| Concessions | Energy | Construction | |||||
|---|---|---|---|---|---|---|---|
| (in € millions) | VINCI Autoroutes VINCI Airports Other concessions | VINCI Energies | Cobra IS | VINCI Construction | VINCI Immobilier and holding companies | Eliminations | Total |
| Income statement | |||||||
| Revenue (1) | 9,162 | 16,748 | 5,520 | 29,252 | 1,523 | (530) | 61,675 |
| Concession subsidiaries’ works revenue | 663 | – | – | – | – | (73) (2) | 590 |
| Total revenue | 9,825 | 16,748 | 5,520 | 29,252 | 1,523 | (603) | 62,265 |
| Operating income from ordinary activities | 4,171 | 1,142 | 411 (3) | 1,100 | - (3) | – | 6,824 |
| % of revenue (1) | 45.5% | 6.8% | 7.4% | 3.8% | 11.1% | ||
| Recurring operating income | 4,099 | 1,013 | 416 (3) | 969 | (16)(3) | – | 6,481 |
| Operating income | 4,140 | 1,008 | 409 (3) | 964 | (32) (3) | – | 6,489 |
| Cash flow statement | |||||||
| Cash flow from operations before tax and financing costs | 6,200 | 1,426 | 509 | 1,707 | 373 | – | 10,215 |
| % of revenue (1) | 67.7% | 8.5% | 9.2% | 5.8% | 16.6% | ||
| Depreciation and amortisation | 1,900 | 470 | 97 (3) | 938 | 208 (3) | – | 3,613 |
| Operating investments (net of disposals) | (123) | (189) | (1,319) | (762) | (63) | – | (2,456) |
| Repayment of lease liabilities (4) | (36) | (310) | (19) | (261) | (35) | – | (661) |
| Operating cash flow | 4,871 | 602 | 130 | 599 | 67 | 6,270 | |
| Growth investments (concessions and PPPs) | (725) | 1 | (145) | 33 | – | – | (836) |
| Free cash flow | 4,146 | 603 | (15) | 632 | 67 | – | 5,433 |
| Balance sheet | |||||||
| Capital employed at 31/12/2022 | 40,529 | 4,540 | 4,536 | 827 | 2,033 | – | 52,465 |
| of which investments in companies accounted for under the equity method | 397 | 15 | 26 | 451 | 126 | - | 1,014 |
| of which right-of-use assets in respect of leases | 297 | 853 | 70 | 601 | 243 | - | 2,064 |
| Net financial surplus/(debt) | (31,735) | (129) | 404 | 3,460 | 9,464 | – | (18,536) |
(1) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(2) Intra-group revenue of the VINCI Energies and VINCI Construction business lines derived from works carried out for the Group’s concession companies.
(3) Before the amortisation of intangible assets identified when allocating the Cobra IS purchase price for €128 million. This amortisation is recognised at the level of the holding companies.
(4) Including associated financial expense.
PPP: Public-private partnership.
| Concessions | Energy | Construction | |||||
|---|---|---|---|---|---|---|---|
| (in € millions) | VINCI Autoroutes VINCI Airports Other concessions | VINCI Energies | Cobra IS | VINCI Construction | VINCI Immobilier and holding companies | Eliminations | Total |
| Income statement | |||||||
| Revenue (2) | 7,046 | 15,097 | – | 26,282 | 1,611 | (639) | 49,396 |
| Concession subsidiaries’ works revenue | 680 | – | – | – | – | (95) (3) | 586 |
| Total revenue | 7,727 | 15,097 | – | 26,282 | 1,611 | (734) | 49,982 |
| Operating income from ordinary activities | 2,683 | 985 | – | 968 | 86 | – | 4,723 |
| % of revenue (2) | 38.1% | 6.5% | - | 3.7% | 9.6% | ||
| Recurring operating income | 2,583 | 882 | – | 879 | 120 | – | 4,464 |
| Operating income | 2,586 | 868 | – | 879 | 106 | – | 4,438 |
| Cash flow statement | |||||||
| Cash flow from operations before tax and financing costs | 4,676 | 1,259 | – | 1,647 | 301 | – | 7,884 |
| % of revenue (2) | 66.4% | 8.3% | - | 6.3% | 16.0% | ||
| Depreciation and amortisation | 1,829 | 432 | – | 905 | 54 | – | 3,219 |
| Operating investments (net of disposals) | (75) | (166) | – | (639) | (197) | – | (1,077) |
| Repayment of lease liabilities (4) | (38) | (289) | – | (265) | (39) | – | (631) |
| Operating cash flow | 3,501 | 1,199 | – | 1,208 | 189 | – | 6,098 |
| Growth investments (concessions and PPPs) | (841) | 2 | – | 23 | – | – | (815) |
| Free cash flow | 2,660 | 1,201 | – | 1,232 | 189 | – | 5,282 |
| Balance sheet | |||||||
| Capital employed at 31/12/2021 | 38,584 | 3,800 | 4,278 | 672 | 1,747 | – | 49,081 |
| of which investments in companies accounted for under the equity method | 353 | 12 | 17 | 422 | 145 | - | 950 |
| of which right-of-use assets in respect of leases | 310 | 827 | 85 | 685 | 177 | - | 2,084 |
| Net financial surplus/(debt) | (32,693) | 447 | 403 | 3,334 | 8,971 | – | (19,539) |
(1) Amounts adjusted following the final purchase price allocation for Cobra IS, acquired on 31 December 2021. See Note B.2, “Changes in consolidation scope in previous periods”.
(2) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(3) Intra-group revenue of the VINCI Energies and VINCI Construction business lines derived from works carried out for the Group’s concession companies.
(4) Including associated financial expense.
PPP: Public-private partnership.
