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2004-Vinci-Annual-Report.Pdf 2004 VINCI - 1, cours Ferdinand-de-Lesseps, 92851 Rueil-Malmaison Cedex - France Tel: +33 1 47 16 35 00 - Fax: +33 1 47 51 91 02 Annual Report 2004 http://www.vinci.com Annual Report Annual Report Contents Group profile 1 A responsible company Chairman’s message 2 Sustainable development: Corporate management structures 4 a progressive approach 90 Key figures 6 Social responsibility 92 Organisation of the Group 8 Social indicators 106 Strategy and outlook 10 Civic involvement 108 Stock market and shareholder base 12 Environmental responsibility 112 Highlights 14 Innovation 121 Environmental indicators 124 2004 business report Statutory Auditors’ report 125 Concessions 19 Key figures 20 Financial items Profile 21 Corporate governance 130 Business report 22 Report of the Chairman on Outlook 40 internal control procedures 141 Energy 43 Report of the Board of Directors 147 Key figures 44 Consolidated financial statements 171 Profile 45 Parent company financial statements 219 Business report 46 General information 228 Outlook 56 Individuals responsible Roads 59 for the annual report 237 Key figures 60 AMF cross-referencing table 239 Profile 61 Business report 62 Outlook 70 Construction 73 Key figures 74 Profile 75 Business report 76 Outlook 86 Cover, left and page 1: the Charilaos Trikoupis bridge (Rion–Antirion) over the Gulf of Corinth in Greece. Group profile VINCI, world leader in concessions, construction and related services(1) INCI has used the complementary nature of its traditional concessions and construction activities as a platform for growth, building its leading position(1) across the full spectrum of construction, V roadworks and electrical works business lines. A close-knit network of 2,500 profit centres, located primarily in Europe, supports its operations. The Group’s strong roots on each of its markets are re- inforced by the decentralisation, individual empowerment, entrepreneurship and networking that form the bedrock of its management model. Combined with a stringent risk control policy, this model has enabled VINCI to achieve profitability levels that make it the benchmark in its sector. VINCI Concessions Eurovia Drawing on its expertise in project design, financing, Eurovia builds, renovates and maintains road and turnkey construction and engineering, VINCI Conces- motorway infrastructure, carries out urban, industrial sions builds transport infrastructure (motorways, road and retail development projects and is expanding into structures, car parks, airports), and then operates them the ancillary environmental and service business lines. under long-term contracts. This dual competency also Eurovia’s 210 quarries, 520 production sites and 110 applies to major public facilities, such as the Stade de recycling facilities make it one of the leading French France. producers of road construction materials. 1. – Source: VINCI Energies VINCI Construction Moniteur VINCI Energies is market leader (1) in France and a major VINCI Construction, market leader (2) in France and a magazine, player in Europe in energy and information technology. major player in the world market, brings together an December 2004 (basis 2003 net The company operates in four complementary business unparalleled combination of capabilities in building, sales). lines (engineering, systems integration, implementation, civil engineering, hydraulic engineering, multi-technical 2. – See maintenance), providing services to the energy infra- maintenance and services. With strong roots in its local “VINCI structure, manufacturing, service and telecommunica- markets in France, Europe and Africa, the company also Construction’s tions sectors. In all these sectors, the VINCI Energies holds a leading role in the world market for major competitive position in its network of 700 business units develops solutions that design and build projects – both facilities and infrastruc- main markets”, are both local and global. ture – and specialised civil engineering. page 74. 1 A group targeting performance, agility, innovation and responsibility Our awareness of our responsibilities towards our customers and partners, our employees and the community at large is illustrated in the way we conduct our business: at VINCI, economic success goes hand in hand with social and environmental performance. 2 Annual Report 2004 VINCI A message from the Chairman ur Group ended 2004 with excellent results. As we grow, we will further tighten the synergies Year after year, the steady improvement in that drive our network of business units, as we also Oour performance reflects a clear and unwa- step up sustainable development at all levels. VINCI vering strategy. VINCI’s net sales rose 8%, with op- is making a major contribution to the amenity of erating and net income up 18% and 35% respec- today’s urban environment; we are also one of the tively, demonstrating once again that we can main private-sector employers in France. This maintain success over the long haul. The 50% rise means we have responsibilities towards our cus- in the VINCI share price over the year, the best per- tomers and partners, our employees and the com- formance in the CAC 40 index, clearly shows that munity at large. Our awareness of these responsibil- investors are confident that the pace of this growth ities shows in the way we conduct our business: at is sustainable. VINCI, economic success is predicated on social and environmental performance. Our employee sav- This year, all four of our business lines improved ings scheme, under which 44,000 employees have a their performance, with Construction, the largest stake in the overall success of the Group, is a case contributor to the Group’s net income, doing partic- in point. Likewise, the commitment of all business ularly well. VINCI is now operating profitably in all units to improving employee safety, on the road as its business areas. This we owe to the 128,000 on the worksite, and our constant efforts to protect employees across the Group’s 2,500 business units, the environment are in keeping with this principle who have worked tirelessly to implement and of corporate responsibility. enhance our growth model, in which rigour, selec- tive order-taking, decentralised organisation and a With our sights firmly set on performance, agility, culture of responsibility and trust have blended to innovation and responsibility, our Group will con- make our Group a benchmark in its sector. tinue on its present course of steady growth and ever better results. VINCI will continue to expand on this basis, building on strong organic growth – as evidenced by the 17% year-on-year increase in our order backlog – considerable potential for acquisitions in all our businesses and the Group’s sound balance sheet. Development will be further boosted by the grow- ing trend towards public-private partnerships in our various European markets. These offer significant opportunities for leveraging our longstanding ex- pertise in concessions and construction, as does the recently-launched business partnership with ASF, in which VINCI is the largest private-sector share- Antoine Zacharias holder. Chairman 3 Corporate management structures Board of Directors Chairman Quentin Davies, Dominique Ferrero, Yves-Thibault de Silguy, Antoine Zacharias, UK Member of Parliament Vice-Chairman of Merrill Lynch Executive Vice-President Chairman and CEO of VINCI Guy Dejouany, Europe of Suez Vice-Chairman Honorary President Serge Michel, Willy Stricker, Bernard Huvelin, of Vivendi Universal Chairman of Soficot Senior Banker at Adviser to the Chairman the Caisse Nationale of VINCI Alain Dinin, Alain Minc, des Caisses d’Epargne Chairman and CEO Chairman and CEO of Directors of Nexity AM Conseil and Chairman of the Denis Vernoux, Dominique Bazy, Supervisory Board of Le Monde Member of the Board Vice-Chairman of UBS Patrick Faure, representing employee Chairman and CEO of Investment Bank Henri Saint Olive, shareholders Renault Sport and Chairman and CEO François David, Chairman of the Board of Banque Saint Olive Chairman of Coface of Renault F1 Team Ltd Executive Committee The Executive Committee is responsible for managing VINCI (see photo opposite). Antoine Zacharias, Bernard Huvelin, Roger Martin, Christian Labeyrie, Chairman and Vice-Chairman of the Board Co-Chief Operating Vice-President and CEO of VINCI, of VINCI, Adviser to the Officer of VINCI, Chief Financial Officer Chairman of Chairman of VINCI Chairman of Eurovia VINCI Concessions Pierre Coppey, Xavier Huillard, Philippe Ratynski, Vice-President, Co-Chief Operating Officer Chairman of VINCI Corporate Communications, of VINCI, Chairman of Construction Human Resources and Synergies VINCI Energies Management and Co-ordination Committee The Management and Co-ordination Committee brings together the members of the Executive Committee and senior executives of VINCI. Its remit is to ensure broad discussion of the company’s strategy and development. Antoine Zacharias, Renaud Bentegeat, Christian Labeyrie, Philippe Ratynski, Chairman and Chief Executive Managing Director of CFE Vice-President and Chief Chairman of VINCI Construction Officer of VINCI, Chairman of Financial Officer of VINCI VINCI Concessions Pierre Berger, Daniel Roffet, CEO of VINCI Construction Jean-Yves Le Brouster, Executive Vice-President, Bernard Huvelin, Grands Projets Co-Chief Operating Officer of Eurovia International Vice-Chairman of the Board of VINCI Energies VINCI, Adviser to the Chairman Pierre Coppey, Jean Rossi, Vice-President, Corporate Com- Patrick Lebrun, Chairman of Sogea Construction
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