2021 UNIVERSAL REGISTRATION DOCUMENT

Consolidated cash flow statement

(in € millions)	Notes	2021	2020
Consolidated net income for the period (including non-controlling interests)	Consolidated net income for the period (including non-controlling interests) Notes	Consolidated net income for the period (including non-controlling interests)20212,195	Consolidated net income for the period (including non-controlling interests) 2020 1,015
Depreciation and amortisation	Depreciation and amortisation Notes 4.3	Depreciation and amortisation 2021 3,219	Depreciation and amortisation 2020 3,171
Net increase/(decrease) in provisions and impairment	Net increase/(decrease) in provisions and impairment Notes	Net increase/(decrease) in provisions and impairment 2021 206	Net increase/(decrease) in provisions and impairment 2020 218
Share-based payments (IFRS 2) and other restatements	Share-based payments (IFRS 2) and other restatements Notes	Share-based payments (IFRS 2) and other restatements 2021 84	Share-based payments (IFRS 2) and other restatements 2020 89
Gain or loss on disposals	Gain or loss on disposals Notes	Gain or loss on disposals 2021 (27)	Gain or loss on disposals 2020 (147)
Change in fair value of financial instruments	Change in fair value of financial instruments Notes	Change in fair value of financial instruments 2021 (54)	Change in fair value of financial instruments 2020 33
Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies	Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies Notes	Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies 2021 (18)	Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies 2020 142
Cost of net financial debt recognised	Cost of net financial debt recognised Notes 5	Cost of net financial debt recognised 2021 658	Cost of net financial debt recognised 2020 589
Capitalised borrowing costs	Capitalised borrowing costs Notes	Capitalised borrowing costs 2021 (47)	Capitalised borrowing costs 2020 (40)
Financial expense on leases	Financial expense on leases Notes 6	Financial expense on leases 2021 43	Financial expense on leases 2020 42
Current and deferred tax expense recognised	Current and deferred tax expense recognised Notes 7.1	Current and deferred tax expense recognised 2021 1,625	Current and deferred tax expense recognised 2020 807
Cash flow from operations before tax and financing costs	Cash flow from operations before tax and financing costs Notes C.1	Cash flow from operations before tax and financing costs20217,884	Cash flow from operations before tax and financing costs 2020 5,919
Changes in operating working capital requirement and current provisions	Changes in operating working capital requirement and current provisions Notes 19.1	Changes in operating working capital requirement and current provisions 2021 1,579	Changes in operating working capital requirement and current provisions 2020 2,330
Income taxes paid	Income taxes paid Notes	Income taxes paid 2021 (1,213)	Income taxes paid 2020 (1,054)
Net interest paid	Net interest paid Notes	Net interest paid 2021 (557)	Net interest paid 2020 (590)
Dividends received from companies accounted for under the equity method	Dividends received from companies accounted for under the equity method Notes	Dividends received from companies accounted for under the equity method 2021 112	Dividends received from companies accounted for under the equity method 2020 71
Net cash flows (used in)/from operating activities	Net cash flows (used in)/from operating activities Notes I	Net cash flows (used in)/from operating activities20217,806	Net cash flows (used in)/from operating activities 2020 6,675
Purchases of property, plant and equipment and intangible assets	Purchases of property, plant and equipment and intangible assets Notes	Purchases of property, plant and equipment and intangible assets2021(1,214)	Purchases of property, plant and equipment and intangible assets 2020 (1,117)
Proceeds from sales of property, plant and equipment and intangible assets	Proceeds from sales of property, plant and equipment and intangible assets Notes	Proceeds from sales of property, plant and equipment and intangible assets2021 137	Proceeds from sales of property, plant and equipment and intangible assets 2020 124
Operating investments (net of disposals)	Operating investments (net of disposals) Notes C.1.1	Operating investments (net of disposals)2021 (1,077)	Operating investments (net of disposals) 2020 (994)
Investments in concession fixed assets (net of grants received)	Investments in concession fixed assets (net of grants received) Notes	Investments in concession fixed assets (net of grants received)2021(849)	Investments in concession fixed assets (net of grants received) 2020 (1,043)
Financial receivables (PPP contracts and others)	Financial receivables (PPP contracts and others) Notes	Financial receivables (PPP contracts and others)2021 33	Financial receivables (PPP contracts and others) 2020 (42)
Growth investments in concessions and PPPs	Growth investments in concessions and PPPs Notes C.1.1	Growth investments in concessions and PPPs2021 (815)	Growth investments in concessions and PPPs 2020 (1,085)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)	Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) Notes	Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)2021(5,258) ^(*)	Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2020 (302)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)	Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) Notes	Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)2021 9	Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2020 25
Cash and cash equivalents of acquired companies	Cash and cash equivalents of acquired companies Notes	Cash and cash equivalents of acquired companies20211,322 ^(*)	Cash and cash equivalents of acquired companies 2020 35
Net financial investments	Net financial investments Notes	Net financial investments 2021(3,927) ^(*)	Net financial investments 2020 (242)
Other	Other Notes	Other 2021 (82)	Other 2020 (85)
Net cash flows (used in)/from investing activities	Net cash flows (used in)/from investing activities Notes II	Net cash flows (used in)/from investing activities2021(5,902)	Net cash flows (used in)/from investing activities 2020 (2,406)
Share capital increases and decreases and repurchases of other equity instruments	Share capital increases and decreases and repurchases of other equity instruments Notes	Share capital increases and decreases and repurchases of other equity instruments 2021 739	Share capital increases and decreases and repurchases of other equity instruments 2020 669
Transactions on treasury shares	Transactions on treasury shares Notes 23.2	Transactions on treasury shares 2021 (602)	Transactions on treasury shares 2020 (336)
Non-controlling interests in share capital increases and decreases of subsidiaries	Non-controlling interests in share capital increases and decreases of subsidiaries Notes	Non-controlling interests in share capital increases and decreases of subsidiaries 2021 -	Non-controlling interests in share capital increases and decreases of subsidiaries 2020 (1)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)	Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) Notes	Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) 2021 (19)	Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) 2020 (20)
Dividends paid	Dividends paid Notes 24	Dividends paid 2021 (1,558)	Dividends paid 2020 (721) (**)
- to shareholders of VINCI SA	- to shareholders of VINCI SA Notes	- to shareholders of VINCI SA 2021(1,528)	- to shareholders of VINCI SA 2020 (694)
- to non-controlling interests	- to non-controlling interests Notes 23.5	- to non-controlling interests 2021(30)	- to non-controlling interests 2020 (27)
Proceeds from new long-term borrowings	Proceeds from new long-term borrowings Notes 25.1	Proceeds from new long-term borrowings 2021 1,791	Proceeds from new long-term borrowings 2020 2,349
Repayments of long-term borrowings	Repayments of long-term borrowings Notes 25.1	Repayments of long-term borrowings 2021 (2,195)	Repayments of long-term borrowings 2020 (2,136)
Repayments of lease liabilities and financial expense on leases	Repayments of lease liabilities and financial expense on leases Notes	Repayments of lease liabilities and financial expense on leases 2021 (631)	Repayments of lease liabilities and financial expense on leases 2020 (607)
Change in cash management assets and other current financial debts	Change in cash management assets and other current financial debts Notes 25	Change in cash management assets and other current financial debts 2021 (785)	Change in cash management assets and other current financial debts 2020 760
Net cash flows (used in)/from financing activities	Net cash flows (used in)/from financing activities Notes III	Net cash flows (used in)/from financing activities2021(3,259)	Net cash flows (used in)/from financing activities 2020 (42)
Other changes	Other changes Notes IV	Other changes 2021 117	Other changes 2020 (147)
Change in net cash	Change in net cash Notes I+II+III+IV	Change in net cash 2021(1,238)	Change in net cash 2020 4,080
Net cash and cash equivalents at beginning of period	Net cash and cash equivalents at beginning of period Notes	Net cash and cash equivalents at beginning of period202111,426	Net cash and cash equivalents at beginning of period 2020 7,346
Net cash and cash equivalents at end of period	Net cash and cash equivalents at end of period Notes 26.1	Net cash and cash equivalents at end of period202110,188	Net cash and cash equivalents at end of period 2020 11,426

(*) Including the acquisition of ACS’s energy business (Cobra IS). See Note B.1, “Changes in consolidation scope during the period”.

(**) Including dividends paid in shares for €422 million.

Change in net financial debt during the period

(in € millions)	Notes	2021	2020
Net financial debt at beginning of period	Net financial debt at beginning of period Notes	Net financial debt at beginning of period2021(17,989)	Net financial debt at beginning of period 2020 (21,654)
Change in net cash ^(*)	Change in net cash ^(*) Notes	Change in net cash ^(*)2021 (1,238)	Change in net cash ^(*) 2020 4,080
Change in cash management assets and other current financial debts	Change in cash management assets and other current financial debts Notes	Change in cash management assets and other current financial debts 2021 785	Change in cash management assets and other current financial debts 2020 (760)
(Proceeds from)/repayment of loans	(Proceeds from)/repayment of loans Notes	(Proceeds from)/repayment of loans 2021 404	(Proceeds from)/repayment of loans 2020 (213)
Other changes	Other changes Notes	Other changes 2021 (1,228)	Other changes 2020 558
of which (debts)/surpluses transferred during business combinations ^(*)	of which (debts)/surpluses transferred during business combinations ^(*) Notes	of which (debts)/surpluses transferred during business combinations ^(*)2021(634)	of which (debts)/surpluses transferred during business combinations ^() 2020 (43)*
Change in net financial debt	Change in net financial debt Notes	Change in net financial debt2021(1,276)	Change in net financial debt 2020 3,665
Net financial debt at end of period	Net financial debt at end of period Notes 25	Net financial debt at end of period2021(19,266)	Net financial debt at end of period 2020 (17,989)

(*) Including the acquisition of ACS’s energy business (Cobra IS). See Note B.1, “Changes in consolidation scope during the period”.