VINCI’s consolidated revenue amounted to €68.8 billion in 2023, up 11.6% on an actual basis and 9.9% on a like-for-like basis compared with 2022. Changes in scope resulting mainly from the integration of OMA in Mexico at VINCI Airports, along with recent acquisitions made by VINCI Energies, including most of Kontron AG’s IT services business in Central Europe (late 2022) and Otera AS in Norway (early 2023) boosted revenue by 2.5%. Exchange rate movements had a slight negative impact of 0.9%, due mainly to the fall in the US dollar, Canadian dollar and sterling against the euro.
Concessions revenue totalled €10.9 billion, up 19.3% on an actual basis (up 12.6% like-for-like) compared with 2022.
Revenue in the Energy business (VINCI Energies and Cobra IS) amounted to €25.8 billion, up 16.0% (up 12.6% like-for-like) relative to 2022.
Revenue in the Construction business totalled €31.5 billion, up 7.5% (up 8.6% like-for-like) compared with 2022.
In France, revenue totalled €29.6 billion, up 6.0% on an actual basis (up 5.8% at constant scope) compared with 2022. Organic growth was 8.0% in Concessions, 10.3% in the Energy business and 4.7% in the Construction business, while revenue at VINCI Immobilier fell by 18.4% on an organic basis.
Outside France, revenue was €39.2 billion, up 16.3% on an actual basis (up 13.4% like-for-like) compared with 2022. There was a 4.4% positive effect from changes in scope and a 1.6% negative effect from exchange rate movements. Revenue generated outside France equalled 57% of the Group total versus 55% in 2022.
| non-inclus | non-inclus | non-inclus | 2023/2022 change | |
|---|---|---|---|---|
| (in € millions) | 2023 | 2022 | Actual | Like-for-like |
| Concessions | 10,932 | 9,162 | +19.3% | +12.6% |
| VINCI Autoroutes | 6,324 | 6,003 | +5.3% | +5.3% |
| VINCI Airports | 3,947 | 2,679 | +47.3% | +24.3% |
| Other concessions | 661 | 479 | +37.9% | +38.8% |
| VINCI Energies | 19,327 | 16,748 | +15.4% | +10.9% |
| Cobra IS | 6,495 | 5,520 | +17.7% | +17.9% |
| VINCI Construction | 31,459 | 29,252 | +7.5% | +8.6% |
| VINCI Immobilier | 1,231 | 1,523 | −19.2% | −19.2% |
| Intercompany eliminations | (605) | (530) | ||
| Revenue(*) | 68,838 | 61,675 | +11.6% | +9.9% |
| Concession subsidiaries’ works revenue | 910 | 663 | +37.2% | +3.3% |
| Intercompany eliminations | (130) | (73) | ||
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 780 | 590 | +32.2% | +3.6% |
| Total consolidated revenue | 69,619 | 62,265 | +11.8% | +9.9% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
VINCI Autoroutes: revenue totalled €6,324 million, up 5.3% relative to 2022. Traffic levels on intercity networks remained resilient throughout the year and rose by 1.3% year on year. Light vehicle traffic was up 1.7% despite ongoing high fuel prices. Heavy vehicle traffic fell by 1.3%, partly because of negative calendar effects (two fewer business days in 2023 than in 2022).
VINCI Airports: revenue was €3,947 million, up 47% on an actual basis (up 24% like-for-like) relative to 2022. Compared with 2019 the pre-pandemic baseline year revenue was up 12% at constant scope. VINCI Airports passenger numbers continued to rise throughout 2023. In the fourth quarter, they slightly exceeded their pre-pandemic level overall (up 0.6% compared with the fourth quarter of 2019). The network’s airports handled a total of 267 million passengers in 2023(*), 26% more than in 2022 and only 4% less than the 2019 figure. Airports in Portugal, Serbia (Belgrade) and Central America (Mexico, Dominican Republic and Costa Rica) achieved passenger numbers well in excess of their 2019 levels. In Japan, where the recovery took longer to get under way, passenger numbers rebounded sharply in the last few months of the year, particularly on international routes, and are gradually moving back to their 2019 levels.
Other concessions: revenue totalled €661 million, up 38% compared with 2022. This change reflects strong growth at VINCI Stadium as a result of the 2023 Rugby World Cup, which was held in France, along with good performance at the main contributors to VINCI Highways’ revenue, such as Lima Expresa (which holds the concession for a section of the Lima ring road in Peru) and Gefyra (which holds the concession for the Rio Antirrio bridge in Greece).
(*) Figures at 100% including passenger numbers at all managed airports over the full period.
