2020 ANNUAL RESULTS
Rueil Malmaison, 5 February 2021
2020 ANNUAL RESULTS
- Significant fall in earnings in the context of an unprecedented
health crisis
- Very high free cash flow: €4.0 billion, close to the record
2019 figure
- Sharp year-on-year reduction in net financial debt and very
high level of liquidity
- Increase in order intake and order book
- Dividend proposed for 2020: €2.04 per share
- 2021 outlook:
- Contracting business expected to achieve growth in business
levels and earnings
- Trend in Concessions (VINCI Autoroutes and VINCI Airports)
depending on developments in the pandemic situation and the
potential restrictions that may result
- Rollout of VINCI’s new environmental ambition
Key figures
(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% |
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.
I. Sharp fall in
earnings, but very strong free cash flow maintained
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).
- VINCI Autoroutes’ revenue fell 17.5% to €4.6 billion, due to
the fall in traffic levels resulting from the various travel
restrictions introduced in France and elsewhere in Europe,
particularly during the two lockdowns in the second and fourth
quarters of 2020.
- VINCI Airports generated €1.0 billion of revenue (down 62.4% on
an actual basis and down 65.5% like-for-like), because of the very
sharp decline in airline activity around the world following the
travel restrictions adopted in most countries to combat the spread
of Covid-19.
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.
- VINCI Energies’ revenue was almost
unchanged at €13.7 billion in 2020 (down 0.6% on an actual basis
and down 4.2% like-for-like), due to a rapid recovery in business
levels from the summer onwards (revenue up 1.2% like for like in
the fourth quarter) and acquisitions. This good performance shows
the resilience of VINCI Energies, which benefited from its
diversity in terms of geographical exposure, business segments and
expertise. Many companies remained busy even at the height of the
Covid-19 crisis due to their presence in essential activities such
as energy, telecoms and certain industrial sectors. Acquisitions
contributed by almost €600 million to the revenue change in 2020,
with the main deal consisting of Canadian company Transelec Common
Inc., which was acquired in October 2020. 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.
- At Eurovia, revenue
amounted to €9.6 billion, representing a limited decline (down 6.2%
on an actual basis or 5.5% like-for-like). There was an upturn in
the third quarter, when revenue fell only 0.6% like-for-like
compared with 2019, particularly in France, and this was confirmed
in the fourth quarter (down 0.7% like-for-like).
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.
- VINCI Construction’s
revenue totalled €13.6 billion (down 8.6% actual, down 7.9%
like-for-like). The improvement seen in the third quarter – when
revenue fell only 0.8% like-for-like due to a firm recovery in
worksite activity – was confirmed in the fourth (revenue up 1.5%
like-for-like).
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:
- €1.6 billion in Concessions, including a €2.0 billion profit at
VINCI Autoroutes and a €0.4 billion loss at VINCI Airports despite
drastic cost-cutting measures introduced rapidly at the start of
the pandemic. Earnings at the Group’s other concession subsidiaries
were also affected by the decline in revenue, because their costs
are mostly fixed.
- €1.2 billion in Contracting, or 3.4% of revenue, representing a
limited decline compared with 2019 (4.3%). Contracting entities in
France suffered from lower-than-normal business activity after the
first lockdown was introduced. However, their experience in dealing
with past crises enabled them to show resilience and agility in
adjusting to the pandemic. Operating margins in the three
Contracting business lines were therefore higher in the second half
of 2020 than in the second half of 2019. It is worth noting that
margins fell only slightly at VINCI Energies (5.7%, down 30 bp year
on year) and Eurovia (3.5%, down 70 bp year on year). VINCI
Construction’s operating margin was 1.0% (2.7% in 2019), affected
by losses on several building projects in France caused mainly by
lower-than-normal business levels and weaker productivity resulting
from the health crisis. At Entrepose, which specialises in the oil
and gas industries, difficulties prompted a major overhaul of its
business.
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).
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.
II. Upturn
in operating performance in the second half of the year
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.
In Contracting,
- Order intake rose 4% year on year to €43.5 billion in 2020,
including a 4% increase in the fourth quarter. The 14% increase
outside France offset the 6% decline in France. At VINCI Energies,
order intake rose 2%, supported by its infrastructure and ICT
(information and communication technologies) activities outside
France. At Eurovia, order intake fell 7% year on year, since the
post-electoral situation in France was not conducive to local
authorities starting new projects. However, the trend improved in
the fourth quarter, when order intake rose 13% including a 7%
increase in France. At VINCI Construction, order intake rose 14% in
2020 due to major contract wins both in France and abroad.
- The Contracting order book amounted to €42.4 billion at 31
December 2020, a year-end record and an increase of 16% over 12
months. It totalled €16.9 billion (up 9%) in France and €25.5
billion (up 22%) outside France. Orders outside France accounted
for 60% of the total as opposed to 57% at the end of 2019. The
order book increased in all business lines, and represented almost
14 months of average business activity in the Contracting business
at the end of 2020 (11 months at end-2019).
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-19 impacts: 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.
III.
Solid financial position
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:
- Managed net cash of €10.0 billion (€6.8 billion at 31 December
2019), resulting from cash inflows from clients that were much
higher than expected, particularly at the end of the year;
- Unused confirmed bank credit facilities totalling €8.0 billion,
with expiry due in November 2025 for almost all of that
amount;
- €1.2 billion of commercial paper issued (€0.8 billion at 31
December 2019).
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).
IV. 2021
outlook
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.
V.
Dividend
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).
VI. Share
capital
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).
VII. Workforce-related, social and
environmental responsibility
- Environmental performance
In line with the commitments made in its
Manifesto, VINCI adopted new a environmental ambition in early
2020, with three key priorities:
- Taking action for the climate.
- Optimising resources through the circular economy.
- Protecting natural environments.
Each VINCI business line has adopted these
targets and is working to attain them.
- VINCI Energies offers its clients innovative technical
solutions for reducing their carbon footprints.
- Eurovia is becoming a major player in the circular economy, for
example developing the Granulat+ aggregates recovery and recycling
system and building the first fully recycled road.
- VINCI Construction has launched a range of low-carbon concrete,
encouraging the whole industry to change its construction
methods.
- VINCI Autoroutes is promoting the Low-Carbon Motorways
initiative and is aiming to eliminate all use of phytosanitary
products across its network.
- VINCI Airports has committed to making its airports
carbon-neutral by installing solar farms, and is setting the
standard in terms of improving the environmental performance of
airports joining its network.
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 awareness-raising 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.
·Workforce-related and social
performance
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.
- The health and safety of employees are absolute priorities.
VINCI’s lost-time work accident frequency rate was 5.32 in 2020,
representing a 25% reduction over five years. In 2020, 75% of VINCI
companies did not record any lost-time work accidents, up from 71%
in 2015.
- 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.
- Around 170,000 current and former VINCI employees own around 9%
of the Group’s share capital through collective employee savings
plans. In 2020, those plans were extended to four new countries,
and so 83% of the Group’s employees outside France can now become
VINCI shareholders through them. In France, 90% of employees
are now shareholders.
- In 2020, the Group’s 14 foundations supported more than 430
local charitable projects led by close to 1,000 employees in France
and abroad. VINCI announced its support for front line staff,
working in hospitals and other healthcare facilities, social
organisations and schools during the Covid-19 crisis, by allocating
a further €10 million to the Fondation VINCI pour la Cité’s
budget.
- The Group continued its Give Me Five programme, which aims to
give work experience to 5,000 students in their final year of
middle school from underprivileged areas across France; through
immersive learning, they discover the full breadth and depth of the
Group’s business lines. They then receive support with their
learning and work placements are reserved for them. In April 2020,
to make remote learning easier for middle school students who have
taken part in work experience programmes, VINCI and the Fondation
VINCI pour la Cité adopted a joint plan to donate equipment: in
all, 1,600 computers and tablets and 300 4G dongles were donated to
around 30 schools.
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.
VINCI Energies
- Converting green electricity into hydrogen: VINCI Energies has
been working for several years with GRTgaz (owner-operator of the
largest natural gas transmission network in France) on its Jupiter
1000 project. This industrial showcase, which converts renewable
electricity into gas (Power-to-Gas), came into service in 2020 in
Fos sur Mer. Electricity will be converted into hydrogen by two
electrolysers, and into synthetic methane through a methanation
reactor and a carbon capture process. VINCI Energies carried out
all electricity, instrumentation and automation works on this
project.
- Artificial intelligence and carpooling: VINCI Energies, in
collaboration with VINCI Autoroutes, has been
selected by the City of Paris to create a carpooling pilot/trial on
the Boulevard Périphérique ring road. The aim is to be able to
count the number of occupants in a vehicle, to read its licence
place and check that it falls into a category of vehicles allowed
to drive in the reserved lane. VINCI Energies is in charge of
onboard IT systems and installation, while VINCI Autoroutes is
providing the solution for analysing images captured by
surveillance cameras, featuring the latest advances in artificial
intelligence and machine learning.
Eurovia
- Collaboration with ElectReon on a pilot electric road – which
charges vehicle batteries using induction – in Karlsruhe (Germany)
on behalf of energy supplier EnBW. This system, incorporated into
the road surface, will allow contactless charging when vehicles are
both stationary and moving.
- Development of innovative ways of applying recycling solutions
to road works. In 2020, Eurovia launched Recyvia-E. This
maintenance method, which is particularly well suited to rural
roads, allows road surfaces to be repaired by reusing all materials
present on-site.
VINCI Construction
- Further development of low-carbon concrete formulations using
the Exegy approach, for use in a wide range of applications
(foundations, superstructures etc.). Exegy ultra-low-carbon
concrete is the first structural concrete in the market to show
such a large reduction in CO2 emissions (64%), while remaining at
least as solid and strong as traditional concretes.
- Continuation of the Linaster project, which aims to exploit
data from earth-moving machinery in real time in order to optimise
fuel consumption, cycles and productivity.
VINCI Concessions
- In 2020, in pursuit of its innovation policy based around smart
infrastructure, flow management and customer satisfaction, VINCI
Concessions launched projects such as MONA in Lyon-Saint Exupéry
Airport, offering a contactless passenger experience based on
biometrics and facial recognition.
- At Lisbon Airport, VINCI Airports introduced a mobile app for
passengers, allowing them to give their opinion on the airport’s
public health measures in real time by scanning any of the 146 QR
codes around the airport. An autonomous ultraviolet disinfection
robot was also deployed at the airport. As a result of these
innovations, VINCI Airports was awarded the Clean & Safe label
by the Portuguese authorities.
- VINCI Highways encouraged customers across all of its motorway
network to pay digitally. In Greece, for example, the Olympia Odos
motorway between Athens and Patras is currently the country’s only
motorway that allows drivers to pay in a fully contactless
manner.
VIII. Other highlights
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.
**********
Diary |
5 February 2021 |
2020 results presentation08.30 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#)
Live access to the webcast on the Group’s website or via the
following link:
https://channel.royalcast.com/landingpage/vinci/20210205_1/
|
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
**********
About VINCI
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 RELATIONSGrégoire ThibaultTel: +33 1 47 16 45
07gregoire.thibault@vinci.com
Alexandra BournazelTel: +33 1 47 16 33
46alexandra.bournazel@vinci.com
PRESS CONTACTVINCI Press DepartmentTel: +33 1 47 16
31 82 media.relations@vinci.com
APPENDICES
APPENDIX A: CONSOLIDATED FINANCIAL
STATEMENTS
Income statement |
|
|
(in € millions) |
2020 |
2019 |
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 other recurring items |
(108) |
260 |
|
|
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% |
|
|
|
|
|
|
Ordinary dividend per share (in €) |
2.044 |
2.045 |
unchanged |
|
1 Applying IFRIC 12 “Service Concession
Arrangements”, revenue derived from VINCI concession subsidiaries’
works done by companies outside the Group (see
Glossary).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.4 Proposal 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.
Simplified balance sheet
|
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.
Cash flow statement
(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).
APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED
REVENUE
Revenue by business line
|
|
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% |
-8.4% |
International excl. Europe |
8,046 |
8,640 |
-6.9% |
1 Excluding concession subsidiaries’
construction work done by companies outside the Group (see
Glossary).
Consolidated revenue1 by geographical area and business
line
|
|
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
Stadium) |
73 |
115 |
-36.7% |
-36.7% |
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
Stadium) |
162 |
204 |
-20.2% |
-16.4% |
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 consolidated
revenue
|
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 Stadium) |
64 |
79 |
-18.9% |
-13.1% |
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 % |
-4 ,7 % |
International excl. Europe |
2,373 |
2,535 |
-6 ,4 % |
1 Excluding concession subsidiaries’
construction work done by companies outside the Group (see
Glossary).
Revenue* - Quarterly developments in
2020
|
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% |
-5.9% |
Outside France |
+8.5% |
+1.6% |
-15.1% |
-18.2% |
-10.2% |
-10.4% |
-5.5% |
-4.7% |
* Excluding concession subsidiaries’ revenue
from works done by non-Group companies (see Glossary).
APPENDIX C: OTHER INFORMATION BY
BUSINESS LINE
Operating income from ordinary activities (Ebit) by
business line
(in €
millions) |
2020 |
% of revenue1 |
2019 |
% of revenue1 |
2020/2019 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).
2 VINCI Highways, VINCI Railways and VINCI
Stadium.
Net income attributable to owners of the parent, by
business line
(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% |
1 VINCI Highways, VINCI Railways and VINCI
Stadium.
Ebitda by business line
(in €
millions) |
2020 |
% of revenue1 |
2019 |
% of revenue1 |
2020/2019 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 by
business line
(in €
millions) |
2020 |
Of which external net debt |
2019 |
Of which external net debt |
2020/2019 change |
Concessions |
(32,718) |
(20,409) |
(33,952) |
(19,901) |
+1,234 |
VINCI Autoroutes |
(18,318) |
(14,484) |
(19,964) |
(14,275) |
+1,646 |
VINCI Airports |
(11,053) |
(5,264) |
(10,530) |
(4,829) |
-523 |
Other concessions1 and holding companies |
(3,347) |
(661) |
(3,458) |
(797) |
+111 |
Contracting |
1,955 |
2,165 |
(168) |
1,729 |
+2,123 |
Holding companies and miscellaneous |
12,774 |
255 |
12,466 |
(3,482) |
+308 |
Net
financial debt |
(17,989) |
(17,989) |
(21,654) |
(21,654) |
+3,665 |
1 VINCI Highways, VINCI Railways and VINCI
Stadium.
APPENDIX D: CONTRACTING ORDER BOOK AND
ORDER INTAKE
Order book
|
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% |
Order intake |
|
|
(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% |
APPENDIX E: VINCI AUTOROUTES AND VINCI
AIRPORTS INDICATORS
Total traffic on motorway
concessions*
|
Fourth quarter |
Full
year |
(millions
of km travelled) |
2020 |
2020/2019 change |
2020 |
2020/2019 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 Autoroutes revenue in
2020
|
VINCI Autoroutes |
of which: |
|
|
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% |
|
VINCI Airports’
passenger traffic1 |
|
|
|
|
|
|
|
|
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% |
United States |
921 |
-65.7% |
4,034 |
-61.0% |
Brazil |
1,279 |
-40.0% |
3,900 |
-49.9% |
Serbia |
418 |
-70.3% |
1,904 |
-69.1% |
Dominican Republic |
669 |
-52.4% |
2,475 |
-56.1% |
Sweden |
104 |
-80.0% |
568 |
-75.0% |
Total fully consolidated subsidiaries |
8,451 |
-79.1% |
51,461 |
-70.8% |
Japan (40%) |
3,712 |
-70.8% |
15,849 |
-69.4% |
Chile (40%) |
1,628 |
-72.5% |
8,514 |
-65.5% |
Costa Rica (45%) |
51 |
-80.6% |
480 |
-60.8% |
Rennes-Dinard (49%) |
47 |
-76.3% |
275 |
-71.0% |
Total equity-accounted subsidiaries |
5,438 |
-71.5% |
25,119 |
-68.0% |
Total
passengers managed by VINCI Airports |
13,889 |
-76.6% |
76,580 |
-70.0% |
1 Data at 100%, irrespective of percentage held. 2019 figures
including airport passenger numbers over the full period.
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,
gains and losses on asset disposals. It also includes restructuring
charges included in non-recurring operating items.
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.
- At VINCI Immobilier, the order book corresponds to the revenue,
recognised on a progress-towards-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.
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.
- 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
(€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
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.
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.
- 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.
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
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.).
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.
1 Excluding concession subsidiaries’ revenue from works done by
non-Group companies (see Glossary).
2Proposal 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.
4 At 31 December.
5 Figures at 100% including passenger numbers at all airports
managed by VINCI Airports over the full year.
6The consolidated financial statements have been audited and the
Statutory Auditors' report is in the process of being
published.
7After taking into account dilutive instruments.
8Figures at 100%. 2019 figures including airport passenger
numbers over the full year.
9Ebit / revenue.
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