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1997 Annual Report

Overall Turnover

160 MFF

9%

660 MFF

37%

955 MFF

54%

1 775 MFF

Consolidated Turnover

195 MFF

14%

500 MFF

35%

735 MFF

51%

1 430 MFF

I

n 1997, the activities of the Freyssinet Group continued to expand (+13%) with a turnover of 1775 million Francs in terms of constant perimeter for the whole of the companies controlled.

The consolidated turnover at 1430 Francs shows an increse of 20% over the previous figure. The net consolidated result for the Group is a profit of 14 million Francs, compared with that of 8.7 million Francs in 199 . This progress, ensured under difficult conditions, is due to the overall improvement in the operational results of the various units, the financial and other results remaining close to those of the previous year.

Note should be taken of:

  • efforts being made to recoup the losses recorded by SHW in Germany

which still continue to have an adverse effect on results;

  • the Seohae Viaduct site in Korea, where difficulties are still encountered.

The Group has, at the end of the year, a positive cash of 35 million Francs as oppposed to the debt of 7 million Francs remaining at the end of 199 . This turnabout is the result of both the high free cash flow and the reduction in the working capital need.

Capital

The share capital of the Freyssinet International (STUP) Company is held entirely by the Société Générale d’Entreprise.

Employees

The mean staff level of the Freyssinet Group for 1997 is 1 14 employees an increase of 12% over the previous year.

Research and Development

The cost of research and development represented nearly 1% of the turn over, that is four or five times more than standard level in firms of this type of work.

Along with efforts made to improve systems of prestressing and providing cable-stays and the development of roadway joints to cover large movements and seismic resistant devices for use in large civil engineering structures, the firm, in association with industrial partners has developed an original product

  • Carbon Fibre Fabrics (TFC) used in the repair of structures,

whether they be bridges or buildings. The first contracts obtained augur well for the future of this technique.

The year 1998 should see the culmination of research undertaken in the field of data processing to record the performance of structures and the production of mechanical bearings.

Prospects

Without having reached the spectacular progress made in 1995 and 199 the order book at the end of 1997 makes it appear that 1998 will be a satisfactory year. The circumstances still remain difficult both in Europe, where strict budget controls imposed by the European Monetary Union demand prudence and in Asia where, in spite of the persistence of infrastructure needs, the present economic difficulties are likely to slow activities down considerably.

Nevertheless, confirmation of its international vocation and its speciality contractor’s activity make the Group hopeful of maintaining its activity and enlarging its influence world-wide.

Jean-Pierre Marchand-Arpoumé

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