A. Key events, accounting policies and specific arrangements
1. Key events
Assessment of financial performance
VINCI’s 2024 financial statements show an increase in revenue and record earnings, despite the negative impact of France’s new tax on long-distance transport infrastructure operators (known as the TEITLD). In addition, free cash flow was outstanding, hitting an all-time high of €6.8 billion.
- Consolidated revenue rose by 4.0% to €71.6 billion in 2024 (organic growth of 3.1%, a 1.0% positive impact from changes in the consolidation scope and a 0.1% negative impact from exchange rate movements).
- Ebitda – although affected by the TEITLD – amounted to €12.7 billion (17.7% of revenue), 6.1% higher than the 2023 figure of €12.0 billion (17.4% of revenue).
- Operating income from ordinary activities (Ebit) rose to €9.0 billion from €8.4 billion in 2023. Ebit margin was 12.6% (12.1% in 2023).
- Recurring operating income totalled almost €8.9 billion (€8.2 billion in 2023).
- Consolidated net income attributable to owners of the parent was close to €4.9 billion, representing growth of 3.4% compared with 2023. Excluding the impact of the TEITLD, it would have been 9.5% higher than in 2023, at €5.1 billion. It is worth noting that the majority of consolidated net income attributable to the owners of the parent is now generated outside France (53%).
- Net financial debt at 31 December 2024 was €20.4 billion (€16.1 billion at 31 December 2023).
The Report of the Board of Directors contains information on the operating performance of the Group’s various business lines.
Financing transactions and liquidity management
The main financing transactions during the year concerned VINCI SA, ASF and VINCI Concessions. They are described in Note J, “Financing and financial risk management”.
At 31 December 2024, VINCI’s liquidity position remained very strong at €19.6 billion, comprising:
- managed net cash of €13.1 billion;
- a €6.5 billion confirmed credit facility unused by VINCI SA and due to expire in January 2029. With the exercise of the first extension option in January 2025, the maturity of this facility was extended until January 2030.
Information on the Group’s liquidity is presented in Note J.26, “Net cash managed and available resources”.
2. Accounting policies
2.1 Basis for preparing the financial statements
Pursuant to Regulation (EC) 1606/2002 of 19 July 2002, VINCI’s consolidated financial statements for the year ended 31 December 2024 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union at 31 December 2024. (*)
The accounting policies used at 31 December 2024 are the same as those used in preparing the consolidated financial statements at 31 December 2023, except for the standards and/or amendments of standards described below, adopted by the European Union and mandatorily applicable as from 1 January 2024.
The Group’s consolidated financial statements are presented in millions of euros, rounded to the nearest million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables.
The information relating to 2022, presented in the universal registration document filed with the AMF under number D.23-0065 on 28 February 2024, is deemed to be included herein.
The consolidated financial statements were approved by the Board of Directors on 6 February 2025 and will be presented to shareholders for their approval at the Shareholders’ General Meeting on 17 April 2025.
New standards and interpretations applied from 1 January 2024
Standards and interpretations mandatorily applicable from 1 January 2024 had no material impact on the VINCI Group’s consolidated financial statements at 31 December 2024. They include mainly:
- “Non-current Liabilities with Covenants” (Amendments to IAS 1): the classification of a borrowing as a non-current liability, depending on the right to defer settlement for at least 12 months after the end of the reporting period, is not affected by the covenants with which the entity must comply after the reporting date. The classification is based on the covenants the entity is required to comply with on or before the reporting date.
- “Lease Liability in a Sale and Leaseback” (Amendments to IFRS 16): these amendments confirm that no disposal gain or loss must be recognised on the proportion of rights retained by the seller-lessee and that the lease liability is not to be remeasured to reflect revised estimates of future variable lease payments.
- “Supplier Finance Arrangements” (Amendments to IAS 7 and IFRS 7): these amendments require additional information to be disclosed in the consolidated financial statements relating to supplier finance arrangements, including reverse factoring agreements. More detailed information relating to the main contractual terms and amounts concerned must be provided.
