At 31 December 2023, net financial debt, as defined by the Group, stood at €16.1 billion, down €2.4 billion compared with 31 December 2022. It breaks down as follows by accounting category:
| ,,,non-inclus | non-inclus | non-inclus | 31/12/2023 | 31/12/2022 | ||||
|---|---|---|---|---|---|---|---|---|
| Accounting category | (in € millions) | Note | Non-current | Current(*) | Total | Non-current | Current(*) | Total |
| Financial liabilities at amortised cost | Bonds | 25.1 | (22,048) | (1,373) | (23,421) | (20,425) | (1,258) | (21,683) |
| Other bank loans and other financial debt | 25.1 | (3,785) | (583) | (4,367) | (3,205) | (1,003) | (4,208) | |
| Long-term financial debt(**) | 25.1 | (25,832) | (1,956) | (27,788) | (23,629) | (2,262) | (25,891) | |
| Commercial paper | 26.2 | - | (460) | (460) | - | (1,947) | (1,947) | |
| Other current financial liabilities | 26.1 | - | (1,537) | (1,537) | - | (977) | (977) | |
| Bank overdrafts | 26.1 | - | (927) | (927) | - | (1,083) | (1,083) | |
| Financial current accounts - liabilities | 26.1 | - | (76) | (76) | - | (99) | (99) | |
| I - Gross financial debt | (25,832) | (4,956) | (30,789) | (23,629) | (6,368) | (29,997) | ||
| of which impact of fair value hedges | 1,047 | - | 1,048 | 1,804 | - | 1,804 | ||
| of which effect of recognising London Gatwick’s debt at fair value in VINCI’s consolidated financial statements | (354) | - | (355) | (382) | - | (382) | ||
| Financial assets at amortised cost | Collateralised loans and financial receivables | 5 | - | 5 | 5 | 12 | 16 | |
| Financial current accounts - assets | 26.1 | - | 180 | 180 | - | 252 | 252 | |
| Financial assets measured at fair value through profit or loss | Cash management financial assets | 26.1 | - | 365 | 365 | - | 503 | 503 |
| Cash equivalents | 26.1 | - | 6,827 | 6,827 | - | 4,227 | 4,227 | |
| Cash | 26.1 | - | 8,800 | 8,800 | - | 8,351 | 8,351 | |
| II - Financial assets | 5 | 16,172 | 16,177 | 5 | 13,345 | 13,349 | ||
| Dérivés | Derivative financial instruments - liabilities | 27 | (1,257) | (476) | (1,733) | (1,939) | (440) | (2,379) |
| Derivative financial instruments - assets | 27 | 125 | 94 | 218 | 376 | 115 | 491 | |
| III - Derivative financial instruments | (1,132) | (383) | (1,515) | (1,563) | (325) | (1,888) | ||
| non-inclus | Net financial debt (I + II + III) | (26,960) | 10,833 | (16,126) | (25,188) | 6,651 | (18,536) | |
| Of which: | ||||||||
| Concessions | (32,321) | 3,587 | (28,734) | (33,931) | 2,196 | (31,735) | ||
| VINCI Energies | (1,703) | 1,999 | 296 | (1,820) | 1,691 | (129) | ||
| Cobra IS | (986) | 1,389 | 403 | (664) | 1,067 | 404 | ||
| VINCI Construction | (1,005) | 5,165 | 4,160 | (1,212) | 4,672 | 3,460 | ||
| Holdings et VINCI immobilier | 9,055 | (1,306) | 7,749 | 12,439 | (2,974) | 9,464 | ||
(*) The current part includes accrued interest not matured.
(**) Including the part at less than one year.
| non-inclus | “Non-cash” changes | non-inclus | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in € millions) | 31/12/2022 | Cash flows | Ref. | Changes in consolidation scope | Exchange rate effect | Changes in fair value | Other changes | “Non-cash” total | Ref. | 31/12/2023 |
| Bonds (non-current) | (20,425) | (1,644) | (3) | 22 | (83) | (757) | 840 | 21 | (4) | (22,048) |
| Other loans and borrowings (non-current) | (3,205) | (889) | (3) | (34) | (68) | - | 412 | 309 | (4) | (3,785) |
| Current borrowings | (6,368) | 3,541 | (291) | (59) | 0 | (1,779) | (2,130) | (4,956) | ||
| of which the part at less than one year of long-term debts | (1,969) | 1,736 | (3) | (171) | (38) | 0 | (1,189) | (1,399) | (4) | (1,631) |
| of which current financial debts at inception | (3,016) | 1,642 | (2) | (112) | (19) | - | (542) | (673) | (4) | (2,047) |
| of which accrued interest on bank debts | (299) | - | (4) | (1) | (4) | - | (47) | (51) | (4) | (351) |
| of which bank overdrafts | (1,083) | 163 | (1) | (7) | 1 | - | (0) | (6) | (1) | (927) |
| Collateralised loans and receivables | 16 | (9) | (4) | 24 | (1) | - | (25) | (2) | (4) | 5 |
| Cash management financial assets | 755 | (234) | 43 | 4 | - | (23) | 24 | 545 | ||
| of which cash management financial assets (excluding accrued interest) | 755 | (234) | (2) | 43 | 4 | - | (24) | 23 | (4) | 544 |
| of which accrued interest on cash management assets | - | - | (4) | - | (0) | - | 1 | 1 | (4) | 1 |
| Cash and cash equivalents | 12,578 | 2,826 | (1) | 148 | (4) | 1 | 78 | 223 | (1) | 15,627 |
| Derivative financial instruments | (1,888) | (27) | - | 5 | 448 | (52) | 401 | (1,515) | ||
| of which fair value of derivatives | (1,941) | (27) | (3) | - | 5 | 448 | - | 453 | (4) | (1,516) |
| of which accrued interest on derivatives | 53 | - | (4) | - | 0 | - | (52) | (52) | (4) | 1 |
| Net financial debt | (18,536) | 3,564 | (5) | (90) | (206) | (308) | (550) | (1,154) | (5) | (16,126) |
Cash flows for the period (inflow of €3.6 billion) include record free cash flow generation of €6.6 billion; the impact of acquisitions, carried out mainly by VINCI Energies and VINCI Highways, for a total amount of €0.6 billion; dividend distributions of €2.5 billion; and capital increases net of share buy-backs during the period (positive impact of €0.3 billion).
Changes in fair value (decrease of €308 million) reflect the impact of lower interest rates on cash flow hedges. The negative exchange rate effect of €206 million arises for the most part from the revaluation of long-term foreign currency debts. Other changes mainly relate to the recognition of debt arising from the share buy-back programe signed on 22 December 2023 (decrease of €592 million).
