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2010 Annual financial statements

1 March 2011 - Finances

Return to growth
- 2010 achievements:
    - Net profit up 11.3% at €1,776 million
    - Higher dividend: €1.67 per share
    - Successful integration of new acquisitions: Cegelec, Faceo, Tarmac
    - Order book: +15%
    - Debt well controlled (unchanged over 12 months) and financial situation strengthened

- 2011 objectives:
    - Growth in revenue of at least 5%
    - Improvement in concessions EBITDA margin
    - Maintenance of contracting’s margin at current high level

Key figures

Key figures (in € millions) 2009 restated(1)2010Δ 10/09
Operating profit from ordinary activities3,1003,434+10.8%
as a % of revenue10.1%10.3% 
Net profit attributable to owners of the parent1,5961,776+11.3%
as a % of revenue5.2%5.3% 
Earning per share (in €)(3)3.213.30+2.9%
Dividend per share (in €)1.62 1.67(4)+3.1%
Cash flow from operations(5)4,7715,052+5.9%
Net financial debt(13,130)(13,060)+70
Capital employed25,00527,766+2,761
ROCE (Return on capital employed)(6)9.0%9.3% 
Order book at 31 December (in € billions)22.625.9+15%


VINCI’s Board of Directors, chaired by Xavier Huillard, met on 1 March 2011 to finalise the annual financial statements(7) for the year ended 31 December 2010 prior to submitting them for approval at the next Shareholders’ Meeting on 2 May 2011. The Board also examined the outlook for 2011.

VINCI achieved a solid performance in 2010, marked by significant growth in revenue and profit.

The Group’s 2010 consolidated revenue amounted to €33.4 billion, up 8.6%. This increase was attributable to the impact of the external growth operations carried out in 2010, the good momentum of motorway concessions and the resilience of the contracting businesses.

The 4.3% increase in concessions revenue reflects in particular the positive traffic trend on VINCI Autoroutes’ motorways.

In contracting (Energies, Eurovia, VINCI Construction), the return to growth was confirmed during the second half of the year.

The integration of Cegelec and Faceo broadened the scope of the Energies business line, which accounted for almost 25% of the Group’s total revenue. The business line also includes a new division, VINCI Facilities, which is positioned in the buoyant facilities management market.

These operations are part of the strategy VINCI launched several years ago aimed at international growth, strengthening the Group’s technological expertise and increasing business that generates recurring revenue streams.

Over 37% of VINCI’s revenue was generated outside France (43% in contracting).

Revenue growth was accompanied by a 5.9% increase in cash flow from operations before cost of financing and tax (EBITDA) to almost €5.1 billion, which represented 15.1% of revenue. VINCI Autoroutes’ EBITDA/revenue ratio exceeded the previously set target of stability, increasing from 68.5% in 2009 to 68.8% in 2010.

Operating profit from ordinary activities (EBIT) rose 10.8% to €3.4 billion and represented 10.3% of revenue (10.1% in 2009). In contracting, the EBIT/revenue ratio improved from 4.3% in 2009 to 4.5% in 2010.

Net profit attributable to owners of the parent increased 11.3% to €1,776 million and represented 5.3% of revenue, compared with 5.2% in 2009. In addition to the good performance of all of the Group’s businesses, there was a reduction in the cost of financing, attributable to keeping debt under control debt and to lower interest rates.

Net financial debt remained stable over the 12-month period, amounting to €13.1 billion at 31 December 2010. The €2.8 billion operating cash flow covered all of the French motorway growth and development capex, external growth transactions as well as dividends paid during the year, most of which, unlike the previous year, were paid in cash. The Group’s financial situation was strengthened, with equity standing at the same level as net financial debt.

There were numerous commercial successes during 2010, significant contracts being won by exploiting the synergies between VINCI’s concessions and contracting businesses. Examples include the high-speed rail line between Tours and Bordeaux (SEA), the new Notre-Dame-des-Landes airport in Nantes, Nice Stadium and the first section of the Moscow–St. Petersburg motorway. Thanks to their geographical redeployment into areas offering growth potential and their technical expertise, contracting subsidiaries were able to take advantage of new opportunities that opened up in France and other countries.

The order book for contracting (Energies, Eurovia, VINCI Construction) stood at €25.9 billion at 31 December 2010, up almost 15% over the year (up 3% on a constant consolidation scope basis). This figure does not include the major concession contracts mentioned above for which completion of financing arrangements is under way.

2011 outlook
VINCI has moved into 2011 with the strengths and determination needed to go on building its business activities in a balanced manner by continuing to improve their overall performance.

In 2011, the Group expects revenue to grow at least 5%.

The motorway concessions should see revenue growth of about 4%, driven by a moderate increase in traffic, the full opening of the A86 Duplex and the impact of toll increases as defined in their contracts.

Contracting businesses, meanwhile, in addition to their sound order book, should benefit in 2011 from the full-year operation of acquisitions made in 2010, the start-up of works on recently won major concession projects and an improvement in the construction and energy markets, particularly in France.

Against this backdrop, VINCI has set itself the objective of achieving a further improvement in net profit, close to the expected growth in revenue. This objective takes account of a slight improvement in VINCI Autoroutes’ EBITDA/revenue ratio and contracting businesses maintaining their EBIT/revenue ratio at the high level achieved in 2010.


Annual results(8)

Revenue growth of almost 9%
VINCI’s 2010 consolidated revenue amounted to €33.4 billion(9), up 8.6% compared with 2009. This increase was attributable to the positive impacts of external growth (8.2%) and exchange rate fluctuations (1.3%). On a comparable consolidation scope basis, revenue declined 0.9%.

Concessions revenue rose 4.3% (+3.5% on a comparable structure basis) to €5.1 billion, thanks mainly to VINCI Autoroutes (+4.0%).

Revenue generated by the Contracting business lines (Energies, Eurovia, VINCI Construction) increased 9.4% to €28.2 billion, driven by external growth. On a comparable structure basis, revenue declined 1.7% compared with 2009.

In France, revenue was €20.9 billion, up 6.7% (down 0.3% on a constant consolidation scope basis). Concessions revenue rose 3.8%, while that of contracting rose 7.2%.

Outside France, revenue amounted to €12.5 billion, up 11.9% (down 1.8% on a constant consolidation scope and exchange rate basis). Revenue generated outside France accounted for 37% of total Group revenue (43% in contracting).

Revenue by entity

    2010/2009 change
(in € millions)2009 restated2010ActualComparable
VINCI Autoroutes4,0954,259+4.0%+4.0%
VINCI Park576596+3.5%+0.7%
Other concessions218242+11.0%+3.0%
Internal eliminations(435)(475)--
Total revenue*30,74133,376+8.6%-0.9%
Concession subsidiaries’ works revenue813913+12.3%+12.3%
Internal eliminations(376)(286)--
Concession subsidiaries’ revenue derived from works carried out by non-Group companies437627+43.6%+43.5%
Total revenue (IFRIC 12)** 31,178 34,003 +9.1% -0.3%

* Excluding concession subsidiaries’ revenue derived from works carried out by third parties (IFRIC 12).
** Including concession subsidiaries’ revenue derived from works carried out by third parties (IFRIC 12).

Improvement in operating margins/Increase in net profit
2010 operating profit from ordinary activities (EBIT) amounted to €3,434 million, up 10.8% compared with 2009 (€3,100 million). It represented 10.3% of revenue, as against 10.1% in 2009.


Operating profit from ordinary activities (EBIT) by entity

(in €millions)2009 restated% revenue*2010% revenue*∆ 10/09
VINCI Autoroutes1,79343.8%1,92345.2%+7.3%
VINCI Park9817.0%11118.6%+13.6%
Other concessions & holding cos.46-60--
Holding cos.5 7 -
Operating profit from ordinary activities3,10010.1%3,43410.3%+10.8%
Share-based payment expense (IFRS 2), profit/(loss) of equity-accounted companies and goodwill impairment expense10 (5) -
Operating profit3,11010.1%3,42910.3%+10.2%

* Excluding concession subsidiaries’ revenue derived from works carried out by third parties (IFRIC 12).


The concessions EBIT amounted to €2,094 million (41.1% of revenue), against €1,937 million in 2009 (39.6% of revenue). This 8.1% increase is attributable to the improvement in VINCI Autoroutes’ EBIT, which was due to an increase in toll revenue, control of operating expenses and the positive impact on the amortisation expense of the one-year extension to the contracts as part of the environmental investment programme (“Green motorway package”) agreed at the beginning of 2010.

The contracting businesses recorded at 13.5% increase in EBIT in 2010 to €1,257 million (€1,107 million in 2009) and an improvement in their EBIT margin, which stood at 4.5% of revenue (4.3% in 2009). This performance confirms the relevance of the strategy aimed at strengthening highly technical businesses and expanding in the international arena. The main acquisitions during the year (Cegelec, Faceo and Tarmac) contributed €94 million to 2010 EBIT.

The Energies business line’s EBIT increased 45% to €387 million (€266 million in 2009). It included a contribution of €88 million from Cegelec and Faceo. Overall, despite the integration costs of new acquisitions, the business line’s EBIT margin remained virtually flat at 5.4% compared with 5.5% in 2009.

Eurovia’s EBIT was €285 million, down 7.6% against 2009 (€309 million). There was only a limited decline in the EBIT margin: 3.6% of revenue in 2010 against 3.9% in 2009. It was affected by the difficult weather conditions at the beginning and end of the year in France and the rest of Europe, as well as by industrial action in October in France.

VINCI Construction’s EBIT amounted to €584 million (4.5% of revenue), up 10% against 2009 (€532 million and 4.1% of revenue). EBIT margins remained high in most divisions both in France and elsewhere, with an improvement at Sogea Satom and Entrepose Contracting.

VINCI Immobilier’s EBIT was €76 million, up more than 50%. Business was particularly brisk in the residential sector with about 4,200 units sold in 2010 (+34%).

After taking account of share-based payment expense (IFRS 2), goodwill impairment expense and VINCI’s share of the profit or loss of equity-accounted companies, operating profit was €3,429 million in 2010. It represented €10.3% of revenue, up 10.2% against 2009 (€3,110 million).

The cost of net financial debt fell €78 million to €636 million (against €714 million in 2009). This improvement was due to lower interest rates and a reduction in average outstanding debt.

Other financial income and expenses amounted to a net expense of €45 million, which included a provision for financial risk associated with VINCI’s holdings in two concession companies in Greece, namely Aegean Motorway and Olympia Odos.

Net profit attributable to owners of the parent was €1,776 million in 2010, up 11.3% against 2009 (€1,596 million).

Diluted earnings per share amounted to €3.30, up 2.9% (€3.21 per share in 2009).


Net profit by entity

(in € millions)2009 restated2010∆ 10/09
VINCI Autoroutes733837+14.1%
VINCI Park4161+47.3%
Other concessions and concession holding cos.5(22)-
Holding cos.(18)17-
Net profitattributable to owners of the parent1,5961,776+11.3%


Finance and balance sheet items
Cash flow from operations before cost of financing and tax (EBITDA) increased 5.9% to €5,052 million in 2010, compared with €4,771 million in 2009. It represented 15.1% of revenue, against 15.5% in 2009.

In concessions, the main contributor to the Group’s EBITDA (63% of total), it increased 3.5% to €3.2 billion, representing 62.7% of revenue (against €3.1 billion in 2009 and 63.2% of revenue). VINCI Autoroutes’ EBITDA rose 4.4% to €2,929 million, representing 68.8% of revenue (against €2,807 million and 68.5% of revenue in 2009).

EBITDA for contracting business activities increased 14.6% to €1,766 million (€1,541 million in 2009). The ratio of EBITDA to revenue was 6.3%, up against the 2009 figure (6.0% of revenue).

The net change in working capital requirement and current provisions was an outflow of €78 millions in 2010, compared with an inflow of €524 million in 2009. This result, which concerned mainly VINCI Construction, was due in particular to the net use of advances on some major projects, the continued application of the LME Act in France (shorter supplier payment terms) and the increase in receivables generated by the good level of business during the fourth quarter.

After taking account of investments in operating assets net of disposals of €595 million, down 3% against 2009 (€616 million), operating cash flow(10) was €2,790 million (€3,320 million in 2009).

Growth investments in concessions
amounted to €871 million (€1,044 million in 2009). This figure included €759 million at VINCI Autoroutes (net of the €100 million subsidy received by Cofiroute in respect of the A86 Duplex and application of the EU tunnel directive) and €112 million for other projects under construction.

Free cash flow was €1,919 million (against €2,276 million in 2009), of which €946 million was generated by concessions and €903 million by contracting.

Net financial investments (including the net debt of acquired companies) represented €2,425 million (€96 million in 2009). This figure included the total investment in Cegelec amounting to €1,626 million, of which €1,385 million for the acquisition of shares paid for by VINCI shares.

Dividends paid during the year totalled €965 million. This was made up of €590 million in respect of VINCI SA’s 2009 final dividend and €282 million in respect of the 2010 interim dividend paid in December.

Consolidated capital employed amounted to €27.8 billion at 31 December 2010, up 11% compared with the end of 2009. This change was due mainly to the acquisitions made in 2010. Concessions accounted for 90% of total capital employed. The ROCE (Return on capital employed) was 9.3% in 2010, compared to 9.0% in 2009.

Consolidated equity, including non-controlling interests, was €13.0 billion at 31 December 2010, compared with €10.5 billion at 31 December 2009.

Net financial debt was €13.1 billion at 31 December 2010. On the whole, it was flat over the entire year. Net financial debt of concessions amounted to €15.6 billion, while contracting business activities recorded a net financial surplus of almost €3.0 billion.

The Group’s liquidity remained very high, with €12.6 billion at 31 December 2010. It included net cash managed of €5.6 billion at the end of December and €7 billion in unused confirmed bank credit facilities.

The Group’s financial situation was further strengthened. The net financial debt/equity ratio fell from 1.3 at 31 December 2009 to 1.0 at 31 December 2010. Net financial debt/EBITDA was 2.6 at 31 December 2010 compared with 2.8 at the end of 2009.

Parent company results
The parent company’s net profit for 2010 was €1,849 million, compared with €1,641 million in 2009.

The Board of Directors has decided to propose a dividend of €1.67 per share in respect of 2010 at the next Shareholders’ Meeting. This represents a 3.1% increase over the 2009 dividend of €1.62 per share.
Following payment of the interim dividend of €0.52 per share in December, the final dividend to be paid on 9 June will be €1.15 per share. This final dividend will be paid in cash only. The ex-dividend date has been set as 6 June 2011.

Board of Directors
At the Shareholders’ Meeting of 2 May 2011, the Board of Directors will propose the renewal of the terms of office of three directors: Mrs Pascale Sourisse and Mr Robert Castaigne, members of the Audit Committee, and Mr Jean-Bernard Lévy, chairman of the Remuneration Committee.
In addition, it will propose the appointment of a new director representing employee shareholders following the resignation of Mr Denis Vernoux, who will continue as director until the next Shareholders’ Meeting.


Analysts meeting
08.30 on Wednesday, 2 March: Pavillon Ledoyen, 1 avenue Dutuit, 75008 Paris.

(1) After application of the change in accounting policy related to consolidating jointly controlled entities using the equity method in accordance with IAS 31 “Interests in Joint Ventures”.
(2) Excluding concession subsidiaries’ revenue derived from works carried out by third parties; revenue calculated in accordance with IFRIC 12, including works carried out by non-Group companies, amounted to €34,003 million in 2010, compared with €31,178 million in 2009.
(3) After taking account of share options.
(4) Dividend proposed to the Shareholders’ Meeting of 2 May 2011.
(5) Cash flow from operations before cost of financing and tax (EBITDA)
(6) ROCE (Return on Capital employed) is the NOPAT (Net operating profit after tax) divided by the average capital employed at the opening and closing balance sheet dates for the year under consideration.
(7) The consolidated financial statements have been audited, and the certification report will be issued before the registration document (document de référence) is filed.
(8)VINCI has elected to apply, as from the financial year ended 31 December 2010, the option to consolidate jointly controlled entities using the equity method, in accordance with IAS 31, “Interests in Joint Ventures”. The 2009 financial statements have been restated to reflect this change in accounting policy and enable comparisons to be made from one year to the next.
(9) Excluding concession subsidiaries’ revenue derived from works carried out by third parties (in application of IFRIC 12).
(10) Operating cash flow = cash flow from operations adjusted for changes in working capital requirement and current provisions, interest paid, income taxes paid, dividends received from equity-accounted companies, and net investments in operating assets.




(in € millions)2009 restated2010Δ 10/09
Total revenue31,17834,0039.1%
– Revenue excluding concession subsidiaries’ revenue derived from works carried out by third parties30,74133,3768.6%
– Concession subsidiaries’ revenue derived from works carried out by third parties (1)43762743.6%
Operating profit from ordinary activities3,1003,43410.8%
as a % of revenue (2)10.1%10.3% 
Share-based payment expense (IFRS 2)(63)(71) 
Goodwill impairment expense(12)(2) 
Profit/(loss) of associates8568 
Operating profit3,1103,42910.2%
as a % of revenue (2)10.1%10.3% 
Cost of net financial debt(714)(636) 
Other financial income and expenses34(45) 
Income tax expense(727)(847) 
Non-controlling interests(107)(125) 
Net profit attributable to owners of the parent1,5961,77611.3%
as a % of revenue (2)5.2%5.3% 
Earnings per share (in €) (3)3.213.302.9%
Dividend per share (in €)1.621.67 (4)3.1%

(1) In application of IFRIC 12, Service Concession Arrangements.
(2) Calculated based on revenue excluding concession subsidiaries’ revenue derived from works carried out by third parties.
(3) After taking account of dilutive instruments.
(4) Dividend proposed to the Shareholders Meeting of 2 May 2011.



(in € millions)31 December 2009 restated31 December 2010
Non-current assets – concessions26,23526,303
Non-current assets – other businesses4,7067,916
Current financial assets3548
Net cash managed5,8875,609
Total assets36,86339,876
Equity attributable to owners of the parent9,81112,304
Non-controlling interests656721
Total equity10,46713,025
Non-current provisions and miscellaneous long-term liabilities1,4431,729
WCR and current provisions5,9366,453
Total equity and liabilities36,86339,876
Net financial debt at 31 December(13,130)(13,060)



(in € millions)2009 restated2010
Cash flow from operations before cost of financing and tax (EBITDA)4,7715,052
Changes in WCR and current provisions524(78)
Income taxes paid(644)(950)
Net interest paid(762)(693)
Dividends received from equity-accounted companies4754
Cash flows (used in)/from operating activities3,9363,385
Net investments in operating assets(616)(595)
Operating cash flow3,3202,790
Investments in concession assets and PPP contracts(1,044)(871)
Free cash flow2,2761,919
Net financial investments(96)(2,425)*
Cash flow before movements in share capital2,148(575)
Share capital increases and reductions6211,658*
Share buybacks-(107)
Dividends paid(876)(965)
Cash flow for the period1,89311
Other changes(22)59
Change in debt1,87170

* Including the payment of Cegelec’s acquisition in VINCI shares: €1,385 million



(in € billions)31 December 09 restated31 December 10Δ 10/09
Total contracting22.625.9 +15%
of which:






VINCI is a global player in concessions, construction and energy businesses, employing more than 217,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.

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