2013-vinci-annual-report

2. Parent company financial statements
VINCI’s parent company financial statements show revenue of €12 million for 2013, compared with €12 million in 2012, consisting mainly
of services invoiced by the holding company to subsidiaries.
The parent company’s net income was €1,060 million in 2013, compared with €256 million in 2012. This includes €763 million of dividends
received from Group subsidiaries (€324 million in 2012).
Expenses referred to in Article 39.4 of the French General Tax Code amounted to €43,881 in 2013.
Note C.10 to the parent company financial statements contains the disclosures relating to suppliers’ payment terms required by France’s
LME Act on modernising the country’s economy and Article L.441-6-1 of the French Commercial Code.
REPORT OF THE BOARD OF DIRECTORS 123
3. Dividends
The Board of Directors has decided to propose to the Shareholders’ General Meeting on 15 April 2014 that the amount of the dividend for
2013 be set at €1.77 per share, unchanged relative to 2012.
Since an interim dividend of €0.55 per share was paid in November 2013, the final dividend payment on 30 April 2014 would be €1.22 per
share if approved (ex-date: 25 April 2014).
Year 2010 2011 2012
Type Interim Final Total Interim Final Total Interim Final Total
Amount per share €0.52 €1.15 €1.67 €0.55 €1.22 €1.77 €0.55 €1.22 €1.77
Number of qualifying shares 545,061,260 536,193,431 541,722,314 534,238,617 536,210,554 535,007,753
Aggregate amount paid
(in € millions) 283 617 298 652 295 654
Tax allowance applicable to
individual shareholders 40% 40% 40% 40% 40% 40%
B. Post-balance sheet events, trends and outlook
1. Material post-balance sheet events
1.1 ASF bond issue
In January 2014, as part of its EMTN programme, ASF issued €600 million of 10-year bonds paying an annual coupon of 2.95%.
1.2 Completion of the buy-out of non-controlling interests in Cofiroute
Colas sold its 16.67% financial interest in Cofiroute to VINCI Autoroutes on 31 January 2014.
VINCI Autoroutes now owns 100% of Cofiroute’s share capital.
1.3 Sale of an equity interest in VINCI Park
VINCI has begun the process of selling an equity interest in VINCI Park to enable this company to continue its development, particularly
outside France, under a new ownership structure. The process remains ongoing.
2. Information on trends
2.1 Outcome in 2013
When publishing its quarterly results in October 2013, VINCI clarified its targets:
“The good third-quarter performance in terms of revenue and order intake reinforces previously announced full-year trends:
–Slight organic revenue growth, with the confirmation of the VINCI Autoroutes traffic improvement in Concessions;
–Increase of cash flow from operations before tax and financing costs (Ebitda);
–Slight decline of operating income and, at an unchanged tax regime in France, net income. Nonetheless, the increase of the surtax of the French corporate
tax rate, currently being considered by the French parliament, would negatively impact net income;
–Order book to remain at a high level, particularly with a significant order intake coming from outside Europe.”