2022 Universal Registration Document

Since an interim dividend of €1.00 per share was paid in November 2022, the final dividend payment on 27 April 2023 (ex-date: 25 April 2023) will be €3.00 per share if approved.

NB: Dividends paid to natural persons in respect of 2019, 2020 and 2021 qualify for a 40% tax allowance.

B. Post-balance sheet events, trends and outlook

1. Material post-balance sheet events

Share buy-back programme

As part of its share buy-back programme, VINCI signed a share purchase agreement with an investment services provider on 3 January 2023. Under that agreement, which runs from 4 January until 29 March 2023 at the latest, the provider will purchase up to €250 million of VINCI shares on VINCI’s behalf. The price paid for those shares may not exceed the limit set at VINCI’s Combined Shareholders’ General Meeting of 12 April 2022.

Bond issue

On 12 January 2023, as part of its Euro Medium Term Note (EMTN) programme, Autoroutes du Sud de la France (ASF) issued €700 million of bonds due to mature in January 2033, with an annual coupon of 3.25%. The issue was 1.5x oversubscribed.

2. Information on trends

2.1 Outcome in 2022

When publishing its quarterly results in October 2022, VINCI clarified its full-year trends:

Based on its solid performance in the first nine months of 2022, VINCI confirms that it expects full-year net income to be higher than the 2019 figure.

The Group’s guidance for its various business lines in 2022 is as follows:

• • VINCI Autoroutes, where traffic levels have been firm overall despite higher fuel prices, forecasts full-year traffic levels higher than those of 2019.
• • VINCI Airports anticipates – barring a resurgence of the pandemic – passenger numbers for 2022 to be around 70% of their 2019 level, allowing it to generate positive net income and free cash flow.
• • VINCI Energies, which operates in buoyant markets, should be able to continue growing its business while solidifying its operating margin.
• • Cobra IS, benefiting from firm momentum in its flow business and the ramp-up of its EPC projects, anticipates revenue of around €5.5 billion and operating margin in line with the industry’s best in class.
• • VINCI Construction, due to its very large order book, expects to remain busy and improve its operating margin, while continuing to take a selective approach to new business.

Despite geopolitical, economic and pandemic-related uncertainty, VINCI remains confident that it will be able to maintain consistent growth over the long term. The Group is well equipped to achieve this due to the diversity of its business activities and geographical locations. In addition, as a provider of services to the energy, construction and mobility industries, it is positioned to take full advantage of new opportunities arising from the need to ensure that growth is sustainable and environmentally friendly.

Those trends are confirmed or have been exceeded.

2.2 Order book

At 31 December 2022, the combined order book of VINCI Energies, Cobra IS and VINCI Construction amounted to €57.3 billion, up almost 9% year on year (up 6% in France, up 10% outside France). With increases across all three business lines, the combined order book represents more than 13 months of business activity and 63% of it is to be completed in 2023. Business outside France made up 69% of the combined order book at end-December 2022 (68% at end-December 2021).

VINCI Energies’ order book amounted to €12.4 billion at 31 December 2022, up almost 13% year on year (up 10.5% in France and up 14% outside France). It represents almost nine months of VINCI Energies’ average business activity.

The Cobra IS order book amounted to €11.1 billion, up 33% over 12 months. It represents 24 months of this business line’s average business activity.