VINCI - 2005 annual report

VINCI gains new momentum
With the ASF
acquisition, VINCI
becomes
the leading French
motorway
concessionaire,
the European
leader in transport
infrastructure
concessions and
the world’s leading
integrated
concessionconstruction
group.
A company like ours forges ahead by drawing strength from its roots. It shapes its
future by cultivating its principles and maintaining a strategic course. Born over one
hundred years ago, our group originated in highly complementary construction and
concession business lines. Now, at the start of the 21 st century, the same model inspires
its strategy and drives its prospects for further growth.
2005 ended with an event marking the culmination of a project that had been under
way for four years and that lends new impetus to our growth momentum: VINCI was
selected as the company to carry out the complete privatisation of Autoroutes du Sud.
With this acquisition, which is being fi nalised in the fi rst half of 2006, VINCI
becomes the leading French motorway concessionaire, the European lead player in
transport infrastructure concessions and the world’s number one integrated concessionconstruction
group. The merger restores the equilibrium among our four complementary
business lines - concessions, energy, roads and construction. It considerably broadens
our recurring and predictable results base. It consolidates our positions on European
markets driven by the major infrastructure and public facility construction and
renovation programmes now being carried out, increasingly under public-private
partnerships, by local authorities. It paves the way for expansion in these business lines
beyond the borders of our continent. All the ASF teams, and their management in
particular, will be contributing their experience and their competencies to that effort.
These developments are made possible thanks to the constant improvement in our
performance: once again, the year ended with highly satisfactory results. Our revenue
grew by 10%, our operating profi t from ordinary activities by 21% and our net profi t
by 19%. In a demonstration of investors’ faith in our ability to sustain our growth over
time, our stock market share price increased by 47% during the year, by nearly 120%
over two years and by 870% over 10 years.
Long-term sustainability is also the focus of the approach we take to being a
responsible group. As VINCI builds infrastructure and develops urban spaces, its
operations touch upon major environmental issues. VINCI has a duty to offer its
employees - 142,000 following the acquisition of ASF - a human resources plan on a
par with its economic plan. It has a particular duty to pay close attention to changes in
the societies in which it operates, with their diversity and their need for solidarity. The
efforts we have made in these areas need to be further pursued and extended, especially
in the fi eld of equal opportunities. The VINCI Foundation will be taking up these new
challenges, as will our companies with their endeavour to foster gender equality.
With a new chapter now opening up in our history, the Board of Directors in early
January 2006 accepted my proposal to entrust the general management of VINCI to
Xavier Huillard. I am certain that Xavier Huillard’s abilities, demonstrated over the many
years in which we have worked together within the Group, will enable him to lead
VINCI to long-term success.
In my position as Chairman of the Board, I for my part will continue to contribute to
the discussion of our Group’s strategy, making my experience available in the expansion
projects that are certain to come VINCI’s way.
Antoine Zacharias
Chairman
A MESSAGE FROM THE CHAIRMAN
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