| non-inclus | 2023/2022 change | |||||
|---|---|---|---|---|---|---|
| (in € millions) | 2023 | % of total | 2022 | Amount | Actual | At constant exchange rates |
| France | 29,615 | 43.0% | 27,948 | 1,667 | +6.0% | +6.0% |
| United Kingdom | 5,946 | 8.6% | 5,271 | 675 | +12.8% | +15.1% |
| Germany | 4,817 | 7.0% | 4,068 | 749 | +18.4% | +18.4% |
| Spain | 3,452 | 5.0% | 3,005 | 447 | +14.9% | +14.9% |
| Central and Eastern Europe | 3,088 | 4.5% | 2,521 | 567 | +22.5% | +20.1% |
| Rest of Europe | 6,293 | 9.1% | 5,292 | 1,000 | +18.9% | +19.6% |
| Europe excluding France | 23,595 | 34.3% | 20,158 | 3,437 | +17.1% | +17.6% |
| North America | 5,374 | 7.8% | 4,942 | 432 | +8.7% | +14.0% |
| of which United States | 3,141 | 4.6% | 2,961 | 180 | +6.1% | +9.8% |
| of which Canada | 2,234 | 3.2% | 1,981 | 252 | +12.7% | +20.4% |
| Central and South America | 4,346 | 6.3% | 3,310 | 1,035 | +31.3% | +30.9% |
| Africa | 1,851 | 2.7% | 1,740 | 110 | +6.3% | +10.6% |
| Rest of the world | 4,058 | 5.9% | 3,577 | 481 | +13.4% | +19.1% |
| International excluding Europe | 15,628 | 22.7% | 13,570 | 2,059 | +15.2% | +19.2% |
| Total international | 39,224 | 57.0% | 33,727 | 5,496 | +16.3% | +18.2% |
| Revenue(*) | 68,838 | 100.0% | 61,675 | 7,163 | +11.6% | +12.6% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Operating income from ordinary activities (Ebit) was €8,357 million, an increase of 22.5% compared with 2022 (€6,824 million), driven by improvements in all business lines except VINCI Immobilier. Ebit equalled 12.1% of revenue compared with 11.1% in 2022.
| non-inclus | 2023/2022 change | |||||
|---|---|---|---|---|---|---|
| (in € millions) | 2023 | % of revenue(*) | 2022 | % of revenue(*) | Amount | % |
| Concessions | 5,373 | 49.2% | 4,171 | 45.5% | 1,203 | +28.8% |
| VINCI Autoroutes | 3,362 | 53.2% | 3,127 | 52.1% | 235 | +7.5% |
| VINCI Airports | 1,889 | 47.9% | 983 | 36.7% | 907 | +92.3% |
| Other concessions | 122 | - | 61 | - | 61 | - |
| VINCI Energies | 1,356 | 7.0% | 1,142 | 6.8% | 214 | +18.7% |
| Cobra IS | 490 | 7.5% | 411 | 7.4% | 79 | +19.2% |
| VINCI Construction | 1,260 | 4.0% | 1,100 | 3.8% | 160 | +14.5% |
| VINCI Immobilier | (53) | (4.3%) | 79 | 5.2% | (133) | −167.2% |
| Holding companies | (69) | - | (79) | - | 10 | - |
| Operating income from ordinary activities (Ebit) | 8,357 | 12.1% | 6,824 | 11.1% | 1,533 | +22.5% |
| Share-based payments (IFRS 2) | (360) | - | (356) | - | (4) | - |
| Profit/(loss) of companies accounted for under the equity method | 111 | - | 22 | - | 88 | - |
| Other recurring operating items | 68 | - | (9) | - | 76 | - |
| Recurring operating income | 8,175 | 11.9% | 6,481 | 10.5% | 1,694 | +26.1% |
| Non-recurring operating items | (105) | - | 8 | - | (112) | - |
| Operating income | 8,071 | 11.7% | 6,489 | 10.5% | 1,582 | +24.4% |
NB: Operating income from ordinary activities is defined as operating income before the effects of share-based payments (IFRS 2), the profit or loss of companies accounted for under the equity method and other recurring and non-recurring operating items.
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
In Concessions, Ebit was €5,373 million, up almost 29% relative to 2022 and equal to 49.2% of revenue.
At VINCI Autoroutes, Ebit was €3,362 million, up 7.5% relative to 2022 (€3,127 million) as a result of higher revenue and a firm grip on operating expenses. Ebit margin was 53.2% in 2023 (52.1% in 2022).
At VINCI Airports, Ebit was €1,889 million, an increase of 92% relative to 2022 (€983 million). This sharp improvement reflects the recovery in airport passenger numbers, a firm grip on operating costs and the integration of Mexican airport operator OMA. Ebit margin improved from 36.7% in 2022 to 47.9% in 2023.
The Group’s other concession subsidiaries generated positive Ebit of €122 million (€61 million in 2022), because of good operating performance at VINCI Highways and VINCI Stadium.
