2013-vinci-annual-report

VINCI’s net financial debt rose €284 million, from €474 million at 31 December 2012 to €758 million at 31 December 2013.
The increase in long-term financial debt resulted from three bond issues in 2013 totalling €950 million (see section A “Key events in the
period”).
The cash management current accounts of related companies, shown under assets and liabilities, represent the balance of movements of
cash between the subsidiaries and the holding company under 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.
9. Market value of derivatives
298 VINCI 2013 ANNUAL REPORT
VINCI uses derivatives to hedge its exposure to market risks in respect of its financial debt.
VINCI also uses these instruments to cover its subsidiaries’ hedging needs.
At 31 December 2013, the market value of these financial instruments broke down as follows:
(in € millions) Market value Notional
Interest rate instruments
- Interest rate swaps 78 3,454
- Interest rate options (caps, floors and collars) – 500
- Forward rate agreements – 5,900
Currency instruments
- Forward purchases – –
- Currency swaps 1 244
Other hedging instruments – –
10. Receivables and payables
Receivables at 31 December 2013
Gross
Of which
(in € millions) Within 1 year After 1 year
Receivables connected with investments in subsidiaries and affiliates 2,233 21 2,213
Loans and other non-current financial assets 1 – 1
Non-current assets 2,234 21 2,214
Trade receivables and related accounts 120 120
Other receivables 172 172
Cash management current accounts of related companies 1,781 1,781
Deferred expenses 1 1
Current assets 2,074 2,074 –
Total 4,309 2,095 2,214
Allowances against receivables
Allowances against current assets changed as follows during the period:
(in € millions) 31/12/2012 Expense Reversals 31/12/2013
Trade receivables 1 1
Other receivables 69 69
Total 70 – – 70