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2015 Annual Report CONTENTS

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2015 Annual Report CONTENTS 2015 Annual Report CONTENTS 01 Album 18 Profile 19 Message from the Chairman and CEO 20 Corporate governance 21 Corporate management structures 22 New directions and strategy 25 Stock market and shareholder base 28 Sustainable development 41 CONCESSIONS 44 VINCI Autoroutes 56 VINCI Highways 62 VINCI Airports 70 VINCI Railways 72 VINCI Stadium 74 Other public amenities 77 CONTRACTING 78 VINCI Energies 90 Eurovia 100 VINCI Construction 114 VINCI Immobilier 117 GENERAL & FINANCIAL ELEMENTS 118 Report of the Board of Directors 216 Report of the Chairman of the Board on corporate governance and internal control procedures 222 Report of the Vice-Chairman and Senior Director of the Board of Directors 224 Consolidated financial statements 303 Parent company financial statements 320 Special report of the Statutory Auditors on regulated agreements and commitments 322 Persons responsible for the registration document 324 Cross-reference table for the registration document 326 Cross-reference table for the annual financial report 327 Cross-reference table for workforce-related, environmental and social information Cover photo – The Arturo Merino Benitez Airport in Santiago de Chile will double its capacity to 30 million passengers by 2020. Key data Key data Group Revenue (1) 280,000 €38.5 billion projects (2) Market capitalisation at 31 December 2015 185,452 €34.8 billion employees worldwide (3) Net income attributable to owners of the parent €2,046 million Revenue (1) Ebitda (4) Operating income (in €m) (in €m and as a % of revenue (1) ) from ordinary activities (in €m and as a % of revenue (1) ) 2014 2014 2014 14.4% 9.4% (5) 23,936 14,767 5,561 3,642 38,703 2015 2015 2015 14.7% 9.8% 22,414 16,104 5,664 3,758 38,518 France International Net income attributable Net financial debt at 31 December to owners of the parent (in €m) (in €m) 2014 2014 1,906 581 13,281 2,486 2015 – 63 2015 2,109 12,436 2,046 Net income attributable to owners of the parent excluding non-recurring items Non-recurring items (including, in 2014, the capital gain on the partial disposal of VINCI Park, renamed Indigo in 2015) Revenue (1) by geographical area Revenue (1) by business (in €m and as a percentage) (in €m and as a percentage) France 22,414 58.2% Concessions 5,804 15.1% Germany 2,703 7.0% Contracting 32,570 84.6% United Kingdom 2,679 7.0% Property 144 0.3% Benelux 835 2.2% and intragroup Central and 1,884 4.9% eliminations Eastern Europe Rest of Europe 1,865 4.8% Americas 2,364 6.1% Africa 1,479 3.8% Russia, 2,295 6.0% Asia-Pacific and the Middle East Ebitda (4) by business Operating income (in €m and as a percentage) from ordinary activities by business (in €m and as a percentage) Concessions 3,933 69.5% Concessions 2,576 68.5% Contracting 1,565 27.6% Contracting 1,100 29.3% Property 166 2.9% Property 82 2.2% and holding and holding companies companies Net income attributable to owners of the parent Workforce at 31 December (in €m and as a percentage) Concessions 1,295 63.3 % Concessions 12,838 6.9% Contracting 682 33.4% Contracting 171,828 92.7% Property 69 3.3% Property 786 0.4% and holding and holding companies companies (1) Excluding concession subsidiaries’ works revenue (2014: €340m; 2015: €643m). (2) Estimate. (3) At 31 December 2015. (4) Cash flow from operations before tax and financing costs. (5) 9.2% excluding VINCI Park (renamed Indigo in 2015), deconsolidated on 4 June 2014. Key data Concessions Revenue (1) Ebitda (3) Operating income (in €m) (in €m and as a % of revenue (1) ) from ordinary activities (in €m and as a % of revenue (1) ) 2014 (2) 2014 (2) 2014 (2) 65.6% 41.7% 5,823 3,823 2,428 2015 2015 2015 67.8% 44.4% 5,804 3,933 2,576 Net income attributable Net financial debt (5) to owners of the parent (in €m) (in €m) 2014 (2) 2014 1,779 (4) 19,920 2015 2015 1,295 23,551 Revenue (1) by geographical area (as a percentage) France 87% Portugal 10% Rest of the world 3% (1) Excluding concession subsidiaries’ works revenue. (2) Including VINCI Park’s contribution from 1 January to 4 June 2014. (3) Cash flow from operations before tax and financing costs. (4) Including a net capital gain of €691 million after tax from the disposal of 75% of VINCI Park’s capital, completed on 4 June 2014. (5) At 31 December. Key data VINCI Autoroutes Revenue (1) Ebitda (2) Operating income (in €m) (in €m and as a % of revenue (1) ) from ordinary activities (in €m and as a % of revenue (1) ) 2014 2014 2014 71.4% 45.3% 4,743 3,389 2,148 2015 2015 2015 72.2% 48.2% 4,881 3,524 2,352 Net income attributable Net financial debt (3) Traffic to owners of the parent (in €m) (in €m) 2015 2015/2014 2014 2014 (in millions of kilometres change travelled) 916 16,812 ASF 30,301 +3.1% Escota 6,970 +2.8% 2015 2015 Cofiroute 11,332 +2.5% Arcour 299 +4.2% 1,100 20,246 Total 48,902 +3.0% Revenue (1) by network VINCI Autoroutes’ competitive position (in €m and as a percentage) Motorway networks under concession in Europe (in km) (4) ASF 2,806 57% Cofiroute 1,306 27% VINCI Autoroutes 4,398 (5) Escota 713 15% Arcour 51 1% Abertis 3, 273 Atlantia 3, 066 Eiffage 2,441 Brisa 1 ,387 Ferrovial 1 ,052 Source: internal studies; company literature. (1) Excluding concession subsidiaries’ works revenue. (2) Cash flow from operations before tax and financing costs. (3) At 31 December. (4) Controlled company networks. (5) Excluding the A355, western Strasbourg bypass, for which the concession contract started on 31 January 2016. VINCI’s motorway Western Strasbourg concessions in France bypass Alenon A86 Duplex Tunnel A28 A355 Laval Paris A81 A11 Le Mans A10 A11 A28 Orléans ASF A19 Nantes A10 A11 A85 Cofiroute Angers A71 Tours Escota A85 A87 A10 Bourges Arcour La Roche- sur-Yon A83 Poitiers A10 A837 Niort Rochefort Clermont Ferrand A89 Saintes A89 Lyon A72 A46 A10 Saint A89 Brive la Gaillarde tienne Bordeaux A7 A20 Gap A62 A63 Orange A51 Montauban A68 A9 A641 A75 Nmes A7 A8 Menton Biarritz Toulouse A680 Aix en A8 Provence A500 A9 A54 A61 Nice Monaco Pau A52 A64 A66 Narbonne A57 A50 A645 Toulon Puymorens A9 Tunnel ASF group (ASF and Escota) (in €m and as a % of revenue (1) ) Revenue (1) Ebitda (2) Net financial debt (3) 2014 2014 2014 71.0% 3,418 2,427 10,754 2015 2015 2015 71.6% 3,519 2,520 11,401 Cofiroute (in €m and as a % of revenue (1) ) Revenue (1) Ebitda (2) Net financial debt (3) 2014 2014 2014 72.8% 1,272 926 2,379 2015 2015 2015 73.6% 1,306 961 1,856 (1) Excluding concession subsidiaries’ works revenue. (2) Cash flow from operations before tax and financing costs. (3) At 31 December. Key data VINCI Airports Revenue (1) Ebitda (2) Operating income (in €m) (in €m and as a % of revenue (1) ) from ordinary activities (in €m and as a % of revenue (1) ) 2014 2014 2014 47.7% 32.2% 717 342 231 2015 2015 2015 50.2% 35.3% 820 412 289 Net income attributable Net financial debt (3) to owners of the parent (in €m) (in €m) 2014 2014 154 2,967 2015 2015 202 2,812 Revenue (1) by business activity Revenue (1) by geographical area (as a percentage) (as a percentage) Aviation services 47% Portugal 69% Non-aviation services 25% Cambodia 17% Ground handling 16% France 14% Security/assistance 12% for PRM (4) (1) Excluding concession subsidiaries’ works revenue. (2) Cash flow from operations before tax and financing costs. (3) At 31 December. (4) Persons with reduced mobility. Airports and passenger traffic managed 33 (1) airports and over 100 million (1) passengers managed in 2015 (excluding ADP) France Cambodia Share 2015 Share 2015 capital (in thousands 2015/2014 capital (in thousands 2015/2014 11 airports held of passengers) change 3 airports held of passengers) change Grand Ouest airports Siem Reap 70% 3,297 +9.2% (Nantes Atlantique, 85% 4,418 +5.7% Phnom Penh 70% 3,079 +15.5% Saint Nazaire Montoir) Sihanoukville 70% 95 +118.0% Rennes, Dinard 49% 669 +8.7% Total 70% 6,470 +13.0% Toulon–Hyères (2) 100% 510 –7.4% Clermont Ferrand 100% 400 –5.7% Grenoble 100% 296 –7.7% Chambéry 100% 213 –4.9% Chile (4) Share 2015 Poitiers–Biard 100% 123 +12.2% 1 airport capital (in thousands 2015/2014 Quimper 100% 89 –10.9% (Santiago de Chile) held of passengers) change Pays d’Ancenis 100% “General aviation” Total 40% 17,230 +7.2% Total (3) 6,718 +12.5% Total excluding Toulon-Hyères 6,207 +3.9% Japan (pending financial close) (5) 2 airports Share 2015 (Kansai International Airport capital (in thousands 2015/2014 Portugal and Osaka International Airport) held of passengers) change Share 2015 capital (in thousands 2015/2014 Total 40% 37,701 +11.4% 10 airports held of passengers) change Lisbon 100% 20,090 +10.7% Porto 100% 8,088 +16.6% Dominican Republic Faro 100% 6,437 +4.4% (pending financial close) Madeira (Porto Santo, Funchal) 100% 2,728 +6.3% 6 airports (6) Azores (Flores, Horta, Ponta (Las Americas and La Isabela at 100% 1,605 +25.7% Share 2015 Delgada, Santa Maria) Santo Domingo, 1 at Puerto Plata, capital (in thousands 2015/2014 Beja 100% “General aviation” 2 at Samaná and 1 at Barahona) held of passengers) change Total 100% 38,948 +11.0% Total 100% 4,570 +5.5% (1) Including the airports in Japan and the Dominican Republic, pending financial close.
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