VINCI - 2005 annual report

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VINCI CONCESSIONS VINCI ENERGIES VINCI MILESTONES VINCI is heir to many hundreds of businesses whose names, since the 19 th century, have been associated with the most ambitious construction projects in France and throughout the world. 1891. Creation of Grands Travaux de Marseille (GTM). 1899. Creation of Girolou by Alexandre Giros and Louis Loucheur. This company built electrical generating stations and networks. Its fi rst concession was the Lille- Roubaix-Tourcoing tramway. 1908. Creation, as part of Girolou, of Société Générale d’Entreprises (SGE). 1908-1918. SGE experienced rapid growth until World War I and participated in the war effort and then in post-war reconstruction. It became renowned for major projects such as the building of dams and power stations. 1918-1946. SGE developed its activities mainly in electricity until the sector was nationalised in 1946 at which time it redeployed into building and civil engineering. 1966. Compagnie Générale d’Électricité acquired a controlling interest in SGE. 1970. SGE participated in the formation of Cofi route, which fi nanced, built and now operates the A10 (Paris to Orleans) and A11 (Paris to Le Mans) motorways. 1984. Compagnie de Saint-Gobain became SGE’s majority shareholder. 1988. Saint-Gobain sold its interest in SGE to Compagnie Générale des Eaux, which contributed its construction and civil engineering subsidiaries Campenon Bernard and Freyssinet, as well as roadworks company Viafrance. The 1990s. Several acquisitions gave SGE a European dimension. 1996. SGE was reorganised into four core businesses: concessions, energy, roads, and construction. 1997. Compagnie Générale des Eaux reduced its interest in SGE to 51%. SGE sold its household waste treatment and water distribution activities to Compagnie Générale des Eaux, and (in exchange) acquired electrical engineering companies GTIE and Santerne and construction company CBC. 1999. The Group made a successful friendly bid for Sogeparc, the leading French car park operator. 2000. Vivendi disposed of its holding in SGE, which changed its name to VINCI. VINCI made a friendly bid for GTM with a view to a merger and Suez contributed its majority shareholding. The merger of the two groups formed the world’s leading group in concessions, construction and related services. 2002. VINCI entered the CAC 40 index of the 40 leading companies listed on the Paris market and acquired 17% of Autoroutes du Sud de la France (ASF). 2003-2004. VINCI increased its holding in ASF to 23%. 2005. The government selected VINCI to acquire ASF in the motorway company privatisation.
EUROVIA VINCI CONSTRUCTION KEY 2005 FIGURES OF THE NEW GROUP FOLLOWING INTEGRATION OF ASF (1) Revenue €24 billion Operating profi t from ordinary activities €2.7 billion (before ASF goodwill amortisation) Revenue by business line 4. 1. – not audited. 5. 3. 1. 2. Net profi t €1.1 billion (before ASF goodwill amortisation) Cash fl ow from operations €3.7 billion (before taxes and cost of fi nancing) 1. Concessions and services 19% 2. Energy 14% 3. Roads 26% 4. Construction 39% 5. Property 2% Total 100% 3. 2. 4. 5. Net fi nancial debt €18.3 billion (before VINCI capital increase and after VINCI hybrid bond issue (February 2006)) Workforce 142,000 employees worldwide Operating profi t from ordinary activities by business line 1. 1. Concessions and services 65% 2. Energy 7% 3. Roads 9% 4. Construction 18% 5. Property 1% Total 100%
Page 1: ANNUAL REPORT 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 18 and 19: VINCI share price up 47% in 2005 In
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
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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
Page 143 and 144:
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
Page 281 and 282:
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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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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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