The Group’s ROE was 18.6% in 2022 (12.4% in 2021; adjusted for the non-recurring impact on deferred tax caused by the increase in the corporation tax rate in the United Kingdom, it would have been 13.3%).
| (in € millions) | 2022 | 2021 |
|---|---|---|
| Equity excluding non-controlling interests at previous year end | Equity excluding non-controlling interests at previous year end 2022 22,881 |
Equity excluding non-controlling interests at previous year end 2021 21,011 |
| Net income attributable to owners of the parent | Net income attributable to owners of the parent 2022 4,259 |
Net income attributable to owners of the parent 2021 2,597 |
| ROE | ROE 2022 18.6% |
ROE 2021 12.4% |
ROCE was 9.2% in 2022, compared with 6.7% in 2021.
| (in € millions) | 2022 | 2021 |
|---|---|---|
| Capital employed at previous year end | Capital employed at previous year end 2022 49,081 |
Capital employed at previous year end 2021 46,258 |
| Capital employed at this year end (*) | Capital employed at this year end (*) 2022 52,465 |
Capital employed at this year end (*) 2021 44,803 |
| Average capital employed | Average capital employed 2022 50,773 |
Average capital employed 2021 45,530 |
| Recurring operating income | Recurring operating income 2022 6,481 |
Recurring operating income 2021 4,464 |
| Theoretical tax (**) | Theoretical tax (**) 2022 (1,803) |
Theoretical tax (**) 2021 (1,399) |
| Net operating income after tax | Net operating income after tax 2022 4,678 |
Net operating income after tax 2021 3,065 |
| ROCE | ROCE 2022 9.2% |
ROCE 2021 6.7% |
(*) Excluding capital employed at Cobra IS at 31 December 2021.
(**) Based on the effective rate for the period.
The health crisis had a particularly serious impact on performance at VINCI Airports, and passenger levels have not yet recovered to 2019 levels despite a rebound in 2022. Excluding VINCI Airports, ROE and ROCE would have been 18.3% and 12.0% respectively (16.7% and 11.3% in 2021).
VINCI’s parent company financial statements show revenue of €19 million for 2022, compared with €15 million in 2021, consisting mainly of services invoiced by the holding company to subsidiaries.
The parent company’s net income was €2,853 million in 2022, compared with €2,580 million in 2021. The 2022 figure includes €2,768 million of dividends received from Group subsidiaries (€2,621 million in 2021).
Expenses referred to in Article 39.4 of the French Tax Code amounted to €93,666 in 2022.
Disclosures relating to suppliers’ payment terms required by France’s LME Act on modernising the country’s economy and Article L.441-6-1 of the French Commercial Code are provided in the note entitled “Information on payment periods”, page 389.
At its meeting of 8 February 2023, VINCI’s Board of Directors decided to propose a 2022 dividend of €4.00 per share at the Shareholders’ General Meeting on 13 April 2023, to be paid entirely in cash (€2.90 per share with respect to 2021).
