| (in € millions) | 2021 | 2020 | 2021/2020 change | 2019 |
|---|---|---|---|---|
| Cash flow from operations before tax and financing costs (Ebitda) | Cash flow from operations before tax and financing costs (Ebitda)20217,884 | Cash flow from operations before tax and financing costs (Ebitda) 2020 5,919 |
Cash flow from operations before tax and financing costs (Ebitda) 2021/2020 change 1,965 |
Cash flow from operations before tax and financing costs (Ebitda) 2019 8,497 |
| % of revenue | % of revenue 202116.0% |
% of revenue 2020 13.7% |
% of revenue 2021/2020 change - |
% of revenue 2019 17.7% |
| Changes in working capital requirement and current provisions | Changes in working capital requirement and current provisions 20211,579 |
Changes in working capital requirement and current provisions 2020 2,330 |
Changes in working capital requirement and current provisions 2021/2020 change (750) |
Changes in working capital requirement and current provisions 2019 428 |
| Income taxes paid | Income taxes paid 2021(1,213) |
Income taxes paid 2020 (1,054) |
Income taxes paid 2021/2020 change (159) |
Income taxes paid 2019 (1,547) |
| Net interest paid | Net interest paid 2021(557) |
Net interest paid 2020 (590) |
Net interest paid 2021/2020 change 34 |
Net interest paid 2019 (458) |
| Dividends received from companies accounted for under the equity method | Dividends received from companies accounted for under the equity method 2021112 |
Dividends received from companies accounted for under the equity method 2020 71 |
Dividends received from companies accounted for under the equity method 2021/2020 change 41 |
Dividends received from companies accounted for under the equity method 2019 170 |
| Cash flow from operating activities | Cash flow from operating activities20217,806 | Cash flow from operating activities 2020 6,675 |
Cash flow from operating activities 2021/2020 change 1,130 |
Cash flow from operating activities 2019 7,090 |
| Net operating investments | Net operating investments 2021(1,077) |
Net operating investments 2020 (994) |
Net operating investments 2021/2020 change (83) |
Net operating investments 2019 (1,249) |
| Repayments of lease liabilities and financial expense on leases | Repayments of lease liabilities and financial expense on leases 2021(631) |
Repayments of lease liabilities and financial expense on leases 2020 (607) |
Repayments of lease liabilities and financial expense on leases 2021/2020 change (24) |
Repayments of lease liabilities and financial expense on leases 2019 (575) |
| Operating cash flow | Operating cash flow20216,098 | Operating cash flow 2020 5,075 |
Operating cash flow 2021/2020 change 1,023 |
Operating cash flow 2019 5,266 |
| Growth investments in concessions | Growth investments in concessions 2021(815) |
Growth investments in concessions 2020 (1,085) |
Growth investments in concessions 2021/2020 change 270 |
Growth investments in concessions 2019 (1,065) |
| Free cash flow | Free cash flow20215,282 | Free cash flow 2020 3,990 |
Free cash flow 2021/2020 change 1,293 |
Free cash flow 2019 4,201 |
| of which Concessions | of which Concessions20212,660 | of which Concessions 2020 988 |
of which Concessions 2021/2020 change 1,672 |
of which Concessions 2019 2,774 |
| of which VINCI Energies and VINCI Construction | of which VINCI Energies and VINCI Construction20212,433 | of which VINCI Energies and VINCI Construction 2020 2,524 |
of which VINCI Energies and VINCI Construction 2021/2020 change (91) |
of which VINCI Energies and VINCI Construction 2019 1,443 |
| of which VINCI Immobilier and holding companies | of which VINCI Immobilier and holding companies2021189 | of which VINCI Immobilier and holding companies 2020 477 |
of which VINCI Immobilier and holding companies 2021/2020 change (288) |
of which VINCI Immobilier and holding companies 2019 (16) |
| Net financial investments | Net financial investments 2021(4,561) |
Net financial investments 2020 (285) |
Net financial investments 2021/2020 change (4,276) |
Net financial investments 2019 (8,245) |
| Other | Other 2021(82) |
Other 2020 (85) |
Other 2021/2020 change 3 |
Other 2019 (90) |
| Free cash flow after growth financing | Free cash flow after growth financing2021639 | Free cash flow after growth financing 2020 3,619 |
Free cash flow after growth financing 2021/2020 change (2,980) |
Free cash flow after growth financing 2019 (4,134) |
| Capital increases and reductions | Capital increases and reductions 2021721 |
Capital increases and reductions 2020 648 |
Capital increases and reductions 2021/2020 change 73 |
Capital increases and reductions 2019 933 |
| Transactions on treasury shares | Transactions on treasury shares 2021(602) |
Transactions on treasury shares 2020 (336) |
Transactions on treasury shares 2021/2020 change (267) |
Transactions on treasury shares 2019 (903) |
| Dividends paid | Dividends paid 2021(1,558) |
Dividends paid 2020 (721) |
Dividends paid 2021/2020 change (837) |
Dividends paid 2019 (1,772) |
| Subtotal capital transactions | Subtotal capital transactions2021(1,439) | Subtotal capital transactions 2020 (409) |
Subtotal capital transactions 2021/2020 change (1,031) |
Subtotal capital transactions 2019 (1,742) |
| Net cash flow during the period | Net cash flow during the period2021(800) | Net cash flow during the period 2020 3,211 |
Net cash flow during the period 2021/2020 change (4,011) |
Net cash flow during the period 2019 (5,876) |
| Other changes | Other changes 2021(476) |
Other changes 2020 454 |
Other changes 2021/2020 change (931) |
Other changes 2019 (224) |
| Change in net financial debt | Change in net financial debt2021(1,276) | Change in net financial debt 2020 3,665 |
Change in net financial debt 2021/2020 change (4,941) |
Change in net financial debt 2019 (6,100) |
| Net financial debt | Net financial debt2021(19,266) | Net financial debt 2020 (17,989) |
Net financial debt 2021/2020 change (1,276) |
Net financial debt 2019 (21,654) |
Ebitda totalled €7,884 million in 2021, close to the 2019 figure of €8,497 million and up 33% relative to 2020 (€5,919 million). It equalled 16.0% of revenue compared with 13.7% in 2020 and 17.7% in 2019.
In Concessions, Ebitda amounted to €4,676 million, up 34% relative to 2020 (€3,491 million; €5,796 million in 2019). It equalled 66.4% of revenue compared with 59.8% in 2020 and 67.8% in 2019.
Ebitda at VINCI Autoroutes increased by 27% to €4,116 million, close to the 2019 level of €4,178 million. Ebitda margin was 74.2% in 2021, close to its 2019 figure of 74.7%.
Ebitda at VINCI Airports amounted to €385 million, equal to 32.4% of revenue (€146 million in 2020 and €1,466 million in 2019).
Ebitda at VINCI Energies totalled €1,259 million, equal to 8.3% of revenue, as opposed to €1,057 million and 7.7% of revenue in 2020 and €1,065 million and 7.7% of revenue in 2019.
Ebitda at VINCI Construction amounted to €1,647 million, equal to 6.3% of revenue, as opposed to €1,131 million and 4.9% of revenue in 2020 and €1,382 million and 5.5% of revenue in 2019.
| (in € millions) | 2021 | % of revenue (*) | 2020 | % of revenue (*) | 2021/2020 change | 2019 | % of revenue (*) |
|---|---|---|---|---|---|---|---|
| Concessions | Concessions 20214,676 |
Concessions % of revenue (*)66.4% |
Concessions 2020 3,491 |
Concessions % of rev enue (*)59.8% |
Concessions 2021/2020 change 1,185 |
Concessions 2019 5,796 |
Concessions % of revenue (*)67.8% |
| VINCI Autoroutes | VINCI Autoroutes 20214,116 |
VINCI Autoroutes % of revenue (*)74.2% |
VINCI Autoroutes 2020 3,231 |
VINCI Autoroutes % of rev enue (*)70.0% |
VINCI Autoroutes 2021/2020 change 885 |
VINCI Autoroutes 2019 4,178 |
VINCI Autoroutes % of revenue (*)74.7% |
| VINCI Airports | VINCI Airports 2021385 |
VINCI Airports % of revenue (*)32.4% |
VINCI Airports 2020 146 |
VINCI Airports % of rev enue (*)14.7% |
VINCI Airports 2021/2020 change 239 |
VINCI Airports 2019 1,466 |
VINCI Airports % of revenue (*)55.7% |
| Other concessions | Other concessions 2021175 |
Other concessions % of revenue (*)- |
Other concessions 2020 114 |
Other concessions % of rev enue (*)- |
Other concessions 2021/2020 change 61 |
Other concessions 2019 152 |
Other concessions % of revenue (*)- |
| VINCI Energies | VINCI Energies 20211,259 |
VINCI Energies % of revenue (*)8.3% |
VINCI Energies 2020 1,057 |
VINCI Energies % of rev enue (*)7.7% |
VINCI Energies 2021/2020 change 203 |
VINCI Energies 2019 1,065 |
VINCI Energies % of revenue (*)7.7% |
| VINCI Construction | VINCI Construction 20211,647 |
VINCI Construction % of revenue (*)6.3% |
VINCI Construction 2020 1,131 |
VINCI Construction % of rev enue (*)4.9% |
VINCI Construction 2021/2020 change 516 |
VINCI Construction 2019 1,382 |
VINCI Construction % of revenue (*)5.5% |
| VINCI Immobilier | VINCI Immobilier 202194 |
VINCI Immobilier % of revenue (*)5.8% |
VINCI Immobilier 2020 42 |
VINCI Immobilier % of rev enue (*)3.6% |
VINCI Immobilier 2021/2020 change 51 |
VINCI Immobilier 2019 93 |
VINCI Immobilier % of revenue (*)7.1% |
| Holding companies | Holding companies 2021207 |
Holding companies % of revenue (*)- |
Holding companies 2020 198 |
Holding companies % of rev enue (*)- |
Holding companies 2021/2020 change 10 |
Holding companies 2019 161 |
Holding companies % of revenue (*)- |
| Ebitda | Ebitda20217,884 | Ebitda% of revenue (*)16.0% | Ebitda 2020 5,919 |
Ebitda % of rev enue (*)13.7% |
Ebitda 2021/2020 change 1,965 |
Ebitda 2019 8,497 |
Ebitda % of revenue (*)17.7% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
