The Group’s consolidated revenue corresponds to revenue from the Concessions, Energy and Construction businesses and from the VINCI Immobilier business line.
IFRS 15 “Revenue from Contracts with Customers” requires entities to identify each contract as well as the various performance obligations contained in the contract. The number of performance obligations depends on the types of contracts and activities. Most of the Group’s contracts involve only one performance obligation.
Under IFRS 15, recognition of revenue must reflect the following:
The way in which transfer of control of a good or service is analysed is crucial, since that transfer determines the recognition of revenue. The transfer of control of a good or service may take place continuously (revenue recognition on a progress towards completion basis) or on a specific date that corresponds to the completion of works.
Revenue from concession contracts consists of the following:
Consolidated revenue of the VINCI Energies and VINCI Construction business lines comprises the total of the work, goods and services generated by the consolidated subsidiaries pursuing their main activity and the revenue for the construction of infrastructure under concession.
In the property sector, revenue arising on lots sold is recognised as the property development proceeds, in accordance with IFRS 15 and statutory provisions relating to off-plan sales. In that respect, to measure progress towards completion of works, VINCI Immobilier uses the cost-based method. The cost of land is included in the progress towards completion calculation at the commencement of each contract.
Revenue from ancillary activities mainly relates to revenue from leases, sales of equipment, materials and merchandise, study work and fees.
The method for recognising revenue under concession contracts is explained in Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”. The method for recognising revenue from construction and service contracts is explained in Note G.16, “Information on construction and service contracts”.
| (in € millions) | 2021 | % | 2020 | % |
|---|---|---|---|---|
| France | France202126,319 | France%53.3% | France 2020 22,912 |
France%53.0% |
| Germany | Germany 20213,459 |
Germany %7.0% |
Germany 2020 3,213 |
Germany %7.4% |
| United Kingdom | United Kingdom 20213,405 |
United Kingdom %6.9% |
United Kingdom 2020 2,589 |
United Kingdom %6.0% |
| Central and Eastern Europe (*) | Central and Eastern Europe (*)20212,304 |
Central and Eastern Europe (*)%4.7% |
Central and Eastern Europe (*)2020 2,214 |
Central and Eastern Europe (*)%5.1% |
| Portugal | Portugal 2021589 |
Portugal %1.2% |
Portugal 2020 435 |
Portugal %1.0% |
| Other European countries | Other European countries 20214,146 |
Other European countries %8.4% |
Other European countries 2020 3,825 |
Other European countries %8.8% |
| Europe excluding France | Europe excluding France202113,903 | Europe excluding France%28.1% | Europe excluding France 2020 12,277 |
Europe excluding France%28.4% |
| Europe (**) of which European Union |
Europe (**) of which European Union202140,221 35,705 |
Europe (**) of which European Union%81.4% 72.3% |
Europe (**) of which European Union 2020 35,18831,523 |
Europe (**) of which European Union%81.4% 72.9% |
| North America | North America 20213,914 |
North America %7.9% |
North America 2020 3,364 |
North America %7.8% |
| of which United States | of which United States20212,319 | of which United States%4.7% | of which United States 2020 2,268 |
of which United States%5.2% |
| Central and South America | Central and South America 20211,204 |
Central and South America %2.4% |
Central and South America 2020 946 |
Central and South America %2.2% |
| Africa | Africa 20211,560 |
Africa %3.2% |
Africa 2020 1,386 |
Africa %3.2% |
| Russia, Asia-Pacific and Middle East | Russia, Asia-Pacific and Middle East 20212,496 |
Russia, Asia-Pacific and Middle East %5.1% |
Russia, Asia-Pacific and Middle East 2020 2,350 |
Russia, Asia-Pacific and Middle East %5.4% |
| International excluding Europe | International excluding Europe20219,175 | International excluding Europe%18.6% | International excluding Europe 2020 8,046 |
International excluding Europe%18.6% |
| International excluding France | International excluding France202123,078 | International excluding France%46.7% | International excluding France 2020 20,322 |
International excluding France%47.0% |
| Total revenue (***) | Total revenue (***)202149,396 | Total revenue (***)%100.0% | Total revenue (***) 2020 43,234 |
Total revenue (***)%100.0% |
(*) Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine.
(**) Including the eurozone for €32,926 million (66.7% of total revenue) in 2021 and for €28,887 million (66.8% of total revenue) in 2020.
(***) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Revenue generated in France (€26,319 million in 2021, up almost 15% relative to 2020) was considerably affected by the Covid-19 pandemic, especially during the first lockdown.
Revenue generated outside France amounted to €23,078 million in 2021, up 13.6% compared with 2020. It equalled 46.7% of Group revenue compared with 47.0% in 2020.
