| (in € millions) | 2024 | 2023 |
|---|---|---|
| Net cash flows (used in)/from operating activities | Net cash flows (used in)/from operating activities 2024 11,714 |
Net cash flows (used in)/from operating activities 2023 10,540 |
| of which other long-term advances and associated interest payments | of which other long-term advances and associated interest payments 2024 (6) |
of which other long-term advances and associated interest payments 2023 93 |
| 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 advances 2024 11,720 |
Net cash flows (used in)/from operating activities, excluding changes in other long-term advances 2023 10,447 |
| Operating investments (net of disposals) and changes in other long-term advances | Operating investments (net of disposals) and changes in other long-term advances 2024 (2,714) |
Operating investments (net of disposals) and changes in other long-term advances 2023 (2,010) |
| Repayments of lease liabilities and financial expense on leases | Repayments of lease liabilities and financial expense on leases 2024 (745) |
Repayments of lease liabilities and financial expense on leases 2023 (679) |
| Operating cash flow | Operating cash flow 2024 8,261 |
Operating cash flow 2023 7,758 |
| Growth investments (concessions and PPPs) | Growth investments (concessions and PPPs) 2024 (1,453) |
Growth investments (concessions and PPPs) 2023 (1,130) |
| Free cash flow | Free cash flow 2024 6,808 |
Free cash flow 2023 6,628 |
| Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) | Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2024 (5,006) (*) |
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2023 (648) |
| Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) | Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2024 122 |
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2023 110 |
| Net impact of changes in scope including net debt assumed | Net impact of changes in scope including net debt assumed 2024 (1,806) (*) |
Net impact of changes in scope including net debt assumed 2023 (90) |
| Other cash flows (used in)/from investing activities | Other cash flows (used in)/from investing activities 2024 (335) |
Other cash flows (used in)/from investing activities 2023 (377) |
| Net financial investments | Net financial investments 2024 (7,025) |
Net financial investments 2023 (1,005) |
| Other | Other 2024 41 |
Other 2023 31 |
| Total net financial investments | Total net financial investments 2024 (6,984) |
Total net financial investments 2023 (974) |
(*) Including the purchase price for shares and capital increases of companies operating the Northwest Parkway section of the Denver ring road (€1,156 million), Edinburgh airport (€1,431 million) and Budapest airport (€618 million) and their net financial debt on the date of acquisition of control (€276 million for the Northwest Parkway and €1,364 million for Edinburgh airport). See Note B.1, “Changes in consolidation scope during the period”.
Reconciliation between capital employed and the balance sheet
| (in € millions) | Note(s) | 31/12/2024 | 31/12/2023 |
|---|---|---|---|
| Capital employed - assets | Capital employed - assets Note(s)
|
Capital employed - assets 31/12/2024 106,583 |
Capital employed - assets 31/12/2023 96,754 |
| Concession intangible assets | Concession intangible assets Note(s) 13 |
Concession intangible assets 31/12/2024 29,672 |
Concession intangible assets 31/12/2023 29,000 |
| - 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 31/12/2024 (4,722) |
- Deferred tax on business combination fair value adjustments 31/12/2023 (3,798) |
| Goodwill, gross | Goodwill, gross Note(s) 9 |
Goodwill, gross 31/12/2024 19,820 |
Goodwill, gross 31/12/2023 17,870 |
| Other intangible assets | Other intangible assets Note(s) 17.1 |
Other intangible assets 31/12/2024 11,786 |
Other intangible assets 31/12/2023 8,038 |
| Property, plant and equipment | Property, plant and equipment Note(s) 17.2 |
Property, plant and equipment 31/12/2024 15,300 |
Property, plant and equipment 31/12/2023 13,012 |
| 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 31/12/2024 2,105 |
Investments in companies accounted for under the equity method 31/12/2023 1,267 |
| Other non-current financial assets | Other non-current financial assets Note(s) 11-14-18 |
Other non-current financial assets 31/12/2024 2,743 |
Other non-current financial assets 31/12/2023 2,646 |
| - Collateralised loans and receivables (at more than one year) | - Collateralised loans and receivables (at more than one year) Note(s) 25-27 |
- Collateralised loans and receivables (at more than one year) 31/12/2024 (7) |
- Collateralised loans and receivables (at more than one year) 31/12/2023 (5) |
| Inventories and work in progress | Inventories and work in progress Note(s) 19 |
Inventories and work in progress 31/12/2024 1,772 |
Inventories and work in progress 31/12/2023 1,878 |
| Trade and other receivables | Trade and other receivables Note(s) 19 |
Trade and other receivables 31/12/2024 19,365 |
Trade and other receivables 31/12/2023 18,698 |
| Other current assets | Other current assets Note(s) 19 |
Other current assets 31/12/2024 8,333 |
Other current assets 31/12/2023 7,798 |
| Current tax assets | Current tax assets Note(s)
|
Current tax assets 31/12/2024 415 |
Current tax assets 31/12/2023 351 |
| Capital employed - liabilities | Capital employed - liabilities Note(s)
|
Capital employed - liabilities 31/12/2024 (47,182) |
Capital employed - liabilities 31/12/2023 (43,901) |
| Current provisions | Current provisions Note(s) 19 |
Current provisions 31/12/2024 (7,828) |
Current provisions 31/12/2023 (7,304) |
| Trade payables | Trade payables Note(s) 19 |
Trade payables 31/12/2024 (14,463) |
Trade payables 31/12/2023 (13,572) |
| Other current liabilities | Other current liabilities Note(s) 19 |
Other current liabilities 31/12/2024 (24,144) |
Other current liabilities 31/12/2023 (22,431) |
| Current tax liabilities | Current tax liabilities Note(s)
|
Current tax liabilities 31/12/2024 (746) |
Current tax liabilities 31/12/2023 (594) |
| Total capital employed | Total capital employed Note(s)
|
Total capital employed 31/12/2024 59,401 |
Total capital employed 31/12/2023 52,853 |
Capital employed by geographical area
| (in € millions) | 31/12/2024 | 31/12/2023 |
|---|---|---|
| France | France 31/12/2024 22,545 |
France 31/12/2023 23,496 |
| United Kingdom | United Kingdom 31/12/2024 13,217 |
United Kingdom 31/12/2023 8,904 |
| Spain | Spain 31/12/2024 4,621 |
Spain 31/12/2023 4,012 |
| Portugal | Portugal 31/12/2024 2,412 |
Portugal 31/12/2023 2,433 |
| Rest of Europe | Rest of Europe 31/12/2024 3,131 |
Rest of Europe 31/12/2023 3,537 |
| Total Europe excluding France | Total Europe excluding France 31/12/2024 23,381 |
Total Europe excluding France 31/12/2023 18,886 |
| Total Europe | Total Europe 31/12/2024 45,926 |
Total Europe 31/12/2023 42,382 |
| North America | North America 31/12/2024 4,111 |
North America 31/12/2023 2,304 |
| of which United States | of which United States 31/12/2024 3,545 |
of which United States 31/12/2023 1,802 |
| Central and South America | Central and South America 31/12/2024 9,179 |
Central and South America 31/12/2023 8,004 |
| Africa | Africa 31/12/2024 (287) |
Africa 31/12/2023 (170) |
| Asia-Pacific and Middle East | Asia-Pacific and Middle East 31/12/2024 473 |
Asia-Pacific and Middle East 31/12/2023 334 |
| Total capital employed | Total capital employed 31/12/2024 59,401 |
Total capital employed 31/12/2023 52,853 |
At 31 December 2024, capital employed in the eurozone was €29.8 billion (of which €22.5 billion in France) and made up 50% of the total (€31.5 billion and 60% of the total in 2023).
