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VINCI, the World’S Leading Concession and Construction Group*

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VINCI, the World’S Leading Concession and Construction Group* 2007 Annual Report Key fi gures Revenue by business line Operating profi t from ordinary activities by business line 2% 2% 15% 22% Concessions 4,580 Concessions 1,747 14% Energy Energy 44% 4,301 56% 229 Roads Roads 7,706 13% 392 25% Construction 13,653 Construction 668 Property 558 Property 58 7% Net profi t attributable to equity holders of the parent Cash fl ow from operations by business line before tax and cost of debt 2% 1% 20% 28% Concessions 680 Concessions 2,834 44% Energy 142 Energy 250 11% Roads 263 Roads 514 17% Construction 438 63% Construction 895 Property 39 Property 59 9% 5% Before elimination of transactions between business lines. Revenue by geographical area 2.8% 2.6% France 19,717 3.3% Central 4.2% & Eastern Europe 2,308 2.7% United Kingdom 2,048 5.3% Germany 1,621 Belgium 826 6.7% Rest of Europe 1,250 The Americas 982 7.6% 64.8% Africa 859 Asia, Middle East & Oceania 817 In € millions Revenue Operating profi t from ordinary activities 30,428 25,634 26,032 19,717 16,825 17,223 3,113 2,669 10,711 2,580 8,809 8,809 +17% +17% France International 2006 actual 2006 2007 2006 actual 2006 2007 pro forma pro forma Net profi t attributable Cash fl ow from operations to equity holders of the parent 4,515 3,999 1,461 3,755 1,277 1,270 +14% +13% (+23% excluding exceptional items 2006 actual 2006 2007 in 2006) 2006 actual 2006 2007 pro forma pro forma Net fi nancial debt at 31 December 16 303 14 796 up €1,507 million 2006 2007 In € millions Pro forma: full consolidation of ASF/Escota from 1 January 2006. The changes indicated relate to pro forma data. Contents Key fi gures 01 Profi les 04 Corporate governance structures 05 Message from the Chairman 06 Message from the CEO 08 Corporate management structures 10 Strategy and outlook 14 Sustainable development 20 Stock market and shareholder base 22 2007 photo album 38 Concessions 38 Profi le 42 Business report 56 Outlook 58 Energy 58 Profi le 60 Business report 66 Outlook 68 Roads 68 Profi le 70 Business report 76 Outlook 78 Construction 78 Profi le 80 Business report 88 Outlook 94 A responsible group 96 Sustainable development report 102 Social responsibility 113 Civic engagement 116 Customer relations management 118 Supplier relations management 120 Environmental responsibility 130 R&D and innovation policy 136 General and fi nancial information 138 Corporate governance 153 Report of the Chairman on internal control procedures 161 Report of the Board of Directors 176 Consolidated fi nancial statements 259 Parent company fi nancial statements 277 General information 286 Persons responsible for the registration document 288 Table of correspondence Profi le Group Profile VINCI, the world’s leading concession and construction group* From the outset, we have built our growth on our integrated construction-concession operation business model. The work of our 158,000 employees consists of fi nancing, designing, building and operating infrastructure that enhances everyone’s life: transport infrastructure, public and private buildings, car parks, urban development projects, communication and energy networks, etc. With operations in over 90 countries, we are implementing a long-term economic and social responsibility programme with the aim of sharing our success with our employees, clients, shareholders and the community at large. Workforce 158,000 employees worldwide Revenue €30.4 billion Market capitalisation €22.4 billion at 29 February 2008 Net profi t attributable to equity holders of the parent €1,461 million Number of projects 260,000** Sources: * ENR, December 2007. ** Estimated number of projects in progress. 01 Profile / One group, four business lines Concessions VINCI Concessions fi nances, designs and builds transport and public infrastructure projects launched within the framework of public-private partnerships, then operates the infrastructure under long-term contracts. The company is the world’s biggest private operator of motorway and car park concessions*. Energy VINCI Energies is market leader in France and a major player in Europe in energy and information technology services* (design, installation and maintenance). The company operates in the infrastructure, industry, service and telecommunications sectors, where it develops solutions that are both local and global. The solutions are implemented by the company’s 760 networked business units. * See competitive positions given on pages 41, 51, 58, 68, 78. 02 VINCI 2007 Annual Report Group Profile Roads Ranked among the world’s leading roadworks companies*, Eurovia builds, renovates and maintains transport infrastructure (roads, motorways, railways and airports); carries out urban, industrial and commercial development projects; and is expanding into complementary environmental and service business activities. The company is also one of Europe’s biggest producers of road building materials*. Construction Leader in France and a major player in the world’s construction market*, VINCI Construction brings together an outstanding combination of capabilities in building, civil engineering, hydraulic engineering and associated services. With strong roots in its local markets in France and the rest of Europe through its networks of subsidiaries, the company also plays a leading role in the world market for major projects, specialised civil engineering, geotechnical engineering and dredging. 03 Corporate governance structures Board of Directors Chairman Yves-Thibault de Silguy Chairman of VINCI Directors Dominique Bazy* Robert Castaigne François David Quentin Davies* Patrick Faure Dominique Ferrero Vice-Chairman Chief Financial Chairman and CEO Member of Chairman of CEO of Natixis Europe Offi cer and Member of Coface Parliament of the Patrick Faure of UBS of the Executive United Kingdom et Associés Investment Bank Committee of Total Xavier Huillard Bernard Huvelin Jean-Bernard Lévy Henri Saint Olive Pascale Sourisse Denis Vernoux* CEO of VINCI Vice-Chairman Chairman of the Chairman of President and CEO Design Engineer of the Board of VINCI Management Board the Board of Banque of Thales Alenia Space and Chairman of the of Vivendi Saint Olive Supervisory Board of Castor corporate mutual funds Strategy and Remuneration Appointments Audit Committee Investments Committee Committee Committee This committee helps the This committee helps the This committee proposes the This committee examines all Board monitor the accuracy Board develop the Group’s terms and conditions of candidacies for appointments and fair presentation of strategy. It examines remuneration of company to the Board and senior VINCI’s consolidated and proposed investments and offi cers to the Board. management, and expresses parent company fi nancial divestments that could have an opinion and statements, as well as the a material impact on the Composition: recommendation to the Board quality of fi nancial Group’s scope, business > Quentin Davies (chairman) as regards these candidacies. information. activity, results or stock > Dominique Bazy market performance. > Jean-Bernard Lévy Composition: Composition: > Yves-Thibault de Silguy > Henri Saint Olive (chairman) Composition: (chairman) > Robert Castaigne > Yves-Thibault de Silguy > Dominique Bazy > Quentin Davies (chairman) > Henri Saint Olive > François David > Patrick Faure > Bernard Huvelin > Pascale Sourisse > Denis Vernoux * Renewal of appointment for a period of four years proposed to the Shareholders Meeting of 15 May 2008. 04 VINCI 2007 Annual Report Message from the Chairman Yves-Thibault de Silguy Group Chairman of VINCI’s Board of Directors Message from the Chairman A sound growth curve Growth and continuity: these two words sum up 2007 for VINCI. Despite the ups and downs of international fi nancial markets, our four business lines – concessions, energy, roads and construction – recorded outstanding growth, driven by ever stronger demand for infrastructure and associated services in France and elsewhere. All over the world, the pace of demographic and economic growth is picking up in countries where there are urgent needs for transport, health care, education and environment infrastructure. This is the case of countries in Central and Eastern Europe which, since joining the European Union, are undergoing unprecedented economic growth. Similarly, the Middle East is showing signs of vitality that have never been seen before, with massive investment in urban development projects. Lastly, it is becoming urgent to replace the ageing infrastructure in North America. VINCI is operating and growing in these and many other markets, including North Africa, Russia and Asia. For all our business lines, 2008 is set to be a promising year with opportunities galore. At the same time, public-private partnerships (PPPs) are an important source of growth. In 2007, VINCI demonstrated its ability to meet the expectations of public authorities, both in terms of designing infrastructure and operating it over extended periods. Our teams won major projects such as the Athens–Tsakona and Athens–Thessalonica motorways in Greece, and the Cœ ntunnel in Amsterdam, Netherlands. There is still huge room for growth in public-private partnerships, especially in France once the 2004 ruling on partnership contracts (the French form of PPP) has been amended. Thanks to our strategy, which is based on the economic, fi nancial and operational fi t between our construction and concession operation activities, we have all the strengths required to respond to new projects that will provide France and other European countries with the
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