2013-vinci-annual-report

21.2.2 Net cash managed
Net cash managed, which includes in particular cash management financial assets and commercial paper issued, breaks down as follows:
(in € millions) Concessions Contracting
31/12/2013
Holding
companies and
VINCI Immobilier
Cash equivalents 282 429 2,759 3,469
Marketable securities and mutual funds (UCITS) 147 77 313 537
Negotiable debt securities with an original maturity of less than 3 months (*) 134 352 2,446 2,932
Cash 137 1,453 546 2,136
Bank overdrafts (3) (469) (181) (653)
Net cash and cash equivalents 416 1,413 3,123 4,952
Cash management financial assets 57 76 6 140
Marketable securities and mutual funds (UCITS) (**) – 1 5 6
Negotiable debt securities and bonds with an original maturity of less than 3 months 7 67 – 74
Negotiable debt securities with an original maturity of more than 3 months 51 9 1 60
Commercial paper issued – – (969) (969)
Other current financial liabilities (4) (5) (0) (10)
Balance of cash management current accounts (942) 3,038 (2,101) (5)
Net cash managed (473) 4,522 59 4,108
(*) Including term deposits, interest earning accounts and certificates of deposit.
(**) Short-term investments in UCITS units that do not meet the criteria to be designated as cash equivalents as defined by IAS 7.
Total
31/12/2012
(in € millions) Concessions Contracting
Holding
companies and
VINCI Immobilier
Total
Cash equivalents 281 609 3,572 4,463
Marketable securities and mutual funds (UCITS) 166 137 1,688 1,991
Negotiable debt securities with an original maturity of less than 3 months (*) 115 472 1,885 2,472
Cash 110 1,429 335 1,874
Bank overdrafts (7) (517) (67) (591)
Net cash and cash equivalents 384 1,522 3,840 5,746
Cash management financial assets 47 62 6 115
Marketable securities and mutual funds (UCITS) (**) 11 3 5 18
Negotiable debt securities and bonds with an original maturity of less than 3 months 2 53 – 55
Negotiable debt securities with an original maturity of more than 3 months 34 7 1 41
Commercial paper issued – – (850) (850)
Other current financial liabilities (3) (8) (0) (11)
Balance of cash management current accounts 208 3,131 (3,356) (17)
Net cash managed 636 4,707 (360) 4,983
(*) Including term deposits, interest earning accounts and certificates of deposit.
(**) Short-term investments in UCITS units that do not meet the criteria to be designated as cash equivalents as defined by IAS 7.
The investment vehicles used by the Group are money market UCITS, interest earning accounts, term deposits and negotiable debt securities
(certificates of deposit generally with a maturity of less than three months). They are measured and recognised at their fair value.
Net cash is managed with limited risk to capital. The performance and the risks associated with these investments of net cash are monitored
regularly, through a report detailing the yield of the various assets on the basis of their fair value and analysing the associated level of risk.
At 31 December 2013, the net cash of VINCI holding company level amounted to €2.5 billion. This amount arises mainly from the cash
surpluses transferred upwards from French subsidiaries through a cash pooling system. VINCI Finance International, a wholly owned subsidiary
of VINCI that centralises the cash surpluses of certain foreign subsidiaries, held cash investments of €0.5 billion at 31 December 2013.
This centralisation enables the management of financial resources to be optimised at Group level and the risks relating to the counterparties
and investment vehicles used to be better managed.
CONSOLIDATED FINANCIAL STATEMENTS 261
Other subsidiaries’ cash investments are managed in a decentralised manner while complying with the guidelines and instructions issued
by VINCI, which define in particular the investment vehicles and the counterparties authorised. The investments amounted to €2 billion at
31 December 2013, including €0.5 billion for the Concessions business and €1.5 billion for the Contracting business.