VINCI has an €8 billion confirmed syndicated revolving credit facility. After two extensions of one year each, the maturity of the credit facility was extended until November 2025 for most of the amount (€7.7 billion). The facility does not contain any default clause relating to non compliance with financial ratios and was unused at 31 December 2023. That facility was amended and extended in January 2024, with its amount reduced to €6.5 billion (see Note N.34, “Other post balance sheet events”).
Until July 2023, VINCI also had a second €2.5 billion credit facility, with two six-month extension options, which was not renewed.
Some Group entities also have revolving credit facilities, including the company that owns London Gatwick airport, Vía Sumapaz and certain Cobra IS subsidiaries.
VINCI SA has a €5 billion commercial paper programme rated A2 by Standard & Poor’s and P2 by Moody’s. At 31 December 2023, €460 million had been issued under that programme.
Cobra IS previously had a €200 million commercial paper programme, which was not renewed in November 2023.
VINCI has implemented a system to manage and monitor the financial risks to which it is exposed, principally interest rate risk.
In accordance with the rules laid down by the Group’s Finance Department, the responsibility for identifying, measuring and hedging financial risks lies with the operational entity in question. In addition, derivative financial instruments are generally managed by the Group Finance Department on behalf of the subsidiaries in question.
Treasury committees, in which the Group’s Finance Department and the concerned companies participate, analyse the main exposures regularly and decide on management strategies for the entities that have the most material exposure to financial risks (VINCI SA, ASF, Cofiroute, VINCI Finance International).
In order to manage its exposure to market risks, the Group uses derivative financial instruments.
