2023 UNIVERSAL REGISTRATION DOCUMENT

21. Lease liabilities

Accounting policies

At the start of the lease period, the liability is measured on the basis of the present value of payments remaining payable to the lessor, i.e.:

fixed lease payments, minus any sums received from the lessor as stipulated in the contract;
variable lease payments that depend on an index or a rate, with future payments determined on the basis of the level of the index or rate on the commencement date of the lease;
payments to be made by the lessee under a residual value guarantee;
the exercise price of an option to purchase the underlying asset, if the lessee is reasonably certain to exercise that option;
penalties to be paid if an option to terminate the lease is exercised, if the lease term was determined on the assumption that the lessee would exercise that option.

The liability may be remeasured in the following situations: adjustment of the lease term; adjustment related to the assessment of whether the exercise of an option is reasonably certain or not; a new estimate of residual value guarantees; revision of rates or indices on which lease payments are based at the time those payments are adjusted.

At 31 December 2023, lease liabilities amounted to €2,247 million, including €1,675 million for the part at more than one year and €572 million for the part at less than one year. They totalled €2,102 million at 31 December 2022. The net change in 2023 breaks down as follows:

new lease liabilities: increase of €748 million;
companies entering the consolidation scope: increase of €41 million;
repayments of lease liabilities: decrease of €611 million;
terminations of leases: decrease of €44 million;
other changes: increase of €12 million.

Maturity schedule for lease liabilities

(in € millions)	Current and non-current lease liabilities	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Lease liabilities related to property assets	Lease liabilities related to property assets Current and non-current lease liabilities 1,414	Lease liabilities related to property assets Within 1 year 295	Lease liabilities related to property assets Between 1 and 2 years 414	Lease liabilities related to property assets Between 2 and 5 years 369	Lease liabilities related to property assets After 5 years 336
Lease liabilities related to movable assets	Lease liabilities related to movable assets Current and non-current lease liabilities 833	Lease liabilities related to movable assets Within 1 year 277	Lease liabilities related to movable assets Between 1 and 2 years 224	Lease liabilities related to movable assets Between 2 and 5 years 162	Lease liabilities related to movable assets After 5 years 170
31/12/2023	31/12/2023Current and non-current lease liabilities2,247	31/12/2023Within 1 year572	31/12/2023Between 1 and 2 years639	31/12/2023Between 2 and 5 years531	31/12/2023After 5 years506

22. Other contractual obligations of an operational nature and other commitments given and received

22.1 Other contractual obligations of an operational nature

(in € millions)	31/12/2023	31/12/2022
Purchase and capital expenditure obligations^(*)	Purchase and capital expenditure obligations ^()31/12/2023* 2,385	Purchase and capital expenditure obligations ^()31/12/2022* 1,571
Obligations related to quarrying rights	Obligations related to quarrying rights 31/12/2023 105	Obligations related to quarrying rights 31/12/2022 98

(*) Excluding capital investment obligations related to concession and PPP contracts (see Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”).

Other purchase and capital expenditure obligations, excluding those associated with concession and PPP contracts, mainly relate to Cobra IS’s renewable energy projects for €1,810 million at 31 December 2023 (€975 million at 31 December 2022), chiefly in Spain, Brazil and the United States. These obligations also relate to VINCI Energies and VINCI Immobilier to a lesser extent, as well as to VINCI Concessions (via its VINCI Concessions Ventures subsidiaries), which has made a commitment to invest in the world’s largest fund dedicated to low carbon hydrogen infrastructure solutions, and the VINCI Concessions subsidiary eliso GmbH, a service provider specialising in the installation and operation of electric vehicle charge points in Germany.

Obligations related to quarry operations include quarrying rights and quarry leases. They concern VINCI Construction.

22.2 Other commitments given and received

The Group’s off-balance sheet commitments are subject to specific reporting at each annual and interim closing. They are presented according to the activity to which they relate, in the corresponding notes.

(in € millions)	31/12/2023	31/12/2022
Other commitments given	Other commitments given 31/12/2023 1,681	Other commitments given 31/12/2022 1,477
Other commitments received	Other commitments received 31/12/2023 1,002	Other commitments received 31/12/2022 781

These amounts include various tax and social security-related guarantees as well as personal sureties provided as performance guarantees relating to work done by concession companies, described in Note F.15.1, “Contractual investment and renewal obligations”.