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 2025, the market value of these financial instruments broke down as follows:
| (in € millions) | Market value | Notional |
|---|---|---|
| Interest rate instruments |
Interest rate instruments Market value
|
Interest rate instruments Notional
|
| - Interest rate swaps |
- Interest rate swaps Market value (319) |
- Interest rate swaps Notional 11,915 |
| - Cross currency swaps |
- Cross currency swaps Market value (0) |
- Cross currency swaps Notional 174 |
| Currency instruments |
Currency instruments Market value
|
Currency instruments Notional
|
| - Cross currency swaps |
- Cross currency swaps Market value (61) |
- Cross currency swaps Notional 1,235 |
| Other hedging instruments |
Other hedging instruments Market value
|
Other hedging instruments Notional
|
| - Inflation swaps |
- Inflation swaps Market value - |
- Inflation swaps Notional 366 |
| - Options (equity call) |
- Options (equity call) Market value 57 |
- Options (equity call) Notional 550 |
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.
| (in € millions) | Gross | Of which | |
|---|---|---|---|
| Within 1 year | After 1 year | ||
| Receivables connected with investments in subsidiaries and affiliates |
8,056 |
224 |
7,831 |
| Other long-term investment securities |
39 |
0 |
39 |
| Other non-current financial assets |
3 |
- |
3 |
| Non-current assets |
8,098 |
224 |
7,874 |
| Trade receivables and related accounts |
592 |
592 |
- |
| Other receivables |
171 |
171 |
- |
| Cash management current accounts of related companies |
640 |
640 |
- |
| Prepaid expenses |
49 |
49 |
- |
| Current assets |
1,451 |
1,451 |
- |
| Total |
9,550 |
1,676 |
7,874 |
| (in € millions) | 31/12/2024 | Expense | Reversals | 31/12/2025 |
|---|---|---|---|---|
| Trade receivables and related accounts |
Trade receivables and related accounts 31/12/2024 1 |
Trade receivables and related accounts Expense - |
Trade receivables and related accounts Reversals - |
Trade receivables and related accounts 31/12/2025 1 |
| Other receivables |
Other receivables 31/12/2024 46 |
Other receivables Expense - |
Other receivables Reversals - |
Other receivables 31/12/2025 46 |
| Cash management current accounts of related companies |
Cash management current accounts of related companies 31/12/2024 1 |
Cash management current accounts of related companies Expense 8 |
Cash management current accounts of related companies Reversals (1) |
Cash management current accounts of related companies 31/12/2025 8 |
| Treasury shares intended to cover plans |
Treasury shares intended to cover plans 31/12/2024 1 |
Treasury shares intended to cover plans Expense - |
Treasury shares intended to cover plans Reversals (1) |
Treasury shares intended to cover plans 31/12/2025 0 |
| Other securities |
Other securities 31/12/2024 1 |
Other securities Expense - |
Other securities Reversals - |
Other securities 31/12/2025 1 |
| Total |
Total 31/12/2024 49 |
Total Expense 8 |
Total Reversals (2) |
Total 31/12/2025 55 |
| Of which financial charges and reversals |
Of which financial charges and reversals 31/12/2024
|
Of which financial charges and reversals Expense 8 |
Of which financial charges and reversals Reversals (2) |
Of which financial charges and reversals 31/12/2025
|
