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TPF Group Activity Report 2014 SUMMARY SUMMARY 4 FOREWORD Grand DUCHY of LUXemboUrg 56 TPF Luxembourg 4 2014 : A year of solid growth and significant evolution Morocco 58 Pyramide Ingénierie and Save Project 9 The Executive Committee AlgerIA 10 TPF around the world 62 TPF Algérie 12 Main TPF’s subsidiaries and branch offices Senegal 64 Setico Ingénieurs Conseils 14 KE Y EVENTS Ivory Coast 66 Setico International SPAIN 16 Getinsa-Payma ANGOLA 20 Euroestudios 68 TPF Angola 24 TRN Ingeniería MOZAMBIQUE FRANCE 70 TPF Moçambique 26 TPF Ingénierie 34 TPF-Utilities INDIA 72 S.N. Bhobe & Associates Pvt. Ltd. BELGIUM 74 Cetest Pvt. Ltd. 30 TPF Engineering 34 TPF-Utilities ANCILLARY ACTIVITIES 36 TPF-Basse Sambre 76 Real Estate Activity 77 Renewable Energies Activity POrtUgal 78 Concessions Activity 38 TPF Planege 79 Turnkey Activity 80 Maintenance, Operation and Delegated BRAZIL Management of Technical Installations Activity 42 Projetec 81 Construction and Material Quality 45 Synergia Control Activity 48 Engesoft POLand 50 TPF Sp. z.o.o. 82 CONSOLIDATED ACCOUNTS 2014 UKRAINE 84 Consolidated Balance Sheet 52 Ukrdesigngroup 86 Consolidated Profit and Loss Account RomanIA 54 TPF CProject FOREWORD 2014 : A YEAR OF SOLID GROWTH AND SIGNIFICANT EVOLUTION The year 2014 was marked by the control of our fundamentals, the continuation of our strategy and the deepening of our values. 4 Full control of our fundamentals FINANCIAL DATA below the ratios (covenants) imposed by our banks. The quality standards of our financial data can be achieved thanks to the result This enables us to present a sound balance of everyone’s work, marked by a strong sheet, characterized by solid fundamentals desire to improve them. which will allow us to confront an economic environment which is changing, - The consolidated amount of sales discontinuous and difficult, and will enable and services rose from 150 meur to us to continue our growth. 244 meur. Among other factors, this is due to the entry into the Group of Getinsa, Paymacotas and Euroestudios, 2014 which we had the opportunity to present SALES AND SERVICES to you in our 2013 annual report. - Our operating margin (ebitda) followed the same trend, rising from 16.9 meur to 23.4 meur at the end of 2014, which 244 represents 9.75 % of the turnover despite MILLION € difficult market conditions. It should be stressed that the European average for the sector in 2014 was 5.2 %. - Following acquisitions in Spain but Activity 2014 Report also the start of the shopping centre 4250 project Docks Bruxsel, in which we COLLABORATORS are a co-investor, our debt ratio rose TPF Group to 2.39, which remains significantly * Source : efca GEOGRAPHICAL BREAKDOWN OF SALES AND SERVICES FOR 2014 AFRICA 2 % CENTRAL AND EASTERN EUROPE 2 % INDIA 3 % BRAZIL 13 % SPAIN 34 % PORTUGAL 12 % BELGIUM & GRAND DUCHY OF LUXEMBOURG 17 % FRANCE 17 % 5 EVOLUTION OF THE EBITDA / SALES AND SERVICES 9,6 % 11,2 % 8,7 % 9,7% 13,3 % 10,2 % 10,2 % 20 08 20 09 2010 2011 2012 2013 2014 FOREWORD SPAIN PORTUGAL (including subsidiaries in Algeria, Angola and Mozambique) Sales and services carried out by our three companies in Spain (Getinsa, Paymacotas The amount of sales increased from 25.722 and Euroestudios) reached 78.5 meur and meur to 28.7 meur. ebitda experienced an ebitda of 6 meur, or 7.6 %. a solid growth to 5.005 meur (2.354 meur in 2013), which is a ratio of 17.4 %. BELGIUM (including subsidiaries in Luxembourg and Tunisia and CENTRAL AND EASTERN EUROPE TPF-Utilities France) (Poland, Ukraine and Romania) Consolidated sales remained stable at Sales in this area have dropped to 3.915 meur, 41.3 meur (41.5 in 2013), and this despite mainly due to difficulties in Ukraine. 6 the absence of turnkey projects which had ebitda, meanwhile, amounted to 242,000 eur, marked the year 2013. a ratio of 6.2 %. This is also caused mainly, Our ebitda/sales ratio has continued to but not only, by the difficulties in Ukraine. recover, rising to 7.7 % in 2014 (3 % in 2013 and 1.3 % in 2012). This improvement should continue in 2015. SENEGAL - IVORY COAST - MOROCCO FRANCE Consolidated sales increased from 2.1 meur to 3 meur in the Senegal - Ivory Coast area. The consolidated amount of sales and ser- ebitda, meanwhile, rose to 740,000 eur, vices of TPF in France rose to 42.3 meur i.e. a ratio on sales of 24.6 % (27.86 % in 2013) in 2014, due to our acquisition policy. Sales continued to drop in Morocco, to settle However, due to economic conditions, finan- at 2.840 meur (3.6 meur in 2013) with an cial results have continued to deteriorate, ebitda of 210,000 eur (449,000 eur in 2013). with the ebitda/sales ratio decreasing to 2.7 % (5.8 % in 2013 and 6.7 % in 2012). Numerous actions were taken to restore INDIA profitability, and should already have an impact in 2015. Sales generated by our two companies (sn Bhobe and Cetest) went from 5.938 meur to 7.116 meur BRAZIL (including the Panama and As for ebitda, it reached 0.965 meur, or Venezuela subsidiaries) 13.6 %. Its ratio was identical in 2013. Our consolidated sales rose from 26.630 meur to 28 meur. We were strongly penalized by the evolution of the Brazilian real since at a constant PHYSIOGNOMY OF THE GROUP Activity 2014 Report exchange rate, our sales would have reached an amount of 30.5 meur. ebitda reached a At the moment, we have subsidiaries and total of 6.220 meur, a ratio of 22.1 % on sales, branches in 42 countries and operate in a TPF Group which is stable compared to 23.8 % in 2013. total of 59 countries. This important international development implement this process, based on our should enable us this year to reach a turn- results in 2014. over of 20 meur in Asia (0.5 meur in 2006) with 900 employees, 55 meur in Africa We are particularly pleased to have re- (4 meur in 2009) with 500 employees and ceived the agreement of our minority 100 meur in America (8 meur in 2009) shareholders in TPF’s subsidiaries all with 1,400 employees. around the world. Secondly, to better harness the strengths The selection of these organisations re- of the group and to be more reactive, four sulted in the establishment of committees centres of expertise have been created, one in various countries involving our staff. devoted to the transport infrastructure in We wish that employees who are interested Spain, one dedicated to buildings in France, in the subject become associated with the one for the water sector in Portugal and selection of organisations working in their finally one for energy in Belgium. countries. These organisations will receive 7 funds based on the results achieved by the This organisation allows us to confirm companies employing our staff. and maintain a strong decentralisation and autonomy - delegation towards to our subsidiaries. Next to our core business, consultancy and PERSPECTIVES FOR 2015 engineering, we have developed, as you will read in this report, 6 income-generating This new configuration for the Group allows related activities : (i) the development of us to be optimistic for 2015. Not only in turnkey projects (ii) the operation of tech- terms of growth of our turnover, but also nical installations, both in the energy sector in terms of results. and in the water sector, (iii) the development and investment in projects in the renewable energy sector, associated with the manage- PERSPECTIVES ment of funds dedicated to them, (iv) an FOR 2015 activity aimed at the quality control of materials and construction (v) equity par- SALES AND SERVICES ticipation in motorway concessions and (vi) the development of real estate projects. 290 MILLION € TPF FOUNDATION We have decided to redistribute 5 % of TPF’s earnings after tax to organizations ensuring children welfare (food, educa- tion, security, ...). 10% EBITDA 2015 will be the first year in which we will FOREWORD Since the beginning of the year, we conducted three acquisitions : Engesoft in Brazil Proximity Engineering of SNC- Lavalin in France This company, located in Fortaleza in the State of Ceará, allows us to strengthen our With 175 employees working in the sector expertise in the water sector where it excels. of building, infrastructure and water, the It has approximately 100 employees. takeover of this branch of activity allows This acquisition makes us the first office us to strengthen our coverage of French of the Nordeste, a region of Brazil which territory but also our skills in these dif- has experienced a very strong growth for ferent sectors. 8 the last 10 years. In 2015, our subsidiary in Brazil will be looking to reach a turnover This year, our sales and services should of 50 meur, with 650 employees. therefore amount to 290 meur with an ebitda around 10 %, and this with a total of 4,250 collaborators. TRN Ingeniería in Spain We would therefore like to express our This company has a staff of 40 employees gratitude and thanks to all of our employ- and is active in the infrastructure sector, ees. Through their daily commitment, which allows us to strengthen our skills they actively contribute to the success of dedicated to this activity in Spain. We are the Group and its expansion in the world. now able to carry out missions of prefea- sibility as well as consultancy relating to the operation of rail, road and metro projects. Activity 2014 Report CHRISTOPHE GILAIN THOMAS SPITAELS TPF Group Managing Director Chief Executive Officer THE EXECUTIVE COMMITTEE ATUL BHOBE JORGE NANDIN DE CARVALHO PEDRO DANIEL GOMEZ GONZALEZ Member of the Member of the Executive Committee Member of the Executive Committee Executive Committee THOMAS SPITAELS CHRISTOPHE GILAIN ANDRÉ LUIZ Chief Executive Officer Managing Director, DA SILVA LEITÃO Member of the Member of the Executive Committee Executive Committee AMADOU DE FRÉDÉRIC LASSALE Member of the Member of the Executive Committee Executive Committee 9 FOREWORD TPF arOUND THE WORLD(1) 10 Countries with subsidiaries and branch offices Countries in which Activity 2014 Report the Group operates TPF Group (1) Situation at 30 June 2015 11 FOREWORD maIN TPF’S SUBSIDIARIES AND BRANCH OFFICES (1) AlgerIA ColombIA – TPF Infrastructures – TPF Ingénierie – Euroestudios, s.l.

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