First quarter 2006 consolidated revenue

4 May 2006 - Finances

Quarterly revenue of €5 billion, up 12.8%
- brisk sales in France for all business lines (up 9.1% excluding ASF)
- ASF revenue included from 10 March 2006 (€137 million)
- good international momentum (up 10.9%)

Increase in order book / excellent visibility over the rest of the year

p>VINCI generated consolidated revenue of €5 billion during the first quarter of 2006, representing a
12.8% increase over the same period in 2005.

This good performance, achieved by all VINCI business lines, is in line with the trend set in
previous quarters.

The figure includes €137 million in revenue from Autoroutes du Sud de la France (ASF), consolidated from 10 arch 2006 following VINCI's acquisition of the French government's 50.4% holding in that company.

Excluding the impact of ASF, consolidated revenue rose 9.7% (9.1% in France and 10.9%
elsewhere).

In France, revenue amounted to €3.3 billion, up 13.9% over the first quarter of 2005 (9.1% excluding ASF). Brisk business continued at VINCI Construction (up 7%), and there was strong growth at VINCI Energies (13.2%) and Eurovia (18.4%). Excluding ASF, VINCI Concessions' revenue increased by almost 11%.

Outside France, revenue rose 10.9% to €1.7 billion, representing 34.1% of total revenue (35.1% excluding ASF's contribution). This growth is attributable mainly to the good level of business generated by non-French construction subsidiaries.

 

Breakdown by business line

VINCI Concessions: €644 million (+40.7% on an actual basis; +10.8% excluding ASF)

VINCI Concessions' revenue includes the €137 million contribution from ASF, which has been fully consolidated since 10 arch 2006, when VINCI acquired control.

Excluding ASF's contribution, revenue would have been €507 million, up 10.8% over the first quarter of 2005 (€458 million).

Cofiroute generated revenue of €193 million during the first quarter of 2006, representing 3.8% growth. The increased traffic due to the extension of the network (opening of the final 58 km section of the A28 between le ans and Tours in Oecember) and higher tolls more than offset the adverse impact of Easter falling during the second quarter, instead of the first as last year. There was also an upturn in heavy goods vehicle traffic during the quarter.

VINCI Park's revenue rose 6% to €128 million, due mainly to good usage rates.

Other infrastructure concessions (bridges, tunnels, airports and the Stade de France) recorded strong growth (23% to €48 million).

Revenue generated by airport services, up 23% to €140 million, includes the contribution of France Handling, a company acquired during the summer of 2005. On a constant consolidation and exchange rate basis, the level of business was identical to that of the first quarter of 2005.

VINCI Energies: €852 million (+13.2%)

In France, VINCI Energies' revenue rose 13.2% to €637 million, benefiting from the positive trend in the service sector and telecommunications infrastructure market.

Outside France, revenue amounted to €214 million, up 13.1%. Business was brisk in most geographical areas. In addition, recent acquisitions - NK Networks in Germany and Sotecnica in Portugal - offset the impact of divesting the remaining T S business activities at the beginning of the year.

VINCI Energies' order book at 31 arch 2006 stood at €1.7 billion, up 16% for the quarter and more than 6% over 12 months. It represents 5.6 months of average business activity for the division.

Eurovia: €1,164 million (+13%)

In France, Eurovia recorded first quarter revenue of €755 million, representing a very substantial
18.4% increase over the €638 million generated during the first quarter of 2005, when bad weather had an adverse impact on business.

Outside France, revenue rose 4.2% to €409 million. The growth includes the favourable impact of exchange rate fluctuations, in particular those of the US dollar and Czech koruna. On a constant consolidation and exchange rate basis, revenue outside France declined slightly, due mainly to the harsh weather in Germany and the Czech epublic in arch. Conversely, business in the United Kingdom remained positive and it improved in the United States.

Eurovia's order book amounted to €5 billion at 31 arch 2006, up 16% for the quarter and 21% over 12 months. It represents more than nine months of average business activity for the division.

VINCI Construction: €2,290 million (+9.7%)

In France, VINCI Construction's revenue rose 7% to €1,340 million. This performance, achieved despite the reduced volume of earthworks business following the completion of the lGV high- speed train infrastructure project, confirms the good positioning of VINCI companies in sectors offering attractive growth prospects.

Outside France, VINCI Construction recorded revenue of €950 million, representing an increase of
13.6%. Business remained brisk in the United Kingdom and Central Europe. In export markets, the division benefited from the momentum of VINCI Construction Grands Projets and new dredging contracts won by OE E, the CFE subsidiary.

VINCI Construction's order book at 31 arch 2006 stood at €10.9 billion, representing almost 14 months of average business activity for the division. It was up more than 7% for the quarter and 20% over 12 months.

Outlook for 2006

Overall, VINCI's order book (excluding the concessions division) amounted to more than
€17.5 billion at 31 arch 2006. Up 10.5% for the quarter and 18% over 12 months, it represents
10.6 months of average business activity for the divisions concerned (construction, roads and energy), compared with 10 months the previous year.

Shareholders Meeting

VINCI's Ordinary and Extraordinary Shareholders eeting will be held at 11 a.m. on Tuesday, 16 ay 2006 at the Carrousel du louvre.

 

About VINCI
VINCI is a global player in concessions, energy and construction, employing 280,000 people in more than 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.