Receivables connected with investments in subsidiaries and affiliates are mainly comprised of loans granted by VINCI SA to VINCI Autoroutes, VINCI Airports and VINCI Finance International, as well as to two property investment subsidiaries, Hébert-Les Groues and Césaire-Les Groues, as investors and programme managers for the Group’s head office in Nanterre. Their change reflects in particular the repayment of all drawings on the revolving credit facility granted to VINCI Finance International and the partial early repayment of loans granted to VINCI Airports.
Impairment allowances
| (in € millions) | 31/12/2023 | Expense | Reversals | 31/12/2024 |
|---|---|---|---|---|
| Investments in subsidiaries and affiliates |
Investments in subsidiaries and affiliates 31/12/202354 |
Investments in subsidiaries and affiliates Expense 652 |
Investments in subsidiaries and affiliates Reversals (3) |
Investments in subsidiaries and affiliates 31/12/2024703 |
| Receivables connected with investments in subsidiaries and affiliates |
Receivables connected with investments in subsidiaries and affiliates 31/12/20234 |
Receivables connected with investments in subsidiaries and affiliates Expense - |
Receivables connected with investments in subsidiaries and affiliates Reversals - |
Receivables connected with investments in subsidiaries and affiliates 31/12/20244 |
| Other non-current financial assets |
Other non-current financial assets 31/12/20233 |
Other non-current financial assets Expense 0 |
Other non-current financial assets Reversals - |
Other non-current financial assets 31/12/20243 |
| Total |
Total 31/12/202360 |
Total Expense 652 |
Total Reversals (3) |
Total 31/12/2024709 |
The provision expense relating to shares in subsidiaries and affiliates during the period includes a €650 million impairment allowance for VINCI Autoroutes shares held by VINCI (see section A, “Key events in the period”, page 394).
Accounting policies and methods
VINCI shares held in treasury and allocated to performance share plans are recognised under “Marketable securities”. In accordance with CRC Regulation 2014-03, a provision is taken as a financial expense during the period in which the beneficiaries’ rights vest, whenever an expense becomes probable.
Treasury shares not allocated to plans are recorded under “Other non-current financial assets” at their acquisition cost.
An impairment allowance is recognised as a financial expense if the average stock market price of these shares in December is lower than their unit cost.
Shares intended for cancellation are not written down.
Whenever plans are hedged by call options, the premiums paid are recorded under “Marketable securities” when the options hedge performance share plans, or under “Other non-current financial assets” when they hedge share subscription option plans.
In both cases, a provision is recognised whenever an expense becomes probable. Income and expense relating to treasury shares (provisions and gains or losses on disposal) are recognised under “Net financial income/(expense)”.
Transactions under the 2023/2024 and 2024/2025 share buy-back programmes
Gross values
| 31/12/2023 | Increases: buy-backs | Decreases: cancellations and transfers | Reclassifications: transfers between accounts | 31/12/2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Unit value in € | Value in €m | Unit value in € | Value in €m | Unit value in € | Value in €m | Unit value in € | Value in €m | Unit value in € | Value in €m | |
| Shares bought back to use in payment or exchange | 43.97 | 206 | - | - | - | - | - | - | 43.97 | 206 |
| Shares bought back to be cancelled | 103.23 | 17 | 108.81 | 1,448 | 108.29 | (1,495) | 89.32 | 29 | - | - |
| Subtotal non-current financial assets | - | 223 | - | 1,448 | - | (1,495) | - | 29 | - | 206 |
| Shares intended to be transferred to the beneficiaries of performance share and employee share ownership plans | 89.32 | 1,196 | 99.63 | 457 | 89.85 | (264) | 89.32 | (29) | 89.32 | 1,360 |
| Subtotal current assets | - | 1,196 | - | 457 | - | (264) | - | (29) | - | 1,360 |
| Total cash transactions on VINCI shares | 77.82 | 1,419 | 1,906 | (1,759) | - | 80.74 | 1,566 | |||
During 2024:
Impairment allowances
A €0.5 million impairment allowance for treasury shares was recognised at 31 December 2024, based on the average stock market price of VINCI shares in December 2024, i.e. €99.45.
