UNITED STATES |
Vulcan Materials Company |
VULCAN MATERIALS COMPANY CHEMICALS DIVISION HOURLY |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Administrative Committee
Vulcan Materials Company
Chemicals Division Hourly Employees Savings Plan
We have audited the accompanying statements of net assets available for benefits of the Vulcan Materials Company Chemicals Division Hourly Employees Savings Plan (the "Plan") as of December 31, 2004 and 2003, and the related statement of changes in net assets available for benefits for the year ended December 31, 2004. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentat ion. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2004 and 2003, and the changes in net assets available for benefits for the year ended December 31, 2004 in conformity with accounting principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2004 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This schedule is the responsibility of the Plan's management. Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2004 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.
DELOITTE & TOUCHE LLP
Birmingham, Alabama
June 27, 2005
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VULCAN MATERIALS COMPANY | ||
ASSETS | 2004 | 2003 |
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VULCAN MATERIALS COMPANY | |
ADDITIONS TO NET ASSETS ATTRIBUTED TO: |
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VULCAN MATERIALS COMPANY
CHEMICALS DIVISION HOURLY EMPLOYEES SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2004 AND 2003 AND FOR THE YEAR ENDED DECEMBER 31, 2004
1. | DESCRIPTION OF THE PLAN | ||
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
3. | INTEREST IN MASTER TRUST | ||
| 2004 | 2003 | |
Percentage of Plan's investments in the Master Trust's investments | 3.7% | 3.7% | |
*Consists of both participant-directed and nonparticipant-directed contributions. | |||
Interest-net | $9,408,604 | ||
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Net assets-beginning of year | $ 269,938,820 | ||
5. | PLAN TERMINATION | ||
6. | FEDERAL INCOME TAX STATUS | ||
7. | EXEMPT PARTY-IN-INTEREST TRANSACTIONS | ||
8. | SUBSEQUENT EVENT | ||
SUPPLEMENTAL SCHEDULE | |||
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VULCAN MATERIALS COMPANY | ||||
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| (c) Description of Investment, Including |
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* | Various Plan participants | Participant loans at interest rates of 5% to 10.5% maturing in 1 to 60 months | ** | $1,836,535 |
*Party-in-interest. |
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