| (in € millions) | 2022 | 2021 | 2022/2021 change | 2019 |
|---|---|---|---|---|
| Revenue (*) | Revenue (*) 2022 61,675 |
Revenue (*) 2021 49,396 |
Revenue (*) 2022/2021 change +24.9% |
Revenue (*) 2019 48,053 |
| Revenue generated in France (*) | Revenue generated in France (*)2022 27,948 |
Revenue generated in France (*)2021 26,319 |
Revenue generated in France (*)2022/2021 change +6.2% |
Revenue generated in France (*)2019 26,307 |
| % of revenue (*) | % of revenue (*) 2022 45.3% |
% of revenue (*) 2021 53.3% |
% of revenue (*) 2022/2021 change
|
% of revenue (*) 2019 54.7% |
| Revenue generated outside France (*) | Revenue generated outside France (*)2022 33,727 |
Revenue generated outside France (*)2021 23,078 |
Revenue generated outside France (*)2022/2021 change +46.1% |
Revenue generated outside France (*)2019 21,746 |
| % of revenue (*) | % of revenue (*) 2022 54.7% |
% of revenue (*) 2021 46.7% |
% of revenue (*) 2022/2021 change
|
% of revenue (*) 2019 45.3% |
| Operating income from ordinary activities | Operating income from ordinary activities 2022 6,824 |
Operating income from ordinary activities 2021 4,723 |
Operating income from ordinary activities 2022/2021 change 2,101 |
Operating income from ordinary activities 2019 5,734 |
| % of revenue (*) | % of revenue (*) 2022 11.1% |
% of revenue (*) 2021 9.6% |
% of revenue (*) 2022/2021 change
|
% of revenue (*) 2019 11.9% |
| Recurring operating income | Recurring operating income 2022 6,481 |
Recurring operating income 2021 4,464 |
Recurring operating income 2022/2021 change 2,018 |
Recurring operating income 2019 5,704 |
| Operating income | Operating income 2022 6,489 |
Operating income 2021 4,438 |
Operating income 2022/2021 change 2,051 |
Operating income 2019 5,664 |
| Net income attributable to owners of the parent | Net income attributable to owners of the parent 2022 4,259 |
Net income attributable to owners of the parent 2021 2,597 |
Net income attributable to owners of the parent 2022/2021 change 1,662 |
Net income attributable to owners of the parent 2019 3,260 |
| % of revenue (*) | % of revenue (*) 2022 6.9% |
% of revenue (*) 2021 5.3% |
% of revenue (*) 2022/2021 change
|
% of revenue (*) 2019 6.8% |
| Diluted earnings per share (in €) | Diluted earnings per share (in €) 2022 7.47 |
Diluted earnings per share (in €) 2021 4.51 |
Diluted earnings per share (in €) 2022/2021 change 2.96 |
Diluted earnings per share (in €) 2019 5.82 |
| Dividend per share (in €) | Dividend per share (in €) 2022 4.00 (**) |
Dividend per share (in €) 2021 2.90 |
Dividend per share (in €) 2022/2021 change 1.10 |
Dividend per share (in €) 2019 2.04 |
2022
|
2021
|
2022/2021 change
|
2019
|
|
| Cash flows from operations before tax and financing costs | Cash flows from operations before tax and financing costs 2022 10,215 |
Cash flows from operations before tax and financing costs 2021 7,884 |
Cash flows from operations before tax and financing costs 2022/2021 change 2,332 |
Cash flows from operations before tax and financing costs 2019 8,497 |
| % of revenue (*) | % of revenue (*) 2022 16.6% |
% of revenue (*) 2021 16.0% |
% of revenue (*) 2022/2021 change
|
% of revenue (*) 2019 17.7% |
| Operating cash flow | Operating cash flow 2022 6,270 |
Operating cash flow 2021 6,098 |
Operating cash flow 2022/2021 change 172 |
Operating cash flow 2019 5,266 |
| Free cash flow | Free cash flow 2022 5,433 |
Free cash flow 2021 5,282 |
Free cash flow 2022/2021 change 151 |
Free cash flow 2019 4,201 |
2022
|
2021
|
2022/2021 change
|
2019
|
|
| Equity including non-controlling interests (***) | Equity including non-controlling interests (***)2022 29,409 |
Equity including non-controlling interests (***)2021 24,771 |
Equity including non-controlling interests (***)2022/2021 change 4,638 |
Equity including non-controlling interests (***)2019 23,191 |
| Net financial debt (***) | Net financial debt (***)2022 (18,536) |
Net financial debt (***)2021 (19,539) |
Net financial debt (***)2022/2021 change 1,002 |
Net financial debt (***)2019 (21,654) |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Dividend proposed at the Shareholders’ General Meeting of 13 April 2023.
(***) 2021 figures adjusted following the final purchase price allocation for Cobra IS.
VINCI’s 2022 financial statements show a sharp rise in revenue and earnings compared with 2021. All business lines posted significant growth in earnings, taking them very close to or above levels achieved before the Covid-19 pandemic. This good momentum was accompanied by record free cash flow.
Consolidated revenue totalled €61.7 billion in 2022, up 25% on an actual basis relative to 2021 and up 11% like-for-like. Relative to 2019, the year before the Covid-19 crisis, revenue was up 28%. For the first time in VINCI’s history, revenue generated outside France exceeded that generated in France (55% in 2022 as opposed to 47% in 2021).
Ebitda rose sharply to €10.2 billion (€7.9 billion in 2021 and €8.5 billion in 2019). It equalled 16.6% of revenue (16.0% in 2021 and 17.7% in 2019).
Operating income from ordinary activities (Ebit) was €6.8 billion, much higher than in previous years (€4.7 billion in 2021 and €5.7 billion in 2019). It equalled 11.1% of revenue compared with 9.6% in 2021 and 11.9% in 2019.
Recurring operating income amounted to €6.5 billion (€4.5 billion in 2021 and €5.7 billion in 2019). It includes a share-based payment expense (IFRS 2) and a slightly positive contribution from companies accounted for under the equity method.
Consolidated net income attributable to owners of the parent was almost €4.3 billion in 2022, representing growth of 64% compared with 2021 (€2.6 billion (*)) and a 31% increase relative to 2019 (€3.3 billion). Earnings per share, after taking account of dilutive instruments, amounted to €7.47 (€4.51 in 2021 and €5.82 in 2019).
Free cash flow – after operating investments by the business lines – hit a record €5.4 billion. This was driven by higher Ebitda, a stable working capital requirement following a high level of cash collection at the end of the year, and a firm grip on operating investments.
Net financial debt at 31 December 2022 was €18.5 billion. This represents a fall of €1.0 billion relative to 31 December 2021 after taking into account financial investments during the period (€2.7 billion), dividend payments (€1.9 billion) and share buy-backs net of capital increases (€0.6 billion).
At 31 December 2022, VINCI had a large amount of liquidity, around €20 billion, breaking down into €9.2 billion of managed net cash (€9.0 billion a year earlier) and €10.5 billion of confirmed credit facilities not used by VINCI SA (€8.0 billion a year earlier).
The Group carried out several bond issues and refinancing transactions in 2022, totalling €2.8 billion. Debt repayments during the year amounted to €3.6 billion.
Order intake at VINCI Energies, Cobra IS and VINCI Construction totalled €55.7 billion in 2022, up 32% year on year (up 13% excluding Cobra IS).
(*) €2.8 billion excluding the non-recurring deferred tax expense in the United Kingdom that was recognised in 2021.
