CFE - 2006 annual report - Vinci
CFE - 2006 annual report - Vinci CFE - 2006 annual report - Vinci
Consolidated financial statements and notes The Board of Directors authorized the publication of the consolidated financial statements of the group CFE on March 6, 2007. The Board of Directors management report should be read together with the consolidated financial statements of the group CFE. Main transactions in 2006 and 2005 with effect on the consolidation scope of the group CFE Transactions in 2006 1. Construction segment There were no significant transactions in 2006 with impact on the consolidation scope of the group CFE. 2. Real estate development and management services segment Beginning 2006, the group CFE through its subsidiary BPI Ltd sold 20% of its participations held in the companies South City Hotel Ltd & South City Offices Ltd for an amount of 24.8 thousand Euro to the company Espace Midi Ltd, in which the group participates for 20%. In April 13, 2006 the group CFE through its branch CFE Immo sets up the company Barbarahof Ltd and owns 40% of the capital. May 19 th , 2006 the group CFE through its subsidiary BPI Ltd sold its participation in the company Keyser Center Ltd (accounted for by the equity method of accounting). In May 24, 2006 the group CFE through its subsidiary CLi Ltd sets up the company “P.R.N.E. Ltd Parc Residentiel Nei Esch”, in which it owns 50% of the capital. In May 31, 2006 CB Richard Ellis Ltd (denominated “CBRE Ltd”) brought its “property management” activities into the sub- sidiary Sogesmaint Ltd. Consequently, CBRE Ltd entered into the capital of Sogesmaint Ltd for 28.1%. The participation of the group CFE in the new entity Sogesmaint-CBRE amounts to 71.9%. This operation gives a right to the profit generated as from the accounting period starting January 1 st , 2006. In June 27, 2006 the group CFE through its subsidiary Construction Management Ltd set up the “Société de développement Bois de Peronne” Ltd in which the group hold 39% of the capital. July 18th, 2006 the group CFE through its subsidiary BPI Ltd acquired the company “Pré de la Perche Construction” Ltd in which the group owns 100% of the capital. End November 2006, as a result of the successful marketing of the Dôme project in partnership with VINCI immobilier, the group CFE through CFE Ltd and Elinvest Ltd sold the company Libertim Lux Ltd to an investor. 3. Dredging and environment segment In the course of the 1 st half year 2006, DEME acquired the remaining shares of the entities DOS and IPEM. In the same time, DEME increased its participation in Deeprock by 20% bringing it to 50% share CFE. These transactions were negotiated for an amount of 5,171 thousand Euro in share CFE, paid in April 2006. In the course of the 2 nd half year 2006, DEME acquired the remaining shares of the entities Geo@Sea and HSS for an amount of 1,125 thousand Euro share CFE, paid in 2006. At the end of the year, CFE and AvH decided to set up a joint venture Rent A Port Ltd which activity is the advice and the development of port sites. 1 0 7
1 0 8 Transactions in 2005 1. Construction segment November 30 th , 2005 the group CFE acquired all the remaining shares of the companies Van Wellen, Aannemingen Van Wellen and Projectontwikkeling Van Wellen. Through these acquisitions, the group CFE and in particular its construction segment reinforced its position in Flanders and within the road-building sector. In Central Europe, the group CFE established a company in Slovakia and a joint venture “BetonPlatform” in Hungary. CFE Slovakia started an office project. 2. Real estate development and management services segment In 2005 the group CFE acquired the shares of Abeco Ltd and Egide Van Ophem Ltd. These companies were acquired as part of a promotion project for a land of approximatively 2 hectares in Uccle. In November 30, 2005 the group CFE acquired all the shares of Climmolux Ltd through its subsidiary the “Compagnie Luxem- bourgeoise Immobilière” Ltd. This company owns a land and a building that will be partially occupied by its subsidiaries and will give the possibility to carry out a property project in the long term. At the end of 2005 the group CFE acquired through its subsidiary BPI a significant influence of 25% in Promotion Liégeoise Ltd, Immgest Ltd and Immobilière Grétry Ltd as part of the project “Mediacité” in Liège. 3. Dredging and environment segment The group CFE increased its participation in Europe Aggrégats (35% end December 2004 and 50% at the end of 2005) through its subsidiary DEME. The group DEME also set up special purpose companies in 2005 such as South China Port Development in Hong Kong and Cetreval Ltd in Belgium. Moreover, the company Geo@sea was set up. C F E F I N A N C I A L R E P O R T 2 0 0 6 I 1 2 6 t h C F E F I N A N C I A L R E P O R T 2 0 0 6 I c o r p o r a t e f i n a n c i a l y e a r 1 2 6 t h c o r p o r a t e f i n a n c i a l y e a r
- Page 57 and 58: 5 6 Patrick Van Craen Damien Quinet
- Page 59 and 60: 5 8 New lighting for the large hall
- Page 61 and 62: 6 0 Saint-Michel clinic in Brussels
- Page 63 and 64: 6 2 Erecting of catenaries by Engem
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- Page 69 and 70: 6 8 The brand new trailer “Mariek
- Page 71 and 72: 7 0 In Richard’s Bay, South Afric
- Page 73 and 74: 7 2 ● Venezuela DI further consol
- Page 75 and 76: 7 4 DEC was selected as one of the
- Page 77 and 78: 7 6 Financial report Corporate gove
- Page 79 and 80: 7 8 Table of contents Corporate gov
- Page 81 and 82: 8 0 Corporate governance 1. Composi
- Page 83 and 84: 8 2 Bernard Huvelin VINCI 1, cours
- Page 85 and 86: 8 4 Co-opted Director whose nominat
- Page 87 and 88: 8 6 2. Operation of the Board of Di
- Page 89 and 90: 8 8 2.2 The Appointments and Compen
- Page 91 and 92: 9 0 3.3 Compensation of the Managin
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- Page 95 and 96: 9 4 Dredging & environment segment
- Page 97 and 98: 9 6 Contribution to the net resultp
- Page 99 and 100: 9 8 B. Risk factors 1. Risks common
- Page 101 and 102: 1 0 0 1.3 Management and workforce
- Page 103 and 104: 1 0 2 C. Insurance policy The CFE g
- Page 105 and 106: 1 0 4 6. Discharge to be given to t
- Page 107: 1 0 6 Definitions Associates Capita
- Page 111 and 112: 1 1 0 Consolidated balance sheet Fo
- Page 113 and 114: 1 1 2 Statement of changes in Equit
- Page 115 and 116: 1 1 4 Notes to the consolidated fin
- Page 117 and 118: 1 1 6 The Financial Statements prep
- Page 119 and 120: 1 1 8 F. Goodwill 1. Goodwill Goodw
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- Page 123 and 124: 1 2 2 P. Share capital Own shares p
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- Page 127 and 128: 1 2 6 X. Derivative financial instr
- Page 129 and 130: 1 2 8 Revenue (in thousand Euro) 20
- Page 131 and 132: 1 3 0 Balance sheet at December 31
- Page 133 and 134: 1 3 2 For the exercise 2005 Fair va
- Page 135 and 136: 1 3 4 Income statement 4. Revenue f
- Page 137 and 138: 1 3 6 9. Income tax expenses Recogn
- Page 139 and 140: 1 3 8 10. Profit per share The basi
- Page 141 and 142: 1 4 0 Assets items under lease Cert
- Page 143 and 144: 1 4 2 14. Intangible assets other t
- Page 145 and 146: 1 4 4 15. Investments available for
- Page 147 and 148: 1 4 6 17. Other non current assets
- Page 149 and 150: 1 4 8 21. Cash and cash equivalents
- Page 151 and 152: 1 5 0 Movement in the fair value of
- Page 153 and 154: 1 5 2 Interest rate risk The group
- Page 155 and 156: 1 5 4 26. Financial debts As per De
- Page 157 and 158: 1 5 6 29. Other commitments granted
1 0 8<br />
Transactions in 2005<br />
1. Construction segment<br />
November 30 th , 2005 the group <strong>CFE</strong> acquired all the remaining shares of the companies Van Wellen, Aannemingen<br />
Van Wellen and Projectontwikkeling Van Wellen. Through these acquisitions, the group <strong>CFE</strong> and in particular its construction<br />
segment reinforced its position in Flanders and within the road-building sector.<br />
In Central Europe, the group <strong>CFE</strong> established a company in Slovakia and a joint venture “BetonPlatform” in Hungary.<br />
<strong>CFE</strong> Slovakia started an office project.<br />
2. Real estate development and management services segment<br />
In 2005 the group <strong>CFE</strong> acquired the shares of Abeco Ltd and Egide Van Ophem Ltd. These companies were acquired as part<br />
of a promotion project for a land of approximatively 2 hectares in Uccle.<br />
In November 30, 2005 the group <strong>CFE</strong> acquired all the shares of Climmolux Ltd through its subsidiary the “Compagnie Luxem-<br />
bourgeoise Immobilière” Ltd. This company owns a land and a building that will be partially occupied by its subsidiaries and<br />
will give the possibility to carry out a property project in the long term.<br />
At the end of 2005 the group <strong>CFE</strong> acquired through its subsidiary BPI a significant influence of 25% in Promotion Liégeoise<br />
Ltd, Immgest Ltd and Immobilière Grétry Ltd as part of the project “Mediacité” in Liège.<br />
3. Dredging and environment segment<br />
The group <strong>CFE</strong> increased its participation in Europe Aggrégats (35% end December 2004 and 50% at the end of 2005) through<br />
its subsidiary DEME.<br />
The group DEME also set up special purpose companies in 2005 such as South China Port Development in Hong Kong and<br />
Cetreval Ltd in Belgium. Moreover, the company Geo@sea was set up.<br />
C F E F I N A N C I A L R E P O R T 2 0 0 6 I 1 2 6 t h C F E F I N A N C I A L R E P O R T 2 0 0 6 I c o r p o r a t e f i n a n c i a l y e a r<br />
1 2 6 t h c o r p o r a t e f i n a n c i a l y e a r
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