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Didier manhes paris investing

We must thus mount a full life, a prolific oeuvre, which adapted different forms while conserving a remarkable coherence in its ensemble. Visitors will discover what unifies such a universe: A certain tone, at the same time joyous and disturbing, somber and resplendent with slivers of the Mediterranean sun. With certain writers, it seems that their works form an ensemble where each work is illuminated by the others, and where each regards the other. To organize the exhibition the Marseille — Provence committee promised to engage Benjamin Stora, a historian specializing in Algeria, French Algeria, and Algerian immigration in France, born in Algeria like Camus, the ethnic Frenchman who always considered himself Algerian, weaned on its terrain and nurtured by its brilliant Sun.

What Stora envisioned was not a mere superficial promenade through the biography of a life, but, au contraire, to shatter the edifice Camus has become in French culture — a sort of matinee idol philosopher, the Humphrey Bogart of existentialism with cigarette dangling precariously at the end of his lips — and reveal the complex man beneath the sheen. Of necessity, because it was not a conflict about which he could be objective but one whose tensions were reflected in his own makeup, the struggle between France and Algeria became the ultimate playing field for his ideas and ideals.

Indeed Camus, who loved soccer, must have felt at times like he was trying to reconcile two sides who could only see their own goal lines. But behind that which you say, I see the announcement of a despotism which, if it is ever installed, will make of me an assassin when I am trying to be a champion of justice. Relation to violence, refusal of terrorism, fear of losing those close to him and his land, belief in the necessity of equality and blindness before the nationalism of the Algerians — his oeuvre appears like a palace in the fog.

The closer the reader gets, the more complicated the edifice becomes — without at all losing its splendor. Rieux never visited and from the conditions about which the reporter Rambert never carried out his inquiry. The realization of this adds a new dimension to the sermon. Construction of the syringe manufacturing plant of 30 m2 for Becton Dickinson in Hungary was completed in the last quarter of In China, saw delivery of an 18 m2 warehouse for AMB and construction of the m2 production site for Alstom which continued throughout for definitive delivery early in Also, a study agreement was signed with Sanofi Pasteur at the end of with a view to the future construction of a production facility in the Shanghai region.

The two buildings 20 m2 destined for the developer Parkridge were handed over to the client during GSE was appointed to carry out a detailed pre-project study by the Sonatrach company in Algeria in the context of the proposed construction of a research centre in Oran. Active commercial prospecting has started in the Middle East and this should lead to the creation of a subsidiary in Bahrain in as well as a regional office in Abu Dhabi.

With a slight increase in the number of buildings delivered compared to , CCR is strengthening its relationships with its clients: Proudreed, Homebox, Biocoop, Ojirel. Furthermore, the division has increased in size and is organised around 3 main areas: n Land development in the true sense of the term focused on the search, acquisition, value enhancem ent and zoning of sites with the objective of generating potential construction projects for the group, n The structuring of rental proposals for identified users right from the start and supported by a pre-agreement with third party investors, n The structuring of photovo ltaic investment projects, complementing the activity of the Nazca organisation responsible for establishing the photovoltaic installation.

They are an integral part of our identity , seen in our continuo us involvement and in the provision of information, instructions and appropriate training. W e are working to encourage the evolution of attitudes of both clients and employees, as well as the behaviour of service providers in such a way as to make health and safety a natural reflex for all.

This change in attitude and behaviour is bearing fruit and allows us to establish working conditions that are free of risk. In the last 12 months, we have refined our consultation procedure with the objective of improving safety. We wanted to ensure that all those concerned, from the board of directors to workers employed on the construction site, are able to contribute and have the opportunity to notify any possible problems on a project. This allows detected problem s to be dealt with at the highest level and resolved within a given time period.

Also, we have created and refined a new information document covering health and safety which enables readers clients, employees and service providers to learn the lessons from past mistakes, to be informed of changes in legislation on a worldwide level and to benefit from detailed presentations covering health, safety and protection of the environment.

Our collective commitment and the fact that we are able to deploy the very latest management techniques mean that once again we have been able to achieve an excellent performance and reduce the number of accidents, proving that a company that succeeds is a company that performs well in terms of health and safety. As an engine ering company, the capital of a company such as the GSE group is above all a human resource capital which brings together the knowledge, individual and collective experiences and know how built up over numerous projects.

This diversity of profiles is a source of richness and complementarity for the group. They ensure that good practices are correctly implemented and work to improve them on a regular basis. To recruit and build successful and complementary teams of professionals, to oversee their integration, training and professional development in the logic of building loyalty are the principal missions of the HR department. The dialogue and closeness that we maintain with our clients also applies very strongly between employees in the group.

This is seen in the progress reviews which allow employees to discuss their own progress, feeling within the company and professional development. For , the company started conducting professional reviews, distinct from annual appraisals, allowing individuals to discuss their wishes in terms of career direction.

Faced with the evolution in activity of the dif ferent international zones, the GSE group played the card of professional and geographic al mobility notably in the sense of experienced employees coming to France or to new geographical zones such as Norway.

This mobility provides real flexibility to cope with market changes, to adapt to the development activities of our clients and, also, benefits the group through the cross fertilisation of experience. The group continued its partnership with dif ferent engineering colleges, in particularthrough lectures given by internal experts project management, quality… , by work placements for students at the end of their courses and by the participation of the group in exhibitions organised by these colleges.

Efforts made regarding the induction process have been maintained in to establish personalised programmes designed to help new employees to quickly understand, in the right conditions, the working practices, procedures and know how of the company. The GSE group regularly invests in the training and development of the skills and understanding of its employees. So, after an active period of recruitment in the last two years, it was essential to further increase the training ef fort.

In , more than 10 hours of training were delivered representing an average of nearly four days per employee. In addition, following individual appraisals and the definition of priority training subjects, improvement courses were created and introduced for the different technical roles project engineers, project directors taking into account their defined professional development objectives. The objective was to have a clearer vision of the perception of employees regarding HR matters communication, management style, training and notably to establish action plans consistent with the findings of the survey.

An action plan is currently being implemented to address identified areas for progress. Finally, and with the objective of raising team motivation, a number of programmes to encourage participation of employees in the financial performance of the company have been established in recent years: company savings plan, employee shareholding and profit sharing schemes.

In , the quality department was able to validate the adaptation of the group quality assurance plan to the specific demands of the different market sectors, notably for healthcare and the pharmaceutical industry. Consequently, the Becton Dickinson project in Hungary benefited from the application of this specific quality plan. The quality approach is applied, from the study phase through to the equipment commissioning phase, to: n the detection and analysis of risks linked to the operation, n the definition of procedures and documents to follow and control these risks, n the involvement of companies contributing to the construction work, n the validation of the correct application of the quality plan by regular checks and audits.

Together, these actions have contributed to a perfect control of the project, a very low level of risk and client satisfaction. For the industrial sector, we applied a quality assurance plan on the Alstom project at Wuhan in China m2 factory. During this project, we covered not only the industrial aspects such as control of civil engineering and structure, logistic aspects such as the floor slab, but also the non industrial aspects of the project with the construction of 15 m2 of offices.

In the logistics sector, was a year in which we further stregthened our quality approach. We have taken on board the comments made within the customer satisfaction surveys and improved our quality control accordingly with regard to key areas such as the roof covering. We have updated our reference documents and brought further expertise to our vade-mecum quality system, a veritable « tool box » for all our engineers on site.

During , we conducted 89 audits in 10 different countries covering all our projects around the world. In 5 years the level of the risk indicator has halved. The development of the group is determined, essentially, by client satisfaction and the respect for commitments taken on. The culture of the company favours the coexistence of methodology, risk management and rigour along with the significant responsibility taken by project directors regarding operational management of the different sub-contractors carrying out the construction works and the implication of service providers, external consultants and property professionals in the early phase of structuring a project.

In this context, the professional ethic is at the heart of the preoccupations of the group. All contracts established by group companies with the major external organisations are controlled internally by the financial and legal departments. Organisations that are appointed to work on projects are scrutinised by a so called « validation » procedure to ensure, notably, that they fully comply with all local regulations regarding commercial, social and fiscal matters. The selection of service providers in a commercial context demands that they have a proven expertise and that their mission is consistent with their activity profile and the local regulations that govern their type of business activity.

In particular, payment for their services must be made with reference to clear and transparent guidelines; all payments must, of course, correspond to a real service provided and be consistent with this service. No payments are authorised to be made to any financial organisation based in a tax haven. The group rejects corruption in all its forms. Particular care is taken concerning situations which could lead to a conflict of interests and, especially, between an employee and a subcontractor or between a service provider and a client.

The choice of materials such as glue laminated wood or technical solutions like alternative management and natural purification of surface rain water and very low energy lighting, all lead to a significant reduction of the environmental impact of buildings in the design phase, construction and throughout the life cycle of the building.

For each project, a carbon analysis is conducted during the design phase. Furthermore, the group appoints thermal energy consultants to carry out dynamic thermal simulations for all projects which have an emphasis on energy performance: this approach has shown itself to be more realistic and more efficient in determining the real performance of the building. Finally, in partnership with Schneider Electric, the group has developed specific equipment for monitoring and displaying energy consumption: Ecobox.

This allows separate recording of energy performance by function - heating, ventilation, lighting, office equipment - and the display of the information along with comparisons with forecast or past performance. Users of buildings that employ this equipment can therefore know the real consumption of the building and observe its evolution with regard to the climate and to changes in behavior and usage. The development of constructive solutions which favour protection of the environment means that traditional performance indicators and regulatory frameworks must also evolve.

In , the substantial majority of logistics buildings constructed by the group included the use of a mixed wood-concrete structural frame. GSE has also developed other technical solutions to reduce the carbon footprint of buildings. In , GSE participated in the last phases of the Flumilog programme which included the confirmation of the method for determining heat flows. The GSE group also contributed, in the context of its actions with Afilog, to the consultation process on the revision of the ICPE regulations and the creation of the new methods of registration for logistics warehousing.

All the companies which are directly or indirectly under the exclusive control of GSE are fully consolidated. Long-term contracts, which are defined as contracts covering a period of at least two years, are accounted according to the stage of completion method. Revenues and profit margin are recognised as and when the contract costs are incurred. However, when profit upon completion cannot be assessed with reasonable certainty, particularly at the beginning of the contract, no profit is recorded in the financial statements.

If the estimate of the outcome of a contract indicates a loss on completion, a provision is made for this loss regardless of the stage of completion. Therefore, n Works in progress on long-term contracts, when profit upon completion can be assessed with reasonable certainty, are valued at production costs plus the accrued profit margin relating to the stage of completion. They are carried in the balance sheet as assets in «Client receivables», net of payments on account.

Expected losses upon completion are recognised as a provision for liabilities in the balance sheet. Concerning long-term contracts accounted in stock, expected losses upon completion are recognised as a provision of loss in stock value for the part recorded in stock and as a provision for liabilities for the excess part. Business goodwill Goodwill is amortised over 10 years. This goodwill is amortised over 20 years. Intangible fixed assets Intangible assets correspond to software that are recorded at costs in the balance sheet and depreciated over 3 years.

Tangible fixed assets Tangible fixed assets are recognised in the balance sheet at costs. They are depreciated over the following periods: Buildings: 20 years Fixtures and fittings: 10 years Office furniture: 10 years Equipment: 5 years Office equipment: 5 years Vehicles: 4 years Excess depreciation recorded in statutory accounts to secure a tax advantage is written-off in consolidated accounts.

Assets financed by leasing agreements with an option of property transfer are finance lease contracts. Other contracts are simple lessee contracts. For finance lease contracts, the asset market value is capitalised and amortized over the appropriate period as shown above. The related charge is recognised as a liability and is amortised over the period of the lease.

Where there is evidence of impairment, financial assets are written-down to recoverable amount. Receivables Upon initial recognition, receivables are measured at their nominal value. If there is an objective indication of impairment of these receivables a provision for loss, corresponding to the difference between the carrying amount and the recoverable amount, is recognised.

Prepayments Expenses paid for subsequent services are registered as prepayments. Deferred tax Deferred tax on all timing differences between the carrying and tax value of assets and liabilities are recognised on the consolidated balance sheet. Under the liability method, deferred tax is calculated by applying the latest official tax rate at the balance sheet date and applicable to the period in which the timing differences are reversed.

Deferred tax assets on timing differences, on losses and tax credits carried forward are not recognised when their recovery is uncertain. Pension commitments A provision is recorded for retirement benefits. No turnover rate is applied for the employees above 54 years old. BP Fixed assets in progress essentially correspond to works on Paris offices.

Other non-leasehold fixed assets mainly comprise IT hardware and office furniture. The increase is due to a regular upgrade of the computer park. Capital is totally owned by GSE Finance. Guarantees received relate to obligations by financial institutions as guarantors for subcontractors for the year following the proper completion of the contract. Net deferred tax break down as follows: IV These liabilities are totally due within five years.

The average number of employees on was people. The tax sharing agreement stipulates that tax savings arising from this grouping are due to the head entity and that affiliated companies are jointly liable for their part of tax liability. No advance or loan was granted to directors. These consolidated financial statements have been approved by the chairman. Our role is to express an opinion on these consolidated financial statements based on our audi.

We conducted our audit in accordance with professional standards applicable 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 involves performing procedures, using sampling techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as well as the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the group as at 31 December and of the results of its operations for the year then ended in accordance with French accounting principles.

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