Accounting policies
At the start of the lease period, the liability is measured on the basis of the present value of payments remaining payable to the lessor, i.e.:
The liability may be remeasured in the following situations: adjustment of the lease term; adjustment related to the assessment of whether the exercise of an option is reasonably certain or not; a new estimate of residual value guarantees; revision of rates or indices on which lease payments are based at the time those payments are adjusted.
At 31 December 2024, lease liabilities amounted to €2,587 million, including €1,949 million for the part at more than one year and €639 million for the part at less than one year. They totalled €2,247 million at 31 December 2023. The net change in 2024 breaks down as follows:
Maturity schedule for lease liabilities
| (in € millions) | Current and non-current lease liabilities | Within 1 year | Between 1 and 2 years | Between 2 and 5 years | After 5 years |
|---|---|---|---|---|---|
| Lease liabilities related to property assets | Lease liabilities related to property assets Current and non-current lease liabilities 1,579 |
Lease liabilities related to property assets Within 1 year 317 |
Lease liabilities related to property assets Between 1 and 2 years 451 |
Lease liabilities related to property assets Between 2 and 5 years433 |
Lease liabilities related to property assets After 5 years 379 |
| Lease liabilities related to movable assets | Lease liabilities related to movable assets Current and non-current lease liabilities 1,008 |
Lease liabilities related to movable assets Within 1 year 322 |
Lease liabilities related to movable assets Between 1 and 2 years 306 |
Lease liabilities related to movable assets Between 2 and 5 years195 |
Lease liabilities related to movable assets After 5 years 184 |
| 31/12/2024 | 31/12/2024 Current and non-current lease liabilities 2,587 |
31/12/2024 Within 1 year 639 |
31/12/2024 Between 1 and 2 years 758 |
31/12/2024 Between 2 and 5 years628 |
31/12/2024 After 5 years 563 |
| (in € millions) | 31/12/ 2024 | 31/12/ 2023 |
|---|---|---|
| Purchase and capital expenditure obligations(*) | Purchase and capital expenditure obligations (*)31/12/ 2024 1,850 |
Purchase and capital expenditure obligations (*)31/12/ 2023 2,385 |
| Obligations related to quarrying rights | Obligations related to quarrying rights 31/12/ 2024 114 |
Obligations related to quarrying rights 31/12/ 2023 105 |
Purchase and capital expenditure obligations mainly relate to Cobra IS’s renewable energy projects for €838 million at 31 December 2024 (€1,810 million at 31 December 2023), chiefly in Brazil, Spain and the United States. The reduction in those obligations was due to progress with projects in Spain during 2024.
VINCI Energies, VINCI Concessions and VINCI Immobilier contributed to those obligations to a lesser extent, in an amount of €480 million. Investment obligations at 31 December 2024 also include VINCI Construction’s undertaking to acquire the FM Conway group in the United Kingdom. The acquisition was completed in early 2025.
Obligations related to quarry operations include VINCI Construction’s quarrying rights and quarry leases.
The Group’s off-balance sheet commitments are subject to specific reporting at each annual and interim closing. They are presented according to the activity to which they relate, in the corresponding notes.
| (in € millions) | 31/12/ 2024 | 31/12/ 2023 |
|---|---|---|
| Other commitments given | Other commitments given 31/12/ 2024 1,567 |
Other commitments given 31/12/ 2023 1,681 |
| Other commitments received | Other commitments received 31/12/ 2024 1,139 |
Other commitments received 31/12/ 2023 1,002 |
These amounts include various tax and social security-related guarantees as well as personal sureties provided as performance guarantees relating to work done by concession companies, described in Note F.15.1, “Contractual investment and renewal obligations”.
