2023 UNIVERSAL REGISTRATION DOCUMENT

C. Report on corporate governance

On 11 January 2024, VINCI clarified its expectations regarding free cash flow in a press release:

On the basis of the reporting of cash noted in December, an initial estimate now indicates that the Group’s free cash flow in 2023 should in fact exceed the level reached in 2022, which was €5.4 billion, thereby setting a new record. This particularly remarkable outcome may be due notably to a higher-than-expected level of cash inflows from customers at the end of the year and the postponement of some investments.

2.2 Order book

At 31 December 2023, the combined order book of VINCI Energies, Cobra IS and VINCI Construction stood at €61.4 billion. This represents growth of 7% relative to 31 December 2022 with increases of 12% in France and 5% outside France – and represents almost 13 months of average business activity in the business lines concerned, with 62% of it to be completed in 2024. Business outside France made up 67% of the combined order book at end-December 2023 (69% at end December 2022).

VINCI Energies’ order book amounted to €14.3 billion at 31 December 2023, up more than 15% year on year (up 9% in France and up 20% outside France). It represents almost nine months of VINCI Energies’ average business activity.

The Cobra IS order book amounted to €14.4 billion, up 30% over 12 months. It represents almost 27 months of this business line’s average business activity.

VINCI Construction’s order book totalled €32.7 billion at 31 December 2023, down 3% over the year (up 14% in France and down 13% outside France). It represents more than 12 months of VINCI Construction’s average business activity.

Order book(*)
(in € billions) 31/12/2023 Of which France Of which outside France 31/12/2022 Of which France Of which outside France
VINCI Energies

VINCI Energies

31/12/2023

14.3

VINCI Energies

Of which France

6.0

VINCI Energies

Of which outside France

8.3

VINCI Energies

31/12/2022

12.4

VINCI Energies

Of which France

5.5

VINCI Energies

Of which outside France

6.9
Cobra IS

Cobra IS

31/12/2023

14.4

Cobra IS

Of which France

0.0

Cobra IS

Of which outside France

14.4

Cobra IS

31/12/2022

11.1

Cobra IS

Of which France

-

Cobra IS

Of which outside France

11.1
VINCI Construction

VINCI Construction

31/12/2023

32.7

VINCI Construction

Of which France

14.0

VINCI Construction

Of which outside France

18.7

VINCI Construction

31/12/2022

33.8

VINCI Construction

Of which France

12.3

VINCI Construction

Of which outside France

21.5
Total Total31/12/202361.4 TotalOf which France20.0 TotalOf which outside France41.4 Total31/12/202257.3 TotalOf which France17.8 TotalOf which outside France39.5
VINCI Immobilier

VINCI Immobilier

31/12/2023

0.9

VINCI Immobilier

Of which France

0.9

VINCI Immobilier

Of which outside France

-

VINCI Immobilier

31/12/2022

1.2

VINCI Immobilier

Of which France

1.2

VINCI Immobilier

Of which outside France

-

(*) Unaudited figures.

2.3 Trends in 2024

VINCI starts 2024 with confidence, despite the uncertain geopolitical and macroeconomic context.

Barring any exceptional events, the Group anticipates the following trends in its various business lines in 2024:

  • VINCI Autoroutes expects traffic levels to rise slightly compared with 2023.
  • VINCI Airports is forecasting passenger numbers (*) slightly in excess of their 2019 levels, with variations between airports and geographies.
  • VINCI Energies should see organic revenue growth continue, but at a slower pace than in 2023, while maintaining its excellent operating margin(**).
  • Cobra IS, thanks to its very large order book, expects to increase its revenue again and maintain its operating margin(**) at the high level achieved in 2023.
  • New projects will be added to the renewable energy portfolio in 2024 and its total capacity, in operation or under construction, will be around 3.5 GW by the end of the year, representing an increase of around 1.5 GW compared with the end of 2023.
  • VINCI Construction should see revenue stabilise close to 2023 levels while continuing the improvement in its operating margin (**).

As a result, VINCI expects its total revenue to rise again in 2024, although growth is likely to be more limited than in 2023. Earnings are expected to increase as well.

This forecast does not take into account the negative impact of the new tax on long-distance transport infrastructure being introduced by the French government, estimated to around €280 million.

Despite this negative impact, net income in 2024 could be close to its level achieved in 2023.

(*) Figures at 100% including passenger numbers at all managed airports over the full period.

(**) Ebit/revenue.