VINCI’s borrowings mainly consist of bond issues denominated in euros (€7,105 million), US dollars ($1,070 million) and sterling (£800 million). Those bonds pay coupons at rates of between 0% and 3.97%, and they are due to mature between February 2025 and November 2034.
Euro-denominated bond issues include €500 million of zero-coupon green bonds issued in 2020 and due to mature in 2028. That bond issue enabled the Group to diversify its funding sources by accessing a new set of bond investors focused on ESG criteria.
VINCI had €509 million of commercial paper outstanding at 31 December 2024, as opposed to €460 million at 31 December 2023.
Financial debt and receivables connected to investments in subsidiaries and affiliates include any related currency translation differences.
The cash management current accounts of related companies, shown under assets and liabilities, represent movements of cash between the holding company and subsidiaries that borrow or lend cash as part of the Group’s centralised cash management system.
Marketable securities mainly comprise certificates of deposit and money market UCITS with maturities of usually less than three months, whose carrying amount is close to their net asset value.
Accounting policies and methods
Forward financial instruments and derivative financial instruments are measured at the period end. A provision is recognised in the income statement for any unrealised losses where the instruments are not designated as hedges (isolated open positions). Changes in value are taken to the balance sheet with a balancing entry in suspense accounts.
VINCI SA uses derivatives to hedge its exposure to market risks in respect of its financial debt and to cover its subsidiaries’ hedging needs.
At 31 December 2024, the market value of these financial instruments broke down as follows:
| (in € millions) | Market value | Notional |
|---|---|---|
| Interest rate instruments | ||
| - Interest rate swaps |
- Interest rate swaps Market value (404) |
- Interest rate swaps Notional 18,153 |
| - Cross currency swaps |
- Cross currency swaps Market value (2) |
- Cross currency swaps Notional 221 |
| - Interest rate options (caps, collars and floors) |
- Interest rate options (caps, collars and floors) Market value (3) |
- Interest rate options (caps, collars and floors) Notional 1,450 |
| Currency instruments | ||
| - Forward purchases |
- Forward purchases Market value 8 |
- Forward purchases Notional 408 |
| - Forward sales |
- Forward sales Market value (8) |
- Forward sales Notional (359) |
| - Cross currency swaps |
- Cross currency swaps Market value (17) |
- Cross currency swaps Notional 1,668 |
| Other hedging instruments | ||
| - Inflation swaps |
- Inflation swaps Market value - |
- Inflation swaps Notional 385 |
Accounting policies and methods
Trade receivables are measured at their nominal value. An impairment allowance is recognised if there is a possibility of non-recovery of these receivables.
Receivables and payables denominated in foreign currency are measured at the closing rate. Any gains or losses arising on this translation are recorded in the balance sheet as translation differences. Provisions are taken in respect of any unrealised losses unless specific rules are laid down in the accounting regulations.
Receivables at 31 December 2024
| Gross | Of which | ||
|---|---|---|---|
| (in € millions) | Within 1 year | After 1 year | |
| Receivables connected with investments in subsidiaries and affiliates | 9,877 | 7,042 | 2,835 |
| Non-current assets | 9,877 | 7,042 | 2,835 |
| Trade receivables and related accounts | 527 | 527 | - |
| Other receivables | 190 | 190 | - |
| Cash management current accounts of related companies | 614 | 614 | - |
| Prepaid expenses | 64 | 64 | - |
| Current assets | 1,394 | 1,394 | - |
| Total | 11,271 | 8,436 | 2,835 |
Payables at 31 December 2024
| Gross | Of which | |||
|---|---|---|---|---|
| (in € millions) | Within 1 year | Between 1 and 5 years | After 5 years | |
| Bonds | 9,181 | 1,331 | 4,412 | 3,437 |
| Amounts owed to financial institutions | 61 | 61 | - | - |
| Borrowings and financial debt | 514 | 514 | - | - |
| Cash management current accounts of related companies | 3,553 | 3,553 | - | - |
| Financial debt | 13,309 | 5,459 | 4,412 | 3,437 |
| Trade payables and related accounts | 53 | 53 | - | - |
| Tax, employment and social benefit liabilities | 64 | 64 | - | - |
| Liabilities related to non-current assets and related accounts | 2 | 2 | - | - |
| Other payables | 470 | 200 | 270 | - |
| Deferred income | 106 | 106 | - | - |
| Other payables | 695 | 425 | 270 | - |
| Total | 14,004 | 5,884 | 4,682 | 3,437 |
Accrued expenses recorded under liabilities
| (in € millions) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Financial debt |
Financial debt31/12/2024
|
Financial debt 31/12/2023
|
| Accrued interest on bonds |
Accrued interest on bonds 31/12/202481 |
Accrued interest on bonds 31/12/2023 64 |
| Accrued interest on amounts owed to financial institutions |
Accrued interest on amounts owed to financial institutions 31/12/20245 |
Accrued interest on amounts owed to financial institutions 31/12/2023 - |
| Other payables |
Other payables31/12/2024
|
Other payables 31/12/2023
|
| Trade payables and related accounts |
Trade payables and related accounts 31/12/202445 |
Trade payables and related accounts 31/12/2023 64 |
| Other tax, employment and social benefit liabilities |
Other tax, employment and social benefit liabilities 31/12/202422 |
Other tax, employment and social benefit liabilities 31/12/2023 22 |
| Liabilities related to non-current assets and related accounts |
Liabilities related to non-current assets and related accounts 31/12/20240 |
Liabilities related to non-current assets and related accounts 31/12/2023 0 |
| Other payables |
Other payables 31/12/20244 |
Other payables 31/12/2023 3 |
Accrued income recorded under assets
| (in € millions) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| Financial assets |
Financial assets31/12/2024
|
Financial assets31/12/2023
|
| Receivables connected with investments in subsidiaries and affiliates |
Receivables connected with investments in subsidiaries and affiliates 31/12/202416 |
Receivables connected with investments in subsidiaries and affiliates 31/12/202323 |
| Receivables |
Receivables31/12/2024
|
Receivables31/12/2023
|
| Trade receivables and related accounts |
Trade receivables and related accounts 31/12/2024503 |
Trade receivables and related accounts 31/12/2023471 |
| Other |
Other 31/12/202414 |
Other 31/12/20239 |
| Cash |
Cash 31/12/202453 |
Cash 31/12/202349 |
| (in € millions) | 31/12/2023 | Increases | Amortisation | 31/12/2024 |
|---|---|---|---|---|
| Debt issuance costs |
Debt issuance costs 31/12/2023 14 |
Debt issuance costs Increases 11 |
Debt issuance costs Amortisation (5) |
Debt issuance costs 31/12/202419 |
| Redemption premium |
Redemption premium 31/12/2023 34 |
Redemption premium Increases 27 |
Redemption premium Amortisation (5) |
Redemption premium 31/12/202456 |
| Deferred expenses |
Deferred expenses 31/12/2023 48 |
Deferred expenses Increases 38 |
Deferred expenses Amortisation (11) |
Deferred expenses31/12/202475 |
The €38 million increase in deferred expenses was due to issuance costs and redemption premiums in respect of new financing arranged during the year (see section A, “Key events in the period”, page 394).
