Since 1 January 2022, the consolidated financial statements have included cash flows generated by companies in the Cobra IS business line, which were acquired on 31 December 2021 from the Spanish group ACS. VINCI is continuing the integration of Cobra IS’s 579 subsidiaries in accordance with the schedule.
Cobra IS contributed €5.5 billion to the Group’s consolidated revenue in 2022 (thus adding 11.2 percentage points to consolidated revenue growth relative to 2021), along with €411 million to operating income from ordinary activities (Ebit) and €218 million to net income attributable to owners of the parent (before the amortisation of intangible assets identified when allocating the purchase price).
The Group’s overall performance was strong in 2022:
The report of the Board of Directors contains information on the operating performance of the Group’s various business lines.
After taking control of ACS’s energy business – known as Cobra IS – on 31 December 2021, the Group finalised the allocation of the purchase price by measuring identifiable assets acquired and liabilities assumed at fair value at the date of acquisition of control. The final goodwill figure was €4.2 billion. Comparative information relating to 2021 in the primary financial statements and notes (where applicable) has been adjusted to reflect the impact of this final purchase price allocation.
Purchase price allocation information is provided in Note B.2, “Changes in consolidation scope in previous periods”.
On 7 December 2022, VINCI Airports completed the acquisition of a 29.99% stake in OMA (Grupo Aeroportuario del Centro Norte).
The transaction added 13 airports to the VINCI Airports portfolio, located in Northern and Central Mexico.
Monterrey airport, serving Mexico’s industrial capital, is the fifth-largest airport in the country and accounts for nearly half of OMA’s passenger numbers. Added to this are Chihuahua and Ciudad Juárez airports at the heart of Mexico’s mining industry, Culiacán and Mazatlán airports, as well as eight regional and tourism airports on the Pacific Coast and in Central Mexico (Acapulco, San Luis Potosí, Torreón, Zihuatanejo, Durango, Zacatecas, Tampico and Reynosa). Since July 2022, OMA’s passenger numbers have been higher than their 2019 levels.
The key aspects of this acquisition are set out in Note B.1, “Changes in consolidation scope during the period”.
The main financing transactions during the year concerned VINCI, ASF and VINCI Airports. They are described in Note J, “Financing and financial risk management”.
At 31 December 2022, VINCI had total liquidity of €20.5 billion, comprising:
In addition, some Group subsidiaries have arranged their own credit facilities, including undrawn revolving credit facilities of €0.5 billion at Cobra IS and a revolving credit facility with a remaining available amount of €0.3 billion at the company that owns London Gatwick airport.
Liquidity information is presented in Note J.26, “Net cash managed and available resources”.
