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History of results

2005 financial statements - Financial statements

- Key figures
- Consolidated IFRS income statement
- Consolidated IFRS balance sheet
- Consolidated IFRS cash flow statement

Key figures
(in millions of euros)
(in millions of euros)20052004
REVENUE21,543.019,520.2
Of which revenue outside France
8,250.7 7,402.7
% of revenue
38.3%37.9%
Operating profit from ordinary activities
1,567.6 1,300.1
% of revenue
7.3%6.7%
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
871.2731.6
Earnings per share (in euros)
5.084.56
Diluted earnings per share (in euros)4.464.02
Dividend per share. excluding tax credit (in euros)
2.001.75
Equity including minority interest
5,318.5 3,614.6
Provisions (current and non-current) (*)
1,588.7 1,548.2
Net financial debt
(1,579.0) (2,433.1)
CASH FLOWS (USED IN) / FROM OPERATIONS before tax and financing costs and changes in WCR and current provisions
2,149.82,018.4
Net investments in operating assets
(604.4)(476.3)
Investments in concession assets
(81.0)(568.3)
Net financial investments
(86.2)(241.0)

(*) excluding provisions for retirement obligations and other employee benefits
(**) restated following the two-for-one share split in May 2005;

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Consolidated IFRS income statement
(in millions of euros)
(in millions of euros)20052004
REVENUE21 543,0 19 520,2
Other operating income179,4255,0
Operating expenses(20 154,9)(18 475,2)
Operating profit from ordinary activities1 567,6 1 300,1
Share-based payment expense (IFRS 2)(70,1)(36,3)
Restructuring costs (10,1)
Goodwill impairment expense(13,2)(45,5)
OPERATING PROFIT1 484,3 1 208,2
Cost of gross financial debt(275,5)(320,8)
Financial income from cash management investments117,079,2
Cost of net financial debt(158,5)(241,6)
Other financial income and expenses52,5238,2
Income tax expense(462,5)(380,4)
Share of profit / (loss) of associates87,014,0
Net profit for the period (including minority interest)1 002,8 838,3
Minority interest(131,6)(106,7)
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 871,2731,6
Earnings per share (in euros5,084,56 (*)
Diluted earnings per share (in euros)4,464,02 (*)

(*) restated following the two-for-one share split in May 20055

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Consolidated IFRS balance sheet
(in millions of euros)
ASSETS (in millions of euros)20052004
Non-current assets  
Intangible assets103.782.0
Goodwill813.1776.9
Concession intangible fixed assets5,741.0 5,024.1
Property. plant and equipment2,214.8 2,006.7
Investment property47.241.9
Equity-accounted investments in associates1,595.5 1,558.5
Other non-current financial assets240.4288.0
Fair value of derivatives financial instruments (non-current assets)199.6244.7
Deferred tax assets210.5167.2
Total non-current assets11,165.7 10,190.0
   
Current assets  
Inventories540.7542.8
Trade and other operating receivables8,334.3 7,279.8
Other current assets218.6157.3
Current tax assets62.524.4
Current financial assets39.9129.6
Fair value of derivatives financial instruments (current assets) 47.9104.4
Cash management financial assets4,340.4 3,687.4
Cash 1,144.0 830.4
Total current assets14,728.1 12,756.1
   
TOTAL ASSETS25,893.9 22,946.0
 
Equity and liabilities20052004
Equity  
Share capital983.2838.1
Share premium account2,247.51,231.5
Treasury shares(335.8)(130.3)
Consolidated reserves849.4350.1
Translation reserves31.3(5.7)
Net profit for the period attributable to equity holders of the parent871.2731.6
Net income recognised directly in equity(0.0)0.6
Equity attributable to equity holders of the parent4,646.8 3,015.9
Minority interest671.7598.6
Total equity5,318.5 3,614.6
   
Non-current liabilities  
Provisions for retirement obligations and other employee benefits654.0677.6
Non-current provisions143.3165.4
Bonds loans3,588.3 4,619.9
Other loans and borrowing1,831.8 1,520.8
Fair value of derivatives financial instruments (non-current liabilities) 8.634.2
Other non-current liabilities32.014.4
Deferred tax liabilities210.6169.6
Total non-current liabilities6,468.7 7,202.3
   
Current liabilities  
Current provisions1,445.4 1,382.8
Trade payables5,002.34,619.2
Fair value of derivative financial instruments (current liabilities)3.545.5
Other current payables5,498.64,743.6
Current tax payables253.9213.6
Current borrowings1,903.1 1,124.6
Total current liabilities14,106.7 12,129.2
   
TOTAL EQUITY AND LIABILITIES25,893.9

22,946.0

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Consolidated IFRS cash flow statement
(in millions of euros)
(in millions of euros)20052004
Net profit for the period (including minority interest)
1,002.8 838.3
Depreciation and amortisation689.5630.1
Net i ncrease / (decrease) in provisions (*)16.671.7
Share-based payments (IFRS 2) and other restatements 33.636.3
Gain or loss on disposals(68.6)(36.1)
Change in fair value of foreign currency derivatives financial instruments10.0(10.7)
Share of profit or loss of equity-accounted associates and dividends received from unconsolidated entities(91.8)(55.8)
Capitalised borrowing costs (63.3)(77.3)
Cost of net financial debt recognised 158.5241.6
Current and deferred tax expense recognised 462.5380.4
Cash flows (used in) / from operations before tax and financing costs and changes in WCR and current provisions 2,149.8 2,018.4
Changes in working capital requirement and current provisions 119.9369.9
Income taxes paid(484.4)(333.4)
Net interest paid
(109.0)(210.8)
Net cash flows (used in) / from operating activities I 1,676.2 1,844.1
Purchases of property. plant and equipment. and intangible assets (732.5)(556.2)
Proceeds from sales of property. plant and equipment. and intangible assets 128.180.0
Purchases of concession fixed assets (net of grants received) (811.0)(568.3)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (191.0)(442.0)
Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 104.9201.0
Net effect of changes in scope of consolidation 6063.1
Dividends received from equity-accounted associates and unconsolidated entities 65.644.4
Other27.8(31.5)
Net cash flows (used in) / from investing activities II (1,401.6)(1,269.5)
Increases in share capital 270.4259.6
Purchases of treasury shares (369.8)(492.1)
Minority interest in share capital increases of subsidiaries 0.01.4
Sums collected on exercise of share options 39.495.2
Dividends paid   
- to shareholders of VINCI SA (321.7)(287.2)
- to minority interests (68.7)(55.5)
Proceeds from new long-term borrowings 743.5633.7
Repayments of borrowings (129.5)(420.8)
Change in cash management assets (377.2)(225.0)
Net cash flows (used in) / from financing activities III (213.7)(490.6)
   
Net change in cash and cash equivalents I+II+III 61.084.0
   
Net cash and cash equivalents at beginning of period 449.9363.5
Effect of changes in foreign exchange rates 28.12.4
Net cash and cash equivalents at end of period 538.9449.9
   
Increase / (decrease) of cash management assets 377.2225.0
(Proceeds from) / repayment of loans (614.0)(212.9)
Net effect of currency translation rates 1,096.5 
Other (details to be given if material) (94.6)(39.6)
Change in net debt 854.158.9
Net debt at beginning of period (2,433.1)(2,492.0)
Net debt at end of period (1,579.0)(2,433.1)

(*) including changes in provisions for retirement obligations and other employee benefits

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Last updated: 01/03/2006