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2016 VINCI Annual Report

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2016 VINCI Annual Report 2016 ANNUAL REPORT CONTENTS 01 Album 16 Profile 17 Message from the Chairman and CEO 18 Corporate governance 19 Corporate management structures 20 New directions and strategy 23 Stock market and shareholder base 26 Sustainable development 41 CONCESSIONS 42 VINCI Autoroutes 54 VINCI Airports 64 VINCI Highways 68 VINCI Railways 70 VINCI Stadium 73 CONTRACTING 74 VINCI Energies 86 Eurovia 96 VINCI Construction 110 VINCI Immobilier 113 GENERAL & FINANCIAL ELEMENTS 114 Report of the Board of Directors 212 Report of the Chairman of the Board on corporate governance and internal control procedures 218 Report of the Vice-Chairman and Senior Director of the Board of Directors 220 Consolidated financial statements 302 Parent company financial statements 318 Special report of the Statutory Auditors on regulated agreements and commitments 320 Persons responsible for the registration document 322 Cross-reference table for the registration document 324 Cross-reference table for the annual financial report 325 Cross-reference table for workforce-related, environmental and social information KEY DATA KEY DATA GROUP Revenue (1) 270,000 €38.1 billion projects (3) Market capitalisation at 31 December 2016 183,487 €38.1 billion employees worldwide (4) Net income attributable to owners of the parent €2,505 million (2) Operating income Revenue (1) Ebitda (5) from ordinary activities (in €m) (in €m and as a % of revenue (1) ) (in €m and as a % of revenue (1) ) 16,104 15,655 5,966 5,664 4,174 3,758 38,518 38,073 22,414 22,418 14.7% 15.7% 9.8% 11.0% 2015 2016 2015 2016 2015 2016 France International Net income attributable Net financial debt to owners of the parent at 31 December (in €m) (in €m) 129 2,505 2,046 2,376 12,436 13,938 2015 2016 2015 2016 Net income attributable to owners of the parent excluding non-recurring changes in deferred tax Non-recurring changes in deferred tax Revenue (1) by geographical area Revenue (1) by business (in €m and as a percentage) (in €m and as a percentage) France 22,418 58.9% Concessions 6,298 16.5% Germany 2,689 7.1% Contracting 31,466 82.7% United Kingdom 2,495 6.5% Property 309 0.8% Benelux 893 2.3% and intragroup eliminations Central and Eastern Europe 1,611 4.2% Rest of Europe 1,983 5.2% North America 1,471 3.9% Central and South America 1,020 2.7% Africa 1,319 3.5% Russia, Asia-Pacific and the Middle East 2,173 5.7% Operating income Ebitda (5) by business from ordinary activities by business (in €m and as a percentage) (in €m and as a percentage) Concessions 4,302 72.1% Concessions 2,953 70.8% Contracting 1,581 26.5% Contracting 1,153 27.6% Property 83 1.4% Property 68 1.6% and holding and holding companies companies Net income attributable to owners of the parent (6) by business (in €m and as a percentage) Workforce at 31 December Concessions 1,664 70.0% Concessions 13,421 7.3% Contracting 680 28.6% Contracting 169,192 92.2% Property 32 1.4% Property 874 0.5% and holding and holding companies companies (1) Excluding concession subsidiaries’ works revenue (2016: €475m). (2) Of which non-recurring changes in deferred tax: €129m. (3) Estimate. (4) At 31 December 2016. (5) Cash flow from operations before tax and financing costs. (6) Excluding non-recurring changes in deferred tax. KEY DATA CONCESSIONS Operating income Revenue (1) Ebitda (2) from ordinary activities (in €m) (in €m and as a % of revenue (1) ) (in €m and as a % of revenue (1) ) 4,302 2,953 3,933 2,576 5,804 6,298 67.8% 68.3% 44.4% 46.9% 2015 2016 2015 2016 2015 2016 Net income attributable to owners of the parent (3) Net financial debt (4) (in €m) (in €m) 1,295 1,664 23,551 28,515 2015 2016 2015 2016 Revenue (1) by geographical area (as a percentage) France 85% Portugal 10% Rest of the world 5% (1) Excluding concession subsidiaries’ works revenue. (2) Cash flow from operations before tax and financing costs. (3) Excluding non-recurring changes in deferred tax. (4) At 31 December. VINCI’s concessions worldwide Infrastructure Description Country Share End of capital held contract Motorway and road infrastructure Network under concession Arcos (A355 – western Strasbourg bypass) (1) 24 km France 100% 2070 (2) Arcour (A19) 101 km France 100% 2070 ASF network (excl. Puymorens Tunnel, 5 km) 2,710 km France 100% 2036 Cofiroute network (excl. A86 Duplex Tunnel, 11 km) 1,100 km France 100% 2034 Escota network 471 km France 99% 2032 A-Modell A4 motorway 45 km Germany 50% 2037 A-Modell A5 motorway 60 km Germany 54% 2039 A-Modell A9 motorway 46.5 km Germany 50% 2031 Toll Collect Motorway and road toll system for HGVs Germany 10% 2018 (3) Regina Bypass (1) 61 km Canada 38% 2049 Fredericton–Moncton highway 195 km Canada 25% 2028 Bogotá–Girardot motorway 141 km (4) Colombia 50% 2042 Athens–Corinth–Patras motorway (1) 201 km Greece 30% 2038 Maliakos–Kleidi motorway (1) 230 km Greece 14% 2038 Trans Jamaican Highway 50 km Jamaica 13% 2036 Lima expressway 25 km (5) Peru 100% 2049 Newport Southern Distributor Road 10 km United Kingdom 50% 2042 Isle of Wight road network 821 km of roads and 767 km of pavements United Kingdom 50% 2038 Hounslow Borough road network 415 km of roads and 735 km of pavements United Kingdom 50% 2037 Moscow–St Petersburg motorway (MSP 1) 43 km (Moscow–Sheremetyevo) Russia 50% 2040 Moscow–St Petersburg motorway (MSP 7 and 8) (1) 138 km (St Petersburg–Veliky Novgorod) Russia 40% 2041 R1 (PR1BINA) expressway 51.4 km Slovakia 50% 2041 Road bridges and tunnels A86 Duplex Tunnel Rueil Malmaison–Jouy en Josas/Versailles (11 km) France 100% 2086 Prado Carénage Tunnel Tunnel in Marseille (2.5 km) France 33% 2025 Prado Sud Tunnel Tunnel in Marseille (1.5 km) France 59% 2055 Puymorens Tunnel Tunnel in the Pyrenees (5 km) France 100% 2037 Confederation Bridge Prince Edward Island–mainland Canada 20% 2032 Ohio River Bridges - East End Crossing Bridges and a tunnel linking Kentucky to Indiana United States 33% 2051 Charilaos Trikoupis Bridge Peloponnese–mainland Greece 57% 2039 Tagus bridges Two bridges in Lisbon Portugal 37% 2030 Severn Crossings Two bridges over the Severn United Kingdom 35% 2018 Airports Chambéry, Clermont Ferrand, Grenoble, France 100% from 2016 Poitiers-Biard, Quimper, Le Castellet to 2029 (3) Lyon-Bron, Lyon-Saint Exupéry France 31% 2047 Nantes Atlantique, Saint Nazaire Montoir France 85% 2065 Rennes, Dinard France 49% 2024 (3) Toulon-Hyères France 100% 2040 Phnom Penh, Siem Reap, Sihanoukville Cambodia 70% 2040 Santiago de Chile (1) Chile 40% 2035 Kansai, Osaka Japan 40% 2060 (6) Lisbon, Porto, Faro, Beja, Ponta Delgada, Horta, Flores, Portugal 100% 2063 Santa Maria, Funchal, Porto Santo Santo Domingo (Las Américas and La Isabela), Puerto Plata, Dominican 100% 2030 (7) Samaná (Presidente Juan Bosch and Arroyo Barril), Barahona Republic Rail infrastructure GSM-Rail Wireless communication system over 16,000 km of rail lines France 30% 2025 SEA HSL (1) High-speed rail line (302 km) between Tours and Bordeaux France 33% 2061 Rhônexpress Light rail system (23 km) in Lyon France 35% 2038 Stadiums Bordeaux (Matmut Atlantique) 42,000 seats France 50% 2045 Stade de France 80,000 seats France 67% 2025 Le Mans (MMArena) 25,000 seats France 100% 2043 Nice (Allianz Riviera) 36,000 seats France 50% 2041 Queen Elizabeth Olympic Park stadium 55,000 seats United Kingdom 100% 2040 Other public amenities Automation of river dams (Bameo) (1) 31 dams on the Aisne and Meuse rivers France 50% 2043 Car Rental Center, Nice-Côte d’Azur Airport 60,000 sq. metre building France 100% 2040 Public lighting in Goussainville France 100% 2026 Public lighting in Rouen (Lucitea) France 100% 2027 Martinique BRT system 2.5 km France 100% 2035 (1) Under construction or to be built. (2) Start of contract: 31 January 2016. (3) Service, management or public service contracts. (4) Including 65 km to be widened. (5) Including 9 km to be built. (6) Start of concession: April 2016. (7) Takeover of concession: April 2016. KEY DATA VINCI AUTOROUTES Operating income Revenue (1) Ebitda (2) from ordinary activities (in €m) (in €m and as a % of revenue (1) ) (in €m and as a % of revenue (1) ) 3,710 2,588 3,522 2,350 4,871 5,111 72.3% 72.6% 48.2% 50.6% 2015 2016 2015 2016 2015 2016 Net income attributable to owners of the parent (3) Net financial debt (4) Traffic (in €m) (in €m) 2016 2016/2015 (in millions of kilometres change travelled ) ASF 31,379 + 3.6% Escota 7,169 + 2.8% Cofiroute 11,605 + 2.4% Arcour 316 + 5.7% Total 50,469 + 3.2% 1,100 1,412 20,247 22,309 2015 2016 2015 2016 VINCI Autoroutes’ competitive position (5) Revenue (1) by network Motorway networks under concession in Europe (in km) (in €m and as a percentage) ASF 2,947 58% Cofiroute 1,364 27% Escota 743 14% Arcour 54 1% 4,422 3,554 3,081 2,457 1,460 VINCI Abertis Atlantia Eiffage Brisa (1) Excluding concession subsidiaries’ works revenue. Autoroutes (2) Cash flow from operations before tax and financing costs. (3) Excluding non-recurring changes in deferred tax. (4) At 31 December. (5) Controlled company networks. Source: internal studies; company literature. VINCI’s motorway concessions in France Western Strasbourg bypass ASF Alençon A86 Duplex A28 A355 Cofiroute Laval Paris A81 A11 Escota Le Mans A10 Arcour A11 A28 Orléans A19 Arcos A10 Nantes A11 A85 Angers A71 Tours A85 A87 A10 Bourges La Roche sur Yon A83 Poitiers A10 A837 Niort Rochefort Clermont Ferrand A89 Lyon Saintes A89 A72 A46 (bypass) A46 A10 Saint A89 Brive la Gaillarde Étienne Bordeaux A7 A20 Gap A62 A51 Montauban A68 A9 Orange A63 Menton A641 A75 Nîmes A7 A8 Biarritz Toulouse A680 A8 Aix en A500 A9 Provence A61 A54 Nice Monaco Pau A52 A64 A66 Narbonne A57 A50 A645 Toulon Puymorens A9 Tunnel ASF group (ASF and Escota) (in €m and as a % of revenue (1)) Revenue (1) Ebitda (2) Net financial debt (3) 2,652 2,518 3,509 3,689 71.8% 71.9% 11,402 11,180 2015 2016 2015 2016 2015 2016 Cofiroute (in €m and as a % of revenue (1)) Revenue (1) Ebitda (2) Net financial debt (3) 1,013 961 1,306 1,364 73.6% 74.3% 1,856 4,115 2015 2016 2015 2016 2015 2016 (1) Excluding concession subsidiaries’ works revenue.
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