VINCI - 2005 annual report

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Top. Reinforcement work on 285 km of asphalt-surfaced roads near N’Djamena, Chad. Bottom left. 120 km southwest of Budapest on the A7 motorway, the Köröshegy viaduct is the longest (1,870 metres) and highest (88 metres) ever built in Hungary. Bottom right. Marina Mokotów, built in the heart of Warsaw, Poland, is a luxury property complex comprising 1,500 residential units and 2,500 sq. metres of retail space on a 22 hectare site. 88 VINCI 2005 ANNUAL REPORT
VINCI Construction Grands Projets €1.4billion order backlog at end December 2005 70 years in Africa The opening of the prefabricated prestressed pipe manufacturing plant in Sidi Bouknadel, Morocco in 1931 marked the beginning of the history of VINCI Construction in Africa. It has continued for 70 years through the company’s subsidiary Sogea-Satom, which now operates in 19 countries. IN BELGIUM, activity at CFE (excluding dredging) increased by 1.5% to €554 million. Despite a fi ercely competitive environment, the margin continued to recover, especially in the construction division, which accounts for half of total business activity. CFE is also well placed in the buoyant residential building and property development markets. Beyond that, the increase of CFE’s holding in the Van Wellen company to 100% accelerates CFE’s diversifi cation into the road construction market. IN CENTRAL EUROPE, where VINCI Construction posted substantial growth (36%), the performance of its subsidiaries once again demonstrated the effectiveness of its strategy of combining strong local roots with the Group’s management model. Business activity increased very substantially in the Czech Republic and Slovakia (+52% to €125 million, in a market that expanded by 5.3% (1) ) and margins increased concomitantly. Growth was spectacular (+73% to €230 million, with the market up 4.4% (1) ) in Hungary, where Hídépítö is a major operator in the ambitious road infrastructure programme currently under way. In Poland, Warbud concentrated on improving its margins and deliberately held its revenue steady. In Serbia and Montenegro, new hydraulic and civil engineering contracts boosted the development of the Group’s recently-acquired locations (Novkol and Inter-Most). IN AFRICA where Sogea-Satom has historic roots in some 20 countries and is one of the leading building and civil engineering companies, activity continued to grow at a fast pace (+26% to €355 million). Sogea-Satom has opened new locations in the Democratic Republic of Congo, Uganda and Kenya, where it won several hydraulic engineering and roadworks contracts. Major road contracts in Chad generated a spectacular increase in revenue from €29 to €67 million. In all the areas where it has longstanding and more recent operations, the diversity of Sogea-Satom’s business lines - roads, earthmoving, hydraulic engineering, civil engineering, building - enables it to offset cyclical fl uctuations in international funding. IN THE REGIONS OF THE FORMER FRENCH OVERSEAS TERRITORIES, VINCI Construction’s local subsidiaries made the most of their closely networked markets to post further increases in revenue (+16% to €366 million). This trend was observed in all the territories (West Indies, Guiana, Reunion, New Caledonia), where the local subsidiaries participate in a large number of major projects in synergy with other VINCI Construction entities, while carrying out their own core business activities. ON WORLD MARKETS where the Group operates, the activity of VINCI Construction Grands Projets returned to growth (+10.3% to €604 million) following a contraction in 2004 and the order backlog at the end of the year stood at €1.4 billion, equal to 29 months of activity. After completing several major projects in recent years, the initiation of many new projects - especially in transport infrastructure - in synergy with VINCI Concessions should support activity growth for several years to come. 1. – Source: Bulletin Européen du Moniteur, 12 December 2005, quoting Euroconstruct. CONSTRUCTION / ACTIVITY 89
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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
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 80 and 81: Top left. Roadworks in the village
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: Above. The Granite tower under cons
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
Page 131 and 132: EMERGENCY AID ACTIVITIES The VINCI
Page 133 and 134: FICHE VINCI PREQUALIFICATION AND IM
Page 135 and 136: Above: Since 2005, VINCI’s approv
Page 137 and 138: A BUILDING THAT USES LESS ENERGY VI
Page 139 and 140: ISO 14001 CERTIFICATION GROWTH 2004
Page 141 and 142: 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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VINCI - 2005 annual report

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