VINCI - 2008 annual report

2008 ANNUAL REPORT

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 

23 2008 photo album 

40 Concessions 

41 Profile 

46 Business report 

60 Outlook 

62 Energy 

63 Profile 


68 Outlook 

70 Roads 

71 Profile 


76 Outlook 

78 Construction 

79 Profile 


88 Outlook 

93 General and fi nancial information 

94 Report of the Board of Directors 

150 Report of the Chairman on corporate governance 

and internal control procedures 

166 Consolidated financial statements 

257 Parent company financial statements 

278 Persons responsible for the registration document 

279 Table of correspondence

KEY FIGURES 

Revenue by business line 1 

47% 

Net profi t attributable to equity holders 

of the parent by business line 

32% 

13% 

9% 

14% 

24% 

14% 

46% 

Revenue by geographical area 1 

3.6% 

3.6% 

3.4% 

3.0% 4.4% 

5.2% 

6.8% 

7.4% 

1% 

62.6% 

Concessions 4,781 

Energy 4,614 

Roads 8,183 

Construction 15,722 

Holding companies 

and misc. 157 

Concessions 756 

Energy 148 

Roads 209 

Construction 527 


and misc. (49) 

France 20,936 

Central & Eastern Europe 2,468 

United Kingdom 2,279 

Germany 1,732 

Belgium 998 

Rest of Europe 1,489 

The Americas 1,208 

Africa 1,204 

Middle East and rest of the world 1,144 

réel 

Operating profi t from ordinary activities 

by business line 

10% 

23% 

7% 

2% 

58% 

Cash fl ow from operations 

before tax and cost of debt 

22% 

10% 

5% 

3% 

60% 


Energy 245 

Roads 346 

Construction 773 


and misc. 48 


Energy 249 

Roads 501 

Construction 1,059 


and misc. 127

Revenue 

33,930 

30,428 

30,874 472 

536 20,936 

19,717 19,631 

10,711 

10,707 

2007 2007 

Actual Pro forma 

12,522 

2008 

France 

International 

Revenue excluding that realised 

by concession operators for the construction 

of new infrastructure by third parties 

Net profi t attributable to 

equity holders of the parent 

1,461 

4.8% 

1,455 

4.8% 2 

2007 2007 


Net fi nancial debt 

at 31 December 

16,303 

2007 

15,371 


1,591 

4.8% 2 


Operating profi t from 

ordinary activities 

3,113 

10.2% 

3,118 

10.3% 2 

2007 2007 


3,378 

10.1% 2 


Cash fl ow from operations 

before tax and cost of debt 

4,515 

14.8% 

4,513 

14.9% 2 

2007 2007 


4,872 

14.6% 2 


Pro forma: after application of Interpretation IFRIC 12, 

Service Concession Arrangements 

In € millions 

1 – Excluding revenue realised by concession operators for 

the construction of new infrastructure by third parties 

2 – Percentage of revenue 1 

3 – Estimated number of projects in progress 

Workforce 

164,000 employees worldwide 

Revenue 1 

€33.5 billion 

Market capitalisation 

€15 billion at 1 January 2009 

Net profi t attributable to equity 

holders of the parent 

€1,591 million 

Number of projects 3 

246,000

PROFILE 

VINCI, the world’s leading concession 

and construction group (*) 

From the outset, we have built our growth on our strategic business 

model of integrated construction and concession operation. Our 

164,000 employees are tasked with 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. 

(*) Source: ENR, December 2008. 

01

02 

GROUP VINCI __ 2008 ANNUAL REPORT 

PROFILE ONE GROUP, FOUR BUSINESS LINES 

Concessions 

VINCI Concessions finances, designs, builds and operates transport 

infrastructure and public facilities under public-private partnership (PPP) 

contracts. 

VINCI Concessions in the world’s largest private-sector operator of 

motorway and car park concessions. 

Energy 

VINCI Energies is a market leader in France and a major player in 

Europe in energy and information technology services (design, 

installation and maintenance). In its activity sectors (infrastructure, 

industry, service sector and telecommunications), 

VINCI Energies develops solutions that are both local and global and 

are provided by 800 business units operating as a network.

Roads 

Ranked among the world’s leading players in roadworks, Eurovia builds, 

refurbishes and maintains transport infrastructure (roads, motorways, 

railways, airports), carries out urban, industrial and retail development 

projects, and is expanding into complementary maintenance and service 

business activities. Eurovia is also one of Europe’s leading producers of 

roadworks materials. 

Construction 

As market leader in France and a major player in the world construction 

market, VINCI Construction brings together a comprehensive range 

of capabilities in building, civil engineering, hydraulic engineering and 

related services. With strong roots in its local markets in France and 

Europe through its networks of subsidiaries, VINCI Construction also 

plays a leading role in the world market for major engineering structures 

and specialised, technically sophisticated civil engineering, dredging 

and oil and gas infrastructure projects. 

03

04 

GROUP 

VINCI __ 2008 ANNUAL REPORT 

CORPORATE GOVERNANCE 

BOARD OF DIRECTORS 

Chairman 

Yves-Thibault de Silguy, Chairman of the Board of VINCI 

Directors 

Dominique Bazy 

Vice-Chairman Europe of UBS Investment Bank 

Robert Castaigne 

Former Chief Financial Officer and former member 

of the Executive Committee of Total 

François David (1) 

Chairman of Coface 

Patrick Faure (1) 

Chairman of Patrick Faure et Associés 

Dominique Ferrero 

Chief Executive Officer of Natixis 

Xavier Huillard 

Chief Executive Officer of VINCI 

Bernard Huvelin (2) 

Vice-Chairman of the Board of VINCI 

(1) Renewal of appointment proposed to the Shareholders’ Meeting of 14 May 2009. 

(2) Term of office expiring at the Shareholders’ Meeting of 14 May 2009. 

AUDIT COMMITTEE 

This committee helps the Board 

monitor the accuracy and fair presentation 

of VINCI’s consolidated 

and parent company financial 

statements, as well as the quality 

of financial information. 

Composition: 

> Henri Saint Olive (Chairman) 

> Robert Castaigne 

> Pascale Sourisse 

STRATEGY AND 

INVESTMENTS COMMITTEE 

This committee helps the Board 

develop the Group’s strategy. It 

examines proposed investments 

and divestments that could have 

a material impact on the Group’s 

scope, business activity, results or 

stock market performance. 

Composition: 

> Yves-Thibault de Silguy (Chairman) 

> François David 

> Patrick Faure 

> Bernard Huvelin 

> Pascale Sourisse 

> Denis Vernoux 

Jean-Pierre Lamoure (3) 

Chairman of Soletanche Freyssinet 

Jean-Bernard Lévy 

Chairman of the Management Board of Vivendi 

Michael Pragnell (4) 

Founder, former Chief Executive Officer and former Chairman 

of the Executive Committee of Syngenta AG 

Henri Saint Olive 

Chairman of the Board of Banque Saint Olive 

Pascale Sourisse 

Senior Vice-President of the Land & Joint Systems Division of Thales 

Denis Vernoux 

Design Engineer and Chairman of the Supervisory Board 

of the Castor corporate mutual funds 

3) Co-optation to the Board in 2008 to be approved by the Shareholders’ Meeting of 14 May 2009. 

(4) Appointment proposed to the Shareholders’ Meeting of 14 May 2009. 

REMUNERATION 

COMMITTEE 

This committee proposes the 

terms and conditions of remuneration 

of company officers to the 

Board. 

Composition: 

> Jean-Bernard Lévy (Chairman) 

> Dominique Bazy 

> Robert Castaigne 

APPOINTMENTS COMMITTEE 

This committee examines all 

candidacies for appointments to 

the Board and senior management, 

and expresses an opinion and 

recommendation to the Board as 

regards these candidacies. 

Composition: 

> Yves-Thibault de Silguy (Chairman) 

> Dominique Bazy 

> Henri Saint Olive

MESSAGE 

FROM THE CHAIRMAN 

YVES-THIBAULT DE SILGUY 

Chairman of the Board of VINCI 

VINCI held its course in 2008, demonstrating the resilience of its 

business model in a more difficult economic and financial environment. 

We feel calmly confident for 2009, but remain vigilant and are keeping a 

particularly close watch on evolving market trends and on developments 

in our business lines. While the economic climate is clearly affecting 

VINCI and its businesses, it is also highlighting the strength of our positioning and the quality of our management. And I am happy to see that both 

the board and senior management share a common vision of our corporate strategy. 

More than ever, we need strong corporate governance and a stable shareholder base to reinforce the confidence that we enjoy. This year, the board 

has co-opted a new director, Jean-Pierre Lamoure, chairman of Soletanche Freyssinet. We are also proposing the appointment to the board of 

Michael Pragnell, former chief executive officer of Syngenta AG, a world leader in agribusiness. 

On the issue of corporate governance, my priorities for the board remain full involvement of directors, thorough preparation of the issues before 

them, high quality debate and collaborative decision-making. In 2008, the board met eight times and its committees worked hard to prepare its 

meetings. This was particularly true of the audit committee, which met five times in 2008. In line with changes in European regulations, it reviewed 

the systems and mechanisms for internal control and risk management. The Report of the Chairman (see page 150) describes our internal control 

and risk management procedures. In addition, maintaining its firm commitment to our current credit rating, the board is closely monitoring VINCI’s 

financial position and debt. 

A stable shareholder base boosts confidence. It is a source of both satisfaction and pride that in the current financial crisis, our highly diversified 

shareholder base has undergone little change and has continued to support the company. Our employees too have proven their confidence in 

the Group by maintaining their share ownership at a stable level. At the same time, the number of individual shareholders and their share in the 

company have continued to increase. Our principal institutional investors have remained loyal. All this is proof that VINCI’s strategy, management, 

profit, outlook and financial situation retain the backing of all our shareholders. 

Although we have every reason to feel confident in the short term, it is my responsibility to ensure that VINCI retains its strengths in the longer 

term. The company must continue to innovate in all areas in order to meet the challenges that lie ahead, to successfully embrace the “green 

revolution” and to continue to move up the value chain. It is precisely for this reason that we set up “The City Factory”, a think-tank that aims to 

facilitate dialogue on sustainable mobility and eco-urbanism, bringing together designers, builders and managers of our cities. We will continue 

down that path in 2009, broadening our focus, breaking down barriers and bringing a wider range of options into the equation in an ongoing 

process of innovation – inventing tomorrow’s cities today. 

To sum up my message in a single word, it is “confidence”. Not blind confidence, but calm and carefully considered confidence; vigilant confidence 

on which we can build the future and ensure VINCI’s sustainable and profitable development. 

05

06 


MESSAGE FROM THE CEO 

XAVIER HUILLARD 

Director and Chief Executive Officer of VINCI 

Steady and reliable are the two adjectives that best describe VINCI’s 

performance over many years. And they are particularly meaningful during 

the current period of economic uncertainty. 

Our performance in 2008 bears the stamp of steadiness, with revenue 

growth of 10% and profit in line with previous years. Our strategy of international 

expansion and the development of technological niches stimulated 

growth in our contracting divisions. Our concessions increased their 

toll revenue despite the economic downturn. We are moving into 2009 

with confidence, both in our contracting activities, where the order book 

is at a record high, and in concessions, where the business model has 

demonstrated its resilience. VINCI’s ability to finalise financing for major 

public-private partnership (PPP) contracts amidst the financial turmoil of 

the second half of 2008 confirms the credibility of this model. 

We are confident for the short term; we have every reason to be just as 

confident for the long term. Our business growth will be fuelled through 

time by three underlying trends that are – and will remain – favourable 

to us: increasing urbanisation; growing awareness of mobility issues; and 

growing concerns about energy, whether relating to expanding production 

facilities or improving the energy performance of buildings. VINCI is 

fully in step with these major trends. We have expertise as a concession 

operator, investor, constructor and service operator. We also have the 

mass and resources needed to achieve our goals. These strengths give us 

the capacity to meet even the biggest infrastructure needs. And we can 

do so in all our markets, whether in developing economies where there 

will be a plethora of new projects, or in mature economies that have to 

modernise their infrastructure. 

Although VINCI is a dynamic group in markets that will generate opportunities 

for many years to come, the deterioration in the economic climate 

leads us to expect a decline in business volumes in our target markets 

over the medium term. 

We will take advantage of this intermediate period to hone our principles, 

our strategy and our managerial and social responsibility policies. 

What are our principles? Disciplined, forward-looking management of our 

companies with the primary goal of maintaining our operating margin, 

even if that means a voluntary reduction in business volume. We have 

to be more selective than ever in the projects we undertake, and adapt 

our production tool and organisation rapidly to change. This, along with 

prudent management of our cash and financial policy, will ensure that our 

companies remain competitive and that our Group as a whole remains 

sound.

Our strategy is to maintain a balance between activities with short business 

cycles and activities with long cycles. We will add depth to this business 

model by broadening the scope of contracting activities to include 

operation and maintenance, which will extend our construction entities’ 

business cycle. To the same end, we will develop new PPP projects, focusing 

in particular on governments’ economic stimulus packages. We will also 

add depth by working to enhance all the levers for our organic growth. 

This will involve developing cross-fertilisation between our subsidiaries’ 

networks, deploying the full spectrum of our expertise in target countries, 

taking advantage of contracts won in our specialist activities to penetrate 

new growth segments, and fleshing out our expertise in the management 

of complex projects. 

Our managerial and social responsibility policies are based on corporate 

values that unite us and guide us in our day-to-day operations. They 

form a management model that frees up people’s energy and stimulates 

performance. These policies also involve a constant effort to recruit, 

train and promote our employees and develop the skills we will need in 

the future. It is an investment in human resources that makes the most 

out of the company and each of its employees. We are also determined 

to promote equal opportunities, both within our Group and in our civic 

engagement. 

Our corporate strategy is clear, our fundamentals are sound, our business 

model is resilient. By being true to ourselves, we will make sure 

our performance endures for the future, just as it has done over the 

past decade of virtuous growth. This will make us stronger for when the 

markets take off again. 

“Our corporate strategy is clear, 

our fundamentals are sound, our 

business model is resilient. 

By being true to ourselves, we will 

make sure our performance endures 

for the future, just as it has done over 

the past decade of virtuous growth.” 

07

08 


CORPORATE MANAGEMENT STRUCTURES 

2009 EXECUTIVE COMMITTEE 

The Executive Committee is responsible for managing VINCI. It met 47 times in 2008. 


Director and Chief Executive Officer, VINCI 

Christian Labeyrie 

Executive Vice-President and Chief Financial 

Officer, VINCI 

Richard Francioli 

Chairman, VINCI Construction 

Jean Rossi 

Chairman, VINCI Construction France

MANAGEMENT AND CO-ORDINATION COMMITTEE 

The Management and Co-ordination Committee brings together the members of the Executive Committee 

and senior VINCI executives. Its remit is to ensure broad discussion of VINCI’s strategy and development. It met four times in 2008. 

Pierre Anjolras 

Chief Executive Officer, 

Autoroutes du Sud de la France 

Renaud Bentegeat 

Managing Director, CFE 

Pierre Berger 

Chairman, 

VINCI Construction Grands Projets 

Dominique Bouvier 

Chairman and Chief Executive Officer, 

Entrepose Contracting 

Pierre Coppey 


Cofiroute and Arcour 

Jean-Yves Le Brouster 


VINCI Energies 

Louis-Roch Burgard 

Co-Chief Operating Officer, VINCI Concessions 

Philippe-Emmanuel Daussy 


Escota 

Jean-Marie Dayre 

Deputy Managing Director, 


Bruno Dupety 

Chief Executive Officer, 

Soletanche Freyssinet 

Pierre Duprat 

Director of Corporate Communications, 

VINCI 

Denis Grand 


VINCI Park 

Jacques Tavernier 

Chairman and Chief Executive Officer, Eurovia 

Jean-Luc Pommier 

Vice-President, Business Development, VINCI 

Jean-Pierre Lamoure 

Chairman, Soletanche Freyssinet 

Olivier de La Roussière 

Chairman, VINCI Immobilier 

Patrick Lebrun 


VINCI Energies, 

Operating Officer, VINCI Assurances 

Erik Leleu 

Director of Human Resources, VINCI 

Jean-Louis Marchand 

Executive Vice-President, Eurovia 

Yves Meignié 



Sébastien Morant 

Chairman, VINCI Construction Filiales 

Internationales 

Patrick Richard 

Director of Legal Affairs, VINCI 

Daniel Roffet 


John Stanion 

Chairman, VINCI PLC 

Philippe Touyarot 



Guy Vacher 


Henri Stouff 

Co-Chief Operating Officer, VINCI Concessions 

09

10 


STRATEGY AND OUTLOOK INCREASING THE RESILIENCE 

OF OUR BUSINESS MODEL 

Our strategy is to expand on 

VINCI’s business model by maintaining 

a balance between the 

development of activities with 

short business cycles and activities 

with long cycles. This will ensure 

both growth and resilience, while 

creating value for shareholders. 

Over time, we have based VINCI’s development 

on an integrated concession-construction business 

model. This model has generated growth, 

making VINCI world leader in its sector, with 

revenue multiplied by 1.7 and net profit multiplied 

by 2.2 in four years. By diversifying the Group’s risk 

profile, the model has also generated resilience, 

giving VINCI the capacity to withstand economic 

downturns. 

Our strategy is to expand on this model in 

all our target markets by aiming for balanced 

growth of activities with short business cycles 

and activities with long cycles. 

BALANCED GROWTH OF ACTIVITIES WITH 

SHORT BUSINESS CYCLES… 

The growth strategy for activities with short 

cycles – mainly design-build activities – is based 

on three complementary levers: 

> strengthen our networks in order to anchor 

ourselves even more firmly in our local markets 

and capture growth segments; 

> acquire expertise enabling us to penetrate 

technological niches that open up opportunities 

in growth markets around the world. Recent 

examples include the acquisition of Solétanche 

Bachy in ground technology, ETF-Eurovia Travaux 

Ferroviaires (formerly Vossloh Infrastructure 

Services) in rail track laying and overhead line 

installation, and Entrepose Contracting in oil 

and gas infrastructure; 

> strengthen our ability to manage complex 

projects and assume the roles of client-side 

project manager and main contractor. This will 

enable us to meet the growing need for comprehensive 

solutions to projects of ever increasing 

size that require a high level of competence in 

systems and closer co-ordination between our 

business lines. 

These three components can be combined 

in a single market. In the United Kingdom, for 

instance, we recently: acquired Nuvia (formerly 

known as Nukem), a company specialising in 

services in the nuclear sector; took over Taylor 

Woodrow Construction, which gave VINCI 

Construction UK critical mass in its market; 

and signed a partnership agreement with 

Balfour Beatty, one of the local market leaders, 

with a view to developing a tailored full-service 

response to the country’s EPR reactor construction 

programme. 

… AND ACTIVITIES WITH LONG BUSINESS 

CYCLES 

Activities with long business cycles generate 

recurring sales and margins. The growth strategy 

here applies naturally to the concessions division, 

whose expertise as an operator of motorways, 

airports, parking facilities and so on can 

be extended beyond the scope of the concession 

Urban development, together with transport and 

energy infrastructure needs, will provide business 

opportunities for VINCI over the long term. 

contracts themselves and can be carried out 

within the framework of service contracts 

involving no capital investment. This strategy 

also covers operation, maintenance and services 

carried out under multi-year contracts in other 

Group activities: facilities management in the 

service sector, management of public lighting, 

road maintenance and so on. In addition, we 

are developing contracting activities for which 

multiple orders are booked regularly over time, 

giving them the same stability as activities with 

a long business cycle. Examples include power 

distribution in rural areas and water network 

maintenance. 

ORGANIC GROWTH 

We are implementing this strategy mainly 

through organic growth because we want to 

limit financial investments payable in cash in 

order to keep debt under control in the current 

uncertain economic and financial climate.

12 


Europe remains our main geographical 

target. However, we are also seeking to expand 

in the Middle East and North America as an 

extension to significant contracts won recently 

in these two regions. We may also seek growth 

in countries where subsidiaries operating in 

technological niches have established a foothold. 

This applies particularly to the international 

networks of Solétanche Bachy and Freyssinet, 

now merged within a new VINCI Construction 

division for specialised civil engineering. 

BUOYANT MARKETS FOR THE LONG TERM 

The underlying trends in our markets are urban 

development, growing awareness of mobility 

issues and growing needs for energy infrastructure. 

These three trends will combine to 

open up business opportunities over the long 

term. About 5 billion people will be living in 

cities in 2030, which will generate huge needs 

for public facilities, housing, special purpose 

buildings, transport infrastructure, power networks, 

communication networks, water supply 

networks, wastewater collection systems, etc. 

These needs will arise in emerging economies, 

where there will be a plethora of new projects, 

and in developed economies that have to 

modernise their facilities and infrastructure 

in order to remain globally competitive. The 

economic stimulus packages, programmes to 

fight climate change and eco-efficiency policies 

of governments around the world will also 

fuel the flow of projects. 

In addition, several factors will combine to accelerate 

the development of public-private partnerships 

(PPPs) with private operators capable 

of assuming every aspect of a project, including 

financing, engineering, design, construction 

and operation. Those factors are the urgency of 

projects, their increasing complexity, the need 

for financing and for a life-cycle approach, and 

the “user pays” culture. 

Our business mix and strategic model are fully 

in step with these underlying trends, which will 

generate growth over the long term. 

Taylor Woodrow Construction, now a subsidiary of 

VINCI Construction UK, has three business activities: 

building, infrastructure and facilities management. 

CONSOLIDATING OUR MANAGEMENT 

MODEL 

Our management model is as important as our 

business model to our Group’s performance. 

Founded on a decentralised organisation and 

the principles of independence, responsibility 

and trust, this model boosts the performance 

of each profit centre, located close to its market 

and customers. It also makes best use of each 

employee’s potential within the scope of clearly 

defined guidelines, the most important of which 

is transparency. Encouraging individual initiative 

goes hand in hand with networking teams and 

skills, promoting cross-business activities and 

adopting a project approach. 

This management model, which is the cultural 

pillar common to all our diverse activities and 

geographical locations, guarantees the unity of 

our Group. We will use the upcoming period of 

slower growth to consolidate this pillar by optimising 

the performance of our organisation and 

production tools, and by investing in our human 

resources to develop their management and 

other skills. 

By acquiring Vossloh Infrastructure Services, now 

known as ETF-Eurovia Travaux Ferroviaires, VINCI 

moved into the specialist segment of laying rail 

tracks and installing overhead lines. 

Entrepose Contracting is a major player in the world 

market for oil and gas infrastructure. 

VINCI is seeking to expand in the Middle East 

by piggy-backing on significant contracts such as 

the Wadi Dayqah dam in Oman.

MILESTONES IN OUR HISTORY 

1891 Creation of Grands Travaux de Marseille 

(GTM). 

1899 Creation of Girolou, a company that built 

electricity generating stations and networks, 

and won its first concession contract for the 

Lille–Roubaix–Tourcoing tramway. 

1908 Creation, as part of Girolou, of Société 

Générale d’Entreprises (SGE). 

1908-1920 SGE experienced rapid growth 

until World War I, when it participated in the 

war effort and then in post-war reconstruction. 

The company became renowned for major 

projects such as building dams and power 

stations. 

1920-1946 SGE grew by focusing mainly on 

electricity. When that sector was nationalised 

in 1946, the company moved into building and 

civil engineering. 

1966 Compagnie Générale d’Électricité 

acquired control of SGE. 

1970 SGE participated in the creation of 

Cofiroute, which financed, built and now 

operates the A10 (Paris–Orleans) and A11 

(Paris–Le Mans) motorways. 

1984 Compagnie de Saint-Gobain became 

SGE’s majority shareholder. 

1988 Saint-Gobain sold its interest in SGE 

to Compagnie Générale des Eaux, which 

contributed its building and civil engineering 

subsidiaries, Campenon Bernard and 

Freyssinet, as well as Viafrance, its roadworks 

subsidiary. 

The 1990s Several acquisitions gave SGE a 

European dimension. 

1996 SGE reorganised into four core 

businesses: concessions, energy, roads 

and construction. 

1997 Compagnie Générale des Eaux 

reduced its holding in SGE to 51%. SGE sold 

its services assets to Compagnie Générale 

des Eaux and, in exchange, acquired GTIE 

and Santerne in electrical engineering and 

CBC in construction. 

1999 The Group carried out a friendly 

takeover of Sogeparc, the leading French 

car park operator. 

2000 Vivendi completed its withdrawal 

from SGE’s share capital. SGE changed its 

name to VINCI and made a friendly takeover 

bid for GTM; Suez contributed its majority 

shareholding. The merger of the two 

companies formed the world’s leading 

group in concessions, construction and 

related services. 

2002 VINCI entered the CAC 40 and 

acquired 17% of ASF’s share capital. 

2005 The French government selected 

VINCI to acquire ASF as part of its 

programme to privatise motorway 

companies. 

2008 VINCI, the world’s leading integrated 

construction and concession operation 

group, generated revenue of €33.5 billion (*) . 

(*) Excluding revenue realised by concession operators for the construction of new infrastructure 

by third parties. 

13

14 


SUSTAINABLE DEVELOPMENT AN APPROACH BASED ON 

RISK MANAGEMENT AND RESPONSIBILITY 

The VINCI approach on sustainable development (1) 

forms part of the Group’s overall performance 

objectives and is based on a will to control 

risks, be they present or future. On the business 

front, VINCI companies, which are actively 

involved in numerous operations in many 

diff erent countries, are particularly concerned 

to comply with good commercial practice visà-vis 

both their clients and their suppliers. As 

regards social aspects, VINCI’s policy is centred 

on safety, forward-looking jobs and skills 

management (GPEC) and ensuring equality of 

opportunity, and involves temporary worker 

recruitment companies and subcontractors in 

its promotion of responsibility. On the environmental 

front, VINCI is convinced of the need 

to adopt a responsible attitude in the face of 

climate change, assessing each structure by 

the yardstick of an analysis of its life cycle. This 

approach makes it possible to allocate responsibility 

to each actor in the value chain, from the 

design through the works to the operational 

stage, and thus reduce environmental impact. 

It also underlies the Group’s active participation 

in its sector’s eff orts to acquire scientifi c 

measuring instruments that are neutral and 

totally reliable. 

CO-ORDINATION OF THE APPROACH 

General co-ordination of the approach has been 

entrusted to the Delegation for Sustainable 

Development, an extremely streamlined structure 

which reports to the Executive Committee. 

Risk analyses are regularly reviewed by the 

members of the Sustainable Development 

Committee, a body composed of 25 members 

representing all areas of the Group’s activities. 

All new risks identifi ed are analysed and 

closely monitored by specialised working groups. 

In 2008, the social review focused in particular 

on ethical alert mechanisms and the prevention 

of risks relating to health/the environment. 

The environmental review opened the 

way to improving the prevention of risks relating 

to chemical substances/REACH (Registration, 

Evaluation and Authorisation of Chemicals) and 

biodiversity. It also considered eco-driving, and 

the drawing up of a set of guidelines specifi cally 

for eco-neighbourhoods. In addition, the CO 2 

pivot club, which rallies the operational managers 

of the diff erent business lines around the themes 

of “fi nance”, “carbon economy” and “energy 

management”, has considerably increased 

its demands as regards the level of relevance 

and coverage of environmental indicators. The 

VINCI approach on sustainable development 

is expressed in a series of priority commitments 

that involve all its subsidiaries and all employees. 

VINCI’s backing of the ten principles of the Global 

Compact is also the subject of active in-house 

communication (2) . As regards their content, this 

contributes to an implementation of programmes 

and projects within a familiar, reliable and neutral 

framework. 

VINCI IN THE NON-FINANCIAL INDICES 

The VINCI approach on sustainable development 

is regularly – and positively – assessed 

by analysts and rating agencies specialising 

in socially responsible investment. VINCI has 

notably featured for a number of years now in 

the Vigeo Group agency’s Aspi Eurozone index, 

composed of the 120 companies in the euro 

zone with the best social and environmental 

performance. In 2008, thanks in particular to the 

progress it has made as regards quantifi cation 

of its CO 2 emissions and eco-design, VINCI was 

included in the “Dow Jones Sustainable Index 

World (DJSI World)”, which selects the “top 10 

responsible companies” from among those 

VINCI’s policy on social responsibility is centred on 

safety, forward-looking jobs and skills management, 

and ensuring equality of opportunity. 

worldwide with the biggest market capitalisations, 

i.e. some 200 companies. VINCI is also 

one of the shares analysed in the annual Carbon 

Disclosure Project survey which assesses large 

companies’ capacity to react when facing the 

challenges of climate change; the 2008 version 

of this survey gave the Group a “best in class” 

ranking in its sector. 

(1) The 2008 version of the report on sustainable 

development is included in the management report 

(pp. 121-136). All texts, data and initiatives can also be 

accessed via the website at www.vinci.com, under 

Sustainable development. 

(2) The “statement on progress” drawn up by VINCI in 

respect of the Global Compact can also be consulted at 

www.vinci.com, under Sustainable development, and 

features on p.121 of this document, in the Board’s 

management report.

OUR PRIORITY COMMITMENTS 

Commitments 

Social 

1/ Jobs 

Promote the creation of permanent jobs 

2/ Training 

Set up a forward-looking jobs and skills 

management 

3/ Safety 

Achieve a zero accident rate 

4/ Equal opportunities 

Promote diversity 

5/ Share ownership 

Promote increased employee share 

ownership 

6/ Civic engagement 

Encourage employee initiatives 

Environment 

7/ Climate change 

Quantify greenhouse gas emissions in 

accordance with ISO standard 14064 

8/ Eco-design 

Implement the eco-efficiency policy, 

starting with life-cycle analysis 

9/ Customers-suppliers 

Work together with partners in the 

value chain 

Research & Development 

10/ Co-operation 

Involve all stakeholders in the issues 

of the future 

11/ Applied R&D 

Enhance the Group’s technological 

capability 

12/ Participative innovation 

Encourage employee innovation 

2008 results 

- 26,359 people hired on unlimited-term contracts worldwide 

- 10,036 people hired on unlimited-term contracts in France 

- 3.1 million hours of training worldwide, i.e. an average 

of 19 hours of training per employee 

- VINCI’s accident frequency rate: 11.59 

- VINCI’s accident severity rate: 0.64 

- 7,750 hours of diversity training in Europe 

- Publication of results of the diversity audit carried out in 

2007; second audit undertaken by the Vigeo agency, in 40 

European subsidiaries 

- Formation of a body of in-house auditors to follow up the 

diversity audits 

- 87% of employees in France are shareholders. 8.2% of VINCI’s 

capital is owned by employees 

- 121 projects supported by the VINCI Foundation in Europe 

- More than 150 employees engaged in volunteering of expertise 

- Deployment worldwide of the Group’s environmental reporting 

- Second Scope 2 quantification exercise in France 

- Development of eco-comparison tools for each activity 

- Launch of the ParisTech chair in the eco-design of building 

complexes and infrastructure 

- Continuation of training courses in purchasing and sustainable 

development 

- Inclusion of environmental clauses in VINCI framework contracts 

- Proposal of environmental alternatives when responding to 

calls for tenders 

- Creation of The City Factory, a think-tank dedicated to reflecting 

on tomorrow’s city together with representatives from the 

worlds of business, science and public administrations 

- 45 research programmes under way in the subsidiaries 

- 180 in-house research workers 

- A global R&D budget of more than €30 million 

- Launch of the 5th VINCI Innovation Awards Competition 

- Promote technological innovation and encourage in-house 

dissemination of innovations 

2009 commitments 

- Continue to create permanent jobs 

- Increase the number of hours of training in 

France by 10% 

- Actively pursue the accident prevention 

policy 

- Put the management of diversity onto a 

permanent footing 

- Promote employee share ownership among 

lower-paid employees: new scale of employer 

contributions for 2009 with the employer 

exceptionally doubling this contribution for the 

first 300 euros invested 

- Develop the sponsorship tools 

- Continue to deploy employee initiatives in 

Europe and elsewhere 

- Apply this approach systematically in order 

to limit reducible sources of emissions 

- Step up exchanges of information and consultation 

with all parties involved in the value chain 

- Develop research and teaching activities in the 

areas of eco-neighbourhoods, biodiversity, materials, 

rehabilitation of built structures and mobility 

- Design and implement the second version 

of the training course “Integrating sustainable 

development into the purchasing function” 

- Design and implement a training course 

on “Integrating sustainable development in 

proposals” 

- Organise City Factory seminars in the French 

regions and abroad 

- Increased emphasis on joint programmes 

(involving more than one business line) 

- Continue to disseminate innovations emerging 

from Innovation Awards Competitions 

15

16 


SUSTAINABLE DEVELOPMENT SOCIAL RESPONSIBILITY 

CREATING PERMANENT JOBS 

On 31 December 2008, VINCI had 164,057 

employees worldwide (3% more than in 2007), 

87% of them on unlimited-term contracts. 

Despite a difficult economic context, worldwide 

the Group hired 26,359 people on permanent 

contracts in the course of the year, 10,036 of 

them in France. 

ANTICIPATING THE NEED 

FOR NEW BUSINESS SKILLS 

VINCI’s economic model requires a workforce 

of men and women capable of seeing projects 

through to the end over the short, medium and 

longer term in a wide range of technical and 

operational circumstances. The deployment in 

all subsidiaries of a forward-looking jobs and 

skills management (GPEC) approach, in line 

with the Group’s commitments, aims to meet 

this challenge. Approximately 100 GPEC agreements 

were signed in 2008. These will enable 

VINCI companies to better anticipate changes 

occurring in their business lines and markets – 

and the corresponding need to develop skills. 

In step with the Group’s strategic objectives, 

the human resources policy also aims to put 

recruitment and the career development of its 

employees on a more international basis, and 

to enhance its expertise as a project integrator 

capable of taking charge of ever more complex 

projects, notably within the framework of 

public-private partnerships. 

OFFERING ALL EMPLOYEES A TRAINING 

PROGRAMME 

VINCI aims to offer each employee an individually 

tailored training programme. In 2008, 

Group employees benefited from 3.1 million 

hours of training, 24% more hours than in 2007. 

VINCI companies continued to develop their 

in-house training centres – at locations all over 

France. 

Upstream of the recruitment and training 

phases, VINCI companies cultivate particularly 

active contacts with schools and other 

sources of recruitment. A network of campus 

managers organises and co-ordinates the 

links with about a hundred schools, each year 

“reaching” over 30,000 pupils and students. 

In 2008, Group companies welcomed 6,484 

of them on work-experience placements, 

and 3,249 within the framework of workstudy 

contracts. VINCI is also active in helping 

young people in troubled circumstances 

into the labour market, notably via GEIQ, an 

VINCI aims to create permanent jobs, despite a 

difficult economic context. 

association of employers working for integration 

and training formed in the Paris region by 

some 10 Group companies. 

ENSURING THE SAFETY OF ALL EMPLOYEES 

VINCI aims to achieve a “zero accident” rate. 

In five years, the number of training hours 

devoted to safety has increased by a factor of 

2.1, and the frequency of occupational accidents 

has gone down by 35%. Over the same 

period, the number of companies recording 

no lost-time accidents remained constant at 

around 50%. 

Led by a network of 300 safety correspondents 

operating within an international co-ordination 

system set up in 2008, the policy on accident 

prevention and safety calls for considerable 

input on the part of management, and 

is deployed at all levels within the Group via 

a whole range of actions adapted to its various 

business lines: 15-minute safety sessions, 

accident-prevention competitions, analysis of 

accidents and near-miss incidents, etc. 

This policy extends to subcontractors and 

temporary worker recruitment companies, 

notably via the safety clauses introduced into 

framework contracts. 

Road travel risk is specifically tackled by the 

Vigiroute plan, which is widely implemented in 

all European subsidiaries. 

GUARANTEEING EQUAL OPPORTUNITIES 

FOR ALL 

In 2008, VINCI’s workforce included 21,229 

women; they accounted for 13% of new hires. 

There were 2,634 disabled employees; business 

activity entrusted to undertakings employing a 

majority of disabled people increased by 19%, 

generating revenue of €2.5 million. 

VINCI pursues a proactive policy as regards 

managing equality of opportunity. In line with 

its Manifesto commitment, for the second year 

running the Group commissioned an audit of its 

policy on diversity. Carried out by an independent 

organisation, the Vigeo Group, the 2008 

audit covered 40 subsidiaries, and 900 people 

were interviewed. The results for the four 

themes examined (gender mix and employment 

of disabled people, people from an immigrant 

background and older people) show practices 

have improved. With the help of the Vigeo 

Group analysts, a body of in-house auditors was 

formed and trained in order to develop the audit 

approach. Furthermore, past audits are the subject 

of a subsequent follow-up. 

ENCOURAGING EMPLOYEE SHARE 

OWNERSHIP 

VINCI is committed to making it easier for its 

employees to participate in its capital through 

an attractive employer contribution policy that 

favours the smallest savers. In 2008, €48 million 

were paid in the form of employer contributions. 

Employee share ownership remained 

stable despite the difficult stock market context. 

89,236 employees, more than half of the 

workforce, were VINCI shareholders at the end 

of the year, testifying to their confidence in the 

Group’s employee savings scheme. In France, 

87% of employees are shareholders. As regards 

2009, the maximum employer contribution has 

been raised to €3,800, with a new, exceptional 

tranche offering an employer contribution of 

200% for the first €300 invested. 

In addition, 91% of French employees benefit 

from incentive and/or profit-sharing schemes. 

At Group level, €290 million were distributed 

in 2008 in the form of incentives, profit-sharing, 

employer contributions and social protection.

SUSTAINABLE DEVELOPMENT CIVIC ENGAGEMENT 

ENCOURAGING THE INVOLVEMENT OF 

GROUP EMPLOYEES IN COMMUNITY 

PROJECTS 

VINCI contributes to social development by 

supporting community projects that promote 

employment and improve the quality of life. Coordinated 

mainly by the VINCI Foundation for 

the Community, our approach combines financial 

backing and employee support through 

sponsorship and skills. In 2008, 121 projects 

were supported by the Foundation, involving 

total subsidies of more than €2 million. In the 

Czech Republic, a foundation created on the 

same principles supported six projects, to the 

tune of 65,000 euros, in its first year of operation. 

In Africa, Sogea-Satom’s Initiatives for 

Africa programme (Issa) encourages participation 

by employees in community projects benefiting 

local people in countries where the Group 

is working on projects or maintains offices. 

HERITAGE PRESERVATION 

VINCI also contributes to protecting our heritage. 

Group companies continued their policy of turning 

to best possible account the archaeological 

and palaeontological finds made, in particular, 

during the construction of motorways. In addition, 

VINCI funded (€2 million) and built the new 

visitors centre at the Château de Versailles (see 

p. 30), after having completely restored the Hall 

of Mirrors over the preceding few years within 

the framework of an unprecedented skills-based 

sponsorship operation. 

Mob d’Emploi 36 is a job-creating workshop 

supported by the VINCI Foundation for the 

Community. 

Established in 2006, Sogea-Satom’s Initiatives for 

Africa programme (Issa) encourages employees to 

engage in community projects. 

Archaeological and paleontological excavations ahead 

of works to widen the A8 motorway. 

Within the framework of a skills-based sponsorship 

operation, VINCI financed and built the temporary 

visitors centre at the Château de Versailles. 

17

18 


SUSTAINABLE DEVELOPMENT ENVIRONMENT 

In 2008, VINCI extended its environmental 

policy, based on common indicators and a single 

reporting system, to cover all Group companies. 

Performance objectives are defined 

per business activity and as a function of geographical 

context. 

QUANTIFYING GREENHOUSE GAS 

EMISSIONS 

Having carried out its first CO 2 assessment in 

2007, in 2008 VINCI again measured its own 

greenhouse gas emissions, in accordance with 

the international standard ISO 14064, adjusted 

for the nature of its activities. As promised, the 

2008 CO 2 assessment was extended to cover 

the Group’s activities worldwide, all companies 

having equipped themselves with the appropriate 

measuring tools and networks of trained 

people. It reveals total emissions of 2.9 million 

tonnes (on a Scope 2 basis, direct emissions + 

electricity). Several companies, notably motorway 

operators, carried out a more broadlybased 

CO 2 audit (Scope 3, including indirect 

emissions and those generated by customers). 

The various results were critically analysed 

and a number of decisions taken with a view 

to making best use of resources as regards 

limiting emissions. Special training sessions 

were organised to allow employees to share 

experiences. 

DEPLOYING AN ECO-EFFICIENCY POLICY 

VINCI is very conscious of the changes the 

fight against climate change will bring for its 

companies. The reflection process begun in 

2007 on the need to speed up the process of 

re-engineering constructive solutions and professional 

practices continued, with all involved 

in the value chain being made aware of their 

responsibilities. VINCI companies increased 

their contacts with the various stakeholders 

making up this chain, from project initiator 

through to the user of the finished product, in 

order to make clear the agreed global designconstruction-operation 

approach. 

Deployment of an eco-efficiency policy also 

involved developing guidelines and shared 

measuring instruments, in addition to the first 

tools already being used: Equer (assessment 

of a building’s energy performance); Gaia.BE® 

(an environmental comparator used for road 

works); Freyssinet’s Sustainable Technology 

approach. These tools make it possible, when 

responding to calls to tender, to offer alternative 

options that are relevant both environmentally 

and economically. More generally, the synergies 

between activities engendered by VINCI’s 

Eurovia’s Recyclovia® process allows the refurbishing 

of pavements in situ, using a cold bituminous binder. 

Sustainable Technology, the Freyssinet “hallmark”, 

is indicative of the firm’s preference for techniques 

involving low consumption of natural resources and 

low greenhouse gas emissions. 

integrated concession-construction business 

model tend to favour the emergence of integrated 

solutions offering a high performance 

in terms both of energy and the environment. 

PROMOTING RESEARCH IN ECO-DESIGN 

In late 2008, VINCI and three of the ParisTech 

engineering schools (Mines Paris, Ponts and 

Agro) signed a partnership agreement resulting 

in the establishment of the first chair in the ecodesign 

of building complexes and infrastructure. 

Associating teaching and research, this 

new chair has two complementary objectives: 

give eco-design a central place in the training 

provided for future generations of engineers; 

develop new concepts and tools that cover 

all aspects of eco-design (buildings, mobility, 

management of transport infrastructure, etc.) 

and will become real decision-making aids for 

economic operators. VINCI’s involvement in this 

partnership is both financial (€600,000 a year 

for five years) and operational (experiments at 

pilot sites, hosting of researchers and trainees 

in Group companies).

SUSTAINABLE DEVELOPMENT R&D AND INNOVATION 

STIMULATING FORWARD-LOOKING 

REFLECTION ON THE SUSTAINABLE CITY 

A think-tank created by VINCI, The City Factory 

provides a forum for the sharing of experiences 

and expertise and for the discussion of the whole 

range of viewpoints and analytical work relating 

to the sustainable city. Its first seminar, in London, 

considered the theme of urban mobility, bringing 

together more than 50 international experts 

from complementary professional backgrounds: 

universities, non-governmental organisations, 

companies, politics, administrative bodies. The 

second meeting, held in Paris, was devoted 

to transport infrastructure projects in greater 

Paris and their impact on the region’s economic 

development. These two events provided an 

opportunity to present the Pirandello® urban 

model, developed by VINCI; this tool can measure 

the impact of public planning decisions (introduction 

of a congestion charge, construction of a 

new transport link, etc.) on urban settlements and 

mobility, in terms of population density, property 

prices, and traffic flows. In 2009, City Factory 

will be focusing its attention on the subject of 

the ecological city and eco-neighbourhoods. 

STRIVING FOR TECHNOLOGICAL 

EXCELLENCE 

There were 45 research programmes under way 

in VINCI’s various business entities in 2008, 

with a total budget of €30 million. In-house 

R&D occupies more than 180 research workers 

and scientists. The VINCI teams include some 

twenty PhD students on Cifre (training through 

research) contracts who are at the same time 

working on their thesis. 

VINCI’s Research, Development and Innovation 

Committee, the central body bringing together 

the scientific directors of the various divisions, 

covers the entire range of the Group’s activities. 

Reporting to the Executive Committee, it 

facilitates the exchange of information about 

research projects under way in Group companies 

or within the framework of national or 

European programmes. Each division manages 

its own R&D budget and selects its research 

themes as a function of its sector. 

Designed by two Group experts, Pirandello® is a 

decision-making tool for use in urban development 

projects. 

FOSTERING PARTICIPATIVE INNOVATION: 

THE VINCI INNOVATION AWARDS 

COMPETITION 

In order to develop the Group’s creative potential 

by turning employees’ innovations to good 

account, every two years VINCI organises a major 

competition open to all employees: the VINCI 

Innovation Awards Competition. The 2007 version 

extended into 2008 with the dissemination within 

the Group of the most significant innovations. For 

the 2009 version, VINCI has slightly adjusted the 

concept underlying the competition in order to 

better reflect the extent to which its employees 

use the innovations, and better capitalise on technological 

breakthroughs. The projects entered in 

the four main categories (Materials, Processes 

and Techniques; Management; Equipment and 

Tools; Marketing and Services) as well as the 

special “Safety” and “Sustainable Development” 

prizes are assessed by technical and commercial 

experts. A first series of regional prizes will be 

awarded in the autumn of 2009; the final winners 

will be presented with their prizes at a ceremony 

early in 2010, in Paris. 

The solar radiotelephony relay station, a winner in 

the VINCI 2007 Innovation Awards Competition, 

is powered by photovoltaic energy. Thanks to its 

battery, this device can function for about ten days 

without sunshine. 

More than 180 research workers and scientists are 

engaged in R&D work at VINCI. 

19

20 

GROUP 


STOCK MARKET AND SHAREHOLDER BASE 

VINCI SHARE INCREASED DIVIDEND AND RESILIENCE 

OF SHARE DURING FINANCIAL MARKET TURMOIL 

Amid the global financial and stock market 

crisis in 2008, our share closed at €30 on 

31 December 2008, down 41% over the year 

but outperforming the CAC 40 index by 3%. 

Against this backdrop, it continued to be 

an attractive investment, as illustrated by 

the 17% growth in the number of individual 

shareholders. 

Benefitting from the Group’s business profile 

and prudent management, the dividend 

proposed to the Shareholders’ Meeting on 

14 May 2009 will be €1.62 per share, representing 

a 6.6% increase. 

PAY-OUT RATIO HELD AT 50% 

In 2009, we will maintain the 50% pay-out 

policy introduced three years ago and propose 

a dividend of €1.62 per share to the 

Shareholders’ Meeting of 14 May 2009. This 

represents a 6.6% increase over the previous 

year and a return of 5.4% on the share price 

on 31 December 2008. 

After taking account of the interim dividend of 

€0.52 per share paid on 18 December 2008, 

the final dividend to be paid on 18 June 2009 

is €1.10 per share, which is payable in cash or, 

as an option, in new shares. 

SIGNIFICANT GROWTH IN THE NUMBER OF 

INDIVIDUAL SHAREHOLDERS 

The number of individual shareholders rose 

17% to 285,000 in December 2008, representing 

12.5% of VINCI’s share capital. 

In line with his commitment, Yves-Thibault 

de Silguy, chairman of the Board of directors, 

visited several major cities in France to meet 

individual shareholders and host meetings 

to present the Group, its business activities, 

strategy and results. Similar meetings will be 

organised in 2009. 

Our shareholder relations department received 

several awards in 2008. On 14 October, for 

instance, it received the Fils d’Or jury’s prize 

organised by La Vie Financière, a French weekly 

newspaper, in recognition of the quality improvements 

made within the department. 

The shareholder relations department has a 

free-phone number (see opposite) for callers 

using a fixed-line telephone in France, as 

well as a shareholders’ page on our website 

at www.vinci.com. Through this page, shareholders 

have direct access to full information 

about our business and financial performance. 

They can also register to receive press 

releases in real time and become members of 

the Shareholders’ Club. A newsletter (available 

in French only) keeps shareholders up to date 

about the Group’s news and outlook. 

VINCI SHAREHOLDERS’ CLUB BENEFITS 

The VINCI Shareholders’ Club had 7,500 members 

at 31 December 2008, of which 1,200 were 

new members who joined during the year. 

The club proposes visits to sites and facilities, 

hosted by local operations managers. In 

2008, over 600 members visited some of the 

finest structures built by the Group: the A19 

motorway, Térénez bridge, Dijon–Mulhouse 

high-speed line and the Stade de France. 

In addition, as part of the renewed skills sponsorship 

arrangement under which we built the 

temporary visitors centre in the courtyard of 

the Château de Versailles in spring 2008, free 

access to the Château has been extended to 

30 June 2011 for club members. 

Anyone owning at least one VINCI share can 

apply to the shareholder relations department 

to become a club member and benefit automatically 

from these special offers. 

INSTITUTIONAL INVESTORS 

AND FINANCIAL ANALYSTS 

Our communication policy as regards institutional 

investors (shares and bonds) and financial 

analysts aims to establish close dialogue with 

the financial community. To that end, we send 

analysts and investors regular information so 

that they can better understand our strategy 

and financial situation, as well as events that 

could impact on our performance. 

In 2008, we contacted over 1,200 institutional 

investors and financial analysts around the 

world through various communication initiatives: 

> information meetings when we published 

our annual and interim results; 

> participation of senior managers in general 

or themed events organised for institutional 

investors by financial institutions; 

> telephone conferences when we published 

our quarterly data; 

> road shows held in major financial centres 

in Europe and North America so that our senior 

management could meet investors (about 

20 days in 2008); 

> individual meetings and telephone conferences 

between our financial department and 

institutional investors.

€1,000 

€2,154 

2004 2008 

+17% a year 

€1.00 

€0.88 

2004 

2005 

€1.33 

2006 

€1.52 

2007 

€1.62 


BALANCED AND DIVERSIFIED 

SHAREHOLDER BASE (*) 

At 31 December 2008, our employee savings funds were 

our leading shareholder group, with 89,236 employees 

holding over 8% of our share capital. 

Some 285,000 individual shareholders, up 17% on the previous 

year, held 12.5% of our share capital. Institutional investors, 

of which there were more than 500, accounted for 

about 75% of our share capital. They were located mainly in 

France, the rest of Europe and North America. 

(*) Estimate based on a schedule of identifi able bearer shares 

at 31 December 2008. 

RETURN ON INVESTMENT 

IN VINCI SHARES OVER FIVE YEARS 

A VINCI shareholder who invested €1,000 on 1 January 2004 

and reinvested all the dividends received (including tax credits 

until 31 December 2004) would have had an investment 

of €2,154 on 31 December 2008. This represents an annual 

return of 17%. 

DIVIDEND PER SHARE DOUBLED IN FIVE 

YEARS (*) 

The dividend proposed to the Shareholders’ Meeting in 

respect of 2008 was €1.62 per share, a 6.6% increase over the 

2007 dividend. 

(*) After restatement following the two-for-one VINCI share splits in May 2005 

and May 2007. 

SHARE PERFORMANCE AND AVERAGE DAILY TRADING VOLUME 

50 

45 

40 

35 

30 

25 

20 

42.4% 

Price in € 

(VINCI rebased) 

8.2% 

4.6% 

28.1% 

12.5% 

4.2% 

Employees (savings funds) 

Treasury shares 

Individual shareholders 

Financière Pinault 

French institutional investors 

Other institutional investors, of which: 

16.8% North America 

6.9% United Kingdom 

16.3% Continental Europe 

2.4% Rest of the world 

Jan. Feb. March April May June July Aug. Sept. Oct. 

Nov. Dec. 


VINCI SHAREHOLDER RELATIONS 

DEPARTMENT 

1 cours Ferdinand de Lesseps 

92851 Rueil Malmaison Cedex, France 

> Shareholders’ page on www.vinci.com 

> Individual and institutional shareholders 

Tel: +33 1 47 16 45 39 

Fax: +33 1 47 16 36 23 

VINCI: 17th BIGGEST MARKET 

CAPITALISATION IN THE CAC 40 

ON 1 JANUARY 2009 

€15 billion 

at 31 December 2008 

based on a price of €30 per share. 

VINCI ranked 17th in the CAC 40 by 

market capitalisation and 14th by index 

weight. 

Number of shares traded 

(millions/day) 

6 

5 

4 

3 

2 

1 

0 

Between 31 December 2007 and 

31 December 2008, our share price 

declined 41%, while the CAC 40, 

DJ Eurostoxx 50 and DJ Eurostoxx 

Construction & Materials indexes 

fell 43%, 44% and 48% respectively. 

In 2008, a daily average of 3 million 

shares were traded on the market 

(Euronext). 


CAC 40 

DJ Eurostoxx 50 

DJ Eurostoxx Construction & Materials 

No. of VINCI shares traded 

21

22 

22 

GROUP CONCESSIONS 

VINCI __ 2008 ANNUAL REPORT

2008 PHOTO ALBUM 

THE YEAR IN FACTS AND IMAGES 

23 23

24 

04.02.2008 GROUND CONSOLIDATION IN THE DESERT 

In February, Freyssinet subsidiary Ménard 

performed an unprecedented project in 

Saudi Arabia: consolidation by dynamic 

compaction of 270 hectares of sandy ground 

with high clay content on the Red Sea coast 

(100 km to the north of Jeddah), where King 

Abdullah University of Science and Technology 

will be built in 2009. 

To complete the contract in less than eight 

months, 13 cranes were used to release 

masses of 15–20 tonnes from a height 

of 20 metres.

26 

18.03.2008 VINCI PARK MOVES INTO TOP 10 PARKING COMPANIES 

IN THE UNITED STATES 

LAZ Parking, owned 50% by VINCI Park 

since 2007, expanded strongly in 2008, both 

through external growth (acquisition of two 

companies totalling 26,500 spaces) and 

organic growth (new contract to operate 

36,000 on-street parking spaces in Chicago). 

This momentum carried over into the begin- 

ning of 2009 with the acquisition of Ultimate 

Parking (130 contracts in Boston, Providence 

and San Diego), which specialises in hotel, 

restaurant and private event parking. 

In total, LAZ Parking now operates over 1,000 

car parks and 325,000 spaces in 19 states and 

90 cities in the United States.

28 

02.04.2008 INVENTING TOMORROW’S CITIES TODAY 

The role of The City Factory is to stimulate 

collective thinking on urban development 

issues. Initiated by VINCI, the think-tank 

brings together a wide variety of stakeholders 

–elected officials, public-sector managers, 

academics, urban development specialists and 

private operators – who compare their points 

of view and pool their expertise in an informal 

setting conducive to discussion. Two seminars 

were organised in 2008. The first was devoted 

to mobility in the city and the development 

of intermodality, a forward-looking urban 

transport concept geared to combining the 

various transport modes rather than promoting 

competition between them. The second 

focused on the greater Paris area and compared 

transport infrastructure projects and 

the challenges of regional development.

30 

30.06.2008 NEW SKILLS SPONSORSHIP AGREEMENT IN VERSAILLES 

Repeating the unique collaboration implemented 

to restore the Hall of Mirrors, VINCI 

again used its know-how to build the visitors 

centre at the Château de Versailles. As 

contracting authority and supervisor of the 

works, carried out mainly by Group subsidiaries, 

VINCI completed the project in barely 

three months. 

The new centre, which was opened officially 

on 30 June, is only a temporary structure. 

It is nevertheless a singular and ambitious 

piece of architecture, with its contemporary 

curve marrying perfectly with the Château’s 

courtyard. VINCI’s financial investment 

in this new sponsorship agreement was 

approximately €2 million.

32 

18.10.2008 COMPREHENSIVE SOLUTION FOR CHANNEL TUNNEL REPAIR 

A consortium of VINCI companies carried out all 

the repair work on the Channel Tunnel following 

the fire on 11 September 2008. Selected 

for its capacity to propose and implement a 

comprehensive solution from 18 October, the 

consortium included VINCI’s three contracting 

divisions. Consortium leader Freyssinet (VINCI 

Construction) was in charge of civil engineering 

in general, and repairing the roof using a 

shotcreting process in particular. ETF-Eurovia 

Travaux Ferroviaires repaired the tracks and 

overhead lines, while VINCI Energies dealt with 

the electrical equipment. As a result of technical 

synergies and careful site organisation to 

ensure that several activities could be ongoing 

at the same time (up to 120 people working in 

the tunnel), the consortium was able to deliver 

the project on 6 February 2009.

34 

31.12.2008 OFFSHORE WIND FARM IN BELGIUM 

On the Thornton Bank site, some 30 km off 

the coast of Ostend, VINCI Construction’s 

Belgian teams erected the first six wind turbines 

after designing, building and positioning 

the foundations. Ultimately, the C-Power 

wind farm will have about 60 turbines. The 

first of these, 183 metres high at the tip of its 

blade, was connected to the Belgian national 

grid on 31 December 2008. On completion, 

the farm will have an installed capacity of 

about 300 MW, which would meet the power 

needs of a town with a population of 600,000.

36 

24.01.2009 MOBILISATION ON THE GROUND AFTER WINTER STORM KLAUS 

Just like after the storm in 1999, VINCI 

Energies teams were in the front line to 

repair the damage caused by winter storm 

Klaus, which hit south-west France and 

northern Spain on 24 January 2009. 

In the days that followed, more than 400 

employees of 62 VINCI Energies entities 

in France and Spain went to work on the 

ground. Alongside ERDF, RTE and Iberdrola 

teams, they repaired damaged networks, 

re-connected high voltage overhead lines, 

made sites safe and installed generator 

sets to supply power to France Telecom’s 

distribution frames and those of mobile 

phone operators such as SFR and Bouygues.

38 

38 



BUSINESS 

REPORT 

40. CONCESSIONS 

62. ENERGY 

70. ROADS 

78. CONSTRUCTION 

39

40 

40 



CONCESSIONS 

PROFILE 

VINCI Concessions is Europe’s leading operator of transport infrastructure concessions 

(motorways, tunnels, bridges, car parks, airports and rail links) and the world’s biggest private 

operator of motorway concessions. 

> In France, VINCI Concessions holds a very strong position, with 4,374 km of motorway 

under concession to ASF, Cofiroute, Escota and Arcour (holder of the concession for the A19 

between Artenay and Courtenay) and 450,000 parking spaces managed by VINCI Park. The 

company also has shareholdings in several concession and infrastructure operators: SMTPC, 

the operator of the Prado–Carénage tunnel in Marseilles; Openly, the operator of the northern 

ring road around Lyons; the operators of Grenoble-Isère, Chambéry-Savoie, Clermont Ferrand- 

Auvergne and Quimper-Cornouaille airports; and the Stade de France consortium. In 2008, it 

added the concessions for the MMArena in Le Mans, the Prado–Sud tunnel in Marseilles and 

the car rental firm business complex at Nice-Côte d’Azur airport to its business portfolio. 

> Outside France, VINCI Concessions operates the Charilaos Trikoupis Bridge (Rion–Antirion) 

and two new motorway concessions totalling 600 km in Greece; Toll Collect, the electronic 

toll system, and a 45 km motorway concession in Germany; the bridges over the River Severn, 

the Dartford Crossing on the M25 around London and the Newport Southern Distributor Road 

in the United Kingdom; two bridges over the River Tagus in Lisbon, Portugal; the Fredericton– 

Moncton motorway and Confederation Bridge in Canada; the SR-91 and I-394 Express Lanes 

in the United States; a 34 km motorway section in Jamaica; the three international airports 

in Cambodia; and 770,000 parking spaces managed by VINCI Park in 11 countries. In 2008, it 

added the Liefkenshoek rail link in the Port of Antwerp and the Coentunnel in Amsterdam to 

its business portfolio. 

In a socially responsible approach to managing public services and with a view to meeting 

the expectations of its 600 million end-customers, VINCI Concessions is developing services 

that optimise the operation of the infrastructure for which it holds concession contracts. 

41 41

42 

PROFILE CONCESSIONS 

VINCI CONCESSIONS AROUND THE WORLD 

EUROPE 

Luxembourg 

47,029 parking spaces 

Belgium 


Liefk enshoek rail link, Antwerp 

United Kingdom 

Severn Crossings 

Newport Southern Distributor Road 

Dartford Crossing 2 tunnels and a bridge 


France 

Cofi route network: 1,100 km 

ASF network: 2,714 km 

Escota network: 459 km 

Arcour (A19): 101 km 

Openly 

Leslys/RhônExpress 

Truck Etape 


Prado–Carénage and Prado–Sud tunnels 

A86 Duplex tunnel 

Puymorens tunnel 

Stade de France: 80,000 seats 

Le Mans stadium: 25,000 seats 

Chambéry, Grenoble, Clermont Ferrand 

and Quimper airports (1.37 million 

passengers) 

Car rental fi rm business complex, Nice airport 

Lucitea Rouen 

Portugal 

Two bridges over the Tagus 

Spain 


AMERICAS 

Canada 

Confederation Bridge 

Fredericton–Moncton motorway: 200 km 


United States 

SR-91 Express Lanes: 17 km 

I-394 Express Lanes: 16 km 


Jamaica 

Motorway: 34 km 

Rail, road and motorway 

infrastructure 

Parking 

Airports 

Infrastructure projects 

under study 


Russia 

920 parking spaces 

Netherlands 

Coentunnel 

Germany 

Toll Collect (motorway toll system) 


A4 – A-Modell 

Czech Republic 


Slovakia 


Switzerland 


Romania 

Greece 

Charilaos Trikoupis Bridge (Rion–Antirion) 

Maliakos-Kleidi motorway: 230 km 

Athens–Tsakona motorway: 365 km 

Cyprus 

ASIA 

Cambodia 

3 airports: 

3.2 million passengers

INFRASTRUCTURE MANAGED BY VINCI CONCESSIONS 

Structure Description Country Share capital held 

Motorways Network under concession 

Residual term 

of concession (in years) 

from 31 Dec. 2008 

ASF network (1) 2,714 km France 100% 24 

Cofi route network 1,100 km France 83% 22 

Escota network 459 km France 99% 18 

Arcour (A19) (2) 101 km France 100% 62 

A4 – A-Modell (2) 45 km Germany 50% 29 

Athens–Tsakona motorway (2) 365 km Greece 36% 29 

Maliakos–Kleidi motorway (2) 230 km Greece 14% 27 

Fredericton–Moncton motorway 200 km Canada 12% 20 

SR-91 Express Lanes 17 km United States 83% 1 (3) 

I-394 Express Lanes 16 km United States 83% 1 (3) 

Trans Jamaican Highway 34 km Jamaica 34% 28 

Ring roads 

Newport Southern Distributor Road 10 km United Kingdom 50% 34 

Openly, Lyons 10 km France 100% 5 (3) 

Rail links 

Liefk enshoek (2) Rail link tunnel (16 km), Antwerp Belgium 37% 41 

Leslys/RhônExpress (2) Light rail system (23 km), Lyons France 32% 29 

Bridges and tunnels 

A86 Duplex tunnel (2) Rueil Malmaison–Versailles France 83% 70 (4) 

Prado–Carénage tunnel Tunnel in Marseilles France 33% 17 

Prado–Sud tunnel (2) Tunnel in Marseilles France 59% 45 

Charilaos Trikoupis Bridge Peloponnese-mainland Greece 57% 31 

Tagus bridges Two bridges in Lisbon Portugal 37% 22 

Severn Crossings Two bridges over the Severn United Kingdom 35% 8 (5) 

Dartford Crossing Two tunnels under and a bridge over the Thames United Kingdom 43% 1 (3) 

Coentunnel (2) Tunnel in Amsterdam Netherlands 28% 30 

Confederation Bridge Prince Edward Island–mainland Canada 19% 24 

Car parks 

VINCI Park 1.2 million spaces, of which 382,942 

under concession or freehold 

Airports 

France Chambéry, Clermont Ferrand, 

Grenoble, Quimper 

France/Europe, 

United States, Canada 

100% 25 (6) 

France 50% 3 to 14 years (3) 

Cambodia Phnom Penh, Siem Reap, Sihanoukville Cambodia 70% 32 

Car rental firm business complex, Nice (2) 60,000 sq. metre building France 100% 30 

Other public facilities 

Stade de France 80,000 seats France 67% 17 

Le Mans stadium (2) 25,000 seats France 100% 35 

Public lighting in Rouen (Lucitea) France 100% 19 

Service companies 

Lorry Rail Rolling motorway 

Luxembourg–Perpignan 

Truck Etape Two secure parking facilities 

for heavy goods vehicles 

(1) Including the Lyons–Balbigny section 

(2) Under construction or to be built 

(3) Service, management or public service contracts. 

(4) From the date on which the tunnels go into full service 

(5) Estimated date of end of contract 

(6) Average residual term for the 368,305 spaces under concession. 

France 12% 

France 100% 

43

44 

PROFILE 

VINCI CONCESSIONS 

Revenue (1) Operating profi t 

from ordinary 

activities 

Revenue by business line (1) 

12% 

4,574 

13% 

23% 

4,781 

4% 

ASF 

Cofi route 

Escota 


Other 

MOTORWAY NETWORKS 

UNDER CONCESSION IN EUROPE (in km) (*) 

VINCI 4,429 

Atlantia 3,418 

Abertis 3,277 

Eiff age 2,583 

Brisa 1,494 

Cintra 1,250 

48% 

(*) Networks in which the companies 

are the majority shareholder 

Source: company press releases. 

1,751 

38.3% 

1,966 

41.1% (2) 

Net profi t 

attributable to 

equity holders of 

the parent 

(1) Excluding revenue realised by concession operators for the construction by third 

parties of new infrastructure. 

(2) 38.6% of revenue excluding non-recurring items. 

(3) Before tax and cost of debt. 

(4) At 31 December 2008. 

Cash fl ow from 

operations (3) 




2007 

Pro forma Pro forma Pro forma Pro forma 

674 

14.7% 

756 

15.8% 

2,832 

61.9% 

2,936 

61.4% 


Revenue by geographical area (1) 

VINCI’S MOTORWAY CONCESSIONS 

IN FRANCE 

NANTES 

4% 

ROCHEFORT 

A837 

BORDEAUX 

3% 

A87 

A83 

A81 

A10A28 

ANGERS 

A11 

A85 

A63 TOULOUSE 

A64 

BIARRITZ 

ASF 

COFIROUTE 

ESCOTA 

ARCOUR (A19) 

OTHER NETWORKS 

Net fi nancial debt (4) 

93% 

LE MANS 

PARIS 

POITIERS 

A10 

CLERMONT 

FERRAND 

A89 

A89 

LYONS 

A89 

BRIVE 

A7 

A62 

15,368 

A11 

2007 

A68 

A645 

A28 

A20 

15,523 

A11 

A10 

A85 

A66 


A61 

A10 

A9 

A86 

A71 

A19 

A72 


In € millions and as a 

percentage of revenue (1) 

Pro forma: after application 

of Interpretation IFRIC 12, 

Service Concession 

Arrangements. 

France 

Rest of Europe 

Rest of the world 

A51 

NÎMES 

A9 

AIX EN A8 MENTON 

A8 

A9 

PROVENCE 

A54 

A500 

A52 

NARBONNE 

A57 

A50 

TOULON 

PRADO–CARENAGE 

AND PRADO–SUD 

TUNNELS 

A7 

LYONS NORTHERN 

RING ROAD

VINCI PARK 

REVENUE BY GEOGRAPHICAL AREA (1) 

6% 

13% 

5% 

4% 

6% 

REVENUE BY TYPE OF CONTRACT (1) 

25% 

VINCI AIRPORTS 

France 

North America 


Germany 

Spain 


PARKING SPACES BY TYPE OF CONTRACT 

69% 

4% 

1% 

66% 

71% 

30% 

ANNUAL PASSENGER TRAFFIC 

Concessions 

and long-term leases 

Service provider 

Freehold 

Phnom Penh 1,692 

Siem Reap 1,532 

Clermont Ferrand 511 

Grenoble 474 

Chambéry 270 

Quimper 120 

In thousands of passengers. 

Concessions 

and long-term leases 

Service provider 

Freehold 

(1) Revenue after application of Interpretation 

IFRIC 12 – excluding construction revenue. 

PARKING SPACES BY GEOGRAPHICAL AREA 

9% 

4% 

3% 

10% 

37% 

37% 

VINCI PARK, 

A EUROPEAN PARKING LEADER (*) 

Number of spaces 

(*) Source: internal studies, company press releases. 

France 

North America 


Germany 

Spain 


Apcoa 1,400,000 

VINCI Park 1,220,000 

Q-Park 800,000 

Cintra 296,000 

Interparking 235,000 

NCP 230,000 

AIRPORTS MANAGED BY VINCI CONCESSIONS 

FRANCE 

CAMBODIA 

QUIMPER 

SIEM REAP 

CLERMONT 

FERRAND 

PHNOM PENH 

PHNOM PENH 

SIHANOUKVILLE 

CHAMBÉRY 

GRENOBLE 

45

46 

BUSINESS REPORT 

CONCESSIONS 

VINCI CONCESSIONS BUSINESS DEVELOPMENT 

For VINCI Concessions, 2008 was a record year in 

terms of business development: new contracts, 

fi nancing arrangements completed leading to the 

eff ective start-up of other contracts, and announced 

preferred bidder on several public-private partnership 

(PPP) projects. 

PROJECTS IN PROGRESS 

France 

Le Mans stadium. On 27 June 2008, the city of Le Mans and Le Mans 

Stadium (LMS), a VINCI Concessions subsidiary, signed the concession 

contract for the new MMArena stadium, the first stadium in France 

to be named after a company under a naming rights agreement. The 

35-year contract covers the design, financing, construction, operation 

and maintenance of a 25,000-seat stadium. The concession operator’s 

remuneration will be based on commercial revenue generated by 

the events organised in the stadium. As the main user, resident club 

MUC 72 will pay a fee made up of a fixed component and an attendance-related 

variable component. The financing arrangements were 

finalised on 8 October 2008. VINCI Construction France and Eurovia will 

carry out the works over a 26-month period. The stadium is scheduled 

for opening in time for the 2010-2011 football season. 

Prado–Sud tunnel. The concession operator, owned 58.5% by VINCI 

Concessions and 41.5% by Eiffage, signed the concession contract for the 

Prado–Sud tunnel in Marseilles on 8 February 2008. The 46-year public 

service contract, worth €189 million, calls for building and operating a 

1,500 metre cut-and-cover tunnel with two superimposed levels for use 

by light vehicles only, extending the existing Prado–Carénage tunnel (see 

p. 58). The financing arrangements were finalised on 2 October 2008. 

The works will be carried out by a consortium of VINCI Construction 

France entities. The tunnel is scheduled for opening in spring 2013. 

Airports. In addition to the Clermont Ferrand-Auvergne airport operating 

contract, which came into effect on 1 January 2008, VINCI Concessions 

secured the renewal of its public service contract for Grenoble-Isère 

airport for 14.5 years and won a new operating contract for Quimper- 

Cornouaille airport for a period of 6 years and 10 months (see p. 56). 

Leslys light rail system, Lyons. The 30-year contract for the express rail 

link between Lyons’ Part Dieu railway station and Saint Exupéry airport 

was awarded to a consortium led by VINCI Concessions and including 

the Caisse des Dépôts et Consignations. Interconnected with the urban 

area’s public transport networks (metro and high-speed train stations), 

Leslys will operate 365 days a year, with trains every 15 minutes on 

average. The contract signed in 2007 covers the design, financing, 

construction and operation of the link, and represents a total investment 

of €110 million. VINCI Construction and Eurovia are carrying out 

the infrastructure work, including laying the track, and VINCI Energies 

is participating in the electrical engineering work. The rail link will be 

operated by Veolia Transport, one of the consortium members. The first 

trains carrying passengers will run on 1 August 2010. 


Belgium 

Liefkenshoek rail link. Infrabel, the Belgian rail infrastructure operator, 

awarded the contract for the Liefkenshoek rail link in the Port of Antwerp 

to Locorail, the consortium comprising VINCI Concessions (25%), VINCI 

Construction subsidiary CFE (25%) and BAM PPP (50%). The 42-year 

contract, with a total value of €841 million, covers the design, financing, 

construction and maintenance of a 16.2 km double-track rail link. This 

additional link (including a bored tunnel) between the two banks of the 

River Escaut will help to alleviate the dense freight traffic in the port. 

After finalisation of the financing arrangements, the works started at 

the end of 2008 and will be completed by mid-2013. The construction 

consortium is made up of VINCI Construction Grands Projets (25%), CFE 

subsidiary MBG (25%) and two subsidiaries of Royal BAM. 

Netherlands 

Coentunnel, Amsterdam. The consortium comprising VINCI Concessions, 

CFE and its subsidiary Dredging International (VINCI Construction), Dura 

Vermeer, Arcadis, Besix and TBI signed a 30-year contract on 22 April 

2008 to design, build and operate a 600 metre submerged road tunnel 

between central Amsterdam and the city’s northern suburbs. The project, 

with a value of over €500 million, also calls for renovating an existing 

tunnel. The concession grantor, the Dutch Ministry of Water and Public 

Works, will pay the consortium a variable fee based on the actual availability 

of the structure to traffic. The works, which will take five years, 

will be carried out by a consortium including VINCI Construction Grands 

Projets, CFE and its subsidiary DEME. 

Greece 

Athens–Tsakona motorway. Olympia Odos is the concession operator 

led by VINCI Concessions (36%) in a consortium with Hochtief PPP 

Solutions of Germany and Greece’s two biggest construction companies. 

On 7 August 2008, it reached agreement with a consortium of 19 banks 

on €1.6 billion financing for the Athens–Tsakona motorway concession, 

bringing the contract into force. This is the biggest concession contract 

ever won by VINCI in the international arena. It calls for the financing, 

design, construction or renovation, operation and maintenance for 30 

years of the 365 km of toll motorway between Athens and Tsakona, in 

the south-west of the Peloponnese, via Corinth and Patras. The route 

consists of 82 km of existing motorway, 120 km of motorway to be renovated 

and widened, and 163 km to be built from scratch in six years. The 

project includes 19 km of tunnels, more than 400 structures to be built 

or repaired, and about 20 new interchanges. The works will be carried 

out by a consortium that includes VINCI Construction Grands Projets 

together with its German and Greek partners. 

Maliakos–Kleidi motorway. VINCI has a 13.75% holding in Aegean 

Motorway, a consortium with the same partners and a third Greek 

company. The consortium will operate 230 km of motorway between 

Athens and Thessalonica for a period of 30 years. The financing 

arrangements, involving about 10 European banks and debt of approximately 

€600 million, were finalised on 5 March 2008, bringing the 

contract into force. VINCI Construction Grands Projets is participating 

in the works, which include upgrading the existing motorway and 

building new sections, together with three twin-tube tunnels (1.8 km, 

3 km and 6 km).

PROJECTS UNDER NEGOTIATION 

Negotiations will be continued on several new contracts in 2009. 

Germany 

A5 Malsch–Offenburg motorway. In February 2009, the consortium led 

by VINCI Concessions was designated concession operator of a 60 km 

section of the A5 motorway between Malsch and Offenburg in southwest 

Germany. The project, with an estimated value of €600 million, 

involves renovating the existing motorway (of which 41.5 km are to be 

widened to three-lane dual carriageway) and operating it for 30 years. 

The concession operator will be paid based on traffic (vehicles of over 

12 tonnes), the tolls being collected by the satellite-based system Toll 

Collect. A Eurovia-led consortium will carry out the works. This contract 

is the last of four pilot projects issued by the German government as 

part of its A-Modell programme. It is also the second won by VINCI after 

the A4 between Gotha and Eisenach. 

Slovakia 

R1 expressway. On 16 December 2008, the consortium formed by 

VINCI Concessions (leader) and investment fund ABN Amro Highway 

was named preferred bidder by the Slovakian Ministry of Transport for 

the 30-year contract to finance, build, operate and maintain a 52 km 

In 2010, Leslys, the 23 km express link, will carry passengers 

between Lyons’ Part Dieu railway station and 

Saint Exupéry airport in 25 minutes. 

expressway (R1). Located to the east of Bratislava, the new two-lane dual 

carriageway will link Nitra and Tekovské Nemce, bypassing the city of 

Banská Bystrica. 

France 

CDG Express. At the end of 2008, the consortium comprising VINCI, 

AXA, the Caisse des Dépôts et Consignations and Keolis was in exclusive 

negotiations with the French government as part of the award process 

for the CDG Express project. This 60-year concession will provide a 

non-stop rail service between the centre of Paris and Charles de Gaulle 

Airport, enabling passengers to make the journey in 20 minutes. 

Russia 

Moscow–Saint Petersburg motorway. On 30 October 2008, Russia’s 

Ministry of Transport invited North West Concession Company (NWCC), 

formed by VINCI Concessions and N Trans, its Russian partner, to start 

exclusive negotiations on the concession contract for the first section 

(43 km) of the toll motorway between Moscow and Saint Petersburg. As 

the route passes near Sheremetyevo, Moscow’s international airport, it 

will alleviate traffic on the existing trunk road. 

At the end of 2008, VINCI Concessions was competing for about 20 other 

contracts to build transport infrastructure or public facilities in Europe. 

47

48 


VINCI AUTOROUTES 

CONCESSIONS 

VINCI Autoroutes is the umbrella organisation for 

our motorway concession companies in France: ASF, 

Cofi route, Escota and Arcour. With a network totalling 

4,374 km, almost half the French network under 

concession, it is Europe’s biggest motorway operator. 

VINCI Autoroutes is developing synergies between its 

networks with a view to proposing new services to its 

customers. In 2008, VINCI Autoroutes invested over 

€1 billion to extend or improve its network. 

The focus on synergies between ASF, Cofiroute and Escota has led to the 

launch of several projects aimed at deploying a common policy across 

all the networks. One such project was the development of a service 

commitment charter, which applies to all VINCI Autoroutes companies 

in France. It covers the fields of information, safety, traffic flows and the 

environment. In addition, a company common to all VINCI Autoroutes 

operators will be created in 2009 to manage their electronic toll collection 

accounts nationwide (light vehicles) and issue transponders. A 

similar approach is under way as regards traffic information. The aim 

of this project is to use new digital technologies in order to channel 

information from a single agency to the networks’ media and systems: 

motorway radios, variable message signs, Internet, on-board information, 

etc. 

Pooling of know-how is also applied to toll systems, with the launch in 

2008-2009 of the first experimental use of non-stop collection (using 

an automated toll barrier) and free-flow (no barrier) systems on VINCI 

Autoroutes’ networks in France. Our expertise in complex toll systems 

(satellite-based, variable pricing, etc.), acquired mainly in Germany and 

the United States, will be an advantage for the development of new 

offerings in this area against a backdrop of more widely spread implementation 

of tolls (eco-tax on heavy goods vehicles using national road 

networks, introduction and spread of urban tolls, etc.). 

More generally, the synergies within VINCI Autoroutes and with other 

VINCI Concessions entities will promote the emergence of new mobility 

services, particularly in the major urban areas located at the intersections 

of VINCI Autoroutes motorway networks in France. In a move that 

extends beyond the current scope of its concession contracts, VINCI 

Autoroutes also intends to draw on its proximity to the municipalities 

on its network to provide services based on its expertise in road infrastructure 

management. 

In € millions and as a percentage of revenue (1) 


Service Concession Arrangements. 

1) Excluding construction revenue (IFRIC 12). 


(3) Including exceptional items totalling €79 million. 


AUTOROUTES DU SUD DE LA FRANCE 

ASF, France’s biggest motorway company, operates a network of 

2,633 km in the south of France. It also has 81 km of motorway that 

are planned or under construction. In 2008, the company invested 

€263 million within the framework of its 2007-2011 master plan. Its 

network carries heavy commercial and tourist traffic from all over 

Europe, as well as significant regional traffic. It is used by 1 million 

customers a day and has over 400,000 electronic toll collection (ETC) 

accounts. 

ASF’s revenue (*) increased 3.1% to €2,304 million in 2008, despite 

a decline in traffic due to the economic recession (-1.4% on a stable 

network basic, -1.1% on an actual network basis). 

Infrastructure 

Over the period of its 2007-2011 master plan, ASF will invest almost 

€2.6 billion (**) in the construction of new sections or upgrade of existing 

sections on its network. The first stage of this programme was marked 

in 2008 by the completion on schedule of two major corridors: the A89, 

where the Thenon–Terrasson (18 km) section was brought into service 

in January and gave continuous motorway over the 324 km between 

Bordeaux and Clermont Ferrand, and the A87, with the official opening 

in July of the southern bypass around La Roche sur Yon (16 km), which 

gives continuous two-lane dual carriageway between Paris and Sables 

d’Olonne. 

The year also saw the start-up of works on the Balbigny–La Tour de 

Salvagny section (53 km), which will extend the A89 towards Lyons. This 

major project, which received ISO 14001 environmental management 

certification in 2008, is the subject of in-depth discussions with environmental 

protection non-profit organisations. At the end of the year, 

ASF launched the upgrade of 40 km of the A63 between Ondres on 

the south Atlantic coast and Biriatou on the border between France and 

Spain. In addition to widening the section to three-lane dual carriageway, 

the project includes upgrading its environmental performance, focusing 

on water treatment, biodiversity and noise screens. 

(*) Excluding construction revenue (IFRIC 12). 

(**) Constant 2006 euros. 

ASF GROUP (Escota and ASF) 

Revenue (1) Cash fl ow from 

2,811 

2007 

Pro forma 

2,895 



1,839 

65.4% 

1,902 

65.7 % 

Net profi t 

342 

12.2% 


2007 

Pro forma Pro forma 

478 (3) 

16.5% 

2008

Operation 

Electronic toll collection (ETC) increased strongly in 2008. For heavy 

goods vehicles, the migration to the new ETC system, TIS-PL, from the 

card-based Caplis was completed during the second quarter of the 

year. The general deployment of TIS-PL doubled the number of ETC 

accounts, and payments in this category reached 71%. There was also 

significant growth in light vehicle ETC accounts, with almost 100,000 

transponders sold and a 10% increase in the number of electronic 

transactions. This growth was boosted by the deployment of the new 

customer call centre and the launch in November of on-line transponder 

sales, which represented 30% of all sales one month after the 

service was introduced. Across all vehicle categories, electronic toll 

collection represented one-third of total transactions at the end of the 

year. Over the year, total automated transactions (ETC and payment 

terminals) rose from 66% to 75%. 

Alongside its major infrastructure projects, ASF continued to invest in its 

network modernisation and equipment programme. On the A7/A9, for 

instance, a series of measures was introduced to reduce the motorway’s 

environmental impact (protection for nearby residents, hydrological 

assessment) and combat traffic congestion using innovative solutions. 

Measures included continuing the ban on overtaking by heavy goods 

vehicles on two difficult sections after testing it the previous year. The 

ban is now also applied on other sections of the motorway. In addition, 

the speed control system (recommended speed limits adjusted based 

on traffic conditions) used each summer since 2004 on the A7 between 

Vienne and Orange was applied on the A9 between Montpellier and 

Narbonne in 2008. 

“DISCOVERY STOPS” IN PARTNERSHIP 

WITH THE NICOLAS HULOT FOUNDATION 

ASF has been a “biodiversity” partner to the Fondation 

Nicolas Hulot pour la Nature et l’Homme (FNH) since 2004. 

Through a programme of “discovery stops”, the company 

relayed the foundation’s awareness messages to the 20 million 

holiday-makers who use its network during the summer. 

The programme included a “biodiversity stop” that showcased 

the copious flora and fauna at rest areas and encouraged 

visitors to practice biodiversity by eating local fruits and 

vegetables that are in season. 

During the “discovery stops”, ASF also distributed 100,000 

guides (Le Petit Livre Vert pour la Terre) and 100,000 

pamphlets (Limitez l’Impact de Votre Sport sur la Nature) 

published by FNH to promote eco-citizenship. 

In terms of road safety, although the number of accidents on ASF’s 

network continued to decline during the year, the number of fatalities 

increased (54 at the end of 2008, compared with 45 at the end of 

2007). This figure bolstered ASF’s determination to continue its efforts 

in this area: installing equipment (systems to prevent motorists from 

entering the motorway against the traffic flow, early warning signalling, 

extension of rumble strips, etc.), co-ordinating with enforcement 

agencies and organising the information channel. Radio Trafic 

FM (RTFM), which plays a major role in road safety, strengthened its 

position as the leading radio station in its broadcasting area in 2008. 

According to a survey carried out by Médiamétrie from 25 to 27 July 

2008, almost 36% of motorists on ASF’s network listen to RTFM, which 

translates into an average of 526,000 listeners a day during summer 

weekends. Based on the listening time per customer, RTFM also has 

the biggest audience share (60%) – no other radio station has more 

than 8%. 

During 2008, 550 new heavy goods vehicle parking spaces were created, 

including 110 at the Loupian (A9) rest area, which are now equipped 

with special services. Over and beyond the commitments in its master 

plan, ASF has proposed an ambitious programme to the Department of 

Transport Infrastructure. This multi-year programme aims to improve 

the facilities for drivers and their vehicles at the most frequently used 

rest areas on its networks. Developed in collaboration with all French 

haulage federations, it involves the construction of an additional 2,000 

parking spaces, of which 1,500 will be on the A7 and A9, as well as 

creating seven new secure lorry parks. 

49

50 


COFIROUTE 

CONCESSIONS 

Cofiroute operates 1,100 km of motorway in western France. The 

company also holds the concession for the A86 Duplex tunnel near 

Paris. The first section, between Rueil Malmaison and the A13, will be 

opened to traffic in June 2009. This concession will run for 70 years from 

the date the entire structure is brought into service. 

In 2008, Cofiroute invested €381 million within the framework of its 

2004-2008 master plan. Its network is used by 330,000 customers a 

day and it has 210,000 electronic toll collection (ETC) accounts. 

For Cofiroute, 2008 was a year of further growth. The strong increase in 

fuel prices during the second quarter and the economic recession during 

the second half had a negative impact on traffic, which declined 1.4% 

on a stable network basis (-1.3% for heavy goods vehicles and -1.4% for 

light vehicles). Toll revenue, however, increased 3.6% to €1.1 billion due, 

in particular, to the extension of the network in service. 


Cofiroute completed its intercity network in 2008. Over the period of its 

2004-2008 master plan, the company invested €3 billion in a construction 

programme that made it a key player in France’s regional development. 

It widened 50 km of the A10 and built 192 km of new sections 

to complete the A11, A28 and A85. With the aim of improving safety, 

Cofiroute installed 660 km of rumble strips and 666 emergency stopping 

areas on its network. Investment in network equipment, meanwhile, 

resulted in the creation of 934 new parking spaces for heavy goods 

vehicles and the installation of an additional 67 variable message signs. 

In parallel, the company continued its efforts to improve the network’s 

environmental performance by installing a further 28 wastewater treatment 

plants and 20 water retention ponds, and by equipping 28 rest 

areas with selective waste collection facilities. 

Total investment for the year amounted to €381 million without increasing 

net financial debt, which remained at the same level as in 2007. 

On the A11, Cofiroute opened the northern Angers bypass to traffic 

on 24 April, four months ahead of schedule. There is now continuous 

motorway between Paris and Nantes. The 14.3 km section includes a 

532 metre viaduct and a 1.7 km cut-and-cover tunnel, the first to be 

brought into service in France since the European directive on road 

tunnel safety came into force. 

Work on improving the network in service focused mainly on upgrading 

the Langeais–Druye section (transferred to Cofiroute by the government 

in 2007) to motorway standard, starting the A71 widening project 

between Orleans and Olivet, and developing the Vierzon North interchange 

at the A10/A71 bifurcation. 

Work continued on the A86 Duplex, the double-deck tunnel that will 

complete the A86 between Rueil Malmaison and Versailles, near Paris. 

Fire safety tests carried out on the first 4.5 km section between Rueil 

Malmaison and the A13 in June demonstrated the efficiency of the 

ventilation system. Tests on equipment and the operation support and 

command-control systems continued throughout the year. Their trial 

and development period has been extended in order to guarantee a 

maximum level of reliability and safety when brought into service in 

June 2009. Civil engineering work continued on the second section, 

between Versailles and Vaucresson, with the construction of the slabs, 

emergency refuge areas and communicating stairways. 



Service Concession Arrangements. 

(1) Excluding construction revenue (IFRIC 12). 



Operation 

Cofiroute continued its toll automation programme in 2008. TIS-PL, the 

inter-company ETC system for heavy goods vehicles that replaced the 

Caplis card system in May 2008, is now used by all account holders. 

At year end, 76% of toll payments by heavy goods vehicles were made 

by ETC. There was also growth in this area for light vehicles: 60,000 

Liber-t transponders were sold during the year, bringing the installed 

base to 210,000. The automation programme also covers the installation 

of terminals accepting all forms of payment at toll stations with little 

traffic, as well as remote management equipment related to Cofiroute’s 

operation services. By the end of 2008, Cofiroute had 49 fully automated 

or semi-automated toll stations, compared with 30 at the end of 2007. 

Across all customer categories, whether ETC account holders or not, 

toll automation exceeded 70% at the end of 2008, representing annual 

growth of over 10%. 

One of the highlights of the year was Cofiroute’s launch of its “ecomotorway” 

programme, which affirms its responsibility as a private 

company that works in the public interest and its capacity for taking 

action to make the motorway safer, more user- and more environmentfriendly. 

This vision has led to an eco-refurbishment programme at 47 

rest areas on the A10, A11 and A71; the reduction of direct CO 2 emissions 

based on the results of the company’s carbon audit (Bilan Carbone); the 

current ISO 14001 environmental certification process covering all its 

operation activities (already ISO 9001 certified); and numerous internal 

and external safety initiatives. With regard to employee safety, the accident 

prevention plan led to significantly improved results. Workplace 

accident frequency and severity rates were halved compared with 2007, 

and eight out of 16 operations centres achieved the objective of zero 

lost-time accidents during 12 months. The plan is backed strongly 

by management and involves all employees, in particular through the 

15-minute safety meetings initiated in 2008. 

International business 

In the United States, Cofiroute operates the SR-91 Express Lanes, a fully 

automated, free-flow toll system in Los Angeles. Variable road charging 

is applied on this two-lane dual carriageway (40,000 vehicles/day). On 

the I-394 in Minnesota, Cofiroute operates HOT (high occupancy and 

toll) lanes with a dynamic variable charging system (the toll is adjusted 

every three minutes based on traffic conditions). 

In Germany, Toll Collect, in which Cofiroute is a shareholder, operates the 

toll system applied across the entire national network (12,500 km) for 

vehicles of over 12 tonnes. The system uses satellite technology combined 

with GSM links and achieves 99.7% accuracy. Tolls collected on behalf of 

the German government in 2008 amounted to over €3 billion. 

COFIROUTE 


1,039 

2007 

Pro forma 

1,077 



736 

70.8% 

772 

71.6% 

Net profi t 

285 

27.4 % 


2007 

Pro forma Pro forma 

269 

25 % 

2008

THE A11 ANGERS, AN ILLUSTRATION 

OF THE “ECO-MOTORWAY” CONCEPT 

Opened to traffic in April 2008, the Angers bypass on the A11 illustrates 

the “eco-motorway” concept initiated by Cofiroute. To meet new 

environmental standards, the 14.3 km section has been planted with 

28,000 trees and bushes, and 17 settling tanks and 30,000 sq. metres of 

noise screens have been installed. By building a 1.7 km cut-and-cover 

tunnel, which complies with new French and European regulations on 

road tunnel safety, Cofiroute was able to give nearby residents an area 

measuring 10 hectares for the creation of parks and gardens. In addition, 

the bypass absorbs much of the transit and local traffic that used 

to cause congestion in the city centre, i.e. a reduction of 25,000 vehicles 

a day (900 tonnes of CO 2 per kilometre travelled). 

51

52 


ESCOTA 

CONCESSIONS 

Escota, France’s oldest toll motorway concession operator, has a 459 km 

network located entirely in the Provence-Alpes-Côte d’Azur region. In 

2008, Escota invested €219 million within the framework of its 2007- 

2011 master plan. Its network is used by 670,000 customers a day and 

it has almost 200,000 electronic toll collection accounts. 

Escota’s revenue (*) increased 2.21% to €591 million in 2008, despite a 

decline in traffic (-1.3%) observed from May against a backdrop of higher 

fuel prices and the economic crisis. A total of 6.5 billion kilometres were 

travelled during the year. 


Over the period of its 2007-2011 master plan, Escota will invest almost 

€0.8 billion in its network. In 2008, investments amounted to €219 million. 

On the A8, widening to three-lane dual carriageway was completed two 

months ahead of schedule between Nice Saint Augustin and Nice Saint 

Isidore, and similar work was carried out on the Châteauneuf le Rouge to 

Saint Maximin section. The extensive programme of safety upgrades on 

20 tunnels was completed on the A51 and A500, and work continues on 

the A8. Furthermore, noise screens were installed at 135 “black spots” 

identified on the noise map developed in 2007 for all sections carrying 

heavy traffic. 

Operation 

With the installation of 42 new terminals accepting all forms of payment, 

automated transactions increased to over 80%. The number of electronic 

toll payments rose 5% for light vehicles, while the migration to the new 

electronic toll collection system for heavy vehicles generated over 11 

million transactions (68% of total transactions for this category). Despite 

the market’s maturity, 23,800 transponders – representing 7% growth 

in the installed base – were sold during the year, due mainly to the 

advertising campaign carried out with ASF and Cofiroute. Moreover, by 

the end of 2008, 32,000 individual customers had opted for the on-line 

invoice service launched the previous year. Alongside the automation 

programme, efforts to optimise operations led to a reorganisation of 

work at toll stations, with the creation of about 100 multi-skilled jobs. 

In addition, as a result of the implementation of a new company-wide 

agreement on forward-looking jobs and skills management (GPEC), 

about 100 toll station employees changed jobs. The agreement also 

gave 12 female employees access to maintenance and signalling jobs 

that are traditionally held by men (see opposite). 

Continuous efforts aimed at improving employee safety produced 

results that place Escota at the top of all French motorway concession 

operators, with no accidents anywhere in the company in four months 

and an annual frequency rate of 6.5 accidents per 1 million hours 

worked. As part of the “zero accidents” policy, all employees commit to 

rejecting dangerous behaviour. They received a passport during the year 

that lists safety-related training and qualifications, as well as a copy of 

the company’s workplace health and safety charter. In parallel, Escota 

continued its programme to raise customer awareness of the dangers 

of motorway driving. To that end, the company has established 51 partnerships 

with driving schools. It also organised 11 safety events on the 

network during the year. 

In addition to the priority issue of safety, Escota implemented a 2007- 

2009 sustainable development action plan. This has given rise to a 

series of initiatives aimed at reducing the company’s carbon footprint 

by focusing mainly on controlling public lighting energy consumption, 

reducing water consumption and choosing vehicles with low CO 2 emissions 

when replacing its fleet. 

ARCOUR 


Arcour holds the 2005-2070 concession for the A19, a new 101 km 

motorway section between Artenay and Courtenay, which links the 

A10, A6 and A77 to form the southern part of the outer ring road around 

the greater Paris region. It is expected to be opened at the end of June 

2009, ahead of the contractual schedule. Investments in 2008 came to 

€270 million, out of the total project amount of €690 million. 

As prime contractor for the biggest motorway project currently in 

progress in France, Arcour signed a €625 million financing contract 

with the European Investment Bank (EIB) and other banking institutions 

in March 2008. 

The construction works, which are being carried out simultaneously 

along the entire route, have consistently met the extremely tight 

schedule. At the end of 2008, 80% of the paved surfaces had been 

laid by Eurovia. The 102 structures, including the 1,000 metre viaduct 

over the Loing Valley, built by VINCI Construction, were completed 

by the end of the year. A high level of environmental equipment has 

been installed to minimise the infrastructure’s impacts both on nearby 

residents and on biodiversity: 2,200 metres of noise screens, 116 

animal crossings (including two 150 metre overpasses in the forest of 

Montargis), 107 tanks for treating water from the road surface, and over 

200,000 trees and bushes along the route. 

Significant efforts have also been made in co-operation with local 

players to ensure the socio-economic integration of the motorway. 

These include 40,000 hectares of land to be developed for the benefit 

of the agricultural sector. Several business parks are also being developed 

with a view to taking full advantage of the opportunities for 

economic growth opened up by the A19 and the motorway interconnections 

to the south of the greater Paris region. Within the framework 

of the government’s “1% landscaping and development” policy, which 

concerns 70 towns and villages, 23 projects proposed by local authorities 

and individuals received subsidies in 2008. Once the motorway is 

opened, special signs will be erected along the motorway in order to 

enhance tourism in the areas served. 

Cofiroute, whose network is connected to the new infrastructure (A10- 

A19 junction to Artenay), will operate the A19. With the opening scheduled 

for summer 2009, interoperability agreements have been signed 

with the other French motorway concession operators so as to organise 

operation and tolls – the A19 falls within an interlinked network of 

2,500 km of motorway operated by six different companies. 

(*) Excluding construction revenue (IFRIC 12).

WOMEN MOVE INTO MAINTENANCE 

The promotion of equality and diversity includes giving women 

access to all the company’s jobs. In 2008, following Escota’s 

forward-looking jobs and skills management programme, eight 

women moved into the maintenance sector for the first time. 

Seven now hold motorway worker jobs and one has become a works 

supervisor. Also for the first time, one woman has moved into a toll 

maintenance job. 

ANIMAL PROTECTION 

The construction of the A19 includes ambitious measures to protect 

animals. Based on studies to identify species living near or crossing 

the motorway (such as deer, which roam between the Fontainbleau 

and Orleans forests), 116 animal crossings have been created. Of 

these, 105 are for small animals and 11 for big ones. Two of the latter, 

located in the forest of Montargis, have been developed on top 

of structures covering the motorway for a distance of 150 metres. 

Trees and bushes have been planted on the surface of these platforms 

to provide continuity with the forest. In addition, the underground 

passages have been designed to avoid the “tunnel effect”; 

the vegetation, wood fencing (to prevent glare from headlights) and 

earth shoulders make the animals feel safe and allow them to graze 

as they move from one side of the motorway to the other. 

53

54 


VINCI PARK 

CONCESSIONS 

Number two in Europe and world leader in car park 

concessions, VINCI Park operates 1,220,000 spaces 

spread fairly evenly between France and the rest 

of the world. The company’s business model combines 

long, capital intensive concessions and service 

contracts that need no initial investment and bear no 

traffi c risk. 

VINCI Park continued to grow in 2008, with revenue (*) increasing 11% to 

€619 million. Operating profit was slightly down at €126 million, representing 

20.4% of revenue. 

During the year, VINCI Park initiated a programme to modernise its organisation 

and renovate its business model. Known as Continuer l’Histoire 

(Building on the Past), the programme involves improving procedures 

(contracting, purchasing, etc.) and installing new remote management 

systems in order to optimise human resources in parking facilities. 

A participatory project that involves all the company’s employees, it is 

expected to generate an improvement in the efficiency of operating 

processes in 2009 and beyond. 

FRANCE 

VINCI Park’s operations activity showed good resilience overall in France, 

with revenue up about 3.1% to €406 million. Business was steady in car 

parks in Paris (up 3.2%) and La Défense (up 6.5%), where the company 

operates 22,600 spaces. Season tickets and rentals nationwide continued 

their growth (1.6%), confirming the trend observed in 2007 and offsetting 

most of the 1.9% decline in hourly occupancy. 

In terms of expansion, the traditional “wait-and-see” attitude at the time 

of municipal elections in France caused a slowdown in signing contracts 

with local authorities. The year was nevertheless marked by several significant 

successes. At Issy les Moulineaux, VINCI Park won a concession 

for two parking facilities (440 spaces) and on-street parking (5,700 spaces). 

At Béziers, VINCI Park was awarded a 30-year public service contract to 

operate two car parks totalling 830 spaces. During the period, 63 contracts 

were renewed or extended, involving a total of over 43,000 on-street or 

parking facility spaces. The year also saw the opening or start-up of operations 

at numerous sites, including the Centre park in La Ciotat (427 spaces), 

Coeur de Ville park in Saint Jean de Luz (360 spaces) and André Mignot 

Hospital park in Le Chesnay (750 spaces). 

(*) Excluding construction revenue (IFRIC 12). 


VINCI Park is projecting business in 2009 at a similar level to that in 

2008. Intensified local marketing campaigns are expected to stimulate 

season ticket sales. Some niche markets – the retail and hospital 

sectors, for instance – should offer new opportunities, following on from 

the successes of recent years. Overall, in an uncertain economic climate, 

VINCI Park will tighten up its criteria for selecting new projects and give 

priority to service contracts, which are less capital intensive and could 

boost business without incurring any occupancy risk. 

In addition, extending its policy in favour of two-wheeled vehicles and 

car-sharing, VINCI Park will emphasise its positioning as a full service 

operator in urban mobility by seeking to participate in tenders for the 

launch of Autolib’ in the greater Paris area. 

INTERNATIONAL BUSINESS 

VINCI Park’s international business showed steady growth in 2008, with 

revenue increasing 29% to €213 million. In line with its growth strategy, 

the company continued to strengthen its position in North America. In the 

United States, LAZ Parking, a 50% owned subsidiary since November 2007, 

acquired Classified, Sunset and Ultimate Parking (total of 34,000 spaces). 

In Canada, the acquisition of Ideal Parking and Masterpark during the 

first half of the year added 74,000 spaces to VINCI Park’s business portfolio 

and extended its geographical footprint to the west of the country 

where it had no operations previously. 

The year was also marked by steady organic growth. In its principal 

markets, both in North America and Europe, there were numerous successes 

in 2008, mainly in service management. In the United States, 

VINCI Park became one of the top 10 car park operators by winning the 

management of 36,000 on-street metered parking spaces in Chicago. 

The City Hall awarded the concession contract to a consortium of 

investors led by investment fund Morgan Stanley; the consortium then 

awarded an exclusive management contract to LAZ Parking for seven 

years. LAZ Parking will make no capital investment but will focus on 

the maintenance and modernisation of payment equipment, surface 

marking, collection of funds and enforcement assistance. 

Other significant contracts were won during the year in the United States 

(management of all Bank of America parks in the central, north-western 

and south-eastern regions of the country, 6,000 spaces); Canada (car 

park in the prestigious Place Québec in Québec); the United Kingdom 

(Gatwick Airport, Tesco car parks in south-west England; car park with 

966 spaces in Wales); Belgium (operation of 1,700 on-street spaces in 

Bruges for 10 years); and Spain (new concession contracts in Saragossa 

and Vitoria totalling 600 spaces). In Germany, the strong positions 

acquired over recent years were reinforced by several new service contracts 

won in towns where the brand was already established. Lastly, in 

Russia, VINCI Park started operating Terminal 1 car park at Moscow’s 

Sheremetyevo Airport. 

The negotiations started at the beginning of 2008 with Fortis on a merger 

between its subsidiary Interparking and VINCI Park were not successful. 

In 2009, VINCI Park intends to pursue further international growth by 

focusing, as in France, on service business activities.

FIRST MOBILITY HUB AT LA DÉFENSE 

At the beginning of 2009, VINCI Park inaugurated the first French 

mobility hub, created under the brand Mobiway. It brings together 

the full spectrum of travel information and services for the western 

Paris business district. In addition to a conventional parking facility 

for cars with a special offering for two-wheel vehicles, it has an Okigo 

car-sharing station, a car-share area, an information and Liber-t 

account sales office, a car and motorbike taxi station, public transport 

ticket sales terminals, and all the usual VINCI Park services. This new 

concept is a perfect fit with local authorities’ sustainable mobility 

concerns. 



559 

619 

193 

34.6% 

200 

32.2% 

Net profi t 




Pro forma Pro forma Pro forma 

63 

11.2% 

68 

11 % 


Pro forma: after application of Interpretation IFRIC 12, Service Concession 

Arrangements. 

(1) Excluding construction revenue (IFRIC 12). 


55

56 


VINCI AIRPORTS 

FRANCE 

CONCESSIONS 

VINCI Airports’ position in the French regional airports market was 

strengthened in 2008 by several commercial developments within the 

framework of its partnership with Keolis. 

At Grenoble-Isère airport, which VINCI Airports and Keolis have been 

operating since 2004, traffic has increased 165% over five years, with 

474,083 passengers being recorded in 2008. During the year, the Isère 

general council renewed the partners’ public service contract for 

14.5 years – the first renewal of this type since the decentralisation of 

French regional airports. In charge of the operation and maintenance of 

the airport and its facilities, including commercial outlets, the partners 

are tasked with promoting the area’s economic and tourism development. 

As part of the new contract, they will invest €6 million in infrastructure 

modernisation and provide a shuttle service between the airport 

and Grenoble city centre. 

VINCI Airports and Keolis have also been operating Chambéry-Savoie 

airport, in the same part of France, since 2004. Traffic there rose 17% 

in 2008 – one of the strongest performances by a French airport – to 

270,346 passengers. Thanks to a proactive approach aimed at airlines, 

particularly low-cost operators, Chambéry-Savoie and Grenoble-Isère 

airports have become the two major gateways to the Alps in just a few 

years, stimulating tourism in the region. 

Operation of Clermont Ferrand-Auvergne airport started on 1 January 

2008 under the terms of a seven-year contract signed at the end of 

2007. Traffic in 2008 totalled 511,458 passengers. During the first year 

of operation, a new organisational structure was set in place, service to 

Madrid started and a new website was created to help make people 

more aware of the numerous destinations served by this airport. 

Lastly, a new contract was secured at the end of the year and signed on 

5 January 2009 for Quimper-Cornouaille airport. It is the first airport operation 

contract awarded by the regional council of Brittany. The contract 

came into effect on 1 March 2009 for a period of six years and 10 months. 

VINCI Airports and Keolis have hired all the employees who previously 

worked at the airport and will be seeking to increase traffic by investing in 

niche markets, working in synergy with other airports in Brittany. 

In 2008, traffic at the four French airports now operated jointly by VINCI 

Airports and Keolis totalled 1,375,000 passengers, eight times more 

than in 2003. 

CAMBODIA 


VINCI Concessions has been operating in Cambodia since 1995. Through 

its subsidiary SCA, the company holds the concession for the country’s 

three international airports. This long-term public-private partnership 

makes VINCI a key player in Cambodia’s economic and tourism development. 

After several years of very strong growth, traffic at Phnom Penh 

and Siem Reap stabilised in 2008, with a total of 3.2 million passengers 

recorded for the year. Apart from the world economic crisis, the closure 

of Bangkok airport for several weeks at the end of the year had a negative 

impact on regional traffic. 

In addition, SCA has been the concession operator of Sihanoukville airport 

since 2006. The company finished the complete overhaul of the 

airport (extension and renovation of the runway and terminal) in 2008. 

This programme made the airport accessible to wide-bodied planes and 

gave it a similar passenger handling capacity to that of Siem Reap, which 

serves the Angkor Temple site. The transformation of the facility at 

Sihanoukville into an international airport is part of a long-term project 

aimed at increasing business and tourism in the region. The challenge 

is to bring this coastal area on the Gulf of Thailand out of isolation as its 

superb natural environment would make it a new “sun and sea” holiday 

resort for Angkor visitors and Cambodia would become a tourist destination 

in its own right. 

VINCI Airports won the contract to operate Quimper- 

Cornouaille airport in France at the beginning of 2009.

Following its complete overhaul, Sihanoukville airport 

in Cambodia can now handle wide-bodied planes and 

is expected to stimulate business and tourism growth 

in the area. 

57

58 


CONCESSIONS 

OTHER INFRASTRUCTURE 

FRANCE 

Prado–Carénage tunnel (SMTPC), Marseilles 

In a more difficult economic climate and with higher fuel prices for a 

major part of the year, SMTPC was able to maintain its toll revenue in 

2008 at a similar level to that of 2007 despite a decline in traffic. The year 

was marked by the signature of the concession contract for the Prado–Sud 

tunnel (see p. 46) and completion of its financing arrangements. 

Public lighting (Lucitea), Rouen 

This PPP contract, awarded to a VINCI Concessions-VINCI Energies consortium 

in 2007, covers the management of public lighting and traffic 

lights in Rouen. It is worth €100 million over 20 years. The first street 

lights were installed and work on upgrading the electricity supply was 

started in 2008. 

GREECE 

Charilaos Trikoupis Bridge 

Average daily traffic in 2008 was 13,600 vehicles, up 2.9% over a year 

(+1.9% for light vehicles and +10.2% for heavy vehicles); toll revenue 

increased 6.3%. The earthquake (6.5 on the Richter Scale) on 8 June 2008 

demonstrated the effectiveness of the bridge’s protection systems. 

Athens–Tsakona motorway 

VINCI Concessions took over the operation and maintenance of 202 km 

of existing motorway and trunk road sections (Athens–Corinth–Patras) 

in August 2008. The operating company processes an average of 

70,000 transactions a day. Work to improve safety has started on this 

infrastructure, as has the design process for upgrading the roads to 

motorway standards. 

Under the terms of the contract, the works are to be completed within 

six years. Intermediate delivery targets have been set for the most 

complex sections, located between Corinth and Patras, where the existing 

trunk road has to be converted into motorway from start to finish 

(120 km) while maintaining traffic flows during the works. The biggest 

construction sites will start up during the first half of 2009. 

Maliakos–Kleidi motorway 

Aegean Motorway started operating the Maliakos–Kleidi section and 

collecting tolls in March 2008. Work on upgrading the existing motorway 

has also started. After the concession grantor made the land available, 

construction of the three tunnels included in the concession began 

at the end of 2008. 

GERMANY 

A4 motorway 

In 2007, the 50/50 consortium made up of VINCI Concessions and Hochtief 

was awarded the 30-year concession for a 45 km section between Gotha 

and Eisenach (A4). The contract, which is part of the A-Modell programme 

launched to finance the repair and extension of Germany’s motorway 

network, includes the construction of a new 25 km section. On 1 April 

2008, work started on the new section and the concession consortium 

took over operating the existing section. The concession operator’s 

remuneration comes out of the tolls paid by vehicles of over 12 tonnes 

and collected by the satellite-based Toll Collect system, operated jointly 

with Cofiroute. Average traffic of heavy vehicles was 7,000 a day. 

UNITED KINGDOM 


Severn Crossings 

The two bridges between England and Wales have been operated since 

1992 for the first and 1996 for the second by Severn River Crossing, in 

which VINCI is a shareholder. The concession contract, which ends in 

2016, included the construction of the second bridge and taking over 

operation of the existing bridge. Traffic on the two bridges amounts to an 

average of 71,000 vehicles a day. 

Newport Southern Distributor Road 

Morgan-VINCI Ltd has been operating this 9.3 km bypass since 2004. 

It was financed and built by the two partners under the terms of a 

40-year concession contract. Average traffic was 25,000 vehicles a day 

in 2008. During the year, before the full brunt of the financial crisis was 

felt, the shareholders restructured the project debt in order to reduce 

the impact of the repayment schedule. 

PORTUGAL 

Bridges over the Tagus 

Lusoponte is the concession operator of two bridges over the Tagus 

estuary until 2030: Vasco da Gama Bridge, which was built by VINCI for 

Expo ’98, and the existing 25 April Bridge, whose operation was taken 

over by Lusoponte. Average toll-paying traffic was 103,000 vehicles a 

day in 2008. We increased our holding in Lusoponte’s share capital from 

30.85% to 37.27%. 

CANADA 

The concession operator of the Fredericton–Moncton motorway (200 km) 

in New Brunswick was awarded the management of an additional 30 km 

section at Moncton city limits. VINCI also has a holding in the share 

capital of the Confederation Bridge operating company. This 13 km 

structure, which has linked Prince Edward Island to New Brunswick since 

1997, recorded toll traffic of 2,000 vehicles a day in 2008. 

JAMAICA 

VINCI Concessions operates a 34 km motorway network in Jamaica 

through a subsidiary of ASF, Jamaican Infrastructure Operator, on behalf 

of Trans Jamaican Highway, the concession operator in which ASF is a 

minority shareholder.

A MONUMENT OF MODERN GREECE 

Charilaos Trikoupis Bridge, which links the Peloponnese to mainland 

Greece, is located at the junction of two major roads: the Athens– 

Corinth–Patras–Peloponnese motorway and the Patras–Ioannina– 

Igoumenitsa corridor. The bridge also facilitates driving between Greece 

and Italy. Average traffic on the bridge, operated under concession, is 

13,600 vehicles a day on average. The majority of the vehicles are cars 

(85%), followed by heavy goods vehicles (8%), two-wheeled vehicles (5%), 

and coaches and buses (2%). 

59

60 


CONCESSIONS 

OUTLOOK A ROBUST, LONG-TERM BUSINESS MODEL 

The momentum in VINCI Concessions’ growth remains brisk despite 

a more difficult economic climate, demonstrating the robust nature of 

its long-term business model. Its ability to arrange financing for several 

major projects against a backdrop of financial crisis confirms the model’s 

resilience and credibility. 

Based on this momentum, we can look forward to 2009 when we will bring 

newly acquired concessions into service, finalise contracts signed earlier 

and reach agreement on contracts for which we have been announced 

preferred bidder. As the economic stimulus packages launched by the 

various countries where we operate focus partially on infrastructure, we 

expect them to help boost our business in the longer term. 

The development of new PPP projects, both in the form of concessions 

and less capital intensive service contracts, remains the strategic 

priority for VINCI Concessions. At the same time, it will make greater 

efforts to optimise the operating performance of infrastructure under 

our management. This will involve seeking productivity gains, intensifying 

marketing campaigns and developing services to attract more endcustomers. 

The synergies between VINCI Autoroutes’ motorways will be 

a catalyst to that end. In the same way, VINCI Park will continue to add 

depth and breadth to its business model in 2009. 

VINCI Concessions will also increase its business activity by broadening 

the scope its business lines. It will make maximum use of its skills 

as the world’s leading private operator of road infrastructure to extend 

beyond its concession contracts both in France and in the international 

arena. Its expertise in project development and in organising legal and 

financial packages can also become a source of value creation in its 

own right. 

This outlook is framed by a very favourable long-term market environment, 

with increasing urbanisation and growing awareness of mobility 

issues. These will continue to generate substantial needs in terms of 

creating and upgrading infrastructure and facilities that public authorities 

cannot finance alone. With its expertise as a concession operator, 

investor, constructor and service operator, VINCI Concessions is in step 

with these underlying trends in a context where major players in the 

industry can make full use of their skills to manage increasingly complex 

projects. 

The development of new PPP projects remains 

the strategic priority for VINCI Concessions in 

an environment that favours the creation and 

replacement of infrastructure. 


6161

62 

62 



ENERGY 

PROFILE 

VINCI Energies is a market leader in France and a major player in Europe in energy 

and information technology services. It meets the numerous and changing needs 

of its customers – power generation and distribution companies, transport and 

telecommunications operators, manufacturing industries, local authorities, service 

companies – by integrating these technologies in customised, high service content offerings. 

VINCI Energies supports its customers at all stages of their projects (design and 

engineering, implementation, operation and maintenance), providing services in four 

business lines: 

> infrastructure: power supply networks (power transmission, transformation and 

distribution), urban lighting and urban development, transport infrastructure (power supply, 

lighting and information systems); 

> industry: power distribution, monitoring and control, mechanical engineering, air 

treatment, fire protection, insulation, industrial maintenance; 

> service sector: power supply networks, climate engineering, plumbing, fire detection and 

protection, building automation systems, security, multi-technical and multi-service maintenance; 

> telecommunications: infrastructure and voice-data-image company communications. 

VINCI Energies works under a great many recurring contracts, which incorporate a 

significant maintenance and replacement component. The diversity of its offerings is 

supported by its 800 business units, which are closely networked, notably through Europewide 

brands. This organisation, based on co-ordination of business units that are strongly 

rooted in their markets, makes it possible to develop solutions that are both local and global 

and that support customers in all aspects of their projects. With a workforce of 33,000 

employees in 21 countries, mainly in Europe, VINCI Energies generates more than 30% of its 

revenue outside France. 

63 63

64 



ENERGY GROWTH MAINTAINED IN STABILISED MARKETS; 

INTERNATIONAL EXPANSION 

Following exceptional growth in 2007, VINCI Energies 

further increased its business activity in 2008. Revenue 

rose 7.3% to €4,614 million, mainly as a result of the fullyear 

impact of the acquisitions made the previous year. 

Operating as a highly responsive, locally rooted company, 

VINCI Energies succeeded in maintaining its overall 

positions in markets that had stabilised as well as its 

operating margin on ordinary activities (5.3% of revenue). 

In France, revenue increased 4% (2.6% at comparable scope of consolidation). 

The diversity of VINCI Energies’ business lines and locations 

smoothed the effects of wide differences in its markets. Buoyant 

activity in the fire protection, energy infrastructure and telecommunications 

markets and in a number of industrial zones thus offset the 

completion of major works in the service sector and the slowdown in 

orders placed by local authorities. 

Internationally, revenue rose 15%, bolstered by the full-year effects of 

the 2007 acquisitions and especially the integration of Etavis (which 

has become VINCI Energies Schweiz) in Switzerland and Tecuni in 

FACILITIES MANAGEMENT IN GERMANY 

ENERGY 

In Germany, two VINCI Energies business units specialise in facilities 

management. They offer building automation systems (preventive and 

corrective multi-technical maintenance) and management (general 

services) under 5 to 10-year contracts (pictured above, maintenance 

operation at the Augsburg technology park). 

Spain. The year was a particularly good one in Germany, VINCI Energies’ 

largest market outside France, where revenue grew 7.5% and 

performance was uniform across all the sectors in which the group 

operates. Activity was also buoyant in Central and Eastern Europe (with 

revenue up 31% to €131 million), where VINCI Energies has expanded 

substantially over the last three years, and in Scandinavia, where revenue 

and profit exceeded forecasts. 

INFRASTRUCTURE 

The power generation and transmission activity increased overall. 

Business was particularly brisk in high and very high voltage networks 

(Omexom brand) in France, driven by stepped-up investments by the 

RTE (Réseau de Transport d’Electricité) power transmission network 

aimed at reinforcing capacity, enhancing safety and burying infrastructure, 

as well as by European network interconnection projects. 

VINCI Energies also expanded its positions in the developing conventional 

thermal power station and renewable energies markets. It 

notably worked on France’s largest wind farm at Salles Curan in southwestern 

France. 

Rural electrification activity, bolstered by local authority investments 

in network modernisation and burial, remained buoyant; in this market, 

VINCI Energies business units have a track record and local roots 

that serve them well. 

In urban lighting (Citéos brand), despite the fact that municipal authorities 

delayed decisions in the post-election period, VINCI Energies maintained 

activity at the high 2007 level. Long-term contracts awarded by 

local authorities to operate their urban lighting systems, most of which 

included substantial investments aimed at saving energy, helped stabilise 

activity. Future growth will be also driven by the development of 

video surveillance services and new dynamic urban equipment (traffic 

lights, traffic and urban access management, information for road 

users, etc.). 

In Spain, electricity supplier Endesa slowed investments, which in turn 

impacted the activity of local subsidiaries Spark Iberica and Tecuni. In 

the Czech Republic, on the other hand, new subsidiary Elektrotrans 

recorded substantial activity in the second half and achieved a very 

satisfactory profit level. 

INDUSTRY 

Despite the difficult economic environment, revenue in the industrial 

sector rose a further 8% on the back of strong growth in 2007. VINCI 

Energies combines strong roots in local markets, which generate a wide 

range of generally recurring projects and multi-site process solutions 

to support the international expansion of major industrial groups. These 

solutions are for the most part provided under the 

VINCI Energies offers local authorities a 

broad range of services ranging from festive 

illuminations to comprehensive traffic 

and public lighting management.

Revenue 

Revenue by business line 

23% 

4,301 

2007 

12% 

4,614 


31% 

(*) Before tax and cost of debt. 

(**) At 31 December 2008. 

Operating 

profi t from 

ordinary 

activities 

34% 

229 

5.3% 

2007 

245 

5.3% 


Net profi t 


equity holders 

of the parent 

Industry 

Service sector 


Telecommunications 

VINCI ENERGIES’ COMPETITIVE POSITION IN ITS MAIN MARKETS 


operations (*) 

France In 2008, VINCI Energies remained a major player in the French 

market. Every year, VINCI Energies further expands its geographical 

coverage and expertise across all its business lines through 

acquisitions at local level. The group’s main competitors are Spie, 

Cegelec, Forclum-Clemessy (Eiffage), Ineo (Suez) and ETDE (Bouygues). 

Germany VINCI Energies is a major player in thermal activities 

(insulation, fire protection, climate engineering). Its competitors 

are Rheinhold & Mahla (Bilfinger Berger Group) and Thyssen Krupp 

142 

3.3% 

2007 

148 

3.2% 


250 

5.8% 

2007 

Net fi nancial 

surplus (**) 

Revenue by geographical area 

2% 

4% 

1% 3% 

4% 

4% 

3% 

11% 

249 

5.4% 


515 

2007 

68% 

638 


France 

Germany 

Central Europe 

Benelux 

Sweden 

Switzerland 

Spain 



(Industrial Services division) in insulation and Minimax and Total 

Walther (Tyco) in fire protection. 

Switzerland VINCI Energies is expanding its electrical 

installation and telecommunications activity, primarily in the 

German and Italian speaking parts of Switzerland. Its main 

competitors are Burkhalter and Atel. 

Source: internal study and company press releases. 


and as a percentage 

of revenue 

65

66 


ENERGY 

Actemium brand, which brings together some 100 business units in 

12 countries. Together they generated revenue of more than €600 million 

in 2008 (up 2% in one year) and their profit increased. 

Activity remained buoyant in the energy, oil and gas, petrochemical and 

pharmaceutical sectors. In industries using continuous processes, major 

maintenance – especially scheduled refinery maintenance – operations 

helped boost activity. In the automotive sector, the large number of local 

projects offset the effects of the sharp cut-back in investments. The 

good level of activity in ship equipment (merchant marine, navy, fishing) 

was also noteworthy. 

In terms of geographical markets, activity remained at a satisfactory 

level in France, especially in the North, East, West-Atlantic and greater 

Paris regions. In Germany, VINCI Energies benefited from the buoyant 

energy, environment and oil sector markets – with its business units 

often supporting their customers beyond their borders. The group also 

experienced strong activity growth in Belgium, where the Actemium 

network business units outperformed their markets, as well as in Central 

and Eastern Europe. 

Last but not least, maintenance activity under the Opteor Industrie 

brand increased more than 15%. 

REDUCING ENERGY CONSUMPTION 

Energy is one of the leading cost items in supermarkets. In 2008 

VINCI Energies signed a contract with Auchan aimed at reducing consumption 

by 25% over five years, with a first increment of 8% in 2009. 

A network of detectors connected to a monitoring centre will make it 

possible to control the cold rooms and climate control systems of any 

Auchan store worldwide via the Internet. 

SERVICE SECTOR 


Following very strong growth in 2007, service sector activity stabilised in 

2008. In France, the decline in major new construction primarily impacted 

the greater Paris area. In the French regions, core activities, spread over 

a very large number of business lines and customers, held up very well 

despite the deteriorating business climate. Overall, the responsiveness 

and networking capacity of VINCI Energies business units give them substantial 

ability to adjust to changes in their markets. 

This adaptability, which enables business units to anticipate declining 

activity while maintaining margins, also enables them to leverage growth 

sectors. For example, the fire protection market grew 15% in France and 

recorded a high order book at the end of the year, partly within the framework 

of multi-year contracts. Maintenance activities under the Opteor 

Tertiaire brand also increased in volume and recorded improved profit (up 

5%). In Germany, activity was buoyant, especially in fire protection (up 8%) 

and in the service sector activities provided by subsidiary Nickel (up 9%). 

VINCI Energies has also positioned itself in the emerging energy efficiency 

market. As it expands its offering in this sector to include such 

services as advanced consumption management and reduction solutions 

for multi-site companies, it supports the development of this market, 

which is a major future growth driver, especially in France where 

the Grenelle Environment Forum will be generating major investment 

programmes in thermal renovation of buildings. 

TELECOMMUNICATIONS 


Graniou’s revenue came in above initial forecasts, increasing 8% to €251 million. 

In France, activity (up 7%) was buoyed by mobile operator investments in 

rollout and upgrades of their 3G/3G+ networks. In fixed-line telecommunications, 

Graniou was involved in the main FTTH (Fibre to the Home) network 

rollout projects undertaken by operators in the greater Paris area and the 

North and South-East regions. This still-emerging market, which will provide 

access to very high-speed Internet and HDTV, will generate major investments 

in coming years and constitutes a substantial growth driver. Meanwhile, 

Graniou developed maintenance and support service activities for 

operators and equipment suppliers, which are outsourcing a growing share 

of their technical maintenance work to the group. 

Graniou also recorded strong growth of its business activity in Poland 

(up 19%) and Spain, which more than offset the contraction in the 

Belgian market. 

Business communication 

With the growth recorded by Axians in the first half, revenue for the 

year came in at €230 million, comparable to the 2007 level. The positive 

trend was particularly pronounced in France, where all Axians business 

units improved their performance. The year was also satisfactory in the 

United Kingdom and in Germany in the company market; activity carried 

out for German operators underwent an in-depth reorganisation 

against a backdrop of strong competition that put pressure on prices. 

To cope with the investment contraction in its various markets, Axians 

stepped up efforts to gain a competitive edge by developing valueadded 

services and to position itself in the most buoyant sectors – especially 

those involving Voice over IP technology (fixed-line and mobile 

telephony) convergence and growing network security and information 

systems requirements.

COMPREHENSIVE EQUIPMENT FOR THE THEATRE NATIONAL 

DE BRETAGNE 

After more than two years of renovation works, the Théâtre National 

de Bretagne in Rennes re-opened in 2008. Its information and 

communications system has been completely overhauled: WiFi hot 

spot coverage and IT and telecommunications network convergence 

facilitate the operation of the theatre (box office, reservations, 

organisation of performances, etc.). VINCI Energies also installed fire 

detection and access control systems as well as an assistive-listening 

system with magnetic loops and wireless headsets to enable the 

hearing-impaired to attend performances. 

67

68 


ENERGY 

At the end of 2008, VINCI Energies expected its activity to contract 

slightly in 2009, in an economic environment not conducive to local 

authority and business investments. However, the performance achieved 

in 2008 – in an economic environment that had already deteriorated 

– shows that because of its profile, VINCI Energies has the ability to 

withstand a contraction of its markets. Contributing factors are the wide 

diversity of its business lines and locations across some 20 countries, 

its strong base of recurring activities carried out under a large number 

of contracts, the responsiveness and sustained networking of its highly 

decentralised organisation and the ability of its business units to adapt 

to their local markets. 

Against this backdrop, VINCI Energies will be stepping up its efforts to 

further develop its offerings, devise differentiating solutions based on 

the needs of its customers, position itself in the most buoyant market 

segments – particularly those involving substantial maintenance, 

service, and local response capabilities – and limit its exposure to the 

expected decline in major industrial and service sector operations. As 

this work on offerings and markets proceeds, VINCI Energies will tighten 

its selection criteria in order to maintain margins. The group will also 

take advantage of this slowdown after many years of strong growth to 

optimise its organisation and its production and management processes, 

with a focus on the development of employee managerial and 

technical skills. 

Looking beyond the short term, the markets in which VINCI Energies 

operates are driven by long-term trends that will support activity over 

the long haul. These include the growing need for construction and 

maintenance of energy and transport infrastructure; the development 

of renewable energies; environmental restrictions prompting major 

thermal renovation programmes in buildings and accelerated replacement 

of a large number of existing facilities; the need to invest in productivity, 

safety, traceability and modernisation of industrial tools and 

production processes; and accelerated development of communication 

infrastructure and services to keep pace with network and technology 

convergence. 


OUTLOOK RESILIENCE BASED ON DIVERSITY OF BUSINESS 

LINES AND LOCATIONS AND ON RECURRING ACTIVITY 

As a longstanding partner of mobile operators rolling 

out their networks, VINCI Energies is also involved in 

modifying equipment to support the move to 3G and 

soon 4G.

6969

70 

70 



ROADS 

PROFILE 

Eurovia is a world leader in transport infrastructure and urban development works. 

Generating over 90% of its revenue in Europe (primarily in France, Germany, the United 

Kingdom and Central Europe), Eurovia also holds significant positions in the United States 

(North Carolina, Florida) and Canada. The company employs 42,000 people and has a 

network of 300 works divisions and subsidiaries and 875 industrial production sites. It has 

developed an integrated range of specialised expertise: 

> transport infrastructure and urban development. Eurovia builds road, motorway, 

railway, airport and light rail infrastructure, as well as industrial and retail development 

sites. Eurovia also offers expertise in related works: quality urban development projects 

(enhancement of public, recreational and sports facilities, etc.), traffic signs and 

roadmarking, quality of life and environmental protection (noise barriers, storage sites, etc.); 

> industrial production. Eurovia operates a network of 303 quarries producing 

59 million tonnes of aggregate (Eurovia share) per year, 46 binder plants, 381 coating plants, 

130 recycling facilities (recycling 8.8 million tonnes of construction waste and household 

waste bottom ash) and 15 factories producing road equipment. These business activities 

contribute to Eurovia’s growth and profits while ensuring supplies for its projects (reserves 

under the company’s control (*) : 2.1 billion tonnes – Eurovia share – of aggregates representing 

about 30 years of production); 

> maintenance and services. Eurovia ensures overall maintenance of road, motorway 

and rail networks and urban transport infrastructure (network management, routine 

maintenance, winter maintenance, emergency response, etc.). Eurovia also provides 

upstream project design and co-ordination, consultancy and technical support services. 

(*) Quarries and quarrying rights. 

7171


ROADS 


EUROVIA REVENUE STABILISED AND EXPERTISE DIVERSIFIED 

Following several years of very strong growth, 

Eurovia’s overall business activity stabilised in 2008. 

The company’s international geographical coverage 

and complementary business lines give it resilience 

in markets subject to cyclical swings. 

Following a very buoyant first half in line with previous years, Eurovia 

recorded a contraction of its activity in the second half of 2008. Taking 

account of the strong increase in materials (especially bitumen) prices, 

revenue increased 6.2% for the year as a whole to reach business volume 

comparable to that of 2007. 

Anticipating the end of a long cycle of strong growth, the company initiated 

its Eurovia 2012 strategic plan at the end of the first half of 2008. 

The plan involves the group as a whole and aims to increase its competitiveness 

and adaptability in a more uncertain business environment so 

as to maintain its operating margin above the sector average. 

Diversification into new business lines that broaden Eurovia’s range 

of expertise and markets is one way to ensure long-term business by 

strengthening the company’s presence. To this end, Eurovia made two 

major acquisitions in 2008. The first was Signature, a company with 

revenue of €131 million in 2008. Signature specialises in traffic signs 

and roadmarking: pavement marking, road and motorway signs, urban 

development services, etc. The acquisition made Eurovia Europe’s 

market leader in this segment; it will generate growth through synergies 

with the offerings of the other works entities in markets bolstered 

by growing local authority demand for turnkey services. 

The other operation was the acquisition of Vossloh Infrastructure 

Services, since re-named ETF-Eurovia Travaux Ferroviaires, which generated 

revenue of €64 million in the last quarter of 2008. Working primarily 

in France, ETF-Eurovia Travaux Ferroviaires carries out construction, 

track refurbishment and rail and overhead line installation for light rail, 

metro and high-speed, national and regional railway systems. Eurovia is 

thus staking out a significant position in the rail infrastructure market, 

which is especially buoyant in France, where the Grenelle Environment 

Forum provided for construction of 2,000 km of new high-speed rail lines 

and 1,500 km of light rail lines between now and 2020. Now that it has 

acquired these technically sophisticated rail construction capabilities, 

Eurovia is in a position to develop comprehensive offerings in this sector. 

Meanwhile Eurovia continued to implement its ambitious innovation 

policy. At its research centre in Bordeaux-Mérignac, Eurovia designs the 

“green” products and processes that give it a competitive edge at a time 

when environmental requirements are being tightened. In 2008, the rollout 

of these products and processes accelerated, taking them from the 

experimental stage to routine use. For example, the Recyclovia® process, 

which is used to recycle pavement structures in situ in a single pass, has 

already been employed on 5.7 million sq. metres in France and Spain. 

Warm mixes (Tempera® product range) are also gaining ground. They are 

made at temperatures 30°C to 50°C lower than those at which conventional 

mixes are produced and thus generate energy savings of 20-40% 

and cut greenhouse gas emissions by 12-27%. Warm mix production is 

expected to increase from 220,000 tonnes in 2008 to 500,000 tonnes 

in 2009. To highlight the added environmental value of such solutions, 

Eurovia developed the Gaia.BE® software package, which was deployed 

throughout the entire network in 2008. At each stage of a project, from 

materials extraction at the quarry to compaction of the wearing course, 

Gaia.BE® enables contracting authorities to assess the environmental 

impact of their projects. 

72 72 

In materials production, all wholly owned quarries and group quarry 

holdings are now being put together in a single subsidiary, Eurovia Stone, 

as part of a strategy to expand this activity outside France. Building on 

its strong position as the leading road aggregate producer in France, 

Eurovia has built a European network of quarries and distribution hubs 

with the dual goal of securing supplies for its own worksites and expanding 

the sale of materials to third parties. 

FRANCE 

Following exceptional growth in 2007, activity stabilised in France in 

2008, with investments on hold against the backdrop of municipal elections 

in the spring followed by deterioration of the financial markets. 

Thanks to its outstanding network of local companies, the very large 

number of projects (approximately 25,000 per year) on which its activity 

is based and the wide diversity of the sectors in which it operates, 

Eurovia was able to withstand the changes in the economic environment. 

Eurovia was involved in the construction and refurbishment of all 

types of transport infrastructure: 

> motorways: A4 bis, A7, A8, A75/A9, A87, A19 (on this 101 km project 

carried out for VINCI Concessions (see page 52), Eurovia laid over 

1 million tonnes of asphalt mix); 

> national and departmental highways and urban bypasses: RN88, 

RN141, RD104, RD6202 bis, Route du Lido (Cap d’Agde-Sète in southern 

France), Molsheim bypass (eastern France), northern Lyons ring 

road (eastern France), Iter Route (southern France); 

> airports: Paris-Vatry, Lyons-Saint Exupéry, Bordeaux-Mérignac, Tiga 

(French Polynesia); 

> rail infrastructure: Leslys airport light rail link in Lyons (built by VINCI 

under a concession contract); light rail systems in Toulouse-Blagnac, 

Grenoble, Angers and Marseilles (new Line 2 extension contract); Channel 

Tunnel repair following the fire of 11 September 2008 (first contract won 

by ETF-Eurovia Travaux Ferroviaires following its integration within Eurovia, 

carried out jointly with VINCI Construction and VINCI Energies); 

> port infrastructure: re-development of the roll-on/roll-off terminal in 

the northern French port of Boulogne sur Mer, extension of the container 

terminal in the port of Dunkirk in northern France. 

Meanwhile, Eurovia’s works divisions took part in a large number of 

urban development projects, notably in Annecy, Aix en Provence, Bérat, 

Labastide Murat, Cadenet, Caluire, Lille (where Eurovia is refurbishing the 

Citadel) and Le Mans. In addition to pavements and surfacings, this type 

of urban project calls for a diverse range of related expertise (drainage, 

waterproofing, network diversion, minor civil engineering works) and 

contributes to urban renewal and enhancement of urban spaces. Projects 

illustrating this qualitative approach included the new Confluence neighbourhood 

in Lyons, where Eurovia is converting the banks of the Saône 

into a public promenade along a former railway track, with the rails being 

left in place and integrated in the new urban landscape. 

With the acquisition of Vossloh Infrastructure 

Services, which has taken the name ETF-Eurovia 

Travaux Ferroviaires, VINCI has broadened the 

spectrum of its transport infrastructure expertise.

Revenue Operating profi t 

from ordinary 

activities 

7,706 

2007 

8,183 



23% 

7% 

70% 



392 

5.1% 

2007 

Net profi t 


equity holders of 

the parent 

EUROVIA’S COMPETITIVE POSITION IN ITS MAIN MARKETS 

France In the road and railway construction and maintenance markets, 

Eurovia places second behind Colas and ahead of Eiffage Travaux 

Publics. The rest of the market is divided among some 8,300 regional 

and local civil engineering contractors. The acquisition of Vossloh 

Infrastructure Services rounded out our competencies in rail works. 

Eurovia is also a major player in the road aggregates market, in which 

cement groups such as Lafarge and Ciments Français operate alongside 

a large number of local producers. 

Germany Eurovia GmbH places second behind Strabag, the other 

significant players operating on a regional basis. 

346 

4.2% 


263 

3.4% 

2007 

209 

2.6% 


Road and rail works 

Materials production 

Services and maintenance 



514 

501 

6.7% 6.1% 

6.7 % 

2007 



surplus (**) 

600 

2007 


10% 

1% 

3% 

6% 

7% 

13% 

60% 

338 


Czech Republic SSZ is a leader in road and rail works. Its significant 

competitors are Skanska, Metrostav and Strabag. 

United Kingdom Ringway is one of the leaders in the long-term 

maintenance contract sector, in which the other major players are 

Carillon, Amey, Jarvis and McAlpine. 

Sources: internal studies, company press releases. 


and as a percentage 

of revenue 

France 


Germany 



North America 


7373

74 


ROADS 

The service activity, a source of recurring income, was further 

expanded with the addition of multi-year maintenance contracts for the 

Haute Garonne General Council (maintenance of departmental roads), 

Escota (maintenance work on its 459 km network), Société du Canal 

de Provence (work on 121 km of canals and 150 km of underground 

tunnels) and the city of Nice (maintenance of its 13 cemeteries). 

Last but not least, in industrial and retail infrastructure, Eurovia worked 

on the Blayais nuclear power station site, the Rhône-Gier business park 

in greater Lyons, the Knauf production site in Lannemezan and the 

Turbomeca plant in Orin (both in southwestern France), the Maisonnément 

shopping centre project in Cesson (Paris region) and the Pompidou ZAC 

development zone in Vendargues (southern France). 

WESTERN EUROPE 

In Germany, where the market was essentially stable and highly competitive, 

revenue increased 9.7% to €768 million. Benefiting from the 

restructuring operation carried out in recent years, Eurovia was able 

to maintain its positions while improving profit. Two major projects 

complementing traditional operations helped boost activity. The first 

was the new Berlin-Brandenburg International Airport, where Eurovia, 

working in a consortium, built and developed one of the runways, the 

taxiways and the aircraft parking areas (€215 million global contract). 

The second was the construction of a 25 km section of the A4 motorway 

in Thuringia under a 30-year public-private partnership (A-Modell programme) 

signed by VINCI Concessions and Hochtief; the total amount 

of the works is €300 million and Eurovia is the leader of the construction 

consortium. In early 2009, Eurovia was named concession company for 

another part of the A-Modell programme: a 60 km section (of which 

41.5 km to be widened to a three-lane dual carriageway) of the A5 

motorway between Malsch and Offenburg. Eurovia will lead the consortium 

responsible for works. 

In the United Kingdom, Ringway’s positions in the road maintenance 

market enabled it to withstand the sharp downturn in the economy. 

Revenue rose 12.7% (at constant exchange rates) to €578 million. As 

market leader, Ringway carried out two-thirds of its business activity 

under multi-year road and highway network maintenance contracts 

(some 60 contracts) with counties, districts and large urban areas. The 

growing use of joint-venture contracts with outside partners is helping 

to boost activity. Ringway is also diversifying into telecommunications 

networks via its subsidiary Beach Communications, which in 2008 

won the contract to maintain the entire Virgin Media cable television 

network in London. 

In Spain, the crisis in the construction sector has accentuated competition 

in the related roadworks market. Despite this difficult business 

environment, Eurovia confirmed the turnaround of its subsidiaries in 

the wake of the rigorous selectivity policy implemented over the last 

several years, and stabilised its positions in the autonomous communities 

of Madrid, Andalusia and Galicia. During the year, the M410 motorway 

project on the outskirts of Madrid was handed over and production 

started at the new Eurovia special products factory in Valdepeñas. 

CENTRAL EUROPE 

Activity continued to increase in all Eurovia’s markets in Eastern 

Europe. Revenue has now exceeded the €1 billion mark, making this 

region Eurovia’s second-largest market after France. 

In the Czech Republic, highlights of the year at SSZ included the start 

of two major expressway projects: the R6 expressway between Sokolov 

and Tisová, with work set to continue until 2011, and the new 25 km 

section of the D3 motorway between Tabor and Veseli nad Luznici. In 

the railway sector, SSZ completed modernisation works at the main 

station in Prague as well as re-development of the long-distance lines 

serving the site. 


In Slovakia, SSZ and its local subsidiary Eurovia Cesty (in a consortium 

with VINCI Construction subsidiary SMP) completed the major 

D1 motorway project, Slovakia’s backbone, between Mangusovce and 

Janovce. The two companies will also be working throughout 2009 on 

a 10 km section of the R1 motorway between Zarnovica and Sasovské 

Podhradie, including engineering structures and associated motorway 

equipment. The year’s completions included the construction of several 

hard surfaced storage areas for the German company Golbeck. 

In December 2008, in a move heralding major prospects for coming 

years, a consortium led by VINCI Concessions was named preferred 

bidder on a 30-year PPP contract covering construction and maintenance 

of a 52 km expressway (R1) linking the towns of Nitra and Tekovské 

east of Bratislava. The works, with a total value of nearly €1 billion, will 

be carried out by SSZ. 

Poland is the Central European market in which Eurovia’s revenue 

increased most in 2008 (up 130%) as a result of organic growth alone. 

By expanding its network of works centres and coating plants (four 

new plants in 2008, a further five planned in 2009), Eurovia Polska 

made the most of the potential of its markets. Thanks to major projects 

such as the S7 expressway between Elblag and Kalsk in the north of 

the country, roadworks activity more than doubled in one year. Eurovia 

Polska’s order book at the end of 2008 indicated that there will be 

further growth in 2009. 

In Romania, one year after gaining a foothold in the market by acquiring 

Viarom, Eurovia won a €54 million contract from electricity supplier CEZ to 

carry out the access road and civil engineering work for the largest continental 

wind farm (139 turbines) currently under construction in Europe. 

In Lithuania, activity was buoyant in materials production and roadworks, 

including the refurbishment of the concrete Vilnius-Utena 

highway on which Eurovia is using its Viasaf® anti-reflective cracking 

process. 

In Croatia, the effective integration of Tegra, a company acquired in 

2007, opens up development opportunities in a market driven by the 

prospect of the country’s accession to the European Union. 

AMERICAS 

In North America, business activity increased to nearly €515 million. 

In the United States, activity was up 12% at constant exchange rates. 

Indirectly impacted by the housing crisis, which is intensifying competition 

in civil engineering works, Eurovia’s subsidiaries are increasingly focusing 

on design-build contracts, which call for their technical competencies. 

Major orders won in 2008 will bolster activity in 2009: in Florida, Hubbard 

won contracts to build a €16 million landfill and widen 13 km of urban 

motorway in Jacksonville €39 million); in North Carolina, Eurovia subsidiary 

Blythe won a €15 million design-build contract to widen Martin Luther 

King Jr. Boulevard in Monroe. 

In Canada, strong growth continued unabated at DJL. Among other 

projects, DJL is working on a major extension of the A5 motorway in the 

Outaouais region (600,000 cu. metres of excavation, 110,000 tonnes of 

aggregate, 25,000 tonnes of asphalt mix). Activity was also buoyant in 

aggregate production, with a sales volume in excess of 4.5 million tonnes. 

Last but not least, Eurovia set up a new aggregate supply channel linking 

the Gaspésie region in Québec with Hubbard locations in Florida, a region 

without hard rock resources, to supply the mix plants of this subsidiary. 

In Chile, activity remained at a very high level. In addition to a number 

of major road projects (CH60 highway, bus lane networks in Santiago), 

the Bitumix subsidiary is benefiting from the upswing in the road maintenance 

services market. Within that framework, cold microsurfacing 

projects underwent a major expansion in 2008.

LONG-HAUL SUPPLY CHAIN 

In materials production, Eurovia continues its strategy of building an 

integrated industrial supply chain. In Florida (USA), a region without 

hard rock resources, Eurovia uses materials from its quarry in 

Gaspésie (Québec) which are brought in by sea from the port of Gaspé 

(pictured above). Modelled on the European Antwerp distribution 

hub, this solution provides high-quality materials, controls production 

costs, protects the environment and secures supplies. 

75

76 


ROADS 

OUTLOOK CONTRACTION EXPECTED IN FRANCE; 

POSITIVE LONG-TERM TRENDS 

In France, the cyclical downturn in the second half of 2008 and the 

decline in the order book at the end of the year could result in a contraction 

of business activity in 2009. On the other hand, activity is expected 

to remain stable outside France thanks to the momentum and local 

roots of Eurovia’s subsidiaries in Central Europe and the Americas. 

The performance of Eurovia’s organisation and management methods, 

combined with the diversity of its geographical areas of operation and 

expertise, give it considerable ability to weather cyclical swings. In an 

increasingly competitive business environment, Eurovia will be stepping 

up the effort it began in 2008 to retain a satisfactory operating margin, 

notably through the rigorous selection of new projects. The Eurovia 

2012 strategic plan will be implemented across all operating entities. 

The goal is to make the most of the company’s expertise and network 

of local entities, while controlling overheads in order to maintain competitiveness. 

Ultimately, the markets in which Eurovia operates will remain buoyant 

because they are driven by positive long-term trends: strong demand 

for construction of new transport infrastructure in developing countries 

and refurbishment of existing infrastructure in mature economies; 

growing urbanisation; and an increasing focus on mobility issues will 

generate a permanent flow of urban development projects. 

Against this backdrop, Eurovia should be able to benefit from its position 

as a builder of multimodal infrastructure – roads, railways, bus rapid 

transit, light rail, airports – to adapt to changing public policies in its 

various markets. In this respect, the integration of ETF-Eurovia Travaux 

Ferroviaires opens up new opportunities in France in the context of the 

new high-speed rail programmes. Eurovia will make the most of its 

complementary expertise in the buoyant quality of life (urban renewal 

and public facility upgrades) and network maintenance services markets, 

operating under multi-year contracts. 

In materials production, Eurovia will be continuing its strategy of setting 

up an integrated industrial activity. A new subsidiary, Eurovia Stone, has 

been set up to give it greater visibility. It will pool Eurovia’s materials 

production assets in 2009. 

Last but not least, the development of group synergies, notably within 

the framework of PPP contracts, enables Eurovia to optimise its presence 

in the major infrastructure projects that are set to be supported 

by stimulus plans across the world. As in the case of the A4 motorway 

currently under construction in Germany, these PPP contracts offer a 

significant source of future growth, ensuring long-term maintenance 

and service work activity over several years. 

The majority of the world population now lives in 

cities. The development of urban infrastructure 

combining comfort, aesthetics and safety requires 

quality upgrades that call on the full range of 

expertise offered by Eurovia. 


7 77

78 

78 



CONSTRUCTION 

PROFILE 

French market leader and a world major in construction, VINCI Construction 

brings together an unparalleled array of capabilities in building, civil engineering, 

hydraulic engineering and services. 

VINCI Construction’s business is divided into three major complementary components: 

> a network of local subsidiaries in mainland France with VINCI Construction France, which has 

a network of 370 profit centres, and outside mainland France with VINCI Construction UK in the 

United Kingdom, CFE (in which VINCI holds a 46.8% interest) in the Benelux countries and VINCI 

Construction Filiales Internationales in Germany, Central Europe, Overseas France and Africa; 

> specialised business lines with high technical content: specialised civil engineering 

technologies with Soletanche Freyssinet (structures, special foundations, soil technologies, 

nuclear engineering), dredging and marine engineering works with DEME (in which CFE 

holds a 50% interest); and oil and gas infrastructure with Entrepose Contracting; 

> management of complex projects with VINCI Construction Grands Projets, which 

operates in the world market for major civil engineering and building structures. 

VINCI Construction is the matrix for the Group’s entrepreneurial culture and management 

system, which combines decentralised organisational structure, networking, management 

empowerment, individual responsibility and a profit culture. Over the past five years, 

revenue has doubled and operating margin has quadrupled. 

79 79

80 

BUSINESS REPORT CONSTRUCTION 

CONSTRUCTION BUOYANT GROWTH, 

ESPECIALLY IN THE INTERNATIONAL MARKET 

2008 was another year of strong growth for VINCI 

Construction. Driven by both acquisitions and organic 

growth, revenue rose 15% to €15.7 billion. Eff orts 

made in recent years to broaden VINCI Construction’s 

networks of expertise and to internationalise its business 

activity have diversifi ed its risk profi le and boosted its 

ability to weather cyclical swings. 

NETWORKS OF LOCAL SUBSIDIARIES 

Mainland France 

Following very strong growth at VINCI Construction France in 2007, 

revenue rose nearly 8% in 2008 to €6.7 billion, virtually all of it 

accounted for by organic growth. The simultaneous increase in profi ts 

and cash fl ow confi rms the company’s excellent performance, which 

took place in an economic environment that was very diff erent from 

that of previous years. 

CAMBON-CAPUCINES: A PROJECT DEVELOPED 

AND EXECUTED BY VINCI 

Work got underway on the Cambon-Capucines project in the heart 

of Paris in 2006. On this project, VINCI Immobilier’s development 

expertise was combined with VINCI Construction France’s experience 

in structural renovation. The very large (50,000 sq. metres) and complex 

project involved the restoration of several architectural gems that are 

classified or listed as historic landmarks. 


Building, representing two-thirds of total business activity, grew 11% 

to €4.4 billion. Residential construction of all types (public, private, new, 

refurbishment) accounted for only about one-third of the total. The 

downturn in the market for private sector residential housing, to which 

VINCI Construction France has little exposure, was partly off set by the 

growth in social housing (in this sector, revenue exceeded €412 million 

in 2008). Activity also continued to expand in offi ce space (up 28% to 

€940 million) on the back of a large order book from previous years, and 

in the hospital sector (up 36% to €463 million), which drove activity in 

public building construction. VINCI Construction France’s strong position 

in this sector, which is expected to be buoyant in the long term, 

gives the company an edge in the country’s ambitious, recently-initiated 

hospital programme. 

Business activity continued to grow in civil engineering (up 3% to €1.6 

billion), especially in marine and inland waterway works, and accounts for 

24% of total activity at VINCI Construction France. The tie-up between 

the civil engineering division of VINCI Construction France and VINCI 

Construction Grands Projets enhances our responsiveness in the major 

infrastructure market, which is expected to benefi t from the economic 

stimulus package adopted by the French authorities at the end of 2008. 

Business activity increased overall in the service business lines (building 

maintenance, environmental services, roll-out and management of 

optical fi bre networks), with revenue coming in at a total of €179 million. 

It remained stable, however, in hydraulic engineering (€554 million), with 

local authorities holding back on investments during the election period 

and then in the wake of the fi nancial crisis in the second half. 

Taking all sectors together, VINCI Construction France generates nearly 

half of its revenue in projects with a unit value of less than €5 million, 

of which a large number are in its core business. This stable business 

activity base, together with the company’s wide range of business lines 

and the strong local roots of its network of profi t centres, give it strong 

resilience, as its performance in 2008 demonstrates. 

VINCI Construction subsidiaries are carrying out 

civil engineering works (earthworks, engineering 

structures, restoration of communications) on a 

37 km works package along the Eastern section of 

the Rhine-Rhone high-speed rail line, part of the 

future European north-south rail link, between Dijon 

and Mulhouse.

Revenue 

15,722 

13,653 


25% 

2007 

6% 6% 


22% 



Operating profi t 

from ordinary 

activities 

41% 

668 

4.9% 

2007 

773 

4.9% 


Net profi t 


equity holders 

of the parent 

1% 



VINCI CONSTRUCTION’S COMPETITIVE POSITION IN ITS MAIN MARKETS 

France VINCI Construction is leader in France in a market estimated 

at nearly €200 billion, ahead of Bouygues Construction, Eiffage 

Construction, Fayat and Spie-Batignolles. The remainder of the 

market is split among a large number (estimated at 338,000) of small 

and medium-sized companies. 

United Kingdom With the acquisition of Taylor Woodrow Construction, 

VINCI PLC has become a significant player in the United 

Kingdom, especially in the infrastructure and facilities management 

markets. The main British groups are Balfour Beatty, Carillon, Amec 

and Laing O’Rourke. The British market is estimated at about 

€215 billion. 

Benelux CFE is one of the leaders in the Belgian market, estimated 

at €34 billion, alongside the BAM group, Besix and Jan De Nul. 

438 

3.2% 

2007 

527 

3.4% 


Building 

Civil engineering 

Specialised civil engineering 

Hydraulic engineering 

Facilities management 


7% 

5% 

8% 

895 

6.6% 

2007 

17% 

10% 

1,059 

6.7% 



surplus (**) 

52% 

1,478 

2007 

2,019 


In € millions and 

as a percentage 

of revenue 

France 



Belgium 


North America 


Central and Eastern Europe VINCI Construction continues 

its development, especially in Poland and the Czech Republic, 

where it has been operating through local medium-sized companies 

for the past decade. 

Germany VINCI Construction’s activity is carried out by two 

specialised subsidiaries operating in niche markets (facilities 

management and PPPs; architectural fitting and finishing). 

Specialised markets Through its subsidiaries Soletanche Freyssinet, 

DEME and Entrepose Contracting, VINCI Construction operates in 

world niche markets with high technical content. 

Sources: Euroconstruct – Summary Report, November 2008 (market volume); Le Moniteur-Expert, 

company press releases (competitive position); French Directorate of Economic and International 

Aff airs (DAEI) – Major economic aggregates in construction, September 2008 (number of companies). 

81

82 


Overseas France 

Business activity at VINCI Construction Filiales Internationales in Overseas 

France reached a record €550 million (up 14.5%) as a result in particular 

of the major projects under way in French Guiana (Soyuz launch site), 

Reunion Island (Route des Tamarins) and New Caledonia (Goro-Nickel 

project). These projects call for the complementary expertise of VINCI 

Construction Filiales Internationales, VINCI Construction Grands Projets 

and VINCI Construction France. Public-private partnerships (PPPs) also 

constitute a growth driver, illustrated by the contract signed in early 2009 

to build the Port Réunion grain terminal. 


The acquisition of the Taylor Woodrow Construction company, a benchmark 

player in the British construction market, was a highlight of the year. 

This operation resulted in the creation of VINCI Construction UK, a new 

entity ranked among the market leaders. It enables VINCI Construction 

UK to expand in the facilities management, rail and airport infrastructure 

and public building (health care, education) sectors while reinforcing its 

portfolio of PPP contracts. VINCI Construction UK has low exposure to 

the residential property market, and was thus able to hold up well in a 

poor economic environment. Taylor Woodrow Construction’s substantial 

track record in nuclear civil engineering will also stand the company in 

good stead as the British nuclear programme is re-started. It also against 

this backdrop that VINCI Construction UK and VINCI Construction Grands 

Projets signed an exclusive partnership agreement with Balfour Beatty, a 

British civil engineering major, to build EPR type nuclear power stations in 

the United Kingdom. 

Belgium 

Revenue at CFE (in which VINCI Construction holds a 46.8% interest) rose 

14% to €1.7 billion. Activity increased across all CFE divisions as well as 

in dredging, carried out by its subsidiary DEME (see page 84). In construction, 

anticipating the slump in the building market, CFE put together 

a large order book in civil engineering. The projects that will be driving 

this sector in coming months and years include: the construction of the 

Diabolo tunnel in Zaventem (Brussels airport), the design and construction 

of the Delft rail tunnel, the construction of the Liefk enshoek rail link in 

the port of Antwerp and the construction of the Coentunnel in Amsterdam 

– these last two PPP contracts having been signed in a consortium 

with VINCI Concessions in 2008. Meanwhile CFE continued to reinforce its 

multi-technical division, where activity grew 69% thanks to several recent 

acquisitions – including, in 2008, Stevens NV (railway signalling, airport 

wiring and runway lighting, communications networks) and a stake in 

Druart (climate engineering). 

Germany 

With revenue up 11%, SKE confi rmed its performance in the facilities 

management market and continued to diversify its longstanding base. The 

United States Armed Forces in Germany, its longstanding customer, now 

represents only about half of its business activity, with construction, renovation 

and/or comprehensive maintenance of public buildings accounting 

for the other half. Three new PPP contracts with a total value of €159 

million, covering the construction and 25-year maintenance of schools, 

were signed in 2008. Overall, SKE manages nine contracts with an average 

duration of 22 years and an overall value of over €600 million. 


After modernising the wastwater treatment plant 

in Lodz, Warbud, the Polish subsidiary of VINCI 

Construction Filiales Internationales, won the 

design-build contract in early 2008 to modernise 

and extend the Czajka wastewater treatment plant 

in Warsaw, which will be the country’s largest once 

it is commissioned. 


At VINCI Construction Filiales Internationales in Central Europe, revenue 

came in at €770 million. Business remained brisk in Poland, where 

Warbud, a subsidiary traditionally focused on building, continued to 

expand into civil engineering and environmental business lines, notably 

winning a major contract to build a wastewater treatment plant in 

Warsaw. This diversifi cation of activity boosts Warbud’s resilience in a 

market that is stabilising. In the Czech Republic, activity grew substantially 

(up 40%) in the civil engineering market, where SMP is a benchmark 

player; in building, the merger of the two subsidiaries Prumstav 

and FCC enhances our competitiveness in a declining market. 

Africa 

Sogea-Satom’s revenue again increased substantially (up 17%) to 

€632 million. With locations in some 20 countries, primarily in Frenchspeaking 

Africa, Sogea-Satom is building on its historic roots and the 

quality of its expertise and methods to maintain its edge in a more and 

more competitive environment. Activity remained buoyant in earthworks 

and roadworks, the company’s two main business lines, with several 

major projects in Cameroon, Guinea, Chad, Burundi, Benin and Congo. 

Sogea-Satom continued, in parallel, to develop its hydraulic engineering 

and civil engineering activities, winning a new water supply system 

contract in Tanzania (pipelines and treatment plants) and several cement 

works construction contracts in Morocco. The company’s excellent order 

book at the end of 2008 heralds an ongoing high level of activity in 2009 

in all the areas in which Sogea-Satom operates.

290 METRE SPAN ACROSS THE ABYSS 

The Grande Ravine viaduct, one of four exceptional 

engineering structures along the Route des Tamarins on 

Reunion Island, owes its unusual design to environmental 

necessity. The structure was required to have no piers or 

cable stays so as not to endanger the Audubon’s Shearwater, 

a bird species threatened with extinction that nests close 

to the site. Reduced to a thin blade of steel, the deck that 

overarches the 170-metre ravine is supported by highly 

complex civil engineering structures, of which only the 

incrementally launched braces are visible. 

83

84 


SPECIALITY BUSINESS LINES WITH HIGH TECHNICAL CONTENT 

Specialised civil engineering 

2008 was a record year for Freyssinet and Solétanche Bachy. During 

the year, the two entities were brought together in a new unit called 

Soletanche Freyssinet, which forms an integrated specialised civil engineering 

technologies division. 

Freyssinet: Revenue rose 17% to €970 million. Activity grew across all 

business lines, especially those in nuclear engineering, which were 

brought together under the Nuvia brand in 2008 and soil improvement. 

Geographically, growth was particularly strong in the Middle East, which 

is now Freyssinet’s second largest market after France; it was also significant 

in North and South America, South Africa and Australia. As a result 

of the substantial increase in order intake during the year (up 10% to 

€1.1 billion) activity was expected, at the end of the year, to remain at a 

high level in 2009. 

Solétanche Bachy: Revenue grew 11% to €1.5 billion. Growth occurred 

mainly in France (up 40%, as a result, in particular, of two major projects: 

the Toulon tunnel and the port of Le Havre), Eastern Europe, North and 

South America, the Middle East and in the subsidiaries specialising in soil 

technologies. At the end of the year, the order book exceeded €1 billion, 

heralding stabilisation of activity in 2009. 

Combining high technical content offerings and international coverage 

(with nearly 70% of its revenue generated outside France), Soletanche 

Freyssinet operates in markets bolstered by major new construction 

projects (especially in the Middle East and Asia) and growing infrastructure 

refurbishment requirements – major projects such as dam rehabilitation 

in the United States and a myriad of local projects managed by 

local subsidiaries. The creation of this entity supports the development 

of new integrated offerings, with the range of technologies provided 

by Soletanche Freyssinet at times representing up to two-thirds of the 

value of the contract on some complex projects. Meanwhile, the tie-up 

between the international networks of Solétanche Bachy and Freyssinet, 

often with complementary locations, optimises market coverage while 

generating technical and supply chain synergies. 

Dredging and marine engineering 

DEME continued to expand substantially, with revenue up 15% to 

€1.5 billion. With a fleet of dredgers and marine equipment distributed 

across eight operating bases in Europe, the Middle East and Asia, DEME 

carries out its core activities comprising a large number of dredging projects 

as part of port and inland waterway modernisation, and also builds 

on its position of leadership in the world market for major marine projects 

to carry out very large projects. Activity was buoyant and remains 

well diversified on all five continents. Major orders, such as the widening 

of the Panama Canal, will be keeping the DEME fleet busy for several 

years. Last but not least, diversification into such business lines as soil 

remediation, contaminated sludge treatment, a range of services for oil 

and gas customers and offshore infrastructure (wind farms, platforms) 

construction bolster activity and buffer cyclical market swings. 


Oil and gas infrastructure 

Entrepose Contracting consolidated its growth in 2008 after joining 

VINCI in 2007 and acquiring the Spie-Capag company, a world leader 

in land pipelines, in the same year. Revenue came in at €462 million. 

The year saw a very large increase in the order book, which stood at a 

record €700 million at the end of December and heralds a buoyant 2009. 

Entrepose Contracting benefits from a number of favourable trends in 

its various markets: in the oil sector, treatment facilities are again being 

built at production sites after a period during which strong pressures on 

prices created tensions in relations between the producing countries and 

the oil companies, slowing a number of projects; in the gas sector, work 

or design studies have started on major gas pipelines and production 

and storage facilities are being built as markets liberalise and new players 

enter the market in increasing numbers. 

COMPLEX PROJECT MANAGEMENT 

VINCI Construction Grands Projets operates in the world market for 

major projects, covering the full range of expertise required to execute 

and manage complex projects. Its revenue amounted to €771 million 

in 2008. During the year its order book increased spectacularly (€1.9 

billion at the end of 2008, up 34% during the year), ensuring ongoing 

activity and offering visibility for several years. VINCI Construction 

Grands Projets operates in a market in which projects are growing in 

size and complexity and are increasingly including a “systems” component. 

Such trends give VINCI Construction Grands Projets, with its strong 

engineering and project management capabilities, a competitive edge. 

The division also benefits from the strong flow of work generated by 

our concession contracts; VINCI Construction Grands Projets is working 

on the major Athens-Tsakona and Maliakos-Kleidi motorway projects in 

Greece, the Liefkenshoek rail link in the port of Antwerp and the Coentunnel 

in Amsterdam. Network and capability synergies with the other 

VINCI Construction divisions are also driving activity expansion, as illustrated 

by the last two projects, which are being carried out with CFE, 

and the construction of a pumping station in Qatar and a regasification 

terminal in the port of Rotterdam, which are being built in synergy with 

Entrepose Contracting.

AN OUTSIZED PORT 

Refurbished and extended as part of the Port 2000 project, the port 

of Le Havre is a crucial link in international container traffic. In 2007, 

work was started on a new extension awarded to Solétanche Bachy. 

This involves construction of an additional 2,100 metres of wharf, 

comprising 130,000 sq. metres of diaphragm walls and 200,000 sq. 

metres of watertight screen. The operation also involves 6 million cu. 

metres of dredging, an equal volume of excavation and backfill, and 

the placement of 170,000 cu. metres of concrete and more than 

20,000 tonnes of steel. 

85

86 


A BROAD RANGE OF BUSINESS LINES AND PROJECTS 

> Orders placed in 2008 

> Work under way in 2008 

BUILDING 

France 

> Cnit refurbishment, La Défense 

> Grands Moulins de Pantin (conversion to office space), 

Pantin (Paris region) 

> CMA-CGM Tower, Marseilles 

> Matmut head office, Rouen 

> Hospital: Sainte-Musse in Toulon (southern France) 

> Hospital: Chalon sur Saône (eastern France) 

> Lycée: Clément Ader, Tournan en Brie (Paris region) 

> Lycée: Argenteuil (Paris region) 

> Heron Park recreation, retail and office complex, Villeneuve d’Ascq 

(northern France) 

> Louis Vuitton Foundation, Paris 

> Hérault departmental archives (Pierres Vives project), Montpellier 

> Valenciennes and Le Mans stadiums (northern France) 

> Musée de la Mer and Cité de l’Océan et du Surf, Biarritz 

(south-western France) 

> Lyon Confluence recreation and shopping centre (eastern France) 

> Société Générale trading room, La Défense (Paris region) 


> Circle Hospital Bath, Somerset, UK 

> Sheffield school renovations (Building Schools for the Future 

programme), UK 

> Cardiff Bay police station, Wales 

> Cheetham Hill Tesco shopping centre, Manchester, UK 

> Royal Oldham Hospital extension, Manchester, UK 

> East Barnet (Hertfordshire) and Luton high schools (Bedfordshire), UK 

Benelux 

> B-Park shopping centre, Bruges 

> Fortis office building, Brussels 

> Office buildings (34,000 sq. metres), Luxembourg 

> D4 and D5 office buildings for the European Parliament, Brussels 

> Head office of the European Investment Bank (EIB), Luxembourg 

> Serenity HEQ office building, Luxembourg 

> Mediacité shopping centre (100,000 sq. metres), Liège 


> Copernicus science centre, Warsaw (Poland) 

> Housing Reporyje (125 housing units), Prague (Czech Republic) 

> Yazz Hotel, Prague 

> Ibis Hotel, Prague 

> Leclerc shopping centre, Gdansk (Poland) 

> Saint-Gobain manufacturing plant, Dabrowa Gornicza (Poland) 


> Lycées in Rémire, Saint Laurent du Maroni and Mana (French Guiana) 

> Afpar training centre in Saint Pierre (Reunion Island) 

CIVIL ENGINEERING 


France 

> Paris metro, Line 13 extension 

> Paris metro, Line 12 extension 

> Rhine-Rhone, high-speed rail line, eastern branch (37 km works 

package) 

> Terenez Bridge (western France) 

> Angers, Vannes and Pornic waste treatment units 

> Côtière (eastern France) and Compiègne (northern France) viaducts 

> A65 Langon-Pau motorway (earthworks and engineering structures) 


> M1 motorway widening (23 km), Nottingham, UK 

> Clackmannanshire Bridge, Kincardine, Scotland 

> Nuclear waste storage site, Sellafield, Cumbria, UK 

> Soil rehabilitation at the Stratford Olympics site, London 

> Airport car park, Birmingham, UK 

> Baker Street station refurbishment, London underground 

> King’s Cross urban renewal project, London 

> Docklands Light Railway redevelopment, London 

Benelux 

> E19 motorway – Zaventem airport terminal rail link, Brussels 

> C-Power offshore wind farm, Ostend 

> Noorderlaanbruggen bridges on the Albert Canal, Antwerp 

> Sludge treatment and storage complex in the port of Antwerp 

> Rail tunnel, Delft 

> Coentunnel, Amsterdam 

> Liefkenshoek rail tunnel, Antwerp 

Central and Eastern Europe 

> Chernobyl containment sarcophagus (Ukraine) 

> S7 Elblag-Olsztynek national highway (Poland) 

> S8 Konotopa-Prymasa Tysiaclecia national highway (Poland) 

Africa 

> Algiers metro – 10 stations and a technical building (Algeria) 

> RN1 and RN4 national highways, (Burkina Faso), Lufimi-Kwango 

highway (Democratic Republic of Congo) 

> 93 km Kissoudougou-Guéckédou-Sérédou highway (Guinea) 

> Urban streets in Douala (Cameroon) 

> Ben Ahmed and Béni Mellal cement works – Addoha Group 

(Morocco) 

> Line 3, Cairo metro (Egypt) 

Middle East 

> Wadi Dayqah dam (Oman) 

> Four Lusail car parks (Qatar) 


> Dumanoir dam (Guadeloupe) 

> Port Réunion cereal terminal, (Reunion Island) 

> Earthworks at the Dumbea sur Mer ZAC development zone 

(New Caledonia) 

> Soyuz ground segment and launch facilities (French Guiana)

Americas 

> Panama Canal deepening and widening 

> Brightwater tunnels (Seattle) 

Trinidad and Tobago 

> Motorway interchange 

HYDRAULIC ENGINEERING 

France 

> Coudekerque-Branche wastewater treatment plant (northern France) 

> La Morée wastewater treatment plant (Paris region) 

> Angers wastewater treatment plant (western France) 

> Montoir de Bretagne pumping station (western France) 

Poland 

> Czajka wastewater and sludge treatment plants (Warsaw) 

Africa 

> N’Djili water treatment plant, Kinshasa (Democratic Republic of 

Congo) 

> 6 water treatment plants, Mbeya (Tanzania) 

> Al Gardabiya-Assdada pumping station (Libya) 

Jamaica 

Refurbishment of water networks and systems in the city of Kingston 

SPECIALISED CIVIL ENGINEERING 

> Special works in the Port 2000 container port in Le Havre (France) 

> Toulon road tunnel (France) 

> Decommissioning of the CEA’s RM2 power station, Fontenay aux 

Roses (France) 

> Stays cables on the Megyeri Bridge, Budapest (Hungary) 

> Stays cables and prestressing on the Phu My Bridge south of 

Ho Chi Minh City (Vietnam) 

> Prestressing on two nuclear reactors, Kudan Kulam (India) 

> Compaction of a 2.7 million sq. metre hard surface at Kaust 

University (Saudi Arabia) 

> Construction of 70,000 sq. metres of reinforced earth walls on 

16 road structures (Mexico) 

> M’Kacel collector mains in Algiers and Rabat (Morocco) 

> Special works for the metro (Singapore) 

> Sewer tunnels (Bogota) 

> Wolfcreek and Canton Dams (United States) 

> Metros in Singapore (works package 903) and Mexico City, special works 

> Work to repair the Channel Tunnel (France) 

> Wharf No. 1 at the commercial port of Degrad des Cannes 

(French Guiana) 

OIL AND GAS INFRASTRUCTURE 

> Pumping station and 120 km pipeline (Algeria) 

> 320 km pipeline (Yemen) 

> LPG storage and loading facility (Kuwait) 

> Regasification terminal in the port of Rotterdam (Netherlands) 

> 544 km Durban-Johannesburg pipeline (South Africa) 

> 20 cryogenic spheres (Mexico) 

> 235 km Rubiales-Monterrey pipeline (Colombia and Mexico) 

> Lagos Beach compression station (Nigeria) 

> LPG and LNG cryogenic storage in Skikda (Algeria) 

> Outfall pipes for the Sirte conventional thermal power station (Libya) 

> 20 km outfall pipe, Havana canal (New Caledonia) 

> LNG storage terminal, Grain Island, Kent, UK 

SERVICES 

France 

> Optical fibre network for the Hérault department 

Germany 

> Maintenance at 54 schools in Germany and Belgium 

> Construction/maintenance of schools in Bergneustadt, Jülich and 

Nuremberg 


> Construction/maintenance of the St Helens and Knowsley hospitals, 

Merseyside, UK 

In Trinidad (Trinidad and Tobago), in the West Indies, 

VINCI Construction Grands Projets teams carried out 

the tenth and last launching operation on the metal 

frame of the 600 metre long curved ramp of the 

Churchill Roosevelt–Uriah Butler interchange, 

which will connect the island’s main north-south 

and east-west arteries. 

� 

87

88 


OUTLOOK GOOD VISIBILTY FOR 2009, 

BUOYANT LONG-TERM MARKETS 

In the short term, VINCI Construction expects a volume contraction in its 

markets as a result of the downturn in its business environment, marking 

a slowdown in the growth cycle that has doubled its revenue over the 

last fi ve years. 

In the long term, the markets in which VINCI Construction operates will 

be sustainably buoyed by the substantial requirements for infrastructure 

and facilities of all types (transport, energy, health care, education, etc.) in 

both the emerging countries, where new construction will be the norm, 

and in mature economies, in which the focus will be on modernisation. 

An increasing proportion of these projects will be carried out under PPP 

contracts, and synergies with VINCI Concessions hold out signifi cant 

prospects in this fi eld. 

At the end of 2008, VINCI Construction’s order book amounted to €16 

billion (12% above the level at the end of 2007), accounting for about one 

year of average business activity and thus aff ording excellent visibility for 

a good part of 2009. 

VINCI Construction’s wide range of business lines, areas of operation 

and customers, together with the responsiveness of its organisations and 

the ability of its companies to meet changing demand in their markets, 

enable it to withstand cyclical swings. This resilience is reinforced by the 

major steps it has taken in recent years – building a unifi ed network in 

France, with VINCI Construction France, broadening its range of expertise 

(soil technologies, oil and gas infrastructure, nuclear) and internationalising 

its business activity, with half its revenue now generated outside 

mainland France. 

VINCI Construction will be moving into the period of market contraction 

that is now expected without departing from its principles of selective 

order-taking and rigorous management. Its constant priority will be to 

uphold its margins, even if this means, in some cases, voluntarily reducing 

volumes. Activity will however be bolstered, during this intermediary 

period, by public economic stimulus programmes, which give pride of 

place to infrastructure projects and construction business lines, especially 

in France, where the stimulus package is combined with the major 

building energy renovation programmes that emerged from the Grenelle 

Environment Forum. 

The development of PPPs aimed at building, refurbishing 

and maintaining public buildings enabled 

SKE, VINCI Construction’s German subsidiary, to 

diversify into the educational sector, winning three 

major contracts in 2008. 


Our internationalisation is notably driven 

by specialised subsidiaries such as Entrepose 

Contracting, which offers expertise in oil and 

gas infrastructure.

90 

BUSINESS REPORT PROPERTY 

PROPERTY PRUDENT MANAGEMENT 

IN A SEVERELY WEAKENED MARKET 

VINCI Immobilier operates in the French business and 

commercial (offi ce, hotel and retail space) and residential 

(housing and serviced apartments) property markets. 

It provides a comprehensive multi-product, multi-service 

off ering in the property planning, property development 

and (as of 2008, through its subsidiaries VINCI Gestion 

and CDB Gestion) property management business lines, 

which complement each other. 

Despite the sharp downturn in its market in 2008, VINCI Immobilier 

generated revenue of €558 million, close to the level achieved in 2007. 

However, the company recorded a decline in its operating profi t from 

ordinary activities as a result of substantial provisions booked in 2008. 

Business and commercial property held up well, off setting the strong 

decline in residential property. 

BUSINESS PROPERTY 

Thanks to the diversifi cation of its activities (offi ce, retail and hotel space), 

VINCI Immobilier generated revenue of €186 million in business property 

despite the sharp decline in investment, which fell to the 2005 level. This 

level of activity was achieved thanks to the sale of several offi ce space 

A 78,000 SQ. METRE HIGH ENVIRONMENTAL QUALITY 

OFFICE COMPLEX IN BOULOGNE BILLANCOURT 

In 2008, VINCI Immobilier signed a property development contract 

with GE Real Estate France covering the structural renovation of the 

Pont de Sèvres high-rise office complex in Boulogne Billancourt on 

the outskirts of Paris. It is made up of three buildings, the tallest of 

which is 110 metres high. Designed by architect Dominique Perrault, 

the project will offer service-sector companies 78,000 sq. metres of 

high environmental quality office space with “NF Bâtiments tertiaires 

– Démarche HQE” high environmental quality certification and the 

“THPE” very high energy performance label. 


operations: M1D programme in Paris (13,000 sq. metres), Belvédère in 

Boulogne Billancourt (13,200 sq. metres) and Portes Sud in Toulouse 

(21,200 sq. metres). During the year, four new major operations were 

signed in the greater Paris area for investors GE Real Estate France (see 

opposite), IVG, Carlyle and Carrefour Property, though their fi nancing 

remains to be fi nalised. 

The many programmes handed over during the year included: in Paris, 

the fi rst part of the high-profi le Vendôme-Cambon-Capucines project 

(17,000 sq. metres of offi ce space) and the Immeuble Bleu at the Porte 

Maillot (15,800 sq. metres of offi ce space); in Bourg la Reine, the Centralis 

building (5,300 sq. metres of offi ce space); in the French regions, the 

République programme in Nancy (10,000 sq. metres of offi ce and retail 

space), the Murano programme in Lyons (7,000 sq. metres of offi ce space) 

and the four-star, 47-room Grand Balcon hotel in the heart of Toulouse. 

RESIDENTIAL PROPERTY 

The market downturn, which began in the French regions in early 2008, 

accelerated in the second half and began to impact the greater Paris 

area in July. It entailed a signifi cant fall in the pace of reservations and 

an increasing number of withdrawals with prices levelling off and then 

declining. As a result, VINCI Immobilier decided to discontinue a number 

of programmes with inadequate pre-sale scores and to forgo the launch 

of a number of operations with a cost price no longer suited to the market 

situation. 

Against this backdrop, the number of housing unit and service residence 

reservations declined by 43% (1,767 in 2008, down from 3,102 in 2007). 

Housing starts numbered 2,285, compared to 3,596 in 2007. Programmes 

of residential properties under construction remained at a reasonable 

level, accounting for 10 months of activity at the end of the year, compared 

to eight months at the end of 2007. 

OUTLOOK 

In view of the level of orders and a more restricted approach to new 

operations, VINCI Immobilier expects 2009 to be a diffi cult year in which 

selling prices will continue to decline, aff ecting fees and margins. The 

company took steps in 2008 that will enable it to cope with this deterioration 

in the business environment. 

To address the downturn, VINCI Immobilier will be honing its strategic 

model, which combines selective project choice and rigorous implementation 

(no programme will start construction below a minimum guaranteed 

reservation level), quality of programmes and locations and property 

negotiation. 

In business property, a number of major offi ce and retail programmes 

(totalling 100,000 sq. metres) will be handed over in 2009 and work will 

start on several operations in the portfolio, subject to fi nalisation of their 

fi nancing. In residential property, following an action plan initiated in 

2008, VINCI Immobilier will diversify its distribution channels by setting 

up a unit dedicated to property management companies so as to increase 

sales to private-sector investors in addition to individual customers, and 

by expanding block sales to social housing authorities and institutional 

investors. The property stimulus plan initiated by the French government 

at the end of 2008, which provides for an exceptional off -plan acquisition 

of 30,000 housing units, should help boost activity.

9191

92 


94 Report of the Board of Directors 

148 Report by the Statutory Auditors 

150 Report of the Chairman on corporate governance 


165 Report of the Statutory Auditors on the report of the Chairman 



172 Notes to the consolidated financial statements 

256 Report of the Statutory Auditors on the consolidated financial statements 



260 Notes to the financial statements 

277 Report of the Statutory Auditors on the parent company financial statements 

278 Persons responsible for the registration document 

279 Registration document table of correspondence

GENERAL & FINANCIAL 

INFORMATION 

93

Report of the Board of Directors 

Contents 

A. Report on the fi nancial statements for the year 95 

1. Consolidated fi nancial statements 95 

2. Parent company fi nancial statements 101 

3. Dividends 102 

B. Post balance sheet events, trends and outlook 102 

1. Important post balance sheet events 102 

2. Trends 102 

3. The Group’s markets: seasonal nature of business 103 

C. Risk factors 103 

1. Operating risks 103 

2. Financial risks 105 

3. Legal risks 106 

4. Environmental, industrial and technological risks 106 

5. Insurance 107 

D. Company offi cers and executives 109 

1. Directors’ appointments and functions 109 

2. Shares held by the company offi cers 114 

3. Company offi cers’ remuneration and interests 114 

4. Options and performance shares 118 

E. Social and environmental data 121 

1. Social and societal responsibility 122 

2. Environment 130 

3. Customer and supplier relations 136 

F. General Information about the Company and its share capital 137 

1. Corporate name and articles of association 137 

2. Relations between the parent company and its subsidiaries 139 

3. General information about VINCI’s share capital 140 

4. Matters that could be material in the event of a public off er 143 

5. Other information on the Company forming an integral part of the Board of Directors’ report 144 

Note on the methods used in social and environmental reporting 

Report by the Statutory Auditors on the examination of selected social indicators at VINCI level and of selected environmental indicators at the 

level of VINCI Energies and some VINCI Autoroutes companies for 2008. 

94 VINCI __ 2008 ANNUAL REPORT

A. Report on the fi nancial statements for the year 

1. Consolidated financial statements 

VINCI’s consolidated fi nancial statements at 31 December 2008 include the impact of the fi rst application of Interpretation IFRIC 12 Service 

Concession Arrangements. VINCI has decided to apply this change of accounting policy as from 2008 in order to provide better fi nancial 

information and has applied it retrospectively to the 2007 fi nancial statements presented for comparison. 

2008 was marked by the crisis in the fi nancial markets and the slowdown of economic growth. In this context, the Group’s consolidated revenue 

increased by 10%, including organic growth of nearly 5%. 

Despite a 1.4% fall in traffi c levels on a stable network basis, the motorway operating companies’ revenue increased by 2.8% as a result of the 

opening of new sections and the eff ect of changes in prices. In the contracting business lines (energy, roads and construction), activity continued 

to grow, both in France and abroad, while maintaining a high level of profi tability. 

The order book continued to be replenished satisfactorily and stood at €23.2 billion at 31 December 2008, up 8% from 31 December 2007. 

VINCI Energies’ order book stood at €2.4 billion, up by nearly 11% over the 12-month period and represented approximately six months of 

average activity for this division. Eurovia’s order book stood at €4.8 billion, down 5% from the end of 2007 and represented approximately seven 

months of average activity for this division. Lastly, VINCI Construction’s order book increased by nearly 12% compared with 31 December 2007 

to stand at €16 billion and represented nearly twelve months of average activity. 

1.1 Key events in the period 

1.1.1 Main acquisitions and disposals made 

Acquisitions by VINCI Park in North America 

VINCI Park continued its growth strategy in North America by acquiring Ideal Parking and Master Park in Canada and Sunset Parking in the USA 

during the fi rst half of 2008. These acquisitions represented a total investment of €24.5 million. 

Formation of a joint venture: Signature-Eurovia 

At the end of 2007, Eurovia signed a partnership agreement with the Plastic Omnium group, in the fi eld of road markings and signs. Under this 

agreement, the two companies exchanged shareholdings in their respective vertical and horizontal road marking operations. The transaction 

represented a total investment of €56 million. Eurovia took a 65% shareholding in Euromark (horizontal road marking) and a 35% shareholding in 

Signature Vertical (vertical road marking), with eff ect from 31 December 2007. 

Acquisition of Vossloh Infrastructure Services by Eurovia 

In September 2008, Eurovia acquired all the shares in Vossloh Infrastructure Services from its German parent company Vossloh AG. Vossloh 

Infrastructure Services is specialised in railway civil engineering and has been renamed ETF – Eurovia Travaux Ferroviaires. This acquisition 

represented an investment of €153 million. 

Acquisition of Taylor Woodrow Construction by VINCI plc (UK) 

In September 2008, VINCI plc, a UK subsidiary of VINCI Construction, acquired Taylor Woodrow Construction from its parent company Taylor 

Wimpey, for £74 million. Given the amount of the acquired company’s cash, this transaction had no eff ect on the Group’s net debt. 

Sale by VINCI Construction of its shareholding in Hídépítö 

VINCI Construction has sold its shareholding in the Hungarian company Hídépítö. 

1.1.2 Financing activities 

During 2008, VINCI completed several fi nancing transactions, of which the most important are described in Notes 16.1 and 16.2 to the 

consolidated fi nancial statements. 

1.1.3 Changes in accounting policy 


Accounting treatment of loans at below market rate of interest 

VINCI has elected to apply early the Amendment to IAS 20 that specifi es the accounting treatment of loans at below-market rate of interest. 

This change in accounting policy, which has no material impact on the Group’s consolidated fi nancial statements, is described in Note A.1.2 

to the consolidated fi nancial statements. 

Accounting treatment of concession contracts 

Following its adoption by the European Accounting Regulation Committee (ARC) last November, VINCI has decided to apply IFRIC 12 Interpretation 

“Service Concession Arrangements” (applicable to concessions and PPPs) in its 2008 fi nancial statements. 

This change in accounting policy, described in Note A.1.3 to the consolidated fi nancial statements, results in concession operating companies 

recognising revenue for infrastructure construction work that it carried out on behalf of the concession grantor, whether the work is performed by 

Group or non-Group companies. Whereas, until now, only the portion of work performed by the Group’s construction subsidiaries was included 

in consolidated revenue, this now also includes work performed by non-Group companies under contracts with its concession operating subsidiaries. 

VINCI’s published revenue for 2007 and 2008 is therefore increased by €536 million and €472 million respectively, of which almost all 

was in France. The impact on net profi t attributable to equity holders of the parent is not material. 

95


1.2 Revenue 

VINCI’s consolidated revenue was €33.5 billion (1) in 2008, up 10.3% against that of 2007. This increase, in line with targets, refl ects organic growth 

of 4.6%, the eff ect of external growth for 6.6%, and unfavourable foreign currency exchange rate fl uctuations for 0.9%. 

In France, revenue increased over the year by 6.6% to nearly €21 billion (1) (up 4.1% on a constant consolidation scope basis). 

Outside France, revenue was strongly up, by 17% at more than €12.5 billion (1) , thanks to acquisitions made in 2007 and 2008 (+14.3%) and 

organic growth (+5.4%) despite an unfavourable foreign exchange eff ect (–2.7%). Revenue generated outside of France now accounts for more 

than 37% of the total (43% in contracting activities). 

After taking into account total construction revenue of concession operating companies, in accordance with Interpretation IFRIC 12, revenue 

amounted to €33.9 billion, up 9.9% against 2007 (€30.9 billion). 

VINCI Concessions: €4,781 million (1) (up 4.5%) 

The concession operating subsidiaries’ revenue amounted to €3,972 million (1) in 2008, up 3.2%. The positive impact on traffi c of the opening of 

new sections (a 1% increase), allowed the 1.4% decline in traffi c on a stable network basis to be off set to a great extent. Overall, the decline in 

traffi c during the year was limited, at 0.4%. 

ASF’s 2008 revenue was up 3.1% at €2,304 million (1) . The opening of the Thenon to Terrasson section of the A89 in January and of the La Rochesur-Yon 

bypass section of the A87 at the end of June allowed the decline in traffi c to be limited to 1.1% over the year as a whole. 

Escota’s 2008 revenue was up 2.2% at €591 million (1) , despite a 1.3% decrease in traffi c. 

Cofi route’s 2008 revenue was up 3.7% at €1,077 million (1) . Traffi c levels were up 1.9% as a result of new sections opening – the Saint Romain to 

Druye section in December 2007 and the Angers northern bypass in April 2008. 

VINCI Park’s revenue was €619 million (1) , up by nearly 11% (or 6% on a comparable consolidation scope basis). 

In France, the 3.1% increase in revenue (to €406 million) came entirely from organic growth. 

Outside France, the strong increase in activity (up 29% at €213 million) refl ects both vigorous organic growth (of 13%) and the development 

undertaken, mainly in service activities, in North America and Central Europe. 

Revenue of the other infrastructure concession operating subsidiaries amounted to €190 million, a nearly 16% increase, and included the eff ects 

of recently signed contracts (the A4 motorway in Germany and the Clermont-Ferrand Auvergne airport). 

VINCI Energies: €4,614 million (up 7.3%) 

In France, VINCI Energies’ 2008 revenue was €3,161 million, an increase of 4% (or 2.6% on a comparable consolidation scope basis). Contrasting 

trends were seen depending on the sector: good performances in electrical and telecommunications infrastructures and a falling off in some 

service sector divisions (in particular offi ce buildings in the Ile de France area). 

Outside France, the strong increase in revenue (up 15% at €1,453 million) was the result of external growth. On a comparable basis, activity 

was slightly down, by 1.7%. Although brisk in Germany, Belgium, Spain, Sweden and Poland, activity was down in the United Kingdom, the 

Netherlands, and Portugal. 

Eurovia: €8,183 million (up 6.2%) 

In France, 2008 revenue stood at €4,905 million, up 3.3%, refl ecting the inclusion of the latest acquisitions (Euromark – formerly Signature – in 

the fi eld of horizontal signage, and ETF – Eurovia Travaux Ferroviaires, formerly Vossloh Infrastructure Services). On a comparable basis, activity 

was down 0.6%. Whereas in the fi rst half of the year, activity had been aff ected by the completion of several major projects (tramways in particular) 

and a certain “wait and see” attitude following the municipal elections in March, the end of the year was penalised by the consequences of the 

fi nancial crisis, triggering a decline in activity in the fourth quarter. 

Outside France, 2008 revenue was up by nearly 11%, at €3,278 million. This positive trend, due entirely to organic growth, refl ects Eurovia’s strong 

position in Europe (Germany, the Czech Republic and Poland) and in North America. 

VINCI Construction: €15,722 million (up 15.2%) 

In France, VINCI Construction’s 2008 revenue amounted to €8,222 million, up by more than 11%, mainly due to organic growth, which benefi ted 

from brisk activity in non-residential building work and in specialised civil engineering. Outside France, the increase of nearly 20% in revenue 

to €7,500 million refl ects in particular the eff ect of including acquisitions completed in 2007 (Solétanche Bachy, specialised in foundations, 

Entrepose Contracting, specialised in oil and gas infrastructure, and Nuvia (formerly Nukem), specialised in services in the nuclear power sector) 

and 2008 (Taylor Woodrow Construction in the United Kingdom). At constant consolidation scope and exchange rates, activity was up 4.2%, 

driven in particular by the good momentum of the specialised subsidiaries and African operations. 

(1) Excluding concession operating companies’ revenue for the construction of new infrastructure by third parties (in application of IFRIC 12) 



(in € millions) 


2007 

Pro forma 

Change 2008/2007 Pro forma 

Actual basis 

Concessions 5,794 5,693 +1.8% 

Revenue from tolls and other services 4,781 4,574 +4.5% 

Construction of new infrastructure assets 1,013 1,119 –9.5% 

Contracting 28,520 25,660 +11.1% 

Energy 4,614 4,301 +7.3% 

Roads 8,183 7,706 +6.2% 

Construction 15,722 13,653 +15.2% 

Miscellaneous and eliminations (384) (479) 

Total 33,930 30,874 +9.9% 

Excluding IFRIC 12 construction revenue realised by third parties 33,458 30,338 +10.3% 

Revenue by geographic area 

(in € millions) 2008 % revenue 

2007 

Pro forma 

Change 

on an actual basis 

Change at constant 

exchange rates 

France 21 358 (*) 63% 20 132 (*) +6.1% +6.1% 

United Kingdom 2,279 7% 2,045 +11.5% +30.7% 

Germany 1,763 5% 1,641 +7.4% +7.4% 

Central and Eastern Europe 2,469 7% 2,308 +7.0% +1.1% 

Belgium 1,001 3% 826 +21.2% +21.2% 

Spain 459 1% 362 +26.8% +26.8% 

Other European countries 1,036 4% 889 +16.5% +16.3% 

Europe excluding France 9,007 26% 8,071 +11.6% +13.9% 

North and South America 1,208 4% 982 +23.0% +31.7% 

Africa 1,204 4% 859 +40.2% +41.4% 

Middle East and rest of the world 1,153 3% 830 +38.9% +45.6% 

Total 33,930 100% 30,874 +9.9% +10.9% 

(*) Including concession operating subsidiaries’ construction revenue realised with third parties 

1.3 Operating profi t from ordinary activities / operating profi t 


Operating profi t from ordinary activities (1) for the year was €3,378 million, up 8.3% compared with 2007 (€3,118 million after application of 

IFRIC 12). 

This is a 10.1% margin, compared with 10.3% in 2007. 

After adjusting for exceptional items, amounting to a net gain of €85 million in 2008 (comprising the reversal for €120 million of provisions for 

employment benefi ts at ASF and Escota and impairment losses of €35 million on real estate inventory at VINCI), the increase in operating profi t 

from ordinary activities was 5.6%. 

VINCI Concessions was the main contributor to Group operating profi t from ordinary activities (accounting for 58% of the total), with operating 

profi t from ordinary activities of €1,966 million (compared with €1,751 million in 2007). 

This was an overall increase of 12.3%, a result mainly of the increase in motorway operating companies’ revenue, which remained positive despite 

the fall in traffi c on a stable network basis over the year, and good control of operating expenses. Operating profi t from ordinary activities includes 

a reversal of provisions for €120 million following the re-estimate of some employee benefi ts (see Note 20.2 to the consolidated fi nancial statements). 

Excluding this non-recurrent item, VINCI Concessions’ operating profi t from ordinary activities increased by 5.4%. 

Operating profi t from ordinary activities for the three motorway companies (Cofi route, ASF and Escota) increased by 15.1% (or by 7.5% excluding 

non-recurrent item) to €1,807 million (a margin of 42.5% excluding construction revenue and non-recurrent item), compared with €1,570 million 

in 2007. 

Operating profi t from ordinary activities of VINCI Park was down slightly, by 2.8%, at €126 million, compared with €130 million in 2007 which 

included exceptional income on international operations of €5 million. 

Lastly, operating profi t from ordinary activities from other concessions fell by 20% from €58.7 million in 2007 to €47.2 million, due to unfavourable 

exchange rate fl uctuations and impairment losses on under-performing assets. 

VINCI Energies recorded an increase of nearly 7% in operating profi t from ordinary activities to €245 million in 2008 compared with €229 million 

in 2007, with the margin remaining stable at 5.3%. 

This trend is the result of a marked increase in the operating profi t from ordinary activities of foreign subsidiaries, related in particular to consolidation 

over a full year of the Swiss group Etavis, acquired in July 2007. 

In France, operating profi t from ordinary activities remained stable overall at €158 million (compared with €159 million in 2007) despite the 

impact of provisions charges on several major sites in the start-up phase. 

(1) Operating profi t from ordinary activities is the profi t from operations before share-based payment expenses (IFRS 2), goodwill impairment expenses and the Group’s share of profi t or loss of 

equity-accounted entities 

97


Eurovia’s operating profi t from ordinary activities was down by 11.8% at €346 million (a 4.2% margin), compared with €392 million in 2007 

(a 5.1% margin), due to more diffi cult market conditions in France and a reduction of major site activities. 

VINCI Construction’s operating profi t from ordinary activities was €773 million (a 4.9% margin), up 15.6% compared with 2007 (€668 million, 

a 4.9% margin). 

In addition to the positive eff ects of the acquisitions made in 2007, most of the division’s entities reported improved performances, in particular 

outside France. 

Following an exceptional 2007, VINCI Construction France again made the greatest contribution to this division, with operating profi t from 

ordinary activities of €290 million (a 4.3% margin), up 3.6% compared with 2007 (€280 million, a 4.5% margin). 

Operating profi t from ordinary activities by business line / operating profi t 

(in € millions) 2008 % revenue (1) 

2007 

Pro forma % revenue (1) 

Change 2008/2007 

Pro forma 

Concessions 1,966 (2) 41.1% (4) 1,751 38.3% +12.3% (4) 

Contracting 1,363 4.8% 1,289 5.0% +5.7% 

Energy 245 5.3% 229 5.3% +6.7% 

Roads 346 4.2% 392 5.1% –11.8% 

Construction 773 4.9% 668 4.9% +15.6% 

Miscellaneous and eliminations 48 (3) 76 

Operating profi t from ordinary activities 3,378 10.1% (5) 3,118 10.3% +8.3% (5) 

Share-based payment expense (104) (118) 

Goodwill impairment expense (22) (6) 

Share in earnings of companies accounted 

for by the equity method 

24 17 

Operating profi t 3,276 9.8% 3,011 9.9% +8.8% 

(1) Excluding concession operating companies’ revenue for the construction of new infrastructure by third parties (in application of IFRIC 12). 

(2) Including reversal of non-recurrent provisions at ASF and Escota for €120 million. 

(3) Including impairment expense on assets at VINCI Immobilier for €35 million. 

(4) 38.6% of revenue and + 5.4% change in non-recurrent items in 2008. 

(5) 9.8% of revenue and + 5.6% change in non-recurrent items in 2008. 

After taking account of share-based payment expenses (under IFRS 2), goodwill impairment expenses and the share of the profi t or loss of equityaccounted 

entities, operating profi t was €3,276 million in 2008, a 9.8% margin, an increase of 8.8% compared with 2007 (€3,011 million) or 6% 

excluding non-recurrent items. 

Goodwill impairment losses in the year (of €22 million) related mainly to a €20 million write-down of the goodwill in the Euromark group, 

acquired by Eurovia at the end of 2007. 

The Group’s share of the profi t of associates amounted to €24 million (compared with €17 million in 2007) and related mainly to the concessions 

division and to a 40% shareholding in the oil engineering company Doris. 

1.4 Net profi t for the year 

Consolidated net profi t for 2008 was €1,591 million, up 9.4% compared with the 2007 profi t as restated for the application of IFRIC 12 

(€1,455 million). 

By business line, the changes refl ect trends seen in operating profi t from ordinary activities (see above). 

Net profi t or loss by business line 

2007 


(in € millions) 2008 

Pro forma 

Pro forma 

Concessions 756 674 +12.2% (*) 

Contracting 884 843 +4.8% 

Energy 148 142 +4.3% 

Roads 209 263 –20.6% 

Construction 527 438 +20.2% 

Miscellaneous and holding companies (49) (62) 

Total 

(*) 0.4% excluding non-recurrent items at ASF and Escota (€79 million) 

1,591 1,455 +9.4% 

The cost of net fi nancial debt was up, at €863 million (compared with €811 million in 2007), due to the level of debt (refl ecting the eff ect of 

the debt of acquisitions made in 2007) and the increase in interest rates. This impact was however able to be limited by the Group’s debt 

hedging policy. 


Other fi nancial income and expense amounted to net income of €57 million, compared with €119 million in 2007 on a comparable basis and 

included an exceptional impairment loss of €98 million against the shares in ADP (Aéroports de Paris) measured on the basis of the stock market 

price at 31 December 2008 (€48.39 per share). 

Other income and expenses also include capitalised borrowing costs, mainly in respect of Cofi route, ASF, Escota and Arcour for €136 million 

(the same amount as in 2007) and the negative impact of the cost of discounting retirement benefi t obligations and provisions for the obligation 

to maintain assets under concession in a good state of repair for €43 million (compared with €46 million in 2007 on a comparable basis). 

Lastly, capital gains on disposals of shares amounted to €72 million (compared with €32 million in 2007) and included in particular a gain of 

€26 million connected with the partial sale of the Peruvian company Grana y Montero. 

The income tax expense for the period was €770 million, an increase of €30 million compared with 31 December 2007, representing an eff ective 

tax rate of 31.5%, slightly lower than in 2007 (32.2%). 

Minority interests (of €108 million compared with €123 million in 2007) are mainly the share not attributable to the parent company shareholders 

in the results of Cofi route (reduced from 34.7% in 2006 to 16.7% in 2007) and the Belgian subsidiary CFE (53.2%). 

1.5 Cash fl ow from operations (1) 

Cash fl ow from operations before cost of fi nancing and tax (a concept close to Ebitda) increased by 8% in 2008 to €4,872 million, compared with 

€4,513 million in 2007, on a comparable basis. 

Standing at 14.6% of revenue for the period, the level of cash fl ow from operations refl ects the positive eff ects of the increased operating profi t 

from ordinary activities (compared with 14.9% in 2007 on a comparable basis). 

The concessions division remains the Group’s main contributor (accounting for 60% of the total) with cash fl ow from operations increasing by 

nearly 4%, to more than €2.9 billion (61.4% of revenue) compared with €2,832 million at 31 December 2007 (61.9% of revenue). 

Of this, ASF and Escota contributed €1,902 million, 65.7% of revenue (compared with €1,839 million and 65.4% of revenue in 2007 on a comparable 

basis). For its part, Cofi route’s cash fl ow from operations was up 4.9% at €772 million, and represented 71.6% of its revenue (compared with 

€736 million and 70.8% of revenue in 2007 on a comparable basis). 

Cash fl ow from operations in the contracting divisions increased by 9% to €1,809 million, (6.3% of revenue) compared with €1,659 million, 6.5% 

of revenue in 2007). 

Cash fl ow from operations by business line 

(in € millions) 2008 % revenue (1) 

2007 

Pro forma % revenue (1) 


Pro forma 

Concessions 2,936 61.4% 2,832 61.9% +3.6% 

Contracting 1,809 6.3% 1,659 6.5% +9.0% 

Energy 249 5.4% 250 5.8% –0.6% 

Roads 501 6.1% 514 6.7% –2.5% 

Construction 1,059 6.7% 895 6.6% +18.3% 

Miscellaneous and eliminations 127 22 

Total 4,872 14.6% 4,513 14.9% +7.9% 

(*) Excluding concession operating companies’ revenue for the construction of new infrastructure by third parties (in application of IFRIC 12) 

1.6 Other cash fl ows 


Net cash fl ows from operating activities (2) stood at €4,141 million, up by €559 million compared with 2007 (€3,582 million). This increase is 

greater than that in cash fl ows from operations (€358 million). Note should be taken of the substantial size of the improvement in working capital 

requirement and current provisions (+€733 million, compared with +€687 million in 2007) and the decrease in taxes paid in 2008 (€582 million) 

compared with 2007 (€783 million). 

After taking account of investments in operating assets (net of disposals) of €897 million (compared with €683 million in 2007), free operating 

cash fl ow (3) increased by €345 million (a 12% increase) to €3,244 million (compared with €2,899 million in 2007). 

Growth investments in the concessions (including the net increase in fi nancial assets in the concession operating companies) amounted to 

€1,218 million in the year (compared with €1,281 million in 2007). 

Gross fi nancial investments amounted to €480 million (compared with €2,095 million in 2007, which included in particular the acquisition of a 

further 18% of Cofi route for €802 million, and the acquisitions of Solétanche Bachy, Entrepose Contracting and Nuvia). They mainly include the 

acquisition of ETF – Eurovia Travaux Ferroviaires (formerly Vossloh Infrastructure Services) and of Taylor Woodrow Construction. 

(1) Before fi nancing costs and tax 

(2) Net cash fl ows (used in) / from operating activities = cash fl ow from operations plus or minus changes in working capital requirement, current provisions, net interest paid and tax paid. 

(3) Free operating cash fl ow = net cash fl ows (used in) / from operating activities less net investments in operating assets (excluding growth investments in concession fi xed assets). 

99


Disposals of shares in the year amounted to a total of €96 million (€72 million in 2007). 

Financial investing and disposal activities also resulted in an infl ow of net cash of €103 million in 2008 (compared with €271 million in 2007). 

After taking account of growth investments in concessions and net fi nancial investments, free cash fl ow after fi nancing growth amounted to a 

net infl ow of €1,815 million in 2008 (compared with an outfl ow of €105 million in 2007). 

Regarding cash fl ows (used in) / from fi nancing activities, changes in VINCI’s and its subsidiaries’ share capital resulted in a net cash infl ow of 

€187 million. 

Share capital increases in 2008 amounted to €387 million, of which €197 million connected with the partial payment in shares of the fi nal 

dividend in respect of 2007 and €186 million in respect of the exercise of share subscription options and the Group Savings Scheme. 

Conversely, transactions on treasury shares generated a net cash outfl ow of €200 million, of which €242 million was in respect of share buybacks 

made during the year (5.3 million shares bought back at an average price of €46). 

Dividend payments amounted to €829 million, of which €765 million was in respect of the dividend paid by VINCI, the balance being mainly 

dividends paid by Cofi route to its minority shareholders. 

The dividend payments made by VINCI in 2008 included the fi nal dividend in respect of 2007 for €488 million, the interim dividend in respect of 

2008 of €246 million in December 2008 and the coupon of the undated subordinated loan for €31 million. 

1.7 Balance sheet and net fi nancial debt 

Application of the change of policy for accounting for concession contracts has led VINCI to restate the consolidated balance sheet at 31 December 

2007 presented for comparison retrospectively. 

The main consequences are an increase of non-current assets of €231 million and a reduction of equity of €83 million from the fi gures at 

31 December 2007 as published. 

On this basis, consolidated non-current assets at 31 December 2008 amounted to €31 billion. A large part consists of the concession assets 

(for €26.2 billion), including ASF for nearly €18 billion. 

After taking account of a working capital surplus of €5.4 billion, the Group’s capital employed amounted to €25.6 billion at 31 December 2008, 

slightly higher than at the end of 2007 on a comparable basis (€25.5 billion), with the concessions division accounting for 98% of the Group’s 

total capital employed. 

Equity at the end of December, including minority interests for €605 million, was €9 billion, against €8.1 billion at 31 December 2007. 

Net fi nancial debt amounted to €15.4 billion and 31 December 2008, a decrease of €0.9 billion compared with 31 December 2007 

(€16.3 billion). 

Concession operating companies’ debt increased slightly by €0.2 billion to €15.5 billion, while the contracting divisions had a net cash surplus 

that was up by €0.4 billion at €3 billion. 

Holding companies had net fi nancial debt of €2.8 billion, down by €0.7 billion compared with 31 December 2007 (€3.5 billion). 

Excluding project fi nance, adjusted net fi nancial debt amounted to €14.4 billion, down by €1.3 billion from 31 December 2007 (€15.7 billion). 

Net fi nancial surplus (debt) 

(in € millions) 31/12/2008 31/12/2007 Change 2008/2007 

Cofi route (3 259) (3 264) +5 

ASF/Escota (including ASF Holding) (10,451) (10,667) +216 

VINCI Park (853) (857) +4 

Other concessions (960) (580) (380) 

Concessions (excluding holding companies) (15,523) (15,368) (155) 

Contracting 2,995 2,593 +402 

Holding company and miscellaneous (2,843) (3,528) +685 

Net fi nancial debt (15,371) (16,303) +932 

100 VINCI __ 2008 ANNUAL REPORT 

including project fi nance (*) , for (960) (580) (380) 

Net fi nancial debt adjusted for project fi nance (14,411) (15,723) +1,312 

(*) Including the fi nancing of new concessions in the start-up phase or under construction, including Arcour (€507 million) and Via Solution Thuringen (A4) (€60 million) in 2008

1.8 Return on capital 

Defi nitions 

– Return on Equity (ROE) is the net profi t for the current period attributable to equity holders of the parent company divided by equity excluding 

minority interest at the previous year end; 

– NOPAT (Net Operating Profi t After Tax) is the operating profi t from ordinary activities, after restating for various items (share in the profi t or loss 

of equity-accounted entities, and dividends received and some other fi nancial items) less the theoretical tax expense; 

– ROCE (Return on Capital Employed) is the NOPAT divided by the average capital employed at the opening and closing balance sheet dates for 

the year under consideration. 

Return on equity (ROE) 

The Group’s ROE was 21.1% in respect of 2008, a marked improvement compared with the previous period restated on a pro forma basis 

(18.8%). 


2007 

Pro forma 

Shareholders’ equity at previous year-end 7,536 7,738 

Net profi t for the year 1,591 1,455 

ROE 21.1% 18.8% 

Return on capital employed (ROCE) 

The ROCE has improved compared with 2007, due in particular to the increase in NOPAT (up 7.2% at €2,363 million), which benefi ted from the 

improved operating results in VINCI’s various divisions. 

The performance realised must be assessed taking account of the major investments made by VINCI Concessions in projects under construction, 

which do not generate a return until they are in service. 

These projects in progress account for capital employed of €3.4 billion on average in 2008 and €2.8 million on average in 2007. 


2007 

Pro forma 

Capital employed at previous year-end 25,527 24,296 

Capital employed at this year-end 25,628 25,527 

Average capital employed 25,577 24,911 

Operating profi t from ordinary activities 3,378 3,118 

Other items (*) 39 31 

Theoretical tax charge (**) (1,054) (953) 

NOPAT 2,363 2,195 

ROCE 9.2% 8.8% 

(*) Group’s share of results of equity-accounted companies, dividends received and, if appropriate, other fi nancial items (excluding fi nancing costs, depreciation, amortisation and provisions, foreign exchange 

gains and losses, disposal gains and losses, capitalised borrowing costs, and cost of discounting retirement benefi t obligations) 

(**) On the basis of the eff ective rate for the period by business line (31.2% in 2008; 30.6% in 2007) 

2. Parent company financial statements 

VINCI’s separate fi nancial statements show revenue of €23.9 million, compared with €24.8 million at 31 December 2007, mainly comprising 

services invoiced to subsidiaries. 

The parent company’s net result for the year was a loss of €99 million in 2008, compared with a profi t of €4,513 million in 2007, which included 

in particular income from an exceptional dividend paid by ASF. 

Following this exceptional distribution and a re-estimate of the holding company’s 77% shareholding in ASF, an impairment loss of €1,158 million 

has been recognised in the parent company’s 2008 fi nancial statements. 

Expenses referred to in Article 39.4 of the French General Tax Code amounted to €83,437 in 2008. 


101


3. Dividends 

The Board of Directors will propose to the forthcoming Shareholders’ Ordinary General Meeting that it declare a dividend of €1.62 per share in 

respect of 2008, an increase of 6.6% compared with the previous period. 

As an interim dividend of €0.52 was paid in December 2008, the fi nal dividend will be €1.10 per share payable on 18 June 2009. 

Shareholders will be able to opt for payment of the fi nal dividend in new shares if they so wish. 

Dividends and earnings per share distributed in respect of 2005, 2006 and 2007 were as follows: 

Year 2005 2006 2007 

Type Interim Final Total Interim Final Total Interim Final Total 

Amount per share (in euros) 0.70 1.30 2.00 0.85 1.80 2.65 0.47 1.05 1.52 

Number of shares attracting dividend 191,316,931 191,680,300 - 235,968,422 228 728,685 - 469,661,599 464,567,932 - 

Aggregate amount allocated (in € millions) 133.92 249.18 - 200.57 411.71 - 220.74 487.80 - 

Tax allowance applicable to natural persons 

The par value of the VINCI share was divided by two in 2005 and 2007 

50% 40% - 40% 40% - 40% 40% - 

B. Post balance sheet events, 

trends and outlook 

1. Important post balance sheet events 

1.1 ASF bond issues 

On 12 March 2009, ASF (Autoroutes du Sud de la France) made an issue of 10-year bonds for €650 million, paying an annual coupon of 7.375%, 

under its EMTN programme. This followed a private 10-year bond placement of €200 million made in February 2009 as part of this same 

programme. 

These two transactions, intended to refi nance ASF’s debt, enable its average maturity to be extended. 

They confi rm the market’s confi dence in the quality of the company’s credit, rated BBB+ by Standard & Poor’s and Baa1 by Moody’s, outlook 

stable. 

1.2 Decision by the AMF enforcement committee regarding VINCI 

The Enforcement Committee of the French Financial Markets Authority (AMF) notifi ed VINCI on 23 February 2009 of a decision to impose a fi ne 

of €800,000 for non-compliance with a black-out period obligation in relation to its share buy-back programme, relating to the period from 20 

January to 3 February 2005. VINCI’s Management has decided to appeal against this decision. 

2. Trends 

2.1 Realised 2008 

2.1.1 2008 objectives achieved 

When it published its 2007 earnings (which were also reported in its 2007 annual report), VINCI announced that it expected an increase in its 

activity in 2008 of close to 10%. 

VINCI’s consolidated revenue was €33.5 billion in 2008, up 10.3% compared with 2007. 

2.1.2 Progress of the 2006-2009 plan 

On the occasion of the publication of its 2006 half-year earnings, following the change in the Group’s profi le resulting from the acquisition of 

Autoroutes du Sud de la France and a change in management, the Group’s Management announced the new target the Group had set itself for 

2009. 

When announced in September 2006, the 2006-2009 strategic plan did not constitute an earnings forecast, in view of: 

- the timescale (three years); 

- the gap between the Group-level indicators given in the plan (revenue, Ebitda) and the concept of net profi t or loss. 



When it presented its 2008 earnings, VINCI did not continue to refer to this 2006-2009 plan, which was established on the basis of assumptions 

made in a diff erent economic context, except for the 2009 targets for Ebitda margins on revenue for ASF (67%) and Cofi route (69%), which were 

confi rmed under the assumption of stabilisation of toll revenues between 2008 and 2009. Realisation of this assumption remains dependent on 

traffi c trends in 2009 as a whole. 

2.2 Trends 2009 

There has been no material change in the Group’s fi nancial and commercial position since 31 December 2008. 

VINCI has a well-stocked order book (€23.2 billion at 31 December 2008), up 8% over twelve months and representing ten months’ average 

business in its contracting business lines (energy, roads and construction). 

Order book 

(in € millions) 31/12/2008 31/12/2007 

VINCI Energies 2,415 2,181 

Eurovia 4,770 5,029 

VINCI Construction 16,010 14,308 

Contracting 23,195 21,515 

On the basis of current trends, VINCI expects a probable stabilisation of its motorway subsidiaries’ toll receipts. The priority given to margins over 

volumes in the contracting divisions could lead to a slight decline in revenue in these activities. 

3. The Group’s markets: seasonal nature of business 

Most of the Group’s activities – but especially roadworks, civil engineering and some motorway concessions – record lower business volumes 

in the fi rst half of the year than in the second, mainly due to less favourable weather conditions. In 2008, the diff erence between the two halves 

represented a diff erence in revenue of the order of 19%. 

The seasonality of the Group’s business is also refl ected in the net use of cash over the fi rst half, due to the lower level of receipts during this 

period and the pattern of operating cash fl ows, most of which are generated during the second half of the year. Group income and expenses from 

normal business operations that are of a seasonal, cyclical or occasional nature are accounted for using the same accounting methods as those 

adopted for the full-year fi nancial statements. Income and expenses invoiced on an annual basis (e.g. patent fees and licence fees) are accounted 

for pro-rata using an estimate for the full year. 

C. Risk factors 

VINCI’s decentralised organisation allows it – applying the subsidiarity principle applied in the Group – to assess and handle risks at the most 

appropriate level of responsibility (subsidiary, division, holding company) depending on their size. The Group’s general guidelines and its internal 

control arrangements enable information to be submitted to the centre on the main risks and their treatment. 

This chapter sets out the main risk factors faced by the issuer or its sector of activity. The main internal control procedures aimed at reducing 

these risks are described in the Report of the Chairman on page 150. 

In general, VINCI’s businesses are dependent on the economic climate and public-sector orders. If these decrease, pressure on volumes of activity 

and prices may result. The Group’s dependence on the economic climate can also have a favourable eff ect through governmental countercyclical, 

economic stimulus policies, in particular through the launching of infrastructure projects, which constitute opportunities for VINCI. 

1. Operating risks 

1.1 Commitments 

Commitments, connected in particular to the taking of orders or acquiring or disposing of activities, constitute the fi rst risk with which VINCI 

companies are faced, whatever their fi eld of business (concessions, energy, roads, construction, property, etc.). 

1.1.1 New business 

The Group has set up a policy for selecting new business. Procedures for monitoring commitments before they are taken have been applied for 

many years. 

In the contracting divisions (VINCI Energies, Eurovia, and VINCI Construction), Group companies seek to avoid the risks connected with accepting 

new business at an early stage by means of the terms and conditions of off ers made, and in particular the associated technical, legal and fi nancial 

commitments. 

These commitments are usually limited, because of the generally modest size of contracts for works, their length which is usually of a few 

months, and because of the great diversity of skills, geographical locations and customers. At VINCI Construction France, approximately 50% of 

revenue is generated by contracts that are individually of less than €5 million. VINCI Construction Grands Projets, which builds larger constructions, 

for its part accounts for less than 2.5% of the Group’s consolidated revenue. In this area, the Group’s policy is to favour projects with high 

103


technical value added, allowing its know-how to be leveraged in countries where the environment is known and manageable. Furthermore, these 

major projects, in particular in foreign countries, are usually carried out with external companies in consortiums, which limits the Group’s risks 

exposure. 

Projects exceeding the thresholds laid down in the general guidelines are examined by the Risk Committee before tenders are submitted. 

New concession projects are systematically submitted to the Risk Committee for examination and approval. In addition, in order to limit commitments 

and the amount of risk capital invested by the Group, these projects are generally developed in partnership with external enterprises and 

are fi nanced so as to maximise the amount of debt, which is generally with no or limited recourse against VINCI. 

1.1.2 Property commitments 

The Group’s property development activities are mainly carried out through its specialised subsidiary, VINCI Immobilier. This company’s activities 

are concentrated in the Paris Region and major cities in France. In 2008, they accounted for approximately 1.6% of the Group’s revenue. Property 

commitments are subject to detailed reporting and regular monitoring at subsidiary level. Some VINCI subsidiaries may participate in property 

development operations as part of their construction activities, mainly in France, Belgium and Luxemburg. Property development projects are 

systematically submitted to the Risk Committee for prior examination and approval. The Group’s policy is to undertake new projects only if the 

risks related to the property and construction are under control and if the property is suffi ciently pre-sold. 

1.1.3 Acquisitions and disposals 

To control the risks associated with the integration of newly acquired companies and to be able to apply the Group’s management principles in 

them, VINCI’s policy is to acquire a majority interest in acquirees. Most proposed acquisitions and disposals are submitted to the Risk Committee 

for approval. The largest projects are also submitted to the Board of Directors after examination by the Strategy and Investment Committee 

(see paragraph 3.4.2 of the Report of the Chairman section, page 154). 

1.2 Performance of contracts 

1.2.1 General contract performance risks 

In all the Group’s divisions (concessions, energy, roads, construction, property, etc.), VINCI companies are exposed to risks that can aff ect how 

contracts are performed. 

Human resources management 

VINCI’s successes reside in the quality of its managerial model and its ability to attract, train and retain its employees. Group companies are 

therefore exposed to risks connected with the management of their human resources: employees leaving, diffi culties connected with recruitment 

and training, in particular for management grades, employee health and safety, employment costs, industrial action or strikes. Being aware of the 

important role played by its employees, VINCI has set up a social responsibility approach aimed at reducing these risks (see Report of the Board 

– E. Social and environmental disclosures, page 121). 

Raw materials 

VINCI is potentially exposed to a rise in the price of some raw materials (in particular petroleum products, steel and cement). However, many 

contracts for civil engineering and construction work include price revision clauses to allow selling prices to be adjusted in line with changes in 

raw material prices as work progresses. Furthermore, part of the Group’s civil engineering and construction activities is carried out via short-term 

contracts, which, even if the contracts do not include price revision clauses, limits the fi nancial impact of a rise in prices of raw materials. 

Subcontractors, joint contractors and suppliers 

Given the nature of VINCI’s business lines and the way it is organised, deriving from the essentially local character of the markets in which it 

operates, the Group considers that overall it is not dependent on a small number of customers, suppliers, joint contractors or subcontractors. 

Nevertheless the quality of work done by VINCI’s suppliers, joint contractors or subcontractors may have an impact on whether a given project 

is carried out satisfactorily. VINCI companies usually set up early-stage preventative measures, monitoring and taking corrective measures as 

needed during the project, in order to limit these risks. 

Social or political instability 

Given the large number of countries where VINCI is present, some of the Group’s activities may occasionally be aff ected by industrial action 

(general strikes) or various forms of political instability (riots, terrorism, armed confl ict). 

Nevertheless, the Group remains not very exposed to country risk, given the geographical location of its activities. 

In the contracting divisions (energy, roads, and construction), more than 94% of VINCI’s revenue is generated in Europe and North America. 

Possible country risk is one of the risks involved in accepting new business, and is analysed before tenders are submitted (see Report of the 

Chairman, page 159). 

VINCI’s existing portfolio of concessions has little exposure to country risk given the breakdown of revenue: in 2008, only 3% of revenue was 

generated outside Europe, mainly in the USA and Canada. Country risk is analysed before replying to invitations to tender for new concession or 

PPP contracts. 

With respect to the various property operations conducted by VINCI Immobilier or the construction subsidiaries, these are mainly in France. The 

only foreign operations are in Belgium and Luxembourg. The Group’s property operations are therefore not aff ected by country risk. 



Natural disasters 

Like all companies, VINCI may be aff ected by natural disasters such as earthquakes, fl oods, cyclones, lightning or exceptional meteorological 

conditions which could lead to the collapse or accidental destruction of Group infrastructure assets under construction or in use. Such events 

can lead locally to a signifi cant reduction in the Group’s revenue or to an increase in the costs to maintain or repair its facilities. 

Crisis situations need to be managed, and VINCI has made appropriate preparations several years ago by setting up appropriate operational 

organisation arrangements. 

Actions undertaken, and training provided, relate to alert procedures, the deployment of crisis management arrangements, and crisis management 

and resolution. The central organisation involves VINCI’s business units, which have also set up their own crisis management and communication 

arrangements to increase eff ectiveness in the event of a crisis. These include planning of resources, both material and human, rapid 

deployment of the crisis plan, mobilisation of employees, and optimisation of crisis management systems. 

1.2.2 Risks specifi c to VINCI’s business lines 

The VINCI companies within each of the Group’s business lines (concessions, energy, roads, construction, property, etc.) are exposed to risks, 

of which the prevention, control and daily management lie at the heart of their business. 

Concessions and PPPs 

The main risks associated with concession and PPP activities relate to design and construction (which are, however, usually borne by the companies 

in charge of construction), fi nancing, infrastructure operation, changes in the legal and regulatory framework, and fi nancial risks (infl ation, 

interest rates) due in particular to the long-term nature of these activities. Whenever toll receipts account for virtually all the revenue from operating 

concessions, the main risks associated with this activity relate to traffi c or infrastructure usage and users’ acceptance of tolls and prices. 

Motorway concession operating companies’ traffi c levels may also be aff ected by fuel prices and changes in the economic climate. 

Moreover, as price increases applied by the motorway concession operators ASF, Cofi route and Escota) are based principally on infl ation 

(excluding tobacco prices), they are exposed to the risk of a decline in the infl ation rate which would result in lower price increases. 

The main fi nancial risks and the legal and regulatory risks are described in paragraphs 2 (Financial risks) and 3 (Legal risks) below. 

Contracting (VINCI Energies, Eurovia, VINCI Construction) 

In fulfi lling orders, Group companies are exposed to the possibility that the actual time and / or cost of construction will be diff erent from the 

estimate made when the bid was prepared. Time and cost depend on a number of factors that are diffi cult to forecast, such as the weather or 

changes in pay rates, subcontracting costs and raw material prices. Exposure to oil prices aff ects in particular Eurovia, which uses bitumen for 

road surfaces, fuel oil in its industrial plants and petrol and diesel in its vehicles and machinery. 

Moreover for major projects, the technical complexity of unique infrastructure assets and geological conditions are also areas where unexpected 

factors may be important. 

Group companies’ activities are also exposed to the risk related to of their customers’ solvency as described in Note 23.4 to the consolidated 

fi nancial statements on page 244. 

Some of the Group’s activities may also be aff ected by the environmental, industrial and technological risks described in paragraph 4. 

Property 

The Group’s property development activities are exposed to a number of risks associated in particular with administrative, technical and commercial 

factors that could result in delays (or even the abandoning of some projects), budget over-runs and uncertainties regarding the pace of sales 

and the sales price of projects. 

2. Financial risks 

2.1 Counterparty risk 

Counterparty risk may result in either a loss of value or a loss of liquidity. The Group is exposed to loss of value in respect of its investments of cash 

(subscription to negotiable debt securities, marketable securities, etc.) and in respect of its fi nancial receivables, derivative fi nancial instruments 

and guarantees or sureties received. It is exposed to a loss of liquidity on the amounts of its unused confi rmed credit facilities. Counterparty risk 

is described in Note 23.4 to the consolidated fi nancial statements on page 244. 

2.2 Liquidity risk 

The Group’s exposure to liquidity risk relates to its obligations to repay its existing debt and to the fi nancing of its future needs, associated in 

particular with the investment programmes of concession operators and with the Group’s general needs. 

Details of these obligations and the Group’s resources to meet them (cash fl ow surpluses, unused confi rmed credit lines, fi nancial ratings) are 

given in Note 22.2 to the consolidated fi nancial statements, on pages 234 to 237. 

Some fi nancial agreements include early repayment conditions applicable in the event of non-compliance with ratios and fi nancial covenants, 

which are described in Note 22.2.5 to the consolidated fi nancial statements, on page 236. 

105


2.3 Market risks (interest rate, currency and equity) 

Because of its level of borrowings, VINCI is exposed to changes in interest rates (mainly in the eurozone) in connection with its net fl oating-rate 

debt and to changes in the spreads applied by lenders. VINCI is also exposed to currency risk in connection with its activities outside France and 

to fi nancing in foreign currencies. However, approximately 75% of VINCI’s activities in international markets is conducted through subsidiaries 

operating in the eurozone. The only debt issued by a Group entity in a currency other than its reporting currency was repaid in March 2008. In 

consequence, VINCI’s exposure to currency risk remains limited. Management of interest rate and currency risks is explained in Notes 23.1 and 

23.3 to the consolidated fi nancial statements (on pages 238 to 243). 

Investment vehicles used to manage cash surpluses are mainly monetary UCITS, negotiable debt securities and bank deposits. Equity risk is 

described in Note 23.2 to the consolidated fi nancial statements on page 242. 

2.4 Impact of Public Private Partnerships (PPPs) on the Group’s fi nancial situation 

The impact of a PPP project on the Group’s fi nancial situation, in particular regarding the interest rate and liquidity risks, is one of the items taken 

into account in responding to an invitation to tender. 

Depending on their size, such projects are submitted to either the holding company’s or the division’s Risk Committee for examination and 

approval. The largest PPP projects are carried out through special purpose entities, dedicated solely to realising the project. These vehicles are 

fi nanced by loans made directly to the project company, with no recourse against the shareholder, backed by the future income stream with the 

objective of minimising the capital outlay. 

Capital contributions in PPP projects are therefore limited, generally to a maximum of 20% of capital invested. The impact on the Group’s liquidity 

is therefore slight. 

Debt raised by project companies is hedged at fi xed and / or capped fl oating rate for a very large proportion, generally more than 80%. The proportion 

hedged generally corresponds to commitments made to lenders. The impact of interest-rate fl uctuations on PPPs is therefore limited. 

3. Legal risks 

Given the diversity of its activities and geographical locations, the Group operates within a complex legal and regulatory environment governed 

by the place where the service is provided and the sector involved. In particular, rules relating to public and private-sector contracts and tenders, 

competition and market concentration, commercial, fi nancial and stock market law are applicable. The Group’s activities could lead it to being 

held civilly or criminally liable, in France and in foreign countries. Civil liability risks relate in particular to construction companies. The fi nancial 

risks relating to any invoking of Group companies’ civil liability are covered by insurance policies described in paragraph 5 below. 

It should also be noted that, with respect to concession operations, in particular in France, the Group is dependent on public authorities. Under 

the French law applicable to government bodies, these can – subject to compensation – alter the terms and conditions of outsourced public 

service contracts during their performance. 

Information on the principal disputes in which the Group is involved can be found in Note F to the consolidated fi nancial statements, on page 

249. The policy on taking provisions in respect of disputes is referred to in a note to the consolidated fi nancial statements on page 185 and their 

amount is disclosed on pages 226 and 228. 

The Report of the Chairman includes a paragraph on compliance with laws and regulations in force. 

4. Environmental, industrial and technological risks 

4.1 Economic risks and opportunities associated with climate change 

Only one VINCI facility is concerned by France’s national greenhouse gas quota scheme (PNAQ II): CIFC’s plant (part of Eurovia) at Fos-sur-Mer 

near Marseilles, for 190,086 tonnes. In accordance with the law, an approved inspector validates the emissions before 15 February each year. 

Emissions at CIFC’s plant amounted to 170,112 tonnes of CO 2 in 2006, 158,661 tonnes in 2007 and 162,658 tonnes in 2008. 18,000 tonnes of 

CO 2 quota were sold in 2008. 

VINCI divides climate change risks into four categories, each one being the subject of a diff erent approach in terms of economic risks and opportunities: 

– physical risks such as damage or project delays due to the increasing number of climate events; 

– regulatory risks caused by the introduction of more stringent international, European and national regulations aimed at reducing greenhouse 

gas emissions; 

– competition risks caused by a possible increase in customer demand for more fuel-effi cient products and processes; 

– the risks of no action being taken to combat climate change. 

4.2 Industrial and environmental risks 

VINCI has low exposure to industrial and environmental risks. 

Some of Eurovia’s activities – which are closely regulated – have characteristics similar to those of industry and can therefore be exposed to these 

risks, which are limited and well identifi ed. 

– Binder plants: the use or manufacture of products that are potentially hazardous to the environment is subject to continuous monitoring and 

internal inspections by Eurovia’s quality, safety and environment managers. 

– Coating plants: the setting up of an environmental regulation monitoring group for the industrial sites allows managers to takes the necessary 

action to ensure continuing compliance with regulations; regular and unannounced external inspections to analyse products and measure the 

quantities in stock ensure the plants comply with regulations. 



– Quarries: the pollution factors identifi ed relate to noise, vibration and dust emissions. External audits of quarries are made annually by approved 

organisations. Dust emissions are inspected in accordance with standards by an external body and a report is sent annually to the regional 

departments for industry, research and the environment (DRIRE). 

Because these risks are limited, no special system has been set up to monitor the costs and investments associated with their prevention. 

However, all identifi ed risks are analysed on a case-by-case basis and any required provisions are taken. At 31 December 2008, provisions 

taken for liabilities and rendering compliant, located in Eurovia, amounted to €23.8 million on a worldwide basis, including €14 million in France 

(€10.4 million in 2007). Provisions identifi ed in VINCI’s other subsidiaries amounted to slightly more than €3 million. 

VINCI is potentially exposed to risks connected with accidental pollution, in particular accidental dispersion of hazardous goods on its roads 

network or its construction sites. Even if VINCI’s liability is not in question, such an event could disrupt the site’s operations. Such a situation 

would necessitate the deployment of crisis arrangements (see paragraph 1.2.1 “Natural disasters”). 

4.3 Specifi c technological risks 

As VINCI has no facilities classifi ed under clause IV of article L.515-8 of the French Environmental Code (Seveso High Threshold), relating to 

environmental protection, its Group companies are not directly concerned by technological risks. They can however be indirectly exposed to such 

risks in the following cases: 

– Some of the Group’s activities may be carried out occasionally or on a long-term basis near facilities classifi ed for environmental protection. 

The companies involved comply with all the regulations that apply to such facilities and do not initiate activities that could lead to an increase in 

the number of employees working close to the classifi ed site. 

– Some of VINCI Energies’ and VINCI Construction’s business units (Freyssinet, VINCI Construction France, Solétanche Bachy, CFE, VINCI 

Construction Grands Projets, and Eurovia) may be called upon to work inside classifi ed facilities (in particular nuclear power plants), where operating 

rules require them to take all the necessary safety measures, especially those related to employee evacuation. VINCI Construction Grands 

Projets activities in the nuclear power sector is certifi ed by the Comité français de certifi cation des entreprises pour la formation et le suivi du 

personnel travaillant sous rayonnements ionisants (Cefri). 

5. Insurance 

5.1 General policy 

Given the Group’s decentralised organisation, this policy is defi ned at several levels of responsibility: 

– VINCI’s Executive Committee lays down the general framework and rules, and in particular the standards applicable to all subsidiaries. 

– Within this framework, and after identifying and rigorously analysing the risks relating to their activitities, the managers of the divisions or major 

subsidiaries defi ne the optimum trade-off between the level and extent of the guarantees likely to meet the range of insurable risks, and a cost 

(comprising premiums and uninsured losses) allowing operational entities to remain competitive in their sector. 

With a view to optimising costs and preventing accidents, uninsured losses are defi ned on an individual subsidiary basis and are often as high 

as €75,000. Using the same approach, self-insurance budgets have been allocated, as in civil liability or in the motor vehicle sector at Eurovia, 

VINCI Construction France or VINCI Energies, with a maximum amount lower than or equal to €4 million in 2008 for each of these entities and 

each risk. 

Subsidiaries’ specifi c cover is in addition to that taken out by VINCI SA on behalf of all its subsidiaries together, in particular regarding: 

– civil liability of company offi cers; 

– disaster risks under civil liability; 

– liability for environmental damage. 

For historical reasons, part of VINCI’s activity in the United Kingdom is insured through a captive insurance company based in Guernsey. A reinsurance 

mechanism restricts its exposure at a level defi ned on the basis of market conditions. This was €4.6 million in 2008. The Group’s main insurers are 

SMABTP and AXA. VINCI has set up its own brokerage fi rm, VINCI Assurances, charged with taking out policies and harmonising cover within the 

Group. VINCI Assurances acts as a broker for some of the French subsidiaries. As a simple intermediary, it bears no fi nancial risk as an insurer. 

5.2 Loss prevention and claims record 

Loss prevention arrangements are systematically adopted on construction sites and operating sites. This policy, which gives a major role to training, 

is in line with the eff orts made by VINCI companies in terms of quality assurance and prevention of work-place accidents. 

The Group’s claims record in the area of civil liability is marked, on the basis of available statistics and data and without prejudging any actual 

responsibility, by the low number of incidents (one a year on average over fi ve years) of more than €1 million, by the occurrence of a few mediumsized 

incidents (about fi fty in 2008), ranging from €100,000 to €1 million and, lastly, by a relatively irreducible number of small incidents, of 

less than €100,000 each, to a great extent borne directly by subsidiaries as uninsured losses. Only two incidents in respect of civil liability of an 

individual amount of more than €1 million were declared in 2008. 

5.3 Insurance in the construction, roads and energy business lines 

5.3.1 Civil liability 

Subsidiaries are exposed to their responsibility for bodily, physical or consequential damage caused to third parties, including customers and principals. 

The civil liability cover taken out in this respect comprises a fi rst line that combines the cover in place at subsidiary level, intended to cover usual 

incidents, and a set of complementary lines taken out for the common benefi t. As of today, only one claim has been settled under these further 

lines in the business lines concerned. 

107


In addition to this basic cover, specifi c insurance is taken out as a result of legal or contractual requirements or management decisions in the 

following areas: 

– ten-year warranty (in France); 

– motor vehicle third-party cover; 

– transport. 

5.3.2 Damage insurance 

Offi ce buildings and fi xed production facilities are covered for a contractual rebuilding value, either value as new or an estimate of the maximum 

insurable loss. Site equipment is covered on a case-by-case basis and selectively, if fi nancially worthwhile, depending on value, type and age. 

Road vehicles, which are mostly pooled within fl eets by country, are only exceptionally covered on a comprehensive basis. 

All risks insurance is taken out in respect of major construction sites. In particular, this covers physical damage arising from accidents or natural 

events up to the value of the project. 

5.4. Insurance in concessions and services business lines 

5.4.1 Damage insurance 

Concession operation involves a potential exposure of the Group to damage to assets under concession, whether accidental or not, that could 

result in an obligation to rebuild (bearing the related costs), in fi nancial consequences due to the interruption of operations, and in obligations to 

providers of fi nance relating to debt servicing. As a general rule, bridges, tunnels and car parks presenting a concentration of risk are insured from 

their entry into service for their cost of reconstruction in the event of accidental destruction. This is not, however, the case for constructions of a 

“linear” nature, such as motorways, where complete destruction is not envisaged. 

5.4.2 Civil liability 

Assets operated under concessions by VINCI subsidiaries in France and other countries are also covered by specifi c civil liability insurance 

arrangements, which are co-ordinated with complementary cover at Group level. To date, no claim has been settled under these further lines of 

insurance in the concessions and services business lines. These arrangements are specifi cally designed to meet local legal requirements and 

those laid down in concession agreements. Concession operations in which VINCI is a minority shareholder do not generally benefi t from the 

Group’s complementary civil liability cover taken out on behalf of all entities. 

5.4.3 Business interruption insurance 

Business interruption insurance is intended to allow concession operators to restore an income stream interrupted by an accidental event 

aff ecting the normal operation of an asset, thus enabling the operator to meet any fi nancial commitments towards lenders and cover ordinary 

operating overheads during the reconstruction period. 

Operating losses are covered subject to various levels of uninsured loss. Losses may be expressed as an amount or as a number of days of 

interruption. Operations that have a low exposure to this risk, in particular motorways, are not systematically insured against such losses, as an 

extended or complete halting of operations is not taken into consideration. Aforementioned uninsured losses are determined on a case-by-case 

basis to ensure that the concession’s earnings are not materially aff ected by an accidental interruption in traffi c. To date, no claims have been 

made under such policies. 


D. Company offi cers and executives 

1. Directors’ appointments and functions 

The table below shows the appointments and functions of: 

– the thirteen members of the Board of Directors; 

– the person whose appointment as Director will be proposed to the Shareholders’ General Meeting on 14 May 2009; 

– the person whose appointment as Director ended in 2008; 

– the Senior Executive Vice-President not serving on the Board of Directors whose appointment ended in 2008. 

1.1 Serving Directors 

Yves-Thibault de Silguy 

Age 60 – 2000 


1, cours Ferdinand-de-Lesseps 

92851 Rueil-Malmaison Cedex 

Chairman of the Strategy and 

Investments Committee and of 

the Appointments Committee 


Age 54 – 2006 




Term ends 


AG 2010 Chairman of the Board of Directors of VINCI 

Main appointments within the VINCI group: permanent representative of VINCI on the Board of Directors of ASF. 

Appointments outside the VINCI group: Director of Suez Tractebel (Belgium), Member of the Advisory Group of ING Direct (France); 

Director of VTB (France) and Smeg (Monaco); Member of the Supervisory Board of Sofi sport. 

Yves-Thibault de Silguy is also Chairman of the France-Algeria and France-Qatar committees of MEDEF, the French employers’ 

organisation and Chairman of the Board of Directors of Agro Paris Tech. 

He is a member of the Conseil des aff aires étrangères and the Conseil économique de défense. 

Main appointments within the Group that have expired during the last fi ve fi nancial years: none 

Appointments outside the Group that have expired during the last fi ve fi nancial years: Chairman of the Board of Directors of 

Aguas Argentinas; Chairman of the Board of Directors of Sino French Holdings; Director of Lyonnaise Europe, Ondéo-Degrémont, 

Ondéo Services, Société Générale de Belgique, Sita, Fabricom, Degrémont, Suez Environnement, Suez Energies Services and Swire Sita 

Waste Services Ltd (China); Chairman of the Board of Directors or Director of subsidiaries of the Suez Group in New Caledonia, French 

Polynesia and Vanuatu: CDE, EEC, Marama Nui, Socif 4, Unelco Vanuatu; member of the Supervisory Board of Elyo and Métropole 

Télévision-M6; permanent representative of Lyonnaise Satellite on the Board of Directors of TPS Gestion; permanent representative of 

TPS on the Board of Directors of TPS Motivation; Vice-President of the France-China committee of MEDEF; Chairman of the Board of 

Directors of the French University in Egypt; Director of VTB (Russia). 

Background: Yves-Thibault de Silguy has a degree in law from the University of Rennes, a Master’s degree in public law, and is a 

graduate of the Institut d’Études Politiques Paris, public service section, and of the École Nationale d’Administration. From 1976 to 

1981, he worked at the Ministry of Foreign Aff airs and then from 1981 to 1985, for the European Commission. He then worked at 

the French Embassy in Washington as a Counsellor (economic aff airs) from 1985 to 1986. From 1986 to 1988, he was an adviser in 

the Prime Minister’s offi ce with responsibility for European aff airs and international economic, monetary and fi nancial aff airs. From 

1988 to 1993, he was Director in the international aff airs department and then Director for International Aff airs of the Usinor Sacilor 

Group. From 1993 to 1995, he was Secretary-General of the Interdepartmental Committee for Questions of Economic Co-operation 

in Europe and at the same time, adviser for European aff airs and vice-sherpa in the Prime Minister’s offi ce, assisting in the preparation 

of summits of the industrialised nations. From 1995 to 1999, he was European Commissioner responsible for economic, monetary 

and fi nancial aff airs. In January 2000, he became a member of the Executive Board of Suez Lyonnaise des Eaux, of which he was Chief 

Executive Offi cer from 2001 to 2003. He was then Executive Vice-President of Suez from 2003 until June 2006. He was appointed 

Chairman of the Board of Directors of VINCI on 1 June 2006 and resigned from all his appointments at Suez. 

AG 2010 Director and Chief Executive Offi cer of VINCI 

Main appointments within the VINCI group: Chairman of the Board of Directors of VINCI Concessions SAS (since 21 October 

2008); Director of Cofi route, Soletanche Freyssinet, VINCI plc (United Kingdom) and VINCI Investments Ltd (United Kingdom); 

Chairman of the Supervisory Board of VINCI Deutschland GmbH (Germany); permanent representative of VINCI on the Board of 

Directors of VINCI Energies and Eurovia, of Snel on the Board of Directors of ASF; representative of VINCI Concessions on the Board 

of Directors of ASF Holding; Chairman of the Fondation d’Entreprise VINCI pour la Cité. 

Appointments within the Group that have expired during the last fi ve fi nancial years: Chief Executive Offi cer (from 9 June 

2008 to 21 October 2008) and Chairman of the Board of Directors (until 21 October 2008) of VINCI Concessions S.A.; Director of 

VINCI Energies and of VINCI Park; Member of the Supervisory Board of VINCI Energies Deutschland GmbH; Chairman of VINCI 

Construction, Director of VINCI Construction Grands Projets. 

Background: Xavier Huillard is a graduate of the École Polytechnique and the École Nationale des Ponts et Chaussées. He has 

spent most of his working life in the construction industry in France and abroad. He joined Sogea in December 1996 as Deputy 

Chief Executive Offi cer in charge of international activities and specifi c projects, and then became its Chairman and Chief Executive 

Offi cer in 1998. He was appointed Deputy General Manager of VINCI in March 1998, and was Chairman of VINCI Construction 

from 2000 to 2002. He was appointed Co-Chief Operating Offi cer of VINCI and was Chairman and Chief Executive Offi cer of VINCI 

Energies from 2002 to 2004, then Chairman of VINCI Energies from 2004 to 2005. He became Director and Chief Executive Offi cer 

of VINCI in 2006. 

109


Dominique Bazy 

Age 57 – 1996 

UBS Investment Bank 

65 rue de Courcelles 

75008 Paris 

Member of the Remuneration 

Committee and of the 

Appointments Committee 

Robert Castaigne 

Age 63 – 2007 

Total 

12, rue Christophe Colomb 

75008 Paris 

Member of the Audit Committee 

and of the Remuneration 

Committee 

François David 

Age 67 – 2003 

Coface 

12, cours Michelet 

La Défense 10 

92065 Paris- La Défense 

Member of the Strategy and 

Investments Committee 

Patrick Faure 

Age 63 – 1993 

Patrick Faure & Associés 

18, quai de Béthune 

75004 Paris 




AG 2012 Vice-Chairman Europe of UBS Investment Bank 

Dominique Bazy is also a Director of Pierre Fabre Participations. 

Appointments that have expired during the last fi ve fi nancial years: Chairman and Chief Executive Offi cer of UBS Holding 

France SA; Chairman of the Board of Directors of UBS Securities France SA; Director of GrandVision; Member of the Supervisory 

Board of Atos Origin; Director of Atos Origin. 

Background: Dominique Bazy has a degree in law, and is a graduate of the Institut d’Études Politiques Paris and the École Nationale 

d’Administration. He is also a qualifi ed economist. After holding various positions in government departments, he joined Athéna in 

1984, became Chief Executive of Athéna Banque in 1985 and Deputy Chief Executive of Athéna from 1986 to 1988. He was appointed 

Chairman of Sicav Haussmann France in 1987. From 1990 to 1992, he held various positions with UAP. He was a member of the 

Executive Committee of Crédit Lyonnais in 1993 and Chairman of Clinvest from 1993 to 1994, Chairman of the Supervisory Board of 

Altus Finance in 1993, Executive Vice-President of Compagnie de l’UAP from 1995 to 1996, Chairman of Allianz Assurances France 

from 1997 to 2000, General Manager in charge of AGF’s general agents department from 1998 to 2000, member of the International 

Executive Committee of Allianz AG from 1997 to 2000, Chairman and Chief Executive Offi cer of UBS Warburg (now UBS) Holding France 

from 2000 to 2003, Chairman of UBS Securities France SA from 2003 to 2004. He has been Vice-Chairman Europe of UBS Investment 

Bank since 2004. 

AG 2011 Former Chief Financial Offi cer and former member of the Executive Committee of Total 

Robert Castaigne is also a Director of Sanofi Aventis, a Director and member of the Audit Committee of Société Générale (since 

20 January 2009) and a Director of Compagnie Nationale à Portefeuille (Belgium). 

Appointments that have expired during 2008: Chairman and Chief Executive Offi cer of Total Nucléaire and of Total Chimie; Director 

of Elf Aquitaine, Total Gestion Filiales, Hutchinson, Total Gabon (Gabon), Petrofi na (Belgium), Omnium Insurance & Reinsurance 

Company Ltd (Bermuda), and Total Upstream UK Ltd (United Kingdom). 

Other appointments that have expired during the last fi ve fi nancial years: Director of Arkema, Compagnie Générale de 

Géophysique, Société Financière d’Auteuil, Total Nigeria plc (Nigeria), and Alphega (Bermuda). 

Background: Robert Castaigne is a graduate of the École Centrale, Lille and the École Nationale Supérieure du Pétrole et des 

Moteurs. He also holds a doctorate in economics from Université de Paris 1 – Panthéon Sorbonne. He has been an engineer at Total 

since 1 January 1972. From 1972 to 1977, he worked as an engineer then as head of department in the economics department. 

From 1977 to 1985, he was deputy to the head of the exploration-production subsidiaries department, then head of the gasdiversifi 

cation subsidiaries department in the Group Finance Department. 

From 1985 to 1990, he was Secretary of the Executive Committee and chargé de mission in the Chairman’s offi ce. From 1990 to 

1994, he was Deputy Financial Offi cer and member of the Management Committee. 

On 7 June 1994, he was appointed Chief Financial Offi cer and member of the Executive Committee of Total, which became Total 

Fina (in 1999), then TotalFinaElf (in 2000) and then Total (in 2003). He ceased his duties as Chief Financial Offi cer and member of 

the Executive Committee of Total on 31 May 2008. 

AG 2009 (*) Chairman of Coface S.A. 

François David is also Chairman of Coface Services, Coface Deutschland and Coface Assicurazioni (Italy), a Director of Rexel and 

since 2008 has been a member of the Supervisory Boards of Areva and Lagardère SCA. 

Appointments that have expired during the fi ve latest fi nancial years: Chairman and Chief Executive Offi cer of Coface SCRL 

Participations and Coface SCRL; Chairman of the Board of Directors of Coface Expert, Chairman of the Supervisory Board of AKC 

(Allgemeine Kreditversicherung Aktiengesellschaft Coface); Director of EADS. 

Background: François David has a degree in sociology, is a graduate of the Institut d’Études Politiques Paris and of the École 

Nationale d’Administration. After holding various positions in government departments between 1969 and 1990, he was Chief 

Executive Offi cer (International) of Aérospatiale between 1990 and 1994. He has been Chairman of the Board of Directors of Coface 

since 1994, Chairman of the Supervisory Board of Coface Deutschland since 1996, Chairman of the Board of Directors of Coface 

Assicurazioni since 1997. In 2008, he was appointed to the Supervisory Boards of Areva and of Lagardère SCA. François David has 

also written several books. 

AG 2009 (*) Chairman of Patrick Faure et Associés 

Patrick Faure is also a Director of Cofi route and ESL & Network, and Chairman of Association France-Amériques. 

Appointments that have expired during the last fi ve fi nancial years: Chairman and Chief Executive Offi cer of Renault Sport; 

Chairman of the Board of Directors of Renault F1 Team Ltd and Benetton Formula; Director of Compagnie Financière Renault, 

Compagnie d’aff rètement et de transport, ESL & network, Giat Industries, AB Volvo, Renault Agriculture, Grigny UK Ltd; Deputy Chief 

Executive Offi cer and member of the Executive Committee of Renault; Chairman of the Board of Directors of Ertico. 

Background: Patrick Faure is a graduate of the École Nationale d’Administration. From 1979 onwards he held various positions with 

Renault including that of Manager of Renault Austria from 1981 to 1982 and of Renault U.K. from 1982 to 1984. In 1984, he was 

appointed central public relations manager of Renault and in July 1985 became manager of public relations and communication. In 

January 1986, he became Vice-President of Renault, and Company Secretary of the Renault Group in January 1988. In January 1991, 

he was appointed Deputy General Manager and Marketing Director, and Chairman of Renault Sport. Patrick Faure was Executive 

Vice-President and member of the Executive Committee of Renault until 1 January 2005. He was also Chairman and Chief Executive 

Offi cer of Renault Sport and Chairman of the Board of Directors of Renault F1 Team Ltd until 2006.

Dominique Ferrero 

Age 62 – 2000 

Natixis 

Arc de Seine 

30, avenue Pierre Mendès-France 

75013 Paris 

Bernard Huvelin 

Age 72 – 1983 






Jean-Pierre Lamoure 

Age 60 – 2008 

Soletanche Freyssinet 

133, boulevard National 

92500 Rueil-Malmaison 

Jean-Bernard Lévy 

Age 54 – 2007 

Vivendi 

42, avenue de Friedland 

75008 Paris 

Chairman of the Remuneration 

Committee 


AG 2010 Member of the Management Board and Chief Executive Offi cer of Natixis 

Dominique Ferrero is also the permanent representative of Natixis on the Board of Directors of Coface, Natixis Global Asset 

Management and Natixis Private Equity. 

Appointments that have expired during the last fi ve fi nancial years: Chief Executive Offi cer of Crédit Agricole Indosuez; Chief 

Executive Offi cer of Crédit Lyonnais; Chairman of the Management Board of Ixis Corporate & Investment Bank (Ixis CIB); member of 

the Supervisory Board of Atos, now known as Atos Origin. 

Background: a graduate of Ecole Normale Supérieure, Dominique Ferrero joined Banque Française du Commerce Extérieur (BFCE) 

in 1978. He was seconded from BFCE from 1981 to 1986 to various positions in the French Treasury, the Ministry for Foreign Trade 

and Tourism and the Ministry for Industrial Redeployment and Foreign Trade. From 1988 to 1991, he was development manager at 

BFCE, a member of the General Management Committee, responsible for creating and developing its long-term corporate fi nance 

and merchant banking activities. He was appointed Managing Director of Société Financière de la BFCE then Deputy Managing 

Director and member of the general management in 1991 and Managing Director of BFCE in 1994. In 1996, he became Managing 

Director of the Natexis group (resulting from the merger of BFCE and Crédit National), then Managing Director of Natexis Banques 

Populaires (resulting from the merger of Natexis and Caisse Centrale des Banques Populaires) in 1999, and Chief Executive Offi cer 

of Crédit Lyonnais from 1999 to 2003. From 2004 to 2006, he was Senior Adviser and Vice-Chairman of Merrill Lynch Europe and, 

since 2006, has been Chief Executive Offi cer of Natixis. 

AG 2009 Vice-Chairman of the Board of Directors of VINCI 

Main appointments within the VINCI group: Director of CFE, permanent representative of Cofi route Holding on the Board of 

Directors of Cofi route and of Semana on the Boards of Directors of Eurovia and of ASF, Director of Consortium Stade de France 

(since 26 November 2008). 

Appointments outside the VINCI group: Director of Electro Banque, Cofi do and SAS Sofi cot; Chairman of the professional 

association Entreprises Générales de France-BTP (EGF-BTP); Vice-President of the European Construction Industry Federation; 

advisor to the European Economic and Social Committee, Brussels. 

Main appointments within the VINCI group that have expired during the last fi ve fi nancial years: Chairman and Chief 

Executive Offi cer and Director of Consortium Stade de France; Director of VINCI Park; Vice-President of VINCI USA Holdings Inc, 

Director of VINCI Concessions and of VINCI Energies; member of the Supervisory Board of VINCI Deutschland GmbH and of Eurovia 

GmbH; permanent representative of Sogepar on the Board of Directors of Cofi route, permanent representative of VINCI on the 

Board of Directors of VINCI Construction. 

Appointments outside the VINCI group that have expired during the last fi ve fi nancial years: Director of Société d’Économie 

Mixte Locale de Rueil 2000. 

Background: a graduate of HEC, Bernard Huvelin joined SGE in 1962 and spent all his working life there. He was appointed 

Company Secretary in 1974 and had several General Management positions within the Group from 1982 to 1990 before becoming 

its Executive Vice-President in 1991, Chief Executive in 1997, Director and Chief Executive in 1999, then Director and Co-Chief 

Operating Offi cer of VINCI from 2002 until the beginning of 2005. 

He was Adviser to the Chairman of VINCI from 2005 to June 2006. He has been Vice-Chairman of the Board of Directors of VINCI 

since 2005. 

AG 2012 (**) Chairman of Soletanche Freyssinet 

Main appointments within the VINCI group: Chairman of Solétanche Bachy Entreprise; Director of Solétanche Bachy; Manager 

of Compagnie du Sol; Director of Bachy Soletanche Holdings Ltd. (England) 

Appointments outside the VINCI group: Chairman of Psila and of Comemi; Chairman of the Supervisory Board of Atlantic 

SFDT; Chairman of the Management Board of Sedeco; Manager of Promocalor and of Solval; Director of Technip; member of the 

Supervisory Board of Fortis Banque France; Director and Secretary of the Fédération nationale des travaux publics. 

Appointments within the VINCI group that have expired during the last fi ve fi nancial years: Chairman and Chief Executive 

Offi cer of Solétanche. 

Appointments outside the VINCI Group that have expired during the last fi ve fi nancial years: Director of the Institut français 

du pétrole; joint-manager of HIGB. 

Background: Jean-Pierre Lamoure is a graduate of the École Polytechnique and a Master Engineer of the corps des Mines. He 

worked as head of the oil and energy-saving techniques in the Mines department of the Ministry of Industry at Bordeaux and was 

the offi cial representative to the Prefect of the Aquitaine region from 1975 to 1978, then head of the prospection–production and 

oilfi eld conservation department in the hydrocarbons department of the Ministry of Industry from 1978 to 1981. From 1981 to 1983, 

he was Head of Management Control and Planning in the insulation division of Saint-Gobain. In 1983 he joined the Solétanche 

group as Chief Executive Offi cer, a position he held from 1983 to 1987 before being appointed Chairman of the Executive Board of 

Solétanche Entreprise for 1987-1989. He was then Chairman and Chief Executive Offi cer of Solétanche S.A. from 1989 and between 

1997 and 2008 of Solétanche Bachy, which became a subsidiary of VINCI Construction in 2007 and was renamed Soletanche 

Freyssinet in 2008. Within the Solétanche group, he also served as Vice-Chairman (1983–1988), Chairman and Chief Executive 

Offi cer (1988–1994) and Chairman of the Supervisory Board (1994–1997) of Forasol-Foramer. Jean-Pierre Lamoure has also been 

Chairman of the Supervisory Board of Atlantic Sfdt since 1998. Mr. Lamoure was Vice-Chairman of the French National Federation 

of Public Works (FNTP) from 1998 until 2007, and has been its Secretary since 2007. Between 1995 and 1999 and since 2004, he 

has also been Chairman of that Federation’s Technical and Innovation Commission. 

AG 2011 Chairman of the Management Board of Vivendi 

Jean-Bernard Lévy is also Chairman of the Supervisory Board of Canal+ France; Vice-Chairman of the Supervisory Board of Maroc 

Telecom; Director of SFR, Activision Blizzard (USA) and NBC Universal Inc. (USA); member of the Supervisory Board of Canal + Group. 

He is also a Director of the Institut Pasteur and Chairman of the Supervisory Board of Viroxis. 

Appointments that have expired during the last fi ve fi nancial years: Chairman and Chief Executive Offi cer of VU Net and of VTI, 

Director of UGC and of HCA, and member of the Supervisory Board of Cegetel. 

Background: Jean-Bernard Lévy is a graduate of École Polytechnique and École Nationale Supérieure des Télécommunications. 

He was an engineer at France Telecom from 1978 to 1986, and then technical adviser to Gérard Longuet, the French Minister for 

Postal and Telecommunication services from 1986 to 1988, General Manager, Communication Satellites at Matra Marconi Space 

from 1988 to 1993, Chief of Staff to Gérard Longuet, the French Minister for Industry, Postal Services and Telecommunications and 

Foreign Trade from 1993 to 1994. From 1995 to 1998, he was Chairman and Chief Executive Offi cer of Matra Communication, then 

Managing Partner, Corporate Finance at Oddo Pinatton from 1998 to 2002. He joined Vivendi Universal in August 2002 as Chief 

Operating Offi cer and was appointed Chairman of the Management Board of Vivendi on 28 April 2005. 

111


Henri Saint Olive 

Age 65 – 2006 

Banque Saint Olive 

84, rue Duguesclin 

69458 Lyon Cedex 06 

Chairman of the Audit Committee 

and Member of the Appointments 

Committee 

Pascale Sourisse 

Age 47 – 2007 

Thales 

160, boulevard de Valmy 

BP 82 

92704 Colombes Cedex 

Member of the Audit Committee 

and of the Strategy and 


Denis Vernoux 

Age 62 – 2002 

VINCI Construction Grands Projets 






AG 2010 Chairman of the Board of Directors of Banque Saint Olive 

Henri Saint Olive is also Chairman of the Supervisory Board of Saint Olive et Cie and of Saint Olive Gestion; Chairman of the Board 

of Directors of Enyo; Manager of CF Participations and of Segipa; member of the Supervisory Boards of Eurazeo, Prodith, Monceau 

Générale Assurances and ANF; Director of Mutuelle Centrale de Réassurance, Compagnie Industrielle d’Assurance Mutuelle, 

Centre Hospitalier Saint-Joseph-et-Saint-Luc and of the Association de l’Hôpital Saint-Joseph at Lyons. 

Appointments that have expired during the last fi ve fi nancial years: Chairman of the Board of Directors of CIARL; Director of 

Rue Impériale de Lyon, Monceau Assurances Mutuelles Associées and Groupe Monceau-Mutuelles Associées; Manager of LP 

Participation. 

Background: a graduate of HEC, in 1969 Henri Saint Olive joined Banque Saint Olive where he has spent his working life. He was 

appointed Chairman of the Executive Board of this bank in 1987 then Chairman of its Board of Directors in 1997. 

AG 2011 Senior Vice President of Thales Land & Joint Systems Division and member of Thales’s Executive Committee 

Pascale Sourisse is also Chairman of the Board of Directors of Thales Communications S.A. and a Director of Thales North America 

Inc (USA). 

Appointments that have expired during the last fi ve fi nancial years: Chairman and Chief Executive Offi cer of Alcatel Cyber Satellite; 

Director and Chairman of Skybridge Satellite Operations; Director of Skybridge LLC, Skybridge 2LLC, Skybridge Operations France, 

Skybridge Communications par Satellites, Satlynx; Chairman of Thales Alenia Space France, Alcatel Spacecom, and SkyBridge GP Inc; 

Director of Thales Alenia Space Italia SpA, Telespazio Holding SRL, Galileo Industries SA, Galileo Industries, and EuropeStar Ltd. 

Background: Pascale Sourisse is a graduate of École Polytechnique and is a telecommunications engineer. She worked as an 

engineer at Compagnie Générale des Eaux from 1984 to 1985, as an engineer in the telecommunications division of Jeumont- 

Schneider from 1985 to 1986, and as head of the enterprise network division at France Telecom from 1987 to 1990. From 1990 

to 1994, she worked in the French Ministry for Industry, as assistant deputy manager, then deputy manager, of the Consumer 

Electronics and Audiovisual Communication department. Ms Sourisse has worked since 1995 for Alcatel Group, where she has held 

the positions of Director, Planning and Strategy from 1995 to 1997, Chairman and Chief Executive Offi cer of Skybridge from 1997 to 

2001, Chief Operating Offi cer and then Chairman and Chief Executive Offi cer of Alcatel Space from 2001 to 2005. She was Chairman 

of Alcatel Alenia Space (now Thales Alenia Space) from 2005 to 2008. Since April 2007, she has been a member of the Executive 

Committee of Thales and, since May 2008, she has been Senior Vice President of Thales Land & Joint Systems Division. 

AG 2012 Director representing employee shareholders 

Denis Vernoux is an engineer at VINCI Construction Grands Projets. He is Chairman of the Joint Supervisory Board of the VINCI 

Castor and Castor Relais corporate mutual funds, and Chairman of the Supervisory Boards of the Castor Equilibre and Castor 

Rebond corporate mutual funds. 

Background: a qualifi ed engineer (EIM-CHEBAP), Denis Vernoux has spent all his working life since 1973 in the VINCI group. In 

particular he was chief engineer in the technical department of Campenon Bernard. He is now chief engineer in the engineering 

and technical resources department of the subsidiary, VINCI Construction Grands Projets. At the same time, Denis Vernoux has 

successively been a member and secretary of the works council at the head offi ce of Campenon Bernard and then of VINCI 

Construction Grands Projets. He is secretary of the works council of VINCI Construction Grands Projets. 

(*) Renewal of appointment for a period of four years proposed to the Shareholders’ General Meeting. 

(**) Director whose co-optation in 2008 will be put to the ratifi cation of the Shareholders’ General Meeting. 

1.2 Person whose appointment as Director will be proposed 

to the Shareholders’ General Meeting on 14 May 2009 

Michael Pragnell 

Age 62 

Pound Cottage 

Silchester RG72LR 


Proposed appointment: from the 2009 AGM 

to the 2013 AGM 

Former Chief Executive Offi cer, Chairman of the Executive Committee and member of the Board of Directors of Syngenta AG 

Appointments that have expired during the last fi ve fi nancial years: Chief Executive Offi cer and Director of Syngenta AG. 

Background: Michael Pragnell is British and is a graduate of St John’s College, Oxford and INSEAD. In 1968, he joined Courtaulds Ltd 

where he held positions in marketing and sales and in 1974, he joined First National Bank of Chicago in the international department. 

From 1975 to 1995, he held various positions within the Courtaulds group: in marketing at International Paint plc (1975–1985), Chief 

Executive Offi cer of National Plastics (1985-1986), Chief Executive Offi cer of International Paint plc (1986–1992) and Chief Financial 

Offi cer (1992–1994) of Courtaulds plc, where was appointed to the Board of Directors in 1990. From 1995 to 2000, he was Chief 

Executive Offi cer of Zeneca Agrochemicals and a member of the Executive Committee of Zeneca plc (now known as AstraZeneca plc), 

and was appointed to the Board of Directors in 1997. In 2000, he was appointed founding Chief Executive Offi cer and Chairman of 

the Executive Committee of Syngenta AG, where he is also a founder member of the Board of Directors. From 2002 to 2005, he was 

Chairman of CropLife International association.

1.3 Director whose appointment ended in 2008 (*) 

Quentin Davies 

Age 64 

House of Commons 

London SWIA OAA 


Director from 10 May 1999 to 11 September 

2000 and from 14 May 2003 to 6 October 



Minister for Defence Equipment and Support, at the Ministry of Defence in the United Kingdom 

Quentin Davies is also a Member of the United Kingdom Parliament. 

Appointments that have expired during the last fi ve fi nancial years: Director of VINCI, Director of Lloyds of London. 

Background: Quentin Davies is British and a graduate of Cambridge and Harvard. He held several positions in the British Diplomatic 

Service from 1967 before joining Morgan Grenfell in 1974, where he was head of Corporate Finance. He served in the UK Parliament 

as a Conservative Member from 1987 to 2007 and was successively Opposition Spokesman for Social Security and Pensions, for 

Treasury matters, for Defence and for Northern Ireland. He was a Director of VINCI from 1999 to 2000 and from 2003 to 2008. 

He joined the Labour Party in June 2007. Since 5 October 2008 he has been Minister for Defence Equipment and Support, at the United 

Kingdom Ministry of Defence. 

(*) Quentin Davies’ appointment was renewed at the Shareholders’ General Meeting of 15 May 2008 for a four-year term, until the General Meeting called to approve the fi nancial statements for the year 

ending 31 December 2011. 

1.4 Senior Executive Vice-President not serving on the Board of Directors 

whose appointment ended in 2008 

Jacques Tavernier 

Age 59 

Eurovia 

18, place de l’Europe 


Senior Executive Vice President from 15 May 

2006 to 28 March 2008 

Chairman and Chief Executive Offi cer of Eurovia and Member of the Executive Committee of VINCI 

Main appointments within the VINCI group: Director of Eurovia Travaux Ferroviaires; member of the Supervisory Board of Eurovia 

GmbH and of VINCI Deutschland GmbH (Germany); member of the Executive Board of Stavby Silnic A Zeleznic (Czech Republic); 

Director of the Fondation d’Entreprise VINCI pour la Cité and the Fondation d’Entreprise Eurovia. 

Appointments outside the VINCI group: member of the Board of Directors of École Nationale des Ponts et Chaussées, as a “qualifi ed 

public fi gure”. 

Appointments within the VINCI group that have expired during the last fi ve fi nancial years: Senior Executive Vice President of 

VINCI; Chairman and Chief Executive Offi cer of ASF; Chairman and Chief Executive Offi cer of ASF Holding; Director and Chief Executive 

Offi cer of VINCI Concessions; permanent representative of VINCI Concessions on the Board of Directors of Arcour and Cofi route 

Holding, of VINCI on the Board of Directors of Cofi route and SMTPC, of ASF on the Board of Directors of Escota. 

Appointments outside the VINCI group that have expired during the last fi ve fi nancial years: Director of Lorry Rail SA. 

Background: Jacques Tavernier is a graduate of the École Polytechnique and the École Nationale des Ponts et Chaussées. He worked 

as an engineer in local government in Seine-Saint-Denis near Paris from 1975 to 1982, was involved in management of investment 

in roads at the Ministry of Capital Works from 1983 to 1986, and was then a chargé de mission at DATAR from 1986 to 1989. From 

1989 to 1991, he was in charge of town planning and housing in local government in Ile de France (the Greater Paris region), then 

technical adviser to Paul Quilès (French Minister for Capital Works, Housing, Transport and Space) from 1991 to 1992, general manager 

of the public corporation responsible for creating the Sénart new town from 1992 to 1993, and was in charge of capital works for the 

Hauts-de-Seine département from 1993 to 1998. He was Chief Executive Offi cer of ASF from 1998 to 2006, its Chairman and Chief 

Executive Offi cer from 2006 to September 2007, then its Chairman until December 2007. He was also Director-Chief Executive Offi cer 

of VINCI Concessions from March 2006 until October 2007. Since 9 January 2008, he has been Chairman and Chief Executive Offi cer 

of Eurovia. 

113


2. Shares held by the company officers 

2.1 Shares held by the company offi cers 

In accordance with the Company’s corporate statutes, the minimum number of VINCI shares that each Director (except the Director representing 

employee shareholders) must hold is 1,000, which, on the basis of the share price at 31 December 2008 (€30), amounts to a minimum of 

€30,000 invested in VINCI shares. 

The table below summarises the number of shares held by the company offi cers at 31 December 2008: 

Company offi cer 

Directors 

Number of VINCI shares 

Yves-Thibault de Silguy 1,854 

Xavier Huillard 406,752 

Dominique Bazy 1,400 

Robert Castaigne 1,000 

François David 1,184 

Patrick Faure 4,914 

Dominique Ferrero 2,171 

Bernard Huvelin 490,159 

Jean-Pierre Lamoure 2,000 

Jean-Bernard Lévy 2,400 

Henri Saint Olive 42,946 

Pascale Sourisse 1,000 

Denis Vernoux 

Former Senior Executive Vice-President 

21 

Jacques Tavernier 400 

2.2 Share transactions by company offi cers, executives and persons 

referred to in Article L.621-18-2 of the French Monetary and Financial Code 

In 2008, the Group’s company offi cers and executives subject to spontaneous declaration of their share transactions have declared having 

made the following transactions: 

(in number of shares) Acquisitions Disposals 

Yves-Thibault de Silguy 230 0 

Xavier Huillard 13,000 50,000 

Quentin Davies 400 - 

Patrick Faure 114 - 

Henri Saint Olive (*) 222 - 

Denis Vernoux 1 - 

Christian Labeyrie 13,000 (**) 90,000 

(*) Companies with which H. Saint Olive is connected have declared acquisitions for a total of 756 shares. 

(**) Acquisitions fi nanced by sales of units in company savings funds. 

Note: the corresponding declarations may be consulted on the AMF website (www.amf-france.org). 

3. Company officers’ remuneration and interests 

3.1 Directors’ fees and other remuneration 

The total amount of Directors’ fees paid in 2008 by the Company (for the second half of 2007 and the fi rst half of 2008) amounted to €644,833. 

Some company offi cers also received Directors’ fees in 2008 from companies controlled by VINCI. VINCI recognised Directors’ fees of €724,144 

in respect of 2008. 



The table below summarises the amount of Directors’ fees and other remuneration received in 2008 by non-executive directors of VINCI: 

Directors’ fees and other remuneration received by non-executive company offi cers 

Non-executive company 

offi cers (1) by VINCI 

Amounts paid in 2007 Amounts paid in 2008 

by companies 

controlled by VINCI by VINCI 

by companies 

controlled by VINCI 

Dominique Bazy 64,250 - 42,500 - 

Robert Castaigne 10,750 - 41,000 - 

François David 43,000 - 40,500 - 

Patrick Faure 47,167 - 40,500 - 

Dominique Ferrero 42,167 - 11,500 - 

Bernard Huvelin 43,833 33,906 46,500 31,354 

Jean-Pierre Lamoure (2) - - - 20,000 

Jean-Bernard Lévy 12,667 - 41,500 - 

Henri Saint Olive 58,000 - 71,500 - 

Pascale Sourisse 9,917 - 46,500 - 

Denis Vernoux (3) 43,000 - 46,500 

Quentin Davies (4) 73,000 - 76,500 - 

Total Directors’ fees 447,751 33,906 488,333 51,354 

(1) These Directors have received no remuneration from VINCI and the companies controlled by VINCI other than Directors’ fees, except for Denis Vernoux (3). 

(2) As from his co-optation as Director on 16 December 2008 until 31 December 2008. 

(3) As Denis Vernoux is a Director representing employee shareholders, his other remuneration is not disclosed. 

(4) From 1 January 2008 until his resignation on 6 October 2008. 

Note: Withholding tax is deducted from the amounts corresponding to Directors’ fees received from foreign subsidiaries. 

3.2 Remuneration of executive company offi cers 

In accordance with the recommendations published by the Afep and Medef in October 2008 on the remuneration of executive company offi cers, 

the table below summarises the aggregate remuneration and options and performance shares granted to each executive company offi cer during 

the last two years: 

Summary of remuneration and options and shares allocated to each executive company offi cer 

Executive company offi cer 

Yves-Thibault de Silguy, Chairman of the Board of Directors 


Remuneration due in respect of the year 1,605,015 1,616,071 

Value of options granted during the year - - 

Value of performance shares granted during the year 735,000 507,600 

Total 

Xavier Huillard, Chief Executive Offi cer 

2,340,015 2,123,671 

Remuneration due in respect of the year 1,551,504 1,556,917 



Total 

Jacques Tavernier, former Senior Executive Vice-President 

2,139,504 2,177,317 

(*) 

Remuneration due in respect of the year 525,357 78,734 



Total 917,357 473,534 

(*) Reference period used for calculating Mr Tavernier’s remuneration in 2008: 1 January 2008 to 28 March 2008 (amounts calculated pro rata temporis). 

115


VINCI discloses hereunder the remuneration paid during the last two fi nancial years by VINCI and Group companies to VINCI’s executive 

company offi cers and those set by the Board of Directors as proposed by the Remuneration Committee, that are due in respect of each of the two 

fi nancial years, regardless of the year in which the remuneration in question is paid. The formula serving to calculate the variable portion of the 

executive company offi cers’ remuneration on the basis of intrinsic performance and stock market price evolution results in an increase of 1.3% 

for 2008, refl ecting the Group’s good performances in an unfavourable stock market context. 

Summary of the remuneration of each executive company offi cer 



Amounts due 

Amounts paid 

Amounts due 

Amounts paid 

Executive company offi cer 


in respect of the year 

during the year in respect of the year during the year 

Gross fi xed salary 750,000 750,000 750,000 750,000 

Gross variable salary 730,500 371,667 741,556 790,500 

Exceptional remuneration - - - - 

Directors’ fees 120,000 120,000 120,000 120,000 

Benefi ts in kind 4,515 4,515 4,515 4,515 

Total 


1,605,015 1,246,182 1,616,071 1,665,015 


Gross variable salary 791,548 777,073 791,389 824,673 


Directors’ fees 56,524 55,818 61,413 64,458 

Benefi ts in kind 3,432 3,432 4,115 4,115 

Total 

Jacques Tavernier, former Senior Executive Vice-President 

1,551,504 1 497,877 1,556,917 1,593,246 

(*) 


Gross variable salary 231,000 220,000 - 232,217 


Directors’ fees - - - - 

Benefi ts in kind 3,153 3,153 788 788 

Total 525,357 514,969 78,734 310,951 

(*) Reference period used for calculating Mr Tavernier’s remuneration in 2008: 1 January 2008 to 28 March 2008 (amounts calculated pro rata temporis). 

Note: Directors’ fees received by executive company offi cers are deducted from the overall remuneration paid to them by the Company. 

The table below summarises the various data relating to the existence in favour of the executive company offi cers, if applicable, of (I) an employment 

contract in addition to the appointment as company offi cer, (II) supplementary pension plans, (III) commitments entered into by the 

Company corresponding to allowances or benefi ts due or that could be due as a consequence of cessation or change of the executive company 

offi cer’s duties or after their cessation and (IV) allowances compensating for a non-competition clause. 

Allowances or benefi ts 

that could be due Allowances for 

Supplementary on cessation or change non-competition 

Executive company offi cer Employment contract 

pension plan 

of duties 

clause 

yes no yes no yes no yes no 


Date of appointment: 1 June 2006 

Term of appointment ends at AGM 2010 

X X X X 


Date of appointment: 9 January 2006 

Term of appointment ends at AGM 2010 

Jacques Tavernier, former Senior Executive Vice-President* 

Date of appointment: 15 May 2006 

Term of appointment ended: 28 March 2008 

X (1) X X (3) X 

X (2) X X X 

(1) This employment contract was suspended at the time of Mr Huillard’s appointment as Chief Executive Offi cer. 

(2) This employment contract was maintained at the time of Mr Tavernier’s appointment as Senior Executive Vice-President. 

(3) Excluding allowances provided for in the Civil Engineering collective bargaining agreement in the event of termination of the employment contract. 

a) Remuneration of Yves-Thibault de Silguy 

Yves-Thibault de Silguy was appointed Chairman of the Board of Directors on 1 June 2006. In June 2006, the Board of Directors set his remuneration 

at €1,500,000 for a full year. This remuneration comprises a fi xed part of €750,000 and a variable part of €750,000. The variable part is 

adjustable on the basis of a performance index mentioned on page 155. At its meeting held on 3 March 2009, the Board of Directors decided, as 

proposed by the Remunerations Committee, to set the variable part of Yves-Thibault de Silguy’s remuneration at €861,556 in respect of 2008, 

applying an increase of 1.3% after calculating the performance index, before deducting the directors’ fees paid in 2008. For 2009, it was decided,


as proposed by the executive company offi cers, not to adjust the fi xed part. The formula used to calculate the performance index applicable to 

the variable part has been maintained. 

Yves-Thibault de Silguy, who does not have an employment contract and has no entitlement to any leaving allowance, has an entitlement to 

a special pension regime amounting to €380,000 per annum. This undertaking was expressly approved by the Shareholders’ Ordinary General 

Meetings of 10 May 2007 and then of 15 May 2008, in order to incorporate performance conditions in accordance with France’s so-called “Tepa” 

Act (supporting work, employment and purchasing power). This retirement pension will be acquired if, on expiry of Yves-Thibault de Silguy’s 

term of appointment, trends in both quantitative indicators (net profi t, cash fl ow from operations, ROCE, VINCI share price, outperformance 

of the VINCI share compared with a sample of comparable companies, and dividends) and qualitative indicators (connected with his personal 

performance) are, in the majority, positive. The Board monitors these indicators annually. The purpose of this regime is to replace an equivalent 

regime to which Yves-Thibault de Silguy lost his entitlement when, having accepted his appointment in June 2006 as Chairman of the Board 

of Directors of VINCI, he left the Suez group. In connection with the monitoring of the performance criteria instituted in accordance with the 

so-called “Tepa” Act, the Board of Directors considered on 27 February 2008, as proposed by the Remuneration Committee, that, Mr de Silguy 

having taken up his duties on 1 June 2006, his performance had been positive in 2006 and 2007 on each of the points considered except two 

(ROCE in 2006 and outperformance by the VINCI share in 2007). The Board of Directors also considered on 3 March 2009, as proposed by the 

Remuneration Committee that the Chairman’s performance criteria, with the exception of the criteria related to the trends in the VINCI share 

price, were met in 2008. 

b) Remuneration of Xavier Huillard 

In December 2005, the Board of Directors approved the arrangements for the remuneration of Xavier Huillard, which comprises a fi xed part of 

€700,000 and a variable part initially set at €700,000. The variable part comprises a part that can be adjusted by application of the performance 

index mentioned on page 155 and a part (amounting to €250,000) payable at the Board’s discretion. 

At its meeting held on 3 March 2009, the Board of Directors decided, as proposed by the Remuneration Committee, to set the variable part 

of Xavier Huillard’s remuneration at €855,847 in respect of 2008, applying an increase of 1.3% after calculating the performance index, before 

deduction of the directors’ fees paid in 2008. This amount includes an amount of €250,000 corresponding to the ceiling of the discretionary part 

that the Board had decided. 

For 2009, the Board decided, as proposed by the executive company offi cers, not to adjust the fi xed part. Regarding the variable part, it has been 

decided to maintain the formula used to calculate the performance index and to increase the ceiling of the part subject to the discretionary 

assessment to €300,000. 

Like a number of the Group’s executives, Xavier Huillard is a member of the supplementary retirement benefi t scheme mentioned in paragraph 

(e) below. VINCI has made no commitment to pay him a leaving bonus. 

Xavier Huillard has had an employment contract within the VINCI group since 1996. This contract was suspended when he was appointed as an 

executive company offi cer in January 2006. It is governed by the civil engineering collective bargaining agreement and includes no contractual 

leaving allowance other than as provided for in that collective bargaining agreement. In accordance with the Afep-Medef recommendations, the 

Board of Directors has decided that the future of this contract will be examined on the occasion of the renewal of Xavier Huillard’s appointment 

as a company offi cer, the term of which expires on completion of the General Meeting called to vote on the fi nancial statements for 2009. 

c) Remuneration of Jacques Tavernier 

Jacques Tavernier was Senior Executive Vice-President from 15 May 2006 to 28 March 2008. He has been Chairman and Chief Executive Offi cer 

of Eurovia since January 2008. Previously, he was Chief Executive Offi cer of VINCI Concessions and Chairman and Chief Executive Offi cer of 

Autoroutes du Sud de la France. Jacques Tavernier received remuneration of €310,957 (prorata temporis for the period from 1 January to 28 

March 2008), including a fi xed part of €77,946 and a variable part in respect of 2007 for €232,217. 

Like a number of the Group’s executives, Jacques Tavernier is a member of the supplementary retirement benefi t scheme mentioned in paragraph 

(e) below. VINCI has made no commitment to pay him a leaving bonus. 

d) Benefi ts in kind paid to Executive Company Offi cers 

In 2008, Yves-Thibault de Silguy, Xavier Huillard and Jacques Tavernier have had the use of a company car. 

e) Retirement benefi t obligations 

Some of the Group’s management staff who meet certain eligibility conditions are members of a supplementary retirement benefi t scheme, 

which guarantees them a total pension of between 20% and 35% of the average of their fi nal three years’ remuneration, with a maximum of 

€85,595 per annum. Xavier Huillard, Director and Chief Executive Offi cer, and Jacques Tavernier, are members of this scheme. 

Moreover, Yves-Thibault de Silguy is entitled to a special pension regime described in paragraph (a) above. 

At 31 December 2008, VINCI’s obligations in respect of retirement pensions for executive company offi cers amounted to €8,172.8 thousand, 

broken down as follows: 

Benefi ciary 

Obligation at 31 December 2008 

in €’000s 

Yves-Thibault de Silguy 6,054.2 

Xavier Huillard 862.7 

Jacques Tavernier 1,255.9 

Retirement benefi t obligations are also described on page 246 of the Notes to the consolidated fi nancial statements. 

117


4. Options and performance shares 

4.1 Policy on granting of options or performance shares 

VINCI’s Board of Directors has no authorisation from the Shareholders’ General Meeting to grant subscription or purchase options. In respect 

of performance shares, the VINCI’s policy is to grant performance shares to a signifi cant number of the Group’s employees in order to associate 

them with its good performance. 

4.2 Share subscription or share purchase option plans 

4.2.1 Existing option plans 

a) General information 

Under the authorisations that it had from the Shareholders’ General Meeting before 2008, the Board of Directors of VINCI had decided to 

implement share subscription and / or share purchase option plans, details of which are given in the following table. 

Record of granting of share subscription or purchase options 

Date 

Shareholders’ 

Meeting 

Board 

Meeting 


Original number Including options originally 

granted to 

Benefi - 

ciaries Options (1) 

Company 

offi cers (1)(3) 

Top 10 

employee 

benefi ciaries 

(1)(2) 

Dates 

From which 

option may 

be exercised 

Of expiry 

of option 

Number 

of options 

exercised 

in 2008 

Cumulative 

number of 

options 

cancelled or 

expired in 


Options 

not 

exercised 

as at 

31/12/2008 

Adjusted 

exercise 

price in 

euros 

Number of 

remaining 


as at 


VINCI 1998 18/06/1993 04/03/1998 66 962,000 0 180,000 1/1/1999 4/3/2008 0 8 0 6.27 0 

VINCI 1999 No. 1 25/05/1998 09/03/1999 88 2,608,000 240,000 700,000 9/3/2001 8/3/2009 16,388 0 31,144 9.3 3 


VINCI 2000 No. 1 25/10/1999 11/01/2000 40 3,900,000 1,000,000 1,360,000 11/1/2002 10/1/2010 10,500 0 117,284 12.25 4 


GTM 2000 - - 355 2,256,480 168,000 244,800 24/1/2002 23/5/2008 202,469 45,868 0 8.73 0 

VINCI 2001 25/10/1999 08/03/2001 3 930,000 930,000 0 8/3/2003 7/3/2011 0 0 24,333 13.96 1 

VINCI 2002 No. 1 25/10/1999 17/12/2002 287 9,802,000 2,620,000 1,212,000 25/1/2004 17/12/2012 360,477 0 1,900,734 15.59 114 

VINCI 2002 No. 2 25/10/1999 17/12/2002 409 10,000,000 2,760,000 1,020,000 17/12/2004 17/12/2012 275,951 0 1,676,603 12.96 166 

VINCI 2003 14/05/2003 11/09/2003 126 5,608,000 1,400,000 1,296,000 11/9/2005 11/9/2013 667,913 0 1,727,676 15.04 75 



VINCI 2006 No. 1 14/05/2003 09/01/2006 8 2,630,000 1,850,000 780,000 9/1/2008 7/1/2013 0 0 1,071,950 35.58 6 

VINCI 2006 No. 2 14/05/2003 16/05/2006 1,352 3,383,606 50,000 242,000 16/5/2008 16/5/2013 0 16,168 3,352,071 40.32 1,344 

Subscription plans total 2,410 64,587,986 15,732,668 10,842,000 2,354,903 62,044 18,422,235 23.31 1,602 

VINCI 1999 No. 2 25/05/1998 07/09/1999 590 8,025,236 1,253,332 1,360,000 7/9/2001 6/9/2009 45,006 0 406,090 10.69 64 

VINCI 2000 25/10/1999 03/10/2000 999 7,070,000 180,000 531,200 3/10/2002 2/10/2010 131,635 0 990,723 11.77 224 

VINCI 2001 25/10/1999 08/03/2001 3 930,000 930,000 0 8/3/2003 7/3/2011 0 0 24,333 13.96 1 

VINCI 2002 25/10/1999 25/01/2002 7 198,000 0 198,000 25/1/2004 24/1/2012 0 0 6,913 15.59 1 

VINCI 2006 No. 2 14/05/2003 16/05/2006 1,352 3,383,606 50,000 242,000 16/5/2008 16/5/2013 0 16,168 3,352,071 40.32 1,344 

Purchase plans total 2,042 19,606,842 2,413,332 2,331,200 176,641 16,168 4,780,130 31.71 1,508 

Total 1,743 84,194,828 18,146,000 13,173,200 2,531,544 78,212 23,202,365 25.04 1,605 

(1) Original number adjusted for the two-for-one share split in May 2007 but not adjusted for the increase in share capital in April 2006 (except for the 2006 No. 2 plan). 

(2) Not company offi cers. 

(3) Company offi cers serving at the time of granting. 

Note: an option gives the right to subscribe to or purchase one share; options plans comprise an annual fi nal vesting period by thirds over a three-year period as from the date of granting the options.

) Number of shares that can be subscribed to or purchased by the company offi cers 

Only two company offi cers can still subscribe to or purchase shares by exercising their options: 


Total number of shares that can be subscribed to or purchased by the company offi cers as at 31 December 2008 

Xavier Huillard Jacques Tavernier 

Subscription plans 

VINCI 2003 89,180 - 



VINCI 2006 No. 1 265,434 - 

VINCI 2006 No. 2 

Purchase plans 

- 50,000 

VINCI 2006 No. 2 - 50,000 

Total 844,646 100,000 

4.2.2 Options granted in 2008 

No options plan was set up in 2008. No subsidiary controlled by VINCI has granted share subscription or purchase options. 

4.2.3 Options exercised in 2008 


Between 1 January and 31 December 2008, 2,531,544 options were exercised, comprising 2,354,903 subscription options and 176,641 purchase 

options. During this same period, 78,212 options were cancelled, comprising 62,044 subscription options and 16,168 purchase options. Taking 

this into account, the number of options remaining to be exercised at 31 December 2008 was 23,202,365 at an average exercise price of €25.04 

(comprising 18,422,235 subscription options at an average price of €23.31 and 4,780,130 purchase options at an average price of €31.71). 

b) Exercise of options by executive company offi cers 

In 2008, VINCI’s executive company offi cers exercised the following options: 

Share subscription or purchase options exercised during the year by each executive company offi cer 

Date of corresponding 

meeting of the 

Number of options Exercise price 

Executive company offi cer Plan 

Board Directors Type exercised during the year 

(in euros) 

Yves-Thibault de Silguy - - - - - 

Xavier Huillard 2003 Plan 11/9/2003 Subscription 13,000 15.04 

Jacques Tavernier - - - - - 

Total 13,000 15.04 

c) Exercise of options by the top ten employees who are not company offi cers 

In 2008, the top ten VINCI group employees who were not company offi cers exercised the following options: 

Number 

Exercise price 

Plan Type 

of options exercised 

(in euros) 

VINCI 2001 Subscription 7,022 14.0 

VINCI 2001 Purchase 7,022 11.8 

VINCI 2002 No. 1 Subscription 20,418 13.0 

VINCI 2002 No. 2 Subscription 152,512 15.6 



Total 835,392 16.9 

119


4.3 Performance share plans 

4.3.1 Existing performance share plans 


Record of granting of performance shares 

Plan Date Original number 

Shareholders’ 

Meeting 


Board 

Meeting Benefi ciaries 

Performance 

shares 

(existing 

shares) 

Including shares originally 

granted to Date 

Company 

offi cers (1) 

Top 10 

employee 

benefi ciaries (2) 

Start of 

vesting 

period 

End of 

vesting 

period 

End 

of retention 

period 

Number of 

shares at 


Number of 

remaining 


at 31/12/2008 

VINCI 2007 16/5/06 12/12/06 1,434 2,200,000 (3)(4) 55,000 139,000 2/1/07 2/1/09 2/1/11 2,052,980 1,329 

VINCI 2008 16/5/06 11/12/07 1,570 2,165,700 (5) 72,000 130,000 2/1/08 2/1/10 (6) 2/1/12 (6) 2,120,225 1,538 

Total 2,106 4,365,700 (5) 127,000 269,000 4,173,205 1,982 

(1) Company offi cers serving at the time of granting. 

(2) Not company offi cers. 

(3) This number takes account of the two-for-one share split in May 2007. 

(4) These shares were defi nitively granted to the benefi ciaries on 2 January 2009, following the Board of Directors’ decision on 16 December 2008, which noted that the performance conditions provided for 

in the plan decided in December 2006 had been met. 

(5) Number that could be less depending on a performance indicator described below in paragraph 4.3.2. 

(6) The Board of Directors may extend these dates by one year. 

b) Number of performance shares granted to company offi cers 

Two provisional grants of performance shares to company offi cers have been as decided by the Board of Directors in December 2006 and in 

December 2007, as shown in the table below: 

Performance shares granted to each company offi cer 

Performance shares granted to 

each executive company offi cer 

by VINCI and any Group 

companies Plan 

Date of 

corresponding 

meeting of the 

Board Directors 

Number of 

shares granted 

Value of shares using the 

method used for the 

consolidated fi nancial 

statements 

Date 

of vesting 

Date of 

availability 

Performance 

conditions 

Yves-Thibault de Silguy 2007 Plan 12/12/06 30,000 735,000 2/1/2009 2/1/2011 Yes 

2008 Plan 11/12/07 18,000 (1) 507,600 2/1/2010 (2) 2/1/2012 (2) Yes 

Xavier Huillard 2007 Plan 12/12/06 24,000 588,000 2/1/2009 2/1/2011 Yes 


Jacques Tavernier 2007 Plan 12/12/06 16,000 392,000 2/1/2009 2/1/2011 Yes 


Total 124,000 3,237,800 

(1) Number may be less depending on a performance indicator. 

(2) The Board of Directors may extend these dates by one year. 

It should be noted that these performance shares must be retained for two years and that company offi cers are required to retain at least one 

quarter of them during the term of their appointment. 

No performance shares became available in 2008 for company offi cers. 

4.3.2 Setting up of the 2008 plan with eff ect from 2 January 2008 

On 11 December 2007, the Board of Directors decided to use the authorisation given to it by the Shareholders’ General Meeting of 16 May 2006 

to implement a plan for the granting of performance shares of the Company with eff ect from 2 January 2008. This plan provides for the granting 

of 2,165,700 existing shares to 1,570 Group executives and employees. The number of performance shares granted to company offi cers under 

this plan is shown in the table above. 

The plan provides that the shares are only defi nitively allocated at the end of a vesting period of two years, which the Board can extend to three 

years. The number of shares defi nitively granted to the benefi ciaries depends on a performance indicator which must show an increase on 

average by 10% annually during the vesting period. If the increase is less than 10% a year, the number of performance shares is reduced. 

The performance indicator takes account of (I) the outperformance of the VINCI share compared with a sample of comparable European shares 

in the construction and infrastructure concessions sector (for 50%), (II) the increase in earnings per share (for 12.5%), (III) the increase in cash 

fl ow from operations before tax and fi nancing costs (for 12.5%), (IV) the increase in operating profi t (for 12.5%) and (V) the increase in return on 

capital employed (for 12.5%). 

The plan also provides that the shares thus granted must be held for two years, during which time they may not be disposed of. 

The number of shares originally granted by the Board of Directors on 11 December 2007 to the ten employees who were not company offi cers 

and who were granted the largest number was 130,000.


4.3.3 Shares vesting on 2 January 2009 under the 2007 plan 

On 16 December 2008, the Board of Directors noted that the performance conditions provided for in the plan decided on in December 2006 

had been met and the performance shares would be defi nitively granted to all the benefi ciaries with eff ect from 2 January 2009 (1,329 people, 

including the two executive company offi cers). The Board of Directors has not decided any new granting of performance shares in 2008. 

E. Social and environmental data 

This report is compiled pursuant to Articles L225-102-1, R.225-104 and R.225-105 of the French Commercial Code. 

It contains three separate sections: 

– Corporate and societal responsibility; 

– Environment and R&D; 

– Customer and supplier relations. 

The sustainable development policy and strategy are located on pages 14 to 19 of the present annual report. Additional information is available 

on the website www.vinci.com, which lists numerous activities illustrating the innovative approaches adopted by the Group’s entities 

arranged by topic and type of challenge. From 2002 to 2007, VINCI requested the opinion of an auditor on the procedures for reporting social 

and environment information and a selection of indicators. In 2008, VINCI sought the approval of the college of auditors. This approval, along 

with a note about the methods employed, can be found on pages 146 to 149. 

In addition to strict compliance with the legislation, VINCI has voluntarily undertaken to respect the ten principles of the Global Compact, a 

UN initiative, and to report each year on the initiatives implemented. In 2008, the year of the 60th anniversary of the Universal Declaration of 

Human Rights, Xavier Huillard, Director and CEO of VINCI, formally renewed his commitment to the United Nations to respect human rights. 

Global Compact implementation 

Commitments/Principles Initiatives in 2008 

Human Rights 

1. To support and respect, within the Group’s sphere of infl uence, 

the protection of international law relating to human rights. 

2. To ensure that the Group companies do not become 

complicit in human rights abuses 

Labour standards 

3. To uphold freedom of association and the eff ective recognition 

of the right to collective bargaining 

4. To eliminate all forms of forced and compulsory labour 

5. To uphold the eff ective abolition of child labour 

6. To eliminate discrimination in respect of employment and 

occupation 

Environmental protection 

7. To support a precautionary approach to environmental 

challenges 

8. To undertake initiatives to promote greater environmental 

responsibility 

9. To encourage the development and the dissemination 

of environmentally friendly technologies 

Anti-corruption 

10. To work against all forms of corruption, including 

extortion and bribery. 

- Renewal by the CEO of VINCI for the Group’s commitment to respecting the Universal 

Declaration of Human Rights. 

- Initiatives Sogea-Satom pour l’Afrique support for various community, health and 

educational projects. 

- Continuation of AIDS prevention programmes. 

- Deployment of prevention programmes at the international level. 

- Deployment of the integration of social criteria for the selection of suppliers and 

sub-contractors in framework contracts. 

- Creation a “prevention” reporting method common to all Group companies and 

temporary employment agencies. 

- Performance of a “diversity” audit for the second consecutive year in 40 subsidiaries. 

- Creation of a body of internal auditors. 

- Systematisation of project environmental risk analyses and product risks (REACH). 

- Systematisation of project approaches based on life cycle analysis in the tender and 

design phases. 

- Integration of renewable energies in our own activities and commercial off ers. 

- Strengthen environmental reporting and the scope of its international application. 

85% of the scope covered. 

- Joint eff ort on energy savings and greenhouse gas emission reductions at fi xed premises 

and worksites. 

- Creation of an “Ecodesign of built ensembles and infrastructure” professorship with 

ParisTech. A fi ve-year programme. 

- R&D programme and participative discussions on eco-communities and eco-cities 

by The City Factory. 

- Further reinforcement of internal controls. 

121


1. Social and societal responsibility 

1.1. General human resources policy 

The decentralised human resources management policy aims to develop and promote skills, guarantee equal opportunities during the recruitment 

process and in the workplace, provide safe working conditions and foster eff ective and appropriate social dialogue. Employee renewal is 

an important issue for the Group given our demographic structure and rapid business growth. The forward management of employment and 

skills (GPEC) policy, implemented in 2007, is an approach designed to aid the performance of VINCI companies. Its task is to support the Group’s 

entrepreneurs in their everyday eff orts to develop their business. In 2008, a best practices guide was written and disseminated to the management 

and co-ordination committee, the administration and fi nance divisions and human resources divisions. The GPEC approach has been rolled 

out to the majority of Group companies. Almost 100 GPEC enterprise agreements were signed in 2008. 

1.1.1 Our workforce 

At the end of 2008, VINCI had 164,057 employees in over 90 countries, an increase of 3% compared with 2007. Of these 2% came from recently 

acquired companies. During the year, VINCI recruited 26,359 people worldwide for long-term positions, of which over 10,000 in France. Management 

accounted for 15% of all employees, an increase of 8% worldwide. 

1.1.2 International and European recruitment 

Given its increasingly international growth, VINCI aims to speed up the trend towards more European recruitment by taking advantage of new 

levers. A VINCI European incubator has been established. The “incubator” path enables young graduates to access positions of responsibility in 

various European countries. The principle is to recruit and train young engineers in countries other than their own, and to provide them with the 

opportunity of acquiring in-depth knowledge of a second European culture and fl uency in another language. At the end of 2008, the European 

incubator had 149 employees – 21% of whom are women – with an average age of 30, from 20 countries. The profi le of the employees recruited 

is mainly “works” focused (58%), design accounts for 32% and support functions 10%. 

Over the past fi ve years, thanks to a dynamic recruitment policy and acquisitions, the Group’s total headcount has increased 29%; the share of 

European entities in the total workforce has risen from 82% in 2003 to 85% in 2008. 

In 2008, particular emphasis was placed on developing partnerships with schools, an important source of recruitment. Over 30,000 contacts 

were made with students through numerous recruitment forums. 

Workforce by geographical area and by business line at 31 December 2008 

Workforce 2008 2008 2007 2008/2007 

Concessions Energy Roads Construction 

Holdings 

and other Total Total Change 

France 11,343 20,852 24,785 35,184 552 57% 92,716 90,116 3% 

United Kingdom 818 401 3,419 4,117 0 5% 8,755 8,868 (1%) 

Germany 239 3,419 3,813 1,191 11 5% 8,673 8,795 (1%) 

Central and Eastern Europe 173 2,838 5,550 6,168 0 7% 14,729 14,379 2% 

Belgium 16 319 515 5,563 0 4% 6,413 5,748 12% 

Spain 205 1,393 681 556 0 2% 2,835 3,356 (16%) 

Rest of Europe 172 3,706 126 887 0 5% 4,891 4,831 (1%) 

Europe excluding France 1,623 12,076 14,104 18,482 11 28% 46,296 45,977 1% 

Americas 2,921 0 3,192 3,235 0 6% 9,348 8,421 11% 

Africa 0 76 0 10,283 0 6% 10,359 9,815 6% 

Asia, Oceania, Rest of World 883 0 0 4,455 0 3% 5,338 4,299 24% 

Total 16,770 33,004 42,081 71,639 563 100% � 164,057 158,628 3% 

� Audited indicators (see pages 148-149). 

1.1.3 Workforce by category, sex and business line 

At the end of 2008, VINCI’s total workforce comprised 15% management, 31% offi ce, technical and supervisory staff and 54% manual labour. 

Women accounted for 13% of the workforce. Women account for 15% of management, 28% of offi ce, technical and supervisory staff and 4% 

of manual labour employees. 


Workforce by category, sex and business line at 31 December 2008 




Holdings 

and others Total Total Change 

Management 1,571 6,311 4,698 11,365 328 15% 24,273 22,556 8% 

Men 1,148 5,447 4,151 9,684 212 85% 20,642 19,427 6% 

Women 423 864 547 1,681 116 15% 3,631 3,129 16% 

Offi ce, technical & 

supervisory staff 9,924 11,201 10,371 20,052 235 31% 51,783 49,945 4% 

Men 6,008 8,502 7,433 15,327 75 72% 37,345 35,671 5% 

Women 3,916 2,699 2,938 4,725 160 28% 14,438 14,274 1% 

Manual labour 5,275 15,492 27,012 40,222 0 54% 88,001 86,127 2% 

Men 4,027 15,080 26,467 39,267 0 96% 84,841 83,247 2% 

Women 1,248 412 545 955 0 4% 3,160 2,880 10% 

Total 16,770 33,004 42,081 71,639 563 100% 164,057 158,628 3% 

� Men 11,183 29,029 38,051 64,278 287 87% � 142,828 138,345 3% 

� Women 5,587 3,975 4,030 7,361 276 13% � 21,229 20,283 5% 


1.1.4 Type of employment contract 

Out of a total workforce of 164,057 worldwide, 147,481 have long-term contracts, that is, 90% of employees. In France, especially in the construction 

sector, site contracts, lasting an average of 18 months, are considered as long-term employment. In 2008, 14,452 people were on 

fi xed-term contracts. A total of 18,887 were recruited on temporary contracts, mainly in France (82%) and in the construction business. 

Workforce by type of employment contract and business line at 31 December 2008 



Holdings 


Unlimited-term contracts 15,711 30,056 39,558 56,497 545 87% 142,367 138,664 3% 

Site contracts 50 37 86 4,941 0 3% 5,114 N/A N/A 

Fixed-term contracts 964 1,501 1,448 9,034 13 8% 12,960 16,487 (21%) 

Work-and-study 45 1,410 989 1,167 5 2% 3,616 3,477 4% 

Total VINCI employees 16,770 33,004 42,081 71,639 563 100% 164,057 158,628 3% 

Temporary employees 398 2,963 3,900 11,605 21 12% 18,887 18,480 2% 

1.1.5 Reasons for departure 

Contracting business operates within the context of mobile sites lasting a limited time. They traditionally involve a large number of employees 

whose contracts expire once the construction is complete or when they want to transfer to other nearby companies to avoid having to move. 

Departures by business line (*) 



Holdings 


Normal end of contract (**) 11,986 1,647 3,205 17,230 43 65% 34,111 33,582 2% 

Resignation 924 2,319 2,049 5,753 34 21% 11,079 11,615 (5%) 

Economic redundancy 13 151 145 298 0 1% 607 378 61% 

Other dismissals 580 543 947 1,901 23 8% 3,994 3,293 21% 

Other reasons 273 253 210 2,000 3 5% 2,148 1,910 28% 

Total 13,776 4,913 6,556 27,182 103 100% 52,530 51,016 3% 

(*) Excluding changes in consolidation scope. 

(**) End of fi xed-term contract, end of site contract, retirement, termination during trial period, end of work-and-study contract, partial loss of activity. 

123


1.1.6 Information regarding employee-reduction and employment protection plans, 

redeployment, rehiring and support measures 

A signifi cant recruiter for several years in numerous business areas, the Group only rarely implements restructuring programmes. VINCI’s 

activities are by nature non-relocatable. In the event of a redundancy plan, management and human resources work together to organise economic 

and social solidarity as best possible, notably through mobility and redeployment schemes. During external growth operations, the 

general policy is to maintain the existing teams who are the guardians of skills and expertise, develop the activity while benefi ting from the 

Group eff ect, pool tools and drive operation in network mode. 

1.2 Organisation of working hours 

1.2.1 Hours worked and overtime 

In the Group companies, hours are arranged in accordance with statutory working hours or with collective bargaining agreements, which vary from 

one country to another. In 2008, a total of 291 million hours were worked, that is, 8% more than in 2007. Overtime came to 16.5 million hours, or 

6% of the total hours worked. 

Organisation of working hours 


Management 

2008 2008 2007 

Offi ce, technical 

& supervisory Manual labour Total Total 

Total hours worked 41,438,491 87,253,872 162,052,787 290,745,150 269,998,469 

of which overtime 261,884 2,098,985 14,120,289 16,481,158 13,478,498 

Number of part-time employees 349 2,295 1,192 3,836 3,806 

1.2.2 Absenteeism 

20.18 million days were worked in France. The number of calendar days’ absence was 2.4 million in 2008, of which 63% were for non-occupational 

diseases. 

Reason for days’ absence 

In number of calendar days 



Holdings 

and others % Total Total 

Non-occupational disease 158,691 311,401 488,552 572,037 4,239 63 1,534,920 1,465,899 

Workplace accident 11,041 28,809 52,518 94,271 81 8 186,720 202,282 

Commuting accident 1,812 5,146 8,757 7,125 54 1 22,894 20,268 

Occupational disease 3,023 9,293 24,724 9,473 2 46,513 40,091 

Maternity/paternity leave 23,019 33,944 30,459 27,112 1,508 5 116,042 N/A 

Other causes 52,806 65,934 133,358 252,767 157 21 505,022 793,892 

Total 250,392 454,527 738,368 962,785 6,039 100 2,412,111 2,522,432 

1.3 Remuneration, social security contributions, employee savings and equal opportunity 

1.3.1 General policy 

The Group’s remuneration policy is organised in accordance with our decentralised management structure. Common principles covering individual 

remuneration and incentives in line with our results are used as guidelines for this policy in all countries where we operate. Employee remuneration 

consists of various components: wages, bonuses, incentive schemes and employee share ownership. Individual remuneration refl ects the 

personal responsibility and performance of each employee at every level. In France, 91% of employees benefi t from incentive schemes and/or 

profi t-sharing agreements. In all, we shared the benefi ts of our growth by paying out over €174 million in 2008 (€160 million in 2007). 

Remuneration and employee share ownership 

(in million of euros) 2008 2007 of which France 2008 of which France 2007 

Incentive schemes 88.3 69.9 74.3 59.7 

Share ownership 101.1 104.2 99.6 100.7 

Welfare 52.6 54.2 26.6 27.5 

Sub-total 242 228.3 200.5 187.9 

Employer contribution 48.2 97.4 48.2 91.9 

Total 290.1 325.7 248.7 279.8

1.3.2 Remuneration and social security payments 

Remuneration and social security payments in France 

Total Management 



& supervisory staff Manual labour 

(in thousands of euros) 2008 2007 2008 2007 2008 2007 2008 2007 

Average VINCI wage in France 33 33 59 58 31 30 25 25 

Men 34 33 62 61 32 31 25 25 

Women 31 29 46 45 28 26 22 23 

Average wage in the Construction 

and Public Works sector (*) NC 25 NC 49 NC 27 NC 21 

Social security payments 51% 54% 53% 58 % 50% 53 % 48% 50 % 

(*) Source: Pro BTP. 

Remuneration and social security payments worldwide 

Total Management 


& supervisory staff Manual labour 

(in thousands of euros) 2008 2007 2008 2007 2008 2007 2008 2007 

Average VINCI wage in France 29 29 57 57 29 29 22 22 

Men 29 30 59 59 31 30 22 22 

Women 28 26 45 44 26 25 15 15 

Social security payments 41% 43% 45% 48% 39% 41% 39% 40% 

1.3.3 Employee savings schemes 

In 2008, the economy was marked by substantial worldwide economic and fi nancial upheaval resulting in highly fl uctuating stock markets. Nonetheless, 

and in line with the actions implemented to date in the area of employee savings schemes, VINCI maintained the principle of three capital 

increases a year under its savings scheme in France. This product – open to employees since 1995 – earns its legitimacy and its strength from the 

recurrence of the operations and its continuous operation. 

The number of savers in France, despite a slight taper, has remained relatively high (nearly 60% of the workforce in 2008, compared with 72% in 

2007). It should be noted that the savings invested by employees in the Castor fund, invested in VINCI shares, is encouraged by a 10% discount 

on the VINCI share price and an employer contribution that can be as high as €3,500, with a bracket favouring more modest levels of savings: the 

fi rst €1,000 paid in is matched by VINCI with the same amount. In 2008, the employer contribution came to over €48 million. 

The decrease, by more than two thirds, of retirement savings more than off set the lower average voluntary savings made (approximately €1700 in 

2008). The total percentage of employee share ownership in the Group’s equity remained unchanged at 8.25% in 2008. The trust demonstrated 

by the employees in the Group’s future means they are still collectively among the Group’s tier one shareholders. 

At 31 December 2008, through the various unit trusts invested in VINCI shares, 89,236 employees were Group shareholders with an average portfolio 

worth nearly €12,000. 

In 2009, VINCI’s general management is proposing a new employer contribution scale, with an exceptional bracket with an employer contribution 

of 200% for the fi rst €300 paid into the scheme, bringing the total employer contribution for an employee savings of €1,000 to €1,300. The maximum 

employer contribution will be €3,800 in accordance with the following scale: 

– 200% employer contribution for the fi rst €300 paid; 

– 100% above that and up to €1,000; 



– 10% above that and up to €11,000. 

1.3.4 Equal opportunity 

In line with the CEO’s commitment in the Manifesto published in 2006, in 2008, for the second consecutive year, VINCI has ordered the independent 

Vigeo Group to audit its diversity and equal opportunity policy. This audit concerned 40 subsidiaries, 25% of which are outside France, and 

focused on mapping policy, deployment and result performance in four areas: women, people with disabilities, people of immigrant background 

and people aged 50 or over. Concerning the equal opportunity audit, the 2008 results are identical to those published for 2007 (the overall score 

is 2/4), while an improvement in practices was noted. A group of internal auditors has been appointed and trained to track the audits performed. 

In accordance with the Group’s commitments, the results will be published and communicated to all employees in 2009. 

Result of the Vigeo Group diversity audit 

In 2008, the diversity audit involved 40 new subsidiaries located in 12 countries: France, Switzerland, Poland, Germany, Spain, the United 

Kingdom, Greece, Czech Republic, Belgium, the Netherlands, Luxembourg and Slovakia. 786 people were interviewed, of whom 12% were from 

employee representative bodies or trade unions. 

125


Vigeo audit 

Policy - The existence of commitments 

- The transmission of the commitments and the understanding the employees and their representatives have of them 

- The explicit responsibility of managers, combined with objectives and regular assessment of achievements 

Implementation - The implementation of the procedures for all employees concerned and according to schedule 

- The availability of adequate resources: training (in accordance with the responsibilities defi ned in the organisation), information 

tools, aids for the uniform and automatic processing of data 

- The reality of the control exercised by the specialist function (usually HR), employee representatives and, if applicable, 

external audits 

Results - The existence and monitoring of indicators 

- The results observed in management charts, audit reports and the minutes of employee representative meetings 

- Employees’ and their representatives’ opinions of these results 

Map of performance observed 

Group-level assessment Policy Implementation Results Overall score 

Women 2 2 2 2 � 

People with disabilities 3 2 2 2 + � 

People of immigrant background 3 2 2 2 + � 

People aged 50 and over 3 2 3 3 – � 

Rating grid 

1 

2 

No discernible commitment 

No evidence of managerial commitment or appropriation; high risk 

of discrimination 

Action initiated 

Commitment and partial managerial appropriation evident; 

low assurance of control of discrimination risks 

1.4 Professional relations and review of collective agreements 


3 

4 

Conclusive evidence 

Conclusive evidence of commitment to equal opportunities and the prevention of 

discrimination; managerial factors under control; reasonable assurance that discrimination 

risk is under control 

Advanced commitment 

Commitment in an advanced state, comprehensive and innovative action taken: the 

company is a leader in terms of promoting equal opportunities and preventing discrimination 

1.4.1 Social dialogue 

Our social dialogue policy refl ects our commitment to several fundamental principles: recognition of the role of unions in the Group; decentralisation; 

the quest for a constant balance to be maintained between trade union involvement and close links with professional activities; determination 

to facilitate communication and meetings for trade union representatives and employee representative bodies, and determination to 

provide more information and training for employee and trade union representatives by involving them in the implementation of the Group’s 

major policies on health and safety, sustainable development, gender mix, disabled persons policy, etc. 

1.4.2 Employee representative bodies 

At local level, works councils, single staff delegations and employee representatives, together with the occupational health, safety and working 

conditions committees, contribute to the quality of dialogue between employers and employees. A number of specifi c bodies have also been 

created to complement individual companies’ representative bodies. Discussions within these various bodies are reported at national level by 

the Group Works Council, and at the European level by the European Works Council. The Group Works Council, which meets at least twice a year, 

is made up of representatives from over 50 entities. It receives information about the Group’s business and fi nancial situation, employment trends 

and forecasts, and accident prevention initiatives at the Group and company levels. It is kept informed of VINCI’s economic prospects for the 

coming year and has access to the Group’s consolidated fi nancial statements, together with the corresponding statutory auditors’ reports. Before 

any decision is taken, it is advised of any signifi cant project aff ecting the Group’s consolidation scope or its legal or fi nancial structure, and of the 

potential impact of such a project on employment. The European Works Council was renewed in 2006 for four years. It is made up of representatives 

from the 13 countries in which VINCI has subsidiaries: France, the United Kingdom, Austria, Belgium, Czech Republic, Germany, Spain, 

Hungary, the Netherlands, Poland, Sweden, Slovakia and Portugal. It meets once a year. 

1.4.3 Trade union freedom 

All Group companies respect the legislation in force in all countries where they operate. Operational managers are backed by the human 

resources managers who provide them with the most appropriate local solutions for the country context and VINCI’s requirements in the area 

of respect for trade union freedom. As 90% of our business is in Europe, the European Works Council is the prime guarantor of the freedom of 

expression of trade unions.


1.4.4 Collective agreements 

Collective agreements negotiated and signed by companies within the Group are tangible evidence of a decentralised human resources 

policy, which takes account of the realities on the ground and aims to improve working conditions, health and safety and the organisation of 

working hours. In 2008, 1,475 collective agreements were signed. In France, absenteeism due to strikes amounted to 6,614 days out of a total 

20.18 million days worked, that is fewer than 0.003% of the number of days worked. 

1.5 Health and safety 

1.5.1 General prevention policy 

The “zero accidents” goal remains the prime motivator for all VINCI employees. This goal applies to Group employees, temporary personnel 

and the employees of sub-contractors working on our worksites. In fi ve years, this active policy has led to a signifi cant drop in the frequency 

rate (down by 35% from 18 to 11.59), and the severity rate (down by 40% from 1.06 to 0.64) of lost-time accidents. 

Frequency rate, severity rate and percentage of VINCI companies without any lost-time accidents 

France Group 

2008 2007 (*) 2008 2007 (*) 

Frequency rate � 13.75 14.04 � 11.59 12.85 

Severity rate � 0.97 1.09 � 0.64 0.75 

Percentage of companies without any lost-time accidents 43% 47 % 46% 47 % 


(*) 2007 data restated using the 2008 method. 

Frequency rate and severity rate of VINCI companies without any lost-time accidents 

Frequency rate Severity rate 

2008 2007 (*) 2008 2007 (*) 

VINCI Concessions 

Contracting 

11.08 13.89 0.42 0.54 

VINCI Energies 11.47 10.84 0.54 0.48 

Eurovia 10.79 11.43 0.76 0.74 

VINCI Construction 12.14 14.27 0.67 0.91 

Total 11.59 12.85 0.64 0.75 

(*) 2007 data restated using the 2008 method. 

The accident prevention/safety approach is led by a VINCI “safety” co-ordination unit created in 2008. This co-ordination unit comprises all 

the leaders of the accident prevention and safety network throughout the Group’s various business lines. The aim of this worldwide co-ordination 

unit is to facilitate the exchange of best practices, improve indicator reliability and examine new avenues for making progress towards 

the goal of zero accidents. 

1.5.2 Case of temporary workers 

Temporary worker agencies are linked into the Group’s accident prevention policy under a progress contract when renewing framework contracts. 

A workplace accident reporting system for temporary worker agencies, identical to that used in VINCI, has been rolled out. This approach 

aims to close the gap between the accident frequency rates of temporary employment agencies (28.34) and the workplace accident frequency 

rate for VINCI company employees (11.59). The gap is attributable to the positions occupied, technical experience and expertise, and “safety” 

background. 

Workplace accidents with time off for temporary workers by VINCI business line 

Frequency rate 


Contracting 


12.71 

VINCI Energies 26.2 

Eurovia 20.01 

VINCI Construction 30.5 

Total 28.34 

1.5.3 Case of sub-contractors 

Many Group companies have introduced specifi c framework contracts for their sub-contractors. Particular clauses cover accident prevention, 

expressly the wearing of personal protective equipment, workplace accident reporting and ongoing information about evolving site risks. 

127


1.5.4 Managing road risk 

Road risk concerns all VINCI employees who drive any of the 30,000 company vehicles and 5,000 site machines, as well as the 600 million 

customers who use our roads, motorways, car parks and other VINCI structures worldwide. Awareness and information campaigns are ongoing, 

along with specifi c training for those employees most exposed to this type of risk. 

1.5.5 Managing health-environment risks 

Health-environment risks are tracked year-by-year. Their management involves critical and collective analysis by the “Health-Environment” 

group that includes occupational physicians and the accident prevention policy managers in the Group’s various entities. The risks that are 

systematically examined cover musculoskeletal disorders; bitumen risks; asbestos risks; cardiovascular risks; and drug, tobacco, alcohol and 

medication abuse. The risk of pandemic diseases is also closely monitored country-by-country, notably in relation with embassies and the 

Group safety division. 

1.6 Training 

VINCI applies a committed policy for work-and-study training, hosting 3,249 young people in 2008. VINCI also encourages mentoring, which 

is the preferred method of passing on know-how from one generation to the next. Site manager and team leaders are provided with appropriate 

training for this task. 

VINCI’s approach to training combines a decentralised organisation with the determination to create and exploit synergies within the Group. 

Each business line has established its own training centre off ering programmes tailored to its particular activities and needs. In 2008, an average of 

19 hours’ training per employee were given to the employees in the various subsidiaries, that is, a 58% increase in fi ve years. In 2008, training 

represented an investment of over €129 million, that is, 16% more than in 2007. Training was primarily focused on accident prevention and safety. 

Development of in-house training centres 

Training centre Division Number of training hours Number of trainees 

Césame/VINCI Construction France Construction 304,070 15,124 

Centre Eugène Freyssinet Construction 5,950 460 

VINCI Park School Concessions 20,240 1,112 

Winter maintenance centre, ASF Concessions 5,760 279 

Cofi route Campus Concessions 50,765 5,247 

Road Industry Training Centre, Eurovia Roads 106,250 2,690 

VINCI Energies Academy Energy 83,000 4,300 

Total 576,035 29,212 

Change in number and breakdown of training hours 


2008 2007 

Offi ce, 

technical & 

supervisory Manual 

of which 

2008/2007 

Management 

staff labour Total France Total change 

Technical 165,757 427,886 718,698 41% 1,312,341 803,705 935,640 40% 

Safety-environment 102,954 262,045 565,629 30% 930,628 572,834 686,101 36% 

Management 90,031 72,568 35,149 6% 197,748 103,592 146,638 35% 

IT 37,510 67,593 8,064 4% 113,167 63,174 97,619 16% 

Admin/acctg/mgmt/legal 56,619 68,701 17,867 5% 143,187 81,483 116,759 23% 

Languages 42,840 56,905 13,053 4% 112,798 29,129 89,186 26% 

Diversity 1,460 3,711 2,579 N/S 7,750 2,759 N/A N/A 

Other 46,852 59,597 192,675 10% 299,124 49,994 455,792 (33%) 

Total 544,023 1,019,006 1,553,714 100% � 3,116,743 1,706,670 2,517,735 24% 

Hours of training per employee 23 20 17 19 19 17 12% 


1.7 Hiring and integrating disabled employees 

1.7.1 General policy 

Hiring and integrating disabled employees is based on a triple approach: 

1. Redeployment of persons suff ering a disability of professional or personal origin; 

2. Hiring disabled employees at equivalent skill levels; 

3. Contracting from companies mainly employing disabled persons.


This policy is exemplifi ed by the Trajeo’h initiative co-funded by AGEFIPH (Disabled Persons’ Occupational Integration Funds Management Association) 

and VINCI, off ering Group companies in France’s Rhône-Alpes and Auvergne regions, support to help solve their disabled employee issues: 

1. Review and team awareness campaigns; 

2. Retaining and integrating disabled workers; 

3. Company representation with institutions: MEDEF (French Construction Association), FFB (French Construction Association), other associations, etc.; 

4. Proposals for quality support services: redeployment meeting with the employee, job and training searches, fi nancial aid for the company, 

interface with the occupational physician and institutions. 

1.7.2 Disabled persons: 2008 results 

The number of disabled persons (identifi ed from voluntary employee declarations) employed by the Group at the end of 2008 was 2,634. Temporary 

employment agencies also contribute to employing disabled workers. In 2008, we strengthened partnerships with institutions in 

the relevant sector, notably APF (Association of Paralysed Persons in France). Subcontracting made under these partnerships represented 

€2.5 million in sales, a 19% increase on 2007. 

In line with its commitment in the Manifesto published in 2006, in 2008, for the second consecutive year, VINCI ordered an audit by an independent 

organisation of its diversity and equal opportunity policy. Regarding the employment and integration of disabled employees, the 2008 

results were identical to those for 2007, with a score of 2+/4, despite the signifi cant eff orts made. 

Number of disabled persons by business line 


VINCI Concessions 445 458 


VINCI Energies 633 571 

Eurovia 698 606 

VINCI Construction 854 994 

Holdings and others 4 4 

Total 2,634 2,633 

1.8 Social services 

VINCI companies have set up additional systems (medical insurance, welfare schemes, etc.) for their employees abroad. Also, through its foundation, 

each year Eurovia awards around one hundred scholarships to its employees’ children. 

1.9 Extent of subcontracting 

Purchasing represents approximately 60% of VINCI’s sales. Subcontracting is an important part of this (over 20% of sales). Each relation is formalised 

in a contract that includes social and environmental factors. The general policy aims to build a long-term relationship, usually over three 

years. Sub- and co-contracting companies have long been encouraged to adopt the Group’s commitment to safety, then to respect the ten 

principles of the Global Compact. In practice, the frequent direct relations on worksites provide an opportunity to ensure compliance with the 

provisions of the basic conventions of the International Labour Organisation. Internal communication methods are established each year for the 

operational managers and human resources networks. 

1.10 Local impact on employment and regional development 

At the local level, the nature of the Group’s activities, highly engaged with the community, their geographic diversity and the decentralised management 

model adopted, have a compounding eff ect prompting operational managers to step up the number of local actions to drive economic 

as well as community and environmental development. For example, in 2008, GEIQ (an employer group to promote social integration through work 

and qualifi cations) in the greater Paris area, founded by eleven VINCI companies, with the aim of helping people in diffi culty fi nd work and at the 

same time meet our companies’ needs, signed 90 contracts in the greater Paris area and found positions for 35 workers in the Group’s subsidiaries. 

In a similar vein, the national agreement signed with EPIDe (a state organisation for employment insertion under the authority of the French 

Ministries for Defence and Employment) is tasked with ensuring the social and professional integration of young volunteers at the end of a comprehensive 

educational programme. Eighteen young people enrolled in EPIDe centres were off ered internships in Group companies or were 

recruited under unlimited-term or fi xed-term contracts. 

Another example: in 2007, GTM Bâtiment established the Rehabilitation School that enabled 13 people aged between 25 and 31, with qualifi cations 

obtained after two years of higher education, all from disadvantaged neighbourhoods and all seeking employment, to undergo training in 

2008 to become assistant works supervisors for public housing projects. All were subsequently recruited under unlimited-term contracts with a 

ten-month professional development period. 

At the central level, VINCI responds favourably to requests from the government, national, European and international institutions, and to those 

from professional associations, to report on and promote its social and societal initiatives. With 631 projects supported since its creation in 2002, 

the VINCI Foundation for the City provides the link between the world’s leading concession/construction group and the organisation developing 

innovative methods of access to employment for people who fi nd themselves socially excluded, and to strengthen social ties in poor neighbourhoods. 

The VINCI Foundation for the City funded 121 projects in 2008 for a total of €2.2 million, involving more than 150 employees, and in so 

doing it enabled numerous associations and social and professional integration companies to develop their activity for the longer term. 

129


2. Environment 

General policy and environmental reporting cover and scope 

In 2008, the base for environmental indicators used by all companies was strengthened and the reliability of information feedback from new 

subsidiaries was improved. VINCI’s annual environmental reporting now uses a single computer tool that is identical to that used for fi nancial 

and social reporting. VINCI’s environmental reporting is based on updated method guides and procedures available for consultation on the Group 

intranet. In accordance with the deployment plan established in 2003, the scope of the reporting system is extended each year with the entry 

of new subsidiaries: Solétanche Bachy, Entrepose Contracting, Nuvia and Eurovia International Delegations in 2008, and extended internationally 

(CFE, VINCI PLC, etc.). The performance of this reporting procedure involved over 250 people at the Group level. 

Environmental reporting coverage rate 


% of total revenue in 2008 

93 (*) 

Contracting 

VINCI Energies 100 

Eurovia 90 

VINCI Construction 76 

VINCI Immobilier 100 

Total 85 

(*) VINCI Concessions covers 100% of its scope in France. 

In 2008, the environmental indicators that were subject to external audit are marked with the symbol � in the tables. 

2.1 Consumption of resources 

2.1.1 Protecting water resources 

Given the diverse nature of our activities, the regions where we operate and the variable nature of our sites, water needs vary signifi cantly 

(industrial process water, cleaning water, road watering, etc.). The main issue is to control wastewater discharge, especially outside France. With 

the many specifi c actions implemented by the subsidiaries to reduce water consumption (such as water recycling on worksites), actual water 

consumption is mainly evolving apace with the level of production. 

Water consumption in 2008 

Cubic metres of water 

purchased Scope 

VINCI Concessions 1,124,899 ASF, Cofi route, Escota, Stade de France, VINCI Park 

� VINCI Autoroutes (France) 1,014,059 ASF, Cofi route, Escota 

VINCI Concessions, other 

Contracting 

110,840 Stade de France, VINCI Park 

� VINCI Energies 154,243 All VINCI Energies companies 

Eurovia Not available 

VINCI Construction 3,648,767 

81% of the activity of VINCI Construction, including all or part of VINCI Construction France, VINCI Construction 

Grands Projets, Entrepose Contracting, Solétanche Bachy, CFE, Freyssinet, VINCI PLC (fi xed sites) 

Holdings and other 1,670 VINCI Immobilier 


More specifi cally, in 2008, 70% of the motorway network was equipped with water resource protection systems. In 2008, Eurovia continued its 

programme to reduce wastewater discharge: 

- 85% of fuel service stations have sealed distribution and fi lling areas; the runoff water is fed to a hydrocarbon separator unit (78% in 2007); 

- 71% of parking areas for HGVs and construction site machinery are sealed (70% in 2007); 

- 90% of parking areas for light vehicles and utility vehicles are sealed (89% in 2007); 

- 58% of sealed areas with a water collection system are connected to a regularly maintained hydrocarbon separator (55% in 2007). 


2.1.2 Raw materials, energy and energy effi ciency 

Heating and electricity consumption of VINCI’s “fi xed” activities in 2008 


Natural gas (MWh) Heating oil (litres) Electricity (MWh) 

VINCI Autoroutes (France) 7,333 � 1,633,158 � 129,385 

Stade de France 10,793 66,000 16,920 

VINCI Park 0 0 105,561 

VINCI Energies 26,953 � 1,416,860 � 53,585 

VINCI Immobilier 0 0 1,600 

� Audited indicators: heating oil and electricity (see pages 148-149). 

In 2008, VINCI launched an extensive experimental energy-savings operation at ten fi xed sites (agencies, offi ces, workshops, warehouses, parking 

areas, tunnels, etc.), and at its worksites. The “Energy management” working group tracked these pilot sites in each VINCI division to identify 

potential avenues for energy savings. VINCI companies in France consumed 646 GWh of electricity. 

Turning to renewable energies 

The Group has signed specifi c contracts with suppliers of energy from renewable sources for a total of 4,905 MWh. At VINCI PLC, 45% of the 

energy consumed is derived from renewable sources (also 45% in 2007). 

VINCI motorway concession companies (ASF, Cofi route and Escota) have 3,035 renewable energy generation units (solar, thermal and wind, but 

excluding heat pumps) (compared with 2,745 in 2007. VINCI Park has 1,771 parking meters with solar panels (1,712 in 2007). VINCI Energies’ 

photovoltaic units generate 213 kW of electricity. For fl eet vehicles, the subsidiaries are actively seeking alternative solutions to thermal-powered 

vehicles. VINCI Energies has 33 clean vehicles (hybrid, electric or using biofuels). VINCI PLC’s fl eet includes 27 hybrid vehicles (up from 6 in 

2007), and the fl eet’s new vehicles emit an average of 141.2 g CO 2 /km compared with the UK average of 155.4 g CO 2 /km. In a further move to 

reduce its fuel consumption, VINCI supports eco-driving initiatives. Eurovia has introduced a training programme for more than 1,500 HGV 

and machinery drivers that will run from 2008 to 2010. In 2008, eco-driving courses concerned light vehicles and utility vehicles, and were 

extended to several VINCI subsidiaries. The consumption savings observed range from 5% to 15% after training and regular monitoring. 

Fuel consumption (petrol and diesel) in 2008 

Litres Scope 

VINCI Concessions 9,338,878 ASF, Cofi route, Escota, VINCI Park in France 

� VINCI Autoroutes (France) 9,054,934 ASF, Cofi route, Escota 


Contracting 

283,944 France 

� VINCI Energies 35,439,016 France and international 

Eurovia 126,575,950 France and international, 90% of the activity 


Total 336,267,867 


2.1.3 Air discharges and CO 2 emissions 

76% of the activity of VINCI Construction, including all or part of VINCI Construction France, VINCI Construction 

Grands Projets, VINCI Construction Filiales Internationales, Entrepose Contracting, Solétanche Bachy, CFE, 

Freyssinet and VINCI PLC 

Air discharges 

The activities concerned by the prevention and management of air discharges are mainly found in VINCI Concessions, Eurovia and VINCI 

Construction. 

At VINCI Concessions, notably VINCI Park, VINCI Airports and motorway concession companies, air discharges are mainly generated by users: 

automobiles, aircraft, etc. In 2008, at VINCI Park, 91% of the sites had detectors to measure carbon dioxide (CO 2 ) (90% in 2007), and 32% had 

nitrous oxide (NOx) detectors (26% in 2007) to measure the levels of these pollutants in the air. 

90% of Eurovia’s quarries located less than 200 metres from the nearest dwellings installed effi cient systems and procedures to combat dust 

particle emissions (84% in 2007). 

67% of VINCI Construction Grands Projets worksites installed similar systems (65% in 2007). 

131


CO 2 emissions 

In 2007, VINCI made a signifi cant commitment to reducing greenhouse gas (GHG) emissions from its activities. VINCI monitors its emissions in 

accordance with the ISO 14064 international standard’s ISO Scope 2, which provides a detail of the emissions in the added value generated by 

VINCI and also has the advantage allowing emissions to be added between subsidiaries. In 2007, these emissions were tracked for continental 

France. In 2008, in accordance with the implementation plan adopted, the scope was extended to include international activity. 

CO 2 emissions from VINCI activities, ISO Scope 2 in 2008 


Tonnes of CO 2 equivalent 

VINCI Concessions 56,063 

Contracting 2,829,629 

VINCI Energies 113,643 

Eurovia 1,260,988 


Holdings and others 148 

Total 2,885,840 

Data extrapolated to cover 100% of VINCI’s revenue. 

In addition to their direct emissions, several VINCI subsidiaries quantifi ed the global emissions from their activity to identify the main areas on 

which to focus reduction measures. For example, VINCI Autoroutes France motorway concession companies introduced tracking measures for 

their own emissions and those of their customers. The companies’ emissions equated to 0.3% of customer emissions. 

CO 2 emissions of motorway concession companies in France 



change 

Companies’ emissions (tonnes CO 2 equiv.) 38,513 39,671 (3%) 

Motorway customer emissions (tonnes CO 2 equiv) 13,335,661 13,622,284 (2%) 

These initiatives to quantify greenhouse gas emissions, combined with emission containment measures, were favourably perceived by investors. 

In 2008, VINCI confi rmed its lead position in the area of climate strategy by obtaining the highest score in the “construction and public works” 

group under the Carbon Disclosure Project (CDP). Performed on behalf of 385 investors in the companies listed in the SBF 120 (the top 120 French 

stock market capitalisations), each year CDP assesses the response by large corporations to climate change issues. 

2.1.4 Noise pollution 

VINCI’s motorway concession companies in France continued to roll out their campaign to reduce “noise black spots”. 

Number of dwellings provided with protection in 2008 

ASF Cofi route Escota 

On new sections 108 45 0 

On existing motorways 27 0 135 

On motorway widening projects 8 8 16 

Under partnerships 23 0 0 

VINCI Park continued its noise pollution abatement plan, maintaining the number of sites fi tted with sound traps at 83%. 

Eff ective noise prevention measures and processes were implemented at 51% of VINCI Construction Grands Projets worksites 

2.1.5 Waste management and recycling 

The general policy can be summed up in three precise points: limit waste at the source, sort waste and ensure its fi nal traceability, and 

lastly waste recovery as a resource. This policy ties in with the eco-design strategy for products. In 2008, waste management cost VINCI 

around €74 million. 

Motorway concession companies in France have been introducing selective sorting in all services since 2003. They encourage their service 

companies to apply this same system. Waste is sorted and shipped to external recovery units and treatment is systematically tracked. They 

examine the use of recycling road surface products in the production of new surfaces that retain all the road’s technical performance and 

durability.

Waste by type - ASF, Escota, Cofi route 


In tonnes 2008 

� Waste assimilated to household waste 8,399 

Packaging sorted on parking areas 101 

Glass sorted on parking areas 5 

Non-hazardous waste sorted and collected, household waste included (customers + operations) 11,234 

Hazardous waste sorted and collected (customers + operations) 112 

Parking areas with sorting facilities (%) 14 


With its 135 recycling units and over 8 million tonnes of material recycled, Eurovia is still the European leader for the recycling of these 

products. 

Recycling and recovery by Eurovia 


Total of which France France 

Percentage of mix manufactured with recycled mix aggregate 6.2 3.9 3.5 

Production of recycled material as a percentage of total aggregate production 12 14 14 

Recycled site rubble (asphalt mix crust, planings, demolition concrete, etc.) (tonnes) 5,136,000 3,898,000 3,854,000 

Number of worksite rubble recycling facilities 130 90 89 

The use of recycled material is strongly encouraged for construction activities. Worksite recycled material is used at 47% of VINCI Construction 

Grands Projets projects, and 21% use material recycled from outside the company. 

2.1.6 Site usage conditions 

VINCI companies’ activities have a signifi cant impact on the environment, landscape and habitat. These altered sites include built spaces, roads 

and parking areas, along with other altered areas (worksites, landfi lls and quarries). Ground usage conditions are regularly monitored for motorway 

concessions (that had a total 17,294 ha of natural spaces in 2008, compared with 17,148 in 2007) and at Eurovia’s quarries. 

2.2 Protecting biodiversity 

VINCI companies are locally responsible for the operational application of their biodiversity protection policy which they adapt according to 

their activities and where they operate. They undertake to acquire greater awareness of biodiversity so they are able to take action as early as 

possible (impact studies, prevention measures, etc.) and limit the risks of endangering fl ora and fauna environments, both on land and at sea. 

The network of VINCI motorway concession companies in France has 529 crossings for wild animals (478 in 2007) and 8,405 km of fences to 

protect animals (8,194 in 2007). 

In 2008, VINCI increased its level of “biodiversity risk” management by structuring the approach at the central level. Sub-working groups have 

been created: regulation monitoring, compensation, monetisation, and “Green belts, blue belts”. Consultation and information sharing are also 

structured through participation in certain environmental and biodiversity consultative associations (Entreprises pour l’environnement, Orée 

biodiversité, Comité d’orientation scientifi que de la fondation Recherche pour la biodiversité, etc.). 

2.3 Environmental certifi cation 

In 2008, VINCI companies continued to deploy their programme of environmental management and continuous improvement systems. ISO 14001 

certifi cation, commonplace in contracting companies, is also being adopted by VINCI Concessions companies. 

VINCI used Afnor Certifi cation’s Afaq 1000NR ® evaluation system to assess the eff ectiveness of its sustainable development action plans and the 

progress made. VINCI Construction Grands Projets, CBC Île-de-France (VINCI Construction France) and Eurovia Centre-West region have reached 

the level of “mature” according to this assessment. 

133


Evaluation and environmental certifi cation 

ISO 14001 2008 2007 Scope 

VINCI Concessions (% of motorways under construction) 25 9 VINCI Autoroutes (France) 

VINCI Energies (% of revenue) � 17 7 France and international 

Eurovia France 

– Percentage of production from quarries owned 49 48 

– Percentage of production from coating plants owned 36 22 

– Percentage of production from binder plants owned 53 38 

VINCI Construction (% of revenue) 48 43 


2.4 Compliance with legislation and regulations 


VINCI Construction France, VINCI Construction Grands 

Projets, VINCI Construction Filiales Internationales and 

Freyssinet in 2007. Entrepose Contracting, Solétanche 

Bachy, CFE and VINCI PLC added in 2008. 

Environmental project compliance with legislative provisions and regulations is monitored by the legal departments and the subsidiaries’ quality, 

safety and environment departments. These audits and the results of environmental law monitoring are compared in inter-entity working 

groups. During the work by the Grenelle Environmental Forum (France), the French NRE-article 116 law was the subject of discussion, especially 

by operational committee No 25, which proposed clarifying the scope of application and the extension of the system. VINCI was invited 

to contribute in particular to the MEDEF and AFEP discussion groups’ replies. 

In 2008, the application of the new European regulation on chemical substances REACH (Registration Evaluation and Authorization of Chemicals) 

mainly concerned VINCI companies as downstream users. Discussions with the suppliers of products and substances used established that 

the latter comply with the new regulations and their availability in accordance with the way they are used by VINCI companies. 

2.5 Preventing the environmental consequences of activity 

and associated costs 

The expenditure for environmental protection is included in the activity’s management (for example: soil remediation at Solétanche Bachy, cleaning 

and decontaminating structures at Freyssinet, recovery of organic material at VINCI Environnement, etc.) and is not presented in the form of a fi nal 

consolidation, either by the relevant entity or the division. As far as IFEN (French environmental institute) is concerned, the motorway concession 

companies in France consolidate their environment expenditure. 

Environment-related expenditure in 2008, ASF, Cofi route, Escota (millions of euros) 

Investment in the environment 45.19 

Maintenance of natural spaces 30.67 

Premiums for insurance cover of environmental risks 0.35 

2.6 Environment organisation and risk-reduction resources 

The implementation of the environmental policy is founded on commitments by Group management, on empowering each individual at the operational 

level in the companies and on ongoing discussions with the stakeholders. In 2008, all executive managers were presented with a copy of 

the Group’s environmental roadmap and the common environmental indicators. 

The sustainable development committee is in charge of the network of “environment” correspondents and organises technical working groups of 

experts from each activity division. 

In 2008, training was focused on energy performance, factoring in environmental risks and sustainable development applied to VINCI’s activities. 

In addition to contractual training sessions, the number of which has doubled in a year, VINCI employees are kept regularly informed internally of 

the impact of their professional activity on the environment and how to reduce it (worksite environment quarter hours, information about climate 

change, etc.).

Training and environmental awareness programmes 

Number of contractual training hours Other actions: in-house awareness programmes 



VINCI Concessions 1,554 1,058 

Employee and service provider sustainable development training. 

Focus on water management. 


VINCI Energies 3,824 1,153 Increased number of training courses on energy effi ciency and carbon balances. 

Eurovia 15,302 11,222 

Over 800 people received environment training in France (regulations, everyday 

environment management, eco-driving, etc.). 

VINCI Construction 22,910 7,449 

Systematic environment quarter hours at worksites, creation of special 1 and 

2-day environment courses. 

Holdings and others 0 0 Active technical and regulation monitoring, focus on CO and biodiversity. 

2 

Total 43,590 20,882 

Environment incident prevention 

Each VINCI entity has implemented and maintains an environmental incident prevention plan as a function of the risks to be prevented. Through 

the Group’s inter-entity clubs and committees, “environment” managers exchange best practices and experience feedback to help minimise 

residual risks. In 2008, there were seven environment incidents identifi ed and considered as major, that is, having created extensive pollution 

requiring the intervention of an external expert and the consequences of which extend beyond the entity’s perimeter, involving VINCI or its subcontractors, 

of which four were outside continental France. The following were identifi ed: two pipes broken during earthworks; three oil leaks one 

of which at a customer’s worksite, one at sea and one on a beach; toxic product discharge in Rivière des Pluies in Reunion; and a sand and dust 

leak caused by a crack in a dredging pipeline. 

2.7 Environment provisions and guarantees 

See the chapter on risk factors: “Industrial risks and technology and environmental risks”, on page 106. 

2.8 Damages paid in 2008 following a legal decision in favour of 

the environment and cases brought for damage to the environment 

It does not appear that VINCI companies have paid any damages in 2008 following a legal decision in favour of the environment. Any legal 

decisions regarding the environment are handled by the relevant operational entity and the amounts are not consolidated. 

2.9 Objectives set for foreign subsidiaries 

The programmes, resources and results of foreign subsidiaries are included in the present report. 

2.10 Research and development - Innovation 

2.10.1 R&D and innovation policy 

Research is traditionally based in VINCI companies, as the Group has grown from culturally innovative companies. VINCI’s lines of business are 

complex and require constant review. The capacity for innovation is a determining element in our identity; it is essential for taking up the technical 

challenges inherent in large-scale projects. The RDI policy is based on three priorities: research programmes specifi c to each business 

line, structuring cross-business projects, and the promotion of the innovation approach through the VINCI Innovation Award. Each division 

manages its own budget and directs the focus of its research topics. In all, in 2008, the R&D budget exceeded €30 million, and involved more 

than 180 researchers working on 45 research programmes. 

2.10.2 Specifi c research programmes 

In 2008, the main theme of the executive management meeting was innovation, with a particular emphasis on encouraging inter-activity 

innovation. The group’s research, development and innovation committee includes representatives of the various entities and has acquired 

even greater depth with the arrival of newly acquired companies. Under the authority of the Executive Committee, it is tasked with facilitating 

discussion about the current research projects being run by the companies or within the context of national or European programmes. 

2.10.3 Cross-business programmes 

The main cross-business programmes are structured around several instruments. The City Factory is a discussion circle involving the scientifi c 

world, local communities and companies and focussing on city-related topics. In 2008, VINCI took the step of providing signifi cant scientifi c support 

in conjunction with the three ParisTech schools specialising in advanced studies on the eco-design of cities and their environment (Mines 

ParisTech, AgroParisTech and École des Ponts ParisTech), by funding an eco-design professorship for built ensembles and infrastructure for fi ve 

years starting in November 2008. This professorship is tasked with developing neutral and objective measuring instruments, and making them 

available to all stakeholders in the value chain. 

135


2.10.4 Participative innovation: the VINCI Innovation Awards 

The VINCI Innovation Awards have been held every two years since 2001. This competition provides recognition for the best innovation projects 

presented by all Group employees. The 2009 VINCI Innovation Awards competition was launched at the end of 2008. 

3. Customer and supplier relations 

3.1 Managing customer relations 

VINCI companies are encouraged to maintain and improve the quality of their products and services. The continuous improvement approach 

is refl ected in quality certifi cations being obtained for all companies. At Eurovia, 88% of the roadworks activities are now certifi ed ISO 9001 

in France, and 90% abroad; as are more than 73% of manufacturing activities (coating plants and binder plants) in France and 90% abroad; 

and 54% of Eurovia’s French quarries are certifi ed ISO 9001, and 100% are certifi ed abroad. At VINCI Energies, 63% of companies are certifi ed 

ISO 9001. Companies operating in the industrial sector have specifi c certifi cations and authorisations (11% of the activity is ILO OSH/OHSAS 

certifi ed, 8% is MASE (company safety improvement manual) and 11% VCA (contractor safety certifi cation) certifi ed. All VINCI Construction 

divisions have a quality, safety and environment department; 68% of VINCI Construction business is certifi ed ISO 9001, and 19% ILO OSH/ 

OHSAS. At VINCI Concessions, Cofi route was the fi rst French motorway company to obtain ISO 9001 certifi cation, in 2004, for its network 

operation activities. ASF was awarded ISO 9001 certifi cation for its motorway design-build and development activities. 

Group companies are increasingly including social and environmental components in their responses to tenders. This marketing approach, 

which is already very common in international off ers, is now also developing in France, especially in public-private partnership (PPP) projects 

that take into account the life cycle and overall cost of the completed structure. PPPs form a solid basis for long-term customer relations. 

VINCI subsidiaries are developing quality measurement systems on their intranet sites and are pooling the data collected: customer satisfaction 

evaluations, experience feedback, gap analysis, etc. 

3.2 Managing supplier relations 

Purchases represent about 60% of our revenue. They break down into €8.3 billion for materials and €12.1 billion for external services (including 

subcontractors). Our purchasing policy is managed by the central purchasing co-ordination unit and by 30 decentralised purchasing clubs 

around France and in countries where we have operations, in conjunction with the business lines and subsidiaries’ purchasing structures. The 

purchasing clubs have more than 425 members who manage the Group’s 361 multi-business line framework contracts, in addition to the 

business lines and subsidiaries’ specifi c purchasing contracts. 

In 2007, a total of 2,780 hours of training in France was devoted to the purchasing function. Our purchasing policy takes account of the way in 

which each supplier market operates (concentrated, diff use; international, national or regional), and helps underpin our decentralised management 

model by involving subsidiaries’ buyers and operations managers. Most purchases are made by the profi t centres, which source regional 

suppliers under the framework contracts. The fl ow of materials is mainly between worksites and service providers, working to create the best 

possible fi t with operational needs. 



F. General Information about the Company and its share capital 

1. Corporate name and articles of association 

Corporate name: VINCI. 

Registered offi ce: 1 cours Ferdinand-de-Lesseps, 92851 Rueil-Malmaison Cedex, France 

Telephone: + 33 1 47 16 35 00. 

Legal form: French public limited company (“Société Anonyme”) with a Board of Directors 

Applicable legislation: French 

Date of formation: 1 July 1908 

Legal term of existence: The initial duration was set at 99 years and was extended by another 99 years on 21 December 1979. The date of 

expiry is thus 21 December 2078, unless the term of existence is extended once again or the company is liquidated at an earlier date. 

Financial year: From 1 January to 31 December 

Registration number: RCS 552 037 806 Nanterre – Siret no. 552 037 806 00585 – Code NAF: 7010Z 

Place where legal documents can be consulted: Legal documents relating to VINCI are available at its registered offi ce and at the Clerk’s 

Offi ce of the Nanterre Commercial Court. 

Corporate purpose (Article 2 of the articles of asociation) 

“The Company has as its purpose: 

– undertaking all forms of civil engineering: in particular, development of the goodwill originally contributed by Sainrapt-et-Brice and continuation 

of the business of that company, specialising in all types of underground works, foundations, hydraulics and reinforced concrete; and 

– more generally, all industrial, commercial, fi nancial, securities and property operations directly or indirectly related to the purposes specifi ed 

above. 

The Company may pursue these operations in mainland France, in overseas French regions, departments and territories, as well as outside 

France, either alone, or in partnership, on a trading basis, or in any other form whatsoever, either directly, or indirectly through transfer, leasing 

arrangements or under licence, either on a brokerage or commission basis. 

In addition, it may implement any measures, either alone or by any other means, create any partnerships or companies, make any contributions 

in kind to existing companies, merge or enter into alliances with them, subscribe, purchase and resell any shares or other corporate rights, take 

all orders and extend any loans, credits and advances.” 

Statutory appropriation of income (from Article 19 of the articles of asociation) 

“At least 5% of the income for the year, after deduction of any previous year’s losses, is taken to the statutory reserve. This ceases to be obligatory 

when the reserve reaches an amount equal to 10% of the share capital. This process is to resume when the reserve falls below this 10% level. 

The income available for distribution consists of the income for the year (after deduction of previous years’ losses as well as any amounts set 

aside in reserves in application of the law or corporate statutes) and retained earnings. 

The Shareholders’ Meeting allocates the following from this distributable income: 

– any amounts considered by the Board of Directors as appropriate for constituting or supplementing any ordinary or special reserves, or for 

carrying over to the next year as retained earnings; 

– the amount required for distribution to shareholders by way of a fi rst dividend, equal to 5% of the amounts of their fully paid, unredeemed 

shares. Shareholders cannot, however, claim this dividend against the income of subsequent years, should the income of a given year be insuffi 

cient for the dividend payment; 

– the balance available after these allocations is distributed in respect of all shares, in proportion to the amount of the share capital they 

represent. 

Following a proposal from the Board of Directors, the Shareholders’ Meeting may decide to distribute amounts taken from available reserves. In 

such a case, the decision must indicate the specifi c reserves from which the amounts are to be taken. 

Except in the case of a capital decrease, no distribution to shareholders may be made if the shareholders’ equity is (or would be following 

such a distribution) less than the amount of the share capital plus any reserves whose distribution is not permitted under the law or corporate 

statutes. 

The conditions for payment of dividends agreed by the Shareholders’ Meeting are determined by the Shareholders’ Meeting or, failing that, by 

the Board of Directors. The payment of dividends must occur within nine months of the year-end, unless this deadline is extended by a Court 

decision. 

The Shareholders’ Meeting may off er each shareholder, for all or for part of the dividend or interim dividend distributed, the choice between 

payment in cash and payment in shares.” 

Shareholders’ Meetings (from Articles 17 and 8 of the articles of asociation) 

“Shareholders’ Meetings are called and take place in accordance with the legislation and regulations in force. Meetings are held either at the 

registered offi ce or at another location specifi ed in the notice of the meeting. All shareholders may, regardless of the number of shares they own, 

participate in meetings personally or by proxy, on producing evidence of their identity and shareholding in the form of either: 

– a personal registration of the shares in their own name; or 

137


– for bearer shares, registration of the shares with an authorised intermediary, who provides an attendance certifi cate, if necessary by electronic 

means. 

These formalities must be completed no later than midnight, Paris time, on the third working day before the meeting. Shareholders wishing to 

attend the meeting but who have not received their admission card by midnight (Paris time) of the third working day before the meeting will be 

given an attendance certifi cate. However, the Board of Directors may shorten or remove this deadline, provided any such decision applies to all 

shareholders. 

Individual shareholders may also attend the Shareholders’ Meeting by videoconference or by other means involving telecommunications, subject 

to the conditions and restrictions set out by legislative and regulatory provisions in force, if the Board of Directors so authorises at the time the 

meeting is convened. Shareholders attending in these circumstances are considered present and are included in the calculation of the quorum 

and the majority. 

Postal votes are treated under the terms and conditions set out in legislative and regulatory provisions. Shareholders may send proxy forms and 

postal votes for every Shareholders’ Meeting as paper documents under the conditions set out in legislative and regulatory provisions or by 

electronic means if the Board of Directors authorises this in the notice of the meeting. 

Shareholders’ Meetings are chaired by the Chairman of the Board of Directors or, in his or her absence, by the Vice-Chairman of the Board of 

Directors, if a Vice-Chairman has been designated, or by a member of the Board of Directors specifi cally appointed by the Board of Directors to 

that eff ect. Failing that, the Shareholders’ Meeting elects its own Chairman. The Minutes of the Shareholders’ Meetings are drawn up and the 

copies thereof are certifi ed and delivered in compliance with legislative and regulatory provisions in force.” 

In addition to the voting right attached to it under the law, each share also gives the right to a proportion (on the basis of the number and nominal 

value of outstanding shares) of the Company’s assets, earnings and liquidating dividends.” 

Statutory threshold provisions (from Article 10b of the articles of asociation) 

“In addition to the obligations relating to declaration thresholds set out in paragraph 1 of Article L.233-7 of the French Commercial Code, any 

individual or legal entity, acting alone or in concert, who comes to hold or ceases to hold a proportion of the share capital, voting rights or securities 

giving future access to the Company’s share capital, equal to or greater than 1%, or a multiple thereof, including a multiple exceeding the 

reporting threshold as defi ned by legislative and regulatory provisions in force, must inform the Company within fi ve stock market trading days 

of the date of crossing one of these thresholds, or, when a Shareholders’ Meeting has been convened, no later than midnight (Paris time), of the 

third working day preceding the meeting, of the total number of shares, voting rights or securities giving future access to the Company’s share 

capital, that it holds on its own account directly or indirectly, or in concert. 

Failure to meet this obligation will be sanctioned by the loss of the voting rights attached to the shares exceeding the undeclared proportion, at 

any Shareholders’ Meeting held within two years of the date of the due notifi cation provided for above. 

This sanction is applied if so requested by one or several shareholders holding at least 5% of the Company’s share capital and if the request is 

entered in the minutes of the Shareholders’ Meeting.” 

Shareholder identifi cation (from Article 10b of the articles of asociation) 

“The Company is entitled to ask the securities clearing body, under the conditions defi ned by the regulations in force, for the name, nationality 

and address of individuals or legal entities holding securities that confer, now or in the future, voting rights at Shareholders’ Meetings; for the 

number of securities held by each individual or legal entity; and, where applicable, for the restrictions attached to the securities.” 



2. Relations between the parent company and its subsidiaries 

2.1 Organisational structure (*) 

100% 


100% 

83% 

100% 

ASF 

Escota 

Cofi route 


Other 

concessions (1) 

99% 

100% 


95% 

100% 

French 

subsidiaries 

100% VINCI 

Energies 

Deutschland 


Schweiz 

(Switzerland) 


Energies 

Pays-Bas 

Spark 

Iberica 

(Spain) 

Other foreign 

subsidiaries 


100% 

Eurovia 

100% 

100% 

100% 

100% 

French 

subsidiaries 

Eurovia GmbH 

(Germany) 

SSZ 

(Czech Republic) 

Ringway 

(United Kingdom) 

Hubbard / Blythe 

(USA) 

Other foreign 

subsidiaries 

Other activities including 

100% 

ETF-Eurovia 

Travaux 

Ferroviaires 

Specialised 

subsidiaries 

(Signature) 

(*) Simplifi ed operational organisational chart of the Group at 31 December 2008 

(percentages correspond to the portion of share capital held directly or indirectly by VINCI). 

VINCI’s direct shareholdings in subsidiaries and affi liates are described on pages 274 

to 275. The list of the main consolidated companies (on pages 251 to 255) gives an 

indication of the various subsidiaries that comprise the Group and of VINCI’s equity 

interest (whether direct or indirect) in the various entities. 

(1) See the list of concessions on page 43. 

80% 

100% 

VINCI Construction 

100% 

100% 

47% 

100% 

100% 

100% 

77% 


Construction 

France 

VINCI PLC 

(United Kingdom) 

CFE 

(Belgium) 

Sogea-Satom 

(Africa) 

Subsidiaries 

operating in 

French overseas 

territories 

Central and 

Eastern European 

subsidiaries 

German 

subsidiaries 


Construction 

Grands Projets 

Soletanche 

Freyssinet 

Entrepose 

Contracting 

100% 


Immobilier 

139


2.2 Role of the VINCI holding company towards its subsidiaries 

The VINCI holding company has no operational activities of its own. The Group’s operational activities are carried out by a large number of subsidiaries 

(there were 2,196 Consolidated entities at 31 December 2008) which are grouped into four business lines of which the lead companies 

are VINCI Concessions, VINCI Energies, Eurovia and VINCI Construction. VINCI Immobilier, which is in charge of property development activities, 

comes directly under VINCI. 

The holding company provides leadership and supervisory functions for the Group’s operational entities, supplying services and assistance to its 

subsidiaries in the following areas: 

– participation in the development and execution of subsidiaries’ strategies, participation in acquisitions and disposals, and in the study and 

implementation of industrial and commercial synergies within the Group; 

– provision of expertise in administrative, legal, human resources, tax, a fi nancial and communication matters; 

– provision of benefi ts associated with the Group’s size and reputation, such as easier access to internationally recognised partners, optimisation 

of terms for fi nancing, purchases and insurance, easier access to regulatory authorities, and public relations. 

2.3 Transfers of funds between the VINCI holding company and its subsidiaries 

The main transfers of funds between the VINCI holding company and its subsidiaries, other than the payment of dividends, are as follows: 

Centralised cash management 

Subsidiaries are generally invested with the holding company through a cash pooling system. In turn, the holding company meets subsidiaries’ 

fi nancing needs. The holding company acts on the money and the fi nancial markets on its own behalf or on its subsidiaries’ behalf, investing 

and borrowing funds as necessary. With some exceptions (the main one to date being ASF and its subsidiaries in accordance with the contracts 

entered into with the Caisse Nationale des Autoroutes), this system applies to all French and German subsidiaries wholly owned directly or 

indirectly by VINCI. 

VINCI may make medium-term loans to some subsidiaries and receive funds from other subsidiaries for short and medium-term investment. 

At 31 December 2008, these transactions amounted to €1,310 million outstanding for medium-term and loans and €650 million for fi xed-term 

deposits. 

Management fees charged by the holding company to subsidiaries 

In exchange for the assistance provided to its subsidiaries, the holding company receives a fee depending on the scope of the services provided. 

For 2008, fees for assistance received by VINCI from its subsidiaries amounted to €78.5 million. 

Regulated agreements 

There are a certain number of regulated agreements between VINCI and its subsidiaries, which are subject to prior authorisation by the Board of 

Directors, disclosure in the Special Reports by the Statutory Auditors and approval by the Shareholders’ General Meeting. 

3. General information about VINCI’s share capital 

All changes in share capital or in the rights attached to the shares are subject to general legal provisions. The corporate statutes do not provide 

for additional conditions (except as regards capital thresholds, see paragraph 1). 

On 31 December 2008, VINCI’s share capital amounted to €1,240,406,200 represented by 496,162,480 shares, each with a nominal value of €2.5, 

fully paid-up and all of the same class. VINCI shares are registered or bearer shares, at the shareholder’s choice, and may be traded freely. 


3.1 Movements in share capital over fi ve years 

Capital increase / 

(reduction) 

(in euros) 

Share premium arising 

on contributions or 

mergers (in euros) 

Number of 

shares issued 

or cancelled (*) 


Number 

of shares 

outstanding (*) 

Share capital 

(in euros) 

Position at 31/12/2003 335,180,128 837,950,320 

Capital reduction (55,335,000) (402,166,161) (22,134,000) 313,046,128 782,615,320 

Group Savings Scheme 21,840,500 86,888,477 8,736,200 321,782,328 804,455,820 

Share subscription options exercised 33,682,210 117,231,545 13,472,884 335,255,212 838,138,030 

Position at 31/12/2004 335,255,212 838,138,030 




Conversion of 2001-2007 Oceane bonds 57,341,310 458,730,480 22,936,524 371,061,116 927,652,790 

Conversion of 2002-2018 Oceane bonds 55,528,580 444,228,640 22,211,432 393,272,548 983,181,370 

Position at 31/12/2005 393,272,548 983,181,370 




Share capital increase 180,432,020 2,325,239,176 72,172,808 470,622,930 1,176,557,325 

Position at 31/12/2006 470,622,930 1,176,557,325 

Capital reduction (9,500,000) (113,364,800) (3,800,000) 466,822,930 1,167,057,325 

Group Savings Scheme 21,693,128 310,020,226 8,677,251 475,500,181 1,188,750,453 

Share subscription options exercised 26,191,518 134,657,853 10,476,607 485,976,788 1,214,941,970 

Position at 31/12/2007 485,976,788 1,214,941,970 


Share subscription options exercised 5,887,258 31,048,028 2,354,903 491,722,348 1,229,305,870 

Payment of dividend in shares 11,100,330 185,751,933 4,440,132 496,162,480 1,240,406,200 

Position at 31/12/2008 496,162,480 1,240,406,200 

(*) Adjusted for the two-for-one share splits in May 2005 and May 2007. 

3.2 Potential capital 

The only existing fi nancial instruments that could cause the creation of new shares are the share subscription options allocated to VINCI offi cers 

and employees (see section D paragraph 4 on pages 118-121 for details of these options). Share subscription and purchase options would become 

exercisable in the event of a takeover bid. 

3.3 Breakdown of share capital and voting rights 

Breakdown of share capital at 31 December 2008 

December 2008 (2) December 2007 

Number of shares % capital Number of shares % capital 

Treasury shares (1) 22,919,652 4.6% 18,138,019 3.7% 

Employees (company mutual funds) 40,915,658 8.2% 39,938,590 8.2% 

Total not publicly held 63,835,310 12.9% 58,076,609 12.0% 

Company offi cers 2,327,737 0.5% 2,451,817 0.5% 

Other individual shareholders 59,780,117 12.0% 53,637,245 11.0% 

Total individual shareholders 62,107,854 12.5% 56,089,062 11.5% 

Financière Pinault 20,987,172 4.2% 24,200,000 5.0% 

Other institutional investors 349,232,144 70.4% 347,611,117 71.5% 

Total institutional investors 370,219,316 74.6% 371,811,117 76.5% 

Total 496,162,480 100.0% 485,976,788 100.0% 

(1) Treasury shares held by VINCI S.A. 

(2) Estimates at 31 December 2008 on the basis of registered named shareholders, a schedule of identifi able bearer shares and a shareholding survey conducted with institutional investors. 

Employee shareholders 

Details of the Group Savings Scheme are described in the Social and Environmental section of the Board of Directors’ report on page 125. 

141


Voting rights 

The diff erence between the breakdown of shareholdings and voting rights is due to the absence of voting rights attached to treasury shares. 

Breaching of shareholding thresholds 

According to the declarations received by the Company of breaches of the legal threshold of 5%, or the threshold of 1% provided for in the corporate 

statutes, of the share capital or voting rights, the shareholders identifi ed as holding more than 1% of the share capital or voting rights, other 

than those shown in the table above, are as follows: 

- Artisan Partners (2.0% of the share capital, declared on 4 September 2008); 

- Edmond de Rothschild Asset Management (1.1% of the share capital, declared on 16 June 2008); 

- Crédit Agricole Asset Management (2% of the share capital, declared on 11 June 2008). 

Moreover, Carlo Tassara International has declared in its declaration dated: 

- 4 April 2008, having breached the threshold of 3% of the share capital; 

- 19 December 2008, having fallen below several thresholds to hold 0.4% of VINCI’s share capital. 

Shareholder agreements 

To the best of the Company’s knowledge, with the exception of the concerted action of Financière Pinault with Artémis, Artémis 12 and Victoris, 

which it controls, declared on 8 June 2007, there are no shareholder agreements or groups of shareholders acting as partners. 

Registered shareholders 

At 31 December 2008, the Company had 1,111 shareholders whose registration is managed by the Company and 1,565 shareholders whose 

registration is managed by a fi nancial institution. At that date, 1,052,378 shares whose registration is managed by the Company, and 328,552 

shares whose registration is managed by a fi nancial institution were pledged. 

Changes in the breakdown of share capital and voting rights during the last three years 


Number 

of shares % capital 

31/12/2008 31/12/2007 31/12/2006 

% voting 

rights 

Number 


% voting 

rights 

Number 


% voting 

rights 

Treasury shares 22,919,652 4.6% 18,138,019 3.7% 4,171,178 0.9% 

Employees (company mutual funds) 40,915,658 8.2% 9% 39,938,590 8.2% 9% 39,325,420 8.4% 8.4% 

Company offi cers 2,327,737 0.5% 0% 2,451,817 0.5% 1% 3,034,066 0.6% 0.7% 

Other individual shareholders 59,780,117 12.0% 13% 53,637,245 11.0% 11% 46,877,734 10.0% 10.0% 

Financière Pinault 20,987,172 4.2% 4% 24,200,000 5.0% 5% 16,130,800 3.4% 3.5% 

Other institutional investors 349,232,144 70.4% 74% 347,611,117 71.5% 74% 361,083,732 76.7% 77.4% 

Total 496,162,480 100.0% 100.0% 485,976,788 100.0% 100.0% 470,622,930 100.0% 100.0% 

3.4 Shareholders’ agreement relating to ASF shares 

In December 2006, in connection with the fi nancing of the transfer by VINCI of its 22.99% shareholding in ASF to ASF Holding, VINCI entered into 

a shareholders’ agreement with its subsidiary ASF Holding, to which this shareholding was transferred, under which the two companies organise 

their relations within ASF. 

Under the terms of this agreement, the parties undertake, as majority shareholders of ASF, to act accordingly to ensure that the decisions made 

by the competent governing bodies of ASF comply with: 

– the principle of implementing and maintaining a policy of maximising the dividends distributed on the basis of ASF’s distributable income and 

reserves, provided ASF meets its commitments to a syndicate of 23 banks in respect of the €3.5 billion fi nancing signed on 18 December 2006, 

and, in particular, with the following fi nancial ratios, calculated on the basis of ASF’s consolidated fi nancial statements: net debt to cash fl ow from 

operations before tax and fi nancing costs ≤ 7 and cash fl ow from operations before tax and fi nancing costs to net fi nancial costs ≥ 2.2; 

– the prior conditions for any disposal by ASF of shares it holds in Escota, as defi ned in the credit line agreements signed on 18 December 2006 

with a bank syndicate by ASF and ASF Holding of €3.5 billion and €1.2 billion, respectively. 

VINCI undertakes furthermore: 

– that VINCI Concessions will return to ASF Holding the sums that ASF Holding may have made available under Group centralised cash management 

agreements, should ASF Holding be required to make early repayment of its syndicated loan of €1.2 billion; 

– that it will maintain, directly or indirectly, a shareholding in ASF giving it access to a majority of the share capital and voting rights. This commitment 

will end when ASF Holding has increased its shareholding in ASF so as to hold the majority of the share capital and voting rights directly. 

This shareholder agreement will remain in force as long as any money remains due to the banks under ASF Holding’s syndicated loan, it being 

understood that VINCI and /or ASF Holding may sell all or part of their holdings in ASF, provided any third party becoming the holder of at least a 

blocking minority signs this shareholder agreement beforehand. 

VINCI has not entered into any agreements other than this agreement that could have a material impact on share price. However, it should 

be stated that the formation of companies by VINCI with other parties may result in agreements being made. This is the case in particular for 

Cofi route, Consortium Stade de France and companies created specifi cally for the needs of securing and managing infrastructure concessions. 

The main purpose of these agreements is to organise the respective rights of shareholders in the event of the disposal of shares, and if applicable, 

to set certain operating principles for the corporate governing bodies.

3.5 VINCI shares and the stock market 


The VINCI share is traded on the regulated market of Euronext Paris (Compartment A) and is included in particular in the CAC 40, NextCAC 70, 

Euronext 100, FTSEurofi rst 80, DJ Eurostoxx 50, DJ Eurostoxx Construction & Materials, Aspi Eurozone, Dow Jones Sustainability and Euronext 

FAS IAS indexes. 

Changes in the stock price and in trading volumes over the last 18 months were as follows (source: Euronext Paris): 

Average price (*) High (**) Low (**) Transactions Value of transactions 

(in euros) (in euros) (in euros) (in millions of shares) (in millions of euros) 

2007 June 55.8 60.8 52.5 69.0 3,851.7 

July 55.1 58.4 52.0 53.8 2,966.0 

August 50.2 53.2 45.7 73.3 3,676.1 

September 52.1 55.4 48.1 81.3 4,237.2 

October 54.2 57.2 51.3 59.0 3,194.8 

November 54.8 58.2 51.8 52.6 2,882.8 

December 53.1 56.7 47.1 50.8 2,696.2 

2008 January 45.2 50.8 39.6 101.2 4,575.1 

February 45.7 48.9 42.8 57.9 2,645.7 

March 44.4 46.3 41.9 48.4 2,150.0 

April 47.4 49.4 44.8 45.9 2,174.4 

May 48.5 51.2 46.8 39.5 1,917.5 

June 42.5 48.3 37.7 65.0 2,757.5 

July 36.5 38.8 33.1 68.8 2,512.9 

August 37.5 39.7 35.3 41.3 1,552.0 

September 35.2 39.9 30.5 76.6 2,693.0 

October 27.4 33.5 21.7 112.7 3,082.7 

November 28.4 31.8 24.9 62.2 1,770.6 

December 29.6 31.8 27.7 59.8 1,770.5 

(*) Average of the closing prices. 

(**) Price during trading sessions. 

4. Matters that could be material in the event of a public offer 

In application of Article L.225-100-3 of the French Commercial Code, elements that might have an impact in the event of a public off ering are as 

follows: 

a) structure of the Company’s share capital F. General information, paragraph 3.3 “Breakdown of share capital at 31 December 2008” 

b) restrictions in the articles of association on the exercise of voting rights and the transfer 

of shares or clauses of agreements brought to the Company’s knowledge in application 

of Article L. 233-11; 

c) direct or indirect shareholdings in the Company’s capital of which it has knowledge by 

virtue of Articles L.233-7 and L.233-12; 

d) the list of holders of any shares granting special control rights 

and description thereof; 

e) control arrangements provided if there is an employee shareholding system in place, 

whenever rights to control are not exercised by the employees; 

f) any agreements between shareholders of which the Company has knowledge and that 

could entail restrictions on the transfer of shares and the exercise of voting rights; 

g) the rules applicable to the appointment and replacement of members of the Board 

of Directors and to amendments of the articles of association; 

h) the powers of the Board of Directors, in particular for the issue or buy-back of shares; 

i) agreements entered into by the Company that are amended or cease in the event 

of a change of control of the Company, unless this disclosure would seriously undermine 

its interests, except when such disclosure is a legal obligation; 

j) agreements providing for compensation payable to members of the Board of Directors 

or employees if they resign or are dismissed without valid grounds or if their employment 

is terminated due to a public off ering. 

F. General information, paragraph 1 “Statutory threshold provisions (from Article 10b 

of the articles of association)” 

F. General information, paragraph 3.3 “Shareholder identifi cation” 

F. General information, paragraph 3.3 “Shareholder identifi cation” 

F. General information, paragraph 3.3 “Employee shareholders” 

F. General information, paragraph 3.3. “Shareholder agreements” and 3.4. “Shareholders’ 

agreement relating to ASF shares”. 

Report of the Chairman on arrangements provided by law and corporate statutes 

Table of authorisations regarding share capital increases attached to the Board 

of Directors’ report 

F. General information, paragraph 3.4 “Shareholders’ agreement relating to ASF shares” 

Note 22.2.5 to the consolidated fi nancial statements 

D. Company offi cers and executives. 3.2. “Remuneration of executive company offi cers” 

143


5. Other information on the Company forming an integral 

part of the Board of Directors’ report 

The sections “Stock market and shareholder base” (pages 20 to 21), “Parent company fi nancial statements” (pages 257 to 277), “List of shareholdings 

in subsidiaries and affi liated companies at 31 December 2008” (page 275), and the consolidated fi nancial statements (pages 166 to 256) 

form an integral part of the Report of the Board of Directors. 

The following documents are annexed to the Report of the Board of Directors: 

– the Report of the Chairman of the Board of Directors on corporate governance and internal control (pages 150 to 164); 

– the table of fi nancial results over the last fi ve fi nancial years (page 276); 

– the table of authorisations granted to increase the share capital (pages 144 to 145). 

Authorisations granted to the Board of Directors to increase 

the share capital and carry out other fi nancial transactions 

The authorisations currently in force are as follows: 

Issues of all securities giving a right to debt securities 

Share buy-backs 

Capital reductions by cancellation of treasury shares 


Date of 

Shareholders’ Meeting 

10/5/2007 

(Twenty-fourth resolution) 


(Thirteenth resolution) 


(Eighteenth resolution) 

Capital increases through capitalisation of reserves, profi ts and share premiums 10/5/2007 

(Seventeenth resolution) 

Issues, while maintaining the shareholders’ preferential subscription rights, of all shares and 

securities giving access to the share capital of the Company and / or its subsidiaries 

Issues of Oceane bonds, while cancelling shareholders’ preferential subscription rights, 

by the Company and / or its subsidiaries 

Issue of debt securities other than Oceane bonds giving access to the share capital, while 

cancelling the shareholders’ preferential subscription rights 

Increase of the amount of an issue if it is over-subscribed 

Issues of all shares and securities giving access to the share capital to use 

as consideration for contributions in kind made to the company in the form of shares 

or securities giving access to the share capital 

Capital increase reserved for employees of VINCI and its subsidiaries under group savings 

schemes 

Issue of shares in the Company following the issue by one or more subsidiaries of securities 

giving access to the Company’s share capital 

Authorisation to grant performance shares using existing shares 

10/5/2007 

(Sixteenth resolution) 

10/5/2007 


10/5/2007 

(Nineteenth resolution) 

10/5/2007 

(Twentieth resolution) 

10/05/07 

(Twenty-fi rst resolution) 

10/05/07 

(Twenty-second resolution) 

15/05/08 


15/05/08 


Date of 

expiry 

Maximum amount of issue 

(nominal value) 

9/7/2009 €5,000 million 

14/11/2009 

14/11/2009 

9/7/2009 


10% of the share capital 

10% of the share capital over periods 

of 24 months 

9/7/2009 €200 million (shares) (2) 

€5,000 million (debt securities) (3) 

(2) (4) 

9/7/2009 €100 million (shares) 

(3) (5) 

€3,000 million (debt securities) 

(2) (4) 

9/7/2009 €100 million (shares) 

(3) (5) 


(2) (3) 

9/7/2009 15% of the initial issue 

9/7/2009 10% of the share capital 

9/7/2009 

14/7/2010 

(1) 

10% of the share capital (6) 

2% of the share capital (7) 

€100 million (4) 

€200 million (2) 

14/7/2011 1% of the share capital (8) 

(1) Total amount of reserves, profi ts or shares premiums that may be capitalised. 

(2) The cumulative nominal amount of share capital increases that may be undertaken by virtue of the Sixteenth, Eighteenth, Nineteenth, Twentieth and Twenty-fi fth resolutions adopted by the Shareholders’ 

Meeting of 10 May 2007 and the Nineteenth resolution adopted by the Shareholders’ Meeting of 15 May 2008 may not exceed €200 million. 

(3) The cumulative amount of issues of debt securities that may be undertaken by virtue of the Sixteenth, Eighteenth, Nineteenth, Twentieth and Twenty-fi fth resolutions adopted by the Shareholders’ 

Meeting of 10 May 2007 may not exceed €5,000 million. 

(4) The cumulative nominal amount of share capital increases that may be undertaken by virtue of the Eighteenth and Nineteenth resolutions adopted by the Shareholders’ Meeting of 10 May 2007 and the 

Nineteenth resolution adopted by the Shareholders’ Meeting of 15 May 2008 may not exceed €100 million. 

(5) The cumulative nominal amount of issues of debt securities that may be undertaken by virtue of the Eighteenth and Nineteenth resolutions adopted by the Shareholders’ Meeting of 10 May 2007 may 

not exceed €3,000 million. 

(6) The unit funds that hold the Company’s shares acquired through an increase in the share capital of VINCI, reserved for its employees and of which the subscription price was set with a discount against 

the stock market price, may in no case as a consequence of one of the increases in the Company’s share capital carried out in accordance with the Twenty-second resolution adopted by the Shareholders’ 

Meeting of 10 May 2007 hold more than 10% of the shares representing the Company’s share capital at any time; 

(7) The total number of shares that may be issued under this authorisation may not exceed 2% of the shares representing the share capital when the Board of Directors takes its decision; 

(8) The total number of shares that may be granted under this authorisation may not exceed 1% of the shares representing the share capital when the Board of Directors takes its decision.

The authorisations proposed to the Shareholders’ Meeting of 14 May 2009 are as follows: 

Share buy-backs 

Capital reductions by cancellation of treasury shares 

Capital increases through capitalisation of reserves, profi ts and share premiums 

Issues, while maintaining the shareholders’ preferential subscription rights, of all shares and 

securities giving access to the share capital of the Company and / or its subsidiaries 

Issues of Oceane bonds, while cancelling shareholders’ preferential subscription rights, 

by the Company and / or its subsidiaries 

Issue of debt securities other than Oceane bonds giving access to the share capital, while 

removing the shareholders’ preferential subscription rights 

Increase of the amount of an issue if it is over-subscribed 

Issues of all shares and securities giving access to the share capital to use 

as consideration for contributions in kind made to the company in the form of shares 

or securities giving access to the share capital 

Capital increase reserved for employees of VINCI and its subsidiaries under group savings 

schemes 

Capital increases reserved for fi nancial institutions or companies created especially under 

group savings schemes for employees of certain VINCI subsidiaries outside France. 

Issue of share subscription or purchase options 

Date of 

Shareholders’ Meeting 

14/5/2009 

(Ninth resolution) 

14/5/2009 

(Seventeenth resolution) 

14/5/2009 


14/5/2009 


14/5/2009 


14/5/2009 

(Twenty-fi rst resolution) 

14/5/2009 

(Twenty-second resolution) 

14/5/2009 

(Twenty-third resolution) 

14/5/2009 

(Twenty-fourth resolution) 

14/5/2009 

(Twenty-fi fth resolution) 

14/5/2009 

(Twenty-sixth resolution) 

Date of 

expiry 

13/11/2010 

13/11/2010 

13/7/2011 

13/7/2011 

13/7/2011 

13/7/2011 


Maximum amount of issue 

(nominal value) 


10% of the share capital 

10% of the share capital over 

periods of 24 months 

€300 million (shares) (2) 

€5,000 million (debt securities) (3) 

€150 million (shares) (2)(4) 

(3) (5) 


€150 million (shares) (2)(4) 

(3) (5) 


13/7/2011 15% of the initial issue (2)(3) 

13/7/2011 10% of the share capital 

13/7/2011 1.5% of the share capital (6) 

13/11/2010 1.5% of the share capital (6) 

13/7/2012 

1.5% of the share capital (7) 

Other conditions (8) 

(1) Total amount of reserves, profi ts or shares premiums that may be capitalised. 

(2) The cumulative nominal amount of share capital increases that may be undertaken by virtue of the Nineteenth, Twentieth, Twenty-fi rst and Twenty-second resolutions adopted by the Shareholders’ 

Meeting of 14 May 2009 and the Nineteenth resolution adopted by the Shareholders’ Meeting of 15 May 2008 may not exceed €300 million. 

(3) The cumulative amount of issues of debt securities that may be undertaken by virtue of the Nineteenth, Twentieth, Twenty-fi rst and Twenty-second resolutions adopted by the Shareholders’ Meeting of 

14 May 2009 may not exceed €5,000 million. 

(4) The cumulative nominal amount of share capital increases that may be undertaken by virtue of the Twentieth and Twenty-fi rst resolutions adopted by the Shareholders’ Meeting of 14 May 2009 and the 

Nineteenth resolution adopted by the Shareholders’ Meeting of 15 May 2008 may not exceed €150 million. 

(5) The cumulative nominal amount of issues of debt securities that may be undertaken by virtue of the Twentieth and Twenty-fi rst resolutions adopted by the Shareholders’ Meeting of 14 May 2009 may not 

exceed €3,000 million. 

(6) The total number of shares that may be issued under Twenty-fourth and Twenty-fi fth resolutions may not exceed 1.5% of the shares representing the share capital when the Board of Directors takes its 

decision. 

(7) The total number of options that can be allocated under the Twenty-sixth resolution cannot relate to a number of shares to subscribe exceeding 1.5% of the number of shares making up the share capital. 

(8) Grants must relate to at least 1,500 benefi ciaries. The options granted to members of the Executive Committee may not exceed 10% of each grant, each benefi ciary may not be granted more than 1% of 

each grant, the issue price of the shares may not be less than the average stock market price on the twenty trading days preceding the day of the Board of Directors’ meeting at which the options are 

granted. 

(1) 

145


Note on the methods used in social and environmental reporting 

VINCI’s social and environmental reporting framework complies with Articles L.225-102-1, R.225-104 and R.225-105 of the French Commercial 

Code and draws on the transparency principles in the Global Reporting Initiative (GRI). 

1. Methodological procedures 

The procedures adopted by VINCI comprise: 

> for social indicators: a guide in four languages (French, English, German and Spanish) containing defi nitions of social indicators, a users’ manual 

for the IT system in four languages, a guide to consistency checks in two languages (French and English) and a training module for new users; 

> for environmental indicators: a methodological guide to the VINCI environmental reporting system that entities can use to set up environmental 

reporting procedures and a guide in two languages (French and English) defi ning VINCI’s core indicators. 

2. Scope 

The reporting scope is intended to be representative of VINCI’s business activities. It is based on criteria related to the actual activity of its subsidiaries. 

Since 2002, social reporting has covered all VINCI’s worldwide operations. In 2008, environmental reporting covered 85% of worldwide 

revenue. Within this scope, 100% of the relevant social and environmental data is consolidated (global data consolidation). 

Changes in scope 

> Social data: changes in scope are integrated in year Y. 

> Environmental data: changes in cope are integrated in year Y+1. Solétanche Bachy, Entrepose Contracting, Nuvia, which were acquired in 2007 

were included in the 2008 reporting. 

3. Choice of indicators 

Indicators are defi ned in the light of the social and environmental impacts of VINCI companies’ activity and the risks related to the specifi c 

challenges of their business lines. 

The core social indicators amalgamate three levels of indicators: 

– the indicators in Articles R.225-104 and R.225-105 of the French Commercial Code; 

– the indicators in the social report; 

– the specifi c indicators refl ecting VINCI’s human resources policy. 

The complementary nature of these three sets of indicators enables the results of the Group’s human resources policy and its social commitments 

to be measured. 

In 2008, the environmental indicators working group enriched the core VINCI indicators with additional defi nitions and calculation methods. 

Each division continues however to monitor its own indicators, based on its specifi c environmental constraints. The core set of indicators 

comprises fi ve sub-groups: 

– indicators of consumption of resources: energy, CO 2 and water; 

– waste management and recycling; 

– certifi cation and recognised projects; 

– environmental training and awareness raising; 

– environmental incidents and provisions. 

4. Methodological explanations and limitations 

The methodologies used for some social and environmental indicators may present limitations due to: 

– diff erences in defi nitions between France and other countries (e.g. the concept of employment contracts of indefi nite duration, or types of 

waste). Work on harmonisation is permanently undertaken at VINCI. 

– the representativeness of the measurements and estimates made or the limited availability of external data essential to calculations, in particular 

regarding environmental indicators at VINCI Construction, where a statistical approach is being developed; 

– changes in defi nitions that might aff ect the way in which they are reported; 

– changes in activity scope from one year to the next, in particular at VINCI Construction; 

– diffi culties in obtaining information in the event of sub-contracting or joint ventures; 

– procedures governing the collection and input of this information. For example, with respect to safety indicators, two parallel reporting systems 

can co-exist. One is a corporate social reporting system prepared using the Group’s Magnitude consolidation software. The other is an operational 

reporting system to monitor the prevention policy and is run by Group companies’ safety offi cers. Data may diff er between these two 

reporting systems because they do not have the same objectives and are not necessarily geared towards the same users. 


5. Internal consolidation and verification 


Social indicators are collected from each operational entity using a specific section of the Magnitude financial data reporting system, which 

enables social data for all VINCI entities to be collected. This data is then consolidated and verified by the companies themselves, by sub-group 

(senior management of business lines) and by the human resources department. Automatic controls are also conducted at entity level. Environmental 

data is collected and consolidated by each Group subsidiary by the environmental officers, who have their own IT data collection tools. It 

is then consolidated by the VINCI sustainable development delegation through Magnitude. 

On consolidation, data consistency checks are carried out by the human resources department and the sustainable development delegation. 

Comparisons are made with the results of previous years. Any material discrepancies are analysed and examined in detail. 

6. External controls 

To ensure information published is reliable, the Statutory Auditors have been asked to give their opinion on the quality of social and environmental 

reporting procedures annually since 2003. In 2008, the Statutory Auditors conducted an audit. Social and environmental indicators that have 

been verifi ed by outside bodies are identifi ed in tables by a “�” checkbox symbol (see pages 121-136). The nature of the work done and these 

conclusions are presented on pages 148-149. 

147

Report by the Statutory Auditors on the examination of selected 

social indicators at VINCI level and of selected environmental 

indicators at the level of VINCI Energies and some VINCI Autoroutes 

companies for 2008. 

As requested by VINCI and in our capacity as Statutory Auditors, we have carried out an assurance engagement in order to provide a moderate 

assurance on some indicators (1) (the data) selected by VINCI for the year ended 31 December 2008, reported on pages 121-136 and shown by 

the symbol �. 

The social data was prepared under the responsibility of the VINCI human resources department and the environmental data under the 

responsibility of the sustainable development delegation in accordance with: 

– the users’ manual for the collection of Group social data; 

– the methodological guide for Group environmental reporting and the guide to the defi nitions and methods of use of the common indicators 

used in VINCI’s environmental reporting; 

referred to hereafter as “the guidelines”, which can be consulted at VINCI’s head offi ce and of which certain elements appear on page 

146-147. It is our responsibility, based on the work performed to express our conclusions on this data based on our work. The conclusions 

expressed below apply solely to the data examined and not to the entire Social and Environmental report included in the Board of Directors 

report for 2008. 

Nature and scope of our work 

We planned and performed the assurance engagement described below to provide a moderate level of assurance that the selected data are 

free of material misstatement. A higher level of assurance would have required more extensive work. 

> We assessed the guidelines as to their relevance, reliability, understandability and completeness. 

> We interviewed site managers and holding company staff involved in the application of the guidelines. 

> We conducted detailed work on the basis of data available at: 

– 5 selected entities (2) for social data, representing 25.1% of the Group’s consolidated headcount; 

– 9 selected sites (3) for the environmental data of some VINCI Autoroutes companies, representing between 23.4% and 35.3% of consolidated 

data; and 

– 3 selected sub-divisions (4) for the environmental data of VINCI Energies, representing between 10.8% and 43.2 % of the VINCI Energies 

consolidated data. 

For these sites and entities, we conducted interviews on the understanding and application of the guidelines with the persons involved and, 

on the basis of sampling, we verifi ed the calculations, performed consistency checks and reconciled the data with documentary evidence. 

> Lastly, we verifi ed the consolidation of data at sub-group and holding company level. 

Information on the procedures 

We have the following comments to make on the reporting procedures: 

The Group’s social reporting system 

> The Group’s social reporting system and data collection tools have been fully assimilated by the persons participating to the reporting 

system. 

> The checks on data, which are described in the procedures, should be performed systematically at each consolidation level, in particular 

as regards the indicator of the number of training hours. 

> The data on the frequency and severity rates of VINCI employees’ work-place accidents involving time off work are monitored by means of: 

– the social reporting system, which we reviewed and did not fi nd any material anomalies; 

– a safety reporting system, which we did not review; 

– reconciliations should be made systematically between the two sets of data collected and variances should be justifi ed. 

Environmental reporting by VINCI Energies and some VINCI Autoroutes companies 

> The Group has continued its work on harmonising the guidelines, in particular in the VINCI Autoroutes companies that we reviewed. 

> The reporting procedures applied by the Group, VINCI Autoroutes and VINCI Energies should be added to and clarifi ed, in particular as regards 

how the scope of entities covered by the environment reporting system should be managed. Furthermore, reporting procedures applied by 

the Group and VINCI Energies should specify the checks to be made when collecting and consolidating data and provide more detailed defi nitions 

for some environmental indicators. 

> A calculation method should be defi ned in the specifi c procedures used by VINCI Autoroutes and VINCI Energies in order to make up for 

any lack of documentary proof. We have noted varied practices used to collect or estimate water and energy consumption when invoices have 

not yet been received. 

> Regarding VINCI Energies: 

– checks made on data should be strengthened at the level of the Division and the eighteen sub-divisions. To this end, a list of specifi c checks 

could be drawn up and applied systematically at sub-division level; 

– particular attention should be paid to the confi guration of the reporting tool, following the identifi cation of technical dysfunctions leading 

to loss of data in the event of changes in fi nancial structure. These anomalies were corrected following our work. 


Conclusion 

Based on our work, we did not identify any material anomalies likely to call into question the fact that the social and environmental data 

examined disclosed in the Social and Environmental report included in the Board of Directors report for 2008 and which are identifi ed in the 

report by the symbol � on pages 121-136, were established, in all material respects, in accordance with the guidelines mentioned. 

(1) Social indicators: workforce at 31 December; workforce by gender; number of hours of training, frequency and severity rates of VINCI employees’ work-place accidents involving time off work. 

VINCI Autoroutes environmental indicators: consumption of water purchased, electricity consumption, fuel consumption, heating oil consumption, household waste management. 

VINCI Energies environmental indicators: consumption of water purchased, electricity consumption, fuel consumption, heating oil consumption, percentage of revenue certifi ed ISO 14001. 

(2) VINCI Construction: GTM Bâtiment (France), CFE (Belgium); VINCI Concessions: Cofi route (France); VINCI Energies: Northern operational division (France) and the complete division. 

(3) Cofi route: operational centers at Chambray, Monnaie, Le Mans and Laval; ASF: districts of Orange and Valence, Montélimar center; Escota: Côte d’Azur sector and DEX maintenance department. 

(4) Eastern, south-west and German divisions. 

Deloitte & Associés 

Éric Dugelay Jean-Paul Picard 

Partner Partner 

Responsible for the Risk Management & Sustainable 

Development Department 

Neuilly-sur-Seine and Paris La Défense, 23 March 2009 

KPMG Audit, 

Department of KPMG SA 

Philippe Arnaud Patrick-Hubert Petit 

Partner Partner 

Responsible for the Environment and Sustainable 

Development Department 

This is a free translation into English of the statutory auditors’ report issued in French and is provided solely for the convenience of English speaking users. 

This report should be read in conjunction with, and is constructed in accordance with, French laws and professional auditing standards applicable in France. 

149

Report of the Chairman on corporate governance 


Article L.225-37 of the French Commercial Code requires the Chairman of the Board of Directors of VINCI to report on the composition of 

the Board of Directors, how the Board of Directors’ work is prepared and organised, and the internal control and risk management procedures 

put in place by the Group. 

The report sets out the nature of operations requiring the prior agreement of the Board. 

It mentions the code of corporate governance used as a reference and presents the principles and rules established by the Board of Directors 

to determine the compensation and benefi ts of any nature paid to Company Offi cers. 

It also sets out the procedures governing participation of the shareholders in general meetings and mentions the publication of information 

required by article L225-100-3 of the French Commercial Code. 

The above information is included in the report of the Chairman of the Board of Directors, which was approved by the Board at its meeting on 

3 March 2009. 

A. Corporate governance 

1. Adherence to the Afep-Medef code of corporate governance 

In compliance with Law no. 2008-649 of 3 July 2008 concerning various provisions for adapting French company law to Community law in application 

of EC directive 2006/46/EC of 14 June 2006, the Board of Directors of VINCI decided at its meeting on 13 November 2008 that the company would, as 

of 1 January 2008, use the Afep-Medef code as amended by the recommendations of 6 October 2008 as a reference for drafting the report required by 

Article L.225-37 of the French Commercial Code. This corporate governance code may be consulted in full on the Medef website (www.medef.fr). 

Any provisions of this code that have been set aside are mentioned in this report. 

2. General Management 

In accordance with Article 15 bis of VINCI’s Articles of Association, the Board of Directors decided, on 9 January 2006, to separate the functions 

of Chairman and Chief Executive Offi cer. This principle of organisation was confi rmed on 1 June 2006 on the appointment of Mr Yves-Thibault 

de Silguy as Chairman of the Board of Directors. 

Mr De Silguy was appointed with a view to improving corporate governance and, in particular, the functioning of the Board of Directors and 

its committees. His implementation of this responsibility has led to the progressive renewal of the members of the Board of Directors. 

Chairmanship 

The Chairman of the Board of Directors, Mr Yves-Thibault de Silguy, organises and directs the work of the Board and reports on this work to the 

Shareholders’ General Meeting. He ensures the proper functioning of the diff erent corporate bodies and committees and, in particular, ensures 

that the directors are able to fulfi l their responsibilities. He works to promote VINCI’s image to political and economic decision-makers in France 

and abroad. He also spends a major part of his time meeting the managers of the Group’s numerous subsidiaries and providing them, as needed, 

with his assistance in their relations with their major clients. Lastly, he attaches particular importance to the shareholder base and changes 

therein. 

In 2008, Mr de Silguy’s priorities were to ensure strong corporate governance and a stable shareholding structure, in particular by developing 

individual and employee shareholding. 

Mr de Silguy chairs the Strategy and Investments Committee and the Appointments Committee. 

General Management 

As Chief Executive Offi cer, Mr Xavier Huillard has the broadest powers to act in all circumstances in the Company’s name. He exercises these 

powers within the limits of the corporate purpose and subject to the powers that the law attributes expressly to General Meetings of Shareholders 

and the Board of Directors. He represents the Company in its dealings with third parties and is responsible for overall operational management of 

the Company. 

The Chief Executive Offi cer is also in charge of providing the Board and its Committees with the information they need, reporting on the highlights 

of the Company’s operations over the period and implementing the Board’s decisions. The Company’s material transactions, referred to 

in paragraph 3.3 below, are subject to prior approval by the Board. Furthermore, the Chief Executive Offi cer regularly presents the Company’s 

performance and prospects to the fi nancial community, in particular through roadshows. 

Mr Huillard chairs the Executive Committee and the Management and Co-ordination Committee. The Executive Committee has nine members. It 

met 47 times in 2008, with an average of four meetings per month. The Management and Co-ordination Committee is composed of the members 

of the Executive Committee and the Group’s main operational and functional executives. Its purpose is to ensure broad consultation on VINCI’s 

strategy and development and on policies that aff ect several group entities. This committee has 31 members and met four times in 2008. 

Mr Huillard also chairs the Risks Committee mentioned in paragraph 4.3, part B. 


3. The Board of Directors 

3.1 Composition of the Board of Directors – Independence of members 

Report of the Chairman 

At the date of registration of this document, the Board of Directors had 13 members, including one member representing employee shareholders. 

In 2008, one director tendered his resignation and a new director was co-opted. Quentin Davies resigned from his appointment on 6 October 

2008. The Board of Directors co-opted a new director, Jean-Pierre Lamoure, to replace Mr Davies for the remainder of his term of offi ce, which 

will expire at the close of the general meeting called to rule on the accounts for the year 2011. This co-optation will be submitted for ratifi cation 

to the Shareholders General Meeting on 14 May 2009. 

The Board of Directors meeting on 3 March 2009, on the proposal of the Appointments Committee, decided to propose appointment of a new 

director, Michael Pragnell, to the Shareholders’ General Meeting on 14 May 2009. 

The appointments of François David, Patrick Faure and Bernard Huvelin expire in 2009. Bernard Huvelin, aged 72, did not wish to renew his 

appointment. The Board took formal note of this and unanimously paid tribute to him for the importance of his contribution to its work for many 

years. The Board will propose re-appointing François David and Patrick Faure at the Shareholders’ General Meeting on 14 May 2009. 

The term of offi ce of Directors is four years for those appointed or re-appointed since 1 January 2005, which applies to 12 Directors, and six 

years for those already serving on 1 January 2005, which applies to only one Director, Mr David. The terms of offi ce of the Directors expire at 

diff erent times, which means that approximately one-quarter of the Board is renewed every year. 

The Company’s Articles of Association provide that no one may be appointed or reappointed as a Director if they have reached the age of 75 

and that no more than one-third of the Directors in offi ce at the close of the fi nancial year for which the Shareholders’ Meeting is asked to 

vote on the fi nancial statements may be over 70. 

At its meeting of 27 February 2008, the Board also made an assessment of the current Directors’ independence, in accordance with the 

recommendations of the Afep-Medef code. 

After receiving the Appointments Committee’s report, the Board concluded that the following seven Directors cannot be considered to be 

independent: 

– Yves-Thibault de Silguy, who is the full-time Chairman of the Board and has various responsibilities in the Company; 

– Xavier Huillard, who is responsible for the Company’s general management and has been an employee of VINCI; 

– Dominique Bazy, who has management responsibilities (Vice-Chairman) with UBS Investment Bank, a fi nancial institution that could be 

involved in transactions entered into by the Company or its subsidiaries; the Board considered the links that could exist between the UBS 

Group and the VINCI group to be material; 

– Bernard Huvelin, who has held management responsibilities in the Company and in VINCI subsidiaries of which he has been an employee, has, 

moreover, been a Director of the Company for more than twelve years and who now holds various other directorships within the Group; 

– Dominique Ferrero, who holds management responsibilities (Chief Executive Offi cer) in Natixis, a bank providing fi nancial services to the 

Company; the Board considered the links existing between Natixis and the VINCI group to be material; 

– Jean-Pierre Lamoure, who has management responsibilities as a Company Offi cer and is a former employee of a VINCI subsidiary, and is 

currently Chairman of Solétanche Bachy Entreprise, a 100%-owned VINCI subsidiary; 

– Denis Vernoux, who is an employee of a Group company and who represents employee shareholders through the corporate unit funds. 

The Board of Directors considered that the six other members of the Board, listed below, do not have relations with the Company, its Group 

or its management that might compromise their independence of judgment and are therefore independent: 

– Robert Castaigne, who was Chief Financial Offi cer of Total and member of its Executive Committee; the Board considered however that any 

links that may exist between the Total Group and the VINCI group (contracts for works or provision of goods between the subsidiaries of the 

two groups) are not suffi ciently material to adversely aff ect Mr Castaigne’s independence of judgment; 

– François David, who is Chairman of Coface, which provides credit insurance on contracts entered into by VINCI subsidiaries; the Board 

considered however that any links that may exist between the Coface Group and the VINCI group are not suffi ciently material to adversely 

aff ect Mr David’s independence of judgment; 

– Patrick Faure, who has held management duties or Director’s appointments in automobile manufacturing companies (Renault) that could at 

some time enter into contracts (for construction work or services) with VINCI subsidiaries, or provide goods or services to Group companies; the 

Board considered however that any links that might have existed, and which have since disappeared, were not suffi ciently material to unfavourably 

aff ect Mr Faure’s independence of judgment. Furthermore, Mr Faure has been a director since 1993, i.e. for over twelve years, but the Board 

considered that this circumstance was not an obstacle to Mr Faure being considered as an independent director. 

– Jean-Bernard Lévy, who has management responsibilities (Chairman of the Management Board) in Vivendi. Until 2002, this company was 

a large shareholder in VINCI and commercial relations remain between VINCI and some Vivendi Group subsidiaries; the Board considered 

however that these transactions are not suffi ciently material to adversely aff ect Mr Lévy’s independence of judgement; 

– Henri Saint Olive, who has management responsibilities (Chairman of the Board of Directors) of Banque Saint Olive, a bank that could be 

involved in transactions entered into by the Company, its subsidiaries or personally by its executives; the Board considered however that these 

transactions are not suffi ciently material to adversely aff ect Mr Saint Olive’s independence of judgment. 

– Pascale Sourisse, who has management responsibilities in the Thales Group; the Board considered however that any links that may exist 

between the Thales Group and the VINCI group are not suffi ciently material to adversely aff ect Mrs Sourisse’s independence of judgment. 

151


Consequently, following the resignation of Mr Davies and the co-optation of Mr Lamoure occurring at the end of 2008, the proportion of 

independent directors has fallen to less than half the members of the Board of Directors, which is not compliant with the Afep-Medef code. 

Moreover, the Board of Directors’ meeting on 3 March 2009 decided, on the proposal of the Appointments Committee, to recommend the 

appointment of a new director, Michael Pragnell, to the Shareholders’ General Meeting on 14 May 2009. The Appointment Committee examined 

the situation of Mr Pragnell and the Board of Directors decided that he could be considered as an independent director. Mr Pragnell, who 

has held management responsibilities in Syngenta AG, meets all the criteria of independence set out in the Afep-Medef code. 

In consequence, assuming the election of Mr Pragnell and the renewal of the appointments of Mr. Faure and Mr. David, seven directors out 

of thirteen, i.e. more than half, would be independent. 

3.2 Personal situation of Company Offi cers 

As of the date of registration of this document, to the Chairman’s knowledge: 

– there are no family links between any of VINCI’s Offi cers; 

– none of VINCI’s Offi cers has been found guilty of fraud in the last fi ve years; 

– none has been involved as a company offi cer in a bankruptcy, sequestration of assets or liquidation during the last fi ve years and none has 

been incriminated or offi cially publicly punished by a statutory or regulatory authority. None has been disqualifi ed by a Court from serving 

as a member of a Board of Directors or corporate management or supervisory body of an issuer of securities nor from being involved in the 

management or conduct of the aff airs of an issuer of securities in the last fi ve years; 

– no Company Offi cer of VINCI has declared a confl ict of interest in respect of any decisions taken by the Board of Directors in 2008. 

3.3 The Board of Directors’ internal rules 

In May 2003, the Board of Directors adopted a set of internal rules, which is periodically amended and which sets out the rules applicable to 

the functioning of the Board and its committees, and the behaviour expected of each of its members. These rules may be consulted in full 

on the Company’s website (www.vinci.com) 

The Board of Directors’ internal rules require that the Board examines and gives prior approval to any signifi cant transactions undertaken by 

the Company and in particular the determination of its strategic choices, material acquisitions and disposals of fi nancial holdings and assets 

that are likely to alter the structure of the Company’s balance sheet and, in any case, all acquisitions and disposals of shareholdings and assets 

of €200 million or more, as well as any transactions that fall outside the Company’s announced strategy. 

3.4 Conditions of preparation and organisation of the work of the Board 

3.4.1 Functioning and work of the Board of Directors 

In 2008, the Board of Directors discussed all major matters relating to the Group’s activities. The Board met eight times during the year and 

the average attendance rate at its meetings was 85.4%. The Chief Operating Offi cer and Chief Financial Offi cer assists the work of the Board. 

Secretarial duties for the Board are the responsibility of the Chief Legal Offi cer. 

In particular the Board: 

– determined the strategy of the Company as proposed by the Chief Executive Offi cer; 

– closed the annual consolidated and parent company accounts at 31 December 2007 together with the interim consolidated and parent 

company accounts to 30 June 2008; 

– prepared and convened the Combined General Shareholders’ Meeting of 15 May 2008, and defi ned the terms of its diff erent reports to the 

meeting, the agenda and the resolutions submitted for the approval of the shareholders; 

– decided to submit to the Combined General Shareholders’ Meeting of 15 May 2008 an option for payment of the fi nal dividend in respect 

of 2007 in new shares and decided payment of an interim dividend in respect of 2008. 

At each of its meetings, it: 

– examined the Group’s fi nancial situation and indebtedness; 

– approved the share buy-back policy and allocation of treasury shares; 

– was informed of share capital evolution and employee shareholding through unit trusts in the Castor France, Castor International, ASF and 

Entrepose Contracting company savings funds. 

As regards corporate governance, it: 

– set the performance criteria for the Chairman of the Board’s supplementary pension 

– decided to adopt the Afep-Medef corporate governance code 

– examined the situation of the Chairman of the Board of Directors and the Director-Chief Executive Offi cer with respect to the recommendations 

of the Afep and Medef report of 6 October 2008. 

In addition, the Board, in particular: 

– examined the budgets and budget updates; 

– examined the Group’s quarterly activity; 

– decided to modify the allocation of Directors’ fees and set the remuneration of the Chairman of the Board of Directors and the Director-Chief 

Executive Offi cer. 



– decided to implement three operations for France and one international operation in the framework of the company savings fund and set 

the subscription price of the shares to be issued for each of these operations; 

– co-opted a new director; 

– examined various projects for acquisition of companies; 

– authorised the reclassifi cation of the ASF shares held by VINCI in ASF Holding; 

– examined and approved the project to regroup airport activities; 

– authorised the issue of guarantees, renewed delegations of powers in respect of suretyships, guarantees and endorsements, and reconstituted 

the global envelope available to the Chief Executive Offi cer for issue of suretyships, guarantees and endorsements; 

– examined the impact of the fi nancial crisis on the Group, and, in particular, on its liquidity position. 

One of the Board of Directors’ meetings was held in Marseilles. During this meeting, the activities of VINCI and, in particular, of VINCI 

Construction France, were presented to the Directors. A visit to the CMA-CMG tower construction site was also organised on this occasion. 

3.4.2 The Board Committees 

The terms of reference and the manner of functioning of the Committees are governed by the internal rules of the Board of Directors, amended 

by the Board during its meeting of 3 March 2009 to ensure compliance with the provisions of Article L823-19 of the French Commercial Code 

created by Order no. 2008-1278 of 8 December 2008. Each Committee has a role to play in analysing and preparing certain of the Board’s 

discussions falling within its fi eld of competence and in studying topics and/or projects that the Board or its Chairman may submit to it for 

examination. It has consultative powers and acts under the authority of the Board of which it is a committee and to which it is answerable. 

Minutes of each Committee’s meetings are drawn up and distributed to the members of the Board of Directors. 

The Audit Committee 

Terms of reference 

The Audit Committee helps the Board monitor the accuracy and fair presentation of VINCI’s consolidated and parent company fi nancial statements 

and the quality of the information given. 

In particular its duties are to monitor: 

– the process of compiling fi nancial information; examine the Group’s annual and half-yearly, consolidated and parent company fi nancial statements 

before they are presented to the Board, to satisfy themselves that the accounting policies and methods are appropriate and consistently 

applied and to prevent any non-compliance with these rules and monitor the quality of the information given to the shareholders; 

– the eff ectiveness of the Group’s internal control and risk management systems as: (a) concerns internal control, to assess the Group’s internal 

control systems with the managers of the internal audit function and to examine with them the internal audit work programme and actions, 

their conclusions and recommendations arising therefrom and the actions taken as a result; (b) concerns risks, to review regularly the Group’s 

main exposures to fi nancial risk and in particular off -balance sheet commitments; 

– legal control of the parent company and consolidated fi nancial statements by the Statutory Auditors and the independence of the Statutory 

Auditors: to examine with the Statutory Auditors their work programmes, conclusions and recommendations, as well as actions taken as a 

result; verify compliance with the obligation of independence of the Statutory Auditors, assess proposals on the appointment of the Company’s 

Statutory Auditors and their remuneration and issue recommendations on this point; 

– the Group’s policy in respect of insurance. 

Composition 

The Audit Committee comprises at least three directors designated by the Board. The Chief Financial Offi cer and the Statutory Auditors attend 

the Audit Committee’s meetings. Until 31 November 2008, its members were Henri Saint Olive (chairman), Robert Castaigne and Quentin 

Davies (until resignation of his offi ce as Director on 6 October 2008). Since 13 November 2008, the Committee has been chaired by Henri Saint 

Olive and its members are Robert Castaigne and Mrs. Pascale Sourisse. All three are considered independent directors. 

Activities in 2008 

The Audit Committee met fi ve times in 2008, with a participation rate of 100%. 

In particular, in addition to the accounts prepared during the period, it examined: 

– as concerns internal control and audit: the organisation of internal control within VINCI Construction Filiales Internationales for Overseas 

France, Solétanche Bachy and Freyssinet; the chairman’s report relating to internal control, the results of the IT security audit in the Group 

concerning management applications (with the intervention of an outside consultant); the self-assessment on internal control; and organisation 

of the audit department; 

– as concerns fi nancial and accounting matters: the various budget updates, the Company’s net debt position, the change in accounting methods 

concerning accounting treatment of concession contracts, the fi nancial rating of the Company (with a presentation by Standard & Poor’s); 

– follow-up of risk management (with, in particular, an update of disputes in progress and the Group’s insurance policy and programme); 

– regulatory changes, in particular concerning governance (with the intervention of an outside lawyer) and transposition of the eighth European 

directive. 

In order to carry out these duties, the Audit Committee has in particular interviewed the Chief Financial Offi cer, the Head of the Budget, Consolidation 

and Accounting Department, the Internal Auditor, the Statutory Auditors, the Insurance Manager, the Chief Legal Offi cer, and the 

fi nancial offi cers of several business lines to which particular attention was paid in connection with the assessment of internal control procedures. 

Secretarial duties for the Committee are the responsibility of the Head of the Budget, Consolidation and Accounting Department. 

153


The Strategy and Investments Committee 


This Committee helps the Board develop the Group’s strategy. It examines proposed contracts, investments and divestments that could have 

a material impact on the Company’s scope, activities, results or stock market performance before they are presented to the Board. 

In particular its duties are to: 

– prepare the Board’s discussions on the Group’s strategy; 

– formulate an opinion, for the benefi t of Senior Management, on proposed acquisitions or disposals of shareholdings of a value of more than 

€50 million that do not come under the Board’s direct terms of reference. 

The Committee is also informed by the Senior Management of the state of progress of multi-year projects that imply, as regards the VINCI 

group’s share, a total investment, in equity or debt, of more than €100 million. 

Composition 

The Strategy and Investments Committee comprises at least three Directors designated by the Board. The Chairman of the Committee is Yves- 

Thibault de Silguy and its members are Pascale Sourisse, François David, Patrick Faure, Bernard Huvelin and Denis Vernoux. The Chief Executive 

Offi cer, the Chief Financial Offi cer and the Business Development Manager of VINCI attend the meetings of the Strategy and Investments 

Committee. Secretarial duties for the Committee are the responsibility of the Board Secretary. 


The Strategy and Investments Committee met four times in 2008, with a participation rate of 87.5%. 

During the year it considered in particular: 

– an acquisition project in the fi eld of car parks: a possible alliance between VINCI Park and Interparking, subsidiary of the Fortis Group; 

– an acquisition project in the fi eld of rail works: Vossloh Infrastructure Services, a subsidiary of the Vossloh Group, acquired by Eurovia (renamed: 

ETF-Eurovia Travaux Ferroviaires); 

– an acquisition in the construction sector in the United Kingdom: acquisition of Taylor Woodrow Construction, a subsidiary of the Taylor 

Wimpey Group; 

– various multi-year concession and public-private partnership contracts. 

The Committee expressed the wish to meet every two months to examine the status of public-private partnership operations (concession and 

operations that imply a total investment of over €100 million). 

The Remuneration Committee 


The Remuneration Committee proposes the terms and conditions of remuneration of the Company Offi cers to the Board. 

Its duties are to: 

– make recommendations to the Board concerning the remuneration, pension and welfare benefi t plans, benefi ts in kind and miscellaneous 

pecuniary rights, including any free shares or share subscription or share purchase options granted to the Chairman, the Chief Executive Offi cer, 

the Senior Executive Vice-Presidents and, if applicable, any salaried employees who are members of the Board; 

– propose to the Board the determination of an overall package of performance shares and/or share subscription or purchase options relating 

to the Company’s shares and the general and specifi c conditions applicable to these allocations; 

– express an opinion on Senior Management’s proposals regarding the number of benefi ciaries; 

– propose to the Board an aggregate amount of directors’ fees and the manner of their allocation. 

Composition 

The Remuneration Committee comprises at least three directors designated by the Board. Its Chairman was Quentin Davies until his resignation 

on 6 October 2008 and its members were Dominique Bazy and Robert Castaigne. Since 13 November 2008, its Chairman is Jean-Bernard 

Lévy and its members are Dominique Bazy and Robert Castaigne. Two of the Committee’s three members are independent. The Chief Executive 

Offi cer attends meetings of the Committee when it is examining the proposals of Senior Management relating to the company savings 

fund and long-term incentive systems. Secretarial duties for the Committee are the responsibility of the Board Secretary. 


The Remuneration Committee met four times in 2008, with a participation rate of 100%. 

The Committee examined and made proposals to the Board regarding: 

– the variable component of the Chairman’s and Chief Executive Offi cer’s remuneration for 2008, and, more generally, the remuneration of 

Directors and Company Offi cers; 

– determination of performance-related conditions in respect of the supplementary pension of Mr de Silguy; 

- the amount of directors’ fees; 

– the situation of the Chairman of the Board of Directors and the Director-Chief Executive Offi cer with regard to the Afep and Medef recommendations 

of 6 October 2008; 

– the situation of Mr Lamoure prior to his co-optation, jointly with the Appointments Committee; 

– the fi nal allocation of performance shares (2007 plan); 

– future performance share plans and/or stock option plans. 


The Appointments Committee 



The Committee: 

– prepares the Board’s discussions on the assessment of the Company’s Senior Management; 

– examines, on a consultative basis, the Senior Management’s proposals relating to the appointment and dismissal of the Group’s top executives; 

– is informed of the policy drawn up by Senior Management on the management of the Group’s top executives; 

– makes proposals on the selection of Directors; 

– examines all candidacies for appointments to the Board and expresses an opinion or recommendation to the Board on those candidacies; 

– prepares at the appropriate time recommendations and opinions on the appointment or succession to the posts of Executive Company Offi cers. 

Composition 

The Appointments Committee comprises at least three Directors designated by the Board. Its Chairman is Yves-Thibault de Silguy and its 

members are Dominique Bazy and Henri Saint Olive. This composition does not comply with the recommendations of the Afep-Medef code 

insofar as the proportion of independent directors is less than two thirds, and as an Executive Company Offi cer is a member of the Committee. 

The Board considered however that this composition was not likely to adversely aff ect the judgment of members of the Appointments Committee 

in carrying out their functions. 

The Chief Executive Offi cer attends the Committee’s meetings when it examines Senior Management’s proposals relating to the appointment 

and dismissal of the Group’s main executives and when it is informed of the policy drawn up by Senior Management on the management of 

the Group’s executives. Secretarial duties for the Committee are the responsibility of the Board Secretary. 


The Committee met three times in 2008 with an average attendance rate of 100%. 

The Committee examined in particular: 

– the report on the assessment of the Board of Directors 

– the re-appointment of Directors whose term of offi ce expired at the time of the 2008 Shareholders’ General Meeting; 

– the independence of Directors; 

– the candidacies of individuals representing employee shareholders for the position of Director; 

– the candidacy of Mr Lamoure for the position of Director; 

– the review of the composition of the Audit Committee and the Remuneration Committee following the departure of Mr Davies. 

3.5 Assessment of the composition and functioning of the Board of Directors 

In application of the Board of Directors’ internal rules, the Board made an assessment, at its meeting on 27 February 2008, based on a study commissioned 

from an outside consultant, of the composition and functioning of the Board with the aim of improving its eff ectiveness. The assessment shows 

that the Directors are satisfi ed with both the composition of the Board and its functioning. However, after completing this assessment, they proposed 

a number of improvements to the functioning of the Board. 

The Directors also met informally on 23 October 2008 without the presence of Messrs de Silguy and Huillard, to examine the functioning of the Board 

and the specialised Committees, relations between the Chairman and the Chief Executive Offi cer and any monitoring actions to be conducted. This 

examination shows that the Directors continue to take a positive view of the organisation set up in 2006, the functioning of the Board of Directors and 

the Committees and the separation of functions between the Chairman and the Chief Executive Offi cer. The Board of Directors took formal note thereof 

in its meeting on 13 November 2008. 

4. Principles and rules for determining Company 

Officers’ remuneration and interests of whatever nature 

4.1 Company offi cers’ remuneration and interests 

Directors’ fees are set by the Board of Directors as proposed by the Remuneration Committee. They consist of a fi xed fee and a variable fee. 

The fi xed fee is determined on appointment of Company Offi cers and is reviewed every year by the Board of Directors on the proposal of the 

Remuneration Committee. 

The variable fee corresponds to the product of the variable fee allocated in respect of the previous year, on the one hand, and, on the other, to 

a performance index calculated by means of a formula combining the following indicators: (a) net earnings per share; (b) cash fl ow per share; 

(c) return on capital employed; (d) variation in the VINCI share price; (e) the relative performance of the VINCI share compared to the CAC 40 

index; (f) the relative performance of the VINCI share compared to a basket of European companies in the same sector; and (g) evolution of the 

dividend. 

For the Chief Executive Offi cer, the variable fee also includes a fee paid at the discretion of the Board. 

155


The Board of Directors is keen to associate a signifi cant number of managers and executives with creation of value by the Group so as to align 

their interests with those of shareholders over the long term through share subscription and performance share plans. In its meeting on 3 March 

2009, the Board of Directors decided, on the proposal of the Remuneration Committee, to submit to the Shareholders’ General Meeting of 

14 May 2009 a delegation in respect of share subscription options in view of the fact that the preceding delegation expired on 13 July 2006. 

Such delegation would be implemented in strict compliance with the recommandations contained in the Corporate Governance Code adopted 

by the Company. 

The Chief Executive Offi cer and the previous Chief Executive Offi cer benefi t, in the same way as other Senior Group Executives, from supplementary 

pension arrangements guaranteeing them an additional annual pension capped at €85,595 per year. 

The Chairman benefi ts from a special pension arrangement amounting to €380,000 per year, subject to performance conditions, to replace 

equivalent arrangements that lapsed when the Chairman resigned from the Suez Group. Given that this arrangement is to the benefi t of a single 

person, it is not in compliance with the Afep-Medef code. 

4.2 Directors’ fees 

The Shareholders’ General Meeting of 4 May 2004 set the aggregate amount of Directors’ fees at €800,000 as from the fi nancial year starting 

on 1 January 2004. 

At its meeting of 27 February 2008, the Board of Directors upon proposal of the Remuneration Committee allocated the Directors’ fees for the 

year commencing 1 January 2008 as follows: 

– €70,000 for the Chairman of the Board, including €20,000 as a variable fee; 

– €40,000 for each Director, including €20,000 as a variable fee; 

– an additional amount of €25,000 for the Chairman of each Committee and an additional amount of €15,000 for the members of the Audit 

Committee and of €10,000 for the members of the other Committees. 

Payment of the variable fee depends on the Member’s presence at Board Meetings, an amount of €2,500 being deducted from the maximum 

for each absence from Board Meetings after the fi rst. 

5. Formalities for participation of shareholders 

in the Shareholders’ General Meeting 

The formalities for participation of shareholders in the Shareholders’ General Meeting are described in Article 17 of the Articles of Association 

reproduced below: 

“Shareholders’ Meetings are called and take place in accordance with the legislation and regulations in force. The meetings are held either at 

the registered offi ce or at another location specifi ed in the notice of the meeting. All shareholders, may, regardless of the number of shares 

they own, participate in meetings personally or by proxy, on producing evidence of their identity and shareholding in the form of either: 

– a personal registration of the shares in their own name; or 

– for bearer shares, registration of the shares with an authorised intermediary, who provides an attendance certifi cate, if necessary by electronic 

means. 

These formalities must be completed no later than midnight (Paris time), on the third working day before the meeting. Shareholders wishing 

to attend the meeting but who have not received their admission card by midnight (Paris time) of the third working day before the meeting will 

be given an attendance certifi cate. However, the Board of Directors may shorten or remove this deadline provided that any such decision applies 

to all shareholders. 

Individual shareholders may also attend the Shareholders’ Meeting by videoconference or by other means involving telecommunications, 

subject to the conditions and restrictions set out by legislative and regulatory provision in force, if the Board of Directors so authorises at the 

time the meeting is convened. Shareholders attending in this manner are considered present and are included in the calculation of the quorum 

and the majority. 

Postal votes are treated under the terms and conditions set out in legislative and regulatory provisions. Shareholders may send proxy forms 

and postal votes for every Shareholders’ Meeting by mail, under the conditions set out in legislative and regulatory provisions, or by electronic 

means, if the Board of Directors so authorises in the notice of the meeting. 

Shareholders’ Meetings are chaired by the Chairman of the Board of Directors or, in his or her absence, by the Vice-Chairman of the Board of 

Directors, if a Vice-Chairman has been designated, or by a member of the Board of Directors specifi cally appointed by the Board of Directors 

to that eff ect. Failing that, the Shareholders’ Meeting elects its own Chairman. The Minutes of the Shareholders’ Meetings are drawn up and 

the copies thereof are certifi ed and delivered in compliance with legislative and regulatory provisions in force.” 

6. Publication of the information required by Article L.225-100-3 

of the French Commercial Code 

Information mentioned in Article L.225-100-3 of the French Commercial Code concerning elements which might have an impact in the event of 

a public off ering are published in the management report. 


B. Internal control and risk management procedures 

1. Introduction 

1.1 Defi nition–Reference framework 


In January 2007, the French Stock Market regulator, the Autorité des marchés fi nanciers (AMF) published the fi ndings of the working group formed 

under its aegis. This document is entitled “The Internal Control System – Reference Framework.” 

According to this document, which constitutes the reference framework applied by the Group, internal control is a process of the VINCI group, 

defi ned and implemented under its responsibility. 

It includes a set of resources, conduct, procedures and actions adapted to the specifi c characteristics of the VINCI group, which: 

– contributes to better control of its activities, the eff ectiveness of its operations and the effi cient use of its resources and 

– must allow it to take into account, as appropriate, signifi cant risks, whether operational, fi nancial or in respect of compliance. 

The system aims more particularly to ensure: 

- compliance with laws and regulations; 

- implementation of the instructions and guidelines set by Senior Management; 

- the satisfactory functioning of the Company’s internal processes, notably those contributing to preservation of its assets; 

- the reliability of fi nancial reporting. 

Nevertheless, like any control system, internal control, however well designed and implemented, cannot provide an absolute guarantee that such 

risks have been completely eliminated. 

1.2 Scope of application of internal control 

The scope applies to the holding company and subsidiaries included within the scope of consolidation. For the specifi c case of the Belgian company 

CFE – in which VINCI has a 46.84% capital stake – and its subsidiaries, these provisions are adapted to the specifi c features of Belgian law, which 

attributes responsibility for internal control to the Board of Directors of companies listed a the stock exchange. 

Within this scope, internal control contributes to prevention and control of risks arising from the activities of Group companies and the risks of 

error and fraud, in particular in the areas of accounting and fi nance. 

2. Organisation and environment of internal control 

2.1 Principles of action and conduct 

The businesses in which VINCI operates require the personnel involved to be geographically close to customers in order to provide them promptly 

with solutions suited to their needs. In order to enable the manager of each profi t centre – some 2,500 in total in the Group – to take the required 

operational decisions rapidly, a decentralised organisation has been implemented in each of the four business lines (Concessions, Energy, Roads 

and Construction) and in VINCI Immobilier. 

This organisation entails delegation of authority and responsibility to operational and functional staff at all levels. 

This delegation of authority to operational and functional management staff is carried out complying with the general guidelines (see paragraph 

4.2) and the principles of conduct and behaviour to which VINCI is strongly committed: 

– rigorous compliance with the rules common to the whole Group, in particular in respect of entering into commitments, risk-taking (see 

paragraph 4.3), acceptance of business (see paragraphs 4.4 and 4.5) and submission of fi nancial, accounting and management information 

(see paragraph 4.2). These common rules, which are deliberately restricted in number, given the range of the Group’s activities, must be 

strictly applied by the staff concerned and their teams; 

– transparency and loyalty of managers towards their line management superiors and towards functional departments and the holding company. 

In particular, all managers must inform their superiors of any diffi culties encountered in the performance of their duties (e.g. with respect to 

carrying out works on sites, relations with customers, government departments, suppliers, fi nanciel partners, internal relationships, personnel 

management, safety, etc). Although an integral part of operational managers’ duties is to take decisions alone, within the framework of the 

general guidelines received, on matters falling within their area of competence, any diffi culties encountered must be handled with the 

assistance, if necessary, of their line management superiors or divisional or holding company functional departments; 

– compliance with the laws and regulations in force in the countries where the Group operates, and, in particular, rigorous compliance with the 

rules on competition and ethical behaviour; 

– responsibility of operational executive managers to communicate the Group’s principles governing conduct and behaviour to their staff by appropriate 

means and to set an example. This responsibility cannot be delegated to functional managers; 

– safety of persons (employees, external service providers, sub-contractors, etc.); 

– a culture of fi nancial performance. 

157


2.2 The Board of Directors and the Audit Committee 

VINCI’s Board of Directors represents all the shareholders collectively and is responsible for monitoring management performance, defi ning 

the Company’s strategic choices and ensuring satisfactory functioning of the Company. It considers all major matters concerning the Group’s 

business. 

The Board of Directors, which adopted a set of internal rules in 2003 and set up ad hoc committees for audit, strategy and investments, 

remuneration and appointments, has delegated certain specifi c tasks to the Audit Committee regarding accounting rules and procedures, 

and the monitoring and analysis of accounts and forecasts, internal control and risk management, such as for example the monitoring of 

provisions, off -balance sheet commitments, the level of debt and the Group’s policy in respect of insurance. 

2.3 The Executive Committee 

The Executive committee currently has nine members: 

– the Director and Chief Executive Offi cer; 

– the Chairman of Eurovia; 

– the Executive Vice-President and Chief Financial Offi cer; 

– the Chairman of VINCI Construction; 

– the Chairman of VINCI Construction France; 

– the Chairman of VINCI Energies; 

– the Co-Chief Executive Offi cer of VINCI Concessions; 

– the Chairman of VINCI Autoroutes France, who is also Co-Chief Executive Offi cer of VINCI Concessions; 

– the Director of Business Development 

The Executive Committee is in charge of executing the Group’s strategy and of defi ning and implementing its management policies (fi nance, human 

resources, safety, insurance etc.). 

2.4 The holding company and the divisions 

The holding company’s staff is comparatively small (153 people at end December 2008), suited to the Group’s strong decentralised structure. In 

particular, the holding company’s functional departments have to ensure that the Group’s rules and procedures and Senior Management’s decisions 

are applied. Furthermore, and depending on needs expressed, these departments advise divisions on technical matters but do not interfere 

in the taking of operational decisions, which are the sole responsibility of the divisions. 

The divisions carry out their activities according to the principles of action and behaviour described in paragraph 2.1. 

2.5 Internal audit 

The Internal Audit Department’s role is to draw up and disseminate the general procedures laid down by the holding company and to supervise 

the situation in each division as regards procedures, ensuring in particular that they are adapted to the Group’s situation and organisation, while 

complying with the requirements of the law dated 3 July 2008 containing various provisions to adapt French Company Law to the European 

Community Law (“DDAC Act”). 

In this connection, the Internal Audit Department’s role is to co-ordinate the risk management process. In particular, it organises the meetings 

of the VINCI Risk Committee in charge of monitoring and authorising the acceptance of new business that exceeds certain thresholds set by 

General Management, then records and follows up the Risk Committee’s decisions. 

Lastly, it undertakes specifi c assignments requested either by the Group’s Senior or Financial Management or the various divisions’ Senior 

Management. 

The Internal Audit Department is mainly supported by the divisions’ internal audit staff , with whom it undertakes joint assignments, and by 

personnel seconded for this purpose from the operational department concerned and personnel from certain of the holding company’s 

functional departments. 

3. Identification of risks and risk management system 

Risks are defi ned as obstacles that might prevent the Company from achieving its objectives. These objectives may be divided into strategic 

(commitments), operational (common or specifi c to a business line) and fi nancial risks and risks in respect of compliance with laws and regulations. 

An action plan initiated in 2003 led, initially, in 2004, to identifi cation of the main risks and the associated controls in the business divisions, 

and subsequently to actions to strengthen internal control. These actions are described in chapter 5 entitled “Actions undertaken to strengthen 

internal control.” 

In October 2008, the Executive Committee reaffi rmed its objective of implementing a risk management system at Group level to satisfy new 

legal requirements, on the one hand, and, on the other, to ensure more uniform, systematic and formalised monitoring of the risks incurred. 



This action plan should closely involve operational managers without introducing further complexities in operating methods. Risk monitoring is 

therefore included in the framework of the meetings provided for by existing procedures in respect of commitments and monitoring of operations. 

In 2009, we will be establishing a mapping process that includes the following phases: 

– development by the holding company of a methodological guide providing a general procedure for risk identifi cation and analysis; 

– implementation of this procedure by business line in the divisions and sub-divisions; 

– summary of actions by the holding company. 

The next phase will be deployment of risk management procedures (implementing indicators and a uniform monitoring process by the divisions 

and sub-divisions). 

4. Principal internal control procedures 

The main procedures described below are common to all companies in the Group. There are specifi c procedures within each division, in particular 

for the monitoring of projects and forecasting of results, especially for contracts spanning several years. 

4.1 Compliance with laws and regulations 

The standards of behaviour included in the Group’s compliance objectives are set by the laws and regulations in force. 

The legal department of the holding company is responsible for: 

– conducting legislative tracking intelligence in order to remain informed of the diff erent rules applicable to the Group; 

– informing the employees concerned about the rules pertaining to them (in particular, for the holding company, the “General rules concerning 

privileged information, insider trading and securities operations”, which are available on the intranet); 

– follow-up of major disputes that could have an impact on the Group. 

These provisions are supplemented by a system adapted to the divisions and subsidiaries, particularly those located outside France. 

With a view to ensuring compliance with the laws and regulations described in paragraph 2.1 above, training and awareness actions are organised 

by the divisions for operational managers. 

Further to these general aspects, particular emphasis is laid in training on: 

– safety of employees on worksites through active continuation of the Group’s risk prevention policy; 

– purchasing and sub-contracting. 

4.2 Application of the guidelines and instructions of General Management 

The Chairmen of the companies heading divisions (VINCI Energies, Eurovia and VINCI Construction), the Co-Chief Executive Offi cers of VINCI 

Concessions and the Chairman of VINCI Immobilier exercise the powers given to them by law. 

Under the Group’s internal organisation, they are also required to comply with the general guidelines issued by VINCI’s Director and Chief 

Executive Offi cer, which they have formally accepted. 

These apply in particular to the following areas: 

– the entering into commitments, and in particular the acceptance of new business of a signifi cant size or involving signifi cant potential risks; 

corporate acquisitions and disposals; property development, investments and divestments; and material off -balance sheet commitments. 

– the reporting of information in connection with the Group’s requirements for accounting and fi nancial data or relating to events that are 

material for the Group, in particular in respect of litigation, disputes and insurance policies and claims. 

In particular, these general guidelines require compliance with the holding company’s procedures regarding the acceptance of new business 

or investments. These procedures defi ne thresholds above which specifi c authorisation has to be obtained from the appropriate committees 

– the Risk Committee (see paragraph 4.3), the Strategy and Investment Committee – or prior information has to be submitted to the Director 

and Chief Executive Offi cer or certain VINCI functional departments or both. 

These directives are passed on by the heads of the divisions: 

– in the framework of delegations to operational and functional staff for the clauses concerning them; 

– to managers acting as company offi cers in a company in their business sector; acceptance by these managers of the provisions of the same 

nature as the general directives is a prior condition of their appointment. 

Operational and functional line managers regularly carry out fi eld visits and unannounced spot inspections in order, in particular, to satisfy 

themselves that the principles described in 2.1 are applied permanently and eff ectively. 

4.3 Procedures in respect of new commitments/the VINCI Risk Committee 

Strict procedures are in force that must be complied with before a new commitment is accepted. 

The VINCI Risk Committee has to assess: 

– acquisitions and disposals of businesses; 

159


– the terms and conditions of off ers for work worth more than the thresholds set, and in particular the associated technical, legal and fi nancial 

commitments; these thresholds relate to the entire operation, taking all works together, whatever the share obtained by Group entities in the 

operation, and however the enterprise is contacted (directly, through an invitation to tender, etc.); 

– all transactions relating to property development, concession operations, public-private partnerships (PPPs) or long-term commitments, including 

all associated fi nancing, whether in France or abroad. 

For construction contracts, other thresholds, below those necessitating consideration by the Risk Committee, trigger submission of prior 

information to VINCI Senior Management on an alert form. If the Chief Audit Offi cer considers that the alert form renders it necessary, in 

particular in view of the off er’s specifi c technical, geographical or fi nancial features and the associated risks, he may propose that a specifi c 

Risk Committee meeting be held. 

Lastly, under the system of delegation and sub-delegation in place, other thresholds trigger a requirement for a formal agreement from the 

division’s Senior Management, under the procedure specifi c to and defi ned by each division. 

The Risk Committee’s objective is to review projects that, particularly because of their size, fi nancing, location or specifi c nature, bears a special 

risk, whether technical, legal, fi nancial or other. 

Submission to the Risk Committee constitutes formalisation of the commitment made by the manager of the subsidiary in question to his or her 

superiors as to the quality of the analysis made and therefore of the off er envisaged, and consequently, the expected level of profi t on the project 

presented. 

The Risk Committee is usually composed of the following members: 

– the Director and Chief Executive Offi cer; 

– the Executive Vice-President and Chief Financial Offi cer; 

– the Chief Audit Offi cer; 

– the Chairman (or Chief Executive Offi cer) of the concerned division; 

– representatives from the operational staff of the bidding company or division (the general manager, project manager, design manager, etc.); 

– representatives of the functional departments (legal, insurance, fi nance, etc.) of this company or division. 

Moreover, the composition of the Risk Committee may be altered depending on the purpose of its meeting (e.g. examination of property transactions, 

acquisitions of companies, concessions contracts and public-private partnerships). 

The holding company’s Risk Committee, in its various confi gurations, met 190 times in 2008 and examined approximately 250 projects. 

4.4 Procedures in respect of monitoring of operations 

Divisions have their own management accounting systems tailored to their business. Specifi c budgetary control tools linked to the accounting 

system have been installed in the Energy, Roads and Construction divisions and each of the concession activities (motorways, car parks, etc.) 

and allow regular monitoring of the progress of works and contracts. These systems are generally interconnected with the systems in place to 

draft and process fi nancial and accounting information as described below. 

A monthly report on business, new orders taken, the Group’s order book and consolidated net borrowing position is prepared by the Finance 

Department on the basis of detailed information provided by the divisions. It is distributed to the Chairman, the Senior Management and the 

members of the Executive Committee. 

The Management of each division prepares a specifi c report on the month’s key events. These are centralised at the holding company and then 

distributed to the Chairman, the Senior Management and the members of the Executive Committee. 

This information is also transmitted to the internal Audit Department. 

The budget procedure is common to all divisions and their subsidiaries. It is built around fi ve key dates in the year: the budget for the next year 

at the end of the current year, followed by four updates in March, May, September and November. For each of these stages, management committees 

meet to examine each division’s position and fi nancial data, usually in the presence of the Group’s Chief Executive Offi cer and/or its 

Executive Vice-President – Chief Financial Offi cer. 

In addition, the divisions participate in regular monitoring of VINCI’s societal and environmental commitments as described in the sustainable 

development chapter, with a particular emphasis on safety. 

4.5 Procedures governing the preparation and processing of fi nancial and accounting 

information 

The Budgets and Consolidation Department, part of the Finance Department, is responsible for the production and analysis of the fi nancial, company 

and consolidated information distributed inside and outside the Group, which it must ensure is reliable. In particular the Department is in charge of: 

– preparing, agreeing and analysing VINCI’s half-year and annual parent company and consolidated fi nancial statements and forecasts (consolidation 

of budgets, budget updates and three-year forecasts); 

– the defi nition and monitoring of the Group’s accounting procedures and the application of the IFRS standards; 

– co-ordination of the “Vision” Group fi nancial information system, which incorporates the consolidation process and which is used to unify the 

various VINCI reporting systems (accounting and fi nancial information, human resources information, commercial data, borrowing). 



The Budgets and Consolidation department lays down a timetable and closure instructions for the preparation of the half-yearly and annual 

accounts. These instructions, sent to the division’s Finance Departments, are presented in detail to the staff in charge of consolidation in the 

entities in question. 

The Group’s accounting rules and methods, including the defi nition of reporting documents and consolidation packages, are set out in widely 

distributed procedural notes and are available on the Intranet. Specifi c detailed monitoring is carried out for some areas – such as provisions 

for liabilities, deferred tax and off -balance-sheet commitments. At each accounts closure, divisions send the Budgets and Consolidation 

Department a dossier with an analysis of and comments on the consolidated data submitted. The Group Finance Department presents the 

accounting treatment it intends using for any complex transactions to the Statutory Auditors, in order to receive their prior opinion, and to 

the Audit Committee. 

The Statutory Auditors present their observations on the half-year and annual accounts to the Audit Committee before they are presented to the 

Board of Directors. Prior to this, they present their observations to the Management of the divisions in question and of the VINCI holding 

company. 

Before signing their reports, the Statutory Auditors request letters of representation from Group Management and divisional management. In 

these representations, group management and divisional management confi rm, in particular, that they consider that all items at their disposal 

have been submitted to the Statutory Auditors to enable them to perform their duties and that the eff ects of any anomalies still unresolved at 

the date of those representations and noted by the Statutory Auditors do not have a material impact, either individually or in aggregate, on the 

fi nancial statements taken as a whole. 

5. Actions undertaken to strengthen internal control 

and risk management 

5.1 Summary of work carried out before 2008 

In 2003, VINCI initiated an action plan intended to enhance the quality of the internal control system, without bringing into question the principles 

and features of its management organisation, which combines, in a decentralised environment, an entrepreneurial culture, the autonomy of 

operational managers, transparency and sincerity, and network-based operations. 

The project comprised several stages, of which the fi rst, completed in 2003, was to identify the main risks and the associated controls for the 

main Group entities and major business line processes. 

The second stage related to determining and describing the current organisation of internal control, the aim being to describe the internal control 

arrangements existing in the various divisions. Self-assessment questionnaires on the internal control environment, drafted by the Internal Audit 

Department and approved by the Executive Committee, were sent in 2003 and 2004 to managers of a sample of entities, selected from the 

largest and most representative entities. 

The third step, in 2003 and 2004, involved extending the listing of risks and associated controls to all Group entities. The objective here was to 

use the self-assessment questionnaires and the interviews conducted with VINCI’s Senior Management, the managers of the main business 

lines and VINCI’s functional departments to list the main risks and corresponding controls existing within the Group and the business lines. This 

allowed the identifi cation of the critical processes that the various entities should assess from an internal control viewpoint. In this connection, 

the bidding process appeared to be a priority. 

2004 actions were launched in the respect of the improvement of the internal control environment, organisation and procedures: 

– distribution of the Chief Executive’s general guidelines (see paragraph 4.2) to all the operational and functional managers of divisions in France 

and abroad; 

– harmonisation and fi ne-tuning of the formalisation of certain procedures (through the creation of working groups and specifi c dedicated 

resources), including in particular cash management and accounting at holding company level and a complete revision of operational procedures 

in the Roads division; holding company procedures have also been made available on the Group’s intranet; 

– implementation in certain foreign subsidiaries of management methods and procedures complying with Group policy; 

– creation of internal audit functions in those divisions where none existed and an increase in divisions’ head-offi ce cost control staff ; 

– implementation of a charter in the largest operational entity of the Construction business line (Sogea Construction, now VINCI Construction 

France), covering its 10 internal operating rules on risk taking, fi nancial engineering, external functions or appointments, acquisition or disposal 

of securities, reorganisation, property and other tangible assets, human resources, budgetary management, banking relations and fi nancial commitments, 

administrative management, communication and the use of brands and logos. 

Assessment of internal control 

The survey made in 2005 to assess the quality of internal control under the Financial Security Act covered 193 Group entities (including 38 foreign 

entities), which replied to 120 questions grouped into three self-assessment questionnaires (control of operations and monitoring business, 

control of fi nancial information; the control environment and risk assessment). They were analysed using various criteria: division, business line, 

geographical area, and revenue. 

161


In 2006, 208 entities (including 45 outside France) were questioned and replied to these same questionnaires. Furthermore, more detailed replies 

to the questions were requested, with fi ve possible answers instead of three. Given the general improvement in internal control within the Group, 

this allowed the subjects requiring particular attention to be identifi ed more precisely. Lastly, improvements to the software used for these surveys 

enabled each division and sub-division to make better use of the information generated by this survey at its own level. 

In 2007, the questionnaires were reviewed by a committee of experts from the divisions and the holding company in the light of the results of 

the 2006 survey and the recommendations published in January 2007 by the AMF. The annual survey related to 218 entities (including 37 outside 

France) representing almost 60% of the Group’s consolidated business. The questionnaire included 130 questions for operational entities (211 

entities surveyed) and 73 questions for the holding companies (7 entities surveyed). 

Furthermore, to ensure full compliance with the AMF’s recommendations, the Chairman of the Board of Directors completed a specifi c que stionnaire 

covering matters relating solely to his function. 

Information systems 

A project to assess the operation of information systems was launched in 2007 with 13 entities located in mainland France, forming a representative 

sample. They replied to a self-assessment questionnaire comprising four sections: the information system environment, software and hardware, 

operation and information systems security. 

5.2 Work carried out in 2008 

Assessment of internal control 

In 2008, before the survey on the assessment of internal control within the Group was made, the questionnaires were reviewed by a committee 

of experts from the divisions and the holding company in the light of the results of the 2007 survey. The annual survey related to 261 entities 

(including 37 outside France) representing almost 60% of the Group’s consolidated business. The questionnaire comprised 130 questions for 

operational entities (211 entities surveyed) and 73 questions for the holding companies (7 entities surveyed). The replies were analysed by the 

Internal Audit Department using the criteria of geographical area, business line, entity size and process. A summary was presented to the Audit 

Committee. 

Furthermore, to ensure full compliance with the AMF’s recommendations, a specifi c questionnaire was sent to the Chairman of the Board 

covering matters solely related to his function. 

Information systems 

A project to assess information systems relating to production of fi nancial and accounting information was launched at the end of 2007 cover- 

ing 17 Group divisions or sub-divisions in France, with the assistance of external specialists, continuing on from the work done in 2006. This 

project, co-ordinated by the holding company’s internal Audit Department and information Systems Department, gave rise to a series of audit 

reports delivered to the entities in question in July 2008. A summary of the assessment and recommendations were presented to the Audit 

committee and actions plans based on these recommendations were drawn up by the entities in question during the summer of 2008. 

An information systems assessment campaign for subsidiaries based outside mainland France was launched at the end of 2008, with a questionnaire 

adapted from that already used in 2006. 

Work carried out by the divisions 

At VINCI Construction, the cost control and internal audit functions are mainly performed at the level of the various sub-divisions, given the division’s 

size and the scope of its activities. The construction division’s holding company has a small number of staff , and its role is to defi ne common 

rules, based on the Group’s rules but adapted to the specifi c features of its business, to monitor internal control work programmes drawn up by 

the sub-divisions (including the deployment of new computerised tools or new procedures), to verify their consistency and progress, and lastly to 

initiate audits at its own initiative or at the Group holding company’s suggestion. 

The sub-divisions in the construction division are VINCI Construction France, VINCI Construction Grands Projets, VINCI Construction Filiales Internationales, 

Freyssinet, Solétanche Bachy, Entrepose Contracting, VINCI plc (UK) and CFE (Belgium). 

At VINCI Construction France, work on the replacement of fi nancial management and accounting systems, launched in 2006, continued in 2008, 

the aim being to implement a single tool that will strengthen internal control. At the same time, four internal audit assignments were conducted 

in 2008, in the following delegations: Bateg, Provence-Languedoc-Roussillon, Travaux nautiques-Environnement and Normandy-Centre. 

In 2008, Freyssinet continued to draft its internal control manual, although the approach and content of this document will have to be redefi ned 

in the context of the Solétanche-Freyssinet merger. Moreover, 12 audits were carried out, mostly outside France (eight fi nancial audits and four 

legal audits). 

For Solétanche Bachy, which joined the Group in 2007, the main areas of action concern the continuing adoption of Group rules (accounts, 

reporting) and implementation of the rules and procedures for reviewing complex or sensitive off ers in the French and foreign subsidiaries, with 

the appointment of local correspondents reporting to the head offi ce. In 2008, fi ve system and procedures audit assignments were carried out. 



VINCI PLC (UK) updated the manual of policies and procedures aimed at senior executives (VINCI PLC Directors’ and Senior Executives’ 

Policies and Procedures Manual). Newly acquired companies (Taylor Woodrow Construction, Gordon Durham and Stradform) are working to 

harmonise their systems with those of VINCI PLC. The project launched in 2007 to overhaul its management and internal control system, run 

by a multidisciplinary team (Finance Leadership Team), continued in 2008, with particular emphasis on reporting and purchasing, thereby 

contributing to an improvement of the internal control culture in all the enterprise’s functions and enhancing the eff ectiveness of internal 

control. 

VINCI Construction Grands Projets carried out 41 audit assignments on its sites, focusing in particular on projects in start-up phase and projects 

with the biggest construction risks. The aspects reviewed in each of these assignments were accounting, budget, cash fl ow and uncertainties. 

Supplementing these internal assignments, three audits were carried out jointly with the Statutory Auditors. 

VINCI Construction Filiales Internationales has created an internal audit service which conducted implementation of a structuring management 

system (Probox) in the Europe division. This system is built on three components: a manual of basic rules that must be applied in all 

subsidiaries (the Rules), a shared construction management solution (Pégase) and standard budget control reporting forms for each construction 

site. In 2008, 64 audit assignments were carried out in the Africa, Overseas France and Europe divisions. Furthermore, four information 

system audit assignments were carried out in Eastern Europe with the assistance of specialised consultants. 

Entrepose Contracting, as a listed company, drafts its own internal control report. At the end of 2008, it initiated procedures to recruit an internal 

audit manager. 

VINCI Energies has continued the work commenced in previous periods; a self-assessment campaign focusing on sub-contracting and cash 

management processes was carried out in all active profi t centres, i.e. 748 units. Moreover, a complete self-assessment questionnaire (350 questions) 

was completed by new business units or business units with a new manager (79 altogether). In addition, a review of internal control was 

carried out in 97 profi t centres in 2008. 

In 2008, Eurovia carried out an overhaul of its Group management system bringing together all its entities in France and abroad, with the system 

available online at the beginning of 2009. Methods and management tools (Kheops, Ermes) were adopted in Canada, Slovakia, Poland, Lithuania 

and Romania and the systems are now used in all the French, and most of the foreign, businesses, enabling greater uniformity in the processing 

of accounting, fi nancial and management data, together with greater transparency, thus further facilitating their analysis and enabling simpler and 

more systematic control. 

Mapping of risks now covers all services in the Finance department, which has raised employee awareness of internal control. The division’s internal 

audit department conducted 30 assignments in 2008, broken down as follows: 

– 15 audits of agencies or operational subsidiaries in France; 

– 11 audits of agencies or operational subsidiaries outside France; 

– 1 audit of a functional department (shared services centre in France); 

– 3 acquisition audits. 

VINCI Concessions, which experienced an exceptional growth in the number of companies managed in 2008, focused on implementing internal 

control organisation (power of attorney and adapting the general directives of the Director and Chief Executive Offi cer) and procedures in these 

new subsidiaries, with particular emphasis on reporting. 

An improved cost control system was put in place for development activities. 

Implementation of internal control is still the responsibility of the companies making up the division. Thus, ASF, Escota and VINCI Park have their 

own dedicated internal control structures. 

In 2008, VINCI Park conducted some 100 assignments aimed at ensuring compliance with operating procedures in its car parks. 

Cofi route strengthened security for payment by bank card. Two audits were conducted, one dealing with sub-concessionaires (one-third of the 

brands) and one concerning follow-up of ISO 9001/2001 certifi cation. 

ASF recruited an information system security manager responsible for analysing IT risks, and in particular, mapping and implementing a security 

action plan. A quality action plan inspired by Itil (Information Technology Infrastructure Library) is applied to all functional and operational 

processes in the Engineering of Information Systems department. Quality audit assignments focusing on the purchasing process were also 

conducted. 

Escota initiated a risk control action plan at the end of 2007, which led to the mapping of major risks in 2008. At the end of 2008, the working 

groups responsible for the diff erent themes proposed action plans to manage these risks. In addition, a new business manager position was created 

in the Finance and Legal department with responsibility for monitoring the compliance of internal procedures with the regulations in force in 

respect of contracts and purchasing in general. 

The assignments carried out in the various companies in 2008 revealed no anomalies that would raise doubts as to the level of internal control in 

the entities audited. 

In 2008, VINCI Immobilier continued with its eff orts to strengthen internal control in two areas: procedures and new IT systems. 

The “business line” software covering the whole chain of production and fi nancial management of operations deployed in 2007 was extended to 

include monitoring of all property development operations under way, systematically implementing the associated procedures and giving full scope 

to the structuring eff ects of the software in terms of processes, both for accounting staff and for operational staff . In addition, the procedures 

specifi c to the accounting and management control departments were fi nalised, in line with the objectives set on the reorganisation of accounting 

and fi nancial departments initiated in 2007. 

163


The internal new business committees specifi c to VINCI Immobilier were strengthened. In particular, the meetings of these internal committees 

now systematically require presentation of more in-depth analyses and commercial and legal studies considering the volatility of the markets. The 

internal committees were also more selective as concerns authorisations given, taking into account the deterioration in the markets. 

5.3 Work to be done in 2009 and beyond 

VINCI’s various divisions are aware of the stakes of internal control and are deploying the necessary resources in consequence. 

In 2009, the priority areas for improvement identifi ed for all divisions include: 

– mapping of major risks according to the methodological guide drafted by the holding company; 

– implementation of action plans responding to the recommendations of audits or information system reviews in 2008; 

– continued formalisation of the internal control rules in divisions or their main entities, in order to have comprehensive standards adapted to the 

various businesses; 

– continued deployment of management tools that are common to the various divisions, especially in the foreign subsidiaries; 

– integration of entities acquired in 2008 by deploying the procedures and resources common to the Group and those specifi c to their division, 

to ensure rapid dissemination and implementation of the Group’s internal control culture, tools and practices; 

– assessment of internal control, in particular by sampling during specifi c internal audit assignments carried out by cost controllers or internal 

auditors dedicated to these duties. 

VINCI will strive to continue to improve the organisation of internal control within the Group, while maintaining light command structures, at both 

holding company and divisional level. The following objectives will be pursued: 

– ensure the correct application of the Group’s rules and procedures; 

– monitor changes in regulatory requirements; 

– maintain eff ective management of the major risks; 

– guarantee reliable fi nancial information. 


Report of the Statutory Auditors in application 

of Article L.225-235 of the French Commercial Code 

on the Report of the Chairman of the Board of Directors 

Year ended 31 December 2008 

To the Shareholders, 


As Statutory Auditors of VINCI S.A., and in application of the provisions of Article L.225-235 of the French Commercial Code, we present 

our report on the report prepared by the Chairman of your Company in accordance with the provisions of Article L. 225-37 of the French 

Commercial Code, for the period ended 31 December 2008. 

The Chairman is required to prepare and submit to the approval of the Board of Directors a report on the internal control and risk management 

procedures implemented within the Company and providing the other information required in Article L.225-37 of the French Commercial 

Code relating in particular to corporate governance. 

Our role is: 

– to communicate to you any comments required by the information contained in the Chairman’s report on internal control procedures relating 

to the preparation and treatment of accounting and fi nancial information; and 

– to attest that the report includes the other information required by Article L.225-37 of the French Commercial Code, it being clearly stated 

that we are not required to verify the fair presentation of this other information. 

We conducted our review in accordance with the professional standards applicable in France. 

Information on the internal control procedures relating to the preparation 

and treatment of accounting and fi nancial information 

The applicable professional standards require us to plan and perform our work so as to be able to assess the fair presentation of the information 

in the Chairman’s report on the internal control procedures relating to the preparation and treatment of accounting and fi nancial 

information. Those standards require in particular that we: 

– inform ourselves of the internal control procedures relating to the preparation and treatment of the accounting and fi nancial information 

supporting the information presented in the Chairman’ s report, and of the existing documentation; 

– inform ourselves of the work done to prepare this information and the existing documentation; 

– ascertain if appropriate disclosures have been made in the Chairman’s report in respect of any major defi ciencies of internal control relating 

to the preparation and treatment of accounting and fi nancial information that we may have noted in performing our work. 

On the basis of this work, we have no comments to make on the disclosures regarding the Company’s internal control procedures relating 

to the preparation and treatment of accounting and fi nancial information, contained in the report of the Chairman of the Board of Directors, 

prepared in application of Article L.225-37 of the French Commercial Code. 

Other information 

We declare that the report of the Chairman of the Board of Directors includes the other information required by Article L 225-37 of the French 

Commercial Code. 

KPMG Audit 

Department of KPMG S.A. 

Patrick-Hubert Petit Philippe Bourhis 

Paris La Défense and Neuilly-sur-Seine, 19 March 2009 

The Statutory Auditors 


Jean-Paul Picard Mansour Belhiba 


This report should be read in conjunction whith, and is construed in accordance with, French law and professional auditing standarts applicable in France. 

165

Consolidated fi nancial statements 

Contents 

Key fi gures 167 

Consolidated income statement 167 

Consolidated balance sheet 168 

Consolidated cash fl ow statement 170 

Statement of changes in consolidated equity 171 

Notes to the consolidated financial statements 

A. Accounting policies and measurement methods 172 

B. Business combinations 187 

C. Segment information 188 

Note 1. Revenue 189 

Note 2. Other segment information by business line 191 

Note 3. Breakdown of the Concessions business line 194 

Note 4. Segment information by geographical segment 196 

D. Notes to the income statement 196 

Note 5. Operating profi t 196 

Note 6. Financial income and expenses 197 

Note 7. Income tax 199 

Note 8. Earnings per share 201 

E. Notes to the balance sheet 202 

Note 9. Concession intangible assets 202 

Note 10. Goodwill 206 

Note 11. Other intangible assets 207 

Note 12. Property, plant and equipment 208 

Note 13. Impairment tests on goodwill and other non-fi nancial assets 209 

Note 14. Investment property 210 

Note 15. Investments in associates 210 

Note 16. Other non-current fi nancial assets 211 

Note 17. Construction contracts (contracting divisions) 214 

Note 18. Equity 215 

Note 19. Share-based payment 218 

Note 20. Non-current provisions 222 

Note 21. Working capital requirement and current provisions 226 

Note 22. Net fi nancial debt 229 

Note 23. Management of fi nancial risks 238 

Note 24. Carrying amount and fair value by accounting category 244 

Note 25. Transactions with related parties 246 

Note 26. Contractual obligations and other commitments made and received 247 

Note 27. Employees and staff training rights 248 

Note 28. Statutory Auditors’ fees 249 

F. Disputes and arbitration 249 

G. Post balance sheet events 250 

Note 29. Appropriation of earnings for 2008 250 

H. List of the main companies consolidated at 31 December 2008 251 


Key fi gures 


(in € millions) 2008 2007 (*) 

Revenue 33,930.3 30,874.3 

of which: 

Revenue excluding construction by third parties of new infrastructure under concession 33,457.8 30,337.9 

Revenue realised by concession operators for the construction of new infrastructure by third parties (**) 472.5 536.4 

Revenue outside France 12,571.9 10,742.6 

% of revenue (***) 37.6% 35.4% 

Operating profi t from ordinary activities 3,377.8 3,117.5 

% of revenue (***) 10.1% 10.3% 

Operating profi t 3,275.9 3,010.7 

Net profi t attributable to equity holders of the parent 1,591.4 1,455.0 

Earnings per share (in €) 3.39 3.13 

Diluted earnings per share (in €) 3.30 3.01 

Dividend per share (in €) 1.62 1.52 

Equity including minority interest 9,025.8 8,113.5 

Net fi nancial debt (15,370.8) (16,303.3) 

Net fi nancial debt excluding project fi nance (14,410.8) (15,723.3) 

Cash fl ow from operations 4,871.8 4,513.5 

Net investments in operating assets (897.3) (683.1) 

Investments in concession assets and PPP contracts (1,217.9) (1,280.9) 

Net fi nancial investments (****) (277.9) (1,731.2) 

(*) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12, Service Concession Arrangements” 

(**) See change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12, Service Concession Arrangements” 

(***) Percentage calculated using revenue excluding the construction by third parties of new infrastructure under concession 

(****) Including cash of companies acquired or sold 

Consolidated income statement 

(in € millions) Notes 2008 2007 (*) 

Revenue 1-2-3 33,930.3 30,874.3 

of which: 

Revenue excluding construction by third parties of new infrastructure under concession 33,457.8 30,337.9 


Revenue from ancillary activities 5 216.1 238.9 

Operating expenses 5 (30,768.7) (27,995.7) 

Operating profi t from ordinary activities 2-3-5 3,377.8 3,117.5 

Share-based payment expense (IFRS 2) 5-19 (103.5) (117.6) 

Goodwill impairment expense 10-13 (22.2) (6.0) 

Profi t / (loss) of associates 15 23.8 16.7 

Operating profi t 2-3-5 3,275.9 3,010.7 

Cost of gross fi nancial debt (1,043.2) (1,006.5) 

Financial income from cash management investments 179.8 195.5 

Cost of net fi nancial debt 6 (863.3) (811.0) 

Other fi nancial income 6 256.0 199.5 

Other fi nancial expenses 6 (199.0) (80.1) 

Income tax expense 7 (770.5) (741.2) 

Net profi t from continuing operations 1,699.1 1,577.9 

Net profi t after tax from discontinued operations (halted or sold) 

Net profi t for the period 1,699.1 1,577.9 

Net profi t attributable to minority interests 107.7 122.9 

Net profi t attributable to equity holders of the parent 1,591.4 1,455.0 

Earnings per share from continuing operations 

Earnings per share (in €) 8 3.39 3.13 

Diluted earnings per share (in €) 8 3.30 3.01 

Earnings per share attributable to equity holders of the parent 

Earnings per share (in €) 8 3.39 3.13 

Diluted earnings per share (in €) 8 3.30 3.01 

(*) Restated in accordance with the change of accounting policy described in Note A.1.3 ”Change of accounting policy: IFRIC 12, Service Concession Arrangements“ 

(**) See change of accounting policy described in Note A.1.3 ”Change of accounting policy: IFRIC 12, Service Concession Arrangements“ 

167


Consolidated balance sheet 

Assets 


Non-current assets 

Concession intangible assets 9 24,059.2 23,868.7 

Goodwill 10 3,578.9 3,382.5 

Other intangible assets 11 177.3 141.6 

Property, plant and equipment 12 4,582.9 4,189.5 

Investment property 14 42.8 52.6 

Investments in associates 15 165.9 190.1 

Other non-current fi nancial assets 16 622.4 619.8 

Deferred tax assets 7 143.8 112.3 

Total non-current assets 33,373.2 32,557.1 

Current assets 

Inventories and work in progress 21 786.4 647.5 

Trade and other operating receivables 21 11,561.5 11,101.3 

Other current assets 21 325.6 288.4 

Current tax assets 7 91.5 54.8 

Other current fi nancial assets 16-22 246.9 233.9 

Cash management fi nancial assets 22 338.6 665.0 

Cash and cash equivalents 22 5,068.5 4,223.8 

Total current assets (before assets held for sale) 18,419.0 17,214.8 

Assets related to discontinued activities and other assets held for sale 5.4 

Total current assets 18,419.0 17,220.1 

Total assets 51,792.2 49,777.2 



Equity and liabilities 



Equity 

Share capital 1,240.4 1,214.9 

Share premium 5,162.7 4,806.8 

Treasury shares 18.2 (1,247.5) (1,102.2) 

Other equity instruments 490.6 490.6 

Consolidated reserves 1,436.1 644.1 

Currency translation reserves (113.6) (20.4) 

Net profi t for the period attributable to equity holders of the parent 1,591.4 1,455.0 

Net income recognised directly in equity (139.7) 46.9 

Equity attributable to equity holders of the parent 18 8,420.5 7,535.8 

Minority interest 605.3 577.7 

Total equity 18 9,025.8 8,113.5 

Non-current liabilities 

Non-current provisions 20 905.3 996.4 

Bonds 22 3,958.7 5,159.8 

Other loans and borrowings 22 13,813.6 13,480.7 

Other non-current liabilities 114.2 85.6 

Deferred tax liabilities 7 2,478.5 2,413.7 

Total non-current liabilities 21,270.4 22,136.2 

Current liabilities 

Current provisions 21 2,672.4 2,429.4 

Trade payables 21 6,803.8 6,553.4 

Other current payables 21 8,574.0 7,594.9 

Current tax payables 7 123.7 156.0 

Current borrowings 22 3,322.0 2,792.6 

Total current liabilities (before liabilities held for sale) 21,495.9 19,526.2 

Liabilities related to discontinued activities and other liabilities held for sale 1.3 

Total current liabilities 21,495.9 19,527.6 

Total equity and liabilities 51,792.2 49,777.2 


169


Consolidated cash fl ow statement 


Net profi t for the period (including minority interest) 1,699.1 1,577.9 

Depreciation and amortisation 1,730.1 1,590.3 

Net increase / (decrease) in provisions (83.5) 58.9 

Share-based payments (IFRS 2) and other restatements 57.0 15.0 

Gain / (loss) on disposals (102.0) (87.8) 

Change in fair value of fi nancial instruments 111.8 (26.8) 

Share of profi t / (loss) of associates, dividends received from unconsolidated entities 

and profi t / (loss) of operations classifi ed as held for sale 

(38.7) (30.6) 

Capitalised borrowing costs (135.9) (135.6) 

Cost of net fi nancial debt recognised 863.3 811.0 

Current and deferred tax expense recognised 770.5 741.2 

Cash fl ows (used in) / from operations before tax and fi nancing costs 2-3 4,871.8 4,513.5 

Changes in working capital requirement and current provisions 2-3-21 733.0 686.9 

Income taxes paid (582.4) (782.6) 

Net interest paid (881.4) (836.1) 

Net cash fl ows (used in) / from operating activities I 4,140.9 3,581.7 

Purchases of property, plant and equipment, and intangible assets (992.8) (815.7) 

Proceeds from sales of property, plant and equipment, and intangible assets 95.4 132.7 

Net investments in operating assets (897.3) (683.1) 

Purchases of concession fi xed assets (net of grants received) (1,166.6) (1,269.5) 

New PPP contracts (fi nancial receivables) (51.3) (11.5) 

Investments in concession assets and PPP contracts (1,217.9) (1,280.9) 

Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (479.8) (2,095.0) 

Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 95.5 71.9 

Net eff ect of changes in consolidation scope 106.4 292.0 

Net fi nancial investments (277.9) (1,731.2) 

Dividends received from associates and unconsolidated entities 30.5 27.2 

Other 40.3 2.2 

Net cash fl ows (used in) / from investing activities II (2,322.4) (3,665.7) 

Changes in share capital 381.3 369.7 

Changes in treasury shares (200.3) (939.5) 

Minority interest in share capital increases of subsidiaries 

Dividends paid 

5.9 2.3 

– to shareholders of VINCI SA 18 (765.1) (664.5) 

– to minority interests (63.6) (48.4) 

Proceeds from new borrowings 679.1 3,611.8 

Repayment of borrowings and changes in other current fi nancial debt (1,272.7) (2,366.9) 

Change in cash management assets 397.1 (758.2) 

Net cash fl ows (used in) / from fi nancing activities III (838.2) (793.7) 

Change in net cash I+II+III 980.3 (877.7) 

Net cash and cash equivalents at beginning of period 3,594.0 4,487.7 

Other changes (60.9) (15.9) 

Net cash and cash equivalents at end of period 22 4,513.4 3,594.0 

Increase / (decrease) of cash management fi nancial assets (397.1) 758.2 

(Proceeds from) / repayment of loans 593.6 (1,244.9) 

Other changes (183.4) (126.5) 

Change in net debt 932.5 (1,506.8) 

Net debt at beginning of period (16,303.3) (14,796.4) 

Net debt at end of period 22 (15,370.8) (16,303.3) 



Statement of changes in consolidated equity 


Share 

capital 

Share 

premium 

Capital and reserves attributable to equity holders of the parent 

Treasury 

shares 

Other 

equity 

instruments 

Consolidated 

reserves 

Currency 

translation 

reserves 

Net 

profi t for 

the 

period 

Net income 

recognised 

directly in 

equity Total 

Minority 

interest Total 

Balance at 1 January 2007 

restated (*) 1,176.6 4,475.5 (178.4) 490.6 473.7 20.5 1,270.4 9.5 7,738.4 753.3 8,491.7 

Increase in share capital 47.9 444.7 492.6 2.3 494.9 

Decrease in share capital (9.5) (113.4) (122.9) (122.9) 

Changes in treasury shares (923.9) (15.6) (939.5) (939.5) 

Allocation of net income and dividend 

payments 605.8 (1,270.4) (664.5) (48.4) (712.9) 

Net profi t for the period (a) 1,455.0 1,455.0 122.9 1,577.9 

Financial instruments: changes in fair 

value (b) 

including: 

38.2 38.2 0.4 38.7 

Available-for-sale fi nancial assets 3.6 3.6 3.6 

Cash fl ow hedges 34.6 34.6 0.4 35.1 

Currency translation diff erences (46.4) (46.4) (2.1) (48.5) 

Changes in equity of associates 

recognised directly in equity 0.0 0.0 

Share-based payments (IFRS 2) 82.4 82.4 82.4 

Eff ect of acquisitions on non-controlling 

interests after acquisition of control (558.5) 0.1 0.4 (558.0) (284.2) (842.2) 

Changes in consolidation scope 17.6 3.9 (0.2) 21.3 34.7 56.1 

Other 38.6 1.5 (0.9) 39.2 (1.3) 37.8 

Balance at 31 December 2007 

restated (*) 1,214.9 4,806.8 (1,102.2) 490.6 644.1 (20.4) 1,455.0 46.9 7,535.8 577.7 8,113.5 

of which total income and expense 

recognised in respect of 2007 (a) + (b) 

1,455.0 38.2 1,493.2 123.3 1,616.6 

Increase in share capital 25.5 355.9 381.4 5.9 387.3 

Decrease in share capital 0.0 0.0 

Changes in treasury shares (145.2) (55.1) (200.3) (200.3) 

Allocation of net income and dividend 

payments 689.9 (1,455.0) (765.1) (63.6) (828.7) 

Net profi t for the period (a) 1,591.4 1,591.4 107.7 1,699.1 

Financial instruments: changes in fair 

value (b) 

including: 

(148.1) (148.1) (7.7) (155.8) 

Available-for-sale fi nancial 9.5 9.5 9.5 

Cash fl ow hedges (157.6) (157.6) (7.7) (165.3) 

Currency translation diff erences (94.1) 0.2 (93.9) (5.8) (99.7) 

Changes in equity of associates 

recognised directly in equity (38.8) (38.8) (38.8) 

Share-based payments (IFRS 2) 

Eff ect of acquisitions on non-controlling 

78.8 78.8 0.0 78.8 

interests after acquisition of control 

(50.6) 

(50.6) (9.9) (60.5) 

Changes in consolidation scope 0.4 (0.4) (0.0) 0.0 (0.2) (0.2) 

Other 128.6 1.2 0.1 129.9 1.3 131.2 

Balance at 31 December 2008 1,240.4 5,162.7 (1,247.5) 490.6 1,436.1 (113.7) 1,591.4 (139.7) 8,420.5 605.3 9,025.8 

of which total income and expense 

recognised in respect of 2008 (a) + (b) 1,591.4 (148.1) 1,443.3 100.0 1,543.3 



171


Notes to the consolidated fi nancial statements 

A. Accounting policies and measurement methods 

1. General principles 

In application of Regulation (EC) No 1606/2002 of 19 July 2002, VINCI’s consolidated fi nancial statements for the year ended 31 December 2008 

have been prepared under the International Financial Reporting Standards (IFRS) as endorsed by the European Union at 31 December 2008. (*) 

The accounting policies applied by the Group at 31 December 2008 are the same as those used in preparing its consolidated fi nancial statements 

at 31 December 2007, except for: 

- the Standards and Interpretations adopted by the European Union, applicable as from 1 January 2008 (see Note A.1.1. “New Standards and 

Interpretations applicable from 1 January 2008”); 

- the change of accounting policy relating to the early application of the IAS 20 Amendment included in the IFRS Annual Improvement Process 

(see Note A.1.2 “Change of accounting policy: accounting for loans at below-market rate of interest”); 

- the change of accounting policy relating to the early application of Interpretation IFRIC 12 (see Note A.1.3 “Change of accounting policy: 

IFRIC 12 Service Concession Arrangements”). 

The information relating to 2006, presented in the 2007 registration document D.08-0147 fi led with the AMF on 25 March 2008 is deemed to 

be included herein. 

The consolidated fi nancial statements were fi nalised by the Board of Directors on 3 March 2009 and will be submitted to the Shareholders’ 

General Meeting for approval on 14 May 2009. 

1.1 New Standards and Interpretations applicable from 1 January 2008 

1.1.1 IFRIC 11 Group and Treasury Share Transactions 

This Interpretation states how share-based payments (IFRS 2) in Group subsidiaries should be accounted for whenever these payments are 

made by means of equity instruments of the parent. 

VINCI’s accounting policies already complied with this Interpretation. 

1.1.2 IFRIC 14 The Limit on a Defi ned Benefi t Asset, Minimum Funding Requirements and their Interaction 

This Interpretation sets out the conditions – i.e. refunds or reductions in future contributions – enabling the entity in question to recognise a 

receivable in the event of a fi nancial asset or pension fund becoming in surplus. Moreover, the existence of a minimum funding requirement may 

restrict the amount of the receivable recognised or require the recognition of a supplementary liability. 

The application of this Interpretation has had no material impact on the Group’s consolidated fi nancial statements at 31 December 2008. 

1.1.3 IAS 39 & IFRS 7 Reclassifi cation of Financial Assets – Amendment published on 27 November 2008 

The Amendments to IAS 39 and IFRS 7 allow entities, in rare circumstances, to reclassify certain fi nancial instruments originally held for trading 

to other asset categories. The current fi nancial crisis is considered as a rare circumstance of a nature such as to justify the use of this option by 

entities. 

This Amendment has not been applied to the consolidated fi nancial statements at 31 December 2008. 

1.2 Change of accounting policy: accounting for loans 

at below-market rate of interest 

The Amendments issued under the IFRS Annual Improvements Process were adopted by the European Union during the fi rst quarter of 2009. 

VINCI has elected to apply the Amendment to IAS 20 early. This Amendment specifi es the accounting treatment of loans granted at belowmarket 

rates of interest by some public sector bodies (such as the loans made by the European Investment Bank in connection with the fi nancing 

of concession assets). The economic benefi t arising from application of an interest rate that is signifi cantly below market rates is henceforth 

considered as a government grant, recognised as a reduction of the related investments made. This results in a corresponding reduction of the 

loans in question, of which the interest expense will be recognised on the basis of market rates of interest. 

In accordance with the transitional arrangements provided for in this Amendment, this change of accounting policy has been applied prospectively 

to loans at below-market rates of interest taken out during 2008. 

(*) Available on the website: http://ec.europa.eu/internal_market/accounting/ias_en.htm#adopted-commission 


Main impacts recognised at 31 December 2008: 



(in € millions) Grants Loans 

Impact of change of accounting policy 57.2 (56.3) 

The impacts on the income statement are not material. 

1.3 Change of accounting policy: IFRIC 12 Service Concession Arrangements 

Interpretation IFRIC 12, published in November 2006, was adopted by the Accounting Regulatory Committee (ARC) on 6 November 2008 and 

should be ratifi ed by the European Commission during the fi rst quarter of 2009. VINCI has elected to apply its principles as from the 2008 

balance sheet date as it considers that this Interpretation enables better fi nancial information to be given. 

1.3.1 Accounting treatment of concession agreements under IFRIC 12 

The application scope of IFRIC 12 covers public service concession contracts in which the concession grantor is considered to exercise control 

over the assets operated. The concession grantor is considered to control the asset if: 

- the grantor controls or regulates what services the operator must provide with the infrastructure, to whom it must provide them, and what 

and how the operator will be paid; and 

- the grantor controls the residual interest in the infrastructure at the end of the arrangement. 

Under the terms of this Interpretation, the operator has a twofold activity: 

- a construction activity in respect of its obligations to design, build and fi nance an asset that it makes available to the grantor: revenue is 

recognised on a stage of completion basis in accordance with IAS 11; 

- an operating and maintenance activity in respect of the assets under the concession: revenue is recognised in accordance with IAS 18. 

In return for its activities, the operator receives consideration from either: 

- users: the intangible asset model applies. The operator has a right to receive tolls (or other payments) from users in consideration for the 

fi nancing and construction of the infrastructure. The intangible asset model also applies whenever the concession grantor remunerates the 

concession operator on the basis of the extent of use of the infrastructure by users, but with no guarantees as to the amounts that will be paid 

to the operator (under a simple pass through or shadow toll agreement). 

Under this model, the operator’s rights are recognised in the balance sheet under Concession intangible assets. This operating right corresponds 

to the fair value of the asset under concession plus the borrowing costs capitalised during the construction phase. It is amortised over the term 

of the arrangement in a manner that refl ects the pattern in which the asset’s economic benefi ts are consumed by the entity, starting from the 

entry into service of the asset. 

This treatment applies to most of the infrastructure concessions that are today operated by VINCI, in particular the motorway networks of ASF, 

Escota and Cofi route, the A19, the A4 Hörselberg in Germany, the Rion-Antirion bridge in Greece, the Athens-Patras-Corinth motorways in 

Greece and most of the parking facilities managed under concessions by VINCI Park. 

or 

- the grantor: the fi nancial asset model applies. The operator has an unconditional contractual right to receive payments from the grantor, 

irrespective of the amount of use made of the infrastructure. 

Under this model, the operator recognises a fi nancial asset, attracting interest, in its balance sheet, in consideration for the services it provides 

(designing, building, operation or maintenance). These fi nancial assets are recognised in the balance sheet under Loans and receivables, for the 

amount of the fair value of the infrastructure on fi rst recognition and subsequently at amortised cost. It is settled by means of the grantor’s 

payments received. The fi nancial income calculated on the basis of the eff ective interest rate, equivalent to the project’s internal rate of return, 

is recognised under operating income. 

This model applies to the Newport bypass contract in the UK, the Liefk enshoek Tunnel and Coentunnel contracts granted in 2008 (in Belgium 

and the Netherlands respectively), to some VINCI Park contracts, and to all VINCI’s Public-Private Partnerships in France and PFI (Private Finance 

Initiative) contracts in the United Kingdom. 

Under the mixed model, whenever only part of the investment is covered by an unconditional right to receive payments from the grantor, it is 

recognised as a fi nancial receivable up to the amount guaranteed by the grantor. The unguaranteed balance, of which the amount is dependent 

on the extent of use of the infrastructure, is recognised as an intangible asset. On the basis of an analysis of VINCI’s existing contracts, this 

model applies to some VINCI Park contracts. 

Concession operating assets that are not controlled by the grantor even though they are necessary for the operation of the concession – such 

as buildings intended for use in the operation, equipment for toll collection, signage, data transmission, and video-surveillance, and vehicles and 

equipment – are recognised under property, plant and equipment (see Note E.12 “Property, plant and equipment)” and are depreciated over 

their useful life. 

The accounting consequences of the application of IFRIC 12 for the Group’s consolidated fi nancial statements are given below (see Note A.1.3.2 

“Consequences of the fi rst application of IFRIC 12 for the Group’s consolidated fi nancial statements” and Note A.1.3.3 “Main impacts of the 

change of accounting policy following application of IFRIC 12).” 

173


1.3.2 Consequences of the fi rst application of IFRIC 12 for the Group’s consolidated fi nancial statements 

Consequences for revenue 

Revenue is recognised on a stage of completion basis in respect of infrastructure construction services provided by the concession operating 

companies on behalf of grantors and contracted to Group or non-Group companies, with recognition of a corresponding intangible asset or 

fi nancial asset, depending on the model applied. 

Consequences of application of the Intangible Asset Model 

The main changes in the Group’s consolidated fi nancial statements relate to: 

- the change in the rules and measurement methods for provisions to maintain infrastructure assets under concession in a good state of repair, 

which mainly relates to the motorway concession operating companies; 

- the reclassifi cation of concession operating assets, previously included in concession intangible assets, under property, plant and equipment 

whenever these assets used in operating the infrastructure are not controlled by the grantor, and the recalculation of the corresponding depreciation. 

Consequences of application of the Financial Asset Model 

The main changes in the Group’s consolidated fi nancial statements relate to: 

- the reclassifi cation of the relevant assets from intangible assets to fi nancial assets. These fi nancial assets give rise to recognition, as from the 

start of construction work, of fi nancial income calculated on the basis of the eff ective interest rate, equivalent to the project’s internal rate of 

return, recognised under operating income; 

- recognition of the cost of fi nancing the infrastructure under expenses; 

- recognition under revenue of revenue for operating and maintenance services as they are provided. 

1.3.3 Main impacts of the change of accounting policy following application of IFRIC 12 

In accordance with IAS 8, this change of accounting policy has been applied retrospectively as from 1 January 2007 and the opening balance of 

equity and the comparative data presented have been restated. 

Income statement 

31/12/2007 

Impact 

31/12/2007 


published 

IFRIC 12 Notes 

restated 

Revenue 30,427.8 446.6 (1) 30,874.3 

Revenue from ancillary activities 234.3 4.6 238.9 

Operating expenses (27,549.3) (446.4) (2) (27,995.7) 

Operating profi t from ordinary activities 3,112.8 4.7 3,117.5 

Operating profi t 3,006.1 4.5 3,010.7 

Cost of net fi nancial debt (811.0) 0.0 (811.0) 

Other fi nancial income and expenses 131.7 (12.3) (3) 119.4 

Income tax (743.8) 2.7 (741.2) 

Net profi t or loss from continuing operations 

Post-tax profi t or loss of discontinued activities 

1,583.0 (5.1) 1,577.9 

Net profi t for the year 1,583.0 (5.1) 1,577.9 

Minority interest 122.0 0.9 122.9 

Net profi t attributable to equity holders of the parent 1,461.0 (6.0) 1,455.0 

Earnings per share from continuing operations 

Earnings per share (in euros) 3.14 (0.01) 3.13 

Diluted earnings per share (in euros) 3.02 (0.01) 3.01 

Earnings per share 

Earnings per share (in euros) 3.14 (0.01) 3.13 

Diluted earnings per share (in euros) 3.02 (0.01) 3.01 

(1) The impact of IFRIC 12 on revenue corresponds mainly to revenue for work contracted by concession operating companies to non-Group 

companies for the design and construction of new infrastructure for €536.4 million and a reduction of €89 million resulting from the application 

of the fi nancial asset model to the Public-Private Partnership contracts in France and to the PFI (Private Finance Initiative) contracts in the United 

Kingdom and the elimination of intra-group transactions. 

(2) The impact of IFRIC 12 on operating expenses comprises the construction costs incurred in building the assets under concession and relates 

to ASF for €204 million, Cofi route for €137 million and Escota for €108 million. 

(3) The impact of IFRIC 12 on other fi nancial income and expenses corresponds to the discounting to present value of the provisions for maintaining 

concession assets in a good state of repair. 


Balance sheet 

(in € millions) Published 


31/12/2007 01/01/2007 

Impact 

IFRIC 12 Notes Restated Published 

Impact 

IFRIC 12 Restated 

Assets 

Concession intangible assets 25,060.6 (1,191.9) (1) 23,868.7 24,698.5 (1,138.8) 23,559.7 

Goodwill 3,382.5 3,382.5 2,636.5 2,636.5 

Other intangible assets 141.6 141.6 128.3 128.3 

Property, plant and equipment 2,824.5 1,365.0 (2) 4,189.5 2,322.6 1,303.6 3,626.3 

Investment property 52.6 52.6 47.3 47.3 

Investments in associates 191.9 (1.8) 190.1 102.8 (1.5) 101.2 

Other non-current fi nancial assets 562.3 57.5 (3) 619.8 348.2 63.6 411.8 

Deferred tax assets 110.1 2.2 112.3 218.8 218.8 

Total non-current assets 32,326.0 231.1 32,557.1 30,503.0 226.9 30,729.9 

Inventories and work in progress 647.5 647.5 567.1 567.1 

Trade and other operating receivables 11,101.3 11,101.3 9,503.1 9,503.1 

Other current assets 288.4 288.4 241.0 241.0 

Current tax assets 54.8 54.8 37.5 37.5 

Other current fi nancial assets 232.2 1.6 (3) 233.9 158.1 1.4 159.5 

Cash management fi nancial assets 665.0 665.0 1,223.2 1,223.2 

Cash and cash equivalents 4,223.8 4,223.8 5,154.8 5,154.8 

Current assets 17,213.2 1.6 17,214.8 16,884.8 1.4 16,886.2 

Assets related to discontinued activities and other assets 

held for sale 5.4 5.4 

Total assets 49,544.5 232.7 49,777.2 47,387.8 228.3 47,616.1 


Share capital 1,214.9 1,214.9 1,176.6 1,176.6 

Share premium 4,806.8 4,806.8 4,475.5 4,475.5 

Treasury shares (1,102.2) (1,102.2) (178.4) (178.4) 

Other equity instruments 490.6 490.6 490.6 490.6 

Consolidated reserves 2,214.7 (89.1) 2,125.6 1,857.4 (83.4) 1,774.0 

Minority interest 571.8 5.9 577.7 748.4 4.9 753.3 

Total equity 8,196.7 (83.2) 8,113.5 8,570.1 (78.4) 8,491.7 

Non-current provisions 1,067.2 (70.8) 996.4 1,015.0 (70.2) 944.7 

Bonds 5,159.8 5,159.8 3,591.3 3,591.3 

Other loans and borrowings 13,480.7 13,480.7 14,043.7 14,043.7 

Other non-current liabilities 85.6 85.6 49.1 49.1 

Deferred tax liabilities 2,453.4 (39.6) 2,413.7 2,612.7 (39.2) 2,573.5 

Total non-current liabilities 22,246.7 (110.5) 22,136.2 21,311.8 (109.5) 21,202.3 

Current provisions 2,003.0 426.4 (4) 2,429.4 1,655.9 416.2 2,072.1 

Trade payables 6,553.4 6,553.4 5,554.1 5,554.1 

Other current payables 7,594.9 7,594.9 6,428.7 6,428.7 

Current tax payables 156.0 156.0 138.7 138.7 

Current borrowings 2,792.6 2,792.6 3,728.6 3,728.6 

Current liabilities 19,099.9 426.4 19,526.2 17,505.9 416.2 17,922.1 

Liabilities related to discontinued activities and other 

liabilities held for sale 1.3 0.0 1.3 0.0 

Total equity and liabilities 49,544.5 232.7 49,777.2 47,387.8 228.3 47,616.1 

(1) The impact of IFRIC 12 on concession intangible assets (see note (2)) at 31 December 2007 relates to ASF for –€522 million, to Cofi route for 

–€308 million, to Escota for –€128 million and to VINCI Park for –€127 million. 

(2) The impact of IFRIC 12 on property, plant and equipment relates to the reclassifi cation of concession operating assets that are not controlled 

by the grantor but that are used in providing the public service. 

(3) The impact of IFRIC 12 on other fi nancial assets (current and non-current) represents the fi nancial receivables recognised under the fi nancial 

asset model for €59.1 million at 31 December 2007. 

(4) The IFRIC 12 restatements of current provisions relate to the provisions for the obligation to maintain assets under concession in a good state 

of repair, resulting from obligations for renewal and maintenance of infrastructures. 

175


Cash fl ow statement 



31/12/2007 

Published 

Impact 

IFRIC 12 

31/12/2007 

Restated 

Net profi t for the period (including minority interest) 1,583.0 (5.1) 1,577.9 

Depreciation and amortisation 1,594.9 (4.5) 1,590.3 

Net increase/(decrease) in provisions 48.1 10.8 58.9 

Share-based payments (IFRS 2) and other restatements 15.0 15.0 

Gain/(loss) on disposals (87.8) (87.8) 

Change in fair value of fi nancial instruments (26.8) (26.8) 

Share of profi t/(loss) of associates, dividends received from unconsolidated entities and profi t/ 

(loss) of operations classifi ed as held for sale (30.8) 0.2 (30.6) 

Capitalised borrowing costs (135.6) (135.6) 

Cost of net fi nancial debt recognised 811.0 811.0 

Current and deferred tax expense recognised 743.8 (2.7) 741.2 

Cash fl ows (used in)/from operations before tax and fi nancing costs 4,514.7 (1.2) 4,513.5 

Net cash fl ows (used in) / from operating activities I 3,583.5 (1.8) 3,581.7 

Net cash fl ows (used in) / from investing activities II (3,667.5) 1.7 (3,665.7) 

Net cash fl ows (used in) / from fi nancing activities III (793.7) (793.7) 

Change in net cash I + II + III (877.7) (0.0) (877.7) 

Net cash and cash equivalents at beginning of period 4,487.7 0.0 4,487.7 

Net cash and cash equivalents at end of period 3,594.0 0.0 3,594.0 

Change in net debt (1,506.8) 0.0 (1,506.8) 

Net debt at beginning of period (14,796.4) 0.0 (14,796.4) 

Net debt at end of period (16,303.3) 0.0 (16,303.3) 

2. Consolidation methods 

2.1 Consolidation scope 

Companies of which the Group holds, whether directly or indirectly, the majority of voting rights enabling control to be exercised, are fully consolidated. 

Companies that are less than 50 % owned but in which VINCI exercises de facto control – i.e. has the power to govern the fi nancial 

and operating policies of an entity so as to obtain benefi ts from its activities – are consolidated using this same method. This relates mainly to 

CFE, a Belgium construction group quoted on the Brussels stock market, of which VINCI owns 46.84% and over which it has de facto control in 

view in particular of the widely-held nature of the Company’s shareholder register. 

Proportionate consolidation is used for jointly controlled entities. This relates in particular to joint venture agreements (sociétés en participation) 

in the construction division, various companies in the concessions division, and Consortium Stade de France, of which VINCI owns 66.67% and 

where there is a shareholders’ agreement with Bouygues, which owns 33.33%. This agreement organises the joint control by this Company’s 

two sole shareholders. 

VINCI’s consolidated fi nancial statements include the fi nancial statements of all companies with revenue of more than €2 million, and of subsidiaries 

whose revenue is below this fi gure but whose impact on the Group’s fi nancial statements is material. 

Companies over which the Group exercises signifi cant infl uence are accounted for using the equity method. 

Number of companies by reporting method 

31/12/2008 31/12/2007 

(number of companies) Total France Foreign Total France Foreign 

Full consolidation 1,676 1,069 607 1,610 1,025 585 

Proportionate consolidation 433 202 231 404 187 217 

Equity method 87 42 45 76 35 41 

Total 2,196 1,313 883 2,090 1,247 843


The main acquisitions in the year were Taylor Woodrow Construction (13 companies) acquired by VINCI plc, and Vossloh Infrastructure Services 

(4 companies) acquired by Eurovia, which are described in Note B “Business combinations”. 

The other changes in consolidation scope result mainly from the acquisition by VINCI Park of Ideal Parking, Master Park and Sunset Parking in 

North America, the acquisition of 22 companies in the energy division, 32 companies in the construction division, 17 companies in the roads 

division and 21 companies by VINCI Immobilier (Hermes Group). 

The main disposal during the period was that by VINCI Construction Filiales Internationales of its Hungarian subsidiary Hídépitö. 

2.2 Intragroup transactions 

Reciprocal operations and transactions relating to assets and liabilities, income and expenses between consolidated or equity-accounted 

companies are eliminated in the consolidated fi nancial statements. This is done: 

- for the full amount if the transaction is between two subsidiaries; 

- applying the percentage of proportionate consolidation of an entity if the transaction is between a fully consolidated entity and a proportionately 

consolidated entity; 

- applying the percentage owned of an equity-accounted entity in the case of profi ts or losses realised between a fully consolidated entity and 

an equity-accounted entity. 

2.3 Translation of the fi nancial statements of foreign subsidiaries and establishments 

In most cases, the functional currency of entities and establishments is their local currency. The fi nancial statements of foreign companies of 

which the functional currency is diff erent from that used in preparing the Group’s consolidated fi nancial statements are translated at the closing 

rate for balance sheet items and at the average rate for the period for income statement items. Any resulting translation diff erences are recognised 

under translation diff erences in consolidated reserves. Goodwill relating to foreign entities is considered as comprising part of the assets 

and liabilities acquired and is therefore translated at the exchange rate in force at the balance sheet date. 

2.4 Foreign currency transactions 

Transactions in foreign currency are translated into euros at the exchange rate at the transaction date. At the balance sheet date, fi nancial assets 

and monetary liabilities expressed in foreign currencies are translated at the closing rate. Resulting exchange gains and losses are recognised 

under foreign exchange gains and losses and are shown under other fi nancial income and other fi nancial expenses in the income statement. 

Foreign exchange gains and losses arising on loans denominated in foreign currency or on foreign currency derivatives used as long-term fi nance 

of investments in foreign subsidiaries that is neither expected nor likely to be repaid in the foreseeable future, or as hedges of investments in 

foreign subsidiaries are recorded under currency translation diff erences in equity. 

2.5 Business combinations 

The Group applies the so-called purchase method for business combinations made as from 1 January 2004. In application of this method, the 

Group recognises the identifi able assets, liabilities and contingent liabilities at their fair value at the dates when control was acquired. The cost 

of a business combination is the fair value, at the date of exchange, of the assets given, liabilities incurred, and/or equity instruments issued by 

the acquirer in exchange for control of the acquiree, plus any costs directly attributable to the acquisition. When an agreement provides for an 

adjustment to the purchase price contingent on future events, the Group includes the amount of that adjustment in the purchase cost of the 

target entity at the acquisition date if the adjustment is probable and can be measured reliably. 

The cost of acquisition is allocated by recognising the identifi able assets, liabilities and contingent liabilities of the acquiree at their fair value at 

that date, except for assets or asset groups classifi ed as held for sale under IFRS 5, which are recognised at their fair value less costs to sell. The 

positive diff erence between the cost of acquisition, as defi ned above, and VINCI’s interest in the fair value of the identifi able assets, liabilities and 

contingent liabilities is recognised as goodwill. 

The Group has twelve months from the date of acquisition to fi nalise the accounting for business combinations. 

2.6 Transactions between shareholders, acquisitions and disposals 

of non-controlling interests after acquisition of control 

Acquisitions or disposals of non-controlling interests, with no change of control, are considered as equity transactions with the Group’s shareholders. 

Under this approach, the diff erence between the consideration paid to increase the percentage shareholding in the entities that are already 

controlled and the supplementary share of the equity thus acquired is recorded under consolidated equity. Similarly, a decrease in the Group’s 

percentage holding in an entity that continues to be controlled is booked in the accounts through equity, with no impact on profi t or loss. 

177


2.7 Discontinued operations (halted or sold), operations and assets classifi ed 

as held for sale 

Discontinued operations 

Whenever discontinued operations (halted or sold), or operations and assets classifi ed as held for sale are: 

- a business line or a geographical area of business that is material for the Group and that forms part of a single disposal plan; or 

- a subsidiary acquired exclusively with a view to resale; 

they are shown on a separate line of the consolidated balance sheet at the balance sheet date of the period under consideration. 

Assets connected with discontinued operations are measured at the lower of their carrying amount and their estimated sales price less costs to 

sell. Income statement and cash fl ow items relating to these discontinued operations are shown on a separate line for all the periods presented. 

Assets classifi ed as held for sale 

Non-current assets of which the sale has been decided during the period are shown on a separate line of the balance sheet whenever the sale is 

expected to be completed within one year. Such assets are measured at the lower of their carrying amount and their estimated sales price less 

costs to sell. 

Contrary to discontinued operations, the related income statement and cash fl ow items are not shown on a separate line. 

3. Measurement rules and methods 

3.1 Use of estimates 

The preparation of fi nancial statements under the IFRSs requires estimates to be used and assumptions to be made that aff ect the amounts 

shown in these fi nancial statements. 

These estimates assume the operation is a going concern and are made on the basis of the information available at the time. Estimates may 

be revised if the circumstances on which they were based alter or if new information becomes available. Actual results may be diff erent from 

these estimates. 

2008 was marked by an economic and fi nancial crisis of which the scale and duration beyond 31 December 2008 cannot be accurately forecast. 

The consolidated fi nancial statements for the year have been prepared with reference to this immediate environment, in particular as regards 

the estimates given below. 

3.1.1 Measurement of construction contract profi t or loss using the stage of completion method 

The Group uses the stage of completion method to recognise revenue and profi t or loss on construction contracts, applying the general revenue 

recognition rules on the basis of the percentage of completion. 

The percentage of completion and the revenue to recognise are determined on the basis of a large number of estimates based on monitoring 

of the work performed and using the benefi t of experience to take account of unforeseen circumstances. In consequence, adjustments may be 

made to initial estimates throughout the contract and may have material eff ects on future results. 

3.1.2 Values used in impairment tests 

The assumptions and estimates made to determine the recoverable amount of goodwill, intangible assets and property, plant and equipment, 

relate in particular to the assessment of market prospects needed to estimate the cash fl ows, and discount rates adopted. Any change in these 

assumptions could have a material eff ect on the recoverable amount and could entail a change in the impairment losses to recognise. The main 

assumptions used by the Group are described in Note E.13 “Impairment tests on goodwill and other non-fi nancial assets”. 

3.1.3 Measurement of share-based payment expenses under IFRS 2 

The Group recognises a share-based payment expense relating to the granting to its employees of share options (off ers to subscribe to or 

purchase shares), performance share plans and of shares under the Group Savings Scheme. This expense is measured on the basis of actuarial 

calculations using estimated behavioural assumptions based on observation of past behaviour. 

The main actuarial assumptions (expected volatility, expected return on the share, etc.) adopted by the Group are described for each plan in Note 

E.19 “Share-based payments”. 

3.1.4 Measurement of retirement benefi t obligations 

The Group is involved in defi ned contribution and defi ned benefi t retirement plans. Its obligations in connection with these plans are measured 

actuarially based on assumptions such as the discount rate, the return on the investments dedicated to these plans, future increases in wages 

and salaries, employee turnover, mortality rates and the rate of increase of health expenses. 

These assumptions are generally updated annually. Details of the assumptions used and how they are determined are given in Note E.20.1 

“Provisions for retirement and other employee benefi t obligations”. The Group considers that the actuarial assumptions used are appropriate 

and justifi ed in the current conditions. Obligations may, however, change in the event of changes in assumptions. 

3.1.5 Measurement of provisions 

The factors that materially infl uence the amount of provisions relate to: 

- the estimates made on a statistical basis from expenses incurred in previous years, for after-sales service provisions; 

- the forecasts of expenditures on major maintenance over several years used as a basis for the provisions for the obligation to maintain 

infrastructure under concession in a good state of repair. These forecasts are estimated taking account of indexation clauses included in 

construction and civil engineering contracts (mainly the TP01, TP02 and TP09 indices). 

- the estimates of forecast profi t or loss on construction contracts, which serve as a basis for the determination of losses on completion 

(see Note A.3.4 “Construction contracts”) 



3.1.6 Measurement of fi nancial instruments at fair value 

Whenever fi nancial instruments are not listed on a market, the Group uses, in assessing their fair value, measurement models based on assumptions 

that give preference to the use of observable inputs. 

3.2 Revenue 

The consolidated revenue of the contracting divisions (energy, roads and construction) is recognised in accordance with IAS 11 and represents 

the total of the work, goods and services produced by the consolidated subsidiaries as their main activity. 

It includes the Group’s revenue for construction work on infrastructure under concession with a corresponding entry in VINCI’s balance sheet 

under concession intangible assets or fi nancial assets depending on the contract. The method for recognising revenue in respect of construction 

contracts is explained in Note A.3.4 “Construction contracts” below. 

Consolidated revenue of the Concessions Division is recognised in accordance with IAS 18 and IAS 11 and comprises; 

- tolls for the use of motorway infrastructures operated under concessions, revenue booked by car parks and airport service concessions, and 

ancillary income such as fees for the use of commercial installations, rental of telecommunication infrastructure and advertising space; and 

- revenue recognised in connection with the construction of new concession infrastructures, on a stage of completion basis in accordance with 

IAS 11 (see Note A.1.3.2 “Consequences of the fi rst application of IFRIC 12 in the Group’s consolidated fi nancial statements”). 

In the property sector, revenue arising on lots sold is recognised as the property development proceeds, using the incurred cost method (cost 

of land, of work, etc.). 

3.3 Revenue from ancillary activities 

Revenue from ancillary activities comprises rental income, sales of equipment, materials and merchandise, study work and fees other than those 

generated by concession operators. 

3.4 Construction contracts 

The Group recognises construction contract income and expenses using the stage of completion method defi ned by IAS 11. For the construction 

division, the stage of completion is usually determined on a physical basis. For the other divisions (roads and energy) the stage of completion is 

determined on the basis of the percentage of total costs incurred to date. 

If the estimate of the fi nal outcome of a contract indicates a loss, a provision is made for the loss on completion regardless of the stage of completion, 

based on the best estimates of income, including, if need be, any rights to additional revenue or claims if these are probable and can be 

reliably estimated. Provisions for losses on completion are shown under liabilities. 

Part payments received under construction contracts before the corresponding work has been carried out are recognised under liabilities under 

advances and payments on account received. 

3.5 Share-based payments 

The measurement and recognition methods for share subscription and purchase plans, the Plans d’Epargne Groupe – Group Savings Schemes 

– and performance share plans, are defi ned by IFRS 2 Share-based Payment. The granting of share options, performance shares and off ers to 

subscribe to the group savings scheme represent a benefi t granted to their benefi ciaries and therefore constitute supplementary remuneration 

borne by VINCI. Because such transactions do not give rise to monetary transactions, the benefi ts granted in this way are recognised as expenses 

in the period in which the rights are acquired, with a corresponding increase in equity. Benefi ts are measured on the basis of the fair 

value at the grant date of the equity instruments granted. The Monte Carlo binomial model is considered to be the most reliable and long-lasting 

for measuring this fair value because it allows a larger number of scenarios to be modelled, by including in particular the valuation of assumptions 

about benefi ciaries’ behaviour on the basis of observation of historical data. 

3.5.1 Share subscription or purchase option plans 

Options to subscribe to or purchase shares have been granted to Group employees and Company offi cers in previous years. The fair value of 

these options was determined at the grant date using the Monte Carlo valuation model. The number of options is adjusted on the basis of the 

probability that the vesting conditions for the exercise of the option will not be satisfi ed. 

3.5.2 Performance share plans 

Performance shares subject to vesting conditions have been granted to Group employees and Company offi cers in previous years. As these are 

plans under which the fi nal vesting of performance shares is dependent on the realisation of conditions relating to market performance and 

fi nancial criteria, the fair value of VINCI performance shares has been estimated, at grant date, using a Monte Carlo simulation model, in order to 

incorporate the impact of the market performance condition and according to the likelihood of the fi nancial criteria being met as recommended 

by IFRS 2. 

The number of performance shares measured at fair value in the calculation of the IFRS 2 expense is adjusted at each balance sheet date for the 

impact of the change in the likelihood of the fi nancial criteria being met. 

179


3.5.3 Group Savings Scheme 

Under the Group Savings Scheme, three times a year, VINCI issues new shares in France reserved for its employees with a subscription price 

that includes a discount of 10% against the average stock market price of the VINCI share during the last 20 business days preceding the authorisation 

by the Board of Directors. This discount is considered as a benefi t granted to the employees; its fair value is determined using the 

Monte Carlo valuation model at the date on which the subscription price is announced to the employees. As certain restrictions apply to the 

shares acquired by the employees under these plans regarding their sale or transfer, the fair value of the benefi t to the employee takes account 

of the fact that the shares acquired cannot be freely disposed of for fi ve years, other than in certain specifi c cases. 

In 2007, VINCI carried out a leveraged employee shareholding transaction, called Castor Avantage, for the employees of its French subsidiaries. 

The expense related to this plan was measured at grant date of plan units in accordance with IFRS 2, on the basis of the benefi t granted by VINCI 

to its employees. 

The Group recognises the benefi ts granted in this way to its employees as an expense over the vesting period, with a corresponding increase 

of consolidated equity. 

Benefi ts granted under share option plans, performance share plans and the Group Savings Scheme are implemented as decided by VINCI’s 

Board of Directors after approval by the Shareholders General Meeting, and are not, in general, systematically renewed. As their measurement 

is not directly linked to the business lines’ operations, VINCI has considered it appropriate not to include the corresponding expense in the 

operating profi t from ordinary activities, which is an indicator of divisions’ performance, but to report it on a separate line, labelled Share-based 

payment expense (IFRS 2), in operating profi t. 

3.6 Cost of net fi nancial debt 

The cost of net fi nancial debt includes: 

- the cost of gross fi nancial debt, which includes the interest expense calculated at the eff ective interest rate, gains and losses on interest-rate 

derivatives allocated to gross fi nancial debt, whether they are designated as hedges for accounting purposes or not; 

- the line item fi nancial income from cash management investments, which comprises the return on investment of cash and cash equivalents. 

Investments of cash and cash equivalents are measured at fair value through profi t or loss. 

3.7 Other fi nancial income and expenses 

Other fi nancial income and expenses mainly comprises foreign exchange gains and losses, the eff ects of discounting to present value, dividends 

received from unconsolidated entities, capitalised borrowing costs and changes in the value of derivatives not allocated to interest rate risk 

management. 

Borrowing costs borne during the construction of concession assets are included in the cost of those assets. They are determined as follows: 

- to the extent that funds are borrowed specifi cally for the purpose of constructing an asset, the borrowing costs eligible for capitalisation on 

that asset are the actual borrowing costs incurred during the period less any investment income arising from the temporary investment of those 

borrowings; 

- when borrowing is not intended to fi nance a specifi c project, the interest eligible for capitalisation on an asset is determined by applying a 

capitalisation rate to the expenditure on that asset. This capitalisation rate is equal to the weighted average of the costs of borrowing funds for 

construction work, other than those specifi cally intended for the construction of given assets. 

This does not relate to the construction of infrastructure under concession accounted for using the fi nancial asset model (see Note A.3.19.2 

“Loans and receivables at amortised cost”). 

3.8 Income tax 

Income tax is computed in accordance with the tax legislation in force in the countries where the income is taxable. 

In accordance with IAS 12, deferred tax is recognised on the temporary diff erences between the carrying amount and the tax base of assets and 

liabilities. It is calculated using the latest tax rates enacted or substantially enacted at the date of closing the accounts. The eff ects of a change 

in the tax rate from one period to another are recognised in the income statement in the period in which the change occurs. 

Deferred tax relating to items recognised directly under equity, in particular share-based payment expenses (under IFRS 2), is also recognised 

under equity. 

Whenever subsidiaries have distributable reserves, a deferred tax liability is recognised in respect of the probable distributions that will be made 

in the foreseeable future. Moreover, shareholdings in associates and joint ventures give rise to recognition of a deferred tax liability in respect of 

all the diff erences between the carrying amount and the tax base of the shares. 

Net deferred tax is determined on the basis of the tax position of each entity or group of entities included in the tax group under consideration 

and is shown under assets or liabilities for its net amount per taxable entity. 

Deferred tax is reviewed at each balance sheet date to take account in particular of the impact of changes in tax law and the prospects for 

recovery. Deferred tax assets are only recognised if their recovery is probable. 

Deferred tax assets and liabilities are not discounted. 


3.9 Earnings per share 


Basic earnings per share is the net profi t for the period after minority interest, divided by the weighted average number of shares outstanding 

during the period less treasury shares. 

In calculating diluted earnings per share, the average number of shares outstanding is adjusted for the dilutive eff ect of equity instruments 

issued by the Company, in particular share subscription or purchase options and performance shares. 

3.10 Concession intangible assets 

Concession intangible assets correspond to the concession operator’s right to operate the asset under concession in consideration for the 

investment expenditures incurred for the design and construction of the asset. This operator’s right corresponds to the fair value of the construction 

of the asset under concession plus the borrowing costs capitalised during the construction phase. It is amortised over the term of the 

arrangement in a manner that refl ects the pattern in which the asset’s economic benefi ts are consumed by the entity, starting from the date of 

commencement of use of the operating right (see Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”). 

3.11 Goodwill 

Goodwill is the excess of the cost of a business combination over the Group’s interest in the net fair value of the acquiree’s identifi able assets, 

liabilities and contingent liabilities at the date(s) of acquisition, recognised on fi rst consolidation. 

Goodwill relating to fully and proportionately consolidated entities is reported under the consolidated balance sheet under Goodwill. Goodwill 

relating to associates is included in the line item Investments in associates. 

Goodwill is not amortised but is tested for impairment at least annually and whenever there is an indication that it may be impaired. Whenever 

goodwill is impaired, the diff erence between its carrying amount and its recoverable amount is recognised in operating profi t or loss in the 

period and is not reversible. 

Negative goodwill is recognised directly in profi t or loss in the year of acquisition. 

3.12 Other intangible assets 

Other intangible assets mainly comprise operating rights, quarrying rights of fi nite duration and computer software. Purchased intangible assets 

are measured at cost less amortisation and cumulative impairment losses. Quarrying rights are amortised as materials are extracted (volumes 

extracted during the period are compared with the estimated total volume to be extracted from the quarry over its useful life), in order to refl ect 

the decline in value due to depletion. Other intangible assets are amortised on a straight-line basis over their useful life. 

3.13 Grants related to assets 

Grants related to assets are presented in the balance sheet as a reduction of the amount of the asset for which they were received. 

3.14 Property, plant and equipment 

Items of property, plant and equipment are recorded at their acquisition or production cost less cumulative depreciation and any impairment 

losses. They are not revalued. They also include concession operating assets that are not controlled by the grantor but that are necessary for 

operation of the concession such as buildings intended for use in the operation, equipment for toll collection, signage, data transmission, and 

video-surveillance, and vehicles and equipment (see Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”). 

Depreciation is generally calculated on a straight-line basis over the period of use of the asset. Accelerated depreciation may however be used 

when it appears more appropriate to the conditions under which the asset is used. For certain complex assets comprising various components, 

in particular buildings and constructions, each component of the asset is depreciated over its own period of use. In the particular case of quarries, 

they are depreciated as materials are extracted (volumes extracted during the period are compared with the estimated total volume to be 

extracted from the quarry over its useful life), in order to refl ect the decline in value due to consumption of the economic benefi ts. 

181


The main periods of use of the various categories of items of property, plant and equipment are as follows: 

Constructions : 

– structure between 20 and 50 years 

– general technical installations between 5 and 20 years 

Site equipment and technical installations between 3 and 12 years 

Vehicles between 3 and 5 years 

Fixtures and fi ttings between 8 and 10 years 

Offi ce furniture and equipment between 3 and 10 years 

Depreciation commences as from the date when the asset is ready to enter service. 

3.15 Finance leases 

Assets acquired under fi nance leases are recognised as non-current assets, whenever the eff ect of the lease is to transfer to the Group substantially 

all the risks and rewards incidental to ownership of these assets, with recognition of a corresponding fi nancial liability. Assets held under 

fi nance leases are depreciated over their period of use. 

3.16 Investment property 

Investment property is property held to earn rentals or for capital appreciation. Such property is shown on a separate line in the balance sheet. 

Investment property is recorded at its acquisition cost less cumulative depreciation and any impairment losses, in the same way as items of 

property, plant and equipment. 

3.17 Impairment of non-fi nancial non-current assets 

Under certain circumstances, impairment tests must be performed on intangible and tangible fi xed assets. For intangible assets with an indefi - 

nite useful life and goodwill, a test is performed at least annually and whenever there is an indication of a loss of value. For other fi xed assets, a 

test is performed only when there is an indication of a loss of value. 

Assets to be tested for impairment are grouped within cash-generating units that correspond to homogeneous groups of assets that generate 

identifi able cash infl ows from their use. Whenever the recoverable value of a cash-generating unit is less than its carrying amount, an impairment 

loss is recognised in operating profi t or loss. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value 

less costs to sell and its value in use. Value in use is the present value of the future cash fl ows expected to be derived from an asset or cashgenerating 

unit. The discount rate is determined for each cash-generating unit, taking account of its geographical location and the risk profi le 

of its business. 

3.18 Investments in associates 

Equity-accounted investments in associates are initially recognised at cost of acquisition, including any goodwill arising. Their carrying amount 

is then increased or decreased to recognise the Group’s share of the associate’s profi ts or losses after the date of acquisition. Whenever losses 

are greater than the value of the Group’s net investment in the associate, these losses are not recognised unless the Group has entered into a 

commitment to recapitalise the associate or made payments on its behalf. 

If there is an indication that an investment may be impaired, its recoverable value is tested as described in Note A.3.17 “Impairment of nonfi 

nancial non-current assets”. 

In order to present business lines’ operational performance in the best way possible, the profi t or loss of associates is reported on a specifi c line, 

between the lines operating profi t from ordinary activities and operating profi t. 

3.19 Other non-current fi nancial assets 

Other non-current fi nancial assets comprise available-for-sale securities, the part at more than one year of loans and receivables measured at 

their amortised cost, the part at more than one year of fi nancial receivables under Public Private Partnership contracts (PPP) and the fair value of 

non-current derivative fi nancial instruments (assets) (see Note A.3.28.2 “Fair value of derivative instruments (assets and liabilities)”). 

3.19.1 Available-for-sale securities 

Available-for-sale securities comprises the Group’s shareholdings in unconsolidated entities. 

At the balance sheet date, available-for-sale securities are measured at their fair value. The fair value of shares in listed companies is determined 

on the basis of the stock market price at that balance sheet date. 



If the fair value of unlisted securities cannot be determined reliably, they continue to be measured at their original cost, i.e. their cost of acquisition 

plus transaction costs. 

Changes in fair value are recognised directly in equity. 

Whenever there is an objective indication that this asset is impaired, the corresponding loss is recognised in profi t or loss and may not be 

reversed. A long-lasting or material decline in fair value below the asset’s cost is an objective indication of its impairment. 

The factors considered by the Group in assessing the long-lasting or material nature of a decline in fair value are generally the following: 

- the impairment is long-lasting whenever the moving average over nine months of the closing stock market price is less than 20% of the cost 

of the fi nancial asset; 

- the impairment is material whenever, at the balance sheet date, there has been a 30% fall in the spot price compared with the cost of the 

fi nancial asset. 

3.19.2 Loans and receivables at amortised cost 

Loans and receivables at amortised cost mainly comprises receivables connected with shareholdings, current account advances to associates 

or unconsolidated entities, guarantee deposits, collateralised loans and receivables and other loans and fi nancial receivables. It also includes 

the fi nancial receivables relating to the concessions and Public Private Partnership contracts whenever the operator has an unconditional right 

to receive remuneration from the grantor (generally in the form of “scheduled construction payments”) (see Note A.1.3.2 “Consequences of the 

fi rst application of IFRIC 12 for the Group’s consolidated fi nancial statements”). 

When fi rst recognised, these loans and receivables are recognised at their fair value plus the directly attributable transaction costs. At each 

balance sheet date, these assets are measured at their amortised cost using the eff ective interest method. In the particular case of receivables 

coming under the scope of IFRIC 12, the eff ective interest rate used corresponds to the project’s internal rate of return. 

If there is an objective indication of impairment of these loans and receivables, an impairment loss is recognised at the balance sheet date. The 

impairment loss, corresponding to the diff erence between the carrying amount and the recoverable amount (i.e. the present value of the expected 

cash fl ows discounted using the original eff ective interest rate), is recognised in profi t or loss. This loss may be reversed if the recoverable value 

increases subsequently and if this favourable change can objectively be linked to an event arising after recognition of the impairment loss. 

3.20 Inventories and work in progress 

Inventories and work in progress are recognised at their cost of acquisition or of production by the entity. At each balance sheet date, they are 

measured at the lower of cost and net realisable value. 

3.21 Trade and other operating receivables 

Trade and other operating receivables are current fi nancial assets and are initially measured at their fair value, which is generally their nominal 

value, unless the eff ect of discounting is material. At each balance sheet date, receivables are measured at their amortised cost less any impairment 

losses taking account of any likelihood of non-recovery. 

3.22 Other current fi nancial assets 

Other current fi nancial assets comprises the fair value of derivative fi nancial instruments (assets) and the part at less than one year of loans and 

receivables reported under other non-current fi nancial assets. 

3.23 Cash management fi nancial assets 

Cash management fi nancial assets comprises investments in monetary and bond securities, and units in UCITS, made with a short-term management 

objective, that do not satisfy the IAS 7 criteria for recognition as cash (see Note A.3.24 “Cash and cash equivalents”). As the Group 

adopts fair value as being the best refl ection of the performance of these assets, they are measured and recognised at their fair value, and 

changes in fair value are recognised through profi t or loss. 

Purchases and sales of cash management fi nancial assets are recognised at their transaction date. 

Their fair value is determined using commonly used valuation models or, for non-listed cash management assets, at the present value of future 

cash fl ows. In assessing the fair value of listed instruments, the Group uses the market price at the balance sheet date or the cash-in-value 

of UCITS. 

183


3.24 Cash and cash equivalents 

This item comprises current accounts at banks and cash equivalents corresponding to short-term, liquid investments subject to negligible risks 

of fl uctuations of value. Cash equivalents comprise in particular monetary UCITS and certifi cates of deposit with maturities not exceeding three 

months at the origin. Bank overdrafts are not included in cash and are reported under current fi nancial liabilities. 

The Group has adopted the fair value method to assess the return on its fi nancial instruments. Changes in fair value are recognised directly in 

profi t or loss. 

3.25 Treasury shares and other equity instruments 

Treasury shares held by the Group are booked as a deduction from equity at their cost of acquisition. Any gains or losses connected with the 

purchase, sale, issue or cancellation of treasury shares are recognised directly in equity without aff ecting the income statement. 

In accordance with IAS 32, equity includes perpetual subordinated bonds that meet the defi nition of an equity instrument. 

3.26 Non-current provisions 

Non-current provisions comprise provisions for retirement benefi t obligations and other non-current provisions. 

3.26.1 Provisions for retirement benefi t obligations 

Provisions are taken in the balance sheet for obligations connected with defi ned benefi t retirement plans, for both current and former employees 

(people with deferred rights or who have retired). These provisions are determined using the projected unit credit method on the basis of 

actuarial assessments made at each annual balance sheet date. The actuarial assumptions used to determine the obligations vary depending on 

the economic conditions of the country where the plan is operated. Each plan’s obligations are recognised separately. 

For defi ned benefi t plans fi nanced under external management arrangements (i.e. pension funds or insurance policies), the surplus or shortfall 

of the fair value of the assets compared with the present value of the obligations is recognised as an asset or liability in the balance sheet, after 

deduction of cumulative actuarial gains and losses and any past service cost not yet recognised in profi t or loss. However, the surplus assets are 

only recognised in the balance sheet if they satisfy the conditions defi ned in IFRIC 14 (see note A.1.1.2 “IFRIC 14 The Limit on a Defi ned Benefi t 

Asset, Minimum Funding Requirements and their Interaction”). 

Past service cost corresponds to the benefi ts granted either when an entity adopts a new defi ned benefi t plan or when it changes the level of 

benefi t of an existing plan. Whenever new rights to benefi t are acquired as from the adoption of the new plan or the change of an existing plan, 

the past service cost is recognised immediately in profi t or loss. Conversely, whenever adoption of a new plan or a change in a plan gives rise to 

the acquisition of rights after its implementation date, past service costs are recognised as an expense on a straight-line basis over the average 

period remaining until the corresponding rights are fully vested. 

Actuarial gains and losses result from changes in actuarial assumptions and from experience adjustments (the eff ects of diff erences between 

the actuarial assumptions adopted and what has actually occurred). 

Cumulative unrecognised actuarial gains and losses that exceed 10% of the higher of the present value of the defi ned benefi t obligation and 

the fair value of the plan assets are recognised in profi t or loss on a straight-line basis over the average expected remaining working lives of the 

employees in that plan. 

For defi ned benefi t plans, the expense recognised under operating profi t or loss comprises the current service cost, the amortisation of past 

service cost, the amortisation of any actuarial gains and losses and the eff ects of any reduction or winding up of the plan. The interest cost (cost 

of discounting) and the expected yield on plan assets are recognised under other fi nancial income and expenses. 

Commitments relating to lump-sum payments on retirement for manual construction workers, which are met by contributions to an outside 

multi-employer insurance scheme (CNPO), are considered as being under defi ned contribution plans and are recognised as an expense as and 

when contributions are payable. 

That part of provisions for retirement benefi t obligations that matures within less than one year is shown under current liabilities. 

3.26.2 Other non-current provisions 

These comprise provisions for other employee benefi ts, measured in accordance with IAS 19, and those provisions that are not directly linked 

to the operating cycle, measured in accordance with IAS 37. These are recognised whenever, at the balance sheet date, the Group has a legal or 

constructive present obligation towards third parties arising from a past event, whenever it is probable that an outfl ow of resources embodying 

economic benefi ts will be required to settle this obligation and whenever a reliable estimate can be made of the amount of the obligation. 

These provisions are measured at their present value, corresponding to the best estimate of the outfl ow of resources required to settle the 

obligation. 

The part at less than one year of other employee benefi ts is reported under other current liabilities. The part at less than one year of provisions 

not directly linked to the operating cycle is reported under current provisions. 


3.27 Current provisions 


Current provisions are provisions directly linked to each business line’s own operating cycle, whatever the expected time of settlement of the 

obligation. They are recognised in accordance with IAS 37 (see above). They also include the part at less than one year of provisions not directly 

linked to the operating cycle. 

Provisions are taken for contractual obligations to maintain infrastructure under concession in a good state of repair, principally by the motorway 

concession operating companies to cover the expense of major road repairs (surface courses, restructuring of slow lanes, etc), bridges, tunnels 

and hydraulic infrastructure. Provisions are calculated on the basis of maintenance expense plans spanning several years, which are updated 

annually. These expenses are reassessed on the basis of appropriate indices (mainly the TP01, TP02 and TP09 indices). Provisions are also taken 

whenever recognised signs of defects are encountered on identifi ed infrastructures. 

Provisions for after-sales service cover Group entities’ commitments under statutory warranties relating to completed projects, in particular tenyear 

warranties on building projects in France. They are estimated statistically on the basis of expenses incurred in previous years or individually 

on the basis of specifi cally identifi ed events. 

Provisions for losses on completion of contracts and construction project liabilities are made mainly when end-of-contract projections, based 

on the most likely estimated outcome, indicate a loss, and when work needs to be carried out in respect of completed projects under completion 

warranties. 

Provisions for disputes connected with operations mainly relate to disputes with customers, sub-contractors, joint contractors or suppliers. 

Restructuring provisions include the cost of plans and measures for which there is a commitment whenever these have been announced before 

the year end. 

Provisions for other current liabilities mainly comprise provisions for late-delivery penalties, for individual dismissals and for other risks related 

to operations. 

3.28 Bonds and other fi nancial debt (current and non-current) 

3.28.1 Bond loans, other loans and borrowings 

These are recognised at amortised cost using the eff ective interest method. The eff ective interest rate is determined after taking account of 

redemption premiums and issuance expenses. Under this method, the interest expense is measured actuarially and reported under the cost of 

gross fi nancial debt. 

The benefi t of a government loan at a signifi cantly below-market rate of interest, which is in particular the case for project fi nance granted by 

public-sector organisations, is treated as a government grant and recognised as a reduction of the debt and the related investments, in accordance 

with IAS 20. 

Financial instruments that comprise both a debt component and an equity component, such as bonds convertible into shares, are recognised in 

accordance with IAS 32. The carrying amount of the hybrid instrument is apportioned between its debt component and its equity component, 

the equity component being defi ned as the diff erence between the fair value of the hybrid instrument and the fair value of the debt component. 

The debt component corresponds to the fair value of a debt with similar characteristics but without an equity component. The value attributed 

to the separately recognised equity component is not altered during the term of the instrument. 

The debt component is measured using the amortised cost method over its estimated term. Issuance costs are allocated proportionately between 

the debt and equity components. 

The part at less than one year of borrowings is included in current borrowings. 

3.28.2 Fair value of derivative fi nancial instruments (assets and liabilities) 

The Group uses derivative fi nancial instruments to hedge its exposure to market risks (mainly interest rates and foreign currency exchange 

rates). Most interest rate and foreign currency exchange rate derivatives used by VINCI are designated as hedging instruments. Hedge accounting 

is applicable in particular if the conditions provided for in IAS 39 are satisfi ed: 

- at the time of setting up the hedge, there is a formal designation and documentation of the hedging relationship; 

- the eff ectiveness of the hedging relationship must be demonstrated from the outset and at each balance sheet date, prospectively and retrospectively. 

The fair value of derivative fi nancial instruments designated as hedges of which the maturity is greater than one year is reported in the balance 

sheet under Other non-current fi nancial assets or Other loans and borrowings (non-current). The fair value of other derivative instruments not 

designated as hedges and the part at less than one year of instruments designated as non-current hedges are reported under Other current 

fi nancial assets or Current fi nancial liabilities. 

Financial instruments designated as hedging instruments 

Derivative fi nancial instruments designated as hedging instruments are systematically recognised in the balance sheet at fair value. Nevertheless, 

their recognition varies depending on whether they are designated as: 

- a fair value hedge of an asset or a liability or of an unrecognised fi rm commitment; 

- a cash fl ow hedge; or 

- a hedge of a net investment in a foreign entity. 

185


Fair value hedge 

A fair value hedge enables the exposure to the risk of a change in the fair value of a fi nancial asset, a fi nancial liability or unrecognised fi rm 

commitment to be hedged. 

Changes in the fair value of the hedging instrument are recognised in profi t or loss for the period. The change in value of the hedged item 

attributable to the hedged risk is recognised symmetrically in profi t or loss for the period (and adjusted to the carrying amount of the hedged 

item). Except for the ineff ective part of the hedge, these two revaluations off set each other within the same line items in the income statement. 

Cash fl ow hedges 

A cash fl ow hedge allows exposure to variability in future cash fl ows associated with an existing asset or liability, or a highly probable forecast 

transaction, to be hedged. 

Changes in the fair value of the derivative fi nancial instrument are recognised in equity for the eff ective part and in profi t or loss for the period 

for the ineff ective part. Cumulative gains or losses in equity are taken to profi t or loss under the same line item as the hedged item – i.e. under 

operating income and expenses for cash fl ows from operations and under fi nancial income and expense otherwise – whenever the hedged cash 

fl ow aff ects profi t or loss. 

If the hedging relationship is interrupted because it is no longer considered eff ective, the cumulative gains or losses in respect of the derivative 

instrument are retained in equity and recognised symmetrically with the cash fl ow hedged. If the future cash fl ow is no longer expected, the 

gains and losses previously recognised in equity are taken to profi t or loss. 

Hedge of a net investment in a foreign entity 

A hedge of a net investment denominated in a foreign currency hedges the exchange rate risk relating to the net investment in a consolidated 

foreign subsidiary. In a similar way as for cash fl ow hedges, the eff ective portion of the changes in the value of the hedging instrument is 

recorded in equity under currency translation reserves and the portion considered as ineff ective is recognised in profi t or loss. The change in 

the value of the hedging instrument recognised in translation diff erences is reversed through profi t or loss when the foreign entity in which 

the initial investment was made is disposed of. 

Derivative fi nancial instruments not designated as hedging instruments 

Derivative fi nancial instruments that are not designated as hedging instruments are reported in the balance sheet at fair value and changes in 

their fair value are recognised in profi t or loss. 

3.28.3 Put options granted to minority shareholders 

Put options (options to sell) granted to the minority shareholders of certain Group subsidiaries are recognised under fi nancial liabilities for 

the present value of the exercise price of the option and as a corresponding reduction of consolidated equity (minority interest and equity 

attributable to equity holders of the parent for the surplus, if any). 

3.29 Off -balance sheet commitments 

The Group’s off -balance sheet commitments are monitored through specifi c annual and six-monthly reports. Off -balance sheet commitments 

are reported in the appropriate Notes, as dictated by the activity to which they relate. 

4. Reminder of the elections made on first application of the IFRSs 

In the context of the transition to the IFRS in 2005, and in accordance with IFRS 1 First-time Adoption of International Financial Reporting 

Standards, VINCI made the following elections: 

Retirement benefi t obligations: the actuarial gains and losses existing at 1 January 2004, not recognised under French GAAP, were recorded 

under provisions for retirement benefi t obligations with a corresponding reduction of equity. Actuarial gains and losses arising after 1 January 2004 

are recognised prospectively. 

Translation gains and losses in relation to a foreign entity: the Group has elected to reclassify cumulative translation gains and losses at 1 

January 2004 under consolidated reserves. This reclassifi cation has no impact on the total amount of equity. The new IFRS amount of translation 

gains and diff erences was therefore taken to zero at 1 January 2004. If the subsidiaries involved are subsequently disposed of, the disposal gain or 

loss will not include the reversal of translation gains and losses prior to 1 January 2004 but will however include those recognised after that date. 

Business combinations: VINCI has elected not to restate, as provided by IFRS 3, business combinations prior to 1 January 2004. 

Property, plant and equipment and intangible assets: VINCI has elected not to measure certain items of property, plant and equipment and 

intangible assets at the transition date at their fair value. 

Share-based payments: VINCI has elected to apply IFRS 2 in respect of share option plans granted since 7 November 2002 for which rights 

had not yet vested at 1 January 2005. 


5. Standards and Interpretations not applied early 


The Group has not applied the Standards and Interpretations early that are not mandatory at 1 January 2008, except for those described in Note 

A.1.2. “Change of accounting policy: accounting for loans at below-market rate of interest” and Note A.1.3 “Change of accounting policy: IFRIC 

12 Service Concession Arrangements”: 

- IAS 1 Revised Presentation of Financial Statements 

- Amendment to IAS 1 Revised / IAS 32 Puttable Financial Instruments and Obligations Arising on Liquidation 

- Amendments to IAS 23 Borrowing Costs 

- IFRS 2 Amendment Vesting Conditions and Cancellations 

- IAS 27 Revised Consolidated and Separate Financial Statements 

- IFRS 3 Revised Business Combinations 

- IAS 28 Investments in Associates 

- IAS 31 Interests in Joint Ventures 

- IFRS 8 Operating segments 

- IFRIC 13 Customer Loyalty Programmes 

- IFRIC 15 Agreements for the Construction of Real Estate 

- IFRIC 16 Hedges of a Net Investment in a Foreign Operation 

- IFRIC 17 Distributions of Non-cash Assets to Owners 

- IAS 39 Amendment: Recognition and Measurement of Eligible Hedged Items 

- Amendments under the IFRS Annual Improvements Project 

The potential impacts on the Group’s consolidated fi nancial statements of these Standards and Interpretations are being determined. 

B. Business combinations 

1. Acquisition of Taylor Woodrow Construction 

VINCI plc, a UK subsidiary of VINCI Construction, agreed in September 2008 to acquire all the shares in Taylor Woodrow Construction. Taylor 

Woodrow Construction booked revenue of £688 million (€864 million) for the twelve months of 2008 and is a major operator in the United 

Kingdom in railway and airport civil engineering, energy infrastructure and PPPs. 

VINCI has fully consolidated the company in its consolidated fi nancial statements since 9 September 2008. 

Determination of the identifi able assets and liabilities acquired at the date of acquisition of control 



Historical values Fair-value adjustments Fair values 

Property, plant and equipment and intangible assets 11.7 26.2 37.9 

Non-current fi nancial assets 3.7 0.2 4.0 

Deferred tax assets 0.2 3.9 4.1 

Total non-current assets 15.7 30.3 46.0 

Current assets 209.0 (1.0) 208.0 

including cash, for 112.1 112.1 


Non-current fi nancial debt and derivatives 

Other non-current liabilities 

Deferred tax liabilities 

2.0 2.0 

Total non-current liabilities 0.0 2.0 2.0 


Current fi nancial debt and derivatives 

Other current payables 251.2 2.7 253.9 

Total current liabilities 251.2 2.7 253.9 

Total net assets (26.5) 24.5 (2.0) 

Purchase consideration (100% of the shares) 93.2 93.2 

187


The fair value adjustments at the date of acquiring control mainly relate to recognition of the brand for €26.2 million and contingent liabilities. 

The goodwill arising on acquisition of control of Taylor Woodrow Construction amounted to £76.4 million (€95.2 million at the date of acquisition 

of control). It has been valued by comparing the acquisition price with the corresponding share of the assets and liabilities owned, remeasured 

at fair value. This goodwill corresponds to the supplementary future economic benefi ts that VINCI considers it will receive as a result of this 

acquisition. Allocation of the purchase consideration is not defi nitive. 

Taylor Woodrow Construction’s 2008 post-acquisition revenue and operating profi t were £207 million (€260 million) and £1.4 million (€1.8 million) 

respectively. 

2. Acquisition of Vossloh Infrastructure Services 

On 30 June 2008 Eurovia, a subsidiary of VINCI, agreed to acquire with eff ect from 19 September 2008 the railway works division of Vossloh 

Infrastructure Services from Vossloh GmbH for €152.7 million. This division, renamed Eurovia Travail Ferroviaires (ETF), is one of the European 

leaders in building, renovating and maintaining national railway networks and industrial sidings, in installing and maintaining catenaries, and 

building and maintaining light rail and metro lines. 

Determination of the identifi able assets and liabilities acquired at the date of acquisition of control 



Historical values Fair-value adjustments Fair values 

Property, plant and equipment and intangible assets 36.2 40.5 76.7 

Non-current fi nancial assets 0.2 0.2 

Deferred tax assets 0.7 0.7 

Total non-current assets 37.1 40.5 77.6 

Current assets 150.4 0.5 150.9 


Non-current fi nancial debt and derivatives 34.1 34.1 

Other non-current liabilities 4.3 3.0 7.3 

Deferred tax liabilities 1.2 12.7 13.9 

Total non-current liabilities 39.6 15.7 55.3 


Current fi nancial debt and derivatives 

Other current payables 125.6 125.6 

Total current liabilities 125.6 125.6 

Total net assets 22.4 25.3 47.7 

Purchase consideration (100% of the shares) 153.0 153.0 

Measurement of goodwill on acquisition, on the basis of the fair value of the company’s assets, liabilities and contingent liabilities at the 

date of acquisition of control, resulted in recognition of initial goodwill of €105.3 million. These fair value adjustments mainly comprise the 

re-measurement of railway equipment, land and buildings for €40.5 million before tax. Allocation of the purchase consideration is not defi nitive. 

C. Segment information 

Based on the Group’s internal organisation, segment information is presented by business line and geographical segment. 

The main activities of each business line are: 

Concessions: 

– Construction: construction under concession agreements of motorways and major infrastructures such as bridges and tunnels, car parks, 

airports and public infrastructure equipment. 

– Operation: management under concessions, tenancy agreements or service provision agreements of motorways and major infrastructures 

such as bridges and tunnels, car parks, airports and public infrastructure equipment. 



Contracting: 

– Energy: electrical works and engineering, information and communication technology, heating ventilation and air conditioning engineering, 

insulation. 

– Roads: building and maintenance of roads and motorways, production of road-building materials, urban infrastructure, environmental work, 

demolition and recycling. 

– Construction: design and construction of buildings and infrastructure in the civil engineering sector, hydraulic works, multi-technical maintenance, 

foundations, soil treatment and dredging. 

The segment fi nancial information has been prepared using the same accounting rules as for the full fi nancial statements. 

Transactions between the various business lines are carried out at market conditions. 

1. Revenue 

1.1 Breakdown of revenue by business line 

(in € millions) 31/12/2008 31/12/2007 (*) 

Change 


Concessions 5,794.0 5,693.0 1.8% 

Revenue from tolls and other services 4,781.4 4,573.7 4.5% 

Construction of new infrastructure under concessions 1,012.6 (**) 1,119.3 (**) (9.5%) 

Contracting 28,519.8 25,660.0 11.1% 

Energy 4,614.3 4,300.7 7.3% 

Roads 8,183.1 7,706.0 6.2% 

Construction 15,722.4 13,653.2 15.2% 

Eliminations and miscellaneous (383.4) (**) (478.6) (**) (19.9%) 

Total 33,930.3 30,874.3 9.9% 

(*) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”. 

(**) Including intra-group revenue in the contracting divisions from work for concession operating companies (€540.2 million at 31 December 2008, and €582.9 million at 31 December 2007). 

1.2 Breakdown of revenue by geographical market 

(in € millions) 31/12/2008 % 31/12/2007 (*) % 

France 21,358.5 62.9% 20,131.7 65.2% 

United Kingdom 2,279.1 6.7% 2,044.8 6.6% 

Germany 1,762.6 5.2% 1,641.1 5.3% 

Central and Eastern Europe (**) 2,468.4 7.3% 2,308.9 7.5% 

Belgium 1,001.4 3.0% 826.3 2.7% 

Spain 458.5 1.4% 361.6 1.2% 

Other European countries 1,036.9 3.1% 888.6 2.9% 

Europe (***) 30,365.4 89.6% 28,203.1 91.3% 

including the European Union, for 29,857.2 88.0% 27,819.9 90.1% 

North America 824.2 2.4% 720.5 2.3% 

Africa 1,203.8 3.5% 858.8 2.8% 

Rest of world 1,536.9 4.5% 1,091.9 3.5% 

Total 33,930.3 100.0% 30,874.3 100.0% 


(**) Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia-Montenegro, Slovakia, Slovenia and Ukraine. 

(***) Including the eurozone for €25,249 million at 31 December 2008 and €23,540 million at 31 December 2007. 

Revenue arising in foreign countries amounted to €12,571.8 million in 2008, 17% more than in 2007 and represented 37.6% of the total, 

excluding the construction of new infrastructure assets (compared with 35.4% in 2007). 

189


1.3 Breakdown of revenue by location of operations 

(in € millions) 31/12/2008 % 31/12/2007 (*) % 

France 21,461.8 63.3% 20,898.1 67.7% 

United Kingdom 2,264.2 6.7% 1,936.4 6.3% 

Germany 1,855.2 5.5% 1,722.2 5.6% 

Central and Eastern Europe (**) 2,323.0 6.8% 1,964.7 6.4% 

Belgium 1,898.2 5.6% 1,667.5 5.4% 

Spain 466.0 1.4% 317.2 1.0% 

Other European countries 727.9 2.1% 574.9 1.9% 

Europe (***) 30,996.3 91.4% 29,081.1 94.2% 

including the European Union, for 30,524.7 90.0% 28,876.3 93.5% 

North America 824.5 2.4% 685.3 2.2% 

Africa 1,037.1 3.1% 646.9 2.1% 

Rest of world 1,072.4 3.2% 461.0 1.5% 

Total 33,930.3 100.0% 30,874.3 100.0% 


(**) Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia-Montenegro, Slovakia, Slovenia and Ukraine. 

(***) Including the eurozone for €26,048 million at 31 December 2008 and €24,929 million at 31 December 2007. 


2. Other segment information by business line 


The data below is for each business line separately and is stated before elimination, at their own level, of transactions with other business lines. 


Contracting 

(in € millions) Concessions Energy Roads Construction Total 

31 December 2008 


Holding 

companies 

& other 

activities Eliminations Total 

Revenue 5,794.0 4,614.3 8,183.1 15,722.4 28,519.8 558.5 (941.9) 33,930.3 

including revenue realised by concession operators 

for the construction of new infrastructure by third 

parties, for 1,012.6 (540.2) (*) 472.5 

Operating profi t from ordinary activities 1,966.4 244.8 345.7 772.9 1,363.3 48.1 3,377.8 

% of revenue (**) 41.1% 5.3% 4.2% 4.9% 4.8% 8.6% 10.1% 

Operating profi t 1,966.5 220.6 307.5 736.0 1,264.1 45.3 3,275.9 

Net profi t or loss from continuing operations 815.8 150.2 211.1 571.4 932.7 (49.3) 1,699.1 


of the parent 756.1 148.1 208.8 526.9 883.8 (48.6) 1,591.4 


Cash fl ows (used in) / from operations before tax 

and fi nancing costs 2,935.5 248.8 500.6 1,059.4 1,808.8 127.4 4,871.8 

including net depreciation and amortisation, for 1,101.0 59.0 218.0 345.7 622.8 6.3 1,730.1 

including net provisions, for (94.7) (12.6) 24.8 38.6 50.8 (39.6) (83.5) 

Net cash fl ows (used in) / from operating activities 1,763.9 328.1 382.8 1,485.8 2,196.7 180.4 4,140.9 

Net cash fl ows (used in) / from investing 

activities (1,226.6) (86.0) (450.2) (558.1) (1,094.3) (1.6) (2,322.4) 

including net investments in operating assets, 

concession assets and PPP contracts, for (1,217.9) (70.8) (292.5) (539.7) (903.0) 5.6 (2,115.3) 

including net fi nancial investments, for (25.7) (19.4) (188.9) (29.4) (237.6) (14.6) (277.9) 

Net cash fl ows (used in) / 

from fi nancing activities (14.2) (227.4) 53.1 (856.6) (1,030.9) 206.9 (838.2) 

Change in net cash and cash equivalents 523.1 14.7 (14.3) 71.1 71.6 385.7 980.3 

Balance sheet 

Segment assets 28,773.6 2,373.6 4,029.8 9,652.5 16,055.9 450.8 45,280.4 

Segment liabilities 1,818.2 2,435.6 3,245.4 10,302.0 15,982.9 249.1 18,050.2 

Net fi nancial surplus (debt) (17,453.6) 638.0 337.7 2,019.0 2,994.7 (911.9) (15,370.8) 

Employees at 31 December 2008 16,770 33,004 42,081 71,639 146,724 563 164,057 

(*) Intra-group revenue of the contracting divisions from work for the Group’s concession operating companies. 

(**) % calculated using revenue excluding construction by third parties of new infrastructure under concession. 

191


2007 (*) 

(in € millions) Concessions Energy Roads Construction Total 

31 December 2007 



Contracting 

Holding 

companies 

& other 

activities Eliminations Total 

Revenue 5,693.0 4,300.7 7,706.0 13,653.2 25,660.0 558.3 (1,036.9) 30,874.3 

including revenue realised by concession operators 

for the construction of new infrastructure by third 

parties, for 1,119.3 (582.9) (**) 536.4 

Operating profi t from ordinary activities 1,751.2 229.5 391.7 668.3 1,289.5 76.8 3,117.5 

% of revenue (***) 38.3% 5.3% 5.1% 4.9% 5.0% 13.8% 10.3% 

Operating profi t 1,739.6 198.4 375.2 632.0 1,205.6 65.5 3,010.7 

Net profi t or loss from continuing operations 746.0 144.6 275.0 475.5 895.1 (63.2) 1,577.9 


of the parent 673.8 142.0 263.1 438.3 843.4 (62.2) 1,455.0 


Cash fl ows (used in) / from operations before tax 

and fi nancing costs 2,832.3 250.2 513.6 895.4 1,659.2 22.0 4,513.5 

including net depreciation and amortisation, for 1,049.9 54.4 193.9 285.5 533.8 6.7 1,590.3 

including net provisions, for 63.6 13.4 (0.2) 6.6 19.8 (24.5) 58.9 

Net cash fl ows (used in) / from operating activities 1,555.9 252.6 429.8 1,328.9 2,011.3 14.5 3,581.7 


activities (2,149.9) (178.2) (258.9) (852.5) (1,289.5) (226.3) (3,665.7) 


concession assets and PPP contracts, for (1,312.9) (50.0) (208.5) (423.0) (681.5) 30.4 (1,964.0) 

including net fi nancial investments, for (836.8) (130.8) (64.1) (470.5) (665.4) (229.0) (1,731.2) 

Net cash fl ows (used in) / from fi nancing 

activities 148.9 (56.2) (144.1) 77.5 (122.8) (819.8) (793.7) 

Change in net cash and cash equivalents (445.1) 18.3 26.8 553.9 599.0 (1,031.7) (877.7) 

Balance sheet 

Segment assets 28,471.3 2,288.0 3,838.2 8,872.9 14,999.2 391.8 43,862.3 

Segment liabilities 1,631.4 2,227.1 3,287.7 9,097.4 14,612.1 334.2 16,577.7 

Net fi nancial surplus (debt) (16,966.6) 515.0 599.6 1,478.2 2,592.8 (1,929.5) (16,303.3) 

Employees at 31 December 2007 15,872 31,852 39,804 70,455 142,111 645 158,628 


(**) Intra-group revenue of the contracting divisions from work for the Group’s concession operating companies. 

(***) % calculated using revenue excluding construction by third parties of new infrastructure under concession.

Reconciliation between segment information and fi nancial statements 



Segment assets 

Concession intangible assets 24,059.2 23,868.7 

Goodwill 3,578.9 3,382.5 

Other intangible assets 177.3 141.6 

Property, plant and equipment and investment property 4,625.6 4,242.1 

Investments in associates 165.9 190.1 

Inventories and work in progress 786.4 647.5 

Trade and other operating receivables 11,561.5 11,101.3 

Other current assets 325.6 288.4 

Segment assets 45,280.4 43,862.3 

Segment liabilities 

Current provisions 2,672.4 2,429.4 

Trade payables 6,803.8 6,553.4 

Other current payables 8,574.0 7,594.9 

Segment liabilities 18,050.2 16,577.7 


. 

193


- 

3. Breakdown of the Concessions business line 


(in € millions) Cofi route (*) ASF Group VINCI Park 




Other 

concessions 

Holding 

companies Total 

Revenue from tolls and other services 1,077.4 2,894.6 619.1 190.3 4,781.4 

Construction of new infrastructure assets 

under concession (**) 272.4 344.5 33.3 362.4 1,012.6 

Total revenue 1,349.8 3,239.1 652.4 552.7 5,794.0 

Operating profi t from ordinary activities 584.1 1,222.9 126.1 47.2 (14.0) 1,966.4 

% of revenue (***) 54.2% 42.2% 20.4% 24.8% 41.1% 

Operating profi t 582.7 1,218.0 126.1 57.5 (17.8) 1,966.5 

Net profi t or loss from continuing operations 322.7 479.9 68.0 25.8 (80.7) 815.8 

Net profi t attributable to equity holders of the parent 268.9 478.1 67.8 22.2 (80.9) 756.1 


Cash fl ows (used in) / 

from operations before tax and fi nancing costs 771.7 1,901.7 199.5 78.7 (16.0) 2,935.5 

including net depreciation and amortisation, for 188.1 815.7 72.5 23.2 1.6 1,101.0 

including net provisions, for 6.8 (113.9) 3.3 7.3 1.8 (94.7) 

Net cash fl ows (used in) / from operating activities 543.4 1,162.7 141.1 20.1 (103.4) 1,763.9 


activities (349.1) (435.3) (81.6) (357.0) (3.5) (1,226.6) 


concession assets and PPP contracts, for (349.1) (434.9) (80.3) (353.4) (0.1) (1,217.9) 

including net fi nancial investments, for 0.5 (1.6) (10.6) (13.9) (25.7) 


activities (266.5) (679.2) (61.5) 282.0 711.0 (14.2) 

Change in net cash and cash equivalents (72.3) 48.2 (2.0) (54.9) 604.1 523.1 

Balance sheet 

Segment assets 5,769.5 20,116.5 1,501.9 1,334.3 51.5 28,773.6 

Segment liabilities 377.8 956.7 255.8 210.9 16.9 1,818.2 

Net fi nancial surplus (debt) (3,259.1) (10,451.1) (852.7) (960.0) (1,930.7) (17,453.6) 

Employees at 31 December 2008 2,021 6,778 6,557 1,289 125 16,770 

(*) On a 100% basis. 

(**) Including €540.2 million of intra-group revenue of the contracting divisions from work for the concession operating companies. 

(***) % determined solely on concession operating companies’ revenue from tolls and other services.

2007 (*) 

(in € millions) Cofi route (**) ASF Group VINCI Park 



Other 

concessions 


Holding 


Revenue from tolls and other services 1,038.5 2,811.4 559.2 164.5 4,573.7 

Construction of new infrastructure assets 

under concession (***) 431.0 337.0 23.1 328.3 1,119.3 

Total revenue 1,469.5 3,148.4 582.3 492.8 5,693.0 

Operating profi t from ordinary activities 575.9 993.7 129.7 58.7 (6.8) 1,751.2 

% of revenue (****) 55.5% 35.3% 23.2% 35.7% 38.3% 

Operating profi t 576.7 984.0 129.7 63.5 (14.2) 1,739.6 

Net profi t or loss from continuing operations 350.9 343.6 63.1 35.3 (46.9) 746.0 

Net profi t attributable to equity holders of the parent 284.9 342.3 62.9 30.5 (46.9) 673.8 


Cash fl ows (used in) / from operations 

before tax and fi nancing costs 735.6 1,839.5 193.2 80.4 (16.5) 2,832.3 

including net depreciation and amortisation, for 149.3 810.4 67.3 21.3 1.6 1,049.9 

including net provisions, for 9.9 52.9 4.2 0.6 (4.1) 63.6 

Net cash fl ows (used in) / from operating activities 496.6 1,050.8 124.4 45.5 (161.4) 1,555.9 


activities (559.8) (411.0) (86.5) (276.2) (816.4) (2,149.9) 


concession assets and PPP contracts, for (560.0) (411.0) (60.8) (281.0) (0.1) (1,312.9) 

including net fi nancial investments, for (24.9) (2.8) (809.0) (836.8) 


activities 162.1 (1,189.9) (34.4) 185.6 1,025.4 148.9 

Change in net cash and cash equivalents 98.9 (550.1) 3.5 (45.1) 47.6 (445.1) 

Balance sheet 

Segment assets 5,522.2 20,417.1 1,490.1 992.3 49.6 28,471.3 

Segment liabilities 313.8 890.5 256.4 160.9 9.8 1,631.4 

Net fi nancial surplus (debt) (3,263.8) (10,667.2) (856.6) (580.4) (1,598.6) (16,966.6) 

Employees at 31 December 2007 1,998 7,267 5,404 1,199 4 15,872 


(**) On a 100% basis. 

(**) Including €582.9 million of intra-group revenue of the contracting divisions from work for the concession operating companies. 

(***) % determined solely on revenue from tolls and other services. 

195


4. Segment information by geographical segment 

(in € millions) France Germany 



United 

Kingdom 

Central and 

Eastern Europe (*) Belgium Spain 

Other 

European 

countries Europe 

North 

America 

Rest of 

world Total 


Net investments in 

operating assets, 

concession assets and 

37,668.3 743.9 868.2 897.2 862.2 428.5 1,210.7 42,678.9 466.9 2,134.6 45,280.4 

PPP contracts 

Employees at 31 

(1,574.1) (75.4) (29.5) (50.6) (59.6) (20.4) (53.2) (1,862.8) (40.2) (212.2) (2,115.3) 

December 2008 92,717 8,673 8,756 14,729 6,413 2,835 4,891 139,014 6,133 18,910 164,057 



Net investments in 

operating assets, 

concession assets and 

36,847.0 655.5 911.0 954.9 941.2 430.0 1,282.6 42,022.2 389.6 1,450.5 43,862.3 

PPP contracts 

Employees at 31 

(1,581.3) (51.8) (13.8) (38.8) (53.2) (4.2) (50.6) (1,793.5) (46.3) (124.2) (1,964.0) 

December 2007 90,116 8,795 8,868 11,653 5,748 3,356 7,557 136,093 4,821 17,714 158,628 

(*) Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Latvia, Lithuania, Macedonia, Moldova, Poland, Romania, Russia, Serbia-Montenegro, Slovakia, Slovenia and Ukraine.. 

D. Notes to the income statement 

5. Operating profit 


Revenue 

including: 

33,930.3 30,874.3 

Revenue – excluding construction by third parties of new infrastructure under concession 33,457.8 30,337.9 


Revenue from ancillary activities 216.1 238.9 

Purchases consumed (8,257.8) (7,214.9) 

External services (4,028.8) (3,556.7) 

Temporary employees (977.5) (968.2) 

Subcontracting (7,136.6) (6,680.1) 

Construction costs of concession operating companies (472.2) (536.4) 

Taxes and levies (844.9) (820.9) 

Employment costs (7,202.4) (6,449.1) 

Other operating income and expenses 58.3 96.6 

Depreciation and amortisation (***) (1,730.1) (1,582.8) 

Net provision charges (****) (176.6) (283.2) 

Operating expenses (30,768.7) (27,995.7) 

Operating profi t from ordinary activities 3,377.8 3,117.5 

Share-based payment expense (IFRS 2) (103.5) (117.6) 

Goodwill impairment expense (22.2) (6.0) 

Profi t / (loss) of associates 23.8 16.7 

Operating profi t 3,275.9 3,010.7 


(**) See change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”. 

(***) Including reversals of depreciation and amortisation relating to investment grants. 

(****) Comprises expenses and reversals of non-current provisions (see note E.20.2 “Other non-current provisions”) and of current provisions (see note E.21.3 “Breakdown of current provisions”) 

Operating profi t from ordinary activities measures the operating performance of the Group’s subsidiaries before the eff ects of share-based 

payments (IFRS 2), goodwill impairment losses and profi t or loss of associates. 

It was €3,377.8 million at 31 December 2008 (10.1% of revenue excluding revenue from construction of new infrastructure) compared with 

€3,117.5 million at 31 December 2007 on a comparable basis (10.3% of revenue excluding revenue from construction of new infrastructure), up 

8.3%. This change includes the positive eff ects of non-recurrent items for €85 million, principally the impact of the negotiations about medical 

expense insurance at ASF and Escota for €120 million (see Note E.20.2 “Other non-current provisions”).


Operating profi t, after taking account of share-based payment expenses, goodwill impairment losses and the profi t or loss of associates, amounted 

to €3,275.9 million at 31 December 2008 (9.8% of revenue excluding revenue from construction of new infrastructure) compared with 

€3,010.7 million at 31 December 2007 (9.9% of revenue excluding revenue from construction of new infrastructure), an increase of 8.8%. This 

change includes the positive eff ects of non-recurrent items for €85 million, principally the impact of the negotiations about medical expense 

insurance at ASF and Escota for €120 million (see Note E.20.2 “Other non-current provisions”). 

5.1 Other operating income and expenses 


Net gains or losses on disposal of property, plant and equipment and intangible assets 51.6 57.0 

Share in operating profi t or loss of joint ventures 9.8 31.1 

Other (3.1) 8.5 

Total 58.3 96.6 

5.2 Depreciation and amortisation 

Net depreciation and amortisation breaks down as follows: 


Concession intangible assets (933.4) (862.9) 

Intangible assets (35.6) (31.4) 

Property, plant and equipment (757.7) (684.6) 

Investment property (3.4) (3.8) 

Depreciation and amortisation (1,730.1) (1,582.8) 


5.3 Share-based payments 

The expense relating to benefi ts granted to employees has been assessed at €103.5 million in respect of 2008 (compared with €117.6 million at 

31 December 2007), of which €64.4 million was in respect of performance share plans (compared with €32.1 million at 31 December 2007) (see 

Note E.19 “Share-based payments”). 

6. Financial income and expenses 


Cost of gross fi nancial debt (1,043.2) (1,006.5) 

Financial income from cash management investments 179.8 195.5 

Cost of net fi nancial debt (863.3) (811.0) 

Other fi nancial income 256.0 199.5 

Other fi nancial expenses (199.0) (80.1) 

Other fi nancial income and expenses 57.0 119.4 


The cost of net fi nancial debt amounted to €863.3 million at 31 December 2008 compared with €811 million at 31 December 2007. 

Other fi nancial income and expense amounted to net income of €57 million at 31 December 2008, compared with €119.4 million at 31 December 

2007. 

Other fi nancial income includes in particular capitalised borrowing costs on concession infrastructure assets under construction for €132.3 million 

at 31 December 2008 (including €91.9 million for Cofi route, €18.3 million for Arcour, and €18.6 million for ASF), compared with €132.7 million 

at 31 December 2007, and gains on disposal of shares for €72.8 million (including €25.9 million on the sale of shares in Grana y Montero, 

€14 million on the sale of shares in Hídépitö and €12 million on the sale of shares in VINCI Park Hong Kong). 

Other fi nancial expenses include in particular impairment losses on available-for-sale assets of €99.2 million (including an impairment loss of 

€98.3 million on shares in ADP, recognised in the income statement) and the eff ects of discounting to present value for €41 million. 

197


The breakdown of fi nancial income and expenses by accounting category and fi nancial assets and liabilities is as follows: 

(in € millions) Cost of net fi nancial debt 

Liabilities at amortised cost (1,016.1) 

Assets and liabilities at fair value through profi t or loss (fair value option) 180.4 



Other fi nancial income 

and expenses Equity 

Derivatives designated as hedges: assets and liabilities (6.6) (291.2) 

Derivatives at fair value through profi t or loss (trading): assets and liabilities (21.1) 

Loans and receivables (5.4) 

Available-for-sale fi nancial assets (21.8) (*) 9.5 

Foreign exchange gains and losses (9.7) 

Eff ect of discounting to present value (42.0) 

Borrowing costs capitalised or in inventory 135.9 

Total fi nancial income and expenses (863.3) 57.0 (281.7) 

of which 

Concessions (744.0) 127.4 (280.1) 

Other business lines 63.0 23.4 (5.0) 

Holding companies (182.3) (93.8) 3.4 

(*) Including impairment loss on shares in ADP (see above) and gains on disposal of shareholdings. 

(in € millions) Cost of net fi nancial debt 

Liabilities at amortised cost (1,000.3) 

Assets and liabilities at fair value through profi t or loss (fair value option) 195.5 

31/12/2007 (*) 

Other fi nancial income 

and expenses Equity 

Derivatives designated as hedges: assets and liabilities 6.2 51.6 

Derivatives at fair value through profi t or loss (trading): assets and liabilities (12.4) (16.3) 

Loans and receivables 1.5 

Available-for-sale fi nancial assets 45.9 3.6 

Foreign exchange gains and losses 0.5 

Eff ect of discounting to present value (47.9) 

Capitalised borrowing costs 135.6 

Total fi nancial income and expenses (811.0) 119.4 55.2 

of which 

Concessions (681.1) 116.9 71.7 

Other business lines 70.1 21.8 0.2 

Holding companies (200.0) (19.3) (16.7) 


The eff ect of discounting to present value relates mainly to provisions for retirement benefi t obligations for €34.8 million at 31 December 2008 

(€33.9 million at 31 December 2007) and to provisions for the obligation to maintain concession assets in a good state of repair, for €8.6 million 

at 31 December 2008 (€11.9 million at 31 December 2007). 

Gains and losses on derivative fi nancial instruments allocated to fi nancial debt (and designated as hedges) breaks down as follows: 


Net interest on derivatives designated as fair value hedges (7.4) 6.3 

Change in value of derivatives designated as fair value hedges 119.1 (25.5) 

Change in value of the adjustment to fair value hedged fi nancial debt (121.9) 24.7 

Reserve reversed through profi t or loss in respect of cash fl ow hedges 7.5 0.6 

Ineff ectiveness of cash fl ow hedges (3.9) 0.1 

Gains and losses on derivative instruments allocated to net fi nancial debt 

of which 

(6.6) 6.2 

Concessions 3.4 8.4 

Other business lines 0.6 (0.2) 

Holding companies (10.6) (1.9)

7. Income tax 

The income tax expense amounted to €770.5 million at 31 December 2008, against €741.2 million at 31 December 2007. 

7.1 Analysis of net tax expense 



Current tax (647.4) (795.7) 

Deferred tax (123.1) 54.5 

including temporary diff erences, for (126.6) 57.0 

including tax losses and tax credits, for 3.5 (2.5) 

Total (770.5) (741.2) 

(*) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements” 

The tax expense for the year comprises: 

- the tax expense recognised by the French subsidiaries for €656.1 million (compared with €622.2 million in 2007), including €178.8 million in 

Cofi route (against €175.7 million in 2007) and €322.9 million in VINCI SA, the lead company in the tax consolidation group that comprises 855 

French subsidiaries (against €505.1 million in 2007). 

- the tax expense recognised by foreign subsidiaries for €114.4 million (against €119.0 million in 2007). 

7.2 Eff ective tax rate 

The eff ective tax rate was 31.5% in 2008 compared with 32.2% in 2007. 

This rate is lower than the theoretical tax rate of 34.43% (the standard tax rate in force in France), mainly because of taxation at lower rates 

of some foreign subsidiaries. The diff erence between the tax calculated using the standard tax rate in force in France and the amount of tax 

eff ectively recognised in the year can be analysed as follows: 


Profi t before tax, profi t or loss of associates and discontinued operations (halted, sold) 2,445.8 2,302.3 

Theoretical tax rate in France 34.43% 34.43% 

Theoretical tax expense expected (842.1) (792.7) 

Goodwill impairment expense (7.5) (2.7) 

Impact of taxes due on income taxed at lower rate in France 4.6 3.3 

Impact of tax loss carryforwards and other unrecognised or previously capped temporary diff erences (2.2) 10.5 

Diff erence in tax rates on foreign profi t or loss 62.6 37.3 

Permanent diff erences and miscellaneous 14.1 3.3 

Tax expense recognised (770.5) (741.2) 

Eff ective tax rate 31.50% 32.19% 

Eff ective tax rate excluding impact of share-based payments, goodwill impairment losses and profi t or loss of 

associates 

29.96% 30.55% 


A previously unrecognised deferred tax asset of €20.8 million, relating to carryforward tax losses and previous tax credits, has been recognised 

during the year as a gain. 

The permanent diff erences shown in the eff ective tax reconciliation include the eff ects related to the fact that some of the components of 

the share-based payment expense are non tax-deductible. Such non-deductible items amounted to –€3.9 million at 31 December 2008 

(–€8.9 million at 31 December 2007). 

199


7.3 Breakdown of deferred tax assets and liabilities 

(in € millions) 31/12/2008 

Deferred tax assets 


Changes 

Profi t or loss Equity Other 

31/12/2007 (*) 

Carryforward tax losses and tax credits 240.6 8.6 6.9 225.1 

Retirement benefi t obligations 177.7 (20.1) 8.4 189.4 

Temporary diff erences on provisions 293.1 (152.3) 36.9 408.5 

Fair value adjustment on fi nancial instruments 89.2 2.9 81.9 (19.5) 23.9 

Finance leases 28.4 3.7 5.1 19.6 

Other 282.7 (14.3) 0.6 4.9 291.5 

Netting of deferred tax assets and liabilities by tax jurisdiction (669.1) 77.3 (746.4) 

Total 442.6 (171.6) 82.5 120.0 411.7 

Deferred tax liabilities 

Remeasurement of assets (**) (2,855.8) 65.2 (56.7) (2,864.4) 

Finance leases (41.3) (6.3) (7.3) (27.7) 

Fair value adjustment on fi nancial instruments (12.2) 0.8 3.0 23.6 (39.6) 

Other (238.3) (9.1) 0.1 (0.8) (228.5) 

Netting of deferred tax assets and liabilities by tax jurisdiction 669.1 (77.3) 746.4 

Total (2,478.5) 50.7 3.1 (118.5) (2,413.7) 

Net deferred tax asset or liability before impairment losses (2,035.9) (120.9) 85.5 1.5 (2,002.0) 

Capping (298.8) (2.2) 2.8 (299.4) 

Net deferred tax (2,334.7) (123.1) 85.5 4.3 (2,301.4) 


(**) Including a fair value adjustment on the assets and liabilities of ASF on fi rst consolidation: of –€2,112.0 million at the balance sheet date of which the impact on profi t or loss for the year is +€92.4 million. 

7.4 Unrecognised deferred taxes 

At 31 December 2008, deferred tax assets that are unrecognised on the grounds that their recovery is not probable amounted to €298.8 million. 

Of this, €73.8 million relates to the German subsidiaries, in respect of their carryforward tax losses. As the German subsidiaries are again 

profi table, VINCI has, on the basis of the forecasted 2009 results, recognised a deferred tax asset of €9 million.

8. Earnings per share 


Earnings per share is calculated on the basis of the weighted average number of shares outstanding during the year, less the weighted average 

number of treasury shares. 

Diluted earnings per share is calculated on the basis of the weighted average number of shares that would have been outstanding had all potentially 

dilutive instruments (in particular share subscription or purchase options and performance shares) been converted into shares. Earnings are 

also adjusted as necessary for changes in income and expenses resulting from the conversion into shares of all potentially dilutive instruments. 

The dilution resulting from the exercise of share subscription and purchase options and from performance shares is determined using the method 

defi ned in IAS 33. 

Earnings per share 

The tables below show the reconciliation between earnings per share and diluted earnings per share: 

Net profi t 

Average number Earnings per share 



of shares 

(in euros) 

Total shares 491,488,410 

Treasury shares (21,375,884) 

Basic earnings per share 1,591.4 470,112,526 3.39 

Share subscription options 7,597,814 

Share purchase options 832,478 

Group savings scheme 69,399 

Performance shares 3,488,384 

Diluted earnings per share 1,591.4 482,100,601 3.30 

Net profi t 

Average number Earnings per share 

31/12/2007 


of shares 

(in euros) 

Total shares 480,826,874 

Treasury shares (16,027,097) 

Basic earnings per share 1,455.0 (*) 464,799,777 3.13 (*) 

Share subscription options 14,321,736 

Share purchase options 2,235,903 

Group savings scheme 387,291 

Performance shares 2,129,015 

Diluted earnings per share (*) 1,455.0 (*) 483,873,722 3.01 (*) 


Diluted earnings per share, calculated above, does not take account of the use of hedging fi nancial instruments by VINCI to hedge the dilutive 

eff ect of share subscription or purchase plans, or performance shares. (See Note E.18.2 “Treasury shares”). 

201


E. Notes to the balance sheet 

9. Concession intangible assets 

9.1 Main features of concession contracts 

The features of the main concessions contracts accounted for using the intangible asset model and operated by consolidated subsidiaries are 

as follows: 

Motorways 

Cofi route 

Intercity toll 

motorway network 

in France 

(1,100 km) 

A86 France 

(two toll tunnels under 

construction) 

ASF Group 

ASF - France 

(2,714 km of toll 

motorways, including 

81 km under 

construction) 

Escota - France 

(459 km of toll 

motorways) 

Other concessions 

Arcour (A19) France 

101 km toll motorway, 

under construction 

A-Modell 

“A4 Horselberg“ 

45 km motorway, under 

construction 


Control and regulation 

of prices by concession 

grantor 

Pricing law as defi ned in 

the concession contract. 

Price increases subject 

to agreement by grantor. 

















Infl ation-linked price 

increases based on the 

2007 tolls level 

(excluding increases 

decided by the grantor). 

Remuneration 

paid by 

Users Nil 

Users Nil 

Users Nil 

Users Nil 

Users 

Heavy vehicle 

road users, 

through the 

grantor 

Grant or 

guarantee from 

concession 

grantor Residual value 

Investment 

grant 

Nil 


returned to grantor 

for no consideration 

at the end of the 

contract, unless 

purchased by the 

grantor on the basis 

of the economic 

value. 









value. 









value. 









value. 



at end of concession 

for no consideration. 



at end of concession 

for no consideration. 

Concession end date 

or average duration 

End of contract 

in 2030 

End of contract: 70 

years after complete 

entry into service of 

asset 


in 2032 


in 2026 


in 2070 


in 2037 

Consolidation 

method 

Accounting 

model 

Full consolidation Intangible asset 





Proportionate 

consolidation 

Intangible asset

Parking 


Approximately 368,305 

parking spaces under 

concession; France, other 

European countries 

Bridges 

Gefyra 

Toll bridge in the Gulf of 

Corinth, between Rion 

and Antirion (Greece) 

Tunnel 

Tunnel Prado Sud 

Toll tunnel, 1,500m 

Airports 

SCA (Cambodia) 

Phnom Penh, Siem Reap 

and Sihanoukville airports 

Stadiums 

Consortium Stade 

de France 

Stade du Mans 

Control and 

regulation of prices 

by concession 

grantor 

Indexed price ceilings 

set in contracts. 

Pricing law as defi ned 

in the concession 

contract. Price 

increases linked to 

price index and 

subject to agreement 

by grantor. 




increases subject to 

agreement by grantor. 




increases subject to 

agreement by grantor. 

No 

Price schedule 

approved by the 

grantor. 

Remuneration 

paid by 

Users / Grantor’s 

guarantee 

Users 

Users 

Users 

Organiser of event 

and/or fi nal 

customer 

Ticket sales + 

resident club 

payments + 

miscellaneous 

revenue 

Grant or guarantee 

from concession 

grantor 

If applicable, grants for 

equipment or 

operating grants and/ 

or revenue guarantees, 

paid by grantor 

Grant for construction 

paid by grantor 

Grant limited to 

network diversion work 

Share in grantor’s 

profi ts 

Investment grant + 

compensation for 

absence of resident 

club + profi t-sharing 

agreement with 

grantor 

Investment grant and 

operating grant 

Residual 

value 

Nil 


returned to 

grantor at the 

end of the 

contract for no 

consideration. 


returned to 


end of the 




returned to 


end of the 




returned to 


end of the 




returned to 


end of the 



Concession end date 

or average duration 

25 years (average 

remaining period of 

concession contracts) 


in 2039 


in 2054 


in 2040 


in 2025 


in 2043 


Consolidation 

method 

Full 

consolidation 

Full 

consolidation 

Proportionate 

consolidation 

Proportionate 

consolidation 

Proportionate 

consolidation 

Full 

consolidation 

Accounting 

method 

Intangible asset 

and/or fi nancial 

asset 





Intangible assets / 

fi nancial asset 

203


9.2 Commitments made under concession contracts – intangible asset model 

Contractual investment and renewal obligations 

Under their concession contracts, Group subsidiaries have undertaken to carry out investments in the infrastructure that they will operate as 

concession operators. The corresponding assets break down as follows: 


ASF 3,473 2,990 

including Lyons to Balbigny, for 1,149 900 

Cofi route 770 809 

including intercity network, for 294 444 

including A86, for 226 366 

Arcour 98 385 

Other 324 147 

Total 4,665 4,330 

These amounts do not include maintenance expenditure on infrastructure operated under concessions. 

The investments by ASF, Escota, Cofi route and Arcour are fi nanced by drawings on their available credit facilities, by taking out new loans from the 

European Investment Bank (EIB) and by issuing bonds on the market. 

Collateral security connected with the fi nancing of concessions 

Some concession operating companies have given collateral securities to guarantee the fi nancing of their investments in concession infrastructure. 

These break down as follows: 

(in € millions) Start date End date Amount 

VINCI Park 2006 2026 498 (*) 

Gefyra (Rion-Antirion bridge - Greece) 2001 2029 347 

Arcour 2008 2045 532 

VIA Solutions (A4 Horselberg) 2007 2035 48 

Morgan VINCI Ltd (Newport bypass - United Kingdom) 2002 2040 32 

Other concession operating companies 50 

(*) Shares in subsidiaries pledged to guarantee a loan of €500 million taken out at the end of June 2006. 

Furthermore, ASF Holding, which owns 23% of ASF, has pledged its shareholding to guarantee a seven-year loan of €1.2 billion taken out with a 

syndicate of banks in 2006. 

This fi nance is without recourse against VINCI SA. 


9.3 Breakdown of concession intangible assets by type of infrastructure 

(in € millions) Motorways (*) Car parks 

Gross 

Other 

infrastructure 

Total VINCI 

Concessions 


Other 

Concessions (**) Total 

1/1/2007 (***) 23,306.6 1,159.1 648.6 25,114.3 15.3 25,129.6 

Acquisitions as part of business combinations 5.2 5.2 5.2 

Other acquisitions in the year 893.0 23.8 328.8 1,245.6 1,245.6 

Disposals and retirements during the year (2.6) (18.3) (20.9) (20.9) 

Currency translation diff erences (3.6) (8.1) (11.7) (11.7) 

Other movements 6.4 (1.8) 4.6 (10.2) (5.6) 

24,203.4 1,164.3 969.3 26,337.0 5.1 26,342.2 

Grants received (25.7) (22.1) (47.8) (47.8) 

31/12/2007 (***) 24,177.7 1,164.3 947.2 26,289.2 5.1 26,294.4 

Acquisitions in the year 727.4 34.2 377.7 1,139.3 2.1 1,141.4 

Disposals and retirements during the year (2.1) (1.7) (3.8) (3.8) 

Currency translation diff erences (5.8) 4.8 (1.0) (1.0) 

Other movements (51.5) (12.7) 135.3 71.1 3.6 74.8 

24,851.5 1,178.2 1,465.0 27,494.8 10.9 27,505.7 

Grants received (2.8) (31.2) (34.0) (34.0) 

31/12/2008 24,848.7 1,178.2 1,433.8 27,460.8 10.9 27,471.7 

Amortisation and impairment losses 

1/1/2007 (***) (1,012.1) (459.5) (92.1) (1,563.7) (6.2) (1,569.9) 

Amortisation for the year (830.8) (37.4) (16.3) (884.5) (884.5) 

Impairment losses (0.6) (0.6) (0.6) 

Reversals of impairment losses 0.2 0.2 0.2 

Disposals and retirements during the year 1.9 14.1 16.0 16.0 

Currency translation diff erences 1.1 2.2 3.3 3.3 

Other movements 3.7 2.5 6.2 3.6 9.8 

31/12/2007 (***) (1,837.3) (479.5) (106.2) (2,423.0) (2.6) (2,425.6) 

Amortisation for the year (882.3) (36.7) (21.9) (941.0) (0.2) (941.1) 

Impairment losses (1.3) (3.5) (4.8) (4.8) 

Reversals of impairment losses 0.4 1.3 1.7 1.7 

Disposals and retirements during the year 1.1 1.6 2.7 2.7 

Currency translation diff erences 2.9 (1.4) 1.5 1.5 

Other movements 2.0 (0.1) (46.4) (44.4) (2.4) (46.8) 

31/12/2008 (2,716.5) (512.6) (178.2) (3,407.3) (5.2) (3,412.5) 

Net 

1/1/2007 (***) 22,294.4 699.6 556.5 23,550.6 9.1 23,559.7 

31/12/2007 (***) 22,340.4 684.8 841.0 23,866.2 2.5 23,868.7 

31/12/2008 22,132.2 665.6 1,255.6 24,053.5 5.7 24,059.2 

(*) Including the A86. 

(**) Mainly communication network concession contracts managed by VINCI Construction. 

(***) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”. 

The investments made in new concession projects during the year amounted to €1,009.1 million compared with €1,129 million in 2007. 

They included the investments by Cofi route for €272.4 million (compared with €431 million in 2007), and by the ASF Group for €344.5 million 

(compared with €352.8 million in 2007). 

Borrowing costs included in the cost of concession assets in 2008 before their entry into service amounted to €132.3 million (of which 

€91.9 million related to Cofi route, €18.6 million to the ASF Group and €18.3 million to Arcour). 

Concession fi xed assets in progress amounted to €3,028.5 million at 31 December 2008, of which €1,634.2 million related to Cofi route (including 

€1,603 million for the A86), €535.2 million to the ASF Group and €711.1 million to Arcour. 

205


10. Goodwill 

Changes in the year were as follows: 


Net at the beginning of the year 3,382.5 2,636.5 

Goodwill recognised during the year 288.7 770.6 

Impairment losses (22.2) (6.0) 

Currency translation diff erences (73.7) (18.5) 

Entities no longer consolidated (2.7) (6.5) 

Other movements 6.3 6.4 

Net at the end of the year 3,578.9 3,382.5 

The main items of goodwill at 31 December 2008 were as follows: 

(in € millions) Gross 


31/12/2008 31/12/2007 

Impairment 

losses Net Net 

ASF Group 1,934.7 1,934.7 1,934.7 

VINCI Park (formerly Sogeparc and Finec) 343.3 343.3 343.3 

Entrepose Contracting 200.9 200.9 201.5 

Solétanche Bachy 179.0 179.0 169.7 

Nuvia (formerly Nukem) 119.2 119.2 155.4 

ETF 105.3 105.3 

Taylor Woodrow Construction 80.2 80.2 

Etavis 75.9 75.9 76.0 

Other goodwill items individually less than €50 million (*) 603.3 (62.9) 540.4 501.9 

Total 3,641.8 (62.9) 3,578.9 3,382.5 

(*) Net value for individual entities, in each of the two years. 

The impairment tests performed in the year resulted in recognition of an impairment loss in respect of the goodwill in Euromark for €20 million.

11. Other intangible assets 


(in € millions) Software Patents, licences and other Total 

Gross 

1/1/2007 186.4 157.3 343.8 


Other acquisitions in the year 15.0 16.9 31.9 

Disposals and retirements during the year (11.2) (1.8) (13.0) 

Currency translation diff erences (0.3) (0.7) (1.0) 

Other movements 16.1 (20.0) (3.9) 

31/12/2007 215.3 186.8 402.1 


Other acquisitions in the year 17.1 23.7 40.9 

Disposals and retirements during the year (8.1) (8.0) (16.1) 

Currency translation diff erences (1.1) (10.4) (11.5) 

Other movements 6.2 (13.2) (6.9) 

31/12/2008 230.0 218.9 449.0 

Amortisation and impairment losses 

1/1/2007 (143.8) (71.6) (215.4) 

Cumulative amortisation recognised as part of business combinations (7.4) (13.8) (21.1) 

Amortisation for the year (22.5) (8.9) (31.4) 

Impairment losses (0.1) (0.1) 

Reversals of impairment losses 0.2 0.2 

Disposals and retirements during the year 6.0 2.4 8.3 

Currency translation diff erences 0.2 0.2 0.4 

Other movements (2.0) 0.6 (1.4) 

31/12/2007 (169.5) (91.0) (260.5) 

Cumulative amortisation recognised as part of business combinations (0.5) (0.2) (0.7) 

Amortisation for the year (24.5) (11.0) (35.6) 

Impairment losses (0.1) (0.1) (0.2) 

Reversals of impairment losses 0.0 0.1 0.1 

Disposals and retirements during the year 6.9 7.9 14.8 

Currency translation diff erences 0.7 0.7 1.4 

Other movements 3.9 5.2 9.0 

31/12/2008 (183.0) (88.6) (271.6) 

Net 

1/1/2007 42.5 85.8 128.3 

31/12/2007 45.8 95.8 141.6 

31/12/2008 47.0 130.3 177.3 

207


12. Property, plant and equipment 


Gross 


Concession 

operating fi xed 

assets Land Buildings 

Plant, equipment and 

fi xtures Total 

1/1/2007 (*) 2,649.1 405.1 884.0 4,337.0 8,275.1 

Acquisitions as part of business combinations 0.1 18.9 91.0 650.0 760.0 

Other acquisitions in the year 212.7 22.2 157.3 665.3 1,057.5 

Disposals and retirements during the year (58.8) (14.4) (45.9) (344.0) (463.2) 

Currency translation diff erences 0.3 (2.0) (32.5) (34.2) 

Other movements (4.0) (9.0) (88.3) 1.0 (100.4) 

31/12/2007 (*) 2,799.0 422.9 996.2 5,276.8 9,495.0 

Acquisitions as part of business combinations 18.4 45.5 185.1 249.0 

Other acquisitions in the year 235.7 27.3 202.6 723.2 1,188.9 


Currency translation diff erences 0.3 (7.0) (8.7) (79.8) (95.1) 

Other movements (81.6) 4.5 (109.6) 57.8 (128.8) 

31/12/2008 2,886.3 459.0 1,101.1 5,806.6 10,253.1 

Depreciation and impairment losses 

1/1/2007 (*) (1,345.4) (77.0) (348.2) (2,878.1) (4,648.9) 

Cumulative depreciation recognised as part of business combinations (0.1) (1.0) (26.2) (422.9) (450.2) 

Other depreciation for the year (140.4) (8.8) (38.7) (483.8) (671.8) 

Impairment losses (0.2) (2.3) (0.9) (4.8) (8.2) 

Reversals of impairment losses 4.9 1.7 1.2 3.2 11.0 

Disposals and retirements during the year 47.7 3.9 21.8 311.7 385.1 

Currency translation diff erences (0.5) 0.3 17.8 17.6 

Other movements (0.5) 3.9 1.0 55.5 59.9 

31/12/2007 (*) (1,434.1) (80.2) (389.8) (3,401.4) (5,305.5) 

Cumulative depreciation recognised as part of business combinations (0.1) (7.5) (116.7) (124.4) 

Other depreciation for the year (136.5) (9.5) (43.8) (568.5) (758.3) 

Impairment losses (0.3) (3.0) (0.8) (7.2) (11.3) 

Reversals of impairment losses 0.5 0.3 0.7 2.1 3.4 

Disposals and retirements during the year 64.1 2.4 14.4 331.2 412.1 

Currency translation diff erences (0.1) 1.3 2.9 42.0 46.1 

Other movements 46.6 (3.0) 3.0 21.1 67.7 

31/12/2008 (1,459.8) (91.9) (421.0) (3,697.4) (5,670.2) 

Net 

1/1/2007 (*) 1,303.6 328.0 535.7 1,458.9 3,626.3 

31/12/2007 (*) 1,365.0 342.7 606.4 1,875.4 4,189.5 

31/12/2008 1,426.5 367.1 680.1 2,109.2 4,582.9 


This item includes assets under construction not yet in service for €567.2 million at 31 December 2008 (compared with €438.6 million at 

31 December 2007). 

At 31 December 2008, assets acquired under fi nance leases amounted to €213.6 million compared with €142.1 million at 31 December 2007. 

They are mainly related to property used in operations. The payments relating to these assets are shown in Note E.22.1 “Detail of long-term 

fi nancial debt”.


13. Impairment tests on goodwill and other non-financial assets 

In accordance with IAS 36 Impairment of Assets, goodwill and other non-fi nancial assets have been tested for goodwill at 31 December 2008. 

The value in use of cash-generating units is determined on the basis of activity (concession, construction, energy and roads) and country, by 

discounting the forecasted operating cash fl ows before tax (operating profi t plus depreciation and amortisation plus non-current provisions less 

operating investments less change in operating WCR), at the rates below. 

In the case of concessions, forecasted cash fl ows are determined across the length of contracts by applying a variable discount rate, determined 

for each period depending on the debt to equity ratio. 

For the other cash-generating units, forecasted cash fl ows are generally determined on the basis of the latest three-year plans available. For 

periods beyond the three-year period, cash fl ows are extrapolated until the fi fth year, generally using a growth rate based on management’s 

assessment of the outlook for the entity under consideration. 

Beyond the fi fth year, the terminal value is determined by capitalising cash fl ows to infi nity. 

13.1 Impairment tests on goodwill 

Goodwill was tested for impairment using the following assumptions: 

Parameters of the model applied 

Impairment losses recognised 

Carrying amount 

to cash fl ow forecasts 

in the year 

of goodwill at 

31 December Growth rate Growth rate 

Pre-tax discount rate 


2008 (Years Y+1 to Y+5) (terminal value) 31/12/2008 31/12/2007 


ASF Group 1,934.7 (*) (*) 9.49% 9.48% - - 

VINCI Park 343.3 (*) (*) 9.08% 8.91% - - 

Entrepose Contracting 200.9 1.2% to 5.6% 2.0% 10.13% 9.48% - - 

Solétanche Bachy 179.0 1.2% to 3.4% 1.5% 10.13% 9.48% - - 

Other goodwill 921.0 0 to 3% 0 to 3% 7.80% to 19.46% 6.8% to 17.7% (22.2) (6.0) 

Total 3,578.9 (22.2) (6.0) 

(*) Cash fl ow projections are determined over the length of concessions contracts using an average revenue growth rate of 2.2% for ASF and of 3% for VINCI Park. 

The tests performed at 31 December 2008 led to the recognition of impairment losses of €22.2 million compared with €6 million at 31 December 

2007. 

Sensitivity of the value in use of cash-generating units to the assumptions made 

For main goodwill items, the sensitivity of the enterprise value to the assumptions made is shown in the following table: 

Sensitivity to interest rates 

(in € millions) ASF VINCI Park Entrepose Contracting Solétanche Bachy 

0.50% – 0.50% 0.50% – 0.50% 0.50% – 0.50% 0.50% – 0.50% 

Discount rate for cash fl ows (1,101.0) 1,188.0 (161.5) 196.1 (14.5) 16.4 (30.0) 33.0 

Growth rate to infi nity for cash fl ows (*) (*) (*) (*) 12.6 (11.1) 25.0 (23.0) 

(*) Forecasts of cash fl ows are determined over the periods of the concession contracts. 

At 31 December 2008, an increase (or decrease) of 50 basis points in the assumptions retained would not lead to material impairment 

(or revaluation) in the Group’s consolidated fi nancial statements, as the value in use of the cash-generating units in question is well above 

their carrying amount. 

Sensitivity to cash fl ows 

(in € millions) ASF VINCI Park Entrepose Contracting Solétanche Bachy 

5.00% - 5.00% 5.00% - 5.00% 5.00% - 5.00% 5.00% - 5.00% 

Change in forecast pre-tax operating cash fl ows 975.0 (975.0) 118.0 (118.0) 12.7 (12.7) 26.0 (26.0) 

At 31 December 2008, a 5% increase (or decrease) of the forecasted cash fl ows assumed would not lead to material impairment (or revaluation) in 

the Group’s consolidated fi nancial statements, as the value in use of the cash-generating units in question is well above their carrying amount. 

209


13.2 Impairment of other non-fi nancial assets 

At 31 December 2008, the Group has not recognised any impairment losses on other non-fi nancial assets. 

14. Investment property 


Investment property 42.8 52.6 

During the year, investment property generated rental income of €3.3 million and €2.2 million of direct operating expenses. 

At 31 December 2008, the estimated fair value of investment property was €65.6 million and the carrying amount was €42.8 million. 

15. Investments in associates 

15.1 Movements during the year 


Value of shares at start of the year 190.1 101.2 

Share capital increases of associates 9.9 7.5 

Group share of profi t / (loss) for the year 23.8 16.7 

including Concessions, for 11.7 3.7 

Dividends paid (15.6) (13.3) 

Changes in consolidation scope and translation diff erences (5.1) 77.1 

Net change in fair value of fi nancial instruments (38.8) 

Reclassifi cations 1.7 0.9 

Value of shares at end of year 165.9 190.1 

including Concessions, for 37.8 57.3 


The changes in the year include in particular the post-tax changes in the fair value of fi nancial instruments designated as interest rate hedges for 

–€38.8 million (including –€23.5 million in respect of Olympia Odos and –€8.9 million in respect of Aegean Motorways). 

15.2 Financial information on investments in associates 

Investments in associates mainly relate to concession operating companies in which the Group exercises signifi cant infl uence. 



At 31 December 2008, the main fi nancial data relating to investments in concession operating companies recognised under investment in 

associates was as follows (on a 100% basis): 

Trans 

Olympia 

Severn River Jamaican 

Olympia Odos Rhôn Aegean 


Crossing Highway SMTPC Lusoponte SCDI Odos Litourgia Express Motorways (*) Coentunnel 

% held 

Financial data (on a 100% basis) 

35.00% 34.00% 33.29% 30.85% 18.80% 36.00% 36.00% 32.40% 13.75% 27.60% 

Revenue 97.8 25.6 33.7 64.6 19.1 84.9 11.0 25.5 177.5 35.5 

Attributable to Group 34.2 8.7 11.2 19.9 3.6 30.6 3.9 8.3 24.4 9.8 

Operating expenses (97.8) (10.6) (15.6) (16.3) (10.9) (69.0) (10.8) (25.5) (159.5) (34.4) 

Operating profi t 0.0 15.4 18.1 48.3 8.2 15.9 0.2 0.0 18.0 0.1 

Net profi t / (loss) for the year 0.0 1.7 9.4 11.9 (2.3) 10.8 0.1 (0.7) 12.5 (0.7) 

Equity at 31 December 2008 3.3 46.6 17.5 (18.9) (24.4) 1.0 (6.4) (37.0) (26.3) 

Equity attributable to Group 

including share of net consolidated 

0.0 1.1 15.5 5.4 (3.6) (8.8) 0.4 (2.1) (5.1) (7.3) 

profi t / (loss) attributable to Group, for 0.0 0.6 3.1 3.7 (0.4) 3.9 0.0 (0.2) 1.7 (0.2) 

Goodwill net 6.7 15.1 10.7 0.0 0.0 0.0 0.0 0.0 0.0 

Value of investments in associates 

Carrying amount of shares in parent 

0.0 7.9 30.6 16.1 (3.6) (8.8) 0.4 (2.1) (5.1) (4.7) 

company accounts 6.5 6.2 38.1 108.0 0.2 1.8 0.4 0.0 0.7 0.0 

Original cost of shares 

Fair value of shareholdings (stock market 

6.2 27.1 20.2 0.2 1.8 0.4 0.0 0.7 0.0 

value at December 2008) 

Other balance sheet information 

39.0 

Total assets / equity and liabilities 410.7 218.6 138.3 804.0 171.0 429.4 10.0 31.0 309.8 56.5 

Net debt at 31 December 2008 

Shareholder advances and 

(347.9) 198.4 (57.1) (323.4) (156.2) (285.2) 1.6 (17.1) (178.6) (66.6) 

interest-bearing loans (VINCI share) 5.9 2.9 0.0 0.1 

(*) Maliakos Kleidi (formerly Apion Kléos) 

16. Other non-current financial assets 


Available-for-sale fi nancial assets 302.6 393.5 

Loans and receivables at amortised cost 210.0 154.3 

including fi nancial assets under PPPs and concessions, for 116.9 64.0 

Fair value of derivative fi nancial instruments (non-current assets) (**) 109.8 72.0 

Other non-current fi nancial assets 622.4 619.8 


(**) See Note E.23 “Management of fi nancial risks”. 

Available-for-sale fi nancial assets amounted to €302.6 million at 31 December 2008, compared with €393.5 million at 31 December 2007. These 

comprise listed shareholdings for €182.9 million (including shares in ADP for €158.4 million) and unlisted shareholdings for €119.8 million, in 

subsidiaries that do not meet VINCI’s minimum fi nancial criteria for consolidation. 

Loans and receivables at amortised cost amounted to €210 million at 31 December 2008 compared with €154.3 million at 31 December 2007. 

They include, in addition to receivables connected with investments in associates and guarantee deposits for €78.9 million, fi nancial receivables 

connected with concession contracts and Public-Private Partnerships managed by Group subsidiaries for €116.9 million (see Note E.16.2 

“Financial receivables connected with concession and Public-Private Partnership contracts”). 

211


16.1 Available-for-sale assets, loans and receivables 

Available-for-sale assets and loans and receivables at amortised cost break down as follows: 



Available-for-sale fi nancial assets Loans and receivables at amortised cost 

Shares in 

subsidiaries and 

associates at fair 

value 

Investments in 

unlisted 

subsidiaries and 

associates 

Financial assets 

- PPPs and 

concessions 

Collateralised 

loans and 

receivables 

Other loans 

and 

receivables 

1/1/2007 (*) 16.9 174.9 63.6 5.3 83.0 343.7 


Other acquisitions in the year 227.3 61.0 6.5 20.8 315.6 

Fair value adjustment recognised in equity 3.6 0.4 4.0 


Disposals and retirements during the year (0.3) (16.2) (2.0) (3.6) (15.2) (37.2) 

Currency translation diff erences (0.6) (0.7) (4.1) (2.2) (7.6) 

Other movements (3.3) (78.4) 0.0 (1.6) (1.4) (84.7) 

31/12/2007 (*) 243.2 150.2 64.0 0.1 90.2 547.8 


Other acquisitions in the year 15.3 16.1 53.7 0.1 16.9 102.0 

Fair value adjustment recognised in equity (5.1) 14.6 9.5 



Currency translation diff erences (1.8) (0.7) (14.7) (5.8) (22.9) 

Other movements (0.1) (52.8) 18.9 0.3 36.9 3.2 

31/12/2008 182.9 119.8 116.9 0.5 92.6 512.6 


Changes in the year mainly relate to the change in the fair value of the shares in ADP (see Note 6 “Financial income and expenses”) and the 

€53.7 million increase of PPP and concessions fi nancial assets, including Sport Partenariat (INSEP) for €12.9 million and Doncaster School 

Solutions Ltd for €17.7 million. 

Loans and receivables measured at amortised cost break down by maturity date as follows: 

(in € millions) 31/12/2008 Between 1 and 5 years After 5 years 

Financial assets - PPPs and concessions 116.9 26.6 90.2 

Loans and collateralised receivables 0.5 0.5 

Other loans and receivables 92.6 53.8 38.8 

Loans and receivables at amortised cost 210.0 80.5 129.5 

The part at less than one year of other non-current fi nancial assets is included under other current fi nancial assets for €43 million. 

The fair value of current derivative fi nancial instruments (assets) forms an integral part of net fi nancial debt (see Note E.22 “Net fi nancial debt”). 

Total


16.2 Financial assets connected with concession and Public-Private Partnership contracts 

These receivables relate in particular to VINCI Energies’ contracts for public lighting, a VINCI Construction France contract for the provision of 

renovation and related services for INSEP, the contract for the Newport bypass (Wales) and VINCI Concessions’ contract for the Liefk enshoek 

Tunnel (Belgium). 

The features of the main concessions and Public-Private Partnership contracts accounted for using the fi nancial asset model and operated by 

consolidated subsidiaries are as follows: 

Motorways 

Morgan VINCI Ltd 

Motorway, bypassing 

Newport, UK (10 km) 

Railways 

Liefk enshoek Tunnel 

Liefk enshoek, 16.2 km 

rail link in the port of 

Antwerp 

Airport car parking 

Car rental fi rms’ 

complex at Nice 

airport 

Other 

Public lighting 

in Rouen 

INSEP 

Rehabilitation, 

operation, 

maintenance and hotel 

management 

Control and regulation 

of prices by concession 

grantor 

Payment depends on 

availability 67%, traffi c 28%, 

safety 3%, maintenance 2%. 

Scheduled construction 

payments by the grantor. 

Scheduled construction 

payments by the grantor + 

rent paid by car rental 

companies as set in 

concession contract. 

Scheduled contractual 

payments from grantor. 

Scheduled contractual 

payments from grantor. 

Remuneration 

paid by 

Grantor Nil 

Grantor 

Grantor and car 

rental companies 

City of Rouen Nil 

French Ministry 

for Health and 

Sport 

Grant or 

guarantee from 

concession 

grantor Residual value 

Investment 

grant 

Investment 

grant and 

operating grant 

Grant 

Infrastructure returned 

to grantor at end of 

concession for no 











to grantor at the end of 

the contract for no 



to grantor at the end of 

the contract for no 


Concession end 

date or average 

duration 

End of contract in 

2042 


in 2050 


in 2040 


in 2027 

16.3 Commitments made under concession and PPP contracts – 

fi nancial asset model 

End of contract in 

2039 

Contractual investment and renewal obligations 

Under their concession and PPP contracts, Group subsidiaries have undertaken to carry out investments as follows: 

Consolidation 

method 

Proportionate 

consolidation 

Proportionate 

consolidation 

Accounting 

model 

Financial asset 


Full consolidation Financial asset 

Full consolidation Financial asset 

Proportionate 

consolidation 



Liefk enshoek Tunnel 301 - 

Nice rental car parking facility 32 - 

Other 14 - 

Total 347 - 

In consideration for these investments, the subsidiaries receive a guarantee of payment from the concession grantor. 

213


17. Construction contracts (contracting divisions) 

17.1 Financial information on construction contracts 

Costs incurred plus profi ts recognised less losses recognised, and intermediate invoicing are determined on a contract-by-contract basis. If this 

amount is positive it is shown on the line “Construction contracts in progress – assets”. If negative, it is shown on the line “Construction contracts 

in progress – liabilities”. 


Balance sheet data 

Advances and payments on account received (704.9) (641.1) 

Construction contracts in progress - assets 1,012.8 917.2 

Construction contracts in progress - liabilities (1,997.8) (1,709.3) 

Construction contracts in progress, net (985.0) (792.1) 

Total income and expenses to date recognised on contracts in progress 

Costs incurred plus profi ts recognised, less losses recognised to date 36,062.4 29,435.9 

Less invoices issued (37,047.4) (30,228.0) 

Construction contracts in progress, net (985.0) (792.1) 

17.2 Commitments given and received in connection with construction contracts 

The Group gives and receives guarantees (personal surety) in connection with its subsidiaries’ construction contracts, which break down by type 

as follows: 

31/12/2008 31/12/2007 

(in € millions) Given Received Given Received 

Performance guarantees 3,326.7 368.1 2,381.0 367.9 

Performance bonds 807.7 62.8 926.9 70.3 

Retentions 2,359.8 426.9 2,121.5 398.9 

Deferred payments to subcontractors 1,344.1 138.3 1,101.3 122.0 

Bid bonds 220.9 0.1 192.5 25.6 

Deferred payments to suppliers 61.9 157.3 56.9 79.4 

Total 8,121.1 1,153.5 6,780.1 1,064.1 

The 19.8% increase in commitments given should be seen in the light of the substantial increase in the activity of the contracting divisions, in 

particular the construction division in 2008. 

The guarantees given are mainly issued to guarantee construction work in progress. Whenever events such as late completion or disputes concerning 

the execution of a contract make it likely that a liability covered by a guarantee will materialise, a provision is taken in respect of that 

liability. 

In general, any risk of loss in connection with performance under a commitment given by VINCI or its subsidiaries would result in a provision 

being recognised in the Group’s fi nancial statements, under the rules in force. VINCI therefore considers that the off -balance sheet commitments 

above are unlikely to have a material impact on Group assets. 

It should be remembered that, opposite the commitments given, the Group has an order book of fi rm orders accepted by customers which 

undertake, under the contract terms, to pay for work on the basis of progress of work. In connection with their civil engineering and construction 

activity, Group companies benefi t from guarantees given by fi nancial institutions on instruction of their co-contractors or subcontractors or by 

their parent company. 

Lastly, VINCI also grants warranties covering several years in its normal course of business. These warranties, when set up, lead to provisions 

estimated on a statistical basis having regard to past experience or on an individual basis in the case of any major problems identifi ed. These 

commitments are therefore not included in the above table. 


18. Equity 


Capital management policy 

In connection with its capital management policy, VINCI has carried out share buyback programmes of which the principal objective has 

been to off set the dilutive eff ect of issues of new shares resulting from: 

– subscriptions by the Group’s employees’ Castor unit fund to new issues reserved for them; and 

– the exercise of share subscription options by option holders. 

The Group regularly purchases its own shares under its share buyback programme authorised by the Shareholders’ General Meeting and 

approved by the French stock market regulator, the AMF. Most of the “treasury shares” (see Note E.18.2 “Treasury shares”) have been retained 

and either allocated to covering share option and performance share plans or the fi nancing of external growth transactions that may 

arise in the future, or are being cancelled. A new share buyback programme expiring on 14 November 2009 for 3 million shares was authorised 

by the Shareholders’ General Meeting on 15 May 2008. No shares were bought back in 2008 under this programme other than 

purchases made under a liquidity contract. 

The employees’ savings scheme policy implemented through the formation of the Castor fund aims to make it easier for all employees to 

become VINCI shareholders. The Group estimates that 89,236 employees were VINCI shareholders at 31 December 2008, through the unit 

funds invested in VINCI shares. This is more than half the total workforce (87% in France). The employees form the largest group of shareholders 

in the Company, together holding 8.2% of its shares. 

At 31 December 2008, neither the Group’s consolidated equity nor the parent company’s equity was subject to any external constraints in 

the form of fi nancial covenants. 

18.1 Shares 

At 31 December 2008, the parent company’s share capital was represented by 496,162,480 ordinary shares of €2.5 nominal value. 

The changes in the number of shares during the year were as follows: 

31/12/2008 31/12/2007 

Number of shares at the start of the year 485,976,788 470,622,930 

Share capital increases (Group Savings Scheme, share options and stock dividends) 10,185,692 19,153,858 

Cancellation of shares (3,800,000) 

Number of shares at the end of the year 496,162,480 485,976,788 

Number of shares issued and fully paid 

Number of shares issued and not fully paid 

496,162,480 485,976,788 

Nominal value of one share (in euros) 2.5 2.5 

Treasury shares held directly by VINCI 22,919,652 17,838,019 

including shares allocated to cover share purchase option plans and allocation of free shares, for 6,650,780 251,978 

Treasury shares held through a liquidity contract - 300,000 

215


The changes in capital during 2008 break down as follows: 


Increases 

(reductions) 

of share capital 

(in euros) 

Share premiums 

arising on 

contributions or 

mergers (in euros) 

Number of shares 

issued or cancelled 

Number of shares 

representing the 

share capital 

Share capital 

(in euros) 

Situation at 1 January 2007 470,622,930 1,176,557,325 

Capital reduction (9,500,000) (113,364,800) (3,800,000) (*) 466,822,930 (*) 1,167,057,325 

Group Savings Scheme 21,693,128 310,020,256 8,677,251 (*) 475,500,181 (*) 1,188,750,453 

Exercise of share subscription options 26,191,518 134,657,853 10,476,607 (*) 485,976,788 (*) 1,214,941,970 

Situation at 31 December 2007 485,976,788 1,214,941,970 

Capital reduction - - - - - 


Exercise of share subscription options 5,887,258 31,048,024 2,354,903 491,722,348 1,229,305,870 

Payment of dividends in shares 11,100,330 185,751,933 4,440,132 496,162,480 1,240,406,200 

Situation at 31 December 2008 496,162,480 1,240,406,200 

(*) Adjusted for the two-for-one share split on 17 May 2007. 

In February 2006, VINCI issued undated subordinated bonds for €500 million. 

Issued at a price of 98.831%, this issue off ers a fi xed coupon of 6.25%, payable annually until November 2015, which is only due if VINCI pays a 

dividend to its shareholders or buys back its own shares. After that date, the interest rate becomes fl oating and payable quarterly at the Euribor 

three-month rate plus 3.75%. VINCI may redeem the bonds at par in November 2015 and subsequently at each interest payment date. 

These undated subordinated bonds have been accounted for as equity in the Group’s consolidated fi nancial statements. 

18.2 Treasury shares 

Changes in treasury shares, other than under a liquidity contract, were as follows: 

31/12/2008 31/12/2007 

Number of shares at the start of the year 17,838,019 4,171,178 

Purchases of shares 5,258,274 21,830,660 

Disposal of shares on exercise of share purchase options (176,641) (874,538) 

Cancellations of shares (3,800,000) 

External growth (862,081) 

Group Savings Scheme (2,627,200) 

Number of shares at the end of the year 22,919,652 17,838,019 

During 2008, VINCI purchased 5,258,274 of its own shares for a total of €241.7 million, an average price of €45.96 per share. There were no share 

capital reductions during the year. In 2008, 176,641 shares were sold in connection with the exercise of share purchase options (for €8.9 million). 

Furthermore, under a liquidity contract managed by an approved intermediary, 3,606,787 VINCI shares were acquired on the market during 2008 

for €151.9 million and were sold in the same period for €167.7 million. This contract was suspended on 23 December 2008. 

At 31 December 2008, the total number of treasury shares held was 22,919,652 and these were recognised as a deduction from consolidated 

equity for €1,173.2 million. 

VINCI also held 2,477,878 share call options at the balance sheet date in respect of cover of share subscription option plans, recognised as a 

deduction from equity for €74.2 million. 

18.3 Distributable reserves 

Changes in the distributable reserves of VINCI SA were as follows: 


Free of corporate income tax liabilities 12,392.3 12,873.7 

Distributable reserves 12,392.3 12,873.7 

The statutory reserve of VINCI S.A. stood at €121.5 million at 31 December 2008.

18.4 Items recognised directly in equity 

The following tables give details of these movements by type of fi nancial instrument: 



Available-for-sale fi nancial assets 

Reserve at beginning of year 7.0 3.7 

Changes in fair value in the year (57.5) 3.6 

Impairment losses recognised in profi t or loss 67.4 

Changes in fair value recognised in profi t or loss on disposal (0.5) 

Change in consolidation scope and miscellaneous (0.3) 

Reserve at end of the year 16.5 7.0 

Cash fl ow hedges 

Reserve at beginning of year 61.5 8.9 

Changes in fair value relating to associates (52.2) 

Other changes in fair value in the year (272.1) 51.6 

Fair value items recognised in profi t or loss 32.9 0.6 

Change in consolidation scope and miscellaneous 0.2 0.3 

Reserve at end of the year (229.7) 61.5 

Total items recognised directly in equity 

Gross reserve (213.2) 68.5 

Associated tax eff ect 73.6 (21.6) 

Reserve net of tax (139.7) 46.9 

The changes in fair value recognised in the income statement for the year mainly relate to the shares in ADP (see Note D.6 “Financial income 

and expenses”). 

The other changes in the year in fair value relating to cash fl ow hedges recorded in equity relate mainly to the hedging of future loan issues by 

concession operating companies (acquisition of deferred start interest rate swaps). These transactions are described in Note E.23.1.3 “Description 

of cash fl ow hedges”. 

18.5 Dividends 

The dividends paid in respect of 2008 and 2007 break down as follows: 


Dividend per share (in euros) (*) 

Interim dividend 0.52 0.47 

Final dividend 1.10 1.05 

Net total dividend 1.62 1.52 

Amount of dividend (in € millions) 

Interim dividend 246.5 220.7 

Final dividend 523.7 488.5 

amount paid in VINCI shares (**) 196.6 

amount paid in cash (**) 291.9 

Net total dividend 770.2 709.2 

(*) Restated following the two-for-one share split on 17 May 2007. 

(**) Information not available at the time of writing. 

VINCI paid the fi nal dividend in respect of 2007 in June 2008 for €488 million, of which €197 million was paid in VINCI shares. 

The interest coupon, of €31.3 million, on the undated subordinated loan issued in February 2006, has been recognised as a reduction of equity 

for its present value net of tax, and was paid in November 2008. 

An interim dividend of €0.52 per share in respect of 2008 was paid on 18 December 2008 (for €246.5 million) compared with €0.47 paid in 

respect of 2007 (for €220.7 million). 

The Shareholders’ Ordinary General Meeting will be asked to approve the full amount of the dividend that will be paid in respect of 2008 (see 

Note G.29 “Appropriation of 2008 earnings”). 

217


18.6 Minority interest 

At 31 December 2008, minority interest in Cofi route amounted to €303.1 million (compared with €280.3 million at 31 December 2007) 

and represented 16.67% of the share capital; that in CFE amounted to €192.7 million (compared with €167.2 million at 31 December 2007) 

and represented 53.16% of the share capital; and that in Entrepose Contracting amounted to €10.9 million (compared with €7.4 million at 

31 December 2007). 

19. Share-based payment 

19.1 Share subscription and purchase options 

The information in the tables below takes account of the two-for-one share split of the VINCI share in 2007. 

No new share option plans were set up in 2007 or 2008. 

The number and weighted average exercise prices of share subscription or purchase options outstanding at 31 December 2008 were as 

follows: 


31/12/2008 31/12/2007 

Options 

Average price 

(in euros) 

Options 

Average price 

(in euros) 

Options in circulation at start of the year 25,812,121 24.09 37,266,684 21.32 

Options granted during the year - 

Options exercised (2,531,544) (11,351,145) - 

Options cancelled (78,212) (103,418) - 

Options in circulation at end of the year 23,202,365 25.04 25,812,121 24.09 

of which exercisable options 20,610,334 16,909,313 

Options exercised in 2008 and remaining to be exercised at 31 December 2008 

Share subscription 

and share purchase option plans 

Exercise price 

(in euros) 

Number of options 

exercised in 2008 

Number of options 

remaining to be exercised 


VINCI 1998 6.27 0 0 

VINCI 1999 No. 1 9.30 16,388 31,144 




GTM 2000 8.73 202,469 0 

VINCI 2001 13.96 0 24,333 

VINCI 2002 No. 1 15.59 360,477 1,900,734 

VINCI 2002 No. 2 12.96 275,951 1,676,603 

VINCI 2003 15.04 667,913 1,727,676 



VINCI 2006 No. 1 35.58 0 1,071,950 


Total subscription plans 23.31 (*) 2,354,903 18,422,235 


VINCI 2000 11.77 131,635 990,723 




Total purchase plans 31.71 (*) 176,641 4,780,130 

Total 25.04 2,531,544 23,202,365 

(*) Calculated on the basis of the number of options remaining to be exercised at 31 December 2008.

Information on the share option plans granted during the period 2004 to 2006 


Plan 16/5/2006 9/1/2006 1/3/2005 7/9/2004 

Price of the underlying share at grant date (in euros) 39.78 34.93 28.30 22.18 

Exercise price (in euros) 40.32 35.58 24.20 20.18 

Lifetime of the options (in years) from grant date 6 7 7 10 

Number of options granted 3,383,606 2,684,960 5,187,318 6,476,572 

Options cancelled (16,168) (1,429,258) (1,216,910) (789,494) 

Number of options after cancellation 3,367,438 1,255,702 3,970,408 5,687,078 

Information on the fair value of share option plans granted during the period 2004 to 2006 

The fair values of the options have been calculated at their respective grant dates by an external actuary using a binomial valuation model of the 

“Monte Carlo” type. 

The period of validity of the options included in the model is the contractual period of validity adjusted to take account of behavioural assumptions 

(employee turnover, early exercise) based on past observations. 

The main assumptions used to determine the fair values of the options in question, in accordance with IFRS 2, were: 

Plan 16/5/2006 9/1/2006 1/3/2005 7/9/2004 

Volatility (*) 24.19% 23.60% 23.55% 25.23% 

Expected return on share 6.50% 5.70% 6.30% 6.66% 

Risk-free rate of return (**) 3.68% 2.99% 3.17% 4.06% 

Dividend distribution rate hoped for (***) 2.75% 2.92% 3.52% 3.33% 

Fair value of the option (in euros) 7.74 5.66 5.93 4.90 

(*) Volatility estimated using a multi-criteria approach based on the mean reversion model applied to a four-year series of daily implied volatilities of the VINCI share. 

(**) Rate at fi ve years of French government bonds. 

(***) Average return expected by fi nancial analysts over the three years following the grant date adjusted by a theoretical annual growth rate beyond that period. 

Under the option plans for which rights are still vesting, an expense of €9.7 million has been recognised for 2008 (plans dated March 2005, 

January and May 2006) compared with €26 million for 2007 (plans dated September 2004, March 2005, January and May 2006). 

219


19.2 Performance shares 

On 11 December 2007, VINCI’s Board of Directors granted, with eff ect from 2 January 2008, 2,165,700 existing performance shares to some 

eligible employees and company offi cers, bringing the number of performance share plans in place in VINCI to two. 

Information on the features of the 2007 and 2008 performance share plans 

Plan Plan granted 2/1/2008 Plan granted 2/1/2007 

Number of benefi ciaries 1,570 1,434 

Vesting date of the shares granted 2/1/2010 or 2/1/2011 2/1/2009 

Date of end of year of unavailability of shares granted 2/1/2012 or 02/01/2013 2/1/2011 

Number of shares granted subject to performance conditions 2,165,700 2,200,000 

Shares cancelled (45,475) (147,020) 

Number of shares granted subject to performance conditions at end of year 2,120,225 2,052,980 

These plans provide that the shares are only defi nitively allocated at the end of a vesting period of two years, which the Board can extend to three 

years. Furthermore, allocation of the performance shares is conditional on changes in a performance index, which is determined on the basis of 

changes in the VINCI share price compared with a basket of 12 comparable securities, and of changes in fi nancial criteria connected with VINCI’s 

consolidated results, as follows: 

Performance criteria Weight in the performance index 

Variation in the VINCI share price compared with basket of 12 comparable securities 50.0% 

Change in net earnings per share 12.5% 

Change in cash fl ows from operations before tax and fi nancing costs (*) 12.5% 

Change in operating profi t from ordinary activities (*) 12.5% 

Change in ROCE (*) 12.5% 

(*) Restated for minority interests 

The performance index has to show an average annual increase during the reference period of 10% or more for all the performance shares 

granted to be defi nitively acquired by the benefi ciaries. 

If the change in the performance index is less than 10% annually on average, the number of performance shares fi nally granted is reduced in 

proportion. 

Under the performance share plans, relating to 2,200,000 shares, granted on 2 January 2007 to certain eligible salaried employees and company 

offi cers, 2,052,980 shares remained vested as from 2 January 2009. 

Fair value of the performance share plan 

The fair value of the performance shares granted was estimated by an external actuary at the grant date using a binomial valuation model of the 

“Monte Carlo” type. 

In accordance with IFRS 2, the model includes in the fair value the marginal impact of the stock market performance criteria. The impact of the 

performance due to the volatility of the fi nancial performance criteria is determined on the basis of an expected value estimated by VINCI at the 

grant date. 

In consequence, the number of performance shares measured at fair value in the calculation of the IFRS 2 expense is adjusted at each balance 

sheet day for the impact of the change since the grant date of the shares, in the likelihood of the fi nancial criteria connected with consolidated 

earnings being met. 

On the basis of the assumptions set out below, the fair value of these two plans amounts to €123.4 million of which €64.4 million was recognised 

as an expense in 2008 and €32.1 million in 2007. 

The main assumptions used for this assessment are: 

2008 Plan 2007 Plan 

Price of VINCI share on date plan was announced (in euros) 55.7 49.5 

Fair value of performance share at grant date (in euros) 28.2 24.5 

Fair value of share price at grant date (in %) 50.53% 49.61% 

Original maturity (in years) - vesting period 2 or 3 years 2 or 3 ans 

Volatility 26.51% 21.79% 

Risk-free interest rate 4.07% 3.76% 


19.3 Company savings funds 


VINCI’s Board of Directors defi nes the conditions for subscribing to the Group Savings Scheme in accordance with the authorisations granted 

to it by the Shareholders General Meeting. 

For France, VINCI issues new shares reserved for employees three times a year at a subscription price that includes a discount of 10% against the 

stock market price. Subscribers benefi t from an employer’s contribution with an annual maximum of €3,500 per person, increased exceptionally 

to €3,800 in 2009. The benefi ts granted in this way to employees of the Group are recognised in profi t or loss and are valued in accordance with 

IFRS 2 on the basis of the following assumptions: 

- length of subscription period: four months; 

- length of period during which funds are frozen: fi ve years from the end of the subscription period. 

Tranche 

1st four-month period 2009 


3rd four-month period 2008 2nd four-month period 2008 

Return on the VINCI share hoped for 

Dividend per share 

8.80% 8.33% 7.26% 

Dividend payable (interim) (in euros) 0.52 

Dividend payable (fi nal) (in euros) 1.10 1.05 1.05 

Subscription price (in euros) 24.08 43.10 41.03 

Share price at date of Board of Directors’ meeting (in euros) 29.65 50.27 47.30 

Historic volatility of VINCI share 32.79% 23.84% 23.83% 

Estimated number of shares subscribed to 2,464,811 258,518 223,470 

Estimated number of shares issued 

(subscriptions plus employer’s contribution) 

3,672,568 374,852 357,552 

Tranche 

1st four-month period 2008 

2007 

3rd four-month period 2007 2nd four-month period 2007 

Return on the VINCI share hoped for 

Dividend per share 

7.50% 7.00% 7.00% 

Dividend payable (interim) (in euros) 0.47 

Dividend payable (fi nal) (in euros) 0.90 0.90 

Subscription price (in euros) 45.10 53.41 48.33 

Share price at date of Board of Directors’ meeting (in euros) 53.58 60.10 57.55 

Historic volatility of VINCI share 22.05% 21.77% 21.80% 

Estimated number of shares subscribed to 1,148,786 277,082 636,130 

Estimated number of shares issued 

(subscriptions plus employer’s contribution) 

1,665,740 387,916 922,390 

The estimated number of shares subscribed to at the end of the subscription period is obtained by an analytical formula, based on linear regression 

methods, applied to historical observations of the plans between 2002 and 2008, taking account of the cost of restrictions on the availability 

of units in the savings fund. 

The opportunity cost of the frozen shares subscribed to is estimated from the point of view of a third party holding a diversifi ed portfolio and 

prepared to acquire the frozen shares in return for a discount corresponding to the return demanded by the purchaser on own funds allocated 

to hedge against market risk over the period in which the shares are frozen (fi ve years). The market risk is assessed on an annual basis applying 

a value-at-risk approach. 

For the Group as a whole, the aggregate expense recognised at 31 December 2008 in respect of employee savings schemes amounted to 

€29.4 million, compared with €59.1 million at 31 December 2007. 

The expense recognised in 2007 included the impact of an Employee Share Purchase plan with a leverage eff ect, for €11.9 million. 

This leveraged plan enabled subscribers to acquire, between 11 June 2007 and 6 July 2007, 15 times as many VINCI shares as their initial investment, 

which could not exceed €750 per person. Subscribers’ personal investments also attracted a gross employer’s contribution of 150%, with 

a maximum of €1,125 per subscriber. 

221


20. Non-current provisions 

(in € millions) Note 31/12/2008 31/12/2007 (*) 

Provisions for retirement benefi t obligations 20.1 583.3 578.4 

Other non-current provisions 20.2 322.0 418.0 

Total non-current provisions at more than one year 905.3 996.4 


20.1 Provisions for retirement benefi t obligations 

At 31 December 2008, provisions for retirement benefi t obligations amounted to €621.7 million (including €583.3 million at more than one 

year) compared with €632.2 million at 31 December 2007 (including €578.4 million at more than one year). They comprise provisions for lumpsums 

on retirement and provisions for obligations for supplementary retirement benefi ts. The part at less than one year was €38.4 million at 

31 December 2008 and €53.8 million at 31 December 2007, and is reported under other current payables. 

VINCI’s 

• 

retirement benefi t obligations under defi ned benefi t plans fall into three categories: 

obligations borne directly by VINCI or its subsidiaries, covered by provisions recognised in the consolidated balance sheet: 

– for the French subsidiaries, these are lump sums paid on voluntary retirement (in accordance with the social security regulations currently in 

force), and supplementary defi ned benefi t retirement plans, such as those of Auxad (formerly Compagnie Générale d’Electricité) and RTG (formerly 

St Gobain) or other in-house plans of which the benefi ciaries are today mainly retired, and an obligation in respect of VINCI’s Chairman; 

– for the German subsidiaries, there are three internal plans within the Group, including one so-called “direct promises” plan. The other two plans, 

• 

the Fürsorge plan for former employees of G+H Montage and the Eurovia GmbH subsidiaries’ plan, were closed in 2001 and 1999 respectively 

plans imposing obligations that are pre-fi nanced through contracts with insurance companies. This mainly relates to obligations covered by 

the 

• 

two contracts with Cardif of which certain Group executives are benefi ciaries; 

obligations borne through external pension funds; for the most part these relate to the UK subsidiaries (VINCI plc, Freyssinet UK, Nuvia UK, 

Ringway, VINCI Energies UK, VINCI Park UK) and the CFE Group in Belgium. 

The retirement benefi t obligations covered by provisions recognised in the balance sheet mainly relate to France, Germany and Belgium. For 

these three countries, the provisions are calculated on the basis of the following assumptions: 

Plan 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004 

Discount rate 5.60% 5.25% 4.75% 4.50% 4.75% 

Infl ation rate 2% 1.9% 2% 2% 2% 

Rate of salary increases 2% to 4% 2% to 4.2% 2% to 4.2% 2% to 3% 2% to 3% 

Rate of pension increases 1.5% to 2.5% 1.5% to 2.5% 1.5% to 2.5% 1.5% to 2.5% 1.5% to 2.5% 

Probable average remaining working life of employees 10 to 15 years 10 to 15 years 10 to 15 years 10 to 15 years 10 to 15 years 

At 31 December 2008, the VINCI group adopted an average discount rate for the eurozone of 5.6%. This rate was determined on the basis of a 

curve representative of the yield on prime category bonds of various maturity dates. 

For the other countries, actuarial assumptions are selected on the basis of current local conditions. They are adjusted to refl ect interest rate and 

mortality trends. 

For the United Kingdom, the provisions were calculated using the following assumptions: 

Plan 31/12/2008 31/12/2007 

Discount rate 6.10% 5.80% 

Infl ation rate 3.2% 3.2% 

Rate of salary increases 3% to 4.20% 3% to 4.15% 

Rate of pension increases 3.10% to 5% 3.05% to 5% 

Probable average remaining working life of employees 2 to 15 years 5 to 17 years 

For each plan, the expected return on plan assets is determined using the building block method, which breaks the expected return down mainly 

into three parts: money market investments, investments in bonds and investments in equities. The return on equities is determined by adding 

3% to the long-term return on government bonds. The money and bond market components are determined from published market indexes. 

Plan assets are valued at their fair value at 31 December 2008. The book value at 31 December 2008 is used for assets invested with insurance 

companies. 


The breakdown was as follows: 

Breakdown of fi nancial assets 



United Kingdom Switzerland France Belgium Other countries Weighted average 

Shares 42% 24% 18% 1% 11% 33% 

Property 3% 17% 5% 0% 0% 5% 

Bonds 45% 48% 67% 99% 89% 53% 

Monetary securities 4% 3% 10% 0% 0% 4% 

Other 5% 8% 0% 0% 0% 5% 

Total 100% 100% 100% 100% 100% 100% 

Average rate of return assumed 6.55% 4.50% 3.81% 3.96% 5.91% 5.67% 

Plan assets (in %) 62% 17% 10% 9% 1% 100% 

Breakdown of fi nancial assets 

31/12/2007 

United Kingdom Switzerland France Belgium Other countries Weighted average 

Shares 53% 32% 15% 2% 10% 44% 

Property 2% 17% 3% 0% 1% 4% 

Bonds 40% 48% 62% 98% 89% 46% 

Monetary securities 5% 3% 19% 0% 0% 5% 

Total 100% 100% 100% 100% 100% 100% 

Average rate of return assumed 6.72% 5.00% 4.61% 3.97% 5.41% 6.18% 

Plan assets (in %) 74% 14% 5% 7% 1% 100% 

On the basis of these assumptions, the retirement benefi t obligations, the part provided for, and the retirement benefi t expenses recognised 

break down as follows: 

Reconciliation of obligations and provisions in the balance sheet 

31/12/2008 31/12/2007 


France Foreign Total France Foreign Total 

Present value of retirement benefi t obligations (404.9) (805.9) (1,210.8) (392.2) (897.4) (1,289.5) 

Fair value of plan assets 54.6 469.5 524.2 55.6 603.7 659.3 

Surplus (or defi cit) (350.3) (336.4) (686.6) (336.6) (293.7) (630.3) 

Provisions recognised in balance sheet (317.5) (304.2) (621.7) (299.3) (332.9) (632.2) 

Assets recognised in balance sheet 

Items not recognised in balance sheet 

- 13.8 13.8 - 0.9 0.9 

Actuarial gains and losses (1.8) 45.3 43.6 6.3 (29.4) (23.1) 

Past service cost 34.6 0.8 35.3 30.9 0.0 30.9 

Assets not recognised in balance sheet - (0.2) (0.2) - (8.9) (8.9) 

223


Changes in the year 

(in € millions) 31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004 

Present value of retirement benefi t obligations 

Balance at the beginning of the year 1,289.5 1,119.9 1,099.8 1,028.0 914.5 

including obligations covered by plan assets, for 694.2 524.7 439.7 470.1 458.3 

Current service cost 39.1 35.1 31.8 42.4 35.0 

Cost for the year of discounting 65.7 58.0 50.7 48.3 43.9 

Benefi ts paid during the year (74.8) (61.8) (68.4) (48.4) (35.7) 

Actuarial gains and losses (30.9) (42.8) 5.6 24.5 15.2 

Past service cost 7.3 (9.5) 4.2 6.8 46.0 

Business combinations 3.4 255.8 42.8 - - 

Settlement of rights (21.9) (13.8) (39.4) (15.7) - 

Plan curtailments 18.4 1.3 (7.6) (3.1) 7.0 

Eff ect of exchange rate fl uctuations (95.7) (41.1) 7.3 9.5 (1.8) 

Changes in consolidation scope and miscellaneous 10.7 (11.5) (7.0) 7.5 3.9 

Balance at the end of the year 1,210.8 1,289.5 1,119.9 1,099.8 1,028.0 

including obligations covered by plan assets, for 639.1 694.2 524.7 439.7 470.1 

Plan assets 

Balance at the beginning of the year 659.3 463.4 389.6 336.2 314.4 

Expected return on plan assets 37.3 33.0 24.9 21.3 19.8 

Actuarial gains and losses (96.8) (10.4) 5.1 31.7 6.9 

Contributions paid to funds 48.3 35.2 55.0 23.1 10.7 

Benefi ts paid during the year (25.7) (25.2) (17.4) (14.6) (12.4) 

Business combinations 1.6 223.7 34.5 - - 

Settlement of rights (21.9) (13.8) (39.4) (15.7) - 

Plan curtailments 2.5 2.9 0.0 (3.1) (2.4) 

Eff ect of exchange rate fl uctuations (91.7) (41.2) 6.8 7.2 (1.4) 

Changes in consolidation scope and miscellaneous 11.3 (8.5) 4.3 3.5 0.5 

Balance at the end of the year 524.2 659.3 463.4 389.6 336.2 

Items not recognised in balance sheet 

Balance at the beginning of the year 7.8 37.4 42.9 45.0 (9.3) 

New elements 65.9 (32.4) 0.4 (1.5) 58.1 

Eff ect of changes in assumptions (20.5) (46.6) (7.2) - - 

Eff ect of experience gains and losses 86.4 14.2 7.7 - - 

Amortisation for the year 7.6 4.1 (7.1) (2.4) (2.4) 

Exchange rate and other changes (4.0) 0.0 1.2 1.8 (0.4) 

Plan curtailments 1.6 (1.3) (0.0) 0.0 (1.1) 

Balance at the end of the year 78.9 7.8 37.4 42.9 45.0 

including actuarial gains and losses, for 43.6 (23.1) (3.4) (2.9) 3.0 

including past service cost, for 35.3 30.9 40.8 45.8 42.0 

Actuarial gains and losses as percentage of obligations 6.5% 0.6% 3.3% 3.9% 4.4% 

VINCI estimates the payments to be made in 2009 in respect of retirement benefi t obligations at €52.3 million, comprising €28.2 million relating 

to benefi ts paid to retired employees and €24.1 million to contributions payable to fund managing bodies. 

In France, the 2009 Social Security Finance Act made the rules applicable when employees retire at their employer’s initiative more demanding. 

As the assumption adopted by the Group is that of employees retiring at their own initiative, its obligations are not aff ected by these new rules. 

Article 11 of the Accord National Interprofessionnel signed on 11 January 2008 lays down a schedule of allowances paid on termination of an 

employment contract of indefi nite duration “of which the amount may not, unless contractual arrangements are more favourable, be less than 

one-fi fth of a month’s pay per year of service, after completion of one year’s service”. VINCI considers that this new schedule is only applicable 

to allowances paid when employees leave at the employer’s initiative and does not relate to employees retiring at their own initiative. This agreement 

has therefore not been taken into account in assessing lump sums paid on retirement. 


Expenses recognised in respect of defi ned benefi t plans 


(in € millions) 2008 2007 2006 2005 2004 

Rights acquired by employees during the year (39.1) (35.1) (31.8) (42.4) (35.0) 

Discounting of acquired rights to present value (65.7) (58.0) (50.7) (48.3) (43.9) 

Expected return on plan assets 37.3 33.0 24.9 21.3 (19.8) 

Amortisation of actuarial gains and losses 9.5 6.5 (3.1) 0.2 - 

Amortisation of past service cost – rights not vested (1.9) (2.4) (4.0) (2.6) (2.4) 

Past service cost – rights vested (0.7) (0.6) (4.2) - - 

Impact of discontinued operations (IFRS 5) - - - - (0.3) 

Other (12.2) (1.1) 6.9 2.3 (4.3) 

Total (72.9) (57.8) (62.0) (69.5) (66.1) 

Sensitivity of the 2009 expense to the discount rate and the return on assets assumed is as follows: 

(in € millions) 0.50% - 0.50% 

Discount rate (6.1) 7.3 

Rate of return on assets assumed (0.5) 0.5 

Expenses recognised in respect of defi ned contribution plans 

In some countries, and more especially in France and Spain, the Group contributes to basic State pension schemes, for which the expense recognised 

is the amount of the contributions called by the State bodies. Basic State pension schemes are considered as being defi ned contribution 

plans. Depending on the country, the proportion of the contributions paid that relates to pensions may not be clearly identifi able. 

The amount of retirement benefi t contributions taken as an expense in the year in respect of defi ned contribution plans (excluding basic State 

schemes) was €329.7 million at 31 December 2008, compared with €309.4 million at 31 December 2007. This includes the contributions paid to 

the external multi-employer fund (CNPO) in respect of obligations in respect of lump sums paid on retirement to building workers. 

20.2 Other non-current provisions 

Changes in other non-current provisions reported in the balance sheet were as follows in 2008 and 2007: 

Changes in 

Change in the 

part at less 

Other consolidation than one year 

Provisions Provisions reversals scope and of non-current Translation 

(in € millions) Opening taken 

used not used miscellaneous provisions diff erence Closing 

1/1/2007 (*) 123.5 215.1 (175.8) (23.6) 297.8 (56.3) (0.6) 380.2 

Other employee benefi ts 200.0 68.8 (10.2) (0.4) 8.0 (1.3) 264.9 

Financial risks 37.3 6.8 (15.0) (2.2) 0.1 27.0 

Other liabilities 382.8 106.6 (143.3) (32.1) 7.1 (0.3) 320.8 

Discounting of non-current provisions 

Reclassifi cation of the part at less than 

(9.5) 0.1 3.0 (6.4) 

one year of non-current provisions (230.4) 0.6 41.2 0.2 (188.3) 

31/12/2007 (*) 380.2 182.3 (165.5) (34.7) 15.8 39.9 (0.0) 418.0 

Other employee benefi ts 264.9 42.5 (34.4) (125.1) (0.9) (9.4) 137.6 

Financial risks 27.0 13.4 (3.6) (5.9) 3.3 34.2 

Other liabilities 320.8 159.5 (118.4) (38.4) 36.8 (0.7) 359.6 

Discounting of non-current provisions 


(6.4) (0.4) 0.3 (6.5) 

one year of non-current provisions (188.3) 2.2 (17.2) 0.3 (203.0) 

31/12/2008 418.0 215.0 (156.0) (169.5) 41.5 (26.5) (0.5) 322.0 


225


Other employee benefi ts 

Renegotiation of ASF and Escota employment agreements 

The reduction in provisions for other employee benefi ts is mainly connected with the renegotiation by ASF and Escota of their employment 

agreements during the year: 

– Escota has entered into a new agreement on post-employment medical expense insurance. This new agreement, signed on 29 February 2008, 

does not alter the obligations to retired employees. For employees in service, the arrangements for covering post-employment medical 

expenses are gradually replaced by a new complementary regime providing a lump sum payable on retirement, of which the capital amount 

is indexed to the ceiling used in calculating social security benefi ts. This new agreement has resulted in a net decrease of obligations to 

employees in service of €52.7 million, leading to a reversal of operating provisions for the same amount in the fi nancial statements; 

– ASF has entered into a new agreement on post-employment medical expense insurance. This new agreement, signed on 7 July 2008, in 

particular redefi nes the conditions for bearing the expense of employees’ supplementary medical expense cover, and the new arrangements put 

in place regarding lump sums paid on retirement. This new agreement has resulted in a reduction in obligations towards employees in service of 

€68 million. 

Long-service and jubilee bonuses and medical expense cover 

The provisions have been calculated using the following actuarial assumptions: 

31/12/2008 31/12/2007 31/12/2006 31/12/2005 31/12/2004 

Discount rate 5.60% 5.25% 4.75% 4.50% 4.75% 

Infl ation rate 2.0% 1.9% 2.0% 2.0% 2.0% 

Rate of salary increases 3% 2% to 4.2% 2% to 4.2% 2% to 3% 2% to 3% 

Rate of change of medical expenses 0.0% to 6.0% 6.0% 6.0% - - 

At 31 December 2008, the provisions in respect of medical expense cover amounted to €44.5 million. They were calculated on the basis of a rate 

of growth in medical expenses of between 0% and 6%. A change of 1% in this rate would entail a change of €3.7 million in the obligation. 

Provisions for other liabilities 

The provisions for other liabilities, not directly linked with the operating cycle, include the provisions for disputes and arbitration, some of which 

are described in Note F “Disputes and arbitration”. They amounted to €171.2 million at 31 December 2008 (part at more than one year) against 

€152.9 million at 31 December 2007. 

21. Working capital requirement and current provisions 

21.1 Change in working capital requirement 


Changes 31/12/2008 - 31/12/2007 


Receivables / 

Connected with payables related to 

operations non-current assets Other changes (**) 

Inventories and work in progress (net) 786.4 647.5 146.2 (7.3) 

Trade and other operating receivables 11,561.5 11,101.3 432.2 (10.4) 38.4 

Other current assets 325.6 288.4 45.0 (7.9) 

Inventories and operating receivables (I) 12,673.4 12,037.3 623.4 (10.4) 23.2 

Trade payables (6,803.8) (6,553.4) (255.5) 5.1 

Other current payables (8,574.0) (7,594.9) (855.3) (11.6) (112.2) 

Trade and other operating payables (II) (15,377.8) (14,148.3) (1,110.8) (11.6) (107.1) 

Working capital requirement (before current provisions) (I+II) (2,704.3) (2,111.0) (487.5) (22.0) (83.9) 

Current provisions (2,672.4) (2,429.4) (245.5) 2.5 

including part at less than one year of non-current provisions, for (203.0) (188.3) (17.2) 2.5 

Working capital requirement (after current provisions) (5,376.8) (4,540.4) (733.0) (22.0) (81.4) 


(**) Mainly changes in consolidation scope and translation diff erences. 

The working capital requirement connected with operations comprises current assets and liabilities related to operations except for current tax 

assets and liabilities and other current assets and liabilities of a fi nancial nature.

The component parts of the working capital requirement by maturity are: 



Within 1 year 


Maturity 

Between 

1 and 5 years After 5 years 

Inventories and work in progress (net) 786.4 725.0 61.4 0.0 

Trade and other operating receivables 11,561.5 11,177.2 380.8 3.4 


Inventories and operating receivables (I) 12,673.4 12,213.2 454.8 5.3 

Trade payables (6,803.8) (6,627.2) (175.0) (1.6) 

Other current payables (8,574.0) (8,342.6) (178.2) (53.1) 

Trade and other operating payables (II) (15,377.8) (14,969.8) (353.3) (54.7) 

Working capital requirement (before current provisions) (I+II) (2,704.3) (2,756.6) 101.6 (49.4) 

(in € millions) 31/12/2007 Within 1 year 

Maturity 

Between 

1 and 5 years After 5 years 

Inventories and work in progress (net) 647.5 582.5 59.5 5.6 

Trade and other operating receivables 11,101.3 10,693.2 392.1 16.1 


Inventories and operating receivables (I) 12,037.3 11,555.5 458.4 23.3 

Trade payables (6,553.4) (6,329.7) (218.2) (5.5) 

Other current payables (7,594.9) (7,247.3) (253.3) (94.4) 

Trade and other operating payables (II) (14,148.3) (13,576.9) (471.5) (99.9) 

Working capital requirement (before current provisions) (I+II) (2,111.0) (2,021.4) (13.1) (76.5) 

21.2 Trade receivables 

Trade receivables and allowances were as follows: 


Trade receivables 6,982.1 6,790.0 

Allowances - trade receivables (339.1) (285.1) 

Trade receivables, net 6,643.0 6,504.9 

At 31 December 2008, trade receivables that are between six and 12 months past due amounted to €169.2 million (compared with €151.1 million 

at 31 December 2007). €32.6 million of allowances were taken in consequence (compared with €24.1 million at 31 December 2007). Trade 

receivables that are more than one year past due amounted to €227.2 million (compared with €218.7 million at 31 December 2007) and allowances 

of €105.7 million were taken in consequence (compared with €118.3 million at 31 December 2007). 

227


21.3 Breakdown of current provisions 

Changes in current provisions reported in the balance sheet were as follows in 2008 and 2007: 

(in € millions) Opening 


Provisions 

taken 

Provisions 

used 

Other 

reversals 

not used 

Changes in 

consolidation 

scope and 

miscellaneous 

Change in the 

part at less 

than one year 

of non-current 

provisions 

Translation 

diff erence Closing 

1/1/2007 (*) 1,861.6 637.4 (380.5) (83.0) (9.1) 44.8 0.8 2,072.1 

Obligation to maintain concession 

assets in a good state of repair 488.0 62.8 (51.4) (0.7) 498.6 

After-sales service 

Losses on completion and construction 

296.5 99.9 (59.6) (16.3) 0.7 (0.7) 320.5 

project liabilities 391.8 429.1 (247.8) (20.2) 59.1 (4.9) 607.0 

Disputes 303.3 88.2 (66.5) (42.6) 49.5 (1.0) 330.9 

Restructuring 62.0 27.3 (28.2) (7.9) (0.4) 52.8 

Other current liabilities 325.9 229.2 (102.0) (23.2) 25.1 (0.8) 454.3 

Discounting of current provisions 


(25.8) 7.3 (4.6) (0.1) 0.1 (0.1) (23.1) 

one year of non-current provisions 230.4 (0.6) (41.2) (0.2) 188.3 

31/12/2007 (*) Obligation to maintain concession 

2,072.1 943.9 (560.1) (110.2) 133.5 (41.2) (8.6) 2,429.4 

assets in a good state of repair 498.6 76.5 (83.3) (0.0) 7.5 0.5 499.7 

After-sales service 

Losses on completion and construction 

320.5 105.9 (69.2) (20.5) (0.3) (6.6) 329.8 

project liabilities 607.0 523.7 (350.2) (40.0) 2.2 (11.8) 730.9 

Disputes 330.9 168.9 (80.0) (31.8) 37.2 (2.2) 423.1 

Restructuring 52.8 22.8 (22.0) (7.2) (2.7) (0.1) 43.6 

Other current liabilities 454.3 244.8 (153.6) (54.2) (18.4) (5.2) 467.6 

Discounting of current provisions 


(23.1) 1.8 (3.9) (0.1) (25.3) 

one year of non-current provisions 188.3 (2.2) 17.2 (0.3) 203.0 

31/12/2008 2,429.4 1,144.4 (762.3) (153.8) 23.1 17.2 (25.6) 2,672.4 


Current provisions (including the part at less than one year of non-current provisions) are directly related to the operating cycle. They amount to 

€2,672.4 million at 31 December 2008, compared with €2,429.4 million at 31 December 2007, and mainly relate to provisions connected with 

construction contracts and provisions for the obligation to maintain assets under concession in a good state of repair. 

Such provisions mainly cover the expenses incurred by motorway concession operating companies for road repairs (surface courses, restructuring 

of slow lanes, etc.) bridges, tunnels and hydraulic infrastructure, and amounted to €305.7 million for ASF (compared with €312.7 million in 

2007) and Cofi route for €168.4 million (compared with €172.9 million in 2007).

22. Net financial debt 

Net fi nancial debt as defi ned by the Group breaks down as follows: 

Accounting categories 


Liabilities at 

amortised cost 

Loans and 

receivables 

Assets at fair value 

through profi t or 

loss (fair value 

option) 

Derivatives 


31/12/2008 31/12/2007 

Note 

Note 

ref. Non-current ref. Current (*) 

Note 

ref. Total Non-current Current (*) Total 

Bonds 22.1 (3,958.7) (1) (1,450.8) (3) (5,409.5) (5,159.8) (491.8) (5,651.6) 

Infl ation-linked loan 22.1 (391.2) (2) (6.7) (3) (397.9) (377.8) (5.9) (383.7) 

Other bank loans and other fi nancial debt 22.1 (13,037.9) (2) (893.2) (3) (13,931.1) (12,941.6) (1,177.8) (14,119.4) 

Finance lease debt restated 22.1 (148.7) (2) (55.2) (3) (203.9) (145.3) (49.8) (195.1) 

Long-term fi nancial debt (17,536.5) (2,405.9) (19,942.4) (18,624.5) (1,725.3) (20,349.8) 

Commercial paper 22.2.4 (3) (145.0) (145.0) 

Other current fi nancial liabilities (167.3) (3) (167.3) (138.5) (138.5) 

Bank overdrafts 22.2.2 (555.1) (3) (555.1) (629.8) (629.8) 

Financial current accounts, liabilities (76.3) (3) (76.3) (100.4) (100.4) 

I - Gross fi nancial debt (17,536.5) (3,204.6) (20,741.1) (18,624.5) (2,739.0) (21,363.5) 

including impact of fair value hedges, for (121.8) (8.5) (130.3) (7.0) (7.0) 

including impact of recognising ASF’s debt at fair value in 

VINCI’s consolidated fi nancial statements, for (**) (124.2) (8.4) (132.6) (180.4) (11.6) (192.0) 

Loans and collateralised fi nancial receivables 0.5 (6) 2.2 (8) 2.7 0.1 0.9 1.0 

Financial current accounts, assets 50.0 (4) 50.0 53.5 53.5 

Cash management fi nancial assets 22.2.2 288.6 (4) 288.6 611.5 611.5 

Cash equivalents 22.2.2 3,813.7 (5) 3,813.7 2,843.9 2,843.9 

Cash 22.2.2 1,254.8 (5) 1,254.8 1,379.9 1,379.9 

II - Financial assets 0.5 5,409.3 5,409.8 0.1 4,889.7 4,889.8 

Derivative fi nancial instruments - liabilities 23 (235.8) (2) (117.4) (3) (353.2) (15.9) (53.6) (69.6) 

Derivative fi nancial instruments - assets 23 109.8 (7) 203.9 (9) 313.7 72.1 167.9 240.0 

III - Derivative fi nancial instruments (126.0) 86.5 (39.5) 56.2 114.2 170.4 

Net fi nancial debt (I + II + III) 

Net fi nancial debt breaks down by business 

line as follows: 

(17,662.0) 2,291.2 (15,370.8) (18,568.2) 2,264.9 (16,303.3) 

Concession operating subsidiaries (15,049.1) (474.0) (15,523.1) (14,588.1) (780.0) (15,368.0) 

Other business lines 

Holding companies (including Concessions holding 

(726.1) 3,654.0 2,927.9 (575.3) 3,134.9 2,559.6 

companies) (1,887.2) (888.5) (2,775.7) (3,404.8) (90.1) (3,494.9) 

(*) Current part including accrual 

(**) Following acquisition of control of ASF by VINCI on 9 March 2006 

At 31 December 2008, the Group’s net fi nancial debt was €15.4 billion (against €16.3 billion at 31 December 2007). 

Reconciliation of net fi nancial debt with balance sheet items: 

(in € millions) Note ref. 31/12/2008 31/12/2007 

Bonds (non current) (1) (3,958.7) (5,159.8) 

Other loans and borrowings (2) (13,813.6) (13,480.7) 

Current borrowings (3) (3,322.0) (2,792.6) 

Cash management fi nancial assets (4) 338.6 665.0 

Cash and cash equivalents 

Non-current fi nancial assets 

(5) 5,068.5 4,223.8 

Current loans and collateralised receivables (6) 0.5 0.1 

Derivative non-current fi nancial instruments (assets) 

Current fi nancial assets 

(7) 109.8 72.1 

Non-current loans and collateralised receivables (8) 2.2 0.9 

Derivative current fi nancial instruments (assets) (9) 203.9 167.9 

Net fi nancial debt (15,370.8) (16,303.3) 

Derivative fi nancial instruments (assets) are reported in the balance sheet, classifi ed by maturity and according to their accounting category, 

under other non-current fi nancial assets for the part at more than one year, and other current fi nancial assets for the part at less than one year. 

229


22.1 Detail of long-term fi nancial debt 

At 31 December 2008, long-term fi nancial debt totalled €19.9 billion, down by more than €400 million from 31 December 2007 (€20.3 billion). 

This was due to the combined eff ects of scheduled repayments and new borrowings, of which the largest were: 

European Investment Bank loan to ASF 

In December 2007, ASF obtained a €250 million loan from the European Investment Bank (EIB), which was drawn down in full in June 2008 and 

should be repaid at the latest in 2028, with a grace period of six years. 

Long-term fi nancing of €625 million for Arcour 

In March 2008, Arcour, the company operating the concession for the A19 motorway between Artenay and Courtenay, agreed fi nancing of 

€625 million with the European Investment Bank (EIB) and a consortium of fi ve banks. The fi nancing granted by the EIB is in the form of an amortising 

loan of €200 million with a maturity of 37 years, with a grace period of 10 years. The loan granted by the banks amounts to €425 million 

with a maturity of 10 years, payable on maturity. At 31 December 2008, drawings against these two facilities were €166 million and €351 million, 

respectively. 

European Investment Bank loan to Cofi route 

In June 2008, Cofi route obtained a €250 million loan from the European Investment Bank (EIB), which was drawn down in full in November 2008 

and should be repaid at the latest in 2028, with a grace period of four years. 

Long-term fi nance obtained by various infrastructure concession operating companies 

Several consolidated infrastructure concession operating subsidiaries of VINCI Concession obtained long-term fi nance for a total in the order of 

€1 billion in 2008. This relates in particular to: 

– Stade du Mans (a stadium, 100%-owned by VINCI Concessions) agreed fi nance in October 2008 with a bank for a total of €67 million, for a 

maximum of 33 years. At 31 December 2008, €13.5 million had been drawn down; 

– Tunnel Prado Sud (a tunnel, 58.5%-owned by VINCI Concessions) agreed fi nance in October 2008 with three banks for a total of €166 million 

for 10 years. At 31 December 2008, nothing had been drawn down; 

– Liefk enshoek tunnel (a rail tunnel, 25%-owned by VINCI Concessions and 25%-owned by CFE) agreed fi nance in November 2008 for a total 

of €708 million, consisting of €313 million from EIB and €395 million from six banks, repayable over a maximum of 35 years. At 31 December 

2008, €9.6 million had been drawn down (VINCI’s portion); 

– The car rental fi rms’ complex at Nice airport (100%-owned by VINCI Concessions) agreed fi nance in November 2008 with a bank for a total 

of €41 million, maturing in 28 years. At 31 December 2008, nothing had been drawn down. 

Redemption of CNA loans to the ASF Group 

During the year, the ASF Group repaid various loans taken out with the CNA between 1994 and 1997, at an average rate of approximately 6.10%, 

for an amount of €784 million. 

Redemption of a bond by Cofi route 

In November 2008, Cofi route repaid a bond loan of €350 million, issued In November 1997 at 5.90%. 

The breakdown of net long-term fi nancial debt at 31 December 2008 by business line was as follows: 


31/12/2008 31/12/2007 


Concessions 

Other business 

lines 

Holding 

companies Total Concessions 


lines 

Holding 


Bonds (4,376.7) (0.9) (1,031.9) (5,409.5) (4,631.3) (1.0) (1,019.3) (5,651.6) 

Infl ation-linked loan (397.9) (397.9) (383.7) (383.7) 

Other bank loans and other fi nancial debt (10,556.9) (456.6) (2,917.6) (13,931.1) (10,830.8) (350.8) (2,937.8) (14,119.4) 

Finance lease debt restated (7.7) (194.9) (1.3) (203.9) (11.4) (181.4) (2.3) (195.1) 

Long-term fi nancial debt (15,339.2) (652.4) (3,950.8) (19,942.4) (15,857.2) (533.2) (3,959.4) (20,349.8)

Concessions 

(in € millions) Currency 

Contractual 

interest rate Maturity 


31/12/2008 31/12/2007 

Nominal 

remaining 

due 

Carrying 

amount 

including 

accrued 

interest not 

matured 

Nominal 

remaining 

due 

Carrying 

amount 

Concessions 4,150.9 4,376.7 109.4 4,499.9 4,631.3 

Cofi route 2,525.9 2,620.6 65.3 2,874.9 2,957.8 

Bonds, November 1997 EUR 5.9% November 2008 350.6 354.9 

Bonds, November 1999 EUR 6.0% November 2009 300.0 308.9 2.6 300.0 304.3 

Bonds October 2001 & Supplement August 2005 EUR 5.9% October 2016 500.0 530.2 6.8 500.0 518.6 

Bond - April 2003 EUR 5.3% April 2018 600.0 648.0 21.2 600.0 650.1 

Bond May 2006 & Supplement July 2007 EUR 5.0% May 2021 1,100.0 1,104.6 33.5 1,100.0 1,102.7 

Other bond loans EUR 7.5% up to April 2015 25.9 28.9 1.3 24.3 27.1 

ASF & Escota 1,625.0 1,756.1 44.1 1,625.0 1,673.5 

ASF bond issue 2007 EUR 5.6% July 2022 1,575.0 1,706.1 43.9 1,575.0 1,623.4 

ASF private placement 2007 EUR E3M September 2027 50.0 50.0 0.2 50.0 50.1 

Infl ation-linked loan 391.2 397.9 6.7 377.8 383.7 

ASF & Escota 391.2 397.9 6.7 377.8 383.7 

ASF - CNA 2001 EUR 3.9% + infl ation July 2016 391.2 397.9 6.7 377.8 383.7 

Other bank loans and 

other fi nancial debt 10,231.4 10,556.9 201.0 10,382.0 10,830.9 

Cofi route 1,107.0 1,107.4 10.3 858.3 867.5 

EIB - March 2002 EUR EIB March 2013 to 2027 75.0 75.1 0.1 75.0 75.2 

EIB - December 2002 EUR E3M December 2013 to 2027 50.0 50.0 50.0 50.0 

EIB - March 2003 EUR 4.9% March 2018 75.0 84.7 2.9 75.0 78.1 

EIB - December 2004 EUR EIB December 2019 200.0 200.3 0.3 200.0 200.5 

EIB - December 2005 EUR 4.0% December 2012 to 2025 190.0 190.7 0.7 190.0 190.7 

EIB - December 2006 EUR 4.3% December 2013 to 2029 50.0 50.1 0.1 50.0 50.1 

EIB - June 2007 EUR 4.4% June 2014 to 2029 210.0 214.7 4.7 210.0 214.7 

EIB - November 2008 EUR EIB Nov. 2012 to 2028 250.0 234.7 1.5 

Other loans EUR up to June 2014 7.0 7.1 8.3 8.3 

ASF & Escota 7,343.0 7,715.2 186.6 8,258.1 8,716.0 

CNA loans 4,674.5 4,900.3 152.9 5,458.4 5,692.3 

ASF - CNA 1998 CHF 5.4% February 2008 301.1 295.8 

Escota - CNA 1993 EUR 8.0% March 2008 15.2 16.3 

ASF and Escota - CNA 1996/1997 EUR 6.0% November 2008 298.8 303.3 

ASF and Escota - CNA 1995 EUR 7.4% November 2008 168.8 169.8 

ASF and Escota - CNA 1994 to 1997 EUR 6.0% January 2009 137.3 145.1 7.7 137.2 145.1 

ASF and Escota - CNA 1996 EUR 6.8% July 2009 176.9 182.3 5.6 176.8 182.1 

ASF - CNA 1995 EUR 7.5% September 2009 152.4 155.3 2.9 152.4 155.3 

ASF and Escota - CNA 1996 EUR 6.7% February 2010 153.8 161.9 9.3 153.8 162.9 

ASF and Escota - CNA 1998 EUR 4.5% April 2010 502.4 515.1 15.6 502.4 513.0 

ASF and Escota - CNA 1995 EUR 7.5% June 2010 66.5 68.8 2.6 66.5 68.7 

ASF and Escota - CNA 1997 to 2001 EUR 5.9% June 2011 498.5 525.1 17.1 498.5 529.6 

ASF and Escota - CNA 1996 EUR 6.7% September 2011 68.6 69.9 1.4 68.6 69.8 

ASF and Escota - CNA 1997 to 2000 EUR 5.8% October 2012 405.9 410.9 4.7 405.9 410.9 

ASF and Escota - CNA 1998 to 2001 EUR 5.9% March 2013 397.7 429.7 18.0 397.7 432.5 

ASF - CNA 1999/2002 EUR 4.4% May 2014 450.0 447.7 12.2 450.0 445.3 

ASF - CNA 2000/2001 EUR 6.0% October 2015 382.5 419.2 4.2 382.5 420.1 

ASF and Escota - CNA 2002 EUR 5.3% January 2017 532.0 554.8 25.8 532.0 554.4 

ASF - CNA 2004 to 2005 EUR 4.5% March 2018 750.0 814.5 25.8 750.0 817.4 

CNA/EIB loans 1,184.2 1,214.8 28.0 1,184.2 1,215.7 

ASF - CNA/EIB 1998 EUR 4.6% December 2010 95.3 95.5 0.3 95.3 95.5 

ASF - CNA/EIB 2001 EUR 5.1% October 2011 70.0 70.7 0.7 70.0 70.7 

Escota - CNA/EIB 2002 EUR 6.2% April 2013 to 2015 142.8 149.2 6.5 142.7 149.3 

231




Contractual 

interest rate Maturity 

31/12/2008 31/12/2007 

Nominal 

remaining 

due 

Carrying 

amount 

including 

accrued 

interest not 

matured 

Nominal 

remaining 

due 

Carrying 

amount 

Escota - CNA/EIB 1998 EUR 4.8% December 2013 8.5 8.6 8.5 8.6 


Escota - CNA/EIB 2000 EUR 6.0% December 2014 20.0 20.1 0.1 20.0 20.1 

ASF - CNA/EIB 2002 EUR 6.2% April 2015 to 2017 412.6 431.3 18.7 412.6 431.4 


ASF - CNA/EIB 2000 EUR E3M December 2015 53.0 53.1 0.1 53.0 53.1 

ASF - CNA/EIB 2001 EUR 5.1% November 2016 75.0 75.4 0.4 75.0 75.4 

ASF - CNA/EIB 2001 EUR 5.1% November 2016 77.0 77.4 0.4 77.0 77.4 

EIB loans 500.0 485.7 3.8 250.0 253.6 

ASF - EIB 2005 EUR 3.8% May 2012 to 2025 150.0 153.4 3.4 150.0 153.4 

ASF - EIB 2005 EUR 3.8% December 2012 to 2025 100.0 100.2 0.2 100.0 100.2 

ASF - EIB 2005 EUR E3M June 2014 to 2028 250.0 232.1 0.2 

Other loans 10.5 10.5 14.7 14.7 

Escota other loans EUR up to 2010 10.5 10.5 14.7 14.7 

Credit facilities 973.8 971.3 1.9 1,350.8 1,347.7 

ASF, syndicated revolving credit EUR E1M/E3M July 2012 218.0 218.0 495.0 496.3 

ASF, syndicated revolving credit EUR E1M/E3M December 2013 (3.2) 100.0 96.5 

ASF, term Loan EUR E1M December 2013 755.8 756.5 1.9 755.8 754.8 

Eff ect of recognising ASF’s debt at fair value in 

VINCI’s consolidated fi nancial statements (2) EUR 132.6 192.0 

VINCI Park 757.8 753.6 0.5 810.3 805.7 

Tranche 1 (2003) & 2 (2005) EUR E3M until September 2025 209.6 209.4 0.1 232.2 232.1 

Loan June 2006 EUR E3M up to June 2026 450.8 448.2 462.0 459.4 

Other loans up to 2031 97.4 96.0 0.4 116.1 114.2 

Other concessions 1,023.6 980.7 3.6 455.3 441.7 

Gefyra - EIB 2001 EUR EIB up to June 2029 346.8 333.6 0.8 350.0 335.7 

Stade de France 1998 EUR 5.3% until July 2013 34.3 34.3 0.8 40.1 40.0 

Newport 2002 GBP 7.3% until September 2040 31.6 31.4 0.6 41.5 41.4 

Arcour - EIB 2008 EUR E1M up to March 2045 166.0 144.2 0.2 

Arcour 2008 EUR E1M up to March 2018 351.0 346.1 0.3 

Via Solution Thuringen EIB 2007 EUR E6M until December 2035 16.9 15.8 0.3 

Via Solution Thuringen EIB 2007 EUR E6M until December 2035 33.0 33.1 0.5 

Le Mans Stadium 2008 EUR E1M until December 2010 13.5 13.4 

14.3 14.3 

SCA Pochentong 2000 and 2004 USD L3M up to June 2018 16.4 16.5 0.1 9.4 10.3 

Other loans EUR 14.1 12.3 

Finance lease debt restated 7.7 7.7 11.4 11.4 

VINCI Park 4.6% up to 2023 7.7 7.7 11.4 11.4 

Long-term fi nancial debt 14,781.2 15,339.2 317.1 15,271.2 15,857.3

Other business lines 



31/12/2008 31/12/2007 

Contractual 

Capital 

interest rate Maturity outstanding 

Carrying 

amount 

including 

accrued interest 

not matured 

Capital 

outstanding 

Carrying 

amount 

Bonds 0.9 0.9 1.0 1.0 

VINCI Energies EUR 4.0% June 2010 0.8 0.8 0.8 0.8 

CFE EUR 6.0% December 2010 0.1 0.1 0.1 0.1 


other fi nancial debt 455.5 456.6 1.0 351.5 350.7 

VINCI Energies EUR 4.1% up to 2022 48.8 48.9 0.2 39.1 39.1 

Eurovia 4.5% up to 2019 80.4 81.0 0.3 69.2 68.3 

CFE 3.7% up to 2020 242.2 242.2 0.1 161.3 161.3 

Solétanche Bachy 4.8% up to 2020 32.9 33.0 0.1 45.2 45.2 

Other construction subsidiaries 51.2 51.5 0.3 36.8 36.8 

Finance lease 

debt restated 194.9 194.9 0.1 181.4 181.4 

VINCI Energies EUR T4M up to 2015 43.9 43.9 38.7 38.7 

Eurovia 4.3% up to 2018 42.3 42.3 43.7 43.7 

CFE 4.4% up to 2015 27.4 27.4 28.7 28.7 

Solétanche Bachy 5.6 % up to 2016 48.9 48.9 0.1 39.5 39.5 

Other construction subsidiaries 32.4 32.4 30.8 30.8 

Long-term fi nancial debt 651.3 652.4 1.1 533.8 533.1 


31/12/2008 31/12/2007 

Contractual 

Capital Carrying 

including 

accrued 

interest not Capital Carrying 

(in € millions) Currency interest rate Maturity outstanding amount matured outstanding amount 

Bonds 998.2 1,031.9 26.2 1,000.0 1,019.3 

VINCI SA 998.2 1,031.9 26.2 1,000.0 1,019.3 

Bonds, July 2002 EUR 5.9% July 2009 998.2 1,031.9 26.2 1,000.0 1,019.3 


other fi nancial debt 2,920.7 2,917.6 2.1 2,940.0 2,937.8 

VINCI SA 1,750.0 1,749.2 1.9 1,750.0 1,750.8 

Acquisition loan ASF November 2005 EUR E1M November 2012 1,750.0 1,749.2 1.9 1,750.0 1,750.8 

ASF Holding 1,170.0 1,167.7 0.2 1,190.0 1,187.0 

Syndicated loan December 2006 EUR E1M until December 2013 1,170.0 1,167.7 0.2 1,190.0 1,187.0 

Other 0.7 0.7 

Finance lease 

debt restated 1.3 1.3 2.4 2.4 

VINCI SA EUR E6M 

until 

September 2009 0.3 0.3 1.3 1.3 

G+H Montage EUR E3M April 2014 1.0 1.0 1.1 1.1 

Long-term fi nancial debt 3,920.2 3,950.8 28.3 3,942.4 3,959.5 

233


22.2 Financing resources and liquidities 

At 31 December 2008, the Group’s available resources amounted to €11.8 billion, including €4.8 billion net cash managed and €7 billion of 

unused medium-term confi rmed bank credit facilities. 

22.2.1 Maturity of fi nancial debt and associated interest payments 

The Group’s debt and associated interest payments, on the basis of the interest rates at 31 December 2008, break down as follows, by maturity 

date: 



Carrying 

Capital and 

interest cash 

Between Between 


Bonds 

amount 

fl ows Within 1 year 1 and 2 years 3 and 5 years After 5 years 

Capital 5,409.5 5,150.0 1,301.8 6.4 10.3 3,831.5 

Interest payment cash fl ows 

Infl ation-linked loan 

2,413.3 241.2 190.4 568.9 1,412.8 

Capital 397.9 391.2 391.2 


Other bank loans and other fi nancial debt 

115.7 15.3 15.3 45.8 39.3 

Capital 13,931.1 13,607.6 683.3 1,003.4 5,750.5 6,170.4 


Finance lease debt restated 

4,765.5 561.4 507.9 1,238.3 2,457.9 

Capital 203.9 203.7 55.7 38.4 76.3 33.3 

Interest payment cash fl ows 31.7 9.9 7.0 10.9 3.9 

Subtotal: long-term borrowing 19,942.4 26,678.7 2,868.6 1,768.8 7,701.0 14,340.3 

Commercial paper 

Other current fi nancial liabilities 167.3 167.3 167.3 

Bank overdrafts 555.1 555.1 555.1 

Financial current accounts, liabilities 76.3 76.3 76.3 

I - Financial debt 20,741.1 27,477.4 3,667.3 1,768.8 7,701.0 14,340.3 

Loans and collateralised fi nancial receivables (2.7) 

Financial current accounts, assets (50.0) 

Cash management fi nancial assets (288.6) 

Cash equivalents (3,813.7) 

Cash (1,254.8) 

II - Financial assets (5,409.8) 

Derivative fi nancial instruments - liabilities 353.2 374.2 61.8 41.8 96.5 174.1 

Derivative fi nancial instruments - assets (313.7) (417.2) (58.5) (40.1) (103.3) (215.3) 

III - Derivative fi nancial instruments 39.5 (42.9) 3.3 1.7 (6.8) (41.1) 

Net fi nancial debt (I + II + III) 15,370.8 

Trade payables 6,803.8 6,803.8 6,627.2 43.8 131.2 1.6 

At 31 December 2008, the average maturity of the Group’s long-term fi nancial debt was seven years (against 7.2 years at 31 December 2007). It 

was 7.9 years for concessions, 2.7 years for the holding companies and 3.6 years for the Group’s other business lines. 

Debt repayments due in 2009 (€2.1 billion) will fall in the following periods: 

– €0.2 billion in the fi rst quarter of 2009 

– €0.1 billion in the second quarter of 2009 

– €1.4 billion in the third quarter of 2009 

– €0.4 billion in the fourth quarter of 2009.


22.2.2 Net cash managed 

Net cash managed, including in particular cash management fi nancial assets and commercial paper issued, breaks down as follows: 

(in € millions) Concessions 



lines (*) 

Holding 


Cash equivalents 544.0 794.2 2,475.5 3,813.7 

Marketable securities and mutual funds (UCITS) 377.7 320.1 1,290.7 1,988.5 

Negotiable debt securities with an original maturity of less than three months 166.3 474.1 1,184.8 1,825.2 

Cash 88.5 1,061.6 104.7 1,254.8 

Bank overdrafts (8.5) (519.3) (27.3) (555.1) 

Net cash 624.0 1,336.5 2,552.9 4,513.4 

Cash management fi nancial assets 33.7 53.1 201.8 288.6 

Marketable securities and mutual funds (UCITS) 19.6 10.7 5.1 35.4 

Negotiable debt securities and bonds with an original maturity of less than three months 

Negotiable debt securities with an original maturity of more than three months 14.1 42.4 196.7 253.2 

Commercial paper issued 

Net cash managed 657.7 1,389.6 2,754.7 4,802.0 

(*) Surpluses not included in cash pooling system. 

31/12/2007 


(in € millions) Concessions 

lines (*) 

Holding 


Cash equivalents 562.0 781.2 1,500.8 2,843.9 

Marketable securities and mutual funds (UCITS) 206.9 236.8 210.2 653.9 

Negotiable debt securities with an original maturity of less than three months 355.1 544.4 1,290.5 2,190.0 

Cash 103.6 1,150.1 126.2 1,379.9 


Net cash 655.9 1,325.1 1,613.0 3,594.0 

Cash management fi nancial assets 43.5 56.4 511.7 611.6 

Marketable securities and mutual funds (UCITS) 

Negotiable debt securities and bonds with an original maturity of less than three months 

41.6 51.4 59.6 152.6 

Negotiable debt securities with an original maturity of more than three months 1.9 4.9 452.1 459.0 

Commercial paper issued (145.0) (145.0) 

Net cash managed 699.4 1,381.4 1,979.7 4,060.6 

(*) Surpluses not included incash pooling system. 

The investment vehicles used by the Group are monetary UCITS, negotiable debt securities (certifi cates of deposit generally with a maturity of 

less than three months) and bonds. They are measured and recognised at their fair value. 

The investment of cash surpluses of other Group subsidiaries that are not transferred to the holding company is managed complying with VINCI’s 

guidelines and instructions given to subsidiaries that lay down the authorised investment vehicles and counterparties within the Group. 

These various fi nancial assets (cash management fi nancial assets and cash equivalents) are managed involving limited risk to capital and are 

monitored through a risk and performance monitoring system. 

In particular they correspond to the investment of cash surpluses of the companies heading divisions and VINCI’s main fully owned subsidiaries, 

which are transferred to the holding company through a cash pooling system. This centralised system enables both the management of fi nancial 

resources to be optimised and trends in the cash position of the Group’s main subsidiaries to be monitored. The investments made by subsidiaries 

with VINCI in this context amounted to €2.7 billion at 31 December 2008. The balance represented €1.4 billion of which €0.6 billion for the 

concession operators (€0.4 billion at Cofi route and €0.1 billion at ASF) and €0.8 billion for the other business lines. 

The holding company monitors the performance and the risks associated with these investments regularly, through a report detailing the yield 

of the various assets on the basis of their fair value and tracking the level of the associated risk. 

22.2.3 Revolving credit facility 

At 31 December 2008, VINCI had a confi rmed bank credit facility (Club Deal) of €2 billion, expiring in 2012 and confi rmed bilateral medium-term 

credit facilities of €935 million, with maturity dates of between 2010 and 2013. At 31 December 2008, none of these lines was being used. 

235


ASF has a syndicated bank credit facility of €1 billion maturing in 2012, subject to various fi nancial covenants, (see Note 22.2.5 Financial 

covenants). On 18 December 2006, ASF agreed a new sven-year credit line with a bank syndicate for €2 billion. At 31 December 2008, these 

lines were used for €218 million. 

Cofi route has a confi rmed bank credit facility of €1 billion, expiring in 2011. This facility is not subject to fi nancial covenants and was not in use 


The amounts authorised and used, and the maturities of the revolving credit lines are as follows: 


Amount used 


Amounts authorised 


Within 1 year 

Maturity 

Between 

1 and 5 years 

After 5 years 

Syndicated loan 2,000 2,000 

Bilateral facilities 935 935 

VINCI 2,935 2,935 

ASF: syndicated loans 218 3,000 3,000 

Cofi route: syndicated loan 1,020 1,020 

Other business lines: syndicated and non-syndicated lines 51 290 10 280 

Total 269 7,245 10 7,235 0 

The above credit lines are not subject to any Material Adverse Change conditions. Drawings made in 2008 against these confi rmed credit lines 

complied with the initial contractual terms and conditions. 

22.2.4 Commercial paper 

At 31 December 2008, the Group had an authorised commercial paper programme of €1.5 billion for VINCI SA rated A2 by Standard & Poor’s, 

while Cofi route had an authorised commercial paper programme of €450 million, rated A2 by Standard & Poor’s. 

Neither of these programmes was being used at 31 December 2008. 

22.2.5 Financial covenants 

Some fi nancing agreements include early repayment clauses applicable in the event of non-compliance with fi nancial ratios, of which the main 

ones are described below: 



Finance 

agreements 

Amounts 

authorised 

VINCI Acquisition loan 1,750.0 1,750.0 

ASF Holding Syndicated term loan 1,170.0 1,170.0 

ASF 


CNA 6,249.8 6,249.8 

Syndicated term loan 755.8 755.8 

Amounts 

used Ratios (*) Values 

Net fi nancial debt (excl. Concessions) to [Cash fl ow from 

operations before tax and fi nancing costs (excl. 

Concessions) + dividend received (excl. exceptional 

dividend) of concession operating companies] 

Ratios at 

31 December 


< 3.5 (0.2) 

Consolidated net fi nancial debt to consolidated cash 

fl ow from operations before tax and fi nancing costs (**) < 10 8 

Dividends to [Net interest + nominal to repay] > 1.15 1.4 

Consolidated net fi nancial debt to consolidated Ebitda < or = 7 5.4 

Consolidated Ebitda to consolidated fi nancing costs > 2.2 3.5 

Consolidated net fi nancial debt to consolidated cash 

fl ows from operations before tax and fi nancing costs 

< or = 7 5.4 

Syndicated credit line 2013 2,000.0 Consolidated cash fl ows from operations before tax and 

Syndicated credit line 2012 1,000.0 218.0 

fi nancing costs to consolidated fi nance costs 

Net fi nancial debt to cash fl ow from operations 

before tax and fi nancing costs 

Amortising loan 450.8 450.8 

Cash fl ow from operations before tax 

and fi nancing costs to fi nancing costs 

Amortising loan 

(tranches 1 and 2) 

209.6 209.6 

Net fi nancial debt to cash fl ow from operations 

before tax and fi nancing costs 

Cash fl ow from operations before tax 

and fi nancing costs to fi nancing costs 

(*) Ebitda = gross operating profi t defi ned as the diff erence between operating income and operating expenses excluding depreciation, amortisation and provisions. 

(**) (Consolidated net fi nancial debt ASF + consolidated net fi nancial debt ASF Holding) to ASF consolidated cash fl ow from operations before tax and fi nancing costs 

> 2.2 3.5 

< 7 4.3 

> 2.2 4.7 

< 7 4.3 

> 3 4.7 

Some fi nance agreements, entered into by Group entities, provide that a change in control of the borrower may constitute a case for mandatory 

early redemption or trigger a demand for early repayment. 

The above ratios were all met at 31 December 2008.

22.2.6 Credit ratings 

At 31 December 2008, the Group’s credit ratings were: 

Ratings 


Agency Long-term Outlook Short-term 

VINCI SA Standard & Poor’s BBB+ Stable A2 

Moody’s Baa1 Stable 

ASF Standard & Poor’s BBB+ Stable A2 

Moody’s Baa1 Stable 

Cofi route Standard & Poor’s BBB+ Stable A2 

On 5 September 2008, Standard & Poor’s altered its rating of VINCI SA, ASF and Cofi route from outlook negative to outlook stable. 

22.2.7 Debt without recourse or with limited recourse 

Most of the Group’s long-term debt is without recourse against the VINCI holding company. Debt without recourse amounted to a total of 

€14.8 billion at the end of December 2008, representing approximately 75% of the Group’s long-term debt, and breaks down as follows: 


ASF & Escota 9,869.2 10,773.1 

Cofi route 3,728.1 3,825.3 

Gefyra (Rion-Antirion bridge - Greece) 333.6 335.7 

Consortium Stade de France 34.3 40.0 

Morgan VINCI Ltd (Newport bypass - Wales) 31.4 41.4 

Infrastructure concessions 399.4 417.1 

Arcour (extension of the A19 motorway) 490.2 

PPP Rouen (1) 6.7 

Via Solution Thuringen (A4 motorway - Germany) 48.9 14.3 

Stade du Mans (2) 13.5 

Liefk enshoek (rail links in Belgium) (3) 4.8 

Pochentong airports (Cambodia) 16.5 

Other 0.8 

Project fi nance 581.3 14.3 

Concessions 14,578.0 15,029.8 

CFE (Belgian subsidiary of VINCI Construction) 269.6 190.1 

including DEME (CFE’s dredging subsidiary), for 205.6 182.3 

including Liefk enshoek (concession operator 25% owned by CFE), for 4.8 

Other business lines 269.6 190.1 

Total long-term debt without recourse or with limited recourse 14,847.6 15,219.9 

Derivative instruments 19.1 (89.6) 

Collateralised receivables (4) (1.4) 

Cash, cash equivalents and cash management fi nancial assets of corresponding companies (57.7) (757.4) 

Total net debt without recourse or with limited recourse 14,807.7 14,372.9 

(1) New 100%-owned entity 

(2) New 100%-owned entity 

(3) New activity 50% owned, of which 25% by CFE 

(4) Collateralised receivables correspond to fi nancial assets guaranteeing the obligations under certain loans. 

All the companies shown in the above table are fi nanced autonomously (with no guarantee from the parent company). They do not participate in 

the holding company cash pooling system. Their fi nance agreements do not include a crossed default clause with VINCI. 

237


23. Management of financial risks 

The following disclosures present the Group’s exposure to its fi nancial risks, its objectives, its policy and its processes to measure and manage 

the risks. 

Given the level of its net fi nancial debt and of the associated fi nancial income and expense, VINCI has instituted a system to manage and monitor 

the various fi nancial risks to which it is exposed, principally interest rate risk. 

These fi nancial risks are managed in accordance with the management policies laid down by the Group’s Finance Department. In application of 

these rules, the responsibility for identifying, measuring and hedging the fi nancial risks lies with the operational entity in question. On the other 

hand, derivative fi nancial instruments are generally managed by the Group Finance Department on behalf of the subsidiaries in question. 

Treasury committees meet regularly to analyse the main exposures and decide on management strategies for the entities that have the most 

material exposure to fi nancial risks (ASF, Cofi route, VINCI Park, VINCI SA). These companies use the same tools as the VINCI holding company to 

monitor fi nancial instruments, which enables information to be centralised. 

In order to manage its exposure to market risks, the Group uses derivative fi nancial instruments, which are recognised in the balance sheet at 

their fair value. 

At the balance sheet date, the fair value of derivative fi nancial instruments breaks down as follows: 

Non-current 

Current 


(in € millions) Ref. 

asset 

asset (*) 

Non-current 

Current 

liability 

liability (*) Net 

Interest rate derivatives: fair value hedges 23.1.2 109.8 44.4 (6.8) 147.3 

Interest rate derivatives: cash fl ow hedges 23.1.3 0.7 (235.8) (10.3) (245.4) 

Interest rate derivatives not designated as hedges 23.1.4 128.5 (85.6) 43.0 

Interest rate derivatives 109.8 173.6 (235.8) (102.7) (55.1) 

Foreign currency exchage rate derivatives: cash fl ow hedges 

Foreign currency exchage rate derivatives: 

23.3.1 5.0 (0.9) 4.1 

hedge of net foreign investment 23.3.1 (0.7) (0.7) 

Foreign currency exchage rate derivatives 

not designated as hedges 23.3.1 25.3 (13.1) 12.2 

Currency derivatives 

Other derivatives 

30.3 (14.7) 15.6 

Total derivative fi nancial instruments 109.8 203.9 (235.8) (117.4) (39.5) 

(*) The current part includes accrued interest not matured, amounting to €27.9 million at 31./12/.08. 


31/12/2007 

Non-current 

Current 

(in € millions) Ref. 

asset 

asset (*) 

Non-current 

Current 

liability 

liability (*) Net 

Interest rate derivatives: fair value hedges 23.1.2 12.1 27.6 (9.3) (1.6) 28.7 

Interest rate derivatives: cash fl ow hedges 23.1.3 59.2 11.7 (6.0) (0.7) 64.2 

Interest rate derivatives not designated as hedges 23.1.4 105.1 (30.1) 75.0 

Interest rate derivatives 71.2 144.4 (15.3) (32.4) 167.9 

Foreign currency exchage rate derivatives: cash fl ow edges 

Foreign currency exchage rate derivatives: hedge of net 

23.3.1 1.8 (0.6) (0.9) 0.3 

foreign investment 23.3.1 0.8 0.8 

Foreign currency exchage rate derivatives not designated 

as hedges 23.3.1 6.8 (20.2) (13.5) 

Currency derivatives 9.4 (0.6) (21.1) (12.3) 

Other derivatives 0.9 14.1 (0.0) 14.9 

Total derivative fi nancial instruments 72.1 167.9 (15.9) (53.6) 170.5 

(*) The current part includes accrued interest not matured, amounting to €38.9 million at 31 December 2007. 

23.1 Interest rate risk 

Interest rate risk is managed within the Group, making a distinction between concessions, contracting activities and holding companies, as their 

respective fi nancial profi les are not the same. 

For the concession operating companies, interest rate risk is managed with two timescales: the long term, aiming to ensure and optimise the 

concession’s economic equilibrium, and the short term, with an objective of optimising the average cost of debt within the budget framework 

and depending on the situation in fi nancial markets.


Over the long term, the objective is to maintain over time a breakdown between fi xed and fl oating rate that can change depending on the debt 

level, measured by the ratio of net debt to cash fl ows from operations before tax and fi nancing costs. 

As regards contracting activities and holding companies, they have a net cash surplus, as the contracting subsidiaries’ cash surpluses, of which 

the management is mainly centralised under the cash pooling system, are higher than the holding companies’ debt. For these activities, the 

objective is to limit the consolidated interest-rate risk by ensuring that the risks connected with fi nancial assets and fi nancial liabilities are well 

matched. 

To hedge its interest rate risk, the Group uses derivative fi nancial instruments in the form of options or swaps of which the start may be deferred. 

These derivatives may be designated as hedges or not, in accordance with the IFRS, but are economic hedges. 

The table below shows the breakdown of long-term debt between fi xed-rate, capped fl oating-rate, and infl ation-linked debt, and the part at 

fl oating rate before and after taking account of derivative fi nancial instruments: 

Breakdown between fi xed and fl oating rate before hedging 

Fixed Infl ation-linked Floating Total 

(in € millions) Debt Proportion Rate Debt Proportion Rate Debt Proportion Rate Debt (*) Rate 

Concessions 10,960.7 74% 5.41% 391.2 3% 4.02% 3,418.1 23% 3.44% 14,770.0 4.92% 

Other business lines 340.5 52% 4.57% 310.6 48% 3.85% 651.1 4.23% 

Holding companies 996.2 25% 5.69% 2,915.7 75% 2.98% 3,911.9 3.67% 

At 31 December 2008 12,297.4 64% 5.41% 391.2 2% 4.02% 6,644.4 34% 3.26% 19,333.0 4.64% 

At 31 December 2007 13,327.1 67% 5.49% 377.8 2% 5.21% 6,086.2 31% 5.01% 19,791.1 5.34% 

Breakdown between fi xed and fl oating rate after hedging (economic hedge) 

Fixed Capped fl oating / infl ation-linked Floating Total 

(in € millions) Debt Proportion Rate Debt Proportion Rate Debt Proportion Rate Debt (*) Rate 

Concessions 11,928.4 81% 5.08% 2,083.9 14% 3.75% 757.7 5% 3.97% 14,770.0 4.84% 

Other business lines 445.5 68% 4.70% 22.8 4% 4.54% 182.8 28% 4.11% 651.1 4.53% 

Holding companies 613.1 16% 4.20% 779.2 20% 4.58% 2,519.6 64% 3.54% 3,911.9 3.85% 

At 31 December 2008 12,987.0 67% 5.03% 2,885.9 15% 3.98% 3,460.1 18% 3.66% 19,333.0 4.63% 

At 31 December 2007 12,368.7 62% 5.30% 4134.4 21% 4.70% 3,288.0 17% 5.49% 19,791.1 5.21% 

(*) 2008: Long-term fi nancial debt at amortised cost + accrued interest not matured + impact of fair value hedges + remeasurement of ASF’s debt = 19,333.0 + 346.5 + 130.3 + 132.6 = €19,942.4 million 

(*) 2007: Long-term fi nancial debt at amortised cost + accrued interest not matured + impact of fair value hedges + remeasurement of ASF’s debt = 19,791.1 + 359.7 + 7 + 192 = €20,349.8 million 

23.1.1 Sensitivity to interest rate risk 

VINCI’s income statement is exposed to the risk of fl uctuations in interest rates, given: 

– the cash fl ows connected with fl oating-rate fi nancial instruments after hedging, whether they are derivatives or not; 

– fi xed-rate fi nancial instruments recognised in the balance sheet at fair value through profi t or loss; 

– derivative fi nancial instruments that are not designated as hedges. These transactions mainly comprise net call option positions of which the 

maximum loss over the life of the transaction is equal to the premium paid. 

On the other hand, fl uctuations in the value of derivatives designated as hedges do not have a direct impact on profi t or loss and are recognised 

in equity. 

The analysis below has been prepared assuming that the amount of the fi nancial debt and derivatives at 31 December 2008 remains constant 

over one year. 

The consequence of a variation in interest rates of 50 basis points at the balance sheet date would have been an increase or decrease of equity 

and pre-tax profi t for the amounts shown below. For the purpose of this analysis, the other variables are assumed to remain constant. 


Profi t or loss Equity 

Impact of sensitivity Impact of sensitivity Impact of sensitivity Impact of sensitivity 

calculation 

calculation 

calculation 

calculation 


+ 50 bp 

–50 bp 

+ 50 bp 

–50 bp 

Floating-rate debt after hedging (accounting basis) (31.7) 31.7 

Derivatives not considered for accounting purposes as hedges 6.4 (4.2) 

Derivatives designated as hedges of highly probable cash fl ows 32.7 (34.5) 

Derivatives designated as hedges of contractual cash fl ows 0.8 (0.9) 115.5 (134.9) 

239


23.1.2 Description of fair value hedges 

At the balance sheet date, details of the instruments designated as fair value hedges were as follows: 



Within 

1 year 

Between 

1 and 2 years 

Between 

3 and 5 years 


After 

5 years Notional 

Fair value, 

assets 

Fair value, 

liabilities Total 

Fixed receiver / fl oating payer interest rate swap 1,225.0 2.6 1,011.2 2,238.8 154.1 (6.8) 147.3 

Interest rate options (caps, fl oors and collars) 

Interest rate derivatives: fair value hedges 1,225.0 2.6 1,011.2 2,238.8 

31/12/2007 

154.1 (6.8) 147.3 

Within Between Between After 

Fair value, Fair value, 


1 year 1 and 2 years 3 and 5 years 5 years Notional assets liabilities Total 

Fixed receiver / fl oating payer interest rate swap 


1,275.0 2.5 1,017.2 2,294.8 39.7 (10.9) 28.7 

Interest rate derivatives: fair value hedges 1,275.0 2.5 1,017.2 2,294.8 39.7 (10.9) 28.7 

These transactions mainly relate to the fi xed-rate bond issues by ASF, Cofi route and VINCI. 

23.1.3 Description of cash fl ow hedges 

At the balance sheet date, details of the instruments designated as cash fl ow hedges were as follows: 

Within Between Between 


After 




Floating receiver / fi xed payer interest rate swap 


Interest rate derivatives: hedging of highly 

850.0 850.0 (76.8) (76.8) 

probable forecast cash fl ows 850.0 850.0 

(76.8) (76.8) 


FRA 

2,056.3 822.0 591.5 1,232.8 4,702.6 0.7 (159.8) (159.1) 


Interest rate derivatives: hedging 

403.9 150.5 554.4 0.0 (9.5) (9.4) 

of contractual cash fl ows 2,056.3 1,225.9 591.5 1,383.3 5,257.0 

0.7 (169.3) (168.6) 

Total 2,056.3 1,225.9 591.5 2,233.3 6,107.0 0.7 (246.1) (245.4) 

31/12/2007 

Within Between Between After 






Interest rate derivatives: hedging of highly 

1,265.0 1,265.0 42.8 (2.0) 40.8 

probable forecast cash fl ows 1,265.0 1,265.0 42.8 (2.0) 40.8 

Floating receiver / fi xed payer interest rate swap 1,864.9 657.1 353.2 229.0 3,104.2 20.3 (3.5) 16.8 

FRA 6,349.5 6,349.5 1.5 (0.0) 1.5 


Interest rate derivatives: hedging 

324.4 153.2 477.7 6.2 (1.2) 5.0 

of contractual cash fl ows 8,214.4 657.1 677.6 382.2 9,931.3 28.1 (4.7) 23.3 

Total 8,214.4 657.1 677.6 1,647.2 11,196.3 70.9 (6.7) 64.2


The Group’s exposure to the risks of changes in future interest payment cash fl ows is generated by the cash fl ows of fl oating-rate debt at 

31 December 2008 and by the interest charges relating to future issues. 

Hedging of contractual cash fl ows 

The Group has set up interest rate swaps which serve to render interest payments on fl oating-rate debt fi xed. The contractual cash fl ows under 

swaps are paid symmetrically with the interest payment fl ows on hedged loans; the amount deferred in equity is recognised through profi t or loss 

in the period when the interest payment is recognised in profi t or loss. 

Hedging of highly probable cash fl ows 

At 31 December 2008, the portfolio of swaps was €850 million at ASF with maturities until 2019 enabling part of the interest payments on highly 

probable future borrowing to be fi xed. 

The following table shows the periods when the Group expects the cash fl ows associated with the deferred start swaps in place on 31 December 

2008 to occur: 


Expected cash fl ows 

Within Between 

(in € millions) Fair value 

1 year 1 and 2 years 

Deferred start fl oating / fi xed swap (76.8) (54.2) (22.6) 

Total interest rate derivatives designated for accounting purposes 

as hedges of highly probable cash fl ows (76.8) (54.2) (22.6) 

31/12/2007 

Expected cash fl ows 

Between 

3 and 5 years 


(in € millions) Fair value 

1 year 1 and 2 years 3 and 5 years 

Deferred start fl oating / fi xed swap 40.8 17.6 (1.8) 25.1 


as hedges of highly probable cash fl ows 40.8 17.6 (1.8) 25.1 

The following table shows the periods when the Group expects the amounts recorded in equity at 31 December 2008 for the existing or 

unwound instruments designated as cash fl ow hedges to have an impact on profi t or loss: 


Amount recorded 

in equity (*) 

Within 

1 year 


Amount recycled in profi t or loss 

Between 

1 and 2 years 

Between 

3 and 5 years 

Interest rate derivatives designated for accounting purposes as hedges 

of contractual cash fl ows (228.6) (55.4) (26.3) (42.9) (104.0) 

Interest rate derivatives designated for accounting purposes as hedges 

of highly probable cash fl ows (14.9) 0.7 (1.9) (5.8) (7.9) 


as cash fl ow hedges (243.5) (54.7) (28.2) (48.7) (111.9) 

(*) The amount recorded in equity in respect of cash fl ow hedges (attributable to equity holders of the parent) for –€229.7 million (see Note E.18) breaks down as follows: 

Cash fl ow hedges relating to interest rate risk for –€243.5 million, including: 

–€233.2 million attributable to equity holders of the parent 

–€10.3 million attributable to minority interest 

Cash fl ow hedges relating to foreign currency exchange rate risk for €3.6 million, including: 

+€3.5 million attributable to equity holders of the parent 

+€0.1 million attributable to minority interest 

23.1.4 Description of non-hedging transactions 

At the balance sheet date, these transactions were as follows: 



After 




Interest rate swaps 1,084.6 33.6 198.6 130.8 1,447.6 121.4 (85.0) 36.4 

FRA 177.0 177.0 (0.5) (0.5) 


Interest rate derivatives not designated 

129.5 327.1 1,586.0 2,042.6 7.1 (0.0) 7.1 

as hedges for accounting purposes 1,391.1 360.7 1,784.6 130.8 3,667.2 

128.5 (85.5) 43.0 

After 

5 years 

After 

5 years 

After 

5 years 

241




Within 

1 year 

Between 

1 and 2 years 

Between 

3 and 5 years 

31/12/2007 

After 


Fair value, 

assets 

Fair value, 


Interest rate swaps 264.3 22.7 374.0 1,610.9 2,272.0 74.4 (25.9) 48.4 

FRA 2,325.0 2,325.0 0.4 (0.4) (0.1) 

Interest rate options (caps, fl oors and collars) 1,764.4 624.9 1,650.4 866.0 4,905.8 30.4 (3.7) 26.6 

Interest rate derivatives not designated 

as hedges for accounting purposes 4,353.8 647.6 2,024.4 2,476.9 9,502.7 

105.1 (30.1) 75.0 

These transactions are mainly mirror swaps (which generate no risk of fl uctuation of fair value in the income statement), swaps or short-maturity 

options. They enable the level of hedging to be adjusted taking account of the market situation. 

23.2 Equity risk 

At 31 December 2008, VINCI owned 3.3% of ADP. This shareholding is classifi ed under available-for-sale fi nancial assets. On the basis of the new 

cost of the ADP shares (see Note E.16 “Other non-current fi nancial assets”), the consequence of a fall of 10% in the stock market price of the 

share would be a change in net profi t of –€16 million and the consequence of a 10% increase in the stock market price of the share would be a 

change in equity of €16 million. 

At 31 December 2008, the Group held a portfolio of 22,919,652 treasury shares acquired at an average price of €51.19 and 2,477,878 million call 

options at an average exercise price of €24.6, on which a premium of €74.2 million has been paid. An increase or decrease of the stock market 

price of the treasury shares would have no impact on either the Group’s profi t or loss or its equity. 

The two swaps existing at 31 December 2007 were unwound in the course of 2008. These transactions had no material impact on profi t or loss. 

23.3 Foreign currency exchange rate risk 

23.3.1 Detail of currency derivatives 

Transactions to hedge currency risk designed to cover commercial or fi nancial transactions break down as follows: 



After 




Cross currency swap 0.8 0.8 0.1 0.1 

Forward foreign exchange transactions 

Currency options 


83.6 83.6 4.9 (0.9) 4.1 

cash fl ow hedges 

Cross currency swap 

84.4 84.4 5.0 (0.9) 4.1 




68.4 68.4 (0.7) (0.7) 

hedge of net foreign investment 68.4 68.4 (0.7) (0.7) 

Cross currency swap 7.9 14.2 1.3 23.3 2.2 2.2 

Forward foreign exchange transactions 308.9 29.5 338.4 22.9 (13.1) 9.7 


Foreign currency derivatives not designated 

5.0 5.0 0.2 0.2 

as hedges for accounting purposes 316.8 29.5 19.2 1.3 366.7 25.3 (13.1) 12.2 

Total foreign currency derivative instruments 469.5 29.5 19.2 1.3 519.5 30.3 (14.7) 15.6


Within 

1 year 

Between 

1 and 2 years 

Between 

3 and 5 years 

31/12/2007 

After 



Fair value, 

assets 

Fair value, 


Cross currency swap 5.9 5.9 0.2 (0.3) (0.1) 

Forward foreign exchange transactions 63.5 63.5 1.6 (1.2) 0.4 



cash fl ow hedges 69.4 69.4 1.8 (1.5) 0.3 

Cross currency swap 30.4 30.4 0.7 0.7 




36.7 36.7 0.2 0.2 

hedge of net foreign investment 67.1 67.1 0.8 0.8 

Cross currency swap 287.1 4.3 9.4 300.7 1.6 (19.7) (18.1) 

Forward foreign exchange transactions 118.6 0.7 119.3 5.0 (0.5) 4.4 


Foreign currency derivatives not designated 

(6.2) 5.0 (1.2) 0.2 (0.0) 0.2 

as hedges for accounting purposes 399.4 5.0 14.4 418.9 6.8 (20.2) (13.5) 

Total foreign currency derivative instruments 536.0 5.0 14.4 555.4 9.4 (21.7) (12.3) 

23.3.2 Breakdown of long-term debt by currency 

Debt breaks down as follows by currency: 


Euro 19,719.4 99% 19,824.1 97% 

Swiss franc 17.6 0% 312.0 2% 

Chilean peso 4.2 0% 16.1 0% 

Sterling 85.2 0% 97.1 0% 

US dollar 38.2 0% 32.2 0% 

Canadian dollar 18.2 0% 23.5 0% 

Other currencies 59.9 0% 44.8 0% 

Total long-term borrowings 19,942.7 100% 20,349.8 100% 

Generally, the Group’s activities in foreign countries are fi nanced by loans in the local currency. 

23.3.3 Nature of the Group’s risk exposure 

Seventy-fi ve percent of VINCI’s activities in international markets is through subsidiaries in the eurozone. In consequence, the Group’s exposure 

to currency risk is limited. Transactions outside the eurozone are generally made in the local currency for permanent establishments and, to a 

great extent, in a strong currency in the case of major export projects. 

Furthermore, VINCI may fi nd itself exposed to currency risk whenever, in isolated cases the parent company provides fi nance to certain foreign 

subsidiaries, and on cash fl ows intended to be paid to the parent company. This exposure is generally covered by cross currency swaps or forward 

exchange transactions. 

VINCI’s foreign currency risk management policy consists in hedging the transactional risk (in particular on receivables and debt in its balance 

sheet) connected with subsidiaries’ ordinary operations. 

However, VINCI does not systematically hedge the currency risk connected with its foreign investments (translation exposure). 

23.3.4 Analysis of foreign exchange risk exposure (excluding construction contracts) 

The foreign exchange risk exposure was as follows at 31 December 2008: 

(in € millions) 31/12/2008 

Currency GBP USD Total 

Closing rate 0.953 1.392 

Exposure 21.1 82.9 103.9 

Hedge (1.4) (50.3) (51.7) 

Net position 19.7 32.6 52.3 

The main exposure to foreign currency exchange rate risk, principally related to assets denominated in foreign currency that are intended to be 

repatriated, is hedged and in consequence generates no risk to profi t or loss. There remains a residual exposure on assets not designated as 

hedges. A 10% appreciation of foreign currencies against the euro would have a pre-tax impact on the fi nancial statements of €5.2 million. 

243


23.4 Credit risk and counterparty risk 

VINCI is exposed to credit risk in the event of default by customers. It is exposed to counterparty risk in respect of its investments of cash, commitments 

received, acquisition of negotiable debt securities, marketable securities, and unused authorised credit facilities, fi nancial receivables 

and derivative fi nancial instruments. 

The Group has set up procedures to manage and limit credit risk and counterparty risk. 

Trade receivables 

It should be noted that nearly 40% of consolidated revenue is generated with public sector, or quasi-public sector, customers. Moreover, VINCI 

considers that the concentration of counterparty risk connected with trade receivables is limited because of the large number of customers and 

the fact that they are widely scattered across France and abroad. In foreign countries and in developing countries, the risk of non-payment is 

generally covered by an appropriate insurance policy (Coface, documentary credit, etc.). Trade receivables are broken down in Note E.21.2 “Trade 

receivables”. 

Financial instruments 

Financial instruments are set up with fi nancial institutions meeting the Group’s credit rating criteria. The Group has also set up a system of 

counterparty limits to manage its counterparty risk. This system allocates maximum risk amounts by counterparty, defi ned by taking account of 

their credit ratings as published by Standard & Poor’s, Moody’s and Fitch IBCA. These limits are regularly monitored and updated by the Group 

Finance Department at Treasury Committee meetings on the basis of a quarterly, consolidated report. 

The Group Finance Department also distributes instructions to the subsidiaries laying down the authorised limits by counterparty and the list 

of authorised UCITS. 

24. Carrying amount and fair value by accounting category 

The following table shows the carrying amount and the fair value of fi nancial assets and liabilities, in the balance sheet, by accounting category 

as defi ned in IAS 39: 

31/12/2008 Accounting categories (*) Fair value 

Balance sheet headings 

and classes of instrument 


Financial 

instruments 

through 

profi t or loss 

Derivatives 

designated 

as hedges 

Assets 

measured 

at fair 

value 

(fair value 

option) 

Availablefor-sale 

fi nancial 

assets 

Loans 

and 

receivables 

Liabilities 

at 

amortised 

cost 

Total 

carrying 

amount for 

the class 

Listed 

prices 

Internal 

model 

based on 

observable 

factors 

Internal 

model not 

based on 

observable 

factors 

Fair value 

of the 

class 

Investments in listed 

subsidiaries and associates 182.9 182.9 182.9 182.9 

Investments in unlisted 

subsidiaries and associates 119.8 119.8 119.8 119.8 

Loans and collateralised 

fi nancial receivables 209.9 209.9 209.9 209.9 

I - Non-current fi nancial 

assets 302.7 209.9 512.6 182.9 209.9 119.8 512.6 

Interest rate derivatives – 

fair value hedges 154.1 154.1 154.1 154.1 


cash fl ow hedges 0.7 0.7 0.7 0.7 

Interest rate derivatives not 

designated as hedges 128.5 128.5 128.5 128.5 

Foreign currency exchage rate 

derivatives – cash fl ow hedges 5.0 5.0 5.0 5.0 


derivatives – hedge of net 

foreign investment 


derivatives not designated as 

hedges 

Derivatives – other instruments 

25.3 25.3 25.3 25.3 

II - Derivative fi nancial 

instruments - assets 153.9 159.8 313.7 313.7 313.7 

III - Trade receivables 11,561.5 11,561.5 11,561.5 11,561.5 

Loans and collateralised 

fi nancial receivables 44.4 44.4 44.4 44.4


31/12/2008 Accounting categories (*) Fair value 

Balance sheet headings 

and classes of instrument 

Financial 

instruments 

through 

profi t or loss 

Derivatives 

designated 

as hedges 

Assets 

measured 

at fair 

value 

(fair value 

option) 

Availablefor-sale 

fi nancial 

assets 

Loans 

and 

receivables 

Liabilities 

at 

amortised 

cost 

Total 

carrying 

amount for 

the class 

Listed 

prices 

Internal 

model 

based on 

observable 

factors 

Internal 

model not 

based on 

observable 

factors 

Fair value 

of the 

class 

Cash management fi nancial 

assets 288.6 288.6 216.6 72.0 288.6 

Financial current accounts, 

assets 50.0 50.0 50.0 50.0 

Cash equivalents 3,813.7 3,813.7 3,356.6 457.1 3,813.7 

Cash 1,254.8 1,254.8 1,254.8 1,254.8 

IV - Current fi nancial assets 5,407.3 44.4 5,451.7 3,573.2 1,878.5 5,451.7 

Total assets 153.8 159.8 5,407.3 302.7 11,815.8 17,839.5 3,756.1 13,963.5 119.8 17,839.5 

Bonds (5,409.5) (5,409.5) (4,784.4) (4,784.4) 

Infl ation-linked loans (397.9) (397.9) (397.9) (397.9) 

Other bank loans and other 

fi nancial debt (13,931.1) (13,931.1) (4,802.5) (**) (9,071.9) (13,874.4) 

Finance lease debt restated (203.9) (203.9) (203.9) (203.9) 

V - Non-current fi nancial 

debt (19,942.4) (19,942.4) (9,585.1) (9,673.8) (19,258.8) 


fair value hedges (6.8) (6.8) (6.8) (6.8) 


cash fl ow hedges (246.1) (246.1) (246.1) (246.1) 

Interest rate derivatives not 

designated as hedges (85.5) (85.5) (85.5) (85.5) 


derivatives – cash fl ow hedges (0.9) (0.9) (0.9) (0.9) 


derivatives – hedge of net 

foreign investment (0.7) (0.7) (0.7) (0.7) 


derivatives not designated as 

hedges 

Derivatives – other instruments 

(13.1) (13.1) (13.1) (13.1) 

VI - Derivative fi nancial 

instruments - liabilities (98.7) (254.5) (353.1) (353.1) (353.1) 

VII - Trade payables (6,803.8) (6,803.8) (6,803.8) (6,803.8) 

Other current fi nancial 

liabilities (167.3) (167.3) (167.3) (167.3) 

Financial current accounts, 

liabilities (76.3) (76.3) (76.3) (76.3) 


VIII - Current fi nancial 

liabilities (631.4) (167.3) (798.7) (798.7) (798.7) 

Total equity and liabilities (98.7) (254.5) (631.4) (26,913.6) (27,898.1) (9,585.1) (17,629.3) (27,214.4) 

Total 55.1 (94.6) 4,775.9 302.7 11,815.8 (26,913.6) (10,058.7) (5,829.0) (3,665.7) 119.8 (9,374.9) 

(*) The Group has no held-to-maturity fi nancial assets 

(**) Listed price of loans issued by CNA 

The fair value is determined either: 

– on the basis of listed prices on an active market; whenever listed prices on an active market are available, these are used in priority in determining 

the market value. Marketable securities and some listed bond loans are measured in this way; 

– on the basis of internal measurement techniques using the usual mathematical calculation methods incorporating observable market data 

(forward rates, yield curves, etc). 

245


Most derivative fi nancial instruments (swaps, caps, fl oors, etc.) are traded on markets and are measured on the basis of models commonly used 

by market participants to price such fi nancial instruments. 

Every quarter, the internally calculated values of derivative instruments are checked for consistency with the values sent to us by the 

counterparties. 

25. Transactions with related parties 

Transactions with related parties are: 

– remuneration and similar benefi ts paid to members of the governing and management bodies; 

– transactions with companies in which VINCI exercises signifi cant infl uence or joint control. 

These transactions are conducted on the basis of market prices. 

25.1 Remuneration and similar benefi ts paid to members of the governing 

and management bodies 

The remuneration of the Group’s Company Offi cers is determined by the Board of Directors following proposals from the Remuneration 

Committee. 

The table below shows the remuneration and similar benefi ts, on a full-year basis, granted by VINCI SA and the companies that it controls to 

persons who, at the balance sheet date are (or, during the year, have been), members of the Group’s governing bodies and executive committee. 

The corresponding amounts have been recognised and expenses in 2007 and 2008 as follows: 

Members of governing bodies and the Executive Committee 

(in € thousands) 31/12/2008 31/12/2007 

Remuneration 8,940.5 9,354.3 

Employer’s social charges 3,643.9 4,796.0 

Post-employment benefi ts 839.9 1,105.3 

Termination benefi ts 115.0 1,536.6 

Share-based payments (*) 6,280.4 7,306.4 

Directors’ fees 935.7 801.3 

(*) This amount is determined in accordance with IFRS 2 Share-based Payment and as described in Note E.19 “Share-based payment” . 

The variable portion relating to 2008 is an estimate, for which a provision has been taken in the period. 

The aggregate amount of retirement benefi t obligations (contractual lump sums payable on retirement and any supplementary defi ned benefi t 

schemes) in favour of members of the Group’s governing bodies and executive committee, for which provisions are included in the fi nancial 

statements at 31 December 2008 amount to €16.611 thousand (compared with €21.032 thousand at 31 December 2007). 

25.2 Transactions between VINCI and proportionately consolidated companies 

(unconsolidated part) 


Revenue 3,158.7 2,933.4 

Purchases (873.4) (667.7) 

Subcontracting (1,831.1) (1,877.1) 

Trade receivables 1,519.1 1,292.5 

Trade payables 862.2 713.5 


These transactions mainly relate to operations conducted with joint-venture partnerships (SEPs) in connection with the Group’s construction 

activities. 


25.3. Contribution to the consolidated balance sheet by proportionately 

consolidated companies 


(in € millions) 31/12/2008 31 /12/2007 (*) 

Current assets 1,959.6 1,492.5 

Non-current assets 1,011.8 787.9 

Current liabilities 2,031.6 1,563.1 

Non-current liabilities 727.9 535.2 

Operating revenue 3,139.7 2,675.7 

Operating expenses (2,903.6) (2,479.1) 

Cost of net fi nancial debt (11.9) (16.2) 

Other fi nancial income and expenses (0.2) (3.6) 

Income tax (38.0) (35.6) 


25.4 Other related parties 

The information on equity-accounted companies is given in Note E.15.2. “Financial information on investments in associates”. 

VINCI recognised an expense of €579.6 thousand in 2008 in respect of catering services provided by Société Gastronomique de l’Etoile 

(€530.4 thousand in 2007). 

Furthermore, the Company has normal business relationships with fi nancial institutions of which the offi cers are Directors of VINCI, in particular 

UBS and Natexis. 

26. Contractual obligations and other commitments 

made and received 

Contractual obligations and other commitments made and received break down as follows: 

26.1 Contractual obligations 


Operating leases 1,011.4 1,016.4 

Purchase and capital expenditure obligations (*) 225.6 217.1 

(*) Excluding capital investment obligations under concession contracts (see Note E.9.2 “ Commitments made under concession contracts – intangible asset model” and Note E.16.3 ”Commitments made 

under concession and PPP contracts– fi nancial asset model”). 

Operating lease commitments amounted to €1,011.4 million at 31 December 2008 (compared with €1,016.4 million at 31 December 2007); of 

this, €720.1 million was for property (compared with €744.9 million at 31 December 2007), €251.2 million for movable items (compared with 

€230.6 million at 31 December 2007) and €40.1 million for quarrying rights. 

The purchase and capital expenditure obligations mentioned above relate mainly to VINCI Immobilier, and in particular to undertakings given in 

connection with the rehabilitation of land at Boulogne Billancourt. 

The breakdown by maturity of contractual obligations is as follows: 

(in € millions) Total Within 1 year 

Payments due by period 

Between 1 and 5 years After 5 years 

Operating leases 1,011.4 284.6 446.8 280.0 

Purchase and capital expenditure obligations (*) 225.6 99.4 80.9 45.3 

(*) Excluding investment obligations related to concession contracts. 

247


26.2 Other commitments made and received 


Collateral securities 297.8 268.7 

Joint and several guarantees covering unconsolidated partnerships (*) 67.1 55.3 

Other commitments made (received) (**) 127.2 16.6 

(*) Group’s share, total commitment was €131.6 million at 31 December 2008. 

(**) Excluding concession contracts (see Note E.9.2 “Commitments made under concession contracts – intangible asset model”), construction contracts (see Note E.17 “Construction contracts”) and 

unrecognised retirement benefi t obligations (see Note E.20.1 “Provisions for retirement benefi t obligations”). 

Collateral securities (mortgages and collateral for fi nance) 

In addition to commitments in connection with the concession contracts, collateral security may be given. This mainly relates to CFE (property 

projects and fi nancing of dredgers at DEME, CFE’s 50% subsidiary). 

Joint and several guarantees covering unconsolidated partnerships (SNCs, Economic Interest Groupings, etc.) 

Part of VINCI’s business in the construction and roads business lines is conducted through unincorporated joint venture partnerships (SEPs), in 

line with industry practice. In partnerships, partners are legally jointly and severally liable for that entity’s debts to third parties, without limit. In 

order to contain its risks, the Group usually makes a study of its partners’ solvency when partnerships are entered into, which may result in the 

setting up of crossed counter guarantees between partners. 

Whenever the Group is aware of a particular risk relating to a joint venture partnership’s activity, a provision is taken in the consolidated fi nancial 

statements. 

The amount shown under off -balance sheet commitments in respect of joint and several guarantees is the Group’s share of the liabilities of the 

partnerships in question less equity and fi nancial debt (loans or current account advances) due to partners. 

Given in particular the quality of its partners, the Group considers that the risk of its guarantee being invoked in respect of these commitments 

is negligible. 

The commitments made and received by the Group in connection with concession contracts, construction contracts and items connected with 

unrecognised retirement benefi t obligations are shown in the following notes: 

– E.9.2 “Commitments made under concession contracts – intangible asset model”; 

– E.16.3 “Commitments made under concession and PPP contracts – fi nancial asset model”; 

– E.17.2 “Commitments given and received in connection with concession contracts”; 

– E.20.1 “Provisions for retirement benefi t obligations”. 

27. Employees and staff training rights 

The number of employees at 31 December 2008 breaks down as follows: 

31/12/2008 31/12/2007 

Engineers and managers 24,274 22,556 

Offi ce, technical and manual 139,783 136,072 

164,057 158,628 

The Act of 4 May 2004 gives employees of French businesses the right to a minimum of 20 hours of training a year, which can be carried 

forward and accumulated over a period of six years. Expenditure under this individual right to training is considered as an expense for the 

period and does not give rise to the recognition of a provision, other than in exceptional cases. The Group’s employees had acquired rights to 

5.5 million hours of such training at 31 December 2008. 


28. Statutory Auditors’ fees 

Deloitte & Associés network KPMG network 


(in € millions) 2008 % 2007 % 2008 % 2007 % 

Audit 

Statutory audit 6.8 66% 6.0 71% 8.1 91% 7.1 85% 

Parent company 0.5 5% 0.3 4% 0.6 7% 0.3 4% 

Fully consolidated subsidiaries 6.3 61% 5.7 67% 7.5 84% 6.8 81% 

Services and directly linked work 3.3 32% 2.1 25% 0.6 7% 1.1 13% 

Parent company 0.7 8% 0.7 8% 

Fully consolidated subsidiaries 3.3 32% 1.4 17% 0.6 7% 0.4 5% 

Sub total, audit 10.0 98% 8.1 96% 8.7 98% 8.2 98% 

Other services 

Legal, tax and employment 0.3 2% 0.3 4% 0.2 2% 0.2 2% 

Other 

Sub-total, other services 0.3 2% 0.3 4% 0.2 2% 0.2 2% 

Total 10.3 100% 8.4 100% 8.9 100% 8.4 100% 

In accordance with the AMF’s recommendation, this table does not include proportionately consolidated companies. 

F. Disputes and arbitration 

To the Company’s knowledge, there is no exceptional event or litigation likely to affect substantially the business, financial performance, net assets 

or financial situation of the Group or the Company. The companies comprising the VINCI group are sometimes involved in litigation arising 

from the normal course of business. The related risks are assessed by VINCI and the subsidiaries involved on the basis of their knowledge of 

the cases, and provisions are taken in consequence. The main disputes current at the date of this document are as follows: 

– On 23 May 2004, part of the shell structure over the passageway of Roissy airport’s 2E terminal collapsed. The structure had been built for 

Aéroports de Paris, which in this project acted as principal, architect and main contractor. The construction work on terminal 2E was carried out 

under multiple separate contracts by numerous different companies. The passageway shells (superstructures) were constructed by a consortium 

comprising companies that are today VINCI subsidiaries. The incident is currently subject to a court-ordered expert appraisal to establish 

the reasons for the collapse and assess the damages suffered. A criminal investigation has also been launched following the collapse. The 

financial consequences of this incident relate on the one hand to the rebuilding costs, which are a matter for the prime contractor’s insurers, 

and, on the other hand, to the financial losses incurred by the operators of the building as a result of the disorganisation resulting from the site 

being unavailable for use. The amount of these losses and the terms under which these consequences will be borne by the companies involved 

remains to be determined. In view of the current situation, the Group considers that this dispute will not have a material unfavourable effect 

on its financial situation. 

– In 1997, SNCF lodged multiple claims with the Paris Administrative Court against a large number of construction enterprises, of which several 

are VINCI group subsidiaries, with a view to obtaining financial compensation for the prejudice it claims to have suffered between 1987 

and 1990 during the award of tenders for the construction of the TGV Nord and TGV Rhône-Alpes lines and their interconnection. This claim 

followed the ruling against the companies involved by the competition authority in 1995, which the Paris Appeal Court upheld overall. The 

Paris Administrative Court, after having ruled in December 1998 in respect of these two claims that the findings of the competition authority 

regarding the anti-competitive practices entitled SNCF to claim that its consent was impaired with respect to the contracts in question, ordered 

an appraisal to establish the impact of such practices. The enterprises had appealed against this decision before the Court of Cassation but 

the Council of State (the Conseil d’Etat), in a ruling issued on 19 December 2007, rejected their appeals. In 2005, the expert appointed by the 

Paris Administrative Court submitted two reports in which it was concluded that SNCF had incurred extra costs significantly lower than the 

amounts claimed. The amount sought from consortiums in which VINCI companies have holdings, and which carried out approximately 20 

of the contracts for work, amounts to €376 million, half of which corresponds to financial expenses. VINCI considers that SNCF did not suffer 

financial prejudice on the award of these tenders to its subsidiaries given that each contract was subject to detailed negotiation with SNCF, 

which is a highly experienced and qualified project owner in this field. At a hearing in January 2009 before the Paris Administrative Court, the 

government commissioner proposed an assessment method resulting in an overall loss of the order of €60 million excluding interest at the 

statutory rate for the contracts in which VINCI group companies participated. VINCI considers that these disputes will not have a material 

adverse effect on its financial situation. 

– CBC, a subsidiary of VINCI, was brought before the United States District Court of New York in July 2005 by the Mexican company Consorcio 

Prodipe SA de CV and Mr Mery Sanson de Wallincourt in connection with a dispute dating from 1992 relating to a tourist site property development 

in Baja California under which the plaintiffs alleged they had suffered damages amounting to a total of $350 million and claimed three 

times that. A decision was rendered by the Court against the plaintiffs on 12 March 2008 dismissing their claim. 

249


- VINCI’s subsidiary CBC built a hotel in Bratislava (Slovakia) for Intertour, part of whose equity it held. This transaction was financed through 

promissory notes issued by Intertour and discounted on a non-recourse basis by CBC with a French bank, which had counter-guarantees from 

foreign financial institutions. Following the payment default by Intertour, these financial institutions initiated various legal proceedings, including 

one before the Paris Commercial Court, in which CBC was called to guarantee the principal amount of €41 million. This case was withdrawn 

in 2004 following a settlement between the claimants and the French bank. CBC was also sued in December 2003 in the Paris Commercial 

Court by the same French bank, which is claiming €24 million on the basis of alleged responsibility in connection with the invalidity of the 

guarantees issued by the foreign financial institutions in the French bank’s favour. Given the current state of affairs, the Group does not expect 

this dispute to have a material impact on its financial situation. 

- In respect of the dispute with Mr Antoine Zacharias, former chairman of VINCI, who has applied to the Nanterre Commercial Court claiming 

that he is entitled to exercise all the share options that were granted to him by the Company, despite the fact that he no longer held any office 

within the VINCI group, and, further or in the alternative, has claimed payment of damages currently estimated at €81 million in respect of 

the loss of opportunity to acquire his share option rights together with compensation of €1 in respect of his moral loss, on 30 May 2008, the 

Court made a ruling rejecting this claim. Mr Zacharias has filed an appeal against this ruling. The Group does not expect this dispute to have 

a material effect on its financial situation. 

- On 23 May 2008, the Conseil Régional d’Ile-de-France – the regional authority for the Ile-de-France – applied to the Paris Court of First 

Instance (Tribunal de Grande Instance) for a ruling in chambers against 15 enterprises, of which several are members of the VINCI group, and 

several natural persons, ordering them to pay the Conseil Régional d’Ile-de-France a provisional amount of €76 million. This application – 

which was dismissed by the Court in a ruling on 15 January 2009 - was further to a judgement by the Paris Appeal Court on 27 February 2007 

against various natural persons finding them guilty of operating a cartel and to the decision on 9 May 2007 by the competition authority (the 

Conseil de la Concurrence) imposing penalties on the enterprises for anti-competitive practices between 1991 and 1996 in connection with 

the programme to renovate secondary educational establishments in the Ile-de-France region. This decision has been confirmed by a ruling by 

the Paris Appeal Court on 3 July 2008 which has been appealed against before the High Court (Cour de Cassation). The Group does not expect 

these pending proceedings to have a material impact on its financial situation. 

- The Group has been informed that an appeal has been lodged with the French Council of State by associations in relation to the administrative 

decisions underpinning the award of the Balbigny - La Tour de Salvagny section of the A89 motorway to ASF, the provisions of the Act No. 

2006-241 of 1 March 2006 notwithstanding. Even if the award is reconsidered, the Group does not expect these proceedings to have a material 

adverse impact on its financial situation. 

G. Post balance sheet events 

29. Appropriation of earnings for 2008 

The Board of Directors finalised the consolidated financial statements for the year ended 31 December 2008, on 3 March 2009. 

These financial statements will only become definitive when approved by the Shareholders General Meeting. A Resolution will be put to the 

Shareholders Ordinary General Meeting for the payment of a dividend of €1.62 per share in respect of the year, which, taking account of the 

interim dividend already paid in December 2008 (€0.52 per share) means that the final dividend will be €1.10 per share, an amount of the order 

of €524 million. 

Shareholders will be able to opt for payment of the final dividend in new shares if they so wish. 



H. List of the main companies consolidated at 31 December 2008 

1. Concessions 

at 31 December 2008 at 31 December 2007 

Consolidation 

method 

VINCI group 

holding (%) 

Consolidation 

method 


h olding (%) 

Cofi route FC 83.33 FC 83.33 

Cofi route Participations FC 83.33 FC 83.33 

Cofi route Corporation (USA) FC 83.33 FC 83.33 

Cofi route UK (United Kingdom) FC 83.33 FC 83.33 

ASF Group FC 100.00 FC 100.00 

Autoroutes du Sud de la France FC 100.00 FC 100.00 

Escota FC 99.29 FC 98.97 

TransJamaican Highway Ltd EM 34.00 EM 34.00 

VINCI Park FC 100.00 FC 100.00 

VINCI Park France FC 100.00 FC 100.00 

VINCI Park Services FC 100.00 FC 100.00 

VINCI Park CGST FC 100.00 FC 100.00 

Sepadef (Société d’exploitation des parcs de La Défense) FC 100.00 FC 100.00 

VINCI Park Belgium FC 100.00 FC 100.00 

VINCI Park Services Canada (merger with Gestipark Canada) FC 100.00 FC 100.00 

VINCI Park España FC 100.00 FC 100.00 

VINCI Park Services Ltd (United Kingdom) FC 100.00 FC 100.00 

VINCI Park Luxembourg FC 99.92 FC 99.92 

VINCI Park Services Deutschland GmbH FC 100.00 FC 100.00 

VINCI Park Services Russie FC 100.00 FC 100.00 

Laz Parking (USA) PC 50.00 PC 50.00 

Other concessions 

Stade de France PC 66.67 (1) PC 66.67 (1) 

SMTPC (Prado-Carénage tunnel) EM 33.29 EM 33.29 

Lusoponte (bridges over the Tagus river, Portugal) EM 30.85 EM 30.85 

Severn River Crossing (bridges over the Severn River - United Kingdom) EM 35.00 EM 35.00 

Strait Crossing Development Inc (Confederation Bridge - Canada) EM 18.80 EM 18.80 

Gefyra (Rion-Antirion bridge - Greece) FC 57.45 FC 54.00 

Morgan VINCI Ltd (Newport bypass - United Kingdom) PC 50.00 PC 50.00 

Arcour (A19 motorway) FC 100.00 FC 100.00 

Société Concessionnaire de l’ Aéroport de Pochentong - SCA (Cambodia) PC 70.00 (2) PC 70.00 (2) 

Lucitea Rouen FC 100.00 FC 100.00 

Via Solutions Thüringen (Germany) PC 50.00 PC 50.00 

RhônExpress EM 32.40 EM 32.40 

Aegan Motorways (Maliakos - Kleidi motorway, Greece) EM 13.75 EM 13.75 

Olympia Odos (Elefsina - Corinth - Patras - Tsakona motorway) EM 36.00 EM 36.00 

Coentunnel (Netherlands) (Tunnel in the Netherlands) EM 27.60 

Locorail (Liefk enshoek railway concessions, Belgium) PC 36.71 

Prado-Carénage tunnel PC 58.51 

Parkazur (Nice airport car rental companies’ car parking) FC 100.00 

LMS (Le Mans stadium) FC 100.00 

VINCI Concessions Holdings 

VINCI Concessions SA FC 100.00 FC 100.00 

VINCI Airports FC 100.00 FC 100.00 

ASF Holding FC 100.00 FC 100.00 

(1) See Note B.2 «Consolidation methods» FC: full consolidation; PC: proportionate consolidation; EM: equity method 

(2) Shareholders’ agreement specifies joint control arrangements between VINCI 

and Muhibbah which holds 30% of the share capital 

251


2. Energy 



Consolidation 

method 


holding (%) 

Consolidation 

method 


holding (%) 

VINCI Energies FC 100.00 FC 100.00 

Santerne FC 100.00 FC 100.00 

Entreprise Demouselle FC 100.00 FC 100.00 

Mangin Egly Entreprises FC 100.00 FC 100.00 

Imhoff FC 100.00 FC 100.00 

Société Nouvelle Cepeca Sud-Ouest FC 100.00 FC 100.00 

Santerne Toulouse FC 100.00 FC 100.00 

Tunzini Azur FC 100.00 FC 100.00 

Graniou Azur FC 100.00 FC 100.00 

Santerne Centre-Est FC 100.00 FC 100.00 

L’Entreprise Électrique FC 100.00 FC 100.00 

GT Le Mans FC 100.00 FC 100.00 

Lesens Centre-Val de Loire FC 100.00 FC 100.00 

Barillec FC 100.00 FC 100.00 

Société Installations Électriques FC 99.98 FC 99.98 

Masselin Énergie FC 99.95 FC 99.82 

Lesens Électricité FC 99.96 FC 99.96 

Saga Entreprise FC 100.00 FC 100.00 

Tunzini FC 100.00 FC 100.00 

Lefort Francheteau FC 100.00 FC 100.00 

SDEL Tertiaire FC 100.00 FC 100.00 

Phibor Entreprises FC 100.00 FC 100.00 

GTIE Télécoms FC 100.00 FC 100.00 

SDEL Vidéo Télécom FC 100.00 FC 100.00 

Graniou Ile de France FC 100.00 FC 100.00 

GTIE Infi FC 100.00 FC 100.00 

Tunzini Protection Incendie FC 100.00 FC 100.00 

Entreprise d’Électricité et d’Équipement FC 100.00 FC 100.00 

VINCI Energies España and its subsidiaries (Spark Iberica – Tecuni) FC 100.00 FC 100.00 

Sotécnica (Portugal) FC 80.00 FC 80.00 

VINCI Energies UK (United Kingdom) FC 100.00 FC 100.00 

Emil Lundgren (Sweden) FC 100.00 FC 100.00 

VINCI Energies Netherland and its subsidiaries (Netherlands) FC 100.00 FC 100.00 

VINCI Energies Deutschland and its subsidiaries (Controlmatic, G+H Isolierung, 

Calanbau, NK Networks) 

FC 100.00 FC 100.00 

Atem (Pologne) FC 85.00 FC 80.00 

Tiab (Romania) FC 67.55 FC 52.70 

ProCS (Slovaquie) FC 77.50 FC 77.50 

Etavis AG and its subsidiaries (Switzerland) FC 95.00 FC 95.00 

FC: full consolidation; PC: proportionate consolidation; EM: equity method

3. Roads 



Consolidation 

method 


holding (%) 

Consolidation 

method 


holding (%) 

Eurovia FC 100.00 FC 100.00 

EJL Nord FC 100.00 FC 100.00 

Eurovia Picardie FC 100.00 FC 100.00 

Eurovia Pas de Calais FC 100.00 FC 100.00 

Eurovia Ile de France FC 100.00 FC 100.00 

EJL Ile de France FC 100.00 FC 100.00 

Valentin FC 100.00 FC 100.00 

Eurovia Haute Normandie FC 100.00 FC 100.00 

Matériaux Routiers Franciliens FC 100.00 FC 100.00 

Carrières Roy PC 50.00 PC 50.00 

Eurovia Centre Loire FC 100.00 FC 100.00 

Eurovia Bretagne FC 100.00 FC 100.00 

Eurovia Atlantique FC 100.00 FC 100.00 

Eurovia Basse Normandie FC 100.00 FC 100.00 

Carrières de Luché FC 100.00 FC 100.00 

Carrières de Chailloué FC 100.00 FC 100.00 

Eurovia Poitou Charentes – Limousin FC 100.00 FC 100.00 

Eurovia Aquitaine FC 100.00 FC 100.00 

Eurovia Midi Pyrénées FC 100.00 FC 100.00 

Carrières Kléber Moreau FC 89.97 FC 89.97 

Eurovia Méditerranée FC 100.00 FC 100.00 

Durance Granulats FC 55.00 FC 55.00 

Eurovia Dala FC 100.00 FC 100.00 

Eurovia Alpes FC 100.00 FC 100.00 

Eurovia Lorraine FC 100.00 FC 100.00 

Eurovia Alsace – Franche Comté FC 100.00 FC 100.00 

Eurovia Béton FC 100.00 FC 100.00 

Signature Vertical Holding EM 35.00 EM 35.00 

Eurovia Management FC 100.00 FC 100.00 

Eurovia Teerbau (Germany) FC 100.00 FC 100.00 

Eurovia VBU (Germany) FC 100.00 FC 100.00 

Eurovia Beton GmbH (Germany) FC 100.00 FC 100.00 

Eurovia Industrie GmbH (Germany) FC 100.00 FC 100.00 

Eurovia Gestein GmbH (Germany) FC 100.00 FC 100.00 

Ringway Infrastructure Services Ltd (United Kingdom) FC 100.00 FC 100.00 

Beach Communications (United Kingdom) (formerly T.E. Beach) FC 100.00 FC 100.00 

South West Highways (United Kingdom) PC 50.00 PC 50.00 

Le Crossing (United Kingdom) FC 78.57 FC 78.57 

SSZ (Czech Republic) FC 100.00 FC 100.00 

ODS - Dopravni Stavby Ostrava (Czech Republic) FC 51.00 FC 51.00 

Eurovia Cesty (Slovakia) FC 97.58 FC 97.57 

Hubbard Construction (USA) FC 100.00 FC 100.00 

Blythe Construction (USA) FC 100.00 FC 100.00 

Probisa Tecnologia y Construcción (Spain) FC 100.00 FC 99.79 

Construction DJL (Canada) FC 95.80 FC 95.80 

Bitumix (Chile) FC 50.10 FC 50.10 

Eurovia Polska Spolka Akcyjna (Poland) FC 100.00 FC 100.00 

Eurovia Belgium (Belgium) FC 100.00 FC 100.00 

Caraib Moter (Martinique) FC 74.50 FC 74.50 

Carrières Unies de Porphyre SA (CUP) (Belgium) FC 100.00 FC 95.20 

Eurovia Bourgogne FC 100.00 FC 100.00 

Signature FC 65.00 FC 65.00 

Signature Industrie FC 65.00 FC 65.00 

Européenne Travaux Ferroviaires FC 100.00 

ETF-Eurovia Travaux Ferroviaires FC 100.00 

FC: full consolidation; PC: proportionate consolidation; EM: equity method . 

253


4. Construction 



Consolidation 

method 


holding (%) 

Consolidation 

method 


holding (%) 

VINCI Construction France FC 100.00 FC 100.00 

GTM Génie Civil et Services FC 100.00 FC 100.00 

SICRA Ile de France FC 100.00 FC 100.00 

Bateg FC 100.00 FC 100.00 

Campenon Bernard Construction FC 100.00 FC 100.00 

Société d’ingénierie et de réalisation de construction FC 100.00 FC 100.00 

Energilec FC 100.00 FC 100.00 

GTM Bâtiment FC 100.00 FC 100.00 

Dumez Ile de France FC 100.00 FC 100.00 

Petit FC 100.00 FC 100.00 

Lainé Delau FC 100.00 FC 100.00 

Neximmo5 PC 49.90 PC 49.90 

Sogea Nord Ouest FC 100.00 FC 100.00 

Sogea Atlantique FC 100.00 FC 100.00 

Bourdarios FC 100.00 FC 100.00 

Sogea Caroni FC 100.00 FC 100.00 

Dumez EPS FC 100.00 FC 100.00 

Sogea Est BTP FC 100.00 FC 100.00 

Campenon Bernard Régions FC 100.00 FC 100.00 

Entreprise Pitance FC 100.00 FC 100.00 

Les Travaux du Midi FC 100.00 FC 100.00 

Campenon Bernard Sud Est FC 100.00 FC 100.00 

Sogea Sud FC 100.00 FC 100.00 

Dumez Côte d’Azur FC 100.00 FC 100.00 

Chantiers Modernes Sud FC 100.00 FC 100.00 

Dumez Méditerranée FC 100.00 FC 100.00 

Chantiers Modernes BTP FC 100.00 FC 100.00 

Botte Fondations FC 100.00 FC 100.00 

Dodin FC 100.00 FC 100.00 

EMCC FC 100.00 FC 100.00 

VINCI Environnement FC 100.00 FC 100.00 

VINCI Networks FC 100.00 FC 100.00 

VINCI Construction Terrassement (formerly GTM Terrassement) FC 100.00 FC 100.00 

Scao PC 33.33 (3) PC 33.33 (3) 

Deschiron (merger with VINCI Construction Terrassement) FC 100.00 

VINCI Construction Filiales Internationales 

Sogea - Satom and its subsidiaries (various African countries) FC 100.00 FC 100.00 

SBTPC (Reunion) FC 100.00 FC 100.00 

Sogea Mayotte FC 100.00 FC 100.00 

Sogea Réunion FC 100.00 FC 100.00 

GTM Guadeloupe FC 100.00 FC 100.00 

Dumez-GTM Calédonie FC 100.00 FC 100.00 

Nofrayane (French Guyana) FC 100.00 FC 100.00 

First Czech Construction Company (Czech Republic) FC 100.00 FC 100.00 

Warbud (Poland) FC 99.74 FC 99.74 

Hidepitö (Hungary) sold in 2008 FC 97.35 

SMP CZ (Czech Republic) FC 100.00 FC 100.00 

Prumstav (Czech Republic) FC 100.00 FC 75.00 

SKE Support Services GmbH (Germany) FC 100.00 FC 100.00 

(3) Company controlled jointly by three shareholders: 1/3 VINCI, 1/3 Eiffage, 1/3 Colas FC: full consolidation; PC: proportionate consolidation; EM: equity method .

4. Construction (continued) 



Consolidation 

method 


holding (%) 

Consolidation 

method 


holding (%) 

VINCI PLC (United Kingdom) FC 100.00 FC 100.00 

Crispin and Borst Ltd (United Kingdom) FC 100.00 FC 100.00 

VINCI Investment Ltd (United Kingdom) FC 100.00 FC 100.00 

Weaver PLC (United Kingdom) FC 100.00 FC 100.00 

Taylor Woodrow Construction (United Kingdom) FC 100.00 

Compagnie d’Entreprises CFE (Belgium) FC 46.84 FC 46.84 

BPC, Nizet Entreprises, Van Wellen , CLE, Engema, BPI, Abeb, Vanderhoydonckx 

CFE Polska, CFE Hungary, CFE Slovaquia, Cli Sa, Geka FC 46.84 FC 46.84 

Sogesmaint CBRE FC 31.73 FC 31.73 

CFE Nederland FC 46.84 FC 46.84 

Dredging Environmental and Marine Engineering (Deme) PC 23.42 (4) PC 23.42 (4) 

VINCI Construction Grands Projets FC 100.00 FC 100.00 

Socaly FC 100.00 (5) FC 100.00 (5) 

Socaso FC 100.00 (6) FC 100.00 (6) 

Socatop PC 66.67 (7) PC 66.67 (7) 

QDVC (Qatar) PC 49.00 PC 49.00 

Victoria Belinvest (Belgium) FC 100.00 FC 100.00 

Freyssinet FC 100.00 FC 100.00 

Freyssinet France FC 100.00 FC 100.00 

The Reinforced Earth Cy - RECO (USA) FC 100.00 FC 100.00 

Freyssinet SA (Spain) PC 50.00 PC 50.00 

Freyssinet Korea FC 90.00 FC 90.00 

Immer Property (Australia) FC 91.67 FC 91.67 

Freyssinet International et Cie FC 100.00 FC 100.00 

Ménard SNC FC 100.00 FC 100.00 

Nuvia Ltd (UK) (formerly Nukem Ltd) FC 100.00 FC 100.00 

Terre Armée Internationale FC 100.00 FC 100.00 

Solétanche Bachy FC 100.00 FC 100.00 

Solétanche Bachy France FC 100.00 FC 100.00 

CSM Bessac SAS (France) FC 100.00 FC 100.00 

Solétanche Bachy Pieux SAS (France) FC 100.00 FC 100.00 

Rodio Cimentaciones Especiales SA (Spain) PC 50.00 PC 50.00 

Kronsa Internacional SA (Spain) PC 50.00 PC 50.00 

Nicholson Construction Company Inc (USA) FC 100.00 FC 100.00 

Bachy Soletanche Ltd (United Kingdom) FC 100.00 FC 100.00 

Bachy Soletanche Group Ltd (Hong Kong) FC 100.00 FC 100.00 

Soletanche Stroy Zao (Russia) FC 100.00 FC 100.00 

Osnova Solsif Ltd (Ukraine) FC 70.00 FC 70.00 

Bachy Soletanche Singapour Pte Ltd FC 100.00 FC 100.00 

Entrepose Contracting FC 77.31 FC 77.29 

SpieCapag FC 77.31 FC 77.29 

Geocean FC 77.31 (8) FC 81.60 (8) 

5. Property 

VINCI Immobilier FC 100.00 FC 100.00 

(4) 50/50 joint control by CFE and Ackermans & van Haaren. FC: full consolidation; PC: proportionate consolidation; EM: equity method 

(5) Including VINCI Construction France 48% and Eurovia 28% 

(6) Including Eurovia 33.3% 

(7) Agreement organising joint control between VINCI (66.67%), Eiffage (16.67%) and Colas (16.67%) 

(8) of which 19% held by Solétanche Bachy in 2007 and sold in 2008 to Entrepose Contracting 

255


Report of the Statutory Auditors 

on the consolidated fi nancial statements 



In accordance with our appointment as Statutory Auditors by your Shareholders’ General Meeting, we hereby report to you for the year ended 

31 December 2008 on: 

– the audit of the accompanying consolidated fi nancial statements of VINCI S.A.; 

– the justifi cation of our assessments; and 

– the specifi c verifi cation required by law. 

The consolidated fi nancial statements have been approved by the Board of Directors. Our role is to express an opinion on these fi nancial 

statements, based on our audit. 

1. Opinion on the consolidated fi nancial statements 

We conducted our audit in accordance with the professional standards applicable in France. Those standards require that we plan and perform 

the audit in such a way as to obtain reasonable assurance that the consolidated fi nancial statements are free of material misstatement. An 

audit consists in examining, by sampling or other selection methods, evidence supporting the amounts and disclosures in the consolidated 

fi nancial statements. It also consists in assessing the accounting principles used, signifi cant estimates made and the overall presentation of 

the fi nancial statements. We believe that the information that we have collected provides a suffi cient and appropriate basis for our opinion. 

In our opinion, the consolidated fi nancial statements for the period have been correctly prepared and give a true and fair view of the fi nancial 

position, the assets and liabilities and the results of the operations of the group formed by the persons and entities included in the consolidation, 

in accordance with the International Financial Reporting Standards as endorsed by the European Union. 

Without qualifying the opinion expressed above, we draw your attention to Notes A.1.2 and A.1.3 to the consolidated fi nancial statements, 

which describe two changes in accounting policy relating to the early application of the Amendment to IAS 20 on accounting for loans at 

below market rates of interest and IFRIC 12 on accounting for service concession arrangements. 

2. Justifi cation of our assessments 

As required by Article L.823-9 of the French Commercial Code relating to the justifi cation of our assessments, we inform you of the following: 

– As stated in Note A.3.1, the VINCI group uses estimates prepared on the basis of information available at the time of preparing its consolidated 

fi nancial statements, in a context of economic and fi nancial crisis of which the scale and duration beyond 31 December 2008 cannot 

be accurately forecast. These estimates relate in particular to: 

– Construction contracts: the VINCI group recognises income from long-term contracts using the percentage of completion method on the basis 

of the best available estimates of the fi nal outcome of contracts. We have assessed the assumptions used and the Company’s calculations. 

– Impairment tests on non-fi nancial assets: the VINCI group performs impairment tests at least annually on goodwill, and also assesses whether 

there is any indication that long-term assets may be impaired, in accordance with the methodology described in Notes A.3.17 and E.13 to the consolidated 

fi nancial statements. We have examined how these impairment tests are performed and the cash fl ow forecasts and assumptions used. 

– As stated in the fi rst part of this report, Note A.1.2 to the consolidated fi nancial statements describes the change in accounting policy during the 

year relating to the accounting for loans at below market rates of interest. In accordance with the provisions of the Amendment to IAS 20, this change 

of accounting policy has been applied prospectively to loans at below market rates of interest taken out during 2008. In assessing the accounting 

policies adopted by your company, we have examined the information given in this respect in Note A.1.2 to the consolidated fi nancial statements. 

– As stated in the fi rst part of this report, Note A.1.3 to the consolidated fi nancial statements describes the change in accounting policy 

during the year relating to the accounting for service concession arrangements. In accordance with IAS 8, the 2007 comparative information 

presented in the consolidated fi nancial statements has been restated to take account of this change of accounting policy retrospectively. As 

a result, the comparative information is diff erent from the published 2007 consolidated fi nancial statements. In assessing the accounting 

policies adopted by your Company, we have examined the correct restatement of the 2007 consolidated fi nancial statements and the related 

disclosures made in Note A.1.3 to the consolidated fi nancial statements. 

These assessments were made as part of our audit of the consolidated fi nancial statements taken as a whole and have therefore contributed 

to the formation of our opinion, given in the fi rst part of this report. 

3. Specifi c verifi cation 

We have also verifi ed, as required by law, the information contained in the Group Directors’ Report. We have no comments to make as to its fair 

presentation and its conformity with the consolidated fi nancial statements. 


KPMG Audit 








This report should be read in conjunction whith, and is construed in accordance with, French law and professional auditing standarts applicable in France.

Parent company fi nancial statements 


(in € millions) Notes 2008 2007 

Operating income 

Revenue 23.9 24.8 

Reversals of provisions, transfers of expenses 2.7 6.8 

Other operating income 81.1 71.3 

Operating expenses 

107.7 102.9 

Other purchases and external charges (59.4) (65.2) 

Taxes and levies (1.8) (3.7) 

Wages, salaries and social benefi t charges (36.4) (30.8) 

Depreciation and amortisation (6.0) (8.8) 

Provision charges (2.6) (3.0) 

Other operating expenses (0.8) (0.8) 

(107.0) (112.3) 

Share in profi t or loss of joint ventures 0.9 (0.3) 

Operating profi t 

Financial income 

1.6 (9.7) 

Income from investments in subsidiaries and affi liated companies 1,247.2 4,745.9 

Income from other marketable securities and fi xed asset receivables 68.9 16.5 

Other interest received and similar income 263.6 94.9 

Net income from disposal of marketable securities and treasury shares 67.8 86.1 

Foreign exchange gains 4.8 1.5 


Financial expenses 

1,786.3 4,984.8 

Expenses related to investments in subsidiaries and affi liated companies (0.2) (0.5) 

Interest paid and similar expenses (425.9) (446.7) 

Net expense on disposal of marketable securities and treasury shares (14.8) (25.0) 

Foreign exchange losses (2.8) (2.1) 

Amortisation, depreciation and provisions (522.1) (250.8) 

(965.7) (725.1) 

Net fi nancial income / (expense) 13 820.6 4,259.7 

Profi t from ordinary activities 

Exceptional income 

822.2 4,250.0 

relating to operating transactions - 0.2 

relating to capital transactions 213.4 847.2 


Exceptional expenses 

309.6 1,050.6 

relating to operating transactions (0.7) (1.6) 

relating to capital transactions (302.8) (1,004.4) 

Amortisation, depreciation and provisions (1,168.6) (10.8) 

(1,472.1) (1,016.8) 

Net exceptional income / (expense) 14 (1,162.5) 33.8 

Income Tax 15 241.5 229.4 

Net profi t for the period (98.8) 4,513.2 

257


Balance sheet 

Assets 


Intangible assets 1 2.9 1.6 

Property, plant and equipment 1 24.6 25.1 

Non-current fi nancial assets 2/8/10/12/16 16,143.8 16,994.8 

Treasury shares 3 520.0 969.8 

Deferred expenses 4 9.8 12.6 

Total non-current assets 16,701.1 18,003.9 

Trade receivables and related accounts 10/12/16 72.9 9.6 

Other receivables 10/12/16 307.9 187.0 

Treasury shares 3 259.6 3.8 

Other marketable securities 8/12 2,602.7 1,951.0 

Cash management current accounts of related companies 8/16 562.5 332.8 

Cash 8/12 99.7 15.5 

Deferred expenses 10 2.3 5.0 

Total current assets 3,907.6 2,504.7 

Translation diff erences, assets 2.3 0.3 

Total assets 20,611.0 20,508.9 



Share capital 1,240.4 1,214.9 

Premiums on share issues, mergers, asset contributions 5,266.1 4,910.2 

Statutory reserve 121.5 117.7 

Other reserves 45.8 45.8 

Unappropriated profi t or loss 7,425.3 3,624.5 

Net profi t for the year (98.8) 4,513.2 

Interim dividend(s) (246.1) (220.0) 

Tax-regulated provisions 12.1 7.4 

Equity 5 13,766.3 14,213.7 

Other equity 6 500.0 500.0 

Provisions 7 193.0 172.4 

Financial debt 8/9/10/11/16 5,946.9 5,469.9 

Other payables 9/10/11/16 199.8 142.2 

Deferred income 10 1.4 10.7 

Total liabilities 6,148.2 5,622.8 

Translation diff erences, liabilities 3.6 0.0 

Total equity and liabilities 20,611.0 20,508.9 




(in € millions) 2008 2007 

Operating activities 

Gross operating surplus 8.2 (2.8) 

Financial and exceptional items 1,255.2 4,371.9 

Taxes 219.3 148.3 

Cash fl ow from operations 1,482.7 4,517.4 

Net change in working capital requirement (131.5) 77.2 

Total (I) 1,351.2 4,594.6 

Investing activities 

Investments in operating assets (2.4) (0.8) 

Disposal of non-current assets 8.2 0.9 

Net investments in operating assets 5.8 0.2 

Acquisition of investments and securities (127.7) (1,283.4) 

Proceeds from disposal of shares in subsidiaries and affi liated companies 205.2 846.2 

Net fi nancial investments 77.5 (437.2) 

Change in other non-current fi nancial assts and treasury shares (198.9) (952.2) 

Total (II) (115.6) (1,389.2) 

Financing activities 

Increases in share capital 381.4 492.6 

Increase in other equity 

Dividends paid (488.5) (413.9) 

Interim dividend(s) (246.1) (220.0) 

Total (III) (353.2) (141.3) 

Cash fl ows for the period (I + II + III) 882.4 3,064.0 

Net fi nancial debt at 1 January (2,234.5) (5,298.5) 

Net fi nancial debt at 31 December (1,352.2) (2,234.5) 

259

Notes to the fi nancial statements 

A. Key events 

1. Changes in shareholdings 

The value of VINCI’s shareholding in ASF has been revised at 31 December 2008. The combined eff ect of this re-estimation and the payment 

in 2007 of an exceptional dividend of €3.3 billion, of which €2.5 billion was paid to VINCI, has led to the recognition of an impairment loss of 

€1,158 million in respect of the shares. 

In November 2008, VINCI sold its shareholding in ADP to a subsidiary of VINCI Concessions for €139.1 million, realising a capital loss of 

€86.6 million. 

2. Transactions on treasury shares 

During 2008, VINCI purchased 5,258,274 of its own shares for a total of €241.6 million, an average price of €45.96 per share (excluding purchases 

and sales of shares eff ected under a liquidity contract). 

During the same period, 176,641 shares were sold for €2 million to benefi ciaries of share purchase options exercised. 

The value of VINCI treasury shares has been adjusted on the basis of the average share price in December, leading to recognition of an impairment 

loss of €393.7 million. 

300,000 shares have been sold under a liquidity contract managed by Rothschild & Cie Banque. This was suspended on 23 December 2008 and 

the bank has returned €73 million to VINCI. 

3. Payment of stock dividend 

At the Shareholders’ General Meeting of 15 May 2008, a resolution was put allowing VINCI’s shareholders to opt for payment of the 2007 fi nal 

dividend of €1.05 per share in VINCI shares. This resulted in the issue of 4,440,132 new shares and an increase in equity of €196.9 million. 

4. Employee shareholding plans 

VINCI has complied with the new accounting rules (CRC Regulation 2008-15) and tax legislation relating to the treatment of benefi ts connected 

with employee shareholding, in particular those relating to free share plans and the company savings fund plans. 

In this connection, in the last quarter of 2008, VINCI has recharged the cost of the 2007 free share plan to its subsidiaries for a total of €100.5 million. 

B. Accounting rules and methods 

The fi nancial statements at 31 December 2008 have been prepared in accordance with the rules applicable in France: 

- the French law of 30 April 1983 and its application decree of 29 November 1983; and 

- the 1999 French General Accounting Plan, as described in Regulation 1999-03 of the Comité de la réglementation comptable (CRC) and amending 

regulations. 

However, in a departure from the General Accounting Plan and to improve clarity, VINCI has decided to present changes in provisions relating to 

income and expense items on the same line of the income statement as determined by their nature, which may be operating, fi nancial, exceptional 

or tax. Transactions relating to shareholdings and associated changes in provisions are therefore reported under exceptional income and 

expenses except for dividends received and transactions on treasury shares, which are presented under fi nancial income and expenses. 

Changes in accounting policy: 

CRC Regulation 2008-15, relating to the accounting treatment of employee share purchase or subscription options plans and free share plans, has 

set down the methods for determining the corresponding liabilities. This regulation provides that whenever an expense becomes probable, a provision 

should be recognised on a straight-line basis over the vesting period of the rights. Previously, VINCI recognised a liability for the total amounts 

of the rights. 

In accordance with the possibility off ered by CNC Recommendation 2009-R-01, VINCI has elected for prospective application of this change of 

policy. 

Application of this new policy in 2008 has led VINCI to recognise an expense of €41.6 million in respect of the existing employee shareholding 

plans. 


1. Intangible assets 


Other than in special cases, software recorded under “concessions, patents, licences” is amortised over two or three years on a straight-line basis. 


Property, plant and equipment is recognised at its acquisition cost, including acquisition and installation costs. 

Depreciation is calculated on a straight-line basis over an asset’s estimated useful life: 

Buildings 10 to 40 years 

Other property, plant and equipment 3 to 10 years 

The Company applies CNC Opinion 2004-06 on the defi nition, recognition and measurement of assets. 

3. Investments in subsidiaries and affiliated companies 

Investments in subsidiaries and affi liated companies are measured at their cost of acquisition. In accordance with CRC Regulation 2004-06 on the 

defi nition and recognition of assets, VINCI includes the associated acquisition expenses in the cost of shares. If this cost is greater than the asset’s 

value in use, a provision for impairment is taken equal to the diff erence, as an exceptional item. 

Value in use is determined on the basis of the portion of the equity represented by the shares. This portion is adjusted if necessary to take account 

of the earnings and growth prospects of the companies in question. 

Capital gains or losses on disposal of shareholdings are recorded under exceptional income and expense. 

4. Trade receivables and related accounts 

Trade receivables are measured at their face value. An allowance is recognised if there is a possibility of non-recovery of these receivables. 

5. Receivables and payables denominated in foreign currency 

Receivables and payables denominated in foreign currency are measured at the closing rate or at their hedged rate. Any gains or losses arising on 

this translation are recorded in the balance sheet as currency translation diff erences. Provisions are taken in respect of any unrealised losses unless 

specifi c rules are laid down in the accounting regulations. 

6. Marketable securities 

Marketable securities are recognised at their acquisition cost and an impairment loss is taken whenever the cost is higher than the latest cashin-value 

at the year end. 

7. Financial instruments 

Loans (bonds, bank and intra-group borrowing) are recorded under liabilities at their face value. The associated issuance costs are recorded under 

deferred expenses, redemption premiums under assets and issuance premiums under deferred income. These three items are amortised over the 

length of the loan. 

Loans and advances are recognised at face value. If justifi ed in view of the risks of non-recovery, an impairment loss is recognised. 

Forward fi nancial instruments and derivative fi nancial instruments are measured at the year end. A provision is taken in the income statement for 

any unrealised loss. 

8. Treasury shares 

Treasury shares allocated to share purchase option and free share plans are recognised under marketable securities. In accordance with CRC 

Regulation 2008-15, a provision is recognised over the period in which the benefi ciaries’ rights vest whenever an expense becomes probable (see 

Note 10, page 262). 

Non-allocated treasury shares are recorded under other non-current fi nancial assets at their acquisition cost. 

An impairment allowance is recognised as a fi nancial expense if the average stock market price of these shares during the last month of the year 

is lower than their unit cost. Shares intended for cancellation are not written down. 

261


The premiums paid on call options not exercised are recorded under marketable securities whenever these options hedge share purchase option 

plans or free share plans. 

The premiums paid on call options are recorded under other non-current fi nancial assets whenever these options hedge share subscription option 

plans. 

In both cases, an impairment allowance is recognised whenever an expense becomes probable (see Note 10, page 262). 

Capital gains or losses realised on disposal of treasury shares are recognised under fi nancial income or expense. 

9. Retirement benefit obligations 

Provisions are recorded in the balance sheet in respect of the Company’s obligations to pay supplementary pensions to certain employees or 

company offi cers, for the part relating to benefi ciaries who are retired. An off -balance sheet commitment is recorded for the part relating to benefi 

ciaries who have not yet retired. 

Retirement benefi t obligations (lump-sums paid on retirement and supplementary retirement benefi t plans) are measured using the prospective 

actuarial method (the projected unit credit method) on the basis of assessments made at each year end, for each plan. 

Actuarial diff erences that exceed 10% of commitments or of the market value of investments are amortised over the average residual working life 

of employees in service who are members of the plan. 

10. Other provisions 

Provisions for liabilities and charges are estimates as regards both their amount and the date at which that amount will be needed; they are 

taken to cover liabilities that have (by the end of the fi nancial year) become either likely or certain to occur as a result of a past or present 

event. 

With respect to existing free share plans, a provision is taken for the amount of the probable cost to the Company of settling the obligation to 

deliver the shares to the benefi ciaries. 

With respect to share purchase option plans, a provision is taken for the diff erence between the acquisition cost and the exercise price if this 

is the lower. 

These provisions are taken over the vesting period of the benefi ciaries’ rights. 

11. Income tax 

Under the group tax regime agreement between VINCI and those subsidiaries that are members of the tax group, tax savings connected with tax 

losses and long-term capital losses are recognised by the parent company as income for the year. 

Provisions for tax taken and reversed are recorded here. 


C. Notes to the balance sheet 

1. Intangible assets and property, plant and equipment 

Gross 


(in € millions) 2007 Acquisitions Disposals 2008 

Intangible assets 

(Concessions, patents, licences) 4.5 1.9 - 

6.4 

Total intangible assets 4.5 1.9 - 6.4 

Property, plant and equipment 

Land 9.6 - 0.2 9.4 

Buildings 28.0 - 0.5 27.5 

Plant and machinery - - 

Other property, plant and equipment 

and assets under construction 22.0 0.6 0.3 22.3 

Total property, plant and equipment 59.6 0.6 1.0 59.2 

Property plant and equipment relates to VINCI’s property, mainly used for its own or its subsidiaries’ operations. Some properties are leased to 

third parties.. 

Depreciation, amortisation and impairment 

(in € millions) 2007 Charges Reversals 2008 

Intangible assets 

(Concessions, patents, licences) 2.8 0.6 - 

3.4 

Total intangible assets 2.8 0.6 - 3.4 

Property, plant and equipment 

Land 0.1 - - 0.1 

Buildings 20.3 2.0 2.6 19.7 

Plant and machinery - - 

Other property, plant and equipment 14.2 1.5 0.9 14.8 

Total property, plant and equipment 34.6 3.5 3.5 34.6 

Leased assets 

Depreciation charge 

(in € millions) Value of asset (*) During the year To date Net 

Land 0.9 0.9 

Buildings 8.8 0.2 3.4 5.4 

Plant and equipment - - 

Other property, plant and equipment - - 

Non-current assets under construction - - 

Total 9.6 0.2 3.4 6.2 

(*) At the date of signature of the contracts 

Finance lease commitments 


Rental payments made Rental payments remaining to pay 

During the year To date 

Payable within 

1 year 

Between 1 

and 5 years After 5 years Total to pay 

Land - 

Residual 

purchase price 

Buildings 0.6 4.7 0.1 - - 0.1 3.7 

Plant and machinery - 

Other property, plant and equipment - 

Non-current assets under construction - 

Total 0.6 4.7 0.1 - - 0.1 3.7 

263


2. Financial assets 

Gross 

(in € millions) 2007 Acquisitions Disposals 2008 

Investments in subsidiaries and affi liated companies 15,974.1 112.7 76.7 16,010.1 

Receivables connected with investments in subsidiaries 

and affi liated companies 880.5 736.7 288.3 1,328.9 

Other fi xed asset securities 240.9 15.1 225.8 30.2 

Other non-current fi nancial assets 68.4 638.2 691.9 14.7 

Total 17,163.9 1,502.7 1,282.7 17,383.9 

In 2008, VINCI formed VINCI Finance International, with share capital of €70 million, to ensure the fi nancing of Group subsidiaries in particular 

outside France. 

VINCI has also subscribed to the share capital increases made by the concession operating companies Arcour (€1.8 million), Aegan Motorway 

(€1.4 million) and Apion Kleos Concession Company (€9 million), and those made by its fi nance subsidiaries Gecom (€20 million) and Ornem 

(€10.2 million). 

The disposals in the year (€76.7 million) relate in particular to the shares in VINCI Airports Holding sold to VINCI Concessions. 

Loans to subsidiaries (Receivables connected with investments in subsidiaries and affi liated companies) increased by €448.4 million during the 

year. New loans were made to ASF and VINCI Park for €700 million and €30 million respectively. At the same time, Arcour has repaid the loan from 

VINCI for €267.6 million and Freyssinet has reduced its loan by €20 million. 

The change in other fi xed asset securities, of €210.7 million, mainly arises from the sale of 3.3% of the share capital of Aéroports de Paris (ADP) to 

a subsidiary of VINCI Concessions (see Key Events, page 260). 

At the end of 2007, Other non-current fi nancial assets included the unused balance of funds made available for the management of the liquidity 

contract. This contract was suspended on 23 December 2008. 

Provisions 

(in € millions) 2007 Allowances taken Reversals 2008 

Investments in subsidiaries and affi liated companies 

Receivables connected with investments in subsidiaries 

146.5 1,160.1 90.6 1,216.1 

and affi liated companies 5.1 5.1 

Other fi xed asset securities 14.8 1.4 - 16.2 

Other non-current fi nancial assets 2.8 2.8 

Total 169.2 1,161.5 90.6 1,240.1 

Provisions taken in respect of shareholdings mainly relate to the shares in ASF held by VINCI for €1,158 million (see Key Events, page 260). 

Reversals relate to the shares in Socofreg for €66.2 million, VINCI Services Aéroportuaires for €22.1 million (following the sale of these shares) and 

Boulevard périphérique Nord Lyon, following the liquidation of this company in 2008. 

3. Treasury shares 

Gross 

(in € millions) 2007 Acquisitions Disposals Reclassifi cation 2008 

Treasury shares (recorded under non-current assets) 969.8 393.8 193.2 (343.2) 827.2 

Treasury shares (recorded under current assets) 132.5 20.3 75.7 343.2 420.3 

Total 1,102.3 414.1 268.9 - 1,247.5 

(Excluding premiums on share purchase options) 956.1 393.6 176.5 - 1,173.2 


Provisions 



Treasury shares (recorded under non-current assets) - 307.2 307.2 

Treasury shares (recorded under current assets) 128.6 106.8 74.7 160.7 

Total 128.6 414.0 74.7 467.9 

(Excluding premiums on share purchase options) 8.8 393.7 8.8 393.7 

The treasury shares included in non-current assets comprise the company’s own shares that are not allocated to covering share purchase option 

plans and free share plans, for €827.2 million at 31 December 2008. 

The treasury shares included under current assets comprise the company’s own shares and premiums on call options, allocated to covering share 

purchase option plans and free share plans, for €420.3 million at 31 December 2008. 

Treasury shares have been written down by €393.7 million on the basis of the average price of the VINCI share in December 2008, which was 

€29.61 (see Key Events, page 260). 

At 31 December 2008, VINCI held 22,919,652 treasury shares directly for a total of €1,173.2 million (representing 4.62% of the share capital). 

6,650,780 shares (€346.1 million) are allocated to covering share purchase option plans. The remaining 16,268,872 shares (€827.2 million) are to be 

either cancelled, allocated to covering free share allocation plans, used as consideration in external growth, or sold. 

Transactions under the 2007–2008 and 2008–2009 share buyback programmes: 

Decreases: Reclassifi cations: 

Situation at 

Increases: disposals and transfers between Situation at 

(in number of shares) 

Cash transactions on VINCI shares 

31/12/2007 

buybacks 

transfers 

accounts 31/12/2008 

Shares bought back to use in payment or exchange 17,586,041 3,002,520 - (6,575,443) 14,013,118 

Shares bought back to be cancelled - 2,255,754 - - 2,255,754 

Sub-total directly-held treasury shares 17,586,041 5,258,274 - (6,575,443) 16,268,872 

Liquidity account managed by Rothschild & Cie Banque 300,000 3,606,787 (3,906,787) - - 

Sub-total non-current fi nancial assets 

Shares intended to be transferred to benefi ciaries within the 

17,886,041 8,865,061 (3,906,787) (6,575,443) 16,268,872 

Group of share purchase option or free share plans 251,978 - (176,641) 6,575,443 6,650,780 

Sub-total current assets 251,978 - (176,641) 6,575,443 6,650,780 

Total 

Transactions on VINCI share derivatives 

Premiums on VINCI share purchase options regarding shares to 

be acquired through exercise of options and intended to be 

18,138,019 8,865,061 (4,083,428) - 22,919,652 

cancelled subsequently 

Premiums on VINCI share purchase options relating to share 

3,383,632 - (3,383,632) - - 

purchase options or free share plans 6,929,632 1,123,876 (5,575,630) - 2,477,878 

Total 10,313,264 1,123,876 (8,959,262) - 2,477,878 

265


(carrying amount) 

Cash transactions on VINCI shares 


Value in 

use 

in euros 

Situation at 

31/12/2007 

Value 

in €m 

Value in 

use 

in euros 

Increases: 

buybacks 

Value 

in €m 

Value in 

use 

in euros 

Decreases: 

disposals and 

transfers 

Value 

in €m 

Reclassifi cations: 

transfers between 

accounts 

Value in 

use 

in euros 

Value 

in €m 

Value in 

use 

in euros 

Situation at 


Shares bought back to use in payment or exchange 52.81 928.8 45.51 136.6 - - 52.20 (343.3) 51.53 722.1 

Shares bought back to be cancelled - - 46.55 105.0 - - - - 46.55 105.0 

Sub-total directly-held treasury shares 

Liquidity account managed 

928.8 241.6 - (343.3) 827.1 

by Rothschild & Cie Banque 52.00 15.6 42.12 151.9 42.88 (167.5) - - - - 

Sub-total fi nancial non-current assets 

Shares intended to be transferred to benefi ciaries 

within the Group of share purchase option or free 

944.4 393.5 (167.5) (343.3) 827.1 

share plans 46.62 11.7 - - 50.54 (8.9) 52.20 343.3 51.07 346.1 

Sub-total current assets 11.7 - (8.9) 343.3 346.1 

Total 

Transactions on VINCI share derivatives 

Premiums on VINCI share purchase options 

regarding shares to be acquired through exercise of 

956.1 393.5 (176.4) - 1,173.2 

options and intended to be cancelled subsequently 

Premiums on VINCI share purchase options relating 

25.4 - (25.4) - - 

to share purchase options or free share plans 120.7 20.3 (66.8) - 74.2 

Total 146.1 20.3 (92.2) - 74.2 

During 2008, and excluding sales and purchases made under the liquidity contract, VINCI purchased 5,258,274 of its own shares for a total of 

€241.6 million, an average price of €45.96 per share. 

Of this, 2,255,754 shares were acquired by exercising call options. These shares are to be cancelled. 

Transaction costs on these purchases amounted to €25,500. 

During the same period, 176,641 shares were transferred to holders of purchase options exercised, for a total price of €2 million; an average price 

of €11.49. 

6,575,443 shares initially bought back with a view to being used as consideration were reallocated in 2008 to covering the 2006 VINCI share 

purchase option plan (2,224,193 shares) and the 2007 and 2008 free share plans (2,189,100 and 2,162,150 shares respectively). 

4. Deferred expenses 

(in € millions) 2007 New deferrals Amortisation 2008 

12.6 2.8 9.8 

Deferred expenses at 31 December 2008 mainly comprised the balance of expenses on the loan to acquire ASF (€2.3 million) and expenses and 

redemption premiums in 2006 on the €500 million undated subordinated loan (€6.6 million). 

Value 

in €m

5. Equity 

(in € millions) Share capital Share premium 


Other reserves and 

regulated provisions Profi t or loss Total 

Equity at 31 December 2007 1,214.9 4,910.2 3,575.4 4,513.2 14,213.7 

Appropriation of profi t for 2007 and payment of dividend 4,024.7 (4,513.2) (488.5) 

Interim dividend 2008 (246.1) (246.1) 

Increases in share capital 25.5 355.9 381.4 

Net profi t 2008 (98.8) (98.8) 

Tax-regulated provisions 4.7 4.7 

Equity at 31 December 2008 1,240.4 5,266.1 7,358.7 (98.8) 13,766.4 

At 31 December 2008, VINCI’s share capital amounted to €1,240.4 million, represented by 496,162,480 shares of €2.5 nominal, all conferring 

the same rights. 

The share capital increases (€381.4 million) derive from the subscriptions to the Group Saving Scheme, for €147.6 million, the payment of a stock 

dividend for €196.9 million (see Key Events, page 260) and the exercise of subscription options for a total of €36.9 million. 

Dividends paid in 2008 amounted to €734.6 million, comprising €488.5 million for the fi nal dividend paid in respect of 2007 (€1.05 per share) 

and the interim dividend of €246.1 million in respect of 2008 (€0.52 per share). 

VINCI has reserves (share premiums, merger and contribution premiums, reserves other than the statutory reserve) of an amount markedly greater 

than the amount of all the treasury shares it owns directly or indirectly at 31 December 2008. 

The movements in shares during the year break down as follows: 

(in € millions) Number of shares Share capital 

Share premiums and 

other reserves Total 

Employees’ subscriptions to Group Savings Schemes 3,390,657 8.5 139.1 147.6 

Exercise of share subscription option plans 2,354,903 5.9 31.0 36.9 

Payment of dividend in shares 4,440,132 11.1 185.8 196.9 

Total 10,185,692 25.5 355.9 381.4 

6. Other equity 

On 13 February 2006, VINCI issued undated subordinated bonds for €500 million. 

Issued at a price of 98.831%, this issue pays an optional fi xed coupon of 6.25%, payable annually until November 2015, which is only due if VINCI 

pays a dividend to its shareholders or buys back its own shares during the reference period. After November 2015, the interest rate becomes 

variable and payable quarterly at the Euribor three-month rate plus 3.75%. VINCI may redeem the bonds at par in November 2015 and subsequently 

at each interest payment date. 

7. Provisions 

Reversals 

(in € millions) 2007 Provisions taken Provisions used No longer needed 2008 

Retirement and other employee benefi t obligations 22.5 2.1 1.8 22.8 

Liabilities in respect of subsidiaries 9.6 0.9 2.9 7.6 

Other liabilities 140.3 109.7 87.4 162.6 

Total 172.4 112.7 89.2 2.9 193.0 

The provisions for retirement benefi t and similar obligations relate to benefi ciaries who are retired and to specifi c contractual obligations 

towards certain company offi cers. 

267


Retirement benefi t obligations are calculated on the basis of the following assumptions: 


31/12/2008 31/12/2007 

Discount rate 5.60% 5.25% 

Infl ation rate 2.0% 1.9% 

Rate of salary increases 2% - 4.2% 2% - 4.2% 

Rate of pension increases 1.5% - 2.5% 1.5% - 2.5% 

Probable average remaining working life of employees 10 to 15 years 10 to 15 years 

Provisions for other liabilities relate in particular to VINCI’s obligation to deliver shares under the free share plans decided by the Board of 

Directors on 12 December 2006 (with eff ect from 2 January 2007) and on 11 December 2007 (with eff ect from 2 January 2008). 

Provisions have been taken in this respect for €6.6 million and €35 million respectively taking account of the probability, at 31 December 

2008, that these shares will be defi nitively granted. 

Provisions for other liabilities also relate to disputes and cases of an exceptional nature and to balance sheet warranties relating to disposal 

of shareholdings in subsidiaries and affi liated companies in previous years. 

8. Net financial debt 


Bonds 998.2 1,000.0 

Borrowings from fi nancial institutions 1,750.0 1,750.0 

Accrued interest on bonds 30.4 30.4 

Long-term fi nancial debt 2,778.6 2,780.4 

Borrowings from fi nancial institutions and bank overdrafts 32.5 18.9 

Other borrowings and fi nancial debt 16.1 145.0 

Cash management current accounts of related companies 3,119.7 2,525.5 

Short-term fi nancial debt 3,168.3 2,689.4 

Total fi nancial debt 5,946.9 5,469.8 

Receivables connected to investments in subsidiaries and affi liated companies and loans (*) (1,324.8) (875.7) 

Liquidity contract UCITS (5.0) (59.4) 

Marketable securities (2,602.7) (1,951.9) 

Cash management current accounts of related companies (562.5) (332.8) 

Cash (99.7) (15.5) 

Short-term cash (3,269.9) (2,359.6) 

Net fi nancial debt 1,352.2 2,234.5 

*This item includes the loans granted by VINCI to its subsidiaries for €1,240.6 million at 31 December 2008 and €822.2 million at 31 December 2007 

VINCI’s net fi nancial debt at 31 December 2008 amounted to €1,352.2 million, compared with €2,234.5 million the year before, a decrease of 

€882.3 million. 

The line item Bonds relates to the €1 billion issue made in three tranches in July 2002 (€600 million), November 2002 (€250 million), and May 

2003 (€150 million). This loan pays interest at 5.875% and matures on 22 July 2009. 

The €3 billion syndicated loan aff orded by a bank syndicate in connection with the fi nancing of the acquisition of ASF in 2006 was partially 

repaid in 2007, for €1,250 million, reducing the amount outstanding at 31 December 2007 to €1,750 million. There was no change in 2008. 

At the 2007 balance sheet date, the item Other borrowings and fi nancial debt included commercial paper outstanding for €145 million. No 

issues of commercial paper were outstanding at the 2008 balance sheet date. 

The cash management current accounts of related companies, shown under assets and liabilities, represent the balance of movements of cash 

between the subsidiaries and the holding company under the Group’s centralised cash management system. 

Marketable securities mainly comprise certifi cates of deposit and UCITS with maturities of usually less than three months of which the carrying 

amount is close to their cash-in value. For information, this was €2,591.8 million at 31 December 2008. The item Marketable securities 

also includes the premiums paid on call options on VINCI shares.

9. Market value of derivatives 


VINCI uses derivatives to hedge its exposure to market risks. 

VINCI, whose fi xed rate debt is preponderant, uses derivative interest-rate instruments, mainly swaps, to transform this debt into fl oating rate debt 

and therefore back the interest rate risk on its debt with its cash investments of which the return varies depending on short-term interest rates. 

At 31 December 2008, the market value of these fi nancial instruments broke down as follows: 


Interest rate instruments 

Market value Notional 

- Interest rate swaps 0.3 2,195.0 

- Interest rate options (caps, fl oors and collars) 

Currency instruments 

0.0 400.0 

- Forward purchases (4.6) (50.3) 

- Forward sales 4.8 51.7 

- Currency options 0.0 0.0 

Other instruments 0.0 0.0 

10. Receivables and payables 

Receivables at 31 December 2008 



Gross 

Of which 

Within 1 year After 1 year 

Receivables connected with investments in subsidiaries and affi liated companies 1,328.9 88.3 1,240.6 

Loans and other fi nancial fi xed assets 841.9 106.1 735.8 


2,170.8 194.4 1,976.4 

Trade receivables and related accounts 73.3 73.3 - 

Other receivables 387.0 387.0 - 

Cash management current accounts of related companies 562.5 562.5 - 

Deferred expenses 2.3 2.3 - 

1,025.1 1,025.1 - 

Total 3,195.8 1,219.4 1,976.4 

Allowances against receivables 

Allowances against current assets changed as follows during the year: 


Trade receivables 0.4 - - 0.4 

Other receivables 68.9 10.4 0.2 79.1 

Total 69.3 10.4 0.2 79.5 

269


Liabilities at 31 December 2008 


Of which 

(in € millions) Gross Within 1 year Between 1 and 5 years After 5 years 

Non-current fi nancial debt 

Bonds 1,028.6 1,028.6 - - 

Amounts owed to fi nancial institutions 1,782.5 32.5 1,750.0 

Other borrowings and fi nancial debt 16.1 16.1 - - 

Cash management current accounts of related companies 3,119.7 3,119.7 - - 

Other liabilities 

Trade payables and related accounts 17.7 17.7 - - 

Tax, employment and social benefi t liabilities 68.2 68.2 - - 

Liabilities related to non-current assets and related accounts 1.9 1.9 - - 

Other payables 112.1 112.1 - - 

Deferred income 1.4 1.4 - - 

5,946.9 

Total 6,148.2 

4,196.9 

- 

1,750.0 

201.2 201.2 - - 

Deferred income mainly corresponds to the deferral of the issue premiums on the second and third tranches of the 2002-2009 bond loan over 

the period of the loan. 

11. Accrued expenses, by balance sheet item 


Non-current fi nancial debt 

Accrued interest on bonds 30.4 30.4 

Accrued interest on amounts owed to fi nancial institutions 5.5 5.7 

Other liabilities 

4,398.2 

Trade payables and related accounts 6.0 

Income tax 58.3 

Other tax, employment and social benefi t payables 5.5 5.1 

Liabilities related to non-current assets and related accounts - - 

Other payables 0.9 2.1 

12. Accrued income, by balance sheet item 


Financial assets 

Receivables connected with investments in subsidiaries and affi liated companies 3.3 3.3 

Other non-current fi nancial assets - - 

Receivables 

Trade receivables and related accounts 3.1 

Other 11.2 11.2 

Marketable securities 10.3 18.0 

Cash 15.3 14.1 

- 

1,750.0 

6.9 

70.1

D. Notes to the income statement 

13. Net financial income / (expense) 



Net income from subsidiaries and affi liated companies 1,247.0 4,745.4 

Net fi nancial expenses (140.9) (272.1) 

Foreign exchange gains and losses 2.0 (0.6) 

Provisions and other (287.6) (213.0) 

Net fi nancial income / (expense) 820.6 4,259.7 

Net fi nancial income was down from €4.3 billion in 2007 to €820.6 million in 2008. This change was mainly due to exceptional dividends received 

by VINCI in 2007 for €3.7 billion (including an exceptional dividend paid by ASF amounting to €2.5 billion). 

Financial expenses decreased in 2008 from €272.1 million in 2007 to €140.9 million in 2008 under the combined eff ects of the reduction of 

net fi nancial debt and the increase in income from marketable securities. 

In 2008, Provisions and other includes a write-down of the VINCI shares owned of €393.7 million (see Key Events, page 260) and an expense of 

€41.6 million in respect of free share plans. It also includes the income, for €100.5 million, from the recharging to VINCI subsidiaries of the expense 

associated with the 2007 free share plan (see Key Events, page 260). 

14. Exceptional income / (expense) 


Gain / (loss) on capital transactions 


- Disposals of property, plant and equipment, and intangible assets 7.9 (0.3) 

- Disposals of securities (97.3) (156.9) 

Income / (expense) relating to operations (0.7) (1.4) 

Exceptional provisions (1,072.4) 192.4 

Exceptional income / (expense) (1,162.5) 33.8 

Exceptional income and expense mainly comprises an impairment loss on VINCI’s shares in ASF (see Key Events, page 260). 

The disposal of the shares in ADP generated a capital loss of €86.6 million. 

15. Income tax 

The line item Income tax records income and expenses connected with the group tax regime of which VINCI is the lead company. 

Net tax income amounted to €241.5 million in 2008 compared with €229.4 million in 2007. 

In 2008, tax income received from subsidiaries that are members of the tax group in respect of 2008 amounted to €491.4 million in 2008 

(€614 million in 2007). The tax expense due by VINCI in respect of the year amounted to €228.5 million in 2008 (€406.7 million in 2007). 

271


16. Related companies 

16.1 Balance sheet 

Balance sheet items at 31 December 2008 break down as follows: 

(in € millions) Consolidated companies Other Group companies 

Assets 


Investments in subsidiaries and affi liated companies 15,969.3 26.5 

Receivables connected with investments in subsidiaries and affi liated companies 1,323.5 0.5 


Trade receivables and related accounts 72.1 0.1 

Other receivables 128.4 127.4 

Cash management current accounts of related companies 537.2 25.3 

Liabilities 

Other borrowings and fi nancial debt - 16.1 

Other liabilities related to investments in subsidiaries and affi liated companies - - 

Cash management current accounts of related companies 3,016.0 103.6 

Trade and other operating payables 

Liabilities related to non-current assets and related accounts 0.2 0.1 

Trade payables and related accounts 9.2 0.6 

Other payables 106.8 0.5 

16.2 Income statement 

The transactions with related companies recorded in 2008 break down as follows: 

(in € millions) Consolidated companies Other Group companies 

Income 

Financial income 

Cash management current accounts 15.9 2.6 

Loans to subsidiaries 62.3 - 

Dividends (including results of joint ventures) 1,246.6 0.5 

Expenses 

Financial expenses 

Cash management current accounts (97.6) (0.6) 

17. Off-balance sheet commitments 


Sureties and guarantees 241.1 376.3 

Retirement benefi t obligations 10.0 16.6 

Joint and several guarantees in partnerships 77.8 25.1 

Investment commitments 

Total 328.9 418.0 

Sureties and guarantees mainly relates to the guarantees given by VINCI on behalf of certain of its subsidiaries in favour of fi nancial institutions 

or directly to their customers. 

VINCI’s retirement benefi t obligations comprise lump sums payable on retirement and obligations for a supplementary retirement b e n e fi t 

in favour of certain employees or company offi ces in service. The obligations in this respect to VINCI executives amounted to €6.9 million 



18. Remuneration and employees 


Remuneration of executives 

Remuneration recognised in respect of members of corporate management bodies, for the share borne by VINCI in 2008, breaks down as 

follows: 

(in € thousands) Members of Executive Committee 

Directors who are not members of the 

Executive Committee 

Remuneration (including social charges) 3,934.1 2,018.5 

Directors’ fees 40.0 694.0 

Retirement benefi t obligations towards members of corporate governing bodies, corresponding to the rights acquired as at 31 December 2008, 

break down as follows: 

(in € thousands) Members of Executive Committee 

Directors who are not members of the 

Executive Committee 

Retirement benefi t obligations 2,390.2 7,593.4 

The members of the corporate governing bodies are also entitled to share subscription and purchase option plans and to free share plans. 

Average numbers employed 

The average number of people employed by the Company fell from 219 in 2007 (including 178 engineers and managers) to 178 in 2008 

(including 142 engineers and managers), following the transfer of part of the staff to VINCI Concessions. In addition, an average of 6 employees 

were seconded to VINCI in 2008, against 7 in 2007 (including 4 engineers and managers in 2008, the same as in 2007). 

Individual entitlement to training 

In application of Opinion 2004 F relating to the recognition of the individual entitlement to training, VINCI has taken no provisions for these rights 

in the fi nancial statements for the year ended 31 December 2008. 

2,733 hours of training were acquired in 2008 by VINCI employees under this entitlement. The total rights acquired at 31 December 2008 were 

8,410 hours (11,477 hours at 31 December 2007). In 2008, 5,703 hours of training were not applied for the benefi ciaries. 

273


E. Subsidiaries and affi liated companies 


The information in the following table refl ects only the individual fi nancial statements of the subsidiaries. 

(in € thousands) Share capital 

A – Detailed information by entity 


Reserves and 

retained 

earnings 

before net 

income 

allocation 

Share of 

capital held 

(%) 

Carrying amount 

of shares held 

Gross Net 

Loans and 

advances 

made by 


Sureties 

and 

guarantees 

given by 


Revenue 

excl. tax in 

the last 

fi nancial 

year 

Net profi t 

or loss in 

the last 

fi nancial 

year 

Dividends 

received 

by VINCI 

1 - Subsidiaries 

(At least 50% held by VINCI) 

a- French entities 

ASF 29,344 17,503 77.01% 9,064,809 7,906,809 700,000 2,293,902 341,583 362,882 

Entrepose Contracting 5,025 54,072 77.31% 250,240 250,240 133,704 5,705 4,076 

Eurovia 366,400 65,534 100.00% 1,034,160 1,034,160 

- 214,590 187,780 

Ornem 12,000 

292 100.00% 24,462 12,198 81,752 

- (96) 

Snel 2,622 1,295 99.98% 2,742 2,742 

- 447 

Socofreg 43,240 4,693 100.00% 113,872 113,872 76 34,945 32,430 

VINCI Assurances 38 - 99.44% 38 38 9,113 2,142 2,130 

VINCI Concessions 3,275,481 1,245,892 100.00% 4,520,932 4,520,932 393,096 - 138,751 175,472 

VINCI Construction 148,806 109,855 86.64% 363,265 363,265 4,251 401,989 273,002 

VINCI Energies 99,511 169,496 99.18% 305,270 305,270 298,213 79,450 78,401 

VINCI Immobilier 

b- Foreign entities 

39,600 5,430 100.00% 111,398 111,398 45,423 14,530 30,262 24,000 

VINCI Finance International 70,000 - 100.00% 70,000 70,000 - - 

Ste Conces. Pochentong 15,574 51,416 70.00% 12,901 12,901 1,760 48,846 13,180 3,590 

2 – Affi liated companies 

(10 to 50% owned by VINCI) 

a- French entities 

b- Foreign entities 

B – Information not broken down by entity 

1 - Subsidiaries not included in paragraph A 

(At least 50% held by VINCI) 

a- French subsidiaries 

(in aggregate) 

b- Foreign subsidiaries 

63,959 41,085 

(in aggregate) 2,022 - 

2 - Investments not included in paragraph A 

(10 to 50% owned by VINCI) 

a- French companies 

(in aggregate) 1,708 107 

b- Foreign companies 

(in aggregate) 19,298 17,509 

Note: Revenue and profi t or loss of foreign subsidiaries and shareholdings are translated at the closing rate. 

Art. C. Com. R 123-197-2: Information about shareholdings representing less than 1% of VINCI’s share capital is aggregated.


List of shareholdings in subsidiaries and affiliated companies 


Share of capital held 

Net carrying amount 

Companies Number of shares 

(%) 

(in millions of euros) 

ASF 177,883,158 77.01% 7,906.8 

VINCI Concessions 292,453,698 100.00% 4,520.9 

Eurovia 22,899,994 100.00% 1,034.2 

VINCI Construction 16,115,806 86.64% 363.3 

VINCI Energies 6,168,306 99.18% 305.3 

Entrepose Contracting 3,881,496 77.24% 250.2 

Socofreg 5,405,000 100.00% 113.9 

VINCI Immobilier 2,475,000 100.00% 111.4 

VINCI Finance International 699,999 100.00% 70.0 

Gecom 1,249,993 100.00% 20.0 

GTM Fondations et Forages 1,199,999 100.00% 18.3 

Ste Conces. Pochentong 1,540,000 70.00% 12.9 

Ornem 239,994 100.00% 12.2 

Apion Kleos Concession Company 108,000 36.00% 10.8 

Arcour 337,500 5.00% 5.4 

Gecos 47,717 13.40% 4.3 

Snel 689,892 99.98% 2.7 

VINCI Deutschland 886,000 5.50% 2.5 

SCI Quentin Michelet 99 99.00% 1.0 

Others (not detailed) 4.7 

Total shareholdings in subsidiaries and associates (net of allowances) 14,770.8 

275


Five-year financial summary 


2004 2005 2006 2007 2008 

I – Share capital at the end of the year 

a - Share capital (in thousands of euros) 838,138.0 983,181.4 1,176,557.3 1,214,942.0 1,240,406.2 

b – Number of ordinary shares in issue (1) 83,813,803 196,636,274 235,311,465 485,976,788 496,162,480 

c – Maximum number of shares to be issued through conversion of bonds 

II – Operations and profi t or loss for the year (in thousands of euros) 

11,308,334 0 0 0 0 

a – Revenue excluding taxes 24,260.8 20,054.0 26,913.5 24,832.8 23,876.3 

b – Profi t before tax, employee profi t sharing, depreciation and provisions 416,056.1 567,887.0 1,207,424.3 4,309,269.6 1,126,831.3 

c – Income tax (2) (1,890.0) 6,450.5 (186,513.9) (229,401.4) (241,471.4) 

d – Profi t after tax, employee profi t sharing, depreciation and provisions 330,516.0 716,140.6 1,434,998.3 4,513,174.9 (98,782.4) 

e – Earnings distributed for the period 289,385.3 382,947.7 618,279.6 714,001.4 770,293.1 (3)(4) 

III - Results stated per share (in euros) (5) 

a – Profi t after tax and employee profi t sharing and before depreciation 

and provisions 5.0 2.9 5.9 9.3 2.8 

b – Profi t after tax, employee profi t sharing, depreciation and provisions 3.9 3.6 6.1 9.3 (0.2) 

c – Net dividend paid per share 3.50 2.00 2.65 1.52 1.62 (4) 

IV - Employees 

a - Average numbers employed during the period 162 172 201 219 178 

b - Gross payroll cost for the year (in thousands of euros) 22,409.5 18,658.7 33,333.1 19,089.3 24,966.3 

c – Social security costs and other social benefi t expenses (in thousands of euros) 6,947.8 6,556.6 10,331.1 7,881.6 8,277.1 

(1) There were no preferential shares in issue in the period under consideration; the nominal value of the share was divided by two in May 2005, resulting in a doubling of the number of shares during the 

period. This was repeated in May 2007, again doubling of the number of shares. 

(2) Taxes recovered from subsidiaries under tax consolidation arrangements, less VINCI’s own tax charge. 

(3) Calculated on the basis of the number of shares that have given a right to the interim dividend and/or give a right to dividends at 21 February 2009. 

(4) Proposal to the Shareholders’ Meeting on 14 May 2009. 

(5) Calculated on the basis of shares outstanding at 31 December

Report of the Statutory Auditors 

on the parent company fi nancial statements 




In accordance with our appointment as Statutory Auditors by your Shareholders’ General Meeting, we hereby report to you for the year ended 

31 December 2008 on: 

– the audit of the accompanying fi nancial statements of VINCI; 

– the justifi cation of our assessments; and 

– the specifi c verifi cations and information required by law. 

The fi nancial statements have been approved by the Board of Directors. Our role is to express an opinion on these fi nancial statements, based 

on our audit. 

1. Opinion on the annual fi nancial statements 

We conducted our audit in accordance with the professional standards applicable in France. Those standards require that we plan and 

perform the audit in such a way as to obtain reasonable assurance that the fi nancial statements are free of material misstatement. An audit 

consists in examining, by sampling or other selection methods, evidence supporting the amounts and disclosures in the annual fi nancial 

statements. An audit also consists in assessing the accounting principles used, signifi cant estimates made and the overall presentation of the 

fi nancial statements. We believe that the information that we have collected provides a suffi cient and appropriate basis for our opinion. 

In our opinion, the fi nancial statements give a true and fair view of your Company’s fi nancial position, its assets and liabilities as of 31 

December 2008 and the results of its operations for the year then ended, in accordance with accounting principles generally accepted in 

France. Without qualifying the opinion expressed above, we draw your attention to Note B to the parent company fi nancial statements, which 

describes a change of accounting policy relating to the accounting treatment of share purchase and subscription option plans and free share 

plans benefi tting employees. 

2. Justifi cation of our assessments 

As required by Article L.823-9 of the French Commercial Code relating to the justifi cation of our assessments, we inform you of the 

following: 

– as disclosed in Note B.3 to the fi nancial statements presenting the accounting rules and methods relating to shares in subsidiaries and 

affi liates, your Company provides for impairment of investments in subsidiaries and affi liates whenever the cost of acquisition of the shares 

exceeds their value in use. We have examined the method of application and the assumptions used; 

– as mentioned in the fi rst part of this report, Note B to the fi nancial statements describes a change of accounting policy relating to the 

accounting treatment of share purchase and subscription option plans and free share plans benefi tting employees. In assessing the accounting 

rules and principles adopted by your company, we have satisfi ed ourselves that the change was justifi ed and appropriately presented. 

These assessments were made as part of our audit of the annual fi nancial statements taken as a whole and have therefore contributed to the 

formation of our opinion, given in the fi rst part of this report. 

3. Specifi c verifi cations and information 

We have also carried out the specifi c verifi cations required by law. 

We have no comment to make as to: 

– the fair presentation and consistency with the annual fi nancial statements of the information given in the report of the Board of 

Directors and in the documents addressed to the shareholders, with respect to the fi nancial position and the annual fi nancial statements; 

– the fair presentation of the information given in the report of the Board of Directors on the remuneration and benefi ts paid to company offi cers 

and on the commitments made in their favour at the time of commencement, modifi cation or cessation of their duties or afterwards. 

In accordance with French law, we have ascertained that the appropriate disclosures have been provided in the Board of Directors’ report with 

regard to the identity of shareholders and holders of voting rights. 

KPMG Audit 








This report should be read in conjunction whith, and is construed in accordance with, French law and professional auditing standarts applicable in France. 

277

Persons responsible for the registration document 

1. Statement by the persons responsible for the registration document 

“We have taken all due care to ensure that, to the best of our knowledge, the information presented in this registration document gives a true 

and fair view and that there are no omissions likely to aff ect materially the meaning of the said information. 

We confi rm that, to the best of our knowledge, the fi nancial statements have been prepared in compliance with applicable accounting standards 

and give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the Company and all consolidated subsidiaries. 

We also confi rm that the Report of the Board of Directors which starts on page 94 presents a true and fair view of business developments, 

the results and the fi nancial position of the Company and all consolidated subsidiaries, as well as a description of the principal risks and 

uncertainties that they face. 

We have received from the Statutory Auditors a letter reporting on the completion of their audit work and stating that they have verifi ed the 

information relating to the fi nancial position and fi nancial statements included in the present document as well as the overall presentation 

of this document. 

The Statutory Auditors’ reports on the historical fi nancial information provided in the registration document are included on pages 256 and 

277 of this document. These reports contain observations drawing readers’ attention to the changes in accounting policy made.” 

Yves-Thibault de Silguy, Xavier Huillard, 

Chairman of the Board of Directors Director and Chief Executive Offi cer 

2. Statutory auditors 

Names of the Statutory Auditors 

Statutory Auditors 

KPMG SA 

A member of KPMG International 

Immeuble Le Palatin -3, cours du Triangle 

92939 Paris-La Défense 

(Patrick-Hubert Petit and Philippe Bourhis) 

First appointed: 10 May 2007 

Current appointment expires at the close of the Shareholders’ 

Meeting to approve the 2012 fi nancial statements. 


185, avenue Charles-de-Gaulle 

92200 Neuilly-sur-Seine Cedex 

(Jean-Paul Picard and Mansour Belhiba) 




3. Persons responsible for financial information 

Christian Labeyrie, Executive Vice-President and Chief Financial Offi cer and Member of the Executive Committee (+33 1 47 16 35 23). 

Pierre Duprat, Corporate Communications and Member of the Co-ordination and Strategy Committee (+33 1 47 16 44 06). 

4. Other information referred to in this document 

The following information referred to in this registration document is deemed to have been provided thereby: 

– the 2006 IFRS consolidated fi nancial statements, the associated report of the Statutory Auditors and sections 9 and 10 of the table of correspondence; 

shown on pages 178-258 and 282-283 of the 2006 registration document fi led with the AMF on 29 March 2007 under number D.07-0242. 

– the 2007 IFRS consolidated fi nancial statements, the associated report of the Statutory Auditors and sections 9 and 10 of the table of correspondence; 

shown on pages 176-258 and 288-289 of the 2007 registration document fi led with the AMF on 25 March 2008 under number D.08-0147. 

5. Documents available for public consultation 

All the documents defi ned in Article L.451-1-2 as amended of the Code Monétaire et Financier -the French Monetary and Financial Code -resulting 

from the transposition of the European “Transparency” Directive (Directive 2004/109/CE), are available on the Company’s website (www.vinci.com). 

The corporate statutes of VINCI may be consulted at the Company’s registered offi ce, 1, cours Ferdinand-de-Lesseps, 92851 Rueil-Malmaison 

Cedex, France (+33 1 47 51 91 02). 


Deputy Statutory Auditors 

Philippe Mathis 

Immeuble Le Palatin -3, cours du Triangle 

92939 Paris-La Défense 




BEAS SARL 

7-9 villa Houssay 

92200 Neuilly sur Seine, France 




The Statutory Auditors are registered with the Compagnie Nationale des Commissaires aux Comptes (offi cial statutory auditors’ representative body) 

and are subject to the authority of the Haut Conseil du Commissariat aux Comptes (French High Council of Statutory Audit).

Registration document table of correspondence 

The table below gives references to the information to be included in the annual report fi led as a registration document. 

Items listed in Appendix 1 to European Regulation 809/2004 Registration document 

1. Persons responsible 278 

2. Statutory auditors 278 

3. Selected fi nancial information 

3.1 Selected historical fi nancial information Flap, 167 

3.2 Selected fi nancial information for interim periods NA 

4. Risk factors 103-108, 234-244 

5. Information about the issuer 

5.1 History and development of the issuer 13 

5.1.1 Legal and commercial name of the issuer 137 

5.1.2 Place of registration of the issuer and its registration number 137 

5.1.3 Date of incorporation and length of life of the issuer 137 

5.1.4 Registered offi ce and legal form of the issuer, the legislation under which the issuer operates, its country of incorporation, 

and the address and telephone number of its registered offi ce 137 

5.1.5 Important events in the development of the issuer’s business 46-59, 64-67, 72-75, 80-87, 90, 95, 187-188 

5.2 Investments 

5.2.1 Principal investments made 95, 99-100, 170, 187-188, 191-192, 194-196, 204-205, 208, 213-214 

5.2.2 Principal investments in progress 204, 247-248 

5.2.3 Principal future investments 204, 247-248 

6. Business overview 

6.1 Principal activities Flap, 01-03, 10-12, 38-90 

6.2 Principal markets Flap, 40-45, 63, 65, 71, 73, 79, 81, 96-97, 188-196 

6.3 Exceptional events 95-96 

6.4 Extent of dependence on patents or licences, industrial, commercial or fi nancial contracts or new manufacturing processes NA 

6.5 Competitive position 01-03, 38-45, 65, 73, 81 

7. Organisational structure 

7.1 Description of the Group 139 

7.2 List of signifi cant subsidiaries 43, 139-140, 142, 191-192, 194-196, 246-247, 251-255, 274-275 


8.1 Existing or planned material tangible fi xed assets, including leased properties and any major encumbrances thereon 71, 208, 210, 230, 247 

8.2 Environmental issues that may aff ect the issuer’s utilisation of the tangible fi xed assets 18, 106-107, 130-136, 146-149 

9. Operating and fi nancial review 

9.1 Financial situation Flap, 95-102, 167-201, 276 

9.2 Operating results 

9.2.1 Signifi cant factors materially aff ecting the issuer’s income from operations 95-98, 196-197 

9.2.2 Discussion of changes in revenue or income 95-97, 173-174, 178-179, 187-196 

9.2.3 Strategic or governmental, economic, fi scal, monetary or political policies or factors that have materially aff ected, 

or could materially aff ect, directly or indirectly, the issuer’s operations 06-07, 10-12, 102-106 

10. Capital resources 

10.1 Capital resources 100-102, 137-145, 168-171, 215-246, 258-259, 267-270 

10.2 Sources and amounts of cash fl ows 99-100, 170 

10.3 Borrowing requirements and funding structure of the issuer 95, 100, 102, 168-170, 229-246, 258-259, 268-269 

10.4 Information on any restrictions on the use of capital resources that have materially aff ected, or could materially aff ect, 

directly or indirectly, the issuer’s operations 105-106, 118-121, 139-145, 215-221, 229-246, 258, 264-269 

10.5 Information regarding the anticipated sources of funds needed to implement planned investments 95, 99-100, 102, 144-145, 204, 229-246 

11. Research and development, patents and licences 19, 135-136 

279

Registration document table of correspondence 

12. Trend information 

12.1 Most signifi cant trends in production since the end of the last fi nancial year 102-103 

12.2 Commitments that are reasonably likely to have a material eff ect on the issuer’s prospects 06-07, 10-12, 54, 60, 68, 76, 88, 102-103 

13. Profi t forecasts or estimates NA 

14. Administrative, management and supervisory bodies and senior management 

14.1 Administrative and management bodies 04-05, 08-09, 109-113, 150-156 

14.2 Administrative, management and supervisory bodies and senior management’s confl icts of interest 151-152 

15. Remuneration and benefi ts 

15.1 Remuneration and benefi ts in kind 114-121, 124-125, 155-156, 246 

15.2 Total amounts set aside to provide pensions, retirement or similar benefi ts 117, 155-156, 222-225, 246, 273 

16. Organisation of board of directors and senior management 

16.1 Date of expiration of current terms of offi ce 04, 109-113, 151-152 

16.2 Members of the administrative, management or supervisory bodies’ service contracts NA 

16.3 Information about the audit committee and the remuneration committee 04, 109-113, 151-155, 158 

16.4 Compliance with corporate governance requirements 150-165 

17. Employees 

17.1 Number of employees 01, 15-17, 121-129, 191-196, 248, 273 

17.2 Shareholding and stock options 114-121, 124-125, 155-156, 178, 197, 218-221, 246, 260, 273 

17.3 Arrangements for involving the employees in the capital of the issuer 15-16, 118-121, 124-125, 142, 178, 197, 215-216, 218-221, 246, 260, 273 

18. Major shareholders 

18.1 Shareholders holding more than 5% of the capital 21, 140-142 

18.2 Existence of diff erent voting rights 142 

18.3 Direct or indirect ownership of the issuer 21, 140-142 

18.4 Arrangements known to the issuer, the operation of which may at a subsequent date result in a change in control of the issuer NA 

19. Related party transactions 139-140, 176-177, 187-188, 246-247, 252-255, 272, 274-275 

20. Financial information concerning the issuer’s assets and liabilities, fi nancial position and profi ts and losses 

20.1 Historical fi nancial information 166-278 

20.2 Pro forma fi nancial information NA 

20.3 Financial statements 167-171, 257-259 

20.4 Audit of historical annual fi nancial information 256, 277-278 

20.5 Date of latest fi nancial information NA 

20.6 Interim period fi nancial information NA 

20.7 Dividend policy 20-21, 102, 170-171, 215-218, 250, 259, 260, 267, 276 

20.8 Legal and arbitration proceedings 102, 249-250 

20.9 Signifi cant change in the issuer’s fi nancial or trading position since the end of the last fi nancial year 102-103 

21. Additional information 

21.1 Share capital 118-121, 137-145, 171, 179-180, 215-221, 267, 276 

21.2 Corporate statutes 125, 137-140, 144-145, 150-152, 156, 180, 278 

22. Material contracts 42-59, 64-67, 72-75, 80-87, 95-96, 103, 187-188, 202-204, 213-214 

23. Third party information, statements by experts and declarations of interest 278 

24. Documents available for public consultation 278 

25. Information on holdings 139, 251-255, 274-275 


In accordance with Article 212-13 of the General Regulation of the Autorité des 

Marchés Financiers (AMF, the French securities regulator), this document comprises 

the registration document fi led with the AMF on 27 March 2009. It may be used in 

support of a fi nancial transaction only if it is supplemented by a prospectus on the 

transaction offi cially approved by the AMF. The signatories of this document, prepared 

by VINCI, are responsible for the information contained therein. 

This is a free translation into English of the statutory auditors’ report issued in French 

and is provided solely for the convenience of English speaking users. This report should 

be read in conjunction whith, and is construed in accordance with, French law and 

professional auditing standarts applicable in France

Agence Dominique Perrault Architecture – Luc Benevello – Christophe Boulze – Xavier Boymond – Jean-Pierre Brunet/Voix du Nord/Creashoot – Augusto 

Da Silva/Graphix Images – Guillaume Daveau – Thomas Deschamps/Graphix Images – Cyrille Dupont – Thierry Duvivier/Trilogi’c – Axel Heise – Pascal 

Le Doaré – P. Lefebvre – Michel Martini – Véronique Paul/Graphix Images – Auchan photo library – Cécile Rogue – Khourn Thongsin/SCA – Francis 

Vigouroux – Benoît Voisin – Laurent Zylberman/Graphix Images – Photo libraries of VINCI and subsidiaries. All rights reserved – Design and production: 

- 8660 – Translation: – Printing: MCC Graphics – Printed on PEFC-certifi ed Condat Silk and Amber Graphic paper sourced from 

sustainably managed forests.

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 

http://www.vinci.com

VINCI - 2008 annual report

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