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Home > Media > Press releases > First half 2022 financial results (29/07/2022)

First half 2022 financial results

29 July 2022 - 7:30 am - Finances - France

· Revenue growth – higher earnings in each division
    - Concessions: stronger recovery in VINCI Airports passenger numbers
         VINCI Autoroutes traffic above pre-pandemic levels
    - VINCI Energies / VINCI Construction: higher business levels – improvement of margins
    - Cobra IS: good integration in line with expectations
· Sharp increase in consolidated net income
· Satisfactory renewal of the order book
· 2022 guidance confirmed
· 2022 interim dividend: €1.0 per share

Key figures

Key figures

(in € millions)

First half Full year
2022 2021 2022/2021
Revenue1 28,517 22,607 +26%+31% 49,396
Cash flow from operations (Ebitda) 4,526 3,132 +1,394+901 7,884
% of revenue15.9%13.9%  16.0%
Operating income from ordinary activities (Ebit) 2,890 1,598 +1,291+601 4,723
% of revenue10.1%7.1%   9.6%
Recurring operating income 2,777 1,467 +1,310+436 4,464
Net income attributable to owners of the parent 1,900 6822+1,218+541 2,5972
Diluted earnings per share (in €) 3.34 1.19 +2.15+0.91 4.51
Free cash flow (281) 381 -662-596 5,282
Net financial debt3(in € billions) (22.1) (18.6) -3.5+2.1 (19.3)
Order intake (in € billions) 26.44 22.4 +18%+28% 42.4
Order book3 (in € billions) 56.24 46.0 +22%+55% 44.5
Change in total traffic at VINCI Autoroutes
+18% vs H1 2021, +2% vs H1 2019
Change in VINCI Airports passenger numbers5
3.2x vs H1 2021, -36% vs H1 2019



Xavier Huillard, VINCI’s Chairman and CEO, made the following comments:

“VINCI’s overall performance was very solid in the first half of 2022, with almost all business lines generating revenue and earnings above pre-pandemic levels.

“Earnings and cash flow at VINCI Airports recovered spectacularly due to the upturn in passenger numbers and the impact of the cost-cutting plans. Passenger numbers are now very close to 2019 levels at many network’s airports.

“VINCI Autoroutes’ traffic levels were higher than in 2019 for both light and heavy vehicles. Although the rise in fuel prices is affecting the trend for light vehicles, the trend for heavy vehicles remains positive.

“VINCI Energies achieved higher business levels and improved its operating margin. That excellent performance resulted from the company’s strong position in some very buoyant markets such as those addressing the themes of energy transition and digitalisation, and from the efficiency of the company’s decentralised organisation.

“The integration of Cobra IS within VINCI following its acquisition in late 2021 is going to plan, and this business line is showing particularly strong commercial momentum. In renewable energies, some new projects with total capacity of around 1 GW entered the construction phase or are about to do so in Latin America.

“VINCI Construction maintained good business levels, buoyed by its stronger international footprint. Its operating margin, which has demonstrated resilience, improved in the period.

“Despite a more selective approach to new orders because of cost inflation, order intake remained firm and order books continue to be very robust. As a result, the Group has good visibility on its future business levels, despite a more uncertain economic environment.

“With regard to expansion, the main transactions completed in the first half of 2022 concerned the Energy business, one acquisition made in North America in the Construction business and several increases in stakes related to assets of the Concessions business.

“Based on these strong performances, VINCI is confirming its guidance, expecting full-year net income to be higher in 2022 than pre-pandemic levels seen in 2019.

“VINCI remains confident in its ability to maintain a consistent growth trajectory. Apart from a particularly resilient business model involving a combination of complementary businesses with different cycles and a diversified geographical presence, the Group is also well equipped to deal with the current inflationary context.”

VINCI’s Board of Directors, chaired by Xavier Huillard, met on 28 July 2022 to finalise the consolidated financial statements for the six months ended 30 June 2022. The Board approved the payment of a 2022 interim dividend of €1.0 per share, to be paid on 17 November 2022 (ex date: 15 November 2022).


I. Strong earnings growth

VINCI’s financial statements for the first half of 2022 show a significant increase in revenue and earnings compared with the first half of 2021, taking them above pre-pandemic levels. Aside from the positive impact of integrating Cobra IS, earnings at VINCI Energies and VINCI Construction continued to rise. There was also considerable improvement in earnings at VINCI Airports and VINCI Autoroutes. Free cash flow was slightly negative due to seasonal business variations, which traditionally have an adverse impact in the early part of the year, as well as a very high base for comparison.

Consolidated revenue in the first half of 2022 totalled €28.5 billion, up 26% on an actual basis relative to the first half of 2021 and up 12% like-for-like. Changes in scope – mainly the integration of Cobra IS, which was acquired in late 2021 – boosted revenue by 13%. Exchange rate movements had a positive impact of 1%, due in particular to the appreciation of the US dollar against the euro. For the first time, VINCI generated more revenue outside France (53% in the first half of 2022 versus 45% in the first half of 2021) than in France.

Concessions revenue totalled €4.2 billion, up 43% on an actual basis compared with the first half of 2021, and broke down essentially as follows:
- VINCI Autoroutes’ revenue amounted to €2.8 billion, up 18% compared with the first half of 2021 and up 8% versus the first half of 2019.
- VINCI Airports had total revenue of €1.1 billion, three times the figure for the first half of 2021 and down 18% on a constant perimeter compared with the first half of 2019.
- Revenue at VINCI Highways – which mainly comprises Lima Expresa (Lima ring road in Peru) and Gefyra (Rion–Antirion bridge in Greece) – was €146 million, above its first-half 2019 level.

VINCI Energies generated revenue of €7.8 billion, up 8% on an actual basis and up 6% like-for-like compared with the first half of 2021. Business growth accelerated in the second quarter (revenue up 10% on an actual basis) both in France and internationally, despite a high base for comparison and persistent supply chain problems:
- In France (45% of the total), revenue was €3.5 billion, up 7% on an actual basis or up 6% like-for-like.
- Outside France (55% of the total), revenue was €4.2 billion, up 10% on an actual basis and up 5% like-for-like. Revenue rose in Europe, North America and Oceania.

Revenue at Cobra IS, which operates almost exclusively outside France, amounted to €2.7 billion, with 46% coming from Spain and 36% from Latin America. The activity was buoyed by good momentum in its flow business – particularly in Spain, Peru, Mexico and Colombia – and in EPC (Engineering, Procurement and Construction) projects such as power transmission lines in Brazil. In this country, work began on the Belmonte solar farm in the North East Region. This asset, developed by Cobra IS, will have a capacity of almost 570 MW and is likely to start producing electricity in 2023.

VINCI Construction’s revenue totalled €13.5 billion, up 11% on an actual basis and up 8% like-for-like compared with the first half of 2021:
- In France (47% of the total), revenue was €6.4 billion, up 4% on an actual basis. Business levels were firm in civil engineering and in roadworks. In building, they were driven by several major developments in the Paris region in the non-residential sector.
- Outside France (53% of the total), revenue was €7.1 billion, up 18% on an actual basis and up 12% like-for-like. Revenue was driven by the ramp-up of several large contracts obtained in the latest years, including two works packages on the HS2 high-speed rail line in the United Kingdom, motorway and rail projects in North America, Australia and New Zealand, and preparatory works on the Fehmarnbelt Fixed Link between Germany and Denmark.

VINCI Immobilier’s consolidated revenue amounted to €726 million. It was almost unchanged (down 2%) compared with the first half of 2021, despite a high base for comparison. It is slightly up (+2% at €821 million) including VINCI Immobilier’s share in joint development operations. Production continued at a broadly good pace.

Ebitda totalled €4,526 million (€3,132 million in the first half of 2021), well above its first-half 2019 level (€3,625 million) and equalling 15.9% of revenue compared with 16.7% in 2019.

Operating income from ordinary activities (Ebit) was €2,890 million (€1,598 million in the first half of 2021), higher than the first-half 2019 figure of €2,289 million, including:

· €1,899 million in Concessions, twice the level seen in the first half of 2021 and slightly higher than in the first half of 2019. After two loss-making years because of the health crisis, VINCI Airports returned to profit at the Ebit level (€380 million).

· €507 million at VINCI Energies, equating to an Ebit margin of 6.5% (up 50 basis points year on year).

· €190 million at Cobra IS, representing an Ebit margin of 7.1%.

· €254 million for VINCI Construction, giving an Ebit margin of 1.9%6, up 10 basis points relative to the first half of 2021.

Consolidated net income attributable to owners of the parent amounted to €1,900 million, giving earnings per share7 of €3.34. This represents a very sharp increase relative to both the first half of 2021 (€682 million8) and the first half of 2019 (€1,359 million).

Operating cash flow (before taking account of growth investments in concessions) amounted to €93 million. This was significantly lower than the €811 million seen in the first half of 2021 because of the increase in the working capital requirement, which is traditionally substantial in the first half of the year due to seasonal variations in Energy and Construction business.

This change should be viewed in the context of sharp improvements in the working capital requirement in 2020 and 2021, as well as the impact of consolidating Cobra IS. In the current inflationary context, certain Group entities anticipated purchases of raw materials and equipment in order to secure supplies. In addition, after being significantly shortened in 2020 and 2021, payment collection periods were adversely affected in 2022 by rise in interest rates.

After taking into account investments in concessions, free cash flow was negative at €281 million in the first half of 2022, as opposed to a positive figure of €381 million in the first half of 2021. It should be recalled that most of the Group’s free cash flow is generated in the second half of the year.

Consolidated net financial debt was €22.1 billion at 30 June 2022, up €2.9 billion relative to 31 December 2021. The increase reflects acquisitions made during the period, the payment of the final dividend with respect to 2021 and share buy backs (9.8 million shares repurchased at an average price of €91.68).


II. Firm operational performance

In the first half of 2022, traffic levels on the intercity networks of VINCI Autoroutes rebounded by 18.2% year on year (light vehicles up 21.3%9, heavy vehicles up 4.2%).

Compared with the first half of 2019, traffic levels were 2.1% higher across all vehicle types. Light vehicle traffic was up 1.3% despite the rise in fuel prices since March, and heavy vehicle traffic was up 6.3%, due to firm economic activity in France and continuing growth in e-commerce.

The upturn in VINCI Airports passenger numbers continued and accelerated throughout the first half at almost all of the network’s airports. Passenger numbers are now very close to their pre-pandemic levels at several airports managed by VINCI Airports, particularly in Portugal and in the Americas.

Overall, VINCI Airports passenger numbers10 were 54% of their 2019 level in the first quarter of 2022 and 73% in the second, rising to 75% in June. In the first half of 2022 as a whole, the network handled 80 million passengers, three times the number seen in the same period of 2021 and 64% of the first-half 2019 figure (73% for fully consolidated airports).

Order intake at VINCI Energies and VINCI Construction totalled €23.2 billion in the first half of 2022. This represents a 4% year-on-year increase, with order intake up 9% at VINCI Energies and stable at VINCI Construction, driven in particular by good performance in flow business. In the 12 months to end-June, order intake at VINCI Energies amounted to a record €16.9 billion. Order intake at VINCI Construction, driven by a buoyant second quarter, remained strong (€14.0 billion in the first half of 2022). Order intake at Cobra IS in the first half reached a high level at €3.2 billion, with almost half of new orders coming from Spain.

Overall, the order book amounted to €56.2 billion at 30 June 2022, including €9.3 billion at Cobra IS. This represents a 7% increase relative to 31 December 2021 and corresponds to 14 months of average business activity. As a result, the Group has good visibility, allowing it to continue being selective in terms of new projects. International business made up 68% of the order book at the end of the period.

At VINCI Immobilier, the number of housing units reserved in France was 2,783, down 15% compared with the first half of 2021, when there was a sharp post-Covid rebound.


III. Solid financial position

VINCI has maintained a high level of liquidity, which amounted to €14.0 billion at 30 June 2022, comprising:
- Managed net cash of €6.0 billion.
- Unused confirmed bank credit facilities totalling €8.0 billion, with most of this amount due to expire in November 2025. In addition, VINCI arranged a new €2.5 billion bank credit facility in July 2022, which is due to expire in July 2024.

At 30 June 2022, the average maturity of the Group’s long-term gross financial debt was 6.9 years (7.7 years at 30 June 2021 and 7.3 years at 31 December 2021). Its average cost was 2.1% in the first half of 2022 (2.3% in the first half of 2021 and 2.1% for 2021 as a whole).

In March 2022, ratings agency Standard & Poor’s confirmed its confidence in the Group’s credit quality by maintaining its A- rating, and Moody’s did likewise in May by maintaining its A3 rating, both with stable outlook.


IV. Outlook

VINCI’s good performance in the first half of 2022 supports the Group’s expectations for 2022 presented when publishing its 2021 financial statements. The Group confirms that it expects the net income to be higher in 2022 than in 2019.

Guidance for the various business lines in 2022 is as follows:
· VINCI Autoroutes , where traffic levels were firm overall in the first half despite higher fuel prices, anticipates that full-year traffic levels will exceed those of 2019.
· VINCI Airports expected passenger numbers to be around 60% of their 2019 level in 2022, and to achieve net income close to break-even. After a stronger-than-expected recovery in the first half, VINCI Airports is now anticipating – barring a resurgence of the pandemic - passenger numbers close to 70% of their 2019 level allowing it to generate positive net income and free cash flow.
· VINCI Energies , which operates in buoyant markets, should be able to continue growing its business while solidifying its operating margin11.
· Cobra IS , benefiting from firm momentum in its flow business and the ramp-up of its EPC projects, is expecting revenue of around €5.5 billion and operating margin Ebit / revenue. in line with the industry’s best in class.
· VINCI Construction , due to its very large order book, is likely to remain busy and improve its operating margin11, while continuing to take a selective approach to new business.

Despite geopolitical, economic, and pandemic-related uncertainty, VINCI remains confident that it will be able to maintain consistent growth. The Group is well equipped to deal with current inflationary pressure. It also has a number of key strengths, since its energy services, construction and mobility businesses place it at the heart of the new opportunities being generated by green growth.


V. Other highlights

· Recent developments

The main acquisitions completed in the first half of 2022 are detailed below.

VINCI Energies closed a dozen of acquisitions during the period, including:
- SI-TEC GmbH in Switzerland, specialising in industrial planning and engineering and with a strong customer base in the life sciences, chemicals, energy, environment and food production sectors.
- Bluescale in France, allowing VINCI Energies to bolster its data analytics offering and giving it a presence along the entire data value chain.

VINCI Construction:
- Acquisition in Canada of several companies specialising in roadworks and the production of asphalt mixes and aggregates in the provinces of New Brunswick and Nova Scotia from the family-owned Northern Group of Companies. This acquisition strengthens VINCI Construction’s presence in Canada and its position in North America as a whole.

VINCI Concessions:
- In Portugal, VINCI Concessions and Lineas – whose main shareholder is Mota-Engil – exercised their pre-emption right to acquire Atlantia’s 17.2% stake in Lusoponte, which holds concessions for two bridges over the river Tagus in Lisbon until 2030. As a result, VINCI Concessions now holds a 49.5% stake in Lusoponte, giving it and its partner joint control over the company.
- Acquisition of the 70% stake not already owned in TollPlus Inc, a provider of software solutions for mobility infrastructures. VINCI Highways has held a 30% stake in TollPlus since 2016, and has been developing its free-flow toll business in the United States (Texas and California), Europe (Ireland) and India. The acquisition makes VINCI Highways a leading player in electronic toll collection (ETC), a market that is growing rapidly, particularly in the United States. TollPlus will now be fully consolidated in VINCI’s financial statements.
- Acquisition of OMERS Infrastructure’s 65.1% stake in Strait Crossing Development Inc (SCDI), which holds the concession until 2032 for the Confederation Bridge connecting the Canadian provinces of Prince Edward’s Island and New Brunswick. VINCI Highways is a long-standing shareholder of SCDI, and the transaction increased its stake from 19.9% to 85%, which means that SCDI is now fully consolidated in the Group’s financial statements.

Olympia Odos – which is 29.9%-owned by VINCI Concessions and holds the concession for the motorway connecting Corinth and Patras – signed a concession extension with the Greek authorities in late March 2022. The extension relates to a new 75 km section of the motorway, which will reach the city of Pyrgos in the Peloponnese peninsula. VINCI Concessions and its partners will be responsible for the design, financing and construction of this new section, which they will then operate until 2044.

In July 2022, VINCI Airports announced that it had signed an agreement with the Cape Verde government to operate the archipelago’s seven airports under concession. For a 40-year period, VINCI Airports and its Portuguese subsidiary ANA will be responsible for financing, operating, maintaining, extending and upgrading these airports. The financial arrangements for the project are expected to be finalised by mid-2023 when the new concession company will begin operating the airports.

In addition, VINCI Airports took over operations at the seven airports in Brazil’s North Region (including Manaus airport) and at Annecy Mont Blanc airport in January and February 2022.

· New contracts
Among the contracts won by the Group since the start of the year, the most significant are those detailed below.

VINCI Energies:
- Multiservice network and monitoring systems for Line 18 of the Grand Paris Express.
- Multi-technical packages for several units of the new Nantes university hospital.
- Technical installations and maintenance of a new swimming pool in the Grasduinen recreation park in Belgium. The 3,000 sq. metre building will be CO2-neutral thanks to the 761 solar panels on its roof.
- Multi-technical design and build packages for Phase 2 of the buildings at Mohammed VI Polytechnic University in Rabat, Morocco.
- Electrical system works for a data centre in Singapore.
- Reconstruction of the Five Forks to Windy Edge electrical transmission line in Maryland, in the United States.

Cobra IS:
- Design-build and maintenance contract for the electromechanical infrastructure of the Femernbelt Fixed Link road and rail tunnel between Germany and Denmark.
- Design-build and installation contract for two offshore wind energy conversion facilities in the North Sea.

VINCI Construction:
- Several major road projects in Australia (access roads to the new airport in Sydney, upgrading of a road in Melbourne) and New Zealand (Penlink and Takitimu North Link projects near Auckland).
- Construction of the Springbank off-stream reservoir in the Canadian province of Alberta.
- First phase of extension and modernisation work on the Princess Grace hospital complex in Monaco.
- Construction of several units of the new Nantes university hospital.
- Upgrading of a 93 km section of Côte d’Ivoire’s Abidjan–San Pédro coastal road.
- Fit-out work on the three above-ground stations of the future Line 18 of the Grand Paris Express.


1 Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see Glossary).
2 Including the non-recurring change in deferred tax in the United Kingdom: a €200 million negative impact in 2021 (€195 million negative impact in the first half of 2021).
3 Period-end.
4 Including Cobra IS: order intake of €3.2 billion in the first half of 2022 and order book of €9.3 billion at 30 June 2022.
5 Figures at 100% including passenger numbers at all airports managed by VINCI Airports over the period as a whole.
6 It should be borne in mind that VINCI Construction’s activities are seasonal, particularly in roadworks, and so first-half results are not representative of full-year performance.
7 After taking account of dilutive instruments.
8 €877 million excluding the impact of the non-recurring deferred tax expense in the United Kingdom recognised in the first half of 2021.
9 Several types of restrictions on movement were in force in France and the rest of Europe in the first half of 2021, including a curfew until 20 June 2021, a lockdown from 3 April to 3 May 2021 including a ban on travelling more than 10 km from the home, the closure of many public spaces and restrictions on travel between countries.
10 Figures at 100% including passenger numbers at all managed airports over the full period.
11 Ebit / revenue.


Financial calendar
Financial calendar
29 July 2022First half 2022 results
Press conference: 08:30 CEST
Analysts’ conference: 10:30 CEST

Access to the analyst conference call:
In French +33 (0)1 70 37 71 66 (code: VINCI FR)
In English +44 (0) 33 0551 0200 or +1 212 999 6659 (code: VINCI ENG)

Live access to the webcast on the Group’s website or at the following link:
In French: 
In English:
24 August 2022 VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for July 2022 (after the market close)
14 September 2022 VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for August 2022 (after the market close)
13 October 2022 VINCI Airports passenger numbers for the third quarter of 2022 (after the market close)
25 October 2022 Quarterly information at 30 September 2022 (after the market close)



VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.

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