VINCI - 2008 annual report

Consolidated fi nancial statements
26.2 Other commitments made and received
(in € millions) 31/12/2008 31/12/2007
Collateral securities 297.8 268.7
Joint and several guarantees covering unconsolidated partnerships (*) 67.1 55.3
Other commitments made (received) (**) 127.2 16.6
(*) Group’s share, total commitment was €131.6 million at 31 December 2008.
(**) Excluding concession contracts (see Note E.9.2 “Commitments made under concession contracts – intangible asset model”), construction contracts (see Note E.17 “Construction contracts”) and
unrecognised retirement benefi t obligations (see Note E.20.1 “Provisions for retirement benefi t obligations”).
Collateral securities (mortgages and collateral for fi nance)
In addition to commitments in connection with the concession contracts, collateral security may be given. This mainly relates to CFE (property
projects and fi nancing of dredgers at DEME, CFE’s 50% subsidiary).
Joint and several guarantees covering unconsolidated partnerships (SNCs, Economic Interest Groupings, etc.)
Part of VINCI’s business in the construction and roads business lines is conducted through unincorporated joint venture partnerships (SEPs), in
line with industry practice. In partnerships, partners are legally jointly and severally liable for that entity’s debts to third parties, without limit. In
order to contain its risks, the Group usually makes a study of its partners’ solvency when partnerships are entered into, which may result in the
setting up of crossed counter guarantees between partners.
Whenever the Group is aware of a particular risk relating to a joint venture partnership’s activity, a provision is taken in the consolidated fi nancial
statements.
The amount shown under off -balance sheet commitments in respect of joint and several guarantees is the Group’s share of the liabilities of the
partnerships in question less equity and fi nancial debt (loans or current account advances) due to partners.
Given in particular the quality of its partners, the Group considers that the risk of its guarantee being invoked in respect of these commitments
is negligible.
The commitments made and received by the Group in connection with concession contracts, construction contracts and items connected with
unrecognised retirement benefi t obligations are shown in the following notes:
– E.9.2 “Commitments made under concession contracts – intangible asset model”;
– E.16.3 “Commitments made under concession and PPP contracts – fi nancial asset model”;
– E.17.2 “Commitments given and received in connection with concession contracts”;
– E.20.1 “Provisions for retirement benefi t obligations”.
27. Employees and staff training rights
The number of employees at 31 December 2008 breaks down as follows:
31/12/2008 31/12/2007
Engineers and managers 24,274 22,556
Offi ce, technical and manual 139,783 136,072
164,057 158,628
The Act of 4 May 2004 gives employees of French businesses the right to a minimum of 20 hours of training a year, which can be carried
forward and accumulated over a period of six years. Expenditure under this individual right to training is considered as an expense for the
period and does not give rise to the recognition of a provision, other than in exceptional cases. The Group’s employees had acquired rights to
5.5 million hours of such training at 31 December 2008.
248 VINCI __ 2008 ANNUAL REPORT