2022 Universal Registration Document

Key Data

VINCI Construction’s order book totalled €33.8 billion at 31 December 2022, up 1% over the year (up 4.5% in France and down 1% outside France). It represents 14 months of VINCI Construction’s average business activity.

Order book (*)
(in € billions) 31/12/2022 Of which Of which 31/12/2021 Of which Of which
VINCI Energies

VINCI Energies

31/12/2022

12.4

VINCI Energies

Of which

5.5

VINCI Energies

Of which

6.9

VINCI Energies

31/12/2021

11.0

VINCI Energies

Of which

5.0

VINCI Energies

Of which

6.0
Cobra IS

Cobra IS

31/12/2022

11.1

Cobra IS

Of which

 

Cobra IS

Of which

11.1

Cobra IS

31/12/2021

8.3

Cobra IS

Of which

 

Cobra IS

Of which

8.3
VINCI Construction

VINCI Construction

31/12/2022

33.8

VINCI Construction

Of which

12.3

VINCI Construction

Of which

21.5

VINCI Construction

31/12/2021

33.4

VINCI Construction

Of which

11.7

VINCI Construction

Of which

21.7
Total

Total

31/12/2022

57.3

Total

Of which

17.8

Total

Of which

39.5

Total

31/12/2021

52.7

Total

Of which

16.7

Total

Of which

36.0
VINCI Immobilier

VINCI Immobilier

31/12/2022

1.2

VINCI Immobilier

Of which

1.2

VINCI Immobilier

Of which

–

VINCI Immobilier

31/12/2021

1.3

VINCI Immobilier

Of which

1.3

VINCI Immobilier

Of which

–

(*) Unaudited figures.

2.3 Trends in 2023

VINCI is going into 2023 with confidence.

At this stage, barring any exceptional events, the Group expects further increases – although more limited than in 2022 – in revenue and operating income in 2023.

Thus, its net income, despite a substantial increase in financial costs, could be slightly higher than the level achieved in 2022.

Following an exceptionally high level of cash inflows from customers at the end of 2022 and given the substantial increase in investments anticipated in 2023 in both airports and renewable energy, the Group expects, as an initial estimate, that free cash flow could be in the range of €4.0 billion to €4.5 billion in 2023.

2023 forecasts for each business line are as follows:

  • VINCI Autoroutes expects full-year traffic levels to be similar to those seen in 2022.
  • VINCI Airports is forecasting a further recovery in passenger numbers (*) – without returning to their 2019 level overall in 2023, because the rebound has been longer to materialise in Asia – and a further improvement in its operating earnings.
  • VINCI Energies should see further business growth, driven by continuing positive trends in its markets and the integration of recent acquisitions, while solidifying its operating margin (**).
  • Cobra IS, supported by its robust order book, is expecting revenue growth of at least 10% thanks to the ramp-up of the large EPC projects won recently and good momentum in flow business.
  • New projects will be added to the renewable energy portfolio, taking total capacity, in operation or under construction, to at least 2 GW by the end of the year.
  • VINCI Construction will remain selective and should see business stabilise, while continuing to improve its operating margin (**).

(*) Figures at 100% including passenger numbers at all managed airports over the full period.

(**) Operating income from ordinary activities (Ebit) / revenue.