18/03/2021 - Vinci SA: 2020 VINCI Universal Registration Document

FORGING

A SUSTAINABLE

WORLD

2020 UNIVERSAL REGISTRATION DOCUMENT

CONTENTS
1	Pro le
2	Album
10	Interview with the Chairman and CEO
12	Corporate governance
14	Direction and strategy / Business model
20	Stock market and shareholder base
24	Sustainable development
CONCESSIONS
34	VINCI Autoroutes
48	VINCI Airports
62	Other concessions
64 - VINCI Highways
68 - VINCI Railways
70 - VINCI Stadium
ENERGY
72	VINCI Energies
CONSTRUCTION
84	Eurovia
98	VINCI Construction
114	VINCI Immobilier
117	GENERAL & FINANCIAL ELEMENTS
118	Report of the Board of Directors
282	Reports of the Vice-Chairman and Lead Director
of the Board of Directors
284	Consolidated nancial statements
358	Parent company nancial statements
376	Special report of the Statutory Auditors on regulated agreements
377	Persons responsible for the Universal Registration Document
379	Cross-reference table for the Universal Registration Document

This document serves as universal registration document and annual nancial report.

KEY DATA

MARKET CAPITALISATION AT 31 DECEMBER 2020

€50 billion

GROUP COMPANIES WITH NO LOST-TIME WORKPLACE ACCIDENTS (2)

75%

BUSINESS UNITS (1)

3,200

270,000

WORKSITES (1)

A world leader

IN CONCESSIONS, CONSTRUCTION AND ENERGY

OPERATIONS IN SOME

120 countries

217,731

EMPLOYEES WORLDWIDE (2)

CREDIT RATINGS STANDARD & POOR'S

A-/A2 stable outlook

MOODY'S

A3/P1 stable outlook

130-year

HISTORYSIMPLIFIED ORGANISATION CHART

(1) Estimates. (2) At 31 December 2020. (3) Revenue at 31 December 2020.

NET INCOME ATTRIBUTABLE

13.7%

48,053

43,234

6.6%

26,3072019

22,9122020

FranceInternational

NET INCOME ATTRIBUTABLE TO OWNERS OF THE PARENT

(in € million)

8,497 2019

5,919 2020

NET FINANCIAL DEBT AT 31 DECEMBER

(in € million)

5,734 2019

2,859 2020

REVENUE (1)

BY GEOGRAPHICAL AREA

(in €m and as a percentage)

• France 22,912 53.0%

  3,260 2019

  1,242 2020

  21,65417,989

• Germany 3,213 7.4%

• United Kingdom 2,589 6.0%

  2019

  2020

• Central and Eastern Europe 2,214 5.1%

• Rest of Europe 4,260 9.9%

• North America 3,364 7.8%

• Central and South America 946 2.2%

• Africa 1,386 3.2%

• Russia, Asia and Middle East 1,013 2.3%

• Oceania 1,337 3.1%

REVENUE (1) BY BUSINESS

(in €m and as a percentage)

ConcessionsContractingProperty and intragroup eliminations

OPERATING INCOME

FROM ORDINARY ACTIVITIES BY BUSINESS

(in €m and as a percentage)

5,839 36,878 517

13.5% 85.3% 1.2%

• Concessions 1,586 55.5%

• Contracting 1,244 43.5%

Property and holding companies 28 1.0%

EBITDA (3) BY BUSINESS

(in €m and as a percentage)

CAPITAL EMPLOYED (2)

(in €m and as a percentage)

ConcessionsContracting

Property and holding companies

3,491 2,188 240

59.0% 37.0% 4.0%

• Concessions 39,304 85.0%

• Contracting 5,477 11.8%

Property and holding companies 1,477 3.2%

NET INCOME ATTRIBUTABLE

TO OWNERS OF THE PARENT BY BUSINESS

(in €m and as a percentage)

WORKFORCE (2)

• Concessions 740 59.6%

• Contracting 469 37.8%

• Property and holding companies 33 2.6%

• Concessions 17,556 8.1%

• Contracting 198,804 91.3%

• Property and holding companies 1,371 0.6%

(1) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies (2020: €696m). See glossary (page 386).

(2) At 31 December 2020.

(3) Cash flows from operations before tax and financing costs. See glossary (page 386).

REVENUE (1)	EBITDA (2)	OPERATING INCOME
(in € million)	(in €m and as a percentage of revenue (1))	FROM ORDINARY ACTIVITIES
(in €m and as a percentage of revenue (1))
67.8%	46.7%

8,544

5,839

2019 2020

59.8%

5,796

3,491

2019 2020

27.2%

3,989

1,586

2019 2020

2019 2020

REVENUE (1) BY GEOGRAPHICAL AREA

(as a percentage)

France 83%

Portugal 5%

United Kingdom 5%

Americas 4%

Rest of the world 3%

2019 2020

(1) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies. See glossary (page 386).

(2) Cash flows from operations before tax and financing costs. See glossary (page 386).

(3) At 31 December.

2019 2020

REVENUE (1)	EBITDA (2)	OPERATING INCOME
(in € million)	(in €m and as a percentage of revenue (1))	FROM ORDINARY ACTIVITIES
(in €m and as a percentage of revenue (1))
74.7%
53.0%

5,593 2019

70.0%

4,613 2020

4,178

3,231

2019 2020

42.9%

2,967

1,981

2019 2020

1,242 2020

2019 2020

2019 2020

VINCI AUTOROUTES' COMPETITIVE POSITION (4)

Motorway networks under concession in Europe (in km)

6,190 Atlantia

VINCI Autoroutes

4,443

2,323 Eiffage

Source: internal studies, company literature.

REVENUE (1) BY NETWORK

(in €m and as a percentage)

• ASF 2,692 58%

• Cofiroute 1,205 26%

• Escota 652 14%

Arcour and others 64 1%

1,628 Brisa

(1) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies. See glossary (page 386).

(2) Cash flows from operations before tax and financing costs. See glossary (page 386).

• (3) At 31 December.

• (4) Controlled company networks.

(in €m and as a percentage of revenue (1))

REVENUE (1)

EBITDA (2)

NET FINANCIAL DEBT (3)

74.0%

69.3%

4,038 2019

3,345 2020

2,989 2019

2,319 2020

COFIROUTE

(in €m and as a percentage of revenue (1))

9,337 2019

8,959 2020

REVENUE (1)

EBITDA (2)

NET FINANCIAL DEBT (3)

75.6%

72.2%
1,480	1,205	1,118	870	3,628	3,563
2019	2020	2019	2020	2019	2020

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

See glossary (page 386).

(2) Cash flows from operations before tax and financing costs. See glossary (page 386).

(3) At 31 December.

REVENUE (1)	EBITDA (2)	OPERATING INCOME
(in € million)	(in €m and as a percentage of revenue (1))	FROM ORDINARY ACTIVITIES
(in €m and as a percentage of revenue (1))
55.7%	38.6%

2,631990

2019 2020

14.7%

1,466146

2019 2020

2019

(523)

REVENUE (1) BY BUSINESS ACTIVITY

(as a percentage)

2019 2020

• 2019 2020

REVENUE (1) BY GEOGRAPHICAL AREA

(as a percentage)

Aviation services

Non-aviation services

Security/assistance for PRM (4)

Ground handling

45% 38% 10% 7%

Portugal

United Kingdom

France

Rest of the world

29% 27% 19% 25%

(1) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies. See glossary (page 386).

(2) Cash flows from operations before tax and financing costs. See glossary (page 386).

• (3) At 31 December.

• (4) Persons with reduced mobility.

REVENUE

(in € million)

38,88436,878

3.4%

2019

2020

2,446 2019

2,188 2020

1,654 2019

1,244 2020

NET INCOME ATTRIBUTABLE	NET FINANCIAL SURPLUS (2)	CAPITAL EMPLOYED (2)
TO OWNERS OF THE PARENT	(in € million)	(in € million)
(in € million)

792	469	1,955	7,478	5,477
2019	2020	(168)	2020	2019	2020
2019

REVENUE BY GEOGRAPHICAL AREA

(as a percentage)

NB: data does not include VINCI Immobilier.

(1) Cash flows from operations before tax and financing costs. See glossary (page 386).

(2) At 31 December.

France 47%

Germany 9%

United Kingdom 6%

Central and Eastern Europe 6%

Rest of Europe 11%

United States 6%

Africa 4%

Rest of the world 11%

REVENUE

(in € million)

EBITDA (1)

(in €m and as a percentage of revenue)

OPERATING INCOME

FROM ORDINARY ACTIVITIES

(in €m and as a percentage of revenue)

7.7%

7.7%

6.0%

5.7%

13,74913,661 2019 2020

1,065 2019

1,057 2020

827 2019

773 2020

NET INCOME ATTRIBUTABLE	NET FINANCIAL DEBT (2)	CAPITAL EMPLOYED (2)
TO OWNERS OF THE PARENT	(in € million)	(in € million)
(in € million)

409378 2019 2020

REVENUE BY BUSINESS ACTIVITY

(as a percentage)

REVENUE BY GEOGRAPHICAL AREA

(as a percentage)

Industry 27%

Infrastructure 29%

Building Solutions 25%Information and

communication technologies 19%

(1) Cash flows from operations before tax and financing costs. See glossary (page 386).

(2) At 31 December.

France 43%

Germany 16%

Scandinavia 5%

Rest of Europe 23%

Americas 5%

Africa 3%

Rest of the world 5%

REVENUE

(in € million)

10,2099,575

EBITDA (1)

(in €m and as a percentage of revenue)

6.8%

6.9%

694

659

2019 2020 2019 2020

OPERATING INCOME

FROM ORDINARY ACTIVITIES

(in €m and as a percentage of revenue)

4.2%

3.5%

430 2019

335 2020

NET INCOME ATTRIBUTABLE	NET FINANCIAL SURPLUS (2)	CAPITAL EMPLOYED (2)
TO OWNERS OF THE PARENT	(in € million)	(in € million)
(in € million)

207180100

2019 2020 2019

939	1,761	1,036
2020	2019	2020

REVENUE BY BUSINESS ACTIVITY

(as a percentage)

REVENUE BY GEOGRAPHICAL AREA

(as a percentage)

Works

Industry

Quarries

Services

(1) Cash flows from operations before tax and financing costs. See glossary (page 386).

(2) At 31 December.

67% 15% 10% 8%

France 51%

Germany 10%

United Kingdom 7%

Central and Eastern Europe 11%

Rest of Europe 2%

United States 11%

Canada 6%

Central and South America 2%

REVENUE

(in € million)

EBITDA (1)	OPERATING INCOME
(in €m and as a percentage of revenue)	FROM ORDINARY ACTIVITIES
(in €m and as a percentage of revenue)
4.6%	2.7%

14,92613,641 688

3.5%

472

2019 2020 2019 2020

1.0%

• 396 136

• 2019 2020

NET INCOME (LOSS) ATTRIBUTABLE	NET FINANCIAL SURPLUS (2)	CAPITAL EMPLOYED (2)
TO OWNERS OF THE PARENT	(in € million)	(in € million)
(in € million)

177 2020918

2019 2019

(90)

REVENUE BY BUSINESS ACTIVITY

(as a percentage)

1,272	912	260
2020	2019	2020

REVENUE BY GEOGRAPHICAL AREA

(as a percentage)

Building 30%

Civil and hydraulic engineering 31%

Specialist activities 27%

Complex projects 12%

(1) Cash flows from operations before tax and financing costs. See glossary (page 386).

(2) At 31 December.

France 50%

United Kingdom 11%

Central and Eastern Europe 6%

Rest of Europe 4%

Americas 11%

Africa 7%

Oceania 7%

Rest of the world 4%

PROFILE

FORGING A SUSTAINABLE WORLD

VINCI is a world leader in concessions, construction and energy, active in nearly 120 countries. Our ambition, in response to the climate emergency, is to accelerate the transformation of living environments, infrastructure and mobility.

We also aim to foster social progress by being a humanist group that exemplifies inclusion and solidarity. Powered by our economic performance and the engagement of our 218,000 employees, we forge a more sustainable world and fully embrace our role as a private sector partner working in the public interest.

CONTINUITY

VINCI teams in all business lines mobilised during the health crisis

When business abruptly slowed in 2020 due to the restrictive measures taken to contain the Covid-19 pandemic, the Group's companies continued working to keep essential services running around the world.

In Concessions, VINCI Autoroutes and VINCI Highways ensured the continuity of the public motorway service, a vital lifeline for the transport of goods all the way to local communities. VINCI Concessions mobilised its airport and rail infrastructure to transport patients and medical equipment. Contracting companies built emergency hospitals, repaired transport infrastructure, redesigned roads to create temporary cycling lanes and carried out maintenance work for water, energy and communication networks, among other contributions. VINCI teams quickly adapted to the new health imperatives; this and their strong engagement helped lessen the pandemic's impact on business activity.

1 - TRANSPORT

On 8 May 2020, Lyon-Saint Exupéry Airport (VINCI Airports) participated in the first flight, bound for Africa, of the humanitarian air bridge coordinated together with the European Union and several NGOs.

2 - SUPPORT

VINCI Energies teams specialising in telecoms infrastructure, enterprise networks and facilities management devised solutions on site or remotely to help customers ensure their own business continuity.

3 - MAINTENANCE

During the first lockdown in Paris, reinforcement works were carried out on an underground tunnel to protect the supply of drinking water to the north of the city.

5 - HEALTH AND SAFETY

In tandem with programme managers, contractors and employee representatives,

VINCI companies revisited all their worksite proceduresso they could resume activity while ensuring their workers' safety.

4 - HOSPITAL UNITS

VINCI Construction UK teams operated in shifts round the clock to build three emergency hospital units in England and two in Wales.

6 - TEMPORARY AMENITIES

Many local authorities turned to Eurovia to create temporary cycling lanes or redesign pedestrian pathways.

VINCI companies and employees stepped beyond professional duty to support hospital workers, by sharing their own supplies of face covers or by making donations to ease the daily lives of healthcare workers. Right at the start of the health crisis in 2020, an exceptional €10 million budget was allocated to the Fondation VINCI pour la Cité in France and its network of foundations in other countries. Within a few weeks, they had supported more than 700 non-profit projects sponsored by employees. They brought vital assistance not just to hospitals but also to students and to vulnerable people further threatened by the crisis, for example by providing food and emergency shelter.

SOLIDARITY VINCI reaching out to healthcare workers and other vulnerable citizens

Everywhere the Group operates,

2

1

1 - KEEPING STUDENTS CONNECTED

During the first lockdown in France, 500tablets, 300 computers and 300 4G dongles were donated to 800 middle school students in priority neighbourhoods, in close collaboration with the heads of the

2,3 - FREE MEALS

While restaurants were closed at service areas in its network, especially during the first lockdown, VINCI Autoroutes distributed 15,000 hot meals to lorry drivers, served by food trucks, as well as fresh food produce in partnership with FNSEA, France's leading agricultural union.

3

7 - DONATION DRIVES

In Colombia, packages filled with food staples and personal care products were offered to families in towns and cities along the Bogotá- Girardot motorway, thanks to donation drives run by employees of the concession holder Vía 40 Express (VINCI Highways/ VINCI Concessions).

4,5,6 - SUPPORT

The Fondation VINCI pour la Cité helped out more than 400 charities supporting healthcare workers at the peak of the crisis, by delivering meals to hospital staff, as shown here, and vulnerable citizens, including meal packages for the homeless.

5

DECARBONISED

ROADS New multimodal, shared and electric roads for sustainable mobility

In its various business lines involved in road transport infrastructure, VINCI develops new sustainable mobility solutions. VINCI Autoroutes is collaborating with regional partners on its low-carbon motorway project, which will accelerate the deployment of electric vehicle charging stations in its network, as well as multimodal, shared solutions such as public transport on motorways and car parks for carpooling. VINCI Highways (VINCI Concessions) is launching this initiative outside France. VINCI Autoroutes and VINCI Energies are developing AI-based traffic image analysis systems to help local authorities introduce carpool lanes into their road networks. In Germany, Eurovia,

VINCI Highways and VINCI Energies are participating in a pilot project for an inductive charging road.

1

1 - ELECTRIC CHARGING STATIONS

Through their joint venture Easy Charge, VINCI Autoroutes and VINCI Energies have joined forces to address the fast-growing market for electric vehicle chargingstations on French roads, offering their services in equipment design, construction, management and maintenance.

VINCI Energies is also spearheading this market in Germany.

2

2 - INDUCTIVE ROAD

In partnership with electric mobility specialist ElectReon, Group companies are carrying out a pilot project for an inductive charging road in Karlsruhe, Germany, for the energy supplier EnBW. The in-road system will make it possible for vehicles to charge wirelessly while stationary or moving.

3 - ARTIFICIAL INTELLIGENCE

VINCI Energies and VINCI Autoroutes are building a test system to qualify vehicles for carpool lane use on the Paris ring road. The system uses image analysis incorporating the latest AI and machine-learning technology to count the number of vehicle occupants, read registration plates and check that a vehicle category is eligible for the reserved lane.

4

5 - AUTONOMOUS SHUTTLE

France's first autonomous electric shuttle in a rural area was tested in the Drôme region in south-east France. Eurovia was in charge of creating signalling and road markings to accurately guide the vehicle along the 5 km route.

4 - FAST CHARGING

VINCI Highways has launched a programme to install self-service fast-charging stations on the Moscow-St Petersburg motorway, which will be the first in Russia to be equipped for electric vehicles.

6 - MULTIMODAL PARK

In Longvilliers south-west of Paris, VINCI Autoroutes began operating a multimodal car park connecting the motorway to the Greater Paris area's public transport networks. The next-generation hub offers free parking to local residents, who can ride an express bus on the motorway to Massy and then continue on the RER train network. The park also provides electric vehicle charging stations, covered bicycle parking facilities and several other amenities that make commuters' lives easier.

6

2

1

ENVIRONMENT Reducing the footprint of the Group's activities

VINCI is accelerating the environmental transition of its business activities, following a trajectory to achieve carbon neutrality by 2050, in line with its commitments. Each business line has implemented an action plan with steps to meet this target. Eurovia is developing innovative recycling solutions for roadworks and upgrading its asphalt plants to significantly cut their energy consumption and emissions. VINCI Airports is integrating solar photovoltaic panels at the airports in its network, which had an installed capacity of more than 17MWp at the end of 2020. In addition to shrinking its direct footprint, VINCI is taking action to reduce the impact of its businesses' entire value chains. In 2020, VINCI Construction launched its Exegy range of low-carbon concretes and pledged to gradually expand its use at its worksites. VINCI Energies guides its public- and private-sector customers in their own energy transition by assisting in the transformation of their infrastructure, industrial facilities, buildings and information systems.

1 - ROAD RECYCLING

On a 21km section of the A89 motorway, between Tulle and Égletons in south-west France, the worn road surface layer was planed and the aggregates reused in the new asphalt cover.

2 - GRANULAT+

Eurovia is developing the production of recycled materials, especially from construction waste, and is rolling out its Granulat+ brand in an ever larger number of geographies to conserve natural resources, by increasing the proportion of recycled or recovered materials and fostering local production and transport loops.

3 - SOLAR POWER

To reduce its airports' environmental footprint, VINCI Airports is installing solar panels, replacing existing conventional light bulbs with LEDs, upgrading heating and air-conditioning systems, and changing to electric service vehicles and runway machinery.

4 - ELECTRIC MACHINERY

VINCI Construction is testing an electric drilling rig to build foundation piles for the École Supérieure de Physique et de Chimie Industrielles campus in Paris. It offers the same technical performance as a rig with a combustion engine, while reducing both greenhouse gas emissions and noise pollution.

4

5 - ENERGY DIAGNOSTICS

Quick Scan Energy, a tool developed by Actemium (VINCI Energies),

is used to help customers in a wide range of sectors, including food processing, chemicals, steel and metal, automobile and cosmetics, to detect heat- and electricity-saving opportunities at their industrial sites.

6 - BIOGAS

As part of a programme to reduce its carbon footprint, VINCI Autoroutes plans to convert 40% of its fleet of vans - some 200 vehicles - to run on biogas.

7 - LOW CARBON

Available in three categories (low-carbon, very-low-carbon, ultra-low-carbon), the Exegy range of concretes certified by VINCI Construction reduces up to 70% of CO₂ emissions compared to conventional concrete and offers the same or superior degrees of strength and resistance.

THE GROUP'S BUSINESS MODEL

Climate emergency

Workplace and social expectationsUrbanisation

Mobility ˇ Digitalisation

Human capital

217,731 employees worldwide

20% of employees in management positions

16 hours of training each year per employee

2,500 health & safety specialists

38% of training on health & safety

Technical expertise

55 R&D programmes €50 million budget for R&D

lab recherche environnement: partnership with VINCI-ParisTech established in 2008

Strong local roots

> 270,000 worksites 3,200 business units 45 airports 350 quarries in operation > 8,000 km of motorways Operations in some 120 countries

Environmental ambition

17% of electricity consumption from renewable sources 750 environmental experts 26% more hours of training devoted to the environment

Financial position

Standard & Poor's: A-/A2 stable outlook Moody's: A3/P1 stable outlook

Over €19 billion in liquidity

• ˇ World leader in concessions and construction

• ˇ Partner for the long term working in the public interest

• ˇ Local presence with global expertise

• ˇ Diversity of skills and areas of expertise

• ˇ Decentralised management and entrepreneurial culture

• ˇ 130-year history

CONCESSIONS

Long cycles, high amounts of invested capital

• ˇ Renew and internationalise the concession portfolio, and extend its average maturity

• ˇ Focus growth primarily on transport infrastructure

• ˇ Consider opportunities in renewable energies

Our strategy

ENERGY AND CONSTRUCTION

Short cycles, low amounts of invested capital

• ˇ Put priority on margins over business volume

• ˇ Practise disciplined risk management

• ˇ Strengthen the Group's presence in high value-added segments, such as energy

• ˇ Diversify our geographical spread of expertise

CROSS-BUSINESS

• ˇ Bolster synergy in operations to win new projects

• ˇ Accelerate international growth

• ˇ Reduce CO2 emissions by 40% by 2030 (Scopes 1 and 2)

• ˇ Optimise resources through the circular economy

• ˇ Protect natural environments

• ˇ Promote inclusive growth and increase the number of women executives

Human capital

2 million integration hours managed

TOP employer (2020 Universum ranking for France)

€448 million in incentive and retirement savings plans, employer contributions and profit-sharing €10.6 billion in employee remuneration 8.9% of share capital owned by employees 30,000 new hires in permanent jobs each year

Technical expertise

2,500 patents in effect around the world

Leonard: 35 intrapreneurship projects supported via four programmes, of which 12 have evolved into new VINCI companies or businesses

Strong local roots

€24.2 billion in purchases

€2.1 billion in investments

65% of the Group's approved suppliers are SMEs

15 foundations and sponsorship organisations worldwide

75% of Group companies with no lost-time workplace accidents > 3,000 middle school students in the Give Me Five integration programme 992 employees involved worldwide > 4,000 people supported each year through integration programmes to bridge the employability gap

lab recherche environnement: 40 research projects related to energy, biodiversity or mobility since its inception

€1.9 billion in total taxes paid in 2020 83% of contracts applying responsible purchasing criteria during the tender process

10% reduction in CO2 emissions

14% of recycled aggregate mix infrom 2018, excluding acquisitions Eurovia's total production €3.5 billion of revenue generated 32 airports using no covered by an environmental label phytosanitary products

Financial position

Market capitalisation: €50 billion

€4 billion in free cash flow

Employees

The Group's most valuable asset

Communities

A partner working in the public interest with a positive social and employment impact

Customers

Customer satisfaction and innovation

Suppliers and subcontractors

Local market players

Governments

VINCI pays taxes in more than 100 countries. In France, VINCI ranks among the five biggest taxpayers

Society

Contributor to the energy transition

Investors

Robust performance over the long term

ECOLOGICAL TRANSITION

TRANSFORMING BUSINESSES TO ENSURE LONG-TERM GROWTH

The world is in a climate emergency, making environmental protection a pivotal issue for VINCI. The Group plans to respond by fully embracing its role in facilitating the ecological transition of buildings, infrastructure and mobility. VINCI is aware of the responsibility it bears, due to the nature of its business activities, but also recognises its ability to contribute positively to the energy transition. In 2019, the Group recast its environmental policy, charting a new roadmap for the decade beginning in 2020. VINCI has embarked on an emissions trajectory leading to carbon neutrality in 2050, in line with the goals set by the Paris Climate Agreement in 2015. The Group has also made deep commitments to support a circular economy and protect natural environments.

The new roadmap, which each business line has translated into action plans, is accelerating the environmental transformation of VINCI's business activities. It aims to significantly reduce their direct impact, while enabling customers, partners and infrastructure users to diminish their own footprints. To achieve this dual goal, VINCI fosters the engagement of its employees and incites them to take the necessary action in their day-to-day activities to collectively achieve the Group's ambition. Programmes developed through the Leonard platform and other components in VINCI's innovation ecosystem (see pages 24 to 33) spur the development of products and servicesthat create environmental value, in particular by harnessing the power of digital technologies and advances in artificial intelligence. The business lines' own innovation policies complete this set of initiatives.

THE LEONARD PLATFORM is driving the development of new products and services that create environmental value.

EUROVIA IS EXPANDING its production of recycled materials to reduce the use of natural resources.

Creating new opportunities for Group companies

Stimulating innovation is an integral part of VINCI's strategy and accelerates the transformation of its business activities, products and services. In addition to the multi-business initiatives driving innovation at Group level, which include Leonard, lab recherche environnement and

La Fabrique de la Cité, each business line houses a platform to infuse innovation in its sphere of activity, such as La Factory (Paris) at VINCI Energies, the tech startup Cyclope.ai at VINCI Autoroutes, the network of innovation centres of excellence at VINCI Concessions, and Eurovia's international research centre in Bordeaux.

Leonard, the Group's innovation and foresight platform, has continued to support entrepreneurial innovation. The Intrapreneurs track welcomed nine new projects imagined by VINCI employees, while incubated projects from previous cohorts continued their development in the Group. Twelve of these have already evolved into new business activities or operating entities, such as Waste Marketplace, a digital solution for worksite waste management, and e>béton, a platform for the distribution of low-carbon concrete in the Exegy range. An artificial intelligence track was inaugurated in 2020, generating six AI applications for the Group's businesses, in addition to AI training courses for employees. Leonard also supported five early stage startups in the Seed track, helping them to adjust their business plans to market realities. The 11 growth-stage ventures in the Catalyst track partnered with Group companies to expand their products and services. These programmes are turning Leonard into the foremost incubator, for both startups and investors, in VINCI's sphere of businesses. Leonard also produces foresight studies, integrating the input of Group companies to help build projects with real-world applications. For example, Leonard's work on autonomous, connected

INNOVATION

FORESIGHT

electric vehicles led to Eurovia's participation in the testing of a self-driving shuttle in rural areas (see page 7). This coordinated approach has been validated by France's national strategy for autonomous mobility, which recognises the need for cooperation between autonomous vehicles and road infrastructure. Leonard also joined forces with Shell and the OECD to develop three scenarios, to which about 30 experts have contributed, for achieving carbon neutrality for the city of Paris by 2050.

Leonard's teams organised a number of events during France's first lockdown due to the health crisis, including a series of daily virtual conferences. In September, the Building Beyond festival assembled some 100 speakers and more than 2,500 participants online and at Leonard:Paris. Internationally, Leonard expanded its activities in the DACH region (Germany, Austria and Switzerland), assisted by the German subsidiaries of Eurovia and VINCI Energies.

lab recherche environnement,

which emerged in 2008 from a partnership between VINCI and three ParisTech schools (Mines, École des Ponts and Agro), supported 10 doctoral and post-doctoral research projects in its four areas of expertise: nature in urban environments, neighbourhood life-cycle analysis, the energy performance of buildings and urban mobility. Along with these science sponsorship initiatives, lab recherche environnement creates gateways between research and industry. One way this is accomplishedis by undertaking in-depth work to further develop the Group's in-house innovations, such as that contributing to Power Road®, Eurovia's thermal energy-generating road technology. Another way it connects research and industry is by forming "mirror groups" of VINCI employees, who work alongside researchers to identify demonstrators and implement them in the Group's projects. Lab-to-market workshops, like the one on urban agriculture, help detect new business opportunities arising from the research carried out in the various industries. Additionally, lab recherche environnement conducted two new studies on the environmental impact of transport infrastructure and services in Les Lumières Pleyel, a testing ground for the three ParisTech schools. The neighbourhood is located in Saint-Denis in the Greater Paris area, where the Group's companies have a strong presence. To disseminate its research findings, it ran a cycle of conferences reaching a total of 1,600 participants over the year and released its first publication, a guide to planting city roof gardens (Agriculture urbaine - comment aménager une toiture-terrasse), in tandem with the publishing house Éditions Eyrolles.

La Fabrique de la Cité, a think tank created by VINCI, continued to monitor, explore and research various urban foresight issues. In 2020, it published three reports - on the democratic challenges faced by large projects, on funding mobility in a post-carbon world and on health issues specific to urban spaces. For its Across Cities in Crisis series, La Fabrique has produced a stream of original content analysing the many repercussions of the Covid-19 pandemic on urban spaces. The think tank also hosted its first event exploring medium-sized cities and partnered with the literary journal Lire Magazine to launch a short story competition with the same theme, which attracted 750 submissions. All these initiatives were widely echoed in the media and have helped to inform current debate on urban issues.

Trends and issues impacting VINCI's businesses

VINCI closely tracks and analyses the key trends liable to impact its businesses in the short, medium and long term. The main issues are the environmental emergency, social and workforce expectations, urbanisation, mobility and digital transition.

These shifts may involve risks, but they also provide opportunities, in particular for the development of eco-efficient solutions. They are central to the work of VINCI's entities focused on foresight analysis (see page 19). The executive bodies and business lines also ensure they include these issues in the policies they implement.

The main environmental, social and ethical ambitions are briefly addressed in the following pages. The policies and action plans for each area are detailed in the non-financial performance statement (see pages 184 to 243) and the duty of vigilance plan (see pages 244 to 269).

MAIN TRENDS	ANALYSIS AND ISSUES
ENVIRONMENTAL EMERGENCY According to international benchmark scenarios, climate change risks having a profound effect on today's lifestyles. There is also growing pressure on natural resources and the environment, at times beyond their capacity to regenerate or adapt.
SOCIAL AND WORKFORCE EXPECTATIONS Given social inequality and crises, measures to protect employees, to promote inclusion and integration for all, to improve human rights in value chains, to ensure compliance with ethical principles and to maintain regional social cohesion have now become crucial.
URBANISATION In 2030, 60% of the world's population will be living in cities, mostly in developing countries. Citizens increasingly want to be involved in development projects.
MOBILITY Given today's rampant urbanisation, demographic and social changes and the climate emergency, sustainable mobility must be created reflecting emerging new needs and a range of uses.
DIGITAL TRANSITION Data mining, artificial intelligence and new technologies bring new solutions for the Group's projects while protecting personal data.

VINCI AUTOROUTES

VINCI Autoroutes finances, designs, builds and operates motorways in France. With a network of 4,443 km under concessions run by ASF, Cofiroute, Escota, Arcour and Arcos, VINCI Autoroutes is France's leading concession holder.

The primary mission of its 6,000 employees is to ensure - whatever the circumstances - network maintenance and the continuity of a public motorway service, which is vital to the economy, society and regional accessibility.

As a responsible company with very high standards regarding the urgent issue of climate change,

VINCI Autoroutes is committed to ecological transition. It is adapting the way it operates and transforming its infrastructure to foster new practices that help decarbonise road travel.

THE A11 MOTORWAY west of Ancenis, between Nantes and Angers in western France.

VINCI Autoroutes worked tirelessly to ensure the continuity of the public motorway service under the unprecedented conditions of the health crisis, finalised its new environmental goals for 2030, and has already achieved significant, tangible progress in sustainable mobility.

ECONOMIC DATA

TRAFFIC AND REVENUE Traffic on VINCI Autoroutes' network was hard hit by the travel restrictions imposed in France to combat the Covid-19 pandemic. It plummeted 51.8% in the second quarter during France's first lock- down, relative to the same period in 2019, before picking up significantly in the third quarter - when it fell by only 4.3% - and declining again during the second lock-down in November and December. Over the full year, all types of vehicle combined, traffic declined 21.4%.

Light vehicle traffic decreased by 23.8%, much more than heavy vehicle traffic, which proved particularly resilient in a health crisis, and declined by just 6.5%, confirming how essential road travel is to the national economy. In these circum-stances, revenue declined by 17.5% to €4.6 billion.

INVESTMENT AND DEBT Investment remained high at over €750 million for a construction programme that suffered only minor delays as a result of the health crisis. The Covid-19 pandemic brought operations to a brutal halt in March (see page 39), and this programme helped get business going again even before the first lockdown was lifted. Most investment concerned the western

SOLIDARITY

During the lockdown in France, local food produce was distributed to lorry drivers in partnership with FNSEA, France's leading agricultural union.

ELECTRIC VEHICLES used by VINCI Autoroutes' operating teams.

Strasbourg bypass - currently France's largest motorway project -, as well as road widening, upgrades and environmental performance improvements to existing networks under the motorway stimulus plan. For VINCI Autoroutes, the motorway stimulus plan, which was launched in 2016, represents a total investment of nearly €2 billion - over 90% of which had been allocated at the end of the year. In add-ition, as part of the motorway investment plan, VINCI Autoroutes invests in a series of network upgrades jointly financed with the local authorities and aimed at improving access to major urban areas and devel-oping eco-mobility within regions.

At 31 December 2020, the net finan-cial debt of VINCI Autoroutes' companies amounted to €18.3 billion. In May 2020, concession company Cofiroute success-fully launched an 11-year, €950 million bond. The issue was almost three times oversubscribed - confirming investor confidence in the solidity of both VINCI Autoroutes' and the Group's business model. The operation reduced the cost of VINCI Autoroutes' debt and extended its average maturity.

CONCESSION PROFITABILITY

ANALYSED BY

THE REGULATOR

As part of the missions entrusted to it by the French Senate, on 30 July 2020, the French Transport Regulatory Authority

the end of the concession period without compensation, even if the assets have increased in value.

The report tracks the concessions' profitability using the internal rate of return, or IRR, to assess the return on capital shouldered by the motorway users in the form of toll payments over the long term. It indicates that the "recent" and "historic" IRR of the concessions in 2019 - which the Authority estimates at an average of 6.4% and 7.8% respectively - must be considered in the light of this business model. The report also points out that, overall, the profitability trends of concession companies were "favourable" from 2017 to 2019, but "moderate" before the Covid-19 pandemic slashed traffic.

BUSINESS CONTINUITY

The health crisis underscored just how indispensable road travel is to ensure the continuity of crucial business activities in a country where nine out of ten trips are made by road. During the lockdowns, particularly in the spring when other modes of transport were suspended, the motorway network was key to ensuring that links between regions and with neighbouring countries were maintained, and that the transport and logistics chain for goods and commodities continued to function safely.

FOOD TRUCKS

Free hot meals were distributed to lorry drivers at service areas, as the French government mandated to close restaurants.

Motorway service areas remained open - except for their mass catering and dining areas, which were closed in accordance with government regu-lations - with daily indicators showing availability rates of between 97% and 100%. Meanwhile, VINCI Autoroutes posted 1,600 messages for users on its social networks and notched up over 18 million views.

As well as fulfilling its contrac-tual obligations, VINCI Autoroutes reached out to lorry drivers and essen-tial workers in particular, distributing over 15,000 free hot meals at its service stations and organising several local initiatives with its partners at the regional level.

MOTORWAY

ASSETS

Roadworks also continued on the network.

Although the application of govern-ment measures meant roadworks were halted at the beginning of the first lock-down, the programmes managed by VINCI Autoroutes were among the first in France to start up again from 20 April. This was made possible by the joint efforts of its teams and the contractors, works companies, safety coordinators and employee representative bodies, who came together to ensure work could resume while strictly respecting the health and safety protocols established by OPPBTP, France's Professional Agency for Risk Prevention in Building and Civil Engineering. Strict safety procedures are customary at worksites and involve all participants, which made it easier to apply the new health and safety rules.

Nearly 600 projects were in the design or works phase on the VINCI Autoroutes network in 2020. Together, they repre-sent 4.3 million hours of onsite work, or about 5,300 direct and indirect jobs (2,600 annual full-time equivalent).

Up to 1,000 people worked on the western Strasbourg bypass (A355) alone during the summer. The earthworks and virtually all the civil engineering work were completed in 2020, and work has started on the road surfaces and infra-structure equipment. The bypass is due to open at the end of 2021.

SECURITY

Operations resumed at the worksite of the western Strasbourg bypass in strict compliance with health and safety measures.

WIDENING

Works to convert the A61 into a three-lane dual carriageway in south-west France, carried out under the motorway stimulus plan.

MULTIMODAL

Commissioned in December 2020, the Longvilliers car park promotes the development of shared mobility in the region west of Paris.

The western Strasbourg bypass project also includes a biodiversity and natural habitat conservation programme of unprecedented scope (see box, opposite).

VINCI Autoroutes continued the large- scale widening works on the existing network undertaken as part of the motorway stimulus plan. The widening of both the A9 (between Le Boulou and the Spanish border) and the A63 (between Ondres and Saint-Geours-de-Maremne, in south-west France) was completed in 2020. Similar road widening projects are under way on the A10 (a 16 km section north of Orléans and another 24 km section south of Tours), and on the A61 (sections located between the A61/A66 junction and the Port Lauragais service areas, and between the Lézignan-Corbières interchange and the A61/A9 junction at Narbonne). Roadworks to widen a 7 km section on the A57 in the Toulon Provence Méditerranée metro-politan area will kick off in 2021. At the same time, VINCI Autoroutes built several structures specifically to protect natural habitats (primarily wildlife crossings and

NATURAL ENVIRONMENTS

A deer crossing the Col du Grand Bœuf green bridge on the A7 motorway.

THE AIRES 360° APP allows employees visiting a motorway service area to assess its service quality and cleanliness.

hydraulic structures) also funded under the motorway stimulus plan, which includes 140 projects of this kind.

As part of its drive for sustainable infra-structure management, VINCI Autoroutes continued to roll out its full BIM (Building Information Modelling) programme, which aims to provide a comprehen-sive picture - in space and time - of all the components of its motorway assets: linear motorway infrastructure, road surfaces, civil engineering structures, signage and surveillance equipment, service areas, etc. Gradually, all motorway activities, from programme management to operation, will have access to a set of efficient, standardised tools, including a geographic information system that is a "digital twin" of the network. This will enable VINCI Autoroutes to optimise and better coordinate infrastructure design-construction, renovation, main-tenance and management operations. This major digital transformation project includes the largest training programme ever conducted by the company, involving 4,500 employees.

The new 24 km motorway infrastructure that will bypass Strasbourg boasts 130 ecological transparency structures. For large animals, structures include three specific wildlife crossings (green bridges) and 20 mixed-use crossings (passes for both farm and wild animals, and hydraulic structures also used by wildlife). Structures for small animals include 51 underpasses and 42 mixed-use crossings. There are also nine "bioducts" - an innovation introduced with this project. As it would be difficult to build crossings in the embankment areas, the concession company Arcos came up with installing ledges along the bridge decks to create crossings for small animals.

The bypass also crosses several rivers and streams, many of which have been turned into straight ditches by intensive farming. The project includes environmental engineering works to revert these rivers to their original meandering riverbeds and recreate the natural plant habitats on their banks to bring back the many amphibian species that used to live there.

2030 ENVIRONMENTAL

AMBITION

In line with Group-wide policy, in 2020 VINCI Autoroutes finalised its environ- mental ambition. The programme aims to profoundly transform its business activ- ities, infrastructure, and the way its clients travel, in order to accelerate the ecological transition of motorways. As part of this transformational work, management and

employees came together to define a set of targets, actions and areas of improve- ment in the three priority areas identified for the Group as a whole.

CLIMATE. VINCI Autoroutes has pledged to halve direct CO₂ emissions from its activities (Scopes 1 and 2) by 2030 rela-tive to 2018, and at the same time help its partners and clients reduce their emissions (Scope 3). The first target will be met primarily by decarbonising its fleet of vehicles and reducing the energy consumption of its buildings, infra-structure, worksites and service areas. The second, by introducing decarbon-ised mobility solutions such as electric vehicle charging stations, carpooling parks, multimodal infrastructure, etc., and by encouraging motorway users to change their habits. The low-carbon motorway project, launched in partner-ship with regional authorities, is part of this drive. After an initial pilot alliance signed in 2019 with the Provence-Alpes-Côte d'Azur region in the south of France, similar partnerships with other regions were launched at the end of 2020.

THE CIRCULAR ECONOMY. VINCI Autoroutes aims to recycle or reuse all of the waste generated by its operating activities, work- sites and commercial installations, and by clients at its service areas. It will do this by improving waste sorting, reinforcing recycling activities, and raising aware-ness with employees and clients. As a programme manager, VINCI Autoroutes will also require construction companies

THE FIRST BIOGAS VAN to be used by VINCI Autoroutes, seen here in the district of Chanas, south of Lyon.

to gradually increase the percentage of recycled materials in asphalt mix to 90% by 2030.

PROTECTING NATURAL HABITATS. Between now and 2030, VINCI Autoroutes aims to eliminate all phytosanitary products from green area maintenance on its network, and reduce the water consumption of its activities by 10%.

These targets structure and amplify the environmental measures implemented by VINCI Autoroutes over the last several years - with tangible progress achieved in 2020 - and therefore ensure that they are sustained long term.

SUSTAINABLE

MOBILITY

MULTIMODAL SOLUTIONS

AND CARPOOLING

VINCI Autoroutes works with the French regions to improve local transport services and better integrate motorways in their mobility plans. For example, in 2020, the Longvilliers multimodal car park, about 50 km south-west of Paris, opened for service. This hub is one of the first commuter amenities of its kind.

VINCI Autoroutes is working with Métropole de Lyon, the local authority for the Lyon metropolitan area, and several industrial and academic partners, on the Lyon Carsharing Experimentation project, overseen by the Institute for Technological Research (IRT) System X. The project is part of the scheme to convert the section crossing Lyon on the A6/A7 motorway into an urban boulevard, now the M6/M7. The aim is to use this thoroughfare to develop carpooling using a blockchain-based platform that combines the services of multiple operators. The experiment also tests an educational control solution, and dynamic traffic regulation of carpooling lanes (also used by buses, taxis and electric vehicles).

It connects the motorway to the Greater Paris area's public transport networks and provides 255 free parking spaces, electric vehicle charging stations, covered bicycle parking facilities and several other services that make commuters' lives easier. VINCI Autoroutes is working with several other cities and metropolitan areas - including Aix-Marseille-Provence, Lyon, Bordeaux, Toulouse and Nice - to create similar hubs and/or reserved bus and carpooling lanes on peri-urban motorways. For example, a multimodal hub is due to be built in Toulon as part of the widening of the A57.

For over a decade now, VINCI Autoroutes has also been encouraging motorway users to carpool by providing dedicated parking facilities at motorway entrances and exits on its network. Thirty-six of these car parks providing

nearly 3,000 spaces were in service at end-2020. As part of the motorway invest-ment plan, the VINCI Autoroutes network will double its carpool parking capacity in the next few years. The locations of another 40 or so car parks - a total of over 3,000 additional spaces - are currently being reviewed with the relevant regional authorities.

ELECTRIC

AND DECARBONISED

MOBILITY

VINCI Autoroutes has accelerated the rollout of fast, high-power electric vehicle charging stations. Sixty-nine of these new stations were installed during the year, bringing the network total to 240, including 159 high-power stations, at end-2020, covering nearly 25% of service areas. When operating contracts come up for renewal on commercial installations at service areas, the calls to tender include sections on electric mobility. This rollout plan aims to meet VINCI Autoroutes' environmental goals and fit all its service areas with charging stations in the next few years.

VINCI Autoroutes has also acceler-ated its own transition to eco-mobility. At end-2020, one-third of its light oper-ating vehicles were already electric, and it is currently trialling biogas-powered patrol vans.

VINCI Autoroutes is also thinking longer term. It works with Leonard, VINCI's innovation and foresight platform, on national and international research into dynamic electric road systems that will allow vehicles, especially heavy ones, to recharge while driving. Leonard and VINCI Autoroutes also support EP Tender, a startup that is developing the concept of "batteries as a service" with a modular approach to the electric vehicle and a pay-per-use business model for occa-sional long-distance trips.

AUTONOMOUS MOBILITY VINCI Autoroutes has been working with PSA Group for several years and is now trialling completely autonomous vehicles in real traffic conditions on its network.

VINCI Autoroutes is also a member of SAM (Sécurité et Acceptabilité de la conduite et de la Mobilité autonome - safety and acceptability of autonomous driving and mobility), a consortium of public and private players in the road mobilitysector. SAM tests a range of autonomous vehicle situations and shares the know-ledge acquired in safety, acceptability, and environmental and socio-economic impacts. As part of this project, an I2V (Infrastructure-to-Vehicle) data exchange platform developed by Cyclope.ai was installed on the 11 km A86 Duplex tunnel in the Greater Paris area in 2020. Using lane surveillance cameras and image processing algorithms, the infra-structure sends the vehicles qualified information on traffic conditions and inci- dents. This communication expands the autonomous vehicle's perception range and therefore increases its autonomy and safety.

OPERATION AND SERVICES

MAINTENANCE AND SAFETY The maintenance and safety department's 2,000 employees, whose work is coord-inated by 20 operations control centres, work around the clock to ensure that users travel safely. Their presence on the motorway network every day was what helped ensure a continued motorway service during the lockdowns, and espe-cially a high quality service for people taking breaks at the service areas.

To provide the best possible service from response teams on the motorway and ensure the safety of both travel-lers and motorway personnel, VINCI Autoroutes is developing new tools that report and process information about incidents in real time (see "Traffic News" opposite) and is equipping its vans with smart cameras that detect dangerous driving by people approaching a temporary traffic management area.

VINCI Autoroutes is deploying these tech- nologies in conjunction with awareness campaigns conducted jointly with its road safety partners. These campaigns aim to ensure that drivers know about and apply the safety corridor legislation enacted into French traffic law in 2018, which all drivers are required to comply with when motorway personnel are present on the side of a road, expressway or motorway. In 2020, 49 response vehicles were hit on the VINCI Autoroutes network because drivers did not apply this rule.

More generally, the VINCI Autoroutes Foundation for Responsible Driving raises driver awareness of the safety of the "men and women in yellow" and of all motorway users, and focuses, in particular, on risks related to drowsiness and the use of distracting devices at the wheel.

TRAFFIC NEWS

The unusual context of the health crisis highlighted how essential VINCI Autoroutes' traffic news service is. It used all its media (website, Radio VINCI Autoroutes, Twitter traffic newsfeeds by major corridor, subscriber newsletters, VINCI Autoroutes Facebook page, motorway information

Launched in 2016, the strategic partnership between VINCI Autoroutes and Société Nationale des Autoroutes du Maroc (ADM) initially involved modernising toll operation and developing electronic toll collection. In 2020, its mandate was extended to cover traffic news, motorway radio, road safety and sustainable development. Based on the findings of a responsible driving survey conducted by the VINCI Autoroutes Foundation in Morocco, ADM ran a 10-spot TV campaign during the summer of 2020 to raise safety awareness among Moroccan drivers. Like the VINCI Autoroutes Foundation, ADM recommends taking a break every two hours, or as soon as drivers feel drowsy, and advises them to avoid using connected devices at the wheel.

signs) to provide motorway users with helpful, up-to-date information in real time.

The crisis strengthened the Group's bond with road transport personnel and truck drivers in particular. A special help line was set up for them on 3605 (customer service), and a large part of Radio VINCI Autoroutes air time was devoted to them (see box opposite).

VINCI Autoroutes also continued to roll out Performance Info Trafic, a digital transformation programme which aims to provide motorway users with more reli- able and more comprehensive information faster. To achieve this, VINCI Autoroutes is overhauling the systems and processes it uses to collect, process and dissem-inate traffic information, and enhancing its ability to deliver the news where and when it happens. This programme opti- mises coordination between the operations and user information services using two complementary tools, PaCo and Cockpit. The business app PaCo (Patrouilleur Connecté or connected patroller) is now used by all motorway personnel out on call to report geo-located information supple- mented by photos and videos. Cockpit is a tool used by safety control centres and traffic news centres to aggregate the data collected by VINCI Autoroutes in real time by comparing it with partner data (notably using community apps). This aids

THE TRAFFIC INFORMATION CENTRE in Vedène, southern France, is one of three VINCI Autoroutes traffic surveillance centres.

in understanding incidents and improves surveillance, while enabling the trans-mission of consistent information to all news channels.

ELECTRONIC TOLL

COLLECTION AND SUBSCRIBER SERVICES VINCI Autoroutes consolidated its position as France's motorway subscriptions leader thanks to its Ulys services, which boasted close to 692,000 subscriptions in 2020 and 4.4 million vehicles fitted with an Ulys tag. More than 55% of tolls on the VINCI Autoroutes network are now collected electronically.

Although sales conditions were disrupted, this growth was driven by a simplified subscription offering - with three plans available (Ulys Flex, Ulys Classic and Ulys Premium) - and by the launch of the Ulys Bluetooth tag a few days ahead of the busy summer holiday season. This new

During France's first lockdown, Radio VINCI Autoroutes launched the programme "Les routiers sont toujours aussi sympas" (truck drivers are still swell) to accompany the road transport professionals who continued to supply goods across the country. The programme was named after a cult French radio show from the 1970s and 1980s. Every evening from Monday to Thursday since 11 May 2020, radio host Sébastien Ponchelet, himself the son of a lorry driver, and the radio editorial team start a conversation about the world of truck drivers and air their messages. The show was so successful that it has continued to air after the lockdowns were lifted and is now an integral part of daily life for road transport professionals.

connected tag can be activated instantly when paired with the Ulys smartphone app. It can be purchased at Ulys stores and VINCI Autoroutes service areas, as well as from a large network of retail, auto industry and e-commerce partners.

To strengthen bonds with its sub-scribers, VINCI Autoroutes has created the Ulys Team club which gives them access to exclusive offers and special deals with partners in the road mobility sector. The Ulys app also features new services to make travel easier. For example, it dis-plays fuel prices and informs users about the availability of electric vehicle charging stations at the service areas along their itinerary.

VINCI AIRPORTS

As the world's leading private operator in its sector, VINCI Airports manages a network of 45 airports across 12 countries in Europe, Asia and the Americas. Thanks to its expertise as a global integrator, it develops, finances, builds and manages airports, leveraging its investment capacity and know-how in optimising operational performance, modernising infrastructure and steering their environmental transition.

RECOGNISED both nationally and internationally for its environmental initiatives, Brazil's Salvador Bahia Airport, operated by VINCI Airports, was recently appointed to the Permanent Sustainability Committee of Airports Council International.

Despite the sharp contraction in commercial traffic, the airports in the VINCI Airports network continued to function without interruption, including in the lockdown periods, to perform their public service mission. Its employees worked hard, primarily, to repatriate people stranded abroad; participate in transporting patients, healthcare workers and medical equipment; and guarantee continuity of freight operations.

ECONOMIC DATA

Air transport was among the first sectors to be hit by the Covid-19 crisis and one of the most seriously impacted. After a solid performance in the VINCI Airports network in January, in line with buoyant trends in the preceding year, passenger traffic started to decline in February (down 5%) with the first signs of the pandemic in Asia. Then as of March, it dropped sharply as travel restrictions were implemented on all continents, shutting down virtually all commercial flights in the second quarter. After a limited recovery in the summer thanks to tourism and family-related travel, activity was again penalised by a second wave of restrictions in the fourth quarter in response to a resurgence of the pandemic. A slight uptick was observed during this period, however, in airports operating in the Americas and in domestic travel in Japan. Over the full year, traffic fell 70% to 76.6 million passengers.

Under these circumstances and in compliance with contractual and regu-latory obligations, a cost optimisation plan was promptly launched over all the network's airports, drastically reducing operating expenditure and postponing non-essential investments.

The exceptionally difficult situation of air transport also called for amendments to airport financing contracts. A particu-larly noteworthy example is London Gatwick, where lenders approved by alarge majority the request made by the airport management company, 50.01%- owned by VINCI Airports, for temporary relief of its obligation to respect finan-cial covenants.

In the United States, VINCI Airports successfully renewed the management contract for terminals E and F at Atlanta Airport, and won a 10-year extension of its operating contract for Hollywood Burbank Airport in California.

CONTINUITY OF

SERVICE

The airports in the VINCI Airports network continued to operate without interruption, even through lockdowns, to perform their public service mission. Services were provided to repatriate people stranded in other countries; participate in trans-porting patients, healthcare workers and medical equipment; and guarantee continuity of freight operations. By way of example, during the second wave of the pandemic in France, 77 medical and

ORLANDO SANFORD, one of the eight airports (including three under partial management contracts) operated by VINCI Airports in the United States.

TEMPERATURE TESTING at Guanacaste Airport, Liberia, Costa Rica.

emergency flights were organised in the VINCI Airports network over three weeks.

Meanwhile, employees rolled out protective health measures in each airport, in coordination with the local authorities, to reorganise spaces, set out social-distancing markers, clean and disinfect sites, and run passenger awareness campaigns. The high safety level achieved - for both passengers and airport workers - through these meas- ures was validated on the European level by an audit campaign led by the inde-pendent agency Bureau Veritas in the network's airports in France, Portugal and the United Kingdom. In Latin America, Guanacaste Airport (Costa Rica) was the first in the world to obtain Airport Health Accreditation from Airports Council International (ACI), which was later attributed to eight other network airports located in the Dominican Republic, Cambodia and Serbia.

HEALTH PROTOCOL as implemented at Salvador Bahia Airport, Brazil.

The anti-Covid measures implemented by VINCI Airports include Lisbon Airport's autonomous robot that uses ultraviolet technology for cleaning, and an app allowing passengers to share their opinion in real time about the health measures put in place, using QR codes installed in some 40 spots in the terminal. On 15 June 2020, the 10 Portuguese airports managed by VINCI Airports were awarded the Clean and Safe label by the tourist authorities.

PROGRAMME MANAGEMENT

Through its global operator model, VINCI Airports capitalises on its expertise in airport project management to modernise the airports it operates, usually in synergy with the Group's Contracting business lines. Despite the challenges of the health situation, VINCI Airports pursued and delivered several infrastructure projects while fully respecting safety rules.

In Europe, VINCI Airports completed upgrading of runways for the Rennes Bretagne and Toulon Hyères airports in France. In Serbia, modernisation works at Belgrade Airport moved into operational phase. Carried out under a 25-year concession that came into effect at end-2018, these works include refur-bishment and extension of the existing terminals, together with construction of a new runway, a 36,000 sq. metre car park and a solar photovoltaic system, for a total investment of €730 million spanning the term of the concession.

In Latin America, VINCI Airports continued work on the huge renovation and extension project at Santiago Airport in Chile, in collaboration with VINCI Construction Grands Projets, and handed over new buildings for the police services. The works, which cover a total area of over 500,000 sq. metres, are associated with a set of initiatives designed to reduce the airport's CO₂ emissions 40% by 2030: installation of a solar farm and LED lighting, purchase of 100% renewable energy and a reforestation plan. In the Dominican Republic, a new freight terminal was brought into service at Las Américas Airport in Santo Domingo, as part of an investment programme that will continue in 2021.

In Asia, VINCI Airports completed upgrading of the runway at Sihanoukville International Airport in Cambodia and redesigned the retail areas at Osaka Itami Airport in Japan, after four years of works. In the run-up to the Osaka 2025 Universal Exposition, the goal was to offer passengers an experience that meets the best inter-national standards, while showcasing the region's specific cultural resources.

IN SERBIA, modernisation works at Belgrade Airport have moved into operational phase.

IN CAMBODIA, for Environment Day, which brought together Group employees across the world in the autumn of 2020.

POLICY

VINCI Airports, the first airport operator to deploy a comprehensive environmental policy over its whole network, in 2015, strengthened this commitment in 2020, in line with the Group's overarching environ- mental ambitions. After reducing carbon footprint per passenger by 35% over the 2015-2019 period, VINCI Airports has set a new goal of reducing gross emissions 51% by 2030, and, over the same timeframe, commits to halving water consumption, eliminating the use of phytosanitary prod- ucts in its airports, and sending zero waste to landfill thanks to recycling and reuse.

This ambitious strategy is particularly evident in the modernisation programmes rolled out by VINCI Airports, which include a growing share of environmental initiatives. On this point, Salvador Bahia Airport in Brazil, which has commissioned a 4.2 MWp photo- voltaic power plant for self-consumption, is exemplary: integrated in the VINCI Airports network at the beginning of 2018, it benefited from an environmental upgrade during the renovation and extension programme that elevated it to the highest international standards. Thanks to the progress made, at the beginning of 2020 the airport earned

IN CHILE, renovation and extension works at Santiago Airport cover a total area of over 500,000 sq. metres.

AWARENESS CAMPAIGN about preventive measures rolled out by VINCI Airports at all the airports in its network.

Level 2 Airport Carbon Accreditation (ACA) from the ACI, and received awards from the Brazilian Civil Aviation Authority (most sustainable aerodrome in Brazil) and the Ministry of Infrastructure (Via Viva 2020, airway category).

Other actions are deployed throughout the term of contracts to reduce the environ- mental footprint of the network's airports: installation of solar panels, replacement of existing conventional light bulbs with LEDs, upgrading heating and air-conditioning systems, and changing to electric service vehicles and runway machinery. To guide each airport in its efforts to progress while fostering global momentum, all the airports that join the VINCI Airports network sign up to the ACI's ACA process and undergo an annual audit carried out by an inde-pendent agency. In 2020, Belgrade Airport and Stockholm Skavsta Airport obtained ACA Level1 accreditation (approval of measurement of carbon footprint using an international standard). Also in 2020, the three Cambodian airports and the Clermont Ferrand Auvergne Airport, inFrance, moved up from Level 1 to Level 2 (certification of average reduction in carbon footprint over three years), while London Gatwick and Lyon-Saint Exupéry airports achieved Level 3+ (carbon neutrality) certi- fication. Guanacaste Airport in Costa Rica is the first in Latin America to be recognised as carbon neutral according to the process validated by the NGO Earth University.

In parallel, VINCI Airports plans to involve its aviation partners in its environmental efforts by introducing a scheme to modulate airport fees - in compliance with regulations specific to each country - depending on each aircraft's carbon footprint. This should encourage airlines to accelerate renewal of their fleets. Inaddition, under a partnership with the French Aviation Federation, VINCI Airports is supporting development of electric propulsion aircraft in French flying clubs. During the summer of 2020, it hosted two stops, at Grenoble Alpes Isères Airport and Chambéry Savoie Mont Blanc Airport, in the first "Tour de France" for electric aircraft.

THE TOUR DE FRANCE for electric aircraft touches down at Chambéry Savoie Mont Blanc Airport in the summer of 2020.

IN THE DOMINICAN REPUBLIC,

VINCI Airports is the country's leading private solar energy producer, thanks to the solar power plants installed at its six airports.

OPERATIONAL PERFORMANCE AND SERVICES

VINCI Airports' continuing efforts to increase the efficiency of its operations and make the travel experience safe and pleasant have been honoured with several awards. After Lyon-Saint Exupéry in 2019, Lisbon Airport, for the first time in its history, was named ACI EUROPE Best Airport

Trialled since October 2020 at Lyon-Saint Exupéry Airport, Mona puts the airport experience in a whole new dimension. By combining biometrics with a relational marketing solution and a dedicated pathway through the airport, this app uses face recognition to enable service subscribers to pass through control points (excluding border control), from luggage drop-off to boarding, without any physical contact. To meet the requirements of France's Data Processing Authority, Mona has integrated the latest recommendations from authorities to guarantee passengers' data and rights are protected. The service was developed in concertation with the French Directorate General for Civil Aviation under its Vision Sûreté innovation programme. Mona also provides real-time information on flights and passenger pathways. In future, it may extend its range of services through partnerships with airlines and terminal retailers.

for 2020 in the 25-40 million passengers per year category. The award recognises the innovative solutions in flow manage-ment developed by the airport, which is a centre of excellence for VINCI Airports in this area. Three other airports in the network were singled out by ACI in its Airport Service Quality category, based on passenger votes: Porto (Portugal), which has benefited over the last few years from an extensive renovation programme; Guanacaste (Costa Rica), which passen-gers appreciate for the efficient and caring teams, short waiting times and the calm atmosphere of its terminal; Puerto Plata (Dominican Republic), whose terminal has been redesigned in accordance with local inspiration since it joined the VINCI Airports network in 2016.

LISBON AIRPORT, for the first time in its history, was named ACI EUROPE Best Airport for 2020 in the 25-40 million passengers per year category.

SALVADOR BAHIA AIRPORT has benefited from a comprehensive renovation programme since its integration into the VINCI Airports network in 2018.

At Lyon-Saint Exupéry, centre of excellence for innovation in passenger experience, 2020 saw the launch of Mona, the first travel assistant based on facial recognition technology (see insert opposite).

THANKS TO A NEW 6,800 sq. metre hangar centralising freight operations, the new terminal at Las Américas Airport in Santo Domingo in the Dominican Republic now houses the entire cargo transport chain in a single space.

62

VINCI HIGHWAYS VINCI RAILWAYS VINCI STADIUM

OTHER CONCESSIONS

VINCI HIGHWAYS

VINCI Highways designs, builds, finances and operates almost 3,800 km of motorways, bridges, tunnels and urban roads in 13 countries.

DEVELOPMENT

CZECH REPUBLIC. On 7 December 2020, the 50/50 consortium set up by VINCI Highways (lead) and Meridiam was awarded the public-private partnership contract (PPP) for the D4 motorway linking Příbram (Central Bohemia) to Písek (South Bohemia). The first motorway PPP contract ever awarded in the Czech Republic, the project covers design, financing, construction and operation of a new 32 km motorway, and transforma-tion of 17 km of existing infrastructure into a two-lane dual carriageway. The new link will improve road connection between rural South Bohemia and the capital.

The 28-year contract represents an investment of around €600 million. The works will be carried out by Eurovia's Czech subsidiary. The motorway will be equipped with state-of-the-art tech-nologies that will guarantee a high level of road safety and comfort for motorists, and improve traffic conditions and flow. From an environmental standpoint, the project includes the recycling and reuse

IN KENYA,

VINCI Highways will be converting a 175 km trunk road into a two-lane dual carriageway under a 30-year PPP.

of 1.9 million cu. metres of excavated materials, a commitment to recycle up to 60% of the total volume of asphalt mix, and construction of stormwater retention ponds and wildlife crossings.

On the part of the road network bordering Slovakia, VINCI Highways already manages the PR1BINA expressway and the Banská Bystrica northern ring road, where it has been carrying out a campaign to replace older lighting systems with lower-consumption LED lamps.

Financial structuring of the project is expected to occur between end-2021 and early 2022.

This first PPP won by the Group in Africa, worth around €1.3 billion, consists of converting the existing trunk road into a 175 km two-lane dual carriageway. Rift Valley Highway will be responsible for design, finance, construction, operation and maintenance of the new motorway for 30 years, with remuneration based on infrastructure availability and qualitycriteria. The works will be carried out by Sogea-Satom, a VINCI Construction sub-sidiary with deep roots in Kenya, and VINCI Construction Terrassement. VINCI Highways will capitalise on its technical and operational expertise to serve traffic management, deploy advanced equipment and maintenance plans, and provide local employees with training.

UNITED STATES. Through its subsidiary Cofiroute USA, VINCI Highways success-fully renewed the services contract for the 91 Express Lanes in California for another seven years. The 29 km infrastructure links the cities of Anaheim and Corona. Tollplus, in which VINCI Highways holds a 30% stake, will provide a next-generation back-office system with new features to facilitate operation management and improve financial performance, while guaranteeing better quality of service standards to its 150,000 subscribers, who make 37 million trips every year.

This motorway, which has been operated by VINCI Highways since 1995, was one of the first in the world to be equipped with a free-flow toll system.

PROGRAMME MANAGEMENT

In Germany, where VINCI Highways is the leading private concession operator with a network of 212 km of motorways under four public-private partnerships (A4, A5, A9, A7-2), a new renovated 5 km section was brought into service on the A7-2, between Grossenrode and Northeim, near Hanover. The works, which included construction of a green animal crossing, were carried out by a consortium led by Eurovia. The contract provides for a complete upgrade of the 60 km motorway, including widening of a 29 km section to three-lane dual carriageway. A surface upgrade campaign was launched on the A5 in south-west Germany, a decade after a renovation programme over the entire motorway by VINCI Highways.

In Colombia, an agreement was signed with the National Infrastructure Agency (ANI) enabling resumption of works on the Bogotá-Girardot motorway, the coun-try's busiest road. Under the terms of a 30-year contract, concession holder Vía 40

Express, owned equally by VINCI Highways and its Colombian partner Constructora Conconcreto, is carrying out a major reno-vation programme over the entire 141 km artery, including construction of a third lane over 65 km and four 2 km tunnels. The works will be carried out by VINCI Construction and Constructora Conconcreto.

In France, in return for extension of the concession for the Prado Carénage and Prado Sud tunnels in Marseille, VINCI Highways has launched construction of a new underground access road that will link the Prado Sud tunnel to the city's southern and eastern districts, freeing up the surface space required for extension of a tramway line. The works are being carried out by a joint venture comprised mainly of VINCI Construction subsidiaries and VINCI Energies.

OPERATION, SERVICES

In Russia, one year after the last two sections (7 and 8) of the M11 motorway linking Moscow and St Petersburg were brought into service, the concession company Two Capitals Highway won the national Rosinfra award in the "high-quality investments in infrastructure" category, in recognition of its compli-ance with the G20 Principles for Quality Infrastructure Investment. In 2020, more than 21 million vehicles travelled on the three sections of the M11 motorway, over 7 million of them on the new section, which offers smoother access to St Petersburg. As a concession holder through its subsidiary UTS, VINCI Highways is also the leading private motorway operator in Russia. UTS is strongly committed to road safety, and in 2020 launched the "Buckle up - save your life" campaign. Failure to use safety belts is the cause of 20% of fatal accidents on Russia's road network.

In Greece, Olympia Odos, which holds the concession for the Athens-Corinth- Patras motorway (201 km), contributed to the interoperability of electronic toll collection (ETC) in the country when it launched the Olympia Pass tag, which can now be used on all Greek motor-ways. The system also introduced the principle of kilometre-based payment in Greece. It calculates the actual distance

IN RUSSIA, the concession holder of the Moscow-St Petersburg motorway won the national Rosinfra award in the "high-quality investments in infrastructure" category.

IN PERU, integrating the Lima expressway into the VINCI Highways network has led to a substantial improvement in quality of service.

AND SOLIDARITY IN COLOMBIA

Vía 40 Express, concession holder of the Bogotá-Girardot motorway, supports a social and professional integration programme for former FARC (Revolutionary Armed Forces of Colombia) fighters. They produce recycled objects (bags, small cases and pouches, etc.), which are then distributed to local communities. In addition, in collaboration with the Red Cross and the International Organisation for Migration (IOM), Vía 40 Express has over the last few years created Vía Esperanza, a reception and humanitarian aid area for refugees fleeing the economic and political crisis in Venezuela.

travelled and automatically reimburses any kilometres not travelled. In addition, Olympia Odos received an accolade at the 2020 Facilities Management Awards for its innovative tunnel supervision and predictive maintenance programme (Smart tunnel), which both extends the useful life of the infrastructure and improves safety.

In Canada, one year after the new motorway bypass around Regina, capital of Saskatchewan, was brought into service, it received the highest award among the trophies organised by the Canadian Council for Public-Private Partnerships. VINCI Highways completed this infra-structure project, the largest ever built in the province (61 km of road, 12 inter-changes, 33 bridges and viaducts) in just four years in close cooperation with Carmacks, Eurovia's Canadian subsidiary, and VINCI Construction Terrassement.

In Peru, integration of the Lima expressway (25 km) in the VINCI Highways network since 2016 has led to a substantial improvement in road safety (75% reduction in the number of accidents) and service

IN GREECE,

Olympia Odos received an award for its innovative tunnel supervision and predictive maintenance programme.

quality, thanks to the implementation of new equipment and efficient operational procedures. The concession company Lima Expresa, VINCI Concessions' centre of excellence for road innovation, trialled several innovative projects that could be applied to other VINCI Highways infra-structure across the world. They include a system powered by artificial intelligence that can identify vehicle category according to dimensions; a voice command system that improves working conditions for toll plaza staff; drones connected to social networks to provide drivers with real-time traffic information; and bins for collecting recyclable objects from ETC users, who automatically benefit from reductions in their subscription charge in exchange.

Many initiatives have been rolled out in the countries where VINCI operates to support front-line workers, particularly healthcare workers, during the health crisis. In Greece, transponders were given to staff at the three Patras hospitals allowing free access to the Rion-Antirion bridge. In Peru (Lima Expresa) and on the Isle of Wight in the United Kingdom, the concession companies made their service vehicles available for transporting medical workers and delivering goods to isolated people. In London (Borough of Hounslow road network), Marseille (the Prado tunnels) and Slovakia (PR1BINA expressway), medical and personal protective equipment was purchased and donated to local health services.

VINCI RAILWAYS

VINCI Railways manages France's second-most used rail line, the South Europe Atlantic high-speed line, built by the Group, and the GSM-Rail telecommunications system, which covers 16,000 km of track in the national rail network.

SOUTH EUROPE ATLANTIC HIGH-SPEED RAIL LINE

Like the whole of the French rail network, the South Europe Atlantic high-speed rail line (SEA HSL) between Tours and Bordeaux, operated as a concession through LISEA, 33.4%-owned by the Group, was hit hard by the health crisis and the travel restrictions imposed by the government. During lock- down, traffic on the line was limited to four trains a day, compared to 80 under normal conditions. Since being brought into service in 2017, the line has carried more than 58 million passengers. Results for the first years of operation show a strong impact on the attractiveness and economic development of the Bordeaux urban area and, more broadly, the entire region. In addition to the sharp growth in interaction between Paris and Bordeaux, the creation of the high-speed line has also led to an appreciable increase in regional express train (TER) traffic in Nouvelle-Aquitaine. LISEA is now working on developing new international lines. After the direct four-hour link between Bordeaux and Brussels first opened by Thalys in the summer of 2019, it is currently studying a future direct link connecting Bordeaux and London in just five hours.

SINCE BEING BROUGHT INTO SERVICE in 2017, the SEA HSL Tours-Bordeaux has carried more than 58 million passengers.

MESEA, the company responsible for line maintenance, pursued its innovation strategy by finalising development of the TIME (Ticket Incident MEsea) application.

This new tool allows optimal manage-ment of incidents occurring on the line by forwarding precise technical infor-mation, such as the temperature of rails and the position of reconnaissance trains, and providing intervention teams with incident timing data to guide their daily operations. LISEA and MESEA have also developed the SEACloud platform, which centralises, structures and analyses infrastructure data, leveraging artificial intelligence to enhance preventive main- tenance tools and improve operational performance.

VINCI RAILWAYS

which confirmed that the environmental mitigation goals had been met. These meas- ures will be monitored by LISEA until the end of the concession contract. LISEA also set up an environmental observatory that shares the data obtained with government agencies and environmental stakeholders through the CompenSEA platform.

GSM-RAIL NETWORK

Under a partnership contract with SNCF Réseau, Synerail, a company owned 70% by VINCI Concessions and 30% by SFR, operates the GSM-Rail network, which it was largely responsible for deploying.

MAINTENANCE of the electric power infrastructure for trains on the SEA HSL Tours-Bordeaux.

DEVELOPED BY MESEA, the TIME application provides intervention teams with data to guide their daily operations.

This Global System for Mobile communica- tions, designed specifically for the rail sector and compatible with European inter- operability standards, covers 16,000 km of track in the French rail network, securing the exchange of information (voice calls and data) between trains, traffic regulators and SNCF maintenance teams. In 2020, Synerail refinanced €53 million in bank debt.

VINCI STADIUM

VINCI STADIUM

VINCI Stadium manages a network of four stadiums built by the Group in France: the Stade de France in Saint-Denis, the Matmut Atlantique in Bordeaux, the Allianz Riviera in Nice and the MMArena in Le Mans.

After a remarkably full programme of events in 2019, 2020 promised to be another excellent year for the four VINCI Stadium venues, whether for recurring sports fixtures or exceptional events (including a Lady Gaga concert and the opera Carmen at the Stade de France, a Paul McCartney concert at the Matmut Atlantique, the semi-finals of the Top 14 rugby competition at the Allianz Riviera, and the Africa-France Summit at the Matmut Atlantique).

However, as of March, restrictive government measures to limit the spread of Covid-19 (ban on large public gatherings, shutdown of premises open to the public, lockdowns, etc.) drastically reduced the number of people permitted to attend public events (limited to 5,000 and later 1,000), leading to the closure of stadiums.

These measures resulted in cancellation or postponement of a total of 32 sporting and cultural events.

From the end of the summer, the stadiums demonstrated their capability - working closely with organisers - to imple- ment stringent health protocols, enabling them to host 60 soccer and rugby matches over the rest of the year, either closed to the public or before very small numbers of spectators.

This expertise is being harnessed by the public authorities in the ongoing discussions on the protocols required to gradually bring the public back to sports venues in 2021.

All four stadiums have embarked on discussions with concession-granting

THE ALLIANZ RIVIERA welcomed the start of the third stage - Nice to Sisteron - of the

Tour de France on 31 August 2020.

authorities around the effects of the health crisis on the economic structure of conces- sion contracts.

Activity in these unprecedented conditions, which saw sports tournaments ending prematurely in March 2020, is described below.

THE STADE DE FRANCE (Saint-Denis) hosted 12 events: five France rugby team matches, five French national soccer team matches, and the finals of the Coupe de France and Coupe de la Ligue soccer competitions.

THE MATMUT ATLANTIQUE (Bordeaux) hosted 13 French Ligue 1 matches and one Coupede France match played by its resident club, the Football Club des Girondins de Bordeaux.

THE ALLIANZ RIVIERA (Nice) hosted 14 French Ligue 1 games, three Coupe de France matches, three Europa League matches and two friendlies played by its resident soccer club, OGC Nice. It also welcomed the start of the third stage of the Tour de France bicycle race on 31 August.

THE MMARENA (Le Mans) hosted four French Ligue 2 soccer games, seven third-division fixtures as from the month of August, and a friendly match played by its resident club Le Mans FC.

OUTLOOK

Visibility remains extremely low at the beginning of 2021, as concessions activities depend on the evolving health situation and potential resulting restrictions. At this stage, it is impossible to offer reliable traffic forecasts for the next few quarters, either for VINCI Airports or VINCI Autoroutes.

For VINCI Autoroutes, traffic was still impacted by travel restrictions at the beginning of 2021. However, levels could return to normal relatively fast once measures are lifted, as was observed in the summer of 2020.

For VINCI Airports, recovery will be more gradual. The main indicators show that activity will fall further in 2021 compared to pre-pandemic levels.

Given the circumstances, VINCI's concessions business lines will continue to implement their cost optimisation and investment plans, while honouring their contractual and regulatory obligations.

Over and above short-term uncertainties, concessions should be analysed with respect to their long-cycle economic rationale, whether this means their business model, fundamental mobility needs underlying their markets, public service projects they undertake for authorities, or their relations with users.

Building on that analysis, VINCI's concessions business lines will continue to strengthen their partnerships with the regions in which they operate as key players, and develop services that improve mobility and the travel experience, thanks in particular to digital technology.

The same long-term vision will guide their environmental approach. In line with its commitments, VINCI pledges to make an active contribution to ecological transition in the mobility sector by transforming its infrastructure and fostering new practices that reduce the carbon footprint of travel.

VINCI ENERGIES

In a world in constant flux, VINCI Energies is leveraging performance, energy efficiency, connections and data to fast-track the rollout of new technologies and thereby support two major shifts: the energy transition and digital transformation. With their strong regional roots, agile organisational structure and innovation drive, VINCI Energies' 1,800 business units and their 84,000 employees across 55 countries are making buildings, factories, energy, transport and communication infrastructure and information systems more reliable, safer, more efficient and more sustainable day after day.

SOLAR FARM

Laurel Hill, Donaghcloney, Northern Ireland

VINCI Energies' model has proven it is highly resilient in troubled circumstances. Thanks to its broad international reach, its diverse markets and working methods, its operations covering a number of essential sectors and its decentralised, responsive organisational structure, VINCI Energies was able to contain the impact of the pandemic on its revenue and earnings.

Following strong growth in 2019, revenue in 2020 remained high at €13.7 billion, down very slightly by 0.6% (and down by 4.2% like-for-like). The company's strength in the face of a global crisis stems from the combination of several factors: its extensive international wing- span (57% of revenue is generated outside France); diverse spectrum of expertise in markets where demand is structurally high; great variety in contract types and working methods ranging from major projects to core business activities and from electrical engineering and instal-lation to maintenance and operation; operations in essential sectors such as health, power, telecommunications and the pharmaceutical and food industries, which allowed it to maintain a certain level of business activity even when the global health crisis was at its peak; and a highly decentralised organisation and strong management culture that lend remarkable agility to VINCI Energies' 1,800 business units and bring them closer to their customers, a closeness they demonstrated when, in 2020, they helped clients maintain business continuity or deal with unprecedented situations.

In spite of the difficult context, VINCI Energies continued to pursue external growth opportunities. Over the course of the year, 21 new business units totalling €380 million in full-year revenue were

OFFSHORE WIND FARM in the North Sea (Oréo).

IFA2 SUBSEA electrical interconnector between France and the United Kingdom.

INFRASTRUCTURE

Revenue in this segment totalled €3.9 billion, unchanged compared with 2019.

ENERGY

INFRASTRUCTURE Despite reduced demand for energy due to the economic downturn, activity remained resilient.

Within the Omexom brand, which is active in some 40 countries, VINCI Energies' expertise covers all the stages in power production, transmission, conversion and distribution, with services and solutions that keep pace with major trends such as the acceleration of the energy transition, the growing prominence of renewable energies and the development of smart infrastructure, which are generating a large volume of work.

IN POWER TRANSMISSION AND DISTRIBUTION GRIDS, VINCI Energies continued to work for French public transmission and distri- bution system operators RTE and Enedis, notably winning a contract to connect an offshore wind farm to the grid in Saint-Brieuc (Brittany) for RTE and a multi-year contract to reinforce and renovate power lines in the north of France for Enedis. Internationally, VINCI Energies' business units worked on a variety of projects for national and regional operators in Germany (new Stade-Landesbergen transmission line), the United Kingdom (three substations in the north of England), Spain (new distribution infrastructure for Endesa), Cameroon (290 km of new high voltage lines and substations), Côte d'Ivoire (transmission and distribution grids), Benin (underground high voltage line), Senegal (transmission and distribu-tion grids), Gambia and Guinea (high voltage lines), as well as New Zealand (lines for Transpower in Wellington).

IN RENEWABLE ENERGIES, VINCI Energies is taking part in many projects to connect wind or solar farms and reconfigure distri- bution grids to accommodate these new sources of electricity. In Germany, Omexom acquired EWE OSS (160 employees), a company that specialises in the develop-ment, operation and maintenance of offshore wind farms and holds a leader-ship position in the North Sea. In solar power, Omexom connected Sweden's

ILLUMINATED walking experience by Citeos in the French city of Tours.

TRAMWAY

Installation works on the new 10 km tramway line B in Angers, in western France.

largest photovoltaic farm, located in Härad, near Stockholm (50,000 panels, 20 MW); in Ireland, it was awarded a contract to build three power plants total- ling 58 MW in the vicinity of Dublin; and in France, it won a contract to build one of Europe's biggest urban solar plants (140,000 panels, 60 MW) near Bordeaux.

In Bahrein, teams built a second photovol- taic power plant as part of a turnkey project on a site operated by Tatweer Petroleum. Omexom is also expanding in the emerging market for batteries to store energy from intermittent sources and thus even out supply: as part of a joint venture with Saft (Total), the company is building one of the largest projects of this kind in France (two tranches, 25 and 36 MW) on the site of a former refinery.

THE URBAN LIGHTING, SECURITY AND IMPROVEMENT BUSINESS also benefited from tailwinds resulting from the combination of efforts to optimise energy consumption and develop new smart-city services relating to public lighting. In2020, business units within the Citeos brand in France managed 116 energy performance contracts for local authorities, nine of which were awarded or extended during the year. New projects were also carried out in Oslo (Norway) to refit existing lighting systems with LEDs,

and in Cafelândia (Brazil) to replace 2,600 conventional light points with LEDs.

IN THE NUCLEAR SECTOR, where activities are located primarily in France, business held steady thanks to recurring mainte-nance work. EDF's operational readiness programme and Grand Carénage refit programme, which aims to extend the lifespan and enhance the operating safety of the country's fleet of nuclear plants, provide the company with a stable volume of activity over the medium term. In the United Kingdom, VINCI Energies was selected by NBB, a subsidiary of EDF, to take part in cabling design for the two EPRs that will be built at Hinkley Point.

TRANSPORT

INFRASTRUCTURE

VINCI Energies is contributing to the development of carbon-free mobility in a variety of ways. In its long-standing areas of expertise, its business units are supplying technical equipment for new transport infrastructure. In France, for example, they are working on the Eole project, extending RER Line E to the west of Paris (high and low voltage electrical equipment in two stations, nine shafts and an 8 km tunnel). Under several contracts won in 2019 and 2020, they will also be installing the electrical architecture, overhead contact lines (in a consortium with Eurovia) and plat-form screen doors in 16 stations along the future Line 15 South of the Grand Paris Express. Beyond its expertise in the electrical sector, VINCI Energies also integrates technical equipment on infra-structure projects. A number of these bring together several of the Group's business lines, such as the projects for the western Strasbourg bypass and the urban cable car in Saint-Denis on Reunion Island. Other examples include ongoing work in Sweden to install the technical systems in two new underground stations (T-Centralen and Korsvägen) connected to Gothenburg Central Station.

At the same time, through Cegelec Mobility, VINCI Energies is developing a range of expertise revolving around mobility systems (railway signalling, safety, traffic management, engineering) and applying it on tram, metro and rail lines. The new safety programmable controllers it has installed on the light rail systems in Nice and Caen are two examples.

Electric mobility also accounts for a growing share of VINCI Energies' solu-tions, services and activities. Here, the company helps vehicle manufacturers, local authorities and specialised oper-ators install and maintain their charging stations. In France, Citeos won the first comprehensive performance contract (which includes specific terms relating to quality of service) in Bourgogne-Franche- Comté, covering the management of a network of 380 charging stations across the region's seven administrative depart- ments. Easy Charge, a joint venture with VINCI Autoroutes, won the public service contract for the eborn project, a network of 1,200 charging stations initiated by 11 energy authorities in central-eastern and south-east France. VINCI Energies' network of local business units will build and maintain the stations for Easy Charge, and the CityApp tool will be used for remote management.

INDUSTRY

Activity in this segment remained virtually stable like for like (€3.7 billion). VINCI Energies benefited from the fact that it operates in a wide variety of industries, which in its case means that its revenue is evenly spread across sectors that are bearing the brunt of the pandemic and the associated economic crisis (notably the aerospace and automotive indus-tries) and others that have maintained or, in some cases, increased their level of business (logistics, food processing and life sciences, in particular). With its 400 companies in 41 countries, Actemium's positions also make for

Omexom G&D signed a contract with operator Energisa to supply turnkey renewable energy systems to 2,090 families living in remote areas of the state of Mato Grosso do Sul. The project will provide each family with an individual power supply system, or SIGFI, as well as all services required for installation, including commissioning and training.

The project kicked off in late 2020 and will be completed in 2022.

optimal coverage of industrial markets. Its network provides solutions and services that range from consultancy and engineering to execution, oper-ation and maintenance, combined with expertise tailored to specific industrial processes. This enables it to blend hand-picked skill sets and working methods into custom solutions based on each client's requirements. This approach enables Actemium to work with high-volume customers on their various sites around the world, while also increasing core business activity by forging close relationships with customers in each local market or industrial site. In 2020, in an economic environment that was less buoyant for large investments, Actemium continued to handle a substantial volume of business relating to maintenance and optimisation of production sites, which offset the decline in major projects.

FLUID-SYSTEM AUDITS at a pharmaceutical production facility in France.

SAINT-GOBAIN TOWER

The new headquarters of Saint-Gobain in

La Défense (built by VINCI Construction) was fitted with an extensive state-of-the-art audiovisual network.

Activity was also boosted by two deep-seated shifts that are causing manufacturers to overhaul their facilities and processes. The first stems from the ecological tran-sition, which is prompting companies to seek efficient solutions to reduce their energy consumption and greenhouse gas emissions, implement circular economy principles, and reuse resources and mate- rials throughout their production cycle.

The second is related to digital transform- ation and the increasingly pivotal role of data in the organisation and operation of industrial facilities. Joining forces with Axians, Actemium is supporting its customers by integrating novel solutions that tap into the convergence of produc-tion and communication technologies (operational technology/information technology), cybersecurity, traceability, and even predictive maintenance.

The following selection illustrates the diversity in projects carried out in 2020.In the automotive sector: in France, reorganisation of a high-speed tyre production line for Michelin; in Sweden, installation of the electrical, communica- tion and security systems for Northvolt's new lithium-ion battery factory in Skellefteå.

In food processing: in the Netherlands, electrical engineering and automa-tion equipment for a new dairy plant for A-ware in Heerenveen; in Belgium, automation, mechanical and electrical installation and integration of processing equipment on a bottling line at the FrieslandCampina dairy plant in Aalter.In the energy sector: in Germany, installation of a hydrogen plant on the pilot site of a new gas facility for Ontras Gastransport; in France, renovation of the fire detection systems at a Storengy gas storage site, one of Europe's largest, and implementation of monitoring and control and power distribution systems for EDF's new Romanche-Gavet hydroelectric power plant.

In logistics: in France, maintenance of the parcel sorting system at the Colissimo hub in Val-d'Oise, north of Paris, for the La Poste group.

In life sciences: in Switzerland, instru- mentation of a new production facility for cell and gene therapies for Novartis in Stein; in Ireland, design and installation of a clean utility system for WuXi Vaccines' new manufacturing facility in Dundalk.

In mining: in Morocco, connection to the power supply and installation of the automation and monitoring systems on a 2 km section of the conveyor belt at OCP's Ben Guerir site.

In the paper industry: in Germany, electrical installations, instrumentation and monitoring and control systems at a new production plant for Progroup AG in Sandersdorf-Brehna, and fire protection systems across a number of sites for Palm in Aalen and Wörth.

Actemium has been working with GRTgaz (a natural gas transmission system operator in France) on the Jupiter 1000 project for several years. This industrial demonstrator, located at an energy transition innovation hub in Fos-sur-Mer and commissioned in 2020, is designed to convert renewable electricity (wind, solar) into gas for storage and subsequent injection into the GRTgaz network. Actemium delivered all the electricity, instrumentation and automation packages on the project.

In railways: in France, electrical engin-eering and installations in a metro, tram and tram-train testing building for Alstom in Petite-Forêt in the north of the country.In the oil and gas sector, despite flagging investments compounded by the drop in global demand, activity held up due to the significant weight of maintenance operations. In the upstream (production) segment, VINCI Energies notably worked for Total, BP, Perenco and ExxonMobil in Africa (Angola, Congo, Cameroon, Nigeria), Petrobras in Brazil, Premier Oil in Indonesia and North Oil Company in Qatar, Vietnam and Indonesia. In the downstream (refining) segment, VINCI Energies continued to provide maintenance services to its long-standing customers. In the Netherlands, its teams handled the full electrical and instru-mentation works packages for 15 storage tanks in the port of Rotterdam.

BUILDING SOLUTIONS

Revenue in this activity stood at €3.5 billion (down 2.5%). The fact that business is spread across engineering and works on the one hand, and maintenance, operation and facilities management on the other, contributed to its resili-ence. Similarly, the wide variety in the type and scale of projects taken on by VINCI Energies offset the slowdown in the number of large office building projects. In this last segment, VINCI Energies is leveraging its ability to develop services and solutions that meet its customers' expectations in terms of environmental performance, connectivity, user comfort and building adaptability. Its position as a solutions integrator comes into its own most particularly when its business units take on all the technical works packages in a project.

IN WORKS ACTIVITIES, the main projects under way or awarded in 2020 were: in the Greater Paris area, the Highlight campus, developed by Kaufman & Broad in Courbevoie (24,000 sq. metres of office space, service areas and a residential hotel), two office buildings in the Docks de Saint-Ouen (58,100 sq. metres, in a consortium with VINCI Construction

RENOVATING the Niederberg civic centre in Velbert (Germany).

SPRINKLER installation by Calanbau (Germany).

France) and the Arboretum project in Nanterre (125,000 sq. metres), which sets new environmental performance stand-ards; in other parts of France, the new university hospital in Reims (55,000 sq. metres, in a consortium with VINCI Construction France), the Mérignac 2020 building for Dassault Aviation on the outskirts of Bordeaux (25,000 sq. metres) and a new logistics hub for a mass retailer in Meaux (50,000 sq. metres). With the acquisition of Sanitherm, VINCI Energies also consol- idated its position in the heating, ventila-tion and air conditioning segments in Brittany.

In Germany, VINCI Energies won a public-private partnership contract to reno- vate, extend and elevate the Niederberg civic centre in Velbert, along with a contract to operate it until 2048.

Other projects outside France included, in Switzerland, Skan AG's new head office in Allschwil and the Triemli hospital in Zurich; in Sweden, the Skaraborg hospital in Skövde and two new office buildings for Skanska in Malmö. Specialist subsidiary Wah Loon Engineering worked on a number of data centre projects in Singapore, Malaysia and, for the first time, Indonesia.

IN MAINTENANCE AND FACILITIES MANAGE­ MENT, business units in the VINCI Facilities network deliver integrated multi-site solutions and services to customers in the public and private

The energy performance contracts introduced by VINCI Facilities, which are offered as part of a five-year comprehensive facilities management contract it signed with Thales in 2018, which covers all 45 of its sites in France, have enabled the company to slash 20% off its building energy bills nationwide, via targeted investments.

The national energy performance scheme draws on the expertise of specialist subsidiary Greenaffair and the network of VINCI Energies engineers. It introduces incentives to replace heating and cooling systems with more energy-efficient alternatives, funding in the form of energy savings certificates, an energy consumption monitoring tool, as well as an awareness programme for building occupants.

sectors, under multi-year contracts.

When France went into lockdown, teams spared no effort to help clients maintain business continuity and keep their oper- ations - most particularly hospitals and telecommunications facilities - up and running. VINCI Facilities was awarded a five-year contract to manage Orange's future global headquarters as well as Orange France's head office in the Paris area.

Revenue in this segment grew by 7.1% to €2.6 billion. Axians maintained its external growth momentum with four acquisitions in Europe and Brazil, and now encom-passes 260 business units and employs 12,000 people in 25 countries spread over four continents. The pandemic had a short- term impact on a number of markets but, most importantly, also prompted Axians' customers to fast-track their digital tran-sition projects. With the widespread shift to working from home during the lock-downs, Axians business units supported companies in their efforts to reinforce and secure their networks and systems, and to develop collaborative tools. They also helped healthcare providers adapt in response to the pandemic, by assisting medical professionals with the use of collaborative tools in the Netherlands, supplying systems to enable remote medical training in Belgium, and creating a local network to support 500 beds in ICUs throughout Italy, for example.

INFORMATION AND COMMUNICATION TECHNOLOGIES

Generally speaking, Axians' integration expertise meets growing customer demand for solutions that combine software, hard-ware and bespoke services, focus on the user experience rather than technical content, and harness data. This has mainly led to the development of as-a-service solutions and expertise in business intelli-gence and data analytics services.

In 2020, activity in telecommunica-tions infrastructure held steady at a high level, both in the wired sector, with fibre-optic rollout, and in mobile infrastructure, with capacity reinforcement and network maintenance as well as the ramp-up of operations relating to 5G technology. In France, Axians is a leading partner for local authorities, helping them roll out fibre-to-the-home connections under public initiatives; the brand was for instance awarded a new contract in that category in the administrative department of Seine-et-Marne. InPoland, Axians is working with Nexera, a telecommunications oper-ator, to deploy a fibre-optic network that will ultimately reach 670,000 households, under a project jointly funded by the European Union.

AXIANS HELPS its customers in developing more robust enterprise networks, as more and more people began working remotely.

In other market segments, the year's major contracts are a reflection of the broad spectrum of expertise and solu-tions developed by Axians in a range of sectors that is just as varied.

France: revamping of the network infrastructure and data centres for Sciences Po; creation of a private cloud system for the Paris public hospital system; rollout of a teleworking solution for hospital staff in Marseille; optimisa- tion of the emergency call management system used by the Centre Hospitalier de la Polynésie Française; supply and maintenance of network equipment for the new synchrotron at the ESRF in Grenoble.

Italy: design-build, maintenance and 24/7 monitoring of a high-performance telecommunications network for the new Agrologic hub operated by the mass retailer Aspiag Service.

Germany: managed IT services for Phoenix Pharma, a leading pharma-ceutical trader in Europe.

Spain: design-build of a new data centre, including communication networks and security systems, for Sabadell bank in Madrid.

The Netherlands: implementation of a network-as-a-service solution for Kiwa Tests, a testing, certification and inspection firm, followed by rollout to other company locations across Europe.

In Florence, Axians is trialling a smart irrigation system for the Italian city's parks and gardens, under the European Replicate project, which also involves the cities of San Sebastián in Spain and Bristol in the United Kingdom.

The system, which combines IoT architecture with a platform that consolidates data collected in the field and sends it to the city's control room, has led to a 30% reduction in water use compared to a conventional set-up. The city is now planning to use a similar IoT-based system to develop other smart-city services in sectors such as mobility, tourism or civil protection.