Non-current assets amounted to €68.0 billion at 31 December 2023 (€65.5 billion at 31 December 2022), including €44.0 billion in the Concessions business (€42.9 billion at 31 December 2022), €8.6 billion at VINCI Energies (€8.2 billion at 31 December 2022), €7.6 billion at Cobra IS (€6.9 billion at 31 December 2022) and €6.7 billion at VINCI Construction (€6.5 billion at 31 December 2022).
The increase in 2023 resulted mainly from VINCI Highways’ acquisitions in Brazil and Colombia, an acceleration in VINCI Airports’ investments in Mexico, the United Kingdom and Serbia, acquisitions by VINCI Energies, and renewable energy investments by Cobra IS.
After taking account of a net working capital surplus (attributable mainly to VINCI Construction, VINCI Energies and Cobra IS) of €15.2 billion, up €2.1 billion year on year, capital employed by the Group was €52.9 billion at 31 December 2023 (€52.5 billion at end 2022).
Capital employed in the Concessions business was €41.3 billion, making up 78% of the Group total, including €18.3 billion at VINCI Autoroutes and €19.3 billion at VINCI Airports. VINCI Energies accounted for 8.3% of capital employed at 31 December 2023 (€4.4 billion). Capital employed at Cobra IS amounted to almost €4.8 billion, equal to 9.0% of the total, Capital employed totalled €0.3 billion at VINCI Construction and €1.5 billion at VINCI Immobilier at 31 December 2023.
The Group’s consolidated equity was €32.0 billion at 31 December 2023, up €2.6 billion compared with 31 December 2022. It includes €3.9 billion relating to non-controlling interests, mainly concerning London Gatwick airport and Mexican airport operator OMA (€3.5 billion at 31 December 2022).
The number of shares, including treasury shares, was 589,048,647 at 31 December 2023 (589,387,330 at 31 December 2022). Treasury shares amounted to 3.1% of the total capital at 31 December 2023 (4.4% at 31 December 2022).
In late December 2023, VINCI reduced its share capital by cancelling 8.7 million shares held in treasury.
Consolidated net financial debt at 31 December 2023 was €16.1 billion (€18.5 billion at 31 December 2022). That figure reflects long-term gross financial debt of almost €29.3 billion (€27.8 billion at 31 December 2022) and managed net cash of €13.2 billion (€9.2 billion at 31 December 2022).
For the Concessions business, including its holding companies, net debt stood at €28.7 billion, down €3.0 billion relative to 31 December 2022, particularly after VINCI SA subscribed to a €1.6 billion capital increase by VINCI Concessions. VINCI Energies, Cobra IS and VINCI Construction showed a net financial surplus of almost €4.9 billion as opposed to €3.7 billion at 31 December 2022. Holding companies and other activities showed a net financial surplus of €7.7 billion (€9.5 billion at 31 December 2022). Of that surplus, €9.7 billion consisted of the net balance of loans granted to Group subsidiaries and investments made by the latter within the Group.
The ratio of net financial debt to equity was 0.5 at 31 December 2023 (0.6 at 31 December 2022). The net financial debt-to-Ebitda ratio stood at 1.3 at the end of 2023 (1.8 at 31 December 2022).
Group liquidity totalled €21.2 billion at 31 December 2023 (€20.5 billion at 31 December 2022). The liquidity figure comprises €13.2 billion of managed net cash and an €8.0 billion confirmed, unused credit facility held by VINCI SA, most of which was initially due to expire in November 2025. In addition, London Gatwick airport has a £300 million revolving credit facility due to expire in June 2025, which was unused at 31 December 2023, while Cobra IS has various credit facilities totalling €1.0 billion, of which €0.3 billion was used at 31 December 2023.
| (in € millions) | 31/12/2023 | Of which external financial surplus (debt) | Total net financial debt/Ebitda | 31/12/2022 | Of which external financial surplus (debt) | Total net financial debt/Ebitda | 2023/2022 change |
|---|---|---|---|---|---|---|---|
| Concessions | Concessions 31/12/2023(28,734) |
Concessions Of which external financial surplus (debt)(18,761) |
Concessions Total net financial debt/Ebitda3.9x |
Concessions 31/12/2022(31,735) |
Concessions Of which external financial surplus (debt)(18,880) |
Concessions Total net financial debt/Ebitda5.1x |
Concessions 2023/2022 change3,001 |
| VINCI Autoroutes | VINCI Autoroutes 31/12/2023(16,533) |
VINCI Autoroutes Of which external financial surplus (debt)(12,323) |
VINCI Autoroutes Total net financial debt/Ebitda3.5x |
VINCI Autoroutes 31/12/2022(16,985) |
VINCI Autoroutes Of which external financial surplus (debt)(12,578) |
VINCI Autoroutes Total net financial debt/Ebitda3.8x |
VINCI Autoroutes 2023/2022 change453 |
| VINCI Airports | VINCI Airports 31/12/2023(8,781) |
VINCI Airports Of which external financial surplus (debt)(5,551) |
VINCI Airports Total net financial debt/Ebitda3.5x |
VINCI Airports 31/12/2022(11,131) |
VINCI Airports Of which external financial surplus (debt)(5,674) |
VINCI Airports Total net financial debt/Ebitda7x |
VINCI Airports 2023/2022 change2,351 |
| Other concessions | Other concessions 31/12/2023(3,421) |
Other concessions Of which external financial surplus (debt)(887) |
Other concessions Total net financial debt/Ebitda- |
Other concessions 31/12/2022(3,618) |
Other concessions Of which external financial surplus (debt)(628) |
Other concessions Total net financial debt/Ebitda- |
Other concessions 2023/2022 change198 |
| VINCI Energies | VINCI Energies 31/12/2023296 |
VINCI Energies Of which external financial surplus (debt)529 |
VINCI Energies Total net financial debt/Ebitda- |
VINCI Energies 31/12/2022(129) |
VINCI Energies Of which external financial surplus (debt)532 |
VINCI Energies Total net financial debt/Ebitda- |
VINCI Energies 2023/2022 change425 |
| Cobra IS | Cobra IS 31/12/2023403 |
Cobra IS Of which external financial surplus (debt)403 |
Cobra IS Total net financial debt/Ebitda- |
Cobra IS 31/12/2022404 |
Cobra IS Of which external financial surplus (debt)404 |
Cobra IS Total net financial debt/Ebitda- |
Cobra IS 2023/2022 change(0) |
| VINCI Construction | VINCI Construction 31/12/20234,160 |
VINCI Construction Of which external financial surplus (debt)2,158 |
VINCI Construction Total net financial debt/Ebitda- |
VINCI Construction 31/12/20223,460 |
VINCI Construction Of which external financial surplus (debt)1,879 |
VINCI Construction Total net financial debt/Ebitda- |
VINCI Construction 2023/2022 change700 |
| Holding companies and VINCI Immobilier | Holding companies and VINCI Immobilier 31/12/20237,749 |
Holding companies and VINCI Immobilier Of which external financial surplus (debt)(456) |
Holding companies and VINCI Immobilier Total net financial debt/Ebitda- |
Holding companies and VINCI Immobilier 31/12/20229,464 |
Holding companies and VINCI Immobilier Of which external financial surplus (debt)(2,471) |
Holding companies and VINCI Immobilier Total net financial debt/Ebitda- |
Holding companies and VINCI Immobilier 2023/2022 change(1,715) |
| Total | Total31/12/2023(16,126) | TotalOf which external financial surplus (debt)(16,126) | TotalTotal net financial debt/Ebitda1.3x | Total31/12/2022(18,536) | TotalOf which external financial surplus (debt)(18,536) | TotalTotal net financial debt/Ebitda1.8x | Total2023/2022 change2,410 |
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