VINCI - 2023 Annual Results
Nanterre, 7 February 2024
2023 ANNUAL RESULTS
- Strong growth of revenue and
earnings to new all-time highs
- Outstanding free cash flow
- Sharp decrease in net debt
- Very good order book renewal
rate
- Outlook for 2024
- Growth in revenue, although more
limited than in 2023
- Despite the negative impact of the
new tax on long-distance transport infrastructure in France, net
income close to the level achieved in 2023
- Dividend proposed for 2023: €4.50
per share
KEY FIGURES
|
|
|
|
(in € millions) |
2023 |
2022 |
2023/2022 change |
Revenue1 |
68,838 |
61,675 |
+12% |
Cash flow from operations (Ebitda) |
11,964 |
10,215 |
+17% |
% of revenue |
17.4% |
16.6% |
|
Operating income from ordinary activities (Ebit) |
8,357 |
6,824 |
+22% |
% of revenue |
12.1% |
11.1% |
|
Recurring operating income |
8,175 |
6,481 |
+26% |
Net income attributable to owners of the parent |
4,702 |
4,259 |
+10% |
Diluted earnings per share (in €) |
8.18 |
7.47 |
+0.71 |
Free cash flow |
6,628 |
5,433 |
+22% |
Net financial debt2 (in € billions) |
(16.1) |
(18.5) |
+2.4 |
|
|
|
|
Order intake (in € billions) |
61.9 |
55.7 |
+11% |
Order book2 (in € billions) |
61.4 |
57.3 |
+7% |
Change in total traffic at VINCI Autoroutes |
+1.3% vs 2022 |
Change in VINCI Airports passenger numbers3 |
+26% vs 2022; −4% vs 2019 |
Xavier Huillard, VINCI’s Chairman and CEO, made
the following comments:
VINCI’s overall performance was of a very high
quality in 2023. Revenue and earnings grew strongly and reached new
all-time highs. Free cash flow was exceptional and significantly
exceeded expectations.
Almost all of the Group’s businesses, both in
France and abroad, saw very positive momentum throughout the year.
The only exception was the property development business, which is
dealing with a severe conjunctural downturn in its sector.
In Concessions, traffic levels at VINCI
Autoroutes continued to rise, with light vehicles the main growth
driver despite fuel prices remaining high. At VINCI Airports,
passenger numbers continued to recover and moved back at the end of
the year slightly above pre-pandemic levels overall. While some
airports have not yet reached their 2019 levels, other have
achieved record-high traffic. Combined with good cost control,
these growth trajectories allowed the Concessions business to
increase its operating income substantially, offsetting the impact
of higher interest rates.
The Energy business was again buoyed by powerful
underlying trends – the energy transition and the digital
revolution – and saw strong revenue growth. It accounted for almost
40% of the Group’s total revenue and both VINCI Energies and Cobra
IS increased their margins. The Energy business also generated
record free cash flow despite its investments in green power
generation. At the end of 2023, the total capacity of renewable
energy projects in operation or under construction was over 2 GW,
in line with targets.
VINCI Construction also saw very strong business
levels, driven by works on major mobility infrastructure projects,
structures intended to provide greater climate resilience, and
energy renovation. The business line continued to improve its
operating margin and its free cash flow was outstanding.
Order intake for the Energy and Construction
businesses remained high, without wavering from the longstanding
selective approach in place withing the Group. The order book
renewal rate was therefore satisfactory, offering the Group forward
visibility and serenity.
In terms of new developments, the main deals
completed in 2023 concerned VINCI Energies, which made acquisitions
in Europe and North America, VINCI Highways, which added a motorway
concession in Brazil to its portfolio, and VINCI Airports,
whose network now includes Cabo Verde’s seven airports. In
addition, VINCI Airports was rewarded for its good management of
six airports in the Dominican Republic over the last eight years
with a 30-year extension of its concession until 2060.
With a solid presence in highly buoyant markets,
particularly in the energy sector – in which it operates across the
whole value chain through its three major businesses – the Group is
moving ahead with confidence and enthusiasm. The environmental
transition, energy efficiency, the digital revolution and
sustainable mobility are major challenges that are generating
considerable demand, which represent opportunities for the Group’s
companies.
In this context, the Group can rely on its
efficient, decentralised organisation to continue its development
while keeping its focus on all-round performance, which encompasses
both financial and non-financial elements.
VINCI’s Board of Directors, chaired by Xavier
Huillard, met on 7 February 2024 to finalise the 2023 financial
statements4, which will be submitted for approval at the
Shareholders’ General Meeting on 9 April 2024.
The Board approved the payment of a €4.50
dividend with respect to 2023, payable entirely in cash.
I. Record-high revenue, earnings and
free cash flow
VINCI’s 2023 financial statements show strong
growth in revenue and earnings compared with 2022.
All business lines achieved a substantial increase in
operating income, which reached new all-time highs, along with
exceptional free cash flow.
Consolidated revenue rose by 11.6% to €68.8
billion (organic growth of 9.9%, a 2.5% positive impact from
changes in the consolidation scope and a 0.9% negative impact from
exchange rate movements). This trend confirms the good momentum in
the Group’s businesses, both in France and abroad.
- In France (43% of the total),
revenue was €29.6 billion, up 6% on both an actual and
like-for-like basis.
- Outside France (57% of the total),
revenue came to €39.2 billion, up 16% on an actual basis and 13% on
a like-for-like basis. Changes in scope mainly concern the
integration of OMA5 in Mexico by VINCI Airports, along with recent
acquisitions made by VINCI Energies, including most of
Kontron AG’s IT services business in Central Europe (late
2022) and Otera AS in Norway (early 2023). Exchange rate movements
had a slightly negative impact on revenue, because the euro rose
against several currencies including the US dollar and
sterling.
Concessions revenue totalled €10.9 billion, up
19% on an actual basis and 13% on a like-for-like basis compared
with 2022, and broke down as follows:
- VINCI Autoroutes: €6.3 billion (up
5%).
- VINCI Airports: €3.9 billion (up
47% actual and up 24% like-for-like). Compared with 2019 – the
pre-pandemic baseline year – revenue was up 12% at constant
scope.
- Other concessions:
- VINCI Highways6: €0.4 billion (up
7%).
- VINCI Stadium: €0.3 billion, a very
sharp increase that includes the impact of the
2023 Rugby World Cup, which took place in France.
Revenue at VINCI Energies totalled €19.3
billion, up 15% on an actual basis and 11% on a like-for-like basis
compared with 2022. Business momentum remained strong in the fourth
quarter, with revenue up 13% on an actual basis and 8% on a
like-for-like basis compared with the fourth quarter of 2022. VINCI
Energies’ companies in France and abroad are benefiting from their
positions in the highly buoyant energy efficiency and digital
transformation markets, thanks to their wide-ranging expertise,
their effective combination of global reach and local presence, and
their decentralised management. All four of VINCI Energies’
business lines (infrastructure, industry, building solutions and
ICT7) achieved double-digit growth. Recent acquisitions8 generated
around €860 million of additional revenue in 2023.
- In France (42% of the total),
revenue was €8.2 billion, up 11% on an actual basis and 10% on a
like-for-like basis.
- Outside France (58% of the total),
revenue was €11.2 billion, up 19% on an actual basis and 11% on a
like-for-like basis. Business growth remained very strong in most
regions where VINCI Energies operates.
Revenue at Cobra IS totalled €6.5 billion, up
18% on both an actual and like-for-like basis compared with 2022,
and growth accelerated significantly in the fourth quarter (up 28%
relative to the fourth quarter of 2022). Revenue growth was driven
by most of Cobra IS’s geographies, in both flow business (63% of
its revenue) and major EPC (Engineering, Procurement and
Construction) projects (37%).
- In Spain (44% of the total),
revenue rose by 16% to €2.9 billion, and came mainly from recurring
flow business.
- Outside Spain (56% of the total, of
which 33% in Latin America), revenue totalled €3.6 billion, up 19%
on an actual basis and 20% on a like-for-like basis.
Revenue at VINCI Construction totalled €31.5
billion, up 8% on an actual basis and 9% on a like-for-like basis
compared with 2022.
- In France (43% of the total),
revenue was €13.7 billion (up 5%). Business levels remained robust
in civil engineering structures and roadworks. In the building
segment, revenue was driven by the rehabilitation of existing
buildings and by the construction of public buildings, particularly
in the hospital sector. These opportunities offset the decline in
new projects in both residential and non-residential segments.
- Outside France (57% of the total),
revenue amounted to €17.8 billion, up 10% on an actual basis and
12% on a like-for-like basis. This reflects progress with several
large civil engineering contracts in Europe, North America and
Australia/New Zealand, along with solid business levels in
companies of Speciality Networks and Proximity Networks.
VINCI Immobilier suffered from a sharp decline
in property transactions in France against a background of high
interest rates, and its revenue fell 19% to €1.2 billion.
Ebitda amounted to €12.0 billion (17.4% of
revenue) as opposed to the 2022 figure of €10.2 billion (16.6%
of revenue), a 17% increase. Half of this rise is attributable to
VINCI Airports, consequence of the recovery in airport passenger
numbers, the increase in revenue per passenger, the firm grip on
expenses and the integration of OMA.
Operating income from ordinary activities (Ebit)
grew 22.5% to €8.4 billion (€6.8 billion in 2022). It included:
- €5.4 billion from
the Concessions business, comprising €3.4 billion from VINCI
Autoroutes and €1.9 billion from VINCI Airports (€1.0 billion in
2022);
- almost €1.9 billion
from the Energy business (VINCI Energies: €1.4 billion, margin
up to 7.0% as opposed to 6.8% in 2022; Cobra IS: €0.5 billion,
equal to 7.5% of revenue as opposed to 7.4% in 2022);
- €1.3 billion from
VINCI Construction, margin up to 4.0% (3.8% in 2022), a level not
seen since 2011.
Consolidated net income attributable to owners
of the parent was €4.7 billion and earnings per share9 amounted to
€8.18 (€4.3 billion and €7.479 respectively in 2022).
Free cash flow hit a record €6.6 billion (€5.4
billion in 2022), much higher than the levels expected at the start
of 2023.That increase was driven firstly by Ebitda growth and a
very sharp improvement in the working capital requirement, due in
particular to high levels of cash inflows from customers at the end
of the year. It also resulted from the postponement of some
investments, particularly in new renewable energy projects that
started later in the year than anticipated. While the contributions
from VINCI Autoroutes (€2.7 billion) and VINCI Airports (€1.0
billion) were slightly down compared with 2022, particularly as a
result of their higher financial costs, VINCI Energies (€1.4
billion) and VINCI Construction (€1.2 billion) achieved
outstanding performance, with cash conversion ratios of well over
100%. Free cash flow at Cobra IS was close to zero despite a high
level of investment relating notably to the construction of new
renewable energy projects.
After taking into account the financial
investments made during the period, the dividends payments and the
impact of share buy-back programmes, consolidated net financial
debt at 31 December 2023 was €16.1 billion, a
decrease of €2.4 billion year on year.
II. Broadly positive operational
performance
At VINCI Autoroutes, traffic levels remained
resilient throughout the year. In the fourth quarter of 2023, they
were up 1.3% year on year, including a 1.7% increase for light
vehicles, and stable in December despite a negative calendar
effect10.
Over the year as a whole, traffic was up 1.3%
compared with 2022. Light vehicle traffic was up 1.7% despite
ongoing high fuel prices. Heavy vehicle traffic fell by 1.3%,
partly due to negative calendar effects11.
VINCI Airports passenger numbers continued to
rise throughout 2023. In the fourth quarter, they slightly exceeded
their pre-pandemic level (up 0.6% compared with the fourth quarter
of 2019).
Overall, the network’s airports handled 267
million passengers in 202312, 26% more than in 2022 and only 4%
less than the 2019 figure. Airports in Portugal, Serbia (Belgrade)
and Central America (Mexico, Dominican Republic and Costa Rica)
achieved passenger numbers well in excess of their 2019 levels. In
Japan, where the recovery took longer to get under way, passenger
numbers rebounded sharply in the last few months of the year,
particularly on international routes, and are gradually moving back
to their 2019 levels.
Order intake in the Energy and Construction
businesses totalled €61.9 billion in 2023, a 11% year on year
increase. Order intake in the Energy business was particularly
strong, and hit a new record of €20.9 billion at VINCI Energies (up
17% relative to 2022, including an 8% increase in the fourth
quarter). Order intake at Cobra IS was exceptional (€10.3 billion,
up 29% compared with 2022, including growth of 18% in the fourth
quarter), driven by some major contracts relating to green power
generation, transformation and transmission13. Order intake also
rose at VINCI Construction (up 3% year on year to €30.6 billion) as
a result of solid flow business. Their fell in the fourth quarter
compared with the year-earlier period is due to a high base for
comparison (several large contracts were won in late 202214), while
order intake from small- and medium-sized contracts remained very
strong.
Overall, the order book amounted to €61.4
billion at 31 December 2023. This represents a 7% increase relative
to 31 December 2022 and equals almost 13 months of average business
activity for the business lines concerned. International business
made up 67% of the order book, as opposed to 69% at
31 December 2022.
VINCI Immobilier saw 4,214 housing units
reserved, down 30% compared with the 2022 figure of 6,059 as a
result of the aforementioned conjunctural difficulties in the
French residential property sector. However, the decline in
reservations was limited at the end of the year by bulk sales of
residential units to social housing providers. However, the
serviced residences business (Ovelia, Student Factory and Bikube)
continued to grow, with 45 residences in operation (37 at the end
of 2022) and around 20 under construction.
III. Solid financial
position
At 31 December 2023, VINCI had managed net cash
of €13.2 billion.
In addition, VINCI SA has a confirmed, unused
credit facility that was renewed in January 2024. Because of the
increase in its available cash position in the last few years, the
Group has reduced the amount of that facility from €8.0 billion to
€6.5 billion. Its term has also been extended until January 2029,
with two options to extend it further by one year each.
At 31 December 2023, the Group’s gross long-term
financial debt, before taking into account net cash, totalled €29.3
billion. Its average maturity was 6.4 years (6.9 years at
31 December 2022) and its average cost was 4.0%15 (2.5% in
2022).
In November 2023, rating agency Standard &
Poor’s reiterated its confidence in the Group’s credit quality by
affirming its A− long-term and A2 short-term ratings, both with
stable outlook. Ratings awarded to VINCI by Moody’s (A3 long-term
and P-2 short-term, with stable outlook) were also confirmed in
July 2023.
In 2023, VINCI SA and ASF (Autoroutes du Sud de
la France) carried out several bond issues for a total of
€1.7 billion, with an average maturity of 6 years at the time
of issue and an average interest rate of 3.4% (at 31 December
2023). ASF also redeemed three bond issues during the year, for a
total of €0.8 billion.
In addition, several project finance or
refinance noteworthy operations – in the total amount of €1.1
billion – were arranged during the year, relating mainly to: Vía
Sumapaz (formerly known as Vía 40 Express) in Colombia for VINCI
Highways; Lyon airports in France, Belfast International airport in
the United Kingdom and the airports in Cabo Verde for VINCI
Airports; and new photovoltaic projects in Spain for Cobra IS.
IV. Outlook for 2024VINCI
starts 2024 with confidence, despite the uncertain geopolitical and
macroeconomic context.
Barring any exceptional events, the Group
anticipates the following trends in its various business lines in
2024:
- VINCI Autoroutes expects traffic
levels to rise slightly compared with 2023.
- VINCI Airports is forecasting
passenger numbers16 slightly in excess of their 2019 levels, with
variations between airports and geographies.
- VINCI Energies should see organic
revenue growth continue, but at a slower pace than in 2023, while
maintaining its excellent operating margin17.
- Cobra IS, thanks
to its very large order book, expects to increase its revenue again
and maintain its operating margin17 at the high level achieved in
202318.
- New projects will be added to the
renewable energy portfolio in 2024 and its total capacity, in
operation or under construction, will be around 3.5 GW by the end
of the year, representing an increase of around 1.5 GW18 compared
with the end of 2023.
- VINCI Construction should see
revenue stabilise close to 2023 levels while continuing the
improvement in its operating margin17.
As a result, VINCI expects its total revenue to
rise again in 2024, although growth is likely to be more limited
than in 2023. Earnings are expected to increase as well.
This forecast does not take into account the
negative impact of the new tax on long-distance transport
infrastructure being introduced by the French government, estimated
to around €280 million.
Despite this negative impact, net income in 2024
could be close to its level achieved in 2023.
V. Dividend
On 7 February 2024, the Board of Directors
decided to propose a 2023 dividend of €4.50 per share to the
Shareholders’ General Meeting on 9 April 2024, reflecting its
confidence in the Group’s future prospects.
Since an interim dividend of €1.05 per share was
paid in November 2023, the final dividend payment on
25 April 2024 will be €3.45 per share, to be paid in
cash, if approved at the Shareholders’ General Meeting.
VI. Other highlights
- Tax on
long-distance transport infrastructure in France
Article 100 of France’s Finance Law for 2024
(Law 2023-1322 enacted at the end of December 2023), introduces a
tax on long-distance transport infrastructure operators in France
starting in 2024.
Its impact on the VINCI group, based on the 2023
revenue of the entities concerned (ASF, Cofiroute, Escota and
Aéroports de Lyon), is estimated to represent an additional expense
of €272 million (including €268 million for the motorway
concession subsidiaries).
The VINCI subsidiaries concerned will use all
available means to oppose Article 100 of this law, since it is
contrary to the spirit and the letter of the concession contracts
signed with the French state as grantor, which include tax
neutrality clauses.
VINCI Energies completed acquisitions of 34 new
companies in 2023, representing full-year revenue of €430 million
and including:
- Otera AS, which designs, builds and
maintains electricity transmission and distribution networks in
Norway;
- InfoTel, which provides
professional services for the construction and operation of
telecoms networks in the Czech Republic;
- Inprocon, a Swedish company
specialising in fire protection systems;
- Elecso, a Quebec-based company
specialising in electrical systems and instrumentation for
infrastructure and industry;
- French railway signalling group
SITS.
Cobra IS
- In July 2023, Cobra IS brought into
service the 570 MW Belmonte solar farm in Brazil.
- Works began on new photovoltaic
projects in Brazil and Spain, with total capacity of 0.6 GW and 0.8
GW respectively, in the second half of 202319.
- At the end of December 2023, the
capacity in operation or under construction in Cobra IS’s portfolio
totalled 2.0 GW.
- Cobra IS has signed a commitment
deed contract for a public-private partnership regarding power
transmission infrastructure in Australia. This 35-year contract
includes the financing, design, construction, operation and
maintenance of several high-voltage power transmission lines,
substations and their connections to renewable energy generation
facilities (with capacity of 4.5 GW) in the state of New South
Wales.
- Cobra IS also signed a new PPP
contract in the state of Minas Gerais in Brazil, to finance, design
and build 349 km of high-voltage power lines, and then operate them
over a 30-year period.
VINCI Autoroutes
- The amendment to ASF’s concession
contract concerning the financing of the Western Montpellier bypass
project was approved by decree and published in France’s official
journal on 29 December 2023. This 6.5 km section of road will
connect the A750 and A709 motorways and will allow traffic to flow
more freely in the Montpellier region. The cost of the roadworks
will be around €270 million and will be financed by price increases
applied at toll gates close to this new section of road.
VINCI Concessions
- VINCI Airports, operating since
2016 six airports in the Dominican Republic through its Aerodom20
subsidiary, and the Dominican government have extended their
current concession contract by 30 years. It is now due to expire in
2060. VINCI Airports will be responsible for financing, operating,
maintaining, extending and upgrading these airports, including a
new passenger terminal at Las Américas airport in Santo Domingo,
and it will continue to implement its environmental progress
plan.
- In December, Terminal 1 of Kansai
International airport21 was opened following a refurbishment that
increased its capacity from 23 million to 40 million passengers
ahead of Expo 2025 in Osaka.
- VINCI Concessions won a contract to
install 106 electric vehicle ultra-fast charging stations in the
regions of Berlin, Hamburg and Leipzig in Germany. eliso GmbH, its
dedicated German subsidiary, will be in charge of acquiring sites,
installing the stations and operating them over a 12-year period.
It will rely on VINCI Energies’ expertise in electrical works in
Germany, including the installation of charging points.
- Main contract
wins in the second half of 2023 and early 2024
VINCI Energies
- An electrical infrastructure
contract in Senegal, involving 1,350 km of power transmission lines
and eight extra-high-voltage substations.
- Installation of 34 wind turbines in
Quebec, with total capacity of 200 MW.
- High-voltage electrical connections
for three quays of the cruise port in Le Havre.
- Installation of 17 km of
underground power lines south of Montreal as part of the
Montreal–New York electrical interconnection project.
- Multi-technical installation work
on an EV battery gigafactory near Dunkirk.
- Construction of a 380 kV power line
over 66 km between Urberach (Hesse) and Weinheim
(Baden-Württemberg) in Germany.
- Major refurbishment of the Breguet
building at CentraleSupélec’s Paris-Saclay campus.
Cobra IS
- In Brazil, two design-build
contracts involving almost 1,600 km of power transmission lines and
related substations in the states of Minas Gerais, Bahia and
Rio de Janeiro.
VINCI Construction
- Contract to modernise a dam near
Brisbane, Australia.
- Contract to recover material
excavated from the French side of the Mont Cenis base tunnel, part
of the new Lyon–Turin rail line, for reuse, over a 10-year
period.
- Design-build contract for a 180,000
m3 liquefied natural gas tank in the Netherlands.
- The first design-build contract as
part of the Grand Paris Express project, relating to a section of
Line 15 West, as part of a consortium that also includes VINCI
Energies.
As of 31 December 2023, VINCI had reduced its
direct greenhouse gas emissions by 14% compared with 2018.
The Group’s target for 2030, validated by the
SBTi (Science Based Target initiative), is to
reduce its Scopes 1 and 2 CO2 emissions by 40%
relative to 2018 and its Scope 3 emissions by 20% relative to
2019.
In 2023, the Group continued to deploy its
environmental strategy, based around its three priority areas:
- climate change
- For VINCI Autoroutes, 100% of its
service areas are now equipped with EV charging points.
- For VINCI Airports, four of the
network’s airports (Toulon Hyères in France and Funchal, Beja and
Ponta Delgada in Portugal) received Level 5 certification under the
Airport Carbon Accreditation programme, having successfully
achieved net zero for Scope 1 and 2 emissions.
- For VINCI Energies and Cobra IS,
electricity transmission and distribution activities and renewable
energy generation activities (solar and wind) have represented over
€5 billion in revenue for the year aligned with the EU
Taxonomy.
- The circular economy. VINCI
Construction produced 16 million tonnes of recycled aggregates in
2023, nearing its target of 20 million tonnes in 2030.
- The
preservation of natural habitats. VINCI Immobilier continued to
pursue its “zero net loss of natural land” target for 2030, with a
6% delta only on its projects in 2023.
Lastly, preparations for the next Environment
Awards were launched at the end of the year to maintain momentum
for the development of environmental solutions able to deliver
positive outcomes on an ever wider scale across the Group’s
business sectors.
At the next Shareholders’ General Meeting to be
held on 9 April 2024, a resolution will be put to the vote to renew
the term of office of M. Benoit Bazin, Chief Executive Officer of
Saint-Gobain, as Director.
On 20 December 2023, pursuant to the
authorisation given by shareholders at the Combined Shareholders’
General Meeting of 13 April 2023, the Board of Directors decided to
reduce VINCI’s share capital by cancelling 8.7 million treasury
shares.
At 31 December 2023, VINCI’s capital thus
consisted of 589.0 million shares, including 18.2 million treasury
shares (3.1% of the capital at that date).
*********
Financial calendar |
8 February 2024 |
2023 results presentation
- Press conference: 08.30 CET
- Analysts’ conference: 10.30 CET
Access to the analyst conference call:In French: +33 (0)1 70 37 71
66 (code: VINCI FR) In English: +44 (0)33 0551 0200 or +1 786 697
3501 (code: VINCI ENG) Live access to the webcast on the
Group’s website or at the following links: In French:
https://channel.royalcast.com/landingpage/vincifr/20240208_1/In
English:
https://channel.royalcast.com/landingpage/vinci/20240208_1/ |
15 February 2024 |
VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger
numbers for January 2024 (after the market close) |
15 March 2024 |
VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger
numbers for February 2024 (after the market close) |
9 April 2024 |
Shareholders’ General Meeting |
16 April 2024 |
Publication of VINCI Airports’ passenger numbers for the first
quarter of 2024 (after the market close) |
25 April 2024 |
Quarterly information at 31 March 2024 (after the market
close) |
**********
This press release, the slide presentation of
the 2023 results and the consolidated financial statements for the
year ended 31 December 2023 will be available on the VINCI website:
www.vinci.com.
**********
About VINCIVINCI is a global player in
concessions, energy and construction, employing 280,000 people in
more than 120 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
APPENDICES
APPENDIX A: CONSOLIDATED FINANCIAL
STATEMENTS
Income
statement |
|
|
(in € millions) |
2023 |
2022 |
2023/2022change |
Revenue excluding concessions subsidiaries’ works revenue |
68,838 |
61,675 |
+11.6% |
Concession subsidiaries’ works revenue1 |
780 |
590 |
|
Total revenue |
69,619 |
62,265 |
+11.8% |
Operating income from ordinary activities (Ebit) |
8,357 |
6,824 |
+22.5% |
% of revenue2 |
12.1% |
11.1% |
|
Share-based payments (IFRS 2) |
(360) |
(356) |
|
Profit/loss of companies accounted for under the equity method and
other recurring items |
178 |
14 |
|
Recurring operating income |
8,175 |
6,481 |
+26.1% |
Non-recurring operating items |
(105)4 |
8 |
|
Operating income |
8,071 |
6,489 |
+24.4% |
Cost of net financial debt |
(894)5 |
(614) |
|
Other financial income and expense6 |
(157) |
2797 |
|
Income tax expense |
(1,917) |
(1,737) |
|
Non-controlling interests |
(400) |
(157) |
|
Net income attributable to owners of the parent |
4,702 |
4,259 |
+10.4% |
Diluted earnings per share (in €)3 |
8.18 |
7.47 |
+9.5% |
|
|
|
|
Dividend per share (in €) |
4.50 |
4.00 |
|
|
|
|
|
1 Applying IFRIC 12 “Service Concession
Arrangements”.2 Percentage based on revenue excluding concession
subsidiaries’ revenue derived from works carried out by non-Group
companies.3 After taking account of dilutive instruments.4
Including an €80 million expense arising from the increase in the
earn-out payable to ACS in relation to the development of renewable
energy assets by Cobra IS.5 Including a positive non-recurring
impact of €167 million related to the restructuring of the debt
used to acquire London Gatwick airport, recognised in the first
half of 2023.6 Including the change in the fair value of shares in
Groupe ADP.7 Including a positive impact of London Gatwick
airport’s early redemption of some of its bonds.
Simplified balance sheet
|
2023 |
2022 |
(in € millions) |
Non-current assets - Concessions |
43,955 |
42,881 |
Non-current assets - Energy, Construction and other business
lines |
24,074 |
22,655 |
WCR, provisions and other current debt and receivables |
(15,176) |
(13,071) |
Capital employed |
52,853 |
52,465 |
Equity attributable to owners of the parent |
(28,113) |
(25,939) |
Non-controlling interests |
(3,928) |
(3,470) |
Total equity |
(32,040) |
(29,409) |
Lease liabilities |
(2,247) |
(2,102) |
Non-current provisions and other long-term liabilities |
(2,439) |
(2,417) |
Long-term borrowings |
(36,727) |
(33,929) |
Gross financial debt |
(29,298) |
(27,763) |
Net cash managed |
13,172 |
9,227 |
Net financial debt |
(16,126) |
(18,536) |
Cash flow statement
(in € millions) |
2023 |
2022 |
Cash flow from operations before tax and financing costs
(Ebitda) |
11,964 |
10,215 |
Changes in operating WCR and current provisions |
1,463 |
392 |
Income taxes paid |
(2,288) |
(1,603) |
Net interest paid |
(802)1 |
(563) |
Dividends received from companies accounted for under the equity
method |
110 |
92 |
Cash flows (used in)/from operating activities (before other
long-term advances) |
10,447 |
8,533 |
Operating investments (net of disposals and other long-term
advances)2 |
(2,010) |
(1,602)3 |
Repayment of lease liabilities and associated financial
expense |
(679) |
(661) |
Operating cash flow |
7,758 |
6,270 |
Growth investments (concessions and PPPs) |
(1,130) |
(836) |
Free cash flow |
6,628 |
5,433 |
Net financial investments |
(628)4 |
(2,618) |
Other |
(346)4 |
(59) |
Net cash flows before movements in share capital |
5,655 |
2,757 |
Increases in share capital and other |
707 |
438 |
Share buy-backs |
(397) |
(1,100) |
Dividends paid |
(2,481) |
(1,892) |
Capital transactions |
(2,171) |
(2,553) |
Net cash flows for the period |
3,484 |
204 |
Other changes |
(1,074) |
799 |
Change in net financial debt |
2,410 |
1,002 |
|
|
|
Net financial debt at beginning of period |
(18,536) |
(19,539) |
Net financial debt at end of period |
(16,126) |
(18,536) |
1 Including a positive non-recurring impact of
€167 million related to the restructuring of the debt used to
acquire London Gatwick airport.2 Including investments made by
London Gatwick Airport (€148 million in 2023 and €77 million in
2022) and by Cobra IS in renewable energy projects (€0.4 billion in
2023 and €0.4 billion in 2022).3 Including a €66 million positive
impact from Cobra IS’s acquisition of Polo Carmópolis, net of
long-term advances received.4 Including acquisitions made by VINCI
Energies, VINCI Highways’ purchase of a 55% interest in Entrevias
in Brazil and a majority stake in Vía Sumapaz (formerly known as
Vía 40 Express) in Colombia. In addition, VINCI Airports’ initial
$300 million payment relating to the 30-year extension of Aerodom’s
airport concession in the Dominican Republic, announced on 22
December 2023, took place in January 2024.
APPENDIX B: ADDITIONAL INFORMATION ON
CONSOLIDATED REVENUE
Consolidated revenue* by business line
|
|
2023/2022 change |
(in € millions) |
2023 |
2022 |
Actual |
Like-for-like |
Concessions |
10,932 |
9,162 |
+19.3% |
+12.6% |
VINCI Autoroutes |
6,324 |
6,003 |
+5.3% |
+5.3% |
VINCI Airports |
3,947 |
2,679 |
+47.3% |
+24.3% |
VINCI Highways |
352 |
328 |
+7.2% |
+7.4% |
Other concessions** |
309 |
151 |
2.0x |
2.0x |
VINCI Energies |
19,327 |
16,748 |
+15.4% |
+10.9% |
Cobra IS |
6,495 |
5,520 |
+17.7% |
+17.9% |
VINCI Construction |
31,459 |
29,252 |
+7.5% |
+8.6% |
VINCI Immobilier |
1,231 |
1,523 |
−19.2% |
−19.2% |
Eliminations and adjustments |
(605) |
(530) |
|
|
Revenue* |
68,838 |
61,675 |
+11.6% |
+9.9% |
of which: France |
29,615 |
27,948 |
+6.0% |
+5.8% |
Europe excl. France |
23,595 |
20,158 |
+17.1% |
+13.6% |
International excl. Europe |
15,628 |
13,570 |
+15.2% |
+13.2% |
Fourth quarter consolidated revenue*
|
Fourth quarter |
2023/2022 change |
(in € millions) |
2023 |
2022 |
Actual |
Like-for-like |
Concessions |
2,637 |
2,167 |
+21.7% |
+14.5% |
VINCI Autoroutes |
1,469 |
1,399 |
+5.0% |
+5.0% |
VINCI Airports |
923 |
652 |
+41.6% |
+17.0% |
VINCI Highways |
90 |
88 |
+3.0% |
+7.9% |
Other concessions** |
155 |
28 |
|
|
VINCI Energies |
5,440 |
4,834 |
+12.5% |
+7.8% |
Cobra IS |
1,807 |
1,413 |
+28.0% |
+28.8% |
VINCI Construction |
8,105 |
7,761 |
+4.4% |
+5.3% |
VINCI Immobilier |
395 |
420 |
−6.0% |
−5.5% |
Eliminations and adjustments |
(183) |
(139) |
|
|
Revenue* |
18,201 |
16,455 |
+10.6% |
+8.8% |
of which: France |
7,657 |
7,081 |
+8.1% |
+7.8% |
Europe excl. France |
6,247 |
5,599 |
+11.6% |
|
International excl. Europe |
4,297 |
3,774 |
+13.9% |
|
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).** VINCI Railways and VINCI Stadium.
Consolidated revenue* by geographical area and
business line
|
|
2023/2022 change |
(in € millions) |
2023 |
2022 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
7,004 |
6,485 |
+8.0% |
+8.0% |
VINCI Autoroutes |
6,324 |
6,003 |
+5.3% |
+5.3% |
VINCI Airports |
374 |
334 |
+12.0% |
+12.0% |
Other concessions** |
306 |
148 |
2.1x |
2.1x |
VINCI Energies |
8,170 |
7,366 |
+10.9% |
+10.2% |
Cobra IS |
50 |
37 |
+36% |
+36% |
VINCI Construction |
13,678 |
13,064 |
+4.7% |
+4.7% |
VINCI Immobilier |
1,222 |
1,499 |
-18.4% |
-18.4% |
Eliminations and adjustments |
(510) |
(503) |
|
|
Total France |
29,615 |
27,948 |
+6.0% |
+5.8% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
3,928 |
2,676 |
+47% |
+23.8% |
VINCI Airports |
3,573 |
2,346 |
+52% |
+26.1% |
VINCI Highways |
352 |
328 |
+7.2% |
+7.4% |
Other concessions** |
3 |
3 |
|
|
VINCI Energies |
11,157 |
9,382 |
+18.9% |
+11.5% |
Cobra IS |
6,445 |
5,483 |
+17.5% |
+17.7% |
VINCI Construction |
17,781 |
16,188 |
+9.8% |
+11.9% |
VINCI Immobilier |
9 |
24 |
-64% |
-65% |
Eliminations and adjustments |
(96) |
(28) |
|
|
Total International |
39,224 |
33,727 |
+16.3% |
+13.4% |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).** VINCI Railways and VINCI Stadium.
APPENDIX C: OTHER INFORMATION BY
BUSINESS LINE
Operating income from ordinary activities (Ebit)
by business line
|
|
|
2023/2022 |
(in € millions) |
2023 |
% of revenue* |
2022 |
% of revenue* |
change |
Concessions |
5,373 |
49.2% |
4,171 |
45.5% |
+1,203 |
VINCI Autoroutes |
3,362 |
53.2% |
3,127 |
52.1% |
+235 |
VINCI Airports |
1,889 |
47.9% |
983 |
36.7% |
+907 |
VINCI Highways |
62 |
17.7% |
47 |
14.2% |
+16 |
Other concessions** |
60 |
|
15 |
|
+45 |
VINCI Energies |
1,356 |
7.0% |
1,142 |
6.8% |
+214 |
Cobra IS |
490 |
7.5% |
411 |
7.4% |
+79 |
VINCI Construction |
1,260 |
4.0% |
1,100 |
3.8% |
+160 |
VINCI Immobilier |
(53) |
(4.3%) |
79 |
5.2% |
−133 |
Holding companies |
(69) |
|
(79) |
|
|
Total Ebit |
8,357 |
12.1% |
6,824 |
11.1% |
+1,533 |
Net income attributable to owners of the parent,
by business line
(in € millions) |
2023 |
2022 |
2023/2022change |
Concessions |
2,778 |
2,707 |
+71 |
VINCI Autoroutes |
2,021 |
2,208 |
−186 |
VINCI Airports |
733 |
507 |
+226 |
VINCI Highways |
24 |
(10) |
+34 |
Other concessions** and holding companies |
0 |
3 |
|
VINCI Energies |
830 |
693 |
+137 |
Cobra IS |
262 |
218 |
+44 |
VINCI Construction |
793 |
680 |
+113 |
VINCI Immobilier |
(48) |
63 |
−112 |
Holding companies |
88 |
(102) |
|
Net income attributable to owners of the parent |
4,702 |
4,259 |
+443 |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary). ** VINCI Railways and VINCI Stadium.
Ebitda by business line
|
|
|
|
(in € millions) |
2023 |
% of revenue* |
2022 |
% of revenue* |
2023/2022change |
Concessions |
7,462 |
68.3% |
6,200 |
67.7% |
+1,262 |
of which: VINCI Autoroutes |
4,683 |
74.0% |
4,419 |
73.6% |
+264 |
VINCI Airports |
2,495 |
63.2% |
1,580 |
59.0% |
+915 |
VINCI Highways |
172 |
48.8% |
147 |
44.7% |
+25 |
VINCI Energies |
1,672 |
8.6% |
1,426 |
8.5% |
+246 |
Cobra IS |
627 |
9.6% |
509 |
9.2% |
+117 |
VINCI Construction |
1,905 |
6.1% |
1,707 |
5.8% |
+198 |
VINCI Immobilier |
(13) |
(1.1%) |
114 |
7.5% |
−127 |
Holding companies |
312 |
|
259 |
|
|
Ebitda |
11,964 |
17.4% |
10,215 |
16.6% |
+1,749 |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).
Net financial debt (NFD) by business line
(in € millions) |
2023 |
Of which external NFD |
2022 |
Of which external NFD |
Concessions |
(28,734) |
(18,761) |
(31,735) |
(18,880) |
VINCI Autoroutes |
(16,533) |
(12,323) |
(16,985) |
(12,578) |
VINCI Airports |
(8,781) |
(5,551) |
(11,131) |
(5,674) |
VINCI Highways |
(2,348) |
(882) |
(2,271) |
(678) |
Other concessions* |
(1,073) |
(5) |
(1,347) |
50 |
VINCI Energies |
296 |
529 |
(129) |
532 |
Cobra IS |
403 |
403 |
404 |
404 |
VINCI Construction |
4,160 |
2,158 |
3,460 |
1,879 |
Holding companies and miscellaneous |
7,749 |
(456) |
9,464 |
(2,471) |
Net financial debt |
(16,126) |
(16,126) |
(18,536) |
(18,536) |
* VINCI Railways and VINCI Stadium.
APPENDIX D: VINCI AUTOROUTES AND VINCI
AIRPORTS INDICATORS
Traffic on motorway concessions
|
Fourth quarter |
Full year |
(millions of km travelled) |
2023 |
2023/2022change |
2023 |
2023/2022change |
VINCI Autoroutes |
12,202 |
+1.3% |
54,075 |
+1.3% |
Light vehicles |
10,352 |
+1.7% |
46,568 |
+1.7% |
Heavy vehicles |
1,850 |
−1.3% |
7,507 |
−1.3% |
of which mainly: |
|
|
|
|
ASF |
7,613 |
+1.5% |
33,957 |
+1.3% |
Light vehicles |
6,386 |
+2.0% |
28,976 |
+1.8% |
Heavy vehicles |
1,227 |
−1.0% |
4,981 |
−1.2% |
Escota |
1,756 |
+3.0% |
7,629 |
+1.9% |
Light vehicles |
1,580 |
+3.1% |
6,913 |
+2.1% |
Heavy vehicles |
176 |
+1.9% |
716 |
-0.0% |
Cofiroute (intercity network*) |
2,720 |
−0.4% |
12,001 |
+0.8% |
Light vehicles |
2,297 |
+0.1% |
10,284 |
+1.4% |
Heavy vehicles |
423 |
−3.3% |
1,716 |
−2.1% |
* Excluding A86
Duplex.
VINCI Autoroutes revenue in 2023
|
VINCI Autoroutes |
of which mainly: |
|
|
ASF |
Escota |
Cofiroute |
Toll revenue (in € millions) |
6,177 |
3,600 |
880 |
1,580 |
2023/2022 change |
+5.2% |
+5.2% |
+5.8% |
+4.5% |
Revenue (in € millions) |
6,324 |
3,689 |
896 |
1,602 |
2023/2022 change |
+5.3% |
+5.4% |
+6.0% |
+4.4% |
VINCI Airports’ passenger numbers1
|
Fourth quarter |
Full year |
(in thousands of passengers) |
2023 |
2023/2022 change |
2023/2019 change |
2023 |
2023/2022 change |
2023/2019 change |
Portugal (ANA) |
15,116 |
+10.3% |
+14.2% |
66,332 |
+19.1% |
+12.2% |
of which Lisbon |
8,059 |
+8.7% |
+9.3% |
33,649 |
+19.1% |
+7.9% |
United Kingdom |
10,800 |
+17.6% |
−7.0% |
46,855 |
+24.4% |
−11.3% |
of which London Gatwick |
9,359 |
+15.1% |
−9.1% |
40,899 |
+24.5% |
−12.2% |
Mexico (OMA) |
6,807 |
+5.3% |
+14.4% |
26,837 |
+15.7% |
+15.8% |
of which Monterrey |
3,486 |
+10.3% |
+22.0% |
13,339 |
+21.9% |
+19.2% |
France |
4,117 |
+8.8% |
−9.7% |
17,499 |
+14.3% |
−14.5% |
of which ADL (Lyon) |
2,420 |
+9.1% |
−10.0% |
10,000 |
+16.7% |
−14.9% |
Cambodia2 |
1,087 |
+42.6% |
−42.7% |
4,031 |
2.0x |
−47.7% |
United States |
2,613 |
+8.3% |
−3.1% |
9,904 |
+2.6% |
−4.8% |
Brazil |
2,941 |
+2.9% |
−11.0% |
11,490 |
+3.8% |
−6.7% |
Serbia |
1,997 |
+39.3% |
+41.7% |
7,948 |
+41.7% |
+29.0% |
Dominican Republic |
1,645 |
+5.1% |
+16.9% |
6,584 |
+10.5% |
+16.9% |
Cabo Verde |
693 |
+13.0% |
−1.7% |
2,580 |
+19.3% |
−6.6% |
Total fully consolidated subsidiaries |
47,816 |
+11.7% |
+2.2% |
200,059 |
+18.8% |
−0.3% |
Japan (40%) |
11,605 |
+46.1% |
−8.9% |
41,507 |
+87.3% |
−19.9% |
Chile (40%) |
6,306 |
+19.0% |
+6.9% |
23,337 |
+24.5% |
−5.3% |
Costa Rica (45%) |
415 |
+20.0% |
+58.3% |
1,652 |
+14.4% |
+34.9% |
Rennes-Dinard (49%) |
131 |
−23.6% |
−34.1% |
596 |
−7.6% |
−37.1% |
Total equity-accounted subsidiaries |
18,458 |
+34.1% |
−3.3% |
67,092 |
+56.0% |
−14.6% |
Total passengers managed by VINCI Airports |
66,274 |
+17.2% |
+0.6% |
267,150 |
+26.4% |
−4.3% |
1 Data at 100%, irrespective of percentage held
and including the passenger numbers of all managed airports over
the full period. 2 Passenger numbers for 2023 and previous
years exclude Siem Reap airport, which closed on 15 October
2023.
APPENDIX E: ORDER BOOK AND ORDER
INTAKE
Order book
|
At 31 December |
2023/2022 |
|
(in € billions) |
2023 |
2022 |
change |
|
VINCI Energies |
14.3 |
12.4 |
+15% |
|
Cobra IS |
14.4 |
11.1 |
+30% |
|
VINCI Construction |
32.7 |
33.8 |
-3% |
|
Total |
61.4 |
57.3 |
+7% |
|
of which: |
|
|
|
|
France |
20.0 |
17.8 |
+12% |
|
International |
41.4 |
39.5 |
+5% |
|
Europe excl. France |
25.6 |
21.5 |
+19% |
|
Rest of the world |
15.8 |
17.9 |
−12% |
|
Order intake
|
|
2023/2022 |
|
(in € billions) |
2023 |
2022 |
change |
VINCI Energies |
20.9 |
17.9 |
+17% |
Cobra IS |
10.3 |
8.0 |
+29% |
VINCI Construction |
30.6 |
29.8 |
+3% |
Total |
61.9 |
55.7 |
+11% |
of which: |
|
|
|
France |
24.4 |
21.2 |
+15% |
International |
37.5 |
34.5 |
+9% |
Europe excl. France |
24.9 |
19.6 |
+27% |
Rest of the world |
12.6 |
14.9 |
−15% |
GLOSSARY
Cash flow 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.
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 VINCI Energies, Cobra IS and VINCI
Construction 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.
Ebitda margin, Ebit margin and recurring
operating margin: ratios of Ebitda, Ebit, or recurring operating
income to revenue excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies.
Free cash flow: free cash flow is made up of
operating cash flow and growth investments in concessions and
PPPs.
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 year Y−1 is
included, and revenue from companies that left the Group in years
Y−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 debt owed to financial institutions
(including derivatives and other liabilities relating to hedging
instruments). Financial assets include cash and cash equivalents
and assets relating to derivative instruments.
Under IFRS 16, the Group recognises right-of-use
assets relating to leased items 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.
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).
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).
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).
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.
Order book:
- At VINCI Energies, Cobra IS and
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.
Order intake:
- At VINCI
Energies, Cobra IS and VINCI Construction, a new order is recorded
when the contract has been not only signed but is also in force
(for example, after the service order has been obtained or after
conditions precedent have been met) and when the project’s
financing is in place. The amount recorded in order intake
corresponds to the contractual revenue.
- For VINCI Immobilier, order intake
corresponds to the value of properties sold off-plan or sold after
completion in accordance with a notarised deed, or revenue from
property development contracts where the works order has been given
by the project owner.
For joint property developments:
- If VINCI
Immobilier has sole control over the development company, it is
fully consolidated. In that case, 100% of the contract value is
included in order intake.
- If the
development company is jointly controlled, it is accounted for
under the equity method and its order intake is not included in the
total.
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.
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.).
VINCI Airports’ passenger numbers: this is the
number of passengers who have travelled on commercial flights from
or to a VINCI Airports airport during a given period, and is a
relevant indicator for estimating an airport’s revenue from both
aviation and non-aviation activities.
VINCI Autoroutes’ traffic levels: this is the
number of kilometres travelled by light and heavy vehicles on the
motorway network managed by VINCI Autoroutes during a given
period.
1 Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).2 Period-end.3 Figures at 100% including passenger
numbers at all airports managed by VINCI Airports over the period
as a whole.4 The consolidated financial statements have been
audited and the Statutory Auditors’ report is in the process of
being published.5 Purchase of a 29.99% stake completed in December
2022, fully consolidated in VINCI’s financial statements. 6
Motorways managed outside France and electronic toll collection
activities. 7 Information Communication Technologies.8 34
acquisitions were completed in 2023 and 31 in 2022.9 After taking
account of dilutive instruments. 10 The school holidays at the end
of the year started one week later than in December 2022.11 Two
fewer business days in 2023 than in 2022.12 Figures at 100%
including passenger numbers at all managed airports over the full
period.13 However, this order intake figure does not include two of
the three offshore windfarm energy converter platforms to be
designed, built and installed in the North Sea for TenneT (contract
announced in April 2023).14 Including a contract to build a
significant section of the new metro line in Toronto, Canada.15
Excluding the positive non-recurring impact of €167 million related
to the restructuring of the debt used to acquire London Gatwick
airport, recognised in the first half of 2023, the average cost of
gross debt in 2023 would have been 4.6%.16 Figures at 100%
including passenger numbers at all managed airports over the full
period. 17 Ebit / revenue.18 As announced during the Capital
Markets Day dedicated to Cobra IS on 12 December 2023.19 Raios do
Parnaiba and Mundo Novo in Brazil, with combined capacity of
0.6 GW, along with around 12 further projects in Spain with
combined capacity of 0.8 GW. 20 Wholly-owned. 21 40%-owned.
This press release is an official information document of the
VINCI Group.
INVESTOR RELATIONSGrégoire THIBAULTTel: +33 (0)1
57 98 63 84gregoire.thibault@vinci.com
Boris VALETTel: +33 (0)1 57 98 62
84boris.valet@vinci.com
PRESS CONTACTVINCI Press DepartmentTel: +33 (0)1 57
98 62 88media.relations@vinci.com
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