Financial and economic risks (changes in the economic and tax environment)
Tax on long-distance transport infrastructure operators in France
Article 100 of France’s 2024 budget law introduced a tax on long-distance transport infrastructure operators in France. For the Group, this tax amounted to €284 million in 2024.
The VINCI subsidiaries affected by the new measure are using all available means to oppose this new tax, since it is contrary to the spirit and the letter of the concession contracts signed with the French state as grantor, which include tax neutrality clauses. In its decision handed down on 12 September 2024, France’s Constitutional Council found that this tax was not inconsistent with the French Constitution. The VINCI Group and the subsidiaries concerned have taken note of this decision and intend to ensure that the French state honours its contractual obligations. Proceedings have been brought against this tax before the competent administrative courts.
Exceptional contribution based on corporate income tax liabilities in France
France’s 2025 budget provides for an exceptional contribution based on corporate income tax liabilities. An initial estimate indicates that the impact of this measure on VINCI’s 2025 net income would be an additional charge of about €400 million, which would be paid in 2025.
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Type of risk |
Description | Criticality(*) | Trend |
|---|---|---|---|
 Operational |
Operational Description 1.1.1 Energy and Construction businesses |
Operational Criticality (*)
|
 |
|
Type of risk Before the contract is signed |
Description Highs |
||
|
Type of risk After the contract is signed |
Description Intermediate |
||
|
Type of risk 1.1.1 Concessions business |
Description
|
||
|
Type of risk Design phase |
Description Intermediate |
||
|
Type of risk Construction phase |
Description Intermediate |
||
|
Type of risk Operating phase |
Description Highs |
||
|
Type of risk 1.1.1 Property development business |
Description Intermediate |
||
|
Type of risk 1.1.2 Acquisition and disposal of companies |
Description Intermediate |
||
 Legal |
Legal Description 1.2.1 Contractual relationships |
Legal Criticality (*)Highs |
 |
|
Type of risk 1.2.2 Legal and regulatory compliance |
Description Intermediate |
||
 Cyber |
Cyber Description 1.3.1 Cyberattacks |
Cyber Criticality (*)Highs |
 |
|
Type of risk 1.3.2 Fraud |
Description Moderate |
||
 Workforce-related and social |
Workforce-related and social Description 1.4.1 Human rights |
Workforce-related and social Criticality (*)Highs |
 |
|
Type of risk 1.4.2 Health, safety and security of employees and subcontractors |
Description Highs |
||
|
Type of risk 1.4.3 Attracting and retaining talent |
Description Moderate |
||
 Environmental |
Environmental Description 1.5.1 Physical risks related to climate change |
Environmental Criticality (*)Highs |
 |
|
Type of risk 1.5.2 Risks relating to the transition to a low-carbon economy |
Description Intermediate |
||
|
Type of risk 1.5.3 Increase in energy costs |
Description Intermediate |
||
 Ethics |
Ethics Description 1.6 Business ethics risks |
Ethics Criticality (*)Moderate |
 |
| Financial and economic |
Financial and economic Description 1.7.1 Changes in the economic and tax environment |
Financial and economic Criticality (*)Highs |
 |
|
Type of risk 1.7.2 Financial risks |
Description Intermediate |
1. Risk factors
The risks that may affect VINCI’s performance and image are identified, assessed and handled at different organisational levels (holding company, business line, subsidiary) within the framework of VINCI’s decentralised organisation.
1.1 Operational risks
Depending on its business, each Group company is exposed to specific operational risks, which are prevented, monitored and managed differently.
One of the key elements of VINCI’s risk management system is the existence of risk committees at every level of the organisation, with the largest projects presented before the central risk committee at the holding company level. These committees examine, at the preliminary phase, all proposals that involve commitments to new projects exceeding certain thresholds. These thresholds are defined in the general guidelines provided to the various operational managers. The operating procedure and composition of the VINCI Risk Committee are described in paragraph 2.4.3, “Procedures related to commitments and the VINCI Risk Committee”, page 184.
1.1.1 Business risks
ENERGY AND CONSTRUCTION
The Group’s Energy and Construction businesses serve a large number of public and private entities in 100 or so countries and operate under fixed-term contracts covering periods varying from a few weeks to several years. Performance under these contracts includes a design phase followed by a construction phase, which ends with the project’s handover.