Vinci Sa Act

Thank you for taking part in this little meeting. As is our custom, I'm with Christian Laberry. In the room, you've also got most of the executive committee members, including Jose Maria, Chief of COBRA-IS, who will be able to field questions later if anyone has questions in English. First of all, to look at some pictures, They're very important. On the cover page, here we can see the establishment in the North Sea of the first conversion platform, ACDC Conversion, built by Carver with a joint venture, Simmons Energy. As you saw in our press releases, we've got five others on order. The last two are about twice as big as what we see here. Capacity is two times greater, more than two times greater than the capacity of the first two stations. We can come back to the point. Now, this picture tells us again that France won't meet its carbon neutrality commitments by 2050 without a major and highly urgent commitment. effort to decarbonize roads, particularly motorways. We're already working very hard on our Vinci Autoroutes networks, but the bulk of the work remains yet to be done and will require significant investments. A picture illustrating the acquisition of 29.99% of the OMA company, OMA, that manages a cluster of 13 airports in Mexico, including the Monterrey Airport, which alone has about half of the 23 million passengers booked by the cluster in 2022. This picture is an illustration of the signature to buy the 55% of the company called Antraves, which in turn is a concessionaire of 570 kilometers of motorways in Brazil. A portion of this is being widened, 210 kilometers is being widened. I'll come back to the point. then many acquisitions at Vinci Energy, specifically under the ICT component, Information Communication Technology, through the takeover of ICT expertise that previously was held by the Contran Company, operating in 11 Eastern and Central European countries. This further strengthens Vinci Energy's Axion specialty, which means it'll be achieving around 3.3 or 3.4 billion euros in revenue in 2023. This picture is an illustration of a major deal won by COBRA, which will begin the work on the first land terminal for regasification of liquefied natural gas in Germany. As you know, Germany was highly dependent on Russian gas, so very urgently they quickly leased ships they could use to regasify LNG. Four or five of these were installed, but of course that's a temporary solution. Germany must... build land regasification terminals to diversify sources of supply for its gas. We won the first one simply because Cobra had already been working on this for many years and it speeded things up further due to recent developments, particularly the war in Ukraine. Now here we have a picture which is an illustration of a major deal won recently by Vinci Construction. It's a joint venture with our Spanish comrades from Ferrovial. They're a very serious, very good company. It's a design-build contract for a significant portion of the new Toronto Metro subway in Ontario. This will prevent 20,000 vehicles' worth of traffic every day, which will mean a significant increase reduction in greenhouse gas. Lastly, Vinci Immobilier will also make it in a timely fashion to deliver a major section of the Athletes' Village. We're showcasing this because it's a beautiful example of urban regeneration in industrial brownfield. To come back now to our achievements in 2022, Vinci is doing well. In 2022, we book strong growth in revenue and profits. Cash flow generation is at a record level. There's been a satisfactory, highly satisfactory renewal of our order books and growth in our environmental and social performance. This is an illustration of the resilience of our business model and especially our – major ability to adapt, as the case of all 4,000 of our business teams. It's highly adaptable. Firstly, Cobra IS is now very well integrated. This is confirmed further that it's a wonderful driver of growth and performance, together with Vinci Energy, which was already growing beautifully. If we put both of these together, we're talking about an energy branch making over €22 billion in revenue. because they're at the crux of major transformations afoot right now that are caused by the energy transition and the digital revolution. Among other things, we're deploying renewable energy fields at our airports, our motorways, and even at a bigger scale further in COBRA-covered countries such as the Iberian Peninsula as well as Latin America mainly. The good news. Renewable photovoltaic field of 0.6 gigawatts, 600 megawatts, will begin producing and generating green power as of 2023, and this is taking place in Brazil. Vinci Construction is reaping the benefits of its new organization and, most importantly, the benefits of its major, highly disciplined way of accepting order intake. Next, a fairly... spectacular recovery at Vinci Airports, which speeded up throughout the year. Further recovery continued in 2023 for airports. Good road traffic, motorway traffic held up well, especially in France. And in fact, it's now above levels observed before the pandemic in spite of hikes in fuel prices. And all in all, we see net debt going down significantly. The debt down by 3.1 billion over a three-year period in spite of several major acquisitions such as COBRA, OMA, and further purchases. Over the past three years, financial investments have been on the order of 8 billion euros in spite of the 8 billion. Our debt is brought down by 3.1 billion, as we can see. I'll come back to the point quickly later. Very methodically, we roll out our environmental strategy, and all of our employees join in on this. Important thing to see here is that all geographies are growing. North America, growing significantly. reaching around 5 billion euros, whereas Latin America, Europe, and Oceania are also growing very satisfactorily, of course reaping the benefits of the strong positions that Cobra has as well in these various geographies. All in all, we can say that for the first time in our history, we're making over half of our revenue outside of France, specifically around 45% revenues from France, and the remainder from outside of France is very much in line with the strategic decisions we took around 10 years ago now. To delve into further detail on the business lines, Vinci Autor with light vehicle traffic above the traffic levels in 2019, as I mentioned already, in spite of increases in fuel prices furthermore. There were problems of fuel availability, which you all felt last fall, in spite of all growth. This growth, well, part of it is due to the return of our foreign customers, our non-French customers. This is readily apparent at several borders and several motorway sections. Heavy vehicle traffic was already doing well in 2021. You'll remember it's continuing to grow by 22% in 2022. All in all, this is... It goes beyond macroeconomic growth. This is to a large degree due to development of e-commerce. By way of illustration here, I've mentioned basically a doubling. in the annual pace of construction of warehouse logistics warehouses alongside our motorways. That's a very good piece of news because it means – well, it's not all of a sudden that road shipping will take some other means of transportation because now – The logistics warehouses have been set up alongside motorways, particularly near the hub areas of the motorway sections. That's a done deal. And this is something that developed in a very big way, particularly since 2015. This illustration of our major efforts in decarbonization, 100% of our motorway rest areas at Vinci Autoroutes have electric recharging stations, 1,750 charging points, and an important thing is 1,400 of these are ultra-rapid stations. Charging stations of over 150 kilowatts. You can well imagine people can't have their vehicles spending eight hours to wait to be charged on a slow charge when you're making a long-distance trip and you're stopped at a motorway rest area. Vinci Airports, I said the recovery is speeding up. Q4 2022 was just down 17% versus Q4 of 2019. Traffic more than doubled. over the full year period versus 2021. Several geographies and countries have already reached levels above or near the pre-pandemic situation. The UK is recovering quickly. The Asia zone will be gradually reaping the benefits of the lifting of travel restrictions, particularly recent decisions made by China. We'd also observed that significant work being done over the past three years on OPEX has made it possible to see a significant impact on FDA, which is even above the level of 2019. Net income is over 500 million euros, to tell you the truth, which is much higher than we were thinking and actually saying. Thanks to all this and in addition and added to the fact that there's a cut in CapEx because we've frozen a lot of CapEx during the pandemic, not all CapEx, but much of it. So Vinci Airports free cash flow in 2022 goes beyond 1 billion euros. Vinci Airports also has environmental targets that are highly ambitious. targeting carbon neutrality in 2030. Several airports will reach this as of 2026. Particularly, we're seeing a systematic rollout of PV farms whenever possible in airport areas. We have resumed external growth at Vinci airports. For instance, the signature of 40-year concession for seven airports in Cape Verde to be closed toward mid-2023. Then more recently, we closed. So we're now owner of 29.99% of the OMA airport cluster. Important to observe traffic here as of last July reached the pre-COVID level. So it's a done deal. Just like in our motorways, we're seeing that there's a strong desire to commute, to travel, to be mobile. This is very strong. And what's striking in air traffic is this is remaining very high in spite of significant increases in ticket prices, which you'll all have noticed. On average, 30% increases in airplane ticket prices. In fact, it has not held back people's desire to travel. and be mobile amongst the citizenry. To talk about Vinci Highways, this is motorways outside of France plus other concessions. We're seeing the same positive trends for traffic, particularly motorway traffic in Peru and in Greece. all say rail with SEA, and then in our stadiums, if you can say traffic, stadiums, particularly the Stade de France, which is actively preparing to accommodate the Rugby World Cup in the fall of 2023, as well as the Olympics and Paralympics games in the summer of 2024. of our percentage stake in several assets such as the in Canada and the in Greece and then the two ridges over the in Portugal. Full acquisition of the Toll Plus Company. We mentioned this last time. I believe they're an expert in more strategic business lines, i.e., IT solutions for land mobility. then the acquisition of the 55% of Entrevias that I already mentioned to you. To talk about Vinci Energy, a really, truly beautiful, beautiful year at Vinci Energy. Revenue up, again, 11%, even further speeding up in revenue growth in Q4. Vinci Energy, not only. is growing but is also further improving its EBIT margin, re-standing at 6.8% versus 6.5% in 2021, which is truly remarkable and further illustrates, I believe, the power and robustness of our business model, well established on the megatrend, which is energy transition and the digital revolution. These are megatrends which are going to be buoyant for quite some time to come. Furthermore, this is thanks to an excellent geographical diversification. Lastly, Vinci Energy, as always, continues its strategy of growth through acquisition. Thirty-one small, medium, and sometimes biggish companies acquired, particularly in the ICT area from the Contron Group that I just mentioned a moment ago. The first successful year for Cobra S and the group, it's revenue about 45% in Spain and 35% in Latin America. And it breaks up basically into three main segments. First of all, flow business. Flow business representing two-thirds of revenue. This is very important. This is a guarantee for stability and resilience. Next come the EPC projects, Engineering, Procurement, and Construction projects. They're ever bigger scale. They're turnkey operations requiring many types of expertise. Think of the ACDC conversion power stations we saw on the first slide. Furthermore, the re-gasification, the LNG re-gasification plants we already talked about. We're also talking about some very high voltage plants. up to 500,000 volts, transportation lines for power in Brazil. Also systems for transport infrastructure management such as waiting deal in 2022 for the Femare in the tunnel. Here we also have teams working from Vinci Construction at Abb. This EPC portion, we can say the size of business fluctuates more here depending on how things vary. We're in a very positive phase right now. Many deals on offer to our various companies. particularly COBRA. This is once again because we're surfing the mega trends to the energy transition and development of transport, virtuous transportation infrastructures such as subways, metros and other types of mobility that are kinder to the environment. Third segment at COBRA is to develop renewable energy production fields. The pipeline of projects under development standing at 15 gigawatts, the same figure as the one I mentioned a year ago, not exactly the same 14, 15. You have to add to this 2 gigawatts that now have all the authorizations, the building permit, the environmental permit, the permit to connect to the grid. This is 2 gigawatts. This is the 0.6 gigawatts I mentioned to you earlier that will come online, electricity production will come online in 2023, plus 0.3 gigawatts also photovoltaic in Spain, which we'll see as work begin in 2023, and then 0.6 gigawatts in Brazil, again photovoltaic, which should begin construction in the next few months. All of this is an illustration that 2 gigawatts, at maturity now, almost ready to build. And the pipeline we've still got ahead of us under development has been replenished so that it is still a significant volume, 14 gigawatts. All of this is very much in line with our roadmap, in fact, going beyond it because we indicated to you one gigawatt per annum initially. It's possible we'll be more in the neighborhood of 1.5 gigawatts. especially if you add the PV developments along our motorways as well as our airport assets. New Vinci construction is making good on its promises, strong activity in growing, growth of revenue of more than 11%, 29 billion, 55% of which outside of France, the U.K., France, the Czech Republic, North America, and Oceania. Important to point that out. We're seeing a ramp-up of the major projects, one previously, such as one in the UK, HS2, and also a very good deal flow of big projects, and also a very good deal flow of small and medium deals, and electrical engineering that's important to have to make sure you're highly resilient, all sizes. EBIT margin growing 3.8% and will continue to grow. The key motto at Vinci Construction is selectivity, selectivity more than ever before. We don't talk about market share and volume. We are talking about striving for operational excellence and performance. The good news is the size and the quality of our order books give us the confidence we need to know that we're able to continue with this policy being highly selective. Yes, order intake 2022 was very good. We can see it on the slide, up 12%, excluding COBRA, up 32%, like 4%. changing the scope, i.e. including Cobra. On the right-hand side, we see a particularly significant harvest of orders outside of France. This order intake is bigger in non-French Europe and international outside Europe than in France. Even in France, order intake is very good, on the order of 10%. Lastly, property development and the environment deteriorated here. In residential property, a pretty abrupt shift From the previous situation where you had strong demand, shift to the situation where we've got a scarcity of supply that's priced in line with the interest rates. People's purchasing power has been cut. by increased interest rates. That's on residential real estate. And then we're seeing very clear wait and see stances taken by investors in office real estate. Wait and see by the investors ever since the beginning of the pandemic. So housing unit reservations down by approximately 17%, even slightly more, significantly more in the most recent months of 2022. And according to initial figures of 2023, even though obviously we're not going to disclose annual trends, which is to say we're starting to move into a more difficult period when it comes to residential real estate. However, there is a section of residential that's doing well in itch. which we've begun developing several years ago. Now here I'm talking about serviced residences, both for students and seniors. This is particularly popular amongst seniors. These are not nursing homes. These are service departments for older people. These are not medical facilities. We are not in the same category as the other guys. Another very important point, something I think I already touched upon, Vinci Immobilier was the number one developer, the first developer to set a target for zero ceiling of soil by 2030 in net terms. which will make for major transformation in property development. We will tend to focus on urban regeneration operations, such as our new headquarters office or such as the Olympic Athlete Village that you saw earlier. No doubt about it, the property market will improve again in the future. We feel it's going to see improvement fairly soon in residential. because the country, more than ever before, needs new housing units, whether we're talking about housing that people buy or housing to be rented as social housing. We'll have a problem in this country if a major gesture is not made to boost increased construction of new housing. I'll hand over to Christian Laberry now, who's going to report the figures to us.

Thank you. Thank you, Xavier. So, on revenue, a lot has been said. Growth on close 25% at actual scope, 60 in revenue, constant up 12%, strong increase in concessions, plus 30% on the back of growing track of Traffic of motorways, the rebound of Vinci airports, Vinci auto routes revenue up 8% Vinci airports, more than double that of 21, slightly above 2019 pre-COVID level. Vinci highways, essentially international auto route activities and e-toll management activities. As you said, the control of Toll Plus in the U.S. in 2022 and the Prince Edward SCDI bridge in Canada, revenue up 55% in real terms, 24% like-for-like. Vinci Energy up 11% like-for-like, 8% accelerating quarter after quarter. Growth in revenue of Vinci Energy both France and internationally. Vinci Construction up 11%, like for like 8.5, fully leveraging its international growth. Scope, in fact, 5.5 billion integration of Cobra IS acquisitions, Vinci Energy, some 30 and 22, the most significant cemented at the end of last year, Contron AG. Added to that a total of 30 over the years, some 60 acquisitions, contributing for about 260 million additional revenue in 2022. Vinci concessions, the integration of the Canada Bridge full year, that's 40 million in euro, 26... and 16 million in 2022. Finchie Airport's integration since the 1st of January of the Amazon Airport, some 50 million euros in 2023 will have the integration of OMA for close on 500 million. Cape Verde, about 30 million full year, half for 2023. Net impact of currency translation adjustments, 1.5, that's the traveling at average rates of some 10% for the dollar, as well as other currencies linked to the dollar. Next slide gives you the split by geographic area. Strong rebound in revenue versus 21, driven by international operations, plus 46%, plus 17%, like for like, thanks to COBRA. for the actual change. But growth in France is... Noteworthy, 6% pretty much on a par with inflation, but differences by business. Vinci Energy is above 9%. Vinci Construction below 2% illustrates our selective approach at Vinci Construction. In conclusion on this chapter, Vinci is accelerating the expansion of its international footprint. That's in line with one of our strategic goals today. set out a long time ago. For the first time, over half Vinci revenue, 55%, achieved internationally as against 47% last year. Operating income from ordinary activities of each division, overall remarkable performance increases across businesses, a bit of Vinci highways over and 3 billion euros, 52% of revenue, topping its 2019 level, just below 3 billion. Vinci Airport, thanks to accelerating traffic recovery throughout the year and drastic savings plans put in place during COVID, sees its ROPA grow strongly. It... now reaching close on $1 billion. That's pretty much the 2019 level. Other calls for satisfaction, EBIT of Vinci Energy's Vinci Construction are up, coming in approximately at $1.2 billion, 30% better than in 2019. The operating margins of these two divisions continue to grow in spite of cost inflation and supply chain difficulties in certain markets. For Vinci Energy, Operating margin reaches 6.8% of revenue, 30 basis points higher than last year, 80 bps higher than 2019. Majority of our businesses and geographies at Vinci Energy contribute to this excellent overall performance. strengthening Vinci Energy amongst the best-performing companies in its sector. Cobra delivering EBIT of over 400 million, excellent margin, in line with our expectations, above 7% for Vinci Construction. Operating margin up 10 basis points versus 21, 3.8%. That's a good, even very good level. given industry characteristics, size of the company, even if there's room for further progress, and it's a level never before reached at Vinci for over 10 years. Vinci construction margin reflects good performance in major projects, specialty networks, good profit margin internationally, North America, Australia, New Zealand. To preempt Jean-Christophe's question, let's flag that there are no material claims to be noted that would boost these results. As always, there are challenging worksites inherent to the business. There are also very good projects. HS2 in the U.K. or the start-up of IFMEA. or the Greater Paris project, and also Finchie construction margin reflects the initial positive effects of the French reorganization into full. subdivisions, building, roadworks, civil engineering specialty, hydraulics, earthworks, demolition. We can, of course, do better, notably UK, Africa. So we can bank on continued improvement of VC margins going forward. Lastly, a bit of Vinci real estate. amount is more modest is also up on the year as well as the profit margin as Xavier said this performance can't necessarily be extrapolated going forward given the difficult climate in France moving along the income statement IFRS 2 to be related to a group policy There are 270,000 people, international headcount more important, and we're striving to offer profit-sharing systems linked to Vinci share capital contribution. of subsidiaries consolidated at equity. There are pluses and improvements in Japanese airports, minuses, because there are acquisition costs under this item. No, under the one-off items, no impairment test impact to be noted. As regards the financial expenses, a bit surprising. terms of what you earned. It's slightly down 614. There's again 658. The explanation is the rising interest rate hasn't yet impacted us a great deal in 22. In fact, more in Q4 we benefited the positive rate of return on our cash. 23 is likely to be less favorable with rising interest rates full year. And there's Also, swap rate variability in the right direction, that is, in the wrong direction last year. Other financial items, very positive, reflecting revaluation of our stake in ADP. Let me say that since we no longer have a seat on the board, ADP sheds marked to market, which has improved significantly in 2022, hence a positive impact in our financials and impacted Gatwick of the early redemption of certain loans under par generating a profit of ISL of those bond redemptions because Gatwick had the necessary cash to do that tax wise an increase in the tax bill higher than what's shown here 2.6 we had an expense of 400 million linked to the revaluation of income tax in the UK was purely book impact on our deferred tax. Strong increase in the tax expense for France. We've spent just over 1 billion tax on profits. The same amount to be added in terms of production tax in the income tax. Over 2 billion in taxes which puts us quite well in the list of French tax payers. Net income tax After that, €4.259 billion. That's a record, I'm sure of that. That's EPS of close on €5.50. Next slide is the change in the debt of a year. The free cash flow record, free cash, €5.4 billion. Very good. much higher than what we could expect a few weeks before the end of the year. The last forecast was strengthened by Bloomberg. Consensus in November was 4.7. We delivered 700 better over half. This gap comes, this variance comes from a strong level of cash in towards the end of the year. Down payments, one received on the project in Canada, one in the final weeks of the year. That's remarkable performance. WCR improved sharply of late in 20 and 21 during COVID because the admin teams were ready to call in receivables, but those benefits were not reversed in 22. I tend to repeat this year, but it's the case this year. We can't consider that the 23 cash flow level can be considered as normative going forward all the more that capex be it a cobra to grow renewables in Greenfield or at Vinci airports are set to rise Vinci airports in particular the 22 capex is 200 million below what it was in 90 necessarily there'll be a catch up in the lag here notably Portugal, the UK and Cobra, will continue to invest significant sums in renewals, about 400 million this year, probably more going forward. Hence, the normative cash flow. To make a forecast, I'll risk of the order of 4 to 4.5 billion, but not necessarily more. 2.7% financial investment, that includes the acquisition of OMA for 1.5 billion at the end of the year, partially funded in Mexican peso, 600 million at Vinci Energy, over halved. For Contran, that was the deal that was cemented at the end of last year. Vinci highways were about 300 million if we include the consolidation of the debt of companies acquired. The Canada Bridge previously not consolidated about 100 million at Vinci construction, essentially in North America. Cash out pertaining to dividend and share buybacks in the cash effect of the debt linked to the market of exchange rate derivatives, all in all, reduction of debt over a year of one billion. Next slide is the way in which free cash flow is crafted, quote, unquote, over the first part of the year. We don't generate a lot of SCF up until July. It's only after that that the curve begins to arrive with December that's particularly significant. It has happened certain years that it even accounts, 50% of the year's cash flow in 22 was 44%. That's a lot more in certain businesses, a lot more in 21, 35% in 2020, 51%, 2019, 24%. Hence, the difficulty to give you a very accurate forecast, especially at the start of the year, that's due to very specific situations. of receivables at the end of the year, notably Avinci Construction Energy and Cobra. Putting things into perspective, next slide, on 10 years, we see that FCF generation at Vinci is rising incrementally, very high and recurring on average per year. Cash flows improved 11% per annum, but 17% of the last five years That's way above the increase in profit on the average, 8% of the period, accelerating since 18. As I said, once again, we can't consider the levels reached in 21, 22, over 5 billion, and normative reasons, difficult to predict capex both at airports and COBRA. Balance sheet is, of course, very... Solid, even more so, equity of 4.6 billion WCR, negative WCR. It's a free resource, obviously, that's very appreciable, that's strengthened further. Our long-term assets coming in at close to 5 billion that will increase by close on 5 billion covering the large part of CapEx and acquisitions, reduction in net debt by $1 billion, as I said, free cash flow above $9 billion, same level, even slightly higher than last year's. So it means that if we reasonably but dearly Multiple, not necessarily the right reason. Often we do. The debt ratio has improved because debt was 2.5 times EBITDA in 21, and it's down to 1.8 in 22. It's a level that may not be viewed by some as optimal if we want a reason in optimizing cost of capital. But we... Accept that. It's a consequence of our prudence. It's a vital asset. It gives us some leeway when it comes to M&A and also swiftness in our recovery since COVID. Next, financial policy. Well, you already know this. We attach great importance to liquidity, ability... to mobilize resources if need be to reimburse our loans. In 2022, we reimbursed $2.6 billion maturing to optimize our refinancing costs to pick the right time to position on the market. In 2022, we issued two bonds, one in August, ASF in October for Vinci, more recently January this year for ASF, and also to seize funds M&A opportunities, part of our strategy as we decided in December 21 by writing a check to ACS close on 5 billion to acquire Cobra, more recently at the end of 22, take a 30% stake in Oman to acquire Contra at Vinci Energy all in all over three years. achieved $8 billion in acquisitions. That's a lot. Need to fund that in over four years. Over $16 billion in M&A debt reversals by Vinci. That's an average of $4 billion per year in spite of COVID. So have total liquidity, including unused credit, $20 billion increased in 2020. estimated over the uncertain period especially during this summer because of the ukraine conflict it'd be prudent to up our credit lines we did that with the support of our banks for 2.5 billion so we're equipped to continue to meet contingencies while continuing to expand Credit rating confirmed both by Moody's and S&P's that appreciate the strength of economic model, resilience, business diversification, and our cautious management. Thanks to these good ratings, we can expect to continue to fund the company in good conditions, even in the changing context, and if rates aren't quite what they were a year ago. as I said, replaced in 2022, issues one of $850 million at ASF, other of $850 million at Vinci, and another of $700 at ASF. So the average maturity of our debt stood around seven years, had conditions higher than what they were previously, remain okay given the current rate environment. Cost of debt is the next slide, slightly higher. increased the weighted average in 2022 at 2.5%. That's due to the charts on the right, given the cost of debt by currency. So you see in particular Euro debt, the three main currencies' cost of debt has risen and that the weighting by currency has changed because we have a share of debt excluding Euro higher. We also have a debt excluding OECD strong currencies, Mexican pesos, Peruvian soles, et cetera. In spite of that, it remains pretty much okay. Difference between the rates on the right left between 2.5 is an average on the year. It doesn't fully factor in the full impact of rate rises. And on the right, it's the end of year, so we see what happened there. notably at the end of years, cross-currency with 200 bps increase as the various costs by currency. Thanks.

First of all, before talking about 2023, Vinci, we all share... have this confidence. We're very confident in the future, as Krishna said. And the reason for this is because our construction, energy, and mobility business lines really place us at the very core of major challenges in this world. What are we all about? Transforming cities. We'll get back to the point later. Digital revolution in all industries and human activities. Decarbonizing transportation. Developing green electricity in the energy mix. Support, providing support for the emergence of low carbon hydrogen for industry and large scale transportation. also systematically tackling projects from the vantage point of preserving biodiversity and carbon footprint. It also means developing the circular economy. On all of these subjects, we are very highly involved. We feel we are solutions providers in all these areas to rise to all of these challenges, which we find very exciting. That's the case for all 270,000 of our employees. Very enthusiastic. This really gives us a great deal of leverage for further future growth. At Vinci Auto Routes, we're realistic. We accept the macroeconomic facts and also high fuel prices. For all these reasons, we expect stable traffic at Vinci Auto Routes in 2023. At Vinci Airports, on the other hand, what we're expecting is is continued recovery in passenger traffic. Probably things will lag in Asia because Asia has just reopened more recently. Some forecasters worldwide are expecting resumption of traffic to pre-pandemic levels as of 2022. We're more cautious. We think it'll be more toward 2024, but added 23, beginning of 2024, won't really change things in a big way. At any rate, continued recovery in traffic at Vinci Airports, clearly leading to everything we could calculate in terms of impact on our business performance. Onto Vinci Energy. will continue to grow, all the while maintaining the high level of EBIT margin already booked in 2022. COBRA has a very strong order book, truly a record order book, probably the highest order book COBRA's ever had on hand in its history. This is where we expect growth of at least 10% in COBRA sales in 2023, all the while remaining top of the class in the profession in terms of EBIT margin. Vinci Construction has said our intention is not to grow Vinci Construction, but to continue growing the EBIT margin by being even more selective. It may happen that the consequence of that discipline That might cost a tiny, tiny tad of growth. We're not targeting growth, though there may well be growth. We're going to be further improving operational performance, though, and avid margin, which is to say, all in all, for Avinci, what we're expecting is renewed growth in revenue and operating income to a lesser degree than in 2022 compared to 2021 as a comparison. Our net income should be slightly above that of 2022 in spite of increased financial expenses that are crystal clear that Christian has explained very clearly. With this great confidence, the Board of Directors met yesterday and decided to propose to our next shareholder meeting on April 13th a dividend for 2022 of 4 euros per share. payable in cash, including one euro already paid as an interim dividend. The remainder of three euros will be payable in cash on 27 April this year. The dividend will be taken into account the fact of the matter that you've seen, i.e. the rebound after the Chris says the new profile of this group with further development of concessions, record levels of cash flow, this is also a way for us to demonstrate our confidence in the future. Lastly, I won't dwell on this, but let me just say that in the presentation you can find, firstly, three slides that give you details on our environmental and social ambitions, how we're making progress in this area, how we're really bringing forward with us all of our employees' takeaway point We're very much on track in our roadmap, particularly when it comes to our CO2 footprint, down by 13%. And also when it comes to using low-carbon concrete, our intention is by 2030 to be using 80% low-carbon concrete, or even better, ultra low-carbon concrete. If you look just at France, we already stand at 30% usage of low-carbon concrete in all of energy construction's activities. Another important parameter is recycling, the circular economy, We already stand at 46% using recycled road beds for construction of motorways in France, and a very large proportion of our aggregates and other elements are from recycled materials at Finchie Construction. Our target is to reach 20 million tons in the next year, so we're somewhat ahead of schedule on that particular point. This is a slide you have to be careful when you look at. We're looking at our socio-economic footprint in France. It's done by an outside firm, an independent firm called Utopis. We've asked them to do this analysis several times before they use methodology, which is a very strong, sound methodology. It takes into account not only our impact in France. In France, we've got our own business impact. But we go beyond our direct effects. They also study our indirect impact and what we call the induced impact, i.e., the fact we pay taxes has a knock-on effect in terms of jobs because those taxes don't just stay in a box at the Treasury Department, but they're actually used to do various things such as build schools, health facilities, and so forth in the country. If you take into account all of these effects, direct, indirect, and induced, we are supporting, in the Anglo-Saxon sense of the term, supporting around 1.6% of all jobs in France. That's about 460,000 jobs, 463,000 jobs, representing 1.5% of the country's GDP. Another important parameter based on the utopia survey, if we focus yet again on France, 96.5% of our purchasing is done in France, and out of that amount, 50% purchased from small and medium-sized companies within our ecosystem. So again, The figures possibly could be questioned because the modeling involved here is highly sophisticated. But the important thing is to track this to see what progress we are making in terms of our impact on the environment and society as a whole. There you have it. That's what we wanted to say to you. Now we'd be happy to field your many questions. We will respect our tradition, as you can well imagine. We will give the floor Yes, go ahead. Hello, everyone. I might disappoint Christian. It's not a Vichy construction this year and the complaints, but actually I'm thinking of energy, Vichy energy, COBRA, as well as ENR operations for yourselves. Vichy energy. I congratulate 30 basis points improvement in operating margin. Question, could we get more color, more information on the profits equation? In other words, is this by business line, ICT, industry? Are they an explanation for the improved performance and the absolute margins? Or are there geography considerations as well that come into play? Furthermore, regarding COBRA, I suspect that The margin above 7% is due to turnkey projects versus recurring business. Lastly, regarding proprietary operations projects for your own account that are being developed, Has Vinci managed to control its purchasing and the cost of purchasing? I know that there were issues, I do believe, for solar panels.