The commitments given and received by the Group in connection with concession contracts, construction and service contracts and items connected with unrecognised retirement benefit obligations are shown in the following notes:
VINCI has a share buy-back programme approved in its Shareholders’ General Meeting of 13 April 2023 for a period of 18 months, with a maximum purchase amount of €4 billion at a maximum price of €140 per share. During the year, VINCI acquired 3,822,053 shares on the market at an average price of €103.44 per share, for a total of €395 million.
Treasury shares (see Note I.23.2, “Treasury shares”) are allocated to financing external growth transactions and to covering performance share plans and the employer contributions to international employee share ownership plans. They may also be cancelled. Following the decision taken by the Board of Directors on 20 December 2023, VINCI SA cancelled 8,700,000 shares for €835 million.
VINCI’s employee savings policy aims to make it easier for Group employees to become shareholders. At 31 December 2023, over 40% of the Group’s employees were VINCI shareholders through employee share ownership plans (78.5% of employees in France). Since those funds own 10.24% of VINCI’s share capital, the Group’s current and former employees form its largest group of shareholders.
Neither the Group’s consolidated equity nor the equity of parent company VINCI SA is subject to any external constraints in the form of financial covenants.
At 31 December 2023, the parent company’s share capital was represented by 589,048,647 ordinary shares of €2.50 nominal value each.
| 2023 | 2022 | |
|---|---|---|
| Number of shares at beginning of period | Number of shares at beginning of period2023589,387,330 | Number of shares at beginning of period2022592,362,376 |
| Increase in share capital | Increase in share capital 20238,361,317 |
Increase in share capital 20225,624,954 |
| Cancelled treasury shares | Cancelled treasury shares 2023(8,700,000) |
Cancelled treasury shares 2022(8,600,000) |
| Number of shares at end of period | Number of shares at end of period2023589,048,647 | Number of shares at end of period2022589,387,330 |
| Number of shares issued and fully paid | Number of shares issued and fully paid 2023589,048,647 |
Number of shares issued and fully paid 2022589,387,330 |
| Nominal value of one share (in €) | Nominal value of one share (in €)20232.50 |
Nominal value of one share (in €)20222.50 |
| Treasury shares held directly by VINCI | Treasury shares held directly by VINCI 202318,238,732 |
Treasury shares held directly by VINCI 202225,790,809 |
| of which shares allocated to covering performance share plans and employee share ownership plans | of which shares allocated to covering performance share plans and employee share ownership plans202313,392,373 | of which shares allocated to covering performance share plans and employee share ownership plans202217,048,595 |
The changes in capital during 2023 and 2022 break down as follows:
| Increase (decrease) in share capital (in €) | Share premiums arising on contributions or mergers (in €) | Number of shares representing the share capital | |
| 01/01/2022 | 1,480,905,940 | 12,345,207,777 | 592,362,376 |
| Group savings plans | 14,062,385 | 476,715,186 | 5,624,954 |
| Cancelled treasury shares | (21,500,000) | (8,600,000) | |
| 31/12/2022 | 1,473,468,325 | 12,821,922,963 | 589,387,330 |
| Group savings plans | 20,903,293 | 688,403,371 | 8,361,317 |
| Other changes | (21,750,000) | (8,700,000) | |
| 31/12/2023 | 1,472,621,618 | 13,510,326,334 | 589,048,647 |
Treasury shares held by the Group are booked as a deduction from equity at their cost of acquisition. Any gains or losses connected with the purchase, sale or cancellation of treasury shares are recognised directly in equity without affecting the income statement.
