| (in € millions) | 2021 | 2020 | 2021/2020 change | 2019 |
|---|---|---|---|---|
| Revenue (*) | Revenue (*)202149,396 | Revenue (*) 2020 43,234 |
Revenue (*) 2021/2020 change +14.3% |
Revenue (*) 2019 48,053 |
| Revenue generated in France (*) | Revenue generated in France (*)202126,319 |
Revenue generated in France (*)2020 22,912 |
Revenue generated in France (*)2021/2020 change +14.9% |
Revenue generated in France (*)2019 26,307 |
| % of revenue (*) | % of revenue (*)202153.3% | % of revenue (*) 2020 53.0% |
% of revenue (*) 2021/2020 change
|
% of revenue (*) 2019 54.7% |
| Revenue generated outside France (*) | Revenue generated outside France (*)202123,078 |
Revenue generated outside France (*)2020 20,322 |
Revenue generated outside France (*)2021/2020 change +13.6 % |
Revenue generated outside France (*)2019 21,746 |
| % of revenue (*) | % of revenue (*)202146.7% | % of revenue (*) 2020 47.0% |
% of revenue (*) 2021/2020 change
|
% of revenue (*) 2019 45.3% |
| Operating income from ordinary activities | Operating income from ordinary activities 20214,723 |
Operating income from ordinary activities 2020 2,859 |
Operating income from ordinary activities 2021/2020 change 1,864 |
Operating income from ordinary activities 2019 5,734 |
| % of revenue (*) | % of revenue (*)20219.6% | % of revenue (*) 2020 6.6% |
% of revenue (*) 2021/2020 change
|
% of revenue (*) 2019 11.9% |
| Recurring operating income | Recurring operating income 20214,464 |
Recurring operating income 2020 2,511 |
Recurring operating income 2021/2020 change 1,953 |
Recurring operating income 2019 5,704 |
| Operating income | Operating income 20214,438 |
Operating income 2020 2,459 |
Operating income 2021/2020 change 1,979 |
Operating income 2019 5,664 |
| Net income attributable to owners of the parent excluding non-recurring changes in deferred taxes in the United Kingdom | Net income attributable to owners of the parent excluding non-recurring changes in deferred taxes in the United Kingdom 20212,797 |
Net income attributable to owners of the parent excluding non-recurring changes in deferred taxes in the United Kingdom 2020 1,292 |
Net income attributable to owners of the parent excluding non-recurring changes in deferred taxes in the United Kingdom 2021/2020 change 1,505 |
Net income attributable to owners of the parent excluding non-recurring changes in deferred taxes in the United Kingdom 2019 3,260 |
| Net income attributable to owners of the parent | Net income attributable to owners of the parent20212 597 | Net income attributable to owners of the parent 2020 1,242 |
Net income attributable to owners of the parent 2021/2020 change +109.1 % |
Net income attributable to owners of the parent 2019 3,260 |
| % of revenue (*) | % of revenue (*)20215.3 % | % of revenue (*) 2020 2.9% |
% of revenue (*) 2021/2020 change
|
% of revenue (*) 2019 6.8% |
| Diluted earnings per share (in €) | Diluted earnings per share (in €) 20214,51 |
Diluted earnings per share (in €) 2020 2.20 |
Diluted earnings per share (in €) 2021/2020 change 2.31 |
Diluted earnings per share (in €) 2019 5.82 |
| Dividend per share (in €) | Dividend per share (in €) 20212.90 (**) |
Dividend per share (in €) 2020 2.04 |
Dividend per share (in €) 2021/2020 change 0.86 |
Dividend per share (in €) 2019 2.04 |
| Cash flows from operations before tax and financing costs | Cash flows from operations before tax and financing costs 20217,884 |
Cash flows from operations before tax and financing costs 2020 5,919 |
Cash flows from operations before tax and financing costs 2021/2020 change 1,965 |
Cash flows from operations before tax and financing costs 2019 8,497 |
| % of revenue (*) | % of revenue (*)202116.0% | % of revenue (*) 2020 13.7% |
% of revenue (*) 2021/2020 change
|
% of revenue (*) 2019 17.7% |
| Operating investments (net of disposals) | Operating investments (net of disposals) 2021(1,077) |
Operating investments (net of disposals) 2020 (994) |
Operating investments (net of disposals) 2021/2020 change (83) |
Operating investments (net of disposals) 2019 (1,249) |
| Operating cash flow | Operating cash flow20216,098 | Operating cash flow 2020 5,075 |
Operating cash flow 2021/2020 change 1,023 |
Operating cash flow 2019 5,266 |
| Growth investments (concessions and PPPs) | Growth investments (concessions and PPPs) 2021(815) |
Growth investments (concessions and PPPs) 2020 (1,085) |
Growth investments (concessions and PPPs) 2021/2020 change 270 |
Growth investments (concessions and PPPs) 2019 (1,065) |
| Free cash flow | Free cash flow20215,282 | Free cash flow 2020 3,990 |
Free cash flow 2021/2020 change 1,293 |
Free cash flow 2019 4,201 |
| Capital employed | Capital employed 202148,792 |
Capital employed 2020 46,258 |
Capital employed 2021/2020 change 2,534 |
Capital employed 2019 50,058 |
| Equity including non-controlling interests (***) | Equity including non-controlling interests (***)202124,771 |
Equity including non-controlling interests (***)2020 23,173 |
Equity including non-controlling interests (***)2021/2020 change 1,598 |
Equity including non-controlling interests (***)2019 23,191 |
| Net financial debt | Net financial debt 2021(19,266) |
Net financial debt 2020 (17,989) |
Net financial debt 2021/2020 change (1,276) |
Net financial debt 2019 (21,654) |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Dividend proposed at the Shareholders’ General Meeting of 12 April 2022.
(***) Adjusted as at 1 January 2020 following the IFRS IC’s agenda decision of May 2021 clarifying how to calculate retirement benefit obligations.
PPP: Public-private partnership.
Consolidated revenue totalled €49.4 billion in 2021, up almost 3% on an actual basis relative to 2019 and up 14.3% compared with 2020 (up 12.9% like-for-like).
Consolidated Ebitda totalled €7.9 billion (€5.9 billion in 2020), close to the 2019 figure of €8.5 billion, and equalled 16.0% of revenue.
Operating income from ordinary activities (Ebit) amounted to €4.7 billion. This was well above the 2020 figure of €2.9 billion but significantly lower than the €5.7 billion achieved in 2019. It equalled 9.6% of revenue compared with 6.6% in 2020 and 11.9% in 2019.
Recurring operating income amounted to €4.5 billion (€2.5 billion in 2020 and €5.7 billion in 2019). It includes the impact of share-based payments (IFRS 2) and a slightly positive contribution from companies accounted for under the equity method.
Consolidated net income attributable to owners of the parent was €2.6 billion in 2021, representing a 109% rebound compared with 2020 (€1.2 billion) but a 20% decrease relative to 2019 (€3.3 billion). Earnings per share, after taking into account dilutive instruments, was €4.51 (€2.20 in 2020 and €5.82 in 2019). The 2021 figure includes a non-recurring deferred tax expense in the United Kingdom, which had no cash effect. Excluding that non-recurring expense, consolidated net income attributable to owners of the parent was €2.8 billion in 2021, down 14% relative to 2019.
Free cash flow – after operating investments by the business lines – hit a record €5.3 billion (€4.2 billion in 2019 and €4.0 billion in 2020). This was much higher than expected, and partly resulted from a further significant reduction in the working capital requirement and current provisions.
Dividend payments and share buy-backs carried out in 2021, net of capital increases, represented a total outflow of €1.4 billion (€0.4 billion in 2020 and €1.7 billion in 2019).
Net financial debt at 31 December 2021 was €19.3 billion, a limited increase of €1.3 billion relative to end-2020. This was despite the acquisition of Cobra IS, which had a net impact of €4.2 billion.
VINCI still had a large amount of liquidity at 31 December 2021, i.e. €17.8 billion (€18.0 billion at 31 December 2020), breaking down into €9.3 billion of managed net cash (€10 billion a year earlier) and €8.5 billion of unused confirmed bank credit facilities (€8 billion a year earlier).
The Group carried out several bond issues and refinancing transactions totalling €1.8 billion. Debt repayments during the year amounted to €2.2 billion.
Order intake at VINCI Energies and VINCI Construction amounted to €42.4 billion in 2021, almost stable year on year (down 2%) despite a high base for comparison caused by some major project wins in 2020. The 4% increase in order intake in France partly offset the 7% decrease outside France. In addition, given the high level of demand in their markets and their historically large order books, these two business lines are maintaining a selective approach to taking on new business. At VINCI Energies, order intake rose 12%, while at VINCI Construction it fell 9%.
At 31 December 2021, VINCI Energies and VINCI Construction’s combined order book amounted to €44.5 billion, up 5% year on year (up 9% outside France, down 1% in France). It grew at both VINCI Energies (up 11%) and VINCI Construction (up 3%), and represented 13 months of average business activity (nine months for VINCI Energies and 15 months for VINCI Construction). Business outside France made up 62% of the combined order book at end-December 2021.
