The Group’s consolidated revenue corresponds to revenue from the Concessions business and from the VINCI Energies, Cobra IS, VINCI Construction and VINCI Immobilier business lines.IFRS 15 “Revenue from Contracts with Customers” requires entities to identify each contract as well as the various performance obligations contained in the contract. The number of performance obligations depends on the types of contracts and activities. Most of the Group’s contracts involve only one performance obligation.Under IFRS 15, recognition of revenue must reflect:
The way in which transfer of control of a good or service is analysed is crucial, since that transfer determines the recognition of revenue. The transfer of control of a good or service may take place continuously (revenue recognition on a progress towards completion basis) or on a specific date that corresponds to the completion of works.
Revenue from concession contracts consists of the following:
Consolidated revenue of the VINCI Energies, Cobra IS and VINCI Construction business lines comprises the total of the work, goods and services generated by the consolidated subsidiaries pursuing their main activity and the revenue for the construction of infrastructure under concession. In the property sector, revenue arising on lots sold is recognised as the property development proceeds, in accordance with IFRS 15 and statutory provisions relating to off-plan sales. In that respect, to measure progress towards completion of works, VINCI Immobilier uses the cost-based method. The cost of land is included in the progress towards completion calculation at the commencement of each contract.
Revenue from ancillary activities mainly relates to revenue from leases, sales of equipment, materials and merchandise, study work and fees.
The method for recognising revenue under concession contracts is explained in Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”. The method for recognising revenue from construction and service contracts is explained in Note G.16, “Information on construction and service contracts”.
| (in € millions) | 2023 | % | 2022 | % |
|---|---|---|---|---|
| France | France202329,615 | France%43.0% | France202227,948 | France%45.3% |
| United Kingdom | United Kingdom 20235,946 |
United Kingdom %8.6% |
United Kingdom 20225,271 |
United Kingdom %8.5% |
| Germany | Germany 20234,817 |
Germany %7.0% |
Germany 20224,068 |
Germany %6.6% |
| Spain | Spain 20233,452 |
Spain %5.0% |
Spain 20223,005 |
Spain %4.9% |
| Central and Eastern Europe(*) | Central and Eastern Europe (*)20233,088 |
Central and Eastern Europe (*)%4.5% |
Central and Eastern Europe (*)20222,521 |
Central and Eastern Europe (*)%4.1% |
| Portugal | Portugal 20231,508 |
Portugal %2.2% |
Portugal 20221,248 |
Portugal %2.0% |
| Rest of Europe | Rest of Europe 20234,785 |
Rest of Europe %7.0% |
Rest of Europe 20224,044 |
Rest of Europe %6.6% |
| Europe excluding France | Europe excluding France202323,595 | Europe excluding France%34.3% | Europe excluding France202220,158 | Europe excluding France%32.7% |
| Europe(**) | Europe(**)202353,210 | Europe(**)%77.3% | Europe(**)202248,106 | Europe(**)%78.0% |
| of which European Union | of which European Union2023 45,740 |
of which European Union% 66.4% |
of which European Union2022 41,620 |
of which European Union% 67.5% |
| North America | North America 20235,374 |
North America %7.8% |
North America 20224,942 |
North America %8.0% |
| of which United States | of which United States2023 3,141 |
of which United States% 4.6% |
of which United States2022 2,961 |
of which United States% 4.8% |
| of which Canada | of which Canada2023 2,234 |
of which Canada% 3.2% |
of which Canada2022 1,981 |
of which Canada% 3.2% |
| Central and South America | Central and South America 20234,346 |
Central and South America %6.3% |
Central and South America 20223,310 |
Central and South America %5.4% |
| Africa | Africa 20231,851 |
Africa %2.7% |
Africa 20221,740 |
Africa %2.8% |
| Asia-Pacific and Middle East | Asia-Pacific and Middle East 20234,058 |
Asia-Pacific and Middle East %5.9% |
Asia-Pacific and Middle East 20223,577 |
Asia-Pacific and Middle East %5.8% |
| International excluding Europe | International excluding Europe 202315,628 |
International excluding Europe %22.7% |
International excluding Europe 202213,570 |
International excluding Europe %22.0% |
| International excluding France | International excluding France202339,224 | International excluding France%57.0% | International excluding France202233,727 | International excluding France%54.7% |
| Total revenue(***) | Total revenue(***)202368,838 | Total revenue(***)%100.0% | Total revenue(***)202261,675 | Total revenue(***)%100.0% |
(*) Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine.
(**) Including the eurozone for €42,141 million (61.2% of total revenue) in 2023 and for €38,518 million (62.5% of total revenue) in 2022.
(***) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Revenue generated in France totalled €29,615 million in 2023, up 6% (up 5.8% like-for-like) compared with 2022.
Revenue generated outside France amounted to €39,224 million in 2023, up 16.3% (up 13.4% like-for-like) compared with 2022, and equalled 57% of the Group total versus 54.7% in 2022.
