In 2022, ratings agency Standard & Poor’s confirmed its confidence in the Group’s credit quality by maintaining its A− long-term rating on VINCI, and Moody’s did likewise by maintaining its A3 rating, both with stable outlook.
The Group carried out several bond issues in 2022 with an average maturity of 10 years at the time of issue and an average interest rate of 2.76% at 31 December 2022 after converting some of that debt from fixed to floating rate:
Including the bank funding obtained by its subsidiaries – particularly Cobra IS and VINCI Airports after its acquisition of a stake in Mexican airport operator OMA – the Group obtained €2.8 billion of new financing in total in 2022.
In 2022, the Group repaid a total of €3.6 billion of debt, including:
At 31 December 2022, the Group’s gross long-term financial debt, before taking into account available cash, totalled €27.8 billion, most of which was owed by VINCI Autoroutes and VINCI Airports. Its average maturity was 6.9 years (7.3 years at 31 December 2021) and its average cost was 2.5% (2.1% in 2021).
VINCI’s consolidated revenue amounted to €61.7 billion in 2022, up almost 25% on an actual basis and up 11% like-for-like compared with 2021. Changes in scope – mainly the integration of Cobra IS, which was acquired in late 2021 – boosted revenue by 12.5%. Exchange rate movements had a positive impact of 1.5%, due to the rise in the US dollar and many other currencies against the euro. Compared with 2019, revenue was 28% higher on an actual basis and up almost 17% excluding Cobra IS.
Concessions revenue totalled €9.2 billion, up 30% on an actual basis (up 28% like-for-like) compared with 2021 and up 7.2% relative to 2019.
Revenue at VINCI Energies amounted to €16.7 billion, up 10.9% compared with 2021 (up 7.9% like-for-like) and up almost 22% compared with 2019.
Revenue at Cobra IS was €5.5 billion, and this business line contributed 11.2 points of the Group’s revenue growth.
Revenue at VINCI Construction amounted to €29.3 billion, up 11.3% versus 2021 (up 8.5% like-for-like) and up 16.8% compared with 2019.
In France, revenue totalled €27.9 billion, up 6.2% on an actual basis (up 5.7% at constant scope) compared with 2021. There was growth of 10.5% in Concessions, 10.0% at VINCI Energies and 2.4% at VINCI Construction, but a decline of 6.6% at VINCI Immobilier.
Outside France, revenue was €33.7 billion, up 46% on an actual basis and up 16.7% like-for-like compared with 2021. There were positive effects from changes in scope (26.3%, of which Cobra IS accounted for 24 percentage points) and from exchange rate movements (3.2%). Excluding Cobra IS, revenue was up almost 30% relative to 2019. For the first time, VINCI generated more revenue outside France (54.7% in 2022 versus 46.7% in 2021) than in France.
