At 31 December 2021, net financial debt, as defined by the Group, stood at almost €19.3 billion, up €1.3 billion compared with 31 December 2020. It breaks down as follows:
| 31/12/2021 | 31/12/2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Analysis by accounting heading | (in € millions) | Note | Non-current | Current (*) | Total | Non-current | Current (*) | Total |
| Bonds | 25.1 | (22,212) | (2,741) | (24,952) | (23,136) | (1,707) | (24,842) | |
| Other bank loans and other financial debt | 25.1 | (2,757) | (788) | (3,545) | (3,548) | (253) | (3,801) | |
| Long-term financial debt (**) | 25.1 | (24,969) | (3,528) | (28,497) | (26,684) | (1,959) | (28,643) | |
| Commercial paper | 26.2 | - | (412) | (412) | - | (1,194) | (1,194) | |
| Financial liabilities at amortised cost | Other current financial liabilities | 26.1 | - | (618) | (618) | - | (375) | (375) |
| Bank overdrafts | 26.1 | - | (876) | (876) | - | (339) | (339) | |
| Financial current accounts - liabilities | 26.1 | - | (61) | (61) | - | (42) | (42) | |
| I - Gross financial debt | (24,969) | (5,496) | (30,465) | (26,684) | (3,909) | (30,593) | ||
| of which impact of fair value hedges | (481) | (26) | (507) | (1,144) | (7) | (1,151) | ||
| of which effect of recognising London Gatwick’s debt at fair value in VINCI’s consolidated financial statements | (445) | - | (445) | (453) | - | (453) | ||
| Financial assets at amortised cost | Collateralised loans and financial receivables | 4 | - | 4 | 4 | - | 4 | |
| Financial current accounts - assets | 26.1 | - | 86 | 86 | - | 95 | 95 | |
| Cash management financial assets | 26.1 | - | 114 | 114 | - | 43 | 43 | |
| Financial assets measured at fair value through profit or loss | Cash equivalents | 26.1 | - | 3,042 | 3,042 | - | 5,646 | 5,646 |
| Cash | 26.1 | - | 8,022 | 8,022 | - | 6,119 | 6,119 | |
| II - Financial assets | 4 | 11,264 | 11,268 | 4 | 11,903 | 11,906 | ||
| Derivative financial instruments - liabilities | 27 | (422) | (513) | (935) | (434) | (319) | (753) | |
| Derivatives | Derivative financial instruments - assets | 27 | 575 | 291 | 866 | 1,250 | 201 | 1 450 |
| III - Derivative financial instruments | 153 | (222) | (69) | 816 | (118) | 698 | ||
| Net financial debt (I+II+III) | (24,812) | 5,547 | (19,266) | (25,864) | 7,875 | (17,989) | ||
| Breakdown of net financial debt : | ||||||||
| Concessions | (34,792) | 2,098 | (32,693) | (35,595) | 2,877 | (32,718) | ||
| VINCI Energies | (2,099) | 2,545 | 447 | (2,426) | 2,169 | (257) | ||
| Cobra IS | (187) | 864 | 676 | - | - | - | ||
| VINCI Construction | (1,254) | 4,589 | 3,334 | (1,309) | 3,519 | 2,211 | ||
| Holding companies and VINCI Immobilier | 13,520 | (4,549) | 8,971 | 13,466 | (693) | 12,774 | ||
(*) The current part includes accrued interest not matured.
(**) Including the part at less than one year.
| « Non cash » changes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in € millions) | 31/12/2020 | Cash flows | Réf. | Changes in consolidation scope | Exchange rate effect | Changes in fair value | Other changes | « Non cash » Total | Réf. | 31/12/2021 |
| Bonds (non-current) | (23,136) | (1,574) | (3) | - | (476) | 659 | 2,315 | 2,498 | (4) | (22,212) |
| Other loans and borrowings (non-current) | (3,548) | 895 | (3) | (193) | (22) | - | 111 | (104) | (4) | (2,757) |
| Current borrowings | (3,909) | 1 373 | (535) | (10) | (15) | (2,399) | (2,960) | (5,496) | ||
| of which the part at less than one year of long-term debts | (1,617) | 1,081 | (3) | (222) | 2 | (15) | (2,421) | (2,656) | (4) | (3,193) |
| of which current financial debts at inception | (1,606) | 801 | (2) | (290) | 4 | - | 1 | (285) | (4) | (1,090) |
| of which accrued interest on bank debts | (347) | - | (4) | (2) | (8) | - | 19 | 10 | (4) | (337) |
| of which bank overdrafts | (339) | (508) | (1) | (22) | (8) | - | 2 | (29) | (1) | (876) |
| Collateralised loans and receivables | 4 | - | (4) | - | - | - | - | - | (4) | 4 |
| Cash management financial assets | 137 | (16) | 77 | 2 | - | - | 78 | 200 | ||
| of which cash management financial assets (excluding accrued interest) | 137 | (16) | (2) | 77 | 2 | - | (1) | 77 | (4) | 199 |
| of which accrued interest on cash management assets | 1 | - | (4) | - | - | - | 1 | 1 | (4) | 1 |
| Cash and cash equivalents | 11,765 | (2,169) | (1) | 1 344 | 125 | - | (1) | 1,468 | (1) | 11,064 |
| Derivative financial instruments | 698 | 2 | (2) | (185) | (593) | 11 | (769) | (69) | ||
| of which fair value of derivatives | 581 | 2 | (3) | (2) | (187) | (593) | - | (782) | (4) | (198) |
| of which accrued interest on derivatives | 117 | - | (4) | - | 1 | - | 11 | 13 | (4) | 129 |
| Net financial debt | (17,989) | (1,488) | (5) | 690 | (567) | 52 | 38 | 212 | (5) | (19,266) |
Cash flows for the period (outflow of €1.5 billion) result from robust free cash flow generation in 2021 (€5.3 billion), thus covering the major part of the Cobra IS acquisition as well as dividend distributions and share buy-backs during the period. In addition, refinancing arranged by the Group in 2021 led to net cash flow of €0.7 billion.
The negative exchange rate effect of €567 million arises for the most part from long-term foreign currency debts, mainly denominated in sterling and US dollars, both of which appreciated against the euro in 2021.
