VINCI - 2008 annual report

Consolidated fi nancial statements
16.2 Financial assets connected with concession and Public-Private Partnership contracts
These receivables relate in particular to VINCI Energies’ contracts for public lighting, a VINCI Construction France contract for the provision of
renovation and related services for INSEP, the contract for the Newport bypass (Wales) and VINCI Concessions’ contract for the Liefk enshoek
Tunnel (Belgium).
The features of the main concessions and Public-Private Partnership contracts accounted for using the fi nancial asset model and operated by
consolidated subsidiaries are as follows:
Motorways
Morgan VINCI Ltd
Motorway, bypassing
Newport, UK (10 km)
Railways
Liefk enshoek Tunnel
Liefk enshoek, 16.2 km
rail link in the port of
Antwerp
Airport car parking
Car rental fi rms’
complex at Nice
airport
Other
Public lighting
in Rouen
INSEP
Rehabilitation,
operation,
maintenance and hotel
management
Control and regulation
of prices by concession
grantor
Payment depends on
availability 67%, traffi c 28%,
safety 3%, maintenance 2%.
Scheduled construction
payments by the grantor.
Scheduled construction
payments by the grantor +
rent paid by car rental
companies as set in
concession contract.
Scheduled contractual
payments from grantor.
Scheduled contractual
payments from grantor.
Remuneration
paid by
Grantor Nil
Grantor
Grantor and car
rental companies
City of Rouen Nil
French Ministry
for Health and
Sport
Grant or
guarantee from
concession
grantor Residual value
Investment
grant
Investment
grant and
operating grant
Grant
Infrastructure returned
to grantor at end of
concession for no
consideration.
Infrastructure returned
to grantor at end of
concession for no
consideration.
Infrastructure returned
to grantor at end of
concession for no
consideration.
Infrastructure returned
to grantor at the end of
the contract for no
consideration.
Infrastructure returned
to grantor at the end of
the contract for no
consideration.
Concession end
date or average
duration
End of contract in
2042
End of contract
in 2050
End of contract
in 2040
End of contract
in 2027
16.3 Commitments made under concession and PPP contracts –
fi nancial asset model
End of contract in
2039
Contractual investment and renewal obligations
Under their concession and PPP contracts, Group subsidiaries have undertaken to carry out investments as follows:
Consolidation
method
Proportionate
consolidation
Proportionate
consolidation
Accounting
model
Financial asset
Financial asset
Full consolidation Financial asset
Full consolidation Financial asset
Proportionate
consolidation
Financial asset
(in € millions) 31/12/2008 31/12/2007
Liefk enshoek Tunnel 301 -
Nice rental car parking facility 32 -
Other 14 -
Total 347 -
In consideration for these investments, the subsidiaries receive a guarantee of payment from the concession grantor.
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