| 2022/2021 change | ||||
|---|---|---|---|---|
| (in € millions) | 2022 | 2021 | Amount | % |
| Cash flow from operations before tax and financing costs (Ebitda) | 10,215 | 7,884 | 2,332 | +29.6% |
| % of revenue | 16.6% | 16.0% | ||
| Changes in working capital requirement and current provisions | 392 | 1,579 | (1,188) | |
| Income taxes paid | (1,603) | (1,213) | (391) | |
| Net interest paid | (563) | (557) | (6) | |
| Dividends received from companies accounted for under the equity method | 92 | 112 | (19) | |
| Cash flow from operating activities, excluding other long-term advances | 8,533 | 7,806 | 727 | +9.3% |
| Operating investments net of disposals and other long-term advances (*) | (1,602) | (1,077) | (525) | +48.8% |
| Repayments of lease liabilities and financial expense on leases | (661) | (631) | (30) | +4.7% |
| Operating cash flow | 6,270 | 6,098 | 172 | +2.8% |
| Growth investments in concessions | (836) | (815) | (21) | +2.6% |
| of which VINCI Autoroutes | (578) | (677) | 99 | −14.6% |
| of which VINCI Airports | (152) | (163) | 11 | −6.9% |
| of which other | (106) | 25 | (131) | |
| Free cash flow | 5,433 | 5,282 | 151 | +2.9% |
| of which concessions | 4,146 | 2,660 | 1,486 | |
| of which VINCI Energies, Cobra IS and VINCI Construction | 1,220 | 2,433 | (1,213) | |
| of which VINCI Immobilier and holding companies | 67 | 189 | (122) | |
| Net financial investments | (2,618) | (4,834) (**) | 2,216 | |
| Other | (59) | (82) | 23 | |
| Free cash flow after growth financing | 2,757 | 366 (**) | 2,390 | |
| Capital increases and reductions | 438 | 721 | (283) | |
| Transactions on treasury shares | (1,100) | (602) | (497) | |
| Dividends paid | (1,892) | (1,558) | (334) | |
| Subtotal capital transactions | (2,553) | (1,439) | (1,114) | |
| Net cash flow during the period | 204 | (1,073) (**) | 1,277 | |
| Other changes | 799 | (476) | 1,275 | |
| Change in net financial debt | 1,002 | (1,549) | 2,552 | |
| Net financial debt | (18,536) | (19,539) (**) | 1,002 | |
(*) Of which impact of Cobra IS’s acquisition of Polo Carmópolis, net of long-term advances received in the amount of €66 million.
(**) 2021 figures adjusted following the final purchase price allocation for Cobra IS.
Ebitda (*) totalled €10,215 million in 2022, up 20% relative to 2019 (€8,497 million) and up almost 30% compared with 2021 (€7,884 million). It equalled 16.6% of revenue compared with 16.0% in 2021 and 17.7% in 2019.
In Concessions, Ebitda amounted to €6,200 million, up 33% relative to 2021 (€4,676 million; €5,796 million in 2019). It equalled 67.7% of revenue compared with 66.4% in 2021 and 67.8% in 2019.
At VINCI Autoroutes, Ebitda amounted to €4,419 million, up 7.4% relative to the 2021 figure of €4,116 million. Ebitda margin was 73.6% in 2022 (74.2% in 2021 and 74.7% in 2019).
Ebitda at VINCI Airports amounted to €1,580 million, equal to 59.0% of revenue (€385 million and 32.4% in 2021 and €1,466 million and 55.7% in 2019).
VINCI Energies’ Ebitda was €1,426 million (8.5% of revenue), up 13% compared with the 2021 figure of €1,259 million (8.3% of revenue).
Cobra IS generated Ebitda of €509 million, equal to 9.2% of revenue.
Ebitda at VINCI Construction was €1,707 million or 5.8% of revenue (€1,647 million and 6.3% of revenue in 2021).
(*) Ebitda = Cash flow from operations before tax and financing costs
