Contract assets
| Changes | |||||
|---|---|---|---|---|---|
| (in € millions) | 31/12/2024 | Business-related changes | Changes in consolidation scope | Other changes (*) | 31/12/2023 |
| VINCI Energies | 3,651 | 183 | 131 | 9 | 3,327 |
| Cobra IS | 1,720 | (68) | 2 | (32) | 1,818 |
| VINCI Construction | 4,837 | 437 | 12 | 29 | 4,360 |
| VINCI Immobilier | 641 | 202 | (7) | 0 | 445 |
| Contract assets | 10,848 | 755 | 138 | 6 | 9,950 |
| of which advances paid | 935 | 192 | (2) | (1) | 745 |
(*) Including currency translation differences.
Contract assets relate to the portion of performance obligations fulfilled by the Group for which the definitive right to be paid is subject to the completion of works specified in the relevant contracts. Contract assets turn into receivables as these works are accepted by the client, giving rise to the Group’s unconditional right to be paid.
Contract liabilities
| Changes | |||||
|---|---|---|---|---|---|
| (in € millions) | 31/12/2024 | Business-related changes | Changes in consolidation scope | Other changes (*) | 31/12/2023 |
| VINCI Energies | 4,910 | 586 | 255 | 5 | 4,064 |
| Cobra IS | 2,067 | 746 | 0 | 5 | 1,316 |
| VINCI Construction | 4,767 | 93 | (3) | 5 | 4,672 |
| VINCI Immobilier | 168 | (166) | (0) | 1 | 333 |
| Contract liabilities | 11,912 | 1,260 | 252 | 15 | 10,385 |
| of which advances received | 4,219 | 353 | 129 | 2 | 3,735 |
(*) Including currency translation differences.
Contract liabilities mainly correspond to advances and payments on account received on orders and other current liabilities, such as prepaid income. The fulfilment of the performance obligations extinguishes these liabilities and results in the recognition of the corresponding revenue.
| (in € billions) | 31/12/2024 | Book-to-bill ratio (number of months of average business activity represented by the order book) |
|---|---|---|
| VINCI Energies |
VINCI Energies 31/12/2024 16.5 |
VINCI Energies Book-to-bill ratio (number of months of average business activity represented by the order book) 9.7 |
| Cobra IS |
Cobra IS 31/12/2024 17.6 |
Cobra IS Book-to-bill ratio (number of months of average business activity represented by the order book) 29.7 |
| VINCI Construction |
VINCI Construction 31/12/2024 35.0 |
VINCI Construction Book-to-bill ratio (number of months of average business activity represented by the order book) 13.2 |
| VINCI Immobilier |
VINCI Immobilier 31/12/2024 0.8 |
VINCI Immobilier Book-to-bill ratio (number of months of average business activity represented by the order book) n/a |
The order book for the VINCI Energies, Cobra IS and VINCI Construction business lines represents the volume of business yet to be carried out on projects where the contract is in force (generally after service orders have been obtained or after conditions precedent have been met) and financed. It amounted to €69.1 billion at 31 December 2024, up 12.5% year on year (€61.4 billion at 31 December 2023), representing almost 14 months of average business activity for these business lines.
VINCI Immobilier’s order book corresponds to the revenue, recognised on a progress towards completion basis, that is yet to be generated with respect to property sales confirmed by a notarised deed or with respect to property development contracts on which the works order has been given by the project owner. It amounted to €0.8 billion at 31 December 2024 (€0.9 billion at 31 December 2023).
In connection with construction and service contracts, the Group makes and receives guarantees (personal sureties or collateral security). The amount of the guarantees mentioned below consists mainly of guarantees on works contracts, issued by financial institutions or insurance companies (guarantees given).
Group companies, meanwhile, benefit from guarantees issued by financial institutions at the request of the joint contractors or subcontractors (guarantees received).
| 31/12/2024 | 31/12/2023 | |||
|---|---|---|---|---|
| (in € millions) | Guarantees given | Guarantees received | Guarantees given | Guarantees received |
| Performance guarantees and performance bonds | 15,200 | 1,595 | 13,308 | 1,305 |
| Retentions | 3,997 | 527 | 3,932 | 525 |
| Deferred payments to subcontractors and suppliers | 1,374 | 916 | 1,519 | 667 |
| Bid bonds | 184 | 0 | 184 | 1 |
| Collateral security | 58 | 4 | 87 | 6 |
| Total | 20,814 | 3,041 | 19,031 | 2,503 |
Whenever events such as late completion or disputes about the execution of a contract make it likely that an execution risk covered by a guarantee will materialise, a provision is taken in respect of that risk.
