The financial statements at 31 December 2022 have been prepared in accordance with the general conventions required by France’s General Accounting Plan, as resulting from Regulation 2014-03 issued by the Autorité des Normes Comptables (ANC, the French accounting standards authority).
However, in a departure from the French General Accounting Plan and in order to improve the presentation of its financial statements, VINCI reports changes in provisions relating to a given income or expense item on the same line of the income statement as determined by its nature, which may be operating, financial, exceptional or tax.
The environmental risk assessment was taken into account when preparing VINCI SA’s financial statements and is consistent with the commitment made by the Group in this area. Factoring in these elements did not have any material impact in 2022.
VINCI’s parent company financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables.
On 24 January 2022, VINCI redeemed 100 million Swiss francs of bonds issued in January 2012 with a coupon of 3%.
In February 2022, VINCI redeemed its remaining non-dilutive convertible bonds issued in US dollars in a nominal amount of $717 million.
In July 2022, VINCI arranged a new €2.5 billion revolving credit facility with a maturity of one year and two extension options of six months each.
In October 2022, as part of its Euro Medium Term Note (EMTN) programme, VINCI issued €650 million of bonds due to mature in October 2032 and with a coupon of 3.375%.
Under its share buy-back programme, VINCI purchased 11,949,984 shares in the market for €1,094 million, at an average price of €91.54 per share.
On 21 December 2022, VINCI cancelled 8.6 million treasury shares purchased for €784 million in total, thus at an average price of €91.20 per share.
The gross carrying amount of treasury shares thereby rose from €1,973 million at 31 December 2021 to €2,088 million at 31 December 2022.
At 31 December 2022, VINCI held 25,790,809 of its own shares (i.e. 4.38% of its capital) in treasury, with the gross carrying amount thus equal to €80.95 per share on average. Those shares are either allocated to covering share awards as part of long-term incentive plans and international employee share ownership plans, or intended to be used as payment for acquisitions, sold or cancelled.
As a general rule, software, recorded under “Concessions, patents and licences”, is amortised over two or three years on a straight-line basis.
Property, plant and equipment is recognised at acquisition cost, including all acquisition-related costs. The Company applies Opinion 2004-06, issued by the Conseil National de la Comptabilité (CNC, the French national accounting board), on the definition, recognition and measurement of assets.
Depreciation is calculated on a straight-line basis over an asset’s estimated useful life:
| Constructions | 10 to 40 years |
|---|---|
| Other property, plant and equipment | 3 to 10 years |
Property, plant and equipment is used mainly for VINCI SA’s operations or those of its subsidiaries.
