2023 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements

5.4.3 EU Taxonomy KPIs

The eligibility and alignment of VINCI’s activities, as defined under the EU Taxonomy Regulation, was assessed within each business line, based on a detailed analysis of its activities, taking into account existing processes, reporting systems and management assumptions. The alignment analysis performed at 31 December 2023 takes into account the interpretation guidance provided by the EU in the FAQ published in December 2022. The percentages of Taxonomy-eligible and Taxonomy-aligned activities were calculated at 30 September 2023 and applied to the Group’s revenue and CapEx at 31 December 2023, except for VINCI Autoroutes, which recalculated its percentages of eligible and aligned activities at 31 December 2023.

Revenue

The eligibility of VINCI Energies, Cobra IS 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. Alignment was assessed using samples of projects representing each business line’s most significant operations, and the results were extrapolated to similar projects whenever relevant. The share of eligible and aligned revenue from VINCI Autoroutes was determined by estimating the share of toll revenue collected from zero-emissions vehicles. Aligned VINCI Concessions activities are those of MESEA (maintenance operator for the Tours–Bordeaux high-speed rail line, SEA HSL), ViaPlus (free-flow traffic systems specialist brand) and eliso (German subsidiary for electric vehicle charging infrastructure).

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 340).
  • 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 “do no significant harm” (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 5% of the Group’s total operating expenditure at 31 December 2023, which is not considered to be representative of its business model.

DNSH

VINCI has assessed climate adaptation “do no significant harm” (DNSH) criteria 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. In addition, the ResiLens tool was used to assess the resilience of a significant sample of infrastructure projects, over the average lifetime for infrastructure (20 years); see paragraph 3.2.3.1, “Measuring physical climate risks”, of the “Environmental performance” section, page 245.

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 2022 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, page 260) and the Sapin 2 law (see paragraph 1.2.2, “Legal and regulatory compliance”, of chapter D, “Risk factors and management procedures”, page 178) 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 2023, VINCI had not been found guilty of any infringement relating to the five areas listed above.