| non-inclus | 2023/2022 change | ||||
|---|---|---|---|---|---|
| (in € millions) | 2023 | 2022 | Amount | % | |
| Cash flow from operations before tax and financing costs (Ebitda) | 11,964 | 10,215 | 1,749 | +17.1% | |
| % of revenue | 17.4% | 16.6% | - | - | |
| Changes in working capital requirement and current provisions | 1,463 | 392 | 1,071 | ||
| Income taxes paid | (2,288) | (1,603) | (684) | ||
| Net interest paid | (802) | (563) | (239) | ||
| Dividends received from companies accounted for under the equity method | 110 | 92 | 17 | ||
| Cash flow from operating activities, excluding other long-term advances | 10,447 | 8,533 | 1,914 | +22.4% | |
| Operating investments net of disposals and change in other long-term advances(*) | (2,010) | (1,602) | (408) | +25.5% | |
| Repayments of lease liabilities and financial expense on leases | (679) | (661) | (18) | +2.7% | |
| Operating cash flow | 7,758 | 6,270 | 1,488 | +23.7% | |
| Growth investments in concessions | (1,130) | (836) | (294) | +35.1% | |
| of which VINCI Autoroutes | (585) | (578) | (7) | +1.3% | |
| of which VINCI Airports | (391) | (152) | (239) | +157.2% | |
| of which other | (154) | (106) | (48) | +44.8% | |
| Free cash flow | 6,628 | 5,433 | 1,195 | +22.0% | |
| of which Concessions | 3,709 | 4,146 | (438) | ||
| of which VINCI Energies, Cobra IS and VINCI Construction | 2,523 | 1,220 | 1,303 | ||
| of which VINCI Immobilier and holding companies | 397 | 67 | 329 | ||
| Net financial investments | (1,005) | (2,697) | 1,692 | ||
| Other | 31 | 20 | 11 | ||
| Free cash flow after growth financing | 5,655 | 2,757 | 2,898 | ||
| Capital increases and reductions | 707 | 438 | 269 | ||
| Transactions on treasury shares | (397) | (1,100) | 703 | ||
| Dividends paid | (2,481) | (1,892) | (589) | ||
| Subtotal capital transactions | (2,171) | (2,553) | 382 | ||
| Net cash flow during the period | 3,484 | 204 | 3,280 | ||
| Other changes | (1,074) | 799 | (1,873) | ||
| Change in net financial debt | 2,410 | 1,002 | 1,408 | ||
| Net financial debt | (16,126) | (18,536) | 2,410 | ||
(*) Of which impact of Cobra IS’s acquisition of Polo Carmópolis, net of long-term advances received in the amount of €66 million in 2022.
Ebitda(*) amounted to €11,964 million (17.4% of revenue) as opposed to the 2022 figure of €10,215 million (16.6% of revenue), a 17% increase of which around half was attributable to VINCI Airports.
In Concessions, Ebitda amounted to €7,462 million, up 20% relative to 2022 (€6,200 million). It equalled 68.3% of revenue compared with 67.7% in 2022.
At VINCI Autoroutes, Ebitda amounted to €4,683 million, up 6.0% relative to the 2022 figure of €4,419 million. Ebitda margin was 74.0% in 2023 (73.6% in 2022).
Ebitda at VINCI Airports amounted to €2,495 million, equal to 63.2% of revenue (€1,580 million and 59.0% in 2022).
VINCI Energies’ Ebitda was €1,672 million (8.6% of revenue), up 17% compared with the 2022 figure of €1,426 million (8.5% of revenue).
Ebitda at Cobra IS was €627 million (9.6% of revenue), up 23% compared with the 2022 figure of €509 million (9.2% of revenue).
VINCI Construction’s Ebitda was €1,905 million or 6.1% of revenue (€1,707 million and 5.8% of revenue in 2022).
(*) Ebitda = Cash flow from operations before tax and financing costs.
