VINCI - 2005 annual report

4.1 RECONCILIATION OF CASH FLOWS FROM OPERATIONS
(FRENCH GAAP AGAINST IFRS)
(in € millions) 2004
Cash flow from operations under French GAAP 1,561
Financing costs under French GAAP (1) 119
Current tax under French GAAP 416
Cash flows (used in / from operations before tax and financing cost French GAAP) 2,096
Reclassification of dividends received from unconsolidated subsidiaries) (2) (42)
Impact of changes in current provisions (35)
Other (1)
Cash flows (used in) / from operations before tax and cost of net financial debt (IFRS) 2,018
(1) Before amortisation of OCEANE redemption premiums.
(2) Including ASF for €32 million.
Contrary to French GAAP, cash flows from operations are presented before
tax and financial expenses under IFRS, and amounted to €2,018 million
in 2004.
Contrary to French GAAP, cash flows from operations under IFRS
exclude the dividends received from unconsolidated companies, which
are now included in cash flows (used in) / from investments. In 2004,
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VINCI 2005 ANNUAL REPORT
these amounted to €42 million and related mainly to the dividend paid
to VINCI Concessions by ASF.
Moreover, changes in current provisions are henceforth included in cash
flow from operations, such provisions being considered as operating
liabilities.
4.2 RECONCILIATION OF “FREE CASH FLOW” (FRENCH GAAP AGAINST IFRS)
(in € millions) 2004
Free cash flow before growth investments in concessions 1,510
Reclassification of dividends received from unconsolidated subsidiaries under financial investments (1) (42)
Reclassification of changes in accrued interest not matured on loans under changes in net cash (12)
Reclassification of capitalised interest under growth investments in concessions (77)
Other changes (11)
Free operating cash flow under IFRS 1,368
(1) Including ASF for €32 million.
Cash flows from operating activities, as defined under the IFRSs, take
account of the finance expenses corresponding to capitalised borrowing
costs on assets under construction, which until now were included under
cash flows (used in) / from investing activities. In 2004, these amounted
to €77 million and mainly related to Cofiroute.
Given these reclassification differences, the free cash flow before growth
investments amounts to €1,368 million under IFRS against €1,510 million
under French GAAP.
J. REMINDER OF THE 2003 AND 2004 VINCI FINANCIAL
STATEMENTS PREPARED UNDER FRENCH GAAP
VINCI’s consolidated financial statements published at 31 December 2005
were prepared applying French accounting principles; since 1 January
1999 they have therefore complied with the accounting rules and methods
relating to consolidated financial statements approved by the Decree
of 22 June 1999 approving Regulation 99-02 of the Comité de la Réglementation
Comptable, the French accounting regulatory body.
The financial statements for 2004 and 2003 are presented in registration
document D.05-0310 filed with the AMF on 31 March 2005.