VINCI - 2008 annual report

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Consolidated fi nancial statements Cash fl ow statement (in € millions) 176 VINCI __ 2008 ANNUAL REPORT 31/12/2007 Published Impact IFRIC 12 31/12/2007 Restated Net profi t for the period (including minority interest) 1,583.0 (5.1) 1,577.9 Depreciation and amortisation 1,594.9 (4.5) 1,590.3 Net increase/(decrease) in provisions 48.1 10.8 58.9 Share-based payments (IFRS 2) and other restatements 15.0 15.0 Gain/(loss) on disposals (87.8) (87.8) Change in fair value of fi nancial instruments (26.8) (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 (30.8) 0.2 (30.6) Capitalised borrowing costs (135.6) (135.6) Cost of net fi nancial debt recognised 811.0 811.0 Current and deferred tax expense recognised 743.8 (2.7) 741.2 Cash fl ows (used in)/from operations before tax and fi nancing costs 4,514.7 (1.2) 4,513.5 Net cash fl ows (used in) / from operating activities I 3,583.5 (1.8) 3,581.7 Net cash fl ows (used in) / from investing activities II (3,667.5) 1.7 (3,665.7) Net cash fl ows (used in) / from fi nancing activities III (793.7) (793.7) Change in net cash I + II + III (877.7) (0.0) (877.7) Net cash and cash equivalents at beginning of period 4,487.7 0.0 4,487.7 Net cash and cash equivalents at end of period 3,594.0 0.0 3,594.0 Change in net debt (1,506.8) 0.0 (1,506.8) Net debt at beginning of period (14,796.4) 0.0 (14,796.4) Net debt at end of period (16,303.3) 0.0 (16,303.3) 2. Consolidation methods 2.1 Consolidation scope Companies of which the Group holds, whether directly or indirectly, the majority of voting rights enabling control to be exercised, are fully consolidated. Companies that are less than 50 % owned but in which VINCI exercises de facto control – i.e. has the power to govern the fi nancial and operating policies of an entity so as to obtain benefi ts from its activities – are consolidated using this same method. This relates mainly to CFE, a Belgium construction group quoted on the Brussels stock market, of which VINCI owns 46.84% and over which it has de facto control in view in particular of the widely-held nature of the Company’s shareholder register. Proportionate consolidation is used for jointly controlled entities. This relates in particular to joint venture agreements (sociétés en participation) in the construction division, various companies in the concessions division, and Consortium Stade de France, of which VINCI owns 66.67% and where there is a shareholders’ agreement with Bouygues, which owns 33.33%. This agreement organises the joint control by this Company’s two sole shareholders. VINCI’s consolidated fi nancial statements include the fi nancial statements of all companies with revenue of more than €2 million, and of subsidiaries whose revenue is below this fi gure but whose impact on the Group’s fi nancial statements is material. Companies over which the Group exercises signifi cant infl uence are accounted for using the equity method. Number of companies by reporting method 31/12/2008 31/12/2007 (number of companies) Total France Foreign Total France Foreign Full consolidation 1,676 1,069 607 1,610 1,025 585 Proportionate consolidation 433 202 231 404 187 217 Equity method 87 42 45 76 35 41 Total 2,196 1,313 883 2,090 1,247 843
Consolidated fi nancial statements The main acquisitions in the year were Taylor Woodrow Construction (13 companies) acquired by VINCI plc, and Vossloh Infrastructure Services (4 companies) acquired by Eurovia, which are described in Note B “Business combinations”. The other changes in consolidation scope result mainly from the acquisition by VINCI Park of Ideal Parking, Master Park and Sunset Parking in North America, the acquisition of 22 companies in the energy division, 32 companies in the construction division, 17 companies in the roads division and 21 companies by VINCI Immobilier (Hermes Group). The main disposal during the period was that by VINCI Construction Filiales Internationales of its Hungarian subsidiary Hídépitö. 2.2 Intragroup transactions Reciprocal operations and transactions relating to assets and liabilities, income and expenses between consolidated or equity-accounted companies are eliminated in the consolidated fi nancial statements. This is done: - for the full amount if the transaction is between two subsidiaries; - applying the percentage of proportionate consolidation of an entity if the transaction is between a fully consolidated entity and a proportionately consolidated entity; - applying the percentage owned of an equity-accounted entity in the case of profi ts or losses realised between a fully consolidated entity and an equity-accounted entity. 2.3 Translation of the fi nancial statements of foreign subsidiaries and establishments In most cases, the functional currency of entities and establishments is their local currency. The fi nancial statements of foreign companies of which the functional currency is diff erent from that used in preparing the Group’s consolidated fi nancial statements are translated at the closing rate for balance sheet items and at the average rate for the period for income statement items. Any resulting translation diff erences are recognised under translation diff erences in consolidated reserves. Goodwill relating to foreign entities is considered as comprising part of the assets and liabilities acquired and is therefore translated at the exchange rate in force at the balance sheet date. 2.4 Foreign currency transactions Transactions in foreign currency are translated into euros at the exchange rate at the transaction date. At the balance sheet date, fi nancial assets and monetary liabilities expressed in foreign currencies are translated at the closing rate. Resulting exchange gains and losses are recognised under foreign exchange gains and losses and are shown under other fi nancial income and other fi nancial expenses in the income statement. Foreign exchange gains and losses arising on loans denominated in foreign currency or on foreign currency derivatives used as long-term fi nance of investments in foreign subsidiaries that is neither expected nor likely to be repaid in the foreseeable future, or as hedges of investments in foreign subsidiaries are recorded under currency translation diff erences in equity. 2.5 Business combinations The Group applies the so-called purchase method for business combinations made as from 1 January 2004. In application of this method, the Group recognises the identifi able assets, liabilities and contingent liabilities at their fair value at the dates when control was acquired. The cost of a business combination is the fair value, at the date of exchange, of the assets given, liabilities incurred, and/or equity instruments issued by the acquirer in exchange for control of the acquiree, plus any costs directly attributable to the acquisition. When an agreement provides for an adjustment to the purchase price contingent on future events, the Group includes the amount of that adjustment in the purchase cost of the target entity at the acquisition date if the adjustment is probable and can be measured reliably. The cost of acquisition is allocated by recognising the identifi able assets, liabilities and contingent liabilities of the acquiree at their fair value at that date, except for assets or asset groups classifi ed as held for sale under IFRS 5, which are recognised at their fair value less costs to sell. The positive diff erence between the cost of acquisition, as defi ned above, and VINCI’s interest in the fair value of the identifi able assets, liabilities and contingent liabilities is recognised as goodwill. The Group has twelve months from the date of acquisition to fi nalise the accounting for business combinations. 2.6 Transactions between shareholders, acquisitions and disposals of non-controlling interests after acquisition of control Acquisitions or disposals of non-controlling interests, with no change of control, are considered as equity transactions with the Group’s shareholders. Under this approach, the diff erence between the consideration paid to increase the percentage shareholding in the entities that are already controlled and the supplementary share of the equity thus acquired is recorded under consolidated equity. Similarly, a decrease in the Group’s percentage holding in an entity that continues to be controlled is booked in the accounts through equity, with no impact on profi t or loss. 177
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2008 ANNUAL REPORT
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KEY FIGURES Revenue by business lin
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PROFILE VINCI, the world’s leadin
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Roads Ranked among the world’s le
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MESSAGE FROM THE CHAIRMAN YVES-THIB
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Our strategy is to maintain a balan
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MANAGEMENT AND CO-ORDINATION COMMIT
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12 GROUP VINCI __ 2008 ANNUAL REPOR
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22 22 GROUP CONCESSIONS VINCI __ 20
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24 04.02.2008 GROUND CONSOLIDATION
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28 02.04.2008 INVENTING TOMORROW’
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32 18.10.2008 COMPREHENSIVE SOLUTIO
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36 24.01.2009 MOBILISATION ON THE G
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BUSINESS REPORT 40. CONCESSIONS 62.
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CONCESSIONS PROFILE VINCI Concessio
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INFRASTRUCTURE MANAGED BY VINCI CON
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VINCI PARK REVENUE BY GEOGRAPHICAL
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PROJECTS UNDER NEGOTIATION Negotiat
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Operation Electronic toll collectio
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THE A11 ANGERS, AN ILLUSTRATION OF
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WOMEN MOVE INTO MAINTENANCE The pro
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FIRST MOBILITY HUB AT LA DÉFENSE A
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Following its complete overhaul, Si
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A MONUMENT OF MODERN GREECE Charila
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6161
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ENERGY PROFILE VINCI Energies is a
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Revenue Revenue by business line 23
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COMPREHENSIVE EQUIPMENT FOR THE THE
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6969
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ROADS PROFILE Eurovia is a world le
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Revenue Operating profi t from ordi
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LONG-HAUL SUPPLY CHAIN In materials
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7 77
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CONSTRUCTION PROFILE French market
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Revenue 15,722 13,653 Revenue by bu
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290 METRE SPAN ACROSS THE ABYSS The
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AN OUTSIZED PORT Refurbished and ex
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Americas > Panama Canal deepening a
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90 BUSINESS REPORT PROPERTY PROPERT
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Report of the Board of Directors Co
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Report of the Board of Directors 1.
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Consolidated fi nancial statements
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Parent company fi nancial statement
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Notes to the fi nancial statements
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Persons responsible for the registr
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Registration document table of corr
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Agence Dominique Perrault Architect
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VINCI - 2008 annual report

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