Changes in fair value (increase of €586 million) reflect the impact of higher interest rates on cash flow hedges and include the gain on the partial early redemption of London Gatwick airport’s bond debt.
The positive exchange rate effect of €240 million arises for the most part from the revaluation of long-term foreign currency debts. Changes in consolidation scope mainly relate to the acquisitions of Mexican airport operator OMA (€300 million) and SCDI (€134 million).
The table below reconciles changes in net financial debt with the cash flow statement.
Reconciliation of net financial debt with financing flows shown in the cash flow statement
| (in € millions) |
Ref. |
2022 |
| Change in net cash |
Change in net cash Ref. (1)
|
Change in net cash 2022 1,306
|
| Change in cash management assets and other current financial debts |
Change in cash management assets and other current financial debts Ref. (2)
|
Change in cash management assets and other current financial debts 2022 (1,245)
|
| (Proceeds from)/repayment of loans |
(Proceeds from)/repayment of loans Ref. (3)
|
(Proceeds from)/repayment of loans 2022 867
|
| Changes in consolidation scope and other changes (*) |
Changes in consolidation scope and other changes (*) Ref. (4)
|
Changes in consolidation scope and other changes (*) 2022 74
|
| Change in net financial debt |
Change in net financial debt Ref. (5)
|
Change in net financial debt 2022 1,002
|
(*) Including OMA’s net financial debt in an amount of €300 million.
25.1 Detail of long-term financial debt by business line
The breakdown of net long-term financial debt (including the part at less than one year) at 31 December 2022 was as follows:
| |
31/12/2022 |
31/12/2021 |
| (in € millions) |
Bonds |
Other bank loans and other financial debt |
Long-term financial debt |
Bonds |
Other bank loans and other financial debt |
Long-term financial debt |
| Concessions |
(15,684) |
(3,384) |
(19,067) |
(17,763) |
(2,998) |
(20,761) |
| VINCI Energies |
– |
(36) |
(36) |
– |
(37) |
(37) |
| Cobra IS |
– |
(706) |
(706) |
– |
(405) |
(405) |
| VINCI Construction |
– |
(82) |
(82) |
– |
(103) |
(103) |
| Holding companies and VINCI Immobilier |
(5,999) |
– |
(5,999) |
(7,189) |
(1) |
(7,191) |
| Total |
(21,683) |
(4,208) |
(25,891) |
(24,952) |
(3,545) |
(28,497) |
At 31 December 2022, long-term net financial debt amounted to €25.9 billion, down €2.6 billion compared with the 31 December 2021 figure of €28.5 billion. The change resulted mainly from the following transactions:
- VINCI SA redeemed two bond issues: 100 million Swiss francs of bonds issued in 2012 with a coupon of 3% (redeemed in January 2022) and $717 million of bonds issued in 2017 with a coupon of 0.375% (redeemed in February 2022). In October 2022, VINCI SA issued €650 million of 10-year bonds with a coupon of 3.375%.
- In July, ASF redeemed €1.6 billion of bonds issued in 2007 with a coupon of 5.625%, and in the first half of the year repaid €55 million of borrowings from the European Investment Bank. In September, ASF then issued €850 million of 10-year bonds with a coupon of 2.75% followed by a tap of €75 million.
- To finance part of the cost of acquiring Mexican airport operator OMA, in December the company that holds VINCI’s interest in OMA, Concessoc 31, negotiated three floating rate credit facilities in a total amount of 8.7 billion Mexican pesos, expiring in 2026, 2028 and 2033.
- In December, London Gatwick airport partially redeemed, in a nominal amount of £463 million, four sterling bond issues due to mature in 2024, 2046, 2048 and 2049, paying an average coupon of 3.66%.
- In November, to refinance its 600 million Brazilian real bridging loan, Manaus airport arranged two facilities due to expire in 2046: a 600 million real debenture, of which 475 million reals had been used by the end of the year, and a 750 million real bank loan on which it had drawn 249 million reals.
- In May, Lima Expresa took out a new 1.4 billion Peruvian sol 18-month bridging loan, comprising two tranches with an average interest rate of 7.18%, to refinance the previous loan (1.2 billion sols).
- The transaction to take control of SCDI resulted in the recognition in VINCI’s consolidated financial statements of a C$204 million bond issue due to mature in 2031 and paying a coupon of 6.17%.
- At the end of December 2022, newly acquired airport operator OMA had five bond issues outstanding in a total amount of 9 billion Mexican pesos, comprising two floating rate bond issues totalling 2.7 billion pesos and maturing in 2026 and 2027 and three fixed rate bond issues totalling 6.3 billion pesos paying an average coupon of 8.06% and maturing in 2023, 2028 and 2029, along with a 1.2 billion peso bank loan due to mature in 2023.
