VINCI - 2005 annual report

Castor subscribers
Average VINCI salary (1)
Men
Women
Social charges
120
VINCI 2005 ANNUAL REPORT
distributed) and 39% have profi t sharing
agreements (over €68 million), for a total
of almost €100 million.
EMPLOYEE SAVINGS
SCHEMES
At 31 December 2005, over 50,000
employees (compared with almost
44,000 in 2004), or 53% of the workforce
concerned, were VINCI shareholders
through mutual funds invested in the
company’s shares. Together they held 8.5%
of VINCI’s share capital and collectively
represented the biggest shareholder group.
The average investment in 2005 was
€3,400 and the average portfolio was more
than €20,000.
The employee savings policy set up
in 1995 with the creation of the Castor
savings scheme aims to allow all employees,
particularly those with a lower income,
to become VINCI shareholders. This policy
also helps stabilise the company’s shareholding
structure. Several savings options
are available to employees of VINCI’s
French subsidiaries.
The Castor fund, which is invested in VINCI
shares, offers an employer contribution
and a 20% discount on the average price
of VINCI shares.
Castor Equilibre, created in 2003, is a
fund invested in fi xed-income securities
(a maximum of two-thirds in bonds and
the remaining third in monetary securities),
including a maximum of 10% in listed
VINCI bonds. At the end of 2001 and
beginning of 2002, employees were also
given the opportunity of subscribing to
Castor Avantage, a leveraged savings scheme
that multiplies the employee contribution
by a factor of 10, and provides a minimum
return of 25% over fi ve years with 72%
of any capital gains arising on all subscribed
shares. This scheme will close in 2007.
Remuneration and social charges worldwide (in € thousands)
1. – Including paid leave
Manual labour
Offi ce,
technical &
supervisory
staff
Management
TOTAL
In 2005, VINCI
employees
invested
€166 million in
VINCI savings
schemes.
2005
34%
37%
29%
100%
All categories
30
31
26
42%
Management
58
60
42
49%
During 2005, three capital increases at
preferential rates (20% discount on
the VINCI share price) were offered to
employees of French subsidiaries. They
benefi ted from an employer contribution
of up to €2,500 for an annual investment
of €9,000, with a 100% contribution
for the fi rst €500 (compared with €200 in
2003 and €400 in 2004, an increase of
25%). Based on this particularly attractive
offer, VINCI’s total employer contribution
amounted to €36.5 million in 2005,
an increase of more than 50% over the
2004 fi gure.
Savings invested in the Castor International
fund by employees of subsidiaries based in
Germany, the UK, Morocco, the Netherlands
and Austria continued to increase in value,
refl ecting the increase in the price of the
VINCI share.
Offi ce, technical
& Supervisory
staff
31
33
26
41 %
Manual
labour
23
24
20
40 %