The company that owns London Gatwick airport has a £300 million revolving credit facility, which is due to expire in June 2025. Drawings on this facility amounted to £60 million at 31 December 2022.
Cobra IS has access to several multi-currency revolving credit facilities due to mature in 2023 and 2024, totalling €961 million and mainly denominated in euros. At 31 December 2022, a total of €450 million had been drawn on these credit facilities.
VINCI has a €5 billion commercial paper programme rated A2 by Standard & Poor’s and P2 by Moody’s. At 31 December 2022, €1.9 billion had been issued under that programme.
The Covid Corporate Financing Facility set up by the UK government, which the company that owns London Gatwick airport started using in November 2020 with a maximum funding capacity of £300 million, was not renewed in March 2022.
Cobra IS has a commercial paper programme that was renewed in November 2022 for one year and increased to €200 million, on which it had issued €20 million at 31 December 2022.
VINCI has implemented a system to manage and monitor the financial risks to which it is exposed, principally interest rate risk.
In accordance with the rules laid down by the Group’s Finance Department, the responsibility for identifying, measuring and hedging financial risks lies with the operational entity in question. In addition, derivative financial instruments are generally managed by the Group Finance Department on behalf of the subsidiaries in question.
Treasury committees, in which the Group’s Finance Department and the concerned companies participate, analyse the main exposures regularly and decide on management strategies for the entities that have the most material exposure to financial risks (VINCI SA, ASF, Cofiroute, VINCI Finance International).
In order to manage its exposure to market risks, the Group uses derivative financial instruments.
