The main changes in the period relate directly to the impact of the decrease in interest rates on the valuation of derivatives used as cash flow hedges and of actuarial losses on retirement benefit obligations.
These transactions are described in Note J.27.1.2, “Description of hedging transactions”.
Non-controlling interests amounted to €3,928 million at 31 December 2023 (€3,470 million at 31 December 2022).
At 31 December 2023, the Group owned two subsidiaries in which there were material non-controlling interests. They were London Gatwick airport (49.99% not owned by VINCI) and Mexican airport operator OMA (70.01% not owned by VINCI).
VINCI Airports and Global Infrastructure Partners, acting on behalf of non-controlling shareholders, signed a shareholders’ agreement determining control over London Gatwick airport. That agreement covers matters including the composition of the Board of Directors, the ability to appoint certain key executives, including the Chief Executive Officer (CEO), and a mechanism for approving substantive decisions such as those regarding the business plan and annual budget. In addition, a procedure has been established for resolving any disputes that may arise, which in certain scenarios will allow non-controlling shareholders, after acceptance by VINCI, to sell their shares to VINCI.
The share capital of OMA’s parent company consists of 87.1% ordinary shares and 12.9% “BB” preferred shares. VINCI Airports owns all of the preferred shares and 17.1% of the ordinary shares, giving it a 29.99% stake in OMA’s parent company. The remainder (70.01%) consists of shares listed on regulated markets, mostly on the Mexican Stock Exchange, with the rest listed on Nasdaq in the United States. VINCI Airports has appointed six of the 11 directors on OMA’s Board of Directors. The five directors not appointed by VINCI Airports are independent directors. In accordance with the company’s articles of association, ownership of “BB” preferred shares gives VINCI Airports (i) the ability to appoint certain key members of the company’s management including the Chief Executive Officer and (ii) specific rights regarding the Board of Directors.
Condensed financial information for London Gatwick airport and airport operator OMA is presented below. It was prepared in accordance with IFRSs, adjusted where appropriate for fair value remeasurements at the date of acquisition of control and adjustments to harmonise accounting policies with those of the Group. The amounts at 31 December 2023 are presented before eliminations of intercompany accounts and transactions.
| (in € millions) | London Gatwick airport | OMA (Mexico) |
|---|---|---|
| Revenue | Revenue London Gatwick airport1,166 |
Revenue OMA (Mexico)638 |
|
Net income of which attributable to non-controlling interests |
Net income of which attributable to non-controlling interests London Gatwick airport285 142 |
Net income of which attributable to non-controlling interests OMA (Mexico)231 162 |
| Other comprehensive income | Other comprehensive income London Gatwick airport(52) |
Other comprehensive income OMA (Mexico)131 |
|
Total comprehensive income for the period of which attributable to non-controlling interests |
Total comprehensive income for the period of which attributable to non-controlling interests London Gatwick airport232 116 |
Total comprehensive income for the period of which attributable to non-controlling interests OMA (Mexico)362 254 |
(in € millions) Non-current assets |
London Gatwick airport 9,517 |
OMA (Mexico) 4,036 |
| Current assets | Current assets London Gatwick airport433 |
Current assets OMA (Mexico)278 |
| Non-current liabilities | Non-current liabilities London Gatwick airport(6,174) |
Non-current liabilities OMA (Mexico)(1,449) |
| Current liabilities | Current liabilities London Gatwick airport(933) |
Current liabilities OMA (Mexico)(246) |
|
Net assets of which attributable to non-controlling interests |
Net assets of which attributable to non-controlling interests London Gatwick airport2,843 1,422 |
Net assets of which attributable to non-controlling interests OMA (Mexico)2,620 1,836 |
(in € millions) Net cash flows (used in)/from operating activities |
London Gatwick airport 474 |
OMA (Mexico) 285 |
| Net cash flows (used in)/from investing activities | Net cash flows (used in)/from investing activities London Gatwick airport(166) |
Net cash flows (used in)/from investing activities OMA (Mexico)(171) |
| Net cash flows (used in)/from financing activities | Net cash flows (used in)/from financing activities London Gatwick airport(69) |
Net cash flows (used in)/from financing activities OMA (Mexico)(170) |
| Other changes | Other changes London Gatwick airport2 |
Other changes OMA (Mexico)(1) |
| Change in net cash | Change in net cash London Gatwick airport241 |
Change in net cash OMA (Mexico)(58) |
