To VINCI’s Shareholders’ General Meeting,
In accordance with our appointment as Statutory Auditors by the shareholders at the Shareholders’ General Meeting, we have audited the accompanying parent company financial statements of VINCI for the year ended 31 December 2023.
In our opinion, the parent company financial statements for the year give a true and fair view of the financial position, the assets and liabilities, and the results of the Company, in accordance with generally accepted accounting principles in France.
The opinion formulated above is consistent with the content of our report to the Audit Committee.
Audit framework
We conducted our audit in accordance with professional standards applicable in France. We believe that the information that we collected provides a sufficient and appropriate basis for our opinion.
Our responsibilities under those standards are stated in the “Responsibilities of the Statutory Auditors in relation to auditing the parent company financial statements” section of this report.
Independence
We conducted our audit, in accordance with the independence rules laid out in the French Commercial Code (Code de commerce) and in the code of conduct of the statutory audit profession in France, between 1 January 2023 and the date on which we issued our report, and in particular we did not provide any services forbidden by Article 5, paragraph 1 of Regulation (EU) 537/2014.
As required by Articles L.821-53 and R.821-180 of the French Commercial Code relating to the justification of our assessments, we inform you of the key audit matters, relating to what were, in our professional judgment, the main risks of material misstatement in relation to our audit of the year’s parent company financial statements, and our responses to those risks.
Those assessments were made in the context of our audit of the parent company financial statements taken as a whole and in the formation of our opinion stated above. We do not provide a separate opinion on specific items of the parent company financial statements.
Assessment of investments in subsidiaries and affiliates
Note B.2 to the parent company financial statements
Description of the risk
At 31 December 2023, the net carrying amount of investments in subsidiaries and affiliates was €28,005 million, equal to 58% of total assets. Investments in subsidiaries and affiliates are recognised on the balance sheet at their acquisition cost. Where that cost is greater than the asset’s value in use, an impairment allowance is taken equal to the difference. Value in use is determined on the basis of the portion of the equity represented by the investments. This portion is adjusted if necessary to take account of the cash flow forecasts and/or market analysis for the companies in question.
Given the extent of the investments in subsidiaries and affiliates on the balance sheet and their sensitivity to changes in the data and assumptions on which Management bases its estimates when determining cash flow forecast adjustments, we took the view that assessing the value in use of investments in subsidiaries and affiliates was a key audit matter that presented a risk of material misstatement.
Audit work performed
For investments in subsidiaries and affiliates that are material or present a specific risk, we:
