VINCI - 2008 annual report

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Consolidated fi nancial statements 3.5.3 Group Savings Scheme Under the Group Savings Scheme, three times a year, VINCI issues new shares in France reserved for its employees with a subscription price that includes a discount of 10% against the average stock market price of the VINCI share during the last 20 business days preceding the authorisation by the Board of Directors. This discount is considered as a benefi t granted to the employees; its fair value is determined using the Monte Carlo valuation model at the date on which the subscription price is announced to the employees. As certain restrictions apply to the shares acquired by the employees under these plans regarding their sale or transfer, the fair value of the benefi t to the employee takes account of the fact that the shares acquired cannot be freely disposed of for fi ve years, other than in certain specifi c cases. In 2007, VINCI carried out a leveraged employee shareholding transaction, called Castor Avantage, for the employees of its French subsidiaries. The expense related to this plan was measured at grant date of plan units in accordance with IFRS 2, on the basis of the benefi t granted by VINCI to its employees. The Group recognises the benefi ts granted in this way to its employees as an expense over the vesting period, with a corresponding increase of consolidated equity. Benefi ts granted under share option plans, performance share plans and the Group Savings Scheme are implemented as decided by VINCI’s Board of Directors after approval by the Shareholders General Meeting, and are not, in general, systematically renewed. As their measurement is not directly linked to the business lines’ operations, VINCI has considered it appropriate not to include the corresponding expense in the operating profi t from ordinary activities, which is an indicator of divisions’ performance, but to report it on a separate line, labelled Share-based payment expense (IFRS 2), in operating profi t. 3.6 Cost of net fi nancial debt The cost of net fi nancial debt includes: - the cost of gross fi nancial debt, which includes the interest expense calculated at the eff ective interest rate, gains and losses on interest-rate derivatives allocated to gross fi nancial debt, whether they are designated as hedges for accounting purposes or not; - the line item fi nancial income from cash management investments, which comprises the return on investment of cash and cash equivalents. Investments of cash and cash equivalents are measured at fair value through profi t or loss. 3.7 Other fi nancial income and expenses Other fi nancial income and expenses mainly comprises foreign exchange gains and losses, the eff ects of discounting to present value, dividends received from unconsolidated entities, capitalised borrowing costs and changes in the value of derivatives not allocated to interest rate risk management. Borrowing costs borne during the construction of concession assets are included in the cost of those assets. They are determined as follows: - to the extent that funds are borrowed specifi cally for the purpose of constructing an asset, the borrowing costs eligible for capitalisation on that asset are the actual borrowing costs incurred during the period less any investment income arising from the temporary investment of those borrowings; - when borrowing is not intended to fi nance a specifi c project, the interest eligible for capitalisation on an asset is determined by applying a capitalisation rate to the expenditure on that asset. This capitalisation rate is equal to the weighted average of the costs of borrowing funds for construction work, other than those specifi cally intended for the construction of given assets. This does not relate to the construction of infrastructure under concession accounted for using the fi nancial asset model (see Note A.3.19.2 “Loans and receivables at amortised cost”). 3.8 Income tax Income tax is computed in accordance with the tax legislation in force in the countries where the income is taxable. In accordance with IAS 12, deferred tax is recognised on the temporary diff erences between the carrying amount and the tax base of assets and liabilities. It is calculated using the latest tax rates enacted or substantially enacted at the date of closing the accounts. The eff ects of a change in the tax rate from one period to another are recognised in the income statement in the period in which the change occurs. Deferred tax relating to items recognised directly under equity, in particular share-based payment expenses (under IFRS 2), is also recognised under equity. Whenever subsidiaries have distributable reserves, a deferred tax liability is recognised in respect of the probable distributions that will be made in the foreseeable future. Moreover, shareholdings in associates and joint ventures give rise to recognition of a deferred tax liability in respect of all the diff erences between the carrying amount and the tax base of the shares. Net deferred tax is determined on the basis of the tax position of each entity or group of entities included in the tax group under consideration and is shown under assets or liabilities for its net amount per taxable entity. Deferred tax is reviewed at each balance sheet date to take account in particular of the impact of changes in tax law and the prospects for recovery. Deferred tax assets are only recognised if their recovery is probable. Deferred tax assets and liabilities are not discounted. 180 VINCI __ 2008 ANNUAL REPORT
3.9 Earnings per share Consolidated fi nancial statements Basic earnings per share is the net profi t for the period after minority interest, divided by the weighted average number of shares outstanding during the period less treasury shares. In calculating diluted earnings per share, the average number of shares outstanding is adjusted for the dilutive eff ect of equity instruments issued by the Company, in particular share subscription or purchase options and performance shares. 3.10 Concession intangible assets Concession intangible assets correspond to the concession operator’s right to operate the asset under concession in consideration for the investment expenditures incurred for the design and construction of the asset. This operator’s right corresponds to the fair value of the construction of the asset under concession plus the borrowing costs capitalised during the construction phase. It is amortised over the term of the arrangement in a manner that refl ects the pattern in which the asset’s economic benefi ts are consumed by the entity, starting from the date of commencement of use of the operating right (see Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”). 3.11 Goodwill Goodwill is the excess of the cost of a business combination over the Group’s interest in the net fair value of the acquiree’s identifi able assets, liabilities and contingent liabilities at the date(s) of acquisition, recognised on fi rst consolidation. Goodwill relating to fully and proportionately consolidated entities is reported under the consolidated balance sheet under Goodwill. Goodwill relating to associates is included in the line item Investments in associates. Goodwill is not amortised but is tested for impairment at least annually and whenever there is an indication that it may be impaired. Whenever goodwill is impaired, the diff erence between its carrying amount and its recoverable amount is recognised in operating profi t or loss in the period and is not reversible. Negative goodwill is recognised directly in profi t or loss in the year of acquisition. 3.12 Other intangible assets Other intangible assets mainly comprise operating rights, quarrying rights of fi nite duration and computer software. Purchased intangible assets are measured at cost less amortisation and cumulative impairment losses. Quarrying rights are amortised as materials are extracted (volumes extracted during the period are compared with the estimated total volume to be extracted from the quarry over its useful life), in order to refl ect the decline in value due to depletion. Other intangible assets are amortised on a straight-line basis over their useful life. 3.13 Grants related to assets Grants related to assets are presented in the balance sheet as a reduction of the amount of the asset for which they were received. 3.14 Property, plant and equipment Items of property, plant and equipment are recorded at their acquisition or production cost less cumulative depreciation and any impairment losses. They are not revalued. They also include concession operating assets that are not controlled by the grantor but that are necessary for operation of the concession such as buildings intended for use in the operation, equipment for toll collection, signage, data transmission, and video-surveillance, and vehicles and equipment (see Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”). Depreciation is generally calculated on a straight-line basis over the period of use of the asset. Accelerated depreciation may however be used when it appears more appropriate to the conditions under which the asset is used. For certain complex assets comprising various components, in particular buildings and constructions, each component of the asset is depreciated over its own period of use. In the particular case of quarries, they are depreciated as materials are extracted (volumes extracted during the period are compared with the estimated total volume to be extracted from the quarry over its useful life), in order to refl ect the decline in value due to consumption of the economic benefi ts. 181
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2008 ANNUAL REPORT
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KEY FIGURES Revenue by business lin
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PROFILE VINCI, the world’s leadin
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Roads Ranked among the world’s le
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MESSAGE FROM THE CHAIRMAN YVES-THIB
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Our strategy is to maintain a balan
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MANAGEMENT AND CO-ORDINATION COMMIT
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12 GROUP VINCI __ 2008 ANNUAL REPOR
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22 22 GROUP CONCESSIONS VINCI __ 20
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24 04.02.2008 GROUND CONSOLIDATION
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28 02.04.2008 INVENTING TOMORROW’
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32 18.10.2008 COMPREHENSIVE SOLUTIO
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36 24.01.2009 MOBILISATION ON THE G
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BUSINESS REPORT 40. CONCESSIONS 62.
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CONCESSIONS PROFILE VINCI Concessio
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INFRASTRUCTURE MANAGED BY VINCI CON
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VINCI PARK REVENUE BY GEOGRAPHICAL
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PROJECTS UNDER NEGOTIATION Negotiat
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Operation Electronic toll collectio
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THE A11 ANGERS, AN ILLUSTRATION OF
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WOMEN MOVE INTO MAINTENANCE The pro
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FIRST MOBILITY HUB AT LA DÉFENSE A
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Following its complete overhaul, Si
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A MONUMENT OF MODERN GREECE Charila
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6161
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ENERGY PROFILE VINCI Energies is a
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Revenue Revenue by business line 23
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COMPREHENSIVE EQUIPMENT FOR THE THE
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6969
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ROADS PROFILE Eurovia is a world le
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Revenue Operating profi t from ordi
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LONG-HAUL SUPPLY CHAIN In materials
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7 77
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CONSTRUCTION PROFILE French market
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Revenue 15,722 13,653 Revenue by bu
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290 METRE SPAN ACROSS THE ABYSS The
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AN OUTSIZED PORT Refurbished and ex
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Americas > Panama Canal deepening a
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90 BUSINESS REPORT PROPERTY PROPERT
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Report of the Board of Directors Co
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Report of the Board of Directors 1.
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Report of the Board of Directors Eu
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Report of the Board of Directors Di
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Report of the Board of Directors te
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Report of the Board of Directors In
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Report of the Board of Directors Do
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Report of the Board of Directors VI
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Report of the Board of Directors Vi
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Page 170 and 171: Consolidated fi nancial statements
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Consolidated fi nancial statements
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Parent company fi nancial statement
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Notes to the fi nancial statements
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Persons responsible for the registr
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Registration document table of corr
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Agence Dominique Perrault Architect
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VINCI - 2008 annual report

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