Annual Report 2014 Annual Report 2014 Contents
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Annual Report 2014 2014 Annual Report Contents 2 Interview with Pierre Berger, 72 Nuclear power – A comprehensive Chairman and CEO offering and forty-year track record 74 Operation and maintenance – 6 Group Review A broad-based approach for superior performance 8 Eiffage around the world 76 Advances in digital modeling 10 2014 key figures 78 Playing our part in the historic 12 Governance Grand Paris project 14 Shareholder and market information 16 Construction 80 Eiffage People 18 Public works 20 Energy 82 Eiffage Trade Skills Challenge – 22 Concessions Celebrating expertise and excellence 23 APRR 84 Eiffage University – A strategic resource 25 Goyer 86 Appropriate training offer 88 Safety – A top priority 26 Overview 90 Employee share ownership – A cornerstone of Eiffage’s identity 48 Innovations 92 Sustainable Development 50 Paving the way to the future 52 Sustainable cities – Eiffage in 94 Sustainable development strategy the vanguard 96 Building differently – A multidisciplinary 54 Ilot Allar – An exemplary eco- approach neighbourhood 98 Energy performance through expertise 56 Enhancing performance by harnessing and innovation digital technologies 100 Reducing our ecological footprint 102 Preparing for the future 58 The Eiffage Offering 104 Preserving our values 106 Expanding our social footprint 60 Integrated offering – Eiffage’s trump card 108 General information and 62 Eiffage – “Haute couture” financial highlights for the construction industry 64 International markets – A new growth driver 66 Energy in Africa – A development challenge 68 Real estate – A sound business model 70 Energy sector – Cutting edge, multi-energy expertise Profile 1 Shaping the everyday as the exceptional €14 billion Eiffage stands out in France and around the world for its exceptionally wide range of skills and technical revenues in 2014 expertise. The Group operates in the construction industry, real estate development, road construction, civil engineering, metallic construction, energy, €11.8 billion * concessions and public-private partnerships. It draws on the expertise of more than 66,000 employees to order book at 1 January 2015 carry out more than 100,000 projects every year. Eiffage is also known for its shareholder ownership model, unrivalled in Europe, with almost 61,000 employees and former employees owning 66,022 25.3% of its stock. This model contributes to the employees Group’s independence, which in turn ensures stability. at 31 December 2014 (excl. temporary staff) Eiffage has a clear understanding of ecological and social challenges, going so far as to build its own sustainable urban development research programme, Phosphore. Through the Eiffage Foundation, the company is committed to supporting non-profit 100,000 organisations that serve the community. projects per year Eiffage has often been a trailblazer, its imagination spurred by its creative capabilities, resulting in an innovative company attuned to the challenges of its time. * Unaudited figure. 2 Eiffage 2014 Annual Report Eiffage targets international growth Pierre Berger, Chairman and Chief Executive Officer of Eiffage, wants Eiffage to step up its international activities. On 11 March 2015, in the first initiative of its kind, a panel of employees from various countries in which the Group operates gathered to interview him on this subject. CHRISTOPH BLECKMANN, Manager of Elomech, a However, outside France and Belgium, some of our German subsidiary of Eiffage Énergie. What is your businesses must be developed further before we can strategy for leading Eiffage’s internationalisation? offer such solutions in the future. They can only come after. PIERRE BERGER : The Group’s strong balance sheet puts us in a good position to step up our international ANGEL VICENTE COTILLAS SORIA, Technical Director, development across all our businesses, from Construction Eiffel Iberica. Three years ago, your focus was on to Concessions. We are pursuing a two-pronged Africa and the Middle East. Why the new emphasis approach, focusing firstly on turnkey projects in on America? partnership with a local contractor in the country in question, and secondly, on external growth, with Eiffage P.B. : Africa, where we are already doing business worth acquiring rapidly-expanding local construction €300 million, remains a priority. We want to accelerate companies. For example, in 2014 and early 2015, our growth on this continent, particularly in the area of we acquired two non-European companies specialising in power generation and distribution, which is emerging as bridge construction: ICCI in North America (Canada) and its number one challenge. However, there is no reason Puentes y Torones in South America (Columbia). not to seize other opportunities, as we have in Canada To create more value, we must provide these companies and Colombia, two countries where significant with our Group’s technical expertise and ability to infrastructure investment is expected. Furthermore, manage large projects, and, where appropriate, our we intend to step up the pace, with more acquisitions financial muscle and exceptional human resources. to come in several countries. Asia is the only continent In Poland, we broke ground in 2014 on a turnkey project where large-scale growth will be complicated for Eiffage, to build one of the country’s largest shopping centres, due to our small existing footprint and competition from combining the Group’s local resources (Eiffage Polska) a host of local companies. with those of the French teams from Eiffage Construction Grands Projets. ANGEL VICENTE COTILLAS SORIA, What criteria do you assess when considering acquisitions? CHRISTOPH BLECKMANN, What synergies can be generated between Eiffage divisions in countries P.B. : I want to see managers who are passionate about where the Group is already present? their projects, who work with their own design offices and site teams, and who avoid cascade subcontracting. P.B. : In France, I am a firm supporter of Eiffage’s At ICCI and Puentes y Torones, the works supervisors and integrated solutions, which combine several of the many of the workers are company employees. We will not Group’s fields of expertise to deliver superior technical be buying companies that have activities outside France performance at competitive cost. These solutions have with which we are unfamiliar. We can grow internationally paid dividends, for example, at Michelin’s new global while staying focused on the Group’s existing businesses. R&D centre in Clermont-Ferrand. Eiffage workers and We already have a considerable number of businesses. engineers are involved across all trades, ensuring strict schedule compliance without the problems often encountered with subcontracting. Interview 3 Pierre Berger, Chairman and CEO of Eiffage. Christoph Bleckmann, Manager of Elomech, a German subsidiary of Eiffage Énergie. BARTLOMIEJ KLOS, Regional manager (northern region) BELINDA HAYES, Management Controller with ICCI, at Eiffage Polska Budownictwo. What strengths do a Canadian subsidiary. Does Eiffage hope to export you want to leverage? its expertise in large turnkey projects, public-private partnerships and concessions? P.B. : Eiffage has earned a solid reputation building engineering structures, with the Millau Viaduct being P.B. : Canada has launched a major infrastructure a shining example. However, we are not the only company investment programme. Eiffage will have access to with expertise in this field. Our know-how in the area of this new business through ICCI’s field network in Canada. metallic construction is practically unique, on the other We naturally intend to work with ICCI to win conventional hand, and Eiffage Métal is the European number one. bridge contracts, while also bidding for public-private Our energy-related businesses are also very promising. partnership and concession projects that ICCI could not We are working on several power plant construction handle alone. This will be a win-win partnership. ICCI has projects around the world. the potential to considerably increase annual revenue In any case, we want our clients to view the Eiffage brand from its current level of C$100 million. as a sign of quality and guaranteed schedule and budget compliance. In short, we are focusing on the top end of BELINDA HAYES. Will ICCI employees come to France the market – a “haute couture” range of infrastructure- to hone their skills? related activities in general and construction businesses more specifically. P.B. : Eiffage University offers special courses for international executives, covering the various profiles that BARTLOMIEJ KLOS, Do you intend to expand the must work together on a project, including financial Group’s real estate development business in managers, engineers and legal specialists. Trainees learn Poland, which is currently experiencing a radical to manage turnkey projects. These courses are a useful transformation? tool for sharing our culture, values and organisational methods, so that we manage risks, cash and human P.B. : Real estate development generates higher margins resources in the same way in Canada as in Spain, than works activities, but it is a cash-intensive business Germany and Belgium. We want to combine our teams’ that can be risky in the event of a market downturn. talents, not simply juxtapose them. Consequently, we will be taking a prudent approach in Poland, moving forward one step at a time. 4 Eiffage 2014 Annual Report Angel Vicente Cotillas Soria, (left) Technical Director at Eiffel Iberica Johan Van den Broeck,