VINCI - 2005 annual report
VINCI - 2005 annual report VINCI - 2005 annual report
CONSOLIDATED IFRS CASH FLOW STATEMENT (in € millions) Notes 2005 2004 Net profit for the period (including minority interest) 1,002.8 838.3 Depreciation and amortisation 689.5 630.1 Net increase/(decrease) in provisions (*) 16.6 71.7 Share-based payments (IFRS 2) and other restatements 33.6 36.3 Gain or loss on disposals (68.6) (36.1) Change in fair value of foreign currency derivative financial instruments 10.0 (10.7) Share of profit or loss of associates and dividends received from unconsolidated entities (91.8) (55.8) Capitalised borrowing costs (63.3) (77.3) Cost of net financial debt recognised 158.5 241.6 Current and deferred tax expense recognised 462.5 380.4 Cash flows (used in)/from operations before tax and financing costs 2-3 2,149.8 2,018.4 Changes in working capital requirement and current provisions 2-3-19 119.9 369.9 Income taxes paid (484.4) (333.4) Net interest paid (109.0) (210.8) Net cash flows (used in)/from operating activities I 2-3 1,676.2 1,844.1 Purchases of property, plant and equipment, and intangible assets 2-3-4 (732.5) (556.2) Proceeds from sales of property, plant and equipment, and intangible assets 128.1 80.0 Purchases of concession fixed assets (net of grants received) (811.0) (568.3) Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (191.0) (442.0) Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 104.9 201.0 Net effect of changes in scope of consolidation 6.6 3.1 Dividends received from associates and unconsolidated entities 65.6 44.4 Other 27.8 (31.5) Net cash flows (used in)/from investing activities II 2-3 (1,401.6) (1,269.5) Increases in share capital 270.4 259.6 Purchases of treasury shares (369.8) (492.1) Minority interest in share capital increases of subsidiaries (0.0) 1.4 Sums collected during the period on exercise of share options 39.4 95.2 Dividends paid – to shareholders of VINCI SA (321.7) (287.2) – to minority interest (68.7) (55.5) Proceeds from new long-term borrowings 743.5 633.7 Repayments of borrowings (129.5) (420.8) Change in cash management assets (377.2) (225.0) Net cash flows (used in)/from financing activities III 2-3 (213.7) (490.6) Net change in net cash I + II + III 61.0 84.0 Net cash at beginning of period 449.9 363.5 Effect of changes in foreign exchange rates 28.1 2.4 Net cash at end of period 538.9 449.9 Increase / (decrease) of cash management financial assets 377.2 225.0 (Proceeds from) / repayment of loans (614.0) (212.9) Conversion of OCEANE bonds 1,096.5 Other (94.6) (39.6) Change in net debt 854.1 58.9 Net debt at beginning of period (2,433.1) (2,492.0) Net debt at end of period (1,579.0) (2,433.1) (*) Including changes in provisions for retirement benefit obligations and other employee benefits. 192 VINCI 2005 ANNUAL REPORT
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY CONSOLIDATED FINANCIAL STATEMENTS Capital and reserves attributable to equity holders of the parent (in € millions) Share Share Treasury Consolidated Currency Net Net income Total Minority Total capital premium shares reserves translation profit for recognised interest reserves the period directly in equity Balance at 31 December 2004 838.1 1,231.5 (130.3) 350.1 (5.7) 731.6 0.6 3,015.9 598.6 3,614.6 Changes in share capital 145.0 1,016.0 52.5 1,213.6 (0.0) 1,213.5 Changes in treasury shares (205.5) (205.5) (205.5) Allocation of net income and dividend payments 409.9 (731.6) 0.0 (321.7) (68.7) (390.4) Net profit for the period (a) 871.2 871.2 131.6 1,002.9 Financial instruments: changes in fair value (b) (4.9) (4.9) (2.8) (7.8) including: available-for-sale financial instruments 0.2 0.2 (0.5) (0.3) cash flow hedges (5.1) (5.1) (2.4) (7.5) Currency translation differences 39.8 39.8 4.7 44.5 Changes in equity of associates recognised directly in equity 1.2 1.2 1.2 Share-based payments (IFRS 2) 64.0 64.0 64.0 Changes in consolidation scope 0.4 (2.8) 3.7 1.3 8.0 9.3 Miscellaneous (27.4) 0.1 (0.6) (27.9) 0.4 (27.6) Balance at 31 December 2005 983.2 2,247.5 (335.8) 849.4 31.3 871.2 (0.0) 4,646.8 671.7 5,318.5 of which total recognised income and expense for the period (a) + (b) 871.2 (4.9) 866.3 The reconciliation of shareholders’ equity as at 1 January 2004 with that at 31 December 2004 (French Gaap/IFRS) is presented in Note H, “The main impacts of the IFRS” in paragraph 2. 193
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STATEMENT OF CHANGES IN CONSOLIDATED EQUITY<br />
CONSOLIDATED FINANCIAL STATEMENTS<br />
Capital and reserves attributable to equity holders of the parent<br />
(in € millions) Share Share Treasury Consolidated Currency Net Net income Total Minority Total<br />
capital premium shares reserves translation profit for recognised interest<br />
reserves the period directly in<br />
equity<br />
Balance at 31 December 2004 838.1 1,231.5 (130.3) 350.1 (5.7) 731.6 0.6 3,015.9 598.6 3,614.6<br />
Changes in share capital 145.0 1,016.0 52.5 1,213.6 (0.0) 1,213.5<br />
Changes in treasury shares (205.5) (205.5) (205.5)<br />
Allocation of net income<br />
and dividend payments 409.9 (731.6) 0.0 (321.7) (68.7) (390.4)<br />
Net profit for the period (a) 871.2 871.2 131.6 1,002.9<br />
Financial instruments:<br />
changes in fair value (b) (4.9) (4.9) (2.8) (7.8)<br />
including:<br />
available-for-sale financial instruments 0.2 0.2 (0.5) (0.3)<br />
cash flow hedges (5.1) (5.1) (2.4) (7.5)<br />
Currency translation differences 39.8 39.8 4.7 44.5<br />
Changes in equity of associates<br />
recognised directly in equity 1.2 1.2 1.2<br />
Share-based payments (IFRS 2) 64.0 64.0 64.0<br />
Changes in consolidation scope 0.4 (2.8) 3.7 1.3 8.0 9.3<br />
Miscellaneous (27.4) 0.1 (0.6) (27.9) 0.4 (27.6)<br />
Balance at 31 December <strong>2005</strong> 983.2 2,247.5 (335.8) 849.4 31.3 871.2 (0.0) 4,646.8 671.7 5,318.5<br />
of which total recognised income<br />
and expense for the period (a) + (b) 871.2 (4.9) 866.3<br />
The reconciliation of shareholders’ equity as at 1 January 2004 with that at 31 December 2004 (French Gaap/IFRS) is presented in Note H, “The main<br />
impacts of the IFRS” in paragraph 2.<br />
193
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