VINCI - 2005 annual report

d. Finance leases
The table below shows the finance leases, which exceed €10 million
at 31 December 2005. The total debt related to these leases is stable overall
compared with 31 December 2004.
CONSOLIDATED FINANCIAL STATEMENTS
31/12/2005 31/12/2004
(in € millions) currency carrying amount carrying amount maturity
Airport services
SFS France EUR 17.5 22.3 June 2014
SFS Germany EUR 14.3 14.9 September 2019
Other loans 10.5 4.9
Eurovia
SLAG EUR 9.9 11.1 December 2014
Other loans 16.6 21.2
CFE
Dredging International Luxembourg (DEME) (1) EUR 12.8 12.8 February 2012
Other loans 2.3 2.2
Other loans 78.7 (2) 83.3
Total finance leases (3) 162.5 172.8
(1) VINCI’s share (proportionate consolidation at 50%).
(2) including €27 million in VINCI Energies and €19 million in VINCI Park.
(3) The market value of these loans is very close to their carrying amount.
25.2 DEBT WITHOUT RECOURSE OR WITH LIMITED RECOURSE
Part of the Group’s long-term debt can be described as being without
recourse against VINCI. This amounts to a total at the end of December
2005 of €4.1 billion, representing 68% of the Group’s long-term debt,
and breaks down as follows:
(in € millions) 31/12/2005 31/12/2004
Cofiroute 3,134.0 2,754.8
Gefyra (Rion-Antirion Bridge, Greece) 333.9 352.9
SCDI (Confederation Bridge, Canada) 117.0 96.4
Consortium Stade de France 52.2 57.3
Morgan VINCI Ltd (Newport bypass, Wales) 45.4 42.3
Autopista del Bosque (Chillan Collipulli motorway- Chile) (limited recourse) (1) 223.3 170.6
Infrastructure concessions 771.8 719.5
Concessions 3,905.7 3,474.3
PFI companies in the United Kingdom 10.9 36.8
CFE (Belgian construction subsidiary) 173.9 125.6
of which DEME (dredging subsidiary of CFE) 134.7 80.1
Other business lines 184.8 162.5
Total long-term debt without recourse or with limited recourse 4,090.5 3,636.8
Collateralised receivables (2) (18.2) (14.5)
Cash, quasi-cash and cash management financial assets of corresponding companies (648.9) (821.0)
Total net debt without recourse or with limited recourse 3,423.5 2,801.2
(1) The possibility of a recourse against VINCI is limited to the following case: if the concession agreement is terminated before the end of its normal term as a result of a fault on the part of the operator, the
shareholders undertake to repay the outstanding debt less the termination compensation.
(2) Collateralised receivables correspond to the short-term risk-free financial assets guaranteeing the obligations related to certain (service) debt for concession contracts.
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