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2023 Annual financial statements

Annual financial statements
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08/02/2024 Press release Presentation Webcast Report

Consolidated financial statements

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- Consolidated income statement for the period
- Consolidated comprehensive income statement for the period
- Consolidated balance sheet
- Consolidated cash flow statement

Consolidated income statement for the period

(in € millions)20232022
Revenue (*)68,83861,675
Concession subsidiaries’ revenue derived from works carried out by non-Group companies780590
Total revenue69,61962,265
Revenue from ancillary activities267249
Operating expenses(61,529)(55,691)
Operating income from ordinary activities8,3576,824
Share-based payments (IFRS 2)(360)(356)
Profit/(loss) of companies accounted for under the equity method11122
Other recurring operating items68(9)
Recurring operating income8,1756,481
Non-recurring operating items(105)8
Operating income8,0716,489
Cost of gross financial debt(1,363)(750)
Financial income from cash investments469136
Cost of net financial debt(894)(614)
Other financial income and expense(157)279
Income tax expense(1,917)(1,737)
Net income5,1024,417
Net income attributable to non-controlling interests400157
Net income attributable to owners of the parent4,7024,259
Basic earnings per share (in €)8.287.55
Diluted earnings per share (in €)8.187.47

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

Consolidated comprehensive income statement for the period

(in € millions) 2023 2022
Net income 5,1024,417
Changes in fair value of cash flow and net investment hedging instruments (*) (299)514
Hedging costs 1811
Tax (**) 74(110)
Currency translation differences 35822
Share of profit/(loss) of companies accounted for under the equity method, net (49)359
Other comprehensive income that may be recycled subsequently to net income 102795
Actuarial gains and losses on retirement benefit obligations (151)362
Tax 37(97)
Share of profit/(loss) of companies accounted for under the equity method, net 02
Other comprehensive income that may not be recycled subsequently to net income (114)266
Total other comprehensive income recognised directly in equity (12)1,061
Comprehensive income 5,0905,478
of which attributable to owners of the parent 4,5265,361
of which attributable to non-controlling interests 564117

(*) Changes in the fair value of cash flow hedges are recognised in equity for the effective portion. Cumulative gains and losses in equity are taken to profit or loss at the time when the cash flow affects profit or loss. In 2023, those changes consisted of a negative €309 million impact related to cash flow hedges and a positive €10 million impact related to net investment hedges.
(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) and hedging costs.

Consolidated balance sheet

Assets

(in € millions)31/12/202331/12/2022
Non-current assets 
Concession intangible assets29,00028,224
Goodwill17,57717,360
Other intangible assets 8,0389,045
Property, plant and equipment 13,01210,805
Investments in companies accounted for under the equity method1,2671,014
Other non-current financial assets2,6462,588
Derivative financial instruments - non-current assets125376
Deferred tax assets1,122883
Total non-current assets72,78670,294
Current assets 
Inventories and work in progress1,8781,785
Trade and other receivables18,69818,092
Other current assets7,7987,402
Current tax assets351259
Other current financial assets7984
Derivative financial instruments - current assets94115
Cash management financial assets545755
Cash and cash equivalents15,62712,578
Total current assets 45,07041,070
Assets held for sale702627
Total assets118,558111,991

Equity and liabilities

(in € millions)31/12/202331/12/2022
Equity 
Share capital1,4731,473
Share premium13,40712,719
Treasury shares(1,419)(2,088)
Consolidated reserves 10,4229,872
Currency translation reserves(91)(240)
Net income attributable to owners of the parent4,7024,259
Amounts recognised directly in equity(382)(56)
Equity attributable to owners of the parent28,11325,939
Equity attributable to non-controlling interests3,9283,470
Total equity 32,04029,409
Non-current liabilities 
Non-current provisions 1,127961
Provisions for employee benefits1,1761,149
Bonds22,04820,425
Other loans and borrowings3,7853,205
Derivative financial instruments - non-current liabilities1,2571,939
Non-current lease liabilities1,6751,580
Other non-current liabilities1,076894
Deferred tax liabilities4,0304,162
Total non-current liabilities36,17434,316
Current liabilities 
Current provisions7,3046,599
Trade payables 13,57213,088
Other current liabilities22,43120,315
Current tax liabilities 594607
Current lease liabilities572522
Derivative financial instruments - current liabilities476440
Current borrowings4,9566,368
Total current liabilities49,90547,939
Liabilities directly associated with assets held for sale438327
Total equity and liabilities118,558111,991

Consolidated cash flow statement

(in € millions) 20232022
Consolidated net income for the period (including non-controlling interests) 5,1024,417
Depreciation and amortisation 3,7993,613
Net increase/(decrease) in provisions and impairment 134-
Share-based payments (IFRS 2) and other restatements 131162
Gain or loss on disposals 35(68)
Change in fair value of financial instruments 56(236)
Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies (142)(42)
Cost of net financial debt recognised 894614
Capitalised borrowing costs (118)(29)
Financial expense on leases and other liabilities 15548
Current and deferred tax expense recognised 1,9171,737
Cash flow from operations before tax and financing costs 11,96410,215
Changes in operating working capital requirement and current provisions 1,463392
Income taxes paid (2,288)(1,603)
Net interest paid (802)(563)
Dividends received from companies accounted for under the equity method 11092
Other long-term advances and associated interest payments (*) 93854
Net cash flows (used in)/from operating activitiesI10,5409,387
Purchases of property, plant and equipment and intangible assets (2,251)(2,621)
Proceeds from sales of property, plant and equipment and intangible assets 148165
Operating investments (net of disposals) (2,103)(2,456)
Investments in concession fixed assets (net of grants received) (1,081)(880)
Financial receivables (PPP contracts and others) (49)44
Growth investments (concessions and PPPs) (1,130)(836)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (**) (648)(2,131)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 11023
Cash and cash equivalents of acquired companies (**) 141140
Net financial investments (excluding financial debts transferred during business combinations) (**) (398)(1,967)
Other (346)(59)
Net cash flows (used in)/from investing activitiesII (3,977)(5,318)
Share capital increases and decreases and repurchases of other equity instruments 709491
Transactions on treasury shares (397)(1,100)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (1)(53)
Dividends paid (2,481)(1,892)
- to shareholders of VINCI SA (2,293)(1,830)
- to non-controlling interests (187)(62)
Proceeds from new long-term borrowings 3,0042,786
Repayments of long-term borrowings (2,179)(3,653)
Repayments of lease liabilities and financial expense on leases  (679)(661)
Change in cash management assets and other current financial debts (1,408)1,245
Net cash flows (used in)/from financing activitiesIII (3,433)(2,836)
Other changesIV7674
Change in net cash I + II + III + IV3,2061,306
Net cash and cash equivalents at beginning of period 11,49510,188
Net cash and cash equivalents at end of period 14,70111,495

(*) Amounts concern long-term advances received from the offtaker in respect of Polo Carmópolis in Brazil.
(**) Amounts at 31 December 2022 included the acquisition of Mexican airport operator OMA. See Note B.2, “Changes in consolidation scope in previous periods”.

Last updated: 08/02/2024