VINCI - 2005 annual report
VINCI - 2005 annual report
VINCI - 2005 annual report
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H. MAIN IMPACTS OF IFRS ON THE KEY<br />
INDICATORS AND GROUP SHAREHOLDERS’<br />
EQUITY AT 31 DECEMBER 2004<br />
1. KEY FIGURES<br />
2004 (in € millions) French GAAP IFRS<br />
Revenue 19,520 19,520<br />
Operating income 1,373<br />
% revenue 7.0 %<br />
Operating profit from ordinary activities (1) 1,300<br />
% revenue 6.7 %<br />
Net profit attributable to equity holders of the parent 731 732<br />
Gross operating surplus 2,021<br />
Cash flow from operations 2,018<br />
Free cash flow (2) 1,510 1,368<br />
Equity including minority interest 3,744 3,615<br />
Net financial debt 2,285 2,433<br />
(1) Operating profit before share based payments, impairment of goodwill and non-recurring items.<br />
(1) Net cash flows (used in)/ from operating activities after operating investments and before growth investments.<br />
2. RECONCILIATION OF EQUITY<br />
AT 1 JANUARY 2004 AND 31 DECEMBER 2004<br />
(FRENCH GAAP AGAINST IFRS)<br />
Application of the IFRSs to the <strong>VINCI</strong> consolidated financial statements<br />
leads to a limited reduction of consolidated equity (which includes minority<br />
interest under IFRS) of €129 million at 31 December 2004 (at €3,615<br />
million against €3,744 million under French GAAP), which should be<br />
compared with a reduction of €271 million at 1 January 2004, the date<br />
of the opening IFRS balance sheet.<br />
262<br />
<strong>VINCI</strong> <strong>2005</strong> ANNUAL REPORT<br />
The adjustments to equity resulting from the application of the new<br />
standards are shown in the following table:<br />
Total Other Total<br />
equity at Net profit changes in Minority equity at<br />
(in € millions) 01/01/2004 2004 equity interest 31/12/2004<br />
French GAAP 3,488 731 (520) 45 3,744<br />
Treasury shares (IAS 32) (182) (1) 95 0 (88)<br />
Actuarial gains and losses<br />
on retirement benefit obligations (IAS 19) (132) 9 0 0 (123)<br />
Restatement of intangible assets (IAS 38) (31) 1 0 0 (30)<br />
Discounting of provisions 30 (3) 0 0 27<br />
Financial instruments (IAS 39) 30 (18) 15 2 29<br />
Capitalised borrowing costs (IAS 23) 60 1 (3) 0 58<br />
Employee benefits (IFRS 2) 0 (36) 36 0 0<br />
Non-amortisation of goodwill 0 47 0 (1) 46<br />
Other restatements (3) (6) 1 0 (8)<br />
Sub-total before effect of taxation (228) (6) 144 1 (89)<br />
Effect of taxation (43) 7 (2) (2) (40)<br />
Total of the IFRS restatements (271) 1 142 (1) (129)<br />
IFRS 3,217 732 (378) 44 3,615
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