VINCI - 2005 annual report

The net effect of ASF, which has been accounted for by the equity method
since 15 December 2004, on the net profit of VINCI for 2005 was
€76.8 million. This figure takes account of €24.9 million in respect of an
amortisation charge for the period on goodwill arising on first consolidation
(€698.0 million).
226
VINCI 2005 ANNUAL REPORT
The consolidated equity of ASF at 31 December 2005 was €3,653.5 million
(including net profit for the year of €442.5 million). In total, the carrying
value of VINCI’s 23% interest in ASF at 31 December 2005 was
€1,512 million (as against a stock market value of €2,654.7 million).
17.2 FINANCIAL INFORMATION ON INVESTMENTS IN ASSOCIATES
Investments in associates at 31 December 2005 relate mainly to concession
operating companies in which the Group exercises significant
influence, including ASF (Autoroutes du Sud de la France), SMTPC (which
operates the Prado-Carénage tunnel in Marseilles under a concession),
The main financial data at 31 December 2005 on these companies is as follows (on a 100% basis):
Lusoponte (bridges over the Tagus in Portugal), Severn River Crossing
(bridges over the Severn River in the UK) and various subsidiaries of the
Construction and Roads business lines (including Wiemer und Trachte,
of which VINCI Construction owns 39%).
ASF SMTPC Lusoponte Severn River
(in € millions) Crossing
% held 22.99% 32.24% 30.85% (*) 35.00%
Financial data on a 100% basis
Revenue 2,474.2 29.2 58.5 101.6
Attributable to Group 568.8 9.4 18.0 35.6
Operating expenses (1,398.5) (12.7) (9.8) (101.6)
Operating profit 1,075.7 16.5 48.6
Net profit 442.5 7.7 7.4
Equity at 31/12/2005 3,653.5 38.1 12.6 0.1
Contribution to VINCI’s consolidated financial statements 839.9 12.3 3.9 0.0
Equity attributable to Group 839.9 12.3 3.9 0.0
Goodwill (**) 698 16.0 13.2
Goodwill impairment losses to date (25.9) (0.8) (1.0)
Share of net profit / (loss) attributable to Group (***) 101.7 2.5 2.3 0.0
Value of investments in associates 1,512.0 27.6 16.1 0.0
Carrying amount of shares in the parent company accounts 1,377.2 35.6 20.2 6.5
Original cost of shares 1,485.2 24.8 20.2 0.0
Fair value of shareholdings (stock market value) 2,654.7 45.1
Other balance sheet information:
Total Assets / Equity and liabilities 13,180.2 148.9 903.8 0.2
Net financial debt at 31/12/2005 (VINCI share) (1,748.7) (23.2) (111.0) (209.4)
Shareholder advances and interest-bearing loans (VINCI share) 7.9 5.2
(*) including 3.48% transferred by Hagen under a share disposal agreement dated 16 October 2000 of which final regularisation is in progress.
(**) gross less cumulative depreciation at 1 January 2004 (opening IFRS balance sheet).
(***) before goodwill impairment losses.
Financial data at 31 December 2005 in respect of Wiemer und Trachte is
not available. At 31 December 2004, the revenue of this subsidiary was
€451.2 million and its net profit was €1.1 million (both on a 100% basis).