2022 Universal Registration Document

Provisions for other liabilities

Provisions for other liabilities, not directly linked to the operating cycle, include provisions for disputes and arbitration, some of which are described in Note M, “Note on litigation”. These amounted to €392 million at 31 December 2022 (€393 million at 31 December 2021), including €279 million at more than one year (€242 million at 31 December 2021).

21. Lease liabilities

Accounting policies

At the start of the lease period, the liability is measured on the basis of the present value of payments remaining payable to the lessor, i.e.:

fixed lease payments, minus any sums received from the lessor as stipulated in the contract;
variable lease payments that depend on an index or a rate, with future payments determined on the basis of the level of the index or rate on the commencement date of the lease;
payments to be made by the lessee under a residual value guarantee;
the exercise price of an option to purchase the underlying asset, if the lessee is reasonably certain to exercise that option;
penalties to be paid if an option to terminate the lease is exercised, if the lease term was determined on the assumption that the lessee would exercise that option.

The liability may be remeasured in the following situations: adjustment of the lease term; adjustment related to the assessment of whether the exercise of an option is reasonably certain or not; a new estimate of residual value guarantees; revision of rates or indices on which lease payments are based at the time those payments are adjusted.

At 31 December 2022, lease liabilities amounted to €2,102 million, including €1,580 million for the part at more than one year and €522 million for the part at less than one year. They totalled €2,098 million at 31 December 2021.

The net change in 2022 breaks down as follows:

new lease liabilities: increase of €656 million;
companies entering the consolidation scope: increase of €29 million;
repayments of lease liabilities: decrease of €613 million;
terminated leases: decrease of €71 million;
other changes: increase of €3 million.

Maturity schedule for lease liabilities

(in € millions)	Current and non-current lease liabilities	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Lease liabilities related to property assets	Lease liabilities related to property assets Current and non-current lease liabilities 1,368	Lease liabilities related to property assets Within 1 year 278	Lease liabilities related to property assets Between 1 and 2 years 413	Lease liabilities related to property assets Between 2 and 5 years 322	Lease liabilities related to property assets After 5 years 355
Lease liabilities related to movable assets	Lease liabilities related to movable assets Current and non-current lease liabilities 734	Lease liabilities related to movable assets Within 1 year 244	Lease liabilities related to movable assets Between 1 and 2 years 215	Lease liabilities related to movable assets Between 2 and 5 years 108	Lease liabilities related to movable assets After 5 years 167
31/12/2022	31/12/2022 Current and non-current lease liabilities 2,102	31/12/2022 Within 1 year522	31/12/2022 Between 1 and 2 years 628	31/12/2022 Between 2 and 5 years 430	31/12/2022 After 5 years522

22. Other contractual obligations of an operational nature and other commitments given and received

22.1 Other contractual obligations of an operational nature

(in € millions)	31/12/2022	31/12/2021
Purchase and capital expenditure obligations (*)	Purchase and capital expenditure obligations (*) 31/12/2022 1,571	Purchase and capital expenditure obligations (*) 31/12/2021 1,291
Obligations related to quarrying rights	Obligations related to quarrying rights 31/12/2022 98	Obligations related to quarrying rights 31/12/2021 112

(*) Excluding capital investment obligations related to concession and PPP contracts (see Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”).

Other purchase and capital expenditure obligations, excluding those associated with concession contracts, mainly relate to Cobra IS projects (€975 million at 31 December 2022), principally solar PV and wind projects in Brazil and Spain. To a lesser extent, these obligations also relate to VINCI Energies, VINCI Immobilier and VINCI Construction, and to VINCI Concessions via its VINCI Concessions Ventures subsidiary, which has made a commitment to invest in the world’s largest fund dedicated to low-carbon hydrogen infrastructure solutions.

Obligations related to quarry operations include quarrying rights and quarry leases, which concern VINCI Construction.