Grands Projets and Astaldi have equal interests in the joint venture. A dispute has arisen between VINCI Construction Grands Projets and Astaldi regarding (i) allegations of mismanagement made by Astaldi against VINCI Construction Grands Projets, which VINCI Construction Grands Projets rejects entirely, and (ii) VINCI Construction Grands Projets’ exclusion of Astaldi from the joint venture’s governance because of misconduct by Astaldi, which is disputed by Astaldi. Astaldi commenced arbitration proceedings against VINCI Construction Grands Projets on 14 December 2020 before the International Chamber of Commerce. In a letter dated 28 December 2020, Astaldi stated that the amount it was claiming was around €150 million. VINCI Construction Grands Projets entirely disputes the compensation sought by Astaldi and has made a counterclaim aimed at (i) forcing Astaldi to pay its share of the loss suffered by the consortium at the time of its exclusion and (ii) forcing Astaldi to reimburse its share of the calls for funds made during the works, which total €59.6 million. An initial arbitral tribunal, the seat of which is in Geneva, was constituted on 14 June 2021. Subsequently, following Astaldi’s acquisition by Webuild, on 25 November 2021 VINCI Construction Grands Projets commenced new arbitration proceedings against Webuild, without abandoning its counterclaim against Astaldi. VINCI Construction Grands Projets’ view is that since the date of the aforementioned acquisition (1 August 2021), Webuild became liable for the compensation it is claiming from Astaldi in relation to the airport construction work. This is disputed by Webuild. Subsequently, on 11 March 2022, the International Chamber of Commerce’s International Court of Arbitration joined the two existing sets of proceedings into a new set of proceedings. The arbitral tribunal then resigned and on 3 June 2022 the same International Court of Arbitration, noting that the parties had not agreed on the appointment of new arbitrators, appointed them itself in order to form a new arbitral tribunal, which has since been in charge of the new tripartite proceedings. As part of those proceedings, VINCI Construction Grands Projets has filed its submissions in support of its claim against Webuild and Astaldi, seeking an award forcing them to (i) pay their share of the loss suffered by the consortium at the time of Astaldi’s exclusion and (ii) reimburse their share of the calls for funds made during the works, which total €59.6 million. These tripartite proceedings remain ongoing. In view of the current situation, the Group considers that this dispute will not have a material effect on its financial situation.
• On 23 June 2022, the Autorité de la Concurrence sent a statement of objections to Nuvia Process as principal, and to Soletanche Freyssinet and VINCI (as parent companies) relating to practices prohibited by Article L.420-1 of the French Commercial Code regarding engineering, maintenance, decommissioning and waste processing services in relation to nuclear facilities and concerning several contracts awarded by the CEA (the French alternative and atomic energy commission) for its Marcoule site. These proceedings remain ongoing. The Group takes the view that these proceedings represent a contingent liability whose impact it is unable to measure.
There are no other judicial, administrative or arbitration proceedings, including any proceedings known to the Company, pending or with which it is threatened, that are likely to have, or have had in the last 12 months, a material effect on the financial situation or profitability of the Company and/or Group.
The Board of Directors finalised the consolidated financial statements for the year ended 31 December 2022 on 8 February 2023. These financial statements will only become definitive when approved at the Shareholders’ General Meeting to be held on 13 April 2023. A draft resolution will be put to shareholders in that meeting to pay a dividend of €4.00 per share in respect of 2022. Given the payment of the interim dividend of €1.00 per share on 17 November 2022, the final dividend to be distributed would be €3.00 per share. That dividend would be paid on 27 April 2023 (ex-date: 25 April 2023).
As part of its share buy-back programme, VINCI signed a share purchase agreement with an investment services provider on 3 January 2023. Under that agreement, which runs from 4 January until 29 March 2023 at the latest, the provider will purchase up to €250 million of VINCI shares on VINCI’s behalf. The price paid for those shares may not exceed the limit set at VINCI’s Combined Shareholders’ General Meeting of 12 April 2022.
On 12 January 2023, as part of its Euro Medium Term Note (EMTN) programme, ASF (Autoroutes du Sud de la France) issued €700 million of bonds due to mature in January 2033, with an annual coupon of 3.25%. The issue was 1.5x oversubscribed.
Reciprocal operations and transactions relating to assets, liabilities, income and expenses between companies that are fully consolidated are eliminated in the consolidated financial statements.
Where a fully consolidated Group entity carries out a transaction with a joint venture or associate that is accounted for under the equity method, income and losses resulting from the transaction are only recognised in the Group’s consolidated financial statements to the extent of the interest owned by third parties in the joint venture or associate.
