| (in € millions) | 2023 | 2022 |
|---|---|---|
| Net cash flows (used in)/from operating activities | Net cash flows (used in)/from operating activities202310,540 | Net cash flows (used in)/from operating activities20229,387 |
| of which other long-term advances and associated interest payments | of which other long-term advances and associated interest payments2023 93 |
of which other long-term advances and associated interest payments2022 854 |
| Net cash flows (used in)/from operating activities, excluding changes in other long-term advances | Net cash flows (used in)/from operating activities, excluding changes in other long-term advances202310,447 | Net cash flows (used in)/from operating activities, excluding changes in other long-term advances20228,533 |
| Operating investments (net of disposals) and changes in other long-term advances | Operating investments (net of disposals) and changes in other long-term advances 2023(2,010) |
Operating investments (net of disposals) and changes in other long-term advances 2022(1,602) |
| Repayments of lease liabilities and financial expense on leases | Repayments of lease liabilities and financial expense on leases 2023(679) |
Repayments of lease liabilities and financial expense on leases 2022(661) |
| Operating cash flow | Operating cash flow20237,758 | Operating cash flow20226,270 |
| Growth investments (concessions and PPPs) | Growth investments (concessions and PPPs) 2023(1,130) |
Growth investments (concessions and PPPs) 2022(836) |
| Free cash flow | Free cash flow20236,628 | Free cash flow20225,433 |
| Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) | Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2023(648) |
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2022(2,131)(*) |
| Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) | Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2023110 |
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 202223 |
| Net impact of changes in scope including net debt assumed | Net impact of changes in scope including net debt assumed 2023(90) |
Net impact of changes in scope including net debt assumed 2022(511)(*) |
| Other cash flows (used in)/from investing activities | Other cash flows (used in)/from investing activities 2023(377) |
Other cash flows (used in)/from investing activities 2022(79) |
| Net financial investments | Net financial investments2023(1,005) | Net financial investments2022(2,697) |
| Other | Other 202331 |
Other 202220 |
| Total net financial investments | Total net financial investments2023(974) | Total net financial investments2022(2,677) |
(*) Including the purchase price for the shares of Mexican airport operator OMA (€1,169 million) and its net financial debt on the date control was acquired (€298 million). See Note B.2, “Changes in consolidation scope in previous periods”.
| (in € millions) | Note(s) | 31/12/2023 | 31/12/2022 |
|---|---|---|---|
| Capital employed - assets | Capital employed - assetsNote(s)
|
Capital employed - assets31/12/202396,754 | Capital employed - assets31/12/202293,074 |
| Concession intangible assets | Concession intangible assets Note(s)13 |
Concession intangible assets 31/12/202329,000 |
Concession intangible assets 31/12/202228,224 |
| – Deferred tax on business combination fair value adjustments | – Deferred tax on business combination fair value adjustments Note(s)
|
– Deferred tax on business combination fair value adjustments 31/12/2023(3,798) |
– Deferred tax on business combination fair value adjustments 31/12/2022(3,792) |
| Goodwill, gross | Goodwill, gross Note(s)9 |
Goodwill, gross 31/12/202317,870 |
Goodwill, gross 31/12/202217,657 |
| Other intangible assets | Other intangible assets Note(s)17.1 |
Other intangible assets 31/12/20238,038 |
Other intangible assets 31/12/20229,045 |
| Property, plant and equipment | Property, plant and equipment Note(s)17.2 |
Property, plant and equipment 31/12/202313,012 |
Property, plant and equipment 31/12/202210,805 |
| Investments in companies accounted for under the equity method | Investments in companies accounted for under the equity method Note(s)10 |
Investments in companies accounted for under the equity method 31/12/20231,267 |
Investments in companies accounted for under the equity method 31/12/20221,014 |
| Other non-current financial assets | Other non-current financial assets Note(s)11-14-18 |
Other non-current financial assets 31/12/20232,646 |
Other non-current financial assets 31/12/20222,588 |
| – Collateralised loans and receivables (at more than one year) | – Collateralised loans and receivables (at more than one year) Note(s)25 |
– Collateralised loans and receivables (at more than one year) 31/12/2023(5) |
– Collateralised loans and receivables (at more than one year) 31/12/2022(5) |
| Inventories and work in progress | Inventories and work in progress Note(s)19 |
Inventories and work in progress 31/12/20231,878 |
Inventories and work in progress 31/12/20221,785 |
| Trade and other receivables | Trade and other receivables Note(s)19 |
Trade and other receivables 31/12/202318,698 |
Trade and other receivables 31/12/202218,092 |
| Other current assets | Other current assets Note(s)19 |
Other current assets 31/12/20237,798 |
Other current assets 31/12/20227,402 |
| Current tax assets | Current tax assets Note(s)
|
Current tax assets 31/12/2023351 |
Current tax assets 31/12/2022259 |
| Capital employed - liabilities | Capital employed - liabilitiesNote(s)
|
Capital employed - liabilities31/12/2023(43,901) | Capital employed - liabilities31/12/2022(40,609) |
| Current provisions | Current provisions Note(s)19 |
Current provisions 31/12/2023(7,304) |
Current provisions 31/12/2022(6,599) |
| Trade payables | Trade payables Note(s)19 |
Trade payables 31/12/2023(13,572) |
Trade payables 31/12/2022(13,088) |
| Other current liabilities | Other current liabilities Note(s)
|
Other current liabilities 31/12/2023(22,431) |
Other current liabilities 31/12/2022(20,315) |
| Current tax liabilities | Current tax liabilities Note(s)19 |
Current tax liabilities 31/12/2023(594) |
Current tax liabilities 31/12/2022(607) |
| Total capital employed | Total capital employedNote(s)
|
Total capital employed31/12/202352,853 | Total capital employed31/12/202252,465 |
| (in € millions) | 31/12/2023 | 31/12/2022 |
|---|---|---|
| France | France31/12/202323,496 | France31/12/202224,196 |
| United Kingdom | United Kingdom 31/12/20238,904 |
United Kingdom 31/12/20228,916 |
| Spain | Spain 31/12/20234,012 |
Spain 31/12/20224,813 |
| Portugal | Portugal 31/12/20232,433 |
Portugal 31/12/20222,355 |
| Rest of Europe | Rest of Europe 31/12/20233,537 |
Rest of Europe 31/12/20223,439 |
| Total Europe excluding France | Total Europe excluding France31/12/202318,886 | Total Europe excluding France31/12/202219,523 |
| Total Europe | Total Europe31/12/202342,382 | Total Europe31/12/202243,719 |
| North America | North America 31/12/20232,304 |
North America 31/12/20222,511 |
| of which United States | of which United States31/12/20231,802 | of which United States31/12/20221,952 |
| Central and South America | Central and South America 31/12/20238,004 |
Central and South America 31/12/20226,005 |
| Africa | Africa 31/12/2023(170) |
Africa 31/12/2022(255) |
| Asia-Pacific and Middle East | Asia-Pacific and Middle East 31/12/2023334 |
Asia-Pacific and Middle East 31/12/2022485 |
| Total capital employed | Total capital employed31/12/202352,853 | Total capital employed31/12/202252,465 |
At 31 December 2023, capital employed in the eurozone was €31.5 billion (of which €23.5 billion in France) and made up 60% of the total (€33.3 billion and 64% of the total in 2022).
