6 - Vicat

Financial information concerning the asset base,20the financial condition and the results of the issuer20.2. HISTORICAL FINANCIAL INFORMATIONNOTE 8 INVESTMENTS IN ASSOCIATED COMPANIES(in thousands of euros)Change in investments in associated companies : 2009 2008At January 1 10,059 8,680Earnings from associated companies 1,021 338Dividends received from investments in associated companies (135) (936)Changes in consolidation scope (1) 26,060 1,033Changes in foreign exchange rates and other (426) 944At December 31 36,579 10,059(1)Changes in consolidation scope in 2009 are related to the inclusion of Sodicapéi and Sinai White Cement.NOTE 9RECEIVABLES AND OTHER NON-CURRENT ASSETS(in thousands of euros) Gross values Impairment Net valuesAt December 31, 2007 84,804 (1,773) 83,031Acquisitions / Increases 28,609 (1,122) 27,487Disposals / Decreases (20,730) 65 (20,665)Changes in consolidation scope 4,141 4,141Changes in foreign exchange rates 2,775 80 2,855Other (2,252) (2,252)At December 31, 2008 97,347 (2,750) 94,597Acquisitions / Increases 14,338 (306) 14,032Disposals / Decreases (4,193) 552 (3,641)Changes in consolidation scope (29,992) (29,992)Changes in foreign exchange rates (290) (290)Other (6,319) (6,319)At December 31, 2009 70,891 (2,504) 68,387including :- investments in affiliated companies 17,033 (677) 16,356- long term investments 1,766 (411) 1,355- loans and receivables (1) 45,244 (1,416) 43,828- assets of employee post-employment benefits plans 6,848 6,848At December 31, 2009 70,891 (2,504) 68,387(1)including 4,873 thousand euros in a money market fund backed by a liquidity contract entered into by Vicat with Crédit AgricoleCheuvreux, and 4 million euros in payments due from insurers in relation to the damage occurred in 2006 as described in Note 15.Regarding the Kazakh company, Mynaral, a putoption has been granted by the Group to IFC for10 % of the company’s capital. This option, whichcan be exercised in 4 years at the earliest, will beassessed, at that time, based on an expert valuation.As of December 31, 2009, this commitmentcannot be evaluated, given the above time periodand the fact that the greenfield project has not beenyet completed, and therefore, is not recorded in theyear-end financial statements.2009 registration document - VICAT 147