VINCI - 2005 annual report

27. MARKET VALUE OF FINANCIAL INSTRUMENTS
The following table shows the Group’s financial instruments and their estimated market value at 31 December 2005:
(in € millions) 31/12/2005 31/12/2004
Convertible bonds (0.5) (1,129.5)
Other bonds (4,074.4) (3,981.0)
Loans from financial institutions and other financial debt (1,940.3) (1,607.0)
Finance leases (162.1) (169.7)
Long-term financial debt (6,177.3) (6,887.2)
Other financial debt (663.6) (158.3)
Financial current accounts, liabilities (60.7) (59.7)
Bank overdrafts (605.0) (380.5)
I - Gross financial debt (7,506.6) (7,485.8)
Collateralised financial receivables 24.6 45.5
Financial current accounts, assets 45.8 45.5
Current cash management financial assets 4,294.6 3,642.0
Cash 1,144.0 830.4
II - Financial assets 5,508.9 4,563.4
Derivative financial instruments, liabilities (12.1) (80.2)
Derivative financial instruments, assets 247.4 349.1
III - Derivative financial instruments 235.3 268.9
Net financial debt (I + II + III) (1,762.4) (2,653.4)
The market values of financial assets and derivative instruments have been
estimated on the basis of the methods described in Chapter B in the section
on Accounting policies and valuation methods.
For financial debts, a distinction should be made between:
– listed bonds, of which the market value is the quoted price of the bond
at the year end;
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VINCI 2005 ANNUAL REPORT
– unlisted bonds and fixed rate debt, of which the market value is based
on discounted future flows, using the interest rates at 31 December
2005, taking account of the credit risk;
– short-term debt and capital remaining due of less than €1 million of
which the market value at 31 December 2005 is represented by book
value.