VINCI - 2005 annual report

FY 2004
CONSOLIDATED FINANCIAL STATEMENTS
(in € millions) Cofiroute ASF VINCI Other Airport VINCI Total
(*) Park Concessions services Concessions
holdings
companies
31 December 2004
Income statement
Revenue 872.2 485.2 124.8 467.7 (6.8) 1,943.1
Operating profit from ordinary activities 462.2 116.9 30.3 (4.4) (25.0) 580.0
% of revenue 53.0% 24.1% 24.3% ns ns 29.8%
Share of profit / (loss) of associates 0.5 3.6 0.1 4.6 1.0 9.8
Net profit attributable to equity holders of the parent 165.5 35.5 67.0 12.1 (46.0) (1.4) 232.6
% of revenue 19.0% 13.8% 9.7% ns ns 12.0%
Cash flow statement
Cash flows (used in) /
from operations before tax and financing costs 579.7 178.9 49.7 5.0 (22.5) 790.7
% of revenue 66.5% 36.9% 39.8% 1.1% ns 40.7%
Including net depreciation and amortisation 121.3 55.5 22.1 12.2 0.1 211.2
Including net provisions (17.1) 5.0 1.5 23.3 3.2 15.9
Changes in working capital requirement
and current provisions (34.4) (4.0) 20.3 2.6 (11.0) (26.5)
Income taxes paid (145.6) (31.0) (2.8) (6.4) (4.7) (190.5)
Net interest paid (111.5) (20.4) (44.9) (5.0) (5.6) (187.4)
Net cash flows (used in) / from operating activities 288.1 123.5 22.3 (3.9) (43.7) 386.4
Purchases of property, plant and equipment
and intangible assets, net (3.2) (40.9) (4.6) (30.9) (0.2) (79.8)
Purchases of concession fixed assets (450.0) (41.2) (77.2) (568.3)
Purchases of shares in subsidiaries and associates
(consolidated and unconsolidated) (34.5) (5.8) (316.8) (357.2)
Other 2.5 31.9 43.0 (7.5) (88.4) 322.4 313.9
Cash flows (used in) / from investing activities (485.3) 31.9 (45.0) (89.2) (119.3) 15.4 (691.4)
Increases and reductions in share capital 0.0
Loan proceeds and repayments 124.2 (51.2) 55.4 28.6 (0.6) 156.4
Other 73.6 (31.9) (36.6) (3.6) 116.3 28.1 146.0
Net cash flows (used in) / from financing activities 197.9 (31.9) (87.8) 51.8 144.9 27.6 302.5
Net change in cash 0.7 (9.3) (15.1) 21.7 (0.7) (2.6)
Balance sheet
Segment assets 3,553.1 1,488.8 1,515.9 901.5 291.5 10.6 7,761.3
Intangible assets 0.2 5.6 2.1 2.4 10.3
Goodwill 5.7 356.2 0.5 85.4 447.8
Property, plant and equipment 15.3 215.9 3.6 87.2 0.7 322.8
Concession intangible fixed assets 3,373.7 835.6 809.9 0.4 5,01 9.6
Investments in associates 1,488.8 47.4 1,536.2
Other current segment assets 158.0 102.6 37.9 116.2 9.9 424.7
Segment liabilities 212.5 235.7 79.5 107.1 7.6 642.4
Current provisions 47.0 19.2 11.9 18.6 0.4 97.2
Other current segment payables 165.5 216.5 67.5 88.4 7.2 545.2
Capital employed 3,349.1 1,488.8 1,350.7 825.1 325.9 61.4 7,400.9
Equity including minority interest 1,217.9 1,488.8 737.6 158.1 45.7 (304.6) 3,343.4
Net financial (debt) / surplus (1,989.3) (487.3) (673.6) (129.1) (406.1) (3,685.2)
Employees at 31 December 2,193 5,061 419 11,258 17 18,948
(*) On 100% basis.
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