2021 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements

Net income attributable to owners of the parent, by business line
      2021/2020 change    
(in € millions) (in € millions)

 

2021		 (in € millions)

 

2020		 (in € millions)2021/2020 changeValue (in € millions)

 

%		 (in € millions)

 

2019
Concessions

Concessions

 

1,379

Concessions

 

740

Concessions

2021/2020 change

639

Concessions

 

+86.4%

Concessions

 

2,255
VINCI Autoroutes

VINCI Autoroutes

 

1,907

VINCI Autoroutes

 

1,242

VINCI Autoroutes

2021/2020 change

665

VINCI Autoroutes

 

+53.5%

VINCI Autoroutes

 

1,705
VINCI Airports

VINCI Airports

 

(485)

VINCI Airports

 

(523)

VINCI Airports

2021/2020 change

38

VINCI Airports

 

+7.2%

VINCI Airports

 

577
Other concessions

Other concessions

 

(43)

Other concessions

 

20

Other concessions

2021/2020 change

(64)

Other concessions

 

-

Other concessions

 

(27)
VINCI Energies

VINCI Energies

 

553

VINCI Energies

 

378

VINCI Energies

2021/2020 change

174

VINCI Energies

 

+46.1%

VINCI Energies

 

409
VINCI Construction

VINCI Construction

 

571

VINCI Construction

 

90

VINCI Construction

2021/2020 change

481

VINCI Construction

 

+533.5%

VINCI Construction

 

384
VINCI Immobilier

VINCI Immobilier

 

87

VINCI Immobilier

 

22

VINCI Immobilier

2021/2020 change

65

VINCI Immobilier

 

292.6%

VINCI Immobilier

 

65
Holding companies

Holding companies

 

7

Holding companies

 

11

Holding companies

2021/2020 change

(4)

Holding companies

 

-

Holding companies

 

148

 

Net income attributable to owners of the parent

 

2,597

 

1,242		 2021/2020 change1,355

 

+109.1%

 

3,260
Non-recurring impact of deferred tax in the United Kingdom

Non-recurring impact of deferred tax in the

United Kingdom

 

(200)

Non-recurring impact of deferred tax in the

United Kingdom

 

(50)

Non-recurring impact of deferred tax in the

United Kingdom2021/2020 change

(150)

Non-recurring impact of deferred tax in the

United Kingdom

 

-

Non-recurring impact of deferred tax in the

United Kingdom

 

-
Net income attributable to owners of the parent adjusted for the non-recurring impact of deferred tax in the United Kingdom

Net income attributable to owners of the parent adjusted for the non-recurring impact of deferred tax in the United Kingdom

 

2,797

Net income attributable to owners of the parent adjusted for the non-recurring impact of deferred tax in the United Kingdom

 

1,292

Net income attributable to owners of the parent adjusted for the non-recurring impact of deferred tax in the United Kingdom

2021/2020 change

1,505

Net income attributable to owners of the parent adjusted for the non-recurring impact of deferred tax in the United Kingdom

 

+116.5%

Net income attributable to owners of the parent adjusted for the non-recurring impact of deferred tax in the United Kingdom

 

3,260

The cost of net financial debt was €658 million in 2021 (€589 million in 2020). The change was mainly due to the increase in the outstanding debt owed by London Gatwick airport, along with mark-to-market valuations of derivative instruments arranged before it was acquired.

As regards the rest of the scope, despite a negative interest rate environment in the eurozone, refinancing transactions carried out in 2020 and 2021 on better terms than those of the debts repaid helped reduce the cost of financial debt. In 2021, the average interest rate on long-term gross financial debt was 2.1%, compared with 2.3% in 2020.

Other financial income and expense resulted in net income of €40 million compared with a net expense of €47 million in 2020, and included:

  • ● a €56 million positive impact from the change in fair value of equity instruments (€1 million in 2020), mainly regarding the revaluation of the stake in Groupe ADP;
  • ● the cost of discounting retirement benefit obligations and provisions for the obligation to maintain the condition of concession intangible assets, in an amount of €30 million (€30 million in 2020);
  • ● a €48 million gain relating to capitalised borrowing costs on current concession investments, slightly more than in 2020 (€40 million);
  • ● lease expenses amounting to €43 million (€42 million in 2020);
  • ● a foreign exchange gain totalling €10 million, compared with a loss of €15 million in 2020.

The 2021 tax expense amounted to €1,625 million. It includes a negative impact of €388 million from the UK government’s decision to increase the corporate income tax rate (from 19% to 25% in 2023), which in particular led to a reassessment of deferred tax liabilities arising from the valuation difference on the company that owns London Gatwick airport. This reassessment had no cash impact. Excluding that effect, the Group’s tax expense would be €1.2 billion and its effective tax rate would be 31.5%. Relative to 2020, the sharp increase in the Group’s pre-tax income was partly offset by the lower tax rate in France.

Losses attributable to non-controlling interests totalled €402 million (€226 million in 2020). This figure includes €403 million of losses relating to London Gatwick airport, including €192 million relating to the reassessment of deferred tax liabilities.