2021 UNIVERSAL REGISTRATION DOCUMENT

A. Key events, accounting policies and specific arrangements

1. Key events

Assessment of financial performance

The Group’s business levels and earnings recovered significantly compared with 2020. However, they remained affected by the Covid-19 pandemic, particularly in airport concessions.

• Consolidated revenue totalled €49.4 billion in 2021, up 14.3% relative to 2020.
• Operating income from ordinary activities was much higher than in 2020, amounting to €4,723 million. Ebit margin was 9.6% (6.6% in 2020 and 11.9% in 2019).
• Recurring operating income – including a slightly positive contribution from companies accounted for under the equity method – totalled €4,464 million (€2,511 million in 2020 and €5,704 million in 2019).
• The Group generated consolidated net income attributable to owners of the parent of €2,597 million in 2021 (compared with €1,242 million in 2020 and €3,260 million in 2019), including a non-recurring deferred tax expense of €200 million, with no cash impact, as a result of the United Kingdom’s decision to raise its corporation tax rate from 19% to 25%, with effect from 2023.
• Net financial debt at 31 December 2021 was €19.3 billion, up €1.3 billion relative to end-2020.

The report of the Board of Directors contains information on the operating performance of the Group’s various business lines.

Acquisition of ACS’s energy business (Cobra Industrial Services)

After announcing the agreement on 1 April 2021, VINCI completed its acquisition of ACS’s energy business (Cobra IS) on 31 December 2021.

The acquisition covers:

• - most of the contracting activities of the ACS Industrial Services division;
• - nine concession projects under development or construction, mainly involving electrical transmission networks in Latin America;
• - ACS’s renewables pipeline.

VINCI and ACS have also finalised a partnership agreement, providing for the creation of a new entity that will have the right to buy, at market prices, renewable energy assets developed, financed, built and connected to the grid by Cobra IS. VINCI will own 51% of this entity, which will be fully consolidated in VINCI’s financial statements.

The key aspects of this acquisition are set out in Note B.1, “Changes in consolidation scope during the period”.

Reorganisation of the VINCI Construction business line

In early 2021, VINCI Construction and Eurovia were combined and placed under the leadership of Pierre Anjolras. This new organisation enables VINCI to optimise these two companies’ operating methods and to develop synergies between them by integrating them within a single management unit, retaining the name VINCI Construction.

Financing transactions and liquidity management

The main financing transactions during the year concerned Cofiroute and London Gatwick airport. They are described in Note J, “Financing and financial risk management”.

At 31 December 2021, VINCI had total liquidity of €17.8 billion, comprising:

• managed net cash of €9.3 billion;
• a confirmed revolving credit facility remaining unused by VINCI, totalling €8.0 billion and due to expire in November 2024, extended for one year to November 2025 for an amount of €7.7 billion;
• undrawn revolving credit facilities of €0.5 billion at Cobra IS.

2. Accounting policies

2.1 Basis for preparing the financial statements

Pursuant to Regulation (EC) 1606/2002 of 19 July 2002, VINCI’s consolidated financial statements for the period ended 31 December 2021 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union at 31 December 2021 ^(*).

The accounting policies used at 31 December 2021 are the same as those used in preparing the consolidated financial statements at 31 December 2020, except for the standards and/or amendments of standards described below, adopted by the European Union and applicable as from 1 January 2021.

The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables.

The information relating to 2019, presented in the universal registration document filed with the AMF under number D.21-0079 on 26 February 2021, is deemed to be included herein.

The consolidated financial statements were approved by the Board of Directors on 3 February 2022 and will be presented to shareholders for their approval at the Shareholders’ General Meeting on 12 April 2022.

(*) Available at: https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/company-reporting_en