VINCI - 2005 annual report

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The toll system of the future In May 2005, Cofi route launched a real-time variable price toll system on a 16 km section of I-394 in Minnesota to relieve traffi c congestion on urban motorways. Car pooling vehicles travel free, everyone else pay a toll. The price, recalculated every three minutes based on traffi c density, is displayed to inform motorists before they enter the tolled section. 38 VINCI 2005 ANNUAL REPORT required. Work on the Pont Colbert interchange in Versailles was able to start after a temporary deviation had been installed on the A86 between Vélizy and Jouy en Josas. INTERNATIONAL In Germany, the automated toll system for HGVs developed by the Toll Collect joint-venture company (Cofi route 10%; Deutsche Telekom 45%; Daimler Chrysler Services 45%) for Germany’s Federal Ministry of Transport was brought into service on 1 January 2005. It collected a little over €2.8 billion for the German government during the year. The free-fl ow electronic toll system, which combines GPS (satellite-based global positioning system) and GSM (wireless telephony) technologies, covers 12,000 km of German motorway and will be operated by Toll Collect for the next 12 years. A new version of the on board unit software was introduced on 1 January 2006, enabling pricing and mapping data to be updated remotely. In the United Kingdom, the Highways Agency extended the Dartford Crossing operating contract to 31 August 2007. The contract was originally won in a consortium with Ringway, the Group’s in-country roads subsidiary. The crossing consists of two tunnels and a bridge over the River Thames between Dartford and Thurrock on the M25 London Orbital motorway. In the United States, , Cofi route successfully installed a dynamic toll system on a 16 km section of urban motorway in Minnesota, and will operate it until 2010. In addition, the company’s contract to operate the 91 Express Lanes in Los Angeles was extended for fi ve years. Cofi route has been operating this contract for the world’s fi rst fully automated motorway toll system since 1996. Other motorway infrastructure FRANCE A19. The 65-year concession contract for the A19 Artenay-Courtenay motorway (101 km) was signed by VINCI Concessions through its subsidiary, Arcour, on 31 March 2005 and came into force the same year. Included among the government’s 35 top priority transport infrastructure projects, the A19 will provide a link between the Atlantic coast and the south and east of France by interconnecting the A5, A6, A10 and A77 motorways. Arcour will be in charge of project management and fi nancing, a consortium of four VINCI companies will design and build the motorway, and Cofi route will operate it. The cost of the project, excluding fi nancing, amounts to €618 million. During 2005, Arcour’s teams focused on pre-project studies - including those on environmental and hydraulic aspects - and on the archaeological surveys of priority zones, which were completed at the beginning of 2006. The concession company is working closely with public authorities and players in the local economy, and communicating the results of studies to nearby residents on a regular basis.
Top. More than 64 million transactions have been recorded over 10 years on the 91 Express Lanes, an urban motorway in Los Angeles, United States. The motorway has a fully automated electronic toll system with variable pricing. Bottom left. Signature of the A19 concession contract on 31 March 2005. From left to right: Antoine Zacharias, chairman of VINCI; André Viau, Prefect of the Loiret département; Gilles de Robien, French Minister of Infrastructure, Transport, Regional Development, Tourism and the Sea. Bottom right. The mandatory archaeological surveys preceding the construction of a motorway were carried out along the line of the A19 (Artenay-Courtenay) during the summer. They uncovered a variety of objects, including a small bronze owl from the Gallo-Roman era. 39
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 38 and 39: CONCESSIONS / BUSINESS REPORT Betwe
Page 40 and 41: A86 : DISCREET DOWN TO THE FINEST D
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
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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
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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
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
Page 237 and 238:
CONSOLIDATED FINANCIAL STATEMENTS I
Page 239 and 240:
Page 241 and 242:
Changes in the period CONSOLIDATED
Page 243 and 244:
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
Page 251 and 252:
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
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
Page 293 and 294:
5. NET FINANCIAL DEBT The holding c
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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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VINCI - 2005 annual report

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