The 2024 tax expense amounted to €2,102 million and the effective tax rate was 29.4% (€1,917 million and 27.7% in 2023). Apart from the increase in the Group’s pre-tax income excluding non-recurring items, this reflects the non-deductibility of France’s new tax on longdistance transport infrastructure operators.
Income attributable to non-controlling interests totalled €410 million (€400 million in 2023) mainly relating to Mexican airport operator OMA as well as London Gatwick and Edinburgh airports.
| 2024/2023 change | ||||
|---|---|---|---|---|
| (in € millions) | 2024 | 2023 | Amount | % |
| Cash flow from operations before tax and financing costs (Ebitda) | 12,689 | 11,964 | 725 | +6.1% |
| % of revenue | 17.7% | 17.4% | - | - |
| Changes in working capital requirement and current provisions | 2,311 | 1,463 | 848 | - |
| Income taxes paid | (2,220) | (2,288) | 68 | - |
| Net interest paid | (1,177) | (802) | (375) | - |
| Dividends received from companies accounted for under the equity method | 117 | 110 | 8 | - |
| Cash flow from operating activities, excluding other long-term advances | 11,720 | 10,447 | 1,273 | +12.2% |
| Operating investments (net of disposals) and changes in other long-term advances | (2,714) | (2,010) | (704) | +35.0% |
| Repayments of lease liabilities and financial expense on leases | (745) | (679) | (67) | +9.8% |
| Operating cash flow | 8,261 | 7,758 | 503 | +6.5% |
| Growth investments in concessions | (1,453) | (1,130) | (323) | +28.6% |
| of which VINCI Autoroutes | (604) | (585) | (19) | +3.2% |
| of which VINCI Airports | (445) | (391) | (54) | +13.8% |
| of which other | (405) | (154) | (250) | +162.5% |
| Free cash flow | 6,808 | 6,628 | 179 | +2.7% |
| of which Concessions | 3,554 | 3,709 | (155) | - |
| of which VINCI Energies, Cobra IS and VINCI Construction | 2,337 | 2,523 | (186) | - |
| of which VINCI Immobilier and holding companies | 917 | 397 | 520 | - |
| Net financial investments | (7,025) | (1,005) | (6,020) | - |
| Other | 41 | 31 | 10 | - |
| Free cash flow after growth financing | (176) | 5,655 | (5,831) | - |
| Capital increases and reductions | 590 | 707 | (117) | - |
| Transactions in treasury shares | (1,912) | (397) | (1,515) | - |
| Dividends paid | (3,472) | (2,481) | (991) | - |
| Capital transactions | (4,793) | (2,171) | (2,623) | - |
| Net cash flow during the period | (4,969) | 3,484 | (8,453) | - |
| Other changes | 681 | (1,074) | 1,755 | - |
| Change in net financial debt | (4,289) | 2,410 | (6,699) | - |
| Net financial debt | (20,415) | (16,126) | (4,289) | - |
Ebitda (*) amounted to €12,689 million, equal to 17.7% of revenue, as opposed to €11,964 million and 17.4% in 2023. It was affected by a €284 million charge at VINCI Autoroutes relating to the new tax on long-distance transport infrastructure operators in France. That negative impact was offset by higher Ebitda in other business lines, and particularly at VINCI Airports.
In Concessions, Ebitda amounted to €7,773 million, up 4.2% relative to 2023 (€7,462 million). Ebitda margin was 66.7% (68.3% in 2023). Ebitda at VINCI Autoroutes fell 0.4% to €4,662 million (€4,683 million in 2023). Ebitda margin was 70.8% in 2024 (74.0% in 2023). France’s tax on long-distance transport infrastructure operators equalled 4.3% of VINCI Autoroutes’ total revenue in 2024. Ebitda at VINCI Airports amounted to €2,883 million, equal to 63.7% of revenue (€2,495 million and 63.2% in 2023).
At VINCI Energies, Ebitda amounted to €1,794 million, equal to 8.8% of revenue, up 7.3% relative to 2023 (€1,672 million and 8.6% respectively).
Ebitda at Cobra IS was €702 million (9.9% of revenue), up 12% compared with the 2023 figure of €627 million (9.6% of revenue).
VINCI Construction’s Ebitda was €1,985 million or 6.2% of revenue (€1,905 million and 6.1% of revenue in 2023).
(*) Ebitda = Cash flow from operations before tax and financing costs.
