Activity Report 2006

Building experience

BESIX Group Activity Report 2006

Table of Contents

2 Activities Zones 4 CEO’s Message: Growth and Diversification 6 Board of Directors - Committees - Corporate Governance

8 Moving the Frontiers 10 Key Facts 2006 12 Health and Safety 16 Engineering & Costing: Hand in Hand 18 Human Resources 21 Business Units 22 Consolidated Key Figures 2006 23 Four Business Units 28 Concessions and ppps

30 Seizing Opportunities - Activities 32 Buildings: Confirming our Acknowledged Know-How 36 Project Highlight: Aspire Tower: an Emblematic Tower 38 Project Highlight: New Court House in Ghent: State-of-the-Art Technology for Minimalist Architecture 40 Project Highlight: The Burj Dubai Tower: Always Higher 42 Infrastructure Projects: a Diversified and Profitable Segment 46 Project Highlight: Bijlmer ArenA Station: a Whole New Working Area in Amsterdam 49 Industrial Civil Engineering: where Technical Expertise Counts 50 Maritime and Port Works: a Visiting Card 52 Project Highlight: LNG Pier at Bioko: Innovative Solutions to Complex Problems 55 BESIX R.E.D.: Strengthens its Presence in Belgium and Prospects Abroad 56 The Values Behind our Activities 58 BESIX Environmental: the Environment, a Fast-Growing Business 61 Socogetra & Cobelba: from Strategy to Concrete Reality

62 Jumping over Obstacles - Consolidated Financial Statement 2006 64 2006, A Vintage Year 66 Balance Sheet 68 Income Statement 70 Consolidated Cashflow Statement 71 Information Regarding the Consolidated Financial Statements

72 Group Companies 75 Captions Activities Zones

BESIX Group is a Group of industrial companies in the building construction and real estate sectors. Founded in 1909, the Group has a record of regular and impressive growth.

For over 85 years the Group has built up a solid international reputation, with experience in some fifty countries. Today it is working in twenty countries on four continents.

The Group’s various entities operate in almost every area of the building sector. In addition to the activities of BESIX, Cobelba, Jacques Delens, Lux TP, Socogetra, Vanhout, Van Britsom, Verheye and Wust in the European Union, the Group is also present in Eastern Europe, North and Central America and in the Middle East via Six Construct. The BESIX Group has over Jamaica 16,000 employees worldwide. BESIX Group Activity Report 2006

Russia

United The Netherlands Kingdom Poland Belgium

Grand Duchy of Luxembourg

France

Italy Republic of Azerbaijan

Morocco Algeria

Qatar Libya Egypt United Arab Emirates

Oman

Cameroon

Equatorial Guinea Congo

CEO’s Message Growth and Diversification

For BESIX, 2006 was a year of renewal and acquisitions. Our Group decided to move into higher gear through geographical expansion and diversification into new business areas so as to be able to profile itself as a multi-services group.

construction markets and, last This is a first for the Group, but not least, secure supplies which has committed itself, not of raw materials by having its only to designing, financing and own quarries and production of building the project, but also asphalt and readymix concrete. – and in particular – to operating Improved Coverage of and maintaining it for 25 years, in the Belgian Market The Belgian market is consolidat- collaboration with a world-class ing fast. The BESIX Group there- partner. In July our Group acquired fore needs to maintain its lead Verheye in Diksmuide and position in order to intensify its We have created a new specialist Van Britsom in Oostkamp activities whilst ensuring its long- environmental business unit, – two companies specializing in term profitability. into which we have placed maritime and river construction Sanotec, a former subsidiary of and civil engineering works – to A Multi-Services Group Vanhout which has taken the extend its presence in northern name of BESIX Sanotec. This Belgium. The 50% shareholding EPC 1, BOOT 2, PPP 3 and new business unit, which has a in GRWestkust also added licensing are synonymous with promising future, will cover both another string to our bow with long term income and profitability the domestic and international storage and recycling of soil and a must for a Group like ours. markets. and construction and demolition Our first EPC contract is for the waste as well as the treatment of design, building, civil engineering dredging sludge. work and electromechanical elements of a desalination unit in Order Book In October 2006 we passed a Algeria, which should produce eur million new milestone by signing an around 200,000 m³ of drinking 1,700 agreement for the acquisition water a day. of the Socogetra group and Cobelba in southern Belgium... At Ajman (United Arab Emirates) Parallel with these international This acquisition will position the we have become a reference successes, we have been BESIX Group in the roadbuilding partner for producing and selected by various Belgian sector, strengthen its presence on operating a sewage treatment and foreign partners to design, the civil engineering and building station and a sewer network. build, finance and maintain the BESIX Group Activity Report 2006

last stretch of the Antwerp ring growth, but we also remain very BESIX has therefore decided road, better known by the name active on the Benelux and French to become involved in building ‘Oosterweelverbinding’. The markets. Our order book stood Belgium’s future ‘Princess reference works here are the at € 1,700 million at 31 December Elizabeth’ polar station in the ‘Lange Wapper’, a 1,200 metre 2006, a record level that should Antarctic. double-deck cable-stayed bridge, take our sales above € 1,500 and a sunken tunnel under the million in 2007. Forecast River Scheldt. Construction will last for three years and the Several important worksites were 2007 will be a year of maintenance contract for 35. continued or completed in 2006. consolidation, stabilization Three projects deserve particular and integration. This strategy « All these initiatives and mention: the immersed tube tunnel should also enable us to seize acquisitions are converging at Roermond in the Netherlands, opportunities when and where towards the same a tower of more than 300 m, they present themselves and objective: transforming crowned by the flame of the Asian so continue the growth and our Group – a traditional Games at Doha in Qatar and, last development of our Group. building company operating but not least, our own ‘beacon’ The growth we have seen in the on the domestic and site, the Burj Dubai Tower. Group since 2004 involves not international markets – into only technical innovation, but also a multi-service Group The organic growth of our the individuals who are its key providing real added value. Group, of course, reflects the players. Their know-how is our This evolution will create positive economic climate, but added value. more ambitions, challenges equally the quality of the men and development and women who are part of it Johan Beerlandt opportunities. » and their personal involvement in our business venture. There’s no Sales Revenues and stopping a winning team! Earnings up Sharply Quality and safety need to remain Our sales revenues have risen top priorities. Everyone of us from € 870 million in 2004 to must keep his or her eyes € 1,014 million in 2005 and riveted on this objective, so € 1,276 million in 2006. This that it becomes automatic and growth is largely explained by a way of being, and not just BESIX’s high level of productivity, a question of meeting legal but also by the performance of obligations. The simple fact is subsidiaries like Jacques Delens, that there is no recognition of our Vanhout and Wust in Belgium and professionalism, of our technical in particular Six Construct in the skills and profitability, without a Middle East, which have achieved concern for quality and safety. 1 EPC: Engineering Procurement and impressive sales and earnings Construction figures. Our foreign operations Respect for the environment is 2 BOOT: Build Own, Operate & Transfer have been the main driver of our one of the priorities of our Group. 3 PPP: Public Private Partnership

Strategic and Executive Audit Committee Remuneration Committee and Nomination • Gerard Van Acker bvba, Committee • Johan Beerlandt 1 (Chairman) represented by Gerard Van • Nassef Sawiris Acker (Chairman) • Innosté sa, represented • Gaëtan Peeters sprl, • Philippe Muûls by Baron Jean Stéphenne represented by Gaëtan Peeters • Philippe Vlerick (Chairman) • Philippe Quoilin sprl, • Adel Bishai • Nassef Sawiris represented by Philippe Quoilin • Johan Beerlandt1 • Jean-Jacques Delens • Karim Camel-Toueg • Paul Mouton 1 Johan Beerlandt is the permanent • Werner Dekkers representative of Bevafin SA

Board of Directors

Name Permanent Function End of representative mandate

Innosté sa Baron Jean Stéphenne Chairman 2007

Bevafin sa Johan Beerlandt Vice-Chairman 2007 Managing Director – CEO Nassef Sawiris Vice-Chairman 2007 Philippe Muûls Director 2007

Gerard Van Acker bvba Gerard Van Acker Director 2007 Philippe Vlerick Director 2007 Jean-Jacques Delens Director 2007

Manco Investment Company scrl Bechara Soussou Director 2007

Adel Bishai Director 2007 Karim Camel-Toueg Director 2007 Baron Paul de Meester Honorary Chairman

Gaëtan Peeters sprl Gaëtan Peeters Chief Operating Officer (Domestic Market)

Philippe Quoilin sprl Philippe Quoilin Chief Operating Officer (International Market) Werner Dekkers Chief Development Officer Paul Mouton Chief Financial Officer Frédéric de Schrevel Secretary General BESIX Group Activity Report 2006

Corporate Governance

BESIX Group follows the Belgian independence, with four ex- strategic objectives for the recommendations on good ternal directors, including the company and its entities; corporate governance for non- chairman: decisions are taken - The Remuneration and listed companies. collegially and its functioning is Appointments Committee regularly reviewed; monitors and assesses the These recommendations are work of the senior managers implemented essentially as • advisory committees are of the company and its follows: set up within the Board of entities, and the human Directors. These prepare the resources policy of the • the vision and mission of the information to be discussed at company and its entities; company and its entities are board meetings and formulate regularly reviewed, in particular opinions for it: • to ensure quality performance, by the Board of Directors and proper reporting and a collegial its strategy committee, with ob- - The Audit Committee fo- spirit, the management of the jectives set accordingly; cuses on the consolidated company and its entities is annual and semi-annual ac- involved in the implementation • the company’s Board of Di- counts, in liaison with man- of the enterprise strategy rectors plays an active and agement and the company as defined by the Board of regular role, assisted by advi- auditor. It also keeps check- Directors and implemented sory committees, in supporting ing on the internal control by the Managing Director. the Managing Director and systems, major risks linked to To this end, management is management, in the operat- the activities of the company represented on the Strategic ing and financial control of the and its entities and their good and Executive Committee. company and its entities, and in governance. safeguarding their interests, in particular in the event of a crisis - The Strategic and Ex- or conflict; ecutive Committee con- centrates on the vision and • the Board of Directors is com- mission of the company and posed to ensure balance and its entities, and the resulting

Moving the Frontiers BESIX Group Activity Report 2006

Key Facts 2006 Health and Safety Engineering & Costing Human Resources Consolidated Key Figures 2006 Business Units Concessions and PPPs 10

Key Facts 2006

Symbolic Edifices

• At Doha (Qatar), Six Construct is building the Aspire Tower, a ‘beacon’ on the 2006 Asian Games site. Just 24 months were needed to design and build this 300 m high tower for turnkey delivery.

• In December 2006, the Burj Dubai Tower reached its 100th floor. It becomes the highest concrete structure in the Middle East. Gas Terminals – a BESIX Speciality

• In Equatorial Guinea, BESIX finished building the LNG gas terminal at Malabo on Bioko Island.

• At South Hook (Wales) BESIX is building an LNG jetty. A contract extension has been signed by owner CB&I. Remarkable Infrastructures

• BESIX is building the Roer and Swalm tunnels in the Netherlands. This ‘design and build’ project includes a 2.4 km immersed tube tunnel, the longest in the Netherlands. BESIX Group Activity Report 2006 11

Acquisitions Strengthen Diversification into New BESIX Real Position on Domestic Professions Estate Development Market • The BESIX Group worked • Helps to revitalize downtown • On 13 July 2006, BESIX signed to develop its expertise in Brussels with its ‘Remparts an agreement to acquire Van new professions, including de Dinant’ project close to Britsom, Verheye and 50% of concessions and PPP (Public the Grand Place and its ‘Les GRWestkust from the Flemish Private Partnership). Terrasses de l’Ecluse’ canal Beke group. bank project at Molenbeek. • BESIX Group and Six Construct BESIX R.E.D. is active in the • In October 2006, BESIX Group are partners in a major urbanization of the suburb ‘Val signed an agreement with operation to design, construct, d’Or’ in Woluwe-St-Lambert the Calozet family and with finance, operate and maintain a with the residence ‘Matisse’ Cofinpar giving it 100% of sewage network and the waste – 1st step of a 400 housing the shares of Socogetra and water purification station of the project. Cobelba. The acquisition of Emirate of Ajman. these two companies, which • Is continuing to prospect operate mainly in southern overseas, and founded its first Belgium, is part of BESIX’s And New Activities real estate development joint diversification strategy. venture, ‘Algérie Real Estate’, • BESIX, Six Construct and with its partner Orascom. New ‘Environment’ United Development Company Business Unit (UDC) joined forces in a concrete mixing facility, United • BESIX has created a Readymix, in Qatar. This unit, unit dedicated entirely to with a monthly capacity of environmentally-related around 80,000 m³, is intended work: water treatment and principally to provide readymix purification, waste processing, concrete to the ‘Pearl of Qatar’ etc. artificial island project. 12

Health and Safety

2006 was a year of consolidation, during which we worked hard together on further developing the group’s health and safety policy. The work accident frequency statistics also improved for the eight time in a row. The good accident seriousness results in 2005 were not improved in 2006.

The results concerning the again VCA** (2004/04 version) certifications and communication certified. testify to the efforts made. From today (and for a further BESIX HSE 1 three-year period), BESIX Management gains Benelux-France is again VCA** Recertification VCA** certified. As well as the certification in civil engineering In 1997 BESIX had its Health, BESIX is also VCA** certified in Safety and Environment buildings. management system For the BTR which supplements VCA**certified. In 2006 the BESIX the VCA for work on and in the approach was awarded the proximity of railway tracks, the VCA** certificate for a third time 2 certificate was renewed for a following a thorough and detailed three-year period. recertification audit. The audit clearly confirmed that Internal and External BESIX operates a detailed and Communication: the mature system which produces Basis for Success the desired results in terms of a safe and healthy company. With good internal and external The following message was communication, accident figures then made available to all group have been on a downtrend in personnel via the BESIX intranet. recent years.

BESIX has successfully Internal …. completed the VCA recertification Our internal communication audit in April 2006. Following focuses primarily on management this audit procedure BESIX can and employee involvement. again call itself the proud owner Safety is an essential value of an HSE (Health, Safety and that merits particular attention. Environment) system that is once Employee involvement has BESIX Group Activity Report 2006 13 14

been successfully encouraged and healthy working conditions. of safety and to respect basic for many years now via the The results that a company rules, instructions, procedures Work Prevention and Protection can present are an increasingly and check lists at work. Every Committee and toolbox meetings. important factor in a customer’s employee can help here. Together Internal communication is also choice of contractor. they can achieve this objective. supported by a number of campaigns and action plans The Group’s international VGM animation initiated by the Internal Work experience has also positively Group companies are continually Protection Department. For some contributed to the Group’s desire stimulating employee involvement time now this organization has to be a trendsetter in health and through prevention campaigns, provided coaching for everyone safety in the building sector. clear instructions and thorough involved in safety and health. The Group is convinced that all training. accidents are avoidable. … and external communication ‘One picture says more than External communication on safety « Employees that work a thousand words.’ Based on and welfare communication safely perform well, and this dictum BESIX has once is found mainly in two fields: employees that perform again in 2007 introduced a legislation and regulations and the well work safely! » poster campaign to support the various prevention institutes and implementation of the annual agencies active in this field. This Challenges for the future action plan and also the VGM communication forms the basis Even if work pressure and tight animation. This campaign has for general awareness-raising deadlines do not make it any also been adopted this year by amongst all employees. Attention easier, it is important to achieve various BESIX Group regional to and working to improve safety the 2007 objective of ‘zero entities. BESIX slogan for the throughout the Group is directed accidents’. 2007 annual action plan: ‘I’m primarily at our own good. proud to work on a building site: It is important to focus on It’s a pleasure, and it’s safe.’ At the same time, BESIX prevention by means of detailed Group customers, spurred on risk analysis followed by adequate This year BESIX is focusing on by European legislation, have prevention and control measures. four topics (hygiene, ladders in recent years been placing It is part of our daily work to and climbing frames, hazardous increasing emphasis on safe optimize our understanding products on the building site, and BESIX Group Activity Report 2006 15

the way to and from the work site Work Accident Frequency Rate and workplace) in its awareness- (besix Benelux-France) raising campaigns, each lasting three months. 87 85 103 97 94 84 71 66 53 Frequency rate These campaigns will inform 100 Sector average workers of key building site safety 80 issues and encourage them to come up with good solutions. 60 97.57 86.24 86.29 40 46.24 44.98

20 41.49 41.26 29.03 22.82 23.44 0 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06

Level of Seriousness of Work Accidents (BESIX Benelux-France)

2.3 2.2 2.8 2.8 2.8 2.4 2.1 2.0 1.7 Seriousness 2.5 Sector average

2.0 2.49 2.28

1.5 2.17 1.96 1 Health, Safety and Environment 1.86

1.0 1.63 2 1.53

Initial certification in 1997, first recer- 1.32 tification in 2000, second recertifica- 0.5 1.07 tion in 2003 and now already the third 0.83 0.0 recertification in 2006 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 16

Engineering & Costing: Hand in Hand

Bringing the Engineering Department into the building process at a very early stage is one of BESIX’s winning cards.

According to Midler (Annales impact the cost, the quality and • Pile driving operations are des mines, 1991) the faster completion time of the project. computer simulated to find the convergence of a project can This is helped by the fact that best hammer for driving the promote its quality. Involving the knowledge management is pile, whether the pile needs executing party’s engineering also one of the activities of the to be drilled, and what is the capacity in the project as early as Engineering Department. Also minimum wall thickness of possible is one way of achieving various Engineering Department steel tubular piles to prevent faster convergence: the project members teach at Belgian excessive distortion of the piles, can be adjusted over a longer universities, enabling the which can otherwise bring the period, and the executing party Department to keep its finger ramming process to a halt. has knowledge of or insight into on the pulse of the permanent, the project at an earlier stage. indepth research of the academic • Already at the tender stage BESIX strictly follows Midler’s world. BESIX tests the concrete advice, and brings in the pouring for the danger of Engineering Department as early The fact that Engineering is cracking during hardening, as possible into the ‘Construction a combination of design and using computer simulations that Chain’ that is depicted below. execution also guarantees the so- predict the thermal hardening important ‘constructability’ of a behaviour of the (large volumes) BESIX brings in the Engineering project, in other words that BESIX of poured concrete. Department already during can indeed build what it proposes the tender process, so that it on paper. Some examples by • BESIX optimizes the sustain- can make its full knowledge, way of illustration: ability of the project by not only inventiveness and innovativeness using the most appropriate available to the project, and materials and concrete compo- ultimately the customer. • All loads to be manipulated sitions without any compromise In this way BESIX can examine are sized for BESIX’s handling for the strength of the building alternatives that positively equipment. elements.

Briefing Designing Tendering Constructing Commissioning BESIX Group Activity Report 2006 17

Luc Maertens, Engineering Director

• The structural dynamics of Possible impact on the project Level of knowledge of the project buildings are examined to guarantee sufficient strength FAST convergence during earthquakes and adequate comfort in high winds.

• Safety is central during both the building stage and when the structure is in use. One employee expressed SLOW convergence it as: ‘Safety must be your first thought as you step out of bed in the morning’. Convergence of a project (Midler 1991) Time BESIX translates this into integrating safety right from the Engineering stage and involving the Engineering Department in putting together the tender. Engineering is more than pure design work: it is a process in which • Finally BESIX minimizes the cost control, constructability and impact on human beings and feasibility, safety considerations, the environment by designing environmental care and the future buildings that are as energy- and a number of other aspects all friendly as possible. When have a part to play. putting up the building it is Bringing in Engineering’s capacity concerned not only with the and capabilities from the tender cost price, but also with the stage can only improve the qual- life cycle cost, in terms of both ity, sustainability, environmental economic performance and friendliness, feasibility and com- environmental impact. petitiveness of the final offer. BESIX Group Activity Report 2006 19

BESIX companies result in trans- fers of people. This creates more and more internal mobility and job its people. Targeted skills and at group level in co-operation enrichment. capabilities are required to deliver with the Management School the projects in a successful way. of the University of Antwerp « Training & Development and training objec- with the objective of developing Development are tives are set out yearly by indi- business knowledge and man- major concerns for the vidual and line manager. These agement skills for a group of 20 company » requests are integrated into our people. training paths. So for instance, For Expats in the U.A.E. another As a learning organization, BESIX in 2006, a General Management management training course was will further grow for and through Training course was introduced organized in Dubai. 18

Human Resources

2006 reflects our successful growth on our market, but also our new businesses. In order to handle the expected growth of the BESIX Group, the Human Resources Departement has been constantly reviewing and improving its HR policies and programs.

+30% « BESIX demonstrated a growth of 30% in headcount in 2006. The total headcount end 2006 « A more explicit was 16,900, of which recruitment strategy 13,460 workers » was put in place »

BESIX considers it is important In terms of attracting people « BESIX does not only to align the HR approach on a more explicit recruitment offer a job but also its business objectives. As a strategy was put in place with a career within the company BESIX still wants the main focus on employer Group » to increase its market share branding externally and in Belgium, the neighbouring internally. The objective is to As BESIX establishes an active countries as well as the rest of the gain still more visibility on the partnership between the com- world. BESIX recognizes that the national and international labour pany and staff members, different primary driver to get the company market. This was achieved actions and policies have been there is people. via corporate recruitment put in place in terms of deploy- The HR approach has been fine advertisements; development of ment. BESIX does not only offer tuned in order to support the long term relations with preferred a job but also a career within the human capital in increasing and recruitment agencies, offering Group. There is a close follow-up improving the business results more internships to students. of new staff member by the line and in realizing and supporting Internally different actions were management and HR, especially the growing business. taken such as the introduction in the first year. Depending on the business of a recruitment referral incentive The focus is put on having the priorities a different focus will be when a staff member introduces a right person in the right place and put on the HR systems. During new colleague to BESIX. at the right time. Although this a period of successful growth it The selection process was sounds easy, in reality this implies is important to invest enough in reviewed in order to get more an important involvement of line developing and retaining people objectivity; in this context, for management in the process of besides the ongoing efforts in instance, other tools are being resource management. recruitment and selection. used. Synergies between the different 20

« BESIX builds long For BESIX this is a confirmation term relations with its of being on the right track but this people » is only a foundation for further improvement in facing the HR It can only attract and retain challenges of future years such as people by providing meaningful harmonizing the HR management career opportunities and applying more between the different career development. A program companies and create more of career management was synergies, evolve to e-HR and launched in 2006. improve current HR processes Yearly performance reviews allow in order to support better and to improve people and so to respond quicker to the business improve the business results. needs. BESIX grows through motivated people and cares about keeping them motivated via involvement and empowerment.

Feedback from Participants in the General Management Training Course (GMT):

Sven Dumortier, Project you a guideline in case you are leading company, investing in Manager – Engineering confronted with these kinds of people is a must. It is important situations. that our highly specialized people GMT presents us with a realize and see that each of them framework of principles that Mark Beyst, Business is part of a bigger operation, can be used to help us with the Development Manager, BESIX that their contribution is part of management aspects of our Domestic a strategy and a way of working engineering career. Some of which leads to and exceeds the these principles may seem very The GMT sessions give you determined goals. An added value straightforward, but learning them the opportunity to stand still for that is not to be ignored is the before finding them out the hard a moment and see the bigger interaction with your colleagues way will definitely help. Other picture - why we are doing certain of the different companies and principles are based on best things in a certain way. The departments who see things practices and the result of years natural reaction is of course: can in the Group BESIX from their of experience (and many failures) we do it better, more efficiently, perspective. in the past. GMT gives you an more effectively? overview of the different theories I think for a leading company and approaches and tries to give in the sector, and to remain a BESIX Group Activity Report 2006 27 28 BESIX Group Activity Report 2006 21 22

A New and Promising Niche Business Units Consolidated Concessions and ppps Key Figures 2006 Sales by Sector After the « Management Buy- activities in Benelux and France, environmental activities of the The BESIX Group is further improving its expertise by anchoring itself solidly on Out » of April 2004, all the and the activities of our regional Group. (in EUR million) 2003 2004 2005 2006 2007 the PPP (public-private partnership) and concession markets, with their potential activities of the Group were companies. « BESIX International Finally, all the real estate Civil Sales 776 877 1,014 1,276 source of long-term revenues. Supporting this effort, BESIX has established a divided in three Business Units Market » is responsible for our development activities of our 29% EBITDA 57.3 75.2 51.2 82.9 specific ‘Concession’ unit, with major assistance from the project financing and « BESIX Domestic Market », construction activities in the rest Group are the responsibility of Buildings legal departments. « BESIX International Market » of the world and includes an the Business Unit, « BESIX Real EBIT 29 38 30.8 49.8 46% and « BESIX Real Estate important site in the United Arab Estate Development ». Net result 14.3 28.4 36.2 40.6 Development ». A fourth unit was Emirates – BESIX International Order book 1.1.xx 825 850 1,364 1,590 1,700 added in 2006 : Market covers three countries « BESIX Environmental ». in the Gulf Region : UAE, Qatar and Oman. Created in 2006, « BESIX Domestic Market » the Business Unit « BESIX 18% includes all of our construction Environmental » deals with the Marine Works Evolution of Sales 4% 3% Real Estate Environment 1500

1200 40 27 48 32

900 39 Electromechanical 51 21 360 686 Real Estate 600 283 Sales by Region 293 International 495 595 550 300 423 Domestic

0 Belgium 2003 2004 2005 2006 28% BESIX BESIX BESIX BESIX Real Estate Development Domestic Market International Market Environmental

19% Middle-East BESIX Real Estate BESIX Benelux-France Six Construct BESIX Sanotec Evolution of Order Book The Netherlands 37% Development Vanhout (U.A.E. – Qatar – Oman) Grand-Duchy of Jacques Delens GRWestkust (50%) 2000 SGT BESIX International 45

Luxembourg Wust 76 (Grand Duchy of • BESIX Branches Moalajah (33%) 1500 France Luxembourg) Verheye United Kingdom – Italy 8% Van Britsom Russia – Rep. of Roads Africa Algérie Real Estate Azerbaijan – Morocco 1000 6% 2% Lux TP 710 Environmental 1014 1051

(Algeria) Algeria – Libya – Egypt 283 306 United Kingdom International Other Equatorial Guinea – Congo 500 Proffund (33%) Jamaica – Gulf Region Domestic 542 544 654 539 565 • Cocefi (Poland) (65%) 0 • Six International 2003 2004 2005 2006 2007 (Cameroon) Real Estate Development Domestic Market International Market Environmental

BESIX R.E.D. contributes to urban design with continuous and sustained reflection on architectural choices, occupants’ « In 2006 we strengthened Gaëtan Peeters, « 2006 was an exceptional year, with record A new structure and a special- functional and economic needs our position on the domestic Chief Operating Officer international sales, never before seen in the annals ist team have been set up. This Jean-Jacques Delens, « The BESIX Group’s real estate company and a concern to build high market. The ‘BESIX Agentschap BESIX Domestic of the Group. Outside the Emirates, which are Philippe Quoilin, should enable the Group to posi- Managing Director organizes project developments in Belgium quality, well-functioning buildings Vlaanderen’ (Flanders Agency) growing fast, Poland, Morocco, Equatorial Guinea Chief Operating Officer tion itself in force on new mar- and abroad. This activity brings to market which integrate well into their began work and picked up several and Cameroon are providing continuous activity. » BESIX International kets calling for advanced skills. office blocks, residential buildings and hotel environment. BESIX Real Estate interesting contracts. We opened complexes. In 2006 BESIX Real Estate Development wants to extend its new offices in the Netherlands Initially, the Group is looking in Development sold one hotel and completed citizen role by giving life in the and in France, demonstrating our particular to accelerate its activi- more than 300 housing units in Belgium. » local neighbourhoods a central desire for a permanent presence ties in the water area. Synergies role in its approach. in these two countries. » will be sought with the Group’s construction entities in order to Cooperation with the Group’s offer turnkey solutions. construction enterprises adds professionalism and technical Our objective is to do every- Strong growth is expected in added value to each of our thing possible to ensure that the Middle East in particular, but projects. the construction projects, which also in other countries in which are relatively lengthy processes, BESIX is already present. In this way BESIX R.E.D. creates proceed as smoothly as possible, value for everyone involved: in optimal conditions, with due In 2007 we expect this investors, private property owners, respect of our commitments for growth to continue, but at public authorities and citizens. quality, deadlines and prices, and a more moderate pace. We in good, balanced working condi- hope to be able to continue tions. developing in the countries in which we are already present 2007 will – we hope – be the and obtain new contracts year in which we sign some very elsewhere in the world. Our large civil engineering contracts. order book is already well- A solid base in France will be a filled. priority this year. We are continuing our growth in Belgium, We will also be aiming to di- France and the Grand-Duchy of versify into recurrent activities Luxembourg. BESIX Nederland like quarrying and readymix has a locally well-integrated team concrete production. that should enable it to pursue its development in the Netherlands. From left to right: « In a desire to diversify its activities outside Philippe Quoilin, building and real estate, the BESIX Group Chief Operating Officer has created a fourth Business Unit, ‘BESIX BESIX International Environmental’. This new entity will specialize in Werner Dekkers, two niches: water treatment and purification, and Chief Development Officer waste recycling and treatment, on both domestic and international markets. » Real Estate Development Domestic Market International Market Environmental

BESIX R.E.D. contributes to urban design with continuous and sustained reflection on architectural choices, occupants’ « In 2006 we strengthened Gaëtan Peeters, « 2006 was an exceptional year, with record A new structure and a special- functional and economic needs our position on the domestic Chief Operating Officer international sales, never before seen in the annals ist team have been set up. This Jean-Jacques Delens, « The BESIX Group’s real estate company and a concern to build high market. The ‘BESIX Agentschap BESIX Domestic of the Group. Outside the Emirates, which are Philippe Quoilin, should enable the Group to posi- Managing Director organizes project developments in Belgium quality, well-functioning buildings Vlaanderen’ (Flanders Agency) growing fast, Poland, Morocco, Equatorial Guinea Chief Operating Officer tion itself in force on new mar- and abroad. This activity brings to market which integrate well into their began work and picked up several and Cameroon are providing continuous activity. » BESIX International kets calling for advanced skills. office blocks, residential buildings and hotel environment. BESIX Real Estate interesting contracts. We opened complexes. In 2006 BESIX Real Estate Development wants to extend its new offices in the Netherlands Initially, the Group is looking in Development sold one hotel and completed citizen role by giving life in the and in France, demonstrating our particular to accelerate its activi- more than 300 housing units in Belgium. » local neighbourhoods a central desire for a permanent presence ties in the water area. Synergies role in its approach. in these two countries. » will be sought with the Group’s construction entities in order to Cooperation with the Group’s offer turnkey solutions. construction enterprises adds professionalism and technical Our objective is to do every- Strong growth is expected in added value to each of our thing possible to ensure that the Middle East in particular, but projects. the construction projects, which also in other countries in which are relatively lengthy processes, BESIX is already present. In this way BESIX R.E.D. creates proceed as smoothly as possible, value for everyone involved: in optimal conditions, with due In 2007 we expect this investors, private property owners, respect of our commitments for growth to continue, but at public authorities and citizens. quality, deadlines and prices, and a more moderate pace. We in good, balanced working condi- hope to be able to continue tions. developing in the countries in which we are already present 2007 will – we hope – be the and obtain new contracts year in which we sign some very elsewhere in the world. Our large civil engineering contracts. order book is already well- A solid base in France will be a filled. priority this year. We are continuing our growth in Belgium, We will also be aiming to di- France and the Grand-Duchy of versify into recurrent activities Luxembourg. BESIX Nederland like quarrying and readymix has a locally well-integrated team concrete production. that should enable it to pursue its development in the Netherlands. From left to right: « In a desire to diversify its activities outside Philippe Quoilin, building and real estate, the BESIX Group Chief Operating Officer has created a fourth Business Unit, ‘BESIX BESIX International Environmental’. This new entity will specialize in Werner Dekkers, two niches: water treatment and purification, and Chief Development Officer waste recycling and treatment, on both domestic and international markets. » BESIX Group Activity Report 2006 27 28 BESIX Group Activity Report 2006 21 22

1200 40 27 48 32

900 39 Electromechanical 51 21 360 686 Real Estate 600 283 Sales by Region 293 International 495 595 550 300 423 Domestic

0 Belgium 2003 2004 2005 2006 28% BESIX BESIX BESIX BESIX Real Estate Development Domestic Market International Market Environmental

(Algeria) Algeria – Libya – Egypt 283 306 United Kingdom International Other Equatorial Guinea – Congo 500 Proffund (33%) Jamaica – Gulf Region Domestic 542 544 654 539 565 • Cocefi (Poland) (65%) 0 • Six International 2003 2004 2005 2006 2007 (Cameroon) BESIX Group Activity Report 2006 27 28 BESIX Group Activity Report 2006 21 22

1200 40 27 48 32

900 39 Electromechanical 51 21 360 686 Real Estate 600 283 Sales by Region 293 International 495 595 550 300 423 Domestic

0 Belgium 2003 2004 2005 2006 28% BESIX BESIX BESIX BESIX Real Estate Development Domestic Market International Market Environmental

(Algeria) Algeria – Libya – Egypt 283 306 United Kingdom International Other Equatorial Guinea – Congo 500 Proffund (33%) Jamaica – Gulf Region Domestic 542 544 654 539 565 • Cocefi (Poland) (65%) 0 • Six International 2003 2004 2005 2006 2007 (Cameroon) BESIX Group Activity Report 2006 27 28 BESIX Group Activity Report 2006 21 22

1200 40 27 48 32

900 39 Electromechanical 51 21 360 686 Real Estate 600 283 Sales by Region 293 International 495 595 550 300 423 Domestic

0 Belgium 2003 2004 2005 2006 28% BESIX BESIX BESIX BESIX Real Estate Development Domestic Market International Market Environmental

In 2006 the Group reorganized stayed bridge with a 600 m In the concession area, BESIX further in response to contract central span. The joint venture is right now investigating various award procedures involving Noriant, in which BESIX holds other potential projects covering new formulas like public-private a sizeable shareholding, was different fields of activity at partnerships and concessions. selected as the sole group to national and international level. In this context it developed continue the procedure. This synergies between its various formidable success once again entities, which it intends to further demonstrates the competence strengthen in the future. and know-how of BESIX Group’s engineers and specialists. On the domestic market, BESIX and Vanhout took part in the In partnership with experienced construction and financing of partners, BESIX and Six Construct the Ghent Court House with a have undertaken a large- « This contract to build and operate ‘Build, Finance and Maintain’ scale operation in the Middle sewage and waste water treatment contract. Vanhout has acquired East, in the form of a BOOT services is one of the first to be a certain experience of PPPs (Build, Own, Operate, Transfer) entrusted to a private operator in the through commitments to various contract to design, build, Emirates, and marks the opening up infrastructural projects like parking finance, operate and maintain a of Gulf countries to the privatization of garages and swimming pools… sewage network and a sewage water services, traditionally managed treatment plant in the Emirate by the public authorities », says Chief BAM nv 1 launched a call for of Ajman. The contract involves Development Officer Werner Dekkers. tenders for the design, building, the construction of the treatment financing and maintenance of plant, dimensioned for a maximum the final stretch of the Antwerp capacity of 90,000 m3/day, ring road, better known as the the laying of a 220 km sewage ‘Oosterweelverbinding’. This system, 22 pumping stations and project features the ‘Lange connections to around 12,000 1 Beheersmaatschappij Antwerpen Wapper’ a double-deck cable- dwellings. Mobiel nv 30

Seizing Opportunities BESIX Group Activity Report 2006 31

Activities

Buildings Infrastructure Projects Industrial Civil Engineering Maritime and Port Works Real Estate Development Environmental 32

Buildings Confirming our Acknowledged Know-How

BESIX Group specializes in designing and constructing very complex high-rise buildings.

Domestic Market the 30,000 m² former IBM training BESIX Agentschap Vlaanderen centre into a four star hotel and began work, again in a temporary In Belgium, BESIX, in partnership conference centre with 264 partnership, on an office with Vanhout and a third partner, rooms, a 4,400 m² conference complex for Eandis in Melle took part in the building of area, restaurants and health and (Ghent). This almost 21,000 m² the new Ghent law courts fitness centre for the American building will be completed in the (cf. pp 38-39). This edifice, Dolce International group, on a record time of 14 months. with its transparent, minimalist design & build basis and within a architecture, was handed over 14 month deadline. Vanhout is at present at work on to the Belgian Government phase three of the central offices Buildings Agency in November In January 2006, in a joint venture of the telecommunications 2006. Other buildings completed with Jacques Delens, BESIX operator Telenet at Mechelen, during the year were the Youth won the contract to renovate with around 15,000 m² of office Meeting Centre in Ghent and the the Cora Shopping Centre at space. Residence of the Ambassador Woluwe-Saint-Lambert close of the United Arab Emirates in to its corporate headquarters. For Floreac, one of Belgium’s Brussels. The contract is for the covered largest horticultural companies, structural work for a 21,000 m² Vanhout has completed a new At the very heart of the European extension to the existing 32,000 m2 building at Lochristi, district, BESIX is still working supermarket and other related incorporating, for the first time on prestigious buildings, in work, and will be completed in in Belgium, new architectural partnership with other companies. early 2007. At Lodelinsart, close technologies and state-of-the- These include administrative to Charleroi, BESIX began work in art heating and air conditioning offices and conference centres for June, in a temporary partnership, systems. the European Parliament (Espace on a new ISPCC public hospital Leopold - D4-D5). Work is also with over 500 beds. This imposing In a public-private partnership, continuing on Phases 7 and 8 of complex has three underground Vanhout is taking part in the the Espace Rolin (housing only). levels and a complex of buildings renovation and conversion of the At La Hulpe, in the outskirts of on four levels, with a total of former ‘Bethaniënhuis’ hospital Brussels, BESIX has converted 82,000 m2. During May 2006, into a technical and administrative BESIX Group Activity Report 2006 33 34

Centre’, which will be used to train its graduate managers. In addition BESIX helped constructing two laboratories and superstructures for this same building at Rijswijk. This project was delivered in March 2006. Another Shell site on which we are still working is the renovation of an office building complex, the so-called Shell Epicentre Project.

Still in the Netherlands, BESIX continued work on the multifunctional Schiecentrale complex in Rotterdam. After building the highest residential centre for the OCMW (public tower block in the country, the social services centre) at Zoersel. 152 m Montevideo Tower in Rotterdam, BESIX signed an A satisfied customer is more agreement with OVG for an even than a name on a reference list. higher tower block, the 160 m In the Netherlands, the various Maastoren. Work began here in contracts that BESIX has won October 2006. from Shell have been followed by further contracts, representing In France, the ‘Technicentre Est real recognition of its know-how. Européen’, located in l’Ourcq Shell has also commissioned near Paris, was inaugurated at BESIX to design and build the the beginning of April 2006. This foundations and basement levels 23,000 m2 building, in ‘design & of its prestigious new ‘Learning build’ – delivered in a particularly BESIX Group Activity Report 2006 35

« Our mission is to make our customers’ wishes become reality. Thanks to our size and the diversity of our building projects, we have a wide range of in-house specialists who can offer real added value with stability engineering, façades, technical dossiers, synthesis work and other missions », explains Gaëtan Peeters, C.O.O. BESIX Domestic.

short deadline (21 months), second business card in Libya building, finished in a record of 18 houses three maintenance in the form of the head offices of months, carried aloft the Olympic workshops fitted with the latest the Banque Sahélo-Saharienne flame during the last Asian Games infrastructures. BESIX has in Tripoli, a 10,000 m2 building (cf. pp36-37). In partnership, Six finished the French headquarters in high quality materials Construct has also been awarded of multinational Procter & Gamble incorporating a state-of-the-art IT the project to build the 52 storey at the Trema building in Paris. network. Qipco 1 Office Tower. BESIX has also been chosen to build the extension to the Orsay In Kinshasa (Congo), the Marie Protontherapy Centre for the Biamba Mutombo Hospital Institut Curie. has been completed, with the keys to the new complex handed International over to the Dikembe Mutombo Foundation in July 2006. BESIX, which has been in Eastern Europe for over 15 years, has, In the United Arab Emirates, via its subsidiary Cocefi (65%) Six Construct is participating strengthened its presence in in a number of major projects, Poland by building the Sheraton including the Grand Mosque hotel in Poznan. This 14,900 m2 Sheikh Zayed Bin Sultan al complex, with 184 rooms, was Nahyan and the Ministry of completed in November 2006. Foreign Affairs in Abu Dhabi and, in temporary partnerships, Work continues on the Nile City the Burj Dubai Tower (see pp40- Fairmont Hotel in Cairo. This 23 41) and the Lake View Hotel storey building (700 rooms) will (306 m with a total surface area of form the third and final tower of 170,000 m2). the prestigious Nile City shopping and office complex. In Qatar, Six Construct completed (in partnership) the Following the LNG jetty in Aspire Tower for the Asian 1 Qatar Investments & Projects Mellitah, BESIX can present a Games. This 300 m ‘beacon’ Development Holding Company 36 Project Highlight

Aspire Tower An Emblematic Tower

Converting an avant-garde architectural concept into a turnkey building in record time is a complex equation that Six Construct has successfully resolved with the help of the BESIX Engineering department. Located to the east of the city of Doha in Qatar, on the site of the 2006 Asian Games, alongside the Khalifa Stadium (also built by Six Construct) the Aspire Tower immediately catches the eye. Topped by a 13 m flame, it is undoubtedly one of the ‘beacon’ buildings of this important event.

The design & build contract was Asian Games. The hotel and entrusted to the Six Construct- sports museum will open their Midmac temporary partnership. doors in July 2007. The contract was to design and build a 300 m tower, housing a 136-room 5-star hotel, conference rooms, an atrium for up to 3,000 guests, VIP apartments, a sports museum on 3 levels, a fitness club, and a revolving restaurant. Another With all the latest innovations, this building is a genuine original feature is a cantilevered technological jewel-case. The backbone of the tower is a central swimming pool, partially visible concrete core. The outer part is covered with a double skin: from the outside, breaking the • an aluminium-glass cladding and environmental systems uniformity of the façade 100 m ensuring maximum interior comfort when outside above ground level. temperatures rise above 40° C; • and an outside façade in stainless steel mesh, with made- Delivery was planned in two to-measure elements each stretched over an 8 metre high stages. The first stage was and 1.30 metre wide frame, giving a sense of elegance to the delivered on 15 November 2006 tower. within a very tight deadline. The This stainless steel outer skin reflects sunlight by day and building is surmounted by a petal- moonlight by night. shaped arrow housing a cone in which the 13 m high Olympic flame burned during the 2006 BESIX Group Activity Report 2006 37

An exceptional construction calls for exceptional means

« The speed of construction represented a veritable challenge. The first phase of the work was completed within 17 months. The central core rose up at a steady average speed of 2 m a day, supported by climbing framework. The outer skirt with the main structure and the stainless steel mesh envelope were then mounted », explains project director Pierre Sironval.

Customer The Sports City Project Government of Qatar

Project Manager Projacs and Construction Management Doha, Qatar

Main Contractor Six Construct – Midmac Doha, Qatar

Concept Architect Hadi Simaan (USA)

Structural Design Ove Arup (London)

Architectural Design Arep (Paris)

Project Director Pierre Sironval 38 Project Highlight

New Court House in Ghent State-of-the-Art Technology for Minimalist Architecture

The project to improve the accommodation of a number of major law courts follows a decision by the Belgian council of ministers. Ghent is one of these. A new court house in this city will bring together various justice departments in one building, and provide additional premises. This is a promotion contract in which BESIX, Vanhout and the other partners act as both builders and financiers.

A new court house has been in self-compacting concrete, also facades pierced with large steel built in Ghent to optimize the poured on site. and aluminium windows. At the organization of this judicial centre. back of the building, the towers Located on the Opgeëistenlaan, « This minimalist are linked by an office block with it will meet the need for better architecture meant a natural stone facade. cooperation between the different respecting a host of departments and the growing requirements. It was a real requirement for space. challenge to put up such The project was undertaken a building within such under a limited PPP formula strict limits. Many of the in which BESIX, Vanhout and materials and prototypes another partner acted as builders were specifically developed for the promoter Rabot Invest NV, for this project » explains of which BESIX and Vanhout are Project Director Karel A Real Challenge also part. Vermeersch. The worksite began officially in January 2003. The ground was Light and Transparency The Court House consists of levelled, the diaphragm walls The transparent building presents three towers, each six storeys and the tie beams installed by a very light structure, reduced to high (the superstructure), and two Proffund, which also prepared a minimum, with a combination underground floors giving a total the groundworks. of glass, concrete and steel (and ground surface of 62,000 m², The structural work was natural stone for the facade). along with internal garden areas. completed at the end of August These materials required very External light penetrates via 2005 and the overall project special attention, with the profiles patios between these towers. The finished in August 2006. for the glass facades specially towers accommodate the court Provisional acceptance of the extruded for the project. The rooms, the clerks’ office, the new court house took place on architectural concrete, of high youth tribunal, etc. They consist 30 November 2006. aesthetic quality, was poured on of a steel structure combined with site. The café-restaurant was built concrete floors, with natural stone BESIX Group Activity Report 2006 39

Customer Belgian Government Buildings Agency

Consulting Engineers Technum

Architect Beel & Achtergael Architecten

Project Director Karel Vermeersch / Wim Claesen 40 Project Highlight

The Burj Dubai Tower Always Higher

Dubai is developing at break-neck speed as it seeks to meet its dream of being a pioneer of modernity. The Burj Dubai project is a concrete example. This tower, that BESIX is building in a joint venture partnership, will certainly come to symbolize the city’s economic progress.

BESIX, that has been present in observatory is also planned on A new storey is completed every the United Arab Emirates since the 124th floor (around 450 three days on average. This level the mid-60s and enjoys a strong metres above sea level). was reached only after several reputation in this part of the months’ work, with Project world, is undertaking one of its Burj Dubai reaches its Director Ivan Bruyninckx and his most prestigious projects there, 100th floor team of around 2,000 workers. the Burj Dubai. In December 2006 the tower reached its 100th floor at an alti- This tower, which will rise to over tude of 347.3 metres. Today the 700 metres, has been designed Burj Dubai Tower is the tallest with 160 floors, 40 of which will concrete structure anywhere in be occupied by a luxury hotel, the Middle East. At this time the followed by 60 metres of luxury team had reached more than half apartments and another 60 of the number of accessible storeys office accommodation. A public planned for the building. BESIX Group Activity Report 2006 41

Customer Emaar Properties

Design Engineer and Architect Skidmore, Owings & Merril (Chicago)

Project Manager Turner International

On-site technical control Hyder Consulting

Financial control DG Jones International

Height +700 m

Number of floors 160

Quantity of concrete 275,500 m3

Quantity of steel 45,000 tonnes of reinforcement steel

Project period 1/02/2005 – 31/12/2008

Project Director Ivan Bruyninckx 42

Infrastructure Projects A Diversified and Profitable Segment The BESIX Group is resolutely profiling itself as a key player in infrastructure projects. BESIX Group Activity Report 2006 43

Domestic Market 109 m tunnel under the A12 section of the RW73 motorway. motorway close to The Hague. The work began in January 2006 In Belgium, BESIX has been and should be completed by the awarded the tunnelling work un- After completing the civil end of 2007. der the N43 and N36 trunk roads engineering works, BESIX is at Harelbeke. In the south of the putting the final touches to Still in the Netherlands and country, in partnership with Wust, Amsterdam Bijlmer, one of the in partnership again, BESIX BESIX has won the contract for most spectacular railway stations has been selected by the new infrastructure work, on a in the Netherlands (see p46-47). Dutch highways authority design & build basis, for the Spa- (Rijkswaterstaat) to widen 7.2 km Francorchamps F1 racing cir- It is also building the ‘Roer and of the A2 motorway near Utrecht cuit and for bringing the circuit up Swalm Tunnels’ on the new road (Dodo Project). Work began in to the standards of the ‘Fédéra- link (RW73) between Maastricht late 2006 and is scheduled for tion Internationale Automobile’. and Venlo. This design & build completion in October 2010. project for a 2.4 km immersed In partnership, Wust is building tube tunnel (the longest in the International the new training centre for the Netherlands) in the municipality football club ‘Standard’ in Liège. of Roermond and a second In the United Arab Emirates 1 km tunnel, a service building BESIX is undertaking a major In October 2006, work was and a bridge spanning the River motorway project in the shape completed on covering 1.5 km Swalm, is being undertaken in of the Ras Al Khor bridges of railway track including partnership. As part of the internal linking the districts to the north five separate elements at synergies the Group is seeking and south of Dubai Creek with Barendrecht in the Netherlands. to promote, Vanhout is building the city centre. This link should This contract for the Dutch four functional buildings for the help reduce traffic on Gharoud state railway company NS project. Bridge, which will be redeveloped (Nederlandse Spoorwegen) and widened to 7 lanes. This represents a total investment of Close to this spectacular site, exceptional project has also been € 118 million. BESIX has started work, in entrusted to Six Construct. partnership, on designing and For the Haaglanden region building four viaducts and In Dubai, another public transport authorities BESIX has built a placing acoustic panels on a project has been awarded to Six 44

Construct, this time to build quay unit could also, at a later date, « To respond to our customers’ walls and excavate channels for serve building works in the interior needs, we take care of the global phase one of the redevelopment of the country (Qatar). coordination of much of the running of the Al Jadaf zone. The of a project, developing our own modernization of four existing For the Cameroon Ministry internal know-how or by working stations and the building of two of Public Works, BESIX has with partners », explains BESIX new stations for the ‘abras’ demolished an existing bridge International’s C.O.O. Philippe ferries plying across Dubai Creek and is building a new 120 m steel Quoilin. is also under way. and concrete bridge over the River Mungo between Bekoko A further challenge for Six and Limbe. The project will be Construct is the building of the completed on 1 July 2007. new Doha International Airport in Qatar. Foundation work on In Equatorial Guinea, at the passenger terminal was the request of the Ministry of completed in November 2006. Infrastructure and Urbanization, This ultra-modern airport will BESIX is designing and building offer the necessary infrastructure two pre-stressed concrete for the world’s largest aircraft. bridges of over 110 m spanning Scheduled to come into service the River Timbabe at Malabo. in late 2008, it will be the largest airport in the Middle East by BESIX is at present working on 2015. a two-level bus station covered with a steel canopy at Kingston BESIX, Six Construct and Qatari in Jamaica for Transurb partner United Development Technirail, at the request of the Company (UDC) are also partners Jamaican Ministry of Transport. in a 80,000 m3 a month concrete mixing facility, United Readymix. Intended principally to provide readymix concrete for the artificial island, ‘the Pearl’, this BESIX Group Activity Report 2006 45 46 Project Highlight

Bijlmer ArenA Station A Whole New Working Area in Amsterdam

At the end of 2001 BESIX won the ‘design & build’ contract for the structural work on Amsterdam’s Bijlmer ArenA railway station. BESIX in this way became involved in the design and building of a station which, when delivered in 2007, will be one of the most spectacular in the Netherlands.

BESIX was selected to produce Marc Debandt, in charge BESIX. Project Director Emile this new station, destined to play of preparing the structural Braeckman: « This was a a vital role both in the regional work: « Together with the technically highly complex task, public transport network and Dutch company Betonson, and the first time we’d built such in the renewal of Amsterdam’s our Engineering department large viaducts using prefabricated southern district. With a direct line worked out a system that uses beams. The prefabricated to Schiphol airport, the station prefabricated elements, permitting concept also had knock-on brings together the business rapid assembly and offering major effects down to the smallest and leisure centre of the western savings for the customer ProRail. rivet. But our team redoubled its region, and the residential and Structural work at the station efforts, so that we are nearly six shopping quarter to the east of initially included 4 large viaducts, months ahead of the very tight the Amsterdam-Utrecht line. each nearly 350 m long, to be schedule. » cast in situ. However, we came Four new tracks had to be laid: up with an alternative, much In September 2004, BESIX, two to double the existing faster solution using columns and in partnership, won a contract Amsterdam-Utrecht line, and column tables. Each bridge has extension for the finishing two for the line linking Utrecht to 12 or 13 columns, surmounted work, that is constructing and Schiphol via the ‘Utrechtboog“ by column tables. Once these assembling the roof of the new viaduct. In addition to these are in place and hardened, we station, technical installations, tracks, the new Schiphol-Frank- place the prefabricated concrete facades, roofing, floors and also furt HST was to use this brand beams between the tables. the finishing of all public facilities, new station. As well as the main These are then assembled and technical areas, the shops inside station structure, BESIX was also post-tensioned. We can be justly the station, the new platforms, involved in the technical and civil proud of this particularly ingenious ceilings, etc. engineering work on four bridges, system that we owe to BESIX’s each 350 metres in length. On no Engineering department. » account could rail traffic be inter- rupted, leaving BESIX to juggle The first prefabricated concrete with train and metro timetables. piles were driven in November It was important for the local team 2001. From the start of the site, to adapt its work by dividing the it was clear that this new station project into different stages. presented a real challenge to BESIX Group Activity Report 2006 47

Customer Railinfrabeheer

Architect Arcadis Bouw / Infra bv

Consulting Engineers BESIX Engineering

Project Director Emiel Braeckman

When the Station reaches its Culminating Point

The new station roof covers in all 18,000 m2, of which 6,000 m2 in glass and 12,000 m2 in aluminium and PVC. The top of the roof, which weighs around 4,000 tonnes, was lowered into position using the largest crane in the Netherlands (2,800 tonnes), in an operation complicated by difficulties of access and the complex shape of the individual roof elements. The four railway tracks are now completely roofed over. 48 BESIX Group Activity Report 2006 49

Industrial Civil Engineering Where Technical Expertise Counts

BESIX is an essential partner.

Domestic Market International (Engineering-Procurement- Construction) contract concluded At Fos-Cavaou near to Marseilles For the Emirates Cement with the Italian company Danieli (France), BESIX is completing, Company, Six Construct, in Officine. in partnership, three LNG (liquid partnership with Orascom natural gas) gasometers, with Construction Industries (OCI), a total joint capacity of up to is building a 7,500 tonnes/day 110,000 m³, for Sofragaz/Gaz de cement works at Fujairah France. (U.A.E.). Six Construct has been awarded the civil engineering In partnership BESIX has begun work consisting of earthworks, structural and radiation-proofing concreting, road works and site work on the Georges Besse II, finishing and development. a uranium enrichment plant at Pierrelatte close to Montélimar In March 2007 Six Construct will (France). Work on this major complete the civil engineering worksite, which will extend over work on an extension to a several years, is being undertaken steelworks at Messaied for Areva. in Qatar. This is an EPC 50

Maritime and Port Works A Visiting Card

BESIX has carved out a solid reputation and is living up to this on several key sites.

The Van Britsom company by becoming a key link in a 1.9 km quay wall and the participated in phase two of the partnership to build a jetty for the building of a 500m quay. port of Nieuwpoort extension South Hook gas terminal. The project and in work in the port of work specifications have since The Pearl of Qatar. Qatar is Antwerp. Together with Verheye, been modified and the contract developing at high speed. Six it is also involved in a number of extended. Construct is confirming its projects to maintain and improve presence there by participating, inland navigation infrastructure As a key player in the in partnership, in the construction in Flanders. development of Dubai Creek of this sea-horse shaped artificial (U.A.E.), BESIX is confirming its island. Some 160,000 m³ of As part of the expansion of participation in the multifunctional concrete have been poured to the Port of Rotterdam (The development of the Arabian Bay produce the quay walls, while Netherlands), the Dutch with 3.5 km of quay walling. Other respecting quality standards and company Havenbedrijf has quays are also being built in Dubai deadlines. entrusted BESIX with two as part of the Maritime City Again in Qatar, prefabricated projects, a 460 m quay wall project (joint venture). concrete blocks are being alongside the Kramer terminal produced for the Ras Laffan site. in the Hartelhaven and a 1,000 At Oman, Six Construct is m quay wall alongside the 16 participating, in partnership, in the In Egypt, BESIX is undertaking hectare DBF (Delta Barge Feeder) extension of the Port of Sohar. part of the engineering work in the terminal on the Beerkanaal. This contract, commissioned by Port of Sokhna. the Oman Ministry of Transport In the United Kingdom, BESIX and Communication, consists In Morocco, BESIX is again has taken on a major challenge of the extension of an existing demonstrating its creativity by BESIX Group Activity Report 2006 51

« The concept of design variants very quickly led us to “Design and Build”, a global concept much better adapted to today’s investment world », explains Jules Janssen, General Manager – International.

suggesting using a variant of villages. This involves renovating solid block walling for building the the sewage treatment Port of Tangiers. This technical installations by extending the option offers many advantages system with an additional 89 km compared with other types of of piping, building a new water quay walling, in particular in tower and a 500 m3 sunken terms of price. This project, reservoir. undertaken in partnership, involves building quay walling and various mooring infrastructures.

Finally, in Cameroon, for the ‘Chantier Naval et Industriel’, BESIX will be building a quay wall at Limbe (400 m long), whilst in Equatorial Guinea, construction work on the LNG jetty at Malabo is nearing completion (cf. pp52- 53). And, last but not least, BESIX and Six International are building, for the ‘Société Nationale des Eaux du Cameroun’, networks for bringing water to the cities of Mokolo-Mora and neighbouring 52 Project Highlight

LNG Pier at Bioko Innovative Solutions to Complex Problems

Since the discovery of oil, Equatorial Guinea has offered opportunities for infrastructures and port works. Close by the city of Malabo on the island of Bioko the Group has built an LNG loading pier.

« The steep slope made the project design very complex. Each pile has its own story. The access bridge and the pier were built ‘floating’. The entire electromechanical installation was also carried out by BESIX », explains Philippe Quoilin, C.O.O. BESIX International.

BESIX has just finished building a loading pier on the island of Bioko on Equatorial Guinea for exporting LNG. The contract was to design and build the marine facilities for an LNG terminal, including a berthing pier for tankers of between 70,000 to 160,000 m3.

It was the Group’s experience of similar work in India, Libya and Egypt that won BESIX the project. Since then a major new site has started up in the United Kingdom. BESIX Group Activity Report 2006 53

Customer Bechtel Corporation, Houston – USA

Consulting Engineers Moffat & Nichol Engineers Each project has its own foundations for this bridge and particularities, and the LNG helped place the marine tower Duration pier at Bioko (Malabo) was no and the anchoring. November 2004 to November 2006 exception. With no land access, all equipment and teams had to This project demonstrates how Project Director be ferried in by boat. BESIX approaches each project Cédric Barbier/Lieven Van Sande The underwater conditions as being unique and provides were very difficult. The seabed tailored solutions to very particular consisted of clay and rock demands and to very precise from the volcano on the island. specifications. « Pile drilling was particularly difficult. It seemed completely impossible to define the placing of the piles. The challenge was met with teamwork between the Engineering department and the site team. The problem piles were drilled through this rock layer using special Seacore drilling apparatus », explains Carlo Schreurs, Area Manager, BESIX International.

Given the instability of the soil, and for the first time in the history of LNG transportation, a suspension bridge was built between the plant and the pier. BESIX produced the marine 54

34% Non residential 54% Residential

9% 3% Hotel Other BESIX Group Activity Report 2006 55

BESIX Real Estate Development Strengthens its Presence in Belgium and Prospects Abroad

Any description of the Belgian property market in 2006 continues to fall into two separate parts: the office market, that is flat and with little immediate hope of recovery, and the residential market, right now buoyant but no one knows for how long.

BESIX Group’s first real estate Vieille Halle aux Blés district. northern part of Brussels, meeting initiatives date back to the early In Flanders, the company has as it does a growing need for 1980s in Brussels. Today it still begun work on 74 dwellings business hotels. has a number of significant-sized at Opwijk in cooperation with projects in hand. Vanhout. Progress in Offices Over the past five years, In Molenbeek, Charleroi, many real estate promotional Kraainem, Namur and Pétange In the office sector, the company opportunities have presented too, other new projects have has partially let the Olympiades themselves in Wallonia, mainly in been dreamed up and developed building at Evere. A new 4,500 m2 the province of Walloon Brabant in-house. These various projects building has been started at the and in the large cities. have been designed with different foot of the rocks in the Jambes income groups in mind. district of Namur. Residential Properties The major partnership projects from Flanders to In all, 300 dwellings have been are also making progress, among Luxembourg started, which means 300 families them the European parliament will soon move into new homes. extension in the Leopold district In 2006, BESIX Real Estate and the revitalization of the area Development (BESIX R.E.D.) The sale of a site at the heart around the Gare du Midi, where participated in the expansion of of the city of Luxembourg was the South Express office building the housing market in all three another good opportunity seized has already been partially sold. regions of Belgium and in the in 2006. Grand Duchy of Luxembourg. The BESIX Group’s Hotels property cluster is At Woluwe-St-Lambert, 2006 evolving over time got off to a good start with the In the hotel sector, BESIX completion of 64 apartments, Group continues to hold as an In 2007 BESIX R.E.D. is working whilst the Sittelles site allotment investment the hotel developed hard to promote its growth! programme was successfully in Evere by its real estate branch This year it has increased its real completed. and managed for the past two estate commitments by 30%, Close to Brussels’ Grand-Place, years by Courtyard Marriott. mainly in the Grand Duchy of 33 very high class apartments help The hotel has taken a leading Luxembourg and in Flanders, in strengthen the urban fabric of the place in the hotel sector in the order to consolidate its presence 56

The Values Behind our Activities

Finding the Most In addition to its experience, Suitable Technical BESIX R.E.D.’s strength lies in its Solutions ability to tap the know-how and BESIX R.E.D. remains concerned innovative capacity of the Group’s to provide products which meets builders to find the technologically occupants’ expectations in line most suitable solution to any par- with their life-styles and financial ticular project. resources. Luxury apartments At the heart of our profession is continue to be developed in the the ability to design living areas districts to the South and East which meet the needs of the city of Brussels. Several so-called and its citizens. medium-income housing projects are also springing up in northern Today, environmental and eco- and eastern Brussels and outside nomic values guide our thinking the city. Keeping prices under even more than in the past. En- control is a major concern given ergy saving and the sustainability the rising prices of both land and are key concepts as we build building materials. The changes for the future. BESIX Real Estate and diversifications of family Development attempts to build « Today, more than structures, the accommodation homes that integrate into and im- ever, environmental and needs of young people and prove the quality of the urban fab- economic values guide small children, and the need for ric and, at least in part, respond to our thinking », explains suitable housing for the aged, the legitimate and urgent need for Jean-Jacques Delens, with and without medical facilities, more social housing. Managing Director, BESIX will continue to be part of our It is these values that must moti- R.E.D. development programmes. vate its choices. BESIX Group Activity Report 2006 57

+30% Real Estate Engagements

in these regions and to give the Grand Duchy of Luxembourg. concentrate on a variety of large- greater continuity to its activities. 32 homes will also rise out of the scale high added-value projects. ground at the centre of Braine- In France too the company New opportunities for future l’Alleud, and Nivelles’ housing is actively prospecting the development have been acquired, stock will increase with a 250 residential sector. with a commitment to buy a dwelling project. 15,000 m2 office building in By creating its own sales Brussels’ Rue Royale, new real A 300 unit site allotment project department in 2006, BESIX estate participations at Nivelles is under way on the Plateau R.E.D. is looking to create and Braine-l’Alleud, acquisitions d’Engeland at Uccle and another relations of trust with its of land at Oudenaarde and for 100 units at Belgrade close customers from the outset, based Louvain-la-Neuve. to Namur. Besix R.E.D. and the on listening and respect, and on In the Gare du Midi district of Brussels Regional Development transmitting clear and complete Brussels, the company has Agency are also awaiting building information. entered partnerships to develop permits for a joint project to build office buildings and a hotel. 150 medium-income dwellings at Jette. 2007 will confirm BESIX’s much- noted presence on Belgium’s real Beyond our Frontiers estate market. Ten new building projects express Outside Belgium, the prospecting this dynamism, the main ones work BESIX Real Estate being 120 housing units on Development began in 2005 the Boulevard du Triomphe at in Algiers should shortly bear Auderghem, 30 apartments at fruit. The company ‘Algérie Real Ottignies, 70 new dwellings at Estate’ was created and local the Val d’Or in Woluwe-Saint- partners have been found. A Lambert, 109 medium income hotel project is taking shape dwellings in partnership with and work could already start in the BRDA at Molenbeek, 32 2007 on office ensembles. Using residential units at Etterbeek and the Group’s financial strength 27 apartments on the Kirchberg in as a lever, BESIX R.E.D. will 58

BESIX Environmental The Environment: a Fast- Growing Business

In 2006 the BESIX Group created its fourth business unit, ‘BESIX Environmental’. This new entity will profile itself in professions linked to water treatment and purification and to waste recycling and processing.

Over the past ten years, Sanotec BESIX Sanotec, a Fully BESIX Sanotec has also has optimized its experience in Fledged Entity undertaken to provide, in water treatment and purification. cooperation with Six Construct, This has opened the door to Even if overseas markets are technical support to the Ajman several contracts in Belgium and a major focus, BESIX Sanotec project at the levels of the abroad. Now a 100% subsidiary maintains a solid anchoring concession company and the of BESIX Group, which is look- on its national market. The Moalajah operating company. ing to strengthen its presence new entity consists of four in the environmental field, this departments, ‘Design & former Vanhout subsidiary has Proposals’, ‘Operations’, been renamed ‘BESIX Sanotec’. ‘Business Development’ and Philippe Quoilin, C.O.O. In December 2006, it transferred ‘Group Services’. It can also call BESIX International: « BESIX its headquarters from Geel to the on the financial, administrative Sanotec’s competence Group’s head office in Brussels. and logistics services of BESIX is exercised essentially Today, BESIX Environmental and on Vanhout for technical in turnkey projects, consists of BESIX Sanotec and support. For its Middle East including civil engineering GRWestkust, of which BESIX operations, a similar organization and electromechanics, holds 50% purchased from the in Sharjah offers the same in the countries in which Beke Group. It also includes competences as those offered on the Group already has a Moalajah, a company created the domestic market: Design & presence. There is a market with a world class partner to op- Proposals, Operations, Business niche to be taken in EPC erate and maintain a wastewater Development and Services, to projects for medium-sized treatment plan and sewage net- which are added the financial water desalination and work at Ajman, of which BESIX and administrative services of Six waste water purification holds one third of the capital. Construct. plants ». BESIX Group Activity Report 2006 59

« BESIX Sanotec profiles itself as an EPC (Engineering, Procurement, Construction) Contractor in the water sector, and more particularly in the treatment of municipal and industrial waste water and sewage, and in water In the Emirates, BESIX Sanotec GRWestkust, a production. When the opportunity has won the contract to extend Specialist in Waste presents itself, it can also play the sewage treatment plant Treatment the role of O & M (Operation at Sharjah in partnership with & Maintenance) Contractor », Six Construct (Phase VII of the The sorting and recycling of adds Werner Dekkers, Chief project) on a turnkey basis. The construction and demolition Development Officer. civil engineering work will be waste are another activity that the undertaken by Six Construct and Group is developing via its 50% the electromechanical part by shareholding in GRWestkust. This BESIX Sanotec. Participation in entity offers various processing a water treatment project of this products: concrete and asphalt size is a real first. aggregates and crushed mixes (used in particular as backfill). In Algeria, BESIX is actively As well as waste handling, participating in building the GRWestkust also provides soil Hamma desalination plant. This storage and will shortly enter EPC contract, being undertaken the promising dredging sludge by the BESIX-OCI consortium processing market. for the Algerian company HWD (Hamma Water Desalination), consists of the design, procurement and construction of a sea water reverse osmosis desalination unit with a daily capacity of 200,000 m3 per day. 60 BESIX Group Activity Report 2006 61

Socogetra & Cobelba From Strategy to Concrete Reality

In October 2006 BESIX Group signed an agreement to acquire 100% of the shares of Socogetra and Cobelba. The acquisition of these two companies, which operate mainly in southern Belgium, is part of BESIX’s diversification strategy.

Cobelba, a New modernization of Belgium’s road production. It also has its own Partner for Buildings and motorway network. Twenty roadmarking company. years on, the company went Cobelba, created in 1994, abroad with various projects Socogetra’s specialist activities constructs industrial, commercial in Iraq, Algeria, Ivory Coast, and their strong presence in the and multi-residential premises. Cameroon, France and, a little value chain with the production of Its know-how is recognized later, in Hungary. concrete, asphalt and granulates, particularly in industrial activities will supplement BESIX’s range and in building construction Today, at the same time as of services and permit a better (industrial, commercial, office, continuing and consolidating its response to evolving market residential, etc), with the basic professions, the company demand. exception of individual housing. is moving into more industrial areas, with the extraction, In January 2007 Socogetra Socogetra Opens the production and processing became a new regional entity Road and/or distribution of sandstone, of the BESIX Group, and on the limestone, sand, concrete, same occasion the centre of the Socogetra, which recently joined bituminous binders and coated new BESIX Roads business area. the BESIX Group, has several materials, through its various subsidiaries more or less closely subsidiaries. In partnership connected to the roadbuilding with other companies it has profession. Founded in 1948, developed quarrying activities and it was a major player in the asphalt and readymix concrete 62

Jumping over Obstacles BESIX Group Activity Report 2006 63

Consolidated Financial Statements 2006

2006, A Vintage Year Balance Sheet Income Statement Consolidated Cashflow Statement Information Regarding the Consolidated Financial Statement 64

2006, a Vintage Year

The year which has just ended can companies were therefore not Despite major investments to be described as a vintage one. included in the figures for the year support this growth, the Group’s 2006. financial situation remains positive Operating revenues of the BESIX and allows us to look with confi- Group rose by 25.8% to a record An order book of € 1,700 million dence to the future. € 1,276 million. at January 1, 2007 implies that the new year will provide a new This activity breaks down into production record. 53% international and 47% domestic (Belgium, the Netherlands, EBITDA rose by 62% to € 82.9 France and Luxembourg). million in 2006 compared to € 59.2 million in 2005. The acquisition of Socogetra and Cobelba was finalized at The Group’s consolidated net profit Paul Mouton, the beginning of 2007 and these is € 40.6 million, 12% up on 2005. Chief Financial Officer BESIX Group Activity Report 2006 65

€ 1,276 million Sales

+25.8% Sales

€ 82.9 million EBITDA

+62% EBITDA +12% Net Consolidated Result 66 Balance Sheet

ASSETS (in EUR thousand) 2006 2005

FIXED ASSETS 131 481 104 071

Formation expenses 2 2

Intangible assets 344 181

Positive consolidation differences - 61

Tangible assets 108 140 89 386

Land and buildings 9 872 8 410 Plant, machinery and equipment 88 465 67 338 Furniture and vehicles 5 253 6 270 Leasing and other similar rights 1 086 419 Other tangible fixed assets 2 824 2 990 Assets under construction and advance payments 640 3 959

Financial assets 22 995 14 441

Companies consolidated by the equity method Investments 12 458 6 782 Amounts receivable - 950 Other enterprises Investments and shares 2 894 1 768 Amounts receivable 7 643 4 941

CURRENT ASSETS 744 874 616 239

Amounts receivable after more than one year 3 279 2 824 Other amounts receivable 2 215 1 760 Deferred taxes 1 064 1 064

Stocks and contracts in progress 145 483 116 494 Stocks Raw materials 25 881 19 787 Finished goods 513 7 Goods purchased for resale 9 12 Immovable property acquired or constructed for resale 77 016 58 776 Advance payments 551 50 Contracts in progress 41 513 37 862

Amounts receivable within one year 443 399 351 395 Trade debtors 364 905 303 439 Other amounts receivable 78 494 47 956

Investments 85 859 72 373 Other investments and deposits 85 859 72 373

Cash at bank and in hand 58 125 65 626

Deferrals and accruals 8 729 7 527

TOTAL ASSETS 876 355 720 310 BESIX Group Activity Report 2006 67

LIABILITIES 2006 2005

CAPITAL AND RESERVES 152 780 129 477

Capital 32 000 32 000 Consolidated reserves 112 017 83 747 Negative consolidation differences 16 883 16 892 Translation differences -8 120 -3 162

MINORITY INTERESTS 172 194

PROVISIONS AND DEFERRED TAXES 57 129 52 569

Provisions for liabilities and charges Pensions and similar obligations 792 1 210 Taxation 2 2 Major repairs and maintenance 5 012 3 501 Other liabilities and charges 50 370 46 779 Deferred tax liabilities 953 1 077

CREDITORS 666 274 538 070

Amounts payable after more than one year 36 699 31 626 Financial debts Leasing and other similar obligations 823 277 Credit institutions 30 057 28 707 Other loans 5 517 1 750 Trade debts Suppliers 18 18 Advances received on contracts in progress - 830 Other amounts payable 284 44

Amounts payable within one year 621 891 502 662 Current portion of amounts payable after more than one year 18 683 4 112 Financial debts Credit institutions 69 054 52 477 Other loans - 17 Trade debts Suppliers 309 161 253 201 Bills of exchange payable 2 133 609 Advances received on contracts in progress 128 626 126 385 Taxes, remuneration and social security Taxes 16 658 19 393 Remuneration and social security 32 355 22 346 Other amounts payable 45 221 24 122

Deferrals and accruals 7 684 3 782

TOTAL LIABILITIES 876 355 720 310 68 Income Statement

(in EUR thousand) 2006 2005

OPERATING INCOME 1 275 840 1 013 977 Turnover 1 263 539 994 843 Changes in contracts in progress -1 651 5 739 Fixed assets - own construction 53 300 Other operating income 13 899 13 095

OPERATING CHARGES -1 225 998 -983 193 Raw materials, consumables and goods for resale 406 813 327 002 Purchases 429 371 359 458 Changes in stocks -22 558 -32 456 Services and other goods 553 900 442 873 Remuneration, social security costs and pensions 227 144 186 212 Depreciation of and other amounts written off on formation expenses and (in)tangible fixed assets 27 802 21 616 Changes in amounts written off stocks, contracts in progress and trade debtors -468 -323 Changes in provisions for liabilities and charges 5 709 -896 Other operating charges 5 098 6 709

OPERATING PROFIT 49 842 30 784

FINANCIAL INCOME 6 631 8 858 Income from financial fixed assets 329 528 Income from current assets 2 671 2 954 Other financial income 3 631 5 376

FINANCIAL CHARGES -10 652 -7 079 Interest and other debt charges 7 474 3 107 Amortization of positive consolidation differences 61 308 Changes in amounts written off other current assets - 1 Other financial charges 3 117 3 663

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 45 821 32 563

EXTRAORDINARY INCOME 3 234 9 367 Adjustments to depreciation and other amounts written off intangible and tangible fixed assets - 100 Adjustments to amounts written off consolidation differences - 247 Adjustments to provisions for extraordinary liabilities and charges - 19 Gain on disposal of fixed assets 2 870 8 956 Other extraordinary income 364 45 BESIX Group Activity Report 2006 69

2006 2005

EXTRAORDINARY CHARGES -263 -3 992 Provisions for extraordinary liabilities and charges - 3 772 Loss on disposal of fixed assets 25 88 Other extraordinary charges 238 132

PROFIT FOR THE PERIOD BEFORE TAXATION 48 792 37 938

DEFERRED TAXES 498 336 Transfer from deferred tax liabilities 821 503 Transfer to deferred tax liabilities -323 -167

INCOME TAXES -8 921 -2 049 Income taxes -11 420 -8 087 Adjustment of income taxes and reversal of tax provisions 2 499 6 038

PROFIT FOR THE PERIOD 40 369 36 225

SHARE IN THE RESULT OF THE COMPANIES CONSOLIDATED BY THE EQUITY METHOD 239 -10 Profits 437 204 Losses -198 -214

CONSOLIDATED PROFIT 40 608 36 215 Minority interests -22 22 Group’s share 40 630 36 193 70 Consolidated Cashflow Statement

(in EUR thousand) 2006 2005

Resources generated from operations Consolidated profit for the period 40 609 36 215 Result of companies accounted for using the equity method, net of received dividends -240 10 Depreciation, amortization and provisions 33 043 20 397 Exceptional depreciation, amortization and provisions - 3 406 Result on the disposal of fixed assets -1 744 -6 749 Transfer from deferred taxes -128 -169 Investment grants and untaxed reserves credited to income - -7 Amortization of positive consolidation differences 61 308 Cashflow generated from operations 71 601 53 411

Change in the working capital less net treasury -29 321 -2 116

Change in treasury resulting from operations 42 280 51 295

Resources generated by investing activities Purchase of formation expenses, intangible and tangible fixed assets -55 250 -48 945 Purchase of financial fixed assets -5 707 -115 Subtotal of investments -60 957 -49 060

Disposals of intangible and tangible fixed assets 5 817 7 666 Disposals of financial fixed assets 2 1 284 Subtotal of disposals 5 819 8 950

Effect from changes in the consolidation perimeter -5 073 12 258

Change in treasury resulting from investments -60 211 -27 852

Resources generated by financing activities Net change in financial debt 36 082 37 255 Dividend allocated to shareholders -12 165 -12 645 Change in treasury resulting from financing activities 23 917 24 610

Change in net treasury 5 986 48 053

Treasury at the beginning of the period 137 998 89 945 Treasury at the end of the period 143 984 137 998 BESIX Group Activity Report 2006 71

Information regarding the Consolidated Financial Statements

Auditor’s Report Financial Statements For further information, contact Paul Mouton The auditor has issued an The statutory and consolidated Chief Financial Officer unqualified opinion on the financial statements, together BESIX Group statutory and consolidated with the report of the Board of Phone: +32 (0)2 402 64 57 financial statements as of Directors and the audit report, will December 31, 2006. be filed with the Belgian National Bank as prescribed by governing law. Interested persons can obtain a copy of these documents on demand at the company’s address. 72 Group Companies

nv BESIX Group sa Van Britsom nv HBS nv Avenue des Communautés 100 Legeweg 157 C Lammerdries 12 1200 Brussels – Belgium B-8020 Oostkamp – Belgium 2440 Geel – Belgium Phone: +32 (0)2 402 64 68 Phone: +32 (0)50 36 80 85 Phone: +32 (0)14 25 17 01 Fax: +32 (0)2 402 62 05 Fax: +32 (0)50 36 80 81 Fax: +32 (0)14 25 17 91 [email protected] [email protected] www.besixgroup.com www.vanbritsom.be Sud Construct sa Avenue du Col-Vert 1 nv BESIX sa Verheye bvba 1170 Brussels - Belgium Avenue des Communautés 100 Cardijnlaan 12 Phone: +32 (0)2 788 54 00 1200 Brussels – Belgium 8600 Diksmuide – Belgium Fax: +32 (0)2 788 54 54 Phone: +32 (0)2 402 62 11 Phone: +32 (0)51 55 00 00 [email protected] Fax: +32 (0)2 402 62 00 Fax: +32 (0)51 55 00 01 www.sudconstruct.be [email protected] [email protected] www.besix.com www.verheye.be Wust Construction Luxembourg sarl Jacques Delens sa Route de Dieckirch 47 Avenue du Col-Vert 1 7220 Walferdange BESIX 1170 Brussels - Belgium G.D. Luxembourg Domestic Market Phone: +32 (0)2 566 96 00 Phone: +352 263 20 555 Fax: +32 (0)2 566 97 00 Fax: +352 263 21 256 BESIX Agentschap Vlaanderen [email protected] www.maisons.wust.lu Kantorencomplex “Vier Winden” www.jacquesdelens.be Rijvisschestraat 118 bus 5 Proffund nv 9052 Zwijnaarde - Belgium Cobelba sa Brouwerijstraat 1 Phone: +32 (0)9 321 78 10 Parc Industriel 9031 Ghent - Belgium Fax: +32 (0)9 321 78 11 B-5100 Naninne – Belgium Phone.: +32 (0)9 257 09 20 Phone: +32 (0)81 4014 21 Fax: +32 (0)9 258 20 23 BESIX Nederland BV Fax: +32 (0)81 40 13 19 [email protected] Trondheim 20-22 [email protected] www.proffund.be 2993 LE Barendrecht www.cobelba.be The Netherlands Phone: +31 180 64 19 90 Ets. Jean Wust sa Fax: +31 180 64 19 91 Route de Falize 151 BESIX International 4960 Malmedy – Belgium Market BESIX France Phone: +32 (0)80 79 27 11 47, avenue Georges V Fax: +32 (0)80 79 28 12 Six Construct ltd 75008 Paris – France [email protected] P.O. Box 13055 Phone: +33 (0)1 49 03 40 20 www.wust.be Dubai – U.A.E. Fax: +33 (0)1 40 90 71 69 Phone: +971 4 347 27 77 Lux TP sa Fax: +971 4 347 35 12 Vanhout nv B.P. 49 [email protected] Lammerdries 12 5201 Sandweiler 2440 Geel – Belgium Zone Industrielle Six Construct Qatar Branch Phone: +32 (0)14 25 16 11 G.D. Luxembourg P.O. Box 22677 Fax: +32 (0)14 25 16 00 Phone: +352 35 79 79 Doha – Qatar [email protected] Fax: +352 35 79 06 Phone: +974 437 4409 www.vanhout.be [email protected] Fax: +974 435 4035 BESIX Group Activity Report 2006 73

BESIX UK Branch BESIX Sucursal Guinea S.G.T. sa South Hook LNG Terminal Project Equatorial Rue du Fort Elisabeth 7 Dale Road – Herbrandston Punta Europa 1463 Luxembourg Milford haven SA73 3SL Bioko Norte – Equatorial Guinea G.D. Luxembourg Wales – United Kingdom Phone: +240 26 74 10 Phone: +352 29 51 29 Phone: +44 (1646) 691 740 Fax: +352 29 51 14 Fax: +44 (1646) 691 741 Six International ltd [email protected] [email protected] BP 3124 – Douala Cameroon Sogepim sa Cocefi Polska Phone/Fax: +237 39 25 85 Avenue des Communautés 100 ul. Zwierzyniecka 3 1200 Brussels – Belgium 60-813 Poznan – Poland BESIX Jamaica ltd Phone: +32 (0)2 402 66 75 Phone: +48 (61) 843 99 40 Harbour Head, Fax: +32 (0)2 402 66 65 Fax: +48 (61) 843 99 42 Kingston 17, P.O.Box 57 kat.managt@cocefi .pl Saint Andrew – Jamaica Investissement Léopold sa Fax: +1 876 928 62 24 Rue Godecharle 15/17 BESIX Russia Branch 1050 Brussels – Belgium IRIS Congres Hotel Offi ce 5 Phone: +32 (0)2 280 42 02 Korovinskoe Chausse 10 Fax: +32 (0)2 280 41 91 127486 Moscow - Russia BESIX Environmental Phone: +7 (495) 510 25 03 Olympiades Brussels Hotel sa Fax: +7 (495) 488 81 54 BESIX Sanotec sa Avenue des Communautés 100 Avenue des Communautés 100 1200 Brussels – Belgium B6SOMA 1200 Brussels – Belgium Phone: +32 (0)2 402 64 87 Zone franche de Ksar El Majaz Phone: +32 (0)2 402 62 11 Fax: +32 (0)2 402 64 69 Oued R’mel – Commune Anjra Fax: +32 (0)2 402 65 11 Route de Fnireq [email protected] Brustar Triomphe sa Tanger – Morocco www.besixsanotec.com Avenue des Communautés 100 Phone: +212 3 994 96 37 1200 Brussels – Belgium Fax: +212 3 993 02 54 GRWestkust Phone: +32 (0)2 402 64 87 [email protected] Cardijnlaan 12 Fax: +32 (0)2 402 64 69 8600 Diksmuide – Belgium BESIX Libya Branch Phone: +32 (0)51 55 00 00 Roch sa P.O.Box 83791 Fax: +32 (0)51 55 00 01 Avenue des Communautés 100 El-Siyahia Area [email protected] 1200 Brussels – Belgium Al-Ghub street www.grwestkust.com Phone: +32 (0)2 402 66 75 Tripoli – Libya Fax: +32 (0)2 402 66 65 Phone: +218 (0)21 484 30 68 Fax: +218 (0)21 483 80 36 Foncière de L’Ecluse sa BESIX Real Estate Avenue des Communautés 100 BESIX Egypt Branch Development 1200 Brussels – Belgium Corniche El Nil 97 Phone: +32 (0)2 402 64 87 Rod El Farag BESIX Real Estate Fax: +32 (0)2 402 64 69 Cairo – Egypt Development sa Phone: +202 459 44 91 Avenue des Communautés 100 Algérie Real Estate Fax: +202 457 41 07 1200 Brussels – Belgium Copamina, Cité Ben Hadidadi, [email protected] Phone: +32 (0)2 402 64 87 villa 50 – Cheraga Fax: +32 (0)2 402 64 69 Algiers – Algeria [email protected] Phone: +213 70 910 344 www.besixred.be Fax +213 21 54 99 58 74 Group Companies

BESIX Roads Vialines Avenue Albert 1er, 75 Socogetra sa 4030 Grivegnée – Belgium Rue Joseph Calozet, 11 Phone: +32 (0) 4 343 11 15 6870 Awenne (Saint-Hubert) Fax: +32 (0)4 343 07 35 Belgium [email protected] Phone: +32 (0)84 36 62 03 Fax: +32 (0)84 36 65 13 Famenne Enrobés www.socogetra.com Route du Gerny 6900 On (Marche-en-Famenne) Carrière des Limites Belgium Rue de Ave, 97 Phone: +32 (0)84 21 36 61 6920 Wellin – Belgium Fax: +32 (0)84 21 36 35 Phone: +32 (0)84 38 84 85 Fax: +32(0)84 38 87 94 Polydom Kiskörösi ùt 12 Carrière De Grès R. H-6000 Kecskemet – Hungary Route de Cielle Phone: +36 76 50 09 60 6980 La Roche – Belgium Fax: +36 76 50 09 73 Phone: +32 (0)84 41 20 32 Fax: +32 (0)84 41 20 40

Emubel Parc Industriel des Hauts-Sarts Rue de Hermée 4040 Herstal – Belgium Phone: +32 (0)4 248 13 82 Fax: +32 (0)4 248 22 50 Captions BESIX Group Activity Report 2006 75

Parking Shell, Rijswijk – The Netherlands

8/9

Aspire Tower, Doha – Qatar | Sahelo-Saharian Bank, Tripoli – Libya | Shell Learning Center, Rijswijk – The Netherlands

10/11

Aspire Tower, Doha – Qatar | Water treatment plant, Ajman – U.A.E. « Matisse » Residence, Brussels - Belgium | Tunnels, Roermond – The Netherlands

12/13

Aspire Tower, Doha – Qatar | Burj Dubai – U.A.E.

14/15

Burj Dubai Tower – U.A.E. | LNG jetty, Bioko – Equatorial Guinea

Luc Maertens, Engineering Director | Engineering Department, Brussels – Belgium 76

18/20

Portret of a workman, Beerkanaal – The Netherlands | Engineering Department, Brussels – Belgium Burj Dubai – U.A.E. | GMT Training, Brussels – Belgium Diplomees of the GMT Training 2006-2007, Brussels – Belgium

28/29

Oosterweelverbinding, Antwerp-Belgium | United Readymix, Doha – Qatar Water treatment plant, Ajman – U.A.E. | Court house, Ghent – Belgium

30/31

Aspire Tower, Doha – Qatar | Extension of the Cora supermarket, Brussels – Belgium | LNG Jetty, South Hook – United Kingdom

32/33

Dolce Conference Center, La Hulpe – Belgium | Schiecentrale, Rotterdam – The Netherlands | European Parlement D4-D5, Brussels – Belgium | School Tamaris, Brussels – Belgium | Telenet Headquarters, Phase 3, Mechelen – Belgium

34/35

Grand Mosque Sheikh Zayed Bin Sultan al Nahyan, Abu Dhabi – U.A.E. | Sahelo-Saharian Bank, Tripoli – Libya | Marie Miamba Mutombo Hospital, Kinshasa – Congo | Ministry of Foreign Affairs’ Residence, Abu Dhabi – U.A.E.

36/37

Aspire Tower, Doha – Qatar BESIX Group Activity Report 2006 77

38/39

Court house, Ghent – Belgium

40/41

Burj Dubai Tower – U.A.E.

42/43

Palm Gateway Bridge, Dubai – U.A.E. | Al Gharoud bridge, Dubai – U.A.E. | A2 recovering, Utrecht – The Netherlands | Racing circuit, Spa-Francorchamps – Belgium | Tunnel, Harelbeke – Belgium

44/45

Al Gharoud bridge, Dubai – U.A.E. | Mungo bridge – Cameroon | Parking, Esch-sur-Alzette – G.D.Luxembourg | Bus station, St Andrew – Jamaica | Al Gharoud bridge, Dubai – U.A.E.

46/47

Bijlmer ArenA Station, Amsterdam – The Netherlands

48/49

Gas storage reservoirs, Fos-sur-Mer (Marseille) – France | Cement factory, Fujairah – U.A.E. 78

50/51

52/53

LNG Jetty, Bioko – Equatorial Guinea

54/55

Hotel Marriott, Evere – Belgium | Roch, Jambes – Belgium | Hotel Marriott, Evere – Belgium

56/57

« Remparts de Dinant », Brussels – Belgium | « Terrasses de l’Ecluse », Molenbeek – Belgium Land van Vogelsanck, Zonhoven – Belgium | South Express, Saint-Gilles, Brussels – Belgium | Kloostertuin, Opwijk – Belgium

58/59

Water treatment plant, Ajman – U.A.E. BESIX Group Activity Report 2006 79

60/61

E411 – Belgium | Military base, Florennes – Belgium | Quarry Setim, Tontelange – Belgium GSK, Rixensart – Belgium | Casino, Dinant – Belgium

62/63

Aspire Tower, Doha – Qatar

64/65

Bus Station, St Andrew – Jamaica | Paul Mouton, BESIX Group CFO Aspire Tower, Doha – Qatar

A12, Utrecht-Den Haag – The Netherlands | Burj Dubai Tower – U.A.E. 80

Editing: BESIX Group Communication Department Photos: Christophe Vander Eecken, Visual News, Marc Sourbron Design and production: Link | mixed media communicatiebureau

Linknv.be 1200 Brussels–Belgium Tel: +32(0)24026211 Avenue desCommunautés100 www.besixgroup.com Fax: +32(0)24026205 [email protected] nv

BESIX Group sa