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2007 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)
 

2007

2006

 
REVENUE
30,427.825,634.3 
Of which revenue outside France
10,771.2 8,809.5  
% of revenue
35.2%34.4% 
Operating profit from ordinary activities
3,112.8 2,579.8  
% of revenue
10.2%10.1% 
Operating profit 3,006.1 2,494.3 (*)
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
1,461.0 1,270.4  
Earnings per share (in euros)
3.142.90(**)
Diluted earnings per share (in euros)3.022.77(**)
Dividend per share. excluding tax credit (in euros)
1.521.33(**)
Equity including minority interest
8,196.78,570.1(***)
Net financial debt
(16,303.2) (14,796.4)  
CASH FLOWS (USED IN) / FROM OPERATIONS
4,514.7 3,755.0  
Net investments in operating assets
(683.1)(572.1) 
Investments in concession assets
(1,269.5) (1,205.3)  
Net financial investments
(2,032.2) (9,242.8)  

(*) restated in accordance with the change of presentation described in Note A.1.3 "Change of presentation: profit or loss of associates".
(**) restated following the two-for-one share split on 17 May 2007.
(***) restated in accordance with the change of method described in Note A.1.2 "Change of method: transactions between shareholders, acquisitions and disposals of non-controlling interests after acquisition of control".

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Consolidated income statement
(in millions of euros)
 20072006 
REVENUE30,427.825,634.3  
Other operating income234.3218.8 
Operating expenses(27,549.3) (23,273.3)  
Operating profit from ordinary activities3,112.8 2,579.8  
Share-based payment expense (IFRS 2)(117.6)(89.5) 
Goodwill impairment expense(6.0)(14.3) 
Share of profit / (loss) of associates17.018.3(*)
OPERATING PROFIT3,006,12,494.3 (*)
Cost of gross financial debt(1,006.5)(733.7) 
Financial income from cash management investments195.5152.1 
Cost of net financial debt(811.0)(581.7) 
Other financial income199.5186.3 
Other financial expenses(67.8)(48.9) 
Income tax expense(743.8)(667.4) 
Net profit before profit or loss of discontinued operations (halted or sold)
1,583.0 1,382.7  
Net profit or loss after tax of discontinued operations (halted or sold) 49.4 
NET PROFIT1,583.0 1,432.1  
Minority interest122.0161.7 
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT1,461.0 1,270.4  
 
Earnings per share before profit or loss of discontinued operations (halted or sold)
Earnings per share (in euros)3.142.79(**)
Diluted earnings per share (in euros)3.022.67(**)
 
Earnings per share
Earnings per share (in euros)3.142.90(**)
Diluted earnings per share (in euros)3.022.77(**)

(*) restated in accordance with the change of presentation described in Note A.1.3 "Change of presentation: profit or loss of associates".
(**) restated following the two-for-one share split on 17 May 2007.

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Consolidated balance sheet
(in € millions)
ASSETS20072006 
Non-current assets
Goodwills3,382.52,636.5(*)
Intangible assets141.6128.3 
Concession intangible fixed assets25,060.624,698.5 
Property. plant and equipment2,824.52,322.6  
Investment property52.647.3 
Investments in associates191.6102.8 
Other non-current financial assets562.3348.2 
Deferred tax assets110.1218.8 
Total non-current assets32,326.0 30,503.0  
 
Current assets
Inventories and work in progress647.5567.1 
Trade and other operating receivables11,101.39,503.1  
Other current assets288.4241.0 
Current tax assets54.837.5 
Other current financial assets232.2158.1 
Cash management financial assets665.01,223.2  
Cash and cash equivalents4,223.85,154.8  
Total current assets (before assets held for sale)17,213.216,884.8  
 
Assets related to discontinued activities and other assets available for sale5,4  
 
Total current assets17,218.616,884.8  
 
TOTAL ASSETS49,544.5 47,387.8 
 
Equity and liabilities20072006 
Equity
Share capital1,214.91,176.6  
Share premium4,806.84,475.5  
Treasury shares(1,102.2)(178.4) 
Other equity instruments490.6490.6 
Consolidated reserves727.5557.1(*)
Currency translation reserves(20.7)20.5 
Net profit for the period attributable to equity holders of the parent1,461.01,270.3 
Net income recognised directly in equity46.99.5 
Equity attributable to equity holders of the parent7,624.9 7,821.8 (*)
Minority interest571.8748.4 
Total equity8,196.78,570.1 (*)
 
Non-current liabilities
Non-current provisions1,067.2 1,015.0  
Bonds5,159.83,591.3  
Other loans and borrowings13,480.714,043.7 
Other non-current liabilities85.649.1 
Deferred tax liabilities2,453.42,612.7  
Total non-current liabilities22,246.621,311.8  
 
Current liabilities
Current provisions2,003.11,655.9  
Trade payables6,553.45,554.1  
Other current payables7,594.9 6,428.7  
Current tax payables156.0138.7 
Current borrowings2,792.63,728.6  
Total current liabilities (before liabilities held for sale) 19,099.917,505.9  
 
Liabilities related to discontinued activities and other liabilities available for sale1,3  
 
Total current liabilities 19,101.2 17,505.9  
 
TOTAL EQUITY AND LIABILITIES49,544.547,387.8 

(*) restated in accordance with the change of presentation described in Note A.1.3 "Change of presentation: profit or loss of associates"

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Consolidated cash flow statement
(in € millions)
 20072006
Net profit for the period (including minority interest)1,583.01,432.1
Depreciation and amortisation1,594.91,365.9
Net increase / (decrease) in provisions48.12.2
Share-based payments (IFRS 2) and other restatements15.040.4
Gain or loss on disposals(87.8)(166.0)
Change in fair value of foreign currency derivative financial instruments(26.8)(0.2)
Share of profit or loss of associates, dividends received from
unconsolidated entities and profit or loss of operations classified
as held for sale		(30.8)(76.2)
Capitalised borrowing costs(135.6)(92.3)
Cost of net financial debt recognised811.0581.7
Current and deferred tax expense recognised743.8667.4
Cash flows (used in) / from operations before tax and financing costs4,514.7 3,755.0
Changes in working capital requirement and current provisions687.512.7
Income taxes paid(782.6)(758.2)
Net interest paid
(836.1)(518.0)
Net cash flows (used in) / from operating activities I3,583.5 2,491.6
Purchases of property, plant and equipment, and intangible assets(815.7)(771.8)
Proceeds from sales of property, plant and equipment, and intangible assets132.7199.7
Purchases of concession fixed assets (net of grants received)(1,269.5) (1,205.3)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated)(2,095.0) (9,322.4)
Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 71.979.7
Net effect of changes in scope of consolidation292.0614.2
Dividends received from associates and unconsolidated entities27.215.9
Others(11,0)5.9
Net cash flows (used in) / from investing activities II(3,667.5) (10,384.1)
Increases in share capital369.7 3,391.9
Purchases of treasury shares(939.5)(310.4)
Minority interest in share capital increases of subsidiaries2.324.4
Dividends paid  
- to shareholders of VINCI SA(664.5)(472.0)
- to minority interests(48.4)(79.6)
Proceeds from new long-term borrowings3,611.85,600.2
Repayment of borrowings and changes in other current financial debt(2,366.9104.3
Change in cash management assets(758.2)(52.2)
Net cash flows (used in) / from financing activities III(793.7)8,206.8
Net cash flows associated with discontinued operations
or operations classified as held for sale IV		 219.4
Change in net cash I+II+III +IV(877.7)533.6
 
Net cash at beginning of period4,487.73,993.6
Others variations(15.9)(39.6)
Net cash at end of period3,594.04,487.7
 
Increase (decrease) of cash management financial assets758.252.2
(Proceeds from) / repayment of loans(1,244.9) (5,704.6)
Other change (126.4) (8,059.0)
Change in net debt(1,506.8) (13,217.4)
Net debt at beginning of period(14,796.4) (1,579.0)
Net debt at end of period(16,303.2)(14,796.4)

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Last updated: 28/02/2008