2024 Universal Registration Document

General and financial elements

10. Investments in companies accounted for under the equity method: associates and joint ventures

Accounting policies

Investments in companies accounted for under the equity method are initially recognised at the cost of acquisition, including acquisition costs and any goodwill. Their carrying amount is then increased or decreased to recognise the Group’s share of the entity’s profits or losses after the date of acquisition. Whenever the cumulative losses are greater than the value of the Group’s net investment in the equity-accounted company, the portion of those losses exceeding the value of the investment is not taken to income unless the Group has entered into a commitment to recapitalise the company or provide it with funding.

If there is an indication that an impairment loss has arisen for an equity-accounted investment, the recoverable amount is tested in a way similar to that described in Note E.9.2, “Goodwill impairment tests”. Impairment losses shown by impairment tests are recognised in profit and loss and as a deduction from the carrying amount of the corresponding investments.

The profit or loss of companies accounted for under the equity method is reported on a specific line for the determination of recurring operating income. The terms “associates” and “joint ventures” are defined in Note A.2.2, “Consolidation methods”.

10.1 Movements during the period
  2024 2023
(in € millions) Associates Joint ventures Total Associates Joint ventures Total
Value of shares at beginning of period  554 713 1,267 493 521 1,014
of which Concessions 71 482 553 78 319 397
of which VINCI Energies 15 2 18 10 5 15
of which Cobra IS 54 23 77 10 15 26
of which VINCI Construction 373 96 469 393 92 486
of which VINCI Immobilier and holding companies 41 109 149 2 90 91
Increase/(decrease) in share capital of companies accounted for under the equity method 191 0 191 17 5 22
Group share of profit or loss for the period 74 145 219 27 83 111
Group share of other comprehensive income for the period (20) 11 (9) (4) (45) (49)
Dividends paid (30) (87) (117) (18) (91) (110)
Changes in consolidation scope and other  491 138 630 2 145 147
Reclassifications(*) 2 (77) (75) 37 94 131
Value of shares at end of period 1,262 843 2,105 554 713 1,267
of which Concessions 753 554 1,307 71 482 553
of which VINCI Energies 16 1 17 15 2 18
of which Cobra IS 53 25 78 54 23 77
of which VINCI Construction 401 96 497 373 96 469
of which VINCI Immobilier and holding companies 39 166 205 41 109 149

At 31 December 2024, the Group’s interests in companies accounted for under the equity method mainly included VINCI Airports’ interests in the company holding the concession for Budapest airport (€632 million), acquired in the first half of 2024, and in Kansai Airports (€213 million), VINCI Construction’s stake in DEME (€305 million) and VINCI Highways’ interest in Entrevias (€161 million).

Impacts included under “Group share of other comprehensive income for the period” relate mainly to cash flow hedging transactions (interest rate hedges) on concession and public-private partnership projects.