| 2022/2021 change | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 2022 | 2021 | Actual | Like-for-like | 2019 | 2022/2019 change |
| Concessions | 9,162 | 7,046 | +30.0% | +27.9% | 8,544 | +7.2% |
| VINCI Autoroutes | 6,003 | 5,550 | +8.2% | +8.2% | 5,593 | +7.3% |
| VINCI Airports | 2,679 | 1,188 | +125.6% | +117.1% | 2,631 | +1.8% |
| Other concessions | 479 | 309 | +55.2% | +33.1% | 319 | +50.2% |
| VINCI Energies | 16,748 | 15,097 | +10.9% | +7.9% | 13,749 | +21.8% |
| Cobra IS | 5,520 | - | - | - | ||
| VINCI Construction | 29,252 | 26,282 | +11.3% | +8.5% | 25,051 | +16.8% |
| VINCI Immobilier | 1,523 | 1,611 | −5.5% | −5.5% | 1,320 | +15.4% |
| Intercompany eliminations | (530) | (639) | (610) | |||
| Revenue (*) | 61,675 | 49,396 | +24.9% | +10.9% | 48,053 | +28.3% |
| Concession subsidiaries’ works revenue | 663 | 680 | −2.5% | −4.4% | 1,038 | −36.1% |
| Intercompany eliminations | (73) | (95) | (338) | |||
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 590 | 586 | +0.7% | −1.4% | 699 | −15.6% |
| Total consolidated revenue | 62,265 | 49,982 | +24.6% | +10.8% | 48,753 | +27.7% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
VINCI Autoroutes: revenue totalled €6,003 million, up 7.3% relative to 2019 and up 8.2% compared with 2021. Intercity traffic levels continued to rise, growing 6.0% relative to 2021 and 1.7% compared with the pre-pandemic figure in 2019. Despite higher fuel prices and fuel shortages in the fourth quarter, light vehicle traffic rose 6.7% year on year (up 1.1% compared with 2019), while heavy vehicle traffic was up 2.0% (up 5.1% relative to 2019) because activity in the French economy as a whole, and in the e-commerce sector in particular, was firm.
VINCI Airports: revenue totalled €2,679 million, more than double the 2021 figure of €1,188 million. It was up 2% on an actual basis versus 2019 (€2,631 million) but remained 9% lower at constant scope. The recovery in VINCI Airports’ passenger numbers accelerated throughout the year, despite a geopolitical context that was affected by the conflict in Ukraine. Passenger numbers at the airports in Portugal, Belgrade and several Latin American countries are now above their 2019 levels. In Asia, the trend improved towards the end of the year as public health restrictions were eased across the region. In Japan, domestic passenger numbers rose back to 2019 levels. Over the year as a whole, the network’s airports handled 187 million passengers, equal to 72.5% of the 2019 baseline (80% for fully consolidated subsidiaries; 83% of the 2019 baseline reached in the last quarter) and more than double the 2021 level.
Other concessions: revenue totalled €479 million, up 50% compared with 2019 and up 55% compared with 2021 (up 33% like-for-like). This growth reflects deals in which VINCI Highways took control of TollPlus and SCDI (which holds the concession for the Confederation Bridge in Canada) and good performance at the main contributors to revenue for this segment, such as Lima Expresa (which holds the concession for a section of the Lima ring road in Peru), Gefyra (which holds the concession for the Rion–Antirion bridge in Greece) and VINCI Stadium.
VINCI Energies benefited from its strong position in some particularly buoyant markets (energy transition and digitalisation) as a result of its diverse skillset and dense network of companies. That network continued to expand in 2022, and recent acquisitions boosted revenue by around €260 million (up 1.9%). Exchange rate movements had a 1.2% positive impact.
In France (44% of the total), revenue was €7,366 million, up 10% compared with 2021 (up 8.9% at constant scope). Business levels were particularly firm in the manufacturing sector, in Building Solutions (tertiary sector, facilities management) and in information and communication technologies (ICT). They also rose in the infrastructure sector.
Outside France (56% of the total), revenue was €9,382 million, up 11.7% relative to 2021 (up 7.0% like-for-like). Revenue rose in almost all countries in which VINCI Energies operates, particularly in Benelux, Southern Europe, North America and Asia.
Revenue at Cobra IS, which operates almost exclusively outside France, amounted to €5,520 million, with 45% coming from Spain and 35% from Latin America. Cobra IS was again buoyed by good momentum in its flow business – particularly in Spain and Mexico – and in EPC (engineering, procurement and construction) projects, mainly in the renewable energy sector.
VINCI Construction benefited from its international exposure in 2022.
In France (45% of the total), revenue totalled €13,064 million, up 2.4% relative to 2021 (up 2.3% at constant scope). Business remained firm in public works for most of the year. In building, it was buoyed by rehabilitation works and construction work on public and hospital buildings.
