As a general rule, software, recorded under “Concessions, patents and licences”, is amortised over two or three years on a straight-line basis.
Property, plant and equipment is recognised at acquisition cost, including acquisition-related costs. The Company applies Opinion 2004-06, issued by the Conseil National de la Comptabilité (CNC, the French national accounting board), on the definition, recognition and measurement of assets.
Depreciation is calculated on a straight-line basis over an asset’s estimated useful life:
| Constructions | 10 to 40 years |
|---|---|
| Other property, plant and equipment 3 to 10 years | Other property, plant and equipment 3 to 10 years 10 to 40 years 3 to 10 years |
Property, plant and equipment is used mainly for VINCI SA’s operations or those of its subsidiaries.
| (in € millions) | 31/12/2020 | Acquisitions | Disposals | 31/12/2021 |
|---|---|---|---|---|
| Concessions, patents and licences | Concessions, patents and licences 31/12/2020 13 |
Concessions, patents and licences Acquisitions 2 |
Concessions, patents and licences Disposals - |
Concessions, patents and licences 31/12/202115 |
| Total intangible assets |
Total intangible assets 31/12/2020 13 |
Total intangible assets Acquisitions 2 |
Total intangible assets Disposals - |
Total intangible assets 31/12/202115 |
| Land | Land 31/12/2020 2 |
Land Acquisitions - |
Land Disposals - |
Land 31/12/20212 |
| Constructions | Constructions 31/12/2020 15 |
Constructions Acquisitions - |
Constructions Disposals 1 |
Constructions 31/12/202114 |
| Other property, plant and equipment and assets under construction | Other property, plant and equipment and assets under construction 31/12/2020 11 |
Other property, plant and equipment and assets under construction Acquisitions 1 |
Other property, plant and equipment and assets under construction Disposals 5 |
Other property, plant and equipment and assets under construction 31/12/20217 |
| Total property, plant and equipment |
Total property, plant and equipment 31/12/2020 28 |
Total property, plant and equipment Acquisitions 1 |
Total property, plant and equipment Disposals 6 |
Total property, plant and equipment 31/12/202122 |
| (in € millions) | 31/12/2020 | Expense | Reversals | 31/12/2021 |
|---|---|---|---|---|
| Concessions, patents and licences | Concessions, patents and licences 31/12/2020 11 |
Concessions, patents and licences Expense 1 |
Concessions, patents and licences Reversals
|
Concessions, patents and licences 31/12/202112 |
| Total intangible assets |
Total intangible assets 31/12/2020 11 |
Total intangible assets Expense 1 |
Total intangible assets Reversals - |
Total intangible assets 31/12/202112 |
| Constructions | Constructions 31/12/2020 5 |
Constructions Expense 2 |
Constructions Reversals (1) |
Constructions 31/12/20215 |
| Other property, plant and equipment | Other property, plant and equipment 31/12/2020 8 |
Other property, plant and equipment Expense 1 |
Other property, plant and equipment Reversals (4) |
Other property, plant and equipment 31/12/20215 |
| Total property, plant and equipment |
Total property, plant and equipment 31/12/2020 13 |
Total property, plant and equipment Expense 3 |
Total property, plant and equipment Reversals (6) |
Total property, plant and equipment 31/12/202110 |
Investments in subsidiaries and affiliates are measured at their cost of acquisition. In accordance with Regulation 2004-06, issued by the Comité de la Réglementation Comptable (CRC, the French accounting regulations committee), on the definition and recognition of assets, VINCI includes the associated acquisition expenses in the cost of investments in subsidiaries and affiliates. If this cost is greater than the asset’s value in use, an impairment allowance is taken equal to the difference, as an exceptional item.
Value in use is determined on the basis of the portion of the equity represented by the shares. This portion is adjusted if necessary to take account of the cash flow prospects for the companies in question.
Capital gains or losses on disposal of shareholdings are recorded under “Net exceptional income/(expense)”.
| (in € millions) | 31/12/2020 | Acquisitions | Disposals | Contributions | 31/12/2021 |
|---|---|---|---|---|---|
| Investments in subsidiaries and affiliates | Investments in subsidiaries and affiliates 31/12/2020 21,072 |
Investments in subsidiaries and affiliates Acquisitions 5,211 |
Investments in subsidiaries and affiliates Disposals - |
Investments in subsidiaries and affiliates Contributions - |
Investments in subsidiaries and affiliates 31/12/202126,283 |
| Receivables connected with investments in subsidiaries and affiliates | Receivables connected with investments in subsidiaries and affiliates 31/12/2020 14,124 |
Receivables connected with investments in subsidiaries and affiliates Acquisitions 1,345 |
Receivables connected with investments in subsidiaries and affiliates Disposals (1,577) |
Receivables connected with investments in subsidiaries and affiliates Contributions
|
Receivables connected with investments in subsidiaries and affiliates 31/12/202113,892 |
| Other non-current financial assets | Other non-current financial assets 31/12/2020 3 |
Other non-current financial assets Acquisitions
|
Other non-current financial assets Disposals
|
Other non-current financial assets Contributions
|
Other non-current financial assets 31/12/20213 |
| Total | Total 31/12/2020 35,199 |
Total Acquisitions 6,556 |
Total Disposals (1,577) |
Total Contributions - |
Total31/12/202140,178 |
Investment transactions during the year related to the acquisition of Cobra IS, described in Note A.3, along with the creation of VINCI Re, the Group’s captive reinsurance subsidiary. At 31 December 2021, the value of Cobra IS shares in VINCI’s financial statements includes acquisition costs and the estimated earn-out based on the work of an external evaluator.
Receivables connected with investments in subsidiaries and affiliates are mainly comprised of loans granted by VINCI SA to VINCI Autoroutes, VINCI Airports and VINCI Finance International, as well as to two property investment subsidiaries, Hébert-Les Groues and Césaire-Les Groues, as investors and programme managers for the Group’s new head office in Nanterre.
