Quarterly Information at 30 September 2021
Rueil-Malmaison, 19 October 2021, 5:45 pm
QUARTERLY INFORMATION AT 30 SEPTEMBER
2021
- 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
and VINCI Construction: revenue in excess of 2019 levels
- VINCI
Autoroutes: strong traffic levels, above those seen before the
health crisis
- VINCI Airports:
beginnings of a recovery in passenger numbers in the Americas and
Europe
- 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% |
VINCI Autoroutes |
4,154 |
3,526 |
4,288 |
+17.8% |
+17.8% |
-3.1% |
VINCI Airports |
778 |
818 |
1,965 |
-4.9% |
-4.3% |
-60.4% |
Other concessions2 |
221 |
171 |
240 |
+29.0% |
+37.1% |
-7.9% |
VINCI Energies |
10,868 |
9,586 |
9,800 |
+13.4% |
+10.8% |
+10.9% |
VINCI Construction3 |
19,247 |
16,352 |
18,228 |
+17.7% |
+17.7% |
+5.6% |
VINCI Immobilier |
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% |
Europe excluding
France |
9,867 |
8,805 |
9,454 |
+12.1% |
+10.4% |
+4.4% |
International
excluding Europe |
6,615 |
5,673 |
6,105 |
+16.6% |
+15.7% |
+8.3% |
|
|
|
|
|
|
|
Change in total traffic at VINCI Autoroutes |
|
|
|
+18.8% |
|
-6.4% |
Change in VINCI Airports passenger numbers5 |
|
|
|
-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 France and abroad.
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 VINCI Energies and VINCI
Construction in the first nine months of 2021 amounted to
€32.5 billion. Order intake was almost unchanged year on year
(-2%), despite the high base for comparison caused by major
contract wins by the Group in 2020.
The order book amounted to €45.4 billion
at 30 September 2021, up 6% year on year. It represents
over 13 months of average business activity for VINCI Construction
and VINCI Energies combined. International business made up 62% of
the order book.
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)
VINCI Autoroutes: €4,154 million (down 3%
relative to 2019, up 18% 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
France and growth in e-commerce – and for light vehicles (up 4.2%).
This firm performance reflects a strong, rapid rebound in traffic
levels after the lifting of travel restrictions.
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: €778 million (down 60% relative
to 2019, down 5% relative to 2020)
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 Portugal and France, passenger numbers
benefited from the introduction of the health pass and positive
developments in European tourist markets. Passenger numbers at some
airports in the Americas (particularly those in the Dominican
Republic) are now back at their pre-crisis levels. In the United
Kingdom, however, ongoing restrictions on foreign travel have
prevented passenger numbers from recovering. Passenger numbers
remained very low in Japan, limited by the decision to close the
country’s borders, and did not recover in Cambodia because of
travel restrictions imposed by other countries in the region.
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 the United States and the
United Kingdom – should help international passenger numbers
recover gradually.
- 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, VINCI Energies achieved
revenue growth of 8% in the third quarter of 2021 compared with the
third quarter of 2019. Order intake was also
strong, both in France and
abroad. In addition to
a positive economic environment, this performance
also reflects
VINCI Energies’
wide geographic
foothold and range
of expertise, as well as the impact of
acquisitions. VINCI Energies has completed 27 acquisitions so far
in 2021, representing full-year revenue of around €150
million.
In France (45% of the total), revenue was €4,926
million in the first nine months of the year, up 10% compared with
2019 (up 18% relative to 2020).
Outside France (55% of the total), revenue was
€5,942 million in the first nine months of the year, up 12%
compared with 2019 (up 10% relative to 2020). It increased in
Europe, North America, Africa and Asia-Oceania, and fell in Brazil
and the Middle East compared with 2019.
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
Construction8: €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 France, driven by the ramp-up of several
large projects that have been won
recently.
In France (49% of the total), revenue was €9,460
million in the first nine months of the year (up 17% compared with
2020), slightly lower than in the equivalent period of 2019 (down
4%) because of the high base for comparison. Business levels
remained firm in civil engineering – supported in particular by
Grand Paris Express projects – and in road and rail works as well
as earthworks. In building works, business levels were driven by
several major developments in the Paris region.
Outside France (51% of the total), revenue was
€9,786 million in the first nine months of the year, up 16%
compared with the same period of 2019 (up 18% relative to 2020).
Growth was driven by the ramp-up of several large projects obtained
recently, including two works packages on the HS2 high-speed rail
line in the United Kingdom. Revenue rose sharply in road and rail
works as well as earthworks.
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 United
Kingdom, France, Canada and Oceania in 2020. In addition, given
current market trends and its historically large order book,
VINCI Construction maintains a particularly selective approach
to taking on new business. VINCI Construction’s order book amounted
to €34.0 billion at end-September, up 4% over 12 months,
representing almost 16 months of VINCI Construction’s average
business activity.
- 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 France rose 3%
over the period from its level in 2019 (4,977 units including Urbat
Promotion) to 5,118 units, driven by strong demand. The
continuation of this trend will depend on the time required to
obtain building permits.
III. Financial position
Consolidated net financial debt at 30
September 2021 amounted to €16.9 billion, down €3.9
billion over 12 months and down €1.1 billion since the start of the
year.
VINCI has increased its liquidity. At 30
September 2021, the latter amounted to €19.5 billion,
comprising:
- 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
Air Liquide, TotalEnergies and VINCI, via its
VINCI Concessions subsidiary, have joined forces with other large
international companies to create the world’s largest fund
dedicated to the development of clean hydrogen infrastructure
solutions. The fund aims to reach €1.5 billion and has already
secured initial commitments of €800 million. Its objective is to
accelerate the growth of the hydrogen ecosystem by investing in
large strategic projects and leveraging the alliance of industrial
and financial players. The Group has committed to invest €100
million in this project.
In September, VINCI Concessions completed the
financing of the PPP contract for the B247 in Germany. This project
for the first German federal road ever attributed to a private
operator under a PPP strengthens VINCI Concessions’ position as
Germany’s leading motorway concession holder with five PPPs in
operation or under development, in synergy with VINCI
Construction’s German subsidiaries.
Contracts won by the Group in the third quarter
of 2021 included the following:
VINCI Energies:
- 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 the Hautes-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.
VINCI Construction:
- 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.
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 March 2020. On 1
October 2021, the Group signed a share purchase agreement with an
investment service provider. Under this agreement, VINCI will
acquire, by 25 October 2021, a certain quantity of VINCI
shares up to a maximum value of €200 million, at an average price
per share determined on the basis of market prices during the term
of the agreement, with a guaranteed discount.
London Gatwick Airport, a 50.01%-owned
subsidiary of VINCI Airports, obtained the agreement of its lenders
for a temporary waiver of financial covenants – relating to £2.8
billion of reference net debt (senior net debt) at end-June 2021 –
and for the amendment of certain terms within those covenants.
Conference call
The Group will comment on its revenue and
business activities in the period ended 30 September 2021 in a
conference call to be held in English today (Tuesday, 19 October
2021) at 6:00 pm CET.
To take part, please dial one of the following
numbers from 5:55 pm CET:In
France: +33 (0)1 72
72 74 03 PIN:
96018654#In the United
Kingdom: +44 (0) 20
7194 3759 PIN:
96018654#
In the United States:
+1 646 722
4916 PIN:
96018654#
Playback number (available within two hours): In
France: +33 (0)1 70
71 01 60 PIN:
425014007#In the United
Kingdom: +44 (0) 20
3364 5147 PIN:
425014007#In the United
States: +1 646 722
4969 PIN:
425014007#
**********
Diary |
16 November 2021 |
Ex date for the 2021 interim dividend (€0.65 per share) |
|
16 November 2021 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for October 2021 (after the market close) |
|
18 November 2021 |
Payment of the 2021 interim dividend (€0.65 per share) |
|
15 December 2021 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for November 2021 (after the market close) |
|
4 February 2022 |
Publication of full-year 2021 results (before the market open) |
|
**********
About VINCIVINCI 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 RELATIONSGrégoire THIBAULTTel: +33 (0)1 47 16 45
07gregoire.thibault@vinci.com
Boris VALETTel: +33 (0)1 47 16 33 45boris.valet@vinci.com
PRESS CONTACTStéphanie MALEKTel: +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 |
FRANCE |
|
|
|
|
|
|
Concessions |
4,375 |
3,727 |
4,666 |
+17.4% |
+17.4% |
-6.2% |
VINCI Autoroutes |
4,154 |
3,526 |
4,288 |
+17.8% |
+17.8% |
-3.1% |
VINCI Airports |
153 |
146 |
287 |
+4.4% |
+4.4% |
-46.7% |
Other concessions** |
68 |
55 |
92 |
+23.7% |
+23.7% |
-25.6% |
VINCI Energies |
4,926 |
4,170 |
4,473 |
+18.1% |
+17.6% |
+10.1% |
VINCI Construction*** |
9,460 |
8,064 |
9,812 |
+17.3% |
+17.1% |
-3.6% |
VINCI Immobilier |
1,076 |
747 |
811 |
+44.0% |
+30.6% |
+32.7% |
Eliminations and adjustments |
(474) |
(408) |
(463) |
|
|
|
Total France |
19,364 |
16,300 |
19,298 |
+18.8% |
+17.9% |
+0.3% |
|
|
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
|
|
Concessions |
778 |
788 |
1,827 |
-1.2% |
+0.6% |
-57.4% |
VINCI Airports |
626 |
672 |
1,679 |
-6.9% |
-6.3% |
-62.7% |
Other concessions** |
153 |
116 |
148 |
+31.5% |
+44.2% |
+3.0% |
VINCI Energies |
5,942 |
5,415 |
5,328 |
+9.7% |
+5.8% |
+11.5% |
VINCI Construction*** |
9,786 |
8,288 |
8,416 |
+18.1% |
+18.2% |
+16.3% |
Eliminations and adjustments |
(29) |
(15) |
(12) |
|
|
|
Total International |
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, VINCI Railways, VINCI Stadium.
*** In addition to its existing construction activities, VINCI
Construction now includes Eurovia. Pro forma data after
intra-business line eliminations.
Consolidated third-quarter
revenue*
|
Third quarter |
Third quarter |
Third quarter |
2021/2020change |
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% |
VINCI Autoroutes |
1,761 |
1,633 |
1,680 |
+7.8% |
+7.8% |
+4.8% |
VINCI
Airports |
407 |
226 |
896 |
+79.9% |
+75.2% |
-54.6% |
Other concessions** |
85 |
63 |
82 |
+34.5% |
+41.0% |
+4.0% |
VINCI Energies |
3,706 |
3,452 |
3,430 |
+7.3% |
+3.7% |
+8.0% |
VINCI Construction*** |
7,095 |
6,750 |
6,890 |
+5.1% |
+4.2% |
+3.0% |
VINCI Immobilier |
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: France |
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, VINCI
Railways, VINCI Stadium.
*** In addition to its existing construction
activities, VINCI Construction now includes Eurovia. Pro forma data
after intra-business line eliminations.
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 |
|
31 Dec. 2020 |
VINCI Energies |
11.4 |
10.2 |
9.5 |
+12% |
|
9.9 |
VINCI Construction |
34.0 |
32.6 |
27.8 |
+4% |
|
32.5 |
Total |
45.4 |
42.8 |
37.3 |
+6% |
|
42.4 |
of which: |
|
|
|
|
|
|
France |
17.1 |
17.6 |
16.0 |
‐3% |
|
16.9 |
International |
28.3 |
25.2 |
21.3 |
+12% |
|
25.5 |
Europe excluding France |
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 |
VINCI Energies |
12.3 |
10.8 |
10.8 |
+14% |
VINCI Construction |
20.2 |
22.5 |
21.1 |
-10% |
Total |
32.5 |
33.3 |
31.9 |
‐2% |
of which: |
|
|
|
|
France |
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 |
2021/2019change |
VINCI Autoroutes |
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% |
Cofiroute (intercity network) |
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.
VINCI Autoroutes revenue in the first
nine months of 2021
|
VINCI Autoroutes |
Of which: |
|
|
ASF |
Escota |
Cofiroute |
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 |
Portugal
(ANA) |
10,012 |
+92.8% |
-45.7% |
15,267 |
+2.3% |
-66.7% |
of which
Lisbon |
4,570 |
+115.2% |
-50.3% |
7,088 |
-8.8% |
-70.2% |
United
Kingdom |
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% |
France |
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% |
Cambodia |
45 |
-57.3% |
-98.4% |
182 |
-91.2% |
-97.9% |
United
States |
2,134 |
+198.2% |
-19.8% |
4,670 |
+47.9% |
-39.4% |
Brazil
(Salvador) |
1,490 |
+212.8% |
-22.5% |
3,714 |
+41.7% |
-34.3% |
Serbia |
1,514 |
+216.9% |
-29.2% |
2,436 |
+64.0% |
-48.7% |
Dominican
Republic |
1,390 |
+234.3% |
-1.0% |
3,298 |
+82.6% |
-21.9% |
Sweden |
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% |
Japan
(40%) |
2,967 |
+12.8% |
-77.9% |
7,081 |
-41.8% |
-81.9% |
Chile
(40%) |
2,638 |
+426.0% |
-57.0% |
5,971 |
-13.3% |
-68.1% |
Costa Rica
(45%) |
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 VINCI Airports |
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 VINCI Energies and VINCI Construction
business lines.
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 year Y-1 is
included, and revenue from companies that left the Group in years
Y-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 1 January 2019, IAS 17 was replaced by IFRS
16, which specifies a single method for recognising leases. The
Group now recognises right-of-use assets under non-current assets,
along with a liability corresponding to the present value of lease
payments still to be made. That liability is not included in net
financial surplus/debt as defined by the Group, and is presented
directly on the balance sheet.
Order book:
- At VINCI Energies and VINCI
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 and VINCI 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.
VINCI Airports passenger traffic: this is the
number of passengers who have travelled on commercial flights from
or to a VINCI Airports airport during a given period, and is a
relevant indicator for estimating an airport’s revenue from both
aviation and non-aviation activities.
VINCI Autoroutes motorway traffic: this is the
number of kilometres travelled by light and heavy vehicles on the
motorway network managed by VINCI Autoroutes during a given
period.
1 See Glossary.2 VINCI Highways, VINCI Railways and VINCI
Stadium.3 In addition to its existing construction activities,
VINCI Construction now includes Eurovia. Pro forma data after
intra-business line eliminations.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 VINCI Airports over the full year.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 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
limitations on travel between countries.
8 Since 1 February 2021, VINCI Construction and
Eurovia have been combined and placed under the leadership of
Pierre Anjolras. This new organisation enables VINCI to optimise
these two companies’ operating methods and to develop synergies
between them by integrating them within a single management unit.
As announced when VINCI published its full-year 2020 results in
February 2021, the Group is now reporting on this business segment
under the name of VINCI Construction.9 Ebit / revenue.
- 19 10 2021 VINCI-CP T3 2021 EN
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