A. Key events, accounting policies and specific arrangements
1. Key events
Assessment of financial performance
VINCI’s 2023 financial statements show strong growth in revenue and earnings compared with 2022.
- Consolidated revenue totalled €68.8 billion in 2023, up 11.6% (up 9.9% like-for-like) relative to 2022.
- Operating income from ordinary activities was much higher than in 2022, amounting to €8,357 million. Ebit margin was 12.1% (11.1% in 2022).
- Recurring operating income totalled €8,175 million (€6,481 million in 2022).
- Consolidated net income attributable to owners of the parent amounted to €4,702 million, representing growth of 10.4% compared with 2022.
- Net financial debt at 31 December 2023 was €16.1 billion, down €2.4 billion relative to end-2022.
The Report of the Board of Directors contains information on the operating performance of the Group’s various business lines.
Financing transactions and liquidity management
The main financing transactions during the year concerned VINCI SA, ASF and VINCI Airports. They are described in Note J, “Financing and financial risk management”.
At 31 December 2023, VINCI had total liquidity of €21.2 billion, comprising:
- managed net cash of €13.2 billion;
- an €8.0 billion confirmed credit facility unused by VINCI SA, of which €7.7 billion is due to expire in November 2025. That facility was amended and extended in January 2024, with its amount reduced to €6.5 billion (see Note N.34, “Other post-balance sheet events”).
The €2.5 billion credit facility expiring in July 2023 was not renewed.
Liquidity information is presented in Note J.26, “Net cash managed and available resources”.
2. Accounting policies
2.1 Basis for preparing the financial statements
Pursuant to Regulation (EC) 1606/2002 of 19 July 2002, VINCI’s consolidated financial statements for the period ended 31 December 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union at 31 December 2023(*).
The accounting policies used at 31 December 2023 are the same as those used in preparing the consolidated financial statements at 31 December 2022, except for the standards and/or amendments of standards described below, adopted by the European Union and mandatorily applicable as from 1 January 2023.
The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables.
The information relating to 2021, presented in the universal registration document filed with the AMF under number D.23-0065 on 28 February 2023, is deemed to be included herein.
The consolidated financial statements were approved by the Board of Directors on 7 February 2024 and will be presented to shareholders for their approval at the Shareholders’ General Meeting on 9 April 2024.
New standards and interpretations applied from 1 January 2023
Standards and interpretations mandatorily applicable from 1 January 2023 had no material impact on the VINCI Group’s consolidated financial statements at 31 December 2023. They include mainly:
- IFRS 17 “Insurance Contracts”, which establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts;
- “Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction” (Amendments to IAS 12), which narrows the scope of the initial recognition exemption so that it no longer applies to transactions that give rise to equal and offsetting amounts of taxable and deductible temporary differences;
- “Definition of Accounting Estimates” (Amendments to IAS 8), which clarifies the differences between accounting policies and accounting estimates, with the latter now defined as “monetary amounts in financial statements that are subject to measurement uncertainty”;
- “International Tax Reform – Pillar Two Model Rules” (Amendments to IAS 12), which provides for a temporary exemption from accounting for deferred taxes arising from the implementation of Pillar Two rules.
