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EUROVIA Beton GmbH

Berlin

Jahresabschluss zum 31. Dezember 2012

Lagebericht für das Geschäftsjahr 2012

I. Allgemeine Lage

Die Bauproduktion und die Baunachfrage sind in einem schwierigen gesamtwirtschaftlichen Umfeld leicht angestiegen. Die Auftragseingänge konnten gegenüber dem Vorjahr um 7,7 % (Stand November 2012) und die Bauumsätze um 1,6 % (Stand November 2012) gesteigert werden. Diese Entwicklung zog sich durch alle Baubranchen, wobei die Steigerung des Auftragseingangs im öffentlichen Bau von 8,8 % durch mehrere Großprojekte zum Jahresende hin noch positiv beeinflusst wurde.

Nach einer Stagnation der Auftragseingänge im Vorjahr, konnte im Straßenbau für das Jahr 2012 wieder eine geringe Wachstumsrate von 3,4 % (bereinigt um die Zuwachsraten des Bundeslandes Bayern, in dem wir nicht tätig sind) erzielt werden, die sich jedoch auf die alten Bundesländer beschränkte. Die Auftragseingänge in den neuen Bundesländern verblieben auf dem niedrigen Niveau der Vorjahre (Stand November 2012).

Der leichte Beschäftigungsaufbau im Bauhauptgewerbe setzte sich auch 2012 fort. Die Beschäftigtenzahlen lagen mit gut 750.000 Beschäftigten oberhalb des Vorjahresniveaus. Diese ansteigende Entwicklung ist auch dem Instrument der Saisonkurzarbeit sowie der vereinfachten Regelung zum Kurzarbeitergeld zuzuschreiben.

II. Konzernverhältnisse

Das operative Geschäft der EUROVIA Beton GmbH fließt über die Muttergesellschaft EUROVIA GmbH, Berlin, in den Konzernabschluss des französischen Baukonzerns VINCI S.A., Rueil-Malmaison, ein, der sämtliche Verkehrswegebauaktivitäten weltweit in der EURO VIA S.A., Rueil-Malmaison, zusammenfasst.

III. Geschäftslage

Die Geschäftslage der EUROVIA Beton GmbH ist weiterhin stark durch die Durchführung von Großprojekten geprägt. Zusammen mit anderen Unternehmen des EUROVIA-Konzerns und auch mit externen Partnern sind die ÖPP-Projekte BAB A5 und BAB A9 derzeit in der Realisierungsphase. Die EUROVIA ist damit Marktführer bei ÖPP-Projekten im Straßenbau (A-Modelle) in Deutschland.

Im Geschäftsjahr 2012 hat sich die Bauleistung der EUROVIA Beton GmbH mit Mio. EUR 171,7 im Vergleich zu Mio. EUR 166,3 im Vorjahr um 3,2 % erhöht.

Die Veränderungen spiegelten sich in den Niederlassungen (NL) folgendermaßen wider:

In TEUR	Leistung 2012	Leistung Vorjahr	Differenz
NL Betonstraßenbau	39.458	37.204	2.254
NL TECO Schallschutz	30.704	29.518	1.186
NL Abbruch und Erdbau	39.330	35.461	3.869
NL Ingenieurbau	40.601	44.954	-4.353
NL Bauwerkinstandsetzung	23.192	22.945	247
abzüglich interner Leistungen zwischen den Niederlassungen	-1.628	-3.745	2.117
Gesamt	171.657	166.337	5.320

Der Auftragsbestand hat sich wie folgt entwickelt:

	Auftragsbestand 1.1.2012 TEUR	Auftragseingang 2012 TEUR	Leistung 2012 TEUR	Auftragsbestand 31.12.2012 TEUR
	150.477	124.646	171.657	103.466

Als Leistung wird die nach IAS 11 ermittelte Leistung inklusive anteiliger Leistung aus Arbeitsgemeinschaften der Gesellschaft, insbesondere zu den ÖPP-Projekten, ausgewiesen, die in der handelsrechtlichen Gewinn- und Verlustrechnung nicht dargestellt werden, da dort nur die Erlöse aus Gestellungen und die Gewinnübernahmen als Umsatzerlöse ausgewiesen werden. Das interne Reporting und die Steuerung der Gesellschaft erfolgen auf der Grundlage der International Financial Reporting Standards (IFRS).

Ertragslage

Das EBIT der Gesellschaft reduzierte sich im Vorjahresvergleich von TEUR 6.302 auf TEUR 561 und das EBITDA von TEUR 8.583 auf TEUR 2.521.

Aus der gewöhnlichen Geschäftstätigkeit wurde im Geschäftsjahr 2012 ein Gewinn von TEUR 753 (Vorjahr: TEUR 6.600) ausgewiesen.

Aufgrund der negativen Entwicklung der Baumaßnahme Schwanebeck, die nur zum Teil durch die Verbesserung der Maßnahme Flughafen BBI kompensieren werden konnte, schließt die Niederlassung Betonstraßenbau das Geschäftsjahr mit einem Verlust ab.

Die weitere Ergebnisverbesserung der Niederlassung Ingenieurbau ist im Wesentlichen auf die Realisierung von erfolgreichen Bauvorhaben, wie die A5 Malsch-Offenburg und Braunschweig BSW 7, zurückzuführen.

Infolge der negativen Entwicklung des Ergebnisses der Niederlassung Abbruch und Erdbau wurden Umstrukturierungsmaßnahmen eingeführt, die unter anderem die Schließung der Zweigniederlassung Abbruch Süd mit sich gebracht haben. In diesen Zusammenhang wurden die notwendigen Beträge per 31. Dezember 2012 zurückgestellt.

Die Niederlassung TECO Schallschutz konnte das Jahr 2012 erfolgreich abschließen.

Die Niederlassung Bauwerkinstandsetzung hat ihre positive Entwicklung auf einem wachsenden Markt noch einmal bestätigt.

Vermögens- und Finanzlage

Die Vermögens- und Kapitalstruktur hat sich bei der EUROVIA Beton gegenüber dem Vorjahr wie folgt geändert: Die Bilanzsumme reduzierte sich zum 31. Dezember 2012 nur geringfügig um 1,0 % von TEUR 58.608 auf TEUR 58.021. Auf der Aktivseite haben sich die Vorräte um TEUR 578 und die Sachanlagen um TEUR 342 reduziert, während sich die liquiden Mittel sowie die Forderungen und sonstigen Vermögensgegenstände leicht erhöht haben. Innerhalb Letzterer haben sich die Forderungen aus Lieferungen und Leistungen um TEUR 1.382 und die Forderungen gegen Arbeitsgemeinschaften um TEUR 2.843 erhöht; die Forderungen aus dem Cash-Pool mit der EUROVIA GmbH haben sich um TEUR 4.468 verringert. Auf der Passivseite haben sich insbesondere die erhaltenen Anzahlungen auf Bestellungen um TEUR 1.799 reduziert und die Rückstellungen insbesondere aufgrund der laufenden Umstrukturierungsmaßnahmen in der Niederlassung Abbruch und Erdbau um TEUR 1.279 erhöht.

Gemäß Gewinnabführungsvertrag wurde der Gewinn von TEUR 646 durch den Gesellschafter EUROVIA GmbH, Berlin, übernommen. Das Eigenkapital beträgt TEUR 8.057 und ist gegenüber dem Vorjahr stabil geblieben. Die Eigenkapitalquote beläuft sich auf 13,9 % und hat sich um 0,2 %Punkte gegenüber dem Vorjahr kaum erhöht.

Das Anlagevermögen ist wie im Vorjahr voll durch Eigenkapital finanziert. Das Verhältnis von Umlaufvermögen zu kurzfristigem Fremdkapital beträgt am Bilanzstichtag 105,6 % (Vorjahr: 105,2 %).

Mit der EUROVIA GmbH als sog. Pool-Centralisateur ist ein Cash-Pool-Vertrag geschlossen. Nach diesem Vertrag sind flüssige Mittel grundsätzlich dem Pool zur Verfügung zu stellen, vorhandene Deckungslücken werden vom Pool finanziert. Die Pool-Konten werden angemessen verzinst. Die nach wie vor bestehenden Vorauszahlungen im Zusammenhang mit dem A-Modell A5 und A9 wurden dem Cash-Pool-Konto gutgeschrieben, sodass zum 31. Dezember 2012 insgesamt eine Forderung in Höhe von TEUR 28.427 (Vorjahr: TEUR 32.895) besteht. Die Pool-Konten mit den Tochtergesellschaften haben sich um TEUR 5 verringert und die liquiden Mittel um TEUR 224 erhöht, sodass der Finanzmittelfonds insgesamt um TEUR 4.249 auf TEUR 29.102 zurückgegangen ist.

Kapitalflussrechnung

	2012 TEUR	Vorjahr TEUR
Cashflow aus laufender Geschäftstätigkeit	-1.973	10.011
Cashflow aus der Investitionstätigkeit	-1.630	-947
Cashflow aus der Finanzierungstätigkeit	-646	-6.499
Zahlungswirksame Veränderung des Finanzmittelfonds	-4.249	2.565

Die EUROVIA Beton GmbH ist über ihre Muttergesellschaft, die EUROVIA GmbH, Berlin, in den Konzernverbund der VINCI S.A. einbezogen. Die Geschäftsführung, die regelmäßig über die Situation der VINCI S.A. informiert wird, geht von einer gesicherten Finanzierung der Gesellschaft aus.

Zum Zeitpunkt der Aufstellung des Lageberichtes ist die Vermögens-, Finanz- und Ertragslage der Gesellschaft geordnet.

Maßnahmen zur Risikofrüherkennung

Das bestehende Überwachungssystem zur Früherkennung möglicher bestandsgefährdender Risiken wurde anforderungsgerecht angewendet. Der informationstechnologische Ausbau sowie die geplante Verknüpfung bereits vorhandener Überwachungs- und Kontrollinstrumente zu einem integrierten Risikomanagementsystem und die Aufnahme in das bestehende Berichtswesen der EUROVIA-Gruppe sollen der EUROVIA Beton GmbH eine rechtzeitige Identifizierung von Frühwarnindikatoren ermöglichen.

Die Dokumentation und Einbindung dieser Instrumente in das Managementinformationssystem (InfoView) für die Geschäftsführung gewährleisten somit eine strategische und operative Steuerung von Risiken.

Die Information des Aufsichtsrates der EUROVIA Beton GmbH über mögliche Geschäftsrisiken und hier insbesondere über Projektrisiken, Risiken bei der Auftragsauswahl sowie der Auftragsabwicklung erfolgt im Rahmen der turnusmäßigen Aufsichtsratssitzungen.

Risiken aus Zahlungsstromschwankungen erkennen wir frühzeitig im Rahmen unseres Liquiditätsplanungssystems. Aufgrund des mit der EUROVIA GmbH geschlossenen Cash-Pool-Vertrags können wir jederzeit auf liquide Mittel zurückgreifen.

Das allgemeine Forderungsausfallrisiko ist aufgrund der Tatsache, dass die EUROVIA Beton GmbH weitgehend öffentliche Auftraggeber hat, relativ gering. Zur Sicherung der Forderungen gegen private Auftraggeber bedienen wir uns der Instrumente der Bürgschaften und Garantien.

Rechtliche Risiken: Risiken aus möglichen Rechts- oder Gesetzesverletzungen begrenzen wir durch Compliance-Programme, rechtliche Schulungsmaßnahmen und ein zentrales Vertragsmanagement.

Gegenwärtig sind über die durch Rückstellungen abgesicherten Risiken hinaus keine Risiken mit besonderem Einfluss auf die Vermögens-, Finanz- und Ertragslage bekannt.

Nachtragsbericht

Der Geschäftsführung sind keine Vorgänge von besonderer Bedeutung, die nach dem Schluss des Geschäftsjahres eingetreten sind, bekannt, die einen wesentlichen Einfluss auf die Vermögens-, Finanz- oder Ertragslage hätten.

Investitionen

Mit realisierten Investitionen in das Anlagevermögen von insgesamt TEUR 1.712 haben wir die notwendigen Maßnahmen ergriffen, um die Leistungsfähigkeit der operativen Einheiten zu bewahren. Den Sachanlagen und immateriellen Vermögensgegenständen von TEUR 5.135 stehen Abschreibungen von TEUR 1.960 gegenüber.

Mitarbeiter

Die Anzahl unserer Mitarbeiter verringerte sich im Geschäftsjahr von 647 auf 634 am 31. Dezember 2012. Die Beschäftigungsstruktur zum 31. Dezember 2012 stellte sich folgendermaßen dar: 383 gewerbliche Arbeitnehmer, 235 Angestellte und 16 Auszubildende.

Das Traineeprogramm wurde mit der Einstellung von zehn Trainees in die EUROVIA Beton GmbH weitergeführt.

Um die Qualifikation unserer Mitarbeiter den gestiegenen Anforderungen anzupassen, haben wir interne und externe Ausbildungs- und Schulungsmaßnahmen durchgeführt.

Unseren Mitarbeitern danken wir an dieser Stelle für den außerordentlichen Einsatz.

IV. Ausblick einschließlich Chancen und Risiken der zukünftigen Entwicklung

Die gesamtwirtschaftlich unsicheren Rahmenbedingungen im Zuge der Euro-Krise werden auch im Jahr 2013 weiter Bestand haben, trotzdem rechnet die deutsche Bauwirtschaft insgesamt mit positiven Zuwachsraten, besonders im Wohnungs- und Wirtschaftsbau. Der öffentliche Bausektor wird dagegen zunehmend von der hohen Staatsverschuldung und allgemein rückläufigen Infrastrukturinvestitionen belastet, wenngleich die gestiegenen Steuereinnahmen zu einer Entlastung führen können.

Ein erstes positives Signal resultiert aus der Ankündigung des Bundes, die Investitionen in die Verkehrswege um rd. Mio. EUR 600 aufzustocken. Die Bauausgaben der Kommunen werden sich nach dem Einbruch im Vorjahr voraussichtlich positiv entwickeln.

Positiveffekte könnten sich aus der Einführung der PKW-Maut ergeben, deren zeitliche Umsetzung jedoch nicht absehbar ist, sowie aus der zunehmenden Verschlechterung der Straßennetze insbesondere in Westdeutschland und dem damit verbundenen Nachholbedarf.

Die Anzahl der Beschäftigten im Bauhauptgewerbe wird sich, nach einem leichten Anstieg 2012, mit rund 750.000 gegenüber dem Vorjahr nur geringfügig verändern. Der Mangel an Bauingenieuren und an qualifiziertem Baufachpersonal wird aber auch 2013 weiterhin anhalten.

Als Reaktion auf die zunehmend schwierigeren Marktbedingungen ist mit Jahresbeginn 2013 eine Neustrukturierung aller in Deutschland tätigen Baugesellschaften der EUROVIA geplant. Die bisherigen Gesellschaften EUROVIA VBU GmbH und EUROVIA TEERBAU GmbH werden auf die EUROVIA Beton GmbH verschmolzen, welche anschließend in EUROVIA GmbH umbenannt werden soll.

Die weiterhin bestehenden EUROVIA-Niederlassungen werden in vier Regionaldirektionen und zwei Spezialdirektionen tätig sein. Vorrangiges Ziel dieser Neuorganisation ist, die Zusammenarbeit zwischen Bau und Industrie sowie den Know-how-Transfer der Niederlassungen untereinander in den jeweiligen Marktgebieten zu verbessern und somit von regionalen Wettbewerbsvorteilen zu profitieren.

Für die EUROVIA Beton GmbH gehen wir in Anbetracht der eher negativen Marktperspektiven von einem Rückgang der Leistung und der Stabilisierung des betrieblichen Ergebnisses im positiven Bereich aus. Einen wesentlichen Anteil werden weiterhin die Baumaßnahmen A-Modell A5 und A9 Lederhose einnehmen. Die Geschäftsführung erwartet 2013 eine Leistung größer Mio. EUR 150 und ein positives operatives Ergebnis; das Gleiche gilt auch für 2014.

Niederlassung Betonstraßenbau:

Für das Jahr 2013 wird mit einer Verbesserung des Ergebnisses gerechnet. In der Zweigstelle Großprojekte wird die Abwicklung der Großprojekte A5 Malsch-Offenburg und A9 Lederhose wie im Jahr 2012 zur Auslastung der Kapazitäten erheblich beitragen.

Niederlassung TECO Schallschutz:

Es wird mit einer Stabilisierung der Leistung und trotz der Verschärfung des Wettbewerbes weiterhin mit einem guten Ergebnis für das Jahr 2013 gerechnet.

Die Auslastung der Kapazitäten für das kommende Geschäftsjahr ist zu 70 % gesichert. Niederlassung Abbruch und Erdbau:

Die Ende 2012 eingeführten Umstrukturierungsmaßnahmen und die damit einhergehende Schließung der Zweigniederlassung Abbruch Süd haben sowohl eine Reduzierung des Leistungsumfanges und eine Verbesserung der Rentabilität in den beiden Sparten Abbruch als auch Erdbau zum Zweck.

Die kleinere effizientere neue Struktur sollte künftig die im Jahre 2012 eingetretenen Verluste erheblich reduzieren.

Niederlassung Ingenieurbau:

Auf einem schwierigen Markt wird mit einer Stabilisierung der Leistung und des Ergebnisses gerechnet.

Niederlassung Bauwerkinstandsetzung:

In Anbetracht eines immer größer werdenden Bedarfs an Bauwerksanierung werden sich die Leistung und das Ergebnis für das Jahr 2013 weiter positiv entwickeln.

Risiken in der wirtschaftlichen Entwicklung bestehen aus Sicht der Geschäftsführung insbesondere darin, dass sich die Nachfrage der Kommunen und Gemeinden durch die negative Entwicklung der Haushaltssituation kurz- und mittelfristig rückläufig entwickeln könnte. Der zukünftige Erfolg der Gesellschaft in den Jahren ab 2014 hängt zudem stark von der Akquirierung von Großaufträgen im Anschluss an die derzeit durchgeführten Projekte bei den BAB A5 und A9 ab.

Ein großes Potenzial sieht die Gesellschaft in der weiteren Akquirierung von sog. PPP-Projekten. Insbesondere der Ausbau von Autobahnabschnitten sowie die Erhaltung von Straßennetzen anderer Straßenbauträger im Rahmen langfristiger Verträge können dazu beitragen, dass sich die Auftragslage weiter verbessert und die Auslastung der vorhandenen Kapazitäten gesichert wird.

Berlin, den 14. Februar 2013

Die Geschäftsführung

Tim Lorenz

Torsten Macko

Bilanz zum 31. Dezember 2012

Aktiva

	31.12.2012 EUR	Vorjahr EUR
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände
Entgeltlich erworbene gewerbliche Schutzrechte und ähnliche Rechte und Werte	17.112,00	12.172,00
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken	418.708,65	426.522,65
2. technische Anlagen und Maschinen	3.530.632,00	4.314.140,00
3. andere Anlagen, Betriebs- und Geschäftsausstattung	767.545,00	719.439,00
4. geleistete Anzahlungen und Anlagen im Bau	401.580,00	0,00
	5.118.465,65	5.460.101,65
III. Finanzanlagen
Anteile an verbundenen Unternehmen	460.564,59	460.564,59
	5.596.142,24	5.932.838,24
B. Umlaufvermögen
1. Vorräte
1. Roh-, Hilfs- und Betriebsstoffe	1.885.844,79	1.538.889,76
2. unfertige Erzeugnisse	415.076,92	721.912,27
3. nicht abgerechnete Bauleistungen	66.124.308,58	61.495.140,95
./. erhaltene Abschlagszahlungen	-63.199.632,57	-57.211.975,66
4. fertige Erzeugnisse	1.171.192,89	430.933,38
	6.396.790,61	6.974.900,70
II. Forderungen und sonstige Vermögensgegenstände
1. Forderungen aus Lieferungen und Leistungen	7.014.126,40	5.632.152,81
2. Forderungen gegen Arbeitsgemeinschaften	7.647.736,82	4.804.352,86
3. Forderungen gegen verbundene Unternehmen	799.020,94	626.732,38
4. Forderungen gegen Gesellschafter	28.427.305,73	32.894.525,29
5. sonstige Vermögensgegenstände	1.034.020,37	860.220,80
	44.922.210,26	44.617.984,14
III. Kassenbestand, Guthaben bei Kreditinstituten	1.105.479,96	882.592,33
	52.424.480,83	52.675.477,17
	58.020.623,07	58.608.315,41
Passiva
	31.12.2012 EUR	Vorjahr EUR
A. Eigenkapital
I. Gezeichnetes Kapital	2.000.000,00	2.000.000,00
II. Kapitalrücklage	6.000.000,00	6.000.000,00
III. Gewinnrücklagen
Andere Gewinnrücklagen	57.356,35	57.356,35
IV. Jahresergebnis	0,00	0,00
	8.057.356,35	8.057.356,35
B. Rückstellungen
Sonstige Rückstellungen	7.680.717,51	6.401.799,36
C. Verbindlichkeiten
1. erhaltene Anzahlungen auf Bestellungen	5.689.411,70	7.487.771,75
2. Verbindlichkeiten aus Lieferungen und Leistungen	17.908.266,39	17.918.194,34
3. Verbindlichkeiten gegenüber Arbeitsgemeinschaften	14.407.194,03	12.703.953,30
4. Verbindlichkeiten gegenüber verbundenen Unternehmen	1.749.432,18	3.089.108,19
5. Verbindlichkeiten gegenüber Gesellschaftern	32.144,52	20.073,19
6. sonstige Verbindlichkeiten	2.496.100,39	2.930.058,93
	42.282.549,21	44.149.159,70
	58.020.623,07	58.608.315,41

Gewinn- und Verlustrechnung für die Zeit vom 1. Januar bis 31. Dezember 2012

	2012 EUR	Vorjahr EUR
1. Umsatzerlöse	127.145.791,34	154.597.885,07
2. Erhöhung/Verminderung (-) des Bestands an nicht abgerechneten Bauleistungen sowie fertigen und unfertigen Erzeugnissen	5.062.591,79	-14.336.454,80
3. sonstige betriebliche Erträge	3.153.240,50	4.750.251,42
	135.361.623,63	145.011.681,69
4. Materialaufwand
a) Aufwendungen für Roh-, Hilfs- und Betriebsstoffe	36.347.407,27	36,400.738,15
b) Aufwendungen für bezogene Leistungen	48.781.834,64	55.553.155,62
	85.129.241,91	91.953.893,77
5. Personalaufwand
a) Löhne und Gehälter	24.996.637,71	26.049.592,77
b) soziale Abgaben	7.245.510,80	6.022.050,86
	32.242.148,51	32.071.643,63
6. Abschreibungen auf immaterielle Vermögensgegenstände des Anlagevermögens und Sachanlagen	1.960.052,06	2.280.793,87
7. sonstige betriebliche Aufwendungen	15.394.441,47	12.485.404,61
8. Erträge aus Gewinnabführungsverträgen	72.088,96	187.085,29
davon aus verbundenen Unternehmen: EUR 72.088,96 (Vorjahr: TEUR 187)
9. sonstige Zinsen und ähnliche Erträge	98.799,14	216.092,01
davon aus verbundenen Unternehmen: EUR 93.411,29 (Vorjahr: TEUR 198)
10. Aufwendungen aus Verlustübernahmen
davon an verbundene Unternehmen: EUR 40.073,78 (Vorjahr: TEUR 0)	40.073,78	0,00
11. Zinsen und ähnliche Aufwendungen	13.663,77	23.043,76
davon an verbundene Unternehmen: EUR 1.920,34 (Vorjahr: TEUR 4)
12. Ergebnis der gewöhnlichen Geschäftstätigkeit	752.890,23	6.600.079,35
13. Steuern vom Einkommen und vom Ertrag	0,00	-3.823,04
14. sonstige Steuern	106.902,90	104.688,12
15. aufgrund eines Gewinnabführungsvertrages abgeführte Gewinne	645.987,33	6.499.214,27
16. Jahresergebnis	0,00	0,00

Anhang für das Geschäftsjahr 2012

Allgemeine Angaben

Die Gesellschaft ist ein Tochterunternehmen der EUROVIA GmbH, Berlin. Mit der Muttergesellschaft besteht ein Beherrschungs- und Gewinnabführungsvertrag analog § 291 AktG.

Der Jahresabschluss wurde auf der Grundlage des Handelsgesetzbuches für große Kapitalgesellschaften und nach dem GmbHG aufgestellt.

Wie in der Bauwirtschaft üblich, sind bei den Vorräten die erhaltenen Abschlagszahlungen offen von den nicht abgerechneten Bauleistungen abgesetzt sowie die Forderungen gegen und Verbindlichkeiten gegenüber Arbeitsgemeinschaften gesondert vermerkt.

Bilanzierungs- und Bewertungsgrundsätze

Entgeltlich erworbene immaterielle Vermögensgegenstände werden zu Anschaffungskosten, vermindert um planmäßige lineare Abschreibungen, bilanziert.

Die Sachanlagen sind mit Anschaffungskosten, vermindert um planmäßige Abschreibungen, bilanziert. Bewegliche Sachanlagen werden grundsätzlich mit den steuerlich zulässigen Sätzen linear abgeschrieben. Die geringwertigen Anlagegüter (bis 2007 und ab 2010: bis EUR 410,00; 2008 und 2009: bis EUR 150,00) werden im Jahr der Anschaffung voll abgeschrieben bzw. aufwandswirksam erfasst. Die Regelung der Jahre 2008 und 2009, bei der bewegliche Sachanlagen mit Anschaffungskosten zwischen EUR 150,01 und EUR 1.000,00 als Sammelposten über fünf Jahre abgeschrieben werden, ist nicht mehr umgesetzt worden. Lediglich die Abschreibung läuft entsprechend weiter.

Die immateriellen Vermögensgegenstände werden über einen Zeitraum von drei bis vier Jahren und die Sachanlagen über einen Zeitraum von drei bis acht Jahren abgeschrieben.

Die Finanzanlagen werden zu Anschaffungskosten angesetzt.

Die Bewertung der Roh-, Hilfs- und Betriebsstoffe erfolgt zu durchschnittlichen Anschaffungskosten unter Beachtung des Niederstwertprinzips am Bilanzstichtag.

Nicht abgerechnete Bauleistungen sowie die unfertigen und fertigen Erzeugnisse werden zu Herstellungskosten oder niedrigeren anteiligen Leistungswerten am Bilanzstichtag bewertet; für Verluste aus der Auftragsabwicklung ist erforderlichenfalls eine weitere Abwertung vorgenommen worden. Diese ist auf Projekte mit einem Auftragswert höher als TEUR 200 und einer Verlusterwartung über TEUR 10 beschränkt. Bei der Ermittlung der Herstellungskosten werden neben den direkt zurechenbaren Kosten auch angemessene notwendige Baustellengemeinkosten sowie Teile der allgemeinen Verwaltungskosten einschließlich anteiliger Abschreibungen berücksichtigt. Bei den Lohn- und Gerätekosten sowie Gemeinkosten handelt es sich um Standardkosten, im Übrigen um IST-Kosten.

Erhaltene Abschlagszahlungen sind zum Nennwert angesetzt.

Das unter den sonstigen Vermögensgegenständen ausgewiesene Körperschaftsteuerguthaben ist mit dem Barwert (Zinssatz: 5,5 %) angesetzt. Im Übrigen erfolgt die Bewertung der Forderungen und sonstigen Vermögensgegenstände zum Nennwert. Dem Ausfallrisiko wird durch Einzelwertberichtigungen zu Forderungen Rechnung getragen.

Die sonstigen Rückstellungen werden in Höhe des Erfüllungsbetrages angesetzt, der nach vernünftiger kaufmännischer Beurteilung notwendig ist. Die sonstigen Rückstellungen mit einer Laufzeit von mehr als einem Jahr werden mit fristadäquaten Zinssätzen abgezinst, die von der Deutschen Bundesbank bekannt gegeben worden sind. Für die Abzinsung der Rückstellungen betragen die Zinssätze für 2012 je nach Restlaufzeit 3,71 % bis 3,82 % (Vorjahr: 3,81 % bis 4,09 %).

Verbindlichkeiten sind mit ihrem Erfüllungsbetrag angesetzt.

Latente Steuern sind nicht zu bilanzieren, da die EUROVIA Beton GmbH als Organgesellschaft kein eigenes steuerpflichtiges Einkommen erzielt und kein Steuerschuldner ist.

Umsatzerlöse und Ergebnisse aus Arbeitsgemeinschaften werden zum Zeitpunkt der (Teil-) Abnahme/Verkehrsfreigabe des Bauvorhabens vereinnahmt. Drohende Verluste aus nicht abgerechneten Arbeitsgemeinschaften werden durch Wertberichtigungen auf Forderungen, Verbindlichkeiten oder Rückstellungen berücksichtigt.

Erläuterung zur Bilanz

(1) Anlagevermögen

Die Aufgliederung der in der Bilanz der EUROVIA Beton GmbH zusammengefassten Anlagepositionen und ihre Veränderung im Geschäftsjahr 2012 ist in der beigefügten "Entwicklung des Anlagevermögens" dargestellt.

Zu den Investitionen erhält der Lagebericht nähere Ausführungen.

Der Anteilsbesitz setzt sich zum Bilanzstichtag wie folgt zusammen:

	Anteil am direkt %	Kapital insgesamt %	Eigenkapital TEUR	Jahresergebnis TEUR
Verbundene Unternehmen
Entsorgungsgesellschaft mbH Guttau, Guttau	100,00	100,00	494	0 ¹⁾
Säth AS Baugesellschaft mbH, Magdeburg (vormals Dresden)	100,00	100,00	26	0 ¹⁾

¹⁾ Ergebnisübernahmevertrag mit EURO VIA Beton GmbH, Berlin

(2) Vorräte

Die erhaltenen Abschlagszahlungen werden je Einzelauftrag bis zur Höhe der Mittelbindung von den nicht abgerechneten Bauleistungen offen abgesetzt; darüber hinausgehende Anzahlungen sind unter den Verbindlichkeiten ausgewiesen.

Im Rahmen der verlustfreien Bewertung sind auch die Verluste, die sich aus der Fortführung der zum Bilanzstichtag noch nicht fertig gestellten Baumaßnahmen voraussichtlich ergeben werden, aktivisch soweit über die Bauaufwendungen noch abgedeckt - abgesetzt worden.

(3) Forderungen und sonstige Vermögensgegenstände

Bei den Forderungen aus Lieferungen und. Leistungen handelt es sich um Ansprüche aus teilschluss- und schlussgerechneten Projekten.

Die Forderungen gegen Arbeitsgemeinschaften (TEUR 7.648; Vorjahr: TEUR 4.804), ggf. abzüglich drohender Verlustübernahmen, setzen sich aus Gesellschafterleistungen, Gewinnansprüchen und aus laufender Verrechnung mit Gemeinschaftsbaustellen zusammen.

Die Forderungen gegen verbundene Unternehmen (TEUR 799; Vorjahr: TEUR 627) betreffen Forderungen aus dem Lieferungs- und Leistungsverkehr (TEUR 799; Vorjahr: TEUR 450) sowie im Vorjahr aus dem Cash-Pooling in Höhe von TEUR 177.

Die Forderungen gegen Gesellschafter, die zugleich Forderungen gegen verbundene Unternehmen sind, betreffen Forderungen aus dem Cash-Pooling (TEUR 28.427; Vorjahr: TEUR 32.895).

Die sonstigen Vermögensgegenstände enthalten weitgehend Forderungen im Rahmen der sozialen Sicherheit (TEUR 564; Vorjahr: TEUR 586), vor allem gegen die Urlaubskasse des deutschen Baugewerbes, Forderungen an Lieferanten im Rahmen des Lieferungs- und Leistungsverkehrs (TEUR 130; Vorjahr: TEUR 185), Forderungen an die Finanzverwaltung (TEUR 29; Vorjahr: TEUR 38) sowie andere Forderungen außerhalb des Lieferungs- und Leistungsverkehrs.

Alle Forderungen und sonstigen Vermögensgegenstände haben wie im Vorjahr eine Restlaufzeit von bis zu einem Jahr, mit Ausnahme des aktivierten Körperschaftsteuerguthabens (TEUR 19; Vorjahr: TEUR 26) bei den sonstigen Vermögensgegenständen.

(4) Kassenbestand, Guthaben bei Kreditinstituten

Hierunter sind Guthaben bei Kreditinstituten und Kassenbestände ausgewiesen.

(5) Gezeichnetes Kapital

Das voll eingezahlte Stammkapital der EUROVIA Beton GmbH beträgt unverändert TEUR 2.000 und wird zu 100 % von der EUROVIA GmbH, Berlin, gehalten.

Die Gesellschaft, die den Konzernabschluss für den größten und kleinsten Kreis von Unternehmen aufstellt, in den der Jahresabschluss der EUROVIA Beton GmbH einbezogen wird, ist die VINCI S.A., 1, Cours Ferdinand de Lesseps, F-92851 Rueil-Malmaison Cedex. Der nach den von der EU übernommenen IFRS aufgestellte Konzernabschluss wird in deutscher Sprache im elektronischen Bundesanzeiger (VINCI Deutschland GmbH, HRB 2995, Amtsgericht Ludwigshafen am Rhein) veröffentlicht werden. Aus diesem Grund ist die EUROVIA Beton GmbH gemäß § 291 HGB von der Verpflichtung, einen Konzernabschluss und einen Konzernlagebericht aufzustellen, befreit.

Der Ort der Offenlegung ist:

Greffe du Tribunal de Commerce de Nanterre 4, rue Pablo Neruda

F-92020 Nanterre Cedex

552 037 806 RCS Nanterre

(6) Kapitalrücklage

Die Kapitalrücklage in Höhe von EUR 6.000.000,00 blieb zum Vorjahr unverändert.

(7) Andere Gewinnrücklagen

Die anderen Gewinnrücklagen (EUR 57.356,35) ergaben sich aus der erstmaligen Anwendung des BilMoG und resultieren aus Abzinsungseffekten zum 1. Januar 2010.

(8) Rückstellungen

Die sonstigen Rückstellungen setzen sich wie folgt zusammen:

	31.12.2012 TEUR	31.12.2011 TEUR
Personal- und Sozialbereich	4.019	2.710
Gewährleistung	1.531	1.863
Drohende Verluste	1.219	953
Schadensersatz- und Prozesskosten	501	378
Lieferungs- und Leistungsverkehr	410	448
Übrige	1	50
	7.681	6.402

Die Rückstellung für Gewährleistung enthält einerseits die Abgrenzung für einzelne Gewährleistungsansprüche sowie andererseits die Pauschalgewährleistungsrückstellung in Höhe von 0,3 % der Leistung der letzten beiden Jahre.

In den Rückstellungen für drohende Verluste sind die voraussichtlichen Verluste aus der Fortführung der am Bilanzstichtag noch nicht fertig gestellten Baumaßnahmen enthalten, soweit sie die aktivierten Bauaufwendungen übersteigen.

(9) Verbindlichkeiten

Unter den erhaltenen Anzahlungen auf Bestellungen sind Vorauszahlungen für von uns noch zu erbringende Leistungen passiviert. Daneben werden hier erhaltene Abschlagszahlungen ausgewiesen, soweit sie im Einzelfall die aktivierten Herstellungskosten der nicht abgerechneten Bauleistungen übersteigen.

Die Verbindlichkeiten gegenüber Arbeitsgemeinschaften (TEUR 14.407; Vorjahr: TEUR 12.704) setzen sich aus laufender Verrechnung mit Gemeinschaftsbaustellen abzüglich Gesellschafterleistungen zusammen. Zum 31. Dezember 2012 enthält der Posten zudem von mehreren Arbeitsgemeinschaften erhaltene Anzahlungen in Höhe von TEUR 12.338 (Vorjahr: TEUR 9.907).

Die Verbindlichkeiten gegenüber verbundenen Unternehmen (TEUR 1.750; Vorjahr: TEUR 3.089) betreffen Verbindlichkeiten aus dem Cash-Pooling (TEUR 431; Vorjahr: TEUR 603), aus Umsatzsteuerverrechnungen mit dem Organträger (TEUR 843; Vorjahr: TEUR 1.973) sowie den Lieferungs- und Leistungsverkehr (TEUR 476; Vorjahr: TEUR 513).

Die Verbindlichkeiten gegenüber Gesellschafter, die zugleich Verbindlichkeiten gegenüber verbundenen Unternehmen sind (TEUR 32; Vorjahr: TEUR 20), resultieren aus dem Lieferungs- und Leistungsverkehr.

Die sonstigen Verbindlichkeiten enthalten neben den Verbindlichkeiten im Rahmen der sozialen Sicherheit (TEUR 570; Vorjahr: TEUR 692), Steuerschulden (TEUR 354; Vorjahr: TEUR 264) und Verpflichtungen aus der Lohn- und Gehaltsabrechnung sowie andere kurzfristig fällige Beträge.

Die Verbindlichkeiten haben wie im Vorjahr eine Restlaufzeit von unter einem Jahr und sind unbesichert.

(10) Haftungsverhältnisse, nicht in der Bilanz enthaltene Geschäfte und sonstige finanzielle Verpflichtungen

Haftungsverhältnisse

Als Gesellschafter von Arbeitsgemeinschaften haften wir gesamtschuldnerisch.

Die Pensionsverpflichtungen gegenüber den ehemaligen TEERBAU-Mitarbeitern, die in die EUROVIA Beton GmbH übergegangen sind, werden laut Konzernvereinbarung vom 3. Juli 2003 nicht wie nach § 613a BGB, § 6a EStG und § 249 HGB üblich bei der EUROVIA Beton GmbH gebildet, sondern weiterhin bei der TEERBAU GmbH. Nach dieser Vereinbarung haftet im Innenverhältnis allein die TEERBAU GmbH für die Erfüllung der Versorgungsverpflichtungen. Im Außenverhältnis haftet die EUROVIA Beton GmbH neben der TEERBAU GmbH insbesondere gegenüber den versorgungsberechtigten Mitarbeitern, gegenüber deren Hinterbliebenen und gegenüber dem Pensions-Sicherungs-Verein (PSV). Die Zuführungen zu den Pensionsrückstellungen werden für aktive Mitarbeiter der TEERBAU GmbH von der EUROVIA Beton GmbH erstattet. 2012 sind Pensionsumlagen von TEUR 11 (Vorjahr: TEUR 2) entstanden. Die finanziellen Verpflichtungen aus dem Schuldbeitritt betragen zum 31. Dezember 2012 TEUR 226 (Vorjahr: TEUR 238).

Aus den oben genannten Haftungsverhältnissen werden wir aufgrund des Einblicks in die wirtschaftliche Situation der Konzerngesellschaften und Arbeitsgemeinschaften mit überwiegender Wahrscheinlichkeit nicht in Anspruch genommen werden.

Nicht in der Bilanz enthaltene Geschäfte und sonstige finanzielle Verpflichtungen

	31.12.2012 TEUR	31.12.2011 TEUR
Verpflichtungen aus Leasing-, Miet- und Pachtverträgen
- fällig im 1. Folgejahr	1.615	1.589
- fällig im 2. bis 5. Folgejahr	1.926	1.640
fällig nach dem 5. Folgejahr	50	39
	3.591	3.268
davon gegenüber verbundenen Unternehmen	664	334

Der Nutzung eines Teils unserer Sachanlagen liegen Operating-Leasingverträge zugrunde. Dies trägt auch zur Verringerung der Kapitalbindung bei und belässt das Investitionsrisiko beim Leasinggeber

Die Leasingverträge haben im Durchschnitt eine Restlaufzeit von drei bis fünf Jahren und fuhren zu einem jährlichen Leasingaufwand in Höhe von Mio. EUR 1,2.

Erläuterungen zu der Gewinn- und Verlustrechnung

(11) Umsatzerlöse

Bei den Umsatzerlösen handelt es sich im Wesentlichen um abgerechnete eigene Projekte, Erlöse aus Gestellungen an Arbeitsgemeinschaften, anteilige abgerechnete Ergebnisse von Arbeitsgemeinschaften sowie abgerechnete Leistungen an verbundene Unternehmen.

Aus Gründen der besseren Aussagekraft bringen wir eine Aufteilung der im Geschäftsjahr erbrachten Leistung nach Segmenten, die unter anderem auch die anteiligen Leistungen der Arbeitsgemeinschaften enthält:

	2012 TEUR	2011 TEUR
Ingenieurbau	40.475	43.400
Betonstraßenbau	39.027	37.007
Schallschutz	30.687	29.315
Abbruch- und Erdbau	39.324	35.434
Bauwerkinstandsetzung	22.144	21.181
Gesamtleistung	171.657	166.337
Betriebsleistung lt. Gewinn- und Verlustrechnung	135.362	145.012

Von der Gesamtleistung wurden TEUR 171.617 (Vorjahr: TEUR 164.950) im Inland und TEUR 40 (Vorjahr: TEUR 1.387) im Ausland erbracht.

(12) Sonstige betriebliche Erträge

In diesem Posten sind Erträge aus der Weiterberechnung von Kosten an verbundene Unternehmen und Arbeitsgemeinschaften (TEUR 1.882; Vorjahr: TEUR 1.963), Versicherungsentschädigungen (TEUR 45; Vorjahr: TEUR 65), Auflösung bzw. Veränderung von Rückstellungen (TEUR 430; Vorjahr: TEUR 183) , Erträge aus dem Abgang von Gegenständen des Anlagevermögens (TEUR 25; Vorjahr: TEUR 195), Vermietung und Verpachtung (TEUR 41; Vorjahr: TEUR 39) und übrige Erträge - insbesondere Kostenweiterberechnungen an Dritte - (TEUR 730; Vorjahr: TEUR 2.306) ausgewiesen.

(13) Materialaufwand

Im Materialaufwand sind die Aufwendungen für Roh-, Hilfs- und Betriebsstoffe sowie Aufwendungen für bezogene Leistungen enthalten. Unter den bezogenen Leistungen werden insbesondere Gerätemieten und Nachunternehmer- und Hilfsleistungen ausgewiesen. Aufgrund der jederzeitig guten Bonität der Gesellschaft konnten Skontoerträge von TEUR 794 (Vorjahr: TEUR 637) erfasst werden.

(14) Personalaufwand/Mitarbeiter

Mitarbeiter (Jahresdurchschnitt)

	2012	2011
Gewerbliche Arbeitnehmer	400	414
Angestellte	237	224
	637	638
Auszubildende	16	17
	653	655

(15) Sonstige betriebliche Aufwendungen

Die sonstigen betrieblichen Aufwendungen enthalten im Wesentlichen Aufwendungen für Dienstleistungen der Muttergesellschaft und der EUROVIA Services GmbH (TEUR 4.708; Vorjahr: TEUR 4.298), Rechts- und Beratungskosten (TEUR 830; Vorjahr: TEUR 729), Mieten und Pachten (TEUR 910; Vorjahr: TEUR 1.098), Reise- und Werbekosten (TEUR 719; Vorjahr: TEUR 793), Versicherungen und Beiträge (TEUR 693; Vorjahr: TEUR 654), Verlustübernahmen von Arbeitsgemeinschaften (TEUR 3.034; Vorjahr: TEUR 428), Personalgestellung der EUROVIA GmbH (TEUR 308; Vorjahr: TEUR 218) und Verluste aus dem Abgang von Gegenständen des Anlagevermögens (TEUR 32; Vorjahr: TEUR 37).

(16) Zinsergebnis

Im Zinsergebnis ist folgender Betrag aus der Aufzinsung enthalten:

• TEUR 7 (Vorjahr: TEUR 19) Zinsaufwand aus der Aufzinsung langfristiger sonstiger Rückstellungen

(17) Steuern

Die sonstigen Steuern enthalten Kraftfahrzeug- und Grundsteuer.

Sonstige Angaben

Die Gesellschaft hat keine direkten Aufwendungen im Zusammenhang mit Abschlussprüferhonoraren. Die Aufwendungen werden von der EUROVIA Services GmbH getragen und innerhalb der Dienstleistungsumlage weiterbelastet. Darin enthalten sind Honorare für die Prüfung des Jahresabschlusses in Höhe von ca. TEUR 47.

Der Jahresüberschuss vor Ergebnisabführung in Höhe von TEUR 646 (Vorjahr: TEUR 6.499) wurde lt. Beherrschungs- und Gewinnabführungsvertrag an die EUROVIA GmbH abgeführt.

Gesamtbezüge des Aufsichtsrats und der Geschäftsführung

Die Geschäftsführer erhalten von der EUROVIA Beton GmbH keine Bezüge. Die Bezüge des Aufsichtsrates betrugen TEUR 19 (Vorjahr: TEUR 20).

Organe der Gesellschaft:

Aufsichtsrat

•	Herr Dipl.-Ing. Uwe Arand (Vorsitzender), Geschäftsführer der EUROVIA GmbH
•	Herr Wolfgang Schubert (stellvertretender Vorsitzender), Meister
•	Herr Hartmut Emde, Oberbauleiter
•	Herr Dipl.-Ing. Dominique Collomp, Directeur General Adjoint der EUROVIA S.A.
•	Herr Dipl.-Ing. Bernd Lange, Geschäftsführer der EUROVIA GmbH
•	Herr Dipl.-Ing. Gerhard Meyer, Geschäftsführer der EUROVIA GmbH

Geschäftsführung

Die Gesellschaft wurde im Geschäftsjahr durch die folgenden Geschäftsführer vertreten:

•	Herr Dipl.-Ing. Torsten Macko, Heidelberg, Ingenieur, Vorsitzender der Geschäftsführung
•	Herr Tim Lorenz, Berlin, Kaufmann

Berlin, den 14. Februar 2013

Die Geschäftsführung

Torsten Macko

Tim Lorenz

Entwicklung des Anlagevermögens

	Anschaffungskosten
	Vortrag 1.1.2012 EUR	Zugänge EUR	Abgänge EUR	Stand 31.42.2012 EUR
I. Immaterielle Vermögensgegenstände
Entgeltlich erworbene gewerbliche Schutzrechte und ähnliche Rechte und Werte	92.911,99	8.684,39	0,00	101.596,38
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken	569.571,13	0,00	0,00	569.571,13
2. technische Anlagen und Maschinen	21.609.429,04	1.030.277,02	629.902,56	22.009.803,50
3. andere Anlagen, Betriebs- und Geschäftsausstattung	3.052.846,97	271.948,65	109.663,09	3.215.132,53
4. geleistete Anzahlungen und Anlagen im Bau	0,00	401.580,00	0,00	401.580,00
	25.231.847,14	1.703.805,67	739.565,65	26.196.087,16
III. Finanzanlagen
Anteile an verbundenen Unternehmen	460.564,59	0,00	0,00	460.564,59
	25.786.323,72	1.712.490,06	739.565,65	26.755.248,13

	Kumulierte Abschreibungen
	Vortrag 1.1.2012 EUR	Abschreibungen des Geschäftsjahres EUR	Abgänge EUR	Stand 31.12.2012 EUR
I. Immaterielle Vermögensgegenstände
Entgeltlich erworbene gewerbliche Schutzrechte und ähnliche Rechte und Werte	80.730,99	3.744,39	0,00	84.484,38
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken	143.048,48	7.814,00	0,00	150.862,48
2. technische Anlagen und Maschinen	17.295.289,04	1.724.651,02	540.768,56	18.479.171,50
3. andere Anlagen, Betriebs- und Geschäftsausstattung	2.333.467,97	223.842,65	109.663,09	2.447.587,53
4. geleistete Anzahlungen und Anlagen im Bau	0,00	0,00	0,00	0,00
	19.771.745,49	1.956.307,67	650.431,65	21.077.621,51
III. Finanzanlagen
Anteile an verbundenen Unternehmen	0,00	0,00	0,00	0,00
	19.852.485,48	1.960.052,06	650.431,65	21.162.105,89

	Buchwerte
	31.12.2012 EUR	31.12.2011 EUR
I. Immaterielle Vermögensgegenstände
Entgeltlich erworbene gewerbliche Schutzrechte und ähnliche Rechte und Werte	17.112,00	12.172,00
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken	418.788,65	426.522,65
2. technische Anlagen und Maschinen	3.530.632,00	4.314.140,00
3. andere Anlagen, Betriebs- und Geschäftsausstattung	767.545,00	719.439,00
4. geleistete Anzahlungen und Anlagen im Bau	401.580,00	0,00
	5.118.465,65	5.460.101,65
III. Finanzanlagen
Anteile an verbundenen Unternehmen	460.564,59	466.564,59
	5.596.142,24	5.932.838,24

Bestätigungsvermerk des Abschlussprüfers

Wir haben den Jahresabschluss - bestehend aus Bilanz, Gewinn- und Verlustrechnung sowie Anhang - unter Einbeziehung der Buchführung und den Lagebericht der EUROVIA Beton GmbH, Berlin, für das Geschäftsjahr vom 1. Januar bis 31. Dezember 2012 geprüft. Die Buchführung und die Aufstellung von Jahresabschluss und Lagebericht nach den deutschen handelsrechtlichen Vorschriften liegen in der Verantwortung der Geschäftsführung der Gesellschaft. Unsere Aufgabe ist es, auf der Grundlage der von uns durchgeführten Prüfung eine Beurteilung über den Jahresabschluss unter Einbeziehung der Buchführung und über den Lagebericht abzugeben.

Wir haben unsere Jahresabschlussprüfung gemäß § 317 HGB unter Beachtung der vom Institut der Wirtschaftsprüfer festgestellten deutschen Grundsätze ordnungsmäßiger Abschlussprüfung vorgenommen. Danach ist die Prüfung so zu planen und durchzuführen, dass Unrichtigkeiten und Verstöße, die sich auf die Darstellung des durch den Jahresabschluss unter Beachtung der Grundsätze ordnungsmäßiger Buchführung und durch den Lagebericht vermittelten Bildes der Vermögens-, Finanz- und Ertragslage wesentlich auswirken, mit hinreichender Sicherheit erkannt werden. Bei der Festlegung der Prüfungshandlungen werden die Kenntnisse über die Geschäftstätigkeit und über das wirtschaftliche und rechtliche Umfeld der Gesellschaft sowie die Erwartungen über mögliche Fehler berücksichtigt. Im Rahmen der Prüfung werden die Wirksamkeit des rechnungslegungsbezogenen internen Kontrollsystems sowie Nachweise für die Angaben in Buchführung, Jahresabschluss und Lagebericht überwiegend auf der Basis von Stichproben beurteilt. Die Prüfung umfasst die Beurteilung der angewandten Bilanzierungsgrundsätze und der wesentlichen Einschätzungen der Geschäftsführung sowie die Würdigung der Gesamtdarstellung des Jahresabschlusses und des Lageberichts. Wir sind der Auffassung, dass unsere Prüfung eine hinreichend sichere Grundlage für unsere Beurteilung bildet.

Unsere Prüfung hat zu keinen Einwendungen geführt.

Nach unserer Beurteilung aufgrund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Jahresabschluss der EUROVIA Beton GmbH, Berlin, den gesetzlichen Vorschriften und vermittelt unter Beachtung der Grundsätze ordnungsmäßiger Buchführung ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft. Der Lagebericht steht in Einklang mit dem Jahresabschluss, vermittelt insgesamt ein zutreffendes Bild von der Lage der Gesellschaft und stellt die Chancen und Risiken der zukünftigen Entwicklung zutreffend dar.

Berlin, den 12. März 2013

Deloitte & Touche GmbH
Wirtschaftsprüfungsgesellschaft

Lammers, Wirtschaftsprüferin

Sommerfeld, Wirtschaftsprüfer

Niederschrift über die ordentliche Gesellschafterversammlung

der EUROVIA Beton GmbH mit dem Sitz: in Berlin

Als alleinige Gesellschafterin der EUROVIA Retail GmbH, Berlin hält die Unterzeichnete unter Verzicht auf alle nicht zwingenden gesetzlichen gesellschaftsvertragliche Form- und Fristvorschriften der Ladung und Einberufung eine ordentliche Gesellschafterversammlung ab und beschließt:

1. Der Jahresabschluss sowie der Lagebericht für das Geschäftsjahr 2012 die von der Wirtschaftsprüfungsgesellschaft Deloitte Touche GmbH, Düsseldorf, geprüft und mit dem uneingeschränkten Bestätigungsvermerk versehen worden sind, liegen ebenso wie der Prüfungsbericht des Abschlussprüfers und der Bericht des Aufsichtsrates vor. Der Jahresabschluss wird wie vorgelegt festgestellt.

2. Die Gewinn- und Verlustrechnung für das Geschäftsjahr 2012 weist nach Abführung des Jahresüberschusses ^.von EUR 645.987,33 an die Muttergesellschaft aufgrund des bestehenden Beherrschungs- und Gewinnabführungsvertrages ein ausgeglichenes aus, so das sich ein besonderer Ergebnisverwendungsbeschluss erübrigt.

3. Den Mitgliedern der Geschäftsführung und des Aufsichtsrats wird für das Geschäftsjahr 2012 Entlastung erteilt.

4. Die Summe der Aufsichtsratsvergütungen für das Geschäftsjahr 2012 beträgt EUR 20.604,86 einschließlich von der Gesellschaft zu erstattender Mehrwertsteuer.

Berlin, den 18. April 2013

EUROVIA GmbH

Bericht des Aufsichtsrates

der EUROVIA Beton GmbH

Der Aufsichtsrat der EUROVIA Beton GmbH hat die Geschäftsführung der Gesellschaft aufgrund mündlicher und schriftlicher Berichte der Geschäftsführung überwacht, die seiner Prüfung und Genehmigung unterliegenden Geschäfte behandelt sowie in seinen Sitzungen grundsätzliche Fragen und wichtige Einzelvorgänge erörtert.

Der Jahresabschluss für das Geschäftsjahr 2012 hat dem Aufsichtsrat vorgelegen. Er ist von dem Abschlussprüfer, der Wirtschaftsprüfungsgesellschaft Deloitte & Touche GmbH, Düsseldorf, geprüft und mit dem uneingeschränkten Bestätigungsvermerk versehen worden. Der Aufsichtsrat hat das Ergebnis der Prüfung, die keinen Anlass zu Beanstandungen gibt, gebilligt.

Nach dem Ergebnis der vom Aufsichtsrat vorgenommenen Prüfung des Jahresabschlusses und der in der Bilanzsitzung des Aufsichtsrates durchgeführten Erörterung sind Einwendungen nicht zu erheben.

Der Aufsichtsrat hat: daher den von der Geschäftsführung vorgelegten Jahresabschluss zum 31. Dezember 2012 gebilligt, so dass der Jahresabschluss festgestellt ist.

Berlin, den 18. April 2013

Der Aufsichtsrat

Uwe Arand, Vorsitzender

2d:Ta262,

EUROVIA Infrastructure GmbH (vormals: EUROVIA Beton GmbH)

Berlin

Jahresabschluss zum Geschäftsjahr vom 01.01.2023 bis zum 31.12.2023

Bilanz zum 31. Dezember 2023

EUROVIA Infrastructure GmbH, Berlin

Amtsgericht Charlottenburg HRB 116322 B

Aktiva

	31.12.2023 EUR	Vorjahr EUR
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände
Entgeltlich erworbene gewerbliche Schutzrechte und ähnliche Rechte und Werte	37.263,62	32.059,00
II. Sachanlagen
1. Grundstücke, grundstücksgleiche Rechte und Bauten einschließlich der Bauten auf fremden Grundstücken	39.827,45	1.000,00
2. technische Anlagen und Maschinen	4.145.383,51	3.266.820,00
3. andere Anlagen, Betriebs- und Geschäftsausstattung	322.651,61	396.705,00
4. geleistete Anzahlungen und Anlagen im Bau	0,00	232.120,00
	4.507.862,57	3.896.645,00
III. Finanzanlagen
Anteile an verbundenen Unternehmen	435.000,00	435.000,00
	4.980.126,19	4.363.704,00
B. Umlaufvermögen
I. Vorräte
1. Roh-, Hilfs- und Betriebsstoffe	5.605.058,98	9.070.135,59
2. unfertige Erzeugnisse	2.122.726,85	3.203.457,67
3. Unfertige Bauleistungen	185.882.835,06	142.360.415,63
4. Erhaltene Anzahlungen	-185.882.835,06	-133.292.407,57
5. fertige Erzeugnisse	1.228.653,90	848.380,37
	8.956.439,73	22.189.981,69
II. Forderungen und sonstige Vermögensgegenstände
1. Forderungen aus Lieferungen und Leistungen	2.181.022,19	3.188.321,54
2. Forderungen gegen Arbeitsgemeinschaften	535.788,17	598.796,65
3. Forderungen gegen verbundene Unternehmen	816.682,11	1.574.358,43
davon aus Lieferungen und Leistungen: TEUR 817 (Vorjahr: TEUR 1.574)
davon sonstige Vermögensgegenstände: TEUR 0 (Vorjahr: TEUR 0)
4. Forderungen gegen Gesellschafter	30.950.033,60	32.019.176,48
davon aus Lieferungen und Leistungen: TEUR 0 (Vorjahr: TEUR 0)
davon sonstige Vermögensgegenstände: TEUR 30.950 (Vorjahr: TEUR 32.019)
5. sonstige Vermögensgegenstände	2.282.999,40	1.299.819,28
	36.766.525,47	38.680.472,38
III. Kassenbestand, Guthaben bei Kreditinstituten	8.371,86	4.996,39
	45.731.337,06	60.875.450,46
C. Rechnungsabgrenzungsposten	97.642,27	208.030,46
	50.809.105,52	65.447.184,92
Passiva
	31.12.2023 EUR	Vorjahr EUR
A. Eigenkapital
I. Gezeichnetes Kapital	2.000.000,00	2.000.000,00
II. Kapitalrücklage	6.000.000,00	6.000.000,00
III. Gewinnrücklagen
Andere Gewinnrücklagen	57.356,35	57.356,35
IV. Jahresergebnis	0,00	0,00
	8.057.356,35	8.057.356,35
B. Rückstellungen
Sonstige Rückstellungen	14.551.670,48	16.946.540,06
C. Verbindlichkeiten
1. erhaltene Anzahlungen auf Bestellungen	4.987.361,56	21.241.200,03
davon mit einer Restlaufzeit < 1 Jahr: TEUR 4.987 (Vorjahr: TEUR 21.241)
2. Verbindlichkeiten aus Lieferungen und Leistungen	14.865.369,81	12.542.894,03
davon mit einer Restlaufzeit < 1 Jahr: TEUR 14.865 (Vorjahr: TEUR 12.543)
3. Verbindlichkeiten gegenüber Arbeitsgemeinschaften	2.095.809,40	2.073.938,72
davon mit einer Restlaufzeit < 1 Jahr: TEUR 2.096 (Vorjahr: TEUR 2.074)
4. Verbindlichkeiten gegenüber verbundenen Unternehmen	2.299.514,78	1.398.341,27
davon mit einer Restlaufzeit < 1 Jahr: TEUR 2.300 (Vorjahr: TEUR 1.398)
davon aus Lieferungen und Leistungen: TEUR 1.218 (Vorjahr: TEUR 1.190)
davon sonstige Verbindlichkeiten: TEUR 1.082 (Vorjahr: TEUR 208)
5. Verbindlichkeiten gegenüber Gesellschafter	164.935,26	685,60
davon mit einer Restlaufzeit < 1 Jahr:
davon aus Lieferungen und Leistungen: TEUR 165 (Vorjahr: TEUR 1)
davon sonstige Verbindlichkeiten: TEUR 0 (Vorjahr: TEUR 0)
6. sonstige Verbindlichkeiten	3.787.087,88	3.186.228,86
davon aus Steuern: TEUR 208 (Vorjahr: TEUR 212)
davon im Rahmen der sozialen Sicherheit: TEUR 2.305 (Vorjahr: TEUR 1.285)
davon mit einer Restlaufzeit < 1 Jahr: TEUR 3.487 (Vorjahr: TEUR 2.922)
davon mit einer Restlaufzeit > 1 Jahr und < 5 Jahre: TEUR 300 (Vorjahr: TEUR 264)
	28.200.078,69	40.443.288,51
	50.809.105,52	65.447.184,92

Berlin, den 27. März 2024

Carsten Henschke

Christoph Wetter

Anlage zum Jahresabschluss für das Geschäftsjahr vom 1. Januar bis 31. Dezember 2023

Vorschrift	Gegenstand der Angabe
§ 264 Abs. 1a HGB	Die EUROVIA Infrastructure GmbH mit Sitz in Berlin ist beim Amtsgericht Charlottenburg mit der Handelsregisternummer HRB 116322B eingetragen.
§ 251 HGB	Als Gesellschafter von Arbeitsgemeinschaften haftet die EUROVIA Infrastructure GmbH gesamtschuldnerisch.
§ 251 HGB	Die Pensionsverpflichtungen gegenüber den TEERBAU-GmbH-Mitarbeitern, die in die EUROVIA Infrastructure GmbH übergegangen sind, werden laut Konzernvereinbarung vom 3. Juli 2003 nicht, wie nach § 613a BGB und §§ 6a EStG, 249 HGB üblich, bei der EUROVIA Infrastructure GmbH, sondern weiterhin bei der TEERBAU GmbH gebildet. Nach dieser Vereinbarung haftet im Innenverhältnis allein die TEERBAU GmbH für die Erfüllung der Versorgungsverpflichtungen. Im Außenverhältnis haftet die EUROVIA Infrastructure GmbH neben der TEERBAU GmbH insbesondere gegenüber den versorgungsberechtigten Mitarbeitern, gegenüber deren Hinterbliebenen und gegenüber dem Pensions-Sicherungs-Verein (PSV). Die Pensionsverpflichtungen betragen gemäß dem versicherungsmathematischen Gutachten zum 31. Dezember 2023 TEUR 194 (Vorjahr: TEUR 199).

Gewinn- und Verlustrechnung für die Zeit vom 1. Januar bis 31. Dezember 2023

	2023 EUR	Vorjahr EUR
1. Umsatzerlöse	56.417.303,77	73.104.228,07
2. Erhöhung des Bestands an nicht abgerechneten Bauleistungen sowie fertigen und unfertigen Erzeugnissen	42.821.962,14	26.137.397,48
3. sonstige betriebliche Erträge	589.250,86	2.147.481,01
	99.828.516,77	101.389.106,56
4. Materialaufwand
a) Aufwendungen für Roh-, Hilfs- und Betriebsstoffe	28.957.107,03	29.512.862,54
b) Aufwendungen für bezogene Leistungen	34.019.640,79	24.589.733,34
	62.976.747,82	54.102.595,88
5. Personalaufwand
a) Löhne und Gehälter	20.934.759,77	20.337.117,02
b) soziale Abgaben und Aufwendungen für Altersversorgung und Unterstützung	3.961.057,92	3.789.721,63
davon für Altersversorgung: TEUR 0 (Vorjahr: TEUR 0)
	24.895.817,69	24.126.838,65
6. Abschreibungen auf immaterielle Vermögensgegenstände des Anlagevermögens und Sachanlagen	1.099.790,03	975.993,80
7. sonstige betriebliche Aufwendungen	7.076.384,18	9.231.188,61
8. Erträge aus Gewinnabführungsverträgen	5.232,55	648.189,28
davon aus verbundenen Unternehmen: EUR 5.232,55(Vorjahr: TEUR 648)
9. sonstige Zinsen und ähnliche Erträge	790.520,98	112.651,86
davon aus verbundenen Unternehmen: TEUR 791 (Vorjahr: TEUR 113)
davon aus Abzinsungen: TEUR 0 (Vorjahr: TEUR 0)
10. Zinsen und ähnliche Aufwendungen	137.468,56	3.631,55
davon an verbundene Unternehmen: TEUR 137 (Vorjahr: TEUR 2)
davon aus Aufzinsungen: TEUR 0 (Vorjahr: TEUR 0)
11. Steuern vom Einkommen und vom Ertrag	136.993,80	0,00
12. Ergebnis nach Steuern	4.301.068,22	13.709.699,21
13. sonstige Steuern	96.203,82	79.543,58
14. aufgrund eines Gewinnabführungsvertrages abgeführte Gewinne	4.204.864,40	13.630.155,63
15. Jahresergebnis	0,00	0,00

BESTÄTIGUNGSVERMERK DES UNABHÄNGIGEN ABSCHLUSSPRÜFERS

An die EUROVIA Infrastructure GmbH, Berlin

Prüfungsurteil

Wir haben den Jahresabschluss der EUROVIA Infrastructure GmbH, Berlin, - bestehend aus der Bilanz zum 31. Dezember 2023 und der Gewinn- und Verlustrechnung für das Geschäftsjahr vom 1. Januar bis zum 31. Dezember 2023 - geprüft.

Nach unserer Beurteilung aufgrund der bei der Prüfung gewonnenen Erkenntnisse entspricht der beigefügte Jahresabschluss in allen wesentlichen Belangen den deutschen handelsrechtlichen Vorschriften.

Gemäß § 322 Abs. 3 Satz 1 HGB erklären wir, dass unsere Prüfung zu keinen Einwendungen gegen die Ordnungsmäßigkeit des Jahresabschlusses geführt hat.

Grundlage für das Prüfungsurteil

Wir haben unsere Prüfung des Jahresabschlusses in Übereinstimmung mit § 317 HGB unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deutschen Grundsätze ordnungsmäßiger Abschlussprüfung durchgeführt. Unsere Verantwortung nach diesen Vorschriften und Grundsätzen ist im Abschnitt "Verantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses" unseres Bestätigungsvermerks weitergehend beschrieben. Wir sind von dem Unternehmen unabhängig in Übereinstimmung mit den deutschen handelsrechtlichen und berufsrechtlichen Vorschriften und haben unsere sonstigen deutschen Berufspflichten in Übereinstimmung mit diesen Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zum Jahresabschluss zu dienen.

Hinweis auf einen sonstigen Sachverhalt

Unter Inanspruchnahme der Erleichterungsvorschrift des § 264 Abs. 3 HGB wurden kein Anhang und kein Lagebericht aufgestellt. Im Zeitpunkt der Beendigung unserer Abschlussprüfung konnte nicht abschließend beurteilt werden, ob die Befreiungsvorschrift des § 264 Abs. 3 HGB zu Recht in Anspruch genommen worden ist, weil die Voraussetzungen nach § 264 Abs. 3 Satz 1 sowie Satz 1 Nr. 3, Nr. 4 und Nr. 5 Buchst. c) bis e) HGB ihrer Art nach erst zu einem späteren Zeitpunkt erfüllt werden können. Unser Prüfungsurteil zum Jahresabschluss ist diesbezüglich nicht modifiziert.

Verantwortung der gesetzlichen Vertreter für den Jahresabschluss

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses, der den deutschen handelsrechtlichen Vorschriften in allen wesentlichen Belangen entspricht. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie in Übereinstimmung mit den deutschen Grundsätzen ordnungsmäßiger Buchführung als notwendig bestimmt haben, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen (d.h. Manipulationen der Rechnungslegung und Vermögensschädigungen) oder Irrtümern ist.

Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen. Des Weiteren haben sie die Verantwortung, Sachverhalte in Zusammenhang mit der Fortführung der Unternehmenstätigkeit, sofern einschlägig, anzugeben. Darüber hinaus sind sie dafür verantwortlich, auf der Grundlage des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit zu bilanzieren, sofern dem nicht tatsächliche oder rechtliche Gegebenheiten entgegenstehen.

Verantwortung des Abschlussprüfers für die Prüfung des Jahresabschlusses

Unsere Zielsetzung ist, hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist, sowie einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil zum Jahresabschluss beinhaltet.

Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit § 317 HGB unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deutschen Grundsätze ordnungsmäßiger Abschlussprüfung durchgeführte Prüfung eine wesentliche falsche Darstellung stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich angesehen, wenn vernünftigerweise erwartet werden könnte, dass sie einzeln oder insgesamt die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Adressaten beeinflussen.

Während der Prüfung üben wir pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung. Darüber hinaus

•	identifizieren und beurteilen wir die Risiken wesentlicher falscher Darstellungen im Jahresabschluss aufgrund von dolosen Handlungen oder Irrtümern, planen und führen Prüfungshandlungen als Reaktion auf diese Risiken durch sowie erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, ist höher als das Risiko, dass aus Irrtümern resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, da dolose Handlungen kollusives Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen bzw. das Außerkraftsetzen interner Kontrollen beinhalten können.
•	gewinnen wir ein Verständnis von dem für die Prüfung des Jahresabschlusses relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit dieses Systems der Gesellschaft abzugeben.
•	beurteilen wir die Angemessenheit der von den gesetzlichen Vertretern angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern dargestellten geschätzten Werte und damit zusammenhängenden Angaben.
•	ziehen wir Schlussfolgerungen über die Angemessenheit des von den gesetzlichen Vertretern angewandten Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit sowie, auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die bedeutsame Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen können. Falls wir zu dem Schluss kommen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, im Bestätigungsvermerk auf die dazugehörigen Angaben im Jahresabschluss aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Bestätigungsvermerks erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch dazu führen, dass die Gesellschaft ihre Unternehmenstätigkeit nicht mehr fortführen kann.

Wir erörtern mit den für die Überwachung Verantwortlichen unter anderem den geplanten Umfang und die Zeitplanung der Prüfung sowie bedeutsame Prüfungsfeststellungen, einschließlich etwaiger bedeutsamer Mängel im internen Kontrollsystem, die wir während unserer Prüfung feststellen.

Düsseldorf, den 3. Juni 2024

PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft

Matthias Barnert, Wirtschaftsprüfer

ppa. Peter Wasserfuhr, Wirtschaftsprüfer

Der Jahresabschluss zum 31.12.2023 wurde am 13.06.2024 festgestellt.

2e:T23980a,

VINCI Deutschland GmbH

Ludwigshafen am Rhein

Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2023 bis zum 31.12.2023

VINCI S.A.

Paris/Frankreich

Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2023 bis zum 31.12.2023 der ausländischen Muttergesellschaft VINCI S.A., Paris, Frankreich gemäß § 291 HGB

Consolidated income statement for the period

(in € millions)	Notes	2023	2022
Revenue ^(*)	1-2	68,838	61,675
Concession subsidiaries' revenue derived from works carried out by non-Group companies		780	590
Total revenue		69,619	62,265
Revenue from ancillary activities	4	267	249
Operating expenses	4	(61,529)	(55,691)
Operating income from ordinary activities	1-4	8,357	6,824
Share-based payments (IFRS 2)	30	(360)	(356)
Profit/(loss) of companies accounted for under the equity method	4-10	111	22
Other recurring operating items	4	68	(9)
Recurring operating income	4	8,175	6,481
Non-recurring operating items	4	(105)	8
Operating income	4	8,071	6,489
Cost of gross financial debt		(1,363)	(750)
Financial income from cash investments		469	136
Cost of net financial debt	5	(894)	(614)
Other financial income and expense	6	(157)	279
Income tax expense	7	(1,917)	(1,737)
Net income		5,102	4,417
Net income attributable to non-controlling interests	23.5	400	157
Net income attributable to owners of the parent		4,702	4,259
Basic earnings per share (in €)	8	8.28	7.55
Diluted earnings per share (in €)	8	8.18	7.47

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

Consolidated comprehensive income statement for the period

(in € millions)	2023	2022
Net income	5,102	4,417
Changes in fair value of cash flow and net investment hedging instruments ^(*)	(299)	514
Hedging costs	18	11
Tax ^(**)	74	(110)
Currency translation differences	358	22
Share of profit/(loss) of companies accounted for under the equity method, net	(49)	359
Other comprehensive income that may be recycled subsequently to net income	102	795
Actuarial gains and losses on retirement benefit obligations	(151)	362
Tax	37	(97)
Share of profit/(loss) of companies accounted for under the equity method, net	0	2
Other comprehensive income that may not be recycled subsequently to net income	(114)	266
Total other comprehensive income recognised directly in equity	(12)	1,061
Comprehensive income	5,090	5,478
of which attributable to owners of the parent	4,526	5,361
of which attributable to non-controlling interests	564	117

^(*) Changes in the fair value of cash flow hedges are recognised in equity for the effective portion. Cumulative gains and losses in equity are taken to profit or loss at the time when the cash flow affects profit or loss. In 2023, those changes consisted of a negative €309 million impact related to cash flow hedges and a positive €10 million impact related to net investment hedges.
^(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) and hedging costs.

Consolidated balance sheet

Assets

(in € millions)	Notes	31/12/2023	31/12/2022
Non-current assets
Concession intangible assets	13	29,000	28,224
Goodwill	9	17,577	17,360
Other intangible assets	17	8,038	9,045
Property, plant and equipment	17	13,012	10,805
Investments in companies accounted for under the equity method	10	1,267	1,014
Other non-current financial assets	11-14-18	2,646	2,588
Derivative financial instruments - non-current assets	27	125	376
Deferred tax assets	7	1,122	883
Total non-current assets		72,786	70,294
Current assets
Inventories and work in progress	19	1,878	1,785
Trade and other receivables	19	18,698	18,092
Other current assets	19	7,798	7,402
Current tax assets		351	259
Other current financial assets		79	84
Derivative financial instruments - current assets	27	94	115
Cash management financial assets	26	545	755
Cash and cash equivalents	26	15,627	12,578
Total current assets		45,070	41,070
Assets held for sale		702	627
Total assets		118,558	111,991

Equity and liabilities

(in € millions)	Notes	31/12/2023	31/12/2022
Equity
Share capital	23.1	1,473	1,473
Share premium	23.1	13,407	12,719
Treasury shares	23.2	(1,419)	(2,088)
Consolidated reserves		10,422	9,872
Currency translation reserves		(91)	(240)
Net income attributable to owners of the parent		4,702	4,259
Amounts recognised directly in equity	23.4	(382)	(56)
Equity attributable to owners of the parent		28,113	25,939
Equity attributable to non-controlling interests	23.5	3,928	3,470
Total equity		32,040	29,409
Non-current liabilities
Non-current provisions	20	1,127	961
Provisions for employee benefits	29	1,176	1,149
Bonds	25	22,048	20,425
Other loans and borrowings	25	3,785	3,205
Derivative financial instruments - non-current liabilities	27	1,257	1,939
Non-current lease liabilities	21	1,675	1,580
Other non-current liabilities		1,076	894
Deferred tax liabilities	7	4,030	4,162
Total non-current liabilities		36,174	34,316
Current liabilities
Current provisions	19	7,304	6,599
Trade payables	19	13,572	13,088
Other current liabilities	19	22,431	20,315
Current tax liabilities		594	607
Current lease liabilities	21	572	522
Derivative financial instruments - current liabilities	27	476	440
Current borrowings	25	4,956	6,368
Total current liabilities		49,905	47,939
Liabilities directly associated with assets held for sale		438	327
Total equity and liabilities		118,558	111,991

Consolidated cash flow statement

(in € millions)		Note	2023	2022
Consolidated net income for the period (including non-controlling interests)			5,102	4,417
Depreciation and amortisation		4.3	3,799	3,613
Net increase/(decrease) in provisions and impairment			134	-
Share-based payments (IFRS 2) and other restatements			131	162
Gain or loss on disposals			35	(68)
Change in fair value of financial instruments			56	(236)
Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies			(142)	(42)
Cost of net financial debt recognised		5	894	614
Capitalised borrowing costs			(118)	(29)
Financial expense on leases and other liabilities		6	155	48
Current and deferred tax expense recognised		7.1	1,917	1,737
Cash flow from operations before tax and financing costs		C.1	11,964	10,215
Changes in operating working capital requirement and current provisions		19.1	1,463	392
Income taxes paid			(2,288)	(1,603)
Net interest paid			(802)	(563)
Dividends received from companies accounted for under the equity method			110	92
Other long-term advances and associated interest payments ^(*)			93	854
Net cash flows (used in)/from operating activities	I		10,540	9,387
Purchases of property, plant and equipment and intangible assets			(2251)	(2,621)
Proceeds from sales of property, plant and equipment and intangible assets			148	165
Operating investments (net of disposals)		C.1.1	(2,103)	(2,456)
Investments in concession fixed assets (net of grants received)			(1,081)	(880)
Financial receivables (PPP contracts and others)			(49)	44
Growth investments (concessions and PPPs)		C.1.1	(1,130)	(836)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) ^(**)			(648)	(2,131)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)			110	23
Cash and cash equivalents of acquired companies ^(**)			141	140
Net financial investments (excluding financial debts transferred during business combinations) ^(**)			(398)	(1,967)
Other			(346)	(59)
Net cash flows (used in)/from investing activities	II		(3,977)	(5,318)
Share capital increases and decreases and repurchases of other equity instruments			709	491
Transactions on treasury shares		23.2	(397)	(1,100)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)			(1)	(53)
Dividends paid		24	(2,481)	(1,892)
- to shareholders of VINCI SA			(2,293)	(1830)
- to non-controlling interests		23.5	(187)	(62)
Proceeds from new long-term borrowings		25.1	3,004	2,786
Repayments of long-term borrowings		25.1	(2,179)	(3,653)
Repayments of lease liabilities and financial expense on leases			(679)	(661)
Change in cash management assets and other current financial debts		25	(1,408)	1,245
Net cash flows (used in)/from financing activities	III		(3,433)	(2,836)
Other changes	IV		76	74
Change in net cash	I + II + III + IV		3,206	1,306
Net cash and cash equivalents at beginning of period			11,495	10,188
Net cash and cash equivalents at end of period		26.1	14,701	11,495

^(*) Amounts concern long-term advances received from the offtaker in respect of Polo Carmópolis in Brazil.
^(**) Amounts at 31 December 2022 included the acquisition of Mexican airport operator OMA. See Note B.2, "Changes in consolidation scope in previous periods".

Change in net financial debt during the period

(in € millions)	Notes	2023	2022
Net financial debt at beginning of period		(18,536)	(19,539)
Change in net cash		3,206	1,306
Change in cash management assets and other current financial debts		1,408	(1,245)
(Proceeds from)/repayments of loans		(824)	867
Other changes		(1,380)	74
of which related to the share buy-back plan		(592)	0
of which debts transferred during business combinations		(230)	(651) ^(*)
of which changes in fair value		(308)	583
of which exchange rate effect and currency translation impact		(206)	126
Change in net financial debt		2,410	1,002
Net financial debt at end of period	25	(16,126)	(18,536)

^(*) Including the acquisition of Mexican airport operator OMA. See Note B.2, "Changes in consolidation scope in previous periods".

Consolidated statement of changes in equity

	Equity attributable to owners of the parent
(in € millions)	Share capital	Share premium	Treasury shares	Consolidated reserves	Net income	Currency translation reserves
Balance at 31/12/2021	1,481	12,242	(1,973)	9,956	2,597	(304)
Net income for the period	-	-	-	-	4,259	-
Other comprehensive income recognised directly in the equity of controlled companies	-	-	-	-	-	88
Other comprehensive income recognised directly in the equity of companies accounted for under the equity method	-	-	-	-	-	(25)
Total comprehensive income for the period	-	-	-	-	4,259	63
Increase in share capital	14	477	0	-	-	-
Decrease in share capital	(22)	-	784	(763)	-	-
Transactions on treasury shares	-	-	(899)	(201)	-	-
Appropriation of net income and dividend payments	-	-	-	767	(2,597)	-
Share-based payments (IFRS 2)	-	-	-	265	-	-
Impact of acquisitions or disposals of non-controlling interests after acquisition of control	-	-	-	(32)	-	-
Changes in consolidation scope ^(*)	-	-	-	-	-	-
Other	-	-	-	(120)	-	1
Balance at 31/12/2022	1,473	12,719	(2,088)	9,872	4,259	(240)
Net income for the period	-	-	-	-	4,702	-
Other comprehensive income recognised directly in the equity of controlled companies	-	-	-	-	-	154
Other comprehensive income recognised directly in the equity of companies accounted for under the equity method	-	-	-	-	-	(1)
Total comprehensive income for the period	-	-	-	-	4,702	152
Increase in share capital	21	688	-	-	-	-
Decrease in share capital	(22)	-	835	(813)	-	-
Transactions on treasury shares	-	-	(166)	(231)	-	-
Appropriation of net income and dividend payments	-	-	-	1,966	(4,259)	-
Share-based payments (IFRS 2)	-	-	-	265	-	-
Impact of acquisitions or disposals of non-controlling interests after acquisition of control	-	-	-	1	-	-
Changes in consolidation scope	-	-	-	10	-	(4)
Other	-	-	-	(648)	-	1
Balance at 31/12/2023	1,473	13,407	(1,419)	10,422	4,702	(91)

	Equity attributable to owners of the parent
(in € millions)	Amounts recognised directly in equity	Total attributable to owners of the parent	Noncontrolling interests	Total
Balance at 31/12/2021	(1,117)	22,881	1,889	24,771
Net income for the period	-	4,259	157	4,417
Other comprehensive income recognised directly in the equity of controlled companies	653	741	(41)	701
Other comprehensive income recognised directly in the equity of companies accounted for under the equity method	386	361	(0)	361
Total comprehensive income for the period	1,039	5,361	117	5,478
Increase in share capital	-	491	-	491
Decrease in share capital	-	-	-	0
Transactions on treasury shares	-	(1,100)	-	(1,100)
Appropriation of net income and dividend payments	-	(1,830)	(62)	(1,892)
Share-based payments (IFRS 2)	-	265	-	265
Impact of acquisitions or disposals of non-controlling interests after acquisition of control	-	(32)	(19)	(50)
Changes in consolidation scope ^(*)	-	-	1,550	1,550
Other	22	(98)	(6)	(104)
Balance at 31/12/2022	(56)	25,939	3,470	29,409
Net income for the period	-	4,702	400	5,102
Other comprehensive income recognised directly in the equity of controlled companies	(281)	(127)	164	37
Other comprehensive income recognised directly in the equity of companies accounted for under the equity method	(47)	(49)	0	(49)
Total comprehensive income for the period	(328)	4,526	564	5,090
Increase in share capital	-	709	3	712
Decrease in share capital	-	-	(5)	(5)
Transactions on treasury shares	-	(397)	0	(397)
Appropriation of net income and dividend payments	-	(2,293)	(187)	(2,481)
Share-based payments (IFRS 2)	-	265	0	265
Impact of acquisitions or disposals of non-controlling interests after acquisition of control	-	1	2	3
Changes in consolidation scope	2	8	(10)	(1)
Other	1	(647)	91	(556)
Balance at 31/12/2023	(382)	28,113	3,928	32,040

^(*) Including the acquisition of Mexican airport operator OMA. See Note B.2, "Changes in consolidation scope in previous periods".

A. Key events, accounting policies and specific arrangements

1. Key events

Assessment of financial performance

VINCI's 2023 financial statements show strong growth in revenue and earnings compared with 2022.

―	Consolidated revenue totalled €68.8 billion in 2023, up 11.6% (up 9.9% at constant scope) relative to 2022.
―	Operating income from ordinary activities was much higher than in 2022, amounting to €8,357 million. Ebit margin was 12.1% (11.1% in 2022).
―	Recurring operating income totalled €8,175 million (€6,481 million in 2022).
―	Consolidated net income attributable to owners of the parent was a record €4,702 million, representing growth of 10.4% compared with 2022.
―	Net financial debt at 31 December 2023 was €16.1 billion, down €2.4 billion relative to end-2022.

The Report of the Board of Directors contains information on the operating performance of the Group's various business lines.

Financing transactions and liquidity management

The main financing transactions during the year concerned VINCI, ASF and VINCI Airports. They are described in Note J, "Financing and financial risk management".

At 31 December 2023, VINCI had total liquidity of €21.2 billion, comprising:

―	managed net cash of €13.2 billion;
―	an €8.0 billion confirmed credit facility unused by VINCI SA, of which €7.7 billion is due to expire in November 2025. That facility was amended, reduced to €6.5 billion and extended in January 2024 (see Note N.34, "Other post-balance sheet events").

The €2.5 billion credit facility expiring In July 2023 was not renewed.

Liquidity information is presented in Note J.26, "Net cash managed and available resources".

2. Accounting policies

2.1 Basis for preparing the financial statements

Pursuant to Regulation (EC) 1606/2002 of 19 July 2002, VINCI's consolidated financial statements for the period ended 31 December 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union at 31 December 2023 ^(*).

The accounting policies used at 31 December 2023 are the same as those used in preparing the consolidated financial statements at 31 December 2022, except for the standards and/or amendments of standards described below, adopted by the European Union and mandatorily applicable as from 1 January 2023.

The Group's consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables.

The information relating to 2021, presented in the universal registration document filed with the AMF under number D.23-0065 on 28 February 2023, is deemed to be included herein.

The consolidated financial statements were approved by the Board of Directors on 7 February 2024 and will be presented to shareholders for their approval at the Shareholders' General Meeting on 9 April 2024.

^(*) Available at http://ec.europa.eu/finance/company-reporting/ifrs-financial-statements/index_en.htm.

New standards and interpretations applied from 1 January 2023

Standards and interpretations mandatorily applicable from 1 January 2023 had no material impact on the VINCI Group's consolidated financial statements at 31 December 2023. They include mainly:

―	IFRS 17 "Insurance Contracts", which establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts;
―	"Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction" (Amendments to IAS 12), which narrows the scope of the initial recognition exemption so that it no longer applies to transactions that give rise to equal and offsetting amounts of taxable and deductible temporary differences;
―	"Definition of Accounting Estimates" (Amendments to IAS 8), which clarifies the differences between accounting policies and accounting estimates, with the latter now defined as "monetary amounts in financial statements that are subject to measurement uncertainty";
―	"International Tax Reform - Pillar Two Model Rules" (Amendments to IAS 12), which provides for a temporary exemption from accounting for deferred taxes arising from the implementation of Pillar Two rules.

The VINCI Group falls within the scope of application of the new Global Anti-Base Erosion Model Rules (GloBE Rules) and of the global minimum tax rate of 15% (Pillar Two) adopted by 140 OECD countries on 20 December 2021, as transposed into the French Tax Code through Article 33 of France's Finance Law for 2024, via Council Directive (EU) 2022/2523 of 14 December 2022. These new rules came into force on 1 January 2024. After preparations that included determining the legal scope with respect to the new Pillar Two rules and identifying the data points required to carry out a country-by-country calculation of an effective tax rate, the VINCI Group has completed its country-by-country reporting (CbCR) and will benefit from the transitional safe harbour rules that will apply during the period from 1 January 2024 to 31 December 2026. Based on 2022 data, the additional tax expense estimated by the Group and related to those new rules is not material.

Standards and interpretations adopted by the IASB but not yet applicable at 31 December 2023

The Group has not applied early the following standards and amendments that could concern the Group and of which application was not mandatory at 1 January 2023:

―	"Non-current Liabilities with Covenants" (Amendments to IAS 1);
―	"Lease Liability in a Sale and Leaseback" (Amendments to IFRS 16);
―	"Supplier Finance Arrangements" (Amendments to IAS 7 and IFRS 7);
―	"Lack of Exchangeability" (Amendments to IAS 21).

A study of the impacts and practical consequences of applying these standards and amendments is under way. These texts do not contain any provisions that are contrary to the Group's current accounting practices.

French pension reforms

Law 2023-270 on the reform of French social security financing, which was enacted on 15 April 2023, gradually increases the statutory retirement age in France from 1 September 2023, so that it will reach 64 in 2030, and accelerates the application of the 2014 Touraine law by increasing the contribution period to 43 years from 2027 instead of 2035. The impact of this change to the pension system is not material and was recognised by the Group in the second half of 2023.

2.2 Consolidation methods

In accordance with IFRS 10, companies in which the Group holds, whether directly or indirectly, the majority of voting rights in shareholders' general meetings, in the boards of directors or in the equivalent management bodies, giving it the power to direct their operational and financial policies, are deemed to be controlled and are fully consolidated. To determine control, VINCI carries out an in-depth analysis of the established governance arrangements and of the rights held by other shareholders.

Where necessary, an analysis is performed in relation to instruments held by the Group or by third parties (potential voting rights, dilutive instruments, convertible instruments, etc.) that, if exercised, could alter the type of influence exerted by each party. For some infrastructure project companies operating under public-private partnership (PPP) contracts and in which VINCI is not the only capital investor, in addition to the analysis of the governance arrangements with each partner, the Group may look at the characteristics of subcontracting contracts to check that they do not confer additional powers that could lead to a situation of de facto control. This generally concerns construction contracts and contracts to operate/maintain concession assets. An analysis is performed if a specific event takes place that may affect the level of control exerted by the Group, such as a change in an entity's ownership structure or governance, or the exercise of a dilutive financial instrument.

In accordance with IFRS 11, the Group's joint arrangements fall into two categories (joint operations and joint ventures) depending on the nature of the rights and obligations held by each party. Classification is generally determined by the legal form of the project vehicle. The Group has joint control over all of these joint arrangements.

Joint operations: most joint arrangements in the VINCI Energies and VINCI Construction business lines are joint operations because of the legal form of the vehicles used. In France, for example, parties generally use sociétés en participation (SEPs) to contractualise their joint works activities. In some situations, where the facts and circumstances show that a company's activities involve providing services to the parties to the joint arrangement, it is regarded as a joint operation even where the vehicle's legal form does not establish transparency between the joint operators' assets and those of the joint arrangement. In that situation, the parties have the rights to substantially all of the economic benefits associated with the company's assets, and will settle its liabilities. Within the VINCI Group, this situation concerns certain entities created specifically to carry out construction projects and certain coating plants held and used by VINCI Construction in its road infrastructure construction and renovation activities. The Group therefore consolidates the revenues, expenses, assets and liabilities relating to its interests in each joint operation as per the standards applicable to it, in accordance with IFRS 11.

Joint ventures: property development joint arrangements contractualised in France in the form of sociétés civiles de construction-vente (SCCVs) are joint ventures under IFRS 11 and therefore accounted for under the equity method. The same is true of the Group's other joint arrangements taking place through an entity with legal personality and whose production is not intended solely for the parties to the joint arrangement.

Associates are entities over which the Group exerts significant influence. They are accounted for under the equity method in accordance with IAS 28. Significant influence is presumed where the Group's stake is more than or equal to 20%. However, it may arise where the ownership interest is lower, particularly where the Group is represented on the board of directors or any equivalent governance body, and therefore takes part in determining the entity's operational and financial policies and strategy. This applies mainly to the Group's stake in DEME.

The holding company of London Gatwick airport and those of the Mexican airport operator OMA have material non-controlling interests (49.99% and 70.01% respectively). The information required by IFRS 12 regarding non-controlling interests is provided in Note I.23.5, "Noncontrolling interests". VINCI does not own any interest in structured entities as defined by IFRS 12.

VINCI's consolidated financial statements include the financial statements of all companies with revenue of more than €2 million, and of companies whose revenue is below this figure but whose impact on certain of the Group's balance sheet and income statement indicators is material.

In accordance with Regulation 2016-09 of 2 December 2016, issued by the Autorité des Normes Comptables (ANC, the French accounting standards authority), the list of companies included in the consolidation scope and shares in unconsolidated subsidiaries and affiliates is available on VINCI's website at https://www.vinci.com/vinci.nsf/en/investors-composition-group.htm.

2.3 Use of estimates

The preparation of financial statements in accordance with IFRSs requires estimates to be used and assumptions to be made that may affect the amounts recognised in those financial statements. Against a background of geopolitical instability, rising interest rates and high inflation, the Group has carried out an in-depth examination of these assumptions and estimates.

The estimates involved are made on a going concern basis in light of the Group's liquidity and order book. They reflect information available at the time and may be revised if the circumstances on which they were based change or if new information is obtained.

The consolidated financial statements for the period have been prepared with reference to the immediate environment, in particular as regards the estimates given below.

Measurement of revenue from construction and service contracts

For revenue and income or losses on construction and service contracts, the Group applies general revenue recognition rules based on progress towards completion.

Progress towards completion and the revenue to be recognised are determined on the basis of a large number of estimates made by monitoring the work performed. Adjustments may be made to initial estimates throughout contracts and may materially affect future results.

For a given project, incurred costs that do not contribute to its completion (costs of significant inefficiencies such as the unexpected costs of losses of materials, labour hours expended or other resources consumed) are not included in measuring progress towards completion and do not therefore generate revenue.

Measurement of the fair value of identifiable assets acquired and liabilities assumed in business combinations

Business combinations are recognised according to IFRS 3 "Business Combinations" and IFRS 10 "Consolidated Financial Statements". When the Group acquires control over a company, the impact of the business combination is measured and recognised using the acquisition method.

Assets and liabilities are measured at fair value at the date of acquisition except for those that fall within the scope of IAS 12 "Income Taxes" and IAS 19 "Employee Benefits". To measure the fair value of identifiable assets and liabilities, assumptions and estimates must be formulated.

Measurement of leases

The assumptions and estimates made to determine the value of right-of-use assets in respect of leases and the associated liabilities relate in particular to discount rates and lease terms.

The Group takes into account all economic facts and circumstances of which it is aware when determining the non-cancellable period of leases and ensures that this period is not shorter than the amortisation period of non-removable leasehold improvements.

Measurement of amortisation calculated using the unit of production method

Amortisation calculated using the unit of production method applies mainly to concession intangible assets at VINCI Airports and to quarrying rights at VINCI Construction. This amortisation method is based on the following physical indicators: passenger numbers at VINCI Airports and volumes of aggregates extracted at VINCI Construction.

Values used in impairment tests

The assumptions and estimates made to determine the recoverable amount of goodwill, intangible assets and property, plant and equipment relate in particular to the assessment of market prospects needed to estimate the cash flow, and the discount rates adopted. Any change in these assumptions could have a material effect on the recoverable amount. The main assumptions used by the Group are described in Note E.9, "Goodwill and goodwill impairment tests", and in Note H.17, "Other intangible assets and property, plant and equipment".

Measurement of provisions

The following factors may cause a material change in the amount of provisions:

―	the estimates made using statistical methods on the basis of expenses incurred in previous years to determine after-sales-service provisions;
―	the forecasts of expenditures on major maintenance over several years used as a basis for the provisions for obligations to maintain the condition of concession assets, which are estimated taking account of indexation clauses included in construction and civil engineering contracts (mainly relating to the TP01, TP02 and TP09 indices for France);
―	the estimates of forecast profit or loss on construction contracts, which serve as a basis for the determination of losses on completion (see Note G.16, "Information on construction and service contracts", and Note H.19.3, "Breakdown of current provisions");
―	the discount rates used.

Measurement at fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in a normal transaction. It is recognised on the basis of the asset or liability's main market (or the most advantageous market if there is no main market), i.e. the one that offers the highest volume and activity levels. The fair value of derivative financial instruments includes a "counterparty risk" component for derivatives carried as assets and an "own credit risk" component for derivatives carried as liabilities.

The Group mainly uses fair value in measuring, on a consistent basis, the derivative instruments, cash and cash equivalents, shares in unconsolidated subsidiaries and affiliates, cash management financial assets and identifiable assets acquired and liabilities assumed in business combinations on its balance sheet. The fair value of other financial instruments (particularly debt instruments and assets measured at amortised cost) is stated in Note J.28, "Book and fair value of financial instruments by accounting category".

To determine these fair values, the Group uses several measurement methods:

―	market-based approaches, based on observable market prices or transactions;
―	revenue-based approaches, which convert future cash flow into a present value;
―	cost-based approaches, which take into account the asset's physical, technological and economic obsolescence.

The following three-level hierarchy of fair values is used:

―

Level 1 - price quoted on an active market. Marketable securities, some shares in unconsolidated subsidiaries and affiliates, and listed bond issues are measured in this way.

―

Level 2 - internal model using internal measurement techniques with observable factors. These techniques are based on usual mathematical computation methods, which incorporate observable market data (forward prices, yield curves, etc.). The calculation of the fair value of most derivative financial instruments (swaps, caps, floors, etc.) traded over the counter is made on the basis of models commonly used to price such financial instruments.

Every quarter, the internally calculated values of derivative instruments are checked for consistency with those sent to VINCI by the counterparties.

Level 3 - internal model using non-observable factors. This model applies to customer relationships and contracts acquired through business combinations, as well as to holdings of unlisted shares, which, in the absence of an active market, are measured at their cost of acquisition plus transaction costs.

Measurement of retirement benefit obligations

The Group is involved in defined contribution and defined benefit retirement plans. For defined benefit plans, obligations are measured using the actuarial projected unit credit method based on assumptions such as the discount rate, future increases in wages and salaries, employee turnover, mortality rates and the rate of increase of health expenses. Those obligations may change if assumptions change, most of which are updated annually. Details of the assumptions used and how they are determined are given in Note K.29, "Provisions for employee benefits". The Group considers that the actuarial assumptions used are appropriate and justified in the current conditions.

Measurement of share-based payment expense

The Group recognises a share-based payment expense relating to performance share plans and Group savings plans offered to employees or some of its employees. This expense is measured on the basis of actuarial calculations. The main actuarial assumptions (volatility, return on shares, etc.) adopted by the Group are described for each plan in Note K.30, "Share-based payments".

Climate risks

The Group takes climate risks into consideration, based on its best knowledge, as part of its accounts closing assumptions and reflects their potential impact in the financial statements. The process used is described in Note A.3, "Specific arrangements".

3. Specific arrangements

3.1 Climate risks

Looking ahead to 2030, the Group has adopted an environmental strategy with the following main objectives:

―	reduce direct greenhouse gas emissions (Scopes 1 and 2) by 40% from 2018 levels by 2030;
―	reduce indirect emissions (Scope 3) by 20% from 2019 levels by 2030, by taking action across the value chains of the Group's businesses;
―	adapt infrastructure and activities to improve their climate resilience.

The main risks identified relate to physical risks, including floods and typhoons, and transition risks such as market uncertainties relating to possible carbon taxes on fossil fuels and the consequences of the EU Taxonomy for sectors excluded from it (see the section of the Report of the Board of Directors regarding the mapping of the Group's major environmental risks).

Physical risks are usually covered by property/casualty insurance policies or taken into account in estimates of margins on completion. In general, when a loss occurs, the negative impact (the part of the risk that is not covered) is taken into account in margins on completion for construction contracts, or recognised in expenses for the period in question.

Certain physical risks may also result in opportunities or an increase in business levels, since some subsidiaries specialise in site clean-up work and/or repairs to damaged infrastructure following major climate-related events such as hurricanes, storms and floods.

The main transition risks relating to developments in the markets in which VINCI operates have also been reviewed to the best of the Group's knowledge. The Group's ability to respond to these changes with sufficient speed could determine its success in winning new contracts.

―

Short-term market developments and upcoming changes in regulations are factored into cash flows, while those expected in the medium to long term are addressed through sensitivity tests.

For example, the transition to new building materials such as low-carbon concrete would not lead to major additional expense, to the extent that the construction company could pass it on to the project owner in its invoices.

―

Longer-term market developments relating to the environmental transition are harder to anticipate and quantify, but should not have a material impact on the useful lives of the Group's assets. At this stage, VINCI has identified very few assets that cause high levels of pollution, involving only a small handful of coal-fired power plants in Poland and the United States that represent less than 2% of the Group's total energy consumption.

Certain expected market developments, such as the faster pace of energy retrofits of existing buildings and the growth of low-carbon forms of transport, are also opportunities for the Group. These are presented in the Report of the Board of Directors, in the section relating to market opportunities stemming from the environmental transition.

VINCI's acquisitions process includes a review of environmental risks, which is presented to the Risk Committee when it meets to consider acquisition opportunities.

3.2 Consideration of environmental risks and commitments in the accounts closing process

In its accounts closing process, the Group now identifies the main climate risks in order to assess their potential impact on its financial statements. Specific information requests and areas for attention are included in the accounts closing instructions and disseminated to all Group subsidiaries, relating in particular to:

―	reviewing the useful lives of certain assets;
―	reviewing margins on completion for certain construction contracts;
―	assessing risks to determine the amount of contingency provisions (including provisions for major repairs in certain concessions).

The expected impact of the Group's environmental commitments is also taken into account in the future cash flow projections used for impairment testing. For example, VINCI Airports has included in its long-term financial forecasts the expected effects of its environmental strategy and targets. In particular, its AirPact plan, defined two years ago, aims to achieve net-zero CO ₂ emissions (Scopes 1 and 2) by 2050 across the whole VINCI Airports network, and to halve the network's total CO ₂ emissions by 2030. The plan has been adopted by each airport and environmental issues are now taken into account in the main managerial decision-making processes. The investment plans incorporated in these business plans are therefore consistent with targets aiming to:

―	reduce energy consumption (e.g. by replacing existing lighting with LED lighting and installing systems to measure and control energy consumption),
―	increase the proportion of energy consumed coming from renewable sources (e.g. by building solar power plants),
―	replace existing vehicles with clean vehicles.

They also include initiatives to enable VINCI Airports' partners (airline companies, ground handlers, etc.) to reduce their own emissions, for example by providing electric ground power units (e-GPUs) for aircraft at gates. Investment plans relating to these commitments, amounting to around €600 million by 2030 for the main European airports, have been included in the VINCI Airports CGU's cash flow projections.

In general, the Finance Department works with the Environment Department, which has been allocated specific resources for this purpose, to ensure that the commitments made by the Group are consistent with their recognition in the financial statements. In VINCI's view, its assessment of climate risks is taken into account correctly and is consistent with its commitments in this area. Factoring in these elements did not have any material impact on the Group's 2023 financial statements.

B. Changes in consolidation scope

1. Changes in consolidation scope during the period

As part of its growth strategy, VINCI has continued to pursue acquisitions. The main changes during the period concerned VINCI Highways, primarily its deal to take control of Via Sumapaz (previously known as Via 40 Express) in Colombia and the purchase of a stake in Entrevias in Brazil.

During the year, VINCI Energies acquired 34 companies, mainly in Europe, while VINCI Construction made nine acquisitions, in Europe and North America.

	31/12/2023			31/12/2022
(number of companies)	Total	France	Foreign	Total	France	Foreign
Controlled companies	2,729	1,150	1,579	2,710	1,158	1,552
Joint ventures ^(*)	176	105	71	173	104	69
Associates ^(*)	59	15	44	61	18	43
Total	2,964	1,270	1,694	2,944	1,280	1,664

^(*) Entities accounted for under the equity method.

VINCI Highways

―

Via Sumapaz (previously known as Via 40 Express) : On 19 April 2023, VINCI Highways acquired an additional stake in Via 40 Express, now known as Via Sumapaz, which holds the concession for the Bogotá-Girardot highway (141 km) until 2046, from its Colombian partner Constructora Conconcreto. VINCI Highways thus took majority control of this company, having increased its stake from 50% to 75%. The company was previously accounted for under the equity method but is now fully consolidated in the Group's financial statements.

―

Entrevias: On 11 May 2023, VINCI Highways completed the acquisition of a 55% stake in Entrevias, which holds the concession for two toll motorway sections in Brazil until 2047, from Brazilian investment firm Pátria Investimentos. These two sections cover a total distance of 570 km in São Paulo state. VINCI Highways is entitled to appoint three of the six members of Entrevias' Board of Directors, which takes strategic decisions by voting on a simple majority basis. VINCI therefore has joint control over Entrevias and accounts for it under the equity method. The Group also has a call option, which can be exercised in 2027, on non-controlling interests. The analysis regarding VINCI's control of Entrevias may be reviewed at that time.

Work to allocate the purchase prices of the stakes in Via Sumapaz (previously known as Via 40 Express) and Entrevias was ongoing at 31 December 2023.

2. Changes in consolidation scope in previous periods

Acquisition of a 29.99% stake in Mexican airport operator OMA

On 7 December 2022, VINCI Airports completed the acquisition of 100% of the equity interests in Seta and Aerodrome. These two companies together indirectly held a 29.99% stake in OMA, which operates 13 airports in Mexico. In accordance with IFRS 3, the Group finalised the allocation of the purchase price with the help of an independent valuer in the second half of 2023. The final goodwill figure was €467 million, and has been recognised within the VINCI Airports CGU.

Acquisition of most of Kontron AG's IT services business

On 29 December 2022, VINCI Energies acquired most of Kontron AG's IT services business in Germany, Switzerland and eight countries in Central and Eastern Europe. The final price was €395 million. The Group measured the fair value of the identifiable assets acquired and liabilities assumed and allocated the purchase price. The final goodwill amount is €325 million and has been allocated to the CGUs concerned (see Note E.9, "Goodwill").

Other acquisitions and transactions

Other changes in 2022 mainly concerned:

―	transactions by VINCI Highways to take control of TollPlus LLC and Strait Crossing Development Inc. (SCDI), which were previously accounted for under the equity method;
―	VINCI Airports' sale of Stockholm Skavsta airport;
―	the demerger of DEME from its parent company CFE.

For all these acquisitions, VINCI measured the identifiable assets and liabilities of the acquirees at their fair value in accordance with IFRS 3.

Other acquisitions in 2022 were not material with respect to consolidated Group figures.

C. Financial indicators by business line and geographical area

1. Segment information by business line

Based on the Group's organisational structure and internal reporting system, segment information is presented by business line.

The Group's organisation consists of six business lines in three businesses - Concessions, Energy and Construction - along with VINCI Immobilier, which is a business line that reports directly to the holding company.

In accordance with IFRS 8 "Operating Segments", segment information is presented according to this organisation.

Concessions

VINCI Autoroutes: motorway concessions in France (ASF, Escota, Cofiroute, Arcour, Arcos).

VINCI Airports: operation of airports in France and in 12 other countries under full ownership, concession contracts and/or delegated management.

Other concessions: VINCI Highways (motorway and road infrastructure, mainly managed outside France), VINCI Railways (rail infrastructure) and VINCI Stadium (stadium management in France).

Energy

VINCI Energies: services to the manufacturing sector, infrastructure, building solutions and facilities management, and information and communication technology.

Cobra IS: industrial and energy-related services, work on large EPC (engineering, procurement and construction) projects in the energy sector and development of renewable energy assets (solar farms and wind turbines).

Construction

VINCI Construction, which is organised around three pillars:

―	Major Projects: companies designing and carrying out projects that require general contractor capabilities because of their size, complexity or type;
―	Specialty Networks: companies carrying out works in geotechnical and structural engineering, along with related digital activities, and providing services in nuclear engineering;
―	Proximity Networks: local companies active in areas such as building, civil engineering, roadworks, rail works and water works.

VINCI Immobilier: property development (residential properties, commercial properties), management of serviced residences and property services.

1.1 Segment information by business line

The data below is for each Group business line and is stated before elimination, at their own level, of transactions with the rest of the Group.

Performance indicators that do not appear on the face of the financial statements are defined in Note 3 in this section.

2023

	Concessions	Energy		Construction
(in € millions)	VINCI Autoroutes VINCI Airports Other concessions	VINCI Energies	Cobra IS	VINCI Construction
Income statement
Revenue ⁽¹⁾	10,932	19,327	6,495	31,459
Concession subsidiaries' works revenue	910	-	-	-
Total revenue	11,842	19,327	6,495	31,459
Operating income from ordinary activities	5,373	1,356	490 ⁽³⁾	1,260
% of revenue ⁽¹⁾	49.2%	70%	7.5%	4.0%
Recurring operating income	5,456	1,221	495 ⁽³⁾	1,111
Operating income	5,468	1,210	500 ⁽³⁾	1,082
Cash flow statement
Cash flow from operations before tax and financing costs	7,462	1,672	627	1,905
% of revenue ⁽¹⁾	68.3%	8.6%	9.6%	6.1%
Depreciation and amortisation	2,012	509	125 ⁽³⁾	940
Operating investments (net of disposals)	(223)	(255)	(715)	(894)
Repayment of lease liabilities ⁽⁴⁾	(37)	(325)	(18)	(256)
Operating cash flow	4,741	1,362	75	1,183
Growth investments (concessions and PPPs)	(1,033)	1	(127)	29
Free cash flow	3,709	1,363	(52)	1,212
Balance sheet
Capital employed at 31/12/2023	41,279	4,409	4,756	329
of which investments in companies accounted for under the equity method	553	18	77	469
of which right-of-use assets in respect of leases	293	939	73	606
Net financial surplus/(debt)	(28,734)	296	403	4,160

(in € millions)	VINCI Immobilier and holding companies	Eliminations	Total
Income statement
Revenue ⁽¹⁾	1,231	(605)	68,838
Concession subsidiaries' works revenue	-	(130 ⁽²⁾	780
Total revenue	1,231	(735)	69,619
Operating income from ordinary activities	(123) ⁽³⁾	-	8,357
% of revenue ⁽¹⁾	-	-	12.1%
Recurring operating income	(108) ⁽³⁾	-	8,175
Operating income	(189) ⁽³⁾	-	8,071
Cash flow statement
Cash flow from operations before tax and financing costs	299	-	11,964
% of revenue ⁽¹⁾	-	-	17.4%
Depreciation and amortisation	213 ⁽³⁾	-	3,799
Operating investments (net of disposals)	(16)	-	(2,103)
Repayment of lease liabilities ⁽⁴⁾	(42)	-	(679)
Operating cash flow	397	-	7,758
Growth investments (concessions and PPPs)	(0)	-	(1,130)
Free cash flow	397	-	6,628
Balance sheet
Capital employed at 31/12/2023	2,081	-	52,853
of which investments in companies accounted for under the equity method	149	-	1267
of which right-of-use assets in respect of leases	284	-	2,195
Net financial surplus/(debt)	7,749	-	(16,126)

⁽¹⁾ Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
⁽²⁾ Intra-group revenue of the VINCI Energies and VINCI Construction business lines derived from works carried out for the Group's concession companies.
⁽³⁾ Before the amortisation of intangible assets identified when allocating the Cobra IS purchase price for €128 million. This amortisation is recognised at the level of the holding companies.
⁽⁴⁾ Including associated financial expense.
^PPP: Public-private partnership.

2022

	Concessions	Energy		Construction
(in € millions)	VINCI Autoroutes VINCI Airports Other concessions	VINCI Energies	Cobra IS	VINCI Construction
Income statement
Revenue ⁽¹⁾	9,162	16,748	5,520	29,252
Concession subsidiaries' works revenue	663	-	-	-
Total revenue	9,825	16,748	5,520	29,252
Operating income from ordinary activities	4,171	1,142	411 ⁽³⁾	1,100
% of revenue ⁽¹⁾	45.5%	68%	7.4%	3.8%
Recurring operating income	4,099	1,013	416 ⁽³⁾	969
Operating income	4,140	1,008	409 ⁽³⁾	964
Cash flow statement
Cash flow from operations before tax and financing costs	6,200	1,426	509	1,707
% of revenue ⁽¹⁾	67.7%	8.5%	9.2%	5.8%
Depreciation and amortisation	1,900	470	97	938
Operating investments (net of disposals)	(123)	(189)	(1,319)	(762)
Repayment of lease liabilities ⁽⁴⁾	(36)	(310)	(19)	(261)
Operating cash flow	4,871	602	130	599
Growth investments (concessions and PPPs)	(725)	1	(145)	33
Free cash flow	4,146	603	(15)	632
Balance sheet
Capital employed at 31/12/2022	40,529	4,540	4,536	827
of which investments in companies accounted for under the equity method	397	15	26	451
of which right-of-use assets in respect of leases	297	853	70	601
Net financial surplus/(debt)	(31,735)	(129)	404	3,460

(in € millions)	VINCI Immobilier and holding companies	Eliminations	Total
Income statement
Revenue ⁽¹⁾	1,523	(530)	61,675
Concession subsidiaries' works revenue	-	(73) ⁽²⁾	590
Total revenue	1,523	(603)	62,265
Operating income from ordinary activities	- ⁽³⁾	-	6,824
% of revenue ⁽¹⁾	-	-	11.1%
Recurring operating income	(16) ⁽³⁾	-	6,481
Operating income	(32) ⁽³⁾	-	6,489
Cash flow statement
Cash flow from operations before tax and financing costs	373	-	10,215
% of revenue ⁽¹⁾	-	-	16.6%
Depreciation and amortisation	208 ⁽³⁾	-	3,613
Operating investments (net of disposals)	(63)	-	(2,456)
Repayment of lease liabilities ⁽⁴⁾	(35)	-	(661)
Operating cash flow	67	-	6,270
Growth investments (concessions and PPPs)	0	-	(836)
Free cash flow	67	-	5,433
Balance sheet
Capital employed at 31/12/2022	2,033	-	52,465
of which investments in companies accounted for under the equity method	126	-	1,014
of which right-of-use assets in respect of leases	243	-	2,064
Net financial surplus/(debt)	9,464	-	(18,536)

1.2 Information relating to the Concessions business

2023

	Concessions
(in € millions)	VINCI Autoroutes	VINCI Airports	VINCI Highways, VINCI Railways, VINCI Stadium and other	Total
Income statement
Revenue ^(*)	6,324	3,947	661	10,932
Concession subsidiaries' works revenue	559	278	73	910
Total revenue	6,883	4,225	734	11,842
Operating income from ordinary activities	3,362	1,889	122	5,373
% of revenue	53.2%	47.9%	18.5%	49.2%
Recurring operating income	3,342	1,937	177	5,456
Operating income	3,342	1,928	198	5,468
Cash flow statement
Cash flow from operations before tax and financing costs	4,683	2,495	284	7,462
% of revenue	74.0%	63.2%	42.9%	68.3%
Depreciation and amortisation	1,347	552	113	2,012
Operating investments (net of disposals)	(22)	(194)	(7)	(223)
Repayment of lease liabilities	(9)	(22)	(7)	(37)
Operating cash flow	3,316	1,381	45	4,741
Growth investments (concessions and PPPs)	(585)	(391)	(57)	(1,033)
Free cash flow	2,731	990	(13)	3,709
Balance sheet
Capital employed at 31/12/2023	18,312	19,259	3,708	41,279
of which investments in companies accounted for under the equity method	14	165	374	553
of which right-of-use assets in respect of leases	15	258	20	293
Net financial surplus/(debt)	(16,533)	(8,781)	(3,421)	(28,734)

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
^(**) Including associated financial expense.
^PPP: Public-private partnership

2022

	Concessions
(in € millions)	VINCI Autoroutes	VINCI Airports	VINCI Highways, VINCI Railways, VINCI Stadium and other	Total
Income statement
Revenue ^(*)	6,003	2,679	479	9,162
Concession subsidiaries' works revenue	543	111	8	663
Total revenue	6,546	2,791	487	9,825
Operating income from ordinary activities	3,127	983	61	4,171
% of revenue ^(*)	52.1%	36.7%	12.8%	45.5%
Recurring operating income	3,109	941	49	4,099
Operating income	3,109	940	90	4,140
Cash flow statement
Cash flow from operations before tax and financing costs	4,419	1,580	200	6,200
% of revenue ^(*)	73.6%	59.0%	41.8%	67.7%
Depreciation and amortisation	1,314	481	106	1,900
Operating investments (net of disposals)	(21)	(94)	(8)	(123)
Repayment of lease liabilities ^(*)	(8)	(21)	(7)	(36)
Operating cash flow	3,454	1,224	193	4,871
Growth investments (concessions and PPPs)	(578)	(152)	5	(725)
Free cash flow	2,876	1,072	198	4,146
Balance sheet
Capital employed at 31/12/2022	19,019	18,563	2,947	40,529
of which investments in companies accounted for under the equity method	18	150	230	397
of which right-of-use assets in respect of leases	13	257	27	297
Net financial surplus/(debt)	(16,985)	(11,131)	(3,618)	(31,735)

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
^(**) Including associated financial expense.
^PPP: Public-private partnership

2. Breakdown of revenue by geographical area

Accounting policies

The Group's consolidated revenue corresponds to revenue from the Concessions business and from the VINCI Energies, Cobra IS, VINCI Construction and VINCI Immobilier business lines.

IFRS 15 "Revenue from Contracts with Customers" requires entities to identify each contract as well as the various performance obligations contained in the contract. The number of performance obligations depends on the types of contracts and activities. Most of the Group's contracts involve only one performance obligation.

Under IFRS 15, recognition of revenue must reflect:

―	the rate at which performance obligations are fulfilled, corresponding to the transfer to the customer of control of a good or service;
―	the amount to which the seller expects to be entitled as consideration for its activities.

The way in which transfer of control of a good or service is analysed is crucial, since that transfer determines the recognition of revenue. The transfer of control of a good or service may take place continuously (revenue recognition on a progress towards completion basis) or on a specific date that corresponds to the completion of works.

Revenue from concession contracts consists of the following:

―	tolls for the use of motorway infrastructure operated under concession, revenue from airport service concessions, and ancillary income such as fees from commercial installations, rental of telecommunications infrastructure and advertising space;
―	revenue in respect of the construction of new infrastructure under concession and recognised on a progress towards completion basis.

Consolidated revenue of the VINCI Energies, Cobra IS and VINCI Construction business lines comprises the total of the work, goods and services generated by the consolidated subsidiaries pursuing their main activity and the revenue for the construction of infrastructure under concession.

In the property sector, revenue arising on lots sold is recognised as the property development proceeds, in accordance with IFRS 15 and statutory provisions relating to off-plan sales. In that respect, to measure progress towards completion of works, VINCI Immobilier uses the cost-based method. The cost of land is included in the progress towards completion calculation at the commencement of each contract.

Revenue from ancillary activities mainly relates to revenue from leases, sales of equipment, materials and merchandise, study work and fees.

The method for recognising revenue under concession contracts is explained in Note F, "Concessions: PPP contracts, concession contracts and other infrastructure". The method for recognising revenue from construction and service contracts is explained in Note G.16, "Information on construction and service contracts".

(in € millions)	2023	%	2022	%
France	29,615	43.0%	27,948	45.3%
United Kingdom	5,946	8.6%	5,271	8.5%
Germany	4,817	7.0%	4,068	6.6%
Spain	3,452	5.0%	3,005	4.9%
Central and Eastern Europe ^(*)	3,088	4.5%	2,521	4.1%
Portugal	1,508	2.2%	1,248	2.0%
Rest of Europe	4,785	7.0%	4,044	6.6%
Europe excluding France	23,595	34.3%	20,158	32.7%
Europe ^(**)	53,210	77.3%	48,106	78.0%
of which European Union	45,740	66.4%	41,620	67.5%
North America	5,374	7.8%	4,942	8.0%
of which United States	3,141	4.6%	2,961	4.8%
of which Canada	2,234	3.2%	1,981	32%
Central and South America	4,346	6.3%	3,310	5.4%
Africa	1,851	2.7%	1,740	2.8%
Asia-Pacific and Middle East	4,058	5.9%	3,577	5.8%
International excluding Europe	15,628	22.7%	13,570	22.0%
International excluding France	39,224	57.0%	33,727	54.7%
Total revenue ^(***)	68,838	100.0%	61,675	100.0%

^(*) Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine.
^(**) Including the eurozone for €42,141 million (61.2% of total revenue) in 2023 and for €38,518 million (62.5% of total revenue) in 2022.
^(***) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

Revenue generated in France totalled €29,615 million in 2023, up 6% (5.8% at constant scope) compared with 2022.

Revenue generated outside France amounted to €39,224 million in 2023, up 16.3% (13.4% at constant scope) compared with 2022, and equalled 57% of the Group total versus 54.7% in 2022.

3. Reconciliation and presentation of key performance indicators

3.1 Cash flow statement indicators

(in € millions)	2023	2022
Net cash flows (used in)/from operating activities	10,540	9,387
of which other long-term advances and associated interest payments	93	854
Net cash flows (used in)/from operating activities, excluding change in other long-term advances	10,447	8,533
Operating investments (net of disposals) and change in other long-term advances	(2,010)	(1,602)
Repayments of lease liabilities and financial expense on leases	(679)	(661)
Operating cash flow	7,758	6,270
Growth investments (concessions and PPPs)	(1,130)	(836)
Free cash flow	6,628	5,433
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)	(648)	(2,131) ^(*)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)	110	23
Net impact of changes in scope including net debt assumed	(90)	(511) ^(*)
Other cash flows (used in)/from investing activities	(377)	(79)
Net financial investments	(1,005)	(2,697)
Other	31	20
Total net financial investments	(974)	(2,677)

^(*) Including the purchase price for the shares of Mexican airport operator OMA (€1,169 million) and its net financial debt on the date control was acquired (€298 million). See Note B.2, "Changes in consolidation scope in previous periods".

3.2 Capital employed

Reconciliation between capital employed and the balance sheet

(in € millions)	Note	31/12/2023	31/12/2022
Capital employed - assets		96,754	93,074
Concession intangible assets	13	29,000	28,224
- Deferred tax on business combination fair value adjustments		(3,798)	(3,792)
Goodwill, gross	9	17,870	17,657
Other intangible assets	17.1	8,038	9,045
Property, plant and equipment	17.2	13,012	10,805
Investments in companies accounted for under the equity method	10	1,267	1,014
Other non-current financial assets	11-14-18	2,646	2,588
- Collateralised loans and receivables (at more than one year)	25-27	(5)	(5)
Inventories and work in progress	19	1,878	1,785
Trade and other receivables	19	18,698	18,092
Other current assets	19	7,798	7,402
Current tax assets		351	259
Capital employed - liabilities		(43,901)	(40,609)
Current provisions	19	(7,304)	(6,599)
Trade payables	19	(13,572)	(13,088)
Other current liabilities	19	(22,431)	(20,315)
Current tax liabilities		(594)	(607)
Total capital employed		52,853	52,465

Capital employed by geographical area

(in € millions)	31/12/2023	31/12/2022
France	23,496	24,196
United Kingdom	8,904	8,916
Spain	4,012	4,813
Portugal	2,433	2,355
Rest of Europe	3,537	3,439
Total Europe excluding France	18,886	19,523
Total Europe	42,382	43,719
North America	2,304	2,511
of which United States	1,802	1,952
Central and South America	8,004	6,005
Africa	(170)	(255)
Asia-Pacific and Middle East	334	485
Total capital employed	52,853	52,465

At 31 December 2023, capital employed in the eurozone was €31.5 billion (of which €23.5 billion in France) and made up 60% of the total (€33.3 billion and 64% of the total in 2022).

D. Main income statement items

4. Operating income

Accounting policies

Operating income from ordinary activities measures the operational performance of fully consolidated Group subsidiaries. It excludes share-based payment expense (IFRS 2), certain recurring operating items (including the share of profit or loss of companies accounted for under the equity method), together with non-recurring operating items.

Recurring operating income is obtained by taking operating income from ordinary activities and adding the IFRS 2 expense associated with share-based payments (chiefly Group savings plans and performance share plans), the Group's share of profit or loss of subsidiaries accounted for under the equity method, and other recurring operating income and expense. The latter category includes recurring income and expense relating to companies accounted for under the equity method and to non-consolidated companies (financial income from shareholder loans and advances granted by the Group to some subsidiaries, dividends received from non-consolidated companies). Recurring operating income represents the Group's operational performance excluding the impact of non-recurring transactions and events during the period.

Operating income is calculated by taking recurring operating income and adding non-recurring income and expense, which mainly includes goodwill impairment losses, restructuring charges, and income and expense relating to changes in scope (capital gains or losses on disposals of securities and the impact of changes in control).

(in € millions)	2023	2022
Revenue ^(*)	68,838	61,675
Concession subsidiaries' revenue derived from works carried out by non-Group companies	780	590
Total revenue	69,619	62,265
Revenue from ancillary activities ^(**)	267	249
Purchases consumed	(15,790)	(14,894)
External services ^(***)	(7,585)	(6,684)
Temporary staff	(1,689)	(1,561)
Subcontracting (including concession companies' construction costs)	(14,520)	(12,388)
Taxes and levies	(1,299)	(1,223)
Employment costs	(16,352)	(14,979)
Other operating income and expense	101	99
Depreciation and amortisation	(3,799)	(3,613)
Net provision expense	(597)	(448)
Operating expenses	(61,529)	(55,691)
Operating income from ordinary activities	8,357	6,824
% of revenue ^(*)	12.1%	11.1%
Share-based payments (IFRS 2)	(360)	(356)
Profit/(loss) of companies accounted for under the equity method	111	22
Other recurring operating items	68	(9)
Recurring operating income	8,175	6,481
Goodwill impairment losses	(8)	-
Impact from changes in scope and gain/(loss) on disposals of shares	(96)	8
Total non-recurring operating items	(105)	8
Operating income	8,071	6,489

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
^(**) Revenue from ancillary activities mainly comprises rental income, sales of equipment, materials and merchandise, study work and fees other than those generated by concession operators.
^(***) Including lease payments of €2,068 million in 2023 not restated following the application of IFRS 16: low-value leases, short-term leases and variable lease payments.

The increase in the profit of companies accounted under the equity method relates mainly to the recovery in VINCI Airports' passenger numbers, particularly in Japan.

In 2023, non-recurring operating items had a net negative effect of €105 million and consisted mainly of an €80 million expense arising from the remeasurement of the earn-out payable to ACS group as part of the Cobra IS acquisition.

In 2022, non-recurring operating items had a net positive effect of €8 million and comprised:

―	the positive impact from VINCI Highways taking control of Strait Crossing Development Inc. and TollPlus LLC, and from the disposal of Stockholm Skavsta airport in Sweden;
―	the costs relating to the acquisitions carried out by VINCI Energies and those relating to the purchase of Mexican airport operator OMA;
―	the remeasurement of the Cobra IS earn-out.

4.1 Employment costs

(in € millions)		Note	2023	2022
Wages and other employment-related expense	I		(16,037)	(14,711)
of which wages and salaries			(12,370)	(11,360)
of which employer social contributions			(2,922)	(2,660)
of which contributions to defined contribution plans		29.1	(745)	(691)
Profit-sharing and incentive plans	II		(315)	(268)
Total	I + II		(16,352)	(14,979)

	2023	2022
Average number of employees (in full-time equivalent)	279,426	265,303
of which managers	54,049	47,699
of which other employees	225,376	217,604

4.2 Other operating income and expense

(in € millions)	2023	2022
Net gains or losses on disposal of intangible assets and property, plant and equipment	41	35
Share in operating income or loss of joint operations	(14)	19
Other	74	45
Total	101	99

4.3 Depreciation and amortisation

Depreciation and amortisation break down as follows:

(in € millions)	2023	2022
Concession intangible assets	(1,550)	(1,432)
Other intangible assets	(263)	(239)
Property, plant and equipment	(1,987)	(1,943)
Depreciation and amortisation	(3,799)	(3,613)

In 2022 and 2023, amortisation of other intangible assets included €128 million relating to intangible assets identified when allocating the Cobra IS purchase price (brands, backlog, customer relationships).

Depreciation of property, plant and equipment included €668 million in 2023 relating to right-of-use assets under leases (€623 million in 2022).

5. Cost of net financial debt

Accounting policies

The cost of net financial debt comprises:

―	the cost of gross financial debt, which includes the interest expense calculated at the effective interest rate, gains and losses on interest rate derivatives allocated to gross financial debt whether designated as hedges for accounting purposes or not, and hedging costs;
―	financial income from investments, which includes the return on investments of cash and cash equivalents measured at fair value through profit or loss.

The cost of net financial debt amounted to €894 million in 2023, up €280 million compared with 2022 (€614 million).

The higher return on surplus cash, along with the positive impact of the transaction carried out in the first quarter of 2023 to restructure the debt arranged to acquire London Gatwick airport, partly offset the effect of higher interest rates since the second half of 2022 on the Group's floating rate debt and the impact of acquisitions outside of France, particularly in the Concessions business.

The cost of net financial debt can be analysed as follows:

(in € millions)	2023	2022
Financial liabilities at amortised cost	(1,138)	(791)
Financial assets and liabilities at fair value through profit or loss	462	120
Derivatives designated as hedges: assets and liabilities	(181)	57
Derivatives at fair value through profit or loss: assets and liabilities	(37)	0
Total cost of net financial debt	(894)	(614)

The "Derivatives designated as hedges: assets and liabilities" item breaks down as follows:

(in € millions)	2023	2022
Net interest on derivatives designated as fair value hedges	(361)	133
Change in value of interest rate derivatives designated as fair value hedges	767	(2,320)
Change in value of the adjustment to fair value hedged financial debt	(757)	2,313
Ineffective portion of foreign currency fair value hedges	-	(1)
Reserve recycled through profit or loss in respect of cash flow and net investment hedges	174	(76)
Ineffective portion of cash flow and net investment hedges	(4)	7
Gains and losses on derivative instruments allocated to net financial debt	(181)	57

6. Other financial income and expense

Accounting policies

Other financial income and expense comprises mainly discounting effects, the impact of capitalised borrowing costs, foreign exchange gains and losses relating to financial items and changes in the value of equity instruments and derivatives not allocated to hedging interest rate or exchange rate risk, along with financial expense relating to lease liabilities under IFRS 16.

Capitalised borrowing costs relate to infrastructure under concession and are included during the construction period in the value of those assets. They are determined as follows:

To the extent that funds are borrowed specifically for the purpose of constructing an asset, the borrowing costs eligible for capitalisation on that asset are the actual borrowing costs incurred during the period less any investment income arising from the temporary investment of those borrowings.

When borrowing is not intended to finance a specific project, the interest eligible for capitalisation on an asset is determined by applying a financing rate to the expenditure on that asset. This rate is equal to the weighted average of the costs of borrowing funds, other than those specifically intended for the construction of given assets.

This does not relate to the construction of concession assets accounted for using the financial asset model (see Note F.14, " PPP financial receivables").

Other financial income and expense breaks down as follows:

(in € millions)	2023	2022
Effect of discounting to present value	(88)	56
Capitalised borrowing costs	118	29
Financial expenses on lease liabilities	(67)	(48)
Foreign exchange gains and losses, other changes in fair value and miscellaneous items	(119)	243
Total other financial income and expense	(157)	279

In 2023, discounting effects produced an expense of €88 million, compared with income of €56 million in 2022. The difference resulted mainly from the discounting effect arising from provisions for the obligation to maintain the condition of concession intangible assets, which represented an expense of €48 million (income of €72 million in 2022), including a €30 million expense at VINCI Autoroutes (income of €63 million in 2022).

The net financial expense arising from the discounting of provisions for retirement benefit obligations increased by €16 million to €30 million. Effects arising from the discounting of provisions for fixed fees payable to concession grantors in relation to Belgrade airport in Serbia amounted to €10 million.

Capitalised borrowing costs amounted to €118 million in 2023, rising in particular as a result of the transition to full consolidation of Via Sumapaz (previously known as Via 40 Express) in Colombia (impact of €65 million). These costs also increased overall due to higher interest rates and related to VINCI Autoroutes, Belgrade airport and London Gatwick airport.

There was a foreign exchange gain of €38 million in 2023 (€25 million in 2022). Other changes in fair value include the decrease in the fair value of the stake in Groupe ADP (negative impact of €63 million) and interest expense relating to the long-term advances received from the offtaker in respect of the Carmópolis project in Brazil at Cobra IS (negative impact of €88 million). In 2022, they mainly included the increase in the fair value of the stake in Groupe ADP (positive impact of €94 million) and the gain arising from the early redemption of bonds by London Gatwick airport (positive impact of €131 million).

7. Income tax expense

Accounting policies

Income tax is computed in accordance with the tax legislation in force in the countries where the income is taxable. In accordance with IAS 12, deferred tax is recognised on the temporary differences between the carrying amount and the tax base of assets and liabilities. It is calculated using the latest tax rates enacted or substantively enacted at the accounts closing date. The effects of a change in the tax rate from one period to another are recognised in the income statement in the period in which the change was decided, except where they relate to transactions recognised under other comprehensive income or directly in equity.

Deferred tax relating to share-based payments is taken to income to the extent that the deductible amount does not exceed the fair value of plans established according to IFRS 2.

Whenever subsidiaries have distributable reserves, a deferred tax liability is recognised in respect of the probable distributions that will be made in the foreseeable future. Moreover, shareholdings in associates and certain joint ventures give rise to recognition of a deferred tax liability in the event of differences between the carrying amount and the tax base of the shares.

Net deferred tax is determined on the basis of the tax position of each entity or group of entities included in the tax group under consideration and is shown under assets or liabilities for its net amount per tax group. Deferred tax is reviewed at each balance sheet date to take account of the impact of changes in tax law and the prospect of recovery. Deferred tax assets are recognised and a provision is booked if their recovery is not probable. Deferred tax assets and liabilities are not discounted.

7.1 Breakdown of net tax expense

(in € millions)	2023	2022
Current tax	(2,332)	(1,809)
Deferred tax	415	72
of which temporary differences	375	102
of which tax loss carryforwards	40	(29)
Total	(1,917)	(1,737)

The net tax expense for the period comprises:

―	a tax expense recognised by French subsidiaries for €1,069 million (€1,047 million in 2022), including €1,040 million at VINCI SA, the lead company in the tax consolidation group that comprises 1,003 subsidiaries (€1,019 million in 2022);
―	a tax expense of €849 million for foreign subsidiaries (€690 million in 2022).

7.2 Effective tax rate

The Group's effective tax rate was 27.7% in 2023, compared with 28.3% in 2022. In 2023, the effective tax rate was 28.7% in France and 26.6% outside France. Excluding the remeasurement of the Cobra IS earn-out, the change in fair value of ADP shares (taxed at a reduced rate) and adjustments to current and deferred tax, the rate in France would be 26.5%.

The Group's effective tax rate for 2023 was higher than the theoretical tax rate of 25.83% in force in France, because of permanent differences and tax rate differential outside France. The difference between the tax calculated using the standard tax rate in force in France and the amount of tax effectively recognised in the year can be analysed as follows:

(in € millions)	2023	2022
Income before tax and profit/(loss) of companies accounted for under the equity method	6,909	6,131
Theoretical tax rate in France	25.8%	25.8%
Theoretical tax expense expected	(1,785)	(1,584)
Tax rate differential on foreign income	(59)	(2)
Impact of tax loss carryforwards and other temporary differences that are not recognised or that have previously been subject to limitation	(9)	(96)
Goodwill impairment losses	(2)	0
Permanent differences and other	(62)	(56)
Tax expense recognised	(1,917)	(1,737)
Effective tax rate ^(*)	27.7%	28.3%

^(*) Excluding the Group's share of companies accounted for under the equity method.

7.3 Breakdown of deferred tax assets and liabilities

	Changes
(in € millions)	31/12/2023	Income	Equity	Other	31/12/2022
Deferred tax assets
Tax loss carryforwards	817	114	2	(2)	703
Temporary differences on retirement benefit obligations	280	(4)	17	1	265
Temporary differences on provisions	1,323	166	4	28	1,125
Temporary differences on financial instruments	98	(6)	59	0	44
Temporary differences related to leases	400	25	0	12	362
Other	1,164	49	3	(27)	1,139
Netting of deferred tax assets and liabilities by tax group	(2,307)	-	-	(193)	(2,115)
Total deferred tax assets before impairment	1,772	344	85	(180)	1,524
Impairment	(651)	(9)	(1)	1	(641)
Total deferred tax assets after impairment	1,122	335	84	(180)	883
Deferred tax liabilities
Remeasurement of assets ^(*)	(5,070)	130	(123)	(39)	(5,038)
Temporary differences related to leases	(346)	(17)	0	(5)	(324)
Temporary differences on financial instruments	(111)	17	17	(1)	(144)
Other	(811)	(50)	21	(10)	(771)
Netting of deferred tax assets and liabilities by tax group	2,307	-	-	193	2,115
Total deferred tax liabilities	(4,030)	80	(85)	137	(4,162)
Net deferred tax	(2,908)	415	(1)	(42)	(3,280)

^(*) Including, at 31 December 2023, measurement at fair value of the assets and liabilities of London Gatwick airport (€1,591 million), Mexican airport operator OMA (€874 million), ASF (€662 million), Cobra IS (€172 million), Lima Expresa (€164 million), Aeroports de Lyon (€125 million) and ANA (€102 million) upon their consolidation.

Impairment of deferred tax assets amounted to €651 million at 31 December 2023 (€641 million at 31 December 2022), including €603 million outside France (€601 million at 31 December 2022).

Deferred tax assets arising from tax loss carryforwards totalled €817 million at 31 December 2023, with impairment losses recognised in the amount of €475 million. The net balance of deferred tax assets arising from tax loss carryforwards thus comes to €341 million (€301 million at 31 December 2022), mainly related to countries in which tax losses can generally be carried forward indefinitely, such as the United Kingdom, the United States, Chile and Germany.

8. Earnings per share

Accounting policies

Basic earnings per share is the net income for the period after non-controlling interests, divided by the weighted average number of shares outstanding during the period less the weighted average number of treasury shares.

In calculating diluted earnings per share, the weighted average number of existing shares is adjusted for the potentially dilutive effect of all equity instruments issued by the company, in particular Group savings plans and unvested performance shares. Dilution is determined in accordance with the rules laid down by IAS 33. In accordance with this standard, plans for which the stock market price is greater than the average price during the period are excluded from the diluted earnings per share calculation.

In calculating basic and diluted earnings per share, earnings are also adjusted as necessary for changes in income and expenses taken directly to equity resulting from the conversion into shares of all potentially dilutive instruments.

	2023			2022
	Average number of shares	Net income (in € millions)	Earnings per share (in €)	Average number of shares	Net income (in € millions)	Earnings per share (in €)
Total shares	594,320,558			595,524,050
Treasury shares	(26,112,537)			(31,178,611)
Basic earnings per share	568,208,021	4,702	8.28	564,345,439	4,259	7.55
Group savings plan	693,509			189,867
Performance shares	6,210,366			5,974,715
Diluted earnings per share	575,111,896	4,702	8.18	570,510,021	4,259	7.47

E. Investments in other companies

9. Goodwill and goodwill impairment tests

Accounting policies

Goodwill is the excess of the cost of a business combination over the Group's interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities at the date of acquisition, recognised on first consolidation.

Goodwill in fully consolidated subsidiaries is recognised under goodwill in consolidated assets. Goodwill relating to companies accounted for under the equity method is included in the line item "Investments in companies accounted for under the equity method".

Goodwill is not amortised but is tested for impairment at least annually or when there is an indication that an impairment loss has arisen. If a goodwill impairment loss is recognised as a result, the difference between its carrying amount and its recoverable amount is charged definitively to operating income in the period.

Negative goodwill is taken to operating income in the year of acquisition.

Under IFRS 3 (Revised), an option is available to measure non-controlling interests on the acquisition date either at fair value (the full goodwill method) or for the portion of the net assets acquired that they represent (the partial goodwill method). The choice can be made for each business combination.

9.1 Main goodwill items

Changes in the period were as follows:

(in € millions)	31/12/2023	31/12/2022
Net at beginning of period	17,360	16,099
Goodwill recognised during the period	158	1,270
Impairment losses	(8)	-
Companies leaving the consolidation scope	(6)	(4)
Currency translation differences	58	(18)
Other movements	15	13
Net at end of period	17,577	17,360

The main items of goodwill at 31 December 2023 were as follows:

(in € millions)	31/12/2023		31/12/2022
	Gross	Impairment losses	Net	Net
Cobra IS	4,156	-	4,156	4,156
VINCI Airports	3,120	(9)	3,112	3,086
VINCI Energies France	2,548	-	2,548	2,522
ASF group	1,935	-	1,935	1,935
VINCI Energies Germany	1,050	-	1,050	920
VINCI Energies North America	735	(88)	647	646
VINCI Energies Benelux	474	-	474	454
VINCI Energies Scandinavia	448	-	448	355
VINCI Highways	342	0	342	311
VINCI Energies Kontron ^(*)	-	-	-	392
Other	3,061	(196)	2,866	2,585
Total	17,870	(292)	17,577	17,360

^(*) The final goodwill relating to the acquisition of Kontron AG's IT services business was allocated between the Germany CGU for €114 million and several CGUs included in the "Other" item for €211 million.

9.2 Goodwill impairment tests

Accounting policies

In accordance with IAS 36 "Impairment of Assets", the goodwill and other non-financial assets of cash-generating units (CGUs) were tested for impairment.

CGUs are identified in line with operational reporting and their recoverable amounts are based on a value in use calculation. Values in use are determined by discounting the forecast operating cash flow before tax of the CGU (operating income plus depreciation and amortisation plus/minus the change in non-current provisions minus operating investments plus/minus the change in operating working capital requirement) at the rates indicated below.

For concessions, cash flow projections are calculated across the length of contracts by applying a variable discount rate, determined for each period depending on the change in the debt to equity ratio of the entity in question.

In the specific case of VINCI Airports, cash flow projections for fully owned airports are established over a 30-year period. At the end of that period, a terminal value is determined by capitalising the final year's projected cash flow to infinity, and that value is discounted to present value.

For the other CGUs, cash flow projections are generally established for a five-year period on the basis of management forecasts. At the end of that period, a terminal value is determined by capitalising the final year's projected cash flow to infinity, and that value is discounted to present value.

Goodwill impairment tests are carried out using the following assumptions:

	Parameters of the model applied to cash flow projections				Impairment losses recognised in the period
			Discount rate ^(**)
(in € millions)	Growth rate (years Y+1 to Y+5)	Growth rate (terminal value)	31/12/2023	31/12/2022	2023	2022
Cobra IS	4.0%	3.0%	13.4%	11.3%	-	-
VINCI Airports	^(*)	^(*)	10.5%	8.0%	(8)	-
VINCI Energies France	3.0%	2.0%	10.0%	8.1%	-	-
ASF group	^(*)	^(*)	10.3%	8.3%	-	-
VINCI Energies Germany	3.0%	2.0%	9.7%	7.5%	-	-
VINCI Energies North America	3.5%	2.5%	9.8%	9.0%	-	-
VINCI Energies Benelux	3.0%	2.0%	10.3%	7.6%	-	-
VINCI Energies Scandinavia	3.0%	2.0%	9.5%	7.2%	-	-
VINCI Highways	^(*)	^(*)	11.4%	9.5%	-	-
Other	-0.6% to 13.0%	1.0% to 3.5%	8.8% to 15.5%	6.3% to 15.1%	-	-
Total					(8)	-

^(*) For concessions, cash flow projections are determined over the length of concession contracts. The average revenue growth rate for the ASF group, based on the residual periods of concession contracts, is 1.6%. Those used for VINCI Airports and VINCI Highways are 3.8% and 7.1% respectively.
^(**) Before tax

Impairment tests at 31 December 2023 were conducted on the basis of assumptions made by management at the business lines concerned, in line with macroeconomic forecasts in their business areas and geographies. The increase in discount rates reflects current economic conditions and markets volatility.

In addition:

―	In 2022, assets operated by VINCI Highways and the ASF group saw traffic rise back to or exceed 2019 pre-pandemic levels, as anticipated at the end of 2021. That trend was confirmed in 2023.
―	The assumption made by VINCI Airports at the end of 2021, about passenger numbers returning to pre-pandemic levels between 2023 and 2026, depending on the airport and the types of customers served, was confirmed.
―	The new levy on long-distance transport infrastructure operators, introduced by France's Finance Law for 2024 (see Note N.34, "Other post-balance sheet events"), has been taken into account in the cash flow projections for VINCI Autoroutes.

Sensitivity of the value in use of CGUs to discount and perpetual growth rates and to cash flow

	Sensitivity to rates				Sensitivity to cash flow
	Discount rate for cash flows		Perpetual growth rate for cash flows		Change in forecast operating cash flows (before tax)
(in € millions)	0.5%	-0.5%	0.5%	-0.5%	5.0%	-5.0%
Cobra IS	(363)	418	330	(287)	294	(294)
VINCI Airports	(1,657)	1,830	^(*)	^(*)	1,472	(1,472)
VINCI Energies France	(455)	515	396	(349)	396	(396)
ASF group	(422)	438	^(*)	^(*)	968	(968)
VINCI Energies Germany	(235)	268	207	(182)	198	(198)
VINCI Energies North America	(72)	82	65	(56)	58	(58)
VINCI Energies Benelux	(83)	94	71	(63)	76	(76)
VINCI Energies Scandinavia	(51)	59	46	(40)	42	(42)
VINCI Highways	(128)	137	^(*)	^(*)	155	(155)

^(*) Cash flow projections are determined over the residual periods of the concession contracts.

These sensitivity calculations show that a change of 50 basis points in the assumptions for discount and perpetual growth rates or a ±5% change in projected operating cash flow would not have a material impact on the Group's consolidated financial statements at 31 December 2023.

10. Investments in companies accounted for under the equity method: associates and joint ventures

Accounting policies

Investments in companies accounted for under the equity method are initially recognised at the cost of acquisition, including acquisition costs and any goodwill. Their carrying amount is then increased or decreased to recognise the Group's share of the entity's profits or losses after the date of acquisition. Whenever the cumulative losses are greater than the value of the Group's net investment in the equity-accounted company, the portion of those losses exceeding the value of the investment is not taken to income unless the Group has entered into a commitment to recapitalise the company or provide it with funding.

If there is an indication that an impairment loss has arisen for an equity-accounted investment, the recoverable amount is tested in a way similar to that described in Note E.9.2, "Goodwill impairment tests". Impairment losses shown by impairment tests are recognised in profit and loss and as a deduction from the carrying amount of the corresponding investments.

The profit or loss of companies accounted for under the equity method is reported on a specific line for the determination of recurring operating income. The terms "associates" and "joint ventures" are defined in Note A.2.2, "Consolidation methods".

10.1 Movements during the period

	2023			2022
	Associates	Joint ventures	Total	Associates	Joint ventures	Total
Value of shares at beginning of period	493	521	1,014	438	512	950
of which Concessions	78	319	397	32	321	353
of which VINCI Energies	10	5	15	6	6	12
of which Cobra IS	10	15	26	5	13	17
of which VINCI Construction	393	92	486	393	92	485
of which VINCI Immobile and holdings	2	90	91	2	80	82
Increase/(decrease) in share capital of companies accounted for under the equity method	17	5	22	7	2	10
Group share of profit or loss for the period	27	83	111	17	5	22
Group share of other comprehensive income for the period	(4)	(45)	(49)	47	313	361
Dividends paid	(18)	(91)	(110)	(12)	(80)	(92)
Changes in consolidation scope and other	2	145	147	10	2	13
Reclassifications ^(*)	37	94	131	(14)	(235)	(249)
Value of shares at end of period	554	713	1,267	493	521	1,014
of which Concessions	71	482	553	78	319	397
of which VINCI Energies	15	2	18	10	5	15
of which Cobra IS	54	23	77	10	15	26
of which VINCI Construction	373	96	469	393	92	486
of which VINCI Immobilier and holdings	41	109	149	2	90	91

^(*) Reclassifications of shares in the negative net equity of equity-accounted companies under provisions for financial risks.
^NB: The terms "associates" and "joint ventures" are defined in Note A22, "Consolidation methods".

At 31 December 2023, the Group's interests in companies accounted for under the equity method mainly included VINCI Airports' interest in Kansai Airports (€141 million), VINCI Highways' interest in Entrevias (€177 million) and, for VINCI Construction, the stake in DEME (€277 million).

Impacts included under "Group share of other comprehensive income for the period" relate mainly to cash flow hedging transactions (interest rate hedges) on concession and public-private partnership projects.

10.2 Aggregated financial information

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

	2023			2022
(in € millions)	Associates	Joint ventures	Total	Associates	Joint ventures	Total
Net income	27	83	111	17	5	22
of which Concessions	4	27	30	20	(59)	(39)
of which VINCI Energies	5	4	9	4	2	6
of which Cobra IS	2	19	21	7	17	24
of which VINCI Construction	19	1	20	(14)	21	7
of which VINCI Immobilier	(3)	33	30	(0)	25	25
Other comprehensive income	(4)	(45)	(49)	47	313	361
of which Concessions	(3)	(47)	(50)	36	326	362
of which VINCI Construction	(0)	(6)	(6)	12	(13)	(1)
Comprehensive income	24	39	62	65	319	383
of which Concessions	0	(20)	(20)	56	267	323
of which VINCI Energies	5	4	9	4	2	6
of which Cobra IS	2	26	28	7	17	24
of which VINCI Construction	19	(5)	14	(3)	8	5
of which VINCI Immobilier	(3)	33	30	(0)	25	25

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

	2023			2022
(in € millions)	Associates	Joint ventures	Total	Associates	Joint ventures	Total
Revenue ^(*)	1,271	2,143	3,414	1,117	1,696	2,813
of which Concessions	512	1,025	1,537	473	732	1,205
of which VINCI Energies	35	7	42	35	8	42
of which Cobra IS	24	257	282	17	42	59
of which VINCI Construction	659	595	1255	592	687	1,279
of which VINCI Immobile and holdings	40	258	298	1	228	229

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

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 2023, losses exceeding this share and thus unrecognised in VINCI's financial statements amounted to €194 million (€211 million at 31 December 2022).

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 available on the Group's website at https://www.vinci. com/vinci.nsf/en/investors-composition-group.htm.

10.3 Controlled subsidiaries' transactions with associates and joint ventures

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

	31/12/2023			31/12/2022
(in € millions)	Associates	Joint ventures	Total	Associates	Joint ventures	Total
Revenue	336	525	861	322	541	863
Trade receivables	188	154	343	148	83	231
Purchases	4	19	24	5	14	19
Trade payables	3	6	10	6	7	13

11. Other non-current financial assets

Accounting policies

At the balance sheet date, shares in unconsolidated subsidiaries and affiliates are measured either at their fair value through profit or loss or through equity, depending on the choice made at initial recognition. The fair value of shares in listed companies is determined on the basis of the stock market price at the relevant balance sheet date. For unlisted shares, if their fair value cannot be determined reliably, they continue to be measured at their initial fair value, of which the best estimate is the cost of acquisition plus transaction costs, adjusted for any increases or decreases in value determined by analysing the change in the proportion of equity. Whenever further shares in subsidiaries and affiliates are acquired, an analysis of the Group's management intention is carried out to determine whether they will be measured at fair value through profit or loss or through equity.

At 31 December 2023, "Financial assets measured at amortised cost" mainly comprised receivables relating to shareholdings, such as shareholders' advances to subsidiaries managing concessions or PPP projects.

(in € millions)	31/12/2023	31/12/2022
Financial assets measured at amortised cost ^(*)	1,273	1,245
PPP financial receivables ^(*)	132	146
Equity instruments	1,240	1,197
Other non-current financial assets	2,646	2,588

^(*) Information relating to "PPP financial receivables" is provided in Note F.14 and information relating to "Financial assets measured at amortised cost" is provided in Note H.18.

During the period, the change in equity instruments broke down as follows:

(in € millions)	31/12/2023	31/12/2022
Net at beginning of period	1,197	1,078
Acquisitions during the period ^(*)	105	60
Acquisitions as part of business combinations	22	1
Changes in fair value	(70)	86
Impairment losses	(1)	(11)
Changes in consolidation scope	(7)	(7)
Other movements and currency translation differences	(6)	(10)
Net at end of period	1,240	1,197

^(*) Including acquisitions of shares not yet consolidated for €85 million at the end of 2023 and €36 million at the end of 2022.

Equity instruments mainly include VINCI's 8% stake in Groupe ADP, which is measured at fair value through profit or loss, along with shareholdings in subsidiaries that do not meet VINCI's minimum financial criteria for consolidation.

F. Concessions: PPP contracts, concession contracts and other infrastructure

Accounting policies

Under the terms of IFRIC 12 "Service Concession Arrangements", a concession operator may have two types of activities:

―	a construction activity in respect of its obligations to design, build and finance new infrastructure to be constructed on behalf of the grantor;
―	an operating and maintenance activity in respect of concession assets.

Revenue from each activity is recognised in accordance with IFRS 15.

In return for its activities, the operator receives remuneration from either of two actors:

―

Users, in which case the intangible asset model applies. The operator has a right to receive tolls (or any other form of remuneration) from users (vehicles, airlines, etc.) depending on traffic levels and passenger numbers in consideration for the financing, construction and operation of the infrastructure. The intangible asset model also applies whenever the concession grantor remunerates the concession operator based on the extent of use of the infrastructure by users, but with no guarantees as to the amounts that will be paid to it (under "pass through" or "shadow toll" agreements).

Under this model, the right to receive toll payments (or any other form of remuneration), net of any investment grants received, is recognised in the concession operator's balance sheet under "Concession intangible assets". This right corresponds to the fair value of the asset under concession plus the borrowing costs capitalised during the construction phase. It is amortised over the term of the arrangement in a manner that reflects the pattern in which the economic benefit derived from the asset under concession is consumed by the entity, starting from the entry into service of the asset.

The intangible asset model applies to most infrastructure concessions, in particular the concessions of VINCI Autoroutes in France, the main airports managed by VINCI Airports, certain bridges and tunnels operated by VINCI Highways, and Cobra IS's main concessions.

Motorway concession companies generally use the straight-line method of amortisation for concession intangible assets.

With respect to rights to operate airports under concession, the Group opted to amortise them from 1 July 2020 using the unit of production method, based on passenger numbers, having taken the view that the straight-line method no longer reflected the rate at which the economic benefits produced by the assets under concession were being consumed.

―

The grantor, in which case the financial asset model applies. The operator has an unconditional contractual right to receive payments from the concession grantor, irrespective of the extent of use of the infrastructure.

Under this model, the operator recognises a financial receivable, attracting interest, in its balance sheet, in consideration for the services it provides (design and construction). This financial receivable is classified under "Other financial assets". The receivable is settled by means of the grantor's payments received. The income calculated on the basis of the effective interest rate is recognised under revenue from ancillary activities.

In the case of bifurcated models, the operator may be remunerated partly by users and partly by the grantor. The part of the investment that is covered by an unconditional contractual right to receive payments from the grantor (in the form of grants or rental) is recognised as a financial receivable up to the amount guaranteed. The unguaranteed balance, of which the amount is dependent on the extent of use of the infrastructure, is recognised under "Concession intangible assets".

VINCI Airports fully owns certain airports, including London Gatwick airport. Its rights to operate these airports are presented in Note H.17.1, "Other intangible assets".

12. Details of the main contracts in Concessions

Details of the main contracts in the Concessions business are set out by business line in the table below.

	Country	End of contract	Accounting model	Consolidation method
VINCI Autoroutes ⁽¹⁾
ASF group
ASF	France	2036	Intangible asset	FC
2,730 km of toll motorways
Escota	France	2032	Intangible asset	FC
471 km of toll motorways
Cofiroute
Intercity network	France	2034	Intangible asset	FC
1,100 km of toll motorways
A86 Duplex	France	2086	Intangible asset	FC
11 km toll tunnel west of Paris
Arcour
A19	France	2070	Intangible asset	FC
101 km toll motorway south of Paris
Arcos
A355	France	2070	Intangible asset	FC
24 km toll motorway west of Strasbourg
VINCI Airports ⁽²⁾
Société Concessionnaire Aeroports du Grand Ouest	France	⁽³⁾	Intangible asset	FC
Nantes Atlantique and Saint-Nazaire Montoir airports
Aeroports de Lyon	France	2047	Intangible asset	FC
Lyon-Saint Exupéry and Lyon-Bron airports
ANA group	Portugal	2063	Intangible asset	FC
10 airports
Belfast International airport	United Kingdom	2993	Intangible asset	FC
London Gatwick airport	United Kingdom	Full ownership	Intangible asset	FC
Nikola Tesla airport in Belgrade	Serbia	2043	Intangible asset	FC
Deputado Luis Eduardo Magalhães airport in Salvador Bahia	Brazil	2047	Intangible asset	FC
Concessionária dos Aeroportos da Amazonia	Brazil	2051	Intangible asset	FC
7 airports including Manaus airport
Cambodia Airports	Cambodia	2040	Intangible asset	FC
Phnom Penh and Sihanoukville airports
Cabo Verde Airports	Cabo Verde	2063	Intangible asset	FC
4 airports including Praia airport
Orlando Sanford International airport	United States	2024	Intangible asset	FC
OMA (Grupo Aeroportuario del Centro Norte)	Mexico	2048	Intangible asset	FC
13 airports including Monterrey airport
Aerodom	Dominican Republic	2030 ⁽⁴⁾	Intangible asset	FC
6 airports including Las Americas airport in Santo Domingo
Nuevo Pudahuel	Chile	2035	Intangible asset	EM
Arturo Merino Benitez airport in Santiago
Daniel Oduber Quirós International airport in Guanacaste province	Costa Rica	2030	Bifurcated model: intangible asset and financial asset	EM
Kansai Airports	Japan	2060	Intangible asset	EM
Kansai International, Osaka Itami and Kobe airports

⁽¹⁾ Remuneration is based on the pricing law as defined in the concession contract, and price increases must be validated by the grantor.
⁽²⁾ Remuneration comes from both users and from airlines. Airport fees are generally regulated.
⁽³⁾ The concession contract was terminated on 24 October 2019 on the grounds of public interest. The termination is due to take effect no later than the signing date of the new concession contract.
⁽⁴⁾ The 30-year extension of the concession from 2030 to 2060 will take effect in the first half of 2024.
^FC: Full consolidation; EM: Equity method.

	Country	End of contract	Accounting model	Consolidation method
VINCI Highways
Via Sumapaz (ex Via 40 Express)
Toll motorway connecting Bogota and Girardot (141 km including construction of a third lane over 65 km)	Colombia	2046	Intangible asset	FC
Gefyra	Greece	2039	Intangible asset	FC
Toll bridge between Rio and Antirrio
Lima Expresa	Peru	2049	Intangible asset	FC
L^nea Amarilla: 25 km toll expressway in Lima
Strait Crossing Development Inc.
Confederation Bridge connecting the Canadian provinces of Prince Edward Island and New Brunswick	Canada	2032	Intangible asset	FC
A4 Hörselberg A-Modell	Germany	2037	Intangible asset	EM
45 km
A5 Malsch-Offenburg A-Modell	Germany	2039	Intangible asset	EM
60 km
A7 Göttingen-Bockenen A-Modell
60 km to be renovated, including 29 km to be widened to 2x3 lanes	Germany	2047	Financial asset	EM
A9 Six-lane A-Modell - Via Gateway Thüringen	Germany	2031	Financial asset	EM
47 km
B247 Muhlhausen-Bad Langensalza	Germany	2051	Financial asset	EM
22 km plus 6 km of approach roads
Entrevias	Brazil	2047	Intangible asset	EM
Toll motorways in Sao Paulo state (570 km)
Olympia Odos
Toll motorway connecting Elefsina, Corinth and Patras, with extension to Pyrgos under construction	Greece	2038	Intangible asset	EM
D4 motorway - Via Salis	Czech Republic	2049	Financial asset	EM
32 km plus 16 km to be widened to 2x2 lanes
Hounslow
Rehabilitation and maintenance of roadways, traffic signs and lighting	United Kingdom	2037	Financial asset	EM
Isle of Wight
Rehabilitation and maintenance of roadways, traffic signs and lighting	United Kingdom	2038	Financial asset	EM
Granvia	Slovakia	2041	Financial asset	EM
R1 expressway (Via Pribina) between Nitra and Tekovské Nemce
Regina Bypass	Canada	2049	Financial asset	EM
61 km expressway bypassing Regina
Ohio River Bridges - East End Crossing	United States	2051	Financial asset	EM
Bridge over the Ohio River and access tunnel
VINCI Railways
LISEA
South Europe Atlantic high-speed rail line (302 km) between Tours and Bordeaux	France	2025	Intangible asset	FC
VINCI Stadium
Consortium Stade de France	France	2025	Intangible asset	FC
80,000-seat stadium at Saint-Denis

^FC: Full consolidation
^EM: Equity method.

Certain contracts may benefit from investment grants from the grantor. This relates mainly to contracts under the financial asset model, but also certain contracts with traffic level risk (Arcour (A19), LISEA and Consortium Stade de France).

As a general rule, when the contracts end, the concession infrastructure is returned to the grantor for no consideration. In the event that the contract is terminated or the asset under concession is bought out early by the grantor, compensation is payable to the concession holders. Its amount is determined in accordance with contractual or statutory provisions.

13. Concession intangible assets

(in € millions)	VINCI Autoroutes	VINCI Airports	Other concessions ^(*)	Total
Gross
01/01/2022	34,964	5,794	2,153	42,912
Acquisitions during the period ^(**)	547	131	99	777
Disposals during the period	(1)	(2)	(1)	(4)
Currency translation differences	-	105	186	292
Changes in scope and other	(3)	3,230	175	3,402
	35,507	9,258	2,613	47,378
Grants received	(22)	-	(8)	(30)
31/12/2022	35,485	9,258	2,605	47,348
Acquisitions during the period ^(**)	572	401	164	1,137
Disposals during the period	(0)	(110)	-	(110)
Currency translation differences	-	365	55	420
Changes in scope and other	14	528	335	877
	36,072	10,442	3,158	49,672
Grants received	(24)	-	(3)	(27)
31/12/2023	36,047	10,442	3,155	49,644
Amortisation and impairment losses
01/01/2022	(15,979)	(1,135)	(469)	(17,583)
Amortisation in the period	(1,186)	(165)	(81)	(1,432)
Impairment losses	-	(45)	-	(45)
Reversals of impairment losses	-	3	-	3
Disposals during the period	-	2	1	2
Currency translation differences	-	(30)	(24)	(54)
Other movements	(16)	0	1	(15)
31/12/2022	(17,182)	(1,369)	(572)	(19,124)
Amortisation in the period	(1,224)	(241)	(85)	(1,550)
Impairment losses	-	(29)	-	(29)
Reversals of impairment losses	-	2	-	2
Disposals during the period	-	60	-	60
Currency translation differences	-	16	3	20
Other movements	(18)	2	(8)	(23)
31/12/2023	(18,424)	(1,559)	(661)	(20,644)
Net
01/01/2022	18,985	4,659	1,684	25,329
31/12/2022	18,304	7,889	2,032	28,224
31/12/2023	17,623	8,883	2,494	29,000

^(*) Including the concessions of Cobra IS.
^(**) Including capitalised borrowing costs.

In 2023, acquisitions of concession intangible assets amounted to €1,006 million. They included investments by the ASF group for €380 million (€323 million in 2022), by VINCI Airports for €377 million (€119 million in 2022), by Cofiroute for €152 million (€181 million in 2022) and by Cobra IS for €38 million (€87 million in 2022).

Changes in scope and other movements related in particular to the 30-year extension of the airport concession in the Dominican Republic for USD300 million paid early January 2024.

Concession intangible assets include assets under construction for €2,044 million at 31 December 2023 (€1,620 million at 31 December 2022). These relate to VINCI Autoroutes subsidiaries for €1,049 million (including Cofiroute for €421 million, Escota for €371 million and ASF for €257 million) and VINCI Airports for €505 million, of which Belgrade airport for €238 million).

At 31 December 2023, concession intangible assets relating to certain VINCI Airports assets were tested for impairment, leading to the recognition of an impairment loss totalling €29 million.

14. PPP financial receivables (controlled companies)

The main PPP contracts operated by Group subsidiaries are presented on the asset side of the consolidated balance sheet for their part at more than one year under "Other non-current financial assets" and concern the following:

―	Caraibus (right-of-way public transport system in Martinique): this contract is recognised under the financial asset model;
―	Stade Marie-Marvingt (Le Mans stadium in France) and Park Azur (business complex for car rental firms at Nice-Côte d'Azur airport in France): both contracts are recognised under the bifurcated model (intangible asset and financial asset).

(in € millions)	31/12/2023	31/12/2022
Beginning of period	146	210
Acquisitions during the period	96	7
Redemptions	(21)	(71)
Other movements and currency translation differences	(90)	(1)
End of period	132	146
of which	-	-
between 1 and 5 years	40	43
over 5 years	92	103

15. Off-balance sheet commitments in Concessions

15.1 Companies controlled by the Group

Contractual investment and renewal obligations

(in € millions)	31/12/2023	31/12/2022
Aerodom	1,036	-
ASF group	963	1,039
OMA (Grupo Aeroportuario del Centro Norte - Mexico)	342	488
Cobra IS	321	143
Cofiroute	279	370
ANA group (Portugal)	269	199
Via Sumapaz (ex Via 40 Express)	239	-
Concessionaria dos Aeroportos da Amazonia	153	176
Cabo Verde Airports	114	-
VINCI Highways (Entrevias in Brazil)	-	286
Other	241	221
Total	3,958	2,922

Contractual investment obligations of motorway concession companies consist mainly of undertakings made under concession contracts, multi-year master contracts as part of the 2015 motorway stimulus plan and the motorway investment plan approved in 2018. VINCI Autoroutes' investment undertakings amounted to €1,242 million at 31 December 2023 (€1,409 million at 31 December 2022). The decrease in these undertakings during the period was due to progress with works.

The investment undertakings of Aerodom, which holds the concession for six airports in the Dominican Republic, correspond to the remainder of the payment due and not yet recognised in the balance sheet in respect of the 30-year extension of its concession, as well as the investment undertakings in connection with the amended concession contract relating to the period from 2030 to 2060.

In addition to those undertakings, holding companies have provided €81 million of bank and parent company investment guarantees in relation to concession projects in 2023.

The above amounts do not include obligations relating to maintenance expenditure on infrastructure under concession, in respect of which specific provisions based on maintenance plans are set aside (see Note H.19.3, "Breakdown of current provisions").

Security interests connected with financing

Collateral security (in the form of pledges of shares and mortgages on land and buildings) is generally granted to secure financing arranged within subsidiaries, and breaks down as follows:

(in € millions)	Start date	End date	Amount
London Gatwick airport	2011	2049	2,550
Arcour	2008	2047	564
OMA (Grupo Aeroportuario del Centro Norte)	2022	2030	465
Lima Expresa	2016	2037	367
Arcos	2018	2045	355
Aerodom	2017	2029	323
Belgrade airport	2018	2035	264
ADL - Aéroports de Lyon	2016	2033	237
Gefyra	1997	2029	97
Concessionaria dos Aeroportos da Amazonia	2022	2046	88
Other concession companies			211
Total			5,521

Other security interests related to the funding of concession projects have been granted in an amount of €624 million, the vast majority of which concern Lima Expresa in Peru.

15.2 Companies accounted for under the equity method

Contractual investment obligations

At 31 December 2023, the Group's share of the investment undertakings made by these companies amounted to €927 million as opposed to €1,004 million at 31 December 2022, when they included the commitments of the Colombian company Via Sumapaz, then known as Via 40 Express and now fully consolidated, in the amount of €126 million. These commitments mainly relate to VINCI Highways' ongoing infrastructure projects, including those of Entrevias (motorway in São Paulo state in Brazil, €106 million), the Rift Valley projects (motorway in Kenya connecting Nairobi with Mau Summit, €542 million), Via Muhlhausen (B247 federal road in Germany, €73 million) and Via Salis (D4 motorway in the Bohemia region of the Czech Republic, €59 million).

Collateral security connected with financing

Collateral security has been granted in the form of pledges of shares in companies accounted for under the equity method.

The net carrying amount of the shares pledged at 31 December 2023 was €34 million (€40 million at 31 December 2022) and included shares in SMTPC (the holder of the concession for the Prado Carénage road tunnel in Marseille) for €11 million, WVB East End Partners (the company holding the concession for the Ohio River Bridges - East End Crossing project in the United States) for €9 million, and Synérail (the PPP contract for the GSM-Rail system, under the Global System for Mobile Communications - Railway standard) for €6 million.

In addition, €160 million of corporate guarantees were granted, including those granted by Cobra IS to the banks financing three high-voltage line projects in Brazil for €117 million.

Funding commitments

The Group has made commitments to provide funding (capital and/or subordinated loans) to companies accounted for under the equity method. At 31 December 2023, those commitments amounted to €54 million (€67 million at 31 December 2022). They mainly concern the D4 motorway project in the Czech Republic (€27 million), the B247 federal road project in Germany (€11 million) and Santiago airport in Chile (€16 million).

G. Energy and Construction businesses and VINCI Immobilier business line: construction and service contracts

16. Information on construction and service contracts

Accounting policies

Consolidated revenue relating to construction and service contracts is recognised in accordance with IFRS 15.

In view of the Group's main activities, construction and service contracts generally involve only one performance obligation, which is fulfilled as the contract is completed.

Where a contract includes several distinct performance obligations, the Group allocates the overall price provided for by the contract between the performance obligations in accordance with IFRS 15.

Where the price to which the Group considers itself entitled includes a variable component, that component is recognised where its receipt is regarded as highly probable.

Progress with construction and service contracts is measured using either the physical progress towards completion or cost-to-cost method, depending on the type of activities involved.

Contract amendments, relating in particular to the price and/or scope of the contract, are recognised when approved by the client. If amendments relate to new goods or services regarded as distinct under IFRS 15, and if the contract price increases by an amount reflecting "stand-alone selling prices" of the additional goods or services, those amendments are recognised as a distinct contract.

Where a third party (such as a subcontractor) is involved in the supply of a distinct good or service, the Group must determine whether it obtains control of that good or service before it is transferred to the client. Where control is obtained before transfer to the client, the Group recognises as revenue the gross amount to which it expects to be entitled in exchange for the corresponding good or service. However, where control is not obtained, the Group takes the view that it is not the principal in the transaction and only recognises as revenue the amount corresponding to its remuneration as intermediary.

The Group's trade receivables represent the unconditional right to receive payment when the goods or services to be provided to the customer under the contract have been provided. In accordance with IFRS 15, the opening and closing balances of trade receivables are presented in Note H.19, "Working capital requirement and current provisions".

Contract assets correspond to invoices not yet raised, advances paid to subcontractors or retention payments. They are included in the "Trade and other receivables" item on the asset side of the consolidated balance sheet. In accordance with IFRS 9, contract assets a re analysed to assess any risk of non-recovery ("credit risk"). Contract liabilities mainly consist of advances received and prepaid income. They are included in the "Other current liabilities" item on the liabilities side of the consolidated balance sheet.

Where a payment due to the Group is dependent on the transfer of other goods or services and/or the completion of milestones or stages defined in the contract, the Group regards the amount representing that "conditional" right as a contract asset.

Amounts relating to any Group obligation to transfer goods or services for which it has already received a payment, or for which the right to such payment is enforceable, are regarded as contract liabilities under IFRS 15.

If the estimate of the final outcome of a contract indicates a loss, a provision is made for the loss on completion in accordance with IAS 37, regardless of progress towards completion, and based on the best estimates of income, including, if need be, any rights to additional revenue or claims, where it is regarded as highly probable and can be reliably estimated. Provisions for losses on completion are shown under liabilities (see Note H.19.3, "Breakdown of current provisions").

16.1 Financial information on contracts

Contract assets

		Changes
(in € millions)	31/12/2023	Business-related changes	Changes in consolidation scope	Other changes ^(*)	31/12/2022
VINCI Energies	3,327	113	33	6	3,175
Cobra IS	1,816	17	1	74	1,724
VINCI Construction	4,360	148	(29)	(18)	4,259
VINCI Immobilier	445	(5)	(2)	0	452
Contract assets	9,948	272	4	63	9,609
of which advances paid	745	88	(16)	(23)	695

^(*) Including currency translation differences.

Contract assets relate to the portion of performance obligations fulfilled by the Group for which the definitive right to be paid is subject to the completion of works specified in the relevant contracts. Contract assets turn into receivables as these works are accepted by the client, giving rise to the Group's unconditional right to be paid.

Contract liabilities

		Changes
(in € millions)	31/12/2023	Business-related changes	Changes in consolidation scope	Other changes ^(*)	31/12/2022
VINCI Energies	4,064	619	45	8	3,393
Cobra IS	1,316	377	1	74	864
VINCI Construction	4,672	570	(46)	(16)	4,164
VINCI Immobilier	333	(126)	(22)	3	478
Contract liabilities	10,385	1,440	(22)	68	8,899
of which advances received	3,735	898	(19)	103	2,753

^(*) Including currency translation differences.

Contract liabilities mainly correspond to advances and payments on account received on orders and other current liabilities, such as prepaid income. The fulfilment of the performance obligations extinguishes these liabilities and results in the recognition of the corresponding revenue.

16.2 Order book

(in € billions)	31/12/2023	Book-to-bill ratio (number of months of average business activity represented by the order book)
VINCI Energies	14.3	8.9
Cobra IS	14.4	27.8
VINCI Construction	32.7	12.6
VINCI Immobilier	0.9	n/a

The order book for the VINCI Energies, Cobra IS and VINCI Construction business lines represents the volume of business yet to be carried out on projects where the contract is in force (generally after service orders have been obtained or after conditions precedent have been met) and financed. It amounted to €61.4 billion at 31 December 2023, up 7.2% year on year (€57.3 billion at 31 December 2022), representing more than 13 months of business activity for these business lines.

VINCI Immobilier's order book corresponds to the revenue, recognised on a progress towards completion basis, that is yet to be generated with respect to property sales confirmed by a notarised deed or with respect to property development contracts on which the works order has been given by the project owner. It amounted to €0.9 billion at 31 December 2023, down 23% year on year (€1.2 billion at 31 December 2022).

16.3 Commitments given and received in connection with construction and service contracts

In connection with construction and service contracts, the Group makes and receives guarantees (personal sureties or collateral security). The amount of the guarantees mentioned below consists mainly of guarantees on works contracts, issued by financial institutions or insurance companies (guarantees given).

Group companies, meanwhile, benefit from guarantees issued by financial institutions at the request of the joint contractors or subcontractors (guarantees received).

	31/12/2023		31/12/2022
(in € millions)	Guarantees given	Guarantees received	Guarantees given	Guarantees received
Performance guarantees and performance bonds	13,308	1,305	11,505	1,370
Retentions	3,932	525	3,788	443
Deferred payments to subcontractors and suppliers	1,519	667	1,201	574
Bid bonds	184	1	195	1
Collateral security	87	6	94	6
Total	19,031	2,503	16,782	2,394

Whenever events such as late completion or disputes about the execution of a contract make it likely that an execution risk covered by a guarantee will materialise, a provision is taken in respect of that risk.

In general, any risk of loss in connection with performance of a commitment given by VINCI or its subsidiaries results in a provision being recognised in the Group's financial statements. However, VINCI considers that the off-balance sheet commitments above are unlikely to have a material impact on the Group's financial position or net assets.

The Group also grants after-sales service warranties covering several years in its normal course of business. These warranties lead to provisions estimated either on a statistical basis having regard to past experience or on an individual basis in the case of any problems identified. The commitments for which provisions are taken relating to these warranties are not included in the above table.

In addition, guarantees related to construction contracts on behalf of companies accounted for under the equity method had been given in a total amount of €200 million at 31 December 2023 (€185 million at 31 December 2022).

Joint and several guarantees covering unconsolidated partnerships (SNCs, economic interest groupings, etc.)

VINCI Construction conducts a portion of its business through unincorporated joint venture partnerships (SEPs). Since the partners in a partnership are legally jointly and severally liable for its debts to third parties, the Group may set up crossed counter guarantees with its partners.

Whenever the Group is aware of a particular risk relating to a joint venture partnership's activity that could lead to an outflow of resources with no consideration for the Group in return, a provision is set aside.

The amount shown under off-balance sheet commitments in respect of joint and several guarantees is the Group's share of the liabilities of the partnerships in question less equity and financial debt (loans or current account advances) due to partners. At 31 December 2023, those commitments amounted to €59 million (€54 million at 31 December 2022). At 100%, the amount of those commitments would be €135 million at 31 December 2023 (€128 million at 31 December 2022). Given the quality of its partners, the Group considers that the risk of its guarantee being invoked in respect of these commitments is not material.

H. Other balance sheet items and business-related commitments

17. Other intangible assets and property, plant and equipment

17.1 Other intangible assets

Accounting policies

Other intangible assets are measured at cost less amortisation and any cumulative impairment losses.

They include mainly:

―	Rights to operate fully owned airports. Since those rights are analogous to a perpetual licence, in accordance with IAS 38 "Intangible Assets" they are not amortised. They are tested for impairment annually or whenever there is an indication that an asset may be impaired.
―	Quarrying rights, which are amortised as materials are extracted (volumes extracted during the period are compared with the estimated total volume of deposits to be extracted from the quarry over its useful life) in order to reflect the decline in value due to depletion.
―	Other intangible assets, which are amortised on a straight-line basis over their useful life.

(in € millions)	Patents and licences	Software	Other intangible assets	Total
Gross
31/12/2022	254	627	9,061	9,943
Acquisitions as part of business combinations	4	3	20	28
Other acquisitions during the period	1	40	108	149
Disposals during the period	(9)	(22)	(16)	(47)
Currency translation differences	1	2	187	190
Changes in scope and other	(7)	26	(1,099)	(1,080)
31/12/2023	244	676	8,261	9,182
Amortisation and impairment losses
31/12/2022	(48)	(466)	(384)	(898)
Amortisation in the period	(2)	(63)	(197)	(263)
Impairment losses	(0)	(0)	(1)	(1)
Reversals of impairment losses	0	-	1	1
Disposals during the period	9	19	5	34
Currency translation differences	(0)	(2)	(18)	(20)
Changes in consolidation scope	(3)	(2)	(1)	(6)
Other movements	7	(1)	5	10
31/12/2023	(38)	(515)	(590)	(1,143)
Net
31/12/2022	206	161	8,677	9,045
31/12/2023	206	161	7,671	8,038

17.2 Property, plant and equipment

Accounting policies

Items of property, plant and equipment are recorded at their acquisition or production cost net of any investment grants received, less cumulative depreciation and impairment losses. They are not remeasured. They also include concession operating assets not controlled by the grantor but necessary for operation of the concession: buildings intended for operational use, signage and data transmission equipment, vehicles and other equipment.

Depreciation is generally calculated on a straight-line basis over the period of use of the asset. Accelerated depreciation may sometimes be used when it appears more appropriate to the conditions under which the asset is used.

For certain complex assets comprising several components, each component of the asset is depreciated over its own period of use. To reflect the consumption of economic benefits associated with the asset, quarries are depreciated as materials are extracted (volumes extracted during the period are compared with the estimated total volume of deposits to be extracted from the quarry over its useful life).

Investment property is property held to earn rentals or for capital appreciation. It is recorded at its acquisition cost less cumulative depreciation and any impairment losses.

The main periods of use of the various categories of items of property, plant and equipment are as follows:

Constructions:
- Structure	Between 20 and 50 years
- General technical installations	Between 5 and 20 years
Site equipment and technical installations	Between 3 and 12 years
Vehicles	Between 3 and 5 years
Fixtures and fittings	Between 8 and 10 years
Office furniture and equipment	Between 3 and 10 years

Depreciation commences as from the date when the asset is ready to enter service.

Right-of-use assets under leases are amortised on a straight-line basis over the lease term, and adjusted when the lease liability is remeasured.

(in € millions)	Concession operating fixed assets	Land	Constructions and investment property	Plant, equipment and fixtures
Gross
01/01/2022	4,630	1,398	3,939	10,269
Acquisitions as part of business combinations	-	104	89	135
Other acquisitions during the period	189	45	826	777
Disposals during the period	(80)	(10)	(119)	(594)
Currency translation differences	16	2	(81)	(29)
Scope effects, changes in leases and other	48	44	(285)	168
31/12/2022	4,804	1,584	4,369	10,726
Acquisitions as part of business combinations	-	2	16	66
Other acquisitions during the period	206	25	1,141	987
Disposals during the period	(75)	(10)	(50)	(618)
Currency translation differences	(13)	6	69	4
Scope effects, changes in leases and other	(7)	69	(751)	1,696
31/12/2023	4,914	1,677	4,795	12,861
Depreciation and impairment losses
01/01/2022	(3,580)	(402)	(1,179)	(6,857)
Depreciation in the period	(202)	(24)	(173)	(921)
Impairment losses	-	(10)	20	(9)
Reversals of impairment losses	-	9	2	12
Disposals during the period	74	13	72	509
Currency translation differences	(11)	(1)	16	(6)
Changes in consolidation scope	-	(1)	(9)	(67)
Other movements	(12)	(9)	10	(7)
31/12/2022	(3,731)	(425)	(1,240)	(7,346)
Depreciation in the period	(198)	(23)	(151)	(947)
Impairment losses	(5)	(0)	(27)	(3)
Reversals of impairment losses	-	2	22	9
Disposals during the period	70	4	28	540
Currency translation differences	8	(0)	(24)	23
Changes in consolidation scope	-	(0)	(2)	(48)
Other movements	7	1	2	28
31/12/2023	(3,849)	(442)	(1,393)	(7,744)
Net
01/01/2022	1,050	997	2,760	3,412
31/12/2022	1,073	1,159	3,129	3,380
31/12/2023	1,065	1,235	3,401	5,117

	Right-of-use assets in respect of leases
(in € millions)	Concession operating fixed assets	Property	Movable assets	Total
Gross
01/01/2022	25	1,997	1,674	23,933
Acquisitions as part of business combinations	-	18	5	351
Other acquisitions during the period	6	347	310	2,500
Disposals during the period	(3)	(239)	(327)	(1,371)
Currency translation differences	0	2	(3)	(93)
Scope effects, changes in leases and other	(0)	5	(3)	(22)
31/12/2022	28	2,130	1,656	25,297
Acquisitions as part of business combinations	-	29	31	144
Other acquisitions during the period	8	356	414	3,136
Disposals during the period	(5)	(154)	(262)	(1,173)
Currency translation differences	(0)	2	(3)	65
Scope effects, changes in leases and other	0	2	24	1,033
31/12/2023	32	2,365	1,860	28,503
Depreciation and impairment losses
01/01/2022	(13)	(805)	(794)	(13,629)
Depreciation in the period	(7)	(271)	(345)	(1,943)
Impairment losses	-	-	(1)	1
Reversals of impairment losses	-	-	-	23
Disposals during the period	4	191	290	1,152
Currency translation differences	-	1	(4)	(5)
Changes in consolidation scope	-	4	(3)	(76)
Other movements	-	(2)	4	(16)
31/12/2022	(16)	(882)	(852)	(14,492)
Depreciation in the period	(7)	(307)	(353)	(1,987)
Impairment losses	-	-	-	(36)
Reversals of impairment losses	-	-	-	32
Disposals during the period	6	97	273	1,018
Currency translation differences	-	(0)	4	11
Changes in consolidation scope	-	(9)	(13)	(73)
Other movements	(0)	14	(14)	37
31/12/2023	(17)	(1,089)	(955)	(15,491)
Net
01/01/2022	12	1,192	880	10,303
31/12/2022	13	1,247	804	10,805
31/12/2023	14	1,276	905	13,012

Property, plant and equipment includes assets under construction for €1,473 million at 31 December 2023 (€1,132 million at 31 December 2022), mainly at Cobra IS for €595 million, VINCI Construction for €362 million and VINCI Concessions for €352 million.

The leases to which the Group is a party mainly concern properties, vehicles and certain equipment required for the construction and maintenance businesses.

At 31 December 2023, the breakdown of property, plant and equipment by business line was as follows:

	Concessions	Energy		Construction
(in € millions)	VINCI Autoroutes VINCI Airports Other concessions	VINCI Energies	Cobra IS	VINCI Construction	VINCI Immobilier and holding companies	Total
Concession operating fixed assets	1,065	-	-	0	-	1,065
Land	272	59	28	760	115	1,235
Constructions and investment property	1,475	216	642	676	392	3,401
Plant, equipment and fixtures	931	426	1,560	2,076	124	5,117
Right-of-use assets in respect of leases	293	939	73	606	284	2,195
Total at 31 December 2023	4,036	1,641	2,303	4,118	915	13,012
Total at 31 December 2022	3,954	1,477	600	3,866	908	10,805

17.3 Impairment tests on property, plant and equipment and intangible assets

Accounting policies

Impairment tests are performed on property, plant and equipment and intangible assets where evidence of an impairment loss arises.

For intangible assets with an indefinite useful life and construction work in progress, a test is performed at least annually or whenever there is an indication that an asset may be impaired.

Assets to be tested for impairment are grouped within cash-generating units (CGUs) that correspond to homogeneous groups of assets that generate identifiable cash inflows from their use.

In accordance with IAS 36, the criteria adopted to assess indications that an impairment loss has arisen are either external (e.g. a material change in market conditions) or internal (e.g. a material reduction in revenue), without distinction.

Other intangible assets include €6.4 billion corresponding to the right to operate London Gatwick airport at 31 December 2023. Since that right to operate is analogous to a perpetual licence, it is not amortised but undergoes an impairment test once per year. That test was carried out at 31 December 2023 on the basis of the following assumptions:

―	Cash flow projections cover a 30-year period and take into account traffic returning to 2019 levels in 2025 and to the levels projected prior to the crisis by 2030. At the end of that 30-year period, a terminal value is determined by capitalising the final year's projected cash flow to infinity, and that value is discounted to present value.
―	The pre-tax discount rate used is 8.1%.

At 31 December 2023, the recoverable amount of that right to operate, based on the above assumptions, was higher than its net carrying amount. Sensitivity calculations show that an increase of 50 basis points in the discount rate or a 5% decrease in projected operating cash flow would reduce value in use by €1.0 billion and €0.6 billion, respectively. Under these scenarios, value in use would remain higher than the net carrying amount for the right to operate the airport.

18. Financial assets measured at amortised cost

Accounting policies

Financial assets measured at amortised cost mainly consist of loans and receivables.

When first recognised, loans and receivables are recognised at their fair value less the directly attributable transaction costs.

From the outset, the Group recognises impairment on its loans and receivables in relation to their risk of non-recovery, in accordance with IFRS 9 "Financial Instruments".

At each balance sheet date, these assets are measured at their amortised cost using the effective interest method and the Group analyses credit risk to determine whether further impairment must be recognised.

If credit risk is found to have increased, additional impairment is recognised in profit and loss, taking into account this risk over the asset's life.

Loans and receivables at amortised cost mainly comprise receivables relating to shareholdings, including shareholders' advances to concession or PPP project companies for €842 million (€735 million at 31 December 2022). They are presented on the asset side of the consolidated balance sheet under "Other non-current financial assets" (for the part at more than one year). The part at less than one year of loans and receivables is included under "Other current financial assets" for €54 million at 31 December 2023 (€29 million at 31 December 2022).

Changes in loans and receivables at amortised cost and their breakdown by maturity are as follows:

(in € millions)	2023	2022
Beginning of period	1,245	1,161
Acquisitions during the period	341	154
Acquisitions as part of business combinations	3	3
Impairment losses	(1)	(36)
Disposals during the period	(91)	(58)
Other movements and currency translation differences	(223)	21
End of period	1,273	1,245
of which:
between 1 and 5 years	482	287
over 5 years	791	958

19. Working capital requirement and current provisions

Accounting policies

Inventories and work in progress are recognised at their cost of acquisition or of production by the entity. At each balance sheet date, they are measured at the lower of cost and net realisable value.

Trade receivables are current financial assets and are initially measured at their fair value, which is generally their nominal value, barring any discounting effect. The Group uses the simplified approach as defined by IFRS 9, and therefore records impairment on its trade receivables to correspond with the expected credit loss at maturity.

At each balance sheet date, trade receivables are measured at their amortised cost less any impairment losses in the event of any nonrecovery risks. The assessment of that risk takes into account payment delays and guarantees obtained.

The Group's business model is to retain its trade receivables in order to collect the contractual cash flow when they fall due. However, in some cases, receivables may be assigned to third parties (banks) on terms that meet IFRS 9 criteria, i.e. contractual cash flows along with substantially all of the related risks and rewards are assigned. In those cases, the receivables are derecognised.

Trade payables are current financial liabilities and are initially measured at their fair value, which is generally their nominal value, barring any discounting effect. Some Group entities have set up reverse factoring arrangements. These allow Group suppliers to assign their receivables before they fall due, and thereby receive payment earlier.

19.1 Change in working capital requirement

				Changes
(in € millions)		31/12/2023	31/12/2022	Business-related change in the WCR	Changes in consolidation scope	Other changes ^(*)
Inventories and work in progress (net)		1,878	1,785	59	17	17
Trade and other receivables		18,698	18,092	311	189	105
Other current assets		7,798	7,402	482	(32)	(53)
- Non-operating assets		(34)	(20)	(14)	1	(0)
Inventories and operating receivables	I	28,340	27,259	838	175	69
Trade payables		(13,572)	(13,088)	(159)	(205)	(119)
Other current liabilities		(22,431)	(20,315)	(1,948)	22	(190)
- Non-operating liabilities		2,157	1,661	286	(3)	211
Trade and other operating payables	II	(33,846)	(31,742)	(1,821)	(185)	(98)
Working capital requirement (excluding current provisions)	I + II	(5,505)	(4,483)	(983)	(11)	(29)
Current provisions		(7,304)	(6,599)	(480)	(23)	(203)
of which part at less than one year of non-current provisions		(172)	(146)	(29)	0	2
Working capital requirement (including current provisions)		(12,810)	(11,082)	(1,463)	(33)	(232)

^(*) Mainly corresponding to cash flows relating to assets held for sale and related liabilities, along with currency translation differences.

Some Group entities, mainly in the Cobra IS business line, make use of agreements to assign accounts receivable and reverse factoring arrangements. At 31 December 2023, the amount of trade receivables assigned without recourse and derecognised was €124 million (€130 million at 31 December 2022). The amount of receivables assigned by suppliers as part of reverse factoring arrangements was €521 million at 31 December 2023 (€554 million at 31 December 2022). These amounts receivable from the Group are presented under trade payables.

19.2 Current operating assets and liabilities

Current operating assets and liabilities break down as follows:

			Maturity
			Within 1 year
(in € millions)		31/12/2023	1 to 3 months	3 to 6 months	6 to 12 months
Inventories and work in progress		1,878	1,074	91	408
Trade and other receivables		18,698	15,729	1,183	1,169
Other current operating assets		7,765	6,550	467	505
Inventories and operating receivables	I	28,340	23,353	1,741	2,083
Trade payables		(13,572)	(10,977)	(1,137)	(891)
Other current operating liabilities		(20,274)	(16,293)	(1,301)	(1,476)
Trade and other operating payables	II	(33,846)	(27,270)	(2,438)	(2,367)
Working capital requirement connected with operations	I + II	(5,505)	(3,916)	(697)	(283)

(in € millions)	Maturity Between 1 and 5 years	Maturity After 5 years
Inventories and work in progress	301	3
Trade and other receivables	559	57
Other current operating assets	217	25
Inventories and operating receivables	1,077	86
Trade payables	(441)	(125)
Other current operating liabilities	(1,014)	(191)
Trade and other operating payables	(1,455)	(316)
Working capital requirement connected with operations	(378)	(231)

			Maturity
			Within 1 year
(in € millions)		31/12/2022	1 to 3 months	3 to 6 months	6 to 12 months
Inventories and work in progress		1,785	920	108	686
Trade and other receivables		18,092	14,001	1,602	2,108
Other current operating assets		7,382	6,034	389	627
Inventories and operating receivables	I	27,259	20,955	2,099	3,420
Trade payables		(13,088)	(10,522)	(1,529)	(814)
Other current operating liabilities		(18,653)	(15,427)	(888)	(1,685)
Trade and other operating payables	II	(31,742)	(25,949)	(2,417)	(2,499)
Working capital requirement connected with operations	I + II	(4,483)	(4,994)	(318)	921

(in € millions)	Maturity Between 1 and 5 years	Maturity After 5 years
Inventories and work in progress	69	2
Trade and other receivables	307	75
Other current operating assets	266	65
Inventories and operating receivables	642	142
Trade payables	(203)	(20)
Other current operating liabilities	(503)	(150)
Trade and other operating payables	(707)	(170)
Working capital requirement connected with operations	(64)	(28)

Breakdown of trade receivables

(in € millions)	31/12/2023	31/12/2022
Trade receivables	9,563	9,302
Allowances against trade receivables	(736)	(709)
Trade receivables, net	8,827	8,593

At 31 December 2023, trade receivables between six and 12 months past due amounted to €450 million (compared with €387 million at 31 December 2022). Impairment in the amount of €34 million has been recognised in consequence (€41 million at 31 December 2022). Receivables more than one year past due amounted to €515 million (€474 million at 31 December 2022) and impairment of €334 million has been recognised in consequence (€374 million at 31 December 2022).

19.3 Breakdown of current provisions

Accounting policies

Current provisions are directly related to the operating cycle. They are recognised in accordance with IAS 37 and include the part at less than one year of non-current provisions not directly linked to the operating cycle.

These provisions are recognised at their present value. The effect of discounting provisions is recognised under "Other financial income and expense".

Provisions are taken for contractual obligations to maintain the condition of concession assets. They concern the motorway concession companies and cover the expense of major repairs of roads, bridges, tunnels and hydraulic infrastructure. They also include expenses to be incurred by airport concession companies (repairs to runways, traffic lanes and other paved surfaces) and are calculated on the basis of maintenance plans spanning several years, which are updated annually. These expenses are reassessed on the basis of appropriate indices (mainly the TP01, TP02 and TP09 indices in France). Provisions are also taken whenever signs of defects are encountered on certain infrastructure.

Provisions for after-sales service cover Group entities' commitments under statutory warranties relating to completed projects, such as the 10-year warranty on building projects in France. They are estimated statistically on the basis of expenses incurred in previous years or individually on the basis of specifically identified events.

Provisions for losses on completion of contracts and for construction project liabilities are set aside mainly when end-of-contract projections, based on the most likely estimated outcome, indicate a loss, or to cover work yet to be carried out in respect of completed projects under completion warranties.

Provisions for disputes connected with operations relate mainly to disputes with customers, subcontractors, joint contractors or suppliers.

Restructuring provisions include the cost of plans and measures for which there is a commitment whenever these have been announced before the period end.

(in € millions)	Opening	Provisions taken	Provisions used	Other reversals
01/01/2022	4,973	2,256	(1,469)	(196)
Obligation to maintain the condition of concession assets	1,024	198	(127)	(29)
After-sales service	442	127	(93)	(20)
Losses on completion and construction project liabilities	1,800	1,147	(989)	(84)
Disputes	678	281	(183)	(33)
Restructuring costs	27	5	(13)	(2)
Other current liabilities	1,963	851	(569)	(88)
Reclassification of the part at less than one year	188	-	-	-
31/12/2022	6,123	2,611	(1,973)	(257)
Obligation to maintain the condition of concession assets	1,164	275	(133)	(13)
After-sales service	466	251	(133)	(13)
Losses on completion and construction project liabilities	1,886	1,155	(1,100)	(51)
Disputes	742	301	(230)	(38)
Restructuring costs	17	16	(7)	(3)
Other current liabilities	2,178	1,074	(694)	(132)
Reclassification of the part at less than one year	146	-	-	-
31/12/2023	6,599	3,072	(2,297)	(249)

(in € millions)	Changes in consolidation scope and miscellaneous	Change in the part at less than one year	Currency translation differences	Closing
01/01/2022	529	(14)	44	6,123
Obligation to maintain the condition of concession assets	95	-	3	1,164
After-sales service	12	-	(3)	466
Losses on completion and construction project liabilities	15	-	(2)	1,886
Disputes	1	-	(2)	742
Restructuring costs	(0)	-	(0)	17
Other current liabilities	9	-	11	2,178
Reclassification of the part at less than one year	(4)	(37)	(1)	146
31/12/2022	127	(37)	6	6,599
Obligation to maintain the condition of concession assets	10	-	11	1,314
After-sales service	(2)	-	2	572
Losses on completion and construction project liabilities	23	-	(5)	1,908
Disputes	11	-	4	791
Restructuring costs	(1)	-	0	22
Other current liabilities	101	-	(2)	2,525
Reclassification of the part at less than one year	(3)	29	0	172
31/12/2023	141	29	10	7,304

At 31 December 2023, contractual obligations to maintain the condition of concession assets mainly comprised €600 million for the ASF group (€534 million at 31 December 2022), €279 million for Cofiroute (€264 million at 31 December 2022), and €393 million for VINCI Airports (€333 million at 31 December 2022) including €148 million for ANA (€125 million at 31 December 2022) and €119 million for OMA (€94 million at 31 December 2022).

A large part of provisions for other current liabilities consist of individual provisions in amounts of less than €5 million. These include provisions for worksite restoration and removal costs for €248 million (€230 million at 31 December 2022).

20. Non-current provisions

Accounting policies

Non-current provisions are recognised whenever, at the balance sheet date, the Group has a legal or constructive present obligation towards non-Group companies arising from a past event, whenever it is probable that the obligation will result in an outflow of resources with no consideration in return and whenever a reliable estimate can be made of the amount of the obligation. These provisions are measured at their present value, corresponding to the best estimate of the outflow of resources required to settle the corresponding obligation.

The part at less than one year of provisions not directly linked to the operating cycle is reported under "Current provisions". The part at less than one year of other employee benefits is reported under "Other current liabilities".

Detail of non-current provisions

(in € millions)	Opening	Provisions taken	Provisions used	Other reversals not used
01/01/2022	1,140	194	(69)	(6)
Financial risks	933	53	(12)	(2)
Other liabilities	393	134	(107)	(9)
Reclassification of the part at less than one year	(188)	-	-	-
31/12/2022	1,137	188	(119)	(11)
Financial risks	715	28	(20)	3
Other liabilities	392	153	(79)	(3)
Reclassification of the part at less than one year	(146)	-	-	-
31/12/2023	961	181	(99)	0

(in € millions)	Changes consolidation scope and miscellaneous	Change in the part at less than one year	Currency translation differences	Closing
01/01/2022	(137)	14	0	1,137
Financial risks	(257)	-	0	715
Other liabilities	(17)	-	(2)	392
Reclassification of the part at less than one year	4	37	1	(146)
31/12/2022	(269)	37	(1)	961
Financial risks	111	-	(0)	838
Other liabilities	(1)	-	1	462
Reclassification of the part at less than one year	3	(29)	(0)	(172)
31/12/2023	112	(29)	0	1,127

Provisions for financial risks

Provisions for financial risks include the Group's share of the negative net equity of companies accounted for under the equity method. That negative net equity results mainly from the measurement of interest rate derivative instruments (cash flow hedges) at fair value in the financial statements of the companies concerned.

Provisions for other liabilities

Provisions for other liabilities, not directly linked to the operating cycle, include provisions for disputes and arbitration, some of which are described in Note M, "Note on litigation". These amounted to €462 million at 31 December 2023 (€392 million at 31 December 2022), including €326 million at more than one year (€279 million at 31 December 2022).

21. Lease liabilities

Accounting policies

At the start of the lease period, the liability is measured on the basis of the present value of payments remaining payable to the lessor, i.e.:

―	fixed lease payments, minus any sums received from the lessor as stipulated in the contract;
―	variable lease payments that depend on an index or a rate, with future payments determined on the basis of the level of the index or rate on the commencement date of the lease;
―	payments to be made by the lessee under a residual value guarantee;
―	the exercise price of an option to purchase the underlying asset, if the lessee is reasonably certain to exercise that option;
―	penalties to be paid if an option to terminate the lease is exercised, if the lease term was determined on the assumption that the lessee would exercise that option.

The liability may be remeasured in the following situations: adjustment of the lease term; adjustment related to the assessment of whether the exercise of an option is reasonably certain or not; a new estimate of residual value guarantees; revision of rates or indices on which lease payments are based at the time those payments are adjusted.

At 31 December 2023, lease liabilities amounted to €2,247 million, including €1,675 million for the part at more than one year and €572 million for the part at less than one year. They totalled €2,102 million at 31 December 2022. The net change in 2023 breaks down as follows:

―	new lease liabilities: increase of €748 million;
―	companies entering the consolidation scope: increase of €41 million;
―	repayments of lease liabilities: decrease of €611 million;
―	terminations of leases: decrease of €44 million;
―	other changes: increase of €12 million.

Maturity schedule for lease liabilities

(in € millions)	Current and non-current lease liabilities	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Lease liabilities related to property assets	1,414	295	414	369	336
Lease liabilities related to movable assets	833	277	224	162	170
31/12/2023	2,247	572	639	531	506

22. Other contractual obligations of an operational nature and other commitments given and received

22.1 Other contractual obligations of an operational nature

(in € millions)	31/12/2023	31/12/2022
Purchase and capital expenditure obligations ^(*)	2,385	1,571
Obligations related to quarrying rights	105	98

^(*) Excluding capital investment obligations related to concession and PPP contracts (see Note F, "Concessions: PPP contracts, concession contracts and other infrastructure").

Other purchase and capital expenditure obligations, excluding those associated with concession and PPP contracts, mainly relate to Cobra IS's renewable energy projects for €1,810 million at 31 December 2023 (€975 million at 31 December 2022), chiefly in Spain, Brazil and the United States. These obligations also relate to VINCI Energies and VINCI Immobilier to a lesser extent, as well as to VINCI Concessions (via its VINCI Concessions Ventures subsidiaries), which has made a commitment to invest in the world's largest fund dedicated to low-carbon hydrogen infrastructure solutions, and the VINCI Concessions subsidiary Eliso GmbH, a service provider specialising in the installation and operation of electric vehicle charging points in Germany.

Obligations related to quarry operations include quarrying rights and quarry leases, which concern VINCI Construction.

22.2 Other commitments given and received

The Group's off-balance sheet commitments are subject to specific reporting at each annual and interim closing. They are presented according to the activity to which they relate, in the corresponding notes.

(in € millions)	31/12/2023	31/12/2022
Other commitments given	1,681	1,477
Other commitments received	1,002	781

These amounts include various tax and social security-related guarantees as well as personal sureties provided as performance guarantees relating to work done by concession companies, described in Note F.15.1, "Contractual investment and renewal obligations".

The commitments given and received by the Group in connection with concession contracts, construction and service contracts and items connected with unrecognised retirement benefit obligations are shown in the following notes:

―	Note F.15, "Off-balance sheet commitments in Concessions";
―	Note G.16.3, "Commitments given and received in connection with construction and service contracts";
―	Note K.29.1, "Provisions for retirement benefit obligations".

I. Equity

23. Information on equity

Capital management policy

VINCI has a share buy-back programme approved in its Shareholders' General Meeting of 13 April 2023 for a period of 18 months, with a maximum purchase amount of €4 billion at a maximum price of €140 per share. During the year, VINCI acquired 3,822,053 shares on the market at an average price of €103.44 per share, for a total of €395 million.

Treasury shares (see Note H.20.2, "Treasury shares") are allocated to financing external growth transactions and to covering performance share plans and the employer contributions to international employee share ownership plans. They may also be cancelled. Following the decision taken by the Board of Directors on 20 December 2023, VINCI SA cancelled 8,700,000 shares for €835 million.

VINCI's employee savings policy aims to make it easier for Group employees to become shareholders. At 31 December 2023, over 40% of the Group's employees were VINCI shareholders through employee share ownership plans (78,5% of employees in France). Since those funds own 10.24% of VINCI's share capital, the Group's current and former employees form its largest group of shareholders.

Neither the Group's consolidated equity nor the equity of parent company VINCI SA is subject to any external constraints in the form of financial covenants.

23.1 Share capital

At 31 December 2023, the parent company's share capital was represented by 589,048,647 ordinary shares of €2.50 nominal value each.

Changes in the number of shares

	2023	2022
Number of shares at beginning of period	589,387,330	592,362,376
Increase in share capital	8,361,317	5,624,954
Cancelled treasury shares	(8,700,000)	(8,600,000)
Number of shares at end of period	589,048,647	589,387,330
Number of shares issued and fully paid	589,048,647	589,387,330
Nominal value of one share (in €)	2.50	2.50
Treasury shares held directly by VINCI	18,238,732	25,790,809
of which shares allocated to covering performance share plans and employee share ownership plans	13,392,373	17,048,595

The changes in capital during 2023 and 2022 break down as follows:

	Increase (decrease) in share capital (in €)	Share premiums arising on contributions or mergers (in €)	Number of shares representing the share capital
01/01/2022	1,480,905,940	12,345,207,777	592,362,376
Group savings plans	14,062,385	476,715,186	5,624,954
Cancelled treasury shares	(21,500,000)		(8,600,000)
31/12/2022	1,473,468,325	12,821,922,963	589,387,330
Group savings plans	20,903,293	688,403,371	8,361,317
Other changes	(21,750,000)		(8,700,000)
31/12/2023	1,472,621,618	13,510,326,334	589,048,647

23.2 Treasury shares

Accounting policies

Treasury shares held by the Group are booked as a deduction from equity at their cost of acquisition. Any gains or losses connected with the purchase, sale or cancellation of treasury shares are recognised directly in equity without affecting the income statement.

Changes in treasury shares were as follows:

	2023	2022
Number of shares at beginning of period	25,790,809	24,781,783
Shares repurchased during the period	3,822,053	11,949,984
Shares granted to employees (2019 performance share plan)		(1,821,638)
Shares granted to employees (2020 performance share plan)	(1,949,470)	(2,135)
Shares granted to employees (2021 performance share plan)	(680)	(1,700)
Shares granted to employees (2022 performance share plan)	(1,130)	(750)
Shares granted to employees (2023 performance share plan)	(1,240)
Delivery of shares in connection with the Castor International plan	(721,610)	(514,735)
Cancelled treasury shares	(8,700,000)	(8,600,000)
Number of shares at end of period	18,238,732	25,790,809

At 31 December 2023, the total number of treasury shares held was 18,238,732. These were recognised as a deduction from consolidated equity for €1,419 million.

A total of 13,392,373 shares are allocated to covering long-term incentive plans and employee share ownership transactions and 4,846,359 are intended to be used as payment for acquisitions, sold or cancelled.

23.3 Distributable reserves and statutory reserve

At 31 December 2023, VINCI SA's distributable reserves amounted to €31 billion (€31 billion at 31 December 2022) and its statutory reserve to €151 million (€151 million at 31 December 2022).

23.4 Amounts recognised directly in equity

The main amounts recognised directly in equity are as follows:

		2023
(in € millions)		Attributable to owners of the parent	Attributable to noncontrolling interests	Total
Hedging costs
Reserve at beginning of period		(27)	0	(27)
Gross reserve before tax effect at end of period	I	(4)	(0)	(4)
Cash flow and net investment hedges
Reserve at beginning of period		170	1	172
Changes in fair value of companies accounted for under the equity method		(72)	-	(72)
Other changes in fair value in the period		(123)	(2)	(125)
Fair value items recognised in profit or loss		(174)	-	(174)
Changes in consolidation scope and miscellaneous		2	0	2
Gross reserve before tax effect at end of period	II	(197)	(1)	(197)
of which gross reserve relating to companies accounted for under the equity method		(109)	-	(109)
Total gross reserve before tax effects (items that may be recycled to income)	I + II	(200)	(1)	(201)
Associated tax effect		46	0	47
Reserve net of tax (items that may be recycled to income)	III	(154)	(1)	(154)
Equity instruments
Reserve at beginning of period		(2)	(0)	(2)
Gross reserve before tax effect at end of period	IV	(2)	(0)	(2)
Actuarial gains and losses on retirement benefit obligation
Reserve at beginning of period		(153)	57	(96)
Actuarial gains and losses recognised in the period		(99)	(51)	(150)
Associated tax effect		24	13	37
Changes in consolidation scope and miscellaneous		2	0	2
Reserve net of tax at end of period	V	(226)	18	(207)
Total reserve net of tax (items that may not be recycled to income)	IV + V	(228)	18	(210)
Total amounts recognised directly in equity	III + IV + V	(382)	18	(364)

	2022
(in € millions)	Attributable to owners of the parent	Attributable to noncontrolling interests	Total
Hedging costs
Reserve at beginning of period	(43)	(0)	(43)
Gross reserve before tax effect at end of period	(27)	0	(27)
Cash flow and net investment hedges
Reserve at beginning of period	(879)	1	(878)
Changes in fair value of companies accounted for under the equity method	505	-	505
Other changes in fair value in the period	437	1	438
Fair value items recognised in profit or loss	76	-	76
Changes in consolidation scope and miscellaneous	31	(0)	31
Gross reserve before tax effect at end of period	170	1	172
of which gross reserve relating to companies accounted for under the equity method	(37)	-	(37)
Total gross reserve before tax effects (items that may be recycled to income)	143	1	145
Associated tax effect	(45)	(0)	(45)
Reserve net of tax (items that may be recycled to income)	98	1	99
Equity instruments			-
Reserve at beginning of period	(1)	(0)	(1)
Gross reserve before tax effect at end of period	(2)	(0)	(2)
Actuarial gains and losses on retirement benefit obligation
Reserve at beginning of period	(394)	31	(362)
Actuarial gains and losses recognised in the period	330	34	364
Associated tax effect	(89)	(9)	(98)
Changes in consolidation scope and miscellaneous	(0)	(0)	(1)
Reserve net of tax at end of period	(153)	57	(96)
Total reserve net of tax (items that may not be recycled to income)	(155)	57	(98)
Total amounts recognised directly in equity	(56)	57	1

The amounts recorded directly in equity mainly concern hedging transactions (negative effect of €197 million), comprising:

―	transactions relating to net investment hedges (negative effect of €29 million), which mainly concern concession activities outside France;
―	interest rate hedges (negative effect of €120 million);
―	other currency and commodity price hedges (negative effect of €48 million).

The main changes in the period relate directly to the impact of the increase in interest rates on the valuation of derivatives used as cash flow hedges and of actuarial losses on retirement benefit obligations.

These transactions are described in Note J.27.1.2, "Description of hedging transactions".

23.5 Non-controlling interests

Non-controlling interests amounted to €3,928 million at 31 December 2023 (€3,470 million at 31 December 2022).

At 31 December 2023, the Group owned two subsidiaries in which there were material non-controlling interests. They were London Gatwick airport (49.99% not owned by VINCI) and Mexican airport operator OMA (70.01% not owned by VINCI).

London Gatwick airport

VINCI Airports and Global Infrastructure Partners, acting on behalf of non-controlling shareholders, signed a shareholders' agreement determining control over London Gatwick airport. That agreement covers matters including the composition of the Board of Directors, the ability to appoint certain key executives, including the Chief Executive Officer (CEO), and a mechanism for approving substantive decisions such as those regarding the business plan and annual budget. In addition, a procedure has been established for resolving any disputes that may arise, which in certain scenarios will allow non-controlling shareholders, after acceptance by VINCI, to sell their shares to VINCI.

OMA (Grupo Aeroportuario del Centro Norte)

The share capital of OMA's parent company consists of 87.1% ordinary shares and 12.9% "BB" preferred shares. VINCI Airports owns all of the preferred shares and 17.1% of the ordinary shares, giving it a 29.99% stake in OMA's parent company. The remainder (70.01%) consists of shares listed on regulated markets, mostly on the Mexican Stock Exchange, with the rest listed on Nasdaq in the United States. VINCI Airports has appointed six of the 11 directors on OMA's Board of Directors. The five directors not appointed by VINCI Airports are independent directors. In accordance with the company's articles of association, ownership of "BB" preferred shares gives VINCI Airports (i) the ability to appoint certain key members of the company's management including the Chief Executive Officer and (ii) specific rights regarding the Board of Directors.

Condensed financial information for London Gatwick airport and airport operator OMA is presented below. It was prepared in accordance with IFRSs, adjusted where appropriate for fair value remeasurements at the date of acquisition of control and adjustments to harmonise accounting policies with those of the Group. The amounts at 31 December 2023 are presented before eliminations of intercompany accounts and transactions.

(in € millions)	London Gatwick airport	OMA (Mexico)
Revenue	1,166	638
Net income	285	231
of which attributable to non-controlling interests	142	162
Other comprehensive income	(52)	131
Total comprehensive income for the period	232	362
of which attributable to non-controlling interests	116	254
Non-current assets	9,517	4,036
Current assets	433	278
Non-current liabilities	(6,174)	(1,449)
Current liabilities	(933)	(246)
Net assets	2,843	2,620
of which attributable to non-controlling interests	1,422	1,836
Net cash flows (used in)/from operating activities	474	285
Net cash flows (used in)/from investing activities	(166)	(171)
Net cash flows (used in)/from financing activities	(69)	(170)
Other changes	2	(1)
Change in net cash	241	(58)

24. Dividends

At the 13 April 2023 Shareholders' General Meeting, shareholders approved a dividend payment of €4.00 per share with respect to 2022. An interim dividend of €1.00 per share was paid in November 2022 and the final dividend of €3.00 per share was paid in cash on 27 April 2023.

On 16 November 2023, VINCI proceeded with the payment of an interim dividend of €1.05 in respect of 2023. A total dividend of €4.50 will be submitted for approval at the Shareholders' General Meeting to be held on 9 April 2024, with the final dividend of €3.45 to be paid on 25 April 2024 (see Note N.33, "Appropriation of 2023 net income").

Dividends paid by VINCI SA to its shareholders in respect of 2023 and 2022 break down as follows:

	2023	2022
Dividend per share (in €)
Interim dividend	1.05	1.00
Final dividend	3.45 ^(*)	3.00
Net total dividend	4.50	4.00
Amount of dividend (in € millions)
Interim dividend	599	565
Final dividend	1,970 ^(**)	1,694
Net total dividend	2,569	2,259

^(*) Submitted for approval at the Shareholders' General Meeting of 9 April 2024.
^(**) Estimate based on the number of shares with dividend entitlement at 7 February 2024, i.e. 571,002,785 shares.

J. Financing and financial risk management

25. Net financial debt

Accounting policies

Bonds, other loans and financial debt are recognised at amortised cost using the effective interest method. The effective interest rate is determined after taking account of redemption premiums and issuance expenses. Under this method, the interest expense is measured actuarially and reported under the cost of gross financial debt.

The economic benefit of a loan at a significantly below-market rate of interest, which is the case in particular for project finance granted by public sector organisations, is treated as a government grant and recognised as a reduction of the debt and the related investments, in accordance with IAS 20.

Certain financing contracts provide for early redemption options, for amounts that are always close to the amortised cost of the financial liabilities that are recognised as a result. Consequently, the Group does not recognise any derivative financial instrument separately from the original contracts.

The part at less than one year of borrowings is included in "Current borrowings".

At 31 December 2023, net financial debt, as defined by the Group, stood at €16.1 billion, down €2.4 billion compared with 31 December 2022. It breaks down as follows by accounting category:

			31/12/2023
Accounting category	(in € millions)	Note	Non-current	Current ^(*)	Total
	Bonds	25.1	(22,048)	(1,373)	(23,421)
	Other bank loans and other financial debt	25.1	(3,785)	(583)	(4,367)
	Long-term financial debt ^(**)	25.1	(25,832)	(1,956)	(27,788)
	Commercial paper	26.2	-	(460)	(460)
Financial liabilities at amortised cost	Other current financial liabilities	26.1	-	(1,537)	(1,537)
	Bank overdrafts	26.1	-	(927)	(927)
	Financial current accounts - liabilities	26.1	-	(76)	(76)
	I - Gross financial debt		(25,832)	(4,956)	(30,789)
	of which impact of fair value hedges		1,047	0	1,048
	of which effect of recognising London Gatwick's debt at fair value in VINCI's consolidated financial statements		(354)	(0)	(355)
Financial assets at amortised cost	Collateralised loans and financial receivables		5	-	5
	Financial current accounts - assets	26.1	-	180	180
Financial assets measured at fair value through profit or loss	Cash management financial assets	26.1	-	365	365
	Cash equivalents	26.1	-	6,827	6,827
	Cash	26.1	-	8,800	8,800
	II - Financial assets		5	16,172	16,177
	Derivative financial instruments - liabilities	27	(1,257)	(476)	(1,733)
Derivatives	Derivative financial instruments - assets	27	125	94	218
	III - Derivative financial instruments		(1,132)	(383)	(1,515)
	Net financial debt (I + II + III)		(26,960)	10,833	(16,126)
	Of which:
	Concessions		(32,321)	3,587	(28,734)
	VINCI Energies		(1,703)	1,999	296
	Cobra IS		(986)	1,389	403
	VINCI Construction		(1,005)	5,165	4,160
	Holding companies and VINCI Immobiler		9,055	(1,306)	7,749

		31/12/2022
Accounting category	(in € millions)	Non-current	Current ( ^*)	Total
	Bonds	(20,425)	(1,258)	(21,683)
	Other bank loans and other financial debt	(3,205)	(1,003)	(4,208)
	Long-term financial debt ^(**)	(23,629)	(2,262)	(25,891)
	Commercial paper	-	(1,947)	(1,947)
Financial liabilities at amortised cost	Other current financial liabilities	-	(977)	(977)
	Bank overdrafts	-	(1,083)	(1,083)
	Financial current accounts - liabilities	-	(99)	(99)
	I - Gross financial debt	(23,629)	(6,368)	(29,997)
	of which impact of fair value hedges	1,804	0	1,804
	of which effect of recognising London Gatwick's debt at fair value in VINCI's consolidated financial statements	(382)	-	(382)
Financial assets at amortised cost	Collateralised loans and financial receivables	5	12	16
	Financial current accounts - assets	-	252	252
Financial assets measured at fair value through profit or loss	Cash management financial assets	-	503	503
	Cash equivalents	-	4,227	4,227
	Cash	-	8,351	8,351
	II - Financial assets	5	13,345	13,349
	Derivative financial instruments - liabilities	(1,939)	(440)	(2,379)
Derivatives	Derivative financial instruments - assets	376	115	491
	III - Derivative financial instruments	(1,563)	(325)	(1,888)
	Net financial debt (I + II + III)	(25,188)	6,651	(18,536)
	Of which:
	Concessions	(33,931)	2,196	(31,735)
	VINCI Energies	(1,820)	1,691	(129)
	Cobra IS	(664)	1,067	404
	VINCI Construction	(1,212)	4,672	3,460
	Holding companies and VINCI Immobile	12,439	(2,974)	9,464

^(*) The current part includes accrued interest not matured.
^(**) Including the part at less than one year.

Change in net financial debt

				"Non-cash" changes
(in € millions)	31/12/2022	Cash flows	Ref	Changes in consolidation scope	Exchange rate effect	Changes in fair value
Bonds (non-current)	(20,425)	(1,644)	(3)	22	(83)	(757)
Other loans and borrowings (non-current)	(3,205)	(889)	(3)	(34)	(68)	-
Current borrowings	(6,368)	3,541		(291)	(59)	0
of which the part at less than one year of long-term debts	(1969)	1,736	(3)	(171)	(38)	0
of which current financial debts at inception	(3,016)	1,642	(2)	(112)	(19)	-
of which accrued interest on bank debts	(299)	-	(4)	(1)	(4)	-
of which bank overdrafts	(1,083)	163	(1)	(7)	1	-
Collateralised loans and receivables	16	(9)	(4)	24	(1)	-
Cash management financial assets	755	(234)		43	4	-
of which cash management financial assets (excluding accrued interest)	755	(234)	(2)	43	4	-
of which accrued interest on cash management assets	0	-	(4)	-	(0)	-
Cash and cash equivalents	12,578	2,826	(1)	148	(4)	1
Derivative financial instruments	(1,888)	(27)		-	5	448
of which fair value of derivatives	(1,941)	(27)	(3)	-	5	448
of which accrued interest on derivatives	53	-	(4)	-	0	-
Net financial debt	(18,536)	3,564	(5)	(90)	(206)	(308)

	"Non-cash" changes
(in € millions)	Other changes	"Non cash" total	Ref	31/12/2023
Bonds (non-current)	840	21	(4)	(22,048)
Other loans and borrowings (non-current)	412	309	(4)	(3,785)
Current borrowings	(1,779)	(2,130)		(4,956)
of which the part at less than one year of long-term debts	(1,189)	(1,399)	(4)	(1,631)
of which current financial debts at inception	(542)	(673)	(4)	(2,047)
of which accrued interest on bank debts	(47)	(51)	(4)	(351)
of which bank overdrafts	(0)	(6)	(1)	(927)
Collateralised loans and receivables	(25)	(2)	(4)	5
Cash management financial assets	(23)	24		545
of which cash management financial assets (excluding accrued interest)	(24)	23	(4)	544
of which accrued interest on cash management assets	1	1	(4)	1
Cash and cash equivalents	78	223	(1)	15,627
Derivative financial instruments	(52)	401		(1,515)
of which fair value of derivatives	-	453	(4)	(1,516)
of which accrued interest on derivatives	(52)	(52)	(4)	1
Net financial debt	(550)	(1,154)	(5)	(16,126)

Cash flows for the period (inflow of €3.6 billion) include record free cash flow generation of €6.6 billion; the impact of acquisitions, carried out mainly by VINCI Energies and VINCI Highways, for a total amount of €0.6 billion; dividend distributions of €2.5 billion; and capital increases net of share buy-backs during the period (positive impact of €0.3 billion).

Changes in fair value (decrease of €308 million) reflect the impact of lower interest rates on cash flow hedges. The negative exchange rate effect of €206 million arises for the most part from the revaluation of long-term foreign currency debts. Other changes mainly relate to the recognition of debt arising from the share buy-back programe signed on 22 December 2023 (decrease of €592 million).

The table below reconciles changes in net financial debt with the cash flow statement.

Reconciliation of net financial debt with financing flows shown in the cash flow statement

(in € millions)	Ref.	2023
Change in net cash	(1)	3,206
Change in cash management assets and other current financial debts	(2)	1,408
(Proceeds from)/repayment of loans	(3)	(824)
Changes in consolidation scope and other changes	(4)	(1,380)
Change in net financial debt	(5)	2,410

25.1 Detail of long-term financial debt by business line

The breakdown of net long-term financial debt (including the part at less than one year) at 31 December 2023 was as follows:

	31/12/2023			31/12/2022
(in € millions)	Bonds	Other bank loans and other financial debt	Long-term financial debt	Bonds	Other bank loans and other financial debt	Long-term financial debt
Concessions	(16,143)	(3,268)	(19,411)	(15,684)	(3,384)	(19,067)
VINCI Energies	-	(38)	(38)	-	(36)	(36)
Cobra IS	(10)	(985)	(995)	-	(706)	(706)
VINCI Construction	-	(77)	(77)	-	(82)	(82)
VINCI Immobilier and holdings	(7,268)	-	(7,268)	(5,999)	-	(5,999)
Total	(23,421)	(4,367)	(27,788)	(21,683)	(4,208)	(25,891)

At 31 December 2023, long-term net financial debt amounted to €27.8 billion, up €1.9 billion compared with the 31 December 2022 figure of €25.9 billion. The change resulted mainly from the following transactions:

―	In May 2023, VINCI SA carried out a €500 million private placement of bonds due to mature in February 2025 with a coupon of 3.375%, followed in July and December by two tap issues of 10-year bonds originally issued in October 2022 with a coupon of 3.375%, for €100 million and €75 million respectively, as well as a €300 million private placement of two-year floating rate notes also in December. In addition, VINCI SA redeemed $70 million of bonds issued in 2016 with a coupon of 2.885% in December.
―	In January 2023, ASF issued €700 million of 10-year bonds with a coupon of 3.25% to fund redemptions during that same month of €700 million of bonds issued in 2013 with a coupon of 2.875%, along with the redemptions of two private placements, for €70 million in January and for €50 million in July, of bonds issued in 2012 as well as the repayment of €55 million of borrowings from the European Investment Bank in the second half of 2023.
―	The airport operator OMA carried out two bond issues in March 2023, the first of 640 million Mexican pesos of three-year floating rate bonds and the second of 2.6 billion Mexican pesos of seven-year fixed rate bonds paying a coupon of 10.26%, each with a two-year extension option. These new contracts served to refinance the redemption of a bond debt in the amount of 1.5 billion Mexican pesos in March and the repayment of a bank loan in the amount of 1.2 billion Mexican pesos in June.
―	In November 2023, ADL Participations negotiated a new €155 million seven-year contract on the Euribor three-month rate to renew a €149 million floating rate bank loan.
―	Also in November, Lima Expresa obtained a new 1.2 billion Peruvian sol 12-month bridging loan, with an interest rate of 9.30%, to refinance the previous loan (1.2 billion sols).
―	The transaction to take control of Via 40 Express (now known as Via Sumapaz) resulted in the recognition in VINCI's consolidated financial statements of a 708 billion Colombian peso bridging loan, refinanced in April 2023 by way of three floating rate bank loans on which the company had drawn 681 billion Colombian pesos, with maturities ranging from 2035 to 2041.
―	Cobra IS entered into several new financing arrangements, including a €310 million amortising bank loan on the Euribor three-month rate, with tranches maturing in 2025 and 2026.

Details of the Group's main financial debts are given in the tables below:

Concessions

		31/12/2023
(in € millions)		Currency	Contractual interest rate	Maturity	Capital remaining due
Bonds	I				16,225
ASF group, of which:					7,837
ASF 2013 bond issue		EUR	2.9%	January 2023	-
ASF 2014 bond issue		EUR	3.0%	January 2024	600
ASF 2016 bond issue		EUR	1.0%	May 2026	500
ASF 2017 bond issue		EUR	1.1%	April 2026	500
ASF 2017 bond issue		EUR	1.3%	January 2027	1,000
ASF 2018 bond issue		EUR	1.4%	June 2028	700
ASF 2018 bond issue		EUR	1.4%	January 2030	1,000
ASF 2019 bond issue		EUR	1.4%	February 2031	1,000
ASF 2022 bond issue and supplement		EUR	2.8%	September 2032	925
ASF 2023 bond issue		EUR	3.3%	January 2023	700
Cofiroute, of which:					3,000
2016 bond issue		EUR	0.4%	February 2025	650
2016 bond issue		EUR	0.8%	September 2028	650
2017 bond issue		EUR	1.1%	October 2027	750
2020 bond issue		EUR	1.0%	May 2031	950
Arcour, of which:					382
Arcour 2017		EUR	2.8%	November 2047	382
VINCI Airports, of which:					4,541
Aerodom 2017		USD	6.8%	March 2029	287
Gatwick Airport Limited 2011 ^(*)		GBP	6.1%	March 2026	345
Gatwick Airport Limited 2011 ^(*)		GBP	6.5%	March 2041	345
Gatwick Airport Limited 2012 ^(*)		GBP	5.3%	January 2024	173
Gatwick Airport Limited 2012 ^(*)		GBP	5.8%	January 2037	345
Gatwick Airport Limited 2014 ^(*)		GBP	4.6%	March 2034	403
Gatwick Airport Limited 2016 ^(*)		GBP	2.6%	October 2046	207
Gatwick Airport Limited 2017 ^(*)		GBP	3.1%	September 2039	403
Gatwick Airport Limited 2018 ^(*)		GBP	3.3%	February 2048	234
Gatwick Airport Limited 2019 ^(*)		GBP	2.9%	July 2049	235
Gatwick Airport Limited 2021 ^(*)		GBP	2.5%	April 2030	345
Gatwick Airport Finance plc		GBP	4.4%	April 2026	518
OMA (Grupo Aeroportuario del Centro Norte)		MXN			571
Other concessions, of which:					465
Lima Expresa 2012		PEN	Inflation	June 2037	261
Other bank loans and other financial debt	II				3,332
VINCI Autoroutes, of which:					1,101
ASF group					331
Cofiroute		EUR			242
Arcour		EUR		November 2047	175
Arcos		EUR			353
VINCI Airports, of which:					1,527
ADL (Aéroports de Lyon), including ADLP ^(*)		EUR			266
VINCI Airports Serbia ^(*)		EUR			413
Concessoc 31 (OMA holding company) 2022 ^(*)		MXN			467
Other concessions, of which:					704
Lima Expresa 2019 ^(*)		PEN	9.3%	November 2024	291
Long-term financial debt	I + II				19,557

	31/12/2023		31/12/2022
(in € millions)	Carrying amount	of which accrued interest not matured	Capital remaining due	Carrying amount
Bonds	16,143	237	16,128	15,684
ASF group, of which:	7,643	108	7,968	7,515
ASF 2013 bond issue	-	-	700	719
ASF 2014 bond issue	617	17	600	616
ASF 2016 bond issue	478	3	500	458
ASF 2017 bond issue	503	4	500	503
ASF 2017 bond issue	1,009	12	1,000	1,007
ASF 2018 bond issue	656	5	700	620
ASF 2018 bond issue	931	13	1,000	872
ASF 2019 bond issue	894	12	1,000	829
ASF 2022 bond issue and supplement	908	8	925	849
ASF 2023 bond issue	715	22	-	-
Cofiroute, of which:	2,762	11	3,000	2,640
2016 bond issue	647	2	650	642
2016 bond issue	590	2	650	553
2017 bond issue	734	2	750	721
2020 bond issue	791	6	950	724
Arcour, of which:	380	0	392	389
Arcour 2017	380	0	392	389
VINCI Airports, of which:	4,901	116	4,291	4,670
Aerodom 2017	284	-	297	294
Gatwick Airport Limited 2011 ^(*)	346	18	338	336
Gatwick Airport Limited 2011 ^(*)	334	19	338	317
Gatwick Airport Limited 2012 ^(*)	181	9	169	177
Gatwick Airport Limited 2012 ^(*)	357	19	338	349
Gatwick Airport Limited 2014 ^(*)	412	14	395	403
Gatwick Airport Limited 2016 ^(*)	206	1	203	201
Gatwick Airport Limited 2017 ^(*)	401	3	395	392
Gatwick Airport Limited 2018 ^(*)	236	6	229	230
Gatwick Airport Limited 2019 ^(*)	233	3	230	227
Gatwick Airport Limited 2021 ^(*)	348	6	338	341
Gatwick Airport Finance plc	519	5	507	507
OMA (Grupo Aeroportuario del Centro Norte)	581	11	432	436
Other concessions, of which:	457	2	478	470
Lima Expresa 2012	234	-	258	232
Other bank loans and other financial debt	3,268	16	3,427	3,384
VINCI Autoroutes, of which:	1,079	3	1,231	1,206
ASF group	326	0	398	392
Cofiroute	242	2	298	298
Arcour	161	0	179	164
Arcos	350	0	356	352
VINCI Airports, of which:	1,513	10	1,587	1,576
ADL (Aéroports de Lyon), including ADLP ^(*)	262	2	332	333
VINCI Airports Serbia ^(*)	408	0	394	388
Concessoc 31 (OMA holding company) 2022 ^(*)	468	6	420	417
Other concessions, of which:	676	3	609	601
Lima Expresa 2019 ^(*)	288	2	306	300
Long-term financial debt	19,411	253	19,555	19,067

^(*) Including borrowings subject to covenants at 31 December 2023.

VINCI SA

	31/12/2023
(in € millions)	Currency	Contractual interest rate	Maturity	Capital remaining due	Carrying amount	of which accrued interest not matured
Bonds, of which:				7,759	7,268	64
2018 bond issue	EUR	1.0%	September 2025	750	722	2
2018 bond issue and supplement	EUR	1.8%	September 2030	1,100	1,012	5
2019 bond issue	GBP	2.3%	March 2027	460	467	8
2019 bond issue	EUR	1.6%	January 2029	950	886	15
2019 bond issue	USD	3.8%	April 2029	905	852	8
2019 bond issue	GBP	2.8%	September 2034	460	461	4
2020 green bond issue	EUR	0.0%	November 2028	500	439	-
2021 bond issue	EUR	0.5%	January 2032	750	622	4
2022 bond issue and supplement	EUR	3.4%	October 2032	825	845	9
2023 bond issue	EUR	3.4%	February 2025	500	511	11
2023 bond issue	EUR	Eur 3m	January 2026	300	300	1
Long-term financial debt				7,759	7,268	64

	31/12/2022
(in € millions)	Capital remaining due	Carrying amount
Bonds, of which:	6,866	6,000
2018 bond issue	750	697
2018 bond issue and supplement	1,100	944
2019 bond issue	451	457
2019 bond issue	950	833
2019 bond issue	938	867
2019 bond issue	451	451
2020 green bond issue	500	408
2021 bond issue	750	568
2022 bond issue and supplement	650	632
2023 bond issue	-	-
2023 bond issue	-	-
Long-term financial debt	6,866	6,000

Breakdown of long-term financial debt by currency

At 31 December 2023, 64% of the Group's long-term financial debt was denominated in euros, 18% in sterling and 6% in US dollars. Most foreign currency debts of companies of which the functional currency is the euro (mainly VINCI SA and ASF) were hedged at their time of issue and do not generate any exposure to exchange rate risk. Generally, the Group's activities in foreign countries are financed in the local currency.

25.2 Net financial debt maturity schedule

On the basis of interest rates at 31 December 2023, the Group's debt and associated interest payments break down as follows, by maturity date:

	31/12/2023
(in € millions)	Carrying amount	Capital and interest payments ^(*)	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Bonds
Capital	(23,421)	(23,993)	(1,073)	(2,092)	(7,255)	(13,574)
Interest payments	-	(4,767)	(636)	(593)	(1,413)	(2,124)
Other bank loans and other financial debt
Capital	(4,367)	(4,426)	(564)	(701)	(1,233)	(1,928)
Interest payments	-	(2,230)	(290)	(244)	(532)	(1,164)
Long-term financial debt	(27,788)	(35,416)	(2,563)	(6,570)	(9.793)	(16,490)
Commercial paper	(460)	(460)	(460)	-	-	-
Other current financial liabilities	(1,537)	(1,537)	(1,537)	-	-	-
Bank overdrafts	(927)	(927)	(927)	-	-	-
Financial current accounts - liabilities	(76)	(76)	(76)	-	-	-
Financial debt I	(30,789)	(38,416)	(5,563)	(6,570)	(9,793)	(16,490)
Financial assets II	16,177 ^(**)	16,177	16,177	-	-	-
Derivative financial instruments - liabilities	(1,733)	(2,389)	(445)	(396)	(1,085)	(464)
Derivative financial instruments - assets	218	(107)	(6)	4	(41)	(64)
Derivative financial instruments III	(1,515)	(2,496)	(450)	(392)	(1,126)	(528)
Net financial debt I + II + III	(16,126)	-

^(*) For derivative financial instruments, amounts correspond solely to interest flows.
^(**) Including €16.0 billion at less than three months, consisting mainly of €6.8 billion of cash equivalents and €8.8 billion of cash (see Note J.26.1, "Net cash managed").

At 31 December 2023, the average maturity of the Group's long-term financial debt was 6.4 years (6.9 years at 31 December 2022). The average maturity was 6.9 years for Concessions, 3.4 years for VINCI Energies, 2.6 years for Cobra IS, 3.8 years for VINCI Construction, and 5.7 years for the holding companies and VINCI Immobilier.

25.3 Credit ratings and financial covenants

Credit ratings

At 31 December 2023, the Group's credit ratings were as follows:

		Rating
	Agency	Long-term	Outlook	Short-term
VINCI SA	Standard & Poor's	A-	Stable	A2
	Moody's	A3	Stable	P-2
ASF	Standard & Poor's	A-	Stable	A2
	Moody's	A3	Stable	P-2
Cofiroute	Standard & Poor's	A-	Stable	A2
	Standard & Poor's	BBB	Stable
Gatwick Funding Limited ^(*)	Moody's	Baa2	Stable
	Fitch	BBB+	Stable

^(*) Company that raises funding for London Gatwick airport.

In 2023, rating agencies confirmed or updated their views as follows:

―	as regards VINCI SA, Moody's confirmed in July 2023, its long-term rating of A3 with stable outlook and Standard & Poor's confirmed in November 2023 its A- long-term and A2 short-term ratings with stable outlook;
―	as regards ASF, Moody's confirmed in July 2023 its long-term rating of A3 with stable outlook and Standard & Poor's confirmed in June 2023, its A- long-term and A2 short-term ratings with stable outlook;
―	as regards Cofiroute, Standard & Poor's confirmed in June 2023 its A- long-term and A2 short-term ratings with stable outlook;
―	as regards Gatwick Funding Limited, Fitch upgraded its outlook on Gatwick Funding Limited from negative to stable, while confirming its long-term rating of BBB+. Furthermore, in January 2024, Moody's raised its outlook from stable to positive and confirmed its long-term rating of Baa2.

Financial covenants

Some financing agreements include early repayment clauses applicable in the event of non-compliance with financial ratios.

The Group regularly monitors developments in relation to these financial covenants and pays particular attention to finance agreements that could give rise to risks of it failing to comply with financial ratios in the short and medium term.

Talks take place with lenders as the case may be to inform them of potential instances of default related to such failures. G roup entities seeking to renegotiate some of their financing terms have been able to reach agreements.

In particular, waivers and amendments were obtained by London Gatwick airport in September 2021 in relation to its bank and bond debt, which is subject to covenants, for a total amount of £3.0 billion at 31 December 2023. The agreement mainly consisted of the following:

• an exemption from the requirement to comply, in December 2021 and June 2022, with the two financial ratios (interest coverage ratio and debt ratio) provided for in its financing agreements (at 31 December 2023, these financial ratios were maintained);

• a change to the method for calculating the debt ratio until June 2024 in order to adjust for the exceptional impact of the Covid-19 crisis on the airport's Ebitda.

Other agreements subject to covenants do not involve material amounts (individual amounts below €300 million).

26. Net cash managed and available resources

Accounting policies

Cash and cash equivalents comprise current accounts at banks and short-term liquid investments subject to negligible risks of fluctuations of value. Cash equivalents include money market UCITS and certificates of deposit with maturities not exceeding three months at the origin. Bank overdrafts are not included in cash and are reported on the balance sheet under "Current financial liabilities".

"Cash management financial assets" comprises investments in money market securities and bonds, and units in UCITS, made with a shortterm management objective, that do not satisfy the IAS 7 criteria for recognition as cash. They are measured and recognised at their fair value. Changes in value are recognised in profit or loss. Purchases and sales of cash management financial assets are recognised at their transaction date.

At 31 December 2023, the Group's available resources amounted to €21.2 billion, including €13.2 billion of net cash managed and €8 billion of confirmed medium-term credit facilities remaining unused. These available resources enable the Group to manage its liquidity risk (see Note J.25.2 "Net financial debt maturity schedule").

26.1 Net cash managed

Net cash managed breaks down as follows:

	31/12/2023
(in € millions)	Concessions	VINCI Energies	Cobra IS	VINCI Construction	Holding companies and VINCI Immobilier	Total
Cash equivalents	343	42	1,030	370	5,042	6,827
Marketable securities and mutual funds (UCITS)	0	-	-	0	1,852	1,852
Negotiable debt securities with an original maturity of less than 3 months ^(*)	343	42	1,030	370	3,190	4,975
Cash	1,406	576	975	2,540	3,303	8,800
Bank overdrafts	(2)	(145)	-	(745)	(35)	(927)
Net cash and cash equivalents	1,747	473	2,006	2,165	8,311	14,701
Cash management financial assets	57	119	157	21	11	365
Negotiable debt securities and bonds with an original maturity of less than 3 months	0	95	120	0	11	227
Negotiable debt securities and bonds with an original maturity of more than 3 months	57	23	37	21	-	138
Commercial paper issued	-	-	-	-	(460)	(460)
Other current financial liabilities	(127)	(21)	(766)	(32)	(592) ^(**)	(1,537)
Balance of cash management current accounts	4,192	1,461	-	3,055	(8,605)	103
Net cash managed	5,869	2,032	1,397	5,209	(1,335)	13,172

^(*) Including term deposits, interest earning accounts and certificates of deposit.
^(**) Debt arising from the share buy-back programme signed on 22 December 2023.

	31/12/2022
	Concessions	VINCI Energies	Cobra IS	VINCI Construction	Holding companies and VINCI Immobilier	Total
Cash equivalents	265	34	433	122	3,373	4,227
Marketable securities and mutual funds (UCITS)	0	0	-	0	1,327	1,327
Negotiable debt securities with an original maturity of less than 3 months ^(*)	265	34	433	122	2,046	2,900
Cash	1,377	535	1,129	2,709	2,601	8,351
Bank overdrafts	(0)	(59)	-	(998)	(27)	(1,083)
Net cash and cash equivalents	1,642	510	1,562	1,834	5,947	11,495
Cash management financial assets	-	53	447	0	4	503
Negotiable debt securities and bonds with an original maturity of less than 3 months	-	46	417	0	4	467
Negotiable debt securities and bonds with an original maturity of more than 3 months	-	6	30	-	-	37
Commercial paper issued	-	-	(20)	-	(1,927)	(1,947)
Other current financial liabilities	(79)	(7)	(879)	(10)	(1)	(977)
Balance of cash management current accounts	3,113	1,149	-	2,872	(6,981)	152
Net cash managed	4,675	1,704	1,110	4,695	(2,957)	9,227

^(*) Including term deposits, interest earning accounts and certificates of deposit.

The investment vehicles used by the Group are money market UCITS, interest earning accounts, term deposits and negotiable debt securities (certificates of deposit generally with a maturity of less than three months). They are measured and recognised at their fair value.

Net cash is managed with limited risk to capital. The performance and the risks associated with these investments of net cash are monitored regularly through a report detailing the yield of the various assets and analysing the associated level of risk.

At 31 December 2023, net cash managed by VINCI SA amounted to €5.4 billion, arising mainly from the cash surpluses transferred upwards from French subsidiaries through a cash pooling system. VINCI Finance International, a wholly owned subsidiary of VINCI that centralises the cash surpluses of foreign subsidiaries, managed investments and cash of €1.7 billion at 31 December 2023. This centralisation enables the management of financial resources to be optimised at Group level and the risks relating to the counterparties and investment vehicles used to be better managed.

Other subsidiaries whose cash is not centralised must comply with the guidelines and instructions issued by VINCI, which define the investment vehicles and the counterparties authorised. The investments amounted to around €6.0 billion at 31 December 2023, comprising €1.7 billion for Concessions, €0.6 billion for VINCI Energies, €1.4 billion for Cobra IS and €2.2 billion for VINCI Construction.

26.2 Other available resources

Revolving credit facilities

VINCI has an €8 billion confirmed syndicated revolving credit facility. After two extensions of one year each, the maturity of the credit facility was extended until November 2025 for most of the amount (€7.7 billion). The facility does not contain any default clause relating to noncompliance with financial ratios and was unused at 31 December 2023. That facility was amended, reduced to €6.5 billion and extended in January 2024 (see Note N.34, "Other post-balance sheet events").

Until July 2023, VINCI also had a second €2.5 billion credit facility, with two six-month extension options, which was not renewed.

Some Group entities also have revolving credit facilities, including the company that owns London Gatwick airport, Via Sumapaz and certain Cobra IS subsidiaries.

Commercial paper

VINCI SA has a €5 billion commercial paper programme rated A2 by Standard & Poor's and P-2 by Moody's. At 31 December 2023, €460 million had been issued under that programme.

Cobra IS previously had a €200 million commercial paper programme, which was not renewed in November 2023.

27. Financial risk management

Management rules

VINCI has implemented a system to manage and monitor the financial risks to which it is exposed, principally interest rate risk.

In accordance with the rules laid down by the Group's Finance Department, the responsibility for identifying, measuring and hedging financial risks lies with the operational entity in question. In addition, derivative financial instruments are generally managed by the Group Finance Department on behalf of the subsidiaries in question.

Treasury committees, in which the Group's Finance Department and the concerned companies participate, analyse the main exposures regularly and decide on management strategies for the entities that have the most material exposure to financial risks (VINCI SA, ASF, Cofiroute, VINCI Finance International).

In order to manage its exposure to market risks, the Group uses derivative financial instruments.

Accounting policies

Most interest rate and exchange rate derivatives used by VINCI are designated as hedging instruments. Hedge accounting is applicable if the conditions provided for in IFRS 9 are satisfied:

―	At the time of setting up the hedge, there must be a formal designation and documentation of the hedging relationship.
―	The economic relationship between the hedged item and the hedging instrument must be documented, as must potential sources of ineffectiveness.
―	Retrospective ineffectiveness must be measured at each accounts closing date.

Changes in fair value from one period to the next are recognised differently depending on whether the instrument is designated for accounting purposes as:

―	a fair value hedge of an asset or a liability or of an unrecognised firm commitment;
―	a cash flow hedge; or
―	a hedge of a net investment in a foreign entity.

The Group applies the permitted or required provisions of IFRS 9 as regards the treatment of hedging costs of all instruments qualifying for hedge accounting.

A fair value hedge enables the exposure to the risk of a change in the fair value of a financial asset, a financial liability or unrecognised firm commitment to be hedged. It involves mainly receive fixed/pay floating interest rate swaps.

Changes in the fair value of the hedging instrument are recognised in the income statement for the period. The change in value of the hedged item attributable to the hedged risk is also recognised symmetrically in the income statement for the period (and adjusts the value of the hedged item). Except for the ineffective part of the hedge, these two revaluations offset each other within the same line items in the income statement.

A cash flow hedge allows exposure to variability in future cash flows associated with an existing asset or liability, or a highly probable forecast transaction, to be hedged. It involves mainly receive floating/pay fixed interest rate swaps.

Changes in the fair value of the hedging instrument are recognised under "Other comprehensive income" (OCI) for the effective portion and in the income statement for the period for the ineffective portion. Gains or losses accumulated under equity (OCI) are taken to profit or loss under the same line item as the hedged item - i.e. under "Operating income and expenses" for cash flows from operations and under "Financial income and expense" otherwise - when the hedged cash flow occurs.

If the hedging relationship is disqualified because it is no longer considered effective, the cumulative gains or losses in respect of the hedging instrument are retained in equity (OCI) and reclassified in the income statement as and when the hedged cash flows occur, with subsequent changes in fair value recorded directly in the income statement. If the future cash flow is no longer expected, the gains and losses previously recognised in equity (OCI) are recognised in the income statement.

A net investment hedge consists of hedging the exchange rate risk relating to the equity of an investment in a consolidated subsidiary outside the eurozone. Changes in the value of the hedging instrument are recorded in equity under "Currency translation differences" for the effective portion. The portion of the changes in the value of the hedging instrument regarded as ineffective is recognised in the cost of net financial debt. Currency translation differences relating to changes in the value of the hedging instrument are recognised in the income statement when the foreign entity in which the initial investment was made leaves the consolidation scope.

Derivative financial instruments that are not designated as hedging instruments are reported in the balance sheet at fair value and changes in their fair value are recognised in the income statement.

Cross currency swaps are regarded as interest rate instruments where they are designated as fair value or cash flow hedges for accounting purposes, or as foreign exchange instruments in other cases.

Derivative financial instruments

At the balance sheet date, the fair value of derivative financial instruments broke down as follows:

			31/12/2023
(in € millions)	Balance sheet item	Note	Asset	Liability	Fair value ^(*)
Derivatives related to net financial debt
Interest rate derivatives: fair value hedges		27.1.2	89	1,223	(1,134)
Interest rate derivatives: cash flow hedges		27.1.2	56	49	6
Interest rate derivatives not designated as hedges		27.1.3	4	5	(1)
Interest rate derivatives	Net financial debt		149	1,277	(1,129)
Exchange rate derivatives: fair value hedges		27.2	-	-	-
Exchange rate derivatives: cash flow hedges		27.2	5	0	5
Exchange rate derivatives: hedges of net foreign investments		27.2	20	34	(14)
Exchange rate derivatives not designated as hedges		27.2	8	21	(13)
Exchange rate derivatives	Net financial debt		34	55	(21)
Other derivatives	Net financial debt		36	401	(365)
Derivatives related to WCR
Exchange rate derivatives: fair value hedges		27.2	3	2	0
Exchange rate derivatives: cash flow hedges		27.2	3	6	(3)
Exchange rate derivatives	Working capital requirement		5	8	(3)
Other derivatives	Working capital requirement		6	7	(2)
Total derivative financial instruments			230	1,749	(1,519)

	31/12/2022
(in € millions)	Asset	Liability	Fair valued
Derivatives related to net financial debt
Interest rate derivatives: fair value hedges	82	1,920	(1,838)
Interest rate derivatives: cash flow hedges	330	6	324
Interest rate derivatives not designated as hedges	9	14	(5)
Interest rate derivatives	422	1,940	(1,518)
Exchange rate derivatives: fair value hedges	-	-	-
Exchange rate derivatives: cash flow hedges	4	1	4
Exchange rate derivatives: hedges of net foreign investments	39	44	(4)
Exchange rate derivatives not designated as hedges	9	40	(31)
Exchange rate derivatives	53	84	(31)
Other derivatives	17	355	(338)
Derivatives related to WCR
Exchange rate derivatives: fair value hedges	3	3	(0)
Exchange rate derivatives: cash flow hedges	2	11	(9)
Exchange rate derivatives	5	14	(9)
Other derivatives	2	0	1
Total derivative financial instruments	498	2,393	(1,896)

^(*) Fair value includes interest accrued but not matured of €1 million at 31 December 2023 and €53 million at 31 December 2022.

Other hedging instruments

The asset-related exchange rate risk related to ownership of assets in foreign currencies is generally, where possible, hedged by financial debt denominated in the same currency.

27.1 Interest rate risk

Interest rate risk is managed within the Group, making a distinction between the Concessions business, the activities of the Energy and Construction businesses, and the holding companies as their respective financial profiles are not the same.

For concession subsidiaries, interest rate risk is managed with two timescales: the long term, aiming to ensure and maintain the concession's economic equilibrium, and the short term, with an objective of limiting the impact of the cost of debt on earnings for the period.

Over the long term, the objective is to ensure that the breakdown between fixed and floating rate debt is adjusted according to the level of debt, with a greater proportion at fixed rate when the level of debt is high relative to Ebitda. The Energy and Construction businesses and the holding companies have a structural net operating cash surplus. For these activities, the objective is to ensure that financial assets and financial liabilities are well matched in terms of maturity.

To hedge its interest rate risk, the Group uses derivative financial instruments in the form of swaps or options of which the start may be deferred. These derivatives may be designated as hedges for accounting purposes or not, in accordance with the IFRSs. The Group takes care to ensure that the ineffective portion of hedges is not material.

27.1.1 Long-term financial debt before and after interest rate hedging and sensitivity to interest rate risk

Long-term financial debt before and after interest rate hedging

This table shows the breakdown at 31 December 2023 of long-term debt between the fixed-rate portion for the coming year, the capped floating rate or inflation-linked portion, and the portion at floating rate before and after taking account of hedging derivative financial instruments:

	Breakdown between fixed and floating rate before hedging
	Fixed rate			Inflation-linked
(in € millions)	Debt	Proportion	Rate	Debt	Proportion	Rate
Concessions	16,406	84%	2.80%	527	3%	6.18%
VINCI Energies	38	100%	1.44%	-	-	-
Cobra IS	0	0%	-	-	-	-
VINCI Construction	63	79%	2.97%	-	-	-
Holding companies	7,384	95%	2.07%	-	-	-
Total at 31/12/2023	23,891	84%	2.57%	527	2%	6.18%
Total at 31/12/2022	23,602	87%	2.49%	345	1%	8.18%

	Breakdown between fixed and floating rate before hedging
	Floating rate			Total
(in € millions)	Debt	Proportion	Rate	Debt	Rate
Concessions	2,624	13%	8.70%	19,557	3.68%
VINCI Energies	-	-	-	38	1.44%
Cobra IS	987	100%	4.95%	987	4.95%
VINCI Construction	16	21%	7.01%	79	3.81%
Holding companies	375	5%	3.41%	7,759	2.13%
Total at 31/12/2023	4,002	14%	7.27%	28,420	3.30%
Total at 31/12/2022	3,296	12%	5.18%	27,243	2.88%

	Breakdown between fixed and floating rate after hedging
	Fixed rate			Inflation-linked and capped
(in € millions)	Debt	Proportion	Rate	Debt	Proportion	Rate
Concessions	8,711	45%	4.20%	538	3%	6.14%
VINCI Energies	38	100%	1.44%	-	-	-
Cobra IS	0	0%	-	-	-	-
VINCI Construction	65	82%	2.89%	-	-	-
Holding companies	5,285	68%	3.76%	1,450	19%	4.12%
Total at 31/12/2023	14,099	50%	4.02%	1,988	7%	4.67%
Total at 31/12/2022	11,131	41%	3.15%	360	1%	7.94%

	Breakdown between fixed and floating rate after hedging
	Floating rate			Total
(in € millions)	Debt	Proportion	Rate	Debt	Rate
Concessions	10,308	53%	5.65%	19,557	5.02%
VINCI Energies	-	-	-	38	1.44%
Cobra IS	987	100%	4.95%	987	4.95%
VINCI Construction	14	18%	6.65%	79	3.55%
Holding companies	1,024	13%	5.87%	7,759	4.11%
Total at 31/12/2023	12,333	43%	5.62%	28,420	4.76%
Total at 31/12/2022	15,752	58%	3.86%	27,243	3.63%

Sensitivity to interest rate risk

VINCI is exposed to the risk of fluctuations in interest rates, given:

―	the cash flow connected with net floating rate financial debt;
―	fixed rate financial instruments, recognised on the balance sheet at fair value through profit or loss;
―	derivative financial instruments that are not designated as hedges. These mainly comprise net call option positions on which the maximum loss over the life of the transaction does not exceed the premium paid.

Fluctuations in the value of derivatives designated as cash flow hedges are recognised directly in equity and have no effect on profit or loss (for the effective portion).

The analysis below has been prepared assuming that the amount of the financial debt and derivatives at 31 December 2023 remains constant over one year. The consequence of a variation in interest rates of 100 basis points at the balance sheet date would be an increase or decrease of equity and pre-tax income for the amounts shown below. For the purpose of this analysis, the other variables are assumed to remain constant.

	31/12/2023
	Income		Equity
(in € millions)	Impact of sensitivity calculation +100 bps	Impact of sensitivity calculation -100 bps	Impact of sensitivity calculation +100 bps	Impact of sensitivity calculation -100 bps
Floating rate debt after hedging (accounting basis)	(143)	143	-	-
Floating rate assets after hedging (accounting basis)	132	(132)	-	-
Derivatives not designated as hedges for accounting purposes	18	(18)	-	-
Derivatives designated as cash flow hedges	-	-	261	(261)
Total	(7)	7	261	(261)

27.1.2 Description of hedging transactions

Fair value hedges

At the balance sheet date, details of the instruments designated as fair value hedges, which include receive fixed/pay floating interest rate swaps and cross currency swaps, were as follows:

	Receive fixed/pay floating interest rate swap (incl. cross currency swaps)
(in € millions)	Fair value	Notional	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
31/12/2023	(1,134)	15,263	235	1,500	4,744	8,785
31/12/2022	(1,838)	15,620	820	235	3,385	11,180

These transactions relate mainly to fixed rate bond issues by ASF, VINCI SA and Cofiroute.

Cash flow hedges

The Group is exposed to fluctuations in interest rates on its floating rate debt and may set up receive floating/pay fixed interest rate swaps or rate options designated as cash flow hedges to hedge this risk.

These transactions mainly involve the holding companies, motorway projects and other concessions.

At 31 December 2023, details of the instruments designated as cash flow hedges were as follows:

	31/12/2023
(in € millions)	Fair value	Notional	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Receive floating/pay fixed interest rate swaps (incl. cross currency swaps)	14	11,330	4,411	5,639	666	614
Interest rate options (caps, floors and collars)	(8)	1,472	10	1,460	2	-
Total interest rate derivatives designated as cash flow hedges for accounting purposes	6	12,803	4,421	7,099	668	614
of which hedging of contractual cash flows	6	12,803	4,421	7,099	668	614

	31/12/2022
(in € millions)	Fair value	Notional	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Receive floating/pay fixed interest rate swaps (incl. cross currency swaps)	324	2,868	278	164	980	1,446
Interest rate options (caps, floors and collars)	(0)	16	5	5	6	-
Total interest rate derivatives designated as cash flow hedges for accounting purposes	324	2,884	283	169	986	1,446
of which hedging of contractual cash flows	324	2,884	283	169	986	1,446

The following table shows the periods in which the Group expects the amounts recorded in equity at 31 December 2023 for the instruments designated as cash flow hedges to have an impact on profit or loss:

	31/12/2023
	Amount recorded in equity of controlled companies	Amount recycled in profit or loss
(in € millions)		Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Total interest rate derivatives designated as cash flow hedges for accounting purposes	(47)	(8)	(10)	(7)	(22)
of which existing instruments	6	(3)	(5)	7	6
of which unwound instruments	(53)	(5)	(5)	(15)	(29)

27.1.3 Description of non-hedging transactions

	Interest rate swaps
(in € millions)	Fair value	Notional	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
31/12/2023	(1)	100	25	-	-	75
31/12/2022	(5)	2,297	2,222	-	-	75

At 31 December 2023, non-hedging transactions mainly correspond to hedges of a CMS debt and of commercial paper.

27.2 Management of exchange rate risk

Nature of the Group's risk exposure

VINCI generates around 60% of its revenue in the eurozone. Contracts outside the eurozone are generally carried out in the local currency in respect of local subsidiaries' activities, and usually in euros and dollars in the case of major export projects. The Group's exposure to exchange rate risk is therefore limited.

VINCI's exchange rate risk management policy consists of hedging the transactional risk connected with subsidiaries' commercial or financial flows denominated in currencies other than their functional currency.

In addition, the Group's strategy is intended to minimise asset-related exchange rate risk. Through regular monitoring, hedging levels are adjusted in line with currency exposures relating to net assets owned. A risk analysis is carried out for each new investment to decide whether or not to hedge the exposure, by converting euro-denominated financing into foreign currency or financing directly in foreign currency.

Detail of exchange rate derivatives related to net financial debt

Transactions in exchange rate derivatives carried out by the Group, intended in particular to hedge its financial transactions, break down as follows:

	31/12/2023
(in € millions)	Balance sheet fair value	Notional	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Forward foreign exchange transactions	5	23	23	-	-	-
Cash flow hedges ^(*)	5	23	23	-	-	-
Currency swaps (incl. cross currency swaps)	(15)	1,272	142	124	773	233
Forward foreign exchange transactions	1	96	96	-	-	-
Hedges of net foreign investments ^(*)	(14)	1,368	238	124	773	233
Currency swaps (incl. cross currency swaps)	(12)	481	76	93	309	3
Forward foreign exchange transactions	(1)	374	374	-	-	-
Exchange rate derivatives not designated as hedges for accounting purposes	(13)	855	450	93	309	3
Total exchange rate derivatives	(21)	2,246	711	217	1,082	236

^(*) Changes in the fair value of the hedging instrument are recognised under "Other comprehensive income" (OCI) for the effective portion and in the income statement for the period for the ineffective portion.

	31/12/2022
(in € millions)	Balance sheet fair value	Notional	Within 1 year	Between 1 and 2 years	Between 2 and 5 years	After 5 years
Forward foreign exchange transactions	4	122	104	17	-	-
Cash flow hedges ^(*)	4	122	104	17	-	-
Currency swaps (incl. cross currency swaps)	(4)	2,731	247	467	996	1,020
Hedges of net foreign investments ^(*)	(4)	2,743	259	467	996	1,020
Currency swaps (incl. cross currency swaps)	(32)	670	171	48	450	-
Forward foreign exchange transactions	1	405	405	-	-	-
Exchange rate derivatives not designated as hedges for accounting purposes	(31)	1,075	576	48	450	-
Total exchange rate derivatives	(31)	3,939	939	533	1,446	1,020

Detail of hedges qualifying for hedge accounting as part of a net foreign investment hedging relationship

The Group's principal hedges of net foreign investments were as follows at 31 December 2023:

(in € millions)	31/12/2023
	GBP	USD	MXN	SGD	CAD
Currency	(pound sterling)	(US dollar)	(Mexican peso)	(Singapore dollar)	(Canadian dollar)
Notional amount of derivatives designated as NIH	552	482	-	106	82
Nominal amount of debt designated as NIH	921	651	467	-	-

^NIH: Net investment hedge.

The Group hedges the net assets of its main subsidiaries in foreign currencies, particularly subsidiaries whose functional currency is the US dollar (USD), pound sterling (GBP), Mexican peso (MXN), Singapore dollar (SGD), Canadian dollar (CAD), yen (JPY) or a Scandinavian currency.

At 31 December 2023, the main net investment hedging positions concerned the following assets:

• VINCI Airports - GBP exposure related to London Gatwick airport and Belfast International airport, USD exposure related to Aerodom, MXN exposure related to OMA, and JPY exposure related to Kansai Airports;

• VINCI Construction - USD exposure related to Eurovia Atlantic Coast;

• VINCI Energies - USD exposure related to PrimeLine Utility Services and SGD exposure related to Wah Loon Engineering.

Analysis of operational exchange rate risk

The principal foreign exchange exposures were as follows at 31 December 2023:

(in € millions)	31/12/2023
	CAD	GBP	USD	COP
Currency	(Canadian dollar)	(pound sterling)	(US dollar)	(Colombian peso)
Closing rate (€/currency)	1.464	0.869	1.105	4,270
Exposure	371	158	163	(44)
Hedging	(125)	(22)	(60)	20
Net position	246	136	103	(24)

Given a residual exposure on some non-hedged assets, a 10% appreciation of the above-mentioned foreign currencies against the euro would have a positive impact on pre-tax earnings of €51 million.

Detail of exchange rate derivatives related to operational flows

Transactions in exchange rate derivatives carried out by the Group, intended in particular to hedge its operational flows, break down as follows at 31 December 2023:

(in € millions)
Currency	COP ^(*) /EUR	CHF/USD	CAD/EUR
Fair value	1	1	(1)
Notional	23	25	42
Average maturity (months)	2	5	8
Buy/Sell	Buy	Buy	Buy/Sell

(in € millions)
Currency	GBP/EUR	PLN/EUR
Fair value	(1)	-
Notional	57	12
Average maturity (months)	9	3
Buy/Sell	Buy/Sell	Sell

^(*) Colombian peso.

27.3 Management of credit and counterparty risk

VINCI is exposed to credit risk in the event of default by its customers and to counterparty risk in respect of its investments of cash (mainly credit balances at banks, negotiable debt securities, term deposits and marketable securities), subscription to derivatives, commitments received (sureties and guarantees received), unused authorised credit facilities, and financial receivables.

The Group has set up procedures to manage and limit credit risk and counterparty risk.

Trade receivables

Approximately one-third of consolidated revenue is generated with public sector or quasi-public sector customers. Moreover, VINCI considers that the concentration of credit risk connected with trade receivables is limited because of the large number of customers and the fact that they are geographically dispersed. No customer accounts for more than 10% of VINCI's revenue. In export markets, the risk of non-payment is covered, as far as possible, by appropriate insurance policies (Coface, documentary credits and other insurance). Information is presented in Note H.19.2, "Breakdown of trade receivables".

Financial instruments (cash investments and derivatives)

Financial instruments (cash investments and derivatives) are set up with financial institutions that meet VINCI's credit rating criteria. The Group has also set up a system of counterparty limits to manage its counterparty risk, along with maximum control ratios of a given instrument. Maximum risk amounts by counterparty are defined taking account of their credit ratings. The limits are regularly monitored and updated on the basis of a consolidated quarterly reporting system.

The Group Finance Department also distributes instructions to subsidiaries laying down the authorised limits by counterparty, the list of authorised UCITS (French subsidiaries) and the selection criteria for money market funds (foreign subsidiaries).

The measurement of the fair value of derivative financial instruments carried by the Group includes a "counterparty risk" component for derivatives carried as assets and a "credit risk" component for derivatives carried as liabilities. Credit risk is measured using standard mathematical models for market participants. At 31 December 2023, adjustments recognised with respect to counterparty risk and own credit risk were not material.

Netting agreements relating to derivative financial instruments

At 31 December 2023 and in accordance with IAS 32, the Group's financial assets and liabilities (including derivative financial instruments) are not netted on the balance sheet, except where the Group has netting agreements. In the event of default by the Group or the financial institutions with which it has contracted, these agreements provide for netting between the fair values of assets and liabilities arising from derivative financial instruments presented in the consolidated balance sheet.

The table below sets out the Group's net exposure arising from these netting agreements:

(in € millions)	31/12/2023			31/12/2022
	Fair value of derivatives recognised on the balance sheet ^(*)	Impact of netting	Total	Fair value of derivatives recognised on the balance sheet ^(*)	Impact of netting	Total
Derivative financial instruments - assets	230	(122)	107	498	(185)	313
Derivative financial instruments - liabilities	(1,749)	122	(1,627)	(2,393)	185	(2,208)
Net derivative instruments	(1,519)	-	(1,519)	(1,896)	-	(1,896)

^(*) Gross amounts as stated on the Group's consolidated balance sheet.

27.4 Management of other risks

Equity risk

At 31 December 2023, the Group held 18,238,732 VINCI shares (representing 3.10% of the share capital) acquired at an average price of €77.82. Increases or decreases in the stock market price of these treasury shares have no impact on the Group's consolidated profit or loss or equity.

In addition, VINCI has an 8% stake in Groupe ADP. At each balance sheet date, this investment is measured at fair value on the basis of the stock market price. A positive or negative change of 100 basis points in the latter would lead respectively to the recognition of an upward or downward €9 million adjustment in the income statement.

Regarding assets to cover retirement benefit obligations, a breakdown by asset type is given in Note K.29.1, "Provisions for retirement benefit obligations".

Inflation risk

Certain Group entities are exposed to inflation risk, particularly London Gatwick airport, since part of its revenue is linked to local inflation. To protect against a fall in inflation, inflation swaps (receiving fixed or floating rate and paying inflation) have been arranged locally. These swaps are not designated as hedges for accounting purposes.

To partly offset the volatility arising from those transactions, the Group has entered into back-to-back swaps, in relation to its share, with external counterparties.

Commodity risks

Most of the Group's revenue arises either from contracts that include price revision clauses or under short-term contracts. The risks associated with an increase in commodity prices are therefore generally limited. For major contracts with no price revision clauses, commodity price risk is analysed on a case-by-case basis and managed, depending on the case, by negotiating firm price agreements with suppliers, cash-and-carry deals or hedging derivatives based on commodity indices. VINCI Construction has set up a policy to manage bitumen price risks on part of its exposure through short-maturity hedging derivatives (swaps of less than three months on average). This policy applies to small contracts in France with an average length of less than three months and which do not include price revision clauses.

As part of its business, Cobra IS may enter into energy hedge contracts to mitigate its exposure to adverse changes in electricity and gas prices.

VINCI uses little unprocessed raw material, other than the aggregates produced and used by VINCI Construction

28. Book and fair value of financial instruments by accounting category

The method of measuring the fair value of financial assets and liabilities has not changed since the 31 December 2022 accounts closing date. The following table shows the carrying amount and fair value of financial assets and liabilities in the balance sheet by accounting category, as defined by IFRS 9:

31/12/2023	Accounting categories
Balance sheet headings and classes of instrument	Derivatives at fair value through profit or loss	Derivatives designated as hedges	Financial assets measured at fair value through profit or loss	Financial assets measured at fair value through other comprehensive income	Financial assets at amortised cost	Financial liabilities at amortised cost
Equity instruments	-	-	1,230	10	-	-
Financial assets at amortised cost and PPP financial	-	-	-	-	1,405	-
I - Non-current financial assets ^(**)	-	-	1,230	10	1,405	-
II - Derivative financial instruments - assets	48	181	-	-	-	-
Cash management financial assets	-	-	365	-	-	-
Financial current accounts - assets	-	-	-	-	180	-
Cash equivalents	-	-	6,827	-	-	-
Cash	-	-	8,800	-	-	-
III - Current financial assets	-	-	15,992	-	180	-
Total assets	48	181	17,223	10	1,585	-
Bonds						(23,421)
Other bank loans and other financial debt						(4,367)
IV - Long-term financial debt	-	-	-	-	-	(27,788)
V - Derivative financial instruments - liabilities	(441)	(1,308)	-	-	-	-
Other current financial liabilities						(1,997)
Financial current accounts - liabilities						(76)
Bank overdrafts						(927)
VI - Current financial liabilities	-	-	-	-	-	(3,000)
Total liabilities	(441)	(1,308)	-	-	-	(30,789)

31/12/2023	Fair value
Balance sheet headings and classes of instrument	Total	Level 1: quoted prices and cash	Level 2: internal model using observable factors	Level 3: internal model using nonobservable factors	Total
Equity instruments	1,240	929 ^(*)	-	312	1,240
Financial assets at amortised cost and PPP financial	1,405	-	1,405	-	1,405
I - Non-current financial assets ^(**)	2,646	929	1,405	312	2,646
II - Derivative financial instruments - assets	230	-	230	-	230
Cash management financial assets	365	-	365	-	365
Financial current accounts - assets	180	180	-	-	180
Cash equivalents	6,827	1,852	4,975 ^(***)	-	6,827
Cash	8,800	8,800	-	-	8,800
III - Current financial assets	16,172	10,832	5,340	-	16,172
Total assets	19,047	11,761	6,975	312	19,047
Bonds	(23,421)	(21,736)	(1,216)	-	(22,953)
Other bank loans and other financial debt	(4,367)	-	(4,453)	-	(4,453)
IV - Long-term financial debt	(27,788)	(21,736)	(5,670)	-	(27,406)
V - Derivative financial instruments - liabilities	(1,749)	-	(1,749)	-	(1,749)
Other current financial liabilities	(1,997)	-	(1,997)	-	(1,997)
Financial current accounts - liabilities	(76)	(76)	-	-	(76)
Bank overdrafts	(927)	(927)	-	-	(927)
VI - Current financial liabilities	(3,000)	(1,003)	(1,997)	-	(3,000)
Total liabilities	(32,537)	(22,739)	(9,415)	-	(32,154)

^(*) Fair value of Groupe ADP shares - see Note E.11, "Other non-current financial assets".
^(**) Including the part at less than one year of collateralised loans and receivables - see Note E.11, "Other non-current financial assets" and Note F.14, "PPP financial receivables (controlled companies)".
^(***) Mainly comprising certificates of deposit, term deposits and time-deposit accounts.

The table below shows the carrying amount and fair value of financial assets and liabilities as reported at 31 December 2022 by accounting category, as defined by IFRS 9:

31/12/2022	Accounting categories
Balance sheet headings and classes of instrument	Derivatives at fair value through profit or loss	Derivatives designated as hedges	Financial assets measured at fair value through profit or loss	Financial assets measured at fair value through other comprehensive income	Financial assets at amortised cost	Financial liabilities at amortised cost
Equity instruments	-	-	1,187	10	-	-
Financial assets at amortised cost and PPP financial	-	-	-	-	1,403	-
I - Non-current financial assets ^(**)	-	-	1,187	10	1,403	-
II - Derivative financial instruments - assets	35	463	-	-	-	-
Cash management financial assets	-	-	503	-	-	-
Financial current accounts - assets	-	-	-	-	252	-
Cash equivalents			4,227
Cash			8,351
III - Current financial assets	-	-	13,081	-	252	-
Total assets	35	463	14,268	10	1,654	-
Bonds	-	-	-	-	-	(21,683)
Other bank loans and other financial debt	-	-	-	-	-	(4,208)
IV - Long-term financial debt	-	-	-	-	-	(25,891)
V - Derivative financial instruments - liabilities	(409)	(1,984)	-	-	-	-
Other current financial liabilities	-	-	-	-	-	(2,923)
Financial current accounts - liabilities	-	-	-	-	-	(99)
Bank overdrafts	-	-	-	-	-	(1,083)
VI - Current financial liabilities	-	-	-	-	-	(4,106)
Total liabilities	(409)	(1,984)	-	-	-	(29,997)

31/12/2022	Accounting categories	Fair value
Balance sheet headings and classes of instrument	Total	Level 1: quoted prices and cash	Level 2: internal model using observable factors	Level 3: internal model using nonobservable factors	Total
Equity instruments	1,197	992 ^(*)	-	205	1,197
Financial assets at amortised cost and PPP financial	1,403	0	1,403	-	1,403
I - Non-current financial assets ^(**)	2,599	992	1,403	205	2,599
II - Derivative financial instruments - assets	498	0	498	-	498
Cash management financial assets	503	0	503	-	503
Financial current accounts - assets	252	252	-	-	252
Cash equivalents	4,227	1,327	2,900 ^(***)	-	4,227
Cash	8,351	8,351	-	-	8,351
III - Current financial assets	13,333	9,930	3,403	-	13,333
Total assets	16,430	10,922	5,303	205	16,430
Bonds	(21,683)	(19,738)	(1,187)	-	(20,924)
Other bank loans and other financial debt	(4,208)	-	(4,245)	-	(4,245)
IV - Long-term financial debt	(25,891)	(19,738)	(5,432)	-	(25,169)
V - Derivative financial instruments - liabilities	(2,393)	-	(2,393)	-	(2,393)
Other current financial liabilities	(2,923)	-	(2,923)	-	(2,923)
Financial current accounts - liabilities	(99)	(99)	-	-	(99)
Bank overdrafts	(1,083)	(1,083)	-	-	(1,083)
VI - Current financial liabilities	(4,106)	(1,183)	(2,923)	-	(4,106)
Total liabilities	(32,391)	(20,920)	(10,749)	-	(31,669)

K. Employee benefits and share-based payments

29. Provisions for employee benefits

At 31 December 2023, the part at more than one year of provisions for employee benefits broke down as follows:

(in € millions)	Note	31/12/2023	31/12/2022
Provisions for retirement benefit obligations	29,1	1,089	1,064
Long-term employee benefits	29,2	87	86
Total provisions for employee benefits		1,176	1,149

29.1 Provisions for retirement benefit obligations

Accounting policies

Provisions are taken on the liabilities side of the consolidated balance sheet for obligations connected with defined benefit retirement plans for both current and former employees (people who have retired and those with deferred rights). These provisions are determined using the projected unit credit method on the basis of actuarial valuations made at each annual balance sheet date. The actuarial assumptions used to determine the obligations vary depending on the economic conditions of the country or monetary zone in which the plan is operated. Each plan's obligations are recognised separately. Under IAS 19, for defined benefit plans financed under external management arrangements (i.e. pension funds or insurance policies), the surplus or shortfall of the fair value of the assets compared with the present value of the obligations is recognised as an asset or liability in the consolidated balance sheet. That recognition is subject to asset ceiling rules and minimum funding requirements set out in IFRIC 14.

The expense recognised under operating income or loss in each period comprises the current service cost and the effects of any change, reduction or winding up of the plan. The accretion impact recognised on actuarial liabilities and interest income on plan assets are recognised under other financial income and expenses. Interest income from plan assets is calculated using the discount rate used to calculate obligations with respect to defined benefit plans.

The impacts of remeasuring net liabilities relating to defined benefit pension plans are recorded under other comprehensive income. They comprise the following:

―	actuarial gains and losses on obligations resulting from changes in actuarial assumptions and from experience adjustments (the effects of differences between the actuarial assumptions adopted and that which has actually occurred);
―	plan asset outperformance/underperformance (i.e. the difference between the effective return on plan assets and the return calculated using the discount rate applied to the actuarial liability); and
―	changes in the asset ceiling effect.

At 31 December 2023, provisions for retirement benefit obligations comprised provisions for lump sums on retirement and provisions with respect to obligations for supplementary retirement benefits.

(in € millions)	31/12/2023	31/12/2022
At more than one year	1,089	1,064
At less than one year ^(*)	58	53
Total provisions for retirement benefit obligations	1,148	1,117

^(*) The part of provisions for retirement benefit obligations that matures within less than one year is shown under "Other current liabilities".

The VINCI Group's main supplementary retirement benefit obligations relate to defined benefit plans, which have the following characteristics:

―

For French subsidiaries, these are contractual lump sums paid on retirement (generally based on a percentage of final salary, depending on the employee's length of service and applicable collective agreements), supplementary defined benefit retirement plans of which some of the Group's employees, retired employees and officers are members, and a specific obligation in respect of the former Vice-Chairman of VINCI SA's Board of Directors.

Some plans, of which several Group executives are members, are pre-financed through two insurance policies taken out with Cardif and one policy taken out with Allianz. These policies involve active management with reference to composite indices, and aim to achieve a good balance between the expected return on investments and the associated risks. Sufficient liquidity, in view of the timescale of plan liabilities, is maintained so that pensions and other one-off payments can be met. These plans are closed to new members.

―

To cover the liabilities of some UK and Swiss subsidiaries, plans are funded through independent pension funds. In the UK, defined benefit plans for certain Group employees and former employees give rise to benefits that are mainly based on final salaries. They also provide benefits in the event of death and disability. These plans are closed to new members.

At 31 December 2023, 6,206 individuals, including 3,414 retirees, were covered by the plans in the United Kingdom. The average duration of the plans is 14 years.

The investment strategy for plan assets is defined by the trustees representing the pension funds. Contribution schedules and the plan's level of funding are determined by the employer and the trustee, based on three-yearly actuarial valuations. Contribution schedules are intended to cover future service costs and any deficit arising from vested rights.

In Switzerland, plans for the Group's employees and former employees (2,897 people at 31 December 2023, of which over 90% are active) are "cash balance" pension plans that guarantee their members a minimum return on their contributions. They provide benefits in the event of death or disability, along with a pension when members stop working. These plans are open to new members. Their duration is around 12 years.

―

For German subsidiaries, there are several internal plans within the Group, including plans implemented as direct pension promises (Direktzusagen). These plans provide members with pensions or death and disability benefits. At 31 December 2023, 8,701 individuals were covered by the plans, including 5,324 retirees, 2,113 people working for Group subsidiaries and 1,264 people who were generally still working but no longer working for the Group. Most of these plans were closed to new members at 31 December 2023. Their average duration is 10 years.

Commitments relating to lump sum payments on retirement for manual construction workers in France, which are met by contributions to an outside multi-employer insurance fund (CNPO), are considered as being under defined contribution plans and are therefore recognised as an expense as and when contributions are payable.

The main retirement benefit obligations covered by provisions recognised in the balance sheet are calculated using the following assumptions:

	Eurozone		United Kingdom		Switzerland
Assumptions	31/12/2023	31/12/2022	31/12/2023	31/12/2022	31/12/2023	31/12/2022
Discount rate	3.20%	3.25%	4.60% - 4.65%	4.65% - 4.75%	1.85%	2.05%
Inflation rate	2.00%	2.00%	2.30% - 2.55% ^(*)	2.25% - 2.55% ^(*)	1.20%	1.10%
			3.10% - 3.15% ^(**)	3.05% - 3.15% ^(**)
Rate of salary increases	2.10% - 4.40%	2.10% - 4.40%	1.50% - 3.40%	1.00% - 3.65%	1.70%	1.60%
Rate of pension increases	1.50% - 2.00%	2.00%	2.53% - 3.70%	2.76% - 3.85%	n/a	n/a

^(*) CPI.
^(**) RPI.

Discount rates have been determined by geographical area on the basis of the yields on private sector bonds with a rating of AA and whose maturities correspond to the plans' expected cash flow.

The other local actuarial assumptions (economic and demographic assumptions) are set on the basis of the specific features of each of the countries in question. Plan assets are valued at their fair value at 31 December 2023. The book value at 31 December 2023 is used for assets invested with insurance companies.

On the basis of the actuarial assumptions referred to above, details of the retirement benefit obligations, provisions recognised in the balance sheet, and the retirement benefit expenses recognised in 2023 are provided below.

Result of actuarial valuations in the period Breakdown by type of obligation

		31/12/2023
(in € millions)		Lump sums paid on retirement in France	Pensions, supplementary pensions and other	Total
Actuarial liability from retirement benefit obligations		646	2,197	2,843
Plan assets at fair value		28	1,858	1,887
Deficit (or surplus)		618	339	957
Provision recognised under liabilities on the balance sheet	I	618	529	1,148
Overfunded plans recognised under assets on the balance sheet	II	-	96	96
Asset ceiling effect (IFRIC 14) ^(*)	III	-	95	95
Total	I - II - III	618	339	957

	31/12/2022
(in € millions)	Lump sums paid on retirement in France	Pensions, supplementary pensions and other	Total
Actuarial liability from retirement benefit obligations	641	2,116	2,757
Plan assets at fair value	34	1,882	1,916
Deficit (or surplus)	607	234	841
Provision recognised under liabilities on the balance sheet	607	510	1,117
Overfunded plans recognised under assets on the balance sheet	-	178	178
Asset ceiling effect (IFRIC 14) ^(*)	-	98	98
Total	607	234	841

^(*) Effect of asset ceiling rules and minimum funding requirements.

Overall, the proportion of obligations relating to retired beneficiaries was around 35% of the total actuarial liability from retirement benefit obligations at 31 December 2023.

Breakdown by country

	31/12/2023
(in € millions)		France	Germany	United Kingdom
Actuarial liability from retirement benefit obligations		825	309	1,021
Plan assets at fair value		125	7	988
Deficit (or surplus)		700	302	33
Provision recognised under liabilities on the balance sheet	I	718	302	89
Overfunded plans recognised under assets on the balance sheet	II	18	-	56
Asset ceiling effect (IFRIC 14) ^(*)	III	0	-	-
Total	I - II - III	700	302	33

	31/12/2023
(in € millions)	Switzerland	Other countries	Total
Actuarial liability from retirement benefit obligations	550	139	2,843
Plan assets at fair value	637	130	1,887
Deficit (or surplus)	(87)	9	957
Provision recognised under liabilities on the balance sheet	3	35	1,148
Overfunded plans recognised under assets on the balance sheet	3	20	96
Asset ceiling effect (IFRIC 14) ^(*)	88	7	95
Total	(87)	9	957

^(*) Effect of asset ceiling rules and minimum funding requirements.

	31/12/2022
(in € millions)		France	Germany	United Kingdom
Actuarial liability from retirement benefit obligations		835	334	937
Plan assets at fair value		136	7	1,052
Deficit (or surplus)		698	327	(114)
		-	-	-
Provision recognised under liabilities on the balance sheet	I	708	327	36
Overfunded plans recognised under assets on the balance sheet	II	10	0	150
Asset ceiling effect (IFRIC 14) ^(*)	III	-	-	-
Total	I - II - III	698	327	(114)

	31/12/2022
(in € millions)	Switzerland	Other countries	Total
Actuarial liability from retirement benefit obligations	496	155	2,757
Plan assets at fair value	586	135	1,916
Deficit (or surplus)	(90)	20	841
	-	-	-
Provision recognised under liabilities on the balance sheet	2	43	1,117
Overfunded plans recognised under assets on the balance sheet	2	15	178
Asset ceiling effect (IFRIC 14) ^(*)	90	8	98
Total	(90)	20	841

^(*) Effect of asset ceiling rules and minimum funding requirements.

Change in actuarial liability and plan assets

(in € millions)		2023	2022
Actuarial liability from retirement benefit obligations
At beginning of period		2,757	3,783
of which obligations covered by plan assets		1,849	2,717
Current service cost		63	88
Actuarial liability discount cost		97	46
Past service cost (plan changes and curtailments)		(23)	(22)
Plan settlements		(3)	(0)
Actuarial gains and losses recognised in other comprehensive income		40	(971)
of which impact of changes in demographic assumptions		(11)	(6)
of which impact of changes in financial assumptions		(12)	(1,114)
of which experience gains and losses		63	149
Benefits paid to beneficiaries		(143)	(159)
Employee contributions		15	15
Business combinations		1	1
Disposals of companies and other assets		(8)	15
Currency translation differences		48	(39)
At end of period	I	2,843	2,757
of which obligations covered by plan assets		1,954	1,849
Plan assets
At beginning of period		1,916	2,530
Interest income during the period		70	33
Actuarial gains and losses recognised in other comprehensive income ^(*)		(115)	(557)
Plan settlements		(2)	-
Benefits paid to beneficiaries		(88)	(98)
Contributions paid to funds by the employer		42	39
Contributions paid to funds by employees		15	15
Disposals of companies and other assets		(5)	(4)
Currency translation differences		54	(42)
At end of period	II	1,887	1,916
Deficit (or surplus)	I - II	957	841

^(*) Experience gains and losses corresponding to the observed difference between the actual return on plan assets and a nominal return based on the discount rate for the actuarial liability.

VINCI estimates the payments to be made in 2024 in respect of retirement benefit obligations at €86 million, comprising €58 million of benefits to be paid to retired employees or beneficiaries (benefits not covered by plan assets), and €28 million of contributions to be paid to fund managing bodies.

Pension funds are also likely to pay €115 million of benefits to retired employees or their beneficiaries, without any impact on the Group's cash position.

Change in provisions for retirement benefit obligations during the period

(in € millions)	2023	2022
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet
At beginning of period	1,117	1,408
Total charge recognised with respect to retirement benefit obligations	74	80
Actuarial gains and losses recognised in other comprehensive income	155	(414)
Benefits paid to beneficiaries by the employer	(55)	(61)
Contributions paid to funds by the employer	(42)	(39)
Business combinations and disposals of companies	(13)	1
Asset ceiling effect (IFRIC 14) and overfunded plans	(86)	135
Currency translation differences	(1)	5
At end of period	1,148	1,117

Breakdown of expenses recognised in respect of defined benefit plans

(in € millions)	2023	2022
Current service cost	(63)	(88)
Actuarial liability discount cost	(97)	(46)
Interest income on plan assets	67	33
Past service cost (plan changes and curtailments)	23	22
Impact of plan settlements and other	(4)	(1)
Total	(74)	(80)

Breakdown of plan assets by country and type of investment

The breakdown of plan assets by type of investment is as follows:

	31/12/2023
	United Kingdom	Switzerland	France	Other countries	Weighted average
Breakdown of plan assets
Equities	2%	34%	10%	25%	15%
Bonds	39%	36%	33%	22%	36%
Property	9%	24%	3%	8%	13%
Money market securities	5%	6%	1%	4%	5%
Other investments	45%	0%	54%	42%	30%
Total	100%	100%	100%	100%	100%
Plan assets (in € millions)	988	637	125	137	1,887
Plan assets by country (% of total)	52%	34%	7%	7%	100%

	31/12/2022
	United Kingdom	Switzerland	France	Other countries	Weighted average
Breakdown of plan assets
Equities	15%	34%	17%	26%	22%
Bonds	31%	35%	22%	23%	31%
Property	10%	25%	5%	10%	14%
Money market securities	8%	6%	1%	1%	6%
Other investments	37%	0%	55%	41%	27%
Total	100%	100%	100%	100%	100%
Plan assets (in € millions)	1,052	586	136	142	1,916
Plan assets by country (% of total)	55%	31%	7%	7%	100%

At 31 December 2023, the amount of plan assets listed on active markets (Level 1 fair value measurement as defined by IFRS 13) was €1,497 million (€1,417 million at 31 December 2022). During the period, the actual rate of return on plan assets was -7.3% in the UK, +0.3% in Switzerland and +3.3% in France.

Sensitivity analysis

For all post-employment benefit plans for Group employees (lump sums paid on retirement, pensions and supplementary pensions), a 0.5 point rise in the discount rate would decrease the actuarial liability by around 6%.

For all pension and supplementary pension plans in force within the Group, a 0.5 point increase in long-term inflation rates would increase the value of obligations by some 4%.

For pension and supplementary pension plans in Switzerland and the UK, sensitivity to mortality rates is calculated based on a one-year reduction in the age of each beneficiary. Applying this assumption decreases the corresponding obligation by around 1%.

Expenses recognised in respect of defined contribution plans

In some countries, and more especially in France and Spain, the Group contributes to basic state pension plans, for which the expense recognised is the amount of the contributions called by the state bodies. These state pension plans are considered as being defined contribution plans.

The amounts taken as an expense in the period in respect of defined contribution plans (other than basic state plans) totalled €745 million in 2023 (€691 million in 2022). These amounts include the contributions paid in France to the external multi-employer fund (CNPO) in respect of obligations in regard to lump sums paid on retirement to construction workers.

29.2 Other long-term employee benefits

Provisions for other long-term employee benefits mainly include long-service bonuses and jubilee bonuses.

At 31 December 2023, they amounted to €99 million, including €13 million for the part at less than one year (€98 million including €11 million for the part at less than one year at 31 December 2022).

Provisions for long-service bonuses and jubilee bonuses have been calculated using the following actuarial assumptions:

	31/12/2023	31/12/2022
Discount rate	4.15%	3.75%
Inflation rate	2.00%	2.00%
Rate of salary increases	2.00% - 3.00%	2.00% - 3.00%

30. Share-based payments

Accounting policies

The measurement and recognition methods for share subscription plans, Group savings plans and performance share plans, are defined by IFRS 2 "Share-based Payment". The granting of performance shares and offers to subscribe to Group savings plans in France and abroad represent a benefit granted to their beneficiaries and therefore constitute supplementary remuneration borne by VINCI.

Because such transactions do not give rise to monetary transactions, the benefits granted in this way are recognised as expenses in the period in which the rights are acquired, with a corresponding increase in equity. Benefits are measured by an external actuary on the basis of the fair value of the equity instruments granted.

Benefits arising from awards of performance shares and Group savings plans are granted as decided by VINCI's Board of Directors after approval at the Shareholders' General Meeting. Since their measurement is not entirely linked to operational activity, it has been deemed appropriate not to include the corresponding expense in operating income from ordinary activities, which is an indicator of business lines' performance, but to report it on a separate line, labelled "Share-based payment expense (IFRS 2)", in recurring operating income.

30.1 Performance shares

Performance shares have been granted to certain Group employees and senior executives. Under the corresponding plans, definitive vesting of the shares is conditional on beneficiaries being employed by the Group at the end of the vesting period and on performance conditions being met.

Information on changes in performance share plans currently in force

	31/12/2023	31/12/2022
Number of shares granted subject to performance conditions at beginning of period	7,178,209	7,173,432
Shares granted subject to performance conditions	2,590,167	2,489,710
Shares vested	(1,952,520)	(1,826,223)
Shares cancelled	(445,469)	(658,710)
Number of shares granted subject to performance conditions not vested at end of period	7,370,387	7,178,209

Information on the features of the performance share plans currently in force

	Plan set up on 13/04/2023	Plan set up on 12/04/2022	Plan set up on 08/04/2021	Plan set up on 09/04/2020
Original number of beneficiaries	4,390	4,114	3,960	3,529
Vesting date of the shares granted	12/04/2026	12/04/2025	08/04/2024	09/04/2023
Number of shares granted subject to performance conditions originally ^(*)	2,590,167	2,461,130	2,442,945	2,274,134
Shares cancelled	(17,190)	(32,480)	(71,135)	(324,664)
Shares vested	(1,240)	(1,130)	(680)	(1,949,470)
Number of shares granted subject to performance conditions at end of period	2,571,737	2,427,520	2,371,130	0

^(*) This includes shares granted to the Chief Executive Officer under a plan set up in accordance with ordinary law and subject to the same performance conditions.

On 8 February 2023, VINCI's Board of Directors decided that 90% of the performance shares initially granted under the 2020 plan (i.e. 1,948,620 shares) would vest for beneficiaries having remained with the Group (i.e. 3,132 employees). The financial criterion (10% weighting) was not fulfilled: the difference between VINCI's TSR (total shareholder return) calculated between 1 January 2020 and 31 December 2022 (2%) and that of the CAC 40 over the same period (17%) was negative by 15 points, and so no shares vested in respect of this criterion. The economic criterion and the environmental criterion (65% and 25% weightings respectively) were 100% fulfilled.

On 13 April 2023, VINCI's Board of Directors decided to set up a new performance share plan involving conditional awards of a total of 2,590,167 shares to 4,390 employees. These shares will not vest until a three-year period has elapsed, subject to beneficiaries being employed by the Group until the end of the vesting period and to the fulfilment of the following performance conditions:

―

An economic criterion (50% weighting) measuring value creation. This will be determined depending on the ratio of the return on capital employed (ROCE, determined after deconsolidation of the airports business until such time as air passenger numbers worldwide return to 2019 levels, as reported by the IATA, on a full-year basis), calculated as an average over a three-year period, to the weighted average cost of capital (WACC), also calculated as an average over a three-year period. The vesting percentage will vary between 0% if the ratio is 1.0x or lower and 100% if the ratio is 1.25x or higher, with linear interpolation between the two limits of this range.

―

Financial criteria (25% weighting) including:

a) Relative stock market performance (12.5%), measuring VINCI's share price performance by comparison with a composite industry index, calculated on the basis of the stock market valuations of a list of companies with business activities similar to those of VINCI. This relative performance corresponds to the difference, ascertained at 31 December 2025, between the following two indicators:

―

the total shareholder return (TSR) for the VINCI share between 1 January 2023 and 31 December 2025;

―

the TSR for the composite industry index between 1 January 2023 and 31 December 2025. Total shareholder returns include dividends.

The vesting percentage will vary between 0% if the difference is negative by 5 points or more and 100% if the difference is positive by 5 points or more, with linear interpolation between the two limits of this range.

b) The Group's ability to manage its debt and generate cash flows in line with its level of debt. This will be measured by the FFO (funds from operations) / net debt ratio, determined according to the methodology of r/ating agency Standard & Poor's and calculated as an average over a three-year period. The vesting percentage will vary between 0% if the ratio is 15% or lower and 100% if the ratio is 20% or higher, with linear interpolation between the two limits of this range.

―

Environmental, social and governance criteria (25% weighting) comprising:

a) an environmental criterion (15% weighting) measured by the Climate Change score received each year by VINCI from CDP Worldwide in respect of the 2023, 2024 and 2025 financial years;

b) a safety criterion (5% weighting) measuring the Group's safety performance, based on the frequency rate of workplace accidents with at least 24 hours of lost time per million hours worked for VINCI employees worldwide;

c) a criterion relating to greater female representation (5% weighting) measuring the increase in the percentage of women hired or promoted to management positions across the Group's whole scope.

The Board of Directors may adjust these performance conditions either in the event of a strategic decision that changes the scope of the Group's business activities or under exceptional circumstances.

Fair value of the performance share plans

The fair value of the performance shares has been calculated by an external actuary at the respective grant dates of the shares on the basis of the following characteristics and assumptions:

	2023 plan	2022 plan	2021 plan	2020 plan ^(**)
VINCI share price on date plan was announced (in €)	109.20	90.91	90.70	76.50
Fair value per performance share at grant date (in €)	92.89	76.85	78.64	61.69
Fair value compared with share price at grant date	85.06%	84.53%	86.70%	80.64%
Original maturity (in years) - vesting period	3 years	3 years	3 years	3 years
Risk-free interest rate ^(*)	2.79%	0.52%	(0.64%)	(0.44%)

^(*) Three-year government bond yield in the eurozone.
^(**) Excluding the 2020 long-term incentive plan granted to the executive company officer, for which the fair value per performance share at the grant date (18 June 2020) was €73.05.

An expense of €185 million was recognised in 2023 in respect of performance share plans that have not yet vested (April 2023, April 2022 and April 2021 plans, and end of the April 2020 plan).

30.2 Group savings plans

VINCI's Board of Directors defines the conditions for subscribing to Group savings plans in accordance with the authorisations given to it by shareholders at the Shareholders' General Meeting.

Group savings plan - France

In France, VINCI issues new shares reserved for employees three times a year at a subscription price that includes a 5% discount against the average stock market price in the period preceding the Board of Directors meeting that set the subscription price. Subscribers also benefit from an employer contribution with an annual maximum gross amount of €3,500 per person. The subscription period for each capital increase is 3.5 months. The shares subscribed with the employer contribution are subject to a five-year lock-up period except in the case of early exit under the scheme. The benefits granted in this way to employees are measured, from the perspective of a market participant, at their fair value. The expense is measured and recognised on the last day of the subscription period.

	2023
Group savings plan - France	First four-month period of 2023	Second four-month period of 2023	Third four-month period of 2023
Subscription price (in €)	80.08	98.11	102.83
Share price at date of Board of Directors' meeting (in €)	86.65	104.32	108.24
Number of shares subscribed	3.891	294	276
Number of shares issued (subscriptions plus employer contribution)	5.911	471	529

Group savings plan - International

In 2023, in accordance with authorisations given to the Board of Directors by shareholders at the Shareholders' General Meeting, VINCI initiated new savings plans for the employees of certain foreign subsidiaries (Castor International savings plans). The plans currently cover 46 countries, representing 94% of Group revenue and 88% of the Group's workforce outside France.

The main characteristics of these plans are as follows:

―	subscription period: from 15 May to 2 June 2023 for all countries except the United Kingdom, where there are seven successive subscription periods between March and September 2023;
―	employer contribution consisting of bonus shares, with delivery deferred for three years where possible, or with immediate delivery but a three-year vesting period;
―	no lock-up period beyond the three-year vesting period for bonus shares.

Castor International plans (excluding the UK)	2023	2022	2021	2020
Subscription price (in €)	109.73	91.71	91.72	73.41
Closing share price on the last day of the subscription period (in €)	107.58	90.14	93.45	90.32
Anticipated dividend pay-out rate	4.01%	4.06%	2.97%	2.51%
Fair value of bonus shares on the last day of the subscription period (in €)	95.37	79.81	85.47	83.78

The expense recognised in 2023 for all Group employee savings plans amounted to €174 million.

L. Other notes

31. Related party transactions

The Group's transactions with related parties mainly concern:

―	remuneration and similar benefits paid to members of the governing and management bodies;
―	transactions with companies over which VINCI exercises significant influence or joint ventures over which VINCI has joint control.

Transactions with related parties are undertaken at market prices.

31.1 Remuneration and similar benefits paid to members of the governing and management bodies

The remuneration of the Group's company officers is determined by the Board of Directors following proposals from the Remuneration Committee.

The table below shows the remuneration and similar benefits, on a full-year basis, granted by VINCI SA and the companies that it controls to persons who at the balance sheet date are (or, during the period, have been) members of the Group's governing bodies and Executive Committee. The corresponding amounts have been recognised and expensed in 2023 and 2022 as follows:

	Members of governing bodies and the Executive Committee
(in € thousands)	2023	2022
Remuneration	16,690	15,880
Employer social contributions	8,139	7,340
Post-employment benefits	1,160	1,863
Termination benefits	-	-
Share-based payments ^(*)	11,073	8,178
Remuneration as Board members	1,226	1,277

^(*) This amount is determined in accordance with IFRS 2 and as described in Note K.30, "Share -based payments".

The variable portion of remuneration and similar benefits relating to 2023 is an estimate, for which a provision has been taken in the period.

The aggregate amount of retirement benefit obligations (contractual lump sums payable on retirement and supplementary defined benefit plans) in favour of members of the Group's governing bodies and Executive Committee amounted to €57 million at 31 December 2023 (€58 million at 31 December 2022).

31.2 Other related parties

Qatar Holding LLC owned 2.8% of VINCI at 31 December 2023. VINCI Construction Grands Projets (49%) and Qatari Diar Real Estate Investment Company (QD, 51%) jointly own Qatari Diar VINCI Construction (QDVC), which is accounted for under the equity method. This company carries out construction projects in Qatar and international markets. It generated revenue of €160 million in 2023.

Group companies can also carry out work for principals in which QD may have a shareholding.

The Group has normal but non-material business relations with companies in which members of the VINCI Board of Directors are senior executives or directors.

Financial information on companies accounted for under the equity method is given in Note E.10.2, "Aggregated financial information".

32. Statutory Auditors' fees

As recommended by the AMF, this table includes only fees paid by fully consolidated companies.

	Deloitte 2023
(in € millions)	Statutory Auditor (Deloitte & Associés)	Network	Total Deloitte	%
Certification, half-year limited review of statutory and consolidated financial information
VINCI SA	0.4	-	0.4	3%
Fully consolidated subsidiaries	6.2	7.9	14.2	87%
Subtotal	6.6	7.9	14.6	90%
Services other than certification of accounts ^(*)
VINCI SA	0.6	-	0.6	4%
Fully consolidated subsidiaries	0.2	0.9	1.1	6%
Subtotal	0.8	0.9	1.7	10%
Total	7.4	8.8	16.3	100%

	PwC 2023
(in € millions)	Statutory Auditor (PwC Audit)	Network	Total PwC	%
Certification, half-year limited review of statutory and consolidated financial information
VINCI SA	0.4	-	0.4	3%
Fully consolidated subsidiaries	6.8	5.5	12.3	89%
Subtotal	7.3	5.5	12.7	92%
Services other than certification of accounts ^(*)
VINCI SA	0.4	-	0.4	3%
Fully consolidated subsidiaries	0.2	0.4	0.7	5%
Subtotal	0.6	0.4	1.0	8%
Total	7.8	5.9	13.8	100%

	KPMG 2023 ^(**)
(in € millions)	Statutory Auditor (KPMG Audit IS)	Network	Total KPMG	%
Certification, half-year limited review of statutory and consolidated financial information
VINCI SA	-	-	-	0%
Fully consolidated subsidiaries	1.1	1.4	2.5	70%
Subtotal	1.1	1.4	2.5	70%
Services other than certification of accounts ^(*)
VINCI SA	-	-	-	0%
Fully consolidated subsidiaries	0.0	1.0	1.0	30%
Subtotal	0.0	1.0	1.0	30%
Total	1.1	2.4	3.5	100%

^(*) Services other than certification of accounts include services required by regulations and those provided at the request of controlled entities: contractual audits, comfort letters, audit certificates, agreed procedures, consulting and assignments relating to changes in accounting standards, due diligence procedures for acquisitions, audits of procedures and information systems, and tax services that do not impair auditor independence.
^(**) Statutory Auditor for certain Group subsidiaries.

M. Note on litigation

The companies comprising the VINCI Group are sometimes involved in litigation arising from their activities. The related risks are assessed by VINCI and the subsidiaries involved on the basis of their knowledge of the cases, and provisions are taken in consequence as appropriate.

The main legal, administrative or arbitration proceedings that were in progress on or had ended by 31 December 2023 were as follows:

―	Région Île-de-France (the regional authority for the Greater Paris area) commenced proceedings against various contractors in the construction sector, seeking compensation for the harm it purportedly suffered because of the anti-competitive practices penalised by the Conseil de la Concurrence (now known as the Autorite de la Concurrence) on 9 May 2007 in relation to the programme to refurbish schools in the Greater Paris area between 1989 and 1996. After the Paris Regional Court ruled in 2013 that those proceedings were time-barred and inadmissible, the tribunal des conflits (jurisdiction court) declared in 2015 that the ordinary courts were not competent to decide the dispute. In 2017, the regional authority made 88 applications to the Paris Administrative Court relating to an equal number of school refurbishment contracts, claiming €293 million of damages from 14 companies - including several Group companies - and 11 individuals. In 2019, the Paris Administrative Court dismissed Region Ile-de-France's claims. The regional authority appealed against that decision. On 19 February 2021, in its judgments in two of the 88 sets of proceedings, the Paris Administrative Court of Appeal took the view that Region Ile-de-France's action was not time-barred, that the regional authority would therefore have grounds to ask the court to find the defendants jointly and severally liable, but that its wrongdoing reduced the defendants' liability by one-third, and ordered an expert opinion to determine any harm suffered by Region Ile-de-France. The other 86 sets of proceedings remain adjourned. In judgments dated 9 and 17 May 2023, the Conseil d'État dismissed the defendants' appeals. On 14 December 2023, the expert witness appointed by the Paris Administrative Court of Appeal filed a report concluding that the regional authority suffered no harm in respect of one of the two contracts examined. The expert witness's assessment of the second contract is ongoing. The Group takes the view that these proceedings represent a contingent liability whose impact it is currently unable to measure.
―	In August 2019, after the French government notified its intention to terminate early the concession contract relating to the Notre-Dame-des-Landes, Nantes Atlantique and Saint-Nazaire Montoir airports, Aeroports du Grand Ouest (AGO) twice sought to commence the conciliation procedure provided for in Article 94 of the concession contract. The government refused to comply and, through an order dated 24 October 2019, declared that the concession contract had been terminated for public interest reasons. On 5 December 2019, to safeguard its right to compensation, AGO sent to the government an initial compensation request and, on 6 December 2019, it filed an application to the Nantes Administrative Court to challenge the termination order. In its application, AGO reiterated that, as an alternative, it was prepared to commence a mediation procedure under Article L.213-7 of the French Code of Administrative Justice to try to reach a balanced agreement that would resolve the dispute. On 3 June 2021, AGO received the government's defence, sent by the Nantes Administrative Court. On 30 June 2021, the President of the Nantes Administrative Court proposed a mediation procedure to the parties, pursuant to Article L.213-7 of the French Code of Administrative Justice. AGO accepted this proposed mediation, but the latter was not able to take place due to the government's refusal to implement the procedure. The dispute is therefore still ongoing before the Nantes Administrative Court. As the matter currently stands, the Group is not able to assess the impact of this situation.
―	The Czech Republic's roads and motorways department (RSD) has made several claims against Eurovia CS, a Eurovia subsidiary based in the Czech Republic, as well as other non-Group companies. These claims concern works carried out between 2003 and 2007 in building the D47 motorway. Since late 2012, the RSD has brought several arbitration and legal proceedings mainly to seek damages for what the RSD alleges was defective work affecting the roads and engineering structures that were built as well as additional compensation for various other losses. Repairs have been carried out since the start of 2014, costing substantially less than the amount sought by the RSD. A partial arbitration award was made in June 2021 and the civil proceedings came to an end after an agreement was reached with the RSD in October 2023 about the technical details of the work to be carried out. The corresponding works were completed in 2022 as regards the first section that was the subject of the partial arbitration award, and in late 2023 as regards the section that was the subject of the civil proceedings, and again cost substantially less than the amounts sought by the RSD. An arbitration decision remains pending for two other motorway sections. Regarding the claims relating mainly to defective work and covered by the proceedings already under way, the RSD is claiming damages of 2.6 billion Czech koruna, of which Eurovia CS's share would be around 85%. In view of its current status and its latest developments, the Group considers that this dispute will not have a material effect on its financial situation.
―	On 6 November 2019, the Metropolitan Municipality of Lima (Peru) commenced arbitration proceedings against Lima Expresa, the concession holder of the Línea Amarilla expressway, before the International Arbitration Chamber of Paris. The Metropolitan Municipality of Lima's main claim, as concession grantor, relates to the termination of the 12 November 2009 concession contract and to the series of amendments to that contract. Lima Expresa is contesting the Metropolitan Municipality of Lima's claims based on allegations of bribery prior to the Group's acquisition of Lima Expresa in 2016, and has filed a counterclaim. In a partial arbitration award dated 9 January 2024, the arbitral tribunal rejected the Metropolitan Municipality of Lima's claim for termination of the concession contract. Lima Expresa's counterclaims were found to be partly admissible and the amounts arising from decisions taken under the partial arbitration award will be determined in a final arbitration award. In addition, in proceedings against a former public official of the Metropolitan Municipality of Lima, Lima Expresa was ordered at first instance to pay civil compensation amounting to around 25 million Peruvian sols. In two other sets of criminal proceedings currently taking place against an ex-mayor of Lima, the public prosecutors have requested that Lima Expresa's civil liability be invoked. Lima Expresa is disputing these requests in each set of proceedings. In view of the current situation, the Group considers that this dispute will not have a material effect on its financial situation.
―	On 12 May 2015, VINCI Construction Grands Projets formed a non-incorporated joint venture with Italian company Astaldi. The entity was created for the purpose of carrying out construction works on the new Santiago airport in Chile under an engineering, procurement and construction contract formed on 18 November 2015 with the concession holder Sociedad Concesionaria Nuevo Pudahuel. VINCI Construction Grands Projets and Astaldi have equal interests in the joint venture. A dispute has arisen between VINCI Construction Grands Projets and Astaldi regarding (i) allegations of mismanagement made by Astaldi against VINCI Construction Grands Projets, which VINCI Construction Grands Projets rejects entirely, and (ii) VINCI Construction Grands Projets' exclusion of Astaldi from the joint venture's governance because of misconduct by Astaldi, which is disputed by Astaldi. Astaldi commenced arbitration proceedings against VINCI Construction Grands Projets on 14 December 2020 before the International Chamber of Commerce. In a letter dated 28 December 2020, Astaldi stated that the amount it was claiming was around €150 million. VINCI Construction Grands Projets entirely disputes the compensation sought by Astaldi and has made a counterclaim aimed at (i) forcing Astaldi to pay its share of the loss suffered by the consortium at the time of its exclusion and (ii) forcing Astaldi to reimburse its share of the calls for funds made during the works, which total €59.6 million. An initial arbitral tribunal, the seat of which is in Geneva, was constituted on 14 June 2021. Subsequently, following Astaldi's acquisition by Webuild, on 25 November 2021 VINCI Construction Grands Projets commenced new arbitration proceedings against Webuild, without abandoning its counterclaim against Astaldi. VINCI Construction Grands Projets' view is that since the date of the aforementioned acquisition (1 August 2021), Webuild became liable for the compensation it is claiming from Astaldi in relation to the airport construction work. This is disputed by Webuild. Subsequently, on 11 March 2022, the International Chamber of Commerce's International Court of Arbitration joined the two existing sets of proceedings into a new set of proceedings. The arbitral tribunal then resigned and on 3 June 2022 the same International Court of Arbitration, noting that the parties had not agreed on the appointment of new arbitrators, appointed them itself in order to form a new arbitral tribunal, which has since been in charge of the new tripartite proceedings. As part of those proceedings, VINCI Construction Grands Projets has filed its submissions in support of its claim against Webuild and Astaldi, seeking an award forcing them to (i) pay their share of the loss suffered by the consortium at the time of Astaldi's exclusion and (ii) reimburse their share of the calls for funds made during the works, which total €59.6 million. These tripartite proceedings remain ongoing. In view of the current situation, the Group considers that this dispute will not have a material effect on its financial situation.
―	Pursuant to the statement of objections sent to Nuvia Process (as the alleged infringing party) and to Soletanche Freyssinet and VINCI (as parent companies) on 23 June 2022, the Autorité de la Concurrence, in a decision dated 7 September 2023, handed down a financial penalty of €13,911,000 to the aforementioned companies for breaching the provisions of Article L.420-1 of the French Commercial Code and Article 101 of the Treaty on the Functioning of the European Union. An appeal has been lodged with the Paris Court of Appeal. These proceedings remain ongoing. In view of the current situation, the Group considers that this dispute will not have a material effect on its financial situation.

There are no other judicial, administrative or arbitration proceedings, including any proceedings known to the Company, pending or with which it is threatened, that are likely to have, or have had in the last 12 months, a material effect on the financial situation or profitability of the Company and/or the Group.

N. Post-balance sheet events

33. Appropriation of 2023 net income

The Board of Directors finalised the consolidated financial statements for the year ended 31 December 2023 on 7 February 2024. These financial statements will only become definitive when approved at the Shareholders' General Meeting to be held on 9 April 2024. A draft resolution will be put to shareholders in that meeting to pay a dividend of €4.50 per share in respect of 2023. Given the payment of the interim dividend of €1.05 per share on 16 November 2023, the final dividend to be distributed would be €3.45 per share. That dividend would be paid on 25 April 2024 (ex-date: 23 April 2024).

34. Other post-balance sheet events

Renewal of the syndicated credit facility

On 9 January 2024, VINCI entered into an agreement with a syndicate of 23 core relationship banks to amend its revolving credit facility. The amendment agreement:

―	extends the credit facility's maturity until 9 January 2029, and gives VINCI two options to extend it further by one year each;
―	reduces the size of the facility from €8 billion to €6.5 billion due to the increase in VINCI's available cash in recent years;

This confirmed credit facility, which is intended to cover the Group's general funding requirements, is currently unused.

Extension of the airport concession contract in the Dominican Republic

VINCI Airports, which since 2016 has operated six airports in the Dominican Republic under concession via its Aerodom subsidiary, has been granted a 30-year extension to its current concession contract, which was initially due to expire in 2030.

Under the new concession contract, which covers the period from 2030 to 2060, VINCI Airports will be responsible for financing, operating, maintaining, extending and upgrading the airports concerned. VINCI Airports will also build and operate a new passenger terminal at Las Americas airport near Santo Domingo, and will continue to implement its environmental action plan, including the development of solar power facilities, a wastewater treatment plant and waste recycling centres.

Aerodom will make an initial payment of $775 million ($300 million on 2 January 2024 and $475 million when the financial close takes place in the first half of 2024) to the Dominican government, and it will also invest $830 million in airport infrastructure during the concession period, including $250 million for the new terminal at Las Americas airport.

Levy on long-distance transport infrastructure operators in France

Article 100 of France's Finance Law for 2024 (Law 2023-1322 of 29 December 2023), introduces a levy on long-distance transport infrastructure operators in France starting in 2024.

Its impact on the VINCI group, based on the 2023 revenue of the entities concerned (ASF, Cofiroute, Escota and Aeroports de Lyon), is estimated to represent an additional expense of €272 million (including €268 million for the motorway concession subsidiaries).

The VINCI subsidiaries concerned will use all available means to oppose Article 100 of this law, 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.

O. Other consolidation rules and methods

Intercompany transactions

Reciprocal operations and transactions relating to assets, liabilities, income and expenses between companies that are fully consolidated are eliminated in the consolidated financial statements.

Where a fully consolidated Group entity carries out a transaction with a joint venture or associate that is accounted for under the equity method, income and losses resulting from the transaction are only recognised in the Group's consolidated financial statements to the extent of the interest owned by third parties in the joint venture or associate.

Translation of the financial statements of foreign companies and establishments

In most cases, the functional currency of companies and establishments is their local currency.

The financial statements of foreign companies of which the functional currency is different from that used in preparing the Group's consolidated financial statements are translated at the closing rate for balance sheet items and at the average rate for the period for income statement items. Any resulting translation differences are recognised under other comprehensive income. Goodwill relating to foreign entities forms part of the assets acquired and is therefore denominated in the company's functional currency and translated at the exchange rate in force at the balance sheet date.

Foreign currency transactions

Transactions in foreign currency are translated into euros at the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated at the closing rate. Foreign exchange gains and losses are recognised in income.

Foreign exchange gains and losses arising on loans denominated in foreign currency or on exchange rate derivatives qualifying as hedges of net investments in foreign subsidiaries are recorded under currency translation differences in equity.

Business combinations

Under IFRS 3, the cost of a business combination is the fair value, at the date of exchange, of the assets given, liabilities assumed, and/or equity instruments issued by the acquirer in exchange for control of the acquiree. Contingent price adjustments are included in the cost of the business combination and are measured at fair value at each balance sheet date. From the acquisition date, any subsequent changes to this fair value resulting from events after control was acquired are recognised in profit or loss.

Expenses that are directly attributable to the acquisition, such as professional fees for due diligence and other related fees, are expensed as they are incurred. They are presented as part of operating income in the "Impact of changes in scope and gain/(loss) on disposals of shares" item of the income statement.

Non-controlling interests in the acquiree, where they give their holders present ownership interests in the entity (voting rights, a share of earnings, etc.) and entitle them to a proportionate share of net assets in the event of liquidation, are measured either at their share of the acquiree's net identifiable assets, or at their fair value. This option is applied on a case-by-case basis for each acquisition.

At the date of acquisition of control, the cost of acquisition is allocated by recognising the identifiable assets acquired and liabilities assumed from the acquiree at their fair value at that date, except for tax assets and liabilities and employee benefits, which are measured according to their reference standard (IAS 12 and IAS 19 respectively) and asset groups classified as held for sale, which are recognised under IFRS 5 at their fair value less costs to sell. The positive difference between the cost of acquisition and the fair value of the identifiable assets and liabilities acquired constitutes goodwill. Where applicable, goodwill can include a portion of the fair value of non-controlling interests if the full goodwill method has been selected.

The Group has 12 months from the date of acquisition to finalise the accounting of assets and liabilities relating to business combinations.

In the case of a business combination achieved in stages, previously acquired shareholdings in the acquiree are measured at fair value at the date of acquisition of control. Any resulting gain or loss is recognised in profit or loss.

Transactions between shareholders, acquisitions and disposals of non-controlling interests after acquisition of control

In accordance with IFRS 10, acquisitions or disposals of non-controlling interests, with no impact on control, are considered as transactions with the Group's shareholders. The difference between the consideration paid to increase the percentage shareholding in an already-controlled entity and the supplementary share of equity thus acquired is recorded under equity attributable to owners of the parent. Similarly, a decrease in the Group's percentage interest in an entity with no impact on control is booked in the accounts as a transaction between shareholders, with no impact on profit or loss. Professional fees and other costs relating to acquisitions and disposals of non-controlling interests that have no impact on control, and any associated tax effects, are recorded under equity. Cash flows related to transactions between shareholders are presented under cash flows (used in)/from financing activities in the consolidated cash flow statement.

Put options granted to non-controlling shareholders

Put options (options to sell) granted to the non-controlling shareholders of certain Group subsidiaries are recognised under other non-current liabilities for the present value of the exercise price of the option and as a corresponding reduction of consolidated equity (non-controlling interest and equity attributable to equity holders of the parent for the surplus, if any).

Assets held for sale and discontinued operations

Assets held for sale

Non-current assets (or groups of assets) are classified as held for sale and recognised at the lower of their carrying amount and their fair value less costs to sell if their carrying amount will be recovered principally through a sale transaction instead of through continuing use. Non-current assets (including those forming part of a group held for sale) classified as held for sale are not depreciated or amortised.

Discontinued operations

Discontinued operations, whether halted, disposed of or classified as held for sale, and provided they

―

represent a business line or a geographical area of business that is material for the Group, or

―

form part of a single disposal plan relating to a business line or a geographical area of business that is material for the Group, or

―

correspond to a subsidiary acquired exclusively for resale,

are shown on a separate line of the consolidated income statement and the consolidated cash flow statement at the balance sheet date.

The Group assesses their materiality using various criteria, both qualitative (market, product, geographical area) and quantitative (revenue, profitability, cash flow, assets). Assets connected with discontinued operations, if held for sale, are measured at the lower of their carrying amount and fair value less costs to sell.

Report of the Statutory Auditors on the consolidated financial statements

For the year ended 31 December 2023

To VINCI's Shareholders' General Meeting,

1. Opinion

In accordance with our appointment as Statutory Auditors by the shareholders at the Shareholders' General Meeting, we have audited the accompanying consolidated financial statements of VINCI for the year ended 31 December 2023.

In our opinion, the consolidated financial statements give a true and fair view of the financial position, the assets and liabilities, and the results of the Group formed by the persons and entities included in the consolidation, in accordance with the International Financial Reporting Standards as endorsed by the European Union.

The opinion formulated above is consistent with the content of our report to the Audit Committee.

2. Basis of our opinion

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 consolidated 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.

3. Justification of our assessments - Key audit matters

As required by Articles L.823-9 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 consolidated financial statements, and our responses to those risks.

Those assessments were made in the context of our audit of the consolidated financial statements taken as a whole and in the formation of our opinion stated above. We express no opinion on items of the consolidated financial statements taken in isolation.

Recoverable amount of goodwill and intangible assets, along with interests in concession companies accounted for under the equity method

Notes A.2.3, E.9, E.10, F.13, H.17.1 and H.17.3 to the consolidated financial statements

Description of the risk

Goodwill, concession intangible assets and other intangible assets had material net carrying amounts at 31 December 2023, i.e. €17,577 million, €29,000 million and €8,038 million respectively, together equal to 46% of total assets. Those assets may present a risk of impairment losses arising from internal or external factors, such as a deterioration in performance, changes in the economic environment, adverse market conditions, movements in traffic levels and changes in legislation or regulations.

The Group is also exposed to a risk of impairment losses in respect of infrastructure operated by concession companies over which it has joint control or significant influence. Interests in those concession companies amounted to €553 million at 31 December 2023.

The Group carries out impairment tests on goodwill, concession intangible assets and other intangible assets, as well as interests in concession companies accounted for under the equity method where there is an indication that an impairment loss has arisen. The recoverable amount is based on a value in use calculation, which is itself based on discounted future cash flow forecasts, ta king the macroeconomic outlook into account.

Determining the recoverable amount of these assets and any impairment losses to be recognised is a key audit matter, given the importance of estimates and the level of judgment required by Management regarding the operational performance and future traffic assumptions, longterm growth rates and discount rates used, and the sensitivity of their measurement to changes in certain assumptions.

Audit work performed

For cash-generating units and intangible assets that are material, as well as investments in concession companies accounted for under the equity method that are material or present what we regard as a substantial specific risk of impairment losses, we:

―	checked the relevance of the approach used to determine the cash-generating units on which the asset impairment tests were carried out;
―	familiarised ourselves with the way in which those impairment tests were carried out;
―	assessed whether the main assumptions were reasonable, particularly regarding changes in operational performance and traffic levels, long-term growth rates and discount rates used, including by examining those rates with our experts and comparing them with our databases.

As regards goodwill, we examined the appropriateness of information provided in the Notes to the consolidated financial statements on the determination of underlying assumptions and sensitivity analyses in view of the appropriate accounting standard.

Recognition of construction contracts

Notes A.2.3, G.16 and H.19.3 to the consolidated financial statements

Description of the risk

VINCI Construction and VINCI Energies together account for more than 82% of VINCI's consolidated revenue, and most of the former's revenue comes from long-term construction contracts.

Construction contract income and expenses are recognised using the stage-of-completion method: the stage of completion and the revenue to be recognised are calculated on the basis of a large number of completion estimates made by monitoring the work performed and taking into account unforeseen circumstances. This includes any rights to additional revenue or claims if these are highly probable and can be reliably estimated. Adjustments may therefore be made to initial estimates throughout the life of the contracts and may materially affect results.

If the estimate of the final outcome of a contract indicates a loss, a provision is made for the loss on completion regardless of the stage of completion, based on the best estimates of income.

Determining these completion estimates and the financial impact of any adjustments that may become necessary during the performance of projects and operations is a key audit matter, given the amounts involved and the high level of judgment required on the part of the operational departments of the subsidiaries involved in the determination of these completion estimates.

Audit work performed

We selected projects on the basis of their size, technical complexity and geographical location, and for each selected project, we:

―	familiarised ourselves with the procedures and any specific information systems used by the most material subsidiaries involved in recognising revenue and monitoring the corresponding expenditure;
―	assessed and tested the design and implementation of key controls adopted in the most material subsidiaries (manual and computerised controls);
―	checked that the estimated revenue on completion was consistent with contracts and supplementary agreements signed, including, if need be, any rights to additional revenue or claims if these are highly probable and can be reliably estimated;
―	assessed whether the risks of delays and cost overruns related to the performance of works were properly taken into account, along with estimates of completion costs, and reviewed the contingencies included in the budget and the extent to which disputes were covered;
―	checked that, if a project is expected to be loss-making on completion, a provision is set aside for the loss on completion.

Provisions for liabilities and litigation

Notes H.19.3, H.20 and M to the consolidated financial statements.

Description of the risk

The Group's companies are sometimes involved in litigation arising from their activities. Provisions may, as the case may be, be set aside for these liabilities and litigation in accordance with the appropriate accounting standard, and the liabilities and litigation are assessed by VINCI and the subsidiaries concerned based on their knowledge of the matters.

Provisions for litigation (€791 million at 31 December 2023), other current liabilities (€2,525 million at 31 December 2023) and other noncurrent liabilities (€462 million at 31 December 2023) represented a total amount of €3,778 million at 31 December 2023.

Determining and measuring the recognised provisions for liabilities and litigation is a key audit matter given the amounts involved, the importance of estimates and the level of judgment required by Management in determining those provisions, as regards the likely outcome of the corresponding liabilities and litigation.

Audit work performed

To obtain an understanding of existing liabilities and litigation and the related matters of judgment, we held discussions with the Group's departments, business lines and main subsidiaries. For each of the main liabilities and items of litigation identified, we:

―	familiarised ourselves with the procedures used by the Group when ascertaining, documenting and measuring the corresponding provisions;
―	corroborated the amount of provisions recognised with the lawyers' replies to our requests for information;
―	carried out a critical examination of internal analyses relating to the probability and possible impact of each liability and item of litigation, examining the available information relating to the proceedings (correspondence, claims, judgments, notifications, etc.). In particular, we used our professional judgment to assess the positions adopted by Management, to see where they fell by comparison with risk assessment ranges, and the consistency of those positions over time.

We examined the appropriateness of information provided in the Notes to the consolidated financial statements regarding the main items of litigation identified.

4. Specific verifications

We also verified, in accordance with the professional standards applicable in France and as required by laws and regulations, the information concerning the Group presented in the management report of the Board of Directors.

We have no comments to make as to its fair presentation and its consistency with the consolidated financial statements.

We attest that the consolidated declaration of non-financial performance, required under Article L.225-102-1 of the French Commercial Code, is included in the information relating to the Group provided in the management report of the Board of Directors. In accordance with the provisions of Article L.823-10 of this code, we have not verified the fair presentation and the consistency with the consolidated financial statements of the information provided in this declaration, which is subject to a report by an independent third party.

5. Other legal and regulatory verifications or information

Format of consolidated financial statement to be included in the annual financial report

We also verified, in accordance with professional standards for statutory audit procedures to be carried out on parent company and consolidated financial statements presented in the European Single Electronic Format, that the presentation of consolidated financial statements to be included in the annual financial report referred to in section I of Article L.451-1-2 of the French Monetary and Financial Code, prepared under the responsibility of the Chairman and Chief Executive Officer, complies with the format specified in Commission Delegated Regulation (EU) 2019/815 of 17 December 2018. With regard to consolidated financial statements, our work includes verifying that the tagging in the statements complies with the format specified in the aforementioned regulation.

Based on our work, we conclude that the presentation of the consolidated financial statements to be included in the annual fi nancial report complies, in all material aspects, with the European Single Electronic Format.

Due to the inherent technical limitations of block tagging the consolidated financial statements as required by the European Single Electronic Format, the content in the notes to which certain block tags have been applied may not be displayed in exactly the same way as in the statements accompanying this report.

However, it is not our responsibility to verify that the consolidated financial statements ultimately included by your Company in the annual financial report filed with the AMF correspond to those on which we performed our work.

Appointment of the Statutory Auditors

Deloitte & Associés was appointed as Statutory Auditor of VINCI at the Shareholders' General Meeting of 23 June 1989, taking into account mergers and acquisitions of firms since that date, and PricewaterhouseCoopers Audit was appointed as Statutory Auditor of VINCI at the Shareholders' General Meeting of 17 April 2019.

At 31 December 2023, Deloitte & Associés was in its 35th year and PricewaterhouseCoopers Audit was in its fifth year of total uninterrupted engagement.

6. Responsibilities of Management and persons involved in corporate governance in relation to the consolidated financial statements

Management is responsible for preparing consolidated financial statements that present a true and fair view, in accordance with IFRSs as endorsed by the European Union, and for setting up the internal controls it deems necessary for preparing consolidated financial statements that do not contain any material misstatements, whether due to fraud or error.

When preparing the consolidated financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, for presenting in those statements any necessary information relating to its status as a going concern, and for applying the accounting concept of going concern, except where there is a plan to liquidate the Company or discontinue its operations.

The Audit Committee is responsible for monitoring the process of preparing the financial information and for monitoring the effectiveness of internal control and risk management systems, and internal audit systems as the case may be, as regards procedures relating to the preparation and treatment of accounting and financial information.

The consolidated financial statements have been approved by the Board of Directors.

7. Responsibilities of the Statutory Auditors in relation to auditing the consolidated financial statements

Audit objective and procedure

Our responsibility is to prepare a report on the consolidated financial statements. Our objective is to obtain reasonable assurance about whether the consolidated financial statements, taken as a whole, are free of material misstatement. Reasonable assurance means a high level of assurance, although there is no guarantee that an audit conducted in accordance with professional standards will systematically detect all material misstatements. Misstatements may arise from fraud or error, and are regarded as material when they can reasonably be expected, individually or together, to influence the economic decisions that users of the financial statements take on the basis of those statements.

As stated by Article L.823-10-1 of the French Commercial Code, our audit assignment does not involve guaranteeing the viability of your Company or the quality of its management.

When conducting an audit in accordance with professional standards in France, Statutory Auditors use their professional judgment throughout the audit.

In addition:

―	They identify and assess the risks that the consolidated financial statements contain material misstatements, whether through fraud or error, define and implement audit procedures to address those risks, and collect information that they regard as sufficient and appropriate as the basis for their opinion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, because fraud may involve collusion, falsification, voluntary omissions, false statements or the circumvention of internal controls.
―	They familiarise themselves with the internal controls relevant to the audit, in order to define audit procedures appropriate to the situation in hand, and not in order to express an opinion on the effectiveness of internal control.
―	They assess the appropriateness of accounting policies adopted and the reasonableness of accounting estimates made by Management, along with information about those estimates provided in the consolidated financial statements.
―	They assess whether Management has applied appropriately the going concern convention and, based on information collected, whether or not there is a material uncertainty arising from events or circumstances likely to call into question the Company's ability to continue as a going concern. That assessment is based on information collected until the date of the auditors' report, although it should be borne in mind that subsequent circumstances or events may call into question the Company's status as a going concern. If the Statutory Auditors conclude that there is a material uncertainty, they draw the attention of those reading their report to information provided in the consolidated financial statements in relation to that uncertainty or, if that information is not provided or is not relevant, they certify the financial statements with reservations or refuse to certify them.
―	They assess the overall presentation of the consolidated financial statements and assess whether the consolidated financial statements reflect the underlying operations and events so that they give a true and fair view.
―	Regarding financial information relating to persons or entities included in the scope of consolidation, they collect the information that they regard as sufficient and appropriate to express an opinion on the consolidated financial statements. The Statutory Auditors are responsible for managing, supervising and conducting the audit of the consolidated financial statements and for the opinion expressed on those financial statements.

Report to the Audit Committee

We submit a report to the Audit Committee that includes the extent of audit work and the schedule of work performed, along with the conclusions arising from our work. We also make it aware, as the case may be, of any material internal control weaknesses that we have identified regarding procedures for preparing and treating accounting and financial information.

The information in the report to the Audit Committee includes what we regard as the main risks of material misstatements with respect to the audit of the year's consolidated financial statements, and which are therefore the key audit matters. It is our role to describe those points in the present report.

We also provide the Audit Committee with the declaration provided for by Article 6 of Regulation (EU) 537/2014 confirming our independence, within the meaning of the rules applicable in France, as determined in particular by Articles L.822-10 to L.822-14 of the French Commercial Code and in the code of conduct of the statutory audit profession in France. As the case may be, we discuss with the Audit Committee any risks to our independence and the safeguard measures applied.

Neuilly-sur-Seine and Paris-La Defense, 09 February 2024

PricewaterhouseCoopers Audit
Deloitte & Associés

The Statutory Auditors

French original signed by

Bertrand Baloche

Jean-Romain Bardoz

Marc de Villartay

Amnon Bendavid

A. Report on the financial statements for the year

1. Consolidated financial statements

VINCI's overall performance was of a very high quality in 2023. Revenue and earnings grew strongly and reached new all-time highs. Free cash flow was exceptional and significantly exceeded expectations.

Almost all of the Group's businesses, both in France and abroad, saw very positive momentum throughout the year. The only exception was the property development business, which is dealing with a severe conjunctural downturn in its sector.

In Concessions, traffic levels at VINCI Autoroutes continued to rise, with light vehicles the main growth driver despite fuel prices remaining high. At VINCI Airports, passenger numbers continued to recover and moved back at the end of the year slightly above pre-pandemic levels overall. While some airports have not yet reached their 2019 levels, other have achieved record-high traffic. Combined with good cost control, these growth trajectories allowed the Concessions business to increase its operating income substantially, offsetting the impact of higher interest rates.

The Energy business was again buoyed by powerful underlying trends - the energy transition and the digital revolution - and saw strong revenue growth. It accounted for almost 40% of the Group's total revenue and both VINCI Energies and Cobra IS increased their margins. The Energy business also generated record free cash flow despite its investments in green power generation. At the end of 2023, the total capacity of renewable energy projects in operation or under construction was over 2 GW, in line with targets.

VINCI Construction also saw very strong business levels, driven by works on major mobility infrastructure projects, structures intended to provide greater climate resilience, and energy renovation. The business line continued to improve its operating margin and its free cash flow was outstanding.

Order intake for the Energy and Construction businesses remained high, without wavering from the longstanding selective approach in place withing the Group. The order book renewal rate was therefore satisfactory, offering the Group forward visibility and serenity.

In terms of new developments, the main deals completed in 2023 concerned VINCI Energies, which made acquisitions in Europe and North America, VINCI Highways, which added a motorway concession in Brazil to its portfolio, and VINCI Airports, whose network now includes Cabo Verde's seven airports. In addition, VINCI Airports was rewarded for its good management of six airports in the Dominican Republic over the last eight years with a 30-year extension of its concession until 2060.

With a solid presence in highly buoyant markets, particularly in the energy sector - in which it operates across the whole value chain through its three major businesses - the Group is moving ahead with confidence and enthusiasm. The environmental transition, energy efficiency, the digital revolution and sustainable mobility are major challenges that are generating considerable demand, which represent opportunities for the Group's companies.

In this context, the Group can rely on its efficient, decentralised organisation to continue its development while keeping its focus on all-round performance, which encompasses both financial and non-financial elements.

Xavier Huillard, Chairman and Chief Executive Officer

Key figures

(in € millions)	2023	2022	2023/2022 change
Revenue ^(*)	68,838	61,675	+11.6%
Revenue generated in France ^(*)	29,615	27,948	+6.0%
% of revenue ^(*)	43.0%	45.3%
Revenue generated outside France ^(*)	39,224	33,727	+16.3%
% of revenue ^(*)	57.0%	54.7%
Operating income from ordinary activities	8,357	6,824	+22.5%
% of revenue ^(*)	12.1%	11.1%
Recurring operating income	8,175	6,481	+26.1%
Operating income	8,071	6,489	+24.4%
Net income attributable to owners of the parent	4,702	4,259	+10.4%
% of revenue ^(*)	6.8%	6.9%
Diluted earnings per share (in €)	8.18	7.47	0.71
Dividend per share (in €)	4.50 ^(**)	4.00	0.50
Cash flow from operations before tax and financing costs	11,964	10,215	+17.1%
% of revenue ^(*)	17.4%	16.6%
Operating cash flow	7,758	6,270	+23.7%
Free cash flow	6,628	5,433	+22.0%
Equity including non-controlling interests	32,040	29,409	2,631
Net financial debt	(16,126)	(18,536)	2,410

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
^(**) Dividend proposed at the Shareholders' General Meeting of 9 April 2024.

VINCI's 2023 financial statements show strong growth in revenue and earnings compared with 2022. All business lines achieved a substantial increase in operating income, which reached new all-time highs, along with exceptional free cash flow.

Consolidated revenue rose by 11.6% to €68.8 billion in 2023 (organic growth of 9.9%, a 2.5% positive impact from changes in the consolidation scope and a 0.9% negative impact from exchange rate movements). This trend confirms the good momentum in the Group's businesses, both in France and abroad.

Ebitda amounted to almost €12.0 billion (17.4% of revenue), 17% higher than the 2022 figure of €10.2 billion (16.6% of revenue).

Operating income from ordinary activities (Ebit) grew 22.5% to €8.4 billion (€6.8 billion in 2022). Ebit margin was 12.1% (11.1% in 2022).

Recurring operating income - including the impact of share-based payments (IFRS 2), a positive contribution from companies accounted for under the equity method and other recurring operating items - totalled €8.2 billion (€6.5 billion in 2022).

Consolidated net income attributable to owners of the parent was €4.7 billion, representing growth of 10.4% compared with 2022 (€4.3 billion). Earnings per share ¹ rose by 9.5% to €8.18 (€7.47 in 2022).

Operating cash flow (before taking account of growth investments in concessions) amounted to almost €7.8 million, a big improvement on 2022 (€6.3 million).

Free cash flow hit a record €6.6 billion (€5.4 billion in 2022), much higher than the levels expected at the start of 2023. That increase was driven partly by Ebitda growth and a very sharp improvement in the working capital requirement, due in particular to high levels of cash inflows from customers at the end of the year. It also resulted from the postponement of some investments, particularly in new renewable energy projects that started later in the year than anticipated.

After taking into account the financial investments made during the period, the dividends payments and the impact of share buy-back programmes, consolidated net financial debt at 31 December 2023 was €16.1 billion, a decrease of €2.4 billion year on year.

At 31 December 2023, VINCI had €13.2 billion of managed net cash (€9.2 billion at 31 December 2022). In addition, VINCI SA has a confirmed, unused credit facility that was renewed in January 2024. Because of the increase in its available cash position in the last few years, the Group has reduced the amount of that facility from €8.0 billion to €6.5 billion.

¹ After taking account of dilutive instruments.

Order intake in the Energy and Construction businesses totalled €61.9 billion in 2023, an 11% year-on-year increase.

Overall, the order book amounted to €61.4 billion at 31 December 2023. Rising by more than 7% relative to 31 December 2022 - with increases of 12% in France and 5% outside France - it represents almost 13 months of average activity for the business lines concerned. International business made up 67% of the order book, as opposed to 69% at 31 December 2022.

1.1 Highlights of the period

1.1.1 Main changes in scope in 2023

VINCI Concessions

In April 2023, VINCI Concessions subsidiary VINCI Highways acquired an additional stake in Via Sumapaz (formerly known as Via 40 Express), which holds the concession for the Bogotá-Girardot highway (141 km) until 2046, from its Colombian partner Constructora Conconcreto. VINCI Highways thus took majority control of this company, having increased its stake from 50% to 75%. The company was previously accounted for under the equity method but is now fully consolidated in the Group's financial statements.

In May 2023, VINCI Highways completed the acquisition of a 55% stake in Entrevias, which holds the concession for two toll motorway sections in Brazil until 2047, from Brazilian investment firm Pátria Investimentos. These two sections cover a total distance of 570 km in São Paulo state. VINCI Highways has joint control over Entrevias, which is therefore accounted for under the equity method in the Group's financial statements.

VINCI Energies

VINCI Energies completed acquisitions of 34 new companies in 2023 representing combined full-year revenue of €430 million. They included:

―	Otera AS, which designs, builds and maintains electricity transmission and distribution networks, road infrastructure and tunnels in Norway;
―	InfoTel, which provides professional services for the construction and operation of telecoms networks in the Czech Republic;
―	Inprocon, a Swedish company specialising in fire protection systems;
―	Elecso, a Quebec-based company specialising in electrical systems and instrumentation for infrastructure and industry;
―	SITS, a French railway signalling group.

The most significant transactions are mentioned in Note B.1 to the consolidated financial statements, "Changes in consolidation scope during the period".

1.1.2 Concessions - Other highlights

VINCI Autoroutes

The amendment to the concession contract for Autoroutes du Sud de la France (ASF) relating to the financing of the western Montpellier bypass project was approved by decree and published in France's official journal on 29 December 2023. This 6.5 km section of road will connect the A750 and A709 motorways and will allow traffic to flow more freely in the Montpellier region. The cost of the roadworks will be around €270 million and will be financed by price increases applied at toll gates close to the new section of road.

VINCI Airports

In December 2023, Terminal 1 of Kansai International airport was opened following a refurbishment that increased its capacity from 23 million to 40 million passengers ahead of Expo 2025 in Osaka.

VINCI Concessions

VINCI Concessions won a contract to install 106 electric vehicle ultra-fast charging stations in the regions of Berlin, Hamburg and Leipzig in Germany. eliso GmbH, its dedicated German subsidiary, will be in charge of acquiring sites, installing the stations and operating them over a 12-year period. It will rely on VINCI Energies' expertise in electrical works in Germany, including the installation of charging points.

1.1.3 Contract wins in the Energy and Construction businesses

Order intake in the Energy and Construction businesses totalled €61.9 billion in 2023, an 11% year-on-year increase. Order intake in the Energy business was particularly strong, and hit a new record of €20.9 billion at VINCI Energies (up 17% relative to 2022). The exceptional level of order intake at Cobra IS (€10.3 billion, up 29% compared with 2022) was driven by some major contracts relating to green power generation, transformation and transmission. Order intake also rose at VINCI Construction (up 3% year-on-year to €30.6 billion) as a result of solid flow business.

Among the contracts won by the Group in the second half of 2023, the most significant were those listed below.

VINCI Energies

―	Electrical infrastructure work in Senegal, involving 1,350 km of power transmission lines and eight extra-high-voltage substations.
―	Installation of 34 wind turbines in Quebec, with total capacity of 200 MW.
―	High-voltage electrical connections for three quays of the cruise port in Le Havre.
―	Installation of 17 km of underground power lines south of Montreal as part of the Montreal-New York electrical interconnection project.
―	Multi-technical installation work on an EV battery gigafactory near Dunkirk.
―	Construction of a 380 kV power line over 66 km between Urberach (Hesse) and Weinheim (Baden-Wurttemberg) in Germany.
―	Major refurbishment of the Breguet building at CentraleSupelec's Paris-Saclay campus.

Cobra IS

―	Two new design-build contracts involving almost 1,600 km of power transmission lines and related substations in the states of Minas Gerais, Bahia and Rio de Janeiro in Brazil.

VINCI Construction

―	Contract to modernise a dam near Brisbane, Australia.
―	Contract to recover material excavated from the French side of the Mont Cenis base tunnel, part of the new Lyon-Turin rail line, for reuse, over a 10-year period.
―	Design-build contract for a 180,000 cu. metre liquefied natural gas tank in the Netherlands.
―	The first design-build contract as part of the Grand Paris Express project, relating to a section of Line 15 West, as part of a consortium that also includes VINCI Energies.

1.1.4 Other highlights in the Energy and Construction businesses

Cobra IS

In renewable energies, the Belmonte solar farm in Brazil started generating power in July 2023. Work also began on new photovoltaic projects in Brazil and Spain, with total capacity of 0.6 GW and 0.8 GW respectively, in the second half of 2023. At the end of December 2023, the capacity of facilities in operation or under construction in Cobra IS's portfolio totalled 2.0 GW.

In December 2023, Cobra IS signed a commitment deed contract for a public-private partnership (PPP) regarding power transmission infrastructure in Australia. This 35-year contract includes the financing, design, construction, operation and maintenance of several high-voltage power transmission lines, substations and their connections to renewable energy generation facilities (with capacity of 4.5 GW) in the state of New South Wales.

In addition, Cobra IS won a new public-private partnership (PPP) contract in the state of Minas Gerais in Brazil to finance, design and build 349 km of high-voltage power lines, and then operate them over a 30-year period.

Since the end of December 2022, Cobra IS has ensured the maintenance and upgrading to technical and environmental standards of the facilities of Polo Carmópolis, a cluster of 11 onshore oil and natural gas field concessions acquired from Petrobras, located in the Brazilian state of Sergipe. In late 2023, Cobra IS renewed the operating licences for over 70% of the facilities' energy production until 2052. A strategy review of these operations is in progress by the Group.

1.1.5 Financing activities

New financing

In November 2023, rating agency Standard & Poor's reiterated its confidence in the Group's credit quality by affirming its A- long-term and A2 short-term ratings, both with stable outlook. Ratings awarded to VINCI by Moody's (A3 long-term and P-2 short-term, with stable outlook) were also confirmed in July 2023.

The Group carried out several bond issues in 2023 with an average maturity of 6 years at the time of issue and an average interest rate of 3.5% at 31 December 2023:

―	In January, ASF issued €700 million of bonds due to mature in January 2033 with a coupon of 3.25%.
―	In May, VINCI SA carried out a €500 million private placement of bonds due to mature in February 2025 with a coupon of 3.375%.
―	VINCI SA carried out two tap issues of bonds originally issued in October 2022 and due to mature in October 2032, with a coupon of 3.375%: one in July for €100 million and another in December for €75 million.
―	In December, VINCI SA issued €300 million of floating rate notes due to mature in January 2026, on which it converted the floating rate coupon to a fixed rate of 3.445%.

In April, VINCI Highways finalised long-term funding for concession company Via Sumapaz (formerly known as Via 40 Express) in an amount of 2,675 billion Colombian pesos, or €535 million.

In November, VINCI Highways obtained a new 12-month bridging loan in the amount of 1.2 billion Peruvian sols, or €295 million to refinance the previous in the same amount, on behalf of the concession company Lima Expresa in Peru.

Including the bank funding obtained by its subsidiaries - particularly Cobra IS and VINCI Airports - the Group obtained €3.0 billion of new financing in total in 2023.

Debt repayments

In 2023, the Group repaid a total of €2.2 billion of debt, including three ASF bond issues for a total amount of almost €0.8 billion and the bank loans of VINCI Highways' Peruvian and Colombian subsidiaries.

At 31 December 2023, the Group's gross long-term financial debt, before taking into account net cash, totalled €29.3 billion, as opposed to €27.8 billion at 31 December 2022. Most of that debt was owed by VINCI Autoroutes, VINCI Airports and VINCI SA, and its average maturity was 6.4 years (6.9 years at 31 December 2022) with an average cost of 4.0% ² (2.5% in 2022).

² The average cost of debt was 4.6% excluding the positive €167 million impact related to the restructuring of the debt used to acquire London Gatwick airport.

1.2 Revenue

VINCI's consolidated revenue amounted to €68.8 billion in 2023, up 11.6% on an actual basis and 9.9% on a like-for-like basis compared with 2022. Changes in scope - resulting mainly from the integration of OMA in Mexico at VINCI Airports along with recent acquisitions made by VINCI Energies, including most of Kontron AG's IT services business in Central Europe (late 2022) and Otera AS in Norway (early 2023) - boosted revenue by 2.5%. Exchange rate movements had a slight negative impact of 0.9%, due mainly to the fall in the US dollar, Canadian dollar and sterling against the euro.

Concessions revenue totalled €10.9 billion, up 19.3% on an actual basis (up 12.6% like-for-like) compared with 2022.

Revenue in the Energy business (VINCI Energies and Cobra IS) amounted to €25.8 billion, up 16.0% (up 12.6% like-for-like) relative to 2022.

Revenue in the Construction business totalled €31.5 billion, up 7.5% (up 8.6% like-for-like) compared with 2022.

In France, revenue totalled €29.6 billion, up 6.0% on an actual basis (up 5.8% at constant scope) compared with 2022. Organic growth was 8.0% in Concessions, 10.3% in the Energy business and 4.7% in the Construction business, while revenue at VINCI Immobilier fell by 18.4% on an organic basis.

Outside France, revenue was €39.2 billion, up 16.3% on an actual basis (up 13.4% like-for-like) compared with 2022. There was a 4.4% positive effect from changes in scope and a 1.6% negative effect from exchange rate movements. Revenue generated outside France equalled 57% of the Group total versus 55% in 2022.

Revenue by business line

		2023/2022 change
(in € millions)	2023	2022	Actual	Like-for-like
Concessions	10,932	9,162	+19.3%	+12.6%
VINCI Autoroutes	6,324	6,003	+5.3%	+5.3%
VINCI Airports	3,947	2,679	+47.3%	+24.3%
Other concessions	661	479	+37.9%	+38.8%
VINCI Energies	19,327	16,748	+15.4%	+10.9%
Cobra IS	6,495	5,520	+17.7%	+17.9%
VINCI Construction	31,459	29,252	+7.5%	+8.6%
VINCI Immobilier	1,231	1,523	-19.2%	-19.2%
Intercompany eliminations	(605)	(530)
Revenue ^(*)	68,838	61,675	+11.6%	+9.9%
Concession subsidiaries' works revenue	910	663	+37.2%	+3.3%
Intercompany eliminations	(130)	(73)
Concession subsidiaries' revenue derived from works carried out by non-Group companies	780	590	+32.2%	+3.6%
Total consolidated revenue	69,619	62,265	+11.8%	+9.9%

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

CONCESSIONS: €10.9 billion (up 19.3% actual; up 12.6% like-for-like)

VINCI Autoroutes: revenue totalled €6,324 million, up 5.3% relative to 2022. Traffic levels on intercity networks remained resilient throughout the year and rose by 1.3% year on year. Light vehicle traffic was up 1.7% despite ongoing high fuel prices. Heavy vehicle traffic fell by 1.3%, partly because of negative calendar effects (two fewer business days in 2023 than in 2022).

VINCI Airports: revenue was €3,947 million, up 47% on an actual basis (up 24% like-for-like) relative to 2022. Compared with 2019 - the prepandemic baseline year - revenue was up 12% at constant scope. VINCI Airports passenger numbers continued to rise throughout 2023. In the fourth quarter, they globally slightly exceeded their pre-pandemic level (up 0.6% compared with the fourth quarter of 2019).

Overall, the network's airports handled 267 million passengers in 2023 ³ , 26% more than in 2022 and only 4% less than the 2019 figure. Airports in Portugal, Serbia (Belgrade) and Central America (Mexico, Dominican Republic and Costa Rica) achieved passenger numbers well in excess of their 2019 levels. In Japan, where the recovery took longer to get under way, passenger numbers rebounded sharply in the last few months of the year, particularly on international routes, and are gradually moving back to their 2019 levels.

Other concessions: revenue totalled €661 million, up 38% compared with 2022. This change reflects strong growth at VINCI Stadium as a result of the 2023 Rugby World Cup, which was held in France, along with good performance at the main contributors to VINCI Highways' revenue, such as Lima Expresa (which holds the concession for a section of the Lima ring road in Peru) and Gefyra (which holds the concession for the Rio-Antirrio bridge in Greece).

³ Figures at 100% including passenger numbers at all managed airports over the full period.

VINCI Energies: €19.3 billion (up 15.4% actual; up 10.9% like-for-like)

VINCI Energies' companies in France and abroad are benefiting from their positions in the highly buoyant energy efficiency and digital transformation markets, thanks to their wide-ranging expertise, their effective combination of global reach and local presence, and their decentralised management. All four of VINCI Energies' business lines - infrastructure, industry, building solutions and ICT (Information and Communication Technologies) - achieved double-digit growth. Recent acquisitions (34 in 2023 and 31 in 2022) generated around €860 million of additional revenue in 2023, representing 5.2% of total growth. Exchange rate movements had a 0.7% negative impact.

In France (42% of the total), revenue was €8,170 million, up 10.9% compared with 2022 (up 10.2% at constant scope). Business levels were particularly firm for Infrastructure, driven particularly by Grand Paris Express projects, Industry and Building Solutions (tertiary sector, facilities management).

Outside France (58% of the total), revenue was €11,157 million, up 18.9% relative to 2022 (up 11.5% like-for-like). Business growth remained very strong in most regions and countries where VINCI Energies operates, particularly in Western Europe, Brazil and West Africa.

Cobra IS: €6.5 billion (up 17.7% actual; up 17.9% like-for-like)

Cobra IS saw revenue growth across most of its geographies, in both flow business (63% of its revenue) and major EPC (Engineering, Procurement and Construction) projects (37%).

In Spain (44% of the total), revenue rose by 16% to €2,866 million and came mainly from recurring flow business.

Outside Spain (56% of the total, of which 33% in Latin America), revenue totalled €3,629 million, up 19% on an actual basis and 20% on a like-for-like basis.

VINCI Construction: €31.5 billion (up 7.5% actual; up 8.6% like-for-like)

VINCI Construction benefited from its international exposure in 2023. Exchange rate movements had a 1.3% negative impact.

In France (43% of the total), revenue totalled €13,678 million, up 4.7% relative to 2022. Business levels remained firm in civil engineering structures and roadworks. In building, they were buoyed by rehabilitation and construction work on public and hospital buildings.

Outside France (57% of the total), revenue was €17,781 million, up 9.8% on an actual basis and 11.9% on a like-for-like basis relative to 2022. This reflects progress with several large civil engineering contracts in Europe, North America and Australia/New Zealand, along with solid business levels in companies of Specialty Networks and Proximity Networks.

VINCI Immobilier: €1.2 billion (down 19.2% actual and like-for-like)

VINCI Immobilier was hit by a sharp decline in property transactions in France against a background of high interest rates, and its consolidated revenue amounted to €1,231 million, down 19.2% year-on-year.

Revenue, including the Group's share of joint developments, fell by 14% to €1.4 billion in 2023, including a 21% fall in revenue recognised on a progress-towards-completion basis in the French residential segment and a 6% decline in the non-residential segment. However, the serviced residences business (Ovelia, Student Factory and Bikube) continued to grow, with 45 residences in operation (37 at the end of 2022) and around 20 under construction. The number of homes reserved in France was 4,214, down 30% on the 2022 figure of 6,059. However, the decline in reservations was limited at the end of the year by bulk sales of residential units to social housing providers. Work began on 3,972 homes, a decrease of 36% relative to 2022, and completed residential sales fell by 34% to 4,426.

Revenue by geographical area

					2023/2022 change
(in € millions)	2023	% of total	2022	Actual		At constant exchange rates
France	29,615	43.0%	27,948	1,667	+6.0%	+6.0%
United Kingdom	5,946	8.6%	5,271	675	+12.8%	+15.1%
Germany	4,817	7.0%	4,068	749	+18.4%	+18.4%
Spain	3,452	5.0%	3,005	447	+14.9%	+14.9%
Central and Eastern Europe	3,088	4.5%	2,521	567	+22.5%	+20.1%
Rest of Europe	6,293	9.1%	5,292	1,000	+18.9%	+19.6%
Europe excluding France	23,595	34.3%	20,158	3,437	+17.1%	+17.6%
North America	5,374	7.8%	4,942	432	+8.7%	+14.0%
of which United States	3,141	4.6%	2,961	180	+6.1%	+9.8%
of which Canada	2,234	32%	1,981	252	+12.7%	+20.4%
Central and South America	4,346	6.3%	3,310	1,035	+31.3%	+30.9%
Africa	1,851	2.7%	1,740	110	+6.3%	+10.6%
Rest of the world	4,058	5.9%	3,577	481	+13.4%	+19.1%
International excluding Europe	15,628	22.7%	13,570	2,059	+15.2%	+19.2%
Total international	39,224	57.0%	33,727	5,496	+16.3%	+18.2%
Revenue ^(*)	68,838	100.0%	61,675	7,163	+11.6%	+12.6%

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

1.3 Operating income from ordinary activities / operating income

Operating income from ordinary activities (Ebit) was €8,357 million, an increase of 22.5% compared with 2022 (€6,824 million), driven by improvements in all business lines except VINCI Immobilier. Ebit equalled 12.1% of revenue compared with 11.1% in 2022.

Operating income from ordinary activities / operating income

					2023/2022 change
(in € millions)	2023	% of revenue ^(*)	2022	% of revenue ^(*)	Amount	%
Concessions	5,373	49.2%	4,171	45.5%	1,203	+28.8%
VINCI Autoroutes	3,362	53.2%	3,127	52.1%	235	+7.5%
VINCI Airports	1,889	47.9%	983	36.7%	907	+92.3%
Other concessions	122	-	61	-	61	-
VINCI Energies	1,356	7.0%	1,142	6.8%	214	+18.7%
Cobra IS	490	7.5%	411	7.4%	79	+19.2%
VINCI Construction	1,260	4.0%	1,100	3.8%	160	+14.5%
VINCI Immobilier	(53)	(4.3%)	79	5.2%	(133)	-167.2%
Holding companies	(69)	-	(79)	-	10	-
Operating income from ordinary activities (Ebit)	8,357	12.1%	6,824	11.1%	1,533	+22.5%
Share-based payments (IFRS 2)	(360)	-	(356)	-	(4)	-
Profit/(loss) of companies accounted for under the equity method	111	-	22	-	88	-
Other recurring operating items	68	-	(9)	-	76	-
Recurring operating income	8,175	11.9%	6,481	10.5%	1,694	+26.1%
Non-recurring operating items	(105)	-	8	-	(112)	-
Operating income	8,071	11.7%	6,489	10.5%	1,582	+24.4%

NB: Operating income from ordinary activities is defined as operating income before the effects of share-based payments (IFRS 2), the profit or loss of companies accounted for under the equity method and other recurring and non-recurring operating items.

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

In Concessions, Ebit was €5,373 million, up almost 29% relative to 2022 and equal to 49.2% of revenue.

At VINCI Autoroutes, Ebit was €3,362 million, up 7.5% relative to 2022 (€3,127 million) as a result of higher revenue and a firm grip on operating expenses. Ebit margin was 53.2% in 2023 (52.1% in 2022).

At VINCI Airports, Ebit was €1,889 million, an increase of 92% relative to 2022 (€983 million). This sharp improvement reflects the recovery in airport passenger numbers, a firm grip on operating costs and the integration of Mexican airport operator OMA. Ebit margin improved from 36.7% in 2022 to 47.9% in 2023.

The Group's other concession subsidiaries generated positive Ebit of €122 million (€61 million in 2022), because of good operating performance at VINCI Highways and VINCI Stadium.

At VINCI Energies, Ebit totalled €1,356 million and Ebit margin was 7.0% in 2023, 20 basis points higher than in 2022 (€1,142 million and 6.8%). All business lines and regions contributed to this very solid performance.

At Cobra IS, Ebit was €490 million in 2023 and Ebit margin was 7.5% ⁴ , (€411 million and 7.4% respectively in 2022), as a result of firm, profitable business growth.

At VINCI Construction, Ebit was €1,260 million (€1,100 million in 2022). Ebit margin improved from 3.8% in 2022 to 4.0% in 2023. All divisions maintained or increased their Ebit margins relative to 2022, particularly Proximity Networks in France, Europe, Africa and North America.

VINCI Immobilier made a loss of €53 million at the Ebit level in 2023 and Ebit margin was -4.3%, as opposed to income of €79 million and a margin of +5.2% in 2022. The decline reflects the impact of lower selling prices and the impairment of certain assets, particularly in commercial real estate, as a result of the downturn affecting the property development sector in France.

In 2022 and 2023, the Ebit of holding companies included the amortisation of intangible assets recognised when allocating the Cobra IS purchase price in an amount of €128 million.

Recurring operating income totalled €8,175 million versus €6,481 million in 2022. This factors in:

―	share-based payment expense, which reflects the benefits granted to employees under the Group savings plans and performance share plans, amounting to €360 million (€356 million in 2022);
―	other recurring operating income and expense, which produced net income of €178 million (€13 million in 2022); this included a €111 million positive contribution (€22 million in 2022) from companies accounted for under the equity method.

⁴ Before the amortisation of intangible assets identified when allocating the Cobra IS purchase price.

Recurring operating income by business line

					2023/2022 change
(in € millions)	2023	% of revenue ^(*)	2022	% of revenue ^(*)	Amount	%
Concessions	5,456	49.9%	4,099	44.7%	1,357	+33.1%
VINCI Autoroutes	3,342	52.9%	3,109	51.8%	233	+7.5%
VINCI Airports	1,937	49.1%	941	35.1%	996	+105.9%
Other concessions	177	-	49	-	128	-
VINCI Energies	1,221	6.3%	1,013	6.0%	208	+20.6%
Cobra IS	495	7.6%	416	7.5%	79	+18.9%
VINCI Construction	1,111	3.5%	969	3.3%	142	+14.6%
VINCI Immobilier	(28)	(2.3%)	100	6.6%	(128)	-127.8%
Holding companies	(80)	-	(116)	-	35	-
Recurring operating income	8,175	11.9%	6,481	10.5%	1,694	+26.1%

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

Non-recurring operating items produced a net expense of €105 million in 2023, as opposed to net income of €8 million in 2022, including the effects of changes in scope, particularly the revaluation of the earn-out payable by Cobra IS to ACS, which had a negative impact of €80 million.

After taking account of non-recurring items, operating income was €8,071 million in 2023 as opposed to €6,489 million in 2022.

1.4 Net income

Consolidated net income attributable to owners of the parent was €4,702 million or 6.8% of revenue, up 10.4% compared with the 2022 figure of €4,259 million.

Earnings per share, after taking account of dilutive instruments, amounted to €8.18, up 9.5% compared with 2022 (€7.47).

Net income attributable to owners of the parent, by business line

			2023/2022 change
(in € millions)	2023	2022	Amount	%
Concessions	2,778	2,707	71	+2.6%
VINCI Autoroutes	2,021	2,208	(186)	-8.4%
VINCI Airports	733	507	226	+44.5%
Other concessions	24	(8)	31	-
VINCI Energies	830	693	137	+19.7%
Cobra IS	262	218	44	+20.0%
VINCI Construction	793	680	113	+16.6%
VINCI Immobilier	(48)	63	(112)	-176.6%
Holding companies	88	(102)	191	-
Net income attributable to owners of the parent	4,702	4,259	443	+10.4%

The cost of net financial debt was €894 million in 2023 (€614 million in 2022). The higher return on cash investments and the positive impact of a transaction to unwind interest rate swaps related to the London Gatwick airport acquisition debt partly offset the effect of higher interest rates on the Group's floating rate debt as well as the impact arising from the funding of acquisitions outside France, particularly in the Concessions business.

In 2023, the average interest rate on long-term gross financial debt was 4.0% ⁵ , compared with 2.5% in 2022.

Other financial income and expense resulted in a net expense of €157 million compared with net income of €279 million in 2022, and mainly included:

―	a net expense of €88 million relating to the discounting of provisions for the obligation to maintain the condition of concession intangible assets and retirement benefit obligations (net income of €56 million in 2022);
―	a €118 million gain relating to capitalised borrowing costs on current concession investments, particularly Via Sumapaz (formerly known as Via 40 Express) in Colombia (€29 million in 2022);
―	lease expenses amounting to €67 million (€48 million in 2022);
―	a €70 million negative impact from the change in fair value of equity instruments (positive impact of €87 million in 2022), mainly regarding the mark-to-market adjustment of the stake in Groupe ADP.

In 2022, this item included a gain of €131 million resulting from London Gatwick airport's partial early redemption of its bonds.

The 2023 tax expense amounted to €1,917 million and the effective tax rate was 27.7% (€1,737 million and 28.3% in 2022). The increase reflects the Group's higher pre-tax income.

Income attributable to non-controlling interests totalled €400 million (€157 million in 2022) mainly relating to London Gatwick airport and Mexican airport operator OMA.

⁵ The average cost of debt was 4.6% after taking into account the non-recurring €167 million positive impact related to the restructuring of the debt used to acquire London Gatwick airport.

1.5 Cash flow

(in € millions)	2023	2022	2023/2022 change
Cash flow from operations before tax and financing costs (Ebitda)	11,964	10,215	1,749	+17.1%
% of revenue	17.4%	16.6%	-	-
Changes in working capital requirement and current provisions	1,463	392	1,071	-
Income taxes paid	(2,288)	(1,603)	(684)	-
Net interest paid	(802)	(563)	(239)	-
Dividends received from companies accounted for under the equity method	110	92	17	-
Cash flow from operating activities, excluding other long-term advances	10,447	8,533	1,914	+22.4%
Operating investments (net of disposals) and change in other long-term advances ^(*)	(2,010)	(1,602)	(408)	+25.5%
Repayments of lease liabilities and financial expense on leases	(679)	(661)	(18)	+2.7%
Operating cash flow	7,758	6,270	1,488	+23.7%
Growth investments in concessions	(1,130)	(836)	(294)	+35.1%
of which VINCI Autoroutes	(585)	(578)	(7)	+1.3%
of which VINCI Airports	(391)	(152)	(239)	+157.2%
of which other	(154)	(106)	(48)	+44.8%
Free cash flow	6,628	5,433	1,195	+22.0%
of which Concessions	3,709	4,146	(438)	-
of which VINCI Energies, Cobra IS and VINCI Construction	2,523	1220	1,303	-
of which VINCI Immobilier and holding companies	397	67	329	-
Net financial investments	(1,005)	(2,697)	1,692	-
Other	31	20	11	-
Free cash flow after growth financing	5,655	2,757	2,898	-
Capital increases and reductions	707	438	269	-
Transactions on treasury shares	(397)	(1,100)	703	-
Dividends paid	(2,481)	(1,892)	(589)	-
Subtotal capital transactions	(2,171)	(2,553)	382	-
Net cash flow during the period	3,484	204	3,280	-
Other changes	(1,074)	799	(1,873)	-
Change in net financial debt	2,410	1,002	1,408	-
Net financial debt	(16,126)	(18,536)	2,410	-

^(*) Of which impact of Cobra IS's acquisition of Polo Carmópolis, net of long-term advances received in the amount of €66 million in 2022.

1.5.1 Cash flow from operations before tax and financing costs (Ebitda)

Ebitda ⁶ amounted to €11,964 million (17.4% of revenue) as opposed to the 2022 figure of €10,215 million (16.6% of revenue), a 17% increase of which around half was attributable to VINCI Airports.

In Concessions, Ebitda amounted to €7,462 million, up 20% relative to 2022 (€6,200 million). It equalled 68.3% of revenue compared with 67.7% in 2022.

At VINCI Autoroutes, Ebitda amounted to €4,683 million, up 6.0% relative to the 2022 figure of €4,419 million. Ebitda margin was 74.0% in 2023 (73.6% in 2022).

Ebitda at VINCI Airports amounted to €2,495 million, equal to 63.2% of revenue (€1,580 million and 59.0% in 2022).

VINCI Energies' Ebitda was €1,672 million (8.6% of revenue), up 17% compared with the 2022 figure of €1,426 million (8.5% of revenue).

Ebitda at Cobra IS was €627 million (9.6% of revenue), up 23% compared with the 2022 figure of €509 million (9.2% of revenue).

VINCI Construction's Ebitda was €1,905 million or 6.1% of revenue (€1,707 million and 5.8% of revenue in 2022).

⁶ Ebitda = Cash flow from operations before tax and financing costs.

Cash flow from operations before tax and financing costs (Ebitda) by business line

(in € millions)	2023	% of revenue ^(*)	2022	% of revenue ^(*)	2023/2022 change
Concessions	7,462	68.3%	6,200	67.7%	1,262
VINCI Autoroutes	4,683	74.0%	4,419	73.6%	264
VINCI Airports	2,495	63.2%	1,580	59.0%	915
Other concessions	284	-	200	-	83
VINCI Energies	1,672	8.6%	1,426	8.5%	246
Cobra IS	627	9.6%	509	9.2%	117
VINCI Construction	1,905	6.1%	1,707	5.8%	198
VINCI Immobilier	(13)	(1.1%)	114	7.5%	(127)
Holding companies	312	-	259	-	53
Ebitda	11,964	17.4%	10,215	16.6%	1,749

^(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

1.5.2 Other cash flows

The net change in the operating working capital requirement and current provisions produced an inflow of €1,463 million in 2023 (€392 million in 2022). This sharp improvement reflects in particular a high level of cash inflows from customers at the end of the year, along with an increase in advances on major projects and current provisions.

Income taxes paid were €2,288 million in 2023, an increase of €684 million (€1,603 million in 2022). Net interest paid amounted to €802 million ⁷ in 2023 (€563 million in 2022).

Cash flow from operating activities was €10.4 billion, up 22% or €1.9 billion from the 2022 figure of €8.5 billion.

Operating investments, net of disposals and changes in long-term advances, rose by 25.5% to €2,010 million from €1,602 million in 2022. This included €894 million invested by VINCI Construction and €622 million by Cobra IS, including €417 million related to renewable energy projects.

After repayments of lease liabilities for €679 million (€661 million in 2022), operating cash flow ⁸ was up 23.7% to almost €7.8 billion (€6.3 billion in 2022).

Growth investments in concessions and public-private partnerships totalled €1,130 million (€836 million in 2022). That figure includes €585 million invested by VINCI Autoroutes (€578 million in 2022) and €391 million by VINCI Airports (€152 million in 2022), reflecting in particular the investments made by Mexican airport operator OMA and investments in Belgrade airport in Serbia.

Free cash flow ⁸ hit a record €6.6 billion, compared with €5.4 billion in 2022. VINCI Autoroutes generated free cash flow of €2.7 billion, a decrease of €0.1 billion compared with 2022 because of higher financial costs. Free cash flow at VINCI Airports was almost €1.0 billion (€1.1 billion in 2022), with the positive impact of integrating OMA, the recovery in passenger numbers and good cost control being offset by higher financial expenses and investments. Performance at VINCI Energies and VINCI Construction was outstanding, and they contributed €1.4 billion and €1.2 billion respectively to the Group's free cash flow (€0.6 billion each in 2022). Free cash flow at Cobra IS was close to zero, despite its high level of investment.

Financial investments, net of disposals, and other cash flows from investing activities totalled €1.0 billion, relating mainly to acquisitions made by VINCI Energies (around 30 companies acquired) and, at VINCI Highways, the deal to take control of Via Sumapaz (formerly known as Via 40 Express) in Colombia and the acquisition of a 55% stake in Entrevias in Brazil.

In 2022, financial investments totalled €2.7 billion and mainly concerned VINCI Airports' purchase of a stake in Mexican airport operator OMA, around 30 acquisitions by VINCI Energies, deals to take control of TollPlus and SCDI (which holds the concession for the Confederation Bridge in Canada), VINCI Highways' purchase of an additional stake in Lusoponte and acquisitions by VINCI Construction in North America.

Dividends paid in 2023 totalled €2,481 million (€1,892 million in 2022), including €2,293 million paid by VINCI SA, comprising the 2022 final dividend (€3.00 per share) and the interim dividend in respect of 2023 (€1.05 per share). The remainder includes dividends paid to noncontrolling shareholders by subsidiaries not wholly owned by the Group.

VINCI SA's capital increases relating to Group savings plans totalled €707 million in 2023 (8.4 million shares issued). The impact of VINCI's share buy-back programmes amounted to €987 million, comprising €395 million of shares purchased in the market in 2023 (3.8 million shares at an average price of €103.44 per share) and €592 million of shares to be purchased in the first quarter of 2024.

As a result of these cash flows, together with a negative impact from exchange rate movements and changes in the fair value of derivative instruments, net financial debt fell by €2.4 billion in 2023, taking the total to €16.1 billion at 31 December 2023.

⁷ Including a positive non-recurring impact of €167 million related to the restructuring of the debt used to acquire London Gatwick airport.
⁸ See glossary.

1.6 Balance sheet and net financial debt

Non-current assets amounted to €68.0 billion at 31 December 2023 (€65.5 billion at 31 December 2022), including €44.0 billion in the Concessions business (€42.9 billion at 31 December 2022), €8.6 billion at VINCI Energies (€8.2 billion at 31 December 2022), €7.6 billion at Cobra IS (€6.9 billion at 31 December 2022) and €6.7 billion at VINCI Construction (€6.5 billion at 31 December 2022).

The increase in 2023 resulted mainly from VINCI Highways' acquisitions in Brazil and Colombia, an acceleration in VINCI Airports' investments in Mexico, the United Kingdom and Serbia, acquisitions by VINCI Energies, and renewable energy investments by Cobra IS.

After taking account of a net working capital surplus (attributable mainly to VINCI Construction, VINCI Energies and Cobra IS) of €15.2 billion, up €2.1 billion year on year, capital employed by the Group was almost €52.9 billion at 31 December 2023 (€52.5 billion at end-2022).

Capital employed in the Concessions business was €41.3 billion, making up 78% of the Group total, including €18.3 billion at VINCI Autoroutes and €19.3 billion at VINCI Airports. VINCI Energies accounted for 8.3% of capital employed at 31 December 2023 (€4.4 billion). Capital employed at Cobra IS amounted to almost €4.8 billion, equal to 9.0% of the total. Capital employed totalled €0.3 billion at VINCI Construction and €1.5 billion at VINCI Immobilier at 31 December 2023.

The Group's consolidated equity was €32.0 billion at 31 December 2023, up €2.6 billion compared with 31 December 2022. It includes €3.9 billion relating to non-controlling interests, mainly concerning London Gatwick airport and Mexican airport operator OMA (€3.5 billion at 31 December 2022).

The number of shares, including treasury shares, was 589,048,647 at 31 December 2023 (589,387,330 at 31 December 2022). Treasury shares amounted to 3.1% of the total capital at 31 December 2023 (4.4% at 31 December 2022).

In late December 2023, VINCI reduced its share capital by cancelling 8.7 million shares held in treasury.

Consolidated net financial debt at 31 December 2023 was €16.1 billion (€18.5 billion at 31 December 2022). That figure reflects long -term gross financial debt of almost €29.3 billion (€27.8 billion at 31 December 2022) and managed net cash of €13.2 billion (€9.2 billion at 31 December 2022).

For the Concessions business, including its holding companies, net debt stood at €28.7 billion, down €3.0 billion relative to 31 December 2022, particularly after VINCI SA subscribed to a €1.6 billion capital increase by VINCI Concessions. VINCI Energies, Cobra IS and VINCI Construction showed a net financial surplus of almost €4.9 billion as opposed to €3.7 billion at 31 December 2022. Holding companies and other activities showed a net financial surplus of €7.7 billion (€9.5 billion at 31 December 2022). Of that surplus, €9.7 billion consisted of the net balance of loans granted to Group subsidiaries and investments made by the latter within the Group.

The ratio of net financial debt to equity was 0.5 at 31 December 2023 (0.6 at 31 December 2022). The net financial debt-to-Ebitda ratio stood at 1.3 at the end of 2023 (1.8 at 31 December 2022).

Group liquidity totalled €21.2 billion at 31 December 2023 (€20.5 billion at 31 December 2022). The liquidity figure comprises €13.2 billion of managed net cash and an €8.0 billion confirmed, unused credit facility held by VINCI SA, most of which was initially due to expire in November 2025. In addition, London Gatwick airport has a £300 million revolving credit facility due to expire in June 2025, which was unused at 31 December 2023, while Cobra IS has various credit facilities totalling €1.0 billion, of which €0.3 billion was used at 31 December 2023.

Net financial surplus (debt)

(in € millions)	31/12/2023	Of which external financial surplus (debt)	Total net financial debt /Ebitda	31/12/2022
Concessions	(28,734)	(18,761)	3.9x	(31,735)
VINCI Autoroutes	(16,533)	(12,323)	3.5x	(16,985)
VINCI Airports	(8,781)	(5,551)	3.5x	(11,131)
Other concessions	(3,421)	(887)	-	(3,618)
VINCI Energies	296	529	-	(129)
Cobra IS	403	403	-	404
VINCI Construction	4,160	2,158	-	3,460
Holding companies and VINCI Immobilier	7,749	(456)	-	9,464
Total	(16,126)	(16,126)	1.3x	(18,536)

(in € millions)	Of which external financial surplus (debt)	Total net financial debt /Ebitda	2023/2022 change
Concessions	(18,880)	5.1x	3,001
VINCI Autoroutes	(12,578)	3.8x	453
VINCI Airports	(5,674)	7x	2,351
Other concessions	(628)	-	198
VINCI Energies	532	-	425
Cobra IS	404	-	(0)
VINCI Construction	1,879	-	700
Holding companies and VINCI Immobilier	(2,471)	-	(1,715)
Total	(18,536)	1.8x	2,410

1.7 Return on capital

Definitions

―	Return on equity (ROE) is net income for the current period attributable to owners of the parent, divided by equity excluding non-controlling interests at the previous year end.
―	Net operating profit after tax (NOPAT) is recurring operating income less theoretical tax based on the effective rate for the period, after adjustment for non-recurring items.
―	Return on capital employed (ROCE) is net operating income after tax divided by the average capital employed at the opening and closing balance sheet dates for the financial year in question.

Return on equity (ROE)

The Group's ROE was 18.1% in 2023, compared with 18.6% in 2022.

(in € millions)	2023	2022
Equity excluding non-controlling interests at previous year end	25,939	22,881
Net income attributable to owners of the parent	4,702	4,259
ROE	18.1%	18.6%

Return on capital employed (ROCE)

ROCE was 11.3% in 2023, compared with 9.2% in 2022.

(in € millions)	2023	2022
Capital employed at previous year end	52,465	49,081
Capital employed at this year end	52,853	52,465
Average capital employed	52,659	50,773
Recurring operating income	8,175	6,481
Theoretical tax ^(**)	(2,212)	(1,803)
Net operating income after tax	5,964	4,678
ROCE	11.3%	9.2%

^(*) Based on the effective rate for the period.

2. Parent company financial statements

VINCI's parent company financial statements show revenue of €20 million for 2023, compared with €19 million in 2022, consisting mainly of services invoiced by the holding company to subsidiaries.

The parent company's net income was €2,412 million in 2023, compared with €2,853 million in 2022. The 2023 figure includes €2,098 million of dividends received from Group subsidiaries (€2,768 million in 2022).

Expenses referred to in Article 39.4 of the French Tax Code amounted to €98,089 in 2023.

Disclosures relating to suppliers' payment terms required by France's LME law on modernising the country's economy and Article L.441 - 6 - 1 of the French Commercial Code are provided in the note entitled "Information on payment periods".

3. Dividends

At its meeting of 7 February 2024, VINCI's Board of Directors decided to propose a 2023 dividend of €4.50 per share at the Shareholders' General Meeting on 9 April 2024 (€4.00 per share with respect to 2022).

Since an interim dividend of €1.05 per share was paid in November 2023, the final dividend payment on 25 April 2024 (ex-date: 23 April 2024) will be €3.45 per share if approved.

Year	2020			2021
Type	Interim	Final	Total	Interim	Final	Total
Amount per share (in €)	-	2.04	2.04	0.65	2.25	2.90
Number of qualifying shares	-	566,990,176		571,546,038	562,561,750
Aggregate amount paid (in € millions)	-	1,157		372	1,266

Year	2022
Type	Interim	Final	Total
Amount per share (in €)	1.00	3.00	4.00
Number of qualifying shares	565,073,892	564,255,601
Aggregate amount paid (in € millions)	565	1,693

NB: Dividends paid to natural persons in respect of 2020, 2021 and 2022 qualify for a 40% tax allowance.

B. Post-balance sheet events, trends and outlook

1. Material post-balance sheet events

Renewal of the syndicated credit facility

On 9 January 2024, VINCI entered into an agreement with a syndicate of 23 core relationship banks to amend its revolving credit facility. The amendment agreement:

―	extends the credit facility's maturity until 9 January 2029, and gives VINCI two options to extend it further by one year each;
―	reduces the size of the facility from €8.0 billion to €6.5 billion due to the increase in VINCI's available cash in recent years;
―	increases the number of participating banks from 21 to 23.

This confirmed credit facility, which is intended to cover the Group's general funding requirements, is currently unused.

Extension of the airport concession contract in the Dominican Republic

Aerodom will make a payment of $775 million ($300 million on 2 January 2024 and $475 million when the financial close takes place in the first half of 2024) to the Dominican government, and it will also invest $830 million in airport infrastructure during the concession period, including $250 million for the new terminal at Las Americas airport.

Tax on long-distance transport infrastructure in France

Article 100 of France's Finance Law for 2024 (Law 2023-1322 enacted at the end of December 2023), introduces a tax on long-distance transport infrastructure operators in France starting in 2024.

2. Trend information

2.1 Outcome in 2023

When publishing its quarterly results in October 2023, VINCI clarified its full-year trends:

In view of its solid performance in the first nine months of 2023, the Group confirms that for the full year, it expects:

―	a further increase - although more limited than in 2022 - in revenue and operating income;
―	net income slightly higher than the level achieved in 2022, despite a substantial increase in financial costs.

Free cash flow - taking into account the increase in investments in both airports and renewable energy - should be at least €4.5 billion in 2023.

2023 forecasts for each business line, updated for the Concessions, are as follows:

―	VINCI Autoroutes now expects traffic levels in full-year 2023 to be slightly higher than those seen in 2022.
―	VINCI Airports is forecasting a further recovery in passenger numbers, which should be close in the fourth quarter of 2023 to the levels seen in the fourth quarter of 2019. This traffic recovery will come along with a further improvement in the business line's operating earnings year on year.
―	VINCI Energies will see further business growth, driven by continuing positive trends in its markets and the integration of recent acquisitions, and intends to further solidify its excellent operating margin.
―	Cobra IS, supported by its robust order book, is expecting revenue growth of at least 10% due to the ramp-up of the large EPC projects won recently and strong performance in flow business.
―	New projects will be added to the renewable energy production portfolio, taking total capacity in operation or under construction to at least 2 GW by the end of the year.
―	VINCI Construction will see further business growth while remaining selective in taking on new business, thereby continuing to improve its operating margin.

On 11 January 2024, VINCI clarified its expectations regarding free cash flow in a press release.

On the basis of the reporting of cash noted in December, an initial estimate now indicates that the Group's free cash flow in 2023 should in fact exceed the level reached in 2022, which was €5.4 billion, thereby setting a new record.

This particularly remarkable outcome may be due notably to a higher-than-expected level of cash inflows from customers at the end of the year and the postponement of some investments.

2.2 Order book

At 31 December 2023, the combined order book of VINCI Energies, Cobra IS and VINCI Construction stood at €61.4 billion. This represents growth of 7% relative to 31 December 2022 - with increases of 12% in France and 5% outside France - and represents almost 13 months of average business activity in the business lines concerned, with 62% of it to be completed in 2024. Business outside France made up 67% of the combined order book at end-December 2023 (69% at end-December 2022).

VINCI Energies' order book amounted to €14.3 billion at 31 December 2023, up more than 15% year on year (up 9% in France and up 20% outside France). It represents almost nine months of VINCI Energies' average business activity.

The Cobra IS order book amounted to €14.4 billion, up 30% over 12 months. It represents almost 27 months of this business line's average business activity.

VINCI Construction's order book totalled €32.7 billion at 31 December 2023, down 3% over the year (up 14% in France and down 13% outside France). It represents more than 12 months of VINCI Construction's average business activity.

Order book ^(*)

(in € billions)	31/12/2023	Of which France	Of which outside France	31/12/2022	Of which France	Of which outside France
VINCI Energies	14.3	6.0	8.3	12.4	5.5	6.9
Cobra IS	14.4	0.0	14.4	11.1	-	11.1
VINCI Construction	32.7	14.0	18.7	33.8	12.3	21.5
Total	61.4	20.0	41.4	57.3	17.8	39.5
VINCI Immobilier	0.9	0.9	-	1.2	1.2	-

^(*) Unaudited figures.

2.3 Trends in 2024

VINCI starts 2024 with confidence, despite the uncertain geopolitical and macroeconomic context.

Barring any exceptional events, the Group anticipates the following trends in its various business lines in 2024:

―	VINCI Autoroutes expects traffic levels to rise slightly compared with 2023.
―	VINCI Airports is forecasting passenger numbers ⁹ slightly in excess of their 2019 levels, with variations between airports and geographies.
―	VINCI Energies should see organic revenue growth continue, but at a slower pace than in 2023, while maintaining its excellent operating margin ¹⁰.
―	Cobra IS, thanks to its very large order book, expects to increase its revenue again and maintain its operating margin ¹⁰ at the high level achieved in 2023.
―	New projects will be added to the renewable energy portfolio in 2024 and its total capacity, in operation or under construction, will be at least 3.5 GW by the end of the year, representing an increase of around 1.5 GW compared with the end of 2023.
―	VINCI Construction should see revenue stabilise close to 2023 levels while continuing the improvement in its operating margin ¹⁰.

As a result, VINCI expects its total revenue to rise again in 2024, although growth is likely to be more limited than in 2023. Earnings are expected to increase as well.

This forecast does not take into account the negative impact of the new tax on long-distance transport infrastructure being introduced by the French government, estimated to around €280 million.

Due to this negative impact, net income in 2024 could be close to its level achieved in 2023.

⁹ Figures at 100% including passenger numbers at all managed airports over the full period.
¹⁰ Ebit / revenue.

VINCI

1973, boulevard de La Défense

CS 10268 92757 Nanterre Cedex - France

Tel.: +33 1 57 98 61 00

www.vinci.com

COMPOSITION OF THE GROUP: INFORMATION RELATING TO THE CONSOLIDATION SCOPE AND INVESTMENTS IN SUBSIDIARIES AND AFFILIATES

In accordance with regulation no. 2016-09 of the French accounting standards authority (ANC), the VINCI group sets out below, in relation to the year ended 31 December 2023:

I. The full list of controlled companies;

II. The full list of companies accounted for under the equity method;

III. The list of non-consolidated companies

The German companies identified by ( ^*) in the list below have partially made use of the exemption act of German Commercial Law (§ 264, Abs. 3 HGB).

I. THE FULL LIST OF CONTROLLED COMPANIES

PARENT COMPANY VINCI S.A	HEAD OFFICE FRANCE HEAD OFFICE	CONSOLIDATING VINCI GROUP'S % INTEREST
Concessions
VINCI Autoroutes
VINCI Autoroutes
Arcour	France	100.00
Autoroutes du Sud de la France (ASF)	France	100.00
Cofiroute	France	100.00
Escota	France	99.50
Radio VINCI Autoroutes	France	100.00
Société concessionnaire de l'Autoroute du Contournement Ouest de Strasbourg	France	100.00
Ulys	France	100.00
VINCI Autoroutes	France	100.00
VINCI Autoroutes Alsace	France	100.00
VINCI Autoroutes Projets 6	France	100.00
Concessions
VINCI Airports
ADL Participations	France	51.00
Aéroports de Lyon	France	30.60
Aéroports de Lyon Management & Services	France	30.60
Aeropuerto de Acapulco	Mexico	29.99
Aeropuerto de Chihuahua	Mexico	29.99
Aeropuerto de Ciudad Juarez	Mexico	29.99
Aeropuerto de Culiacan	Mexico	29.99
Aeropuerto de Durango	Mexico	29.99
Aeropuerto de Mazatlan	Mexico	29.99
Aeropuerto de Monterrey	Mexico	29.99
Aeropuerto de Reynosa	Mexico	29.99
Aeropuerto de San Luis Potosi	Mexico	29.99
Aeropuerto de Tampico	Mexico	29.99
Aeropuerto de Torreon	Mexico	29.99
Aeropuerto de Zacatecas	Mexico	29.99
Aeropuerto de Zihuatanejo	Mexico	29.99
Aeropuertos Dominicanos Siglo XXI, S.A.	Dominican Republic	100.00
Airports Worldwide Liberia Holding CR	Costa Rica	99.29
Airports Worldwide Management CR	Costa Rica	100.00
Airports Worldwide UK Holding Limited	United Kingdom	100.00
ANA	Portugal	100.00
Belfast International Airport Limited	Ireland	100.00
BELGRADE AIRPORT d.o.o. Belgrade	Serbia	100.00
Cabo Verde Airports	Cape Verde	100.00
Cambodia Airport Management Services Ltd	Cambodia	70.00
Concessionaria do Aeroporto de Salvador S.A.	Brazil	100.00
Concessionaria dos Aeroportos de Amazonia S.A.	Brazil	100.00
Concessoc 1	France	99.29
Concessoc 31	France	100.00
Cruiser Bidco Limited	United Kingdom	100.00
Cruiser Holdco Limited	United Kingdom	100.00
Gatwick Airport Finance	United Kingdom	50.01
Gatwick Airport Ltd	United Kingdom	50.01
Gatwick Funding Ltd	Guernsey	50.01
Grupo Aeroportuario del Centro Norte	Mexico	29.99
Holding Consorcio Grupo Hotelero T2	Mexico	29.99
Ivy Bidco Ltd	United Kingdom	50.01
Ivy Holdco Ltd	United Kingdom	50.01
Ivy Super Holdco Ltd	United Kingdom	50.01
Ivy Super Topco	United Kingdom	50.01
OMA Logistica	Mexico	29.99
OMA VYNMSA Aero Industrial Park	Mexico	15.29
Operadora de Aeropuertos del Centro Norte	Mexico	29.99
Orlando Sanford International Inc	United States of America	100.00
Park Azur	France	100.00
Portway - Handling de Portugal S.A.	Portugal	100.00
SCA - Société concessionnaire de l'aéroport de Pochentong	Cambodia	70.00
SCAN - Société Concessionnaire des Aéroports de Nantes	France	100.00
SEACFA - Aéroport de Clermont-Ferrand Auvergne	France	100.00
Servicios Aero Especializados del Centre Norte	Mexico	29.99
Servicios Aeroportuarios del Centro Norte	Mexico	29.99
Servicios Complementarios del Centre Norte	Mexico	29.99
Servicios Corporativos Terminal T2	Mexico	26.99
Serviciós de Tecnología Aeroportuaria	Mexico	100.00
Servicios Hoteleros Aeropuerto Monterrey	Mexico	25.49
SFB Fueling Holding LLC	United States of America	100.00
Soc 15	France	100.00
Soc 381 D.O.O. Beograd	Serbia	100.00
Société Concessionnaire Aéroports du Grand Ouest	France	85.00
Société d'Exploitation de l'Aéroport d'Annecy Meythet	France	100.00
Société d'Exploitation de l'Aéroport de Chambéry Aix Les Bains	France	100.00
Société d'exploitation de l'aéroport de Grenoble Isère	France	100.00
Société d'Exploitation de l'Aéroport de Toulon-Hyères	France	100.00
TBI Airport Management Inc	United States of America	100.00
TBI Real Estate Holdings LLC	United States of America	100.00
TBI US Operations Inc	United States of America	100.00
US Airport Holdings Inc	United States of America	100.00
VINCI Airports	France	100.00
VINCI Airports Atlantica	France	100.00
VINCI Airports do Brasil - Participações Limitada	Brazil	100.00
VINCI Airports Japan G.K.	Japan	100.00
VINCI Airports UK	United Kingdom	100.00
VINCI Highways
Cofiroute Corporation	United States of America	100.00
Cofiroute USA, LLC	United States of America	100.00
Gefyra	Greece	72.29
Gefyra Litourgia S.A.	Greece	70.52
Infrastructure Investments Services International	France	100.00
Infrastructure Investments Via International	France	100.00
Lima Expresa S.A.C.	Peru	100.00
Pex Perú S.A.C.	Peru	100.00
Strait Crossing Development Inc.	Canada	85.00
TollPlus Europe Limited	Ireland	100.00
Tollplus India Private Limited	India	100.00
Tollplus LLC	United States of America	100.00
Turas Mobility Services Limited	Ireland	60.00
Via 40 Express S.A.S.	Colombia	75.00
VIA Pribina Operations	Slovakia	100.00
Via Salis Operations sro	Czech Republic	100.00
VINCI Concessions Canada Inc	Canada	100.00
VINCI Concessions Deutschland	Germany	100.00
VINCI HC Investments Inc.	Canada	100.00
VINCI Highways	France	100.00
VINCI Highways America	France	100.00
VINCI Highways do Brasil - Participações S.A.	Brazil	100.00
VINCI Highways Investments USA Inc.	United States of America	100.00
VINCI Highways Mobility Solutions	United States of America	100.00
VINCI Highways Slovakia s.r.o.	Slovakia	100.00
VINCI Highways USA Inc.	United States of America	100.00
VINCI Mobility Solutions	France	100.00
VINCI Newport DBFO	United Kingdom	100.00
VINCI Stadium
Boire et Manger	France	100.00
Consortium Stade de France	France	66.67
iTurf management	United Kingdom	100.00
Le Mans Stadium	France	100.00
Stade de France Productions	France	66.67
Stadefrance Live Events	France	66.67
VINCI Stadium	France	100.00
VINCI Railways
Caraïbus	Martinique	100.00
Mesea	France	70.00
Autres Concessions
eliso GmbH	Germany	100.00
Lucitea Rouen	France	100.00
Truck Etape Holding	France	100.00
Truck Etape Valenciennes - TEV	France	100.00
VINCI Concessions EP	France	100.00
VINCI Concessions Ventures	France	100.00
VINCI Concessions Holding
VINCI Concessions	France	100.00
VINCI Energies
VINCI Energies
VINCI Energies France Infras & ICT
Alcyon	France	100.00
Ancelin	France	100.00
Appex	France	100.00
Apx Integration	France	100.00
Atexia	Reunion Island	100.00
Austral Maintenance	Reunion Island	100.00
Bild Scheer	France	100.00
Bluescale	France	100.00
Boiron	France	100.00
Bourbon Lumière	Reunion Island	100.00
Bourgogne Franche-Comté Lumière	France	100.00
CEE Allier	France	100.00
Cegelec Défense	France	100.00
Cegelec Franche-Comté	France	100.00
Cegelec Guyane	French Guyana	100.00
Cegelec Infra Bassin de Loire	France	100.00
Cegelec Infra Bretagne	France	100.00
Cegelec Infras Sud-Est	France	100.00
Cegelec IT	France	100.00
Cegelec La Réunion	Reunion Island	100.00
Cegelec Manche	France	100.00
Cegelec Ouest Telecoms	France	100.00
Cegelec Paris	France	100.00
Cegelec Projets Espace & Hydrogène	France	100.00
Cegelec Réseaux Auvergne Drôme Ardèche	France	100.00
Cegelec Réseaux Béarn	France	100.00
Cegelec Rodez	France	100.00
Cegelec Services Sud Ouest	France	100.00
Cegelec Space	French Guyana	100.00
Centre Electrique Entreprise	France	100.00
Cepeca	France	100.00
Citéos Saumur	France	100.00
Cogelum IDF	France	100.00
Comfax	France	100.00
Compagnie Industrielle d'Electricité et de Chauffage	France	100.00
Coraso	France	100.00
Darlavoix	France	100.00
Delaire - SDEL	France	100.00
Demarais	France	99.99
Easy Charge (multi-détenue avec VINCI Autoroutes)	France	100.00
Eger Martinique	Martinique	100.00
Egev	France	100.00
Electricité Industrielle et Transport de Force - E.I.T.F.	France	100.00
Electromontage	France	100.00
Enfrasys	France	100.00
Entreprise Barde Sud Ouest	France	100.00
Entreprise Bronnaz	France	100.00
Entreprise de Travaux Electriques Valette & Cie	France	100.00
Entreprise Demouselle	France	100.00
Entreprise d'Equipements Electriques Alpes Dauphine	France	100.00
Entreprise d'Equipements Electriques EEE	France	100.00
Entreprise E Cagna	France	100.00
Entreprise Electrique Batifoix	France	100.00
Entreprise Gabarre	France	100.00
Entreprise Générale d'Electrification Rationnelle	Guadeloupe, France	100.00
Entreprise Guy Chatel	France	100.00
Entreprise Michel Ferraz	France	99.80
Entreprise Travesset	France	100.00
Eretel	France	100.00
Etablissements Degreane	France	100.00
Etablissements Fourment	France	100.00
Fournie Grospaud Réseaux	France	100.00
Garczynski Traploir	France	100.00
Garczynski Traploir Cornouaille	France	100.00
Garczynski Traploir Forlux	France	100.00
Garczynski Traploir Morbihan	France	100.00
Garczynski Traploir Vendée	France	100.00
Garczynski Traploir Yvetot	France	100.00
Gasquet Entreprise	France	100.00
Getelec	Guadeloupe, France	100.00
Getelec Guadeloupe	Guadeloupe, France	100.00
Getelec Guyane	French Guyana	100.00
Getelec Martinique	Martinique	100.00
Giorgi	France	100.00
Graniou Azur	France	100.00
Graniou Caraïbes	Guadeloupe, France	100.00
Graniou IDF	France	100.00
Graniou Océan Indien	Reunion Island	100.00
GTCA	France	100.00
GTIE Armorique	France	100.00
GTIE CAP Infras	France	100.00
Guadeloupe Lumière	Guadeloupe, France	100.00
Guilbaud	France	100.00
Haefeli	France	100.00
Imoptel	France	100.00
In'Energies	France	100.00
Infratel Services	France	100.00
Interact Systemes Est	France	100.00
Interact Systemes IDF	France	100.00
Interact Systemes Nancy	France	100.00
Interact Systemes Sud-Ouest	France	100.00
Ipsicom	France	100.00
Lee Conseil	France	100.00
L'Entreprise Electrique	France	100.00
Lesens Centre Val de Loire	France	100.00
Lesens Electricité	France	100.00
Lesens Ile de France	France	100.00
Lesens Vallée de l'Oise	France	100.00
L'Ete	France	100.00
Luciale	France	100.00
Lucitea Atlantique	France	100.00
Lucitea Normandie	France	100.00
Lucitea Ouest	France	100.00
Luminia	France	100.00
Luminor IDF	France	100.00
Maintel Sud-Est	France	100.00
Masselin Communication	France	100.00
Nord Elektron	Saint-Barthélemy	100.00
Novintel	France	100.00
Prestelec	Guadeloupe, France	100.00
Provelec Sud	France	100.00
Quadix	France	100.00
Réseaux Lumière d'Alsace	France	100.00
Roiret Transport	France	100.00
S6P Société de Projet Partenariat Public Privé Pointe à Pitre	Guadeloupe, France	100.00
Salendre Réseaux	France	100.00
Santerne Bretagne	France	100.00
Santerne Camargue	France	100.00
Santerne Centre Est Télécommunications	France	100.00
Santerne Est Telecoms	France	100.00
Santerne Mayenne	France	100.00
Santerne Méditerranée	France	100.00
Santerne Nord Picardie Infra	France	100.00
Santerne Nord Telecoms	France	100.00
Santerne Toulouse	France	100.00
SCIE Loire	France	100.00
SDEL Atlantis	France	100.00
SDEL Infi	France	100.00
SDEL Lumière	France	100.00
SDEL Massif Central	France	100.00
SDEL Réseaux Aquitaine	France	100.00
SDEL Réseaux Extérieurs	France	100.00
SDEL Travaux Exterieurs Ile de France	France	100.00
SDEL Video Telecom	France	100.00
Setra Conseil	France	100.00
SOCALEC - Société de construction de canalisations et de lignes électriques	France	100.00
Société Champardennaise d'Entreprises Electriques	France	100.00
Société Civile Immobilière Ferraz Chatillon Perrotin	France	99.80
Société d'Applications pour Routes, Lignes Electriques et Canalisations	France	100.00
Société de Construction et d'Installations Electriques Puy de Dôme	France	100.00
Société d'Installation Electrique Lorraine	France	100.00
Société d'Installations Téléphoniques et de Signalisation	France	100.00
Société Electro Technique de Bourbon	Reunion Island	99.42
Société Infra SPE	France	100.00
Société Lyonnaise d'Eclairage	France	100.00
Soliano Thd	France	100.00
Solstis	France	100.00
Soon Thd	France	70.00
Sopelec Réseaux	France	100.00
Ste Installations Electriques	France	100.00
Synerail Construction	France	60.00
Sysoco	France	100.00
Systelcom	France	100.00
Telematic Solutions Guyane	French Guyana	100.00
Telematic Solutions srl	Italy	100.00
Tg Concept	France	100.00
Travaux Souterrains Electriques Gaziers	France	100.00
Tunzini Antilles	Martinique	100.00
Tunzini Guadeloupe	Guadeloupe, France	100.00
VEIOS	Guadeloupe, France	100.00
VINCI Energies France Communication & Cloud	France	100.00
VINCI Energies France Infras & ICT	France	100.00
VINCI Energies France Infras IDF Nord Est	France	100.00
VINCI Energies France Infras Méditerranée Centre Est	France	100.00
VINCI Energies France Infras Ouest Réunion	France	100.00
VINCI Energies France Infras Sud Ouest Antilles Guyane	France	100.00
VINCI Energies France Infrastructures Telecoms Management	France	100.00
VINCI Energies GSM-R	France	100.00
Xeria	Guadeloupe, France	100.00
VINCI Energies France Building Solutions & Industrie
AC Automation	France	100.00
AMI	France	100.00
AMP - Atelier Maintenance Presses	France	100.00
AN44 Industrie	France	100.00
Andreu	France	100.00
Anjou Process Energies	France	100.00
APA	France	100.00
Ariel B N	France	100.00
Arteis	France	100.00
Atelier de Réparation et Entretien des Forges	France	100.00
Auresys	France	100.00
Automation Electricité Industrielle	France	100.00
Automatisation Machines Usinage	France	100.00
Automatisme Etudes Programmation Réalisation	France	100.00
Automatisme Mesure Contrôle Régulation	France	100.00
Automatismes et Techniques Industrielles de Savoie	France	100.00
Auvergne Productique Ingénierie	France	100.00
Barillec S.A.S	France	100.00
Biogaz Services	France	100.00
Blue Vinca	France	100.00
Building Services Management	France	100.00
C2C	France	100.00
C3SI	France	100.00
CAP Sécurité	France	100.00
CBR Automation	France	100.00
CEF Nord	France	100.00
Cegelec Alsace	France	100.00
Cegelec Amiens	France	100.00
Cegelec Aquitaine Tertiaire	France	100.00
Cegelec Auvergne Nord Tertiaire et Industrie	France	100.00
Cegelec Bordeaux	France	100.00
Cegelec Bourgogne	France	100.00
Cegelec Centre Est Tertiaire SAS	France	100.00
Cegelec Champagne Ardenne	France	100.00
Cegelec Dauphiné	France	100.00
Cegelec Défense et Naval Sud-Est	France	100.00
Cegelec Elmo	France	100.00
Cegelec Energie Centre Est	France	100.00
Cegelec Haute Normandie	France	100.00
Cegelec Industrie Sud-Est	France	100.00
Cegelec Loire Auvergne	France	100.00
Cegelec Loire Océan	France	100.00
Cegelec Lorraine Alsace	France	100.00
Cegelec Maintenance Tertiaire Sud-Est	France	100.00
Cegelec Missenard	France	100.00
Cegelec Nord Industrie	France	100.00
Cegelec Nord Tertiaire	France	100.00
Cegelec Nouvelle-Calédonie	New Caledonia	100.00
Cegelec Occitanie Tertiaire	France	100.00
Cegelec Pau	France	100.00
Cegelec Pays de Savoie	France	100.00
Cegelec Perpignan	France	100.00
Cegelec Picardie Industrie	France	100.00
Cegelec Polynésie	French Polynesia	100.00
Cegelec Portes de Bretagne	France	100.00
Cegelec SA (Suisse)	Switzerland	100.00
Cegelec Sdem	France	100.00
Cegelec Tertiaire Ile de France	France	100.00
Cegelec Toulouse	France	100.00
Cegelec Val de Loire	France	100.00
CESA	France	100.00
CharAntElec	France	100.00
Chatenet	France	100.00
Cigma	France	100.00
Cigma Ile de France	France	100.00
Cinodis	France	100.00
Cirma Entreprise	France	100.00
Clede	France	100.00
Clemancon	France	100.00
Comari	France	100.00
Corail	France	100.00
Coteb Codiel	France	100.00
Courbon SAS	France	100.00
Dargent Entreprises	France	100.00
Dauphine Savoie Maintenance Services	France	100.00
DEGW France	France	100.00
Didier Delporte	France	100.00
Duval Electricité	France	100.00
EFC	France	100.00
Egea Gibert	France	100.00
EITE - Strasser	France	100.00
Elairgie	France	100.00
Elec Ouest	France	100.00
Elec Tertiaire - Habitat	France	100.00
Electricité Générale Fradin Bretton	France	100.00
Electricité Industrielle de L'Est	France	100.00
Electricité Millot	France	100.00
Electro Industrie	France	100.00
Electro Navale Electronique	France	100.00
Elgie	France	100.00
Elphitec	France	100.00
Emi Tertiaire	France	100.00
Energies Tertiaire Lorraine	France	100.00
Energilec	France	100.00
Enertech Monaco	Monaco	99.99
Engineering Process Industries	France	100.00
Entreprise d'Electricité de Picardie	France	100.00
Entreprise Ferrard & Cie	France	100.00
Entreprise Générale d'Electricité Poutier	France	100.00
Entreprise Générale Electrique	France	100.00
Entreprise Lefort Francheteau - ELEF	France	100.00
Eresis	France	100.00
ES Laser	France	100.00
ES Laser GmbH	Germany	100.00
Est Maintenance Service	France	100.00
Estel	France	100.00
Etablissements Valentin	France	100.00
ETS Jean Graniou	France	100.00
Faceo FM Centre Est	France	100.00
Faceo FM Centre Ouest	France	100.00
Faceo FM Ile de France	France	100.00
Faceo FM Ouest	France	100.00
Faceo FM Sud-Est	France	100.00
Faceo FM Sud-Ouest	France	100.00
Faceo Innotech	France	100.00
Fibrelec	New Caledonia	100.00
Forlumen	France	99.44
Fournie Grospaud Bordeaux	France	100.00
Fournie Grospaud Industrie	France	100.00
Francilis	France	100.00
Frimeca	France	100.00
Froid 14	France	100.00
Gaude Entreprise	France	100.00
Gauriau Entreprise	France	100.00
Générale de Maintenance	France	100.00
Graniou Solutions Industrielles	France	100.00
Greenaffair	France	100.00
Groupe de Réalisation d'Equipements Electriques de Normandie	France	100.00
GTIE Ace	France	100.00
GTIE Amiens	France	100.00
GTIE Expo	France	100.00
GTIE Industrie	France	100.00
GTIE Infi	France	100.00
GTIE Lorraine	France	100.00
GTIE Oise	France	100.00
GTIE Pas-de-Calais	France	100.00
GTIE Provence	France	100.00
GTIE Rennes	France	100.00
GTIE Synertec	France	100.00
GTIE Telecoms	France	100.00
GTIE Tertiaire	France	100.00
GTSF	France	100.00
Handling Systems	France	100.00
ICM Automation	France	100.00
IDF Thermic	France	100.00
Imhoff	France	100.00
Industeo	France	100.00
Industheo	France	100.00
Industrielle de Chauffage Entreprises - I.C. Entreprises	France	100.00
Infrastructures Maintenance Process	France	100.00
Ingénierie des Systèmes Avances de l' Artois	France	100.00
Installations Electriques et Préfabrication	France	100.00
Is Ingenierie	France	100.00
ISI - Intégration et Solutions Industrielles	France	100.00
Iteis	France	100.00
Jean Paumier & fils	France	100.00
Klim'Top Controls	France	100.00
Lefort Génie Climatique	France	100.00
Lesot	France	100.00
L'Est Electrique	France	100.00
Lexem	France	100.00
Lille Digital Solutions	France	100.00
Lille Process Solutions	France	100.00
Manei Lift	France	100.00
Mangin Egly Entreprises	France	100.00
Masselin Energie	France	100.00
Mesure Contrôle Informatique Industrielle	France	100.00
Methalac	France	100.00
Missenard Energie	France	100.00
Monnier	France	100.00
Nord Audio Electronique	France	100.00
Nord Picardie Maintenance Service	France	100.00
Normandie Portuaire Services	France	100.00
Omnidec	France	100.00
Opteor Île de France	France	100.00
Opteor Immotic	France	100.00
Oreo	France	100.00
Ouest Maintenance Service	France	100.00
Phibor Entreprises	France	100.00
Phibor Presence	France	100.00
Primatice	France	100.00
Profab	France	100.00
Protec Feu Risques Spéciaux	France	100.00
Provence Froid Industrie	France	100.00
Provence Maintenance Services	France	100.00
Qivy Habitat	France	100.00
Qivy Tertiaire	France	100.00
Reso TertiaireIDF	France	100.00
Roiret Energies	France	100.00
Roiret Services	France	100.00
Saga Entreprise	France	100.00
Saga Tertiaire	France	100.00
Sanitherm	France	100.00
Santerne Alsace	France	100.00
Santerne Aquitaine	France	100.00
Santerne Bourgogne	France	100.00
Santerne Centre Est Energies	France	100.00
Santerne Energies Est	France	100.00
Santerne Ile de France	France	100.00
Santerne Marseille	France	100.00
Santerne Nord Tertiaire	France	100.00
Schoro Electricité	France	100.00
SDEL Alsace	France	100.00
SDEL Bourgogne	France	100.00
SDEL Dauphine Savoie	France	100.00
SDEL Donges	France	100.00
SDEL IDF Industrie	France	100.00
SDEL Lorraine	France	100.00
SDEL Mulhouse	France	100.00
SDEL Nantes	France	100.00
SDEL Novae	France	100.00
SDEL Savoie Leman	France	100.00
SDEL Sud-Ouest Industrie	France	100.00
SDEL Tertiaire	France	100.00
SDEL Val de Seine	France	100.00
SEBS	France	100.00
Seine Normandie Maintenance Service	France	100.00
SEIT Hydr'Eau	France	100.00
Service Maintenance Sécurité	France	100.00
Seves	France	100.00
Smart Building Energies	France	100.00
Smart Grid Energy	France	100.00
Société d'Electricité Et d'Electronique Industrielles	France	100.00
Société d'Electricité Générale Dunkerquoise	France	100.00
Société Industrielle Tuyauterie Chaudronnerie	France	100.00
Société Nouvelle Imhoff	France	100.00
Sofraden Industrie	France	100.00
SVEE Industrie	France	100.00
Sylvestre Energies	France	100.00
Technic Automation	France	100.00
Theg	France	100.00
Thermo Refrigeration	France	100.00
Tidest-Joubert	France	100.00
Top Thermique Electromécanique Plomberie	France	100.00
Tout L'Temps Press	France	100.00
Tunzini	France	100.00
Tunzini Azur	France	100.00
Tunzini Centre Val de Loire	France	100.00
Tunzini Limoges	France	100.00
Tunzini Protection Incendie	France	100.00
Tunzini Sud Ouest	France	100.00
TZBX	France	100.00
Uxello Grand Ouest	France	100.00
Uxello Hauts de France et Grand Est	France	100.00
Uxello Ile De France	France	100.00
Uxello Sud Est	France	100.00
Uxello Sud Ouest	France	100.00
Val de Loire Maintenance Service	France	100.00
VEF Tertiaire IDF	France	100.00
Ves	France	100.00
VINCI Energies France Building Solutions & Industrie	Fr