VINCI - 2008 annual report

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Parent company fi nancial statements Five-year financial summary 276 VINCI __ 2008 ANNUAL REPORT 2004 2005 2006 2007 2008 I – Share capital at the end of the year a - Share capital (in thousands of euros) 838,138.0 983,181.4 1,176,557.3 1,214,942.0 1,240,406.2 b – Number of ordinary shares in issue (1) 83,813,803 196,636,274 235,311,465 485,976,788 496,162,480 c – Maximum number of shares to be issued through conversion of bonds II – Operations and profi t or loss for the year (in thousands of euros) 11,308,334 0 0 0 0 a – Revenue excluding taxes 24,260.8 20,054.0 26,913.5 24,832.8 23,876.3 b – Profi t before tax, employee profi t sharing, depreciation and provisions 416,056.1 567,887.0 1,207,424.3 4,309,269.6 1,126,831.3 c – Income tax (2) (1,890.0) 6,450.5 (186,513.9) (229,401.4) (241,471.4) d – Profi t after tax, employee profi t sharing, depreciation and provisions 330,516.0 716,140.6 1,434,998.3 4,513,174.9 (98,782.4) e – Earnings distributed for the period 289,385.3 382,947.7 618,279.6 714,001.4 770,293.1 (3)(4) III - Results stated per share (in euros) (5) a – Profi t after tax and employee profi t sharing and before depreciation and provisions 5.0 2.9 5.9 9.3 2.8 b – Profi t after tax, employee profi t sharing, depreciation and provisions 3.9 3.6 6.1 9.3 (0.2) c – Net dividend paid per share 3.50 2.00 2.65 1.52 1.62 (4) IV - Employees a - Average numbers employed during the period 162 172 201 219 178 b - Gross payroll cost for the year (in thousands of euros) 22,409.5 18,658.7 33,333.1 19,089.3 24,966.3 c – Social security costs and other social benefi t expenses (in thousands of euros) 6,947.8 6,556.6 10,331.1 7,881.6 8,277.1 (1) There were no preferential shares in issue in the period under consideration; the nominal value of the share was divided by two in May 2005, resulting in a doubling of the number of shares during the period. This was repeated in May 2007, again doubling of the number of shares. (2) Taxes recovered from subsidiaries under tax consolidation arrangements, less VINCI’s own tax charge. (3) Calculated on the basis of the number of shares that have given a right to the interim dividend and/or give a right to dividends at 21 February 2009. (4) Proposal to the Shareholders’ Meeting on 14 May 2009. (5) Calculated on the basis of shares outstanding at 31 December
Report of the Statutory Auditors on the parent company fi nancial statements Year ended 31 December 2008 To the Shareholders, Parent company fi nancial statements In accordance with our appointment as Statutory Auditors by your Shareholders’ General Meeting, we hereby report to you for the year ended 31 December 2008 on: – the audit of the accompanying fi nancial statements of VINCI; – the justifi cation of our assessments; and – the specifi c verifi cations and information required by law. The fi nancial statements have been approved by the Board of Directors. Our role is to express an opinion on these fi nancial statements, based on our audit. 1. Opinion on the annual fi nancial 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 fi nancial statements are free of material misstatement. An audit consists in examining, by sampling or other selection methods, evidence supporting the amounts and disclosures in the annual fi nancial statements. An audit also consists in assessing the accounting principles used, signifi cant estimates made and the overall presentation of the fi nancial statements. We believe that the information that we have collected provides a suffi cient and appropriate basis for our opinion. In our opinion, the fi nancial statements give a true and fair view of your Company’s fi nancial position, its assets and liabilities as of 31 December 2008 and the results of its operations for the year then ended, in accordance with accounting principles generally accepted in France. Without qualifying the opinion expressed above, we draw your attention to Note B to the parent company fi nancial statements, which describes a change of accounting policy relating to the accounting treatment of share purchase and subscription option plans and free share plans benefi tting employees. 2. Justifi cation of our assessments As required by Article L.823-9 of the French Commercial Code relating to the justifi cation of our assessments, we inform you of the following: – as disclosed in Note B.3 to the fi nancial statements presenting the accounting rules and methods relating to shares in subsidiaries and affi liates, your Company provides for impairment of investments in subsidiaries and affi liates whenever the cost of acquisition of the shares exceeds their value in use. We have examined the method of application and the assumptions used; – as mentioned in the fi rst part of this report, Note B to the fi nancial statements describes a change of accounting policy relating to the accounting treatment of share purchase and subscription option plans and free share plans benefi tting employees. In assessing the accounting rules and principles adopted by your company, we have satisfi ed ourselves that the change was justifi ed and appropriately presented. These assessments were made as part of our audit of the annual fi nancial statements taken as a whole and have therefore contributed to the formation of our opinion, given in the fi rst part of this report. 3. Specifi c verifi cations and information We have also carried out the specifi c verifi cations required by law. We have no comment to make as to: – the fair presentation and consistency with the annual fi nancial statements of the information given in the report of the Board of Directors and in the documents addressed to the shareholders, with respect to the fi nancial position and the annual fi nancial statements; – the fair presentation of the information given in the report of the Board of Directors on the remuneration and benefi ts paid to company offi cers and on the commitments made in their favour at the time of commencement, modifi cation or cessation of their duties or afterwards. In accordance with French law, we have ascertained that the appropriate disclosures have been provided in the Board of Directors’ report with regard to the identity of shareholders and holders of voting rights. KPMG Audit Department of KPMG S.A. Patrick-Hubert Petit Philippe Bourhis Paris La Défense and Neuilly-sur-Seine, 23 March 2009 The Statutory Auditors Deloitte & Associés Jean-Paul Picard Mansour Belhiba This is a free translation into English of the statutory auditors’ report issued in French and is provided solely for the convenience of English speaking users. This report should be read in conjunction whith, and is construed in accordance with, French law and professional auditing standarts applicable in France. 277
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2008 ANNUAL REPORT
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KEY FIGURES Revenue by business lin
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PROFILE VINCI, the world’s leadin
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Roads Ranked among the world’s le
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MESSAGE FROM THE CHAIRMAN YVES-THIB
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Our strategy is to maintain a balan
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MANAGEMENT AND CO-ORDINATION COMMIT
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12 GROUP VINCI __ 2008 ANNUAL REPOR
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22 22 GROUP CONCESSIONS VINCI __ 20
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24 04.02.2008 GROUND CONSOLIDATION
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28 02.04.2008 INVENTING TOMORROW’
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32 18.10.2008 COMPREHENSIVE SOLUTIO
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36 24.01.2009 MOBILISATION ON THE G
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BUSINESS REPORT 40. CONCESSIONS 62.
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CONCESSIONS PROFILE VINCI Concessio
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INFRASTRUCTURE MANAGED BY VINCI CON
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VINCI PARK REVENUE BY GEOGRAPHICAL
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PROJECTS UNDER NEGOTIATION Negotiat
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Operation Electronic toll collectio
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THE A11 ANGERS, AN ILLUSTRATION OF
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WOMEN MOVE INTO MAINTENANCE The pro
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FIRST MOBILITY HUB AT LA DÉFENSE A
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Following its complete overhaul, Si
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A MONUMENT OF MODERN GREECE Charila
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6161
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ENERGY PROFILE VINCI Energies is a
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Revenue Revenue by business line 23
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COMPREHENSIVE EQUIPMENT FOR THE THE
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6969
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ROADS PROFILE Eurovia is a world le
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Revenue Operating profi t from ordi
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LONG-HAUL SUPPLY CHAIN In materials
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7 77
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CONSTRUCTION PROFILE French market
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Revenue 15,722 13,653 Revenue by bu
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290 METRE SPAN ACROSS THE ABYSS The
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AN OUTSIZED PORT Refurbished and ex
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Americas > Panama Canal deepening a
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90 BUSINESS REPORT PROPERTY PROPERT
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Report of the Board of Directors Co
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Report of the Board of Directors 1.
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Report of the Board of Directors VI
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Report of the Board of Directors Vo
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Report of the Board of Directors No
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Report by the Statutory Auditors on
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Report of the Chairman on corporate
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Report of the Chairman Consequently
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Report of the Chairman The Strategy
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Report of the Chairman The Board of
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Report of the Chairman 2.2 The Boar
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Report of the Chairman - the terms
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Report of the Chairman In 2006, 208
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Report of the Chairman The internal
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Consolidated fi nancial statements
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Page 230 and 231: Consolidated fi nancial statements
Page 262 and 263: Parent company fi nancial statement
Page 264 and 265: Notes to the fi nancial statements
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Page 287 and 288: Agence Dominique Perrault Architect
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VINCI - 2008 annual report

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