2021 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements

2. Parent company financial statements

VINCI’s parent company financial statements show revenue of €15 million for 2021, compared with €15 million in 2020, consisting mainly of services invoiced by the holding company to subsidiaries.

The parent company’s net income was €2,580 million in 2021, compared with €235 million in 2020. The 2021 figure includes €2,621 million of dividends received from Group subsidiaries (€30 million in 2020).

Expenses referred to in Article 39.4 of the French Tax Code amounted to €98,631 in 2021.

Disclosures relating to suppliers’ payment terms required by France’s LME Act on modernising the country’s economy and Article L.441-6-1 of the French Commercial Code are provided in Note G to the parent company financial statements, page 365.

3. Dividends

At its meeting of 3 February 2022, VINCI’s Board of Directors decided to propose a 2021 dividend of €2.90 per share at the Shareholders’ General Meeting on 12 April 2022, to be paid entirely in cash (€2.04 per share with respect to 2020).

Since an interim dividend of €0.65 per share was paid in November 2021, the final dividend payment on 28 April 2022 (ex date: 26 April 2022) will be €2.25 per share if approved.

Year 2018 2019 2020
Type Interim Final Total Interim Final Total Interim Final Total
Amount per share (in €) 0.75 1.92 2.67 0.79 1.25 2.04 - 2.04 2.04
Number of qualifying shares 555,586,616 554,464,831   556,865,474 554,379,328   - 566,990,176  
Aggregate amount paid (in € millions) 417 1,065   440 693   - 1,157  

N.B. : Dividends paid to natural persons in respect of 2018, 2019 and 2020 qualify for a 40% tax allowance.

B. Post-balance sheet events, trends and outlook

1. Material post-balance sheet events

Share buy-back programme

As part of its share buy-back programme, VINCI signed a share purchase agreement with an investment services provider on 4 January 2022. Under that agreement, which runs from 5 January until 29 March 2022 at the latest, the provider will purchase up to €600 million of VINCI shares on VINCI’s behalf. The price paid for those shares will not exceed the maximum price determined in VINCI’s Combined Shareholders’ General Meeting of 8 April 2021.

2. Information on trends

2.1 Outcome in 2021

When publishing its quarterly results in October 2021, VINCI clarified its full-year trends:

The Group confirms and specifies the full-year 2021 forecasts presented when publishing its first-half 2021 financial statements:

  • VINCI Energies, which is well positioned in buoyant markets, expects to see growth in revenue and operating margin relative to 2019.
  • VINCI Construction, which benefits from a very strong order book, expects to extend its recovery and anticipates an increase in revenue and operating margin compared with 2019.
  • Given the good trend in traffic levels observed in recent weeks and following on from the increase seen in the third quarter, VINCI Autoroutes now anticipates revenue close to that of 2019.
  • VINCI Airports, having noted a gradual recovery in traffic following a difficult start to the year, now expects passenger numbers in 2021 to be very close to their level in 2020.

On this basis, VINCI’s 2021 earnings should rise sharply relative to 2020, while remaining lower than their 2019 level.

VINCI has strengths that will enable it to rapidly get back on a sustainable growth trajectory, since with its energy services, construction and mobility businesses the Group is playing a central role in green growth. 

Those trends are confirmed or have been exceeded.