Earnings Release • Feb 5, 2021
Earnings Release
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Rueil Malmaison, 5 February 2021
| (in € millions) | 2020 | 2019 | 2020/2019 change |
|---|---|---|---|
| Revenue1 | 43,234 | 48,053 | -10% |
| Cash flow from operations (Ebitda) | 5,919 | 8,497 | -2,578 |
| % of revenue | 13.7% | 17.7% | |
| Operating income from ordinary activities (Ebit) | 2,859 | 5,734 | -2,876 |
| % of revenue | 6.6% | 11.9% | |
| Recurring operating income | 2,511 | 5,704 | -3,193 |
| Net income attributable to owners of the parent | 1,242 | 3,260 | -62% |
| Diluted earnings per share (in €) | 2.20 | 5.82 | -3.62 |
| Free cash flow | 3,990 | 4,201 | -211 |
| Dividend per share (in €) | 2.042 | 2.043 | unchanged |
| Net financial debt4 (in € billions) |
(18.0) | (21.7) | +3.7 |
| Liquidity4 (in € billions) |
19.2 | 15.8 | +3.4 |
| Change in total traffic at VINCI Autoroutes | -21.4% | +2.8% | |
| Change in VINCI Airports passenger numbers5 | -70.0% | +5.7% | |
| Order intake (in € billions) | 43.5 | 41.7 | +4% |
| Order book4 (in € billions) |
42.4 | 36.5 | +16% |
4 At 31 December.
1 Excluding concession subsidiaries' revenue from works done by non-Group companies (see Glossary).
2 Proposal with respect to 2020 to be made to the Shareholders' General Meeting on 8 April 2021.
3 Of which €0.79 paid in 2019 and €1.25 paid in 2020.
5 Figures at 100% including passenger numbers at all airports managed by VINCI Airports over the full year.
This press release is an official information document of the VINCI Group.
Xavier Huillard, VINCI's Chairman and CEO, made the following comments:
"The health crisis resulting from the Covid-19 pandemic severely impacted VINCI's financial performance in 2020.
"When France introduced its first lockdown on 17 March 2020, almost all of the Group's activities came to a halt. Subsequently, business levels in our Contracting business and to a lesser extent at VINCI Autoroutes recovered to near-normal levels, but VINCI Airports remained badly affected by the global decline in air traffic.
"In 2020 as a whole, the decline in Contracting revenue was limited by a good second half, both in France and internationally.
However, VINCI Autoroutes saw its traffic levels fall by around 20%. Although heavy vehicle traffic was resilient, light vehicle traffic was affected by the lockdowns introduced in France and elsewhere in Europe in the spring and towards the end of the year.
At VINCI Airports, passenger numbers slumped by 70% in 2020 after travel restrictions came into force all around the world. With new waves of infection taking hold, airport passenger numbers have remained very low since the beginning of 2021 and visibility for the coming quarters is limited.
"In these unprecedented circumstances, and although the deterioration was less severe in the second half, VINCI's results in 2020 were significantly weaker than in the previous year. However, exceptional cash inflows from customers and a firm grip on both operating expenses and capital expenditure meant that cash flow remained impressively high in 2020, close to the record level achieved in 2019.
"In addition, the increase in order intake and the resulting growth in the order book are pleasing. We won a series of major contracts both in France (a new works package for the Grand Paris Express project; The Link, Total's future headquarters in La Défense; preparatory work on Avrieux shafts for the Lyon–Turin rail line) and abroad (two works packages for the HS2 rail project and a new train station in the United Kingdom, rehabilitation work on the Louis-Hippolyte La Fontaine tunnel in Montreal and the southern segment of the West Calgary Ring Road in Canada, motorway construction and upgrade contracts in Australia, rail contracts in New Zealand). VINCI Energies kept up the pace in pursuing its acquisitions policy, buying around 20 companies, the largest of which was in Canada, marking a new milestone in the development of its North American business, and another in Germany in the offshore wind sector. Finally, the synergies that VINCI has long been developing between its Construction and Concession businesses resulted in two motorway PPP contracts, one in the Czech Republic and the other in Kenya, both of which represent firsts in those countries.
"Looking beyond the difficulties we encountered, 2020 confirmed VINCI's solid foundations, based on our very broad array of expertise and geographical locations. It also showed the agility and adaptability shown by our companies, which have strong roots in their communities, and the effectiveness of our decentralised managerial model based on responsibility at the local level, close to our operations on the ground and our clients.
"More than ever, VINCI's culture is centred around people and an entrepreneurial mindset. In the face of the Covid-19 crisis, the full extent of the commitment shown by VINCI staff members was revealed: to give just a few examples, it allowed us to build temporary hospitals in the space of a few days, use the Group's infrastructure for medical transport and offer hot meals to hauliers in motorway service areas. Through our corporate foundations in France and abroad, VINCI also took action to show solidarity with the most vulnerable groups and those dealing with the crisis on the front line.
"From our current position in early 2021, it remains very unclear how the pandemic will unfold, and unfortunately a worsening in the public health situation cannot be ruled out. However, VINCI has strengths that will enable us to maintain our course and rebound rapidly when the crisis has been overcome. Our long-term business model is particularly well suited to the current challenges facing society – ecological transition, energy efficiency, new mobility and communication requirements – which represent promising markets for the Group's companies.
"Finally, the Covid-19 crisis has made us even more determined to step up VINCI's environmental transformation. We have defined new goals, which we announced in early 2020. Accordingly, we have adopted specific action plans in our various business lines, organised around the following objectives: combating climate change, with an initial target consisting of a 40% reduction in CO2 emissions by 2030; promoting the circular economy; and protecting natural environments.
"Because we believe in all-round performance, our commitment covers both the economic success of our business activities, but also their workforce-related, social and environmental impact."
VINCI's Board of Directors, chaired by Xavier Huillard, met on 4 February 2021 to finalise the 2020 financial statements6 , which will be submitted for approval at the Shareholders' General Meeting on 8 April 2021. In that meeting, the Board approved the proposed dividend of €2.04 per share with respect to 2020, payable entirely in cash.
VINCI's consolidated revenue amounted to €43.2 billion in 2020, down 10.0% on an actual basis compared with 2019. Revenue fell more in France (down 12.9%) than elsewhere (down 6.5%). As a result, the proportion of revenue generated outside France rose to 47% in 2020 (45% in 2019). Like-for-like – i.e. after stripping out the impact of changes in the consolidation scope (+1.9%), mainly outside France, and of changes in exchange rates (- 0.8%) – revenue was down 11.1%.
Concessions revenue totalled €5.8 billion, down 31.7% on an actual basis (down 33.5% like-for-like).
Contracting revenue totalled €36.9 billion, representing a limited decline of 5.2% (down 5.9% like-for-like). In France, Contracting revenue amounted to €17.5 billion, down 10.6% on an actual basis. After a strong start to the year, business levels were very low in both building and public works during the first lockdown, i.e. for almost two months. They gradually recovered from late April and were almost back to normal in June. Outside France, Contracting revenue totalled €19.4 billion, almost unchanged compared with the previous year and equal to 53% of the total (50% in 2019). Unlike in France and despite the Covid-19 crisis, VINCI was able to maintain business levels at close to full capacity in most of the other countries in which it operates, although there was some variation between regions depending on local measures adopted by the authorities.
In France (43% of the total), revenue fell 4.8% on an actual basis or 5.8% like-for-like. After recovering strongly following the first lockdown, business levels held firm in the second half, close to levels seen in 2019.
Outside France (57% of the total), revenue rose 2.8% on an actual basis and fell 2.9% like-for-like. Growth in Europe and North America offset declines in Africa, the Middle East and South America.
6The consolidated financial statements have been audited and the Statutory Auditors' report is in the process of being published.
In France (51% of the total), revenue fell 11.6% on an actual basis (down 11.9% like-for-like), because of the near-total shutdown of worksites during the first lockdown. Outside France (49% of the total), revenue rose 2.1% on an actual basis and was stable like-for-like, since Eurovia was able to maintain business activity throughout the year in most of its countries. At constant exchange rates, revenue rose in the United States – which now accounts for 11% of Eurovia's revenue – as well as in the United Kingdom, the Czech Republic and Chile. Revenue fell in Germany, Canada, Poland and Slovakia.
In France (50% of the total), revenue fell 14.4% on an actual basis (down 14.9% like-for-like) because of worksite shutdowns during the first lockdown. Outside France (50% of the total), business conditions varied fairly widely between business lines and geographical zones, depending on local public health decisions taken by the authorities. VINCI Construction's revenue was stable like-for-like, supported by the ramp-up of several recently won contracts in its major projects division.
VINCI Immobilier saw a fall in revenue (down 9.9% to €1.2 billion), with the Covid-19 crisis affecting the signing of property sales agreements as well as activity in the managed residences business, while impeding progress on both residential and commercial developments.
Consolidated Ebitda totalled €5.9 billion (€8.5 billion in 2019), equal to 13.7% of revenue compared with 17.7% in 2019.
Operating income from ordinary activities (Ebit) amounted to €2.9 billion (€5.7 billion in 2019). It equalled 6.6% of revenue compared with 11.9% in 2019, and broke down as follows:
Recurring operating income amounted to €2.5 billion (€5.7 billion in 2019). As well as the impact of share-based payments (IFRS 2), this includes the negative contribution of companies accounted for under the equity method, particularly in the airports sector, whereas the impact was positive in 2019.
Consolidated net income attributable to owners of the parent was €1.2 billion in 2020 (€3.3 billion in 2019) and earnings per share7 amounted to €2.20 (€5.82 in 2019).
7 After taking into account dilutive instruments.
Free cash flow remained at a very high level, totalling €4.0 billion (€4.2 billion in 2019). The decline in Ebitda was to a large extent offset by a very substantial improvement in the working capital requirement and current provisions, and by a reduction in operating investments. This outstanding performance was largely due to the three Contracting business lines, which achieved very high cash inflows from customers, particularly at the end of the year. As a result, the sharp improvement in free cash flow in the Contracting business and at VINCI Immobilier, totalling €2.7 billion (€1.3 billion in 2019), partly made up for the fall in free cash flow in Concessions to €1 billion (€2.8 billion in 2019), mainly caused by the airports business.
Consolidated net financial debt at 31 December 2020 was €18.0 billion, down around €3.7 billion relative to end-2019.
After falling sharply following the first lockdown, traffic on VINCI Autoroutes' intercity networks recovered close to 2019 levels during the summer. Traffic levels then fell again as a result of the restrictions introduced in France and Europe from the end of October, with a 22.4% decline in the fourth quarter. It should also be noted that traffic levels in December 2019 had been boosted by disruption to France's rail network caused by SNCF strike action.
In 2020 as a whole, VINCI Autoroutes saw traffic fall 21.4% across all vehicle types. Heavy vehicle traffic held up well (down 6.5% including a 0.4% increase in the fourth quarter), due to resilient economic activity and growth in e-commerce. However, light vehicle traffic suffered from repeated travel restrictions, and fell by 23.8%, with a 26.4% decline in the fourth quarter.
Passenger numbers across the VINCI Airports network were down sharply for most of 2020, as they were for the aviation sector worldwide, because of the Covid-19 pandemic from March onwards. They were close to zero in the second quarter. After starting to recover in June, the trend worsened again in September and then stabilised at a very low level in the fourth quarter after new lockdown measures were adopted in Europe.
Overall, passenger numbers across the VINCI Airports network fell 70.0% year on year to 77 million, compared with 255 million in 20198 . The decline was more pronounced in Europe and Asia (around 72%), where public health measures were particularly strict, than in the Americas (around 61%). Passenger numbers rebounded rapidly in countries that lifted restrictions, such as the Dominican Republic, showing that there is still a great appetite for travel. The trend also started to improve in the summer at Salvador Bahia Airport in Brazil, and at Orlando Sanford International Airport in the United States. Osaka Itami Airport and Kobe Airport in Japan also saw a limited upturn in domestic passenger numbers in the fourth quarter.
8 Figures at 100%. 2019 figures including airport passenger numbers over the full year.
At VINCI Immobilier, business levels were affected by the lockdown in mid-March, which caused projects to shut down and severely disrupted the marketing of current developments. New development projects were also affected by the postponement of municipal elections and the resulting delays in granting planning permission.
In 2020 as a whole, the number of homes reserved – including at the Urbat Promotion subsidiary – fell 16% to 6,120 following an upturn in the fourth quarter. That upturn was driven by a significant recovery in individual home sales, block sales of homes to public-sector entities (CDCH, Action Logement) and firm sales of homes in managed residences.
Covid-19impacts: the consequences of Covid-19 on the full-year financial statements were estimated in relation to the latest pre-pandemic budget estimates. The impacts are estimated at approximately €5.9 billion negative on revenue, €3.7 billion negative on recurring operating income and €2.4 billion negative on consolidated net income attributable to owners of the parent. They in particular include the effects of the lower business volumes and the cost overruns generated by the pandemic, as well as the non-recurring items recognised during the period.
VINCI worked hard to bolster its liquidity given the exceptional circumstances of the Covid-19 crisis.
Liquidity amounted to €19.2 billion at 31 December 2020 (€15.8 billion at end-December 2019), and comprised:
In November 2020, in very favourable market conditions, VINCI carried out its inaugural issue of green bonds, placing €500 million of eight-year zero-coupon notes (representing a slightly negative yield for investors). The success of that issue confirmed investor confidence both in VINCI's credit quality – rated A- with stable outlook by Standard & Poor's and A3 with stable outlook by Moody's – and in its ambitious environmental policy. In addition, the issue enabled the Group to diversify its funding sources by accessing a new set of bond investors focused on ESG (environmental, social and governance) criteria.
In May, Cofiroute issued €950 million of 11-year bonds with a coupon of 1.0%.
These transactions extended the average maturity of VINCI's debt while reducing its cost.
At 31 December 2020, the Group's gross financial debt, before taking into account available cash, totalled almost €28 billion. Its average maturity was 7.7 years (8.1 years at 31 December 2019) and the average cost of debt was slightly lower at 2.3% (2.4% in 2019).
In Contracting, barring exceptional events, VINCI is aiming to increase revenue very close to the 2019 level, and to improve operating margins9 in its three Contracting business lines. Operating margins should return to levels similar to those seen in 2019, or slightly higher in the case of VINCI Construction. That recovery remains dependent on the stabilisation of the economic and public health situation.
In Concessions, visibility still remains very limited, and business levels depend on developments in the Covid-19 situation and the potential restrictions that may result. It is therefore not possible at this stage to offer reliable forecasts regarding VINCI Airports passenger numbers or VINCI Autoroutes traffic levels for the next few quarters.
However, at VINCI Autoroutes, where traffic levels remain affected by travel restrictions, a relatively rapid return to normal can be expected once those measures are lifted, as was seen in summer 2020.
Given these uncertainties and the impact of the Concessions business for the Group's performance, VINCI cannot provide reliable consolidated earnings forecasts for 2021. In any event, earnings will not recover to 2019 levels in 2021.
The Group will report regularly on developments in motorway traffic levels and airport passenger numbers for its main infrastructure assets.
VINCI's Board of Directors has decided to propose a 2020 dividend of €2.04 per share, the same as the 2019 dividend (of which €1.25 was paid in 2020), to the Shareholders' General Meeting on 8 April 2021, to be paid entirely in cash.
The dividend will be paid on 22 April 2021 (ex-dividend date: 20 April 2021).
At 31 December 2020, VINCI's capital consisted of 588.5 million shares, including 26.5 million treasury shares (4.5% of the capital at that date).
In line with the commitments made in its Manifesto, VINCI adopted new a environmental ambition in early 2020, with three key priorities:
Each VINCI business line has adopted these targets and is working to attain them.
To meet the Group's target of achieving a 40% reduction in CO2 emissions by 2030 compared with 2018, based on Scopes 1 and 2 (direct impact), its various entities are adopting energy-efficiency and decarbonisation initiatives for their vehicles, site machinery and fixed sites, and are expanding their use of renewable energy.
VINCI has also detailed its biodiversity road map as part of its commitment to the act4nature international initiative.
To ensure that these objectives are shared by the Group's 217,000-plus employees around the world, VINCI launched a major environmental competition in September 2020, and prizewinners will be announced between June and December 2021 in all regions of the world. VINCI has also stepped up its staff training and awarenessraising efforts.
Finally, VINCI devotes a significant proportion of its research and innovation resources to environmental matters. Those resources are deployed in each of VINCI's business lines but also through Leonard, the Group's foresight and innovation platform, particularly through its intrapreneur and start-up support programmes. VINCI is also adopting specific initiatives through external scientific and technology partnerships, particularly with ParisTech.
During the Covid-19 crisis, VINCI has worked hard to protect jobs, limiting the decrease in its overall workforce to 2%, and has continued to deploy its approach to workforce-related and social matters.
As regards gender balance, the Group is aiming to increase to 28% the proportion of women recruited or promoted as managers by 2023, and to increase the proportion of women sitting on the management committees of Group companies.
In France, VINCI companies helped 3,000 unemployed people in 2020 as part of efforts to reintegrate them into the workforce.
In accordance with its Manifesto commitments, VINCI carries out its projects in ways that respect ethical principles and protect human rights, which is a mandatory requirement for all its entities. The Group's Code of Ethics and Conduct and Anti-corruption Code of Conduct are now available in 31 languages. VINCI's Guide on Human Rights sets out the guidelines that all Group companies must follow in this area, regardless of their business line and location.
• Main innovations in 2020
Xavier Huillard, VINCI's Chairman and CEO, appointed Pierre Anjolras as chairman of VINCI Construction on 12 January 2021. Pierre Anjolras is a member of VINCI's Executive Committee and will retain his other roles within the VINCI group, including that of chairman of Eurovia.
From 1 February 2021, VINCI Construction and Eurovia are placed under the leadership of Pierre Anjolras. This new organisation will enable VINCI to optimise these two companies' operating methods and to develop synergies between them by integrating them within a single management unit.
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| Diary | ||||
|---|---|---|---|---|
| 5 February 2021 | 2020 results presentation 08.30 CET: press conference – 10.30 CET: analysts' meeting Access to the analyst conference call: In French +33 (0)1 70 71 01 59 (PIN: 37290083#) In English +44 (0)20 7194 3759 (PIN: 48132683#) |
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| Live access to the webcast on the Group's website or via the following link: https://channel.royalcast.com/landingpage/vinci/20210205_1/ |
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| 8 April 2021 | Shareholders' General Meeting | |||
| 20 April 2021 | Ex-dividend date | |||
| 22 April 2021 | Payment of dividend |
This press release is available in French and English on VINCI's website: www.vinci.com.
The slide presentation of the 2020 annual results will be available before the press conference on VINCI's website: www.vinci.com.
The consolidated financial statements for the year ended 31 December 2020 are available on the VINCI website: https://www.vinci.com/vinci.nsf/en/investors
VINCI is a global player in concessions and construction, 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, above and beyond economic and financial results, 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
INVESTOR RELATIONS Grégoire Thibault Tel: +33 1 47 16 45 07 [email protected]
Alexandra Bournazel Tel: +33 1 47 16 33 46 [email protected]
PRESS CONTACT VINCI Press Department Tel: +33 1 47 16 31 82 [email protected]
| 2020/2019 | |||
|---|---|---|---|
| (in € millions) | 2020 | 2019 | change |
| Revenue excluding revenue derived from concession subsidiaries' works |
43,234 | 48,053 | -10.0% |
| Revenue derived from concession subsidiaries' works1 | 696 | 700 | |
| Total revenue | 43,930 | 48,753 | -9.9% |
| Operating income from ordinary activities (Ebit) | 2,859 | 5,734 | -50.2% |
| % of revenue2 | 6.6% | 11.9% | |
| Share-based payments (IFRS 2) | (240) | (291) | |
| Profit/loss of companies accounted for under the equity method and | (108) | 260 | |
| other recurring items Recurring operating income |
2,511 | 5,704 | -56.0% |
| Non-recurring operating items | (52) | (40) | |
| Operating income | 2,459 | 5,664 | -56.6% |
| Cost of net financial debt | (589) | (551) | |
| Other financial income and expense | (47) | (71) | |
| Income tax expense | (807) | (1,634) | |
| Non-controlling interests | 226 | (148) | |
| Net income attributable to owners of the parent | 1,242 | 3,260 | -61.9% |
| Diluted earnings per share (in €)3 | 2.20 | 5.82 | -62.1% |
1 Applying IFRIC 12 "Service Concession Arrangements", revenue derived from VINCI concession subsidiaries' works done by companies outside the Group (see Glossary).
Ordinary dividend per share (in €) 2.044 2.045 unchanged
2 Percentage calculated on revenue excluding revenue derived from concession subsidiaries' works done by companies outside the Group (see Glossary).
3 After taking into account dilutive instruments.
4Proposal to be submitted at the Shareholders' General Meeting on 8 April 2021.
5 Of which €0.79 paid in 2019 and €1.25 paid in 2020.
| At 31 December | ||
|---|---|---|
| (in € millions) | 2020 | 2019* |
| Non-current assets - Concessions | 40,879 | 42,968 |
| Non-current assets - Contracting and other | 14,212 | 14,055 |
| WCR, provisions and other current debt and receivables | (8,833) | (6,965) |
| Capital employed | 46,258 | 50,058 |
| Equity attributable to owners of the parent | (20,863) | (20,438) |
| Non-controlling interests | (2,161) | (2,604) |
| Total equity | (23,024) | (23,042) |
| Lease liabilities | (1,907) | (1,862) |
| Non-current provisions and other long-term liabilities | (3,337) | (3,500) |
| Long-term borrowings | (28,268) | (28,404) |
| Gross financial debt | (27,942) | (28,405) |
| Net cash managed | 9,953 | 6,751 |
| Net financial debt | (17,989) | (21,654) |
* Adjusted for the application of the IFRS IC interpretation published on 16 December 2019 clarifying the assessment of the non-cancellable period of a lease with retroactive effect from 1 January 2019.
| (in € millions) | 2020 | 2019 |
|---|---|---|
| Cash flow from operations before tax and financing costs (Ebitda) | 5,919 | 8,497 |
| Changes in operating WCR and current provisions | 2,330 | 428 |
| Income taxes paid | (1,054) | (1,547) |
| Net interest paid | (590) | (458) |
| Dividends received from companies accounted for under the equity method | 71 | 170 |
| Cash flows (used in)/from operating activities | 6,675 | 7,090 |
| Operating investments (net of disposals)* | (994) | (1,249) |
| Repayment of lease liabilities and associated financial expense | (607) | (575) |
| Operating cash flow | 5,075 | 5,266 |
| Growth investments in concessions and PPPs | (1,085) | (1,065) |
| Free cash flow | 3,990 | 4,201 |
| Net financial investments | (285) | (8,245) |
| Other | (85) | (90) |
| Net cash flows before movements in share capital | 3,619 | (4,134) |
| Increases in share capital and other | 648 | 933 |
| Share buy-backs | (336) | (903) |
| Dividends paid | (721)** | (1,772) |
| Capital transactions | (409) | (1,742) |
| Net cash flows for the period | 3,211 | (5,876) |
| Other changes | 454 | (224) |
| Change in net financial debt | 3,665 | (6,100) |
| Net financial debt at beginning of period | (21,654) | (15,554) |
| Net financial debt at end of period | (17,989) | (21,654) |
* Including investments made by London Gatwick Airport (€121 million in 2020 and €182 million in 2019).
** Including dividends reinvested in shares (€422 million).
| 2020/2019 change | ||||
|---|---|---|---|---|
| (in € millions) | 2020 | 2019 | Actual | Like-for-like |
| Concessions | 5,839 | 8,544 | -31.7% | -33.5% |
| VINCI Autoroutes | 4,613 | 5,593 | -17.5% | -17.5% |
| VINCI Airports | 990 | 2,631 | -62.4% | -65.5% |
| Other concessions (VINCI Highways, VINCI Railways and VINCI Stadium) |
235 | 319 | -26.2% | -24.0% |
| Contracting | 36,878 | 38,884 | -5.2% | -5.9% |
| VINCI Energies | 13,661 | 13,749 | -0.6% | -4.2% |
| Eurovia | 9,575 | 10,209 | -6.2% | -5.5% |
| VINCI Construction | 13,641 | 14,926 | -8.6% | -7.9% |
| VINCI Immobilier | 1,189 | 1,320 | -9.9% | -9.9% |
| Eliminations and adjustments | (672) | (695) | ||
| Revenue1 | 43,234 | 48,053 | -10.0% | -11.1% |
| of which: | ||||
| France | 22,912 | 26,307 | -12.9% | -13.3% |
| Europe excl. France | 12,277 | 13,106 | -6.3% | |
| International excl. Europe | 8,046 | 8,640 | -6.9% | -8.4% |
1 Excluding concession subsidiaries' construction work done by companies outside the Group (see Glossary).
| 2020/2019 change | ||||
|---|---|---|---|---|
| (in € millions) | 2020 | 2019 | Actual | Like-for-like |
| FRANCE | ||||
| Concessions | 4,871 | 6,079 | -19.9% | -19.9% |
| VINCI Autoroutes | 4,613 | 5,593 | -17.5% | -17.5% |
| VINCI Airports | 185 | 371 | -50.1% | -50.1% |
| Other concessions | ||||
| (VINCI Highways, VINCI Railways and VINCI | 73 | 115 | -36.7% | -36.7% |
| Stadium) | ||||
| Contracting | 17,481 | 19,555 | -10.6% | -11.2% |
| VINCI Energies | 5,860 | 6,158 | -4.8% | -5.8% |
| Eurovia | 4,836 | 5,471 | -11.6% | -11.9% |
| VINCI Construction | 6,785 | 7,926 | -14.4% | -14.9% |
| VINCI Immobilier | 1,187 | 1,314 | -9.7% | -9.7% |
| Eliminations and adjustments | (627) | (641) | ||
| Total France | 22,912 | 26,307 | -12.9% | -13.3% |
| INTERNATIONAL | ||||
| Concessions | 968 | 2,464 | -60.7% | -64.1% |
| VINCI Airports | 805 | 2,261 | -64.4% | -67.8% |
| Other concessions | ||||
| (VINCI Highways, VINCI Railways and VINCI | 162 | 204 | -20.2% | -16.4% |
| Stadium) | ||||
| Contracting | 19,397 | 19,329 | +0.4% | -0.6% |
| VINCI Energies | 7,802 | 7,591 | +2.8% | -2.9% |
| Eurovia | 4,740 | 4,738 | +0.0% | +2.1% |
| VINCI Construction | 6,856 | 7,000 | -2.1% | +0.2% |
| Eliminations and adjustments | (42) | (47) | ||
| Total International | 20,323 | 21,746 | -6.5% | -8.4% |
1 Excluding concession subsidiaries' construction work done by companies outside the Group (see Glossary).
| Fourth quarter | Fourth quarter | 2020/2019 change | ||
|---|---|---|---|---|
| (in € millions) | 2020 | 2019 | Actual | Like-for-like |
| Concessions | 1,324 | 2,051 | -35.4% | -34.4% |
| VINCI Autoroutes | 1,088 | 1,306 | -16.7% | -16.7% |
| VINCI Airports | 172 | 666 | -74.2% | -73.1% |
| Other concessions | ||||
| (VINCI Highways, VINCI Railways and VINCI | 64 | 79 | -18.9% | -13.1% |
| Stadium) | ||||
| Contracting | 10,888 | 10,811 | +0.7% | +0.8% |
| VINCI Energies | 4,076 | 3,949 | +3.2% | +1.2% |
| Eurovia | 2,682 | 2,744 | -2.3% | -0.7% |
| VINCI Construction | 4,130 | 4,118 | +0.3% | +1.5% |
| VINCI Immobilier | 440 | 509 | -13.5% | -13.5% |
| Eliminations and adjustments | (196) | (175) | ||
| Revenue1 | 12,456 | 13,196 | -5.6% | -5.4% |
| of which: | ||||
| France | 6,611 | 7,009 | -5, 7% | -5.9% |
| Europe excl. France | 3,472 | 3,652 | -4,9 % | |
| International excl. Europe | 2,373 | 2,535 | -6,4 % | -4,7 % |
1 Excluding concession subsidiaries' construction work done by companies outside the Group (see Glossary).
| Change Q1 2020 vs. Q1 2019 |
Change Q2 2020 vs. Q2 2019 |
Change Q3 2020 vs. Q3 2019 |
Change Q4 2020 vs. Q4 2019 |
|||||
|---|---|---|---|---|---|---|---|---|
| (in € millions) | Actual | Like-for-like | Actual | Like-for-like | Actual | Like-for-like | Actual | Like-for-like |
| Concessions | +2.6% | -6.3% | -59.1% | -61.2% | -27.6% | -27.4% | -35.4% | -34.4% |
| VINCI Autoroutes | -5.0% | -5.0% | -45.7% | -45.7% | -2.8% | -2.8% | -16.7% | -16.7% |
| VINCI Airports | +24.2% | -9.7% | -89.1% | -90.7% | -74.7% | -74.5% | -74.2% | -73.1% |
| Other concessions (VINCI Highways, VINCI Railways and VINCI Stadium) |
-0.5% | -0.8% | -57.5% | -56.5% | -22.7% | -20.5% | -18.9% | -13.1% |
| Contracting | -0.3% | -2.4% | -20.1% | -21.0% | -1.0% | -1.4% | +0.7% | +0.8% |
| VINCI Energies | +5.1% | unchanged | -11.7% | -15.3% | +0.7% | -2.9% | +3.2% | +1.2% |
| Eurovia | -1.5% | -1.5% | -18.9% | -18.5% | -1.4% | -0.6% | -2.3% | -0.7% |
| VINCI Construction | -4.7% | -5.1% | -28.4% | -28.0% | -2.2% | -0.8% | +0.3% | +1.5% |
| VINCI Immobilier | +24.8% | +24.8% | -29.0% | -29.0% | -8.2% | -8.2% | -13.5% | -13.5% |
| Eliminations and adjustments |
||||||||
| Total revenue* | unchanged | -3.3% | -26.9% | -28.3% | -6.4% | -6.7% | -5.6% | -5.4% |
| of which: France |
-6.3% | -7.1% | -36.3% | -36.5% | -3.1% | -3.6% | -5.7% -5.5% |
-5.9% -4.7% |
| Outside France | +8.5% | +1.6% | -15.1% | -18.2% | -10.2% | -10.4% |
* Excluding concession subsidiaries' revenue from works done by non-Group companies (see Glossary).
| % of | % of | 2020/2019 | |||
|---|---|---|---|---|---|
| (in € millions) | 2020 | revenue1 | 2019 | revenue1 | change |
| Concessions | 1,586 | 27.2% | 3,989 | 46.7% | -60% |
| VINCI Autoroutes | 1,981 | 42.9% | 2,967 | 53.0% | -33% |
| VINCI Airports | (369) | (37.3%) | 1,016 | 38.6% | -136% |
| Other concessions2 and holding companies | (26) | 6 | |||
| Contracting | 1,244 | 3.4% | 1,654 | 4.3% | -25% |
| VINCI Energies | 773 | 5.7% | 827 | 6.0% | -6% |
| Eurovia | 335 | 3.5% | 430 | 4.2% | -22% |
| VINCI Construction | 136 | 1.0% | 396 | 2.7% | -66% |
| VINCI Immobilier | 23 | 2.0% | 80 | 6.0% | -71% |
| Holding companies | 5 | 12 | |||
| Operating income from ordinary activities (Ebit) | 2,859 | 6.6% | 5,734 | 11.9% | -50% |
1 Excluding concession subsidiaries' revenue from works done by non-Group companies (see Glossary).
2VINCI Highways, VINCI Railways and VINCI Stadium.
| (in € millions) | 2020 | 2019 | 2020/2019 |
|---|---|---|---|
| change | |||
| Concessions | 740 | 2,255 | -67% |
| VINCI Autoroutes | 1,242 | 1,705 | -27% |
| VINCI Airports | (523) | 577 | -191% |
| Other concessions1 and holding companies | 20 | (27) | |
| Contracting | 469 | 792 | -41% |
| VINCI Energies | 378 | 409 | -7% |
| Eurovia | 180 | 207 | -13% |
| VINCI Construction | (90) | 177 | -151% |
| VINCI Immobilier | 22 | 65 | -66% |
| Holding companies | 11 | 148 | |
| Net income attributable to owners of the parent | 1,242 | 3,260 | -62% |
1VINCI Highways, VINCI Railways and VINCI Stadium.
| 2020/2019 | |||||
|---|---|---|---|---|---|
| (in € millions) | 2020 | % of revenue1 | 2019 | % of revenue1 | change |
| Concessions | 3,491 | 59.8% | 5,796 | 67.8% | -40% |
| of which: VINCI Autoroutes | 3,231 | 70.0% | 4,178 | 74.7% | -23% |
| VINCI Airports | 146 | 14.7% | 1,466 | 55.7% | -90% |
| Contracting | 2,188 | 5.9% | 2,446 | 6.3% | -11% |
| VINCI Immobilier | 42 | 3.6% | 93 | 7.1% | -54% |
| Holding companies | 198 | 161 | |||
| Ebitda | 5,919 | 13.7% | 8,497 | 17.7% | -30% |
1 Excluding concession subsidiaries' revenue from works done by non-Group companies (see Glossary).
| Net financial debt | (17,989) | (17,989) | (21,654) | (21,654) | +3,665 |
|---|---|---|---|---|---|
| Holding companies and miscellaneous |
12,774 | 255 | 12,466 | (3,482) | +308 |
| Contracting | 1,955 | 2,165 | (168) | 1,729 | +2,123 |
| Other concessions1 and holding companies |
(3,347) | (661) | (3,458) | (797) | +111 |
| VINCI Airports | (11,053) | (5,264) | (10,530) | (4,829) | -523 |
| VINCI Autoroutes | (18,318) | (14,484) | (19,964) | (14,275) | +1,646 |
| Concessions | (32,718) | (20,409) | (33,952) | (19,901) | +1,234 |
| debt | debt | change | |||
| (in € millions) | 2020 | external net | 2019 | external net | 2020/2019 |
| Of which | Of which |
1VINCI Highways, VINCI Railways and VINCI Stadium.
| At 31 December | |||
|---|---|---|---|
| (in € billions) | 2020 | 2019 | 2020/2019 change |
| VINCI Energies | 9.9 | 9.1 | +9% |
| Eurovia | 8.4 | 8.0 | +5% |
| VINCI Construction | 24.1 | 19.4 | +24% |
| Total Contracting | 42.4 | 36.5 | +16% |
| of which: | |||
| France | 16.9 | 15.5 | +9% |
| Europe (excluding France) | 14.1 | 9.9 | +43% |
| Rest of the world | 11.4 | 11.0 | +3% |
| (in € billions) | 2020 | 2019 | 2020/2019 change |
|---|---|---|---|
| VINCI Energies | 14.4 | 14.2 | +2% |
| Eurovia | 10.2 | 11.0 | -7% |
| VINCI Construction | 18.8 | 16.5 | +14% |
| Total Contracting | 43.5 | 41.7 | +4% |
| of which: | |||
| France | 18.7 | 20.0 | -6% |
| Europe (excluding France) | 16.1 | 11.5 | +40% |
| Rest of the world | 8.6 | 10.2 | -15% |
| Fourth quarter | Full year | ||||
|---|---|---|---|---|---|
| (millions of km travelled) | 2020 | 2020/2019 | 2020 | 2020/2019 | |
| change | change | ||||
| VINCI Autoroutes | 9,382 | -22.4% | 41,246 | -21.4% | |
| Light vehicles | 7,571 | -26.4% | 34,480 | -23.8% | |
| Heavy vehicles | 1,811 | +0.4% | 6,766 | -6.5% | |
| of which: | |||||
| ASF | 5,828 | -22.1% | 25,819 | -21.4% | |
| Light vehicles | 4,621 | -26.5% | 21,297 | -24.1% | |
| Heavy vehicles | 1,207 | +0.7% | 4,523 | -5,8 % | |
| Escota | 1,334 | -20.5% | 5,821 | -20.0% | |
| Light vehicles | 1,167 | -22.8% | 5,197 | -21.1% | |
| Heavy vehicles | 167 | -0.7% | 624 | -9.0% | |
| Cofiroute (intercity network) | 2,157 | -24.1% | 9,336 | -22.3% | |
| Light vehicles | 1,733 | -28.4% | 7,762 | -24.8% | |
| Heavy vehicles | 425 | +0.2% | 1,574 | -7.2% | |
| Arcour | 63 | -23.6% | 269 | -23.7% | |
| Light vehicles | 51 | -27.6% | 224 | -26.0% | |
| Heavy vehicles | 12 | -1.4% | 45 | -9.8% | |
* Excluding A86 duplex.
| VINCI | of which: | |||||
|---|---|---|---|---|---|---|
| Autoroutes | ASF | Escota | Cofiroute | Arcour | ||
| Toll revenue (in € millions) | 4,533 | 2,642 | 642 | 1,191 | 58 | |
| 2020/2019 change | -17.5% | -17.1% | -17.0% | -18.4% | -18.5% | |
| Revenue (in € millions) | 4,613 | 2,692 | 652 | 1,205 | 59 | |
| 2020/2019 change | -17.5% | -17.2% | -17.0% | -18.6% | -18.4% |
| Fourth quarter | Full year | |||
|---|---|---|---|---|
| (in thousands of passengers) | 2020 | 2020/2019 change |
2020 | 2020/2019 change |
| Portugal (ANA) | 3,042 | -77.0% | 17,968 | -69.6% |
| of which Lisbon | 1,486 | -79.8% | 9,261 | -70.3% |
| United Kingdom | 929 | -92.0% | 11,913 | -77.5% |
| of which LGW | 705 | -93.2% | 10,165 | -78.2% |
| France | 973 | -78.6% | 6,530 | -68.1% |
| of which ADL | 543 | -79.8% | 3,564 | -69.7% |
| Cambodia | 115 | -95.9% | 2,170 | -81.3% -81.3% |
| United States | 921 | -65.7% -65.7% |
4,034 | -61.0% -61.0% -61.0% |
| Brazil | 1,279 | -40.0% -40.0% |
3.9 3,900 |
--49.9% 49.9% |
| Serbia | 418 | -70.3% | 1,904 | -49.9% -69.1% |
| Dominican Republic | 669 | -52.4% -52.4% |
2,475 | -56.1% |
| Sweden | 104 | -80.0% -80.0% |
568 | -69.1% -75.0% |
| Total fully consolidated subsidiaries | 8,451 | -79.1% -79.1% |
51.5 51,461 |
-56.1% -70.8% |
| Japan (40%) | 3,712 | -70.8% | 15,849 | -69.4% -75.0% |
| Chile (40%) | 1,628 | -72.5% -72.5% |
8,514 | --65.5% 65.5% |
| Costa Rica (45%) | 51 | -80.6% | 480 | -81.3% -60.8% |
| Rennes-Dinard (49%) | 47 | -76.3% | 275 | --71.0% 71.0% -61.0% |
| Total equity-accounted subsidiaries | 5,438 | -71.5% | 25,119 | -68.0% -49.9% |
| Total passengers managed by VINCI Airports |
13,889 | -76.6% | 76,580 | -69.1% -70.0% -56.1% |
1 Data at 100%, irrespective of percentage held. 2019 figures including airport passenger numbers over the full period.
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, gains and losses on asset disposals. It also includes restructuring charges included in non-recurring operating items.
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).
Free cash flow: free cash flow is made up of operating cash flow and growth investments in concessions and PPPs.
Concession subsidiaries' revenue from works done 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 Contracting 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.
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).
Like-for-like revenue growth: this indicator measures the change in revenue at constant scope and exchange rates.
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.
Until 31 December 2018, financial debt included liabilities consisting of the present value of lease payments remaining due in respect of finance leases as defined by IAS 17 (€166 million at 31 December 2018). 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.
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 concessionholder 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.
For joint property developments:
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.
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 nonconsolidated companies (financial income from shareholder loans and advances granted by the Group to some of its subsidiaries, dividends received from non-consolidated companies, etc.).
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).
Ebitda margin, Ebit margin and recurring operating margin: ratios of Ebitda, Ebit, or recurring operating income to revenue excluding concession subsidiaries' revenue from works done by non-Group companies.
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.
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