2013-vinci-annual-report

Notes to the financial statements
A. Key events in the period
1. Payment of the dividend in shares
At VINCI’s Shareholders’ General Meeting of 16 April 2013, shareholders were given the option of having their final 2012 dividend (€1.22 per
share) paid in VINCI shares at a price of €32.51 per share.
Overall, shareholders elected to have 68% of their dividends paid in shares, resulting in the creation of 13,557,863 shares and a €441 million
increase in the share capital.
292 VINCI 2013 ANNUAL REPORT
2. Treasury shares
Under its share buy-back programme, VINCI purchased 5,654,417 shares in 2013 for €222 million, at an average price of €39.21 per share.
The gross carrying amount of treasury shares thus rose from €1,662 million at 31 December 2012 to €1,795 million at 31 December 2013.
On the basis of VINCI’s average share price in December 2013 (€46.12 per share), the previously recognised impairment loss allowance in
an amount of €175 million was released in full in 2013.
At 31 December 2013, VINCI owned 44,744,871 treasury shares (7.44% of the capital), of which 4,718,976 (with a value of €189 million) were
allocated to covering performance share plans and employee share ownership transactions.
The remainder, i.e. 40,025,895 shares (€1,606 million), were shares intended to be used as payment for acquisitions or sold.
3. Financing activities
As part of its EMTN programme, VINCI carried out several bond issues in 2013 in a total amount of €950 million:
ˇ ˇ In February, it carried out a €300 million private placement of two-year bonds with a coupon of 3M Euribor +0.4%;
ˇ ˇ In March, it carried out a €150 million private placement of two-year bonds with a coupon of 3M Euribor +0.35%;
ˇ ˇ In April, it issued €500 million of three-year bonds with a coupon of 3M Euribor +0.58%.
4. Changes in investments in subsidiaries and affiliates
VINCI transferred its 5% stake in Arcour to VINCI Autoroutes. The transfer involved an exchange of shares and, after the transaction, VINCI’s
stake in VINCI Autoroutes was 45.91%.
VINCI increased the share capital of its subsidiary VINCI Finance International by €700 million. This amount was fully paid up during the year.
B. Accounting policies and methods
The financial statements at 31 December 2013 have been prepared in accordance with the rules applicable in France.
However, in a departure from the French General Accounting Plan and in order to improve the clarity of its financial statements, VINCI reports
changes in provisions relating to income and expense items on the same line of the income statement, as determined by their nature, which
may be operating, financial, exceptional or tax.
1. Intangible assets
Other than in special cases, software, recorded under “Concessions, patents and licences”, is amortised over two or three years on a straightline
basis.
2. Property, plant and equipment
Property, plant and equipment is recognised at acquisition cost, including acquisition and installation costs.