VINCI - 2005 annual report
VINCI - 2005 annual report VINCI - 2005 annual report
3. OTHER SEGMENT INFORMATION RELATING SPECIFICALLY TO THE CONCESSIONS AND SERVICES BUSINESS LINE FY 2005 (in € millions) Cofiroute ASF VINCI Other Airport VINCI Total (*) Park Concessions services Concessions holdings companies 31 December 2005 Income statement Revenue 900.0 493.7 161.0 505.0 (4.9) 2,054.8 Operating profit from ordinary activities 468.7 126.6 54.8 4.4 (21.7) 632.8 % of revenue 52.1% 25.7% 34.0% 0.9% ns 30.8% Share of profit / (loss) of associates 0.5 76.8 4.3 81.6 Net profit attributable to equity holders of the parent 186.8 76.8 75.6 10.0 2.3 (15.2) 336.3 % of revenue 20.7% 15.3% 6.2% 0.5% ns 16.4% Cash flow statement Cash flows (used in) / from operations before tax and financing costs 604.6 176.7 82.5 12.7 (19.7) 856.8 % of revenue 67.2% 35.8% 51.2% 2.5% ns 41.7% Including net depreciation and amortisation 129.6 60.1 33.4 15.6 0.1 238.8 Including net provisions 3.8 (3.7) 1.0 (7.0) 0.9 (5.1) Changes in working capital requirement and current provisions (28.8) 17.7 14.3 (1.0) (0.8) 1.4 Income taxes paid (177.8) (36.1) (2.7) (4.2) (4.7) (225.3) Net interest paid (103.6) (17.6) (32.5) (4.9) (9.7) (168.3) Net cash flows (used in) / from operating activities 294.4 140.8 61.6 2.6 (34.9) 464.6 Purchases of property, plant and equipment and intangible assets, net (0.8) (25.6) (6.6) (32.2) (65.2) Purchases of concession fixed assets (735.4) (41.6) (31.8) 0.1 (808.7) Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (0.8) (1.6) (34.9) (7.3) (44.6) Other 0.1 55.2 52.4 1.8 6.3 62.9 178.8 Cash flows (used in) / from investing activities (736.1) 55.2 (15.6) (38.2) (60.7) 55.7 (739.6) Increases and reductions in share capital Loan proceeds and repayments 353.1 (73.6) (20.9) (56.3) (36.5) 165.8 Other 93.6 (55.2) (42.6) (6.6) 120.2 35.0 144.4 Net cash flows (used in) / from financing activities 446.7 (55.2) (116.2) (27.5) 63.9 (1.5) 310.2 Net change in cash 5.1 9.0 (4.1) 5.8 19.3 35.1 Balance sheet Segment assets 4,160.1 1,512.0 1,473.9 971.6 391.9 10.5 8,518.9 Intangible assets 2.6 2.1 1.9 6.6 Goodwill 5.2 355.4 5.0 92.4 458.0 Property, plant and equipment 10.1 183.0 4.0 139.2 0.4 336.8 Concession intangible fixed assets 4,038.0 827.0 864.3 5,729.3 Investments in associates 1,512.0 43.0 1,554.0 Other current segment assets 106.8 105.8 53.1 158.3 10.1 434.2 Segment liabilities 115.3 238.4 90.3 142.6 8.4 595.1 Current provisions 31.9 6.1 9.8 21.0 5.6 74.4 Other current segment payables 83.4 232.3 80.5 121.6 2.8 520.7 Capital employed 4,067.1 1,512.0 1,303.6 885.1 394.0 9.5 8,171.2 Equity including minority interest 1,346.9 1,512.0 773.7 184.2 52.1 (439.7) 3,429.1 Net financial (debt) / surplus (2,543.8) (390.9) (703.2) (190.3) (412.6) (4,240.8) Employees at 31 December 2,116 4,960 1,069 11,025 19,170 (*) On 100% basis. 210 VINCI 2005 ANNUAL REPORT
FY 2004 CONSOLIDATED FINANCIAL STATEMENTS (in € millions) Cofiroute ASF VINCI Other Airport VINCI Total (*) Park Concessions services Concessions holdings companies 31 December 2004 Income statement Revenue 872.2 485.2 124.8 467.7 (6.8) 1,943.1 Operating profit from ordinary activities 462.2 116.9 30.3 (4.4) (25.0) 580.0 % of revenue 53.0% 24.1% 24.3% ns ns 29.8% Share of profit / (loss) of associates 0.5 3.6 0.1 4.6 1.0 9.8 Net profit attributable to equity holders of the parent 165.5 35.5 67.0 12.1 (46.0) (1.4) 232.6 % of revenue 19.0% 13.8% 9.7% ns ns 12.0% Cash flow statement Cash flows (used in) / from operations before tax and financing costs 579.7 178.9 49.7 5.0 (22.5) 790.7 % of revenue 66.5% 36.9% 39.8% 1.1% ns 40.7% Including net depreciation and amortisation 121.3 55.5 22.1 12.2 0.1 211.2 Including net provisions (17.1) 5.0 1.5 23.3 3.2 15.9 Changes in working capital requirement and current provisions (34.4) (4.0) 20.3 2.6 (11.0) (26.5) Income taxes paid (145.6) (31.0) (2.8) (6.4) (4.7) (190.5) Net interest paid (111.5) (20.4) (44.9) (5.0) (5.6) (187.4) Net cash flows (used in) / from operating activities 288.1 123.5 22.3 (3.9) (43.7) 386.4 Purchases of property, plant and equipment and intangible assets, net (3.2) (40.9) (4.6) (30.9) (0.2) (79.8) Purchases of concession fixed assets (450.0) (41.2) (77.2) (568.3) Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (34.5) (5.8) (316.8) (357.2) Other 2.5 31.9 43.0 (7.5) (88.4) 322.4 313.9 Cash flows (used in) / from investing activities (485.3) 31.9 (45.0) (89.2) (119.3) 15.4 (691.4) Increases and reductions in share capital 0.0 Loan proceeds and repayments 124.2 (51.2) 55.4 28.6 (0.6) 156.4 Other 73.6 (31.9) (36.6) (3.6) 116.3 28.1 146.0 Net cash flows (used in) / from financing activities 197.9 (31.9) (87.8) 51.8 144.9 27.6 302.5 Net change in cash 0.7 (9.3) (15.1) 21.7 (0.7) (2.6) Balance sheet Segment assets 3,553.1 1,488.8 1,515.9 901.5 291.5 10.6 7,761.3 Intangible assets 0.2 5.6 2.1 2.4 10.3 Goodwill 5.7 356.2 0.5 85.4 447.8 Property, plant and equipment 15.3 215.9 3.6 87.2 0.7 322.8 Concession intangible fixed assets 3,373.7 835.6 809.9 0.4 5,01 9.6 Investments in associates 1,488.8 47.4 1,536.2 Other current segment assets 158.0 102.6 37.9 116.2 9.9 424.7 Segment liabilities 212.5 235.7 79.5 107.1 7.6 642.4 Current provisions 47.0 19.2 11.9 18.6 0.4 97.2 Other current segment payables 165.5 216.5 67.5 88.4 7.2 545.2 Capital employed 3,349.1 1,488.8 1,350.7 825.1 325.9 61.4 7,400.9 Equity including minority interest 1,217.9 1,488.8 737.6 158.1 45.7 (304.6) 3,343.4 Net financial (debt) / surplus (1,989.3) (487.3) (673.6) (129.1) (406.1) (3,685.2) Employees at 31 December 2,193 5,061 419 11,258 17 18,948 (*) On 100% basis. 211
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3. OTHER SEGMENT INFORMATION RELATING SPECIFICALLY<br />
TO THE CONCESSIONS AND SERVICES BUSINESS LINE<br />
FY <strong>2005</strong><br />
(in € millions) Cofiroute ASF <strong>VINCI</strong> Other Airport <strong>VINCI</strong> Total<br />
(*) Park Concessions services Concessions<br />
holdings<br />
companies<br />
31 December <strong>2005</strong><br />
Income statement<br />
Revenue 900.0 493.7 161.0 505.0 (4.9) 2,054.8<br />
Operating profit from ordinary activities 468.7 126.6 54.8 4.4 (21.7) 632.8<br />
% of revenue 52.1% 25.7% 34.0% 0.9% ns 30.8%<br />
Share of profit / (loss) of associates 0.5 76.8 4.3 81.6<br />
Net profit attributable to equity holders of the parent 186.8 76.8 75.6 10.0 2.3 (15.2) 336.3<br />
% of revenue 20.7% 15.3% 6.2% 0.5% ns 16.4%<br />
Cash flow statement<br />
Cash flows (used in) /<br />
from operations before tax and financing costs 604.6 176.7 82.5 12.7 (19.7) 856.8<br />
% of revenue 67.2% 35.8% 51.2% 2.5% ns 41.7%<br />
Including net depreciation and amortisation 129.6 60.1 33.4 15.6 0.1 238.8<br />
Including net provisions 3.8 (3.7) 1.0 (7.0) 0.9 (5.1)<br />
Changes in working capital requirement<br />
and current provisions (28.8) 17.7 14.3 (1.0) (0.8) 1.4<br />
Income taxes paid (177.8) (36.1) (2.7) (4.2) (4.7) (225.3)<br />
Net interest paid (103.6) (17.6) (32.5) (4.9) (9.7) (168.3)<br />
Net cash flows (used in) / from operating activities 294.4 140.8 61.6 2.6 (34.9) 464.6<br />
Purchases of property, plant and equipment<br />
and intangible assets, net (0.8) (25.6) (6.6) (32.2) (65.2)<br />
Purchases of concession fixed assets (735.4) (41.6) (31.8) 0.1 (808.7)<br />
Purchases of shares in subsidiaries and associates<br />
(consolidated and unconsolidated) (0.8) (1.6) (34.9) (7.3) (44.6)<br />
Other 0.1 55.2 52.4 1.8 6.3 62.9 178.8<br />
Cash flows (used in) / from investing activities (736.1) 55.2 (15.6) (38.2) (60.7) 55.7 (739.6)<br />
Increases and reductions in share capital<br />
Loan proceeds and repayments 353.1 (73.6) (20.9) (56.3) (36.5) 165.8<br />
Other 93.6 (55.2) (42.6) (6.6) 120.2 35.0 144.4<br />
Net cash flows (used in) / from financing activities 446.7 (55.2) (116.2) (27.5) 63.9 (1.5) 310.2<br />
Net change in cash 5.1 9.0 (4.1) 5.8 19.3 35.1<br />
Balance sheet<br />
Segment assets 4,160.1 1,512.0 1,473.9 971.6 391.9 10.5 8,518.9<br />
Intangible assets 2.6 2.1 1.9 6.6<br />
Goodwill 5.2 355.4 5.0 92.4 458.0<br />
Property, plant and equipment 10.1 183.0 4.0 139.2 0.4 336.8<br />
Concession intangible fixed assets 4,038.0 827.0 864.3 5,729.3<br />
Investments in associates 1,512.0 43.0 1,554.0<br />
Other current segment assets 106.8 105.8 53.1 158.3 10.1 434.2<br />
Segment liabilities 115.3 238.4 90.3 142.6 8.4 595.1<br />
Current provisions 31.9 6.1 9.8 21.0 5.6 74.4<br />
Other current segment payables 83.4 232.3 80.5 121.6 2.8 520.7<br />
Capital employed 4,067.1 1,512.0 1,303.6 885.1 394.0 9.5 8,171.2<br />
Equity including minority interest 1,346.9 1,512.0 773.7 184.2 52.1 (439.7) 3,429.1<br />
Net financial (debt) / surplus (2,543.8) (390.9) (703.2) (190.3) (412.6) (4,240.8)<br />
Employees at 31 December 2,116 4,960 1,069 11,025 19,170<br />
(*) On 100% basis.<br />
210<br />
<strong>VINCI</strong> <strong>2005</strong> ANNUAL REPORT
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