VINCI - 2008 annual report

5. Standards and Interpretations not applied early
Consolidated fi nancial statements
The Group has not applied the Standards and Interpretations early that are not mandatory at 1 January 2008, except for those described in Note
A.1.2. “Change of accounting policy: accounting for loans at below-market rate of interest” and Note A.1.3 “Change of accounting policy: IFRIC
12 Service Concession Arrangements”:
- IAS 1 Revised Presentation of Financial Statements
- Amendment to IAS 1 Revised / IAS 32 Puttable Financial Instruments and Obligations Arising on Liquidation
- Amendments to IAS 23 Borrowing Costs
- IFRS 2 Amendment Vesting Conditions and Cancellations
- IAS 27 Revised Consolidated and Separate Financial Statements
- IFRS 3 Revised Business Combinations
- IAS 28 Investments in Associates
- IAS 31 Interests in Joint Ventures
- IFRS 8 Operating segments
- IFRIC 13 Customer Loyalty Programmes
- IFRIC 15 Agreements for the Construction of Real Estate
- IFRIC 16 Hedges of a Net Investment in a Foreign Operation
- IFRIC 17 Distributions of Non-cash Assets to Owners
- IAS 39 Amendment: Recognition and Measurement of Eligible Hedged Items
- Amendments under the IFRS Annual Improvements Project
The potential impacts on the Group’s consolidated fi nancial statements of these Standards and Interpretations are being determined.
B. Business combinations
1. Acquisition of Taylor Woodrow Construction
VINCI plc, a UK subsidiary of VINCI Construction, agreed in September 2008 to acquire all the shares in Taylor Woodrow Construction. Taylor
Woodrow Construction booked revenue of £688 million (€864 million) for the twelve months of 2008 and is a major operator in the United
Kingdom in railway and airport civil engineering, energy infrastructure and PPPs.
VINCI has fully consolidated the company in its consolidated fi nancial statements since 9 September 2008.
Determination of the identifi able assets and liabilities acquired at the date of acquisition of control
(in € millions)
Non-current assets
Historical values Fair-value adjustments Fair values
Property, plant and equipment and intangible assets 11.7 26.2 37.9
Non-current fi nancial assets 3.7 0.2 4.0
Deferred tax assets 0.2 3.9 4.1
Total non-current assets 15.7 30.3 46.0
Current assets 209.0 (1.0) 208.0
including cash, for 112.1 112.1
Non-current liabilities
Non-current fi nancial debt and derivatives
Other non-current liabilities
Deferred tax liabilities
2.0 2.0
Total non-current liabilities 0.0 2.0 2.0
Current liabilities
Current fi nancial debt and derivatives
Other current payables 251.2 2.7 253.9
Total current liabilities 251.2 2.7 253.9
Total net assets (26.5) 24.5 (2.0)
Purchase consideration (100% of the shares) 93.2 93.2
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