VINCI Airports returned to profit at the Ebit level in the second half of 2021 as a result of drastic cost-cutting, and limited its full-year loss to €206 million as opposed to a loss of €369 million in 2020 and a profit of €1,016 million in 2019. After a review of the longer-term consequences of the health crisis, impairment was recognised in relation to some of VINCI Airports’ assets and capacity investments.
Ebit margin was −17.3% in 2021 as opposed to −37.3% in 2020.
The Group’s other concession subsidiaries generated positive Ebit of €48 million, versus a loss of €26 million in 2020, because of a rebound in business levels, efforts to streamline operating expenses and, in some cases, Covid-19-related compensation.
At VINCI Energies, Ebit totalled €985 million and Ebit margin was 6.5% in 2021, 50 basis points higher than the 2019 figure (€827 million and 6.0%; €773 million and 5.7% in 2020). The vast majority of VINCI Energies’ businesses contributed to this excellent performance.
At VINCI Construction, Ebit was €968 million (€470 million in 2020 and €826 million in 2019). Ebit margin – which fell from 3.3% in 2019 to 2.0% in 2020 – recovered to 3.7% in 2021. Most divisions achieved a higher Ebit margin than in 2019, and the recovery at VINCI Construction France was particularly noteworthy.
VINCI Immobilier: Ebit totalled €70 million, with Ebit margin of 4.4%. This represents an improvement relative to 2020 (€23 million, margin of 2%), but a slightly weaker performance than in 2019 (€80 million, margin of 6%). Recurring operating income, including the contribution from equity-accounted companies, was €117 million (€35 million in 2020, €100 million in 2019).
Recurring operating income totalled €4,464 million versus €2,511 million in 2020 and €5,704 million in 2019. This factors in:
| (in € millions) | 2021 | % of revenue (*) | 2020 | % of revenue (*) | 2021/2020 change | 2019 | % of revenue |
|---|---|---|---|---|---|---|---|
| Concessions | Concessions 20212,583 |
Concessions % of revenue (*)36.7% |
Concessions 2020 1,459 |
Concessions % of r evenue (*)25.0% |
Concessions 2021/2020 change 1,124 |
Concessions 2019 4,146 |
Concessions % of rev enue48.5% |
| VINCI Autoroutes | VINCI Autoroutes 20212,828 |
VINCI Autoroutes % of revenue (*)50.9% |
VINCI Autoroutes 2020 1,968 |
VINCI Autoroutes % of r evenue (*)42.7% |
VINCI Autoroutes 2021/2020 change 860 |
VINCI Autoroutes 2019 2,948 |
VINCI Autoroutes % of rev enue52.7% |
| VINCI Airports | VINCI Airports 2021(265) |
VINCI Airports % of revenue (*)(22.3%) |
VINCI Airports 2020 (597) |
VINCI Airports % of r evenue (*)(60.3%) |
VINCI Airports 2021/2020 change 331 |
VINCI Airports 2019 1,187 |
VINCI Airports % of rev enue45.1% |
| Other concessions | Other concessions 202121 |
Other concessions % of revenue (*)- |
Other concessions 2020 87 |
Other concessions % of r evenue (*)- |
Other concessions 2021/2020 change (66) |
Other concessions 2019 11 |
Other concessions % of rev enue- |
| VINCI Energies | VINCI Energies 2021882 |
VINCI Energies % of revenue (*)5.8% |
VINCI Energies 2020 688 |
VINCI Energies % of r evenue (*)5.0% |
VINCI Energies 2021/2020 change 194 |
VINCI Energies 2019 729 |
VINCI Energies % of rev enue5.3% |
| VINCI Construction | VINCI Construction 2021879 |
VINCI Construction % of revenue (*)3.3% |
VINCI Construction 2020 347 |
VINCI Construction % of r evenue (*)1.5% |
VINCI Construction 2021/2020 change 532 |
VINCI Construction 2019 731 |
VINCI Construction % of rev enue2.9% |
| VINCI Immobilier | VINCI Immobilier 2021117 |
VINCI Immobilier % of revenue (*)7.2% |
VINCI Immobilier 2020 35 |
VINCI Immobilier % of r evenue (*)3.0% |
VINCI Immobilier 2021/2020 change 81 |
VINCI Immobilier 2019 100 |
VINCI Immobilier % of rev enue7.6% |
| Holding companies | Holding companies 20213 |
Holding companies % of revenue (*)- |
Holding companies 2020 (18) |
Holding companies % of r evenue (*)- |
Holding companies 2021/2020 change 21 |
Holding companies 2019 (3) |
Holding companies % of rev enue- |
| (in € millions)Recurring operating income | 20214,464 | % of revenue (*)9.0% | 2020 2,511 |
% of r evenue (*)5.8% |
2021/2020 change 1,953 |
2019 5,704 |
% of rev enue11.9% |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Non-recurring operating items produced a net expense of €26 million in 2021, as opposed to €52 million in 2020, and comprised:
After taking account of non-recurring items, operating income was €4,438 million in 2021 as opposed to €2,459 million in 2020 and €5,664 million in 2019.
Consolidated net income attributable to owners of the parent was €2,597 million or 5.3% of revenue (€1,242 million in 2020 and €3,260 million or 6.8% of revenue in 2019). The 2021 figure represents a 109% rebound compared with 2020 but a 20% decrease relative to 2019.
It includes a non-recurring deferred tax expense – already recognised in the first half of 2021 – as a result of the United Kingdom’s decision to raise its corporation tax rate from 19% to 25% with effect from 2023. This expense had a negative impact of €200 million on the year’s net income, relating mainly to the contribution of London Gatwick airport, but had no cash impact. Excluding that effect, consolidated net income attributable to owners of the parent would have been €2.8 billion in 2021, down 14% relative to 2019.
Earnings per share, after taking account of dilutive instruments, amounted to €4.51 (€2.20 in 2020 and €5.82 in 2019) and €4.86 excluding the non-recurring impact of deferred tax in the United Kingdom.
