The table below reconciles changes in net financial debt with the cash flow statement.
Reconciliation of net financial debt with financing flows shown in the cash flow statement
| (in € millions) |
Ref. |
2023 |
| Change in net cash |
Change in net cash Ref.(1)
|
Change in net cash 20233,206
|
| Change in cash management assets and other current financial debts |
Change in cash management assets and other current financial debts Ref.(2)
|
Change in cash management assets and other current financial debts 20231,408
|
| (Proceeds from)/repayment of loans |
(Proceeds from)/repayment of loans Ref.(3)
|
(Proceeds from)/repayment of loans 2023(824)
|
| Changes in consolidation scope and other changes |
Changes in consolidation scope and other changes Ref.(4)
|
Changes in consolidation scope and other changes 2023(1,380)
|
| Change in net financial debt |
Change in net financial debt Ref.(5)
|
Change in net financial debt 20232,410
|
25.1 Detail of long-term financial debt by business line
The breakdown of net long-term financial debt (including the part at less than one year) at 31 December 2023 was as follows:
| non-inclus |
31/12/2023 |
31/12/2022 |
| (in € millions) |
Bonds |
Other bank loans and other financial debt |
Long-term financial debt |
Bonds |
Other bank loans and other financial debt |
Long-term financial debt |
| Concessions |
(16,143) |
(3,268) |
(19,411) |
(15,684) |
(3,384) |
(19,067) |
| VINCI Energies |
- |
(38) |
(38) |
- |
(36) |
(36) |
| Cobra IS |
(10) |
(985) |
(995) |
- |
(706) |
(706) |
| VINCI Construction |
- |
(77) |
(77) |
- |
(82) |
(82) |
| VINCI Immobilier and holding companies |
(7,268) |
- |
(7,268) |
(5,999) |
- |
(5,999) |
| Total |
(23,421) |
(4,367) |
(27,788) |
(21,683) |
(4,208) |
(25,891) |
At 31 December 2023, long-term net financial debt amounted to €27.8 billion, up €1.9 billion compared with the 31 December 2022 figure of €25.9 billion. The change resulted mainly from the following transactions:
- In May 2023, VINCI SA carried out a €500 million private placement of bonds due to mature in February 2025 with a coupon of 3.375%, followed in July and December by two tap issues of 10-year bonds originally issued in October 2022 with a coupon of 3.375%, for €100 million and €75 million respectively, as well as a €300 million private placement in December of floating rate notes due to mature in January 2026. In addition, VINCI SA redeemed $70 million of bonds issued in 2016 with a coupon of 2.885% in December.
- In January 2023, ASF issued €700 million of 10-year bonds with a coupon of 3.25% to fund redemptions during that same month of €700 million of bonds issued in 2013 with a coupon of 2.875%, along with the redemptions of two private placements, for €70 million in January and for €50 million in July, of bonds issued in 2012 as well as the repayment of €55 million of borrowings from the European Investment Bank in the second half of 2023.
- The airport operator OMA carried out two bond issues in March 2023, the first of 640 million Mexican pesos of three-year floating rate bonds and the second of 2.6 billion Mexican pesos of seven-year fixed rate bonds paying a coupon of 10.26%, each with a two-year extension option. These new contracts served to refinance the redemption of a bond debt in the amount of 1.5 billion Mexican pesos in March and the repayment of a bank loan in the amount of 1.2 billion Mexican pesos in June.
- In November 2023, ADL Participations negotiated a new €155 million seven-year contract on the Euribor three-month rate to renew a €149 million floating rate bank loan.
- Also in November, Lima Expresa obtained a new 1.2 billion Peruvian sol 12-month bridging loan, with an interest rate of 9.30%, to refinance the previous loan (1.2 billion sols).
- The transaction to take control of Vía 40 Express (now known as Vía Sumapaz) resulted in the recognition in VINCI’s consolidated financial statements of a 708 billion Colombian peso bridging loan, refinanced in April 2023 by way of three floating rate bank loans on which the company had drawn 681 billion Colombian pesos, with maturities ranging from 2035 to 2041.
- Cobra IS entered into several new financing arrangements, including a €310 million amortising bank loan on the Euribor three-month rate, with tranches maturing in 2025 and 2026.
