VINCI - 2008 annual report

Consolidated fi nancial statements
Operating profi t, after taking account of share-based payment expenses, goodwill impairment losses and the profi t or loss of associates, amounted
to €3,275.9 million at 31 December 2008 (9.8% of revenue excluding revenue from construction of new infrastructure) compared with
€3,010.7 million at 31 December 2007 (9.9% of revenue excluding revenue from construction of new infrastructure), an increase of 8.8%. This
change includes the positive eff ects of non-recurrent items for €85 million, principally the impact of the negotiations about medical expense
insurance at ASF and Escota for €120 million (see Note E.20.2 “Other non-current provisions”).
5.1 Other operating income and expenses
(in € millions) 31/12/2008 31/12/2007
Net gains or losses on disposal of property, plant and equipment and intangible assets 51.6 57.0
Share in operating profi t or loss of joint ventures 9.8 31.1
Other (3.1) 8.5
Total 58.3 96.6
5.2 Depreciation and amortisation
Net depreciation and amortisation breaks down as follows:
(in € millions) 31/12/2008 31/12/2007 (*)
Concession intangible assets (933.4) (862.9)
Intangible assets (35.6) (31.4)
Property, plant and equipment (757.7) (684.6)
Investment property (3.4) (3.8)
Depreciation and amortisation (1,730.1) (1,582.8)
(*) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”.
5.3 Share-based payments
The expense relating to benefi ts granted to employees has been assessed at €103.5 million in respect of 2008 (compared with €117.6 million at
31 December 2007), of which €64.4 million was in respect of performance share plans (compared with €32.1 million at 31 December 2007) (see
Note E.19 “Share-based payments”).
6. Financial income and expenses
(in € millions) 31/12/2008 31/12/2007 (*)
Cost of gross fi nancial debt (1,043.2) (1,006.5)
Financial income from cash management investments 179.8 195.5
Cost of net fi nancial debt (863.3) (811.0)
Other fi nancial income 256.0 199.5
Other fi nancial expenses (199.0) (80.1)
Other fi nancial income and expenses 57.0 119.4
(*) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”.
The cost of net fi nancial debt amounted to €863.3 million at 31 December 2008 compared with €811 million at 31 December 2007.
Other fi nancial income and expense amounted to net income of €57 million at 31 December 2008, compared with €119.4 million at 31 December
2007.
Other fi nancial income includes in particular capitalised borrowing costs on concession infrastructure assets under construction for €132.3 million
at 31 December 2008 (including €91.9 million for Cofi route, €18.3 million for Arcour, and €18.6 million for ASF), compared with €132.7 million
at 31 December 2007, and gains on disposal of shares for €72.8 million (including €25.9 million on the sale of shares in Grana y Montero,
€14 million on the sale of shares in Hídépitö and €12 million on the sale of shares in VINCI Park Hong Kong).
Other fi nancial expenses include in particular impairment losses on available-for-sale assets of €99.2 million (including an impairment loss of
€98.3 million on shares in ADP, recognised in the income statement) and the eff ects of discounting to present value for €41 million.
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