VINCI Concessions
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CONTENTS 2007 Activity Report imagination & management Contents 01 Profi le 14 Our activities 30 VINCI Airports 02 Key fi gures 16 VINCI Autoroutes France 32 VINCI Concessions Asset Management 04 Editorial 24 VINCI Concessions Greece 36 VINCI Concessions 07 Corporate governance 26 VINCI Park Business Development 08 Highlights 38 VINCI Concessions 10 A responsible group worldwide 2007 ACTIVITY REPORT – VINCI CONCESSIONS 0806120_VINCI_Concessions-Couv-G1 1 2/07/08 15:34:49 CONTENTS 2007 Activity Report imagination & management Contents 01 Profi le 14 Our activities 30 VINCI Airports 02 Key fi gures 16 VINCI Autoroutes France 32 VINCI Concessions Asset Management 04 Editorial 24 VINCI Concessions Greece 36 VINCI Concessions 07 Corporate governance 26 VINCI Park Business Development 08 Highlights 38 VINCI Concessions 10 A responsible group worldwide 2007 ACTIVITY REPORT – VINCI CONCESSIONS 0806120_VINCI_Concessions-Couv-G1 1 2/07/08 15:34:49 PROFILE 01 PPP excellence VINCI Concessions is Europe’s leading operator of transport infrastructure and the world’s leading private-sector motorway concession operator. VINCI Concessions, which develops and structures new concessions and holds an unrivalled portfolio of concessions under management, is at the heart of the Public-Private Partnerships (PPP) momentum driven by public authorities’ increasing infrastructure needs. In a move to place new emphasis on customer service, VINCI Concessions is also innovating to optimise the operation of the infrastructure for which it holds the concession or which it operates as a public service company focused on meeting the expectations of its 600 million customers. To support the next stages of its development, VINCI Concessions has adopted an organisational structure based on fi ve divisions: VINCI Autoroutes France, VINCI Concessions Greece, VINCI Park, VINCI Concessions Asset Management and VINCI Concessions Business Development. 2007 ACTIVITY REPORT – VINCI CONCESSIONS KEY KEY 02 FIGURES FIGURES 03 Revenue Operating profi t from Revenue by company 2007 key fi gures in € millions ordinary activities (at 31 December) in € millions and as a percentage of revenue 3% 4,580 1,747 12% 4,292 1,580 3,894 1,492 ASF 38.1% Cofi route 36.8% 38.3% Escota 13% VINCI Park Other 49% 20062006 20062006 20072007 20062006 20062006 20072007 actualactual propro forma* actualactual pro forma*forma* 23% Net profi t attributable to Cash fl ow from operations Net fi nancial debt RevenueRevenue equity holders of the parent in € millions and as a percentage of revenue in € millions bbyy geograpgeographicalhical areareaa (before tax and cost of debt) in € millions 4% 2% 694 2,834 16,540 France 668 680 2,624 Rest of EuropeEuro 2,381 61.9% 13,852 61.2% Rest of the world 61.1% 94% 2006 2006 2007 2006 2006 2007 2006 2007 actual pro forma* actual pro forma* actual *Pro forma = consolidation of ASF and Escota at 100% from 1 January 2006. Workforce Workforce by company Workforce by Workforce geographical area by job category 1,202 8% 17% 30% ASF FranFrancece ManagementManageme 5,405 5,437 Cofi route Rest of EuropeEuro Offi ce, technicaltech Rest of thethe worldw and supervisorysuperv staff Escota 10% VINCI Park ManualManual labourlab Other 73% 62% 1,998 1,830 2007 ACTIVITY REPORT – VINCI CONCESSIONS 20072007 ACTIVITYACTIVITY REPORTREPO – VINCI CONCESSIONS KEY KEY 02 FIGURES FIGURES 03 Revenue Operating profi t from Revenue by company 2007 key fi gures in € millions ordinary activities (at 31 December) in € millions and as a percentage of revenue 3% 4,580 1,747 12% 4,292 1,580 3,894 1,492 ASF 38.1% Cofi route 36.8% 38.3% Escota 13% VINCI Park Other 49% 20062006 20062006 20072007 20062006 20062006 20072007 actualactual propro forma* actualactual pro forma*forma* 23% Net profi t attributable to Cash fl ow from operations Net fi nancial debt RevenueRevenue equity holders of the parent in € millions and as a percentage of revenue in € millions bbyy geograpgeographicalhical areareaa (before tax and cost of debt) in € millions 4% 2% 694 2,834 16,540 France 668 680 2,624 Rest of EuropeEuro 2,381 61.9% 13,852 61.2% Rest of the world 61.1% 94% 2006 2006 2007 2006 2006 2007 2006 2007 actual pro forma* actual pro forma* actual *Pro forma = consolidation of ASF and Escota at 100% from 1 January 2006. Workforce Workforce by company Workforce by Workforce geographical area by job category 1,202 8% 17% 30% ASF FranFrancece ManagementManageme 5,405 5,437 Cofi route Rest of EuropeEuro Offi ce, technicaltech Rest of thethe worldw and supervisorysuperv staff Escota 10% VINCI Park ManualManual labourlab Other 73% 62% 1,998 1,830 2007 ACTIVITY REPORT – VINCI CONCESSIONS 20072007 ACTIVITYACTIVITY REPORTREPO – VINCI CONCESSIONS 04 EDITORIAL EDITORIAL 05 Imagination on the move 2007, a year of performance and What are VINCI Concessions’ take on 2007? local projects in areas as diverse as light rail systems, public lighting productivity and by stepping up marketing and enhancing services For VINCI Concessions, 2007 will go down as a year of performance and special-purpose buildings. Secondly – the two trends are of in order to boost sales. The synergies between the VINCI Autoroutes movement, confi rmed the vitality and movement. First, it achieved the ambitious greenfi eld course connected – the VINCI business model has never made France networks will help drive this process, as will the deployment of VINCI Concessions and its role as development objective set out in VINCI’s strategic plan: the new more sense or been more eff ective. Just 10 years ago, VINCI was of sales and marketing eff orts and the introduction of new products a prime mover in the implementation PPPs won during the year represent over €1 billion in capital primarily a construction group that saw concessions as a way of by VINCI Park. The concessions in hand also include the securing construction contracts. Since then, its profi le, its scale – extraordinary challenge of building and commissioning the new of the VINCI Group’s integrated investment – that is, capital employed by the Group, including project debt. Secondly, its economic performance also exceeded the and its value – have undergone a transformation. VINCI has concessions won in recent months and years. concession-construction model. initial objectives set, with revenue increasing 6.2% and operating proactively turned itself into an integrated concession-construction Beyond the year’s commercial successes profi t from ordinary activities 6.4%. 2007 was also a particularly group and become the world leader in its market. The model enables In coming years, VINCI Concessions’ development objective is to us to take advantage of our extraordinary network of very diverse maintain its greenfi eld growth at the high level it reached in 2007 – and projects under development, signifi cant year for VINCI Concessions’ various business lines. It was ASF’s fi rst full year of integration and the creation of construction and concession activities. And the fact that public €1 billion invested in new projects. It will be focusing its eff orts on VINCI Concessions is following a long- VINCI Autoroutes France refl ects the broad range of synergies that authorities are increasingly looking for comprehensive solutions mobility infrastructure, concentrating on the European countries term growth trajectory. this integration is already generating among VINCI Concessions’ encompassing everything from fi nancing to operation lends where its operations have reached the point at which they can momentum to this model. VINCI Concessions is riding that wave. snowball: France, Greece, the United Kingdom, the Benelux The expanding use of PPPs in response motorway networks. 2007 was also a banner year for VINCI Park, which grew substantially through acquisitions on the international countries and Germany. VINCI Concessions will also be looking at to growing infrastructure needs boosts market, and for the airport sector, where VINCI Concessions began the buoyant markets of Central and Eastern Europe, Russia and the What are VINCI Concessions’ priorities for 2008? the company’s role as a private-sector to implement its ambitions in the French market. And then, United States, which off er opportunities for future growth. With The most immediate priorities concern the concessions in hand. regard to sectors of activity, although VINCI Concessions remains €1 billion in capital investments also refl ects impressive commercial concessionaire providing public service The fi rst priority is to improve the operating performance of the open to all types of infrastructure, railways will probably represent a successes, especially in Greece, where VINCI Concessions now has infrastrucutre managed by VINCI Concessions, both by increasing large proportion of its new projects, especially in France, where it solutions. 600 kilometres of motorway under concession. hopes to take part in the major railroad construction programmes What are the trends in the new projects now being launched. won by VINCI Concessions? “VINCI Concessions is the VINCI Concessions’ markets have never been more buoyant. Public world’s largest private-sector authorities have substantial infrastructure requirements and PPPs are increasingly proving to be the most suitable way to meet them, motorway operator: it can whatever the size and type of project. The contracts won by build on this unique position VINCI Concessions in 2007 are a perfect illustration of this trend: they include both major transport infrastructure projects initiated by in both France and in the rest governments – which correspond to its traditional business – and of the world.” 2007 ACTIVITY REPORT – VINCI CONCESSIONS 2007 ACTIVITY REPORT – VINCI CONCESSIONS 04 EDITORIAL EDITORIAL 05 Imagination on the move 2007, a year of performance and What are VINCI Concessions’ take on 2007? local projects in areas as diverse as light rail systems, public lighting productivity and by stepping up marketing and enhancing services For VINCI Concessions, 2007 will go down as a year of performance and special-purpose buildings.