VINCI - 2005 annual report

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Reconciliation between segment information and financial statements (in € millions) 31/12/2005 31/12/2004 Other segment assets Inventories and work in progress 540.7 542.8 Trade and other operating receivables 8,334.3 7,279.8 Other current assets 218.6 157.3 Other segment assets 9,093.5 7,979.9 Other segment liabilities Trade payables 5,002.3 4,619.2 Other current payables 5,498.6 4,743.6 Other segment liabilities 10,500.8 9,362.7 Capital employed Segment assets 19,608.8 17,470.0 Segment liabilities (11,946.2) (10,745.5) Other non-current financial assets 240.4 288.0 Loans and collateralised receivables (part at more than one year) (23.5) (45.5) Goodwill impairment 792.7 784.5 Current tax assets 62.5 24.4 Current tax payable (253.9) (213.6) Capital employed 8,480.8 7,562.4 NOPAT Operating profit from ordinary activities 1,567.6 1,300.1 Other financial income and expenses (1.0) 10.0 Theoretical tax charge (*) (495.7) (387.4) Dividends paid 4.7 42.0 Profit of associates 87.0 14.0 NOPAT 1,162.6 978.7 Capital employed at previous year-end 7,562.4 7,639.5 Capital employed at this year-end 8,480.8 7,562.4 Average capital employed 8,021.6 7,601.0 ROCE (Average capital employed / NOPAT) 14.5% 12.9% Equity attributable to equity holders at previous year-end 3,015.9 2,662.2 Net profit attributable to equity holders of the parent at this year-end 871.2 731.6 ROE (Net profit / equity) 28.9% 27.5% (*) Calculated on the basis of the effective tax rate as restated for the impact of share-based payments and goodwill impairment: 31.6% in 2005; 29.6% in 2004. 212 VINCI 2005 ANNUAL REPORT
4. SEGMENT INFORMATION BY GEOGRAPHICAL SEGMENT CONSOLIDATED FINANCIAL STATEMENTS (in € millions) France Germany United Central Belgium Spain Other Europe North Rest Total Kingdom and European America of the Eastern countries world Europe 31 December 2005 Concession intangible fixed assets 4,837.6 73.3 4.4 18.2 48.5 410.7 5,392.7 95.4 252.8 5,741.0 Property, plant and equipment - gross 3,089.0 331.4 190.8 75.5 484.7 80.3 461.0 4,712.8 304.6 471.4 5,488.8 Depreciation and amortisation (1,835.2) (222.0) (90.8) (33.9) (298.0) (43.0) (276.3) (2,799.3) (167.6) (259.9) (3,226.8) Property, plant and equipment - net 1,253.8 109.4 100.0 41.7 186.7 37.3 184.7 1,913.6 137.0 211.5 2,262.0 Other 8,509.2 467.8 428.1 485.6 674.1 189.8 311.9 11,066.5 245.6 366.8 11,678.9 Total segment assets 14,600.5 577.2 601.4 531.7 878.9 275.7 907.3 18,372.8 478.0 831.1 19,681.9 Investments (PPE & intangible) (416.6) (26.3) (28.0) (42.8) (105.9) (6.2) (33.9) (659.8) (45.7) (27.0) (732.5) Investments (concession intangible) (796.2) (4.5) (0.1) (0.4) 0.7 (1.5) (801.9) (0.1) (9.0) (811.0) Employees at 31 December 76,254 9,256 8,598 8,195 4,495 2,141 2,819 111,758 12,061 9,694 133,513 31 December 2004 Concession intangible fixed assets 4,150.0 70.1 4.3 19.1 50.5 429.5 4,723.4 82.8 217.9 5,024.1 Property, plant and equipment - gross 2,963.8 346.3 187.1 268.5 691.8 91.2 89.5 4,638.1 237.0 136.7 5,011.8 Depreciation and amortisation (1,767.4) (231.8) (72.9) (150.8) (421.2) (42.3) (57.7) (2,744.0) (133.1) (86.1) (2,963.2) Property, plant and equipment - net 1,196.4 114.5 114.1 117.6 270.7 48.9 31.8 1,894.1 103.9 50.6 2,048.6 Other 7,781.5 412.0 384.5 330.4 508.8 194.1 269.5 9,880.8 198.0 318.5 10,397.3 Total segment assets 13,127.9 526.5 568.7 452.4 798.6 293.5 730.7 16,498.2 384.8 587.0 17,470.0 Investments (PPE & intangible) (349.7) (45.1) (33.8) (30.1) (47.3) (4.5) (6.2) (516.6) (22.2) (17.4) (556.2) Investments (concession intangible) (496.0) (10.4) (0.1) (0.4) (55.3) (562.2) (2.3) (3.8) (568.3) Employees at 31 December 73,560 9,758 7,699 7,728 4,005 2,296 2,304 107,350 10,418 10,665 128,433 213
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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
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Top. Some 41,000 vehicles a day tra
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VINCI Park VINCI Park is present in
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44 VINCI 2005 ANNUAL REPORT and the
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Airport sector VINCI Concessions is
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CONSTRUCTION CONCESSIONS CONSTRUCTI
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ENERGY 51
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A leader in energy and information
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Top. For the Munich airport, German
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Acquisitions 16 companies acquired
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Top left. Design and implementation
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VINCI Energies at the Zénith conce
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ÉDITORIAL GRANIOU SUPPORTS NORTEL
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66 LEADER IN INFRASTRUCTURE CONSTRU
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KEY FIGURES In € millions and as
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EUROVIA / BUSINESS REPORT Brisk gro
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MATERIALS: A STRATEGIC FACILITY IN
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EUROVIA / BUSINESS REPORT NOxer ®
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Top left. Roadworks in the village
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EUROVIA / BUSINESS REPORT Design &
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CONSTRUCTION EUROVIA CONSTRUCTION E
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CONSTRUCTION 83
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French market leader and a world ma
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Above. The Granite tower under cons
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VINCI Construction Grands Projets
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ÉDITORIAL A BUILDING OF THE FUTURE
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The fl oating swimming pool To meet
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Civil engineering revenue +11.2 % S
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Top. Restructured so as to reduce t
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In the United Kingdom and Germany,
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101
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ÉDITORIAL Top. Standing alongside
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VINCI Immobilier will be developing
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A RESPONSIBLE GROUP 107
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Implementation of the Global Compac
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Priority areas and projects Limit t
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Commitments Guarantee the safety an
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COMBINING MOTIVATION AND SAFETY CFE
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DEVELOPING SKILLS VINCI’s trainin
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VINCI CONSTRUCTION SATISFACTION SUR
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Other social indicators A RESPONSIB
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REMUNERATION Remuneration and socia
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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
Page 165 and 166: - in respect of the Company’s int
Page 167 and 168: The following table shows the Direc
Page 169 and 170: When he retired, he received €1,2
Page 171 and 172: CORPORATE GOVERNANCE Options Option
Page 173 and 174: REPORT OF THE CHAIRMAN REPORT OF TH
Page 175 and 176: 3.4. INTERNAL AUDIT The internal au
Page 177 and 178: The third step, in 2003 and 2004, i
Page 179 and 180: REPORT OF THE STATUTORY AUDITORS IN
Page 181 and 182: Outside France, VINCI Energies’ r
Page 183 and 184: 1.3 NET PROFIT Net profi t attribut
Page 185 and 186: The Group’s fi nancial structure
Page 187 and 188: 1.3 CONCESSIONS The main risks in c
Page 189 and 190: C. INSURANCE 1. GENERAL POLICY Give
Page 191 and 192: D. OTHER INFORMATION 1. INVESTMENT
Page 193 and 194: CONSOLIDATED FINANCIAL STATEMENTS C
Page 195 and 196: CONSOLIDATED FINANCIAL STATEMENTS E
Page 197 and 198: STATEMENT OF CHANGES IN CONSOLIDATE
Page 199 and 200: 2.2 EARLY REDEMPTION OF THE 2002-20
Page 201 and 202: 1.1 FIRST-TIME ADOPTION OF IFRS - M
Page 203 and 204: Joint venture partnerships created
Page 205 and 206: - when borrowing is not intended to
Page 207 and 208: Cash management financial assets Ca
Page 209 and 210: - Hedge of a net investment in a fo
Page 211 and 212: 1.2.2 Breakdown of revenue by locat
Page 213 and 214: FY 2004 CONSOLIDATED FINANCIAL STAT
Page 215: FY 2004 CONSOLIDATED FINANCIAL STAT
Page 219 and 220: 5.3 SHARE-BASED PAYMENTS The expens
Page 221 and 222: The income arising in the period fr
Page 223 and 224: E. NOTES TO THE BALANCE SHEET 10. I
Page 225 and 226: 12.2 IMPAIRMENT LOSSES ON OTHER NON
Page 227 and 228: CONSOLIDATED FINANCIAL STATEMENTS 1
Page 229 and 230: 15. LEASED ASSETS Property, plant a
Page 233 and 234: 20. CONSTRUCTION CONTRACTS 20.1 FIN
Page 235 and 236: The changes in capital in 2005 brea
Page 237 and 238: CONSOLIDATED FINANCIAL STATEMENTS I
Page 241 and 242: Changes in the period CONSOLIDATED
Page 243 and 244: 24. PROVISIONS During the period, c
Page 245 and 246: By business line, the analysis of n
Page 247 and 248: . Other bonds Other bonds break dow
Page 249 and 250: d. Finance leases The table below s
Page 251 and 252: 25.3.2 Cash and cash management fin
Page 253 and 254: CONSOLIDATED FINANCIAL STATEMENTS T
Page 255 and 256: Based on this position, a 1% increa
Page 257 and 258: 26.3.3 Analysis of other foreign cu
Page 259 and 260: 28. TRANSACTIONS WITH RELATED PARTI
Page 261 and 262: The maturities of contractual oblig
Page 263 and 264: 31. REMUNERATION AND RELATED BENEFI
Page 265 and 266: 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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CONSOLIDATED FINANCIAL STATEMENTS 4
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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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