VINCI - 2005 annual report
VINCI - 2005 annual report
VINCI - 2005 annual report
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21. CASH MANAGEMENT FINANCIAL ASSETS AND CASH<br />
Cash management financial assets and cash break down as follows::<br />
(in € millions) 31/12/<strong>2005</strong> 31/12/2004<br />
Marketable Securities and Mutual Funds 3,628.2 2,898.6<br />
Deposit 82.1 95.4<br />
Other (*) 630.1 693.4<br />
Cash management financial assets 4,340.4 3,687.4<br />
Cash 1,144.0 830.4<br />
(*) Including financial current accounts assets (see Note 25) .<br />
Cash management financial assets mainly correspond to the investment<br />
of the cash surpluses of companies heading business lines and of the main<br />
fully-owned subsidiaries, which are transferred to the holding company<br />
under a cash pooling system. This centralised system enables the management<br />
of financial resources to be optimised and trends in main Group<br />
entities’ cash positions to be closely monitored. Investments made in this<br />
connection amounted to €4,340 million at 31 December <strong>2005</strong>.<br />
These cash surpluses are managed so as to generate a return equivalent to<br />
the money market rate, while avoiding any risk to capital. The holding<br />
company monitors the performances and risks associated with these<br />
investments monthly through a <strong>report</strong> detailing the yield of the various<br />
assets on the basis of their fair value and tracking the level of each associ-<br />
230<br />
<strong>VINCI</strong> <strong>2005</strong> ANNUAL REPORT<br />
ated risk by an Earning at Risk calculation. This indicator represents the<br />
level of potential earnings within a confidence interval over an <strong>annual</strong><br />
timescale within the limits set by the Treasury Committee.<br />
The investment of the other Group subsidiaries’ cash surpluses, not transferred<br />
to the holding company, is managed complying with <strong>VINCI</strong>’s<br />
guidelines. At 31 December <strong>2005</strong>, such funds amounted to €802 million<br />
of which €379 million at Cofiroute.<br />
Cash management financial assets and available cash are shown as a reduction<br />
of gross debt. Details are given in Note 25 Net financial debt and<br />
financing resources.<br />
22. CHANGE IN EQUITY AND SHARE-BASED PAYMENTS<br />
22.1 SHARES<br />
At 31 December <strong>2005</strong>, the share capital was represented by 196,636,274<br />
ordinary shares of €5 nominal (following approval by the Shareholders<br />
General Meeting of 28 April <strong>2005</strong> of the two-for-one share split).<br />
Changes in the number of shares during the period were as follows:<br />
Number of shares at 31/12/2004 83,813,803<br />
Two-for-one share split 167,627,606<br />
Increase in share capital (Group Savings Scheme and share options) 8,934,690<br />
Cancellation of treasury shares (2,500,000)<br />
Conversion of OCEANE bonds 22,573,978<br />
Shares at 31/12/<strong>2005</strong> 196,636,274<br />
Number of shares issued and fully paid 196,636,274<br />
Number of shares issued and not fully paid –<br />
Nominal value of one share (in euros) 5<br />
<strong>VINCI</strong> shares held by itself or by its subsidiaries or associates 6,835,016<br />
of which shares allocated to cover share option plans 2,059,228<br />
of which shares intended to be used as consideration in external growth transactions or disposed of 4,775,788
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