TPF ACTIVITY REPORT 2009

ACTIVITY REPORT 2009

ACTIVITY REPORT 2009

TPF GROUP / ACTIVITY REPORT 2009 page 2CONTENTS

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INTRODUCTION

ORGANISATION CHART

KEY EVENTS

EUROPE

BELGIUMBagon Ingénieurs-ConseilsLouis EngineeringTPF-Basse SambreTPF EngineeringTPF-UtilitiesTTR Energy

SPAIN

FRANCEBeterem IngénierieSecmo

GRAND DUCHY OF LUXEMBOURGTPF Luxembourg

POLANDE&L Architects

PORTUGALTPF Planege

ROMANIATPF Romania

AFRICA

ALGERIATPF Algeria

ANGOLATPF Angola

MOROCCOPyramide Ingénierie

TUNISIAMonaStab

AMERICA

BRAZILProjetec - Projetos Tecnicos Ltda

ASIA

INDIAS.N. Bhobe & Associates Pvt. Ltd

PRESENTATION OF THE ACCOUNTS

CONSOLIDATED BALANCE SHEET

PROFIT AND LOSS ACCOUNT

page 3 TPF GROUP / ACTIVITY REPORT 2009 INTRODUCTION

2010: A year of complete contrast for TPF. Europe is bearing up, though with difficulty. Latin America is taking off. Asia and Africa are continuing their growth.

Faced with a gloomy situation hitting the European economy hard,

TPF has not been happy just to keep its head down and has resolutely

remained optimistic, though level-headed. This attitude was not lacking

in risk, but by the end of 2009, the gamble definitely paid off.

So as to make its rise in power easier, TPF was able to rely on four elements:■ Sales went up from 80,075,191 euros to 82,090,941 euros.■ The operating margin (EBITDA) remained stable at 8,360,456 euros.■ The reduced level of goodwill rose to 3,558,826 euros. ■ The EBITDA/net bank debt ratio rose to 2.76.

Based on these elements, TPF made the following acquisitions:

■ In Brazil, investment in the Projetec company, with a workforce of 400 people, and also with a presence in Panama and Ecuador,

■ Strengthening of our position in Africa: ■ In Tunisia, with the purchase of the MonaStab design company, with around 10 employees, ■ In Morocco, through a majority shareholding in Pyramide Ingénierie, with a workforce of

around a hundred people.

Having done this, and following the increase in the workforce in India, TPF employed 1600 members of staff at the end of 2009, the majority of the personnel being employed outside the European continent.In Europe, despite the severity of the economic slump, here TPF successfully maintained, by almost 3%, the same employment level.

TPF GROUP / ACTIVITY REPORT 2009 page 4INTRODUCTION

To date, the company has subsidiaries in fifteen countries, based, in order of size, in Brazil, India, France, and Belgium. The journey it has been on since 1991, the year in which after its creation TPF employed 25 people, has been impressive. In 2000, with a workforce of 250 people, it remained exclusively Belgian. It decided to expand its horizons, and over time established itself in several European countries. In 2005, 600 employees, the majority of which were outside Belgium, controlled its destiny. So, it only took TPF four years to reach the figure of over 1000 employees, because in 2009, there were 1600 of them carrying out its projects throughout the world.

TPF has also considerably strengthened its presence in the world of renewable energies. As we an-nounced last year, TPF has joined with the Transcor Astra Group (Groupe CNP) to develop its renew-able investments throughout the world by creating TTR Energy together. In partnership with the Bank Degroof, TTR Energy manages a fund to the amount of 46 million euro for the development of renewable energies. This fund bought us our share in the Bioenergetica project which produces electricity from olive stones. It has also made sizeable investments in two hydroelectric projects in Spain and in a company de-veloping wind farms set up in northern France, with 38 MW under construction and 100 MV in projects under development.

01. Algeria - 02. Angola - 03. Belgium - 04. Brazil - 05. Ecuador - 06. Spain - 07. France -

08. Grand-Duchy of Luxembourg - 09. India - 10. Morocco - 11. Panama - 12. Poland - 13. Portugal - 14. Romania - 15. Tunisia

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What happened in 2009?

IN EUROPE

BELGIUM

Engineering Division Bagon Ingénieurs-Conseils, Louis Engineering, TPF Engineering

Though 2008 was marked by the start of the slump in investments in both the industrial and property development sectors, for TPF Engineering, 2009 fortunately saw the start of the recovery following sustained commercial activity. In fact, overall turnover increased from €7.4M to €8.7M, so reaching the same level as 2008.

Activity has remained very low in the industrial sector, which at the end of the year forced us to reduce the number of jobs in this division. However, most fortunately the two other sectors, Structural/Civil Engineering and Technical Utilities, did not encounter the same difficulties. The order book has been well filled, and the target set for 2010 aims for the continuing growth in turnover and added value. This target is perfectly reachable unless projects have to be postponed or cancelled.

As for the Bureau d’Études Hubert Louis, now called Louis Engineering, in 2009 it has repeated its excellent performance of 2008 and has been able to maintain its annual turnover. These excellent results are due to its great capacity to react and its ability to make a profit from small-sized projects. 2010 should see a repeat of these performances.

Finally, Bagon Ingénieurs-Conseils has survived a disappointing year weighed down with a sharp drop in activity in the last quarter, due to the cancellation of private property projects and the postponement of public infrastructure projects. All these circumstances have led to a significant loss. In 2010, a closer integration of Bagon Ingénieurs Conseils with TPF Engineering should help it to recover its former profitability.

Utilities DivisionTPF-Utilities

Although affected in its industrial sector, TPF-Utilities has however withstood the slump well. In fact, operating contracts “lost” in the industrial sector have been more than compensated for by a renewed boom in the building sector, especially in energy.Design has maintained its level of activity in the water treatment field and has acquired addi-tional expertise in all areas to do with renewable energy. Despite the slump, the financial structure and results of this subsidiary have remained very solid.

Turnkey Division TPF-Basse Sambre

Our subsidiary TPF-Basse Sambre, which at the end of 2008 had won its largest contract in its history to the value of €40M relating to a new fire safety network for one of the factories of our


Algerian customer, Sonatrach, saw it finally come into force after it had been postponed until the end of 2009. These setbacks led to a sizeable drop in turnover. Nevertheless, the completion of this contract in a short while should generate an appreciable profit for TPF-Basse Sambre for 2010, partly making up for the loss in 2009.

SPAIN

Econoler Espagne has been divided into two organisations, firstly Econoler Espagne, which solely retains the share in Bioenergetica and which has been sold to the Green Fund, and secondly, Nueva Econoler which has retained the other assets of Econoler Espagne and so the production of these will continue in the years to come.

FRANCE

Despite the significant slump that has hit the building sector in France, Beterem saw its turnover stabilising, rising to €20,364,813 and its net profit reaching €717,137.As for the engineering company Secmo, this had a turnover of €2,311,554 and maintained an excellent profit of €346,937.

Sustained effort has been given to controlling general costs. It should lead to a marked positive effect for the 2010 financial year.The order book for 2010 is reasonably full and should lead to a slightly increased turnover for 2010.

The takeover of Beterem RAC and Beterem SI by Beterem Ingénierie and the liquidation of Beterem Maintenance have increased the efficiency of the Beterem group and have strength-ened its identity with regard to our employees, our customers and our financial partners. At the same time, Beterem Groupe, the holding company of Beterem Ingénierie and Secmo, has changed its name and is now called TPF France.

GRAND-DUCHY OF LUXEMBOURG

TPF is continuing to establish itself in Luxembourg. After a year of strong growth, the turnover for 2009 remained constant: €928,000.TPF Luxembourg has 6 employees.

POLAND

Despite an extremely competitive situation, our Polish subsidiary E&L Architects has stayed on course. Repeating its excellent results of 2008, in 2009 it produced a turnover of €4,586,915 and made a net profit of €911,741. The property market is recovering in Poland, and we are forecasting a similar performance for 2010.The company name of E&L Architects will be discontinued in 2010 and will be replaced with TPF Polska.

PORTUGAL

Thanks to the variety of markets covered by our subsidiary, TPF Planege, it has been able to successfully withstand the 2009 slump.

Operating with other subsidiaries of the group, in Angola, Algeria, Poland, Romania, and, of course, Portugal, TPF Planege reached a turnover of €14M, an increase of €1.2m, 50% of which


was produced outside Portugal, and a profit of €653,093. This was €449,318 lower than the exceptional profit of €1,102,411 in 2008.

TPF Planege’s more significant actions of 2009 were:■ The completion of the integration of the P&V design company■ The opening of a branch in Romania■ The organisation of the activity into three branches: TPF Engineering (project design), TPF Planege (management and supervision of construction sites) and TPF Contract (management and designs for industrial projects).

TPF Planege employs 140 people.

ROMANIA

The slump hit TPF Romania hard in 2009. Cancellations and postponements of projects as well as the bankruptcy of a customer led us to suffer a loss of €661,470. As the situation looked as though it would remain worrying in Romania in 2010, we were forced to reduce our workforce to around ten units and decided to concentrate on our current contracts as well as on profitable projects with creditworthy customers. Thanks to these reorganisations, we are able to anticipate a major reduction in the losses made in 2009 for 2010.

IN AFRICA

ALGERIA

In 2010, TPF Algérie served as a support platform for projects won and managed by TPF Planege. Currently, this organisation has around fifteen employees. It is growing progressively.

ANGOLA

As in Algeria, TPF Angola currently serves mainly as a support base for the development of projects won by TPF Planege.TPF Angola has around fifteen employees.

MOROCCO

Pyramide Ingénierie employs around a hundred people and had an excellent year in 2009. Annual turnover reached €4,698,999 with a net profit of €1,230,854.Even though the high-end tourist property sector had been affected by the slump, Pyramide Ingénierie was able to win significant contracts in other sectors, the public sector in particular. It did this so well that it currently has orders for the next five years and should repeat its excellent results of 2009 in 2010.

TUNISIAIn 2009, MonaStab, a small organisation with a workforce of around ten, had the main assignment of producing the operational plans for projects initiated by other companies within Groupe TPF.We intend to develop this organisation progressively. In 2010, the company will be named TPF Tunisie.


Prospects for 2010

The distribution of TPF’s activity, which is 50% of our workforce in Europe and 50% in Latin America, Africa and Asia, in strongly developing countries, as well as reasonably withstanding the slump in Europe, should allow us to pass the 100 million euro hurdle for turnover in 2010, and to show an increase in net profit, unless an unforeseen event occurs at this point.

Secondly, TPF’s strong development over the last ten years, from a geographical point of view, and in terms of the jobs we do, has encouraged us to change our logo to a simple construction that is precise and dynamic, linked to TPF’s various activities.The four lines come together in a stable and solid shape, but pierced with openings, playing on the transparency and many facets that the group now represents.

We cannot end this introduction without carrying out a very pleasant duty. We are pleased to announce our great thanks to all of the group’s employees for the work they have carried out. TPF’s success is also their success. They support us in our desire to go forwards, because we know that we can count on their professionalism, their entrepreneurial ability, and their enthusiasm.

IN AMERICA

BRAZIL – ECUADOR - PANAMA

In December 2009, TPF concluded an agreement for the acquisition of 70% of the shares in Projetec. The transfer came through in March 2010 after completion of the administrative procedures.In 2009, Projetec produced an annual turnover of €16,102,000 and a net profit of €1,502,300. The company employs 400 people.Due to the general election in Brazil in 2010, Projetec should see a more moderate growth in its activity, but its rate should still be maintained at 20%.

IN ASIA

INDIA

Profiting from the growth in India (7.4% in 2009), SN Bhobe, our Indian subsidiary is continuing to take off without let-up. Its turnover reached €3,322,402, with a net profit of €990,013. In four years, from when we first entered India, annual turnover has been multiplied by more than 8 times, and the net profit by 14. In 2010 we should be carrying out the consolidation and rein-forcement of the management structures and so see less growth.

Christophe Gilain, Managing Director

Thomas Spitaels,Chief Executive Officer

page 9 TPF GROUP / ACTIVITY REPORT 2009 ORGANIZATION CHART

= 100 % Engineering

= 100 % Realization - Operation in the water and energy sectors

Simplified organization chart of the TPF group

EUROPE

BELGIUM

SPAIN

FRANCE

GRAND-DUCHY OF LUXEMBOURG

POLAND

PORTUGAL

ROMANIA

100 % TPF Engineering

100 % Louis Engineering

100 % Bagon Ingénieurs-Conseils

91,5 % TPF-Utilities

91,5 % TPF-Econoler

100 % Socageth

100 % TPF-Basse Sambre

50 % TTR Energy

70,5 % Econoler

70 % Gensabon

35 % Mesogen

63 % Sabondel

100 % Beterem Ingénerie

100 % Secmo

51 % E.S.O.

91,5 % TPF-Utilities

100 % TPF International

50 % TTR Luxembourg

100 % E&L Architects

94,4 % TPF Planege

99,9 % TPF Romania

AFRICA

ALGERIA

ANGOLA

MOROCCO

97 % TPF Algérie

93,4 % TPF Angola

70 % Pyramide Ingénerie

TUNISIA 70 % MonaStab

AMERICA

BRAZIL

70 % Projetec

ASIA

INDIA 51 % S.N. Bhobe &

Associates Pvt. Ltd

PANAMA

ECUADOR

70 % Projetec

70 % Projetec

TPF GROUP / ACTIVITY REPORT 2009 page 10EXECUTIVE COMMITTEE

Composition of the Group Executive Committee

FROM THE LEFT TO THE RIGHT :

Frédéric LassaleThomas SpitaelsMarc CapelleJorge Nandin de CarvalhoChristophe GilainAtul Bhobe

Member of the Group Executive CommitteeChief Executive OfficerMember of the Group Executive CommitteeMember of the Group Executive CommitteeManaging Director - Member of the Group Executive CommitteeMember of the Group Executive Committee

KEY EVENTS 2009

Here are a few of the projects currently underway:

SCHUMAN-JOSAPHAT RAILWAY TUNNEL, BRUSSELS A key link in the future RER regional rail network, work on this railway tunnel was started by Infrabel and financed by Beliris, and is being built on section 1 of lot 2, under the Cortenbergh road tunnel, then continuing under the Place de Jamblinne de Meux. As a reminder, this huge construction site, representing an investment of 134 million euro, started in mid-2008 and should be completed at the start of 2012. We should also underline that the completion of this important civil engineering structure constitutes a real technical feat. We will in fact have to access the underground construction site through very narrow access shafts. To construct the tunnel section under the block of ten-storey buildings between the Rue Archimède and Rue Cortenbergh, the future tunnel roof will be installed in almost the same place as the footings of the buildings’ foundations.

SURVEY OF THE TUNNELS OF THE BRUSSELS-CAPITAL REGIONEgis Tunnels France has asked Bagon Ingénieurs-Conseils to carry out a stability survey of the 25 road tunnels of the Petite and Grande Ceinture ring-road network in Brussels, managed by the Department of Equipment and Transport (AED) and by the Department of Management and Maintenance (DGE). They represent a total tunnel length of 16 kilometres. Each structure is subject to a detailed survey on its condition along with a location and structural plan. The purpose of this project is to highlight the differences between the tunnels’ safety system and the technical safety benchmark adopted by the Brussels-Capital region, and to draw up recommendations where necessary. We should also point out that the survey on the largest tunnel in Brussels, the Léopold II tunnel, was completed at the end of 2009.

“CLOS BIZET” RESIDENTIAL BUILDINGS, ANDERLECHTThe Brussels developer, JM Construction, is proposing a project to build six environmentally friendly luxury apartment buildings in a green area. This huge building complex of

44,000 m² will be built in two phases. The three buildings making up the first phase are on the way to completion. The start of the second phase of the construction site is planned for spring 2010.

MAJOR CONVERSION OF A MIXED-USE BUILDING, RUE NEUVE - RUE D’ARGENT, BRUSSELSThe major conversion of this mixed-use building comprising shops and offices is an excellent example of an urban renewal project from the developer Optima Financial Planners. Over the floors used for shops and offices, the development of a gross surface area of 10,000 m² of apartments is planned, as well as the addition of a sixth storey. The commercial activity of the ground floor and first floor will be maintained throughout the period of the construction work. At the moment, the designs have been finalised, the contractor has been appointed and work will commence in March 2010.

CONVERSION OF THE MAGRITTE BUILDING, FORMERLY THE BRUGMANN UNIVERSITY HOSPITAL, JETTE (BRUSSELS)This building project relates to the conversion of a hospital building into social housing. The technical and structural work is complex because the structure of the load-bearing walls of a hospital building is not ideally suited to the archi-tectural design of the housing units. Structural studies, awarded to us by the contracting authority, SPF MT/DIT are currently underway. This is a major challenge, as we have to strictly adhere to particularly tight budgets.

CONSTRUCTION OF NEW SOCIAL HOUSING, MOLENBEEK-ST-JEAN (BRUSSELS)For this social project, the Fonds du Logement of the Brussels-Capital region called on our assistance to carry out structural surveys. This project is the construction of two new housing complexes at the corners formed by the Rue Candries and Rue Carl Requette on one side and Rue Carl Requette and Rue Lemaire on the other, over a total surface area of 13,900 m², Mission accomplished on our part. As for the construction work, this will start in spring 2010.

EUROPE / BELGIUM TPF GROUP / ACTIVITY REPORT 2009 page 12

In 2009, our engineering office Bagon Ingénieurs-Conseils is mainly working on projects dealing

with the social and residential housing construction sector, or the transport infrastructures sector.

page 13 TPF GROUP / ACTIVITY REPORT 2009 BAGON INGENIEURS-CONSEILS

Bagon Ingénieurs-Conseils collected some excellent orders in 2009. Some of the Brussels projects are quite interesting.

TUNNELLING OF THE PETITE CEINTURE RING-ROAD, BRUSSELSThis project consists of tunnelling the section of the Petite Ceinture ring road situated between the Porte Louise and the Place du Trône. So, our experts, working within a temporary partnership set up for this purpose, will be able to provide their experience in tunnels and underground structures for the Department of Equipment and Transport (AED) and the Department of Management and Maintenance (DGE). This new order includes the design of new civil engineering structures as well as the conversion of existing structures where required. We should also mention that this tunnel will have to physically go under the current Deux Portes car park, comprising 5 levels underground. Finally we should add that there is also the design for the provision of an underground slip road that will allow traffic from the Gare du Midi to reach the Bois de la Cambre via the Louise bottleneck without having to go back to the surface.

REFURBISHMENT OF THE CENTRAL METRO STATION, BRUSSELSOn behalf of the Department of Equipment and Transport (AED) and the Department of Public Transport Infrastructures for the Brussels-Capital region, our subsidiary Bagon Ingénieurs-Conseils, in cooperation with the Van Campenhout firm of architects, has been awarded the assignment for the complete refurbishment of the Central metro station. The purpose of this project is to make the station accessible to everyone, and to make it a comfortable, user-friendly, clean and secure place.

“WATERLOO CITY-CENTRE” MIXED-USE BUILDING PROJECT, WATERLOO In Waterloo, more precisely in the Wellington district, ING Real Estate Development Holding Belgium would like to carry out an interesting project called the “Waterloo City Center”. 35,000 m² will house business and residential premises over two floors and an underground car park. The construction work is split into two phases and will start in 2011. We have been awarded the structural studies.

CONSTRUCTION OF A NEW SOCIAL HOUSING,

Molenbeek-St-Jean

SCHUMAN-JOSAPHAT RAILWAY TUNNEL,

Brussels

CONVERSION OF THE MAGRITTE BUILDING,

formerly the Brugmann Univesity Hospital

MAJOR CONVERSION

OF A MIXED-USE BUILDING,

rue Neuve - rue d’Argent, Brussels

CINQUANTENAIRE TUNNEL,

Brussels

TPF GROUP / ACTIVITY REPORT 2009 page 14EUROPE / BELGIUM

In 2009, the assignments carried out by our Liège subsidiary related mainly to civil engineer-

ing, topography and infrastructures.

Many new buildings were opened in the previous year, therefore marking the completion of

interesting projects, sometimes relating to several years of work.

B.E.P. RELAY BUILDING

C.I.B. TOURNAI

REFURBISHMENT PROJECT

OF THE BOULEVARD ZENOBE GRAMME

INTEGRATED WASTE MANAGEMENT SITE, Floreffe

NEW TUBE MEUSE SITE, Flémalle

page 15 TPF GROUP / ACTIVITY REPORT 2009 LOUIS ENGINEERING

In August, the official opening of the SERAING OLYMPIC SWIMMING POOL took place. Following the collapse of the moveable floor in 2006, it was decided to completely renovate the infrastructure and to fit a new floor. As part of this, we should point out that the construction of a warm-up pool attached to the Olympic swimming pool was the subject of the signing of a new contract with the Liège district council.

In Liège, the refurbishment of the ground floor of the FNAC store was completed at the end of August 2009, after being the subject of major alterations with, amongst other things, the purpose of meeting current safety standards.

As part of the creation of an Integrated Waste Management site in Floreffe, in September, the BEPN, the Economic Council for the Province of Namur, was able to open the new bridge, over 50 metres long, crossing of the river Sambre.

In Herstal, in October, the UVELIA was opened, a new household and residual waste management plant for the Intradel Waste Management Council. It has state of the art technologies relating to energy recycling and impact on the environment. The same town will also be able to see the completion of the first phase of the refurbishment of the BOULEVARD ZÉNOBE GRAMME, stretching from the junction with the Rue Marexhe to the junction with the Rue des Mineurs.

Louis Engineering has also contributed to the renovation of the NEW TUBEMEUSE site in Flémalle on behalf of the development agency for the Province of Liège SPI+ and the Sorasi (a company that renovates and cleans up industrial sites), a perfect example of the redevelopment of disused industrial sites. The site is now home to new businesses, over an area of 8.5 hectares.

In Tournai, our Liège team can congratulate themselves on the completion of the two first phases of the redevelopment of the CIB. (National Belgian Property Company) buildings, with the purpose of creating areas reserved for the new offices of the ministry of Finance. We should also point out that as part of this project our assignment as consultant engineer is continuing for a second phase of new areas, this time reserved for the ministry of Justice.

In addition, 2009 saw the finalisation of numerous studies for which we will be carrying out supervision of the construction work.

In particular, we should mention the development designs for the PLACE DE LA GARE DES GUILLEMINS IN LIÈGE, providing access to the international TGV railway station, the development designs for the grounds of the AUTONOMOUS HARBOUR OF NAMUR, the preliminary designs for the bypass for the town of Tubize on behalf of the SPW (Wallonia Public Works), and studies for the second phase of the refurbishment project of the BOULEVARD ZÉNOBE GRAMME.

We should also mention the studies for the sewer network carried out in the towns of Raeren, Héron, Fexhe-le-Haut Clocher, as well as Sprimont on behalf of the AIDE (the Inter-communal Association for water separation and purification for the towns in the Province of Liège), and the SPGE (Public Water Management Company). We should also not forget the studies for bringing the recycling centres in the towns of Ans, Juprelle, Nandrin, Remicourt, Wanze, Waremme and Seraing up to standard, on behalf of INTRADEL (Waste Management Council). And in Ans, in a completely different field, the studies relating to the extension of a school complex.Finally, we end with the TOPOGRAPHY SECTOR, with the surveys of the Hénâ slagheap in Flémalle on behalf of Electrabel and various field surveys on behalf of the SPW, AIDE and various contractors and engineering firms.

Further studies have been undertaken and will be completed shortly. Some of the projects in which we have taken part over the last few months are worth special attention.

Firstly, IN THE PROVINCE OF NAMUR in Gembloux, more precisely at the Créalys site, the Economic Bureau of the Province of Namur (BEP) asked us to carry out the studies as part of the construction of a relay building designed to house SMEs. It will have the essential speciality of being passive. In Andenne, we are continuing with the studies relating to the extension and renovation work of a sports complex intended to make the installations more efficient and user-friendly. Secondly, IN THE PROVINCE OF LIÈGE, the studies started by Immo Retail Estates relating to a construction project in Neupré of a mixed-use building complex providing houses and shops are progressing, as are the studies concerning the renovation of the access and car parks of the Redevco site in Fléron. In Welkenraedt, the studies of the drainage network ordered by the AIDE are underway.

Amongst the recently concluded contracts, the following are of particular interest:

■ The development designs for the business parks at Theux and Ans on behalf of the SPI+,

■ The development designs for the road linking the Rue J. Jaurès to the Rue des Français in Ans, as well as the studies for the bypass in the town of Wavre and the link from the 575 trunk road to the port area of Montignies-sur-Sambre on behalf of the SPW and the studies for installing wind turbines in Ciney on behalf of the SPE.

Finally, we should mention the studies relating to the runway extension at the Brussels South airport in Charleroi, on behalf of the SOWAER (the Wallonian airports authority), as well as the operating plans for the development work as part of the renovation project of the coal washing factory in Peronnes.


In 2009, complete turnkey projects were awarded to the company and its consultant engineers

were called on to provide consultancy services for the cement industry.

In the main, the turnkey activity was directed towards the buoyant gas and oil sectors, with

Algeria as the centre of gravity, and Europe taking an interest in the treatment of solid waste.

As for the consultancy activity, this is growing mainly in the Middle East, one of the largest

manufacturers of cement.

SKIKDA KHROUB OUTFLOW TERMINAL

GL2-Z LIQUEFACTION COMPLEX, Arzew

INTEGRATED WASTE SITE IN FLOREFFE

INTEGRATED WASTE SITE

IN FLOREFFE - CRUSHING LINE

page 17 TPF GROUP / ACTIVITY REPORT 2009 TPF-BASSE SAMBRE

IN BELGIUMIn Namur, the consultancy services are continuing as part of the construction of a the wastewater purification plant (popu-lation equivalent of 81,500), on behalf of the Namur Public Services Authority (INASEP). The tests are planned for the end of 2010 and it will be put into service at the start of 2011.

The Economic Bureau of the Province of Namur (BEPN) asked us to act as consultant engineer for two major projects. One relates to the construction of an integrated waste site in Floreffe. The progress of the project is in line with the initial schedule. The tests will start at the beginning of March 2010 and the whole thing will be operational at the end of the year. The second relates to the construction of a crematorium in Assesse where we fulfilled our consultancy assignment.

Finally, we should mention that in Charleroi, two assignments started in 2008 for the steel manufacturer Industeel are ongoing. These are two turnkey projects, one regarding the construction of a cooling tower for industrial water for continuous casting, and the other relates to the construction of a new cooling water circuit for an electric furnace with connection to the existing water cooling towers and networks. We should add that 2009 also marked the start of a new consultancy assignment in electricity.

IN ALGERIAIn accordance with the contract concluded for the construction of structures associated with the Skikda Khroub LPG pipeline with the NAFTAL company, a subsidiary of the Sonatrach group, the guarantee period has started after the provisional handover.

The management of the NAFTEC refinery located in Arzew, near to Oran, also a subsidiary of the Sonatrach group, has expressed great satisfaction with the construction of the lubricant processing unit.

Also in Arzew, an important contract of some 40 million euro was signed in June 2009 with the Sonatrach group. This relates to the replacement of the fire safety system at the GL2-Z liquefaction complex, which we should mention is the largest in Algeria. The contract came into force in November 2009. Safety regarding fire detection and fire-fighting as well as uninterrupted activity during the work remain the greatest priorities. We should also mention that the major part of some

16 km of pipework to be replaced is located underground. The operation, due to last over a period of 36 months, will require strict measures regarding safety and organisation.

IN QATARThe putting into service of the new Portland cement production line, with a capacity of 5000 tonnes per day, at the Umm Bab cement works in 2009, marked the completion of our consultant engineering contract concluded with Qatar National Cement. In 2010 an assignment associated with the original contract will also be completed.

IN YEMENFor the Yemen General Corporation for Cement Industry and Marketing (YCC), TPF - Basse Sambre carried out its main assignment well regarding the “Amicable Settlement Proce-dure”, in order to settle the various disagreements between the client and the supplier as part of the construction of the new production line for the Amran cement works, with a capacity of 3300 tonnes per day of Portland cement clinker.

In 2009, our subsidiary won a new invitation to tender launched by the same company for a consultancy assignment. This is part of a project for the extension to the factory in Al Barth, and more particularly for the setting up of a new production line. Initially, our team will be responsible for preparing the specifications, assisting in assessing the bids and in the negotiations with the suppliers. Secondly, it will then supervise the studies and the construction. These actions will be spread over a very long period: 68 months in total.


Soundly established in the engineering sector, TPF Engineering has a great experience in the

fields of building, infrastructures, transport, and the environment, thanks to the complementarity

of its three divisions. The diversity of its assignments bears witness to this.

EUROPE / BELGIUM

MEDIACITE, Liège

NEW COMMISSARY

FOR THE US ARMY, Chièvres

TPF ENGINEERINGpage 19 TPF GROUP / ACTIVITY REPORT 2009

MONTOYER 51, BRUSSELSAt the end of this year, the renovation work for this office building, located in the heart of the administrative centre of Brussels and built at the beginning of the 1980s, came to an end. Now with 3 levels underground (1 level to be used for offices and 2 levels for car parks) and 8 storeys of offices above ground over a surface area of 18,000 m², Montoyer 51 has been the subject of a major renovation involving the fitting of a new façade after the demolition of the balustrades, the rebuilding of the 7th floor, the construction of a new floor in the roof and the creation of a lobby over two levels (patio extended to level –1). TPF Engineering was able to carry out the complete structural and technical utilities assignment well, to the great satisfaction of the Montoyer 51 Leasehold company.

BUILDING PROJECT, RUE E. VAN OPHEM, BRUSSELS (UCCLE) This new housing complex, called “Pré de la Perche” comprising 3 new apartment buildings and a new rest home will completely change the face of the Rue Egide Van Ophem.During the 2009 financial year our engineers carried out well all the operating plans for the heavy building work and the supervision of the construction work for the first two luxury buildings, one housing 36 apartments, the other housing 31, as well as the designs relating to the construction of the third building which is expected to be completed in 2010.These assignments were completed by the structural studies relating to the construction of a new rest home comprising a ground floor and 5 upper storeys. Next year, this new rest home will provide, in total, an underground car park, 121 rooms over 3 floors, and 28 serviced flats on 2 further floors, as well as communal areas and shopping areas.

REDEVELOPMENT OF THE CARREFOUR AND BRICO SITES, GHLIN AND FLÉRONAt the request of Redevco Retail Belgium SA, TPF Engineering has continued with all the structural and civil engineering studies for the redevelopment of the Carrefour hypermarket and Brico DIY store sites in Ghlin and Fléron. We should recall that in Ghlin, a part of the existing buildings will be demolished in order to build new shopping areas there. In addition, Fléron will benefit from an extension to the shopping areas. For both sites, the car parks and grounds will be completely redeveloped.

ARTEVELDE BUILDING PROJECT, GHENTIn June 2009, our Structural and Civil Engineering Division threw all of its know-how into this project. This residential project of 11,000 m², comprising a ground floor and 5 upper storeys in superstructure, will house 91 apartments over three buildings and will provide a 3400 m² underground car park with a capacity of 87 spaces.

THE STRUCTURAL AND CIVIL ENGINEERING DIVISION

Even if the property, offices, and housing sectors, hit hard by the financial crisis, are showing a considerable slowdown in investments, the Structural and Civil Engineering activity has, on the other hand, shown a rise in its annual turnover, thanks to the development of large-scale infrastructure projects. This is a field in which TPF Engineering has an undeniable expertise.

In addition, the acquisition of Bagon Ingénieurs-Conseils a year ago has allowed the expansion of the services we can offer in the field of civil engineering. This positive result is pushing us to persevere in the same direction. And this year, the Tunisian company MonaStab joining the TPF Group rein-forces this direction.

As for the Structural and Civil Engineering Division, it was particularly active over the last few months during which numerous projects were realised. As a very successful example in the field of building, we should mention the opening of the Médiacité shopping and leisure centre in Liège, or in a completely different field, the construction of CCGT electricity power plants in Navagne, and of the EPR nuclear power plant in Flamanville in France.

MEDIACITE, LIÈGE In October 2009, the opening of the Médiacité shopping and leisure centre considerably changed the appearance of the site of the former Espérance rolling mills in the Longdoz district.Some 45,000 m² are now used for shops, leisure, services and restaurants. With a total surface area of 160,000 m², this project not only related to the renovation, but also to the extension of the Longdoz shopping arcade. Extending along a street for 400 metres, covered with an undulating roof structure, delightfully playing on its lightness and elegant curves, this huge shopping centre has proved to be an undeniable success due, we should remind ourselves, the hand of Ron Arad, the famous London designer and architect.

NEW COMMISSARY FOR THE US ARMY, CHIÈVRES The construction work for the new “Commissary” supermarket on the Chièvres military base was completed in 2009. Equipped for access by persons with reduced mobility, it houses a sales area, administrative area, production department, another area for meat, a third area for dairy products, a frozen food section, a deli/bakery, a technical support department, along with loading and unloading bays. Fitted with automatic sprinklers, this shopping centre has been designed to comply with US anti-terrorism standards, as well as with a view to obtaining the LEED silver certification.

TPF ENGINEERING


CCGT ELECTRICITY POWER PLANT, NAVAGNEThis engineering contract, for procurement and construction (EPC), won in association with the British engineering firm Parsons Brinckerhoff Ltd from SPE SA is progressing very well. It relates to the construction of 2 combined cycle (gas and steam) electricity power plants, 400 MW each, at the Navagne site near Visé, by the side of the river Meuse. The project is progressing at great pace: in fact, building and environmental permits have been obtained and the analyses of the bids from subcontractors have all been done. The allocation of the contract is expected at the start of 2010, and the work will then be able to start in May 2010.

EPR NUCLEAR POWER STATION, FLAMANVILLE (FRANCE)As part of the project for the construction of the new 3rd generation EPR-type (European Pressurized Reactor) nuclear reactor in Flamanville, in Basse-Normandie, 2009 saw the start of the operational plans of the reinforcement of the NAB (Nuclear Auxiliary Building), which in addition will be continuing throughout the whole of the 2010 financial year. We should mention that the drawing up of the plans, which was awarded to us by the GIE Flamanville company, based on the guideline plans produced by EDF and adapted to the methods and phases of the Contractor, is done in accordance with the Eurocodes and the specifications particular to EDF, with everything being under the control of the French Nuclear Safety Authority. Finally, we should add that the power station, with a power of 1650 MW should be capable of producing electricity in 2012.

WATER PURIFICATION IN GRAND NAMURIn the field of wastewater treatment in Belgium, in 2007 we concluded a contract on behalf of the Public Water Management Company (SPGE) with the group of companies controlled by Bageci for the construction of thirty-six vortexes, two pumping stations, ten lift stations, five storm overflows, a grit chamber, a depressed sewer under the river Sambre and finally one hundred and eighteen diversion chambers.At the end of 2009, we concentrated on the civil engineering plans of 34 major structures. Our assignment will be completed during the second half of 2010.

SEWAGE PLANT IN MORNIMONTFor this sewage plant, the installation of anaerobic and aeration tanks, clarifiers, a venturi system, sludge recirculation equipment and a storm water settling tank were the subject of opera-tional plans. These were successfully completed at the end of the year. We should also mention that this complex, with a capacity of 45,000 population equivalent, is fitted with a col-lection unit, a pre-treatment unit for materials from septic tanks, as well as collecting tanks.

Regarding the obtention of new contracts, the 2009 financial year ended on a positive note. Amongst others, we will be carrying out the civil engineering studies ordered by TUC Rail as part of the work on the RER regional rail network, and the structural and civil engineering studies ordered by the Forest

district council for the construction project of a Job Centre and Business Support Centre.

TUC RAIL - SECTION OF THE BRUSSELS-CAPITAL RER REGIONAL RAIL NETWORK BETWEEN RIXENSART AND PROFONDSART TPF Engineering, in association with Bagon, was awarded the first contract granted to the private sector for the design plans and supervision of the civil engineering work of the RER regional rail network for the section between Rixensart and Profondsart. The conversion to four tracks of this 3 km section of railway involves the construction of engineering structures and requires the use of large-scale civil engineering, in particular: the construction of a 13 metre high embankment with rigid inclusions, a covered cutting (stross excavation) 250 metres long to the right of the future Rixensart station, extending and widening 4 bridges, 3 with crossings under and 1 with a crossing over, in prestressed concrete and finally the construction of a subway for pedestrians. Thanks to these improvements, the maximum speed of the trains will be able to be increased.

JOB CENTRE AND BUSINESS SUPPORT CENTRE, FORESTOur engineers were responsible for the complete structural assignment concerning the construction of this Job Centre and Business Support Centre. This building, with an area of 1700 m² over a ground floor and three upper storeys will house a municipal crèche and the all new decentralised unit of Actiris (Public employment service in Brussels).

REDEVELOPMENT OF THE FLÉMALLE SITE FOR REDEVCO On the request of Redevco Belgium, one of the largest investors in the Belgian property market, our teams will be working hard on a huge project for the redevelopment of commercial spaces. For the redevelopment of the Carrefour hypermarket site in Flémalle, we have been asked to carry out the structural and civil engineering studies. After the conversion of the existing commercial space, the project plans to free up some 3000 m² so that a new store for the Krëfel brand can be built there. As everyone knows, Krëfel is one of the leaders in the distribution of household equipment and hi-fi in Belgium. A new manoeuvring and unloading area will be constructed for this purpose. As for the car parks and grounds, these will be reorganised.

EUROPE / BELGIUM

TPF ENGINEERINGpage 21 TPF GROUP / ACTIVITY REPORT 2009 TPF ENGINEERING

MONTOYER 51,

Brussels

BUILDING PROJECT, RUE E. VAN OPHEM,

Brussels


construction site both for technical utilities and structures, as well as, with a nod to the environment, studies with a view to obtaining an LEED silver certification.

NEW FLAGSHIP JULES BORDET CANCER TREATMENT CENTRE, BRUSSELSRegarding hospital development, TPF Engineering is estab-lishing itself more and more as the uncontested benchmark. As a reminder, the international consortium ARCHI 2000-Brunet-Saunier-Beterem-TPF Engineering was asked to carry out the technical utilities and structural studies as part of the reconstruction of the Jules Bordet cancer treatment centre, on the site of the Anderlecht university hospital. Already currently benefiting from an international renown, this new centre has an imposing surface area of 50,000 m², comprising a ground floor, 3 upper storeys and 2 underground levels. The new institute, provided with the latest improvements and a remarkable medical team will now prove its worth even more. A building with 250 beds, 40 hospital day beds, and state of the art oncological treatments will be provided for patients. This year will see the delivery of the preliminary designs, as well as the start of the application for permits and starting the project itself. Handover of the work is scheduled for 2013.

WATSON & CRICK PARK, LOUVAIN LA NEUVEThe Watson & Crick Park, developed by the European property developer Pylos, will be a real business park. The first phase of the project relating to the renovation of three buildings and development of the grounds was completed at the end of 2009. The second phase relating to the construction of new buildings has just started. We should also mention that this project puts great emphasis on environmental requirements: a reduction in the ecological footprint, complying with relevant standards and LEED (Leadership in Energy and Environmental Design) certification for some buildings.

SOUTH CITY OFFICE & HOTEL, BRUSSELSThis high quality environmental project relates to the construction of a mixed use complex of almost 30,000 m² of offices developed by South City Office and a 3-star, 142 room hotel developed by South City Hotel. Opposite the Gare du Midi and the TGV terminal, this building complex is part of a large redevelopment programme for the Midi district. More precisely, the hotel, operated by the Résidor company, will be provided with a semi-industrial kitchen, a 30 space car park, and will be providing its customers with a fitness and housekeeping service. As for the two office buildings, these have under-ground car parking, and, thanks to an efficient architectural shell and the use of cutting edge techniques, an insulation rating of K and E, a lot lower than current EPBD specifications. The construction work, which started in January 2008, will be completed in 2010.

TECHNICAL UTILITIES DIVISION

Over the year, the Technical Utilities activity concentrated on its base markets: office buildings, hospitals, and hotels.It related to various sustainable construction operations (green building, eco-management, comfort and health) based on the French high quality environmental building standard (HQE) and on the European Energy Performance of Buildings Directive (EPBD). In this respect, we should mention the obtention of a very interesting environmental contract relating to the green building of a rest care home, with a capacity of 135 beds, in the Brussels region.TPF Engineering’s ambition for 2010 is to continue in this direction and to put even more emphasis on projects that integrate the principles of sustainable development.

Amongst the salient events of the year, we should mention the handover of several major works such as the LEX 2000 and the NATO military hotel in Chièvres, as well as continuing prestigious projects such as the new flagship Jules Bordet cancer treatment centre, the South City hotel, etc. Cooperation between the various divisions of TPF Engineering has proved necessary to carry out these projects well, and this has been successfully done in the perfect harmony.

LEX 2000, BRUSSELSThe allocation of this contract confirms our good position within the European institutions regarding engineering and technical utilities. Located right in the heart of the European district, this 75,000 m² office complex housing the Council of the European Union was handed over this year. It has 8 conference rooms, each one with 220 seats and fitted with 30 interpreting booths. The cafeterias and restaurants can now provide the 1250 occupants of the building with a very pleasant lifestyle. To do this, TPF Engineering used state of the art techniques such as the installation of dynamic façades and cool floors, along with cogeneration units and heat pumps.

MILITARY HOTEL FOR NATO, CHIÈVRES As part of the cooperation between the various companies of the group, we should also mention this project that was successfully handed over in 2009: the construction of a new hotel on the military base in Chièvres on behalf of the American army. The building, with a surface area of 7000 m², comprises 33 standard apartments, 2 long-stay apartments and 60 family suites over 3 storeys. The hotel has been designed in accordance with the US anti-terrorism standards, as well as with the Belgian and US standards for accessibility for people with reduced mobility. We should also mention that the hotel is fully air-conditioned and fitted with fire sprinklers. TPF Engineering took on the whole architecture and engineering assignment covering the studies and supervision of the


LEX 2000,

Brussels

SOUTH CITY OFFICE & HOTEL

WATSON & CRICK PARK

NEW JULES BORDET CANCER

TREATMENT CENTER

MILITARY HOTEL FOR NATO, Chièvres


YOUTH CENTRE FOR THE US ARMY

STATE ADMINISTRATIVE CENTRE

LA CERISAIE REST AND CARE HOME


STATE ADMINISTRATIVE CENTRE, BRUSSELSLocated right in the centre of Brussels, the former adminis-trative site of the Belgian authorities is being subject to a complete renovation and refurbishment. The project is being carried out over several phases. The first and second relate to the renovation of 70,000 m² of offices, whilst the third concerns the creation of some 6000 m² of apartments in the place of the existing offices. The performance specifications have been delivered and the works should start in July 2010 and finish at the end of 2012.

RTBF REYERS SITE, BRUSSELSOn the Boulevard Reyers in Brussels, the Belgian broadcaster RTBF wants to increase the occupancy rate of its buildings by reducing the 70,000 m2 occupied today to 45,000 m2. The surplus 25,000 m2, likely to be contracted out, will be the subject of a complete renovation. In addition, we should state that the work will be carried out in phases up to 2011, or even 2012, so as to guarantee that the services will be able to continue. In this respect, we should point out that TPF Engineering has started the studies relating to the application for the environmental and single permits, drawing up the specifications as well as the structural and technical utilities studies relating to the renovation of the premises and the new production departments of the TV studios (2 and 4). These studies will continue until 2010.

Apart from these assignments described above, new engineering contracts have been signed, won either by ourselves or in association with other divisions. We should mention for example:

LA CERISAIE REST AND CARE HOME, BRUSSELS (SCHAERBEEK) TPF’s skills in the field of rest homes are continuing to establishing themselves. So, in Brussels, we are delighted to take part in an ambitious environmental project for the green building of a new rest and care home, with a capacity of 135 beds, 120 of which are for healthcare, and 15 for the elderly. The home is called “La Cerisaie”, and the Public Centre for Social Welfare awarded us the assignment for joint contracting authority: technical, administrative and financial control of the construction work, from the allocation phase of the first lot of construction work contract up to the definitive handover of all the work.

NATIONAL BANK OF BELGIUM, BRUSSELS Another success, the obtaining of a long-term 4-year contract (2009-2012) on behalf of the central head office of the National Bank of Belgium, covering various engineering assignments. A building complex at the Brussels site with an area 200,000 m², of which 80,000 m² are offices, will be the subject of technical utilities studies.

YOUTH CENTRE FOR THE US ARMY, BRUSSELS (STERREBEEK) As part of the programme for improving the services for the employees of the Brussels garrison, the US Army reiterated its confidence in us by awarding us the complete architecture and engineering assignment for the construction and supervision of the works of a new youth centre with a capacity of 150 young people aged from 6 to 18 years. This multi-functional centre will be provided with multi-purpose rooms allowing the organisation of cultural and sporting events, a technology laboratory, as well as all the associated technical and administrative departments. The designs were completed in 2009. The construction will be able to start in 2010, after permits have been obtained.

BRUSSELS AMERICAN SCHOOL The project is the result of a framework partnership contract signed with the US Army, relating to the extension of the American School. We have been appointed for the assignment of supervision of the engineering works and architecture. Around 400 pupils will soon be benefiting from a multi-purpose sports hall and music and art rooms. Our assignment started in April this year and will last for 12 months.


THE BUILDING DIVISION

There is no doubt that the level of activity in the industrial sector has been severely affected by the economic crisis. So the markets in which the Building Division is actively involved, operations linked to food processing, the pharmaceuticals and logistics sectors, have been subject to the repercussions of the global economic downturn.So in order to face up to this situation, the Building Division has rolled its sleeves up and increased its diversification.Thanks to the quality of its services, its determination and its desire to strengthen its relationships with its customers, the Building Division has, from the start, received several requests, in particular from the Luxembourg supermarket group Cactus, as well as from the industrial baker, the Groupe Teugels, and from the MABRU non-profit organisation for the Brussels wholesale market. This has resulted in important assignments for the Building Division.

Before looking at these, we should mention a few successes that have marked the last year.

First of all, in the food processing sector, in Herstal the construction work for the new production unit for the limited company FRIANDA, manufacturer of puff pastry and catering products, is on the way to completion.

Finally, in the logistics sector, at the “Crealys” Science Park in the Province of Namur, the FRI-PHARMA company saw the start of the construction of its new silo-type high level refrigerated

warehouse and its fully automated storehouse for storing and handling pharmaceutical products. As part of this project, a refrigerator with a maximum storage capacity of 13,000 pallets at a temperature of + 5°C and a building to be used for the frozen storage of 2200 pallets at a temperature of -25°C will be designed and constructed.Apart from these storage areas, the complex will also house reception and consignment areas, as well as offices and social areas. The first lots were able to be delivered at the end of 2009.

Regarding the electricity power plant sector, we should mention the construction project for the TWO CCGT ELECTRICITY POWER PLANTS IN NAVAGNE for which the Building Division has been called on as building consultant. We have already praised this excellent example of synergy between the various subsidiaries of the group in the chapter referring to the Structural and Civil Engineering Division.We should also mention the construction of the 400 MW ELECTRICITY POWER PLANT IN MANAGE on behalf of the energy supplier NUON. The execution of the contract is underway for this. It mainly relates to the tender phase, drawing up the permits and designs for the transport of cold water between the Brussels-Charleroi canal and the site of the power plant.

Finally, we end with a project that we hold particularly dear to our hearts: the renovation of the former COAL WASHERY UNIT IN PÉRONNES. The architectural designs are continuing. 12,000

FRIANDA


m² will be occupied by the Archaeology Department of the Wallonia Heritage Service. In particular, laboratories will be created here for the analysis of materials from the excava-tions, as well as design rooms, lecture theatres, training rooms and storage areas. The work should be completed in 2012.

In 2009, TPF Engineering also invested in the activities of environmental consultancy, audit and designs.

Firstly, as an EPBD AUDITOR APPROVED BY the Flanders Region and by the Brussels-Capital Region: the TPF Engi-neering teams have been able to improve the overall energy performance and the interior climate of several buildings.Secondly, as an APPROVED LEED EXPERT (Leadership in Energy and Environmental Design): throughout the year the Building Division’s specialists have supported our customers in their steps to obtain “sustainable building” certification.

As it was the case in 2008, AIB-VINCOTTE (ISA) and LLOYD’S REGISTER have renewed their agreements with our Building Division: the first for the carrying out of certification audits (BRC and IFS) regarding numerous food processing companies, and the second for environmental management systems as part of the ISO 14000 certification.

It is important to also mention that the order book is filled with interesting new assignments.

The GROUPE TEUGELS building located in Niel was burned down last March. Since this fire, the production of this industrial bakery has been completely paralysed. So for this, TPF Engi-neering has signed a new contract for a consultant engineer-architect assignment to develop the new building acquired by the company within the shortest delay.

In Laeken, the company that manages the Brussels wholesale market, the non-profit organisation MABRU (Brussels morning market), has called on our skills in the field of hygiene. We should state that this wholesale market, an excellent centre for fresh food located in the centre of the country and with the advantage of operating at night, has 5 covered halls in which 250 independent traders and small businesses offer a whole range of products.

As for IMMO-HORIZON SARL AND CATERMAN SA, members of the Cactus group, they have renewed their confidence in us by awarding us the project management for the infrastructures at their Windhof site in the Grand Duchy of Luxembourg. The project relates to the replacement of the underground service networks (separation of the purification networks and the gas and water supply), the complete renovation of the road networks as well as the optimisation and installation of technical networks (medium and low voltage and IT). Just added to these operations are the construction of a pumping station to carry the industrial wastewater to the pre-treatment station and the construction of a wash station for the fleet of 6 articulated trucks. The work will be finished in 2011.

FRI-PHARMA

CLASSIFIED COAL WASHERY

UNIT, Peronnes


In the water sector, two studies are worth a closer look.

The first concerns the waste treatment centre in Thumaide in the Beloeil area, run by the IPALLE local authority, and more particularly in the assessment of the characteristics of the process water used in the incinerator. TPF-Utilities has carried out its assignment: drawing up the specifications, choice of technology and supervising the work on site.

The second allows us to highlight our know-how in municipal water treatment plants. It relates to the construction of a water treatment plant in the town of Signeulx, in the province of Luxembourg. This treatment plant, run by the AIVE, the Association for the Protection and Promotion of the Environment for the Province of Luxembourg, will have a capacity of 3200 population-equivalent and will be constructed jointly with the French authorities. Our subsidiary has been appointed to draw up the specifications, choose the contractor and monitor the construction work.

Finally, in the delegated management of technical installations sector, our subsidiary has not hesitated in setting up contracts lasting over several years.

For the BELGIAN NATIONAL DEFENCE, a 10-year delegated management contract has been signed for all the technical installations in the barracks in Charleroi and Liège region. Drawing up the optimisation plans for energy consumption was an integral part of the contract.

Our subsidiary has also carried out a good number of opera-tions in varied fields such as water, energy and delegated management. Here is a quick retrospective look at the studies recently carried out.

In the energy sector, some services have to be highlighted.

The Belgian public energy provider FEDESCO called on our firm to carry out an energy balance study for all the prisons in Belgium, with the purpose of assessing the relevance of an investment in cogeneration. In particular, our team was re-sponsible for drawing up the specifications, the choice of supplier and supervising the work.

In addition, the Tour du Midi in Brussels, housing the Na-tional Pensions Office, the ONP, was the subject of a large study relating to heat and energy consumption. The contract relating to the drawing up of the specifications, supervising the negotiations and the work, has been successfully completed.

On behalf of the public services administration of the Brus-sels-Capital Region, BRUXELLES MOBILITÉ, we were asked, as part of a study relating to the energy consumption of all the electrical and lighting installations in the City of Brussels, to draw up the specifications relating to the purchase of electric-ity, to carry out the negotiations with the suppliers, and to monitor the billing.

2009 was an uneven year. However, in the end, the financial year finished well. The sizeable

slump that crossed the sector, and the steel industry in particular, led to a slowdown in activity

in the Liège basin. In the water sector, the “delegated management” services also showed a

drop. On the other hand, TPF-Utilities saw its activity in the public sector grow considerably

and the assignments in the energy sector confirm that it is a force to be reckoned with in the

renewable energies market. Proof of this is the major event of the year for our subsidiary: the

installation of the first wind farm in Kenya.

Finally, in France, TPF-Utilities has taken possession of its new head office in the new Hénin-

Beaumont industrial park, near Lens.

page 29 TPF GROUP / ACTIVITY REPORT 2009 TPF-UTILITIES

AILENERGIE - WIND FARM, Champagne-Ardenne

SEWAGE PLANT, Rosieres

SEWAGE PLANT, Mornimont


SEWAGE PLANT - ANAEROBIC SLUDGE

DIGESTION UNIT, Mouscron

KENGEN KENYA - WIND FARM

CORUS - MYRIAD SITE

page 31 TPF GROUP / ACTIVITY REPORT 2009 TPF-UTILITIES

TPF Utilities has been appointed by IGRETEC, the Authority for the Management and Production of Technical and Economical Studies, as part of a delegated management contract of the technical installations for all the buildings for the Aéropole of Charleroi, a new technology park housing a growing number of research centres and high technology businesses. Concluded for a period of three years, it also covers the drawing up of optimisation plans for energy consumption.

Other contracts currently being executed are worth a closer look.

IPALLE – FLUXYS (TURBO-EXPANSION PLANT), MOUSCRON TPF Utilities, in charge of operating the plant, can celebrate the results obtained this year because the natural gas turbo-expansion plant, with a capacity of 440 kWe, and the two 330 kWth cogeneration units have produced more than 4.4 Gwhel, generating some 672 green certificates. The installation has been made so reliable that it now reaches an availability rating of 99%.

CORUS – MYRIAD SITE, LOUVROIL (FRANCE)The contract with the Corus group for its Myriad site, one of the biggest steel coating production sites in Europe, has been renewed. As a reminder, it concerns the delegated manage-ment of the cooling circuits of the water processing installa-tions of the finishing lines.

AGC, BOUSSOIT SITE (FRANCE)Similarly, the delegated management contract for cooling circuits of the glass furnaces concluded with the AGC group, one of the largest manufacturers of flat glass, has been extended.

Renewable energies, and in particular electricity from wind turbines, has seen a growing success throughout the world. 2009 was an excellent year for the wind turbine.

Here are some of the key events of this green year, with some spectacular productions.

KENGEN KENYA – WIND FARMOn the plateau of the Ngong Hills, near Nairobi, 6 wind turbines, 50 metres tall, each one producing 850 kW were handed over in August 2009. This wind farm, with a total power of 5.1 MW now constitutes the largest wind farm in sub-Saharan Africa. The main electricity producer in Kenya, KenGen, called on TPF Econoler (a 100% owned subsidiary of TPF-Utilities) to carry out this large-scale operation, an operation that was completed within the record time of 18 months. Another key element for success: the annual production of 20 GWh is higher than that anticipated.

TTR ENERGY – WIND FARMS Two years after the creation of TTR Energy (Degroof Green Fund), the purpose of which is to produce investments in

renewable energies, the accounts for 2009 look positive. Several wind turbine projects are currently being drawn up in the Wallonian region and in the north-east of France. TPF-Utilities’ experts have taken an active part in the preliminary assessments and have been made responsible the operational supervision of several acquisitions.

Amongst these, two companies developing large capacity wind farms are particularly interesting:Firstly, the Ailenergie company in Champagne-Ardenne that is working on the installation of two wind farms: the first, a group of 5 Enercon E-82 wind turbines (each with a power of 2 MW, a diameter of 80 metres and a height of 80 metres) is currently being set up, whilst the second, the order of 18 GE wind turbines (each with a power of 2.5 MW, a diameter of 100 metres and a height of 85 metres) is currently being executed. And secondly, the Kyotec company, which is working hard on carrying out a project of 3 Repower wind turbines in the town of Ciney. These wind turbines are currently on order, and each one has a maximum unit power of 3.4 MW, a diameter of 104 metres and a height of 98 metres.

Generally, TPF-Utilities has maintained its presence on the Belgian municipal sewage plants market by taking part in various projects for the IBW - the Brabant Wallonia regional council, the INASEP – the Namur public authority for services, the IPALLE – the authority for public buildings for the western Hainaut region, the AIDE – the authority for water treatment and purification, and the regional economic development authority.

For the sewage plant at Mornimont (population equivalent 45,000), the year was marked by the beginning of the civil engineering work. As for the residual water treatment plants in Ittre and Leuze, the civil engineering work is progressing well.

In Rosières, the construction work for the sewage plant for the Lasne valley (population equivalent 145,000) has been put back slightly. Putting into service is assured for March 2010.

The year will also have been marked by the finalisation of the preliminary studies and incidence study for the sewage plant at Sprimont, along with the end of the civil engineering work as part of the anaerobic sludge digestion unit for the Mouscron sewage plant. We should mention that at this site, the putting into service of the biogas cogeneration units is scheduled for the end of 2010, and that a preliminary study of the sludge drying has just finished.

Finally, we should mention the installation of sections of around 20 km of wastewater collectors, in particular in Villers-la-Ville.

TPF GROUP / ACTIVITY REPORT 2009 page 32EUROPE / BELGIUM - TTR ENERGY

In association with TTR Energy, the Degroof bank is developing an investment fund dedicated to renewable energies in a limited number of countries in western Europe. Our subsidiary is the manager of this fund that has reached 46 million euros.

At the end of 2009, some 17.2 million euros had been invested mainly in two companies. The first, Bioenergetica, with a 45% holding, is a cogenerating plant (20 MW) in Spain using waste from olives. The second, Ailenergie, with a 60% holding, is a French company developing wind farms.

In 2008, the TPF Group and the Transcor Astra Group (a subsidiary of CNP) merged to

create TTR Energy, a joint venture dedicated to renewable energies.

Its mission is to develop and invest in projects relating to wind, hydroelectric, solar and

biomass energy.

WIND ENERGY PROJECT

BIOENERGETICA

page 33 TPF GROUP / ACTIVITY REPORT 2009 EUROPE / SPAIN

GENSABON, with an installed power of 14,600 kW, produces electricity for the industrial client Leyma, a producer of dairy products.

MESOGEN, with an installed power 1000 kW, produces elec-tricity for the industrial client Madeiras – Beceira, a timber manufacturer.

SABONDEL, with an installed power of 4120 kW, produces electricity for the industrial client Inosa, a manufacturer of expanded polystyrene.

In addition, TPF, which was a shareholder in Bioenergetica Egabrense, has transferred its holding to an investment fund specialising in renewable energy projects.The industrial installation, which was the subject of this transaction, was made up of two electricity production units, one based on the principle of cogeneration and with an installed power of 13 MW, the other based on the principle of the combustion of biomass derived from olive oil manufacturing and with an installed power of 8 MW.

In Spain, TPF is a shareholder in three companies operating cogenerating electricity power plants.

GENSABON

SABONDEL

TPF GROUP / ACTIVITY REPORT 2009 page 34EUROPE / FRANCE

In France, in the context of an economic and financial slump affecting more especially the

Building and Public Works sector, Beterem Ingénierie has nevertheless shown stability regarding

its turnover. This can be explained by several factors.

Firstly, the completion of the large internal reorganisation by the takeover-merger of Beterem

RAC, Beterem SI and Beterem Maintenance by Beterem Ingénierie.

Secondly, the continuation of its growth in France and on an international scale, thanks in

particular to obtaining two projects in Morocco in conjunction with Pyramide.

Finally, the setting up in Paris of the head office for our French holding company, now named

TPF France. Three events that are good omens for when, as we must, celebrate 50 years of

Beterem in 2010.

LE BRISTOL HOTEL LOW CONSUMPTION OFFICE BUILDING - LA BUIRE, Lyon

CLINATEC PROJECT - MEDICAL BIOLOGY

CENTRE, Grenoble

page 35 TPF GROUP / ACTIVITY REPORT 2009 BETEREM INGÉNIERIE

We would like to single out the more important and repre-sentative events of the year.

“LE BRISTOL” HOTEL - RESIDENCE MATIGNON, PARISA partner of the Bristol Hotel since 2003 for carrying out the extension to the car parks (underground works under a 9 storey building), then for restructuring the kitchen for the gastro-nomic restaurant and room service, and in September 2009 Beterem Ingénierie was able to hand over the latest extension of this Parisian luxury hotel, the Résidence Matignon.The operation consisted of the complete restructuring of a Haussman-era building, initially used for residential purposes. 26 rooms have been created, including 5 suites with a lounge, as well as the kitchen for the new adjoining restaurant. This is called “114 Faubourg” and is run by Eric Frechon, holder of 3 stars in the Michelin Guide. The surface area of this new complex is 3000 m². Beterem Ingénierie carried out, under high level technical constraints, the engineering of the HVAC lots, plumbing, power supply, low voltage power, fire safety system and the lifts.

“LA BUIRE” LOW-CONSUMPTION OFFICE BUILDING, LYONThe project is part of the development of the La Buire district and consists of the construction of offices (10,700 m²) and a company restaurant (4600 m²). The infrastructure comprises an underground car park on two levels constructed using a watertight surrounding wall submerged in the ground water: the side wall panels and the bottom floor of the lower level have been sized to withstand underpressure. On the upper storeys, widely ventilated patios pleasantly planted with greenery provide good views for each office level. The south façade, set back from the street, provides a maximum amount of sunlight. The gardens, located at the back of the building, have ponds allowing the atmosphere around the building to be cooled by water evaporation and also for the retention of rainwater. The building will be BBC (Low Consumption Building) certified and service sector HQE (High Environmental Quality) certified. Beterem Ingénierie is carrying out the structure, fluids, environmental quality, fire safety, and maintenance assignments, in cooperation with the architects, F. Hammoutène.

CLINATEC PROJECT – MEDICAL BIOLOGY CENTRE, GRENOBLEThis project, of some 4800 m² (total net floor area) comprises the design and construction for the CEA, the French Atomic Energy Commission, of a new building within the Minatec complex in Grenoble, as part of the development of the science centre (Giant project).Called Clinatec, the biomedical research centre is used for the application of micro-nanotechnologies. Its main objectives are concentrated on medical innovation and the improvement in the quality of healthcare. The 5-storey building is made up of 5 separate operational sectors: a reception-communication sector, a subject-patient sector, a laboratories sector, a pre-clinic sector and an office sector. The building is being constructed using HQE methods (High Environmental Quality) with the purpose of obtaining the BBC (Low Consumption Building) label. As part of a design and construction consortium

in association with Léon Grosse, Tourret et Bruno Jonery Architectes, Clima+ and IMRIS, Beterem is carrying out an engineering assignment specialising in the following fields: fluids, special gases, electricity, environmental quality and access roads. Handover is scheduled for 2011.

INTEGRATIVE BIOLOGY CENTRE, ILLKIRSH (ALSACE)The Integrative Biology Centre and its Platforms Centre have been built in Illkirch-Graffenstaden as part of the contract for the Alsace Regional Development Plan (2007 – 2013). The operation needed a useful surface area of 2910 m² and the project comprises a total floor area of 4410 m². The programme requires the construction of a building that complies with the requirements of the Effinergie (low consumption building) label. The target is to reduce energy consumption by 50%. The project must also be constructed using high environmental quality methods. The building has 4 storeys with an extra partial technical 5th storey. The concrete framework has been built using concrete columns and beams, with a timber frame for the technical terrace. The façades have been fitted using industrialised cladding processes. The built shell has to have high efficiency levels of thermal insulation.The technical equipment, electricity, heating, ventilation and air-conditioning have been optimised to ensure the delivery of energy for the project, whilst limiting consumption. The installations and the building have also been made secure. Finally, given the importance of the technical installations, both in economic and future operational terms, a mainte-nance project has to be scheduled.

HOSPITAL COMPLEX, ANTIBESFor a number of years the Antibes – Juan les Pins hospital has been subject to restructuring so as to make it more welcoming and to make it suitable for new regulations in force by using technologies that provide increased comfort for patients. At the end of the bidding for the phase called “Action 2”, launched as part of the “2012 Hospital Plan”, the panel’s choice went for the project presented by Equipe Groupe 6 – Beterem Ingénierie. Beterem Ingénierie will be carrying out the structural engineering and technical equipment as well as their documen-tation, and the steering coordination of the construction phase. The project comprises the construction of an extension with an interior floor space of 4250 m² and the restructuring of the western end of the existing building. The complex will house the Mother and Baby Unit, specialist surgeries and a cancer day-care hospital. The project also plans the complete rebuilding of the hospital’s reception area as well as an extension to the underground car park to extend it from 90 spaces to 238 spaces. The studies started in the last quarter of 2009 and must be completed by the end of 2010. The construction work will last for two full years. The handover of all the buildings and car parks is scheduled for December 2012.

CONSTRUCTION OF A SPORTS AND CULTURAL CENTRE THE “VENDESPACE”, MOUILLERON LE CAPTIFThe laying of the first stone for this project, long-awaited for by the Vendée Regional Council, is planned for February

TPF GROUP / ACTIVITY REPORT 2009 page 36

2010. This 21,000 m² building dedicated to sports and culture will open its doors at the end of 2012. The undeniable jewel in the crown of this project is the large multi-purpose hall that will be able to hold both high-level sporting competitions as well as cultural events, with a capacity for 2000 to 4000 people, depending on the type of event. A dojo for four types of combat sport and a 2200 m² sports hall complete this installation. This building combines technological prowess (60 metre span metal framework, 110,000 m3 per hour air-conditioning units, computer assisted acoustics system, telescopic seating stands, etc.) and an environmental approach (built in the landscaped De Beaupuy park, turfed car park, photovoltaic membranes on the roof, solar energy, etc.)Beterem Ingénierie has been made responsible for carrying out the whole technical assignment: earthworks, heavy building work, metal framework, various networks, heating, ventilation, sanitary, electricity and lifts, as well as the score display board. The basic assignment covered by the law relating to contracting authorities has been completed by the assignment for the operational plans and documentation.

UHSADP PROJECT, TOULOUSETo improve the access and continuity of psychiatric care for persons detained in a prison environment, whilst ensuring prison security, these are the objectives of a Special Hospital Unit (UHSA). With a total net floor area of around 3500 m², this 40-bed building, with the production design process started by the contracting authority, has been designed by the architects Espagno and Milani in association with Trinh and Laudat, in cooperation with the main contractor GCC at the site of the Marchant hospital in Toulouse. The façades of the accommodation units and the surrounding wall have been built based on prefabricated die-cast concrete components representing a curtain of trees, providing the building with an elaborate finish and a suitable support for the development of the imagination linked to the theme of the forest. This dominantly vertical pictorial theme, securing the bays in the general treatment of the walls, allows screen walls in unsightly concrete to be integrated, fortunately masked by the foliage. Inside, there is a main entry point controlling a single access for vehicles and pedestrians entering the site, a prison hospital area acting as a secure area, comprising administration areas, interview rooms and a logistics area, and a hospital area comprising activity areas, consultation rooms and two 20-bed healthcare units.Beterem Ingénierie is carrying out the assignment for the structure, access roads, metal framework, electricity and security lots, completed by the operational plans. The construction work will start in June 2010 for a handover scheduled for June 2011.

EXTENSION TO THE NATIONAL COLLEGE OF CACHAN, RENNES The contract for the Regional Development Plan (2007 – 2013) plans for the creation of a “Movement-Sport-Health” platform at the university campus of Ker Lann in Bruz. This will complete the Brittany branch campus of the National College of Cachan. It will be made up of a technical platform allowing

the analysis of movement (movement capture space, virtual re-ality, stress testing room, etc.), installations for the measure-ment of physical activity and its effects (biology unit, animal house unit, etc.) and reception areas for researchers and com-pany managers. The building comprises a virtual sport room, laboratories, teaching rooms and IT rooms.Beterem Ingénierie is carrying out the assignment of the main contractor for this 2300 m² project in a consortium with the Y.M Maurer/C. Proux team of architects. The building is low-consumption (BBC) and is being constructed using high environmental quality (HQE) methods.

CAP CONSTELLATION, TOULOUSEThe first service sector building in the Midi-Pyrénées region to be certified both HQE® (High Environmental Quality) and THPE (very high energy efficiency) is called Cap Constellation. It is located opposite the buildings housing the Airbus A380 assembly line in the centre of the Andromède integrated development zone, near to Toulouse. This building comprises 13,000 m² of modular offices, a 450-space car park over 3 underground levels, and a company restaurant with lounges and a cafeteria. Our work with the architects (KPF in London and Puig/Pujol in Toulouse) at first concerned the design of a building shell that is the most efficient possible due to the insulation, the quality of the glazing, the design of the moveable sun blinds and the partially planted terraces. Beterem Ingénierie has also designed the air-conditioning system, with cooling/heating produced by air/water heat pump and high yield energy recovery on the extracted air, as well as all the economic lighting systems allowing a primary level of energy consumption to the order of 105 kWep per square meter of total net floor area per year to be anticipated. Finally, we have designed the whole framework of the building, including 3 levels of diaphragm walls, as well as the access roads and exterior networks. BUILDING PROJECT, SAINT MARTIN DE CRAU The ‘Ferrades’ operation is located on an area of 21,750 m² in Saint Martin de Crau in the Bouches du Rhône department. This building complex is residential use and is made up of 18 buildings, a total net floor space of around on 21,750 m², on an area of 20,837 m². The operation has a total of 352 apartments, over 4 separate programmes: 100 apartments to be rented out, 46 apartments for first-time buyers, 100 apartments for private buyers and 106 social apartments to be sold to a social landlord.Following the building permit application made by the Arcadia firm of architects, Beterem Ingénierie was awarded the main contractor assignment for the construction of the 106 social apartments and the full main contractor assignment for the other programmes.

EUROPE / FRANCE

page 37 TPF GROUP / ACTIVITY REPORT 2009 BETEREM INGÉNIERIE

INTEGRATIVE BIOLOGY CENTRE, Illkirsh

UHSADP PROJECT, Toulouse

HOSPITAL COMPLEX, ANTIBES

EXTENSION TO THE NATIONAL

COLLEGE OF CACHAN, Rennes

BUILDING PROJECT, Saint Martin de Crau

CAP CONSTELLATION, Toulouse

TPF GROUP / ACTIVITY REPORT 2009 page 38EUROPE / FRANCE

We can judge this for ourselves by looking at all of its activity in 2009:

CREDIT AGRICOLE REGIONAL HEAD OFFICE, AIX-EN-PROVENCEThe purpose of this project is to bring together all the regional branches of Crédit Agricole Alpes Provence into one new head office with all the latest international criteria for functionality, equipment and sustainable development. The head office had to blend particularly well in this excep-tional landscaped site. To do this, the property developer Altarea Cogedim took on the BEC and CARI companies and their structural engineering firm, Secmo, for this very technical building located in an earthquake zone.

NEW AMBROISE PARÉ HOSPITAL, MARSEILLEThe Ambroise Paré and Paul Desbief hospitals decided to merge to create a new hospital in the centre of the Euro-mediterranean Development Zone in Marseille. So this is a complex of around 120,000 m2 that will bring the two hospitals together. Thanks to this new structure, the city of Marseille will be provided with the first establishment of the future Northern Marseille Health Unit.The “Travaux du Midi et Campenon-Bernard” consortium of the Groupe Vinci, associated with Léon Grosse, has been appointed by the contracting authority to carry out the work, Secmo carrying out the whole structural assignment. The building of this new hospital will extend over 30 months.

REGIONAL CENTRE FOR THE MEDITERRANEAN, MARSEILLEWith the MUCEM, the museum of Mediterranean civilisations, the Regional Centre for the Mediterranean is without a doubt the symbolic building of Marseille, the European Capital of Culture 2013. This extraordinary building, designed by the internationally famous architect Stephano Boeri, has required the use of special techniques to design the large sized overhang that will house the exhibition hall, as an adaptation of the construction processes used in maritime structures for the construction of the parts submerged in the dock. The “C” shape of the building allows seawater to enter between the two horizontal surfaces, so creating a water surface that allows the use of small boats. The material used for the main façade is a synthetic stone close in colour and texture to the stone of the Fort Saint Jean, a historic monument close to the building. The Atrium, the central hall, crosses the whole of the building. It goes along the whole height of the superstructure; it is the link between the reception area, the level of the exhi-bitions accessible by escalators and the lower mezzanine, leading to the conference centre. The 1200 m² exhibition area, located in the overhang, comprises four successive levels connected by ramps. The Provence Alpes Côte d’Azur regional council, the contracting authority, choses the Fayat group with BEC, Sefi Intrafort, Castel Fromaget and the engineering office Secmo to construct this exceptional structure.

Whether they relate to studies carried out for the regional head office of Crédit Agricole, the new

Ambroise Paré hospital, or for the Regional Centre for the Mediterranean, the services carried out

during this year confirm the supremacy of our French subsidiary in the building structure sector.

page 39 TPF GROUP / ACTIVITY REPORT 2009 SECMO

CREDIT AGRICOLE REGIONAL HEAD OFFICE,

Aix en Provence

NEW AMBROISE PARE HOSPITAL, Marseille

REGIONAL CENTRE FOR THE

MEDITERRANEAN,

Marseille

TPF GROUP / ACTIVITY REPORT 2009 page 40EUROPE / GRAND-DUCHY OF LUXEMBOURG

In the Grand Duchy of Luxembourg, TPF Luxembourg has successfully expanded its position by

winning its first public contract. The contract relates to the construction of an educational centre.

Also TPF Luxembourg is establishing itself more and more as a major player in the field of

construction, conversion and renovation of office buildings.

CONSTRUCTION OF

AN EDUCATIONAL CENTRE, Dahl

WEST SIDE VILLAGE

OPERATION ROYAL MONTEREY, Luxembourg

page 41 TPF GROUP / ACTIVITY REPORT 2009 TPF LUXEMBOURG

By successfully completing its assignments, TPF Luxembourg is confirming its know-how. So, several interesting projects have been completed, and others are still underway. Some of them attracted our attention.

OPERATION ROYAL MONTEREY, LUXEMBOURG This luxury office building of 9600 m² over 9 storeys above ground and 6 levels underground was handed over this year as scheduled. The engineering firm was given the assignment of consultant engineer by Immobilière Immo Charlotte.

EIB (EUROPEAN INVESTMENT BANK) In 2009, TPF Luxembourg was given the responsibility of making the IT rooms secure for the European Investment Bank at its head office in Luxembourg City. We should also mention that these services are part of a framework partner-ship contract concluded for a period of 3 years.

OPERATION CENTRE ETOILE, LUXEMBOURG Still in Luxembourg City, TPF Luxembourg carried out all the technical utilities studies for the construction of a new office building of some 8500 m². The project is underway and handover is scheduled for 2011.

WEST SIDE VILLAGE, MAMER CAPELLEN Developed by the property developer Soprima SA, this office complex located alongside the Luxembourg-Brussels motorway, is made up of 6 high-tech office buildings with a total floor space of 23,000 m² above ground and some 30,000 m² underground. Its construction is taking place over several phases, the first one has been completed. The second phase will start in 2010 and will end in 2011. The teams’ assignment is to carry out the studies and supervision of the technical equipment. We should also add that our subsidiary Bagon Ingénieurs-Conseils is also carrying out the heavy construction work.

IMMOGARE, LUXEMBOURG With a view to providing comfort for its occupants, this building with 10 storeys above ground and 5 underground levels, located near to the Luxembourg railway station, will by 2011 house two shops on the ground floor and some 3500 m² of offices, after complete renovation and being made to comply with safety regulations. We should mention that the building has to remain occupied throughout the duration of the work.

From an operational point of view, TPF Luxembourg has proved its ability to win new customers and sign new contracts.

CONSTRUCTION OF AN EDUCATIONAL CENTRE, DAHL (GOESDORF) As stated above, this contract has a symbolic value for TPF Luxembourg because it is its very first public contract won in the Grand Duchy of Luxembourg. It has been appointed to carry out the technical studies as part of the construction of an 8000 m² educational centre. This mixed programme plans for the construction of a primary school, a crèche, a childcare centre and a sports centre.This building has a high environmental quality due to its low consumption of energy, and will be handed over in 2012.

DEXIA LUXEMBOURG For this huge project for the renovation of its bank branches, in particular in Redange, Bascharage and Weiswampach, Dexia Banque did not hesitate in banking on our expertise in the field of technical utilities.

NATIONAL POST AND TELECOMMUNICATIONS, MERSCH The signing of this contract has just confirmed the confidence that the Luxembourg national post and telecommunications authority has in the quality of the services TPF Luxembourg provides. In this case, it relates to the renovation of its Mersch branch, and more particularly to carry out the replacement, modernisation and individualisation of all of the technical utilities. The assignment will be completed in 2010.

TPF GROUP / ACTIVITY REPORT 2009 page 42EUROPE / POLAND

In Poland, our office E&L Architects, has maintained its level of activity both in the architecture

sector and in infrastructures.

Several prestigious assignments have been completed. Large construction projects for office and residential buildings started several months ago have now come to an end.Here are some key projects:

BATORY OFFICE BUILDINGS, WARSAW Located on the main street of the city, fronting onto Aleje Jerozolimskie Street, this complex, made up of two buildings, sets itself apart by its eclectic design and its very distinctive configuration, and was inspired by the famous liner, the T/S Stefan Batory, of the Polish Ocean Lines shipping company. The second building was completed in May 2009, nine years after the construction of the first.

KONSTRUKTORSKA OFFICE DEVELOPMENT, WARSAW Designed by our architects, this multi-user office building, whose detailed plans reflect an architecture revolving around flexibility and efficiency, will have a rentable area of 41,066 m². The building is designed around two interior courtyards with a huge garden linking several arcades that open out onto the surrounding streets, which gives it an open, friendly atmos-phere. Under the two levels of arcades, the covered gallery will provide numerous facilities in terms of services both to the occupants of the building and to the general public. The building will be provided with an underground car park reserved for use by tenants and their visitors, as well as several areas for short-term parking at ground level reserved for maintenance staff, deliveries and couriers.

BATORY OFFICE BUILDINGS

KONSTRUKTORSKA OFFICE BUILDING

NEW SECTION OF THE S8 EXPRESSWAY

page 43 TPF GROUP / ACTIVITY REPORT 2009 E&L ARCHITECTS

E&L Architects took part in this operation from the design up to the building permit.

FABA OFFICE BUILDING, BABOSZEWOJust a short one hundred kilometres away from Warsaw, in the centre of the town of Baboszewo, is the construction of the future head office for the woodworking tools manufacturer and distributor, Faba SA, which is worth a special mention. The three floors of offices making up the building will be arranged around a bright and elegant atrium. The façade will have a mixed covering combining travertine, glass, and aluminium. Apart from the design assignment, E&L Architects also carried out the supervision and project management of all the construction work.

flyover over the railway track and the three road flyovers has been completed this year.

MODERNISATION OF THE GDYNIA GLOWNA OSOBOWA RAILWAY STATIONIn November 2007, the TPF Planege and E&L Architects consortium signed the contract for the modernisation of the first phase of the Warszawa – Gdynia section of the E-65 railway line. In particular, this relates to the modernisation of the tracks to a length of 5.8 km and the related infrastructures, draining the ground, modernising 51 double slips, rebuilding the electric traction installations over a length of 10.8 km, to configure, or reconfigure, the rail traffic computerised control systems and to carry out various infrastructure work in order to eliminate any obstacle or any risk of collision. The work is progressing as planned and will be completed in 2010.

In 2009, the consortium formed by E&L Architects and its Portuguese partner, TPF Planege, has continued providing complete consultancy and management services for projects mainly relating to transport.

NEW SECTION OF THE S8 EXPRESSWAY, ARMII KRAJOWEJ, KONOTOPA/PRYMASA TYSIACLECIA SECTION, WARSAW (KM 1+ 99.00 – KM 11+ 77.07)As a reminder, this project co-financed by the European Union Cohesion Fund relates to the construction of a 2 x 3-lane section, with a length of some 10 km with the purpose of improving not only through traffic, but also local traffic. The project plans 22 new bridges, 3 interchanges and the substantial redevelopment of the existing roadway. The construction of a

NEW MOTORWAY SECTION, SOSNICA – BELK, SILESIA REGIONOn 23 December 2009, 39 months after the work commenced, the new 3-lane 15.5 km section of the A1 motorway between Sosnica and Belk opened to traffic. A challenge successfully overcome because, as it is a mining area, special methods such as injection of reinforcement materials under pressure and the installation of ballasted columns had to be applied. We should also mention that this new section comprises 3 trumpet-type interchanges – double roundabout – four slip roads, road safety equipment management systems and remote traffic control systems.

FABA OFFICE BUILDING

NEW A1 MOTORWAY SECTION

E-65 RAILWAY LINE

TPF GROUP / ACTIVITY REPORT 2009 page 44EUROPE / PORTUGAL

The following are amongst the number of projects completed or underway:

MARTINHAL TOURISM COMPLEX, SAGRESThis 5-star complex will be built in the south-west of Portugal, in the Algarve, overlooking the magnificent Sagres beach. The place is loaded with history: here, in the 14th century, Prince Henry the Navigator founded a prestigious nautical school, unique of its type in Europe. The most famous navigators, geographers and physicists of the time considered it an honour to attend the school.In addition to its restaurant and 38 rooms and suites, the com-plex will provide a varied choice of accommodation, mostly with sea views, thanks to its 180 family rooms and apartments. The hotel will have facilities such as swimming pools, tennis courts, multi-sports areas, spa, fitness centre and a beach club.TPF Planege has been made responsible for the operational and stability plans for this huge complex, which will open its doors in 2010.

JARDIM DO TABACO SHIPPING TERMINAL, LISBONStarted in 2007, this huge project for the development of Jardim do Tabaco, one of the old docks of the port of Lisbon, is progressing well. After completion of an extension of a total length of 650 metres (renovation of 200 metres and the construction of an additional 450 metres), this dock will be used to moor cruise ships by the end of 2010. The project also plans the widening of the dock over 450 metres comprising a reinforced concrete beam fitted onto piles.

CUF HOSPITAL, PORTO The construction project for this new hospital in Porto is progressing at great pace. This private establishment will provide a capacity of 150 beds. With a surface area of 50,000 m² over 8 storeys above ground and a 4-level underground car park, it will be capable of providing a quality service and a first-rate hospital infrastructure. We can see this from its infrastructure: on level –1, areas reserved for special exami-nations, kitchens, the pharmacy and the waste disposal unit, on level 0, casualty, physiotherapy services, radiology and

clinical pathology, on level 1, the operating blocks and intensive care units and on level 2, the technical installations. On the floors above, there are all the specialist services, with the top floor housing a restaurant, a place of worship and a library.

SAO LOURENÇO GARDENS, LISBONOur Portuguese design company has been contracted to carry out quality control and safety, costs and scheduling for this exceptional area. These gardens have the benefit of a wonderful quality of environment. They form part of a huge green space of 16,000 m², of which 12,000 m² are open to the public and 4000 m² are privately owned.Started in 2007, this ambitious 33,500 m² project, located in the centre of Lisbon near the Place d’Espagne, is in its final phase. The 91 apartments, from 4 to 7 rooms, and the penthouses from 10 to 13 rooms, extending pleasantly along terraces or private gardens, some with swimming pools and jaccuzzis, will be able to be handed over in a few weeks.

BUILDING PROJECT, TELHEIRASThis new construction in Telheiras will be part of the residential area north of Lisbon. It has a surface area of 44,000 m², 30% of which will be used for parking. Two 20-level buildings (16 storeys above ground) will surround a complex also made up of two buildings, this time with 12 levels (9 above ground). We should add that the structure of the towers uses the flat slab principle and that the foundations are built on reinforced concrete piles. As for our TPF Planege team, it has distinguished itself in doing an excellent job on the structural studies.

NEW PAEDIATRIC HOSPITAL, COIMBRAFive years after work started, the hospital will be able to be opened in the near future. With a capacity of 160 beds, this unit is composed of two buildings over an area of 90,000 m²: a main building with 14 levels, 7 of which are underground, reserved for all the healthcare services, and a secondary building that will house the catering, services, technical equipment and the thermal power plant. TPF Planege’s skills have been called on for the revision of the architectural and engineering studies, supervision of the quality of the building

During the 2009 financial year, TPF Planege mainly concentrated on developing projects that

were likely to strengthen its position on the Portuguese market, in spite of a difficult economic

situation. Also, our engineering firm invested a particular amount of time in providing services

linked to both building (hospitals and housing) and road and rail infrastructures.

page 45 TPF GROUP / ACTIVITY REPORT 2009 TPF PLANEGE

MARTINHAL TOURISM

COMPLEX, Sagres

CUF HOSPITAL, Porto

MODERNISATION OF THE EDUCATIONAL INFRASTRUCTURES

IN THE SECONDARY EDUCATION SYSTEM, Portugal

BUILDING PROJECT,

Telheiras

JARDIM DO TABACO SHIPPING

TERMINAL, Lisbon

TPF GROUP / ACTIVITY REPORT 2009 page 46EUROPE / PORTUGAL

MODERNISATION OF THE RAQUETE RAILWAY STATION

SADO RAILWAY VIADUCT,

Alcacer

NEW PAEDIATRIC HOSPITAL,

Coimbra

A4 MOTORWAY - MARAO TUNNEL VARIANT TO THE NATIONAL ROAD N° 14

page 47 TPF GROUP / ACTIVITY REPORT 2009

work, cost and schedule control, and the commissioning of the technical installations. Finally, we should mention that the installation of the medical equipment is currently underway.

MODERNISATION OF THE EDUCATIONAL INFRASTRUCTURES IN THE SECONDARY EDUCATION SYSTEM, PORTUGALAs part of the government programme for the modernisation of the educational infrastructure, TPF Planege has been appointed to carry out the supervision and control of the renovation work being carried out in six schools in the area north and west of Lisbon and in the Sintra and Caldas da Rainha regions. The modernisation involves a reorganisation of the floor areas, renovation of the interior surfaces and the concrete structure, the complete restructuring of the electrical installations, the water network, drains and telecommunications systems. In order to increase the student capacity of these establishments, new buildings (gymnasiums) and exterior developments are planned. The project concerns a total surface area of 46,000 m² and will be completed in 2010.

SADO RAILWAY VIADUCT, ALCACERWe are delighted about the progress being made on the construction of the civil engineering structure that will become the longest railway viaduct in Portugal. Located on the new 30 km section of the southern line linking Lisbon to the Algarve region, the Sado viaduct will have a length of 2735 metres interspersed with three successive arch shaped spans (Bowstring type), each one 160 metres. When this work has been completed, this line will be equipped in accordance with the most modern standards with its new sig-nalling systems and overheard catenaries. Its new track will be able to be authorised for speeds of 220 kph. TPF Planege is responsible for quality control, costs and scheduling control.

RAILWAY LINE MODERNISATION PROGRAMME, PORTOAs a reminder, this project is part of the investment programme for the modernisation of electricity supply systems for the rail network system of the Porto suburban area. It was launched by the REFER (the Portuguese national rail company), and in particular, relates to the modernisation of the return leads of the traction current and earthing systems, and the technical updating of the signalling and control systems. It concerns some 150 km of railway tracks. The work has been coordinated so as not to interrupt traffic, which requires special procedures relating to safety and night teams to be set up. Our Portuguese team has several assignments: management and supervision of the construction work and safety coordination for the construc-tion site. Handover is scheduled for some time in the next year.

MODERNISATION OF THE RAQUETE RAILWAY STATIONIt is important to modernise this station so as to improve the sorting and transportation of goods destined for the factories of the Sines industrial estate, in particular to the Repsol and Galp petrochemical complexes and its commercial port, one of the largest container terminals in Europe. The work concerns, amongst other things, the modernisation of 3 km of tracks

and the construction of 8 tracks parallel to the existing track. We should also mention that a new generation electronic signalling system will also be installed.TPF Planege has been appointed to supervise the work.

A4 MOTORWAY – MARAO TUNNELLast year the Portuguese government launched an ambitious project concerning its road infrastructure with nine invitations to tender relating to some 1250 km. So a new 30 km section will be built on the A4 “Transmontana” motorway connecting the towns of Amarante and Vila Real in a very hilly and uneven region, and comprising the construction of a double tunnel 5.6 km long (the Marao tunnel), which will not only be the longest road tunnel in Portugal, but also one of the longest on the Iberian peninsula. It is also planned to widen the existing mountain road and to construct 13 interchanges. This work will commence in May 2009 and will finish in 2012.Our engineering firm, the leader of the consortium comprising Pengest, is very proud of having won the contract for supervision of the construction work and health and safety coordination, not least because this is a thirty-year contract.

VARIANT TO THE NATIONAL ROAD N° 14TPF Planege has been made responsible for the studies relating to the construction of civil engineering structures concerning the variant to the national road No. 14 linking the town of Maia with Famalicao in the Porto region. In this case, it relates to 67 engineering structures, 18 of which are particularly unique. Two of these structures are particularly worth highlighting: the bridge over the river Ave with a length of 1668 metres as well as the De Beloco viaduct with a length of 1072 metres. With a maximum height of 50 metres, these bridges are caisson-type twin bridges (by a traffic lane) in pre-stressed concrete on reinforced concrete piers.

CONVERSION OF THE PORTO REFINERY Our contribution to the project for increasing the refining capacity (diesel, petrol and fuel oil) for the Petrogal company strongly shows the interest our subsidiary has in the growth of the energy sector. No fewer than fifteen technicians are hard at work. They are managing the construction of the site, supervising the monitoring and safety whilst supporting the Fluor Corporation in its assignment as project manager and designer. Finally we should add that the investment is impressive: 350 million euro.

NEW CENTRAL HOSPITAL, PORTUGALPUBLIC-PRIVATE PARTNERSHIPThis is the second year running that as official consultant to the Ministry of Health, TPF Planege has been made responsible for the technical analysis and assessment of the bids in a public-private partnership. The Central Algarve hospital and the Oriental hospital in Lisbon appear in a number of them. Their implementation does not work without a thorough knowledge of the issues relating to water and wastewater, architecture, structure, electricity, telecommunications, HVAC and everything concerning safety.

TPF PLANEGE

TPF GROUP / ACTIVITY REPORT 2009 page 48EUROPE / ROMANIA

Amongst the key events of the year, we should refer mainly to four projects:

GIURGIUAll of the seven works contracts relating to the extension and renovation of the water supply and sewerage systems in the region of Giurgiu in the Southern part of Romania, have started. In spite of some delays, the project is now underway, as the partnership between TPF Utilities and TPF Romania continues

for its second year. The project currently employs around 15 consultants working on the ten sites of the three project locations which aim at improving the quality of the water by renovating the entire water supply and sewerage systems of the region, as well as the water and wastewater treatment plants. The project will be completed in 2012.

RAMNICU SARATThis project relates to the renovation and modernisation of

Our Romanian design office has proven its know-how in several disciplines of engineering,

whether relating to healthcare establishments, road infrastructures or the water sector.

GIURGIU

page 49 TPF GROUP / ACTIVITY REPORT 2009 TPF ROMANIA

the city streets and renovation of the water networks in the area of the Ramnicu Sarat municipalityThe purpose of the investment is to produce documentation aiming at obtaining financing for a project concerning the improvement of the roads infrastructure of Ramnicu Sarat, to improve traffic flow through the modernisation of the roads and interchanges, to attract investments through the improvement of the roads infrastructure and to create new jobs.The project required the production of a feasibility study and technical documentation for the consolidation / reinforcement of the roads concerned, renovation of the water networks, traffic monitoring, signage, etc.

AMARAThis relates to the rehabilitation and modernisation of the roads infrastructure in the resort of Amara. The town of Amara is home to around 8000 inhabitants and 10,000 tourists, and this project aims to build a better infrastructure which will improve tourism and business in the area. The project includes the renovation of 8 main roads (30,200 metres) and associated pipework, including pavements, green areas, access ramps, road signalling, gutters etc. This project will also ensure the traffic flow in the area, as several national roads pass through the town. TPF’s assignment is

the supervision of the construction works over a period of 10 months, as well as acting as the Contractor’s representative.

CRAIOVAThis relates to the renovation, modernisation and equipment for the Craiova emergency hospital. This hospital provides medical services for 30% of the Dolj county population, and 10% of the population uses the hospital’s emergency services annually. The project included consolidation works, renovation of the heating system and installation of the utilities. The design section of the project included: optimum sizing for installations and equipment on the one side and on the other side new design solutions and modern technological processes, to be implemented in the project (Solutions involving low material and energy consumption and being also ecological, sustainable and safe). TPF Romania carried out the technical design, detailed de-sign, permits documentation, bills of quantities and tender documentation.

RAMNICU SARAT

CRAIOVA

AMARA

TPF GROUP / ACTIVITY REPORT 2009 page 50AFRIQUE / ALGERIA

In Algeria, town planning is currently being revamped and is showing an unprecedented boom.

The market is teeming with innovation, as is the railways market. The modernisation of the rail

network, started in 1999, is progressing at high speed.

So much so, that 2009 saw the launch of audacious structural plans for both a spatial and

social urban reconfiguration. Therefore there are countless draft plans for the communications

and transport infrastructures.

CONSTANTINE TRAM NETWORK

DOUBLE ELECTRIFIED RAIL TRACK OUED TLELAT - TLEMCEN

DOUBLE ELECTRIFIED RAIL TRACK ANNABA - RAMDANE DJAMEL

page 51 TPF GROUP / ACTIVITY REPORT 2009 TPF ALGERIA

CONSTANTINE TRAM NETWORK Currently under construction, the Constantine tram network is considered to be the most effective method for relieving the traffic congestion and smog generated by the city, which extends to Ali-Mendjeli, over 25 km from the centre. By 2020 this new suburban area will have a population of almost 300,000 inhabitants. Following a recent study, it was decided to build an extension to the first tram line which over 9.1 km will connect the Zouaghi district with the new town of Ali-Mendjeli and serving the main residential, commercial, cultural, sporting, medical and educational centres. There is no doubt that this project will contribute to the improvement of the daily lives of the citizens of Constantine. The huge contract deals with the detailed preliminary plans, the contractors consultation dossier, assistance with the contract and the construction has been allocated to a consortium made up of the Idom design company (Spain), TPF Planege and Sidem (Algeria).

MODERNISATION OF THE MINING RAIL LINEIn Algeria there are a countless number of large-scale projects for developing infrastructures. The modernisation, electrification, and densification of the rail network are amongst the priorities. The national agency for the design and supervision of railway investments (Anesrif) has launched 8 invitations to tender and some projects have just been allocated. So the study for the renewal of the track and ballast over 292 km of the mining rail line Souk Ahras-Ghardimaou, Souk Ahras-El Kouif, Tébessa-Djebel Onk, Annaba-Tunisian frontier, Oued Kébérit-Ouenza and Chénia-Boukhdra, has been awarded to the consortium made up of TPF Planege (Portugal), Gentisa (Spain) and Saeti (Algeria). Our teams will be taking part in the control and supervision of the operational plans, quality control of the work, as well as supervision and control of the schedule and costs.

DOUBLE ELECTRIFIED RAIL TRACK OUED TLELAT – TLEMCEN This huge project for a 130 km double rail track, allowing speeds of up to 220 kph to be reached, has plans for 98 engineering structures (81 viaducts with a total length of 30.2 km, 12 tunnels with a total length of 7.3 km and 5 stations), and is part of the railway line linking Oued Tlelat (Oran) with the Algerian-Moroccan frontier (Tlemcen). This high speed line will have the benefit of a catenary system (25 kV – 50 Hz) and the most efficient telecommunications and signalling systems such as the European Train Control System (ETCS), as well as the GSM-R international digital telecommunications system, aiming to reinforce the safety of carrying passengers and goods. UIC60-type rails will be fitted onto concrete

sleepers. The work was started at the end of March 2009 and will last for 39 months. The supervision assignments have been awarded to the consortium formed by TPF Planege, with the support of our subsidiary TPF Algeria, along with the Getsina (Spain) and Saeti (Algeria) companies.

DOUBLE ELECTRIFIED RAIL TRACK ANNABA - RAMDANE DJAMEL In the 2007 Activity Report we informed you about the start of one of the greatest priorities for the national railway system – the project for doubling the track and the modernisation of the installations on the Annaba – Ramdane Djamel line (96 km long). This work is part of the modernisation project of the Annaba – Alger Oran rail loop. Broadly speaking, this project could not be completed without the construction of various types of structures (buildings, civil engineering and equipment), as follows: 6 stations, 3 halts, 20 bridges, 89 points, 3 tunnels with a total length of 6.2 km, etc. This project should also allow a substantial increase in speed (200 kph). At the end of 2009 we note that the work has not progressed as much as we would have liked. This is due to modifications made to the project relating to the speed required for the movement of trains.

TPF GROUP / ACTIVITY REPORT 2009 page 52AFRICA / ANGOLA

Transformed into an immense open air construction site, the new image of Angola is gradually taking

shape. Design projects and construction projects underway are countless: ports, airports, railways,

roads, housing, etc. Major road works have been started and new buildings seem to spring up out

of the ground every day. In particular, in the suburbs of Luanda the state has been financing housing

projects on a grandiose scale such as those in Kilamba Kiaxi, Cacuaco and Dundo. TPF Angola is

now hard at work here designing the urban plans and supervising the construction work. The building

of these fully-equipped new towns is a response to the problem of overcrowding suffered by the

Angolan capital. In spite of the global economic slump, this country that is emerging from 27 years

of civil war is successfully managing its return to the front of the stage.

KILAMBA KIAXI

CACUACO

DUNDO

page 53 TPF GROUP / ACTIVITY REPORT 2009 TPF ANGOLA

KILAMBA KIAXIThe new town of Kilamba Kiaxi, located about thirty kilometres from Luanda, where 20,000 buildings from 6 to 13 storeys are currently under construction, around sixty of which are on the final phase, will allow some 180,000 Angolans to live in decent living standards. The objective of this project is also to provide the inhabitants of this new town with access to basic equipment and infrastructures such as schools, hospitals, leisure facilities, shopping centres, churches and public transport. A sewage plant will be built to cope with the urban development.The buildings are strongly influenced by Chinese architecture. This is not surprising given that in just a few years China has become the second largest business partner of Africa.This huge building site was started at the end of 2008 and will be completed in 2012 – 2013. We should also point out that the Angolan government’s investment is to the order of 3500 million USD.

CACUACOAt around twenty kilometres from the capital, the construction of the new town of Cacuaco, an extension of the existing town, has had a slight delay caused by the financial crisis, but fortunately this can be caught up, unless similar constraints occur. So, at the end of 2009, 307 buildings were under construction and 265 buildings were completed. This is an excellent performance given that the initial schedule planned for the construction of 265 buildings and the completion of 143 by the end of 2009. When the work is completed, 10,000 apartments in 5, 9 and 11 storey buildings will be able to house some 45,000 inhabitants. The investment amount is 700 million USD.

DUNDOIt was near the Congolese frontier, in a diamond mining area, that the first stone of the new town of Dundo was laid on 4 April 2009. In the near future, this new urban centre will house 90,000 inhabitants. The whole first phase plans for the construction of 5000 apartments in 5, 9, 11, or 18 storey

buildings. Given how difficult it is to transport construction materials and equipment from Luanda, we can be delighted with the progress made on this huge construction site, because by the end of 2009, 11% of the buildings were completed.

RENOVATION OF THE TRUNK ROAD BETWEEN MUCONDA AND LUAUIn consortium with our Portuguese subsidiary TPF Planege and with the Angolan company 4000, TPF Angola will be leading the operations as the main contractor for the contract to renovate the trunk road connecting the town of Muconda to the town of Luau. This main through route of around a hundred kilometres to the Democratic Republic of Congo is strategically important from an economic point of view. The design comprises, amongst other things, the renovation of the structures and roads over a width of 9 metres. By the end of 2010 travellers will be able to use this completely rebuilt trunk road once again.

In addition, in a completely different sector, our Angolan subsidiary has also been able to promote its skills as part of the construction of the CACUACO CEMENT WORKS.

The factory, which will be able to produce up to 2,000,000 tonnes of cement per year, both in bulk and packed in sacks, is already under construction. It will be operational by 2012. In cooperation with TPF Planege, the Angolan team, composed of an engineer, a supervisor and a topographer, is carrying out the coordination and supervision of the civil engineering work currently underway, as follows: cement storage silos, clinker silos and raw meal silos, with a respective capacity of 36,000, 100,000 and 30,000 tonnes per year, horizontal storage silos for raw materials (chalk and clay), extraction quarries and finally the adjoining buildings (administration, technical building, laboratory, etc.)

CACUACO CEMENT WORKS

RENOVATION OF THE TRUNK ROAD BETWEEN

MUCONDA AND LUAU

TPF GROUP / ACTIVITY REPORT 2009 page 54AFRICA / MOROCCO

As stated previously in these pages, an exceptional event occurred during 2009. We are pleased

to announce the joining of Pyramide to our group. Pyramide is the largest multidisciplinary

design companies in Morocco, for the number of its projects as well as their size and diversity.

Its rank as leader in building engineering in the public, service and industrial sectors will reinforce

the international scope of the TPF Group. In addition, Pyramide excels with another strong

point: its ability to cover the various assignments inherent to the life of a project, from its initial

premise to its final completion.

MOHAMMED VI FOUNDATION

MOROCCO TELECOM

HEAD OFFICE

INTERMODAL SERVICES CENTRE,

Tanger

CASA GREEN TOWN BOUSKOURA,

Casablanca

page 55 TPF GROUP / ACTIVITY REPORT 2009 PYRAMIDE INGENIERIE

Thanks to these assets, Pyramide can show excellent results for the previous year. Here are a few large-scale projects:

ADMINISTRATIVE, SOCIAL AND CULTURAL COMPLEX FOR THE MOHAMMED VI FOUNDATION, RABATIt was at the beginning of 2009 that the construction work was completed for the administrative complex for the Mohammed VI Foundation, promoting charity work in education and training. Located in the Al Irfane university area with a surface area of 16,000 m², it comprises a basement, ground floor, four storeys, two five storey buildings for offices to be rented out, a lecture theatre and a media library. The lecture area is open to members of the Foundation, to non-member sponsors, students and to partially or non-sighted people. The complex will be opened on 9 February 2010 with a grand ceremony in the presence of King Mohammed VI.

NEW MAROC TELECOM HEAD OFFICE, RABAT Maroc Telecom will be provided with a new high-tech head office that will become the tallest tower in the capital: 91 metres high with a glass façade overlooking the Hay Riad district. With a total surface area of 5 hectares, the building will oriented so that it will be visible from all corners of the city of Rabat. The Parisian firm Jean-Paul Viguier has been appointed for the design of the project, in cooperation with the Casablanca operational architect Omar Kobbité, and the Setec Bâtiment and TPI companies have been appointed to carry out the studies phase. As for Pyramide Ingénierie, it can only congratulate itself for having been appointed to carry out the construction and supervision phase.This 20 floor tower, served by 13 lifts, will house, apart from offices, a showroom, a museum and a restaurant. Its upper part will be used for performance areas. A huge auditorium with a surface area of 2500 m2 and a 600-seat capacity will be able to be configured into a banqueting room or cocktail lounge thanks to a system of retractable terraces on its lower part. The site is designed according to pathways that mark out a garden leading to the tower, the auditorium and to the Telecoms museum.We should also add that the project is being built with a strong environmental approach, whilst integrating the criteria for management and energy (the use of renewable energies for hot water production, the installation of a rainwater recovery system for the irrigation of the exterior grounds, etc.) Representing a considerable investment, the whole of the project will last for a period of 36 months, and we are now about halfway. Pyramide Ingénierie has been able to make available to this project an experienced team made up of around ten of its best units. The team is carrying out operations for the supervision of the operational documentation and ensuring that the work carried out by all the building contractors complies with all the standards and regulations in force.

CENTRE TERTIAIRE INTERMODAL (INTERMODAL SERVICES CENTRE), TANGIERLocated in the immediate vicinity of the container port, the roll-on/roll-off port and the duty-free logistics zone, the long

white building of the Centre Tertiaire Intermodal, 450 metres long and with a total surface area of 50,000m², will constitute a vital centre for the Tangier-Med port complex. Designed by the architect Jean Nouvel in cooperation with the Confluences firm, the architecture of the CTI will strictly comply with the physical and ecological environment in which it is located.As its name indicates, this centre will be dedicated to the support of businesses and the location of associated activities needed for the management of the whole Tangier-Mediterranean port, such as:■ Offices for administrative organisations such as customs,

national security, police, merchant navy, government departments and the national railways.

■ Offices for the port’s management and operational units (TMSA/TMPA, terminals, towage, boatage, transporters, forwarding agents, consigning agents, transport operators, ship owners, marine surveyors, insurance companies and network managers),

■ Offices provided for rental for short-stay companies (around 2500 m2),

■ Administration and social centre where the reception, restaurant areas and medical centre will be located, as well as services such as shops, banks, post offices, translations, etc.

■ A bus station,■ A railway station located under the building constructed

on stilts.

For this operation, Pyramide Ingénierie has carried out the designs for civil engineering, electricity, fluids, lifts, as well the economics of the project, in cooperation with the firm of architects. The project is currently on the construction phase. Supervision of the work is being carried out by our teams of engineers and technicians.

CASA GREEN TOWN BOUSKOURA, CASABLANCAThis is an overall urban development project located to the south of Casablanca near to the Bouskoura forest. Launched by the Compagnie Générale Immobilière (CGI), this new green town comprises collective and individual housing units, a town centre, a service centre, an 18-hole golf course, hotel, spa, clubhouse, and a university campus. Our Moroccan subsidiary has won the contract as the engineering firm for all building operations for this project, in particular for the studies and supervision for the first section composed of 800 villas and around a hundred apartments. The project is structured around several blocks: some are in the initial construction phase, invitation to tender phase or preliminary design phase. The whole project will be completed in 2012.

PLAGE DES NATIONS TOURIST RESORT, MEHDIA With an overall area of 450 hectares, the Plage des Nations in Salé is the subject of a development project. Some 90 hectares in particular will be used for the development of golf courses. An impressive number of residential units, several hotels and restaurants will be built. The firm JLA has been appointed as architect and assistant contracting authority, whilst Pyramide

TPF GROUP / ACTIVITY REPORT 2009 page 56AFRICA / MOROCCO

Ingénierie has been appointed as the engineering firm for all construction work for certain sections relating to the construction of the buildings. We should mention that this building project is financed by the Moroccan group, ADDOHA. Our subsidiary has been made responsible for finalising the designs of certain blocks and the supervision of other blocks previously allocated.

CASA ANFA , CASABLANCA 5 km from the current urban centre, the site of the former aero-drome at Casa Anfa will soon be converted for urban develop-ment. The development programme for the Anfa sector plans the construction of an office and residential complex. The French architecture firm, Reichen et Roberts & Associés in cooperation with the local firm Groupe 3A, has been chosen to carry out the preliminary designs for the project. As for the technical designs, these will be done on behalf of the contracting authority, the Compagnie Générale Immobilière (CGI), by Pyramide Ingénierie, in cooperation with the team from our French subsidiary, Beterem Ingénierie. The preliminary designs were started this year.

BAHIA BEACH GOLF, BOUZNIKAThe result of a Moroccan-Emirates cooperation between the Emaar and Onapar groups, a subsidiary of the Groupe ONA, this is on a long coastal strip with a total area of 530 hectares, between the towns of Mansouria and Bouznika. It is part of the Bahia Beach Golf building project on a 6 km beach. The prestigious programme includes around 4500 luxury apartments, each with between 3 and 6 rooms over a surface area going from 120 to 300 m².This luxury complex will also have 1500 superb villas located in a verdant setting opening out to the sea. Each villa will have a private swimming pool and will have the latest home automation systems. Huge apartment blocks surrounded by swimming pools and fountains will complete the idyllic backdrop. The contract for the project has been awarded to the JLA company and to our engineering firm Pyramide Ingénierie for the buildings part. The exterior networks and roads have been awarded to a second engineering firm. The designs have been completed and our assignments for supervision and reception of the work are progressing well.

BAHIA BEACH GOLF

PLAGE DES NATIONS TOURIST RESORT, Mehdia

CASA ANFA, Casablanca

page 57 TPF GROUP / ACTIVITY REPORT 2009 AFRICA / TUNISIA - MONASTAB

During 2009, the services that our Tunisian technicians have provided have related to the production of structural execution and reinforcing steel drawings for projects already mentioned in the previous chapters.

First of all, for the “CLOS BIZET” APARTMENT COMPLEX PROJECT in Anderlecht, our subsidiary Bagon Ingénieurs Conseils subcontracted MonaStab to produce the execution drawings for the first three buildings, making up the first phase of the project. MonaStab has also been awarded the production of the reinforcing steel drawings for the superstructure of Blocks B and C and the infrastructures shared by the two buildings. This assignment will be completed at the beginning of 2010.

Next, for the ARTEVELDE CONSTRUCTION PROJECT IN GENT, MonaStab has been made responsible for drawing up the struc-tural execution plans for our subsidiary TPF Engineering. This assignment will be completed at the end of February 2010.

Finally, once again TPF Engineering turned to this same team

for the production of the structural execution drawings for the YOUTH CENTRE FOR THE US ARMY IN BRUSSELS. We should mention that this project is subject to major constraints linked to the uniqueness of the building: US safety standards, US anti-terrorism standards, etc.

As for the orders received this year, we should mention:

The RUE E. VAN OPHEM BUILDING PROJECT IN BRUSSELS, and in particular, the CONSTRUCTION OF THE NEW REST HOME, for which our engineering firm TPF Engineering has asked MonaStab to carry out the execution studies. The project has a total surface area of 8800 m².

Finally, we should mention the CONSTRUCTION PROJECT FOR NEW SOCIAL HOUSING IN Molenbeek-St-Jean for which MonaStab is acting as a support task force for our subsidiary Bagon Ingénieurs Conseils.

The stability of buildings is a major field of activity for our recently acquired Tunisian subsidiary.

With the skills of the best specialists in the field, MonaStab is capable of providing real technical

support to complex projects run by the subsidiaries of the TPF Group. Working in consortium

with our specialist teams has, from all the evidence, created a real synergy between MonaStab,

TPF Engineering and Bagon Ingénieurs Conseils, who have joined together to carry out certain

projects very well.

ARTEVELDE CONSTRUCTION PROJECT, Gent

CLOS BIZET, Anderlecht

TPF GROUP / ACTIVITY REPORT 2009 page 58AMERICA / BRAZIL

For the TPF Group, the year finished on an excellent note. By establishing itself this time in

Brazil, following the acquisition of the Projetec Company, the TPF Group has taken the opportunity

to greatly increase its international scale.

For its part, the engineering firm Projetec, with its strength of forty years experience in the

fields of water and irrigation for both the public and private sectors, intends to optimise its

range of services by diversifying.

This year we can list its many operations in infrastructures and transport development, port

projects and environmental studies. And as a bonus, its engineering activity is growing throughout

Latin America, from Ecuador to Mexico, Panama, Peru or Venezuela.

SUAPE PORT NEW MASTER PLAN, Pernambuco

page 59 TPF GROUP / ACTIVITY REPORT 2009 PROJETEC – PROJETOS TECNICOS LTDA

Here are some projects from this year.

NEW MASTER PLAN – SUAPE PORT, PERNAMBUCO Projetec is about to draw up the new master plan for Suape Port, in Pernambuco State, Brazil. Suape Port and its industrial complex with an area of 140 km2 is the largest hub port in the northeast Region and has attracted an increasing number of companies that are interested in either placing their products in the regional market or exporting to other countries. Facing an outstanding growth period, with a short term committed public investment of 1.5 billion USD in 2010 and a private investment of 7 billion USD since 2007, the complex has reviewed its planning and Projetec was contracted for drawing up a new master plan that involves 13 different areas such as: port engineering, transportation, safety, economic, envi-ronmental and social aspects, services supply, land zoning and the design of the navigation canals and berths.

THREE METROPOLITAN HOSPITALS AND 14 EMERGENCY UNITS, PERNAMBUCOThe State government has implemented an important health strategy in Pernambuco, through the decentralization of public health services in the metropolitan area of Recife, the State’s capital. This strategy includes the construction of three strategically located metropolitan hospitals and fourteen emergency units, all over a three-year period. The three hospitals are medium-sized, each with 150 beds for medium complex medical procedures. They have a joint capacity to meet 270,440 standard and emergency medical appointments and 53,670 hospital admissions per year. In order to achieve the planned objectives, the State government contracted Projetec for all the technical consulting activities necessary for pro-gramming, promoting, coordinating, supervising, controlling, inspecting and assessing the management and consultancy activities by monitoring the physical and financial progress. The overall constructed area of the three hospitals is 40,242 m2, with 18,250 m2 for the fourteen emergency units.

PERNAMBUCO HOSPITALS

TPF GROUP / ACTIVITY REPORT 2009 page 60AMERICA / BRAZIL

TRANSNORDESTINA RAILWAY

IRRIGATION

SAO FRANSCISCO RIVER

PARNAIBA RIVER


TRANSNORDESTINA RAILWAYTransnordestina, a 1730 km long railway representing an investment of 200 billion USD, has been considered as the most important infrastructure investment in Northeast Region as it interconnects the inner production areas to the major consumer centres and hub ports such as Suape, in Pernambuco State, and Pecém, in Ceará State. Since the very beginning of the works, Projetec has assisted the government of Pernambuco State with management aspects such as compensation for land use and technical advice on the engineering subjects, and is now in charge of the construction of a 730 km long section.

PARNAIBA RIVER HYDROPOWER PLANTSProjetec was contracted by the public-private consortium who obtained the contract for the construction of five consecutive hydroelectric power plants along the river Parnaiba. Projetec is carrying out the assessment of the environmental impacts of such infrastructure. This assignment covers the prelimi-nary collection of data on the area’s flora and fauna in order to present the results to several public audiences as steps of the process for environmental licensing.

SAO FRANCISCO RIVER - WATER TRANSFER PROJECT North-eastern Brazil has very long periods of water shortage, mainly in the semi-arid areas where most of the rural population still rely on inefficient rainwater storage and emergency public water supply though tanker trucks. In order to solve these problems, the Federal government has committed an equivalent investment of 2.7 billion USD and has already started the installation of quite a complex water transfer system (with a flow of 26.4 m³ per second and an extension to the canals of more than 720 km) from the region’s largest permanent water source, the river Sao Francisco, to the remote semi-arid areas, which will benefit a population estimated in 12 million people. Projetec is in charge and has mobilized part of its technical staff for the engineering design of some of the major canals, pumping stations, storage units, rural roads and associated equipment.

IRRIGATION Increasing agricultural production and using water resources carefully are the two greatest challenges faced by humanity. So, Projetec has the expertise to make a significant contribution in collaborating on conceiving and implanting sustainable projects in the hydro-agricultural field. For this, the company has carried out a variety of services in this area, including:■ Hydrological analysis to determine water sources;■ Setting up and managing model studies in irrigation

projects through delegation, concession and/or participation in public-private projects;

■ Drawing up plans for the use of water resources, including dams, wells, pumping stations, canals and water mains;

■ Planning irrigated areas involving lot and street layouts, water distribution and pressurisation systems;

■ Conducting agronomic studies involving pedology, climatology and cultivation viability;

■ Market analysis;■ Developing agricultural and business plans for irrigated areas,

and for each producer;■ Selecting producers; ■ Conducting training for the production and operation of

irrigation projects;■ Operating and providing maintenance for irrigation projects

and supporting marketing efforts, including identifying and managing the logistics chain and the relationship between the various marketing chain agents.

Projetec was one of the pioneering Brazilian companies to specialise in irrigation engineering and also designed what is still today the largest operating irrigation project in Brazil: the Jaíba project in the state of Minas Gerais with an area of 100,000 hectares. The company drew up the design and cooperated in setting up the first and largest irrigated sugar cane production project in the country: the Tourão Irrigation Project in Juazeiro, Bahia state. Projetec also took part in designing the New Brazilian Irrigation Model, financed by the Inter-American Development Bank and the Banco do Nordeste. In addition, Projetec has taken part in modelling and feasibility studies for concessions and PPP irrigation projects, such as the Salitre Project in Bahia State, and the Canal do Sertão Project in Pernambuco State, with services ranging from the design of the project, up to the support for marketing of the products involved. Projetec’s expertise on irrigation goes beyond the engineering aspects. In Panama, for instance, the company supported the beneficiaries of the Remigio Rojas Irrigation Project, from the planning stage to the commercialisation stage, making it possible for them to export their products to the American and European markets.

LATIN AMERICA In the last seven years, Projetec has prospected the Latin American market, looking for new business opportunities. As a result of this initiative, in 2004, the company signed its first contract in Ecuador, offering technical support for the design of the Carrizal-Chone irrigation scheme, in Manabi Province. Since then, the company has provided several services abroad, having set up a branch office in Ecuador and a company in Panama. Projetec is currently extending its activities to many other Latin American markets such as Peru, Venezuela, and Mexico.

PROJETEC – PROJETOS TECNICOS LTDA

TPF GROUP / ACTIVITY REPORT 2009 page 62ASIA / INDIA

India was most fortunate in the fact that the global crisis was not felt with the same intensity

as in most of the developed countries. Despite the difficult situation, the country’s growth was

maintained, due in particular to the wish of the Indian government to continue with the

development of infrastructures, a booming sector for SN Bhobe, our dynamic subsidiary.

Thanks to the opening of several regional branches over the territory, and the taking on of a

large number of staff, the results for the previous year show that the profit and turnover have

doubled. This is an excellent performance and our Indian experts can be proud of it. The same

goes for the award to SN Bhobe of the prestigious “Best Bridge” prize in the category for PSC/

steel structures. This prize, awarded by the Indian Institution of Bridge and Roads Engineers,

is for the bridge crossing the river Pawana, near Pune, some 150 km from Mumbai.

On the whole, 2009 was excellent: it saw the completion of several large projects. In particular we should mention the construction of the first pedestrian footbridge (skywalk) in Bandra, the building of major flyovers, as well as the completion of our first assignment in the airport sector. Amongst the projects that are progressing well, or ones that will be completed in the coming months, we should mention the construction of the Skywalk in Kandivali as well as the completion of the second phase for the construction of a flyover in Malad.

SKYWALKSIn June this year, the opening of the Bandra Skywalk to the east of Mumbai, the first covered pedestrian footbridge, with a total length of 1500 metres and a width of 4 metres, took place in the presence of the Prime Minister of the state of Maharashtra, which shows the importance of the event. As a reminder, our Indian team carried out all the operations (from the design of the structure to the supervision of its construc-tion). Having provided proof of its expertise in the construc-tion of skywalks and through this initial convincing success, SN Bhobe has been able to clinch other assignments from the MMRDA (Mumbai Metropolitan Region Development Author-ity) and the MSRDC (Maharashtra State Road Development Corporation). On this subject, we should mention the con-struction of skywalks on Grant Road to the west of Mumbai, as

well as to the east of Mumbai, the construction of the skywalks in Kandivali and Virar, as well as the extension to the Bandra skywalk. Most of these projects are well advanced, and pedestrians will be able to use these imposing footbridges by 2010. We should mention that the Kandivali structure will have a length of 1 km. The one on Grant Road, with a length of 650 metres, will have an innovative design using a single pylon at its centre.

ROADSAnother major project for this year relates to the concession for the Bhiwandi-Kalyan-Shilphata road, around forty kilometres from Mumbai in the state of Maharashtra, a large-scale project executed in the form of a BOT (Built-Operate-Transfer) contract. It was only a short time ago that the invitation to tender for the construction of this 21.8 km expressway was launched by the MSRDC. SN Bhobe won the contract as “independent engineer”, with the assignment of carrying out the control and supervision of the work. This was completed this year with the putting into service of this new road in 2009. This first assignment is combined during the concession period with the assignments for controlling and monitoring the toll collection, safety management and maintenance of the road and its equipment.

page 63 TPF GROUP / ACTIVITY REPORT 2009 S.N. BHOBE & ASSOCIATES PVT. LTD

On behalf of the local Surat Municipal Corporation, two projects for concrete roads have been started at the beginning of this year in the region located 300 km to the north of Mumbai. Our team worked as the Project Manager. In total, the network comprises 18 km of roads to a width of 23 metres, including sections in 5 different locations. The construction sites are working well, as by the end of 2009, 75% of the first lot and 50% of the second lot were completed. Both will be completed during the next few months as planned. SN Bhobe intends to use this first successful experience in order to win cement concrete road projects in the future, along with all aspects of their management.

The mention of other projects currently underway would be equally interesting. So, in Indore, in the state of Madhya Pradesh, the local Indore Municipal Corporation has asked us to act as consultants and provide technical support as part of the construction of a concrete road, and in Nagpur, also in central India, a project management contract has been concluded with the Nagpur Municipal Corporation for the construction of a concrete road. For this road, the work will start in the second half of 2010, after completing the pre-tender activities.

FLYOVERSSN Bhobe can quite rightly take a pride in itself for its great expertise and appreciable know-how relating to bridge and flyover engineering. In fact, its experts are able to offer a complete service combining the design of the project, the resulting studies, the construction and its management. So, this year, our Indian team contributed to the construction of four flyovers on Dr. Ambedkar Road, the main arterial road of the city of Mumbai, India’s financial capital. The method of constructing the flyovers in sections was used so as to limit problems caused by traffic diversions. Of an undeniable aesthetic quality, these structures are no doubt called upon to appear in the capital’s skyline. Therefore it was with a certain amount of emotion that the ribbons were cut to open the first flyover in December 2009. We can only wait for the opening of the second flyover in January 2010 and two others by the end of 2010.

Regarding the construction of seven flyovers in Thane, a satellite town of Mumbai, SN Bhobe’s services including the detailed designs and preparation of the invitation to tender documentation have been completed. Amongst these, the bridges at Kapurba-vadi (1500 metres), Manpada (500 metres), Waghbil (500 metres) and Patlipada (500 metres) entered their construc-tion phase at the end of 2009. SN Bhobe was appointed by

BANDRA SKYWALK

BHIWANDI-KALYAN-

SHILPHATA ROAD

KANDIVALI SKYWALK

TPF GROUP / ACTIVITY REPORT 2009 page 64

the MSRDC (Maharashtra State Road Development Corpora-tion) for the whole of their structural design.

To the south of the country, more precisely where Magadi and Bangalore meet, a new flyover has just transformed and embellished the landscape in this region, also called the Silicone Valley. This bridge with pre-cast pre-tensioned girders system illustrates the use of various techniques. Our services were also called on by the Bangalore Development Authority to carry out full project management.

In the same way, at the request of the Highway Department of the state of Tamil Nadu, the most southerly state in India, our subsidiary provided management services for a project relating to the construction of a bridge at Pulicat Lake. This is a river bridge of 600 metre length and the project is nearing completion.

Other projects have seen the light of day in the suburbs of Mumbai. They are giving our experts the opportunity to fully show their abilities as project managers.

We should first of all mention the construction of a railway over-bridge at Milan Subway in Santacruz. This bridge, with a span of 60 metres, will cross the suburban rail lines as well

as the main lines. Access to the platforms will remain a prior-ity during the work. We will also have to take into account the size restrictions imposed by the Civil Aviation Authority be-cause of the nearness of the international airport. A tempo-rary steel structure with a total weight of 800 tonnes has been built so as to allow the construction of the main struc-ture without disrupting access to the platforms by passen-gers, a challenge given that the frequency is around one train every two minutes. This temporary structure was put in place using the launch procedure. The work is going full speed ahead. We are carrying out project management, scheduling and verification of the structural designs.

Secondly we should mention the construction of a flyover at the junction called Times of India in Malad. This unique structure viz. continuous spans in pre-stressed voided/solid slabs is being built in two phases. The first phase, consisting of constructing three lanes in one direction, has been completed and put into service in August 2009. The construction of the second phase for the three lanes in the other direction is planned for June 2010.

Finally, we end this chapter with the project for the construction of a grade separator at Kengeri junction in Bangalore. The main part of this project was completed in 2009. Characterised by its

ASIA / INDIA

KENGERI GRADE SEPARATOR,

Bangalore

RAJAJINAGAR ELEVETAD RAILWAY

STATION, Bangalore

SION FLYOVER


steel arches to a height of 23 metres with the main span a length of 80 metres, this structure is designed in such a way that no pillar encroaches on the motorway. When completed it will provide the connection between the very busy Mysore – Bangalore and Kengeri motorway in the suburbs of Bangalore. Several arms have been provided to ensure traffic movement in various directions. Two arms were completed at the end of 2009, whilst the two remaining arms will be operational by the end of 2010. No doubt that this imposing steel structure will become a rallying point in the city of Bangalore.

AIRPORTS After the construction of all types of bridges, we are starting a new venture thanks to the first project that our team has won in the airports sector. So, under the authority of the Indian government, the Indian aeronautics company, Hindustan Aero-nautics Ltd. (HAL), known for its know-how in the field of combat aircraft destined for the Indian Air Force, has appointed us to carry out the design and project management concerning the construction of taxiways, parking bays and apron at the Ojhar airport near Nasik, some 200 km from Mumbai. Given that this first assignment was successful, SN Bhobe has been made responsible for an essential part of the project for the construction of a terminal building for the airport. HAL has awarded us the architectural and structural designs, preparation

of the tender documentation, quality control and supervision during execution. From this point on, our engineering firm is now ranked amongst the rare Indian Companies that has an expertise in design and project management in the currently obviously booming airports sector.

RAILWAYSThe main part of our activity in the rail sector is concentrated on the seven elevated Railway stations for “Metro Railway System” in the City of Bangalore. SN Bhobe has almost completed a consultancy contract for planning, architectural and structural design. To end, we should mention the two other railway over-bridges at Amravati and Nagpur, in the centre of India, for which SN Bhobe has carried out the design and project management.

S.N. BHOBE & ASSOCIATES PVT. LTD

OJHAR AIRPORT, Nasik

SWASTIK ELEVETAD RAILWAY

STATION, Bangalore

PRESENTATION OF THE ACCOUNTS

TPF GROUP / ACTIVITY REPORT 2009 page 68CONSOLIDATED BALANCE SHEET

ASSETS

FIXED ASSETS

I. FORMATION EXPENSES 70.571,32

II. INTANGIBLE ASSETS 676.495,07 527.644,68

III. GOODWILL 3.558.826,85 2.035.579,52

IV. TANGIBLE ASSETS

A. Land and buildings 9.361.430,08 9.083.071,37

B. Plant, machinery and equiment 861.320,57 627.378,36

C. Furniture and vehicles 910.600,51 1.038.805,50

D. Leasing and other similar rights

E. Other tangible assets 536.262,56 584.672,44

F. Fixed assets in progress 43,61 167,03

TOTAL IV. 11.669.657,33 11.334.094,70

V. FINANCIAL ASSETS

A. Companies consolidated by the equity method

1. Participating interests 2.262.865,87

2. Amounts receivable

B. Othe companies

1. Shares

2. Amounts receivable 1.017.683,88 1.794.001,02

TOTAL V. 2.592.014,90 5.708.871,75

TOTAL FIXED ASSETS 18.567.565,47 19.606.190,65

CURRENT ASSETS

VI. AMOUNTS RECEIVABLE AFTER ONE YEAR

A. Trade debtors 1.507.114,82 1.814.829,81

B. Other amounts receivable 592.737,66 712,08

C. Deferred taxes

TOTAL IV. 2.099.852,48 1.815.541,89

VII. STOCKS AND CONTRACTS IN PROGRESS

A. Stocks

1. Raw materials and consumables 437.701,31 460.436,50

2 Goods in process

3. Finished goods 11.029.586,24 5.991.520,41

4. Goods purchased for resale 4.820,00 2.500,00

5. Real property acquired or constructed for resale

6. Advance payments

TOTAL A. 11.472.107,55 6.454.456,91

B. Contracts in progress 16.046.757,56 14.331.666,89

TOTAL VII. 27.518.865,11 20.786.123,80

VIII. AMOUNTS RECEIVABLE WITHIN ONE YEAR

A. Trade debtors 36.589.306,40 41.317.122,75

B. Other amounts receivable 8.774.737,32 10.861.283,51

TOTAL VIII. 45.364.043,72 52.178.406,26

IX. INVESTMENTS

A. Owned shares 222.539,36 228.053,61

B. Other investments 2.734.979,59 2.229.736,69

TOTAL IX. 2.957.518,95 2.457.790,30

X. CASH AT BANK AND IN HAND 4.312.217,64 9.681.957,04

XI. DEFERRED CHARGES AND ACCRUED INCOME 3.329.318,71 2.602.397,20

TOTAL CURRENT ASSETS 85.581.816,61 89.522.216,49

TOTAL ASSETS 104.149.382,08 109.128.407,14

2009

€

2008

€

page 69 TPF GROUP / ACTIVITY REPORT 2009 CONSOLIDATED BALANCE SHEET

2008

€

2009

€

LIABILITIES

EQUITIES

I. CAPITAL 13.299.386,00 13.299.386,00

II. SHARE PREMIUM ACCOUNT

III. REVALUATION RESERVES

IV. RESERVES 6.304.207,24 4.996.192,07

V. BADWILL 2.123.955,83 1.597.943 ,50

VI. CUMULATIVE TRANSLATION ADJUSTMENTS -118.483,74 -349.792,33

VII. GRANTS 240,39 594.884,29

TOTAL GROUP EQUITIES 21.609.305,72 20.138.613,53

VIII. THIRD PARTIES INTERESTS 2.757.713,51 3.737.421,39

TOTAL GROUP AND THIRD PARTIES EQUITIES 24.367.019,23 23.876.034,92

IX. PROVISIONS AND DEFERRED TAXES

A. Provisions for liabilities and charges 103.615,00 137.387,50

B. Tax provision 115.516,13 478.412,26

C. Important repairs and important maintenance 1.089.506,62 976.193,24

D. Other risks and charges 2.262.651,65 2.085.755,20

E. Deferred taxes 34.746,93 38.588.94

TOTAL IX. 3.606.036,33 3.716.337,14

DEBTS

X. AMOUNTS PAYABLE AFTER ONE YEAR

A. Financial debts

1. Subordinated loans 1.778.353,96 2.051.043,95

2. Unsubordinated debentures 210.060,00 350.100,00

3. Leasing and other similar obligations 35.464,85 66.474,56

4. Credit institutions 10.578.231,96 12.258.395,21

5. Other loans 4.850.238,28 4.362.522,95

TOTAL A. 17.452.349,05 19.088.536,67

B. Trade debts

1. Suppliers 15.010,15

2. Other trade debts

TOTAL B. 15.010,15

C. Amounts received for orders 10.595.644,38 8.625.478,09

D. Other amounts payable 5.485,00

TOTAL X. 28.063.003,58 27.719.499,76

XI. AMOUNTS PAYABLE WITHIN ONE YEAR

A. Current portion of amounts payable after one year 6.070.448,65 4.340.469,70

B. Financial debts

1. Credit institutions 13.618.273,79 12.991.160,27

2. Other loans 177.197,18 1.709.711,77

TOTAL B. 13.795.470,97 14.700.872,04

C. Trade debts

1. Suppliers 10.104.896,93 12.627.945,87

2. Other trade debts

TOTAL C. 10.104.896,93 12.627.945,87

D. Advances received on contracts in progress 2.836.383,59 3.301.822,40

E. Taxes, remuneration and social security

1. Taxes 5.511.225,87 4.042.835,16

2. Remuneration and social security 5.463.013,57 5.597.282,97

TOTAL E. 10.974.239,44 9.640.118,13

F. Other amounts payable 2.202.934,22 2.181.598,90

TOTAL XI. 45.984.373,80 46.792.827,04

XII. ACCRUED CHARGES AND DEFERRED INCOME 2.128.949,15 7.023.708,30

TOTAL LIABILITIES 76.176.326,53 81.536.035,10

TOTAL LIABILITIES 104.149.382,09 109.128.407,16

TPF GROUP / ACTIVITY REPORT 2009 page 70PROFIT AND LOSS ACCOUNT

2008

€

2009

€

CONSOLIDATED PROFIT AND LOSS ACCOUNT

I. OPERATING INCOME

A. Turnover 73.025.435,97 74.295.562,22

B. Increase ; Decrease in stocks of finished goods, work

and contracts in progress (+, -) 7.772.956,44 4.183.576,12

C. Capitalized production

D. Other operating income 1.292.548,83 1.596.052,45

TOTAL I. 82.090.941,24 80.075.190,79

II. OPERATING EXPENSES

A. Raw materials, consumables and goods for resale

1. Purchases 19.420.368,50 21.145.138,46

2. Increase ; Decrease in stocks (+, -) 20.415,19 -296.520,39

TOTAL A. 19.440.783,69 20.848.618,07

B. Services and other goods 18.240.986,01 18.596.138,57

C. Remuneration, social security costs and pensions 35.650.141,74 31.957.765,51

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

intangible and tangible fixed assets 1.790.533,45 1.583.649,98

E. Increase ; Decrease in amounts written off stocks,

contracts in progress and trade debtors (+,-) 1.781.310,35 270.189,35

F. Increase ; Decrease in provisions for liabilities and charges (+,-) 121.827,94 452.276,16

G. Other operating expenses 398.572,98 472.093,90

H. Capitalized charges corresponding to formation expenses

I. Depreciation of goodwill

TOTAL II. 77.424.156,16 74.180.731,54

III. OPERATING RESULT 4.666.785,08 5.894.459,25

IV. FINANCIAL INCOME

A. Income from financial fixed assets 445.621,89 126.669,31

B. Income from current assets 253.796,31 554.921,50

C. Other financial income 151.478,05 412.211,40

TOTAL IV. 850.896,25 1.093.802,21

V. FINANCIAL EXPENSES

A. Interests, etc 2.385.593,72 2.531.415,13

B. Increase ; Decrease in amounts written off current

assets other than those mentioned under II.E. (+,-)

C. Other financial expenses 1.088.097,48 168.104,52

D. Depreciation of goodwill 658.736,46 568.598,72

TOTAL V. 4.132.427,66 3.268.118,37

VI. CURRENT RESULT OF THE CONSOLIDATED COMPANIES BEFORE INCOME TAXES 1.385.253,67 3.720.143,09

VII. EXTRAORDINARY INCOME

A. Release of depreciation and amounts written off

intangible and tangible fixed assets 2.073,28

B. Release of provisions for financial investments 13.875,59 6.607,66

C. Release of provisions for extraordinary liabilities and charges

D.Gain on disposal of fixed assets 2.975.457,56 44.436,14

E. Other extraordinary income 677.734,60 193.278,43

TOTAL VII. 3.669.141,03 244.322,23

page 71 TPF GROUP / ACTIVITY REPORT 2009 PROFIT AND LOSS ACCOUNT

2008

€

2009

€

CONSOLIDATED PROFIT AND LOSS ACCOUNT

VIII. EXTRAORDINARY EXPENSES

A. Extraordinary depreciation of and extraordinary amounts

written off establishment costs, intangible and tangible assets

B. Amounts written off for financial investments 1.612,23

C. Amounts written off financial fixed assets

D. Provisions for extraordinary liabilities and charges 5.307,20 14.959,03

E. Loss on disposal of fixed assets 2.023.203,79 110.560,61

F. Other extraordinary expenses

G. Extraordinary depreciation on goodwill 12.367,61

TOTAL VIII. 2.042.490,83 125.519,64

IX. RESULT FOR THE PERIOD OF THE CONSOLIDATED

COMPANIES BEFORE TAXESS 3.011.903,87 3.838.945,68

X. TRANSFERS TO AND FROM DEFERRED TAXES

A. Transfers to deferred taxes 40.855,36

B. Transfers from deferred taxes 3.509,88

XI. INCOME TAXES

A. Taxes 2.376.656,10 2.169.127,93

B. Adjustment of taxes and release of provision for taxes -5.565,52 -42.488,26

XII. PROFIT FOR THE FINANCIAL YEAR 644.323,17 1.671.450,65

XIII. RESULT OF COMPANIES CONSOLIDATED BY THE EQUITY METHOD

A. Profit 425.933,05

B. Loss 172.788,29

XIV. CONSOLIDATED PROFIT 1.070.256,22 1.498.662,36

XV. RESULT OF THIRD PARTIES -237.759,56 207.073,85

XVI. RESULT OF THE GROUP 1.308.015,76 1.291.588,50

Documents

TPF ACTIVITY REPORT 2009