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2006 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)
	2006	2005	2004
REVENUE	25,634.3	21,038.1	19,056.1
Of which revenue outside France	8,809.5	7,973.6	7,125.6
% of revenue	34.4%	37.9%	37.4%
Operating profit from ordinary activities	2,579.8	1,560.1	1,304.9
% of revenue	10.1%	7.4%	6.8%
Operating profit	2,476.0	1,476.9	1,245.8
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	1,270.4	871.2	731.6
Earnings per share (in euros)	5.80	5.08	4.56
Diluted earnings per share (in euros)	5.55	4.46	4.02
Dividend per share. excluding tax credit (in euros)	2.65	2.00	1.75
Equity including minority interest	9,614.9	5,318.5	3,614.6
Net financial debt	(14,796.4)	(1,579.0)	(2,433.1)
CASH FLOWS (USED IN) / FROM OPERATIONS	3,755.0	2,134.1	2,018.2
Net investments in operating assets	(572.1)	(572.3)	(445.5)
Investments in concession assets	(1,205.3)	(811.1)	(568.3)
Net financial investments	(9,242.8)	(86.6)	(259.9)

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Consolidated IFRS income statement
(in millions of euros)
Earnings per share before profit or loss of discontinued operations (halted or sold)
	2006	2005	2004
REVENUE	25,634.3	21,038.1	19,056.1
Other operating income	218.8	181.8	256.9
Operating expenses	(23,273.3)	(19,659.8)	(18,008.1)
Operating profit from ordinary activities	2,579.8	1,560.1	1,304.9
Share-based payment expense (IFRS 2)	(89.5)	(70.1)	(36.3)
Goodwill impairment expense	(14.3)	(13.2)	(22.8)
OPERATING PROFIT	2,476.0	1,476.9	1,245.8
Cost of gross financial debt	(733.7)	(273.3)	(318.7)
Financial income from cash management investments	152.1	122.9	83.1
Cost of net financial debt	(581.7)	(150.3)	(235.6)
Other financial income	186.3	127.8	279.6
Other financial expenses	(48.9)	(75.0)	(43.6)
Share of profit / (loss) of associates	18.3	87.0	14.0
Income tax expense	(667.4)	(462.5)	(365.9)
Net profit before profit or loss of discontinued operations (halted or sold)	1,382.7	1,003.9	894.2
Net profit or loss after tax of discontinued operations (halted or sold)	49.4	(1.0)	(55.9)
NET PROFIT	1,432.1	1,002.8	838.3
Minority interest	161.7	131.6	106.7
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	1,270.4	871.2	731.6

Earnings per share (in euros)	5.57	5.09	4.91
Diluted earnings per share (in euros)	5.33	4.46	4.31

Earnings per share
Earnings per share (in euros)	5.80	5.08	4.56
Diluted earnings per share (in euros)	5.55	4.46	4.02

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Consolidated IFRS balance sheet
(in € millions)
ASSETS	2006	2005	2004
Non-current assets
Goodwills	3,681.3	813.1	776.9
Intangible assets	128.3	103.7	82.0
Concession intangible fixed assets	24,698.5	5,741.0	5,024.1
Property. plant and equipment	2,322.6	2,214.8	2,006.7
Investment property	47.3	47.2	41.9
Investments in associates	102.8	1,595.5	1,558.5
Other non-current financial assets	348.2	440.0	532.8
Deferred tax assets	218.8	210.5	167.2
Total non-current assets	31,547.8	11,165.7	10,190.0

Current assets
Inventories and work in progress	567.1	540.7	542.8
Trade and other operating receivables	9,503.1	8,334.3	7,279.8
Other current assets	241.0	218.6	157.3
Current tax assets	37.5	62.5	24.4
Other current financial assets	158.1	87.8	233.9
Cash management financial assets	1,223.2	885.6	1,968.3
Cash and cash equivalents	5,154.8	4,598.7	2,549.5
Total current assets	16,884.8	14,728.1	12,756.1

TOTAL ASSETS	48,432.6	25,893.9	22,946.0

Equity and liabilities	2006	2005	2004
Equity
Share capital	1,176.6	983.2	838.1
Share premium	4,475.5	2,247.5	1,231.5
Treasury shares	(178.4)	(335.8)	(130.3)
Other equity instruments	490.6
Consolidated reserves	1,601.9	849.4	350.1
Currency translation reserves	20.5	31.3	(5.7)
Net profit for the period attributable to equity holders of the parent	1,270.3	871.2	731.6
Net income recognised directly in equity	9.5	(0.0)	0.6
Equity attributable to equity holders of the parent	8,866.6	4,646.8	3,015.9
Minority interest	748.4	671.7	598.6
Total equity	9,614.9	5,318.5	3,614.6

Non-current liabilities
Non-current provisions	1,015.0	797.3	843.0
Bonds	3,591.3	3,588.3	4,619.9
Other loans and borrowings	14,043.7	1,840,4	1,555.4
Other non-current liabilities	49.1	32.0	14.4
Deferred tax liabilities	2,612.7	210.6	169.6
Total non-current liabilities	21,311.8	6,468.7	7,202.3

Current liabilities
Current provisions	1,655.9	1,445.4	1,382.8
Trade payables	5,554.1	5,002.3	4,619.2
Other current payables	6,428.7	5,498.6	4,743.6
Current tax payables	138.7	253.9	213.6
Current borrowings	3,728.6	1,906.6	1,170.1
Total current liabilities	17,505.9	14,106.7	12,129.2

TOTAL EQUITY AND LIABILITIES	48,432.6	25,893.9	22,946.0

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Consolidated IFRS cash flow statement
(in € millions)

	2006	2005	2004
Net profit for the period (including minority interest)	1,432.1	1,002.8	838.3
Depreciation and amortisation	1,365.9	673.9	617.9
Net increase / (decrease) in provisions	2.2	23.6	48.2
Share-based payments (IFRS 2) and other restatements	40.4	33.6	36.3
Gain or loss on disposals	(166.0)	(68.7)	(36.2)
Change in fair value of foreign currency derivative financial instruments	(0.2)	10.0	(10.7)
Share of profit or loss of associates, dividends received from unconsolidated entities and profit or loss of operations classified as held for sale	(76.2)	(90.7)	0.1
Capitalised borrowing costs	(92.3)	(63.3)	(77.3)
Cost of net financial debt recognised	581.7	150.3	235.6
Current and deferred tax expense recognised	667.4	462.5	365.9
Cash flows (used in) / from operations before tax and financing costs	3,755.0	2,134.1	2,018.2
Changes in working capital requirement and current provisions	12.7	114.1	374.7
Income taxes paid	(758.2)	(481.0)	(330.2)
Net interest paid	(518.0)	(100.9)	(204.7)
Net cash flows (used in) / from operating activities I	2,491.6	1,666.3	1,857.9
Purchases of property, plant and equipment, and intangible assets	(771.8)	(700.2)	(525.4)
Proceeds from sales of property, plant and equipment, and intangible assets	199.7	128.0	79.9
Purchases of concession fixed assets (net of grants received)	(1,205.3)	(811.0)	(568.3)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated)	(9,322.4)	(191.0)	(460.9)
Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated)	79.7	104.4	201.0
Net effect of changes in scope of consolidation	614.2	6.5	3.0
Dividends received from associates and unconsolidated entities	15.9	65.6	44.4
Others	5.9	27.3	(31.9)
Net cash flows (used in) / from investing activities II	(10,384.1)	(1,370.6)	(1,258.0)
Increases in share capital	3,391.9	270.4	259.6
Purchases of treasury shares	(329.8)	(369.8)	(492.1)
Minority interest in share capital increases of subsidiaries	24.4	(0.0)	1.4
Sums collected during the period on exercise of share options	19.4	39.4	95.2
Dividends paid
- to shareholders of VINCI SA	(472.0)	(321.7)	(287.2)
- to minority interests	(79.6)	(68.7)	(55.5)
Proceeds from new long-term borrowings	5,600.2	729.5	633.7
Repayment of borrowings and changes in other current financial debt	104.3	(135.7)	(441.7)
Change in cash management assets	(52.2)	1,347.6	(225.0)
Net cash flows (used in) / from financing activities III	8,206.8	1,490.9	(511.6)
Net cash flows associated with discontinued operations or operations classified as held for sale IV	219.4	10.0	(4.4)
Change in net cash I+II+III +IV	533.6	1,796.6	84.0
Net cash at beginning of period	3,993.6	2,169.0	2,082.6
Others variations	(39.6)	28.1	2.4
Net cash at end of period	4,487.7	3,993.6	2,169.0

Increase (decrease) of cash management financial assets	52.2	(1,347.6)	225.0
(Proceeds from) / repayment of loans	(5,704.6)	(593.8)	(192.0)
Conversion of OCEANE bonds		1,096.5
Other change	(8,059.0)	(125.6)	(60.5)
Change in net debt	(13,217.4)	854.1	58.9
Net debt at beginning of period	(1,579.0)	(2,433.1)	(2,492.0)
Net debt at end of period	(14,796.4)	(1,579.0)	(2,433.1)

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Last updated: 28/02/2007