VINCI - 2005 annual report

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Top left. Roadworks in the village of Lodygowice, Poland. Top right. In the United Kingdom, multi-year road maintenance contracts issued by local authorities include a variety of services: public lighting and road maintenance, winter maintenance, maintenance of green spaces, etc. 76 VINCI 2005 ANNUAL REPORT
Revenue +29 % in the Czech Republic IN SPAIN, the acquisition of the Madrid-based Trabit company enabled Probisa to record an increase in its business activity on a contracting market (- 3.9% at equivalent scope of consolidation, to €155 million). The full integration of the company, which specialises in urban utility network maintenance under multi-year contracts, as well as the introduction of a more selective order-taking policy and a tightened management structure, resulted in improved profi tability in 2005, which is expected to continue in 2006. The main projects of the year include the 90,000 sq. metre runway refurbishment at the Altet-Alicante airport. Central Europe EUROVIA / BUSINESS REPORT Eurovia began operating in Central Europe in the 1990s and has followed a consistent strategy of acquiring signifi cant positions in concentrated territories, taking advantage of its two sales levers: roadworks and materials production. The strategy has worked, as the 2005 performance of Eurovia’s regional subsidiaries demonstrates. Their strong local roots, combined with the management system applied throughout VINCI, enables them to make the most of a business cycle stimulated by the initiation of major infrastructure projects cofi nanced by the European Union. IN THE CZECH REPUBLIC, SSZ recorded a strong increase (+20% at constant scope and exchange rate) in revenue and a further increase in earnings. Eurovia’s revenue in the Czech Republic (€634 million) is now comparable to revenue in Germany and the United Kingdom. Eurovia’s acquisition of a controlling interest in the major Jakubcovice quarry (see below) helps to secure SSZ’s supplies against a backdrop of buoyant infrastructure projects in the Czech Republic and the neighbouring countries. In the same context, SSZ has acquired one of the world’s largest-ever batch coating plants (with a capacity of 340 tonnes per hour). Major projects initiated and/or continued by SSZ in 2005 include the two 12 km sections of the D8 motorway, one of them carried out in a consortium with VINCI Construction’s Czech subsidiary SMP; a 20 km section of the D11 motorway linking Prague and Poland; and the bypass at Otrokovice in Moravia. SSZ’s business activity and expertise also include railway works, such as the modernisation of the Chocen railway station on the main Czech national railway corridor. Eurovia’s subsidiaries in other Central European countries – Poland, Slovakia, Lithuania and Albania – recorded even stronger activity growth (+50%, to €90 million). In Slovakia, Eurovia Cesty is working with SSZ to carry out earthworks and pavement construction on the D1 motorway, the Pan-European artery that runs through the country from East to West. NEW QUARRY IN CENTRAL EUROPE NEW QUARRY IN CENTRAL EUROPE In 2005, SSZ, Eurovia’s Czech subsidiary, acquired a majority holding in the Jakubcovice quarry near Ostrava in Moravia. Producing 1.8 million tonnes of materials a year, the site will supply major infrastructure construction sites in the Czech Republic and in the neighbouring countries. Following the acquisition of six quarries in Slovakia in 2004, this latest addition to Eurovia’s assets supports the company’s expansion in Central Europe and consolidates its strategy of developing its network of industrial facilities on all its markets so as to secure supplies of materials for its worksites. 77
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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
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
Page 55 and 56: ENERGY 51
Page 57 and 58: A leader in energy and information
Page 59 and 60: Top. For the Munich airport, German
Page 61 and 62: Acquisitions 16 companies acquired
Page 63 and 64: Top left. Design and implementation
Page 65 and 66: VINCI Energies at the Zénith conce
Page 67 and 68: ÉDITORIAL GRANIOU SUPPORTS NORTEL
Page 70 and 71: 66 LEADER IN INFRASTRUCTURE CONSTRU
Page 72 and 73: KEY FIGURES In € millions and as
Page 74 and 75: EUROVIA / BUSINESS REPORT Brisk gro
Page 76 and 77: MATERIALS: A STRATEGIC FACILITY IN
Page 78 and 79: EUROVIA / BUSINESS REPORT NOxer ®
Page 82 and 83: EUROVIA / BUSINESS REPORT Design &
Page 84: CONSTRUCTION EUROVIA CONSTRUCTION E
Page 87 and 88: CONSTRUCTION 83
Page 89 and 90: French market leader and a world ma
Page 91 and 92: Above. The Granite tower under cons
Page 93 and 94: VINCI Construction Grands Projets
Page 95 and 96: ÉDITORIAL A BUILDING OF THE FUTURE
Page 97 and 98: The fl oating swimming pool To meet
Page 99 and 100: Civil engineering revenue +11.2 % S
Page 101 and 102: Top. Restructured so as to reduce t
Page 103 and 104: In the United Kingdom and Germany,
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Page 107 and 108: ÉDITORIAL Top. Standing alongside
Page 109 and 110: VINCI Immobilier will be developing
Page 111 and 112: A RESPONSIBLE GROUP 107
Page 113 and 114: Implementation of the Global Compac
Page 115 and 116: Priority areas and projects Limit t
Page 117 and 118: Commitments Guarantee the safety an
Page 119 and 120: COMBINING MOTIVATION AND SAFETY CFE
Page 121 and 122: DEVELOPING SKILLS VINCI’s trainin
Page 123 and 124: VINCI CONSTRUCTION SATISFACTION SUR
Page 125 and 126: Other social indicators A RESPONSIB
Page 127 and 128: REMUNERATION Remuneration and socia
Page 129 and 130: 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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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
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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
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3.5 THE VINCI SHARE AND THE STOCK M
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3. FEES OF THE STATUTORY AUDITORS P
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9. Operating and fi nancial review
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In accordance with Article 212-13 o
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