VINCI - 2005 annual report

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CONSTRUCTION / ACTIVITY The megacutter Equipped with a an 8,000 HP cutting machine capable of slicing through materials harder than concrete, this dredger, baptised D’Artagnan, is the most powerful of its kind in the world (total power: 38,000 HP). The building segment, across all countries, posts the strongest growth within VINCI Construction. 90 VINCI 2005 ANNUAL REPORT In specialised civil engineering, Freyssinet, which is ahead of schedule in its profi tability improvement plan, recorded operating profi tability from ordinary activities of 4.1%, while revenue continued to climb steeply (+10.6% to €508 million). In the United States, the acquisition of the assets of the Foster company consolidated its position in soil stabilisation techniques. In the dredging business lines, DEME continued its expansion on a buoyant market, taking part in Qatar in the creation of the Pearl of the Gulf artifi cial island, one of the largest projects of this type in the world. The acquisition of a “megacutter” suction dredger able to cut through rocky soils at a depth of 36 metres and stepped-up synergies with the various VINCI Construction entities should help accelerate its expansion and consolidate its world leadership positions. Building Driven by strong demand, the private-sector building segment across all countries posted a 21% increase, with revenues standing at €4.5 billion. This is the strongest growth within VINCI Construction. OFFICE BUILDINGS AND PRIVATE-SECTOR BUILDING. Activity growth was particularly strong in construction and renovation of offi ce buildings (+101%). In France, major projects completed or under way in this segment included renovation of a 30,000 sq. metre four-building offi ce and retail complex in the Place Vendôme in Paris and the construction of the 36 storey, 68,000 sq. metre Granite tower in the La Défense business district, a project which VINCI is co-developing with Nexity and in which four VINCI Construction companies are performing the structural work and VINCI Energies is also participating. Other highlights of 2005 were the construction of the Casino Group’s headquarters in Saint Etienne in central France and, outside France, construction of a new building for the European Investment Bank in Luxembourg (see opposite) and the Palac Tesnov building in Prague, in the Czech Republic, a complex comprising 14,000 sq. metres of offi ce and 4,000 sq. metres of retail space. Business was also brisk in the other private-sector market segments: luxury shops (LVMH and Cartier in Paris); large hotels (Mariott in Colombes, Radisson in Marseilles and Novotel in Monaco; City Inn in Manchester, in the United Kingdom, and Ibis in Prague, in the Czech Republic); industrial and logistics buildings (new 200,000 sq. metre Miko sites in France, 95,000 sq. metre Gillette site in Poland and ProLogis Developments site in the United Kingdom); shopping centres built under project structuring contracts (74,000 sq. metre Raduga project in Saint Petersburg, Russia; Feeria in Bucharest, Rumania); private-sector and public housing (large number of projects under way in mainland France, the former French overseas territories, Belgium and, in Poland, the 1,500 housing units of the Marina Mokotów project). PUBLIC FACILITIES. Activity in the public facility segment was similarly diverse. Administrative building construction in France included the Hôtel de Région regional administrative building in Lille and the courthouse in Toulouse as well as recreation and culture facilities: the theatre in Arras,
ÉDITORIAL A BUILDING OF THE FUTURE FOR THE EIB HEADQUARTERS In Luxembourg, a consortium comprising VINCI Construction Grands Projets and CFE is building a new 72,000 sq. metre building for the European Investment Bank under a contract with a value of €135 million. The building has nine storeys of offi ce space and three heated atriums. It will be surrounded by a cylindrical glass enclosure and have three naturally ventilated winter gardens. These two features will reduce the building’s energy consumption and atmospheric greenhouse gas emissions. Work got under way in February 2005 and will take 28 months to complete. Bottom left. Structural renovation in the heart of Paris covering four buildings in the rue Saint Honoré and a mansion in the Place Vendôme, of which only the 30 metre long, 23 metre high facade has been kept. Bottom right. Construction of the City Inn in Manchester, in the United Kingdom - a 284 room hotel with 6 suites, which is to open in 2007. 91
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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
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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 and 92: Above. The Granite tower under cons
Page 93: VINCI Construction Grands Projets
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
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
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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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