The Budgets and Consolidation Department establishes the timetable and year-end reporting instructions for the preparation of the Group’s consolidated financial statements and communicates them to the business lines. The Group’s accounting rules and methods are available on VINCI’s corporate intranet. At each accounts closing, business lines transmit an analysis of the consolidated data submitted to the Budgets and Consolidation Department.
The Statutory Auditors present their observations, if any, on the consolidated financial statements to the Audit Committee before they are presented to the Board of Directors.
Before signing their reports, the Statutory Auditors request representation letters from VINCI’s Executive Management and senior management of the business lines.
The Group’s Audit Department conducts an annual self-assessment survey of internal control. In 2025, 629 legal entities, representing 86% of the Group’s revenue, participated in the survey. The recurring aspects of the survey relate to the internal control environment, financial and accounting information, the environment, human rights, compliance and IT security. During the year, there was a special focus on purchasing and subcontracting processes. The survey was conducted using specialised software that also enables entities to manage their action plans. A summary of the survey’s findings, prepared by the holding company’s Audit Department, was presented to the Audit Committee in October 2025. Information on the survey’s findings is also sent individually to each business line in relation to their scope, as well as to the holding company’s Environment, Human Rights and Ethics departments, in relation to the topics within their remit.
Each year, the business lines must provide the Group’s Audit Department with an internal control report covering their scope. These reports must contain the following information: the reference framework, the internal control environment, the key players in risk management and internal control, the activities and audits carried out during the year, and those planned for the following year. The Chief Audit Officer presents a summary of these reports to the Audit Committee.
Each year, the Group’s Audit Department selects at least one project in each business line that experienced specific difficulties and asks that business line to draw up a feedback report. This report must describe the project or projects and explain the difficulties encountered and what went wrong. It must also suggest improvements to the internal control system. The Chief Audit Officer presents these reports to the Audit Committee.
The VINCI Group’s overall approach for arranging insurance cover against risks places a strong emphasis on risk prevention and protection. Given the Group’s decentralised organisation, this approach is defined at several levels of responsibility.
VINCI’s Executive Management, based on recommendations from the Insurance Department, lays down the general guidelines and in particular the standards applicable to all subsidiaries.
Within this framework, and after identifying and analysing the risks relating to their activities, the business line or division risk managers define the optimum trade-off between the level and extent of the guarantees available in the market and the cost level (premiums and uninsured losses) enabling business units to remain competitive. With a view to prevention and cost optimisation, policyholder deductibles are defined on an individual subsidiary basis. Self-insurance budgets have been set up for liability insurance, motor vehicle insurance, and property and casualty insurance in certain business lines.
In addition to subsidiaries’ own specific cover, VINCI also takes out cover on behalf of all its subsidiaries, in particular regarding the fields detailed below:
As a complement to the above, the Group’s Insurance Department takes out cross-business cover against certain risks (transport, automotive, etc.), which is made available to subsidiaries that have not adopted their own programme and can thus benefit from this pooled purchase. VINCI has its own brokerage firm, VINCI Assurances, in charge of consolidating insurance policies and harmonising cover within the Group. VINCI Assurances acts solely as a broker for most of the French subsidiaries and bears no financial risk as an insurer.
The Group has also set up a captive reinsurance subsidiary, VINCI Re, which began operations in 2022. VINCI Re helps facilitate the placement with insurers of certain risks or programmes only available to a limited extent in the insurance market. This captive subsidiary is also being used to cover programmes at subsidiaries more broadly so as to benefit from a financial risk pooling effect, which will contribute to its efficiency. VINCI Re’s internal risk pooling constitutes an additional risk management tool for the Group.
