First half 2024 financial results
Nanterre, 25 July 2024
First half 2024 financial
results
- Revenue growth in all three
businesses: Concessions (up 7%), Energy (up 6%) and Construction
(up 3%)
- Firm growth in Ebit (up 9%) and
limited decrease in net income despite the impact of the new tax on
French motorways
- Improvement in free cash flow
- Record high order book following a
further 9% increase in order intake
- Increase in debt as a result of
meaningful financial investments by VINCI Concessions to strengthen
its portfolio and extend its average duration
- 2024 guidance fine-tuned
- Interim dividend for 2024
maintained at €1.05 per share
- Appointment of Pierre Anjolras as
Chief Operating Officer, the first phase of the succession plan of
Xavier Huillard
KEY FIGURES
|
First half |
Full year |
(in € millions) |
2024 |
2023 |
2024/2023 change |
2023 |
Revenue1 |
33,775 |
32,365 |
+4.4% |
68,838 |
Cash flow from operations (Ebitda) |
5,673 |
5,309 |
+6.9% |
11,964 |
% of revenue |
16.8% |
16.4% |
|
17.4% |
Operating income from ordinary activities (Ebit) |
3,871 |
3,549 |
+9.1% |
8,357 |
% of revenue |
11.5% |
11.0% |
|
12.1% |
Recurring operating income |
3,712 |
3,393 |
+9.4% |
8,175 |
Net income attributable to owners of the parent |
1,995 |
2,089 |
−4.5% |
4,702 |
Diluted earnings per share (in €) |
3.46 |
3.65 |
−5.4% |
8.18 |
Free cash flow |
361 |
261 |
+100 |
6,628 |
Net financial debt2 (in € billions) |
(23.4) |
(20.9) |
−2.5 |
(16.1) |
|
|
|
|
|
Order intake (in € billions) |
33.9 |
31.2 |
+9% |
61.9 |
Order book2 (in € billions) |
67.3 |
61.5 |
+9% |
61.4 |
Change in total traffic at VINCI Autoroutes |
−1.0% vs H1 2023 |
|
Change in VINCI Airports’ passenger numbers3 |
+10% vs H1 2023, +1.5% vs H1 2019 |
|
Xavier Huillard, VINCI’s Chairman and CEO, made
the following comments:
VINCI continued its growth trajectory in the
first half of 2024, despite a high base for comparison.
Remarkable increases were recorded in
operating earnings and free cash flow despite the impact of the new
tax on long-distance transport infrastructure operators in France,
which almost exclusively targets motorway concession
companies.
In Concessions, VINCI Airports’ passenger
numbers continued to rise at the vast majority of its airports
around the world, exceeding overall pre-Covid levels. VINCI
Airports also posted operating earnings at a high level. The slight
decrease in VINCI Autoroutes’ traffic levels was due to
intermittent disruptions caused by social unrest.
The Group’s Energy business, consisting of
VINCI Energies and Cobra IS, maintained its strong momentum, driven
by heavy demand relating to the energy transition and digital
transformation. Those factors are also benefiting
VINCI Construction, since an increasing proportion of its
business is related to these underlying trends. As a result, all
three businesses saw revenue increases and improved their operating
margins.
Order intake also rose significantly and the
Group’s order book hit a new record high. This gives VINCI good
visibility on its future business levels and the peace of mind
needed to advance its growth trajectory in the coming years while
remaining selective in taking on new business.
As regards acquisitions, the first half of
2024 was a particularly busy period, with the completion of three
significant transactions: VINCI Airports acquired a controlling
50.01% stake in Edinburgh airport and a 20% stake in Budapest
airport, making it its operator; VINCI Highways acquired a section
of the Denver ring road, the first major acquisition for VINCI
Concessions in the United States. VINCI Energies continued its
strategy of increasing its geographical footprint and bolstering
its expertise by acquiring 15 companies, mainly outside France.
VINCI Construction also stepped up its operations in North
America through several acquisitions.
The significant increase in debt resulting
from these developments should be considered alongside the high
levels of cash flow generated by the Group’s entities, allowing
VINCI to maintain its very robust financial position.
Despite current economic and geopolitical
uncertainties, the Group is therefore well equipped to maintain its
course and move forward with success and enthusiasm. Driven by a
long-term vision rooted in its history, the Group can count on
businesses that are fully aligned with the key challenges of our
time as well as the relevance of a decentralised organisation that
is highly responsive and motivating for its people, who are VINCI’s
greatest asset.
Pierre Anjolras, who fully embodies VINCI’s
culture and boasts years of experience working within the Group,
will be leading it from April 2025.
VINCI’s Board of Directors, chaired by Xavier
Huillard, met on 25 July 2024 to approve the consolidated financial
statements for the six months ended 30 June 2024.
The Board approved a 2024 interim dividend of
€1.05 per share, to be paid on 17 October 2024.
The Board also approved the Group’s tax
transparency report, which will be made available on its
website.
The changes set out below are relative to
the first half of 2023 unless otherwise stated.
I. High levels of revenue, earnings
and free cash flow
VINCI’s financial statements for the first half
of 2024 show an increase in revenue, confirming the firm overall
momentum in the Group’s businesses. Operating earnings also
increased despite the impact of the new tax on the French
motorways.4 That solid overall performance was
accompanied by positive free cash flow, improved compared with
the first half of 2023.
Consolidated revenue in the first half of 2024
rose by 4.4% to €33.8 billion (organic growth of 3.8%, a 0.5%
positive impact from changes in the consolidation scope and a 0.1%
positive impact from exchange rate movements).
- Outside France (56% of the total),
revenue came to €18.9 billion, up 5.2% on an actual basis and up
4.3% on a like-for-like basis. Changes in scope mainly concerned
acquisitions made by VINCI Energies5.
- In France (44% of the total),
revenue was €14.9 billion, up 3.3%.
Concessions revenue totalled €5.3 billion, up
6.8% on an actual basis (up 5.8% like-for-like), and broke down as
follows:
- VINCI Autoroutes: €3.1 billion (up
3.6%);
- VINCI Airports: €2.0 billion (up
14.1% actual and up 11.8% like-for-like);
- VINCI Highways6: €0.2
billion (up 13.7% actual and up 7.1% like-for-like).
In other concessions, it should be noted that
business levels at VINCI Stadium were very limited in the first
half of 2024 because of preparatory works for the Paris 2024
Olympic and Paralympic Games.
Revenue at VINCI Energies totalled €9.6 billion,
up 4.7% on an actual basis and up 3.6% on a like-for-like basis.
That performance confirms the excellent market position of VINCI
Energies’ companies and the good momentum in its markets, driven by
the energy transition and digital transformation, along with the
wisdom of its decentralised organisation and its acquisition-driven
growth model. All four of VINCI Energies’ business lines
(Infrastructure, Industry, Building Solutions and ICT7)
achieved growth.
- Outside France (57% of the total),
revenue was €5.4 billion, up 6.2% on an actual basis and up 4.6% on
a like-for-like basis. Business levels were well oriented in most
of VINCI Energies’ geographical markets, and growth was
particularly firm in Northern, Central and Eastern Europe.
- In France (43% of the total),
revenue was €4.1 billion, up 2.8% on an actual basis and 2.3% on a
like-for-like basis. As previously mentioned with respect to the
first quarter, that increase reflects a particularly high base for
comparison, with very strong business levels in early 2023 due to
the energy crisis8.
Revenue at Cobra IS totalled €3.3 billion,
up 8.0% on an actual basis and up 7.5% on a like-for-like basis.
That growth reflected in particular the good momentum in flow
business in Spain.
- In Spain (52% of the total),
revenue totalled €1.7 billion (up 19% actual and up 18%
like-for-like).
- Outside Spain (48% of the total),
revenue totalled €1.6 billion, down 1.7% both on an actual and
like-for-like basis. That slight decrease, although limited by a
stability in the second quarter (after -3% in the first quarter),
was the result of the phasing of several large EPC (engineering,
procurement and construction) projects and a more selective
approach to new business, particularly in Latin America.
Revenue at VINCI Construction totalled €15.3
billion (up 2.5% actual and up 2.4% like-for-like).
- Outside France (54% of the total),
revenue amounted to €8.2 billion, up 1.3% on an actual basis and up
1.1% on a like-for-like basis. Business levels remained well
oriented overall, particularly in Specialty Networks (Soletanche
Freyssinet), in the United Kingdom and in the Americas. However,
they fell significantly at Sogea-Satom in Africa against a
turbulent geopolitical background. In the Major Projects
Division, revenue was supported by the works on the High Speed 2
rail line in the United Kingdom.
- In France (46% of the total),
revenue was €7.1 billion (up 3.9%). Business levels were driven by
the renovation of existing buildings, both residential (mainly
social housing) and non-residential, and by the construction of
public buildings, particularly under the “Ségur investment
programme” rolled out in the hospital sector by the French
government. Growth in roadworks was satisfactory, despite adverse
calendar and weather effects.
Finally, against the backdrop of a crisis in
France’s property development sector, VINCI Immobilier’s revenue
fell by 10% to €0.5 billion. It should be noted anyway that revenue
was almost unchanged year on year in the second quarter.
Ebitda amounted to €5.7 billion, equal to 16.8%
of revenue, as opposed to €5.3 billion and 16.4% in the first half
of 2023.
Like the income statement items presented below,
Ebitda was affected by a €120 million charge at
VINCI Autoroutes relating to the new tax on long-distance
transport infrastructure operators in France.
Operating income from ordinary activities (Ebit)
rose to €3.9 billion from €3.5 billion in the first half of
2023:
- €2.6 billion from the Concessions
business, out of which €1.5 billion from VINCI Autoroutes (€1.6
billion in the first half of 2023) and €1.0 billion from VINCI
Airports, equal to 49.6% of revenue (€0.8 billion and 43.8% in the
first half of 2023);
- €0.9 billion from the Energy
business (VINCI Energies: €0.7 billion, equal to 7.0% of revenue,
an increase of 20 basis points; Cobra IS: €0.3 billion, equal to
7.8% of revenue, an increase of 30 basis points);
- €0.3 billion for VINCI
Construction, equal to 2.1% of revenue,9 an increase of
10 basis points.
The Ebit for VINCI Immobilier took into account
a charge related to a restructuring plan. Excluding this impact, it
would have been slightly positive in this first half.
Consolidated net income attributable to owners
of the parent was €2.0 billion and earnings per share10
amounted to €3.46 (€2.1 billion and €3.65 respectively in the first
half of 2023). In addition to the aforementioned impact of the new
tax, this slight decrease was due to higher financial expenses. It
should be recalled that the latest benefited from a non-recurring
positive impact in the first half of 2023.11
Free cash flow12 was €361 million,
compared with €261 million in the first half of 2023. This very
good performance was due to growth in Ebitda and the Group’s firm
control over working capital requirements, which allowed it to
offset in particular the rise in investments and financial
expenses.
After taking into account financial investments
in the first half – totalling €5.7 billion13 - and to a
lesser extent dividend payments and share buy-backs, consolidated
net financial debt at 30 June 2024 rose significantly, to €23.4
billion as compared with €16.1 billion at 31 December 2023.
II. Overall improvement in
operational performances
VINCI Autoroutes’ traffic levels fell by 1.0% in
the first half of 2024, with decreases of 0.8% for light vehicles
and 2.3% for heavy vehicles.
The decline was mainly due to protesters
blocking motorways at the start of the year, and again in June.
Various calendar effects14 and weather
conditions15 also adversely affected the trend. Adjusted
for those factors, traffic levels across all vehicle categories
would have risen slightly in the first half.
Passenger numbers continued to rise at VINCI
Airports, fuelled by seat capacity airlines offer and good momentum
in international routes. Passenger numbers rose in almost all of
the network’s 14 countries. The good performances of Edinburgh and
Budapest airports – which joined VINCI Airports in June – should
also be noted.
Overall, VINCI Airports welcomed almost 150
million passengers to its airports in the first half of
202416, 10% more than in the first half of 2023.
Compared with the equivalent periods in 2019, passenger numbers
were up 1.5% in the first half and up 1.8% in the second
quarter.
Order intake in the Energy and Construction
businesses totalled €33.9 billion in the first half of 2024, a 9%
year-on-year increase. Order intake at VINCI Energies rose by 4% to
€11.5 billion, and reached a new rolling 12-month record of over
€21 billion. Order intake at Cobra IS remained very high, rising 3%
to €5.4 billion, driven by a very satisfactory flow of small and
medium-sized contracts as well as large contracts related to
renewable energy generation.17 At VINCI Construction,
order intake was up 14% to €17.0 billion as a result of some large
contract wins during the first half, while flow business stabilised
at a solid level.
Overall, the order book reached a record high of
€67.3 billion at 30 June 2024. This represents a 9% increase
relative to 30 June 2023 and equals almost 14 months of average
business activity. International business made up 68% of the order
book, a figure that has remained broadly unchanged for several
quarters.
In the French property development sector, VINCI
Immobilier saw the number of housing units reserved rise sharply to
2,417 (up 36%, including a 60% increase in the second quarter). The
upturn was due to bulk sales to social housing institutions, and to
a lesser extent to the beginnings of a relative recovery in
individual sales.
In renewable power generation, works which
started in the second half of 2023 continued on photovoltaic
projects in Brazil and Spain.18 In addition, in 2024,
Cobra IS began the works of new projects in Spain19 and
started new developments of solar assets in the United States and
in Australia.
III. Very solid financial
position
VINCI maintained a very high level of liquidity
at 30 June 2024:
- managed net cash of €8.5
billion;
- VINCI SA’s unused confirmed credit
facility of €6.5 billion, due to expire in January 2029, with two
options to extend it by one year each.
At 30 June 2024, the Group’s gross long-term
financial debt, before taking into account net cash, totalled €31.9
billion. Its average maturity was 6.1 years (6.4 years at 31
December 2023) and its average cost was 5.1% (4.6%20 in
2023 and 4.2%20 in the first half of
2023).
In July 2024, rating agency Standard &
Poor’s reiterated its confidence in the Group’s credit quality by
affirming its A− long-term and A2 short-term ratings, both with
stable outlook. In addition, ratings awarded to VINCI by Moody’s
(A3 long-term and P-2 short-term, with stable outlook) were
confirmed in June 2024.
New borrowings and repayments
VINCI SA has raised €1.2 billion of debt through
seven private placements since the start of 2024. The average
maturity of those financing operations was 3.1 years and the
average rate (yield) was 3.36%.
London Gatwick airport issued in April 2024 a
£250 million bond due to mature in April 2040 with a coupon of
5.5%.
In January 2024, Autoroutes du Sud de la
France (ASF) redeemed a €600 million bond issue and
London Gatwick airport a £150 million loan.
Finally, Aerodom successfully refinanced its
existing bonds ($300 million at 30 June 2024) with a new
$500 million bond (10-year maturity, coupon of 7.0%) and a
$400 million bank loan (5-year maturity, variable rate).
IV. 2024 guidance
fine-tuned
Despite the political and macroeconomic
uncertainties of the current context, VINCI fine-tunes its guidance
for 2024 presented previously.
Barring exceptional events of which VINCI is not
currently aware, the Group anticipates the following trends in its
various business lines in 2024:
- VINCI Autoroutes, which previously
expected “traffic levels to rise slightly compared with 2023”, now
considers that they will be stable due to the disruption that
occurred in the first half.
- VINCI Airports is forecasting
passenger numbers21 in excess (as opposed to “slightly
in excess” previously) of their 2019 levels, with variations
between airports and geographies.
- VINCI Energies should see organic
revenue growth continue, but at a slower pace than in 2023, and
expects operating margin to increase slightly22 (whereas
this business line was previously aiming to “maintain its excellent
operating margin”22).
- Cobra IS expects to achieve further
growth in its revenue and increase its operating
margin22 because of its very large order book
and strong first-half performance (having previously expected to
“maintain its operating margin”22).
- New projects will be added to the
renewable energy portfolio in 2024, as expected, and its total
capacity, in operation or under construction, will be around 3.5 GW
by the end of the year, representing an increase of around 1.5 GW
in 2024 compared with the end of 2023.
- VINCI Construction should see
business levels at least as high as in 2023 (having previously
expected revenue to “stabilise close to 2023 levels”), while
continuing the improvement in its operating
margin.22
As a result, VINCI expects its total revenue to
rise again in 2024, although growth is likely to be more limited
than in 2023.
Operating earnings are expected to increase as
well.
Net income, meanwhile, could be close in 2024 to
the level achieved in 2023, due in particular to the new tax on
long-distance transport infrastructure operators introduced by the
French government, estimated to around €280 million.
V. Other highlights
- Appointments and
governance
Pierre Anjolras
On 3 May 2024, VINCI’s Board of Directors, in a
meeting chaired by Xavier Huillard, unanimously approved the
appointment of Pierre Anjolras as VINCI’s Chief Operating
Officer.
He reports to Xavier Huillard, VINCI’s Chairman
and Chief Executive Officer, and his role is to oversee the Group’s
operating activities in its various business segments.
Pierre Anjolras joined the VINCI Group in 1999.
He gained extensive experience in motorway concessions by working
for two VINCI Autoroutes networks, becoming head of operations at
Cofiroute in 2004 and then CEO of ASF in 2007. In May 2010, Pierre
Anjolras became Deputy Chief Executive Officer in charge of
International Affairs and Public-Private Partnerships at Eurovia,
then Eurovia’s Chairman and Chief Executive Officer in 2014, when
he also joined VINCI’s Executive Committee. In early 2021, Xavier
Huillard appointed Pierre Anjolras as Chairman of VINCI
Construction and entrusted him with the task of bringing Eurovia
and VINCI Construction together. The continuous improvement in
VINCI Construction’s performance following that combination attests
to the success of the reorganisation.
This appointment is the first phase of the
succession plan of Xavier Huillard, whose term of office as
Chief Executive Officer of VINCI will end in 2025 at the close
of the Shareholders’ General Meeting called to approve the 2024
financial statements.
Xavier Huillard’s current terms of office as a
Director of VINCI and Chairman of VINCI’s Board of Directors will
continue until the 2026 Shareholders’ General Meeting.
Virginie Leroy
Virginie Leroy, who has served as Chairman of
VINCI Immobilier since August 2023, has been appointed as a member
of VINCI’s Executive Committee on 1 June 2024.
VINCI’s Board of Directors
Qatar Holding LLC, represented by Abdullah Hamad
Al Attiyah, has resigned from VINCI’s Board of Directors, on which
it had held a seat since the vote at the Shareholders’ General
Meeting of 6 May 2010. The resignation came into effect on Monday,
10 June 2024.
- Main
developments since the start of the year
VINCI Concessions
The first half of 2024 saw several strategic
developments for VINCI Airports:
- In late December 2023, Aerodom,
which holds the concession for six airports in the Dominican
Republic and has been a VINCI Airports subsidiary since 2016, was
granted a 30-year extension to its concession contract, from 2030
to 2060, by the Dominican government. In relation to this contract
extension, Aerodom made an initial payment of $300 million to the
Dominican government in January 2024. A further payment of $475
million was made at the time of the financial close, which took
place in July 2024.
- On 25 June 2024, VINCI Airports
completed its acquisition of a 50.01% stake in Edinburgh Airport
Limited, the freehold owner of Edinburgh airport (the largest
airport in Scotland and the sixth largest in the United Kingdom,
which handled 14.4 million passengers in 2023), for £1.3 billion
(value of the 50.01% equity stake).
- On 6 June 2024, VINCI Airports
completed the acquisition of a 20% stake in the company that holds
the concession to operate Budapest airport in Hungary, for a price
of around €600 million, making it the operator. With 14.7 million
passengers handled in 2023, this is one of Central Europe’s leading
airports. As the concession contract is due to expire in 2080,
there are 55 years remaining until its termination.
On 18 April 2024, VINCI Highways completed the
acquisition of 100% of NWP HoldCo LLC, which holds the
concession for the Northwest Parkway – a 14 km tolled section of
the Denver ring road (Colorado, United States) – for a price of
around $1.2 billion (value of the 100% equity stake).
Finally, on 11 July 2024, VINCI Concessions
through its subsidiary SunMind completed the acquisition of Helios
Nordic Energy. This company operates in Northern Europe,
principally Sweden, and specialises in developing solar power
facilities and energy storage projects.
VINCI Energies completed acquisitions of 15 new
companies in the first half of 2024, representing full-year revenue
of around €140 million23 and including:
- E+HPS in Singapore, specialised in
designing and installing clean rooms for manufacturers;
- Kramer & Best, a German company
specialising in the integration of process control systems for
plant automation, particularly on behalf of customers in the
pharmaceuticals and fine chemicals sectors;
- Miprotek, a German company
specialising in automation and process solutions for asphalt
plants;
- Hesselink, a German company
specialising in services for electrical distribution networks in
north-west Germany;
- Premiere Automation, based in the
US state of South Carolina, a company specialising in robot
programming services for the automotive industry;
- Envico, based in the north of
Sweden, specialising in electrical installations and
instrumentation;
- Solu-tech, a French company
specialising in industrial automation, IT and robotics, mainly
operating in the agri-food and pharmaceuticals sectors.
VINCI Construction
Soletanche Freyssinet – VINCI Construction’s
subsidiary specialising in soil, structural and works in the
nuclear sector – completed several acquisitions in the 2024,
including:
- MBO Groupe (France), a major
provider of industrial services, particularly in the nuclear
industry, with 2023 revenue of around €85 million;
- Geotech Drilling Services Ltd
(British Columbia, Canada), a leader in advanced technologies for
geotechnical and drilling in Canada;
- TSSD Services Inc. (Maine, United
States), which provides nuclear decommissioning services.
These two North American companies generate
combined annual revenue of almost €80 million.
VINCI Construction also increased its footprint
in the North American market through the acquisition of two
roadworks and materials production companies:
- Newport Construction in the United
States, with a presence in the states of New Hampshire and
Massachusetts (near Boston);
- Entreprises Marchand & Frères
in Canada, operating in central Quebec and in the James Bay
region.
These two companies generate combined annual
revenue of over €150 million.
Other acquisition
-
Cobra IS should benefit from VINCI’s investment in the renewable
energy development platform NatPower SA to accelerate its
development in the US renewable energy generation market.
- Main
contract wins since the start of the year
VINCI Energies
- An electrical infrastructure
contract in Senegal, involving 1,350 km of power transmission lines
and eight extra-high-voltage substations.
- Electricity and air conditioning
works packages for a datacentre in the Paris region.
- Development of high-voltage power
line sections, covering a distance of several tens of kilometres,
for TenneT in Germany.
- Redevelopment of ABN Amro’s
corporate headquarters in Amsterdam.
- High-voltage electrical connections
for three quays of the Le Havre cruise terminal.
- Construction of electrical stations
in Harker (United Kingdom) and Musselkanal (Netherlands).
Cobra IS
- Contract to design, build and
install onshore and offshore windfarm energy converter platforms in
the North Sea (Germany) for 50Hertz, a German operator of
electrical networks.
- Electromechanical installations for
a datacentre developed by Cyrus One in Frankfurt.
- Deployment of the land electrical
line for Electricity Interconnection France-Spain (INELFE).
- Construction of a 299 MW open-cycle
power plant in Ireland.
- Construction of a 100 MW solar farm
in the Dominican Republic.
- Piping and mechanical works for a
steel plant running solely on green hydrogen in Germany.
VINCI Construction
- Decommissioning of reactors 1 and 2
of the Ringhals nuclear power plant in Sweden.
- Undergrounding of
extra-high-voltage power lines in Germany for TenneT.
- Track and ballast replacement over
more than 800 km of railways in France, with work continuing until
the end of 2030.
- Design-build expansion of a
drinking water treatment plant in Phnom Penh, Cambodia.
- Renewal of the road maintenance and
improvement contract in Milton Keynes, United Kingdom, for an
initial term of eight years.
- Redevelopment and construction
works to ensure smoother and safer access to the terminals of
Melbourne airport in Australia.
In addition, OTW – a joint venture created by
VINCI Energies and VINCI Construction in the United Kingdom – has
been named as a construction partner of the National Grid’s Great
Grid Partnership. Under the related framework agreement, it could
be awarded design-build contracts to connect new offshore wind
farms (50 GW) to the UK grid.
VINCI Highways
- Two free-flow toll service
contracts in the US states of Georgia and Texas.
Share capital
On 13 June 2024, pursuant to the authorisation
given by shareholders at the Combined Shareholders’ General Meeting
of 9 April 2024, the Board of Directors decided to reduce VINCI’s
share capital by cancelling 5.7 million shares held in
treasury.
At 30 June 2024, VINCI’s capital thus consisted
of 588.5 million shares, including 16.6 million treasury shares
(2.8% of the capital at that date).
*********
Financial calendar |
26 July 2024 |
First half 2024 results
- Journalist conference call: 08.30
CEST
- Analyst conference call: 10.00
CEST
Access to the analyst conference call:
In French: +33 (0)1 70 37 71 66 (code: VINCI FR)
In English: +44 (0)33 0551 0200 or +1 786 697 3501 (code: VINCI
ENG)
Live access to the webcast on the Group’s website or at the
following links:
In French:
https://channel.royalcast.com/landingpage/vincifr/20240726_2/
In English:
https://channel.royalcast.com/landingpage/vinci/20240726_1/ |
26 July 2024 |
A VINCI Airports Toolbox will go live on the VINCI website.
This presentation summarises the data (financial mainly) of the
network’s main airports. |
27 August 2024 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for July 2024 (after the market close) |
17 September 2024 |
VINCI Autoroutes traffic levels and VINCI Airports passenger
numbers for August 2024 (after the market close) |
15 October 2024 |
VINCI Airports passenger numbers for the third quarter of 2024
(after the market close) |
15 October 2024 |
Ex-date for the 2024 interim dividend (€1.05 per share) |
17 October 2024 |
Payment of the 2024 interim dividend (€1.05 per share) |
24 October 2024 |
Quarterly information at 30 September 2024 (after the market
close) |
22 November 2024 |
Capital Market Day at l’archipel, VINCI’s head office in Nanterre,
focusing on VINCI Energies |
**********
This press release, the slide presentation of
the first half 2024 results and the consolidated financial
statements for the six months ended 30 June 2024 will be available
on the VINCI website: www.vinci.com.
In addition, the first half 2024 results of
London Gatwick airport will be released during the second fortnight
of August 2024 and available on the company’s website:
https://www.gatwickairport.com/company/about-us/investors.html
**********
About VINCI
VINCI is a global player in concessions, energy and construction,
employing 280,000 people in more than 120 countries. We design,
finance, build and operate infrastructure and facilities that help
improve daily life and mobility for all. Because we believe in
all-round performance, above and beyond economic and financial
results, we are committed to operating in an environmentally and
socially responsible manner. And because our projects are in the
public interest, we consider that reaching out to all our
stakeholders and engaging in dialogue with them is essential in the
conduct of our business activities. VINCI’s ambition is to create
long-term value for its customers, shareholders, employees,
partners and society in general. www.vinci.com
INVESTOR RELATIONS
Grégoire THIBAULT
Tel: +33 (0)1 57 98 63 84
gregoire.thibault@vinci.com
Boris VALET
Tel: +33 (0)1 57 98 62 84
boris.valet@vinci.com
PRESS CONTACT
VINCI Press Department
Tel: +33 (0)1 57 98 62 88
media.relations@vinci.com
APPENDICES
APPENDIX A: CONSOLIDATED FINANCIAL
STATEMENTS
Income statement |
First half |
|
Full year |
(in € millions) |
2024 |
2023 |
2024/2023
change |
2023 |
Revenue excluding concessions subsidiaries’ works revenue |
33,775 |
32,365 |
+4.4% |
68,838 |
Concession subsidiaries’ works revenue1 |
471 |
369 |
|
780 |
Total revenue |
34,246 |
32,735 |
+4.6% |
69,619 |
Operating income from ordinary activities (Ebit) |
3,871 |
3,549 |
+9.1% |
8,357 |
% of revenue2 |
11.5% |
11.0% |
|
12.1% |
Share-based payments (IFRS 2) |
(314) |
(260) |
|
(360) |
Profit/loss of companies accounted for under the equity method and
other recurring items |
155 |
104 |
|
178 |
Recurring operating income |
3,712 |
3,393 |
+9.4% |
8,175 |
Non-recurring operating items |
(72)4 |
17 |
|
(105) |
Operating income |
3,640 |
3,410 |
+6.7% |
8,071 |
Cost of net financial debt |
(554) |
(340)5 |
|
(894)5 |
Other financial income and expense |
(44)6 |
(16)6 |
|
(157) |
Income tax expense |
(874) |
(816) |
|
(1,917) |
Non-controlling interests |
(172) |
(148) |
|
(400) |
Net income attributable to owners of the parent |
1,995 |
2,089 |
−4.5% |
4,702 |
% of revenue2 |
5.9% |
6.5% |
|
6.8% |
Diluted earnings per share (in €)3 |
3.46 |
3.65 |
−5.4% |
8.18 |
|
|
|
|
|
1 Applying IFRIC 12 “Service
Concession Arrangements”.
2 Percentage based on revenue excluding concession
subsidiaries’ revenue derived from works carried out by non-Group
companies.
3 After taking account of dilutive instruments.
4 Including a €50 million expense in the first half of
2024 arising from the increase in the earn-out payable to ACS in
relation to the development of renewable energy assets by Cobra IS
(€0 million in the first half of 2023).
5 Including a non-recurring positive impact of €167
million recognised in the first half of 2023 in relation to the
restructuring of the debt used to acquire London Gatwick
airport.
6 Including changes in the fair value of shares in
Groupe ADP (positive impact of €50 million in the first half of
2023, negative impact of €29 million in the first half of
2024).
Simplified balance sheet |
At 30 June 2024
|
At 31 Dec. 2023
|
At 30 June 2023
|
(in € millions) |
Non-current assets - Concessions |
50,292 |
43,955 |
44,091 |
Non-current assets - Energy, Construction and other businesses |
25,032 |
24,074 |
23,127 |
WCR, provisions and other current debt and receivables |
(13,760) |
(15,176) |
(10,952) |
Capital employed |
61,565 |
52,853 |
56,266 |
Equity attributable to owners of the parent |
(28,599) |
(28,113) |
(27,029) |
Non-controlling interests |
4,623 |
(3,928) |
(3,819) |
Total equity |
(33,222) |
(32,040) |
(30,849) |
Lease liabilities |
(2,376) |
(2,247) |
(2,143) |
Non-current provisions and other long-term liabilities |
(2,600) |
(2,439) |
(2,364) |
Long-term borrowings |
(38,198) |
(36,727) |
(35,356) |
Gross financial debt |
(31,874) |
(29,298) |
(28,873) |
Net cash managed |
8,508 |
13,172 |
7,963 |
Net financial debt |
(23,366) |
(16,126) |
(20,910) |
Cash flow statement
|
First half |
Full year |
(in € millions) |
2024 |
2023 |
2023 |
Cash flow from operations before tax and financing costs
(Ebitda) |
5,673 |
5,309 |
11,964 |
Changes in operating WCR and current provisions |
(1,314) |
(1,952) |
1,463 |
Income taxes paid |
(962) |
(1,202) |
(2,288) |
Net interest paid |
(593) |
(313)1 |
(802)1 |
Dividends received from companies accounted for under the equity
method |
72 |
66 |
110 |
Cash flows from operating activities (before other long-term
advances) |
2,875 |
1,907 |
10,447 |
Operating investments (net of disposals and other long-term
advances)2 |
(1,389) |
(747) |
(2,010) |
Repayment of lease liabilities and associated financial
expense |
(351) |
(316) |
(679) |
Operating cash flow |
1,136 |
844 |
7,758 |
Growth investments (concessions and PPPs) |
(774) |
(583) |
(1,130) |
Free cash flow |
361 |
261 |
6,628 |
Net financial investments |
(5,690) |
(676) |
(1,005) |
Dividends received from unconsolidated companies |
34 |
25 |
31 |
Net cash flows before movements in share capital |
(5,295) |
(389) |
5,655 |
Increases in share capital and other |
444 |
573 |
707 |
Share buy-backs |
(713) |
(251) |
(397) |
Dividends paid |
(2,259) |
(1,839) |
(2,481) |
Capital transactions |
(2,528) |
(1,517) |
(2,171) |
Net cash flows for the period |
(7,822) |
(1,906) |
3,484 |
Other changes |
583 |
(468) |
(1,074) |
Change in net financial debt |
(7,240) |
(2,374) |
2,410 |
|
|
|
|
Net financial debt at beginning of period |
(16,126) |
(18,536) |
(18,536) |
Net financial debt at end of period |
(23,366) |
(20,910) |
(16,126) |
1 Including a non-recurring positive
impact of €167 million recognised in the first half of 2023 in
relation to the restructuring of the debt used to acquire London
Gatwick airport.
2 Including investments made by i) London Gatwick
airport (€96 million in the first half of 2024, €39 million in the
first half of 2023 and €149 million for the full year 2023); ii)
Cobra IS in renewable energy projects (€0.3 billion in the first
half of 2024, €0.1 billion in the first half of 2023 and
€0.4 billion for the full year 2023).
APPENDIX B: ADDITIONAL INFORMATION ON
CONSOLIDATED REVENUE
Consolidated revenue* by business
line
|
First half |
2024/2023
change |
(in € millions) |
2024 |
2023 |
Actual |
Like-for-like |
Concessions |
5,337 |
4,998 |
+6.8% |
+5.8% |
VINCI Autoroutes |
3,079 |
2,971 |
+3.6% |
+3.6% |
VINCI Airports |
2,033 |
1,781 |
+14% |
+12% |
VINCI Highways |
183 |
161 |
+14% |
+7.1% |
Other concessions** |
43 |
85 |
−50% |
−50% |
VINCI Energies |
9,551 |
9,122 |
+4.7% |
+3.6% |
Cobra IS |
3,306 |
3,061 |
+8.0% |
+7.5% |
VINCI Construction |
15,288 |
14,914 |
+2.5% |
+2.4% |
VINCI Immobilier |
506 |
560 |
−9.7% |
−9.7% |
Eliminations and adjustments |
(212) |
(290) |
|
|
Revenue* |
33,775 |
32,365 |
+4.4% |
+3.8% |
of which:
France |
14,855 |
14,379 |
+3.3% |
+3.2% |
Europe excl. France |
12,153 |
10,856 |
+12% |
+ 4.3%
|
International excl. Europe |
6,767 |
7,131 |
−5.1% |
Second-quarter consolidated
revenue*
|
Second quarter |
2024/2023
change |
(in € millions) |
2024 |
2023 |
Actual |
Like-for-like |
Concessions |
2,985 |
2,793 |
+6.9% |
+6.2% |
VINCI Autoroutes |
1,704 |
1,639 |
+3.9% |
+3.9% |
VINCI Airports |
1,157 |
1,014 |
+14% |
+13% |
VINCI Highways |
102 |
87 |
+18% |
+9.4% |
Other concessions** |
23 |
52 |
-56% |
−56% |
VINCI Energies |
4,936 |
4,727 |
+4.4% |
+3.5% |
Cobra IS |
1,698 |
1,565 |
+8.5% |
+7.3% |
VINCI Construction |
8,289 |
8,177 |
+1.4% |
+1.2% |
VINCI Immobilier |
257 |
264 |
−2.5% |
−2.5% |
Eliminations and adjustments |
(115) |
(161) |
|
|
Revenue* |
18,050 |
17,364 |
+4.0% |
+3.4% |
of which:
France |
7,799 |
7,599 |
+2.6% |
+2.5% |
Europe excl. France |
6,622 |
5,962 |
+11% |
|
International excl. Europe |
3,629 |
3,803 |
−4.6% |
|
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).
** VINCI Railways and VINCI Stadium.
First-half consolidated revenue* by geographical area and
business line
|
First half |
2024/2023
change |
(in € millions) |
2024 |
2023 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
3,316 |
3,238 |
+2.4% |
+2.4% |
VINCI Autoroutes |
3,079 |
2,971 |
+3.6% |
+3.6% |
VINCI Airports |
197 |
183 |
+8.0% |
+8.0% |
Other concessions** |
40 |
84 |
−52% |
−52% |
VINCI Energies |
4,101 |
3,990 |
+2.8% |
+2.3% |
Cobra IS |
24 |
22 |
+5.9% |
+5.9% |
VINCI Construction |
7,090 |
6,824 |
+3.9% |
+3.9% |
VINCI Immobilier |
489 |
553 |
−12% |
−12% |
Eliminations and adjustments |
(165) |
(249) |
|
|
Total France |
14,855 |
14,379 |
+3.3% |
+3.2% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
2,021 |
1,761 |
+15% |
+12% |
VINCI Airports |
1,835 |
1,598 |
+15% |
+12% |
VINCI Highways |
183 |
161 |
+14% |
+7.1% |
Other concessions** |
2 |
1 |
ns |
ns |
VINCI Energies |
5,450 |
5,131 |
+6.2% |
+4.6% |
Cobra IS |
3,283 |
3,039 |
+8.0% |
+7.5% |
VINCI Construction |
8,198 |
8,090 |
+1.3% |
+1.1% |
VINCI Immobilier |
17 |
6 |
ns |
ns |
Eliminations and adjustments |
(47) |
(41) |
|
|
Total international |
18,920 |
17,987 |
+5.2% |
+4.3% |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).
** VINCI Railways and VINCI Stadium.
APPENDIX C: OTHER INFORMATION BY BUSINESS LINE
Ebitda by business line
|
First half |
First half |
|
(in € millions) |
2024 |
% of revenue* |
2023 |
% of revenue* |
2024/2023
change |
Concessions |
3,586 |
67.2% |
3,472 |
69.5% |
+3.3% |
of which: VINCI Autoroutes |
2,228** |
72.4% |
2,280 |
76.7% |
−2.3% |
VINCI Airports |
1,264 |
62.2% |
1,083 |
60.8% |
+17% |
VINCI Highways |
92 |
50.4% |
80 |
49.7% |
+15% |
VINCI Energies |
795 |
8.3% |
726 |
8.0% |
+9.4% |
Cobra IS |
328 |
9.9% |
297 |
9.7% |
+11% |
VINCI Construction |
651 |
4.3% |
602 |
4.0% |
+8.2% |
VINCI Immobilier |
2 |
0.3% |
(0) |
(0.1)% |
ns |
Holding companies |
311 |
|
212 |
|
|
Total Ebitda |
5,673 |
16.8% |
5,309 |
16.4% |
+6.9% |
Operating income from ordinary
activities (Ebit) by business line
|
First half |
First half |
2024/2023 |
(in € millions) |
2024 |
% of revenue* |
2023 |
% of revenue* |
change |
Concessions |
2,575 |
48.2% |
2,447 |
49.0% |
+5.2% |
VINCI Autoroutes |
1,543** |
50.1% |
1,640 |
55.2% |
−5.9% |
VINCI Airports |
1,007 |
49.6% |
780 |
43.8% |
+29% |
VINCI Highways |
42 |
23.0% |
22 |
13.6% |
+92% |
Other concessions*** |
(17) |
|
5 |
|
|
VINCI Energies |
671 |
7.0% |
623 |
6.8% |
+7.8% |
Cobra IS |
257 |
7.8% |
230 |
7.5% |
+12% |
VINCI Construction |
324 |
2.1% |
299 |
2.0% |
+8.3% |
VINCI Immobilier |
(16) |
(3.2)% |
(16) |
(2.8)% |
ns |
Holding companies |
60 |
|
(34) |
|
|
Total Ebit |
3,871 |
11.5% |
3,549 |
11.0% |
+9.1% |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).
** Of which a €120 million negative impact related to the new tax
on infrastructure.
*** VINCI Railways and VINCI Stadium.
Net financial debt (NFD) by business
line
(in € millions) |
At 30 June 2024 |
Of which external NFD |
At 31 December 2023 |
Of which external NFD |
At 30 June 2023 |
Of which external NFD |
Concessions |
(31,622) |
(20,249) |
(28,734) |
(18,761) |
(29,967) |
(19,436) |
VINCI Autoroutes |
(16,102) |
(11,611) |
(16,533) |
(12,323) |
(16,374) |
(12,381) |
VINCI Airports |
(10,954) |
(7,538) |
(8,781) |
(5,551) |
(9,434) |
(6,246) |
VINCI Highways |
(1,966) |
(1,113) |
(2,348) |
(882) |
(2,332) |
(868) |
Other concessions* |
(2,599) |
13 |
(1,073) |
(5) |
(1,828) |
59 |
VINCI Energies |
49 |
465 |
296 |
529 |
(461) |
473 |
Cobra IS |
293 |
293 |
403 |
403 |
334 |
334 |
VINCI Construction |
2,298 |
1,949 |
4,160 |
2,158 |
1,789 |
1,778 |
Holding companies and miscellaneous |
5,615 |
(5,824) |
7,749 |
(456) |
7,395 |
(4,059) |
Net financial debt |
(23,366) |
(23,366) |
(16,126) |
(16,126) |
(20,910) |
(20,910) |
* VINCI Concessions Holding, 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)
|
2024 |
2024/2023
change |
2024 |
2024/2023
change |
VINCI Autoroutes |
13,928 |
−0.7% |
24,650 |
−1.0% |
Light vehicles |
11,997 |
−0.7% |
20,872 |
−0.8% |
Heavy vehicles |
1,930 |
−0.5% |
3,778 |
−2.3% |
of which: |
|
|
|
|
ASF |
8,737 |
−0.5% |
15,335 |
−1.4% |
Light vehicles |
7,455 |
−0.5% |
12,838 |
−1.0% |
Heavy vehicles |
1,282 |
−0.7% |
2,497 |
−3.0% |
Escota |
1,988 |
+1.2% |
3,664 |
+1.3% |
Light vehicles |
1,798 |
+1.1% |
3,293 |
+1.2% |
Heavy vehicles |
191 |
+2.8% |
370 |
+1.9% |
Cofiroute (intercity network*) |
3,074 |
−2.6% |
5,421 |
−1.7% |
Light vehicles |
2,642 |
−2.7% |
4,562 |
−1.5% |
Heavy vehicles |
432 |
−1.8% |
859 |
−2.7% |
* Excluding A86 Duplex.
VINCI Autoroutes revenue in the first
half of 2024
|
VINCI Autoroutes
|
of which: |
|
|
ASF |
Escota |
Cofiroute |
Toll revenue (in € millions) |
3,003 |
1,733 |
444 |
766 |
2024/2023 change |
+3.5% |
+3.1% |
+5.8% |
+2.8% |
Revenue (in € millions) |
3,079 |
1,777 |
452 |
778 |
2024/2023 change |
+3.6% |
+3.1% |
+5.9% |
+2.9% |
VINCI Airports’ passenger
numbers1
|
Second quarter |
First half |
(In thousands of passengers) |
2024 |
2024/2023 change |
2024/2019 change |
2024 |
2024/2023 change |
2024/2019 change |
Portugal (ANA) |
18,936 |
+4.8% |
+15% |
32,365 |
+5.2% |
+18% |
of which Lisbon |
9,202 |
+5.1% |
+10% |
16,718 |
+5.3% |
+14% |
United Kingdom |
17,760 |
+6.9% |
−3.3% |
30,378 |
+9.4% |
−6.1% |
of which London Gatwick |
11,583 |
+5.1% |
−7.7% |
19,917 |
+7.7% |
−10% |
Mexico |
6,480 |
−2.2% |
+8.6% |
12,368 |
−1.8% |
+12% |
of which Monterrey |
3,233 |
−2.0% |
+11% |
6,090 |
−0.2% |
+15% |
France |
5,035 |
+7.6% |
−9.7% |
8,939 |
+7.8% |
−11% |
of which ADL (Lyon) |
2,815 |
+5.9% |
−10% |
5,051 |
+5.9% |
−11% |
Cambodia |
1,136 |
+13% |
−39% |
2,317 |
+18% |
−39% |
United States |
1,867 |
+5.4% |
+4.3% |
3,483 |
+6.2% |
+4.3% |
Brazil |
2,725 |
+4.5% |
+7.9% |
5,739 |
+3.1% |
−2.7% |
Serbia |
2,107 |
+6.8% |
+34% |
3,716 |
+13% |
+42% |
Dominican Republic |
1,678 |
+9.3% |
+23% |
3,539 |
+10% |
+25% |
Cabo Verde |
628 |
+13% |
+3.3% |
1,406 |
+16% |
+4.7% |
Total fully consolidated subsidiaries |
58,351 |
+5.3% |
+4.0% |
104,249 |
+6.5% |
+3.6% |
Japan (40%) |
11,790 |
+20% |
−9.3% |
23,301 |
+24% |
−9.1% |
Chile (40%) |
5,738 |
+11% |
+2.5% |
12,785 |
+15% |
+1.6% |
Hungary (20%) |
4,405 |
+16% |
+4.2% |
7,860 |
+18% |
+6,5% |
Costa Rica (45%) |
482 |
+22% |
+66% |
1,169 |
+26% |
+58% |
Rennes-Dinard (49%) |
127 |
-23% |
-53% |
244 |
−22% |
−47% |
Total equity-accounted subsidiaries |
22,542 |
+16% |
−3.6% |
45,359 |
+20% |
-3.1% |
Total passengers handled by
VINCI Airports |
80,893 |
+8.2% |
+1.8% |
149,608 |
+10.2% |
+1.5% |
1 Data at 100%, irrespective of
percentage held and including the passenger numbers of all managed
airports over the full period.
APPENDIX E: ORDER BOOK AND ORDER
INTAKE
Order book
|
At 30 June |
2024/2023 |
|
(in € billions) |
2024 |
2023 |
change |
|
VINCI Energies |
16.3 |
14.7 |
+11%
|
|
Cobra IS |
16.4 |
13.3 |
+24% |
|
VINCI Construction |
34.6 |
33.6 |
+3% |
|
Total |
67.3 |
61.5 |
+9% |
|
of which: |
|
|
|
|
France |
21.2 |
19.2 |
+11% |
|
International |
46.1 |
42.4 |
+9% |
|
Europe excl. France |
30.3 |
25.2 |
+20% |
|
Rest of the world |
15.8 |
17.2 |
−8% |
|
Order intake
|
At 30 June |
2024/2023 |
|
(in € billions) |
2024 |
2023 |
change |
VINCI Energies |
11.5 |
11.1 |
+4% |
Cobra IS |
5.4 |
5.3 |
+3% |
VINCI Construction |
17.0 |
14.9 |
+14% |
Total |
33.9 |
31.2 |
+9% |
of which: |
|
|
|
France |
12.6 |
12.4 |
+2% |
International |
21.3 |
18.8 |
+13% |
Europe excl. France |
15.3 |
13.2 |
+16% |
Rest of the world |
5.9 |
5.6 |
+6% |
GLOSSARY
Cash flow from operations before tax and
financing costs (Ebitda): Ebitda corresponds to recurring operating
income adjusted for additions to depreciation and amortisation,
changes in non-current provisions and non-current asset impairment,
gains and losses on asset disposals. It also includes restructuring
charges included in non-recurring operating items.
Concession subsidiaries’ revenue derived from
works carried out by non-Group companies: this indicator relates to
construction work done by concession companies as programme manager
on behalf of concession grantors. Consideration for that work is
recognised as an intangible asset or financial asset depending on
the accounting model applied to the concession contract, in
accordance with IFRIC 12 “Service Concession Arrangements”. It
excludes work done by the VINCI Energies, Cobra IS and VINCI
Construction business lines.
Cost of net financial debt: the cost of net
financial debt comprises all financial income and expense relating
to net financial debt as defined below. It therefore includes
interest expense and income from interest rate derivatives
allocated to gross debt, along with financial income from
investments and cash equivalents. The reconciliation between this
indicator and the income statement is detailed in the notes to the
Group’s consolidated financial statements.
Ebitda margin, Ebit margin and recurring
operating margin: ratios of Ebitda, Ebit, or recurring operating
income to revenue excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies.
Free cash flow: free cash flow is made up of
operating cash flow and growth investments in concessions and
PPPs.
Like-for-like revenue growth: this indicator
measures the change in revenue at constant scope and exchange
rates.
- Constant scope: the scope effect is
neutralised as follows:
- For revenue in year Y, revenue from
companies that joined the Group in year Y is deducted.
- For revenue in year Y−1, the
full-year revenue of companies that joined the Group in year Y−1 is
included, and revenue from companies that left the Group in years
Y−1 and Y is excluded.
- Constant exchange rates: the
currency effect is neutralised by applying exchange rates in year Y
to foreign currency revenue in year Y−1.
Net financial surplus/debt: this corresponds to
the difference between financial assets and financial debt. If the
assets outweigh the liabilities, the balance represents a net
financial surplus, and if the liabilities outweigh the assets, the
balance represents net financial debt. Financial debt includes
bonds, bank borrowings and debt owed to financial institutions
(including derivatives and other liabilities relating to hedging
instruments). Financial assets include cash and cash equivalents
and assets relating to derivative instruments.
Under IFRS 16, the Group recognises right-of-use
assets relating to leased items under non-current assets, along
with a liability corresponding to the present value of lease
payments still to be made. That liability is not included in net
financial surplus/debt as defined by the Group, and is presented
directly on the balance sheet.
Non-recurring operating items: non-recurring
income and expense mainly includes goodwill impairment losses,
restructuring charges and income and expense relating to changes in
scope (capital gains or losses on disposals of securities and the
impact of changes in control).
Operating cash flow: operating cash flow is a
measurement of cash flows generated by the Group’s ordinary
activities. It is made up of Ebitda, the change in operating
working capital requirement and current provisions, interest paid,
income taxes paid, dividends received from companies accounted for
under the equity method, operating investments net of disposals and
repayments of lease liabilities and the associated financial
expense. Operating cash flow does not include growth investments in
concessions and public-private partnerships (PPPs).
Operating income: this indicator is included in
the income statement.
Operating income is calculated by taking
recurring operating income and adding non-recurring income and
expense (see above).
Operating income from ordinary activities
(Ebit): this indicator is included in the income statement.
Ebit measures the operational performance of
fully consolidated Group subsidiaries. It excludes share-based
payment expense (IFRS 2), other recurring operating items
(including the share of the income or loss of companies accounted
for under the equity method) and non-recurring operating items.
Order book:
- At VINCI Energies, Cobra IS and
VINCI Construction, the order book represents the volume of
business yet to be carried out on projects where the contract is in
force (in particular after service orders have been obtained or
after conditions precedent have been met) and financed.
- At VINCI Immobilier, the order book
corresponds to the revenue, recognised on a
progress-towards-completion basis, that is yet to be generated on a
given date with respect to property sales confirmed by a notarised
deed or with respect to property development contracts on which the
works order has been given by the project owner.
Order intake:
- At VINCI
Energies, Cobra IS and VINCI Construction, a new order is recorded
when the contract has been not only signed but is also in force
(for example, after the service order has been obtained or after
conditions precedent have been met) and when the project’s
financing is in place. The amount recorded in order intake
corresponds to the contractual revenue.
- 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.
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 unconsolidated companies (financial
income from shareholder loans and advances granted by the Group to
some of its subsidiaries, dividends received from unconsolidated
companies, etc.).
VINCI Airports’ passenger numbers: this is the
number of passengers who have travelled on commercial flights from
or to a VINCI Airports airport during a given period, and is a
relevant indicator for estimating an airport’s revenue from both
aviation and non-aviation activities.
VINCI Autoroutes’ traffic levels: this is the
number of kilometres travelled by light and heavy vehicles on the
motorway network managed by VINCI Autoroutes during a given
period.
1 Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).
2 Period-end.
3 Figures at 100% including passenger numbers at all airports
managed by VINCI Airports over the period as a whole.
4 TEITLD : taxe sur les infrastructures de transport de
longue distance. The levy is applicable from 2024 onwards, and
almost exclusively targets motorway concession companies. France’s
Constitutional Council is currently reviewing the levy to clarify
whether it is consistent with the French constitution.
5 34 acquisitions were completed in 2023 and 15 in the first half
of 2024 (see details on page 9). Recent acquisitions boosted
revenue by more than €100 million in the first half.
6 Motorways managed outside France and electronic toll management
activities.
7 Information and communication technologies.
8 For the record: in the first half of 2023, VINCI Energies’s
revenue in France was up 13% on both an actual and like-for-like
basis.
9 As VINCI Construction’s activities are seasonal, particularly in
roadworks, first-half results are not representative of full-year
performance.
10 After taking account of dilutive instruments.
11 €123 million after taxes related to the restructuring of the
debt used to acquire London Gatwick airport (€167 million before
taxes).
12 Because of seasonal variations in business levels and in the
resulting cash flows, most of the Group’s free cash flow is
generated in the second half of the year.
13 Of which €3.8 billion for VINCI Airports and €1.5 billion for
VINCI Highways, including the net financial debt of acquired
companies.
14 Including, for heavy vehicle traffic, the negative impact of one
fewer business day in the first half of 2024 than in the
year-earlier period.
15 Exceptionally heavy rainfall in February and March 2024, and
mixed weather in June 2024.
16 Figures at 100% including passenger numbers at all managed
airports over the period as a whole.
17 Including, in the first quarter of 2024, €2.5 billion relating
to two offshore windfarm energy converter platforms to be designed,
built and installed in the North Sea for TenneT (contract announced
in April 2023). In the first half of 2023, the €2.4 billion
contract (won in January 2023) to design, build and install two
offshore windfarm energy converter platforms in the North Sea for
Amprion had been booked.
18 Capacity of 0.6 GW and 0.8 GW respectively.
19 Additional capacity of 0.5 GW.
20 Excluding the non-recurring positive impact of €167
million related to the restructuring in the first half of 2023 of
the debt used to acquire London Gatwick airport.
21 Figures at 100% including passenger numbers at all managed
airports over the period as a whole.
22 Ebit/revenue.
23 Including more than €120 million outside France.
This press release is an official information document of
the VINCI Group.
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