VINCI - 2005 annual report

PARENT COMPANY FINANCIAL STATEMENTS
C. SPECIAL REPORT OF THE STATUTORY
AUDITORS ON REGULATED AGREEMENTS
YEAR ENDED 31 DECEMBER 2005
To the Shareholders,
As the Statutory Auditors of your Company, we submit our report to you on regulated agreements.
1. AGREEMENTS AUTHORISED AND / OR ENTERED INTO DURING THE YEAR.
Pursuant to Article L.225-40 of the French Business Code, the following
agreements, previously authorised by the Board of Directors of your
Company, have been brought to our attention.
We are not required to identify other such agreements, if any, but to inform
you, based on the information provided to us, of the principal terms and
conditions of those agreements brought to our attention, without expressing
an opinion on their usefulness and appropriateness. It is your responsibility,
pursuant to Article 92 of the Decree of 23 March 1967, to assess
the merits of these agreements for the purpose of approving them.
We have carried out our work in accordance with the professional standards
applicable in France. Those standards require that we plan and perform
our work in a way that enables us to check whether the information that
has been given to us is consistent with the underlying documents from
which it is derived.
Agreement with Société Gastronomique
Etoile (formerly Société de Restauration
SOFICOT – SRS)
Director concerned: Mr Serge Michel
On 11 January 2005, VINCI signed an agreement with Société de Restauration
SOFICOT – SRS under which this company undertakes to provide
catering services to customers and members of VINCI’s staff visiting the
building at 19, rue Balzac in Paris. These services are invoiced for a fi xed
monthly amount of €29,602.84 excluding VAT, plus a variable amount
depending on the menus chosen.
This agreement was authorised by the Board of Directors on 14 December
2004.
The corporate name of Société de Restauration SOFICOT was altered to
Société Gastronomique Etoile by the adoption of a resolution by an
Extraordinary General Meeting of that company’s shareholders on 17 June
2005.
Under this agreement, VINCI has recognised an expense of €422,018
excluding VAT in 2005.
2. AGREEMENTS APPROVED DURING PREVIOUS YEARS THAT CONTINUED
TO BE IMPLEMENTED DURING THE YEAR
In addition, in accordance with the Decree of 23 March 1967, we have
been informed that the implementation of the following agreements,
approved in previous years, continued during the year reported on.
Agreement with the subsidiary VINCI
Deutschland GmbH
On 22 December 2003, VINCI entered into an agreement with its
subsidiary VINCI Deutschland GmbH under which VINCI undertakes
to ensure this subsidiary’s solvency and fi nancial equilibrium from 1
January 2004 for a period of two years, renewable by successive periods
of two years, subject to one year’s notice of termination.
No payment was made by VINCI to VINCI Deutschland GmbH in 2005
in respect of this undertaking.
Agreements with the subsidiaries VINCI
Deutschland GmbH, VINCI Energies
Deutschland GmbH and Eurovia GmbH.
On 28 June 2002, VINCI entered into contracts with its direct or indirect
subsidiaries VINCI Deutschland GmbH, VINCI Energies Deutschland
GmbH and Eurovia GmbH under which these subsidiaries will, from 1
July 2002, invest directly with VINCI the funds corresponding to their
commitments to their employees in respect of supplementary pensions.
Under these agreements, VINCI has recognised €6.44 million as interest
expenses in 2005.
Agreement with the subsidiary VINCI
Construction
On 15 February 2002, VINCI sold all the shares it held in Sogea Holdings
UK Ltd to VINCI Construction.
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