Credit ratings
| Standard & Poor's | Moody's | ||||||
|---|---|---|---|---|---|---|---|
| Long term | Perspective | Short term | Latest publication | Long term | Perspective | Short term | Latest publication |
| VINCI | |||||||
| A - | Stable | A - 2 | 28/03/2022 | A3 | Stable | P -2 | 18/05/2022 |
| A - | Stable | A - 2 | 17/04/2020 | A3 | Stable | P -1 | 26/05/2016 |
| A - | Positive | A - 2 | 27/03/2018 | Baa1 | P -2 | 05/06/2002 | |
| A - | Stable | A - 2 | 31/03/2014 | ||||
| BBB + | A - 2 | 05/04/2002 | |||||
| ASF | |||||||
| A - | Stable | A - 2 | 29/06/2022 | A3 | Stable | P -1 | 10/05/2022 |
| A - | Positive | A - 2 | 27/03/2018 | A3 | Stable | P -1 | 26/05/2016 |
| A - | Stable | A - 2 | 31/03/2014 | Baa1 | P -2 | 22/06/2007 | |
| BBB + | A - 2 | 14/12/2005 | |||||
| A + | A - 1 | 01/04/2003 | |||||
| AA - | A - 1+ | 26/02/2002 | |||||
| Cofiroute | |||||||
| A - | Stable | A - 2 | 29/06/2022 | ||||
| A - | Positive | A - 2 | 27/03/2018 | ||||
| A - | Stable | A - 2 | 30/03/2016 | ||||
| BBB + | A - 2 | 01/03/2007 | |||||
| A - | A - 2 | 06/03/2006 | |||||
| A | A - 1 | 26/04/2005 | |||||
| A + | A - 1 | 01/04/2003 | |||||
| AA - | A - 1+ | 16/10/2000 | |||||
| AA | A - 1+ | 12/06/1996 | |||||
Group bond issues
| ISIN code | Type placement | Coupon | Nominal (in Ccy bn) | Currency | Maturity |
|---|---|---|---|---|---|
| Issuer VINCI | |||||
| FR0013222775 | Private | 2.89% | 70 | USD | 2023 |
| FR0013367620 | Private | 1.00% | 750 | EUR | 2025 | FR0013409166 | Public | 2.25% | 400 | GBP | 2027 |
| FR0013369840 | Private | 3.97% | 70 | USD | 2028 |
| FR0014000PF1 | Private | 0.00% | 500 | EUR | 2028 |
| FR0013397452 | Private | 1.63% | 950 | EUR | 2029 |
| FR0013367638 | Private | 1.75% | 1,100 | EUR | 2030 |
| FR0014004FR9 | Public | 0.50% | 750 | EUR | 2032 | US927320AA96 | Private | 3.75% | 1,000 | USD | 2029 |
| FR0013384005 | Private | 2.02% | 120 | EUR | 2034 |
| FR0013409174 | Public | 2.75% | 400 | GBP | 2034 |
| FR0013407521 | Private | Indexation CMS20Y et CMS2Y2.3 | 75 | EUR | 2039 |
| Issuer ASF | |||||
| FR0011394907 | Public | 2.88% | 700 | EUR | 2023 |
| FR0011273440 | Private | CMS10Y2.3 | 50 | EUR | 2023 |
| FR0011694033 | Public | 2.95% | 600 | EUR | 2024 |
| FR0011276906 | Private | 3.58% | 50 | EUR | 2024 |
| FR0011430982 | Private | 3.13% | 100 | EUR | 2025 |
| FR0013251170 | Public | 1.13% | 500 | EUR | 2026 |
| FR0013169885 | Public | 1.00% | 500 | EUR | 2026 |
| FR0013231099 | Public | 1.25% | 1,000 | EUR | 2027 |
| FR0011472034 | Private | 3.07% | 130 | EUR | 2028 |
| FR0013346137 | Public | 1.38% | 700 | EUR | 2028 |
| FR0011637750 | Private | 3.34% | 181 | EUR | 2028 |
| FR0011788868 | Private | Years 1 to 7: 3.10% then years 8 to 15: CMS20Y2,3 | 45 | EUR | 2029 |
| FR0011791623 | Private | Years 1 to 3: 3.50% then years 4 to 15: CMS10Y + 0,90%2,3 | 75 | EUR | 2029 |
| FR0013310455 | Public | 1.38% | 1,000 | EUR | 2030 |
| FR0013404571 | Public | 1.38% | 1,000 | EUR | 2031 |
| Issuer Cofiroute | |||||
| FR0013201126 | Public | 0.38% | 650 | EUR | 2025 |
| FR0013286788 | Public | 1.13% | 750 | EUR | 2027 |
| FR0013201134 | Public | 0.75% | 650 | EUR | 2028 |
1E3M = Euribor 3 Months
2CMS = Constant Maturity Swap
3capped et floored coupon (please refer to relevant Final Terms)
Liquidity
Liquidity at 30 June 2022
€14.0 billion
of which:
available cash: €6.0 bn
confirmed, unused bank facilities: €8.0 bn
Change in net financial debt
| December 2014 | December 2015 | December 2016 | December 2017 | December 2018 | December 2019 | December 2020 | December 2021 | |
|---|---|---|---|---|---|---|---|---|
| Ebitda | 5.6 | 5.7 | 6.0 | 6.5 | 6.9 | 8.5 | 5.9 | 7.9 |
| Net financial debt | 13.3 | 12.4 | 13.9 | 14.0 | 15.6 | 21.7 | 18.0 | 19.3 |
| Net Debt / Equity | 0.9 | 0.9 | 0.9 | 0.8 | 0.8 | 0.9 | 0.8 | 0.8 |
| Net Debt / Ebitda | 2.4 | 2.2 | 2.3 | 2.2 | 2.3 | 2.5 | 3.0 | 2.4 |
Net financial debt at 31 December 2021: €19,266 million
Maturity of gross financial debt
| 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 | >2037 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Groupe ASF | 1 629 | 874 | 889 | 154 | 1 043 | 1 093 | 1 054 | 143 | 1 023 | 1 023 | 139 | 23 | 0 | 0 | 0 | 0 |
| Cofiroute | 55 | 56 | 57 | 707 | 40 | 790 | 682 | 16 | 0 | 950 | 0 | 0 | 0 | 0 | 0 | 0 |
| Arcour | 12 | 14 | 8 | 10 | 12 | 11 | 10 | 11 | 14 | 17 | 19 | 20 | 22 | 23 | 21 | 360 |
| Arcos | 0 | 0 | 2 | 4 | 4 | 5 | 5 | 3 | 3 | 5 | 7 | 9 | 11 | 13 | 14 | 273 |
| VINCI Airports | 156 | 370 | 474 | 102 | 994 | 104 | 113 | 71 | 417 | 58 | 58 | 54 | 450 | 32 | 10 | 2 215 |
| Other concessions | 328 | 39 | 43 | 49 | 44 | 34 | 25 | 23 | 25 | 24 | 24 | 26 | 25 | 25 | 27 | 10 |
| Holdings & misc. | 982 | 270 | 31 | 769 | 7 | 482 | 565 | 1 836 | 1 103 | 2 | 752 | 2 | 597 | 1 | 1 | 80 |
Average maturity of gross financial debt at 30 June 2022: 6.9 years
of which:
Concessions: 7.0 years
Holdings and other divisions: 6.4 years
Average cost of gross financial debt
| 12/2014 | 12/2015 | 12/2016 | 12/2017 | 12/2018 | 12/2019 | 12/2020 | 12/2021 | 06/2022 |
| 3.7% | 3.5% | 3.2% | 2.7% | 2.3% | 2,4% | 2.3% | 2.1% | 2.1% |