2008 REFERENCE DOCUMENT EIFFAGE_RA08_GB.indd C1 3/07/09 14:26:40 The company EIFFAGE CONSTRUCTION METALLIQUE, formerly Eiffel Construction Métallique, has by executive decree of the Court of Appeal of Bordeaux on May 16 th , 2011, been the object of an interdiction against using the name Eiffel for any purposes. The present document was made before this decision was announced, and thus features the name Eiffel which is at this time and henceforth no longer used as a brand name, title or trade name by the company EIFFAGE CONSTRUCTION METALLIQUE. It should therefore be noted that the name EIFFEL no longer belongs to and is no longer used in a commercial context by the company EIFFAGE CONSTRUCTION METALLIQUE. EIFFAGE_RA08_GB.indd C2 3/07/09 14:26:42 contents EIFFAGE STRENGTHS 04 CHAIRMAN’S MESSAGE 06 FINANCIAL KEY FIGURES 08 MARKET-RELATED KEY FIGURES 02 10 HIGHLIGHTS 20 CONCESSIONS AND PPP ACTIVITIES 26 APRR 30 CONSTRUCTION 34 PUBLIC WORKS 38 ENERGY 42 METAL 46 EUROPE 18 SUSTAINABLE 50 DEVELOPMENT 90FINANCIAL REPORT EIFFAGE GROUP 2008 / 1 EIFFAGE_RA08_GB.indd 1 3/07/09 14:27:08 2008 REVENUES €13,226 million ORDER BOOK €10,400 million 71,181 EMPLOYEES AS AT 31/12/2008 NOT INCLUDING TEMPORARY WORKERS WITH CLEMESSY & CRYSTAL 98% OF EMPLOYEES IN FRANCE ARE GROUP SHAREHOLDERS 2 / EIFFAGE GROUP 2008 EIFFAGE_RA08_GB.indd 2 3/07/09 14:27:12 profile A bold and talented EIFFAGE breaks new ground EIFFAGE harnesses its network of more than 500 locations in France and fifteen other mainly European countries to deploy its expertise across the full spectrum of building and infrastructure construction and operating businesses, including property development (EIFFAGE Construction), road construction and civil engineering (EIFFAGE Travaux Publics), electrical and multi-technical installations (Forclum and Clemessy), metallic construction, industrial maintenance and façade construction (Eiffel), and concessions (EIFFAGE Concessions). Having built and financed the now-famous Millau Viaduct, before incorporating the motorway operator APRR (Autoroutes Paris-Rhin-Rhône) and handling new concessions such as the A’Liénor project for the A65 Pau-Langon motorway, while at the same time expanding its portfolio of public private partnership (PPP) contracts with emblematic projects such as the new stadium in Lille and the national police headquarters, EIFFAGE is strengthening its position as a major player (currently the eighth-largest in Europe) in the “build-and-operate” industry. The Group’s 71,000 employees, of whom almost 98% in France are also shareholders, helped EIFFAGE achieve sales of e13.2 billion in 2008. EIFFAGE GROUP 2008 / 3 EIFFAGE_RA08_GB.indd 3 3/07/09 14:27:12 Chairman’sMESSAGE 4 / EIFFAGE GROUP 2008 EIFFAGE_RA08_GB.indd 4 3/07/09 14:27:12 A bridge over troubled waters Bringing a troubled period to an end, Caisse des Dépôts and EIFFAGE’s employees increased their holdings in the Group in 2008, to 20% and 30% respectively. The year also saw the handover of the A41 North motorway between Annecy and Geneva, delivery of two PPP prisons in Roanne and Lyon-Corbas, as well as the completion of the main structure of the Southern Paris Region hospital centre in another PPP contract. The list of highlights continued with the signing of public private partnership contracts for hospitals in Saint-Nazaire and Annemasse-Bonneville, for the national police headquarters to be built in Issy-les-Moulineaux, and for Lille’s new stadium, which is set to rival the Millau Viaduct as the most emblematic structure of the 21st century! So far in 2009, the Perpignan-Figueras high-speed rail link has been handed over on schedule and EIFFAGE Deutschland has been chosen as preferred bidder for a PPP road construction project in Westphalia. EIFFAGE will undoubtedly be among the first to benefit from the economic stimulus plan currently being put in place, justifying the Group’s continued emphasis on accident prevention, recruitment, training and sustainable development. In 2009, EIFFAGE is to retain 40% of its profits, pass on 40% to employees and distribute the remaining 20% as shareholder dividends, after earmarking e50 million for a special profit-sharing bonus for 50,000 employees. Senior managers have not received stock-options for the past five years; their remuneration is being cut by 5% while I myself am taking a 10% pay cut. Since 1991, EIFFAGE has remained true to its core values of responsibility, trust, transparency and setting an example for others. Faced with the current economic crisis, we must now update this list to include clear thinking, courage and a fighting spirit. Jean-Francois Roverato Chairman and Managing Director EIFFAGE GROUP 2008 / 5 EIFFAGE_RA08_GB.indd 5 3/07/09 14:27:12 key FIGURES CONSOLIDATED REVENUE by activity (excluding VAT) (E million) 2007 2008 Variation Construction 3,801 4,118 + 8.3% Of which Property 592 631 Public Works 4,114 3,932 – 4.4% Electrical and Multi-Technical Installations 2,529 2,912 + 15.1% Metallic Construction 318 396 + 24.5% Sub-total Contracting Activities 10,762 11,358 + 5.5% Concessions 1,834 1,868 + 1.9% TOTAL 12,596 13,226 + 5.0 % Of which: France 10,192 10,733 + 5.3% Rest of Europe 2,229 2,357 + 5.7% Rest of the world 175 136 – 22.3% 1,141 1,104 963 419 336 2004 2005 2006 2007 2008 CONSOLIDATED OPERATING PROFIT ON ORDINARY ACTIVITIES (E million) 1,043 1,032 1,000 875 379 377 300 302 301 229 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 CONSOLIDATED CASH FLOW CONSOLIDATED NET PROFIT, (E million) GROUP SHARE (E million) 6 / EIFFAGE GROUP 2008 EIFFAGE_RA08_GB.indd 6 3/07/09 14:27:12 3% Metallic Construction 30% Public Works 26% Construction 14% Concessions 5% Property 22% Electrical and Multi-Technical Installations ANALYSIS OF 2008 REVENUE BY ACTIVITY (as a % of total revenue) 19% Outside 19% Outside France 14% Outside France 81% France 17% Outside 17% Outside France 81% France France France 86% France 13,226 12,596 83% France 83% France 10,745 7,692 8,433 18,317 17,334 16,875 2004 2005 2006 2007 2008 12,473 11,627 CHANGE IN CONSOLIDATED REVENUE 10,800 (E million) 2,913 673 717 2,463 589 274 218 529 542 1,117 1,402 2,754 3,666 3,304 2004 2005 2006 2007 2008 CHANGE IN CAPITAL EMPLOYED AND NON-CURRENT ASSETS (E million) Non-current assets Provisions Capital and reserves Long-term borrowings EIFFAGE GROUP 2008 / 7 EIFFAGE_RA08_GB.indd 7 3/07/09 14:27:13 shareholderINFORMATION EIFFAGE SHARE LISTING Compartment A of Euronext Paris 93,183,342 93,172,338 91,583,342 ISIN CODE FR 0000 130452 10.85 NOMINAL VALUE 44,894,788 e4 29,777,373 4.29 3.50 3.28 ELIGIBLE 2.63 for deferred settlement service 0.75 1.00 1.20 1.20 0.5 (Service à Règlement Différé – SRD) and for inclusion in French personal equity plans 20042005 2006 2007 2008 (Plans d’Epargne en Actions – PEA) CHANGE IN EARNINGS AND DIVIDEND PER SHARE (e) INDICES SBF 120, CAC Next 20 and Euronext FAS IAS Number of shares Net dividend (1) Earnings per share (excluding per share CODES minority interests) (1) Bloomberg: FGR FP; Reuters: FOUG. PA (1) Adjusted to reflect the issue of bonus shares and the division of the shares’ nominal value. EIFFAGE SHARE PRICE PERFORMANCE SINCE 2004 (SBF 120 and ICB Construction & Materials indices rebased) 800 700 600 500 400 300 200 EIFFAGE share SBF 120 index 100 ICB Construction & Materials index 01/2004 01/2005 01/2006 01/2007 01/2008 01/2009 03/05/2009 8 / EIFFAGE GROUP 2008 EIFFAGE_RA08_GB.indd 8 3/07/09 14:27:15 2.8% 6.1% Shares held in treasury Groupama 8.1% Eiffaime 42.1% Free float 21.1% Employees 19.8 % Caisse des Dépôts SHAREHOLDER STRUCTURE at 31 december 2008 EIFFAGE SHARE: MONTHLY AVERAGE DAILY TRADING VOLUMES TRADING 1,750,000 VOLUMES 1,500,000 1,000,000 500,000 01/2004 07/2004 01/2005 07/2005 01/2006 07/2006 01/2007 07/2007 01/2008 07/2008 01/2009 EIFFAGE GROUP 2008 / 9 EIFFAGE_RA08_GB.indd 9 3/07/09 14:27:18 2008HIGHLIGHTS 1 Recycling in Dunkirk On 30 January, Dunkirk opened its waste-to-energy incinerator, which was built by EIFFAGE Travaux Publics. This facility, designed for the district council by Merlin, will process 80,000 tonnes of household and industrial waste each year. JANUARY 2 Sand barrier works near Sète 01 Development work began on the Lido sand barrier between Sète and Marseillan. This project, which is being carried out by a consortium led by EIFFAGE Travaux Publics, involves relocating a 12 km section of coastal road some 150 m inland, to protect the beach against erosion and return the sea front to nature. 3 Concession awarded for the Prado Sud tunnel Marseille Provence Métropole awarded the concession contract for the Prado Sud tunnel in Marseille to a consortium bringing together Vinci (58.5%) and EIFFAGE (41.5%). The consortium is tasked with designing, financing, building, maintaining and operating the structure under the terms of a 46-year delegated public service contract. EIFFAGE Travaux Publics is leading the group responsible for the building work. 4 Grande Ravine viaduct on the Tamarins road On 13 February, Eiffel personnel working on Reunion Island FEBRUARY moved the first sections of roadway deck into place on the Grande Ravine viaduct, which was completed in 02 the autumn. The viaduct spans a 320 m wide, 170 m deep gorge in the terrain. 5 Corniche road in Dakar In Senegal, the Corniche road in Dakar was officially opened at the summit of the Organisation of the Islamic Conference (OIC).