Groupe GTM - 1999 Annual report - Vinci

Concessions
Roads
Industrial
Building and Civil
Engineering
Annual report
1999

Information pack
Groupe GTM is enhancing its strategy moves
aimed at ensuring lasting development while
continually listening to those involved in the
growth of the company.
Activities
14
22
The 4 main activities of Groupe GTM are
oriented towards concessions and maintenance,
affirming its identity as a major player in
services and construction.
Front page
Groupe GTM, as a member of a consortium
manages a concession for 9 airports in Mexico:
11 million passengers / year, of whom 7 million
use the Cancun airport alone.
Contents
Profile
Groupe GTM
Message from the Chairman
Shareholder’s information
Key figures
Organization of the Group
Strategy and development
International
Sustained growth and
lasting profitability
Market-oriented innovation
Preservation of the environment
Shared growth
Communications on line
The businesses of Groupe GTM
Concessions
Roads
Industrial
Building and Civil Engineering
Engineering consultancy
Real estate
Financial statements
Accounts in Euros
>Contacts
Relations with shareholders:
Financial Directorate
Tel. : 01 46 95 71 86
Fax : 01 46 95 73 79
Requests for annual reports:
Communication Directorate
Tel. : 01 46 95 76 93
Fax : 01 46 95 77 95
G R O U P E G T M A N N U A L R E P O R T 1 9 9 9
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2
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6
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32
38
42
44
45

B
oard
of Directors
André JARROSSON
Honorary President
Jean-Louis BRAULT
Chairman of the Board,
Chief Executive Officer
of Groupe GTM
Philippe BRONGNIART
Member of the Board
of Suez Lyonnaise des Eaux
Francis GUTMANN
Honorary President
of Gaz de France
François JACLOT
Member of the Board
of Suez Lyonnaise des Eaux
Christian MAURIN*
Chairman of the Board
Chief Executive Officer
of Degrémont
Jèrôme MONOD
President of the Supervisory Board
of Suez Lyonnaise des Eaux
Guy de PANAFIEU
Chairman of the Board
Chief Executive Officer of Bull
Mobil Oil Française
represented by
Christian SCHNEEBELI
Jérôme TOLOT
Chief Operating Officer
of Groupe GTM,
Secretary of the Board
Auditor
Pierre DELAPORTE
Honorary President
of Electricité de France
* term expires on 24th May 2000.
G
eneral
management
Jean-Louis BRAULT
Chairman of the Board
Chief Executive Officer
Jérôme TOLOT
Chief Operating Officer
François CHENEVIER
Deputy Chief Operating Officer
Olivier KREISS
Senior Vice-President
International Development
Pierre LEON-DUFOUR
Deputy Chief Operating Officer
Profile
of the Group
1
In 1999, Groupe GTM
continued its strategy of
rebalancing its activities by
reducing the proportion of its
business devoted to cyclical
activities (for example by selling
its offshore business) and
refocusing on highly visible
activities generating regular
income: concessions,
the road industry, electrical
and industrial maintenance.
Group turnover
7.8 billion Euros
A workforce of
64,000

GROUPE GTM
“GROUPE GTM
now looks like
a business capable
of lasting
development.”
Message
from the Chairman
Y
ear 1999 ended with a net consolidated
profit of 143 million Euros
(FRF 939 million) for a turnover of
7.8 billion Euros (FRF 51 billion).
The appreciable progress made by the
Group can also be seen from its operating
profit, 156 million Euros
(FRF 1 billion), and its order book
which stood at 4.7 billion Euros
(FRF 30.7 billion) at December 31st
1999, 13% up on the year. As a result the
dividend to shareholders was set at 2.35
Euros compared with 1.50 Euros in 1998.
This out-turn is the result of a policy
sustained over a number of years
aimed at rebalancing and refocusing
our activities. Following these changes
Groupe GTM is now a combined
services and construction business
with clients who may be individuals,
industries or public authorities.
A major feature of year 1999
was the development
of our concessions portfolio:
- Park business saw new significant
developments in Hong Kong and the
United Kingdom, with further progress
in Canada and Chile, and a strengthened
position on the home market.
- In highway construction, it was also
in Chile that the Group secured the
concession and widening contract for
the Chillan-Collipulli link, while in
France Cofiroute received confirmation
of its concession covering the A86 tunnels
in the west of Paris.
- In the airport sector, the Group pursued
an active development policy that resulted
in a partnership with Aéroports de
Paris in a joint company known as ADP
Management. This company recently
secured a holding in the Beijing airport,
giving us a foothold in the Asian market.
For a number of years we have
sought to establish a powerful electrical
business; this became a reality
with the acquisition of l’Entreprise
Industrielle (EI). Together with GTMH
and EI, Groupe GTM now has a
strengthened position in the field of
maintenance and electrical contracting,
including access systems to the new
telecommunications technologies.
In the industrial field, our planned
disengagement from offshore petroleum
activities reached a favorable
conclusion when ETPM was sold to
Stolt Comex Seaway under satisfactory
conditions.
G R O U P E G T M 2
1 9 9 9 A N N U A L R E P O R T

Our maintenance and industrial contracting
activities were reorganized and
resized with the aim of achieving a leading
position as a global multi-technique
and multi-service maintenance operator.
Our roads business continued its
external growth with the purchase of
quarries in France, the acquisition of a
majority holding in Chile, and another
in Spain. These operations strengthened
the position of Entreprise Jean
Lefebvre as a materials producer and
the company now has a foothold in the
markets of both north and south
America.
In Building and Civil Engineering,
the reorganization and resizing were
completed. At the end of 1999 this
sector accounted for 29% of Group
sales and now involves two companies:
DUMEZ-GTM for major projects and
international contracts, GTM Construction
for projects in France under
the names of GTM and its subsidiaries
Dumez and Chantiers Modernes.
Finally, as regards engineering consultancy,
the acquisition of Litwin France
places Ingérop amongst the leaders in
diversified engineering design.
There was confirmation of the recovery
in the real estate sector and we
pursued our prudent strategy.
As one of the ten French companies
quoted on the stock exchange that satisfy
the criteria of profitability, social
cohesion and respect for the environment,
Groupe GTM has become
balanced and profitable. With robust
cash flow, a healthy order book and
enhanced potential resulting from our
recent acquisitions, we can look forward
to a significant increase in our
performance in the current year and
beyond.
3
Jean-Louis BRAULT
Chairman of the Board
Chief Executive Officer
of Groupe GTM

GROUPE GTM
Committees
Ethics
Committee
Philippe BRONGNIART
Christian SCHNEEBELI
Audit Committee
Pierre DELAPORTE
André JARROSSON
Christian MAURIN
Remuneration
Committee
Jérôme MONOD
François JACLOT
Auditors
Principals
BARBIER,
FRINAULT & AUTRES
Gérard DAUGE
Deputies
Michel LEGER
Philippe
TISSIER-CHAUVEAU
At the Annual General Meeting held on May 24th 2000 the
Board of Directors proposed a net dividend of 2.35 Euros
per share compared with 1.50 Euros in 1998, an increase
of 57%. In 1999 Groupe GTM achieved a net consolidated
profit of 143 million Euros (FRF 939 million) up by a
factor of 2.2 on the previous year.
The
Shareholder
Information
Corporate Governance
Continued efforts to maintain
a dialogue with shareholders
Groupe GTM aims at facilitating shareholders’ access to information about its strategy
and activities and at maintaining a permanent dialogue. The annual report can
be at maintaining provided on request. Figures for annual and half-yearly sales and
profit are reviewed in the press and the practice of sending an individual letter to
shareholders was established in 1999.
The website has been improved to permit easy access to real-time information about the
Group: the most up-to-date news (financial results, new contracts, acquisitions, important
events, and so on) is displayed on the site’s home page. Portals give direct access to
the home pages of subsidiaries’ websites for more operational information. The Group’s
financial directorate provides information to shareholders upon request. An proposal of
participation to the Annual General Meeting is sent to every shareholder to encourage
them to participate.
Groupe GTM convenes French and foreign financial analysts and investors to mark the
publication of the annual and half-yearly accounts. Road shows are organized at the
main financial locations.
>If you are a shareholder
Groupe GTM’s website offers specific information according to your own
particular interests. Are you a client, staff member, student, shareholder
or financial analyst? Click on the appropriate link on the home page and
you will find all the information you require.
http: //www.groupegtm.com
G R O U P E G T M 4
1 9 9 9 A N N U A L R E P O R T

Shareholder’s Information
45.38%
[in Euros]
Share price 1995 1996 1997 1998 1999
Highest 70.9 54.5 70.7 108.8 113.6
Lowest 45.2 34.5 35.6 57.2 75.0
At December 31 52.4 36.6 61.7 88.4 96.5
Average daily transactions 14,353 24,674 23,324 22,876 20,422
Principal consolidated
figures, per share
Net earning Group share 2.69 - 0.47 2.57 4.28 9.35
Dividend 1.22 1.22 1.30 1.50 2.35
Net dividend + tax credit 1.83 1.83 1.94 2.25 3.52
Net yield per share
Number of shares as
3.5% 5.0% 3.1% 2.5% 3.6%
of December 31 14,654,624 14,985,257 15,073,625 15,284,213 15,431,216
Main shareholders as of December 31, 99
> Stock market data
Groupe GTM CAC 40 Share Index Monthly share trading volume
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F
1997
2.65%
2.52% 49.45%
As a %
of capital
Suez Lyonnaise
des Eaux Group
General public
Mobil Oil Française
Employee Mutual Fund
1998
30.19%
64.73%
3.33%
1.75%
5
1999
As a %
of voting rights
Suez Lyonnaise
des Eaux Group
General public
Mobil Oil Française
Employee Mutual Fund
2000
Consolidated
earnings per share,
Group Share
2.57
1997 1998 1999
Consolidated
cashflow
20.72
1997 1998 1999
Dividend distributed
(tax credit incl.)
1.94
Figures in Euros
4.28
21.70
2.25
1997 1998 1999
9.35
24.39
3.52

GROUPE GTM
MKey
figures1999
> Net income
In millions of Euros
48
33
64
65
165
1 9 9 7 1 9 9 8 1 9 9 9
> Evolution of cash flow
and capital expenditure
In millions of Euros
340
311
352
329
373
143
432
1 9 9 7 1 9 9 8 1 9 9 9
Total
net income
Group
share
Cash flow
Capital
expenditure
> Evolution of turnover
Group share in millions of Euros
1 9 9 7
6,883
> Evolution of the order book
Group share as of December 31, 1999, in millions of Euros
1 9 9 7
4,686
> Group shareholder's equity
In millions of Euros
1 9 9 8
4,964
736 736
1 9 9 9
4,688
1 9 9 7 1 9 9 8 1 9 9 9
G R O U P E G T M 6
1 9 9 9 A N N U A L R E P O R T
3,978
2,905
2,818
1,868
1 9 9 8
7,376
4,162
3,214
1,813
3,151
1 9 9 9
7,823
4,752
France
3,071
Abroad
2,437
France
2,251
Abroad
890

Breakdown of 1999 turnover
Group share in millions of Euros
>Total : 7,823
29%
>France : 4,752
i.e. 61%
31.5%
>Abroad : 3,071
i.e. 39%
30.5%
4.3%
3.7%
1.8%
30.2%
29.2%
31.5%
8.6%
6.3%
27%
34.1%
30.2%
7
> Breakdown of order book
>Total : 4,688
51.3%
>France : 2,437
i.e. 52%
2.1% 1.7%
Group share as of December 31, 1999, in millions of Euros
46.8%
>Abroad : 2,251
i.e. 48%
56.2%
3.2%
2.5%
21.4%
10.2%
26.4%
28.6%
31.9%
19.8%
Concessions
Roads
Industrial
Building & Civil
Engineering
Engineering, Real Estate
and Miscellaneous

GROUPE GTM
Executive Committee
Jean-Louis BRAULT
Chairman of the Board
Chief Executive Officer
François CHENEVIER
Deputy Chief Operating Officer
Jacques ALLEMAND
Chairman of the Board
Chief Executive Officer
of GTM Construction
Jean-Luc BASSOL
Chief Audit Officer
Vincent COUSIN
Chief R&D
and Innovation Officer
Thierry DUVAL *
Chief Financial Officer
MOrganization
of theGroup
Jean-Louis DURAND
General Manager of Elige
Jérôme TOLOT
Chief Operating Officer
Olivier KREISS
Senior Vice-President
for International Development
Groupe GTM Directorates as of April 1 th , 2000
Patrick EISNER
Secretary-General
Concessions Department
Antonio GONZALEZ
Chief
Human Resources Officer
Jean-Louis GUERIAT
Chief Corporate
Communications Officer
Jean-Claude ROUDE
Chairman of the Board
Chief Executive Officer
of Entreprise Jean Lefebvre
Jean-Luc LE FOUILLER
Chief Accounting Officer
Antoine MATHIEU
Chief Cost Control Officer
Peter MEREDITH
Chief Tax Officer
Pierre LEON-DUFOUR
Deputy Chief Operating Officer
Yves THUILLIER
Chairman of the Board
Chief Executive Officer of GTMH
Chairman of the Board
of l’Entreprise Industrielle
Jean-Luc POMMIER
Chief
Development Officer
Patrick RICHARD
Chief Legal Officer
Jean-Marc WEBER
Chief Structured
Financing Officer
G R O U P E G T M 8
1 9 9 9 A N N U A L R E P O R T
Hervé TRICOT
Chief Operating Officer
of DUMEZ-GTM

Organization chart of the Group
Concessions
Roads
Industrial
Building and
Civil Engineering
Engineering
consultancy
Real Estate
9
COFIROUTE
Car parks :
LES PARCS GTM
AIRPORTS
INFRASTRUCTURES
OTHERS
ENTREPRISE
JEAN LEFEBVRE
Electrical
GTMH
L’ENTREPRISE INDUSTRIELLE
Industrial
ENTREPOSE
DELATTRE-LEVIVIER
DUMEZ-GTM
GTM CONSTRUCTION
CFE (Belgium)
Other subsidiaries
INGEROP
ELIGE

GROUPE GTM STRATEGY AND DEVELOPMENT
Following substantial and
successful developments particularly
in the United Kingdom
(120,000 spaces) and
Hong Kong (30,000 spaces)
Les Parcs GTM now manages
340,000 parking spaces in car
parks and by on-street parking.
Rapid
transformation of the
Group’s skills
During 1999, the on-going strategic redeployment was
reinforced. The targeted development of concessions,
particularly outside France, was vigorously driven
forward not only in areas long familiar to the Group
(motorways, bridges, car parks, and so on) but in
emerging and more recent sectors such as airport
management.
An integral part of the refocusing
on non-cyclic
businesses was the sale of
ETPM, the subsidiary specializing
in petroleum and related
offshore works. This will permit
substantial developments
in the areas of concessions
and maintenance projects. The
road sector has made further
acquisitions in France and
abroad where its expansion
continues. In the electrical
field, the important acquisition
of l’Entreprise Industrielle
makes Groupe GTM one of the
leading contractors in this sector
in France. Building and civil
engineering works continues to
see a rebalancing of its share of
the Group’s sales (30%) and its
reorganization is consolidated
around two names: DUMEZ-
GTM and GTM Construction.
G R O U P E G T M 10
1 9 9 9 A N N U A L R E P O R T

HIGHLIGHTS
>Concessions
International developments
and strengthened portfolio
• Groupe GTM secured the
concession contract for the
Chillan-Collipulli motorway
(160 km), making it the first
French contractor to
penetrate the road
concession market in Chile.
• Groupe GTM as a member
of a consortium secured
the concession for
9 international airports in
Mexico for a 50-year period.
• In 1999 the business of Les
Parcs GTM grew
substantially (+30%),
with an increased presence
in the United Kingdom,
Hong Kong, Chile,
Canada and France.
• Cofiroute was appointed
concession holder for the
completion of the A86
superhighway in the west of
Paris, following a new
contract award procedure.
• The Superdévoluy SA ski
resort which operates ski lifts
under a concessionary and
leasing arrangement was sold
to a specialist operator.
>Roads
Continued growth abroad
• Following a takeover bid
for Entreprise Jean
Lefebvre, Groupe GTM
now wholly owns its
roads subsidiary.
• Entreprise Jean Lefebvre
acquired a majority holding
in the Chilean company
Bitumix, which has a 25%
share of the Chilean market
with 16 asphalt stations and
its production of aggregate
and bitumen.
>Industrial
Refocusing on
non-cyclical activities
• Groupe GTM can be said
to have achieved critical
size in electrical contracting
with its acquisition of
l’Entreprise Industrielle.
• ETPM was sold with a
substantial profit for the
Group to the Norwegian
company Stolt Comex
Seaway, which specializes in
undersea projects.
>Building and
Civil Engineering
Reorganization and reliance
on two names : DUMEZ-GTM
and GTM Construction
• The building and civil
engineering business was
simplified with 2 names:
DUMEZ-GTM for major
projects in France and abroad,
and GTM Construction in
France for the regional network.
In this process Chantiers
Modernes was combined
with GTM Construction.
• L’Entreprise Industrielle sold
its construction subsidiary,
EIGCC, to a company
formed by its management
and foreign investors.
11
L’Entreprise Industrielle joined
Groupe GTM in 1999. This major specialist
in electrical engineering is involved in
4 main fields : electrical systems, networks
and information systems, high voltage
stations and power lines, power grids
and street lighting.

GROUPE GTM AROUND THE WORLD
New
countries
newconquests
In 1999, the proportion of sales made abroad remained stable in volume terms,
despite the sale of ETPM. The year was marked by a highly significant penetration
of Asia and Latin America with an important airport concession in Mexico and an
initial foothold in Chile, where the Group made acquisitions and secured a number
of strategic contracts.
Work on the Rion-Antirion
bridge in Greece
being built by DUMEZ-GTM
is progressing on schedule. The
final design was completed
in 1999. The site installations
on the Gulf of Corinth
have been completed, the Lisa
DUMEZ-GTM, as a member of
a consortium, is building the
Chillan-Collipulli motorway
(160 km) the concession
for which was awarded
to Groupe GTM
for a 21-year period.
Les Parcs GTM secured
the concession for 4
underground car parks, 3 of
them in Santiago, totaling
1,250 parking spaces.
Groupe GTM, as a member
of a consortium, obtained
the 50-year concession for
9 airports in Mexico
representing total traffic
of 11 million passengers,
of whom over 7 million use
the Cancun airport alone,
a leading transit hub
for North America
and Latin America.
> Work on the
Rion-Antirion bridge
commences on schedule
barge with its extendable legs
was commissioned and construction
of the bases of the
first two piles has begun. In
early 2000, dredging for the
first pile began at 65 meters
below sea level.
G R O U P E G T M 12
1999 ANNUAL REPORT
>Chile
>Mexico

Hong Kong
Les Parcs GTM, already
operator of the Admiralty car
park (520 spaces) acquired
Adams Parking, Hong Kong’s
second car park operator
(with 30,000 spaces).
>United Kingdom
DUMEZ-GTM in conjunction
with the British contractor
Miller secured the contract to
build the Medway Viaduct
and the North Downs tunnel
as part of the construction of
the high-speed rail link
between the Channel Tunnel
and London.
DUMEZ-GTM opened
the world’s longest tunnel
(3,750 m) and widest
submerged tunnel in March
1999 in the Straits
of Oresund.
DUMEZ-GTM as a member
of a consortium, signed
a 6-year contract for the
construction of the 25 km
of the Mitholz rail tunnels.
1995
36.2%
>Denmark
>Switzerland
Proportion of turnover earned abroad
1996
40.7%
1997
42.2%
SMP, the Czech subsidiary of
DUMEZ-GTM, was awarded
the contract for 4 large
bridges in the construction
of the Prague ring road.
The Canadian subsidiary
of Entreprise Jean Lefebvre
won an important contract
for freeway resurfacing from
the Quebec Department
of Transport.
Entrepose as a member
of a consortium secured a
contract for the construction
of gas recovery facilities
for Shell.
1998
43.6%
>Czech
Republic
>Canada
>Nigeria
1999
39.2%
13
>Kirghizistan
When its power transmission
line department signed a
fourth contract in 1999,
GTMH has supplied and
erected 314 km of high
voltage lines in this new
republic.
Hydroplus secured a third
contract as part of the
modernization of
8 irrigation dams in
the state of Gujarat
Partnership
between Groupe GTM
and Aéroports de Paris
Resources
for international
development
In 1999, Groupe GTM
acquired 34% of the capital
of ADP Management which
has an international business.
By combining their
complementary resources,
Groupe GTM and ADP
expressed their determination,
in the expanding but
highly competitive market
of airport concessions,
to put French contracting
amongst world leaders.
Africa
Algeria
Angola
Burkina Faso
Burundi
Cameroon
Cape Verde
Chad
Congo
Egypt
Equatorial
Guinea
Gabon
Guinea
Ivory Coast
Kenya
America
Argentina
Brazil
Canada
Caribbean
Chile
Colombia
Ecuador
Guadeloupe
AROUND THE WORLD
Australia
Cambodia
China
Hong Kong
India
Indonesia
Iran
Japan
Malaysia
Myanmar
New Caledonia
New Zealand
Oman
Europe
Austria
Belgium
Czech
Republic
Denmark
Estonia
Germany
Greece
Hungary
Ireland
Italy
Lithuania
Luxembourg
Libya
Madagascar
Morocco
Mozambique
Namibia
Niger
Nigeria
Reunion
(Isle of)
Senegal
South Africa
Togo
Tunisia
Zaire
Guyana
Martinique
Mexico
Panama
Peru
United Sates
Venezuela
Asia and Oceania
Breakdown of turnover
by geographical area
European Union (excluding France)
Europe (excluding EU)
North America
South America
Africa
Middle East
Far East
>India
17.3%
3.3%
3.9% 7.0%
15.7%
Philippines
Polynesia
Qatar
Saudi Arabia
Singapore
South Korea
Taiwan
Thailand
United Arab
Emirates
Vanuatu
Vietnam
Monaco
Netherlands
Norway
Poland
Romania
Slovak
Republic
Spain
Sweden
Switzerland
Turkey
United
Kingdom
14.9%
37.9%

GROUPE GTM REPORT
Sustained
growth
and lasting viability
Groupe GTM is enhancing its strategic moves aimed at ensuring
lasting development while continually listening to those involved in
the growth of the enterprise: shareholders, clients, suppliers, staff
and investors. From 1995 onwards, the creation of Groupe GTM’s
ethics code denotes the commitment of all its subsidiaries to ethical
behavior. In 1999, Groupe GTM received favorable mention by the
AReSE social and environment agency, which acts on behalf of
institutional investors seeking to determine the parameters of lasting
development. The Group was ranked amongst the 10 French
companies listed on the stock exchange that satisfy the criteria
of profitability, social cohesion and respect for the environment.
Also Groupe GTM has joined the Dow Jones Sustainability Group
index made up of 220 firms seeking for lasting development around
the world.
G R O U P E G T M 14
1999 ANNUAL REPORT

Innovation
The development of innovation lies at the heart of Groupe GTM’s
strategy, and is an engine of growth. It is a policy of continuous and
shared progress that creates value for our clients, sets us apart from the
competition, and meets the growing requirements of our society.
Preserving the environment
Environmental concerns are essential because the projects carried out have
a long lifetime. The Group’s “green strategy” has moved forward with
new achievements in the identification, management and promotion of
environmentally friendly attitudes.
Human resources
Staff motivation is essential to the growth of the company. The human
resources policy applied in the Group – based upon access to
information, development of skills, a common investment fund, stock
options, and recruitment of young people – contributes to motivation
and social cohesion in the enterprise.
Relations with clients,
shareholder and investors
Upstream co-operation with our clients, informing shareholders,
sponsorship arrangements and job promotion are all intended to help
develop lasting partnership relations with an increasing concern for
transparency.
15
16
18
20
21

GROUPE GTM REPORT
“ The innovation
culture is central to
the Group’s strategy,
and is the best
guarantee of ethical
development and
growth “.
Extract from Stratégie & Ethique
The GPS system was hitherto reserved
for surveying work. Staff in the
Earthworks Division of GTM
Construction had the idea of using the
system for guiding finishing machines
to the nearest half-inch. The first
Innovations
across the board
In road engineering the partnership
policy with research
organizations that has been in
place for a number of years was
reinforced. Entreprise Jean Lefebvre
and the Rheology and
Polymer Applications Laboratory
of the University of Paris VI are
working together on a research
program on the recycling of tires
in road pavements. The Tricouche
process – which can
Innovation
focused
on the market
Innovation in Groupe GTM is focused on the creation of value
for its clients, by reducing costs, shortening execution times,
and integrating their concerns for quality, safety, respect for
the environment, and social insertion. The 1999 Innovation
Prize rewarded the client orientation of our approach.
In 1999, Groupe GTM and its subsidiaries spent FF 128 million
on research and development.
First use in the Czech Republic of the
Etanplast process for sealing bridge
and other structures on the northern
bypass of the city of Cheb.
substantially reduce the thickness of
pavement courses compared with
conventional structures – was used
for the first time on a 2.5-km section
of the A11 freeway in very difficult
conditions (traffic exceeding 2,500
trucks a day).
Renfogrip – another innovative product
of Entreprise Jean Lefebvre – has
been applied on a dozen sites in southeast
France and in the Ile-de-France.
Some 80,000 tons of Grave-Mousse, a
process first tried out in 1993 as part
of the “Roads Innovation Charter”
were placed in 1999.
> An exclusive GPS guidance system
precision machine fitted with a
comprehensive automation system has
proved its worth, on the construction
site of Renault’s test track : 15 km long
with all the features of a mountain
road. Construction times were
appreciably shortened thanks to the
performance of the Centaur program,
which obtained the 1999 Innovation
Grand Prix.
G R O U P E G T M 16
1999 ANNUAL REPORT

Transfers of technology were continued with a first
Orthoplast site in Quebec and a first Etanplast site
in the Czech Republic. Two patents were also published
abroad: Estère in the United Kingdom and
Flexiplast in Canada. In the industrial field, AMP-
C3C developed a new radome technology known
as the “thin skin” method. These radomes offer the
same characteristics as earlier models but production
cost is more than halved, putting us in a better
position with respect to the American competition.
Putting NTIC * to good use in aviation
The Coris is using innovative techniques of numerical
transmission in ground-to-air communications
in remote areas. In this way the GTMH subsidiary
is extending the range of its added-value services in
the aviation sector as well as enhancing its image.
Asecna has shown interest in the system for air traffic
control in the African region. Another
important feature is the spin-off resulting from this
innovation in aviation – particularly the renewal of
systems employing satellite networks – but also in
other sectors such as oil and gas for linking
telecommunications systems with pipelines.
* New Technologies for Information and Communication.
1999 Awards Ceremony
for the 247 prizewinners.
> The 1999 Innovation Prize
In 1999 the third Innovation Prize event broke
new ground with record participation (412
submissions of which 91 were rewarded, some
55% more than in 1997), the creation of the
“services” category, and the fact that half the
jury was made up of representatives of the
Group’s major clients. This development
reflects the determination of Groupe GTM to
be seen as a full partner of its clients, with the
necessary margin of initiative for innovation. It
also marks the Group’s desire to employ
research and innovation to enhance its image.
The Innovation Prize rewarded innovations in
products, services and procedures.
Special prizes were awarded for innovations in
a variety of subjects: major sites, technical
alternatives, day-to-day innovations, safety,
human resources, the environment, new skills,
knowledge management and marketing.
247 prizewinners received individual or
team awards.
The jury
17
Sustained
growth
and lasting viability
Innovation
as seen by
clients
Ten of Groupe GTM’s clients and partners were
members of the jury :
• Comité d’Etudes Pétrolières et Marines,
• Commission Internationale des Grands
Barrages,
• Communauté Urbaine de Bordeaux,
• Electricité de France,
• Gaz de France,
• Inspection du Génie,
• Laboratoire Central des Ponts et Chaussées,
• Ministère de l’Equipement,
• Mouvement Français pour la Qualité,
• Suez Lyonnaise des Eaux.

GROUPE GTM REPORT
Drinking
water
tank
Drinking
water tank
Recycling
used domestic
water
Waste
water
Sewer
Feeder
pump
Recycled
water
tank
Waste
water tank
In partnership with Suez Lyonnaise
des Eaux and Degrémont,
Groupe GTM contributed
to the construction of a building
in Annecy, designed in such a way
as to protect the environment by
Recycled
water tank
Bioreactor
with membrane
Preserving
the
environment
Membrane
Retrowashing
pump
Spinkler system
for greenery
Recycled
water tank
> Ecology at home
An ecologically viable building
reducing water consumption.
Named “La Traverse”, the building
is fitted with a system for recycling
wastewater: this is actually
processed inside the building and
then used to supply the toilets.
The potential impact of
Groupe GTM’s activities on the
environment is considerable,
not only during construction
but also during subsequent
operations, which may affect
several generations. In line
with the “ green strategy ”
of Suez Lyonnaise des Eaux,
the Group encompasses in
its development policy an
approach seeking continuous
progress in exercising its skills
in an environmentally friendly
manner that ensures the
safety of equipment and
people and the health
of its staff.
Managing the environment –
Research and Development
As a result of the working discussions
held with the French
Buildings Federation on the design
of buildings of high environmental
quality, a “Guide to good construction
practice for preserving
the environment” was published in
1999. GTM Construction is also
considering the design of an environmentally
friendly building.
G R O U P E G T M 18
1999 ANNUAL REPORT

At the same time the Group has pursued its
research into the prevention of nuisances, and in
promoting clean technologies. Accordingly as part
of the design work for the A86 project, Ingérop has
developed systems for predicting site noise impacts
and on this topic has published a methodological
guide (setting up databanks, writing a computer
program, preparing data charts, and so on). Entreprise
Jean Lefebvre for its part is in the process of
designing a number of centers for treating and recycling
clinker from domestic garbage incinerators in
a number of regions, four of which should be
opened in 2000. The extension of this activity to
other countries is under consideration. Jean Lefebvre
also made new progress in the management of
> A gold decibel
for Entreprise Jean Lefebvre
site wastes at the Montpellier tram system construction
site where 50,000 tons of demolition
materials were recycled and processed on the site
itself.
The Environment Commitment Charter
Groupe GTM has drawn up a Charter of commitment
to the environment for its own staff. Within
the Group, the best practices and the most innovative
suggestions were encouraged, rewarded and
publicized. Thus in 1999 environmental topics
became eligible for the Innovation Prize process
and led to some 20 submissions. Entreprise Jean
Lefebvre for its part launched a “green challenge”.
The noise barrier specialist Sysa, a subsidiary of EJL, this year received one of the
seven golden decibels awarded by the French Ministry of for the Environment,
rewarding fruitful co-operation between the firm, the city of Bobigny,
Departemental Direction of Equipment of Seine-Saint-Denis, the architect
Spielmann and the noise engineer Jean-Marc Abramowitch.
19
Sustained
growth
and lasting viability
“ To take the
environment into
account is a strong
way to satisfy the
public, and also
to develop our
business everytime
where our
innovation will
enable us to find
the best practices
to reduce the
nuisance of our
works of the
lowest cost. “
Strategy & Ethic - Extract

GROUPE GTM REPORT
“ Providing transparent
information about the firm and
its policy gives the company
cohesion, as does the respect for
our international social charter. ”
Strategy & Ethic – Extract
> Groupe GTM
64,149 employees
38%
62%
Personnel
in France 39,913
Personnel
abroad 24,236
of whom
expatriates 351
By backing mobility,
career management,
and share ownership,
Groupe GTM works to
mobilize its staff and
retain their loyalty.
> Breakdown of personnel
in France and abroad
by professional category
15%
56%
Breakdown of workforce by activity as at 31st December 1999
Groupe GTM and Concessions 1,885
Roads 19,409
Industrial 20,291
Building and Civil Engineering 21,221
Engineering Consultancy and Real Estate 1,343
Total 64,149
29%
Engineers and
managers 6,050
Skilled workers
and technicians 12,209
Unskilled
workers 22,005
Shared
growth
1999 saw a further offer of shares through
Groupe GTM’s Joint Investment Fund. Some
7,000 members of staff showed their confidence in
the Group’s future by applying for shares issued for
the special increase of capital : this generated revenue
of FRF 40 million. On completion of this
operation which followed on from those of 1992,
1995, 1997 and 1998, employees hold 2.7% of the
capital of Groupe GTM. The offer of shares to the
workforce is one way of making all staff aware of
how the Group operates while providing them with
a savings opportunity. In 1999, more then 350 high
potential managers were allocated stock options as
a performance incentive.
Mobility, career management
and sharing information
As instruments of openness and cohesion, the Jobs
& Resources Committees are collegiate bodies that
seek to classify jobs within the Group and assess
the potential of staff. The committees held successful
meetings at main Group and subsidiary level
and contributed to the forward-looking development
of human resources. The “jobs exchange
market” known as Magie is now on the company’s
network and continuously updated by Groupe
GTM. This system increases accessibility to jobs
advertised inside the Group. It helps improve the
sharing of information, enhancing cohesion within
the Group, in the same way as the other eight
media (News, administrative procedures manual,
Group directory, and so on) circulated in all the
subsidiaries to 6,000 persons on the network.
All the entities of the Group in France have progressively
introduced flexible working as part of
the change to a 35-hour week.
G R O U P E G T M 20
1999 ANNUAL REPORT

“ The combination of transparent
information and discretion is a
collective and individual duty to
our shareholders “
Strategy & Ethic – Extract – November 1999
In 1999 Groupe GTM brought clients into its
innovation approach. Over half the jury members
appointed for that year’s Innovation Prize were
from outside the company and over 400 clients and
partners were present at the awards ceremony. Discussions
are also in progress on ways and means of
providing targeted information for clients, particularly
by means of the Internet.
The Group’s Internet site has evolved into a more
attractive and efficient space, and provides links to
the websites of the companies in the Group.
A “Letter to Shareholders” was created. Sent to the
homes of the Group’s 18,000 shareholders, 7,000
of whom are employees, it is issued twice a year
On the occasion of the announcement of
the 1999 results, links were established
with the Internet sites of 2 major economic
dailies and that of Groupe GTM, thus
encouraging access to on-line information.
when the annual and half-yearly results are
announced. Communications with the financial
community have been intensified with special presentations
organized in Paris, Europe, the United
States and southeast Asia. Meetings of investors
and financial analysts were held several times in
Paris during the year.
Acting as a sponsor, Groupe GTM will have a financial
involvement in the Avignon program dedicated to
“Beauty” which was a leading event in the national
millennium celebrations in France. In this operation in
the famous city the Group will make its contribution
to an architectural heritage taken over by contemporary
art.
Communications
on line
The Group intensified its communications efforts : innovation focused on
the client, an improved Internet site, a letter to shareholders established,
and roadshows at financial centers in Europe and the United States.
21
> www.groupegtm.com
A site revisited
Sustained
growth
and lasting viability
The Groupe GTM Internet site has been
improved, making information more accessible
with a more easily legible and more animated
home page with continuously scrolling news.
Another new feature : access to Groupe GTM’s
share price from the previous day for
information purposes. Innovation has its own
site with links under three headings –
technological innovation, on a daily basis
innovation, and innovation at the service of
clients – which present the Group’s know-how.

GROUPE GTM
The businesses
of Groupe GTM
The 4 main activities of Groupe GTM are orientated towards
concessions and maintenance, affirming its identity as a major
player in services and construction.
Concessions Roads
<
Infrastructure
concessions
Car parks, motorways, airports,
bridges, prisons
<
<
<
<
Maintenance
activities
<
Building and
Civil Engineering Industrial
G R O U P E G T M 22
1999 ANNUAL REPORT

Concessions 24 Roads 28
Industrial 32
23
Building and
Civil Engineering 38
Engineering consultancy 42 Real Estate 44

GROUPE GTM CONCESSIONS
Turnover
Contribution from the sector
to Group 1999 turnover
492 million Euros
648
6.3%
Turnover in millions
of Euros
Cofiroute
714
1997 1998 1999
90
114
1997 1998 1999
1997 1998 1999
758
Car parks and
hydro power stations
Severn River
Crossing
124
72 82 91
G R O U P E G T M
The concessions business continues to grow and gives
strategic impetus to the redeployment of the Group’s
businesses. It reported good results in the operation
of existing facilities in France and abroad. Its progress
was appreciable on the international scale, particularly
in the management of car parks and airports, thanks to
commercial successes and external growth operations.
International
growth
Car parks : internationalization,
acquisition,
partnership, number of
parking spaces doubled
in 1999.
The car park business of
Groupe GTM saw unprecedented
growth in 1999. In
France, the acquisition of GIS,
operator of nearly 13,000
spaces, gave the Group a
foothold in four new cities and
strengthened its activities in
Paris and Chambéry where,
incidentally, the 30-year concession
for a new car park to
be built was secured. New
management contracts were
signed in Saint-Dié, Périgueux
and Saint-Malo totaling 6,600
spaces. In Paris, two concessions
for car parks at
boulevard de Picpus and the
Porte de Clignancourt, that
had reached the end of their
terms, were renewed following
a tendering procedure.
Abroad, substantial market
shares were gained through
acquisitions. In Asia, the purchase
of Adams Parking
International which operates
30,000 spaces and 100 car
parks made Les Parcs GTM
the second largest parking
operator in Hong Kong. In
Canada, the purchase of two
car parks in Montreal and
local partnerships are preparing
the way for new
developments. In Latin
America, the securing of four
concessions in Chile - one for
a car park already in service,
two for facilities to be built in
Santiago, and another recently
opened in Valparaiso -
gives Les Parcs GTM a presence
in a country where the
prospects for growth in car
numbers suggest a promising
future. In the United Kingdom,
the takeover of TFM at
the beginning of the year
2000 represents a major
acquisition with 120,000
spaces. The British subsidiary
of Les Parcs GTM
secured the lease and of a
public 540-space car park in
the renovated docks area of
London.
The satisfactory economic
situation has also resulted
in sustained traffic, mainly
in France and the United
Kingdom.
> Developments in
The purchase of Adams
Parking International together
with a local partner
opens up prospects for growth
in Hong Kong and later in
mainland China, thanks to
the local attraction of the
integrated services offered by
24 1999 ANNUAL REPORT

Asia and Latin America
this operator : not just the
operation of car parks but
also the installation and
maintenance of access control
systems, and security aspects.
This acquisition, together
with the purchase in 1999 of
two car parks in Montreal,
Canada, and four parking
concession in Chile, represents
unprecedented international
growth for Les Parcs
GTM.
25

GROUPE GTM CONCESSIONS
International
growth
Other things being equal,
income went up substantially.
More subscriptions were
recorded and revenue rose
following commercial actions
launched in France. The quality
of service policy of Les
Parcs GTM focused on client
reception, the environment
and the atmosphere in the car
parks, was rewarded by the
British Parking Association
which granted the firm the
“Parking award for quality
in action 1999” in respect of
the Mayfair car park in
London.
At the end of the fiscal year,
Les Parcs GTM was operating
about 340,000 car
parking spaces in 76 cities in
France and 7 other countries.
Major acquisition
in the United Kingdom
Les Parcs GTM has been
present in Britain since 1997
with the Mayfair car park on
the edge of Hyde Park.
Its acquisition of TFM made
it one of the main car park
operators in the United
Kingdom encompassing
120,000 spaces of which
40,000 are in car parks and
80,000 in on-street parking.
G R O U P E G T M
Motorways, bridges, etc :
new contracts
Traffic has continued to
increase on the two major
toll bridges under operation,
the Severn Bridge in the United
Kingdom and Canada’s
Confederation Bridge. Also
work has begun on two
infrastructure projects the
concessions for which will be
managed by Groupe GTM :
in Greece, work began on the
Rion-Antirion bridge on
schedule with a view to its
opening in 2004. In Chile,
the acquisition of the concession-holding
company that
will build and operate 100
miles of motorway between
Chillan and Collipulli for a
21-year period has given
Groupe GTM an entry into a
country with considerable
development potential.
Cofiroute saw its 1999 revenue
increase by 7% on its
interurban road system in
western France; it obtained
the concession for the A86
tunnels in the Ile-de-France
region for a 75-year period.
Work has already begun and
drilling for the first tunnel
will begin before the end of
2000.
26
>Airports
A sector with high potential
It was in 1995 that Groupe GTM first became involved
in airport concessions, a sector with considerable potential.
It is predicted that growth in air passenger traffic world-wide
will exceed 5% a year and it is estimated that investment
in necessary infrastructures over the next 15 years will
amount to 320 billion Euros.
1999 ANNUAL REPORT

Airports: Increasing
traffic in those under
management and
development in Asia.
Traffic at the Pochentong airport
(Cambodia) has risen
substantially and the operation
of the 9 airports in
southeastern Mexico, with
traffic of 11 million passengers,
is in line with
predictions. Groupe GTM
has continued to invest in the
development of this healthy
sector with the continuing
growth in air traffic and the
promise of future privatizations
(only 2% of the market
Strategic partnership for
the development of Beijing airport.
As well acquiring a shareholding
in Beijing airport,
ADP Management also
signed a partnership
contract with “Beijing
Capital International
Airport” (BCIA) the company
responsible for managing
and operating the airport.
Backed by the skills
of Aéroports de Paris and
Groupe GTM, ADP
Management will also be
involved in organization
and training, the development
of a transit hub,
increasing commercial
revenue, enhancing the
quality of services, and
optimizing management
methods.
27
is in private hands). In fact
the essential compliance with
international quality standards
means inevitable
progress for concessions and
privatizations. In 1999,
Groupe GTM acquired a
34% holding in ADP Management.
The primary
objective of this arrangement
with Aéroports de Paris,
already a partner in the
Phnom Penh airport concession,
is international
development : investment in
privatization and airport
concessions, the operation of
these airports and the provision
of services. In Asia
ADPM acquired a holding in
Beijing airport when it was
first listed on the Hong Kong
stock exchange at the beginning
of 2000; this is a
strategic investment and
ADPM signed an assistance
contract for 5 years with
potential for renewal.
In brief …
> Operation of the 80,000seat
Stade de France has
been a success. Revenue
from sporting events,
shows and services offered
to contractors amounted
to FRF 457 million.
> As it refocused its
concessions business on
core activities, Groupe
GTM sold its holding in
the company running the
Superdévoluy ski resort to
a specialist operator.
> The operation of prisons
produced the expected
results. There are prospects
for development
abroad while the French
prisons administration is
now preparing to renew
current management
contracts in 2001.

GROUPE GTM ROADS
Turnover
Contribution from
the sector to turnover
Group’s 1999 share
2,359 million Euros
Turnover in millions
of Euros
Jean Lefebvre
1,794
2,055
1 9 9 7 1 9 9 8 1 9 9 9
30.2%
2,359
Entreprise Jean Lefebvre continued to expand,
particularly abroad, thanks to a sustained investment
policy. In 1999 business in France and abroad went up
by 15.4% in spite of poor weather and a doubling in the
price of bitumen. Over the last three years, sales in the
roads sector will have gone up by 50%, other things
being equal.
Sustained
development
Investment and
external growth
Major projects
1999 was a record year
with nearly one billion
francs invested in equipment
and the acquisition of holdings.
In France, the purchase
of the 6 la Meilleraie quarries
from the Lafarge group
increased the Group’s aggre-
During the year the British
subsidiary Ringway completed
the enormous task
of refurbishing road signs
and traffic lights on the
Manchester ring road. The
Czech subsidiary SSZ rebuilt
18 km of railway to modern
standards. In Canada, Con-
airports (Bâle-Mulhouse,
Clermont-Ferrand, etc.), construction
of a test track for
Renault, and the Toyota factory
at Valenciennes. Jean
Lefebvre also demonstrated
its reactivity by urgently
completing the construction
of the control station for the
Fréjus tunnel.
gate production capacity by struction DJL secured the
more than 10%, thus giving contract to rebuild freeway
further support to a field in 40 to the east of Montreal.
which Jean Lefebvre is the Other large projects include
leader in France. In other Hubbard’s work on route
countries, the acquisition of 417 in Orlando and the
majority holdings in the Bitu- widening of two sections of
mix and Probisa Chile the I-95 to the west of Palm
companies, together with its Beach, completion of the
Spanish subsidiary, opens up Ourossogui-Bakel road (142
new prospects in South
America. Acquisition of the
Ovisa Company in Galicia
adds to the Group’s presence
in Spain.
km) in Senegal, the continued
construction of the eastern
Nouméa bypass, the construction
of 24 km of
the A28 freeway, work at
Jean Lefebvre is one of
Europe’s leading roadbuilders.
In parallel with its
international development –
accounting for nearly 46%
of turnover in 1999 – the
company has diversified its
G R O U P E G T M
28 1999 ANNUAL REPORT

Entreprise Jean Lefebvre
road construction and maintenance
businesses, notably
as regards the production of
materials: asphalt, binders,
aggregate, recycled concrete,
clinker from domestic garbage
incineration, and so on.
Jean Lefebvre has a solid presence
in France and is the
leading road contractor in
the production of aggregate
and recycling of concrete.
29

GROUPE GTM ROADS
Sustained
development
Environment
friendly recycling
and re-use
Every year France produces
over 26 million
tons of domestic garbage,
90% of which is incinerated.
The solid residue
of incineration – clinker
– is a resource amounting
to nearly 4 million
tons.
This cheap material, once
made inert, can replace
road materials for a number
of purposes. Jean
Lefebvre owns 5 centers
for the treatment and
recycling of clinker and
will open four more
during the year 2000.
This process gives renewed
life to this waste
and helps preserve the
environment.
>Chile
A leading position
Jean Lefebvre is involved in Groupe GTM developments
in Chile. In 1999 it took a majority holding in the
Bitumix road building company. This Chilean company
has a 25% market share in Chile, particularly with its
16 asphalt production plants distributed
throughout the country.
Tram systems:
a market for the future
Jean Lefebvre has also moved
into the promising tram market.
The introduction of
trams – whether the traditional
system running on rails
or the “intermediate” system
on tires – construction
involves an enormous
amount of roadwork. In
1999 Jean Lefebvre worked
on the tramlines under construction
in Montpellier and
Orléans, and on the exten-
sion or construction of new
lines in Nantes, Lyon and
Nancy.
G R O U P E G T M 30
1999 ANNUAL REPORT

As part of the Trans Val-de-
Marne Economic Interest
Grouping, which involves
builders of rolling stock, network
operators and local
authorities, Jean Lefebvre is
participating in trials, at the
Thiais site, of a new mode of
transport that lies somewhere
between trams and buses.
These tests have demonstrated
the value of Jean Lefebvre
products against the substantial
risks of rutting.
Multi-year contracts,
targeted contracts:
long-term partnerships
The operating and maintenance
contract secured by
Ringway from the Kent county
authorities (8,000 km of roads
over 5 years) reflects the determination
of Jean Lefebvre to
increase the number of long-
term partnerships based upon
the concept of service.
The performance contract
signed by Construction DJL
with the Quebec Department
of Transport illustrates the
Group’s innovative approach
in contractual matters. This
contract covers the refurbishment
of the trans-Canada A20
highway and is subject to performance
guarantees over 5
years based upon ideas of partnership
and technological
transfer.
Despite the foreseeable reduction
in major projects in
France, compensated by an
increase in investment by local
authorities, the year 2000
opens with fairly encouraging
prospects. The Group’s ability
to grasp opportunities should
enable it to continue its
progress.
31
31
The la Meilleraie
quarries: purchase
of a site with
considerable potential.
Worked since the beginning
of last century, the Meilleraie
gravel deposits are of great
importance not only for
the quality of the aggregate
but also for the amounts
produced.
In acquiring 84.86% of
the shares in the Société
nouvelle des Carrières de
La Meilleraie, Jean Lefebvre
now has 12 sites with
an annual output of
2,5 million tons.

GROUPE GTM INDUSTRIAL
Turnover
Contribution from
the sector to turnover
Group’s 1999 share
2,368 million Euros
Turnover in millions
of Euros
553
590 595
1997 1998 1999
518
Delattre-Levivier
158
GTMH
580
1997 1998 1999
162
1997 1998 1999
619
L’Entreprise Industrielle*
878 853 844
1997 1998 1999
Entrepose
589
ETPM
724
1997 1998 1999
195
652
30.2%
In 1999, the major event was the acquisition of
Entreprise Industrielle (EI) by Groupe GTM which has
thus secured a powerful actor in the field of electrical
engineering and telecommunications. In the industrial
sector as a whole, recurrent activities are making
progress with multi-year contracts for maintenance
and services to industry.
A
Change of dimension
GTMH
>Electrical
GTMH business in 1999
showed growth in France
and consolidation abroad. At
home, its regional activities
varied across the country :
there was good progress in the
east and southeast, with
business more difficult in
Ile-de-France and in the Centre
region.
The Engineering and Major
Projects Department saw sustained
activity with the
Girassol project which, as part
of a consortium, concerns the
electrical, instrumentation and
telecommu- nications aspects
of installations for ELF Angola.
Elsewhere, work is continuing
in Libya, notably for Total.
Projects are developing in
*Annual turnover. The Group’s 1999
share of turnover includes only the
second half of the year.
Nigeria for a number of
clients in the oil industry, as
well as in Argentina.
The Nuclear Department
maintained its level of business
as a result of work
carried out for COGEMA.
The POTEL Automatic Systems
Department made
progress as a result of its
diversification into other than
the car industry sectors.
Activities involving the Very
High Voltage Lines Department
globally fell back in
France but new work should
be obtained following the
storms of last December. In
other countries business was
favorable, particularly in South
Africa. Despite an appreciable
drop in business in Congo, the
oil industry maintenance activity
developed by GTMH and
G R O U P E G T M 32
1999 ANNUAL REPORT
its FORAID subsidiary continued
satisfactorily, notably in
Angola, an oil producing
region that is developing
rapidly.
The activities of the Coris
and AMP-C3C subsidiaries
improved appreciably as a
result of their penetration
into civilian telecommunications,
particularly in the
deployment of the SIRCE
network for the American
operator Viatel.
> Renovation of
The Georges Pompidou
National Center for Art
and Culture reopened after
3 years of renovation work.
GTMH was responsible for
high voltage and low voltage
electrical systems.

the Georges Pompidou National Center
El Audiovisuel, for its part,
contributed its skills in the
areas of multimedia information
systems and audiovisual
engineering. The company
designed and built the library’s
information system and
designed and commissioned
the audiovisual facilities for
the Center’s 2 theaters and
cinemas.
33

GROUPE GTM INDUSTRIAL
A
Change of dimension
SCLE continued its expansion
in power grids and
catenary systems in France
and Europe, particularly in
Italy. BONMORT had a reasonable
year in its traditional
field of electrification in the
Poitou-Charentes regions
and in its industrial and
services activities.
SNEC continued its work on
electrification in Normandy.
AMSE made appreciable
progress during the year in
the Dauphiné-Savoie region.
ENELEC in Gabon and
GTME in Venezuela had to
cope with the fragile
economies of these two countries
following the 1998 fall
in the oil price.
Railway
renovations
in northern Italy
The Italian railways
(Ferrovie Dello Stato)
awarded a substantial
contract for the re-electrification
of the railways
in northern Italy to a
consortium for which
SCLE is the leader.
Work on renovating the
Florence and Pisa train
stations as well as
stretches of line totaling
200 km in length should
take 31 months.
L’ENTREPRISE
INDUSTRIELLE
Not taking into the civil engineering
field, business –
mostly in France – moved
ahead slightly in 1999. As it
entered Groupe GTM, L’Entreprise
Industrielle sold its
civil engineering subsidiary
EIGCC, as well as its subsidiary
specializing in test
beds for the automobile
industry. At the same time,
L’Entreprise Industrielle has
built up its activities of integrating
communications
networks by acquiring
France Réseaux Systèmes, in
multi-service maintenance by
acquiring IEA Lacq, and in
air conditioning by acquiring
Arizzoli.
The repair and refurbishment
of overhead power lines following
the storms at the end
of the year should compensate
for the fall in the volume
of work in this field. Work on
undergrounding electrification
grids is developing rapidly.
>High technology
for radomes
AMP-3C3 (GTMH) has developed thin-skinned radomes made
of composite materials for protecting civilian or military
radar antennas. With this new technology that uses the
same tools and production techniques as traditional
radomes, the company has gained a highly competitive
edge on the world market.
Projects concerned with street
lighting showed progress and
significant orders were
received : lighting for the training
center of the French
Football Federation at Clairefontaine,
lighting of four Paris
bridges, and the millennium
illuminations in the cities of
Cannes, Grasse and Théoulesur-Mer
carried out by the
subsidiary Pignatta.
Activities in the industrial
and services sector by the
subsidiaries of EI and of
Verger Delporte remain stable.
Substantial orders were
received, such as the electrical
works of the Tanagra
Coeur Défense real estate
project and the renovation of
the central Bordeaux post
office by the subsidiary
Sogilec.
E.I. Audiovisuel made satisfactory
progress in its areas
of institutional audiovisual
and broadcasting.
Work in telecommunications
continued to grow with contracts
such as that for
refurbishing the telephone
installations at the University
Hospital Center in Clermont-
Ferrand by Verger Delporte
Centre-Est.
Work on high voltage substations
and power plants
remained stable during the
year despite a general contraction
of the market.
G R O U P E G T M 34
1999 ANNUAL REPORT

ENTREPOSE
Business reorganized
and sustained abroad
Entrepose set up a new organization
at the beginning of the
year in order to increase its competitivity.
In 1999, 35% of its
business was overseas. Within the
Entrepose Montalev Services
Division, the activities of the
branch network and nuclear services
grew by 9%. The teams from
the Entrepose Tsi and Montalev
Departments were integrated rap-
The air conditioning skills
developed by Seitha were
consolidated as its activities
were redeployed towards the
construction of clean rooms,
the ventilation of tunnels
and maintenance services.
Two new projects were
opened in Saint-Etienne and
Cergy-Pontoise and a third
in the Centre region following
the acquisition of
Arizzoli. Significant orders
were secured during the year
such as those for the ventilation
of a tunnel in Cairo,
Egypt, the Rennes metro,
and air conditioning of the
Chatellerault hospital, and
the Lyon municipal archives.
ELG specializing in the integration
of electronic defense
systems, continued its development.
idly in a satisfactory manner. The
works departments obtained contracts
such as those for laying
composite and steel pipes for the
two drilling platforms for DCN
International in Brest, as part of a
consortium; the prefabrication
and erection of two cracking furnaces
for ESSO at Gravenchon;
the dismantling, as part of a consortium,
of the Brennilis nuclear
power plant; the initiation of a
contract as a general contractor
for the construction of a water
35
35
GTMH-EI
A unified electrical
business in 2000
During the year 2000 GTMH
and L’Entreprise Industrielle
will combine to form a comprehensive
electrical business
capable of handling high and
low voltage projects in the
industrial and services field,
electrification works, telecommunications
systems and
networks, and air conditioning
engineering. In order to
build on its activities this new
group will continue its efforts
to grasp all opportunities for
contracts in multi-technique
global maintenance or the
externalization of services.
>Industrial installations and maintenance
transport facility in New Caledonia.
The Complex Projects design
and construction teams were reinforced.
Entrepose affirmed its
strength in the oil and gas industry
through projects concerned with
storage, pumping stations, processing
and compression.
Airside lighting in the Fedex freight zone –
Roissy airport (GTMH)
Technical prowess
in high speed
telecommunications
In 1999, VIATEL, the operator
of the first pan-
European high-speed
telecommunications
network, opened its first
local loop between the
United Kingdom, France
and Germany. CORIS
deployed this network
between Nancy and
Saverne, and between
Paris and La Défense as
well as the Amiens
bypass in a very short
time, and also built the
technical facilities on a
turnkey basis. This project
necessitated the
laying of nearly 200 km
of cables and the making
of more than 12,000
optical fiber connections.

GROUPE GTM INDUSTRIAL
A
Change of dimension
In the United Kingdom, activities
expanded with the
construction at Beattock, in
Scotland, of a large compressor
plant intended to increase
gas supplies to Northern Ireland.
In the Middle East, as in
Nigeria, business remained at
a high level, notably with the
start-up of the BELEMA project,
a gas compressor station
to be installed on platforms in
the Niger delta. Commercial
progress was very marked
around the Mediterranean, in
Europe, in Central Asia
around the Caspian Sea, and
on the African continent.
There are prospects in Algeria
where a number of substantial
bids have been submitted to
Sonatrach for pipelines and
compressor stations. In West
Africa, prospects in water
engineering resulted in the
opening of a regional representative
office in Senegal.
In the specialist businesses,
work on pipes and pipelines
was mainly in France and the
United Kingdom. In Scotland,
Entrepose contributed
to BP developments in
Grangemouth, and in Belgium
where the company
built a gas pipeline for Distrigaz
(the Tractebel Group).
Similarly, work on the
design, construction and
erection of large oil and gas
tanks was reinforced by the
takeover of the CMP
Dunkirk factory and the
introduction of a single com-
mercial organization known
as CMP Entrepose. Work
continued around the world,
principally in Europe and
Asia and particularly in
China. A major feature of
engineering design and complex
lifting operations was
the completion of a lighthouse
project in the port of
Brest. In power engineering,
work was refocused on the
design, maintenance and
modernization of large installations
(power production,
cementmaking, stacks, boiler
setting and so on). The comprehensive
services covering
industrial heat engineering,
refractory products, stacks
and boiler repairs were combined
and regionalized under
the single name of Ferbeck &
Vincent which benefits from
a considerable reputation.
Finally, the restructuring of
the paper industry services
business within the Group
resulted in Siempa being
transferred to Lozai (Delattre-Levivier)
at a time when
there was considerable new
investment in the conversion
of paper and board
machines.
The volume of business of
Entrepose Echafaudages
went up by 13%. It did particularly
well in services to
industry, despite the very
marked recession in this
activity in public works and
in France as regards historic
monuments, industry and
>Gaz storage in China
CMP-Entrepose is building large gas storage tanks in China.
Following completion of the contract covering the supply
of 4 spheres of 10,000-cu. meter capacity and providing
technical assistance with their erection in Xian, Entrepose
is building 10 identical spheres in Beijing. This specialty
is also expanding into the area of long-term maintenance.
shipyards. Abroad the Entrepose
Mills International Economic
Interest Grouping saw considerable
growth, marked by the
development of two projects:
in Martinique with Delattre-
Levivier, and in Portugal in
partnership with Entrepose
Montalev Services. In Asia,
a feature of the year was
the award of a large contract
in Malaysia to manufacture
35,000 bleacher
seats for the formula 1 Grand
Prix in Kuala Lumpur.
As part of the “France-Morocco year”, Entrepose
contributed to the classic reconstruction of the Porte de Meknès
on the place de la Concorde in Paris
G R O U P E G T M 36
1999 ANNUAL REPORT

Mills has had to cope with the
recession in public works and
the termination of work on
the high-speed train known
as TGV Méditerranée. The
firm has redeployed to other,
more healthy markets such as
the erection of structures
needed for restoring the
Limoges station.
DELATTRE-LEVIVIER
External and internal
growth: higher volumes
In 1999, Delattre-Levivier’s
business increased by 20%,
half due to internal growth
and half to external growth
operations, particularly the
purchase of the Alsace company
Cocentall. With establishments
in Strasbourg,
Mulhouse and Colmar,
Cocentall which specializes in
mechanical machining and
system maintenance work,
has over 320 clients throughout
industry and provides
Delattre-Levivier with a strong
regional foothold in eastern
France. During the year, Delattre-Levivier
also secured two
contracts that strengthen its
position as a global multitechnique
and multi-service
maintenance operator: all
maintenance on the petrochemicals
and refining
platform of Esso-Exxon in
Normandy; for CERN in
Geneva, total maintenance
and the operation of all transport
handling and logistics
systems.
ETPM
Groupe GTM quits
offshore
In 1999, Groupe GTM decided
to sell ETPM to the
Norwegian company Stolt
Comex Seaway for 273 million
dollars. This formed part
of the refocusing of Groupe
GTM activities on its core
businesses. This will enable
37
37
ETPM to continue its international
development by
forming, jointly with Stolt
Comex Seaway, one of the
world’s leading groups in oil
installations. This entity will
achieve sales of 1.3 billion
euros and will be in a unique
position for deepsea works.
A world first
in complex lifting
operations
The construction of two
semi-submersible drilling
platforms involved
Montalev Levage in transfer
operations by barge
from Saint-Nazaire to
Brest and exceptional lifting
operations at that
harbour. Lifting decks
weighing 6,500 tons to
heights of over 30 meters
using masts and linear
winches in Brest harbor
constituted a world first.

GROUPE GTM BUILDING & CIVIL ENGINEERING
Turnover
Contribution of this area to
turnover : Group 1999 share
2,270 million Euros
29%
Turnover in millions
of Euros
DUMEZ-GTM*
1,135
1,028 1,017
1997 1998 1999
GTM Construction
1,414 1,378 1,419
1997 1998 1999
CFE Belgium
570 572
1997 1998 1999
1997 1998 1999
648
Wiemer & Trachte
Germany
470 454 442
*direct business and
shares of CFE and
Wiemer & Trachte
Groupe GTM now works in the field of Building and Civil
Engineering through two companies: DUMEZ-GTM for
international and majors projects and GTM Construction in
France. 1999 saw a recovery in construction and public
works in France and a refocusing on major sites abroad.
The geographical distribution of activities has stabilized
at 61% in France and 39% abroad, half in building and
half in civil engineering. This field now accounts for
29% of Group turnover.
Refocusing
completed
In France :
return to growth
Despite the absence of any
major national projects,
the public works sector saw
slight growth as a result of
orders from local authorities
while building profited from
the recovery in house sales
stimulated by the Périssol tax
arrangement.
At the end of 1999 Chantiers
Modernes joined the French
network spearheaded by GTM
Construction whose regional
organization, from the operational
standpoint, now
combines all the Group’s
French subsidiaries in building
and civil engineering.
Two large projects were completed
in 1999 : the viaducts
in Avignon for the high speed
train (TGV Méditerranée)
and that at Chavanon over
the A89 motorway. In building,
the Evergreen hotel in
Levallois was handed over to
Elige. The principal orders
received include several earthworks
projects for ASF on the
A66 and A89 motorways, a
similar project for the Nancy
tram system, and three hotels
for Accor. Work continued on
the Axis building for Unibail
in Neuilly, the court buildings
in Avignon and Grenoble,
and the incineration plant for
Econotre (Novergie).
International projects
The direct business of
DUMEZ-GTM was divided
between Europe (44%), Asia
(23%), the Americas (22%),
Africa and the Middle East
G R O U P E G T M
38 1999 ANNUAL REPORT
> On the A89:
Built on the A89 motorway
between Auvergne and
Limousin, the Chavanon
viaduct is a structure of
unique design with its two
inverted V towers 70 m high

The Chavanon viaduct
and its suspended 9,000-ton
deck, which elegantly bestrides
the 360-m wide chasm
in the rock to a depth of
60 m. A spectacular technique
developed by GTM
Construction was used for
positioning the deck which
was laid in 2 sections of
180 m, built simultaneously
from the two banks.
39

GROUPE GTM BUILDING & CIVIL ENGINEERING
Refocusing
completed
DUMEZ-GTM
involved in
a number of
major European
tunnel projects
in Europe
- Construction of tunnels
on the A86 motorway in
the west of Paris and those
for the high speed rail link
between London and the
Channel Tunnel.
- With its Belgian subsidiary
CFE, completion in a consortium
of the contract for the
construction of the
Pannerdensch tunnel, in the
region of Arnhem in the
Netherlands. This tunnel
forms part of the new
“Betuwe Route” rail line
dedicated to freight transport
between the port of
Rotterdam and Germany. The
project consists essentially
of a bored double tunnel
carrying the tracks under the
Pannerdensch canal (a tributary
of the Rhine). The
4-year project includes the
construction of two tunnels
each 1,600 m long, bored
using a “mud pressure”
tunneling machine, with
an inside diameter of 8.65 m
and two access ramps each
600 m in length..
- In a consortium, the contract
for work on the Mitholz tunnels,
in Switzerland, in the
Canton of Berne. This 6-year
contract covers the construction
of 25 km of railway
tunnels, excavated using
explosives, requiring a total
of 1,650,000 cubic meters
of ground to be excavated.
This is the largest section
of the works for the crossing
of the Lötschberg.
(11%). The increased business
in Europe was due to the
intensified work on the Rion-
Antirion bridge in Greece and
the tunnels and viaducts for
the high-speed train link
between Dover and London.
In Asia, an important series of
tunnels for the Hong Kong
metro was started in 1999,
while the Ertan dam (China)
on which work started in
1991, was handed over to the
client. Orders received in 1999
include the Chillan-Collipulli
motorway (Chile) under a concession
obtained by Groupe
GTM, a railway tunnel in the
Netherlands, as a member of a
consortium of contractors with
the Belgian subsidiary CFE,
and the mole for the port of la
Condamine in Monaco, again
in a consortium.
Some of this direct activity
involves subsidiaries. In
1999 the Hungarian subsidiary
(Hidepitö) built the
water treatment plant for
Budapest South while work
on the Zela viaduct continued.
The Czech subsidiary
SMP specializes in bridgebuilding
and saw a slight
increase in its workload. The
>Roland
Garros
renovated for the
“Internationaux de France”.
A subsidiary of GTM Construction, Entreprise Petit,
secured the contract for the continued modernization
of the Roland Garros tennis stadium. The courts will be
rebuilt to the stadium’s own architectural style and should
be completed in 2001 for the “Internationaux de France”.
Between Rion and Antirion in Greece, the bridge
being built under the supervision of DUMEZ-GTM
is nearly 3 km in length. The first stage is to
build the first 2 caissons 90 m in diameter and
13 m high on a drydock; once completed they
will be towed to their final position and positioned
on the seabed to accommodate the bridge piles.
G R O U P E G T M 40
1999 ANNUAL REPORT

idges on the Trebonice-
Resy road were handed over
at the end of the year and
work on the Rabuza bridge is
approaching completion.
Foreign subsidiaries:
progress by CFE
The level of activities of the
German company Wiemer und
Trachte, in which DUMEZ-
GTM has a 50% holding, fell
slightly compared with the
previous year owing to the
depressed situation of the
building industry in Germany.
In Belgium on the other hand,
the business of CFE, in which
the Group is the largest shareholder
with more than 45%,
saw a rise of 13,3%. The Bel-
gian subsidiary is an industrial
group working in the
areas of building, civil engineering,
industrial construction,
electrical installations
and dredging. Sales by the
Buildings and Industrial Constructions
Department were
up in Belgium, Luxembourg,
Hungary and Poland. The
Civil Engineering Department
saw a net increase in work,
with CFE completing large
projects in Belgium and the
Netherlands. The electrical
installations side is continuing
its development and
diversification.
41
TGV Méditerranée :
completion of France’s
biggest project
Begun in 1995, the construction
of the 250 km of
high-speed lines required
the construction of some
500 bridges and similar
structures. GTM
Construction has been
involved in a number
of projects : earthworks
totaling 23.5 million tons
of fill, sewerage, drainage,
erection of noise barriers,
retaining walls and
209 bridges, etc., the most
noticeable of which are
the Avignon viaducts, and
the Bonpas tunnel and
viaduct, as a member of a
consortium. Construction
of the Avignon viaduct
(each 1,500 m long)
will have taken 3 years.

GROUPE GTM ENGINEERING CONSULTANCY
Turnover
Contribution from
the sector to turnover :
Group’s 1999 share
125 million Euros
Turnover in millions
of Euros
Ingérop
86
1.6%
130
1 9 9 7 1 9 9 8 1 9 9 9
125
Arts et Civilisations Museum,
quai Branly in Paris
(Architect : Jean Nouvel)
In 1999, Ingérop’s strategy was confirmed by its results
and the investments made : predominance of overall
project management, targeted development of turnkey
contracts for complex industrial facilities, and international
expansion. With the strengthening of its industrial side
through external growth, Ingérop has become one of the
major players in diversified engineering consultancy in
France.
Skills
reinforced
Consolidation of
turnkey contract
arrangements
Turnkey business in 1999
was sustained and better
distributed than in 1998
when a third of the strong
growth in turnover came
from the supply of a large
mineral water complex in
Russia. This trend should be
confirmed by the contracts
signed during the last few
months of the year.
A move towards global
project management
In the field of infrastructure,
securing the contract for one
of the major sections of the
TGV Est Européen (High-
Speed Train Services in
eastern Europe) marks the
trend towards global project
management in an area long
reserved merely to technical
design work. This is also the
case of urban transport systems
which have continued
and diversified their development
: we may mention in
particular the tracked tram
systems (in Grenoble,
Nantes, Bordeaux and Valenciennes)
or trams running on
tires (Nancy and Clermont-
Ferrand), automatic light
metro systems (Rennes and
Toulouse). In other countries,
works supervision of the
Seoul – Pusan high-speed
train system was marked by
the opening at the end of
1999 of the first stretch by
the South Korean authorities.
Building:
Major successes in
contract management
The handover of the European
Federal Express Center
at Roissy was a major success
in the complex project management
for the construction
of the buildings (covering
77,000 sq. m.). This project is
G R O U P E G T M 42
1999 ANNUAL REPORT

TGV
Innovation for the Eastern
Europe high speed train
For the first time ever, French Railways is allowing private engineering designers
to compete for the civil engineering project management of a high-speed train
service, that which will link Paris to Strasbourg. Ingérop was awarded section B,
with a length of some 60 kilometers between Château-Thierry and Reims, including
a number of exceptional bridges, in a mixed urban and rural environment.
Ingérop was also made responsible for co-ordination and communication in respect
of this section which was regarded as the most sensitive.
a good illustration of the
desired move towards broader
and more complex building
design. Project management
for the installation of the PSA
factory in Brazil, in Rio de
Janeiro state, followed the
same approach. Architecturally
designed buildings had
a successful year : handover of
the UEFA general secretariat
in Nyon in Switzerland (architect
: Patrick Berger), and
assistance with project management
for the completion of
the European Parliament
building in Strasbourg. In the
cultural field, Ingérop was
made project manager for the
renovation and reorganization
of the “Petit Palais”
museum and for the Musée des
Arts et Civilisations in Paris.
Industry:
Strengthened skills
and reinforced image
Ingérop strengthened its industrial
side with its May 1999
acquisition of Litwin France, a
subsidiary of Raytheon Engineers
& Constructors which
has built up a considerable reputation
with its oil/chemicals
processing units, having major
clients in France and abroad.
43
The new Ingérop-Litwin entity
now offers a diversified range
of skills from energy production
to the recycling of waste,
from oil production to the
manufacture of polymers. Following
the important step in
Lisbon, two combined generation
units were awarded to
Ingérop on a turnkey basis:
one for the Modo Paper papermaking
plant in the Oise, the
other – in partnership with
Elyo Ile-de-France – for Aéroports
de Paris at Roissy. As
regards energy recovery from
domestic and similar waste,
two operations in China are
worthy of note: the site for the
future Shanghai-Pudong factory
was opened, while with the
same partner, ABB-Alstom and
GTMH, a new turnkey contract
was signed by Ingérop for
a factory in Beijing –
Chaoyang.
Izmit Raffiner Turkey

GROUPE GTM REAL ESTATE
Turnover
Contribution from
the sector to turnover:
Group’s 1999 share
100 million Euros
25
1.3%
Turnover in millions
of Euros
Elige
131
1 9 9 7 1 9 9 8 1 9 9 9
100
Elige benefited from the end of the Périssol tax reduction
scheme and the recovery in the real estate business.
It also showed good results in the hotel sector where
it is involved in project management.
Recovery
confirmed
During the first half of
1999, housing sales
were firmly sustained by purchases
by individual investors
under the Périssol tax reduction
scheme. Over the year as
a whole ELIGE sold nearly
1000 apartments, or 16%
more than in 1998.
The housing market remains
healthy and, after an interval,
purchases by individual
investors encouraged by the
Besson tax reduction scheme
should resume. At the end of
1999 the stock of apartments
begun but not sold had been
reduced to 324 and ELIGE is
offering projects the very
great majority of which are
eligible for Besson tax reduction
scheme.
As regards offices and business
property, the recovery
was confirmed. Initially evident
in Paris, it extended to
the suburbs and to certain
provincial cities. ELIGE sold
a few industrial buildings,
ready to occupy, together
with a large office complex in
Luxembourg. It was also
>The George V hotel
entirely renovated
Elige directed the project for the complete renovation
of the George V hotel in Paris. This building, the property
of Prince Al Walleed, opened its doors at the end of 1999
after 18 months of work.
appointed as project manager
for the renovation of Paris
buildings.
ELIGE is involved in the
hotel sector mostly as a service
provider and operations
manager. In 1999 a 340room
hotel in Levallois was
handed over to the Taiwan
group Evergreen, and 6
hotels for the Accor group of
which 3 are in the Paris area,
1 in the provinces and 2 in
Spain. Directed by Elige, the
complete renovation of the
Four Seasons George V hotel
was completed. In conjunction
with Nouvelles
Frontieres, the construction
of 5 hotels in Polynesia is
under consideration.
G R O U P E G T M 44
1999 ANNUAL REPORT

Financial
report
45
CONTENTS
> Board of Directors’ Report (main extracts) 46
> Consolidated Financial Statements 49

GROUPE GTM BOARD OF DIRECTORS’ REPORT
Board of Directors’ Report
Main extracts
Ladies, Gentlemen,
In accordance with Article 32 of the Articles of
Incorporation, you have been summoned to attend this
Annual General Meeting to hear the annual reports and
accounts for the financial year ended December 31,
1999, presented by your Board of Directors and
Statutory Auditors.
This year, our net income, group share, rose sharply
reaching a figure of 143 million euros, compared with
65 million euros in 1998. Excluding income from the
sale of the offshore activity, and including deferred tax
debits taken into consideration in 1999, net income was
up by 39%.
Consolidated turnover, 39% of which was achieved
abroad, amounted to 7.8 billion euros (FRF 51.3 billion),
compared with 7.4 billion euros in 1998. The 1999
figure includes one semester's activity for our subsidiary,
L'ENTREPRISE INDUSTRIELLE, acquired in mid-
1999. With the same consolidation scope, there was a
3% increase in turnover compared to the previous financial
year: the good performance of the electricity and
roads sectors offset the decrease in business activity
of ENTREPOSE and ETPM. The Building & Civil
Engineering's relative share of the Group's turnover was
reduced from 34.5% to 29%.
Pre-tax income rose by 20% compared to 1998,
to 156 million euros. Income from equity accounted
companies amounted to 61 million euros, compared
with 32 million euros, reflecting the improvement
in COFIROUTE's results and the fact that
SOLÉTANCHE BACHY, in a loss situation in 1998, is
no longer included in the consolidation, due to the
reduction of our interest to 19%.
Extraordinary net income/expense was close to the
break-even mark, with the capital gains on the sale of
ETPM offsetting the provisions for risks and charges set
up on the recommendation of the Board of Directors.
The year's net income included a deferred tax debit of 33
million euros (FRF 217 million). Recognition of this
amount was possible due to good visibility in 1999 over
GROUPE GTM's anticipated fiscal situation.
The sale of the offshore activity (ETPM shares
and barges), net of tax and commitments taken with
respect to the purchaser, amounted to 26 million euros
(FRF 169 million). The sale of the balance of ETPM's
equity, which took place in early February 2000, will
generate an additional capital gain, net of tax, in the
region of 75 million euros (FRF 490 million).
Cashflow was 373 million euros (FRF 2.45 billion)
showing a 13% increase over 1998. At the end of 1999,
the Group's equity stood at 890 million euros (FRF 5.8 billion),
against a figure of 736 million euros (FRF 4.8 billion)
in 1998. This increase reflects the sharp growth in
income in 1999 and, to a lesser extent, the rise in the capital
stock reserved for employees.
GROUPE GTM SA's net income amounted to 41 million
euros (FRF 269 million), compared with 9 million euros
(FRF 61 million) in 1998.
Concessions
The concession's activity expanded significantly in
1999:
> Car parks
In France, LES PARCS GTM acquired GIS (15,000 spaces)
and continued its expansion with the acquisition of
concessions in several towns, including Chambéry,
Perpignan and Périgueux.
On the international front, LES PARCS GTM obtained
facilities in Chile (1,250 spaces) and in Hong Kong, with
the acquisition of ADAMS PARKING (30,000 spaces),
the second largest parking operator in Hong Kong.
Finally, LES PARCS GTM acquired TFM in England, in
early 2000. The company manages around 120,000 spaces,
mainly in street-parking facilities.
> In the transport infrastructure sector
GROUPE GTM moved into Chile with the acquisition of
81.25% of a 160-kilometer highway concession between
Chillan and Collipulli. The 21-year concession should
gradually enter into service, starting in 2001.
G R O U P E G T M 46
1999 ANNUAL REPORT

COFIROUTE continued to expand its business in 1999,
with a 7% rise in turnover. At the beginning of the year,
COFIROUTE was again awarded the concession for the
A86 in the Paris Area. Work for this concession amounts
to FRF 11 billion and started up again at the end of 1999.
> In the airport sector
GROUPE GTM took a 34% interest in the capital of
ADPM, ADP's international development subsidiary.
Via ADPM, the Group has become a “strategic partner”
of Peking airport with 10% of the capital stock reserved
for the reference partner.
Building and civil engineering
DUMEZ GTM's consolidated management turnover
amounted to 2.44 billion euros (FRF 16 billion) which
was a similar performance to the previous year.
In France, business was up by 2%, thus reflecting a
recovery on the French market, while foreign business
was down, due to the completion of important international
contracts during 1999.
A significant event during the year was the merger of the
activity of CHANTIERS MODERNES and GTM
CONSTRUCTION, following on from the merger of
the activity of DUMEZ CONSTRUCTION/GTM
CONSTRUCTION in 1998. DUMEZ GTM now
operates in France through GTM CONSTRUCTION
which heads all the GROUPE GTM's regional building
and civil engineering activities. This company is present on
a local basis via the GTM, DUMEZ and CHANTIERS
MODERNES trading names.
DUMEZ GTM's results continued to improve during
1999, following on from 1998 which was marked by a
return to profit.
Roads
The consolidated turnover of ENTREPRISE JEAN
LEFEBVRE, wholly owned by GROUPE GTM following
the squeeze out operation in June 1999, rose to 2.37
billion euros (FRF 15.6 billion), up 15%. This increase
results both from favorable development of business in
47
France in 1999 and from the acquisition of BLYTHE in
North America and SAGED in France.
During the year, ENTREPRISE JEAN LEFEBVRE
continued its external growth policy by moving into
Chile with the acquisition of BITUMIX.
Industrial activities
> Industrial installations
"Industrial installations and maintenance" turnover
amounted to 713 million euros (FRF 4.7 billion); this
decrease of 5.8% over 1998 was specifically due to the
anticipated downturn in the pipeline activity.
DELATTRE LEVIVIER's turnover and net income for
the year was good and ENTREPOSE achieved a substantial
reduction in its deficit compared with 1998 and
hopes to return to a profit situation in 2000.
> Electricity
The significant event in 1999 was the acquisition of
L'ENTREPRISE INDUSTRIELLE by means of a
takeover bid. Following its merger with GTMH in 2000,
the company will become one of France's leaders in the
electricity services and maintenance sector. This new
entity, well positioned on high-expansion markets, now
constitutes an important pole for GROUPE GTM. 1999
turnover for the electricity sector, including one
semester's activity for L'ENTREPRISE INDUSTRIELLE,
reached the 989 million euros (FRF 6.5 billion) mark.
> Offshore
ETPM's turnover remained stable throughout the year at a
figure of 652 million euros (FRF 4.3 billion). GROUPE
GTM decided to sell this company which resulted in
significant capital gains in 1999 and 2000. This operation
confirms the continued refocusing of GROUPE GTM's
business activities and has enabled it to step up its expansion
in its principal professional sectors, particularly in the fields
of maintenance and concessions. In addition, it gives
ETPM the means to continue its international expansion
by forming one of the world's leading offshore installation
services groups with STOLT COMEX SEAWAY.

GROUPE GTM BOARD OF DIRECTORS’ REPORT
Miscellaneous
> In Real Estate
ELIGE's business was steady, with a reservation amount
in the region of 100 million euros (FRF 653 million) and
the activity has generated a clearly positive profit figure.
> Engineering consultancy
INGEROP's activity amounted to 125 million euros
(FRF 818 million), slightly down over 1998 when major
turnkey operations were recorded.
INGEROP has consolidated its industrial engineering
capacities, in the oil sector in particular, with the acquisition
of the French branch of LITWIN, a subsidiary of
RAYTHEON.
Outlook
The Group order book as of January 1, 2000, amounted
to 4.7 billion euros, an increase of 13%. L'ENTREPRISE
INDUSTRIELLE is included in this order book which
does not include the offshore activity which was sold at
the end of the year.
Order books have increased for all sectors, with
ENTREPRISE JEAN LEFEBVRE showing a particularly
significant rise. The Group's 2000 turnover is
expected to be similar to 1999, with the acquisition of
L'ENTREPRISE INDUSTRIELLE offsetting the sale of
ETPM in terms of volume of activity.
Unless any significant hitherto unknown quantities affect
performance, a further increase in consolidated income is
expected in 2000.
G R O U P E G T M 48
1999 ANNUAL REPORT

CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Financial Statements
Statutory Auditors’ Report
49
CONTENTS
> Financial Highlights 50
> Business Segment Information 51
> Income Statement 52
> Statement of changes in Financial Position 53
> Consolidated Balance Sheet 54
> Notes to 1999 Financial Statements 56
> Statutory Auditors’ Report 77

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Financial Highlights
(Consolidated data in millions of euros, unless otherwise stated) FY 1999 FY 1998 FY 1997
1. Turnover, group share (a) 7,823 7,376 6,883
including foreign turnover (a) 3,071 3,214 2,905
2. Order book, group share (12/31) 4,688 4,964 4,686
3. Income:
> pre-tax income before exceptionals 156 108 77
> consolidated income 155 64 48
> net income, group share 143 65 39
4. Working capital provided from operations 373 329 311
5. Acquisition of fixed assets 596 466 403
6. Shareholders’ equity, group share 890 736 736
7. Shareholders’ equity, group share and minority interests 1,023 867 891
8. Share capital market value as of 12/31 1,489 1,351 931
9. Data per share (in euros):
> income, group share (b) 9.35 4.28 2.57
> cash flow (b) 24.39 21.70 20.72
> net dividend distributed 2.35 1.50 1.30
> share capital, group share (c) 57.68 48.17 48.85
> share price as of December 31 96.50 88.42 61.74
(a) Turnover during the year, calculated by proportional integration of all the companies in the group.
(b) Data calculated on the basis of the average weighted number of shares during the year.
(c) Data calculated on the basis of the number of shares in existence at financial year-end
G R O U P E G T M 50
ANNUAL REPORT 1999

Business Segment Information
Turnover, group share (in millions of euros) FY 1999 FY 1998 FY 1997
Concessions 492 451 388
Roads 2,359 2,012 1,824
Industrial activities 2,368 1,996 1,662
Building and civil engineering 2,270 2,549 2,823
Other activities 334 368 186
Total 7,823 7,376 6,883
(Turnover achieved during the financial year, calculated by proportional integration of all the companies in the group.)
Net income, group share (in millions of euros) FY 1999 FY 1998 FY 1997
Concessions 66 50 45
Roads 30 25 18
Industrial activities 31 31 31
Building and civil engineering 13 7 -27
Other activities 3 -48 -28
Total 143 65 39
Acquisition of fixed assets (in millions of euros) FY 1999 FY 1998
Concessions 12 76 30
Roads 96 58 102 40
Industrial activities 74 140 132 43
Building and civil engineering 96 7 79 27
Other activities 3 34 5 8
Total 281 315 318 148
Fixed assets (in millions of euros) December 31, 1999 December 31, 1998
Concessions 451 388 461
Roads 400 173 353 224
Industrial activities 149 72 252 92
Building and civil engineering 318 66 296 74
Other activities 54 175 72 50
Total 1,372 874 973 901
Number of employees December 31, 1999 December 31, 1998
Engineers
and
Executives
Clerical and
Technical
Staff
Workers
Concessions 348 1,688 1,569 3,605 346 1,556 695 2,597
Roads 1,716 4,646 16,022 22,384 1,486 3,954 13,360 18,800
Industrial activities 3,049 7,181 10,233 20,463 2,041 4,351 7,018 13,410
Building and civil engineering 2,176 4,191 14,256 20,623 2,458 4,994 19,014 26,466
Other activities 680 126 546 1,352 637 70 626 1,333
Total 7,969 17,832 42,626 68,427 6,968 14,925 40,713 62,606
(Workforce of companies included in the consolidation scope, irrespective of consolidation method used.)
51
Intangible
and tangible
assets
Intangible
and tangible
assets
Total
Financial
assets
Financial
assets
Engineers
and
Executives
Clerical and
Technical
Staff
Intangible
and tangible
assets
Intangible
and tangible
assets
Workers
Financial
assets
Financial
assets
Total
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Income Statement
(in millions of euros)
Note FY 1999 FY 1998 FY 1998 FY 1997
Operating income (excluding reinstatement of provisions)
pro forma
Revenue from works and services 8,358 7,440 7,314 6,796
Variation in inventory/work in process -662 -437 -432 -165
Total sales 1 7,696 7,003 6,882 6,631
Capitalised expenses 48 52 51 19
Other income 123 116 114 74
Expenses charged to third parties 165 136 133 129
8,032 7,307 7,180 6,853
Operating expenses
Purchases and outside services 2 -5,477 -5,045 -5,004 -4,811
Taxes and similar payments -136 -122 -115 -116
Salaries, wages and social charges -1,992 -1,759 -1,739 -1,676
-7,605 -6,926 -6,858 -6,603
Equity income from joint operations 11 55 55 56
Allowance for depreciation 3 -247 -238 -219 -184
Net allowance for reserves 4 -17 -33 -30 -28
Operating income 174 165 128 94
Revenue from unconsolidated interests 9 4 4 1
Currency loss/gain 8 -8 -7 5
Net interest -34 -31 -17 -22
Net provision allowance -1 -1
Financial expense 5 -18 -35 -20 -17
Pre-tax income before exceptionals 156 130 108 77
Income from the sale of fixed assets 99 44 44
Other and extraordinary income and expense -27 -22 -25 -46
Net provision allowance (or reinstatement) -76 -53 -54 17
Extraordinary expense 6 -4 -31 -35 -29
Income tax 7 -40 -52 -41 -24
Share in net profits of equity accounted companies 61 32 45 37
Consolidated net income
before amortization of acquisition goodwill 173 79 77 61
Amortization of acquisition goodwill -18 -15 -13 -13
Consolidated income 155 64 64 48
Net income group share 143 65 65 39
Minority interests 12 -1 -1 9
G R O U P E G T M 52
ANNUAL REPORT 1999

Statement of Changes in Financial Position
(in millions of euros)
Initial cash position 363 358 292
Exchange rate differences 12 -4 -10
Changes in reporting entity and miscellaneous 91 -2 -22
Adjusted initial cash position 466 352 260
Cash flow 373 329 311
> Net income from fully or proportionally consolidated companies 94 19 11
> Dividends from companies accounted for under the equity method 35 33 25
> Allowance for depreciation 265 232 197
> Net allowance for long-term provisions 112 110 81
> Elimination of net capital gains -99 -61 -14
> Deferred taxes and miscellaneous -34 -4 11
Changes in working capital shortfall 256 258 19
1 - Net cash inflow from operating activity 629 587 330
Acquisitions or increase in fixed assets -596 -466 -403
> Tangible and intangible fixed assets -281 -318 -238
> Equity investment -285 -108 -96
> Other financial fixed assets -30 -40 -69
Changes in expenses to be deferred to future years -18 -18 -22
Sale of or reduction in fixed assets 182 132 86
> Tangible or intangible fixed assets 47 72 37
> Equity investment 108 31 25
> Other financial fixed assets 27 29 24
2 - Net cash inflow from investment activity -432 -352 -339
Dividends paid -29 -26 -24
Repayment of borrowings -171 -484 -163
Increase in borrowings 116 275 286
Increase in share capital and minority interests 16 11 8
3 - Net cash inflow from financing activity -68 -224 107
Total cash inflow (1 + 2 + 3) 129 11 98
End-of-year cash position 595 363 358
53
FY 1999
FY 1998
FY 1997
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Balance Sheet - Assets
(in millions of euros)
Note
Gross
As of December 31, 1999
Depreciation
and Reserves
As of
December 31,
1998
pro forma
As of
December 31,
1998
Intangible assets 8 541 169 372 344 31 25
Acquisition goodwill 9 298 104 194 164 153 127
Tangible fixed assets
Companies accounted for
10 2,406 1,406 1,000 1,061 942 734
under the equity method 11 412 412 282 387 389
Other long term investments 12 184 97 87 102 102 60
Loans and advances 13 212 31 181 194 259 265
Total fixed assets 4,053 1,807 2,246 2,147 1,874 1,600
Inventory and work in progress 14 791 31 760 1,320 1,317 1,707
Trade receivables and similar 15 2,731 124 2,607 2,287 2,273 2,238
Other receivables 16 928 98 830 902 895 1,006
Total current assets 4,450 253 4,197 4,509 4,485 4,951
Marketable securities 17 346 346 285 285 315
Cash 395 395 364 358 374
Total liquid assets 741 741 649 643 689
Prepaid and deferred expenses 18 224 224 151 149 115
Total assets 9,468 2,060 7,408 7,456 7,151 7,355
G R O U P E G T M 54
ANNUAL REPORT 1999
Net
As of
December 31,
1997

Consolidated Balance Sheet - Liabilities
(in millions of euros)
Note
Capital stock 123 116 116 115
Additional paid-in capital (share premiums) 311 328 328 332
Reserves 313 227 227 250
Group net income 143 65 65 39
Total shareholders’ equity 19 890 736 736 736
Minority interests 20 133 132 131 155
Provisions for liabilities and charges 21 1,004 875 858 693
Perpetual subordinated debt 22 28 33 33 37
Borrowings 23 850 872 653 769
Advances received or invoiced on work in progress 24 780 1,492 1,491 1,788
Trade payables and similar 25 1,765 1,563 1,551 1,540
Other payables 26 1,484 1,229 1,217 1,168
Total debt (apart from subordinated debt) 4,879 5,156 4,912 5,265
Bank overdrafts 147 287 279 331
Deferred revenues and similar 27 327 237 202 138
Total liabilities 7,408 7,456 7,151 7,355
55
As of
December 31,
1999
As of
December 31,
1998
pro forma
As of
December 31,
1998
As of
December 31,
1997
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Notes to 1999 Financial Statements
(In millions of euros unless otherwise indicated)
General Principles
The consolidated financial statements have been prepared
in accordance with the provisions of the law of
January 3, 1985 and the enforcement order.
A - Presentation of the
accounts
The Group has decided to adopt the full consolidation
method from 1999 onwards for the car park and hydroelectric
power station operator companies. To provide a
suitable basis for comparison with 1998 accounts, it has
seemed appropriate to establish a pro forma balance
sheet and income statement using the consolidation rules
adopted in 1999. The consolidation scope used to set up
these pro forma accounts is identical to that used for the
financial statements published at the end of 1998.
B - Accounting Principles
and Valuation Methods
Consolidated subsidiaries
Consolidation includes French and foreign companies
with a turnover in excess of 5 million euros and holding
companies with interests that can be consolidated or with
other significant assets.
The 5-million euro threshold may be lower for some
consolidated sub-groups included in GROUPE GTM
accounts.
Consolidation methods
In view of the modification of the consolidation method for
car park operators and hydroelectric power stations adopted
in 1999, the consolidation methods are now as follows:
> Full consolidation of the subsidiaries controlled
directly or indirectly, with allowance being made for
minority interests,
> Proportional consolidation of jointly controlled associated
companies. However, in the case of partnerships,
joint ventures and economic interest groups, this method
is only applied to those entities in which the contract
group share exceeds 75 million euros.
When this condition is not met, the accounts of disclosed
and undisclosed partnerships are not restated.
• When the leading partner is a company of the Group,
the partnership accounts are fully consolidated.
• When the leading partner is not a company of the
Group, only the share in net income or loss transferred to
the Group is recorded in the consolidated accounts.
> Equity accounting for the companies over which
GROUPE GTM has significant influence, directly or
indirectly. Moreover, the equity method is also used for
subsidiaries that operate infrastructure concession
services whose balance sheet structure differs from that of
the main activities of the group and where the percentage
holding is over 20%.
Account reference dates
The financial consolidated accounts have been prepared
on the basis of accounts set up as of December 31, with
the following exceptions:
> Year ended September 30:
PIRACEMA BRASIL
ENTREPOSE NOUVELLE CALEDONIE
STRAIT CROSSING DEVELOPMENT
> Year ended October 31:
CONSTRUCTION DJL Inc.
BE TE PE BAU
G R O U P E G T M 56
ANNUAL REPORT 1999

C - Accounting Principles
Intangible fixed assets
Intangible fixed assets mainly include:
> intangible rights to car park and hydroelectric power
station concessions,
> business goodwill,
> lease rights,
> quarry exploitation rights,
> systems software.
These fixed assets are depreciated on a straight-line basis
over the duration of their utilization.
Acquisition goodwill
When a company is initially included in the consolidation,
the spread between the acquisition cost of shares
and the book value of the assets acquired constitutes the
consolidated goodwill.
This goodwill is posted as a priority to the correct items
of the consolidated balance sheet, taking into account
minority interests.
The goodwill remaining after posting the above is entered
on the balance sheet under "acquisition goodwill" if it is
positive and "provisions for risks" when it is negative.
Acquisition goodwill is generally amortized or adjusted
over 20 years or less, except for the acquisition goodwill
for public service concession companies which is amortized
over the remaining duration of the concessions at the
date of acquisition.
In the event of a significant, unfavorable evolution of the
elements used to determine the amortization plan, exceptional
depreciation may be constituted.
Tangible fixed assets
Tangible fixed assets are accounted for at acquisition
cost.
57
Except for major marine vessels used for offshore work,
they are depreciated on a straight-line basis over their
expected useful life, as follows:
Buildings 20 to 40 years
Industrial equipment,
transport equipment and tools 4 to 8 years
Fixtures and fittings 7 to 10 years.
Major marine vessels are depreciated using the variable
method, based on the number of days of actual utilization
during the year over a total maximum operating life
of 14 years. The depreciation expense calculated using
this method cannot be less than 25% of annual straightline
depreciation and the cumulative depreciation cannot
be less than 50% of cumulative straight-line depreciation.
Unconsolidated equity interests
Unconsolidated equity interests are valued at acquisition
cost.
Provisions for depreciation are based on an evaluation
governed by the following rules:
> Recently acquired interests: maintenance of the criteria
used to determine the purchase value;
> Listed companies: use of a set of criteria (stock market
prices, shareholders’ equity, profitability);
> Other companies: shareholders’ equity taken into
account and possibly corrected for potential capital gains
and/or income prospects.
Notwithstanding the general chart of accounts and in
order to maintain a current income aspect for financial
income, the allowances and reinstatements of provisions
on equity interests and receivables related to these interests,
plus, if applicable, losses on these same receivables
are included in exceptional income. Recording of these
elements in exceptional expenses and income, where
gains and losses on sales of equity are normally posted,
makes the presentation of the income statement more
homogenous.
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Recognition of revenues
As of January 1, 1997, the Group extended the percentage
of completion method for recognition of revenue to all its
sectors of activity, for contracts signed after this date.
It should be mentioned that no margin is recognized on
progress unless the percentage of completion is equal to
at least 20%. Whatever the method of recognition of
income, provision is set up for business that is potentially
loss-generating on completion, as soon as the loss is
known. In the assessment of this loss, a certain number
of positive uncertainties may be taken into account, particularly
additional invoicing or claims. Quantitative
appreciation of these positive uncertainties is carried out,
based on past experience of similar cases.
Trade receivables
Receivables are valued at face value. A provision is set up
for depreciation if there is a risk of non-recovery.
Marketable securities
Marketable securities are included in the balance sheet at
face value. A provision is set up for depreciation when
the price of these securities, at year-end, is less than their
price on entry into the portfolio.
Pension commitments and similar obligations
The Group uses the projected credit unit method. The
provisions set up cover all active or retired employees and
include commitments accruing to the Group through
multi-employer schemes.
Leaseback contracts
Assets acquired via leaseback are posted to fixed assets as
if the Group were the owner and are depreciated in
accordance with the regulations applicable to similar
assets. The debt corresponding to the financing obtained
is posted to liabilities and the rental expense is split between
the financial expense for the past period and the
reimbursement of the residual debt.
Assets sold via leaseback are taken out of fixed assets and
the corresponding receivable discounted rentals are
posted to current assets.
Deffered taxes
Deferred taxes result from losses carried forward, timing
differences between fiscal and book income, as well as
consolidation reinstatements. This is calculated every
year for each tax entity by applying the liability method.
Deferred tax debits are only posted to assets if recovery is
probable.
Translation of foreign currency
transactions for foreign companies
> With the exception of the net income group share and
subject to the specific provisions relating to those entities
in the CFA zone described below, balance sheets
are expressed in euros, using the exchange rates on
December 31. Resulting translation adjustments on the
net opening position are included in the surplus arising
on consolidation.
Balance sheets for subsidiaries and establishments located
in the CFA zone have been converted using historic rates.
Allowances have been made for fixed assets stated at
their historic value when their book value is greater than
their utility value.
> Starting in 1999, all items on the income statement
have been valued using an average annual exchange rate.
There was previously an exception to this rule in that
non-cash items, such as provisions and depreciation,
and variations in inventories were valued on the basis
of December 31exchange rates. This modification of
the conversion rules does not affect the comparison of
intermediate balances on the income statement since the
difference between the two conversions was formerly
incorporated in Operating Income, Financial Expense or
Extraordinary Expense, according to the type of expense.
G R O U P E G T M 58
ANNUAL REPORT 1999

Changes in Consolidation
Scope
Public tender offer for L'ENTREPRISE INDUSTRIELLE
On April 15, 1999, GROUPE GTM acquired the entire
capital stock of Société Financière Foncière et Forestière
which holds 22.60% of the capital of L'ENTREPRISE
INDUSTRIELLE.
Following the subsequent public tender offer for
L'ENTREPRISE INDUSTRIELLE, which closed on June
14, 1999, GROUPE GTM directly acquired 971,385
shares representing 74.26% of the company's stock capital.
As a result, L'ENTREPRISE INDUSTRIELLE was included
in the consolidation structure of GROUPE GTM on a
full consolidation basis as of July 1, 1999. Therefore, the
consolidated activity only represented the second semester
of 1999.
Withdrawal from the OFFSHORE segment
On December 16, 1999, GROUPE GTM sold 556,596
ETPM shares representing 54.74% of the capital to
STOLT COMEX SEAWAY.
Since the operation came at the end of 1999, the ETPM
group was fully consolidated in the Income Statement
and Statement of Changes in Financial Position for the
whole year. On the other hand, the 45.26% interest in
the ETPM group, retained by the Group at that date,
under the new name of STOLT OFFSHORE, was consolidated
using the equity method.
Squeeze-out operation upon ENTREPRISE
JEAN LEFEBVRE
As a result of the squeeze-out operation which took place
in September 1999, the Group acquired nearly all ENTRE-
PRISE JEAN LEFEBVRE shares. As of December 31,
1998, the Group held 97.47% of ENTREPRISE
JEAN LEFEBVRE's capital.
59
Other significant changes
> First-time consolidations
consolidation using the equity method of CONCESIO-
NARIA CHILLAN COLLIPULLI (Chile), INVER-
SIONES Y TECNICAS AEROPORTUARIAS (Mexico)
and AEROPORT DE PARIS MANAGEMENT,
> full consolidation of the following companies:
- roads: CARRIERES DE LA MEILLERAIE,
- car parks: GIS (from May 1)
- industrial installations and maintenance:
COCENTALL (from April 1)
- engineering: LITWIN INGEROP (from May 1).
> 50% consolidation of ADAMS PARKINGS (car
parks in Hong Kong) as of April 1.
> Consolidation exclusions
SICOPRO, SUPERDEVOLUY and GTM WAN SOON
were excluded from the consolidation scope following
their sale outside the Group.
> Additional comment:
1999 results include the contribution made by BLYTHE,
an ENTREPRISE JEAN LEFEBVRE United States subsidiary
over a full fiscal year. BLYTHE has only been included
in the consolidation scope since November 1 1998.
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Notes relating to the Income
Statement
NOTE 1 - Sales
FY FY
1999 1998
Sales inside France 4,405 3,664
Sales outside France 3,291 3,218
Total 7,696 6,882
The 1999 turnover, based on the same consolidation scope
and exchange rates as in 1998, was as follows:
1999 turnover 7,696
Changes in accounting principles
and evaluation methods -706
Exchange rate differences -12
Adjusted turnover 6,978
Therefore, there was a 1.4% increase in turnover, based on
the same consolidation scope and constant exchange rates.
NOTE 2 - Purchases and outside services
FY FY
1999 1998
Purchases 2,293 2,270
Other outside services
and expense 3,184 2,734
Total 5,477 5,004
NOTE 3 - Depreciation
FY FY
1999 1998
Intangible fixed assets 22 5
Tangible fixed assets 208 195
Deferred expenses 17 19
Total 247 219
NOTE 4 - Operating provisions
FY 1999 FY 1998
Allowances Reinstatements Allowances Reinstatements
Losses on completion
of long term contracts
and depreciation of
advances to long term
ventures, inventories
and work in progress -13 31 -59 87
Provision for bad debt -39 25 -30 17
Other contingencies
and accrued liabilities -298 277 -226 181
Sub-total -350 333 -315 285
Net allowance -17 -30
Provisions for contingencies and liabilities include allowances
and reinstatements on provisions set up to cover
uncertainties relating to large contracts, site completion
and guaranty expense.
NOTE 5 - Financial expense
FY 1999 FY 1998
Net dividends (losses) from
unconsolidated subsidiaries
including partnerships 9 4
Exchange differences: 8 -7
- Losses -53 -22
- Gains 61 15
Interest expense and income
and net gain on sale of
marketable securities: -34 -17
- Interest expense -82 -74
- Interest income 40 53
- Net gain on sale of
marketable securities 8 4
Provisions: -1
- Allowances -4 -4
- Reinstatements 3 4
Total -18 -20
G R O U P E G T M 60
ANNUAL REPORT 1999

NOTE 6 - Extraordinary expense
6.1. Income from sales of assets
The disposal of assets in 1999, excluding selling fees and
provisions related to these transactions, generated capital
gains of 87 million euros on the sale of 54.74% of ETPM
and 29 million euros on the sale via leaseback of two
offshore barges.
6.2. Other income and expense
Other income and expense principally represent expenses
(cancellation of receivables, losses on bad debt and
restructuring expenses) covered by the reinstatement of
provisions.
6.3. Net provision allowance
FY 1999 FY 1998
Allowances Reinstatements Allowances Reinstatements
Asset depreciation
and provisions related
to unconsolidated
subsidiaries
and affiliates -13 18 -47 28
Other contingencies -158 77 -72 37
Total -171 95 -119 65
Net allowance -76 -54
The net reinstatement of 76 million euros can be principally
explained by provisions set up to cover GROUPE
GTM commitments with respect to its withdrawal from
ETPM's capital and a dispute which arose at the time of
sale.
61
NOTE 7 - Income tax
7.1. Tax consolidation groups
For 1999, GROUPE GTM and L'ENTREPRISE
INDUSTRIELLE have retained their situation as parent
companies of "tax consolidation groups", formed in
accordance with Articles 223 et seq. of the French
General Tax Code.
7.2. Taxation analysis
FY FY
1999 1998
Tax due and net tax provision -73 -42
Deferred tax 33 1
Total -40 -41
In 1999, the clarity of the anticipated fiscal situation of
the companies included in the tax consolidation scope of
GROUPE GTM has enabled the following net deferred
tax debit position to be recognized:
> Deferred taxes on withdrawal
from the offshore activity 6 million euros
> Deferred taxes on provisions 26 million euros
The net deferred tax debit position is recorded on
the balance sheet as a deferred tax debit of 63 million
euros in prepaid expenses and as a deferred tax credit of
30 million euros in accruals and deferred income (see
Notes 18 and 27).
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Notes relating to the Balance Sheet
NOTE 8 - Intangible assets
8.1. Breakdown by type
As of December 31, 1999 Net value
Gross Depreciation
or provision
Net value as of
December 31,
1998
Start-up expense 2 1 1 1
Business goodwill 43 22 21 20
Intangible rights on public service concessions 466 128 338
Other intangible assets 30 18 12 10
Total 541 169 372 31
8.2. Changes during the year
As of Changes in As of
December 31, consolidation Increases Decreases December 31,
1998 scope, exchange
diff. and misc.
1999
Gross value 67 462 17 -5 541
Amortization -36 -114 -23 4 -169
Net value 31 372
NOTE 9 - Acquisition goodwill
Goodwill Badwill Net
Goodwill
Net value as of 12.31.98 153 11 142
Net increase for the year excluding amortization 66 22 44
Amortization and provision for the year -25 -7 -18
Net value as of 12.31.1999 194 26 168
The increase in acquisition goodwill for 1999 principally results from:
> the acquisition of L'ENTREPRISE INDUSTRIELLE shares and the increase in the Group's interest in
ENTREPRISE JEAN LEFEBVRE;
> the acquisition of LITWIN.
G R O U P E G T M 62
ANNUAL REPORT 1999

NOTE 10 - Tangible fixed assets
10.1. Breakdown by type
As of December 31, 1999 Net value as of
Gross Depreciation Net December 31,
or provision value 1998
Land 136 19 117 94
Property 405 188 217 169
Plant and equipment 1,317 869 448 516
Other tangible fixed assets 548 330 218 163
2,406 1,406 1,000 942
10.2. Changes during the year
As of Changes in As of
December 31 consolidation Increases Decreases December 31,
1998 scope, ezxchange 1999
diff. and misc.
Gross value 2,269 22 291 -176 2,406
Depreciation and provision -1,327 -212 133 -1,406
Valeur nette 942 1,000
NOTE 11 - Equity-accounted companies
As of Effect of Changes in As of
December 31, changes in scope, exchange Net Dividends Other December 31,
1998 consolidation diff. and misc. income paid Elements 1999
method
387 -90 90 61 -35 -1 412
COFIROUTE is accounted for by the equity method.
Key financial data for the company are as follows:
63
As of December 31, 1999 As of December 31, 1998
Equity-accounted Equity-accounted
100 % amount 100 % amount
Shareholders' equity including net income 754 258 605 207
Net Income 174 60 135 46
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 12 - Other long term investments
This item includes unconsolidated and other interests.
12.1. Changes during the year
As of Changes in As of
December 31, consolidation Increases Decreases December 31,
1998 scope, exchange 1999
diff. and misc.
Gross value 203 -26 11 -4 184
Provisions for depreciation -101 1 -9 12 -97
Net value 102 87
12.2. Principal unconsolidated interests
(Net book value over 2 million euros; shareholders’ equity and income in millions of euros.)
Country Net Book % holding Shareholders’ Net
value equity Income/Loss
of previous year
DON MUANG TOLLWAY (1) Thailand 3 3.62% 76 8
ESPACE LEOPOLD (1) Belgium 2 7.00% 36
FARGEOT (1) France 3 100.00% 2
GRANA Y MONTERO (2) Peru 3 16.34% 119 7
PORR (3) Austria 8 6.87% 128 2
SOCIÉTÉ DES HÔTELS
DE NOUMÉA (1) France 2 4.00% 52 1
(1) Shareholders'equity as of December 31, 1999 - 1999 net income
(2) Consolidated shareholders'equity as of December 31, 1999 - 1999 consolidated net income
(3) Consolidated shareholders'equity as of December 31, 1998 - 1998 consolidated net income
NOTE 13 – Loans and advances
This item covers loans and other receivables and specifically includes securities such as debentures in portfolio,
representative of payment rights.
As of Changes in As of
December 31, consolidation Increases Decreases December 31,
1998 scope, exchange 1999
diff. and misc.
Gross value 264 -59 29 -22 212
Provisions for depreciation -5 -15 -14 3 -31
Net value 259 181
This item includes 15-year loans amounting to 100 million euros granted in previous years by ENTREPRISE
JEAN LEFEBVRE in order to secure commercial receivables. The reimbursement of these loans is guaranteed on
maturity in 2006.
These loans bore interest at 1.31% in 1999. The deficit in interest income for subsequent fiscal years is covered
by a provision.
G R O U P E G T M 64
ANNUAL REPORT 1999

NOTE 14 - Inventories and work in progress
Breakdown by segment
NOTE 15 - Trade receivables and similar accounts
As of December 31, 1999 As of
Gross Provision for Net December 31,
amount depreciation amount 1998
Net amount
Building & Civil Engineering 623 16 607 1,129
Roads 75 3 72 57
Industrial Activities 46 3 43 98
Real Estate 47 9 38 33
Total 791 31 760 1,317
Breakdown by segment
As of December 31, 1999 As of
Gross Provision for Net December 31,
amount depreciation amount 1998
Net amount
Building & Civil Engineering 1,012 67 945 960
Roads 715 34 681 573
Industrial Activities 905 20 885 658
Real Estate 99 3 96 82
Total 2,731 124 2,607 2,273
65
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 16 - Other receivables
16.1 Breakdown by type
As of December 31, 1999 As of
Gross Provision for Net December 31,
amount depreciation amount 1998
Net amount
Advances and downpayments made
Current accounts receivable from related
companies and current accounts for joint
22 22 37
operations (joint ventures and similar) 325 87 238 228
Miscellaneous receivables 581 11 570 630
Total 928 98 830 895
16.2. Breakdown by segment
NOTE 17 - Marketable securities
These principally include short-term investment instruments similar to unit trusts and certificates of deposit. Their underlying
gain between the estimated value and the value indicated on the balance sheet amounts to 2 million euros.
NOTE 18 - Prepaid and deffered expenses
As of December 31, 1999 As of
Gross Provision Net December 31,
amount amount 1998
Net amount
Building & Civil Engineering 461 18 443 613
Roads 143 2 141 108
Industrial Activities 160 12 148 111
Other activities 164 66 98 63
Total 928 98 830 895
As of December 31, 1999 As of December 31, 1998
Prepaid expenses 52 65
Deferred taxes 143 52
Deferred expenses 27 28
Exchange rate adjustments 2 4
Total 224 149
The change in deferred tax debits includes the effect of consolidation scope changes and reclassifications amounting to
28 million euros. The net increase recorded in the income statement (63 million euros) is accompanied by a simultaneous
increase in deferred tax debits of 30 million euros (see Notes 7 and 27).
G R O U P E G T M 66
ANNUAL REPORT 1999

NOTE 19 - Statement of changes in shareholders’ equity
Capital Additional Retained Total Income
Stock Paid-In Earnings Net income Shareholders’
Capital and Reserves Equity
As of December 31, 1997 115 332 250 39 736
Transfer to reserves of undistributed 1997 income -8 47 -39
Dividends paid -6 -14 -20
Exchange difference -13 -13
Share capital increase (cash)
Effect of changes in accounting
1 10 11
methods as of 1.1.1998 -43 -43
1998 income 65 65
As of December 31, 1998 116 328 227 65 736
Transfer to reserves of undistributed 1998 income 62 -62
Dividends paid -20 -3 -23
Exchange difference 31 31
Capitalization of premium 6 -6
Share capital increase (cash) 1 9 10
Variation of treasury stock -2 -2
1999 income 143 143
Miscellaneous -5 -5
As of December 31, 1999 123 311 313 143 890
Exchange differences included in consolidated reserves are broken down as follows:
Currencies Currencies outside
in the euro zone the euro zone Total
(“In” currencies) (“Out” currencies)
As of December 31, 1998 -3 -9 -12
Variation over the year 31 31
As of December 31, 1999 -3 22 19
67
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 20 - Minority interests
Minority Interests Minority Interest Total
excluding Income in the Income Minority
for the year for the year Interests
As of December 31, 1997 146 9 155
Dividends paid -6 -6
Transfer to reserves of undistributed 1997 income 3 -3
Changes in consolidation scope and methods -14 -14
Effect of changes in accounting methods as of 1.1.1998 -3 3
1998 income -1 -1
As of December 31, 1998 132 -1 131
Dividends paid -6 -6
Transfer to reserves of undistributed 1998 income
Acquisition of minority interests
-7 7
in ENTREPRISE JEAN LEFEBVRE
Other consolidation scope and exchange
-7 -7
difference changes 3 3
1999 income 12 12
As of December 31, 1999 121 12 133
NOTE 21 - Provisions (contingencies and accrued liabilities)
21.1. Breakdown by type
As of December 31, 1999 As of December 31, 1998
Losses on completion of contracts 82 109
Litigation 84 60
Final clearance of construction sites and warranty costs 163 75
Reconstitution of sites 13 10
Refurbishment of equipment 14 22
General contingencies 123 106
Provisions for pension commitments and similar obligations 130 111
Currency exchange losses 4 5
Unconsolidated subsidiary risks 52 31
Other risks and expenses 313 318
Total provisions 978 847
Acquisition badwill (see Note 9) 26 11
Total provisions and badwill 1,004 858
> “Litigation” covers risks for legal action on work contracts and the sale of shares.
> “General contingencies” mainly covers risks on large contracts and foreign installations.
G R O U P E G T M 68
ANNUAL REPORT 1999

Pension and retirement commitments have been calculated using the following parameters:
- Retirement age: 60 years
- Discount rate: 5%
- Salary progression rate: 2%
69
As of December 31, 1999 As of December 31, 1998
Commitments 185 143
Insured benefits and pension funds 55 32
Provisions made 130 111
The expense recorded in the income statement, covering the increase in provisions for pensions and retirement
commitments, amounts to 5 million euros.
21.2. Breakdown by segment (excluding badwill)
As of December 31, 1999 As of December 31, 1998
Building & Civil Engineering 399 403
Roads 169 164
Industrial Activities 163 150
Other activities 247 130
Total 978 847
21.3. Changes during the year (excluding badwill)
As of Changes in As of
December 31, consolidation, Increases Decreases December 31,
1998 scope exchange 1999
diff. and misc.
847 30 479 -378 978
NOTE 22 - Subordinated debt with undetermined maturity
In 1991, banks granted to ENTREPRISE JEAN
LEFEBVRE a subordinated loan with undetermined
maturity with a face value of 76 million euros.
Out of the loan amount, 20 million euros were paid to a
financial institution to enable it to repay to lenders the
face value of the loan after fifteen years.
Originally booked in the balance sheet account
“Subordinated debt with undetermined maturity” was
an amount of 56 million euros which remained at the
disposal of ENTREPRISE JEAN LEFEBVRE.
Since then, the interest paid is split between financial
expense and amortization so as to fully pay off the debt
by the end of the fifteenth year.
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 23 - Borrowings
23.1. Breakdown by type and maturity
As of December 31, 1999 As of December 31, 1998
Breakdown by type (plus accrued interest)
Debentures 141 189
Borrowing and debt with credit institutions 591 367
Direct finance leasing operation debt 68 50
Debt to related companies 3 5
Miscellaneous debt 47 42
Total 850 653
Breakdown by maturity
Debt due within one year 216 226
Debt due from 1 to 5 years 309 232
Debt due in more than 5 years 325 195
Total 850 653
GROUPE GTM issued debentures in June 1998 in the amount of 137 million euros, repayable in full in June 2005, with
an interest rate of 5.20%.
23.2. Changes during the year
As of
Changes in
consolidation New Reimbursements As of
December 31, scope and Borrowings December 31,
1998 method, and
exchange diff.
1999
653 252 116 -171 850
NOTE 24 - Advances and instalments
Breakdown by segment
As of December 31, 1999 As of December 31, 1998
Building & Civil Engineering 717 1,319
Roads 12 15
Industrial Activities 43 135
Other activities 8 22
Total 780 1,491
NOTE 25 - Trade payables and similar
Breakdown by segment
As of December 31, 1999 As of December 31, 1998
Building & Civil Engineering 691 674
Roads 526 411
Industrial Activities 493 438
Other activities 55 28
Total 1,765 1,551
G R O U P E G T M 70
ANNUAL REPORT 1999

NOTE 26 - Other payables
26.1. Breakdown by type
71
As of December 31, 1999 As of December 31, 1998
Miscellaneous payables 928 893
Tax liabilities (income tax) 154 72
Current accounts receivable from related
companies and current accounts for joint
operations (joint ventures and similar) 400 228
Subscribed shares not called up, payable to
equity-accounted or unconsolidated companies 2 24
Total 1,484 1,217
Miscellaneous payables are principally composed of VAT to be paid and salaries and social contributions due as of yearend.
26.2. Breakdown by segment
As of December 31, 1999 As of December 31, 1998
Building & Civil Engineering 537 629
Roads 320 248
Industrial Activities 369 236
Other activities 258 104
Total 1,484 1,217
NOTE 27 - Accruals and deferred income
As of December 31, 1999 As of December 31, 1998
Deferred income 245 185
Deferred taxes 78 15
Exchange rate adjustments 4 2
Total 327 202
The change in deferred income, up to the amount of 31
million euros, is due to changes in the consolidation
scope and methods (in particular, the Group's takeover of
L'ENTREPRISE INDUSTRIELLE).
The change in deferred taxes includes the effect of consolidation
scope changes and reclassification amounting
to 33 million euros. The net increase of 30 million euros
recorded on the income statement is accompanied by a
simultaneous increase in deferred tax debits of 63 million
euros (see Notes 7 and 18).
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
Additional Notes
NOTE 28 - Financial hedging instruments
28.1. Foreign exchange risk
The Group's policy for its various entities is to hedge the
foreign exchange risk relating to the current period. This
risk is evidenced by a contractual foreign currency
schedule of conversion into French francs of foreign
currencies purchased or sold.
The instruments used are forward foreign exchange contracts
(purchases and sales) and swaps.
28.2. Foreign exchange risk
in millions
of GRD
Greek drachma (GRD)
in millions
of euros
Optional cover may be used for some large contracts to
cover uncertain flows of currency pending their definite
obtention.
The exchange risk arising from foreign subsidiaries does
not result in an exchange difference in the cash position
and is, therefore, not hedged.
As of December 31, 1999, the breakdown of the Group's
firm positions was as follows:
in millions
of GBP
Pound sterling (GBP)
in millions
of euros
Forward purchases 23,100 70 70
Forward sales 18 28 7 35
As of this same date, the Group has not committed itself to any conditional position.
The policy followed by the various entities in the Group is to split exposure according to the yield curve.
Other foreign
currencies
(exchange value
in millions
of euros)
This fixed or variable split results from the type of loans/borrowings from banks or from the use of financial instruments (interest
rate swaps, options, future rate agreements).
As of December 31, 1999, financial instruments used to hedge foreign exchange risk were broken down as follows:
Total
Interest rate swaps:
- fixed/variable swaps 369
- variable/variable swaps 11
- fixed/fixed swaps 2
Future rate agreements (FRAs)
Conditional positions:
67
- Caps 140
- Collars 53
G R O U P E G T M 72
ANNUAL REPORT 1999
Total
(in millions
of euros)

NOTE 29 - Financial commitments
29.1 Lease contracts
The Group's total expense for the leasing of land, buildings, equipment and vehicles amounted to 400 million euros in
1999 compared to 390 million in 1998.
29.2 Guarantees issued and received
Amount as of Amount as of
December 31, 1999 December 31, 1998
Contract guarantees
- Performance bonds issued by third parties to guarantee
execution of contracts obtained
- Bonds received to guarantee the execution
1,114 1,120
of sub-contracting contracts
Other financial commitments
168 157
- Commitments given
- Commitments received
196 143
. Reimbursement commitments for cancellation of debt. 6 8
. Miscellaneous commitments received 9 34
- Collateral as guaranty for loans 77 60
NOTE 30 - Number of employees
The number of employees at year-end was as follows:
As of December 31, 1999 As of December 31, 1998
France Abroad Total France Abroad Total
Fully consolidated companies 39,918 19,557 59,475 30,677 23,812 54,489
Proportionally consolidated companies 814 2,155 2,969 188 2,914 3,102
Equity accounted companies 3,190 2,793 5,983 2,990 2 025 5,015
73
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 31 - Compensation paid to management
Total amount of direct or indirect remuneration received from GROUPE GTM and companies controlled by the Group
by the Chairman of the Board of Directors and the Members of the Executive Board.
FY 1999 FY 1998
Remuneration received
Number of GROUPE GTM share subscription options allocated
3.7 2.9
to members of the Executive Board during the current year 55,000 25,750
NOTE 32 - Litigation and other exceptional events
As far as the Company is aware, there is currently no litigation in process or other exceptional event liable to substantially
modify the activity, assets or financial position of the Group.
NOTE 33 - Events subsequent to year-end
> In early February 2000, GROUPE GTM contributed the balance of its interest in ETPM (under the new name of
STOLT OFFSHORE) to STOLT COMEX SEAWAY (SCS).
This contribution gives GROUPE GTM a 7.90% interest in SCS. In view of the guaranteed price commitment on its own
shares given by SCS, the final revenue from this transaction should be at least USD 108 million.
> In early February, LES PARCS GTM UK acquired 100% of the capital of TFM CONTRACT SERVICES and 49% of
BELLS OF RICHMOND from a private group of British investors for a total amount of 12 million pounds sterling. An
additional amount of 3 million pounds sterling may be forthcoming subsequent to negotiations currently in progress on
a BELLS OF RICHMOND contract.
Following this transaction, LES PARCS GTM now manages over 340,000 parking spaces.
G R O U P E G T M 74
ANNUAL REPORT 1999

List of Principal Consolidated Companies of Groupe GTM
as of December 31, 1999
Turnover in excess of 15 million euros
Name
GROUPE GTM 92000 Nanterre 100.00 PARENT COMPANY 100.00 PARENT COMPANY
BUILDING & CIVIL ENGINEERING
DUMEZ GTM 92000 Nanterre 100.00 FULL 100.00 FULL
France
Major projects
GIE LYON NORD 92000 Nanterre 40.00 PROP 40.00 PROP
GIE METRO DE RENNES 35000 Rennes 33.00 FULL 33.00 FULL
Regional activities
GTM CONSTRUCTION 92000 Nanterre 100.00 FULL 100.00 FULL
CHANTIERS MODERNES 33600 Pessac 100.00 FULL 100.00 FULL
CHARLES DELAU ET FILS 75012 Paris 99.93 FULL 99.93 FULL
CMA ENTREPRISES (antérieurement DUMEZ OUEST) 22000 Saint-Brieuc 99.98 FULL 99.98 FULL
CONSTRUCTION MAINTENANCE ET SERVICES 75012 Paris 99.97 FULL 99.97 FULL
DUMEZ AUVERGNE 63000 Clermont-Ferrand 100.00 FULL
DUMEZ CONSTRUCTION 92247 Malakoff 100.00 FULL 100.00 FULL
DUMEZ EPS 59505 Douai 100.00 FULL 100.00 FULL
DUMEZ MEDITERRANEE 13090 Aix-en-Provence 100.00 FULL 100.00 FULL
DUMEZ RHONE ALPES 69000 Lyons 100.00 FULL 100.00 FULL
DUMEZ SUD 34000 Montpellier 100.00 FULL 100.00 FULL
ENTREPRISE BOEUF ET LEGRAND 93160 Noisy-le-Grand 100.00 FULL 99.99 FULL
ENTREPRISE PITANCE 69000 Lyons 98.87 FULL 98.87 FULL
SOCIETE DES ENTREPRISES LAINE 92000 Nanterre 100.00 FULL 100.00 FULL
SOCIETE DES ENTREPRISES PETIT 92000 Nanterre 100.00 FULL 100.00 FULL
LES TRAVAUX DU MIDI 13009 Marseilles 100.00 FULL 100.00 FULL
TRAVAUX DU MIDI SUD OUEST 33700 Mérignac 100.00 FULL 100.00 FULL
TRAVAUX PUBLICS DU COTENTIN (TPC) 50110 Tourlaville 100.00 FULL 100.00 FULL
WEILER 57340 Morhange 99.91 FULL 99.91 FULL
Abroad
Major projects
J.V. ERTAN Sesto San Giovani - Italy 42.50 PROP 42.50 PROP
ÖRESUND TUNNEL CONTRACTORS I/S Copenhagen - Denmark 24.10 PROP 24.10 PROP
JV GEPYRA - KINOPRAXIA (PONT DE RION-ANTIRION) Chalandri - Greece 53.00 PROP 53.00 PROP
POCHENTONG AIRPORT JV Phnom Penh - Cambodia 70.00 FULL 70.00 FULL
International subsidiaries
Address
COMPAGNIE D'ENTREPRISES CFE Brussels - Belgium 45.25 FULL 44.50 FULL
DEME (Dredging,Environmental and Marine Engineering) Zwijndrecht - Belgium 17.64 PROP 17.35 PROP
DUMEZ SAD 92000 Nanterre 99.99 FULL
GTM CARAÏBES 97240 Le François 100.00 FULL 100.00 FULL
HIDEPITÖ RT Budapest - Hungary 96.94 FULL 95.49 FULL
INVETRA 92000 Nanterre 99.80 FULL 99.80 FULL
JANIN ATLAS Montreal - Canada 100.00 FULL 100.00 FULL
SIMP (Société Industrielle Martiniquaise de Préfabrication) 97232 Le Lamentin 100.00 FULL 100.00 FULL
SMP (Stavby Mosta Praha) Prague - Czech Republic 65.68 FULL 65.68 FULL
WIEMER UND TRACHTE Dortmund - Germany 50.00 EQUITY 50.00 EQUITY
75
As of December 31, 1999
% ownership
Consolidation
method
As of December 31, 1998
% ownership
Consolidation
method
L

GROUPE GTM CONSOLIDATED FINANCIAL STATEMENTS
List of Principal Consolidated Companies of Groupe GTM
as of December 31, 1999
Name
ROADS
ENTREPRISE JEAN LEFEBVRE 92200 Neuilly-sur-Seine 100.00 FULL 97.47 FULL
France
CARRIERES KLEBER MOREAU 79310 Mazières en Gâtine 63.55 FULL 48.95 FULL
ENTREPRISE JEAN LEFEBVRE CENTRE PAYS DE LOIRE 41000 Blois 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE EST 57140 Woippy 99.93 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE ILE DE FRANCE 93890 Livry-Gargan 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE MEDITERRANEE 13100 Aix-en-Provence 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE NORD 59500 Douai 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE NORD PICARDIE 59120 Loos 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE NORMANDIE 76800 Saint-Etienne-du-Rouvray 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE OUEST 35000 Rennes 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE PAS DE CALAIS - SOMME 62270 Frévent 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE SUD-EST 69000 Lyons 100.00 FULL 97.47 FULL
ENTREPRISE JEAN LEFEBVRE SUD-OUEST 87000 Limoges 99.99 FULL 97.47 FULL
SOCIETE DE TRAVAUX ET DE ROUTES FRANCILIENNE 91590 Boissy Le Cutte 100.00 FULL
SOCIETE NOUVELLE DES CARRIERES DE LA MEILLERAIE 85790 La Meilleraie Tillay 63.55 FULL
SOCIETE NOUVELLE JEAN BERTIN 10000 Troyes 100.00 FULL 97.47 FULL
STR HUYS 59640 Dunkirk 99.99 FULL 97.47 FULL
TP ROEHRIG 67590 Schweighouse sur Moder 100.00 FULL 97.47 FULL
Abroad
CONSTRUCTION DJL Inc Bourcheville - Canada 95.80 FULL 85.77 FULL
HUBBARD CONSTRUCTION Co Orlando - United States 100.00 FULL 97.92 FULL
PROBISA Madrid - Spain 87.76 FULL 83.15 FULL
RINGWAY GROUP LTD Horsham - Great Britain 85.18 FULL 83.40 FULL
SOCOBA-EDTPL Libreville - Gabon 89.99 FULL 87.71 FULL
STAVBY SILNIC A ZELEZNIC (SSZ) Prague - Czech Republic 63.24 FULL 61.64 FULL
INDUSTRIAL
Industrial installations
ENTREPOSE 93120 La Courneuve 100.00 FULL 100.00 FULL
ENTREPOSE ECHAFAUDAGES 93120 La Courneuve 100.00 FULL 100.00 FULL
ENTREPOSE NOUVELLE CALEDONIE Nouméa - New Caledonia 99.98 FULL 99.98 FULL
EUROPIPE 93120 La Courneuve 100.00 FULL 100.00 FULL
MILLS 93350 Le Bourget 99.96 FULL 99.96 FULL
DELATTRE-LEVIVIER 92000 Nanterre 99.99 FULL 99.99 FULL
LOZAI 76140 Le Petit-Quevilly 99.96 FULL 99.96 FULL
Electricity
Address
As of December 31, 1999
% ownership
Consolidation
method
As of December 31, 1998
% ownership
GTMH 92120 Montrouge 100.00 FULL 100.00 FULL
AMSE 38420 Domène 100.00 FULL 100.00 FULL
CORIS 92350 Le Plessis Robinson 100.00 FULL 100.00 FULL
SCLE (Sté Construction Lignes Electriques) 31000 Toulouse 99.92 FULL 99.92 FULL
G R O U P E G T M 76
ANNUAL REPORT 1999
Consolidation
method

Turnover in excess of 15 million euros
Name
L'ENTREPRISE INDUSTRIELLE 92240 Malakoff 96.86 (1)
INDUSTRIE ELECTRIQUE DE CERGY 95310 Saint-Ouen-L'Aumône 93.70 (1)
SEITHA TECHNIQUES ET REALISATIONS 69100 Villeurbanne 96.86 (1)
EI ENERGIE ET SYSTEMES 21000 Dijon 96.86 (1)
EI LIGNES RESEAUX EST 21000 Dijon 96.86 (1)
EI EQUIPEMENTS ELECTRIQUES ET RESEAUX CENTRE 45200 Montargis 96.86 (1)
EI RESEAUX ET SYSTEMES D'INFORMATIONS 21000 Dijon 96.86 (1)
EI EQUIPEMENTS ET ENTREPRISES ELECTRIQUES 69140 Rillieux-La-Pape 96.86 (1)
EI EQUIPEMENTS INDUSTRIELS DE POSTES 69627 Villeurbanne 96.86 (1)
EI RESEAUX OUEST 44819 Saint-Herblain 96.86 (1)
EI ATLANTIQUE NORD 44240 La Chapelle-sur Erdre 96.86 (1)
EI RESEAUX SUD-OUEST 31770 Colomiers 96.86 (1)
EI TOULOUSE MIDI PYRENEES 31047 Toulouse 96.86 (1)
EI ILE DE FRANCE OUEST 78130 Les Mureaux 96.86 (1)
VD SYTELEC 75017 Paris 93.71 (1)
VD INSTALLATION - ELECTRICITE - SYSTEMES - SERVICES (VD IE2S) 75017 Paris 93.71 (1)
VD COM 75017 Paris 93.71 (1)
VD CENTRE EST 75017 Paris 93.71 (1)
Offshore
STOLT OFFSHORE (ex-ETPM) 92000 Nanterre 45.26 (2) 99.99 FULL
DORIS ENGINEERING 75013 Paris 46.94 EQUITY 46.94 EQUITY
CONCESSIONS
COFIROUTE 92310 Sèvres 34.21 EQUITY 33.78 EQUITY
LES PARCS GTM 75009 Paris 99.99 FULL 99.99 EQUITY
CONSORTIUM DU STADE DE FRANCE 93210 La Plaine Saint Denis 33.33 EQUITY 33.33 EQUITY
SEVERN RIVER CROSSING Londres - Great Britain 35.00 EQUITY 35.00 EQUITY
STRAIT CROSSING DEVELOPMENT Borden-Carleton - Canada 49.90 EQUITY 49.90 EQUITY
GECEP 92000 Nanterre 99.96 FULL 99.96 FULL
ENGINEERING
INGEROP 92400 Courbevoie 99.96 FULL 99.96 FULL
REAL ESTATE
ELIGE PARTICIPATIONS 92000 Nanterre 100.00 FULL 100.00 FULL
ELIGE 92000 Nanterre 99.99 FULL 79.99 FULL
(1) Full consolidation from July 1, 1999, on.
Address
(2) Following a transaction in December 1999, GROUPE GTM now only holds 45.26% of ETPM's capital. This entity has been given a new name, STOLT OFFSHORE.
As a results, ETPM was fully consolidated in the income statement and statement of changes in financial position for the entire year 1999.
However, the portion of share capital still owned by GROUPE GTM is included in the balance sheet in companies accounted for under the equity method.
77
As of December 31, 1999
% ownership
Consolidation
method
As of December 31, 1998
% ownership
Consolidation
method
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GROUPE GTM
Statutory Auditors’ Report
on the consolidated accounts as of December 31, 1999
To the shareholders of GROUPE GTM,
In compliance with the assignment entrusted to us by
your shareholders' annual general meetings, we hereby
report to you, for the year ended December 31, 1999, on
the audit of the accompanying consolidated financial
statements of GROUPE GTM, reported in euro currency.
The consolidated financial statements have been approved
by the Board of Directors. Our role is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with the professional
standards applied in France. Those standards require
that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements
are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
Neuilly-sur-Seine and Paris, March 13, 2000
The Statutory Auditors
An audit also includes assessing the accounting principles
used and significant estimates made by management
as well as evaluating the overall financial statements
presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a
true and fair view of the group’s financial position and of its
assets and liabilities as of December 31, 1999 and of the
results of its operations for the year then ended, in accordance
with accounting principles generally accepted in France.
We also performed the verification of the information
given in the Management Report of the Board of
Directors. We have no comment as to its fair presentation
and its conformity with the consolidated financial
statements.
BARBIER FRINAULT et AUTRES Gérard DAUGE
Francis SCHEIDECKER Compagnie Régionale de Paris
Compagnie Régionale de Versailles
G R O U P E G T M 78
ANNUAL REPORT 1999
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Limited company with registered capital of euros 123 449 728
RCS Nanterre B 562 011 890
EEEC identification number: FR 1556 2011 89 0000 18
Head Office: 61, avenue Jules Quentin - 92003 Nanterre cedex - France
Phone: (33) 1 46 95 70 00
http://www.groupegtm.com
Annual report published by the Corporate Communications Directorate of Groupe GTM
61, avenue Jules Quentin - 92003 Nanterre cedex - France
Phone: (33) 1 46 95 76 93 - Fax: (33) 1 46 95 77 95
Design and production:
La Rochefoucauld Editions
01 53 63 17 00
Photo credits:
Norbert Bardin, Nikos Daniilidis, Philippe Guignard, Josef Herb, Jean-Pierre Houdry, Alexandre Normandin,
Véronique Paul, Roberto Pretonio, Augusto da Silva, Laurent Zylberman.
Porte de Mekhnès: design and production: Catherine Feff
General Commissary: Frédéric Mitterrand.
Photo libraries:
ADPM, Delattre-Levivier, DUMEZ-GTM, Elige, Entrepose, Gefyra, Groupe GTM, GTM Construction, GTMH, Jean Lefebvre, Les Parcs GTM.
Infograph:
IDÉ.

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