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2006 interim 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)2006
First half year		2005
First half year		2005
Full year
REVENUE11,499.5 9,826.9 21,038.1
Of which revenue outside France3,861.83,536.87,973.6
% of revenue33.6%36.0 %37.9%
Operating profit from ordinary activities1,039.8 628.11,560.1
% of revenue9.0%6.4 %7.4%
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT516.9356.0871.2
Earnings per share (in euros) 2.522.165.08
Diluted earnings per share (in euros) 2.391.824.46
Dividend per share. excluding tax credit (in euros) --2.00
Equity including minority interest9,195.63,716.3 5,318.5
Provisions (current and non-current) (*)1,662.71,508.21,588.7
Net financial debt(15,712.0) (3,115.7)(1,579.0)
CASH FLOWS (USED IN) / FROM OPERATIONS before tax and financing costs1,471.6 911.32,134.1
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

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Consolidated IFRS income statement
(in € millions)
(in € millions)2006
First half year		2005
First half year		2005
Full year
REVENUE11,499.5 9,826.9 21,038.1
Revenue from ancillary activities109.2157.4182.0
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 1,004.1 601.01,476.9
Cost of gross financial debt (298.6)(115.8)(273.3)
Financial income from cash management investments 67.549.7122.9
Cost of net financial debt (231.1)(66.1)(150.3)
Other financial income and expenses 52.022.352.7
Income tax expense (258.0)(172.0)(462.5)
Share of profit / (loss) of associates 16.932.787.0
Net profit before profit or loss of discontinued operations (halted or sold) or of operations classified as held for sale 583.8417.91,003.9
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) 587.0415.01,002.8
Minority interest (70.1)(59.0)(131.6)
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 516.9356.0871.2
    
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) 2.52.185.09
Diluted earnings per share (in euros) 2.381.844.46
    
Earnings per share    
Earnings per share (in euros) 2.522.165.08
Diluted earnings per share (in euros) 2.391.824.46

 

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Consolidated IFRS balance sheet
(in € millions)
Assets2006
First half year		2005
First half year		2005
Full year
Non-current assets    
Intangible assets 115.778.7103.7
Goodwill3,659.2807.8813.1
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 46.138.247.2
Investments in associates 82.81,533.2 1,595.5
Other non-current financial assets 255.4351.3240.4
Fair value of derivative financial instruments (non-current assets) 162.6333.3199.6
Deferred tax assets 185.0176.0210.5
Total non-current assets 31,033.410,723.2 11,165.7
    
Current assets    
Inventories and work in progress 580.2549.2540.7
Trade and other operating receivables 9,722.4 8,553.2 8,334.3
Other current assets 243.0223.3218.6
Current tax assets 234.0109.262.5
Other current financial assets 224.832.439.9
Fair value of derivative financial instruments (current assets) 106.9134.747.9
Cash management financial assets 708.41,696.5 885.6
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 liabilities2006
First half year		2005
First half year		2005
Full year
Equity   
Share capital 1,187.4 862.0983.2
Share premium4,762.0 1,299.42,247.5

Treasury shares

(365.5)(346.4)(335.8)

Other equity instruments

475.3  
Consolidated reserves 1,749.3 898.1849.4
Currency translation reserves 15.223.531.3
Net profit for the period attributable to equity holders of the parent 516.9356.0871.2
Net income recognised directly in equity 17.6(8.9)(0.0)
Equity attributable to equity holders of the parent 8,358.13,083.7 4,646.8
Minority interest 837.5632.6671.7
Total equity 9,195.63,716.3 5,318.5
Non-current liabilities   
Provisions for retirement benefit obligations and other employee benefits 790.7690.7654.0
Non-current provisions 225.0133.4143.3
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) 10.841.78.6
Other non-current liabilities 37.245.432.0
Deferred tax liabilities 2,628.0 181.4210.6
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) 6.264.03.5
Other current payables 6,401.1 5,335.2 5,498.6
Current tax payables 236.2153.0253.9
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 17,317.813,173.0 14,106.7
TOTAL EQUITY AND LIABILITIES 47,247.5 24,234.3 25,893.9

 

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Consolidated IFRS cash flow statement
(in € millions)
(in € millions) 2006
First half year		2005
First half year		2005
Full year
Net profit for the period (including minority interest)587.0415.01,002.8
Depreciation and amortisation 588.4325.1673.9
Net increase / (decrease) in provisions (*) (42.6)8.123.6
Share-based payments (IFRS 2) and other restatements (2.6)2.833.6
Gain or loss on disposals (89.9)(20.9)(68.7)
Change in fair value of foreign currency derivative financial instruments 5.28.210.0
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 231.166.1150.3
Current and deferred tax expense recognised 258.0172.0462.5
Cash flows (used in) / from operations before tax and financing costs 1,471.6 911.32,134.1
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 255.0234.21,666.3
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 129.039.1128.0
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) 26.660.8104.4
Net effect of changes in scope of consolidation 797.37.16.5
Dividends received from associates and unconsolidated entities 13.067.165.6
Other1.67.827.3
Net cash flows (used in) / from investing activities II (8,887.0) (553.8)(1,370.6)
Increases in share capital 3,219.7 216.9270.4
Purchases of treasury shares (39.7)(369.8)(369.8)
Minority interest in share capital increases of subsidiaries 0.00.0(0.0)
Sums collected during the period on exercise of share options 10.028.739.4
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 46.8743.5
Repayment of borrowings and changes in other current financial debt 492.1(129.2)(149.7)
Change in cash management assets 228.9525.21,561.1
Net cash flows (used in) / from financing activities III 7,926.5 107.11,704.4
Net cash flows associated with discontinued operations or operations classified as held for sale IV 9.37.110.0
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 1,955.51,955.5
Effect of changes in foreign exchange rates (35.2)11.628.1
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

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Last updated: 06/09/2006