TPF GROUP / ACTIVITY REPORT 2008

TPF GROUP / ACTIVITY REPORT 2008

TPF GROUP / ACTIVITY REPORT 2008 page 2

Contents

FOREWORD 3

ORGANIZATION CHART 10

HIGHLIGHTS FOR THE SUBSIDIARIES 13

EUROPE

Belgium

TPF Engineering 14

B.E. Hubert Louis 22

Bagon Ingénieurs-Conseils 24

TPF-Basse Sambre 26

TPF-Utilities 28

Grand Duchy of Luxembourg

TPF Luxembourg 30

Spain 31

France

Beterem 32

Secmo 36

Poland

E&L Architects 38

Portugal

TPF Planege 40

Romania

TPF Romania 43

ASIAIndia

S.N. Bhobe & Associates Pvt. Ltd 44

AFRICA

Algeria

TPF Algérie 48

Angola

TPF Angola 49

PRESENTATION OF THE ACCOUNTS 51

Consolidated balance sheet 52

Consolidated profit and loss account 54

page 3 TPF GROUP / ACTIVITY REPORT 2008 FOREWORD

In 2008, the economic crisis had little effect on TPF and we are going into 2009 under favourable conditions

Financial result

In 2008 we decided that particular attention should be paid to strengthening TPF’s financial position. The result is a favourable change in four financial factors essential for the life of the group, as follows :

■ Sales increasing from 74 million euros to 80 million euros.■ Operating margin (EBITDA) showing a strong increase from 5.26 million

euros to 8.2 million euros.■ Reduction on net bank debt from 28.69 million euros to 19.8 million euros.

This has resulted in the EBITDA/net bank debt ratio being reduced from 5.45 to 2.42.

■ Low level of goodwill remaining to be amorticised, 2.04 million euros com-pared to a total equity of 20.20 million euros.

What happened in 2008 ?

■ In the engineering sector, progress was made particularly tangible by the increase in the number of people employed, from 770 units at the beginning of 2008 to 1000 units at the end of 2008. We should state that at the end of 2008, it was India that had the largest number of employees (260 persons), just passing Belgium by a short head (250 persons).

In Africa, two new subsidiaries have been created : one in Angola, the other in Algeria.

■ At the end of 2008, TPF was able to make a new acquisition : the Belgian engineering firm Bagon Ingénieurs-Conseils, and its 17 employees have joined our teams. The expertise of Bagon Ingénieurs-Conseils, more particu-larly in the field of infrastructures, has increased our wealth of experience in this field.

■ In the “Utilities” sector (water and energy), the most notable event is without a doubt, the drawing up of the Green Fund, funds raised by the Degroof bank, set at 47 million euros and managed by TPF in association with Transcor, a member of the Groupe CNP.

The Green Fund has been used to invest in various renewable energy projects in several European countries, with a particular emphasis on those where TPF is already active.

■ In the turnkey sector, the drastic selection process for projects has continued with the result in a drop in our annual turnover.

■ In our cogeneration units we have also noticed a reduction in the amount of electricity produced caused by the high price of gas.

TPF GROUP / ACTIVITY REPORT 2008 page 4FOREWORD

EUROPE

Belgium

Engineering DivisionTPF Engineering, Bureau d’Etudes Hubert Louis, Bagon Ingénieurs-Conseils

Operationally, 2008 was a good year for this strong division of 125 employees.Nevertheless, at the start of the year this sector of activity was marked by a sharp drop in the growth of new projects in property development, and over the summer, orders fell drastically in the industrial sector. On the other hand, we should state that there was a limited recovery in the food industry in November 2008. These sharp falls ended in a drop in prices.

Crowned with success until then, TPF’s strategy has continued without let up : ■ Now concentrating more on the markets where expertise is the essential

element.■ Diversifying the customers in the public sector, by offering a range of services

that exceed the sole criteria of price.■ Endlessly finding ways of offering competitive and attractive prices.

Here are three successful applications of this strategy:■ Carrying out the execution plans for the new nuclear power plant in Flaman-

ville (France). These have a high degree of sophistication and strict requirements relating

to safety. Only a company that has a faultless organisation and a high level of competence is able to meet this type of order.

■ Bordet hospital in BrusselsThis new cancer treatment centre will become one of the European bench-marks in this field, and has awarded all of the technical utilities studies to TPF Engineering and Beterem. Beterem, with its very strong expertise in hospitals, has been associated with all phases of the contract, and this probably made all the difference during the selection process of the projects for which we put in tenders.

■ Studies for the US ArmyThe US Army has been a loyal customer for several years, and it has strict and very particular requirements regarding the confidentiality and security of its projects. Our organisation has been able to meet these criteria. We should also add that we have been able to present our projects in impeccable English.

We shall now look at the major events marking the life of the TPF group in 2008.


The acquisition of the engineering firm Bagon Ingénieurs-Conseils, who has a complementary expertise in infrastructures to that of TPF, responds to the same strategy : to strengthen our expertise wherever we are present, in buoyant sectors that demand a high level of competence.

All this has allowed us to approach 2009 with relative calmness, whilst remaining particularly vigilant and reactive in the sub-regions and sectors that have been strongly affected by the economic crisis.

Finally we should add that thanks to sustained commercial efforts, the order book for 2010 is filling up as normal.

Utilities Division TPF-Utilities, TPF Econoler, Socageth

Our Utilities Division has continued its growth strategy along its main strong areas :

■ Design, management and operation of installations,■ Water and energy sectors,■ Renewable energies.

In the fields of design, management and operation of installations, the opera-tional year went well, although the last quarter of 2008 recorded the start of a downturn, especially in the steel industry.

The safety certification OHSAS 18000 (Occupational Health & Safety Assessment Series), obtained this year, has consolidated TPF’s professionalism even more, which is also significantly growing in renewable energies.

We should mention the obtaining of two important contracts in 2008 relating to :

■ The installation of wind turbines in Kenya, the first in this country,■ The partnership with Transcor and Degroof for managing a fund to be used

for investing in biomass, wind and hydroelectricity projects.

The prospects on this subject are looking very promising for 2009.

Turnkey Division TPF-Basse Sambre

Our subsidiary TPF Basse Sambre had a stable year, during which several contracts were concluded satisfactorily. At the end of four years of negotiations, a contract of over 40 million euros has been obtained for the complete renovation of the fire safety system of Sonatrach’s largest gas liquefaction complex in Algeria. The project will last over 3 years.”



TPF has been operating in the Grand Duchy of Luxembourg from Belgium for around ten years, mainly in the food industry sector.In 2008 our wish became reality : to increase our growth and in the long term become a significant player in the Luxembourg market through the company TPF Luxembourg. This breakthrough was at first started mainly in the field of technical utilities for buildings, and it is continuing hand in hand with the com-mitment of our workforce: TPF Luxembourg currently employs six people.

Spain

TPF did not invest in new energy installations in 2008 but mainly concentrated on updating and optimising the existing installations.

The portfolio of installations for which TPF is a shareholder is made up of :

■ Cogenerating power plants■ An olive residue processing plant

France

With an annual turnover of 22,023,664 euros and a net profit of 1,182,189 euros, the year has proved to be excellent for Beterem, on the same level as 2006, but not reaching the exceptional results of 2007.As for the recently acquired Secmo, it has recorded excellent results : its annual turnover reached 2,077,721 euros with a net profit of 311,527 euros.At the end of 2008, Beterem and Secmo were employing a total workforce of 220 people.The start of the recession in 2008 has led to one positive effect: the taking on of around fifty qualified employees who had suddenly lost their jobs and were available on the market. Combined staff turnover led to a net increase in the workforce of 20 people. This has allowed our companies to reduce the use of subcontractors in the second half of 2008 and so to refine the structure of their organisation. In spite of an unfavourable situation, given the efforts made, 2009 will only suffer a slight fall in activity and fortunately this will be accompanied by an initial breakthrough on the international front.


Poland

TPF’s activities in the architecture and infrastructure consultancy sectors grew, with an excellent year from an operational and financial point of view.In office buildings and residential complexes, the dynamism hardly flagged throughout 2008, despite administrative difficulties.

Infrastructures have recorded an accelerated growth over the last few years. E&L Architects with the support of TPF Planege has successfully established itself as a heavyweight player in carrying out road and rail infrastructure projects.This expertise has been added to our breakthrough in the field of water : we are in charge of an assignment providing technical support and supervision of the construction work relating to the construction of two wastewater purification plants.

Portugal

The change in strategy, decided on four years ago, to diversify regarding project management has plainly borne fruit this year.Thanks to the design activity and subcontracting for projects in Algeria and Angola, we can show a slight increase in annual turnover of 12,784,113 euros, but above all, an increase in profits rising to 1,002,412 euros, compared to 242,764 euros in 2007.TPF Planege has 140 employees.The strengthening of this strategy was made tangible at the beginning of 2009 by the acquisition of the P&V company specialising in the design of infrastructure projects. This company employs around fifteen people.

Romania

The management change carried out in 2007 and the new strategy implemented has allowed TPF Romania to break even in 2008, which has not happened for several years.By mid-2008, the forecasts were allowing us to believe in a mainly positive result for 2009. Since then the drop in property activity and the reduction in the number of large public projects have led us to revise our forecasts downwards and to concentrate our efforts on breaking even again.TPF Romania employs 15 people.


ASIA

India

In India our activity is rapidly expanding because, to take just one indicator, the workforce, with 80 employees in mid-2006 (when we acquired the company), reached the figure of 260 at the end of 2008, and is currently 320.

In an admittedly less gloomy situation than in western Europe, but still nevertheless affected by the recession, a two-fold strategy is the basis of this performance :

■ The diversification of the type of work leading to a strong penetration into the road and railway infrastructures sectors.

■ The size of the country : on its acquisition, SN Bhobe was only established in Mumbai. We currently have locations in Pune and Nagpur (State of Maharashtra), Bubaneshwar (State of Orissa), Bangalore (State of Karnataka), Delhi (State of Delhi), Surat (State of Gujarat), Goa (State of Goa) and Anuppur (State of Chatisgarh).

AFRICA

Algeria

In this country, with its abundance of energy resources, the essential element is to have modern infrastructures. We created a subsidiary here in 2008, and it is currently active in carrying out two major railway projects.For 2009, the objective is to expand the activity and to progressively create a multidisciplinary subsidiary.TPF Algeria employs 10 people.

Angola

Given the rapid development of this country, and in support of our ever-expanding Portuguese subsidiary, the decision was taken to create a subsidiary in Angola. Immediately we were awarded various projects : supervision of the construction of a cement plant, road layout plans, design of urban plans and supervision of the construction of new cities, as well as the construction of new buildings.Our subsidiary has 20 employees.


From mid-2005 to the end of 2008, TPF did not make any significant acquisitions. In fact, in the current situation, this most often occurs at prices that are completely disconnected from economic reality. So TPF is able to tackle the difficult years to come with an efficient organisation, a healthy balance sheet and a full order book.

In addition, with its subsidiaries in five western European countries (Belgium, Luxembourg, France, Spain and Portugal), two in eastern Europe (Poland and Romania), two in Africa (Algeria and Angola) and one in Asia (India), TPF has a good spread of risks. We should note that in Spain our only activity is energy production.

Thanks to this geographical spread and, apart from any unforeseen unfortunate event at this stage, the growth of TPF should continue to develop even more in the future. Regarding the number of people employed, at the end of March 2009 TPF employed 100 more people compared to the end of 2008, the total rising to 1100 units and, in December 2009, no less than 1250 people will be employed. In two years, the group’s workforce will be increased by around 500 units. This result is even more spectacular considering that, at the beginning of 2009, we only made one acquisition : that of P&V in Portugal, specialising in the design of infrastructures and whose workforce is just fifteen employees.

We would like to express our grateful thanks to all the employees of the group for the work they have done. Their professionalism and enthusiasm gives us support in our will to forge ahead.

Thomas Spitaels

Chief Executive Officer

Christophe Gilain

Managing Director

EUROPE

Belgium

Spain

France


Poland

Portugal

Romania

91,5 % TPF-Utilities

91,5 % TPF-Econoler

100 % Socageth

100 % TPF-Basse Sambre

51 % E.S.O.

91,5 % TPF-Utilities

100 % TPF Engineering

100 % B.E. Hubert Louis

100 % Bagon Ingénieurs-Conseils

70,5 % Econoler

70 % Gensabon

35 % Mesogen

31,5 % Bioenergetica Egabrense

83 % Beterem Ingénierie

83 % Beterem RAC

83 % Beterem SI

83 % Beterem Maintenance

83 % SECMO

66 % TPF International

100 % E&L Architects

94,4 % TPF Planege

99,8 % TPF Romania

TPF GROUP/ACTIVITY REPORT 2008 page 10

ORGANIZATION CHART

Simplified organization chartof the TPF group

ASIA

India

AFRICA

Algeria

Angola

51 % S.N. Bhobe & Associates Pvt. Ltd

97 % TPF Algérie

93,4 % TPF Angola

100 % Engineering

100 % Realization - Operation in the water and energy sectors

page 11 TPF GROUP / ACTIVITY REPORT 2008 EXECUTIVE COMMITEE

Composition of the GroupExecutive Committee

From the left to the right :

Frédéric Lassale

Jorge Nandin de Carvalho

Atul Bhobe

Marc Capelle

Christophe Gilain

Thomas Spitaels

Member of the Group Executive Committee




Managing Director

Chief Executive Offi cer

page 13 TPF GROUP / ACTIVITY REPORT 2008 HIGHLIGHTS FOR THE SUBSIDIARIES

GROUPE TPF / FAITS MARQUANTS

Major events in the life of the Group in 2008Highlights for the subsidiaries

TPF GROUP / ACTIVITY REPORT 2008 page 14EUROPE

Throughout this year, TPF Engi-

neering confirmed even more its

essential role in the performance

of the TPF Group.

This multidisciplinary sector is based around three divisions : Structural

& Civil Engineering, Technical Utilities and Building. Operating these

three divisions as an asset, and playing on their complementarity, these

sectors showed themselves to be particularly dynamic in 2008.

TPF EngineeringBelgium, Europe

GREAT NAMUR REGION SANITATION

LA SABLIERE HOUSING PROJECT , Brussels

MEDIACITE, LiègeDesign by Ron Arad - Developer Wilhelm & Co

page 15 TPF GROUP / ACTIVITY REPORT 2008 BELGIUM

As a reminder, these were designed by the famous London architect and designer, Ron Arad. The shopping mall is expected to open in October 2009.Finally, the extension to the shopping centre will be built alongside the river Meuse diversion, and six new cinema screens will be built for the Kinepolis group, extending over a surface area of 6500 m² over 2 fl oors. We were assigned the design stage at the end of 2008 and this will be completed during the fi rst half of 2009.

PALAIS DES CONGRES, BrusselsThis complex was built for the impressive World’s Fair of 1958, the 50th anniversary of which has just been celebrated. Having suffered the ravages of time, substantial renovation was needed. The contractors CFE-Besix-Jacques Delens carried out the alter-ations and renovation work. For its part, TPF Engineering was appointed to carry out two operations: the construction plans for the stability of the “Coudenberg” building, comprising modular rooms and offi ce spaces, as well as the building plans for the Donation Royale, comprising offi ce and archive areas. This two-fold task was able to be completed within the given deadline.

GREATER NAMUR REGION SANITATION

The contract concluded in 2007 with the group of companies brought together for carrying out the Greater Namur Region sanitation project, managed by Bageci on behalf of the SPGE (Public Company for Water Management) is well under way. The whole assignment relates to the development and constructionof thirty-fi ve vortexes, two pumping stations, ten lifting stations, fi ve storm overfl ows, a grit chamber, a depressed sewer under the river Sambre, and fi nally eighteen deviation chambers. The civil engineering designs relating to the construction of twenty-one stations will continue in 2009.

STRUCTURAL AND CIVIL ENGINEERING DIVISION

The period was prosperous in real estate and infrastruc-tures despite an appreciable drop in investments in office buildings and housing, which was fortunately counter-balanced by sustained activity in civil engineering.

In addition, TPF Engineering was able to widen its skills thanks to the acquisition of Bagon Ingénieurs-Conseils, and so increase the range of its services in the field of civil engineering.

Finally, TPF Engineering’s profitable links with our Indian partner, SN Bhobe Ltd, were strengthened even more in 2008 to our great satisfaction.

Amongst the high points of the year, we should mention the continuing large projects and several major constructions such as Mediacité in Liège and the completion of the Tour des Finances in Brussels. Business made possible, not to say greater, thanks to the close cooperation of the ‘Technical Utilities and ‘Structural’ divisions.

MEDIACITE, LiègeThe site of the former rolling mills of Espérance in the Longdoz district of Liège covering 6 hectares is where the Médiacité project will be completed. More than 42,000 m² will be used for shops, audiovisual, media and leisure projects.The heavy building work of the new shopping mall, started in August 2007, and the renovation work on the former shopping arcade of Longdoz, started at the beginning of 2008, will be completed in March 2009.

During June 2009, the assignment for controlling and coordi-nating the fi tting of the glass roof and facades will be fi nished.


LA SABLIERE APARTMENTS, UccleThe working plans and supervision of the construction work ofthe fi rst two luxury apartment blocks comprising 36 and 31apartments started as planned at the beginning of February.The completion of the heavy building work is scheduled forApril 2009.Our subsidiary was also very busy at the beginning of 2009,carrying out designs relating to the construction of the thirdbuilding and the retirement home.

DELHAIZE SA, BrusselsSince 2007, TPF Engineering has been carrying out technicalaudits for the Delhaize group, the leader in large-scale distributionin Belgium, for their supermarkets and the ‘City Delhaize’ con-venience stores.

TOUR DES FINANCES, BrusselsFive years after the launch of this ambitious project, the consid-erable work for the removal of asbestos and renovation of theTour des Finances and the construction of a new offi ce buildinglocated on the Rue Royale were completed in April and Decemberof this year respectively.With its surface area of 200,000 m² and its total capacity of 4600persons, the prestigious Tour des Finances, renamed “FinanceTower” is now the largest offi ce complex in the country. As for the new building called “Door Building”, this provides almost18,000 m² of offi ces, distributed over the ground fl oor and 10 upperstoreys that will mainly be occupied by the AFSCA, the BelgianFederal Agency for Food Safety.We were asked to carry out some additional improvement workthat was successfully completed to the great satisfaction of thecontractor.

In addition, several significant orders have marked this financial year.

‘JUST UNDER THE SKY’ LEISURE CENTRE,

Quai des usines, Brussels A new complex called ‘Just Under The Sky’ will be built along-side the canal, on the site of the former ‘Godin’ factories. It willcomprise a shopping centre of almost 25,000 m², a leisure centre,a well-being ‘lifestyle’ centre, an events area and a car park with acapacity of 2200 parking spaces over three levels. The six buildingserected on the four-hectare site will provide wide exterior-interiorviews. Three entrances will give access to four levels comprisingseparate shop units which, as a reminder, will be handed overwithout any kitchen/bathroom fi ttings. The whole thing will beinterconnected by covered walkways.To our great satisfaction, we were chosen by Equilis to carry outthe engineering designs.

NEW HEADQUARTERS FOR THE ‘NATO SPECIAL FORCES

COORDINATION CENTER (NSCC)’, Shape / MonsAnother key contract, the American army awarded us the completeassignment for architecture and engineering for the constructionof a new administrative headquarters of 5100 m² that will houseNATO’s Special Forces Coordination Center. These installationswill be able to hold some 250 people and will group togetherthe following divisions : ‘ Command Group, Operations Support,Strategic Concepts, Training Exercises, Human Resources,Logistics, Medical, Communications Support, Budget and Finance ’.This project also includes a large conference hall, training premises,the construction of a car park with a capacity of 250 parkingspaces and the development of the exterior grounds. Regardingtechnical equipment, we should note that the heating, ventilation,

FINANCE TOWER, Brussels

« JUST UNDER THE SKY »,Brussels


air conditioning and emergency power (UPS and generators) will be supplied by centralised dual systems for the critical installations.Finally, we should underline that the project is subject to strict constraints inherent to the specifi c nature of the building : special equipment, US anti-terrorist standards, intrusion detection systems and communications systems.

GAS AND STEAM TURBINE ELECTRICITY POWER STATIONS,

NavagneThis ambitious project, currently being drawn up, will start in the third quarter of 2009. It is for the installation of two combined gas and steam turbine electricity power stations, 400 mW each, at the Navagne site, near Visé alongside the river Meuse. The consortium formed by the English design offi ce PB Power and TPF Engineering has won the contract from the Société de Production d’Electricité (SPE) for the engineering, provisioning and construction (EPC), comprising the basic design, drawing up the business consultation documents, assessing the bids as well as the coordination and supervision of the execution of the works.Our teams are also responsible for supplying a preliminary study report for the geotechnical and topographical feasibility studies and to control the structural and civil engineering designs. We should underline that these new power stations will represent the largest industrial investment made this decade in Wallonia, and they could be opened by the beginning of 2012.

EPR NUCLEAR POWER PLANT, Flamanville, FranceBy awarding us the production of the civil engineering working plans of the NAB (Nuclear Auxiliary Building), the Bouygues TP - SETEC tpi partnership has given us the opportunity to take part in a project that is remarkable for its size, the investment cost being estimated at some 3.3 billion euros.

This new generation EPR (European Pressurised Reactor) nuclear reactor will be put into service in 2012 in Flamanville, in the Basse-Normandie region. The design, production of the plans in accordancewith EDF’s very strict standards, and the operating conditions must be approved by the French Commission for Nuclear Safety and Radiation Protection. During the construction phase, the site for this nuclear electricity power plant with a power of 1650 mW will employ 2000 people.

WATERFRONT, NamurThe ‘Waterfront’ refers mainly to a complex of 280 low energy consumption residential units along the Avenue Albert I and by the side of the river Meuse at a place called ‘Port du Bon Dieu’. Sixteen buildings in superstructure will be erected there. This residential complex will also provide a car park with 280 spaces. The assignment we have been given by the Atenor group covers the structural designs.

RENOVATION OF SHOPPING CENTRES, Mons and Fleron Our order book also includes projects for shopping areas. More precisely, as part of the building redevelopment and property management activities of Redevco Belgium, a contract relating to the structural and civil engineering designs has been signed for the renovation of the Carrefour hypermarket in Ghlin and the Brico DIY store in Fléron.In Ghlin, part of the existing buildings will be demolished and new areas will be built. Fléron will benefi t from an extension to the shopping areas. Once this work has been completed the car parks and the surrounding grounds will be completely restructured.

NATO - NSCC (Nato Special Operation Forces Coordination Center), Shape, Mons

NUCLEAR POWER PLANT EPR,Flamanville, France

CCGT Plants, Navagne - Visé


The quality of its engineering services has earned the Technical Utilities Division a good number of contracts and to cover such varied fields as hospitals, hotels and office buildings.

The activities started in 2008 have been continued as scheduled and several large operations have been success-fully completed. Here are five of them that particularly illustrate our activities:

MONTOYER 51, BrusselsLocated at the corner of Rue Montoyer and Rue Bourgogne, in theheart of the administrative centre of Brussels, this offi ce buildingbuilt at the beginning of the 1980s has three fl oors underground(1 level intended for offi ces and 2 levels of car parking) and 8 fl oorsof offi ces above ground, the whole thing with a surface area of18,000 m². The renovation of the building involves in particular theinstallation of a new façade after the demolition of the balustrades.The 7th fl oor will be rebuilt, a new fl oor will be fi tted in the roof andthe entrance will be changed to two levels so as to create a lobby(extension of the patio to level -1 and replacement of the technicalinstallations). With this in mind, Montoyer 51 Leasehold has calledon us to carry out the structural and technical utilities studies.

TECHNICAL UTILITIES DIVISION

FORUM, BrusselsFor this huge project relating to some 60,000 m² of offi ces andresidential units located in the city centre adjoining, in particular,the Rue la Presse and Rue de la Croix de Fer, TPF has beenawarded the technical utilities studies, as well as the supervisionof the work.The construction site will be spread over several years. 2008 sawthe launch of phase 1 relating to the demolition and rebuilding ofone part of the complex. After the completion of this fi rst stagein 2010, the second and third phases will be carried out, andthe fi nal completion is planned for 2014.

SOUTH CITY OFFICE & HOTEL, Ilot C, BrusselsIn Brussels, in the area of the International Gare du Midi, theheavy building work for the construction of more than 30,000 m²of offi ces has started. At the same time, TPF was awarded thestudies for the construction of a 3-star hotel with a capacity of142 rooms.

RTBF REYERS SITE, BrusselsAs part of the redeployment programme of RTBF’s various sitesin the French Community, the partnership of TPF Engineeringand Archi 2000 has been carrying out studies for the rebuilding,

MONTOYER 51,Brussels

SOUTH CITY OFFICE & HOTEL,Ilot C Brussels


reconstruction and renovation of the existing areas. For its part, TPF Engineering is carrying out structural and technical utilities studies as well as supervision of the work.

KPN BELGIUM, NossegemOur consultant engineers have been asked to carry out studies for the technical room at the Data Center of the telecoms operator KPN Belgium. They are for the increase in refrigeration production (2.6 mW) and supply of the high voltage room (from 2 mW to 5 mW), as well as making the electricity supply safe by the installation of a no-break unit (1.6mW for an installed power of 4 mW).

In addition, we cannot complete this overview of 2008 without mentioning the signing of important new contracts.

HOSPITAL BORDET, BrusselsA particularly successful example of the close cooperation betweenour subsidiaries, the Brunet – Beterem – TPF Engineering consortium has been taken on to carry out the technical utilities and structural studies as part of the reconstruction of the new Institut Jules Bordet on the campus of the Université Libre de Bruxelles in Anderlecht. This ambitious project will make available to all the patients and players concerned a structure, an environ-ment and a consistency providing them with access to cutting

edge technologies and oncology healthcare. For this, it will increase the capacity from 154 beds to 250 beds and from 12 day beds to 40 day beds. This building will extend over a total surface area of 50,000 m² and will include a ground fl oor, three fl oors above ground and two levels underground. So this redesigned institute will be able to confi rm its already well-earned reputation on a Belgian, European and international level.

HOTEL ASTORIA, BrusselsThis concerns the renovation and extension of the prestigious fi ve-star hotel located at 103, Rue Royale. The listed parts of the building will be restored, and the façade and entrance lobby will be given a facelift. In addition, the Hotel Astoria, which currently has 118 rooms, will be given an additional 35 rooms.Hotelgal SA, the European operators of the hotel complex have awarded TPF Engineering all of the technical studies.

WATSON & CRICK PARK, Louvain-La-NeuveLocated in an 8-hectare area of greenery, close to major trunk roads, this business park developed by the European property developer Pylos will become a real centre for biotechnology and high technology. The whole design relates to the renovation of three existing buildings and the construction of ten new buildings. The way the environmental standards have been taken into accountin the design of this project will give it an indisputable added value.

KPN BELGIUM, Nossegem

ASTORIA HOTEL *****, Brussels

RTBF REYERS SITE, Brussels

WATSON & CRICK PARK,Louvain-la-Neuve

TPF GROUP/ACTIVITY REPORT 2008 page 20EUROPE

BUILDING DIVISION

The solid experience acquired over the course of over 40 years activity has allowed this subsidiary to distinguish itself many times in the industrial sector, both in Belgium and the Grand Duchy of Luxembourg.With the support of the Arcoteam firm of architects, in Belgium the year 2008 was made the most of by continuing or completing several remarkable contracts. Amongst the customers are some of the biggest names in the food industry.

So, in the Liège region, extension work for GHL Gotta, thebenchmark company in the Belgian beef sector, as well as theconstruction of a new butchery unit for Lonhienne, a wholesalerspecialising in lamb, were successfully completed.

The preliminary design for a new meat market for Abatan, operatorsof the abattoirs at Anderlecht have gone well. We are still waitingfor the green light to start this project.

Still in the food industry sector, the renovation and extensionworks to a Colona sauce production unit in Waremme havebeen completed.

Wanting to stay at the cutting edge of innovation, the Kitozymecompany, manufacturers of plant biopolymers, are currently con-structing a new production unit for the cosmetics and nutraceuticalmarkets at Herstal. We have been asked by the property developerEquilis, one of the subsidiaries of the Groupe Mestdagh, to carryout the architecture, interior development, process work andtechnical utilities, which are on course for completion.

We should also point out the commencement of the constructionworks of the new catering unit for Frianda at Grâce-Hollogne.Not forgetting the continuing feasibility studies as part of theconstruction of a building destined for the units of the Technologyof Food and Bio-Industries of the University of Food Science at Gembloux.

Finally, as part of the contract signed between the energy supplierNuon and TPF Engineering for the construction of a 400 mWelectricity power plant in Seneffe (CCGT Power Plant), our assign-ment for consultancy, drawing up the overall development plan, thedraft plan and the planning application are continuing on course.

In 2009, TPF Engineering will continue to be at the forefront of the food industry, hygiene and the environment sectors. In this way we will be able to successfully carry out opera-tions for well-known companies such as Fri-Pharma, Idelux, and AIB-Vinçotte, to quote just a few examples.

This is why the pharmaceuticals company Fri-Pharma awardedus the designs for the construction of its new automated refrig-erated warehouse at Gembloux, with a capacity of 15,000 pallets.And also, why the District for Economic Equipment in the provinceof Luxembourg, Idelux, called on our services for the phase 1 ofthe upgrade to the abattoir at Bastogne.

In 2008, AIB-Vincotte (ISA) and Lloyd’s Register renewedtheir agreements with our Building Division : the fi rst for carryingout certifi cation audits (BRC and IFS) for numerous food industrycompanies, and the second for the environmental managementsystems as part of the ISO 14000 certifi cation.

Similarly, amongst the companies that have called on our know-how regarding applications for environmental licences and singlelicences, who should quote, amongst others, Versatel, SPE, Viangros, Fri-Pharma, Gotta…

Finally in 2009, for the new assignments that have been grantedto us, efforts will be increased regarding the Energy Performance of Buildings Directive (EPBD), so as to be even more compliantwith the directives of the European Commission.

ABATAN / NEW MEAT MARKET,Brussels

BELGIUMpage 21 TPF GROUP/ACTIVITY REPORT 2008

LONHIENNE / EXTENSION OF THE LAMB MEAT CUTTING UNIT,

Droixhe (Liège)

FRI-PHARMA / COLD STORAGE UNIT,Gembloux

KITOZYME / NEW PRODUCTION UNIT FOR BIOPOLYMERS,Herstal


In 2008, whether it related to services provided

in the fields of civil engineering, topography or

infrastructures, our subsidiary in Liège has greatly contributed to the

completion of numerous projects.

Bureau d’Etudes Hubert Louis Belgium, Europe

AMERICAN NEUVILLE-EN-CONDROZ MILITARY CEMETERY, Neupré

OIL STORAGE DEPOT, Brussels-South Airport

RECYPARK FOR INTRADEL

The start of the year was marked by the opening of the newTerminal at the Charleroi-Brussels Sud airport. So now the Bureaud’Etudes Hubert Louis can claim experience in the airport fi eld.

The growth in activity at the Charleroi-Brussels South airportneeded the creation of new infrastructures so as to meet theincrease in passenger traffi c. In 2007 the SOWAER (WalloniaAirports Authority) had already awarded us the structural studiesfor the new construction of the North Taxiway and the Fuel Station.This assignment has now been completed and the supervisionof the construction work will go hand in hand with the studiesfor lengthening the runway.

Apart from these large projects, we should mention the fi nalisationof the infrastructures and structural studies carried out for theEconomic Bureau of the Province of Namur (BEP) as part of theproject for the construction and operation of an integrated waste management site in Floreffe, relating to the construction ofan administrative building and an access bridge to the site.

2008 also saw the completion of structural and infrastructurestudies for the redevelopment of the roof on the Olympic swimming pool in Seraing, the development of the New Tube Meuse site in Flémalle for the SPI+ and the complete renovationof several supermarkets for the Delhaize group in the Liège region.

In addition, we should also mention the fi nalisation of the reha-bilitation studies of the internal water networks and drainagesystems of the American military cemetery at Neuville-en-Condroz, located in Neupré on behalf of the American BattleMonuments Commission, responsible for the maintenance ofAmerican monuments and cemeteries. Not forgetting the analysescovering the work on the sewers and drain repairs in the Rue de La China and Rue du Troleu in Sprimont.

As a specialist in topography, the Bureau d’Etudes Hubert Louishas also carried out the complete surveys of the sewer networksfor the Association for Water Separation and Purifi cation for theProvince of Liège (AIDE), as well as in surveying the networksin Sprimont, and in Flémalle the topographical surveys of theTerril du Hénâ on behalf of Electrabel.


NEW TUBE MEUSE SITE, Flémalle

COVERED CAR PARK,Brussels-South Airport

Our Liège subsidiary will be continuing its activities in this direction in 2009.

So it will be continuing with the activities undertaken in 2008, such as the technical support contract relating to the moderni-sation of the FNAC store in Liège. The same goes for the studies relating to the modifi cations to the moveable fl oor of the swimming pool in Seraing, the supervision of the work on the development of the grounds for the Autonomous Port of Namur and in the Place des Guillemins in Liège, which provides access to the international TGV railway station.

The Bureau d’Etudes Hubert Louis has also been awarded several new contracts. Amongst them we should mention the studies relating to :

- The construction of two waste recycling collection centres at the Flémalle and Herstal sites for the Department of Waste Treatment (INTRADEL),

- Moving the waste recycling collection centre in Fléron

- Renovation and extension to several buildings such as the sports centre in Andenne and the training centre for the Wallonia Institute for Work-based Training for Independent Businesses and SMEs (IFAPME) in Villers-le-Bouillet, the offi ces for the ING bank in Liège, the primary school in Ans, the construction of new changing rooms for the town sports centre in Waremme, and the construction of a new heated pool for the Olympic swimming pool in Seraing.

Finally, the GEI company awarded us, on behalf of the company CMI, the structural studies relating to the construction of a new paint line in Dubai, and more especially, the studies for the foundations of the lobbies and their timber work.

TPF GROUP/ACTIVITY REPORT 2008 page 24

So the activity of the fi nancial year was marked by the start upof the huge construction site for the new Schuman-Josaphat rail tunnel, an essential link for the future Brussels regional railnetwork (RER). This impressive engineering work, with a lengthof 922 m, will be built under the Cortenbergh road tunnel andwill pass under the Place Jamblinne de Meux as well as undera block of offi ce buildings.

Another example of possible future urban renewal is the technical-economical study for putting the road traffi c of the Rue de la Loi and Rue Belliard into a tunnel in the European District.

Other strong points are worth highlighting, such as the completionof the second phase of the construction project of a high-techoffi ce complex, the ‘West Side Village’, in Mamer in the GrandDuchy of Luxembourg, as well as the completion of the fi rst phaseof the construction project of a residential complex, the ‘Clos Bizet’ in Anderlecht (Brussels).

Finally, work is progressing on the ‘Namur Offi ce Park’ site.This is a huge project of offi ce buildings that will be erected inthe Namur region in Loyers.

The financial year was also interesting in terms of new orders.

Bagon Ingénieurs-Conseils won the contract for the civil engi-neering studies for the construction of structures underneaththe Parc du Cinquantenaire, which will encourage sustainablemobility in the area and in the European District. Amongst thedevelopment operations we should mention the opening of aroad tunnel and the creation of an underground car park forcoaches and cars.

The Albert metro station in Brussels will be the subject ofstructural modifi cations that will improve accessibility to the stationfor people with reduced mobility and develop a terminus at level -1,as part of the reorganisation of the Brussels tram network.

We cannot end this section without mentioning the structuralstudies for the complete conversion of an offi ce building intoa residential building in the heart of Brussels, Rue Neuve -Rue d’Argent.

Bagon Ingénieurs-Conseils Belgium, Europe With its strong know-how in the fields of building,

civil engineering and urban engineering, our

recent Belgian subsidiary has mainly concentrated on the development

of infrastructure and property projects, therefore strengthening the

engineering sector.

EUROPE

page 25 TPF GROUP / ACTIVITY REPORT 2008

NAMUR OFFICE PARK,Loyers (Namur)

STROSS WORKS UNDER THE ROAD SLAB OF THE CORTENBERGH TUNNEL, Brussels

TUNNEL JOSAPHAT,Brussels

BELGIUM


Both in Belgium and abroad,

2008 was a pivotal year marked

by the finalisation of several

particularly complex contracts.

On an international scale, the activity has been more concentrated on

the Middle East, Asia and North Africa, more particularly in Algeria.

TPF-Basse SambreBelgium, Europe

INDUSTEEL / COOLING TOWER,Charleroi

INTEGRATED WASTE MANAGEMENT PLANT, Floreffe

NAFTEC / LUBRICANT PACKING UNIT,Arzew, Algeria

SONATRACH / LNG 2-Z GAZ LIQUEFACTION PLANT,Arzew,Algeria

EUROPE


BELGIUM

In Virginal, the co-contractors have carried out the defi nitive handover of the new household waste incineration plant managed by the Intercommunal of Brabant Wallonia (IBW).

Amongst the various consultancy service contracts, certain projects are worth highlighting. For the Namur Public Services Department (INASEP), we should mention the construction, still on going, of the wastewater purifi cation plant in Namur (popu-lation equivalent of 81,500). For the Economic Bureau of the Province of Namur (BEPN), we should mention the construction of the integrated waste management site in Floreffe, and the erection of a crematorium in Assesse.

Finally, in Charleroi, for the steel producer Industeel, a subsidiary of ArcelorMittal, TPF-Basse Sambre won two turnkey projects. One is for the construction of a cooling tower for industrial water for continuous casting, and the other is for the construction of a new water cooling system of an electric furnace with connection to water cooling towers and the existing networks. In addition, other consultancy and support assignments have been continuing throughout the year.

ALGERIA

Our subsidiary won the tender of a contract for the renovation of a fi re prevention system in a GL2-Z gas liquefaction plant of the oil company Sonatrach, located in the Arzew industrial estate near Oran in Western Algeria, which will be spread over a period of 36 months. Still with oil, the provisional handover of the insulation work of

the LPG pipeline (butane gas supply) connecting the towns of Skikda and El Khroub has taken place, to the great satisfaction of our customer, Naftal, a subsidiary of the Sonatrach group.

Finally we should mention the agreements for which the guarantee period has not yet expired. These are fi rstly the contract for processing lubricants concluded with NAFTEC, the national Algerian oil refi ning company, another subsidiary of the Sonatrach group located in Arzew, who are satisfi ed with the results obtained in terms of production, and secondly, the contract for the renovation of the LNG cryogenic storage tanks concluded with the Sonatrach oil company for its GL2-Z plant in Arzew.

QATAR

A year ago we signed an exceptional consultant engineering contract with the Qatar National Cement Company that is coming to completion in 2009, when the new production line of the Umm Bab cement works will be put into service, one of the most modern and the largest in the Gulf. And for a good reason, as it will be producing 5000t of Portland cement clinker per day.

YEMEN

After successfully operating the consultancy contract relating to the creation of a new production line for the Amran cement works, with a capacity of 3300t of Portland cement clinker per day, TPF-Basse Sambre has been called on to provide a report regarding the reciprocal claims of the co-contractors IHI and YCC. This join request shows the confi dence that these two companies have in our company.

BELGIUM


The OHSAS 18000 (Occupational Health & Safety Assess-ment Series) safety certification obtained this year has increased international recognition for our company.

In Belgium we remain active in the operation of urban heating. In Charleroi, our subsidiary Socageth has recorded an increase in heating sales resulting in an annual turnover of 1,576,476 euros.

Regarding the protection of the environment, the increase in the number of assignments undertaken in our various disciplines has allowed us to strengthen our image both in Belgium and abroad.With this in mind, some projects are worth a closer look, such as :

SITA (GLOBAL WASTE MANAGEMENT),

Neder-Over-Hembeek (Brussels)

of a waste methanisation plant for industrial organic waste hasjust been completed. Each year this plant will process some30,000 tonnes of waste from which it will produce biogas for acogeneration unit.

ARCELORMITTAL INDUSTEEL, CharleroiIndusteel Belgium, a subsidiary of the worldwide steel group,ArcelorMittal, has repeated its confi dence in 2008 by calling onour services to carry out the design study and to select the vacuumproduction equipment for use in the manufacturing cycle of specialalloys. In addition, we should also mention that the productionof a vacuum can be carried out either by a boiler unit providing

40 tonnes of steam under a pressure of 12 bars, or by a unit ofvacuum pumps. This study should lead to the construction of aninstallation and to a 10 year delegated management contract.

AGC (water production), Boussoit and Aniche sites (France)AGC, one of the largest manufacturers of fl at glass has awardedus an operation contract for the water cooling circuits for its pro-duction furnaces at its Boussoit and Aniche sites. TPF-Utilitieswill manage these throughout the process, pumping, and effl uenttreatment up to the purifi cation system before the outfl ow.

THYSSEN KRUPP GROUP, Isbergues (France)Our teams were called on by ThyssenKrupp Electrical Steel, alarge producer of cold-rolled grain oriented electrical steel, for itsfactory as part of the design study and renovation of the effl uenttreatment plant.

With its wealth of experience in the field of municipal water purification plants, our subsidiary TPF-UTILITIES was called on by the Intercommunal for Brabant Wallonia (IBW), the Namur Intercommunal for Public Services (INASEP), the Association for Water Separation and Purification (AIDE), as well as the Western Hainaut Region Intercommunal for Public Sanitation (IPALLE).

Regarding the purifi cation plant at Mornimont, which we shouldremind you has a population equivalent of 45,000, the incidencestudy has been completed as planned and the contractor hasbeen chosen. The studies for the plants at Bomal, Ittre and Leuze

From year to year, TPF-Utilities has been

forging a solid experience in the design,

management and operation of installations

in the water and energy sectors. After a strong

start at the beginning of 2008, the final quarter however recorded a

slowdown in the management and operation activity, particularly under

the impact of the crisis in the steel industry.

TPF-UtilitiesBelgium, Europe

BELGIUMpage 29 TPF GROUP/ACTIVITY REPORT

have been completed. The civil engineering and electro-mechanicalworks for the purifi cation plant in the Lasne valley in Rosières(with a population equivalent of 145,000) is progressing.

Several construction sites have also been handed over : the puri-fi cation plant at Louvain-la-Neuve with a population equivalent of 12,000, the extension to the purifi cation plant in Ath with a pop-ulation equivalent of 22,000, and fi nally, in Chercq, the extension to a population equivalent of 12,000.The installation of sections of around 20 km of wastewater col-lectors at Villers-la-Ville has started.

The construction of the purifi cation plant in Sprimont is currently tin the design stage for a population equivalent of 4200. TPF-Utilitiesis responsible for the designs, selection and supervision of the work.Finally, we have been approached to carry out the design study and choose the installation for sludge drying at the purifi cation plant in Mouscron. We should state that this plant, with a capacity of a population equivalent of 175,000 produces up to 12 tonnes of dry matter per day. The thermal drying process has been retained.

Another important constituent of TPF-Utilities’ activity relates to energy.

For this, we should mention the renewal of the negotiation and monitoring contracts for the energy contracts with the STIB, the Brussels Public Transport Authority, for the next three years.As part of the operation of the gas turbo-expansion plant (440 kWe) with the development and recovery of electric energy at the purifi cation plant at Mouscron, almost 500 green certifi cates have been granted for an electricity production of 3.2G We.

In addition, TPF Utilities is now concentrating on wind generated energy.

In Belgium we will be carrying out studies with a view to the installation of a wind farm with six turbines on land at Ciney, as well as a wind farm with nine turbines along the Vallée de l’Escaut in Escanaffl es.

In Kenya, we have been asked by KenGen, the Kenya Electricity Generating Company Ltd, to carry out the construction of six 850 kW wind turbines on the plateau of the Ngong Hills near Nairobi. The project has progressed as planned : the wind turbines have been delivered to Mombasa and then completed at the site reserved for them. Installed in April 2009, from the following summer they will supply 5.1 MWe for an anticipated annual pro-duction of around 14.5 MWh.

We cannot end this section without mentioning an important event : the creation of the TTR Energy company (Degroof Green Fund)

Made up of equal shares with the Transcor Astra Group, subsidiary of the investment company CNP (Compagnie Nationale à Porte-feuille), its purpose is to research, select and develop projects in renewable energy. During this fi rst year, TPF-Utilities has been required to take part in, as technical expert, research for several European projects in the fi elds of biomass, wind energy and hydroelectricity.

THYSSEN KRUPP GROUP, ISBERGUES (France),Effl uent treatment plant

AGC - BOUSSOIT SITE (France),Process water production and cooling circuit

KENGEN, Wind farm project, Ngong Hills / Nairobi (Kenya)

TPF GROUP / ACTIVITY REPORT 2008 page 30EUROPE, GRAND DUCHY OF LUXEMBOURG

CENTRE ETOILE, Luxembourg

Since its launch in 2007,

the activity in the Grand

Duchy is continuing to

record good results, as the projects presented below prove.

TPF Luxembourg Grand Duchy of Luxembourg, Europe

WEST SIDE VILLAGE,Mamer

In the property sector

Whether its is the West Side Village Project in Mamer, theconstruction of a high-tech offi ce complex that will open in 2010,or the Royal Monterey project, a luxury offi ce building locatedin the centre of the city of Luxembourg, the handover of which isscheduled for 2009, TPF Luxembourg, responsible for technicalutilities, is successfully continuing its assignments.

In addition, TPF Luxembourg has invested in a new propertyproject called Centre Etoile located in Luxembourg-Ville. It isconcentrating on the technical utilities studies for the constructionof a new offi ce building. The complex will have nine levels, sevenof which will be above ground for a total surface area of some8500 m² and will provide both offi ce and shop spaces. Handoveris scheduled for 2011.

In the food industry sector

On behalf of Immo-Horizon SARL and Caterman SA, membersof the Groupe Cactus, the benchmark brand in large-scale distri-bution in Luxembourg, TPF Luxembourg has also been asked tocarry out the designs relating to the construction of a logisticsand refrigerated storage centre in Capellen as part of the projectfor extending the existing buildings.For its Mamer-Koerich site, the studies started in 2007 concerningthe construction of a new butchery unit for Cactus has beensuspended.Finally, the project management and design assignment relatingto the extension to the Caterman II ready-meals production unitand for the construction of a new bakery-patisserie unit for atotal surface area of 18,100 m², this time at the Windhof site,is continuing.

page 31 TPF GROUP / ACTIVITY REPORT 2008 EUROPE, SPAIN

On the Iberian peninsular, TPF is a shareholder in three

companies operating power plants producing electricity

by cogeneration and biomass combustion.

SpainEurope

BIOENERGETICA EGRABENSE BIOMASS UNIT,Cabra

Mesogen, with an installed power of 1000 kW produces electricity for the industrial client Madeiras - Beceira, a timber manufacturer.

Gensabon, with an installed power of 14,600 kW produces elec-ducetricity for the industrial client Leyma, a producer of dairy products.ry pro

Bioenergetica Egabrense operates two electricity power plants : the fi rst, based on the principle of cogeneration, has an installed power of 13 mW, the second, based on the principle of combustion of biomass sourced from the waste from the manufacture of olive oil, has an installed power of 8 mW.


LEONARD DE VINCI GRAMMAR SCHOOL, Montpellier

INSTITUTE OF BIOLOGY, Grenoble

In France, the balance sheet for the year proved

to be interesting and profitable in many respects.

Despite a tricky political and economical climate,

activity has been maintained. The newly acquired Marseille engineering

firm, Secmo, has fitted perfectly within the TPF group. Also, at the beginning

of 2008, Mr Frédéric Lassale took over the reins of the company, following

the retirement of Mr André Facundo, the former leader of Beterem.

BeteremFrance, Europe

LOTTI HOTEL, Paris

page 33 TPF GROUP / ACTIVITY REPORT 2008 FRANCE

We would now like to move on to some important projects.

COLLEGE LOUIS ARMAND, MarseilleThe start of the new 2008-2009 school year will see the opening of a new college, with a capacity of 600 students, in the centre of Marseille. Designed by the architects Jean-Marc Chancel and José Morales, this college is constructed from a public building that has been demolished and moved to a new piece of land.Multiple operations will be carried out over a fl oor space of over 9000 m² : classrooms, administrative areas, a documentation and information centre (CDI), a restaurant for 450 diners, a gym that is accessible to the public, a multi-use games area and 6 independently operated residential units. The sports hall and CDI present an unusual area topped on the second fl oor with a huge group of classrooms. This arrangement allows several views towards the hills and the sea, whilst on the courtyard side, the area is ringed by a striking line of colonnades, because in order to bear the weight of the third fl oor, the architects multiplied the pillars, sometimes placing them set back from the upper part by a daring double cantilevered system. The lack of any cornice out-line allows the optimum highlighting of these soaring colonnades. The self-compacting concrete remains visible over most of the surfaces. Only the circular envelope of the CDI is cladded in zinc, fi tted as a curve to form a saucer shape. Beterem Ingénierie has carried out the assignments for synthesis, all building trades engineering and the fi re safety systems. To our great satisfaction, this building appears on the list of 100 projects chosen by the AMC (Architecture Mouvement Continuité) magazine of the Moniteur.

ASTRIUM – BUILDING X 2, ToulouseAt the Astrium site in Toulouse, Europe’s premier space company, a new building dedicated to the integration of telecommunications satellites has been planned to increase the capacity of Building X, already completed by our teams 11 years ago.This new building will have three “large” ISO 5 laminar fl ows (340 m²) with aseismic blocks for the installation of instruments (height under fi lter plane 10 m), two “small” ISO 5 laminar fl ows (110 m²) with aseismic blocks for the installation of subassemblies such as mirrors, focal plane, mechanism, laser, etc. (height under fi lter plane 3.75 m), optical and detection laboratories with one part in ISO 7 white room, an ISO 7 white room (550 m²) as well as 5000 m² of offi ces and meeting rooms. Beterem has not only been asked to carry out the studies and supervision of the production of all the technical equipment batches, including fi nishing the ISO 5 rooms, but has also been called on for the additional energy production equipment : heating, refrigeration, standard electricity supply, as well as the emergency and high quality electricity supply.The construction work will start in March 2009 for a scheduled handover in June 2010.

HOTEL LOTTI, ParisThis luxury 162-bed hotel located very close to the Vendôme Place, the Louvre Museum, the Opéra Garnier and the Rue du Faubourg Saint Honoré comprises a renovated old part called “Catiglione”

and a recently built new part called “Mont Thabor”. The building belongs to the Italian “Jolly” group, which has been taken over by the Spanish organisation NH Hôtels.Beterem was awarded the structural technical engineering, fl uids, electricity for the various projects such as renovation of the kitchen, construction of an emergency staircase, updating the smoke extraction system, the fi re safety systems and the ventilation systems, construction of rooms and an entrance for persons with reduced mobility, etc.

INSTITUTE OF BIOLOGY, GrenobleThe construction of the Institute of Biology (INBI) on the north hospital site of the CHUG (Grenoble University Hospital) includes the construction of a building distributed over 6 levels and the associated networks. Located in the immediate vicinity of the existing buildings of the university hospital (Pavillon Vercors and IGH Michallon), its construction will have to comply with the constraints of service, safety and hygiene so that the university hospital can continue to function. A strategic axis of the Projet d’Etablissement 2006-2010, the Institute of Biology will be a cutting edge organisation for medical diagnostics, technical innovation and training. Because it will bring together in one single place, on a total net fl oor area of 13,800 m², almost all of the laboratories spread out over the university hospital site, the quality of the service given to patients and the technical performances will be improved by 2010, the planned handover date. Before reaching this stage, some structures will have to be demolished, such as the semi-underground and overhead car parks, and the access to the Vercors building will have to be modifi ed. Beterem has also been asked to carry out the assignment for the general all building trades engineering, in association with the fi rm of architects “Michel Remon”.

The new orders recorded during 2008 confirm the demand in the fields of education and health, and the recognition of our know-how in these fields. Amongst our projects, we should mention :

LYCEE LEONARD DE VINCI, MontpellierLocated in a problem area, this vocational training college with a capacity of 1080 students currently teaches for the building and automobile trades. This building, in front of which will be located the Regional Sports Centre and the Regional Archives for the Hérault region, will soon hold 630 students in the ‘Building Trades’ section and its new section ‘Timber House Construction’, to which 800 students and apprentices will be added in the ‘Hairdressing and Automobile Trades’ section. This ambitious project is the result of the Languedoc-Roussilon regional council’s desire to renovate and rebuild on a large scale for the years to come.At the end of a competition with a large number of applicants (95 applications and 5 teams in the fi nal), the jury’s choice went with the project presented by Hellin-Sebag, with in which Beterem played a predominant role carrying out the all building trades engineering, as well as the assignment for diagnostics, synthesis, fi re safety coordination and the operational and maintenance fi le.


The schedule plans for two phases : the fi rst relates to the com-plete rebuilding of some 10,000 m² of buildings (workshops anddormitory), and the second will be the construction, after thedemolition of the existing buildings, of some 14,000 m² of build-ings (service accommodation, administration, college catering,workshops, general and technical classrooms, etc.) Priority hasbeen given to using techniques that respect the environment andfor making savings in energy. For this, the installation of photo-voltaic and solar panels has been planned for the production ofdomestic hot water for the accommodation units and the kitchenof the college restaurant. The documentation and informationbuilding, the project’s showcase, will be fi tted with a naturalventilation system using a solar chimney, and this is also foreducational purposes.Studies for the fi rst phase will start in December. As for the hando-ver of the second phase, this is scheduled for the end of 2013.

TRAINING CENTRE, VILLEFONTAINE, IsereThe Fondation d’Auteuil has been located in Côte St-André since1987. Here it runs an organisation for accommodating and trainingyoung people with a diffi cult social, family or school background.The concentration on the site of more than 100 adolescents withdiffi culties makes it a problem to take a more personal care oflarge groups on a smaller human scale. Also the current buildingsare very costly, both to run and for depreciation, and a long distanceaway from families wanting to visit their children. To remedy theseproblems, the Fondation d’Auteuil has decided to acquire a newpiece of land and to build buildings on it that are more suitableto its current needs. The project, representing a total net fl oorspace of around 7580 m², not including exterior pathways, is forthe construction of three main buildings including a social typechildren’s house designed to accommodate 43 young people, aboarding school that can accommodate 42 young people, andfi nally the setting up of a training centre within a vocationalcollege, an engineering school and a continuous training centre.We should add that this project has been designed with a high

environmental quality in mind, aiming for a very high performancein energy consumption, with energy production being carried outby a gas and wood burning heating system and hot water pro-duction through solar panels. Beterem will be carrying out theassignment for all building trades engineering in association with“Thierry Roche & Associés” and “Bruno Coutellier” fi rms of architects.

RESIDENTIAL CARE HOME FOR THE ELDERLY,

Montebourg, NormandieWe have also been busy in northern France. An interestingproject of a total net fl oor area 6096 m² is at the design stage.It is for the construction of a residential care home for the elderlywith the capacity to accommodate 89 permanent residents and2 day-care places with the associated services. More precisely,the building will be oriented around 4 sections, two of which willbe 33-bed accommodation units for elderly people, one 15-bedunit for elderly people suffering from Alzheimer’s disease and oneunit of 8 temporary beds. Despite the land for the foundationsbeing on a slope, the design of a single-storey building never-theless found favour with both the jury and the users.This residential care home for the elderly will be able to begranted the French high quality environmental standard : rainwatercollection system for watering and exterior use, domestic hot waterproduction by solar panels, ventilation of the communal areas bydouble fl ow heat collection on the extracted air, a green roof forretention of rainwater and an increase in thermic inertia (for comfortin the summer), a heated fl oor in the communal areas, optimumuse of natural materials and therefore recyclable, centralisedtechnical management and a wood-burning boiler. In additionthis is a low energy consumption building (energy consumptionless than 50 kWe per square metre per year) for which thecompactness of the design means a centralised traffi c, lit bytop lighting skylights.In partnership with the architect Y. Maurer, Beterem has beenasked to carry out the basic all building trades assignment, theconstruction surveys, synthesis, fi re safety systems studies, the

E.P.H.A.D. OF MONTEBOURG,Normandie


specifi c heating designs allowing it to keep within a consumption of 50 kWe per square metre per year, as well as the dynamic thermal simulations. The outline plan was completed at the end of 2008 and the draft designs will be started in January 2009, with the aim of starting the call for tenders in September 2009.

LYON CONFLUENCE, LyonOver 150 hectares, at the south of the peninsula, in the extension to the Lyons business district, the urban project Lyon Confl uence will eventually convert an area of industrial wasteland into a dense network of developments and public spaces, and so doubling the area of the current city centre. The Confl uence will be both a place to live, work and play. 1500 residential units in total are planned for the fi rst phase, split into social housing (20 %), inter-mediate (15%) or shared buying, as well as standard and top of the range housing. The project will occupy a plot with a surface area of 1560 m² adjoining a railway, and will comprise 30 rented units, 33 units for sale, commercial premises on the ground fl oor (delivered secured, with water services not connected) and two levels of underground car parking.The design of the 9-storey building is part of a high quality environmental approach with the aim in particular of obtaining low energy consumption certifi cation. It takes into account the specifi c constraints of the site : acoustic treatments and a special retaining structure on the railway side, raised water table, soil pollution and all the prescriptions of the designated development area’s specifi cations. The OPAC du Rhône (the Rhône regional Department for Development and Construction) has asked Beteremto carry out the designs for the structure and fl uids, thermic calculations and the economics of the project.

MERLEAU PONTY COLLEGE, RochefortThe Merlau Ponty college, located in Rochefort in the Poitou Charentes region, will be the subject of our attention. Built 40 years ago, it now has an old-fashioned image. So this project

will extend the boarding school (1600 m²), extend (3200 m²) and rebuild the existing day school (2800 m²), with the purpose of giving the college an overall unity and to give it some character. This will be done by installing a timber cladding façade to all of the buildings and by some exterior improvements, such as a series of terraces allowing two different spaces to be joined together (the courtyard and the sports area). It goes without saying that the project will be part of the high environmental quality standard.As a consortium with Arcature (Architects), the assignment for the project management of all building trades as well as the construction designs and the economics of the project have been awarded to Beterem.

NEW COGNAC HOSPITAL

Still in the Poitou-Charentes region, we should mention another important project : the start of the construction phase for the rebuilding project for the hospital in Cognac, started in 2003 by the Regional Hospitals Authority. After fi ve years of in-depth studies, the huge earthworks (80,000 m² of excavations) have been able to be started. This new site will eventually become the main health centre in Cognac, as it will also house the recently built Arc en Ciel clinic, a radiology unit and a medical analysis laboratory, services that are already provided by the hospital. The new hospital will be connected to the clinic which will continue to exclusively carry out surgery by a 60 m long enclosed passage-way. The reconstruction project of the hospital with a total surface area of 17,500 m² plans for the relocation of the active beds and associated sectors (150 beds), the rebuilding of a technical unit (emergency, imaging, consultation, intensive care obstetrics unit and endoscopics unit) as well as the construction of the main accommodation (kitchen) and medical and technical sectors (pharmacy). By 2011 Cognac will be able to take pride in its brand new hospital. In association with the architects fi rms BBG Archi-tectes Associés and Arcature, Beterem Ingénierie has seen its initial assignment for all the technical batches expanded to cover the coordination of the fi re safety systems and the synthesis studies.

MERLEAU PONTY COLLEGE,Rochefort

LYON CONFLUENCE, Lyon


HOSPITAL MANOSQUE, Alpes De Haute ProvenceThe future medical centre in Manosque is rising up from the groundand will be opened in 2009. With a surface area of 50,000 m²,this medical centre will have a total capacity of 248 beds : 218beds for the hospital (including emergencies) and 30 beds forthe Alpes regional haemodialysis centre that will be integrated inone wing of the building, with a surface area of almost 1100 m².Apart from its various units (medical-technical, medical-logisticaland kitchens) this hospital complex will have a car park with acapacity of 250 spaces and a heliport. This project has benefi tedfrom the support of the consortium of Léon Grosse (contractor),C+T Architecture, JM Battesti (architects) and SECMO.

POSTAL SORTING OFFICE, Saint Charles, MarseilleLocated near to the Saint-Charles railway station in Marseille,the former Postal Sorting Offi ce will soon be replaced by a hugebuilding complex called Coeur de St Charles/Jardin d’Ivoire, devel-oped by the property developer Kaufman & Broad. This projectcomprises 220 residential units for sale, 119 residential units forstudents, 127 apartments for tourists, as well as 8500 m² of offi ces,for a total surface area of 65,000 m². It is also planned to provide650 parking spaces. We should also mention that the design andconstruction of the project has been awarded to consortium ofPoissonnier/Ferran (architects) and SECMO (BET Structure).SECMO’s assignment is to carry out the construction designs.Regarding the heavy external building work, this will be carriedout by Campenon Bernard (Groupement Vinci).

Amongst the new contracts won in 2008, we should especially mention the large project developed by the Constructa group as part of the Euroméditerranée urban renewal scheme :

SAS SUEDE EUROMED, MarseilleDesigned by the architects Jean Nouvel, JB Piétri, Yves Lion,and the agency C+T Architecture, SAS Suède will provide amixed complex of offi ces, apartments and shops (90,000 m²)in the centre of the Cité de Méditerranée, more precisely in theArenc district. Located a stone’s throw from the docks and theTour CMA-GGM designed by Zaha Hadid, this project is for theconstruction in three phases of a 32 m high offi ce building that willhouse the headquarters of the Banque Populaire, two high-risetowers (with a height of 134 m and 99 m) providing a total of 200apartments for sale/rent and a three-star Accor hotel of 18,000 m²with 128 apartments. Our design offi ce will be working on the fi rstphase on several levels : in cooperation with BET Structure Ile deFrance and C+T Architecture for the desigs of the offi ce building,which will have 6 levels underground and 1240 parking spaces,as well as in association with SIDF for the construction designs ofthe structures and infrastructure.

At the end of this first year of cooperation, out partner

has taken part, in its capacity as an expert in drawing

up construction plans and designs for structures/

concrete, in various projects, some of which are worth a closer look.

SecmoFrance, Europe


SAINT CHARLES POST SORTING CENTER,Marseille

MANOSQUE HOSPITAL CENTER,Alpes de Haute Provence


In Poland, the architecture and infras-

tructures consultancy sectors have been

particularly growing.

E&L Architects Poland, Europe

The construction of office buildings and residential projects remains a dynamic sector as illustrated by numerous projects. In Warsaw, a good number of them have been brought to fruition.

JUTRZENKI BUSINESS PARK, WarsawThis project concerns the construction of an industrial parkcomprising two four-storey buildings, each one providing 2738 m²of offi ces. As for car parking, the site provides 22 spaces under-ground and 48 spaces outside. 2008 saw the completion of thesecond building. E&L Architects has been asked to carry outthe execution, design, supervision and coordination of the work.

TULIPAN HOUSE, WarsawHanded over as scheduled in June 2008, this offi ce buildingrises up to 4 fl oors and is arranged around a fully glazed centralatrium. It is to our architects that we owe this pleasant light-fi lledwork. It provides the occupants with a surface area of 17,900 m²that is modular and can be arranged as open offi ce space orclosed off into separate offi ces. It has underground parking of500 spaces over two levels, which lead towards the atrium forthe stairs and lifts.

PLUZANSKA BUILDING, WarsawApart from its 2400 m² of shop space, the building comprisesapartments over four fl oors and an underground car park. The thirdfl oor provides luxury apartments with a mezzanine leading ontoa terrace. The whole project, designed by E&L Architects, wasready on schedule in September 2008. The operations for whichwe were called on to carry out, which were project managementand supervision of all the building work, were successfullycompleted.

Over the last few years the infrastructures sector in Poland has seen a very fast expansion thanks to, amongst other things, subsidies allocated by the European Community’s Cohesion Funds and Structural Funds. In this context,

E&L Architects, supported by TPF Planege, has success-fully established itself as a major player in road infra-structure projects. The consortium formed by our two subsidiaries is mainly focusing itself on three projects in the transport field.

NEW SECTION S8 OF THE ARMII KRAJOWEJ,

Konotopa/Prymasa Tysiaclecia Expressway (Warsaw)This project relates to the construction of one of fi ve new sectionsf one ofof the expressway making up the Warsaw ring road, between theinterchanges at Konotopa and Prymasa Tysiclecia. The plannedexpressway will link to the A2 motorway passing through OzarówMazowiecki, Babice State and Warsaw. The S8 section, 2 x 3 lanes,with a length of some 10 km will not only improve the transit traffi c,but also local traffi c. The project plans 22 new bridges, threeinterchanges and the substantial rearrangement of the existinglane layout. Project management and supervision of the work willbe carried out by our Polish and Portuguese teams. The work,which started this year, will continue for a period of 55 months.

In addition, the large projects for the modernisation of the fi rst phase of the Warsaw – Gydnia section of the E-65 railway line and the construction of a three-lane motorway of 15.5 km between Sosnika and Belk in the Silesia region are on coursekwithout any problems. We should remind you that the assign-ments for which we have been appointed cover the coordinationand supervision of the construction work, schedule control, budgetcontrol and quality control.

Regarding the environment, for four years E&L Architects hasbeen continuing its assignment for technical support and super-vision of the work relating to the construction of a new waste-water purifi cation plant in Pomorzany (with a populationequivalent of 417,000) and the modernisation/extension to the existing purifi cation plant in Zdroje (with a populationequivalent of 177,000). This project, designed to improve the waterquality for the town of Szczecin and fi nanced by the CohesionFunds, has been extended to the end of 2010.

page 39 TPF GROUP / ACTIVITY REPORT 2008 POLAND

TULIPAN HOUSE,Warsaw

JUTRZENKI BUSINESS PARK, Warsaw

PLUZANSKA BUILDING,Warsaw

RAILWAY LINE E-65 ,Section Warszawa - Gdynia

EXPRESSWAY S8, Warsaw


Our Portuguese subsidiary has been able

to show intense activity in the development

of road and rail infrastructures, carrying out

building projects, and turnkey activities, both on the mainland and on

the island of Madeira.

Tpf PlanegePortugal, Europe

EXPRESS WAY TO PORT OF FUNCHAL, Madeira Island

EUROSTAR HOTEL, Lisbon

page 41 TPF GROUP / ACTIVITY REPORT 2008 PORTUGAL

HOTEL OLISSIPO & HOTEL EUROSTAR, LisbonThese two 5-star hotels located in the Parque das Naçoes is in the area of Lisbon where the 1998 World’s Fair was held, are the work of the architect Regino Cruz just like the Pavilhão Atlântico and the Vasco de Gama Tower. This prestigious area, with its special architecture, houses many other top class buildings : the magnifi cent Gare do Oriente railway station designed by the world renowned Spanish architect, Santiago Calatrava as well as the Pavilhão de Portugal, designed by the architect Alvaro Siza Viera. The Hotel Olissipo, with a surface area of 21,000 m², will have 348 rooms whilst the Eurostar Hotel and Apartments will have 175 rooms and 96 apartments of one or two rooms over a total surface area of 32,500 m². TPF Planege has been called on for the design of the technical utilities installations. The construction work of the Hotel Olissipo will start in 2009.

RAILWAY BRIDGE, AlcacerThe construction of the new railway bridge in Alcacer crossing over the river Sado is continuing. We should remind you that this project is part of the modernisation of the southern railway line connecting Lisbon to the Algarve region. At the end of this work, this line, fi tted with new signal systems, overhead catenaries and a new track will be authorised for a traffi c speed of 220 kph. At a total length of 480 m, the Sado suspension bridge is made up of three Bowstring-type arched spans, each one 180 m, a metal superstructure and a concrete rolling platform. The bridge’s access ramps measure 2200 m and are made of a metal superstructure with a concrete base. TPF Planege has been awarded the coor-dination and supervision of the work.

MODERNISATION PROGRAMME OF THE OPORTO

RAILWAY LINE

In order to cope with the signifi cant growth in rail travel linked to the expansion of the suburbs of Oporto and the regional rail network, the Portuguese national rail company Refer has launched a wide investments programme for the modernisation of the electricity supply systems, comprising the return leads for the traction current, the earthing systems and the updating of the signalling and control systems. This project comprises some 150 km of rail track, a considerable number of stations and branch stations. The work has been coordinated so that there is no inter-ruption to traffi c which would lead to not only the implementation of special procedures regarding safety but also to night working. TPF Planege has been asked by Refer to carry out the design and consultancy and the supervision of the construction work.

CONVERSION OF THE OPORTO REFINERY

The Portuguese oil company Petrogal has decided to convert and modernise its refi nery in Oporto in order to increase its production of diesel, petrol and light fuels, and so to meet the changes in the market. At an amount of 350 million euros, the investment covers the construction of a new visbreaking unit, a vacuum column, the modernisation of the desulphurisation unit (HDS - hydrodesul-phurisation), and the installation of a cogeneration unit. Petrogal has issued a challenge: to reduce the impact of the unit on the environment and increase the savings in energy.Our Portuguese team has been appointed to carry out the management of the construction work and so to support Fluor Corporation in its capacity as project manager and designer.

CONVERSION PROJECT OF OPORTO REFINERY

OPORTO RAILWAY LINES,REFURBISHMENT OF POWER FEEDER AND SIGNALISATION SYSTEMS

OLISSIPO HOTEL,Lisbon

TPF GROUP / ACTIVITY REPORT 2008 page 42EUROPE, PORTUGAL

NEW HOSPITAL CENTRES IN PORTUGAL, PUBLIC-PRIVATE

PARTNERSHIP

It skills and experience in the hospitals fi eld have allowed TPFPlanege to be appointed as the offi cial consultant to the Ministryof Health for the setting up of public-private partnership projectsfor the construction of hospitals. The contract, concluded for aninitial period of 3 years concerns 4 hospitals : Todos os Santos(Lisbon), Algarve, V.N. Gaia and Povoa. All technical disciplineshave been requested : architecture, structure, water, wastewater,electricity, telecommunications, HVAC and safety. Our team willbe providing its technical knowledge during the tender submissionphase and will be helping the Ministry of Health in all technicaltasks up to the fi nalised detail design stage for each project.

VILA REAL DE SANTO ANTONIO PURIFICATION PLANT,

Algarve RegionTPF Planege has been awarded the supervision of the con-struction of a wastewater purifi cation plant at Vila Real deSanto António. Located over a surface area of 107,200 m², thispurifi cation plant with a population equivalent of 25,000 will reachan output of 41,130 m3 per day in high season by 2018. It willhave several treatment units : preliminary treatment, biologicaltreatment in small aerated tanks with circulation of the waste-water, tertiary treatment by sedimentation in setting tanks withultra-violet radiation, sludge treatment by dehydration and fi nalstorage. After these operations the effl uent will be dischargedinto the river Guadiana, in accordance with the legislation in force,by a sea outfall, and a part of this effl uent will be used for sprayinggreen areas such as gardens, golf courses, etc.

NEW VETERINARY AND FOOD SAFETY LABORATORY ON

THE ISLAND OF MADEIRA

This remarkable complex is made up of two adjoining buildingsforming an angle, one of which, the western side is occupied bythe general and administrative services, and the other, the easternside, is used for veterinary diagnostics and food safety controllaboratories (food microbiology, chemistry and residue services).Our Portuguese subsidiary has successfully carried out themanagement of the construction site.

PORT DE FUNCHAL EXPRESSWAY, MadeiraPunctuated by bridges and tunnels, the new expressway with atotal length of 1446 m will connect the roundabout at the port ofFunchal and the Estrada da Liberdade interchange. This infra-structure includes several civil engineering works : a two-waytunnel 670 m long and 10.5 m wide, two one-way open sectiontunnels 145 m and 85 m long and 7 m wide, a bridge crossing theriver Seco 70 m long, an overhead roadway 50 m long and fi nallythree roundabouts connected to the existing road network. Theroad follows the partially channelled and sunken route of theriver Seco over a distance of 809.5 m. Finally, at the end of thisexpressway, there is the Levada do Cavalo interchange, composedof two one-way slip roads connecting Estrada da Liberdademotorway. TPF Planege is responsible for the supervision ofthe construction work.

NEW VETERINARY AND FOOD SAFETY REGIONAL LABORATORY OF MADEIRA ISLAND

TODOS OS SANTOS HOPITAL, Lisbon

NEW CENTRAL HOSPITALS,Algarve

page 43 TPF GROUP / ACTIVITY REPORT 2008 EUROPE, ROMANIA

Whether it is a matter of industry, road

infrastructures or other fields such as

water treatment or energy, our Romanian

subsidiary has been able to establish itself despite a difficult global

economic climate.

TPF RomaniaRomania, Europe

GIURGIU

POIANA CAMPINA

In Romania, several major projects will be occupying us this year :

POIANA CAMPINA

In the region of Prahova to the north of Bucharest, more precisely in Poiana Campina, TPF Romania has joined a partnership for an infrastructure project relating to the pipe networks, the installation of purifi cation plants, improvements to the local Ragman road and the modernisation of the cultural centre in the village of Bobolia. Our subsidiary has been asked to carry out not only the feasi-bility studies, topographical and geotechnical surveys, but also rveys, the energy audits.

JUGURENI

Still in this same region, with a high potential for tourism, similar studies have been carried out, this time on the orders of the Jugureni town council. The purpose of these studies is fi rstly to improve the public water network in the village of Marginea PPadurii, and secondly, to improve the local road network. This project is

also planning the renovation and modernisation of the municipal ation of the mcultural centre.

RAMNICU SARAT

Our subsidiary has carried out feasibility studies relating to the bility stconstruction of a future industrial park in Ramnicu Sarat, in the ark in RLower Carpathian region, with the integration of all of the urban data. In addition, the town council has also decided to renovate and improve its water pipe network, an assignment for which we have also been asked to carry out.

GIURGIU

So as to meet the need of the some 300,000 people living in the region of Giurgiu, to the south of Bucharest, TPF Romania will arest, TPF Rbe carrying out, in partnership with our subsidiary TPF-Utilities, subsidiary Tthe technical support for the supervision of the work relating to n of the worrenovation and extension of seven drainage and water supply nage and wnetworks spread over three villages.

RAMNICU SARAT

TPF GROUP / ACTIVITY REPORT 2008 page 44ASIA

In India, our subsidiary has

successfully expanded its sphere

of activity in the motorway and

railway sectors, and at the same

time has strengthened its presence in its essential fields of skills whilst

continuing its expansion.

Of course, India has not escaped the global financial crisis. However, even

if SN Bhobe’s economic activity did slow down in the fourth quarter, its

subsequent policy and the diversification of its services have fortunately

made a strong contribution to reducing the detrimental effects of the crisis.

Aware that retaining the loyalty of its personnel is one of the essential

levers for improving the company’s output, SN Bhobe has also offered

innovative initiatives regarding the management of human resources.

S.N. Bhobe & Associates Pvt. LtdIndia, Asia

GRANT ROAD SKYWALK

BANDRA SKYWALK

page 45 TPF GROUP / ACTIVITY REPORT 2008 INDIA

The results obtained have been, without any doubt, com-mensurate with the efforts made to clinch contracts during these difficult times.

We now turn to the sectors that have been more buoyant in the last twelve months.

SKYWALKS

SN Bhobe can take pride in itself for having successfully taken part in the particularly daring design of the fi rst pedestrian foot-bridge ever constructed in India : the “Skywalk”. This has been designed to ease the fl ow of pedestrian traffi c in Mumbai, a necessity for India’s economic capital, which actually has the highest urban population density in the world. Thanks to the Skywalk, some areas are now linked together and social con-nections are now encouraged. With a length of 1500 m and a width of 4 m, the fi rst covered footbridge at Bandra was opened in June, and it will now be used daily by 80,000 local inhabitants. Our subsidiary carried out all the operations, from design of the work to the supervision of it being put into service.

And since then, in Mumbai, there are further projects.

Amongst them are the huge skywalks at Kandivi in eastern Mumbai and Grant Road. With a length of 650 m, the Grant Road skywalk will be a particularly surprising design because of its one single pylon. These two prestigious projects represent, by themselves, an investment of 16 million euros.

ROADS

Another fi eld in which our engineering fi rm has put a lot of work into this year has been road infrastructures.At about forty kilometres from Mumbai, the new Bhiwandi – Kalyan – Shil Phata road will be built, 21.6 km long, for which we have been asked, acting as independent engineers, to carry out the control and supervision of the work. Still in this fi eld, SN Bhobe has become involved in projects relating to the improvement of the road network. 55.5 km of roads will be built for a total investment to the order of 63.45 million euros.

In Surat, our teams have also concluded with the Surat Municipal Corporation, a project management consultancy contract relating to the construction of concrete roads, 23 m wide and a total length of 18 km.

At the request of the Bruhat Bangalore Mahanagara Palika company, SN Bhobe has carried out work of preparation of detailed project report for part of Bangalore City roads under 4 packages. The total length of such four lane roads is 296.5 km, representing an investment of 165 million euros. In addition, we should mention that this design is part of the development and improvement project for the road corridor of Bangalore, the state capital of Karnakata as well as one India’s largest metro-politan cities.

The Pune Municipal Corporation has also awarded our Indian subsidiary the project management consultancy and preparation of detailed project report for the development of a transport friendlyinfrastructure, 41 km long road, reserved for non-motorised traffi c

TPF GROUP / ACTIVITY REPORT 2008 page 46ASIA

such as pedestrians and cyclists. The purpose of this project,representing 19.5 million euros and supported by the World Bank,is to improve the safety and comfort of pedestrians.

A similar contract has been awarded to us by the Pimpri ChinchwadMunicipal Corporation, this time relating to the construction ofsome 14.5 km of roads to a width of from 30 to 45 m.

Finally, we have been asked by the Municipal Corporation ofGreater Mumbai to carry out a quality audit for the constructionof ten roads.

FLYOVERS

We should mention our Indian subsidiary’s undeniable asset :its know-how and experience in the construction of bridgesand fl yovers.

In this area, this year SN Bhobe has managed to garner thesigning of several major projects including the construction offour fl yovers on the Dr. Ambedkar Road, the main arterial roadconnecting the centre of the city of Mumbai to its ring road, aswell as the construction of a Cable Stayed Bridge, 300 m long,crossing the river Tapi in the state of Gujarat in western India.

Also as part of this area, we should mention the construction ofseven fl yovers in Thane, in the Mumbai suburbs, for a total invest-ment of 32.31 million euros. These are the bridges at Kapurbawadi(3872 m), Meenatai Thakare (1423 m), Hariniwas (1152 m),Manpada (500 m), Patlipada (384 m), Waghbil (505 m) and theThane Telephone Exchange (485 m). The services provided bySN Bhobe include the preparation of detailed project report andpretender activities. We should not forget the project managementconsultancy relating to the construction of two road over bridgesin Nagpur, 324 m and 380 m long respectively, and representingan investment of 4.77 million euros.

RAILWAY LINES

In the rail sector, our Indian subsidiary was chosen by the Dedi-cated Freight Corridor Corporation of India Ltd to carry out thepretender activities. This is for construction work for an amountof 616.67 million euros for the improvement of the 160 km railcorridor used for freight transport, crossing the Mumbai ring roadtowards Surat and including some 570 civil engineering works.

In addition we should also mention the assignment for the technicalsupport to the submission of tenders as part of the constructionproject of 54 major rail bridges throughout the country for which

TAPI CABLE STAY BRIDGE

RAMAMURTHY NAGAR UNDERPASS

page 47 TPF GROUP / ACTIVITY REPORT 2008 INDIA

an amount of 106.67 million euros will be invested. We should on eof 1also note that, in addition, SN Bhobe has also been asked by the N Btion e haappointed contractor to carry out the detailed engineering design engio cof the bridges that will be impressive by their total length (3.87 km). al leThe bridges will have precast boxes, girders with pile and open nd bofoundations at Major River, creek crossings.ngsgsgsk

The work of design review and project management consultancy cojep a ulta cynd maan onssurelating to the doubling of the 93.4 km railway line between Salka n bea3. m r ne SS kaay l.4 .e 9 ailwaail weennRoad and Anuppur, in the Indian state of Madhya Pradesh has Prd ate dhy sh Madn s of M adesadealso been awarded to us by Rail Vikas Nigam Ltd, a subsidiary d aailR kas m LtNiga ry sidkaskasl Vl LtddLtNigNig subof the Indian national rail company. We should mention that this hae spa h memeproject represents an investment of 29.7 million euros..on eof 2

Finally, in a new area, we should mention the preparation of tidetailed project report and design relating to the construction of seven elevated metro rail stations in the centre of Bangalore, for a total investment of 40 million euros. The key aspect of this project is the major challenge : it is formally prohibited to interrupt traffi c during the period of the works. The fi nal result will be greatly innovative and have a particularly attractive aesthetic quality.

ELEVATED METRO RAIL STATIONSIN BANGALORE

TPF GROUP / ACTIVITY REPORT 2008 page 48AFRICA, ALGERIA

In Algeria, the railway sector is currently

enjoying a real revival.

TPF Planege, leader of a partnership with

GETINSA (Spain) and SAETI (Algeria), commenced his participation in

another major project in the railway sector in Algeria. With the support

of our engineering firm TPF Algérie, this joint-venture supports ANESRIF,

agency responsible for the investment in Algerian railway infrastructure,

providing detail engineering review and construction management services.

TPF AlgérieAlgeria, Africa

This major project is a new railway line of approximately 130 km,of a ximateay linbetween Oued-Tlelat and Tlemcen. The construction works, withstrue co ction w ,a total value of circa 1,500 million euros, includes the constructiond uctionof 3 new railway stations, viaducts and bridges with a total lengthduct engthof 14 km, 1,5 km of tunnels and more than 23 million mnd m milli 3 of earthworks. The new railway line on double track, electrifi ed and fully

pped with the most modern signalisation and telecommu-he equitions systems, will be built for a speed of 220 km/h.yst ms,nica

We should remind you that in 2007 an initial contract had beensigned for similar services relating to the railway line betweenAnnaba and Ramdane Djamel.Ram

page 49 TPF GROUP / ACTIVITY REPORT 2008 AFRICA, ANGOLA

CITY OF KILAMBA KIAXI

In fact, the Angolan capital is under complete recon-struction and its suburbs have become an immense building site. Faced with a lack of building land in Luanda and the chronic shortage of housing, the State has just decided to finance property programmes and to set up construction projects on a grandiose scale such as those at Kilamba Kiaxi, Dundo and Cacuaco, which we particularly hold dear. And for a good reason, our Angolan subsidiary has had the opportunity to be awarded the design of the urban plans and the supervision of the construction work for these new cities.

NEW CITY OF KILAMBA KIAXI

Some 30 km to the northwest of Luanda, the new city of Kilamba Kiaxi will occupy an area of 880 ha and will house some 120,000 inhabitants (Phase 1). The completion of this project will provide for the inhabitants residential areas of 20,000 dwellings com-prising buildings of 5 to 13 storeys, social buildings (administration, education, health, sport, leisure, etc.), shopping and business areas,

green spaces and public transport networks. From the urban point of view, the urban outlined design for the city is defi ned by an orthogonal reticulate mesh, based on a linear track of road axes, hierarchically well defi ned, with a transverse orientation north/south, and longitudinal spring/west, which generates 44 blocks.

NEW CITY OF CACUACO

The chosen area of 200 ha is located about twenty kilometres to the northeast of the current capital Luanda. When the work has been completed, the new city will have 10,000 dwellings, com-prising buildings of 5, 9 and 11 storeys, housing some 45,000 inhabitants (Phase 1). From the urban point of view, the city develops according to a reticulate structure that defi nes blocks. A surprisingly green town will rise up from the earth, surrounded by vegetation providing a welcome coolness in the tropical muggy heat. However, the development plan leaves nothing in the shade : it will provide fi nancial and commercial premises, educational establishments, infrastructures (sports and leisure), a hospital, public transport networks, etc.

The decision was taken a year ago to create a

subsidiary in Angola. And our current opinion

is final : we made the right choice.

TPF AngolaAngola, Africa

CITY OF CACUACO

TPF GROUP / ACTIVITY REPORT 2008 page 50AFRICA - ANGOLA

NEW CITY OF DUNDO

Located 1193 km from Luanda, more precisely in the northwestof the country in the province of Lunda Norte, the new city willcover an area of 500 ha and in the near future will accommodate90,000 inhabitants. Just like the other new cities, the urban planis for the construction of infrastructures for the sectors foreducation, health, population, administration, business, tourism,as well as shopping centres, hotels, public recreation areas andpublic transport networks. A total of some 5000 dwellings (Phase 1)will be built in buildings of high, medium and low density 5, 9, 11and 18 storeys. This time the urban planning will refl ect a well-designed radial structure. Away from the city centre, the urbanspace will be reserved for residential buildings (mono-functionalzone, whose blocks formal development follows the logic of theradial city).

As you can see, each project closely follows specifi c out-lines and it is to TPF Planege’s great merit that it has been remarkably inspired by the existing urban landscapes.

Our subsidiary’s exploits do not stop there.

In another sector, the audiovisual sector, it has been asked with the help of the Portuguese TPF Planege team to carry out the design and supervision of the work for the con-struction of new studios for the first private TV channel in Angola TV ZIMBO.

In December 2008, the television channel TV Zimbo startedbroadcasting from their newly built facilities in Luanda Sul.These facilities consist in two buildings. One already existedand had an improvement on the ground fl oor with the construc-tion of two new small studios, dressing rooms and a canteen.The other building was built from scratch to host the big studio,offi ces and other dressing rooms. The external areas have aparking lot and the technical area with water tanks, generatorsand fuel storage.

CITY OF DUNDO


Presentation of the accounts


ASSETS

FIXED ASSETS

I. FORMATION EXPENSES 100.873,86

II. INTANGIBLE ASSETS 527.644,68 596.809,21

III. GOODWILL 2.035.579,52 2.474.178,24

IV. TANGIBLE ASSETS

A. Land and buildings 9.723.469,65

B. Plant, machinery and equiment 776.661,33

C. Furniture and vehicles 1.236.754,46

D. Leasing and other similar rights

E. Other tangible assets 625.689,04

F. Fixed assets in progress 300,47

TOTAL IV. 11.334.094,70 12.362.874,95

V. FINANCIAL ASSETS

A. Companies consolidated by the equity method

1. Participating interests 2.578.468,45

2. Amounts receivable

B. Other companies

1. Shares 1.331.331,39

2. Amounts receivable 2.194.541,94

TOTAL V. 5.708.871,75 6.104.341,78

TOTAL FIXED ASSETS 19.606.190,65 21.639.078,04

CURRENT ASSETS

VI. AMOUNTS RECEIVABLE AFTER ONE YEAR

A. Trade debtors 1.814.829,81

B. Other amounts receivable

C. Deferred taxes

TOTAL IV. 1.815.541,89 1.814.829,81

VII. STOCKS AND CONTRACTS IN PROGRESS

A. Stocks

1. Raw materials and consumables 491.736,92

2 Goods in process

3. Finished goods 3.509.985,88

4. Goods purchased for resale 2.700,00

5. Real property acquired or constructed for resale

6. Advance payments 3.357,10

TOTAL A. 6.454.456,91 4.007.779,90

B. Contracts in progress 12.517.073,44

TOTAL VII. 20.786.123,80 16.524.853,34

VIII. AMOUNTS RECEIVABLE WITHIN ONE YEAR

A. Trade debtors 39.934.271,30

B. Other amounts receivable 10.507.897,42

TOTAL VIII. 52.178.406,26 50.442.168,72

IX. INVESTMENTS

A. Owned shares 228.053,61

B. Other investments 3.008.697,10

TOTAL IX. 2.457.790,30 3.236.750,71

X. CASH AT BANK AND IN HAND 9.681.957,04 3.602.526,27

XI. DEFERRED CHARGES AND ACCRUED INCOME 2.602.397,20 2.784.135,11

TOTAL CURRENT ASSETS 89.522.216,49 78.405.263,96

TOTAL ASSETS 109.128.407,14 100.044.342,00

CONSOLIDATED BALANCE SHEET

2008

€

2007

€

1.814.829,81

712,08

1.815.541,89

460.436,50

5.991.520,41

2.500,00

6.454.456,91

14.331.666,89

20.786.123,80

41.317.122,75

10.861.283,51

52.178.406,26

228.053,61

2.229.736,69

2.457.790,30

9.681.957,04

2.602.397,20

89.522.216,49

109.128.407,14

527.644,68

2.035.579,52

9.083.071,37

627.378,36

1.038.805,50

584.672,44

167,03

11.334.094,70

2.262.865,87

1.652.004,86

1.794.001,02

5.708.871,75

19.606.190,65

2008

€

page 53 TPF GROUP / ACTIVITY REPORT 2008 CONSOLIDATED BALANCE SHEET

LIABILITIES

EQUITIES

I. CAPITAL 13.299.386,00 13.299.386,00

II. SHARE PREMIUM ACCOUNT

III. REVALUATION RESERVES

IV. RESERVES 4.996.192,07 3.704.604,10

V. BADWILL 1.597.943 ,50 1.480.786,02

VI. CUMULATIVE TRANSLATION ADJUSTMENTS -349.792,33 19.422,58

VII. GRANTS 594.884,29 695.808,71

TOTAL GROUP EQUITIES 20.138.613,53 19.200.007,41

VIII. THIRD PARTIES INTERESTS 3.737.421,39 3.737.075,99

TOTAL GROUP AND THIRD PARTIES EQUITIES 23.876.034,92 22.937.083,40

IX. PROVISIONS AND DEFERRED TAXES

A. Provisions for liabilities and charges 117.346,19 137.387,50

B. Tax provision 446.750,18 478.412,26

C. Important repairs and important maintenance 975.738,85 976.193,24

D. Other risks and charges 1.685.636,82 2.085.755,20

E. Deferred taxes 38.588.94

TOTAL IX. 3.716.337,14 3.225.472,04

DEBTS

X. AMOUNTS PAYABLE AFTER ONE YEAR

A. Financial debts

1. Subordinated loans 1.937.955,60 2.051.043,95

2. Unsubordinated debentures 490.140,00 350.100,00

3. Leasing and other similar obligations 94.507,76 66.474,56

4. Credit institutions 9.955.266,87 12.258.395,21

5. Other loans 417.128,62 4.362.522,95

TOTAL A. 19.088.536,67 12.894.998,85

B. Trade debts

1. Suppliers

2. Other trade debts

TOTAL B.

C. Amounts received for orders 3.957.513,81 8.625.478,09

D. Other amounts payable 7.575,00 5.485,00

TOTAL X. 27.719.499,76 16.860.087,66

XI. AMOUNTS PAYABLE WITHIN ONE YEAR

A. Current portion of amounts payable after one year 4.715.889,04 4.340.469,70

B. Financial debts

1. Credit institutions 17.257.821,85 12.991.160,27

2. Other loans 2.792.367,87 1.709.711,77

TOTAL B. 14.700.872,04 20.050.189,72

C. Trade debts

1. Suppliers 14.019.147,14 12.627.945,87

2. Other trade debts 30.000,00

TOTAL C. 12.627.945,87 14.049.147,14

D. Advances received on contracts in progress 3.301.822,40 2.453.651,02 3.301.822,40

E. Taxes, remuneration and social security

1. Taxes 4.042.835,16 3.051.973,83 4.042.835,16

2. Remuneration and social security 5.597.282,97 4.690.730,93 5.597.282,97

TOTAL E. 9.640.118,13 7.742.704,76

F. Other amounts payable 2.181.598,90 4.242.046,40 2.181.598,90

TOTAL XI. 46.792.827,04 53.253.628,08

XII. ACCRUED CHARGES AND DEFERRED INCOME 7.023.708,30 3.768.070,81

TOTAL LIABILITIES 81.536.035,10 73.881.786,55

TOTAL LIABILITIES 109.128.407,16 100.044.341,99

2008

€

2007

€

TPF GROUP / ACTIVITY REPORT 2008 page 54CONSOLIDATED PROFIT AND LOSS ACCOUNT

CONSOLIDATED PROFIT AND LOSS ACCOUNT

I. OPERATING INCOME

A. Turnover 70.646.336,98 74.295.562,22

B. Increase ; Decrease in stocks of fi nished goods,

work and contracts in progress (+, -) 1.989.514,23 4.183.576,12

C. Capitalized production

D. Other operating income 1.486.346,54 1.596.052,45

TOTAL I. 80.075.190,79 74.122.197,75

II. OPERATING EXPENSES

A. Raw materials, consumables and goods for resale

1. Purchases 25.541.357,10 21.145.138,46

2. Increase ; Decrease in stocks (+, -) -264.726,01-296.520,39

TOTAL A. 20.848.618,07 25.276.631,09

B. Services and other goods 15.671.367,56 18.596.138,57

C. Remuneration, social security costs and pensions 27.577.018,32 31.957.765,51

D. Depreciation of and other amounts written off establishment costs,

intangible and tangible fi xed assets 1.589.823,24 1.583.649,98

E. Increase ; Decrease in amounts written off stocks,

contracts in progress and trade debtors (+,-) 1.428.850,07 270.189,35

F. Increase ; Decrease in provisions for liabilities and charges (+,-) -1.020.790,96452.276,16

G. Other operating expenses 336.806,58 472.093,90

H. Capitalized charges corresponding to formation expenses

I. Depreciation of goodwill

TOTAL II. 74.180.731,54 70.859.705,90

III. OPERATING RESULT 5.894.459,25 3.262.491,85

IV. FINANCIAL INCOME

A. Income from fi nancial fi xed assets 40.434,52 126.669,31

B. Income from current assets 554.921,50 968.974,33 554.921,50

C. Other fi nancial income 412.211,40 383.738,17 412.211,40

TOTAL IV. 1.093.802,21 1.393.147,02

V. FINANCIAL EXPENSES

A. Interests, etc 1.947.240,61 2.531.415,13

B. Increase ; Decrease in amounts written off current assets other than those mentioned under II.E. (+,-)

C. Other fi nancial expenses 481.530,23 168.104,52

D. Depreciation of goodwill 559.162,18 568.598,72

TOTAL V. 3.268.118,37 2.987.933,02

VI. CURRENT RESULT OF THE CONSOLIDATED COMPANIES BEFORE INCOME TAXES 3.720.143,09 1.667.705,85

VII. EXTRAORDINARY INCOME

A. Release of depreciation and amounts written off

intangible and tangible fi xed assets

B. Release of provisions for fi nancial investments 1.300.000,00 6.607,66

C. Release of provisions for extraordinary liabilities and charges 714,94

D. Gain on disposal of fi xed assets 85.948,38 44.436,14

E. Other extraordinary income 387.214,46 193.278,43

TOTAL VII. 244.322,23 1.773.877,78

2008

€

2007

€

page 55 TPF GROUP / ACTIVITY REPORT 2008 CONSOLIDATED PROFIT AND LOSS ACCOUNT

CONSOLIDATED PROFIT AND LOSS ACCOUNT

VIII. EXTRAORDINARY EXPENSES

A. Extraordinary depreciation of and extraordinary amounts written off establishment costs,

intangible and tangible assets 102,64

B. Amounts written off for fi nancial investments

C. Amounts written off fi nancial fi xed assets 1.036.321,71

D. Provisions for extraordinary liabilities and charges 4.012,14 14.959,03

E. Loss on disposal of fi xed assets 135.981,21 110.560,61

F. Other extraordinary expenses

G. Extraordinary depreciation on goodwill

TOTAL VIII. 125.519,64 1.176.417,70

IX. RESULT FOR THE PERIOD OF THE CONSOLIDATED COMPANIES

BEFORE TAXES 3.838.945,68 2.265.165,93

X. TRANSFERS TO AND FROM DEFERRED TAXES

A. Transfers to deferred taxes 40.855,36

B. Transfers from deferred taxes

XI. INCOME TAXES

A. Taxes 1.658.609,84 2.169.127,93

B. Adjustment of taxes and release of provision for taxes -42.488,26 -16.352,85-42.488,26

XII. PROFIT FOR THE FINANCIAL YEAR 1.671.450,65 622.908,94

XIII. RESULT OF COMPANIES CONSOLIDATED BY THE EQUITY METHOD

A. Profi t 223.826,62

B. Loss 172.788,29

XIV. CONSOLIDATED PROFIT 1.498.662,36 846.735,56

XV. RESULT OF THIRD PARTIES 207.073,85 -84.773,83

XVI. RESULT OF THE GROUP 1.291.588,50 931.509,40

2008

€

2007

€

Documents

TPF GROUP / ACTIVITY REPORT 2008