VINCI - 2005 annual report

25. NET FINANCIAL DEBT AND FINANCING RESOURCES
Net financial debt is defined by VINCI as follows:
Note 31/12/2005 31/12/2004
(in € millions) Non-current Current Total Total
Convertible bonds 25.1a (0.5) (0.5) (1,097.9)
Other bonds 25.1b-26.1 (3,588.3) (329.1) (3,917.5) (3,819.6)
Loans from financial institutions and other financial debt 25.1c-26.1 (1,697.0) (216.5) (1,913.5) (1,576.5)
Finance leases 25.1d-26.1 (134.8) (27.7) (162.5) (172.8)
Long-term financial debt (5,420.2) (573.8) (5,993.9) (6,666.8)
Other financial debt 25.3.1a (663.6) (663.6) (158,3)
Financial current accounts, liabilities (60.7) (60.7) (59.7)
Bank overdrafts (1) 25.3.2 (605.0) (605.0) (380.5)
I - Gross financial debt (5,420.2) (1,903.1) (7,323.3) (7,265.3)
Collateralised financial receivables 23.5 1.1 24.6 45.5
Financial current accounts, assets 45.8 45.8 45.5
Current cash management financial assets (2) 25.3.2 4,294.6 4,294.6 3,642.0
Cash (3) 25.3.2 1,144.0 1,144.0 830.4
II - Financial assets 23.5 5,485.4 5,508.9 4,563.5
Derivative financial instruments, liabilities 26.1-26.3 (8.6) (3.5) (12.1) (80.2)
Derivative financial instruments, assets 26.1-26.3 199.6 47.9 247.4 349.1
III - Derivative financial instruments 191.0 44.4 235.3 268.9
Net financial debt (I + II + III) (5,205.7) 3,626.7 (1,579.0) (2,433.0)
of which, net cash managed: 25.3.2 31/12/2005 31/12/2004
Current cash management financial assets (2) 25.3.2 4,294.6 3,642.0
Cash (3) 25.3.2 1,144.0 830.4
Bank overdrafts (1) 25.3.2 (605.0) (380.5)
Net cash managed 4,833.5 4,091.9
At 31 December 2005, VINCI’s net financial debt is €1.6 billion, well
below the €2.4 billion at 31 December 2004.
The marked reduction in net financial debt compared with 31 December
2004 is mainly due to the conversion of the two OCEANE bonds (see Key
Events §2)
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VINCI 2005 ANNUAL REPORT
Conversely, the financing needs associated with investments in infrastructure
concession assets, in particular at Cofiroute, have increased debt by
approximately €800 million.