| (in € millions) | 31/12/2023 | 31/12/2022 |
|---|---|---|
| Sureties and guarantees | Sureties and guarantees 31/12/20231,269 |
Sureties and guarantees 31/12/20221 160 |
| Retirement benefit obligations | Retirement benefit obligations 31/12/202330 |
Retirement benefit obligations 31/12/202230 |
| Share buy-back commitments | Share buy-back commitments 31/12/2023592 |
Share buy-back commitments 31/12/2022- |
| Commitments given | Commitments given31/12/20231,891 | Commitments given31/12/20221,190 |
| Sureties and guarantees | Sureties and guarantees 31/12/2023520 |
Sureties and guarantees 31/12/2022520 |
| Commitments received | Commitments received31/12/2023520 | Commitments received31/12/2022520 |
The line item “Sureties and guarantees” relates mainly to the guarantees given on behalf of subsidiaries, by VINCI SA in favour of financial institutions or directly to their customers. The guarantees received relate to the assessment of seller’s guarantees received by VINCI SA as part of the Cobra IS acquisition.
Retirement benefit obligations comprise lump sums payable on retirement to VINCI SA personnel and supplementary retirement benefits in favour of certain Group employees or company officers in service. Retirement benefit obligations are calculated on the basis of the actuarial assumptions mentioned in Note 5, “Provisions”.
As part of its share buy back programme, VINCI SA signed a share purchase agreement with an investment services provider on 21 December 2023. Under that agreement, which runs from 22 December 2023 until 27 March 2024 at the latest, the provider is to purchase up to €600 million of VINCI shares on VINCI SA’s behalf. The price paid for those shares could not exceed the limit set at VINCI’s Combined Shareholders’ General Meeting of 13 April 2023.
Remuneration of executives
Remuneration, including social benefit charges, recognised in respect of members of Group corporate management bodies, for the share borne by VINCI in 2023, breaks down as follows:
| (in € millions) | Members of the Executive Committee | Directors who are not members of the Executive Committee |
|---|---|---|
| Remuneration | Remuneration Members of the Executive Committee11 |
Remuneration Directors who are not members of the Executive Committee- |
| Remuneration as Board members | Remuneration as Board members Members of the Executive Committee- |
Remuneration as Board members Directors who are not members of the Executive Committee1 |
Retirement benefit obligations towards members of corporate governing bodies, corresponding to rights vested as at 31 December 2023, break down as follows:
| (in € millions) | Members of the Executive Committee | Directors who are not members of the Executive Committee |
|---|---|---|
| Retirement benefit obligations | Retirement benefit obligations Members of the Executive Committee25 |
Retirement benefit obligations Directors who are not members of the Executive Committee- |
The members of the corporate governing bodies also benefit from performance share plans.
Average numbers employed
The average number of people employed by the Company was 341 (including 279 engineers and managers) in 2023, as opposed to 329 (including 275 engineers and managers) in 2022. In addition, 24 employees on average were seconded to VINCI SA by other Group entities as opposed to 23 in 2022.
Appropriation of 2023 income
The Board of Directors finalised the financial statements for the year ended 31 December 2023 on 7 February 2024. These financial statements will only become definitive when approved at the Shareholders’ General Meeting to be held on 9 April 2024. A resolution will be put to shareholders in that meeting for the payment of a dividend of €4.50 per share in respect of 2023. Taking account of the interim dividend already paid in November 2023 (€1.05 per share), this means that the final dividend will be €3.45 per share, representing a total of around €1,970 million.
Funding
On 8 January 2024, VINCI carried out a €150 million tap issue of bonds originally issued through a private placement in December 2023 and due to mature in January 2026.
Renegotiation of the syndicated credit facility
In January 2024, VINCI SA renegotiated its syndicated revolving credit facility. Its amount was reduced from €8.0 billion to €6.5 billion due to the increase in the Group’s available cash in recent years. Its expiry was extended until January 2029, with two options to extend it further at the Company’s discretion.
