QUARTERLY INFORMATION AT
- Revenue: €12.8 billion, 26% higher than in the first quarter of 2021 (up 12% like-for-like) – International revenue (up 51%) accounting for more than half of the total
- Firm operational performance
- Concessions: higher traffic levels at
VINCI Autoroutes – Further improvement in passenger numbers atVINCI Airports - Energy: buoyant business levels and order intake at
VINCI Energies – Integration of Cobra IS - Construction: good momentum
- Concessions: higher traffic levels at
- Very large order book – Increase in its proportion outside
France - Substantial liquidity – Limited rise in net debt
- 2022 guidance unchanged
Consolidated revenue | |||||||
First quarter | 2022/2021 change | ||||||
(in € millions) | 2022 | 2021 | Actual | Like-for-like1 | |||
Concessions | 1,779 | 1,325 | +34% | +33% | |||
1,274 | 1,108 | +15% | +15% | ||||
405 | 155 | 2.6x | 2.5x | ||||
Other concessions2 | 99 | 62 | +60% | +57% | |||
3,633 | 3,405 | +6.7% | +4.5% | ||||
Cobra | 1,234 | ||||||
5,967 | 5,255 | +14% | +11% | ||||
337 | 320 | +5.4% | +5.4% | ||||
Eliminations and adjustments | (103) | (127) | |||||
Group total* | 12,847 | 10,178 | +26% | +12% | |||
of which: France | 6,234 | 5,811 | +7.3% | +6.9% | |||
International | 6,613 | 4,367 | +51% | +19% | |||
| 3,980 | 2,607 | +53% | +25% | |||
International excl. | 2,633 | 1,760 | +50% | +10% | |||
Change in total traffic at | +15.2% vs Q1 2021, +2.4% vs Q1 2019 | ||||||
Change in | 2.9x vs Q1 2021, -46% vs Q1 2019 | ||||||
Order intake (in € billions) | 12.5 | 11.63 | +8%, -2% excluding Cobra IS | ||||
Order book** (in € billions) | 55.0 | 45.83 | +20%, +2% excluding Cobra IS | ||||
Net financial debt** (in € billions) | (20.7) | (18.6) | -2.1 |
* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see Glossary).
** Period-end.
I. Consolidated key figures
Consolidated revenue in the first quarter of 2022 came to €12.8 billion4, up 26% compared with the year-earlier period (organic growth of 12%, a 13% positive impact from changes in the consolidation scope and a 1% positive effect from exchange rate movements).
- In
France (49% of the total), revenue amounted to €6.2 billion, up 7.3% on an actual basis and up 6.9% like-for-like. - Outside
France , revenue now represents more than half of the Group total (51%) and amounted to €6.6 billion, up 51% on an actual basis and 19% like-for-like. Changes in scope boosted revenue by 30% following the integration of Cobra IS from1 January 2022 . Exchange rate movements had a positive impact of 2.6% as several currencies – particularly the US dollar and sterling – rose against the euro.
Order intake at
Overall, the order book amounted to €55.0 billion at
II. Revenue by business line
- CONCESSIONS: €1,779 million (up 34% relative to 2021, up 7% relative to 2019)
In the first quarter of 2022, traffic levels on VINCI Autoroutes’ intercity networks remained on a firm upward trajectory, rising by more than 15% year on year (light vehicles up 18%, heavy vehicles up 5%)5.
Compared with the first quarter of 2019, light vehicle traffic was up 1.5% and heavy vehicle traffic was up 6.7%, due to firm economic activity in
Continuing the improvement seen in the last few months of 2021,
- Airports in the
Americas continued to see good momentum, with passenger numbers close to or higher than 2019 levels. - In
Europe , the easing of Covid restrictions led to notable improvements inPortugal ,France andSerbia . In theUnited Kingdom , the loosening of restrictions on international travel in early February led to a rebound in passenger numbers atLondon Gatwick airport . Thus, Gatwick’sSouth Terminal reopened on 27 March after being closed for almost two years because of the pandemic. - However, airports in
Asia continued to suffer from border closures and ongoing restrictions, particularly inChina .
Overall,
Other concessions (VINCI Highways,
Other concessions mainly relate to the following companies: Lima Expresa, Gefyra (Rion–Antirion bridge in
VINCI ENERGIES : €3,633 million (up 7% on an actual basis and up 5% like-for-like compared with the first quarter of 2021)
In
Outside
Recently closed acquisitions – 29 in 2021 and 7 in the first quarter of 2022 – contributed around €45 million to first-quarter revenue.
Order intake rose 10% compared with the first quarter of 2021. The order book at
- COBRA
IS : €1,234 million
In the first quarter, revenue - generated almost exclusively outside
The order book amounted to €8.4 billion at
VINCI CONSTRUCTION : €5,967 million (up 14% on an actual basis and up 11% like-for-like compared with the first quarter of 2021)
In
Outside
VINCI Construction’s order intake was down 9% year on year in the first quarter of 2022. It should be borne in mind that in early 2021,
VINCI IMMOBILIER : €337 million (up 5% relative to the first quarter of 2021)
VINCI Immobilier’s consolidated revenue amounted to €337 million, up 5% year on year. Production remained robust in both the residential and commercial sectors.
The number of homes reserved in
III. Financial position and liquidity
At
VINCI has maintained a very strong liquidity position. At
- managed net cash of €7.0 billion;
- confirmed bank credit facilities unused by
VINCI SA and totalling €8.0 billion, with expiry due inNovember 2025 for almost all of that amount, along with €0.5 billion of facilities at Cobra IS.
In
IV. 2022 outlook
In a context of uncertainty due to geopolitical tensions as well as the public health situation, VINCI is maintaining the 2022 guidance that it presented when publishing its 2021 financial statements.
VINCI Autoroutes expects full-year traffic levels to exceed those of 2019.VINCI Airports anticipates that passenger numbers will continue recovering to around 60% of their 2019 level, enabling it to achieve net income close to break-even.VINCI Energies , which operates in buoyant markets, should be able to continue growing its business while solidifying its operational performance.- Cobra
IS , benefiting from firm momentum in its flow-business and the ramp-up of its EPC projects, is expecting revenue of around €5.5 billion and operating margin7 in line with the industry’s best in class. VINCI Construction , thanks to its very large order book, is likely to remain busy and improve its operating margin7, while taking a selective approach to new business.
Overall, VINCI expects net income in 2022 to be higher than the 2019 figure.
VINCI remains confident that it will be able to maintain a consistent growth. The Group has a number of key strengths, since its energy services, construction and mobility businesses place it at the heart of the new opportunities being generated by green growth.
V. Other recent highlights
- New developments
The main acquisitions closed in the first quarter of 2022, aside from the
- In
Canada ,VINCI Construction acquired the construction companies of the family-runNorthern Group of Companies . These companies specialise in roadworks and the production of asphalt mixes and aggregates in the provinces ofNew Brunswick andNova Scotia . The deal strengthens VINCI Construction’s presence inCanada and its position inNorth America as a whole. - In
Portugal ,VINCI Concessions andLineas – whose main shareholder isMota-Engil – exercised their pre-emption right to acquire Atlantia’s 17.2% stake in Lusoponte, which holds concessions for two bridges over the river Tagus inLisbon until 2030. As a result, VINCI Concessions holds a 49.5% stake in Lusoponte, giving it and its partner joint control over the company.
- Acquisition of the 70% stake it did not already own in
TollPlus Inc , a provider of mobility-related technology solutions. VINCI Highways has held a 30% stake in TollPlus since 2016, and has been developing its free-flow toll business inthe United States (Texas andCalifornia ),Europe (Ireland ) andIndia . The acquisition makes VINCI Highways a leading player in electronic toll collection (ETC), a market that is growing rapidly, particularly inthe United States . - Signature of an agreement with OMERS Infrastructure to acquire its 65.1% stake in
Strait Crossing Development Inc (SCDI), which holds the concession until 2032 for theConfederation Bridge connecting the Canadian provinces ofPrince Edward Island andNew Brunswick . VINCI Highways is a long-standing shareholder of SCDI, and the transaction will increase its stake from 19.9% to 85%.
Olympia Odos – which is 29.9%-owned by
- Shareholders’ General Meeting
In the Combined Shareholders’ General Meeting held on
- Distribution of a dividend of €2.90 per share with respect to 2021. Since an interim dividend of €0.65 per share was paid in
- Renewal of Xavier Huillard’s term of office as Director for a period of four years. VINCI’s Board of Directors, in a meeting held after the Shareholders’ General Meeting, decided to reappoint
- Further details on VINCI’s environmental ambition
As regards the implementation of the Group’s environmental ambition, the Shareholders’ General Meeting was an opportunity to provide details about a new target, validated by the Science Based Targets initiative (SBTi).
The Group has undertaken to reduce its Scope 3 carbon footprint by 20% between 2019 and 2030. It will help its customers, suppliers and users in their efforts to reduce their own impact as part of its overall environmental strategy, which features a number of initiatives, services and solutions for each business line. This new commitment is in addition to the target set in 2020 to reduce VINCI’s direct CO2 emissions (Scopes 1 and 2) by 40% between 2018 and 2030.
- Share buy-backs
The Group repurchased 6.5 million VINCI shares at a cost of €600 million in the first quarter of 2022.
On
Conference call
The Group will comment on its revenue and business activities in the period ended
To take part, dial one of the following numbers:
FR : +33 (0)1 72 72 74 03 PIN : 94118655#
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Playback number (available within two hours):
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**********
Agenda | ||
Ex-date of the 2021 final dividend (€2.25 per share) | ||
Payment of the 2021 final dividend (€2.25 per share) | ||
Publication of VINCI’s first-half 2022 results (before the market open) |
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About VINCI
VINCI is a global player in concessions, construction and energy businesses, employing more than 260,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general. www.vinci.com
INVESTOR RELATIONS
Grégoire THIBAULT
Tel: +33 (0)1 57 98 63 84
gregoire.thibault@vinci.com
Boris VALET
Tel: +33 (0)1 57 98 62 84
boris.valet@vinci.com
PRESS CONTACT
Tel: +33 (0)1 57 98 62 88
media.relations@vinci.com
APPENDICES
APPENDIX A: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE
Consolidated revenue* in the first quarter of the year - Breakdown by region and business line
First quarter | First quarter | 2022/2021 change | ||
(in € millions) | 2022 | 2021 | Actual | Like-for-like |
Concessions | 1,375 | 1,164 | +18% | +18% |
1,274 | 1,108 | +15% | +15% | |
71 | 37 | +92% | +92% | |
Other concessions** | 30 | 19 | +56% | +56% |
1,703 | 1,631 | +4.4% | +3.6% | |
Cobra | 8 | |||
2,909 | 2,819 | +3.2% | +3.1% | |
336 | 317 | +6.0% | +6.0% | |
Eliminations and adjustments | (97) | (120) | ||
Total | 6,234 | 5,811 | +7.3% | +6.9% |
OUTSIDE | ||||
Concessions | 404 | 162 | 2.5x | 2.4x |
335 | 119 | 2.8x | 2.6x | |
Other concessions** | 69 | 43 | +62% | +57% |
1,931 | 1,774 | +8.8% | +5.3% | |
Cobra | 1,226 | |||
3,058 | 2,436 | +26% | +20% | |
Eliminations, adjustments and other | (5) | (5) | ||
Total outside | 6,613 | 4,367 | +51% | +19% |
* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
** VINCI Highways,
APPENDIX B: ORDER BOOK AND ORDER INTAKE
Order book
| At 31 March | Change | At 31 Dec. | Change | |||
(in € billions) | 2022 | 2021 | over 12 months | 2021 | vs | ||
12.2 | 10.9 | +13% | 11.0 | +11% | |||
Cobra | 8.4 | 8.3 | +1% | ||||
34.3 | 35.0 | -2% | 33.4 | +3% | |||
Total | 55.0 | 45.8 | +20% | 52.7 | +4% | ||
of which: | |||||||
17.7 | 17.8 | -1% | 16.8 | +5% | |||
Outside | 37.3 | 28.0 | +33% | 36.0 | +4% | ||
20.9 | 16.3 | +28% | 20.0 | +4% | |||
Rest of the world | 16.4 | 11.7 | +40% | 16.0 | +3% |
Order intake | |||||
At 31 March | |||||
(in € billions) | 2022 | 2021 | 2022/2021 change | ||
4.7 | 4.3 | +10% | |||
Cobra | 1.1 | ||||
6.6 | 7.3 | -9% | |||
Total | 12.5 | 11.6 | +8% | ||
of which: | |||||
5.5 | 5.4 | +2% | |||
Outside | 7.0 | 6.2 | +14% |
APPENDIX C: VINCI AUTOROUTES AND VINCI AIRPORTS INDICATORS
Traffic on motorway concessions*
First quarter | ||||
(millions of km travelled) | 2022 | 2022/2021 change | 2022/2019 change | |
10,712 | +15% | +2.4% | ||
Light vehicles | 8,776 | +18% | +1.5% | |
Heavy vehicles | 1,936 | +4.9% | +6.7% | |
of which: | ||||
ASF | 6,683 | +14% | +2.7% | |
Light vehicles | 5,391 | +17% | +1.7% | |
Heavy vehicles | 1,292 | +4.5% | +7.2% | |
Escota | 1,615 | +19% | +4.0% | |
Light vehicles | 1,435 | +21% | +3.6% | |
Heavy vehicles | 180 | +5.8% | +6.9% | |
2,323 | +14% | -0.6% | ||
Light vehicles | 1,882 | +16% | -1.5% | |
Heavy vehicles | 442 | +3.6% | +3.2% | |
Arcour | 68 | +13% | +2.6% | |
Light vehicles | 55 | +15% | +2.3% | |
Heavy vehicles | 13 | +3.5% | +3.7% |
* Excluding A86 duplex.
First quarter 2022 | Of which: | ||||||
ASF | Escota | Arcour | |||||
Toll revenue (in € millions) | 1,248.7 | 725.1 | 184.1 | 317.4 | 15.4 | ||
2022/2021 change | +15% | +14% | +19% | +13% | +11% | ||
2022/2019 change | +8.8% | +9.2% | +11% | +4.7% | +9.3% | ||
Revenue (in € millions) | 1,274.2 | 741.6 | 186.7 | 322.0 | 15.6 | ||
2022/2021 change | +15% | +14% | +18% | +13% | +11% | ||
2022/2019 change | +8.9% | +9.3% | +10% | +4.6% | +9.4% |
VINCI Airports’ passenger numbers1
First quarter | ||||
(in thousands of passengers) | 2022 | 2022/2021 change | 2022/2019 change | |
8,195 | 5.8x | -26% | ||
of which | 4,519 | 6.1x | -28% | |
4,701 | 18.8x | -57% | ||
of which LGW | 3,809 | 24.6x | -61% | |
2,633 | 3.5x | -40% | ||
of which ADL | 1,452 | 3.2x | -43% | |
195 | 2.5x | -94% | ||
1,974 | 2.4x | -15% | ||
3,014 | +42% | -11% | ||
743 | 2.6x | -28% | ||
1,373 | +76% | -6.1% | ||
91 | +76% | -77% | ||
Total fully consolidated subsidiaries | 22,919 | 3.5x | -40% | |
3,483 | +67% | -72% | ||
4,610 | 2.2x | -34% | ||
414 | 3.4x | -7.8% | ||
116 | 2.7x | -39% | ||
Total equity-accounted subsidiaries | 8,623 | 2.0x | -57% | |
Total passengers managed by | 31,542 | 2.9x | -46% |
1 Figures at 100% including airports’ passenger numbers over the full period.
APPENDIX D: GLOSSARY
Concession subsidiaries’ revenue derived from works carried out by non-Group companies: this indicator relates to construction work done by concession companies as programme manager on behalf of concession grantors. Consideration for that work is recognised as an intangible asset or financial asset depending on the accounting model applied to the concession contract, in accordance with IFRIC 12 “Service Concession Arrangements”. It excludes work done by the
Like-for-like revenue growth: this indicator measures the change in revenue at constant scope and exchange rates.
- Constant scope: the scope effect is neutralised as follows.
- For revenue in year Y, revenue from companies that joined the Group in year Y is deducted.
- For revenue in year
Y-1 , the full-year revenue of companies that joined the Group in yearY-1 is included, and revenue from companies that left the Group in yearsY-1 and Y is excluded.
- Constant exchange rates: the currency effect is neutralised by applying exchange rates in year Y to foreign currency revenue in year
Y-1 .
Net financial surplus/debt: this corresponds to the difference between financial assets and financial debt. If the assets outweigh the liabilities, the balance represents a net financial surplus, and if the liabilities outweigh the assets, the balance represents net financial debt. Financial debt includes bonds and other borrowings and financial debt (including derivatives and other liabilities relating to hedging instruments). Financial assets include cash and cash equivalents and assets relating to derivative instruments.
On
Order book:
- At
VINCI Energies ,Cobra IS andVINCI 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.
Order intake:
- At
VINCI Energies ,Cobra IS andVINCI 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.
1 See glossary.
3 Excluding Cobra IS.
4 Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see Glossary).
5 Various travel restrictions were in force in
6 Figures at 100% including passenger numbers at all managed airports over the full period.
7 Ebit/revenue.
Attachment
- VINCI_CP T1 2022_20220421_EN
© OMX, source