2013-vinci-annual-report

D. Notes to the income statement
13. Net financial income/(expense)
(in € millions) 2013 2012
Income from subsidiaries and affiliates 763 324
Net financial expense (25) (65)
Foreign exchange gains and losses (1) –
Provisions and other 163 38
Net financial income/(expense) 900 297
300 VINCI 2013 ANNUAL REPORT
Income from investments in subsidiaries and affiliates corresponds to the dividends received from subsidiaries.
Net financial expense recognised in 2013 fell from €65 million in 2012 to €25 million in 2013, due mainly to a decrease in the average cost
of debt.
The line item “Provisions and other” consists mainly of the results of transactions on treasury shares in both 2013 and 2012.
14. Net exceptional income/(expense)
(in € millions) 2013 2012
Gain/(loss) on capital transactions
- Disposals of property, plant and equipment and intangible assets – (2)
- Disposals/contributions of shares and securities – 6
Income/(expense) relating to operations – (4)
Exceptional provisions 177 (144)
Net exceptional income/(expense) 177 (145)
In 2013, the “Exceptional provisions” item includes changes in impairment loss allowances on securities described in Note C.2 “Financial
assets”.
15. Income tax expense
The line item “Income tax expense” records income and expense connected with the group tax regime of which VINCI is the lead
company.
There was a net tax expense of €42 million in 2013, compared with net tax income of €93 million in 2012.
Tax income in respect of 2013 received from subsidiaries that are members of the tax group amounted to €693 million (€754 million in 2012)
and the tax expense due by VINCI was €705 million (€661 million in 2012).
16. Related companies
16.1 Balance sheet
Balance sheet items at 31 December 2013 in respect of related companies break down as follows:
(in € millions)
Assets
Non-current assets
Investments in subsidiaries and affiliates 20,014
Receivables connected with investments in subsidiaries and affiliates 1,028
Current assets
Trade receivables and related accounts 111