VINCI - 2008 annual report

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Consolidated fi nancial statements 23.1.2 Description of fair value hedges At the balance sheet date, details of the instruments designated as fair value hedges were as follows: (in € millions) 240 VINCI __ 2008 ANNUAL REPORT Within 1 year Between 1 and 2 years Between 3 and 5 years 31/12/2008 After 5 years Notional Fair value, assets Fair value, liabilities Total Fixed receiver / fl oating payer interest rate swap 1,225.0 2.6 1,011.2 2,238.8 154.1 (6.8) 147.3 Interest rate options (caps, fl oors and collars) Interest rate derivatives: fair value hedges 1,225.0 2.6 1,011.2 2,238.8 31/12/2007 154.1 (6.8) 147.3 Within Between Between After Fair value, Fair value, (in € millions) 1 year 1 and 2 years 3 and 5 years 5 years Notional assets liabilities Total Fixed receiver / fl oating payer interest rate swap Interest rate options (caps, fl oors and collars) 1,275.0 2.5 1,017.2 2,294.8 39.7 (10.9) 28.7 Interest rate derivatives: fair value hedges 1,275.0 2.5 1,017.2 2,294.8 39.7 (10.9) 28.7 These transactions mainly relate to the fi xed-rate bond issues by ASF, Cofi route and VINCI. 23.1.3 Description of cash fl ow hedges At the balance sheet date, details of the instruments designated as cash fl ow hedges were as follows: Within Between Between 31/12/2008 After Fair value, Fair value, (in € millions) 1 year 1 and 2 years 3 and 5 years 5 years Notional assets liabilities Total Floating receiver / fi xed payer interest rate swap Interest rate options (caps, fl oors and collars) Interest rate derivatives: hedging of highly 850.0 850.0 (76.8) (76.8) probable forecast cash fl ows 850.0 850.0 (76.8) (76.8) Floating receiver / fi xed payer interest rate swap FRA 2,056.3 822.0 591.5 1,232.8 4,702.6 0.7 (159.8) (159.1) Interest rate options (caps, fl oors and collars) Interest rate derivatives: hedging 403.9 150.5 554.4 0.0 (9.5) (9.4) of contractual cash fl ows 2,056.3 1,225.9 591.5 1,383.3 5,257.0 0.7 (169.3) (168.6) Total 2,056.3 1,225.9 591.5 2,233.3 6,107.0 0.7 (246.1) (245.4) 31/12/2007 Within Between Between After Fair value, Fair value, (in € millions) 1 year 1 and 2 years 3 and 5 years 5 years Notional assets liabilities Total Floating receiver / fi xed payer interest rate swap Interest rate options (caps, fl oors and collars) Interest rate derivatives: hedging of highly 1,265.0 1,265.0 42.8 (2.0) 40.8 probable forecast cash fl ows 1,265.0 1,265.0 42.8 (2.0) 40.8 Floating receiver / fi xed payer interest rate swap 1,864.9 657.1 353.2 229.0 3,104.2 20.3 (3.5) 16.8 FRA 6,349.5 6,349.5 1.5 (0.0) 1.5 Interest rate options (caps, fl oors and collars) Interest rate derivatives: hedging 324.4 153.2 477.7 6.2 (1.2) 5.0 of contractual cash fl ows 8,214.4 657.1 677.6 382.2 9,931.3 28.1 (4.7) 23.3 Total 8,214.4 657.1 677.6 1,647.2 11,196.3 70.9 (6.7) 64.2
Consolidated fi nancial statements The Group’s exposure to the risks of changes in future interest payment cash fl ows is generated by the cash fl ows of fl oating-rate debt at 31 December 2008 and by the interest charges relating to future issues. Hedging of contractual cash fl ows The Group has set up interest rate swaps which serve to render interest payments on fl oating-rate debt fi xed. The contractual cash fl ows under swaps are paid symmetrically with the interest payment fl ows on hedged loans; the amount deferred in equity is recognised through profi t or loss in the period when the interest payment is recognised in profi t or loss. Hedging of highly probable cash fl ows At 31 December 2008, the portfolio of swaps was €850 million at ASF with maturities until 2019 enabling part of the interest payments on highly probable future borrowing to be fi xed. The following table shows the periods when the Group expects the cash fl ows associated with the deferred start swaps in place on 31 December 2008 to occur: 31/12/2008 Expected cash fl ows Within Between (in € millions) Fair value 1 year 1 and 2 years Deferred start fl oating / fi xed swap (76.8) (54.2) (22.6) Total interest rate derivatives designated for accounting purposes as hedges of highly probable cash fl ows (76.8) (54.2) (22.6) 31/12/2007 Expected cash fl ows Between 3 and 5 years Within Between Between (in € millions) Fair value 1 year 1 and 2 years 3 and 5 years Deferred start fl oating / fi xed swap 40.8 17.6 (1.8) 25.1 Total interest rate derivatives designated for accounting purposes as hedges of highly probable cash fl ows 40.8 17.6 (1.8) 25.1 The following table shows the periods when the Group expects the amounts recorded in equity at 31 December 2008 for the existing or unwound instruments designated as cash fl ow hedges to have an impact on profi t or loss: (in € millions) Amount recorded in equity (*) Within 1 year 31/12/2008 Amount recycled in profi t or loss Between 1 and 2 years Between 3 and 5 years Interest rate derivatives designated for accounting purposes as hedges of contractual cash fl ows (228.6) (55.4) (26.3) (42.9) (104.0) Interest rate derivatives designated for accounting purposes as hedges of highly probable cash fl ows (14.9) 0.7 (1.9) (5.8) (7.9) Total interest rate derivatives designated for accounting purposes as cash fl ow hedges (243.5) (54.7) (28.2) (48.7) (111.9) (*) The amount recorded in equity in respect of cash fl ow hedges (attributable to equity holders of the parent) for –€229.7 million (see Note E.18) breaks down as follows: Cash fl ow hedges relating to interest rate risk for –€243.5 million, including: –€233.2 million attributable to equity holders of the parent –€10.3 million attributable to minority interest Cash fl ow hedges relating to foreign currency exchange rate risk for €3.6 million, including: +€3.5 million attributable to equity holders of the parent +€0.1 million attributable to minority interest 23.1.4 Description of non-hedging transactions At the balance sheet date, these transactions were as follows: 31/12/2008 Within Between Between After Fair value, Fair value, (in € millions) 1 year 1 and 2 years 3 and 5 years 5 years Notional assets liabilities Total Interest rate swaps 1,084.6 33.6 198.6 130.8 1,447.6 121.4 (85.0) 36.4 FRA 177.0 177.0 (0.5) (0.5) Interest rate options (caps, fl oors and collars) Interest rate derivatives not designated 129.5 327.1 1,586.0 2,042.6 7.1 (0.0) 7.1 as hedges for accounting purposes 1,391.1 360.7 1,784.6 130.8 3,667.2 128.5 (85.5) 43.0 After 5 years After 5 years After 5 years 241
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2008 ANNUAL REPORT
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KEY FIGURES Revenue by business lin
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PROFILE VINCI, the world’s leadin
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Roads Ranked among the world’s le
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MESSAGE FROM THE CHAIRMAN YVES-THIB
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Our strategy is to maintain a balan
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MANAGEMENT AND CO-ORDINATION COMMIT
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12 GROUP VINCI __ 2008 ANNUAL REPOR
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22 22 GROUP CONCESSIONS VINCI __ 20
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24 04.02.2008 GROUND CONSOLIDATION
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28 02.04.2008 INVENTING TOMORROW’
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32 18.10.2008 COMPREHENSIVE SOLUTIO
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36 24.01.2009 MOBILISATION ON THE G
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BUSINESS REPORT 40. CONCESSIONS 62.
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CONCESSIONS PROFILE VINCI Concessio
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INFRASTRUCTURE MANAGED BY VINCI CON
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VINCI PARK REVENUE BY GEOGRAPHICAL
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PROJECTS UNDER NEGOTIATION Negotiat
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Operation Electronic toll collectio
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THE A11 ANGERS, AN ILLUSTRATION OF
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WOMEN MOVE INTO MAINTENANCE The pro
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FIRST MOBILITY HUB AT LA DÉFENSE A
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Following its complete overhaul, Si
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A MONUMENT OF MODERN GREECE Charila
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6161
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ENERGY PROFILE VINCI Energies is a
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Revenue Revenue by business line 23
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COMPREHENSIVE EQUIPMENT FOR THE THE
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6969
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ROADS PROFILE Eurovia is a world le
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Revenue Operating profi t from ordi
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LONG-HAUL SUPPLY CHAIN In materials
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7 77
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CONSTRUCTION PROFILE French market
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Revenue 15,722 13,653 Revenue by bu
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290 METRE SPAN ACROSS THE ABYSS The
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AN OUTSIZED PORT Refurbished and ex
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Americas > Panama Canal deepening a
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90 BUSINESS REPORT PROPERTY PROPERT
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Report of the Board of Directors Co
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Report of the Board of Directors 1.
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Report of the Board of Directors Eu
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Report of the Board of Directors In
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Report of the Board of Directors VI
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Report of the Board of Directors -
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Report of the Board of Directors Vo
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Report of the Board of Directors No
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Report by the Statutory Auditors on
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Report of the Chairman on corporate
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Report of the Chairman Consequently
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Report of the Chairman The Strategy
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Report of the Chairman The Board of
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Report of the Chairman 2.2 The Boar
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Report of the Chairman - the terms
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Report of the Chairman In 2006, 208
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Report of the Chairman The internal
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Consolidated fi nancial statements
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Page 194 and 195: Consolidated fi nancial statements
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VINCI - 2008 annual report

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