2019 Annual Results
Rueil Malmaison, 5 February 2020
2019 ANNUAL RESULTS
- Revenue up 10% to €48.1 billion
- Concessions up 18% (of which organic growth +6%):
growth in traffic levels at VINCI Autoroutes (up 2.8%) and in
passenger numbers at VINCI Airports (up 5.7%)
- Contracting up 9%: higher business levels across the
three business lines (VINCI Energies, Eurovia and
VINCI Construction)
- VINCI Immobilier revenue up 20%
- Solid earnings growth:
- Operating income from ordinary activities: up 15% to
€5.7 billion
- Net income attributable to owners of the parent: up 9%
to €3.3 billion
- Very strong free cash flow generation: €4.2 billion, €1
billion more than in 2018
- Dividend proposed for 2019:
€3.05 per share
- Accelerated social and environmental responsibility
policy, including a targeted 40% reduction in the Group’s carbon
footprint by 2030
Key
figures
| (in €
millions) |
2019 |
2018 |
2019/2018 change |
|
Revenue1 |
48,053 |
43,519 |
+10.4% |
| Cash flow from operations (Ebitda) |
8,4972 |
6,898 |
+23.2% |
|
% of revenue |
17.7% |
15.9% |
|
| Operating income from ordinary
activities |
5,734 |
4,997 |
+14.8% |
| % of revenue |
11.9% |
11.5% |
|
|
Recurring operating income |
5,704 |
4,924 |
+15.8% |
| Net income attributable to owners of the
parent |
3,260 |
2,983 |
+9.3% |
| Diluted
earnings per share (in €) |
5.82 |
5.32 |
+9.3% |
| Free
cash flow |
4,201 |
3,179 |
+1,022 |
| Net
financial debt (in € billions) |
(21.7) |
(15.6) |
(6.1) |
| Dividend
per share (in €) |
3.053 |
2.67 |
+0.38 |
|
|
|
|
|
| Change in total traffic at VINCI
Autoroutes |
+2.8% |
-0.5% |
|
|
Change in airport passenger traffic |
+5.7%4 |
+6.8% |
|
| Order
book at 31 December (in € billions) |
36.5 |
33.1 |
+10% |
Xavier Huillard, VINCI’s Chairman and CEO, made
the following comments:
“VINCI broke records in 2019. Business levels
grew strongly both in France and abroad, earnings rose again and
cash flow was outstanding.
That very good performance was achieved through
the hard work of VINCI’s 222,000 employees. It confirms the
strength of our Concession-Contracting business model and our
ability to integrate new companies successfully. The year’s main
highlight was the acquisition of a majority stake in London
Gatwick, the second-largest airport in the United Kingdom and the
eighth-largest in Europe.
In Concessions, although social unrest in France
continued to have an adverse impact in early 2019, VINCI Autoroutes
traffic levels recovered strongly at the end of the year and showed
firm growth for the year as a whole. VINCI Airports passenger
numbers continued to rise for most of the year, but the growth was
more limited in the fourth quarter due to several one-off events at
certain airports. After integrating its recent acquisitions, VINCI
Airports is now the world’s second-largest airport operator in
terms of managed passenger numbers, and the most diversified with
45 airports in 12 countries.
In Contracting, organic growth was strong in all
business lines, both in France and abroad, and order intake also
saw firm growth. As a result, the order book hit a new record at
the end of the year. These positive developments were accompanied
by wider margins, with improvements at VINCI Energies and Eurovia
making up for a slight decline at VINCI Construction, caused by
under activity in the oil and gas sector.
VINCI took advantage of particularly favourable
financial market conditions in 2019. We carried out several
transactions to refinance debt on excellent terms, extending the
average maturity of our debt while also diversifying our funding
sources with two inaugural bond issues in sterling and US
dollars.
VINCI is going into 2020 with confidence and can
expect further growth in revenue and net income. However, that
growth is likely to be more limited than in 2019 because of the
high base for comparison and barring major new
acquisitions.
VINCI views success in global performance terms
and is not just committed to improving its economic and financial
performance. We are also engaged on workforce-related,
environmental, social and ethical matters. In this context, the
Group has the stated aim of reducing its carbon footprint by 40%
between now and 2030.”
VINCI’s Board of Directors, chaired by Xavier
Huillard, met on 4 February 2020 to finalise the 2019 financial
statements5, which will be submitted for approval at the
Shareholders’ General Meeting on 9 April 2020.
I. Higher
revenue and earnings; very strong free cash flow generation
VINCI’s consolidated financial statements for
2019 show increases in revenue, Ebitda, Ebit, net income
attributable to owners of the parent and free cash flow.
Consolidated revenue totalled €48.1 billion, up
10.4% relative to 2018. Organic growth was 5.4% (6.1% in France and
4.5% outside France). Changes in consolidation scope had a positive
4.6% impact (mainly outside France), while exchange-rate movements
boosted revenue by 0.4%, mainly because of the rise in several
currencies – the US dollar in particular – against the euro. The
proportion of revenue generated outside France continued to rise,
reaching 45% (43% in 2018).
Concessions revenue totalled €8.5 billion, up
17.7% on an actual basis (up 5.8% like-for-like).
- VINCI Autoroutes’ revenue totalled €5.6 billion, up 4.4%,
driven by a sharp upturn in traffic levels at the end of the year,
which more than offset disruption caused by social unrest in late
2018 and early 2019.
- VINCI Airports’ revenue amounted to €2.6 billion (up 63.7%).
That figure includes the revenue contributions from the AWW
airports (included since August 2018), Belgrade airport (since
December 2018) and London Gatwick airport (since May 2019), which
together totalled almost €900 million in 2019. Like-for-like, VINCI
Airports’ revenue rose 8.6%.
- Revenue from other concessions includes the contributions of
Lamsac (€116 million), which holds concessions for two sections of
the Lima ring road in Peru, Gefyra (€42 million), which holds the
concession for the Rion-Antirion bridge in Greece, VINCI Stadium
(€70 million) and Mesea (€40 million), which carries out
maintenance work on the Tours-Bordeaux high-speed rail line.
Contracting revenue totalled €38.9 billion, up
8.7%. Organic growth (5.1%) was firm across the three Contracting
business lines, both in France and abroad.
- VINCI Energies’ revenue totalled €13.7 billion, up 9.1% on an
actual basis (up 5.0% like-for-like). Business levels remained
buoyant in most countries, both in Europe (France, Benelux,
Switzerland and Sweden) and further afield (United States, Africa,
Brazil, Singapore, Australia and New Zealand). In addition to that
firm organic growth, VINCI Energies was boosted by contributions
from companies acquired in 2018, mainly PrimeLine in the United
States and Wah Loon Engineering in Singapore, along with 34 new
acquisitions made in 2019, particularly in the Netherlands,
Germany, Spain and France. Revenue outside France (55% of the
total) grew by 10.8% on an actual basis and by 4.6% like-for-like,
while revenue in France (45% of the total) rose 7.0% on an actual
basis and 5.6% like-for-like.
- Eurovia’s revenue grew very strongly to €10.2 billion (up 14.3%
on an actual basis and 6.2% like-for-like). In France (54% of the
total, revenue up 8.5% like-for-like), momentum in the roadworks
and urban development market remained strong. Outside France (46%
of the total, revenue up 21.3% or 3.4% like-for-like), business
levels were buoyant in Germany, the Czech Republic, the United
Kingdom, Canada and Chile. 2019 revenue was also underpinned by the
integration of the industrial and roadworks businesses acquired
from Lane Construction in the United States in late December 2018.
As a result, North America accounted for 17% of Eurovia’s full-year
revenue, up from 11% in 2018.
- VINCI Construction’s revenue totalled €14.9 billion (up 4.9% on
an actual basis and up 4.3% like-for-like). Revenue in France (53%
of the total, up 4.6% like-for-like) was again supported by strong
building activity in the Paris region and civil engineering works
as part of the Grand Paris project. Outside Paris, performance
varied between the French regions. Outside France (47% of the
total, up 6.4% on an actual basis and 4.0% like-for-like), revenue
rose in Central Europe, the United Kingdom, Africa and Oceania. In
specialist business areas, Soletanche Freyssinet had another very
good year. After the completion of several large projects in recent
years, VINCI Construction Grands Projets entered a new growth
phase, winning several significant contracts in the United States,
Canada, New Zealand and the United Kingdom. Entrepose, meanwhile,
was again held back by weaker business levels in the oil and gas
sector.
VINCI Immobilier achieved strong growth in
revenue (up 19.5% to €1.3 billion), with good production in both
residential and commercial property in Paris and other major French
cities, along with increased business levels in managed residences
(under the Ovelia and Student Factory brands).
Consolidated Ebitda totalled €8.5 billion, equal
to 17.7% of revenue, up more than 180 bp compared to 2018. Adjusted
for the impact caused by the first-time adoption of IFRS 16
“Leases” on 1 January 2019, Ebitda amounted to €7.9 billion, a
year-on-year increase of 14.8%.
Operating income from ordinary activities (Ebit)
amounted to €5.7 billion, up 14.8%. It equalled 11.9% of revenue
compared with 11.5% in 2018.
- Ebit in the Concessions business rose 16.3% to €4.0 billion
(€3.0 billion from VINCI Autoroutes and €1.0 billion from VINCI
Airports), equal to 46.7% of revenue (47.2% in 2018).
- Contracting Ebit rose 12.3% to €1.7 billion, equal to 4.3% of
revenue (4.1% in 2018). VINCI Energies’ Ebit margin rose to 6.0% in
2019 (5.8% in 2018), while Eurovia’s increased to 4.2% (3.9% in
2018). VINCI Construction’s Ebit margin fell slightly, coming in
down at 2.7% (2.8% in 2018).
Recurring operating income – including the
impact of share-based payments (IFRS 2), the Group’s share of the
income or loss of companies accounted for under the equity method,
and miscellaneous recurring operating items – rose 15.8% to €5.7
billion.
Consolidated net income attributable to owners
of the parent amounted to €3,260 million. That represents a 9.3%
increase on 2018 despite higher financial expenses resulting from
the rise in average debt levels following acquisitions during the
period. Earnings per share6 amounted to €5.82 (€5.32 in 2018), up
9.3%.
Free cash flow improved sharply to €4,201
million, versus €3,179 million in 2018. The three Contracting
business lines were the main drivers of that increase, which
amounted to more than €1 billion.
Consolidated net financial debt stood at €21.7
billion at 31 December 2019, up €6.1 billion year-on-year, mainly
due to the deal to take control of London Gatwick airport.
Group liquidity amounted to €15.0 billion at 31
December 2019 (€13.6 billion at 31 December 2018). This figure
comprises €6.8 billion of managed net cash and €8.3 billion of
unused confirmed bank credit facilities, comprising VINCI’s €8.0
billion facility due to expire in November 2024 and London Gatwick
airport’s €0.3 billion facility due to expire in 2024.
The consolidated financial statements for the
year ended 31 December 2019 are available on the VINCI website:
https://www.vinci.com/vinci.nsf/en/investors
II. Positive
trend in operational performance
VINCI Autoroutes’ traffic levels grew strongly
in the fourth quarter of 2019: up 14.8% overall, light vehicles up
16.6% and heavy vehicles up 5.9%. Growth was helped by a low base
for comparison, since traffic levels in late 2018 were badly
affected by episodes of social unrest in France. In addition, rail
disruption in December 2019 prompted some people to travel by road
instead of rail, boosting motorway traffic levels. Over the year as
a whole, traffic levels rose 2.8% (light vehicles up 2.8%, heavy
vehicles up 3.1%).
VINCI Airports maintained good momentum in
passenger numbers for most of 2019, posting a 5.7% increase
relative to 2018 on a constant network basis, with the opening of
325 new routes including 61 long-haul routes. In the fourth
quarter, however, growth slowed at some airports affected by
one-off events: in the United Kingdom (the Thomas Cook bankruptcy,
pre-Brexit hesitancy), Asia (tensions between Japan and South
Korea), Chile (social unrest) and France (Air France’s move to
streamline its domestic flights).
In Contracting,
- order intake rose 8% year-on-year to €41.7 billion in 2019. The
increase was 10% in France and 6% outside France. Order intake was
up 4% at VINCI Energies, 13% at Eurovia and 9% at VINCI
Construction.
- The order book amounted to €36.5 billion at 31 December 2019,
up 10% over 12 months. It totalled €15.6 billion (up 3%) in France
and €20.9 billion (up 16%) outside France. Orders outside France
accounted for 57% of the total as opposed to 54% at the end of
2018. The order book represents over 11 months of average business
activity in the Contracting business.
At VINCI Immobilier7, the number of homes
reserved in France fell slightly but remained high at 6,215 (6,333
in 2018). In office property, the amount of floorspace sold during
the year increased sharply to almost 102,000 m2 (up 64%). That
includes the iconic To Lyon development close to Lyon Part Dieu
train station, along with two additional blocks adjacent to the
Group’s future head office in Nanterre Les Groues.
III.
Debt management
In 2019, market conditions were particularly
favourable and VINCI (rated A- by Standard & Poor’s with
positive outlook and A3 by Moody’s with stable outlook) completed
several financing transactions.
- In January, the Group issued €950 million of bonds due to
mature in January 2029 with a coupon of 1.625%.
- In March, it carried out its first sterling bond issue in an
amount of £800 million, divided into two tranches consisting of
£400 million of bonds due to mature in March 2027 with a coupon of
2.25%, and £400 million due to mature in September 2034 with a
coupon of 2.75%.
- In April, it completed its inaugural US dollar bond issue,
issuing $1 billion of bonds due to mature in April 2029 with a
coupon of 3.75%.
In February, ASF issued €1 billion of bonds due
to mature in February 2031 with a coupon of 1.375%.
In early July, London Gatwick airport issued
£300 million of bonds due to mature in June 2049 with a coupon of
2.875%.
Those transactions enabled the Group to increase
its liquidity, extend the average maturity of its debt and
diversify its funding sources and investor base.
At 31 December 2019, the Group’s gross financial
debt, before taking into account available cash, totalled €28.4
billion. Its average maturity was 8.1 years (6.4 years at 31
December 2018) and the average cost of debt was 2.4%, a slight
increase (2.3% in 2018) due to a larger proportion of foreign
currency debt.
IV.
2020 outlook:
Despite the uncertain geopolitical context and
limited visibility in terms of the global economic and financial
outlook, VINCI is going into 2020 with confidence.
That confidence is based on:
- a robust, effective business model that combines complementary
business lines addressing buoyant markets, driven by increasing
demand in the fields of mobility, high-performance public
infrastructure and buildings, the digital revolution, energy
transition and environmental protection;
- values that are shared by the Group’s 222,000 employees, i.e.
accountability at the grass-roots level, safety at work, ethical
business methods, ambitious environmental targets, and efforts to
achieve all-round performance for the benefit of customers and
stakeholders;
- a very solid financial position, widely acknowledged by
partners including investors, financial institutions, rating
agencies…;
- a clear and consistent strategy, aiming for geographical
diversification in all business areas and focusing on developing
recurring, high-value-added businesses.
As a result, VINCI can expect further growth in
its revenue and net income in 2020. However, that growth is likely
to be more limited than in 2019 because of the high base for
comparison in both Concessions and Contracting, barring major new
acquisitions.
V.
Dividend
The Board of Directors has decided to propose a
2019 dividend of €3.05 per share to the Shareholders’ General
Meeting on 9 April 2020 (€2.67 in 2018).
Since an interim dividend of €0.79 per share was
paid in November 2019, the final dividend payment on 23 April 2020
(ex date: 21 April 2020) will be €2.26 per share if approved.
VI. Share
capital
At 31 December 2019, VINCI’s capital consisted
of 605.2 million shares, including 50.5 million treasury shares
(8.3% of the capital at that date).
VII.
Corporate social, societal and environmental responsibility
As well as its economic and financial targets,
VINCI is maintaining and increasing its commitments in the ethical,
social, societal and environmental fields. Those commitments are
framed by the VINCI Manifesto, which is being implemented in all
business lines and geographical regions.
- Social and societal performance
- The health and safety of employees are absolute priorities.
VINCI’s lost-time work accident frequency rate was reduced from
7.77 in 2013 to 5.90 in 2019. In 2019, 72% of VINCI companies did
not record any lost-time work accidents, up from 66% in 2013;
- As regards gender balance, the aim is to double the number of
women sitting on the management committees of VINCI’s business
lines and divisions, and to increase the proportion of female
managers to 25% in the next few years;
- In France, VINCI companies helped 4,000 unemployed people in
2019 as part of efforts to reintegrate them into the
workforce;
- Around 142,000 current and former VINCI employees own around 9%
of the Group’s share capital through collective employee savings
plans: in 2019, they were extended to four new countries, enabling
80% of Group employees outside France to become VINCI shareholders.
In France, 100% of employees are now shareholders;
- In 2019, the Group’s 13 foundations supported more than 480
local charitable projects led by 950 employees in France and
abroad;
- The Group launched the “Give Me Five” programme, in which 5,000
students in their final year of middle school, from underprivileged
areas across France, gain work experience each year; through
immersive learning, they discover the full breadth and depth of the
Group’s business lines. In addition, VINCI allocates 20% of its
internships and summer jobs to students from underprivileged areas,
and offers custom workforce integration programmes to young people
with remote employment prospects.
- Environmental performance
In 2019, the Group assessed various ways of
improving its environmental performance in three areas: climate
change, the preservation of resources by developing the circular
economy, and the conservation of natural habitats. All of VINCI’s
operational entities took part in that initiative. The Group looked
at various improvements and transformational investments aimed
at:
- Defining a carbon trajectory with the aim of becoming carbon
neutral in 2050, with an initial milestone consisting of a 40%
reduction in CO2 emissions by 2030 compared with 2018 based on
scopes 1 and 2 (direct impact). This ambitious target is compatible
with a trajectory in which global warming will be limited to a
maximum of 2 °C, in line with the COP21 target;
- Making the recycling and reuse of materials compulsory using a
lifecycle approach covering both supply and demand;
- Preparing a roadmap towards a “no net loss” target regarding
biodiversity as part of an “avoid, reduce, offset” approach;
- Working to improve the indirect environmental footprint arising
from the activities of suppliers, partners and clients (scope
3).
As part of these efforts, VINCI will devote a
greater proportion of its research and innovation resources to
environmental matters. Those resources are deployed in each of
VINCI’s business lines and through Leonard, the Group’s foresight
and innovation platform, particularly through the Intrapreneur and
start-up support programmes. VINCI will also adopt specific
initiatives as part of external scientific and technology
partnerships, particularly with ParisTech.
·Ethics and human
rights
In accordance with its Manifesto commitments,
VINCI carries out its projects in ways that respect ethical
principles and protect human rights, which are mandatory for all
its entities. The Group’s Code of Ethics and Conduct and
Anti-Corruption Code of Conduct are available in 26 languages and
accessible to 99% of its employees. The VINCI Guide on Human Rights
sets out the guidelines that all Group companies must follow in
this area, regardless of their business line and location.
- Other key events in 2019 and January 2020
VINCI Autoroutes:
- Work is continuing on the A355 motorway, which bypasses
Strasbourg to the west and is currently France’s largest motorway
project. The motorway is scheduled to come into service in autumn
2021.
VINCI Airports:
- The purchase of a 50.01% stake in London Gatwick airport was
completed on 13 May 2019.
- Discussions with the Portuguese government are continuing
regarding converting, in the Lisbon area, the Montijo military air
base into a civil airport and modernising Humberto Delgado airport.
The project will increase the Portuguese capital’s air traffic
capacity to enable it to deal with expected growth in passenger
numbers in the next few years;
- Projects to modernise Belgrade airport in conjunction with
VINCI Construction Grands Projets, to modernise Toulon-Hyères
airport and to extend and renovate Kansai International airport
began in 2019;
- In December 2019, the project to extend and modernise Salvador
airport, in conjunction with VINCI Energies, was completed. The
project has increased the airport’s capacity from 10 million to
15 million passengers per year.
VINCI Highways :
- In October, the motorway bypassing the city of Regina in
Saskatchewan province, Canada, came into service. That project
involved expertise across several Group subsidiaries working in
synergy: VINCI Highways, Eurovia, Soletanche Freyssinet,
VINCI Construction Terrassement and VINCI Energies;
- At the end of the year, sections 7 and 8 of the new Moscow-St
Petersburg motorway (M11) came into service. VINCI Highways is also
the concession-holder on the first section of this motorway, which
was completed in 2014 and connects the Moscow ring road with
Sheremetyevo airport.
VINCI Energies acquired 34 companies in 2019,
including:
- Converse Energy Projects GmbH in Germany, which specialises in
designing and carrying out turnkey industrial power distribution
projects;
- SISTEM Melesur Energía and SISTEM Infraestructuras y
Operaciones EPC, major players in the Spanish market for power
distribution services as well as electricity transmission,
transformation and generation, including from renewable
sources;
- OFM in Germany, in the telecoms infrastructure sector;
- IZEN in Belgium, which specialises in installing solar
photovoltaic systems in the residential and industrial
markets.
In January 2019, VINCI Immobilier acquired a
49.9% stake in Urbat Promotion, a specialist homebuilder operating
in the south of France.
·Management
In March 2019, Arnaud Grison was appointed
Chairman and CEO of VINCI Energies, replacing Yves Meignié. He has
joined VINCI’s Executive Committee.
In January 2020, Jocelyne Vassoille was
appointed as the Group’s Vice-President, Human Resources. She has
also joined VINCI’s Executive Committee.
**********
|
Diary |
|
5 February 2020 |
2019 results presentation08.30: press conference – 11.00: analysts’
meeting Playback:In French +33 (0)1 70 71 01 59 (PIN:
40033922#)In English +44 (0)20 7194 3759 (PIN: 54583582#)
Delayed access to the webcast on our website:
https://www.vinci.com/vinci.nsf/fr/finances-resultats/pages/index.htm
|
|
9 April 2020 |
Shareholders’ General Meeting |
|
21 April 2020 |
Ex-dividend date (final dividend for 2019) |
|
23 April 2020 |
Payment of the final dividend for 2019 |
|
23 April 2020 |
Quarterly information at 31 March 2020 Press release published
after the market close |
|
11 June 2020 |
Investor Day: VINCI Airports at London Gatwick airport |
**********This press release is available in
French and English on VINCI’s website: www.vinci.com.
The slide presentation of the 2019 annual results will be
available before the press conference on VINCI’s website:
www.vinci.com.
**********
INVESTOR RELATIONSGrégoire ThibaultTel: +33 1 47 16 45
07gregoire.thibault@vinci.com
Alexandra BournazelTel: +33 1 47 16 33
46alexandra.bournazel@vinci.com
PRESS CONTACTPress department
Tel: +33 1 47 16 31 82
media.relations@vinci.com
About VINCI
VINCI is a global player in concessions and
construction, employing more than 222,000 people in some 100
countries. We design, finance, build and operate infrastructure and
facilities that help improve daily life and mobility for all.
Because we believe in all-round performance, above and beyond
economic and financial results, we are committed to operating in an
environmentally, socially and ethically 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) |
2019 |
2018 |
2019/2018change |
|
| Revenue excluding revenue
derived from concession subsidiaries’ works |
48,053 |
43,519 |
+10.4% |
|
| Revenue derived from concession
subsidiaries’ works1 |
700 |
633 |
|
|
| Total revenue |
48,753 |
44,152 |
+10.4% |
|
| Operating income from ordinary
activities (Ebit) |
5,734 |
4,997 |
+14.8% |
|
| % of
revenue2 |
11.9% |
11.5% |
+40 bp |
|
| Share-based payments (IFRS 2) |
(291) |
(206) |
|
|
| Profit/loss of companies accounted for
under the equity method and other recurring items |
260 |
133 |
|
|
|
Recurring operating income |
5,704 |
4,924 |
+15.8% |
|
|
Non-recurring operating items |
(40) |
(4) |
|
|
| Operating income |
5,664 |
4,920 |
+15.1% |
|
| Cost of
net financial debt |
(551) |
(462) |
|
|
| Other financial income and expense |
(71) |
17 |
|
|
| Income tax expense |
(1,634) |
(1,418) |
|
|
|
Non-controlling interests |
(148) |
(74) |
|
|
| Net income attributable to
owners of the parent |
3,260 |
2,983 |
+9.3% |
|
| Diluted
earnings per share (in €)3 |
5.82 |
5.32 |
+9.3% |
|
|
|
|
|
|
|
|
Ordinary dividend per share (in €) |
3.05 |
2.67 |
+0.38 |
|
1 Applying IFRIC 12 “Service Concession
Arrangements”, revenue derived from VINCI concession subsidiaries’
works done by companies outside the Group (see
Glossary).2 % calculated on revenue
excluding revenue derived from concession subsidiaries’ works done
by companies outside the Group (see
Glossary).3 After taking into account
dilutive instruments.4 Proposal to be submitted
at the Shareholders’ General Meeting on 9 April 2020.
VINCI has applied IFRS 16 “Leases” since 1 January 2019. Since
that date, all leases have been recognised using a single model
that affects the Group’s balance sheet in a similar way to finance
leases under the previous accounting standard applied until 31
December 2018. IFRS 16 provides for simplified transitional
arrangements, under which the Group’s financial statements are not
affected until 1 January 2019, with no adjustment of comparative
data. Lease liabilities of €1,421 million, of which €166 million
were already recognised under finance leases, were recognised at 1
January 2019 with a balancing entry consisting of “Right-of-use
assets” presented under property, plant and equipment on the
Group’s balance sheet.
Simplified balance sheet
| |
At
31 December |
| (in €
millions) |
2019 |
2018 |
| Non-current assets - Concessions |
42,968 |
32,786 |
| Non-current assets – Contracting and
other |
13,998 |
11,699 |
| WCR, provisions and other current debt
and receivables |
(6,965) |
(6,214) |
|
Capital employed |
50,001 |
38,270 |
| Equity attributable to owners of the
parent |
(20,438) |
(19,185) |
|
Non-controlling interests |
(2,604) |
(633) |
| Total equity |
(23,042) |
(19,818) |
| Lease liabilities 1 |
(1,805) |
|
|
Non-current provisions and other long-term liabilities |
(3,500) |
(2,898) |
|
Long-term borrowings |
(28,347) |
(22,716) |
| Gross financial debt |
(28,405) |
(21,182) |
| Net
cash managed |
6,751 |
5,628 |
|
Net financial debt |
(21,654) |
(15,554) |
Cash flow statement
| (in €
millions) |
2019 |
2018 |
|
Cash flow from operations before tax and financing costs
(Ebitda) 2 |
8,497 |
6,898 |
| Changes in operating WCR and current
provisions |
428 |
(266) |
| Income taxes paid |
(1,547) |
(1,222) |
| Net interest paid |
(458) |
(444) |
|
Dividends received from companies accounted for under the equity
method |
170 |
176 |
|
Cash flows (used in)/from operating
activities |
7,090 |
5,142 |
|
Operating investments (net of disposals) |
(1,249) 3 |
(986) |
|
Repayment of lease debt and associated financial expense1 |
(575) |
|
|
Operating cash flow |
5,266 |
4,156 |
|
Growth investments in concessions and PPPs |
(1,065) |
(977) |
|
Free cash flow |
4,201 |
3,179 |
| Net financial investments |
(8,245) |
(2,638) |
|
Other |
(90) |
(165) |
|
Net cash flows before movements in share
capital |
(4,134) |
377 |
| Increases in share capital and
other |
933 |
444 |
| Share buy-backs |
(903) |
(639) |
|
Dividends paid |
(1,772) |
(1,443) |
| Capital
transactions |
(1,742) |
(1,639) |
|
Net cash flows for the period |
(5,876) |
(1,262) |
| Other
changes |
(224) |
(291) |
|
Change in net financial debt |
(6,100) |
(1,553) |
|
|
|
|
| Net financial debt at beginning of
period |
(15,554) |
(14,001) |
|
Net financial debt at end of period |
(21,654) |
(15,554) |
1 See note on IFRS
16.2 See Glossary and note on IFRS 16. €575
million impact on Group Ebitda in 2019 from the first-time adoption
of IFRS 16. 2018 figures have not been
adjusted.3 Of which investments in London
Gatwick airport (€182 millions)
APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED
REVENUE
Revenue by business line
| |
|
2019/2018 change |
| (in €
millions) |
2019 |
2018 |
Actual |
Like-for-like |
|
Concessions |
8,544 |
7,261 |
+17.7% |
+5.8% |
|
VINCI Autoroutes |
5,593 |
5,356 |
+4.4% |
+4.4% |
|
VINCI Airports |
2,631 |
1,607 |
+63.7% |
+8.6% |
|
Other concessions1 |
319 |
298 |
+7.0% |
+13.1% |
|
Contracting |
38,884 |
35,769 |
+8.7% |
+5.1% |
|
VINCI Energies |
13,749 |
12,603 |
+9.1% |
+5.0% |
|
Eurovia |
10,209 |
8,934 |
+14.3% |
+6.2% |
|
VINCI Construction |
14,926 |
14,231 |
+4.9% |
+4.3% |
| VINCI
Immobilier |
1,320 |
1,104 |
+19.5% |
+19.5% |
|
Eliminations and adjustments |
(695) |
(616) |
|
|
|
Revenue2 |
48,053 |
43,519 |
+10.4% |
+5.4% |
| of which:France |
26,307 |
24,768 |
+6.2% |
+6.1% |
| Europe excl. France |
13,106 |
11,723 |
+11.8% |
+4.5% |
|
International excl. Europe |
8,640 |
7,028 |
+22.9% |
1 VINCI Highways, VINCI Railways and VINCI
Stadium.2 Excluding concession subsidiaries’ construction work done
by companies outside the Group (see Glossary).
Fourth quarter consolidated
revenue
| |
Fourth
quarter |
Fourth
quarter |
2019/2018 change |
| (in €
millions) |
2019 |
2018 |
Actual |
Like-for-like |
|
Concessions |
2,051 |
1,643 |
+24.8% |
+10.8% |
| VINCI Autoroutes |
1,306 |
1,154 |
+13.1% |
+13.1% |
| VINCI Airports |
666 |
407 |
+63.5% |
+6.2% |
|
Other concessions1 |
79 |
81 |
-3.1% |
+0.4% |
|
Contracting |
10,811 |
10,198 |
+6.0% |
+1.8% |
| VINCI Energies |
3,949 |
3,627 |
+8.9% |
+4.2% |
| Eurovia |
2,744 |
2,481 |
+10.6% |
+1.1% |
|
VINCI Construction |
4,118 |
4,090 |
+0.7% |
+0.1% |
| VINCI
Immobilier |
509 |
490 |
+3.8% |
+3.8% |
|
Eliminations and adjustments |
(175) |
(251) |
|
|
|
Revenue2 |
13,196 |
12,079 |
+9.2% |
+3.8% |
| of which: France |
7,009 |
6,707 |
+4.5% |
+4.4% |
| Europe excl. France |
3,652 |
3,340 |
+9.4% |
+3.8% |
|
International excl. Europe |
2,535 |
2,033 |
+24.7% |
1 VINCI Highways, VINCI Railways and VINCI
Stadium.2 Excluding concession subsidiaries’ construction work done
by companies outside the Group (see Glossary).
Consolidated revenue1 by geographical area and business
line
| |
|
2019/2018 change |
| (in € millions) |
2019 |
2018 |
Actual |
Like-for-like |
|
FRANCE |
|
|
|
|
|
Concessions |
6,079 |
5,809 |
+4.7% |
+4.7% |
|
VINCI Autoroutes |
5,593 |
5,356 |
+4.4% |
+4.4% |
|
VINCI Airports |
371 |
341 |
+8.8% |
+8.8% |
|
Other concessions2 |
115 |
112 |
+3.2% |
+3.2% |
|
Contracting |
19,555 |
18,431 |
+6.1% |
+6.0% |
|
VINCI Energies |
6,158 |
5,753 |
+7.0% |
+5.6% |
|
Eurovia |
5,471 |
5,027 |
+8.8% |
+8.5% |
|
VINCI Construction |
7,926 |
7,651 |
+3.6% |
+4.6% |
| VINCI
Immobilier |
1,314 |
1,101 |
+19.3% |
+19.3% |
|
Eliminations and adjustments |
(641) |
(572) |
|
|
| Total
France |
26,307 |
24,768 |
+6.2% |
+6.1% |
| |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
|
Concessions |
2,464 |
1,453 |
+69.6% |
+9.7% |
|
VINCI Airports |
2,261 |
1,266 |
+78.5% |
+8.6% |
|
Other concessions2 |
204 |
186 |
+9.2% |
+19.7% |
|
Contracting |
19,329 |
17,338 |
+11.5% |
+4.1% |
|
VINCI Energies |
7,591 |
6,851 |
+10.8% |
+4.6% |
|
Eurovia |
4,738 |
3,907 |
+21.3% |
+3.4% |
|
VINCI Construction |
7,000 |
6,580 |
+6.4% |
+4.0% |
|
Eliminations and adjustments |
(47) |
(40) |
|
|
| Total
International |
21,746 |
18,751 |
+16.0% |
+4.5% |
1 Excluding concession subsidiaries’
construction work done by companies outside the Group (see
Glossary).2 VINCI Highways, VINCI Railways and VINCI Stadium.
APPENDIX C: OTHER INFORMATION BY
BUSINESS LINE
Operating income from ordinary activities (Ebit) by
business line
| (in €
millions) |
2019 |
% of revenue1 |
2018 |
% of revenue1 |
2019/2018 change |
|
Concessions |
3,989 |
46.7% |
3,429 |
47.2% |
+16.3% |
|
VINCI Autoroutes |
2,967 |
53.0% |
2,686 |
50.2% |
+10.4% |
|
VINCI Airports |
1,016 |
38.6% |
689 |
42.9% |
+47.4% |
|
Other concessions2 and holding companies |
6 |
|
54 |
|
|
|
Contracting |
1,654 |
4.3% |
1,472 |
4.1% |
+12.3% |
|
VINCI Energies |
827 |
6.0% |
727 |
5.8% |
+13.8% |
|
Eurovia |
430 |
4.2% |
345 |
3.9% |
+24.7% |
|
VINCI Construction |
396 |
2.7% |
400 |
2.8% |
-1.0% |
|
VINCI Immobilier |
80 |
6.0% |
80 |
7.2% |
-0.2% |
|
Holding companies |
12 |
|
15 |
|
|
| Total
Ebit |
5,734 |
11.9% |
4,997 |
11.5% |
+14.8% |
1 Excluding concession subsidiaries’ revenue from works done by
non-Group companies (see Glossary).
2 VINCI Highways, VINCI Railways and VINCI
Stadium.
Net income attributable to owners of the parent, by
business line
| (in €
millions) |
2019 |
2018 |
2019/2018 change |
|
Concessions |
2,255 |
1,923 |
+17.3% |
|
VINCI Autoroutes |
1,705 |
1,468 |
+16.2% |
|
VINCI Airports |
577 |
465 |
+24.0% |
|
Other concessions1 and holding companies |
(27) |
(9) |
|
|
Contracting |
792 |
849 |
-6.7% |
|
VINCI Energies |
409 |
398 |
+2.6% |
|
Eurovia |
207 |
220 |
-5.9% |
|
VINCI Construction |
177 |
231 |
-23.5% |
|
VINCI Immobilier |
65 |
68 |
-3.7% |
|
Holding companies |
148 |
143 |
|
| Net
income attributable to owners of the parent |
3,260 |
2,983 |
+9.3% |
1 Including VINCI Highways, VINCI Railways and
VINCI Stadium.
Ebitda1 by business line
| (in €
millions) |
2019 |
% of revenue2 |
2018 |
% of revenue2 |
2019/2018 change |
|
Concessions |
5,796 |
67.8% |
4,963 |
68.4% |
+16.8% |
|
of which: VINCI Autoroutes |
4,178 |
74.7% |
3,895 |
72.7% |
+7.3% |
|
VINCI Airports |
1,466 |
55.7% |
941 |
58.6% |
+55.7% |
|
Contracting |
2,446 |
6.3% |
1,815 |
5.1% |
+34.8% |
| VINCI
Immobilier |
93 |
7.1% |
79 |
7.1% |
+18.0% |
|
Holding companies |
161 |
|
41 |
|
|
|
EBITDA |
8,497 |
17.7% |
6,898 |
15.9% |
+23.2% |
1 See Glossary and note on IFRS 16. €575 million impact on Group
Ebitda in 2019 from the first-time adoption of IFRS 16. 2018
figures have not been adjusted.2 Excluding concession subsidiaries’
revenue from works done by non-Group companies (see Glossary).
Net financial debt by business line
| (in €
millions) |
2019 |
Of which external net debt |
2018 |
Of which external net debt |
2019/2018 change |
|
Concessions |
(33,952) |
(19,901) |
(27,029) |
(16,000) |
-6,923 |
|
VINCI Autoroutes |
(19,964) |
(14,275) |
(20,345) |
(14,659) |
+381 |
| VINCI Airports |
(10,530) |
(4,829) |
(4,951) |
(759) |
-5,580 |
|
Other concessions1 and holding companies |
(3,459) |
(797) |
(1,734) |
(582) |
-1,724 |
|
Contracting |
(168) |
1,729 |
(908) |
1,380 |
+740 |
|
Holding companies and miscellaneous |
12,466 |
(3,482) |
12,382 |
(934) |
+84 |
| Net
financial debt |
(21,654) |
|
(15,554) |
|
-6,100 |
1 VINCI Highways, VINCI Railways and VINCI
Stadium.
APPENDIX D: CONTRACTING ORDER BOOK AND
ORDER INTAKE
Order book
|
|
At 31 December |
|
| (in €
billions) |
2019 |
2018 |
2019/2018 change |
| VINCI Energies |
9.1 |
8.4 |
+8% |
| Eurovia |
8.0 |
7.0 |
+14% |
| VINCI
Construction |
19.4 |
17.7 |
+10% |
| Total
Contracting |
36.5 |
33.1 |
+10% |
| of which: |
|
|
|
| France |
15.6 |
15.1 |
+3% |
| Europe (excluding France) |
9.9 |
9.4 |
+5% |
| Rest of
the world |
11.0 |
8.6 |
+28% |
| Order intake |
At 31 December |
|
| (in €
billions) |
2019 |
2018 |
2019 / 2018 change |
| VINCI Energies |
14.2 |
13.7 |
+4% |
| Eurovia |
11.0 |
9.8 |
+13% |
| VINCI
Construction |
16.5 |
15.1 |
+9% |
| Total
Contracting |
41.7 |
38.6 |
+8% |
| of which: |
|
|
|
| France |
20.0 |
18.2 |
+10% |
| Europe (excluding France) |
11.5 |
12.2 |
-5% |
| Rest
of the world |
10.1 |
8.2 |
+24% |
APPENDIX E: VINCI AUTOROUTES AND VINCI
AIRPORTS INDICATORS
Total traffic on motorway
concessions*
| |
Fourth quarter |
Full
year |
| (millions
of km travelled) |
2019 |
2019/2018 change |
2019 |
2019/2018 change |
| VINCI Autoroutes |
12,089 |
+14.8% |
52,508 |
+2.8% |
| Light vehicles |
10,286 |
+16.6% |
45,273 |
+2.8% |
|
Heavy vehicles |
1,803 |
+5.9% |
7,234 |
+3.1% |
| of which: |
|
|
|
|
| ASF |
7,484 |
+15.9% |
32,863 |
+3.3% |
| Light vehicles |
6,285 |
+17.8% |
28,060 |
+3.2% |
|
Heavy vehicles |
1,198 |
+6.9% |
4,803 |
+3.4% |
| Escota |
1,679 |
+22.1% |
7,276 |
+3.2% |
| Light vehicles |
1,511 |
+23.0% |
6,590 |
+3.1% |
|
Heavy vehicles |
168 |
+15.0% |
686 |
+4.5% |
| Cofiroute (intercity network) |
2,843 |
+8.6% |
12,016 |
+1.5% |
| Light vehicles |
2,419 |
+10.2% |
10,320 |
+1.5% |
|
Heavy vehicles |
424 |
+0.6% |
1,696 |
+1.6% |
| Arcour |
83 |
+5.0% |
353 |
+1.4% |
| Light vehicles |
70 |
+7.7% |
303 |
+1.6% |
|
Heavy vehicles |
13 |
-8.0% |
50 |
+0.4% |
* Excluding A86 duplex.
VINCI Autoroutes revenue in
2019
| |
VINCI Autoroutes |
Of which: |
|
|
|
ASF |
Escota |
Cofiroute |
Arcour |
|
| Toll revenue (in € millions) |
5,491 |
3,186 |
773 |
1,460 |
72 |
|
| 2019/2018
change |
+4.4% |
+5.1% |
+4.9% |
+2.7% |
+8.3% |
|
| Revenue (in € millions) |
5,593 |
3,252 |
786 |
1,480 |
72 |
|
| 2019/2018
change |
+4.4% |
+5.1% |
+4.8% |
+2.7% |
+8.2% |
|
| VINCI Airports’
passenger traffic1 |
|
|
| |
|
|
|
|
| |
Fourth quarter |
Full year |
| |
| |
| (in
thousands of passengers) |
2019 |
2019/2018 change |
2019 |
2019/2018 change |
| Portugal (ANA) |
13,234 |
+6.4% |
59,120 |
+6.9% |
| of which Lisbon |
7,371 |
+8.5% |
31,173 |
+7.4% |
| United Kingdom |
11,617 |
-0.6% |
52,852 |
+1.0% |
| of which LGW |
10,295 |
+0.7% |
46,568 |
+1.1% |
| France |
4,576 |
+4.7% |
20,566 |
+8.5% |
| of which ADL |
2,688 |
+1.9% |
11,754 |
+6.4% |
| Cambodia |
2,819 |
-3.1% |
11,635 |
+10.2% |
| United States |
2,683 |
+10.2% |
10,331 |
+8.4% |
| Brazil |
2,131 |
-1.0% |
7,784 |
-2.9% |
| Serbia |
1,409 |
+15.6% |
6,159 |
+9.2% |
| Dominican Republic |
1,407 |
+17.3% |
5,632 |
+12.2% |
| Sweden |
522 |
+6.3% |
2,277 |
+3.7% |
|
Total fully consolidated subsidiaries |
40,399 |
+3.9% |
176,357 |
+5.2% |
| Japan (40%) |
12,702 |
+0.8% |
51,793 |
+7.2% |
| Chile (40%) |
5,917 |
-5.8% |
24,646 |
+5.7% |
| Costa Rica (45%) |
262 |
+10.6% |
1,224 |
+8.8% |
| Rennes-Dinard (49%) |
198 |
-9.8% |
948 |
-1.8% |
|
Total equity-accounted subsidiaries |
19,079 |
-1.4% |
78,611 |
+6.6% |
| Total
passengers managed by VINCI Airports |
59,479 |
+2.1% |
254,967 |
+5.7% |
1 Data at 100%, irrespective of percentage held. 2019 and 2018
figures including airport passenger numbers over the full
period.
GLOSSARY
Cash flows from operations before tax and
financing costs (Ebitda): Ebitda corresponds to recurring operating
income adjusted for additions to depreciation and amortisation,
changes in non-current provisions and non-current asset impairment,
gains and losses on asset disposals. It also includes restructuring
charges included in non-recurring operating items.
Order book:
- In the Contracting business (VINCI Energies, Eurovia, VINCI
Construction), the order book represents the volume of business yet
to be carried out on projects where the contract is in force (in
particular after service orders have been obtained or after
conditions precedent have been met) and financed.
- At VINCI Immobilier, the order book corresponds to the revenue,
recognised on a progress-towards-completion basis, that is yet to
be generated on a given date with respect to property sales
confirmed by a notarised deed or with respect to property
development contracts on which the works order has been given by
the project owner.
Operating cash flow: operating cash flow is a
measurement of cash flows generated by the Group’s ordinary
activities. It is made up of Ebitda, the change in operating
working capital requirement and current provisions, interest paid,
income taxes paid, dividends received from companies accounted for
under the equity method, operating investments net of disposals and
repayments of lease liabilities and the associated financial
expense. Operating cash flow does not include growth investments in
concessions and public-private partnerships (PPPs).
Free cash flow: free cash flow is made up of
operating cash flow and growth investments in concessions and
PPPs.
Concession subsidiaries’ revenue from works done
by non-Group companies: this indicator relates to construction work
done by concession companies as programme manager on behalf of
concession grantors. Consideration for that work is recognised as
an intangible asset or financial asset depending on the accounting
model applied to the concession contract, in accordance with IFRIC
12 “Service Concession Arrangements”. It excludes work done by
Contracting business lines.
Cost of net financial debt: the cost of net
financial debt comprises all financial income and expense relating
to net financial debt as defined below. It therefore includes
interest expense and income from interest rate derivatives
allocated to gross debt, along with financial income from
investments and cash equivalents. The reconciliation between this
indicator and the income statement is detailed in the notes to the
Group’s consolidated financial statements.
Non-recurring operating items: non-recurring
income and expense mainly includes goodwill impairment losses,
restructuring charges and income and expense relating to changes in
scope (capital gains or losses on disposals of securities and the
impact of changes in control).
Like-for-like revenue growth: this indicator
measures the change in revenue at constant scope and exchange
rates.
- Constant scope: the scope effect is neutralised as follows.
- For revenue in year N, revenue from companies that joined the
Group in year N is deducted.
- For revenue in year N-1, the full-year revenue of companies
that joined the Group in year N-1 is included, and revenue from
companies that left the Group in years N-1 and N is excluded.
- Constant exchange rates: the currency effect is neutralised by
applying exchange rates in year N to foreign currency revenue in
year N-1.
Net financial surplus/debt: this corresponds to
the difference between financial assets and financial debt. If the
assets outweigh the liabilities, the balance represents a net
financial surplus, and if the liabilities outweigh the assets, the
balance represents net financial debt. Financial debt includes
bonds and other borrowings and financial debt (including
derivatives and other liabilities relating to hedging instruments).
Financial assets include cash and cash equivalents and assets
relating to derivative instruments.
Until 31 December 2018, financial debt included
liabilities consisting of the present value of lease payments
remaining due in respect of finance leases as defined by IAS 17
(€166 million at 31 December 2018). On 1 January 2019, IAS 17 was
replaced by IFRS 16, which specifies a single method for
recognising leases. The Group now recognises a right to use under
non-current assets, along with a liability corresponding to the
present value of lease payments still to be made. That liability is
not included in net financial surplus/debt as defined by the Group,
and is presented directly on the balance sheet.
Public-private partnership – concessions and
partnership contracts: public-private partnerships are forms of
long-term public-sector contracts through which a public authority
calls upon a private-sector partner to design, build, finance,
operate and maintain a facility or item of public infrastructure
and/or manage a service.
In France, a distinction is drawn between
concessions (for works or services) and partnership contracts.
Outside France, there are categories of public
contracts – known by a variety of names – with characteristics
similar to those of the French concession and partnership
contracts.
In a concession, the concession-holder receives
a toll (or other form of remuneration) directly from users of the
infrastructure or service, on terms defined in the contract with
the public-sector authority that granted the concession. The
concession-holder therefore bears “traffic level risk” related to
the use of the infrastructure.
In a partnership contract, the private partner
is paid by the public authority, the amount being tied to
performance targets, regardless of the infrastructure’s level of
usage. The private partner therefore bears no traffic level
risk.
Order intake:
- In the Contracting business lines (VINCI Energies, Eurovia,
VINCI Construction), a new order is recorded when the contract has
been not only signed but is also in force (for example, after the
service order has been obtained or after conditions precedent have
been met) and when the project’s financing is in place. The amount
recorded in order intake corresponds to the contractual
revenue.
- At VINCI Immobilier, order intake corresponds to the value of
properties sold off-plan or sold after completion in accordance
with a notarised deed, or revenue from property development
contracts where the works order has been given by the project
owner.
For joint
property developments:
- If VINCI Immobilier has sole control over the development
company, it is fully consolidated. In that case, 100% of the
contract value is included in order intake;
- If the development company is jointly controlled, it is
accounted for under the equity method and its order intake is not
included in the total.
Operating income from ordinary activities
(Ebit): this indicator is included in the income statement.
Ebit measures the operational performance of
fully consolidated Group subsidiaries. It excludes share-based
payment expense (IFRS 2), other recurring operating items
(including the share of the income or loss of companies accounted
for under the equity method) and non-recurring operating items.
Recurring operating income: this indicator is included in the
income statement. Recurring operating income is intended to present
the Group’s operational performance excluding the impact of
non-recurring transactions and events during the period. It is
obtained by taking operating income from ordinary activities (Ebit)
and adding the IFRS 2 expense associated with share-based payments
(Group savings plans and performance share plans), the Group’s
share of the income or losses of subsidiaries accounted for under
the equity method, and other recurring operating income and
expense. The latter category includes recurring income and expense
relating to companies accounted for under the equity method and to
non-consolidated companies (financial income from shareholder loans
and advances granted by the Group to some of its subsidiaries,
dividends received from non-consolidated companies, etc.).
Operating income: this indicator is included in
the income statement.
Operating income is calculated by taking
recurring operating income and adding non-recurring income and
expense (see above).
Ebitda margin, Ebit margin and recurring
operating margin: ratios of Ebitda, Ebit, or recurring operating
income to revenue excluding concession subsidiaries’ revenue from
works done by non-Group companies.
VINCI Autoroutes motorway traffic: this is the
number of kilometres travelled by light and heavy vehicles on the
motorway network managed by VINCI Autoroutes during a given
period.
VINCI Airports passenger traffic: this is the
number of passengers who have travelled on commercial flights from
or to a VINCI Airports airport during a given period.
1 Excluding concession subsidiaries’ revenue
from works done by non-Group companies (see Glossary).
2 Including a €575 million impact from the first-time adoption
of IFRS 16 in 2019; 2018 figures have not been adjusted.
3Proposal with respect to 2019 to be made to the Shareholders’
General Meeting on 9 April 2020.
4 2019 and 2018 figures at 100% including full-year passenger
numbers for all airports managed.
5The consolidated financial statements have been audited and the
Statutory Auditors' report is in the process of being
published.
6After taking into account dilutive instruments.
7 Figures excluding Urbat.
Vinci (EU:DG)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Vinci (EU:DG)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
