In Concessions, Ebit was €4,171 million, up 55% relative to 2021 and equal to 45.5% of revenue.
At VINCI Autoroutes, Ebit was €3,127 million, up 10% relative to 2021 (€2,841 million) as a result of higher revenue. It was also 5% higher than in 2019. Ebit margin was 52.1% in 2022 (53.0% in 2019 and 51.2% in 2021).
After two years of losses, VINCI Airports saw Ebit turn strongly positive again, rising to €983 million in 2022, due to a rapid rebound in passenger numbers and a firm grip on operating costs. It was therefore close to the €1,016 million achieved in 2019. Ebit margin improved from −17.3% in 2021 to +36.7% in 2022 (38.6% in 2019).
The Group’s other concession subsidiaries generated positive Ebit of €61 million (€48 million in 2021), because of good traffic levels and, in some cases, Covid-19-related compensation.
At VINCI Energies, Ebit totalled €1,142 million and Ebit margin was 6.8% in 2022, 30 basis points higher than its level in 2021 (€985 million and 6.5%) and 80 basis points higher than in 2019 (€827 million and 6.0%). All business sectors and regions contributed to this very solid performance.
At Cobra IS, Ebit was €411 million in 2022 and Ebit margin was 7.4% (*), putting the company in line with the industry leaders.
At VINCI Construction, Ebit was €1,100 million (€968 million in 2021 and €826 million in 2019). Ebit margin rose from 3.7% in 2021 to 3.8% in 2022, the highest level for many years, despite cost inflation. Most divisions achieved a higher Ebit margin than in 2021, particularly Specialty Networks and Proximity Networks in France, Europe and Oceania.
VINCI Immobilier: Ebit totalled €79 million and Ebit margin was 5.2%, an improvement compared with 2021 (€70 million and margin of 4.4%).
In 2022, the Ebit of holding companies included the amortisation of intangible assets recognised when allocating the Cobra IS purchase price in an amount of €128 million.
Recurring operating income totalled €6,481 million versus €4,464 million in 2021 and €5,704 million in 2019. This factors in:
| 2022/2021 change | ||||||
|---|---|---|---|---|---|---|
| (in € millions) | 2022 | % of revenue (*) | 2021 | % of revenue (*) | Amount | % |
| Concessions | 4,099 | 44.7% | 2,583 | 36.7% | 1,516 | +58.7% |
| VINCI Autoroutes | 3,109 | 51.8% | 2,828 | 50.9% | 282 | +10.0% |
| VINCI Airports | 941 | 35.1% | (265) | (22.3%) | 1,206 | +454.9% |
| Other concessions | 49 | 21 | – | 28 | ||
| VINCI Energies | 1,013 | 6.0% | 882 | 5.8% | 131 | +14.9% |
| Cobra IS | 416 | 7.5% | – | 416 | ||
| VINCI Construction | 969 | 3.3% | 879 | 3.3% | 90 | +10.2% |
| VINCI Immobilier | 100 | 6.6% | 117 | 7.2% | (17) | −14.6% |
| Holding companies | (116) | 3 | – | (119) | – | |
| Recurring operating income | 6,481 | 10.5% | 4,464 | 9.0% | 2,018 | +45.2% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Non-recurring operating items produced net income of €8 million in 2022, as opposed to a net expense of €26 million in 2021, and mainly resulted from the impact of changes in scope described in paragraph 1.1, “Highlights of the period”, page 117.
After taking account of non-recurring items, operating income was €6,489 million in 2022 as opposed to €4,438 million in 2021 and €5,664 million in 2019.
Consolidated net income attributable to owners of the parent was €4,259 million or 6.9% of revenue, much higher than in 2021 (€2,597 million and 5.3% of revenue) and 2019 (€3,260 million and 6.8% of revenue).
(*) Before the amortisation of intangible assets identified when allocating the Cobra IS purchase price.
