Provisions reported under liabilities
| Reversals | |||||
|---|---|---|---|---|---|
| (in € millions) | 31/12/2023 | Expense | Provisions used | No longer needed | 31/12/2024 |
| Retirement and other employee benefit obligations | 23 | 1 | (2) | - | 22 |
| Liabilities in respect of subsidiaries | 3 | 6 | - | (0) | 9 |
| Other provisions | 597 | 296 | (320) | - | 574 |
| Total | 624 | 303 | (322) | (0) | 605 |
Provisions for retirement and similar benefit obligations relate solely to beneficiaries who have retired. Provisions for retirement and similar benefit obligations are not recognised for active beneficiaries, but are recorded in off-balance sheet commitments.
Retirement benefit obligations are calculated on the basis of the following actuarial assumptions:
| 31/12/2024 | 31/12/2023 | |
|---|---|---|
| Discount rate |
Discount rate 31/12/2024 3.30% |
Discount rate 31/12/2023 3.20% |
| Inflation rate |
Inflation rate 31/12/2024 2.0% |
Inflation rate 31/12/2023 2.0% |
| Rate of pension increases |
Rate of pension increases 31/12/2024 2.0% |
Rate of pension increases 31/12/2023 2.0% |
| Rate of salary increases |
Rate of salary increases 31/12/2024 3.0% |
Rate of salary increases 31/12/2023 3.0% |
Other provisions relate in particular to:
Accounting policies and methods
Marketable securities are recognised at their acquisition cost and an impairment loss is recorded at the period end whenever the cost is higher than the latest net realisable value.
Loans (bonds, bank and intercompany borrowings) are recorded under liabilities at their nominal value. The associated issuance costs are recorded under “Deferred expenses”, redemption premiums under assets, and issuance premiums received under “Deferred income”. These three items are amortised using the straight-line method over the length of the loan.
Loans and advances are recognised at nominal value. In the event of a risk of non-recovery, an impairment allowance is recognised.
| (in € millions) | 2024 | 2023 |
|---|---|---|
| Bonds |
Bonds 2024 (9,101) |
Bonds 2023 (7,763) |
| Borrowings from financial institutions |
Borrowings from financial institutions 2024 (61) |
Borrowings from financial institutions 2023 (33) |
| Accrued interest on bonds |
Accrued interest on bonds 2024 (81) |
Accrued interest on bonds 2023 (64) |
| Long-term financial debt |
Long-term financial debt 2024 (9,243) |
Long-term financial debt 2023 (7,859) |
| Other borrowings and financial debt |
Other borrowings and financial debt 2024 (514) |
Other borrowings and financial debt 2023 (460) |
| Cash management current accounts of related companies |
Cash management current accounts of related companies 2024 (3,553) |
Cash management current accounts of related companies 2023 (5,563) |
| Short-term financial debt |
Short-term financial debt 2024 (4,068) |
Short-term financial debt 2023 (6,023) |
| Total financial debt |
Total financial debt 2024 (13,311) |
Total financial debt 2023 (13,883) |
| Receivables connected to investments in subsidiaries and affiliates and loans |
Receivables connected to investments in subsidiaries and affiliates and loans 2024 9,834 |
Receivables connected to investments in subsidiaries and affiliates and loans 2023 10,813 |
| Marketable securities and financial instruments |
Marketable securities and financial instruments 2024 681 |
Marketable securities and financial instruments 2023 1,860 |
| Cash management current accounts of related companies |
Cash management current accounts of related companies 2024 613 |
Cash management current accounts of related companies 2023 637 |
| Cash |
Cash 2024 3,370 |
Cash 2023 4,575 |
| Short-term cash |
Short-term cash 2024 4,664 |
Short-term cash 2023 7,072 |
| Net financial surplus (debt) |
Net financial surplus (debt) 2024 1,187 |
Net financial surplus (debt) 2023 4,003 |
VINCI’s net financial surplus decreased by €2,816 million in 2024, from €4,003 million at 31 December 2023 to €1,187 million at 31 December 2024 (see the cash flow statement, page 393).
The change in long-term financial debt resulted from financing arranged in 2024 (see section A, “Key events in the period”, page 394).
