First Half 2021 Financial Results
Rueil Malmaison, 30 July 2021
FIRST HALF 2021 FINANCIAL
RESULTS
- Sharp
upturn in revenue and earnings – Return to normal in most business
lines
- VINCI Energies and
VINCI Construction: revenue and earnings in excess of 2019
levels
- VINCI Autoroutes:
upturn in traffic levels since early May following the easing of
restrictions in France
- VINCI Airports:
trends varying between countries, overall passenger numbers still
substantially down on levels seen before the Covid-19 crisis
-
Significantly higher net income and free cash
flow
- Reduction
in net financial debt and large amount of liquidity
- Record
order book
- 2021
outlook:
- Performance at
VINCI Energies and VINCI Construction set to exceed pre-Covid
levels
- Recovery in traffic
levels expected to continue at VINCI Autoroutes
- VINCI Airports
passenger numbers still low due to continuing travel restrictions
in some countries
- 2021
interim dividend: €0.65 per share
Key figures
(in € millions) |
First half |
|
|
|
2021 |
2020 |
2019 |
2021/2020 change |
2021/2019 change |
2020 |
Revenue1 |
22,607 |
18,493 |
21,729 |
+22.3% |
+4.0% |
43,234 |
Cash flow from operations (Ebitda) |
3,132 |
1,803 |
3,625 |
+1,329 |
-493 |
5,919 |
% of
revenue |
13.9% |
9.7% |
16.7% |
|
|
13.7% |
Operating income from ordinary activities (Ebit) |
1,598 |
267 |
2,289 |
+1,332 |
-690 |
2,859 |
% of
revenue |
7.1% |
1.4% |
10.5% |
|
|
6.6% |
Recurring operating income |
1,467 |
118 |
2,341 |
+1,349 |
-874 |
2,511 |
Net income attributable to owners of the parent excluding
non-recurring changes in deferred tax in the UK |
877 |
(244) |
1,359 |
+1,121 |
-482 |
1,292 |
Diluted
earnings per share excluding this effect (in €) |
1.53 |
(0.44) |
2.43 |
+1.97 |
-0.90 |
2.29 |
Net income attributable to owners of the parent |
682 |
(294) |
1,359 |
+976 |
-677 |
1,242 |
Diluted earnings per share (in €) |
1.19 |
(0.53) |
2.43 |
+1.72 |
-1.24 |
2.20 |
Free cash flow |
381 |
(182) |
316 |
+563 |
+65 |
3,990 |
Net financial debt2 (in € billions) |
(18.6) |
(22.1) |
(24.2) |
+3.5 |
+5.6 |
(18.0) |
|
|
|
|
|
|
|
Order intake (in € billions) |
22.4 |
22.8 |
20.7 |
-2% |
+8% |
43.4 |
Order book2 (in € billions) |
46.0 |
42.9 |
36.2 |
+7% |
+27% |
42.4 |
Change in total traffic at VINCI Autoroutes |
|
|
|
+29% |
-14% |
|
Change in passenger numbers3 at VINCI Airports |
|
|
|
-50% |
-81% |
|
Xavier Huillard, VINCI’s Chairman and CEO, made
the following comments:
“The first half of 2021 brought a sharp upturn
in revenue and earnings compared with 2020. Free cash flow was
positive, despite seasonal business variations that traditionally
have a negative impact in the early part of the year.
“Business levels and earnings at VINCI Energies
and VINCI Construction were outstanding, exceeding levels seen in
2019. Order intake remained strong and the order book rose to a new
record level, giving the Group good visibility as it looks forward
to the post-Covid era.
“For VINCI Autoroutes, although heavy vehicle
traffic was buoyant, light vehicle traffic was still affected by
some travel restrictions. The gradual easing of those restrictions
in early May led to rapid growth in traffic, which is now above
2019 levels.
“For VINCI Airports, as in the world’s air
transport sector as a whole, passenger numbers remained low as a
direct consequence of Covid-related travel restrictions. However,
demand for air transport remains strong around the world. Although
some airports are seeing a return to passenger numbers close to
2019 levels, trends vary depending on the geographic region.
Against this backdrop, the Group continued its development, winning
the concession for Manaus International Airport and six other small
airports in Brazil.
“In April, VINCI announced the signing of an
agreement with the ACS group to acquire its energy business. This
unique opportunity fits with the Group’s strategy to create a
global player in energy-related engineering, works and services and
to develop renewable energy projects.
“VINCI is continuing to roll out and accelerate
its environmental ambition. In late 2020, to encourage everyone
across the Group to genuinely share and adopt this ambition, we
launched our Environment Awards, open to all VINCI staff members
around the world. The impressive dedication and enthusiasm
demonstrated by our people, and the number and diversity of the
projects submitted, show that the Group’s entities are committed to
implementing this ambition.
“This collective effort supports our commitment
to all-round performance, both in the economic success of our
business activities, but also in relation to their
workforce-related, social and environmental impacts.”
VINCI’s Board of Directors, chaired by Xavier
Huillard, met on 29 July 2021 to finalise the financial
statements for the six months ended 30 June 2021. Confident in
the Group’s ongoing rebound, the Board also approved the payment of
a 2021 interim dividend of €0.65 per share. It will be paid in cash
on 18 November 2021 (ex date: 16 November 2021).
I. Strong earnings growth and firm
free cash flow
VINCI’s financial statements for the
first half of 2021 show sharp year-on-year increases in revenue and
earnings along with outstanding free cash flow. Compared with the
first half of 2019, VINCI
Energies and
VINCI Construction
achieved higher earnings, while those generated by the
Group’s concessions activities remained hampered by low levels of
air traffic and, to a lesser extent, by a fall in motorway traffic
levels.
Consolidated revenue in the first half
of 2021 totalled €22.6 billion, up 22.3% on an actual
basis relative to the first half of 2020 (up 21.7% like-for-like,
with a positive 1.2% impact from changes in scope and a negative
0.6% impact from movements in exchange rates). The upturn was
particularly strong in France, where business levels in the
previous year were badly affected by the first lockdown that began
on 17 March 2020. Of VINCI’s total revenue, 45% was generated
outside France.
Compared with the first half of 2019, revenue
was 4% higher on an actual basis.
Concessions revenue totalled €2.9 billion,
down 24% on an actual basis compared with the first half of 2019,
and broke down as follows:
- VINCI Autoroutes:
€2.4 billion, down 8% compared with the first half of 2019,
but up 26% relative to the first half of 2020.
- VINCI Airports: €0.4 billion
(down 65% compared with the first half of 2019).
- Other consolidated concessions:
VINCI Highways, mainly comprising Lima Expresa and Gefyra
(Rion–Antirion bridge in Greece), whose revenue has recovered close
to the level seen in the first half of 2019.
Revenue at VINCI Energies totalled
€7.2 billion, up 12% on an actual basis compared with the
first half of 2019. That upturn mainly reflects the robust economic
environment and, to a lesser extent, the impact of acquisitions.
Since the start of 2021, the company has completed around 20
acquisitions, representing full-year revenue of approximately
€100 million.
- In France (46% of the total),
revenue was €3.3 billion, up 12% from the first half of
2019.
- Outside France (54% of the total),
revenue totalled €3.9 billion, up 13% relative to the first
half of 2019. It increased in Europe, North America, Africa and
Asia-Oceania, and fell in Brazil and the Middle East.
Revenue at VINCI Construction4 amounted to
€12.2 billion, up 7% on an actual basis compared with the
first half of 2019.
- In France (51% of the total),
revenue was €6.1 billion, down 2% relative to the first half
of 2019 but up 32% year on year. Business levels remained firm in
public works and civil engineering – supported by Grand Paris
Express projects – and in road and rail works as well as
earthworks. In the building sector, business levels were driven by
several major developments in the Paris region.
- Outside France (49% of the total),
revenue was €6.0 billion, up 19% compared with the first half
of 2019. Growth was driven by the ramp-up of several large
contracts obtained recently, including two works packages on the
HS2 high-speed rail line in the United Kingdom.
VINCI Immobilier’s consolidated revenue amounted
to €742 million. Excluding Urbat Promotion, it rose 44%
relative to the first half of 2019, due in particular to strong
production levels for non-residential programmes launched
previously.
Ebitda totalled
€3,132 million, equal to 13.9% of revenue.
Operating income from ordinary
activities (Ebit) was €1,598 million. While far
exceeding the first-half 2020 figure of €267 million, it was
still lower than the level seen in the first half of 2019
(€2,289 million), and broke down as follows:
- €944 million
in Concessions, including a €1,180 million positive
contribution from VINCI Autoroutes. Thanks to drastic
cost-reduction measures, VINCI Airports limited its loss to
€251 million;
- €428 million
from VINCI Energies, equating to an Ebit margin of 6.0%, higher
than the same period in 2019;
- €213 million
for VINCI Construction, giving an Ebit margin of 1.8%5 (0.5% in the
first half of 2019).
Recurring operating income
amounted to €1,467 million. The figure includes the impact of
share-based payments (IFRS 2) and the contribution of companies
accounted for under the equity method, which remained negative for
VINCI Airports.
Consolidated net income attributable to
owners of the parent amounted to €682 million, giving
earnings per share6 of €1.19. This includes a non-recurring
deferred tax expense following the United Kingdom’s decision to
raise its corporate income tax rate from 19% to 25% in 2023. This
expense of close to €200 million relates mainly to the
contribution of London Gatwick Airport, but has no cash impact.
Excluding this effect, consolidated net income attributable to
owners of the parent was €877 million (€1.53 per share2).
Operating cash flow (before
taking account of growth investments in concessions) amounted to
€811 million, similar to the figure for the first half of
2019. It includes a limited rise in the working capital
requirement, which generally increases in the first half due to
seasonal variations.
Free cash flow was
€381 million, higher than in both the previous two first-half
periods (an outflow of €182 million in the first half of 2020
and an inflow of €316 million in the first half of 2019).
Consolidated net financial debt
was €18.6 billion at 30 June 2021, down more than
€3.5 billion relative to 30 June 2020.
II. Buoyant operating performance in
general
Traffic levels on VINCI Autoroutes’ intercity
networks rebounded by 28.6% (light vehicles up 31.7%, heavy
vehicles up 16.2%) compared with the first half of 20207.
Compared with the first half of 2019, traffic
levels were down 13.7%. Heavy vehicle traffic remained buoyant (up
2.0%), due to firm economic activity in France and growth in
e-commerce. However, light vehicle traffic remained hampered by
ongoing restrictions8 and fell 16.5%. The lifting of the ban on
travelling more than 10 km from the home from 3 May 2021
resulted in a rapid recovery in motorway traffic, which has
currently reached higher levels than those seen in 2019. Between 1
and 25 July 2021, traffic levels (across all vehicle types)
were up 1.5% relative to the comparable period of 2019.
Passenger numbers at VINCI Airports were 81%
lower in the first half of 2021 than in the first half of 2019. The
decline in commercial aircraft movements was more limited (down
63%). Trends varied between geographic regions, with passenger
numbers returning to normal in the United States, the Dominican
Republic and Costa Rica, but well below pre-Covid levels in Europe
despite a positive inflexion in June in Portugal, France and
Serbia. Numbers remained very low at London Gatwick, in Japan and
in Cambodia. Between 1 and 25 July 2021, passenger
numbers were down 65% compared with the same period in 2019,
representing an improvement in the trend relative to June.
Order intake totalled
€22.4 billion in the first half of 2021. Despite the high base
for comparison caused by major contract wins in the first half of
2020, order intake was almost unchanged year on year. This very
strong performance was driven by VINCI obtaining several large
contracts in the first half of 2021, along with an uptick in
smaller contract wins in France.
At 30 June 2021, the order
book was 9% larger than at 31 December 2020 (up 12%
outside France and up 3% in France). It represents 14 months of
average business activity (9 months for VINCI Energies and 16
months for VINCI Construction). International business made up 62%
of the order book at end-June 2021.
At VINCI
Immobilier, the number of housing units reserved
in France rose about 10% compared with the first half of 2019 to
3,281, thanks to the integration of Urbat Promotion. Excluding this
effect, the level of reservations was close to that seen in the
first half of 2019 due to robust demand, although the persistent
lengthening of periods for obtaining building permits is weighing
on the trend.
III. Solid financial
position
VINCI has maintained very strong liquidity,
which amounted to €17.3 billion at 30 June 2021:
- managed net cash of
€9.0 billion;
- unused confirmed bank credit
facilities totalling €8.0 billion, with expiry due in November
2025 for almost all of that amount;
- €0.3 billion of commercial
paper issued.
On 30 June 2021, VINCI issued
€750 million of 10.5-year bonds with a coupon of 0.5%. The
success of that issue confirmed investor confidence in VINCI’s
credit quality; the company is rated A- with stable outlook by
Standard & Poor’s and A3 with stable outlook by
Moody’s.
At 30 June 2021, the average maturity of
the Group’s gross financial debt was 7.7 years, and the average
cost of debt was 2.3%.
In April 2021, Gatwick Airport Finance plc – the
head holding company of London Gatwick Airport, a 50.01%-owned
subsidiary of VINCI Airports – issued £450 million of bonds
paying a coupon of 4.375% and due to mature in 2026. At the same
time, Gatwick Funding Limited, which raises funding for London
Gatwick Airport, issued £300 million of bonds due to mature in
2032 with a coupon of 2.5% in order to refinance an existing
loan.
IV. Outlook For VINCI Energies
and VINCI Construction, the Group has raised its guidance: the
strong start to the year and the large order books mean that VINCI
now expects to achieve revenue and operating margins9 in excess of
2019 levels at both of these business lines, barring exceptional
events.
In Concessions, business levels continue to
depend on measures taken in response to the Covid-19 situation in
France and abroad, and on the resulting travel restrictions. Given
the continuing uncertainty as to how the pandemic may develop, it
is still not possible at this stage to offer reliable forecasts
regarding VINCI Airports passenger numbers for the next few
quarters.
For VINCI Autoroutes nevertheless, the recovery
in traffic levels is expected to continue, barring the
implementation of new travel restrictions in France.
Due to these unknowns and the weight of the
Concessions business on the Group’s overall performance, VINCI
cannot provide reliable forecasts for 2021 earnings, which will not
recover to 2019 levels in 2021.
However, VINCI has strengths that will enable it
to get back onto a trajectory of consistent growth, its energy
services, construction and mobility businesses playing a central
role in green growth.
V. Other highlights
On 1 April 2021, VINCI announced the
signing of an agreement with the ACS group to acquire its energy
business. This transaction fits with VINCI’s development strategy.
That strategy aims to build a global player in energy contracting
and to develop a platform for renewables projects, in order to
broaden the Group’s concessions portfolio and extend its average
maturity. This strategic acquisition, which will enhance VINCI’s
contribution to the climate transition, is subject to the usual
regulatory approvals for this kind of transaction, including
antitrust approval in the relevant countries, and could close
around the end of 2021.
The synergies that VINCI has long been
developing between its construction and concession activities have
resulted in two motorway PPP contract wins so far this year:
- In April, a consortium led by VINCI
Highways and including Meridiam (50/50) completed the financing of
the PPP contract for the D4 motorway in the Czech Republic, the
first ever awarded in the country. The works will be carried out by
Eurovia.
- In July, VINCI Concessions won the
PPP contract for the new B247 federal road in Germany. First
federal road in the country ever attributed to a private operator
under a PPP scheme, this project consolidates the leading position
held by VINCI Concessions in German motorway concessions with a
total of five PPPs, developed in synergy with VINCI Construction’s
local subsidiaries, which will be carrying out the works.
In April 2021, VINCI Airports obtained a
30-year concession to operate seven airports in northern Brazil,
including Manaus International Airport. On 23 July 2021, VINCI
Airports signed the contract with the Haute-Savoie administrative
department to hold the concession for Annecy Mont-Blanc Airport for
the next 15 years starting 1 January 2022.
In January 2021, VINCI Immobilier purchased a
50.1% stake in Urbat Promotion, a property developer specialising
in building homes in the south of France, taking its total stake in
that company to 100%. Urbat Promotion is a highly successful
operator in its region, and the deal gives VINCI Immobilier a
recognised brand in the affordable housing segment.
Among the contracts won by the Group since the
start of the year, the most significant are listed below.
VINCI Energies:
- Construction of 1,500 km of power
transmission lines and distribution networks, along with 11
substations in Benin.
- Renewal of the maintenance contract
for La Poste’s parcel and mail sorting equipment in France
(five-year extension).
- Connection of Sweden’s largest
solar farm in Härad to the distribution grid.
- Contract to design and install
digital infrastructure for the city of Utrecht in the Netherlands,
then to operate the system for a period of seven years.
- Design and development of IT
infrastructure for the largest vaccination centre in Italy, located
in Milan.
- Technical work packages for the
construction of Africa’s tallest tower (404 metres) in Abidjan,
Côte d’Ivoire.
VINCI Construction:
- Construction of the Fehmarnbelt
Fixed Link, the world’s longest immersed road and rail tunnel
(18 km), between Germany and Denmark.
- Works package 2 in relation to the
Lyon–Turin rail link.
- Construction of a liquefied natural
gas tank in the United Kingdom.
- Upgrading of a road link in
Melbourne, Australia.
- Upgrading of Highway 40 south of
Grande Prairie in Alberta, Canada.
To build awareness of environmental issues among
all its employees worldwide and empower them to play an active role
in this area, VINCI launched its Environment Awards at the end of
2020. This Group-wide contest, intended to recognise the most
innovative and impactful initiatives in the field, has been a great
success.
More than 2,500 projects already under way,
developed by 4,000 applicants, who are mentored by 800 local
correspondents and experts, have been submitted. Nearly 50,000
Group employees, based in some 20 geographic regions, cast their
votes to choose the winning projects.
*********
Diary |
30 July 2021 |
First-half 2021 results
- Press conference: 08.30 CET
- Analysts’ meeting: 10.30 CET
Access to the analyst conference call:In French +33 (0)1 70
71 01 59 (PIN: 79038779#)In English +44 (0)20 7194 3759 (PIN:
52282116#) Live access to the webcast on the Group’s website
or via the following links: In
French:https://channel.royalcast.com/landingpage/vincifr/20210730_1/In
English:https://channel.royalcast.com/landingpage/vinci/20210730_1/
|
24 August 2021 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for July 2021 (after the market close) |
15 September 2021 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for August 2021 (after the market close) |
13 October 2021 |
VINCI Airports passenger numbers for the third quarter of 2021
(after the market close) |
19 October 2021 |
Quarterly information at 30 September 2021 (after the market
close) |
**********This press release is available in
French and English on VINCI’s website: www.vinci.com.
The slide presentation of the 2021 first-half
results will be available before the press conference on VINCI’s
website: www.vinci.com.
The consolidated financial statements for the
six months ended 30 June 2021 will be available on the VINCI
website from 30 July 2021 after the market close:
https://www.vinci.com/vinci.nsf/en/investors.
**********
About VINCIVINCI is a global
player in concessions, construction and energy, 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, socially
responsible and ethical 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/en
PRESS CONTACTVINCI Press DepartmentTel: +33 (0)1
47 16 31 82media.relations@vinci.com
INVESTOR RELATIONSGrégoire THIBAULTTel: +33 (0)1 47 16 45
07gregoire.thibault@vinci.com
Alexandra BOURNAZELTel: +33 (0)1 47 16 33
46alexandra.bournazel@vinci.com
APPENDICES
APPENDIX A: CONSOLIDATED FINANCIAL
STATEMENTS
Income statement |
First half |
|
|
Full Year |
(in € millions) |
2021 |
2020 |
2019 |
2021/2020 change |
2021/2019 change |
2020 |
Revenue excluding concession subsidiaries’ works
revenue |
22,607 |
18,493 |
21,729 |
+22.3% |
+4.0% |
43,234 |
Concession
subsidiaries’ works revenue1 |
272 |
331 |
323 |
|
|
696 |
Total revenue |
22,879 |
18,824 |
22,052 |
|
|
43,930 |
Operating income from ordinary activities
(Ebit) |
1,598 |
267 |
2,289 |
+1,332 |
-690 |
2,859 |
% of revenue2 |
7.1% |
1.4% |
10.5% |
|
|
6.6% |
Share-based payments (IFRS 2) |
(115) |
(90) |
(100) |
|
|
(240) |
Profit/(loss) of companies accounted for under the equity method
and other recurring operating items |
(15) |
(59) |
153 |
|
|
(108) |
Recurring operating income |
1,467 |
118 |
2,341 |
+1,349 |
-874 |
2,511 |
Non-recurring operating items |
0 |
(119) |
7 |
|
|
(52) |
Operating income |
1,467 |
(0) |
2,348 |
+1,468 |
-881 |
2,459 |
Cost of net financial debt |
(319) |
(303) |
(271) |
|
|
(589) |
Other financial
income and expense |
17 |
(9) |
(31) |
|
|
(47) |
Income tax expense |
(798)4 |
(107)4 |
(635) |
|
|
(807)4 |
Non-controlling interests |
314 |
124 |
(52) |
|
|
226 |
Net income attributable to owners of the
parent |
682 |
(294) |
1,359 |
+976 |
-677 |
1,242 |
% of
revenue2 |
3.0% |
(1.6%) |
6.3% |
|
|
2.9% |
Earnings per share (in €)3 |
1.19 |
(0.53) |
2.43 |
+1.72 |
-1.24 |
2.20 |
Net income attributable to owners of the parent
excluding non-recurring changes in deferred
tax |
8775 |
(244)5 |
1,359 |
+1,121 |
-482 |
1,2925 |
Earnings per share excluding this effect (in €)3 |
1.53 |
(0.44) |
2.43 |
+1.97 |
-0.90 |
2.29 |
1 Applying IFRIC
12 “Service Concession
Arrangements”.2 Percentage
based on revenue excluding concession subsidiaries’ revenue from
work carried out by non-Group
companies.3 After
taking account of dilutive
instruments.4 Including
non-recurring changes in deferred tax in the United Kingdom
(negative impacts of €386 million in H1 2021 and
€100 million in H1 2020 and over the full-year
2020).5 Negative impacts of the
non-recurring changes in deferred tax in the United Kingdom on the
net income attributable to owners of the parent amounted to €195
million in H1 2021 and €50 million in H1 2020 and over the
full-year 2020.
Simplified balance sheet
|
At 30 June 2021 |
At 31 December 2020 |
At 30 June 2020 |
(in € millions) |
Non-current
assets - Concessions |
40,527 |
40,879 |
41,355 |
Non-current
assets - VINCI Energies, VINCI Construction and other business
lines |
14,423 |
14,212 |
13,973 |
WCR, provisions
and other current debt and receivables |
(7,946) |
(8,833) |
(6,403) |
Capital employed |
47,004 |
46,258 |
48,925 |
Equity attributable to owners of the parent |
(21,338) |
(20,863) |
(18,697) |
Non-controlling
interests |
(1,894) |
(2,161) |
(2,222) |
Total equity |
(23,232) |
(23,024) |
(20,919) |
Lease
liabilities |
(1,954) |
(1,907) |
(1,828) |
Non-current provisions and other long-term liabilities |
(3,221) |
(3,337) |
(4,036) |
Long-term borrowings |
(28,407) |
(28,268) |
(26,783) |
Financial debt |
(27,580) |
(27,942) |
(27,932) |
Net cash managed |
8,983 |
9,953 |
5,790 |
Net financial debt |
(18,597) |
(17,989) |
(22,142) |
|
Cash flow statement
|
First half |
Full year |
(in €
millions) |
2021 |
2020 |
2019 |
2020 |
|
|
|
Cash flow from operations before tax and financing costs
(Ebitda) |
3,132 |
1,803 |
3,625 |
5,919 |
Change in operating WCR and current provisions |
(735) |
471 |
(1,354) |
2,330 |
Income taxes
paid |
(453) |
(774) |
(529) |
(1,054) |
Net interest
paid |
(326) |
(351) |
(250) |
(590) |
Dividends received from companies accounted for under the equity
method |
37 |
31 |
110 |
71 |
Cash flows (used in)/from operating
activities |
1,655 |
1,180 |
1,602 |
6,675 |
Operating investments (net of disposals) |
(543) |
(497) |
(525) |
(994) |
Repayment of lease liabilities and associated financial
expense |
(302) |
(296) |
(254) |
(607) |
Operating cash flow |
811 |
388 |
823 |
5,075 |
Growth investments in concessions and PPPs |
(430) |
(569) |
(507) |
(1,085) |
Free cash flow |
381 |
(182) |
316 |
3,990 |
Net financial
investments |
(172) |
(146) |
(8,044) |
(285) |
Other |
2 |
2 |
2 |
(85) |
Net cash flows before movements in share
capital |
211 |
(326) |
(7,726) |
3,619 |
Increases in share capital and other |
605 |
77 |
590 |
648 |
Share
buy-backs |
0 |
(336) |
(502) |
(336) |
Dividends paid |
(1,173) |
(9) |
(1,092) |
(721) |
Net cash flows for the period |
(357) |
(594) |
(8,729) |
3,211 |
Other changes |
(251) |
105 |
43 |
454 |
Change in net financial debt |
(608) |
(488) |
(8,686) |
3,665 |
|
|
|
|
|
Net financial debt at beginning of period |
(17,989) |
(21,654) |
(15,554) |
(21,654) |
Net financial debt at end of period |
(18,597) |
(22,142) |
(24,241) |
(17,989) |
APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED
REVENUE
Consolidated first-half revenue* by business
line
|
First half |
First half |
First half |
2021/2020 change |
2021/2019 change |
(in € millions) |
2021 |
2020 |
2019 |
Actual |
Like-for-like |
Actual |
Concessions |
2,900 |
2,592 |
3,836 |
+11.9% |
+12.7% |
-24.4% |
VINCI Autoroutes |
2,393 |
1,892 |
2,608 |
+26.5% |
+26.5% |
-8.2% |
VINCI Airports |
371 |
592 |
1,070 |
-37.3% |
-36.1% |
-65.3% |
Other concessions** |
136 |
108 |
158 |
+25.7% |
+34.8% |
-14.1% |
VINCI Energies |
7,162 |
6,133 |
6,370 |
+16.8% |
+14.9% |
+12.4% |
VINCI Construction*** |
12,151 |
9,602 |
11,337 |
+26.6% |
+27.2% |
+7.2% |
VINCI Immobilier |
742 |
436 |
470 |
+70.1% |
+54.9% |
+57.8% |
Eliminations and adjustments |
(348) |
(270) |
(284) |
|
|
|
Revenue |
22,607 |
18,493 |
21,729 |
+22.3% |
+21.7% |
+4.0% |
of which: France |
12,365 |
9,484 |
12,263 |
+30.4% |
+29.4% |
+0.8% |
Europe excl. France |
6,060 |
5,501 |
5,771 |
+10.2% |
+13,6% |
+5.0% |
International excl. Europe |
4,182 |
3,508 |
3,696 |
+19.2% |
+13.1% |
Consolidated second-quarter
revenue*
|
Second quarter |
Second quarter |
Second quarter |
2021/2020 change |
2021/2019 change |
(in € millions) |
2021 |
2020 |
2019 |
Actual |
Like-for-like |
Actual |
Concessions |
1,575 |
889 |
2,175 |
+77.3% |
+77.1% |
-27.6% |
VINCI Autoroutes |
1,285 |
781 |
1,438 |
+64.7% |
+64.7% |
-10.6% |
VINCI Airports |
216 |
71 |
650 |
nm |
nm |
-66.8% |
Other concessions** |
74 |
37 |
87 |
+101.2% |
+113.7% |
-14.5% |
VINCI Energies |
3,757 |
2,961 |
3,353 |
+26.9% |
+24.3% |
+12.1% |
VINCI Construction*** |
6,896 |
4,825 |
6,382 |
+42.9% |
+43.0% |
+8.0% |
VINCI Immobilier |
422 |
199 |
280 |
+112.6% |
+91.6% |
+50.9% |
Eliminations and adjustments |
(221) |
(73) |
(157) |
|
|
|
Revenue*** |
12,429 |
8,799 |
12,033 |
+41.3% |
+39.8% |
+3.3% |
of which: France |
6,554 |
4,261 |
6,686 |
+53.8% |
+52.4% |
-2.0% |
Europe excl.
France |
3,454 |
2,800 |
3,330 |
+23.4% |
+28.1% |
+3.7% |
International excl. Europe |
2,421 |
1,739 |
2,017 |
+39.2% |
+20.0% |
* Excluding
concession subsidiaries’ revenue from work carried out by non-Group
companies (see Glossary).** VINCI Highways, VINCI Railways and
VINCI Stadium. *** In addition to its existing construction
activities, the new VINCI Construction business line now includes
Eurovia. Pro forma data after intra-business line eliminations.
Consolidated first-half revenue* by
geographical area and business line
|
First half |
First half |
First half |
2021/2020 change |
2021/2019 change |
(in € millions) |
2021 |
2020 |
2019 |
Actual |
Like-for-like |
Actual |
FRANCE |
|
|
|
|
|
|
Concessions |
2,518 |
2,030 |
2,855 |
+24.0% |
+24.0% |
-11.8% |
VINCI Autoroutes |
2,393 |
1,892 |
2,608 |
+26.5% |
+26.5% |
-8.2% |
VINCI Airports |
81 |
100 |
185 |
-19.0% |
-19.0% |
-56.3% |
Other concessions** |
44 |
38 |
62 |
+15.7% |
+15.7% |
-29.6% |
VINCI Energies |
3,305 |
2,638 |
2,942 |
+25.3% |
+24.8% |
+12.3% |
VINCI Construction*** |
6,139 |
4,641 |
6,271 |
+32.3% |
+32.0% |
-2.1% |
VINCI Immobilier |
738 |
435 |
469 |
+69.7% |
+54.5% |
+57.2% |
Eliminations and adjustments |
(334) |
(259) |
(276) |
|
|
|
Total France |
12,365 |
9,484 |
12,263 |
+30.4% |
+29.4% |
+0.8% |
|
|
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
|
|
Concessions |
383 |
562 |
980 |
-32.0% |
-29.7% |
-61.0% |
VINCI Airports |
290 |
492 |
884 |
-41.0% |
-39.7% |
-67.2% |
Other concessions** |
92 |
70 |
96 |
+31.1% |
+46.3% |
-4.1% |
VINCI Energies |
3,858 |
3,496 |
3,428 |
+10.3% |
+7.6% |
+12.5% |
VINCI Construction*** |
6,012 |
4,961 |
5,066 |
+21.2% |
+22.7% |
+18.7% |
Eliminations and adjustments |
(10) |
(10) |
(8) |
|
|
|
Total International |
10,242 |
9,009 |
9,467 |
+13.7% |
+13.6% |
+8.2% |
* Excluding
concession subsidiaries’ revenue from work carried out by non-Group
companies (see Glossary).** VINCI Highways, VINCI
Railways and VINCI Stadium. *** In addition to its existing
construction activities, the new VINCI Construction business line
now includes Eurovia. Pro forma data after intra-business line
eliminations.
APPENDIX C: OTHER INFORMATION BY BUSINESS
LINE
Operating income from ordinary activities (Ebit) by
business line
|
First half |
First half |
First half |
2021/2020 change |
2021/2019 change |
(in € millions) |
2021 |
% of revenue* |
2020 |
% of revenue* |
2019 |
% of revenue* |
Concessions |
944 |
32.6% |
545 |
21.0% |
1,844 |
48.1% |
+399 |
-900 |
VINCI Autoroutes |
1,180 |
49.3% |
701 |
37.0% |
1,407 |
53.9% |
+479 |
-227 |
VINCI Airports |
(251) |
(67.6%) |
(127) |
(21.4%) |
432 |
40.4% |
-124 |
-683 |
Other concessions*** |
15 |
|
(29) |
|
5 |
|
+44 |
+10 |
VINCI Energies |
428 |
6.0% |
186 |
3.0% |
378 |
5.9% |
+241 |
+50 |
VINCI Construction** |
213 |
1.8% |
(441) |
(4.6%) |
53 |
0.5% |
+654 |
+159 |
VINCI Immobilier |
11 |
1.5% |
(27) |
(6.3%) |
5 |
1.1% |
+39 |
+6 |
Holding companies |
2 |
|
4 |
|
8 |
|
-1 |
-6 |
Total Ebit |
1,598 |
7.1% |
267 |
1.4% |
2,289 |
10.5% |
+1,332 |
-690 |
Ebitda by business
line
(in € millions) |
First half 2021 |
% of revenue* |
First half 2020 |
% of revenue* |
First half 2019 |
% of revenue* |
2021/2020 change |
2021/2019 change |
Concessions |
1,879 |
64.8% |
1,502 |
57.9% |
2,692 |
70.2% |
+377 |
-812 |
of which: VINCI Autoroutes |
1,805 |
75.4% |
1,324 |
69.9% |
2,004 |
76.8% |
+482 |
-198 |
VINCI Airports |
(3) |
(0.9%) |
140 |
23.7% |
608 |
56.8% |
-144 |
-611 |
VINCI Energies |
518 |
7.2% |
361 |
5.9% |
508 |
8.0% |
+156 |
+10 |
VINCI Construction |
555 |
4.6% |
(57) |
(0.6%) |
368 |
3.2% |
+612 |
+186 |
VINCI Immobilier |
22 |
3.0% |
(18) |
(4.0%) |
11 |
2.3% |
+40 |
+11 |
Holding companies |
158 |
|
14 |
|
46 |
|
+143 |
+111 |
Ebitda |
3,132 |
13.9% |
1,803 |
9.7% |
3,625 |
16.7% |
+1,329 |
-493 |
Net financial debt by business line
(in € millions) |
At 30 June 2021 |
Of which external net financial surplus (debt) |
At 31 Dec.2020 |
Of which external net financial surplus (debt) |
At 30 June 2020 |
Of which external net financial surplus (debt) |
Concessions |
(33,465) |
(19,644) |
(32,718) |
(20,409) |
(33,777) |
(20,143) |
VINCI Autoroutes |
(18,037) |
(13,336) |
(18,318) |
(14,484) |
(19,668) |
(14,500) |
VINCI Airports |
(11,515) |
(5,691) |
(11,053) |
(5,264) |
(10,691) |
(4,876) |
Other concessions*** and holding
companies |
(3,913) |
(618) |
(3,347) |
(661) |
(3,418) |
(767) |
VINCI Energies |
(226) |
392 |
(256) |
405 |
(1,178) |
249 |
VINCI Construction |
1,623 |
1,268 |
2,211 |
1,760 |
472 |
1,173 |
Holding companies and miscellaneous |
13,470 |
(613) |
12,774 |
255 |
12,340 |
(3,421) |
Net financial debt |
(18,597) |
(18,597) |
(17,989) |
(17,989) |
(22,142) |
(22,142) |
* Excluding
concession subsidiaries’ revenue from work carried out by non-Group
companies (see Glossary).** Not representative of full-year
performance due to seasonal nature of business.*** VINCI Highways,
VINCI Railways and VINCI Stadium.
APPENDIX D: VINCI AUTOROUTES AND VINCI
AIRPORTS INDICATORS
Traffic on motorway
concessions*
|
Second quarter |
First half |
(millions of km travelled) |
2021 |
2021/2020 change |
2021/2019 change |
2021 |
2021/2020 change |
2021/2019 change |
VINCI Autoroutes |
11,310 |
+74.9% |
-15.6% |
20,609 |
+28.6% |
-13.7% |
Light
vehicles |
9,401 |
+88.2% |
-18.5% |
16,856 |
+31.7% |
-16.5% |
Heavy vehicles |
1,909 |
+29.8% |
+2.3% |
3,754 |
+16.2% |
+2.0% |
of which: |
|
|
|
|
|
|
ASF |
7,106 |
+76.2% |
-14.9% |
12,947 |
+29.7% |
-12.8% |
Light
vehicles |
5,829 |
+91.5% |
-18.0% |
10,433 |
+33.6% |
-15.9% |
Heavy vehicles |
1,277 |
+29.0% |
+3.1% |
2,514 |
+15.8% |
+2.8% |
Escota |
1,605 |
+65.2% |
-14.4% |
2,960 |
+24.2% |
-13.6% |
Light
vehicles |
1,425 |
+69.7% |
-16.0% |
2,611 |
+24.8% |
-15.2% |
Heavy vehicles |
179 |
+36.8% |
-0.2% |
349 |
+19.2% |
+0.4% |
Cofiroute (intercity network) |
2,527 |
+77.6% |
-18.3% |
4,570 |
+28.1% |
-15.8% |
Light
vehicles |
2,087 |
+92.8% |
-21.5% |
3,704 |
+31.4% |
-18.9% |
Heavy vehicles |
440 |
+29.2% |
+1.3% |
866 |
+15.9% |
+0.5% |
Arcour |
72 |
+91.6% |
-20.1% |
132 |
+34.0% |
-15.4% |
Light
vehicles |
60 |
+108.6% |
-22.8% |
107 |
+37.4% |
-18.0% |
Heavy vehicles |
12 |
+36.6% |
-3.0% |
25 |
+20.8% |
-1.4% |
* Excluding A86 duplex.
Change in VINCI Autoroutes revenue in the first half of
2021
|
VINCI Autoroutes |
Of which: |
|
|
|
ASF |
Escota |
Cofiroute |
Arcour |
Toll revenue (in € millions) |
2,336 |
1,370 |
333 |
604 |
29 |
2021/2020
change |
+25.6% |
+26.7% |
+23.3% |
+24.2% |
+31.0% |
2021/2019 change |
-8.8% |
-7.2% |
-9.7% |
-11.5% |
-10.0% |
Revenue (in € millions) |
2,393 |
1,407 |
339 |
615 |
30 |
2021/2020
change |
+26.5% |
+27.7% |
+23.4% |
+25.0% |
+30.7% |
2021/2019 change |
-8.2% |
-6.6% |
-9.6% |
-11.1% |
-10.0% |
VINCI Airports passenger
traffic1
|
Second quarter |
First half |
(in thousands of passengers) |
2021 |
2021/2020 change |
2021/2019 change |
2021 |
2021/2020 change |
2021/2019 change |
Portugal
(ANA) |
3,854 |
* |
-76.6% |
5,255 |
-46.0% |
-80.9% |
of which
Lisbon |
1,777 |
* |
-78.7% |
2,518 |
-55.4% |
-82.8% |
United
Kingdom |
762 |
* |
-94.7% |
1,012 |
-88.2% |
-96.0% |
of which LGW |
415 |
* |
-96.7% |
569 |
-92.5% |
-97.4% |
France |
1,220 |
* |
-78.1% |
1,980 |
-46.2% |
-80.2% |
of which ADL |
639 |
* |
-79.6% |
1,097 |
-46.9% |
-80.7% |
Cambodia |
59 |
* |
-97.8% |
137 |
-93.0% |
-97.7% |
United
States |
1,707 |
* |
-37.5% |
2,537 |
+3.9% |
-49.7% |
Brazil |
850 |
* |
-43.6% |
2,225 |
+3.7% |
-40.4% |
Serbia |
638 |
* |
-59.5% |
922 |
-8.5% |
-64.7% |
Dominican
Republic |
1,127 |
* |
-17.1% |
1,908 |
+37.3% |
-32.4% |
Sweden |
108 |
* |
-83.7% |
160 |
-55.3% |
-84.9% |
Total fully consolidated subsidiaries |
10,326 |
* |
-78.0% |
16,135 |
-48.4% |
-80.8% |
Japan (40%) |
2,005 |
* |
-84.6% |
4,088 |
-57.1% |
-84.0% |
Chile (40%) |
1,230 |
* |
-78.0% |
3,289 |
-48.5% |
-73.9% |
Costa Rica
(45%) |
219 |
* |
-24.8% |
341 |
-20.3% |
-53.9% |
Rennes-Dinard
(49%) |
62 |
* |
-77.1% |
106 |
-12.0% |
-77.1% |
Total equity-accounted subsidiaries |
3,516 |
* |
-81.7% |
7,824 |
-52.5% |
-80.1% |
Total passengers managed by VINCI Airports |
13,842 |
* |
-79.1% |
23,959 |
-49.8% |
-80.6% |
1 Data at 100%, irrespective of percentage held. 2019 figures
including airport passenger numbers over the full period. * In the
second quarter of 2020, passenger traffic was close to zero because
of the pandemic. As a result, the comparison with the second
quarter of 2021 is not meaningful.
APPENDIX E: ORDER BOOK AND ORDER INTAKE
AT VINCI ENERGIES AND VINCI CONSTRUCTION
Order book
|
At 30 June |
Change |
|
At 31 Dec. |
Change |
(in € billions) |
2021 |
2020 |
2019 |
over 12 months |
|
2020 |
vs 31 Dec. 2020 |
VINCI Energies |
11.2 |
10.2 |
9.4 |
+10% |
|
9.9 |
+13% |
VINCI
Construction |
34.8 |
32.7 |
26.8 |
+6% |
|
32.5 |
+7% |
Total |
46.0 |
42.9 |
36.2 |
+7% |
|
42.4 |
+9% |
of which: |
|
|
|
|
|
|
|
France |
17.3 |
18.0 |
15.6 |
-4 % |
|
16.9 |
+3% |
Outside
France |
28.7 |
24.9 |
20.6 |
+15% |
|
25.5 |
+12% |
Europe excl. France |
16.8 |
13.6 |
9.9 |
+24% |
|
14.1 |
+19% |
Rest of the world |
11.8 |
11.2 |
10.6 |
+5% |
|
11.4 |
+4% |
Order intake
|
First half |
|
|
(in € billions) |
2021 |
2020 |
2019 |
2021/2020 change |
Change over rolling 12-month period to end-June 2021 |
VINCI Energies |
8.4 |
7.3 |
7.2 |
+15% |
+9% |
VINCI
Construction |
14.0 |
15.5 |
13.5 |
-10% |
-7% |
Total |
22.4 |
22.8 |
20.7 |
-2% |
-2% |
of which: |
|
|
|
|
|
France |
10.0 |
9.7 |
9.7 |
+3% |
-5% |
Outside
France |
12.4 |
13.1 |
11.0 |
-5% |
+1% |
GLOSSARY
Cash flows from operations before tax and
financing costs (Ebitda): Ebitda corresponds to recurring operating
income adjusted for additions to depreciation and amortisation,
changes in non-current provisions and non-current asset impairment,
and gains and losses on asset disposals. It also includes
restructuring charges included in non-recurring operating
items.
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.
Cost of net financial debt: the cost of net
financial debt comprises all financial income and expense relating
to net financial debt as defined below. It therefore includes
interest expense and income from interest rate derivatives
allocated to gross debt, along with financial income from
investments and cash equivalents. The reconciliation between this
indicator and the income statement is detailed in the notes to the
Group’s consolidated financial statements.
Ebitda margin, Ebit margin and recurring
operating margin: ratios of Ebitda, Ebit, or recurring operating
income to revenue excluding concession subsidiaries’ revenue from
work carried out by non-Group companies.
Free cash flow: free cash flow is made up of
operating cash flow and growth investments in concessions and
public-private partnerships (PPPs).
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 use 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.
Non-recurring operating items: non-recurring
income and expense mainly includes goodwill impairment losses,
restructuring charges, and income and expense relating to changes
in scope (capital gains or losses on disposals of securities and
the impact of changes in control).
Operating cash flow: operating cash flow is a
measurement of cash flows generated by the Group’s ordinary
activities. It is made up of Ebitda, the change in operating
working capital requirement and current provisions, interest paid,
income taxes paid, dividends received from companies accounted for
under the equity method, operating investments net of disposals and
repayments of lease liabilities and the associated financial
expense. Operating cash flow does not include growth investments in
concessions and public-private partnerships (PPPs).
Operating income from ordinary activities
(Ebit): this indicator is included in the income statement.
Ebit measures the operational performance of
fully consolidated Group subsidiaries. It excludes share-based
payment expense (IFRS 2), other recurring operating items
(including the share of the income or loss of companies accounted
for under the equity method) and non-recurring operating items.
Operating income: this indicator is included in
the income statement.
Operating income is calculated by taking
recurring operating income and adding non-recurring income and
expense (see above).
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 stage 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.
Public-private partnerships – concessions and
partnership contracts: public-private partnerships are forms of
long-term public-sector contracts through which a public authority
calls upon a private-sector partner to design, build, finance,
operate and maintain a facility or item of public infrastructure
and/or manage a service.
In France, a distinction is drawn between
concessions (for works or services) and partnership contracts.
Outside France, there are categories of public
contracts – known by a variety of names – with characteristics
similar to those of the French concession and partnership
contracts.
In a concession, the concession holder receives
a toll (or other form of remuneration) directly from users of the
infrastructure or service, on terms defined in the contract with
the public-sector authority that granted the concession. The
concession holder therefore bears “traffic level risk” related to
the use of the infrastructure.
In a partnership contract, the private partner
is paid by the public authority, the amount being tied to
performance targets, regardless of the infrastructure’s level of
usage. The private partner therefore bears no traffic level
risk.
Recurring operating income: this indicator is included in the
income statement. Recurring operating income is intended to present
the Group’s operational performance excluding the impact of
non-recurring transactions and events during the period. It is
obtained by taking operating income from ordinary activities (Ebit)
and adding the IFRS 2 expense associated with share-based payments
(Group savings plans and performance share plans), the Group’s
share of the income or losses of subsidiaries accounted for under
the equity method, and other recurring operating income and
expense. The latter category includes recurring income and expense
relating to companies accounted for under the equity method and to
non-consolidated companies (financial income from shareholder loans
and advances granted by the Group to some of its subsidiaries,
dividends received from non-consolidated companies, etc.).
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.
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.
1 Excluding concession subsidiaries’ revenue from work 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 full period.
4 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.5 It should be borne in mind
that VINCI Construction's activities are seasonal, particularly in
roadworks, and so first-half results are not representative of
full-year performance. 6 After taking account of dilutive
instruments. 7 Traffic levels fell very sharply following the
introduction of lockdown measures in France from 17 March to
11 May 2020. From 11 May until 2 June 2020, journeys
of more than 100 km from the home were prohibited. 8 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 restrictions on
travel between countries. 9 Ebit / revenue.
Vinci (EU:DG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Vinci (EU:DG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024