Net cash managed breaks down as follows:
| 31/12/2021 | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | Concessions | VINCI Energies | Cobra IS | VINCI Construction | Holding companies and VINCI Immobilier |
Total |
| Cash equivalents | 165 | 45 | 255 | 137 | 2,441 | 3,042 |
| Marketable securities and mutual funds (UCITS) | - | - | - | - | 732 | 732 |
| Negotiable debt securities with an original maturity of less than 3 months (*) |
165 | 45 | 255 | 137 | 1,708 | 2,310 |
| Cash | 1,686 | 584 | 1,036 | 2,417 | 2,299 | 8,022 |
| Bank overdrafts | (5) | (52) | - | (760) | (60) | (876) |
| Net cash and cash equivalents | 1,846 | 577 | 1,291 | 1,795 | 4,680 | 10,188 |
| Cash management financial assets | 14 | 22 | 72 | 1 | 5 | 114 |
| Negotiable debt securities and bonds with an original maturity of less than 3 months |
14 | - | - | 1 | 5 | 20 |
| Negotiable debt securities and bonds with an original maturity of more than 3 months |
- | 21 | 72 | - | - | 93 |
| Commercial paper issued | (327) | - | (85) | - | - | (412) |
| Other current financial liabilities | (367) | (25) | (194) | (32) | (1) | (618) |
| Balance of cash management current accounts | 3,661 | 1,988 | - | 2,854 | (8,477) | 25 |
| Net cash managed | 4,827 | 2,562 | 1,084 | 4,618 | (3,794) | 9,297 |
(*) Including term deposits, interest earning accounts and certificates of deposit.
| 31/12/2020 | |||||
|---|---|---|---|---|---|
| (in € millions) | Concessions | VINCI Energies | VINCI Construction | Holding companies and VINCI Immobilier |
Total |
| Cash equivalents | 165 | 7 | 124 | 5,351 | 5,646 |
| Marketable securities and mutual funds (UCITS) | - | - | 5 | 3,780 | 3,785 |
| Negotiable debt securities with an original maturity of less than 3 months (*) |
165 | 7 | 119 | 1,571 | 1,862 |
| Cash | 999 | 519 | 1,905 | 2,696 | 6,119 |
| Bank overdrafts | - | (65) | (223) | (51) | (339) |
| Net cash and cash equivalents | 1,164 | 461 | 1,806 | 7,995 | 11,426 |
| Cash management financial assets | 9 | 10 | 23 | 2 | 43 |
| Negotiable debt securities and bonds with an original maturity of less than 3 months |
8 | - | 23 | 2 | 32 |
| Negotiable debt securities and bonds with an original maturity of more than 3 months |
1 | 9 | - | - | 10 |
| Commercial paper issued | (194) | - | - | (1,000) | (1,194) |
| Other current financial liabilities | (345) | (29) | - | - | (375) |
| Balance of cash management current accounts | 4,053 | 1,755 | 1,721 | (7,475) | 53 |
| Net cash managed | 4,687 | 2,196 | 3,550 | (480) | 9,953 |
(*) Including term deposits, interest earning accounts and certificates of deposit.
The investment vehicles used by the Group are money market UCITS, interest earning accounts, term deposits and negotiable debt securities (certificates of deposit generally with a maturity of less than three months). They are measured and recognised at their fair value.
Net cash is managed with limited risk to capital. The performance and the risks associated with these investments of net cash are monitored regularly through a report detailing the yield of the various assets and analysing the associated level of risk.
At 31 December 2021, net cash managed by VINCI SA amounted to €3.2 billion, arising mainly from the cash surpluses transferred upwards from French subsidiaries through a cash pooling system. VINCI Finance International, a wholly owned subsidiary of VINCI that centralises the cash surpluses of foreign subsidiaries, managed investments and cash of close to €1.5 billion at 31 December 2021. This centralisation enables the management of financial resources to be optimised at Group level and the risks relating to the counterparties and investment vehicles used to be better managed.
Other subsidiaries whose cash is not centralised must comply with the guidelines and instructions issued by VINCI, which define the investment vehicles and the counterparties authorised. The investments amounted to around €4.6 billion at 31 December 2021, comprising €1.2 billion for Concessions, €0.6 billion for VINCI Energies, €1.1 billion for Cobra IS and €1.8 billion for VINCI Construction.
VINCI has a €8 billion confirmed syndicated revolving credit facility. Following the exercise of the second one-year extension option in November 2020, the maturity of the credit facility was extended until November 2025; for this last year, its amount will be lowered to €7.7 billion. It does not contain any default clause relating to non-compliance with financial ratios. This credit facility was undrawn at 31 December 2021.
The company that owns London Gatwick Airport has a £300 million revolving credit facility, which is due to expire in June 2025. This credit facility was fully drawn at 31 December 2021.
Cobra IS has access to several revolving credit facilities due to mature in 2022, totalling €726 million and mainly denominated in euros and US dollars. At 31 December 2021, a total of €194 million had been drawn on these credit facilities.
