a force for good. 2019 ANNUAL REPORT ANNUAL 2019 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 2019 ANNUAL REPORT VINCI @VINCI CONTENTS 1 P r o l e 2 Album 10 Interview with the Chairman and CEO 12 Corporate governance 14 Direction and strategy 18 Stock market and shareholder base 22 Sustainable development 32 CONCESSIONS 34 VINCI Autoroutes 48 VINCI Airports 62 Other concessions 64 – VINCI Highways 68 – VINCI Railways 70 – VINCI Stadium 72 CONTRACTING 74 VINCI Energies 88 Eurovia 102 VINCI Construction 118 VINCI Immobilier 121 GENERAL & FINANCIAL ELEMENTS 122 Report of the Board of Directors 270 Report of the Lead Director and the Vice-Chairman of the Board of Directors 272 Consolidated nancial statements This universal registration document was filed on 2 March 2020 with the Autorité des Marchés Financiers (AMF, the French securities regulator), as competent authority 349 Parent company nancial statements under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of the 367 Special report of the Statutory Auditors on said regulation. The universal registration document may be used for the purposes of an offer to the regulated agreements public of securities or the admission of securities to trading on a regulated market if accompanied by a prospectus or securities note as well as a summary of all 368 Persons responsible for the universal registration document amendments, if any, made to the universal registration document. The set of documents thus formed is approved by the AMF in accordance with Regulation (EU) 2017/1129. 370 Cross-reference table for the universal registration document 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. Photos: Cyrille Dupont/The Pulses (cover page) – Aerial Innovations – Atypix – Jean-François Badias – Benoît Billard – Jérôme Cabanel – Caesa Picsproduction – Yves Chanoit – Christian Dao – Cyrille Dupont/The Pulses – EJF Riche – ITER – Emergence – Matthieu Engelen – Gehry Partners – Jean-Yves Govin Sorel – Pedro Guimaraes/CAPA Pictures – Axel Heise – Hervé Hote – Jean-Philippe Hunault/On Air Productions – Stéphane Lavoué – Pascal Le Doaré/Cap Vertical – Guillaume Leblanc – Gilles Leimdorfer/Interlinks Image – Julien Lutt/ CAPA Pictures – Éric Mercier – Jeffrey Milstein Photography – Jean-Philippe Moulet – Thomas Müller – Stéphane Olivier/Artephoto.com – Pierre-Olivier/CAPA Pictures – P.-A. Pluquet/Alpaca/Andia – Will Recarey – Emmanuel Rondeau – Russell Aerial Photography – Éric Soudan/Alpaca Productions – Alain Tendero – Alexis Toureau – Nicolas Tucat – Francis Vigouroux – Johannes Zinner – Photo libraries of VINCI and subsidiaries. All rights reserved. Design and production: — 2001_00883 — Translation: Alto International — Printing: Arteprint. This document is printed using This document serves as universal registration document and annual nancial report. vegetable-based inks on paper produced from sustainable resources. KEY DATA KEY DATA GROUP NET INCOME ATTRIBUTABLE REVENUE (1) TO OWNERS OF THE PARENT €48.1 billion €3,260 ­million REVENUE (1) EBITDA (3) OPERATING INCOME FROM (in €m) (in €m and as a percentage of revenue (1) ) ORDINARY ACTIVITIES (in €m and as a percentage of revenue (1) ) 21,746 8,497 18,751 5,734 6,898 4,997 48,053 43,519 24,768 26,307 15.9% 17.7% 11.5% 11.9% 2018 2019 2018 2019 2018 2019 France International NET INCOME ATTRIBUTABLE NET FINANCIAL DEBT REVENUE (1) TO OWNERS OF THE PARENT AT 31 DECEMBER BY GEOGRAPHICAL AREA (in €m) (in €m) (in €m and as a percentage) France 26,307 54.7% 2,983 3,260 15,554 21,654 Germany 3,140 6.5% United Kingdom 3,002 6.2% Central and Eastern Europe 2,219 4.6% 2018 2019 2018 2019 Rest of Europe 4,745 9.9% North America 3,166 6.6% Central and South America 1,264 2.6% Africa 1,603 3.3% Russia, Asia and Middle East 1,248 2.6% Oceania 1,359 2.8% REVENUE (1) BY BUSINESS OPERATING INCOME FROM (in €m and as a percentage) ORDINARY ACTIVITIES BY BUSINESS (in €m and as a percentage) Concessions 8,544 17.8% Concessions 3,989 69.6% Contracting 38,884 80.9% Contracting 1,654 28.8% Property 625 1.3% Property and holding companies 92 1.6% and intragroup eliminations EBITDA (3) BY BUSINESS CAPITAL EMPLOYED (2) (in €m and as a percentage) (in €m and as a percentage) Concessions 5,796 68.2% Concessions 41,030 82.0% Contracting 2,446 28.8% Contracting 7,426 14.9% Property and holding companies 254 3.0% Property and holding companies 1,545 3.1% NET INCOME ATTRIBUTABLE WORKFORCE (2) TO OWNERS OF THE PARENT BY BUSINESS (in €m and as a percentage) Concessions 2,255 69.2% Concessions 21,342 9.6% Contracting 792 24.3% Contracting 199,711 89.8% Property and holding companies 213 6.5% Property and holding companies 1,344 0.6% (1) Excluding concession subsidiaries’ revenue derived from works carried out by (3) Cash flows from operations before tax and financing costs including IFRS 16 impact of non-Group companies (2019: €699m). See glossary (page 375). €575m in 2019. (2) At 31 December 2019. See glossary (page 375). KEY DATA GROUP MARKET CAPITALISATION BUSINESS UNITS (1) AT 31 DECEMBER 2019 €60 billion 3,200 WORKSITES (1) OPERATIONS IN 290,000 120 countries EMPLOYEES WORLDWIDE (2) 130-year 222,397 HISTORY Credit ratings 72% GROUP COMPANIES WITH NO LOST-TIME STANDARD & POOR’S: WORKPLACE ACCIDENTS (2) A–/A2 POSITIVE OUTLOOK MOODY’S: World leader IN CONCESSIONS AND CONSTRUCTION STABLE OUTLOOK A3/P1 SIMPLIFIED ORGANISATION CHART VINCI AUTOROUTES €5,593M REVENUE CONCESSIONS VINCI AIRPORTS €8,544M REVENUE €2,631M REVENUE OTHER CONCESSIONS VINCI VINCI ENERGIES €13,749M REVENUE CONTRACTING EUROVIA €38,884M REVENUE €10,209M REVENUE VINCI CONSTRUCTION €14,926M REVENUE VINCI IMMOBILIER (1) Estimates. (2) At 31 December 2019. CREATION OF VALUE SHARED WITH THE GROUP’S STAKEHOLDERS VINCI CREATES LONG-TERM VALUE FOR ITS CLIENTS, SHAREHOLDERS, EMPLOYEES AND PARTNERS, AND SHARES THE BENEFITS OF ITS PERFORMANCE WITH A LARGE NUMBER OF INTERNAL AND EXTERNAL STAKEHOLDERS IN ALL THE REGIONS WHERE THE GROUP OPERATES. REVENUE(1): €48.1 billion TOTAL TAXES PAID(1)(2): €2.8 billion VINCI IS ONE OF THE FIVE BIGGEST TAXPAYERS IN FRANCE EMPLOYEE SHAREHOLDERS(3): 8.8% OF SHARE CAPITAL REPRESENTING 142,000 FORMER AND CURRENT EMPLOYEES, EMPLOYEE REMUNERATION(1): OF WHOM 31,000 OUTSIDE FRANCE €10.8 billion DIVIDENDS PAID(1): €1.8 billion PURCHASES MADE (1): €27.0 billion VINCI’S CONTRIBUTION TO FRENCH GDP(4): €35 billion (1) In 2019. (2) Taxes and other obligatory payments on operating income and income tax expense. (3) At 31 December 2019. (4) Utopies study, 31 December 2018. See page 210. KEY DATA CONCESSIONS REVENUE (1) EBITDA (2) OPERATING INCOME FROM (in €m) (in €m and as a percentage of revenue (1) ) ORDINARY ACTIVITIES (in €m and as a percentage of revenue (1) ) 5,796 3,989 4,963 3,429 7,261 8,544 68.4% 67.8% 47.2% 46.7% 2018 2019 2018 2019 2018 2019 NET INCOME ATTRIBUTABLE NET FINANCIAL DEBT (3) CAPITAL EMPLOYED (3) TO OWNERS OF THE PARENT (in €m) (in €m) (in €m) 1,923 2,255 27,029 33,952 31,115 41,030 2018 2019 2018 2019 2018 2019 REVENUE (1) BY GEOGRAPHICAL AREA (as a percentage) France 71% Portugal 11% United Kingdom 9% Americas 4% Rest of the world 5% (1) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. See glossary (page 375). (2) Cash flows from operations before tax and financing costs. See glossary (page 375). (3) At 31 December. PUBLIC-PRIVATE PARTNERSHIPS OF VINCI’S CONCESSIONS BUSINESS WORLDWIDE The PPPs listed below are managed within the Concessions business 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) 2,731 km France 100% 2036 Cofiroute network (excl. A86 Duplex Tunnel) 1,100 km France 100% 2034 Escota network 471 km France 99.5% 2032 Fredericton–Moncton highway (2) 195 km Canada 25% 2028 Regina Bypass 61 km Canada 38% 2049 Bogotá–Girardot motorway (1) 141 km (3) Colombia 50% 2042 A4 motorway 45 km Germany 50% 2037 A5 motorway 60 km Germany 54% 2039 A7 motorway (1) 60 km Germany 50% 2047 A9 motorway 47 km Germany 50% 2031 Athens–Corinth–Patras motorway 201 km Greece 30% 2038 Maliakos–Kleidi motorway 230 km Greece 15% 2038 Lima expressway 25 km Peru 100% 2049 Moscow–St Petersburg motorway (MSP0) 43 km (Moscow–Sheremetyevo) Russia 50% 2040 Moscow–St Petersburg motorway (MSP7 and 8) 138 km (St Petersburg–Veliky Novgorod) Russia 40% 2041 R1 (PR1BINA) expressway 51 km Slovakia 50% 2041 Hounslow Borough road network (4) 432 km of roads and 762 km of pavements United Kingdom 50% 2037 Isle of Wight road network (4) 821 km of roads and 767 km of pavements United Kingdom 50% 2038 Newport Southern Distributor Road 10 km United Kingdom 50% 2042 Road bridges and tunnels A86 Duplex Tunnel Rueil Malmaison/Versailles–Jouy en Josas (11 km) France 100% 2086 Prado Carénage Tunnel Tunnel in Marseille (2.1 km) France 33% 2032 Prado Sud Tunnel Tunnel in Marseille (1.9 km) France 59% 2055 Puymorens Tunnel Tunnel in the Pyrenees (5.5 km) France 100% 2037 Confederation Bridge Prince