Rueil-Malmaison,
QUARTERLY INFORMATION AT
- Revenue of €35.8 billion in the first nine months of the year, up 3% compared with the same period of 2019 (up 16% relative to the same period of 2020)
- Continued good momentum in most business lines in the third quarter
VINCI Energies andVINCI Construction : revenue in excess of 2019 levelsVINCI Autoroutes : strong traffic levels, above those seen before the health crisisVINCI Airports : beginnings of a recovery in passenger numbers in theAmericas andEurope
- Order book remains solid
- Sharp reduction in net financial debt and substantial liquidity
- 2021 guidance confirmed and specified
Consolidated revenue | First nine months | 2021/2020 change | 2021/2019 change | ||||
(in € millions) | 2021 | 2020 | 2019 | Actual | Like-for-like1 | Actual | |
Concessions | 5,153 | 4,515 | 6,493 | +14.1% | +14.5% | -20.6% | |
4,154 | 3,526 | 4,288 | +17.8% | +17.8% | -3.1% | ||
778 | 818 | 1,965 | -4.9% | -4.3% | -60.4% | ||
Other concessions2 | 221 | 171 | 240 | +29.0% | +37.1% | -7.9% | |
10,868 | 9,586 | 9,800 | +13.4% | +10.8% | +10.9% | ||
19,247 | 16,352 | 18,228 | +17.7% | +17.7% | +5.6% | ||
1,081 | 749 | 811 | +44.3% | +30.9% | +33.2% | ||
Eliminations and adjustments | (503) | (423) | (475) | ||||
Group total4 | 35,845 | 30,778 | 34,857 | +16.5% | +15.3% | +2.8% | |
of which: France | 19,364 | 16,300 | 19,298 | +18.8% | +17.9% | +0.3% | |
International | 16,482 | 14,478 | 15,559 | +13.8% | +12.5% | +5.9% | |
| 9,867 | 8,805 | 9,454 | +12.1% | +10.4% | +4.4% | |
International excluding | 6,615 | 5,673 | 6,105 | +16.6% | +15.7% | +8.3% | |
Change in total traffic at | +18.8% | -6.4% | |||||
Change in | -14.3% | -72.5% | |||||
Order intake (in € billions) | 32.5 | 33.3 | 31.9 | -2% | +2% | ||
Order book6 (in € billions) | 45.4 | 42.8 | 37.3 | +6% | +22% | ||
Net financial debt6 (in € billions) | (16.9) | (20.8) | (23.2) | +3.9 | +6.3 |
I. Consolidated key figures
VINCI’s revenue in the third quarter of 2021 amounted to €13.2 billion, up 1% on an actual basis compared with the third quarter of 2019 and up 8% compared with the third quarter of 2020. This increase confirms the good momentum – already seen in the first half of 2021 – in most of VINCI’s businesses in
In the first nine months of 2021, consolidated revenue amounted to €35.8 billion, up 3% on an actual basis compared with 2019 and up 16% relative to 2020. Revenue broke down as follows:
- In
France (54% of the total), revenue was €19.4 billion in the first nine months of the year, stable (up 0.3%) relative to 2019 (up 19% year on year). - Outside
France (46% of the total), revenue rose 6% compared with 2019 to €16.5 billion (up 14% year on year).
Order intake at
The order book amounted to €45.4 billion at
II. Revenue in the first nine months of 2021 and operational performance by business line
- CONCESSIONS: €5,153 million (down 21% relative to 2019, up 14% relative to 2020)
In the third quarter of 2021, traffic levels on VINCI Autoroutes’ intercity networks continued to improve, increasing 8.9% year on year. They are now back above their pre-crisis levels (up 4.1% relative to the third quarter of 2019), both for heavy vehicles – up 3.4% due to firm economic activity in
As a result, traffic levels in the first nine months of 2021 rose sharply relative to 2020 (up 18.8%) and showed a limited decline of 6.4% compared with the same period in 2019 (down 7.7% for light vehicles7 and up 2.4% for heavy vehicles).
VINCI Airports’ passenger numbers in the third quarter of 2021 were 59% lower than in the third quarter of 2019, which represents an improvement on previous quarters. Trends varied between geographic areas. In
In the first nine months of the year, passenger numbers fell by 72.5% compared with the same period in 2019.
The easing of travel restrictions announced by several countries in September – mainly
VINCI Energies : €10,868 million (up 11% relative to 2019, up 13% relative to 2020)
Following on from its very good performance in the first half of 2021,
In
Outside
VINCI Energies’ order intake in the first nine months of 2021 totalled €12.3 billion, 14% more than in the first nine months of 2020. The order book amounted to €11.4 billion, up 12% over 12 months, representing more than nine months of VINCI Energies’ average business activity.
VINCI Construction 8: €19,247 million (up 6% relative to 2019, up 18% relative to 2020)
VINCI Construction’s revenue was higher than its pre-crisis level in the third quarter of 2021 (up 3% compared with the third quarter of 2019). Growth was particularly strong outside
In
Outside
VINCI Construction’s order intake fell 10% year on year in the first nine months of 2021. It should be borne in mind that this business line had won major contracts in the
VINCI Immobilier : €1,081 million (up 33% relative to 2019, up 44% relative to 2020)
VINCI Immobilier’s consolidated revenue, excluding Urbat Promotion, was 21% higher than in the first nine months of 2019, because of strong production levels for non-residential programmes launched previously and the good number of signings of notarial deeds for residential programmes.
The number of homes reserved in
III. Financial position
Consolidated net financial debt at
VINCI has increased its liquidity. At
- managed net cash of €11.5 billion (€6.6 billion at 30 September 2020);
- unused confirmed bank credit facilities totalling €8.0 billion, with expiry due in
November 2025 for most of that amount.
IV. Outlook
The Group confirms and specifies the full-year 2021 forecasts presented when publishing its first-half 2021 financial statements:
VINCI Energies , which is well positioned in buoyant markets, expects to see growth in revenue and operating margin9 relative to 2019.VINCI Construction , which benefits from a very strong order book, expects to extend its recovery and anticipates an increase in revenue and operating margin9 compared with 2019.- Given the good trend in traffic levels observed in recent weeks and following on from the increase seen in the third quarter,
VINCI Autoroutes now anticipates revenue close to that of 2019. VINCI Airports , having noted a gradual recovery in traffic following a difficult start to the year, now expects passenger numbers in 2021 to be very close to their level in 2020.
On this basis, VINCI’s 2021 earnings should rise sharply relative to 2020, while remaining lower than their 2019 level.
VINCI has strengths that will enable it to get back rapidly onto a trajectory of sustainable growth, since with its energy services, construction and mobility businesses, the Group is playing a central role in green growth.
V. Other highlights
- New developments
Air Liquide, TotalEnergies and VINCI, via its
In September,
- New contracts
Contracts won by the Group in the third quarter of 2021 included the following:
- Installation of a long-distance 100 Gb/s optical fiber transport network connecting most of Portugal’s universities.
- Signature of a public-private partnership for the construction of a new building for Kiel University’s Faculty of Agricultural and Nutritional Sciences in
Germany . - Construction, for
EDF Renewables , of France’s largest floating solar farm in theHautes-Alpes administrative department, which will produce enough electricity to cover the annual consumption of 12,500 people. - Extension of the contract with Northvolt to install electrical systems for the new DS2 block of the Skellefteå battery plant in
Sweden .
- Construction of a storm sewer in
Toronto, Canada . - Upgrade work on infrastructure at the
Port of Melbourne, Australia . - Design-build contract for the extension of Ang Mo Kio MRT station in
Singapore . - Works package 2 in relation to the Lyon–Turin rail link.
- Share buy-back programme
Given its very strong financial situation, VINCI has decided to implement its share buy-back programme, which was interrupted at the start of the pandemic in
- London
Gatwick Airport
London
Conference call
The Group will comment on its revenue and business activities in the period ended
To take part, please dial one of the following numbers from
In France: +33 (0)1 72 72 74 03 PIN: 96018654#
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In
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**********
Diary | ||
Ex date for the 2021 interim dividend (€0.65 per share) | ||
Payment of the 2021 interim dividend (€0.65 per share) | ||
Publication of full-year 2021 results (before the market open) |
**********
About VINCI
VINCI is a global player in concessions, construction and energy businesses, employing more than 217,000 people in some 100 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 and socially responsible 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. www.vinci.com
INVESTOR RELATIONS
Grégoire THIBAULT
Tel: +33 (0)1 47 16 45 07
gregoire.thibault@vinci.com
Boris VALET
Tel: +33 (0)1 47 16 33 45
boris.valet@vinci.com
PRESS CONTACT
Stéphanie MALEK
Tel: +33 (0)1 47 16 31 82
stephanie.malek@vinci.com
APPENDICES
APPENDIX A: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE
Consolidated revenue* in the first nine months of the year – Breakdown by region and business line
Nine months to 30 Sept. | Nine months to 30 Sept. | Nine months to 30 Sept. | 2021/2020 change | 2021/2019 change | ||
(in € millions) | 2021 | 2020 | 2019 | Actual | Like-for-like | Actual |
Concessions | 4,375 | 3,727 | 4,666 | +17.4% | +17.4% | -6.2% |
4,154 | 3,526 | 4,288 | +17.8% | +17.8% | -3.1% | |
153 | 146 | 287 | +4.4% | +4.4% | -46.7% | |
Other concessions** | 68 | 55 | 92 | +23.7% | +23.7% | -25.6% |
4,926 | 4,170 | 4,473 | +18.1% | +17.6% | +10.1% | |
9,460 | 8,064 | 9,812 | +17.3% | +17.1% | -3.6% | |
1,076 | 747 | 811 | +44.0% | +30.6% | +32.7% | |
Eliminations and adjustments | (474) | (408) | (463) | |||
Total | 19,364 | 16,300 | 19,298 | +18.8% | +17.9% | +0.3% |
INTERNATIONAL | ||||||
Concessions | 778 | 788 | 1,827 | -1.2% | +0.6% | -57.4% |
626 | 672 | 1,679 | -6.9% | -6.3% | -62.7% | |
Other concessions** | 153 | 116 | 148 | +31.5% | +44.2% | +3.0% |
5,942 | 5,415 | 5,328 | +9.7% | +5.8% | +11.5% | |
9,786 | 8,288 | 8,416 | +18.1% | +18.2% | +16.3% | |
Eliminations and adjustments | (29) | (15) | (12) | |||
16,482 | 14,478 | 15,559 | +13.8% | +12.5% | +5.9% |
*Excluding concession subsidiaries’ revenue from work carried out by non-Group companies (see Glossary).
** VINCI Highways,
*** In addition to its existing construction activities,
Consolidated third-quarter revenue*
Third quarter | Third quarter | Third quarter | 2021/2020 change | 2021/2019 change | ||
(in € millions) | 2021 | 2020 | 2019 | Actual | Like-for-like | Actual |
Concessions | 2,253 | 1,923 | 2,657 | +17.2% | +17.0% | -15.2% |
1,761 | 1,633 | 1,680 | +7.8% | +7.8% | +4.8% | |
407 | 226 | 896 | +79.9% | +75.2% | -54.6% | |
Other concessions** | 85 | 63 | 82 | +34.5% | +41.0% | +4.0% |
3,706 | 3,452 | 3,430 | +7.3% | +3.7% | +8.0% | |
7,095 | 6,750 | 6,890 | +5.1% | +4.2% | +3.0% | |
339 | 313 | 341 | +8.3% | -2.5% | -0.6% | |
Eliminations and adjustments | (155) | (153) | (191) | |||
Total revenue* | 13,238 | 12,286 | 13,128 | +7.8% | +5.9% | +0.8% |
of which: | 6,998 | 6,817 | 7,036 | +2.7% | +2.0% | -0.5% |
International | 6,240 | 5,469 | 6,092 | +14.1% | +10.7% | +2.4% |
*Excluding concession subsidiaries’ revenue from work carried out by non-Group companies (see Glossary).
** VINCI Highways,
*** In addition to its existing construction activities,
APPENDIX B: ORDER BOOK AND ORDER INTAKE AT VINCI ENERGIES AND VINCI CONSTRUCTION
Order book
| At 30 September | Change | At | |||
(in € billions) | 2021 | 2020 | 2019 | over 12 months | ||
11.4 | 10.2 | 9.5 | +12% | 9.9 | ||
34.0 | 32.6 | 27.8 | +4% | 32.5 | ||
Total | 45.4 | 42.8 | 37.3 | +6% | 42.4 | |
of which: | ||||||
17.1 | 17.6 | 16.0 | ‐3% | 16.9 | ||
International | 28.3 | 25.2 | 21.3 | +12% | 25.5 | |
16.8 | 14.3 | 10.2 | +17% | 14.1 | ||
Rest of the world | 11.5 | 10.8 | 11.1 | +6% | 11.4 |
Order intake
Nine months to 30 Sept. | ||||
(in € billions) | 2021 | 2020 | 2019 | 2021/2020 change |
12.3 | 10.8 | 10.8 | +14% | |
20.2 | 22.5 | 21.1 | -10% | |
Total | 32.5 | 33.3 | 31.9 | ‐2% |
of which: | ||||
14.5 | 14.3 | 15.2 | +2% | |
International | 18.0 | 19.0 | 16.7 | ‐5% |
APPENDIX C: VINCI AUTOROUTES AND VINCI AIRPORTS INDICATORS
Traffic on motorway concessions*
Third quarter | Nine months to 30 Sept. | |||||
(in millions of km travelled) | 2021 | 2021/2020 change | 2021/2019 change | 2021 | 2021/2020 change | 2021/2019 change |
17,237 | +8.9% | +4.1% | 37,847 | +18.8% | -6.4% | |
Light vehicles | 15,427 | +9.3% | +4.2% | 32,283 | +20.0% | -7.7% |
Heavy vehicles | 1,810 | +5.0% | +3.4% | 5,564 | +12.3% | +2.4% |
of which: | ||||||
ASF | 10,957 | +9.5% | +4.1% | 23,904 | +19.6% | -5.8% |
Light vehicles | 9,756 | +10.1% | +4.2% | 20,189 | +21.1% | -7.3% |
Heavy vehicles | 1,201 | +4.9% | +3.6% | 3,715 | +12.0% | +3.1% |
Escota | 2,262 | +7.6% | +4.3% | 5,222 | +16.4% | -6.7% |
Light vehicles | 2,088 | +7.7% | +4.4% | 4,699 | +16.6% | -7.5% |
Heavy vehicles | 174 | +6.1% | +2.8% | 523 | +14.5% | +1.2% |
3,893 | +7.8% | +4.0% | 8,463 | +17.9% | -7.7% | |
Light vehicles | 3,471 | +8.1% | +4.2% | 7,175 | +19.0% | -9.2% |
Heavy vehicles | 422 | +4.9% | +2.8% | 1,288 | +12.1% | +1.2% |
Arcour | 125 | +16.6% | +9.9% | 257 | +24.9% | -4.7% |
Light vehicles | 113 | +18.0% | +10.4% | 220 | +26.7% | -5.6% |
Heavy vehicles | 13 | +5.7% | +4.9% | 37 | +15.2% | +0.6% |
* Excluding A86 duplex.
Of which: | |||||||
ASF | Escota | Arcour | |||||
Toll revenue (in € millions) | 4,073 | 2,397 | 570 | 1,053 | 54 | ||
2021/2020 change | +17.6% | +18.4% | +16.0% | +16.7% | +22.3% | ||
2021/2019 change | -3.3% | -2.3% | -3.9% | -5.0% | -1.8% | ||
Revenue (in € millions) | 4,154 | 2,448 | 579 | 1,069 | 54 | ||
2021/2020 change | +17.8% | +18.5% | +15.9% | +17.0% | +22.1% | ||
2021/2019 change | -3.1% | -2.3% | -3.9% | -4.9% | -1.8% |
VINCI Airports’ passenger traffic1
Third quarter | Nine months to 30 Sept. | |||||
(in thousands of passengers) | 2021 | 2021/2020 change | 2021/2019 change | 2021 | 2021/2020 change | 2021/2019 change |
10,012 | +92.8% | -45.7% | 15,267 | +2.3% | -66.7% | |
of which | 4,570 | +115.2% | -50.3% | 7,088 | -8.8% | -70.2% |
3,480 | +44.5% | -78.1% | 4,492 | -59.1% | -89.1% | |
of which LGW | 2,548 | +33.1% | -81.9% | 3,118 | -67.0% | -91.4% |
3,448 | +82.8% | -41.6% | 5,427 | -2.5% | -65.9% | |
of which ADL | 1,826 | +89.5% | -45.8% | 2,923 | -3.6% | -67.8% |
45 | -57.3% | -98.4% | 182 | -91.2% | -97.9% | |
2,134 | +198.2% | -19.8% | 4,670 | +47.9% | -39.4% | |
1,490 | +212.8% | -22.5% | 3,714 | +41.7% | -34.3% | |
1,514 | +216.9% | -29.2% | 2,436 | +64.0% | -48.7% | |
1,390 | +234.3% | -1.0% | 3,298 | +82.6% | -21.9% | |
292 | +176.4% | -57.8% | 452 | -2.6% | -74.2% | |
Total fully consolidated subsidiaries | 23,804 | 102.0% | -54.1% | 39,938 | -7.3% | -70.6% |
2,967 | +12.8% | -77.9% | 7,081 | -41.8% | -81.9% | |
2,638 | +426.0% | -57.0% | 5,971 | -13.3% | -68.1% | |
224 | NM* | +0.5% | 565 | +31.6% | -41.3% | |
Rennes-Dinard (49%) | 151 | +40.6% | -47.2% | 257 | +12.8% | -65.7% |
Total equity-accounted subsidiaries | 5,980 | +84.6% | -70.2% | 13,874 | -29.6% | -76.7% |
Total passengers managed by | 29,784 | +98.3% | -58.6% | 53,812 | -14.3% | -72.5% |
1 Data at 100%, irrespective of percentage held. 2019 figures including airport passenger numbers over the full period.
* In the third quarter of 2020, passenger traffic was very low because of the pandemic. As a result, the comparison with the third quarter of 2021 is not meaningful.
APPENDIX D: GLOSSARY
Concession subsidiaries’ revenue from work carried out by non-Group companies: this indicator relates to construction work done by concession companies as programme manager on behalf of concession grantors. Consideration for that work is recognised as an intangible asset or financial asset depending on the accounting model applied to the concession contract, in accordance with IFRIC 12 “Service Concession Arrangements”. It excludes work done by the
Like-for-like revenue growth: this indicator measures the change in revenue at constant scope and exchange rates.
- Constant scope: the scope effect is neutralised as follows:
- For revenue in year Y, revenue from companies that joined the Group in year Y is deducted.
- For revenue in year
Y-1 , the full-year revenue of companies that joined the Group in yearY-1 is included, and revenue from companies that left the Group in yearsY-1 and Y is excluded.
- Constant exchange rates: the currency effect is neutralised by applying exchange rates in year Y to foreign currency revenue in year
Y-1 .
Net financial surplus/debt: this corresponds to the difference between financial assets and financial debt. If the assets outweigh the liabilities, the balance represents a net financial surplus, and if the liabilities outweigh the assets, the balance represents net financial debt. Financial debt includes bonds and other borrowings and financial debt (including derivatives and other liabilities relating to hedging instruments). Financial assets include cash and cash equivalents and assets relating to derivative instruments.
On
Order book:
- At
VINCI Energies andVINCI Construction , the order book represents the volume of business yet to be carried out on projects where the contract is in force (in particular after service orders have been obtained or after conditions precedent have been met) and financed. - At
VINCI Immobilier , the order book corresponds to the revenue, recognised on a percentage of completion basis, that is yet to be generated on a given date with respect to property sales confirmed by a notarised deed or with respect to property development contracts on which the works order has been given by the project owner.
Order intake:
- At
VINCI Energies andVINCI Construction , a new order is recorded when the contract has been not only signed but is also in force (for example, after the service order has been obtained or after conditions precedent have been met) and when the project’s financing is in place. The amount recorded in order intake corresponds to the contractual revenue. - At
VINCI Immobilier , order intake corresponds to the value of properties sold off-plan or sold after completion in accordance with a notarised deed, or revenue from property development contracts where the works order has been given by the project owner.
For joint property developments:
- If
VINCI Immobilier has sole control over the development company, it is fully consolidated. In that case, 100% of the contract value is included in order intake. - If the development company is jointly controlled, it is accounted for under the equity method and its order intake is not included in the total.
1 See Glossary.
3 In addition to its existing construction activities,
4 Excluding concession subsidiaries’ revenue from work carried out by non-Group companies (see Glossary).
5 Figures at 100% including passenger numbers at all airports managed by
6 Period-end.
7 Light vehicle traffic in the first half of 2021 was 16.5% lower than in the first half of 2019, held back by restrictions including a curfew until
8 Since
9 Ebit / revenue.
Attachment
- 19 10 2021 VINCI-CP T3 2021 EN
© OMX, source