QUARTERLY INFORMATION AT 30 SEPTEMBER 2023
Nanterre, 26 October 2023
QUARTERLY INFORMATION AT 30 SEPTEMBER
2023
- Revenue of €50.6 billion for the
first nine months of 2023, an increase of 12% compared with the
same period in 2022 (up 18% outside France, up 5% in France)
- Dynamic business levels in the
third quarter, with revenue up 9% – Solid operational performance
overall
- Rise in order intake – Record high
order book
- Very high level of liquidity –
Sharp year-on-year decline in financial debt
- 2023 guidance reaffirmed and
revised upwards for the free cash flow – Updated forecasts
regarding traffic levels in the Concessions business
- Upcoming event: Cobra IS Capital
Markets Day in Madrid on 12 December 2023
REVENUE AND OTHER KEY
INDICATORS
|
First nine months |
2023/2022 change |
(in € millions) |
2023 |
2022 |
Actual |
Like-for-like1 |
Concessions |
8,295 |
6,995 |
+19% |
+12% |
VINCI Autoroutes |
4,855 |
4,604 |
+5.4% |
+5.4%2 |
VINCI Airports |
3,024 |
2,028 |
+49% |
+27%2 |
VINCI Highways |
261 |
240 |
+8.7% |
+7.2% |
Other concessions3 |
154 |
123 |
+26% |
+26% |
VINCI Energies |
13,887 |
11,914 |
+17% |
+12% |
Cobra IS |
4,688 |
4,108 |
+14% |
+14% |
VINCI Construction |
23,354 |
21,491 |
+8.7% |
+9.9% |
VINCI Immobilier |
836 |
1,103 |
−24% |
−24% |
Eliminations and adjustments |
(422) |
(391) |
|
|
Group total* |
50,637 |
45,220 |
+12% |
+10% |
of which:
France |
21,958 |
20,866 |
+5.2% |
+5.1% |
International |
28,679 |
24,354 |
+18% |
+15% |
Europe excl.
France |
17,348 |
14,559 |
+19% |
+16% |
International excl.
Europe |
11,331 |
9,795 |
+16% |
+13% |
|
|
|
|
|
Total traffic at VINCI Autoroutes |
+1.3% vs 9M 2022 |
VINCI Airports passenger numbers |
+30% vs 9M 2022, −6.8% vs 9M 2019 |
Order intake (in € billions) |
47.8 |
41.1 |
+16% |
Order book** (in € billions) |
63.3 |
57.4 |
+10% |
Net financial debt** (in € billions) |
(18.6) |
(20.1) |
|
+1.5 |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary). ** Period-end.
I. Consolidated key figures
Revenue in the third quarter of 2023 amounted to
€18.3 billion, up 9% on an actual basis and up 8%
like-for-like relative to the third quarter of 2022. This trend
confirms the dynamism in VINCI’s businesses, both in France and
abroad.
In the first nine months of 2023, consolidated
revenue totalled €50.6 billion, up 12% compared with the same
period in 2022 (organic growth of 10.4%, a 2.5% positive impact
from changes in scope and a 0.9% negative impact from exchange rate
movements).
- In France (43% of
the total), revenue was €22.0 billion, up 5% on an actual and
like-for-like basis.
- Outside France,
revenue came to €28.7 billion – up 18% on an actual basis and up
15% like-for-like – and made up a new record 57% of the Group
total. Changes in scope mainly concern the integration of OMA4 – a
concession company that operates 13 airports in Mexico – in which
VINCI Airports acquired a 29.99% stake in December 2022, along with
recent acquisitions made by VINCI Energies, including most of
Kontron AG’s IT services business (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 sterling and the US, Canadian, Australian and
New Zealand dollars.
Order intake in the Energy and Construction
businesses totalled €47.8 billion in the first nine months of 2023.
It grew by 16% year on year, including a 13% increase in the third
quarter of 2023, due to strong flow business and several recent
large contract wins.
As a result, the order book reached a record
high of €63.3 billion at 30 September 2023. This represents a
year-on-year increase of 10% and almost 14 months of average
business activity in the Energy and Construction businesses, giving
the Group good visibility regarding future business levels while
continuing a selective approach to new business. International
business made up 68% of the order book.
II. Revenue by business line
- CONCESSIONS: €8.3
billion (up 19% year on year)
VINCI Autoroutes: €4.9 billion (up 5% year on
year)
Traffic levels across all vehicle types were
2.2% higher in September 2023 than in September 2022, including a
3.0% increase in light vehicles traffic buoyed by exceptional,
summer-like weather across France at the end of the month. As a
result, traffic levels stabilised at a high level in the third
quarter.
Overall, VINCI Autoroutes’ traffic levels rose
1.3% year on year in the first nine months of 2023. Light vehicles
traffic was up 1.7% despite high fuel prices. Heavy vehicles
traffic weakened slightly, falling by 1.3%, partly because of
negative calendar effects.5
VINCI Airports: €3.0 billion (up 49% on an
actual basis and up 27% like-for-like compared with the first nine
months of 2022, up 12% at constant scope compared with the first
nine months of 2019)
Growth in airport passenger numbers continued in
the third quarter of 2023, supported by an increase in supply of
sets offered by airlines, the opening of new routes and robust
demand. Many airports – in Portugal, Serbia, Mexico and the
Dominican Republic – achieved record passenger numbers. In Japan,
passenger numbers continued to show a firm recovery, particularly
on international routes.
Overall, VINCI Airports welcomed 202 million
passengers at its airports in the first nine months of 2023,6 30%
more than in the year-earlier period and equal to more than 93% of
the figure for the same period in 2019 (of which 97% in the third
quarter and 99% in September).
VINCI Highways: €261 million (up 9% on an actual
basis and up 7% like-for-like compared with 2022)
In addition to the concession holders Lima
Expresa (central section of the Lima ring road in Peru), Gefyra
(Rion–Antirion bridge in Greece) and SCDI (Confederation Bridge in
Canada), as well as ViaPlus7 (a Texas-based company specialising in
operating electronic toll systems), VINCI Highways consolidates
since spring 2023 Vía 40 Express (holder of the concession for
the Bogotá–Girardot motorway in Colombia, several sections of which
are being widened).
- VINCI Energies:
€13.9 billion (up 17% on an actual basis and up 12% like-for-like
compared with the first nine months of 2022)
After a very robust first half, VINCI Energies
continued to deliver strong revenue growth in the third quarter (up
15% relative to the third quarter of 2022). Outside France, growth
even accelerated relative to the previous quarter, both on an
actual basis and like-for-like. Order intake also remained very
strong, hitting a new record on a rolling 12-month basis of €20.5
billion. This outstanding overall performance reflects the very
solid positions of VINCI Energies’ companies in buoyant markets –
energy and digital transitions – both in France and
internationally, along with their broad array of skills and their
effective combination of global reach and local presence. Recent
acquisitions8 also boosted revenue by around €600 million in the
first nine months of the year.
In France (43% of the total), revenue was €5.9
billion, up 12% on an actual basis relative to 2022 (up 11%
like-for-like). Performance was fairly consistent across VINCI
Energies’ four business lines (Industry, Building Solutions,
Infrastructure and ICT9).
Outside France (57% of the total), revenue was
€7.9 billion, up 21% compared with 2022 on an actual basis (up 13%
like-for-like), including a 19% increase in the third quarter.
Apart from the positive impact of acquisitions, business trends
remained strong in almost all of the more than 50 countries in
which VINCI Energies operates.
Order intake rose 19% compared with the first
nine months of 2022, including a 17% increase in the third quarter.
The order book at 30 September 2023 amounted to €14.7 billion (up
16% year on year), representing more than nine months of VINCI
Energies’ average business activity.
- Cobra IS:
€4.7 billion (up 14% on an actual basis and like-for-like)
Cobra IS increased its revenue sharply in the
third quarter with growth of 13%, beating its second-quarter growth
figure of 9%. This momentum is being driven by strong performance
across Cobra IS’s various businesses in most of its geographies, as
much in flow business as in large EPC (Engineering, Procurement and
Construction) projects. Order intake has been running at record
levels since the start of the year, due in particular to several
large contract wins related to energy transition (power generation,
transmission and conversion).
In Spain (46% of the total), revenue rose 16%
year on year to €2.2 billion.
Outside Spain (54% of the total, of which 32% in
Latin America), revenue totalled €2.5 billion, up 13% on an actual
basis and like-for-like relative to the first nine months of
2022.
Order intake rose 31% compared with the first
nine months of 2022. The order book at 30 September 2023 amounted
to €14.9 billion10 (up 33% year on year), representing nearly 2.5
years of Cobra IS’s average business activity.
In renewable energy production, the 0.6 GW
Belmonte solar farm in Brazil started generating electricity in
late July. In addition, work began on new solar power projects in
Brazil and Spain, with total capacity of 0.6 GW and 0.2 GW
respectively, in the third quarter. At the end of September, the
capacity in operation or under construction in Cobra IS’s portfolio
totalled 1.4 GW.
- VINCI
Construction: €23.4 billion (up 9% on an actual basis and up 10%
like-for-like compared with the first nine months of 2022)
VINCI Construction’s business levels were robust
in the first nine months of 2023, driven by its civil engineering
and public works activities. Growth remained very strong in the
third quarter outside France (revenue up 12% like-for-like relative
to the third quarter of 2022), while in France revenue stabilised
at a high level. VINCI Construction also achieved a high level of
new orders due to good performance in flow business across its main
geographical strongholds, along with several recent large contract
wins.11
In France (44% of the total), revenue was €10.3
billion (up 5%). Business levels remained firm in the
infrastructure segment. In the building segment, business was
driven by rehabilitation projects and by the construction of public
buildings, particularly in the hospital sector.
Outside France (56% of the total), revenue came
to €13.1 billion, up 12% on an actual basis and up 14%
like-for-like. This reflects progress with several large civil
engineering contracts in Europe, North America, Australia and New
Zealand, along with solid business levels for the specialty
networks and proximity networks divisions.
Order intake rose 10% compared with the first
nine months of 2022. The order book at 30 September 2023 amounted
to €33.6 billion, stable year on year and representing 13 months of
VINCI Construction’s average business activity.
- VINCI
Immobilier: €836 million (down 24% year on year)
As already mentioned in previous Group press
releases, the significant decline in VINCI Immobilier’s revenue is
the result of very difficult conditions in the French property
development sector, which is suffering in particular from high
interest rates. The number of housing units reserved in France fell
46% year on year to 2,520 units in the first nine months of
2023.
III. Financial position and
liquidity
VINCI’s consolidated net financial debt at 30
September 2023 amounted to €18.6 billion. It was almost unchanged
relative to 31 December 2022, despite the impact of acquisitions
completed during the period and the payment of the final dividend
in respect of 2022.
VINCI maintained a very high level of liquidity
at 30 September 2023, consisting of:
- managed net cash of €10.6 billion
(€7.4 billion at 30 September 2022);
- confirmed credit facility unused by
VINCI SA totalling €8.0 billion, due to expire in November 2025 for
almost all of the amount.
IV. Outlook for
2023
In view of its solid performance in the first
nine months of 2023, the Group confirms that for the full year, it
expects:
- a further increase – although more
limited than in 2022 – in revenue and operating income;
- net income slightly higher than the
level achieved in 2022, despite a substantial increase in financial
costs.
Free cash flow – taking into account the
increase in investments in both airports and renewable energy –
should be of at least €4.5 billion12 in 2023.
2023 forecasts for each business line, updated
for the Concessions, are as follows:
- VINCI Autoroutes now expects
traffic levels in full-year 2023 to be slightly higher than those
seen in 202213.
- VINCI Airports is forecasting a
further recovery in passenger numbers,14 which should be close in
the fourth quarter of 2023 to the levels seen in the fourth quarter
of 2019. This traffic recovery will come along with a further
improvement in its operating earnings 202315.
- VINCI Energies will see further
business growth, driven by continuing positive trends in its
markets and the integration of recent acquisitions, and intends to
further solidify its excellent operating margin.16
- Cobra IS, supported by its robust
order book, is expecting revenue growth of at least 10% due to the
ramp-up of the large EPC projects won recently and the strong
performance in flow business.
- New projects will be added to the
renewable energy production portfolio, taking total capacity in
operation or under construction to at least 2 GW by the end of the
year.
- VINCI Construction will see further
business growth while remaining selective in taking on new
business, thereby continuing to improve its operating
margin.16
Conference call
The Group will comment on its revenue and
business activities in the period ended 30 September 2023 in a
conference call to be held in English today (Thursday, 26 October
2023) at 5.50pm CET.
To take part, dial in one of the following
numbers:FR: +33
(0)1 70 91 87 04UK:
+44 (0)121 281
8004US:
+1 718 705 8796
*********
Financial calendar |
14 November 2023 |
Ex-date of the 2023 interim dividend (€1.05 per share) |
14 November 2023 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for October 2023 (after the market close) |
16 November 2023 |
Payment of the 2023 interim dividend (€1.05 per share) |
12 December 2023 |
Cobra IS Capital Markets Day in Madrid |
14 December 2023 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for November 2023 (after the market close) |
8 February 2024 |
Publication of full-year 2023 results (before the market open) |
**********
About VINCIVINCI is a global player in
concessions, energy and construction, employing 272,000 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.
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: ADDITIONAL INFORMATION ON
CONSOLIDATED REVENUE
Consolidated revenue* in the first nine months
of the year – Breakdown by region and business line
|
|
|
2023/2022 change |
(in € millions) |
Nine months to 30 Sept. 2023 |
Nine months to 30 Sept. 2022 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
5,291 |
4,976 |
+6.3% |
+6.3% |
VINCI Autoroutes |
4,855 |
4,604 |
+5.4% |
+5.4% |
VINCI Airports |
284 |
250 |
+13% |
+13% |
Other concessions** |
152 |
121 |
+26% |
+26% |
VINCI Energies |
5,948 |
5,334 |
+12% |
+11% |
Cobra IS |
36 |
27 |
+31% |
+31% |
VINCI Construction |
10,256 |
9,811 |
+4.5% |
+4.5% |
VINCI Immobilier |
828 |
1,094 |
−24% |
−24% |
Eliminations and adjustments |
(402) |
(376) |
|
|
Total France |
21,958 |
20,866 |
+5.2% |
+5.1% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
3,004 |
2,019 |
+49% |
+26% |
VINCI Airports |
2,741 |
1,777 |
+54% |
+29% |
VINCI Highways |
261 |
240 |
+8.7% |
+7.2% |
Other concessions** |
2 |
2 |
+14% |
+16% |
VINCI Energies |
7,939 |
6,581 |
+21% |
+13% |
Cobra IS |
4,652 |
4,080 |
+14% |
+14% |
VINCI Construction |
13,097 |
11,679 |
+12% |
+14% |
VINCI Immobilier |
8 |
9 |
−8.9% |
−31% |
Eliminations and adjustments |
(20) |
(15) |
|
|
Total international |
28,679 |
24,354 |
+18% |
+15% |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies.
** VINCI Railways and VINCI Stadium.
Third quarter consolidated revenue*
|
Third quarter |
Third quarter |
2023/2022 change |
(in € millions) |
2023 |
2022 |
Actual |
Like-for-like |
Concessions |
3,297 |
2,834 |
+16% |
+11% |
VINCI Autoroutes |
1,884 |
1,789 |
+5.3% |
+5.3% |
VINCI Airports |
1,243 |
901 |
+38% |
+20% |
VINCI Highways |
100 |
94 |
+6.3% |
+12% |
Other concessions** |
69 |
50 |
+39% |
+39% |
VINCI Energies |
4,765 |
4,159 |
+15% |
+11% |
Cobra IS |
1,627 |
1,440 |
+13% |
+14% |
VINCI Construction |
8,439 |
8,036 |
+5.0% |
+6.7% |
VINCI Immobilier |
277 |
377 |
−27% |
−27% |
Eliminations and adjustments |
(133) |
(144) |
|
|
Total revenue* |
18,272 |
16,703 |
+9.4% |
+8.3% |
of which:
France |
7,579 |
7,400 |
+2.4% |
+2.2% |
International |
10,692 |
9,303 |
+15% |
+13% |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies.
** VINCI Railways and VINCI Stadium.
APPENDIX B: VINCI AUTOROUTES AND VINCI
AIRPORTS INDICATORS
Traffic on motorway concessions
|
Third quarter |
Nine months to 30 Sept. |
(millions of km travelled) |
2023 |
2023/2022 change |
2023 |
2023/2022 change |
VINCI Autoroutes |
16,974 |
+0.0% |
41,873 |
+1.3% |
Light vehicles |
15,182 |
+0.2% |
36,216 |
+1.7% |
Heavy vehicles |
1,792 |
−1.4% |
5,658 |
−1.3% |
of which: |
|
|
|
|
ASF |
10,798 |
+0.0% |
26,344 |
+1.3% |
Light vehicles |
9,616 |
+0.2% |
22,590 |
+1.7% |
Heavy vehicles |
1,181 |
−1.3% |
3,755 |
−1.3% |
Escota |
2,256 |
+1.2% |
5,873 |
+1.5% |
Light vehicles |
2,080 |
+1.2% |
5,333 |
+1.8% |
Heavy vehicles |
176 |
+1.1% |
540 |
−0.6% |
Cofiroute* |
3,765 |
−0.7% |
9,281 |
+1.2% |
Light vehicles |
3,354 |
−0.4% |
7,988 |
+1.7% |
Heavy vehicles |
411 |
−2.7% |
1,293 |
−1.7% |
Arcour |
113 |
−3.5% |
271 |
−1.5% |
Light vehicles |
100 |
−3.2% |
232 |
−1.5% |
Heavy vehicles |
13 |
−5.9% |
40 |
−1.5% |
* Excluding A86 Duplex.
VINCI Autoroutes revenue
Nine months to 30 Sept. 2023 |
VINCI Autoroutes |
of which: |
|
|
ASF |
Escota |
Cofiroute |
Arcour |
|
Toll revenue (in € millions) |
4,753 |
2,776 |
675 |
1,213 |
63 |
|
2023/2022 change |
+5.3% |
+5.2% |
+5.6% |
+5.1% |
+4.4% |
|
Revenue (in € millions) |
4,855 |
2,837 |
685 |
1,229 |
63 |
|
2023/2022 change |
+5.4% |
+5.3% |
+5.5% |
+5.1% |
+4.5% |
|
VINCI Airports passenger
numbers1
|
Third quarter |
Nine months to 30 Sept. |
(in thousands of passengers) |
2023 |
2023/2022 change |
2023/2019 change |
2023 |
2023/2022 change |
2023/2019 change |
|
Portugal (ANA) |
20,458 |
+13% |
+11% |
51,216 |
+22% |
+12% |
|
of which Lisbon |
9,708 |
+11% |
+5.6% |
25,590 |
+23% |
+7.5% |
|
United Kingdom |
14,855 |
+14% |
−6.6% |
36,055 |
+27% |
−13% |
|
of which London Gatwick |
13,051 |
+13% |
−7.1% |
31,540 |
+28% |
−13% |
|
Mexico |
7,437 |
+19% |
+21% |
20,030 |
+20% |
+16% |
|
of which Monterrey |
3,751 |
+24% |
+23% |
9,853 |
+27% |
+18% |
|
France |
5,091 |
+11% |
−14% |
13,383 |
+16% |
−16% |
|
of which ADL (Lyon) |
2,809 |
+12% |
−17% |
7,579 |
+19% |
−16% |
|
Cambodia |
1,205 |
+63% |
−57% |
3,685 |
2.6x |
−58% |
|
United States |
2,463 |
−3.6% |
−7.5% |
7,298 |
+0.8% |
−5.3% |
|
Brazil |
2,982 |
+8.6% |
−4.1% |
8,548 |
+1.8% |
−5.1% |
|
Serbia |
2,666 |
+31% |
+25% |
5,953 |
+42% |
+25% |
|
Dominican Republic |
1,723 |
+8.1% |
+23% |
4,939 |
+12% |
+17% |
|
Cabo Verde2 |
679 |
+10% |
−5.0% |
1,888 |
+22% |
−8.2% |
|
Total fully consolidated subsidiaries |
59,558 |
+13.9% |
+0.6% |
152,994 |
+21.5% |
−2.4% |
|
Japan (40%) |
11,144 |
+86% |
−17% |
29,891 |
2.1x |
−23% |
|
Chile (40%) |
5,897 |
+25% |
−4.0% |
17,031 |
+27% |
−9.1% |
|
Costa Rica (45%) |
308 |
+2.4% |
+38% |
1,237 |
+13% |
+29% |
|
Rennes-Dinard (49%) |
154 |
−14% |
−46% |
465 |
−1.8% |
−38% |
|
Total equity-accounted subsidiaries |
17,503 |
+56.4% |
−12.9% |
48,624 |
+66.3% |
−18.3% |
|
Total passengers served by VINCI Airports |
77,061 |
+21.4% |
−2.8% |
201,617 |
+30.0% |
−6.8% |
|
1 Figures at 100% including passenger numbers over
the full period. 2 Cabo Verde’s airports joined the VINCI Airports
network in July 2023.
APPENDIX C: ORDER BOOK AND ORDER
INTAKE
Order book
|
At 30 September |
Change |
|
|
At 31 Dec. |
Change |
(in € billions) |
2023 |
2022 |
over 12 months |
|
|
2022 |
vs 31 Dec. 2022 |
VINCI Energies |
14.7 |
12.6 |
+16% |
|
|
12.4 |
+18% |
Cobra IS |
14.9 |
11.2 |
+33% |
|
|
11.1 |
+35% |
VINCI Construction |
33.6 |
33.6 |
+0% |
|
|
33.8 |
-0% |
Total |
63.3 |
57.4 |
+10% |
|
|
57.3 |
+10% |
of which: |
|
|
|
|
|
|
|
France |
20.1 |
18.3 |
+10% |
|
|
17.8 |
+12% |
International |
43.2 |
39.2 |
+10% |
|
|
39.5 |
+10% |
Europe excl. France |
26.1 |
22.0 |
+19% |
|
|
21.5 |
+21% |
Rest of the world |
17.1 |
17.1 |
-0% |
|
|
17.9 |
−5% |
Order intake
|
Nine months to 30 Sept. |
|
|
(in € billions) |
2023 |
2022 |
2023/2022 change |
VINCI Energies |
15.9 |
13.3 |
+19% |
Cobra IS |
8.5 |
6.5 |
+31% |
VINCI Construction |
23.4 |
21.3 |
+10% |
Total |
47.8 |
41.1 |
+16% |
of which: |
|
|
|
France |
18.7 |
16.3 |
+15% |
International |
29.1 |
24.8 |
+17% |
Europe excl. France |
19.9 |
15.1 |
+32% |
Rest of the world |
9.2 |
9.7 |
−5% |
GLOSSARY
Concession subsidiaries’ revenue derived from
works carried out by non-Group companies: this indicator relates to
construction work done by concession companies as programme manager
on behalf of concession grantors. Consideration for that work is
recognised as an intangible asset or financial asset depending on
the accounting model applied to the concession contract, in
accordance with IFRIC 12 “Service Concession Arrangements”. It
excludes work done by the VINCI Energies and VINCI Construction
business lines.
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 financial debt (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.
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.
- 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.
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 See glossary.2 Compared with the first nine
months of 2019 – the pre-pandemic reference year – and at constant
scope, revenue was up 13% at VINCI Autoroutes and 12% at VINCI
Airports.3 VINCI Railways and VINCI Stadium.4 Fully consolidated in
VINCI’s financial statements.5 Two fewer business days in the first
nine months of 2023 relative to the first nine months of 2022
(including one fewer business day in the third quarter of 2023
compared with the third quarter of 2022).6 Figures at 100%
including passenger numbers at all managed airports over the full
period.7 Previously TollPlus.8 31 acquisitions were completed in
2022. For the first nine months of 2023, 25 acquisitions were
completed, representing full-year revenue of around €350 million. 9
Information Communication Technology.10 At end-September 2023, the
order book included the first of three offshore windfarm energy
converter platforms that Cobra IS will design, build and install in
the North Sea for TenneT (contract announced in April 2023).11
Mainly (i) a design-build contract for a section of Line 15 West of
the Grand Paris Express, as part of a consortium that also includes
VINCI Energies; (ii) a design-build contract for a liquefied
natural gas storage tank in the Netherlands; (iii) a design-build
contract for two onshore converter stations on a new electrical
interconnection between France and Spain, as part of a consortium
that also includes VINCI Energies; and (iv) construction of a 10 km
road and 12 bridges in Prešov, Slovakia. 12 Vs previously: “at the
upper end of the range of €4.0 billion to €4.5 billion”. 13 Having
previously forecast “similar” traffic levels. 14 Figures at 100%
including passenger numbers at all managed airports over the full
period. 15 VINCI Airports was forecasting previously “a further
recovery in passenger numbers – without returning to their 2019
level overall in 2023 because the rebound has been longer to
materialize in Asia – and a further improvement in its operating
earnings”.16 Operating income from ordinary activities (Ebit) /
revenue.
This press release is an official information document of the
VINCI Group.
PRESS CONTACTVINCI Press DepartmentTel: +33 (0)1
57 98 62 88media.relations@vinci.com
- VINCI_CP_T3_2023 20231026_EN
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