VINCI - 2005 annual report

Outside France, VINCI Energies’ revenue remained almost stable (up
1.3%) at €940 million despite the very signifi cant reduction in the activity
of the Austrian subsidiary TMS from €162m to €101m, a 38% fall, in
a badly-hit automobile production engineering market.
The other foreign subsidiaries had a good year in 2005, reporting growth
of approximately 10% in a European market where trading conditions
were better overall.
Roads: €6,457 million (+12.2% actual scope; +9.1% like-for-like)
In France, Eurovia’s revenue was more than €3.6 billion, refl ecting growth
of 10.6% (9.6% like-for-like).
Following a diffi cult start to the year, marked by unfavourable weather
conditions, activity was at a strong level in the second half, in particular
as a result of increased workloads on several major urban infrastructure
projects, such as those for the tramways in Valenciennes, Nice, Montpellier
and Marseille.
Outside France, revenue was €2.8 billion, a 14.3% increase, and included
the contribution by the UK fi rm TE Beach, present for the fi rst time.
Foreign subsidiaries’ growth remained high on a like-for-like basis, at
8.4%. In particular, this refl ects the excellent performances in the Czech
Republic and the United Kingdom, and a recovery in Germany (up 3.5%),
where business was brisk in the second half.
Revenue by business line (1)
Change 2005/2004
(in € millions) 2005 2004 at actual consolidation at constant consolidation
and exchange rates scope and exchange rates
Concessions and services 2,055 1,943 5.8% 3.0%
Energy 3,508 3,338 5.1% 3.8%
Roads 6,457 5,755 12.2% 9.1%
Construction 9,399 8,284 13.5% 12.3%
Property 409 428 (4.3%) (4.3%)
Eliminations (285) (228)
Total 21,543 19,520 10.4% 8.5%
(1) The above data is for each business line and is stated before elimination of transactions between business lines.
Revenue by geographical area
REPORT OF THE BOARD
Construction: €9,399 million (+13.5% actual; +12.3% like-for-like)
In France, VINCI Construction’s revenue was €5.4 billion, an increase of
14.1% (12.5% at constant consolidation scope and exchange rates).
Following a fi rst half that saw very strong growth, business remained brisk
in the second half of the year, but at a more moderate rate of growth. The
network of Sogea Construction and GTM Construction enterprises, with
their fi rm bases across the territory, benefi ted from growing markets, in
both the Paris region and the rest of France, with in particular continuing
strong demand in the building sector and prospects of new large-scale
infrastructure projects. Business was also particularly dynamic in French
overseas territories.
Outside France, revenue was up by 12.6% (12% like-for-like) at nearly
€4 billion.
This good performance refl ects the strong growth booked in Central and
Eastern Europe and by Norwest Holst in the United Kingdom. The Belgian
subsidiary CFE booked revenue of €965 million, up 17%, refl ecting the
good prospects of its dredging subsidiary Deme.
(in € millions) 2005 % revenue 2004 Change 2005/2004
France 13,292 62% 12 ,118 9.7%
Germany 1,583 7% 1,635 (3.2%)
United Kingdom 1,775 88%
1,532 15.9%
Central and Eastern Europe 1,560 7% 1,096 42.4%
Belgium 636 3% 625 1.8%
Spain 328 2% 314 4.4%
Other European countries 540 3% 547 (1.3%)
Europe excluding France 6,422 30% 5,749 11.7%
North America 764 3% 831 (8.0%)
Rest of the world 1,065 5% 822 29.4%
Total 21,543 100% 19,520 10.4%
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