2023 UNIVERSAL REGISTRATION DOCUMENT

3. Treasury shares

Impairment allowances

(in € millions) 31/12/2022 Expense Reversals 31/12/2023
Investments in subsidiaries and affiliates 40 14 (0) 54
Receivables connected with investments in subsidiaries and affiliates 4 - - 4
Other non-current financial assets 3 - - 3
Total 47 14 (0) 60

3. Treasury shares

Accounting policies and methods

 

VINCI shares held in treasury and allocated to performance share plans are recognised under “Marketable securities”.

In accordance with CRC Regulation 2014-03, a provision is taken as a financial expense during the period in which the beneficiaries’ rights vest, whenever an expense becomes probable.

 

Treasury shares not allocated to plans are recorded under “Other non-current financial assets” at their acquisition cost. An impairment allowance is recognised as a financial expense if the average stock market price of these shares in December is lower than their unit cost.

Shares intended for cancellation are not written down.

Whenever plans are hedged by call options, the premiums paid are recorded under “Marketable securities” when the options hedge performance share plans, or under “Other non-current financial assets” when they hedge share subscription option plans. In both cases, a provision is recognised whenever an expense becomes probable. Income and expense relating to treasury shares (provisions and gains or losses on disposal) are recognised under “Net financial income/(expense)”.

Opérations réalisées dans le cadre des programmes de rachat d’actions 2022/2023 et 2023/2024

Valeurs brutes

  31/12/2022 Increases:
buy-backs 		Decreases:
cancellations and
transfers 		Reclassifications:
transfers between
accounts 		31/12/2023
  Unit
value
in € 		Value
in €m 		Unit
value
in € 		Value
in €m 		Unit
value
in € 		Value
in €m 		Unit
value
in € 		Value
in €m 		Unit
value
in € 		Value
in €m
Shares bought back to use
in payment or exchange		 43.97 206 - - - - - - 43.97 206
Shares bought back to be cancelled 91.32 371 103,44 395 95,93 (835) 87.04 85 103.23 17
Subtotal non-current financial assets   577   (835)   395   85 - 223
Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans 88.63 1 511 - - 85.72 (229) 87.05 (85) 89.32 1,196
Subtotal current assets   1 511       (229)   (85) - 1,196
Total cash transactions on VINCI shares 80.95 2 088   395   (1,064)   - 77.82 1,419

 

During 2023:

  • VINCI acquired 3,822,053 shares on the market at an average price of €103.44 per share, for a total of €395 million.
  • 2,674,130 treasury shares were transferred to employee members of employee share ownership plans, notably in respect of the 2020 Castor International plan and the performance share plan adopted by the Board of Directors on 9 April 2020. These share transfers generated an expense of €229 million, covered by a reversal for the same amount of provisions previously taken in this respect.
  • 8,700,000 shares held in treasury, equal to around 1.5% of the share capital, were cancelled on 20 December 2023.

Impairment allowances

No impairment allowance was recognised at 31 December 2023.

Number of shares

  31/12/2022 Increases:
buy-backs 		Decreases:
disposals and
transfers 		31/12/2023
Shares bought back to use in payment or exchange

Shares bought back to use in payment or exchange

31/12/2022

4,677,876

Shares bought back to use in payment or exchange

Increases:
buy-backs

-

Shares bought back to use in payment or exchange

Decreases:
disposals and
transfers

-

Shares bought back to use in payment or exchange

31/12/2023

4,677,876
Shares bought back to be cancelled

Shares bought back to be cancelled

31/12/2022

4,064,338

Shares bought back to be cancelled

Increases:
buy-backs

3,822,053

Shares bought back to be cancelled

Decreases:
disposals and
transfers

(7,717,908)

Shares bought back to be cancelled

31/12/2023

168,483
Subtotal non-current financial assets Subtotal non-current financial assets31/12/20228,742,214 Subtotal non-current financial assetsIncreases:
buy-backs3,822,053 		Subtotal non-current financial assetsDecreases:
disposals and
transfers(7,717,908) 		Subtotal non-current financial assets31/12/20234,846,359
Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans

Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans

31/12/2022

17,048,595

Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans

Increases:
buy-backs

-

Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans

Decreases:
disposals and
transfers

(3,656,222)

Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans

31/12/2023

13,392,373
Subtotal current assets Subtotal current assets31/12/202217,048,595 Subtotal current assetsIncreases:
buy-backs- 		Subtotal current assetsDecreases:
disposals and
transfers(3,656,222) 		Subtotal current assets31/12/202313,392,373
Total cash transactions on VINCI shares Total cash transactions on VINCI shares31/12/202225,790,809 Total cash transactions on VINCI sharesIncreases:
buy-backs3,822,053 		Total cash transactions on VINCI sharesDecreases:
disposals and
transfers(11,374,130) 		Total cash transactions on VINCI shares31/12/202318,238,732