The cash management current accounts of related companies, shown under assets and liabilities, represent movements of cash between the holding company and the subsidiaries under the Group’s centralised cash management system.
Marketable securities mainly comprise certificates of deposit and money market UCITS with maturities of usually less than three months, whose carrying amount is close to their net asset value.
Forward financial instruments and derivative financial instruments are measured at the period end. A provision is recognised in theincome statement for any unrealised losses where the instruments are not designated as hedges (isolated open position).
Changes in value are taken to the balance sheet with a balancing entry in suspense accounts.
VINCI uses derivatives to hedge its exposure to market risks in respect of its financial debt and to cover its subsidiaries’ hedging needs. At 31 December 2022, the market value of these financial instruments broke down as follows:
| (in € millions) | Market value | Notional |
|---|---|---|
| Interest rate instruments |
Interest rate instruments Market value
|
Interest rate instruments Notional
|
| Interest rate swaps |
Interest rate swaps Market value (853) |
Interest rate swaps Notional 13,035 |
| Cross currency swaps |
Cross currency swaps Market value (2) |
Cross currency swaps Notional 357 |
| Currency instruments |
Currency instruments Market value
|
Currency instruments Notional
|
| Forward sales |
Forward sales Market value 46 |
Forward sales Notional 2,706 |
| Cross currency swaps |
Cross currency swaps Market value (35) |
Cross currency swaps Notional 2,973 |
At 31 December 2022, €1 million of provisions had been set aside for isolated open currency positions as opposed to €43 million at 31 December 2021. The reversal of provisions related to the hedging of shares in London Gatwick airport.
Internal interest rate derivatives not designated as hedges generated an unrealised loss of €143 million due to the increase in interest rates in 2022.
Trade receivables are measured at their nominal value. An impairment allowance is recognised if there is a possibility of non-recovery of these receivables.
Receivables and payables denominated in foreign currency are measured at the closing rate. Any gains or losses arising on this translation are recorded in the balance sheet as translation differences. Provisions are taken in respect of any unrealised losses unless specific rules are laid down in the accounting regulations.
| Gross | Of which | ||
|---|---|---|---|
| (in € millions) | Within 1 year | After 1 year | |
| Receivables connected with investments in subsidiaries and affiliates | 13,477 | 496 | 12,980 |
| Non-current assets | 13,477 | 496 | 12,980 |
| Trade receivables and related accounts | 498 | 498 | |
| Other receivables | 162 | 162 | |
| Cash management current accounts of related companies | 463 | 463 | |
| Prepaid expenses | 62 | 62 | |
| Current assets | 1,185 | 1,185 | – |
| Total | 14,662 | 1,682 | 12,980 |
