VINCI - 2005 annual report

CONSOLIDATED IFRS CASH FLOW STATEMENT
(in € millions) Notes 2005 2004
Net profit for the period (including minority interest) 1,002.8 838.3
Depreciation and amortisation 689.5 630.1
Net increase/(decrease) in provisions (*) 16.6 71.7
Share-based payments (IFRS 2) and other restatements 33.6 36.3
Gain or loss on disposals (68.6) (36.1)
Change in fair value of foreign currency derivative financial instruments 10.0 (10.7)
Share of profit or loss of associates and dividends
received from unconsolidated entities (91.8) (55.8)
Capitalised borrowing costs (63.3) (77.3)
Cost of net financial debt recognised 158.5 241.6
Current and deferred tax expense recognised 462.5 380.4
Cash flows (used in)/from operations before tax
and financing costs 2-3 2,149.8 2,018.4
Changes in working capital requirement and current provisions 2-3-19 119.9 369.9
Income taxes paid (484.4) (333.4)
Net interest paid (109.0) (210.8)
Net cash flows (used in)/from operating activities I 2-3 1,676.2 1,844.1
Purchases of property, plant and equipment, and intangible assets 2-3-4 (732.5) (556.2)
Proceeds from sales of property, plant and equipment, and intangible assets 128.1 80.0
Purchases of concession fixed assets (net of grants received) (811.0) (568.3)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (191.0) (442.0)
Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 104.9 201.0
Net effect of changes in scope of consolidation 6.6 3.1
Dividends received from associates and unconsolidated entities 65.6 44.4
Other 27.8 (31.5)
Net cash flows (used in)/from investing activities II 2-3 (1,401.6) (1,269.5)
Increases in share capital 270.4 259.6
Purchases of treasury shares (369.8) (492.1)
Minority interest in share capital increases of subsidiaries (0.0) 1.4
Sums collected during the period on exercise of share options 39.4 95.2
Dividends paid
– to shareholders of VINCI SA (321.7) (287.2)
– to minority interest (68.7) (55.5)
Proceeds from new long-term borrowings 743.5 633.7
Repayments of borrowings (129.5) (420.8)
Change in cash management assets (377.2) (225.0)
Net cash flows (used in)/from financing activities III 2-3 (213.7) (490.6)
Net change in net cash I + II + III 61.0 84.0
Net cash at beginning of period 449.9 363.5
Effect of changes in foreign exchange rates 28.1 2.4
Net cash at end of period 538.9 449.9
Increase / (decrease) of cash management financial assets 377.2 225.0
(Proceeds from) / repayment of loans (614.0) (212.9)
Conversion of OCEANE bonds 1,096.5
Other (94.6) (39.6)
Change in net debt 854.1 58.9
Net debt at beginning of period (2,433.1) (2,492.0)
Net debt at end of period (1,579.0) (2,433.1)
(*) Including changes in provisions for retirement benefit obligations and other employee benefits.
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VINCI 2005 ANNUAL REPORT