| (in € millions) | 2023 | 2022 | 2023/2022 change |
|---|---|---|---|
| Revenue(*) | Revenue(*)202368,838 | Revenue(*)202261,675 | Revenue(*)2023/2022 change+11.6% |
| Revenue generated in France(*) | Revenue generated in France (*)202329,615 |
Revenue generated in France (*)202227,948 |
Revenue generated in France (*)2023/2022 change+6.0% |
| % of revenue(*) | % of revenue(*)202343.0% | % of revenue(*)202245.3% | % of revenue(*)2023/2022 change
|
| Revenue generated outside France(*) | Revenue generated outside France (*)202339,224 |
Revenue generated outside France (*)202233,727 |
Revenue generated outside France (*)2023/2022 change+16.3% |
| % of revenue(*) | % of revenue(*)202357.0% | % of revenue(*)202254.7% | % of revenue(*)2023/2022 change
|
| Operating income from ordinary activities | Operating income from ordinary activities 20238,357 |
Operating income from ordinary activities 20226,824 |
Operating income from ordinary activities 2023/2022 change+22.5% |
| % of revenue(*) | % of revenue(*)202312.1% | % of revenue(*)202211.1% | % of revenue(*)2023/2022 change
|
| Recurring operating income | Recurring operating income 20238,175 |
Recurring operating income 20226,481 |
Recurring operating income 2023/2022 change+26.1% |
| Operating income | Operating income 20238,071 |
Operating income 20226,489 |
Operating income 2023/2022 change+24.4% |
| Net income attributable to owners of the parent | Net income attributable to owners of the parent20234,702 | Net income attributable to owners of the parent20224,259 | Net income attributable to owners of the parent2023/2022 change+10.4% |
| % of revenue(*) | % of revenue(*)20236.8% | % of revenue(*)20226.9% | % of revenue(*)2023/2022 change
|
| Diluted earnings per share (in €) | Diluted earnings per share (in €)20238.18 |
Diluted earnings per share (in €)20227.47 |
Diluted earnings per share (in €)2023/2022 change0.71 |
| Dividend per share (in €) | Dividend per share (in €)20234.50 (**) |
Dividend per share (in €)20224.00 |
Dividend per share (in €)2023/2022 change0.50 |
| Cash flow from operations before tax and financing costs | Cash flow from operations before tax and financing costs 202311,964 |
Cash flow from operations before tax and financing costs 202210,215 |
Cash flow from operations before tax and financing costs 2023/2022 change+17.1% |
| % of revenue(*) | % of revenue(*)202317.4% | % of revenue(*)202216.6% | % of revenue(*)2023/2022 change
|
| Operating cash flow | Operating cash flow20237,758 | Operating cash flow20226,270 | Operating cash flow2023/2022 change+23.7% |
| Free cash flow | Free cash flow20236,628 | Free cash flow20225,433 | Free cash flow2023/2022 change+22.0% |
| Equity including non-controlling interests | Equity including non-controlling interests 202332,040 |
Equity including non-controlling interests 202229,409 |
Equity including non-controlling interests 2023/2022 change2,631 |
| Net financial debt | Net financial debt 2023(16,126) |
Net financial debt 2022(18,536) |
Net financial debt 2023/2022 change2,410 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Dividend proposed at the Shareholders’ General Meeting of 9 April 2024.
VINCI’s 2023 financial statements show strong growth in revenue and earnings compared with 2022. All business lines achieved a substantial increase in operating income, which reached new all time highs, along with exceptional free cash flow.
Consolidated revenue rose by 11.6% to €68.8 billion in 2023 (organic growth of 9.9%, a 2.5% positive impact from changes in the consolidation scope and a 0.9% negative impact from exchange rate movements). This trend confirms the good momentum in the Group’s businesses, both in France and abroad.
Ebitda amounted to almost €12.0 billion (17.4% of revenue), 17% higher than the 2022 figure of €10.2 billion (16.6% of revenue).
Operating income from ordinary activities (Ebit) grew 22.5% to €8.4 billion (€6.8 billion in 2022). Ebit margin was 12.1% (11.1% in 2022).Recurring operating income including the impact of share-based payments (IFRS 2), a positive contribution from companies accounted for under the equity method and other recurring operating items totalled €8.2 billion (€6.5 billion in 2022).
Consolidated net income attributable to owners of the parent was €4.7 billion, representing growth of 10.4% compared with 2022 (€4.3 billion). Earnings per share(*) rose by 9.5% to €8.18 (€7.47 in 2022).
Operating cash flow (before taking account of growth investments in concessions) amounted to almost €7.8 million, a big improvement on 2022 (€6.3 million).
Free cash flow hit a record €6.6 billion (€5.4 billion in 2022), much higher than the levels expected at the start of 2023. That increase was driven partly by Ebitda growth and a very sharp improvement in the working capital requirement, due in particular to high levels of cash inflows from customers at the end of the year. It also resulted from the postponement of some investments, particularly in new renewable energy projects that started later in the year than anticipated.
After taking into account financial investments made during the period, dividend payments and the impact of share buy back programmes, net financial debt was €16.1 billion at 31 December 2023, a decrease of €2.4 billion year on year.
At 31 December 2023, VINCI had €13.2 billion of managed net cash (€9.2 billion at 31 December 2022). In addition, VINCI SA has a confirmed, unused credit facility that was renewed in January 2024. Because of the increase in its available cash position in the last few years, the Group has reduced the amount of that facility from €8.0 billion to €6.5 billion.
Order intake in the Energy and Construction businesses totalled €61.9 billion in 2023, an 11% year-on-year increase.
Overall, the order book amounted to €61.4 billion at 31 December 2023. Rising by more than 7% relative to 31 December 2022 with increases of 12% in France and 5% outside France it represents almost 13 months of average activity for the business lines concerned. International business made up 67% of the order book, as opposed to 69% at 31 December 2022.
(*) After taking account of dilutive instruments.
