Beginning in September 2021, staff members of VINCI, VINCI Autoroutes, VINCI Airports and VINCI Construction moved into l’archipel, the Group’s new head office in the new Les Groues district of Nanterre, very close to the business district of La Défense.
L’archipel comprises five office buildings – conceived as interdependent and interconnected islands – and is a showcase for the multiple and complementary skills of VINCI’s teams.
By the spring of 2022, this mixed-use 74,000 sq. metre complex, which is open to its urban environment and integrated with it, will house almost 4,000 of the Group’s staff members.
The project was designed by Jean-Paul Viguier et Associés (principal architect) and Marc Mimram (associate architect). The works were completed in less than four and a half years, despite the pandemic, by teams from VINCI Construction, VINCI Energies and VINCI Immobilier working in synergy.
In 2021, despite the continuation of the health crisis that had significantly affected the Group’s performance in 2020, Standard & Poor’s and Moody’s maintained their long-term ratings on VINCI, i.e. A− and A3 with stable outlook, respectively.
The Group carried out several financing transactions during the year:
In 2021, the Group thus secured €1.8 billion of new financing with an average maturity of 8.4 years at the time of issue and an average interest rate of 1.97% after converting some of that debt from fixed to floating rate.
In 2021, the Group repaid a total of €2.2 billion of debt, including €1.1 billion owed by Cofiroute as a result of a bond issue that took place in 2006 and paid a 5% coupon. VINCI SA repaid a €250 million private placement issue made in 2014 and a $300 million term loan.
At 31 December 2021, the Group’s gross long-term financial debt, before taking into account available cash, totalled more than €28.6 billion, almost all of which was owed by VINCI Autoroutes, VINCI Airports and VINCI SA. Its average maturity was 7.3 years (7.7 years at 31 December 2020) and its average cost fell to 2.1% from 2.3% in 2020.
After publishing its results for the first half of 2021, London Gatwick airport, a 50.01%-owned subsidiary of VINCI Airports, entered discussions with its lenders with a view to obtaining a temporary waiver of financial covenants and to amending certain terms of those covenants.
Given the exceptional circumstances affecting air travel, a very large majority of lenders accepted the company’s request.
The credit ratings applied to the Class A debt of Gatwick Funding Limited, which raises funding for London Gatwick airport, are as follows:
VINCI’s consolidated revenue amounted to €49.4 billion in 2021, up 14.3% on an actual basis compared with 2020 (up 12.9% like-for-like with a 1.2% positive impact from changes in scope and a 0.2% positive impact from currency movements). Compared with 2019, revenue was 2.8% higher on an actual basis.
Concessions revenue totalled €7.0 billion, up almost 21% on an actual basis (up 20.9% like-for-like) compared with 2020 and down 18% relative to 2019.
Revenue at VINCI Energies amounted to €15.1 billion, up nearly 10% compared with 2019 and up 10.5% compared with 2020.
Revenue at VINCI Construction amounted to €26.3 billion, up almost 5% versus 2019 and up 13.5% compared with 2020.
In France, revenue totalled €26.3 billion, stable relative to 2019 and up 14.9% on an actual basis (up 13.9% like-for-like) compared with 2020. There was growth of 20.4% in Concessions, 14.3% at VINCI Energies, 10.2% at VINCI Construction and 35% at VINCI Immobilier.
