VINCI did not carry out any material acquisitions of companies in 2020.
The main changes in the period had concerned the acquisition of some 20 companies by VINCI Energies in France, elsewhere in Europe, Canada and South America. In relation to these companies, VINCI assessed the fair value of the identifiable assets and liabilities acquired in accordance with IFRS 3. The values allocated to identifiable acquired assets and liabilities on the dates when control was acquired in 2020 were not adjusted materially. The allocation of purchase prices resulted in the recognition of goodwill measured at €216 million, including €70 million allocated to the VINCI Energies Germany cash-generating unit (CGU) in respect of Actemium Energy Projects (formerly Converse Energy Projects) and €40 million allocated to the VINCI Energies North America CGU in respect of Transelec Common Inc. in Canada.
As Xavier Huillard, Chairman and Chief Executive Officer of VINCI, had tendered VINCI’s resignation as a member of ADP’s Board of Directors, on which he was VINCI’s permanent representative, its term of office as Director ended on 15 December 2020, resulting in the loss of VINCI’s significant influence over Groupe ADP. Accordingly, from that date, Groupe ADP left VINCI’s consolidation scope, having previously been accounted for under the equity method in VINCI’s financial statements. VINCI’s shares in ADP are now recognised as financial assets, specifically as equity instruments, and measured at fair value in accordance with IFRS 9. The Group has opted to recognise changes in fair value in profit or loss. They are included in the “Other financial income and expense” item.
Based on the Group’s organisational structure and internal reporting system, segment information is presented by business line.
The Group’s organisation now consists of six business lines in three businesses – Concessions, Energy and Construction – along with VINCI Immobilier, which is a business line that reports directly to the holding company.
In accordance with IFRS 8 “Operating segments”, segment information is now presented according to the new business lines defined by management, and 2020 data has been adjusted for comparability purposes.
VINCI Autoroutes: motorway concessions in France (ASF, Escota, Cofiroute, Arcour, Arcos).
VINCI Airports: operation of airports in France and in 11 other countries under full ownership, concession contracts and/or delegated management.
Other concessions: VINCI Highways (motorway and road infrastructure, mainly outside France), VINCI Railways (rail infrastructure) and VINCI Stadium (stadium management).
VINCI Energies: services to the manufacturing sector, infrastructure, facilities management, and information and communication technology.
Cobra IS: EPC (engineering, procurement and construction) projects in the energy sector, manufacturing- and energy-related services, and development of renewable energy concession projects.
VINCI Construction, which is organised into three pillars:
VINCI Immobilier: property development (residential properties, commercial properties), operation of managed residences and property services.
The data below is for each Group business line and is stated before elimination, at their own level, of transactions with the rest of the Group. Performance indicators that do not appear on the face of the financial statements are defined in Note 3 in this section.
