2013-vinci-annual-report
2013-vinci-annual-report
2013-vinci-annual-report
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3. Breakdown of the Concessions business data<br />
<strong>2013</strong><br />
of which<br />
VINCI<br />
of which<br />
(in € millions) VINCI Autoroutes ASF group Cofiroute Concessions VINCI Airports VINCI Park Total<br />
Income statement<br />
Revenue (*) 4,596 3,308 1,241 1,020 315 607 5,616<br />
Concession subsidiaries’ works revenue 491 377 109 88 66 19 578<br />
Total revenue 5,087 3,685 1,351 1,108 381 625 6,195<br />
Operating income from ordinary activities 2,031 1,378 632 124 65 114 2,155<br />
% of revenue (*) 44.2% 41.7% 50.9% 12.2% 20.5% 18.7% 38.4%<br />
Operating income 2,019 1,368 630 207 190 122 2,226<br />
230 VINCI <strong>2013</strong> ANNUAL REPORT<br />
Cash flow statement<br />
Cash flows from operations before tax<br />
and financing costs<br />
3,231 2,316 886 301 102 209 3,533<br />
% of revenue (*) 70.3% 70.0% 71.4% 29.5% 32.5% 34.4% 62.9%<br />
Net depreciation and amortisation 1,222 954 259 121 36 74 1,343<br />
Net provision expense 12 5 7 (1) 1 17 11<br />
Operating investments (net of disposals) (25) (11) (10) (33) (5) (25) (58)<br />
Operating cash flow 1,849 1,467 451 229 109 153 2,077<br />
Growth investments (in concessions and PPPs) (689) (553) (132) (75) (37) (37) (764)<br />
Free cash flow<br />
(after investments)<br />
1,159 914 319 154 71 116 1,313<br />
Balance sheet<br />
Capital employed 22,840 16,949 5,213 5,275 3,684 1,203 28,115<br />
of which investments in companies accounted<br />
for under the equity method<br />
8 8 (0) 786 644 55 794<br />
Net financial surplus (debt) (15,387) (10,938) (2,857) (4,622) (2,927) (673) (20,010)<br />
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.<br />
2012<br />
of which<br />
VINCI<br />
of which<br />
(in € millions) VINCI Autoroutes ASF group Cofiroute Concessions VINCI Airports VINCI Park Total<br />
Income statement<br />
Revenue (*) 4,439 3,191 1,208 915 167 615 5,354<br />
Concession subsidiaries’ works revenue 778 648 128 74 51 19 852<br />
Total revenue 5,217 3,839 1,336 989 218 634 6,206<br />
Operating income from ordinary activities (**) 2,015 1,388 611 139 44 114 2,155<br />
% of revenue (*) 45.4% 43.5% 50.6% 15.2% 26.5% 18.5% 40.2%<br />
Operating income (**) 2,012 1,386 609 134 44 109 2,146<br />
Cash flow statement<br />
Cash flows from operations before tax<br />
and financing costs<br />
3,087 2,207 856 285 59 210 3,372<br />
% of revenue (*) 69.5% 69.1% 70.8% 31.1% 35.3% 34.2% 63.0%<br />
Net depreciation and amortisation 1,096 837 252 110 15 76 1,206<br />
Net provision expense (**) 33 21 12 48 (3) 29 81<br />
Operating investments (net of disposals) (27) (23) (4) (27) (4) (19) (54)<br />
Operating cash flow 1,744 1,267 547 222 52 122 1,966<br />
Growth investments (in concessions and PPPs) (1,046) (861) (182) (79) (31) (46) (1,125)<br />
Free cash flow (after investments) 698 405 365 143 21 76 841<br />
Balance sheet<br />
Capital employed (**) 23,193 17,269 5,237 1,896 304 1,242 25,089<br />
of which investments in companies accounted<br />
for under the equity method<br />
15 15 – 103 – 40 118<br />
Net financial surplus (debt) (16,617) (11,149) (2,877) (1,441) (39) (730) (18,058)<br />
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.<br />
(**) 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.
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