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INNOVATION FOR A SUSTAINABLE WORLD 2017 ANNUAL REPORT ANNUAL 2017 1 cours Ferdinand de Lesseps 92851 Rueil Malmaison Cedex – France Tel.: +33 1 47 16 35 00 Fax: +33 1 47 51 91 02 www.vinci.com VINCI.Group VINCI 2017 ANNUAL REPORT @VINCI CONTENTS 01 2017 highlights 20 Profile 22 Interview of the Chairman and CEO 24 Corporate governance 26 Direction and strategy 30 Stock market and shareholder base 34 Sustainable development 44 CONCESSIONS 46 VINCI Autoroutes 58 VINCI Airports 68 VINCI Highways 72 VINCI Railways 74 VINCI Stadium 76 CONTRACTING 78 VINCI Energies 90 Eurovia 102 VINCI Construction 114 VINCI Immobilier 117 GENERAL & FINANCIAL ELEMENTS 118 Report of the Board of Directors 228 Report of the Vice-Chairman and Lead Director of the Board of Directors 230 Consolidated financial statements 305 Parent company financial statements 323 Special report of the Statutory Auditors on regulated agreements and commitments 326 Persons responsible for the registration document 328 Cross-reference table for the registration document 330 Cross-reference table for the annual financial report 331 Cross-reference table for workforce-related, environmental and social information 333 Glossary In accordance with Article 212-13 of the General Regulation of the Autorité des Marchés Financiers (AMF, the French securities regulator), this document comprises the registration document filed with the AMF on 26 February 2018 under the number D.18-0076. It may be used in support of a financial transaction only if it is supplemented by a prospectus on the transaction officially approved by the AMF. The signatories of this document, prepared by VINCI, are responsible for the information contained therein. This is a free translation into English of a report issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and is construed in accordance with, French law and professional auditing standards applicable in France. KEY DATA KEY DATA GROUP Revenue (1) 270,000 €40.2 billion worksites (2) Market capitalisation at 31 December 2017 194,428 €50.3 billion employees worldwide (3) Net income attributable to owners of the parent €2,747 million Revenue (1) Ebitda (4) Operating income (in €m) (in €m and as a percentage of revenue (1) ) from ordinary activities (in €m and as a percentage of revenue (1) ) 16,568 6,500 15,655 5,966 4,607 4,174 40,248 38,073 22,418 23,680 15.7% 16.2% 11.0% 11.4% 2016 2017 2016 2017 2016 2017 France International Net income attributable Net financial debt Revenue (1) to owners of the parent at 31 December (in €m) by geographical area (in €m) (in €m and as a percentage) 10 129 2,747 2,505 France 23,680 58.8% 2,376 2,737 13,938 14,001 Germany 2,726 6.8% United Kingdom 2,269 5.7% 2016 2017 2016 2017 Benelux 1,041 2.6% Central and Eastern Europe 1,849 4.6% Rest of Europe 2,292 5.7% North America 1,461 3.6% Central and South America 1,210 3.0% Africa 1,345 3.3% Net income attributable to owners of the parent excluding non-recurring tax effects Russia, Asia-Pacific 2,373 5.9% Non-recurring tax effects and the Middle East Revenue (1) by business Operating income from ordinary activities by business (in €m and as a percentage) (in €m and as a percentage) Concessions 6,945 17.2% Concessions 3,251 70.6% Contracting 32,830 81.6% Contracting 1,260 27.3% Property and intragroup 473 1.2% Property and holding companies 96 2.1% eliminations Ebitda (4) by business Capital employed (3) (in €m and as a percentage) (in €m and as a percentage) Concessions 4,710 72.4% Concessions 29,605 84.4% Contracting 1,629 25.1% Contracting 4,348 12.4% Property and holding companies 162 2.5% Property and holding companies 1,122 3.2% Net income attributable Workforce at 31 December to owners of the parent by business (in €m and as a percentage) Concessions 1,689 61.5% Concessions 14,443 7.4% Contracting 793 28.9% Contracting 179,026 92.1% Property and holding companies 265 9.6% Property and holding companies 959 0.5% (1) Excluding concession subsidiaries’ revenue derived from works carried out (3) At 31 December 2017. by non-Group companies (2017: €629m). See glossary (page 333). (4) Cash flows from operations before tax and financing costs. See glossary (page 333). (2) Estimate. KEY DATA CONCESSIONS Revenue (1) Ebitda (2) Operating income (in €m) (in €m and as a percentage of revenue (1) ) from ordinary activities (in €m and as a percentage of revenue (1) ) 3,251 4,710 4,302 2,953 6,298 6,945 68.3% 67.8% 46.9% 46.8% 2016 2017 2016 2017 2016 2017 Net income attributable Net financial debt (3) Capital employed (3) to owners of the parent (in €m) (in €m) (in €m) 1,664 1,689 28,515 27,145 29,354 29,605 2016 2017 2016 2017 2016 2017 Revenue (1) by geographical area (as a percentage) France 82% Portugal 11% Rest of the world 7% (1) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. See glossary (page 333). (2) Cash flows from operations before tax and financing costs. See glossary (page 333). (3) At 31 December. PUBLIC-PRIVATE PARTNERSHIPS OF VINCI’S CONCESSIONS BUSINESS WORLDWIDE The PPPs listed below are managed within the Concessions businesses of VINCI. Other PPPs (mainly buildings) are managed within VINCI’s Contracting business. INFRASTRUCTURE DESCRIPTION COUNTRY SHARE END OF CAPITAL HELD CONTRACT Motorway and road infrastructure Network under concession Arcos (A355 – western Strasbourg bypass)(1) 24 km France 100% 2070 Arcour (A19) 101 km France 100% 2070 ASF network (excl. Puymorens Tunnel, 5.5 km) 2,731 km France 100% 2036 Cofiroute network (excl. A86 Duplex Tunnel, 11 km) 1,100 km France 100% 2034 Escota network 471 km France 99% 2032 A-Modell A4 motorway 45 km Germany 50% 2037 A-Modell A5 motorway 60 km Germany 54% 2039 A-Modell A7 motorway 60 km Germany 50% 2047 A-Modell A9 motorway 46.5 km Germany 50% 2031 Toll Collect(2) Motorway and road toll system for HGVs Germany 10% 2018 Regina Bypass(1) 61 km Canada 38% 2049 Fredericton–Moncton highway 195 km Canada 25% 2028 Bogotá–Girardot motorway 141 km (3) Colombia 50% 2042 Athens–Corinth–Patras motorway 201 km Greece 30% 2038 Maliakos–Kleidi motorway 230 km Greece 14% 2038 Trans Jamaican Highway 50 km Jamaica 13% 2036 Lima expressway 25 km (4) Peru 100% 2049 Newport Southern Distributor Road 10 km United Kingdom 50% 2042 Isle of Wight road network(5) 821 km of roads and 767 km of pavements United Kingdom 50% 2038 Hounslow Borough road network(5) 432 km of roads and 735 km of pavements United Kingdom 50% 2037 Moscow–St Petersburg motorway (MSP 1) 43 km (Moscow–Sheremetyevo) Russia 50% 2040 Moscow–St Petersburg motorway (MSP 7 and 8)(1) 138 km (St Petersburg–Veliky Novgorod) Russia 40% 2041 Moscow–St Petersburg motorway (UTS)(6) 359 km (M11) + 70 km (M3) Russia 50% 2027 R1 (PR1BINA) expressway 51.4 km Slovakia 50% 2041 Road bridges and tunnels A86 Duplex Tunnel Rueil Malmaison–Jouy en Josas/Versailles (11 km) France 100% 2086 Prado Carénage Tunnel Tunnel in Marseille (2.5 km) France 33% 2025 Prado Sud Tunnel Tunnel in Marseille (1.5 km) France 59% 2055 Puymorens Tunnel Tunnel in the Pyrenees (5.5 km) France 100% 2037 Confederation Bridge Prince Edward Island–mainland Canada 20% 2032 Ohio River Bridges – East End Crossing Bridges and a tunnel linking Kentucky to Indiana United States 33% 2051 Charilaos Trikoupis Bridge Peloponnese–mainland Greece 57% 2039 Tagus bridges Two bridges in Lisbon Portugal 37% 2030 Severn Crossings(7) Two bridges over the Severn United Kingdom 35% 2018 Airports Chambéry, Clermont Ferrand, Grenoble, France 100% from 2018 Poitiers-Biard, Pays d‘Ancenis(2) to 2029 Lyon-Bron, Lyon-Saint Exupéry France 31% 2047 Nantes Atlantique, Saint Nazaire Montoir France 85% 2065 Rennes, Dinard(2) France 49% 2024 Toulon-Hyères France 100% 2040 Phnom Penh, Siem Reap, Sihanoukville Cambodia 70% 2040 Santiago de Chile(1) Chile 40% 2035 Kansai, Osaka Japan 40% 2060 Lisbon, Porto, Faro, Beja, Ponta Delgada, Horta, Flores, Portugal 100% 2063 Santa Maria, Funchal, Porto Santo Santo Domingo (Las Américas and La Isabela), Puerto Plata, Dominican 100% 2030 Samaná (Presidente Juan Bosch and Arroyo Barril), Barahona Republic Salvador de Bahia Brazil 100% 2047 Rail infrastructure GSM-Rail Wireless communication system over 16,000 km of rail lines France 30% 2025 SEA HSL High-speed rail line (302 km) between Tours and Bordeaux France 33% 2061 Rhônexpress Light rail system (23 km) in Lyon France 35% 2038 Stadiums Bordeaux (Matmut Atlantique) 42,000 seats France 50% 2045 Stade de France 80,000 seats France 67% 2025 Le Mans (MMArena) 25,000 seats France 100% 2043 Nice (Allianz Riviera) 36,000 seats France 50% 2041 Queen Elizabeth Olympic Park stadium 57,000 seats United Kingdom 100% 2040 Other public amenities Automation of river dams (Bameo)(1) 31 dams on the Aisne and Meuse rivers France 50% 2043 Car Rental Center, Nice-Côte d’Azur Airport 60,000 sq. metre building France 100% 2040 Public lighting in Goussainville France 100% 2026 Public lighting in Rouen (Lucitea) France 100% 2027 Martinique BRT system 2.5 km France 100% 2035 (1) Under construction or to be built. (3) Including 65 km to be widened. (5) Upgrade, maintenance and upkeep (6) Operation and maintenance contract.
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    Issue #30, March 2021

    High-Speed Intercity Passenger SPEEDLINESMarch 2021 ISSUE #30 Moynihan is a spectacular APTA’S CONFERENCE SCHEDULE » p. 8 train hall for Amtrak, providing additional access to Long Island Railroad platforms. Occupying the GLOBAL RAIL PROJECTS » p. 12 entirety of the superblock between Eighth and Ninth Avenues and 31st » p. 26 and 33rd Streets. FRICTIONLESS, HIGH-SPEED TRANSPORTATION » p. 5 APTA’S PHASE 2 ROI STUDY » p. 39 CONTENTS 2 SPEEDLINES MAGAZINE 3 CHAIRMAN’S LETTER On the front cover: Greetings from our Chair, Joe Giulietti INVESTING IN ENVIRONMENTALLY FRIENDLY AND ENERGY-EFFICIENT HIGH-SPEED RAIL PROJECTS WILL CREATE HIGHLY SKILLED JOBS IN THE TRANS- PORTATION INDUSTRY, REVITALIZE DOMESTIC 4 APTA’S CONFERENCE INDUSTRIES SUPPLYING TRANSPORTATION PROD- UCTS AND SERVICES, REDUCE THE NATION’S DEPEN- DENCY ON FOREIGN OIL, MITIGATE CONGESTION, FEATURE ARTICLE: AND PROVIDE TRAVEL CHOICES. 5 MOYNIHAN TRAIN HALL 8 2021 CONFERENCE SCHEDULE 9 SHARED USE - IS IT THE ANSWER? 12 GLOBAL RAIL PROJECTS 24 SNIPPETS - IN THE NEWS... ABOVE: For decades, Penn Station has been the visible symbol of official disdain for public transit and 26 FRICTIONLESS HIGH-SPEED TRANS intercity rail travel, and the people who depend on them. The blight that is Penn Station, the new Moynihan Train Hall helps knit together Midtown South with the 31 THAILAND’S FIRST PHASE OF HSR business district expanding out from Hudson Yards. 32 AMTRAK’S BIKE PROGRAM CHAIR: JOE GIULIETTI VICE CHAIR: CHRIS BRADY SECRETARY: MELANIE K. JOHNSON OFFICER AT LARGE: MICHAEL MCLAUGHLIN 33
  • Mr. Nikos Dendias Minister of Foreign Affairs 1St Vas. Sofias Av. 106 71 Athens, Greece

    Mr. Nikos Dendias Minister of Foreign Affairs 1St Vas. Sofias Av. 106 71 Athens, Greece

    EUROPEAN COMMISSION Brussels, 18.01.2021 C(2021) 170 final In the published version of this decision, PUBLIC VERSION some information has been omitted, pursuant to articles 30 and 31 of Council This document is made available for Regulation (EU) 2015/1589 of 13 July 2015 information purposes only. laying down detailed rules for the application of Article 108 of the Treaty on the Functioning of the European Union, concerning non-disclosure of information covered by professional secrecy. The omissions are shown thus […] Subject: State Aid SA.54273 (2019/N) and SA.58386 (2020/FC) – Greece E65 Motorway concession – Trikala-Egnatia (North section) Excellency, 1. PROCEDURE (1) On 6 February 2019, Greece pre-notified to the Commission investment aid, for the construction of the North section of the E65 Motorway, and operating aid, for the operation and maintenance of the same motorway section. The Commission registered this pre-notification under the case number SA.53438 (2019/PN). On 12 February 2019, a meeting took place between the Commission services and the Greek authorities. (2) On 2 May 2019, the Greek authorities notified to the Commission aid in favour of Odos Kentrikis Elladas S.A. (“Kentriki Odos S.A.” or “the concessionaire”) for the construction, operation and maintenance of the Trikala-Egnatia section (“the North section”) of the E65 Motorway. (3) On 26 June 2019, after an initial examination, the Commission services sent a first request for information, to which the Greek authorities replied, after obtaining an extension of the deadline, with letters of 27 August 2019 and 13 September 2019.