VINCI - 2005 annual report
VINCI - 2005 annual report
VINCI - 2005 annual report
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Motorway infrastructure<br />
The acquisition<br />
of ASF will make<br />
<strong>VINCI</strong> Concessions<br />
the biggest<br />
French motorway<br />
concession<br />
company with<br />
a network<br />
of 4,316 km.<br />
Autoroutes du Sud<br />
de la France (ASF)<br />
The acquisition of ASF is expected to be fi nalised during the fi rst half<br />
of 2006. It will make <strong>VINCI</strong> Concessions the biggest French motorway<br />
concession company, with a network of 4,316 km, and Europe’s leading<br />
transport infrastructure concessionaire. ASF holds the concessions for<br />
3,107 km of motorway in France (2,648 km on the ASF network, including<br />
the Puymorens tunnel; 459 km on the Escota network), of which 3,026 km<br />
were in operation at the end of January 2006.<br />
December <strong>2005</strong> saw the culmination of a plan initiated by <strong>VINCI</strong> four years<br />
ago: bringing together <strong>VINCI</strong> Concessions and Autoroutes du Sud de la France,<br />
the leading French motorway concessionaire. During the summer, <strong>VINCI</strong><br />
submitted a proposal for ASF against the French government’s call for bids for<br />
the remaining shares it held in three motorway companies, namely ASF, APRR<br />
and Sanef. On 14 December, the government announced its decision to sell<br />
its 50.4% interest in ASF to <strong>VINCI</strong>. Prior to the tender, <strong>VINCI</strong> already held a 23%<br />
interest in the company and had signed an industrial partnership agreement<br />
with it in 2004.<br />
ACQUISITION TERMS AND CONDITIONS. The sale of the majority holding<br />
owned by the government is subject to the approval of the merger control<br />
authorities. Once approved, <strong>VINCI</strong> will launch a takeover bid for the remaining<br />
26.6% of ASF’s capital. This will take the form of a standing market offer to<br />
minority shareholders at the same price as that proposed to the government.<br />
Finalisation of the transaction is expected during the fi rst half of 2006.<br />
In € millions and as a percentage of revenue (data at 100%)<br />
REVENUE<br />
2,239<br />
2003<br />
2,389 2,474<br />
2004 <strong>2005</strong><br />
* Before tax and fi nancing costs.<br />
CASH FLOW<br />
FROM OPERATIONS*<br />
1,519 1,569<br />
63.6 % 63.4 %<br />
2004 <strong>2005</strong><br />
CONCESSIONS / BUSINESS REPORT<br />
NET PROFIT<br />
ATTRIBUTABLE TO<br />
EQUITY HOLDERS<br />
OF THE PARENT<br />
398 443<br />
2004 <strong>2005</strong><br />
27
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