Cotecna Annual Activity Report 2011

AnnuAl ACTIVITY RepoRT

Proximity, innovation and efficiency: the values which make cotecna a resPected leader in its industry.

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Contents

CoMPAnY LIFe 4

interview with robert massey, ceo of cotecnatribute to elie Georges massey, founder of cotecna strengthening our image, the role of visual identity

MAIn ACHIeVeMents 12

Government servicescommercial servicesaccreditations and certifications received by cotecnaaccreditations and certifications awarded by cotecnatrade fairs and conferences training

PRoDUCts AnD seRVICes 22

Government services commercial services

CoRPoRAte soCIAL ResPonsIBILItY 30

water, health and educationlatest achievements

CoRPoRAte GoVeRnAnCe 34

Business ethics and complianceQuality management systems Group structure worldwide presence human resourcesGroup companies at 31.12.2011

established in Geneva, switzerland, cotecna is one of the world’s leading companies in the fields of inspection, secu-rity, testing and certification.

a world leader in customs inspection contracts, cotecna specializes in the development of solutions enabling gov-ernments to combat fraud, to protect customs revenue, to maintain internal security and to facilitate lawful com-mercial exchanges at national borders.

the company also provides the private sector with a wide range of testing, inspection and certification services, as well as assistance in trade finance services and electronic documentation.

founded by elie Georges massey in 1974, cotecna is a fam-ily-owned business with an international network compris-ing around a hundred offices in more than 60 countries. the Group, with a workforce of close to 4 000 employees and agents, combines professionalism, reliability, infrastruc-ture and international expertise with flexibility and proxim-ity. cotecna’s proactive approach ensures that its services always respond to the changing needs of its customers. every year, the Group issues government certificates for goods valued at over usd 30 billion.

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CoMPAnY LIFe

How does Cotecna position itself in relation to its competitors? cotecna distinguishes itself from its main competi-tors by its size and by the fact that it is not a listed company. as a family run business, we have a differ-ent philosophy. this status enables us to deal with the problems of our customers with more flexibility and in greater depth. we are able to make decisions faster than companies which are constrained by shareholder pressure.

Governments and customers see the difference in our approach and the way we operate in the field. as in every kind of business, human relations and repu-tation play an important role in decision making. a family-run company tends to inspire confidence and a natural empathy, and this is a real bonus for us.

InteRVIew wItH RoBeRt MAsseY, Ceo oF CoteCnA

How is the Testing, Inspection and Certification industry doing and what are the main trends?overall, the tic industry is doing well. as we operate across three worlds; the industrialized countries, the emerging countries and the developing countries, we are affected less than others by economic cycles, though the period we are going through now will, inevitably result in an economic slowdown. swiss companies are suffering because of the strength of the franc but the prospects for the future remain positive; our business is constantly evolving and our development will be boosted by an environment of ever-increasing regulation.

How does Cotecna fit into this picture?as always, we move with the times. while our company will continue working in government and commercial services –the fields which underpin our success– we shall be preparing for the future. over the past 38 years, our business has changed a great deal. whereas we used to be a simple service com-pany, we have now become investors as we finance the set up of operational structures.

What developments are in view?our prospects are good, with various governments interested in our services. we will need to make the most of these opportunities and to continue to differ-entiate ourselves by developing new ideas. we were the first to implement a destination inspection (di) service and this enabled us to gain a lead over our competitors. we must pursue this line, particularly in the field of technology where it is important to keep ahead of the field. at the present time, tracking is one of our main focuses. the implementation of advanced tracking systems will enable us to com-plement the range of services we offer to customs departments.

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How did things go during the past year?2011 was a difficult year for all sectors of the economy. on top of that, swiss companies suffered from the appreciation of the franc. for a company like ours, which has overheads in swiss francs and revenue in dollars and euros, the exchange rates had an impact on our bottom line. the decrease in revenue in 2011 compared with 2010 was due largely to the unfavourable exchange rates.

we have practised hedging for many years to protect ourselves against such fluctuations, and this enabled us to secure the Group’s net result. accordingly, we do not need to constantly reorganise or envisage relocating. this stability is further reinforced by our structure, the family being firmly attached to Geneva, and our long terms plans for the company.

And if the economic situation remains the same in 2012?the problems of the strength of the swiss franc and the weakness of the euro are more political than financial. Governments need to restore confidence through concrete actions because this is the only way to improve the economic situation. for our part, we are not sitting back and waiting but taking action. we have redeployed regional managers to the field in dakar and lomé with the aim to be closer to our customers so that we are better able to understand their needs and facilitate the resolution of problems. urgency is often more clearly understood from a local position than from Geneva. africa remains our principal market and we will continue to develop there. we also have projects in latin america and asia, particularly in the Philippines and indonesia. though competition is stronger in the commercial field, we also remain very active in inspection, cer-tification and trade finance, particularly in eastern europe, south-east asia and Brazil.

«in the market, we are Perceived as aGile and raPid with an enthusiastic workforce. it is uP to us to make the most of these strenGths.»

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How do you see his work being carried on?spending 34 years at my father’s side enabled me not only to learn the trade but also to absorb his spirit and way of doing things. this has ensured a smooth transition without need for any drastic changes –evo-lution rather than revolution. i intend to make sure that we maintain the quality of service, efficiency and unfailing commitment that was his hallmark. after five years of continuous growth, it is important that we maintain the fighting spirit of our brand in tribute to what the founder has bequeathed us.

in the market, we are perceived as being agile and quick on our feet and it will be up to us to make the most of these strengths and the enthusiasm of our workforce. however, we need to improve our reactiv-ity and to nurture the common sense and creativity that are our key assets. this is how we will be able to consolidate our position in such a complex market.

Are there any special achievements you would like to talk about?if i had to confine myself to just one example, i would mention tanzania. the contract expired at the end of december 2010, but the work that we carried out since 1998 remains a source of pride. we not only helped the government to modernize and strengthen its customs service but also supplied the equip-ment and trained the officers to achieve an optimum transfer of skills. this success is an excellent refer-ence for us because we consider that we did the best possible job.

Does the passing away of Elie Georges Massey mark a new chapter in the history of the company?the passing away of my father was felt with great sadness both in the business and in the family. he devoted 37 years of his life to the company and this is what enabled it to develop and prosper. we are obviously going to miss him. however, he took care to set in place a solid structure and it is for us, the next generation, to continue his work and see that it bears fruit.

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on 16 march 2011, elie Georges massey, founder of cotecna and chairman of the board of directors, passed away at the age of 87. he had been our inspiration for nearly forty years, sharing with all employees of the company his enlightened vision and strong values.

Born in cairo on 5 June 1923, elie Georges massey maintained close links with egypt through-out his long life. it was here that he grew up with his two sisters, where he went to school and where he went on to study economics at Boyer university. it was in egypt too that he began his professional career, representing a German company through his father’s firm during the negotiation of a contract with the egyptian government for the construction of a steel mill, the first of its kind in the middle east.

when elie Georges massey moved to switzerland in 1956 with his wife arlette and their three sons, Georges, Philippe and robert, he would make the country his base from which, over a period of about 20 years, he would direct a variety of companies in the field of civil engineer-ing and mining, most specifically salt extraction.

it was in 1974, however, that he began to show a real vocation for commercial inspection, when during the course of a visit to iran, he was asked by the government to carry out inspection and verification tasks on imported products. never one to turn down a challenge, elie Georges massey seized the opportunity, promptly establishing cotecna inspection sa and launching himself whole-heartedly into this new activity, first of all in iran and then in other countries.

over the years, elie Georges massey built cotecna into one of the world’s leading companies in the field of inspection programmes for governments. a visionary, constantly in search of innovation, he would also play a pioneering role by introducing new technologies into the inspection business, particularly the use of scanners.

elie Georges massey was extremely proud of cotecna and showed great affection for all those who worked with him, a memory which leads us to cherish this company all the more and to strive for its development and continued success. rather than a farewell, therefore, what we should like to express here is our gratitude for placing in our hands the finest of tools. it is up to us to use them well and to pursue his work in the way he would have wished.

tRIBUte to eLIe GeoRGes MAsseY, FoUnDeR oF CoteCnA

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stRenGtHenInG oUR IMAGe, tHe RoLe oF VIsUAL IDentItY

Irrespective of experience or the diversity of expertise, the first impression that one makes on a customer or a potential partner comes from perception and representation. After all, what are a website, a trade show stand or a business card but the first steps to building a working relationship?

it is because the impression that we have of a com-pany is generally shaped by its visual identity that cotecna decided to pay special attention to this issue in 2011. our ambition was to improve awareness of the cotecna brand by strengthening its recognition and raising the profile of the company in our market segments. while a strong visual identity reflects a personality and values, it also enables us to differ-entiate ourselves from the competition, a vital task in an environment as competitive as ours.

what we have tried to do is to refresh rather than revolutionize our brand in order to communicate a sense of quality, reliability, efficiency and profession-alism, the key features which characterize our com-pany. our aim was to strengthen our Group image so as to achieve greater cohesion between all our means of communication and all our offices.

this has been achieved through a general make-over of our identity, creating an appearance that is simpler, more structured and more direct. we also developed an image database which will facilitate consistency in document creation. the visual envi-ronment is also designed to be conceptual, illus-trating our capacity to create tailor-made solutions before putting them into practice. though blue remains cotecna’s official colour, we have extended the spectrum to differentiate between our depart-ments, with a brown for government services and a green for commercial services.

the change was introduced in august 2011 for most of our external communication tools –corporate and commercial brochures, posters, local advertis-ing, flyers, PowerPoint presentations, information sheets, business cards, to mention but a few. during the second half of the year, we completely revamped our website, with particular emphasis on contents and our advanced applications, such as vestalis® and e-dox®.

a professional identity serves to strengthen both our image and our brand.

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PAntone 3125 C

PAntone 287 C

PAntone wARM GRAY 6 C

V I s U a L I d e n t I t Y | 1 1

MAIn ACHIeVeMents

Present for 16 years in niger, cotecna added

to its services by signing a new contract

for the verification of conformity of imports.

ISO 17020cotecna’s global network of offices was accredited iso 17020 and becomes one of the few inspection companies to receive this accreditation on a worldwide scale.112 000

in the port of santos, cotecna

inspected 112 000 tonnes of corn, the

largest shipment in Brazil’s history. 6 000

cotecna was mandated by the government of ecuador to inspect close to 6 000 tourist sites throughout the country.1995

cotecna trade services was voted «Best collateral manager» 2011, confirming

cotecna’s success in trade finance services.N°1

Best Collateral Manager

M a I n a c H I e V e M e n t s | 1 3

Burkina Fasoextension of the Import Verification Programme (PVI) contract

following the signature of a first goods inspection contract with the government of Burkina faso in 2004, the ministry of economy and finance con-firmed a new import verification programme that came into operation on 1 october 2011.

cotecna, majority shareholder in the automobile Inspection center

in december 2010, in the context of the partial pri-vatization of the centre de contrôle des véhicules automobiles (ccva), cotecna inspection sa and kanis international, a local partner, bought a 51% stake in this company from the Gouvernment of Burkina faso ccva has the exclusive right to con-duct technical checks on all vehicles driven inside the country. the purchase marks a significant step in the diversification efforts of cotecna in africa and particularly in Burkina faso, where we have been present since 2004.

GoVeRnMent seRVICes

nigerVerification of conformity contract (Voc)

in september, cotecna signed a five year contract with the minister of industrial development, crafts and tourism for the verification of conformity of imports. the number of products to be subjected to voc will increase in three stages during the first six months of operation.

Present in niger since 1995, cotecna strengthened its presence in 2000 with the opening of nine offices throughout the country to assist the government in its fight against fraud.

Chaddestination Inspection (dI) contract

a specialist in inspection activities for govern-ments, cotecna inspection sa signed a destination inspection (di) contract with the republic of chad. the purpose of the new programme is to provide doc-umentary verification, classification and valuation of imported goods services to the customs authorities and the main border crossings. the contract also provides for a scanner for vehicles and containers. our operations in chad will begin at ngueli, the main point of entry for goods imported from nigeria and cameroon, and will then be extended to other check points. cotecna’s new office in n’djamena is respon-sible for the overall management of the programme and about 50 jobs will be created.


Indonesiacotecna appointed to inspect hazardous goods

effective 1 november 2011, the indonesian minister of trade issued a decree requiring all shipments of B2 hazardous goods imported to indonesia from Japan, india and thailand, to carry a survey report. kso sucofindo-surveyor indonesia (kso scisi) was appointed by the government to manage the verifi-cation of imports and appointed cotecna to carry-out the inspection of these hazardous shipments. appointed by kso scisi, cotecna inspects, since June 2009, shipments of iron and steel imported to indonesia of korean or Japanese origin and, since november 2010, all waste classified non-B3.

senegalRenewal of Import Verification Programme contract (PVI)

in november 2011, cotecna’s import verification Programme (Pvi) was renewed by the government of senegal. under this contract, cotecna, who has been present in senegal since 2003, supplied the senegalese authorities with six scanners. cotecna also provides tracking services to monitor the transit of goods within the country.

«i commend Gateway services limited, cotecna’s suBsidiary in Ghana, for such raPid ProcessinG of documents which Gives us a lot of satisfaction. we can only recommend their services.»KWAKu DuAH AnAnE, OpErATIOns MAnAGEr, BACOpH sHIppInG COMpAny, GHAnA


CoMMeRCIAL seRVICes

Brazilcotecna inspects the biggest load of maize in brazil’s history

in January 2011, cotecna inspected the biggest load-ing of maize in the history of Brazil (112 000 tonnes) at Guarujá Grain terminal (tGG) at the Port of santos. the supervision, sampling and monitoring, including regular reporting to the client, took around 50 hours. the port’s navigation channel was not deep enough to allow the mv leonidas warrior, 290 metres long, 46 metres wide and with a draught of 17 metres, to be loaded to its full capacity of 190 000 tonnes. however, works to be carried out in the port should increase the depth from 13.3 metres to 17 metres by the end of 2014.

ecuadorInspection of cocoa bean exports

cotecna was granted an exclusive contract by the ecuadorean authorities to inspect the quality of cocoa beans intended for export. this contract com-prises the entire export market for this product.

Launch of cotrack® service

mid 2011, cotecna launched a GPs tracking service for containers transported in ecuador and surround-ing countries. the service includes the installation of an electronic locking device on container doors which can be adapted to meet the specific require-ments of importers and exporters.

Inspection of tourist sites

cotecna was appointed by the government of ecuador to carry out health inspections and controls on nearly 6 000 tourist sites throughout the country, including the Galapagos islands. this mandate is an integral part of a wider project designed to ensure the quality of infrastructures serving to welcome tourists visiting the country.

worldwidecotecna trade services elected «best collateral Manager»

credit organizations and trading firms rated cotecna as the «Best collateral manager» of the year in trade finance magazine’s annual ranking of the best com-panies in the sector. this was a mark of recognition for cotecna’s work in trade financing, as well as its capacity for innovation evidenced by the creation of two online platforms; vestalis®, a unique tool ena-bling the client to follow the status of their collateral, and cÉrÈs® an online application dedicated to the monitoring of guarantees for credit portfolios. this was further confirmation that cotecna remains a leading company in the field of finance services for international trade.


RussiaIso 17025 certification for our agricultural products laboratory

cotecna’s laboratory in rostov-on-don, was certi-fied iso 17025. the laboratory carries out analyses on grains, pulses, oil seeds, feedstuffs, vegetable oils, and fertilizers. Both this laboratory and the the other agri laboratory in russia in novorossiysk, have been certified by the international associations Gafta (Grain and feed trade association) and fosfa (federation of oils, seeds and fats associations) for a number of years.

Argentinaextension of fofsa accreditation for cotecna’s laboratory

a specialist in the analysis of oilseeds, the cotecna laboratory at san lorenzo in argentina obtained an extension of its accreditation by the federation of oils, seeds and fats associations (fosfa). the re-cognition of the competences of cotecna in this field marks an important step for our commercial activi-ties. the status of a full associated analyst member in the oils and fats section of the federation, ena-bles us to increase our operations in the field of test-ing liquids.

ACCReDItAtIons AnD CeRtIFICAtIons ReCeIVeD BY CoteCnA

worldwideWorldwide accreditation (Iso 17020) for the Verification of conformity (Voc) service

in may 2011, cotecna became one of the few com-panies in the tic industry to have received world-wide accreditation iso 17020 for its verification of conformity (voc) service. issued by ukas (united kingdom accreditation service), this quality label covers all our inspection services for a period of four years. it is an acknowledgement of cotecna’s capacity to evaluate the conformity of all types of products in relation to a set of defined criteria, whether national or international standards, or the particular conditions stipulated by certain compa-nies. the quality management system of this stand-ard is assured by four regional offices –houston, dubai, singapore and Geneva– all under the direct supervision of Geneva.

Iso 9001 certification for our offices in Manila, Mumbai and Pointe-noire

in april 2011, our offices in manila (Philippines) and mumbai (india) successfully underwent recertification audits iso 9001 : 2008 without any non-conformity being found. the strong involvement of our teams in quality management was further underlined when our office at Pointe-noire (congo) was granted iso 9001 : 2008 certification, making it our second office in french-speaking africa to be included on the Group’s iso certificate.


ACCReDItAtIons AnD CeRtIFICAtIons AwARDeD BY CoteCnA

ecuadorcotecna certifies the ecuadorean company ambaseg Iso 9001 : 2008

together with the ansi-asQ national accreditation Board / anaB, cotecna Quality resources inc, Quito, granted the iso 9001 : 2008 certification to ambaseg cia ltda, certifying the excellence of its quality man-agement system. Based at ambato, ambaseg cia, ltda supplies security and protection services.

Colombiacotecna certification for Personería de bogotá

cotecna’s colombian subsidiary, (cotecna certificadora services, ltda) awarded iso 9001 : 2008 and ntcGP 1000 : 2009 quality certificates to Personería de Bogotá, d.c. in recognition of institu-tional performance and industrial satisfaction of its services on the part of the state. these certifications confirm that the activities of this institution, active in the promotion and defence of human rights, are directed towards the continuous improvement of their services and the ongoing renewal, enhance-ment, development and maintenance of the system.

cotecna updates the certification of the corpoboyaca quality system

after having assessed in november 2010 the improvement measures undertaken by corpoboyaca (the autonomous regional corporation of Boyacá) on the occasion of an external audit, cotecna updated the institution’s ntcGP 1000 : 2009 certification, con-firming that the quality management system was being efficiently and effectively maintained and that the planned measures were designed to bring about improvement.

cotecna certification for the Ministry of transport

cotecna certificadora services ltda granted colombia’s ministry of transport iso 9000 : 2008 and ntcGP 1000 : 2009 certifications, represent-ing the culmination of a long process started by the colombian government at the end of 2002 to set in place a quality management system designed to meet the high requirements with regard to the implemen-tation of its activities. to celebrate the occasion, a ceremony was held in Bogota in august 2011 in the presence of the minister of transport.


switzerland and the United Kingdomcotecna invited to take part in numerous forums in the commercial field

during 2011, matthieu delorme, chief operating officer, cotecna trade services, addressed trade finance specialists at various forums during which the latest issues concerning the sector were debated. m delorme spoke in Geneva at the Commodity Finance Briefing 2011 regarding the recent development of management tools for physical guarantees, at the UNCTAD Global Commodities Forum organised at the Palais des nations and, in london, on the securiti-zation of merchandise at the Commodities, Trade and Export Finance under Basel III seminar, and the Structured Commodity Finance 2011 conference.

United statescotecna takes part in the World customs organisation It conference

in may 2011, cotecna took part in the annual con-ference organized by the wco focusing on it. this took place in seattle (usa) under the topic of «cloud computing». this event, reserved for customs pro-fessionals and representatives of the public and pri-vate sectors, was an opportunity to take stock of the potential offered by modern technology and means of communication within the framework of the specific needs of the customs services. an occasion for meet-ings and discussions, the forum enabled our delega-tion to keep abreast of market developments and to make valuable contacts with potential partners.

Brazilcotecna shares its expertise on financing systems for the agri-food industry

cotecna was invited by the international finance corporation (ifc) and the Bank for european reconstruction and development (Berd) to take part in a conference on the agri-food industry held in sao Paulo and Brasilia between 28 february and 3 march 2011. the purpose of this meeting was to present the rural Product certificate to a delega-tion from the ukraine and russia. the certificate is a financing instrument which facilitates the grant-ing of resources to producers against the guarantee of their production. on this occasion, cotecna pre-sented a management model focusing on the control mechanism to attenuate risks. the company also showcased its experience in the field of assistance in trade finance support systems.

tRADe FAIRs AnD ConFeRenCes


Hong Kongcotecna on stage at consumer goods fairs

cotecna participates in a number of key tic events throughout the year. in January, cotecna was among the 1900 exhibitors at the toys and Games fair in hong kong and, in april, participated at the electronics fair, an important occasion to network with buyers and representatives of the electronics industry. this was also an occasion for cotecna to present its local expertise, such as production inspection, loading supervision, factory audits and social audits, as well as laboratory analyses. in July, cotecna exhibited in hong kong at the summer sourcing show for Gifts, houseware and toys, and here too our teams were able to highlight the competences of cotecna inspection hk ltd., whose task it is to guarantee the conformity of consumer goods with international standards and customer requirements.

«cotecna is helPful and flexiBle towards our reQuirements.»KHATIjAH sHErIff, sEnIOr sAlEs COOrDInATOr, TrI sTAr ElECTrOnICs pTE lTD, sInGApOrE


tRAInInG

switzerlandcotecna launches its e-learning tariff classification program

one of our key training targets for 2010 was to launch an e-learning tariff classification program designed specially for the community of price analysts. at the end of 2011, 123 of them had been certified by the world customs organization (wco) after train-ing using an e-learning application developed by cotecna, a flexible online platform that offers train-ees the opportunity to progress at their own pace.

nigeriaclose to 3 000 customs officers trained in nigeria

cotecna’s destination inspection contract in nigeria includes an obligation for the company to train 350 nigeria customs service (ncs) officers. however, by december 2011, a total of 1 582 officers had been trained, and a further 1 357 trained jointly with the other scanning service providers. the training courses provided included scanner maintenance lev-els 1 and 2 that equip officers with the skills to oper-ate and carry out basic maintenance of the scanners installed in the country. officers were also introduced to cotecna’s specialized applications in valuation and classification.

at the end of 2011, cotecna had completed the sup-ply and installation of the eight scanners specified in their contract. the 3.8 mev mobile scanner deployed in december 2011 to Banki, near the border with cameroon, was the last to be implemented.

Republic of Congotraining of customs officers in brazzaville and Pointe-noire

within the framework of its existing activities in the republic of congo, cotecna undertook to prepare training and skill transfer programmes for customs officers. seminars were organized during 2011 in Brazzaville and Pointe-noire on transaction value, country of origin rules and tariff classification. the workshops served to strengthen our image as a preferred partner of the congolese customs department.


PRoDUCts AnD seRVICes

PRoDUCts AnD seRVICes

GoVeRnMent seRVICes

CoMMeRCIAL seRVICes

Backgroundcotecna achieved its first successes in west africa and, thanks to experience gained over the past 38 years, the company has pursued growth in other regions of the continent. as we expand our geographi-cal field of action we are diversifing our range of services. Governments’ needs are evolving and now extend far beyond customs activities. new demands are arising all the time, particularly for monitoring in sectors as varied as infrastructures and the mining industry. in this new context, our established pres-ence, our expertise, our resources, our knowledge at grass root level and the confidence of our customers, all represent undeniable strengths, and offer many opportunities for development.

objectives - facilitate world trade through tailor-made solutions

- speed up the customs clearance process - ensure the application of the international regulations and directives in force

- secure and improve customs revenues - capacity building for customs authorities through training and the transfer of skills and technology

- reduce the possibilities of fraud, tax evasion and tariff discrimination

- strengthen national security (ports, airports and border crossings)

- support the fight against international terrorism

GoVeRnMent seRVICes

The services supplied by Cotecna guarantee Customs revenue based on the true value of the goods, and make it easier to detect imports that are prohibited, restricted or controlled. Cotecna also facilitates lawful cross-border commercial exchanges through the introduction of new tech-nologies and efficient processing.

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Pre-shipment Inspection (PsI)since 1984, cotecna has been supplying pre-ship-ment inspection services on every continent. as one of the leading players in the market for services to governments, cotecna offers customized solutions to meet the special needs of customs departments and, in addition, contributes to the improvement of customs procedures.

services - Physical inspection - document review - valuation of goods for payable duties and taxes - tariff classification

Destination Inspection (DI)cotecna was the first company to offer destination inspection services in 1999. today, it is an acknowl-edged leader in this field, offering tailor-made solutions to help customs’ capacity building in the inspection of goods when they arrive in their desti-nation country.

services - Physical inspection - non-intrusive inspection (scanner imaging) - computerized risk management system (crms®)

- document review - valuation of goods for payable duties and taxes - tariff classification

scanner servicescotecna was the first private sector company to invest in scanner imaging technology for container inspection services. this solution permits non-intru-sive inspection of freight, thus helping to reduce port congestion while detecting fraud. our solutions are available within the framework of Public-Private Partnerships (PPP) or technical assistance and consultancy services.

services - Build operate transfer (Bot) contracts - feasibility studies and consultancy - assistance with scanner purchase, implementation, operation and maintenance

- training and capacity building

electronic transit monitoring system – Cotrack®

cotrack® is a remote monitoring solution developed by cotecna to strengthen the capacity of customs to control transit traffic and to combat fraud effec-tively, while at the same time facilitating commercial exchanges. cotrack® is based on the use of leading edge technologies in terms of GPs, telecommunica-tions and information graphics.

services - technical feasibility services - implementation of control solutions during transit operations

- training and capacity building - technical assistance and maintenance


Computerized Risk Management system (CRMs®)a perfect complement to cotecna’s other services, computerized risk management system (crms®) is an innovative solution for analysing commercial operations and recommending the appropriate level of customs intervention in relation to the fraud risk and the availability of human and material resources.

crms® uniquely combines random and selective cri-teria with an econometric analysis and risk assess-ment model. the system calculates the probability of fraud by concentrating on the goods at risk, an approach which speeds up the importation proce-dure and encourages conformity.

services - feasibility studies - examination of customs procedures connected with risk management and scanners

- establishment of risk management committees - establishment of national databases on fraud - adaptation of solutions to the context and the customs targets

- deployment of solutions on a pilot site and subsequently at national level

- customs training - technical assistance and maintenance

Customs Valuation – ValueQuest®

valueQuest® is a complete modular software pack-age allowing governments and customs services to verify the accuracy of the declared value of the goods. designed in close cooperation with the customs authorities, it helps them meet their requirements with reference to the implementation of the wto agreements on customs valution. valueQuest® is a solution which promotes the transfer of skills in valuation and facilitates the fight against commer-cial fraud.

services - Building of a dedicated national valuation database for customs

- customization of software applications to local regulatory texts

- training of users and capacity building - technical assistance and maintenance - additional services for the verification of transaction existence and enquiries


Verification of Conformity (VoC)cotecna’s verification of conformity services help to ensure that international trade products satisfy re-commended international standards. in this way, the company supports consumer protection by detect-ing fraudulent goods and encouraging transparency when issuing certificates of conformity.

services - document verification - Physical inspection - sampling for laboratory analyses - drawing up certificates of conformity (coc) recognized in the destination country

- conformity audits and assessments

Post-Clearance Verification services (PCVs)cotecna has developed a tailor-made set of services for verification and capacity-building with the aim of supporting the customs authorities in their efforts to apply the kyoto convention and the safe standards of the world customs organisation relating to risk management and the facilitation of trade.

cotecna’s post-clearance verification services are based on our valueQuest® software package, a com-plete and customisable system to verify the accuracy of the tariff position and declared value of the goods. they also include crms®, our computerized risk management system, which analyses commercial transactions in order to assign them an appropriate level of intervention.

services - document check and investigation - analysis of customs value for duties and taxes payable

- tariff classification - establishment of a transactional database - crms® (computerized risk management system)

- technical assistance - Production of reports


Background2011 was marked by a number of events in the field of commodities and consumer goods. excellent har-vests were witnessed throughout the world and we saw the comeback of two agricultural giants, russia and ukraine. after a year marked by droughts and devastating fires, they again occupy center stage, shifting the center of gravity of the whole market. in this same field, india too increased its agricultural exports in order to reduce the huge stocks built up in 2010, while the country’s iron ore industry suffered a severe set back in the wake of various breaches of the environmental regulations.

in the search for alternative solutions to oil and gas, there was a generalized growth in the exploitation of coal, with the emergence of new actors such as colombia.

CoMMeRCIAL seRVICes

Focused on raw materials and manufactured products, Cotecna’s expertise is recognized worldwide by all players in the commercial sector. For the past 38 years, the company’s experience in Testing, Inspection and Certification (TIC) has been ensuring contractual conformity for a wide range of commodities, including agricultural products, metals and minerals, plus consumer goods and other merchandise.

Cotecna also offers bespoke Trade Finance services.

The company is constantly developing its net-work of accredited testing laboratories around the world, particularly in South America, Europe and Asia.


Commoditiesagricultural products

cotecna has a worldwide network of specialists and laboratories at the disposal of shippers, traders and government organizations to assess the quality, quantity and integrity of their products. the company offers its services to every segment of the market, from cereals to pulses via oilseeds, feedstuffs, liquid cargoes, sugar, fibers, fruits, coffee, fertilizers, etc.

Metals and minerals

our on-site, independent inspection services for fer-rous and non-ferrous metals, coal, ores and other minerals, concentrates, and scrap metal help to pre-serve the interests of our customers. our analyses make it possible to determine, among other things, the properties of products, their tolerance of humid-ity and their particle size distribution.

full outturn Guarantee (foG)

in partnership with first class insurers, cotecna pro-vides clients with a guarantee against the possible shortage of goods which may occur between their loading in the point of origin and unloading at des-tination. the client is compensated if a difference should occur.

services for commodities - loading and discharge supervision operations - vessel hatch and hold inspection. water tightness

- ship certification validity - draft survey and tank gauging - supervision of weighing / tally control - visual control and report on condition - contractual sampling - sample preparation and sealing - laboratory testing and analyses - traceability and identity preservation

services for manufactured products - raw material quality control - initial production inspection - during production inspection - final random inspection - Pre-shipment inspection - loading supervision - factory audit and social audits - laboratory testing - Product conformity testing


Manufactured productsBy offering a full range of services including product inspection, process evaluation and technical assis-tance, the cotecna network of experts ensures that the product conforms with the customer’s specifi-cation, or the standards in force, and that it can be used in complete safety.

trade finance servicescotecna’s mission in the field of trade finance ser-vices is to assist borrowers and lenders in setting up cost effective yet solid, Basle ii compliant financing structures. services include the monitoring of the collateral at any stage of the financed transactions, local custody and handling of titles or other docu-mentation related to the goods, and other specific interventions.

Laboratoriescotecna has a global network of laboratories cer-tified to national and international standards that offer testing services for grains, cereal products, feedstuffs, vegetable oils and consumer goods such as toys.

we also provide quality certificates on the basis of the results presented by independent and accredited laboratories (e.g. Gafta and fosfa for agricultural products).

Information technologies

e-dox®

cotecna has developed e-dox®, a state-of-the-art solution to issue e-documents that are fully compli-ant with eucP600 requirements. the e-dox® solu-tion enables the transmission of e-certificates by email instead of the traditional paper certificates, and significantly speeds up and secures the process of transmitting such documents.

Vestalis®

vestalis® is an in-house web based application devel-oped by cotecna to serve the clients in the trade finance services sector allowing borrowers and banks access to their contracts in real time.

the access is secured by a personal password and login and communications are encrypted.

consumer Goods website

cotecna has developed a sophisticated and user friendly website guiding clients through all steps of certification and other requirements for consumer goods certification. clients can order inspections on-line.


CoRPoRAte soCIAL ResPonsIBILItY

wAteR, HeALtH AnD eDUCAtIon

By supporting government agencies in the control and monitoring of products and goods, Cotecna makes an effective contribution to the economic and social development of the countries in which it conducts its activities, particularly the devel-oping countries.

While protecting tax and Customs revenues, Cotecna simultaneously creates jobs and offers work to local suppliers. At the same time, our company helps to maintain internal security by preventing the importation of counterfeit medicines, dangerous toys and illegal arms. The use of modern processes further helps to reduce the environmental impact and to assist govern-ments in achieving international targets such as the Millennium Development Goals.

The social contributions made by Cotecna extend far beyond the company’s commercial activities and include many charitable actions. The natural extension of a corporate philosophy based on integrity, confidentiality and transparency, its commitments are concentrated in the fields of water, health and education. They are also mani-fested as the occasion arises through emergency aid in the event of natural disasters.

nigeriadrilling of a 50 000 litre well

in 2008, to help meet the drinking water needs of vil-lages in the tsanyawa region in the north of nigeria, cotecna drilled a solar energy well in cooperation with the members of the local government council and community chiefs.

Modernization of a library for university students

cotecna conducted an action in favour of 1 200 stu-dents of king’s college, victoria island, one of the oldest schools in lagos, by financing the equipment of their library and acquiring books.

Renovation of a primary school in Kano

in 2010, cotecna inaugurated a newly restored pri-mary school building in kano. support for the reno-vation of the building enables the pupils to study under better conditions. cotecna also supplied offices and desks and chairs for the 650 pupils and their 21 teachers.

LAtest ACHIeVeMents

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tanzaniaRenovation of a mammography clinic

in 2009, cotecna employees contributed their sup-port to the renovation of the mammography clinic of the amana hospital. the assistance was concen-trated on the patient waiting and treatment areas, ensuring that they complied strictly with the rigorous safety standards for radiation.

support for the schooling of orphans

for a number of years, cotecna employees have donated school supplies to orphans in makangarawe and chang’ombe in dar es salaam. the supply of books and uniforms makes it possible for children without resources to receive schooling.

Installation of school electricity

cotecna financed works to bring electricity to a sec-ondary school in nkowe, in the district of ruangwa in the region of lindi, which was without a power supply of any kind. this action opened the way for new educational programmes such as computer studies, sciences and applied technologies, as well as evening classes.

Burkina Fasosupport for the construction of a school

cotecna financed the construction of the village school of napamboumbou in the Ziniaré region. equipped with six classrooms, teacher accommoda-tion and sanitary services, the school is now able to serve a larger number of children.

Planting of 15 000 trees

to strengthen the contribution of young people to sustainable development, cotecna sponsored a tree-planting campaign organized by the ministry of youth and employment. the project took place at Bissiga near ouagadougou and involved nearly 5 000 young people.

distribution of five tonnes of rice

in september 2009, the population and infrastruc-tures of Burkina faso were severely affected by torrential rains and subsequent flooding. reacting spontaneously, the cotecna staff collected sufficient funds to purchase five tonnes of rice for distribution and the company supported their efforts by making a donation to the government.

support for marginalized women

in 2010, cotecna donated food and medicines to the delwende center in ouagadougou, an institu-tion which provides shelter for around 400 women accused of witchcraft who have been banished from their villages and who are destitute.


Ghanaconstruction of bus shelters

in 2008, to facilitate and secure access to mobility, cotecna installed three bus shelters strategically placed on the road linking togo with côte d’ivoire which passes by tema, Ghana’s biggest port.

Congodonation of school supplies

working in partnership with the congo assistance foundation, cotecna supplied 400 tables and benches, as well as 500 school kits to students attending the lycée de la révolution and the École du 31 Juillet at talangaï.

Haitidonation for earthquake victims

to assist the victims of the terrible earthquake in January 2010 which killed more than 200 000 people and injured at least 300 000, cotecna made a dona-tion of chf 30 000 to sos orphelins haiti to provide food, school supplies and clothing, as well as a dona-tion of chf 50 000 to the chaîne du Bonheur, a foun-dation which has been working directly with partner organizations operating in haiti for many years.

south Africadurban staff help children affected by aids

at the end of 2011, in a country where there are so many aids victims and orphans, cotecna’s office staff in the durban office decided to forgo the traditional end of year exchange of gifts and elected to support children affected by aids in the village of ndwedwe in kwa-Zoulou natal. thanks to their own personal gestures and support from sponsors, the staff orga-nised a party during which they distributed bedding, sweets and toys, and provided a festive meal.

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CoRPoRAte GoVeRnAnCe

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BUsIness etHICs AnD CoMPLIAnCe

Cotecna is committed to professional excellence. As a company, we believe that our contractual and business obligations can only be fulfilled through uncompromising dedication to our cli-ents’ requirements and by adopting the highest professional and ethical standards in all we do. This constitutes our business promise.

for this reason, cotecna has implemented a Business ethics and compliance programme throughout its network of offices. at the heart of the programme is the Business ethics and compliance code. the code’s principles and rules apply to all Group activi-ties, and include standards for technical and profes-sional conduct in the following areas: - integrity - conflicts of interest - confidentiality - Prevention of bribery - ethical marketing and fair competition

most importantly, we place business ethics and com-pliance above all commercial considerations. to ensure the effectiveness of the implementation of our code, we subject our Business ethics and compliance programme to an annual independent assessment conducted by the company’s external auditors.

the complete cotecna Business ethics and compliance code can be viewed on our website at www.cotecna.com

[email protected] – Helpline: +41 22 849 78 14Issued by the Group Board of Directors – January 2010

INTEGRITYCONFLICTS OF

INTERESTCONFIDENTIALITY ANTI-BRIBERY FAIR MARKETING

BUSINESS ETHICS & COMPLIANCE PRINCIPLES

In all our activites we:• Operate in a professional,

independent and impartial manner

• Carry out our work honestly and do not tolerate any deviation from our approved methods and procedures

• Ensure that where approved test methods make provision for tolerances in results, such tolerances are not abused to alter the actual test findings

• Report data, test results and other material facts in good faith and we do not improperly change them

• Only issue reports and certificates that correctly present the actual findings, professional opinions or results obtained

We avoid conflicts of interest:• With any related entity in which

we have a financial or commercial interest and to which we are required to provide services

• Between Cotecna’s companies and/or divisions engaged in different activities but which may be providing services to either the same client or each other

• Between our employees’ interests and those of Cotecna

We treat all information received in the course of the provision of our services as business confidential to the extent that such information is not:• Already published

• Generally available to third parties

• In the public domain

We prohibit:• The offer or acceptance of a bribe

in any form, including kickbacks on any portion of a contract payment

• The use of other routes or channels for provision of improper benefits to, or the receipt of improper benefits from, customers, agents, contractors, suppliers or employees of any such party or government officials

We only present Cotecna and conduct marketing, including comparisons with competitors or their services, in a manner that is:• Truthful

• Not deceptive

• Not misleading or likely to mislead

Internal Control the Boards of directors are responsible for the inter-nal controls throughout the Group. these controls are formalised in a documented internal control system conforming to nas 890 (swiss auditing standard) and are designed to give reasonable assurance regarding the efficiency and effectiveness of operations, the maintenance of proper accounting records, the reliability of financial information and compliance with applicable laws, regulations and internal procedures.

the Boards’ internal control systems includes a periodic risk analysis, a documented organizational structure, defined authority limits for management, the implementation of key controls throughout the Group and the regular review of financial and opera-tional information.

a dedicated internal audit function, reporting to the Boards, conducts periodic financial and operational audits throughout the Group. the head of internal audit reports key audit findings.

«we aPPreciate the friendliness and the raPid follow uP and feedBack of cotecna… they are our eyes and ears overseas.»sAnDrA VIssEr, CHIEf ExECuTIVE OffICEr, VCOnnECTIOn, nETHErlAnDs



QUALItY MAnAGeMent sYsteMs

The Cotecna Quality Management Systems (QMS) and the Group Certification Programme were introduced almost ten years ago. All sig-nificant offices in the Group have been certified, most recently with the updated ISO 9001 : 2008 standard.

Audits conducted in 2011 more and more of cotecna’s customers are stress-ing the importance of working with an iso certified office. in order to satisfy and meet this require-ment, four new cotecna offices joined the Group certification program in 2011; sao Paulo (Brazil), Pointe-noire (congo), singapore and ho chi minh city (vietnam).

during the course of 2011, the following affiliated companies also satisfied a new audit; Buenos aires (argentina), orvault and rouen (france), mumbai (india), lagos (nigeria), manila (Philippines), dakar (senegal) and odessa (ukraine).

in september 2011, the company’s head offices in Geneva successfully passed an iso renewal audit. this important audit has enabled us to renew our Group certificates for a three-year period, provided that all of the affiliated companies continue to com-ply with the iso standards.

our recent Group iso 9001 : 2008 certificate covers more than 35 affiliated companies throughout the world. the iso 9001 Qms audits also include the international federation of inspection agencies (ifia) code of practice.

in 2011, a number of quality managers and quality representatives successfully completed the irca lead auditor course. improvements were made in the internal systems for the exchange of knowledge and information between Group quality managers and staff worldwide.

Iso 9001 and Gaftaas part of the iso 9001 : 2008 certification program, nine commercial division business units success-fully passed audits for Gafta code of practice for supervision, sampling and weighing (Gafta rules 123 and 124). a further three offices will be re-audited in 2012.

Looking aheadin 2012, our Geneva headquarters will be re-audited against the iso 9001 : 2008 standard, while other offices in africa, asia and the americas are currently being prepared for inclusion in the Group certifica-tion programme.

GRoUP stRUCtURe

Cotecna sACotecna SA is the Group’s Swiss, non-listed holding company. The Group’s main operating companies are Cotecna Inspection SA and Cotecna Trade Services SA and their subsidiary companies.

capital

cotecna sa has a share capital of chf 2 000 000 divided into 4 000 bearer shares of chf 500 each.

shareholders

all the company’s shares are held by members of the massey family.

Remuneration

the remuneration of members of the Board is determined by the annual General meeting of shareholders.

company financial accounts

consolidated cotecna sa accounts are prepared each year in accordance with international financial reporting standards (ifrs). the annual budget and 3-year plan are the outcome of an in-depth review process, and monthly performance reviews are undertaken by the management.

auditors

cotecna sa’s auditors are kPmG.

board of directors

since the passing of elie Georges massey, on march 16, 2011, cotecna sa’s Board has been chaired by arlette massey.

arlette masseychairperson

robert masseydirector

Philippe massey director

Georges massey director

claude Béglé non-executive director

dan kerpelman non-executive director

thierry de loriol non-executive director

the members of the Board are nominated by the annual General meeting for a term of office of one year.

the role of the Board of cotecna sa is to ensure the protection and development of the cotecna sa portfolio of investments, principally cotecna inspection sa and cotecna trade services sa and their respective sub-sidiary companies.

Holding

services for Governments

services for the Commercial sector



arlette Massey

Dan Kerpelman thierry de loriol

Claude Béglé georges Massey

Philippe Masseyrobert Massey

chief executive officer

the Board of directors delegates the operational management of cotecna inspection sa to robert massey, who has been chief executive officer since January 1993.

cotecna inspection’s iso 9001 : 2008 Quality management system defines the company’s operat-ing framework.

Remuneration

the remuneration of members of the Board is determined by the annual General meeting of shareholders.

committees

the compliance committee was established in 2004 and comprises a non-executive chairmanship held by one of the non-executive Board members, the company compliance officer and the chief execu-tive officer, as well as management representatives from the operational, legal, and human resources departments.

the compliance committee conducts peri-odic reviews of cotecna’s Business ethics and compliance Programme throughout the Group and provides policy guidance to the Board on compliance-related matters. as part of its remit, the compliance committee also reviews the appointment of busi-ness partners and key suppliers. regular reports on the activities of the compliance committee, which met six times in 2011, are submitted to the Board of directors.

although there are currently no other committees, the Board may establish them on an ad hoc basis for specific tasks, if and when it determines them to be necessary.

Cotecna Inspection sACotecna Inspection SA is the main operating subsidiary whose activities are principally for governments and institutions. Corporate Services are also placed under Cotecna Inspection SA.

board of directors

since the passing of elie Georges massey, on march 16, 2011, cotecna sa’s Board has been chaired by arlette massey.

arlette massey chairperson

robert massey director and chief executive officer

Philippe massey executive director

claude Béglé non-executive director

dan kerpelman non-executive director

thierry de loriol non-executive director

the cotecna inspection sa Board of directors focuses primarily on the strategic management of the company’s business activities.

the members of the Board are nominated by the annual General meeting for a term of office of one year.



executive committee at 31 december 2011

robert massey chief executive officer

Jean-michel caffinexecutive vice President – Business development

serge depallens chief financial officer, executive vice President – operations & corporate services

haja rajaonarivo senior vice President – human resources

didier reymond executive vice President – contract management

tyrone taylor executive vice President – contract management

corporate services

christian arroyo senior vice President – citt (information technology & telecommunications)

antoine chavan senior vice President – legal department

serge depallens chief financial officer – finance and administration

Pierre-olivier Pellegrin senior vice President – security and inspection technology

Group services

alison Bourgeoisvice President – corporate communications

adrian walkerGroup compliance officer – compliance and internal audit

Cotecna trade services sACotecna Trade Services SA is the principal subsidi-ary of Cotecna SA that focuses on Commercial activities.

board of directors

arlette massey chairperson

robert massey director and chief executive officer

Philippe massey executive director

the Board of directors nominates robert massey as chief executive officer of cotecna trade services sa. robert massey has delegated the operational man-agement to matthieu delorme, chief operating officer since June 1, 2009.

cotecna trade services sa iso 9001 : 2008 Quality management system defines the company’s operat-ing framework.

executive committee at 31 december 2011

robert massey chief executive officer

matthieu delorme chief operating officer

serge depallens chief financial officer

emmanuel Bonnet executive vice President – americas

Philippe Gonnet executive vice President – asia

woRLDwIDe PResenCe

with nearly 100 offices established around the world and a total workforce of more than 4 000 employees and agents, cotecna can rightly call itself an inter-national company. 15 nationalities are represented at the Group’s head offices in Geneva, and this cultural diversity is also to be found in the field where the company attaches high importance to skills devel-opment at the local and regional levels. to enhance this diversity further still, and to strengthen its ties with local entities, the company this year redeployed its regional managers to senegal and togo. the aim is to get closer to the customer base, to increase proactive responses to new demands and to ensure ever closer cooperation between head office and its partner companies.

this multiplicity of origins, languages and cultures is matched by a plurality of skills, which cotecna seeks to nurture and promote through individual training and career development. the company has set in place, for example, sales techniques and finance training programms for its non-financial executives. these programmes have enabled staff from different offices to get together and exchange ideas on these subjects. this year saw the completion of the first international management trainee programme, with two trainees who followed the course being inte-grated into the operational divisions of the Group.



HUMAn ResoURCes

Cotecna workforcecotecna’s overall worldwide workforce increased slightly in 2011. the fluctuation in numbers was mainly due to contract developments and structural changes in the company, with a decrease in Geneva and europe and, to a lesser extent, in africa and the middle east. By way of contrast, there was a strong increase (+20%) in the americas and asia. for the americas, this was due mainly to a reclassification of temporary staff in ecuador.

employees at 31 December 2011

2007 2 5782008 2 7542009 2 3712010 2 2552011 2 262

employees by geographical region at 31 December 2011

Geneva 109europe 189africa 1 170americas 389asia 353middle east 52Total 2 262

Cotecna agentscotecna has a worldwide network of around 1 500 agents and experienced representatives, often in countries where the Group does not have subsidi-aries or joint venture partners. they have all been carefully selected and work under continuous con-trol on the basis of methodologies, techniques and procedures laid down by cotecna, including quality audits.

201120102009200820070

500

1000

1500

2000

2500

3000

GRoUP CoMPAnIes At 31.12.2011

cotecna trade services sacotecna trade support company saecotecna kazakhstan llP

cotecna saudi co ltdcotecna holding (thailand) co ltd

Cotecna sAcotecna serviços (angola) limitadacotecna inspection (comores) sarlGateway services limitedcoins Portugal, unipessoal ldacotecna ocean indien ltdcotecna inspection (vostok) llccotecna international trade consulting (shangai) ltdcotecna turkey a.s.

tiscan limitedcotecna ukraine limited cotecna, inc. cotecna inspeccion, cacotecna Quality resources, inc. ↘ cotecna Quality resources, inc. (Quito) cotecna inspection limited ↘ cotecna destination inspection limited

cotecna Inspection sacotecna inspección argentina s.acotecna inspection (Bangladesh) ltdcotecna inspection Bangladesh ltdcotecna Benin sarlcotecna inspección (Bolivia) sacotecna serviços ltda Burkina contrôle sacentre de contrôle des véhicules automobilescotecna canada inc.sinoswiss inspection co., ltdcotecna inspection chile sacotecna côte d’ivoire sarlcotecna certificadora services limitada ↘ cotecna certificadora services limitada (Quito) cotecna inspection congo sarl cotecna del ecuador sacotecna inspection egypt saecotecna inspection france sarlcotecna inspection Gmbhcotecna inspecção & Gestão da Guiné-Bissau, sarlcotecna Guinée equatoriale sarlcotecna inspection hong kong limitedcotecna inspection india Private limitedcotecna Quality s.r.lcotecna inspection Japan limitedcotecna mali sarl

cotecna maroc snccotecna inspection de mexico, s.a de c.v.cotecna services de mexico, s.a de c.v.cotecna del Peru s.a.cotecna inspection Philippines inccotecna risk management Philippines inccotecna singapore Pte, ltdcotecna inspection south africa ltdcotecna inspection korea inccotecna inspección s.lcotecna (tanzania) limitedcotecna inspection tchad sarlcotecna togo sarlcotecna uluslararasi Gözetim danişmanlik anonim şirketi anasőzleşmesicotecna inspection (thailand) co, ltdcotecna uganda ltd (cotuGal) cotecna inspection limitedcotecna international ltdcotecna inspection inccotecna inspección uruguay s.acotecna de venezuela, cacotecna vietnam co., ltdcotecna inspection de Guatemala sacotecna inspection tashkent llc


Cotecna SA

Rue de la Terrassière 58 P.O. Box 6155, 1211 Geneva 6 Switzerland Tel. +41 22 849 69 00 Fax +41 22 849 69 89 [email protected]

Cotecna Corporate Communications April 2012 – [email protected]

Content, concept & design by blossom communication www.blossom-com.ch

Photo creditsCotecna (pages 14, 15, 25, 27, 31, 32, 33) Oliver O’Hanlon (pages 4, 5, 6, 7, 8, 39) iStockphoto (pages 12, 20, 22, 26, 30, 34) Marc Roger (pages 36, 37) Debbin Fotografas LTD (page 21) Trade Finance Magazine (page 19)

www.cotecna.com

Cotecna Annual Activity Report 2011

Documents

Transcript of Cotecna Annual Activity Report 2011