VINCI - 2005 annual report
VINCI - 2005 annual report VINCI - 2005 annual report
3. NET FINANCIAL DEBT UNDER THE IFRS VINCI’s net financial debt under the IFRSs is defined as the sum of the financial liabilities (gross financial debt) less treasury assets and the net fair value of derivative financial instruments. Treasury assets comprise cash, cash management financial assets (liquid and short-maturity investments of cash) and collateralised financial receivables, which are deposits guaranteeing long-term debts. 276 VINCI 2005 ANNUAL REPORT The following table shows the breakdown of VINCI’s net borrowing in the IFRS balance sheet: (in € millions) 01/01/2004 31/12/2004 Gross financial debt: Non-current financial debt (5,754) (6,117) Current financial liabilities (including bank overdrafts) (1,053) (1,125) Sub-total (6,807) (7,242) Treasury assets: Cash 663 830 Cash management financial assets 3,506 3,688 Collateralised financial receivables 39 45 Sub-total 4,208 4,563 Fair value of derivatives: Fair value of derivatives (assets) 242 349 Fair value of derivatives (liabilities) (135) (103) Sub-total 107 246 Total net financial debt under IFRS (2,492) (2,433) 3.1 RECONCILIATION OF NET FINANCIAL DEBT (FRENCH GAAP AGAINST IFRS) (in € millions) 01/01/2004 31/12/2004 Net financial debt under French GAAP (2,266) (2,285) Treasury shares taken against equity (182) (88) Current financial assets excluded from net financial debt (24) (38) Other restatements (20) (22) Net financial debt under IFRS (2,492) (2,433) VINCI’s net financial debt at 31 December 2004 increases by €148 million from €2,285 million under French GAAP to €2,433 million under the IFRSs. This difference can be explained mainly by the fact that treasury shares are taken directly against equity under the IFRSs and are henceforth excluded from the definition of treasury assets. These amounted to €88 million at 31 December 2004, less than at 1 January 2004 (€182 million), as a result of the exercise of purchase options during the year. Furthermore, the definition of treasury assets, which is more restrictive under IFRS than under French GAAP, results in the exclusion from the treasury assets taken into account in determining net borrowing of certain financial receivables of which the liquidity is considered insufficient.
CONSOLIDATED FINANCIAL STATEMENTS 4. CONSOLIDATED IFRS CASH FLOW STATEMENT (in € millions) 2004 Cash flows (used in) / from operations before tax and cost of net financial debt 2,018 Changes in working capital requirement and current provisions 421 Income taxes paid (385) Net interest paid (210) Net cash flows (used in) / from operating activities I 1,844 Net investments in operating assets (476) Free cash flow 1,368 Growth investments in concessions (568) Net financial investments (241) Other cash flows related to investing activities (1) 16 Net cash flows (used in) / from investing activities II (1, 269) Free cash flow after financing of growth 575 Increases and reductions in share capital (231) Sums collected on exercise of share options 95 Dividends paid (343) Loan proceeds and repayments 213 Change in cash management financial assets (2) (223) Net cash flows (used in) / from financing activities III (489) Effect of changes in foreign exchange rates IV 2 Net increase / (decrease) in cash I + II + III + IV 88 (1) Including dividends received from unconsolidated companies €42 million. (2) Cash investments other than cash in hand (see Note B.2). The cash flow statement has been designed by reference to the model recommended in the CNC (Conseil National de la Comptabilité) Recommendation 2004-12-02 of 27 October 2004 and in accordance with IAS 7. In accordance with the new rules, VINCI’s cash flow statement henceforth shows the change in the net cash flows in the period and no longer the change in net financial debt. Application of the new presentation rules leads to a marked change in the amount of some of the headings that VINCI has presented until now. 277
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CONSOLIDATED FINANCIAL STATEMENTS<br />
4. CONSOLIDATED IFRS CASH FLOW STATEMENT<br />
(in € millions) 2004<br />
Cash flows (used in) / from operations before tax and cost of net financial debt 2,018<br />
Changes in working capital requirement and current provisions 421<br />
Income taxes paid (385)<br />
Net interest paid (210)<br />
Net cash flows (used in) / from operating activities I 1,844<br />
Net investments in operating assets (476)<br />
Free cash flow 1,368<br />
Growth investments in concessions (568)<br />
Net financial investments (241)<br />
Other cash flows related to investing activities (1) 16<br />
Net cash flows (used in) / from investing activities II (1, 269)<br />
Free cash flow after financing of growth 575<br />
Increases and reductions in share capital (231)<br />
Sums collected on exercise of share options 95<br />
Dividends paid (343)<br />
Loan proceeds and repayments 213<br />
Change in cash management financial assets (2) (223)<br />
Net cash flows (used in) / from financing activities III (489)<br />
Effect of changes in foreign exchange rates IV 2<br />
Net increase / (decrease) in cash I + II + III + IV 88<br />
(1) Including dividends received from unconsolidated companies €42 million.<br />
(2) Cash investments other than cash in hand (see Note B.2).<br />
The cash flow statement has been designed by reference to the model<br />
recommended in the CNC (Conseil National de la Comptabilité) Recommendation<br />
2004-12-02 of 27 October 2004 and in accordance with IAS 7.<br />
In accordance with the new rules, <strong>VINCI</strong>’s cash flow statement henceforth<br />
shows the change in the net cash flows in the period and no longer the<br />
change in net financial debt.<br />
Application of the new presentation rules leads to a marked change in the<br />
amount of some of the headings that <strong>VINCI</strong> has presented until now.<br />
277
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