VINCI’s overall performance was of a very high quality in 2022, despite a particularly turbulent geopolitical and macroeconomic backdrop. This shows the resilience of the Group’s business model and the excellent adaptability of its companies.
Strong revenue and earnings growth came along with record free cash flow.
The recovery in VINCI Airports’ passenger numbers accelerated throughout the year. In Portugal, Serbia and several countries in Latin America, they are now higher than they were in 2019. Combined with the impact of the cost-cutting measures adopted during the Covid-19 crisis, VINCI Airports thus posted substantial increases in profit and cash flow, both reaching high levels. In addition, the purchase of a controlling stake in Mexican airport operator OMA, which handled 23 million passengers in 2022, was completed at the end of the year.
Despite higher fuel prices, VINCI Autoroutes’ traffic levels were higher than pre-pandemic levels for both light and heavy vehicles. VINCI Autoroutes also deployed new initiatives to help decarbonise road mobility.
VINCI Highways continued to build its international footprint. For example, it is currently finalising the purchase of a majority stake in a Brazilian motorway, and it took control of a US-based company specialising in electronic toll management.
VINCI Energies continued to grow its business and increase its profitability, while further extending its network with around 30 new acquisitions including the IT services business of Kontron AG, which covers 10 countries in Central and Eastern Europe.
Another highlight of 2022, in the Energy business, was the successful integration of Cobra IS. It won a number of major contracts linked to the energy transition.
Regarding renewable energy production, the Group will enter a new phase in 2023 when its Belmonte solar farm in Brazil, with a capacity of 0.6 GW, comes into operation. New projects adding a further 1.4 GW of capacity are scheduled to enter the construction phase in the coming months, in Spain and Latin America.
VINCI Construction saw very strong business levels and improved its margin, despite higher costs and supply chain difficulties. Its highly selective approach when taking on new business and its new organisation are bearing fruit.
The Group’s order book remains very robust, allowing it to plan ahead with visibility and serenity.
Finally, the ongoing megatrends shaping the future of global economies and societies – faster energy transition through the production of renewable energy, decarbonisation of transport infrastructure and buildings, digital revolution – will require massive investments.
These developments are all opportunities for VINCI to achieve sustainable growth while delivering on its ambition of achieving all-round performance.
Xavier HuillardChairman and Chief Executive Officer
