2013-vinci-annual-report

14. Investments in companies accounted for under the equity method
14.1 Movements during the period
(in € millions) 31/12/2013 31/12/2012 (*)
Value of shares at start of period 806 745
of which Contracting 669 614
of which Concessions 118 120
Increase of share capital of companies accounted for under the equity method 31 26
Group share of profit or loss for the period 95 82
of which Contracting 93 80
of which Concessions 3 3
Group share of profit or loss for the period (non-recurring items) (**) (110) –
Dividends paid (57) (57)
Changes in consolidation scope, translation differences and actuarial gains and losses 334 13
Net change in fair value of financial instruments (after tax) 170 (129)
Reclassifications (4) 127
Value of shares at end of period 1,265 806
of which Contracting 437 669
of which Concessions 794 118
(*) 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.
(**) Including non-recurring items of Via Solution Sudwest, Olympia Odos and Aegean Motorway.
Movements during the period recorded in the “Changes in consolidation scope, translation differences and actuarial gains and losses” item
arise mainly from the Group’s stake in Aéroports de Paris being equity-accounted since 29 November 2013 (an increase of €641 million, see
Note B.3.1 “Purchase of additional shares in Aéroports de Paris”) and by the change in the Group’s percentage stake in CFE and its subsidiaries
including DEME (a decrease of €334 million, see Note B.2 “Finalisation of the agreement concerning a new business strategy for CFE”).
The net changes in the fair value of financial instruments relate mainly to interest rate hedging transactions on concession and public-private
partnership projects.
14.2 Financial information on companies accounted for under the equity method
The book value of the portion attributable to the Group of VINCI’s shareholdings in companies accounted for under the equity method breaks
down as follows by business and business line:
(in € millions) 31/12/2013 31/12/2012 (*)
Concessions 794 118
of which VINCI Autoroutes 8 15
of which VINCI Concessions 786 103
Contracting 437 669
of which VINCI Energies 10 9
of which Eurovia 110 107
of which VINCI Construction 317 553
VINCI Immobilier 34 19
Investments in companies accounted for under the equity method 1,265 806
(*) 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.
The main financial data on the companies accounted for under the equity method is as follows (Group share):
31/12/2013 31/12/2012 (*)
(in € millions)
Concessions
Contracting
and VINCI
Immobilier Total Concessions
Contracting
and VINCI
Immobilier
Total
Income statement
Revenue 618 2,093 2,711 544 1,708 2,252
Operating income from ordinary activities 102 162 263 114 128 242
Net income (107) 93 (15) 3 80 82
Balance sheet
Non-current assets 3,675 605 4,279 2,818 1,807 4,625
Current assets 1,085 932 2,017 652 1,090 1,743
Equity (6) (447) (453) 311 (626) (315)
Non-current liabilities (3,779) (437) (4,216) (2,977) (1,198) (4,174)
Current liabilities (975) (653) (1,628) (804) (1,074) (1,878)
CONSOLIDATED FINANCIAL STATEMENTS 241
Net financial debt (3,298) (222) (3,519) (2,705) (651) (3,356)
(*) 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.