| (in € millions) | 2022 | % of revenue | 2021 | % of revenue | 2022/2021 change |
|---|---|---|---|---|---|
| Concessions | Concessions 2022 6,200 |
Concessions % of revenue67.7% |
Concessions 2021 4,676 |
Concessions % of revenue 66.4% |
Concessions 2022/2021 change 1,524 |
| VINCI Autoroutes | VINCI Autoroutes 2022 4,419 |
VINCI Autoroutes % of revenue73.6% |
VINCI Autoroutes 2021 4,116 |
VINCI Autoroutes % of revenue 74.2% |
VINCI Autoroutes 2022/2021 change 303 |
| VINCI Airports | VINCI Airports 2022 1,580 |
VINCI Airports % of revenue59.0% |
VINCI Airports 2021 385 |
VINCI Airports % of revenue 32.4% |
VINCI Airports 2022/2021 change 1,196 |
| Other concessions | Other concessions 2022 200 |
Other concessions % of revenue– |
Other concessions 2021 175 |
Other concessions % of revenue – |
Other concessions 2022/2021 change 26 |
| VINCI Energies | VINCI Energies 2022 1,426 |
VINCI Energies % of revenue8.5% |
VINCI Energies 2021 1,259 |
VINCI Energies % of revenue 8.3% |
VINCI Energies 2022/2021 change 166 |
| Cobra IS | Cobra IS 2022 509 |
Cobra IS % of revenue9.2% |
Cobra IS 2021 – |
Cobra IS % of revenue – |
Cobra IS 2022/2021 change 509 |
| VINCI Construction | VINCI Construction 2022 1,707 |
VINCI Construction % of revenue5.8% |
VINCI Construction 2021 1,647 |
VINCI Construction % of revenue 6.3% |
VINCI Construction 2022/2021 change 60 |
| VINCI Immobilier | VINCI Immobilier 2022 114 |
VINCI Immobilier % of revenue7.5% |
VINCI Immobilier 2021 94 |
VINCI Immobilier % of revenue 5.8% |
VINCI Immobilier 2022/2021 change 20 |
| Holding companies | Holding companies 2022 259 |
Holding companies % of revenue– |
Holding companies 2021 207 |
Holding companies % of revenue – |
Holding companies 2022/2021 change 52 |
| Ebitda | Ebitda 2022 10,215 |
Ebitda % of revenue16.6% |
Ebitda 2021 7,884 |
Ebitda % of revenue 16.0% |
Ebitda 2022/2021 change 2,332 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
The net change in the operating working capital requirement and current provisions produced an inflow of €392 million in 2022, after two record years in 2020 (€2.3 billion) and 2021 (€1.6 billion). This further improvement reflects a good level of cash inflows from customers in the last few weeks of the year and an increase in advances on major projects and current provisions.
Income taxes paid were €1,603 million in 2022, an increase of €391 million (€1,213 million in 2021).
Net interest paid was stable at €563 million in 2022 (€557 million in 2021).
Cash flow from operating activities, excluding changes in long-term advances, was €8.5 billion, up 9% or €0.7 billion from the 2021 figure of €7.8 billion.
Operating investments, net of disposals and long-term advances, rose by 49% to €1,602 million from €1,077 million in 2021. This included €465 million of investments at Cobra IS, of which €415 million related to renewable energy projects, mainly in Brazil. After repayments of lease liabilities for €661 million (€631 million in 2021), operating cash flow (*) was €6.3 billion (€6.1 billion in 2021).
Growth investments in concessions and public-private partnerships totalled €836 million (€815 million in 2021). That figure includes €578 million invested by VINCI Autoroutes (€677 million in 2021) and €152 million invested by VINCI Airports (€163 million in 2021), particularly in Belgrade airport in Serbia.
Free cash flow (*) was positive at €5.4 billion, compared with €5.3 billion in 2021. VINCI Autoroutes generated free cash flow of almost €2.9 billion, an increase of nearly €0.3 billion compared with 2021. Free cash flow turned strongly positive again at VINCI Airports – an inflow of €1.1 billion as opposed to an outflow of €0.2 billion in 2021 – as a result of a sharp upturn in business levels, drastic cost-cutting and delayed investments. VINCI Energies and VINCI Construction each contributed €0.6 billion to the Group’s free cash flow after exceptionally high levels in 2021 (€1.2 billion for each of these business lines in 2021). Free cash flow at Cobra IS was close to zero because of its high level of investment.
Financial investments, net of disposals, and other investment flows totalled €2.7 billion. The main transactions were VINCI Airports’ purchase of a stake in Mexican airport operator OMA in December for almost €1.5 billion, around 30 acquisitions by VINCI Energies, deals to take control of TollPlus and SCDI (which holds the concession for the Confederation Bridge in Canada), VINCI Highways’ purchase of an additional stake in Lusoponte and acquisitions by VINCI Construction in North America.
In 2021, financial investments totalled €4.9 billion and mainly concerned the acquisition of Cobra IS, along with VINCI Immobilier’s deal to take control of Urbat Promotion and around 30 acquisitions by VINCI Energies.
Dividends paid in 2022 totalled €1,892 million (€1,558 million in 2021), including €1,830 million paid by VINCI SA, comprising the 2021 final dividend (€2.25 per share) and the interim dividend in respect of 2022 (€1.00 per share). The remainder includes dividends paid to non-controlling shareholders by subsidiaries not wholly owned by the Group.
VINCI SA’s capital increases relating to Group savings plans totalled €491 million in 2022 (5.6 million shares). VINCI also purchased 11.9 million shares in the market for a total investment of €1.1 billion, at an average price of €91.54 per share.
Together, these transactions involving VINCI’s capital generated a cash outflow of over €2.5 billion in 2022 (€1.4 billion outflow in 2021).
As a result of these cash flows, together with a positive impact from exchange rate movements and changes in the fair value of derivative instruments, net financial debt fell in 2022 by €1.0 billion, taking the total to €18.5 billion at 31 December 2022.
(*) See glossary.
