VINCI - 2005 annual report
VINCI - 2005 annual report
VINCI - 2005 annual report
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19. WORKING CAPITAL REQUIREMENT<br />
31/12/<strong>2005</strong> 31/12/2004 Changes<br />
(in € millions) connected receivables / payables Other<br />
with operations related to fixed assets changes (*)<br />
Inventories and work in progress (net) 540.7 542.8 (44.7) 0.0 42.6<br />
Trade and other operating receivables 8,334.3 7,279.8 824.9 3.9 225.6<br />
Other current assets 218.6 157.3 109.5 0.0 (48.2)<br />
Inventories and operating receivables (I) 9,093.5 7,979.9 889.8 3.9 219.9<br />
Trade payables 5,002.3 4,619.2 389.5 0.0 (6.5)<br />
Other current payables 5,498.6 4,743.6 585.9 3.4 165.7<br />
Trade and other operating payables (II) 10,500.8 9,362.8 975.4 3.4 159.2<br />
Working capital requirement<br />
(before current provisions) (I-II) (1,407.3) (1,382.9) 85.7 (0.6) (60.7)<br />
Current provisions (1,445.4) (1,382.8) 34.2 0.0 (96.8)<br />
including part at less than one year of non-current provisions 257.4 247.4 0.0 0.0 10.0<br />
Working capital requirements<br />
(after current provisions) (2,852.7) (2,765.7) 119.9 (0.6) (157.5)<br />
(*) mainly changes in consolidation scope and translation differences.<br />
The working capital requirement connected with operations comprises<br />
current assets and liabilities related to operations, except for current tax<br />
assets and liabilities and other current assets and liabilities of a financial<br />
nature.<br />
228<br />
<strong>VINCI</strong> <strong>2005</strong> ANNUAL REPORT<br />
The improvement in the working capital requirement connected with<br />
operations (+€120 million) arises principally in the Roads and<br />
Construction business lines.<br />
The component parts of the working capital requirement by maturity are:<br />
31/12/<strong>2005</strong> Maturity<br />
(in € millions) within 1 year between 1 and 5 years in more than 5 years<br />
Inventories and work in progress (net) 540.7 536.4 4.2 0.1<br />
Trade and other operating receivables 8,334.3 8,296.3 35.0 2.9<br />
Other current assets 218.6 209.9 5.9 2.8<br />
Inventories and operating receivables (I) 9,093.5 9,042.7 45.1 5.8<br />
Trade payables 5,002.3 4,994.8 5.6 1.8<br />
Other current payables 5,498.6 5,396.8 69.8 32.0<br />
Trade and other operating payables (II) 10,500.8 10,391.6 75.4 33.8<br />
Working capital requirement<br />
(before current provisions) (I-II) (1,407.3) (1,349.0) (30.3) (28.0)
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