At 31 December 2022, the combined order book of VINCI Energies, Cobra IS and VINCI Construction amounted to €57.3 billion, an increase of almost 9% (4% excluding Cobra IS) relative to 31 December 2021 (up 10% outside France, up 6% in France). It represents over 13 months of average business activity. International business made up 69% of the order book, as opposed to 68% at 31 December 2021.
On 7 December 2022, VINCI completed the purchase of a 29.99% stake in OMA (Grupo Aeroportuario del Centro Norte), which holds concessions for 13 airports in northern and central Mexico until 2048, from the Mexican investment firm Fintech for $1.17 billion. These airports together handled 23 million passengers in 2022, including one that serves the major industrial city of Monterrey and accounts for almost half of OMA’s passenger numbers. The company is fully consolidated in in VINCI’s financial statements.
In April 2022, VINCI Highways acquired the 70% stake it did not already own in TollPlus, a provider of technology solutions for the mobility industry and specifically for motorways. VINCI Highways has held a 30% stake in TollPlus since 2016, and has been developing its free-flow toll business in the United States, the Republic of Ireland and India. The acquisition makes VINCI Highways a leading player in electronic toll collection (ETC), a market that is growing rapidly, particularly in the United States.
In late May 2022, VINCI Highways acquired OMERS Infrastructure’s 65.1% interest in Strait Crossing Development Inc. (SCDI), which holds the concession for the Confederation Bridge connecting the Canadian provinces of Prince Edward Island and New Brunswick until 2032. The transaction therefore increased VINCI Highways’ stake from 19.9% to 85%.
TollPlus and SCDI are now fully consolidated in VINCI’s financial statements.
VINCI Concessions subsidiary VINCI Highways and Lineas – whose main shareholder is Mota-Engil – exercised their right of first refusal to acquire Atlantia’s 17.2% stake in Lusoponte, which holds concessions for two bridges over the river Tagus in Lisbon until 2030. As a result, VINCI Concessions now holds a 49.5% stake in Lusoponte, and jointly controls the company with its Portuguese partner. Lusoponte remains accounted for under the equity method in the Group’s financial statements.
In November 2022, VINCI Highways increased its stake in the company holding the concession for the Rion–Antirion bridge in Greece from 57.4% to 72.3%.
VINCI Energies completed acquisitions of 31 new companies in 2022, representing combined full-year revenue of €745 million. The main acquisitions in the period were as follows:
In 2022, VINCI Construction strengthened its position in North America with the following transactions:
The most significant transactions are mentioned in Note B.1 to the consolidated financial statements, “Changes in consolidation scope during the period”, page 307.
In July 2022, VINCI Airports and its Portuguese subsidiary ANA signed a 40-year concession contract to operate the seven airports in the Cabo Verde islands, which handled 2.8 million passengers in 2019. These airports’ operations will be transferred to the new concession company once the transaction has closed, which should take place in 2023.
Olympia Odos – which is 29.9% owned by VINCI Concessions and holds the concession for the motorway connecting Corinth and Patras – signed a concession extension with the Greek authorities in late March 2022. The extension relates to a new 75 km section of the motorway, extending it to the city of Pyrgos in the north-west Peloponnese. VINCI Concessions and its partners will be responsible for designing, financing and building this new section, and then operating it until 2044.
In December 2022, VINCI Highways formed an agreement to acquire a 55% stake in Entrevias, which holds concessions until 2047 for two toll motorway sections in São Paulo state, Brazil – covering a total distance of 570 km – from the Brazilian investment firm Pátria. The transaction is expected to close in the first half of 2023.
