VINCI - 2008 annual report

Consolidated fi nancial statements
Consolidated cash fl ow statement
(in € millions) Notes 2008 2007 (*)
Net profi t for the period (including minority interest) 1,699.1 1,577.9
Depreciation and amortisation 1,730.1 1,590.3
Net increase / (decrease) in provisions (83.5) 58.9
Share-based payments (IFRS 2) and other restatements 57.0 15.0
Gain / (loss) on disposals (102.0) (87.8)
Change in fair value of fi nancial instruments 111.8 (26.8)
Share of profi t / (loss) of associates, dividends received from unconsolidated entities
and profi t / (loss) of operations classifi ed as held for sale
(38.7) (30.6)
Capitalised borrowing costs (135.9) (135.6)
Cost of net fi nancial debt recognised 863.3 811.0
Current and deferred tax expense recognised 770.5 741.2
Cash fl ows (used in) / from operations before tax and fi nancing costs 2-3 4,871.8 4,513.5
Changes in working capital requirement and current provisions 2-3-21 733.0 686.9
Income taxes paid (582.4) (782.6)
Net interest paid (881.4) (836.1)
Net cash fl ows (used in) / from operating activities I 4,140.9 3,581.7
Purchases of property, plant and equipment, and intangible assets (992.8) (815.7)
Proceeds from sales of property, plant and equipment, and intangible assets 95.4 132.7
Net investments in operating assets (897.3) (683.1)
Purchases of concession fi xed assets (net of grants received) (1,166.6) (1,269.5)
New PPP contracts (fi nancial receivables) (51.3) (11.5)
Investments in concession assets and PPP contracts (1,217.9) (1,280.9)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (479.8) (2,095.0)
Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 95.5 71.9
Net eff ect of changes in consolidation scope 106.4 292.0
Net fi nancial investments (277.9) (1,731.2)
Dividends received from associates and unconsolidated entities 30.5 27.2
Other 40.3 2.2
Net cash fl ows (used in) / from investing activities II (2,322.4) (3,665.7)
Changes in share capital 381.3 369.7
Changes in treasury shares (200.3) (939.5)
Minority interest in share capital increases of subsidiaries
Dividends paid
5.9 2.3
– to shareholders of VINCI SA 18 (765.1) (664.5)
– to minority interests (63.6) (48.4)
Proceeds from new borrowings 679.1 3,611.8
Repayment of borrowings and changes in other current fi nancial debt (1,272.7) (2,366.9)
Change in cash management assets 397.1 (758.2)
Net cash fl ows (used in) / from fi nancing activities III (838.2) (793.7)
Change in net cash I+II+III 980.3 (877.7)
Net cash and cash equivalents at beginning of period 3,594.0 4,487.7
Other changes (60.9) (15.9)
Net cash and cash equivalents at end of period 22 4,513.4 3,594.0
Increase / (decrease) of cash management fi nancial assets (397.1) 758.2
(Proceeds from) / repayment of loans 593.6 (1,244.9)
Other changes (183.4) (126.5)
Change in net debt 932.5 (1,506.8)
Net debt at beginning of period (16,303.3) (14,796.4)
Net debt at end of period 22 (15,370.8) (16,303.3)
(*) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12, Service Concession Arrangements”
170 VINCI __ 2008 ANNUAL REPORT