First Half 2022 Financial Results
Nanterre, 29 July 2022
FIRST HALF 2022 FINANCIAL
RESULTS
-
Revenue growth
– higher earnings in each
division
- Concessions:
stronger recovery in VINCI Airports passenger numbers
VINCI Autoroutes traffic above pre-pandemic levels
- VINCI
Energies / VINCI Construction: higher business levels –
improvement of margins
- Cobra IS: good
integration in line with expectations
-
Sharp increase in consolidated
net income
-
Satisfactory renewal of the order book
- 2022
guidance confirmed
- 2022
interim dividend: €1.0
per share
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 Autoroutes’ revenue amounted
to €2.8 billion, up 18% compared with the first half of 2021 and up
8% versus the first half of 2019.
- VINCI Airports had total revenue of
€1.1 billion, three times the figure for the first half of 2021 and
down 18% on a constant perimeter compared with the first half of
2019.
- Revenue at VINCI Highways – which
mainly comprises Lima Expresa (Lima ring road in Peru) and Gefyra
(Rion–Antirion bridge in Greece) – was €146 million, above its
first-half 2019 level.
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:
- In France (45% of the total),
revenue was €3.5 billion, up 7% on an actual basis or up 6%
like-for-like.
- Outside France (55% of the total),
revenue was €4.2 billion, up 10% on an actual basis and up 5%
like-for-like. Revenue rose in Europe, North America and
Oceania.
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:
- In France (47% of the total),
revenue was €6.4 billion, up 4% on an actual basis. Business levels
were firm in civil engineering and in roadworks. In building, they
were driven by several major developments in the Paris region in
the non-residential sector.
- Outside France (53% of the total),
revenue was €7.1 billion, up 18% on an actual basis and up 12%
like-for-like. Revenue was driven by the ramp-up of several large
contracts obtained in the latest years, including two works
packages on the HS2 high-speed rail line in the United Kingdom,
motorway and rail projects in North America, Australia and New
Zealand, and preparatory works on the Fehmarnbelt Fixed Link
between Germany and Denmark.
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:
- €1,899 million in
Concessions, twice the level seen in the first half of 2021 and
slightly higher than in the first half of 2019. After two
loss-making years because of the health crisis, VINCI Airports
returned to profit at the Ebit level (€380 million).
- €507 million at
VINCI Energies, equating to an Ebit margin of 6.5% (up 50 basis
points year on year).
- €190 million at
Cobra IS, representing an Ebit margin of 7.1%.
- €254 million for
VINCI Construction, giving an Ebit margin of 1.9%6, up 10 basis
points relative to the first half of 2021.
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:
- Managed net cash of €6.0
billion.
- Unused confirmed bank credit
facilities totalling €8.0 billion, with most of this amount due to
expire in November 2025. In addition, VINCI arranged a new €2.5
billion bank credit facility in July 2022, which is due to expire
in July 2024.
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:
- VINCI Autoroutes, where traffic
levels were firm overall in the first half despite higher fuel
prices, anticipates that full-year traffic levels will exceed those
of 2019.
- VINCI Airports expected passenger
numbers to be around 60% of their 2019 level in 2022, and to
achieve net income close to break-even. After a
stronger-than-expected recovery in the first half,
VINCI Airports is now anticipating – barring a resurgence of
the pandemic - passenger numbers close to 70% of their 2019 level
allowing it to generate positive net income and free cash
flow.
- VINCI Energies, which operates in
buoyant markets, should be able to continue growing its business
while solidifying its operating margin11.
- Cobra IS, benefiting from firm
momentum in its flow business and the ramp-up of its EPC projects,
is expecting revenue of around €5.5 billion and operating margin11
in line with the industry’s best in class.
- VINCI Construction, due to its very
large order book, is likely to remain busy and improve its
operating margin11, while continuing to take a selective approach
to new business.
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:
- SI-TEC GmbH in Switzerland,
specialising in industrial planning and engineering and with a
strong customer base in the life sciences, chemicals, energy,
environment and food production sectors.
- Bluescale in France, allowing VINCI
Energies to bolster its data analytics offering and giving it a
presence along the entire data value chain.
VINCI Construction:
- Acquisition in Canada of several
companies specialising in roadworks and the production of asphalt
mixes and aggregates in the provinces of New Brunswick and Nova
Scotia from the family-owned Northern Group of Companies. This
acquisition strengthens VINCI Construction’s presence in
Canada and its position in North America as a whole.
VINCI Concessions:
- In Portugal, VINCI Concessions and
Lineas – whose main shareholder is Mota-Engil – exercised their
pre-emption right to acquire Atlantia’s 17.2% stake in Lusoponte,
which holds concessions for two bridges over the river Tagus in
Lisbon until 2030. As a result, VINCI Concessions now holds a 49.5%
stake in Lusoponte, giving it and its partner joint control over
the company.
- Acquisition of the 70% stake not
already owned in TollPlus Inc, a provider of software solutions for
mobility infrastructures. VINCI Highways has held a 30% stake in
TollPlus since 2016, and has been developing its free-flow toll
business in the United States (Texas and California), Europe
(Ireland) and India. The acquisition makes VINCI Highways a leading
player in electronic toll collection (ETC), a market that is
growing rapidly, particularly in the United States. TollPlus will
now be fully consolidated in VINCI’s financial statements.
- Acquisition of OMERS
Infrastructure’s 65.1% stake in Strait Crossing Development Inc
(SCDI), which holds the concession until 2032 for the Confederation
Bridge connecting the Canadian provinces of Prince Edward’s Island
and New Brunswick. VINCI Highways is a long-standing shareholder of
SCDI, and the transaction increased its stake from 19.9% to 85%,
which means that SCDI is now fully consolidated in the Group’s
financial statements.
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:
- Multiservice network and monitoring
systems for Line 18 of the Grand Paris Express.
- Multi-technical packages for
several units of the new Nantes university hospital.
- Technical installations and
maintenance of a new swimming pool in the Grasduinen recreation
park in Belgium. The 3,000 sq. metre building will be CO2-neutral
thanks to the 761 solar panels on its roof.
- Multi-technical design and build
packages for Phase 2 of the buildings at Mohammed VI Polytechnic
University in Rabat, Morocco.
- Electrical system works for a data
centre in Singapore.
- Reconstruction of the Five Forks to
Windy Edge electrical transmission line in Maryland, in the United
States.
Cobra IS:
- Design-build and maintenance
contract for the electromechanical infrastructure of the
Fehmarnbelt Fixed Link road and rail tunnel between Germany and
Denmark.
- Design-build and installation
contract for two offshore wind energy conversion facilities in the
North Sea.
VINCI Construction:
- Several major road projects in
Australia (access roads to the new airport in Sydney, upgrading of
a road in Melbourne) and New Zealand (Penlink and Takitimu North
Link projects near Auckland).
- Construction of the Springbank
off-stream reservoir in the Canadian province of Alberta.
- First phase of extension and
modernisation work on the Princess Grace hospital complex in
Monaco.
- Construction of several units of
the new Nantes university hospital.
- Upgrading of a 93 km section of
Côte d’Ivoire’s Abidjan–San Pédro coastal road.
- Fit-out work on the three
above-ground stations of the future Line 18 of the Grand Paris
Express.
*********
Financial calendar |
29 July 2022 |
First half 2022 results
- Press conference: 08:30 CEST
- Analysts’ conference: 10:30 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 +1 212 999 6659 (code: VINCI ENG) Live access
to the webcast on the Group’s website or at the
following link: In
French: https://channel.royalcast.com/landingpage/vincifr/20220729_1/In
English:https://channel.royalcast.com/landingpage/vinci/20220729_1/
|
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.
- Constant scope: the scope effect is
neutralised as follows.
- For revenue in year Y, revenue from
companies that joined the Group in year Y is deducted.
- For revenue in year Y-1, the
full-year revenue of companies that joined the Group in year Y-1 is
included, and revenue from companies that left the Group in years
Y-1 and Y is excluded.
- Constant exchange rates: the
currency effect is neutralised by applying exchange rates in year Y
to foreign currency revenue in year Y-1.
Net financial surplus/debt: this corresponds to
the difference between financial assets and financial debt. If the
assets outweigh the liabilities, the balance represents a net
financial surplus, and if the liabilities outweigh the assets, the
balance represents net financial debt. Financial debt includes
bonds and other borrowings and financial debt (including
derivatives and other liabilities relating to hedging instruments).
Financial assets include cash and cash equivalents and assets
relating to derivative instruments.
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:
- 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 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.
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