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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vinci | EU:DG | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.95 | -0.82% | 115.05 | 115.00 | 115.50 | 115.70 | 114.40 | 115.45 | 847,900 | 16:40:00 |
Nanterre, 29 July 2022
FIRST HALF 2022 FINANCIAL RESULTS
VINCI Autoroutes traffic above pre-pandemic levels
Key figures
(in € millions) | First half | Full year | ||||
2022 | 2021 | 2022/2021 change | 2022/2019 change | 2021 | ||
Revenue1 | 28,517 | 22,607 | +26% | +31% | 49,396 | |
Cash flow from operations (Ebitda) | 4,526 | 3,132 | +1,394 | +901 | 7,884 | |
% of revenue | 15.9% | 13.9% | 16.0% | |||
Operating income from ordinary activities (Ebit) | 2,890 | 1,598 | +1,291 | +601 | 4,723 | |
% of revenue | 10.1% | 7.1% | 9.6% | |||
Recurring operating income | 2,777 | 1,467 | +1,310 | +436 | 4,464 | |
Net income attributable to owners of the parent | 1,900 | 6822 | +1,218 | +541 | 2,5972 | |
Diluted earnings per share (in €) | 3.34 | 1.19 | +2.15 | +0.91 | 4.51 | |
Free cash flow | (281) | 381 | -662 | -596 | 5,282 | |
Net financial debt3 (in € billions) | (22.1) | (18.6) | -3.5 | +2.1 | (19.3) | |
Order intake (in € billions) | 26.44 | 22.4 | +18% | +28% | 42.4 | |
Order book3 (in € billions) | 56.24 | 46.0 | +22% | +55% | 44.5 | |
Change in total traffic at VINCI Autoroutes | +18% vs H1 2021, +2% vs H1 2019 | |||||
Change in VINCI Airports passenger numbers5 | 3.2x vs H1 2021, -36% vs H1 2019 |
Xavier Huillard, VINCI’s Chairman and CEO, made the following comments:
“VINCI’s overall performance was very solid in the first half of 2022, with almost all business lines generating revenue and earnings above pre-pandemic levels.
“Earnings and cash flow at VINCI Airports recovered spectacularly due to the upturn in passenger numbers and the impact of the cost-cutting plans. Passenger numbers are now very close to 2019 levels at many network’s airports.
“VINCI Autoroutes’ traffic levels were higher than in 2019 for both light and heavy vehicles. Although the rise in fuel prices is affecting the trend for light vehicles, the trend for heavy vehicles remains positive.
“VINCI Energies achieved higher business levels and improved its operating margin. That excellent performance resulted from the company’s strong position in some very buoyant markets such as those addressing the themes of energy transition and digitalisation, and from the efficiency of the company’s decentralised organisation.
“The integration of Cobra IS within VINCI following its acquisition in late 2021 is going to plan, and this business line is showing particularly strong commercial momentum. In renewable energies, some new projects with total capacity of around 1 GW entered the construction phase or are about to do so in Latin America.
“VINCI Construction maintained good business levels, buoyed by its stronger international footprint. Its operating margin, which has demonstrated resilience, improved in the period.
“Despite a more selective approach to new orders because of cost inflation, order intake remained firm and order books continue to be very robust. As a result, the Group has good visibility on its future business levels, despite a more uncertain economic environment.
“With regard to expansion, the main transactions completed in the first half of 2022 concerned the Energy business, one acquisition made in North America in the Construction business and several increases in stakes related to assets of the Concessions business.
“Based on these strong performances, VINCI is confirming its guidance, expecting full-year net income to be higher in 2022 than pre-pandemic levels seen in 2019.
“VINCI remains confident in its ability to maintain a consistent growth trajectory. Apart from a particularly resilient business model involving a combination of complementary businesses with different cycles and a diversified geographical presence, the Group is also well equipped to deal with the current inflationary context.”
VINCI’s Board of Directors, chaired by Xavier Huillard, met on 28 July 2022 to finalise the consolidated financial statements for the six months ended 30 June 2022. The Board approved the payment of a 2022 interim dividend of €1.0 per share, to be paid on 17 November 2022 (ex date: 15 November 2022).
I. Strong earnings growth
VINCI’s financial statements for the first half of 2022 show a significant increase in revenue and earnings compared with the first half of 2021, taking them above pre-pandemic levels. Aside from the positive impact of integrating Cobra IS, earnings at VINCI Energies and VINCI Construction continued to rise. There was also considerable improvement in earnings at VINCI Airports and VINCI Autoroutes. Free cash flow was slightly negative due to seasonal business variations, which traditionally have an adverse impact in the early part of the year, as well as a very high base for comparison.
Consolidated revenue in the first half of 2022 totalled €28.5 billion, up 26% on an actual basis relative to the first half of 2021 and up 12% like-for-like. Changes in scope – mainly the integration of Cobra IS, which was acquired in late 2021 – boosted revenue by 13%. Exchange rate movements had a positive impact of 1%, due in particular to the appreciation of the US dollar against the euro. For the first time, VINCI generated more revenue outside France (53% in the first half of 2022 versus 45% in the first half of 2021) than in France.
Concessions revenue totalled €4.2 billion, up 43% on an actual basis compared with the first half of 2021, and broke down essentially as follows:
VINCI Energies generated revenue of €7.8 billion, up 8% on an actual basis and up 6% like-for-like compared with the first half of 2021. Business growth accelerated in the second quarter (revenue up 10% on an actual basis) both in France and internationally, despite a high base for comparison and persistent supply chain problems:
Revenue at Cobra IS, which operates almost exclusively outside France, amounted to €2.7 billion, with 46% coming from Spain and 36% from Latin America. The activity was buoyed by good momentum in its flow business – particularly in Spain, Peru, Mexico and Colombia – and in EPC (Engineering, Procurement and Construction) projects such as power transmission lines in Brazil. In this country, work began on the Belmonte solar farm in the North East Region. This asset, developed by Cobra IS, will have a capacity of almost 570 MW and is likely to start producing electricity in 2023.
VINCI Construction’s revenue totalled €13.5 billion, up 11% on an actual basis and up 8% like-for-like compared with the first half of 2021:
VINCI Immobilier’s consolidated revenue amounted to €726 million. It was almost unchanged (down 2%) compared with the first half of 2021, despite a high base for comparison. It is slightly up (+2% at €821 million) including VINCI Immobilier’s share in joint development operations. Production continued at a broadly good pace.
Ebitda totalled €4,526 million (€3,132 million in the first half of 2021), well above its first-half 2019 level (€3,625 million) and equalling 15.9% of revenue compared with 16.7% in 2019.
Operating income from ordinary activities (Ebit) was €2,890 million (€1,598 million in the first half of 2021), higher than the first-half 2019 figure of €2,289 million, including:
Consolidated net income attributable to owners of the parent amounted to €1,900 million, giving earnings per share7 of €3.34. This represents a very sharp increase relative to both the first half of 2021 (€682 million8) and the first half of 2019 (€1,359 million).
Operating cash flow (before taking account of growth investments in concessions) amounted to €93 million. This was significantly lower than the €811 million seen in the first half of 2021 because of the increase in the working capital requirement, which is traditionally substantial in the first half of the year due to seasonal variations in Energy and Construction business.
This change should be viewed in the context of sharp improvements in the working capital requirement in 2020 and 2021, as well as the impact of consolidating Cobra IS. In the current inflationary context, certain Group entities anticipated purchases of raw materials and equipment in order to secure supplies. In addition, after being significantly shortened in 2020 and 2021, payment collection periods were adversely affected in 2022 by rise in interest rates.
After taking into account investments in concessions, free cash flow was negative at €281 million in the first half of 2022, as opposed to a positive figure of €381 million in the first half of 2021. It should be recalled that most of the Group’s free cash flow is generated in the second half of the year.
Consolidated net financial debt was €22.1 billion at 30 June 2022, up €2.9 billion relative to 31 December 2021. The increase reflects acquisitions made during the period, the payment of the final dividend with respect to 2021 and share buy backs (9.8 million shares repurchased at an average price of €91.68).
II. Firm operational performance
In the first half of 2022, traffic levels on the intercity networks of VINCI Autoroutes rebounded by 18.2% year on year (light vehicles up 21.3%9, heavy vehicles up 4.2%).
Compared with the first half of 2019, traffic levels were 2.1% higher across all vehicle types. Light vehicle traffic was up 1.3% despite the rise in fuel prices since March, and heavy vehicle traffic was up 6.3%, due to firm economic activity in France and continuing growth in e-commerce.
The upturn in VINCI Airports passenger numbers continued and accelerated throughout the first half at almost all of the network’s airports. Passenger numbers are now very close to their pre-pandemic levels at several airports managed by VINCI Airports, particularly in Portugal and in the Americas.
Overall, VINCI Airports passenger numbers10 were 54% of their 2019 level in the first quarter of 2022 and 73% in the second, rising to 75% in June. In the first half of 2022 as a whole, the network handled 80 million passengers, three times the number seen in the same period of 2021 and 64% of the first-half 2019 figure (73% for fully consolidated airports).
Order intake at VINCI Energies and VINCI Construction totalled €23.2 billion in the first half of 2022. This represents a 4% year-on-year increase, with order intake up 9% at VINCI Energies and stable at VINCI Construction, driven in particular by good performance in flow business. In the 12 months to end-June, order intake at VINCI Energies amounted to a record €16.9 billion. Order intake at VINCI Construction, driven by a buoyant second quarter, remained strong (€14.0 billion in the first half of 2022). Order intake at Cobra IS in the first half reached a high level at €3.2 billion, with almost half of new orders coming from Spain.
Overall, the order book amounted to €56.2 billion at 30 June 2022, including €9.3 billion at Cobra IS. This represents a 7% increase relative to 31 December 2021 and corresponds to 14 months of average business activity. As a result, the Group has good visibility, allowing it to continue being selective in terms of new projects. International business made up 68% of the order book at the end of the period.
At VINCI Immobilier, the number of housing units reserved in France was 2,783, down 15% compared with the first half of 2021, when there was a sharp post-Covid rebound.
III. Solid financial position
VINCI has maintained a high level of liquidity, which amounted to €14.0 billion at 30 June 2022, comprising:
At 30 June 2022, the average maturity of the Group’s long-term gross financial debt was 6.9 years (7.7 years at 30 June 2021 and 7.3 years at 31 December 2021). Its average cost was 2.1% in the first half of 2022 (2.3% in the first half of 2021 and 2.1% for 2021 as a whole).
In March 2022, ratings agency Standard & Poor’s confirmed its confidence in the Group’s credit quality by maintaining its A- rating, and Moody’s did likewise in May by maintaining its A3 rating, both with stable outlook.
IV. Outlook
VINCI’s good performance in the first half of 2022 supports the Group’s expectations for 2022 presented when publishing its 2021 financial statements. The Group confirms that it expects the net income to be higher in 2022 than in 2019.
Guidance for the various business lines in 2022 is as follows:
Despite geopolitical, economic, and pandemic-related uncertainty, VINCI remains confident that it will be able to maintain consistent growth. The Group is well equipped to deal with current inflationary pressure. It also has a number of key strengths, since its energy services, construction and mobility businesses place it at the heart of the new opportunities being generated by green growth.
V. Other highlights
The main acquisitions completed in the first half of 2022 are detailed below.
VINCI Energies closed a dozen of acquisitions during the period, including:
VINCI Construction:
VINCI Concessions:
Olympia Odos – which is 29.9%-owned by VINCI Concessions and holds the concession for the motorway connecting Corinth and Patras – signed a concession extension with the Greek authorities in late March 2022. The extension relates to a new 75 km section of the motorway, which will reach the city of Pyrgos in the Peloponnese peninsula. VINCI Concessions and its partners will be responsible for the design, financing and construction of this new section, which they will then operate until 2044.
In July 2022, VINCI Airports announced that it had signed an agreement with the Cape Verde government to operate the archipelago’s seven airports under concession. For a 40-year period, VINCI Airports and its Portuguese subsidiary ANA will be responsible for financing, operating, maintaining, extending and upgrading these airports. The financial arrangements for the project are expected to be finalised by mid-2023 when the new concession company will begin operating the airports.
In addition, VINCI Airports took over operations at the seven airports in Brazil’s North Region (including Manaus airport) and at Annecy Mont Blanc airport in January and February 2022.
Among the contracts won by the Group since the start of the year, the most significant are those detailed below.
VINCI Energies:
Cobra IS:
VINCI Construction:
*********
Financial calendar | |
29 July 2022 | First half 2022 results
|
24 August 2022 | VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for July 2022 (after the market close) |
14 September 2022 | VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for August 2022 (after the market close) |
13 October 2022 | VINCI Airports passenger numbers for the third quarter of 2022 (after the market close) |
25 October 2022 | Quarterly information at 30 September 2022 (after the market close) |
**********This press release is available in French and English on VINCI’s website: www.vinci.com.
The slide presentation of the first half 2022 results will be available before the press conference on VINCI’s website: www.vinci.com.
The consolidated financial statements for the six months ended 30 June 2022 will be available on the VINCI website from 29 July 2022 after the market close: https://www.vinci.com/vinci.nsf/en/investors.htm.
**********
About VINCIVINCI is a global player in concessions, construction and energy businesses, employing more than 260,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general. www.vinci.com
INVESTOR 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
APPENDICES
APPENDIX A: CONSOLIDATED FINANCIAL STATEMENTS
Income statement | First half | Full year | |||||
(in € millions) | 2022 | 2021 | 2022/2021change | 2021 | |||
Revenue excluding concessions subsidiaries’ works revenue | 28,517 | 22,607 | +26.1% | 49,396 | |||
Concession subsidiaries’ works revenue1 | 263 | 272 | 586 | ||||
Total revenue | 28,779 | 22,879 | 49,982 | ||||
Operating income from ordinary activities (Ebit) | 2,890 | 1,598 | +1,291 | 4,723 | |||
% of revenue2 | 10.1% | 7.1% | 9.6% | ||||
Share-based payments (IFRS 2) | (138) | (115) | (288) | ||||
Profit/(loss) of companies accounted for under the equity method and other recurring operating items | 25 | (15) | 29 | ||||
Recurring operating income | 2,777 | 1,467 | +1,310 | 4,464 | |||
Non-recurring operating items | 54 | 0 | (26) | ||||
Operating income | 2,831 | 1,467 | +1,364 | 4,438 | |||
Cost of net financial debt | (265) | (319) | (658) | ||||
Other financial income and expense | 124 | 17 | 40 | ||||
Income tax expense | (760) | (798)4 | (1,625)4 | ||||
Non-controlling interests | (30) | 314 | 402 | ||||
Net income attributable to owners of the parent | 1,900 | 682 | +1,218 | 2,597 | |||
% of revenue2 | 6.7% | 3.0% | 5.3% | ||||
Earnings per share (in €)3 | 3.34 | 1.19 | +2.15 | 4.51 |
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 Of which non-recurring changes in deferred tax in the United Kingdom: €388 million negative impact in 2021 (o/w €386 million negative impact recognised in the first half of 2021).
Simplified balance sheet
At 30 June 2022 | At 31 Dec. 2021 | At 30 June 2021* | |
(in € millions) | |||
Non-current assets - Concessions | 40,616 | 40,437 | 40,527 |
Non-current assets - Energy, Construction and other business lines | 20,673 | 19,976 | 14,423 |
WCR, provisions and other current debt and receivables | (8,416) | (11,621) | (7,946) |
Capital employed | 52,873 | 48,792 | 47,004 |
Equity attributable to owners of the parent | (24,247) | (22,881) | (21,486) |
Non-controlling interests | (1,926) | (1,890) | (1,895) |
Total equity | (26,173) | (24,771) | (23,381) |
Lease liabilities | (2,145) | (2,098) | (1,954) |
Non-current provisions and other long-term liabilities | (2,427) | (2,658) | (3,072) |
Long-term borrowings | (30,745) | (29,527) | (28,407) |
Gross financial debt | (28,177) | (28,562) | (27,580) |
Net cash managed | 6,050 | 9,297 | 8,983 |
Net financial debt | (22,127) | (19,266) | (18,597) |
* Adjusted following the IFRC IC’s agenda decision of May 2021 clarifying how to calculate retirement benefit obligations. |
Cash flow statement
First half | Full year | |||
(in € millions) | 2022 | 2021 | 2021 | |
Cash flow from operations before tax and financing costs (Ebitda) | 4,526 | 3,132 | 7,884 | |
Change in operating WCR and current provisions | (2,581) | (735) | 1,579 | |
Income taxes paid | (771) | (453) | (1,213) | |
Net interest paid | (273) | (326) | (557) | |
Dividends received from companies accounted for under the equity method | 48 | 37 | 112 | |
Cash flows (used in)/from operating activities | 949 | 1,655 | 7,806 | |
Operating investments (net of disposals)* | (546) | (543) | (1,077) | |
Repayment of lease liabilities and associated financial expense | (310) | (302) | (631) | |
Operating cash flow | 93 | 811 | 6,098 | |
Growth investments in concessions and PPPs | (374) | (430) | (815) | |
Free cash flow | (281) | 381 | 5,282 | |
Net financial investments | (750) | (172) | (4,650) | |
Other | 2 | 2 | 7 | |
Net cash flows before movements in share capital | (1,029) | 211 | 639 | |
Increases in share capital and other | 378 | 605 | 721 | |
Share buy backs | (905) | 0 | (602) | |
Dividends paid | (1,298) | (1,173) | (1,558) | |
Net cash flows for the period | (2,853) | (357) | (800) | |
Other changes | (9) | (251) | (477) | |
Change in net financial debt | (2,862) | (608) | (1,276) | |
Net financial debt at beginning of period | (19,266) | (17,989) | (17,989) | |
Net financial debt at end of period | (22,127) | (18,597) | (19,266) |
* Including investments made by London Gatwick airport (€17 million in the first half of 2021, €33 million in 2021 and €31 million in the first half of 2022).APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE
First half consolidated revenue* by business line
First half | First half | 2022/2021 change | ||
(in € millions) | 2022 | 2021 | Actual | Like-for-like |
Concessions | 4,161 | 2,900 | +43.5% | +41.5% |
VINCI Autoroutes | 2,816 | 2,393 | +17.7% | +17.7% |
VINCI Airports | 1,126 | 371 | +203.4% | +188.6% |
Other concessions** | 219 | 136 | +61.1% | +48.3% |
VINCI Energies | 7,755 | 7,162 | +8.3% | +5.6% |
Cobra IS | 2,668 | |||
VINCI Construction | 13,454 | 12,151 | +10.7% | +8.1% |
VINCI Immobilier | 726 | 742 | -2.1%1 | -2.1%1 |
Eliminations and adjustments | (247) | (348) | ||
Revenue* | 28,517 | 22,607 | +26.1% | +11.8% |
of which: France | 13,466 | 12,365 | +8.9% | +8.4% |
Europe excl. France | 9,046 | 6,060 | +49.3% | +15.7% |
International excl. Europe | 6,005 | 4,182 | +43.6% |
1 +2.1% including VINCI Immobilier’s share in joint development operations.
Second quarter consolidated revenue*
Second quarter | Second quarter | 2022/2021 change | ||
(in € millions) | 2022 | 2021 | Actual | Like-for-like |
Concessions | 2,383 | 1,575 | +51.3% | +48.8% |
VINCI Autoroutes | 1,542 | 1,285 | +19.9% | +19.9% |
VINCI Airports | 721 | 216 | +234.1% | +218.4% |
Other concessions** | 120 | 74 | +62.0% | +41.6% |
VINCI Energies | 4,122 | 3,757 | +9.7% | +6.5% |
Cobra IS | 1,434 | |||
VINCI Construction | 7,487 | 6,896 | +8.6% | +5.8% |
VINCI Immobilier | 389 | 422 | -7.9% | -7.9% |
Eliminations and adjustments | (144) | (221) | ||
Revenue* | 15,670 | 12,429 | +26.1% | +11.6% |
of which: France | 7,232 | 6,554 | +10.3% | +9.8% |
Europe excl. France | 5,066 | 3,454 | +46.7% | +13.6% |
International excl. Europe | 3,372 | 2,421 | +39.3% |
* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see Glossary).** VINCI Highways, VINCI Railways, VINCI Stadium.
First half consolidated revenue* by geographical area and business line
First half | First half | 2022/2021 change | ||
(in € millions) | 2022 | 2021 | Actual | Like-for-like |
FRANCE | ||||
Concessions | 3,049 | 2,518 | +21.1% | +21.1% |
VINCI Autoroutes | 2,816 | 2,393 | +17.7% | +17.7% |
VINCI Airports | 161 | 81 | +99.4% | +99.4% |
Other concessions** | 72 | 44 | +63.8% | +63.8% |
VINCI Energies | 3,525 | 3,305 | +6.7% | +5.7% |
Cobra IS | 19 | |||
VINCI Construction | 6,390 | 6,139 | +4.1% | +4.0% |
VINCI Immobilier | 719 | 738 | -2.5% | -2.5% |
Eliminations and adjustments | (235) | (334) | ||
Total France | 13,466 | 12,365 | +8.9% | +8.4% |
INTERNATIONAL | ||||
Concessions | 1,112 | 383 | +190.8% | +170.6% |
VINCI Airports | 965 | 290 | +232.3% | +212.6% |
Other concessions** | 147 | 92 | +59.8% | +41.4% |
VINCI Energies | 4,230 | 3,858 | +9.7% | +5.5% |
Cobra IS | 2,649 | |||
VINCI Construction | 7,064 | 6,012 | +17.5% | +12.2% |
Eliminations and adjustments | (5) | (10) | ||
Total International | 15,051 | 10,242 | +46.9% | +15.7% |
* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see Glossary).** VINCI Highways, VINCI Railways, VINCI Stadium.
APPENDIX C: OTHER INFORMATION BY BUSINESS LINE
Operating income from ordinary activities (Ebit) by business line
First half | First half | 2022/2021 | |||
(in € millions) | 2022 | % of revenue* | 2021 | % of revenue* | change |
Concessions | 1,899 | 45.6% | 944 | 32.6% | +955 |
VINCI Autoroutes | 1,482 | 52.6% | 1,180 | 49.3% | +302 |
VINCI Airports | 380 | 33.8% | (251) | (67.6%) | +631 |
Other concessions*** | 37 | 15 | +22 | ||
VINCI Energies | 507 | 6.5% | 428 | 6.0% | +79 |
Cobra IS | 190 | 7.1% | |||
VINCI Construction** | 254 | 1.9% | 213 | 1.8% | +41 |
VINCI Immobilier | 28 | 3.8% | 11 | 1.5% | +16 |
Holding companies | 12 | 2 | +10 | ||
Total Ebit | 2,890 | 10.1% | 1,598 | 7.1% | +1,291 |
Ebitda by business line
(in € millions) | First half2022 | % of revenue* | First half2021 | % of revenue* | 2022/2021 change |
Concessions | 2,842 | 68.3% | 1,879 | 64.8% | +963 |
of which: VINCI Autoroutes | 2,114 | 75.1% | 1,805 | 75.4% | +309 |
VINCI Airports | 632 | 56.1% | (3) | (0.9%) | +635 |
VINCI Energies | 618 | 8.0% | 518 | 7.2% | +100 |
Cobra IS | 234 | 8.8% | |||
VINCI Construction | 578 | 4.3% | 555 | 4.6% | +24 |
VINCI Immobilier | 42 | 5.8% | 22 | 3.0% | +20 |
Holding companies | 212 | 158 | +54 | ||
Ebitda | 4,526 | 15.9% | 3,132 | 13.9% | +1,394 |
Net financial debt by business line
(in € millions) | At 30 June 2022 | Of which external NFD | At 31 Dec.2021 | Of which external NFD | At 30 June 2021 | Of which external NFD |
Concessions | (32,360) | (19,453) | (32,693) | (19,664) | (33,465) | (19,644) |
VINCI Autoroutes | (17,088) | (13,257) | (18,008) | (13,296) | (18,037) | (13,336) |
VINCI Airports | (11,251) | (5,488) | (11,723) | (5,860) | (11,515) | (5,691) |
Other concessions*** and holdings | (4,021) | (709) | (2,962) | (508) | (3,913) | (618) |
VINCI Energies | (42) | 404 | 447 | 538 | (226) | 392 |
Cobra IS | (125) | (125) | 676 | 676 | - | - |
VINCI Construction | 1,569 | 1,404 | 3,334 | 1,670 | 1,623 | 1,268 |
Holding companies and miscellaneous | 8,831 | (4,358) | 8,971 | (2,485) | 13,470 | (613) |
Net financial debt | (22,127) | (22,127) | (19,266) | (19,266) | (18,597) | (18,597) |
* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see Glossary).** Not representative of full-year performance due to seasonal nature of business.*** VINCI Highways, VINCI Railways and VINCI Stadium.APPENDIX D: VINCI AUTOROUTES AND VINCI AIRPORTS INDICATORS
Traffic on motorway concessions*
Second quarter | First half | |||||
(millions of km travelled) | 2022 | 2022/2021change | 2022/2019change | 2022 | 2022/2021change | 2022/2019change |
VINCI Autoroutes | 13,652 | +20.7% | +1.8% | 24,364 | +18.2% | +2.1% |
Light vehicles | 11,675 | +24.2% | +1.2% | 20,451 | +21.3% | +1.3% |
Heavy vehicles | 1,978 | +3.6% | +6.0% | 3,913 | +4.2% | +6.3% |
of which: | ||||||
ASF | 8,537 | +20.1% | +2.3% | 15,220 | +17.6% | +2.5% |
Light vehicles | 7,223 | +23.9% | +1.6% | 12,614 | +20.9% | +1.7% |
Heavy vehicles | 1,314 | +2.9% | +6.0% | 2,606 | +3.7% | +6.6% |
Escota | 1,940 | +20.9% | +3.4% | 3,554 | +20.1% | +3.7% |
Light vehicles | 1,751 | +22.8% | +3.2% | 3,186 | +22.0% | +3.4% |
Heavy vehicles | 189 | +5.3% | +5.1% | 369 | +5.5% | +5.9% |
Cofiroute (intercity network) | 3,056 | +20.9% | -1.2% | 5,379 | +17.7% | -1.0% |
Light vehicles | 2,604 | +24.8% | -2.0% | 4,486 | +21.1% | -1.8% |
Heavy vehicles | 452 | +2.6% | +4.0% | 893 | +3.1% | +3.6% |
Arcour | 90 | +25.2% | +0.1% | 158 | +19.5% | +1.2% |
Light vehicles | 76 | +27.7% | -1.4% | 131 | +22.2% | +0.1% |
Heavy vehicles | 14 | +12.8% | +9.4% | 27 | +8.1% | +6.5% |
* Excluding A86 duplex.
Change in VINCI Autoroutes revenue in the first half of 2022
VINCI Autoroutes | Of which: | ||||||
ASF | Escota | Cofiroute | Arcour | ||||
Toll revenue (in € millions) | 2,752 | 1,596 | 399 | 707 | 35 | ||
2022/2021 change | +17.8% | +16.5% | +20.0% | +17.1% | +20.3% | ||
Revenue (in € millions) | 2,816 | 1,637 | 406 | 718 | 36 | ||
2022/2021 change | +17.7% | +16.3% | +19.9% | +16.7% | +20.3% |
VINCI Airports passenger numbers1
Second quarter | First half | |||||
(in thousands of passengers) | 2022 | 2022/2021 change | 2022/2019 change | 2022 | 2022/2021 change | 2022/2019 change |
Portugal (ANA) | 15,725 | 4.1x | -4.4% | 23,919 | 4.6x | -13% |
of which Lisbon | 7,618 | 4.3x | -8.9% | 12,136 | 4.8x | -17% |
United Kingdom | 10,710 | 14.1x | -25% | 15,410 | 15.2x | -39% |
of which LGW | 9,327 | 22.5x | -26% | 13,137 | 23.1x | -41% |
France | 4,318 | 3.5x | -22% | 6,951 | 3.5x | -30% |
of which ADL (Lyon) | 2,381 | 3.7x | -24% | 3,833 | 3.5x | -33% |
Cambodia | 475 | 8.0x | -83% | 670 | 4.9x | -89% |
United States | 2,600 | +52% | -4.8% | 4,664 | +84% | -7.6% |
Brazil2 | 2,505 | +66% | -2.3% | 5,519 | +52% | -7.6% |
Serbia | 1,393 | 2.2x | -12% | 2,136 | 2.3x | -18% |
Dominican Republic | 1,428 | +27% | +5.0% | 2,801 | +47% | -0.7% |
Total fully consolidated subsidiaries | 39,154 | 3.6x | -17% | 62,072 | 3.6x | -27% |
Japan (40%) | 4,702 | 2.3x | -64% | 8,204 | +99% | -68% |
Chile (40%) | 4,113 | 3.3x | -27% | 8,732 | 2.6x | -31% |
Costa Rica (45%) | 383 | +75% | +32% | 797 | 2.3x | +7.8% |
Rennes-Dinard (49%) | 179 | 2.9x | -34% | 295 | 2.8x | -36% |
Total equity-accounted subsidiaries | 9,377 | 2.6x | -51% | 18,028 | 2.3x | -54% |
Total passengers managed by VINCI Airports | 48,531 | 3.4x | -27.0% | 80,100 | 3.2x | -35.7% |
1 Data at 100%, irrespective of percentage held and including airports’ passenger numbers over the full period. Passenger numbers at Skavsta (Sweden) not included following its sale in May 2022.2 Including the seven airports in Brazil’s North Region, which joined the VINCI Airports network in January and February 2022.
APPENDIX E: ORDER BOOK AND ORDER INTAKE
Order book
At 30 June | Change | At | Change | ||||||||
(in € billions) | 2022 | 2021 | over 12 months | 31 Dec. 2021 | vs 31 Dec. 2021 | ||||||
VINCI Energies | 12.7 | 11.2 | +13% | 11.0 | +15% | ||||||
Cobra IS | 9.3 | 8.3 | +12% | ||||||||
VINCI Construction | 34.3 | 34.8 | -1% | 33.4 | +3% | ||||||
Total | 56.2 | 46.0 | +22% | 52.7 | +7% | ||||||
of which: | |||||||||||
France | 18.2 | 17.3 | +5% | 16.8 | +8% | ||||||
International | 38.1 | 28.7 | +33% | 36.0 | +6% | ||||||
Europe excl. France | 21.5 | 16.8 | +28% | 20.0 | +8% | ||||||
Rest of the world | 16.5 | 11.8 | +40% | 16.0 | +4% |
Order intake
First half | |||||
(in € billions) | 2022 | 2021 | 2022/2021 change | ||
VINCI Energies | 9.2 | 8.4 | +9% | ||
Cobra IS | 3.2 | ||||
VINCI Construction | 14.0 | 14.0 | +0% | ||
Total | 26.4 | 22.4 | +18% | ||
of which: | |||||
France | 11.3 | 10.0 | +13% | ||
International | 15.1 | 12.4 | +22% | ||
Europe excl. France | 9.8 | 8.1 | +21% | ||
Rest of the world | 5.3 | 4.3 | +23% |
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.
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.
Net financial surplus/debt: this corresponds to the difference between financial assets and financial debt. If the assets outweigh the liabilities, the balance represents a net financial surplus, and if the liabilities outweigh the assets, the balance represents net financial debt. Financial debt includes bonds and other borrowings and financial debt (including derivatives and other liabilities relating to hedging instruments). Financial assets include cash and cash equivalents and assets relating to derivative instruments.
On 1 January 2019, IAS 17 was replaced by IFRS 16, which specifies a single method for recognising leases. The Group now recognises right-of-use assets 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.
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:
Order intake:
For joint property developments:
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 profit or loss 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 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 numbers: this is the number of passengers who have travelled on commercial flights from or to a VINCI Airports airport during a given period, an appropriate metric for estimating both aeronautical and non-aeronautical revenue generated by an airport.
1 Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see Glossary).2 Including the non-recurring change in deferred tax in the United Kingdom: a €200 million negative impact in 2021 (€195 million negative impact in the first half of 2021). 3 Period-end. 4 Including Cobra IS: order intake of €3.2 billion in the first half of 2022 and order book of €9.3 billion at 30 June 2022. 5 Figures at 100% including passenger numbers at all airports managed by VINCI Airports over the period as a whole.
6 It should be borne in mind that VINCI Construction’s activities are seasonal, particularly in roadworks, and so first-half results are not representative of full-year performance. 7 After taking account of dilutive instruments. 8 €877 million excluding the impact of the non-recurring deferred tax expense in the United Kingdom recognised in the first half of 2021. 9 Several types of restrictions on movement were in force in France and the rest of Europe in the first half of 2021, including a curfew until 20 June 2021, a lockdown from 3 April to 3 May 2021 including a ban on travelling more than 10 km from the home, the closure of many public spaces and restrictions on travel between countries. 10 Figures at 100% including passenger numbers at all managed airports over the full period.11 Ebit / revenue.
Attachment
1 Year Vinci Chart |
1 Month Vinci Chart |
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