30 september 2010 financial information restated
24 October 2011 - Finances
VINCI decided to account for jointly controlled companies using the equity method as from financial full year 2010. This equity accounting method in accordance with IAS 31 “Interests in Joint Ventures” is already used by other European groups operating in the construction and concessions sector. This method gives a better reflection of VINCI’s business model in the field of public-private partnerships carried out through jointly owned project companies mainly using non-recourse financing. In addition, this method is consistent with the IASB’s recent decision to eliminate the proportionate consolidation method for jointly controlled entities.
The 30 September 2010 statements, then published before the change of method, have been restated to enable comparisons to be made from one year to the next.
The following tables highlight the main changes between the previous and method in accounting for interests in Joint Ventures.
VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.