VINCI - 2005 annual report

222
Project Control and regulation
of prices by
concession grantor
SCDI
Canada Bridge
between Prince
Edward Island and
mainland
VINCI Park
approx. 334,000
parking spaces under
concession in France,
Rest of Europe,
Canada, Hong Kong
13.2 COMMITMENTS GIVEN UNDER CONCESSION CONTRACTS
Contractual investment
and renewal obligations:
Under its concession contracts, the Group has undertaken to carry out
certain investments in infrastructure that it will operate as concession
operator.
At 31 December 2005, the main investment obligations over the next five
years related to Cofiroute for €1.8 billion (€1 billion in respect of its
intercity network and approximately €800 million for the A86 motorway)
and Arcour for €600 million in respect of the A19 motorway.
Concession operators are also obliged to maintain infrastructures in a good
state of repair in accordance with the contractual terms.
VINCI 2005 ANNUAL REPORT
Pricing law as defined in the
concession contract. Price increases
linked to price index and subject to
formal agreement by grantor.
Responsibility
for payment
Bridges and tunnels
Grant or guarantee
from concession grantor
Users Grant for construction
paid by grantor
Parking
Prices set freely within ceilings. Users If appropriate, grants for
equipment or operating
grants and/or guaranteed
revenue, paid by grantor
SCA (Cambodia) Pricing law as defined in the
concession contract. Price increases
subject to agreement by grantor.
Consortium Stade
de France.
No Organiser
of event and/or
final customer
Activités aéroportuaires
Collateral security connected
with the concession contracts
Residual value Start and end date
or average duration
Infrastructure returned to
grantor for no
consideration
1993 / End 2032
Nil Approximately
30 years
Users Share in grantor’s profits Infrastructure returned
to grantor
for no consideration
Stade de France
Investment grant +
compensation for absence
of resident club + grantor’s
fee on share of profits
Infrastructure returned
to grantor
for no consideration
1995 / End 2020
1995 / End 2025
Collateral security of €788.6 million has been provided at the level of the
corresponding concession operating companies, to guarantee the project
financing obtained. They break down by project as follows:
(in € millions) Start date End date Amount
Gefyra (Rion-Antirion Bridge – Greece) April 2001 June 2029 350.0
SCDI (Confederation Bridge – Canada) June 1998 September 2031 117.0
Autopista del Bosque (Chillan – Collipulli motorway – Chile) March 2001 April 2021 228.4
Morgan VINCI Ltd (Newport bypass – Wales) March 2002 September 2040 45.6
Other 47.6
788.6