2021 UNIVERSAL REGISTRATION DOCUMENT

General and financial elements

2.2 Order book

At 31 December 2021, the combined order book of VINCI Energies and VINCI Construction amounted to €44.5 billion, up 5% year on year (up 9% outside France, down 1% in France). With increases at both business lines, the combined order book represents 13 months of business activity and 61% of it is to be completed in 2022. Business outside France made up 62% of the combined order book at end-December 2021 (60% at end-December 2020).

VINCI Energies’ order book amounted to €11.0 billion at 31 December 2021, up 11% year on year (up 10% in France and up 12% outside France). It represents almost nine months of VINCI Energies’ average business activity.

VINCI Construction’s order book totalled €33.4 billion at 31 December 2021, up 3% over the year (down 5% in France and up 8% outside France). It represents more than 15 months of VINCI Construction’s average business activity.

Cobra IS’s order book amounted to €8.3 billion at 31 December 2021, representing around 18 months of average projected business activity.

Order book (*)

(in € billions) 31/12/2021 Of which  France Of which  outside France 31/12/2020 Of which  France Of which  outside France
VINCI Energies

VINCI Energies

31/12/2021

11.0

VINCI Energies

Of which  France

5.0

VINCI Energies

Of which  outside France

6.0

VINCI Energies

31/12/2020

9.9

VINCI Energies

Of which  France

4.5

VINCI Energies

Of which  outside France

5.4
Cobra

Cobra

31/12/2021

8.3

Cobra

Of which  France

-

Cobra

Of which  outside France

8.3

Cobra

31/12/2020

-

Cobra

Of which  France

-

Cobra

Of which  outside France

-
VINCI Construction

VINCI Construction

31/12/2021

33.4

VINCI Construction

Of which  France

11.7

VINCI Construction

Of which  outside France

21.7

VINCI Construction

31/12/2020

32.5

VINCI Construction

Of which  France

12.3

VINCI Construction

Of which  outside France

20.1
VINCI Immobilier

VINCI Immobilier

31/12/2021

1.3

VINCI Immobilier

Of which  France

1.3

VINCI Immobilier

Of which  outside France

-

VINCI Immobilier

31/12/2020

1.1

VINCI Immobilier

Of which  France

1.1

VINCI Immobilier

Of which  outside France

-

(*) Unaudited figures

2.3 Trends in 2022

Although the public health situation has not yet stabilised and despite ongoing economic and geopolitical tensions, VINCI is confident going into 2022.

Barring exceptional events, the Group anticipates the following trends in its various business lines in 2022:

  • VINCI Energies’ markets remain buoyant and it should be able to continue growing its business and solidify its very strong operational performance.
  • Cobra IS, underpinned by firm impetus in its flow business activities – particularly in Spain – and the ramp-up of EPC (engineering, procurement and construction) projects, will be more selective about taking on new business. Given a focus on margins over volumes, Cobra IS expects revenue of around €5.5 billion in 2022 and operating margin in line with the industry’s best in class.
  • VINCI Construction has a large order book and is likely to remain busy, while taking a selective approach to new business, which should allow it to continue improving its operating margin.
  • VINCI Autoroutes, following the trend seen in recent months, expects full-year traffic levels to exceed those of 2019.
  • VINCI Airports, unless the public health situation worsens again, expects the upturn in passenger numbers to continue. The base case scenario is that they will recover to around 60% of their 2019 level, which would enable VINCI Airports’ net income to be close to breakeven.

Based on the trends set out above, VINCI expects net income in 2022 to be higher than the 2019 figure.