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2018 ANNUAL REPORT

2018 ANNUAL

REPORT1 cours Ferdinand de Lesseps

92851 Rueil Malmaison Cedex - France

Tel.: +33 1 47 16 35 00

Fax: +33 1 47 51 91 02

www.vinci.comVINCI.Group

VINCI@VINCI

This document serves as registration document and annual nancial report.

01P ro le

02Innovation

08Interview with the Chairman and CEO

10Corporate governance

12Direction and strategy

16Stock market and shareholder base

20Sustainable development

30 CONCESSIONS

32VINCI Autoroutes

46VINCI Airports

58Other concessions

60 -

VINCI Highways

64 - VINCI Railways

66 - VINCI Stadium

68 CONTRACTING

70VINCI Energies

84Eurovia

98VINCI Construction

114VINCI Immobilier

117GEN ERAL & FINANCIAL ELEMENTS

118Report of the Board of Directors

257Report of the Lead Director and the Vice-Chairman

of the Board of Directors

262Consolidated ˜ nancial statements

341Parent company ˜ nancial statements

359Special report of the Statutory Auditors on

regulated agreements and commitments

360Persons responsible for the registration document

362Cross-reference table for the registration document

CONTENTS

In accordance with Article 212-13 of the General Regulation of the Autorité des Marchés Financiers (AMF, the French securities regulator), this document comprises the registration document filed with the AMF on 27 February 2019 underthenumberD.19 -0079. It may be used in support of a financial transaction only if it is supplemented by a prospectus on the transaction officially approved by the AMF. The signatories of this document, prepared by VINCI, are responsible for the information contained therein. This is a free translation into English of a report issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and is construed in accordance with, French law and professional auditing standards applicable in France. This document serves as registration document and annual nancial report.

01 P ro le

02 Innovation

08 Interview with the Chairman and CEO

10 Corporate governance

12 Direction and strategy

16 Stock market and shareholder base

20 Sustainable development

30 CONCESSIONS

32 VINCI Autoroutes

46 VINCI Airports

58 Other concessions

60 - VINCI Highways

64 -

VINCI Railways

66 -

VINCI Stadium

68 CONTRACTING

70 VINCI Energies

84 Eurovia

98 VINCI Construction

114 VINCI Immobilier

117 GENER AL & FINANCIAL ELEMENTS

118 Report of the Board of Directors

257 Report of the Lead Director and the Vice-Chairman

of the Board of Directors

262 Consolidated nancial statements

341 Parent company nancial statements

359 Special report of the Statutory Auditors on

regulated agreements and commitments

360 Persons responsible for the registration document

362 Cross-reference table for the registration document

CONTENTS

In accordance with Article 212-13 of the General Regulation of the Autorité des Marchés Financiers (AMF, the French securities regulator), this document comprises the registration document filed with the AMF on 27 February 2019 underthenumberD.19 -0079. It may be used in support of a financial transaction only if it is supplemented by a prospectus on the transaction officially approved by the AMF. The signatories of this document, prepared by VINCI, are responsible for the information contained therein. This is a free translation into English of a report issued in French and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and is construed in accordance with, French law and professional auditing standards applicable in France.

KEY DATA

Key data

GROUP

Revenue

(1) (in €m)

Ebitda

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

Operating income

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

France International18,751

2017

201720172018

2018201824,768

23,680

Net income attributable

to owners of the parent (in €m)

Net nancial debt at 31 December

(in €m)

2,74714,001

Revenue

(1) by geographical area (in €m and as a percentage)

France 24,768 56.9%

Germany

3,002 6.9%

United Kingdom 2,222 5.1%

Benelux 1,149 2.6%

Central and Eastern Europe 2,202 5.1%

Rest of Europe 3,148 7.3%

North America 1,992 4.6%

Central and South America 1,146 2.6%

Africa 1,342 3.1%

Russia, Asia and the Middle East 1,369 3.1%

Oceania 1,179 2.7%6,500

4,6076,898

4,997

201720172018201815.9%11.5%16.2%11.4%

2,98315,55416,568

40,248

43,519

Revenue

(1)

€43.5 billion

Market capitalisation at 31 December 2018

€43.0 billion

Net income attributable to owners of the parent

€2,983 million

270,000

worksites (2)

211,233

employees worldwide (3)

France 24,768 56.9%

Germany

3,002 6.9%

United Kingdom 2,222 5.1%

Benelux 1,149 2.6%

Central and Eastern Europe 2,202 5.1%

Rest of Europe 3,148 7.3%

North America 1,992 4.6%

Central and South America 1,146 2.6%

Africa 1,342 3.1%

Russia, Asia and the Middle East 1,369 3.1%

Oceania 1,179 2.7%

Ebitda

(4) by business (in €m and as a percentage)

Net income attributable

to owners of the parent by business (in €m and as a percentage)

Revenue

(1) by business (in €m and as a percentage)

Capital employed

(3) (in €m and as a percentage) Operating income from ordinary activities by business (in €m and as a percentage)

Workforce

(3)

Concessions 4,963 72.0%

Contracting 1,815 26.3%

Property and holding companies 120 1.7%

Concessions 7,261 16.7%

Contracting 35,769 82.2%

Property and holding companies 489 1.1%

Concessions 31,115 81.3%

Contracting 6,233 16.3%

Property and holding companies 922 2.4%

Concessions 3,429 68.6%

Contracting 1,472 29.5%

Property and holding companies 96 1.9%

Concessions 1,923 64.5%

Contracting 849 28.5%

Property and holding companies 211 7.0%

Concessions 17,701 8.4%

Contracting 192,315 91.0%

Property and holding companies 1,217 0.6%

(1) Excluding concession subsidiaries" revenue derived from works carried out by non- Group companies (2018: €633m). See glossary (page 368
(2) Estimate.(3) At 31 December 2018. (4) Cash ows from operations before tax and nancing costs.

See glossary (page

368

Key data

CONCESSIONS

Revenue

(1) (in €m)

Net income attributable

to owners of the parent (in €m)

Ebitda

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

Net nancial debt

(3) (in €m)

Capital employed

(3) (in €m)

Operating income

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

Revenue

(1) by geographical area (as a percentage)

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

See glossary (page

368
(2) Cash ows from operations before tax and nancing costs.

See glossary (page

368
(3) At 31 December.

France 80%

Portugal 11%

Americas 4%

Rest of the world 5%4,710

3,2514,9633,429

2017

201720172017201720172018

2018201820182018

20187,261

1,92327,02931,11568.4%

47.2%6,945

1,68927,14529,60567.8%46.8%

PUBLIC-PRIVATE PARTNERSHIPS OF VINCI"S CONCESSIONS BUSINESS WORLDWIDE InfrastructureDescriptionCountryShare capital heldEnd of contract Motorway and road infrastructureNetwork under concession

Arcos (A355 - western Strasbourg bypass)

(1)

24 kmFrance100%2070

Arcour (A19)101 kmFrance100%2070

ASF network (excl. Puymorens Tunnel) 2,731 kmFrance100%2036 Coroute network (excl. A86 Duplex Tunnel)1,100 kmFrance100%2034

Escota network 471 kmFrance99%2032

Fredericton-Moncton highway

(2)

195 kmCanada 25%2028

Regina Bypass

(1)

61 kmCanada38%2049

Bogotá-Girardot motorway

(1)

141 km

(3)

Colombia50%2042

A4 motorway45 kmGermany50%2037

A5 motorway60 kmGermany54%2039

A7 motorway

(1)

60 kmGermany50%2047

A9 motorway47 kmGermany50%2031

Athens-Corinth-Patras motorway201 kmGreece30%2038

Maliakos-Kleidi motorway230 kmGreece15%2038

Highway 2000 East-West50 kmJamaica13%2036

Lima expressway25 km Peru100%2049

Moscow-St Petersburg motorway (MSP 0)43 km (Moscow-Sheremetyevo)Russia50%2040

Moscow-St Petersburg motorway (MSP 7 and 8)

(1)

138 km (St Petersburg-Veliky Novgorod)Russia40%2041

R1 (PR1BINA) expressway51 kmSlovakia50%2041

Newport Southern Distributor Road10 kmUnited Kingdom50%2042

Isle of Wight road network

(4)

821 km of roads and 767 km of pavementsUnited Kingdom50%2038

Hounslow Borough road network

(4)

432 km of roads and 762 km of pavementsUnited Kingdom50%2037

Road bridges and tunnels

A86 Duplex TunnelRueil Malmaison-Jouy en Josas/Versailles (11 km)France100%2086 Prado Carénage TunnelTunnel in Marseille (2.5 km)France33%2025 Prado Sud TunnelTunnel in Marseille (1.5 km)France59%2055 Puymorens TunnelTunnel in the Pyrenees (5.5 km)France100%2037 Confederation BridgePrince Edward Island-mainlandCanada20%2032 Charilaos Trikoupis BridgePeloponnese-mainlandGreece57%2039

Tagus bridgesTwo bridges in LisbonPortugal41%2030

Ohio River Bridges - East End CrossingBridges and a tunnel linking Kentucky to IndianaUnited States33%2051

Airports

Chambéry, Clermont Ferrand, Grenoble,

Poitiers-Biard, Pays d‘Ancenis

(5)

France100%2019 to 2029

Lyon-Bron, Lyon-Saint ExupéryFrance31%2047

Nantes Atlantique, Saint Nazaire MontoirFrance85%2065 (6)

Rennes, Dinard

(5)

France49%2024

Toulon-HyèresFrance100%2040

Salvador de BahiaBrazil100%2047

Phnom Penh, Siem Reap, SihanoukvilleCambodia70%2040

Santiago de Chile

(1)

Chile40%2035

LiberiaCosta Rica45%2030

Santo Domingo Las Américas and La Isabela, Puerto Plata, Samaná (Presidente Juan Bosch et Arroyo Barril), BarahonaDominican

Republic100%2030

Kansai, Itami, KobeJapan40%2060

Lisbon, Porto, Faro, Beja, Ponta Delgada, Horta, Flores,

Santa Maria, Funchal, Porto SantoPortugal100%2063

Belgrade (Nikola Tesla)Serbia100%2043

Stockholm-Skavsta Sweden90%Freehold property

Belfast International United Kingdom100%2993

Atlantic City, New Jersey

(7)

United States2021

Hollywood Burbank, California

(7)

United States2022

Macon Downtown, Georgia

(7)

United States2022

Middle Georgia Regional, Georgia

(7)

United States2022

Orlando Sanford, FloridaUnited States100%2039

Rail infrastructure

GSM-Rail

Wireless communication system over 16,000 km of rail line France30%2025 RhônexpressLight rail system (23 km) in LyonFrance35%2038 SEA HSLHigh-speed rail line (302 km) between Tours and BordeauxFrance33%2061

Stadiums

Bordeaux (Matmut Atlantique)42,000 seatsFrance50%2045

Le Mans (MMArena)25,000 seatsFrance100%2043

Nice (Allianz Riviera)36,000 seatsFrance50%2041

Stade de France80,000 seatsFrance67%2025

Queen Elizabeth Olympic Park stadium 57,000 seatsUnited Kingdom100%2019 (8)

Other public amenities

Automation of river dams (Bameo)

(1)

31 dams on the Aisne and Meuse riversFrance50%2043

Car Rental Center, Nice-Côte d"Azur Airport60,000 sq. metre buildingFrance100%2040

Martinique BRT system2.5 kmFrance100%2035

Public lighting in Goussainville France100%2026

Public lighting in Rouen (Lucitea) France100%2027

(1) Under construction. (2) Maintenance contract. (3) Including 65 km to be widened. (4) Upgrade, maintenance and upkeep contract.(5) Service, management or public service contracts. (6) The concession grantor has expressed its intention to terminate the concession contract before expiry date. (7) Service contract.

The PPPs listed below are managed within the Concessions business of VINCI. Other PPPs (mainly buildings) are managed within VINCI"s Contracting business.

(8) On 21 January 2019, VINCI Stadium sold its shares in its operating subsidiary LS185 to E20, a subsidiary of the London

Legacy

Development Corporation and owner of the London stadium occupied by Premier League soccer club West Ham United (WHU).

Key data

VINCI AUTOROUTES

VINCI Autoroutes" competitive position

(4) Motorway networks under concession in Europe (in km)

Source: internal studies, company literature.

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