VINCI - 2008 annual report

Consolidated fi nancial statements
At 31 December 2008, the main fi nancial data relating to investments in concession operating companies recognised under investment in
associates was as follows (on a 100% basis):
Trans
Olympia
Severn River Jamaican
Olympia Odos Rhôn Aegean
(in € millions)
Crossing Highway SMTPC Lusoponte SCDI Odos Litourgia Express Motorways (*) Coentunnel
% held
Financial data (on a 100% basis)
35.00% 34.00% 33.29% 30.85% 18.80% 36.00% 36.00% 32.40% 13.75% 27.60%
Revenue 97.8 25.6 33.7 64.6 19.1 84.9 11.0 25.5 177.5 35.5
Attributable to Group 34.2 8.7 11.2 19.9 3.6 30.6 3.9 8.3 24.4 9.8
Operating expenses (97.8) (10.6) (15.6) (16.3) (10.9) (69.0) (10.8) (25.5) (159.5) (34.4)
Operating profi t 0.0 15.4 18.1 48.3 8.2 15.9 0.2 0.0 18.0 0.1
Net profi t / (loss) for the year 0.0 1.7 9.4 11.9 (2.3) 10.8 0.1 (0.7) 12.5 (0.7)
Equity at 31 December 2008 3.3 46.6 17.5 (18.9) (24.4) 1.0 (6.4) (37.0) (26.3)
Equity attributable to Group
including share of net consolidated
0.0 1.1 15.5 5.4 (3.6) (8.8) 0.4 (2.1) (5.1) (7.3)
profi t / (loss) attributable to Group, for 0.0 0.6 3.1 3.7 (0.4) 3.9 0.0 (0.2) 1.7 (0.2)
Goodwill net 6.7 15.1 10.7 0.0 0.0 0.0 0.0 0.0 0.0
Value of investments in associates
Carrying amount of shares in parent
0.0 7.9 30.6 16.1 (3.6) (8.8) 0.4 (2.1) (5.1) (4.7)
company accounts 6.5 6.2 38.1 108.0 0.2 1.8 0.4 0.0 0.7 0.0
Original cost of shares
Fair value of shareholdings (stock market
6.2 27.1 20.2 0.2 1.8 0.4 0.0 0.7 0.0
value at December 2008)
Other balance sheet information
39.0
Total assets / equity and liabilities 410.7 218.6 138.3 804.0 171.0 429.4 10.0 31.0 309.8 56.5
Net debt at 31 December 2008
Shareholder advances and
(347.9) 198.4 (57.1) (323.4) (156.2) (285.2) 1.6 (17.1) (178.6) (66.6)
interest-bearing loans (VINCI share) 5.9 2.9 0.0 0.1
(*) Maliakos Kleidi (formerly Apion Kléos)
16. Other non-current financial assets
(in € millions) 31/12/2008 31/12/2007 (*)
Available-for-sale fi nancial assets 302.6 393.5
Loans and receivables at amortised cost 210.0 154.3
including fi nancial assets under PPPs and concessions, for 116.9 64.0
Fair value of derivative fi nancial instruments (non-current assets) (**) 109.8 72.0
Other non-current fi nancial assets 622.4 619.8
(*) Restated in accordance with the change of accounting policy described in Note A.1.3 “Change of accounting policy: IFRIC 12 Service Concession Arrangements”.
(**) See Note E.23 “Management of fi nancial risks”.
Available-for-sale fi nancial assets amounted to €302.6 million at 31 December 2008, compared with €393.5 million at 31 December 2007. These
comprise listed shareholdings for €182.9 million (including shares in ADP for €158.4 million) and unlisted shareholdings for €119.8 million, in
subsidiaries that do not meet VINCI’s minimum fi nancial criteria for consolidation.
Loans and receivables at amortised cost amounted to €210 million at 31 December 2008 compared with €154.3 million at 31 December 2007.
They include, in addition to receivables connected with investments in associates and guarantee deposits for €78.9 million, fi nancial receivables
connected with concession contracts and Public-Private Partnerships managed by Group subsidiaries for €116.9 million (see Note E.16.2
“Financial receivables connected with concession and Public-Private Partnership contracts”).
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