VINCI has a €5 billion commercial paper programme rated A2 by Standard & Poor’s and P2 by Moody’s. This credit facility was undrawn at 31 December 2021.
In November 2020, the company that owns London Gatwick airport was deemed eligible to draw on the Covid Corporate Financing Facility set up by the UK government over a one-year period, which has been extended until March 2022. Of the total authorised financing of £300 million, £275 million was drawn at 31 December 2021.
Cobra IS has a €150 million commercial paper programme, of which it was using €85 million at 31 December 2021.
VINCI has implemented a system to manage and monitor the financial risks to which it is exposed, principally interest rate risk. In response to the health crisis, the Group has adopted specific procedures to ensure that its risks are properly monitored.
In accordance with the rules laid down by the Group’s Finance Department, the responsibility for identifying, measuring and hedging financial risks lies with the operational entity in question. On the other hand, derivative financial instruments are generally managed by the Group Finance Department on behalf of the subsidiaries in question.
Treasury committees, in which the Group’s Finance Department and the concerned companies participate, analyse the main exposures regularly and decide on management strategies for the entities that have the most material exposure to financial risks (VINCI SA, ASF, Cofiroute, VINCI Finance International).
In order to manage its exposure to market risks, the Group uses derivative financial instruments.
