2013-vinci-annual-report

Purchase of additional Aéroports de Paris (ADP) shares
As part of a disposal by the French government and the French sovereign investment fund (FSI), VINCI purchased 4,643,968 shares in ADP
on 5 July 2013, representing a 4.7% stake in the company. The purchase price was €78.5 per share, making a total cash investment of
€365 million. After this transaction, VINCI owns 8% of ADP.
On 29 November 2013, VINCI’s CEO Xavier Huillard was appointed to ADP’s Board of Directors as a non-voting director. It is expected that
VINCI will have a full director on ADP’s board at the latest from the general meeting of shareholders convened to approve the 2013
consolidated financial statements. As a result, the view has been taken that VINCI can now take part in decisions relating to ADP’s financial
and operational policies. Since 29 November 2013, therefore, the Group’s stake in ADP has been consolidated under the equity method.
Buy-out of non-controlling interests in Cofiroute
On 20 December 2013, VINCI Autoroutes and Colas reached an agreement for Colas to sell its 16.67% stake in Cofiroute at a price of at least
€780 million and up to €800 million, depending on Cofiroute achieving certain operational targets in 2014 and 2015. After this transaction,
which was completed on 31 January 2014, the Group owns 100% of Cofiroute.
116 VINCI 2013 ANNUAL REPORT
New contracts
The following are among the most significant contracts won by the Group in 2013:
ˇˇIn France:
– BAMEO public-private partnership contract covering the automation of 29 dams on the Aisne and Meuse rivers;
– Caraibus public-private partnership project covering the delivery of buses and their on-board systems for Martinique’s bus rapid transit
system;
– Development of the new coastal highway on Reunion Island, including France’s longest offshore viaduct;
– Contract for underground works for Line B of the Rennes metro system.
ˇˇOutside France:
– Ohio East End Crossing public-private partnership calling for the construction of bridges and a tunnel in Indiana, United States;
– Design-build contract for the Northwest Corridor project in Atlanta, Georgia, United States;
– Construction of the southern red line of the Doha metro, Qatar;
– Contract to build and maintain rail tracks and catenaries for the Santiago metro system, Chile;
– Contract to build the Dynamo Moscow stadium, Russia;
– Construction contract for liquefied natural gas (LNG) storage tanks in Yamal, northern Siberia, Russia.
In 2013, the Contracting business’s order intake amounted to €34.4 billion, up 5% relative to 2012.
1.1.2 Financing operations
New corporate financing
In 2013, VINCI SA and ASF carried out private placements and bond issues totalling €2,061 million under their EMTN programmes.
These comprised €950 million for VINCI SA and €1,111 million for ASF.
Debt repayments
In 2013, ASF group repaid a total of €454 million of matured loans subscribed with the CNA (Caisse Nationale des Autoroutes).
In addition, during the year, ASF repaid its €756 million term loan maturing in December 2013, including the early repayment of €137 million
in the first half.
After these operations, the average maturity of the Group’s long-term financial debt was 5.7 years at 31 December 2013.
Long-term financing granted for infrastructure projects under concessions or public-private partnerships
In 2013, VINCI signed project financing agreements totalling about €1.0 billion. These include the BAMEO project for the automation of dams on
the Aisne and Meuse rivers, the Caraibus bus rapid transit project in Martinique and Mirail University in Toulouse, all in France, as well as the Ohio
River Bridges project in the USA. The latter is being financed through the issue of private activity bonds, which have been rated BBB by Standard
& Poor’s and Fitch. This is the first time that S&P and Fitch have given a public rating to a public-private partnership of this type in the USA.
VINCI also carried out the refinancing of the PR1BINA expressway project in Slovakia (€1,243 million over 25 years). The deal replaced the
loan granted by 19 banks in 2009 by bonds with a maturity of 25 years and eight months, resulting in a saving of almost €150 million for the
Slovak state.
Lastly, in late December, VINCI completed the restructuring of two motorway concession projects in Greece (Olympia Odos and Aegean
Motorway), allowing work to resume at the beginning of 2014 following its suspension in 2011.
1.1.3 Changes in accounting method
Application of IAS 19 Amended “Employee Benefits”
From 1 January 2013, the Group has applied IAS 19 Amended “Employee Benefits”, which features several changes in the way that
post-employment benefits are recognised.