2021 UNIVERSAL REGISTRATION DOCUMENT

2021


	Concessions	Energy	Construction
(in € millions)	VINCI Autoroutes VINCI Airports Other concessions	VINCI Energies	Cobra IS	VINCI Construction	VINCI Immobilier and holding companies	Eliminations	Total
Income statement
*Revenue ^()**	7,046	15,097	-	26,282	1,611	(639)	49,396
Concession subsidiaries’ works revenue	680	-	-	-	-	(95)^(**)	586
Total revenue	7,727	15,097	-	26,282	1,611	(734)	49,982
Operating income from ordinary activities	2,683	985	-	968	86	-	4,723
% of revenue ^(*)	38.1%	6.5%	-	3.7%			9.6%
Recurring operating income	2,583	882	-	879	120	-	4,464
Operating income	2,586	868	-	879	106	-	4,438
Cash flow statement
Cash flow from operations before tax and financing costs	4,676	1,259	-	1,647	301	-	7,884
% of revenue ^()*	66.4%	8.3%	-	6.2%	-	-	16.0%
Depreciation and amortisation	1,829	432	-	905	54	-	3,219
Operating investments (net of disposals)	(75)	(166)	-	(639)	(197)	-	(1,077)
Repayment of lease liabilities ^(***)	(38)	(289)	-	(265)	(39)	-	(631)
Operating cash flow	3,501	1,199	-	1,208	189	-	6,098
Growth investments in concessions and PPPs	(841)	2	-	23	-	-	(815)
Free cash flow	2,660	1,201	-	1,232	189	-	5,282
Balance sheet
Capital employed at 31/12/2021	38,584	3,800	3,990	672	1,747	-	48,792
of which investments in companies accounted for under the equity method	353	12	17	422	145	-	950
of which right-of-use assets in respect of leases	310	827	85	685	177	-	2,084
Net financial surplus/(debt)	(32,693)	447	676	3,334	8,971	-	(19,266)

(*) Excluding concession subsidiaries’ revenue.

(**) Intragroup revenue of the VINCI Energies and VINCI Construction business lines derived from works carried out for the Group’s concession companies.

(***) Including associated financial expense.

PPP: Public-private partnership.

2020

	Concessions	Energy	Construction
(in € millions)	VINCI Autoroutes VINCI Airports Other concessions	VINCI Energies	VINCI Construction ⁽¹⁾	VINCI Immobilier and holding companies	Eliminations	Total
Income statement	Income statement Concessions	Income statement Energy	Income statement Construction	Income statement	Income statement	Income statement
Revenue ⁽²⁾	Revenue ⁽²⁾ Concessions 5,839	Revenue ⁽²⁾ Energy 13,661	Revenue ⁽²⁾ Construction 23,149	Revenue ⁽²⁾ 1,189	Revenue ⁽²⁾ (605)	Revenue ⁽²⁾ 43,234
Concession subsidiaries’ works revenue	Concession subsidiaries’ works revenue Concessions 864	Concession subsidiaries’ works revenue Energy -	Concession subsidiaries’ works revenue Construction -	Concession subsidiaries’ works revenue -	Concession subsidiaries’ works revenue (168) ⁽³⁾	Concession subsidiaries’ works revenue 696
Total revenue	Total revenue Concessions 6,703	Total revenue Energy 13,661	Total revenue Construction 23,149	Total revenue 1,189	Total revenue (772)	Total revenue 43,930
Operating income from ordinary activities	Operating income from ordinary activities Concessions 1,586	Operating income from ordinary activities Energy 773	Operating income from ordinary activities Construction 470	Operating income from ordinary activities 29	Operating income from ordinary activities -	Operating income from ordinary activities 2,859
% of revenue ⁽²⁾	% of revenue ⁽²⁾ Concessions 27.2%	% of revenue ⁽²⁾ Energy 5.7%	% of revenue ⁽²⁾ Construction 2.0%	% of revenue ⁽²⁾ -	% of revenue ⁽²⁾ -	% of revenue ⁽²⁾ 6.6%
Recurring operating income	Recurring operating income Concessions 1,459	Recurring operating income Energy 688	Recurring operating income Construction 347	Recurring operating income 17	Recurring operating income -	Recurring operating income 2,511
Operating income	Operating income Concessions 1,555	Operating income Energy 642	Operating income Construction 242	Operating income 20	Operating income -	Operating income 2,459
Cash flow statement	Cash flow statement Concessions	Cash flow statement Energy	Cash flow statement Construction	Cash flow statement	Cash flow statement	Cash flow statement
Cash flow from operations before tax and financing costs	Cash flow from operations before tax and financing costs Concessions 3,491	Cash flow from operations before tax and financing costs Energy 1,057	Cash flow from operations before tax and financing costs Construction 1,131	Cash flow from operations before tax and financing costs 240	Cash flow from operations before tax and financing costs -	Cash flow from operations before tax and financing costs 5,919
% of revenue ⁽²⁾	% of revenue ⁽²⁾ Concessions 59.8%	% of revenue ⁽²⁾ Energy 7.7%	% of revenue ⁽²⁾ Construction 4.9%	% of revenue ⁽²⁾ -	% of revenue ⁽²⁾ -	% of revenue ⁽²⁾ 13.7%
Depreciation and amortisation	Depreciation and amortisation Concessions 1,828	Depreciation and amortisation Energy 412	Depreciation and amortisation Construction 887	Depreciation and amortisation 43	Depreciation and amortisation -	Depreciation and amortisation 3,171
Operating investments (net of disposals)	Operating investments (net of disposals) Concessions (178)	Operating investments (net of disposals) Energy (150)	Operating investments (net of disposals) Construction (517)	Operating investments (net of disposals) (148)	Operating investments (net of disposals) -	Operating investments (net of disposals) (994)
Repayment of lease liabilities ⁽⁴⁾	Repayment of lease liabilities ⁽⁴⁾ Concessions (34)	Repayment of lease liabilities ⁽⁴⁾ Energy (278)	Repayment of lease liabilities ⁽⁴⁾ Construction (259)	Repayment of lease liabilities ⁽⁴⁾ (36)	Repayment of lease liabilities ⁽⁴⁾ -	Repayment of lease liabilities ⁽⁴⁾ (607)
Operating cash flow	Operating cash flow Concessions 2,023	Operating cash flow Energy 1,191	Operating cash flow Construction 1,383	Operating cash flow 477	Operating cash flow -	Operating cash flow 5,075
Growth investments in concessions and PPPs	Growth investments in concessions and PPPs Concessions (1,035)	Growth investments in concessions and PPPs Energy -	Growth investments in concessions and PPPs Construction (50)	Growth investments in concessions and PPPs -	Growth investments in concessions and PPPs -	Growth investments in concessions and PPPs (1,085)
Free cash flow	Free cash flow Concessions 988	Free cash flow Energy 1,191	Free cash flow Construction 1,333	Free cash flow 477	Free cash flow -	Free cash flow 3,990
Balance sheet	Balance sheet Concessions	Balance sheet Energy	Balance sheet Construction	Balance sheet	Balance sheet	Balance sheet
Capital employed at 31/12/2020	Capital employed at 31/12/2020 Concessions 39,304	Capital employed at 31/12/2020 Energy 4,181	Capital employed at 31/12/2020 Construction 1,296	Capital employed at 31/12/2020 1,477	Capital employed at 31/12/2020 -	Capital employed at 31/12/2020 46,258
of which investments in companies accounted for under the equity method	of which investments in companies accounted for under the equity method Concessions 451	of which investments in companies accounted for under the equity method Energy 18	of which investments in companies accounted for under the equity method Construction 398	of which investments in companies accounted for under the equity method 168	of which investments in companies accounted for under the equity method -	of which investments in companies accounted for under the equity method 1,035
of which right-of-use assets in respect of leases	of which right-of-use assets in respect of leases Concessions 283	of which right-of-use assets in respect of leases Energy 779	of which right-of-use assets in respect of leases Construction 698	of which right-of-use assets in respect of leases 157	of which right-of-use assets in respect of leases -	of which right-of-use assets in respect of leases 1,917
Net financial surplus/(debt)	Net financial surplus/(debt) Concessions (32,718)	Net financial surplus/(debt) Energy (256)	Net financial surplus/(debt) Construction 2,211	Net financial surplus/(debt) 12,774	Net financial surplus/(debt) -	Net financial surplus/(debt) (17,989)

(1) Adjusted following the Group’s reorganisation described in Note C.1, “Segment information by business line”.

(2) Excluding concession subsidiaries’ revenue.

(3) Intragroup revenue of the VINCI Energies and VINCI Construction business lines derived from works carried out for the Group’s concession companies.

(4) Including associated financial expense.

PPP: Public-private partnership.

2021 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements

2021

2020