At VINCI Energies, Ebit totalled €1,356 million and Ebit margin was 7.0% in 2023, 20 basis points higher than in 2022 (€1,142 million and 6.8%). All business lines and regions contributed to this very solid performance.
At Cobra IS, Ebit was €490 million in 2023 and Ebit margin was 7.5%(*) (€411 million and 7.4% respectively in 2022), as a result of firm, profitable business growth.
At VINCI Construction, Ebit was €1,260 million (€1,100 million in 2022). Ebit margin improved from 3.8% in 2022 to 4.0% in 2023, a margin level not seen since 2011. All divisions maintained or increased their Ebit margins relative to 2022, particularly Proximity Networks in France, Europe, Africa and North America.
VINCI Immobilier made a loss of €53 million at the Ebit level in 2023 and Ebit margin was −4.3%, as opposed to income of €79 million and a margin of +5.2% in 2022. The decline reflects the impact of lower selling prices and the impairment of certain assets, particularly in commercial real estate, as a result of the downturn affecting the property development sector in France.
In 2022 and 2023, the Ebit of holding companies included the amortisation of intangible assets recognised when allocating the Cobra IS purchase price in an amount of €128 million.
Recurring operating income totalled €8,175 million versus €6,481 million in 2022. This factors in:
| non-inclus | 2023/2022 change | |||||
|---|---|---|---|---|---|---|
| (in € millions) | 2023 | % of revenue(*) | 2022 | % of revenue(*) | Amount | % |
| Concessions | 5,456 | 49.9% | 4,099 | 44.7% | 1,357 | +33.1% |
| VINCI Autoroutes | 3,342 | 52.9% | 3,109 | 51.8% | 233 | +7.5% |
| VINCI Airports | 1,937 | 49.1% | 941 | 35.1% | 996 | +105.9% |
| Other concessions | 177 | - | 49 | - | 128 | - |
| VINCI Energies | 1,221 | 6.3% | 1,013 | 6.0% | 208 | +20.6% |
| Cobra IS | 495 | 7.6% | 416 | 7.5% | 79 | +18.9% |
| VINCI Construction | 1,111 | 3.5% | 969 | 3.3% | 142 | +14.6% |
| VINCI Immobilier | (28) | (2.3%) | 100 | 6.6% | (128) | −127.8% |
| Holding companies | (80) | - | (116) | - | 35 | - |
| Recurring operating income | 8,175 | 11.9% | 6,481 | 10.5% | 1,694 | +26.1% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Non-recurring operating items produced a net expense of €105 million in 2023, as opposed to net income of €8 million in 2022, including the effects of changes in scope, particularly the revaluation of the earn-out payable by Cobra IS to ACS, which had a negative impact of €80 million.
After taking account of non-recurring items, operating income was €8,071 million in 2023 as opposed to €6,489 million in 2022.
Consolidated net income attributable to owners of the parent was €4,702 million or 6.8% of revenue, up 10.4% compared with the 2022 figure of €4,259 million.
Earnings per share, after taking account of dilutive instruments, amounted to €8.18, up 9.5% compared with 2022 (€7.47).
(*) Before the amortisation of intangible assets identified when allocating the Cobra IS purchase price.
