VINCI - 2005 annual report

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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, 278 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.
K. MAIN CONSOLIDATED COMPANIES AT 31 DECEMBER 2005 CONSOLIDATED FINANCIAL STATEMENTS Consolidation method VINCI group holding 1. CONCESSIONS AND SERVICES Cofiroute FC 65.34 Cofiroute Participations FC 65.34 Cofiroute Corporation (USA) FC 65.34 Cofiroute UK (UK) FC 65.34 Gefyra Litourgia (Greece) FC 34.63 Autoroutes du Sud de la France EM 22.99 VINCI Park FC 100.00 Sogeparc France FC 100.00 Sogeparc CGST FC 100.00 Sepadef (Société d’exploitation des parcs de La Défense) FC 100.00 VINCI Park Services Ltd (UK) FC 100.00 VINCI Park España FC 100.00 VINCI Park Belgium FC 100.00 VINCI Park Luxembourg FC 99.92 Gestipark (Canada) FC 84.25 Zeson Management Ltd (Hong Kong) FC 100.00 Other concessions Stade de France PC 66.67 SMTPC (Prado-Carénage tunnel ) EM 32.24 Lusoponte (Bridges over the Tagus river, Portugal) EM 30.85 Severn River Crossing (Bridges over the River Severn, UK) EM 35.00 Strait Crossing Development Inc. (Confederation Bridge, Canada) PC 49.90 Gefyra (Rion-Antirion bridge, Greece) FC 53.00 Autopista Del Bosque (Chillán-Collipulli motorway, Chile) FC 82.95 Operadora Autopista Del Bosque (Chile) FC 86.14 Morgan VINCI Ltd (Newport bypass, Wales, UK) PC 50.00 Société Concessionnaire de l’Aéroport de Pochentong – SCA (Cambodia) PC 70.00 Arcour (A19 motorway) FC 100.00 Airport Services VINCI Airports US FC 100.00 SPA TRANS FC 100.00 EFS FC 100.00 VINCI Airport UK FC 100.00 France Handling FC 100.00 SFS UK (UK) FC 100.00 VINCI Services Aéroportuaires FC 100.00 VINCI Concessions holding companies VINCI Concessions SA FC 100.00 VINCI Airports FC 100.00 (1) Including 3.48% transferred by Hagen under a share sales agreement dated 16 October 2000, now being finally regularised following the acceptance of the construction work carried out by Novaponte and issuance of the required approvals. FC: full consolidation; PC: proportionate consolidation; EM: equity method. 279 (1)
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ANNUAL REPORT 2005
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EUROVIA VINCI CONSTRUCTION KEY 2005
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VINCI, the world’s leading integr
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VINCI gains new momentum With the A
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Corporate management structures BOA
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All business lines contributed to t
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Complementary business lines operat
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A growth course set by the concessi
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VINCI share price up 47% in 2005 In
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THE 2006 SHAREHOLDERS’ CALENDAR 1
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2005 Highlights Bernard Val, Chairm
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20 VINCI 2005 ANNUAL REPORT
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22 BUILDING AND MAKING A LONG-TERM
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KEY FIGURES In € millions and as
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VINCI CONCESSIONS WORLDWIDE EUROPE
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Top. ASF and Escota operate a netwo
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CONCESSIONS / ACTIVITÉ ASF recentl
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CONCESSIONS / BUSINESS REPORT 32 VI
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CONCESSIONS / BUSINESS REPORT Betwe
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A86 : DISCREET DOWN TO THE FINEST D
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The toll system of the future In Ma
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Top. Some 41,000 vehicles a day tra
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VINCI Park VINCI Park is present in
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44 VINCI 2005 ANNUAL REPORT and the
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Airport sector VINCI Concessions is
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CONSTRUCTION CONCESSIONS CONSTRUCTI
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ENERGY 51
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A leader in energy and information
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Top. For the Munich airport, German
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Acquisitions 16 companies acquired
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Top left. Design and implementation
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VINCI Energies at the Zénith conce
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ÉDITORIAL GRANIOU SUPPORTS NORTEL
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66 LEADER IN INFRASTRUCTURE CONSTRU
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KEY FIGURES In € millions and as
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EUROVIA / BUSINESS REPORT Brisk gro
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MATERIALS: A STRATEGIC FACILITY IN
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EUROVIA / BUSINESS REPORT NOxer ®
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Top left. Roadworks in the village
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EUROVIA / BUSINESS REPORT Design &
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CONSTRUCTION EUROVIA CONSTRUCTION E
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CONSTRUCTION 83
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French market leader and a world ma
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Above. The Granite tower under cons
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VINCI Construction Grands Projets
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ÉDITORIAL A BUILDING OF THE FUTURE
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The fl oating swimming pool To meet
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Civil engineering revenue +11.2 % S
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Top. Restructured so as to reduce t
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In the United Kingdom and Germany,
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101
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ÉDITORIAL Top. Standing alongside
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VINCI Immobilier will be developing
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A RESPONSIBLE GROUP 107
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Implementation of the Global Compac
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Priority areas and projects Limit t
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Commitments Guarantee the safety an
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COMBINING MOTIVATION AND SAFETY CFE
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DEVELOPING SKILLS VINCI’s trainin
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VINCI CONSTRUCTION SATISFACTION SUR
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Other social indicators A RESPONSIB
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REMUNERATION Remuneration and socia
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LEARNING TO LEARN The VINCI Foundat
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EMERGENCY AID ACTIVITIES The VINCI
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FICHE VINCI PREQUALIFICATION AND IM
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Above: Since 2005, VINCI’s approv
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A BUILDING THAT USES LESS ENERGY VI
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ISO 14001 CERTIFICATION GROWTH 2004
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IMPROVING THE ENERGY EFFICIENCY OF
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Optimising waste management VINCI c
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Above: After rehabilitation, Eurovi
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B/ NOISE POLLUTION Eurovia 2005 200
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UN GROUPE RESPONSABLE / RESPONSABIL
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Opinion of one of the Statutory Aud
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FINANCIAL STATEMENTS FINANCIAL STAT
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27. Market value of fi nancial inst
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2.1 APPOINTMENTS AND FUNCTIONS OF C
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Alain Dinin Age: 55 • 1997-2008 N
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Yves-Thibault de Silguy (suite) Wil
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The other eleven Directors are prom
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- in respect of the Company’s int
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The following table shows the Direc
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When he retired, he received €1,2
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CORPORATE GOVERNANCE Options Option
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REPORT OF THE CHAIRMAN REPORT OF TH
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3.4. INTERNAL AUDIT The internal au
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The third step, in 2003 and 2004, i
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REPORT OF THE STATUTORY AUDITORS IN
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Outside France, VINCI Energies’ r
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1.3 NET PROFIT Net profi t attribut
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The Group’s fi nancial structure
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1.3 CONCESSIONS The main risks in c
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C. INSURANCE 1. GENERAL POLICY Give
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D. OTHER INFORMATION 1. INVESTMENT
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CONSOLIDATED FINANCIAL STATEMENTS C
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CONSOLIDATED FINANCIAL STATEMENTS E
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STATEMENT OF CHANGES IN CONSOLIDATE
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2.2 EARLY REDEMPTION OF THE 2002-20
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1.1 FIRST-TIME ADOPTION OF IFRS - M
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Joint venture partnerships created
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- when borrowing is not intended to
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Cash management financial assets Ca
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- Hedge of a net investment in a fo
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1.2.2 Breakdown of revenue by locat
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FY 2004 CONSOLIDATED FINANCIAL STAT
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FY 2004 CONSOLIDATED FINANCIAL STAT
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4. SEGMENT INFORMATION BY GEOGRAPHI
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5.3 SHARE-BASED PAYMENTS The expens
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The income arising in the period fr
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E. NOTES TO THE BALANCE SHEET 10. I
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12.2 IMPAIRMENT LOSSES ON OTHER NON
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CONSOLIDATED FINANCIAL STATEMENTS 1
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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 and 244: 24. PROVISIONS During the period, c
Page 245 and 246: By business line, the analysis of n
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
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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: CONSOLIDATED FINANCIAL STATEMENTS 4
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
Page 295 and 296: PARENT COMPANY FINANCIAL STATEMENTS
Page 301 and 302: Meeting are determined by the Share
Page 303 and 304: 3. INFORMATION ON VINCI’S SHARE C
Page 305 and 306: 3.3 BREAKDOWN OF SHARE CAPITAL AND
Page 307 and 308: 3.5 THE VINCI SHARE AND THE STOCK M
Page 309 and 310: 3. FEES OF THE STATUTORY AUDITORS P
Page 311 and 312: 9. Operating and fi nancial review
Page 313 and 314: In accordance with Article 212-13 o
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