Quarterly information at 30 September 2020
Rueil Malmaison, 20 October 2020, 5.45pm
Quarterly information at 30 September
2020
- Revenue for the first nine months of the year: €30.8 billion
(down 12%)
- Most business lines returning to normal in the third quarter
after being hit hard in the second quarter by lockdowns in France
and many other countries
- Contracting: close to full capacity in the three business lines
(VINCI Energies, Eurovia and VINCI Construction)
- VINCI Autoroutes: limited decline in traffic levels compared
with 2019
- VINCI Airports: slightly positive summer development in
passenger numbers, interrupted in September due to the renewed
spread of the pandemic
- Contracting order book remained at an all-time high of €42.8
billion (up 15%), due to firm order intake in major projects
- Sharp year-on-year decline in debt levels; very strong
liquidity
- 2020 outlook: earnings expected to fall significantly;
confidence in the Group’s ability to bounce back in 2021
Consolidated revenue |
|
|
|
|
|
First nine months |
2020/2019 change |
(in €
millions) |
2020 |
2019 |
Actual |
Like-for-like1 |
Concessions |
4,515 |
6,493 |
-30.5% |
-33.2% |
VINCI Autoroutes |
3,526 |
4,288 |
-17.8% |
-17.8% |
VINCI Airports |
818 |
1,965 |
-58.4% |
-63.4% |
Other concessions(VINCI Highways, VINCI Railways and VINCI
Stadium) |
171 |
240 |
-28.6% |
-27.4% |
Contracting |
25,990 |
28,073 |
-7.4% |
-8.5% |
VINCI Energies |
9,586 |
9,800 |
-2.2% |
-6.3% |
Eurovia |
6,894 |
7,465 |
-7.7% |
-7.2% |
VINCI Construction |
9,511 |
10,808 |
-12.0% |
-11.5% |
VINCI
Immobilier |
749 |
811 |
-7.6% |
-7.6% |
Eliminations and adjustments |
(476) |
(520) |
|
|
VINCI
Group total2 |
30,778 |
34,857 |
-11.7% |
-13.2% |
of which:
France |
16,300 |
19,298 |
-15.5% |
-16.0% |
International |
14,478 |
15,559 |
-6.9% |
-9.8% |
Europe excl. France |
8,805 |
9,454 |
-6.9% |
-12.8% |
International excl. Europe |
5,673 |
6,105 |
-7.1% |
-4.8% |
|
|
|
|
|
Change in
motorway traffic at VINCI Autoroutes |
-21.2% |
-0.3% |
|
|
Change in
VINCI Airports passenger numbers3 |
-67.9% |
+6.8% |
|
|
Order
intake (in € billions) |
33.3 |
31.9 |
+4% |
|
Order book4 (in € billions) |
42.8 |
37.3 |
+15% |
|
Net financial debt4 (in € billions) |
(20.8) |
(23.2) |
+2.4 |
|
Liquidity4 (in € billions) |
18.5 |
14.4 |
+4.1 |
|
I.
Consolidated key figures
VINCI’s revenue in the third quarter of
2020 amounted to €12.3 billion, down only 6.4% on an actual basis
(down 6.7% like-for-like) compared with the third quarter of
2019. After a second quarter in which business levels were
hit hard by lockdowns in France and many other countries, these
figures show a clear improvement in the trend and show that most of
VINCI’s operations, in France and abroad, are returning to
normal.
Consolidated revenue in the first nine
months of 2020 came to €30.8 billion5, down 11.7% on an actual
basis compared with the year-earlier period (down 13.2% in
organic terms, with a 2.0% positive impact from changes in the
consolidation scope and a 0.5% negative impact from exchange-rate
movements).
- In France (53% of the total), where business
levels were particularly badly affected at the height of the public
health crisis in the second quarter, nine-month revenue was €16.3
billion, down 15.5% on an actual basis or down 16.0%
like-for-like.
- Outside France (47% of the total), revenue was
€14.5 billion, down 6.9% on an actual basis or 9.8% like-for-like.
Changes in scope, which boosted revenue by 4%, mainly concerned
London Gatwick airport (integrated in May 2019) and VINCI Energies’
most recent acquisitions. Exchange-rate movements had a 1.1%
negative impact, as many currencies fell against the euro.
Order intake in the Contracting business
in the first nine months of 2020 totalled €33.3 billion,
4% more than in the first nine months of 2019.
That increase was driven by several major
contract wins in Europe, including two works packages on the HS2
rail project in the United Kingdom, a contract for The Link
building in Paris La Défense (Total’s future head office), several
works packages on the Grand Paris Express project and preparatory
work on Avrieux shafts for the Lyon-Turin rail line. VINCI also won
two major contracts in Canada, one to rehabilitate the
Louis-Hippolyte-La Fontaine tunnel in Montreal and one to build the
southern segment of the West Calgary Ring Road.
However, as a result of the electoral timetable,
order intake has slowed for small and medium-sized projects in
France in the last few months.
The order book amounted to €42.8 billion
at 30 September 2020, up 15% year-on-year. It represented
14 months of average business activity in the Contracting business,
as opposed to 12 months at end-September 2019. International
business made up 59% of the order book (57% at end-September
2019).
II. Revenue by
business line (first nine months of 2020)
- CONCESSIONS: €4,515 million (down 30.5% actual; down 33.2%
like-for-like)
VINCI Autoroutes: €3,526 million (down 17.8%
both actual and like-for-like)
After falling 52% in the second quarter
of 2020 because of travel limitations imposed in France, traffic
levels recovered strongly in the third quarter, limiting the
year-on-year contraction to 4.3%. Heavy-vehicle traffic
was resilient with a decline of only 1.6%, while light-vehicle
traffic was down 4.7%. During the summer, intra-European traffic
was affected by a lack of co-ordination between the various
countries in terms of public health policy.
Traffic levels in the first nine months of 2020
were down 21.2% year-on-year (down 23.1% for light vehicles and
down 8.8% for heavy vehicles).
VINCI Airports: €818 million (down 58.4% actual;
down 63.4% like-for-like)
The gradual reopening of borders in the Schengen
area from 15 June and the loosening of travel restrictions in many
countries allowed passenger numbers to recover steadily during the
summer period. Airports with significant exposure to tourist,
family and domestic travel benefited most from this, particularly
in Portugal and France.
However, the slight positive trend came to an
end in September because of new restrictions to tackle the renewed
spread of Covid-19. Business travel remains, at this stage, very
limited.
Passenger numbers in the third quarter of 2020
were down 79.1% year-on-year, with a total of 15 million across the
45 airports in the VINCI Airports network. In the first nine months
of the year, passenger numbers fell by 67.9% compared with the same
period in 2019.
Other concessions (VINCI Highways, VINCI
Railways and VINCI Stadium): €171 million (down 28.6% actual; down
27.4% like-for-like)
Other concessions included in the consolidated
revenue figure mainly relate to the following companies: Lima
Expresa6; Gefyra (Rion-Antirion bridge in Greece); Mesea
(maintenance work on the Tours-Bordeaux high-speed rail line) and
VINCI Stadium. The pandemic continued to affect these companies’
business levels in the third quarter (revenue down 22.7%), but less
badly than in the previous quarter (down 57.5%).
·CONTRACTING: €25,990 million (down 7.4% actual;
down 8.5% like-for-like)
VINCI Energies: €9,586 million (down 2.2%
actual; down 6.3% like-for-like)
VINCI Energies’ revenue rose 1% in the
third quarter of 2020, supported by its most recent acquisitions,
which have mainly been in Europe. The like-for-like decline in
revenue was limited to 3% after a 15% drop in the second quarter,
confirming that business levels are returning to normal at VINCI
Energies, which is showing its resilience in particularly tough
economic conditions.
In France (44% of the total), revenue was €4,170
million in the first nine months of the year, down 6.8% on an
actual basis or down 8.0% like-for-like. The strong post-lockdown
recovery took business levels in the third quarter close to the
previous year.
Outside France (56% of the total), revenue was
€5,415 million in the first nine months, up 1.6% on an actual basis
or down 4.8% like-for-like. Business growth in Europe offset the
contraction in other international markets, with VINCI Energies
experiencing occasional difficulties in the United States, in
Southeast Asia (Singapore and Indonesia) and in Brazil.
VINCI Energies’ order intake was stable
year-on-year in the first nine months of 2020. The order book
amounted to €10.2 billion, up 8% over 12 months. It represented
nine months of VINCI Energies’ average business activity.
Eurovia: €6,894 million (down 7.7% actual; down
7.2% like-for-like)
Upturn in revenue in the third quarter
(down 1% like-for-like as opposed to a 19% decline in the second
quarter). In France, the resumption in on-site activity began in
mid-April and accelerated in May. That trend continued in the third
quarter. Outside France, business levels remained buoyant in most
of Eurovia’s countries.
In France (50% of the total), revenue was €3,444
million in the first nine months of 2020, down 15.5% on an actual
basis or 15.8% like-for-like, after worksites shut down almost
completely during lockdown.
Outside France (50% of the total), revenue was
€3,450 million in the first nine months, up 1.8% on an actual basis
or 3.3% like-for-like. Even at the peak of the public health
crisis, business activity continued in most of Eurovia’s countries.
Revenue even rose in the United States, the United Kingdom, the
Czech Republic and – excluding currency effects – Chile. Revenue
was stable in Germany but fell in Canada, Poland and Slovakia.
Eurovia’s order intake fell 12% year-on-year in
the first nine months of 2020, with the post-electoral situation in
France not conducive to starting new projects. The order book
amounted to €8.4 billion, up 1% over 12 months. It represented more
than 10 months of Eurovia’s average business activity, the same as
at end-September 2019.
VINCI Construction: €9,511 million (down 12.0%
actual; down 11.5% like-for-like)
The resumption in worksite activity
accelerated in the third quarter (revenue down 1% like-for-like as
opposed to 28% in the second quarter), particularly in France,
where business levels were hit hard during lockdown. That
resumption took shape more quickly on public works sites than on
building sites, due to constraints related to social distancing
rules.
In France (49% of the total), revenue was €4,655
million in the first nine months of 2020, down 19.4% on an actual
basis or down 19.9% like-for-like. Almost all worksites shut down
on 17 March, when France’s lockdown began, before reopening
gradually from late April.
Outside France (51% of the total), revenue was
€4,856 million in the first nine months, with the decline limited
to 3.5% on an actual basis or 1.7% like-for-like. Business
conditions varied fairly widely between business lines and
geographical zones, depending on decisions taken by the local
health authorities. Revenue rose in North America and Central
Europe, but fell in Asia, Oceania and to a lesser extent the United
Kingdom. Revenue in the Major Projects division was boosted by the
build-up of several large recently-won projects, offsetting the
slight fall in business levels at Soletanche Freyssinet.
VINCI Construction’s order intake rose 20%
year-on-year in the first nine months of 2020. The order book
reached a record-high level of €24.2 billion, up 25% over 12
months. It represented 21 months of VINCI Construction’s average
business activity (versus 16 months at end-September 2019).
VINCI Immobilier: €749 million (down 7.6% both actual and
like-for-like)
VINCI Immobilier’s consolidated revenue fell
8.2% in the third quarter. This represented an improvement on the
29% decline in the second quarter, when revenue suffered from the
shutdown of building sites for more than a month. In the first nine
months of the year, revenue fell 8% to €749 million.
During the same period, the number of homes
reserved in France, including those of the Urbat subsidiary, fell
37% to 3,125. In the third quarter, the decline was limited to
11%.
III.
Financial position
Consolidated net financial debt at 30
September 2020 amounted to €20.8 billion, down €2.4
billion over 12 months and down €0.8 billion since the beginning of
the year.
VINCI has maintained a very strong liquidity
position. At 30 September 2020, liquidity amounted to €18.5 billion
(€14.4 billion at end-September 2019), comprising:
- Managed net cash of €6.6 billion (€5.1 billion at 30 September
2019), resulting from good operational cash control during the
period;
- €0.6 billion of commercial paper issued (€1.3 billion at 30
September 2019);
- Unused confirmed bank credit facilities totalling €11.3
billion, including €8.0 billion due to expire in November 2024 and
an additional €3.3 billion credit facility arranged in the spring
for a renewable term of six months. Since its cash position remains
very strong, VINCI has decided not to extend this latter credit
facility from October 2020.
IV. Outlook (barring any
further adverse pandemic-related developments and excluding
exceptional events)
VINCI is confirming the full-year forecasts
presented when it published its first-half financial
statements:
- VINCI Autoroutes: a 15-20% contraction in
traffic levels compared with 2019;
- Contracting: a 5-10% fall in revenue and a
150-200 basis point decline in Ebit margin compared with 2019.
For VINCI Airports, whereas the
Group previously expected the fall in passenger numbers to be
around 65% compared with 2019, September’s introduction of new
travel restrictions in response to the second wave of the pandemic
has led to a more conservative assumption of around 70%.
Developments in terms of revenue based on these
assumptions will have a significant impact on the Group’s earnings.
That impact cannot be quantified reliably at the moment, because of
the public health situation and the numerous uncertainties
affecting the economic environment.
In the circumstances, the Group’s earnings are
likely to show a year-on-year decline in the second half of 2020.
However, that decline, barring exceptional items, should be much
less pronounced than that seen in the first half of 2020.
Furthermore, measures taken to reduce the impact
of lower business levels on cash outflows should result in a
reduction in net financial debt at the end of the year.
VINCI’s management remains confident in the
Group’s ability to bounce back in 2021, particularly with the
support of economic stimulus measures announced in France and many
other countries. The Group expects its earnings to rise relative to
2020, but remain lower than their 2019 level overall.
V. Other recent
highlights
On 30 September 2020, VINCI signed an agreement
to build and maintain a motorway in Kenya as part of VINCI
Concessions’ first public-private partnership in Africa. The works
will be carried out by VINCI Construction.
On 1 October 2020, VINCI Energies integrated
Transelec Common Inc, a leading provider of energy and telecoms
infrastructure services in Quebec.
On 2 October 2020, VINCI announced that it had
presented Grupo ACS with a non-binding proposal for the acquisition
of Grupo ACS’s "Industrial Services" division. The scope of the
acquisition would include, in addition to the engineering and works
activities, interests in eight concessions and PPPs relating mainly
to energy projects as well as a platform for the development of new
projects in the renewable energy sector. This proposal has been
examined by Grupo ACS’s Board of Directors, which has declared
itself open to negotiations. Completion of the transaction remains
conditional, in particular, on the performance of a due diligence
exercise in the coming months. This will include examining
information forming the basis of a carve-out plan for the
activities that would not be transferred to VINCI, including the
Zero-E company and 15 concessions. The final terms and conditions
of the transaction will be agreed upon at the end of the due
diligence process. The proposal would be subject to the required
regulatory approvals, including merger control. ACS and VINCI
will inform the market, at the appropriate time, of the eventual
outcome and result of these negotiations.
·New appointment
Belen Marcos, previously chair of Cintra
(Ferrovial group) in the United States, has been appointed as chair
of VINCI Highways and executive vice president of VINCI
Concessions.
·London Gatwick Airport
In August 2020, London Gatwick Airport, a
50.01%-owned subsidiary of VINCI Airports, entered discussions with
its lenders regarding expected developments regarding its financial
covenants. On 22 September 2020, given the exceptional
circumstances affecting air travel, a large majority of lenders
accepted the company’s request that they temporarily waive those
financial covenants.
Conference call
The Group will comment on its revenue and
business activities in the period ended 30 September 2020 in a
conference call to be held in English today (Tuesday 20 October
2020) at 18.00 Paris time.
To take part, please dial one of the following
numbers from 17.55:In French: +33 (0)1 72 72 74 03
PIN: 26034552# In English (UK number): +44 (0) 20 7194
3759
PIN: 26034552#
In English (US number): +1 646 722
4916
PIN: 26034552#
Playback number (available within two hours): In
French: +33 (0)1 70 71 01
60
PIN: 418953376#In English (UK number): +44 (0) 20 3364
5147
PIN: 418953376#In English (US number): +1 646 722 4969
PIN: 418953376#
**********
Diary |
5 February 2021 |
Publication of full-year 2020 results (before the market open) |
|
**********
About VINCIVINCI is a global
player in concessions and contracting, employing more than 210,000
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 and socially responsible manner.
And because our projects are in the public interest, we consider
that reaching out to all our stakeholders and engaging in dialogue
with them is essential in the conduct of our business activities.
Based on that approach, VINCI’s ambition is to create long-term
value for its customers, shareholders, employees, partners and
society in general. www.vinci.com
INVESTOR RELATIONSGrégoire ThibaultTel: +33 (0)1 47 16 45
07gregoire.thibault@vinci.com
Alexandra BournazelTel: +33 (0)1 47 16 33
46alexandra.bournazel@vinci.com
PRESS CONTACTStéphanie MalekTel: +33 (0)1 47 16 31
82 stephanie.malek@vinci.com
APPENDICES
APPENDIX A: ADDITIONAL INFORMATION ON CONSOLIDATED
REVENUE
Consolidated revenue* in the first nine
months of the year - Breakdown by region and business
line
|
Nine
months to 30 Sept. |
Nine
months to 30 Sept. |
2020/2019 change |
(in €
millions) |
2020 |
2019 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
3,727 |
4,666 |
-20.1% |
-20.1% |
VINCI Autoroutes |
3,526 |
4,288 |
-17.8% |
-17.8% |
VINCI Airports |
146 |
287 |
-49.0% |
-49.0% |
Other concessions(VINCI Highways, VINCI Railways and VINCI
Stadium) |
55 |
92 |
-39.8% |
-39.8% |
Contracting |
12,269 |
14,321 |
-14.3% |
-15.0% |
VINCI Energies |
4,170 |
4,473 |
-6.8% |
-8.0% |
Eurovia |
3,444 |
4,075 |
-15.5% |
-15.8% |
VINCI Construction |
4,655 |
5,774 |
-19.4% |
-19.9% |
VINCI
Immobilier |
747 |
811 |
-7.8% |
-7.8% |
Eliminations and adjustments |
(443) |
(500) |
|
|
Total France |
16,300 |
19,298 |
-15.5% |
-16.0% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
788 |
1,827 |
-56.9% |
-62.3% |
VINCI Airports |
672 |
1,679 |
-60.0% |
-65.5% |
Other concessions(VINCI Highways, VINCI Railways and VINCI
Stadium) |
116 |
148 |
-21.7% |
-19.5% |
Contracting |
13,721 |
13,752 |
-0.2% |
-1.7% |
VINCI Energies |
5,415 |
5,328 |
+1.6% |
-4.8% |
Eurovia |
3,450 |
3,390 |
+1.8% |
+3.3% |
VINCI Construction |
4,856 |
5,034 |
-3.5% |
-1.7% |
Eliminations, adjustments and other |
(33) |
(20) |
|
|
Total
International |
14,478 |
15,559 |
-6.9% |
-9.8% |
* Excluding concession subsidiaries’ revenue from works done by
non-Group companies.
Consolidated third-quarter
revenue*
|
Third
quarter |
Third
quarter |
2020/2019 change |
(in €
millions) |
2020 |
2019 |
Actual |
Like-for-like |
Concessions |
1,923 |
2,657 |
-27.6% |
-27.4% |
VINCI Autoroutes |
1,633 |
1,680 |
-2.8% |
-2.8% |
VINCI Airports |
226 |
896 |
-74.7% |
-74.5% |
Other concessions(VINCI Highways, VINCI Railways and VINCI
Stadium) |
63 |
82 |
-22.7% |
-20.5% |
Contracting |
10,234 |
10,336 |
-1.0% |
-1.4% |
VINCI Energies |
3,452 |
3,430 |
+0.7% |
-2.9% |
Eurovia |
3,069 |
3,112 |
-1.4% |
-0.6% |
VINCI Construction |
3,712 |
3,794 |
-2.2% |
-0.8% |
VINCI
Immobilier |
313 |
341 |
-8.2% |
-8.2% |
Eliminations and adjustments |
(184) |
(207) |
|
|
Total
revenue* |
12,286 |
13,128 |
-6.4% |
-6.7% |
of which: France |
6,817 |
7,036 |
-3.1% |
-3.6% |
International |
5,469 |
6,092 |
-10.2% |
-10.4% |
* Excluding concession subsidiaries’ revenue
from works done by non-Group companies.
Revenue* - Quarterly developments in
2020
|
Change Q1 2020 vs. Q1 2019 |
Change Q2 2020 vs. Q2 2019 |
Change Q3 2020 vs. Q3 2019 |
(in €
millions) |
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% |
VINCI Autoroutes |
-5.0% |
-5.0% |
-45.7% |
-45.7% |
-2.8% |
-2.8% |
VINCI Airports |
+24.2% |
-9.7% |
-89.1% |
-90.7% |
-74.7% |
-74.5% |
Other concessions (VINCI Highways, VINCI Railways and VINCI
Stadium) |
-0.5% |
-0.8% |
-57.5% |
-56.5% |
-22.7% |
-20.5% |
Contracting |
-0.3% |
-2.4% |
-20.1% |
-21.0% |
-1.0% |
-1.4% |
VINCI Energies |
+5.1% |
unch. |
-11.7% |
-15.3% |
+0.7% |
-2.9% |
Eurovia |
-1.5% |
-1.5% |
-18.9% |
-18.5% |
-1.4% |
-0.6% |
VINCI Construction |
-4.7% |
-5.1% |
-28.4% |
-28.0% |
-2.2% |
-0.8% |
VINCI
Immobilier |
+24.8% |
+24.8% |
-29.0% |
-29.0% |
-8.2% |
-8.2% |
Eliminations and adjustments |
|
|
|
|
|
|
Total
revenue* |
unch. |
-3.3% |
-26.9% |
-28.3% |
-6.4% |
-6.7% |
of which: France |
-6.3% |
-7.1% |
-36.3% |
-36.5% |
-3.1% |
-3.6% |
International |
+8.5% |
+1.6% |
-15.1% |
-18.2% |
-10.2% |
-10.4% |
* Excluding concession subsidiaries’ revenue
from works done by non-Group companies.
APPENDIX B: CONTRACTING ORDER BOOK AND
ORDER INTAKE
Order book
|
At 30 September |
Change |
|
At |
Change |
Order book (in € billions) |
2020 |
2019 |
over 12 months |
|
31 Dec. 2019 |
vs. 31 Dec. 2019 |
VINCI Energies |
10.2 |
9.5 |
+8% |
|
9.1 |
+13% |
Eurovia |
8.4 |
8.4 |
+1% |
|
8.0 |
+6% |
VINCI
Construction |
24.2 |
19.4 |
+25% |
|
19.4 |
+24% |
Total
Contracting |
42.8 |
37.3 |
+15% |
|
36.5 |
+17% |
of which: |
|
|
|
|
|
|
France |
17.6 |
16.0 |
+10% |
|
15.5 |
+14% |
International |
25.2 |
21.3 |
+18% |
|
20.9 |
+20% |
Europe excl. France |
14.3 |
10.2 |
+41% |
|
9.9 |
+45% |
Rest of the world |
10.8 |
11.1 |
-3% |
|
11.0 |
-2% |
Order intake
|
Nine months to 30 Sept. |
|
(in €
billions) |
2020 |
2019 |
Change 2020 / 2019 |
VINCI Energies |
10.8 |
10.8 |
unch. |
Eurovia |
7.6 |
8.7 |
-12% |
VINCI
Construction |
14.9 |
12.4 |
+20% |
Total
Contracting |
33.3 |
31.9 |
+4% |
of which: |
|
|
|
France |
14.3 |
15.2 |
-6% |
International |
19.0 |
16.7 |
+14% |
APPENDIX C: VINCI AUTOROUTES AND VINCI AIRPORTS
INDICATORS
Traffic on motorway
concessions*
|
Third quarter |
Nine
months to 30 Sept. |
(millions of km travelled) |
2020 |
2020/2019 change |
2020 |
2020/2019change |
VINCI Autoroutes |
15,831 |
-4.3% |
31,863 |
-21.2% |
Light vehicles |
14,108 |
-4.7% |
26,909 |
-23.1% |
Heavy vehicles |
1,723 |
-1.6% |
4,955 |
-8.8% |
of which: |
|
|
|
|
ASF |
10,010 |
-4.9% |
19,992 |
-21.2% |
Light vehicles |
8,865 |
-5.4% |
16,676 |
-23.4% |
Heavy vehicles |
1,145 |
-1.3% |
3,316 |
-8.0% |
Escota |
2,103 |
-3.0% |
4,487 |
-19.8% |
Light vehicles |
1,939 |
-3.0% |
4,030 |
-20.7% |
Heavy vehicles |
164 |
-3.1% |
457 |
-11.7% |
Cofiroute (intercity network) |
3,612 |
-3.5% |
7,178 |
-21.7% |
Light vehicles |
3,210 |
-3.7% |
6,029 |
-23.7% |
Heavy vehicles |
402 |
-2.0% |
1,149 |
-9.7% |
Arcour |
107 |
-5.8% |
206 |
-23.7% |
Light vehicles |
95 |
-6.4% |
174 |
-25.5% |
Heavy vehicles |
12 |
-0.7% |
32 |
-12.6% |
* Excluding A86 duplex.
VINCI Autoroutes revenue
in the first nine months of 2020 |
VINCI Autoroutes |
Of which: |
|
|
ASF |
Escota |
Cofiroute |
Arcour |
|
Toll revenue (in € millions) |
3,462.5 |
2,025.1 |
491.3 |
902.1 |
44.0 |
|
2020/2019
change |
-17.8% |
-17.5% |
-17.1% |
-18.6% |
-19.7% |
|
Revenue (in € millions) |
3,525.5 |
2,065.2 |
499.3 |
913.4 |
44.3 |
|
2020/2019
change |
-17.8% |
-17.5% |
-17.1% |
-18.7% |
-19.6% |
|
VINCI Airports’ passenger
traffic1
|
Third quarter |
Nine months to 30 Sept. |
Rolling 12-month period |
(in
thousands of passengers) |
2020 |
2020/2019 change |
2020 |
2020/2019 change |
Sept. 2019 to Sept. 2020 |
Change vs. previous 12-month period |
Portugal (ANA) |
5,192 |
-71.8% |
14,926 |
-67.5% |
28,159 |
-51.7% |
of which Lisbon |
2,124 |
-76.9% |
7,775 |
-67.3% |
15,146 |
-50.5% |
United Kingdom |
2,408 |
-84.9% |
10,984 |
-73.4% |
22,601 |
-57.3% |
of which LGW |
1,915 |
-86.4% |
9,460 |
-73.9% |
19,755 |
-57.5% |
France |
1,875 |
-68.3% |
5,559 |
-65.0% |
10,115 |
-50.0% |
of which ADL |
953 |
-71.7% |
3,021 |
-66.7% |
5,709 |
-51.2% |
Cambodia |
106 |
-96.2% |
2,055 |
-76.7% |
4,874 |
-58.4% |
United States |
739 |
-72.1% |
3,113 |
-59.3% |
5,796 |
-42.5% |
Brazil |
476 |
-75.2% |
2,621 |
-53.6% |
4,752 |
-39.1% |
Serbia |
478 |
-77.7% |
1,486 |
-68.7% |
2,895 |
-51.5% |
Dominican Republic |
416 |
-70.4% |
1,806 |
-57.3% |
3,213 |
-40.8% |
Sweden |
106 |
-84.7% |
464 |
-73.6% |
986 |
-56.1% |
Total equity-accounted subsidiaries |
11,795 |
-77.3% |
43,012 |
-68.3% |
83,392 |
-52.3% |
Japan (40%) |
2,622 |
-80.6% |
12,138 |
-68.9% |
24,840 |
-51.9% |
Chile (40%) |
488 |
-92.1% |
6,876 |
-63.3% |
12,793 |
-48.9% |
Costa Rica (45%) |
1 |
-99.6% |
429 |
-55.4% |
691 |
-42.4% |
Rennes-Dinard (49%) |
107 |
-62.6% |
228 |
-69.6% |
426 |
-56.0% |
Total equity-accounted subsidiaries |
3,218 |
-84.0% |
19,671 |
-67.0% |
38,750 |
-50.9% |
Total
passengers managed by VINCI Airports |
15,013 |
-79.1% |
62,683 |
-67.9% |
122,142 |
-51.8% |
1 Figures at 100% including airports’ passenger numbers
over the full period.
APPENDIX D: GLOSSARY
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.
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 N, revenue from companies that joined the
Group in year N is deducted.
- For revenue in year N-1, the full-year revenue of companies
that joined the Group in year N-1 is included, and revenue from
companies that left the Group in years N-1 and N is excluded.
- Constant exchange rates: the currency effect is neutralised by
applying exchange rates in year N to foreign currency revenue in
year N-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.
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. 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.
Order book: in the Contracting business (VINCI
Energies, Eurovia, 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.
Order intake:
- In the Contracting business lines (VINCI Energies, Eurovia,
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.
- For VINCI Immobilier, order intake corresponds to the value of
properties sold off-plan or sold after completion in accordance
with a notarised deed, or revenue from property development
contracts where the works order has been given by the project
owner.
For joint
property developments:
- If VINCI Immobilier has sole control over the development
company, it is fully consolidated. In that case, 100% of the
contract value is included in order intake;
- If the development company is jointly controlled, it is
accounted for under the equity method and its order intake is not
included in the total.
VINCI Airports passenger traffic: this is the
number of passengers who have travelled on commercial flights from
or to a VINCI Airports airport during a given period.
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.
1See glossary.
2 Excluding concession subsidiaries’ revenue from works done by
non-Group companies (see glossary).
3 Figures at 100% including passenger numbers at
all airports managed by VINCI Airports over the full period.
4 Period-end.
5 Excluding concession
subsidiaries’ revenue from works done by non-Group companies (see
glossary).
6 Previously Lamsac, the holder of concessions for two sections
of the Lima ring road in Peru.
II.
- 20 10 2020 VINCI-CP T3 2020 EN
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