2023 UNIVERSAL REGISTRATION DOCUMENT

B. Notes to the balance sheet

1. Intangible assets and property, plant and equipment

Accounting policies and methods

As a general rule, software, recorded under “Concessions, patents and licences”, is amortised over two or three years on a straight line basis.

Property, plant and equipment is recognised at acquisition cost, including all acquisition-related costs. The Company applies Opinion 2004-06, issued by the Conseil National de la Comptabilité (CNC, the French national accounting board), on the definition, recognition and measurement of assets.

Depreciation is calculated on a straight-line basis over an asset’s estimated useful life:

Constructions	10 to 40 years
Other property, plant and equipment	3 to 10 years

Gross values

(in € millions)	31/12/2022	Acquisitions	Disposals	31/12/2023
Concessions, patents and licences	Concessions, patents and licences 31/12/2022 15	Concessions, patents and licences Acquisitions 0	Concessions, patents and licences Disposals 1	Concessions, patents and licences 31/12/2023 14
Total intangible assets	Total intangible assets31/12/202215	Total intangible assetsAcquisitions0	Total intangible assetsDisposals1	Total intangible assets31/12/202314
Land	Land 31/12/2022 2	Land Acquisitions	Land Disposals	Land 31/12/2023 2
Constructions	Constructions 31/12/2022 14	Constructions Acquisitions	Constructions Disposals	Constructions 31/12/2023 14
Other property, plant and equipment and assets under construction	Other property, plant and equipment and assets under construction 31/12/2022 9	Other property, plant and equipment and assets under construction Acquisitions 0	Other property, plant and equipment and assets under construction Disposals 0	Other property, plant and equipment and assets under construction 31/12/2023 8
Total property, plant and equipment	Total property, plant and equipment31/12/202224	Total property, plant and equipmentAcquisitions0	Total property, plant and equipmentDisposals0	Total property, plant and equipment31/12/202324

Depreciation, amortisation and impairment

(in € millions)	31/12/2022	Expense	Reversals	31/12/2023
Concessions, patents and licences	Concessions, patents and licences 31/12/2022 13	Concessions, patents and licences Expense 1	Concessions, patents and licences Reversals 1	Concessions, patents and licences 31/12/2023 12
Total intangible assets	Total intangible assets31/12/202213	Total intangible assetsExpense1	Total intangible assetsReversals1	Total intangible assets31/12/202312
Constructions	Constructions 31/12/2022 7	Constructions Expense 2	Constructions Reversals	Constructions 31/12/2023 9
Other property, plant and equipment	Other property, plant and equipment 31/12/2022 5	Other property, plant and equipment Expense 1	Other property, plant and equipment Reversals 0	Other property, plant and equipment 31/12/2023 6
Total property, plant and equipment	Total property, plant and equipment31/12/202212	Total property, plant and equipmentExpense3	Total property, plant and equipmentReversals0	Total property, plant and equipment31/12/202315

2. Financial assets

Accounting policies and methods

Investments in subsidiaries and affiliates are measured at their cost of acquisition. In accordance with Regulation 2004-06, issued by the Comité de la Réglementation Comptable (CRC, the French accounting regulations committee), on the definition and recognition of assets, VINCI SA includes all associated acquisition expenses in the cost of investments in subsidiaries and affiliates. If this cost is greater than the asset’s value in use, an impairment allowance is taken equal to the difference.

Value in use is determined on the basis of the portion of the equity represented by the investments. This portion is adjusted if necessary to take account of the cash flow prospects and/or market analyses for the companies in question.

Capital gains or losses on disposal of shareholdings are recorded under “Net exceptional income/(expense)”.

Loans and receivables are measured at nominal value. Impairment allowances are taken in respect of all these items if there is a risk of non-recovery.

Gross values

(in € millions)	31/12/2022	Acquisitions / increases	Disposals / decreases	Contributions	31/12/2023
Investments in subsidiaries and affiliates	Investments in subsidiaries and affiliates 31/12/2022 26,351	Investments in subsidiaries and affiliates Acquisitions / increases 1,709	Investments in subsidiaries and affiliates Disposals / decreases (0)	Investments in subsidiaries and affiliates Contributions -	Investments in subsidiaries and affiliates 31/12/2023 28,059
Receivables connected with investments in subsidiaries and affiliates	Receivables connected with investments in subsidiaries and affiliates 31/12/2022 13,473	Receivables connected with investments in subsidiaries and affiliates Acquisitions / increases 1,084	Receivables connected with investments in subsidiaries and affiliates Disposals / decreases (3,740)	Receivables connected with investments in subsidiaries and affiliates Contributions -	Receivables connected with investments in subsidiaries and affiliates 31/12/2023 10,817
Other non-current financial assets	Other non-current financial assets 31/12/2022 3	Other non-current financial assets Acquisitions / increases 0	Other non-current financial assets Disposals / decreases -	Other non-current financial assets Contributions -	Other non-current financial assets 31/12/2023 3
Total	Total31/12/202239,828	TotalAcquisitions / increases2,792	TotalDisposals / decreases(3,740)	TotalContributions-	Total31/12/202338,880

Operating investments mainly relate to the VINCI Concessions capital increase and the remeasurement of the earn-out payable to the ACS group as part of the Cobra IS acquisition (€80 million).

Receivables connected with investments in subsidiaries and affiliates are mainly comprised of loans granted by VINCI SA to VINCI Autoroutes, VINCI Airports and VINCI Finance International, as well as to two property investment subsidiaries, Hébert-Les Groues and Césaire-Les Groues, as investors and programme managers for the Group’s head office in Nanterre. Their change reflects in particular the partial early repayment of the loans granted to VINCI Airports (see section A, “Key events in the period”, page 389) and movements in those granted to VINCI Finance International.