VINCI - 2005 annual report

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CONCESSIONS / BUSINESS REPORT Between 2004 and 2008, Cofi route will invest almost €1.4 billion in the construction of new sections on its intercity network. 34 VINCI 2005 ANNUAL REPORT In view of its very substantial investment programme, Cofi route increased its fi nancing capability by €390 million during the year. Taking advantage of a particularly attractive rate (3.75%), the company launched a bond issue to raise €200 million as an addition to the 2001 issue that matures in 2016. It also obtained a loan of €190 million from the EIB to fi nance the construction of the A28 between Ecommoy and Tours. Between 2004 and 2008, Cofi route will invest almost €1.4 billion in the construction of new sections on its intercity network and €1.2 billion in the construction of the A86 Ouest tunnel completing the ring road around Paris. This investment programme makes Cofi route one of the biggest prime contractors in France. INTERCITY NETWORK. Cofi route’s intercity network consisted of 985 km of motorway in operation at the end of 2005. The current construction programme will bring the network up to 1,091 km in August 2008, representing an increase of 11% over three years. During 2005, Cofi route completed the A28 Alençon-Le Mans-Tours, a total of 134 km, opening the fi nal section between Ecommoy and Tours (57.5 km) in mid-December, more than four months ahead of schedule. This “regional development” motorway aims to boost the economic growth of the area it serves. In addition, the A28 is a key link in the planned Calais-Bayonne motorway route, which will facilitate the movement of people and goods between northern Europe and the Iberian peninsula without transiting via Paris. 100 KM OF NETWORK TO BE COMPLETED BY 2008 (COFIROUTE COFIROUTE NETWORK) NETWORK Nantes - Vieilleville Porte de Rennes Ancenis Ancenis La Gravelle Laval Ouest Saint- Germain- des-Près Mayenne A11 Angers (new 14.3 km section) Under construction (opening end August end August 2008) 2008) A11 Loire-Atlantique 0 10 20 km Saint-Jean-de-Linières Network in service Sections under construction Rouessé-Fontaine interchange Under construction (opening end 2006) Laval Est Maine-et-Loire A81 Vaiges Joué-en- Charnie A11 (ASF) A85 Le Mans Nord Sarthe Beaufort-en-Vallée Vivy-Saumur Longué-Jumelles Brain-sur-Allonne (différé) Bourgueil Orne Alençon Nord Alençon Sud Le Mans Ouest A28 Maresché Montabon Restigné (différé) A85 northern Langeais bypass (18 + 7 km) Under construction (opening end August end August 2007) 2007) A28 Écommoy Neuillé-Pont-Pierre Châtellerault - Châtellerault - Poitiers Sud Sorigny Sainte-Maure- de-Touraine Futuroscope Poitiers Nord A14 A13 A86 Ouest tunnel Under construction between Rueil Rueil Malmaison Malmaison A12 and Versailles(Est 1 opening 1 opening end 2007; end 2007; Est 2 end Est 2009) 2 end 2009) N118 La Ferté- Bernard Tours Nord Langeais Est Druye Monts -Sorigny A10 Monnaie Tours - Centre Esvres Bléré Indre- et-Loire Brou A11 Château-Renault Eure-et-Loir Blois Thivars Parigné-l’Évêque Auvours interchange Under Under construction (opening end 2006) Meung-sur-Loire Mer Chémery Saint-Romain sur-Cher Orléans - Nord Loir-et-Cher Yvelines A10 Saint-Arnoult Ablis Dourdan N104 Chartres A85 Artenay Villefranche- sur-Cher A85 Saint-Romain- sur-Cher - Esvres (44 km) Under construction (opening end January 2008) A85 Esvres-Druye (19 km) Under construction (opening end April 2008) Allainville Allaines A10 Orléans Centre Olivet A71 Essonne Loiret Lamotte-Beuvron Salbris A20 Vierzon - Nord Vierzon - Est Bourges Cher
Top. The opening of the Ecommoy-Tours section on the A28 in December gives motorists 134 km of continuous motorway between Alençon and Tours. Bottom. Visitors can fi nd out all about the northern Angers bypass project on the A11 at the information centre erected on the construction site. In addition to giving the project schedule and traffi c conditions, etc., it explains the measures taken in favour of the environment (wastewater treatment, protecting the botanical gardens, combating noise and dust, waste management and so on). 35
Page 1 and 2: ANNUAL REPORT 2005
Page 3 and 4: EUROVIA VINCI CONSTRUCTION KEY 2005
Page 5 and 6: VINCI, the world’s leading integr
Page 7: VINCI gains new momentum With the A
Page 10 and 11: Corporate management structures BOA
Page 12 and 13: All business lines contributed to t
Page 14 and 15: Complementary business lines operat
Page 16 and 17: A growth course set by the concessi
Page 18 and 19: VINCI share price up 47% in 2005 In
Page 20 and 21: THE 2006 SHAREHOLDERS’ CALENDAR 1
Page 22 and 23: 2005 Highlights Bernard Val, Chairm
Page 24 and 25: 20 VINCI 2005 ANNUAL REPORT
Page 26 and 27: 22 BUILDING AND MAKING A LONG-TERM
Page 28 and 29: KEY FIGURES In € millions and as
Page 30 and 31: VINCI CONCESSIONS WORLDWIDE EUROPE
Page 32 and 33: Top. ASF and Escota operate a netwo
Page 34 and 35: CONCESSIONS / ACTIVITÉ ASF recentl
Page 36 and 37: CONCESSIONS / BUSINESS REPORT 32 VI
Page 40 and 41: 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 and 92:
Above. The Granite tower under cons
Page 93 and 94:
VINCI Construction Grands Projets
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ÉDITORIAL A BUILDING OF THE FUTURE
Page 97 and 98:
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,
Page 105 and 106:
101
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ÉDITORIAL Top. Standing alongside
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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
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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
Page 157 and 158:
2.1 APPOINTMENTS AND FUNCTIONS OF C
Page 159 and 160:
Alain Dinin Age: 55 • 1997-2008 N
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Yves-Thibault de Silguy (suite) Wil
Page 163 and 164:
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
Page 177 and 178:
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
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
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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
Page 227 and 228:
CONSOLIDATED FINANCIAL STATEMENTS 1
Page 229 and 230:
15. LEASED ASSETS Property, plant a
Page 231 and 232:
Page 233 and 234:
20. CONSTRUCTION CONTRACTS 20.1 FIN
Page 235 and 236:
The changes in capital in 2005 brea
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CONSOLIDATED FINANCIAL STATEMENTS I
Page 239 and 240:
Page 241 and 242:
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
Page 247 and 248:
. 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
Page 269 and 270:
(h) Reclassification under operatin
Page 271 and 272:
1.5 SUMMARIES OF IMPACTS OF RESTATE
Page 273 and 274:
2.3.2 Goodwill CONSOLIDATED FINANCI
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2.3.6 Fair value of derivatives CON
Page 277 and 278:
2.4 RECONCILIATION OF BALANCE SHEET
Page 279 and 280:
2.4.6 Trade and other current payab
Page 281 and 282:
Page 283 and 284:
K. MAIN CONSOLIDATED COMPANIES AT 3
Page 285 and 286:
CONSOLIDATED FINANCIAL STATEMENTS C
Page 287 and 288:
CONSOLIDATED FINANCIAL STATEMENTS R
Page 289 and 290:
1.3 OTHER FINANCIAL TRANSACTIONS Th
Page 291 and 292:
3.2 EQUITY PARENT COMPANY FINANCIAL
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5. NET FINANCIAL DEBT The holding c
Page 295 and 296:
PARENT COMPANY FINANCIAL STATEMENTS
Page 297 and 298:
Page 299 and 300:
Page 301 and 302:
Meeting are determined by the Share
Page 303 and 304:
3. INFORMATION ON VINCI’S SHARE C
Page 305 and 306:
3.3 BREAKDOWN OF SHARE CAPITAL AND
Page 307 and 308:
3.5 THE VINCI SHARE AND THE STOCK M
Page 309 and 310:
3. FEES OF THE STATUTORY AUDITORS P
Page 311 and 312:
9. Operating and fi nancial review
Page 313 and 314:
In accordance with Article 212-13 o
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