| non-inclus | 2023/2022 change | |||||
|---|---|---|---|---|---|---|
| (in € millions) | 2023 | % of revenue(*) | 2022 | % of revenue(*) | Amount | % |
| Concessions | 7,462 | 68.3% | 6,200 | 67.7% | 1,262 | +20.3% |
| VINCI Autoroutes | 4,683 | 74.0% | 4,419 | 73.6% | 264 | +6.0% |
| VINCI Airports | 2,495 | 63.2% | 1,580 | 59.0% | 915 | +57.9% |
| Other concessions | 284 | - | 200 | - | 83 | - |
| VINCI Energies | 1,672 | 8.6% | 1,426 | 8.5% | 246 | +17.3% |
| Cobra IS | 627 | 9.6% | 509 | 9.2% | 117 | +23.1% |
| VINCI Construction | 1,905 | 6.1% | 1,707 | 5.8% | 198 | +11.6% |
| VINCI Immobilier | (13) | (1.1%) | 114 | 7.5% | (127) | −111.6% |
| Holding companies | 312 | - | 259 | - | 53 | - |
| Ebitda | 11,964 | 17.4% | 10,215 | 16.6% | 1,749 | +17.1% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
The net change in the operating working capital requirement and current provisions produced an inflow of €1,463 million in 2023 (€392 million in 2022). This sharp improvement reflects in particular a high level of cash inflows from customers at the end of the year, along with an increase in advances on major projects and current provisions.
Income taxes paid were €2,288 million in 2023, an increase of €684 million (€1,603 million in 2022). Net interest paid amounted to €802 million(*) in 2023 (€563 million in 2022).
Cash flow from operating activities was €10.4 billion, up 22% or €1.9 billion from the 2022 figure of €8.5 billion.
Operating investments, net of disposals and changes in long-term advances, rose by 25.5% to €2,010 million from €1,602 million in 2022. This included €894 million invested by VINCI Construction and €622 million by Cobra IS, including €417 million related to renewable energy projects.
After repayments of lease liabilities for €679 million (€661 million in 2022), operating cash flow(**) was up 23.7% to almost €7.8 billion (€6.3 billion in 2022).
Growth investments in concessions and public-private partnerships totalled €1,130 million (€836 million in 2022). That figure includes €585 million invested by VINCI Autoroutes (€578 million in 2022) and €391 million by VINCI Airports (€152 million in 2022), reflecting in particular the investments made by Mexican airport operator OMA and investments in Belgrade airport in Serbia.
Free cash flow(**) hit a record €6.6 billion, compared with €5.4 billion in 2022. VINCI Autoroutes generated free cash flow of €2.7 billion, a decrease of €0.1 billion compared with 2022 because of higher financial costs. Free cash flow at VINCI Airports was almost €1.0 billion (€1.1 billion in 2022), with the positive impact of integrating OMA, the recovery in passenger numbers and good cost control being offset by higher financial expenses and investments. Performance at VINCI Energies and VINCI Construction was outstanding, and they contributed €1.4 billion and €1.2 billion respectively to the Group’s free cash flow (€0.6 billion each in 2022). Free cash flow at Cobra IS was close to zero, despite its high level of investment.
Financial investments, net of disposals, and other cash flows from investing activities totalled €1.0 billion, relating mainly to acquisitions made by VINCI Energies (around 30 companies acquired) and, at VINCI Highways, the deal to take control of Vía Sumapaz (formerly known as Vía 40 Express) in Colombia and the acquisition of a 55% stake in Entrevias in Brazil.
In 2022, financial investments totalled €2.7 billion and mainly concerned VINCI Airports’ purchase of a stake in Mexican airport operator OMA, around 30 acquisitions by VINCI Energies, deals to take control of TollPlus and SCDI (which holds the concession for the Confederation Bridge in Canada), VINCI Highways’ purchase of an additional stake in Lusoponte and acquisitions by VINCI Construction in North America.
Dividends paid in 2023 totalled €2,481 million (€1,892 million in 2022), including €2,293 million paid by VINCI SA, comprising the 2022 final dividend (€3.00 per share) and the interim dividend in respect of 2023 (€1.05 per share). The remainder includes dividends paid to non-controlling shareholders by subsidiaries not wholly owned by the Group.
VINCI SA’s capital increases relating to Group savings plans totalled €707 million in 2023 (8.4 million shares issued). The impact of VINCI’s share buy-back programmes amounted to €987 million, comprising €395 million of shares purchased in the market in 2023 (3.8 million shares at an average price of €103.44 per share) and €592 million of shares to be purchased in the first quarter of 2024.
As a result of these cash flows, together with a negative impact from exchange rate movements and changes in the fair value of derivative instruments, net financial debt fell by €2.4 billion in 2023, taking the total to €16.1 billion at 31 December 2023.
(*) Including a positive non-recurring impact of €167 million related to the restructuring of the debt used to acquire London Gatwick airport.
(**) See glossary.
