| (in € millions) | 2024 | % of revenue (*) | 2023 | % of revenue (*) | 2024/2023 change |
|---|---|---|---|---|---|
| Concessions | Concessions 2024 7,773 |
Concessions % of revenue (*)66.7% |
Concessions 2023 7,462 |
Concessions % of revenue (*)68.3% |
Concessions 2024/2023 change311 |
| VINCI Autoroutes | VINCI Autoroutes 2024 4,662 |
VINCI Autoroutes % of revenue (*)70.8% |
VINCI Autoroutes 2023 4,683 |
VINCI Autoroutes % of revenue (*)74.0% |
VINCI Autoroutes 2024/2023 change(21) |
| VINCI Airports | VINCI Airports 2024 2,883 |
VINCI Airports % of revenue (*)63.7% |
VINCI Airports 2023 2,495 |
VINCI Airports % of revenue (*)63.2% |
VINCI Airports 2024/2023 change388 |
| Other concessions | Other concessions 2024 228 |
Other concessions % of revenue (*)- |
Other concessions 2023 284 |
Other concessions % of revenue (*)- |
Other concessions 2024/2023 change(56) |
| VINCI Energies | VINCI Energies 2024 1,794 |
VINCI Energies % of revenue (*)8.8% |
VINCI Energies 2023 1,672 |
VINCI Energies % of revenue (*)8.6% |
VINCI Energies 2024/2023 change122 |
| Cobra IS | Cobra IS 2024 702 |
Cobra IS % of revenue (*)9.9% |
Cobra IS 2023 627 |
Cobra IS % of revenue (*)9.6% |
Cobra IS 2024/2023 change75 |
| VINCI Construction | VINCI Construction 2024 1,985 |
VINCI Construction% of revenue (*) 6.2% |
VINCI Construction 2023 1,905 |
VINCI Construction% of revenue (*) 6.1% |
VINCI Construction2024/2023 change 80 |
| VINCI Immobilier | VINCI Immobilier 2024 2 |
VINCI Immobilier % of revenue (*)0.2% |
VINCI Immobilier 2023 (13) |
VINCI Immobilier % of revenue (*)(1.1%) |
VINCI Immobilier 2024/2023 change16 |
| Holding companies | Holding companies 2024 432 |
Holding companies % of revenue (*)- |
Holding companies 2023 312 |
Holding companies % of revenue (*)- |
Holding companies 2024/2023 change120 |
| Ebitda | Ebitda 2024 12,689 |
Ebitda% of revenue (*)17.7% | Ebitda 2023 11,964 |
Ebitda% of revenue (*)17.4% | Ebitda2024/2023 change725 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
The net change in the operating working capital requirement and current provisions produced an inflow of €2,311 million in 2024 (€1,463 million in 2023). This sharp improvement was due to a high level of cash inflows from customers at the end of the year, an increase in advances on major projects – particularly at Cobra IS – and an increase in current provisions.
Income taxes paid were €2,220 million in 2024, a decrease of €68 million (€2,288 million in 2023).
Net interest paid amounted to €1,177 million in 2024 (€802 million in 2023 (*)).
Cash flow from operating activities was €11.7 billion, up almost €1.3 billion from the 2023 figure of €10.4 billion.
Operating investments, net of disposals and changes in long-term advances, rose by 35% to €2,714 million from €2,010 million in 2023.
This included €921 million invested by VINCI Construction (€894 million in 2023) and €1,227 million by Cobra IS (€622 million in 2023), including €637 million related to renewable energy projects (€417 million in 2023).
After repayments of lease liabilities in an amount of €745 million (€679 million in 2023), operating cash flow (**) was up 6.5% to almost €8.3 billion (€7.8 billion in 2023).
Growth investments in concessions and public-private partnerships totalled €1,453 million (€1,130 million in 2023). That figure includes €604 million invested by VINCI Autoroutes (€585 million in 2023) and €445 million by VINCI Airports (€391 million in 2023), reflecting in particular investments made by Mexican airport operator OMA and by Concessionária dos Aeroportos da Amazônia, along with €349 million of investments by Cobra IS.
Free cash flow (**) hit a new record of €6.8 billion (€6.6 billion in 2023). VINCI Autoroutes generated free cash flow of €2.5 billion, a decrease of €0.2 billion compared with 2023 because of France’s new tax on long-distance transport infrastructure operators. Free cash flow at VINCI Airports was almost €1.1 billion (€1.0 billion in 2023), with the positive impact of integrating Edinburgh airport and the improvement in Ebitda being partially offset by higher financial expenses and investments. Performance at VINCI Energies was once again excellent, contributing €1.6 billion to the Group’s free cash flow in 2024, up from €1.4 billion in 2023. VINCI Construction’s free cash flow amounted to almost €0.8 billion compared with €1.2 billion in 2023, which was an exceptional year. Cobra IS was close to break-even in terms of free cash flow, which was stable despite very high capital expenditure, particularly relating to renewable energy production and transmission.
Financial investments, net of disposals, and other investment flows totalled €7.0 billion. The main transactions are set out in paragraph 1.1, “Highlights of the period”, page 117. By business line, those transactions represented a total amount (including the net financial debt of acquired companies) of €4.5 billion for VINCI Airports (30-year extension of the Aerodom concession, acquisition of a 50.01% stake in Edinburgh airport and acquisition of a 20% stake in Budapest airport), €1.5 billion for VINCI Highways (acquisition of Northwest Parkway in Denver and purchase of an additional stake in Olympia Odos in Greece), €0.4 billion for VINCI Energies, €0.3 billion for VINCI Construction and €0.1 billion for VINCI SA (purchase of a stake in NatPower, earn-out payment relating to Cobra IS). In 2023, financial investments totalled €1.0 billion, relating mainly to acquisitions made by VINCI Energies (around 30 companies acquired) and, at VINCI Highways, the deal to take control of Vía Sumapaz (formerly known as Vía 40 Express) in Colombia and the acquisition of a 55% stake in Entrevias in Brazil.
Dividends paid in 2024 totalled €3,472 million (€2,481 million in 2023), including €2,570 million paid by VINCI SA, comprising the 2023 final dividend (€3.45 per share) and the interim dividend in respect of 2024 (€1.05 per share). The remainder includes dividends paid to non-controlling shareholders by subsidiaries not wholly owned by the Group, and particularly by Mexican airport operator OMA and by London Gatwick and Edinburgh airports.
VINCI SA’s capital increases relating to Group savings plans totalled €668 million in 2024 (6.6 million shares issued). The net impact of VINCI’s share buy-back programmes amounted to €1,304 million, including €1,906 million representing the value of shares purchased in the market in 2024 (17.9 million shares at an average price of €106.46 per share). It also reflects the reversal of the liability recognised at end-December 2023 relating to the programme in the first quarter of 2024.
As a result of those cash flows, together with a negative impact from exchange rate movements and changes in the fair value of derivative
instruments, net financial debt increased by €4.3 billion in 2024, taking the total to €20.4 billion at 31 December 2024.
(*) Including a positive non-recurring impact of €167 million related to the restructuring of the debt used to acquire London Gatwick airport.
(**) See glossary.
