2013-vinci-annual-report

Control and regulation
of prices by
concession grantor
Remuneration
paid by
Grant or guarantee
from concession
grantor
Residual value
Concession end
date or average
duration
Accounting model
Airports
ANA concession
company
10 airports in Portugal
Regulated air tariffs;
unregulated non-air
revenue
Users, airlines
Nil
Infrastructure returned
to grantor at end of
concession for no
consideration
2063 Intangible asset
Cambodia Airports
(SCA)
Phnom Penh, Siem
Reap and Sihanoukville
airports
(Cambodia)
Pricing law as defined in
the concession
contract. Price increases
subject to agreement by
grantor
Users, airlines
Nil
Infrastructure returned
to grantor at end of
concession for no
consideration
2040 Intangible asset
Société
Concessionnaire
Aéroports du Grand
Ouest
Airport near Nantes
(France)
Regulated air tariffs;
unregulated non-air
revenue
Users, airlines
Investment grant
agreed under the
concession contract for
the construction of the
new airport
Infrastructure returned
to grantor at end of
concession for no
consideration
2065 Intangible asset
Parking facilities
VINCI Park
397,162 parking
spaces in 167 towns
under 386 concession
contracts (France and
other European
countries)
Generally indexed
maximum prices,
depending on the
contract terms
Users
If applicable, grants for
equipment or operating
grants and/or
guaranteed revenue
paid by grantor
Nil
26 years (estimated
weighted average
remaining period of
concession
contracts)
Intangible asset and/
or financial asset
Stadiums
Consortium Stade de
France
Nil
Organiser of events
and/or final customer
+ miscellaneous
revenue
Investment grant +
compensation for
absence of resident
club (currently
suspended)
Infrastructure returned
to grantor at end of
concession for no
consideration
2025 Intangible asset
24.2 Commitments made under concession contracts – intangible asset model
Contractual investment, renewal or financing obligations
(in € millions) 31/12/2013 31/12/2012
ASF group 2,072 1,870
Cofiroute 772 838
Société Concessionnaire Aéroports du Grand Ouest 374 389
VINCI Park 85 53
Other 79 135
Total 3,383 3,284
Contractual capital investment obligations for motorway companies (ASF group, Escota) relate mainly to investment undertakings made by
motorway concession companies as part of multi-year master plans.
The above amounts do not include obligations relating to maintenance expenditure on infrastructure under concession.
The investments by motorway concession companies (ASF, Escota, Cofiroute and Arcour) are financed by issuing bonds on the markets,
taking out new loans from the European Investment Bank (EIB) or drawing on their available credit facilities.
Collateral security connected with the financing of concessions
Some concession operating companies have given collateral security to guarantee the financing of their investments in concession infrastructure.
These break down as follows:
(in € millions) Start date End date Amount
Arcour 2008 2045 600
VINCI Park (*) 2006 2026 364
Other concession operating companies 31
(*) Including shares in subsidiaries pledged to guarantee a bank loan of €500 million taken out at the end of June 2006.
CONSOLIDATED FINANCIAL STATEMENTS 271
This finance is without recourse against VINCI SA.