 2017. A detailed
description of these acquisitions is included in section 4.1 – 2017 Capital transactions (capital
Highlights and in Note 12 to the 2017 consolidated financial increases/reductions and share buybacks)
statements included in section 5.1 of this Registration document.
To cover its stock option plans, the Company carried out share
The net financial impact of the acquisitions was €168.7 million, buybacks net of capital increases in 2017 amounting to
and includes: €33.4 million.
● €164.8 million in respect of acquisitions of subsidiaries;
Dividends paid
● €0.5 million in financial debt of acquired companies;
In 2017, the Group paid out €295.4 million in dividends, including
● €3.4 million relating to purchases of non-controlling interests.
€239.8 million paid by Bureau Veritas SA to its shareholders in
respect of 2016 (dividend of €0.55 per share).
Financial debt
Gross financial debt on the statement of financial position
decreased by €633.4 million at December 31, 2017 compared
with December 31, 2016. This decrease chiefly reflects the
redemption of the €500 million bond issue maturing in May 2017,
which had been pre-financed in 2016.
Adjusted net financial debt edged up €98 million, primarily
reflecting:
● €164.8 million in payments relating to acquisitions carried out
in the year, €295.4 million in dividends paid and €36.8 million in
purchases of treasury shares;
● €349.6 million in free cash flow and €68.4 million related to the
favorable impact of currency fluctuations on borrowings and
debt at end-2017.

4 Management report
4.3.2 Financing
Sources of Group financing ● 2017 US Private Placement (€166.8 million) carried on the
books of Bureau Veritas Holdings, Inc.;
Main sources of financing ● different tranches of the Schuldschein “SSD” notes
(€260 million); and
At December 31, 2017, the Group's gross debt totaled €2,449.0
million, comprising: ● 2014 and 2016 bond issues (€1.2 billion).
Non-bank financing: Bank financing:
● 2008 US Private Placement (€292.8 million); ● 2012 syndicated loan (undrawn);
● 2010 US Private Placement (€184.1 million); ● other bank debt (€15.9 million); and
● 2011 & 2014 US Private Placement (€166.8 million); ● bank overdrafts (€9.8 million).
● 2013 & 2014 US Private Placement (€125.1 million); Other bank debt and accrued interest (€27.7 million).
The change in the Group’s gross debt is shown below:
(€ millions) 2017 2016

Bank borrowings due after one year 2,240.0 2,492.9
Bank borrowings due within one year 199.2 583.5
Bank overdrafts 9.8 6
GROSS DEBT 2,449.0 3,082.4
The table below shows the change in cash and cash equivalents and net debt:
(€ millions) 2017 2016

Marketable securities 7.1 668.7
Cash at bank and on hand 357.2 425.4
Cash and cash equivalents 364.3 1,094.1
Gross debt 2,449.0 3,082.4
NET DEBT 2,084.7 1,988.3
Currency hedging instruments 9.7 8.1
ADJUSTED NET DEBT 2,094.4 1,996.4
Adjusted net financial debt (net financial debt after currency Bank covenants
hedging instruments as defined in the calculation of covenants)
amounted to €2,094.4 million at December 31, 2017, compared The majority of the Group's financing requires compliance with
to €1,996.4 million at December 31, 2016. certain financial covenants and ratios. The Group complied with all
such commitments at December 31, 2017. The commitments can
be summarized as follows:
● the first covenant is defined as the ratio of adjusted
consolidated net financial debt divided by consolidated EBITDA
(earnings before interest, tax, depreciation, amortization and
provisions), adjusted for any acquisitions over the past 12
months. The ratio must be below 3.25. At December 31, 2017,
it stood at 2.37;
● the second covenant represents consolidated EBITDA (earnings
before interest, tax, depreciation, amortization and provisions),
adjusted for any acquisitions over the past 12 months, divided
by the Group's net interest expense. The ratio must be above
5.5. At December 31, 2017, it stood at 10.18.

Management report
Main terms and conditions of financing
2008 US Private Placement
On July 16, 2008, the Group put in place a private placement in the United States ("2008 USPP") for USD 266 million and GBP 63 million.
The terms and conditions of this financing are as follows:
Amounts drawn down

Maturity (€ millions) Currency Repayment Interest
July 2018 155.2 GBP & USD At maturity Fixed
July 2020 137.6 GBP & USD At maturity Fixed
This issue was carried out in the form of four senior notes redeemable at maturity. The 2008 USPP has been fully drawn down.
The Group has refinanced USD 155 million maturing in July 2018 with a pool of US investors. This facility will be drawn in July 2018.

The terms and conditions of this financing (USPP 2010) are as follows:
Amounts drawn down

July 2019 184.1 EUR At maturity Fixed
At December 31, 2017, the 2010 USPP was fully drawn down in euros for a total of €184.1 million.
2011 & 2014 US Private Placement

In 2011, the Group set up an unconfirmed, multi-currency USD 200 million facility with an investor.
The Group confirmed it had drawn down USD 100 million of this facility in 2011 with a ten-year term, and USD 100 million in May 2014
with an eight-year term.
Amounts drawn down

Maturity
October 2021
(€ millions)
83.3
Currency
USD
Repayment
At maturity
Interest
Fixed 4
May 2022 83.3 USD At maturity Floating
At December 31, 2017, the facility was fully drawn down in US dollars.
2013 & 2014 US Private Placement

In October 2013, the Group set up an unconfirmed, multi-currency facility of USD 150 million with an investor, available for three years.
Amounts drawn down

September 2020 62.5 USD At maturity Floating
July 2022 20.8 USD At maturity Floating
July 2022 41.7 USD At maturity Fixed
At December 31, 2017, the facility was fully drawn down in US dollars.

In September 2017, the Group put in place a private placement in the United States ("2017 USPP") for USD 355 million. The terms and
conditions of the USPP 2017 are as follows:
Amounts drawn down

September 2027 166.8 USD At maturity Fixed
At December 31, 2017, the financing facility carried by Bureau Veritas Holdings, Inc. had been fully drawn down in US dollars.

4 Management report
Amounts undrawn
July 2028 129.2 USD At maturity Fixed
At December 31, 2017, the USD 155 million facility had not been drawn down.
Schuldschein notes (SSD)

In 2011 and 2012, the Group put in place multi-tranche A new private placement for €200 million was set up in July 2015,
Schuldschein-type private placements on the German market for a maturing at five and seven years. The total amount outstanding
total amount of €193 million, redeemable at maturity. A total of under this facility represented €260 million at
€92 million of this debt was redeemed in 2015, €14 million in December 31, 2017.
2016 and €27 million in 2017.
2014 and 2016 bond issues

The Group carried out three non-rated bond issues for a total amount of €1.2 billion, including two issues in 2016: a €500 million bond
maturing at seven years and a €200 million bond maturing at ten years. The bonds have the following terms and conditions:
Amounts drawn down

January 2021 500 EUR At maturity 3.125%
September 2023 500 EUR At maturity 1.250%
September 2026 200 EUR At maturity 2.000%
Commercial paper ● a confirmed amount of €450 million available under the 2012
syndicated loan. The availability of this facility depends on the
The Group put in place a commercial paper program to optimize
Group complying with its covenants.
its short-term cash management. The maturity of commercial
paper is less than one year. This program is capped at
€450 million.
The Group did not issue any commercial paper at
Ongoing and planned investments
December 31, 2017.
Main investments in progress
Syndicated loan At end-December 2017, the main investments in progress
The Group has a confirmed revolving syndicated loan for represented €12.3 million and mainly concerned:
€450 million. This facility was set up in July 2012 for a five-year ● the Consumer Products business, for projects related to
term and its maturity was extended to April 2019 in 2014. automotive equipment testing in China (€4.8 million);
At December 31, 2017, the 2012 syndicated loan had not been ● the Agri-Food & Commodities business, for projects related to
drawn down. oil markets in China (new laboratories and capacity extensions
for €2 million), the Netherlands (capacity extensions for
€3.5 million) and the United States (new laboratories and
Sources of financing anticipated for future additional equipment for €2 million).
investments
Main planned investments
The Group estimates that its operations will be able to be fully
funded by the cash generated from its operating activities. The 2018 capital expenditure budget is around €156 million,
higher than 2017 expenditure (€142 million).
In order to finance its external growth, at December 31, 2017 the
Group had sources of funds provided by:
● available cash flow after taxes, interest and dividends;
● cash and cash equivalents;

Management report
4.4 Internal control and risk management procedures 4
4.4 Internal control and risk management
procedures
Organization and general approach to internal oversees the Group’s recently acquired entities and regularly
liaises with the Legal, Risk & Compliance department as part of its
control and risk management work.
Executive Management These audits are aimed at analyzing and verifying that
management and reporting rules are duly applied, as well as
Group Executive Management ensures that internal control reviewing the quality of the internal control environment. The
objectives are set, particularly with respect to the control main procedures and cycles covered are:
environment, risk assessment and management, internal control
processes, reliable financial information and Group business ● observance of the Group’s Compliance Program;
management, based on the principles and organization previously ● sales and accounts receivable;
defined by the Board of Directors.
● purchasing and accounts payable;
Internal control as implemented within Group companies is based
on the following principles: ● Human Resources;
● recognition of the full accountability of the management of ● cash management; and

Group companies; ● financial statement closing procedures and reporting.
● regular financial reporting system; In addition, a review of the financial performance of the Group’s
● monitoring of relevant indicators by the different Group businesses is conducted when each audit assignment is carried
departments; and out to verify the consistency of all the financial information
produced by the entity being audited. The audit reports are sent to
● regular and occasional reviews of specific items as part of a the managers of the operating entities and to their superiors, the
formal or one-off process. central operating departments and Group Executive Management.
However, adaptations have been made to this general framework Where appropriate, audit reports set out short- and medium-term
on the basis of the following criteria: corrective action plans for improving the control environment.
The Internal Audit department systematically monitors
●
●
a flexibility criterion to allow the management of Group
companies to effectively exercise their responsibilities; and
a simplicity criterion so that the internal control process
implementation of the action plans drawn up following Internal
Audit assignments through a dedicated software program
accessible to the audited departments, and gives Executive
4
continues to be aligned with the size of the companies within Management a monthly progress update on the implementation of
the Group. recommendations. In 2017, audited entities achieved an average
recommendation implementation rate of above 80% for those
issued by the Internal Audit department.
Audit & Risk Committee
In addition to the annual audit program, the Internal Audit
In accordance with Article L. 823-19 of the French Commercial
department heads up an internal control self-assessment
Code, the Audit & Risk Committee is chiefly responsible for
campaign via the distribution of three types of questionnaires
monitoring the process of preparing financial information, the
across the Group (see “Internal control procedures”).
effectiveness of internal control and risk management systems
and, where applicable, those of Internal Audit, and the
independence of the Statutory Auditors. Central departments
After each meeting, the Chairman of the Audit & Risk Committee The implementation of internal control procedures is the
prepares a detailed report of the Committee’s work, proposals and responsibility of the central departments in their respective areas
recommendations for the Board of Directors. of expertise, i.e., Legal, Risk & Compliance, Human Resources,
Finance, Technical and Risk, and Quality, Health, Safety and
Details of the work of the Audit & Risk Committee during 2017
Environment.
are provided in the section 3.1.6 – Board's Committees in this
chapter. ● The Legal, Risk & Compliance department provides advice and
assistance for any legal, risk and compliance issues affecting
the Group. It helps review calls for tender, major contracts and
Internal Audit mergers and acquisitions, and analyzes or supervises Group
The role of the Internal Audit and Acquisitions Services litigation and claims as necessary. In close cooperation with
department is to perform audits, principally financial audits, in the operational staff and the Group’s Technical and Risk
various entities of the Group. The entities to be audited are department, the Legal, Risk & Compliance department helps
selected at the time of preparing the annual audit plan, which is identify the main risks associated with the Group’s activities,
discussed with Executive Management and validated by the Audit particularly by overseeing risk maps, and circulates the Group’s
& Risk Committee. They are chosen primarily based on the risks risk management policies and procedures. It is responsible for
identified, the resulting financial implications and previous internal taking out the Group's professional civil liability and property
or external audits. This formal, structured approach is designed to and casualty insurance policies. It also defines, implements and
ensure an adequate audit coverage rate for the Group’s entities supervises the Group’s Compliance Program, which includes the
over several years. In addition, the Internal Audit department Code of Ethics and its internal application procedures, a risk
map relating to corruption and international sanctions, a

4 Management report
4.4 Internal control and risk management procedures
whistleblowing procedure, specific training and regular internal assignment, the Internal Audit department reviews the quality of
and external audits. the results of the self-assessment. External auditors also review
the internal control system as part of their work.
● The Human Resources department circulates the evaluation
and compensation policies applicable to Group managers and Like any control system, it cannot provide an absolute guarantee
ensures that all Group employees are compensated and that all risks have been eliminated.
assessed on the basis of objective, predefined criteria.
● The Finance department consolidates all of the Group's
financial information and manages the necessary Internal control and risk management
reconciliations. It ensures that Group standards and
frameworks are strictly applied, including the Group Financial and accounting information
Management Manual (GMM). In this respect, it defines a series
of procedures, tools and references intended to guarantee the In order to implement internal control procedures relating to the
quality and consistency of information provided (management production of financial and accounting information, the Group
reporting, financial statements). In particular, monthly reviews refers to:
of results of operations, the net cash position and consolidation
● external standards including all national accounting laws and
data allows financial and accounting information to be
regulations based on which Group entities prepare their
continually monitored and checked for consistency on a
financial statements. The Group prepares its consolidated
centralized basis.
financial statements under International Financial Reporting
● The Quality, Health, Safety and Environment department Standards (IFRS); and
defines and oversees the Group’s quality, safety, security and
● internal standards consisting of the Group’s organization
environment management system. It ensures that the various
manual and general quality procedures and the Group
operating groups implement management systems, leads the
Management Manual (GMM), which covers all financial,
continuous improvement process and organizes the verification
accounting and tax procedures.
of compliance with procedures.
The role of the Finance department is to provide reliable
● The Technical and Risk departments across the operating
information and pertinent analyses in a timely manner and to act
groups are responsible for drawing up the technical risk
as an expert with respect to financial and financing issues within
management policy and verifying the technical quality of
the Group. The department is responsible for setting standards,
services provided, the technical qualification of organizations
consolidating results, managing cash and particularly hedging and
(overseeing operating rights and accreditations) and operators,
exchange rate risks, managing tax issues and supervising credit
and applying technical guidelines and methodologies rolled out
risks. It also acts as a motivating force in certain improvement
by the Group. They rely on local networks to circulate
initiatives, such as the development of shared service centers.
procedures and verify that they are duly applied among
operating entities. They are tasked with auditing the operating The Finance department is assisted by a network of Finance
entities, defining any corrective actions required and ensuring Officers across the Group. These report to the heads of operating
that these actions are implemented. departments and from a functional standpoint, to the Group Chief
Financial Officer.
Internal control procedures Subsidiaries operating in different countries are responsible for
implementing the policies, standards and procedures defined by
Bureau Veritas has adopted the general principles of the AMF’s the Group.
Reference Framework and has put in place a system that allows
to cover all of the Group's subsidiaries. The aim is to provide them The budget process is structured in a way that enables objectives
with a tool that they can use for internal control self-assessment to be set at the level of business units. The resulting budget is
and identify areas of improvement. therefore a highly effective oversight tool that can be used to
closely monitor monthly activity at the level of each
In compliance with the aforementioned AMF Reference country/business. This monthly control of results from operations,
Framework, three yearly self-assessment questionnaires on the net cash position and consolidation data enables Executive
internal control are used by the Group’s Internal Audit Management to effectively monitor the Group’s financial
department: performance.
● two questionnaires are used at head office level and for certain The Group has also defined internal rules and procedures designed
cross-functional areas: one covers the general principles of to safeguard assets, prevent and identify fraud, and ensure that
internal control, while the other concerns financial and accounting information is reliable and presents a true and fair view
accounting internal control more specifically, and in particular of the business.
how the finance and accounting functions are organized at
central level, intended for support functions (particularly
Finance); and Acquisitions Services
● one questionnaire covering the processes relating to the The Internal Audit & Acquisitions Services department also
preparation of financial and accounting information is provides coordination and integration assistance on acquisitions.
completed by the Group's operating entities. This role is formally set down in a series of procedures known as
the Post Merger Integration Plan (PMIP), which is structured and
This yearly self-assessment is designed to ensure compliance with
updated around the following areas: Finance, Human Resources,
the accounting principles defined in the Group Management
Communication, Legal, Risk & Compliance, Technical and Risk,
Manual (GMM). It also allows the quality of existing control
Information Systems and IT, and Quality, Health, Safety and
processes to be assessed and the requisite corrective measures to
Environment.
be implemented where necessary. At the time of each audit

Management report
4.4 Internal control and risk management procedures 4
Where appropriate, the Internal Audit and Acquisitions Services Preventing and monitoring litigation
department assists the operating groups responsible for
The Legal, Risk & Compliance department has put in place
integration and liaises with all head office support functions as
resources and procedures to enable twice-yearly assessments of
part of a continuous improvement approach which builds on the
litigation (including, in 2017, a root cause analysis of major
experience acquired during each past operation.
disputes) in conjunction with operating groups and the Finance
department.
Risk management The procedure for preventing and monitoring litigation is covered
Organization in the risk management policy. It describes the methods for
managing litigation which require coordination between heads of
The Group’s risk management policy is focused on the prevention operating entities, the operating groups, and the Legal,
of professional civil liability suits for damages relating to a product, Risk & Compliance department.
system or facility in respect of which the Group’s entities had
provided services. Each operating group defines the organization it has put in place
to achieve the Group’s objectives, in order to:
Risks are managed through a structured risk management
organization rolled out within the Group’s different operating ● identify disputes from the outset;
groups. This organization is based on two complementary ● make sure that the relevant insurers are informed of any
cross-functional networks and their respective departments: the
litigation claims;
Legal, Risk & Compliance department and the Technical and Risk
department. ● organize an effective management approach regarding the
defense of the Group's interests; and
The broad range of local operations and the need to give
managerial autonomy to operational staff have led to the ● allow a centralized follow-up of significant litigation by the
introduction of a global risk prevention strategy, which has been Legal, Risk & Compliance department.
formally set down and rolled out to each division and operating
The Group’s policy of centralizing its professional civil liability and
group.
property and casualty insurance through global programs
facilitates controls and reporting.
Mapping and managing risk
The Group regularly prepares and updates risk maps under the
supervision of the Legal, Risk & Compliance department, with help
Monitoring accreditations – role of Technical and
from all operating groups and support functions in order to identify Risk departments
and quantify the main risks and thereby improve risk management Bureau Veritas holds a large number of “licenses to operate”
procedures. Specific, detailed action plans are drawn up and then (accreditations, authorizations, delegations of authority, etc.)
implemented by operating staff under the supervision of the head which may be issued by national governments, public or private
office. Cross-functional initiatives, mainly relating to technical authorities, and national or international organizations as
4
standards, monitoring regulations and global insurance programs, appropriate.
are also defined and implemented across the Group.
Each of the Group's divisions has put in place a dedicated
The operating departments also prepare targeted risk analyses organization for managing and monitoring these accreditations on
when new business activities are launched or when the Group a centralized basis. The accreditations are regularly audited by the
responds to calls for tender, assisted by the Technical and Risk authorities concerned.
departments and the Legal, Risk & Compliance department.
The aim of the Technical and Risk departments is to ensure that
Within its networks, the Group's operational risk management the services provided by each Group entity are carried out in
policy aims to increase the number and specialization of technical compliance with Bureau Veritas procedures, particularly
centers. The Group wishes to develop "Bureau Veritas" technical management of conflicts of interest, as regards the application of
standards that can be applied throughout the world, while technical guidelines and methods defined by the Group, and in
satisfying the requirements of countries that apply the most accordance with the regulatory or private terms of reference of
stringent regulations. the accrediting organization.
Application of the risk management policy and the continual The Group has implemented an operating organization for which
changes in services that the Group is asked to provide requires the the degree of centralization depends on the business:
commitment of local networks and risk management officers on
all fronts (technical, quality, legal and compliance), thereby ● in businesses that are managed globally and that offer similar
ensuring that they work together to reduce the risks of services (Marine & Offshore, Certification, Consumer Products
professional civil liability claims against the Group. The goal is to and Government Services, Industry), the Technical and Risk
share the risk management approach and its objectives with departments are centralized and provide the procedures and
operating teams, along with the information needed to take rules to be applied throughout the world;
decisions consistent with the objectives set by the Board of ● in businesses that are managed locally and provide their
Directors. services based on local technical standards, local Technical and
Risk Officers specify the methods to be applied in their
Identifying climate change-related financial risks country/region under the aegis of a central Technical
The main risks related to the Group's activities and financial risks department.
are described in section 1.11 - Risk factors, page 57, and in The various Technical and Risk departments use a structured
section 2.4.3 - Limiting Bureau Veritas' environmental impact, network of Officers in each operating group and each year perform
page 92, of this Registration document. The Company did not a certain number of technical audits to ensure that procedures are
identify any material climate change-related financial risks over complied with and that the rules defined by the Group and the
the short term. methodologies defined locally are respected.

4 Management report
4.4 Internal control and risk management procedures
Quality and ISO certification assessment processes, which are mainly conducted via an annual
self-assessment campaign and rounded out by internal and
The Quality, Health, Safety and Environment department is external audits.
responsible for implementing and managing a quality system that
supports the operating and functional entities in their aim to The Compliance Program’s e-learning module is rolled out by a
continually improve the processes that these entities have put in dedicated network of Human Resources managers. A regular
place to meet their clients' needs. These procedures have been reporting system has been put in place under the supervision of
certified to ISO 9001 by an accredited international body. this network, which monitors the number of employees trained in
the Compliance Program each quarter. The aim is to cover 100%
To this end, the Quality, Health, Safety and Environment of the Group’s worldwide employees.
department has a structured network of managers around the
world and at central level. The Group’s Ethics Committee, whose members are appointed by
the Board of Directors, comprises the Chief Executive Officer, the
Chief Financial Officer, the Human Resources Director and the
Human Resources Group Compliance Officer. The Committee oversees the
implementation of the Compliance Program and deals with all of
The Group's Human Resources (HR) department ensures that
the Group’s ethics issues.
manager compensation and evaluation policies are consistent and
fair, while taking into account any particular characteristics of the The Group Compliance Officer uses a network of Compliance
local environment. The process of managing the performance of Officers who act as intermediaries in the Group’s operating
managers is defined by the Group, which verifies that it is groups.
deployed across the network. This ensures that managers are
evaluated and compensated according to known, objective In the operating groups, each unit manager is responsible for the
criteria. The Group’s HR department has put in place career application of the Compliance Program by the staff under his/her
management processes to foster the emergence of high-potential authority, and is supervised and managed by the heads of the
employees and help staff development in general. All data relating operating groups to which he/she reports. For this purpose, it is
to these Group HR processes are managed in an integrated the responsibility of each operating group head to provide a copy
software package. of the Code of Ethics to his/her staff, to oversee their training and
inform them of their duties in simple, practical and concrete
Changes in the total payroll are managed by the Group. These are terms, and to leave them in no doubt that any failure to comply
analyzed every year as part of the budget process to ensure they with the Compliance Program will constitute a serious breach of
are mitigated. Key indicators such as the attrition rate are their professional obligations.
monitored regularly by the Group HR department and action plans
are implemented in conjunction with the network of HR managers. Any alleged breach of the Code of Ethics must be brought to the
attention of the Group Compliance Officer who draws up a related
file and refers the matter to the Ethics Committee so that the
Compliance Program necessary measures can be taken. An internal or external
investigation is carried out and, depending on the findings,
The Group’s active risk management policy is underpinned by a sanctions may be imposed, including the possible dismissal of the
series of values and ethical principles that are shared by all employees in question.
employees. In 2003 Bureau Veritas, a member of the International
Federation of Inspection Agencies (IFIA), adopted a Code of Ethics Internal and external audits are conducted each year on the
applicable to all of the Group’s employees. In compliance with IFIA application of and compliance with the principles of the Code of
requirements, this Code of Ethics sets forth the ethical values, Ethics, and a statement of compliance is issued by an independent
principles and rules on which Bureau Veritas wishes to base its audit firm and sent to the IFIA’s Compliance Committee.
development and growth and to build relationships of trust with
A detailed description of the Compliance Program appears in
its clients, staff, and commercial partners.
section 2.2.1 – Ethics: an “absolute” of this Registration
Bureau Veritas assisted in the roll-out of its Code of Ethics by document. These measures are designed to prevent any actions
putting in place the Compliance Program, a special ethics-focused that are incompatible with the Group's ethical principles. Although
program, of which it is an integral component. The Compliance it endeavors to be vigilant in this regard, no guarantee can be
Program aims to (i) fight against corruption, (ii) monitor the given that these measures are, or have been, complied with in all
integrity of Bureau Veritas services, (iii) prevent conflicts of places and circumstances.
interest, and (iv) comply with applicable antitrust and market
regulations. The Group ensures that the program is effectively
deployed and monitored, and it is regularly broadened to take into
account important legislative and regulatory changes. Changes in internal control and risk
management procedures
The Compliance Program includes a Code of Ethics (available in
32 languages), a manual of internal procedures (available in six In the next few years, the Group will aim for better coordination
languages), a compulsory training program for all staff worldwide and integration between different stakeholders, covering internal
(available primarily as an e-learning module in 16 languages and audits, external financial audits, internal quality audits, health and
supplemented by local training and awareness-raising initiatives), safety audits, audits by accreditation authorities, compliance
a whistleblowing procedure for internal and external ethics audits and technical audits.
violations, a risk mapping process, internal and/or external
assessment procedures for commercial partners coupled with an In terms of risk management, the Group will continue its efforts to
information database and sample contracts, accounting control regularly adapt the risk map methodology in line with changes in
procedures with the allocation of specific accounts for regulated the Group’s environment, businesses and organization.
transactions (gifts, donations, etc.), and regular control and

Management report
4.5 Events after the end of the reporting period 4
4.5 Events after the end
of the reporting period
Acquisition of Lubrication Management SL
On January 4, 2018, the Group announced that it had acquired a monitoring laboratories. Lubrication Management SL has
controlling interest in Lubrication Management SL (previously the 26 employees and generated around €4 million in revenue in
industrial oil analysis business unit of IK4-TEKNIKER, a European 2017. As part of their strategic partnership, Bureau Veritas and
oil analysis leader. The laboratory, near Bilbao, Spain, will be the IK4-TEKNIKER will also engage in the research and development
European hub for Bureau Veritas’ global network of oil condition of machinery condition monitoring.
Acquisitions of EMG Corporation

On March 1, 2018, Bureau Veritas completed the acquisition of entities and has a track record of more than a million completed
EMG Corporation (EMG), a US leader in construction technical projects across all 50 states in the United States. EMG has around
assessment and project management assistance, asset 550 employees and generated around €70 million revenue in
management assistance and transaction services. The Company 2017. EMG expands Bureau Veritas’ buildings and infrastructure
offers clients a broad range of services around the life cycle of service offering in the United States, strengthening the Group’s
their facilities including engineering and environmental position as a leading strategic partner for construction and
assessments upon acquisition or financing, capital planning, with renovation inspection, quality assurance, asset management,
program and project management assistance. EMG serves real periodic in-service inspection, and project management.
estate owners, retailers, commercial lenders, and government

4 Management report
4.6 Significant changes in financial and trading conditions
4.6 Significant changes in financial and

trading conditions
None.

Management report
4.7 2018 Outlook 4
4.7 2018 Outlook
For full-year 2018, the Group expects:
● An acceleration in organic growth revenue compared to full-year 2017;
● A slightly improved adjusted operating margin at constant currency compared to full-year 2017;
● An improved cash flow generation at constant currency compared to full-year 2017.

4 Management report

5
Financial
statements
5.1 Consolidated financial 5.3 Additional information
statements 190 regarding the Company in view
of the approval of the 2017
5.2 Bureau Veritas SA statutory financial statements 282
financial statements 258

5 Financial statements
5.1 Consolidated financial statements

Consolidated income statement
(in millions of euros, except per share data) Notes 2017 2016
Revenue 7 4,689.4 4,549.2
Purchases and external charges 8 (1,394.1) (1,340.3)
Personnel costs 8 (2,449.0) (2,349.9)
Taxes other than on income (46.4) (44.8)
Net (additions to)/reversals of provisions 8 (11.5) (31.7)
Depreciation and amortization 13/14 (203.7) (202.4)
Other operating income and expense, net 8 21.6 29.6
Operating profit 606.3 609.7
Share of profit of equity-accounted companies 15 0.6 0.8
Operating profit after share of profit of equity-accounted
companies 606.9 610.5
Income from cash and cash equivalents 1.3 2.9
Finance costs, gross (88.1) (92.8)
Finance costs, net (86.8) (89.9)
Other financial income and expense, net 9 (16.9) 3.4
Net financial expense (103.7) (86.5)
Income tax expense 10 (164.8) (188.9)
Net profit from continuing operations 338.4 335.1
Net profit (loss) from discontinued operations 30 (8.6) -
Net profit 329.8 335.1
NET PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY 308.0 319.4
Earnings per share (in euros):
Basic earnings per share 31 0.71 0.73
Diluted earnings per share 31 0.70 0.73

Financial statements
5.1 Consolidated financial statements 5
Consolidated statement of comprehensive income
(€ millions) Notes December 2017 December 2016

Net profit 329.8 335.1
Other comprehensive income
Items to be reclassified to profit
Currency translation differences(a) (217.1) 53.2
(b)
Cash flow hedges 0.6 (0.8)
Tax effect on items to be reclassified to profit 10 (0.2) 0.3
Total items to be reclassified to profit (216.7) 52.7
Items not to be reclassified to profit
Actuarial gains/(losses)(c) 26 (3.4) (19.1)
Tax effect on items not to be reclassified to profit 10 2.2 3.6
Total items not to be reclassified to profit (1.2) (15.5)
Total other comprehensive income/(expense), after tax (217.9) 37.2
TOTAL COMPREHENSIVE INCOME 111.9 372.3
Attributable to:
owners of the Company 94.8 356.4
non-controlling interests 17.1 15.9
(a) Currency translation differences: this item includes exchange differences arising on the conversion of the financial statements of foreign subsidiaries into euros.
The differences result mainly from fluctuations during the period in the Hong Kong dollar (€22.2 million), Brazilian real (€20.8 million), US dollar (€20.1 million),
Singapore dollar (€17.1 million), and the Canadian dollar (€16.8 million).
(b) The change in cash flow hedges results from changes in the fair value of derivative financial instruments eligible for hedge accounting.
(c) Actuarial gains and losses: the Group recognizes actuarial gains and losses arising on the measurement of pension plans and other long-term employee benefits in
equity. These actuarial differences reflect the impact of experience adjustments and changes in valuation assumptions (discount rate, salary inflation rate and
rate of increase in pensions) regarding the Group's obligations in respect of defined benefit plans.
The negative amount shown (€3.4 million) relates chiefly to actuarial losses of €4.4 million booked in France.

Consolidated statement of financial position

Goodwill 11 1,965.1 1,977.6
Intangible assets 13 640.2 686.8
Property, plant and equipment 14 486.3 518.6
Investments in equity-accounted companies 15 4.6 5.0
Deferred income tax assets 16 138.4 142.9
Investments in non-consolidated companies 17 1.3 1.3
Other non-current financial assets 18 118.4 69.2
Total non-current assets 3,354.3 3,401.4
Trade and other receivables 20 1,573.1 1,496.1
Current income tax assets 52.8 48.9
Current financial assets 18 20.3 51.0
Derivative financial instruments 19 3.8 3.7
Cash and cash equivalents 21 364.3 1,094.1
Total current assets 2,014.3 2,693.8
Assets held for sale 30 1.2 -
TOTAL ASSETS 5,369.8 6,095.2
Share capital 22 53.0 53.0
Retained earnings and other reserves 936.1 1,144.4
Equity attributable to owners of the Company 989.1 1,197.4
Total equity 1,032.7 1,243.0
Non-current borrowings and financial debt 24 2,240.0 2,492.9
Other non-current financial liabilities 25 120.2 74.8
Deferred income tax liabilities 16 143.3 164.8
Pension plans and other long-term employee benefits 26 190.1 178.3
Provisions for liabilities and charges 27 109.6 121.6
Total non-current liabilities 2,809.9 3,040.5
Trade and other payables 28 1,119.8 1,041.5
Current income tax liabilities 73.6 66.4
Current borrowings and financial debt 24 209.0 589.5
Other current financial liabilities 25 114.1 106.3
Total current liabilities 1,526.2 1,811.7
Liabilities held for sale 30 1.0 -
TOTAL EQUITY AND LIABILITIES 5,369.8 6,095.2

Consolidated statement of changes in equity
Currency Attributable to Attributable to

Share Share translation Other owners of the non-controlling
(€ millions) capital premium reserves reserves Total equity Company interests
At December 31, 2015 53.0 43.9 (70.3) 1,098.3 1,124.9 1,095.3 29.6
Capital reduction - (3.0) - - (3.0) (3.0)
Exercise of stock options - 1.4 - - 1.4 1.4
Fair value of stock options - - - 27.4 27.4 27.4 -
Dividends paid - - - (234.7) (234.7) (222.8) (11.9)
Treasury share transactions - - - (39.1) (39.1) (39.1)
Additions to the scope of
consolidation - - - 12.4 12.4 12.4
Acquisition of non-controlling
interests - - - (3.4) (3.4) (3.4) -
(a)
Other movements - - - (15.2) (15.2) (14.8) (0.4)
Total transactions with owners - (1.6) - (252.6) (254.2) (254.3) 0.1
Net profit 335.1 335.1 319.4 15.7
Other comprehensive income 53.2 (16.0) 37.2 37.0 0.2
Total comprehensive income - - 53.2 319.1 372.3 356.4 15.9
At December 31, 2016 53.0 42.3 (17.1) 1,164.8 1,243.0 1,197.4 45.6
Capital reduction - (6.3) - - (6.3) (6.3)
Exercise of stock options - 3.1 - - 3.1 3.1
Fair value of stock options - - - 19.0 19.0 19.0 -
Dividends paid - - - (255.5) (255.5) (239.8) (15.7)
Treasury share transactions - - - (30.5) (30.5) (30.5)
Additions to the scope of
consolidation - - - 13.8 13.8 - 13.8
Other movements(a) - - - (65.8) (65.8) (48.6) (17.2)
Total transactions with owners - (3.2) - (319.0) (322.2) (303.1) (19.1)
Net profit 329.8 329.8 308.0 21.8
Other comprehensive income
Total comprehensive income - -
(217.1)
(217.1)
(0.8)
329.0
(217.9)
111.9
(213.2)
94.8
(4.7)
17.1 5
AT DECEMBER 31, 2017 53.0 39.1 (234.2) 1,174.8 1,032.7 989.1 43.6
(a) The “Other movements” line mainly relates to:
● changes in the fair value of put options on non-controlling interests;
● transfers of reserves between the portion attributable to owners of the Company and the portion attributable to non-controlling interests.

Consolidated statement of cash flows

Elimination of cash flows from financing and investing activities 103.8 61.1
Provisions and other non-cash items (0.3) 57.9
Depreciation, amortization and impairment 13/14 203.7 202.4
Movements in working capital attributable to operations 29 (59.5) (37.2)
Income tax paid (169.7) (213.8)
Acquisitions of subsidiaries 12 (164.8) (189.8)
Proceeds from sales of subsidiaries and businesses 12 - 0.7
Proceeds from sales of property, plant and equipment and intangible
assets 8.9 10.7
Purchases of non-current financial assets (32.2) (10.7)
Proceeds from sales of non-current financial assets 10.3 19.3
Change in loans and advances granted 7.3 1.0
Dividends received from equity-accounted companies 0.7 0.5
Net cash used in investing activities (312.1) (324.9)
Capital increase 22 3.4 1.0
Purchases/sales of treasury shares (36.8) (42.8)
Dividends paid (295.4) (255.1)
Increase in borrowings and other financial debt 24 172.6 742.5
Repayment of borrowings and other financial debt 24 (717.0) (35.9)
Repayment of amounts owed to shareholders (3.4) (13.3)
Other (0.3) -
Net cash generated from (used in) financing activities (975.1) 310.4
Impact of currency translation differences (27.7) (2.6)
Impact of change in accounting policies 0.2 -
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (733.5) 577.3
Net cash and cash equivalents at beginning of year 1,088.0 510.8
NET CASH AND CASH EQUIVALENTS AT END OF YEAR 354.5 1,088.1
Of which cash and cash equivalents 21 364.3 1,094.1
Of which bank overdrafts 24 (9.8) (6.0)

Notes to the consolidated financial statements
Note 1 General information 196 Note 20 Trade and other receivables 220
Note 2 Significant events in 2017 196 Note 21 Cash and cash equivalents 221
Note 3 Summary of significant accounting Note 22 Share capital 221

policies 197
Note 23 Share-based payment 222
Note 4 Financial indicators not defined by IFRS 204
Note 24 Borrowings and financial debt 224
Note 5 Financial risk management 205
Note 25 Other financial liabilities 227
Note 6 Use of estimates 206
Note 26 Pension plans and other long-term
Note 7 Segment information 207 employee benefits 227
Note 8 Operating income and expense 207 Note 27 Provisions for liabilities and charges 230
Note 9 Other financial income and expense 208 Note 28 Trade and other payables 231
Note 10 Income tax expense 208 Note 29 Movements in working capital

attributable to operations 232
Note 11 Goodwill 209
Note 30 Discontinued operations 232
Note 12 Acquisitions and disposals 211
Note 31 Earnings per share 233
Note 13 Intangible assets 215
Note 32 Dividend per share 234
Note 14 Property, plant and equipment 216
Note 33 Off-balance sheet commitments
Note 15 Investments in equity-accounted and pledges 234
companies 217
Note 34 Additional financial instrument
Note 16 Deferred income tax 217 disclosures 236
Note 17 Investments in non-consolidated

companies 218
Note 35 Related-party transactions 239 5
Note 36 Fees paid to Statutory Auditors 240
Note 18 Other financial assets 218
Note 37 Events after the end of the reporting
Note 19 Derivative financial instruments 219 period 240
Note 38 Scope of consolidation 241

Note 1 General information

Since it was formed in 1828, Bureau Veritas has developed Bureau Veritas SA is a joint stock company (société anonyme)
recognized expertise for helping its clients to comply with incorporated and domiciled in France. The address of its registered
standards and/or regulations on quality, health and safety, office is Immeuble Newtime, 40/52 Boulevard du Parc, 92200
security, the environment and social responsibility. The Group Neuilly-sur-Seine, France.
specializes in inspecting, testing, auditing and certifying the
Between 2004 and October 2007, the Group was more than
products, assets and management systems of its clients in relation
99%-owned by Wendel. On October 24, 2007, 37.2% of Bureau
to regulatory or self-imposed standards, and subsequently issues
Veritas SA shares were admitted for trading on the Euronext Paris
compliance reports.
market.
Bureau Veritas SA (“the Company”) and all of its subsidiaries make
At December 31, 2017, Wendel held 40.08% of the capital of
up the Bureau Veritas Group (“Bureau Veritas” or “the Group”).
Bureau Veritas and 56.76% of its exercisable voting rights.
These consolidated financial statements were adopted on
February 28, 2018 by the Board of Directors.
Note 2 Significant events in 2017
Acquisitions
In 2017, the main acquisitions carried out by the Group were: ● McKenzie Group Pty Ltd., an Australia-based company
providing mandatory property compliance services.
● Shanghai Project Management Co. Ltd.., a Chinese company
specialized in construction project supervision; Further details of these acquisitions, along with their impacts on
the financial statements, are detailed in Note 12 – Acquisitions
● Siemic, Inc., a US-based testing and certification body for
and disposals.
electrical and electronic equipment;
● Schutter Groep BV, a provider of Inspection, Testing, Financing
Certification and logistical support services to the global The Group refinanced debt for a total amount of USD 355 million
agri-commodities markets; at fixed rates. This transaction on the US private placement
● California code Check, Inc., a US company specialized in market enabled the Group to extend the maturity of its debt by
construction code compliance and building safety; ten years:
● Primary Integration Solutions, Inc., a US company building ● USD 155 million for Bureau Veritas SA as from 2018;
commissioning and operational risk management services for ● USD 200 million for Bureau Veritas Holdings, Inc. as from 2017.
data center facilities;
● IPS Tokai Corporation, a Japanese company specializing in
Dividend payout
automotive electromagnetic compatibility testing; On May 22, 2017, the Group paid out dividends on eligible shares
totaling €239.8 million in respect of 2016.
● Ingeneria, Control y Administracion, SA de C.V. (“INCA”), a
Mexican company specialized in technical supervision of
building and infrastructure projects;
● ICTK Co. Ltd., a South Korean company specialized in smart
payment testing and certification services for mobile devices,
payment cards and point-of-sales terminals;

Note 3 Summary of significant accounting policies
The principal accounting policies applied in the preparation of the IFRS 9 deals with (i) the classification, measurement and
consolidated financial statements are described below. These derecognition of financial assets and liabilities (ii) introduces new
policies have been consistently applied to all periods presented, hedge accounting rules (iii) and sets out a new financial asset
unless otherwise stated. impairment model.
The Group considers that IFRS 9 will not impact the measurement
of its financial assets, the recognition of its financial liabilities (i) or
3.1 Basis of preparation its hedge accounting (ii). In terms of the new impairment model
based on expected losses and no longer solely on identified losses
The Group’s consolidated financial statements for the years as under IAS 39 (iii), the Group expects an increase of around 36%
ended December 31, 2017 and December 31, 2016 were in the provision for impairment of trade receivables.
prepared in accordance with International Financial Reporting The Group will apply IFRS 9 retrospectively as of January 1, 2018.
Standards (IFRS) as defined by the International Accounting Data for the comparative 2017 accounting period will not be
Standards Board (IASB) and adopted by the European Union (see restated:
the relevant European Commission regulations at
http://eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex:3208 ● IFRS 16, Leases, effective for accounting periods beginning on
R1126). or after January 1, 2019.
They were prepared based on the historical cost convention, Under the new standard, an asset (right to use a leased item)
except in the case of financial assets and liabilities measured at and a related liability are recognized on the statement of
fair value through profit or loss or equity such as marketable financial position for virtually all leases. The only exceptions
securities and derivative financial instruments. concern short-term leases or leases of low-value items. Details
of the impact of IFRS 16 are provided in Note 33 – Off-balance
The preparation of financial statements in compliance with IFRS sheet commitments and pledges.
requires the use of certain accounting estimates. It also requires
management to exercise its judgment when applying the Group’s The following new and/or amended standards and interpretations
accounting policies. The most significant accounting estimates effective for accounting periods beginning on or after January 1,
and judgments used in the preparation of the consolidated 2017 are not relevant to the Group’s operations and have not
financial statements are disclosed in Note 6 – Use of estimates. therefore been applied:
● IFRS 12, Disclosure of Interests in Other Entities, effective for
IFRS – new standards/ amendments to existing accounting periods beginning on or after January 1, 2017;
standards ● Amendments to IFRS 4, Insurance Contracts, effective for
As from January 1, 2017, the Group applies the following new or accounting periods beginning on or after January 1, 2018.
amended standards:
● Amendment to IAS 12, Recognition of Deferred Tax Assets for Work in progress at the IASB and the IFRIC
Unrealized Losses, effective for accounting periods beginning on The Group is monitoring the work of the IASB and the IFRIC that
or after January 1, 2017. This amendment clarifies the method could lead to a change in the treatment of put options on
for determining the existence of future taxable profits as the non-controlling interests. Based on the IFRIC’s Draft Interpretation
basis for recognizing deferred tax assets. It had no impact on
the 2017 consolidated financial statements;
of May 31, 2012, changes in the carrying amount of liabilities
relating to put options on non-controlling interests must be
recognized in profit or loss in line with IAS 39 and IFRS 9. In the
5
● Amendment to IAS 7, Disclosure Initiative, effective for
accounting periods beginning on or after January 1, 2017. This absence of specific IFRS guidance, the Group applies the
amendment sets out required additional disclosures about recommendations put forward by the French financial markets
changes in liabilities arising from financing activities on the authority (Autorité des marchés financiers – AMF) in
statement of financial position (particularly changes in liabilities November 2009, which state that the difference between the
not settled in cash). These disclosures are included in Note 24 – exercise price of put options on non-controlling interests and the
Borrowings and financial debt. carrying amount of non-controlling interests is to be shown as a
reduction of equity attributable to owners of the Company.
The following new standards, amendments to existing standards
and interpretations have been adopted by the European Union and
are available for early adoption in accounting periods beginning on
or after January 1, 2017: New principles
● IFRS 15, Revenue from Contracts with Customers, effective for
None.
accounting periods beginning on or after January 1, 2018.
Under this new standard, revenue is recognized when control of
the goods or services is transferred to the customer. The
impact and method of first-time application of IFRS 15 are
described in Note 3.14 – Revenue recognition;
● IFRS 9, Financial Instruments, effective for accounting periods
beginning on or after January 1, 2018.

Principles requiring management input Any residual unallocated goodwill following an acquisition may be
adjusted within 12 months of the acquisition date when the
process of allocating the purchase price to the fair value of the
acquiree’s identifiable assets and liabilities is completed.
3.2 Segment information Goodwill is carried at cost less any accumulated impairment
losses. Impairment losses on goodwill are not reversed. Goodwill is
Segments are defined in accordance with IFRS 8. Reportable not amortized but is tested annually for impairment.
segments correspond to operating segments identified in the
management data reported each month to the chief operating For the purpose of impairment testing, goodwill is allocated to
decision maker. The Group’s chief operating decision maker is its cash-generating units (“CGUs”) or to groups of CGUs. The
Chief Executive Officer. allocation is made to those CGUs or groups of CGUs that are
expected to benefit from the business combination in which the
goodwill arose.
3.3 Operating profit In 2017, the Group decided to align its CGUs with its segment
reporting (by business) and to no longer monitor certain CGUs by
“Operating profit” in the consolidated income statement region. Bureau Veritas has gradually evolved by structuring its
represents all income and expenses that do not result from businesses by global customer segment with a view to better
financing activities, taxes, or equity-accounted companies, and supporting and serving its customers both in France and across
which do not meet the definition of held for sale set out in IFRS 5. the world. It has also put in place global functions in order to
Operating profit includes income and expenses relating to optimize and standardize processes associated with its service
acquisitions (amortization of intangible assets, impairment of offering and functional activities.
goodwill, gains and losses on disposals and discontinued In light of this global management approach, the Group allocates
operations, acquisition fees, earn-out payments) and other items goodwill to each business segment in which it operates.
considered to be non-recurring.
Goodwill is tested for impairment annually or more frequently
when there is an indication that it may be impaired (see Note 11 –
Goodwill).
Key principles in light of the Group’s business
The Group applies the principles set out in IAS 36, especially
activities or financial position IAS 36.97 and IAS 36.98. CGUs included within groups of CGUs
are tested individually for impairment, before testing the Group to
3.4 Fair value estimates which they belong.
The fair value of financial instruments traded on an active market Goodwill is tested for impairment annually or more frequently
(such as derivatives and investments in respect of government when there is an indication that it may be impaired (see Note 11 –
contracts) is based on the listed market price at the end of the Goodwill). When there is an indication that an asset included in a
reporting period. This method corresponds to level 1 in the fair CGU may be impaired, that asset is first tested for impairment and
value hierarchy set out in IFRS 7. any loss in value recognized, before testing the CGU to which it
belongs. Similarly, any losses in value of a CGU are recognized
The fair value of financial instruments not traded on an active before testing the group of CGUs to which the goodwill is
market (e.g., over-the-counter derivatives) is determined using allocated.
valuation techniques. The assumptions used in such calculations
are based on either directly observable inputs such as prices or Any impairment losses are recognized in the currency of the
indirectly observable inputs such as price-based data. This method related goodwill, which corresponds to the currency of the
corresponds to level 2 in the fair value hierarchy set out in IFRS 7. acquired entities. Gains and losses on the disposal of an entity
include the carrying amount of goodwill relating to the entity sold
The fair value of financial instruments not based on observable at the date of the sale.
market data (unobservable inputs) is determined based on
information available within the Group. This method corresponds
to level 3 in the fair value hierarchy set out in IFRS 7.
3.6 Intangible assets
The levels of the fair value hierarchy used to price financial
instruments are set out in Note 34 – Additional financial Intangible assets include the following items:
instrument disclosures.
● customer relationships, brands, concessions, accreditations and
non-competition agreements acquired as part of a business
combination;
3.5 Goodwill
● computer software purchased externally or developed
Goodwill represents the excess of the cost of an acquisition over in-house.
the fair value of the Group’s share of the acquired entity’s net Start-up and research costs are expensed as incurred.
identifiable assets at the acquisition date, and is presented on a
separate line in the statement of financial position.

Customer relationships, brands, concessions, Impairment tests may be performed if there are indications that
accreditations and non-competition agreements the assets have suffered a loss in value. Such indications include:
acquired as part of a business combination ● the loss of one or more major contracts for the CGU;
Customer relationships, brands, concessions and non-competition ● where the CGU’s performance proves significantly worse than
agreements acquired as part of a business combination are expected;
recognized at historical cost, less any accumulated amortization.
Historical cost corresponds to the fair value of the assets ● where significant changes with an adverse effect on the CGU
concerned at the acquisition date. have taken place in the technological, market, economic or
legal environment in which it operates.
The fair value and useful life of these assets are generally
determined at the acquisition date by independent experts in the An impairment loss is recognized for the amount by which the
case of material acquisitions, and internally for all other carrying amount of a CGU or group of CGUs exceeds its
acquisitions. They are adjusted where appropriate within recoverable amount. The recoverable amount of a CGU or group of
12 months of that date. The amortization expense is calculated as CGUs corresponds to the higher of its fair value less costs to sell
from the acquisition date. and its value in use. Impaired non-financial assets other than
goodwill are reviewed at the end of each annual or interim
Intangible assets are amortized on a straight-line basis over their reporting period to determine whether the impairment should be
estimated useful lives. The estimated useful lives were as follows reversed. Fair value less costs to sell is estimated based on past
at the end of the reporting period: experience, by reference to a multiple of operating profit adjusted
for other operating income and expense and amortization expense
recognized in respect of intangible assets arising from business
Customer relationships Between 5 and 20 years combinations.
Brands Between 5 and 15 years Note 11 – Goodwill, sets out the methods and main assumptions
Concessions 7 years used for carrying out goodwill impairment tests.
Non-competition agreements Between 2 and 3 years
3.8 Income tax expense

The assets’ residual values and useful lives are reviewed and
adjusted if appropriate at the end of each reporting period. If the Deferred income tax is recognized using the liability method on all
carrying amount of an item of property, plant and equipment temporary differences arising between the tax bases of assets and
exceeds its recoverable amount, it is written down to the liabilities and their carrying amounts in the consolidated financial
estimated recoverable amount (see Note 3.7 – Impairment of statements. However, no deferred income tax is accounted for if it
non-financial assets). arises from the initial recognition of goodwill or an asset or liability
in a transaction – other than a business combination – that at the
Software time of the transaction affects neither accounting nor taxable
profit or loss.
Costs incurred in respect of acquired computer software and
software development are capitalized on the basis of the costs Deferred income taxes are determined using tax rates (and laws)
incurred to acquire, develop and bring the specific software into that have been enacted or substantively enacted by the end of the
use. These costs include borrowing costs directly attributable to reporting period and are expected to apply when the related
the acquisition or production of the software arising in the period deferred income tax asset is realized or the deferred income tax
preceding the one in which they are brought into service. They are
amortized on a straight-line basis or on the basis of production
units when the future economic benefits resulting from the
liability is settled.
Deferred income tax assets are recognized to the extent that it is
probable that future taxable profit will be available against which
5
software will not be consumed on a linear basis but according to the temporary differences and tax loss carryforwards can be
use (estimated in number of users). Amortization is charged over utilized.
the estimated useful life of the software, not to exceed 12 years.
Deferred income tax assets and liabilities are assessed on a
Costs associated with software maintenance are expensed as taxable entity basis, which may include several subsidiaries in one
incurred. country, and are offset at the level of the same taxable entity.
The CVAE tax (cotisation sur la valeur ajoutée des entreprises) is
shown in income tax expense.
3.7 Impairment of non-financial assets
Assets that have an indefinite useful life such as goodwill are not
subject to amortization but are tested annually for impairment. 3.9 Derivative financial instruments
Amortizable assets are reviewed for impairment whenever
specific events have occurred indicating that the carrying amount
may not be recoverable. Derivatives held for trading purposes
For the purposes of assessing impairment, assets are grouped at The Group may use derivatives such as interest swaps and collars
the lowest levels for which there are separately identifiable cash in order to hedge its exposure to changes in interest rates on
flows (CGUs or groups of CGUs). borrowings.
Contracts that do not meet the hedge accounting criteria set out
in IAS 39 are designated as assets and liabilities at fair value
through profit or loss. They are measured at fair value, with
changes in fair value recognized in “Other financial income and
expense, net” in the income statement. The accounting treatment
of contracts that meet the criteria for designation as cash flow

hedges under IAS 39 is described in the section on cash flow The liabilities are classified under current financial liabilities,
hedges below. except where payment is likely to take place at least 12 months
after the end of the reporting period, in which case they are
classified as non-current items.
Cash flow hedges
When a derivative is designated as an instrument hedging the
variability of cash flows associated with a recognized asset or 3.11 Pension plans and other long-term
liability, or a highly probable forecast transaction, the portion of
the gain or loss on the hedging instrument that is determined to employee benefits
be an effective hedge is recognized directly in equity. The gain or
loss recognized directly in equity is reclassified to profit or loss in The Group’s companies have various long-term obligations
the same period or periods during which the hedged transaction towards their employees for termination benefits, pension plans
itself affects profit or loss (such as in the periods that the foreign and long-service awards.
exchange gain or loss is recognized). The portion of the gain or loss The Group has both defined benefit and defined contribution
relating to the ineffective portion of the hedge is recognized plans.
immediately in profit or loss.
To hedge the currency risk on borrowings taken out in US dollars Defined contribution plans
and pounds sterling, the Group entered into currency swaps in
2008. These transactions have been designated as cash flow A defined contribution plan is a pension plan under which the
hedges since inception, as they meet all of the hedge accounting Group pays fixed contributions into a designated pension fund.
criteria set out in IAS 39. The Group has no legal or constructive obligation to pay further
contributions if the fund does not hold sufficient assets to pay all
employees the benefits relating to employee service in current
and prior periods.
3.10 Financial liabilities
For defined contribution plans, the Group pays contributions to
publicly or privately administered pension insurance plans on a
Borrowings mandatory, contractual or voluntary basis. The Group has no
further payment obligations in excess of these contributions. The
Borrowings are initially recognized at fair value net of transaction contributions are recognized in personnel costs when they fall due.
costs incurred, and subsequently stated at amortized cost. Prepaid contributions are recognized as an asset to the extent
Interest on borrowings is recorded in the income statement under that they result in a cash refund or a reduction in future payments.
“Finance costs, gross” using the effective interest method. Debt
issuance costs are recorded as a reduction of the carrying amount Defined benefit plans
of the related debt and are amortized through profit or loss over
the estimated term of the debt using the effective interest A defined benefit plan is a pension plan that is not a defined
method. contribution plan. An example is a plan that defines the amount of
the pension an employee will receive on retirement, usually
Borrowings are classified as current liabilities in the statement of dependent on one or more factors such as age, years of service
financial position unless the Group has an unconditional right to and compensation.
defer settlement of the liability for at least 12 months after the
end of the reporting period, in which case they are classified as The liability recognized in the statement of financial position in
non-current. respect of defined benefit plans is the present value of the defined
benefit obligation at the end of the reporting period less the fair
value of plan assets.
Liabilities relating to put options granted to
holders of non-controlling interests The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The
Put options granted to holders of non-controlling interests in present value of the defined benefit obligation is determined by
subsidiaries that do not transfer the related risks and rewards give discounting the estimated future cash outflows based on the yield
rise to the recognition of a liability for the present value of the on investment-grade corporate bonds that are denominated in the
most likely exercise price calculated using a risk-free interest rate. currency in which the benefits will be paid and that have terms to
This debt is recognized within financial liabilities; the adjusting maturity approximating the terms of the related pension liability.
entry is posted to equity attributable to non-controlling interests
for the carrying amount and to equity attributable to owners of Actuarial gains and losses arising from experience adjustments
the Company for the residual balance. and changes in actuarial assumptions when estimating pension
obligations are recognized in equity in the consolidated statement
In the absence of specific IFRS guidance, the Group complies with of comprehensive income in the period in which they arise.
the recommendations issued by the AMF in 2009. Accordingly,
subsequent changes in the liability are also recognized in equity
attributable to non-controlling interests for their carrying amount
and in equity attributable to owners of the Company for the
residual balance (including the impact of unwinding the discount).
The corresponding cash flows are presented as relating to
financing activities in the statement of cash flows.

3.12 Provisions for liabilities and charges Performance share awards
Performance shares are accounted for in the same way as stock
Provisions for liabilities and charges are recognized when the subscription options.
Group considers that at the end of the reporting period it has a
present legal obligation as a result of past events; it is probable
that an outflow of resources will be required to settle the
obligation; and the amount of the obligation can be reliably 3.14 Revenue recognition
estimated.
Revenue represents the fair value net of tax of the consideration
The amount recognized as a provision is the best estimate of the received or receivable for services rendered by Group companies
expenditure required to settle the present obligation at the end of in the ordinary course of their business, after elimination of
the reporting period. The costs the Group ultimately incurs may intra-group transactions. The Group recognizes revenue when the
exceed the amounts set aside to such provisions due to a variety amount of revenue can be reliably measured and it is probable
of factors such as the uncertain nature of the outcome of the that future economic benefits will flow to the Group.
disputes. Provisions for claims and disputes whose outcome will
only be known in the long term are measured at the present value The majority of the Group’s contracts give rise to a large number
of the expenditures expected to be required to settle the of very short-term projects in a single contract. The Group
obligation concerned, using a pre-tax discount rate that reflects recognizes revenue from these contracts using a
current market assessments of the time value of money and the percentage-of-completion method based on the completion of
risks specific to the obligation. The increase in the provision due to each project.
the passage of time is recognized in “Other financial income and Other contracts cover longer-term projects, especially in the
expense, net” in the income statement. Marine & Offshore, Buildings & Infrastructure businesses (see
Note 7 – Segment information). For these contracts, the Group
uses the percentage-of-completion method based on costs
3.13 Share-based payment incurred (cost to cost method) to determine the amount of
revenue to be recognized during a given period, to the extent the
In 2007, the Group awarded stock subscription options and set up outcome of the contracts concerned can be reliably estimated.
new long-term compensation plans in connection with its initial The percentage of completion is determined by reference to the
public offering (IPO). These plans have been in place since 2008. contract costs incurred up to the end of the reporting period as a
The Group applies IFRS 2, Share-based Payment to stock percentage of the estimated total costs for the contract. This
subscription option plans set up in 2007 in connection with the percentage of completion, applied to the total estimated margin
IPO, and to the plans put in place since 2008 and described below. on the contract, represents the margin to be recognized in that
period. If the estimated margin is negative, a provision for other
liabilities and charges is recorded for the entire estimated amount
of the contract.
Share-based payment plans set up since 2008
Stock purchase and subscription options IFRS 15, Revenue from Contracts with
The fair value of the employee services received in exchange for
Customers
the award of stock options is recognized as an expense, with an Based on an analysis of IFRS 15 accounting principles applicable
adjusting entry to equity. The total amount expensed over the to the main types of contracts in each of its six sectors, the Group
vesting period of the rights under these awards is calculated by did not identify a material impact at January 1, 2018, notably in
reference to the fair value of the options awarded at the grant
date. The resulting expense takes into account the estimated
option cancellation ratio and, where appropriate, any non-market
terms of the date of revenue recognition. In most cases, revenue
under contracts containing an enforceable right to payment or
meeting the condition that another entity would not need to
5
vesting conditions (such as profitability and sales growth targets). re-perform the work the entity has completed at the end of the
reporting period, continues to be recognized using the
The assumptions used to value the Group’s stock options are
percentage-of-completion method. The Group intends to apply
described in Note 23 – Share-based payment.
the modified retrospective approach in which the impact of
The proceeds received net of any directly attributable transaction first-time application of the standard is recognized in retained
costs are credited to share capital for the nominal value and to earnings at January 1, 2018 and figures for the current period are
share premium for the balance when the options are exercised. not restated.
Standard principles applicable

3.15 Basis of consolidation ● it is exposed, or has rights, to variable returns from its
involvement with the investee; and
Subsidiaries are all entities controlled by the Group and are fully ● it has the ability to affect the amount of those returns through
consolidated. its power over the investee.
The Group considers it has control over a subsidiary (investee) Subsidiaries are fully consolidated from the date on which control
when: is transferred to the Group. They are removed from the scope of
● it has power over the investee; consolidation as of the date control ceases.

The acquisition method is used to account for acquisitions of 3.16 Translation of the financial statements
subsidiaries by the Group. The cost of an acquisition is measured
as the fair value of the assets given, equity instruments issued and of foreign subsidiaries
liabilities incurred or assumed at the date of exchange. Costs
directly attributable to the acquisition are expensed as incurred. Functional and presentation currency
Identifiable assets acquired and liabilities and contingent liabilities Items included in the financial statements of each of the Group’s
assumed in a business combination are measured initially at their entities are measured using the currency of the primary economic
fair value at the acquisition date. For each acquisition, the Group environment in which the entity operates (“functional currency”).
measures non-controlling interests either at fair value or at their The consolidated financial statements are presented in millions of
share in net identifiable assets. The excess of the cost of an euros, which is the Company’s functional and presentation
acquisition plus any non-controlling interests in the acquiree over currency.
the fair value of the Group’s share of the net identifiable assets
acquired is recognized as goodwill (see Note 11 – Goodwill). If the
fair value of the net assets of the subsidiary acquired exceeds the Foreign subsidiaries
net cost of the acquisition plus any non-controlling interests in the
acquired entity, the difference is recognized directly in the income The functional currency of foreign subsidiaries is the local currency
statement. of the country in which they operate. No country in which
significant Bureau Veritas subsidiaries or branches are located was
In accordance with IFRS 3 (revised), the Group has 12 months considered to be a hyper-inflationary economy in 2016 or 2017.
from the acquisition date to finalize the allocation of the purchase
price to the fair values of the acquiree’s identifiable assets and Assets and liabilities of foreign subsidiaries are translated into
liabilities. euros at the closing exchange rate (excluding monetary items),
while income and expense items are translated at average
Intra-group transactions, as well as unrealized gains or losses on exchange rates for the year. All resulting currency translation
transactions between Group companies, are eliminated in full. All differences are recognized under “Currency translation reserves”
companies are consolidated based on their financial position at within equity. Where several exchange rates exist, the rate
the end of each reporting period presented, and their accounting adopted is the rate used for dividend payments.
policies are aligned where necessary with those adopted by the
Group. When a foreign operation is sold, the currency translation
differences that were initially recorded in equity are recognized in
the income statement as part of the gain or loss on the sale.
Non-controlling interests Goodwill and fair value adjustments arising on the acquisition of a
Acquisitions and disposals of investments that do not result in foreign operation as well as financing for which repayment is
gain or loss of control are recognized in consolidated equity within neither planned nor likely in the foreseeable future are accounted
“Other movements” as transfers between equity attributable to for as assets and liabilities of the foreign operation and translated
owners of the Company and equity attributable to non-controlling into euros at the closing exchange rate. Currency translation
interests, with no impact on the income statement. The differences initially recognized in equity are not transferred to
corresponding cash flows are presented within cash flows relating “Gains (losses) on disposals of businesses” for partial repayments
to financing activities in the statement of cash flows. The of financing accounted for as a liability of a foreign operation.
corresponding costs are accounted for in the same way.
Equity-accounted companies 3.17 Foreign currency transactions

Equity-accounted companies are all entities over which the Group
has significant influence but not control, generally when it holds Foreign currency transactions are translated using the exchange
between 20% and 50% of the voting rights. Investments in rates prevailing at the transaction date. At the end of each
equity-accounted companies are initially recognized at cost as reporting period, monetary items denominated in foreign
from the date significant influence was acquired. currencies are remeasured at the closing rate. Foreign exchange
gains and losses resulting from the settlement of transactions in
The Group’s share of its equity-accounted companies’ foreign currencies and from the translation of monetary assets
post-acquisition profits or losses is recognized in the consolidated and liabilities denominated in foreign currencies are recognized in
income statement. the income statement as financial income or expense.
Joint ventures
Joint ventures are companies controlled jointly by the Group
pursuant to an agreement concluded with a view to carrying on a 3.18 Property, plant and equipment
business activity over an average period of three to four years. The
consolidated financial statements include the Group’s All items of property, plant and equipment except for land are
proportionate interest in the assets, liabilities, income and stated at historical cost less accumulated depreciation and
expenses of joint ventures. Similar items are combined line-by-line impairment losses. Historical cost includes expenditure that is
from the date joint control is effective until the date on which it directly attributable to the acquisition or construction of the
ceases. assets, in particular borrowing costs directly attributable to the
acquisition or production of property, plant and equipment arising
in the period preceding the one in which the assets concerned are
brought into service. Subsequent expenditure is included in an
asset’s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that the future economic
benefits associated with the asset will flow to the Group and the

cost of the asset can be measured reliably. All repair and market. They are included in non-current assets as they fall due
maintenance costs are expensed as incurred. more than 12 months after the end of the reporting period.
Guarantees and deposits are initially recognized at fair value.
Land is not depreciated. Depreciation on other items of property,
plant and equipment is calculated using the straight-line method
over the estimated useful lives of the assets, as follows:
3.21 Treasury shares
Buildings Between 20 and 25 years Treasury shares are recognized at cost as a deduction from equity.
Fixtures and fittings 10 years Gains and losses on disposals of treasury shares are also
recognized in equity and are not included in the calculation of
Machinery and equipment Between 5 and 10 years profit for the period.
Vehicles Between 4 and 5 years
Office equipment Between 5 and 10 years
IT equipment Between 3 and 5 years 3.22 Non-current assets and liabilities held
Furniture 10 years for sale
Non-current assets (or disposal groups/liabilities) are classified as
The assets’ residual values and useful lives are reviewed and held for sale and measured at the lower of their carrying amount
adjusted if appropriate at the end of each reporting period. If the and their fair value less costs to sell if their carrying amount will be
carrying amount of an item of property, plant and equipment recovered principally through a sale transaction.
exceeds its recoverable amount, it is written down to the
estimated recoverable amount (see Note 3.7 – Impairment of
non-financial assets).
3.23 Current financial assets
Gains or losses on disposals of property, plant and equipment are
determined by comparing the sale proceeds with the carrying This class of assets generally corresponds to financial assets held
amount of the asset sold and are shown within “Other operating for trading purposes. These assets are initially recognized at fair
income and expense, net” in the income statement. value, and the transaction costs are expensed in the income
statement. At the end of the reporting period, current financial
assets are remeasured at fair value, and any gains or losses arising
3.19 Investments in non-consolidated from changes in fair value are taken to profit or loss.
companies
This caption includes investments in companies over which the 3.24 Trade and other receivables
Group does not exercise control or significant influence.
Trade and other receivables are measured at fair value less any
On initial recognition, these investments are stated at purchase impairment losses.
price plus transaction costs. If the fair value of these financial
assets cannot be measured reliably at the end of the reporting An impairment loss is recognized against trade receivables when
period, the assets are carried at historical cost less any there is objective evidence that the Group will not be able to
accumulated impairment losses. collect all amounts due according to the original terms of the
Dividends attached to the investments are recognized in the
income statement under “Other financial income” when the
transaction. Significant financial difficulties of the debtor,
probability that the debtor will enter bankruptcy or financial
reorganization, and default or delinquency in payments are
5
Group’s right to receive payment is established. considered indications that a trade receivable is impaired. An
At the end of each reporting period, the Group assesses whether analysis of doubtful receivables is performed based on the age of
there is any objective indication that its investments in the receivable, the credit standing of the client and whether or not
non-consolidated companies are impaired. Examples of such the related invoice is disputed. The carrying amount of the asset is
indications include: reduced through the use of an impairment account, and the
amount of the loss is recognized in the income statement as “Net
● evidence that the entity is in a loss-making situation; (additions to)/reversals of provisions”.
● where the entity’s financial performance proves significantly When a trade receivable is uncollectible, it is written off and the
worse than expected; impairment loss is reversed. Subsequent recoveries of amounts
● where significant changes with an adverse effect on the entity previously written off are credited to “Other operating income and
have taken place in the economic environment in which it expense, net”.
operates.
When the Group considers that an investment is impaired, an
expense is recorded in the income statement under “Other 3.25 Cash and cash equivalents
financial income and expense, net”.
Cash and cash equivalents include cash in hand, monetary mutual
funds (SICAV), deposits held at call with banks, and other
short-term highly liquid investments with original maturities of
3.20 Other non-current financial assets three months or less. Bank overdrafts are shown within current
financial liabilities on the statement of financial position.
Other non-current financial assets mainly comprise guarantees
and deposits. Changes in the fair value of cash and cash equivalents are
recognized through profit or loss.
Guarantees and deposits are non-derivative financial assets with
fixed or determinable payments that are not quoted on an active

3.26 Trade payables Bureau Veritas acquires minor items of equipment under finance
leases that transfer to the Group substantially all the risks and
Trade payables are carried at fair value. All of the Group’s trade rewards of ownership. These assets are reported as property,
payables have maturities of one year or less and are classified plant and equipment for an amount equal to the estimated
under current liabilities. present value of future minimum lease payments. The
corresponding liabilities are included in bank borrowings and debt.
3.27 Leases
3.28 Dividends paid
Leases under which the majority of the risks and rewards of
ownership are retained by the lessor are classified as operating Dividends paid to the Company’s shareholders are recognized as a
leases. Payments made under operating leases are charged to the liability in the Group’s financial statements in the period in which
income statement on a straight-line basis over the lease term. the dividends are approved by the Company’s shareholders.
Note 4 Financial indicators not defined by IFRS

In its external reporting, the Group uses several financial indicators Since a measurement period of 12 months is allowed for
that are not defined by IFRS. determining the fair value of acquired assets and liabilities,
amortization of intangible assets in the year of acquisition may, in
These are defined below:
some cases, be based on a temporary measurement and be
Adjusted Operating Profit represents the Group's operating profit subject to minor adjustments in the subsequent reporting period,
before income and expenses relating to business combinations once the definitive value of the intangible assets is known.
and other non-recurring items.
Adjusted Operating Profit is the main indicator monitored
When an acquisition is carried out during the financial year, the internally and is considered by management to be the most
amortization of the related intangible assets is calculated on a representative of the Group’s operating performance in its
time proportion basis. business sector.
(€ millions) 2017 2016

Operating profit 606.3 609.7
Amortization of intangible assets resulting from acquisitions 77.1 79.5
Restructuring costs 57.1 42.6
Gains on disposals of businesses and other income and expenses relating to acquisitions 5.0 3.1
ADJUSTED OPERATING PROFIT 745.5 734.9
Adjusted attributable net profit is defined as net profit attributable to owners of the Company adjusted for income and expenses relating
to acquisitions and other non-recurring items, net of tax.
(€ millions) 2017 2016

Net profit attributable to owners of the Company 308.0 319.4
Income and expenses relating to acquisitions and other non-recurring items 139.2 125.2
Net profit (loss) from discontinued operations 8.6 -
Tax impact (39.7) (35.6)
ADJUSTED ATTRIBUTABLE NET PROFIT 416.1 409.0
Free cash flow relates to net cash generated from operations adjusted for net purchases of property, plant and equipment, intangible
assets and interest paid.
(€ millions) 2017 2016

Proceeds from sales of property, plant and equipment and intangible assets 8.9 10.7
FREE CASH FLOW 349.6 362.5
Adjusted net financial debt is defined in Note 24 – Borrowings and financial debt.

Note 5 Financial risk management
The Group is exposed to a variety of financial risks (currency, Interest rate risk
interest rate, credit and liquidity risks) that may affect its assets,
liabilities and operations. The Group is exposed to the risk of fluctuations in interest rates on
The Group’s policy is to constantly identify, assess and, where its floating-rate debt.
appropriate, hedge such risks with a view to limiting its exposure. Interest rate exposure is monitored on a monthly basis. The Group
Derivative instruments are used only to hedge identified risks and continually analyses the level of hedges put in place and ensures
not for speculative purposes. The Group has specific procedures that they are appropriate for the underlying exposure.
for dealing with each of the risks mentioned above and for each
instrument used (derivatives, cash investments). Group entities Additional disclosures are provided in Note 34 – Additional
are not authorized to enter into market transactions other than financial instrument disclosures.
currency spot transactions with their financial partners.
The Finance and Treasury department is in charge of setting up
hedges. Simulations are carried out or mandated by the Finance Credit risk
and Treasury department to allow it to assess the impact of
different scenarios on the Group’s financial statements. The Group derives revenue from its business with around
400,000 clients in 140 countries.
The risk exposure resulting from the United Kingdom’s decision to
leave the European Union (“Brexit”) is not material. The Bureau The Group’s revenue is not dependent on major clients. In 2017,
Veritas' revenue in the UK accounted for 3.7% of total its largest client accounted for 1.3% of consolidated revenue and
consolidated revenue in 2017 and is mainly derived locally. the total revenue generated with its 20 largest clients
Internal financing granted by the Group to certain UK entities is represented less than 15% of consolidated revenue.
denominated in pounds sterling and hedged by the Group as
described above. Other risks relating to Brexit, namely contractual However, some of the Group’s businesses, particularly Consumer
or HR risks, are monitored by the Legal and HR departments, Products, Industry and Agri-Food & Commodities, generate
which will make the necessary adjustments as the United significant revenue at their level with some clients.
Kingdom exits the European Union. For example in 2017, the biggest client of the Consumer Products
and Industry businesses accounted for 4.0% and 4.3%,
respectively, of that business’s revenue. The loss of these
two major clients could have a material adverse impact on the
Currency risk activity, financial position, results or outlook of the business
concerned.
The Group operates internationally and is therefore exposed to
currency risk arising from its exposure to different foreign The Group does not consider that its credit risk exposure could
currencies. This risk is incurred both on transactions carried out by have a material adverse impact on its business, financial position,
Group entities in currencies other than their functional currency results or outlook.
(currency risk on operations), as well as on assets and liabilities
Note 20 – Trade and other receivables provides a detailed
denominated in foreign currencies other than the presentation
breakdown by maturity of receivables not covered by provisions.
currency for consolidated financial statements, i.e., euros
(translation risk).
For some of the Group’s businesses exposed to globalized
markets, chiefly the Agri-Food & Commodities, Consumer Liquidity risk
5
Products, Marine & Offshore and Industry businesses, certain sales
are denominated in US dollars or influenced by the price of the US The Group may have to meet payment commitments arising in the
dollar. They are therefore indirectly affected by the changes in the ordinary course of its business. At December 31, 2017, the Group
US currency. also had access to an undrawn confirmed credit line totaling
€450 million (syndicated facility) in addition to cash.
Additional analyses and disclosures regarding currency risk are
provided in Note 34 – Additional financial instrument disclosures, These facilities are described in more detail in Note 24 –
as well as Note 19 – Derivative financial instruments. Borrowings and financial debt.
Counterparty risk
Counterparty risk arising on trade receivables is limited due to the
large number of clients and the broad range of businesses and
countries concerned (France and international).

The financial instruments potentially exposing the Group to less. Cash and cash equivalents totaling €364.3 million are spread
counterparty risk are mainly cash and cash equivalents and among the Group’s subsidiaries, thereby limiting concentration
derivative financial instruments. Counterparty risk arising on risk. Financial transactions are chiefly entered into by Bureau
financial institutions is limited thanks to the Group’s policy of Veritas SA with a limited number of investment grade banks under
pooling cash with the parent company wherever possible and FBF-type or similar master arrangements.
restricting the type and term of investments to three months or
Note 6 Use of estimates

The preparation of financial statements involves the use of generally measured by independent experts using assumptions
estimates, assumptions and judgments that may affect the relating to business forecasts for the companies concerned.
carrying amounts of certain items in the statement of financial Details of the Group’s acquisitions during the year are provided in
position and/or income statement as well as the disclosures in the Note 12 – Acquisitions and disposals.
notes.
The estimates, assumptions and judgments used were determined
based on the information available when the financial statements Impairment of goodwill
were drawn up and may not reflect actual conditions in the future.
The main estimates, assumptions and judgments used are The Group tests annually whether the value of goodwill is
described below. impaired, in accordance with the accounting policy described in
Note 3.7 – Impairment of non-financial assets. The recoverable
amounts of cash-generating units have been determined based on
value-in-use calculations. These calculations require the use of
Measurement of provisions for claims assumptions, which are described in Note 11 – Goodwill.
and disputes
The Group records provisions for claims and disputes in Income taxes
accordance with the accounting policy described in Note 3.12
– Provisions for liabilities and charges. The Group is subject to income taxes in numerous jurisdictions.
These provisions are measured using various estimates and Judgment is required by management in determining the
assumptions by reference to statistical data based on historical worldwide provision for income taxes. The Group considers that
experience. They are discounted based on an estimate of the its ultimate tax estimate is reasonable in the ordinary course of its
average duration of the obligation, an assumed rate of inflation business.
and a discount rate that reflects the term to maturity of the The Group recognizes deferred income tax assets for deductible
obligation concerned. temporary differences and tax loss carryforwards to the extent
Provisions for claims representing material amounts for which a that it deems probable such assets will be recovered in the future
lawsuit has been filed are measured on a case-by-case basis (see Note 16 – Deferred income tax, for details of the deferred
relying on independent experts’ reports where appropriate. The income taxes recognized by the Group).
costs that the Group ultimately incurs may exceed the amounts
set aside to such provisions due to a variety of factors such as the
uncertain nature of the outcome of the disputes. Revenue recognition
The Group uses the percentage-of-completion method in
Measurement of provisions for impairment accounting for certain service contracts (see Note 3.14 – Revenue
recognition, in the accounting policies section). Use of this method
of trade receivables requires the Group to estimate the services provided to date as a
proportion of the total services to be provided.
Impairment booked against trade receivables is assessed on a
case-by-case basis based on the financial position of the debtor
concerned and the probability of default or delinquency in
payments. Measurement of long-term employee benefits
The cost of long-term employee benefits under defined benefit
plans is estimated using actuarial valuation methods. These
Measurement of intangible assets acquired methods involve the use of a number of different assumptions,
in business combinations which are described in further detail in Note 26 – Pension plans
and other long-term employee benefits. Due to the long-term
Intangible assets acquired in business combinations carried out by nature of such plans, these estimates are subject to significant
the Group include customer relationships, brands, concessions and uncertainties.
non-competition agreements. The fair value of these items is

Fair value of share-based payments
Share-based payments are expensed over the vesting period, transactions. Fair value is measured using appropriate valuation
based on their fair value at the grant date for equity-settled models requiring estimates of certain inputs as described in
instruments or at the end of the reporting period for cash-settled further detail in Note 23 – Share-based payment.
Note 7 Segment information

Only a segment analysis of revenue and operating profit is In accordance with IFRS 8, Operating Segments, the Group’s
presented as monitored by Group management. business segments are organized according to the type of services
provided and the markets and characteristics of clients. These
Intra-segment transactions have been eliminated.
segments correspond to the six businesses described in
Financial income and expense and income tax expenses are not section 1.1 – General overview of the Group and section 1.6
allocated by business segment as they are managed at country – Presentation of business activities of the 2017 Registration
level rather than by business. document.
Operating income and expenses relating to holding companies are Certain activities were reallocated to different businesses in 2017.
allocated to the different segments in proportion to segment To provide a meaningful comparison, data for 2016 have been
revenue. adjusted to reflect this new presentation.
Revenue Operating profit

(€ millions) 2017 2016 2017 2016
Marine & Offshore 364.9 391.9 72.7 89.6
Agri-Food & Commodities 1,072.6 1,004.6 84.0 76.7
Industry 1,096.3 1,132.0 93.2 103.7
Buildings & Infrastructure 1,119.9 1,029.0 141.3 132.7
Certification 368.6 353.5 59.8 56.0
Consumer Products 667.1 638.3 155.3 151.0
TOTAL 4,689.4 4,549.2 606.3 609.7
Note 8 Operating income and expense
(€ millions) 2017 2016

5
Supplies (98.2) (88.2)
Operational subcontracting (385.0) (381.0)
Lease payments (150.3) (144.2)
Transport and travel costs (396.1) (383.8)
Service costs rebilled to clients 85.4 82.9
Other external services (449.9) (426.0)
Total purchases and external charges (1,394.1) (1,340.3)
Salaries and bonuses (1,922.0) (1,845.3)
Payroll taxes (438.4) (414.6)
Other employee-related expenses (88.6) (90.0)
Total personnel costs (2,449.0) (2,349.9)
Provisions for receivables (18.2) (25.3)
Provisions for liabilities and charges 6.7 (6.4)
Total (additions to)/reversals of provisions (11.5) (31.7)
Gains/(losses) on disposals of property, plant and equipment and intangible assets (2.2) (1.2)
Gains/(losses) on disposals of businesses - (0.5)
Other operating income and expense 23.8 31.3
TOTAL OTHER OPERATING INCOME AND EXPENSE, NET 21.6 29.6

“Other external services” comprises various costs such as costs In 2017, “Other operating income and expense” includes income of
relating to temporary staff, telecommunications, insurance €10.3 million corresponding to the 2017 CICE tax credit (2016:
premiums and fees. €8.9 million ), as well as income of €2.5 million corresponding to
the research tax credit (2016: €2.7 million). Unpaid contingent
“Other employee-related expenses” includes the cost of stock
consideration on acquisitions in previous years is also included in
options and performance shares, as well as costs relating to
this caption for a net amount of €1.0 million in 2017 (2016:
long-term employee benefits.
€3.2 million).
Note 9 Other financial income and expense
(€ millions) 2017 2016

Proceeds from sales of non-current financial assets - -
Implicit return on funded pension plan assets 0.3 0.3
Other financial income 0.3 0.3
Foreign exchange gains/(losses) (12.1) 8.7
Interest cost on pension plans (3.1) (3.1)
Other (2.0) (2.5)
Other financial income/(expense) (17.2) 3.1
OTHER FINANCIAL INCOME AND EXPENSE, NET (16.9) 3.4
In 2017, the interest rate component of gains and losses on €1.1 million (2016: total income of €0.4 million) and was recorded
foreign currency derivatives represented total income of within “Finance costs, gross”.
Note 10 Income tax expense
(€ millions) 2017 2016

Current income tax (189.0) (199.5)
Deferred income tax 24.2 10.6
TOTAL (164.8) (188.9)
Income tax expense on consolidated revenue amounted to remeasured to reflect the decrease in the US tax rate approved at
€164.8 million in 2017 compared to €188.9 million in 2016. The the end of 2017.
effective tax rate, corresponding to the income tax expense
The Group, assisted by its advisors, deems that the provisions for
divided by the amount of pre-tax profit, was 32.8% in 2017
liabilities relating to all ongoing tax disputes presented in its
compared with 36.0% in 2016.
financial statements reflect the best estimate of the potential
The adjusted effective tax rate was 31.8% (2016: 34.6%). This consequences of those disputes.
year-on-year decrease of 2.8 percentage points reflects a
Deferred tax represents income of €24.2 million in 2017 (2016:
combination of one-off items, including the refund in 2017 of the
income of €10.6 million), and essentially corresponds to the
dividend contribution after this was declared null and void by the
reversal of a deferred tax liability on non-deductible amortization
French Constitutional Court. The Group’s deferred taxes were
charged against customer relationships.

The difference between the effective tax expense and the theoretical tax obtained by applying the French standard tax rate to consolidated
profit before income tax can be analyzed as follows:
(€ millions) 2017 2016

French parent company tax rate 34.4% 34.4%
Theoretical income tax charge based on the parent company tax rate (173.3) (180.4)
Income tax impact of transactions subject to a reduced tax rate 2.4 2.1
Differences in foreign tax rates(a) 47.1 42.8
Impact of unrecognized tax losses (11.2) (8.0)
Utilization of previously unrecognized tax losses 1.5 4.9
Permanent differences (4.1) (7.5)
Changes in estimates 9.1 (4.9)
CVAE tax (10.8) (12.1)
Tax on income distributed (7.2) (6.7)
Tax on dividends received from subsidiaries (18.3) (19.0)
Other - (0.1)
ACTUAL INCOME TAX EXPENSE (164.8) (188.9)
EFFECTIVE INCOME TAX RATE 32.8% 36.0%
(a) In 2017, the biggest differences in tax rates compared to France were found in China, Hong Kong, Taiwan, UK, Bangladesh, Vietnam, South Korea, Turkey,
Indonesia and Canada.
The breakdown of the tax effect on other comprehensive income is as follows:
2017 2016
(€ millions) Before tax Tax After tax Before tax Tax After tax
Currency translation differences (217.1) (217.1) 53.2 53.2
Actuarial gains/(losses) (3.4) 2.2 (1.2) (19.1) 3.6 (15.5)
Cash flow hedges 0.6 (0.2) 0.4 (0.8) 0.3 (0.5)
TOTAL OTHER COMPREHENSIVE

INCOME/(EXPENSE) (219.9) 2.0 (217.9) 33.3 3.9 37.2
5
Note 11 Goodwill
Changes in goodwill in 2017
(€ millions) 2017 2016

Gross value 2,128.0 1,949.1
Accumulated impairment (150.4) (148.7)
Net goodwill at January 1 1,977.6 1,800.4
Acquisitions of consolidated businesses during the year 126.6 126.8
Currency translation differences and other movements (139.1) 50.4
Net goodwill at December 31 1,965.1 1,977.6
Gross value 2,111.1 2,128.0
Accumulated impairment (146.0) (150.4)
NET GOODWILL AT DECEMBER 31 1,965.1 1,977.6

Allocation of goodwill to CGUs in 2017

Goodwill allocated to the Group’s main cash-generating units (CGUs) at December 31, 2017 can be analyzed as follows:
(€ millions) December 2017 December 2016

Marine & Offshore 40.2 42.6
Agri-Food & Commodities 753.7 777.3
Industry 414.9 439.2
Buildings & Infrastructure 381.3 332.9
Certification 34.4 36.7
Consumer Products 340.6 348.9
TOTAL 1,965.1 1,977.6
Impairment testing methodology Following these organizational and reporting changes, the Group
reviewed its CGUs in light of accounting standards (strategy, cash
The Group tests goodwill for impairment at the end of each flow generation, operational management, decision centers) and
reporting period, and whenever there is an indication that it may adapted its current structure of CGUs and groups of CGUs for the
be impaired. In order to do so, goodwill is allocated to upcoming impairment tests.
cash-generating units (CGUs) or groups of CGUs. It decided to align its groups of CGUs with its operating segments.
In 2017, the Group carried out an in-depth review of the groups of In practice, as from 2017 the Group now allocates goodwill to
CGUs identified for its different businesses. This review followed six CGUs or groups of CGUs:
changes made to the Group’s organizational structure and
reporting processes two years ago: ● Marine & Offshore;
● a new “CIF” division was created by combining the Commodities ● Agri-Food & Commodities;

and Industry & Facilities (I&F) divisions; ● Industry;
● in the CIF division, the role of the Global Service Lines (GSL) was ● Buildings & Infrastructure;
reinforced and a matrix-based organization put in place;
● Certification;
● the former “GSIT” operating segment (government services and
international trade) was included within the Industry ● Consumer Products.
(businesses related to the automotive market) and within The recoverable amount of CGUs is determined as set out in
Agri-Food & Commodities (other businesses) segments; Note 3.7 – Impairment of non-financial assets. Assets are tested
● regarding the former “IVS” operating segment (In-Service for impairment by estimating their value in use.
Inspection & Verification), IVS businesses related to industrial Value in use corresponds to surplus future cash flows generated
buildings (oil & gas, metals & minerals, energy, chemicals, by a CGU. These cash flows are estimated after allowing for
automotive) were absorbed within the Industry segment, while maintenance expenditure, changes in working capital
other IVS activities (commercial buildings, public infrastructure) requirements, and any non-recurring items. They are net of tax but
were absorbed within the Buildings & Infrastructure segment exclude external financing costs. The cash flows are based on the
(which also includes the former Construction segment). latest medium- and long-term earnings forecasts.
Since January 1, 2017, the Group's reporting has therefore been There are two key inputs to the cash flow forecasts:
based on six operating divisions: Marine & Offshore,
Agri-Food & Commodities, Industry, Buildings & Infrastructure, Growth assumptions: cash surpluses depend on the performance
Certification and Consumer Products. of a CGU or group of CGUs which is based on assumptions
regarding the growth of the businesses concerned over a five-year
The purpose of this more matrix-based organization is to (i) period. Beyond this period, performance is calculated using a
enhance the strategic fit between businesses and promote perpetual growth rate approximating the rate of inflation for the
cross-selling opportunities, sharing the same network, CGU or group of CGUs. A perpetual growth rate of 2.0% was used.
product/service offers and IT tools, (ii) serve international
customers by combining a global approach (key account Discount rate: value in use is based on estimated surplus cash
management) with local execution, (iii) leverage scale to define flows discounted at the weighted average cost of capital (WACC).
new services or invest in new tools, (iv) rapidly adapt to changes in The discount rates used are post-tax rates. The WACC used in the
markets by pooling leading-edge technical expertise, and (v) lead a calculations is determined by an independent expert and adapted
consistent acquisitions strategy aligned with the overall objectives to the Group’s different businesses and geographic areas in which
of each business line. the CGUs or groups of CGUs are present.

Results of 2017 impairment tests Sensitivity analysis
The growth outlook for the Group as a whole remained largely Sensitivity analyses were carried out to determine the impacts
unchanged. should the Group fail to achieve its business plan projections
(updated in the second half of 2017), including revenue, operating
The discount rate used in 2017 was 6.5% (2016: 7.3%) for the
margin and the discount rate. For revenue and operating margin,
three groups of CGUs that remained the same as in 2016
no reasonably possible change in these inputs could lead to the
(Consumer Products, Marine & Offshore, Certification).
recoverable amount falling below the carrying amount. The
The three other groups of CGUs are tested for impairment using findings were similar for the discount rate, even if the discount
the following discount rates: 8.1% for Agri-Food & Commodities rate were to increase by two percentage points.
(2016: 8.2%), 7.7% for Industry (2016: 7.3%) and 7.1% for
There is no reasonably possible change in key assumptions for a
Buildings & Infrastructure (no comparable data for 2016 owing to
given input at one time that could result in the recoverable
the reorganization of activities in 2017).
amount of a CGU being equal to the carrying amount.
Additional analyses may be carried out by region for the two
groups of CGUs relating to 2017, as was the case for the
Agri-Food & Commodities group of CGUs, for which further
analyses were performed by business (Oil Products, Commodities
and Agri-Food).
Note 12 Acquisitions and disposals
Acquisitions during the period

Bureau Veritas carried out the following acquisitions in 2017:
ACQUISITIONS OF 100% INTERESTS
Month Company Business Country

January Siemic, Inc. Consumer Products United States
February Shanghai Project Management Co.,
Ltd. Buildings & Infrastructure China
March Schutter Groep B.V. Agri-Food & Commodities Netherlands
June California Code Check, Inc. Buildings & Infrastructure United States
November IPS Tokai Corporation Consumer Products Japan
December Ingeniería, Control y
Administración, SA de C.V.
(INCA) Buildings & Infrastructure Mexico
5
OTHER ACQUISITIONS
The amount of goodwill resulting from these acquisitions was calculated using the partial goodwill method.
Month Company Business % acquired Country

November Primary Integration Solutions, Inc. Buildings & Infrastructure 76.9% United States
December ICTK Co. Ltd. Consumer Products 55.0% South Korea
December McKenzie Group Pty Ltd. Buildings & Infrastructure 65.0% Australia

INCREASE IN SHAREHOLDINGS
Month Company Business BV interest Country

June UCM (Global) Ltd. Industry 100% United Kingdom
June Unicar GB Ltd. Industry 100% United Kingdom
July Ningbo Hengxin Engineering Testing Co
Ltd. Industry 100% China
The purchase price for acquisitions made in 2017 was allocated to the acquirees’ identifiable assets, liabilities and contingent liabilities at
the end of the reporting period, based on information and provisional valuations available at that date.
The table below was drawn up prior to completing the final purchase price accounting for companies acquired in 2017:

Purchase price of acquisitions 189.9 181.6
Acquisition of non-controlling interests - (3.5)
Cost of assets and liabilities acquired/assumed 189.9 178.1
Assets and liabilities acquired/assumed Carrying Carrying
amount Fair value amount Fair value
Non-current assets 9.1 89.8 23.0 114.9
Current assets (excluding cash and cash equivalents) 81.8 81.8 64.1 64.3
Current liabilities (excluding borrowings) (70.8) (84.8) (75.7) (87.6)
Non-current liabilities (excluding borrowings) (2.1) (24.5) (8.4) (35.8)
Borrowings (0.4) (0.4) (2.2) (2.2)
Non-controlling interests acquired (13.8) (13.8) (12.1) (12.1)
Cash and cash equivalents of acquired companies 15.2 15.2 9.8 9.8
Total assets and liabilities acquired/assumed 19.0 63.3 (1.5) 51.3
GOODWILL 126.6 126.8
In 2017, the purchase price for acquisitions includes additional The residual unallocated goodwill is chiefly attributable to the
interests purchased in Unicar. As a result, Unicar is now fully human capital of the companies acquired and the significant
consolidated and no longer equity-accounted as in the previous synergies expected to result from these acquisitions.
period.
Fair value adjustments relating to the main acquisitions carried
The main items of goodwill in the period concern: out in 2016 whose final accounting was completed in 2017, are
recognized in the 2017 consolidated financial statements.
● Primary Integration Solutions, Inc. for €33.0 million;
The Group’s acquisitions were paid exclusively in cash.
● Shanghai Project Management Co. Ltd. for €20.6 million.
The impact of these acquisitions on cash and cash equivalents for the period was as follows:
(€ millions) 2017 2016

Purchase price of acquisitions (189.9) (181.6)
Cash and cash equivalents of acquired companies 15.2 9.8
Purchase price outstanding at December 31 in respect of acquisitions in the
year 30.9 40.1
Purchase price paid in relation to acquisitions in prior years (15.1) (52.3)
IMPACT OF ACQUISITIONS ON CASH AND CASH EQUIVALENTS (158.9) (184.0)
The amount of €164.8 million shown on the “Acquisitions of subsidiaries” line of the consolidated statement of cash flows includes
€5.9 million in acquisition-related fees paid.
Unpaid contingent consideration

Contingent consideration for acquisitions carried out prior to January 1, 2017 expired in 2017. The unpaid contingent consideration had a
positive net €1.0 million impact on the income statement, included in “Other operating income and expense, net”.

Financial liabilities relating to put options granted to holders of non-controlling interests
Financial liabilities relating to put options granted to holders of non-controlling interests amounted to €91.5 million at December 31, 2017
(€41.7 million at December 31, 2016).
The carrying amount and main characteristics of put options are detailed in the table below:
Start of exercise
(€ millions) December 2017 December 2016 period Price calculation reference
Matthews Daniel Price of the 81.1% interest
- 1.0 2015 acquired in 2014
Shandong Chengxin Engineering 2017 Average 2016 and 2017
30.0 18.8 accounts close EBIT multiple
Ningbo 2016 Average 2015 and 2016
- 7.6 accounts close EBIT multiple
Shanghai TJU 2017 Average 2015, 2016 and
2.8 3.1 accounts close 2017 EBIT multiple
Chongqing Liansheng 2018 Average 2016, 2017 and
10.5 11.2 accounts close 2018 EBIT multiple
Shanghai Project Management 2019 Average 2017, 2018 and
20.6 accounts close 2019 EBIT multiple
ICTK 2019 Average 2017, 2018 and
Primary Integration Solutions 2021
TOTAL 91.5 41.7
Non-current 58.7 33.1
Current 32.8 8.6
Movements in the period were as follows:
(€ millions) 2017 2016

At January 1 41.7 40.5
New options(a) 48.2 11.2
Options exercised (8.6) (8.9)
Change in the present value of the exercise price of outstanding options
AT DECEMBER 31
10.2
91.5
(1.1)
41.7 5
(a) Put options with a unit price equal to or less than 10% of the total amount of the put options granted by the Group to certain holders of non-controlling interests.
New options granted along with changes in the price of existing Options exercised had a positive €3.4 million impact on the
options had a negative €58.4 million impact on the “Other “Repayment of amounts owed to shareholders” line of the
movements” line in the consolidated statement of changes in consolidated statement of cash flows.
equity.
Comparative data
In 2017, Bureau Veritas acquired companies and groups with The table below shows the Group’s key financial indicators
aggregate annual revenue of around €142.9 million for the year including major acquisitions for the period as if they had been
(2016: €124.2 million) and operating profit before amortization of included in the consolidated financial statements at
intangible assets resulting from business combinations of around January 1, 2017. Operating profit includes 12-month amortization
€21.8 million (2016: €21.3 million). charged against intangible assets resulting from the business
combinations.

The main acquisitions carried out in 2017 do not have a material impact on comparative indicators in the consolidated statement of cash
flows.
(€ millions) 2017 2016

Revenue
As per financial statements 4,689.4 4,549.2
COMPARABLE 4,749.2 4,592.7
Operating profit
As per financial statements 606.3 609.7
COMPARABLE 616.2 616.4
Net profit
As per financial statements 329.8 335.1
COMPARABLE 332.5 336.9
Disposals
The Group sold its Swedish subsidiary LW Cargo Survey in December 2017.
The table below shows the impacts on the statement of financial position and income:
(€ millions) 2017 2016

Assets and liabilities sold
Non-current assets 0.3 0.5
Current assets 0.7 -
Current and non-current liabilities (1.0) -
Carrying amount of assets sold - 0.5
Gains/(losses) on disposals of businesses - (0.5)
Proceeds from disposals of businesses - -
Of which payment received - 0.7
Of which payment deferred - -
This sale had no impact on consolidated cash and cash equivalents.

The accounting impacts of the disposal of non-destructive testing operations in France and Germany are set out in Note 30 – Discontinued
operations.

Note 13 Intangible assets
Currency
translation
Changes in differences
December Acquisitions scope of and other December
(€ millions) 2016 /Additions Disposals consolidation movements 2017
Customer relationships 999.2 - (2.8) 80.7 (85.6) 991.5
Brands 67.2 - - - (3.3) 63.9
Non-competition agreements 37.9 - - - (2.5) 35.4
Other intangible assets 160.2 12.1 (3.7) 1.5 26.5 196.6
Intangible assets in progress 20.3 16.4 - - (28.2) 8.5
Gross value 1,284.8 28.5 (6.5) 82.2 (93.1) 1,295.9
Customer relationships (428.4) (71.4) 2.7 - 29.7 (467.4)
Brands (52.3) (3.4) - - 3.1 (52.6)
Non-competition agreements (23.2) (2.3) - - 1.6 (23.9)
Other intangible assets (94.1) (21.2) 1.2 - 2.3 (111.8)
Accumulated amortization and impairment (598.0) (98.3) 3.9 - 36.7 (655.7)
Customer relationships 570.8 (71.4) (0.1) 80.7 (55.9) 524.1
Brands 14.9 (3.4) - - (0.2) 11.3
Non-competition agreements 14.7 (2.3) - - (0.9) 11.5
Other intangible assets 66.1 (9.1) (2.5) 1.5 28.8 84.8
Intangible assets in progress 20.3 16.4 - - (28.2) 8.5
INTANGIBLE ASSETS, NET 686.8 (69.8) (2.6) 82.2 (56.4) 640.2
Currency
translation
Changes in differences
December Acquisitions scope of and other December
(€ millions) 2015 /Additions Disposals consolidation movements 2016
Customer relationships 873,4 - - 92,0 33,8 999,2
Brands 61,7 - - 4,2 1,3 67,2
Non-competition agreements 37,2 - - - 0,7 37,9
Other intangible assets
Intangible assets in progress
131,4
13,9
12,4
18,6
(1,6)
-
1,2
-
16,8
(12,2)
160,2
20,3 5
Gross value 1 117,6 31,0 (1,6) 97,4 40,4 1 284,8
Customer relationships (343,2) (72,5) - - (12,7) (428,4)
Brands (48,6) (2,9) - - (0,8) (52,3)
Non-competition agreements (18,4) (4,1) - - (0,7) (23,2)
Other intangible assets (78,0) (15,8) 1,5 (1,1) (0,7) (94,1)
Accumulated amortization and impairment (488,2) (95,3) 1,5 (1,1) (14,9) (598,0)
Customer relationships 530,2 (72,5) - 92,0 21,1 570,8
Brands 13,1 (2,9) - 4,2 0,5 14,9
Non-competition agreements 18,8 (4,1) - - - 14,7
Other intangible assets 53,4 (3,4) (0,1) 0,1 16,1 66,1
Intangible assets in progress 13,9 18,6 (12,2) 20,3
INTANGIBLE ASSETS, NET 629,4 (64,3) (0,1) 96,3 25,5 686,8
All of the amounts allocated to “Changes in scope of Research and development costs expensed in 2017 totaled
consolidation” in 2017 and 2016 relate to the acquisitions €10.9 million (2016: €11.1 million) and chiefly concern the
respectively carried out in that year. When the value of customer Marine & Offshore business in France (€8.9 million) and Maxxam
relationships is adjusted in the year following their acquisition, the operations in Canada (€2.0 million).
amount of the adjustment is recognized in “Other movements”.
Amortization charged against intangible assets totaled
€98.3 million in 2017 and €95.3 million in 2016.

Note 14 Property, plant and equipment
Currency
Changes in translation
December Acquisitions/ scope of differences and December
(€ millions) 2016 Additions Disposals consolidation other movements 2017
Land 19.3 - - - (1.1) 18.2
Buildings 64.0 4.7 (5.4) 1.5 (1.8) 63.0
Fixtures and fittings, machinery and
equipment 954.1 58.8 (46.6) 6.9 (30.5) 942.7
IT equipment and other 284.8 21.9 (18.9) 6.3 (17.2) 276.9
Construction in progress 33.5 30.0 - - (38.7) 24.8
Gross value 1,355.7 115.4 (70.9) 14.7 (89.3) 1,325.6
Land - - - - -
Buildings (30.4) (2.3) 1.6 (0.6) 1.3 (30.4)
equipment (598.0) (77.8) 41.4 (4.3) 36.1 (602.6)
IT equipment and other (208.7) (25.3) 15.9 (4.7) 16.5 (206.3)
Construction in progress - - - - - -
Accumulated depreciation and impairment (837.1) (105.4) 58.9 (9.6) 53.9 (839.3)
Land 19.3 - - - (1.1) 18.2
Buildings 33.6 2.4 (3.8) 0.9 (0.5) 32.6
equipment 356.1 (19.0) (5.2) 2.6 5.6 340.1
IT equipment and other 76.1 (3.4) (3.0) 1.6 (0.7) 70.6
PROPERTY, PLANT AND EQUIPMENT, NET 518.6 10.0 (12.0) 5.1 (35.4) 486.3
Currency
December Acquisitions/ scope of differences and December
(€ millions) 2015 Additions Disposals consolidation other movements 2016
Land 20.0 2.5 (4.2) - 1.0 19.3
Buildings 52.2 4.5 (2.2) 9.0 0.5 64.0
equipment 851.5 61.2 (22.7) 12.7 51.4 954.1
IT equipment and other 272.6 25.2 (22.8) 6.3 3.5 284.8
Gross value 1,237.2 125.5 (51.9) 28.0 16.9 1,355.7
Land - - - - - -
Buildings (23.5) (2.0) 1.0 (6.0) 0.1 (30.4)
equipment (519.0) (77.4) 17.8 (7.8) (11.6) (598.0)
IT equipment and other (196.2) (27.7) 20.3 (4.8) (0.3) (208.7)
Construction in progress (0.6) - - - 0.6 -
Accumulated depreciation and impairment (739.3) (107.1) 39.1 (18.6) (11.2) (837.1)
Land 20.0 2.5 (4.2) - 1.0 19.3
Buildings 28.7 2.5 (1.2) 3.0 0.6 33.6
equipment 332.5 (16.2) (4.9) 4.9 39.8 356.1
IT equipment and other 76.4 (2.5) (2.5) 1.5 3.2 76.1
PROPERTY, PLANT AND EQUIPMENT, NET 497.9 18.4 (12.8) 9.4 5.7 518.6

The Group’s property, plant and equipment consists mainly of The laboratories of our Consumer Products division are located
laboratory equipment used in the Commodities and Consumer mainly in Asia.
Products testing businesses.
Depreciation charged against property, plant and equipment
The major centers of expertise for metals and minerals are in totaled €105.4 million in 2017 and €107.1 million in 2016.
Australia and Canada. The major centers of expertise in oil and
petrochemicals are based in the US and in Canada.
Note 15 Investments in equity-accounted companies

Investments in equity-accounted companies at January 1 5.0 4.8
Gains/(losses) during the year 0.6 0.8
Other movements (1.0) (0.6)
INVESTMENTS IN EQUITY-ACCOUNTED COMPANIES AT DECEMBER 31 4.6 5.0
Based on criteria used by the Group (revenue, total assets and contribution to consolidated net profit), these investments are not deemed
material.
Note 16 Deferred income tax

The table below provides details of deferred income tax recognized in the statement of financial position:
Analysis of deferred income tax by maturity (€ millions) December 2017 December 2016
Deferred income tax assets
Non-current 86.8 83.7
Current 51.6 59.2
Total 138.4 142.9
Deferred income tax liabilities
Non-current
Current
(124.4)
(18.9)
(146.3)
(18.5)
5
Total (143.3) (164.8)
NET DEFERRED INCOME TAX LIABILITIES (4.9) (21.9)
Deferred taxes at December 31, 2017 are presented after offsetting deferred tax assets and deferred tax liabilities relating to the same
taxable entity.
Movements in deferred taxes during the year were as follows:
Movements in deferred taxes during the year (€ millions) December 2017 December 2016

Net deferred income tax assets (liabilities) at January 1 (21.9) (15.6)
Deferred tax income/(expense) for the year 24.2 10.6
Deferred income taxes recognized directly in equity 3.9 10.4
Changes in scope of consolidation (19.2) (21.8)
Exchange differences 8.1 (5.5)
NET DEFERRED INCOME TAX LIABILITIES AT DECEMBER 31 (4.9) (21.9)

Net changes in deferred taxes during the year are shown below before offsetting at the level of taxable entities:
Pension plans and Provisions for

other employee contract-related Tax loss Gains taxable in Customer
(€ millions) benefit obligations disputes carryforwards future periods relationships Other Total
At December 31, 2015 39.0 0.7 30.6 (26.6) (148.2) 88.9 (15.6)
Income/(expense) recognized
in the income statement (3.2) 0.4 0.4 (2.3) 19.6 (4.3) 10.6
Tax asset recognized directly
in equity 3.6 - - - - 6.8 10.4
Reclassifications - - - - - - -
Changes in scope of consolidation - - - (0.2) (26.1) 4.5 (21.8)
Exchange differences - - 0.6 (0.6) (6.8) 1.3 (5.5)
At December 31, 2016 39.4 1.1 31.6 (29.7) (161.5) 97.2 (21.9)
Income/(expense) recognized in
the income statement (1.3) 0.5 18.1 4.9 34.2 (32.2) 24.2
Tax asset recognized directly in
equity 2.2 1.7 3.9
Reclassifications -
Changes in scope of consolidation (0.7) (0.1) (0.1) (1.1) (18.3) 1.1 (19.2)
Exchange differences (0.5) (0.1) (2.3) 2.6 12.3 (3.9) 8.1
AT DECEMBER 31, 2017 39.1 1.4 47.3 (23.3) (133.3) 63.9 (4.9)
Deferred tax assets on tax loss carryforwards were calculated At December 31, 2017, cumulative unrecognized tax loss
based on estimated future earnings of the loss-making carryforwards totaled €123.7 million, of which €23.1 million arose
subsidiaries. The calculation was made by reference to the 2018 in 2017 (December 31, 2016: €119.2 million, of which
budget and updated information taken from the 2020 strategic €22.8 million arose in 2016).
plan, both of which were drawn up in the last quarter of 2017. The
The tax impact of these tax loss carryforwards was €31 million, of
timeframe used for these forecasts was within the period allowed
which €5.3 million arose in 2017 (December 31, 2016:
by each country for the carry-forward of tax losses (pursuant to
€30.8 million, of which €6.1 million arose in 2016).
IAS 12.34).
Other deferred taxes relate mainly to non-deductible accrued
charges and provisions.
Note 17 Investments in non-consolidated companies

Investments in non-consolidated companies at January 1 1,3 1,3
Movements during the year - -
INVESTMENTS IN NON-CONSOLIDATED COMPANIES AT DECEMBER 31 1,3 1,3
All of the Group’s investments in non-consolidated companies correspond to shares acquired in unlisted companies.
Note 18 Other financial assets

Deposits, guarantees and other financial assets 118.4 69.2
OTHER NON-CURRENT FINANCIAL ASSETS 118.4 69.2
Deposits, guarantees and other financial assets 20.3 51.0
OTHER CURRENT FINANCIAL ASSETS 20.3 51.0

Other non-current financial assets Non-current financial assets have been pledged by the Group and
represented a total carrying amount of €3.9 million at
Other non-current financial assets mainly comprise interest-free December 31, 2017 (December 31, 2016: €4.4 million).
guarantee deposits on office rentals. The vast majority of these
have maturities of one to five years.
This caption also includes customer holdbacks maturing in over Other current financial assets
one year. At December 31, 2016, some of these holdbacks were
shown under “Trade and other receivables” for an amount of Other current financial assets include €14.3 million in financial
€23.1 million. receivables relating to bidding operations in China. The amounts
received do not correspond to the definition of a cash component
The Group considered that the fair value of other non-current within the meaning of IAS 7.
assets approximated their carrying amount at December 31, 2017
and December 31, 2016. Current financial assets have been pledged by the Group and
represented a total carrying amount of €1.1 million at
December 31, 2017 (no current financial assets pledged at
end-2016).
Note 19 Derivative financial instruments

A currency hedge has been contracted swapping a portion of the Group’s USPP debt for euros.
The currency derivatives in place at December 31, 2017 were as follows:
Maturity Notional amount Fair value of derivatives (€ millions)

July 16, 2018 GBP 23 million (3.1)
CURRENT LIABILITIES (3.1)
July 16, 2020 GBP 40 million (6.7)
NON-CURRENT LIABILITIES (6.7)
The Group has set up multi-currency foreign exchange derivatives hedging the euro. These instruments are set up on a centralized basis and
are designed to protect the Group against currency risk arising mainly on intra-group loans and a portion of its external debt.
The foreign exchange derivatives maturing within one year (currency swaps and forward purchases and sales) in place at
December 31, 2017 were as follows:
Currency
USD
Notional amount (millions of currency units)
287.0
Fair value of derivatives (€ millions)
(2.8) 5
CAD (97.8) 1.5
ZAR (139.3) (0.4)
SGD (100.6) 0.4
RUB 42.2 -
PLN 4.8 -
JPY 1,178.2 (0.1)
GBP (64.8) 0.3
CNY (276.7) (0.2)
AUD 60.5 (1.3)
SEK (113.4) (0.2)
DKK (95.3) -
CZK (146.0) -
NOK (45.1) -
CHF (3.9) -
NET LIABILITY (2.8)

The Group had no interest rate hedges at the reporting date. No material ineffective portion was recognized in net financial
expense in 2017 in respect of cash flow hedges.
A negative residual balance of €2.2 million was carried in equity at
end-2017 in respect of changes in the fair value of cash flow In accordance with IFRS 13, the fair value of derivative
hedges. This will be reclassified to net financial expense as and instruments takes into account the Company's own credit risk on
when the hedged cash flows affect profit or loss. derivative instruments with a negative fair value and its
counterparty risk on derivatives with a positive fair value. The
Interest expense on currency hedges classified as cash flow
impact on fair value of this change in estimate is recognized in the
hedges amounted to €0.3 million in 2017.
income statement for the period and is not material.
Note 20 Trade and other receivables

Trade and other receivables(a) 1,420.9 1,393.9
Inventories 19.9 20.6
Other receivables 189.3 151.1
Gross value 1,630.1 1,565.6
Provisions at January 1 (69.5) (64.1)
Net additions/reversals during the period 8.3 (5.7)
Changes in scope of consolidation (0.5) (0.1)
Currency translation differences and other movements 4.7 0.4
Provisions at December 31 (57.0) (69.5)
TRADE AND OTHER RECEIVABLES, NET 1,573.1 1,496.1
(a) Including accrued receivables for €88.0 million and work-in-progress for €206.9 million at December 31, 2017.
The Group considers that the fair value of its receivables There is little concentration of credit risk resulting from the
approximates their carrying amount as they all fall due within one Group’s trade receivables due to the significant number of clients
year. and their geographic diversity.
The table below presents an aged balance of trade and other receivables for which no impairment provisions have been set aside:

Trade receivables 1,420.9 1,393.9
of which
● provisioned 55.9 68.4
● not provisioned and due:
less than 1 month past due 173.3 155.4
1 to 3 months past due 119.1 120.9
3 to 6 months past due 74.9 68.3
more than 6 months past due 77.1 72.7

Note 21 Cash and cash equivalents

Marketable securities 7.1 668.7
Cash at bank and on hand 357.2 425.4
TOTAL 364.3 1,094.1
The Group considers that cash and cash equivalents primarily accounts are difficult or even impossible to put in place (e.g., South
comprise available cash. Korea, India, China, Benin and Angola). In this case, cash at bank
and on hand is repatriated when dividends are paid.
Marketable securities correspond to units in monetary mutual
funds (SICAV) which meet the definition of cash and cash Cash that cannot be pooled represents only around 3% of cash at
equivalents set out in IAS 7. bank and on hand and is defined as cash balances in countries
which forbid or severely restrict transfers of cash. This concerns
Most of the “Cash at bank and on hand” item is considered to
just two countries: Iran and Venezuela.
represent available cash. In all, 45% of the Group's cash at bank
and on hand is located in 67 countries where loans or current
Net cash and cash equivalents as reported in the consolidated statement of cash flows comprise:

Cash and cash equivalents 364.3 1,094.1
Bank overdrafts (Note 24) (9.8) (6.0)
NET CASH AND CASH EQUIVALENTS AS REPORTED IN THE CONSOLIDATED
STATEMENT OF CASH FLOWS 354.5 1,088.1
Note 22 Share capital
Share capital Capital reduction

The total number of shares making up the share capital was On December 15, 2017, the parent company reduced the share
442,000,000 at both December 31, 2017 and December 31, capital by canceling 330,000 treasury shares representing a share
2016.
All shares have a par value of €0.12 and are fully paid up.
premium of €6.3 million.
5
Treasury shares
Capital increase At December 31, 2017, the Group held 5,790,282 of its own
shares. The carrying amount of these shares was deducted from
Following the exercise of 330,000 stock options and the creation
equity.
of 330,000 shares, the Group carried out a share capital increase
which included a share premium of €3.1 million.

Note 23 Share-based payment

The Group has set up three types of long-term equity-settled Group has no legal or constructive obligation to repurchase or
compensation plans: settle the options in cash.
● stock purchase or subscription option plans; Depending on the plans, the options are subject to a vesting period
of three or five years and are valid for a term of eight or ten years
● stock subscription option plans on preferential terms;
after the grant date.
● performance share plans.
The exercise price is fixed when the options are awarded and
cannot be changed.
Pursuant to a decision of the Board of Directors on June 21, 2017,
Stock subscription and purchase option plans the Group awarded 1,229,060 stock purchase options to select
employees and to the Executive Corporate Officer. The options
granted may be exercised at a fixed price of €20.65.
Description
To be eligible for these awards, beneficiaries must have completed
Stock options are granted to senior managers and other select a minimum period of service and achieved certain performance
employees. Awards since 2011 have consisted solely of stock targets based on 2017 Adjusted Operating Profit and the
purchase option plans which will require the Group to buy back its operating margin (Adjusted Operating Profit/revenue) for 2018
shares on the market. All stock option plans granted up to 2010 and 2019. The stock purchase options are valid for ten years after
concern stock subscription options which entitle their holders to the grant date.
subscribe for newly issued shares on exercise of their options. The
The average fair value of options granted during the year was
€1.70 per option (2016: €2.35).
MOVEMENTS IN OPTIONS
Weighted average exercise Average residual life of

price of options Number of options outstanding options
At December 31, 2015 18.15 5,676,356 5.8 years
Options granted during the year 19.35 1,312,400
Options canceled during the year 20.21 (169,111)
Options exercised during the year 12.95 (269,208)
At December 31, 2016 18.55 6,550,437 5.8 years
Options granted during the year 20.65 1,229,060
Options canceled during the year 19.38 (974,129)
Options exercised during the year 14.31 (893,345)
AT DECEMBER 31, 2017 19.49 5,912,023 5.7 YEARS
Out of the total number of outstanding options at each year-end, 3,043,353 options were exercisable at end-2017 (end-2016:
3,230,260 options).

OVERVIEW OF STOCK OPTION PLANS AT DECEMBER 31, 2017:
Number of options
Exercise price
Expiration date (in euros per option) December 2017 December 2016
07/03/2009 Plan 07/03/2017 8.75 - 234,000
07/23/2010 Plan 07/23/2018 11.58 216,000 312,000
07/18/2011 Plan 07/18/2019 14.42 186,000 368,000
12/14/2011 Plan 12/14/2019 13.28 78,480 78,480
07/18/2012 Plan 07/18/2020 17.54 817,546 1,126,186
07/22/2013 Plan 07/22/2021 21.01 1,021,594 1,111,594
07/16/2014 Plan 07/16/2022 20.28 723,733 771,527
07/15/2015 Plan 07/15/2025 20.51 1,239,386 1,248,250
06/21/2016 Plan 06/21/2026 19.35 400,224 1,300,400
06/21/2017 Plan 06/21/2027 20.65 1,229,060 -
NUMBER OF OPTIONS AT DECEMBER 31 5,912,023 6,550,437
Measurement Operating Profit. The attainment rate for the performance

condition was 97%.
The fair value of options granted in 2017 was calculated based on
the following main assumptions and characteristics: In 2017, the expense recognized by the Group in respect of stock
options amounted to €2.2 million (2016: €2.8 million).
● exercise price: €20.65;
● expected share volatility: 17.0% (2016: 22.7%);
● dividend yield: 2.7% (2016: 2.6%); Performance share plans
● expected option life: 4 years (2016: 4 years); Description
● risk-free interest rate: -0.36% (2016: 0.34%), determined by
Pursuant to a decision of the Board of Directors, the Group
reference to the yield on government bonds over the estimated
awarded 1,207,820 performance shares to select employees and
life of the option.
to the Executive Corporate Officer on June 21, 2017. Beneficiaries
The number of shares that will vest is estimated based on an must have completed three years of service to be eligible for the
achievement rate of 100% for performance targets in 2017 plans. Eligibility also depends on meeting a series of performance
(2016: 45%) and an attrition rate of 1% per annum in 2017 (2016: targets based on Adjusted Operating Profit for 2017 and on the
1%). The performance condition attached to the June 21, 2016 operating margin (ratio of Adjusted Operating Profit to revenue) in
stock purchase option plan was notably based on 2016 Adjusted 2018 and 2019.
Overview of performance share plans at December 31, 2017:

5
Number of
Grant date Vesting date shares
07/22/2013 Plan 07/22/2021 or 07/22/2022 720,000
07/16/2014 Plan 07/16/2018 or 07/16/2017 for employees of a French company 436,108
07/15/2015 Plan 07/15/2019 or 07/15/2018 for employees of a French company 991,044
06/21/2016 Plan 06/21/2019 497,052
06/21/2017 Plan 06/21/2020 1,191,420
NUMBER OF SHARES AT DECEMBER 31, 2017 3,835,624

Measurement The number of shares that will vest is estimated based on an

achievement rate of 100% for performance targets (2016: 57%)
The fair value of performance shares granted to select employees and an attrition rate of 5% per annum in 2016 (2016: 5%). The
and the Executive Corporate Officer was determined using the performance condition attached to the June 21, 2016 plan was
Black-Scholes options pricing model. based on Adjusted Operating Profit for 2016. The attainment rate
The weighted average fair value of performance shares awarded for the performance condition was 97%.
to select employees and the Executive Corporate Officer in 2017 In 2017, the expense recognized by the Group in respect of
was €18.94 per share (2016: €17.65), based on the following performance shares amounted to €15.8 million (2016:
assumptions: €18.0 million).
● share price at the grant date;
● dividend yield: 2.7% (2016: 2.6%);
● discount corresponding to risks and liquidity requirements: N/A
(2016: NA).
Note 24 Borrowings and financial debt
Due within Due between 1 Due between 3 Due beyond

(€ millions) Total 1 year and 2 years and 5 years 5 years
At December 31, 2017
Bank borrowings and debt (long-term portion) 1,040.0 540.8 334.2 165.0
Bond issue 1,200.0 - 500.0 700.0
Non-current borrowings and financial debt 2,240.0 - 540.8 834.2 865.0
Current bank borrowings and debt 199.2 199.2
Bond issue - -
Bank overdrafts 9.8 9.8
Current borrowings and financial debt 209.0 209.0
Bank borrowings and debt (long-term portion) 1,292.9 174.5 852.8 265.6
Bond issue 1,200.0 - 500.0 700.0
NON-CURRENT BORROWINGS AND FINANCIAL DEBT 2,492.9 174.5 1,352.8 965.6
Current bank borrowings and debt 83.5 83.5
Bond issue 500.0 500.0
Bank overdrafts 6.0 6.0
CURRENT BORROWINGS AND FINANCIAL DEBT 589.5 589.5
The USD 200 million bank financing facility was repaid on Gross debt decreased by €633.4 million between
September 1, 2017 by means of a US Private Placement issue for December 31, 2016 and December 31, 2017, to €2,449.0 million.
an equivalent amount.
This decrease chiefly reflects the redemption of the €500 million
The Group contracted a US Private Placement which will be drawn bond issue maturing in May 2017, which had been pre-financed in
on July 16, 2018 and used to roll over the USD 155 million Private 2016.
Placement due on the same date.

Currency
scope of differences and
(€ millions) December 2016 consolidation Cash flows other movements December 2017
Bank borrowings and debt (long-term portion) 1,292.9 0.4 (29.7) (223.6) 1,040.0
Bond issue 1,200.0 - - - 1,200.0
NON-CURRENT BORROWINGS AND
FINANCIAL DEBT 2,492.9 0.4 (29.7) (223.6) 2,240.0
Bank borrowings and debt 83.5 - (26.1) 141.8 199.2
Bond issue 500.0 - (500.0) - -
Bank overdrafts 6.0 3.1 0.7 - 9.8
CURRENT BORROWINGS AND
FINANCIAL DEBT 589.5 3.1 (525.4) 141.8 209.0
BORROWINGS AND FINANCIAL DEBT, GROSS 3,082.4 3.5 (555.1) (81.8) 2,449.0
Negative cash flows totaling €555.1 million reflect: ● a negative amount of €11.4 million relating to the change in
accrued interest, shown on the “Interest paid” line of the
● €0.7 million relating to the change in bank overdrafts, which are
consolidated statement of cash flows.
included in the change in cash and cash equivalents in the
consolidated statement of cash flows;
Due within Due between 1 Due between 3 Due beyond

(€ millions) Total 1 year and 2 years and 5 years 5 years
Estimated interest payable on bank borrowings and debt 331.1 73.7 65.7 114.1 77.6
Impact of cash flow hedges (principal and interrest) 8.3 3.0 0.2 5.1 -
In the table above, interest takes into account the impact of debt Available financing
hedging (currency derivatives).
At December 31, 2017, virtually all of the Group’s gross debt At December 31, 2017, a total of €450 million is available under
related to the facilities described below. the syndicated facility.
Non-bank financing Bank covenants

Non-bank financing includes: At December 31, 2017, the same financial covenants were in
force as at December 31, 2016. The Group complied with all such
● the 2008, 2010, 2011 & 2014, 2013 & 2014, and 2017 US
Private Placements in a total amount of USD 816 million,
€184.1 million and GBP 63 million;
covenants at both end-2017 and end-2016.
● The first covenant is defined as the ratio of adjusted
5
consolidated net financial debt divided by consolidated EBITDA
● the different tranches of Schuldschein notes totaling (earnings before interest, tax, depreciation, amortization and
€260 million; provisions), adjusted for acquisitions over the past 12 months.
● the bond issues carried out in January 2014 and The ratio must be below 3.25. At December 31, 2017, it stood
September 2016 for a total amount of €1.2 billion. at 2.37;
● The second covenant represents consolidated EBITDA (earnings
before interest, tax, depreciation, amortization and provisions),
Bank financing adjusted for acquisitions over the past 12 months, divided by
the Group’s net interest expense. The ratio must be above 5.5.
Bank financing includes the syndicated credit facility amounting to At December 31, 2017, it stood at 10.18.
€450 million, undrawn at December 31, 2017.

Breakdown by currency
Current and non-current bank borrowings and debt can be analyzed as follows by currency:
Currency (€ millions) December 2017 December 2016

US dollar (USD) 685.8 775.3
Euro (€) 1,742.0 2,283.3
Other currencies 11.3 17.8
TOTAL 2,439.1 3,076.4
The GBP tranches of the 2008 US Private Placement were converted into euros using a currency swap and are therefore included on the
“Euro (€)” line. Derivative financial instruments are described in further detail in Note 19 – Derivative financial instruments.
Fixed rate/floating rate breakdown

At December 31, 2017, gross borrowings and financial debt can be analyzed as follows:

Fixed rate 2,147.5 2,518.4
Floating rate 291.6 558.0
TOTAL 2,439.1 3,076.4
The contractual repricing dates for floating rates are six months or less. The reference rates used are Euribor for floating-rate borrowings in
euros and USD Libor for floating-rate borrowings in US dollars.
The interest rates applicable to the Group's floating-rate bank borrowings and the margins at the end of the reporting period are detailed
below:
Currency December 2017 December 2016

US dollar (USD) 2.85% 2.18%
Euro (€) 1.10% 1.10%
Effective interest rates approximate nominal rates for all financing facilities.
Analyses of sensitivity to changes in interest and exchange rates as defined by IFRS 7 are provided in Note 34 – Additional financial
instrument disclosures.
Financial indicators not defined by IFRS

In its external reporting on borrowings and financial debt, the Group uses an indicator known as adjusted net financial debt. This indicator is
not defined by IFRS but is determined by the Group based on the definition set out in its bank covenants:

Non-current borrowings and financial debt 2,240.0 2,492.9
Current borrowings and financial debt 209.0 589.5
BORROWINGS AND FINANCIAL DEBT, GROSS 2,449.0 3,082.4
Cash and cash equivalents (364.3) (1,094.1)
NET FINANCIAL DEBT 2,084.7 1,988.3
Currency hedging instruments (as per bank covenants) 9.7 8.1
ADJUSTED NET FINANCIAL DEBT 2,094.4 1,996.4

Note 25 Other financial liabilities

Payable on acquisitions of companies 52.7 37.2
Put options granted to holders of non-controlling interests 58.7 33.1
Other 8.8 4.5
OTHER NON-CURRENT FINANCIAL LIABILITIES 120.2 74.8
Payable on acquisitions of companies 23.9 25.2
Put options granted to holders of non-controlling interests 32.8 8.6
Other 57.4 72.5
OTHER CURRENT FINANCIAL LIABILITIES 114.1 106.3
The €57.4 million recorded in “Other” in other current financial ● €30.1 million relating to dividends payable to former
liabilities includes: shareholders of our Chinese subsidiaries acquired in 2017 and
2016.
● €14.3 million relating to a financial liability in connection with
bidding operations in China. The amounts received are to be
paid over to candidates at the end of the bidding process;
Note 26 Pension plans and other long-term employee benefits

The Group’s defined benefit plans cover the following:
● pension schemes, primarily comprising plans that have been closed to new entrants for several years. The Group’s pension schemes are
generally unfunded – except for a very limited number that are funded through payments to insurance companies – and are valued based
on periodic actuarial calculations;
● termination benefits; and
● long-service awards.
The related obligations recorded in the statement of financial position were as follows:
(€ millions)
Present value of defined benefit obligations
Of which pension benefits
December 2017
217.4
100.4
December 2016
203.4
90.4
5
Of which termination benefits 79.6 77.0
Of which long-service awards 37.4 36.0
Fair value of plan assets (27.3) (25.1)
DEFICIT/SURPLUS 190.1 178.3
The income statement charge by type of benefit was:
(€ millions) 2017 2016

Pension benefits (6.6) (5.2)
Termination benefits (11.8) (12.8)
Long-service awards (4.5) (6.4)
TOTAL (22.9) (24.4)

Pension benefits
The amounts recognized in the statement of financial position in respect of pension benefit obligations were computed as follows:

Present value of funded obligations 31.3 32.3
Fair value of plan assets (27.3) (25.1)
Deficit/(surplus) on funded obligations 4.0 7.2
Present value of unfunded obligations 69.1 58.1
LIABILITY RECOGNIZED IN THE STATEMENT OF FINANCIAL POSITION 73.1 65.3
The table below shows the amounts recognized in the income statement:
(€ millions) 2017 2016

Current service cost included in operating profit (4.9) (3.3)
Interest cost (1.6) (1.3)
Expected return on pension plan assets 0.3 0.3
TOTAL INCLUDED IN NET FINANCIAL EXPENSE (1.3) (1.0)
The actual return on plan assets was €0.8 million in 2017 versus €1.1 million in 2016.
Movements in the benefit obligation during the period were as follows:
(€ millions) 2017 2016

Current service cost 4.9 3.3
Interest cost 1.5 1.3
Actuarial losses/(gains) (0.1) 14.2
Currency translation differences (2.0) (2.0)
Benefits paid (7.2) (3.5)
Liabilities assumed in a business combination and other movements(a) 12.9 2.1
AT DECEMBER 31 100.4 90.4
(a) Of which €11.3 million in respect of prior period adjustments.
Movements in the fair value of plan assets during the period were as follows:
(€ millions) 2017 2016

Implicit return on pension plan assets 0.3 0.3
Actuarial (losses)/gains 0.5 0.8
Currency translation differences (1.5) (1.7)
Employer contributions 1.6 1.3
Other movements 1.3 1.4
Plan assets break down as follows by type of financial instrument:

Equity instruments 18.9 69% 24.6 98%
Debt instruments 6.7 25% 0.2 1%
Other 1.7 6% 0.2 1%
TOTAL 27.3 100% 25.1 100%

The tables below show the main actuarial assumptions used:
Germany France Italy United Kingdom December 2017

Discount rate 1.5% 1.7% 0.8% 2.5% 1.9%
Implicit return on pension plan assets 2.5% 2.5%
Estimated increase in future salary levels 2.0% 3.0% 1.5% 3.3% 3.0%
Estimated increase in future pension benefit levels 1.5% 2.0% 2.6% 2.4% 2.1%
Germany France Italy United Kingdom December 2016

Discount rate 1.9% 1.7% 1.0% 2.7% 2.0%
Implicit return on pension plan assets 2.7% 2.7%
Estimated increase in future salary levels 3.4% 3.0% 1.5% 3.4% 3.0%
Estimated increase in future pension benefit levels 1.5% 2.0% 2.6% 2.5% 2.1%
Data for 2017 and 2016 represent the weighted average rate for rates used by the four countries of the Group with the most
the four aforementioned countries. significant obligations. At December 31, 2017, the benefit
obligation relating to France, which represented the Group’s most
Assumptions concerning future mortality rates are based on
significant obligation, totaled €62.9 million (end-2016:
published statistics and historical data for each geographical
€52.6 million). The discount rate used for France in 2017 was
region. INSEE 2012/2014 tables were used for benefit obligations
1.70%. An increase of 0.5% in the discount rate would reduce the
in France.
obligation for France by 7.8%. A decrease of 0.5% in the discount
The discount rate corresponds to the yield on investment grade rate would increase the obligation for France by 8.5%.
corporate bonds (iBoxx Corporate € AA) and is the average of the
Termination benefits
The Group’s obligations for termination benefits generally relate to lump-sum payments made to employees on retirement. However, in
certain countries these obligations also include termination benefits payable to employees who are not retiring. These benefits are covered
by unfunded plans.
Movements in the related benefit obligation during the period were as follows:
(€ millions) 2017 2016

Current service cost
Interest cost
7.6
1.2
8.4
1.3 5
Actuarial losses/(gains) 4.0 5.6
Currency translation differences (2.3) 0.5
Liabilities assumed in a business combination and other movements (1.1) (3.8)
Curtailments and settlements 0.9 3.1
The tables below show the main actuarial assumptions used:
December 2017 December 2016

Discount rate 1.9% 2.0%
Estimated increase in future salary levels 3.0% 3.0%
The discount rate corresponds to the yield on investment grade significant obligation, totaled €60.8 million (end-2016:
corporate bonds (iBoxx Corporate € AA) and is the average of the €57.0 million). The discount rate used for France in 2017 was
rates used by the four countries of the Group with the most 1.56%. An increase of 0.5% in the discount rate would reduce the
significant obligations. At December 31, 2017, the benefit obligation for France by 7.2%. A decrease of 0.5% in the discount
obligation relating to France, which represented the Group’s most rate would increase the obligation for France by 7.7%.

Long-service awards
Movements in the Group’s obligation relating to long-service awards were as follows:
(€ millions) 2017 2016

Current service cost 3.7 5.2
Interest cost 0.4 0.5
Currency translation differences (1.0) 1.7
Other movements 0.3 5.5
The discount rate corresponds to the yield on investment grade €23.4 million (end-2016: €22.1 million). The discount rate used for
corporate bonds and is the average of the rates used by the four France in 2017 was 1.30%. An increase of 0.5% in the discount
countries of the Group with the most significant obligations. At rate would reduce the obligation for France by 5.7%. A decrease
December 31, 2017, the benefit obligation relating to France, of 0.5% in the discount rate would increase the obligation for
which represented the Group’s most significant obligation, totaled France by 6.1%.
Actuarial gains and losses

Cumulative actuarial (gains)/losses recognized in equity at January 1 67.5 48.4
Actuarial (gains)/losses recognized in equity during the year 3.4 19.1
Experience adjustments 10.6 5.3
Changes in actuarial assumptions (6.4) 12.9
Changes in return on pension plan assets (0.8) 0.9
CUMULATIVE (GAINS)/LOSSES RECOGNIZED IN EQUITY
Defined contribution plans

Payments made under defined contribution plans in 2017 totaled €80.1 million (2016: €77.5 million).
Note 27 Provisions for liabilities and charges
Currency
translation
Utilized Surplus Changes in differences
December provisions provisions Impact of scope of and other December
(€ millions) 2016 Additions reversed reversed discounting consolidation movements 2017
Provisions for
contract-related disputes 57.8 4.1 (10.9) (2.2) 0.7 - (2.3) 47.2
Other provisions for
liabilities and charges 63.8 26.5 (14.6) (10.1) - 2.1 (5.3) 62.4
TOTAL 121.6 30.6 (25.5) (12.3) 0.7 2.1 (7.6) 109.6

Currency
translation
Utilized Surplus Changes in differences
December provisions provisions Impact of scope of and other December
(€ millions) 2015 Additions reversed reversed discounting consolidation movements 2016
Provisions for
contract-related disputes 57.5 10.2 (8.6) (2.4) 0.3 - 0.8 57.8
Other provisions for
liabilities and charges 76.2 22.3 (41.5) (1.4) - 6.8 1.4 63.8
TOTAL 133.7 32.5 (50.1) (3.8) 0.3 6.8 2.2 121.6
Provisions for contract-related disputes Based on the insurance coverage in place and the latest available
information, and having received advice from counsel, the Group
In the ordinary course of business, the Group is involved with does not believe these disputes will have a material adverse
regard to some of its activities in a number of litigation impact on its consolidated financial statements.
proceedings seeking to establish its professional liability in
connection with services provided. Although the Group takes care
to manage risks and the quality of the services it provides, some Otherprovisions for liabilities and charges
services may give rise to claims and result in financial penalties.
Changes in provisions for contract-related disputes result from Other provisions for liabilities and charges include provisions for
changes in estimates and reflect developments in litigation restructuring, tax risks, losses on completion and miscellaneous
proceedings during the period and newly identified risks which, in other provisions, the amounts of which are not material taken
view of the Group’s insurance coverage, are not material taken individually.
individually. Provisions may be set aside to cover the expenses The Group set aside an additional amount of €26.5 million under
resulting from such proceedings and are calculated taking into other provisions for liabilities and charges and wrote back
account the Group’s insurance policies. provisions in an amount of €24.7 million, representing a net
In 2017, the Group decided to recognize a provision for some of increase of €1.8 million. Provisions relating to restructuring
these risks in an amount of €4.1 million (2016: €10.2 million) in increased by €1.6 million over the period, while provisions for tax
light of the progress of certain claims. risks decreased by €2.1 million. The remaining changes over the
period include provisions booked for losses on contracts and
The calculation of provisions for liabilities and charges at provisions relating to other operational risks.
December 31, 2017 reflects changes in the one-off dispute arising
in 2004 in relation to the construction of a hotel and shopping Regarding ongoing tax disputes at the level of Bureau Veritas SA
complex in Turkey. The amount booked for the dispute arising in and at the level of the other legal entities, the Group, having taken
2004 concerning the Gabon Express airplane crash remained advice from its counsel, deems that the provisions for other
unchanged during the year. A detailed description of the status of liabilities presented in its financial statements reflect the best
these disputes is provided in section 1.12 – Legal, administrative, assessment of the potential consequences of these disputes.
government and arbitration procedures and investigations in the There are no legal, administrative, government and arbitration
2017 Registration document. procedures and investigations (including any proceedings of which
For specific risks relating to the Government Services business
described in section 1.11 – Risk factors, the Group, after taking
advice from its counsel, considers that the provisions accrued in
the Company is aware that are pending or with which the Group is
threatened) that could have, or have had over the last 12 months,
a material impact on the Group’s financial position or profitability.
5
respect of the disputes in progress are adequate.
Note 28 Trade and other payables

Trade payables 372.8 347.9
Prepaid income 147.6 127.8
Accrued taxes and payroll costs 541.5 501.2
Other payables 57.9 64.6
TOTAL 1,119.8 1,041.5
Prepaid income primarily corresponds to amounts invoiced on contracts in progress for services that have not yet been performed.

Note 29 Movements in working capital attributable to operations

Movements in working capital attributable to operations can be analyzed as follows:

Trade receivables (94.7) (34.9)
Trade payables 35.6 (3.4)
Other receivables and payables (0.4) 1.1
MOVEMENTS IN WORKING CAPITAL ATTRIBUTABLE TO OPERATIONS (59.5) (37.2)
Note 30 Discontinued operations

In early 2017, the Group decided to discontinue part of its The Group’s other non-destructive testing operations are carried
European non-destructive testing operations as part of efforts to out in Germany by Bureau Veritas Material Testing GmbH.
streamline its Industry portfolio.
This company’s assets were written down to their fair value at the
Some of these operations were carried out in France by CEPI and beginning of the year. This fair value remeasurement and the
the CEPI CTE ASCOT economic interest group. This business was estimated costs of winding up the business are included in “Profit
sold on December 1, 2017. (loss) on discontinued operations” in the income statement for a
net negative amount of €3.5 million.
Gains and losses on remeasuring to fair value, profit (loss) for the
period and profit (loss) on deconsolidating the French business are
shown within “Profit (loss) from discontinued operations” in the
income statement for a total net negative amount of €5.1 million.
The assets and liabilities of the discontinued operation were reclassified to specific lines of the statement of financial position at their
carrying amount following their remeasurement to fair value:

Non-current assets 0.8 -
Current assets 0.4 -
TOTAL ASSETS 1.2 -
Non-current liabilities (0.9) -
Current liabilities (0.1) -
TOTAL EQUITY AND LIABILITIES (1.0) -
The impact of discontinued operations on cash and cash equivalents for the period as well as on indicators in the consolidated statement of
cash flows was not material.
The table below shows the various components of “Profit (loss) on discontinued operations”:

Fair value remeasurement (5.4) -
Net profit for the year (2.5) -
Gains/(losses) on disposals of businesses (0.7) -
NET PROFIT (LOSS) ON DISCONTINUED OPERATIONS (8.6) -

Note 31 Earnings per share
Details of the calculation of the weighted average number of ordinary and diluted shares outstanding used to compute basic and diluted
earnings per share are provided below:
(in thousands) 2017 2016

Number of shares comprising the share capital at January 1 442,000 442,000
Number of shares issued during the year (accrual basis)
Stock purchase or subscription options exercised 384 188
Number of shares held in treasury (5,961) (5,040)
Weighted average number of ordinary shares outstanding 436,423 437,148
Dilutive impact
Performance shares awarded 3,595 2,867
Stock subscription or purchase options (84) 129
WEIGHTED AVERAGE DILUTED NUMBER OF SHARES USED TO
CALCULATED DILUTED EARNINGS PER SHARE 439,934 440,144
Basic earnings per share

Basic earnings per share is calculated by dividing net profit attributable to owners of the Company by the weighted average number of
ordinary shares outstanding during the period.
2017 2016
Net profit attributable to owners of the Company (€ thousands) 308,003 319,445
Weighted average number of ordinary shares outstanding (in thousands) 436,423 437,148
BASIC EARNINGS PER SHARE (€) 0.70 0.73
Diluted earnings per share based on the exercise price and the fair value of the subscription
rights attached to the outstanding stock options. The number of
Diluted earnings per share is calculated by adjusting the weighted shares calculated as above is then compared with the number of
average number of ordinary shares outstanding to reflect the shares that would have been issued had the stock options been
conversion of dilutive potential ordinary shares. exercised.
Performance shares are potential ordinary shares whose award is
The Company has two categories of dilutive potential ordinary
shares: stock subscription options and performance shares.
For stock subscription options, a calculation is carried out in order
contingent on having completed a minimum period of service and
achieving a series of performance targets. The performance
shares taken into account are those that could have been issued
5
to determine the number of shares that could have been issued assuming December 31 was the end of the vesting period.
2017 2016
Net profit attributable to owners of the Company (€ thousands) 308,003 319,445
Weighted average number of ordinary shares outstanding (in thousands) 436,423 437,148
DILUTED EARNINGS PER SHARE (€) 0.71 0.73

Note 32 Dividend per share

On May 22, 2017, the Group paid out dividends on eligible shares totaling €239.8 million in respect of 2016, corresponding to a dividend per
share of €0.55 (2016: €0.51).
Note 33 Off-balance sheet commitments and pledges

The Group’s commitments primarily relate to financing activities (credit lines, warranties and guarantees given), as well as obligations under
operating leases.
Off-balance sheet commitments relating to financing activities

2017 US Private Placement carried on the books of Bureau Veritas Holdings, Inc.
At December 31, 2017, the Group has a non-bank financing facility totaling USD 200 million that is carried on the books of Bureau Veritas
Holdings, Inc. and secured by the parent company.
Off-balance sheet commitments relating to operating activities
Guarantees given
Guarantees given break down as follows by amount and maturity:
Due between
(€ millions) Total Due within 1 year 1 and 5 years Due beyond 5 years
At December 31, 2017 356.8 207.6 116.9 32.3
At December 31, 2016 421.2 231.2 165.8 24.2
Guarantees given include bank guarantees and parent company They usually represent a percentage of the contract price –
guarantees: generally around 10%;
● Bank guarantees: these are primarily bid and performance ● Parent company guarantees: these concern performance bonds
bonds. which may be for a limited amount and duration or an unlimited
amount. The amount taken into account to measure
● bid bonds cover their beneficiaries in the event that a
performance bonds for an unlimited amount is the total value of
commercial offering is withdrawn, a contract is not signed, or
the contract.
requested guarantees are not provided,
At December 31, 2017 and 2016, the Group considered that the
● performance bonds guarantee the buyer that the Group will
risk of a cash outflow on these guarantees was low.
meet its contractual obligations as provided under contract.
Operating leases: commitments and recognized lease charges

The Group leases offices, laboratories and equipment under both non-cancelable and cancelable operating lease agreements. The leases
have varying terms, escalation clauses and renewal rights.
Recognized lease charges can be analyzed as follows:
(€ millions) 2017 2016

Operating lease charges 150.3 144.2
Of which property leases 137.6 132.2
Of which equipment leases 12.7 12.0

Future aggregate minimum lease payments under non-cancelable operating leases relating to property (excluding rental service charges)
can be analyzed as follows:

Future minimum lease payments 310.0 330.3
Due within 1 year 107.0 115.5
Due between 1 and 5 years 159.4 165.4
Due beyond 5 years 43.6 49.4
Transition to IFRS 16
The Group is currently analyzing the impact of IFRS 16 on its lease flexibility into its lease portfolio by using renewal options which it
recognition principles. may choose to exercise at its discretion. Some such leases could
be considered as being almost certain and therefore accounted for
Future lease charges recognized to date in accordance with
as non-cancellable leases within the meaning of IFRS 16.
IAS 17 relate solely to non-cancellable real estate leases.
However, the Group’s strategy is to introduce a certain degree of
Pledges
Total amount in statement

(€ millions) Type Amount of assets pledged (a) of financial position (b) Corresponding %(a)/(b)
Other current financial assets Pledge 1.1 20.3 5.4%
Other non-current financial assets Pledge 3.9 118.4 3.3%
TOTAL ASSETS PLEDGED 5.0 5,369.8 0.1%
Other non-current financial assets Pledge 4.4 69.2 6.4%
TOTAL ASSETS PLEDGED 4.4 6,095.2 0.1%
Current and non-current financial assets had been pledged by the None of the Group’s intangible assets or property, plant and
Group for a total carrying amount of €5.0 million at equipment had been pledged at either December 31, 2017 or
December 31, 2017. December 31, 2016.

Note 34 Additional financial instrument disclosures

The table below presents the carrying amount, valuation method and fair value of financial instruments classified in each IAS 39 category at
the end of each reporting period:
IAS 39 measurement method

Carrying Amortized Fair value Fair value through
IAS 39 category amount cost Cost through equity profit or loss Fair value
Financial assets
Investments in non-consolidated companies FVPL 1.3 - - - - 1.3
Other non-current financial assets HTM 118.4 118.4 - - - 118.4
Trade and other receivables LR 1,520.0 1,520.0 - - - 1,520.0
Current financial assets LR 20.3 20.3 - - - 20.3
Derivative financial instruments FVPL/FVE 3.8 3.8 3.8
Cash and cash equivalents FVPL 364.3 - - - 364.3 364.3
Financial liabilities
Bank borrowings and debt AC 2,439.1 2,439.1 - - - 2,530.6
Bank overdrafts FVPL 9.8 - - - 9.8 9.8
Other non-current financial liabilities AC/FVE 120.2 61.5 - 58.7 - 120.2
Trade and other payables AC 1,119.8 1,119.8 - - - 1,119.8
Current financial liabilities AC/FVE 114.1 81.3 - 32.8 - 114.1
Derivative financial instruments FVPL/FVE 16.4 - - 9.8 6.6 16.4
Financial assets
Investments in non-consolidated companies FVPL 1.3 - - - 1.3 1.3
Other non-current financial assets HTM 69.2 69.2 - - - 69.2
Trade and other receivables LR 1,439.3 1,439.3 - - - 1,439.3
Current financial assets LR 51.0 51.0 - - - 51.0
Derivative financial instruments FVPL/FVE 3.7 - - - 3.7 3.7
Cash and cash equivalents FVPL 1,094.1 - - - 1,094.1 1,094.1
Financial liabilities
Bank borrowings and debt AC 3,076.4 3,076.4 - - - 3,278.4
Bank overdrafts FVPL 6.0 - - - 6.0 6.0
Other non-current financial liabilities AC/FVE 74.8 66.2 - 8.6 - 74.8
Trade and other payables AC 1,041.5 1,041.5 - - - 1,041.5
Current financial liabilities AC/FVE 106.3 73.2 - 33.1 - 106.3
Derivative financial instruments FVPL/FVE 16.1 - - 8.1 8.0 16.1
NB: The following abbreviations are used to represent IAS 39 financial instrument categories:
● HTM for held-to-maturity assets;
● LR for loans and receivables;
● FVPL for instruments at fair value through profit or loss (excluding accrued interest not yet due);
● FVE for instruments at fair value through equity (excluding accrued interest not yet due);
● AC for financial debt measured at amortized cost.

With the exception of the items listed below, the Group considers carrying amount. This corresponds to level 2 in the fair value
the carrying amount of the financial instruments reported on the hierarchy (fair value based on observable market inputs).
statement of financial position to approximate their fair value.
The fair value of exchange derivatives is equal to the difference
The fair value of current financial instruments such as SICAV between the present value of the amount sold or purchased in a
mutual funds is their last known net asset value (level 1 in the fair given currency (translated into euros at the futures rate) and the
value hierarchy). amount sold or purchased in this same currency (translated into
euros at the closing rate).
The fair value of cash, cash equivalents and bank overdrafts is
their face value in euros or equivalent value in euros translated at The fair value of currency derivatives is determined by discounting
the closing exchange rate. Since these assets and liabilities are the present value of future cash flows (interest receivable in
very short-term items, the Group considers that their fair value pounds sterling and payable in euros, along with the future
approximates their carrying amount. purchase of pounds sterling against euros) over the remaining
term of the instrument at the end of the reporting period. The
The fair value of each of the Group’s fixed-rate facilities
discount rates used are the market rates that correspond to the
(USPP 2008, USPP 2010, USPP 2011, USPP 2014, USPP 2017,
maturity of the cash flows. The present value of the cash flows
SSD and the three bond issues) is determined based on the
denominated in pounds sterling is translated into euros at the
present value of future cash flows discounted at the appropriate
closing exchange rate.
market rate for the currency concerned (euros, pounds sterling or
US dollars) at the end of the reporting period, adjusted to reflect The fair value of foreign exchange derivatives and other currency
the Group’s own credit risk. The fair value of the Group’s instruments is calculated using valuation techniques drawing on
floating-rate facilities (2012 syndicated loan, 2013 USPP, 2014 observable market inputs (level 2 of the fair value hierarchy) and
USPP, and certain tranches of the SSD facility) is close to their generally accepted pricing models.
The nature of the gains and losses arising on each financial instrument category can be analyzed as follows:
Adjustments for Net Net

gains/(losses) gains/(losses)
Amortized Exchange Accumulated in December in December
(€ millions) Interest Fair value cost differences impairment 2017 2016
Held-to-maturity assets HTM - - - - - - -
Loans and receivables LR - - - (16.5) 8.3 (8.2) (5.1)
Financial assets and liabilities
at fair value through profit or
loss FVPL 1.3 - - 0.1 - 0.1 (2.8)
Borrowings and financial debt
carried at amortized cost AC (88.1) - - 4.3 - 4.3 11.0
TOTAL (86.8) - - (12.1) 8.3 (3.8) 3.1
Sensitivity analysis reported in the consolidated financial statements, even though

the value of the items concerned remains unchanged in their
Due to the international scope of its operations, the Group is
exposed to currency risk on its use of several different currencies,
even though hedges arise naturally with the matching of income
original currencies.
In 2017, over 71% of Group revenue resulted from the
consolidation of financial statements of entities with functional
5
and expenses in a number of Group entities where services are currencies other than the euro:
provided locally.
● 18.7% of revenue was generated by entities whose functional
currency is the US dollar or a currency linked to the US dollar
Operational currency risk (including the Hong Kong dollar);
For the Group’s businesses present in local markets, income and ● 11.2% of revenue was generated by entities whose functional
expenses are mainly expressed in local currencies. For the Group’s currency is the Chinese yuan;
businesses relating to international markets, part of the revenue is
denominated in US dollars. ● 4.0% of revenue was generated by entities whose functional
currency is the Canadian dollar;
The proportion of 2017 consolidated revenue denominated in USD
generated in countries with functional currencies other than the ● 3.9% of revenue was generated by entities whose functional
US dollar or currencies linked to the USD, totaled 9%. currency is the Australian dollar;
The impact of a 1% rise or fall in the US dollar against all other ● 3.8% of revenue was generated by entities whose functional
currencies would have had an impact of 0.1% on consolidated currency is the Brazilian real;
Group revenue. ● 3.7% of revenue was generated by entities whose functional
currency is the pound sterling.
Translation risk Other currencies taken individually did not account for more than
4% of Group revenue.
Since the presentation currency of the financial statements is the
euro, the Group translates any foreign currency income and The impact of a 1% rise or fall in the euro against the US dollar and
expenses into euros when preparing its financial statements, using other linked currencies would have had an impact of 0.19% on
the average exchange rate for the period. As a result, changes in 2017 consolidated revenue and of 0.19% on 2017 operating
the value of the euro against other currencies affect the amounts profit.

Financial currency risk perpetuity financing to protect itself against the impact of
currency risk on its income statement.
If it deems appropriate, the Group may hedge certain
commitments by matching financing costs with operating income The table below shows the results of the sensitivity analysis for
in the currencies concerned. financial instruments exposed to currency risk on the Group’s
main foreign currencies (euro, US dollar and pound sterling) at
When financing arrangements are set up in a currency other than December 31, 2017.
the country’s functional currency, the Group takes out foreign
exchange or currency hedges for the main currencies or uses
Non-functional currency
(€ millions) USD EUR GBP
Financial liabilities (775.9) (88.1) (67.1)
Financial assets 1,050.9 61.2 93.9
Net position (Assets-Liabilities) before hedging 275.0 (26.9) 26.8
Currency hedging instruments 239.3 (2.1)
Net position (assets – liabilities) after hedging 514.3 (26.9) 24.7
Impact of a 1% rise in exchange rates
On equity - - (1.9)
On net profit before income tax 5.1 (0.3) 0.2
Impact of a 1% fall in exchange rates
On equity - - 1.3
On net profit before income tax (5.1) 0.3 (0.2)
The Group is exposed to currency risk inherent to financial Interest rate risk
instruments denominated in foreign currencies (i.e., currencies
other than the functional currency of each Group entity). The The Group’s interest rate risk arises primarily from assets and
sensitivity analysis presented above shows the impact that a liabilities bearing interest at floating rates. The Group seeks to
significant change in the value of the euro, US dollar and pound limit its exposure to a rise in interest rates and may use interest
sterling would have on earnings and equity in a non-functional rate instruments where appropriate.
currency. The analysis for the US dollar does not include entities Interest rate exposure is monitored on a monthly basis. The Group
whose functional currency is strongly correlated to the US dollar, continually analyses the level of hedges put in place and ensures
for example Group entities based in Hong Kong. Liabilities that they are appropriate for the underlying exposure. The Group’s
denominated in a currency other than the functional currency of policy at all times is to prevent more than 60% of its consolidated
the entity, for which a hedge has been taken out converting the net debt being exposed to the risk of a rise in interest rates. The
liability to the functional currency, have not been included in the Group may therefore enter into other swaps, collars or similar
analysis. The impact of a 1% change in exchange rates on hedges instruments for this purpose. No financial instruments are
is shown in the table above. contracted for speculative purposes. At December 31, 2017, the
Financial instruments denominated in foreign currencies which are Group had no interest rate hedges.
included in the sensitivity analysis relate to key monetary
statement of financial position items and in particular, current and
non-current financial assets, trade and operating receivables, cash
and cash equivalents, current and non-current borrowings and
financial debt, current liabilities, and trade and other payables.

The table below shows the maturity of fixed- and floating-rate financial assets and liabilities at December 31, 2017:
(€ millions) Less than 1 year Between 1 and 5 years More than 5 years Total at December 2017
Fixed-rate bank borrowings and debt (191.2) (1,091.4) (865.0) (2,147.6)
Floating-rate bank borrowings and debt (8.0) (283.6) - (291.6)
Bank overdrafts (9.8) - - (9.8)
Total – Financial liabilities (209.0) (1,375.0) (865.0) (2,449.0)
Total – Financial assets 364.3 364.3
Floating-rate net position (assets
– liabilities) before hedging 346.5 (283.6) - 62.9
Interest rate hedges - - - -
Floating-rate net position (assets
– liabilities) after hedging 346.5 (283.6) - 62.9
Impact of a 1% rise in interest rates
On equity -
On net profit before income tax 0.6
Impact of a 1% fall in interest rates
On equity -
On net profit before income tax (0.6)
At December 31, 2017, given the net floating-rate position after Debts maturing after five years, representing a total amount of
hedging, the Group considers that a 1% rise in short-term interest €865.0 million, are essentially at fixed rates. At
rates across all currencies would lead to an increase of around December 31, 2017, 88% of the Group’s consolidated gross debt
€0.6 million in interest income. was at fixed rates.
Note 35 Related-party transactions

Parties related to the Company are its majority shareholder Directors’ fees, and excludes any and all types of variable
Wendel as well as the Chairman of the Board of Directors and the compensation, benefits in kind, stock options and performance
Chief Executive Officer (Corporate Officers of the Company). shares.
As from March 8, 2017, the compensation due or awarded to the
Chairman of the Board comprises fixed compensation and
5
Amounts recognized with respect to compensation paid (fixed and variable portions) and long-term compensation plans (stock purchase
options and performance share awards) are as follows:
(€ millions) 2017 2016

Wages and salaries 1.7 1.7
Stock options 0.3 0.5
Performance shares awarded 1.5 2.0
TOTAL EXPENSE RECOGNIZED FOR THE PERIOD 3.5 4.2
The amounts in the above table reflect the fair value for minimum period of service and are also subject to a number of
accounting purposes of options and shares in accordance with performance conditions.
IFRS. Consequently, they do not represent the actual amounts
The Chief Executive Officer held a total of 510,960 stock
that may be paid if any stock subscription options are exercised or
purchase options at December 31, 2017 (630,720 at
any performance shares vest. Stock options and performance
December 31, 2016), with a fair value per share of €2.23
shares require a minimum period of service and are also subject to
(end-2016: €2.41).
a number of performance conditions.
The number of performance shares awarded to the Chief
Shares are measured at fair value as calculated under the
Executive Officer amounted to 890,320 at December 31, 2017
Black-Scholes model rather than based on the compensation
(930,240 at December 31, 2016).
effectively received. The performance share awards require a

Note 36 Fees paid to Statutory Auditors

The following amounts were expensed in the Group’s 2017 income statement:
2017 2016
(€ millions) PwC EY Total PwC EY Total
Statutory audit 2.5 1.8 4.3 2.3 1.5 3.8
Issuer 0.6 0.5 1.1 0.5 0.5 1.0
Fully consolidated subsidiaries 1.9 1.3 3.2 1.8 1.0 2.8
Services other than the statutory audit(a) 0.9 0.2 1.1 1.0 0.1 1.1
Issuer 0.2 - 0.2 0.3 0.1 0.4
Fully consolidated subsidiaries 0.7 0.2 0.9 0.7 - 0.7
Other services provided by members of the
auditors’ networks to consolidated subsidiaries(a) 0.5 0.5 1.0 0.5 0.5 1.0
Tax, legal and employee-related services 0.5 0.5 1.0 0.5 0.5 1.0
TOTAL 3.9 2.5 6.4 3.8 2.1 5.9
(a) As part of the European audit reform which entered into force on June 17, 2016, services provided by the Statutory Auditors and their networks –
other than the audit of the financial statements – have respected the pre-approval procedure implemented by the Group Audit and Risk Committe.
For 2017, services provided to the Group – other than the audit of the financial statements – related to:
● for PricewaterhouseCoopers Audit: consulting, legal compliance, reports and agreed-upon procedures;
● for Ernst & Young: consulting.
Note 37 Events after the end of the reporting period
Acquisition Dividends paid

On January 4, 2018, the Group announced that it had acquired The resolutions to be submitted for approval at the Ordinary
Lubrication Management SL, a Spanish company, European leader Shareholders’ Meeting of May 15, 2018 recommend a dividend of
in analyses of lubrication oils. €0.56 per share in respect of 2017.
On March 1, 2018, Bureau Veritas completed the acquisition of
EMG Corporation, a US leader in construction technical
assessment and project management assistance, asset
management assistance and transaction services.

Note 38 Scope of consolidation
Fully consolidated companies at December 31, 2017

Type: Subsidiary (S); Bureau Veritas SA branch (B).
2017 2016
Country Company Type % control % interest % control % interest
Algeria Bureau Veritas Algérie SARL S 100.00 100.00 100.00 100.00
Angola Bureau Veritas Angola Limitada S 100.00 100.00 100.00 100.00
Argentina Bureau Veritas Argentina SA S 100.00 100.00 100.00 100.00
Argentina ACME Analytical Laboratories (Argentina) SA S 100.00 100.00 100.00 100.00
Argentina Net Connection International SRL S 100.00 100.00 100.00 100.00
Argentina CH International Argentina SRL S 100.00 100.00 100.00 100.00
Argentina Schutter Argentina SA S 100.00 100.00
Armenia BIVAC Armenia S 100.00 100.00 100.00 100.00
Australia Bureau Veritas AsureQuality Finance PTY Ltd. S 51.00 51.00 51.00 51.00
Australia Bureau Veritas AsureQuality Holding PTY Ltd. S 51.00 51.00 51.00 51.00
Australia Dairy Technical Services Pty Ltd. S 51.00 51.00 51.00 51.00
Australia Bureau Veritas Australia Pty Ltd. S 100.00 100.00 100.00 100.00
Australia Bureau Veritas HSE S 100.00 100.00 100.00 100.00
Australia Bureau Veritas Asset Integrity & Reliability Services Australia Pty Ltd. S 100.00 100.00 100.00 100.00
Australia Bureau Veritas Asset Integrity & Reliability Services
Pty Ltd. S 100.00 100.00 100.00 100.00
Australia Bureau Veritas International Trade Pty Ltd. S 100.00 100.00 100.00 100.00
Australia Bureau Veritas Minerals Pty Ltd. S 100.00 100.00 100.00 100.00
Australia Ultra Trace Pty Ltd. S 100.00 100.00 100.00 100.00
Australia Matthews Daniel Int. (Australia) Pty S 100.00 100.00 100.00 100.00
Australia TMC Marine Pty Ltd. S 100.00 100.00 100.00 100.00
Australia McKenzie Group Consulting Pty Ltd. S 65.00 65.00
Australia McKenzie Group Consulting (NSW) Pty Ltd. S 65.00 65.00
Australia McKenzie Group Consulting (QLD) Pty Ltd. S 65.00 65.00
Australia McKenzie Group Consulting (VIC) Pty Ltd. S 65.00 65.00
Austria Bureau Veritas Austria GmbH S 100.00 100.00 100.00 100.00
Azerbaijan Bureau Veritas Azeri Ltd. Liability Company S 100.00 100.00 100.00 100.00
Bahamas
Bahrain
Inspectorate Bahamas Ltd.
Bureau Veritas sa – Bahrain
S
B
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00 5
Bangladesh Bureau Veritas CPS Bangladesh Ltd. S 99.80 99.80 99.80 99.80
Bangladesh BIVAC Bangladesh S 100.00 100.00 100.00 100.00
Bangladesh Bureau Veritas CPS Bangladesh Ltd. S 100.00 100.00 100.00 100.00
Bangladesh Bureau Veritas Bangladesh Private Ltd. S 100.00 100.00 100.00 100.00
Belarus Bureau Veritas Bel Ltd. FLLC S 100.00 100.00 100.00 100.00
Belgium Bureau Veritas Certification Belgium S 100.00 100.00 100.00 100.00
Belgium Association Bureau Veritas ASBL S 100.00 100.00 100.00 100.00
Belgium Bureau Veritas Marine Belgium & Luxembourg SA S 100.00 100.00 100.00 100.00
Belgium Inspectorate Ghent NV S 100.00 100.00 100.00 100.00
Belgium Inspectorate Antwerp NV S 100.00 100.00 100.00 100.00
Belgium UniCar Benelux SPRL S 100.00 100.00 100.00 100.00
Belgium SA Euroclass NV S 100.00 100.00 100.00 100.00
Belgium Bureau Veritas sa- Belgium B 100.00 100.00 100.00 100.00
Belgium Schutter Belgium BVBA S 100.00 100.00
Benin Société d’exploitation du guichet unique du Bénin - SEGUB SA S 51.00 46.00 51.00 46.00
Benin BIVAC International Bénin SARL S 100.00 100.00 100.00 100.00
Benin Bureau Veritas Bénin SARL S 100.00 100.00 100.00 100.00
Bermuda MatthewsDaniel Services (Bermuda) Ltd. S 100.00 100.00 100.00 100.00
Bermuda MatthewsDaniel Holdings (Bermuda) Ltd. S 100.00 100.00 100.00 100.00

2017 2016
Bolivia Bureau Veritas Fiscalizadora Boliviana SRL S 100.00 100.00 100.00 100.00
Bolivia Bureau Veritas Argentina SA Bolivia branch S 100.00 100.00 100.00 100.00
Bosnia Bureau Veritas BH DOO Sarajevo S 100.00 100.00 100.00 100.00
Brazil Bureau Veritas do Brasil Sociedade Classificadora e Certificadora Ltda. S 100.00 100.00 100.00 100.00
Brazil BVQI do Brasil Sociedade Certificadora Ltda S 100.00 100.00 100.00 100.00
Brazil Auto Reg Serviços Técnicos de Seguros Ltda S 100.00 100.00 100.00 100.00
Brazil Inspectorate do Brasil Inspeçöes Ltda S 100.00 100.00 100.00 100.00
Brazil ACME Analytical Laboratorios Ltda. S 100.00 100.00 100.00 100.00
Brazil Matthews Daniel do Brasil Avaliaçao de Riscos Ltda S 100.00 100.00 100.00 100.00
Brazil NCC Certificaçoes do Brazil Ltda S 100.00 100.00 100.00 100.00
Brazil Ch International do Brazil Ltda S 100.00 100.00 100.00 100.00
Brazil Associação NCC Certificações do Brasil S 100.00 100.00 100.00 100.00
Brazil Kuhlmann Monitoramente Agricola Ltda S 100.00 100.00 100.00 100.00
Brazil Schutter do Brazil Ltda S 100.00 100.00
Brunei Bureau Veritas sa - Brunei B 100.00 100.00 100.00 100.00
Bulgaria Bureau Veritas Bulgaria Ltd. S 100.00 100.00 100.00 100.00
Bulgaria Inspectorate Bulgaria EOOD S 100.00 100.00 100.00 100.00
Burkina Faso Bureau Veritas Burkina Faso Ltd. S 100.00 100.00 100.00 100.00
Burma Myanmar Bureau Veritas Ltd. S 100.00 100.00 100.00 100.00
Cambodia Bureau Veritas (Cambodia) Ltd. S 100.00 100.00 100.00 100.00
Cameroon Bureau Veritas Douala SAU S 100.00 100.00 100.00 100.00
Canada Bureau Veritas Canada Inc. S 100.00 100.00 100.00 100.00
Canada Bureau Veritas Certification Canada Inc S 100.00 100.00 100.00 100.00
Canada Maxxam Analytics International Corporation S 100.00 100.00 100.00 100.00
Canada Bureau Veritas Commodities Canada Ltd., S 100.00 100.00 100.00 100.00
Canada MatthewsDaniel International (Canada) Ltd. S 100.00 100.00 100.00 100.00
Canada MatthewsDaniel International (Newfoundland) Ltd. S 100.00 100.00 100.00 100.00
Canada Primary Integration Solutions Canada S 100.00 76.90
Central African BIVAC Export RCA SARL
Republic S 100.00 100.00 100.00 100.00
Chad Société d’Inspection et d’Analyse du Tchad (SIAT) S 51.00 51.00 51.00 51.00
Chad Bureau Veritas Tchad SAU S 100.00 100.00 100.00 100.00
Chad BIVAC Tchad SA S 100.00 100.00 100.00 100.00
Chile Bureau Veritas Chile SA S 100.00 100.00 100.00 100.00
Chile Bureau Veritas Certification Chile SA S 100.00 100.00 100.00 100.00
Chile Bureau Veritas Chile Capacitacion Ltd. S 100.00 100.00 100.00 100.00
Chile ECA Control y Asesoramiento SA S 100.00 100.00 100.00 100.00
Chile Centro de Estudios Medicion y Certificacion de Calidad Cesmec SA S 100.00 100.00 100.00 100.00
Chile Inspectorate Servicios de Inspeccion Chile Ltda S 100.00 100.00 100.00 100.00
China Bureau Veritas CPS Jiangsu Co Ltd. S 60.00 51.00 60.00 51.00
China Zhejiang Bureau Veritas CPS Shenyue Co., Ltd. S 60.00 51.00 60.00 51.00
China Bureau Veritas CPS (Shenou) Zhejiang Co Ltd. S 60.00 51.00 60.00 51.00
China Beijing Huali Bureau Veritas Technical Service Co. Ltd. S 60.00 60.00 60.00 60.00
China Bureau Veritas-CQC Testing Technology Co. Ltd. S 60.00 60.00 60.00 60.00
China Hangzhou VEO Standards Technical Services Co. Ltd. S 65.00 65.00 65.00 65.00
China Bureau Veritas Commodities (Hebei) Co. Ltd. S 67.00 67.00 67.00 67.00
China Shandong Chengxin Engineering Consulting & Jianli
Co. Ltd. S 70.00 70.00 70.00 70.00
China Ningbo Hengxin Engineering Testing Co Ltd. S 100.00 100.00 70.00 70.00
China Shandong Hengyuan Engineering Consulting S 100.00 70.00 100.00 70.00
China Bureau Veritas Shenzhen Co Ltd. S 80.00 80.00 80.00 80.00
China Chongqing Liansheng Construction Project Management Co. Ltd. S 80.00 80.00 80.00 80.00
China Chongqing Liansheng Seine cost consulting Co Ltd. S 80.00 80.00 80.00 80.00
China Wuhu Liansheng Construction Project Management
Co., Ltd. S 80.00 80.00 80.00 80.00
China Chongoing Liansheng Henggu Construction Testing
Co. Ltd. S 80.00 80.00 80.00 80.00

2017 2016
China Bureau Veritas CPS Shanghai Co Ltd. S 85.00 85.00 85.00 85.00
China Inspectorate (Shanghai) Ltd. JV China S 85.00 85.00 85.00 85.00
China Bureau Veritas Hong Kong Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas Investment (Shanghai) Co Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas LCIE China Company Limited S 100.00 100.00 100.00 100.00
China Bureau Veritas Certification Hong Kong Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas Certification Beijing Co. Ltd. S 100.00 100.00 100.00 100.00
China BIVAC Asian Cre (Shanghai) Inspection CO. Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas Hong-Kong Branch Marine S 100.00 100.00 100.00 100.00
China Bureau Veritas CPS Hong-Kong Ltd. S 100.00 100.00 100.00 100.00
China Tecnitas Far East Co, Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas CPS Guangzhou Co. Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas (Tianjin) Safety Technology Co Ltd. S 100.00 100.00 100.00 100.00
China NDT Technology Holding Company S 100.00 100.00 100.00 100.00
China Bureau Veritas-Fairweather Inspection & Consultants Co Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas Marine China Co Ltd. S 100.00 100.00 100.00 100.00
China ADT (Shanghai) corporation S 100.00 100.00 100.00 100.00
China Bureau Veritas Quality Services Shanghai Co., Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas 7 Layers Communications Technology (Shenzen) Co
Ltd. S 100.00 100.00 100.00 100.00
China Bureau Veritas CPS HK Hsinchu Branch S 100.00 100.00 100.00 100.00
China Beijing Huaxia Supervision Co Ltd. S 100.00 100.00 100.00 100.00
China Shanghai Davis Testing Technology Ltd. S 100.00 100.00 100.00 100.00
China Matthews Daniel Offshore (Hong Kong) Ltd. S 100.00 100.00 100.00 100.00
China Shanghai TJU Engineering Service Co Ltd. S 70.00 70.00 100.00 100.00
China Centre of Testing Service (Ningbo) Co Ltd. S 100.00 100.00 100.00 100.00
China Bizheng Engineering Technical Consulting (Shanghai)
Co. Ltd. S 100.00 100.00 100.00 100.00
China Shanghai Project Management Co., Ltd.. S 68.00 68.00
China SIEMIC (Shenzhen-China) InfoTech Ltd. S 100.00 100.00
China SIEMIC (Nanjing-China) Infotech Ltd. S 100.00 100.00
China Smart Car Testing and Certification Co S 60.00 60.00
China Wuhan Detect Technology Company Ltd. S 100.00 100.00 100.00 100.00
China ICTK Shenzhen Co. Ltd. S 55.00 55.00
Colombia
Colombia
Bureau Veritas Colombia Ltda
BVQI Colombia Ltda
S
S
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00 5
Colombia ECA Interventorias Y Consultorias de Colombia Ltd. S 100.00 100.00 100.00 100.00
Colombia Inspectorate Colombia Ltd. S 100.00 100.00 100.00 100.00
Colombia T H Hill Colombia branch S 100.00 100.00 100.00 100.00
Colombia Tecnicontrol SAS S 100.00 100.00 100.00 100.00
Colombia PRI Colombia SAS S 100.00 100.00 100.00 100.00
Congo Bureau Veritas Congo SAU S 100.00 100.00 100.00 100.00
Congo Bureau Veritas BIVAC BV S 100.00 100.00
Côte d’Ivoire BIVAC Scan Côte d’Ivoire SA S 61.99 61.99 61.99 61.99
Côte d’Ivoire Bureau Veritas Côte d’Ivoire SAU S 100.00 100.00 100.00 100.00
Côte d’Ivoire BIVAC Côte d’Ivoire CI SAU S 100.00 100.00 100.00 100.00
Côte d’Ivoire Bureau Veritas Mineral Laboratories SAU S 100.00 100.00 100.00 100.00
Croatia Bureau Veritas Croatia SARL S 100.00 100.00 100.00 100.00
Croatia Inspectorate Croatia Ltd. S 100.00 100.00 100.00 100.00
Cuba Bureau Veritas sa - Cuba B 100.00 100.00 100.00 100.00
Cyprus Bureau Veritas Cyprus Ltd. S 100.00 100.00 100.00 100.00
Czech Republic Bureau Veritas Czech Republic, spol. s r.o. S 100.00 100.00 100.00 100.00
Democratic Republic of Société d’Exploitation du Guichet Unique du Commerce Extérieur de la
Congo RDC S 70.00 70.00 70.00 70.00
Democratic Republic of BIVAC République Démocratique du Congo SARL
Congo S 100.00 100.00 100.00 100.00

2017 2016
Democratic Republic Bureau Veritas BIVAC BV
of Congo S 100.00 100.00
Denmark Bureau Veritas Certification Denmark A/S S 100.00 100.00 100.00 100.00
Denmark Bureau Veritas HSE Denmark AS S 100.00 100.00 100.00 100.00
Denmark Bureau Veritas sa - Denmark B 100.00 100.00 100.00 100.00
Dominican Republic Inspectorate Dominicana SA S 100.00 100.00 100.00 100.00
Dominican Republic Acme Analytical Laboratories (R.D.) SRL S 100.00 100.00 100.00 100.00
Ecuador BIVAC Ecuador SA S 100.00 100.00 100.00 100.00
Ecuador Bureau Veritas Ecuador SA S 100.00 100.00 100.00 100.00
Ecuador Inspectorate del Ecuador SA S 100.00 100.00 100.00 100.00
Ecuador Andes Control Ecuador SA Ancoesa S 100.00 100.00 100.00 100.00
Egypt Bureau Veritas Egypt LLC S 90.00 90.00 90.00 90.00
Egypt Watson Gray (Egypt) Ltd. S 100.00 100.00 100.00 100.00
Egypt Matthews Daniel Int. (Egypt) Ltd. S 100.00 100.00 100.00 100.00
Equatorial Guinea Bureau Veritas SA – Equatorial Guinea B 100.00 100.00 100.00 100.00
Estonia Bureau Veritas Estonia S 100.00 100.00 100.00 100.00
Estonia Inspectorate Estonia AS S 100.00 100.00 100.00 100.00
Ethiopia Bureau Veritas Services PLC S 100.00 100.00 100.00 100.00
Finland Bureau Veritas sa – Finland B 100.00 100.00 100.00 100.00
France GUCEL SAS S 90.00 90.00 90.00 90.00
France Coreste SAS S 99.60 99.60 99.60 99.60
France Bureau Veritas CPS France SAS S 100.00 100.00 100.00 100.00
France BIVAC International SA S 100.00 100.00 100.00 100.00
France Bureau Veritas Certification France SAS S 100.00 100.00 100.00 100.00
France Bureau Veritas Certification Holding SAS S 100.00 100.00 100.00 100.00
France Bureau Veritas International SAS S 100.00 100.00 100.00 100.00
France Bureau Veritas Services France S 100.00 100.00 100.00 100.00
France Bureau Veritas Services SAS S 100.00 100.00 100.00 100.00
France Tecnitas SAS S 100.00 100.00 100.00 100.00
France Laboratoire Central des Industries Electriques SAS S 100.00 100.00 100.00 100.00
France Bureau Veritas Holding 5 S 100.00 100.00 100.00 100.00
France Environnement Contrôle Services SAS S 100.00 100.00 100.00 100.00
France SODIA S 100.00 100.00 100.00 100.00
France Bureau Veritas Laboratoires S 100.00 100.00 100.00 100.00
France Conception Développement Durable Environnement SAS S 100.00 100.00 100.00 100.00
France Transcable Halec SAS S 100.00 100.00 100.00 100.00
France BIVAC Mali SAS S 100.00 100.00 100.00 100.00
France Océanic Développement SAS S 100.00 100.00 100.00 100.00
France MEDI Qual SAS S 100.00 100.00 100.00 100.00
France Unicar Group SAS S 100.00 100.00 100.00 100.00
France Bureau Veritas Construction S 100.00 100.00 100.00 100.00
France Bureau Veritas Exploitation S 100.00 100.00 100.00 100.00
France HydrOcean S 100.00 100.00 100.00 100.00
France Bureau Veritas Marine & Offshore SAS S 100.00 100.00 100.00 100.00
France Bureau Veritas GSIT S 100.00 100.00 100.00 100.00
France Bureau Veritas Holding France S 100.00 100.00 100.00 100.00
France Metracem S 100.00 100.00
Fujairah Inspectorate International Ltd. Fujairah (Branch Office) S 100.00 100.00 100.00 100.00
Gabon Bureau Veritas Gabon SAU S 100.00 100.00 100.00 100.00
Georgia Inspectorate Georgia LLC S 100.00 100.00 100.00 100.00
Georgia Bureau Veritas Georgie LLC S 100.00 100.00 100.00 100.00
Germany Bureau Veritas Certification Germany GmbH S 100.00 100.00 100.00 100.00

2017 2016
Germany Bureau Veritas CPS Germany GmbH S 100.00 100.00 100.00 100.00
Germany Bureau Veritas Construction Services GmbH S 100.00 100.00 100.00 100.00
Germany Bureau Veritas sa – Germany B 100.00 100.00 100.00 100.00
Germany Bureau Veritas Germany Holding GmbH S 100.00 100.00 100.00 100.00
Germany Bureau Veritas Construction Services GmbH S 100.00 100.00 100.00 100.00
Germany Inspectorate Deutschland GmbH S 100.00 100.00 100.00 100.00
Germany Tecnitas Central Europe S 100.00 100.00 100.00 100.00
Germany Unicar Germany GmbH S 100.00 100.00 100.00 100.00
Germany 7 Layers GmbH S 100.00 100.00 100.00 100.00
Germany Bureau Veritas Material Testing GmbH S 100.00 100.00 100.00 100.00
Germany Wireless IP GmbH S 100.00 100.00 100.00 100.00
Germany Schutter Deutschland GmbH S 100.00 100.00
Ghana BIVAC International Ghana S 100.00 100.00 100.00 100.00
Ghana Bureau Veritas Ghana S 100.00 100.00 100.00 100.00
Ghana Inspectorate Ghana Ltd. S 100.00 100.00 100.00 100.00
Greece Bureau Veritas Hellas AE S 100.00 100.00 100.00 100.00
Guatemala Bureau Veritas CPS Guatemala SA S 100.00 100.00 100.00 100.00
Guinea BIVAC Guinea SAU S 100.00 100.00 100.00 100.00
Guinea Bureau Veritas Guinea SAU S 100.00 100.00 100.00 100.00
Guyana Acme Analytical (Lab.) Guyana Inc. S 100.00 100.00 100.00 100.00
Hungary Bureau Veritas Magyarorszag S 100.00 100.00 100.00 100.00
Iceland Bureau Veritas EHF S 100.00 100.00 100.00 100.00
India Bureau Veritas Industrial Services Ltd. S 100.00 100.00 100.00 100.00
India Bureau Veritas CPS India Pvt Ltd. S 100.00 100.00 100.00 100.00
India Bureau Veritas India Pvt Ltd. S 100.00 100.00 100.00 100.00
India Inspectorate Griffith India Pvt Ltd. S 100.00 100.00 100.00 100.00
India Bhagavathi Ana Labs Private Ltd. S 100.00 100.00 100.00 100.00
India Sievert India Pvt Ltd. S 100.00 100.00 100.00 100.00
India Bureau Veritas sa – India B 100.00 100.00 100.00 100.00
Indonesia PT Bureau Veritas CPS Indonesia S 85.00 85.00 85.00 85.00
Indonesia PT Bureau Veritas Indonesia LLC S 100.00 100.00 100.00 100.00
Indonesia PT IOL Indonesia S 100.00 100.00 100.00 100.00
Iran Inspectorate Iran QESHM Ltd. S 99.00 99.00 99.00 99.00
5
Iran Bureau Veritas sa – Iran B 100.00 100.00 100.00 100.00
Iraq Honesty Road (Tareek Al Sidik) for testing and engineering services S 100.00 100.00 100.00 100.00
Ireland Bureau Veritas Ireland Ltd. S 100.00 100.00 100.00 100.00
Ireland Primary Integration Solutions Europe Ltd. S 100.00 76.90
Italy Bureau Veritas Italia Spa S 100.00 100.00 100.00 100.00
Italy Bureau Veritas Italia Holding SPA S 100.00 100.00 100.00 100.00
Italy Bureau Veritas Nexta SRL S 100.00 100.00 100.00 100.00
Italy Inspectorate Italia SRL S 100.00 100.00 100.00 100.00
Italy Bureau Veritas Certest SRL S 100.00 100.00 100.00 100.00
Italy CEPAS Srl S 100.00 100.00 100.00 100.00
Jamaica Inspectorate America Corporation - Jamaica branch S 100.00 100.00
Japan Bureau Veritas Japan Co. Ltd. S 100.00 100.00 100.00 100.00
Japan Bureau Veritas Human Tech Co Ltd. S 100.00 100.00 100.00 100.00
Japan Inspectorate (Singapore) Pte. Ltd., Japan Branch S 100.00 100.00 100.00 100.00
Japan Kanagawa Building Inspection Co. Ltd. S 100.00 100.00 100.00 100.00
Japan IPS Tokai Corporation S 100.00 100.00
Jordan BIVAC for Valuation Jordan LLC S 100.00 100.00 100.00 100.00
Kazakhstan Bureau Veritas Kazakhstan Industrial Services LLP S 60.00 60.00 60.00 60.00
Kazakhstan Bureau Veritas Kazakhstan LLP S 100.00 100.00 100.00 100.00
Kazakhstan Kazinspectorate Ltd. S 100.00 100.00 100.00 100.00
Kazakhstan Bureau Veritas Marine Kazakhstan LLP S 100.00 100.00 100.00 100.00
Kenya Bureau Veritas Kenya Limited S 99.90 99.90 99.90 99.90
Kuwait Inspectorate International Ltd. Kuwait S 100.00 100.00 100.00 100.00

2017 2016
Kuwait Bureau Veritas SA – Kuwait B 100.00 100.00 100.00 100.00
Laos Lao National Single Window S 75.00 75.00 75.00 75.00
Laos BIVAC LAO Sole Co. Ltd. S 100.00 100.00 100.00 100.00
Latvia Bureau Veritas Latvia Ltd. S 100.00 100.00 100.00 100.00
Latvia Inspectorate Latvia Ltd. S 100.00 100.00 100.00 100.00
Lebanon Bureau Veritas Liban SAL S 100.00 100.00 100.00 100.00
Lebanon BIVAC Rotterdam Branch in Lebanon S 100.00 100.00 100.00 100.00
Liberia BIVAC Liberia S 100.00 100.00 100.00 100.00
Liberia Bureau Veritas Liberia Ltd. S 100.00 100.00 100.00 100.00
Libya Bureau Veritas Lybia for Inspection & Conformity S 51.00 51.00 51.00 51.00
Lithuania Bureau Veritas Lithuania Ltd. S 100.00 100.00 100.00 100.00
Lithuania Inspectorate Klaipeda UAB S 100.00 100.00 100.00 100.00
Luxembourg Soprefira SA S 100.00 100.00 100.00 100.00
Luxembourg Bureau Veritas Luxembourg SA S 100.00 100.00 100.00 100.00
Malaysia Bureau Veritas (M) Sdn Bhd S 49.00 49.00 49.00 49.00
Malaysia Inspectorate Malaysia Sdn Bhd S 49.00 49.00 49.00 49.00
Malaysia Bureau Veritas Certification Malaysia Ltd. S 100.00 100.00 100.00 100.00
Malaysia Bureau Veritas CPS Sdn Bhd S 100.00 100.00 100.00 100.00
Malaysia Scientige Sdn Bhd S 100.00 100.00 100.00 100.00
Malaysia MatthewsDaniel (Malaysia) Sdn BHd S 100.00 100.00 100.00 100.00
Malaysia Schutter Malaysia Sdn Bhd S 100.00 100.00
Mali Bureau Veritas Mali SA S 100.00 100.00 100.00 100.00
Malta Inspectorate Malta Ltd. S 100.00 100.00 100.00 100.00
Malta Bureau Veritas sa – Malta B 100.00 100.00 100.00 100.00
Mauritania Bureau Veritas sa– Mauritania B 100.00 100.00 100.00 100.00
Mauritius Bureau Veritas sa – Mauritius B 100.00 100.00 100.00 100.00
Mexico BVQI Mexicana SA de CV S 100.00 100.00 100.00 100.00
Mexico Bureau Veritas Mexicana SA de CV S 100.00 100.00 100.00 100.00
Mexico Bureau Veritas CPS Mexico SA de CV S 100.00 100.00 100.00 100.00
Mexico Inspectorate de Mexico SA de CV S 100.00 100.00 100.00 100.00
Mexico Chas Martin Mexico City Inc S 100.00 100.00 100.00 100.00
Mexico Unicar Automotive Inspection Mexico LLC S 100.00 100.00 100.00 100.00
Mexico MatthewsDaniel Mexico Branch S 100.00 100.00 100.00 100.00
Mexico CH Mexico International I sociedad de responsabilidad Limitada de C.V. S 100.00 100.00 100.00 100.00
Mexico INCA S 100.00 100.00
Mexico Supervisores de Construccion y Asociados, SA De C.V. S 100.00 100.00
Monaco Bureau Veritas Monaco SAM AU S 100.00 100.00 100.00 100.00
Mongolia Bureau Veritas Inspection & Testing Mongolia LLC S 100.00 100.00 100.00 100.00
Morocco Bureau Veritas Morocco SA S 100.00 100.00 100.00 100.00
Morocco Bureau Veritas sa – Morocco B 100.00 100.00 100.00 100.00
Mozambique Bureau Veritas Controle Ltda S 63.00 63.00 63.00 63.00
Mozambique Bureau Veritas - Laboratorios de Tete Ltd. S 66.66 66.66 66.66 66.66
Mozambique Bureau Veritas Mozambique Ltda S 100.00 100.00 100.00 100.00
Namibia Bureau Veritas Namibie Pty Ltd. S 100.00 100.00 100.00 100.00
Netherlands BIVAC Rotterdam BV S 100.00 100.00 100.00 100.00
Netherlands Bureau Vertas Inspection & Certification The Netherlands BV S 100.00 100.00 100.00 100.00
Netherlands Risk Control BV S 100.00 100.00 100.00 100.00
Netherlands Bureau Veritas Marine Netherlands BV S 100.00 100.00 100.00 100.00
Netherlands Bureau Veritas Nederland Holding S 100.00 100.00 100.00 100.00
Netherlands Inspectorate BV S 100.00 100.00 100.00 100.00
Netherlands Inspectorate II BV S 100.00 100.00 100.00 100.00
Netherlands IOL Investments BV S 100.00 100.00 100.00 100.00
Netherlands Inspectorate Inpechem Inspectors BV S 100.00 100.00 100.00 100.00
Netherlands Inspectorate Curaçao NV S 100.00 100.00 100.00 100.00
Netherlands Certificatie Instelling Voor Beveiliging en Veiligheid BV S 100.00 100.00 100.00 100.00
Netherlands Schutter Certification BV S 100.00 100.00
Netherlands Schutter Groep BV S 100.00 100.00
Netherlands Schutter Havenbedrijg BV S 100.00 100.00

2017 2016
Netherlands Schutter International BV S 100.00 100.00
Netherlands Schutter Rotterdam BV S 100.00 100.00
New Caledonia Bureau Veritas sa – New Caledonia B 100.00 100.00 100.00 100.00
New Zealand Bureau Veritas New Zealand Ltd. S 100.00 100.00 100.00 100.00
Nicaragua Inspectorate America Corp. - Nicaragua S 100.00 100.00 100.00 100.00
Nigeria Bureau Veritas Nigeria Ltd. S 60.00 60.00 60.00 60.00
Nigeria Inspectorate Marine Services (Nigeria) Ltd. S 100.00 100.00 100.00 100.00
Norway Bureau Veritas Norway AS S 100.00 100.00 100.00 100.00
Norway MatthewsDaniel International (Norge) A/S S 100.00 100.00 100.00 100.00
Oman Sievert Technical Inspection LLC S 70.00 70.00 70.00 70.00
Oman Bureau Veritas Middle East Co. LLC S 70.00 70.00 70.00 70.00
Oman Inspectorate International Ltd. Oman S 100.00 100.00 100.00 100.00
Pakistan Bureau Veritas CPS Pakistan Ltd. S 80.00 80.00 80.00 80.00
Pakistan Bureau Veritas Pakistan (Private) Ltd. S 100.00 100.00 100.00 100.00
Panama Bureau Veritas Panama SA S 100.00 100.00 100.00 100.00
Panama Inspectorate de Panama SA S 100.00 100.00 100.00 100.00
Paraguay Inspectorate Paraguay SRL S 100.00 100.00 100.00 100.00
Paraguay BIVAC Paraguay SA S 100.00 100.00 100.00 100.00
Paraguay Schutter Paraguay SA S 100.00 100.00
Peru BIVAC del Peru SAC S 100.00 100.00 100.00 100.00
Peru Bureau Veritas del Peru SA S 100.00 100.00 100.00 100.00
Peru Inspectorate Services Peru SAC S 100.00 100.00 100.00 100.00
Peru Tecnicontrol Ingenieria SA S 100.00 100.00 100.00 100.00
Philippines Inspectorate Philippines Corp. S 80.00 80.00 80.00 80.00
Philippines Inspectorate International Ltd. (Philippines branch) S 100.00 100.00 100.00 100.00
Philippines Bureau Veritas sa – Philippines B 100.00 100.00 100.00 100.00
Philippines Schutter Philippines Inc S 100.00 100.00
Poland Bureau Veritas Polska Spolka Spolka z ograniczona odpowiedzialnioscia S 100.00 100.00 100.00 100.00
Portugal Bureau Veritas Certification Portugal SARL S 100.00 100.00 100.00 100.00
Portugal Registro International Naval - Rinave SA. S 100.00 100.00 100.00 100.00
Portugal Bureau Veritas Rinave Sociedade Unipessoal Lda S 100.00 100.00 100.00 100.00
Portugal BIVAC Iberica Unipessoal, Lda S 100.00 100.00 100.00 100.00
Portugal Inspectorate Portugal SA S 100.00 100.00 100.00 100.00
5
Puerto Rico Inspectorate America Corporation Puerto Rico S 100.00 100.00 100.00 100.00
Qatar Inspectorate International Ltd. Qatar LLC S 49.00 49.00 49.00 49.00
Qatar Sievert International Inspection WLL S 49.00 34.30 49.00 34.30
Qatar Bureau Veritas International Doha LLC S 100.00 100.00 100.00 100.00
Qatar Bureau Veritas SA – Qatar B 100.00 100.00 100.00 100.00
Romania Bureau Veritas Romania Controle International Srl S 100.00 100.00 100.00 100.00
Romania Inspect Balkan SRL S 100.00 100.00 100.00 100.00
Russia Bureau Veritas Rus OAO S 100.00 100.00 100.00 100.00
Russia Bureau Veritas Certification Russia S 100.00 100.00 100.00 100.00
Russia JSC Inspectorate Russia S 100.00 100.00 100.00 100.00
Russia Unicar Russia LLC S 100.00 100.00 100.00 100.00
Russia LLC Matthews Daniel International (Rus) S 100.00 100.00 100.00 100.00
Rwanda Bureau Veritas Rwanda Ltd. S 100.00 100.00 100.00 100.00
Saudi Arabia Inspectorate International Saudi Arabia Co Ltd. S 65.00 65.00 65.00 65.00
Saudi Arabia Bureau Veritas Saudi Arabia Testing Services Ltd. S 75.00 75.00 75.00 75.00
Saudi Arabia MatthewsDaniel Loss Adjusting and Survey Company Limited S 100.00 100.00 100.00 100.00
Saudi Arabia Sievert Arabia Co Ltd. S 100.00 100.00 100.00 100.00
Saudi Arabia Bureau Veritas sa - Saudi Arabia B 100.00 100.00 100.00 100.00
Senegal Bureau Veritas Sénégal SAU S 100.00 100.00 100.00 100.00
Serbia Bureau Veritas Serbia D.O.O. S 100.00 100.00 100.00 100.00
Singapore Branch Office Singapore - Tecnitas S 100.00 100.00 100.00 100.00
Singapore Bureau Veritas Singapore Pte Ltd. S 100.00 100.00 100.00 100.00
Singapore Bureau Veritas Marine Singapore Pte Ltd. S 100.00 100.00 100.00 100.00
Singapore Atomic Technologies Pte Ltd. S 100.00 100.00 100.00 100.00
Singapore Inspectorate (Singapore) Pte Ltd. S 100.00 100.00 100.00 100.00

2017 2016
Singapore MatthewsDaniel International Pte. Ltd. S 100.00 100.00 100.00 100.00
Singapore Sievert Veritas Pte Ltd. S 100.00 100.00 100.00 100.00
Singapore CKM Consultants Pte Ltd. S 100.00 100.00 100.00 100.00
Singapore 7Layers Asia Private Ltd. S 100.00 100.00 100.00 100.00
Singapore TMC Marine Pte Ltd. S 100.00 100.00 100.00 100.00
Singapore Schutter Inspection Services Pte Ltd. S 100.00 100.00
Slovakia Bureau Veritas Slovakia Spol S 100.00 100.00 100.00 100.00
Slovenia Bureau Veritas Slovenia D.O.O. S 100.00 100.00 100.00 100.00
South Africa Bureau Veritas Marine Surveying (Pty) Ltd. S 51.00 37.38 51.00 37.38
South Africa Bureau Veritas South Africa (Pty) Ltd. S 70.00 70.00 70.00 70.00
South Africa Bureau Veritas Gazelle (Pty) Ltd. S 70.00 70.00 70.00 70.00
South Africa Carab Technologies (Pty) Ltd. S 100.00 70.00 100.00 70.00
South Africa Tekniva (Pty) Ltd. S 100.00 70.00 100.00 70.00
South Africa Bureau Veritas Inspectorate Laboratories (Pty) Ltd. S 73.30 73.30 73.30 73.30
South Africa M&L Laboratory Services (Pty) Ltd. S 100.00 73.30 100.00 73.30
South Africa Bureau Veritas Testing and Inspections South Africa (Pty) Ltd. S 100.00 100.00 100.00 100.00
South Korea Bureau Veritas Korea Co Ltd. S 100.00 100.00 100.00 100.00
South Korea Bureau Veritas CPS Korea Limited S 100.00 100.00 100.00 100.00
South Korea Bureau Veritas CPS ADT Korea Ltd. S 100.00 100.00 100.00 100.00
South Korea 7Layers Korea Ltd. S 100.00 100.00 100.00 100.00
South Korea Bureau Veritas sa - South Korea B 100.00 100.00 100.00 100.00
South Korea ICTK Korea S 55.00 55.00
Spain Bureau Veritas Formacion SAU S 95.00 95.00 95.00 95.00
Spain Bureau Veritas Iberia SL S 100.00 100.00 100.00 100.00
Spain Bureau Veritas Inversiones SL S 100.00 100.00 100.00 100.00
Spain Entidad Colaborada De La Administración SLU S 100.00 100.00 100.00 100.00
Spain Activa, Innovación Y Servicios, SAU S 100.00 100.00 100.00 100.00
Spain Instituto De La Calidad, SAU S 100.00 100.00 100.00 100.00
Spain Inspectorate Española SAU S 100.00 100.00 100.00 100.00
Spain Unicar Spain SRL S 100.00 100.00 100.00 100.00
Sri Lanka Bureau Veritas CPS Lanka (Pvt) Ltd. S 100.00 100.00 100.00 100.00
Sri Lanka Bureau Veritas Lanka Private Ltd. S 100.00 100.00 100.00 100.00
Sweden Bureau Veritas Certification Sverige AB Ltd. S 100.00 100.00 100.00 100.00
Sweden Bureau Veritas sa– Sweden B 100.00 100.00 100.00 100.00
Switzerland Bureau Veritas Switzerland AG S 100.00 100.00 100.00 100.00
Switzerland Inspectorate Suisse SA S 100.00 100.00 100.00 100.00
Syria BIVAC Branch Syria S 100.00 100.00 100.00 100.00
Tahiti Bureau Veritas sa – Tahiti B 100.00 100.00 100.00 100.00
Taiwan Advance Data Technology Corporation S 99.10 99.10 99.10 99.10
Taiwan Branch Office of Bureau Veritas CPS Hong-Kong in Taiwan S 100.00 100.00 100.00 100.00
Taiwan Bureau Veritas Certification Taiwan Co. Ltd. S 100.00 100.00 100.00 100.00
Taiwan Bureau Veritas Taiwan Limited S 100.00 100.00 100.00 100.00
Taiwan Bureau Veritas CPS (Hong Kong) Limited Taoyuan Branch S 100.00 100.00 100.00 100.00
Taiwan Bureau Veritas SA – Taiwan B 100.00 100.00 100.00 100.00
Taiwan SIEMIC- Taiwan Branch S 100.00 100.00
Tanzania Bureau Veritas-USC Tanzania Ltd. S 60.00 60.00 60.00 60.00
Tanzania Bureau Veritas Tanzania Ltd. S 100.00 100.00 100.00 100.00
Thailand Bureau Veritas Thailand Ltd. S 49.00 49.00 49.00 49.00
Thailand Bureau Veritas Certification Thailand Ltd. S 49.00 49.00 49.00 49.00
Thailand Bureau Veritas CPS Thailand Ltd. S 100.00 100.00 100.00 100.00
Thailand Inspectorate (Thailand) Co Ltd. S 100.00 100.00 100.00 100.00
Thailand Sievert Thailand Ltd. S 100.00 100.00 100.00 100.00
Thailand MatthewsDaniel International (Thailand) Ltd. S 100.00 100.00 100.00 100.00
Togo Bureau Veritas Togo SARLU S 100.00 100.00 100.00 100.00
Togo Société d’Exploitation du Guichet Unique pour le Commerce Extérieur -
SEGUCE SA S 100.00 100.00 100.00 100.00
Trinidad and Tobago Inspectorate America Trinidad Branch S 100.00 100.00 100.00 100.00
Tunisia Société Tunisienne de Contrôle Veritas SA S 49.90 49.90 49.90 49.90

2017 2016
Turkey Bureau Veritas Gozetim Hizmetleri Ltd. Sirketi S 100.00 100.00 100.00 100.00
Turkey Bureau Veritas CPS Test Laboratuvarlari Ltd., Sti. S 100.00 100.00 100.00 100.00
Turkey Inspectorate Uluslararasi Gozetim Servisleri AS S 100.00 100.00 100.00 100.00
Turkey Bureau Veritas Deniz ve Gemi Siniflandirma Hizmetleri Limited Sirketi S 100.00 100.00 100.00 100.00
Turkey Acme Analitik Lab. Hizmetleri Ltd., Sirketi S 100.00 100.00 100.00 100.00
Turkmenistan Inspectorate Suisse SA Turkmenistan branch S 100.00 100.00 100.00 100.00
Uganda Bureau Veritas Uganda Limited S 100.00 100.00 100.00 100.00
Ukraine Bureau Veritas Ukraine Ltd. S 100.00 100.00 100.00 100.00
Ukraine Bureau Veritas Certification Ukraine S 100.00 100.00 100.00 100.00
Ukraine Inspectorate Ukraine LLC S 100.00 100.00 100.00 100.00
United Arab Emirates Sievert Emirates Inspection LLC S 49.00 49.00 49.00 49.00
United Arab Emirates Inspectorate International Ltd. Dubaî (Branch Office) S 100.00 100.00 100.00 100.00
United Arab Emirates MatthewsDaniel Services (Bermuda) Ltd., Abu Dhabi Branch S 100.00 100.00 100.00 100.00
United Arab Emirates Bureau Veritas sa - Abu Dhabi B 100.00 100.00 100.00 100.00
United Arab Emirates Bureau Veritas sa – Dubai B 100.00 100.00 100.00 100.00
United Kingdom Unicar GB Ltd. S 100.00 100.00 50.00 50.00
United Kingdom UCM Global Ltd. S 100.00 100.00 50.00 50.00
United Kingdom Bureau Veritas Certification Holding SAS S 100.00 100.00 100.00 100.00
United Kingdom Bureau Veritas Certification UK Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Bureau Veritas UK Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Bureau Veritas CPS UK Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Bureau Veritas UK Holdings Limited S 100.00 100.00 100.00 100.00
United Kingdom Inspectorate Holdings PLC S 100.00 100.00 100.00 100.00
United Kingdom Inspectorate International Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Matthews Daniel Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Matthews Daniel Holdings Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Matthews Daniel International (London) Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Matthews Daniel International (Africa) Ltd. S 100.00 100.00 100.00 100.00
United Kingdom HCD Building Control Ltd. S 100.00 100.00 100.00 100.00
United Kingdom HCD Eng. Ltd. S 100.00 100.00 100.00 100.00
United Kingdom HCD Group Ltd. S 100.00 100.00 100.00 100.00
United Kingdom HCD Management Ltd. S 100.00 100.00 100.00 100.00
United Kingdom HCD Specialist Services Ltd. S 100.00 100.00 100.00 100.00
5
United Kingdom TMC OFFSHORE Ltd. S 100.00 100.00 100.00 100.00
United Kingdom TMC (Marine Consultants) Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Maritime Assurance & Consulting Ltd. S 100.00 100.00 100.00 100.00
United Kingdom Bureau Veritas sa– United Kingdom B 100.00 100.00 100.00 100.00
United States Bureau Veritas Holdings Inc. S 100.00 100.00 100.00 100.00
United States Bureau Veritas Marine Inc. S 100.00 100.00 100.00 100.00
United States Bureau Veritas Certification North America Inc. S 100.00 100.00 100.00 100.00
United States Bureau Veritas CPS Inc. S 100.00 100.00 100.00 100.00
United States BIVAC North America Inc. S 100.00 100.00 100.00 100.00
United States Bureau Veritas North America Inc. S 100.00 100.00 100.00 100.00
United States OneCIS Insurance Company S 100.00 100.00 100.00 100.00
United States Curtis Strauss LLC S 100.00 100.00 100.00 100.00
United States National Elevator Inspection Services Inc. S 100.00 100.00 100.00 100.00
United States Inspectorate America Corporation S 100.00 100.00 100.00 100.00
United States Unicar USA Inc. S 100.00 100.00 100.00 100.00
United States 7 Layers Inc. S 100.00 100.00 100.00 100.00
United States Quiktrak Inc S 100.00 100.00 100.00 100.00
United States MatthewsDaniel Company Inc. S 100.00 100.00 100.00 100.00
United States TMC Marine Inc. S 100.00 100.00 100.00 100.00
United States California code check Inc. S 100.00 100.00
United States SIEMIC Inc S 100.00 100.00
United States Primary Integration Solutions, Inc S 100.00 76.90
United States Primary Integration Acquisition Co. S 100.00 76.90
Uruguay Bureau Veritas Uruguay SRL S 100.00 100.00 100.00 100.00
Uruguay Schutter Americas SA S 100.00 100.00

2017 2016
Venezuela BVQI Venezuela SA S 100.00 100.00 100.00 100.00
Venezuela Bureau Veritas de Venezuela S 100.00 100.00 100.00 100.00
Vietnam Bureau Veritas Vietnam Ltd. S 100.00 100.00 100.00 100.00
Vietnam Bureau Veritas Certification Vietnam Limited S 100.00 100.00 100.00 100.00
Vietnam Bureau Veritas CPS Vietnam Ltd. S 100.00 100.00 100.00 100.00
Vietnam Inspectorate Vietnam LLC S 100.00 100.00 100.00 100.00
Vietnam MatthewsDaniel International (Vietnam) Ltd. S 100.00 100.00 100.00 100.00
Yemen Inspectorate International Ltd. Yemen S 100.00 100.00 100.00 100.00
Zambia Bureau Veritas Zambia Ltd. S 100.00 100.00 100.00 100.00
Zimbabwe Bureau Veritas Zimbabwe S 100.00 100.00 100.00 100.00
In accordance with IAS 27.13, the aforementioned entities are all fully consolidated since they are controlled by Bureau Veritas. The Group
has the majority of the voting rights in these entities or governs their financial and operating policies.

Companies accounted for by the equity method
2017 2016
China Beijing 7Layers Huarui Communications Technology Co., Ltd.. S 50.00 50.00 50.00 50.00
France Assistance Technique et Surveillance Industrielle - ATSI SA S 49.92 49.92 49.92 49.92
Japan Japan Analysts Co. Inc S 50.00 50.00 50.00 50.00
Jordan Middle East Laboratory Testing & Technical Services JV S 50.00 50.00 50.00 50.00
Russia Bureau Veritas Safety LLC S 49.00 49.00 49.00 49.00

Statutory Auditors' report on the consolidated financial statements

This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English
speaking readers. This report includes information specifically required by European regulations or French law, such as information about the
appointment of Statutory Auditors. This report should be read in conjunction with, and construed in accordance with, French law and
professional auditing standards applicable in France.
To the Shareholders of Bureau Veritas,
Opinion
In compliance with the engagement entrusted to us by your Shareholders’ Meeting, we have audited the accompanying consolidated
financial statements of Bureau Veritas for the year ended December 31, 2017.
In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the
Group as at December 31, 2017 and of the results of its operations for the year then ended in accordance with International Financial
Reporting Standards as adopted by the European Union.
The audit opinion expressed above is consistent with our report to the Audit and Risk Committee.
Basis for opinion
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under these standards are further described in the Responsibilities of the Statutory Auditors relating to the audit of the
consolidated financial statements section of our report.
Independence
We conducted our audit engagement in compliance with the independence rules applicable to us, for the period from January 1, 2017 to
the date of our report and in particular we did not provide any non-audit services prohibited by article 5(1) of Regulation (EU) No; 537/2014
or the French Code of Ethics (Code de déontologie) for Statutory Auditors.
Justification of assessments – Key audit matters

In accordance with the requirements of articles L.823-9 and R.823-7 of the French Commercial Code (Code de commerce) relating to the
justification of our assessments, we inform you of the key audit matters relating to the risks of material misstatement that, in our
professional judgement, were of most significance in our audit of the consolidated financial statements, as well as how we addressed those
risks.
These matters were addressed as part of our audit of the consolidated financial statements as a whole, and therefore contributed to the
opinion we formed as expressed above. We do not provide a separate opinion on specific items of the consolidated financial statements.
Measurement of work-in-progress
Description of risk
In the ordinary course of its business, the Group has dealings with many French and international customers. Each Group entity issues its
own invoices using shared or specific software; some entities use shared service centers for this purpose.
As described in Note 3.14 to the consolidated financial statements, the Group uses the percentage-of-completion method for a significant
portion of its businesses to establish the amount of revenue to be recognized for contracts ongoing during a given period. The percentage of
completion is determined for each contract by comparing contract costs incurred up to the end of the reporting period with the total
estimated contract costs. The difference between revenue recognized according to the percentage-of-completion method and the invoices
issued is equivalent to work-in-progress.
At December 31, 2017, Group revenue amounted to €4,689.4 million, including €294.9 million recorded on the balance sheet as
work-in-progress or invoices to be issued.
Given (i) the materiality of its impact on the consolidated financial statements, (ii) the use of estimates to determine the percentage of
completion to be used at the end of each reporting period and (iii) the specific complexity created by the use of a decentralized billing
system, we deemed the measurement of work-in-progress to be a key audit matter.

How our audit addressed this risk
We gained an understanding of the procedure implemented by Group management to recognize revenue, which is based on the
percentage-of-completion method. We also assessed the consistency of the methods used.
For individual cases, our audit approach consisted primarily in:
● assessing compliance with the Group Management Manual (GMM) by audited entities to ensure that accounting policies are applied in a
uniform manner to Group revenue;
● analyzing the accounting processes implemented and assessing the configuration of the various management software programs used to
automatically calculate work-in-progress;
● using our analytical tools to identify Group entities with material amounts of work-in-progress as a proportion of their revenue and,
where appropriate, examining the specific cases identified;
● analyzing, on the basis of a sample of contracts, work-in-progress recorded at the end of the reporting period, to assess the reliability of
these estimates.
Goodwill and customer relationships - Impairment tests

Description of risk
As part of its acquisitions policy, the Group has recorded in the consolidated balance sheet a net total of €2,489.2 million in goodwill and
intangible assets resulting from customer relationships.
Goodwill impairment test
Net goodwill in the consolidated balance sheet amounted to €1,965.1 million at December 31, 2017.
The impairment tests consist of comparing the carrying amount with the recoverable amount of each group of CGUs based on the
discounted future cash flows estimated by management. If the recoverable amount of a group of CGUs is less than its carrying amount, an
impairment loss is recorded.
At January 1, 2017, the Group updated its segment information to better reflect the organizational changes made. In parallel, the Group
also conducted an analysis of the groups of CGUs at the level of which goodwill was to be tested. This analysis resulted in impairment tests
being conducted in six of the Group's businesses. This change came about as a result of the organizational and internal reporting changes
made between 2016 and 2017, particularly following the creation of the CIF (Commodities, Industry & Facilities) division, and the
strengthening of the Group's central support functions for sales and marketing.
The number of groups of CGUs fell from 19 to 6, reflecting:
● the absorption of a significant portion of IVS (In-Service Inspection & Verification) by the Building & Infrastructure business, with the
remainder of IVS joining the Industry segment;
● the integration of GSIT (Government Services & International Trade) activities by the Agri-food and Commodities segment (Government
Services), and by the Industry segment (Automotive).
At December 31, 2017, no impairment had been recorded for goodwill for any of the six CGU groups.
Customer relationships impairment test 5
At December 31, 2017, the Group's net amortizable intangible assets amounted to €640.2 million, including €524.1 million for customer
relationships resulting from the allocation of the purchase price for various acquisitions.
The Group has implemented an annual review procedure for material customer relationship portfolios to identify any possible impairment
losses. This may result in a shorter amortization period, on a forward-looking basis, for the customer relationship in question or, where
applicable, the recognition of an impairment loss.
We deemed the goodwill impairment tests, particularly in relation to the changes that affected the groups of CGUs in 2017, and the
customer relationships impairment tests, to be a key audit matter owing to (i) their materiality in relation to the consolidated financial
statements and (ii) the need for the use of judgment and estimates in their measurement.

Goodwill impairment test
We gained an understanding of the procedure implemented by management to conduct goodwill impairment tests.
We examined the projections established for each group of CGUs and approved by management. In addition, with the assistance of our
financial valuation experts, we assessed the various factors and inputs selected for the valuation of each group of CGUs, paying particular
attention to:
● the revenue and margin assumptions in relation to the 2018 budget, as well as the growth and margin assumptions for the subsequent
four financial years;
● the discount rates and perpetual growth rates;
● the events likely to affect certain Group businesses (such as difficult economic conditions in certain countries, or a slowdown in activities
exposed to cyclical trends).

In addition, we conducted our own sensitivity analyses to evaluate the challenges that might arise if the objectives established in the
business plans were not reached, particularly for revenue and margin.
We adapted our audit approach depending on the scale of the risk of impairment for each group of CGUs. Where appropriate, we organized
meetings with the relevant operational departments to understand the assumptions used. We also corroborated the information provided
to us with external market data (analysts' notes, sector studies, etc.).
We spoke to Group management about the changes made to the groups of CGUs that occurred in 2017 to gain an understanding of the
organizational and business factors underlying the change in the number of groups. We also assessed the appropriateness of the changes
made in relation to the new organizational structure.
We evaluated the impairment tests conducted by the Group at end-December 2017 according to the policies in effect in 2016, and noted
that these tests did not result in the recognition of an impairment loss.
Lastly, we verified that Note 11 to the consolidated financial statements contains the appropriate disclosures on the sensitivity analyses of
the recoverable amount of goodwill to changes in the main assumptions used.
Customer relationships impairment test
We gained an understanding of the procedure implemented by management to conduct customer relationships impairment tests.
Based on a representative sample, we compared the annual amortization expense to the entity's operating income to identify possible signs
of an impairment loss.
We examined the results of the tests conducted by the Group, as well as the amortization or depreciation expenses recognized during the
financial year further to the analyses conducted by the Group.
Provisions for liabilities and charges – contract-related disputes and other provisions for liabilities and
charges
Description of risk
At December 31, 2017, provisions for liabilities and charges amounted to €109.6 million, including €47.2 million in provisions for
contract-related disputes and €62.4 million in other provisions for liabilities and charges, comprising provisions for tax risks and
restructuring. An analysis of the provisions and changes thereto is provided in Note 27 to the consolidated financial statements.
Contract-related disputes
In the ordinary course of its business, the Group may be involved in any number of legal proceedings as a result of professional liability suits.
These proceedings are coordinated by the Legal Department with the assistance of the Group's lawyers and insurers.
As outlined in Note 3.12 and Note 27 to the consolidated financial statements, the provisions recorded by the Group are based on
estimates factoring in:
● opposing party claims;
● an assessment of the related risk, conducted in consultation with the Group's lawyers;
● the Group's insurance coverage in the event of a judgment against it.
Given the specific nature of each suit, the length of litigation proceedings, particularly in certain countries, the potential financial
implications and the uncertainty weighing on the outcome of each case, we deemed the assessment of the provisions for contract-related
disputes to be a key audit matter.
Other provisions for liabilities and charges
Other provisions for liabilities and charges consist mainly in provisions for restructuring and for tax risks.
Provisions for restructuring correspond to the restructuring plans announced before December 31, 2017 and that were still ongoing at that
date. The costs of the ongoing plans are estimated based on assumptions made by management regarding the effective roll-out of these
plans.
As regards tax audits, the Group operates in a considerable number of jurisdictions and is therefore subject to numerous tax systems with
rules and regulations that differ from one country to the next.
The estimated risk of an adjustment further to a tax audit is revised regularly by each subsidiary and by the Group's Tax Department with
the guidance of external advisors for the most significant or complex disputes.
We deemed the measurement of these provisions for restructuring and for tax risks to be a key audit matter due to their reliance on certain
estimates and, in relation to tax risks, the high degree of judgment required from management in their measurement.

Provisions for contract-related disputes
To help monitor contract-related disputes as soon as they arise, the Group has created a centralized system into which all Group lawyers
enter details. The system covers all of the areas in which the Group operates. It aims to ensure that, for each claim, the information required
to assess the related risk is made available systematically and on a regular basis.
We examined this system and the related procedures, and verified that it is functioning properly. We also examined the insurance program
in effect during in 2017 and obtained information on the changes made to it since December 31, 2016.
Regarding the provisions recorded for claims, we obtained confirmations from the Group's lawyers for the claims with the highest risk
exposure, and examined the related insurance coverage.
We examined developments in the one-off disputes arising in 2004 (hotel and shopping complex in Turkey, Gabon Express airplane crash),
as well as those disputes relating to certain contracts for Government Services, now part of the Agri-food and Commodities segment.
We also examined the appropriateness of the disclosures provided in Note 3.12 and Note 27 to the consolidated financial statements.
Provisions for restructuring
We reviewed the ongoing restructuring plans and assessed the appropriate nature of the related provisions established at year-end.
To this end, our work involved examining:
● the authorizations obtained by management before the plans were implemented;
● the characteristics of each plan and the estimates produced by the local finance departments;
● the appropriateness of the provisions in the financial statements at December 31, 2017, based on the respective state of progress of
each plan.
Provisions for tax risks
We gained an understanding of the procedure implemented by Group management to identify tax risks and disputes and, where
appropriate, estimate the corresponding provision required.
With the help of our tax experts, we examined the judgments made by management to assess the amount and probability of potential
exposure, and subsequently analyzed the estimates used by management when provisioning for tax risks.
Our approach involved:
● conducting interviews with tax managers at Group and local level;
● consulting the recent decisions and correspondence of Group companies with the local tax authorities, as well as the correspondence
between the companies concerned and their lawyers, where applicable and necessary;
● analyzing the responses of the lawyers to our requests for information submitted as part of our annual audit;
● assessing the latest developments and ensuring they had been factored into the evaluation of the related tax risks as part of the
year-end accounting operations.
Lastly, we examined the appropriateness of the disclosures provided in Note 3.12 and Note 27 to the consolidated financial statements.
5
Verification of the information pertaining to the Group presented in the management report
As required by law and in accordance with professional standards applicable in France, we have also verified the information pertaining to
the Group presented in the management report.
We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements.
Report on other legal and regulatory requirements
Appointment of the Statutory Auditors

We were appointed Statutory Auditors of Bureau Veritas by the Shareholders’ Meetings held on June 25, 1992 for PricewaterhouseCoopers
Audit and on May 17, 2016 for Ernst & Young Audit.
At December 31, 2017, PricewaterhouseCoopers Audit was in the twenty-sixth year of total uninterrupted engagement and the eleventh
year since the securities of the Company were admitted to trading on a regulated market, and Ernst & Young Audit was in the second year
of total uninterrupted engagement.

Responsibilities of management and those charged with governance for the consolidated
financial statements
Management is responsible for preparing consolidated financial statements presenting a true and fair view in accordance with International
Financial Reporting Standards as adopted by the European Union and for implementing the internal control procedures it deems necessary
for the preparation of consolidated financial statements free of material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing the company's ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless it expects to
liquidate the company or to cease operations.
The Audit and Risk Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk
management systems, as well as, where applicable, any internal audit systems, relating to accounting and financial reporting procedures.
The consolidated financial statements were approved by the Board of Directors.
Responsibilities of the Statutory Auditors relating to the audit of the consolidated financial
statements
Objective and audit approach

Our role is to issue a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free of material misstatement. Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance with professional standards will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As specified in article L.823-10-1 of the French Commercial Code, our audit does not include assurance on the viability or quality of
management of the Company.
As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditors exercise professional
judgement throughout the audit. They also:
● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence considered to be sufficient and appropriate to provide a
basis for their opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management and the
related disclosures in the notes to the consolidated financial statements;
● Assess the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to
continue as a going concern. This assessment is based on the audit evidence obtained up to the date of the audit report. However, future
events or conditions may cause the Company to cease to continue as a going concern. If the Statutory Auditors conclude that a material
uncertainty exists, they are required to draw attention in the audit report to the related disclosures in the consolidated financial
statements or, if such disclosures are not provided or are inadequate, to issue a qualified opinion or a disclaimer of opinion;
● Evaluate the overall presentation of the consolidated financial statements and assess whether these statements represent the
underlying transactions and events in a manner that achieves fair presentation;
● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to
express an opinion on the consolidated financial statements. The Statutory Auditors are responsible for the direction, supervision and
performance of the audit of the consolidated financial statements and for the opinion expressed thereon.

Report to the Audit and Risk Committee
We submit a report to the Audit and Risk Committee which includes in particular a description of the scope of the audit and the audit
program implemented, as well as the results of our audit. We also report any significant deficiencies in internal control that we have
identified regarding the accounting and financial reporting procedures.
Our report to the Audit and Risk Committee includes the risks of material misstatement that, in our professional judgement, were of most
significance in the audit of the consolidated financial statements and which constitute the key audit matters that we are required to
describe in this report.
We also provide the Audit and Risk Committee with the declaration provided for in article 6 of Regulation (EU) No. 537/2014, confirming
our independence within the meaning of the rules applicable in France, as defined in particular in articles L.822-10 to L.822-14 of the
French Commercial Code and in the French Code of Ethics for Statutory Auditors. Where appropriate, we discuss any risks to our
independence and the related safeguard measures with the Audit Committee.
Neuilly-sur-Seine Cedex and Paris-La Défense, March 16, 2018
The Statutory Auditors
PricewaterhouseCoopers Audit Ernst & Young Audit

Christine Bouvry Nour-Eddine Zanouda

5.2 Bureau Veritas SA statutory financial statements
5.2 Bureau Veritas SA statutory financial

statements
Balance sheet at December 31
Depr., amort.
(€ thousands) Notes Gross value and impairment 2017 net 2016 net
Intangible assets 1 1,284 (1,197) 87 110
Tangible assets 1 14,502 (9,881) 4,621 6,985
Long-term financial investments 1 & 2 2,151,848 (39,059) 2,112,789 2,106,025
Total non-current assets 2,167,634 (50,137) 2,117,497 2,113,120
Work-in-progress 3,627 3,627 5,467
Trade receivables 4 194,922 (10,398) 184,524 131,934
Other receivables 4 2,097,212 (27,533) 2,069,679 1,873,795
Marketable securities 4 6,592 6,592 662,467
Treasury shares 106,856 106,856 88,540
Cash at bank and on hand 136,062 136,062 42,154
Total current assets 2,545,271 (37,931) 2,507,340 2,804,358
Accrual accounts
Prepaid expenses 4 8,841 8,841 9,441
Unrealized currency translation losses 4,616 4,616 1,440
Bond redemption premiums 214
TOTAL ASSETS 4,726,362 (88,068) 4,638,294 4,928,572
Share capital 53,040 53,040
Share premiums 37,510 40,670
Reserves and retained earnings 716,960 581,389
Net profit 287,321 382,063
Regulated provisions 973 973
Total equity 3 1,095,804 1,058,135
Provisions for liabilities and charges 5 71,039 78,606
Payables
Bank borrowings and debt 4 2,264,004 2,872,241
Trade payables 4 179,231 34,895
Other payables 4 1,011,782 865,548
Accrual accounts
Prepaid income 4 16,200 16,613
Unrealized currency translation gains 234 2,535
TOTAL EQUITY AND LIABILITIES 4,638,294 4,928,572

Income statement
(€ thousands) Notes 2017 2016

Revenue 7 268,388 950,481
Other income 7 240,904 321,036
Total operating income 509,292 1,271,517
Operating expenses
Supplies (77) (446)
Other purchases and external charges (117,125) (363,808)
Taxes other than on income (6,259) (31,187)
Wages and salaries (123,332) (396,496)
Payroll taxes (30,906) (159,430)
Other expenses (153,061) (132,203)
Charges in provisions for operating items 135 (21,604)
Depreciation and amortization (2,022) (18,258)
Operating profit 76,645 148,085
Net financial income 8 146,844 288,062
Profit from ordinary operations before income tax 223,489 436,147
Net exceptional income 9 36,646 23,869
Employee profit-sharing (6) (11,163)
Income tax benefit (expense) 10 27,192 (66,790)
NET PROFIT 287,321 382,063

Statement of cash flows
(€ thousands) 2017 2016

Cash flow from operations 259,877 392,053
Change in working capital (13,168) 13,269
Net cash from operating activities 246,709 405,322
Capital expenditure (912) (28,620)
Acquisitions of equity interests (6,616) (133,986)
Sales and repayments of equity interests 29,752 128,218
Sales of non-current assets 19 248
Change in loans and other financial assets (29,196) (143,630)
Net cash used in investing activities (6,953) (177,770)
Capital increase 3,159 1,432
Purchases of treasury shares, net (25,308) (28,347)
Dividends paid (239,794) (222,771)
Net cash used in financing activities (261,943) (249,686)
Increase (decrease) in gross debt (539,900) 541,404
Impact of the spin-off of France-based activities - (165,332)
Increase (decrease) in cash and cash equivalents (562,087) 353,938
Cash and cash equivalents at beginning of year 704,621 350,683
Cash and cash equivalents at end of year 142,534 704,621

Summary of significant accounting policies
The balance sheet and income statement are prepared in Property, plant and equipment
accordance with the French Commercial Code (Code de
Depreciation is provided according to the straight-line or
commerce), French chart of accounts and French generally
declining-balance method, depending on the asset concerned. The
accepted accounting principles as defined by Regulation 2014-03
following useful lives generally apply:
issued by the French accounting standards-setter (Autorité des
Normes Comptables – ANC).
Since January 1, 2017, the Company has applied ANC Regulation Fixtures and fittings, machinery and equipment:
2015-05 on forward financial instruments and hedging
● fixtures and fittings 10 years
transactions. Given the transactions carried out by the Company
and the accounting rules followed in previous years, the entry into ● machinery and equipment Between 5 and 10 years
force of this regulation does not impact the Company’s financial Other tangible assets:
statements, except with respect to the presentation of foreign
● vehicles Between 4 and 5 years
exchange gains and losses on trade receivables and payables,
which were previously recorded under net financial income (or ● office equipment Between 5 and 10 years
expense). The impact of this reclassification on operating profit in ● IT equipment Between 3 and 5 years
the 2017 statutory financial statements amounted to €0.7 million
● furniture 10 years
in foreign exchange gains recorded under “Other income” and a
negative €0.6 million in foreign exchanges losses recorded in
“Other expenses”.
Long-term investments
The financial statements are prepared based on:
Equity investments are carried in the balance sheet at acquisition
● the going concern; cost or subscription price, including acquisition fees.
● consistency of accounting methods; and Subsidiaries and affiliates are generally measured based on the
● accrual basis principles. Company’s share in their net book assets, adjusted where
appropriate for items with a prospective economic value.
The Company is organized as a head office with a number of
branches, which are fairly autonomous with regard to financial and Impairment is recognized for any difference between the value in
managerial matters. Each branch keeps its own accounts which use and gross value of the investments.
are linked to the head office accounting system via an
intercompany account. Current assets
The financial statements of foreign branches whose functional
Work-in-progress
currency is not the euro are translated using the closing rate
method: assets and liabilities are translated at the year-end Work-in-progress is recognized using the percentage-of-completion
exchange rate, while income and expense items are translated at method. Short-term contracts whose value is not material continue
the average exchange rate for the year. All resulting currency to be measured using the completed contract method.
translation differences are recognized directly in equity.
Impairment is recognized when net realizable value falls below
Basis of measurement
book value. In this case, work-in-progress is reported directly on a
net basis.
Impairment is calculated for each contract based on the projected
5
margin as revised at year-end. Losses on completion arising on
onerous contracts are recognized in provisions for liabilities and
Non-current assets charges.
Non-current assets are carried at historical cost, in particular
assets located outside France. The exchange rate applied to the Trade receivables
currency in which the assets were purchased is the rate prevailing Trade receivables are depreciated to cover the risks of
at the acquisition date. non-collection arising on certain items. Impairments are
calculated based on a case-by-case analysis of risks, except for
Intangible assets non-material amounts for which statistical impairments are
Software developed in-house is capitalized in accordance with the calculated based on collection experience. The criteria for
benchmark treatment. The cost of production for own use determining impairment are based on the financial position of the
includes all costs directly attributable to analyzing, programming, debtor (liquidity situation, whether the debtor is the object of any
testing and documenting software specific to the Company's disputes, bankruptcy or legal reorganization proceedings), or
activities. whether the debtor is involved in any technical disputes.
Software is amortized over its estimated useful life, which does Marketable securities
not currently exceed seven years.
Marketable securities are carried at cost and written down to their
estimated net realizable value if this falls below their cost.

Accrual accounts Accrual accounts

Prepaid expenses Currency translation gains
This caption includes operating and financial expenses relating to This account includes gains on the translation of the Company’s
subsequent reporting periods. foreign currency receivables and payables at the year-end rate.
Currency translation losses Prepaid income

This item represents translation losses on foreign currency This account primarily represents the portion of contract billing in
receivables and payables. excess of the percentage-of-completion (see note concerning
revenue).
Since there are no corresponding hedging instruments, translation
losses are covered by a provision for the same amount in liabilities. Since 2012, this item has also included the amount of interest on
the outstanding USPP swap, which is recognized on a straight-line
basis over the residual term of the facility.
Equity and liabilities
Currency translation reserves Income statement
The functional currency of foreign entities is used as their
reference currency. As a result, historical cost data are expressed
Presentation method
in foreign currency. The closing rate method is therefore used to The income statement is presented in list format. Income
translate the financial statements of foreign branches. statement items are classified to successively show operating
profit, net financial income, profit from ordinary operations before
Accordingly:
income tax, net exceptional income, employee profit-sharing and
● balance sheet items (except for the intercompany account) are income tax amounts.
translated at the year-end exchange rate;
Revenue and other operating income
● income statement items are translated at the average
exchange rate for the year; Revenue is the value (excluding VAT) of services provided by the
branches in the ordinary course of their business, after elimination
● the intercompany account continues to be carried at the of intra-company transactions. It is recognized on a
historical exchange rate. percentage-of-completion basis. Short-term contracts whose
value are not material are valued using the completed contract
Pensions and other employee benefit obligations method.
The Company has adopted the benchmark treatment for pensions Other operating income includes mainly royalties and amounts
and other employee benefit obligations and recognizes all such rebilled to clients and other Group entities. It also includes
obligations in the balance sheet. Actuarial gains and losses exchange gains made on operating transactions.
resulting from changes in assumptions or in the valuation of assets
are recognized in the income statement.
Operating expenses
Provisions for liabilities and charges All other expenses are reported in this caption by type. These
expenses are recognized according to the local regulations in the
Provisions for liabilities and charges are recognized when the countries where the Group’s branches are located. Depreciation
Company considers at the end of the reporting period that it has a and amortization are calculated applying the usual methods (see
present legal obligation as a result of past events; it is likely that non-current assets). Additions to provisions reflect amounts set
an outflow of resources will be required to settle the obligation; aside to cover a decline in value of external customer accounts
and the amount of the obligation can be reliably estimated. and other operating provisions.
The amount recognized as a provision is the best estimate of the This caption also includes exchange losses from operating
expenditure required to settle the present obligation at the end of transactions.
the reporting period. The costs which the Company ultimately
incurs may exceed the amounts set aside as provisions for claims
Net financial income (expense)
and disputes due to a variety of factors such as the uncertain
nature of the outcome of the disputes. This caption reflects:
● dividends received from other Group companies;
Derivative financial instruments
● interest paid on borrowings, interest received on loans granted
For forward financial instruments that are not used in a hedging
to Company subsidiaries, and investment income;
transaction and accordingly treated as isolated open positions, a
provision is set aside in liabilities when these instruments have a ● movements in provisions relating to equity investments and
negative market value. current accounts of certain Company subsidiaries;
● exchange differences on financial transactions.

Net exceptional income (expense) Consolidation for accounting and tax purposes
Exceptional income chiefly includes recoveries of receivables Bureau Veritas SA is the parent and consolidating company of the
previously written off, proceeds from sales of non-current assets Group and is itself fully consolidated by the Wendel Group, whose
and Bureau Veritas SA shares and reversals of exceptional registered office is located at 89, rue Taitbout, 75009 Paris,
provisions. France, and is registered with the Paris Trade and Companies
Register (Registre du commerce et des sociétés) under number
Exceptional expense includes miscellaneous penalties paid and
572 174 035.
the net book values of (i) non-current assets sold or retired, (ii)
Company shares and (iii) additions to exceptional provisions. Bureau Veritas SA is the head of the tax consolidation group set
up pursuant to articles 223 et seq. of the French Tax Code (Code
général des impôts).
Significant events in 2017

Dividend payout Financing
Pursuant to the resolutions adopted by the May 16, 2017 The Company refinanced a total of USD 155 million at a fixed rate.
Shareholders’ Meeting, on May 22, 2017 the Company paid This transaction carried out on the US private placement market
eligible shareholders a dividend of €0.55 per share, representing a extended the debt’s maturity by ten years as from 2018.
total payout of €239.8 million.
Comparative information
To satisfy regulatory requirements with regards to conflicts of While the impacts of these spin-offs were included in the
interest and to increase the visibility of the Group's France-based Company's balance sheet at December 31, 2016, enabling a
operations and support activities, which were hosted by Bureau comparison with the position at December 31, 2017, the 2016
Veritas SA, on December 31, 2016, the Company spun off its income statement included the profit or loss of the spun-off
France-based operations and support activities by means of six businesses.
partial asset contributions, which has enabled the Company to
For comparative purposes, the notes to the statutory financial
refocus in France on its holding activity.
statements include pro-forma information where necessary.

Notes to the statutory financial statements
Note 1 Non-current assets 265 Note 7 Analysis of revenue 274
Note 2 Investments in subsidiaries and affiliates 266 Note 8 Net financial income (expense) 275
Note 3 Shareholders' equity 270 Note 9 Net exceptional income (expense) 276
Note 4 Receivables and payables 271 Note 10 Income tax 276
Note 5 Provisions and impairment 272 Note 11 Share-based payment 277
Note 6 Off-balance sheet commitments Note 12 Employees 278

and financial instruments 273

Note 1 Non-current assets
Non-current assets – gross values
Reclassifications Currency
and other translation
(€ thousands) 01/01/2017 Increases Decreases movements differences 12/31/2017
Other intangible assets 1,323 48 (38) - (49) 1,284
Intangible assets in progress - - - - - -
Intangible assets 1,323 48 (38) - (49) 1,284
Fixtures and fittings 7,689 164 (6,075) 1,258 (84) 2,952
Machinery and equipment 1,933 145 (164) - (170) 1,744
Vehicles 1,368 54 (214) - (114) 1,094
Furniture and office equipment 6,487 141 (2,151) 208 (370) 4,315
IT equipment 4,006 360 (184) 63 (258) 3,987
Tangibles assets in progress 1,981 - - (1,529) (42) 410
Tangible assets 23,464 864 (8,788) - (1,038) 14,502
Investments in subsidiaries and
affiliates 1,918,113 6,616 (4,300) 8,304 - 1,928,733
Investments in non-consolidated
companies 231 - - - - 231
Deposits, guarantees and receivables 215,356 30,493 (27,586) (1,590) (232) 216,441
Treasury shares 13,879 - (7,435) - - 6,443
Long-term financial investments 2,147,579 37,109 (39,321) 6,714 (232) 2,151,848
TOTAL 2,172,366 38,021 (48,147) 6,714 (1,319) 2,167,634
In April 2012, the Company set up a share buyback program in At December 31, 2017, the Company held 323,719 own shares
connection with its share-based payment plans in order to (i) classified in long-term financial investments, i.e., 103,507 shares
deliver shares to beneficiaries of stock purchase options or held in connection with the liquidity agreement and
performance share plans or (ii) cancel the repurchased shares. 220,212 shares to be canceled.
Depreciation, amortization and impairment of non-current assets

5
Reclassifications Currency
and other translation
(€ thousands) 01/01/2017 Increases Decreases movements differences 12/31/2017
Other intangible assets (1,213) (57) 30 - 43 (1,197)
Intangible assets (1,213) (57) 30 - 43 (1,197)
Fixtures and fittings (6,127) (768) 5,342 (1) 28 (1,526)
Machinery and equipment (1,160) (176) 76 (1) 96 (1,165)
Vehicles (1,211) (88) 209 - 102 (988)
Furniture and office equipment (4,695) (495) 2,089 - 234 (2,867)
IT equipment (3,286) (437) 175 2 212 (3,335)
Tangible assets (16,479) (1,964) 7,891 - 672 (9,881)
Investments in subsidiaries and
affiliates (41,399) (1,218) 3,713 - - (38,904)
Investments in non-consolidated
companies (150) - - - - (150)
Deposits, guarantees and receivables (5) - - - - (5)
Treasury shares - - - - - -
Long-term financial investments (41,554) (1,218) 3,713 - - (39,059)
TOTAL (59,246) (3,239) 11,634 - 715 (50,137)

Note 2 Investments in subsidiaries and affiliates
A. Detailed information about subsidiaries and affiliates whose book value exceeds 1% of the
reporting Company’s capital
Average exchange rate

Share capitalin Reserves in local
(€ thousands) local currency currency Local currency 2017 % interest
Bureau Veritas International 843,677 830,550 EUR 1.000 100.00%
Bureau Veritas Services 3,778 184,564 EUR 1.000 100.00%
Bureau Veritas do Brasil 309,953 134,563 BRL 0.277 99.57%
Bureau Veritas Holdings Inc. 1 153,113 USD 0.885 100.00%
Bureau Veritas Investment Shanghaï 504,618 (50,455) CNY 0.131 100.00%
Bureau Veritas Japan 351,071 367,482 JPY 0.008 100.00%
Bureau Veritas Marine & Offshore 10,001 2,742 EUR 1.000 100.00%
Bureau Veritas India Private Ltd. 876 1,723,985 INR 0.014 91.61%
Bureau Veritas Colombia 34,532,787 2,531,503 COP 0.000 99.99%
Bureau Veritas CPS India Ltd. 22,445 1,189,940 INR 0.014 100.00%
Bureau Veritas D.O.O SLV 499 1,454 EUR 1.000 100.00%
Bureau Veritas Peru 24,046 7,144 PEN 0.272 99.69%
Bureau Veritas Argentina 4,541 331,833 ARS 0.053 61.20%
ECS 262 787 EUR 1.000 100.00%
Bureau Veritas CPS Indonesia 2,665 41,279 IDR 0.066 85.00%
Bureau Veritas Commodities Canada Ltd. 72,000 (63,246) CAD 0.683 58.00%
Bureau Veritas Indonesia 21,424 33,661 IDR 0.066 99.00%
Bureau Veritas Gabon 919,280 527,255 XAF 0.002 100.00%
Bureau Veritas CPS France 143 118 EUR 1.000 100.00%
Bureau Veritas Senegal 840,400 68,700 XOF 0.002 100.00%
Soprefira 1,262 30,484 EUR 1.000 99.98%
Bureau Veritas Certification Slovakia 423 69 EUR 1.000 100.00%
Bureau Veritas CPS Turkey 3,350 2,979 TRY 0.243 99.00%
Bureau Veritas CPS Bangladesh 10 728,632 BDT 0.011 98.00%
Bureau Veritas Douala 433,050 98,005 XAF 0.002 100.00%
Bureau Veritas QS Shanghai 5,308 28,793 CNY 0.131 100.00%
Affiliates (less than 50%-owned by the Company)
Bureau Veritas Inversiones SA 15,854 51,490 EUR 1.000 24.00%
Bureau Veritas Chile 3,482,201 46,581,427 CLP 0.001 45.59%
SUBTOTAL


Book value of shares held Guarantees and Dividends received

Loans and endorsements provided Last published Last published net by the Company
Gross Net advances granted by the Company revenue profit/(loss) during the year
1,270,571 1,270,571 1,008,747 233,843 123,915
196,395 196,395 66,106 (6,073)
111,083 111,083 89,179 12,921 4,019
110,492 110,492 247,610 166,764 15,592
69,062 69,062 27,137 22,020 39,991 1,964 23,182
22,928 22,928 85,346 12,619 10,727
13,501 13,501 39,943 2,500 98,503 (7,539)
13,280 13,280 35,159 3,845 2,723
10,196 10,196 4,830 24,770 796
5,822 5,822 22,718 2,935 2,332
4,464 4,464 7,317 652 208
4,334 4,334 475 17,554 1,369 1,194
3,938 3,938 59,327 7,508 1,552
2,065 2,065 1,354 4,355 196
1,901 1,901 7,004 1,340
31,971 1,793 54,691 21,735 553
1,477 1,477 1,454 17,735 1,264 4,121
1,376 1,376 1,095 3,416 (458)
1,496 1,290 4,022 121 45
1,281 1,281 805 7,582 968 726
1,262 1,262 28,006 2,983
1,144 1,144 1,465 46 86
1,138 1,138 1,837 9,459 (65)
675 675 21,575 8,250
657 657 1,692 3,994 (129) 352
591 591 31,700 (992) 635
31,370 31,370 18,393 (1,884)

1,109
1,915,582
1,109
1,885,199
13,852
1,489,216 220,095
52,527
666,432
3,580
296,203 175,818 5

B. General information about other subsidiaries and affiliates
Average exchange rate

Share capitalin Reserves in local
(€ thousands) local currency currency Local currency 2017 % interest
Bureau Veritas Nigeria 40,000 1,367,702 NGN 0.003 60.00%
Bureau Veritas Lebanon 752,000 250,667 LBP 0.001 99.84%
Bureau Veritas Guinea 12,053,850 (7,076,673) GNF 0.000 100.00%
Bureau Veritas Industrial Services 1,933 49,434 INR 0.014 100.00%
Bureau Veritas Vietnam 4,025 14,820 VND 0.039 100.00%
Bureau Veritas SATS 2,000 1,230 SAR 0.236 75.00%
Bureau Veritas Certification Belgium 219 6,670 EUR 1.000 99.98%
Bureau Veritas Gozetim Hizmetleri 2,241 13,500 TRY 0.243 94.17%
Bureau Veritas Polska 1,470 3,133 PLN 0.235 86.40%
Bureau Veritas CPS Vietnam Ltd. 2,388 53,677 VND 0.039 100.00%
Bureau Veritas Latvia 249 23 EUR 1.000 100.00%
Bureau Veritas Congo 69,980 237,202 XAF 0.002 100.00%
Bureau Veritas Hongrie 8,600 14,893 HUF 0.003 100.00%
Bureau Veritas Bangladesh Private Ltd. 5,500 186,692 BDT 0.011 99.82%
Bureau Veritas Monaco 150 11 EUR 1.000 99.92%
Bureau Veritas CPS Mexico 6,100 13,353 MXN 0.047 99.34%
Bureau Veritas Azeri 74 1,154 AZN 0.524 100.00%
Bureau Veritas Ecuador 3 154 USD 0.885 69.23%
Bureau Veritas Panama 50 1,387 PAB 0.885 100.00%
Bureau Veritas Lanka Ltd. 5,000 72,082 LKR 0.006 99.99%
Bureau Veritas Bulgaria 85 155 BGN 0.511 100.00%
Bureau Veritas Lithuania 43 (2) EUR 1.000 100.00%
Bureau Veritas Romania CTRL 49 1,591 RON 0.219 100.00%
Bureau Veritas Pakistan 2,000 119,007 PKR 0.008 99.00%
Bureau Veritas Inspection Malaysia 2,318 MYR 0.206 100.00%
Bureau Veritas Egypt 100 251,041 EGP 0.050 90.00%
Bureau Veritas Kenya 2,000 145,175 KES 0.009 99.99%
Bureau Veritas Estonia 15 10 EUR 1.000 100.00%
Bureau Veritas Algerie 500 93,921 DZD 0.008 99.80%
Bureau Veritas D.O.O SRB 315 25,666 RSD 0.008 100.00%
Bureau Veritas Togo 1,000 (71,949) XOF 0.002 100.00%
Bureau Veritas Benin 1,000 39,615 XOF 0.002 100.00%
Rinave Registro Int’l Naval 250 937 EUR 1.000 100.00%
Coreste 75 (1,905) EUR 1.000 100.00%
Bureau Veritas CPS Thailand 8,000 (25,490) THB 0.026 99.99%
Bureau Veritas Mali 10,000 (9,602,916) XOF 0.002 100.00%
Bureau Veritas Angola 1,980 (2,579,543) AOA 0.005 99.00%
Bureau Veritas Luxembourg 31 (171) EUR 1.000 99.90%
Bureau Veritas Controle 1,300 (176,456) MZN 0.014 63.00%
Bureau Veritas Belarus Ltd. 4 (410) BYN 0.000 99.00%
Bureau Veritas Tchad 10,000 (24,771) XAF 0.002 100.00%
Bureau Veritas Holding 4 1 EUR 1.000 100.00%
Bureau Veritas Venezuela 389 17,620 VEF 0.007 100.00%
Affiliates (less than 50%-owned by the Company)
ATSI - France 80 660 EUR 1.000 50.00%
Bureau Veritas Thailand 4,000 27,136 THB 0.026 49.00%
Bureau Veritas Italy 4,472 9,578 EUR 1.000 11.63%
BIVAC International 5,337 1,296 EUR 1.000 0.01%
Bureau Veritas Chile Capacitacion Ltda 9,555 341,341 CLP 0.001 1.30%
STCV – Tunisia 2,400 1,945 TND 0.368 49.88%
Bureau Veritas Marine China 50,000 61,432 CNY 0.131 6.00%
Bureau Veritas Fiscalizadora Boliviana SRL 100 1,006 BOB 0.129 1.00%
TOTAL

Book value of shares held Guarantees and Dividends received
Loans and endorsements provided Last published Last published net by the Company
Gross Net advances granted by the Company revenue profit/(loss) during the year
507 507 239 4,971 (394) 900
446 446 3,290 256 278
2,099 428 560 1,655 (35)
356 356 2,781 1,182 662
273 273 1,668 5,107 505 418
266 266 1,126 4,740 (203)
219 219 5,005 546 4,208
185 185 17,843 1,450 687
152 152 14,800 2,165 2,058
127 127 22,019 6,985 5,713
111 111 2,521 372 310
107 107 2,226 7,109 (308) 203
92 92 3,760 231 136
88 88 2,973 648 558
79 79 1,410 352 166
68 68 31 3,870 497 348
60 60 7,304 5,527 377
55 55 2,186 99 129
47 47 3,772 642 1,230
47 47 981 182 125
45 45 1,516 177 235
30 30 2,646 313 320
28 28 5,293 1,129 999
25 25 3,582 127
23 23 1,540 2,551 177
22 22 6,537 1,366
19 19 1,242 7,140 878
15 15 2,089 220 270
5 5 739 1,532 (287)
4 4 1,119 198
2 2 1,406 1,645 (135)
2 2 328 663 (59)
4,378
1,006
275
1,659
3,107
273
865
52
(10)
116
143
5
149 17,439 6,536 (84)
73 4,927 1,606 14,149 1,229
31 157 (1)
27 3,038 4 (727)
15 155 669 9
15 1,400 829 (40)
1 (2)
782 27,449 13,157
48 48 3,398 38
63 63 11,709 2,518 2,087
9 9 84,085 6,630 794
1,355 (10)
1 1 1,372 568
230 230 3,795 685
346 346 396 58,688 13,061 968
99 3 923 1,923 136 9
1,928,733 1,889,829 1,531,671 230,672 1,033,796 355,554 199,949

Note 3 Shareholders' equity
Share capital
At December 31, 2017, share capital was composed of 442,000,000 shares, each with a par value of €0.12.
Changes in the number of shares comprising the share capital during the year were as follows:
(in number of shares) 2017 2016

At January 1 442,000,000 442,000,000
Capital reduction (330,000) (149,600)
Exercise of stock subscription options 330,000 149,600
AT DECEMBER 31 442,000,000 442,000,000
Movements in equity in 2017
(€ thousands)
Share capital at January 1, 2017 53,040
Capital reduction (40)
Share capital following the exercise of stock options 40
Share capital at December 31, 2017 53,040
Share premiums at January 1, 2017 40,670
Capital reduction (6,279)
Share premiums following the exercise of stock options 3,119
Share premium at December 31, 2017 37,510
Reserves at January 1, 2017 581,389
Retained earnings (2016 net profit appropriation) 382,063
Dividend payout (239,794)
Currency translation differences and other movements (6,698)
Reserves at December 31, 2017 716,960
2017 net profit 287,321
Regulated provisions in 2017 973
TOTAL EQUITY AT DECEMBER 31, 2017 1,095,804
Breakdown of equity at December 31, 2017
(€ thousands)
Share capital 53,040
Share premiums 37,510
Retained earnings 491,699
Legal reserve 5,316
Other reserves 219,945
Net profit for the year 287,321
Regulated provisions 973
TOTAL EQUITY AT DECEMBER 31, 2017 1,095,804

Note 4 Receivables and payables
Analysis of receivables
of which accrued
(€ thousands) Gross income 1 year or less More than 1 year
Trade receivables 194,922 78,687 194,922
Social security taxes and other social taxes 250 250 250
Income tax 27,551 27,551
Other taxes, duties and similar levies 25,797 25,797
Joint ventures and economic interest groupings 207 207
Receivable from Group and associated companies 2,027,886 2,027,886
Miscellaneous debtors 15,521 1,796 15,521
Other receivables 2,097,212 2,046 2,097,212
Marketable securities 6,592 6,592
Prepaid expenses 8,841 6,930 1,911
TOTAL RECEIVABLES 2,307,567 80,733 2,305,656 1,911
Analysis of payables
of which accrued
(€ thousands) Gross value expenses 1 year or less More than 1 year More than 5 years
Bank borrowings and debt 2,263,206 35,966 192,030 1,372,907 698,269
Other borrowings and debt 798 798
Borrowings and debt 2,264,004 35,966 192,828 1,372,907 698,269
Trade payables 179,231 36,192 179,231
Payable to employees 84,988 84,325 84,988
Social security taxes and other social taxes 3,333 157 3,333
Value added tax 3,940 3,940
Other taxes, duties and similar levies 14,582 14,533 14,582
Payable to Group and associated companies
Miscellaneous payables
899,030
5,909 1,000
899,030
5,909 5
Other payables 1,011,782 100,015 1,011,782
Prepaid income 16,200 16,200
TOTAL PAYABLES 3,471,217 172,173 1,400,041 1,372,907 698,269

Note 5 Provisions and impairment
A. Impairment of assets
(€ thousands) 2017 2016

Long-term financial investments 39,059 41,554
Trade receivables 10,398 14,084
Other receivables 27,533 27,675
IMPAIRMENT OF ASSETS 76,990 83,313
Impairment recognized against other receivables mainly concerns current accounts of subsidiaries.
B. Regulated provisions carried in liabilities
(€ thousands) 2017 2016

REGULATED PROVISIONS 973 973
Regulated provisions comprise accelerated tax amortization recognized on acquisition fees for shares acquired since 2007.
C. Provisions for liabilities and charges
(€ thousands) 2017 2016

Pensions and other employee benefits 42,999 40,863
Contract-related disputes 5,336 5,352
Provision for exchange losses 4,616 1,440
Other contingencies 17,339 30,495
Losses on completion 749 456
PROVISIONS FOR LIABILITIES AND CHARGES 71,039 78,606
The provision for pensions and other employee benefits takes into account a discount rate determined by reference to the yield on IBOXX
Euro Corporate AA 10-year bonds. The discount rate was 1.56% for France-based employees at December 31, 2017, compared with
1.71% at end-2016.
Movements during the year are shown below:
(€ thousands) 2017 2016

At January 1 78,606 207,874
Additions 16,282 45,580
Reversals (utilized provisions) (8,757) (38,165)
Reversals (surplus provisions) (13,103) (18,768)
Impact of the spin-off of France-based activities (118,083)
Other movements (1,989) 168
AT DECEMBER 31 71,039 78,606

Within the ordinary course of business, the Company is involved in proceedings, the Company presented the arguments allowing it to
various disputes and legal actions seeking to establish its civil defend its position. Following the tax authorities' approval, the
liability in connection with the services it provides. Company is exposed to a residual risk in respect of this dispute,
and a provision has been set aside in this respect. The Company,
Provisions resulting from such proceedings are calculated taking
with the help of its advisers, deems that the provisions presented
into account the Group’s insurance policies. Based on the latest
in its financial statements reflect the best assessment as to the
available information, these disputes will not have a material
potential consequences of these disputes.
adverse impact on the Company’s financial statements.
There are no other government, administrative, legal or arbitration
Other contingencies also include provisions for tax risks in the
proceedings or investigations (including any proceedings of which
various tax jurisdictions in which the Company operates through
the Company is aware that are pending or with which it is
its branches.
threatened) that could have, or have had over the last 12 months,
Regarding ongoing tax disputes, the Company received a tax a material impact on the Company's financial position or
adjustment proposal from the French tax authorities for fiscal profitability.
years 2010 to 2014. Within the scope of the adversarial
Note 6 Off-balance sheet commitments and financial

instruments
A. Guarantees given (excluding commitments related to financing)
Commitments given by the Company in the form of guarantees break down as follows:
(€ thousands) 2017 2016

Commitments given 273,380 331,399
Bank guarantees on contracts 51,630 67,751
Miscellaneous bank guarantees 22,100 17,322
Parent company guarantees 199,650 246,326
B. Commitments related to Company and Group financing

Undrawn confirmed credit lines Bureau Veritas Holdings, Inc. 2017 US Private
Placement
At December 31, 2017, the Company had a secured private
financing facility totaling USD 155 million. Bureau Veritas Holdings, Inc., a wholly-owned subsidiary, has a
USD 200 million private placement that is secured by the
5
Company.
C. Derivative financial instruments

All of the derivative instruments that the Company has set up are At December 31, 2017, currency derivatives hedging the 2008 US
used as part of its hedging strategy. Private Placement debt were as follows:
Maturity Notional amount Fair value of derivative

07/16/2018 GBP 23 million (3.0)
07/16/2020 GBP 40 million (6.7)
TOTAL AT DECEMBER 31, 2017 (9.7)
The Company has set up multi-currency foreign exchange derivatives hedging the euro. These instruments are set up on a centralized basis
and are designed to protect the Group against currency risk arising on its intra-group loans and advances.

Foreign exchange derivatives maturing within one year (currency swaps and forward purchases and sales) in place at December 31, 2017
were as follows:
Notional amount
Currency (millions of currency units) Fair value of derivative
USD 287.0 (3.0)
CAD (98.0) 1.5
ZAR (139.0) (0.4)
SGD (101.0) 0.4
RUB 42.0 0.1
PLN 5.0 0.0
JPY 1,178.0 (0.1)
GBP (65.0) 0.3
CNY (277.0) (0.2)
AUD 173.0 0.4
SEK (113.0) (0.2)
DKK (95.0) 0.0
CZK (146.0) 0.0
NOK (45.0) 0.0
HUF 39.0 0.0
CHF (4.0) 0.0
TOTAL AT DECEMBER 31, 2017 (1.2)
The Company had no interest rate hedges at year-end. At December 31, 2017, the Company had no derivative instruments classified as
trading instruments.
Note 7 Analysis of revenue
Analysis of revenue by business
(€ thousands) 2017 2016 Pro-forma 2016

Marine & Offshore 90,884 85,687 174,484
Industry 103,168 89,709 173,538
Buildings & Infrastructure 22,529 27,128 508,221
Certification 15,562 18,702 31,656
Agri-Food & Commodities 36,245 42,476 62,550
Consumer Products - 32 32
TOTAL 268,388 263,733 950,481
The segment analysis takes into account the impacts as from January 1, 2017 of the changes to the Group's presentation of the segment
reporting.
Accordingly, the 2016 figures have been restated. Revenue from “Government Services & International Trade” has been allocated to
“Agri-Food & Commodities” while the “In-Service Inspection & Verification” business has been allocated between “Industry” and
“Buildings & Infrastructure”.

Analysis of revenue by geographic area
(€ thousands) 2017 2016 Pro-forma 2016

France - - 686,749
EMEA 225,336 220,393 220,393
Americas 367 362 362
Asia Pacific 42,685 42,977 42,977
TOTAL 268,388 263,733 950,481
The EMEA region includes Europe (excluding France), Africa and the Middle East.
Note 8 Net financial income (expense)
(€ thousands) 2017 2016

Financial income
Dividends 205,858 343,122
Income from other marketable securities and receivables on non-current assets 74 302
Other interest income 23,318 19,517
Reversals of provisions 12,651 21,402
Exchange gains 17,236 62,130
Total financial income 259,137 446,473
Financial expense
Additions to provisions (14,099) (9,128)
Interest expense (85,796) (91,213)
Exchange losses (12,398) (58,070)
Total financial expense (112,293) (158,411)
NET FINANCIAL INCOME 146,844 288,062
The impacts of the spin-off of the Company's France-based operations and support activities do not change the comparability of results
between 2016 and 2017.
5

Note 9 Net exceptional income (expense)
(€ thousands) 2017 2016

Exceptional income
On management transactions 1,235 988
On capital transactions 29,771 7,511
Reversals of provisions 12,888 37,695
Total exceptional income 43,894 46,194
Exceptional expense
On management transactions (985) (835)
On capital transactions (4,831) (13,977)
Additions to provisions (1,432) (7,513)
Total exceptional expense (7,248) (22,325)
NET EXCEPTIONAL INCOME 36,646 23,869
The impacts of the spin-off of the Company's France-based operations and support activities do not change the comparison of results
between 2016 and 2017.
The net exceptional income for 2017 notably reflects a capital gain of €25.5 million resulting from the sale of the subsidiaries
Bureau Veritas Mexicana and Bureau Veritas Russia to Bureau Veritas International.
Note 10 Income tax
Breakdown of current and exceptional income tax
2017 2016
Amount before Amount before
(€ thousands) income tax Income tax income tax Income tax
Profit from ordinary operations 223,489 (27,030) 436,147 66,869
Net exceptional income 36,646 (162) 23,869 (79)
A comparison cannot be made between 2016 and 2017 due to the spin-off of the France-based operations and support activities as the
subsidiaries that received the spun-off operations, which all belonged to the tax consolidation group at January 1, 2017, now record the tax
expense corresponding to the income from these operations.
The 2017 income statement was also impacted by the refund received by the Company in December 2017 of the 3% tax on dividends paid
by the Company has paid since 2013, after this was declared null and void by the French Constitutional Court in October 2017.
Tax consolidation
In accordance with article 223A of the French Tax Code, the Tecnitas, HydrOcean, Bureau Veritas Holding France, Bureau
Company is the sole Group entity liable for income tax payable in Veritas Holding 4, Bureau Veritas Holding 5, Bureau Veritas
respect of fiscal years beginning on or after January 1, 2008. Holding 6, Bureau Veritas Holding 7, Bureau Veritas Holding 8 and
Unicar Group.
The tax consolidation group comprises:
Under tax consolidation rules, subsidiaries pay contributions in
BIVAC International, Bureau Veritas Certification France, Bureau
respect of income tax. Regardless of the tax effectively due, these
Veritas Certification Holding, Bureau Veritas CPS France, Bureau
contributions shall be equal to the income tax for which the
Veritas Services France, Bureau Veritas Construction, Bureau
subsidiary would have been liable or to the net long-term capital
Veritas Exploitation, Bureau Veritas Marine & Offshore, Bureau
gain for the period had it been taxed as a separate entity, less all
Veritas GSIT, Bureau Veritas International, Bureau Veritas
deduction entitlements that would have applied to the separately
Laboratoires, Codde, ECS, Transcable-Halec, LCIE, Medi-Qual,
taxable entity.
Oceanic Développement, Bureau Veritas Services, SODIA,

Deferred tax
(€ thousands) 2017 2016

Deferred tax assets 9,097 21,527
Deferred tax liabilities (1) (24)
NET DEFERRED TAX ASSETS 9,096 21,503
Deferred taxes at December 31, 2017 are presented after offsetting deferred tax assets and deferred tax liabilities relating to the same tax
entity or tax group, where applicable, and primarily comprise deferred tax on provisions for pensions and other employee benefits,
non-deductible accrued charges, and provisions for contract-related disputes.
Note 11 Share-based payment

The Company has set up two types of equity-settled The Company has no legal or constructive obligation to
compensation plans: repurchase or settle the options in cash.
● stock subscription and purchase option plans; Depending on the plans, options are conditional on achieving
performance targets and the employee having completed three
● performance share plans.
years’ service and are valid for eight to ten years after the grant
date.
The exercise price is fixed when the options are awarded and
Stock subscription and purchase option plans cannot be changed.
Pursuant to a decision of the Board of Directors on June 21, 2017,
Description the Company awarded 1,229,060 stock purchase options to
certain employees and to the Executive Corporate Officer. The
Stock subscription and purchase options are granted to senior options granted may be exercised at a fixed price of €20.65.
managers and other selected employees.
To be eligible for the stock options plans, beneficiaries must
Stock purchase option plans granted since 2011 will give rise to complete a minimum period of service and meet certain
the purchase of shares on the open market, whereas stock option performance targets based on 2017 adjusted consolidated
plans granted up to 2010 concerned stock subscription options operating profit and on the consolidated operating margin for
which entitled their holders to subscribe for newly issued shares 2018 and 2019.
on exercise of their options.
OVERVIEW OF COMPANY STOCK OPTION PLANS AT DECEMBER 31, 2017:

5
Number of options
Exercise price Contribution basis
Grant date Expiration date (in euros per option) 2017 2016 (in euros per option)
07/03/2009 Plan 07/03/2017 8.75 - 234,000 0.22
07/23/2010 Plan 07/23/2018 11.58 216,000 312,000 0.25
07/18/2011 Plan 07/18/2019 14.42 186,000 368,000 0.29
12/14/2011 Plan 12/14/2019 13.28 78,480 78,480 0.32
07/18/2012 Plan 07/18/2020 17.54 817,546 1,126,186 0.87
07/22/2013 Plan 07/22/2021 21.01 1,021,594 1,111,594 0.71
07/16/2014 Plan 07/16/2022 20.28 723,733 771,527 0.60
07/15/2015 Plan 07/15/2025 20.51 1,239,386 1,248,250 0.83
06/21/2016 Plan 06/21/2026 19.35 400,224 1,300,400 0.70
06/21/2017 Plan 06/21/2027 20.65 1,229,060 - 0.51
NUMBER OF OPTIONS AT DECEMBER 31 5,912,023 6,550,437

Performance share plans employees and to the Executive Corporate Officer. To be eligible
for the performance share plans, beneficiaries must complete a
minimum period of service and meet certain performance targets
Description based on 2017 adjusted consolidated operating profit and the
consolidated adjusted operating margin for 2018 and 2019.
Performance shares were awarded to senior managers and other
Pursuant to a decision of the Board of Directors, the Company also
selected employees, which will require the Group to buy back its
awarded 800,000 performance shares to the Executive Corporate
shares on the market. Depending on the plan, performance shares
Officer on July 22, 2013. The conditions for the share award were
are generally conditional on completing three to four years of
amended pursuant to a decision of the Board of Directors of
service and achieving performance targets based on adjusted
December 11, 2015 and the shares are now subject to a minimum
consolidated operating profit for the year of the award and on the
service period of nine years as Corporate Officer, followed by a
consolidated adjusted operating margin for the following two
two-year mandatory holding period, and a performance target
years.
based on the Total Shareholder Return (TSR). TSR is an indicator
Pursuant to a decision of the Board of Directors on June 21, 2017, of the profitability of the Company’s shares over a given period,
the Company awarded 1,207,820 performance shares to certain taking into account the dividend and any market share price gains.
OVERVIEW OF COMPANY PERFORMANCE SHARE PLANS AT DECEMBER 31, 2017:
Number of shares
Contribution basis
Grant date Expiration date 2017 2016 (in euros per option)
07/22/2013 Plan 07/22/2017 - 632,222 5.25
07/22/2013 Plan 07/22/2022 720,000 720,000 1.73
07/16/2014 Plan 07/16/2018 436,108 826,365 4.70
07/15/2015 Plan 07/15/2019 991,044 1,048,998 4.95
06/21/2016 Plan 06/21/2019 497,052 1,110,850 3.87
06/21/2017 Plan 06/21/2020 1,191,420 - 4.16
NUMBER OF SHARES AT DECEMBER 31 3,835,624 4,338,435
Performance shares and stock purchase Impact of share-based payment plans on the
options awarded to beneficiaries not directly Company's financial statements
employed by the Company
In 2017, the Company recognized a total expense of €26.5 million
The cost of awarding performance shares to beneficiaries not (€21.0 million in 2016) in respect of share-based payment plans.
directly employed by the Company is borne by the Company The expense reflects the cost of the shares to be delivered,
through its purchases of shares on the market. estimated based on the price of the purchases made between
2013 and 2017, and the closing share price at
In 2017, the Company therefore recognized the estimated cost of December 31, 2017. In 2016, the expense reflected purchases
performance shares and exercisable stock options awarded to made between 2013 and 2016 and the closing share price at
beneficiaries not directly employed by the Company under the December 31, 2016.
new 2017 plan.
At December 31, 2017, the liability (amount payable to
In parallel, the Company continued to implement a procedure employees) amounted to €69.9 million (end-2016: €64.1 million).
under which the cost of the awards made to these beneficiaries
are rebilled to the Group companies employing them. Income At December 31, 2017, the Company held 5,466,563 of its own
totaling €20.0 million was recognized in this respect in 2017 shares for delivery under stock option and performance share
(€15.2 million in 2016). plans. These shares are shown on a separate asset line in the
balance sheet for €106.9 million (€88.5 million at end-2016).
Note 12 Employees
2017 2016
Employees 2,015 8,581
The reduced headcount by around 6,500 employees resulted from the spin-off of the Company's activities in France at the end of 2016.

Statutory Auditors’ report on the financial statements
This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience of English
speaking readers. This report includes information specifically required by European regulations or French law, such as information about the
appointment of Statutory Auditors. This report should be read in conjunction with, and construed in accordance with, French law and
professional auditing standards applicable in France.
To the Shareholders of Bureau Veritas,
Opinion
In compliance with the engagement entrusted to us by your Shareholders’ Meeting, we have audited the accompanying financial
statements of Bureau Veritas for the year ended December 31, 2017.
In our opinion, the financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as
at December 31, 2017 and of the results of its operations for the year then ended in accordance with French accounting principles.
The audit opinion expressed above is consistent with our report to the Audit and Risk Committee.
Basis for opinion

Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under these standards are further described in the “Responsibilities of the Statutory Auditors relating to the audit of the
financial statements” section of our report.
Independence
We conducted our audit engagement in compliance with the independence rules applicable to us for the period from January 1, 2017 to the
date of our report and in particular we did not provide any non-audit services prohibited by article 5(1) of Regulation (EU) No. 537/2014 or
the French Code of Ethics (Code de déontologie) for Statutory Auditors.
Emphasis of matter
Without qualifying our opinion, we draw your attention to the matter set out in the “Summary of significant accounting policies” section of
the notes to the financial statements, which describes the change of accounting policy as a result of the first-time application as of January
1, 2017 of ANC Regulation 2015-05 on forward financial instruments and hedging transactions.
5
Justification of assessments – Key audit matters
In accordance with the requirements of articles L.823-9 and R.823-7 of the French Commercial Code (Code de commerce) relating to the
justification of our assessments, we inform you of the key audit matters relating to the risks of material misstatement that, in our
professional judgement, were of most significance in our audit of the financial statements, as well as how we addressed those risks.
These matters were addressed as part of our audit of the financial statements as a whole, and therefore contributed to the opinion we
formed as expressed above. We do not provide a separate opinion on specific items of the financial statements.
Measurement of equity investments and loans and advances to subsidiaries

Description of risk
As stated in Note 2 to the financial statements, equity investments represented a net amount of €1,889.9 million in the balance sheet for
the year ended December 31, 2017. Loans and advances to subsidiaries stood at €1,531.7 million.
Investments in subsidiaries are carried in the balance sheet at acquisition cost and may be impaired if their value in use falls below their
gross value.
As indicated in the “Summary of significant accounting policies” section of the notes to the financial statements under “Long-term
investments”, management generally estimates the value in use of these investments based on the Company’s share in their net book
assets, adjusted where appropriate to take account of forecast data, such as that relating to the profitability outlook.
Estimating the value in use therefore requires management to exercise judgement when selecting the inputs to be taken into account for
each investment.

Accordingly, due to the inherent uncertainty of certain inputs of the estimation, in particular the likelihood of achieving projections, we
deemed the measurement of equity investments and loans and advances to subsidiaries to be a key audit matter.

In order to assess the reasonableness of the estimated value in use of equity investments, our audit work consisted mainly in verifying that
the estimated values determined by management were based on an appropriate measurement method and underlying data.
For valuations based on historical data, we verified that the equity values used were consistent with the financial statements of the entities
concerned, and that any adjustments to equity were based on documentary evidence.
To assess the reasonableness of valuations based on forecast data, we obtained the projected cash flows and operating cash flows of the
entities concerned based on budget data prepared under the supervision of general management.
In addition to assessing the values in use of the equity investments, our work also consisted in assessing the recoverability of the related
loans and advances in accordance with the analyses conducted of equity investments.
Verification of the management report and of the other documents provided to the shareholders
In accordance with professional standards applicable in France, we have also performed the specific verifications required by French law.
Information given in the management report with respect to the Company’s financial position and the financial
statements
We have no matters to report as to the fair presentation and the consistency with the financial statements of the information given in the
management report of the Board of Directors and in the other documents provided to the shareholders with respect to the financial
position and the financial statements.
Report on corporate governance

We attest that the Board of Directors’ report on corporate governance sets out the information required by articles L.225-37-3 and
L.225-37-4 of the French Commercial Code.
Concerning the information given in accordance with the requirements of article L.225-37-3 of the French Commercial Code relating to
remuneration and benefits received by corporate officers and any other commitments made in their favor, we have verified its consistency
with the financial statements, or with the underlying information used to prepare these financial statements and, where applicable, with the
information obtained by your Company from companies controlling it or controlled by it. Based on this work, we attest to the accuracy and
fair presentation of this information.
Other information
In accordance with French law, we have verified that the required information concerning the identity of the shareholders and holders of the
voting rights has been properly disclosed in the management report.
Report on other legal and regulatory requirements
Appointment of the Statutory Auditors

We were appointed Statutory Auditors of Bureau Veritas by the Shareholders’ Meetings held on June 25, 1992 for PricewaterhouseCoopers
Audit and on May 17, 2016 for Ernst & Young Audit.
At December 31, 2017, PricewaterhouseCoopers Audit was in the twenty-sixth year of total uninterrupted engagement and the eleventh
year since the securities of the Company were admitted to trading on a regulated market, and Ernst & Young was in the second year of
total uninterrupted engagement.
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for preparing financial statements presenting a true and fair view in accordance with French accounting
principles, and for implementing the internal control procedures it deems necessary for the preparation of financial statements free of
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless it expects to liquidate the
company or to cease operations.
The Audit and Risk Committee is responsible for monitoring the financial reporting process and the effectiveness of internal control and risk
management systems, as well as, where applicable, any internal audit systems, relating to accounting and financial reporting procedures.
The financial statements were approved by the Board of Directors.

Responsibilities of the Statutory Auditors relating to the audit of the financial statements
Objective and audit approach
Our role is to issue a report on the financial statements. Our objective is to obtain reasonable assurance about whether the financial
statements as a whole are free of material misstatement. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with professional standards will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As specified in article L.823-10-1 of the French Commercial Code, our audit does not include assurance on the viability or quality of
management of the company.
As part of an audit conducted in accordance with professional standards applicable in France, the Statutory Auditors exercise professional
judgement throughout the audit.
They also:
● Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence considered to be sufficient and appropriate to provide a basis for
their opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management and the
related disclosures in the notes to the financial statements;
● Assess the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to
continue as a going concern. This assessment is based on the audit evidence obtained up to the date of the audit report. However, future
events or conditions may cause the company to cease to continue as a going concern. If the Statutory Auditors conclude that a material
uncertainty exists, they are required to draw attention in the audit report to the related disclosures in the financial statements or, if such
disclosures are not provided or are inadequate, to issue a qualified opinion or a disclaimer of opinion;
● Evaluate the overall presentation of the financial statements and assess whether these statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Report to the Audit and Risk Committee

We submit a report to the Audit and Risk Committee which includes in particular a description of the scope of the audit and the audit
program implemented, as well as the results of our audit. We also report any significant deficiencies in internal control that we have
identified regarding the accounting and financial reporting procedures.
Our report to the Audit and Risk Committee includes the risks of material misstatement that, in our professional judgement, were of most
significance in the audit of the financial statements and which constitute the key audit matters that we are required to describe in this
report.
We also provide the Audit and Risk Committee with the declaration provided for in article 6 of Regulation (EU) No. 537/2014, confirming
our independence within the meaning of the rules applicable in France, as defined in particular in articles L.822-10 to L.822-14 of the
5
French Commercial Code and in the French Code of Ethics for Statutory Auditors. Where appropriate, we discuss any risks to our
independence and the related safeguard measures with the Audit and Risk Committee.
Neuilly-sur-Seine and Paris-La Défense, March 16, 2018


5.3 Additional information regarding the Company in view of the approval of the 2017 financial statements
5.3 Additional information regarding

the Company in view of the approval
of the 2017 financial statements
5.3.1 Activity and results of the parent company
(in €) 2017 2016
Revenue 268,388,075.10 950,481,164.77
Operating profit 76,645,230.00 148,085,203.07
Net exceptional income 36,645,685.81 23,868,868.53
Net profit 287,320,982.55 382,063,214.64
Equity 1,095,803,080.27 1,058,135,459.04
The bases of measurement used to prepare the annual statutory financial statements are identical to those adopted in previous years.
The bases of presentation include the impacts of the entry into force on January 1, 2017 of ANC regulation 2015-05, as described in the
notes to the statutory financial statements.
5.3.2 Recommended appropriation of 2017 net profit

The Board of Directors informs the shareholders that as of However, in accordance with section 2 of article 200 A of the
December 31, 2017: French Tax Code, these individual shareholders may also opt to be
taxed at the income tax rate. In this case and in accordance with
● the legal reserve stood at €5,316,392.40 compared to share
section 3, paragraph 2 of article 158 of the French Tax Code, they
capital of €53,040,000.00, and therefore represents one-tenth
will be eligible for a 40% tax deduction on the amount of any
of the share capital;
dividends.
● net profit for the period was €287,320,982.55. Based on
In any event, Bureau Veritas will withhold 12.8% at source from
retained earnings of €491,698,390.70 at December 31, 2017,
the gross amount of the dividend (increased by social
the Company’s distributable profit amounted to
contributions at the rate of 17.2%, i.e., a total of 30%). The 12.8%
€779,019,373.25.
withholding at source is an advance income tax payment and will
The Board will recommend the following profit appropriation to therefore be deductible from the income tax due by the
shareholders: beneficiary in 2019 based on the income received in 2018.
● a dividend of €0.56 per share, representing a total amount of The dividend will be paid as of May 22, 2018.
€247,520,000.00 based on the number of shares making up
Shareholders will be asked to approve any dividends unable to be
the share capital at December 31, 2017 (442,000,000 shares);
paid on treasury shares to be allocated to “Retained earnings”.
● the balance of €531,499,373.25 to be allocated to “Retained More generally, in the event of a change in the number of shares
earnings”. carrying dividend rights, it will be recommended that the overall
amount of said dividend be adjusted accordingly and the amount
In accordance with section 1 A, paragraph 1 of article 200 A of the allocated to “Retained earnings” be determined on the basis of the
French Tax Code, as from January 1, 2018 dividends received by dividend actually paid.
individual shareholders who are resident in France for tax
purposes are subject to a 12.8% withholding tax.

5.3 Additional information regarding the Company in view of the approval of the 2017 financial statements 5
DIVIDEND PAYOUTS OVER THE LAST THREE FINANCIAL YEARS
The following dividends were paid over the last three financial years:
Number of shares
Year Total amount distributed concerned Dividend per share(a)
2014 €209,809,271.04 437,102,648 0.48(b)
2015 €222,770,924.85 436,805,735 0.51(c)
2016 €239,794,093.00 435,989,260 0.55(d)
(a) The dividend per share was paid during 2015.
(b) The dividend per share was paid during 2016.
(c) The dividend per share was paid during 2017.
(d) In accordance with article 243 bis of the French Tax Code, these dividends entitle the shareholders to the 40% deduction referred to in article 158, paragraph 3
(2) of the French Tax Code.
The dividend distribution policy is set out in section 6.8.2 – Dividend distribution policy of this Registration document.
5.3.3 Total sumptuary expenditure and related tax

In accordance with the provisions of article 223 quater of the French Tax Code, it should be noted that the Company’s financial statements
for the year ended December 31, 2017 take into account an amount of €60,601.58 in non-deductible expenditure within the meaning of
article 39-4 of the French Tax Code, resulting in a tax effect of €20,867.14. This non-deductible expenditure will be submitted to the
Shareholders’ Meeting for approval.
5.3.4 Subsidiaries and affiliates

The table illustrating the Company’s subsidiaries and affiliates can be found in Note 2, Chapter 5.2 – Bureau Veritas SA Statutory financial
statements of this Registration document.

5.3 Additional information regarding the Company in view of the approval of the 2017 financial statements
5.3.5 Five-year financial summary

(in thousands of euros except per-share data expressed in euros) 2017 2016 2015 2014 2013
I - Financial position
a) Share capital 53,040 53,040 53,040 53,164 53,045
b) Number of shares issued(a) 442,000,000 442,000,000 442,000,000 443,032,700 442,042,000
c) Number of bonds convertible into shares - - - - -
II - Comprehensive income from operations
a) Revenue excluding taxes 268,388 950,481 952,763 869,571 873,573
b) Profit before taxes, depreciation, amortization and provisions 252,009 446,260 358,454 350,388 167,858
c) Income tax (27,192) 66,790 42,495 27,069 37,730
d) Profit after taxes, depreciation, amortization and provisions 287,321 382,063 279,221 281,313 89,594
(b)
e) Distributed profit 247,520 239,794 222,771 209,809 209,513
III - Earnings per share data
a) Profit after taxes, but before depreciation, amortization and
provisions(a) 0.63 0.86 0.71 0.73 0.29
b) Profit after taxes, depreciation, amortization and provisions(a) 0.65 0.86 0.63 0.63 0.20
(b)
c) Net dividend per share 0.56 0.55 0.51 0.48 0.48
IV - Personnel costs
a) Number of employees 2,015 8,581 8,523 8,282 8,457
b) Total payroll 123,332 396,496 402,571 373,216 390,590
(a) In 2017, the share capital comprised 442,000,000 shares, each with a par value of €0.12, following:
● 330,000 shares subscribed further to the exercise of options; and
● 330,000 shares canceled.
(b) The dividend for 2017 will be recommended to shareholders at the Shareholders’ Meeting of May 15, 2018.

5.3 Additional information regarding the Company in view of the approval of the 2017 financial statements 5
5.3.6 Information regarding payment terms
Since December 1, 2008, the Company applies the provisions of the French Economic Modernization (“LME”) Act of August 4, 2008 and
pays its suppliers within 60 days of the date invoices are issued. Contracts with suppliers and payments have been adapted accordingly.
In accordance with articles L.441-6-1 and D.441-4 of the French Commercial Code, outstanding incoming or outgoing invoices that have
not been paid and are past due, as determined by legal or contractual terms with regard to the relevant third party, break down as follows:
Breakdown of payment terms

Excluded invoices
Incoming invoices 0 days late 1-31 days 31-60 days 61-90 days 91+ days late Total 1+ days (disputes)
Number of invoices 1 40 7 4 11 62 32
Amount excl. VAT 1,671 104,278,483 7,826 5,677 26,646 104,318,632 2,081,062
%/Total purchases excl. VAT
during the year 0.00% 80.81% 0.01% 0.00% 0.02% 80.85% 1.61%
Breakdown of payment terms

Outgoing invoices 0 days late 1-31 days 31-60 days 61-90 days 91+ days late Total 1+ days
Number of invoices 0 264 3 51 141 459
Amount excl. VAT 0 28,043,290 218,755 5,492,051 12,166,546 45,920,642
%/Total revenue excl. VAT during the year - 14.73% 0.11% 2.88% 6.39% 24.12%


Information
6
on the Company
and the capital
6.1 General information 288 6.8 Stock market information 299
6.2 Simplified Group organization 6.9 Documents on display 301
chart at December 31, 2017 289
6.10 Related-party transactions 302
6.3 Main subsidiaries in 2017 290
6.11 Articles of incorporation
6.4 Intra-group contracts 293 and by-laws 304
6.5 Industrial franchise, 6.12 Persons responsible 308
brand royalties
and expertise licensing contracts 6.13 Statutory Auditors 309
and central services 293
6.6 Share capital and voting rights 294
6.7 Ownership structure 297

6 Information on the Company and the capital
6.1 General information
6.1 General information

Corporate name
Bureau Veritas
Registered office
Immeuble Newtime – 40/52, boulevard du Parc – 92200 Neuilly-sur-Seine – France
Tel: +33 (0) 1 55 24 70 00 – Fax: +33 (0) 1 55 24 70 01
Registration place and number

Bureau Veritas is registered with the Nanterre Trade and Companies Register (Registre du commerce et des sociétés) under
number 775 690 621. The Company’s APE Code, which identifies the type of business it carries out, is 7120B, corresponding
to the business of technical analyses, trials and inspections.
Date of incorporation and term

The Company was incorporated on April 2 and 9, 1868, by Maître Delaunay, notary in Paris. Its incorporation will expire, unless wound up
or extended by an Extraordinary Shareholders’ Meeting in accordance with the law and its by-laws, on December 31, 2080.
Legal form and applicable legislation

The Company is a joint stock company (société anonyme) under French law with a Board of Directors and is subject to the provisions
of Book II of the French Commercial Code (Code de commerce) applicable to commercial companies and to any other legal or regulatory
provisions applicable to commercial companies and to its by-laws.
Accounting period
From January 1 to December 31 each year.

Information on the Company and the capital
6.2 Simplified Group organization chart at December 31, 2017 6
6.2 Simplified Group organization chart
at December 31, 2017
BUREAU VERITAS SA
100% 100% 99.98%

100% Bureau Veritas 100%
Bureau Veritas Bureau Veritas
Holdings, Inc. International SAS Do Brasil Sociedade
Bureau Veritas
(United States) (France) Classificadora e
Exploitation SAS
(France) Bureau Veritas Certificadora Ltda
Services SAS (Brazil)
Bureau Veritas 100%
Bureau Veritas (France)
Hong Kong Ltd.
Bureau Veritas
North America, Inc. (Hong Kong)
Consumer Products 85%
100% (United States)
Services Shanghai 76% Bureau Veritas
Co. Ltd. Inversiones SL 24%
(China) Bureau Veritas 100%
(Spain)
Australia pty Ltd.
(Australia)
100% Maxxam Analytics
Bureau Veritas 100% International
Certification Holding Corporation (Canada)
Bureau Veritas 100%
SAS (France)
Inspectorate America Singapore Pte Ltd.
(Singapore) 100% Bureau Veritas
Corporation, Inc.
100% Nederland Holding BV
(United States) BIVAC (Netherlands)
International SA Bureau Veritas 100%
(France) 99.99%
UK Holdings Ltd.
Shandong Chengxin
(United Kingdom)
100% Engineering
100% Construction 70%
Bureau Veritas & Consulting Co. Ltd.
BIVAC B.V.
UK Ltd. (China)
(Netherlands)
(United Kingdom)
Direct holding
Indirect holding
6
The percentage interest shown in the organization chart above equates to the percentage of control.

6.3 Main subsidiaries in 2017

The Group is made up of Bureau Veritas SA and its branches and A description of the Group’s 20 main direct and indirect
subsidiaries. At the head of the Group, Bureau Veritas SA owns subsidiaries is provided below.
holdings in various companies in France and elsewhere. In addition
Most of these are holding companies for the Group’s businesses in
to its activity as a holding company, it also engages in its own
each country. A description of the business activities of the
business activity through branches outside France.
operational subsidiaries is also provided. A list of the Group’s
Bureau Veritas SA recorded revenue of €268.4 million in 2017. subsidiaries is included in Note 38 – Scope of consolidation to the
2017 consolidated financial statements, in section 5.1 of this
The main cash flows between Bureau Veritas SA and its
consolidated subsidiaries relate to brand royalties and technical
royalties, centralized cash management and invoicing of relevant The selected subsidiaries met at least one of the following
amounts for insurance coverage. The main cash flows between five criteria during one of the last two financial years: i) the
the Company and its subsidiaries are also presented in the special carrying amount of the entity’s securities recorded in Bureau
reports of the Statutory Auditors on related-party agreements, Veritas SA’s statement of financial position exceeded €50 million;
which are set out in section 6.10 – Related-party transactions of ii) the entity represented at least 5% of consolidated equity;
this Registration document. iii) the entity represented at least 5% of consolidated net profit;
iv) the entity represented at least 5% of consolidated revenue;
The Group had 515 legal entities at December 31, 2017
and v) the entity represented at least 5% of total consolidated
compared to 492 at December 31, 2016, reflecting the creation
assets.
of six new entities, the consolidation of 34 acquired entities and,
conversely, a reduction of 17 entities as part of the Group’s
streamlining initiative.
Bureau Veritas Holdings, Inc. (United States)

Bureau Veritas Holdings, Inc. is a US-based company incorporated in June 1988 whose registered office is located at 1601 Sawgrass
Corporate Parkway, Ste 400, Fort Lauderdale, FL 33323, United States. As a holding company that is directly wholly-owned by Bureau
Veritas SA, its corporate purpose is to hold the Group's interests in the North American subsidiaries.
Bureau Veritas North America, Inc. (United States)

Bureau Veritas North America, Inc. is a US-based company whose registered office is located at 1601 Sawgrass Corporate Parkway,
Ste 400, Fort Lauderdale, FL 33323, United States. The company is a wholly-owned subsidiary of Bureau Veritas Holdings, Inc. It operates
in the Health, Safety and Environment field and in construction. In 2017, it recorded external revenue of USD 149.3 million (€132.1 million).
Inspectorate America Corporation, Inc. (United States)

Inspectorate America Corporation, Inc. is a US-based company whose registered office is located at 12000 Aerospace Avenue, Suite 200,
Houston, Texas 77034, United States. The company has been indirectly wholly-owned by Bureau Veritas Holdings, Inc. since
September 2010, following Bureau Veritas’ acquisition of the Inspectorate group. Its main activity is inspecting and testing oil and
petrochemical products, metals and minerals and agricultural products. In 2017, it recorded external revenue of USD 179 million
(€158.4 million).
Bureau Veritas Exploitation SAS (France)

Bureau Veritas Exploitation SAS is a French company incorporated in 2012 whose registered office is located at 8 Cours du Triangle, 92800
Puteaux, France. The company is wholly-owned by Bureau Veritas Services France SAS, providing services for In-Service Inspection
& Verification, Health, Safety and Environment and Asset Management on existing constructions. In 2017, it recorded external revenue
of €426.8 million.

6.3 Main subsidiaries in 2017 6
Bureau Veritas International SAS (France)
Bureau Veritas International SAS is a French simplified joint stock company (société par actions simplifiée) whose registered office is located
at 8 Cours du Triangle, 92800 Puteaux, France. The company was incorporated in March 1977. It is a holding company that controls several
foreign subsidiaries and is a wholly-owned subsidiary of Bureau Veritas SA.
Bureau Veritas Consumer Products Services Shanghai Co. Ltd.

(China)
Bureau Veritas Consumer Products Services Shanghai Co. Ltd. is a Chinese company incorporated in 1996 whose registered office is located
at 168, Guanghua Road, Minhang District, Shanghai 201 108, China. It is 85%-owned by Bureau Veritas Consumer Products Services Hong
Kong Ltd. Its core business is providing Consumer Products services. In 2017, it recorded external revenue of CNY 510.1 million
(€66.9 million).
Bureau Veritas Certification Holding SAS (France)

Bureau Veritas Certification Holding SAS is a French simplified joint stock company (société par actions simplifiée) whose registered office
is located at 8 Cours du Triangle, 92800 Puteaux, France. Founded in March 1994, it is a wholly-owned subsidiary of Bureau Veritas
International SAS. It controls most of the Certification subsidiaries.
BIVAC International SA (France)

BIVAC International SA is a French joint stock company (société anonyme) whose registered office is located at 8 Cours du Triangle, 92800
Puteaux, France. BIVAC International SA was founded in March 1991 as a holding company and headquarters for the Government Services
& International Trade (GSIT) business. It is a 99.99%-owned subsidiary of Bureau Veritas International SAS.
Bureau Veritas Inspection Valuation Assessment and Control –

BIVAC B.V. (Netherlands)
Bureau Veritas Inspection Valuation Assessment and Control – BIVAC B.V. is a Dutch joint stock company incorporated in September 1984
whose registered office is located at Boompjes 40 3011XB Rotterdam, Netherlands. BIVAC B.V. is a wholly-owned subsidiary of BIVAC
International SA. Its main business is to manage support operations for Government Services & International Trade. In 2017, it recorded
6
external revenue of €46.1 million.
Bureau Veritas Hong Kong Ltd. (Hong Kong, China)

Bureau Veritas Hong Kong Ltd. is a Chinese company incorporated in October 2004 whose registered office is located at 7F Octa Tower,
8 Lam Chak Street, Kowloon Bay, Kowloon, Hong Kong. Bureau Veritas Hong Kong Ltd. is a wholly-owned subsidiary of Bureau Veritas
International SAS and has subsidiaries in Asia. Apart from its activity as a holding company, it carries out operational activities and recorded
HKD 1,588.2 million in external revenue (€180.4 million) in 2017.
Bureau Veritas Australia Pty Ltd. (Australia)

Bureau Veritas Australia Pty Ltd. is an Australian company incorporated in 1999 whose registered office is located at Unit 3,
435 Williamstown Road, Port Melbourne, VIC3207, Australia. It is a holding company for the Group’s businesses in Australia and
is wholly-owned by Bureau Veritas Singapore Pte Ltd. It also carries out certification and compliance assessments of industrial processes.
In 2017, this operating activity recorded AUD 7.4 million in external revenue (€5 million).

Bureau Veritas Singapore Pte Ltd. (Singapore)

Bureau Veritas Singapore Pte Ltd. is a Singaporean company incorporated in 2002 whose registered office is located at 20 Science Park
Road, N°03-01 Teletech Park, 117674, Singapore Science Park II, Singapore. The company is wholly-owned by Bureau Veritas International
SAS. It operates in Singapore and owns certain Group operating assets in the region, particularly the 51% holding in the Australian company
Dairy Technical Services (DTS), acquired in 2016. The company recorded external revenue of SGD 15.4 million (€9.9 million) in 2017.
Bureau Veritas UK Holdings Ltd. (United Kingdom)

Bureau Veritas UK Holdings Ltd. is a British company incorporated in November 2005 whose registered office is located at Suite 308, Fort
Dunlop, Fort Parkway, Birmingham, West Midlands, B24 9FD, United Kingdom. Bureau Veritas UK Holdings Ltd. is a wholly-owned subsidiary
of Bureau Veritas International SAS and owns the Group’s operating assets (excluding Marine & Offshore) in the United Kingdom.
Bureau Veritas UK Ltd. (United Kingdom)

Bureau Veritas UK Ltd. is a British company incorporated in October 1983 whose registered office is located at Brandon House,
180 Borough High Street, London, SE1 1LB, United Kingdom. Bureau Veritas UK Ltd. is a wholly-owned subsidiary of Bureau Veritas UK
Holdings Ltd. Its main business is In-Service Inspection & Verification. In 2017, it recorded external revenue of GBP 72.3 million
(€82.5 million).
Bureau Veritas Services SAS (France)

Bureau Veritas Services SAS is a French company incorporated in 1987 whose registered office is located at 8 Cours du Triangle,
92800 Puteaux, France. The company is wholly-owned by Bureau Veritas SA. It provides support services in France for the Group worldwide
and also owns holdings in France, particularly in the Industry and Buildings & Infrastructure sectors.
Bureau Veritas Inversiones SL (Spain)

Bureau Veritas Inversiones SL is the parent company of the ECA group, acquired by Bureau Veritas in October 2007. Established in 2003,
its registered office is located at Cami Can Ametller 34, Edificio Bureau Veritas, 08195 Sant Cugat del Vallès, Barcelona, Spain. Bureau
Veritas Inversiones SL is jointly owned by Bureau Veritas International SAS (76%) and Bureau Veritas SA (24%). It is a holding company
and owns operating assets in Spain.
Maxxam Analytics International Corporation (Canada)

Maxxam Analytics International Corporation is a Canadian company whose registered office is located at 1919 Minnesota Court, Suite 500,
Mississauga, Ontario L5N0C9, Canada. It is wholly-owned by Bureau Veritas International SAS. Maxxam is the Canadian leader in analytical
services for the environmental, oil and gas and agri-food industries. In 2017, it contributed external revenue of CAD 250.6 million
(€171.1 million).
Bureau Veritas Nederland Holding B.V. (Netherlands)

Bureau Veritas Nederland Holding B.V. is a Dutch company incorporated in 2009 whose registered office is at PO Box 2705, 3000 CS
Rotterdam, Netherlands. It is wholly-owned by Bureau Veritas International SAS and is a holding company that owns holdings
in the Netherlands and other countries.

6.4 Intra-group contracts 6
Shandong Chengxin Engineering Construction & Consulting Co. Ltd.
(China)
Shandong Chengxin Engineering Construction & Consulting Co., Ltd. is a Chinese company incorporated in 1996 whose registered office
is located at F22&23, Building A2-1, Hanyujingu, High-tech Development Zone Jinan, Shandong, China. The company is 70%-owned
by Bureau Veritas Investment (Shanghai) Co. Ltd. and 30%-owned by individuals. It provides technical supervision and assistance
for construction projects. In 2017, it recorded external revenue of CNY 533.7 million (€70.2 million).
Bureau Veritas do Brasil Sociedade Classificadora e Certificadora

Ltda (Brazil)
Bureau Veritas do Brazil Sociedade Classificadora e Certificadora Ltda is a Brazilian company whose registered office is located
at Rua Joaquim Palhares 40-7e 8 Andares Cidade Nova, Rio de Janeiro 20260080, Brazil. The company is 99.98%-owned by Bureau Veritas
SA. It mainly provides inspection, asset integrity management and technical verification services for Industry business
and Marine & Offshore clients. In 2017, the company recorded external revenue of BRL 311.1 million (€86.3 million).
6.4 Intra-group contracts

Under the Group’s cash pooling arrangement, subsidiaries transfer any surplus funds to a central account. If needed, they can take out loans
from the Company. Subsidiaries may not invest surplus funds with or borrow funds from any other entity without the Company’s consent.
Intra-group loans are governed by cash management agreements between the Company and each French and non-French subsidiary.
6.5 Industrial franchise, brand royalties

and expertise licensing contracts
and central services 6
The Group has signed central services and industrial franchise or brand licensing contracts with most of its subsidiaries, generally
in the form of framework contracts.
The aim of these contracts is to make Bureau Veritas SA’s industrial property available to Group entities and provide technical
and administrative services to subsidiaries.
The use of industrial property and technical services rendered is paid in the form of royalties calculated based on a percentage
of third-party revenues, which may vary depending on the activities carried out by the subsidiaries.
The use of central services is paid based on the cost of the services rendered plus an arm’s length profit margin.


6.6.1 Share capital
Change in share capital during the year ended December 31, 2017
At December 31, 2016, the share capital amounted to The following share capital transactions took place during the
€53,040,000 and was divided into 442,000,000 shares with a par year:
value of €0.12 each. The increase in share capital resulting from
● 330,000 shares were issued following the exercise of stock
the exercise of stock subscription options in 2016 was noted by
subscription options; and
the Board of Directors at its meeting on February 23, 2017.
● 330,000 treasury shares were canceled.
At December 31, 2016, the total number of theoretical voting
rights amounted to 632,201,432 and the number of exercisable The increase in share capital resulting from the exercise of stock
voting rights totaled 626,930,399, the difference being due to the subscription options in 2017 was noted by the Board of Directors
voting rights attached to treasury shares. at its meeting on February 28, 2018.
At December 31, 2017, the share capital amounted to At December 31, 2017, the total number of theoretical voting
€53,040,000 and was divided into 442,000,000 shares with a par rights amounted to 630,017,912 and the number of exercisable
value of €0.12 each. voting rights totaled 624,235,649.
6.6.2 Securities not representing capital

At December 31, 2017, the Company had not issued any securities that do not represent capital.
6.6.3 Acquisition of treasury shares

The following paragraphs cite the information to be provided in financial markets authority (Autorité des marchés financiers –
accordance with article L. 225-211 of the French Commercial AMF), the share buyback program submitted for approval to the
Code and describe, in accordance with the provisions of Annual Shareholders’ Meeting of May 15, 2018.
articles 241-1 et seq. of the general regulation of the French
Current share buyback program adopted at the Annual Shareholders’ Meeting held on May 16, 2017
In accordance with the provisions of articles L. 225-209 et seq. of Code (Code de travail), and any free share grants under the
the French Commercial Code and with Regulation (EU) provisions of articles L. 225-197-1 et seq. of the French
No. 596/2014 of the European Parliament and of the Council Commercial Code, and to carry out any hedging to cover these
dated April 16, 2014, as well as any other provisions that may transactions under applicable legal and regulatory conditions;
apply, the eighteenth resolution of the Annual Shareholders’ and/or
Meeting held on May 16, 2017 authorized the Board of Directors
● remit shares in the event of the issue or the exercise of the
(with the option to delegate further) to purchase or have the
rights attached to securities giving immediate and/or future
Company purchase a total number of the Company’s ordinary
access to the share capital of the Company by repayment,
shares not exceeding 10% of the share capital of the Company at
conversion, exchange, presentation of a warrant or in any other
any time, in order to:
manner; and/or
● ensure the liquidity of and make a market in Bureau Veritas
● hold and subsequently remit shares (for exchange, payment or
shares via an investment services provider acting independently
other) as part of acquisitions, mergers, spin-offs or
and on behalf of the Company without being influenced by the
contributions, it being understood that in such a case, the
Company, under a liquidity agreement that complies with a
bought back shares may not at any time exceed 5% of the
Code of Ethics recognized by the AMF, or any other applicable
share capital of the Company, this percentage being applied to
law or regulation; and/or
a share capital figure adjusted to reflect any transactions that
● implement any Company stock option plan under the provisions take place after this Shareholders’ Meeting that affect total
of articles L. 225-177 et seq. of the French Commercial Code or capital; and/or
any similar plan, any share grant or transfer to employees as
● cancel all or part of the Company’s ordinary shares thus
part of a profit-share plan or any company or group savings plan
acquired, and/or
(or similar scheme) in accordance with the provisions of the law
and particularly articles L. 3332-1 et seq. of the French Labor

6.6 Share capital and voting rights 6
● implement any market practice that is or may be allowed by The maximum unit purchase price is set at €40 (excluding
the market authorities; and/or transaction costs) and the maximum amount allocated for the
share buyback program is set at €1,768,000,000 (excluding
● fulfill any other purpose that is or may be authorized by the
transaction costs).
laws or the regulations in force.
This authorization, granted for a period of 18 months as from the
It should be noted that (i) the 10% limit applies to the amount of
Shareholders’ Meeting of May 16, 2017, rendered ineffective from
the Company’s share capital that may be adjusted to take into
the same date the unused portion of the authorization granted to
account transactions subsequent to the Shareholders’ Meeting of
the Board of Directors by the Shareholders’ Meeting of
May 16, 2017 that may affect the share capital, and (ii) when
May 17, 2016 under the terms of its twelfth resolution.
shares are bought back to increase liquidity, in accordance with
the conditions specified by the General Regulations of the AMF, Under this share buyback program and the program authorized by
the number of shares taken into account in the aforementioned the Shareholders’ Meeting of May 17, 2016, the Company carried
calculation of the 10% limit shall be equal to the number of shares out a number of share transfers and buybacks in 2017, as
bought less the number resold within the time period of described below.
authorization.
Transfer and buyback of treasury shares during 2017

During 2017, the Company maintained the liquidity agreement In 2017, the Company remitted 1,423,802 shares to beneficiaries
entrusted to Exane BNP Paribas on February 8, 2008, under which of the performance share and stock purchase option plans. These
3,381,050 shares were purchased at an average price of €20.28 shares were granted out of the Company’s treasury shares.
and 3,469,956 shares were sold at an average price of €20.27. At
At December 31, 2017, the Company held a total of 5,790,282
December 31, 2017, there were 95,488 shares held under the
treasury shares representing approximately 1.3% of its share
liquidity agreement and the available balance stood at
capital, with a carrying amount of €113,298,369 and a par value
€6,587,602.
of €694,833.84.
In addition, the Company bought back a total of 2,400,000 shares
Of these 5,790,282 shares held by the Company at
between January 1, 2017 and December 31, 2017 at a weighted
December 31, 2017, 103,507 shares are allocated to the liquidity
average price of €20.02. The share buybacks resulted in
agreement, 5,466,563 shares are allocated to stock option plans
transaction fees of €539,300.39. All the shares bought back were
or other share awards and the rest, i.e., 220,212 shares, are
allocated to cover performance share and share purchase option
earmarked for cancellation.
plans.
New share buyback program to be submitted to the Annual Shareholders’ Meeting to be held to
approve the financial statements for the year ended December 31, 2017
A new share buyback program will be submitted for approval to ● remit shares in the event of the issue or the exercise of the
the next Annual Shareholders’ Meeting of May 15, 2018. rights attached to securities giving immediate and/or future
access to the share capital of the Company by repayment,
In accordance with the provisions of articles L. 225-209 et seq. of
conversion, exchange, presentation of a warrant or in any other
the French Commercial Code, Regulation (EU) No. 596/2014 of
manner; and/or
the European Parliament and of the Council dated April 16, 2014,
as well as any other provisions that may apply, the objectives of ● hold and subsequently remit shares (for exchange, payment or
this program, subject to approval by the Annual Shareholders’ other) as part of acquisitions, mergers, spin-offs or
Meeting to be held on May 15, 2018, are to: contributions, it being understood that in such a case, the
bought back shares may not at any time exceed 5% of the
● ensure the liquidity of and make a market in Bureau Veritas
shares via an investment services provider acting independently
and on behalf of the Company without being influenced by the
share capital of the Company, this percentage being applied to
a share capital figure adjusted to reflect any transactions that
take place after this Shareholders’ Meeting that affect total
6
Company, under a liquidity agreement that complies with a
capital; and/or
Code of Ethics recognized by the AMF, or any other applicable
law or regulation; and/or ● cancel all or part of the Company’s ordinary shares thus
acquired, and/or
● implement any Company stock option plan under the provisions
of articles L. 225-177 et seq. of the French Commercial Code or ● implement any market practice that is or may be allowed by
any similar plan, any share grant or transfer to employees as the market authorities; and/or
part of a profit-share plan or any company or group savings plan
● carry out transactions for any other purpose that is or may be
(or similar scheme) in accordance with the provisions of the law
authorized by the laws or the regulations in force. In such a
and particularly articles L. 3332-1 et seq. of the French Labor
case, the Company shall inform the shareholders by way of a
Code or any similar plan, any free share grants under the
press release or any other form of communication required by
provisions of articles L. 225-197-1 et seq. of the French
the regulations in force.
Commercial Code or any similar plan, and to carry out any
hedging to cover these transactions under applicable legal and
regulatory conditions; and/or

Purchases of the Company’s shares may relate to a number of The maximum unit purchase price under this share buyback
shares, such that: program would be €45 (excluding transaction costs), subject to
adjustments within the scope of changes to the share capital, in
● the number of shares bought back by the Company during the
particular by incorporation of reserves or awards of free shares
share buyback program would not exceed 10% of the shares
and/or splitting or reverse splitting of shares, amortization of
constituting the share capital of the Company, this percentage
share capital or any other operation affecting equity, in order to
being applied to a share capital figure adjusted to reflect
take the effect of such transaction into account on the unit value.
transactions following the Annual Shareholders’ Meeting to be
held on May 15, 2018, i.e. for information purposes, a number of The maximum amount allocated to implement the share buyback
shares not exceeding 44,200,000 based on the number of program would amount to €1,989,000,000 (excluding transaction
shares constituting the Company’s share capital at costs).
December 31, 2017; and
This new authorization would be granted for a period of
● the number of shares that the Company may hold at any given 18 months as from the decision of the Shareholders’ Meeting
time would not exceed 10% of the shares constituting the convened on May 15, 2018, i.e. until November 14, 2019, and
share capital of the Company at the planned date. would render ineffective the unused portion of the authorization
granted by the Shareholders’ Meeting on May 16, 2017 under the
These transactions may be carried out during periods determined
terms of its eighteenth resolution.
by the Board of Directors in accordance with applicable legal and
regulatory conditions, it being specified that the Board of Directors
may not, without the prior authorization of the Shareholders’
Meeting, implement this share buyback program in the event that
a third party makes a public offer to purchase the shares in the
Company and until the expiration of such offer.
6.6.4 Other securities giving access to the share capital of the

Company
The Company issued stock options, the main terms and conditions The Company also granted performance shares, the main terms
of which are set out in section 3.3 – Interests of Executive and conditions of which are set out in section 3.3 – Interests of
Corporate Officers, Directors and certain employees of this Executive Corporate Officers, Directors and certain employees of
Registration document. this Registration document, as well as in Note 23 – Share-based
payment to the 2017 consolidated financial statements in
section 5.1 of this Registration document.
6.6.5 Conditions governing vesting rights or any obligations

attached to capital subscribed but not fully paid up
None.
6.6.6 Pledges
To the Company’s knowledge, at December 31, 2017, As indicated in Note 33 – Off-balance sheet commitments and
1,239,500 shares in the Company, held by individuals, were pledges to the 2017 consolidated financial statements in
pledged (i.e. around 0.28% of the number of shares comprising its section 5.1 of this Registration document, the Group had pledged
share capital). current and non-current financial assets for a carrying amount of
€5.0 million at December 31, 2017.

6.7 Ownership structure 6
6.6.7 Changes in the share capital
The table below shows changes in the Company’s share capital during the past five years.
2017 2016 2015 2014 2013

Capital at beginning of year
In euros 53,040,000 53,040,000 53,163,924 53,045,040 13,259,836
In shares 442,000,000 442,000,000 443,032,700 442,042,000 441,994,544(a)
Number of canceled shares during the year 330,000 149,600 1,547,500 - 766,924
Number of shares issued during the year 330,000 149,600 514,800 990,700 814,380(a)
By free allocation of shares - - - - -
(a)
By exercise of stock subscription options 330,000 149,600 514,800 990,700 814,380
Capital at end of year
In euros 53,040,000 53,040,000 53,040,000 53,163,924 53,045,040(b)
In shares 442,000,000 442,000,000 442,000,000 443,032,700 442,042,000
(a) It should be noted that the above data were restated to take account of the 4-to-1 split in the par value of the Company’s shares that took place on
June 21, 2013.
(b) Before the 4-to-1 share split, the share capital was increased by €39.8 million by the incorporation of sums deducted from the issue premium account. Share
capital as recorded by the Board of Directors at its meeting on March 5, 2014 (excluding options exercised after January 1, 2014).

6.7.1 Group ownership structure
Simplified ownership structure at December 31, 2017
Wendel
Group Executive Committee Employees (a) Free float
40.08% 0.47% 0.98% 57.16%
BUREAU VERITAS
1.31%
Bureau Veritas treasury shares
6
(a)
including direct holdings of registered shares
Major direct and indirect shareholders

With more than €11 billion in managed assets, Wendel is one of Wendel SE is listed on Euronext Paris. Its Registration document
Europe’s leading listed investment firms. can be viewed on the AMF website (www.amf-france.org) and
downloaded from Wendel’s website (www.wendelgroup.com).
Wendel invests in market-leading companies in Europe, North
America and Africa. It is an active industrial shareholder in Bureau At December 31, 2017, Wendel SE was 37.6%-owned by
Veritas, Saint-Gobain, Cromology, Stahl, IHS, Constantia Flexibles Wendel-Participations, a company grouping together the interests
and Allied Universal. It implements long-term development of more than 1,000 members of the Wendel family.
strategies aimed at boosting the companies’ growth and
The Wendel Group is the major shareholder of Bureau Veritas,
profitability in order to enhance their leading market positions.
holding 40.08% of its share capital and 56.24% of its theoretical
Through Oranje-Nassau Développement, which provides
voting rights at December 31, 2017.
investment opportunities for growth, diversification or innovation,
Wendel also has holdings in Mecatherm in France, Nippon Oil In accordance with article 28 of the Company’s by-laws, a double
Pump in Japan, Saham group, Tsebo and PlaYce in Africa and CSP voting right was granted in respect of shares held by Wendel
Technologies in the United States. registered in nominative form for more than two years.

Breakdown of share capital and exercisable voting rights
At February 28, 2018 At December 31, 2017 At December 31, 2016 At December 31, 2015

% of shares % of voting % of shares % of voting % of shares % of voting % of shares % of voting
Shareholders held rights held rights held rights held rights
Wendel Group(a) 40.08% 56.84% 40.08% 56.76% 40.71% 56.96% 40.08% 56.50%
Free float(b) 57.69% 42.17% 57.84% 42.24% 57.05% 41.64% 57.79% 42.00%
FCP BV Next 0.30% 0.42% 0.30% 0.43% 0.33% 0.47% 0.36% 0.50%
(c)
Executive officers 0.47% 0.57% 0.47% 0.57% 0.71% 0.93% 0.77% 1.00%
Treasury shares 1.46% - 1.31% - 1.19% - 1.00% -
TOTAL 100% 100% 100% 100% 100% 100% 100% 100%
(a) There is no material difference between the theoretical voting rights (including treasury shares) and the exercisable voting rights (excluding treasury shares). The
Wendel Group held 56.24% of the theoretical voting rights at December 31, 2017.
(b) Calculated by deduction.
(c) Members of the Executive Committee of Bureau Veritas at December 31, 2017.
Share ownership thresholds This double-voting right is deemed to be terminated for any share
converted into a bearer share or subject to a transfer of
To the best of the Company’s knowledge, aside from the major ownership.
shareholder Wendel, one other shareholder owned more than 5%
of the Company’s capital or voting rights at March 23, 2018. Nevertheless, the double-voting right will not be lost and the
holding period will be deemed to have continued, in the event of
By a letter received on December 6, 2017, Harris Associates LP transfer from registered to bearer form as a result of inheritance,
(111 S. Wacker Drive, Suite 4600, Chicago, IL 60606, United sharing of assets jointly held between spouses, or in vivo donations
States), acting on behalf of the investment funds and clients from a spouse or from immediate family members.
whose assets it manages, declared that it had gone below the 6%
voting rights threshold of Bureau Veritas and that it held, on behalf At December 31, 2017, 188,017,912 shares held double-voting
of the above-mentioned investment funds and clients, rights out of the 442,000,000 shares comprising the share capital.
26,441,946 shares of Bureau Veritas representing 5.98% of the
Company’s capital and 5.93% of its voting rights. Harris Control of the Company
Associates LP had declared by a letter received on
February 13, 2017 that its interest had exceeded the 7% At December 31, 2017, the Company was controlled indirectly by
threshold of Bureau Veritas’ voting rights. This had resulted from Wendel, which held 40.08% of the share capital and 56.24% of
the acquisition of Bureau Veritas shares by way of market the theoretical voting rights.
purchases.
The structure and organization of the Board of Directors and its
Moreover, in accordance with the Company’s by-laws, during the specialized committees, the number of independent directors, the
2017 financial year: fact that the roles of Chairman and of Chief Executive Officer are
separate, and compliance with the Internal Regulations and with
● two institutional investors informed the Company that their the AFEP-MEDEF Code help manage the presence of a majority
interest had exceeded the 4% threshold of the share capital of shareholder. The Board of Directors of Bureau Veritas ensures in
the Company; and particular that at least one-third of its members are independent.
● an institutional investor informed the Company that its interest Independent members of the Board of Directors are selected from
had exceeded the 3% threshold of the share capital of the persons who are independent and unconnected to the Company
Company. By a letter received on February 21, 2018, this within the meaning of the Board of Directors’ Internal Regulations.
investor informed the Company that its interest had gone At December 31, 2017, the Chairman of the Board of Directors as
below the 3% threshold of the share capital of the Company. well as five out of the Board's 12 members were considered
independent based on the criteria of the AFEP-MEDEF Code: Aldo
Shareholder voting rights Cardoso, Ana Giros Calpe, Ieda Gomes Yell, Pierre Hessler, Pascal
Lebard and Siân Herbert-Jones. The Audit & Risk Committee has
Pursuant to the Company’s by-laws as amended by the three of the six independent members of the Board, one of whom
Shareholders’ Meeting of June 18, 2007 and which came into is the committee’s Chairman. Four out of the five members of the
force on October 23, 2007, double-voting rights are granted to all Nomination & Compensation Committee are independent.
fully paid-up shares that are held in registered form for a period of Members of the Board of Directors as well as their committee
at least two years. memberships are presented in section 3.1.1 – Board of Directors

6.8 Stock market information 6
6.7.2 Agreements that may lead to a change in control
None.
6.8 Stock market information

6.8.1 The Bureau Veritas share
Listing market Euronext Paris, compartment A, eligible for SRD
Initial public offering (IPO) October 23, 2007 at €37.75 per share (or €9.44 adjusted for the 4-for-1 share split
on June 21, 2013)
Indices CAC Next 20
SBF 120
CAC Large 60 EURO STOXX, EURO STOXX Industrial Goods & Services STOXX
Europe 600
STOXX Europe 600 Industrial Goods and Services Index
MSCI Standard
Codes ISIN: FR 0006174348
Ticker symbol: BVI
Reuters: BVI. PA
Bloomberg: BVI-FP
Number of outstanding shares at December 31, 2017 442,000,000
Number of exercisable voting rights at December 31, 2017 624,235,649
Stock market capitalization at December 31, 2017 €10,073 million
6.8.2 Dividend policy

In recent years, the Group has paid an annual dividend representing more than 50% of its adjusted attributable net profit for the year.
This point of reference does not, however, represent any commitment on the Group’s part, as future dividends will depend on its results and
financial position.
(in €) 2017(a)
In respect of
2016 2015
6
Dividend per share 0.56 0.55 0.51
(a) To be proposed to the Shareholders’ Meeting of May 15, 2018

6.8 Stock market information
6.8.3 Share trends

At March 21, 2018, the Bureau Veritas share price was €21.73, On average, 700,000 shares were traded on Euronext Paris each
representing a 16.7% increase compared to January 2, 2017 day in 2017, representing an average daily trading value of close
(€18.62). to €14 million.
The Bureau Veritas share price has more than doubled since its
IPO on October 24, 2007 (€9.44).
SHARE PRICE
(in euros)
25
24
23
22
21
20
19
18
17
16
15
Jan. 2017 Feb. 2017 Mar. 2017 Apr. 2017 May 2017 Jun. 2017 Jul. 2017 Aug. 2017 Sep. 2017 Oct. 2017 Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018
Monthly trading in 2017
Adjusted highs and lows (in euros)

Value
Period Trading volume (€ millions) High Low
January 2017 17,037,726 312.29 19.075 17.540
February 2017 15,559,272 285.83 18.950 17.575
March 2017 17,259,270 316.63 19.845 17.650
April 2017 14,088,817 286.58 21.705 19.620
May 2017 17,282,698 367.22 21.805 20.405
June 2017 16,012,313 326.33 21.120 19.355
July 2017 14,859,808 292.61 20.845 19.040
August 2017 11,934,796 235.56 20.120 19.150
September 2017 13,356,256 279.33 21.835 19.850
October 2017 14,133,468 317.91 23.250 21.820
November 2017 13,478,916 301.92 23.200 21.830
December 2017 9,790,003 222.28 22.995 22.235
Source: Euronext.

6.9 Documents on display 6
6.8.4 Shareholder information
Bureau Veritas is committed to making regular disclosures on its During 2017, the management of Bureau Veritas and the Investor
business activities, strategy and outlook to its individual and Relations team met with nearly 400 analysts and investors during
institutional shareholders and, more broadly, to the financial roadshows, meetings and conferences in the main international
community, in line with the profession’s best practices. financial markets, particularly in Europe and the United States.
Bureau Veritas also takes part in Socially Responsible Investing
(SRI) events. These encounters with private equity funds and SRI
analysts contribute to the Group’s progress in terms of CSR (see
Chapter 2 – Corporate Social Responsibility).
2018 Financial calendar Contacts

April 26, 2018 Shareholder information
First-quarter 2018 information
May 15, 2018
Analyst/Investor information
Annual Shareholders’ Meeting
Laurent Brunelle, Head of Investor Relations
July 26, 2018 [email protected]
First-half 2018 results Florent Chaix, Investor Relations Manager
[email protected]
October 25, 2018
Bureau Veritas
Third-quarter 2018 information
Address: Immeuble Newtime – 40/52, boulevard du Parc
92200 Neuilly-sur-Seine, France
Tel: +33 (0) 1 55 24 70 00
6.9 Documents on display

All Group publications (press releases, annual reports, annual and half-year presentations, etc.) and regulatory information are available
upon request or at: http://finance.bureauveritas.com. Users may sign up for email news alerts and download all Group publications since its
IPO, the list of analysts who cover the Bureau Veritas share and real-time share prices.
In accordance with Commission Regulation (EC) No. 809/2004 of April 29, 2004, the following documents may be consulted at Bureau
Veritas’ registered office or obtained on request by email:
●
●
the by-laws of Bureau Veritas SA;
all reports, letters and other documents, historical financial information, assessments and declarations made by external consultants, a
6
part of which is included or mentioned in this Registration document;
● the historical financial information of Bureau Veritas and its subsidiaries for each of the two financial years preceding the publication of
Moreover, in accordance with AMF recommendation No. 2012-05 (amended October 24, 2017), the Company’s updated by-laws may also
be viewed at the website: http://finance.bureauveritas.com.

6.10 Related-party transactions
6.10 Related-party transactions
6.10.1 Principal related-party transactions

A detailed description of the intra-group contracts and other related-party transactions is set out in section 6.4 – Intra-group contracts
in this chapter and in Note 35 – Related-party transactions to the 2017 consolidated financial statements, presented in section 5.1
6.10.2 Statutory Auditors’ special report on related-party

agreements and commitments
Shareholders’ Meeting for the approval of the financial statements for the year ended December 31, 2017
This is a free translation into English of the Statutory Auditors’ report issued in French and is provided solely for the convenience
of English speaking readers.
This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable
in France.
To the Shareholders,
In our capacity as Statutory Auditors of Bureau Veritas, we hereby report to you on related-party agreements and commitments.
It is our responsibility to report to shareholders, based on the information provided to us, on the main terms and conditions of,
and the reasons for, the agreements and commitments that have been disclosed to us or that we may have identified as part of our
engagement, without commenting on their relevance or substance or identifying any undisclosed agreements or commitments. Under
the provisions of Article R.225-31 of the French Commercial Code (Code de commerce), it is the responsibility of the shareholders
to determine whether the agreements and commitments are appropriate and should be approved.
Where applicable it is also our responsibility to provide shareholders with the information required by Article R.225-31 of the French
Commercial Code in relation to the implementation during the year of agreements and commitments already approved by
the Shareholders’ Meeting.
We performed the procedures that we deemed necessary in accordance with professional standards applicable in France to such
engagements. These procedures consisted in verifying that the information given to us is consistent with the underlying documents.
Agreements and commitments submitted for the approval of the Shareholders' Meeting
We were not informed of any agreement or commitment entered into during the year to be submitted for approval at the Shareholders’
Meeting pursuant to the provisions of Article L.225-38 of the French Commercial Code.
Agreements and commitments already approved by the Shareholders’ Meeting

Agreements approved in previous years
We were informed of the following agreement, which was not implemented during the year, already approved by the Shareholders’ Meeting
of May 16, 2017, referred to in the Statutory Auditors' special report dated March 15, 2017.

6.10 Related-party transactions 6
Person concerned: Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas SA
Nature and purpose

Special termination benefit payable in favor of Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas SA.
The Board of Directors, at its meeting of March 8, 2017, authorized a special termination benefit in favor of Didier Michaud-Daniel.
Terms and conditions:

The benefit may not exceed a maximum amount equal to the fixed compensation received by Didier Michaud-Daniel in the twelve (12)
calendar months preceding the termination of his term of office, to which the most recent variable compensation payment will be added
(the “Target Amount”). In accordance with the provisions of Article L.225-42-1 of the French Commercial Code, the Board of Directors has
made payment of the benefit conditional upon the fulfillment of a performance condition linked to your Company’s target margin (the
“Margin”) in each of the two financial years preceding Didier Michaud-Daniel’s departure. The Margin is calculated as the ratio of the
Company’s adjusted operating profit to revenue, before tax. In respect of each of the two financial years pertaining to the performance
condition, Didier Michaud-Daniel is entitled to a benefit of a maximum of half the Target Amount, calculated as follows:
● if the Margin for the financial year is less than or equal to 15%, no benefit will be paid in respect of that year;
● if the Margin for the financial year is greater than or equal to 16%, a benefit equal to half the Target Amount will be awarded in respect of
that year;
● if the Margin for the financial year is between 15% and 16%, the benefit in respect of that year will be equal to a percentage (between
0% and 100%, calculated by linear interpolation) applied to half of the Target Amount.
The total benefit awarded will be equal to the sum of the benefits calculated in respect of each of the two financial years preceding Didier
Michaud-Daniel’s departure.
The Board of Directors must recognize that the performance condition has been met before any benefit is awarded.
At its March 8, 2017 meeting, the Board of Directors decided that the initial reasons behind its decision of February 22, 2012 to award the
specific termination benefit to Didier Michaud-Daniel, effective as from March 1, 2012, i.e., retaining and offering incentives to the Chief
Executive Officer in line with the Company’s targets and interests, as well as market practice, remained valid.
Neuilly-sur-Seine and Paris-La Défense, March 16, 2018


6.11 Articles of incorporation and by-laws

This section contains a summary of the main provisions of the by-laws. A copy of the by-laws may be obtained from the Company’s
website.
Corporate purpose (article 3 of the by-laws)

The Company has the following corporate purpose, which it may Except in the case of incompatibility with prevailing legislation, the
carry out in any country: Company may carry out all studies and research and accept
expert appraisal or arbitration commissions in the fields related to
● classification, inspection, expert appraisal, as well as
its business.
supervision of the construction and repair of vessels and
aircrafts of all types and nationalities; The Company can publish any document, notably sea and air
regulations and registers, and can engage in any training activities
● inspections, audits, assessments, diagnoses, expert appraisals,
related to the aforementioned activities.
measurements, analyses relative to the function, compliance,
quality, hygiene, safety, environmental protection, production, More generally, the Company carries out any activity that may,
performance and value of all materials, products, goods, directly or indirectly, in whole or in part, relate to its corporate
equipment, structures, facilities, factories or organizations; purpose or further achievement of that purpose. In particular, this
includes any industrial, commercial or financial transactions, any
● all services, studies, methods, programs, technical assistance,
transaction related to real or movable property; the creation of
consulting in the fields of industry, of sea, land or air transport,
subsidiaries, and acquisitions of financial, technical or other
services and national or international trade; and
interests in companies, associations or organizations whose
● inspection of real estate property and civil engineering purpose is related, in whole or in part, to the Company’s corporate
structures. purpose.
Finally, the Company can carry out all transactions with a view to
the direct or indirect use of the assets and rights owned by it,
including the investment of corporate funds.
Administration and general management

(articles 14 to 21 of the by-laws)
A description of the functioning of the Company’s Board of Directors is provided in Chapter 3 – Corporate Governance of this Registration
document.
Rights preferences and restrictions attached to shares

(articles 8, 9, 11.1, 12 and 13 of the by-laws)
Payment for shares (article 8 of the by-laws) Transfer and transmission of shares
(article 11.1 of the by-laws)
Shares subscribed in cash are issued and paid up according to the
terms and conditions provided for by law. Shares are freely negotiable, unless legislative or regulatory
provisions provide otherwise. Shares are transferred via
account-to-account transfer in accordance with the terms and
Form of shares (article 9 of the by-laws) conditions provided for by law.
The shares of the Company are registered or bearer shares,

according to the shareholder’s preference, save and except when Shareholders’ rights and obligations (article 12
legislative or regulatory provisions require, in certain cases, the
registered form.
of the by-laws)
The shares of the Company shall be recorded in a register, in Each share grants the right, via ownership of corporate capital and
compliance with the terms and conditions provided for by law. profit sharing, to a share proportional to the portion of capital that
it represents.

6.11 Articles of incorporation and by-laws 6
In addition, it grants the right to vote in and be represented at Indivisibility of shares – bare ownership –
Shareholders’ Meetings, in accordance with legal and statutory
requirements. usufruct (article 13 of the by-laws)
Shareholders are liable for corporate liability only up to the limit of The shares are indivisible with regard to the Company.
their contributions.
Joint owners of joint shares are required to be represented before
The rights and obligations follow the share regardless of who holds the Company by one chosen from amongst them or by a sole
the share. authorized agent. Should the joint owners fail to agree on the
choice of that sole agent, the agent will be assigned by the
Ownership of a share automatically implies compliance with the
presiding judge of the French Commercial Court (Tribunal de
by-laws and decisions made at the Shareholders’ Meetings.
commerce), ruling in interlocutory proceedings at the request of
Whenever ownership of several shares is required to exercise a the most diligent joint owner.
right, in the case of exchange, consolidation or allotment of shares,
The voting right attached to the share belongs to the beneficial
or as a result of a capital increase or reduction, merger or other
owner at Ordinary Shareholders’ Meetings and to the bare owner
corporate transaction, the owners of single shares, or a number of
at Extraordinary Shareholders’ Meetings.
shares falling below the required minimum, may not exercise these
rights unless they personally group together, or, where
appropriate, purchase or sell the shares as necessary.
Modification of shareholders’ rights

Changes in shareholders’ rights are subject to legal requirements, as the by-laws do not provide specific guidelines.
Shareholders’ Meetings (articles 23 to 30 of the by-laws)

The joint decisions of the shareholders are taken at the
Shareholders’ Meetings, which may be qualified as ordinary,
extraordinary or special according to the nature of the decisions Access to the meetings
for which they are convened. (article 26 of the by-laws)
Every Shareholders’ Meeting duly held represents all shareholders.
Any shareholder, regardless of the number of shares held, may
The deliberations of Shareholders’ Meetings are binding on all attend Shareholders’ Meetings in person or via proxy, within the
shareholders, even those absent, dissenting or under disability. terms and conditions provided for by law.
The right to attend Shareholders’ Meetings is subject to shares
having been registered two (2) business days prior to the
Convening of Shareholders’ Meetings Shareholders’ Meeting at midnight (Paris time) in either the
(article 24 of the by-laws) registered shares accounts kept by the Company or the bearer
accounts held by the financial intermediary. In the case of shares
Shareholders’ Meetings shall be convened within the terms and in bearer form, registration of the shares shall be recognized by a
conditions set forth by law. participation certificate issued by the financial intermediary.
Shareholders’ Meetings shall be held at the registered office or at
any other location (including locations outside the department of
the registered office) indicated in the notice of meeting.
Shareholders may be represented by any legal entity or individual
of their choice in accordance with the conditions provided for by
the legal provisions and regulations in force.
6
Any shareholder who wishes to vote by post or proxy must, at
least three (3) days prior to the date of the Shareholders’ Meeting,
Agenda (article 25 of the by-laws) submit a proxy, a vote-by-post form, or a single document in lieu
thereof to the registered office or any other location indicated on
The agenda for the Shareholders’ Meeting shall be drawn up by the notice of meeting. The Board of Directors may, for any
the author of the notice of meeting. Shareholders’ Meeting, reduce this period by a general decision for
all shareholders.
The Shareholders’ Meeting cannot deliberate on an issue not
included on the agenda, which cannot be amended in a second Furthermore, shareholders who do not wish to participate in the
notice of meeting. The meeting can, however, in all circumstances, Shareholders’ Meeting in person may also notify the appointment
remove one or more members of the Board of Directors and or removal of a proxy by electronic means in accordance with the
proceed to replace them. provisions in force and the conditions set out on the notice of
meeting.
In addition, by decision of the Board of Directors mentioned in the
notice of meeting, shareholders may, within the terms and
conditions set by the laws and regulations, vote by mail or
electronically.

If used, the electronic signature may take the form of the process However, a double-voting right as conferred on other shares, for
detailed in the first sentence of the second paragraph of the proportion of the capital they represent, is assigned to all fully
article 1316-4 of the French Civil Code (Code civil). paid-up shares, registered for at least two years in the name of
the same shareholder.
If the Board of Directors decides as such at the time the meeting is
convened, shareholders may also attend the Shareholders’ Moreover, in the event the capital is increased via incorporation of
Meeting via videoconferencing or other telecommunication reserves, profits or share premiums, the double-voting right shall
systems through which their identity can be verified, in which case be conferred, upon issuance, on registered shares attributed free
they shall be considered present for calculation of the quorum and of charge to shareholders whose former shares were entitled to
majority. that right.
The double-voting right automatically ceases for any share
converted to a bearer share or subject to a transfer of ownership.
Attendance sheet, Board, minutes Nevertheless, the double-voting right will not be lost, and the
(article 27 of the by-laws) holding period will be deemed to have continued, in the event of
transfer from registered to bearer form as a result of inheritance
An attendance sheet containing the information stipulated by law by distribution of marital community property or inter vivos gifts in
shall be kept at each meeting. favor of a spouse or relatives entitled to inherit. The same holds
true where shares with double-voting rights are transferred as a
This attendance sheet, duly signed by the attending shareholders result of a merger or division of a corporate shareholder. The
and their proxies and to which shall be appended the powers of merger or spin off of the Company has no effect on the
attorney awarded to each proxy and, where applicable, the double-voting right which may be exercised within the beneficiary
vote-by-post forms, shall be certified accurate by the officers of company or companies, if the right is established in their by-laws.
the meeting.
Voting takes place and votes are cast, depending on what the
The meetings shall be chaired by the Chairman of the Board of meeting officers decide, by a show of hands, electronically or by
Directors or, in his absence, by the Vice-Chairman of the Board of any means of telecommunication enabling the shareholders to be
Directors or by a member of the Board of Directors specially identified under the regulatory conditions in force.
appointed for this purpose.
If the meeting is convened by the Statutory Auditor or Auditors, by
a legal proxy or by liquidators, the meeting shall be chaired by the Ordinary Shareholders’ Meeting
author of the notice of meeting. (article 29 of the by-laws)
In all cases, if the person authorized or appointed to chair the
meeting is absent, the Shareholders’ Meeting shall elect its The Ordinary Shareholders’ Meeting is called upon to take any
Chairman. decisions that do not amend the Company by-laws.
The duty of scrutineer shall be performed by the two shareholders, It shall be held at least once a year, within the applicable legal and
attending and accepting the duty in their own name or regulatory time periods, to deliberate on the parent company
represented by their proxies, with the largest number of shares. financial statements and, where applicable, on the consolidated
financial statements for the preceding accounting period.
The officers’ Board thus formed shall appoint a secretary, who
may not be a shareholder. The Ordinary Shareholders’ Meeting, deliberating in accordance
with the terms pertaining to quorum and majority as set forth in
The members of the officers’ Board have the duty of checking, the governing provisions, exercises the powers granted it by law.
certifying and signing the attendance sheet, ensuring that the
discussions proceed properly, settling incidents during the
meeting, checking the votes cast and ensuring they are in order,
and ensuring that the minutes are drawn up and signing them. Extraordinary Shareholders’ Meeting
Minutes are drawn up and copies or extracts of the proceedings (article 30 of the by-laws)
are issued and certified in accordance with the law.
Only the Extraordinary Shareholders’ Meeting is authorized to
amend the Company by-laws in all their provisions. It may not,
however, increase the commitments of shareholders, excepting
Quorum, voting, number of votes transactions resulting from an exchange or consolidation of
(article 28 of the by-laws) shares, duly decided and performed.
The Extraordinary Shareholders’ Meeting, deliberating in
At Ordinary and Extraordinary Meetings, the quorum shall be accordance with the terms pertaining to quorum and majority set
calculated on the basis of all the shares making up the share forth in the provisions that govern it, exercises the powers granted
capital, minus any shares that have had their voting rights it by law.
suspended by virtue of legal provisions.
When voting by mail, only forms received by the Company before
the meeting is held, within the terms and conditions set by the law
and the by-laws, shall be taken into consideration for calculating
the quorum.
At Ordinary and Extraordinary Meetings, shareholders are entitled
to the same number of votes as the number of shares they hold,
with no limitation.

6.11 Articles of incorporation and by-laws 6
Shareholders’ right to information (article 31 of the by-laws)
All shareholders have the right to access the documents they require to be able to give their opinion with full knowledge of the facts and to
make an informed judgment on the management and operation of the Company.
The nature of these documents and the conditions for sending them or making them available are determined by law.
Provisions of the by-laws which have an impact in the event

of a change in control
No provision in the by-laws could, to the knowledge of the Company, have the effect of delaying, postponing or preventing a change in
control of the Company.
Shareholder identification and thresholds

(articles 10 and 11.2 of the by-laws)
Shareholder identification who directly or indirectly own more than one third of that legal
entity’s capital or voting rights.
(article 10 of the by-laws)
In the event of non-compliance with the aforementioned
The Company shall remain informed of the make-up of its shares’ requirements, the shares or securities conferring immediate or
ownership, in accordance with the terms and conditions provided future access to capital and for which these individuals have been
for by law. recorded in the register shall be stripped of their voting rights for
any subsequent Shareholders’ Meeting, and until such time as this
As such, the Company can make use of all legal provisions identification requirement has been fulfilled, to which date
available for identifying the holders of shares that confer payment of the corresponding dividend will also be deferred.
immediate or future voting rights in its Shareholders’ Meetings.
Moreover, in the event the registered individual knowingly
Thus, the Company reserves the right, at any time and in disregards these obligations, the court of competent jurisdiction
accordance with the legal and regulatory terms and conditions in given the location of the Company’s registered offices may, if
force and at its own cost, to request from the central depository petitioned by the Company or one or more of its shareholders
responsible for keeping an account of the issuance of its securities, holding at least 5% of the Company’s capital, order total or partial
information concerning the holders of securities conferring the suspension, for a period not to exceed five years, of the voting
immediate or future right to vote in the Company’s Shareholders’ rights attached to the shares for which the Company had
Meetings, as well as the number of securities held by each requested information, as well as suspension, for the same period
shareholder and, where applicable, any restrictions that can be of time, of the right to payment of the corresponding dividend.
imposed on such securities.
Having followed the procedure described in the preceding
paragraph and in view of the list provided by the central Thresholds
depository, the Company can also request, either through the
(article 11.2 of the by-laws)
central depository or directly, that individuals on the list whom the
Company believes may be registered as agents for third parties
provide information about the owners of the securities referred to In addition to the legal obligation to notify the Company when
6
in the preceding paragraph. These individuals are required, when legal thresholds have been crossed, any individual or legal entity,
acting as intermediaries, to disclose the identity of the holders of whether acting alone or jointly, that comes to own, either directly
these securities. or indirectly as defined by law (and particularly article L. 233-9 of
the French Commercial Code), a number of shares equivalent to a
If the securities are in registered form, the intermediary registered fraction of the share capital or voting rights in excess of 2% must
in accordance with the terms and conditions set forth by law is inform the Company of the number of shares and voting rights it
required to disclose the identity of the holders of these securities owns, within five trading days of the date from which the
as well as the number of securities held by each individual, upon threshold was crossed, and must do so regardless of the book
request from the Company or its agent, which may be presented entry date, via registered mail with return receipt addressed to the
at any time. Company’s registered office or by any equivalent means for
For as long as the Company believes that certain shareholders shareholders or security holders outside France, by specifying the
whose identity has been disclosed are holding shares on account total number of equity shares and securities granting future
of third parties, the Company is entitled to ask those shareholders access to equity and related voting rights that it owns as of the
to disclose the identity of the holders of the securities in question, date on which the declaration is made. This declaration in relation
as well as the number of shares held by each. to the crossing of a threshold also indicates whether the shares or
related voting rights are or are not held on behalf of or jointly with
At the close of identification procedures, and without prejudice to other natural or legal entities and additionally specifies the date
legal requirements relative to the disclosure of significant equity on which the threshold was crossed. The declaration shall be
ownership, the Company can ask that any legal entity holding its repeated for each additional 1% fraction of capital or voting rights
shares and owning an interest in excess of 2.5% of the capital or held, without limitation, including beyond the 5% threshold.
voting rights disclose to the Company the identities of individuals

6.12 Persons responsible
Where they have not been duly declared under the conditions form the Company’s capital and that carry voting rights, including
provided above, shares exceeding the fraction that should have those with their voting rights suspended, as published by the
been declared are deprived of voting rights in Shareholders’ Company in accordance with the law (the Company being required
Meetings from the moment one or more shareholders in to specify, in its publications, the total number of said shares
possession of at least 5% of the Company’s capital or voting rights carrying voting rights and the number of shares that have their
make such a request, duly recorded in the minutes of the voting rights suspended).
Shareholders’ Meeting. The suspension of voting rights shall apply
to all Shareholders’ Meetings taking place up until expiration of a
period of two years from the date on which the reporting
requirement is fulfilled. Changes to share capital
(article 7 of the by-laws)
Any shareholder whose share in the capital and/or voting rights in
the Company falls below any of the aforementioned thresholds is The share capital can be increased or decreased by any method or
also required to notify the Company as such, within the same means authorized by law. The Extraordinary Shareholders’
period of time and in the same manner, no matter the reason. Meeting can also decide to proceed with a division of the par value
In calculating the aforementioned thresholds, the denominator of the shares or with their consolidation.
must include consideration of the total number of shares that
6.12 Persons responsible
Person responsible for the Registration document

Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas
Declaration by the person responsible for the Registration document

I hereby certify, after taking all reasonable measures to ensure financial position of the Company and the companies within its
that such is the case, that the information contained in the French scope of consolidation, as well as a description of the main risks
language Registration document is, to my knowledge, consistent and uncertainties they face.
with reality and does not include any omission which could affect
I have received from the Statutory Auditors a letter stating that
its import.
their work has been completed, in which they indicate that they
I certify that, to the best of my knowledge, the financial have verified the information concerning the financial position and
statements have been prepared in accordance with the applicable the financial statements presented in this document, and have
accounting standards and give a true and fair view of the assets read the entire document.
and liabilities, financial position and profits and losses of the
March 27, 2018
Company and of the companies within its scope of consolidation,
and that the information from the management report listed in Didier Michaud-Daniel
section 6.14.2 of this Registration document presents a fair
overview of the business developments, profits and losses and Chief Executive Officer of Bureau Veritas
Person responsible for the financial information

Nicolas Tissot
Chief Financial Officer of Bureau Veritas
Address: Immeuble Newtime – 40/52, boulevard du Parc
Tel: +33 1 55 24 76 30
Fax: +33 1 55 24 70 32

6.13 Statutory Auditors 6
6.13 Statutory Auditors
6.13.1 Principal Statutory Auditors

Represented by Christine Bouvry Represented by Nour-Eddine Zanouda
63, rue de Villiers 1-2, place des Saisons, Paris La Défense 1
92208 Neuilly-sur-Seine cedex – France 92400 Courbevoie – France
The mandate of PricewaterhouseCoopers Audit as Statutory Ernst & Young Audit was appointed as Statutory Auditor at the
Auditor was renewed at the Ordinary Shareholders’ Meeting on Ordinary Shareholders’ Meeting on May 17, 2016 for a period of
May 17, 2016 for a period of six financial years. six financial years.
PricewaterhouseCoopers Audit is a member of the Compagnie Ernst & Young Audit is a member of the Compagnie Régionale des
régionale des commissaires aux comptes de Versailles. Commissaires aux Comptes de Versailles.
6.13.2 Substitute Statutory Auditors

Jean-Christophe Georghiou Auditex
63, rue de Villiers 1-2, place des Saisons, Paris La Défense 1
92208 Neuilly-sur-Seine cedex – France 92400 Courbevoie – France
Jean-Christophe Georghiou was appointed as substitute Statutory Auditex was appointed as substitute Statutory Auditor at the
Auditor at the Ordinary Shareholders’ Meeting on May 17, 2016 Ordinary Shareholders’ Meeting on May 17, 2016 for a period of
for a period of six financial years. six financial years.

6.14 Cross-reference table
6.14.1 Cross-reference table in accordance with Regulation (EC)

No. 809/2004 of April 19, 2004
Information required under Annex 1 of Regulation (EC) No. 809/2004 Page
1. Persons responsible
1.1. Persons responsible 308
1.2. Declaration by the person responsible for the Registration document 308
2. Statutory Auditors 309
3. Selected financial information 15
4. Risk factors 57
5. Information about the issuer
5.1. History and development of the issuer
5.1.1. Legal and commercial name of the issuer 288
5.1.2. Place of registration of the issuer and its registration number 288
5.1.3. Date of incorporation and the length of life of the issuer 288
5.1.4. Domicile and legal form of the issuer 288
5.1.5. Important events in the development of the issuer’s business 18
5.2. Investments
5.2.1. Principal investments 176
5.2.2. Principal investments that are in progress 180
5.2.3. Principal future investments 180
6. Business overview
6.1. Principal activities 34-53
6.2. Principal markets 20-21
6.3. Exceptional factors NA
6.4. Extent to which the issuer is dependent on patents or licenses, industrial, commercial or
financial contracts, or new manufacturing processes 55
6.5. Competitive position 23
7. Organizational structure
7.1. Description of the Group 289
7.2. List of significant subsidiaries 290-293
8. Property, plant and equipment
8.1. Existing or planned material tangible fixed assets 216
8.2. Environmental issues that may affect the utilization of tangible fixed assets 92-93
9. Operating and financial review
9.1. Financial condition 192
9.2. Operating results 169-170
9.2.1. Significant factors affecting income from operations 57-67
9.2.2. Material changes in net sales or revenues NA
9.2.3. Strategy or governmental economic fiscal monetary or political factors that have
substantially influenced or could substantially influence operations 22
10. Capital resources
10.1. Information on capital resources 193
10.2. Cash flows 175
10.3. Borrowing requirements and funding structure 175-180
10.4. Restrictions on the use of capital resources 65-66

10.5. Anticipated sources of funds 180
11. R&D, patents and licenses 56
12. Trend information 187
13. Profit forecasts or estimates
13.1. Principal assumptions NA
13.2. Report prepared by the Statutory Auditors NA
13.3. Profit forecasts or estimates NA
14. Administrative, management and supervisory bodies and senior management
14.1. Information about the administrative and management bodies 11
14.2. Administrative, management and supervisory bodies and senior management conflicts
of interests 130-131
15. Remuneration and benefits
15.1. Remuneration paid and benefits-in-kind granted 152, 158-159
15.2. Amounts set aside or accrued to provide pension, retirement or similar benefits 158-159
16. Administrative, management and supervisory bodies and senior management
16.1. Date of expiration of the current term of office of the members of the administrative,
management or supervisory bodies 118-129
16.2. Information about members of the administrative, management or supervisory bodies’
service contracts 166
16.3. Information about the Audit Committee and Nomination & Compensation Committee 136-137, 137-138
16.4. Statement of compliance with the corporate governance regime 133
17. Employees
17.1. Number of employees 80
17.2. Shareholding and stock options 87, 162-166
17.3. Share ownership and options over such shares 297-298
18. Major shareholders
18.1. Major shareholders’ names and interests 297-298
18.2. Different voting rights 298
18.3. Control over the issuer 298
18.4. Arrangements that may result in a change of control 299
19. Related-party transactions 302
20. Financial information concerning assets and liabilities, financial position and profit and losses
20.1. Historical financial information Information incorporated by reference
20.2. Pro-forma financial information 213-214
20.3. Financial statements 190-194
20.4.
20.5.
Verification of historical financial information
Date of the latest audited financial information
252-257, 279-281
12/31/2017
6
20.6. Interim and other financial information NA
20.7. Dividend policy 299
20.8. Legal and arbitration proceedings 67-69
20.9. Significant change in the financial or trading position 186
21. Additional information
21.1. Share capital 294
21.1.1. Amount of issued capital and number of shares 294
21.1.2. Shares not representing capital 294
21.1.3. Treasury shares 294-296
21.1.4. Convertible or exchangeable securities or securities with warrants 296
21.1.5. Information about and terms of any acquisition rights and or obligations over authorized
but unissued capital or an undertaking to increase capital 296
21.1.6. Information about any capital of any member of the Group which is under option or agreed
conditionally or unconditionally to be put under option 296
21.1.7. History of share capital 297


21.2. Articles of incorporation and by-laws 304-308
21.2.1. Corporate purpose 304
21.2.2. Members of the administrative, management and supervisory bodies 111-132
21.2.3. Rights, preferences and restrictions attached to shares 304-305
21.2.4. Modification of shareholders’ rights 305
21.2.5. Conditions for calling Shareholders Meetings and admission 305
21.2.6. Provisions that could have the effect of delaying, deferring or preventing a change in
control 307
21.2.7. Share ownership thresholds 307-308
21.2.8. Provisions governing changes in capital 308
22. Material contracts 55
23. Third-party information, statements by experts and declarations of interest NA
24. Documents on display 301
25. Information on holdings 217, 241-251, 266-269

6.14.2 Cross-reference table for the management report pursuant to
articles L. 225-100 et seq. of the French Commercial Code
Management report Section Page
Activity of the Company and the Group
Group position and activity during the year 4.1 168
Activity and results of the Company, its subsidiaries and the companies it controls 4.2 169
Analysis of changes in business, results and financial position 4.2 169-180
Key financial and non-financial performance indicators 1.2 15
Trends and outlook 1.5.7, 4.7 33, 187
Significant events between the end of the reporting period and the preparation date of the
management report 4.5, 5.1 185, 240
Description of main risks and uncertainties 1.11 57-67
Climate change-related financial risks and measures taken by the Company 4.4 183
Research and development activities 1.9 56
Current subsidiaries 5.1, 5.2 241-251, 266-269
Internal control and risk management of financial and accounting information 4.4 181
Information on the use of financial instruments (financial risk management) 65-67, 205-206,
1.11.3, 5.1 236-239
Share trends 6.8.3 300
Other accounting and/or tax information
Amount of sumptuary expenses 5.3.3 283
Amount of dividends and other distributed revenue paid out in the last three financial years 5.3.2 283
Five-year financial summary 5.3.5 284
Payment terms for trade payables 5.3.6 285
Information on conditions pertaining to the exercise of stock options granted to executive officers
and to the retention of shares 3.2.2 153-156
Information on conditions relating to the retention of free shares granted to executive officers 3.2.2 153-156
Capital structure
Percentage of share capital owned by employees 6.7.1 297-298
Ownership structure and changes during the financial year 6.7.1 297-298
Name(s) of companies controlled by the Group and percentage of share capital held 241-251, 266-269,
5.1, 5.2, 6.2 289
Acquisition during the year of significant holdings or control of companies whose registered office is
in France NA NA
Transactions involving Company shares carried out by executive officers, their close relatives or
persons with close links to them
Purchase and resale by the Company of treasury shares
3.3.2
6.6.3
161
294-296
6
Social and environmental information
Social and environmental information 2 72-98
Information on the implementation of the duty of care plan 2.6 99-100
Report prepared by the Board of Directors on corporate governance 3 111-166

BUREAU VERITAS
Limited company (société anonyme)
with registered capital of EUR 53,040,000
RCS Nanterre B 775 690 621
Registered office :
Immeuble Newtime 40/52 Boulevard du Parc
92200 Neuilly-sur-Seine - France
Tel.: + 33 (0)1 55 24 70 00
Sites internet
www.bureauveritas.com
www.bureauveritas.fr
http://group.bureauveritas.com
Copyright: Bureau Veritas / Shutterstock / Adobe Stock / Unsplash
This document is printed in France by an Imprim’Vert certified printer on PEFC certified paper produced
from sustainably managed forest.
Immeuble Newtime, 40/52 Boulevard du Parc - 92200 Neuilly-sur-Seine - France
Tel.: +33(0)1 55 24 70 00 - Fax: +33(0)1 55 24 70 01 - www.bureauveritas.fr

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REGISTRATION DOCUMENT

This document is a non-certified translation of the French Language

1 Bureau Veritas - 2017 Registration Document

ID help them innovate to meet society’s challenges with confidence.

our Bureau Veritas is a “Business to Business to Society” company,

manifesto contributing to transforming the world we live in.

€4.69 bn in revenue (2017)

400,000 clients 1,400 + offices & laboratories

Agri-Food & Buildings & Consumer

Bureau Veritas - 2017 Registration Document 2

Americas Europe Africa, Asia Pacific

3 Bureau Veritas - 2017 Registration Document

Marine & Offshore

Agri-Food & Commodities

Buildings & Infrastructure

(1) Quality, Health and Safety, Environment and social responsibility.

Bureau Veritas - 2017 Registration Document 4

Revenue by business Adjusted operating profit by business

2017 Certification 8% 2017

(1) Quality, Health and Safety, Environment and social responsibility.

5 Bureau Veritas - 2017 Registration Document

Expand market coverage through key Growth Initiatives.

Become the partner of choice of large international

our 5 strategic pillars

Balance our global footprint across three geographic

Continue to play a leading role in TIC(1) market

(1) TIC: Testing, Inspection and Certification.

Bureau Veritas - 2017 Registration Document 6

Our 2020 ambition

Adding €1.5 billion of incremental revenue by 2020 compared to 2015, based on the

Reaching 5% to 7% of organic growth by 2020.

Achieving above 17% adjusted operating margin in 2020(3).

Generating continuous high free cash flow.

(1) Incremental revenue in 2020 versus 2015.

7 Bureau Veritas - 2017 Registration Document

9 Bureau Veritas - 2017 Registration Document

1.1 General overview of the Group

VERIFY COMPLIANCE VERIFY COMPLIANCE CERTIFY

Client Private International Regulations

Bureau Veritas - 2017 Registration Document 10

Obtaining a license to operate Reducing risks

11 Bureau Veritas - 2017 Registration Document

Bureau Veritas - 2017 Registration Document 12

Marine & Offshore

Agri-Food & Commodities

13 Bureau Veritas - 2017 Registration Document

Bureau Veritas - 2017 Registration Document 14

SELECTED INCOME STATEMENT DATA

(in millions of euros)

RECONCILIATION OF OPERATING PROFIT WITH ADJUSTED OPERATING PROFIT

(in millions of euros) 2017 2016 2015

SELECTED CASH FLOW DATA

(in millions of euros) 2017 2016 2015

15 Bureau Veritas - 2017 Registration Document

SELECTED STATEMENT OF FINANCIAL POSITION DATA

(in millions of euros) 2017 2016 2015

Revenue and adjusted operating profit by business

8% Marine & Offshore 8%

Agri-food & Agri-food &