VINCI Immobilier: €1.6 billion (up 35.5% actual; up 22.9% like-for-like)
VINCI Immobilier’s consolidated revenue totalled €1,611 million, up 11% compared with 2019 on a like-for-like basis (i.e. excluding Urbat Promotion, which was consolidated for the first time in 2021). This good performance reflects a large amount of construction in both the residential and commercial sectors.
Revenue, including the Group’s share of joint developments, totalled almost €2.0 billion in 2021, up 30% like-for-like. Revenue was stable in commercial property and up 22% in residential property; there was also strong growth in the managed residences business and outside France.
The number of homes reserved in France (including Urbat Promotion) was 7,325, up around 20% compared with 2020 and up 1% relative to 2019. The number of homes under construction was 6,516, up 9% compared with 2020.
| 2021/2020 change | |||||||
|---|---|---|---|---|---|---|---|
| (in € millions) | 2021 | % of total | 2020 | Actual | At constant exchange rates | 2019 | 2021/2019 change |
| France | 26,319 | 53.3% | 22,912 | +14.9% | +14.9% | 26,307 | 0.0% |
| Germany | 3,459 | 7.0% | 3,213 | +7.7% | +7.7% | 3,140 | +10.2% |
| United Kingdom | 3,405 | 6.9% | 2,589 | +31.5% | +27.1% | 3,002 | +13.4% |
| Central and Eastern Europe | 2,304 | 4.7% | 2,214 | +4.1% | +3.7% | 2,219 | +3.8% |
| Rest of Europe | 4,735 | 9.6% | 4,261 | +11.1% | +10.8% | 4,745 | -0.2% |
| Europe excluding France | 13,903 | 28.1% | 12,277 | +13.2% | +12.2% | 13,106 | +6.1% |
| Americas | 5,119 | 10.4% | 4,310 | +18.8% | +21.1% | 4,431 | +15.5% |
| of which United States | 2,319 | 4.7% | 2,268 | +2.2% | +6.5% | 2,197 | +5.5% |
| Africa | 1,560 | 3.2% | 1,386 | +12.5% | +12.8% | 1,603 | -2.7% |
| Russia, Asia-Pacific and Middle East | 2,496 | 5.1% | 2,350 | +6.2% | +4.1% | 2,607 | -4.2% |
| International excluding Europe | 9,175 | 18.6% | 8,046 | +14.0% | +14.5% | 8,640 | +6.2% |
| Total international | 23,078 | 46.7% | 20,322 | +13.6% | +13.1% | 21,746 | +6.1% |
| Revenue (*) | 49,396 | 43,234 | +14.3% | +14.1% | 48,053 | +2.8% | |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Operating income from ordinary activities (Ebit) was €4,723 million. This was well above the 2020 figure of €2,859 million but significantly lower than the €5,734 million achieved in 2019, due to the lower contribution from VINCI Airports. It equalled 9.6% of revenue compared with 6.6% in 2020 and 11.9% in 2019.
| (in € millions) | 2021 | % of revenue (*) | 2020 | % of revenue (*) | 2021/2020 change | 2019 | % of revenue |
|---|---|---|---|---|---|---|---|
| Concessions |
Concessions 20212,683 |
Concessions % of revenue (*)38.1% |
Concessions 2020 1,586 |
Concessions % of revenue (*)27.2% |
Concessions 2021/2020 change 1,097 |
Concessions 2019 3,989 |
Concessions % of revenue 46.7% |
| VINCI Autoroutes |
VINCI Autoroutes 20212,841 |
VINCI Autoroutes % of revenue (*)51.2% |
VINCI Autoroutes 2020 1,981 |
VINCI Autoroutes % of revenue (*)42.9% |
VINCI Autoroutes 2021/2020 change 860 |
VINCI Autoroutes 2019 2,967 |
VINCI Autoroutes % of revenue 53.0% |
| VINCI Airports |
VINCI Airports 2021(206) |
VINCI Airports % of revenue (*)(17.3%) |
VINCI Airports 2020 (369) |
VINCI Airports % of revenue (*)(37.3%) |
VINCI Airports 2021/2020 change 163 |
VINCI Airports 2019 1,016 |
VINCI Airports % of revenue 38.6% |
| Other concessions |
Other concessions 202148 |
Other concessions % of revenue (*)- |
Other concessions 2020 (26) |
Other concessions % of revenue (*)- |
Other concessions 2021/2020 change 74 |
Other concessions 2019 6 |
Other concessions % of revenue - |
| VINCI Energies |
VINCI Energies 2021985 |
VINCI Energies % of revenue (*)6.5% |
VINCI Energies 2020 773 |
VINCI Energies % of revenue (*)5.7% |
VINCI Energies 2021/2020 change 212 |
VINCI Energies 2019 827 |
VINCI Energies % of revenue 6.0% |
| VINCI Construction |
VINCI Construction 2021968 |
VINCI Construction % of revenue (*)3.7% |
VINCI Construction 2020 470 |
VINCI Construction % of revenue (*)2.0% |
VINCI Construction 2021/2020 change 498 |
VINCI Construction 2019 826 |
VINCI Construction % of revenue 3.3% |
| VINCI Immobilier |
VINCI Immobilier 202170 |
VINCI Immobilier % of revenue (*)4.4% |
VINCI Immobilier 2020 23 |
VINCI Immobilier % of revenue (*)2.0% |
VINCI Immobilier 2021/2020 change 47 |
VINCI Immobilier 2019 80 |
VINCI Immobilier % of revenue 6.0% |
| Holdings companies |
Holdings companies 202115 |
Holdings companies % of revenue (*)- |
Holdings companies 2020 5 |
Holdings companies % of revenue (*)- |
Holdings companies 2021/2020 change 10 |
Holdings companies 2019 12 |
Holdings companies % of revenue - |
| Operating income from ordinary activities (Ebit) |
Operating income from ordinary activities (Ebit) 20214,723 |
Operating income from ordinary activities (Ebit) % of revenue (*)9.6% |
Operating income from ordinary activities (Ebit) 2020 2,859 |
Operating income from ordinary activities (Ebit) % of revenue (*)6.6% |
Operating income from ordinary activities (Ebit) 2021/2020 change 1,864 |
Operating income from ordinary activities (Ebit) 2019 5,734 |
Operating income from ordinary activities (Ebit) % of revenue 11.9% |
| Share-based payements (IFRS 2) |
Share-based payements (IFRS 2) 2021(288) |
Share-based payements (IFRS 2) % of revenue (*)- |
Share-based payements (IFRS 2) 2020 (239) |
Share-based payements (IFRS 2) % of revenue (*)- |
Share-based payements (IFRS 2) 2021/2020 change (49) |
Share-based payements (IFRS 2) 2019 (291) |
Share-based payements (IFRS 2) % of revenue - |
| Profit/(loss) of companies accounted for under the equity method |
Profit/(loss) of companies accounted for under the equity method 202112 |
Profit/(loss) of companies accounted for under the equity method % of revenue (*)- |
Profit/(loss) of companies accounted for under the equity method 2020 (146) |
Profit/(loss) of companies accounted for under the equity method % of revenue (*)- |
Profit/(loss) of companies accounted for under the equity method 2021/2020 change 158 |
Profit/(loss) of companies accounted for under the equity method 2019 212 |
Profit/(loss) of companies accounted for under the equity method % of revenue - |
| Other recuring operating items |
Other recuring operating items 202117 |
Other recuring operating items % of revenue (*)- |
Other recuring operating items 2020 38 |
Other recuring operating items % of revenue (*)- |
Other recuring operating items 2021/2020 change (20) |
Other recuring operating items 2019 48 |
Other recuring operating items % of revenue - |
| Recurring operating income |
Recurring operating income 20214,464 |
Recurring operating income % of revenue (*)9.0% |
Recurring operating income 2020 2,511 |
Recurring operating income % of revenue (*)5.8% |
Recurring operating income 2021/2020 change 1,953 |
Recurring operating income 2019 5,704 |
Recurring operating income % of revenue 11.9% |
| Non-recurring operating items |
Non-recurring operating items 2021(26) |
Non-recurring operating items % of revenue (*)- |
Non-recurring operating items 2020 (52) |
Non-recurring operating items % of revenue (*)- |
Non-recurring operating items 2021/2020 change 26 |
Non-recurring operating items 2019 (40) |
Non-recurring operating items % of revenue - |
| Operating income |
Operating income 20214,438 |
Operating income % of revenue (*)9.0% |
Operating income 2020 2,459 |
Operating income % of revenue (*)5.7% |
Operating income 2021/2020 change 1,979 |
Operating income 2019 5,664 |
Operating income % of revenue 11.8% |
NB: Operating income from ordinary activities is defined as operating income before the effects of share-based payments (IFRS 2), the profit or loss of companies accounted for under the equity method and other recurring and non-recurring operating items.
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
In Concessions, Ebit was €2,683 million, up 69% relative to 2020 and equal to 38.1% of Concessions revenue.
At VINCI Autoroutes, Ebit amounted to €2,841 million (€1,981 million in 2020), almost unchanged relative to 2019. Ebit margin was 51.2% in 2021 (53.0% in 2019 and 42.9% in 2020).
