VINCI - 2005 annual report

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VINCI share price up 47% in 2005 In 2005, the Group’s shareholders received regular information and new benefi ts through the Shareholders’ Club and saw the VINCI share price continue to perform very well and rise 47% over the year. The majority (88%) of VINCI’s shares are publicly held. The shareholder base is made up of 108,000 individual shareholders (12%), 50,000 employee shareholders (9%) and institutional shareholders, of which 25% are in France and 51% in Europe and the USA. VINCI SHAREHOLDER RELATIONS DEPARTMENT 1, cours Ferdinand-de-Lesseps 92851 Rueil-Malmaison cedex - France Individual shareholders actionnaires@vinci.com Tel: +33 1 47 16 31 82 Fax: + 33 1 47 16 33 88 14 Institutional investors investors@vinci.com Tel: +33 1 47 16 45 39 Fax: + 33 1 47 16 36 23 VINCI 2005 ANNUAL REPORT VINCI and its shareholders In 2005, VINCI increased its dividend by 14%. As in 2004, an interim dividend of €0.70* was paid in December 2005. The VINCI Shareholder Relations Department continued to build a special relationship with shareholders, always ready to answer their questions by phone, letter or e-mail and organising occasions when they can meet and discover the Group and its activities. VINCI sends them a twice-yearly Shareholders’ Letter to keep them regularly informed and publishes a shareholder’s guide. VINCI has also set up a Shareholders’ Club which is open to all its shareholders, providing a range of benefi ts. VINCI regularly carries out shareholder satisfaction surveys to become more acquainted with them and to better meet their needs. A Shareholders’ Club open to all Holding just one share and applying to the Shareholder Relations Department suffi ces to become a member of the VINCI Shareholders’ Club. Members are invited to information meetings in Paris and in the regions, to the Actionaria investment fair held in Paris in November and to visits to sites such as the Stade de France, Eurovia’s R&D centre near Bordeaux, etc. They can also buy books published by the Group at a discount. VINCI is also pleased to be able to give Club members a special card allowing entry to the Château de Versailles. This strictly personal card gives members, accompanied by a person of their choice, entry to the château, the gardens and the Hall of Mirrors, which is being comprehensively restored by VINCI under a skills-based sponsorship scheme. * restated following the two-for-one share split on 13 May 2005.
STOCK MARKET AND SHAREHOLDER BASE Top. Every year, the Shareholders Meeting is an opportunity for VINCI’s executives to meet and talk to around a thousand shareholders. Below left. VINCI takes part every year in the Actionaria investment fair, the largest of its type in Europe, which is attended by 35,000 individual investors. Below right. Members of the Shareholders’ Club can visit major infrastructure assets that VINCI operates under concessions, such as the Stade de France. 15
Page 1 and 2: ANNUAL REPORT 2005
Page 3 and 4: EUROVIA VINCI CONSTRUCTION KEY 2005
Page 5 and 6: VINCI, the world’s leading integr
Page 7: VINCI gains new momentum With the A
Page 10 and 11: Corporate management structures BOA
Page 12 and 13: All business lines contributed to t
Page 14 and 15: Complementary business lines operat
Page 16 and 17: A growth course set by the concessi
Page 20 and 21: THE 2006 SHAREHOLDERS’ CALENDAR 1
Page 22 and 23: 2005 Highlights Bernard Val, Chairm
Page 24 and 25: 20 VINCI 2005 ANNUAL REPORT
Page 26 and 27: 22 BUILDING AND MAKING A LONG-TERM
Page 28 and 29: KEY FIGURES In € millions and as
Page 30 and 31: VINCI CONCESSIONS WORLDWIDE EUROPE
Page 32 and 33: Top. ASF and Escota operate a netwo
Page 34 and 35: CONCESSIONS / ACTIVITÉ ASF recentl
Page 36 and 37: CONCESSIONS / BUSINESS REPORT 32 VI
Page 38 and 39: CONCESSIONS / BUSINESS REPORT Betwe
Page 40 and 41: A86 : DISCREET DOWN TO THE FINEST D
Page 42 and 43: The toll system of the future In Ma
Page 44 and 45: Top. Some 41,000 vehicles a day tra
Page 46 and 47: VINCI Park VINCI Park is present in
Page 48 and 49: 44 VINCI 2005 ANNUAL REPORT and the
Page 50 and 51: Airport sector VINCI Concessions is
Page 52: CONSTRUCTION CONCESSIONS CONSTRUCTI
Page 55 and 56: ENERGY 51
Page 57 and 58: A leader in energy and information
Page 59 and 60: Top. For the Munich airport, German
Page 61 and 62: Acquisitions 16 companies acquired
Page 63 and 64: Top left. Design and implementation
Page 65 and 66: VINCI Energies at the Zénith conce
Page 67 and 68: 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
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French market leader and a world ma
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Above. The Granite tower under cons
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VINCI Construction Grands Projets
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ÉDITORIAL A BUILDING OF THE FUTURE
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The fl oating swimming pool To meet
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Civil engineering revenue +11.2 % S
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Top. Restructured so as to reduce t
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In the United Kingdom and Germany,
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101
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ÉDITORIAL Top. Standing alongside
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VINCI Immobilier will be developing
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A RESPONSIBLE GROUP 107
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Implementation of the Global Compac
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Priority areas and projects Limit t
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Commitments Guarantee the safety an
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COMBINING MOTIVATION AND SAFETY CFE
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DEVELOPING SKILLS VINCI’s trainin
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VINCI CONSTRUCTION SATISFACTION SUR
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Other social indicators A RESPONSIB
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REMUNERATION Remuneration and socia
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LEARNING TO LEARN The VINCI Foundat
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EMERGENCY AID ACTIVITIES The VINCI
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FICHE VINCI PREQUALIFICATION AND IM
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Above: Since 2005, VINCI’s approv
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A BUILDING THAT USES LESS ENERGY VI
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ISO 14001 CERTIFICATION GROWTH 2004
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IMPROVING THE ENERGY EFFICIENCY OF
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Optimising waste management VINCI c
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Above: After rehabilitation, Eurovi
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B/ NOISE POLLUTION Eurovia 2005 200
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UN GROUPE RESPONSABLE / RESPONSABIL
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Opinion of one of the Statutory Aud
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FINANCIAL STATEMENTS FINANCIAL STAT
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27. Market value of fi nancial inst
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2.1 APPOINTMENTS AND FUNCTIONS OF C
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Alain Dinin Age: 55 • 1997-2008 N
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Yves-Thibault de Silguy (suite) Wil
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The other eleven Directors are prom
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- in respect of the Company’s int
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The following table shows the Direc
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When he retired, he received €1,2
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CORPORATE GOVERNANCE Options Option
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REPORT OF THE CHAIRMAN REPORT OF TH
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3.4. INTERNAL AUDIT The internal au
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The third step, in 2003 and 2004, i
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REPORT OF THE STATUTORY AUDITORS IN
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Outside France, VINCI Energies’ r
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1.3 NET PROFIT Net profi t attribut
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The Group’s fi nancial structure
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1.3 CONCESSIONS The main risks in c
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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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Page 283 and 284:
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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Page 301 and 302:
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
Page 307 and 308:
3.5 THE VINCI SHARE AND THE STOCK M
Page 309 and 310:
3. FEES OF THE STATUTORY AUDITORS P
Page 311 and 312:
9. Operating and fi nancial review
Page 313 and 314:
In accordance with Article 212-13 o
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VINCI - 2005 annual report

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