Treasury shares allocated to performance share plans are recognised under “Marketable securities”.
In accordance with CRC Regulation 2014-03, a provision is taken as a financial expense during the period in which the beneficiaries’ rights vest, whenever an expense becomes probable.
Treasury shares not allocated to plans are recorded under “Other non-current financial assets” at their acquisition cost.
An impairment allowance is recognised as a financial expense if the average stock market price of these shares during the last month of the period is lower than their unit cost.
Shares intended for cancellation are not written down.
Whenever plans are hedged by call options, the premiums paid are recorded under “Marketable securities” when the options hedge performance share plans, or under “Other non-current financial assets” when they hedge share subscription option plans.
In both cases, a provision is recognised whenever an expense becomes probable. Income and expense relating to treasury shares (provisions and gains or losses on disposal) are recognised under “Net financial income/(expense)”.
| 31/12/2021 | Increases: buy-backs | Decreases:disposals and transfers | Reclassifications: transfers between accounts | 31/12/2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unit value in € | Value in €m | Unitvaluein € | Value in €m | Unit value in € | Value in €m | Unit value in € | Value in €m | Unit value in € | Value in €m | |
| Shares bought back to use in payment or exchange | 43.97 | 206 | 43.97 | 206 | ||||||
| Shares bought back to be cancelled | 86.15 | 62 | 91.54 | 1,094 | 91.20 | (784) | 91.32 | 371 | ||
| Subtotal non-current financial assets | 267 | 1,094 | (784) | 577 | ||||||
| Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans | 87.98 | 1,706 | 83.30 | (195) | 88.63 | 1,511 | ||||
| Subtotal current assets | 1,706 | (195) | 1,511 | |||||||
| Total cash transactions on VINCI shares | 79.79 | 1,973 | 1,094 | (979) | 80.95 | 2,088 | ||||
During 2022:
International plan and the performance share plan adopted by the Board of Directors on 17 April 2019. These share transfers generated an expense of €195 million, covered by a reversal for the same amount of provisions previously taken in this respect.
The impairment allowance of €19 million recognised on 31 December 2021 on the basis of the average stock market price of VINCI shares in December 2021, i.e. €87.91, was reversed in full in 2022.
| 31/12/2021 | Increases: buy-backs | Decreases: disposals and transfers | 31/12/2022 | |
|---|---|---|---|---|
| Shares bought back to use in payment or exchange |
Shares bought back to use in payment or exchange 31/12/2021 4,677,876 |
Shares bought back to use in payment or exchange Increases: buy-backs
|
Shares bought back to use in payment or exchange Decreases: disposals and transfers
|
Shares bought back to use in payment or exchange 31/12/20224,677,876 |
| Shares bought back to be cancelled |
Shares bought back to be cancelled 31/12/2021 714,354 |
Shares bought back to be cancelled Increases: buy-backs 11,949,984 |
Shares bought back to be cancelled Decreases: disposals and transfers (8,600,000) |
Shares bought back to be cancelled 31/12/20224,064,338 |
| Subtotal non-current financial assets |
Subtotal non-current financial assets 31/12/2021 5,392,230 |
Subtotal non-current financial assets Increases: buy-backs 11,949,984 |
Subtotal non-current financial assets Decreases: disposals and transfers (8,600,000) |
Subtotal non-current financial assets31/12/20228,742,214 |
| Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans |
Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans 31/12/2021 19,389,553 |
Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans Increases: buy-backs
|
Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans Decreases: disposals and transfers (2,340,958) |
Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans 31/12/202217,048,595 |
| Subtotal current assets |
Subtotal current assets 31/12/2021 19,389,553 |
Subtotal current assets Increases: buy-backs – |
Subtotal current assets Decreases: disposals and transfers (2,340,958) |
Subtotal current assets31/12/202217,048,595 |
| Total cash transactions on VINCI shares |
Total cash transactions on VINCI shares 31/12/2021 24,781,783 |
Total cash transactions on VINCI shares Increases: buy-backs 11,949,984 |
Total cash transactions on VINCI shares Decreases: disposals and transfers (10,940,958) |
Total cash transactions on VINCI shares 31/12/202225,790,809 |
At 31 December 2022, VINCI held 25,790,809 treasury shares directly (representing 4.38% of the share capital), for a total of €2,088 million or an average of €80.95 per share:
