The Group’s consolidated revenue corresponds to revenue from the Concessions business and from the VINCI Energies, Cobra IS, VINCI Construction and VINCI Immobilier business lines.
IFRS 15 “Revenue from Contracts with Customers” requires entities to identify each contract as well as the various performance obligations contained in the contract. The number of performance obligations depends on the types of contracts and activities. Most of the Group’s contracts involve only one performance obligation.
Under IFRS 15, recognition of revenue must reflect the following:
The way in which transfer of control of a good or service is analysed is crucial, since that transfer determines the recognition of revenue.
The transfer of control of a good or service may take place continuously (revenue recognition on a progress towards completion basis) or on a specific date that corresponds to the completion of works.
Revenue from concession contracts consists of the following:
Consolidated revenue of the VINCI Energies, Cobra IS and VINCI Construction business lines comprises the total of the work, goods and services generated by the consolidated subsidiaries pursuing their main activity and the revenue for the construction of infrastructure under concession.
In the property sector, revenue arising on lots sold is recognised as the property development proceeds, in accordance with IFRS 15 and statutory provisions relating to off-plan sales. In that respect, to measure progress towards completion of works, VINCI Immobilier uses the cost-based method. The cost of land is included in the progress towards completion calculation at the commencement of each contract.
Revenue from ancillary activities mainly relates to revenue from leases, sales of equipment, materials and merchandise, study work and fees.
The method for recognising revenue under concession contracts is explained in Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”. The method for recognising revenue from construction and service contracts is explained in Note G.16, “Information on construction and service contracts”.
| (in € millions) | 2022 | % | 2021 | % |
|---|---|---|---|---|
| France | France202227,948 | France%45.3% | France 2021 26,319 |
France % 53.3% |
| United Kingdom | United Kingdom 20225,271 |
United Kingdom %8.5% |
United Kingdom 2021 3,405 |
United Kingdom % 6.9% |
| Germany | Germany 20224,068 |
Germany %6.6% |
Germany 2021 3,459 |
Germany % 7.0% |
| Spain | Spain 20223,005 |
Spain %4.9% |
Spain 2021 488 |
Spain % 1.0% |
| Central and Eastern Europe (*) | Central and Eastern Europe (*)20222,521 |
Central and Eastern Europe (*)%4.1% |
Central and Eastern Europe (*)2021 2,304 |
Central and Eastern Europe (*)% 4.7% |
| Portugal | Portugal 20221,248 |
Portugal %2.0% |
Portugal 2021 589 |
Portugal % 1.2% |
| Other European countries | Other European countries 20224,044 |
Other European countries %6.6% |
Other European countries 2021 3,658 |
Other European countries % 7.4% |
| Europe excluding France | Europe excluding France202220,158 | Europe excluding France%32.7% | Europe excluding France 2021 13,903 |
Europe excluding France % 28.1% |
| Europe (**) | Europe (**)202248,106 | Europe (**)%78.0% | Europe (**) 2021 40,221 |
Europe (**) % 81.4% |
| of which European Union | of which European Union202241,620 | of which European Union%67.5% | of which European Union 2021 35,705 |
of which European Union % 72.3% |
| North America | North America 20224,942 |
North America %8.0% |
North America 2021 3,914 |
North America % 7.9% |
| of which United States | of which United States20222,961 | of which United States%4.8% | of which United States 2021 2,319 |
of which United States % 4.7% |
| of which Canada | of which Canada20221,981 | of which Canada%3.2% | of which Canada 2021 1,596 |
of which Canada % 3.2% |
| Central and South America | Central and South America 20223,310 |
Central and South America %5.4% |
Central and South America 2021 1,204 |
Central and South America % 2.4% |
| Africa | Africa 20221,740 |
Africa %2.8% |
Africa 2021 1,560 |
Africa % 3.2% |
| Asia-Pacific and Middle East | Asia-Pacific and Middle East20223,577 |
Asia-Pacific and Middle East%5.8% |
Asia-Pacific and Middle East2021 2,496 |
Asia-Pacific and Middle East% 5.1% |
| International excluding Europe | International excluding Europe202213,570 | International excluding Europe%22.0% | International excluding Europe 2021 9,175 |
International excluding Europe % 18.6% |
| International excluding France | International excluding France202233,727 | International excluding France%54.7% | International excluding France 2021 23,078 |
International excluding France % 46.7% |
| Total revenue (***) | Total revenue (***)202261,675 | Total revenue (***)%100.0% | Total revenue (***) 2021 49,396 |
Total revenue (***) % 100.0% |
(*) Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine.
(**) Including the eurozone for €38,518 million (62.5% of total revenue) in 2022 and for €32,926 million (66.7% of total revenue) in 2021.
(***) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Revenue generated in France totalled €27,948 million in 2022, up 6.2% compared with 2021.
Revenue generated outside France amounted to €33,727 million in 2022, up 46.1% compared with 2021. Revenue generated outside France equalled 54.7% of the Group total as opposed to 46.7% in 2021, due in particular to the integration of Cobra IS’s business activities, which take place mainly in Spain and Latin America.
