Consolidated non-current assets amounted to €65.5 billion at 31 December 2022 (€60.6 billion at 31 December 2021 (*)), including €42.9 billion in the Concessions business (€40.4 billion at 31 December 2021), €8.2 billion at VINCI Energies (€7.5 billion at 31 December 2021), €6.5 billion at VINCI Construction (€6.3 billion at 31 December 2021) and €6.9 billion at Cobra IS (€5.3 billion at 31 December 2021(*)). The final allocation of the Cobra IS purchase price led to the recognition of €835 million of intangible assets relating to the order book, customer relationships and brands. Accordingly, Cobra IS’s final goodwill figure is €4.2 billion, as opposed to provisional goodwill of €4.5 billion at 31 December 2021.
The increase in 2022 resulted mainly from VINCI Airports’ acquisitions in Mexico, deals by VINCI Highways to increase its control over certain assets, acquisitions by VINCI Energies and Cobra IS’s acquisition of Polo Carmópolis, which holds rights to operate oil and gas fields in Brazil.
After taking account of a net working capital surplus (attributable mainly to VINCI Energies, VINCI Construction and Cobra IS) of €13.1 billion, up €1.5 billion year on year, capital employed was €52.5 billion at 31 December 2022 (€49.1 billion at end-2021).
Capital employed in the Concessions business was €40.5 billion, making up 77% of the Group total (79% at 31 December 2021), including €19.0 billion at VINCI Autoroutes and €18.6 billion at VINCI Airports. VINCI Energies accounted for 8.7% of capital employed at 31 December 2022 (€4.5 billion) as opposed to 7.8% at 31 December 2021. Capital employed at Cobra IS amounted to €4.5 billion, equal to 8.6% of the total (8.7% at 31 December 2021). Capital employed totalled €0.8 billion at VINCI Construction and €1.4 billion at VINCI Immobilier at 31 December 2022 (€0.7 billion and €1.0 billion respectively at 31 December 2021).
The Group’s consolidated equity was €29.4 billion at 31 December 2022, up €4.6 billion compared with 31 December 2021. It includes €3.5 billion relating to non-controlling interests, mainly concerning London Gatwick airport and Mexican airport operator OMA (€1.9 billion at 31 December 2021).
The number of shares, including treasury shares, was 589,387,330 at 31 December 2022 (592,362,376 at 31 December 2021). Treasury shares amounted to 4.38% of the total capital at 31 December 2022 (4.18% at 31 December 2021).
In late December 2022, VINCI reduced its share capital by cancelling 8.6 million shares held in treasury.
Consolidated net financial debt at 31 December 2022 was €18.5 billion (€19.5 billion at 31 December 2021 (*)). That figure reflects long-term gross financial debt of almost €27.8 billion (€28.6 billion at 31 December 2021) and managed net cash of €9.2 billion (€9.0 billion at 31 December 2021 (*)).
For the Concessions business, net debt stood at close to €31.7 billion, down almost €1.0 billion relative to 31 December 2021. VINCI Energies, Cobra IS and VINCI Construction showed a net financial surplus of €3.7 billion as opposed to €4.2 billion at 31 December 2021. Holding companies and other activities showed a net financial surplus of €9.5 billion (€9.0 billion at 31 December 2021). Of that surplus, €13.6 billion consisted of the net balance of loans granted to Group subsidiaries and investments made by the latter within the Group.
The ratio of net financial debt to equity was 0.6 at 31 December 2022 (0.8 at 31 December 2021). The net financial debt-to-Ebitda ratio stood at 1.8 at the end of 2022 (2.5 at 31 December 2021).
Group liquidity totalled €20.5 billion at 31 December 2022 (€17.5 billion at 31 December 2021). The liquidity figure comprised €9.2 billion of managed net cash and €11.3 billion of unused confirmed bank credit facilities. These comprised an €8.0 billion facility at VINCI SA due to expire in November 2025 for the most part (€7.7 billion), and another €2.5 billion facility expiring in July 2023 with two six-month extension options; various facilities at Cobra IS in a total amount of €1.0 billion of which €0.5 billion was drawn at year-end; and London Gatwick airport’s £300 million revolving credit facility due to expire in June 2025, of which £60 million was used at 31 December 2022.
| (in € millions) | 31/12/2022 | Of which external financial surplus (debt) | Total net financial debt/Ebitda | 31/12/2021 | Of which external financial surplus (debt) | Total net financial debt/Ebitda | 2022/2021 change |
|---|---|---|---|---|---|---|---|
| Concessions | Concessions 31/12/2022 (31,735) |
Concessions Of which external financial surplus (debt) (18,880) |
Concessions Total net financial debt/Ebitda 5.1x |
Concessions 31/12/2021 (32,693) |
Concessions Of which external financial surplus (debt) (19,664) |
Concessions Total net financial debt/Ebitda 7x |
Concessions 2022/2021 change 958 |
| VINCI Autoroutes | VINCI Autoroutes 31/12/2022 (16,985) |
VINCI Autoroutes Of which external financial surplus (debt) (12,578) |
VINCI Autoroutes Total net financial debt/Ebitda 3.8x |
VINCI Autoroutes 31/12/2021 (18,008) |
VINCI Autoroutes Of which external financial surplus (debt) (13,296) |
VINCI Autoroutes Total net financial debt/Ebitda 4.4x |
VINCI Autoroutes 2022/2021 change 1,023 |
| VINCI Airports | VINCI Airports 31/12/2022 (11,131) |
VINCI Airports Of which external financial surplus (debt) (5,674) |
VINCI Airports Total net financial debt/Ebitda 7x |
VINCI Airports 31/12/2021 (11,723) |
VINCI Airports Of which external financial surplus (debt) (5,860) |
VINCI Airports Total net financial debt/Ebitda 30.5x |
VINCI Airports 2022/2021 change 592 |
| Other concessions | Other concessions 31/12/2022 (3,618) |
Other concessions Of which external financial surplus (debt) (628) |
Other concessions Total net financial debt/Ebitda
|
Other concessions 31/12/2021 (2,962) |
Other concessions Of which external financial surplus (debt) (508) |
Other concessions Total net financial debt/Ebitda
|
Other concessions 2022/2021 change (656) |
| VINCI Energies | VINCI Energies 31/12/2022 (129) |
VINCI Energies Of which external financial surplus (debt) 532 |
VINCI Energies Total net financial debt/Ebitda
|
VINCI Energies 31/12/2021 447 |
VINCI Energies Of which external financial surplus (debt) 538 |
VINCI Energies Total net financial debt/Ebitda
|
VINCI Energies 2022/2021 change (576) |
| Cobra IS | Cobra IS 31/12/2022 404 |
Cobra IS Of which external financial surplus (debt) 404 |
Cobra IS Total net financial debt/Ebitda
|
Cobra IS 31/12/2021 403 |
Cobra IS Of which external financial surplus (debt) 403 |
Cobra IS Total net financial debt/Ebitda
|
Cobra IS 2022/2021 change – |
| VINCI Construction | VINCI Construction 31/12/2022 3,460 |
VINCI Construction Of which external financial surplus (debt) 1,879 |
VINCI Construction Total net financial debt/Ebitda
|
VINCI Construction 31/12/2021 3,334 |
VINCI Construction Of which external financial surplus (debt) 1,670 |
VINCI Construction Total net financial debt/Ebitda
|
VINCI Construction 2022/2021 change 126 |
| Holding companies and VINCI Immobilier | Holding companies and VINCI Immobilier 31/12/2022 9,464 |
Holding companies and VINCI Immobilier Of which external financial surplus (debt) (2,471) |
Holding companies and VINCI Immobilier Total net financial debt/Ebitda
|
Holding companies and VINCI Immobilier 31/12/2021 8,971 |
Holding companies and VINCI Immobilier Of which external financial surplus (debt) (2,485) |
Holding companies and VINCI Immobilier Total net financial debt/Ebitda
|
Holding companies and VINCI Immobilier 2022/2021 change 494 |
| Total | Total 31/12/2022 (18,536) |
Total Of which external financial surplus (debt) (18,536) |
Total Total net financial debt/Ebitda 1.8x |
Total 31/12/2021 (19,539) |
Total Of which external financial surplus (debt) (19,539) |
Total Total net financial debt/Ebitda 2.5x |
Total 2022/2021 change 1,002 |
(*) 2021 figures adjusted following the final purchase price allocation for Cobra IS.
(*) Adjusted for the final allocation of the Cobra IS purchase price at 31 December 2021.
