2023 UNIVERSAL REGISTRATION DOCUMENT

11. Other non-current financial assets

At 31 December 2023, the Group’s interests in companies accounted for under the equity method mainly included VINCI Airports’ interest in Kansai Airports (€141 million),VINCI Highways’ interest in Entrevias (€177 million) and, for VINCI Construction, the stake in DEME (€277 million).

Impacts included under “Group share of other comprehensive income for the period” relate mainly to cash flow hedging transactions (interest rate hedges) on concession and public-private partnership projects.

10.2 Aggregated financial information

The contribution of equity accounted companies to the Group’s net income and consolidated comprehensive income is as follows:

  2023 2022
(in € millions) Associates Joint ventures Total Associates Joint ventures Total
Net income 27 83 111 17 5 22
of which Concessions 4 27 30 20 (59) (39)
of which VINCI Energies 5 4 9 4 2 6
of which Cobra IS 2 19 21 7 17 24
of which VINCI Construction 19 1 20 (14) 21 7
of which VINCI Immobilier and holding companies (3) 33 30 - 25 25
Other comprehensive income (4) (45) (49) 47 313 361
of which Concessions (3) (47) (50) 36 326 362
of which VINCI Construction (0) (6) (6) 12 (13) (1)
Comprehensive income 24 39 62 65 319 383
of which Concessions 0 (20) (20) 56 267 323
of which VINCI Energies 5 4 9 4 2 6
of which Cobra IS 2 26 28 7 17 24
of which VINCI Construction 19 (5) 14 (3) 8 5
of which VINCI Immobilier and holding companies (3) 33 30 - 25 25

The revenue of companies accounted for under the equity method breaks down as follows (data reflecting the Group’s share):

  2023 2022
(in € millions) Associates Joint ventures Total Associates Joint ventures Total
Revenue (*) 1,271 2,143 3,414 1,117 1,696 2,813
of which Concessions 512 1,025 1,537 473 732 1,205
of which VINCI Energies 35 7 42 35 8 42
of which Cobra IS 24 257 282 17 42 59
of which VINCI Construction 659 595 1,255 592 687 1,279
of which VINCI Immobilier and holding companies 40 258 298 1 228 229

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

In accordance with IAS 28, the Group’s recognition of its share of contingent losses at associates and joint ventures is limited to its liabilities. At 31 December 2023, losses exceeding this share and thus unrecognised in VINCI’s financial statements amounted to €194 million (€211 million at 31 December 2022).
The main features of concession and PPP contracts are given in Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”. The list of companies accounted for under the equity method is available on the Group’s website at https://www.vinci.com/vinci.nsf/en/investors-composition-group.htm.

10.3 Controlled subsidiaries’ transactions with associates and joint ventures

The financial statements include certain commercial transactions between controlled subsidiaries and associates and joint ventures. The main transactions are as follows:

  31/12/2023 31/12/2022
(en millions d’euros) Associates Joint ventures Total Associates Joint ventures Total
Revenue 336 525 861 322 541 863
Trade receivables 188 154 343 148 83 231
Purchases 4 19 24 5 14 19
Trade payables 3 6 10 6 7 13