In 2021, net income attributable to owners of the parent included a €200 million non-recurring deferred tax expense (with no cash impact) as a result of the United Kingdom’s decision to raise its corporation tax rate from 19% to 25% with effect from 2023.
Earnings per share, after taking account of dilutive instruments, amounted to €7.47 (€4.51 in 2021 or €4.86 excluding the non-recurring impact of deferred tax in the United Kingdom, and €5.82 in 2019).
| 2022/2021 change | ||||
|---|---|---|---|---|
| (in € millions) | 2022 | 2021 | Amount | % |
| Concessions | 2,707 | 1,379 | 1,328 | +96.3% |
| VINCI Autoroutes | 2,208 | 1,907 | 300 | +15.7% |
| VINCI Airports | 507 | (485) | 992 | +204.5% |
| Other concessions | (8) | (43) | 36 | – |
| VINCI Energies | 693 | 553 | 140 | +25.4% |
| Cobra IS | 218 | – | 218 | – |
| VINCI Construction | 680 | 571 | 109 | +19.1% |
| VINCI Immobilier | 63 | 87 | (24) | −27.7% |
| Holding companies | (102) | 7 | (109) | – |
| Net income attributable to owners of the parent | 4,259 | 2,597 | 1,662 | +64.0% |
| Non-recurring impact of deferred tax in the United Kingdom | – | (200) | 200 | – |
| Net income attributable to owners of the parent adjusted for the non-recurring impact of deferred tax in the United Kingdom | 4,259 | 2,797 | 1,462 | +52.3% |
The cost of net financial debt was €614 million in 2022 (€658 million in 2021). The increase in value of derivatives, particularly inflation-linked swaps relating to London Gatwick airport, and higher yields on cash investments offset the effect caused by the fourth-quarter rise in interest rates on the Group’s floating rate debt and by changes in scope. In 2022, the average interest rate on long-term gross financial debt was almost 2.5%, compared with 2.1% in 2021.
Other financial income and expense resulted in net income of €279 million compared with €40 million in 2021, and included:
The 2022 tax expense amounted to €1,737 million and the effective tax rate was 28.3% (€1,625 million and 42.7% in 2021).
In 2021, it included a negative impact of €388 million from the UK government’s decision to increase the corporation tax rate (from 19% to 25% in 2023), which in particular led to a reassessment of deferred tax liabilities arising from the valuation difference on the company that owns London Gatwick airport.
Excluding that effect, the change in tax expense was due to the sharp increase in the Group’s pre-tax income, partly offset by the lower tax rate in France, which fell from 28.41% in 2021 to 25.83% in 2022.
Income attributable to non-controlling interests amounted to €157 million as opposed to a loss of €402 million in 2021, which included €403 million of losses relating to London Gatwick airport, of which €192 million related to the reassessment of deferred tax liabilities.
