VINCI’s Board of Directors defines the conditions for subscribing to Group savings plans in accordance with the authorisations given to it by shareholders at the Shareholders’ General Meeting.
In France, VINCI issues new shares reserved for employees three times a year at a subscription price that includes a 5% discount against the average stock market price in the period preceding the Board of Directors meeting that set the subscription price. Subscribers also benefit from an employer contribution in an annual gross amount not to exceed €3,500 per person. The subscription period for each capital increase is 3.5 months. The shares subscribed with the employer contribution are subject to a five-year lock-up period, except in cases of early redemption permitted by the plan in force. The benefits granted in this way to employees are measured, from the perspective of a market participant, at their fair value. The expense is measured and recognised on the last day of the subscription period.
| non-inclus | 2023 | ||
|---|---|---|---|
| Group savings plan – France | First four-month period of 2023 | Second four-month period | Third four-month period of 2023 of 2023 |
| Subscription price (in €) | 80.08 | 98.11 | 102.83 |
| Share price at date of Board of Directors’ meeting (in €) | 86.65 | 104.32 | 108.24 |
| Number of shares subscribed | 3,891 | 294 | 276 |
| Number of shares issued (subscriptions plus employer contribution) | 5,911 | 471 | 529 |
In 2023, in accordance with authorisations given to the Board of Directors by shareholders at the Shareholders’ General Meeting, VINCI initiated new savings plans for the employees of certain foreign subsidiaries (Castor International savings plans). The plans currently cover 46 countries, representing 94% of Group revenue and 88% of the Group’s workforce outside France.
The main characteristics of these plans are as follows:
| Castor International plans (excluding the UK) | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| Subscription price (in €) |
Subscription price (in €)2023109.73 |
Subscription price (in €)202291.71 |
Subscription price (in €)202191.72 |
Subscription price (in €)202073.41 |
| Closing share price on the last day of the subscription period (in €) |
Closing share price on the last day of the subscription period (in €)2023107.58 |
Closing share price on the last day of the subscription period (in €)202290.14 |
Closing share price on the last day of the subscription period (in €)202193.45 |
Closing share price on the last day of the subscription period (in €)202090.32 |
| Anticipated dividend pay-out rate |
Anticipated dividend pay-out rate 20234.01% |
Anticipated dividend pay-out rate 20224.06% |
Anticipated dividend pay-out rate 20212.97% |
Anticipated dividend pay-out rate 20202.51% |
| Fair value of bonus shares on the last day of the subscription period (in €) |
Fair value of bonus shares on the last day of the subscription period (in €)202395.37 |
Fair value of bonus shares on the last day of the subscription period (in €)202279.81 |
Fair value of bonus shares on the last day of the subscription period (in €)202185.47 |
Fair value of bonus shares on the last day of the subscription period (in €)202083.78 |
The expense recognised in 2023 for all Group employee savings plans amounted to €174 million.
The Group’s transactions with related parties mainly concern:
The remuneration of the Group’s company officers is determined by the Board of Directors following proposals from the Remuneration Committee.
