VINCI - 2008 annual report

Consolidated fi nancial statements
ASF has a syndicated bank credit facility of €1 billion maturing in 2012, subject to various fi nancial covenants, (see Note 22.2.5 Financial
covenants). On 18 December 2006, ASF agreed a new sven-year credit line with a bank syndicate for €2 billion. At 31 December 2008, these
lines were used for €218 million.
Cofi route has a confi rmed bank credit facility of €1 billion, expiring in 2011. This facility is not subject to fi nancial covenants and was not in use
at 31 December 2008.
The amounts authorised and used, and the maturities of the revolving credit lines are as follows:
(in € millions)
Amount used
at 31/12/2008
Amounts authorised
at 31/12/2008
Within 1 year
Maturity
Between
1 and 5 years
After 5 years
Syndicated loan 2,000 2,000
Bilateral facilities 935 935
VINCI 2,935 2,935
ASF: syndicated loans 218 3,000 3,000
Cofi route: syndicated loan 1,020 1,020
Other business lines: syndicated and non-syndicated lines 51 290 10 280
Total 269 7,245 10 7,235 0
The above credit lines are not subject to any Material Adverse Change conditions. Drawings made in 2008 against these confi rmed credit lines
complied with the initial contractual terms and conditions.
22.2.4 Commercial paper
At 31 December 2008, the Group had an authorised commercial paper programme of €1.5 billion for VINCI SA rated A2 by Standard & Poor’s,
while Cofi route had an authorised commercial paper programme of €450 million, rated A2 by Standard & Poor’s.
Neither of these programmes was being used at 31 December 2008.
22.2.5 Financial covenants
Some fi nancing agreements include early repayment clauses applicable in the event of non-compliance with fi nancial ratios, of which the main
ones are described below:
(in € millions)
236 VINCI __ 2008 ANNUAL REPORT
Finance
agreements
Amounts
authorised
VINCI Acquisition loan 1,750.0 1,750.0
ASF Holding Syndicated term loan 1,170.0 1,170.0
ASF
VINCI Park
CNA 6,249.8 6,249.8
Syndicated term loan 755.8 755.8
Amounts
used Ratios (*) Values
Net fi nancial debt (excl. Concessions) to [Cash fl ow from
operations before tax and fi nancing costs (excl.
Concessions) + dividend received (excl. exceptional
dividend) of concession operating companies]
Ratios at
31 December
2008
< 3.5 (0.2)
Consolidated net fi nancial debt to consolidated cash
fl ow from operations before tax and fi nancing costs (**) < 10 8
Dividends to [Net interest + nominal to repay] > 1.15 1.4
Consolidated net fi nancial debt to consolidated Ebitda < or = 7 5.4
Consolidated Ebitda to consolidated fi nancing costs > 2.2 3.5
Consolidated net fi nancial debt to consolidated cash
fl ows from operations before tax and fi nancing costs
< or = 7 5.4
Syndicated credit line 2013 2,000.0 Consolidated cash fl ows from operations before tax and
Syndicated credit line 2012 1,000.0 218.0
fi nancing costs to consolidated fi nance costs
Net fi nancial debt to cash fl ow from operations
before tax and fi nancing costs
Amortising loan 450.8 450.8
Cash fl ow from operations before tax
and fi nancing costs to fi nancing costs
Amortising loan
(tranches 1 and 2)
209.6 209.6
Net fi nancial debt to cash fl ow from operations
before tax and fi nancing costs
Cash fl ow from operations before tax
and fi nancing costs to fi nancing costs
(*) Ebitda = gross operating profi t defi ned as the diff erence between operating income and operating expenses excluding depreciation, amortisation and provisions.
(**) (Consolidated net fi nancial debt ASF + consolidated net fi nancial debt ASF Holding) to ASF consolidated cash fl ow from operations before tax and fi nancing costs
> 2.2 3.5
< 7 4.3
> 2.2 4.7
< 7 4.3
> 3 4.7
Some fi nance agreements, entered into by Group entities, provide that a change in control of the borrower may constitute a case for mandatory
early redemption or trigger a demand for early repayment.
The above ratios were all met at 31 December 2008.