2006 interim financial statements - Financial statements
- Key figures
- Consolidated IFRS income statement
- Consolidated IFRS balance sheet
- Consolidated IFRS cash flow statement
| (in millions of euros) | 2006 First half year | 2005 First half year | 2005 Full year |
|---|---|---|---|
| REVENUE | 11,499.5 | 9,826.9 | 21,038.1 |
| Of which revenue outside France | 3,861.8 | 3,536.8 | 7,973.6 |
| % of revenue | 33.6% | 36.0 % | 37.9% |
| Operating profit from ordinary activities | 1,039.8 | 628.1 | 1,560.1 |
| % of revenue | 9.0% | 6.4 % | 7.4% |
| NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 516.9 | 356.0 | 871.2 |
| Earnings per share (in euros) | 2.52 | 2.16 | 5.08 |
| Diluted earnings per share (in euros) | 2.39 | 1.82 | 4.46 |
| Dividend per share. excluding tax credit (in euros) | - | - | 2.00 |
| Equity including minority interest | 9,195.6 | 3,716.3 | 5,318.5 |
| Provisions (current and non-current) (*) | 1,662.7 | 1,508.2 | 1,588.7 |
| Net financial debt | (15,712.0) | (3,115.7) | (1,579.0) |
| CASH FLOWS (USED IN) / FROM OPERATIONS before tax and financing costs | 1,471.6 | 911.3 | 2,134.1 |
| Net investments in operating assets | (221.7) | (254.0) | (572.3) |
| Investments in concession assets | (536.7) | (356.7) | (811.1) |
| Net financial investments | (8,940.5) | (25.1) | (86.6) |
(*) excluding provisions for retirement benefit obligations and other employee benefits
| (in € millions) | 2006 First half year | 2005 First half year | 2005 Full year |
|---|---|---|---|
| REVENUE | 11,499.5 | 9,826.9 | 21,038.1 |
| Revenue from ancillary activities | 109.2 | 157.4 | 182.0 |
| Operating expenses | (10,568.9) | (9,356.3) | (19,660.0) |
| Operating profit from ordinary activities | 1,039.8 | 628.1 | 1,560.1 |
| Share-based payment expense (IFRS 2) | (28.1) | (26.0) | (70.1) |
| Goodwill impairment expense | (7.6) | (1.1) | (13.2) |
| OPERATING PROFIT | 1,004.1 | 601.0 | 1,476.9 |
| Cost of gross financial debt | (298.6) | (115.8) | (273.3) |
| Financial income from cash management investments | 67.5 | 49.7 | 122.9 |
| Cost of net financial debt | (231.1) | (66.1) | (150.3) |
| Other financial income and expenses | 52.0 | 22.3 | 52.7 |
| Income tax expense | (258.0) | (172.0) | (462.5) |
| Share of profit / (loss) of associates | 16.9 | 32.7 | 87.0 |
| Net profit before profit or loss of discontinued operations (halted or sold) or of operations classified as held for sale | 583.8 | 417.9 | 1,003.9 |
| Net profit or loss after tax of discontinued operations (halted or sold) or of operations classified as held for sale | 3.2 | (2.9) | (1.0) |
| NET PROFIT FOR THE PERIOD (including minority interest) | 587.0 | 415.0 | 1,002.8 |
| Minority interest | (70.1) | (59.0) | (131.6) |
| NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 516.9 | 356.0 | 871.2 |
| Earnings per share before profit or loss of discontinued operations (halted or sold) or of operations classified as held for sale | |||
| Earnings per share (in euros) | 2.5 | 2.18 | 5.09 |
| Diluted earnings per share (in euros) | 2.38 | 1.84 | 4.46 |
| Earnings per share | |||
| Earnings per share (in euros) | 2.52 | 2.16 | 5.08 |
| Diluted earnings per share (in euros) | 2.39 | 1.82 | 4.46 |
| Assets | 2006 First half year | 2005 First half year | 2005 Full year |
|---|---|---|---|
| Non-current assets | |||
| Intangible assets | 115.7 | 78.7 | 103.7 |
| Goodwill | 3,659.2 | 807.8 | 813.1 |
| Concession intangible fixed assets | 24,397.1 | 5,339.5 | 5,741.0 |
| Property, plant and equipment | 2,129.5 | 2,065.1 | 2,214.8 |
| Investment property | 46.1 | 38.2 | 47.2 |
| Investments in associates | 82.8 | 1,533.2 | 1,595.5 |
| Other non-current financial assets | 255.4 | 351.3 | 240.4 |
| Fair value of derivative financial instruments (non-current assets) | 162.6 | 333.3 | 199.6 |
| Deferred tax assets | 185.0 | 176.0 | 210.5 |
| Total non-current assets | 31,033.4 | 10,723.2 | 11,165.7 |
| Current assets | |||
| Inventories and work in progress | 580.2 | 549.2 | 540.7 |
| Trade and other operating receivables | 9,722.4 | 8,553.2 | 8,334.3 |
| Other current assets | 243.0 | 223.3 | 218.6 |
| Current tax assets | 234.0 | 109.2 | 62.5 |
| Other current financial assets | 224.8 | 32.4 | 39.9 |
| Fair value of derivative financial instruments (current assets) | 106.9 | 134.7 | 47.9 |
| Cash management financial assets | 708.4 | 1,696.5 | 885.6 |
| Cash and cash equivalents | 3,779.9 | 2,212.7 | 4,598.7 |
| Total current assets (excluding assets classified as held for sale) | 15,599.6 | 13,511.1 | 14,728.1 |
| Assets associated with discontinued operations and other assets classified as held for sale | 614.5 | ||
| Total current assets | 16,214.2 | 13,511.1 | 14,728.1 |
| TOTAL ASSETS | 47,247.5 | 24,234.3 | 25,893.9 |
| Equity and liabilities | 2006 First half year | 2005 First half year | 2005 Full year |
| Equity | |||
| Share capital | 1,187.4 | 862.0 | 983.2 |
| Share premium | 4,762.0 | 1,299.4 | 2,247.5 |
Treasury shares | (365.5) | (346.4) | (335.8) |
Other equity instruments | 475.3 | ||
| Consolidated reserves | 1,749.3 | 898.1 | 849.4 |
| Currency translation reserves | 15.2 | 23.5 | 31.3 |
| Net profit for the period attributable to equity holders of the parent | 516.9 | 356.0 | 871.2 |
| Net income recognised directly in equity | 17.6 | (8.9) | (0.0) |
| Equity attributable to equity holders of the parent | 8,358.1 | 3,083.7 | 4,646.8 |
| Minority interest | 837.5 | 632.6 | 671.7 |
| Total equity | 9,195.6 | 3,716.3 | 5,318.5 |
| Non-current liabilities | |||
| Provisions for retirement benefit obligations and other employee benefits | 790.7 | 690.7 | 654.0 |
| Non-current provisions | 225.0 | 133.4 | 143.3 |
| Bonds | 3,880.0 | 4,702.4 | 3,588.3 |
| Other loans and borrowings | 13,162.4 | 1,549.9 | 1,831.8 |
| Fair value of derivative financial instruments (non-current liabilities) | 10.8 | 41.7 | 8.6 |
| Other non-current liabilities | 37.2 | 45.4 | 32.0 |
| Deferred tax liabilities | 2,628.0 | 181.4 | 210.6 |
| Total non-current liabilities | 20,734.1 | 7,345.0 | 6,468.7 |
| Current liabilities | |||
| Current provisions | 1,437.6 | 1,374.8 | 1,445.4 |
| Trade payables | 5,229.0 | 5,063.7 | 5,002.3 |
| Fair value of derivative financial instruments (current liabilities) | 6.2 | 64.0 | 3.5 |
| Other current payables | 6,401.1 | 5,335.2 | 5,498.6 |
| Current tax payables | 236.2 | 153.0 | 253.9 |
| Current borrowings | 3,423.0 | 1,182.3 | 1,903.1 |
| Total current liabilities (excluding liabilities classified as held for sale) | 16,733.2 | 13,173.0 | 14,106.7 |
| Liabilities associated with discontinued operations and other liabilities classified as held for sale | 584.6 | ||
| Total current liabilities | 17,317.8 | 13,173.0 | 14,106.7 |
| TOTAL EQUITY AND LIABILITIES | 47,247.5 | 24,234.3 | 25,893.9 |
| (in € millions) | 2006 First half year | 2005 First half year | 2005 Full year |
|---|---|---|---|
| Net profit for the period (including minority interest) | 587.0 | 415.0 | 1,002.8 |
| Depreciation and amortisation | 588.4 | 325.1 | 673.9 |
| Net increase / (decrease) in provisions (*) | (42.6) | 8.1 | 23.6 |
| Share-based payments (IFRS 2) and other restatements | (2.6) | 2.8 | 33.6 |
| Gain or loss on disposals | (89.9) | (20.9) | (68.7) |
| Change in fair value of foreign currency derivative financial instruments | 5.2 | 8.2 | 10.0 |
| Share of profit or loss of associates, dividends received from unconsolidated entities and profit or loss of operations classified as held for sale | (26.2) | (36.5) | (90.7) |
| Capitalised borrowing costs | (36.8) | (28.8) | (63.3) |
| Cost of net financial debt recognised | 231.1 | 66.1 | 150.3 |
| Current and deferred tax expense recognised | 258.0 | 172.0 | 462.5 |
| Cash flows (used in) / from operations before tax and financing costs | 1,471.6 | 911.3 | 2,134.1 |
| Changes in working capital requirement and current provisions | (618.4) | (357.0) | 114.1 |
| Income taxes paid | (438.1) | (249.2) | (481.0) |
| Net interest paid | (160.2) | (70.9) | (100.9) |
| Net cash flows (used in) / from operating activities I | 255.0 | 234.2 | 1,666.3 |
| Purchases of property, plant and equipment, and intangible assets | (350.7) | (293.1) | (700.2) |
| Proceeds from sales of property, plant and equipment, and intangible assets | 129.0 | 39.1 | 128.0 |
| Purchases of concession fixed assets (net of grants received) | (536.7) | (356.7) | (811.1) |
| Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) | (8,967.1) | (85.9) | (191.0) |
| Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) | 26.6 | 60.8 | 104.4 |
| Net effect of changes in scope of consolidation | 797.3 | 7.1 | 6.5 |
| Dividends received from associates and unconsolidated entities | 13.0 | 67.1 | 65.6 |
| Other | 1.6 | 7.8 | 27.3 |
| Net cash flows (used in) / from investing activities II | (8,887.0) | (553.8) | (1,370.6) |
| Increases in share capital | 3,219.7 | 216.9 | 270.4 |
| Purchases of treasury shares | (39.7) | (369.8) | (369.8) |
| Minority interest in share capital increases of subsidiaries | 0.0 | 0.0 | (0.0) |
| Sums collected during the period on exercise of share options | 10.0 | 28.7 | 39.4 |
| Dividends paid | |||
| - to shareholders of VINCI SA | (273.7) | (188.9) | (321.7) |
| - to minority interests | (25.6) | (22.7) | (68.7) |
| Proceeds from new long-term borrowings | 4,314.9 | 46.8 | 743.5 |
| Repayment of borrowings and changes in other current financial debt | 492.1 | (129.2) | (149.7) |
| Change in cash management assets | 228.9 | 525.2 | 1,561.1 |
| Net cash flows (used in) / from financing activities III | 7,926.5 | 107.1 | 1,704.4 |
| Net cash flows associated with discontinued operations or operations classified as held for sale IV | 9.3 | 7.1 | 10.0 |
| Change in cash equivalents and net cash I+II+III +IV | (696.1) | (205.4) | 2,010.1 |
Net cash and cash equivalents at beginning of period | 3,993.6 | 1,955.5 | 1,955.5 |
| Effect of changes in foreign exchange rates | (35.2) | 11.6 | 28.1 |
| Cancellation of effect of net cash of discontinued operations, operations and other assets classified as held for sale | (3.1) | (0.0) | |
| Net cash and cash equivalents at end of period | 3,259.3 | 1,761.8 | 3,993.6 |
| Increase (decrease) of cash management financial assets | (228.9) | (525.2) | (1,561.1) |
| (Proceeds from) / repayment of loans | (4,806.9) | 82.4 | (593.8) |
| Conversion of OCEANE bonds | 1,096.5 | ||
| Other | ( 8,365.9) | (46.1) | (125.6) |
| Change in net debt | (14,133.0) | (682.6) | 854.1 |
| Net debt at beginning of period | (1,579.0) | (2,433.1) | (2,433.1) |
| Net debt at end of period | (15,712.0) | (3,115.7) | (1,579.0) |
(*) including changes in provisions for retirement benefit obligations and other employee benefits
Last updated: 06/09/2006