2022 Universal Registration Document

Key Data

  • Revenue

The eligibility of VINCI Energies and VINCI Construction activities was determined based on the nomenclature of their processes and areas of expertise. Where necessary, an analysis was conducted for each country and customer. To assess alignment, samples of large projects were examined. The share of eligible and aligned revenue from VINCI Autoroutes was determined by estimating the share of toll revenue collected from zero-emissions vehicles. The only VINCI Concessions activity found to be aligned is that of VINCI Railways.

  • CapEx

In accordance with the definition provided in the Annex to the Delegated Act under Article 8 of the EU Taxonomy Regulation, the Taxonomy-eligible share of the Group’s capital expenditure (CapEx) was determined by calculating the ratio of the following financial aggregates:

  • – denominator: the total of gross additions to property, plant and equipment and intangible assets and gross additions to right-of-use assets in respect of leases recognised under IFRS 16 (including additions of property, plant and equipment and intangible assets resulting from business combinations; see the Notes to the consolidated financial statements, pages 327, 332 and 334).
  • – numerator: the sum of the capital expenditure, as identified in the denominator, that is associated with Taxonomy-eligible or Taxonomy-aligned activities. First, individually eligible CapEx was identified and analysed to assess alignment. Then, the remaining CapEx was broken down by business line or division and the corresponding percentage of eligible or aligned revenue was applied.

For CapEx recognised under IFRS 16, only substantial contribution criteria could be examined for individual assets to assess alignment. These criteria were engine configuration (electric and hybrid vehicles) for activity 6.5 (transport by motorbikes, passenger cars and light commercial vehicles) and the possession of a Class A energy performance certificate (only in France) for activity 7.7 (Acquisition and ownership of buildings). The DNSH criteria and minimum safeguards were reviewed at Group level.

  • OpEx

The denominator value for operational expenditure (OpEx) was calculated in accordance with the definition provided in the Annex to the Delegated Act under Article 8 of the EU Taxonomy Regulation. Total non-capitalised costs relating to research and development, building renovation measures and the short-term lease, maintenance and repair of Group assets accounted for less than 5% of the Group’s total operating expenditure at 31 December 2022, which is not considered to be representative of its business model.

  • DNSH

When Do No Significant Harm (DNSH) criteria refer to a European regulation, then all EU countries and the United Kingdom are considered to meet the criteria.

VINCI has assessed climate adaptation DNSH for all its economic activities:

  • – Since Concessions activities operate infrastructure over long periods (more than 10 years), it is their responsibility to conduct an in-depth climate risk and vulnerability assessment.
  • – Specific long-term risks relating to quarry activities are analysed.
  • – Most Construction and Energy activities execute work according to specifications, without participating in a structure’s design. Eligible activities therefore have an expected lifetime of less than 10 years. The Group’s environmental risk maps (see paragraph 4.4.1, “Mapping of the Group’s major risks”, page 273), along with the risk evaluations carried out prior to any new project and any adaptation plans implemented are sufficient evidence that an assessment has been performed.
  • Minimum safeguards

The system implemented by VINCI throughout the Group to manage risks relating to human rights (including labour and consumer rights), bribery and corruption, taxation and fair competition was assessed against the four sets of standards referenced in the EU Taxonomy Regulation:

  • – the OECD Guidelines for Multinational Enterprises;
  • – the UN Guiding Principles on Business and Human Rights (UNGP);
  • – the 11 fundamental instruments of the International Labour Organisation (ILO);
  • – the International Bill of Human Rights.

The assessment was mainly based on the following documents: VINCI’s 2021 Universal Registration Document, VINCI’s Guide on Human Rights, the VINCI Manifesto, the Code of Ethics and Conduct, the Anti-corruption Code of Conduct and the VINCI Integrity platform (in particular, the FAQ section). The Group applies the procedures set out in these documents and takes measures in compliance with the duty of vigilance law (see the Group’s duty of vigilance plan, pages 254 to 281) and the Sapin 2 law (see paragraph 2.2.2, “Legal and regulatory compliance”, of chapter D, ”Risk factors and management procedures”, page 176) to manage its risks relating to the five themes. It cooperates with the Business & Human Rights Resource Centre and responds to any concerns raised within three months.

At 31 December 2022, VINCI had not been found guilty of any infringement relating to the five areas listed above.

5.4.4 VINCI Immobilier’s “no net land take” indicators

VINCI Immobilier’s land recycling and “no net land take by 2030” targets do not include VINCI Immobilier in Poland or Urbat.

Land take is defined in France’s Climate and Resilience Law as the lasting degradation of all or some of the ecological functions of soil, especially its biological, hydrologic and climate regulation functions or agricultural potential, due to its occupation or use (Article L.101-2-1 of the French Town Planning Code). As yet, no official metrics have been associated with this recent definition. Should an official or peer-developed definition be made public, VINCI Immobilier may update its own definition. Currently, VINCI Immobilier considers that no net land take will be achieved when the change in land take and land take requirement for its scope are both zero.