Accounting policies
At the balance sheet date, shares in unconsolidated subsidiaries and affiliates are measured either at their fair value through profit or loss or through equity, depending on the choice made at initial recognition. The fair value of shares in listed companies is determined on the basis of the stock market price at the relevant balance sheet date. For unlisted shares, if their fair value cannot be determined reliably, they continue to be measured at their initial fair value, of which the best estimate is the cost of acquisition plus transaction costs, adjusted for any increases or decreases in value determined by analysing the change in the proportion of equity. Whenever further shares in subsidiaries and affiliates are acquired, an analysis of the Group’s management intention is carried out to determine whether they will be measured at fair value through profit or loss or through equity.
At 31 December 2023, “Financial assets measured at amortised cost” mainly comprised receivables relating to shareholdings, such as shareholders’ advances to subsidiaries managing concessions or PPP projects.
| (in € millions) | 31/12/2023 | 31/12/2022 |
|---|---|---|
| Financial assets measured at amortised cost (*) | Financial assets measured at amortised cost (*) 31/12/20231,273 |
Financial assets measured at amortised cost (*) 31/12/20221,245 |
| PPP financial receivables (*) | PPP financial receivables (*) 31/12/2023132 |
PPP financial receivables (*) 31/12/2022146 |
| Equity instruments | Equity instruments 31/12/20231,240 |
Equity instruments 31/12/20221,197 |
| Other non-current financial assets | Other non-current financial assets31/12/20232,646 | Other non-current financial assets31/12/20222,588 |
(*) Information relating to “PPP financial receivables” is provided in Note F.14 and information relating to “Financial assets measured at amortised cost” is provided in Note H.18.
During the period, the change in equity instruments broke down as follows:
| (in € millions) | 31/12/2023 | 31/12/2022 |
|---|---|---|
| Net at beginning of period | Net at beginning of period31/12/20231,197 | Net at beginning of period31/12/20221,078 |
| Acquisitions during the period (*) | Acquisitions during the period (*) 31/12/2023105 |
Acquisitions during the period (*) 31/12/202260 |
| Acquisitions as part of business combinations | Acquisitions as part of business combinations 31/12/202322 |
Acquisitions as part of business combinations 31/12/20221 |
| Changes in fair value | Changes in fair value 31/12/2023(70) |
Changes in fair value 31/12/202286 |
| Impairment losses | Impairment losses 31/12/2023(1) |
Impairment losses 31/12/2022(11) |
| Changes in consolidation scope | Changes in consolidation scope 31/12/2023(7) |
Changes in consolidation scope 31/12/2022(7) |
| Other movements and currency translation differences | Other movements and currency translation differences 31/12/2023(6) |
Other movements and currency translation differences 31/12/2022(10) |
| Net at end of period | Net at end of period31/12/20231,240 | Net at end of period31/12/20221,197 |
(*) Including acquisitions of shares not yet consolidated for €85 million at the end of 2023 and €36 million at the end of 2022.
Equity instruments mainly include VINCI’s 8% stake in Groupe ADP, which is measured at fair value through profit or loss, along with shareholdings in subsidiaries that do not meet VINCI’s minimum financial criteria for consolidation.
