2009

4 - SADE 2009

Statement from the CEO . . . . . . . . . . . . . . . . . . . . 5

2009 Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Drinking water . . . . . . . . . . . . . . . . . . . . . . . . . 6 -7

Sewerage . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 - 9

Telecommunications . . . . . . . . . . . . . . . . . . . 10 - 11

Civil Engineering . . . . . . . . . . . . . . . . . . . . . 12 - 13

Original activities . . . . . . . . . . . . . . . . . . . . . 14 - 15

2009 Commitments . . . . . . . . . . . . . . . . . . . . . . . 16

Sustainable development . . . . . . . . . . . . . . . 16 - 17

Health and Safety . . . . . . . . . . . . . . . . . . . . . 18 - 19

Skills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 - 21

Innovation . . . . . . . . . . . . . . . . . . . . . . . . . . 22 - 23

Key figures . . . . . . . . . . . . . . . . . . . . . . . . . . 24 - 25

Human Resources . . . . . . . . . . . . . . . . . . . . 26 - 27

Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Management Report . . . . . . . . . . . . . . . . . . . . . . 29

Financial incomes . . . . . . . . . . . . . . . . . . . . 30 - 31

Notes to the consolidatedfinancial statements . . . . . . . . . . . . . . . . . . . . . . 32

Prospects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Statutory auditors’ reporton the consolidated financial statements . . . . . 34

STATEMENT FROMTHE CEOL ike many companies in 2009, SADE

suffered from the global crisis and

its effects nationally. These shared

troubles resulted, in particular, in the free-

zing or postponement of contracts with its

traditional customers (local authorities

and industrial clients) and increased com-

petition leading to significant decreases in

prices.

SADE has negotiated this difficult period

with courage and determination. Its overall

results prove the soundness of its struc-

tures and confirm, if such confirmation

were necessary, its capacity to withstand

such pressure on the basis of its traditional

contracts, to occupy original segments, to

innovate both socially and technically and

adapt to change.

SADE draws its force not only from the

wide variety of its businesses, but also

from the men and women investing in it on

a daily basis.

It is this exceptional richness that I wish to

highlight in this annual report:

- these men and women of action, who

are always mobilised for their best

performance;

- these men and women of conviction,

who love their profession and repre-

sent the transfer of knowledge and

the integration of young people;

- these committed men and women

who take up the challenges of inno-

vation, eco-works and prevention

with enthusiasm;

- these united men and women who

recognize the force of a team and

actively seek out the dynamics of

synergies.

As you will discover through their testimo-

nies, be they young or experienced, from

the field or degree holders, be they opera-

tional or functional, they all have a point in

common: they believe in SADE and are

proud to give back what it has given them.

Such is the originality of SADE, which has

turned its corporate culture into a major

advantage.

This is the spirit of SADE I am proud of:

I will ensure that it lasts!

Dominique BOUILLOTChairman and CEO

SADE 2009 - 5

6 - SADE 2009

A mong the large number of orders

placed with SADE in 2009, for

laying drinking water pipes in 2009, SADE

teams should note the contract awarded by

with the “Syndicat des Copropriétaires” of

Airbel in the Bouches-du-Rhône region for

the replacement of drinking water networks,

2,255 metres of pipes and 1,330 metres of

Hdpe pipes; the contract signed with the

“Syndicat Mixte des Adductions d’eau de la

Lys” in the Pas-de-Calais region for the repla-

cement of the drinking water networks,

including 11,500 metres of cast iron pipes

and the construction of a pumping station;

the contract won with the town of Bellegarde

in the Hérault region, concerned 650 metres

of PVC pipes and 1,360 metres of PVC pipes

of sewage networks with a driving of

70 metres of steel pipes, Ø 800 mm; the

construction of a drinking water network of

10,000 metres of cast iron pipes for the

“Syndicat de Transport d’eau potable de

l’Ouest de Limoges”; the crossing of oueds

in Morocco to secure the main supplies to

the city of Casablanca from Rabat.

In so far as themaintenance of networks is

concerned, SADE, with a great deal of pro-

fessionalism, has continued to honour its

contracts with SEDIF (more than 45,000

interventions in 2009) and the city of

Marseilles. It has been reawarded the open

contract with the city of Sydney in Australia,

for a period of 4 years, renewable for 3 years

thereafter. A large number of multi-annual

contracts have been signed such as that

won from Le Havre Conurbation for the

replacement of 4,200 lead house connec-

tions over 4 years or that with the SEVESC,

for the preventive and curative maintenance

and emergency operations in 20 towns sup-

plied by the semi-public drinking water and

wastewater authority.

A large volume of special work has also

been carried out, as illustrated by the use of

a microtunnelling machine for the Eastern

Toulon Inter-municipal water distribution

authority.

East of Toulon for the replacement of a drin-

king water network of 70 metres and the

laying of 6,590 metres of cast iron pipes;

laying 4 km in steel pipes, Ø 3,600 mm by

pipe jacking, for raw water from Shanghai in

China, the largest diameter using the pipe

jacking technique ever performed in China.

Installating and replacing water meters

form an integral part of SADE’s know-how.

The Meter Department installed or replaced

more than 35,000 water meters in 2009.

Finally, original and/or prestigious work

sites should be mentioned; such as the

“Ecole Militaire” in the 7th district of Paris

where a fire fighting network was layed

under the main courtyard without any exca-

vation; such as special works, made to

measure for the SEDIF with the replacement

of spring boxes that absorb the deformation

of pipes during the superelevation of the

piles of the aqueduct bridge of Neuilly.

SADE 2009 - 7

Adel HafiPIPELAYER ON A SANDWICH COURSE

I am preparing myCAP in pipelaying aspart of a professio-

nalizing contract. I went to a Veolia openday and it was there that I discovered andchose this profession. Before, I performedlots of small jobs. Here, I am learning a realprofession with prospects.

At the IEU (Institut de l’EnvironnementUrbain, a Veolia in-house training center),between practical work and sport, we havetwo days out and three days in lectures,which is the most difficult for me. I preferbeing outdoors, in the field.

When I am in the company, I work withmy field tutor, a pipelayer who knows hisbusiness well and trains me well and withmy apprentice master. Everything isgoing well; I am taking my CAP at the endof May and if I pass, I will be given a long-term contract!

With SADE, if you are motivated andinterested in the profession, managementwill help you progress.

You must be available, hardworking andopen-minded, which is true in all profes-sions and even more so in mine.

QUESTIONS TO

For as long as drinking water is needed, SADE will be laying and maintainingthe networks required.

8 - SADE 2009

There were a large number of pro-

jects in the field of sewerage and

reinforcement of sewage or rainwater net-

works in 2009, both for local authorities

and industrial concerns.

We should mention the reinforcement of

the sewage systems of the Commune

of La Chapelle-Saint-Pierre, in the Oise,

6,400 metres of cast iron pipes NPS 200 mm;

the contract with the “Communauté de

Jaulnay-Clan”, in the Vienne, for the repla-

cement of 1,600 metres of PVC sewage

pipes, NPS 200 m, 600 metres of concrete

pipes, NPS 800, 1,200 mm of rainwater

networks; the construction of a sewage

system for the town of Auch, in the Gers,

2,440 metres of cast iron pipes NPS 100 to

300 mm and of 1 890 metres of PEhd pipes,

NPS 140 to 250 mm, with 4 pumping

stations; the laying, in the ZAC of Villenoy, in

the “pays de Meaux”, at a depth of 6 metres,

of 230 metres of concrete pipes NPS 1 000

and 230 metres of integrated cast iron pipes,

NPS 300 mm, together with a prefabricated

concrete structure of 4 m by 3, which acts as

a dissipation chamber for rainwater; the

laying of a sewage system for the Commune

of Oinville-sur-Moncient, in the Yvelines,

2,420 metres of cast iron pipes NPS 200 and

300 mm and 2,300 metres of PEhd pipes

NPS 75 to 225 mm; the construction for the

hospital of Lannemezan, in the Hautes-

Pyrénées, of networks for drinking water,

sewage, rainwater and electricity, namely

2,100 metres of networks; the important

contracts for the diversion of networks as

part of the construction of tramways, such

as that of Brest Métropole Océan or

Gennevilliers; carrying out underground

work on the banks of the Danube, in

Hungary, using the micro tunnel boring and

conventional driving techniques, of a net-

work of NPS 2,200 mm to supply the sewage

treatment station of Csepel; the construc-

tion in Romania, for the site of Petrom, of the

sewage and rainwater networks; the rehabi-

litation in Portugal of storm drains in an

industrial environment on behalf of Repsol,

more than 2,000 metres of PRV channels

laid at a depth of between 5 and 8 metres.

SADE 2009 - 9

Philippe TheuletADMINISTRATIVE ASSISTANT / EXECUTIVE

My role covers fourmain aspects (mana-gement of contracts,

accounts/management control, human andother resources) and a multitude of other,smaller aspects.

My role is to relieve the field of adminis-trative problems, so that the operationalstaff devotes themselves to the essential:design and work. In my profession, you

must be open, understanding, modestand resist stress.

It is a fascinating, stressful job: I am at theheart of the company and I provide a linkon a large number of subjects.

What makes SADE is its spirit; whatmakes it different to another public workscompany is the way people are treated,are enabled to develop their skills andqualitities, which we can’t afford to lose!

QUESTIONS TO

Recovering sewage and rainwater for transport to a treatment site is one ofSADE’s main missions.

10 - SADE 2009

S ADE Te lecommun ica t ions

Department designs, builds and

provides the technical operation of wire and

wireless networks. With a presence throu-

ghout the country on 25 specific,

permanent locations and with 1,200

employees, in 2009, this entity proved to be

one of the major players in this sector in

France.

Its main customers are telecommunications

operators (France Telecom, Bouygues

Telecom, SFR, Free), specialised telecom-

munications equipment manufacturers,

institutional customers (SNCF, EDF, etc.)

and local authorities. This Department is

expert in and develops different technolo-

gies for working on copper, fibre optic and

hertizian networks and, in particular, for

working at height.

2009 was largely devoted to consolidating

the activity with, in particular, the introduc-

tion of more advanced management

procedures, obtaining ISO 9001 certifica-

tion, and signing operating contracts for

large customers (such as that for copper

networks throughout the country).

The growth of the activity mainly relies on

the development of internet broadband,

both for operators and local authorities,

and, to a lesser extent, on services for the

installation of video-protection systems.

Accordingly, we should mention, for

example, the development of the FTTH pro-

jects for Free and SFR in Paris on the one

hand, or the installation of more than 500

video-surveillance cameras in various SNCF

trainstations throughout the country, on the

other.

SADE 2009 - 11

SADE’s expertise in the field of water networks is the basis for its becominga leader in the construction of telecommunications networks.

Sébastien MorvanFITTER

I am a telephonetechnician. My workconsists in visiting

subscribers for telephone or broadbandconnections or repairs. I have up to 7interventions a day: each job is a newinvestigation, a new case, a new context.

We are assessed as to the level of excel-lence of our interventions by FranceTelecom. They only want subscribers whoare highly satisfied with our calls andwork.

Apart from technical aspects, we have tohave a human and commercial approach.

I particularly like the contact with subscri-bers and I have a duty to satisfy them:I appreciate leaving a site with the feelingof having been useful and efficient.

To succeed in this profession, you have tobe independent, skilful, mobile and inqui-sitive. I also welcome and train newarrivals, which is another aspect of my jobfor which I have been trained!

QUESTIONS TO

Damien GoubauLEGAL OFFICER

I handle operational company lawand a whole host of related subjects:insurance in the event of accidents,criminal cases following accidents,some urban planning. I also draftgenera l ru les govern ing goodconduct and behaviour. At SADE, weare extremely careful in respectingthe rules of competition. For this,several activities are organised: trai-n ing and in format ion seminars ,internal audits carried out in all enti-ties, etc.

My activity is extremely concrete andvery pragmatic: we find precise,practical solutions for specific cases.

I mainly intervene at the request ofoperational staf f or Head Officedepartments, with contacts based ona high level of reactivity.

You have to be open and able to callyourself into question every day.You need good analy-tical skills: knowingh o w t o s um u p asituation and analyseit to come to a deci-sion.

QUESTIONS TO

12 - SADE 2009

SADE teams keep developing and

improving their know-how in this

field. They are now capable of completing

the foundation blocks and the piles of the

Yamoussoukro presidential palace, in the

Ivory Coast. They are producing, with very

short lead-times, more than 400 small

civil engineering structures on the Aftout

Essahli site in Mauritania. They are also

involved in more conventional contracts,

such as the construction of a tunnel of

3 m in diameter and 3,195 metres long for

the Paris conurbation Inter-municipal

wastewater authority in the Val-de-Marne

county. In the Moselle county, they are

installing 4 pumping stations, a control

system, two 260 m3 tanks and building an

operational technical room for the Center

Parc holiday centre of the “Domaine du

Bois des Harcholins” at Hattigny. They

have also laid a pipe, Ø 1,400 mm over

330 metres under the Loire using themicro

tunnel boring technique, for the Tours Plus

conurbation in the Indre-et-Loire county.

They are building and fitting out large

numbers of small and medium capacity

wastewater treatment plants such as that

of Saint-Vigor in the Seine-Maritime coun-

ty, for the “Syndicat de la Cerlangue”, of

2,800 inhabitant equivalent or those of the

“Communauté de Communes” of Vinay in

the Isère county, with a treatment capacity

of 14,000 inhabitant equivalent.

SADE 2009 - 13

Jean-François JegouIN-HOUSE TRAINER

My basic professionis Site manager. Forfour years now I have

been an in-house trainer: I train employeesin France and abroad, in various shoring-up techniques (metal, aluminium, sheetpiling, in an urban environment, at greatdepth) together with small diameter pipejacking, Bonna repairs and lead casting.

I dedicate approximately 25 weeks a yearto training sessions. This involves a greatdeal of preparation work, adapting andupdating data.

I have to be a patient and available teat-cher.

What I always try to do is to concentrate onsafety. I show trainees the right way to dothings. If they understand why it has to bedone in a particular way and why it is use-ful to do so, I am sure they will do itcorrectly.

We’re in the same business: what I teachreally matches what they do. We tell thesame stories and have the same anec-dotes. You could say that we are all onefamily.

QUESTIONS TO

Charlotte DapillyDESIGN ENGINEER

My role is to support SADE branchesin France and abroad. I interveneprior to the response to a call for ten-ders by preparing a preliminarydesign and, should of the contract beawarded, by drawing up the detaileddesign and working drawings, inaccordance with trade practices andclients’ expectations. I also providetechnical support for works forementhroughout the completion of works.

We have great responsibility: wemake sure to abide by the standardsin force and trade practices whilstcomplying with the clients’ structuralrequirements. We need both an ove-rall view of the work site and a veryprecise, detailed picture.

It is a technical, concrete, lively andvaried profession.

The challenge is two-fold: meeting lead-timeswhile maintaining highstandards and comingup with appropriatetechnical solutions.

QUESTIONS TO

Civil engineering skills are essential for building lasting, quality networks andSADE deals with them on a daily basis.

14 - SADE 2009

In its search for new growth drivers,

SADE has decided to take up a posi-

tion on the renewable energy market and,

more particularly the construction of

infrastructures for wind farms. By combi-

ning sound skills in the field of civil

engineering, the construction of roads

and other networks with those of the

Design Office for the design of reinforced

concrete structures, the Regional Division

of Normandy was recently awarded a new

contract by ENERCON. Today, 34 founda-

tion blocks for wind turbines have been

laid, requiring 13,200 m3 of concrete and

1,350 tonnes of steel. The completion of

this work represented 80,000 hours of

work for its teams.

In 2009, the Regional Division of Lyons

developed, in 2009, a new activity in the

field of sealing: the application of geo-

synthetic products. It uses, for this

activity, a design specialised in the design

of GSD (Geosynthetic Sealing Devices)

and testing in the field (apparent angle of

internal friction on the interfaces and the

GSD in place) and personnel trained in

these special types of welding (ASQUAL).

This technique applies to waste storage

centres, subsurface containment centres,

and wastewater treatment stations with

beds of reeds, storm tanks or motorways.

A remarkable example of this new activity

may be seen overseas in the Sud

Martinique conurbation.

The regional Division of Rennes has confir-

med its position in the sector of acrobatic

works, which are necessary to perform

works on difficult-to-access locations at

heights, using lightweight, quickly

deployed equipment complying with safe-

ty standards. Its teams of specialised

technicians are experts in rope tech-

niques, and use mountain climbing

equipment. It has also pursued its deve-

lopment in the field of parking areas for

travellers, an activity which was created

in 2005, with the support of the Regional

Divisions of Poitiers, Metz, Marseilles and

Normandy: 78 parking areas have been

installed to date.

The Paris Area Division has replaced,

created or removed 600 public toilets in

Paris with average works duration of 6

weeks.

The Meter Department has been given

accreditation, awarded by the DRIRE, to

carry out, on behalf of third parties, the

periodic inspection of their water meters.

SADE 2009 - 15

SADE is seizing new opportunities and developing new know-how.

Emilie MartinCOMMERCIAL ENGINEER

I am the manager of the technical andcommercial sewage department of theRegional Division Normandy. I respond tocalls for tenders concerning wastewatertreatment plants, parking areas for travel-lers, foundation blocks for wind turbines,roads for wind farms and industrial pro-jects, in order to bring their productionsites in compliance with any standardsand regulations in force at the time.

My role, in particular, is to ensure relationswith local authorities and industrial clients.We carry out technical studies and pricingstudies for submitting our tenders.

It is a very concrete profession, even ifwe deal with future installations. It is aprofession which is closely with SADE’senvironmental approach: all projectsfor which we bid include it.

SADE is a large group which has set upand maintained an intelligent staffmanagement system and is very closeto its clients. It is a company in whichthere are no barriers.

I was appointed to my current job whenI was pregnant! Team leadership is anexciting task: the experience I acquiredin works supervision is very valuable.

Times are changingand, very early, SADEintelligently acceptedan inevitable evolution:women at works!

QUESTIONS TO

16 - SADE 2009

A s a subsidiary of Veolia

Environnement, SADE cannot

ignore the problems associated with sus-

tainable development. In 2009, it pursued

its commitment to safety and its constant

search for environmentally friendly solu-

tions.

SADE now knows how to calculate the

carbon footprint of all its work sites, using

both conventional and alternative tech-

niques. It has established a method and

designed software for the calculation of

greenhouse gases emissions (GHG) gene-

rated by its works: Carbon 6.

SADE is also specialised in recycling:

reuse of extracted coating materials by

recycling them on work sites, permitting

immediate repairs at all time; recycling of

excavation material extracted on work

sites and immediate refilling of excava-

tions with self-compacting materials;

recycling of material with lime treatment

on site or in special plants close to the

work site.

Obtaining certification to ISO 14 001 is

being pursued together with commitments

to OHSAS 18001, CEFRI, UTO, MASE,

GEHSE and UIC, which goes to prove the

social responsibility of the company.

SADE is still highly involved in protecting

the environment by using trenchless tech-

niques: in 2009, 97% of service pipes were

laid using such techniques.

The Paris Area Division has appointed an

extra-financial rating agency, Arcet

Notation, to assess and rate its overall

environmental and social performance.

External auditors have analysed 45

indicators on works sites and parts: envi-

ronmental management, the quality of

work sites in terms of new work and main-

tenance, environment and health,

transport and travel, waste and cleanli-

ness, social cohesion, relations with

stakeholders, innovation, economic deve-

lopment… It obtained an overall rating of

1.35, namely AA+ on a rating scale going

from D (lowest class) to AAA.

SADE 2009 - 17

Denis LopezWORKS ENGINEER /

FOREMAN

My everyday work consists in the orga-nisation of work crews to meet theobjectives of the work site. Accordingly,I monitor procurements and the imple-mentation of technical choices. I alsomanage human resources.

My main role is to provide the link bet-ween the execution and administrationof the project, both internally and withregards to the final customer or hisrepresentative.

I joined SADE in 1990 and, until now,my entire career has been overseas.

What I prefer in this business is free-dom of action and technical choicesfor carrying out the work and the pos-sibility of working both outdoors andindoors.

The main difficulty isthe daily coordinationof technical solutionswith the human andmaterial resourcesavailable locally.

QUESTIONS TO

SADE is aware that respect for the environment implies changes in behaviourand is dealing with such aspects.

18 - SADE 2009

Protecting the physical integrity of

each and every one of us is one of

our daily concerns, wherever we are. “Zero

Accident” is SADE’s sole objective in this

field. The proof that it is possible is provi-

ded on a daily basis: some twenty entities

have not recorded any lost-time incidents

for more than 12 months. One of them can

boast about to not having had any acci-

dents for more than 6 years.

Communications and training in the field

of health and safety have been developed

and improved in 2009. Publications

concerning safety have been expanded to

better communicate on the risk of acci-

dents so that each and everyone may

consider and talk about it. In addition,

40% of the training budget has been devo-

ted to the prevention of accidents and

industrial illnesses.

Our determination to make prevention

central to our action therefore remains

total and is bearing fruit, since our rates of

frequency (14.10) and severity (0.81) in

France this year are improving, once again,

and remain much better than those of the

rest of the Profession.

SADE 2009 - 19

Freddy TourancheauQHE REP

I inform the person-nel of trade practices,both in the field of

quality and safety. I promote prevention toavoid cases of non-conformity and acci-dents on our work sites.I also ensure curative maintenance with, inparticular, the drawing up of fault treesduring each meeting of the CHSCT. Inshort, I may a linking role and I spreadinformation about best practices.

You have to be patient and stubborn. Youhave to find the right level of dialogue and,especially, accept that you cannot get whatyou need from operators overnight,without giving up anything!

I joined SADE, on a sandwich course, inJanuary 2002. It is a company wheresocial ladder works!

My region, the Regional Division ofPoitiers, has good soil…

QUESTIONS TO

The culture of results in the field of health and safety.

Toussaint RivièreWELDER

My job consists in cutting and wel-ding parts either on work sites or inthe workshop. This is not DIY, I onlymake new, clean and accurate parts.We cannot make mistakes. When apipework is filled or refilled withwater, it must be 100% reliable for along time. We have a great responsi-bility with our customers and usersand, as a welder, I have to guaranteethe quality of my work. We also haveto stick to the deadlines.

I joined SADE 28 years ago, andspent 25 years within the New Worksdepartment. My job is my passion; toenjoy your job, it must be part ofyou. I cannot imagine doing anythingelse. Originally, I was a steel erectorbut I didn’t like it and took up wel-ding, and never quitted.

When I make a weld, I should beproud of it, both in terms of qualityand appearance, even if the structureis buried. A good welder should alsomaster several welding techniques.

I only feel good outside, should theweather be fine or not, cold or hot; it’snot problem for me.I like to be in the openair! I would now liketo train a youngster inmy trade and be sureof being replacedwhen I retire.

QUESTIONS TO

20 - SADE 2009

In 2009, SADE took on 463 new

employees from all backgrounds,

including 134 on sandwich courses.

Work-training program are a form of trai-

ning that used to take on motivated

youngsters, prepare for the future and

make SADE an efficient, responsible com-

pany. Today, more than 10% of the

workforce comes from such integrated

paths, which concern both labourers, ETAM

(employees, technicians and supervisory

staff in the construction industry) and exe-

cutives managerial staff.

An important SADE charter on tutoringwas

signed in May 2009, highlighting the com-

mitments of our company both and of our

apprentices. At the same time, an improved

tutorial system was introduced for better

follow-up of apprentices, a better match

between apprenticeship at school and in

the field, together with more efficient com-

munications between the different players

involved (tutors, instructors, school repre-

sentatives, HR managers, etc.).

Recruiting young people does not only mean

aninvestment in thefuture, it isalsoan impor-

tant collective challenge. That of welcoming

new arrivals, training them and allowing them

to progress. This is a state of mind which

SADE is proud to share with all generations.

Accordingly, a venture agreement encoura-

ging the employment of elderly staff and

giving them a central place in the tutorship

system was signed in 2009 with unions and

management. This approach is also part of

the mature and constructive social dialogue

engaged within SADE.

Induction courses concerning all new works

foremen, whether taken or promoted, were

launched in 2009, to help them in taking up

their posts and adopt best practices from

the outset. Given the success of this opera-

tion, these courses shall be gradually

extended to other posts.

The transmission of knowledge, the culture

of good practices and a constant search for

innovation, as well as the need for health

and safety requirements, are all shared

challenges in making SADE a socially

advanced company.

SADE 2009 - 21

Elisabeth NoyelHUMAN RESOURCES

MANAGER

I play a general role, from the arrival to thedeparture of the employee. It covers legalaspects, training, pay and certain aspectsof occupational health. It also coverssocial relations in collaboration with theDirector of a Regional Division and theadministrative executive.

It is a real professional choice. I like whatis concrete and the direct link with the fieldand those who work in it. There are dayswhen after a days’ work, one feels wornout.

In the Regional Division, the challengeis constant. Every day, my energy isdevoted to action and reaction. Localinitiatives are possible. It is a verytime-consuming job, which requiresnot showing one’s emotions but kee-ping one’s head!

I am a support, and I pro-vide a support service toworks centre managers.They call onme and I ama source of ideas, for allaspects of my business.This involves continuousinteraction and comple-mentarity.

QUESTIONS TO

Nounthong Lavong TheungSTORE MANAGER

Wi t h my t e am ,I ensure continuousprocurement for work

sites and avoid to run out of stock. I makereasonable assessment of needs to makeparts and equipment available withoutoverstocking. I must always be able tooffer solution to avoid stopping works onsite.

I love my job. I feel satisfied when every-body cheerfully notes that the works are

completed and knows that we are tothank for it. We succeed together; welive like a family whilst following its tra-ditions.

Since suppliers work in just-in-time modein managing their stock, the difficultytoday lies in always finding the right solu-tion for dealing with emergencies orcontingencies. It is sometimes a problemwhen you have to find unusual parts ordiameters. But you always make it!

QUESTIONS TO

Human resources means human riches.

22 - SADE 2009

Innovation in 2009 was still one of the

driving forces behind SADE, a major

asset which enables the company to main-

tain its leading position and to stand out

from its traditional competitors. Innovation

is being developed in two main areas: in

the field of new technologies on the one

hand and, in the environment-friendly

alternatives or resulting from eco-design,

on the other.

A large number of processes and tech-

niques intended to limit the impact of

works on the environment, such as the

invisible service pipe, have resulted in the

filing of patents.

Recyclor is a device used to produce of the

self-compacting infill material from excava-

ted earth, based on the concept of the

environment-friendly pipe connection. It

now used in an extended scope of works,

thus contribution largely to the reputation

of the company.

Computerisation has brought in the works.

Nomad systems based on ACTIF system

have been deployed in Paris Area: they

provide for taking readings on site electro-

nically using 3G PDAs with automatic

transmission, immediately and in total

security, to the works centre. The works

centre of Reims uses daily management

software for incoming and outgoing stock,

using bar codes and PDAs. SADE

Telecommunications Department has

taken up the challenge of innovation in

terms of processes, with the development

of specific control systems to improve the

quality of projects management, reporting

and planning.

The dynamics of ISO 9001 certification is

being pursued with force: at Head Office,

the Central Equipment Department and

the IT Department have just implements a

quality assurance system.

Large numbers of innovations have been

registered, of the IDEO approach, within

all Regional Divisions and Departments:

whilst they may not all make radical

changes to our way of working, they are,

nonetheless, a further step and proof all

SADE employees’ involvement in impro-

ving its operation. For example in 2009, no

less than 23 innovative ideas saw the light

of day in the Regional Division of Metz.

The Design Office has also played its part

in terms of anticipation, by continuously

developing technical alternatives, which

put SADE in an ideal position with regards

to its customers.

SADE 2009 - 23

Pascal IaconoWORKS SUPERVISOR

I work on projects,from start to finish:from the detailed

design phase to the completion of works,through consultation. My specialities areunderground working and civil engineering.

Underground working is very specific: itcannot be learned from books but ratherin the field. I like it because it is highlytechnical and never the same thing.

I have been working within the SpecialWorks Department for 35 years. When I

joined SADE, I was a crane operator.I have evolved within the company tobecome team leader, site manager, andfinally works supervisor by following theappropriate training courses. At SADE,hardworking, motivated people progress.It is a question of mutual confidence.

What is needed to succeed in this profes-sion is confidence, independence, theculture of work well done, the resourcesavailable and solidarity of teams! As faras I’m concerned, I have everything!

QUESTIONS TO

SADE’s experience is its reference, and its sense of innovation is a guaranteefor the future.

KEY FIGURES10 000

work site

24 - SADE 2009

more than 24 000 tCO2 emissions avoided

more than 5 000 kmof netwok completed

Nabil Sour AhedibPIPELAYER

I became a team leaderin 2006, after obtainingmy CAP in pipelaying

following an official acknowledgement of myprofessional experience. Accordingly, I resu-medmy studies in French, maths and generalknowledge. I also wrote a “report” whichI presented before a jury.

I had left school after the 6th form: thisenabled me to write and think again.

Obtaining this qualification has given menew confidence. I feel very proud and I stic-ked my certificate is on the wall above mywedding photograph.

SADE and my superiors have placed theirconfidence in me and given me the means toreachmy ambitions. This confidence ismutual.

I would now like to become site manager,assistant works supervisor and, why not,works supervisor.

QUESTIONS TO

more than 500 kmof pipes laid with

trenchless techniques

14.10Industrial accidents

frequency rate

SADE 2009 - 25

10 000employees

110 000hours training sessions

M€ 1 330turnoverSébastien Moreau

MECHANIC

My job is to ensu-re maintenanceof vehicles and

equipment, and make repairs. I encoun-ter a wide range of situations. You haveto be organised, available and reactive toavoid works stoppages on site.

The great thing about my job is that Inever have to do the same thing. Oursole aim is to ensure that work is car-ried out on site as it should be.

If I were to mention only one quality, itwould be the sense of the manage-ment of contingencies, with progressof works being the absolute priority.

The garage is available 24/7 and wedo our best to guarantee the mobilityof teams and availability of equip-ment, whether large or small.

We are facilitators!

QUESTIONS TO

Benoît DauffyDIRECTOR OF A REGIONAL

DIVISION

I guarantee the workings of SADE in the South-West. Mine is a support role to ensure that the 5work centres operate in harmony.

Above all, it involves dealing with people:

I have to stay close to staff, whatever their role.

It is a job which requires sound technical knowled-ge. My engineering background and myexperience in works supervision are very valuable.

I joined SADE in 1991 as an intern after my stu-dies and was taken on immediately, as a worksforeman. In 1996, I became works CentreManager, then Director of a Regional Division in2004. It is a company which really recognisespeople and talent and which, whenever possible,offers them appropriate moves; whether pyrami-dal or transversal.

I never see the time pass.

One of my aims is encourageand develop synergies usingskills available in other regionaldivision and subsidiaries. Weall serve the same ambitions.

QUESTIONS TO

124 311 1 279844 128 470 1 341743 80 257 738401

20073 93 467371

20083 131 562428

20092 194 618422

Long-termemployment contract

Short-termemployment contract

Recruitments

HUMANRESSOURCES

26 - SADE 2009

Average headcount

Tom MitchellSITE MANAGER

As part of the diagnostics contractin Victoria, Australia, I am respon-sible for the management of twocontracts for the inspection of was-

tewater collection systems and daily management ofhuman and material resources.

I am also responsible for meeting contractual lead-times, key performance indicators (KPI), efficiencytargets and for the delivery and billing or work sites toseveral customers.

I also handle the monitoring of networks, including video ins-pection and cleaning, not only for wastewater collectionsystem and drinking water distribution networks but also fordifferent municipal and industrial sites.

My profession requires great flexibility and being ready forchange. Positive thinking and open mindedness for dealingwith and solving problems are essential.

The greatest challenge I have in my job is managing severalcustomers at the same time and satisfying all of them in thetime allowed.

QU E S T I O N S T O

2007782 2 168 9 4896 539

2008873 2 401 10 0906 816

2009909 2 444 10 2606 907

Officers ETAM Labourers Total

3,10 % 3,15 % 3,10 % 3,01 % 3,12 %3,18 %

2004 2005 2007 2008 20092006

61,97 30,63 20,34 23,68 19,87 14,93 14,1024,91

1992 2003 2005 2006 2007 2008 20092004

SADE 2009 - 27

Franck LoreauTRUCK DRIVER

I drive an 8 x 4 truck and operate thecrane every day. My job is to supply refillmaterials and equipment and removeexcavated materials from work sites. Mymachines and I are at the disposal of theworks foremen, site managers and teamleaders.

It is physical work and concentration isan absolute necessity.

It requires vigilance in terms of safety inall aspects of my work, taking care of theequipment that the Regional Divisionentrusts me and following road signs.

I appreciate being able,through my work, toassist my colleagues byprecise operations toreduce the difficulty ofmanual work. And then,I like helping them out inthe field when waiting!

QUESTIONS TO

Alexis Kouakou YobouetMACHINE OPERATOR

In fact, I am a shovel operator. Myjob consists in performing exca-vations on different work sites,

whilst ensuring safety. I also check engine oil, hydrau-lic fluid levels and make other checks on my shovel.

I have to check the position of the shovel, to be vigilantand aware of the needs of my vehicle and, above all,productive.

I enjoy driving my machine.

I have responsibilities: I have to check the position ofmy shovel, make sure it is flat before starting work and,above all, take care of the labourers around me.

For that, you have to be disciplined, vigilant, carefuland concentrated.

QU E S T I O N S T O

Industrial accident’s frequency rate*

*SADE company only

% of payroll dedicated to staff training*

28 - SADE 2009

GOVERNANCE

Board of Directors

Management boardDominique BOUILLOT 1

Chairman and CEO

Guy DEWONCK 2

General Manager

Yves FORZINI 3Manager, in charge of French subsidiaries

Frédérique GAUDIBERT-MAILLARD 4

Manager, Communications

Pascal GAUTIER 5

Manager, Paris Area

Alain HAUGUEL 6

Manager, Design Office

Loïc HEAULME-LAVERNE 7

Manager, Human Resources

Bruno KLIEBER 8

Manager, Finance

Jean-Loup MAISTRE 9

Manager, Major Projects

Bernard RIETHMÜLLER 10

Manager, Organisation Legal Affairs-IT

Pascal ROCA-LABARRE 11

Manager, International Departement

Yves TRELHU 12

Special Projects Manager

Dominique BOUILLOTChairman

Jean-Claude DOUVRY

Roger MARTIN

Daniel VERSANNE

Olivier GRUNBERG

Olivier BARBAROUX

Michel RIVARD

Antoine FREROT

Alain ROUSSE

Jean-Bernard DUFAY

Véronique ROUZAUD

Gustave KUCH

Marc RENEAUME

Alain TCHERNONOG

AuditorsKPMG S.A.François CAUBRIERE, Substitute

2 549 7 83111 10 126

SADE 2009 - 29

MANAGEMENTREPORTSADE Group consists of 59 companies, of which 16 are located outside

France. During 2009, two companies joined the Group (MERCIER, ROXIA).

As shown in the table below, the consolidated turnover of SADE and subsidiaries

amounted to € 1,330.1 million in 2009, compared to 1,345.4 in 2008.

In France, business was still growing (2.0% compared with 2008); internationally,

business calmed down, by 11 % compared with 2008, with a turnover of € 278.0

million inclusive of branch offices and subsidiaries.

SADE and subsidiaries’s manpower, excluding locally employed staff amounted to

10,260.

The operating result and the net income came to € 45.7 million and € 31.3 million

respectively, compared with € 64.9 million and € 59.3 million respectively last year.

2008 2009 2009/2008

France International France International

Sade 731.4 748.9 1.02

124.3 96.1 0.77

Total Sade 855.7 845.0 0.99

French subsidiaries 300.2 303.2 1.01

Non French subsidiaries 189.5 181.9 0.96

Total France 1,031.6 1,052.1 1.02

Total International 313.8 278.0 0.89

Grand total 1,345.4 1,330.1 0,99

57 companies 59 companies

Turnover (M€)

Jean-Marie LebatteuxDRILLER

I make boreholes for water catchment. As adriller, I have to operate the drilling rig, monitordepths and take earth samples.I was working in a subsidiary: I joined SADE in1993.What I like in my job is the good atmospherewithin the teams. I also feel lucky enough not toalways do the same thing: Each work site is diffe-rent and requires an appropriate technique,depending on the ground being drilled: rotarydrilling with mud, bootleg hammer drilling, des-truction of the groundby rotation and compressedair, jarring, counter flushing, casing on advance.To be a driller, you have to be calm, meticulousand disciplined! The job leaves no room for error:the result of the work can only be seen when thecamera rolls after works are over…A personal anecdote: we arecurrently drilling a well (ano-ther aspect of the job) on anisland, on which I did my firstjob 35 years ago, as a labou-rer.

QUESTIONS TO

30 - SADE 2009

Uses (M€)2005 2006 2007 2008 2009

Industrial investments 19.7 30.7 32.8 41.4 28.7Acquisitions of equity interests 4.4 2.4 0.7 1.8 1.5Investments 24.1 33.1 33.5 43.2 30.2Other long-term investments 0.7 2.0 0.0 0.0 0.0Refunds of long- and medium-term liabilities 5.4 0.2 3.5 0.0 0.0Dividends paid by SADE and its subsidiaries 26.7 16.0 24.7 38.8 52.1Other investments 32.8 18.2 28.2 38.8 52.1TOTAL USES 56.9 51.3 61.7 82.0 82.3Change in scope and currency translation adjustments 6.0 0.5 0.9 3.8 4.3CHANGE IN WORKING CAPITAL 8.7 2.8 15.0 6.4 -13.2

Ressources (M€)2005 2006 2007 2008 2009

Income from consolidated companies 19.6 26.4 50.8 59.3 31.3Depreciation, provisions, miscellaneous 35.6 17.8 22.7 20.5 29.2Cash flow 55.2 44.2 73.5 79.8 60.5Long- and medium-term liabilities contracted 0.3 4.7 0.1 0.0 1.5Disposals of fixed assets and securities 3.0 3.7 3.4 3.9 2.7Reduction of loans and deposits at more than one year 1.1 1.0 0.6 0.9 0.1Additional resources 4.4 9.4 4.1 4.8 4.3TOTAL RESOURCES 59.6 53.6 77.6 84.6 64.8

FINANCIALINCOMES

2005 2006 2007 2008 2009

Sales 927.3 1,013.6 1,144.5 1,345.4 1,330.1Operating income 23.4 41.7 54.8 64.9 45.7Financial incomes/expenses 11.7 14.7 15.4 16.2 2.9Income (loss) from ordinaryactivity before taxation 35.1 56.4 70.2 81.1 48.6Profits tax 15.5 -30.0 -19.4 -21.8 -17.3Consolidated net income 19.6 26.4 50.8 59.3 31.3Minority interests -0.8 -0.8 -0.7 -0.7 -0,6Group sharein consolidated profit 18.8 25.6 50.1 58.5 30.7

M€

Profit & Loss Statement

Cash flow statement

Sébastien LiobetWATER METER

CALIBRATION TECHNICIAN

My job consists in testing and certifyingwater meters, backflow prevention devicesand service pipes on work sites. I work onproducts that are new, have been repairedor are in service before connection.

It is a job that requires precision. It is arare profession and there are no morethan 20 of us in France capable ofdoing this job. In the Meter Department,we have virtually all the accreditations:there are very few laboratories such asours. It is a sector in which technologieschange quickly and we follow them.

I have been trainedentirely by SADEfor this job, which isboth physical andintellectual. Anyloss of concentra-tion and you take ashower!

QUESTIONS TO

SADE 2009 - 31

Assets (M€)2005 2006 2007 2008 2009

Intangible fixed assets 0.3 0.5 0.6 0.7 0.6Property plant and equipment 50.5 59.0 65.8 79.1 79.0Long-term investments 21.1 23.0 26.4 25.6 26.5FIXED ASSETS 71.9 82.5 92.8 105.4 106.1Stocks and works in progress 27.6 31.6 56.8 54.8 41.9Trade receivables 358.7 403.1 459.4 501.6 500.8Marketable securities 4.9 1.8 0.0 0.0 0.0Cash at Bank and in hand 325.3 293.3 303.3 313.8 262.8CURRENT ASSETS 716.5 729.8 819.5 870.2 805.5TOTAL ASSETS 788.4 812.3 912.3 975.6 911.6

Net position statement (M€)2005 2006 2007 2008 2009

Group's net position 164.4 154.9 165.5 192.8 211.4Net income 18.8 25.5 50.0 58.5 30.7Dividends -26.0 -14.9 -24.1 -38.1 -51.4Other variations -2.3 -0.1 1.4 -1.8 -5.0Group's net position 154.9 165.4 192.8 211.4 185.7

Jean-Yves Le CorreWORKS CENTRE MANAGER

I am responsible for and managethe different businesses exercisedin a works centre and which,

together, go to form the know-how and reputation ofthe company. My job is to continuously optimisehuman and material resources with regards to theexpectations of our clients and our high level of requi-rements in technical fields and in terms of quality,prevention and safety.

I joined SADE in 1987. I have been a works supervisor

for 13 years. I know the company, its business and obli-gations well: the multiple aspects of communications itinvolves and never-ending decision making, availabili-ty and support for teams and customers, on-goingresearch for improved solutions, adapting to all cir-cumstances, controlling one’s emotions, an overallview and the analysis of detail.

SADE is both a specialised and general company. Thisis its main asset, together, with the differences of itsmen and women.

QU E S T I O N S T O

Sébastien CrausteFLEET MANAGER

Every day, my main job concerns themanagement of equipment, in accor-dance Regional Division Director ispolicy and to supply work sites with wellmaintained equipment, in accordancewith our safety and environmental objec-tives.

Beyond the management of equipment,my team and I provide technical sup-port, in bringing expertise in trenchlessworking and the recycling of excavatedmaterials.

To succeed, I must also have good rela-tions with works managers and worksforemenwhilst meeting their expectations.

What I like about this job is being calledupon and being able to meet all needs,while assuming that anything is possibleif you can identify the problem and theresources to be used.

In the ProcurementDepartment, we insist onthe word “service”: whena problem is raised withme, it becomes my pro-blem and I only considerit solved when a solutionhas been found.

QUESTIONS TO

Balance sheet

Liabilities (M€)2005 2006 2007 2008 2009

Share capital & Issue premiums 15.7 15.7 15.7 15.7 15.7Reinvested profits 139.2 149.8 177.1 195.8 170.0Group's net position 154.9 165.5 192.8 211.5 185.7Non-group interests & Subsidies 2.0 2.6 2.8 2.8 2.7Shareholders’ equity 156.9 168.1 195.6 214.3 188.4Provisions for liabilities and charges 87.7 85.3 86.3 84.5 96.2Long- and medium-term liabilities 1.8 6.4 3.4 5.5 6.8PERMANENT CAPITAL 246.4 259.8 285.3 304.3 291.4Trade payables 443.1 515.6 593.5 634.7 594.5Short-term debt 98.9 36.9 33.5 36.6 25.7SHORT-TERM LIABILITIES 542.0 552.5 627.0 671.3 620.2TOTAL LIABILITIES AND EQUITY 788.4 812.3 912.3 975.6 911.6

32 - SADE 2009

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSANDACCOUNTING PRINCIPLESSADE's consolidated financial statements were prepared

according to the IFRS Standards of the European

Community.

1. Consolidation principlesThe consolidated financial statements cover the financial state-

ments of the companies with steady and durable business and

turnover in excess of € 1.5 millions as well as the subsidiaries with

lower turnover but with a significant impact on the Group's finan-

cial statements.

Companies which are majority owned by SADE are fully consolida-

ted.

Companies which are controlled jointly by SADE and other share-

holders are booked according to the French proportional

consolidation method.

The accounts of SADE are consolidated via the global integration

method by VEOLIA ENVIRONNEMENT, whose registered office is

located at 38, avenue Kleber, Paris 16e (France).

2. Translation of financial statements offoreign companies and establishementsThe financial statements of foreign entities are reported in their

financing currency.

Denominated in foreign currency the balance sheet and income

statements of such entities are converted at the exchange rate in

force at the end of the financial year.

The resulting unrealised exchange losses alone are booked under

charges of the year.

3. GoodwillThe principle is to appropriate goodwill, reflecting the difference

between the acquisition cost of share owned in consolidated com-

panies and the corresponding share in equity at the acquisition

date, to the various assets and liabilities on the balance sheet of

the acquired company.

The non-appropriated balance of goodwill is reported under assets

and amortised over a 20-year period for construction companies,

and over a 40-year period for companies that perform a service

activity (e.g., water distribution), except for special cases that jus-

tify accelerated amortisation.

Goodwill of maximum € 150,000 is fully amortised during the year.

4. Tangible fixed assetsLand, buildings and equipment are valued at cost, adjusted as

necessary to reflect the legal revaluation.

Tangible assets are depreciated over the periods applied to SADE’s

corporate financial statements.

Depreciation periods may be shorter when necessitated by equip-

ment utilisation condition, notable at entities in foreign countries.

5. Reported profitIncome and profits are generally booked according to work pro-

gress method.

6. Corporation taxAnnual taxation corresponds to the tax owed by consolidated enti-

ties, adjusted to reflect deferred taxation generated by temporary

differences which notably appear, between pre-tax profit and book

profit, determined according to the liability method.

No deferred taxation is booked for tax loss carry-foward. The same

applies for deferred taxation on items whose due dates are not

known at the end of the financial year

Number of consolidated companies2005 2006 2007 2008 2009

In FranceFully consolidated 36 37 39 41 43Proportionately consolidated 1 0 0 0 0AbroadFully consolidated 14 12 13 13 13Proportionately consolidated 3 3 3 3 3

The global economic crisis and

resulting financial difficulties slow

down investments from local authorities

and industrial clients. The contracts are

becoming more competitive and new

players, whose traditional contracts are

even more limited than ours, are emerging.

The order book is shrinking and we can

expect not only fewer orders in 2010 but

also a reduction in prices and, therefore, in

margins. SADE teams and those of its sub-

sidiaries are facing these changes by

adapting, innovating and maintaining a

high level of motivation and confidence in

the company’s know-how.

2010 will also mark the end of the current

contract with the “Syndicat des Eaux d’Ile-

de-France”, a contract on which SADE

teams have been working for more than 80

years, continuously demonstrating their

skills and reactivity. The company has

been preparing for this change for years

and will have to meet the future challenge

on this market.

SADE intends to pursue its development to

other contracts in France (dry networks,

telecommunications, niches for diversifica-

tion) on the one hand and, on the other, by

exporting all the experience acquired by its

teams even more both in Europe and

worldwide.

PROSPECTS

SADE 2009 - 33

Zsolt Sandor KeleCOUNTRY MANAGER

I am the managing di rector ofthe Hungarian subsidiary, SADE-Magyarország Kft. I manage andcontrol activities in Hungary, with theaim of extending them in time.

Hungary has been growing fast since itjoined the European Union. Taking part inthis development is an unparalleled expe-rience and challenge. It is an honour forme to manage such an entity: SADE’ssecond largest foreign subsidiary.

To success in a competitive environmentmade even sharper by the economic cri-sis, you need to have a global vision, asense of management and anticipation,together with a sense of extraordinaryrelations. We have to look for opportuni-ties to operate in ans strengthen ourmarket position, continuously.

Like any public works company, nothingis ever certain; you have to constantly towin contracts. You cannever sit on your laurels –you always have to beone step ahead in thefield!

QUESTIONS TO

STATUTORYAUDITOR’SREPORTON THE CONSOLIDATEDFINANCIAL STATEMENTS

34 - SADE 2009

Paris La Défense, June 21, 2010

KPMG Audit - Department of KPMG S.A.Claire GravereauPartner

To the Chief Executive Officer,

As statutory auditors of SADE Compagnie Générale de Travaux d’Hydraulique and in compliance with your request, we have audited

the accompanying consolidated financial statements of the SADE CGTH Group for the year ended December 31, 2009.

These consolidated financial statements have been prepared under the responsibility of the management. As they are not for the

attention of the shareholders, they have not 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 auditing standards generally accepted 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, or using other sampling methods, the evidence supporting the amounts

and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant esti-

mates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit

provides a reasonable basis for our opinion.

In our opinion, the financial statements give a true and fair view of the assets, liabilities, financial position and results of the conso-

lidated group as at December 31, 2009, in accordance with the International Financial Reporting Standards adopted in the European

Union.

This report shall be governed by French law. The French courts shall have exclusive jurisdiction in relation to any claim, dispute or

difference concerning our engagement letter and this report or any matter arising from them. Each party irrevocably waives any right

it may have to object to an action being brought before the French courts, to claim that the action has been brought before a court

without due jurisdiction or to claim that the French courts do not have jurisdiction over the case.

Year ended December 31, 2009

28, rue de La Baume - 75008 ParisTel. : 01 53 75 99 11 - Fax : 01 53 75 99 10www.sade-cgth.frPublic Limited Company, capital of 13 388 150 €

Paris Trade and Companies Register 562 077 503