The allocation of the purchase price resulted in €630 million of goodwill being recognised provisionally at 31 December 2024.
| (in € millions) | Edinburgh airport |
|---|---|
| Other intangible assets | Other intangible assets Edinburgh airport 3,467 |
| Property, plant and equipment | Property, plant and equipment Edinburgh airport 520 |
| Other operating assets/(liabilities) - Operating WCR | Other operating assets/(liabilities) - Operating WCR Edinburgh airport (33) |
| Other current and non-current assets/(liabilities) | Other current and non-current assets/(liabilities) Edinburgh airport 5 |
| Deferred tax assets/(liabilities) | Deferred tax assets/(liabilities) Edinburgh airport (974) |
| Net financial surplus (debt) | Net financial surplus (debt) Edinburgh airport (1,364) |
| of which cash and cash equivalents | of which cash and cash equivalents Edinburgh airport 48 |
| of which financial debt | of which financial debt Edinburgh airport (1,412) |
| Equity - Non-controlling interests | Equity - Non-controlling interests Edinburgh airport (810) |
| Net assets acquired | Net assets acquired Edinburgh airport 810 |
Edinburgh airport
|
|
| Purchase price | Purchase price Edinburgh airport 1,441 |
Edinburgh airport
|
|
| Provisional goodwill | Provisional goodwill Edinburgh airport 630 |
In 2024, Edinburgh airport made a €210 million contribution to VINCI’s revenue and a €25 million contribution to net income attributable to owners of the parent. For the full year, based on the accounting principles followed to date by the acquired company, Edinburgh airport would have contributed €372 million to revenue and €39 million to net income attributable to owners of the parent (unaudited figures).
Acquisition of a 20% stake in Budapest airport
On 6 June 2024, VINCI Airports completed the acquisition of a 20% stake in the company that holds a concession due to expire in 2080 to operate Budapest airport in Hungary for €618 million, of which €194 million corresponded to the assumption by VINCI Airports of a shareholder loan, which was converted to equity in the second half of the year. Through that transaction, VINCI Airports became the airport’s operator. Having served 17.5 million passengers in 2024, Budapest airport is one of the busiest in Central Europe. The concession company is accounted for under the equity method.
VINCI Highways
On 18 April 2024, VINCI Highways completed the acquisition of 100% of NWP HoldCo LLC, which holds the concession, due to expire in 2106, for the Northwest Parkway – a 14 km tolled section of the Denver ring road – for a price of $1.2 billion. This tolled section of the ring road serves major commercial and residential areas as well as tourist attractions in Colorado’s capital, also the largest city in one of the fastest-growing states in the United States.
In accordance with IFRS 3, VINCI measured the identifiable assets and liabilities acquired at fair value, and determined the related deferred tax effects. Values were provisionally allocated to identifiable assets and liabilities on the date of the acquisition. They may be adjusted during the 12 months following that date on the basis of new information obtained relating to the facts and circumstances prevailing on the date of the acquisition.
The allocation of the purchase price resulted in €305 million of goodwill being recognised provisionally at 31 December 2024.
| (in € millions) | Northwest Parkway |
|---|---|
| Concession intangible assets | Concession intangible assets Northwest Parkway 1,266 |
| Property, plant and equipment | Property, plant and equipment Northwest Parkway 4 |
| Other operating assets/(liabilities) - Operating WCR | Other operating assets/(liabilities) - Operating WCR Northwest Parkway 2 |
| Other current and non-current assets/(liabilities) | Other current and non-current assets/(liabilities) Northwest Parkway (8) |
| Deferred tax assets/(liabilities) | Deferred tax assets/(liabilities) Northwest Parkway (136) |
| Net financial surplus (debt) | Net financial surplus (debt) Northwest Parkway (276) |
| of which cash and cash equivalents | of which cash and cash equivalents Northwest Parkway 17 |
| of which financial debt | of which financial debt Northwest Parkway (293) |
| Net assets acquired | Net assets acquired Northwest Parkway 851 |
| Northwest Parkway |
|
| Purchase price | Purchase price Northwest Parkway 1,156 |
| Northwest Parkway |
|
| Provisional goodwill | Provisional goodwill Northwest Parkway 305 |
In 2024, Northwest Parkway made a €24 million contribution to VINCI’s revenue and its contribution to net income was a loss of €4 million. For the full year, based on the accounting principles followed to date by the acquired company, Northwest Parkway would have contributed €32 million to revenue and its contribution to net income would have been a loss of €5 million (unaudited figures).
Other acquisitions
In November 2024, VINCI Concessions acquired a further 8.6% stake in LISEA through the sale of shares by Ardian and Caisse des Dépôts. VINCI Concessions therefore strengthened its position as the largest shareholder of LISEA, the concession company for the South Europe Atlantic high-speed rail line between Tours and Bordeaux, increasing its stake to 42%. Since there has been no change to LISEA’s governance, the stake is still accounted for under the equity method.
