2024 Universal Registration Document

General and financial elements

Because existing guidelines are not adapted to the diversity of VINCI’s business activities, the Group sometimes uses estimates to calculate its Scope 3 indirect greenhouse gas emissions. The main sources for these estimates are as follows:

  • Estimations of activity data or use of monetary ratios. In entities such as VINCI Energies, where the complexity and diversity of its activities and products do not enable the gathering of physical data, specific ratios have been developed, using product environment profiles (PEPs), and checked by an outside firm. For the activities of Cobra IS, monetary ratios are applied to purchases (source: Exiobase) and combined with physical data obtained from a representative sample of projects.
  • In choosing emission factors (EFs), the same rules are applied across the Group. Where several EFs are available for the same category of emissions, entities are to give preference to the EF that is the most specific (for example, obtained from environmental and health product declarations (FDES), PEPs or other Type III environmental declarations, supplier data, a professional organisation or an industry trade union), the most reliable (having been calculated or audited by an expert and/or drawn from industry-specific or institutional guidelines), and the most recent (since EFs are updated on a regular basis). Where such emission factors are not available, default EFs in a database produced by VINCI are used. These are “average” EFs based on the main, widely recognised databases. If the desired EF cannot be found in the VINCI database, specific EFs are sourced from other documentation, mainly the Base Empreinte® database managed by the French environment and energy management agency Ademe or the Ecoinvent database.

The Group provides Scope 3 methodology guidance, in addition to the GHG Protocol, on its intranet. Emissions from services purchased from or subcontracted to other Group entities are measured and deducted from the Group’s total during the consolidation phase using the following method: a ratio of Scope 1, 2 and 3 emissions per million euros of revenue is calculated for each business line for the current year, using Scope 1, 2 and 3 data from the Group’s environmental reporting. Scope 3 baseline emissions are adjusted each year to reflect the cumulative impact of changes in scope between 2019 and year Y, using the same method as for direct greenhouse gas emissions.

5.3.4 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 an analysis of its activities, taking into account existing processes, reporting systems and management assumptions. The alignment analysis performed at 31 December 2024 incorporates the interpretation guidance provided in the FAQs published by the European Union in December 2022, June 2023 and December 2023. The recommendations contained in the draft FAQ dated November 2024, which has not yet been adopted by the European Commission, were considered during the analysis but not applied for 2024. The EU Taxonomy requires the disclosure of three KPIs: revenue, CapEx and OpEx.

5.3.4.1 KPI definitions
  • Revenue In accordance with the definition provided in the Annex to the Disclosures Delegated Act, the Group’s consolidated revenue is used as the denominator in Taxonomy eligibility and alignment analyses (see the consolidated financial statements, page 316). Revenue eligibility is determined based on the nomenclature of each business line’s processes and areas of expertise. Taxonomy-aligned activities are eligible activities that meet substantial contribution and and “do no significant harm” (DNSH) criteria. These criteria were assessed project by project or, in the case of VINCI Energies and Cobra IS, based on samples of projects representing their most significant operations. The results were then extrapolated to similar projects whenever relevant.
  • Elimination of intercompany revenue Revenue eligibility and alignment is determined based on sales to companies outside VINCI. Intercompany sales within the Group, such as the sale of recycled materials from the Group’s recycling facilities, quarries or production plants, are not taken into account.
  • CapEx In accordance with the definition provided in the Annex to the Disclosures Delegated Act, the Taxonomy-eligible share of the Group’s capital expenditure (CapEx) is 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 342, 350 and 351).
  Concession intangible assets (*) Intangible assets (*) Property, plant and equipment (*) Total for the period
Acquisitions during the period

Acquisitions during the period

Concession intangible

assets (*)

1,206

Acquisitions during the period

Intangible assets

(*)

84

Acquisitions during the period

Property, plant and equipment

(*)

3,754

Acquisitions during the period

Total for the period

5,043
Acquisitions as part of business combinations

Acquisitions as part of business combinations

Concession intangible

assets (*)

2,018

Acquisitions as part of business combinations

Intangible assets

(*)

3,544

Acquisitions as part of business combinations

Property, plant and equipment

(*)

804

Acquisitions as part of business combinations

Total for the period

6,366
Total in € millions Total in € millions

Concession intangible

assets (*)3,224		 Total in € millions

Intangible assets

(*)3,628		 Total in € millions

Property, plant and equipment

(*)4,558		 Total in € millions

Total for the period

11,409

(*) Total acquisitions as part of business combinations in the amount of €2,018 million are included in “Changes in scope and other movements” totalling €1,597 million, page 342.

  • 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. Then, the remaining CapEx (less than 10% of total CapEx in 2024) was broken down by business line or division and the corresponding percentages of eligible and aligned revenue were applied. To date, no other basis for allocation has been found to be more relevant, given the diversity of the Group’s businesses and available information systems. The Group continues to perform sector analyses to identify potential non-financial bases for allocation.
  • Activities contributing to multiple objectives The Group has identified eligible activities that contribute to several objectives, especially climate change mitigation, climate change adaptation and the circular economy. After an assessment of these activities against substantial contribution and DNSH criteria, these activities were not found to be aligned with more than one objective.