The VINCI group's overall performance was of a very high quality in 2022 the firm reported last week in the release of its latest results. The group had strong revenue and earnings growth came along with record free cash flow partly because the recovery in VINCI Airports’ passenger numbers accelerated throughout the year. In Portugal, Serbia and several countries in Latin America, they are now higher than they were in 2019. Combined with the impact of the cost-cutting measures adopted during the Covid-19 crisis, VINCI Airports thus posted substantial increases in profit and cash flow, both reaching high levels. In addition, the purchase of a controlling stake in Mexican airport operator OMA, which handled 23 million passengers in 2022, was completed at the end of the year.
One of the key highlights was the acquisition of OMA
On 7 December 2022, VINCI completed the purchase of a 29.99% stake in OMA (Grupo Aeroportuario del Centro Norte), which holds concessions for 13 airports in northern and central Mexico until 2048, from the Mexican investment firm FinTech Advisory for $1.17 billion. These airports together handled 23 million passengers in 2022, including one that serves the major industrial city of Monterrey and accounts for almost half of OMA’s passenger numbers. The company is fully consolidated in VINCI’s financial statements.
Cape Verde Airports
In July 2022, VINCI Airports and its Portuguese subsidiary ANA signed a forty-year concession contract to operate seven airports in the Cape Verde islands, which handled 2.8 million passengers in 2019. These airports’ operations will be transferred to the new concession company once the transaction has closed, which should take place in 2023.
VINCI Airport revenue totalled €2,679 million, more than double the 2021 figure of €1,188 million. It was up 2% on an actual basis versus 2019 (€2,631 million) but remained 9% lower at constant scope. The recovery in VINCI Airports’ passenger numbers accelerated throughout the year, despite a geopolitical context that was affected by the conflict in Ukraine. Traffic levels at airports in Portugal, Belgrade and several Latin American countries are now above their 2019 levels. In Asia, the trend improved at the end of the year thanks to the easing of travel restrictions in the zone. In Japan, domestic traffic returned to its 2019 level. Over the year as a whole, the network’s airports handled 187 million passengers, equal to 72.5% of the reference figure in 2019 (80% for fully consolidated subsidiaries; 83% of 2019 traffic reached in the last quarter) and more than double the 2021 level.
VINCI Airports is forecasting a further recovery in passenger numbers-without returning to their 2019 level overall in 2023, because the rebound has been longer to materialize in Asia – and a further improvement in its operating earnings.
