The net change in the operating working capital requirement and current provisions produced an inflow of almost €1.6 billion in 2021, after a record €2.3 billion in 2020. As in 2020, VINCI Energies and VINCI Construction were the main contributors to this outstanding performance, which was driven by very strong inflows from customers – particularly in the last few weeks of the year – along with progress on major projects and an increase in current provisions.
The tax expense was €1,213 million in 2021, an increase of €159 million (€1,054 million in 2020 and €1,547 million in 2019).
Net interest paid fell €33 million to €557 million in 2021 (€590 million in 2020).
Cash flow from operating activities (*) was €7.8 billion, up 17% or €1.1 billion from the 2020 figure of €6.7 million, and €0.7 billion higher than the 2019 figure of €7.1 billion.
After accounting for operating investments net of disposals of €1,077 million, up 8% relative to 2020 (€994 million) and repayments of lease liabilities for €631 million (€607 million in 2020), operating cash flow (*) was €6.1 billion (€5.1 billion in 2020 and €5.3 billion in 2019).
Growth investments in concessions and public-private partnerships totalled €815 million (€1,085 million in 2020 and €1,065 million in 2019). That figure includes €677 million invested by VINCI Autoroutes (€731 million in 2020) and €163 million invested by VINCI Airports (€310 million in 2020), particularly in Belgrade airport.
Free cash flow (*) was positive at €5.3 billion, as opposed to €4.0 billion in 2020 and €4.2 billion in 2019. VINCI Autoroutes generated free cash flow of €2.6 billion. Contributions from VINCI Energies and VINCI Construction were stable in 2021 and remained strong at €1.2 billion each. VINCI Airports, although its revenue was much lower than in 2019, almost broke even in terms of free cash flow (outflow of €0.2 billion) by drastically cutting costs and delaying investments.
Financial investments, net of disposals, and other investment flows totalled more than €4.6 billion. The acquisition of Cobra IS at the end of the year led to an outflow of €4.9 billion. Taking into account the company’s net financial surplus of €0.7 billion, the acquisition increased the Group’s net financial debt by €4.2 billion. Other transactions involved VINCI Immobilier taking control of Urbat Promotion and around 30 acquisitions made by VINCI Energies.
In 2020, financial investments had totalled €0.4 billion, mainly concerning acquisitions by VINCI Construction and VINCI Energies in Europe and North America.
Dividends paid in 2021 totalled €1,558 million (€721 million in 2020 including €422 million paid in shares, and €1,772 million in 2019). This includes €1,528 million paid by VINCI SA, comprising the 2020 dividend (€2.04 per share) and the interim dividend in respect of 2021 (€0.65 per share). The remainder includes dividends paid to non-controlling shareholders by subsidiaries not wholly owned by the Group.
VINCI SA’s capital increases relating to Group savings plans totalled €739 million in 2021 (9.8 million shares). In the fourth quarter of 2021, VINCI also purchased 6.7 million shares in the market for a total investment of €602 million, at an average price of €89.36 per share.
Together, these transactions involving VINCI’s capital generated a cash inflow of €137 million in 2021 (€333 million in 2020).
As a result of these cash flows, together with a negative impact from exchange rate movements, net financial debt rose in 2021 by almost €1.3 billion, taking the total to €19.3 billion at 31 December 2021.
Consolidated non-current assets amounted to €60.4 billion at 31 December 2021 (€55.1 billion at 31 December 2020), including €40.4 billion in the Concessions business (€40.9 billion at 31 December 2020), almost €7.5 billion at VINCI Energies (€7.2 billion at 31 December 2020) and €6.3 billion at VINCI Construction (€6.1 billion at 31 December 2020). The higher figure in 2021 resulted mainly from the acquisition of Cobra IS, which accounted for €5.1 billion of the increase, including provisional goodwill of €4.5 billion.
After taking account of a net working capital surplus (attributable mainly to VINCI Energies, VINCI Construction and Cobra IS) of €11.6 billion, up €2.8 billion year on year, capital employed was €48.8 billion at 31 December 2021 (€46.3 billion at end-2020).
Capital employed in the Concessions business was €38.6 billion, making up 79% of the Group total (85% at 31 December 2020), including €19.7 billion at VINCI Autoroutes and €16.4 billion at VINCI Airports. VINCI Energies accounted for 7.8% of capital employed at 31 December 2021 (€3.8 billion) as opposed to 9% at 31 December 2020. Capital employed at Cobra IS amounted to €4.0 billion at 31 December 2021, equal to 8.2% of the total. Capital employed totalled €0.7 billion at VINCI Construction and €1.0 billion at VINCI Immobilier at 31 December 2021 (€1.3 billion and €1.0 billion respectively at 31 December 2020).
The Group’s consolidated equity was €24.8 billion at 31 December 2021, up €1.6 billion compared with 31 December 2020. It includes €1.9 billion relating to non-controlling interests, including €1.3 billion concerning London Gatwick airport (€1.5 billion at 31 December 2020).
The number of shares, including treasury shares, was 592,362,376 at 31 December 2021 (588,519,218 at 31 December 2020). Treasury shares amounted to 4.18% of the total capital at 31 December 2021 (4.50% at 31 December 2020).
In late December 2021, VINCI reduced its share capital by cancelling 6 million shares held in treasury.
Consolidated net financial debt at 31 December 2021 was €19.3 billion (€18.0 billion at 31 December 2020). That figure reflects long-term gross financial debt of almost €28.6 billion (€28.0 billion at 31 December 2020) and managed net cash of €9.3 billion (€10.0 billion at 31 December 2020).
For the Concessions business, net debt stood at close to €32.7 billion, stable relative to 31 December 2020. VINCI Energies and VINCI Construction showed a net financial surplus of €3.8 billion as opposed to almost €2.0 billion at 31 December 2020. Holding companies and other activities showed a net financial surplus of €9.0 billion, down €3.8 billion relative to 31 December 2020 because of the Cobra IS acquisition. Of that surplus, €12.3 billion consisted of the net balance of loans granted to Group subsidiaries and investments made by the latter within the Group.
The ratio of net financial debt to equity was 0.8 at 31 December 2021 (0.8 at 31 December 2020). The net financial debt-to-Ebitda ratio stood at 2.4 at the end of 2021 (3.0 at 31 December 2020).
Group liquidity amounted to €17.8 billion at 31 December 2021 (€18.0 billion at 31 December 2020). The liquidity figure comprised €9.3 billion of managed net cash and €8.5 billion of unused confirmed bank credit facilities, including an €8.0 billion facility at VINCI SA, the expiry of which has been extended until November 2025 for the most part (€7.7 billion), and the remainder at Cobra IS, which had total facilities of €0.7 billion, of which €0.2 billion was used at the end of the year. In addition, London Gatwick airport has a £300 million revolving credit facility due to expire in June 2025, which was fully drawn at 31 December 2021.
(*) See glossary.
