2021 UNIVERSAL REGISTRATION DOCUMENT

Net financial surplus (debt)

(in € millions)	31/12/2021	Of which external financial surplus (debt)	Total net financial debt/Ebitda	31/12/2020	Of which external financial surplus (debt)	Total net financial debt/Ebitda	2021/2020 change
Concessions	Concessions 31/12/2021 (32,693)	Concessions Of which external financial surplus (debt) (19,664)	Concessions Total net financial debt/Ebitda 7.0x	Concessions 31/12/2020 (32,718)	Concessions Of which external financial surplus (debt) (20,409)	Concessions Total net financial debt/Ebitda 9.4x	Concessions 2021/2020 change 25
VINCI Autoroutes	VINCI Autoroutes 31/12/2021 (18,008)	VINCI Autoroutes Of which external financial surplus (debt) (13,296)	VINCI Autoroutes Total net financial debt/Ebitda 4.4x	VINCI Autoroutes 31/12/2020 (18,318)	VINCI Autoroutes Of which external financial surplus (debt) (14,484)	VINCI Autoroutes Total net financial debt/Ebitda 5.7x	VINCI Autoroutes 2021/2020 change 310
VINCI Airports	VINCI Airports 31/12/2021 (11,723)	VINCI Airports Of which external financial surplus (debt) (5,860)	VINCI Airports Total net financial debt/Ebitda 30.5x	VINCI Airports 31/12/2020 (11,053)	VINCI Airports Of which external financial surplus (debt) (5,264)	VINCI Airports Total net financial debt/Ebitda 75.8x	VINCI Airports 2021/2020 change (670)
Other concessions	Other concessions 31/12/2021 (2,962)	Other concessions Of which external financial surplus (debt) (508)	Other concessions Total net financial debt/Ebitda	Other concessions 31/12/2020 (3,347)	Other concessions Of which external financial surplus (debt) (661)	Other concessions Total net financial debt/Ebitda	Other concessions 2021/2020 change 385
VINCI Energies	VINCI Energies 31/12/2021 447	VINCI Energies Of which external financial surplus (debt) 538	VINCI Energies Total net financial debt/Ebitda	VINCI Energies 31/12/2020 (256)	VINCI Energies Of which external financial surplus (debt) 405	VINCI Energies Total net financial debt/Ebitda	VINCI Energies 2021/2020 change 702
Cobra IS	Cobra IS 31/12/2021 676	Cobra IS Of which external financial surplus (debt) 676	Cobra IS Total net financial debt/Ebitda	Cobra IS 31/12/2020 -	Cobra IS Of which external financial surplus (debt) -	Cobra IS Total net financial debt/Ebitda	Cobra IS 2021/2020 change 676
VINCI Construction	VINCI Construction 31/12/2021 3,334	VINCI Construction Of which external financial surplus (debt) 1,670	VINCI Construction Total net financial debt/Ebitda	VINCI Construction 31/12/2020 2,211	VINCI Construction Of which external financial surplus (debt) 1,760	VINCI Construction Total net financial debt/Ebitda	VINCI Construction 2021/2020 change 1,123
Holding companies	Holding companies 31/12/2021 8,971	Holding companies Of which external financial surplus (debt) (2,485)	Holding companies Total net financial debt/Ebitda	Holding companies 31/12/2020 12,774	Holding companies Of which external financial surplus (debt) 255	Holding companies Total net financial debt/Ebitda	Holding companies 2021/2020 change (3,803)
Total	Total31/12/2021(19,266)	TotalOf which external financial surplus (debt)(19,266)	TotalTotal net financial debt/Ebitda2.4x	Total 31/12/2020 (17,989)	Total Of which external financial surplus (debt) (17,989)	Total Total net financial debt/Ebitda 3.0x	Total 2021/2020 change (1,276)

1.7 Return on capital

Definitions

Return on equity (ROE) is net income for the current period attributable to owners of the parent, divided by equity excluding non-controlling interests at the previous year end.
Net operating profit after tax (NOPAT) is recurring operating income less theoretical tax based on the effective rate for the period, after adjustment for non-recurring items.
Return on capital employed (ROCE) is net operating income after tax divided by the average capital employed at the opening and closing balance sheet dates for the financial year in question.

Return on equity (ROE)

The Group’s ROE was 12.4% in 2021, compared with 6.0% in 2020.

Adjusted for the non-recurring impact on deferred tax caused by the increase in the corporation tax rate in the United Kingdom, ROE was 13.3% in 2021 (6.3% in 2020).

(in € millions)	2021	2020
Equity excluding non-controlling interests at previous year end	Equity excluding non-controlling interests at previous year end 2021 21,011	Equity excluding non-controlling interests at previous year end 2020 20,586
Net income attributable to owners of the parent	Net income attributable to owners of the parent 2021 2 597	Net income attributable to owners of the parent 2020 1,242
ROE	ROE202112.4%	ROE 2020 6.0%

Return on capital employed (ROCE)

ROCE was 6.7% in 2021, compared with 3.3% in 2020.

(in € millions)	2021	2020
Capital employed at previous year end	Capital employed at previous year end 2021 46,258	Capital employed at previous year end 2020 50,058
Capital employed at this year end ^(*)	Capital employed at this year end ^(*)2021 44,803	Capital employed at this year end ^(*) 2020 46,258
Average capital employed	Average capital employed202145,530	Average capital employed 2020 48,158
Recurring operating income	Recurring operating income 2021 4,464	Recurring operating income 2020 2,511
Theoretical tax ^(**)	Theoretical tax ^(**)2021 (1,399)	Theoretical tax ^(**) 2020 (942)
Net operating income after tax	Net operating income after tax20213,065	Net operating income after tax 2020 1,569
ROCE	ROCE20216.7%	ROCE 2020 3.3%

(*) Excluding capital employed at Cobra IS at 31 December 2021.

(**) Based on the effective rate for the period.

The health crisis had a particularly serious impact on performance at VINCI Airports. Excluding VINCI Airports, ROE and ROCE would have been 16.7% and 11.5% respectively (10.3% and 6.9% in 2020).