Operating income from ordinary activities measures the operational performance of fully consolidated Group subsidiaries. It excludes share based payment expense (IFRS 2), certain recurring operating items (including the share of profit or loss of companies accounted for under the equity method), together with non recurring operating items.
Recurring operating income is obtained by taking operating income from ordinary activities and adding the IFRS 2 expense associated with share-based payments (chiefly Group savings plans and performance share plans), the Group’s share of profit or loss of subsidiaries accounted for under the equity method, and other recurring operating income and expense. The latter category includes recurring income and expense relating to companies accounted for under the equity method and to non consolidated companies (financial income from shareholder loans and advances granted by the Group to some subsidiaries, dividends received from non consolidated companies). Recurring operating income represents the Group’s operational performance excluding the impact of non recurring transactions and events during the period.
Operating income is calculated by taking recurring operating income and adding non recurring income and expense, which mainly includes goodwill impairment losses, restructuring charges, and income and expense relating to changes in scope (capital gains or losses on disposals of securities and the impact of changes in control).
| (in € millions) | 2023 | 2022 |
|---|---|---|
| Revenue(*) | Revenue(*)202368,838 | Revenue(*)202261,675 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | Concession subsidiaries’ revenue derived from works carried out by non-Group companies 2023780 |
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 2022590 |
| Total revenue | Total revenue 202369,619 |
Total revenue 202262,265 |
| Revenue from ancillary activities(**) | Revenue from ancillary activities (**)2023267 |
Revenue from ancillary activities (**)2022249 |
| Purchases consumed | Purchases consumed 2023(15,790) |
Purchases consumed 2022(14,894) |
| External services(***) | External services (***)2023(7,585) |
External services (***)2022(6,684) |
| Temporary staff | Temporary staff 2023(1,689) |
Temporary staff 2022(1,561) |
| Subcontracting (including concession companies’ construction costs) | Subcontracting (including concession companies’ construction costs) 2023(14,520) |
Subcontracting (including concession companies’ construction costs) 2022(12,388) |
| Taxes and levies | Taxes and levies 2023(1,299) |
Taxes and levies 2022(1,223) |
| Employment costs | Employment costs 2023(16,352) |
Employment costs 2022(14,979) |
| Other operating income and expense | Other operating income and expense 2023101 |
Other operating income and expense 202299 |
| Depreciation and amortisation | Depreciation and amortisation 2023(3,799) |
Depreciation and amortisation 2022(3,613) |
| Net provision expense | Net provision expense 2023(597) |
Net provision expense 2022(448) |
| Operating expenses | Operating expenses2023(61,529) | Operating expenses2022(55,691) |
| Operating income from ordinary activities | Operating income from ordinary activities20238,357 | Operating income from ordinary activities20226,824 |
| % of revenue(*) | % of revenue(*)202312.1% | % of revenue(*)202211.1% |
| Share-based payments (IFRS 2) | Share-based payments (IFRS 2) 2023(360) |
Share-based payments (IFRS 2) 2022(356) |
| Profit/(loss) of companies accounted for under the equity method | Profit/(loss) of companies accounted for under the equity method 2023111 |
Profit/(loss) of companies accounted for under the equity method 202222 |
| Other recurring operating items | Other recurring operating items 202368 |
Other recurring operating items 2022(9) |
| Recurring operating income | Recurring operating income20238,175 | Recurring operating income20226,481 |
| Goodwill impairment losses | Goodwill impairment losses 2023(8) |
Goodwill impairment losses 2022- |
| Impact from changes in scope and gain/(loss) on disposals of shares | Impact from changes in scope and gain/(loss) on disposals of shares 2023(96) |
Impact from changes in scope and gain/(loss) on disposals of shares 20228 |
| Total non recurring operating items | Total non recurring operating items2023(105) | Total non recurring operating items20228 |
| Operating income | Operating income20238,071 | Operating income20226,489 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Revenue from ancillary activities mainly comprises rental income, sales of equipment, materials and merchandise, study work and fees other than those generated by concession operators.
(***) Including lease payments of €2,068 million in 2023 not restated following the application of IFRS 16: low-value leases, short-term leases and variable lease payments.
The increase in the profit of companies accounted under the equity method relates mainly to the recovery in VINCI Airports’ passenger numbers, particularly in Japan.
In 2023, non recurring operating items had a net negative effect of €105 million and consisted mainly of an €80 million expense arising from the remeasurement of the earn out payable to the ACS group as part of the Cobra IS acquisition. In 2022, non recurring operating items had a net positive effect of €8 million and comprised:
