Nanterre,
QUARTERLY INFORMATION AT
- Revenue up almost 5% to €15.7 billion
- Good performance overall, both in
France and abroadVINCI Autoroutes : upturn in traffic levels in March after disruptions at the start of the yearVINCI Airports : passenger numbers higher than in 2019 for the second consecutive quarterVINCI Energies : rise in business activity and order intake- Cobra
IS : strong business levels and outstanding order intake VINCI Construction : solid business activity, good order book renewal
- Order book: new all-time high
- Net financial debt: limited increase during the quarter despite higher operating investments
- 2024 guidance confirmed
REVENUE AND OTHER KEY INDICATORS
First quarter | 2024/2023 change | |||
(In € millions) | 2024 | 2023 | Actual | Like-for-like1 |
Concessions | 2,352 | 2,206 | +6.6% | +5.3% |
1,375 | 1,332 | +3.2% | +3.2% | |
876 | 767 | +14.3% | +10.8% | |
VINCI Highways | 81 | 75 | +9.2% | +4.5% |
Other concessions2 | 20 | 32 | −39.5% | −39.5% |
4,615 | 4,395 | +5.0% | +3.8% | |
Cobra | 1,608 | 1,496 | +7.5% | +7.6% |
6,999 | 6,737 | +3.9% | +3.8% | |
248 | 296 | −16.1% | −16.1% | |
Eliminations and adjustments | (97) | (128) | ||
Group total* | 15,725 | 15,002 | +4.8% | +4.2% |
of which: | 7,056 | 6,780 | +4.1% | +4.0% |
International | 8,669 | 8,222 | +5.4% | +4.5% |
5,531 | 4,894 | +13.0% | +10.7% | |
International excl. | 3,138 | 3,328 | −5.7% | −4.9% |
VINCI Autoroutes’ traffic levels | −1.4% vs Q1 2023 | |||
VINCI Airports’ passenger numbers | +12.4% vs Q1 2023, +0.6% vs Q1 2019 | |||
Order intake (in € billions) | 18.5 | 15.5 | +19% | |
Order book** (in € billions) | 66.7 | 60.3 | +11% | |
Net financial debt** (in € billions) | (16.9) | (19.2) | +2.3 |
* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary).
** Period-end.
The changes set out below are relative to the first quarter of 2023 unless otherwise stated.
I. Consolidated key figures
Consolidated revenue rose by 4.8% to €15.7 billion in the first quarter of 2024 (organic growth of 4.2%, a 0.5% positive impact from changes in the consolidation scope and a near-neutral impact from exchange rate movements).
In
Outside
The proportion of revenue generated outside
Order intake at
As a result, the order book hit a new all-time high of €66.7 billion at
II. Change by business line
- CONCESSIONS: €2.4 billion (up 6.6%)
Traffic levels on VINCI Autoroutes’ networks were adversely affected at the start of the year by numerous farmers’ blockades. The disruptions took place between late January and early March, to varying degrees.
Traffic levels then recovered in March, rising by 4% relative to
Lastly, it should be noted that the traffic levels observed in the first quarter are not representative of the annual trend.5
Passenger numbers in the
Overall,
VINCI Highways: €81 million (up 9.2% actual; up 4.5% like-for-like)
VINCI Highways’ main concession assets7 saw traffic levels rise between 2.5% and 5%.
In other concessions, it should be noted that business levels at
VINCI Energies : €4.6 billion (up 5.0% actual; up 3.8% like-for-like)
In
Outside
Order intake rose 4% compared with the first quarter of 2023 and hit a new record of over €21 billion on a rolling twelve-month basis. The order book at
- Cobra
IS : €1.6 billion (up 7.5% actual; up 7.6% like-for-like)
Cobra IS’s strong revenue growth – particularly in
In
Outside
Order intake doubled relative to the first quarter of 2023. The figure includes €2.5 billion relating to two offshore windfarm energy converter platforms to be designed, built and installed in the
Cobra IS’s order book therefore hit a record €16.7 billion at
In renewable power generation, work continued on solar power plant projects in
VINCI Construction : €7.0 billion (up 3.9% actual; up 3.8% like-for-like)
VINCI Construction’s revenue growth in the first quarter was mainly driven by its French business. Order intake during the period - in both flow business and major projects - and particularly in
In
Outside
Order intake was up 10%, and the order book was steady at €33.9 billion at
VINCI Immobilier : €248 million (down 16%)
VINCI Immobilier’s revenue fell again due to the conjunctural difficulties in the residential sector and the office market observed since several quarters against the backdrop of interest rates increase.
However, a good level of bulk sales meant that
III. Financial position and liquidity
VINCI’s consolidated net financial debt at
VINCI maintained a very high level of liquidity at
managed net cash of €12.0 billion (€13.2 billion at 31 December 2023);
VINCI SA’s unused confirmed credit facility of €6.5 billion, due to expire in
In
IV. 2024 guidance confirmed
VINCI confirms the 2024 guidance that it presented when publishing its 2023 financial statements in
Barring any exceptional events, the Group anticipates the following trends in its various business lines in 2024:
VINCI Autoroutes expects traffic levels to rise slightly compared with 2023.
VINCI Airports is forecasting passenger numbers9 slightly in excess 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, while maintaining its excellent operating margin10.
- Cobra
IS , thanks to its very large order book, expects to increase its revenue again and maintain its operating margin10 at the high level achieved in 2023.
- New projects will be added to the renewable energy portfolio in 2024 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 compared with the end of 2023.
VINCI Construction should see revenue stabilise close to 2023 levels while continuing the improvement in its operating margin10.
As a result, VINCI expects its total revenue to rise again in 2024, although growth is likely to be more limited than in 2023. Earnings are expected to increase as well.
This forecast does not take into account the negative impact of the new tax on long-distance transport infrastructure operators being introduced by the French government, estimated to around €280 million.
Despite this negative impact, net income in 2024 could be close to its level achieved in 2023.
V. Recent developments
VINCI Concessions
At the end of
On
On
VINCI Concessions’ management will comment on these recent strategic developments in a conference call at
https://register.vevent.com/register/BI929b8adfcff24ac3ac494fd41fc6c584
and then dial one of the numbers provided.
VINCI Energies
Premiere Automation in
Kramer & Best, a German company specializing in the integration of purified water process systems for the pharmaceutical and fine chemicals industries;
Solu-tech, a French company specializing in automation, industrial IT and robotics, mainly for the food and pharmaceutical industries;
Hesselink, a German company specializing in services for electrical distribution networks in north-west
- Cobra
IS
In April, VINCI announced an investment in
VINCI Construction
These two companies generate combined annual revenue of almost €80 million.
Conference calls and financial calendar
The Group will comment on its revenue and business activities in the first quarter of 2024 in a conference call to be held in English today (Thursday,
To take part, please obtain an individual access code ahead of the call via the following link:
https://register.vevent.com/register/BId8632bfb918c41199461cbec09cbf26f
and then dial one of the following numbers:
FR: +33 1 86 47 80 85
UK: +44 1400 220156
US: +1 864 991 4103
*********
Financial calendar | |
See connection details on page 6 | |
VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for | |
VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger numbers for | |
VINCI Airports’ passenger numbers for the second quarter of 2024 (after the market close) | |
Publication of VINCI’s first-half 2024 results (after the market close) |
**********
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
Tel: +33 (0)1 57 98 62 88
media.relations@vinci.com
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. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general. www.vinci.com
APPENDICES
APPENDIX A: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE
Consolidated revenue* in the first quarter of the year – Breakdown by region and business line
2024/2023 change | ||||
(In € millions) | First quarter 2024 | First quarter 2023 | Actual | Like-for-like |
Concessions | 1,487 | 1,450 | +2.5% | +2.5% |
1,375 | 1,332 | +3.2% | +3.2% | |
92 | 86 | +7.1% | +7.1% | |
Other concessions** | 19 | 32 | −39.9% | −39.9% |
2,040 | 1,993 | +2.4% | +2.0% | |
Cobra | 10 | 9 | +19.7% | +19.7% |
3,342 | 3,159 | +5.8% | +5.7% | |
248 | 293 | −15.5% | −15.5% | |
Eliminations and adjustments | (71) | (124) | ||
Total | 7,056 | 6,780 | +4.1% | +4.0% |
INTERNATIONAL | ||||
Concessions | 866 | 756 | +14.5% | +10.5% |
784 | 681 | +15.2% | +11.2% | |
VINCI Highways | 81 | 75 | +9.1% | +4.4% |
Other concessions** | 0 | 0 | -6.2% | -7.9% |
2,575 | 2,402 | +7.2% | +5.2% | |
Cobra | 1,598 | 1,488 | +7.4% | +7.5% |
3,656 | 3,578 | +2.2% | +2.1% | |
1 | 3 | −71.7% | −73.2% | |
Eliminations and adjustments | (26) | (4) | ||
8,669 | 8,222 | +5.4% | +4.5% |
* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (see glossary).
**
APPENDIX B: VINCI AUTOROUTES AND VINCI AIRPORTS INDICATORS
Traffic on motorway concessions
First quarter | ||
(Millions of km travelled) | 2024 | 2024/2023 change |
10,722 | -1.4% | |
Light vehicles | 8,874 | -0.8% |
Heavy vehicles | 1,848 | -4.1% |
of which: | ||
ASF | 6,598 | −2.5% |
Light vehicles | 5,383 | −1.8% |
Heavy vehicles | 1,215 | −5.3% |
Escota | 1,676 | +1.4% |
Light vehicles | 1,496 | +1.5% |
Heavy vehicles | 180 | +1.0% |
2,346 | −0.5% | |
Light vehicles | 1,920 | +0.1% |
Heavy vehicles | 427 | −3.5% |
* Excluding A86 Duplex.
in the first quarter of 2024 | VINCI Autoroutes | Of which: | |||
ASF | Escota | ||||
Toll revenue (in € millions) | 1,341 | 765 | 204 | 344 | |
2024/2023 change | +3.1% | +1.8% | +4.9% | +4.2% | |
Revenue (in € millions) | 1,375 | 785 | 208 | 350 | |
2024/2023 change | +3.2% | +2.1% | +5.0% | +4.3% |
VINCI Airports’ passenger numbers1
First quarter | ||||
(In thousands of passengers) | 2024 | 2024/2023 change | 2024/2019 change | |
13,429 | +5.8% | +21.9% | ||
of which | 7,515 | +5.5% | +20.2% | |
9,657 | +13.9% | −12.3% | ||
of which London Gatwick | 8,333 | +11.6% | −13.9% | |
5,888 | −1.3% | +15.1% | ||
of which Monterrey | 2,857 | +2.0% | +20.2% | |
3,904 | +8.1% | −11.5% | ||
of which ADL ( | 2,236 | +5.8% | −12.8% | |
1,181 | +23.0% | −38.0% | ||
1,574 | +4.4% | +1.6% | ||
3,015 | +1.9% | −10.6% | ||
1,609 | +22.5% | +55.5% | ||
1,860 | +10.7% | +27.3% | ||
778 | +19.5% | +6.0% | ||
Total fully-consolidated subsidiaries | 42,896 | +7.7% | +3.1% | |
11,502 | +28.9% | −8.8% | ||
7,044 | +18.4% | +0.8% | ||
687 | +28.7% | +53.0% | ||
Rennes-Dinard (49%) | 116 | −19.9% | −38.8% | |
Total equity-accounted subsidiaries | 19,350 | +24.4% | −4.4% | |
Total passengers managed by | 62,245 | +12.4% | +0.6% |
1 Figures at 100% including passenger numbers over the period as a whole.
2 Passenger numbers for the first quarter of 2024 and previous periods exclude figures for
APPENDIX C: ORDER BOOK AND ORDER INTAKE
Order book
| At 31 March | Change | At 31 Dec. | Change | |||
(In € billions) | 2024 | 2023 | over 12 months | 2023 | vs | ||
16.0 | 14.5 | +11% | 14.3 | +12% | |||
Cobra | 16.7 | 11.5 | +46% | 14.4 | +16% | ||
33.9 | 34.3 | −1% | 32.7 | +4% | |||
Total | 66.7 | 60.3 | +11% | 61.4 | +9% | ||
of which: | |||||||
21.3 | 19.4 | +10% | 20.0 | +6% | |||
International | 45.3 | 40.9 | +11% | 41.4 | +10% | ||
29.9 | 23.2 | +29% | 25.6 | +17% | |||
Rest of the world | 15.5 | 17.7 | −12% | 15.8 | −2% |
Order intake
First quarter | |||||
(In € billions) | 2024 | 2023 | 2024/2023 change | ||
6.3 | 6.0 | +4% | |||
Cobra | 4.0 | 2.0 | +99% | ||
8.2 | 7.5 | +10% | |||
Total | 18.5 | 15.5 | +19% | ||
of which: | |||||
7.0 | 7.0 | −1% | |||
International | 11.5 | 8.5 | +36% | ||
9.2 | 5.9 | +55% | |||
Rest of the world | 2.4 | 2.6 | −8% |
GLOSSARY
Concession subsidiaries’ revenue derived from works carried out by non-Group companies: this indicator relates to construction work done by concession companies as programme manager on behalf of concession grantors. Consideration for that work is recognised as an intangible asset or financial asset depending on the accounting model applied to the concession contract, in accordance with IFRIC 12 “Service Concession Arrangements”. It excludes work done by the VINCI Energies,
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-period 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 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.
Order book
At
At
Order intake
At
At
For joint property developments:
If
If the development company is jointly controlled, it is accounted for under the equity method and its order intake is not included in the total.
VINCI Airports’ passenger numbers: this is the number of passengers who have travelled on commercial flights from or to a
VINCI Autoroutes’ traffic levels: this is the number of kilometres travelled by light and heavy vehicles on the motorway network managed by
1 See glossary.
2
3 34 acquisitions were completed in 2023 and 10 in the first quarter of 2024. Recent acquisitions boosted revenue by almost €60 million in the first quarter.
4 Including €2.5 billion relating to orders for offshore windfarm energy converter platforms at Cobra IS, see page 3.
5 In 2023, traffic levels in the first quarter represented 20% of full-year traffic levels, while those in the third quarter accounted for more than 30%.
6 Figures at 100% including passenger numbers at all managed airports over the period as a whole.
7 Lima Expresa (central section of the
8 Including VINCI Airports’ initial
9 Figures at 100% including passenger numbers at all managed airports over the period as a whole.
10 Ebit/revenue.
11 Subject to any adjustments that may occur before the close of the deal.
This press release is an official information document of the
Attachment
- VINCI_CP_T1_2024 20240425_EN VDef
© OMX, source