VINCI - 2005 annual report

Based on this position, a 1% increase in interest rates would generate extra
financial expenses of €49 million.
Such an increase in interest rates would conversely also result in comparable
greater income from the Group’s cash surpluses, which amounted
to 5.5 billion at 31 December 2005.
26.2 LIQUIDITY AND FINANCIAL RATINGS
26.2.1 Liquidity position
The Group’s liquidity position at 31 December 2005 was €9.4 billion,
taking account of cash and cash-management financial assets of €5.4 billion
and unused credit facilities of €4 billion (see detail in Note 25.3.1 and
25.3.2).
26.2.2 Management of liquidity risk and maturity of financial debt
In connection with the management of liquidity risk, the Group analyses
the average maturity of its debt at more than one year by type of activity
financed.
At 31 December 2005, the average maturity of the Group’s financial debt
is 7.4 years (against 8.1 years at 31 December 2004). The average maturity
CONSOLIDATED FINANCIAL STATEMENTS
Also, at 31 December 2005, derivatives that are not considered as hedges
for accounting purposes amount to €4.6 million at market value; for a
uniform increase of 1% in interest rates, the market value would rise by
€2 million.
Unused commercial paper at 31 December 2005 amounts to €657 million
(see Note 25.3.1).
is 3.4 years for VINCI SA, 8.8 years for the Concessions and Services division
and 3.2 years for the rest of the Group.
The VINCI Group’s financial debts break down as follows by maturity:
31/12/2005 31/12/2004
VINCI SA Concessions Other Total Total
(in € millions) and services business lines
Accrued interest not matured 26.3 57.5 1.1 84.8
Maturing in less than one year 0.5 311.0 177.5 489.1 511.2
Current part of financial debt at redemption value 26.8 368.5 178.6 573.8 511.2
Maturing in more than 1 year and not after 2 years
(at redemption value) 1.1 371.4 63.7 436.3 342.7
Maturing in more than 2 years and not after 5 years
(at redemption value) 1,002.0 882.0 171.0 2,055.0 2,287.8
Maturing in more than 5 years and not after 10 years
(at redemption value) 369.5 82.0 451.6 355.7
Maturing after 10 years (at redemption value) 2,303.8 18.7 2,322.6 1,937.9
Non-current part of financial debt 1,003.1 3,926.8 335.6 5,265.5 4,924.1
Impact of amortised cost and adjustment
of fair value of debt 26.0 129.1 (0.5) 154.6 133.5
Financial debt (excluding OCEANE) 1,055.9 4,424.4 513.7 5,993.9 5,568.8
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