CFE - 2006 annual report - Vinci

On November 30 th , 2005 the group CFE acquired all the remaining shares of Van Wellen Ltd and its subsidiaries Aannemingen
Van Wellen Ltd and Projectontwikkeling Van Wellen Ltd for 12,000 thousand Euro, among which 6,000 thousand Euro are due
in December 2006. The discounted amount is presented under the “other current liabilities”. The measurement of property,
plant & equipment at fair value is based on an internal evaluation using the market price as benchmark. The impact of the
fair value adjustment on these property, plant & equipment corresponding to the previously held part, is recognized in equity
for 1,025 thousand Euro (after deferred taxes).
Assuming that the business combinations of these companies would have occurred as from January 1 st 2005, the impact
on revenue and on net result of the year would have been respectively 48,995 thousand Euro and 3,100 thousand Euro higher.
The non-allocated goodwill originates in the fact that the group CFE does not control the clients of these entities; it is never-
theless justified by the fact that the group CFE could have a network to develop its activities in Flanders and within the road -
building sector.
In addition, the group CFE through its subsidiary DEME increased its participation in Europe Aggrégats (35% at the end of
December 2004 and 50% at the end of 2005). The acquisition price amounts to 347 thousand Euro. The fair value of assets
and liabilities of this subsidiary are not included in the table here above, as the impact was not material. Assuming that these
business combinations would have taken place as per January 1 st 2005, the impact on revenue and net result of the year would
have been insignificant.
In the assumption that these business combinations would have taken place as per January 1 st 2005, revenue and net result
of the year would have been respectively 1,024,401 thousand Euro and 28,602 thousand Euro.
In 2005 the group CFE decided to reverse the write-off recognized on deferred tax assets recognized when allocating the
goodwill of BPC Ltd. As the goodwill was completely allocated to the fair value of assets and liabilities, this adjustment has
been recognized in the result of the year.
Disposals for the exercise 2006
Fair value of assets and liabilities of subsidiaries disposed within the year
(in thousand Euro)
Property, plant & equipment and property investments 3
Inventories 27,988
Trade receivables and other operating receivables 2,577
Trade payables (2,258)
Current financial debts (21,220)
Other debts and taxes (8,100)
Cash and cash equivalents 133
Fair value of assets and liabilities (877)
End November 2006, as a result of the successful marketing of the “Dôme” project in partnership with VINCI immobilier,
the group CFE through CFE Ltd and Elinvest Ltd, sold the company Libertim Lux Ltd to an investor.
The cash flow variation is included into the operating profit before changes in working capital; consequently it is not consid-
ered as an investment activity and the realized gain is recognized in sales.
C F E F I N A N C I A L R E P O R T 2 0 0 6 I 1 2 6 t h c o r p o r a t e f i n a n c i a l y e a r
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