At 31 December 2022, net financial debt, as defined by the Group, stood at €18.5 billion, down almost €1.0 billion compared with 31 December 2021. It breaks down as follows by accounting category:
| 31/12/2022 | 31/12/2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Accounting category | (in € millions) | Note | Non-current | Current | Total | Non-current | Current | Total |
| Financial liabilities at amortised cost | Bonds | 25.1 | (20,425) | (1,258) | (21,683) | (22,212) | (2,741) | (24,952) |
| Other bank loans and other financial debt | 25.1 | (3,205) | (1,003) | (4,208) | (2,757) | (788) | (3,545) | |
| Long-term financial debt (**) | 25.1 | (23,629) | (2,262) | (25,891) | (24,969) | (3,528) | (28,497) | |
| Commercial paper | 26.2 | – | (1,947) | (1,947) | – | (412) | (412) | |
| Other current financial liabilities | 26.1 | – | (977) | (977) | – | (891) (***) | (891) (***) | |
| Bank overdrafts | 26.1 | – | (1,083) | (1,083) | – | (876) | (876) | |
| Financial current accounts - liabilities | 26.1 | – | (99) | (99) | – | (61) | (61) | |
| I - Gross financial debt | (23,629) | (6,368) | (29,997) | (24,969) | (5,769) | (30,738) | ||
| of which impact of fair value hedges | (1,804) | - | (1,804) | (481) | (26) | (507) | ||
| of which effect of recognising London Gatwick’s debt at fair value in VINCI’s consolidated financial statements | (382) | - | (382) | (445) | - | (445) | ||
| Financial assets at amortised cost | Collateralised loans and financial receivables | 5 | 12 | 16 | 4 | – | 4 | |
| Financial current accounts - assets | 26.1 | - | 252 | 252 | - | 86 | 86 | |
| Financial assets measured at fair value through profit or loss | Cash management financial assets | 26.1 | – | 503 | 503 | – | 114 | 114 |
| Cash equivalents | 26.1 | – | 4,227 | 4,227 | – | 3,042 | 3,042 | |
| Cash | 26.1 | – | 8,351 | 8,351 | – | 8,022 | 8,022 | |
| II - Financial assets | 5 | 13,345 | 13,349 | 4 | 11,264 | 11,268 | ||
| Derivatives | Derivative financial instruments - liabilities | 27 | (1,939) | (440) | (2,379) | (422) | (513) | (935) |
| Derivative financial instruments - assets | 27 | 376 | 115 | 491 | 575 | 291 | 866 | |
| III - Derivative financial instruments | (1,563) | (325) | (1,888) | 153 | (222) | (69) | ||
| Net financial debt (I+II+III) | (25,188) | 6,651 | (18,536) | (24,812) | 5,274 | (19,539) | ||
| Of which: | ||||||||
| Concessions | (33,931) | 2,196 | (31,735) | (34,792) | 2,098 | (32,693) | ||
| VINCI Energies | (1,820) | 1,691 | (129) | (2,099) | 2,545 | 447 | ||
| Cobra IS | (664) | 1,067 | 404 | (187) | 591 (***) | 403 (***) | ||
| VINCI Construction | (1,212) | 4,672 | 3,460 | (1,254) | 4,589 | 3,334 | ||
| Holding companies and VINCI Immobilier | 12,439 | (2,974) | 9,464 | 13,520 | (4,549) | 8,971 | ||
(*) The current part includes accrued interest not matured.
(**) Including the part at less than one year.
(***) Amounts adjusted following the final purchase price allocation for Cobra IS, acquired on 31 December 2021. See Note B.2, “Changes in consolidation scope in previous periods”.
| “Non-cash” changes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in € millions) | 31/12/2021 | Cash flows | Ref. | Changes in consolidation scope | Exchange rate effect | Changes in fair value | Other changes | “Non-cash” total | Ref. | 31/12/2022 |
| Bonds (non-current) | (22,212) | (1,197) | (3) | (506) | 176 | 2,419 | 894 | 2,984 | (4) | (20,425) |
| Other loans and borrowings (non-current) | (2,757) | (425) | (3) | (100) | (5) | 56 | 27 | (22) | (4) | (3,205) |
| Current borrowings | (5,769) (*) | 511 | (92) | (102) | (32) | (884) | (1,110) | (6,368) | ||
| of which the part at less than one year of long-term debts | (3,193) | 2,484 | (3) | (17) | (101) | (32) | (1,111) | (1,261) | (4) | (1,969) |
| of which current financial debts at inception | (1,363) (*) | (1,810) | (2) | (20) | (10) | - | 187 | 157 | (4) | (3,016) |
| of which accrued interest on bank debts | (337) | - | (4) | (8) | 5 | - | 40 | 38 | (4) | (299) |
| of which bank overdrafts | (876) | (163) | (1) | (48) | 4 | - | - | (44) | (1) | (1,083) |
| Collateralised loans and receivables | 4 | 14 | (4) | – | 1 | - | (2) | (1) | (4) | 16 |
| Cash management financial assets | 200 | 565 | – | (6) | - | (4) | (10) | 755 | ||
| of which cash management financial assets (excluding accrued interest) | 199 |
565 | (2) | - | (6) | - | (3) | (9) | (4) | 755 |
| of which accrued interest on cash management assets | 1 | - | (4) | - | - | - | (1) | (1) | (4) | - |
| Cash and cash equivalents | 11,065 | 1,255 | (1) | 188 | 63 | 3 | 4 | 258 | (1) | 12,578 |
| Derivative financial instruments | (69) | 5 | – | 113 | (1,861) | (76) | (1,824) | (1,888) | ||
| of which fair value of derivatives | (198) | 5 | (3) | - | 114 | (1,861) | - | (1,748) | (4) | (1,941) |
| of which accrued interest on derivatives | 129 | - | (4) | - | (1) | - | (76) | (77) | (4) | 53 |
| Net financial debt | (19,539) | 728 | (5) | (511) | 240 | 586 | (41) | 274 | (5) | (18,536) |
(*) Amounts adjusted following the final purchase price allocation for Cobra IS, acquired on 31 December 2021. See Note B.2, “Changes in consolidation scope in previous periods”.
Cash flows for the period (inflow of €728 million) include strong free cash flow generation of €5.4 billion as well as acquisitions by VINCI Airports, VINCI Highways and VINCI Energies totalling €2.1 billion, dividend distributions of €1.9 billion, and share buy-backs during the period net of capital increases for €0.6 billion.
