In 2020, Covid-19 had a major impact, but VINCI showed its resilience and ability to adapt to an unprecedented situation. In 2021, we achieved a strong recovery, which is all the more impressive since the public health situation has not yet stabilised.
Our revenue was higher than in 2019 and our earnings rebounded, accompanied by record cash flow.
Business levels at VINCI Energies were very firm and its operating margin rose again, showing the wisdom of the company’s market position and organisation. VINCI Energies is benefiting from a number of megatrends, including energy efficiency, increasing demand for electricity and the digital revolution.
At the start of the year, we combined VINCI Construction and Eurovia within a new business line. The benefits of that reorganisation are already being seen, with a tripartite structure focusing on specialty business areas, major projects and proximity networks in France and abroad. Both revenue and earnings beat 2019 figures and orders remain high due to strong momentum in our flow business.
Order books, which in 2020 had been boosted by several exceptional contract wins, remained at record levels in 2021. This means that we have good visibility, allowing us to continue being selective and improving our margins.
At VINCI Autoroutes, we were pleased to see traffic levels rebound strongly after travel restrictions were lifted in the first half of 2021. Both light vehicle and heavy vehicle traffic figures are now higher than they were before the health crisis.
VINCI Airports, which was badly affected by the travel restrictions that remained in place in many countries for much of the year, saw a progressive improvement in passenger numbers from the summer onwards, although the situation continues to vary widely between regions. This business line also benefited from the initial impact of the drastic cost-cutting plans that had previously been introduced.
In terms of business development, the main event in 2021 was the closing of our acquisition of Cobra IS, the energy division of ACS. With this strategic deal, we intend to build a world leader in engineering, works and services in the energy field – where VINCI already has a strong presence – and accelerate our move into renewable energy concessions, a promising area in which Cobra IS has acknowledged expertise.
We also broadened our concessions portfolio, winning a 30-year contract for Manaus airport and six other airports in Brazil’s North Region. We also added a fifth motorway public-private partnership (PPP) in Germany and the first motorway PPP in the Czech Republic.
I must also mention that VINCI, alongside partners including Air Liquide and TotalEnergies, has set up the world’s largest investment fund dedicated to the development of clean hydrogen infrastructure.
The growth potential of VINCI’s businesses, which are central to the issues facing tomorrow’s world, has never been so great, with developments such as the transformation of cities and buildings to reduce their environmental impact, growing mobility needs that require lower-carbon transport infrastructure, and the digital revolution.
Given the urgent need for action, we have stepped up our environmental commitments, aware of the responsibility that we have as a market leader, while taking into account the workforce-related and social impact that our business activities have.
So VINCI – now based at l’archipel, our new head office in Nanterre that acts as a showcase for our expertise – is starting a new chapter in its long history with enthusiasm and determination.
Xavier Huillard Chairman and Chief Executive Officer
