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Aktuelles    >    Aktuelles    >    2023 annual results (07. 02. 2024)


2023 annual results

7. 02. 2024 - 18:00 - Finanzen - Frankreich

• Strong growth of revenue and earnings to new all-time highs
• Outstanding free cash flow
• Sharp decrease in net debt
• Very good order book renewal rate
• Outlook for 2024
   - Growth in revenue, although more limited than in 2023
   - Despite the negative impact of the new tax on long-distance transport infrastructure in France, net income close to the level achieved in 2023
• Dividend proposed for 2023: €4.50 per share


(in € millions) 2023 2022 2023/2022
Revenue1 68,838 61,675 +12%
Cash flow from operations (Ebitda) 11,964 10,215 +17%
% of revenue 17.4% 16.6%  
Operating income from ordinary activities (Ebit) 8,357 6,824 +22%
% of revenue 12.1% 11.1% 
Recurring operating income 8,175 6,481 +26%
Net income attributable to owners of the parent 4,702 4,259 +10%
Diluted earnings per share (in €) 8.18 7.47 +0.71
Free cash flow 6,628 5,433 +22%
Net financial debt2 (in € billions) (16.1) (18.5) +2.4
Order intake (in € billions) 61.9 55.7 +11%
Order book2 (in € billions) 61.4 57.3 +7%
Change in total traffic at VINCI Autoroutes +1.3% vs 2022
Change in VINCI Airports passenger numbers3 +26% vs 2022; −4% vs 2019


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

VINCI’s overall performance was of a very high quality in 2023. Revenue and earnings grew strongly and reached new all-time highs. Free cash flow was exceptional and significantly exceeded expectations.

Almost all of the Group’s businesses, both in France and abroad, saw very positive momentum throughout the year. The only exception was the property development business, which is dealing with a severe conjunctural downturn in its sector.

In Concessions, traffic levels at VINCI Autoroutes continued to rise, with light vehicles the main growth driver despite fuel prices remaining high. At VINCI Airports, passenger numbers continued to recover and moved back at the end of the year slightly above pre-pandemic levels overall. While some airports have not yet reached their 2019 levels, other have achieved record-high traffic. Combined with good cost control, these growth trajectories allowed the Concessions business to increase its operating income substantially, offsetting the impact of higher interest rates.

The Energy business was again buoyed by powerful underlying trends – the energy transition and the digital revolution – and saw strong revenue growth. It accounted for almost 40% of the Group’s total revenue and both VINCI Energies and Cobra IS increased their margins. The Energy business also generated record free cash flow despite its investments in green power generation. At the end of 2023, the total capacity of renewable energy projects in operation or under construction was over 2 GW, in line with targets.

VINCI Construction also saw very strong business levels, driven by works on major mobility infrastructure projects, structures intended to provide greater climate resilience, and energy renovation. The business line continued to improve its operating margin and its free cash flow was outstanding.

Order intake for the Energy and Construction businesses remained high, without wavering from the longstanding selective approach in place withing the Group. The order book renewal rate was therefore satisfactory, offering the Group forward visibility and serenity.

In terms of new developments, the main deals completed in 2023 concerned VINCI Energies, which made acquisitions in Europe and North America, VINCI Highways, which added a motorway concession in Brazil to its portfolio, and VINCI Airports, whose network now includes Cabo Verde’s seven airports. In addition, VINCI Airports was rewarded for its good management of six airports in the Dominican Republic over the last eight years with a 30-year extension of its concession until 2060.

With a solid presence in highly buoyant markets, particularly in the energy sector – in which it operates across the whole value chain through its three major businesses – the Group is moving ahead with confidence and enthusiasm. The environmental transition, energy efficiency, the digital revolution and sustainable mobility are major challenges that are generating considerable demand, which represent opportunities for the Group’s companies.

In this context, the Group can rely on its efficient, decentralised organisation to continue its development while keeping its focus on all-round performance, which encompasses both financial and non-financial elements.

VINCI’s Board of Directors, chaired by Xavier Huillard, met on 7 February 2024 to finalise the 2023 financial statements4 , which will be submitted for approval at the Shareholders’ General Meeting on 9 April 2024.

The Board approved the payment of a €4.50 dividend with respect to 2023, payable entirely in cash.


I. Record-high revenue, earnings and free cash flow

VINCI’s 2023 financial statements show strong growth in revenue and earnings compared with 2022. All business lines achieved a substantial increase in operating income, which reached new all-time highs, along with exceptional free cash flow.

Consolidated revenue rose by 11.6% to €68.8 billion (organic growth of 9.9%, a 2.5% positive impact from changes in the consolidation scope and a 0.9% negative impact from exchange rate movements). This trend confirms the good momentum in the Group’s businesses, both in France and abroad.
  - In France (43% of the total), revenue was €29.6 billion, up 6% on both an actual and like-for-like basis.
  - Outside France (57% of the total), revenue came to €39.2 billion, up 16% on an actual basis and 13% on a like-for-like basis. Changes in scope mainly concern the integration of OMA5 in Mexico by VINCI Airports, along with recent acquisitions made by VINCI Energies, including most of Kontron AG’s IT services business in Central Europe (late 2022) and Otera AS in Norway (early 2023). Exchange rate movements had a slightly negative impact on revenue, because the euro rose against several currencies including the US dollar and sterling.

Concessions revenue totalled €10.9 billion, up 19% on an actual basis and 13% on a like-for-like basis compared with 2022, and broke down as follows:
  - VINCI Autoroutes: €6.3 billion (up 5%).
  - VINCI Airports: €3.9 billion (up 47% actual and up 24% like-for-like). Compared with 2019 – the pre-pandemic baseline year – revenue was up 12% at constant scope.
  - Other concessions:
    · VINCI Highways6 : €0.4 billion (up 7%).
    · VINCI Stadium: €0.3 billion, a very sharp increase that includes the impact of the 2023 Rugby World Cup, which took place in France.

Revenue at VINCI Energies totalled €19.3 billion, up 15% on an actual basis and 11% on a like-for-like basis compared with 2022. Business momentum remained strong in the fourth quarter, with revenue up 13% on an actual basis and 8% on a like-for-like basis compared with the fourth quarter of 2022. VINCI Energies’ companies in France and abroad are benefiting from their positions in the highly buoyant energy efficiency and digital transformation markets, thanks to their wide-ranging expertise, their effective combination of global reach and local presence, and their decentralised management. All four of VINCI Energies’ business lines (infrastructure, industry, building solutions and ICT7) achieved double-digit growth. Recent acquisitions8 generated around €860 million of additional revenue in 2023.
  - In France (42% of the total), revenue was €8.2 billion, up 11% on an actual basis and 10% on a like-for-like basis.
  - Outside France (58% of the total), revenue was €11.2 billion, up 19% on an actual basis and 11% on a like-for-like basis. Business growth remained very strong in most regions where VINCI Energies operates.

Revenue at Cobra IS totalled €6.5 billion, up 18% on both an actual and like-for-like basis compared with 2022, and growth accelerated significantly in the fourth quarter (up 28% relative to the fourth quarter of 2022). Revenue growth was driven by most of Cobra IS’s geographies, in both flow business (63% of its revenue) and major EPC (Engineering, Procurement and Construction) projects (37%).
  - In Spain (44% of the total), revenue rose by 16% to €2.9 billion, and came mainly from recurring flow business.
  - Outside Spain (56% of the total, of which 33% in Latin America), revenue totalled €3.6 billion, up 19% on an actual basis and 20% on a like-for-like basis.

Revenue at VINCI Construction totalled €31.5 billion, up 8% on an actual basis and 9% on a like-for-like basis compared with 2022.
  - In France (43% of the total), revenue was €13.7 billion (up 5%). Business levels remained robust in civil engineering structures and roadworks. In the building segment, revenue was driven by the rehabilitation of existing buildings and by the construction of public buildings, particularly in the hospital sector. These opportunities offset the decline in new projects in both residential and non-residential segments.
  - Outside France (57% of the total), revenue amounted to €17.8 billion, up 10% on an actual basis and 12% on a like-for-like basis. This reflects progress with several large civil engineering contracts in Europe, North America and Australia/New Zealand, along with solid business levels in companies of Speciality Networks and Proximity Networks.

VINCI Immobilier suffered from a sharp decline in property transactions in France against a background of high interest rates, and its revenue fell 19% to €1.2 billion.

Ebitda amounted to €12.0 billion (17.4% of revenue) as opposed to the 2022 figure of €10.2 billion (16.6% of revenue), a 17% increase. Half of this rise is attributable to VINCI Airports, consequence of the recovery in airport passenger numbers, the increase in revenue per passenger, the firm grip on expenses and the integration of OMA.

Operating income from ordinary activities (Ebit) grew 22.5% to €8.4 billion (€6.8 billion in 2022). It included:
  · €5.4 billion from the Concessions business, comprising €3.4 billion from VINCI Autoroutes and €1.9 billion from VINCI Airports (€1.0 billion in 2022);
  · almost €1.9 billion from the Energy business (VINCI Energies: €1.4 billion, margin up to 7.0% as opposed to 6.8% in 2022; Cobra IS: €0.5 billion, equal to 7.5% of revenue as opposed to 7.4% in 2022);
  · €1.3 billion from VINCI Construction, margin up to 4.0% (3.8% in 2022), a level not seen since 2011.

Consolidated net income attributable to owners of the parent was €4.7 billion and earnings per share9 amounted to €8.18 (€4.3 billion and €7.479 respectively in 2022).

Free cash flow hit a record €6.6 billion (€5.4 billion in 2022), much higher than the levels expected at the start of 2023.
That increase was driven firstly by Ebitda growth and a very sharp improvement in the working capital requirement, due in particular to high levels of cash inflows from customers at the end of the year. It also resulted from the postponement of some investments, particularly in new renewable energy projects that started later in the year than anticipated.
While the contributions from VINCI Autoroutes (€2.7 billion) and VINCI Airports (€1.0 billion) were slightly down compared with 2022, particularly as a result of their higher financial costs, VINCI Energies (€1.4 billion) and VINCI Construction (€1.2 billion) achieved outstanding performance, with cash conversion ratios of well over 100%. Free cash flow at Cobra IS was close to zero despite a high level of investment relating notably to the construction of new renewable energy projects.

After taking into account the financial investments made during the period, the dividends payments and the impact of share buy-back programmes, Consolidated net financial debt at 31 December 2023 was €16.1 billion, a decrease of €2.4 billion year on year.


II. Broadly positive operational performance

At VINCI Autoroutes, traffic levels remained resilient throughout the year. In the fourth quarter of 2023, they were up 1.3% year on year, including a 1.7% increase for light vehicles, and stable in December despite a negative calendar effect10.

Over the year as a whole, traffic was up 1.3% compared with 2022. Light vehicle traffic was up 1.7% despite ongoing high fuel prices. Heavy vehicle traffic fell by 1.3%, partly due to negative calendar effects11.

VINCI Airports passenger numbers continued to rise throughout 2023. In the fourth quarter, they slightly exceeded their pre-pandemic level (up 0.6% compared with the fourth quarter of 2019).

Overall, the network’s airports handled 267 million passengers in 202312, 26% more than in 2022 and only 4% less than the 2019 figure. Airports in Portugal, Serbia (Belgrade) and Central America (Mexico, Dominican Republic and Costa Rica) achieved passenger numbers well in excess of their 2019 levels. In Japan, where the recovery took longer to get under way, passenger numbers rebounded sharply in the last few months of the year, particularly on international routes, and are gradually moving back to their 2019 levels.

Order intake in the Energy and Construction businesses totalled €61.9 billion in 2023, a 11% year on year increase. Order intake in the Energy business was particularly strong, and hit a new record of €20.9 billion at VINCI Energies (up 17% relative to 2022, including an 8% increase in the fourth quarter). Order intake at Cobra IS was exceptional (€10.3 billion, up 29% compared with 2022, including growth of 18% in the fourth quarter), driven by some major contracts relating to green power generation, transformation and transmission13 . Order intake also rose at VINCI Construction (up 3% year on year to €30.6 billion) as a result of solid flow business. Their fell in the fourth quarter compared with the year-earlier period is due to a high base for comparison (several large contracts were won in late 202214 ), while order intake from small- and medium-sized contracts remained very strong.

Overall, the order book amounted to €61.4 billion at 31 December 2023. This represents a 7% increase relative to 31 December 2022 and equals almost 13 months of average business activity for the business lines concerned. International business made up 67% of the order book, as opposed to 69% at 31 December 2022.

VINCI Immobilier saw 4,214 housing units reserved, down 30% compared with the 2022 figure of 6,059 as a result of the aforementioned conjunctural difficulties in the French residential property sector. However, the decline in reservations was limited at the end of the year by bulk sales of residential units to social housing providers. However, the serviced residences business (Ovelia, Student Factory and Bikube) continued to grow, with 45 residences in operation (37 at the end of 2022) and around 20 under construction.


III. Solid financial position

At 31 December 2023, VINCI had managed net cash of €13.2 billion.

In addition, VINCI SA has a confirmed, unused credit facility that was renewed in January 2024. Because of the increase in its available cash position in the last few years, the Group has reduced the amount of that facility from €8.0 billion to €6.5 billion. Its term has also been extended until January 2029, with two options to extend it further by one year each.

At 31 December 2023, the Group’s gross long-term financial debt, before taking into account net cash, totalled €29.3 billion. Its average maturity was 6.4 years (6.9 years at 31 December 2022) and its average cost was 4.0%15 (2.5% in 2022).

In November 2023, rating agency Standard & Poor’s reiterated its confidence in the Group’s credit quality by affirming its A− long-term and A2 short-term ratings, both with stable outlook. Ratings awarded to VINCI by Moody’s (A3 long-term and P-2 short-term, with stable outlook) were also confirmed in July 2023.

In 2023, VINCI SA and ASF (Autoroutes du Sud de la France) carried out several bond issues for a total of €1.7 billion, with an average maturity of 6 years at the time of issue and an average interest rate of 3.4% (at 31 December 2023). ASF also redeemed three bond issues during the year, for a total of €0.8 billion.

In addition, several project finance or refinance noteworthy operations – in the total amount of €1.1 billion – were arranged during the year, relating mainly to: Vía Sumapaz (formerly known as Vía 40 Express) in Colombia for VINCI Highways; Lyon airports in France, Belfast International airport in the United Kingdom and the airports in Cabo Verde for VINCI Airports; and new photovoltaic projects in Spain for Cobra IS.


IV. Outlook for 2024

VINCI starts 2024 with confidence, despite the uncertain geopolitical and macroeconomic context.

Barring any exceptional events, the Group anticipates the following trends in its various business lines in 2024:
  · VINCI Autoroutes expects traffic levels to rise slightly compared with 2023.
  · VINCI Airports is forecasting passenger numbers16 slightly in excess of their 2019 levels, with variations between airports and geographies.
  · VINCI Energies should see organic revenue growth continue, but at a slower pace than in 2023, while maintaining its excellent operating margin17.
  · Cobra IS, thanks to its very large order book, expects to increase its revenue again and maintain its operating margin17 at the high level achieved in 2023 18.
  · New projects will be added to the renewable energy portfolio in 2024 and its total capacity, in operation or under construction, will be around 3.5 GW by the end of the year, representing an increase of around 1.5 GW18 compared with the end of 2023.
  · VINCI Construction should see revenue stabilise close to 2023 levels while continuing the improvement in its operating margin17.

As a result, VINCI expects its total revenue to rise again in 2024, although growth is likely to be more limited than in 2023. Earnings are expected to increase as well.

This forecast does not take into account the negative impact of the new tax on long-distance transport infrastructure being introduced by the French government, estimated to around €280 million.

Despite this negative impact, net income in 2024 could be close to its level achieved in 2023.


V. Dividend

On 7 February 2024, the Board of Directors decided to propose a 2023 dividend of €4.50 per share to the Shareholders’ General Meeting on 9 April 2024, reflecting its confidence in the Group’s future prospects.

Since an interim dividend of €1.05 per share was paid in November 2023, the final dividend payment on 25 April 2024 will be €3.45 per share, to be paid in cash, if approved at the Shareholders’ General Meeting.


VI. Other highlights

· Tax on long-distance transport infrastructure in France

Article 100 of France’s Finance Law for 2024 (Law 2023-1322 enacted at the end of December 2023), introduces a tax on long-distance transport infrastructure operators in France starting in 2024.

Its impact on the VINCI group, based on the 2023 revenue of the entities concerned (ASF, Cofiroute, Escota and Aéroports de Lyon), is estimated to represent an additional expense of €272 million (including €268 million for the motorway concession subsidiaries).

The VINCI subsidiaries concerned will use all available means to oppose Article 100 of this law, since it is contrary to the spirit and the letter of the concession contracts signed with the French state as grantor, which include tax neutrality clauses.

· Main developments

VINCI Energies completed acquisitions of 34 new companies in 2023, representing full-year revenue of €430 million and including:
  - Otera AS, which designs, builds and maintains electricity transmission and distribution networks in Norway;
  - InfoTel, which provides professional services for the construction and operation of telecoms networks in the Czech Republic;
  - Inprocon, a Swedish company specialising in fire protection systems;
  - Elecso, a Quebec-based company specialising in electrical systems and instrumentation for infrastructure and industry;
  - French railway signalling group SITS.

Cobra IS
  - In July 2023, Cobra IS brought into service the 570 MW Belmonte solar farm in Brazil.
   - Works began on new photovoltaic projects in Brazil and Spain, with total capacity of 0.6 GW and 0.8 GW respectively, in the second half of 202319 .
   - At the end of December 2023, the capacity in operation or under construction in Cobra IS’s portfolio totalled 2.0 GW.
  - Cobra IS has signed a commitment deed contract for a public-private partnership regarding power transmission infrastructure in Australia. This 35-year contract includes the financing, design, construction, operation and maintenance of several high-voltage power transmission lines, substations and their connections to renewable energy generation facilities (with capacity of 4.5 GW) in the state of New South Wales.
  - Cobra IS also signed a new PPP contract in the state of Minas Gerais in Brazil, to finance, design and build 349 km of high-voltage power lines, and then operate them over a 30-year period.

VINCI Autoroutes
   - The amendment to ASF’s concession contract concerning the financing of the Western Montpellier bypass project was approved by decree and published in France’s official journal on 29 December 2023. This 6.5 km section of road will connect the A750 and A709 motorways and will allow traffic to flow more freely in the Montpellier region. The cost of the roadworks will be around €270 million and will be financed by price increases applied at toll gates close to this new section of road.

VINCI Concessions
   - VINCI Airports, operating since 2016 six airports in the Dominican Republic through its Aerodom20 subsidiary, and the Dominican government have extended their current concession contract by 30 years. It is now due to expire in 2060. VINCI Airports will be responsible for financing, operating, maintaining, extending and upgrading these airports, including a new passenger terminal at Las Américas airport in Santo Domingo, and it will continue to implement its environmental progress plan.
  - In December, Terminal 1 of Kansai International airport21 was opened following a refurbishment that increased its capacity from 23 million to 40 million passengers ahead of Expo 2025 in Osaka.
  - VINCI Concessions won a contract to install 106 electric vehicle ultra-fast charging stations in the regions of Berlin, Hamburg and Leipzig in Germany. eliso GmbH, its dedicated German subsidiary, will be in charge of acquiring sites, installing the stations and operating them over a 12-year period. It will rely on VINCI Energies’ expertise in electrical works in Germany, including the installation of charging points.

· Main contract wins in the second half of 2023 and early 2024

VINCI Energies
  - An electrical infrastructure contract in Senegal, involving 1,350 km of power transmission lines and eight extra-high-voltage substations.
  - Installation of 34 wind turbines in Quebec, with total capacity of 200 MW.
  - High-voltage electrical connections for three quays of the cruise port in Le Havre.
  - Installation of 17 km of underground power lines south of Montreal as part of the Montreal–New York electrical interconnection project.
  - Multi-technical installation work on an EV battery gigafactory near Dunkirk.
  - Construction of a 380 kV power line over 66 km between Urberach (Hesse) and Weinheim (Baden-Württemberg) in Germany.
   - Major refurbishment of the Breguet building at CentraleSupélec’s Paris-Saclay campus.

Cobra IS
  - In Brazil, two design-build contracts involving almost 1,600 km of power transmission lines and related substations in the states of Minas Gerais, Bahia and Rio de Janeiro.

VINCI Construction
  - Contract to modernise a dam near Brisbane, Australia.
  - Contract to recover material excavated from the French side of the Mont Cenis base tunnel, part of the new Lyon–Turin rail line, for reuse, over a 10-year period.
  - Design-build contract for a 180,000 m3 liquefied natural gas tank in the Netherlands.
  - The first design-build contract as part of the Grand Paris Express project, relating to a section of Line 15 West, as part of a consortium that also includes VINCI Energies.

· Environmental ambition

As of 31 December 2023, VINCI had reduced its direct greenhouse gas emissions by 14% compared with 2018.

The Group’s target for 2030, validated by the SBTi (Science Based Target initiative), is to reduce its Scopes 1 and 2 CO2 emissions by 40% relative to 2018 and its Scope 3 emissions by 20% relative to 2019.

In 2023, the Group continued to deploy its environmental strategy, based around its three priority areas:
  - climate change
    o For VINCI Autoroutes, 100% of its service areas are now equipped with EV charging points.
    o For VINCI Airports, four of the network’s airports (Toulon Hyères in France and Funchal, Beja and Ponta Delgada in Portugal) received Level 5 certification under the Airport Carbon Accreditation programme, having successfully achieved net zero for Scope 1 and 2 emissions.
    o For VINCI Energies and Cobra IS, electricity transmission and distribution activities and renewable energy generation activities (solar and wind) have represented over €5 billion in revenue for the year aligned with the EU Taxonomy.
   - The circular economy. VINCI Construction produced 16 million tonnes of recycled aggregates in 2023, nearing its target of 20 million tonnes in 2030.
   - The preservation of natural habitats. VINCI Immobilier continued to pursue its “zero net loss of natural land” target for 2030, with a 6% delta only on its projects in 2023. Lastly, preparations for the next Environment Awards were launched at the end of the year to maintain momentum for the development of environmental solutions able to deliver positive outcomes on an ever wider scale across the Group’s business sectors.

· Governance

At the next Shareholders’ General Meeting to be held on 9 April 2024, a resolution will be put to the vote to renew the term of office of M. Benoit Bazin, Chief Executive Officer of Saint-Gobain, as Director.

· Share capital

On 20 December 2023, pursuant to the authorisation given by shareholders at the Combined Shareholders’ General Meeting of 13 April 2023, the Board of Directors decided to reduce VINCI’s share capital by cancelling 8.7 million treasury shares.

At 31 December 2023, VINCI’s capital thus consisted of 589.0 million shares, including 18.2 million treasury shares (3.1% of the capital at that date).


Financial calendar
8 February 20242023 results presentation

Press conference: 08.30 CET
Analysts’ conference: 10.30 CET

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 +1 786 697 3501 (code: VINCI ENG)

Live access to the webcast on the Group’s website or at the following links:
In French: https://channel.royalcast.com/landingpage/vincifr/20240208_1/
In English: https://channel.royalcast.com/landingpage/vinci/20240208_1/

15 February 2024VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for January 2024 (after the market close)
15 March 2024VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for February 2024 (after the market close)
9 April 2024Shareholders’ General Meeting
16 April 2024Publication of VINCI Airports’ passenger numbers for the first quarter of 2024 (after the market close)
25 April 2024Quarterly information at 31 March 2024 (after the market close)

This press release, the slide presentation of the 2023 results and the consolidated financial statements for the year ended 31 December 2023 will be available on the VINCI website: www.vinci.com.

1 Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary).
2 Period-end.
3 Figures at 100% including passenger numbers at all airports managed by VINCI Airports over the period as a whole.
4 The consolidated financial statements have been audited and the Statutory Auditors’ report is in the process of being published.
5 Purchase of a 29.99% stake completed in December 2022, fully consolidated in VINCI’s financial statements.
6 Motorways managed outside France and electronic toll collection activities.
7 Information Communication Technologies.
8 34 acquisitions were completed in 2023 and 31 in 2022.
9 After taking account of dilutive instruments.
10 The school holidays at the end of the year started one week later than in December 2022.
11 Two fewer business days in 2023 than in 2022.
12 Figures at 100% including passenger numbers at all managed airports over the full period.
13 However, this order intake figure does not include two of the three offshore windfarm energy converter platforms to be designed, built and installed in the North Sea for TenneT (contract announced in April 2023).
14 Including a contract to build a significant section of the new metro line in Toronto, Canada.
15 Excluding the positive non-recurring impact of €167 million related to the restructuring of the debt used to acquire London Gatwick airport, recognised in the first half of 2023, the average cost of gross debt in 2023 would have been 4.6%.
16 Figures at 100% including passenger numbers at all managed airports over the full period.
17 Ebit / revenue.
18 As announced during the Capital Markets Day dedicated to Cobra IS on 12 December 2023.
19Raios do Parnaiba and Mundo Novo in Brazil, with combined capacity of 0.6 GW, along with around 12 further projects in Spain with combined capacity of 0.8 GW.
20 Wholly-owned.