CFE - 2006 annual report - Vinci

9 6
Contribution to the net resultpart
of the group (in thousand Euro)
2006 % turnover 2005 % turnover % variation
Construction 6,238 1.2% 5,020 1.0% 24.2%
Real estate development and management services 7,591 3,128
Stockeffect 268 -1,167
Sub-total 14,097 6,981 1.4% +101.9%
Dredging and environment 23,441 4.4% 17,386 4.1% +34.8%
Multitechnics 2,392 3.9% 1,049 2.3% +28.0%
Holding 775 86
Total consolidated 40,705 3.5% 25,502 2.6% +59.6%
1.4 Comments on the balance sheet, cash flow and investments
The net financial debt of the group CFE amounts 141.7 million Euro as of December 31, 2006, an amelioration of 32.6 million
Euro compared to December 31, 2005, while DEME’s net financial debt, driven by the current investment program, increases
with 62.9 million Euro (share CFE) (net financial debt DEME share CFE as of December 31, 2006: 189.7 million Euro against
127.2 million Euro share CFE as of December 31, 2005).
The other segments have a positive cash position of 48 million Euro, being 95.1 million Euro in progress compared to 2005.
This amelioration is explained by the commercialisation of the project Dôme at Grand Duchy of Luxembourg and by less need
in working capital by all segments. In addition, the cash position of the group was positively influenced by the capital increase
at CFE SA for 46.8 million Euro.
Consequently the financial structure of the group strengthened significantly in 2006. Shareholder’s equity increases with
70.5 million EUR and amounts 269.6 million Euro, representing a gearing of 22% (18% end 2005).
The provisions for risks (current and non current) increased with 6.2 million Euro and amounts 46.9 million Euro as of end
2006.
The return on equity (ROE), calculated on consolidated shareholders’ equity part of the group (end of 2006) amounts 15.3 %,
an increase compared with last year.
(in thousand Euro) 2006 2005
Cash fl ow from operating activities 128,903 30,548
Cash fl ow from investing activities -134,929 -95,814
Cash fl ow from fi nancing activities 59,404 54,238
Net increase /(decrease) of cash 53,378 -11,027
Equity – part of the group 265,463 190,449
Net result of the year 40,705 25,502
ROE 15.3% 13.4%
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 F E F I N A N C I A L R E P O R T 2 0 0 6 I c o r p o r a t e f i n a n c i a l y e a r
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