VINCI - 2005 annual report

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282 VINCI 2005 ANNUAL REPORT Consolidation method VINCI group holding VINCI Construction Filiales Internationales Sogea-Satom and its subsidiaries (various African countries) FC 100.00 Warbud (Poland) FC 99.74 SBTPC (Reunion) FC 100.00 Hídépítö (Hungary) FC 97.69 SMP CZ (Czech Republic) FC 95.95 First Czech Construction Company (Czech Republic) FC 100.00 Dumez-GTM Calédonie FC 100.00 Sogea Réunion FC 100.00 GTM Guadeloupe FC 100.00 Nofrayane (French Guyana) FC 100.00 Sogea Martinique FC 100.00 SKE (Germany) FC 100.00 VINCI Bautec (Germany) FC 100.00 VINCI Construction UK VINCI PLC (UK) FC 100.00 Rosser and Russel (UK) FC 100.00 Crispin and Borst (UK) FC 100.00 VINCI Investment (UK) FC 100.00 Compagnie d’Entreprises CFE (Belgium) FC 45.38 CFE FC 45.38 BPC, Nizet Entreprises, Van Wellen, Sogesmaint FC 45.38 Dredging Environmental and Marine Engineering – DEME PC 22.69 CFE Netherland FC 45.38 VINCI Construction Grands Projets FC 100.00 Socaso FC 100.00 Socatop PC 66.67 Constructora VCGP Chile SA FC 100.00 Janin Atlas (Canada) FC 100.00 Freyssinet FC 100.00 Freyssinet France FC 100.00 Terre Armée Internationale FC 100.00 The Reinforced Earth Cy – RECO (USA) FC 100.00 Ménard Soltraitement FC 100.00 Freyssinet International et Cie FC 100.00 Immer Property (Australia) FC 70.00 Freyssinet Korea FC 90.00 Freyssinet Hong Kong FC 100.00 5. PROPERTY VINCI Immobilier FC 100.00 FC: full consolidation; PC: proportionate consolidation; EM: equity method.
CONSOLIDATED FINANCIAL STATEMENTS REPORT OF THE STATUTORY AUDITORS ON THE CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2005 To the Shareholders, In accordance with our appointment as Statutory Auditors by your Shareholders General Meeting, we have audited the accompanying consolidated financial statements of VINCI for the year ended 31 December 2005. The Board of Directors is responsible for the preparation of the consolidated financial statements. Our role is to express an opinion on these financial statements based on our audit. 1. OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS We conducted our audit in accordance with the auditing standards generally applicable in France. Those standards require that we plan and perform the audit in such a way as to obtain reasonable assurance that the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. 2. JUSTIFICATION OF OUR ASSESSMENTS As required by Article L.823-9 of the French Code of Commerce regarding disclosure of the reasons for our conclusions, we inform you of the following: As shown in Note B.3 to the financial statements, headed “Construction contracts”, the Group recognises income from long-term contracts using the percentage of completion method on the basis of the best available estimates of the final outcome of contracts. If the estimate of the final outcome of a contract indicates a loss, a provision is made for the loss on completion. We have assessed the reasonableness of the assumptions used and the resulting evaluations. 3. SPECIFIC PROCEDURES These financial statements have been prepared for the first time under the International Financial Reporting Standards (IFRS) as endorsed by the European Union. They include data relating to 2004 restated under the same standards, for comparison. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements give a true and fair view of the financial position, the assets and liabilities and the results of the operations of the companies included in the consolidation, in accordance with the International Financial Reporting Standards as endorsed by the European Union. We have also examined the accounting positions adopted by VINCI regarding the accounting for concessions, for which no particular provisions are included in the International Financial Reporting Standards as endorsed by the European Union and we have ascertained that Note B of the Notes to the consolidated financial statements provides appropriate information in this regard. These conclusions were formed as part of our audit of the annual consolidated financial statements taken as a whole and have therefore contributed to the formation of our opinion, given in the first part of this report. We also performed the procedures to verify the information given in the Board of Directors’ report on the Group. We have no comments to make as to its fair presentation and its conformity with the consolidated financial statements. Neuilly-sur-Seine and Paris, 2 March 2006 The Statutory Auditors Deloitte & Associés Salustro Reydel Thierry Benoit KPMG International Bernard Cattenoz Benoît Lebrun This is a free translation into English of the Statutory Auditors’ reports issued in the French language and is provided solely for the convenience of English-speaking readers. The Statutory Auditors’ report includes for the information of the reader, as required under French law in any auditor’s report, whether qualified or not, an explanatory paragraph separate from and presented below the audit opinion discussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual account caption or on information taken outside of the consolidated financial statements. Such report should be read in conjunction and construed in accordance with French law and French auditing professional standards. 283
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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
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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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CONSOLIDATED FINANCIAL STATEMENTS 1
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20. CONSTRUCTION CONTRACTS 20.1 FIN
Page 235 and 236: The changes in capital in 2005 brea
Page 237 and 238: CONSOLIDATED FINANCIAL STATEMENTS I
Page 239 and 240: CONSOLIDATED FINANCIAL STATEMENTS 2
Page 241 and 242: Changes in the period CONSOLIDATED
Page 243 and 244: 24. PROVISIONS During the period, c
Page 245 and 246: By business line, the analysis of n
Page 247 and 248: . Other bonds Other bonds break dow
Page 249 and 250: d. Finance leases The table below s
Page 251 and 252: 25.3.2 Cash and cash management fin
Page 253 and 254: CONSOLIDATED FINANCIAL STATEMENTS T
Page 255 and 256: Based on this position, a 1% increa
Page 257 and 258: 26.3.3 Analysis of other foreign cu
Page 259 and 260: 28. TRANSACTIONS WITH RELATED PARTI
Page 261 and 262: The maturities of contractual oblig
Page 263 and 264: 31. REMUNERATION AND RELATED BENEFI
Page 265 and 266: promissory notes issued by Intertou
Page 267 and 268: CONSOLIDATED FINANCIAL STATEMENTS I
Page 269 and 270: (h) Reclassification under operatin
Page 271 and 272: 1.5 SUMMARIES OF IMPACTS OF RESTATE
Page 273 and 274: 2.3.2 Goodwill CONSOLIDATED FINANCI
Page 275 and 276: 2.3.6 Fair value of derivatives CON
Page 277 and 278: 2.4 RECONCILIATION OF BALANCE SHEET
Page 279 and 280: 2.4.6 Trade and other current payab
Page 281 and 282: CONSOLIDATED FINANCIAL STATEMENTS 4
Page 283 and 284: K. MAIN CONSOLIDATED COMPANIES AT 3
Page 285: CONSOLIDATED FINANCIAL STATEMENTS C
Page 289 and 290: 1.3 OTHER FINANCIAL TRANSACTIONS Th
Page 291 and 292: 3.2 EQUITY PARENT COMPANY FINANCIAL
Page 293 and 294: 5. NET FINANCIAL DEBT The holding c
Page 295 and 296: PARENT COMPANY FINANCIAL STATEMENTS
Page 301 and 302: Meeting are determined by the Share
Page 303 and 304: 3. INFORMATION ON VINCI’S SHARE C
Page 305 and 306: 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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