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2010 1st quarter information restated

19 April 2011 - Finances

VINCI decided to account for jointly controlled companies using the equity method as from financial year 2010 in accordance with IAS 31 “Interests in Joint Ventures”. This equity accounting method, already used by other European groups operating in the construction and concessions sector, is a better reflection of VINCI’s business model in the field of public-private partnerships carried out through jointly owned project companies mainly using non-recourse financing. In addition, this option is consistent with the IASB’s recent decision to eliminate the proportionate consolidation method for jointly controlled entities.


To enable comparisons to be made from one year to the next, 1st quarter 2010 information has been restated to take account of this change of method, as well as the new organisational structure put in place after VINCI decided to group together most of its facilities management activities in a new division, VINCI Facilities, reporting within Energy business line. These activities were previously part of VINCI Construction and VINCI Energies.


Consolidated revenue at 31 March 2010
(in € million)

 2010 published *2010 restatedChange
   VINCI Autoroutes856.6856.6-
   VINCI Park & other concessions214.2212.4(1.8)
Concessions1,079.81,078.0(1.8)
   Energies1,093.91,092.5(1.4)
   Eurovia1,213.61,179.2(34.4)
   VINCI Construction3,013.42,749.8(263.6)
Contracting5,320.85,021.5(299.4)
VINCI Immobilier107.2107.2-
Eliminations(50.4)(78.5)(28.1)
Total revenue (ex IFRIC 12)6,457.46,128.2(329.2)
Concession subsidiaries’ works revenue225.0164.3(60.7)
Intragroup eliminations(91.3)(36.0)55.3
Concession subsidiaries’ revenue derived
from works carried out by non-Group entities
133.6128.2(5.4)
Total revenu (IFRIC 12)6,591.06,256.5(334.6)

 

Revenue by geographical area
(in € million)

 2010 published*2010 restated Change
France   
Concessions 999.8 1,009.9 10.1
  Energies 733.8 733.2 (0.7)
  Eurovia 797.7 786.7 (11.0)
  Construction 1,449.2 1,443.9 (5.3)
Contracting 2,980.7 2, 963.8 (17.0)
Eliminations and other 44.3 42.7 (1.6)
Total French revenue (ex IFRIC 12) 4,024.8 4,016.3 (8.4)
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 125.9 126.0 0.1
Total French revenue (IFRIC 12) 4,150.7 4,142.3 (8,3)
    
International   
Concessions 80.0 68.1 (11.9)
  Energies 360.1 359.4 (0.7)
  Eurovia 415.9 392.5 (23.4)
  Construction 1,564.2 1,305.8 (258.3)
Contracting 2,340.1 2,057.7 (282.4)
Eliminations and other 12.5 (14.0) (26.5)
Total International revenue (ex IFRIC 12) 2,432.7 2,111.9 (320.8)
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 7.7 2.2 (5.5)
Total International revenue (IFRIC 12) 2,440.4 2,114.1 (326.3)

* Published = including the impact of the creation of VINCI Facilities

 

Contracting order book
(in € billion)

  31 March 2010 published* 31 March 2010 restated
Energies 3.3 3.3
Eurovia 6.6 6.1
VINCI Construction 16.3 14.9
Total Contracting 25.9 24.4
  France 11.5 11.4
  International 14.4 12.9

* Published = including the impact of the creation of VINCI Facilities

 

Net financial debt amounted to €13.4 billion, compared to €14.1 billion before the change of method.

 

About VINCI
VINCI is a global player in concessions and contracting, employing more than 222,000 peoplein nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.

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