At 31 December 2024, net financial debt, as defined by the Group, stood at €20.4 billion, up €4.3 billion compared with 31 December 2023. It breaks down as follows by accounting category:
| 31/12/2024 | 31/12/2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| Accounting category | (in € millions) | Note | Non-current | Current(*) | Total | Non-current | Current(*) | Total |
| Financial liabilities at amortised cost |
Bonds | 25.1 | (24,454) | (2,339) | (26,794) | (22,048) | (1,373) | (23,421) |
| Other bank loans and other financial debt | 25.1 | (4,664) | (800) | (5,464) | (3,785) | (583) | (4,367) | |
| Long-term financial debt(**) | 25.1 | (29,118) | (3,140) | (32,258) | (25,832) | (1,956) | (27,788) | |
| Commercial paper | 26.2 | - | (514) | (514) | - | (460) | (460) | |
| Other current financial liabilities | 26.1 | - | (1,473) | (1,473) | - | (1,537) | (1,537) | |
| Bank overdrafts | 26.1 | - | (902) | (902) | - | (927) | (927) | |
| Financial current accounts - liabilities | 26.1 | - | (123) | (123) | - | (76) | (76) | |
| I - Gross financial debt | (29,118) | (6,152) | (35,271) | (25,832) | (4,956) | (30,789) | ||
| of which impact of fair value hedges | 775 | 10 | 785 | 1,047 | 0 | 1,048 | ||
|
of which effect of recognising London Gatwick’s debt at fair value in VINCI’s consolidated financial statements |
(338) | - | (338) | (354) | (0) | (355) | ||
| Financial assets at amortised cost |
Collateralised loans and financial receivables | 7 | - | 7 | 5 | - | 5 | |
| Financial current accounts - assets | 26.1 | - | 299 | 299 | - | 180 | 180 | |
| Financial assets measured at fair value through profit or loss |
Cash management financial assets | 26.1 | - | 595 | 595 | - | 365 | 365 |
| Cash equivalents | 26.1 | - | 6,307 | 6,307 | - | 6,827 | 6,827 | |
| Cash | 26.1 | - | 8,892 | 8,892 | - | 8,800 | 8,800 | |
| II - Financial assets |
7 | 16,094 | 16,101 | 5 | 16,172 | 16,177 | ||
| Derivatives | Derivative financial instruments - liabilities | 27 | (1,014) | (535) | (1,549) | (1,257) | (476) | (1,733) |
| Derivative financial instruments - assets | 27 | 167 | 137 | 304 | 125 | 94 | 218 | |
| III - Derivative financial instruments | (847) | (398) | (1,245) | (1,132) | (383) | (1,515) | ||
| Net financial debt (I+II+III) | (29,958) | 9,543 | (20,415) | (26,960) | 10,833 | (16,126) | ||
| of which: | ||||||||
| Concessions | (33,877) | 2,138 | (31,739) | (32,321) | 3,587 | (28,734) | ||
| VINCI Energies | (1,607) | 2,368 | 761 | (1,703) | 1,999 | 296 | ||
| Cobra IS | (1,259) | 1,806 | 547 | (986) | 1,389 | 403 | ||
| VINCI Construction | (1,103) | 5,220 | 4,116 | (1,005) | 5,165 | 4,160 | ||
| VINCI Immobilier and holding companies | 7,889 | (1,988) | 5,901 | 9,055 | (1,306) | 7,749 | ||
Change in net financial debt
| “Non-cash” changes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (in € millions) | 31/12/2023 | Cash flows |
Ref. | Changes in consolidation scope |
Exchange rate effect |
Changes in fair value |
Other changes |
“Noncash” total |
Ref. | 31/12/2024 |
| Bonds (non-current) | (22,048) | (1,543) | (3) | (1,056) | (272) | (281) | 746 | (864) | (4) | (24,454) |
| Other loans and borrowings (non-current) | (3,785) | (515) | (3) | (768) | 231 | - | 173 | (364) | (4) | (4,664) |
| Current borrowings | (4,956) | (773) | (284) | (3) | 8 | (144) | (423) | (6,152) | ||
| of which the part at less than one year of long-term debts | (1,631) | (63) | (3) | (21) | (121) | 8 | (955) | (1,090) | (4) | (2,784) |
| of which current financial debts at inception | (2,047) | (741) | (2) | (225) | 119 | - | 791 | 684 | (4) | (2,104) |
| of which accrued interest on bank debts | (351) | - | (4) | (34) | 2 | - | 20 | (12) | (4) | (363) |
| of which bank overdrafts | (927) | 30 | (1) | (4) | (2) | - | 0 | (5) | (1) | (902) |
| Collateralised loans and receivables | 5 | 107 | (4) | (2) | (1) | - | (102) | (104) | (4) | 7 |
| Cash management financial assets | 545 | 353 | (47) | 2 | - | 42 | (3) | 895 | ||
| of which cash management financial assets (excluding accrued interest) |
544 | 353 | (2) | (47) | 2 | - | 42 | (3) | (4) | 894 |
| of which accrued interest on cash management assets | 1 | - | (4) | - | 0 | - | 0 | 0 | (4) | 1 |
| Cash and cash equivalents | 15,627 | (684) | (1) | 291 | (24) | 3 | (15) | 255 | (1) | 15,199 |
| Derivative financial instruments | (1,515) | (3) | 59 | (77) | 286 | 5 | 273 | (1,245) | ||
| of which fair value of derivatives | (1,516) | (3) | (3) | 53 | (78) | 286 | - | 261 | (4) | (1,258) |
| of which accrued interest on derivatives | 1 | - | (4) | 7 | 0 | - | 5 | 12 | (4) | 13 |
| Net financial debt | (16,126) | (3,058) | (5) | (1,806) | (144) | 15 | 705 | (1,230) | (5) | (20,415) |
Cash flows for the period (outflow of €3.1 billion) include record free cash flow generation of €6.8 billion; acquisitions carried out mainly by VINCI Airports (Edinburgh, Aerodom and Budapest) and VINCI Highways (Northwest Parkway) for a total amount of €5.0 billion; dividend distributions of €3.5 billion; and capital increases net of share buy-backs during the period (negative impact of €1.2 billion).
Changes in scope (negative impact of €1.8 billion) relate to the assumed net debt of acquired companies, mainly that of Edinburgh airport and Northwest Parkway. The negative exchange rate effect of €144 million arises for the most part from the revaluation of long-term foreign currency debts. Other changes mainly relate to the extinction of debt relating to the share buy-back programme in place at 31 December 2023 (€592 million).
