2013-vinci-annual-report

ANA’s contribution to VINCI’s 2013 results
(in € millions) 17/09/2013 - 31/12/2013
Consolidated revenue (*) 125
Operating income from ordinary activities 22
Net income for the period (5)
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
For full-year 2013, revenue, operating income from ordinary activities and net income, on the basis of the same assumptions as those retained
at the acquisition date, would have been €456 million, €103 million and €13 million respectively (unaudited figures).
2. Finalisation of the agreement concerning a new business strategy for CFE
On 24 December 2013, following approval by the European competition authorities, VINCI and Ackermans & van Haaren (AvH) completed
the transactions provided for in their agreement signed on 19 September 2013.
AvH transferred to CFE its 50% stake in DEME, a leading world player in dredging and marine works. CFE’s extraordinary general meeting of
shareholders of 13 November 2013 had previously approved the capital increase reserved for AvH, resulting in the issue of 12,222,222 new
CFE shares at a price of €45 each.
VINCI sold half of its stake in CFE to AvH for cash, i.e. 3,066,440 shares at a price of €45 each.
Following these transactions, VINCI still has a 12.11% stake in CFE, giving it only significant influence over the company. As a result, CFE has
been accounted for under the equity method since 24 December 2013. AvH now owns 60.39% of CFE, which in turn owns 100% of DEME.
VINCI’s loss of control over CFE led to the recognition under non-recurring operating income of a disposal gain and, in accordance with the
provisions of IAS 27 applicable to a loss of control, the remeasurement of the remaining stake at fair value.
3. Other acquisitions
3.1 Purchase of additional Aéroports de Paris (ADP) shares
As part of a disposal by the French government and the FSI (French sovereign investment fund), VINCI purchased 4,643,968 shares in ADP
on 5 July 2013, representing a 4.7% stake in the company. The purchase price was €78.5 per share, making a total cash investment of
€365 million. After this transaction, VINCI owns 8% of ADP.
On 29 November 2013, VINCI’s CEO Xavier Huillard was appointed to ADP’s board of directors as a non-voting director. It is expected that
VINCI will have a full director on ADP’s board at the latest from the general meeting of shareholders convened to approve the 2013 consolidated
financial statements. As a result, the view has been taken that VINCI now takes part in decisions relating to ADP’s financial and
operational policies. Since 29 November 2013, therefore, the Group’s stake in ADP has been consolidated under the equity method.
Until 29 November 2013, VINCI’s shares in ADP had been accounted for as available-for-sale securities. The fair value reserve, which had
until that date accrued under other comprehensive income, was credited to non-recurring operating income.
3.2 Buy-out of non-controlling interests in Cofiroute
On 20 December 2013, Colas and VINCI Autoroutes signed an agreement for Colas to sell its 16.67% stake in Cofiroute to VINCI Autoroutes.
After this transaction, which was completed on 31 January 2014, the Group owns 100% of Cofiroute (see Note I.31 “Completion of the buyout
of non-controlling interests in Cofiroute”).
The memorandum of understanding specifies the payment of €780 million in cash and contains an earn-out clause.
At 31 December 2013, the undertaking to purchase this additional stake in Cofiroute resulted in the Group recognising a liability of
€800 million, including an earn-out of up to €20 million, which will be dependent on achieving operational targets in 2014 and 2015.
4. Acquisitions in previous periods
CONSOLIDATED FINANCIAL STATEMENTS 225
The main acquisitions in 2012 (GA Gruppe in Germany at VINCI Energies, NAPC in India and Carmacks in Canada at Eurovia, and Geostock
at Entrepose Contracting), are described in Note B “Business combinations” in the 2012 registration document D.13-0085 filed with the
AMF on 27 February 2013.
In accordance with IFRS 3 Amended, VINCI is currently assessing the fair value of the assets, liabilities and contingent liabilities acquired,
and determining the related deferred tax effects. The allocation of the purchase prices, based on the fair value of identifiable assets and
liabilities, resulted in goodwill being recognised in the amounts of €188 million for GA Gruppe, €58 million for NAPC, €21 million for Carmacks
and €17 million for Geostock.
The values allocated to identifiable assets and liabilities on the dates when control was acquired were not adjusted materially in 2013.