VINCI - 2008 annual report

5. Equity
(in € millions) Share capital Share premium
Parent company fi nancial statements
Other reserves and
regulated provisions Profi t or loss Total
Equity at 31 December 2007 1,214.9 4,910.2 3,575.4 4,513.2 14,213.7
Appropriation of profi t for 2007 and payment of dividend 4,024.7 (4,513.2) (488.5)
Interim dividend 2008 (246.1) (246.1)
Increases in share capital 25.5 355.9 381.4
Net profi t 2008 (98.8) (98.8)
Tax-regulated provisions 4.7 4.7
Equity at 31 December 2008 1,240.4 5,266.1 7,358.7 (98.8) 13,766.4
At 31 December 2008, VINCI’s share capital amounted to €1,240.4 million, represented by 496,162,480 shares of €2.5 nominal, all conferring
the same rights.
The share capital increases (€381.4 million) derive from the subscriptions to the Group Saving Scheme, for €147.6 million, the payment of a stock
dividend for €196.9 million (see Key Events, page 260) and the exercise of subscription options for a total of €36.9 million.
Dividends paid in 2008 amounted to €734.6 million, comprising €488.5 million for the fi nal dividend paid in respect of 2007 (€1.05 per share)
and the interim dividend of €246.1 million in respect of 2008 (€0.52 per share).
VINCI has reserves (share premiums, merger and contribution premiums, reserves other than the statutory reserve) of an amount markedly greater
than the amount of all the treasury shares it owns directly or indirectly at 31 December 2008.
The movements in shares during the year break down as follows:
(in € millions) Number of shares Share capital
Share premiums and
other reserves Total
Employees’ subscriptions to Group Savings Schemes 3,390,657 8.5 139.1 147.6
Exercise of share subscription option plans 2,354,903 5.9 31.0 36.9
Payment of dividend in shares 4,440,132 11.1 185.8 196.9
Total 10,185,692 25.5 355.9 381.4
6. Other equity
On 13 February 2006, VINCI issued undated subordinated bonds for €500 million.
Issued at a price of 98.831%, this issue pays an optional fi xed coupon of 6.25%, payable annually until November 2015, which is only due if VINCI
pays a dividend to its shareholders or buys back its own shares during the reference period. After November 2015, the interest rate becomes
variable and payable quarterly at the Euribor three-month rate plus 3.75%. VINCI may redeem the bonds at par in November 2015 and subsequently
at each interest payment date.
7. Provisions
Reversals
(in € millions) 2007 Provisions taken Provisions used No longer needed 2008
Retirement and other employee benefi t obligations 22.5 2.1 1.8 22.8
Liabilities in respect of subsidiaries 9.6 0.9 2.9 7.6
Other liabilities 140.3 109.7 87.4 162.6
Total 172.4 112.7 89.2 2.9 193.0
The provisions for retirement benefi t and similar obligations relate to benefi ciaries who are retired and to specifi c contractual obligations
towards certain company offi cers.
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