VINCI - 2005 annual report

D. OTHER INFORMATION
1. INVESTMENT COMMITMENTS
Under their concession contracts, Cofi route and Arcour are committed
to making investments over the next fi ve years of €1.8 billion and
€600 million respectively (see Note 13.2 to the consolidated fi nancial
statements).
Cofi route’s investments will be fi nanced by drawing on its available credit
lines of €1 billion (see Note 25.3 to the consolidated fi nancial statements)
and by new loans from the European Investment Bank (EIB) and on the
bond market.
Arcour’s investments will initially be fi nanced by a capital injection from
VINCI and by borrowing from VINCI and from fi nancial institutions. The
Group plans to make use of refi nancing opportunities on the bond market
once the construction and the operational start-up phases have been
completed.
2. INFORMATION ON TRENDS
Other than the post-balance sheet events reported in section F of the Notes
to the consolidated fi nancial statements, there has been no material change
in the Group’s fi nancial and trading position since 31 December 2005.
An order book representing nearly 10 months’ activity, up 14% year-on-
Order book
REPORT OF THE BOARD
VINCI’s undertaking to acquire the French government’s 50.4% shareholding
in ASF and subsequently to make a public bid for the remaining 26.6%
represents a potential maximum investment of €9.1 billion (see Notes
A.1.1.1.2 and 29 to the consolidated fi nancial statements). The fi nancing
of this transaction is described in Notes A.1.1.2 and 25.3 to the consolidated
fi nancial statements.
VINCI envisages a partial refi nancing of the loan relating to this acquisition
by reallocating part of it to certain concession operating subsidiaries,
including ASF. The Group does not rule out the possibility of disposing of
non-strategic assets.
year, provides VINCI with good visibility over 2006. The Group’s revenue
should therefore record a further increase. However, in accordance with
its constantly reaffi rmed policy of selectivity, the Group does not set itself
a growth target.
(in € millions) 31/12/2005 31/12/2004 Change
Energy 1,445 1,322 9%
Roads 4,289 3,694 8%
Construction 10,155 8,880 14%
Total (1) 15,857 13,896 14%
In months’ activity
(1) after eliminations.
9.8 9.6
187