VINCI - 2005 annual report

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A RESPONSIBLE GROUP / ENVIRONMENTAL RESPONSIBILITY On 70% of Sogea Construction worksites, mineral oils are used instead of vegetable oils for stripping formwork. 136 VINCI 2005 ANNUAL REPORT the sustainable development competition organised by UNPG, the French national union of aggregate producers, for their use of household waste incineration bottom ash in the construction of an interchange on the A15 motorway in the Val d’Oise region (see p. 134). ALTERNATIVE PROCESSES Eurovia has continued to develop processes that reduce the consumption of materials in road building. Recyclovia ® , for instance, is a cold in situ recycling process launched in 2005 for repairing the road surface. Another new process, Polybitume C, optimises the recycling of used tyres and improves the properties of asphalt containing this material, which can be laid at the same temperature as pure asphalt. Developed by Eurovia’s Spanish subsidiary, Probisa, this process won a special sustainable development award in the VINCI 2005 Innovation Awards Competition. Eurovia and VINCI Construction subsidiaries specialising in demolition and deconstruction continue to develop solutions that optimise the rate of materials reuse. Reducing energy consumption In 2005, VINCI companies continued their efforts to reduce energy consumption. This priority area for improvement, common to all of them, is implemented through a number of different programmes. ELECTRICITY CONSUMPTION Initiatives designed to limit energy consumption on worksites included “Home vert”, a new type of site hut developed and tested in 2005 by GTM Construction in partnership with ADEME, France’s environment and energy management agency. The stakes are high: heating and air-conditioning the company’s 3,000 huts accounts for 60% of electricity consumption on its sites, i.e. estimated annual production of 5,300 tonnes of greenhouse gases. The installation of a building automation system, together with better heat insulation to reduce the number of thermal bridges, saves 3,000 kWh a year per site accommodation complex. WARM MIX ASPHALTS TO SAVE ENERGY One of the main areas of Eurovia’s research and development programme is reducing the temperature to which aggregates have to be heated for road surfacing. The company’s Aspha-Min ® process brings the asphalt mix production temperature down 30°C and reduces energy consumption by 20%. It won the FNTP (French public works federation) innovation award in May 2005, and the grand prize for innovation at the trade fair for French mayors and municipalities in November. FUEL CONSUMPTION Greenhouse gas emissions associated with VINCI’s business activities are attributable mainly to its fl eet of 30,000 service vehicles and 5,000 site vehicles. As part of the Group’s purchasing policy, buyer training and awareness raising initiatives, combined with the programme to reduce the risk of road accidents, have led to action being taken on a number of fronts. These include controlling fuel consumption, detecting potential malfunctions in engines, preventing dangerous driving habits, and the achievement of considerable savings. In 2005, VINCI set 2.5% as the target for reducing vehiclerelated greenhouse gas emissions. Numerous initiatives have been taken at business unit level. At Roissy-Charles de Gaulle, half of the vehicles operated by EFS-WFS, the VINCI Concessions airport services subsidiary, run on electricity. The company has also launched a carbon assessment scheme with Aéroports de Paris and ADEME (France’s environment and energy management agency). At VINCI Energies, several business units have acquired dual energy (internal combustion and electricity) mobile inspection platforms, and German business units decided to buy service vehicles fi tted with particulate fi lters. In Africa, Sogea-Satom continued its vehicle replacement programme and reached its intermediate target: 45% of all vehicles are now compliant with European fuel consumption standards.
IMPROVING THE ENERGY EFFICIENCY OF URBAN LIGHTING Citéos, the VINCI Energies network brand specialises in the design, installation and maintenance of lighting. For local authorities, it develops programmes to reduce light pollution and improve the energy effi ciency of urban lighting. Under a comprehensive management contract at Moncé en Belin, 200 km to the west of Paris, the approach led to an 18% reduction in energy consumption per lighting point, as well as an 11% increase in average lighting intensity. Bottom. With the aim of reducing greenhouse gas emissions associated with its activities at Roissy-Charles de Gaulle Airport, EFS-WFS, the VINCI Concessions airport services subsidiary, purchased electric vehicles, which now make up half its fl eet. 137
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ANNUAL REPORT 2005
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EUROVIA VINCI CONSTRUCTION KEY 2005
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VINCI, the world’s leading integr
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VINCI gains new momentum With the A
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Corporate management structures BOA
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All business lines contributed to t
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Complementary business lines operat
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A growth course set by the concessi
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VINCI share price up 47% in 2005 In
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THE 2006 SHAREHOLDERS’ CALENDAR 1
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2005 Highlights Bernard Val, Chairm
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20 VINCI 2005 ANNUAL REPORT
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22 BUILDING AND MAKING A LONG-TERM
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KEY FIGURES In € millions and as
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VINCI CONCESSIONS WORLDWIDE EUROPE
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Top. ASF and Escota operate a netwo
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CONCESSIONS / ACTIVITÉ ASF recentl
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CONCESSIONS / BUSINESS REPORT 32 VI
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CONCESSIONS / BUSINESS REPORT Betwe
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A86 : DISCREET DOWN TO THE FINEST D
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The toll system of the future In Ma
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Top. Some 41,000 vehicles a day tra
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VINCI Park VINCI Park is present in
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44 VINCI 2005 ANNUAL REPORT and the
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Airport sector VINCI Concessions is
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CONSTRUCTION CONCESSIONS CONSTRUCTI
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ENERGY 51
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A leader in energy and information
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Top. For the Munich airport, German
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Acquisitions 16 companies acquired
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Top left. Design and implementation
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VINCI Energies at the Zénith conce
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ÉDITORIAL GRANIOU SUPPORTS NORTEL
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66 LEADER IN INFRASTRUCTURE CONSTRU
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KEY FIGURES In € millions and as
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EUROVIA / BUSINESS REPORT Brisk gro
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MATERIALS: A STRATEGIC FACILITY IN
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EUROVIA / BUSINESS REPORT NOxer ®
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Top left. Roadworks in the village
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EUROVIA / BUSINESS REPORT Design &
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CONSTRUCTION EUROVIA CONSTRUCTION E
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CONSTRUCTION 83
Page 89 and 90: French market leader and a world ma
Page 91 and 92: Above. The Granite tower under cons
Page 93 and 94: VINCI Construction Grands Projets
Page 95 and 96: ÉDITORIAL A BUILDING OF THE FUTURE
Page 97 and 98: The fl oating swimming pool To meet
Page 99 and 100: Civil engineering revenue +11.2 % S
Page 101 and 102: Top. Restructured so as to reduce t
Page 103 and 104: In the United Kingdom and Germany,
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Page 107 and 108: ÉDITORIAL Top. Standing alongside
Page 109 and 110: VINCI Immobilier will be developing
Page 111 and 112: A RESPONSIBLE GROUP 107
Page 113 and 114: Implementation of the Global Compac
Page 115 and 116: Priority areas and projects Limit t
Page 117 and 118: Commitments Guarantee the safety an
Page 119 and 120: COMBINING MOTIVATION AND SAFETY CFE
Page 121 and 122: DEVELOPING SKILLS VINCI’s trainin
Page 123 and 124: VINCI CONSTRUCTION SATISFACTION SUR
Page 125 and 126: Other social indicators A RESPONSIB
Page 127 and 128: REMUNERATION Remuneration and socia
Page 129 and 130: LEARNING TO LEARN The VINCI Foundat
Page 131 and 132: EMERGENCY AID ACTIVITIES The VINCI
Page 133 and 134: FICHE VINCI PREQUALIFICATION AND IM
Page 135 and 136: Above: Since 2005, VINCI’s approv
Page 137 and 138: A BUILDING THAT USES LESS ENERGY VI
Page 139: ISO 14001 CERTIFICATION GROWTH 2004
Page 143 and 144: Optimising waste management VINCI c
Page 145 and 146: Above: After rehabilitation, Eurovi
Page 147 and 148: B/ NOISE POLLUTION Eurovia 2005 200
Page 149 and 150: UN GROUPE RESPONSABLE / RESPONSABIL
Page 151 and 152: Opinion of one of the Statutory Aud
Page 153 and 154: FINANCIAL STATEMENTS FINANCIAL STAT
Page 155 and 156: 27. Market value of fi nancial inst
Page 157 and 158: 2.1 APPOINTMENTS AND FUNCTIONS OF C
Page 159 and 160: Alain Dinin Age: 55 • 1997-2008 N
Page 161 and 162: Yves-Thibault de Silguy (suite) Wil
Page 163 and 164: The other eleven Directors are prom
Page 165 and 166: - in respect of the Company’s int
Page 167 and 168: The following table shows the Direc
Page 169 and 170: When he retired, he received €1,2
Page 171 and 172: CORPORATE GOVERNANCE Options Option
Page 173 and 174: REPORT OF THE CHAIRMAN REPORT OF TH
Page 175 and 176: 3.4. INTERNAL AUDIT The internal au
Page 177 and 178: The third step, in 2003 and 2004, i
Page 179 and 180: REPORT OF THE STATUTORY AUDITORS IN
Page 181 and 182: Outside France, VINCI Energies’ r
Page 183 and 184: 1.3 NET PROFIT Net profi t attribut
Page 185 and 186: The Group’s fi nancial structure
Page 187 and 188: 1.3 CONCESSIONS The main risks in c
Page 189 and 190: C. INSURANCE 1. GENERAL POLICY Give
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D. OTHER INFORMATION 1. INVESTMENT
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CONSOLIDATED FINANCIAL STATEMENTS C
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CONSOLIDATED FINANCIAL STATEMENTS E
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STATEMENT OF CHANGES IN CONSOLIDATE
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2.2 EARLY REDEMPTION OF THE 2002-20
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1.1 FIRST-TIME ADOPTION OF IFRS - M
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Joint venture partnerships created
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- when borrowing is not intended to
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Cash management financial assets Ca
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- Hedge of a net investment in a fo
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1.2.2 Breakdown of revenue by locat
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FY 2004 CONSOLIDATED FINANCIAL STAT
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FY 2004 CONSOLIDATED FINANCIAL STAT
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4. SEGMENT INFORMATION BY GEOGRAPHI
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5.3 SHARE-BASED PAYMENTS The expens
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The income arising in the period fr
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E. NOTES TO THE BALANCE SHEET 10. I
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12.2 IMPAIRMENT LOSSES ON OTHER NON
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CONSOLIDATED FINANCIAL STATEMENTS 1
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15. LEASED ASSETS Property, plant a
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20. CONSTRUCTION CONTRACTS 20.1 FIN
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The changes in capital in 2005 brea
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CONSOLIDATED FINANCIAL STATEMENTS I
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Changes in the period CONSOLIDATED
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24. PROVISIONS During the period, c
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By business line, the analysis of n
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. Other bonds Other bonds break dow
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d. Finance leases The table below s
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25.3.2 Cash and cash management fin
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CONSOLIDATED FINANCIAL STATEMENTS T
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Based on this position, a 1% increa
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26.3.3 Analysis of other foreign cu
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28. TRANSACTIONS WITH RELATED PARTI
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The maturities of contractual oblig
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31. REMUNERATION AND RELATED BENEFI
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promissory notes issued by Intertou
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CONSOLIDATED FINANCIAL STATEMENTS I
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(h) Reclassification under operatin
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1.5 SUMMARIES OF IMPACTS OF RESTATE
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2.3.2 Goodwill CONSOLIDATED FINANCI
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2.3.6 Fair value of derivatives CON
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2.4 RECONCILIATION OF BALANCE SHEET
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2.4.6 Trade and other current payab
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K. MAIN CONSOLIDATED COMPANIES AT 3
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CONSOLIDATED FINANCIAL STATEMENTS C
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CONSOLIDATED FINANCIAL STATEMENTS R
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1.3 OTHER FINANCIAL TRANSACTIONS Th
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3.2 EQUITY PARENT COMPANY FINANCIAL
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5. NET FINANCIAL DEBT The holding c
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PARENT COMPANY FINANCIAL STATEMENTS
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Meeting are determined by the Share
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3. INFORMATION ON VINCI’S SHARE C
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3.3 BREAKDOWN OF SHARE CAPITAL AND
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3.5 THE VINCI SHARE AND THE STOCK M
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3. FEES OF THE STATUTORY AUDITORS P
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9. Operating and fi nancial review
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In accordance with Article 212-13 o
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