2013-vinci-annual-report

2. Financial assets
Gross values
(in € millions) 31/12/2012 Acquisitions Disposals Contributions 31/12/2013
Investments in subsidiaries and affiliates 19,313 708 – (6) 20,015
Receivables connected with investments in subsidiaries and affiliates 2,180 58 (4) 2,233
Other fixed asset securities 5 – – 5
Other non-current financial assets 9 9
Total 21,507 766 (4) (6) 22,263
The main changes in the portfolio of shareholdings during the period are described in Note A.1 “Changes in investments in subsidiaries and
affiliates” in the “Key events in the period” section.
The increase in receivables connected with investments in subsidiaries and affiliates relates mainly to the loan to ASF.
Impairment allowances
(in € millions) 31/12/2012 Expense Reversals 31/12/2013
Investments in subsidiaries and affiliates 213 3 (180) 36
Receivables connected with investments in subsidiaries and affiliates 5 4 – 9
Other fixed asset securities 4 – – 4
Other non-current financial assets 3 3
Total 225 7 (180) 52
Releases of impairment loss allowances on investments in subsidiaries and affiliates relate mainly to shares in VINCI Autoroutes, following
the review of the economic and financial assumptions used to value the company.
3. Treasury shares
Transactions under the 2012/2013 and 2013/2014 share buy-back programmes:
Gross values
Unit value
in €
31/12/2012 Increases: buy-backs
Value
in €m
Unit value
in €
Value
in €m
Unit value
in €
Decreases:
disposals and
transfers
Value
in €m
Reclassifications:
transfers between
accounts 31/12/2013
Unit value
in €
Value Unit
in €m value in €
Shares bought back to use in payment or exchange 40.20 1,451 39.82 194 42.61 (40) 40.13 1,606
Shares bought back to be cancelled
Subtotal directly held treasury shares 1,451 194 (40) 1,606
Liquidity account
Subtotal non-current financial assets 1,451 194 (40) 1,606
Shares intended to be transferred to
the beneficiaries of performance share plans
41.88 210 35.50 28 43.79 (89) 42.61 40 40.13 189
Subtotal current assets 210 28 (89) 40 189
Total cash transactions on VINCI shares 1,662 222 (89) – 1,795
Value
in €m
During 2013, VINCI acquired 5,654,417 shares on the market for a total of €222 million, at an average price of €39.21 per share. Transaction
costs on these buy-backs amounted to €513 thousand.
In 2013, 2,011,604 treasury shares were used as follows:
ˇˇ2,004,903 shares were definitively allocated on 2 May 2013 to the beneficiaries of the performance share plan decided by the Board of
Directors on 2 May 2011. These grants of shares generated an expense of €88 million covered by a release for the same amount of provisions
taken in this respect in 2011 and 2012.
ˇˇ6,701 shares were transferred to beneficiaries of other employee share ownership plans.
Impairment allowances
(in € millions) 31/12/2012 Expense Reversals 31/12/2013
Treasury shares (recorded under non-current assets) 175 (175) –
Treasury shares (recorded under current assets) 12 9 (3) 18
Total 187 9 (178) 18
PARENT COMPANY FINANCIAL STATEMENTS 295