VINCI - 2005 annual report

15. LEASED ASSETS
Property, plant and equipment held under finance leases amounted to
€167.9 million at 31 December 2005 and mainly related to property used
in operations.
CONSOLIDATED FINANCIAL STATEMENTS
The timing of minimum rental payments at nominal and present value in
respect of capital remaining due, as provided for under these contracts, is
as follows:
(in € millions) Minimum payments Present value
at nominal value of minimum payments
31/12/2005 31/12/2004 31/12/2005 31/12/2004
Finance lease obligations
within 1 year 27.3 39.5 27.3 39.5
after 1 year and within 5 years 74.4 70.9 68.5 66.5
after 5 years 60.4 59.2 43.0 44.9
Total 162.1 169.6 138.8 150.9
16. INVESTMENT PROPERTY
(in € millions) Gross Depreciation Impairment losses Net
At 31/12/2004 63.7 (18.3) (3.5) 41.9
Acquisitions as part of business combinations 0.0 0.0 0.0 0.0
Acquisitions 2.8 0.0 0.0 2.8
Disposals (7.6) 1.3 0.0 (6.3)
Depreciation and impairment losses and reversals 0.0 (1.7) (0.1) (1.8)
Transfers between investment property,
property held for sale and property used by its owner 2.6 (1.0) 0.0 1.6
Translation differences 0.4 (0.1) 0.0 0.3
Other changes in consolidation scope 8.7 0.0 0.0 8.8
At 31/12/2005 70.6 (19.7) (3.6) 47.2
Rental income of €4.5 million and direct operating expenses of
€2.2 million (of which €0.5 million generated no rental income) relating
to investment property have been included in the income statement for
the year.
17. INVESTMENTS IN ASSOCIATES
17.1 MOVEMENTS DURING THE PERIOD
At 31 December 2005, the estimated market value of the investment
property shown in the balance sheet for €47.2 million was
€72.3 million.
(in € millions) 31/12/2005 31/12/2004
Value of the shares at the beginning of the year 1,558.5 100.2
Equity accounting of ASF shares 1 485.2
Share capital increases of associates 1.5 6.3
Share of profit or loss for the period 87.0 14.0
of which concessions and services 81.1 7.7
Dividends paid (60.9) (2.6)
Changes in consolidation scope and translation differences 4.4 (56.8)
Change in the net fair value of financial instruments 0.8 0.5
Reclassifications 4.1 11.7
Value of the shares at the end of the year 1,595.5 1,558.5
of which concessions and services 1,554.0 1,536.2
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