VINCI - 2005 annual report

4. CASH FLOW STATEMENT
(in € millions)
Operating activities
2005 2004 2003
Cash fl ow from operations 532.0 409.3 250.0
Net change in working capital requirement (14.3) (29.3) 72.4
Total (I)
Investing activities
517,7 380,0 322,4
Investments in operating assets (16.8) (24.9) (20.5)
Disposals of non-current assets 0.4 0.6 17.0
Net investments in operating assets (16.4) (24.3) (3.5)
Acquisitions of shares in subsidiaries and affi liated companies (0.9) (1.1) (64.2)
Disposal of VINCI shares under share purchase option schemes 39.2 93.9 6.8
Disposals of shares in subsidiaries and affi liated companies 66.6 86.1 4.8
Change in other non-current fi nancial assets (243.2) (51.2) (8.0)
Total (II)
Financing activities
(154.7) 103.4 (64.1)
Increases in share capital 270.3 259.6 53.1
Reduction of capital through cancellation of shares (125.1) (457.5) (26.9)
Dividends paid (188.9) (189.4) (142.0)
Interim dividend
Other long-term debts
(132.8) (97.9)
Total (III) (176.5) (485.2) (115.8)
Total cash fl ows for the period (I + II + III) 186.5 (1.8) 142.5
Net fi nancial debt at 1 January (1,302.8) (1,299.8) (1,449.1)
OCEANE conversion 1,015.9 — —
Impact of restructuring and reclassifi cation (1.2) 6.8
Net fi nancial debt at 31 December (100.4) (1,302.8) (1,299.8)
Cash fl ow from operations (€532 million) was up 30% against 2004, in
particular due to the larger dividend payments received from subsidiaries
in 2005.
In 2005, VINCI Holding recorded disposals of shares in subsidiaries and
affi liates for €66.6 million, including the transfer to VINCI Concessions
of the shares in Consortium Stade de France for €60 million.
The increase in other non-current fi nancial assets (€243.2 million) was
mainly due to purchases of the Company’s treasury shares, net of cancellations,
for €244.7 million.
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VINCI 2005 ANNUAL REPORT
Lastly, share capital increases, of €1,286.2 million, include the effects of
the conversion of the two OCEANE bonds referred to above for
€1,015.9 million.
Taking these items into account, the Holding’s net fi nancial debt before
treasury shares decreased by €1,202.4 to €100.4 million at 31 December
2005 (against €1,302.8 million at 31 December 2004).