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Startseite > Medien > Pressemitteilungen    >    Halbjahresabschluss 2006 (05. 09. 2006)


Halbjahresabschluss 2006

5. 09. 2006 - Finanzen

Performance for the half-year strongly up:
- Revenue (1): euro 11.9 billion (up 8.4%)
- Operating profit from ordinary activities (1) euro 1,129 million (up 17%) (2)
- Consolidated net profit (1): euro 518 million (up 32%)

Excellent outlook:
- Further increase in order book: euro 18 billion at 31 July 2006 (up 19% over 12 months)

Financial policy:
- Interim dividend of euro 0.85 per share (up 21%)
- Cancellation of 4.8 million shares
- Use of share buy-back programme: 12 million shares to be acquired between now and the end of 2007

Strategic priorities re-affirmed:s
- Development of new concessions and public-private partnershipss
- Acceleration of the Group’ss presence in international marketss
- Reinforcement of the recurrent nature of earnings in all the Group’ss business liness
- Ambitious objectives for sustainable and profitable growth

VINCI’s Board of Directors, chaired by Yves-Thibault de Silguy, met on 5 September 2006 to approve the financial statements for the six months to 30 June 2006. The Board of Directors also approved the plan setting out the objectives for the next three years presented by Xavier Huillard, Director and Chief Executive Officer.

Business strongly up in all business lines, both in France and in international markets
VINCI’s pro forma consolidated revenue (3) amount euro 11.9 billion for the first half of 2006, up 8.4% against the first half of 2005 restated on the same basis. This figure includes revenue of ASF and ESCOTA for 6 months for euro 1.21 billion (against euro 1.15 billion in the first half of 2005).

Excluding ASF and ESCOTA, revenue growth was 8.8%.

In France, pro forma revenue was euro 8 billion, up 8.1% (or 8.5% excluding ASF and ESCOTA). Business was brisk in all business lines, and particularly at Eurovia (up 14.6%).

Outside France, revenue was euro 3.9 billion, up 9.2%, and accounted for 32.5% of total revenue.

Revenue by business line

Revenue by business line
(in millions of euros) H1 2006
Pro forma
H1 2005
Pro forma
Change 2006/2005
at actual consolidation
and exchange rate
at constant consolidation scope
and exchange rate
Concessions and services 2,000 1,876 +6.6% +6.4%
of which ASF / ESCOTA 210 1,146 +5.6% +5.6%
Energy 1,740 1,667 +4.4%(*) +2.8%
Routes 3,122 2,794 +11.7% +10.2%
Construction 4,928 4,564 +8.0% +6.1%
Miscellaneous and eliminations 108 72 ns ns
11,898 10,973 +8.4% +7.0%

(*) +7.9% excluding TMS

Results (4)
First, it should be repeated that the statutory consolidated financial statements (not pro forma) published by the Group at 30 June 2006 fully consolidate ASF from 9 March 2006 only, this being the date when VINCI acquired control of ASF. Before that date, ASF’s income statement was accounted for in these financial statements using the equity method on the basis of a 23% share.

In order to allow an analysis to be made on a comparable basis, pro forma financial statements have been prepared restating the data given for the first half of 2006 and of 2005 for the impact of a full six months of consolidation of ASF on the basis of the holding at 30 June 2006, which was 98.4%.

Furthermore, the airport services operations, which are in course of being sold, are shown on a separate line in both the statutory and pro forma financial statements, in accordance with IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations.

Net profit

On an actual basis, the net profit for the first six months of 2006 was euro 516.9 million, up 45% against the first six months of 2005 (euro 356 million). Diluted earnings per share rose 31% to euro 2.39.

The pro forma net profit attributable to Group shareholders stood at euro 518.4 million, an increase of 32% against the pro forma profit for the first half of 2005 (euro 391.6 million).

Net profit by business line

a) Actual data (statutory accounts)

Net profit by business line - Actual data (statutory accounts)
(en millions d'euros) H1 2006
H1 2005
Concessions 247 142 +73.8%
Energy 53 41 +31.7%
Roads 16 12 +31.1%
Construction 159 152 +4.5%
Property 24 5 ns
Holding companies 18 4  
Total 517 356 +45,2%


b) Pro forma data

Net profit by business line - Pro forma data
(en millions d'euros) H1 2006
H1 2005
Concessions 266 232 +14.4%
Energy 53 41 +31.7%
Roads 16 12 +31.1%
Construction 159 152 +4.5%
Property 24 5 ns
Holding companies - (50)  
Total 518 392 +32.4%

All parts of the Group improved their contribution to consolidated net profit.

Operating profit from ordinary activities by business line/ Operating profit
Pro forma operating profit from ordinary activities was euro 1,129 million, up 17% against the 2005 first half year (euro 963 million). This includes a charge of euro 134 million representing the half-year amortisation of the goodwill allocated to the ASF and ESCOTA concession contracts. After restating for this consolidation effect, operating profit from ordinary activities was euro 1,263 million, representing 10.6% of revenue (compared with euro 1,097 million in the first half of 2005, which was 10% of revenue).

Operating profit, which takes account in particular of expenses related to share-based payments (IFRS 2), was euro 1,093 million (9.2% of revenue), up 16.8% against 2005 (euro 936 million, 8.5% of revenue).

Operating profit from ordinary activities by business line/ Operating profit

Operating profit from ordinary activities by business line/ Operating profit
(in millions of euros) H1 2006
Pro forma
% revenue H1 2005
Pro forma
% revenue Change H1 2006
/H1 2005
Concessions et services 671 33.6% 616 32.8% +9%
of which amortisation ASF/ESCOTA contracts (134)   (134)    
Energies 86 4.9% 78 4.7% +11%
Roads 30 1.0% 27 1.0% +10%
Construction 224 4.5% 235 5.2% -5%
Property 42 16.8% 10 4.9% ns
Holding company and miscellaneous 76   (3)    
Operating profit from ordinary activities 1,129 9.5% 963 8.8% +17%
IFRS 2 expense and miscellaneous (36)   (27)    
Operating profit 1,093 9.2% 936 8.5% +17%

In a context of strong levels of activity, VINCI’s business lines returned a fine overall performance.
The contribution made by VINCI Concessions increased by euro 55 million as a result of a good first half at ASF and Cofiroute and the build-up of operations by the recent concessions.
VINCI Energies and Eurovia have improved their contributions. The apparent slight fall-off of operating profit at VINCI Construction was mainly due to the effect of non-recurrent income booked at the beginning of 2005. When corrected for this effect, VINCI Construction's operating margin improved slightly.
It should be noted that holding companies’ operating profit includes the gain on disposal of a property at Nanterre.

Finance and balance sheet

Pro forma cash flows from operations (5) for the first half of 2006 was euro 1,715 million, up 5%, mainly attributable to the concessions (up 6.6%). Including ASF, the concessions account for nearly 70% of the Group’s total cash flow from operations.
Growth investments in the concessions have also increased strongly as a result of capital investment programmes in progress, especially at Cofiroute. These amounted to euro 660 million (up euro 91 million against the first half of 2005 on a pro forma basis), of which euro 358 million was at Cofiroute and euro 246 million at ASF.
Net financial investments in the period were nearly euro 9 billion, mainly relating to the acquisition of 75.4% of ASF at a price of euro 51 per share.
This transaction was financed from the Group’s resources and by debt for euro 5.9 billion, by an increase in share capital for euro 2.5 billion last April and by the issuance of perpetual subordinated bonds for nearly euro 500 million.

As a result, financial debt has increased strongly, standing at euro 15.7 billion at 30 June 2006 (against euro 1.6 billion at 31 December 2005), including ASF's debt of euro 8 billion at the date of first consolidation.
In parallel, equity has strengthened, rising from euro 5.3 billion at 31 December 2005 to euro 9.2 billion at 30 June 2006, giving a debt/equity ratio of 1.7 which is consistent with the new profile of VINCI's business lines resulting from the integration of ASF.
Concessions now account for more than 95% of consolidated capital employed.

Résultat social

At 30 June 2006, the profit of the parent company, VINCI SA, was euro 467 million (euro 222 million at 30 June 2005).

Excellent outlook

Following a further increase in July (of euro 600 million), the order book for the Construction, Roads, and Energy business lines stood at euro 18 billion at 31 July 2006. Showing an increase of 19% over 12 months, the order book represents nearly 11 months’ average business (and 14 months at VINCI Construction). As the order book continues to be renewed well, VINCI has excellent visibility over the financial year a whole. In this context, the revenue forecast of euro 25 billion will be exceeded, despite the disposal of WFS, which will result in approximately euro 500 million less revenue.

Financial policy

Having examined the Group's financial position and outlook, the Board of Directors decided to implement the following measures:
- Propose to increase the payout ratio to 50% as from 2006. An interim dividend in respect of the current financial year of euro 0.85 per share will therefore be paid, representing an increase of 21%. Given the increase between the two years in the number of shares in issue, this distribution represents an increase in the amount paid out as an interim dividend of nearly 50%. It will be paid on 21 December 2006.
- Immediately cancel the 4.8 million treasury shares available, thus reducing the number of shares representing the share capital to 234.1 million at 4 September 2006.
- Use the share buy-back programme authorised by the Shareholders General Meeting of 16 May 2006 in respect of 12 million shares to be acquired between now and the end of 2007.
- Transfer the major part of the borrowings used to acquire the ASF Group, which is currently located in the holding company, to the subsidiaries in the concessions division given the visibility of their cash flows.

Strategic priorities re-affirmed

Lastly, the Board of Directors has approved the corporate strategy, which in particular aims to increase the Group’s growth while ensuring maintenance of its margins and increasing the recurrent business in all its divisions.
In this connection, the Board has emphasised the need for VINCI to focus on its international development and to seek new concession operations, taking advantage in particular of the opportunities offered by the opening up of the market for public-private partnerships in many European countries and in North America.
Within this framework, VINCI has set itself objectives for sustainable and profitable growth, which should allow it, excluding major growth transactions, in 2009, to reach revenue of at least euro 30 billion and EBITDA of more than euro 5 billion, of which more than 60% will be generated by the concessions.
The performance for 2006 will be fully in line with the trends of this progress plan.

(1) Pro forma data including ASF/ESCOTA for six months for the two periods under consideration
(2) After amortisation of goodwill allocated to ASF / ESCOTA contracts for euro 134 million
(3) Pro forma data including ASF/ESCOTA and excluding airport services, which is being sold
(4) Accounting treatment of concession contracts: pending completion of the work being done by the IFRIC, VINCI has retained the accounting policies applied to concession contracts until now in preparing the 2006 interim financial statements
(5) Under IFRS, cash flows from operations is calculated before tax and cost of debt. It corresponds fairly well to the definition of gross operating profit (Ebitda)

Press contact: Virginie Christnacht
Phone: +33 1 47 16 39 56
Fax: +33 1 47 16 33 88


2006 INTERIM FINANCIAL ACCOUNTS - statutory accounts
(in millions of euros)
Staturory accounts (*) H1 06 actual H1 05 actual Change 06/05
Revenue 11,500 9,827 + 1.0%
of which France 7,638 6,290 +21.4%
of which outside France 3,862 3,537 + 9.2%
Operating profit from ordinary activities (1) 1,039.8 628.1 + 65.5%
as % of revenue 9.0% 6.4%  
Net profit (Group share) 1,004.1 601.0 + 67.1 %
as % of revenue 8.7% 6.1 %  
Net profit (Group share) 516.9 356.0 + 45.2%
Earning per share (2) 2.39 € 1.82 € + 31.3%
Cash flow from operations (3) 1,472 911 + 560
Nets investment in operating assets 222 254 (32)
Investment in concessions 537 357 + 180
Equity (4) 9,196 3,716 + 5,480
Net financial debt, of which (15,712) (3,116) (12,596)
ASF Group (7,969)   (7,969)
Concessions escluding ASF (3,957) (3,317) (640)

(*) ASF accounted for using the equity method in 2005 and until 9 March 2006 on the asis of VINCI's 23% holding fully consolidated from 10 march 2006
(1) after goodwill amortisation on ASF et ESCOTA contracts
(2) including the impact of current dilutive instrumen
(3) before income taxes and cost of debt
(4) including minority interest


2006 INTERIM FINANCIAL ACCOUNTS - Proforma accounts
(in millions of euros)
Pro forma accounts (**) H1 06 H1 05 Change 06/05
Revenue 11,898 10,973 + 8.4%
of which France 8,036 7,436 + 8.1%
of which outside France 3,862 3,537 + 9.2%
Operating profit from ordinary activities (1) 1,129 963 + 17.2%
as % of revenue 9.5% 8.5%  
Operating profit 1,092.9 936.0 + 16.8 %
as % of revenue 9.2% 8.5 %  
Net profit (Group share) 518.4 391.6 + 32.4%
Earning per share (2) 2.17 € 1.69 € + 28.4%
Cash flow from operations (3) 1,715 1,634 + 82
Nets investment in operating assets 225 258 (33)
Investment in concessions 660 569 + 91

(**) Consolidation of ASF at 98.8% since january 1, 2005
(1) after goodwill amortisation on ASF et ESCOTA contracts
(2) including the impact of current dilutive instrumen
(3) before income taxes and cost of debt


Über uns
VINCI ist als weltweit führendes Unternehmen in den Bereichen Konzessionen, Bau und Energie und beschäftigt mehr als 217.000 Mitarbeiter in rund 100 Ländern. Zu unserem Leistungsspektrum gehören Planung, Finanzierung, Bau und Betrieb von Infrastrukturen und Einrichtungen, die zur Verbesserung des Alltags und der Mobilität der Menschen beitragen. Erfolg bedeutet für uns, dass die Gesamtleistung stimmt. Dazu zählt unser Engagement zugunsten der Umwelt sowie der sozialen und gesellschaftlichen Performance unserer Unternehmensbereiche. Da die Leistungen des Konzerns sich durch ihren Nutzen für die Allgemeinheit auszeichnen, betrachten wir den Dialog mit allen Beteiligten und ein offenes Ohr für deren Belange als unerlässliche Voraussetzung unserer Tätigkeit. Unsere Ambition ist es, für unsere Kunden, Aktionäre, Mitarbeiter, Partner und die gesamte Gesellschaft auf Dauer Wert zu schaffen.

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