2013-vinci-annual-report

2012
228 VINCI 2013 ANNUAL REPORT
(in € millions)
Concessions Contracting Holding
companies
VINCI
Autoroutes
VINCI
Concessions Total
VINCI
Energies Eurovia
VINCI
Construction Total
and VINCI
Immobilier Eliminations
Income statement
Revenue (*) 4,439 915 5,354 9,017 8,747 15,327 33,090 811 (622) 38,634
Concession subsidiaries’ works
revenue
778 74 852 – – – – – (303) (***) 550
Total revenue 5,217 989 6,206 9,017 8,747 15,327 33,090 811 (924) 39,183
Operating income from ordinary
activities (**) 2,015 139 2,155 502 278 631 1,412 113 – 3,679
% of revenue (*) 45.4% 15.2% 40.2% 5.6% 3.2% 4.1% 4.3% – – 9.5%
Operating income (**) 2,012 134 2,146 478 276 654 1,407 114 – 3,667
Cash flow statement
Cash flow (used in)/
from operations
3,087 285 3,372 532 467 876 1,875 172 – 5,418
% of revenue (*) 69.5% 31.1% 63.0% 5.9% 5.3% 5.7% 5.7% – – 14.0%
Net depreciation and amortisation 1,096 110 1,206 87 256 323 666 5 – 1,877
Net provision expense (**) 33 48 81 8 5 29 42 (20) – 103
Operating investments
(net of disposals)
(27) (27) (54) (86) (219) (404) (710) 22 – (742)
Operating cash flow 1,744 222 1,966 317 (1) 437 753 403 – 3,123
Growth investments
(in concessions and PPPs)
(1,046) (79) (1,125) 2 – (17) (14) – – (1,140)
Free cash flow
(after investments)
698 143 841 319 (1) 420 738 403 – 1,983
Total
Balance sheet
Capital employed (**) 23,193 1,896 25,089 2,256 1,449 (316) 3,389 130 – 28,608
of which investments in companies
accounted for under the equity
15 103 118 9 107 553 669 19 – 806
method (**)
Net financial surplus (debt) (16,617) (1,441) (18,058) (47) (136) 2,278 2,095 3,436 – (12,527)
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended “Employee Benefits”, described in Note A.4.
(***) Intragroup revenue of the Contracting business derived from works carried out for the Group’s concession operating companies.