VINCI - 2008 annual report

Consolidated fi nancial statements
13.2 Impairment of other non-fi nancial assets
At 31 December 2008, the Group has not recognised any impairment losses on other non-fi nancial assets.
14. Investment property
(in € millions) 31/12/2008 31/12/2007
Investment property 42.8 52.6
During the year, investment property generated rental income of €3.3 million and €2.2 million of direct operating expenses.
At 31 December 2008, the estimated fair value of investment property was €65.6 million and the carrying amount was €42.8 million.
15. Investments in associates
15.1 Movements during the year
(in € millions) 31/12/2008 31/12/2007 (*)
Value of shares at start of the year 190.1 101.2
Share capital increases of associates 9.9 7.5
Group share of profi t / (loss) for the year 23.8 16.7
including Concessions, for 11.7 3.7
Dividends paid (15.6) (13.3)
Changes in consolidation scope and translation diff erences (5.1) 77.1
Net change in fair value of fi nancial instruments (38.8)
Reclassifi cations 1.7 0.9
Value of shares at end of year 165.9 190.1
including Concessions, for 37.8 57.3
(*) 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 changes in the year include in particular the post-tax changes in the fair value of fi nancial instruments designated as interest rate hedges for
–€38.8 million (including –€23.5 million in respect of Olympia Odos and –€8.9 million in respect of Aegean Motorways).
15.2 Financial information on investments in associates
Investments in associates mainly relate to concession operating companies in which the Group exercises signifi cant infl uence.
210 VINCI __ 2008 ANNUAL REPORT