This excerpt taken from the VE 20-F filed Jun 29, 2006.
Long-term IFRIC 4 loans
Movements in the net carrying amount of long-term IFRIC 4 loans during 2005:
Long-term IFRIC 4 loans by division break down as follows:
The €208.4 million increase compared to 2004 in long-term IFRIC 4 loans is mainly attributable to major Water Division construction projects in Brussels and the Hague (€128 million). The decrease in loans in the Energy Services Division is due to the repayment of cogeneration loans.
VEOLIA - Form 20-F | F-16