Outside France (55% of the total), revenue was €16,189 million, up 19.6% relative to 2021 on an actual basis or up 14.1% like-for-like. Business levels were up in the Major Projects Division (reflecting the progress of works on major contracts won previously) and Specialty Networks (Soletanche Freyssinet). They also showed strong momentum in the United Kingdom, Germany, the Czech Republic, North America and Oceania.
VINCI Immobilier’s consolidated revenue amounted to €1,523 million, down 5.5% year on year.
Revenue, including the Group’s share of joint developments, fell 15% to €1.7 billion in 2022. The decline resulted from a high base for comparison, but also tougher conditions in the French property development sector: land prices remain high and technical costs are rising. In addition, the rise in interest rates is impacting demand from consumers and institutional investors in both the residential and non-residential segments. However, the serviced residences business (Ovelia, Student Factory and Bikube) continues to grow, with 37 residences in operation and 22 under construction.
The number of homes reserved in France was 6,059, down 17% compared with 2021, a year marked by a strong post-Covid rebound in activity. Work began on 6,167 homes, a decrease of 5% relative to 2021, and completed residential sales fell by 11% to 6,666.
| 2022/2021 change | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 2022 | % of total | 2021 | Amount | Actual | At constant |
| France | 27,948 | 45.3% | 26,319 | 1,629 | +6.2% | +6.2% |
| United Kingdom | 5,271 | 8.5% | 3,405 | 1,866 | +54.8% | +53.5% |
| Germany | 4,068 | 6.6% | 3,459 | 609 | +17.6% | +17.6% |
| Spain | 3,005 | 4.9% | 488 | 2,518 | +516.2% | +516.2% |
| Central and Eastern Europe | 2,521 | 4.1% | 2,304 | 217 | +9.4% | +8.3% |
| Rest of Europe | 5,292 | 8.6% | 4,247 | 1,045 | +24.6% | +23.7% |
| Europe excluding France | 20,158 | 32.7% | 13,903 | 6,255 | +45.0% | +44.1% |
| North America | 4,942 | 8.0% | 3,914 | 1,028 | +26.3% | +12.7% |
| of which United States | 2,961 | 4.8% | 2,319 | 642 | +27.7% | +11.5% |
| of which Canada | 1,981 | 3.2% | 1,596 | 386 | +24.2% | +14.7% |
| Central and South America | 3,310 | 5.4% | 1,205 | 2,106 | +174.8% | +165.3% |
| Africa | 1,740 | 2.8% | 1,560 | 180 | +11.6% | +10.2% |
| Rest of the world | 3,577 | 5.8% | 2,496 | 1.080 | +43.3% | +37.2% |
| International excluding Europe | 13,570 | 22.0% | 9,175 | 4,394 | +47.9% | +38.2% |
| Total international | 33,727 | 54.7% | 23,078 | 10,650 | +46.1% | +41.7% |
| Revenue (*) | 61,675 | 100.0% | 49,396 | 12,279 | +24.9% | +23.0% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Operating income from ordinary activities (Ebit) was €6,824 million, a strong increase of almost 45% compared with 2021 (€4,723 million) and up 19% relative to 2019 (€5,734 million), driven by improvements in all business lines and the integration of Cobra IS. It equalled 11.1% of revenue compared with 9.6% in 2021 and 11.9% in 2019.
| 2022/2021 change | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 2022 | % of revenue | 2021 | % of revenue | Amount | % |
| Concessions | 4,171 | 45.5% | 2,683 | 38.1% | 1,487 | +55.4% |
| VINCI Autoroutes | 3,127 | 52.1% | 2,841 | 51.2% | 285 | +10.0% |
| VINCI Airports | 983 | 36.7% | (206) | (17.3%) | 1,189 | +577.1% |
| Other concessions | 61 | – | 48 | – | 13 | – |
| VINCI Energies | 1,142 | 6.8% | 985 | 6.5% | 157 | +15.9% |
| Cobra IS | 411 | 7.4% | – | 411 | ||
| VINCI Construction | 1,100 | 3.8% | 968 | 3.7% | 132 | +13.6% |
| VINCI Immobilier | 79 | 5.2% | 70 | 4.4% | 9 | +12.5% |
| Holding companies | (79) | – | 15 | – | (95) | – |
| Operating income from ordinary activities (Ebit) | 6,824 | 11.1% | 4,723 | 9.6% | 2,101 | +44.5% |
| Share-based payments (IFRS 2) | (356) | – | (288) | – | (67) | – |
| Profit/(loss) of companies accounted for under the equity method | 22 | – | 12 | – | 11 | – |
| Other recurring operating items | (9) | – | 17 | – | (26) | – |
| Recurring operating income | 6,481 | 10.5% | 4,464 | 9.0% | 2,018 | +45.2% |
| Non-recurring operating items | 8 | (26) | 34 | |||
| Operating income | 6,489 | 10.5% | 4,438 | 9.0% | 2,051 | +46.2% |
NB: Operating income from ordinary activities is defined as operating income before the effects of share-based payments (IFRS 2), the profit or loss of companies accounted for under the equity method and other recurring and non-recurring operating items.
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
