2013-vinci-annual-report

21. Net financial debt
At 31 December 2013, net financial debt, as defined by the Group, stood at €14.1 billion, up €1.6 billion compared with 31 December 2012.
Net financial debt can be broken down as follows:
Analysis by
accounting
categories
Financial
liabilities at
amortised cost
Loans and
receivables
Financial assets
at fair value
through profit
or loss
Derivatives
31/12/2013 31/12/2012
(in € millions)
Note
Non–
current Ref: Current (*) Ref: Total
Non–
current Current (*) Total
Bonds 21.1 (11,320) (1) (342) (3) (11,663) (9,615) (300) (9,915)
Other bank loans and other financial
debt
21.1 (5,903) (2) (1,002) (3) (6,905) (6,524) (1,520) (8,044)
Finance lease debt 21.1 (54) (2) (32) (3) (87) (70) (41) (111)
Long-term financial debt (**) (17,277) (1,377) (18,655) (16,210) (1,861) (18,071)
Commercial paper 21.2.4 – (969) (3) (969) – (850) (850)
Other current financial liabilities – (10) (3) (10) – (11) (11)
Bank overdrafts 21.2.2 – (653) (3) (653) – (591) (591)
Financial current accounts, liabilities – (51) (3) (51) – (82) (82)
I - Gross financial debt (17,277) (3,060) (20,337) (16,210) (3,394) (19,604)
of which impact of fair value hedges (491) – (491) (740) – (740)
Loans and collateralised financial
receivables
2 (6) – (8) 2 2 5 7
Financial current accounts, assets – 46 (4) 46 – 65 65
Cash management financial assets 21.2.2 – 140 (4) 140 – 115 115
Cash equivalents 21.2.2 – 3,469 (5) 3,469 – 4,463 4,463
Cash 21.2.2 – 2,136 (5) 2,136 – 1,874 1,874
II - Financial assets 2 5,791 5,793 2 6,521 6,523
Derivative financial instruments –
liabilities
22 (275) (2) (186) (3) (461) (344) (246) (590)
Derivative financial instruments –
assets
22 562 (7) 339 (9) 902 756 387 1,144
III - Derivative financial
instruments
287 153 441 412 141 554
Net financial debt (I + II + III) (16,988) 2,885 (14,104) (15,795) 3,269 (12,527)
Net financial debt breaks down by business as
follows:
Concessions (18,394) (1,615) (20,010) (17,080) (978) (18,058)
Contracting (2,300) 4,429 2,129 (2,505) 4,600 2,095
Holding companies and VINCI Immobilier 3,706 71 3,777 3,790 (354) 3,436
(*) The current part includes accrued interest not matured.
(**) Including the part at less than one year.
Reconciliation of net financial debt with balance sheet items:
(in € millions) Ref. 31/12/2013 31/12/2012
Bonds (1) (11,320) (9,615)
Other loans and borrowings (2) (6,232) (6,939)
Current borrowings (3) (3,246) (3,640)
Cash management financial assets (4) 186 179
Cash and cash equivalents (5) 5,605 6,337
Non-current collateralised loans and receivables (6) 2 2
Derivative financial instruments – non-current assets (7) 562 756
Current collateralised loans and receivables (8) – 5
Derivative financial instruments – current assets (9) 339 387
Net financial debt (14,104) (12,527)
CONSOLIDATED FINANCIAL STATEMENTS 257
Derivative financial instruments (assets and liabilities) designated as hedges are reported in the balance sheet, classified by maturity and
according to their accounting category, under other non-current financial assets or liabilities for the part at more than one year, and other
current financial assets or liabilities for the part at less than one year. Derivative financial instruments (assets and liabilities) that are not
designated as hedges for accounting purposes are reported as other current financial assets or liabilities, whatever their maturity dates.