VINCI - 2008 annual report

Parent company fi nancial statements
2. Financial assets
Gross
(in € millions) 2007 Acquisitions Disposals 2008
Investments in subsidiaries and affi liated companies 15,974.1 112.7 76.7 16,010.1
Receivables connected with investments in subsidiaries
and affi liated companies 880.5 736.7 288.3 1,328.9
Other fi xed asset securities 240.9 15.1 225.8 30.2
Other non-current fi nancial assets 68.4 638.2 691.9 14.7
Total 17,163.9 1,502.7 1,282.7 17,383.9
In 2008, VINCI formed VINCI Finance International, with share capital of €70 million, to ensure the fi nancing of Group subsidiaries in particular
outside France.
VINCI has also subscribed to the share capital increases made by the concession operating companies Arcour (€1.8 million), Aegan Motorway
(€1.4 million) and Apion Kleos Concession Company (€9 million), and those made by its fi nance subsidiaries Gecom (€20 million) and Ornem
(€10.2 million).
The disposals in the year (€76.7 million) relate in particular to the shares in VINCI Airports Holding sold to VINCI Concessions.
Loans to subsidiaries (Receivables connected with investments in subsidiaries and affi liated companies) increased by €448.4 million during the
year. New loans were made to ASF and VINCI Park for €700 million and €30 million respectively. At the same time, Arcour has repaid the loan from
VINCI for €267.6 million and Freyssinet has reduced its loan by €20 million.
The change in other fi xed asset securities, of €210.7 million, mainly arises from the sale of 3.3% of the share capital of Aéroports de Paris (ADP) to
a subsidiary of VINCI Concessions (see Key Events, page 260).
At the end of 2007, Other non-current fi nancial assets included the unused balance of funds made available for the management of the liquidity
contract. This contract was suspended on 23 December 2008.
Provisions
(in € millions) 2007 Allowances taken Reversals 2008
Investments in subsidiaries and affi liated companies
Receivables connected with investments in subsidiaries
146.5 1,160.1 90.6 1,216.1
and affi liated companies 5.1 5.1
Other fi xed asset securities 14.8 1.4 - 16.2
Other non-current fi nancial assets 2.8 2.8
Total 169.2 1,161.5 90.6 1,240.1
Provisions taken in respect of shareholdings mainly relate to the shares in ASF held by VINCI for €1,158 million (see Key Events, page 260).
Reversals relate to the shares in Socofreg for €66.2 million, VINCI Services Aéroportuaires for €22.1 million (following the sale of these shares) and
Boulevard périphérique Nord Lyon, following the liquidation of this company in 2008.
3. Treasury shares
Gross
(in € millions) 2007 Acquisitions Disposals Reclassifi cation 2008
Treasury shares (recorded under non-current assets) 969.8 393.8 193.2 (343.2) 827.2
Treasury shares (recorded under current assets) 132.5 20.3 75.7 343.2 420.3
Total 1,102.3 414.1 268.9 - 1,247.5
(Excluding premiums on share purchase options) 956.1 393.6 176.5 - 1,173.2
264 VINCI __ 2008 ANNUAL REPORT