The Board of Directors finalised the consolidated financial statements for the year ended 31 December 2024 on 6 February 2025. These financial statements will only become definitive when approved at the Shareholders’ General Meeting to be held on 17 April 2025. A draft resolution will be put to shareholders in that meeting to pay a dividend of €4.75 per share in respect of 2024. Given the payment of the interim dividend of €1.05 per share on 17 October 2024, the final dividend to be distributed would be €3.70 per share. That dividend would be paid on 24 April 2025 (ex-date: 22 April 2025).
Completion of VINCI Construction’s acquisition of FM Conway Limited in the United Kingdom
In late January 2025 VINCI Construction completed the acquisition of FM Conway Limited, which generates annual revenue of almost €700 million. FM Conway is a leading player in the English public works market, with expertise covering roadworks, civil engineering, production of asphalt mixes and binders. By adding FM Conway, VINCI Construction will gain greater exposure to the highly buoyant south-east England market.
Repayment of the debt owed by Lima Expresa to BBVA
On 3 January 2025, the loan contracted by Lima Expresa with BBVA was repaid in an amount of 1,204 million Peruvian soles (€310 million).
Maturity extension for the revolving credit facility
In January 2025, VINCI SA exercised its first option to extend its revolving credit facility, which is now due to expire on 9 January 2030. This €6.5 billion credit facility is unused.
New financing
On 7 January 2025, VINCI carried out a private placement consisting of €300 million of floating rate notes due to mature in January 2027 with a yield to maturity of 2.55% after being swapped to fixed rate.
Intercompany transactions
Reciprocal operations and transactions relating to assets, liabilities, income and expenses between companies that are fully consolidated are eliminated in the consolidated financial statements.
Where a fully consolidated Group entity carries out a transaction with a joint venture or associate that is accounted for under the equity method, income and losses resulting from the transaction are only recognised in the Group’s consolidated financial statements to the extent of the interest owned by third parties in the joint venture or associate.
Translation of the financial statements of foreign companies and establishments
In most cases, the functional currency of companies and establishments is their local currency. The financial statements of foreign companies of which the functional currency is different from that used in preparing the Group’s consolidated financial statements are translated at the closing rate for balance sheet items and at the average rate for the period for income statement items. Any resulting translation differences are recognised under other comprehensive income. Goodwill relating to foreign entities forms part of the assets acquired and is therefore denominated in the company’s functional currency and translated at the exchange rate in force at the balance sheet date.
Foreign currency transactions
Transactions in foreign currency are translated into euros at the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate. Foreign exchange gains and losses are recognised in income.
Foreign exchange gains and losses arising on loans denominated in foreign currency or on exchange rate derivatives qualifying as hedges of net investments in foreign subsidiaries are recorded under currency translation differences in equity.
