2013-vinci-annual-report

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Report of the Statutory Auditors on the consolidated financial statements For the year ended 31 December 2013 To the Shareholders 286 VINCI 2013 ANNUAL REPORT In accordance with our appointment as Statutory Auditors by your Shareholders’ General Meeting, we hereby report to you for the year ended 31 December 2013 on: ˇˇthe audit of the accompanying consolidated financial statements of VINCI; ˇˇthe justification of our assessments; and ˇˇthe specific verification required by law. 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. 1. Opinion on the consolidated financial statements We conducted our audit in accordance with the professional standards applicable in France. Those standards require that we plan and perform the audit in such a way as to obtain reasonable assurance that the consolidated financial statements are free of material misstatement. An audit consists of examining, by sampling or other selection methods, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also consists of assessing the accounting principles used, significant estimates made and the overall presentation of the financial statements. We believe that the information that we have collected provides a sufficient and appropriate basis for our opinion. In our opinion, the consolidated financial statements for the period give a true and fair view of the financial position, the assets and liabilities, and the results of the group formed by the persons and entities included in the consolidation, in accordance with the International Financial Reporting Standards as endorsed by the European Union. Without qualifying our opinion, we draw your attention to Note A-4 to the consolidated financial statements which outlines a change of accounting method relating to the application of the amendments to IAS 19 Amended “Employee Benefits” from 1 January 2013 and to Note D-5 to the consolidated financial statements which outlines the change of presentation to the consolidated income statement. 2. Justification of our assessments As required by Article L.823-9 of the French Commercial Code relating to the justification of our assessments, we inform you of the following: As stated in Note A.3.1 to the consolidated financial statements, the VINCI Group uses estimates prepared on the basis of information available at the time of preparing its consolidated financial statements, in a context of continuation of the economic crisis in Europe, where the medium-term outlook for business is difficult to assess due to the impacts on economic growth. These estimates relate in particular to: ˇˇconstruction contracts: the VINCI Group recognises income from its long-term contracts using the percentage of completion method on the basis of the best available estimates of the final outcome of contracts, as stated in Note A.3.4 to the consolidated financial statements. We have assessed the assumptions used by the Group companies in making these estimates and reviewed the calculations made. ˇˇimpairment tests on non-financial assets: the VINCI Group performs impairment tests at least annually on goodwill, and also assesses whether there is any indication that long-term assets may be impaired, in accordance with the methodology described in Notes A.3.18 and E.13 to the consolidated financial statements. We have examined how these impairment tests are performed and the cash flow forecasts and assumptions used. As mentioned in the first part of this report, Note A-4 and D-5 to the consolidated financial statements outlines a change of accounting method relating to the application of the amendments to IAS19 Amended, “Employee Benefits”, from 1 January 2013 and the change of presentation of the consolidated income statement. In accordance with IAS 8, the comparative information presented in the consolidated financial statements has been restated to take account of these changes of method and presentation retrospectively. As a result, the comparative information is different from that in the consolidated financial statements published in respect of the 2012 year-end. In assessing the accounting policies applied by your Company, we have examined the correct restatement of the comparative information. These assessments were made as part of our audit of the consolidated financial statements taken as a whole and have therefore contributed to the formation of our opinion, given in the first part of this report.
3. Specific verification We have also verified in accordance with the professional standards applicable in France and as required by law, the information concerning the Group presented in the Report of the Board of Directors. We have no comments to make as to its fair presentation and its consistency with the consolidated financial statements. Paris-La Défense and Neuilly sur Seine, 7 February 2014 The Statutory Auditors KPMG Audit IS Deloitte & Associés Jay Nirsimloo Philippe Bourhis Alain Pons Marc de Villartay This is a free translation into English of the Statutory Auditors’ report on the consolidated financial statements issued in French and it is provided solely for the convenience of English-speaking users. The Statutory Auditors’ report includes information specifically required by French law in such reports, whether modified or not. This information is presented below the audit opinion on the consolidated financial statements and includes an explanatory paragraph discussing the Auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual account balances, transactions, or disclosures. This report also includes information relating to the specific verification of information given in the Group’s management report. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. CONSOLIDATED FINANCIAL STATEMENTS 287
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ANNUAL REPORT 2013
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KEY FIGURES €40.3 billion REVENUE
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PROFILE VINCI is a global player in
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GROUP / 2013 ALBUM 03 Finalised in
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GROUP / 2013 ALBUM 05 Having built
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GROUP / 2013 ALBUM 07 includes Euro
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GROUP / 2013 ALBUM 09 Actemium, the
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GROUP / 2013 ALBUM 11 Launched duri
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GROUP / 2013 ALBUM 13 components, e
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GROUP / 2013 ALBUM 15 permanent tra
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CORPORATE GOVERNANCE Board of Direc
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04 05 2014 Management and Coordinat
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Milestones 02 01 VINCI’s drive to
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Our Group is multi-local and multi-
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DESIGN AND BUILD TOGETHER We commit
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PROMOTE GREEN GROWTH TOGETHER We co
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STRIVE FOR ZERO ACCIDENTS TOGETHER
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PROMOTE SUSTAINABLE CAREERS TOGETHE
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INNOVATING TO CREATE VALUE The Grou
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Return on investment in VINCI share
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CONCESSIONS VINCI AUTOROUTES VINCI
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Rail infrastructure Parking facilit
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Profile VINCI Autoroutes designs, b
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CREATING LONG-TERM VALUE VINCI AUTO
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01 Light-vehicle traffic on the int
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VINCI’s motorway concessions in F
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BUILDING AWARENESS A DIFFERENT ANGL
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01 The “100% worksite safety” a
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Miscellaneous Cofiroute USA, which
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Profile Through its three areas of
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NEW DIMENSION IN AIRPORTS VINCI CON
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01 Extension of the Siem Reap and P
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02 04 01 The East End Crossing proj
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VINCI Park’s competitive position
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continued to roll out the GSM-Rail
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ALLIANZ RIVIERA, NICE NOT JUST A ST
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Outlook the owner and granting auth
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CONTRACTING VINCI ENERGIES EUROVIA
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Profile VINCI Energies serves publi
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RESILIENCE AND NETWORK MOMENTUM VIN
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250 BUSINESS UNITS IN 15 COUNTRIES
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CERGY PONTOISE CREATING A LIGHTING
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02 03 04 01 In Belgium, Actemium im
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02 CONTRACTING / VINCI ENERGIES 83
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Profile Eurovia is a world leader i
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RESILIENT RESPONSE TO THE ECONOMIC
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CONTRACTING / EUROVIA 89 03 of 2013
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PEYROLLES EN PROVENCE TRANSFORMING
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03 02 04 01 In the United Kingdom,
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Outlook continued construction of 2
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Profile VINCI Construction, France
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GROWTH AND INTERNATIONAL DEVELOPMEN
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CONTRACTING / VINCI CONSTRUCTION 10
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02 03 01 In Lyon, eastern France, t
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SITA OUEDRAOGO, farmer “We had tr
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main activities focused on the SEA
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Outlook in Tajikistan, the new term
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Located within the Fortdissy.com cy
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General & financial elements 114 Re
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A. Report on the financial statemen
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Change in the presentation of the c
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1.3 Operating income from ordinary
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Cash flow from operations (Ebitda)
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2. Parent company financial stateme
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C. Risk factors Numerous internal a
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Regarding concessions operation, th
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3. Legal risks 3.1 Legal and regula
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5.2 Loss prevention and claims reco
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At its meeting of 5 February 2014,
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Yannick Assouad (*) Chief Executive
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Jean-Bernard Lévy (*) Chairman and
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3.1.2 Individual whose appointment
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3.3 Composition of the Board of Dir
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3.4 Personal situation of company o
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Audit Committee meetings dealt with
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3.7 Assessment of the composition a
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(a) Summary of remuneration due in
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4.1.4.3 Long-term incentive plan Mr
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5.2 Share subscription option plans
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The definitive granting of shares i
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1. Workforce-related information 1.
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Workforce at 31 December 2013 by ty
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1.4.2 Remuneration and social secur
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1.5.4 Collective agreements in 2013
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The gap between the accident freque
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The activity of Trajeo’h, an enti
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Group activities covered by ISO 140
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Total energy consumption (including
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Recycling has been a priority at Eu
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Eurovia also received SNB recogniti
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3. Social information 3.1 Regional,
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One of these prizes went to the Sou
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(see page 180), the environment and
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ˇˇ for environmental indicators:
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F. General information about the Co
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2.3 Movements of funds between the
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3.4 Treasury shares The disclosures
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The authorisations proposed to the
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We determined the nature and scope
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Report of the Chairman of the Board
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The business lines carry out their
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5. Actions undertaken to strengthen
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Report of the Vice-Chairman and Sen
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Consolidated financial statements T
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Consolidated financial statements K
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Consolidated balance sheet Equity a
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Consolidated statement of changes i
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2. Consolidation methods 2.1 Consol
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3.1.3 Measurement of share-based pa
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3.6.3 Group savings plans In France
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3.18 Impairment of non-financial no
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For defined benefit plans, the expe
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4.1 Consolidated income statement (
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4.4 Consolidated cash flow statemen
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ANA’s contribution to VINCI’s 2
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2. Other information by business li
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Reconciliation between capital empl
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4. Capital employed by geographical
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(in € millions) Cost of net finan
Page 239 and 240: 8. Earnings per share Basic earning
Page 241 and 242: 10. Goodwill Changes in the period
Page 243 and 244: 12. Property, plant and equipment (
Page 245 and 246: 14. Investments in companies accoun
Page 247 and 248: The fair value of non-current deriv
Page 249 and 250: 17.1 Share capital At 31 December 2
Page 251 and 252: The Shareholders’ Ordinary Genera
Page 253 and 254: Fair value of the performance share
Page 255 and 256: The retirement benefit obligations
Page 257 and 258: VINCI estimates the payments to be
Page 259 and 260: Employee training rights The French
Page 261 and 262: 21. Net financial debt At 31 Decemb
Page 263 and 264: Details of the Group’s main finan
Page 265 and 266: 21.2.2 Net cash managed Net cash ma
Page 267 and 268: 22. Financial risk management VINCI
Page 269 and 270: The following table shows the perio
Page 271 and 272: 22.3.4 Analysis of foreign currency
Page 273 and 274: 31/12/2012 Accounting categories (1
Page 275 and 276: Control and regulation of prices by
Page 277 and 278: 26. Concession and PPP contracts of
Page 279 and 280: 28. Contractual obligations and oth
Page 281 and 282: ˇˇEurovia CS, a subsidiary of Eur
Page 283 and 284: J. List of the main consolidated co
Page 285 and 286: 31 December 2013 31 December 2012 C
Page 287 and 288: 31 December 2013 31 December 2012 C
Page 289: 31 December 2013 31 December 2012 C
Page 293 and 294: Income statement (in € millions)
Page 295 and 296: Cash flow statement (in € million
Page 297 and 298: Depreciation is calculated on a str
Page 299 and 300: 2. Financial assets Gross values (i
Page 301 and 302: Issues of shares during the period
Page 303 and 304: Liabilities at 31 December 2013 (in
Page 305 and 306: Other receivables 140 Cash manageme
Page 307 and 308: Five-year financial summary 2009 20
Page 309 and 310: Special report of the Statutory Aud
Page 311 and 312: 2. Agreements and commitments appro
Page 313 and 314: 4. Information incorporated by refe
Page 315: 11. Research and development, paten
Page 318: In accordance with Article 212-13 o
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