VINCI - 2005 annual report

CONSOLIDATED FINANCIAL STATEMENTS
4. CONSOLIDATED IFRS CASH FLOW STATEMENT
(in € millions) 2004
Cash flows (used in) / from operations before tax and cost of net financial debt 2,018
Changes in working capital requirement and current provisions 421
Income taxes paid (385)
Net interest paid (210)
Net cash flows (used in) / from operating activities I 1,844
Net investments in operating assets (476)
Free cash flow 1,368
Growth investments in concessions (568)
Net financial investments (241)
Other cash flows related to investing activities (1) 16
Net cash flows (used in) / from investing activities II (1, 269)
Free cash flow after financing of growth 575
Increases and reductions in share capital (231)
Sums collected on exercise of share options 95
Dividends paid (343)
Loan proceeds and repayments 213
Change in cash management financial assets (2) (223)
Net cash flows (used in) / from financing activities III (489)
Effect of changes in foreign exchange rates IV 2
Net increase / (decrease) in cash I + II + III + IV 88
(1) Including dividends received from unconsolidated companies €42 million.
(2) Cash investments other than cash in hand (see Note B.2).
The cash flow statement has been designed by reference to the model
recommended in the CNC (Conseil National de la Comptabilité) Recommendation
2004-12-02 of 27 October 2004 and in accordance with IAS 7.
In accordance with the new rules, VINCI’s cash flow statement henceforth
shows the change in the net cash flows in the period and no longer the
change in net financial debt.
Application of the new presentation rules leads to a marked change in the
amount of some of the headings that VINCI has presented until now.
277