Rueil Malmaison, 27 April 2017
QUARTERLY
INFORMATION AT 31 MARCH 2017
-
Strong growth in passenger traffic and revenue
at VINCI Airports
-
Traffic at VINCI Autoroutes held steady despite
unfavourable calendar effects
-
Return to growth of Contracting business in
France and internationally
-
Increase in order intake
and order book
-
Confirmation of 2017
outlook: growth in consolidated revenue, operating income and net
income
Consolidated revenue |
First quarter |
2017/2016 change |
in € millions |
2017 |
2016 |
Actual |
Like-for-like[1] |
Concessions* |
1,450 |
1,306 |
+11.0% |
+3.3% |
VINCI Autoroutes |
1,094 |
1,083 |
+1.0% |
+1.0% |
VINCI Airports |
306 |
193 |
+58.4% |
+12.7% |
Other
concessions |
50 |
30 |
+65.6% |
+1.5% |
Contracting |
6,895 |
6,712 |
+2.7% |
+2.3% |
VINCI Energies |
2,449 |
2,400 |
+2.1% |
+0.2% |
Eurovia |
1,387 |
1,244 |
+11.5% |
+11.6% |
VINCI
Construction |
3,059 |
3,068 |
-0.3% |
+0.2% |
VINCI Immobilier |
197 |
96 |
+104.0% |
+104.0% |
Eliminations and adjustments |
(105) |
(90) |
|
|
VINCI Group total* |
8,437 |
8,025 |
+5.1% |
+3.5% |
of
which:
France |
5,029 |
4,789 |
+5.0% |
+3.9% |
International |
3,408 |
3,236 |
+5.3% |
+3.0% |
Order intake (in € billions) |
9.5 |
8.7 |
+9% |
|
|
Order book (in € billions) |
30.2 |
29.2 |
+3% |
|
|
Net financial debt at end of period
(in € billions) |
(14.5) |
(13.1) |
-1.4 |
|
|
* Excluding concession subsidiaries' construction
work carried out by non-Group companies.
Business activity for the first
three months of 2017 confirms an ongoing positive trend for
Concessions and an upturn in Contracting's business volumes and
order intake:
-
Strong growth in VINCI Airports' revenue,
reflecting a sharp increase in passenger numbers at all airports
managed, as well as the consolidation of Aerodom (six airports in
the Dominican Republic airports, including that of the country's
capital, Santo Domingo) and ADL (Lyon airports);
-
Increase in VINCI Autoroutes' toll revenue
despite a slight drop in traffic due entirely to calendar
effects;
-
Consolidation of Lamsac, operator of a section
of the Lima ring road in Peru, as a VINCI Highways
subsidiary;
-
Growth in Contracting's business volumes, with a
marked increase at Eurovia, an improved trend for VINCI Energies
compared with previous quarters, and a slight increase at VINCI
Construction on a like-for-like basis.
All Contracting business lines
recorded an increase in order intake during the quarter, including
in particular the Group's first contracts on the Grand Paris
Express network (Line 15 South).
Further development of the
concession portfolio: following a privatisation process, VINCI
Airports was selected in March to be the concession operator of
Salvador International Airport in Brazil. VINCI Highways confirmed
its position as a major player in motorway public-private
partnerships (PPPs) in Germany with the completion of financing for
the A7-2. In Greece, VINCI Concessions and its partners opened two
new motorway sections (Corinth-Patras and Maliakos-Kleidi) to
traffic.
The Group has been particularly
active in the area of debt management since the beginning of the
year, successfully carrying out two bond issues for ASF and an
issue of synthetic convertible bonds for VINCI, as well as
refinancing Aerodom.
This encouraging first quarter
strengthens the prospects for an increase in revenue and earnings
in 2017.
I. Key
financial data
VINCI's
consolidated revenue for the first quarter of 2017 amounted to
€8,437 million[2], up 5.1%
year-on-year. After adjustment for exchange rate fluctuations
(-0.2%) and changes in consolidation scope (+1.8%), growth was 3.5%
like-for-like. The main changes in scope were the acquisitions of
Aerodom, ADL and Lamsac for the Concessions business, together with
VINCI Energies' acquisition of Novabase IMS in Portugal.
Concessions
revenue totalled €1,450 million, up 11.0% actual. On a
like-for-like basis, the 3.3% increase was attributable to the
growth in airport passenger numbers (+14.7%), while VINCI
Autoroutes' revenue held up well (up 1.0%) despite unfavourable
calendar effects.
Contracting revenue amounted
to €6,895 million, up 2.7% actual or 2.3% like-for-like. It
increased 2.1% in France and 3.5% internationally. VINCI Energies
generated revenue of €2,449 million, up 2.1% (stable on a
like-for-like basis); Eurovia's revenue rose 11.5% to €1,387
million (up 11.6% like-for-like); VINCI Construction's remained
stable at €3,059 million on both an actual and like-for-like
basis.
In France,
revenue totalled €5,029 million, up 5.0% or 3.9% like-for-like.
Outside
France, revenue increased 5.3% to €3,408 million (up 3.0%
like-for-like), representing 40% of total revenue.
Order intake
for the quarter totalled €9.5 billion, up 9% relative to the first
quarter of 2016, with all three business lines showing good
momentum: VINCI Energies: +11%; Eurovia: +3%; VINCI Construction:
+11%.The 26% upturn in order intake in France, boosted by the first
contracts won under the Grand Paris Express network, offset the 9%
decline in international markets due to an unfavourable base for
comparison. The first quarter of 2016 included the significant
Trans-Adriatic Pipeline (TAP) contract.
The order book at
31 March 2017 stood at €30.2 billion, up 3% year-on-year or 10%
compared with 31 December 2016. It represented over 11 months
of Contracting's average business activity.
Consolidated net
financial debt at 31 March 2017 was €14.5 billion, up
€1.4 billion against the 31 March 2016 figure and
€0.5 billion against 31 December 2016.
II. Analysis
of first-quarter 2017 revenue by business line
CONCESSIONS:
€1,450 million (up 11.0% actual; up 3.3% like-for-like)
VINCI
Autoroutes: €1,094 million (up 1.0% both actual and
like-for-like)
Traffic on the intercity networks
managed by VINCI Autoroutes recorded a slight decline (-0.8%) in
the first quarter of 2017. Light-vehicle traffic was down 1.9% due
to unfavourable calendar effects and a first-quarter 2016 base for
comparison that included the additional leap-year day and the fact
that Easter weekend fell in March. Heavy-vehicle traffic, however,
rose 5.1%, benefiting from two more working days than in the first
quarter of 2016. Adjusted for those effects, estimated total
traffic growth would have been in the order of 2%.
VINCI
Airports: €306 million (+58.4% actual; +12.7%
like-for-like)
Passenger traffic growth remained
strong in the first quarter of 2017, with an overall 10.9% increase
in the number of passengers managed by VINCI Airports: 18.7% in
Portugal, 8.2% in France, 18.0% in Cambodia, 3.5% in the Dominican
Republic, 9.7% in Santiago, Chile [3] and 5.7% in
Kansai, Japan [3]. Over the
first three months of the year, each of the newly consolidated
companies, Aerodom and ADL, contributed revenue of €41 million.
Other concessions: €50
million (up 65.6% actual, up 1.5% like-for-like)
The significant increase in other
concessions' revenue is attributable to the consolidation by VINCI
Highways of Lamsac, which contributed €20 million over the
quarter.
CONTRACTING: €6,895 million (up
2.7% actual; up 2.3% like-for-like)
VINCI
Energies: €2,449 million (up 2.1% actual; up 0.2%
like-for-like)
Following the slowdown observed in
the second half of 2016, the first quarter of 2017 marked a return
to organic growth, driven by France. Business volumes were down in
infrastructure, virtually stable in the service sector, and up in
information and communication technologies (ICT) and industry.
In France, revenue amounted to
€1,322 million, (up 1.2% actual, up 0.4% like-for-like).
Outside France, revenue was €1,127
million (up 3.0% actual, stable like-for-like).
The business line's order book at
31 March 2017 stood at €6.9 billion, up 5% over 12 months or 18%
since the beginning of the year. It represented around eight months
of VINCI Energies' average business activity.
Eurovia:
€1,387 million (up 11.5% actual; up 11.6%
like-for-like)
Revenue in the first quarter
benefited from mild weather conditions, more favourable than in
2016. However, because of the seasonal nature of Eurovia's
business, which is more pronounced than in other Group business
lines, its first-quarter performance cannot be extrapolated to the
full year.
In France, revenue was €855
million, up 9.2% both actual and like-for-like.
Outside France, revenue amounted
to €531 million, up 15.2% actual (up 15.5% like-for-like). This
growth is attributable mainly to the United States.
The business line's order book at
31 March 2017 stood at €6.0 billion, up 5% over 12 months or 6%
since the beginning of the year. It represented more than nine
months of Eurovia's average business activity.
VINCI
Construction: €3,059 million (down 0.3% actual; up 0.2%
like-for-like)
Following a three-year decline in
business activity totalling almost 20%, VINCI Construction
confirmed the improvement observed in the fourth quarter of
2016.
In France, revenue was €1,543
million, down 0.8% actual or 1.0% like-for-like.
Outside France, revenue totalled
€1,516 million (up 0.2% actual; up 1.4% like-for-like). The growth
at Entrepose, with the start-up of the Trans-Adriatic Pipeline
(TAP) project and in Asia-Pacific, offset the declines recorded by
Sogea-Satom in Africa's oil-producing countries.
The business line's order book at
31 March 2017 stood at €17.3 billion, up 2% over 12 months or 9%
since the beginning of the year. It represented over 15 months of
VINCI Construction's average business activity.
VINCI
Immobilier: €197 million (up 104.0% both actual and
like-for-like)
The sharp increase in revenue
recognised on a percentage-of-completion basis was due to the
residential sector, in which a high level of deeds of sale were
signed during the quarter. Revenue from housing reservations in the
first quarter of 2017 increased 4% year-on-year despite the
reduction in the number of block sales.
III. Recent highlights and
events
New
developments at VINCI Concessions
-
Award of the Salvador (Brazil) airport
concession to VINCI Airports. Following a call for bids initiated
by the country's civil aviation authority, ANAC, VINCI Airports won
the concession for Deputado Luis Eduardo Magalhaes Airport for a
period of 30 years. Over 7.5 million passengers passed through the
airport in 2016.
-
Commissioning of two new motorway sections in
Greece - Corinth to Patras (120 km) and Maliakos to Kleidi (240 km)
- built under concession contracts. The motorways will be operated
until 2038 by Olympia Odos and Aegean Motorway, the concession
companies in which VINCI Concessions owns 30% and 14%
respectively.
-
Completion by VINCI Highways of the financing
for the A7-2 motorway in Germany, a 30-year public-private
partnership (A-Modell) contract with the country's federal
government worth €441 million. The joint venture comprising
VINCI Concessions (leader) and Meridiam Infrastructure will operate
a 60 km section of the motorway. The works to widen a 29.2 km
section will be performed by a joint venture led by Eurovia.
New
contracts
Several significant contracts were
entered into the order book in the first quarter of 2017:
-
Comol5, a joint venture made up of VINCI
Construction Grands Projets, TBI Mobilis, Croonwolter&dros and
DIMCO (DEME Infra Marine Contractors) a CFE Group subsidiary, will
build the first part of the Rijnland Route in the Netherlands. Each
of the partners has a 25% interest. The total value of the contract
is €492 million.
-
VINCI Construction, along with Spie Batignolles,
has been selected to build the T3C section of Line 15 South of the
Grand Paris Express network. The total value of the contract is
€926 million.
-
A joint venture consisting of VINCI Construction
subsidiary Soletanche Bachy and Bouygues (leader) has been selected
to execute the civil engineering works on Line 15 South of the
Grand Paris Express network. The total value of the contract is
€807 million.
In April, a joint venture led by
Eurovia was notified of a €356 million contract for the
construction of a new 8 km section of the D1 motorway in
Slovakia.
IV. Financial
position
VINCI's consolidated net financial
debt was €14.5 billion at 31 March 2017, up €1.4 billion compared
with 31 March 2016. The €0.5 billion increase recorded since
the beginning of 2017 reflects seasonal variations in operating
cash flow in Contracting business lines, similar to those recorded
in the first quarter of 2016.
Several operations were
successfully completed in the first three months of the year:
-
Two bond issues for ASF:
-
In January, a €1 billion 10-year bond issue
carrying an annual coupon of 1.25%;
-
In April, a €500 million 9-year bond issue
carrying an annual coupon of 1.125%.
-
In January, a US$317 million issue of 12-year
amortising bonds by Aerodom as part of a Rule 144A placement,
complemented by a seven-year bank loan of US$216 million.
-
In February, an issue of US$450 million
non-dilutive, cash-settled synthetic convertible VINCI bonds due to
mature in 2022 (five years) and paying a coupon of 0.375%.
At the end of March 2017, the
Group had €9.3 billion of liquidity, consisting of €3.3 billion of
managed net cash and €6 billion of confirmed bank credit facilities
expiring in 2021.
During the first quarter of 2017,
VINCI issued 1.0 million new shares as part of Group savings plans
and stock option plans, and bought back 2.4 million shares in the
market.
V. 2017 outlook:
confirmation of expected earnings growth
The good performances achieved by
the Group in the first quarter support the outlook for 2017
previously published:
VINCI expects full-year
consolidated revenue, operating income and net income[4] to
increase.
-
Concessions revenue will
continue to grow at both VINCI Autoroutes and VINCI Airports,
although, given the very high base for comparison, the pace is
likely to be slower in 2017 than in 2016. Revenue will also benefit
from the full-year impact of acquisitions made in 2016 (Aerodom,
Aéroports de Lyon, Lamsac).
-
In Contracting, 2017 should
see a return to revenue growth, with a slight upturn expected in
France. Outside France, movements in oil and commodity prices will
remain crucial for business growth. Accordingly, VINCI is
continuing to focus on enhancing margins.
**********
Diary |
28 July
2017 |
Publication of first-half 2017 financial results (before
trading) |
24
October 2017 |
Quarterly
information at 30 September 2017 (after trading) |
**********
About VINCI
VINCI is a global player in concessions and construction, employing
more than 183,000 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
RELATIONS
Arnaud Palliez
Tel: +33 1 47 16 45 07
arnaud.palliez@vinci.com
Alexandra Bournazel
Tel: +33 1 47 16 33 46
alexandra.bournazel@vinci.com
PRESS
CONTACT
VINCI Press Department
Tel: +33 1 47 16 31 82
media.relations@vinci.com
APPENDIXES
APPENDIX A: VINCI CONSOLIDATED
REVENUE
Consolidated
revenue* at 31 March - Breakdown by region and by business
|
at 31 March |
2017/2016 change |
in €
millions |
2017 |
2016 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
1,186 |
1,133 |
+4.6% |
+1.1% |
VINCI Autoroutes |
1,094 |
1,083 |
+1.0% |
+1.0% |
VINCI Airports |
75 |
32 |
+137.3% |
+5.7% |
Other
concessions |
17 |
19 |
-8.5% |
-8.5% |
Contracting |
3,721 |
3,645 |
+2.1% |
+1.7% |
VINCI Energies |
1,322 |
1,306 |
+1.2% |
+0.4% |
Eurovia |
855 |
783 |
+9.2% |
+9.2% |
VINCI
Construction |
1,543 |
1,556 |
-0.8% |
-1.0% |
VINCI Immobilier |
197 |
96 |
+104.0% |
+104.0% |
Eliminations and adjustments |
(74) |
(85) |
|
|
Total France |
5,029 |
4,789 |
+5.0% |
+3.9% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
264 |
173 |
+52.6% |
+14.1% |
VINCI Airports |
231 |
162 |
+43.0% |
+15.1% |
Other
concessions |
33 |
10 |
+191.1% |
+7.8% |
Contracting |
3,174 |
3,067 |
+3.5% |
+3.0% |
VINCI Energies |
1,127 |
1,094 |
+3.0% |
-0.1% |
Eurovia |
531 |
461 |
+15.2% |
+15.5% |
VINCI
Construction |
1,516 |
1,512 |
+0.2% |
+1.4% |
Eliminations and adjustments |
(30) |
(4) |
|
|
Total International |
3,408 |
3,236 |
+5.3% |
+3.0% |
* Excluding concession subsidiaries' construction
work carried out by non-Group companies.
APPENDIX B:
CONTRACTING ORDER BOOK
|
at 31 March |
Change |
|
at |
Change |
in € billions |
2017 |
2016 |
over 12 months |
|
31 Dec.
2016 |
vs. 31 Dec. 2016 |
VINCI Energies |
6.9 |
6.6 |
+5% |
|
5.9 |
+18% |
Eurovia |
6.0 |
5.7 |
+5% |
|
5.6 |
+6% |
VINCI
Construction |
17.3 |
17.0 |
+2% |
|
15.9 |
+9% |
Total Contracting |
30.2 |
29.2 |
+3% |
|
27.4 |
+10% |
of
which : |
|
|
|
|
|
|
France |
15.9 |
14.3 |
+11% |
|
13.8 |
+16% |
International |
14.3 |
14.9 |
-4% |
|
13.6 |
+5% |
Europe excl.
France |
7.6 |
8.4 |
-9% |
|
7.1 |
+8% |
Rest of the
world |
6.6 |
6.5 |
+2% |
|
6.5 |
+2% |
APPENDIX C: VINCI
AUTOROUTES AND VINCI AIRPORTS INDICATORS
VINCI Autoroutes revenue
at 31 March 2017 |
VINCI
Autoroutes |
of which: |
|
|
ASF |
Escota |
Cofiroute |
Arcour |
Total traffic - intercity
network |
-0.8% |
-0.3% |
+0.0% |
-2.4% |
-1.1% |
Price effects |
+1.7% |
+2.0% |
+1.0% |
+1.3% |
+9.3% |
A86
Duplex |
+0.1% |
- |
- |
+0.3% |
- |
Toll revenue (in € millions) |
1 074 |
614 |
163 |
285 |
11 |
2017/2016 change |
+1.0% |
+1.7% |
+1.0% |
-0.8% |
+8.2% |
Revenue (in € millions) |
1,094 |
626 |
166 |
290 |
12 |
2017/2016 change |
+1.0% |
+1.7% |
+0.9% |
-0.5% |
+8.1% |
Traffic on
motorway concessions
|
First quarter |
in millions
of km travelled |
2017 |
2016 |
2017/2016 change |
VINCI Autoroutes |
10,153 |
10,230 |
-0.8% |
Light vehicles |
8,440 |
8,601 |
-1.9% |
Heavy
vehicles |
1,712 |
1,629 |
+5.1% |
of
which: |
|
|
|
ASF |
6,249 |
6,268 |
-0.3% |
Light vehicles |
5,110 |
5,187 |
-1.5% |
Heavy
vehicles |
1,139 |
1,081 |
+5.3% |
Escota |
1,566 |
1,567 |
+0.0% |
Light vehicles |
1,403 |
1,412 |
-0.6% |
Heavy
vehicles |
164 |
155 |
+5.5% |
Cofiroute (intercity network) |
2,277 |
2,333 |
-2.4% |
Light vehicles |
1,877 |
1,950 |
-3.8% |
Heavy
vehicles |
400 |
383 |
+4.4% |
Arcour |
61 |
61 |
-1.1% |
Light vehicles |
51 |
52 |
-2.9% |
Heavy
vehicles |
10 |
9 |
+9.9% |
VINCI
Airports' passenger traffic 1
|
First
quarter |
Rolling 12-month period |
thousands
of passengers |
2017 |
2017/2016
change |
2017 |
2017/2016
change |
ANA, Portugal |
9,259 |
+18.7% |
45,939 |
+15.2% |
of which Lisbon |
5,181 |
+21.2% |
23,355 |
+14.6% |
France |
3,659 |
+8.2% |
16,170 |
+9.1% |
of which ADL (Lyon) 2 |
2,160 |
+11.2% |
9,774 |
+11.2% |
Cambodia |
2,360 |
+18.0% |
7,383 |
+12.5% |
Aerodom,
Dominican Republic |
1,419 |
+3.5% |
4,829 |
+3.4% |
Total fully consolidated companies |
16,697 |
+14.7% |
74,321 |
+12.7% |
excl.
Aerodom and ADL |
13,118 |
+16.7% |
59,718 |
+13.8% |
Kansai, Japan
2 |
10,252 |
+5.7% |
40,696 |
+5.2% |
Santiago, Chile |
5,513 |
+9.7% |
19,669 |
+11.0% |
Rennes-Dinard,
France |
155 |
+26.5% |
784 |
+16.3% |
Total equity-accounted
companies |
15,919 |
+7.2%
|
61,149 |
+7.1% |
Total passengers managed by VINCI
Airports |
32,616 |
+10.9%
|
135,471 |
+10.1% |
1 100%
contribution irrespective of share capital held.
2 2016
figures including traffic on full-year basis. |
VINCI Airports
aircraft movements 1
|
First
quarter |
Rolling 12-month period |
|
|
2017 |
2017/2016
change |
2017 |
2017/2016
change |
ANA, Portugal |
77,897 |
+12.6% |
367,686 |
+12.6% |
of which Lisbon |
41,649 |
+11.6% |
182,983 |
+11.5% |
France |
51,270 |
+6.5% |
208,538 |
+5.5% |
of which ADL (Lyon) 2 |
28,082 |
+4.9% |
118,740 |
+4.4% |
Cambodia |
22,641 |
+12.1% |
76,200 |
+6.1% |
Aerodom,
Dominican Republic 2 |
13,992 |
+4.9% |
47,181 |
+6.0% |
Total fully consolidated companies |
165,800 |
+9.9% |
699,605 |
+9.2% |
excl.
Aerodom and ADL |
123,726 |
+11.7% |
533,684 |
+10.7% |
Kansai, Japan
2 |
78,272 |
+1.1% |
317,169 |
+2.6% |
Santiago, Chile |
35,184 |
+8.3% |
128,448 |
+6.1% |
Rennes-Dinard,
France |
3,237 |
+18.2% |
14,434 |
+15.9% |
Total equity-accounted
companies |
116,693 |
+3.6%
|
460,051 |
+3.9% |
Total aircraft movements managed by VINCI
Airports |
282,493 |
+7.2% |
1,159,656 |
+7.1% |
1 100%
contribution irrespective of share capital held.
2 2016
figures including traffic on a full-year basis. |
|
[1]
Like-for-like = at constant scope and exchange rates: the impact of
changes in scope is neutralised by removing from 2017 data related
to companies that joined the Group in 2017 and removing from 2016
data related to companies that left the Group in 2016 and 2017,
while including full-year figures for companies joining the Group
in 2016. The exchange rate effect is neutralised by applying 2017
exchange rates to 2016 foreign currency revenue.
[2] Excluding
concession subsidiaries' construction work carried out by non-Group
companies. Including construction work performed by external
companies on behalf of the Group's concession subsidiaries, in
accordance with IFRIC 12, VINCI's revenue totalled €8,574 million
in the first quarter of 2017, up 5.8% year-on-year (up 3.8%
like-for-like).
[3]
Equity-accounted companies.
[4]
Excluding non-recurring changes in deferred tax.
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information contained therein.
Source: VINCI via Globenewswire
Vinci (EU:DG)
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