VINCI - 2005 annual report

FY 2005
(in € millions) Concessions Energy Roads Construction Property Holding Eliminations Total
and services companies
31 December 2005
Income statement
Revenue 2,054.8 3,508.5 6,457.0 9,398.9 409.3 (285.5) 21,543.0
Elimination of inter-segment sales (0.7) (55.8) (48.6) (178.3) (2.0) 285.5
Revenue invoiced to outside parties 2,054.2 3,452.7 6,408.3 9,220.6 409.3 (2.0) 21,543.0
Operating profit from ordinary activities 632.8 178.1 235.4 460.2 33.4 27.6 1,567.6
% of revenue 30.8% 5.1% 3.6% 4.9% 8.2% ns 7.3%
Share of profit / (loss) of associates 81.6 2.9 2.8 (0.2) 87.0
Net profit attributable to equity
holders of the parent 336.3 105.8 158.8 322.6 20.8 (73.1) 871.2
% of revenue 16.4% 3.0% 2.5% 3.4% 5.1% ns 4.0%
Cash flow statement
Cash flows (used in) / from operations
before tax and financing costs 856.8 215.2 379.2 655.9 34.4 8.3 2,149.8
% of revenue 41.7% 6.1% 5.9% 7.0% 8.4% ns 10.0%
Including net depreciation and amortisation 238.8 59.1 176.3 207.9 0.5 6.9 689.5
Including provisions (5.1) 16.1 (6.0) (1.4) 0.5 12.5 16.6
Changes in working capital
requirement and current provisions 1.4 27.2 57.9 92.2 (31.3) (27.6) 119.9
Income taxes paid (225.3) (64.5) (72.3) (120.4) (13.6) 11.7 (484.4)
Net interest paid (168.3) 8.5 6.7 19.3 (0.5) 25.3 (109.0)
Net cash flows (used in) /
from operating activities 464.6 186.4 371.5 647.1 (11.0) 17.6 1,676.2
Purchases of property.
plant and equipment and intangible assets (65.2) (54.3) (248.9) (342.9) (0.5) (20.7) (732.5)
Purchases of concession intangible fixed assets (808.7) (2.3) (811.0)
Purchases of shares in subsidiaries
and associates (consolidated and unconsolidated) (44.6) (46.3) (69.3) (30.9) (191.0)
Other 178.8 35.3 41.9 53.9 (8.3) 31.4 332.9
Cash flows (used in) / from investing activities (739.6) (65.3) (276.3) (322.2) (8.8) 10.7 (1,401.6)
Increases and reductions in share capital (99.5) (99.5)
Loan proceeds and repayments 165.8 (86.9) (44.7) 6.3 35.3 538.2 614.0
Other 144.4 (17.4) (25.0) (311.0) (21.7) (497.4) (728.2)
Net cash flows (used in) /
from financing activities 310.2 (104.3) (69.7) (304.7) 13.5 (58.8) (213.7)
Net change in cash 35.1 16.8 25.5 20.2 (6.2) (30.4) 61.0
Balance sheet
Segment assets 8,518.9 1,856.5 2,983.4 5,614.1 436.8 199.1 19,608.8
Intangible assets 6.6 5.4 78.6 11.3 0.0 1.8 103.7
Goodwill 458.0 142.9 77.7 98.1 0.2 36.3 813.1
Property. plant and equipment 336.8 218.4 764.0 845.3 2.0 95.6 2,262.1
Concession intangible fixed assets 5,729.3 11.6 5,741.0
Investments in associates 1,554.0 28.1 13.4 1,595.5
Other current segment assets 434.2 1,489.9 2,035.0 4,634.4 434.7 65.5 9,093.5
Segment liabilities 595.1 1,861.1 2,653.2 6,271.8 301.2 263.8 11,946.2
Current provisions 74.4 230.3 265.2 746.3 5.9 123.2 1,445.4
Other current segment payables 520.7 1,630.8 2,387.9 5,525.5 295.3 140.7 10,500.8
Capital employed 8,171.2 137.1 539.9 (506.5) 133.7 5.3 8,480.8
Equity including minority interests 3,429.1 421.1 835.4 817.0 82.1 (266.1) 5,318.5
Net financial (debt) / surplus (4,240.8) 518.0 631.2 1,611.1 (55.6) (42.9) (1,579.0)
Return on capital
Net operating profit after tax (NOPAT) 502.0 122.3 163.4 326.0 22.1 26.7 1,162.6
Return on capital employed (ROCE) 6.4% 75.8% 34.7% (61.3%) 20.0% ns 14.5%
Return on equity 11.6% 32.0% 23.0 % 53.3% 30.6% ns 28.9%
Employees at 31 December 19,170 26,907 38,303 48,662 176 295 133,513
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VINCI 2005 ANNUAL REPORT