VINCI - 2005 annual report

Airport sector
VINCI Concessions is an airport operator under long-term concession
contracts. With WFS, it is also the third biggest private airport services
operator (1) and world leader in cargo handling (2) .
In € millions
REVENUE
46
471
2003
468
2004
505
2005
VINCI 2005 ANNUAL REPORT
Airport management
In Cambodia, Phnom Penh and Siem Reap airports - the latter serving the site
of the Angkor Vat temples - reached the threshold of 1 million passengers for
the fi rst time. To meet the strong growth in traffi c related to the dynamic tourist
industry, a new terminal is being built at Siem Reap and is scheduled to be
opened at the end of the fi rst half of 2006.
In Mexico, VINCI Concessions completed its withdrawal from airport activities
by selling its entire holding in Seta, the concession company for 13 airports
in the centre and north of the country (the Group had sold its holding in ITA,
the operator of nine airports in the south of the country, in 2004). In line with
its decision not to remain a minority shareholder in an airport where it has no
operator role, VINCI Concessions also sold its 3.4% holding in Beijing airport in
China in 2005.
VINCI Concessions penetrated the high growth airport management market
in 2004 by assuming responsibility for operating the Grenoble-Isère and
Chambéry-Savoie airports in France in partnership with Keolis. In 2005, the
company recorded 32% and 8% traffi c growth respectively at these airports in
2005. This growth was boosted by the opening of new routes, notably towards
the United Kingdom and Italy by low-cost airlines.
Airport services
Cargo handling recorded signifi cant growth in 2005. The year was marked by
the acquisition of France Handling, the leading French cargo operator for airlines
and freight agents. Supported by an international network of almost 60 cargo
handling centres, of which 27 in Europe, and by implementing effi cient
management and monitoring tools, as well as pre- and post-forwarding solutions
between French and other European airports, WFS consolidated its position as
market leader worldwide.
The ramp and baggage handling business was voluntarily reduced by
terminating loss-making contracts in France and by closing several handling centres
in North America.
1. – Based on revenue (Source: internal study)
2. – Based on volume of freight handled (Source: internal study)