Net cash managed breaks down as follows:
| 31/12/2024 | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | Concessions | VINCI Energies | Cobra IS | VINCI Construction | Holding companies and VINCI Immobilier | Total |
| Cash equivalents | 1,053 | 56 | 1,239 | 466 | 3,493 | 6,307 |
| Marketable securities and mutual funds (UCITS) | - | - | - | 3 | 646 | 649 |
| Negotiable debt securities with an original maturity of less than 3 months(*) | 1,053 | 56 | 1,239 | 463 | 2,848 | 5,658 |
| Cash | 985 | 686 | 1,422 | 2,289 | 3,510 | 8,892 |
| Bank overdrafts | (0) | (33) | - | (690) | (179) | (902) |
| Net cash and cash equivalents | 2,037 | 709 | 2,661 | 2,065 | 6,825 | 14,297 |
| Cash management financial assets | 101 | 187 | 255 | 44 | 8 | 595 |
| Negotiable debt securities and bonds with an original maturity of less than 3 months | - | 169 | 165 | - | 8 | 343 |
| Negotiable debt securities and bonds with an original maturity of more than 3 months | 101 | 17 | 90 | 44 | - | 252 |
| Commercial paper issued | - | - | - | - | (514) | (514) |
| Other current financial liabilities | (192) | (6) | (1,004) | (35) | (236) | (1,473) |
| Balance of cash management current accounts | 2,271 | 1,507 | - | 3,202 | (6,804) | 176 |
| Net cash managed | 4,218 | 2,396 | 1,912 | 5,277 | (721) | 13,081 |
| 31/12/2023 | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | Concessions | VINCI Energies | Cobra IS | VINCI | Holding companies and VINCI Immobilier | Total |
| Cash equivalents | 343 | 42 | 1,030 | 370 | 5,042 | 6,827 |
| Marketable securities and mutual funds (UCITS) | - | - | - | - | 1,852 | 1,852 |
| Negotiable debt securities with an original maturity of less than 3 months(*) | 343 | 42 | 1,030 | 370 | 3,190 | 4,975 |
| Cash | 1,406 | 576 | 975 | 2,540 | 3,303 | 8,800 |
| Bank overdrafts | (2) | (145) | - | (745) | (35) | (927) |
| Net cash and cash equivalents | 1,747 | 473 | 2,006 | 2,165 | 8,311 | 14,701 |
| Cash management financial assets | 57 | 119 | 157 | 21 | 11 | 365 |
| Negotiable debt securities and bonds with an original maturity of less than 3 months | - | 95 | 120 | - | 11 | 227 |
| Negotiable debt securities and bonds with an original maturity of more than 3 months | 57 | 23 | 37 | 21 | - | 138 |
| Commercial paper issued | - | - | - | - | (460) | (460) |
| Other current financial liabilities | (127) | (21) | (766) | (32) | (592)(**) | (1,537) |
| Balance of cash management current accounts | 4,192 | 1,461 | - | 3,055 | (8,605) | 103 |
| Net cash managed | 5,869 | 2,032 | 1,397 | 5,209 | (1,335) | 13,172 |
The investment vehicles used by the Group are money market UCITS, interest earning accounts, term deposits and negotiable debt securities (certificates of deposit generally with a maturity of less than three months). They are measured and recognised at their fair value. Cash is managed with limited risk to capital. The performance and the risks associated with these cash investments are monitored regularly through a report detailing the yield of the various assets and analysing the associated level of risk.
At 31 December 2024, net cash managed by VINCI SA amounted to €3.3 billion, arising mainly from the cash surpluses transferred upwards from French subsidiaries through a cash pooling system. VINCI Finance International, a wholly owned subsidiary of VINCI that centralises the cash surpluses of foreign subsidiaries, managed investments and cash of €2.7 billion at 31 December 2024. This centralisation enables the management of financial resources to be optimised at Group level and the risks relating to the counterparties and investment vehicles used to be better managed.
Other subsidiaries whose cash is not centralised must comply with the guidelines and instructions issued by VINCI, which define the investment vehicles and the counterparties authorised. The investments amounted to around €7.0 billion at 31 December 2024, comprising €1.9 billion for Concessions, €0.9 billion for VINCI Energies, €1.9 billion for Cobra IS and €2.1 billion for VINCI Construction.
Revolving credit facilities
In January 2024, VINCI entered into an agreement to amend its revolving credit facility, reducing its amount from €8 billion to €6.5 billion. Its expiry was extended until January 2029, with two options to extend it further by one year each. The facility does not contain any default clause relating to non-compliance with financial ratios and was unused at 31 December 2024.
On 9 January 2025, the amount of the facility was renewed in full upon the exercise of its first extension option and the facility is now due to expire on 9 January 2030 (see Note N.34, “Other post-balance sheet events”).
