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Annual Report 2004

02

profile

key figures

The Freyssinet Group, world leader in specialised engineering

and a subsidiary of VINCI - world leader in concessions,

construction and related services -, works on the construction and

inprovement of structures and soils. In 2004, Freyssinet recorded a

turnover of 460 million euro and after-tax net profits of 8 million euro,

corresponding to a net margin of 4,1%. With 3,178 employees

working at approximately sixty bases in 60 countries across

all five continents, the Group has a global organisation based

on its two main activities - Soils and Structures - and into geographical

divisions, which give it both worldwide expertise and strong local ties.

The Group offers unequalled know-how in all of its activities, thanks to

its active research and development policy.

table of contentsmessage from the CEO p3 / sustainability p4 / structures p6 / soils p14 / financial information p20 / bases p22

CHAIRMANAND CEOBruno Dupety

DEPUTY GENERALMANAGERJérôme Stubler

FINANCE ANDADMINISTRATIONMANAGERYann Grolimund

HUMAN RESOURCESAND COMMUNICATIONSMANAGER Claude Lascols

OPERATIONALMANAGERS

France DivisionPhilippe Zanker

Iberian-American DivisionJorge Moreno

Soils DivisionPhilippe Héry

Structures DivisionJérôme Stubler

United Kingdom/Northern Europe DivisionPatrick Nagle

North America DivisionRoger Bloomfield

Asia-Pacific DivisionBruno Dupety

engineers and executives 15,3 %

technicians 35,7 %

workers and employees 49 %

France 512

Iberian-American 382

UK and Northern Europe 216

Structures 408

Soils 275

Asia-Pacific 1 195

North America

France16%

Iberian-American16%

North America12%

Structures14%

Freyssinet63%

Soils13%

MénardSoltraitement

10%

Reinforced Earth27%

Asia-Pacific20%

UK and Northern Europe9%

190

workforce by job

workforce by division

breakdown of turnover by division

breakdown of turnover by activity

Structures

Soils

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message from the Chairman

With the targets set achie-

ved and even exceeded,

2004 brought confirmation

of Freyssinet’s recovery.

Based on constant exchan-

ge rate terms, global operations rose 11% to

460 million euro (consolidated turnover).

After-tax net profits totalled 8 million euro,

corresponding to a net margin of 4.1%. For

the first time in its history, Freyssinet achieved

a positive cash flow of over 15 million euro.

All of this is satisfactory and is down to the

hard work of the Group’s men and women

throughout the world, both individually and

collectively. Progress was made by most

French and foreign subsidiaries.

In 2004, we worked on approximately 6,000

projects in the fields of structures and soils

under our Freyssinet, Ménard Soltraitement

and Reinforced Earth brands. The prestigious

Millau and Rion Antirion projects were delive-

red successfully by our specialist stay cable

teams. We acquired new skills in the fields of

nuclear radiation protection with Salvarem,

and we honed our expertise in cable lifting

and the autoripage bridge slide method

with Hebetec and JMB Méthodes. We

handled new orders worth in the region of

475 million euro.

As a result, we are starting 2005 with a good

quality repeat order book worth 320 million

euro, up 8% on the start of last year. Our mar-

kets are on the up, which augurs well for the

success of our 4-5-6 plan. The 2005 target is

a net margin of 5%. To achieve this, we will

be continuing this progress trend by working

on the plan’s five key areas: techniques and

products ; commercial and marketing ; pro-

duction, sites, costs ; management, human

resources and organisation ; resources and

means. We have to remain vigilant, focused

and careful. I am resolutely confident, since

together we form an extremely fine commu-

nity of companies.

Bruno DupetyChairman - Chief Executive Officer

04

sustainabilitySupporting

environmental results

Of the environmental initiatives taken by the

Freyssinet Group in 2004, one of the most suc-

cessful was the one launched by the PPC plant

in Chalon-sur-Saône (Saône-et-Loire). ISO 9001:

V2000 certified, PPC manufactures and sells

structural fittings as well as parts for stay cable

anchoring and prestressing.

Analyses carried out in 2003 to evaluate the

environmental impact of activities performed on

the site led to the creation and application of

an annual environmental risk prevention plan

in 2004.

One result was that external partnerships were

forged with companies specialising in handling

industrial waste.

social responsibility

To promote progress worldwide, Freyssinet not only

strives for economic performance, but also applies

an active staff recruitment and training policy.

recruitment. In 2004, the workforce grew byapproximately one hundred, rising from 2,991

employees in 2003 to 3,178.

At the same time, Freyssinet stepped up its

efforts to attract young people to the company.

This was demonstrated during the year by atten-

ding a number of forums and fairs, and by spon-

soring several events.

training. Freyssinet spends over 3% of its wagebill on training activities, thereby proving its conti-

Due to the fact that it is decentralised, the Freyssinet Group

combines the advantages of strong local ties, close proximity

to clients and markets and economical, environmental and social

results. In the context of sustainability, Freyssinet launched

the 4-5-6 plan to promote the culture of profitability within

the company on a global scale by involving all employees (sites,

management, human resources, communications, etc.).

1 The Group

attended a number

of recruitment forums

and fairs during

the previous year.

1

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nued commitment to improving its employees’

working conditions and performance. During the

past year, 15,412 hours of internal training were

provided to 1,532 employees throughout the

world, a 30% increase on 2003. Approximately

80 trainees from all over France received 1,890

hours of internal training (compared with 1,820

hours for 58 trainees in 2003) at the Group’s trai-

ning centre (named Eugène-Freyssinet) in

Perray-en-Yvelines (France). This centre plans to

organise internal training for international subsi-

diaries in 2005. In the UK, Freyssinet Ltd created

a new internal training system based on voluntary

mutual assistance among employees. In addi-

tion, external organisations provided 13,404

hours of theoretical and practical training.

safety. At the beginning of 2004, the Vigirouteplan, devised by the VINCI Eurovia subsidiary,

was adapted by the Group and applied throu-

ghout France. This proposal was designed to

prevent road risks and promote good driving by

increasing the awareness and sense of responsi-

bility of all employees. On another front, the

Major Projects Department of Freyssinet and

Freyssinet France implemented the «non-nego-

tiable» policy at their sites, completing a series of

strict minimum safety procedures that must be

followed.

In terms of risk prevention, each training module

now systematically includes half a day on safety

at the sites. These initiatives have proved to be

successful. By the end of the year, the incidence

rate for work-related accidents fell to 25.3 (com-

pared with 38.2 in 2003), and the severity rate fell

to 0.7 (from 1 in 2003).

quality. Like safety, quality is one of the Group’stop priorities. In February 2004, the ISO

9001:V2000 certifications for the Freyssinet

branches in the Ile-de-France and Rhône-Alpes

regions were renewed. In December, the BVQI

(Bureau Veritas Quality International) gave the

same certificate to Freyssinet’s Technical

Department for a three-year period, in recogni-

tion of the quality of its work and methods.

sharing of expertise. In 2004, the Group’sintranet site, which links employees throughout

the world, demonstrated what an outstanding

tool it is in terms of promoting exchanges. The

number of connections to this resource were up

significantly and several new sections were

added. The Group was also active on external

fronts. Three conferences on high-performance

stay cable systems were attended by global

experts in Hong Kong, Tokyo and Washington.

innovation

Each year, the Group devotes significant

resources to innovation, which is at the heart of

its activities in all sectors, and spends a signifi-

cant portion of its turnover (1.5%) on research

and development. In the field of structures, we

must mention the completion of the H1000 stay

cable system, designed for small structures and

already used on several footbridges throughout

the world, and the successful launch of the

Freyssibar prestressing bar, which was used for

the first time in August 2004 on a structure for

the Cantabrique motorway in Spain. Major achie-

vements in the field of repairs included the enlar-

gement of the range of composite strengthening

devices to include carbon fibre braids and rods,

and Kevlar fibre fabric (TFK).

In soils, 2004 was marked by the development of

Data, a new design and calculation software for

Reinforced Earth structures, enabling designers

to obtain plans and measurements for TerraClass

structures rapidly and accurately. Lastly, at a

large site in the Emirate of Abu Dhabi, Ménard

Soltraitement developed the Mars system

(Menard Automatic Release System), an automa-

tic mass release procedure which optimises

ground compaction effectiveness by eliminating

energy loss caused by braking or friction. In addi-

tion, to consolidate a platform in Bourgoin-Jallieu

in Isère (France), the company used a new tech-

nique involving hard inclusions topped with bal-

lasted columns known as bi-modulus columns

(BMC).

2 To promote

the benefits of its

high-performance

stay cable systems

and attract the attention

of actors in the field,

Freyssinet organised

three conferences

throughout the world

in 2004.

3 The Vigiroute Plan,

launched at the beginning

of 2004 and applied by

all Freyssinet France

employees, encourages

good driving.

3

2

structures63 % of turnover

The Valladolid Science

Museum footbridge

(Spain)

Representing 63% of the sales volume in 2004 construction,

repair and maintenance of structures remained very active

this year. Although Freyssinet worked in every field, several

large-scale projects in particular put stay cables in

the spotlight: the Charilaos Trikoupis Bridge in Greece,

the Millau Viaduct in France and the second bridge over

the Panama Canal.

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link being built between Liège and the German

border. The Sioule Viaduct, built by Sogea on the

new motorway between Clermont-Ferrand and

Bordeaux, was the largest prestressing contract

for Freyssinet France. This structure rises to a

height of 150 m and includes 1,200 tonnes of

prestressing. In the United Arab Emirates, where

the pace of construction of road infrastructures

remained steady, Freyssinet installed 1,100

tonnes of prestressing elements on the Third

Crossing Bridge in Dubai. In Mexico, the compa-

ny installed external and internal prestressing for

the El Cajón and Neverias Bridges, respectively

located on the Durango-Mazatlán motorway and

in Santa María del Oro (Nayarit State). In

Venezuela, the Spanish subsidiary Freyssinet SA

began installation of prestressing for the pylons

and V pier (247 tonnes of steel) for the cable-

stayed bridge over the River Orinoco near

Ciudad Guayana.

Sioule Viaduct:prestressing gainsnew heights

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prestressing

Following on from the previous year, prestressing

was performed on a number of noteworthy sites

in 2004, confirming the growing popularity of this

technique for designing and constructing

building floors, particularly in the UK, Spain and

the Middle East.

STRUCTURES

Opened in July 2004, the Valladolid Science

Museum footbridge in Spain is a shining example

of Freyssinet’s know-how and expertise in exter-

nal prestressing. Inspired by fish baskets, the

metal structure of the bridge, which is hexagonal,

provides double prestressing, longitudinally and

transversally, using Cohestrand strands subjec-

ted to 90 deviations. Further north in the Iberian

Peninsula, Freyssinet supplied the first prestres-

sing bars (736) of its new Freyssibar line. These

bars were used to secure the precast abutments

of an 848 metre-long motorway viaduct deck

under construction near to Saint-Sébastien. In

the UK, 185 tonnes of steel were used in the

same manner on the CTRL 342 Bridge comple-

ted in September and, in Belgium, 650 prestres-

sing bars and 1,200 tonnes of cables supplied by

Freyssinet Belgium will be installed by May 2005

on four viaducts along the high-speed railway

stru

ctur

es1 The cables of theValladolid ScienceMuseum footbridge(Spain) serve both

as stay cables and

prestressing elements.

2 Freyssinet Belgium

installed 650 prestressing

bars for four structures

on the high-speed

railway line under

construction between

Liège (Belgium) and

the German border

3 Sioule Viaduct

(photo 3).

1 2 3

Rising 150 m above the River Sioule and brid-

ging a gap 990 m wide, the elegant Sioule

Viaduct, located near to Clermont-Ferrand

(France), is a crucial element of the new A89

motorway. Working as a subcontractor for

the group of companies formed by Campenon

Bernard and Dodin (VINCI Construction),

Freyssinet supplied and installed the

1,200 tonnes of longitudinal and transversal

prestressing for the deck (photo 3).

CONSTRUCTION

Better known by designers, who increasingly

appreciate its inherent architectural opportuni-

ties, prestressed concrete slabs gained ground in

several countries in 2004. In Dubai in the United

Arab Emirates, Freyssinet LLC began to install

the prestressing of the flooring for the Mirdif

shopping centre (130,000 m2) in February 2004,

before installing 250 tonnes of steel for the

Legend Plaza building. In Saudi Arabia,

Freyssinet France completed the installation of

1,040 tonnes of prestressing for a new palace

being built in Riyadh. In the heart of Warsaw in

Poland, Freyssinet Polska was involved in the

construction of the new Zlote Tarasy shopping

centre, installing 12 tonnes of prestressing using

Freyssinet’s F System. In October, Freyssinet Ltd,

the UK subsidiary, completed its work on the Esso

Glen construction project in London (330 tonnes)

after having started work in June on the installa-

tion of prestressed concrete floors for the new

Beetham Hilton hotel, a 47-storey structure

which will dominate the Manchester skyline.

INDUSTRY

In 2004, Freyssinet was involved in three major

projects in the field of industrial applications of

prestressing. The first was the Neder-Over-

Heembeek biological water treatment plant in

Vilvoorde in Belgium. In connection with this pro-

ject, which represents 72,000 m2 of flooring and

which, upon completion, will be the largest in

Europe, Freyssinet Belgium installed 800 tonnes

of greased and sheathed strands. In the Nile

delta in Egypt, some 50 km north-east of

Alexandria, Freyssinet was involved in the

construction of two liquefied natural gas (LNG)

tanks in Idku. The project, allocated by VINCI

Construction Grands Projets, consisted of instal-

ling 685 tonnes of prestressing steel. Finally, in

October, the company began supplying another

LNG tank site on Sakhalin Island in Russia with

prestressing steel (800 tonnes), as well as tech-

nical support.

Alongside these major projects, the Turkish

subsidiary Freysas installed the prestressing

(66 tonnes) for the Borçka Dam in north-eastern

Turkey and, in Thailand, Freyssinet Thailand

installed the horizontal and vertical prestressing

(48.5 tonnes) for the sludge treatment basins

of a new water treatment plant.

Freyssinet supplied the stay

cables for the Arthur B. Ravenel

Jr Bridge over the River Cooper

in the United States and started

to install them at the beginning

of 2004.

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685tonnesof prestressingsteel wereinstalled forthe liquefiednatural gastanks in Idku(Egypt).

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cable structures

Clearly, 2004 was «the year» for cable-stayed

structures for Freyssinet. The company participa-

ted in several major projects, including five on an

international scale.

STAY CABLES

The first stay cable success of the year was the

installation of the 18 stay cables (55 tonnes)

supporting the deck of the Marine Parade Bridge in

Southport, a seaside town to the north of Liverpool

in the UK, which Freyssinet Ltd completed in a

mere four weeks. At the beginning of the summer,

Freyssinet teams worked in Greece on a structure

on a completely different scale. Installation of the

368 stay cables (4,500 tonnes) for the Charilaos

Trikoupis Bridge connecting Rion and Antirion and

crossing the Gulf of Corinth was completed on

schedule, enabling the structure to be opened in

time for the Olympic flame to pass by on 7 August.

Only a few days later on 15 August, this time on the

other side of the Atlantic, the Centennial Bridge

was opened. This successful project was comple-

ted by the teams of the Iberian-American Division

and Austress Freyssinet, which supplied and ins-

talled the 128 stay cables (1,400 tonnes) for this

structure whose 420 metre-long central span rises

80 m above the Panama Canal.

Finally, on 27 August, it took Freyssinet teams

made up of approximately one hundred employees

from all over Europe just 55 days to finish placing

the 154 stay cables (1,400 tonnes) forming the

permanent «sails» of the Millau Viaduct in France,

a structure that captivates the entire world.

Many projects took place this year, including star-

ting work on two major cable-stayed structures in

Poland and the United States. For the first, built

over the Vistula in Plock, the Freyssinet Polska

subsidiary supplied and installed 56 twin stay

cables (560 tonnes). The American subsidiary

Freyssinet LLC will install the 128 stay cables

(1,500 tonnes) for the second project, the Arthur

B. Ravenel Jr. Bridge spanning the River Cooper in

South Carolina. With a central span of 538 m, this

remarkable structure will hold the record for the

longest structure of this type in North America.

This year was the first time that Freyssinet used

its stay cables in the construction of three small

structures: the Doomul pedestrian footbridge in

Seoul (South Korea), the arch bridge in Sarvar

(Hungary) and the Cairo International Airport

footbridge (Egypt). The technology used, which

was the result of research and development car-

ried out by the Group’s Technical Department, is

based on an anchoring system using clevis and

sleeves inserted onto the ends of the cables,

notably making it possible to install stay cables

on small structures rapidly.

Other major contracts won by Freyssinet during

the year included the contract for the Shenzhen

Western Corridor in Hong Kong, to be carried out

in January 2005. With a single inclined, asymme-

trical pylon, the 210 metre-long main bridge will

be supported by two sets of 13 cables

SUSPENSION

Less frequently used, and often less impressive

than cable-stayed structures, suspended structures

also require cutting-edge technology that must

1 Working together,

Freyssinet Grands Projets

and Freyssinet Egypt

installed the prestressing

for the Idku tanks (Egypt).

2 Freyssinet Ltd

installed the prestressing

of the 50,000 sqm

concrete slabs of

the Esso Glen building

in the center of London.

3 The Millau Viaduct

(France) is equipped

with the most recent

generation of Freyssinet

stay cables.

it only took

55days

to installthe 154 stay

cables forthe Millau

Viaduct.

1 2 3

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36 Transpec shock transmission units between

the slabs and the infrastructure of the building.

construction methods

In addition to its structural expertise, Freyssinet

developed specific skills in the design, supply

and application of construction tools and methods.

In South Korea, Freyssinet Korea performed

incremental launching of the deck (1,290 m) for a

new bridge over the Mil Yang River, in the pro-

cess beating the world record for the length of

structures built using this procedure. In

September, again in South Korea, the company

once more showed its mastery of this technique

by completing the incremental launching of the

Dansan and Wolgok Bridges, 1,050 m and 500 m

long respectively. In Malaysia, Freyssinet was

involved in construction of the Sungai Prai

Viaduct, installing the segments using «ove-

rhead» self-launching trusses.

In China, the British subsidiary Freyssinet Ltd

was appointed to design two launching trusses

and install the segments making up the 113 spans

for the Deep Bay project, which will connect

Hong Kong to the Shenzhen Bridge.

Lastly, in Egypt, Freyssinet provided construction

support after having supplied the mobile form-

work travellers for the construction of the Kafr

Elzayat Bridge, which spans a branch of the Nile

between Alexandria and Beheira.

be carried out with perfect precision. Notable

during 2004 was the construction of the sus-

pended footbridge in the MacRitchie natural

park in Singapore. This bridge was designed

and built by Freyssinet Singapore under excep-

tional environmental constraints.

structural fittings

The Group has a great deal of expertise in the

design and manufacture of structural fittings and

offers a wide range of models. Again this year, a

large number of expansion joints, earthquake

protection systems, bearings, etc. were supplied

and installed for all types of structures.

In Mexico, the Freyssinet de México subsidiary

installed Cipec Wd180 and Wd200 expansion

joints on the Neverias Bridge on the Durango-

Mazatlán motorway, the El Cajón Bridge in Santa

María del Oro (Nayarit State) and the Las Rosas

Bridge to the north of Mexico City. In Plock in

Poland, Freyssinet Polska installed two very large

spherical bearings to support the deck of the

bridge under construction over the Vistula. In

Venezuela, in addition to the prestressing and

stay cables for the bridge over the Orinoco,

Freyssinet won the contract to install 84 elasto-

mer bearings and 22 pot bearings. Freyssinet

France was busy in Saudi Arabia on the site of a

new palace under construction in Riyadh, instal-

ling the bearings to support the beams and the

1290mof deckwere launchedover the Mil YangRiver by FreyssinetKorea.

Tierra Armada SA supplied and installed the 78 precast beams

for the deck of a 1,659 metre-long viaduct over the future high-speed

railway line between Toledo and Moncejón (Spain).

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2 2 Working from

a platform 45 m above

the ground, Freyssinet

teams completely restored

the water tower at Roissy-

Charles-de-Gaulle Airport

(France).

3 In Dubai, additional

prestressing made it

possible to increase the

capacity of a sugar silo.

1Freyssinet provided

the construction

methods and installed

the stay cables,

prestressing and

structural fittings for

the Sungai Prai Bridge

in Malaysia.

The project was carried out using shotcrete and,

thanks to the special coffer dam used to com-

plete the work, the canal did not need to be

emptied. Freyssinet, in co-operation with GTM

(VINCI Construction), also used shotcrete in

Marseilles to restore the Kennedy Corniche. In

Pyrénées-Atlantiques, a different process was

used to strengthen the steps of the Bayonne

amphitheatre, i.e. 800 m2 of carbon fibre fabric

(TFC) and 13 tonnes of steel frames.

In the Morbihan region of Brittany, renovation

work on the Bono Bridge, listed in the additional

historical monuments survey, began at the end of

the year with dismantling of the deck. A specia-

list in this type of structure, Freyssinet restored

the water tower at Roissy-Charles-de-Gaulle

Airport. Technicians worked for five months from

a platform suspended 45 m above the ground to

put down a corrosion inhibitor and treat all of the

concrete.

Outside France, Freyssinet Polska strengthened

the Kiezmark Bridge crossing the Vistula in the

north of the country with 40 tonnes of additional

prestressing. This same method, together with

carbon fibre fabric (TFC), was used by the Italian

subsidiary of Freyssinet to strengthen the

Solignano bridge over the A15 motorway near

Parma in Italy. Freyssinet SA completely restored

the Río Tinto Quay in the port of Huelva in Spain.

This structure, which is listed as a world heritage

site, combines wood, metal and fill. In Spain’s

precasting

On the site of the high-speed railway line between

Toledo and Moncejòn in Spain, Tierra Armada SA

manufactured and then installed the 78 U-shaped

box girders making up the deck of a 1,659 metre-

long viaduct. Each element weighed 160 tonnes

and was installed using a crane.

strengthening and repairs

Structural strengthening and repair activities, main-

ly concentrated in Europe and requiring a series of

processes specifically developed by Freyssinet,

remained in great demand during 2004.

In Hérault in France, Freyssinet strengthened a

portion of the Philippe-Lamour Canal damaged

by a series of floods.

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Closed for two years because of its poor state of repair, the Bono Bridge (France)

will reopen in 2005 thanks to the work of Freyssinet.

Basque country, near to the city of Guipúzcoa,

the subsidiary used composite materials to

strengthen a series of eight bridges to be equipped

with major hydraulic piping.

In Gharbeya in Egypt, Freyssinet Egypt comple-

ted important work to strengthen the roof of one

of the oldest textile factories in the Middle East.

For this project, the roof beams were reinforced

with additional prestressing. In Kosovo, under

the aegis of the Ministry of Public Works, the

European Agency for Reconstruction and the

KFOR (peace-keeping unit deployed by NATO),

Freyssinet won a contract at the beginning of the

year to rebuild 12 bridges. All of Freyssinet’s

repair methods and techniques were used on

these sites, which were completed by the end of

the year.

Freyssinet Major Projects Division and the Turkish

subsidiary Freysas worked together in Turkey to

repair the double deck of a 2.5 km viaduct on the

Anatolian Highway damaged by an earthquake in

1999. The structure was strengthened with addi-

tional prestressing and TFC and was also reali-

gned using an innovative jacking system.

In the United Arab Emirates, the silos in the artificial

port of Jebel Ali were strengthened to increase

their capacity. For this project, Freyssinet placed

117 additional prestressing cables connected

by X anchors.

protection

As a specialist in structural repair, it is not surpri-

sing that Freyssinet is also interested in damage

prevention as well as materials alterations.

Freyssinet is now considered to be an expert in

the examination and protection of concrete rein-

forcements. In 2004, the Group was active in

both these fields. Its specialist British subsidiary,

CCSL, was involved in three major projects.

From February to June 2004, together with

Freyssinet Ltd, the company installed cathodic

protection on the ferry quays in Hung Hom in

Hong Kong.

At the same time, it examined a 450 km section

of buried pipeline for signs of corrosion in Kenya.

Finally, in September, CCSL completed the ins-

tallation of aluminium sacrificial anodes to treat

the piers of the Fraserburgh Quay in Scotland. In

the Bouches-du-Rhône in France, Freyssinet, the

inventor of the Regebeton concrete regeneration

process, applied this technique for the first time

on a large scale this year, treating a fifteen-storey

building, the Grande Corniche.

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heavy lifting

Recommended because it is safe, cost effective,

quick and easy to perform, heavy lifting is regu-

larly used in construction as well as structural

repairs. Freyssinet has expertise in this field

throughout the world acquired over many years .

In January 2004, Freyssinet lifted the pier seg-

ments of the main Sungai Prai Bridge in

Malaysia. Weighing 200 tonnes, the two seg-

ments were raised in 24 hours to a height of 40

m using four jacks. Even more impressive was

the work performed in Brisbane, Australia by

Austress Freyssinet together with Hebetec, a

company recently incorporated into the Group (in

October 2004) to lift the 3,000 tonne steel roof to

crown the country’s largest airport hangar. All of

the lifting jacks were connected to a central

control system and could be operated individual-

ly or in combination.

To illustrate the Group’s design and provision of

tools and methods supply, Freyssinet Thailand

was responsible for the complete engineering of

a device to lift a large metal frame for the new

Bangkok airport.

replacementof structural fittings

Every year, Group companies replace numerous

expansion joints and bearings. Major projects in

2004 included the installation by Freyssinet

France of two lines of Wd160 seals on the

Toulouse bypass to replace the old fittings, as

well as the work performed by the British subsi-

diary Freyssinet Ltd on the Saltings Viaduct in

South Wales in designing and installing guided

spherical bearings to replace the 64 existing

mechanical bearings.

3

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2

1 CCSL,

a Freyssinet subsidiary,

treated the Fraserburgh

Quays (Scotland) using

cathodic protection.

2 In Australia,

a 3,000 tonne truss was

jacked to a height of 25 m

by Austress Freyssinet.

3 In Montpellier (France),

Freyssinet restored

the walls of the Philippe-

Lamour Canal using

a mobile coffer dam.

soils37 % of turnoverSoil reinforcement and treatment activities, representing 37%

of turnover, continuing the same trend from 2003. Activities involving

Reinforced Earth retaining walls and precast arches continued at

a high level, especially in North America, France and Spain, where

there is a clear trend in favour of the design of architectural structures.

In the area of soil improvement, Ménard Soltraitement was involved

in complex projects during the year, forcing it to develop two major

innovations: the Mars procedure and bi-modulus columns.

A project of enormous proportions,

the Soumont wall is among the largest

Reinforced Earth retaining structures

in France.

14

soils

the studies and supplied the materials for the

northwest bypass in Rome, where 25,400 m2 of

TerraClass walls and 16,100 m2 of TerraVert walls

were built. In Trieste, the Italian subsidiary was

called upon to design and supply 11,000 m2 of

TerraVert walls for the Cattinara-Padriciano sec-

tion of motorway. In addition, 3,000 m2 of

TerraClass walls with a surface designed to

resemble stone and 2,000 m2 of TerraVert

walls were built on the main Prossedi-Latina

road in Latium.

In Iceland, Reinforced Earth designed two ava-

lanche barriers in Seydhisfjördhur and Isafjördhur.

These structures were made up of a total of

6,600 m2 of TerraTrel walls rising 10 m high. For

the eastern section of the new Black Sea motor-

way in Turkey, the subsidiary REAS (Reinforced

1 Several retaining

walls were built on

the new A51 motorway

to support the roadway

between Grenoble

and Sisteron (France).

2 Terre Armée SNC

designed and supplied

the TerraTrel surfaces

used to build the access

ramp for the second

bridge over the Rhône

in Valence (France).

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Every year, Reinforced Earth, a

technology tried and tested throughout

the world, proves its architectural

advantages. One structure built in 2004,

the redevelopment of a crossroads

in Dayton (USA), gave the designer

the opportunity to be creative.

Sixteen scenes on 11,400 m2 of

retaining walls trace the history of

the Wright brothers and the Flyer,

their first aircraft (see p.16).

Reinforced Earth:a favouritewith designers

renforced soil

RETAINING WALLS

The pace of activities in France was good and

the year was marked by the completion of the

Soumont wall near Lodève (Hérault). Rising to

30 m at its highest point, this retaining structure

supports the roadway of the A75, the new

motorway between Clermont-Ferrand and the

Mediterranean. To integrate this wall of exceptional

proportions (10,000 m2) into its rocky envi-

ronment, careful attention was paid to its design,

which combines architectural facings and terra-

cing. The same facing surface treatment was

used for the structures on the A51 motorway

under construction between Sisteron and

Grenoble. This contract, involving the design of a

30,000 m2 retaining wall, is the largest ever won

by Terre Armée SNC. Near to Valence, where

construction of a second bridge over the Rhône

is underway, Reinforced Earth technology was

also selected for construction of the access

ramp, this time using a TerraTrel facing. Nearly

1,100 m long with a surface area of 14,840 m2,

this ramp is crossed by 14 hydraulic flushing

structures to drain off water in case of flooding.

Activities were also sustained in Italy where,

among other projects, Terra Armata carried out

1 2

a bridge construction site in Al Bahia.

In Qatar, Reinforced Earth was awarded the

contract to build eight spandrel walls with

Freyssisol surfaces on the Umm Bab-Salwa

motorway as part of the project to improve road

infrastructures ahead of the Asian Games, which

the country will host in 2006.

Three major projects were launched in Malaysia

in 2004, namely the Litrak project (LDP3) in Kuala

Lumpur, involving construction of 16,000 m2

walls for access ramps to two bridges, the

Gerbang Selatan project, near to Johor Bahru,

which will create a 20,000 m2 wall, and finally the

new Pantai motorway, near to Kuala Lumpur, which

will include 9,000 m2 of Reinforced Earth walls.

In South Korea, work continued on the motorway

segment between Mureung and Mungok. Almost

9,000 m2 of TerraClass walls, out of a total of

13,574 m2, were built during the year.

In Australia, the year’s largest project was

undoubtedly the design of 18 Reinforced Earth

structures and the supply of materials for a total

of 10,800 m2 of walls for the Westlink M7 motor-

way to the west of Sydney. Also noteworthy were

the 14 metre-high abutments using architectural

surfaces made to resemble stone, built on the

Craigieburn bypass near Melbourne. In New

Zealand, Reinforced Earth helped to redevelop a

crossroads on the Great South Road in Auckland

Earth Insaat Proje Ve Tic. AS) designed various

Reinforced Earth structures and supplied the

materials for the sections between Cayeli,

Ardesen and Hopa, as well as in the Trebizonde

region. In Anatolia, REAS also collaborated on

another motorway project between the towns of

Gerede and Gumusova.

Over the past year, the South African subsidiary

RESA (Reinforced Earth South Africa) conducted

the studies and provided the materials needed for

the construction of access ramps for 28 structures

as part of the Platinium N4 motorway project that

will connect Maputo (Mozambique) to Walvis Bay

(Namibia). It won its first contract in Sudan, which

calls for the design of Reinforced Earth abutments

for the Tuti and Al Gaba Bridges, two structures

measuring 900 and 4,300 m2 respectively, with

architectural surfaces. In Swaziland, the subsidiary

was also awarded the contract to install 40,000 m2

of bridge abutments and retaining walls for the

Mbabane interchange. Studies for this project are

underway.

In the Middle East, twenty large-scale projects

were completed over the year. Notable among

them was the study and supply of the materials

for a 33,000 m2 retaining wall for the Third

Crossing Bridge in Abu Dhabi, and a similar

contribution for a 25,000 m2 retaining wall, nota-

bly including the supply of Freyssisol surfaces for

Near Dayton in

the United States,

the redevelopment

of a crossroads

relied heavily on

the Reinforced Earth

technique and

its architectural

possibilities.

16

94000m2of Reinforced Earthwalls will be builtas part of the T-Rexproject in theUnited States.

soils

by designing a solution combining TerraTrel walls

(280 m2) with TerraClass walls (1,552 m2).

In the United States, where the technique has

been applied for many years, the year was rich in

large-scale projects. Work continued on the T-Rex

Transportation Expansion project launched in

2003 to improve the road infrastructures around

the city of Denver in Colorado, totalling nearly

94,000 m2 of Reinforced Earth walls. In Virginia,

Reinforced Earth designed 11,300 m2 of retaining

walls as part of phase IV of redevelopment work

on the Springfield interchange (VDOT project). In

Minnesota, 17,500 m2 of Reinforced Earth walls,

designed and supplied by the American subsidia-

ry RECo, were erected as part of reconstruction of

the TH 14/52 motorway near to Rochester.

In Texas, the SH 130 project, a new State motor-

way near to Austin, will include 33,500 m2 of

retaining walls. In addition, we must mention two

of Reinforced Earth’s architectural projects

during the year. The first was carried out in

Dayton, Ohio, and forms sixteen scenes tracing

the history of the Wright brothers and their air-

craft. The second took place to the north of

Santa Fe, New Mexico, and showed coloured

depictions of traditional motifs of Native

Americans from the region on the tiered walls.

INJECTION FOUNDATIONS

Following the jet-grouting work performed on

Darling Island in Sydney in 2003, Austress

Freyssinet returned to the site to install

Freyssimix columns 1.5 m below ground in the

loose soil in which sewer pipes will be placed.

On the construction site of the covered railway

segment under the Lane Cove Canal between

Chatswood and Epping, the company comple-

ted its mission to inject grout made up of spe-

cial products designed to prevent water infiltra-

tion into the rock. In the port of Brisbane,

Austress Freyssinet also used permanent ties

which could be retightened if necessary to par-

tially reanchor the Fishermans Island terminal to

the soil following damage caused by a landslide.

Finally, near Tempe, Austress Freyssinet built an

18 m deep bentonite wall to prevent leachates

found in the soil of a landfill flowing into the

Alexandra Canal. In France, Ménard

Soltraitement carried out 309 jet-grouting

columns 15 m deep to create the foundations

for an avalanche barrier in Val-Thorens in Savoy.

The same technique was used to solidify the

bed of the head frame of the Sainte-Fontaine

mine in Moselle, listed in the additional historical

monuments survey.

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17

3

1

2

3 Austress Freyssinet

solidified the soil

on Darling Island in

the heart of Sydney

using Freyssimix

jet-grouting columns.

1 It took 33,000 m2

of Reinforced Earth

walls to build the new

Sheik Zayed Bridge

connecting the island

of Abu Dhabi with

the continent.

2 In New Mexico

(United States),

Reinforced Earth

designed a series of

terraced retaining

walls decorated with

Native American motifs.

1 Reinforced Earth

engineers devised a

solution combining

TechSpan arches and

retaining walls to make it

possible for a motorway

under construction in

North Kiama (Australia)

to cross a railway line.

soil treatment

SOIL TREATMENT WITHOUTINCORPORATION OF MATERIALS

Near to Al Ain in the Emirate of Abu Dhabi,

Ménard Soltraitement treated a 3.5 million m2

platform by dynamic compaction in preparation

for the construction of 550 villas in the middle of

the desert. An innovative mass release procedu-

re which optimises compaction energy on the

ground was used on this site. In the artificial port

of Jebel Ali in Dubai, the company employed

three of its techniques (dynamic replacement,

partial replacement and dynamic compaction) to

solidify the sandy and silt-laden soils on which

two new sugar silos will be built.

In San Martin de la Vega, near Madrid in Spain, it

took the company just three months when three

teams joined forces to treat a 130,000 m2 plot on

which a water treatment plant will be built. In

Australia, the soil on the construction site for the

retaining walls of the Westlink M7 motorway to

the west of Sydney was pretreated in June 2004

by dynamic compaction.

For the 265 km-long motorway segment under

construction between Ngaoundere (Cameroon)

and Touboro (Chad) in Africa, 360,000 m of ver-

tical drains were installed between May and June

to solidify the compressible zones.

In the United States, DGI-Menard, the Group’s

American subsidiary, worked on the construction

site of the 1/9 road in New Jersey, solidifying the

soil by dynamic compaction and installing vertical

PRECAST ARCHES

The power of the global solutions offered by

Reinforced Earth and the creativity of its engineers

were highlighted by the project to construct the

North Kiama bypass in New South Wales (Australia).

TechSpan railway arches were used in combination

with TerraClass retaining walls (2,500 m2) and

temporary welded mesh walls (1,000 m2).

In the town of Gerrards Cross in the UK,

Reinforced Earth used 343 TechSpan units to

build a 319 metre-long railway tunnel on top of

which, after backfill, a shopping centre and car

park will be built. Terra Armada was involved in

the construction of four underground structures

on the new Norte Littoral motorway in northern

Portugal. The tunnels are 2 km in length and are

made up of 1,920 half-arches. Lastly, two

TechSpan arches were built by Tierra Armada SA

to widen the runway at the airport in Melilla, the

Spanish enclave in northern Morocco.

3,5millionsof square metersof soil was treatedby MénardSoltraitementin the middle ofthe desert inthe Emirate ofAbu Dhabi.

1

Terra Armada was involved in construction of four

underground tunnels 2 km in length on the new

Norte Littoral motorway (Portugal).

18

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19so

ils2 In just three months,

Ménard Soltraitement

completed improvement

work on the soil for

the site of the future

water treatment plant

in San Martin

de La Vega (Spain).

3 In Africa,

Ménard Soltraitement

treated a portion

of the soil for the future

motorway between

Ngaoundere in Cameroon

and Touboro in Chad.

drains ahead of construction of access ramps. In

the same State, the company won the soil impro-

vement contract last year for the EnCap Golf pro-

ject, which will create several golf courses, hou-

sing complexes and commercial buildings in the

north of New York. To treat the soil made up of

soft clay within the strict deadline (750 days), the

company will use dynamic compaction in combi-

nation with vertical drains (56,000 drains down to

depths of 48 m).

SOIL TREATMENT WITH INCORPORATIONOF MATERIALS

To consolidate soils in Bourgoin-Jallieu, near

Lyon in France, on which a large DIY superstore

will be built, Ménard Soltraitement engineers

developed a bi-modulus column (BMC) method

involving the use of hard inclusions at greater

depths and ballast for the last two metres.

In Hungary, Ménard Soltraitement began to install

ballasted columns at the end of the year over an

area of 400,000 m2 in preparation for the exten-

sion of the M7 motorway between the capital and

the Croatian border. Since September, Ménard

Soltraitement and DGI-Menard have worked toge-

ther to solidify land carved out of the mangrove

forest in Jamaica to allow construction of a super-

highway to Kingston. Called Highway 2000, this

project, which will double the existing road by

2006, also includes a 250 metre-long bridge and

several interchanges. To respect the tight dead-

lines, the two companies are simultaneously

installing vertical drains (1.5 million metres) and

CMC controlled-modulus columns (128,000 m).

Near Burlington in Vermont (United States),

DGI-Menard has assigned three teams to install

4,800 controlled-modulus columns (CMC) to

solidify the soil on which a home furnishing

superstore will be built. In addition, the company

completed work using stone columns to improve

the land that will hold the foundation supports

for the new baseball stadium in Lancaster

(Pennsylvania) and used vibrated concrete piles

and auger-bored piles to solidify a portion of the

access ramp for the new George H.W. Bush

motorway in Texas.

2

3

1

1 To treat a

3.5 million m2 platform

in the Abu Dhabi desert,

Ménard Soltraitement

developed a special

procedure that

optimises compaction

energy: Mars.

consolidated balance sheet

20

intangible assets other than goodwill

goodwill

tangible assets

financial assets

subsidiaries and affiliates

other financial assets

total fixed assets

inventories and work in-progress

trade notes and accounts receivables

others receivables

deferred tax asset

short-term financial receivables

and other investments securities

cash

total current assets

total assets

3 220

19 243

22 598

5 382

1 757

3 625

50 443

24 610

143 398

21 061

2 422

14 483

16 942

222 916

273 359

assets 20032 437

17 901

28 183

6 462

2 762

3 700

54 983

23 473

145 625

25 348

3 204

16 078

23 080

236 808

291 791

2004

capital stock

consolidated reserves (group share)

net income of the period (group share)

shareholder’s equity

minority interests

provisions for liability

long-term financial debt

total long-term capital

down-payments from clients

trade notes and accounts payable

others payables

deferred tax liabilities

short-term financial debt

total current liabilities

total equity and liabilities

equity and liabilities15 625

20 867

605

37 097

2 846

40 690

22 146

102 779

8 708

90 742

48 879

883

21 368

170 580

273 359

2003

15 625

20 481

8 017

44 123

3 718

47 610

8 822

104 273

9 189

99 612

58 867

1 264

18 586

187 518

291 791

2004

( thousand of euro )

( thousand of euro )

report from 1st January to 31st December.

An

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21

income statement

net sales

other income

total income

operating expenses

operating income

financial expenses

depreciation and provisions, financial items

net financial income

pre-tax income before extraordinary items

exceptional items

depreciation and provisions

net exceptional income

amortization of goodwill

current taxes

deferred taxes

net income for consolidated

group share in companies equity interest

minority interests

net income (group share)

419 529

8 656

428 185

-420 359

7 826

-2 597

-388

-2 985

4 841

1 898

-1 547

351

-1 618

-2 412

-614

548

62

-5

605

459 623

8 158

467 781

-449 245

18 536

-2 371

-15

-2 386

16 150

-501

-1 827

-2 328

-1 470

-4 990

519

7 881

43

93

8 017

20032004

net sales

foreign sales

net income (group share)

shareholder’s equity including income of the period

net cash (financial debt)

cash flow generated from operations

capital expenditure and financial investments of the period :

capital expenditure

acquisition of financial investments

average number of employees

430 488

330 483

-11 951

41 142

-35 869

8 678

15 280

11 863

3 417

2 918

419 529

313 625

605

37 097

-10 357

22 351

7 904

7 331

573

2 991

the past three years20022003

459 623

335 287

8 017

44 123

14 008

25 754

12 396

10 384

2 012

3 178

2004

( thousand of euro )

( thousand of euro )

CanadaGreat-Britain

IrelandBelgium

The NetherlandsGermany

Switzerland

ItalyFyrom Macedonia

Pakistan

PolandRussiaDenmark

Hungary Romania

Turkey

Thailand

Malaysia

Singapore

Indonesia

Japan

VietnamUnitedArab Emirates

France

Spain

EgyptHong Kong

South Korea

Australia

New-Zealand

South Africa

Koweit

PortugalUSA

Mexico

Venezuela

Brazil

Argentina

Freyssinet Group

22

main office locations

America

ARGENTINAFreyssinet-Tierra ArmadaBuenos Aires

BRAZILFreyssinet LtdaRio de janeiro

STUP premoldados LtdaSao Paulo

Terra Armada LtdaRio de Janeiro

CANADAReinforced EarthCompany LtdMississauga

MEXICOFreyssinet de MéxicoS.A. de C.V.Mexico city

Tierra Armada S.A. deC.V.Mexico city

USAFreyssinet LLCChantilly

The Reinforced EarthCompanyVienna

DGI-MenardBridgeville

VENEZUELATierra Armada CASan Bernardino

Europe

BELGIUMFreyssinet Belgium N.V.Vilvoorde

Terre Armée Belgium N.V.Vilvoorde

DENMARKA/S SkandinaviskSpaendbetonVaerloese

FRANCEFreyssinet International& CieVélizy

Freyssinet FranceVélizy

PPCSaint-Rémy

Terre Armée SNCVélizy

Ménard SoltraitementNozay

FYROM MACEDONIAFreyssinet BalkansSkopje

GERMANYMenard DynivSeevetal

Bewerhte ErdeSeevetal

GREAT BRITAINFreyssinet LtdTelford

Reinforced EarthTelford

HUNGARYPannon Freyssinet LtdBudapest

IRELANDReinforced EarthCompanyKildare

ITALYFreyssinetTerra Armata s.r.lRome

THE NETHERLANDSFreyssinet NederlandB.V.Vaddinxveen

POLANDFreyssinet Polska Sp.Z.o.o.Milanowek

PORTUGALFreyssinet-Terra Armada Lisbon

ROMANIAFreyromBucharest

RUSSIAFreyssinetMoscow

SLOVENIAFreyssinet AdriaLjubljana

SPAINFreyssinet S.A.Madrid

Tierra Armada S.A.Madrid

Ménard SoltraitementMadrid

JAPANFKKTokyo

TAKKTokyo

KOWEITFreyssinet International& CoSafat

MALAYSIAFreyssinet PSC (M)Kuala Lumpur

Reinforced EarthManagementServices Sdn BhdKuala Lumpur

PAKISTANReinforced EarthPvt LtdIslamabad

SINGAPOREPSC Freyssinet (S)Pte LtdSingapore

Reinforced EarthPte LtdSingapore

SOUTH KOREAFreyssinet KoreaCo. LtdSeoul

Sangjee MenardCo. LtdSeoul

THAILANDFreyssinet Thailand LtdBangkok

SWITZERLANDFreyssinet S.A.Moudon

Hebetec EngineeringSagi

TURKEYFreysasKadiloy - Istanbul

Reinforced Earth N AATProje VE T Caret A.(REAS)Üsküadr - Istanbul

Africa

EGYPTFreyssinet EgyptGiza

SOUTH AFRICAFreyssinet Posten (Pty) LtdOlifantsfonstein

Reinforced Earth (PTY) LtdJohannesburg

Asia

HONG KONGFreyssinet Hong Kong LtdHong Kong

Reinforced Earth PacificLtdHong Kong

INDONESIAPT Freyssinet TotalTechnologyJakarta

UNITED ARABEMIRATESFreyssinet GulfDubai

Freyssinet Middle EastAbu Dhabi

Freyssinet MenardNorthern EmiratesSharjah

Freyssinet QatarQatar

Ménard SoltraitementDubai

VIETNAMFreyssinet VietnamHanoi

Oceania

AUSTRALIAAustress FreyssinetPty LtdSeven Hills

Reinforced Earth Pty LtdHornsby

Austress MenardSeven Hills

NEW ZEALANDFreyssinet New ZealandLtdAuckland

Reinforced Earth LtdAuckland

����

1 bis, rue du Petit-Clamart 78140 Vélizy-Villacoublay FranceTél. : (+33) 1 46 01 84 84 Fax : (+33) 1 46 01 85 85

www.freyssinet.com phot

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