2023 UNIVERSAL REGISTRATION DOCUMENT

Sensitivity of the value in use of CGUs to discount and perpetual growth rates and to cash flow

(in € millions)	Sensitivity to rates				Sensitivity to cash flow
	Discount rate for cash flows		Perpetual growth rate for cash flows		Change in forecast operating cash flows (before tax)
	0.5 %	-0.5%	0.5%	-0.5%	5.0%	-5.0%
Cobra IS	(363)	418	330	(287)	294	(294)
VINCI Airports	(1,657)	1,830	(*)	(*)	1,472	(1,472)
VINCI Energies France	(455)	515	396	(349)	396	(396)
ASF group	(422)	438	(*)	(*)	968	(968)
VINCI Energies Germany	(235)	268	207	(182)	198	(198)
VINCI Energies North America	(72)	82	65	(56)	58	(58)
VINCI Energies Benelux	(83)	94	71	(63)	76	(76)
VINCI Energies Scandinavia	(51)	59	46	(40)	42	(42)
VINCI Highways	(128)	137	(*)	(*)	155	(155)

(*) Cash flow projections are determined over the residual periods of the concession contracts.

These sensitivity calculations show that a change of 50 basis points in the assumptions for discount and perpetual growth rates or a ±5% change in projected operating cash flow would not have a material impact on the Group’s consolidated financial statements at 31 December 2023.

10. Investments in companies accounted for under the equity method: associates and joint ventures

Principes comptables

Investments in companies accounted for under the equity method are initially recognised at the cost of acquisition, including acquisition costs and any goodwill. Their carrying amount is then increased or decreased to recognise the Group’s share of the entity’s profits or losses after the date of acquisition. Whenever the cumulative losses are greater than the value of the Group’s net investment in the equity-accounted company, the portion of those losses exceeding the value of the investment is not taken to income unless the Group has entered into a commitment to recapitalise the company or provide it with funding.

If there is an indication that an impairment loss has arisen for an equity accounted investment, the recoverable amount is tested in a way similar to that described in Note E.9.2, “Goodwill impairment tests”. Impairment losses shown by impairment tests are recognised in profit and loss and as a deduction from the carrying amount of the corresponding investments.

The profit or loss of companies accounted for under the equity method is reported on a specific line for the determination of recurring operating income. The terms “associates” and “joint ventures” are defined in Note A.2.2, “Consolidation methods”.

10.1 Movements during the period

	2023			2022
	Associates	Joint ventures	Total	Associates	Joint ventures	Total
Value of shares at beginning of period	493	521	1,014	438	512	950
of which Concessions	78	319	397	32	321	353
of which VINCI Energies	10	5	15	6	6	12
of which Cobra IS	10	15	26	5	13	17
of which VINCI Construction	393	92	486	393	92	485
of which VINCI Immobilier and holding companies	2	90	91	2	80	82
Increase/(decrease) in share capital of companies accounted for under the equity method	17	5	22	7	2	10
Group share of profit or loss for the period	27	83	111	17	5	22
Group share of other comprehensive income for the period	(4)	(45)	(49)	47	313	361
Dividends paid	(18)	(91)	(110)	(12)	(80)	(92)
Changes in consolidation scope and other	2	145	147	10	2	13
Reclassifications^(*)	37	94	131	(14)	(235)	(249)
Value of shares at end of period	554	713	1,267	493	521	1,014
of which Concessions	71	482	553	78	319	397
of which VINCI Energies	15	2	18	10	5	15
of which Cobra IS	54	23	77	10	15	26
of which VINCI Construction	373	96	469	393	92	486
of which VINCI Immobilier and holding companies	41	109	149	2	90	91

(*) Reclassifications of shares in the negative net equity of equity-accounted companies under provisions for financial risks.

NB: The terms “associates” and “joint ventures” are defined in Note A.2.2, “Consolidation methods”.