VINCI - 2005 annual report

FY 2004
CONSOLIDATED FINANCIAL STATEMENTS
(in € millions) Concessions Energy Roads Construction Property Holding Eliminations Total
and services companies
31 December 2004
Income statement
Revenue 1,943.1 3,338.5 5,755.2 8,283.8 427.8 (228.1) 19,520.2
Elimination of inter-segment sales (0.6) (47.4) (45.6) (134.5) 228.1
Revenue invoiced to outside parties 1,942.4 3,291.2 5,709.6 8,149.3 427.8 19,520.2
Operating profit from ordinary activities 580.0 164.2 217.5 322.9 27.0 (11.5) 1,300.1
% of revenue 29.8% 4.9% 3.8% 3.9% 6.3% ns 6.7%
Share of profit / (loss) of associates 9.8 3.0 1.7 (0.5) 14.0
Net profit attributable to equity
holders of the parent 232.6 95.2 139.0 248.0 16.8 (0.1) 731.6
% of revenue 12.0% 2.9% 2.4% 3.0% 3.9% ns 3.7%
Cash flow statement
Cash flows (used in) / from operations
before tax and financing costs 790.7 221.2 368.0 515.9 28.7 93.9 2,018.4
% of revenue 40.7% 6.6% 6.4% 6.2% 6.7% ns 10.3%
Including net depreciation and amortisation 211.2 61.3 160.9 192.2 0.4 4.0 630.1
Including net provisions, 15.9 11.8 13.8 12.4 2.2 15.5 71.7
Changes in working capital
requirement and current provisions (26.5) (7.7) 154.5 276.0 (22.3) (4.2) 369.9
Income taxes paid (190.5) (64.0) (75.6) (94.4) (10.6) 101.7 (333.4)
Net interest paid (187.4) 5.8 4.0 12.5 (0.7) (44.9) (210.8)
Net cash flows (used in) /
from operating activities 386.4 155.4 450.9 710.0 (5.0) 146.4 1,844.1
Purchases of property.
plant and equipment and intangible assets (79.8) (58.7) (164.3) (227.3) (0.3) (25.8) (556.2)
Purchases of concession intangible fixed assets (568.3) (568.3)
Purchases of shares in subsidiaries
and associates (consolidated and unconsolidated) (357.2) (40.6) (16.1) (27.9) (0.1) (442.0)
Other 313.9 (92.3) (48.6) (272.9) 19.9 377.0 297.0
Cash flows (used in) / from investing activities (691.4) (191.6) (229.1) (528.1) 19.6 351.2 (1,269.5)
Increases and reductions in share capital (232.5) (232.5)
Loan proceeds and repayments 156.4 10.3 (42.1) (60.2) (2.2) 150.6 212.9
Other 146.0 2.3 (193.5) (50.7) (9.1) (366.1) (471.1)
Net cash flows (used in) /
from financing activities 302.5 12.6 (235.6) (110.9) (11.3) (447.9) (490.6)
Net change in cash (2.6) (23.6) (13.8) 71.0 3.3 49.7 84.0
Balance sheet
Segment assets 7,761.3 1,756.2 2,545.2 4,808.1 416.4 182.8 17,470.0
Intangible fixed assets 10.3 5.6 51.1 13.4 1.7 82.0
Goodwill 447.8 131.4 67.3 92.1 38.3 776.9
Property, plant and equipment 322.8 234.4 658.7 742.7 2.2 87.8 2,048.6
Concession intangible fixed assets 5,019.6 4.5 5,024.1
Investments in associates 1,536.2 16.0 6.2 1,558.5
Other current segment assets 424.7 1,384.7 1,752.1 3,949.3 414.2 55.0 7,979.9
Segment liabilities 642.4 1,740.0 2,345.9 5,555.0 322.7 139.6 10,745.5
Current provisions 97.2 192.8 249.2 761.1 3.2 79.2 1,382.8
Other current segment payables 545.2 1,547.2 2,096.6 4,793.9 319.5 60.4 9,362.7
Capital employed 7,400.9 185.6 402.0 (557.4) 87.3 44.1 7,562.4
Equity including minority interest 3,343.4 332.4 734.9 706.3 68.5 (1,570.9) 3,614.6
Net financial (debt) / surplus (3,685.2) 416.1 657.6 1,498.5 (30.8) (1,289.2) (2,433.1)
Return on capital
Net operating profit after tax (NOPAT) 401.8 102.8 156.4 244.8 61.3 11.8 978.7
Return on capital employed (ROCE) 5.7% 58.7% 31.9% (72.9%) 69.1% ns 12.9%
Return on equity (ROE) 8.7% 39.2% 21.1% 51.4% 29.6% ns 27.5%
Employees at 31 December 18,948 27,212 36,805 45,016 174 278 128,433
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