VINCI CONCESSIONS. Consolidated financial statements
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1 VINCI CONCESSIONS Consolidated financial statements 2004
2 Key figures These financial statements have been prepared by the Company s Management applying the VINCI Group s accounting rules and policies. They reflect the contribution made by the Companies of the Concessions and Services business line of VINCI (see list on page 6) and included in the VINCI consolidated financial statements. NET SALES 1,851 1,889 1,943 France 1,317 1,410 1,468 International GROSS OPERATING SURPLUS as % of net sales 42.0% 41.4% 42.2% OPERATING INCOME as % of net sales 30.6% 31.8% 31.7% OPERATING INCOME AFTER NET FINANCIAL INCOME / (EXPENSE) NET INCOME CASH FLOW FROM OPERATIONS Net investments in operating assets (43) (65) (78) Change in Working Capital Requirement (22) FREE CASH FLOW AFTER CHANGE IN WCR GROWTH INVESTMENTS IN CONCESSIONS (407) (522) (645) Shareholders equity plus minority interest 3,060 3,128 3,329 Provisions Capital employed 6,348 6,765 7,439 NET FINANCIAL DEBT (2,973) (3,233) (3,697) 2
3 Balance sheet Net intangible fixed assets Net tangible fixed assets Net concession fixed assets 4, , ,561.2 Investment subsidies (469.8) (512.2) (580.5) Concession fixed assets net of subsidies 4, , ,980.7 Gross goodwill ,331.4 Financial fixed assets 1, , of which: shares in subsidiaries and affiliates and other fixed asset securities 1, , investments accounted for by the equity method other long-term receivables FIXED ASSETS 6, , ,634.8 Working capital requirement (155.1) (137.5) (126.4) Provisions for operating liabilities (96.0) (79.1) (69.1) CAPITAL EMPLOYED 6, , ,439.3 Amortisation of goodwill (141.8) (212.1) (232.5) Deferred tax (114.3) (87.5) (92.7) TOTAL APPLICATIONS OF FUNDS 6, , ,114.1 Shareholders equity 2, , ,881.2 Minority interest Shareholders equity plus minority interest 3, , ,329.4 Provisions for retirement commitments Provisions for liabilities Other long-term liabilities TOTAL SOURCES OF FUNDS 3, , ,417.4 NET FINANCIAL DEBT (2,972.7) (3,233.4) (3,696.7) 3
4 Statement of income NET SALES 1, , ,943.1 Net sales - France 1, , ,468.1 as % of net sales 71.1% 74.7% 75.6% Net sales outside France as % of net sales 28.9% 25.3% 24,4% Other revenue External operating expenses (1,138.6) ( ) (1,787.7) GROSS OPERATING SURPLUS as % of net sales 42.0% 41.4% 42.2% Amortisation and depreciation (206.2) (197.0) (210.0) Operating provisions (4.1) OPERATING INCOME as % of net sales 30.6% 31.8% 31.7 % NET FINANCIAL INCOME / (EXPENSE) (156.5) (91.1) (100.2) of which cost of financing (141.2) (100.1) (95.8) OPERATING INCOME AFTER NET FINANCIAL INCOME / (EXPENSE) as % of net sales 22.2% 26.9% 26.5% NET EXCEPTIONAL INCOME / (EXPENSE) (5.6) (55.0) 3.2 Tax (150.2) (146.4) (203.6) Overall effective rate 37.1% 32,3% 39.2% Amortisation of goodwill (24.3) (116.6) (29.9) NET INCOME AFTER TAX OF CONSOLIDATED ENTITIES Share in earnings of companies accounted for by the equity method (2.5) Minority interest (72.5) (78.7) (89.2) ADJUSTMENTS AND RECLASSIFICATIONS WITHIN VINCI NET INCOME as % of net sales 9.2% 8.7% 11.0% 4
5 Cash flow statement OPERATING ACTIVITIES Gross operating surplus Financial and exceptional transactions (158.5) (95.5) (78.0) Current tax (144.8) (151.0) (190.1) Cash flow from operations Investments in operating assets (49.6) (77.5) (80.7) Disposals of fixed assets Net investments in operating assets (43.2) (64.8) (78.3) Net cash flow from operations after investments in operating assets Net change in working capital requirement (21.9) Free cash flow before investment in concessions Growth investments in concessions (net of subsidies received) (407.0) (522.0) (645.0) CASH FLOW FROM OPERATING ACTIVITIES BEFORE FINANCIAL TRANSACTIONS [I] (192.4) FINANCIAL TRANSACTIONS Acquisition of investments and securities (1,114.8) (204.5) (357.1) Proceeds from the disposal of securities and non operating property (1,094.5) (201.9) (210.2) Change in financial fixed assets 12.5 (0.6) 3.8 TOTAL FINANCIAL TRANSACTIONS [II] (1,082.0) (202.5) (206.4) FINANCING ACTIVITIES Capital increase Minority interest in capital increases of subsidiaries 2.4 Dividends paid (135.1) (107.3) (73.1) Dividends paid to minority interest in subsidiaries (38.8) (44.9) (45.2) Dividends received from companies accounted for by the equity method Other long-term liabilities (4.2) (3.7) 9.5 [III] (119.4) (108.8) TOTAL CASH FLOWS FOR THE PERIOD [I + II + III] (192.8) (303.5) (507.6) Net financial debt at the start of the period (2,907.5) (2,972.7) (3,233.4) Other changes (in exchange rates, consolidation scope, etc) NET FINANCIAL DEBT AT THE END OF THE PERIOD (2,972.7) (3,233.4) (3,696.7) 5
6 Main companies CONSOLIDATION METHOD VINCI GROUP HOLDING COFIROUTE FC Cofiroute Participations FC Cofiroute Corporation (USA) FC Cofiroute UK (United Kingdom) FC Toll Management Company (United Kingdom) FC Operadora Autopista Del Bosque (Chile) FC AUTOROUTES DU SUD DE LA FRANCE EQ VINCI PARK FC Sogeparc France FC Sogeparc CGST FC Sepadef (Société d exploitation des parcs de la Défense) FC VINCI Park Services Ltd (United Kingdom) FC VINCI Park Espana (Spain) FC VINCI Park Belgium (Belgium) FC Gestipark (Canada) FC Zeson Management Ltd (Hong Kong) FC CONCESSIONS Stade de France PC Stade de France Production PC SMTPC (Prado-Carénage tunnel) EQ Lusoponte (Bridges across the Tagus, Portugal) EQ Severn River Crossing (Bridges across the Severn, United Kingdom) EQ VINCI Concessions Canada FC Strait Crossing Development Inc (Confederation Bridge, Canada) PC Gefyra (Rion-Antirion bridge, Greece) FC Gefyra Litourgia (Greece) FC Autopista Del Bosque (Chillan-Collipulli motorway, Chile) FC VINCI Newport DBFO (Newport bypass, South Wales, UK) FC Morgan VINCI Ltd (Newport bypass, South Wales, UK) PC Arcour FC Société Concessionnaire de l Aéroport de Pochentong - SCA (Cambodia) PC Servicios de Tecnologia Aeroportuaria - SETA (Mexico) EQ Société d Exploitation de l Aéroport de Grenoble PC Société d Exploitation de l Aéroport de Chambéry PC AIRPORT SERVICES VINCI Airports US (WFS) FC SFS UK FC SPA TRANS FC EFS (formerly SEN) FC VINCI Airports Services FC VINCI Services Aéroportuaires FC VINCI Airport UK FC VINCI CONCESSIONS VINCI CONCESSIONS SA FC VINCI INFRASTRUCTURES FC VINCI AIRPORTS FC FC: full consolidation; PC: proportionate consolidation; EQ: equity method 6
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