VINCI - 2005 annual report
VINCI - 2005 annual report VINCI - 2005 annual report
25. NET FINANCIAL DEBT AND FINANCING RESOURCES Net financial debt is defined by VINCI as follows: Note 31/12/2005 31/12/2004 (in € millions) Non-current Current Total Total Convertible bonds 25.1a (0.5) (0.5) (1,097.9) Other bonds 25.1b-26.1 (3,588.3) (329.1) (3,917.5) (3,819.6) Loans from financial institutions and other financial debt 25.1c-26.1 (1,697.0) (216.5) (1,913.5) (1,576.5) Finance leases 25.1d-26.1 (134.8) (27.7) (162.5) (172.8) Long-term financial debt (5,420.2) (573.8) (5,993.9) (6,666.8) Other financial debt 25.3.1a (663.6) (663.6) (158,3) Financial current accounts, liabilities (60.7) (60.7) (59.7) Bank overdrafts (1) 25.3.2 (605.0) (605.0) (380.5) I - Gross financial debt (5,420.2) (1,903.1) (7,323.3) (7,265.3) Collateralised financial receivables 23.5 1.1 24.6 45.5 Financial current accounts, assets 45.8 45.8 45.5 Current cash management financial assets (2) 25.3.2 4,294.6 4,294.6 3,642.0 Cash (3) 25.3.2 1,144.0 1,144.0 830.4 II - Financial assets 23.5 5,485.4 5,508.9 4,563.5 Derivative financial instruments, liabilities 26.1-26.3 (8.6) (3.5) (12.1) (80.2) Derivative financial instruments, assets 26.1-26.3 199.6 47.9 247.4 349.1 III - Derivative financial instruments 191.0 44.4 235.3 268.9 Net financial debt (I + II + III) (5,205.7) 3,626.7 (1,579.0) (2,433.0) of which, net cash managed: 25.3.2 31/12/2005 31/12/2004 Current cash management financial assets (2) 25.3.2 4,294.6 3,642.0 Cash (3) 25.3.2 1,144.0 830.4 Bank overdrafts (1) 25.3.2 (605.0) (380.5) Net cash managed 4,833.5 4,091.9 At 31 December 2005, VINCI’s net financial debt is €1.6 billion, well below the €2.4 billion at 31 December 2004. The marked reduction in net financial debt compared with 31 December 2004 is mainly due to the conversion of the two OCEANE bonds (see Key Events §2) 240 VINCI 2005 ANNUAL REPORT Conversely, the financing needs associated with investments in infrastructure concession assets, in particular at Cofiroute, have increased debt by approximately €800 million.
By business line, the analysis of net financial debt at 31 December 2005 is as follows: CONSOLIDATED FINANCIAL STATEMENTS 31/12/2005 VINCI SA Concessions Other business and services lines (in € millions) Non-current Current Non-current Current Non-current Current Total Convertible bonds (0.5) (0.5) Other bonds (1,026.0) (26.2) (2,559.4) (301.1) (2.9) (1.8) (3 917.5) Loans from financial institutions and other financial debt (1,444.6) (57.6) (252.4) (158.9) (1,913.5) Finance leases (3.1) (51.9) (9.8) (79.8) (17.9) (162.5) Long-term financial debt (1,029.1) (26.8) (4,055.9) (368.5) (335.1) (178.5) (5,993.9) Other financial debt (505.1) (10.9) (147.5) (663.4) Bank overdrafts (1) (18.9) (13.3) (572.8) (605.0) I - Gross financial debt (1,029.1) (550.8) (4,055.9) (392.7) (335.1) (898.8) (7,262.4) Collateralised financial receivables 17.0 1.2 6.4 24.6 Current cash management financial assets (2) 3,492.7 403.1 398.8 4,294.6 Cash (3) 11.9 146.5 985.5 1,144.0 II - Financial assets 0.0 3,504.6 17.0 550.8 6.4 1,384.3 5,463.1 Derivative financial instruments, liabilities (0.3) (1.4) (2.8) (0.4) (5.5) (1.7) (12.1) Derivative financial instruments, assets 31.5 20.3 167.8 25.5 0.3 2.1 247.4 III - Derivative financial instruments 31.2 18.9 165.0 25.1 (5.2) 0.4 235.3 IV - Net financial current account 0.0 (2,082.3) 0.0 (550.3) 0.0 2,617.6 (15.0) Net financial debt (I + II + III + IV) (997.9) 890.4 (3,874.0) (367.0) (333.9) 3,103.4 (1,579.0) 31/12/2005 of which, net cash managed: VINCI SA Concessions Other business Total and services lines Current cash management financial assets (2) 3,492.7 403.1 398.8 4,294.6 Cash (3) 11.9 146.5 985.5 1,144.0 Bank overdrafts (1) (18.9) (13.3) (572.8) (605.0) Net cash managed 3,485.6 536.3 811.6 4,833.5 25.1 DETAIL OF LONG-TERM DEBT a. Convertible bonds (OCEANE) The two OCEANE bonds issued in 2001 and 2002 were converted into shares in 2005 (see Key Events §2) 31/12/2005 31/12/2004 currency market amount debt impact of impact debt debt value tansferred recorded amortised of fair carrying carrying to equity on issue cost values amount amount after conversion (in € millions) (a) (b) ( c ) (a)+(b)+( c ) VINCI OCEANE July 2001 EUR 0.0 586.5 0.0 575.6 VINCI OCEANE April 2002 EUR 0.0 510.0 (1) 0.5 0.0 0.5 522.3 Total OCEANE bonds 0.0 1,096.5 0.5 0.0 0.0 0.5 1,097.9 (1) The part of the April 2002 OCEANE transferred to equity during the second half of 2005 is less than the amount of the debt component at 31 December 2004 given the adjustment to the maturity date of this OCEANE during the first half of 2005. 241
- Page 193 and 194: CONSOLIDATED FINANCIAL STATEMENTS C
- Page 195 and 196: CONSOLIDATED FINANCIAL STATEMENTS E
- Page 197 and 198: STATEMENT OF CHANGES IN CONSOLIDATE
- Page 199 and 200: 2.2 EARLY REDEMPTION OF THE 2002-20
- Page 201 and 202: 1.1 FIRST-TIME ADOPTION OF IFRS - M
- Page 203 and 204: Joint venture partnerships created
- Page 205 and 206: - when borrowing is not intended to
- Page 207 and 208: Cash management financial assets Ca
- Page 209 and 210: - Hedge of a net investment in a fo
- Page 211 and 212: 1.2.2 Breakdown of revenue by locat
- Page 213 and 214: FY 2004 CONSOLIDATED FINANCIAL STAT
- Page 215 and 216: FY 2004 CONSOLIDATED FINANCIAL STAT
- Page 217 and 218: 4. SEGMENT INFORMATION BY GEOGRAPHI
- Page 219 and 220: 5.3 SHARE-BASED PAYMENTS The expens
- Page 221 and 222: The income arising in the period fr
- Page 223 and 224: E. NOTES TO THE BALANCE SHEET 10. I
- Page 225 and 226: 12.2 IMPAIRMENT LOSSES ON OTHER NON
- Page 227 and 228: CONSOLIDATED FINANCIAL STATEMENTS 1
- Page 229 and 230: 15. LEASED ASSETS Property, plant a
- Page 231 and 232: CONSOLIDATED FINANCIAL STATEMENTS 1
- Page 233 and 234: 20. CONSTRUCTION CONTRACTS 20.1 FIN
- Page 235 and 236: The changes in capital in 2005 brea
- Page 237 and 238: CONSOLIDATED FINANCIAL STATEMENTS I
- Page 239 and 240: CONSOLIDATED FINANCIAL STATEMENTS 2
- Page 241 and 242: Changes in the period CONSOLIDATED
- Page 243: 24. PROVISIONS During the period, c
- Page 247 and 248: . Other bonds Other bonds break dow
- Page 249 and 250: d. Finance leases The table below s
- Page 251 and 252: 25.3.2 Cash and cash management fin
- Page 253 and 254: CONSOLIDATED FINANCIAL STATEMENTS T
- Page 255 and 256: Based on this position, a 1% increa
- Page 257 and 258: 26.3.3 Analysis of other foreign cu
- Page 259 and 260: 28. TRANSACTIONS WITH RELATED PARTI
- Page 261 and 262: The maturities of contractual oblig
- Page 263 and 264: 31. REMUNERATION AND RELATED BENEFI
- Page 265 and 266: promissory notes issued by Intertou
- Page 267 and 268: CONSOLIDATED FINANCIAL STATEMENTS I
- Page 269 and 270: (h) Reclassification under operatin
- Page 271 and 272: 1.5 SUMMARIES OF IMPACTS OF RESTATE
- Page 273 and 274: 2.3.2 Goodwill CONSOLIDATED FINANCI
- Page 275 and 276: 2.3.6 Fair value of derivatives CON
- Page 277 and 278: 2.4 RECONCILIATION OF BALANCE SHEET
- Page 279 and 280: 2.4.6 Trade and other current payab
- Page 281 and 282: CONSOLIDATED FINANCIAL STATEMENTS 4
- Page 283 and 284: K. MAIN CONSOLIDATED COMPANIES AT 3
- Page 285 and 286: CONSOLIDATED FINANCIAL STATEMENTS C
- Page 287 and 288: CONSOLIDATED FINANCIAL STATEMENTS R
- Page 289 and 290: 1.3 OTHER FINANCIAL TRANSACTIONS Th
- Page 291 and 292: 3.2 EQUITY PARENT COMPANY FINANCIAL
- Page 293 and 294: 5. NET FINANCIAL DEBT The holding c
25. NET FINANCIAL DEBT AND FINANCING RESOURCES<br />
Net financial debt is defined by <strong>VINCI</strong> as follows:<br />
Note 31/12/<strong>2005</strong> 31/12/2004<br />
(in € millions) Non-current Current Total Total<br />
Convertible bonds 25.1a (0.5) (0.5) (1,097.9)<br />
Other bonds 25.1b-26.1 (3,588.3) (329.1) (3,917.5) (3,819.6)<br />
Loans from financial institutions and other financial debt 25.1c-26.1 (1,697.0) (216.5) (1,913.5) (1,576.5)<br />
Finance leases 25.1d-26.1 (134.8) (27.7) (162.5) (172.8)<br />
Long-term financial debt (5,420.2) (573.8) (5,993.9) (6,666.8)<br />
Other financial debt 25.3.1a (663.6) (663.6) (158,3)<br />
Financial current accounts, liabilities (60.7) (60.7) (59.7)<br />
Bank overdrafts (1) 25.3.2 (605.0) (605.0) (380.5)<br />
I - Gross financial debt (5,420.2) (1,903.1) (7,323.3) (7,265.3)<br />
Collateralised financial receivables 23.5 1.1 24.6 45.5<br />
Financial current accounts, assets 45.8 45.8 45.5<br />
Current cash management financial assets (2) 25.3.2 4,294.6 4,294.6 3,642.0<br />
Cash (3) 25.3.2 1,144.0 1,144.0 830.4<br />
II - Financial assets 23.5 5,485.4 5,508.9 4,563.5<br />
Derivative financial instruments, liabilities 26.1-26.3 (8.6) (3.5) (12.1) (80.2)<br />
Derivative financial instruments, assets 26.1-26.3 199.6 47.9 247.4 349.1<br />
III - Derivative financial instruments 191.0 44.4 235.3 268.9<br />
Net financial debt (I + II + III) (5,205.7) 3,626.7 (1,579.0) (2,433.0)<br />
of which, net cash managed: 25.3.2 31/12/<strong>2005</strong> 31/12/2004<br />
Current cash management financial assets (2) 25.3.2 4,294.6 3,642.0<br />
Cash (3) 25.3.2 1,144.0 830.4<br />
Bank overdrafts (1) 25.3.2 (605.0) (380.5)<br />
Net cash managed 4,833.5 4,091.9<br />
At 31 December <strong>2005</strong>, <strong>VINCI</strong>’s net financial debt is €1.6 billion, well<br />
below the €2.4 billion at 31 December 2004.<br />
The marked reduction in net financial debt compared with 31 December<br />
2004 is mainly due to the conversion of the two OCEANE bonds (see Key<br />
Events §2)<br />
240<br />
<strong>VINCI</strong> <strong>2005</strong> ANNUAL REPORT<br />
Conversely, the financing needs associated with investments in infrastructure<br />
concession assets, in particular at Cofiroute, have increased debt by<br />
approximately €800 million.
Change language