2023 UNIVERSAL REGISTRATION DOCUMENT

•  Longer term market developments relating to the environmental transition are harder to anticipate and quantify, but should not have a material impact on the useful lives of the Group’s assets. At this stage, VINCI has identified very few assets that cause high levels of pollution, involving only a small handful of coal-fired power plants in Poland and the United States that represent less than 2% of the Group’s total energy consumption.

Certain expected market developments, such as the faster pace of energy retrofits of existing buildings and the growth of low carbon forms of transport, are also opportunities for the Group. These are presented in the Report of the Board of Directors, in the section relating to market opportunities stemming from the environmental transition.

VINCI’s acquisitions process includes a review of environmental risks, which is presented to the Risk Committee when it meets to consider acquisition opportunities.

3.2 Consideration of environmental risks and commitments in the accounts closing process

In its accounts closing process, the Group now identifies the main climate risks in order to assess their potential impact on its financial statements. Specific information requests and areas for attention are included in the accounts closing instructions and disseminated to all Group subsidiaries, relating in particular to:

• reviewing the useful lives of certain assets;
• reviewing margins on completion for certain construction contracts;
• assessing risks to determine the amount of contingency provisions (including provisions for major repairs in certain concessions).

The expected impact of the Group’s environmental commitments is also taken into account in the future cash flow projections used for impairment testing. For example, VINCI Airports has included in its long-term financial forecasts the expected effects of its environmental strategy and targets. In particular, its AirPact plan, defined two years ago, aims to achieve net zero CO₂ emissions (Scopes 1 and 2) by 2050 across the whole VINCI Airports network, and to halve the network’s total CO₂ emissions by 2030. The plan has been adopted by each airport and environmental issues are now taken into account in the main managerial decision-making processes. The investment plans incorporated in these business plans are therefore consistent with targets aiming to:

• reduce energy consumption (for example by replacing existing lighting with LED lighting and installing systems to measure and control energy consumption),
• increase the proportion of energy consumed coming from renewable sources (in particular by building solar power plants),
• replace existing vehicles with clean vehicles. The investment plans also include initiatives to enable VINCI Airports’ partners (airline companies, ground handlers, etc.) to reduce their own emissions, for example by providing electric ground power units (e-GPUs) for aircraft at gates. Investment plans relating to these commitments, amounting to around €600 million by 2030 for the main European airports, have been included in the VINCI Airports CGU’s cash flow projections.

In general, the Finance Department works with the Environment Department, which has been allocated specific resources for this purpose, to ensure that the commitments made by the Group are consistent with their recognition in the financial statements. In VINCI’s view, its assessment of climate risks is taken into account correctly and is consistent with its commitments in this area. Factoring in these elements did not have any material impact on the Group’s 2023 financial statements.

B. Changes in consolidation scope

1. Changes in consolidation scope during the period

As part of its growth strategy, VINCI has continued to pursue acquisitions. The main changes during the period concerned VINCI Highways, primarily its deal to take control of Vía 40 Express (now known as Vía Sumapaz) in Colombia and the purchase of a stake in Entrevias in Brazil.

During the year, VINCI Energies acquired 34 companies, mainly in Europe, while VINCI Construction made nine acquisitions, all in Europe and North America.