The main amounts recognised directly in equity are as follows:
| 31/12/2022 | 31/12/2021 | ||||||
|---|---|---|---|---|---|---|---|
| (in € millions) | Attributable to owners of the parent | Attributable to non-controlling interests | Total | Attributable to owners of the parent | Attributable to non-controlling interests | Total | |
| Hedging costs | |||||||
| Reserve at beginning of period | (43) | – | (43) | (28) | – | (28) | |
| Gross reserve before tax effect at end of period | I | (27) | – | (27) | (43) | – | (43) |
| Cash flow and net investment hedges | |||||||
| Reserve at beginning of period | (879) | 1 | (878) | (906) | – | (906) | |
| Changes in fair value of companies accounted for under the equity method | 505 | – | 505 | 163 | – | 163 | |
| Other changes in fair value in the period | 437 | 1 | 438 | (235) | 1 | (234) | |
| Fair value items recognised in profit or loss | 76 | – | 76 | 97 | – | 97 | |
| Changes in consolidation scope and miscellaneous | 31 | – | 31 | 2 | – | 2 | |
| Gross reserve before tax effect at end of period | II | 170 | 1 | 172 | (879) | 1 | (878) |
| of which gross reserve relating to companies accounted for under the equity method | (37) | - | (37) | (543) | - | (543) | |
| Total gross reserve before tax effects(items that may be recycled to income) | I+II | 143 | 1 | 145 | (922) | 1 | (921) |
| Associated tax effect | (45) | – | (45) | 200 | – | 200 | |
| Reserve net of tax(items that may be recycled to income) | III | 98 | 1 | 99 | (722) | 1 | (721) |
| Equity instruments | |||||||
| Reserve at beginning of period | (1) | – | (1) | (2) | – | (2) | |
| Gross reserve before tax effect at end of period | IV | (2) | – | (2) | (1) | – | (1) |
| Actuarial gains and losses on retirement benefit obligations | |||||||
| Reserve at beginning of period | (394) | 31 | (362) | (500) | 10 | (491) | |
| Actuarial gains and losses recognised in the period | 330 | 34 | 364 | 134 | 30 | 164 | |
| Associated tax effect | (89) | (9) | (98) | (28) | (8) | (36) | |
| Changes in consolidation scope and miscellaneous | – | – | (1) | – | – | – | |
| Reserve net of tax at end of period | V | (153) | 57 | (96) | (394) | 31 | (362) |
| Total reserve net of tax(items that may not be recycled to income) | IV+V | (155) | 57 | (98) | (395) | 31 | (364) |
| Total amounts recognised directly in equity | III+IV+V | (56) | 57 | 1 | (1,117) | 32 | (1,085) |
The amounts recorded directly in equity mainly concern hedging transactions (positive effect of €172 million), comprising:
The main changes in the period relate directly to the impact of the increase in interest rates on the valuation of derivatives used as cash flow hedges and of actuarial gains on retirement benefit obligations.
These transactions are described in Note J.27.1.2, “Description of hedging transactions”.
Non-controlling interests amounted to €3,470 million at 31 December 2022 (€1,889 million at 31 December 2021).
At 31 December 2022, the Group owned two subsidiaries in which there were material non-controlling interests. They were London Gatwick airport (49.99% not owned by VINCI) and Mexican airport operator OMA (70.01% not owned by VINCI).
VINCI Airports and Global Infrastructure Partners, acting on behalf of non-controlling shareholders, signed a shareholders’ agreement determining control over London Gatwick airport. That agreement covers matters including the composition of the Board of Directors, the ability to appoint certain key executives, including the Chief Executive Officer (CEO), and a mechanism for approving substantive decisions such as those regarding the business plan and annual budget. In addition, a procedure has been established for resolving any disputes that may arise, which in certain scenarios will allow non-controlling shareholders, after acceptance by VINCI, to sell their shares to VINCI.
The governance arrangement is described in Note B.1, “Changes in consolidation scope during the period”.
Condensed financial information for London Gatwick airport and airport operator OMA is presented below. It was prepared in accordance with IFRSs, adjusted where appropriate for fair value remeasurements at the date of acquisition of control and adjustments to harmonise accounting policies with those of the Group. The amounts at 31 December 2022 are presented before eliminations of intercompany accounts and transactions.
