2024 Universal Registration Document

General and financial elements

10.2 Aggregated financial information

The contribution of equity-accounted companies to the Group’s net income and consolidated comprehensive income is as follows:

  2024 2023
(in € millions) Associates Joint ventures Total Associates Joint ventures Total
Net income 74 145 219 27 83 111
of which Concessions  19 103 122 4 27 30
of which VINCI Energies 7 (0) 7 5 4 9
of which Cobra IS 3 5 7 2 19 21
of which VINCI Construction 45 12 57 19 1 20
of which VINCI Immobilier and holding companies (0) 26 26 (3) 33 30
Other comprehensive income (20) 11 (9) (4) (45) (49)
of which Concessions  (16) 16 (0) (3) (47) (50)
of which Cobra IS 2 (5) (3) (0) 8 7
of which VINCI Construction (3) (0) (4) (0) (6) (6)
of which VINCI Immobilier and holding companies (2) (0) (2) - - (0)
Comprehensive income 55 156 210 24 39 62
of which Concessions  3 119 121 0 (20) (20)
of which VINCI Energies 7 (0) 7 5 4 9
of which Cobra IS 4 0 4 2 26 28
of which VINCI Construction 42 11 54 19 (5) 14
of which VINCI Immobilier and holding companies (2) 26 24 (3) 33 30

The revenue of companies accounted for under the equity method breaks down as follows (data reflecting the Group’s share):

  2024 2023
(in € millions) Associates Joint ventures Total Associates Joint ventures Total
Revenue (*) 1,709 2,103 3,812 1,271 2,143 3,414
of which Concessions 753 1,113 1,867 512 1,025 1,537
of which VINCI Energies 42 6 48 35 7 42
of which Cobra IS 93 131 223 24 257 282
of which VINCI Construction 785 605 1,390 659 595 1,255
of which VINCI Immobilier and holding companies 36 248 284 40 258 298

In accordance with IAS 28, the Group’s recognition of its share of contingent losses at associates and joint ventures is limited to its liabilities. At 31 December 2024, losses exceeding this share and thus unrecognised in VINCI’s financial statements amounted to €188 million (€194 million at 31 December 2023).

The main features of concession and PPP contracts are given in Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”. The list of companies accounted for under the equity method is provided on the Group’s website under the heading “Composition of the group: information relating to the consolidation scope and investments in subsidiaries and affiliates”.

10.3 Controlled subsidiaries’ transactions with associates and joint ventures

The financial statements include certain commercial transactions between controlled and fully consolidated subsidiaries and associates and joint ventures. The main transactions are as follows:

  31/12/2024 31/12/2023
(in € millions) Associates Joint ventures Total Associates Joint ventures Total
Revenue 380 431 811 336 525 861
Trade receivables 233 181 414 188 154 343
Purchases 4 17 21 4 19 24
Trade payables 0 9 9 3 6 10