2021 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements

Scope effects mainly include the net financial surplus of Cobra IS for €676 million.

The table below reconciles changes in net financial debt with the cash flow statement.

Reconciliation of net financial debt with financing flows on the cash flow statement:
(in € millions) Réf.  2021
Change in net cash (*)

Change in net cash (*)

Réf.(1)

Change in net cash (*)

 2021

(1,238)
Change in cash management assets and other current financial debts

Change in cash management assets and other current financial debts

Réf.(2)

Change in cash management assets and other current financial debts

 2021

785
(Proceeds from) / repayment of loans

(Proceeds from) / repayment of loans

Réf.(3)

(Proceeds from) / repayment of loans

 2021

404
Other changes (*)

Other changes (*)

Réf.(4)

Other changes (*)

 2021

(1,228)
Change in net financial debt

Change in net financial debt

Réf.(5)

Change in net financial debt

 2021

(1,276)

(*) Of which net financial surplus of Cobra IS for €676 million.

25.1 Detail of long-term financial debt by business line

The breakdown of net long-term financial debt (including the part at less than one year) at 31 December 2021 was as follows:

  31/12/2021 31/12/2020
(in € millions) Bonds Other bank loans and other financial debt Long-term  financial debt Bonds Other bank loans and other financial debt Long-term  financial debt
Concessions (17,763) (2,998) (20,761) (18,063) (3,410) (21,473)
VINCI Energies - (37) (37) - (39) (39)
Cobra IS - (405) (405) - - -
VINCI Construction - (103) (103) - (108) (108)
Holding companies
and VINCI Immobilier		 (7,189) (1) (7,191) (6,779) (244) (7,023)
Total (24,952) (3,545) (28,497) (24,842) (3,801) (28,643)

At 31 December 2021, long-term net financial debt amounted to €28.5 billion, down €146 million compared with the 31 December 2020 figure of €28.6 billion. The change resulted mainly from the following transactions:

  • In May, Cofiroute repaid €1.1 billion of bonds, comprising €750 million of bonds issued in 2006 followed by a tap of €350 million in 2007, paying a coupon of 5%. The company also repaid €55 million of borrowings from the European Investment Bank during the year;
  • In the second quarter, ASF repaid €55 million of borrowings from the European Investment Bank;
  • In April, Gatwick Airport Finance plc – London Gatwick airport’s controlling holding company – issued £450 million of five-year bonds paying a coupon of 4.375%;
  • In April, London Gatwick airport issued £300 million of nine-year bonds paying a coupon of 2.5% in connection with the early refinancing of a £300 million credit facility arranged in April 2020 in light of the pandemic and initially for three years;
  • VINCI SA issued €750 million of 10.5-year bonds in July, paying a coupon of 0.5%, repaid a $300 million term loan in October initially set to mature in March 2023 and arranged a €250 million private placement in November;
  • Cobra IS had €405 million of long-term financial debt at 31 December 2021.