VINCI : Annual Revenue at 31 December 2010

Regulatory News:

• 2010 consolidated revenue:
  • Fourth quarter €9.6 billion +14.8%
  • Annual €34.8 billion +9.0%
• Order book at 31 December 2010: €27.3 billion +14%
• VINCI Autoroutes:
  • 2010 revenue €4.3 billion +4.0%
  • Traffic on a stable network +2.0%

VINCI (Paris:DG) achieved a sound performance in 2010.

Motorway concessions confirmed their upward trend with growth of traffic greater than that of the economy. There was also an improvement in contracting's business lines.

The consolidation of Cegelec and Faceo has given a new dimension to Energies, which now accounts for almost 25% of the Group's business. It includes VINCI Facilities, a new division operating in the buoyant facilities management market.

Over recent years, VINCI has increased its international presence and strengthened its technological expertise in contracting through a strategy of targeted acquisitions. Examples include Soletanche Bachy in foundation technologies, Entrepose Contracting in the oil and gas sector, Nuvia in nuclear services, ETF in rail works and Tarmac in quarries.

The synergies between the Group's concessions and contracting businesses have led to significant infrastructure successes: the high-speed rail line between Tours and Bordeaux, Notre Dame des Landes airport in Nantes, GSM-Rail, the Olympic Stadium in Nice and the first section of the Moscow–St. Petersburg motorway.

With an order book standing at €27.3 billion^*, up almost 14% over the year (+3% excluding external growth), VINCI is heading into 2011 with confidence.

The drivers for medium-term growth in the Group's major markets, both in Europe and the rest of the world, remain intact: urbanisation, mobility, energy needs and environmental challenges.

REVENUE AT 31 DECEMBER 2010 ¹

VINCI's fourth quarter 2010 consolidated revenue amounted to €9.6 billion, up 14.8% against the fourth quarter 2009. This growth reflects the positive impact of acquisitions made in 2010 (Cegelec and Faceo by Energies; Tarmac by Eurovia), which represented additional revenue of about €1 billion for the quarter.

On a comparable structure basis, revenue rose 1.8% over the quarter, thanks to organic growth in both concessions (+3.7%) and contracting (+0.9%). This sound performance was achieved despite fuel shortages in France in October and then by the difficult weather conditions in Europe, that particularly affected VINCI Autoroutes and Eurovia. In France, business on a comparable structure basis increased 2.7%, while remaining stable (+0.3%) elsewhere.

VINCI's consolidated annual revenue amounted to €34.8 billion, up 9% on the 2009 figure. It benefitted from the positive effects of external growth (+7.9%) and exchange rate fluctuations (+1.3%). Business remained virtually unchanged (-0.2%) on a comparable structure basis.

Concessions revenue rose 4.6% (+3.8% on a comparable structure basis) to €5.1 billion, due mainly to VINCI Autoroutes (+4.0%).

Revenue generated by the contracting business lines (Energies, Eurovia, Construction) was driven by external growth and increased 9.6% to €29.5 billion. On a comparable structure basis, business was slightly off (-1.1%) compared with 2009.

In France, revenue was €21.0 billion, up 6.9% (-0.3% on a constant consolidation scope basis). Concessions' revenue rose 4.0%, while that of contracting rose 6.9%.

Outside France, revenue amounted to €13.8 billion, up 12.3% (-0.2% on a constant consolidation scope and exchange rate basis). Revenue generated outside France now accounts for 40% of total revenue (46% in the contracting business lines).

Revenue by business line

CONCESSIONS: €5,122 million (+4.6% actual; +3.8% on a comparable structure basis)

VINCI Autoroutes: fourth quarter 2010 stable network traffic rose 1.5% (light vehicles: +1.1%; heavy vehicles: +4.0%). It was affected by public sector strikes in France and the ensuing fuel shortages in October, and then by heavy snow episodes on part of the network in December. Despite this, revenue for the quarter increased 3.0% overall.

2010 annual revenue amounted to €4,259 million, up 4.0%. Stable network traffic increased 2.0% (light vehicles: +1.8%; heavy vehicles: +3.2%). In addition, there was the positive impact (+0.4%) of the full-year operation of new sections opened in mid-2009, the A19 motorway (Arcour) and the first section of the A86 Duplex (Cofiroute), and toll price effects. Overall, growth in toll revenue in 2010, in line with the Group's forecasts, was 4.1%.

VINCI Park: revenue amounted to €660 million, up 5.9% (+2.8% on a comparable structure basis). In France, business grew slightly (+0.8%); outside France, the 16.1% growth was due principally to the expansion of business in North America.

CONTRACTING: €29,479 million (+9.6% actual; -1.1% on a comparable structure basis)

Energies: €7,108 million (+46.0% actual; -0.4% on a comparable structure basis)

In France, the return to growth continued in the fourth quarter 2010 (+1.2% on a constant consolidation scope basis). Over the whole year, revenue increased 43% on an actual basis to €4,442 million (of which Cegelec €1,161 million and Faceo €142 million). Revenue was up slightly (+0.6%) on a comparable scope basis. Activities related to energy infrastructure (production and transmission) and telecommunications (business communications, in particular) performed well, as did facilities management activities. The industry sector grew slightly thanks to a good fourth quarter, and the service sector market contraction slowed down.

Outside France, there was further growth in business (+3.8% on a constant consolidation scope and exchange rate basis) in the fourth quarter. Revenue for the year amounted to €2,666 million (of which Cegelec €860 million and Faceo €58 million), up 52% on an actual basis but slightly down (-2.1%) on a comparable structure basis.

Energies' order book at 31 December 2010 stood at €6.3 billion (of which Cegelec €1.8 billion and Faceo €0.8 billion). With 108% growth over the 12-month period (+24% excluding Cegelec and Faceo), it represented more than nine months of average business activity for energy subsidiaries.

Eurovia: €8,096 million (+1.2% actual; -1.6% on a comparable structure basis)

In France, the previously mentioned bad weather conditions and fuel shortages had an adverse impact on business activity in the fourth quarter (-6.6% on a comparable structure basis). Over the full year, however, business held up well, with 2010 revenue only slightly down (-0.4%) to €4,621 million (-0.6% on a comparable structure basis).

Outside France, 2010 revenue amounted to €3,475 million, up 3.3% on an actual basis (-2.8% on a constant consolidation scope and exchange rate basis). The ramp-up of the R1 expressway project in Slovakia and strong growth in Poland partially offset the decline in business recorded in the United Kingdom, Germany and the United States.

Eurovia's order book at 31 December 2010 was €5.3 billion, down 10% since the beginning of the year. The decline is attributable to the completion of major projects won in 2009 (Slovakia, Germany), as well as to austerity measures implemented by some clients around Europe. The order book represented approximately eight months of average business activity for Eurovia subsidiaries.

Construction: €14,274 million (+1.8% actual; -1.1% on a comparable structure basis)

In France, the pace of the upturn that started in the third quarter accelerated during the fourth quarter, with 7.2% growth on a comparable structure basis. For the full year, revenue amounted to €6,894 million, down 3.9% on an actual basis (-4.3% on a constant consolidation scope basis). The good performances achieved in public buildings (health care, sport, etc.) and the residential sector (social housing in particular) attenuated the impact of the decline in the private non-residential and public works sectors.

Outside France, business remained steady during the fourth quarter (+1.5% on a comparable structure basis). Annual revenue was €7,380 million, up 7.8% (+2.2% on a constant consolidation scope and exchange rate basis). The Group's specialist civil engineering subsidiaries – Entrepose Contracting (oil and gas industry works), DEME (dredging and maritime works) and Soletanche-Freyssinet – and Sogea Satom in Africa performed very well. However, business declined in the United Kingdom and Central Europe.

VINCI Construction's order book stood at €15.7 billion at 31 December 2010, up more than 4% for the year and representing over 13 months of average business activity. About two-thirds of the order book will be executed in 2011.

APPENDIX 1: Consolidated revenue at 31 December 2010

Provisional figures pre-application of IAS 31 ?Interests in Joint Ventures?

Note: following the acquisition of Cegelec and the consolidation of Faceo, VINCI decided to group together most of its facilities management assets in a new division, VINCI Facilities, which reports under Energies. These assets had previously been part of both Construction and Energies. To facilitate year-on-year comparison, the 2009 data has been restated in line with the new organisational structure.

Annual consolidated revenue at 31 December

(€ in millions)		Total				Change
		2009		2010		Actual		Comparable
VINCI Autoroutes		4,095.0		4,258.7		+4.0%		+4.0%
VINCI Park & other concessions		803.5		863.7		+7.5%		+3.0%
S/T Concessions		4,898.5		5,122.4		+4.6%		+3.8%
Energies		4,868.7		7,108.2		+46.0%		(0.4%)
Eurovia		8,002.9		8,096.2		+1.2%		(1.6%)
Construction		14,019.5		14,274.1		+1.8%		(1.1%)
S/T Contracting		26,891.1		29,478.5		+9.6%		(1.1%)
VINCI Immobilier		559.3		603.5		+7.9%		+7.9%
Intragroup eliminations		(421.2)		(411.5)
Total excluding concession subsidiaries' construction revenue (IFRIC 12)		31,927.6		34,792.9		+9.0%		(0.2%)

Revenue by geographical area

(€ in millions)		Total				Change
		2009		2010		Actual		Comparable
France
Concessions		4,582.4		4,765.2		+4.0%		+3.7%
Energies		3,113.6		4,442.2		+42.7%		+0.6%
Eurovia		4,639.4		4,620.7		(0.4%)		(0.6%)
Construction		7,174.2		6,893.9		(3.9%)		(4.3%)
Contracting		14,927.2		15,956.8		+6.9%		(2.1%)
Eliminations and miscellaneous		111.8		250.7
Total France		19,621.4		20,972.7		+6.9%		(0.3%)
International
Concessions		316.1		357.2		+13.0%		+6.0%
Energies		1,755.0		2,666.0		+51.9%		(2.1%)
Eurovia		3,363.5		3,475.6		+3.3%		(2.8%)
Construction		6,845.3		7,380.2		+7.8%		+2.2%
Contracting		11,963.9		13,521.8		+13.0%		+0.2%
Eliminations and miscellaneous		26.2		(58.8)
Total International		12,306.2		13,820.2		+12.3%		(0.2%)

Fourth quarter consolidated revenue

(€ in millions)		4th quarter				Change
		2009		2010		Actual		Comparable
VINCI Autoroutes		936.5		964.1		+3.0%		+2.9%
VINCI Park & other concessions		202.3		230.4		+13.9%		+7.4%
S/T Concessions		1,138.8		1,194.5		+4.9%		+3.7%
Energies		1,305.6		2,272.3		+74.0%		+2.2%
Eurovia		2,166.8		2,140.0		(1.2%)		(5.3%)
Construction		3,577.0		3,848.1		+7.6%		+4.3%
S/T Contracting		7,049.5		8,260.5		+17.2%		+0.9%
VINCI Immobilier		204.3		241.4		+18.2%		+18.2%
Intragroup eliminations		(43.1)		(115.3)
Total excluding concession subsidiaries' construction revenue (IFRIC 12)		8,349.5		9,581.1		+14.8%		+1.8%
of which: - France		5,028.2		5,755.2		+14.5%		+2.7%
- International		3,321.3		3,825.8		+15.2%		+0.3%

Order book of contracting's business lines (Energies, Eurovia, Construction)

(€ in billions)

		31-12-2009		31-12-2010		Change
Energies		3.0		6.3		+108%
Eurovia		5.9		5.3		(10%)
Construction		15.1		15.7		+4%
Total contracting		24.0		27.3		+14%
of which: - France		10.9		13.4		+23%
- International		13.1		13.9		+6%

Change in VINCI Autoroutes' revenue in 2010

		ASF		Escota		Cofiroute		Arcour		VINCI Autoroutes
Light vehicles		1.9%		1.4%		1.7%		-		1.8%
Heavy vehicles		2.9%		5.2%		3.3%		-		3.2%
Traffic (stable network)		2.0%		1.8%		1.9%		-		2.0%
New sections		-		-		0.5%*		-		0.4%
Other impacts		1.6%		2.0%		1.4%		-		1.7%
Toll revenue (in € millions)		2,383		623		1,129		35		4,170
2010/2009 change		3.6%		3.8%		3.8%		-		4.1%
Revenue (in € millions)		2,441		633		1,150		35		4,259
2010/2009 change		3.6%		3.8%		3.5%		97.7%		4.0%

* A86 Duplex

Total traffic on motorway concessions – entire network (excluding A86 Duplex)

(in millions of km travelled)

		4th quarter						Total at 31 December
		2009		2010		Change		2009		2010		Change
Light vehicles		5,106		5,190		1.6%		24,080		24,537		1.9%
Heavy vehicles		989		1,030		4.2%		3,954		4,070		2.9%
ASF		6,095		6,220		2.0%		28,034		28,607		2.0%
Light vehicles		1,338		1,342		0.3%		5,976		6,060		1.4%
Heavy vehicles		145		152		4.3%		585		616		5.2%
Escota		1,483		1,494		0.7%		6,561		6,676		1.8%
Light vehicles		2,068		2,069		0.1%		9,288		9,448		1.7%
Heavy vehicles		374		387		3.6%		1,485		1,533		3.3%
Cofiroute (intercity network)		2,442		2,456		0.6%		10,773		10,981		1.9%
Light vehicles		46		50		9.6%		121		222		NS
Heavy vehicles		7		9		21.7%		15		32		NS
Arcour		53		59		11.2%		136		254		NS
Light vehicles		8,557		8,651		1.1%		39,465		40,267		2.0%
Heavy vehicles		1,516		1,578		4.1%		6,040		6,251		3.5%
Total VINCI Autoroutes		10,073		10,229		1.6%		45,505		46,518		2.2%

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CHANGE OF ACCOUNTING METHOD RETROACTIVE TO 1 JANUARY 2009:

APPLICATION OF IAS 31 ?INTERESTS IN JOINT VENTURES?

IMPACT ON NET PROFIT: NONE

VINCI has 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?². 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.

The 2009 statements have been restated to take account of this change of method and enable comparisons to be made from one year to the next³.

The main impacts on the 2009 financial statements of the change of method are shown in the table below.

KEY FIGURES (€ in millions)		2009 published				2009 restated				Difference
				as a % of revenue *				as a % of revenue *
Revenue*		31,928				30,741				(1,187)
of which: France		19,621				19,614				(7)
International		12,306				11,127				(1,179)
of which: Concessions		4,899				4,889				(10)
Contracting		26,891				25,729				(1,162)
Cash flow from operations (EBITDA)		4,964		15.5%		4,771		15.5%		(193)
of which: Concessions		3,086		63.0%		3,089		63.2%		3
Contracting		1,737		6.5%		1,541		6.0%		(196)
Operating profit from ordinary activities		3,192		10.0%		3,100		10.1%		(92)
of which: Concessions		1,917		39.1%		1,937		39.6%		20
Contracting		1,220		4.5%		1,107		4.3%		(113)
Operating profit		3,145		9.8%		3,110		10.1%		(35)
of which: Concessions		1,928		39.3%		1,929		39.5%		1
Contracting		1,165		4.3%		1,129		4.4%		(36)
Net profit attributable to equity holders of the parent		1,596		5.0%		1,596		5.2%		-
Diluted earnings per share (in €)		3.21				3.21				-
Capital employed		25,491				25,005				(549)
Equity including non-controlling interests		10,440				10,467				27
Net financial debt		(13,684)				(13,130)				554
ROCE		8.8%				9.0%

* Excluding concession subsidiaries' revenue derived from works carried out by non-Group entities

The main jointly controlled companies – previously accounted for using the proportionate consolidation method – that will now be accounted for using the equity method are:

• In concessions: the project companies for the Prado Sud tunnel in France, the A-Modell A4-Horselberg and A5-Malsch/Offenburg motorways in Germany, the R1 expressway in Slovakia, the Liefkenshoek tunnel in Belgium and the Newport South Distributor Road in the United Kingdom. LAZ Parking in the United States is also jointly controlled.
• In contracting: DEME, a subsidiary owned 50% by CFE ; QDVC (Qatari Diar VINCI Construction), a subsidiary owned 49% by VINCI Construction Grands Projets.

*********

VINCI will publish its 2010 annual results post-application of IAS 31 ?Interests in Joint Ventures? after the close of stock market trading on 1 March 2011.

*********

This press release is available in French, English and German on VINCI's website at www.vinci.com

APPENDIX 2: Consolidated revenue at 31 December 2010

Provisional figures post-application of IAS 31

Revenue (€ in millions)		Total at 31 December						Change 2010 vs. 2009 restated
		2009 published		2009 restated		2010		Actual		Comparable
VINCI Autoroutes		4,095.0		4,095.0		4,258.7		+4.0%		+4.0%
VINCI Park & other concessions		803.5		794.1		832.2		+4.8%		+0.6%
S/T Concessions		4,898.5		4,889.1		5,091.0		+4.1%		+3.4%
Energies		4,868.7		4,861.7		7,102.0		+46.1%		(0.3%)
Eurovia		8,002.9		7,851.1		7,930.2		+1.0%		(1.7%)
Construction		14,019.5		13,016.0		13,047.7		+0.2%		(2.7%)
S/T Contracting		26,891.1		25,728.8		28,079.9		+9.1%		(2.0%)
VINCI Immobilier		559.3		558.5		603.3		+8.0%		+8.0%
Intragroup eliminations		(421.2)		(435.4)		(470.0)
Total excluding concession subsidiaries' construction revenue (IFRIC 12)		31,927.6		30,740.9		33,304.2		+8.3%		(1.1%)
Concession subsidiaries' construction revenue		990.0		812.8		913.9		+12.4%		+12.4%
Intragroup eliminations		(458.0)		(376.1)		(288.8)
Concession subsidiaries' revenue derived from works carried out by non-Group entities		532.0		436.7		625.1		+43.1%		+43.0%
Total		32,459.6		31,177.7		33,929.3		+8.8%		(0.5%)

Revenue by geographical area (€ in millions)				Total at 31 December				Change 2010 vs. 2009 restated
		2009 published		2009 restated		2010		Actual		Comparable
France
Concessions		4,582.4		4,616.8		4,791.0		+3.8%		+3.4%
Energies		3,113.6		3,109.7		4,438.5		+42.7%		+0.6%
Eurovia		4,639.4		4,589.0		4,568.5		(0.4%)		(0.7%)
Construction		7,174.2		7,144.9		6,874.9		(3.8%)		(4.2%)
Contracting		14,927.2		14,843.6		15,881.8		7.0%		(2.1%)
Eliminations and miscellaneous		111.8		153.2		223.7
Total		19,621.4		19,613.6		20,896.5		+6.5%		(0.4%)
Concession subsidiaries' revenue derived from works carried out by non-Group entities		472.1		426.1		598.4		+40.4%		+40.4%
Total France*		20,093.5		20,039.7		21,494.9		+7.3%		+0.5%
International
Concessions		316.1		272.3		300.0		+10.2%		+2.9%
Energies		1,755.0		1,752.0		2,663.5		+52.0%		(2.0%)
Eurovia		3,363.5		3,262.1		3,361.7		+3.1%		(3.1%)
Construction		6,845.3		5,871.2		6,172.9		+5.1%		(1.1%)
Contracting		11,963.9		10,885.3		12,198.1		+12.1%		(1.8%)
Eliminations and miscellaneous		26.2		(30.2)		(90.4)
Total		12,306.2		11,127.4		12,407.7		+11.5%		(2.2%)
Concession subsidiaries' revenue derived from works carried out by non-Group entities		59.9		10.6		26.7		+151.6%		+145.1%
Total International*		12,366.1		11,138.0		12,434.4		+11.6%		(2.1%)

* In application of IFRIC 12, includes concession subsidiaries' revenue derived from works carried out by non-Group entities

Order book of contracting's business lines (Energies, Eurovia, Construction)

Post-application of IAS 31

(€ in billions)

		31-12-09 IAS 31		31-12-10 IAS 31		Versus 31-12-09
Energies		3.0		6.3		+108%
Eurovia		5.7		5.2		(10%)
Construction		13.9		14.5		+4%
Total Contracting		22.6		25.9		+15%
of which: - France		10.9		13.3		+23%
- international		11.7		12.6		+7%

APPENDIX 3: Application of IAS 31 - Impact on 2009 financial statements

INCOME STATEMENT

(€ in millions)		2009 published		2009 restated		Difference
Total revenue		32,460		31,178		(1,282)
- Revenue excluding concession subsidiaries' revenue derived from works carried out by third parties		31,928		30,741		(1,187)
- Concessions subsidiaries' works revenue carried out by third parties		532		437		(95)
Operating profit from ordinary activities		3,192		3,100		(92)
As a % of revenue *		10.0%		10.1%
Share-based payments (IFRS 2)		(63)		(63)		-
Goodwill impairment expense		(12)		(12)		-
Profit/(loss) of associates		27		85		58
Operating profit		3,145		3,110		(35)
As a % of revenue *		9.8%		10.1%
Cost of net financial debt		(743)		(714)		29
Other financial income and expenses		41		34		(7)
Income tax expense		(745)		(727)		18
Net profit attributable to non-controlling interests		(102)		(107)		(5)
Net profit attributable to owners of the parent		1,596		1,596		-
As a % of revenue *		5.0%		5.2%
Earnings per share (in €) **		3.21		3.21		-

* Calculated based on revenue excluding concession subsidiaries' revenue derived from works carried out by third parties

** After taking account of dilutive instruments

OPERATING PROFIT FROM ORDINARY ACTIVITIES BY BUSINESS ACTIVITY

(€ in millions)		2009 published		as % of revenue*		2009 restated		as % of revenue*		Difference
VINCI Autoroutes		1,793		43.8%		1,793		43.8%		-
VINCI Park		101		16.3%		98		17.0%		(3)
Other concessions & holding companies		23		n/a		46		n/a		23
Concessions		1,917		39.1%		1,937		39.6%		20
Energies		267		5.5%		266		5.5%		(1)
Eurovia		319		4.0%		309		3.9%		(10)
Construction		634		4.5%		532		4.1%		(102)
Contracting		1,220		4.5%		1,107		4.3%		(113)
Property & holding companies		56				56				-
Operating profit from ordinary activities		3,192		10.0%		3,100		10.1%		(92)
Share-based expense (IFRS 2), equity-accounted companies and miscellaneous		(48)				10				58
Operating profit		3,145		9.8%		3,110		10.1%		(35)

* Calculated based on revenue excluding concession subsidiaries' revenue derived from works carried out by third parties

CASH FLOW STATEMENT

(€ in millions)		2009 published		2009 restated		Difference
Cash flow from operations before tax and financing costs (EBITDA)		4,964		4,771		(193)
Changes in WCR and current provisions		609		524		(85)
Income taxes paid		(690)		(644)		46
Net interest paid		(784)		(762)		22
Dividends received from equity-accounted companies		-		47		47
Cash flows (used in)/from operations		4,100		3,935		(164)
Net investments in operating assets		(798)		(616)		182
Operating cash flow		3,302		3,320		(18)
Investments in concessions and PPP contracts		(1,227)		(1,044)		183
Net financial investments		(110)		(127)		(17)
Other		(7)		(31)		(25)
Cash flows (used in)/from investing activities		1,958		2,118		159
Capital increases and decreases		654		654		-
Changes in treasury shares		(2)		(2)		-
Dividends paid		(873)		(875)		(2)
Cash flows for the period		1,737		1,894		157
Other changes		(50)		(23)		27
Change in net debt		1,687		1,871		184

EBITDA BY BUSINESS ACTIVITY

(€ in millions)		2009 published		As % of revenue*		2009 restated		as % of revenue*		Difference
VINCI Autoroutes		2,807		68.5%		2,807		68.5%		-
VINCI Park		203		32.6%		198		34.3%		(5)
Other concessions & holding companies		76		n/a		84		n/a		8
Concessions		3,086		63.0%		3,089		63.2%		3
Energies		294		6.0%		294		6.0%		-
Eurovia		515		6.4%		498		6.3%		(17)
Construction		928		6.6%		749		5.8%		(179)
Contracting		1,737		6.5%		1,541		6.0%		(196)
Property & holding companies		141				141				-
Cash flow from operations		4,964		15.5%		4,771		15.5%		(193)

* Calculated based on revenue excluding concession subsidiaries' revenue derived from works carried out by third parties

SIMPLIFIED CONSOLIDATED BALANCE SHEET

At 31 December

(€ in millions)		2009 published		2009 restated		Difference
Non-current assets - Concessions		26,681		26,235		(446)
Non-current assets – other businesses		5,057		4,706		(351)
Current financial assets		35		35		-
Net cash managed		6,022		5,887		(135)
Total assets		37,795		36,863		(932)
Equity attributable to owners of the parent		9,808		9,811		3
Non-controlling interests		632		656		24
Equity		10,440		10,467		27
Non-current provisions and miscellaneous long-term debt		1,401		1,443		42
Borrowings		19,706		19,017		(689)
WCR and current provisions		6,248		5,936		(312)
Total liabilities		37,795		36,863		(932)
Net financial debt		(13,684)		(13,130)		554

NET FINANCIAL DEBT BY BUSINESS ACTIVITY

(€ in millions)		2009 published		Debt/ EBITDA		2009 restated		Debt/ EBITDA		Difference
VINCI Autoroutes		(14,029)		x 5.0		(14,029)		x 5.0		-
VINCI Park		(830)		x 4.1		(820)		x 4.1		10
Other concessions		(611)		x 7.9		(351)		x 4.3		260
Concessions holding companies		(2,447)				(2,446)				1
Concessions		(17,917)		x 5.8		(17,645)		x 5.7		272
Energies		966		-		964		-		(2)
Eurovia		427		-		426		-		(1)
Construction		1,947		-		2,228		-		282
Contracting		3,339		-		3,618		-		279
Property and holding companies		894		-		898		-		4
Net financial debt at 31 December		(13,684)		x 2.8		(13,130)		x 2.8		554

^* The order book does not yet include the following infrastructure concession contracts won by the Group and currently being finalised: South Europe Atlantic high-speed rail line, Notre Dame des Landes airport (Nantes), Olympic Stadium in Nice, Moscow–St Petersburg motorway.

¹ The figures given and commented upon in this section are before the application of IAS 31 ?Interests in Joint Ventures,? the impacts of which are described at the end of this press release.

² IAS 31 distinguishes between three categories of joint ventures: jointly controlled operations, jointly controlled assets and jointly controlled entities. The first two categories (?operations? and ?assets?) are accounted for on the basis of the Group's share in controlled assets, incurred liabilities, and income and expenses. IAS 31 proposes the option of accounting for jointly controlled entities using the equity method.

³ The restated 2009 figures, currently being audited, are available on the Group's website at www.vinci.com – http://www.vinci.com/vinci.nsf/en/finance-documentation-presentations.htm).

VINCI
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