VINCI - 2005 annual report

3. SUMMARY BALANCE SHEET
(in € millions)
Assets
2005 2004 2003
Intangible assets, and property, plant and equipment 69.0 58.5 36.1
Non-current fi nancial assets 6,813.1 6,588.9 6,845.6
Other receivables and translation differences 294.8 163.3 128.2
Marketable and available-for-sale securities 4,283.2 3,700.6 3,051.0
Total assets 11,460.1 10,511.3 10,060.9
Equity and liabilities
Equity 6,549.6 4,994.1 5,149.8
Provisions 160.4 239.6 193.6
Financial debt 4,358.7 5,003.3 4,449.1
Other liabilities and adjustment accounts 391.4 274.3 268.4
Total equity and liabilities 11,460.1 10,511.3 10,060.9
The main fi nancial transactions in 2005 related to the conversion of the
OCEANE bonds and to the implementation of the share buy-back
programmes described above.
The increases in share capital in 2005 arising on conversion of the OCEANE
bonds (issue of 22,573,978 shares) represented an overall increase in
equity of €1,015.9 million.
3.1 NON-CURRENT FINANCIAL ASSETS
At 31 December 2005, VINCI’s non-current fi nancial assets broke down as follows:
286
VINCI 2005 ANNUAL REPORT
6,299,788 shares were also bought back, for €369.8 million. During the
same period, 2,500,000 shares were cancelled by a reduction of the share
capital, for a total of €125.1 million. Taking this into account, treasury
shares at 31 December amounted to €335.8 million, for 6,835,016 shares
(representing 3.5% of the share capital), of which 2,059,228
(€48.5 million) were allocated to covering share purchase option plans.
(in € millions) 2005 2004
Investments in subsidiaries and affi liates 6,879.3 6,885.0
Receivables linked to investments in subsidiaries and affi liates 47.2 116.5
Other fi xed asset securities 15.2 15.5
Other non-current fi nancial assets 301.4 61.2
Total non-current fi nancial assets (gross) 7,243.1 7,078.2
Provisions for impairment of non-current fi nancial assets 430.0 489.3
Total non-current fi nancial assets (net) 6,813.1 6,588.9
The portfolio of shares in subsidiaries and affi liated companies decreased
from €6,885 million at 31 December 2004 to €6,879.3 million at
31 December 2005. This decrease was due to recognition of the shares in
VINCI Immobilier received in exchange on the merger of Sorif, partially
offset by the intragroup transfers of the shareholdings in Consortium Stade
de France, Grana y Montero (a 16.34% shareholding) and CFE (a 1.63%
shareholding), mentioned in the Key Events section.
The other transactions during the period mainly related to:
– the reduction in receivables linked to shareholdings, following repayment
of loans by VINCI Park (€55.5 million) and by SCA Pochentong (Cambodian
airports) for €6.1 million;
– recording under other non-current financial assets of the
4,775,788 treasury shares acquired under the share buy-back
programme for €287.3 million (against 976,000 shares for
€42.6 million at 31 December 2004), corresponding to the balance
of treasury shares not allocated to covering the share purchase
option plans in progress.
The change in provisions for impairment provisions arose mainly from
the reversal (of €58.4 million) of the provision for impairment of the
shares in Elige (see Key Events).