New Freyssinet - 1999 annual report · 2010. 1. 20. · Freyssisol), and, following its acquisi-tion of TAI in 1998 and Ménard Soltraitement in 1999, it is in a leading position

1

Annual report19

99

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Chief Executive Officer

Jean-Pierre Marchand-Arpoumé

Deputy Managing Directors

Bruno Dupety(French Division)

Jean-François Gouédard(Financial and Legal Division)

Joël Ponsoda(Latin Division)

Human Resources and Communication Director

Claude Lascols

Scientific Directors

Jean-Marie CognonJean-Philippe Fuzier

Other Divisions

Transverse DivisionPierre BergerPierre MellierJérôme Stubler

Eastern and Northern Europe DivisionClaude Mortier

United States and Canada DivisionThomas Lesgourgues

United Kingdom DivisionRoger Warwick

Cover page CardiffMillennium Stadium roof(United Kingdom).Freyssinet uses the stay cable

technology for constructing bridges,

buildings and functional works.

3

CONTROLLED DEVELOPMENTThe Freyssinet Group's consolidated turnover in 1999 was 360 million Euros,greater - by almost 60% - than in 1998. The consolidated results from opera-tions also increased strongly, both in absolute value (+120%) and as a per-centage, reaching 5% of the total turnover.

The very strong growth in activity is largely due to the purchase of Terre ArméeInternationale (TAI), the world leader in mechanically stabilized earth structures,at the end of 1998. The complementary nature of the networks and know-howof the two companies, and optimization of synergies between the teams, facili-tated, on the one hand, fast integration of all TAI companies and, on the otherhand, maximum benefit to be gained from the strong economic situation. In thiscontext, the performances of all former TAI entities were better than initial fore-casts.

Another reason for Freyssinet's good results in 1999, apart from the additionof TAI, is generalized growth on its different markets. The Group has maderecurrent and significant profits due to its positioning in businesses with a hightechnological content, its strict control over contracts and its selectivity.

Freyssinet's sound financial health enabled it to purchase the MénardSoltraitement company, specialized in soil improvement, in September 1999.This purchase, which follows the successful integration of TAI, widens theGroup's product range in the soil field, which now represents more than the thirdof its total activity. The international network of Freyssinet and TAI also offersexcellent market growth prospects to Ménard Soltraitement, due to the distri-bution of its know how to new markets such as the United States.

Prospects for the year 2000 suggest that the trend of the previous two yearswill continue and the total growth target is 6%. The order book on January 1was 5% higher by volume than on the same date in 1999 - although there arefewer large projects. Freyssinet's new works activity is expected to remainstable, with work related to the new TGV railway lines built in Southern andNorthern Europe compensating for the reduction of investments in other largeinfrastructure projects. Sustained growth is also expected in soil activities, par-ticularly in Southern European countries. Finally, growth in maintenance andrepair of structures is expected to continue with good prospects particularly inthe United Kingdom, Spain, Italy and the United States, in which very largeinvestment programs are under way.

Within this context, Freyssinet intends to continue its controlled developmentpolicy in the future, making use of the Group's existing expertise and resources,while remaining open to other opportunities that could contribute to the profi-table development of its activities.

F O R E W O R D

Jean-Pierre Marchand-ArpouméChief Executive Officer

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Freyssinet is a subsidiary of theSGE Group, Europe’s leadingconstruction company, and is aleading player in specialized civilengineering. It works in two dif-ferent sectors:Firstly, in structures which inclu-de construction of new bridges,tunnels, buildings, silos, facto-ries, shopping centres and asso-ciated maintenance and repairworks; and secondly, in soilsinvolving high-tech processessuch as mechanically stabilizedearth, soil anchoring and micro-pile techniques and the use ofthe Ménard Soltraitement’s soilimprovement processes.

Freyssinet owns a large numberof processes designed anddeveloped by the Group thatenable it to provide serviceswith a high technological addedvalue, frequently associated with large structures or complexproblems. The Group is thusthe world leader in prestressing

and stay cables - its two traditional businesses. WithTAI, it is also the recognizedworld specialist in mechanicallystabilized earth walls, and it hasexpertise in soil improvementwith exclusive processes devel-oped by Ménard Soltraitement.Finally, it is a leader in bridgebearings and expansion joints,and in repair techniques,making use of innovative solutions such as carbon fibrefabrics and electrochemicalconcrete treatment processes.

P R O F I L E

Retaining wall: one of the applications

of Freyssinet's soil activity.

Floor prestressing for Atatürk airport,

the largest construction site

at the moment in Turkey.

A SPECIALIZED CIVIL ENGINEERINGLEADER

SERVICES WITH A HIGH TECHNOLOGICALADDED VALUE

5

The Freyssinet Group is repre-sented on all continents throughthe complementary networks of Freyssinet and TAI, and 80%of its turnover is outside France.It has a global organization broken down into six geographicdivisions that disseminate itsknow-how, and it is distin-gui-shed by a strong local presence through 70 offices in 48 countries. This global and local aspect enables its customers to benefit from a complete expertise and solutions that have been wellproven on many projects throu-ghout the world.

Research and development is essential to consolidateFreyssinet's technological lead in its various specialties, andmore than 1% of the Group'sannual sales are dedicated to it.The Group has produced manyinnovations in stay cables inrecent years, and is now directingits development efforts towardssuspension cables, the regenera-tion of materials (particularly concrete) and more generallytowards modification, mainte-nance and servicing of structuresin order to provide a response to an increasing demand from its customers. In particular, theGroup is marketing monitoringsystems that will enable its custo-mers to perform preventive main-tenance of large civil engineeringprojects (see p. 13).

Soil improvementl for the Jangyoo water treatment plant site in

South Korea, using the Ménard Vacuum® process.

GLOBAL ORGANIZATIONAND LOCAL PRESENCE

AN AMBITIOUSRESEARCH - DEVELOPMENTPOLICY

After the acquisition of Terre Armée Internationale (TAI) in 1998, the Freyssinet Group widened its product range in the soil field by acquiring Ménard Soltraitement in 1999. This company specializes in soil improvement, and has developed a set of patented processes such as dyna-mic consolidation, atmospheric consolidation (Ménard Vacuum®

is a compaction process that uses atmospheric pressure as imposed load) and columns with controlled modulus (CMC®: soil improvement process making use of semi-rigid inclusions). Ménard Soltraitement does the engineering for complex projects and carries out the workitself. It has worked on a number of large projects such as the Macao airport complex and the Ariane V launching padaccess road in Kourou. By extension of its Ménard Vacuum®

process, Ménard Soltraitement has also created a soil depollu-tion process that was used to treat foundation soils for the Stade de France.Integration of this company into the Freyssinet Group opensup the possibility of commercial synergies, which shouldenable it to double or even triple the turnover for these activities in the medium term.

THE ACQUISITION OF MENARD SOLTRAITEMENT

6

New constructions 33.9 %122 M€

Structures 64.7 %233 M€

Soils 35.3 %127 M€

Maintenance-Repair 30.8 %111 M€

Asia-Pacific Division 21 %75.5 M€

Latin Division 20.9 %75.2 M€

FrenchDivision 17.8 %

63.9 M€

United States and Canada division 1553.8 M€

United KingdomDivision 6.1 %22.1 M€

Eastern and NothernEurope Division 5 %

18 M€

TransverseDivision 14.3 %51.4 M€

K E Y F I G U R E S

TURNOVER BY ACTIVITY

SALES BY GEOGRAPHIC SECTORS

Soils, a fully-fledged busi-ness within the Group.The Freyssinet Group already has a significant presence in this business(anchors, anchorage, micro-piles,Freyssisol), and, following its acquisi-tion of TAI in 1998 and MénardSoltraitement in 1999, it is in a leading position in the fields ofmechanically stabilized soil and soilimprovement. The amount of its soilturnover as a percentage increasedfrom 6% to more than 35% between1998 and 1999, namely from 14 to 127 million Euros.

Geographic rebalancingThe Freyssinet Group's traditionalmarkets are in Europe, Asia andOceania, and it now also has a strongpresence in North America. A significant proportion of the Group'stotal activity (15%) is now derivedfrom this continent that is also animportant vector for our development.

Freyssinet patented isotensionsystem used on cable stayed

structures.

Lower anchor on stay cable.

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Asia-PacificDivision

950

LatinDivision

610

TransverseDivision

330

FrenchDivision

460

UnitedStates and

CanadaDivision

180

UnitedKingdomDivision

160

Easternand

NorthernEuropeDivision

110

Engineers & Executives16%

Technicians39%

Workers & Employees45%

NUMBER OF EMPLOYEES

Strong technical contentand experience sharingThe 2800 employees in the FreyssinetGroup consist of 16% engineers andexecutives, 39% technicians, and 45%workers and employees. It employsmore than 70 different nationalitiesworking alongside each other.

The global and local organization of the Freyssinet Group is such that it can provide appropriate solutions to problems with customers, and alsoincrease information sharing betweenthe different entities. The TransverseDivision facilitates the distribution of innovations within the Group andprovides assistance for large projects,and for operations with a major techni-cal content.

Inside Babiyan bridge deck,in Kuwait.

A C T I V I T Y I N 1 9 9 9

STRUCTURES

9

As in previous years, new construction activity was gene-rally strong in 1999 due to thelarge number of projects com-pleted, continued or started during the year.

Cable stayed structures

Cable stayed bridges. Severallarge construction sites werecompleted during the year onvery large projects; the Øresundbridge between Denmark andSweden for which the companysupplied and placed 160 staycables for the main bridge,requiring 2,300 t of steel; MyThuan bridge, the first cablestayed bridge in Vietnam forwhich Freyssinet supplied andinstalled the stay cables, andalso prestressing of the piers and

the deck; the Val Benoît bridgeacross the Meuse river in Liege,Belgium, where Freyssinet com-bined prestressing and incremen-tal launching construction andsupplied and placed the staycables; finally, the two symme-tric 195 m bridges for Sydneyairport in Australia, on which allthe work was done at night sothat airport access lanes couldbe kept open during the day.

The Group also continued itswork on Seohae bridge, the lar-gest bridge in Korea with a total length of 7,310 m whereit is working on two viaducts(prefabrication of segments, prestressing of the piers and thedeck, deck bearings) and on acable stayed bridge with a centralspan of 470 m (prestressing

of the towers, supply and instal-lation of stay cables, placementof temporary stay cables andholding down tendons).Work also continued during the year on the bridge across the Rhône between Tarascon

The Øresund bridge, between

Denmark and Sweden, opened

during the year 2000.

Freyssinet placed 160 stay cables: 2,300 tonnes

of steel on the Øresund bridge - an exceptionally

large structure.

Sydney airport overpass, in Australia:

Freyssinet built two symmetric

structures each 195 m long.

NEW CONSTRUCTIONS

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and Beaucaire, where the deck is supported by 96 stay cables.Projects started during the yearinclude the placement of the firststay cables for the Charles-Riverbridge in Boston, a bridge with a very innovative design, and themotorway bridge over the Tagusriver in Santarem, Portugal.

Building. Freyssinet comple-ted several major projectsduring 1999, such as the roofof the Berlin Techniques andTransport Museum, and theCardiff Millennium Stadiumroof, United Kingdom, built intime for the Rugby World Cup,supported by four 80 m highmasts each with 18 stay cablesup to 60 m long.

Suspended structures

Bridges. The year was markedby the completion of a 337 mspan suspension bridge inArgentina crossing the Cangrejillogorges, where the structure is supported by four main 37-strand tendons. The restoration of the Risclebridge (Gers department, France)started at the end of the year,and work on this project shouldlast for 8 months.

Footbridges. The completereplacement of the suspensionfor the Chartrouse bridge in France provided an opportuni-ty to use the bond-coatedstrand, Freyssinet's latest innovation in suspensioncables.

Building equipment

In Portugal, Freyssinet installedthe bearings and the earthquakeresistance system for a bridgeover the Sado, and also participated in the prestressing.In Malaysia, the company desi-gned, supplied and installed acomplete assembly of equip-ment for Sungai Sitiawan brid-ge, including the launchingequipment, bearings and expan-sion joints. In Argentina, it alsosupplied joints and bearings for construction of the AU7 motorway.

Construction methods

Freyssinet works, in partner-ship with the largest contrac-tors in the world, on the

A C T I V I T Y I N 1 9 9 9

The Cardiff Millennium Stadium roof (United Kingdom) built for the rugby

world cup, is supported by four 80 m

high masts each supported

by 18 stay cables.

Motorway bridge across the Tagus

river in Santarem, Portugal.

NEW CONSTRUCTIONS

11

construction of structuresstarting from the designstage. It is present the inter-face between the engineer'sand the contractor's activities,and specializes in manyconstruction techniques andtheir associated equipment.

Span by span construction.Freyssinet is participating in the construction of viaductNo. 2 for project C301in Taiwan, doublingthe North-South motorway.Freyssinet designed an incre-mental launching girder shorterthan conventional girders spe-cially for this project, retainedat the back by a transversebeam anchored to the existingdeck.Incremental launching

of the deck. In Malaysia,Freyssinet has designed, supplied and installed the laun-ching equipment for Sungai Sitiawan bridge,constructed using a methodnew to Malaysia. Each prefabri-cated segment is brought intocontact with the previous seg-ment by launching cables. Thedeck is fitted with a nose, andis launched by means of incre-mental launching jacks installedon the abutment and two ten-sion rods located at the back of each segment.A similar method was used for Jang An bridge in Korea,composed of two 525 m longparallel decks. For this structu-re, Freyssinet is responsible forthe prefabrication of the seg-ments and for

their placement by incrementallaunching.

Prestressing

Buildings. Freyssinet's expertisein prestressing for buildings wasapplied on several major projects in 1999 such as theextension to Atatürk airport, the largest construction site inTurkey including the constructionof 140,000 m2 of prestressedconcrete floors; the 2000 audito-rium in Rome, Italy, for whichFreyssinet is responsible for prestressing and technicalassistance in building the roofs; in Kuwait, with the installation of circular prestressing for two silos for the Kuwait CementCompany; and finally in Sydney,Australia, for post-tensioning

In Sydney, Australia, Freyssinet prestresses two tower

buildings with more than 40 storeys, using prestressing

by post-tensioning.

Roquemaure viaduct, in the French Gard

department (top) on the new Mediterranean

TGV line.

Jang An bridge, South Korea (above) built using the incremental

launching method. Freyssinet is also responsible for prefabricating

segments and placing them by launching.

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of two tower buildings more than 40 storeys tall.

Bridges. Some of the mostimportant bridges built this year were Rauquemaure viaductin France carrying the newMediterranean TGV line, forwhich Freyssinet installed570 prestressing tendonsand about 600 t of steel during16 months; and the new A2motorway bridge over the Lekriver in the Netherlands, forwhich 1,000 t of prestressing tendons were used.

Sustained by a strongly developing market, the maintenance-repair activitycontinued to make progress in 1999, and now representsan increasing share of theGroup's total activity; servicesoffered in this field vary frommonitoring of structures tomodification and reconditio-ning work.

Reinforcement

Dams. In 1999, Freyssinet was awarded a contract for thereconstruction of the concreteand waterproofing work for Lacs Verts dam in the Alpes-Maritimes department in France, after participating in consolidation of the body of the dam the previous year.

Bridges. The company used a mixed solution combining additional post-tensioning withgluing of carbon fibre fabrics in Lorraine, France, to reinforcea railway bridge used bythe Sollac steelworks for the transport of liquid steel.It was awarded a prize for innovation for this process in France in 1999.

The company now has a signifi-cant foothold in Poland, andFreyssinet is using additional

A C T I V I T Y I N 1 9 9 9

Motorway bridge over the Lek river

in the Netherlands, where 1,000 t

of prestressing tendons were used.

NEW CONSTRUCTIONS

Bubiyan Bridge, Kuwait. Freyssinet

is responsible for the reconstruction

of spans destroyed during the Gulf War.

In Romania, Freyssinet is participating in the repair

of about ten bridges and tunnels on the country's

main highways.

MAINTENANCE-REPAIR

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In Italy, the year was marked by a contract for maintenancework on six bridges built near the Brenner pass during the 1960s; the company is responsible for new water-proofing, repair of expansionjoints and the construction of safety barriers.

In Vietnam, Freyssinet reinforcedthe Saigon bridge built at theend of the 1960s by additional post-tensioning, and is also car-rying out widening work to create two additional traffic lanes.

Buildings. Freyssinet used acti-ve tie-rods to reinforce twelve brick arches dating from1830 on the site of the Modernand Contemporary Art Centre,

in Toulouse, France, built on the site of the town's formerslaughterhouses.

Maintenance

The year was marked by the signature of a five-year contractfor the Normandy bridge inFrance. Freyssinet had alreadyworked on construction of thisinnovative bridge. A contract was received for ano-ther major project for whichFreyssinet had participated in the construction, the Vasco de Gama bridge in Portugal, for which the Group was appoin-ted to perform inspection andmaintenance operations and isusing the new ScanPrint® acquisi-tion and monitoring system (seeinset above).

post-tensioning solutions for thereinforcement of three steel bridges and ten agricultural silos.

The Group has had offices in Romania since 1992, and is working on the repair of about ten bridges along the main highways of the coun-try to make them satisfy stan-dards. Freyssinet also has amanufacturing plant in Bucharestspecialized in Neoprene bearings and expansion joints.

Freyssinet has introduced new solutions in order to prevent building disorders or problems and,consequently, extend the durability of a structure by developing preventive maintenance. Freyssinet is marketing two products in this sector:

The first product, SoundPrint®, was developed by the Canadian Pure Technologies company, and is designed for continuous monitoring of struc-tures. Sensors permanently “listen” to the variouselements of the structure, and the complete set ofcollected data makes up its “health book”.

The second product, ScanPrint® is a complete graphic inspection and maintenance system connected to a structure pathology database.The system provides detailed monitoring of the behavior of the structure, and also helps to optimize inspections and actions to be taken.

DEVELOPMENT OF PREVENTIVE MAINTE-NANCE

The Toulouse Modern and Contemporary Art Centre (France)

is built on the site of the town's former slaughterhouses.

Freyssinet has reinforced 12 brick arches dating

from 1830.

SOILS

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Building reconstruction

Freyssinet received two significant orders during the year.The repair of the Swindon Northbypass in Wiltshire, in the UnitedKingdom, including the placementof a new 100 t beam by lifting,and renovation of the bearings. In Kuwait, the company is rebuilding the bridge betweenBubiyan Island and the mainland,partly destroyed during the GulfWar. Freyssinet participated inthe work to make this bridge safein 1994, and in 1999 was awar-ded the contract to repair dama-ged spans and rebuild destroyedspans.

A C T I V I T Y I N 1 9 9 9

The Freyssinet Group alreadyhas a strong presence in the soil field with its ownprocesses and technologies(Freyssisol, soil anchors,micro-piles, anchorage) andvery significantly consolidatedthis activity in 1999 with the integration of TAI and the acquisition of MénardSoltraitement. TAI also benefi-ted from the strong economicsituation in North America andstrong markets in Southern Europe.

Mechanically stabilizedearth structures andprefabricated arches

Terre Armée has participated in three major transport infra-structure sites for the develop-

ment of the Sydney Olympicsite, namely the HomebushBay railway link, theHomebush Bay Drive overpassand the railway link betweenFlemington and Pipita.

Note the construction of astructure to support a 240 tmining dump truck unloadingplatform in Western Australia,using the TerraMet® system.In Southern Africa, TerreArmée built a 7.6 m wide and 6.3 m high arch bridgeover a railway in Botswana in record time using theTechSpan® system, which is a flexible and competitive process for the construction of arches by the assembly of prefabricated reinforcedconcrete half-sections.

Motorway road surface. Freyssinet's diversified offer in this field

is a means of integrating projects into their environments.

Lacs Verts dam, in the Alpes-Maritimes

Department in France.

MAINTENANCE-REPAIR

15

In the United States,55,000 m2 of retaining wallsas part of the Ralston HollyGrade railway redevelopmentproject south of San Francisco,designed to improve road traffic.Terre Armée was also awardedcontracts for phases I and II ofone of the largest interchangesever built in the State ofVirginia. This contract, whichwill continue until 2001, is for the construction of 38retaining walls with a total sur-face area of 106,000 m2.Terre Armée built a 10 m pre-fabricated arch in Canada overa river crossing. This structurewas chosen to strengthen asection of the 23 North motor-way that collapsed during thespring floods. A 20 m high

prefabricated wall was built around this arch.In Italy, Terre Armée used28,000 m2 of backfill and theTerraTrel® green wall process,in a project to widen themotorway between Rome and Rome airport (Fiumicino).Finally, 140,000 m2 of wallswere constructed on severalexpressways in Malaysia.

Soil anchorsIn Australia, Freyssinet partici-pated in the renovation andreinforcement of Cotter dam bysupplying and installing 45 anchor rods to depths of between 20 and 57 m.

Soil improvementSome of the significant factsduring the year are the continu-

ation in soil improvement workby Ménard Soltraitement onthe site of the future Jangyoo sewage treatment plant in South Korea, wherethe expected settlement is 6 m, approximately the heightof a two-storey building.This site uses the MénardVacuum® atmospheric consoli-dation process, which hasalready been proven on the nearby site of Kimhae, terminated in 1997.

The Ralston Holly Grade Railwayredevelopment south of San

Francisco. 55,000 m2 of retaining

walls were built during this project.

The site of the future Jangyoo treatment plant in South Korea, treated

using the Ménard Vacuum® process. A membrane is spread out

on the ground, a pumping system is installed to create a vacuum

in order to consolidate the site. The expected settlement is 6 m,

about the height of a two-storey building.

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F R E Y S S I N E T G R O U P I N T H E W O R L D

AMERICAARGENTINA FREYSSINET Buenos AiresTIERRA ARMADABuenos AiresBRAZIL STUP PREMOLDADOS Sao PauloFREYSSINETRio de JaneiroTERRA ARMADARio de JaneiroCANADA REINFORCED EARTH COMPANYTorontoFREYSSINET MontrealCOLOMBIASTUP DE COLOMBIABogotaTIERRA ARMADABogota

EL SALVADORFESSIC La LibertadGUATEMALAPRESFORZADOSTECNICOSGuatemala CityMEXICOFREYSSINET DEMEXICOMexico D.F.TIERRA ARMADAMexico D.F.PERUSTUP DEL PERU. LimaUNITED STATESFREYSSINET ViennaMENARD ViennaREINFORCED EARTHCOMPANYVienna VENEZUELATIERRA ARMADACaracas

EUROPEBELGIUMCINECVilvoordeBENELTABrusselsDENMARKSKANDINAVISKSPAENDBETONVaerloseFINLANDOY JANNIBETONIVantaaFRANCEFREYSSINETINTERNATIONAL & CIEVelizyFREYSSINET FRANCEVelizyMENARD SOLTRAITE-MENTNozayPPCSaint-Remy

FYROMMIGAL INZINJERING & KONSALTING SkopjeGERMANYSBT BRÜCKENTECHNIKPlüderhausenBEWERHETE ERDEPlüderhausenGREECEFREYSSINET HELLASAthensFREDRAAthensHUNGARYPANNON FREYSSINETBudapestIRELANDREINFORCED EARTHCOMPANYKildareITALYFREYSSINET ITALIARomeFREYSSINET ITALIAMilanTERRA ARMATARome

NETHERLANDSSAMACO WaddinxveenTERRE ARMÉEBredaNORWAYSKANDINAVISK SPENNBETON ÖsloPOLANDFREYSSINET POLSKAWarsawPORTUGALARMOL-FREYSSINETLisbonTERRA ARMADALisbonROMANIAFREYROMBucarest SPAINFREYSSINETMadridFREYSSINETBarcelonaTIERRA ARMADAMadrid

SWEDENSKANDINAVISK SPAENNBETON MalmöSWITZERLANDFREYSSINET MoudonTURKEYFREYSASIstanbulREINFORCED EARTH COMPANY IstanbulUNITED KINGDOMFREYSSINET UKTelfordREINFORCED EARTHCOMPANYTelford

AFRICAEGYPTFREYSSINET EGYPTGisaSOUTH AFRICAFREYSSINET S.A.OlifantsfonteinREINFORCED EARTHJohannesburg

ASIAHONG KONGFREYSSINET HONGKONGKowloon TongREINFORCED EARTHPACIFICKowloonINDIATAI AIMIL JOINTVENTURENew DelhiINDONESIAFREYSSINET TOTALTECHNOLOGYDjakarta

JAPANF.K.K. TokyoTERRE ARMÉETokyoKUWAITFREYSSINETINTERNATIONAL ET CIESafatLEBANONO.P.C. BeirutMALAYSIAFREYSSINET PSCKuala LumpurFREYSSINET ASIAKuala LumpurMENARD GEOSYSTEMKuala LumpurREINFORCED EARTHKuala LumpurPHILIPPINES FREYSSINETPHILIPPINES Quezon City

SINGAPOREPSC FREYSSINETSingaporeREINFORCED EARTHSingaporeSOUTH KOREAFREYSSINET KOREASeoulSANGJEE MENARD SeoulTAIWANFREYSSINET TAIWANENGINEERINGTaipei THAILANDFREYSSINET THAILANDBangkokUNITED ARAB EMIRATESFREYSSINET TAI MIDDLE EASTAbu DhabiVIETNAMFREYSSINET Hanoi FREYSSINET Ho Chi Minh-City

OCEANIAAUSTRALIAAUSTRESS FREYSSINETSydneyAUSTRESS FREYSSINET(VIC)MelbourneREINFORCED EARTHHornsbyNEW-ZEALANDREINFORCED EARTHDrury

17

F I N A N C I A L D A T A

CONSOLIDATED BALANCE SHEET

ASSETS

LIABILITIES

Euro Millions 1999 1998

Fixed assets 6,400 1,032

Goodwill 24,288 2,622

Tangible assets 25,610 15,956

Long-term investments 6,742 24,814

• shareholdings 3,054 22,858

• other long-term investments 3,688 1,956

Total fixed assets 63,040 44,424

Inventories and work in progress 33,156 25,667

Trade notes and accounts receivable 134,083 82,253

Other receivables 17,460 20,495

Short-term receivables and other investment securities 15,253 8,976

Cash 22,566 13,074

Total current assets 222,518 150,465

TOTAL ASSETS 285,558 194,889

Capital 15,625 15,245

Consolidated reserves – group share 13,295 9,301

Net income of the period – group share 4,791 2,143

Shareholders equity 33,711 26,689Minority interests 8,654 6,806

Contingency and loss provisions 37,152 25,974

Long-term debt over one year 25,225 13,700

Total long-term capital 104,742 73,169

Down payments from clients 16,576 9,077

Trade notes and accounts payable 82,592 64,552

Other payables 49,072 33,555

Payables and debts under one year 32,576 14,536

Total current liabilities 180,816 121,720

TOTAL LIABILITIES 285,558 194,889

18

CONSOLIDATED INCOME STATEMENT

LAST THREE FINANCIAL PERIODS

Euro Millions 1999 1998

1999 1998 1997

SALES 359,966 225,767Other income 4,023 6,515

Operating income 363,989 232,282Operating expenses - 344,075 - 223,601

OPERATING PROFIT OR LOSS 19,914 8,681Financial expenses - 3,325 - 2,316

Financial income 2,122 1,059

Net allowances for amortisation and reserves - 1,495 - 161

Financial profit or loss - 2,698 - 1,418Pre-tax income before extraordinary items 17,216 7,263Extraordinary expenses and income - 7,189 - 925

Extraordinary appropriations for amortisation and reserves - 637 - 2,250

Extraordinary profit or loss - 7,826 - 3,175Employee profit-sharing - 510 - 250

Net tax expense - 2,533 - 1,603

Net income from consolidated companies 6,347 2,235Group share in equity interest 270 1,043

Net profit 6,617 3,278Minority interests - 1,826 - 1,135

NET INCOME - GROUP SHARE 4,791 2,143

SALES 359,966 225,767 218,076• Foreign sales 280,165 160,666 148,077

NET INCOME - GROUP SHARE 4,791 2,143 2,150Shareholders’ equity after income of the period 33,710 26,689 14,430

Contingency and loss provisions 37,152 25,974 19,240

CASH FLOW 16,011 13,205 17,713INVESTMENTS OF THE PERIOD 26,621 27,037 3,715• Industrial investments 11,026 5,138 3,404

• Financial investments 15,595 21,899 311

AVERAGE NUMBER OF EMPLOYEES 2,767 2,023 1,614

19

Freyssinet international (STUP)Commercial partnership company

with a capital of 15,625,000 €

1 bis, rue du Petit-Clamart

78140 Vélizy-Villacoublay - France

Phone: +33 1 46 01 84 84

Fax: +33 1 46 01 85 85

www.freyssinet.com

Freyssinet is a company of

Design-production: agence idéPhotographs by Francis Vigouroux, Claude Cieutat, Lim Chung-Eui, Adrian Hall and from the Freyssinet photo library.