Net cash managed breaks down as follows:
| 31/12/2022 | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | Concessions | VINCI Energies | Cobra IS | VINCI Construction | Holding companies and VINCI Immobilier | Total |
| Cash equivalents | 265 | 34 | 433 | 122 | 3,373 | 4,227 |
| Marketable securities and mutual funds (UCITS) | – | – | – | – | 1,327 | 1,327 |
| Negotiable debt securities with an original maturity of less than 3 months (*) | 265 | 34 | 433 | 122 | 2,046 | 2,900 |
| Cash | 1,377 | 535 | 1,129 | 2,709 | 2,601 | 8,351 |
| Bank overdrafts | – | (59) | – | (998) | (27) | (1,083) |
| Net cash and cash equivalents | 1,642 | 510 | 1,562 | 1,834 | 5,947 | 11,495 |
| Cash management financial assets | – | 53 | 447 | – | 4 | 503 |
| Negotiable debt securities and bonds with an original maturity of less than 3 months | – | 46 | 417 | – | 4 | 467 |
| Negotiable debt securities and bonds with an original maturity of more than 3 months | – | 6 | 30 | – | – | 37 |
| Commercial paper issued | – | – | (20) | – | (1,927) | (1,947) |
| Other current financial liabilities | (79) | (7) | (879) | (10) | (1) | (977) |
| Balance of cash management current accounts | 3,113 | 1,149 | – | 2,872 | (6,981) | 152 |
| Net cash managed | 4,675 | 1,704 | 1,110 | 4,695 | (2,957) | 9,227 |
(*) Including term deposits, interest earning accounts and certificates of deposit.
| 31/12/2021 | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | Concessions | VINCI Energies | Cobra IS | VINCI Construction | Holding companies and VINCI Immobilier | Total(**) |
| Cash equivalents | 165 | 45 | 255 | 137 | 2,441 | 3,042 |
| Marketable securities and mutual funds (UCITS) | – | – | – | – | 732 | 732 |
| Negotiable debt securities with an original maturity of less than 3 months (*) | 165 | 45 | 255 | 137 | 1,708 | 2,310 |
| Cash | 1,686 | 584 | 1,036 | 2,417 | 2,299 | 8,022 |
| Bank overdrafts | (5) | (52) | – | (760) | (60) | (876) |
| Net cash and cash equivalents | 1,846 | 577 | 1,291 | 1,795 | 4,680 | 10,188 |
| Cash management financial assets | 14 | 22 | 72 | 1 | 5 | 114 |
| Negotiable debt securities and bonds with an original maturity of less than 3 months | 14 | – | – | 1 | 5 | 20 |
| Negotiable debt securities and bonds with an original maturity of more than 3 months | – | 21 | 72 | – | – | 93 |
| Commercial paper issued | (327) | – | (85) | – | – | (412) |
| Other current financial liabilities | (367) | (25) | (467) (**) | (32) | (1) | (891) |
| Balance of cash management current accounts | 3,661 | 1,988 | – | 2,854 | (8,477) | 25 |
| Net cash managed | 4,827 | 2,562 | 811 | 4,618 | (3,794) | 9,024 |
(*) Including term deposits, interest earning accounts and certificates of deposit.
(**) 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”.
The investment vehicles used by the Group are money market UCITS, interest earning accounts, term deposits and negotiable debt securities (certificates of deposit generally with a maturity of less than three months). They are measured and recognised at their fair value.
Net cash is managed with limited risk to capital. The performance and the risks associated with these investments of net cash are monitored regularly through a report detailing the yield of the various assets and analysing the associated level of risk.
At 31 December 2022, net cash managed by VINCI SA amounted to €2.6 billion, arising mainly from the cash surpluses transferred upwards from French subsidiaries through a cash pooling system. VINCI Finance International, a wholly owned subsidiary of VINCI that centralises the cash surpluses of foreign subsidiaries, managed investments and cash of €1.3 billion at 31 December 2022. This centralisation enables the management of financial resources to be optimised at Group level and the risks relating to the counterparties and investment vehicles used to be better managed.
Other subsidiaries whose cash is not centralised must comply with the guidelines and instructions issued by VINCI, which define the investment vehicles and the counterparties authorised. The investments amounted to around €5.2 billion at 31 December 2022, comprising €1.6 billion for Concessions, €0.6 billion for VINCI Energies, €1.1 billion for Cobra IS and €1.8 billion for VINCI Construction.
VINCI has a €8 billion confirmed syndicated revolving credit facility. After two extensions of one year each, the maturity of the credit facility was extended until November 2025 for most of the amount (€7.7 billion). In July 2022, VINCI arranged a second €2.5 billion revolving credit facility with a one-year maturity and two six-month extension options. These facilities do not contain any default clause relating to non-compliance with financial ratios. They were unused at 31 December 2022.
