2013-vinci-annual-report

1.7. Balance sheet and net financial debt
Consolidated non-current assets amounted to €38.0 billion at 31 December 2013 (€35.3 billion at 31 December 2012). They consisted mainly
of concession assets (€29.6 billion). After taking account of a working capital surplus (attributable mainly to the Contracting business) of
€6.6 billion, down €80 million compared with 31 December 2012, consolidated capital employed was €31.4 billion at 31 December 2013
(€28.6 billion at the end of 2012).
The Concessions business accounted for almost 90% of total capital employed (87% at 31 December 2012).
122 VINCI 2013 ANNUAL REPORT
The Group’s equity rose to €14.3 billion at 31 December 2013 from €13.8 billion at 31 December 2012. It includes €118 million relating to
non-controlling interests.
The number of shares, excluding treasury shares, was 556,953,101 at 31 December 2013 (536,245,294 at 31 December 2012).
Consolidated net financial debt was €14.1 billion at 31 December 2013 (€12.5 billion at 31 December 2012).
For the Concessions business, including holding companies, net financial debt stood at €20.0 billion, up €2.0 billion relative to
31 December 2012. The contracting business showed a net cash surplus of €2.1 billion, stable compared with 2012. The holding companies
and other activities posted a net financial surplus of €3.8 billion, up €0.3 billion relative to 31 December 2012.
The ratio of net financial debt to equity was 1.0 at 31 December 2013 (0.9 at 31 December 2012). The financial debt-to-Ebitda ratio stood
at 2.5 at the end of 2013 (2.3 at 31 December 2012).
Group liquidity remained very high, amounting to €10.4 billion at 31 December 2013. This figure comprises €4.1 billion of net cash managed
and €6.3 billion of unused confirmed bank credit facilities, including €0.7 billion expiring in 2016, €1.9 billion expiring in 2017 and €3.7 billion
expiring in 2018.
Net financial surplus (debt)
(in € millions)
31/12/2013
Net financial debt/
Ebitda 31/12/2012
Net financial debt/
Ebitda 2013/2012 change
Concessions (20,010) x5.7 (18,058) x5.4 (1,952)
VINCI Autoroutes (15,387) x4.8 (16,617) x5.4 1,229
VINCI Concessions (4,622) x15.3 (1,441) x5.1 (3,181)
Contracting 2,129 2,095 34
VINCI Energies (64) (47) (17)
Eurovia 26 (136) 162
VINCI Construction 2,167 2,278 (111)
Holding companies and miscellaneous 3,777 3,436 341
Total (14,104) x2.5 (12,527) x2.3 (1,577)
1.8 Return on capital
Definitions:
ˇˇReturn on equity (ROE) is net income for the current period attributable to owners of the parent, divided by equity excluding non-controlling
interests at the previous year end;
ˇˇNet operating income after tax is operating income from ordinary activities, after restating for various items (in particular the share in the
income or loss of companies accounted for under the equity method and dividends received), less the theoretical tax expense;
ˇˇReturn on capital employed (ROCE) is net operating income after tax divided by the average capital employed at the opening and closing
balance sheet dates for the financial year in question.
Return on equity (ROE)
The Group’s ROE was 15.0% in 2013, unchanged compared with the 2012 figure.
(in € millions) 2013 2012
Equity excluding non-controlling interests at previous year end 13,037 12,744
Net income for the year 1,962 1,917
ROE 15.0% 15.0%
Return on capital employed (ROCE)
ROCE was 9.0% in 2013, unchanged compared with the 2012 figure.
(in € millions) 2013 2012
Capital employed at previous year end 28,608 27,947
Capital employed at this year end (*) 28,427 28,608
Average capital employed (*) 28,517 28,277
Operating income from ordinary activities (*) 3,659 3,679
Other items (**) 211 90
Theoretical tax (***) (1,302) (1,211)
Net operating income after tax 2,568 2,558
ROCE 9.0% 9.0%
(*) Before consolidation of ANA.
(**) Group share of the income or loss of companies accounted for under the equity method, dividends received and other recurring and non-recurring operating items.
(***) Based on the effective rate for the period by business line, excluding 3% tax on dividends paid.