Home - Mobile
€94.010 -0.37 %   12/08/2022 17:35
Home > Media > Press releases > 2014 Annual results (04/02/2015)

2014 Annual results

4 February 2015 - 5:45 pm - Finances

- EBIT margin increases to 9.4% despite a slight decline in revenue (-2.0% like-for-like)
- Slight increase in net income excluding non-recurring items: €1.9 billion (+0.4%)
- Net income attributable to owners of the parent (including non-recurring items, of which the impact of VINCI Park disposal): €2.5 billion
- Proposed dividend: €2.22 per share (+25%), of which €0.45 exceptional

Key figures

Euros in millions 2014 2013 2014/2013
Revenue 1 38,703 40,338 (2.0%) 2
Cash flow from operations (EBITDA) 5,561 5,596 (0.6%)
% of revenue 14.4 % 13.9 %  
Operating income from ordinary activities (EBIT) 3,642 3,670 (0.8%)
% of revenue 9.4% 9.1%  
Recurring operating income 3,637 3,677 (1.1%)
% of revenue 9.4% 9.1%  
Net income excluding non-recurring items 1,906 1,898 +0.4%
% of revenue 4.9% 4.7%  
Net income attributable to owners of the parent 2,486 1,962 +26.7%
Diluted earnings per share(in €) 4.43 3.54 +25.1%
Proposed dividend per share (in €) 2.22 3 1.77  
Net financial debt (in € billions) (13.3) (14.1) +0.8
Change in motorway traffic +2.1% +1.1%  
Change in airport passenger traffic 4 +9.1% +6.6%  
Order book at 31 December (in € billions) 27.9 29.4 (5.0%)


VINCI’s Board of Directors, chaired by Xavier Huillard, met on 4 February 2015 to finalise the 2014 financial statements5 which will be submitted for approval at the Shareholders’ General Meeting on 14 April 2015.

Key financial data:

VINCI’s overall performance in 2014 was robust: the continued upturn in motorway traffic, the sharp increase in airport traffic and the good momentum in the Group’s activities outside Europe allowed the Group to reduce the impacts of the deterioration in the French economic environment that affected the Contracting business from the second quarter as well as the difficulties in UK construction activities. As a result, net income excluding non-recurring items amounted to €1,906 million, slightly up (+0.4%) compared to 2013.

Net income attributable to owners of the parent rose almost 27% to €2,486 million, or €4.43 per share, thanks to the capital gain from the opening of 75% of VINCI Park’s capital.

Consolidated revenue totalled €38.7 billion, representing a limited decline of 2% on a like-for-like basis. On an actual basis – taking into account changes in the consolidation scope and particularly the deconsolidation of CFE at the end of 2013 – revenue was down 4.1%.

The Concessions business reported revenue of €5.8 billion, up 4.5% like-for-like (+3.7% actual), due to a good performance at VINCI Autoroutes (+3.5%) and VINCI Airports (+13.8% like-for-like). VINCI Park was deconsolidated on 4 June 2014.

The Contracting business, consisting of VINCI Energies, Eurovia and VINCI Construction, posted revenue of €32.9 billion, down 3.2% like-for-like (-5.0% actual).

In France, Group revenue was down 2.9% like-for-like to €23.9 billion (-4.7% actual).

International revenue was mostly unchanged like-for-like and at constant exchange rates (-0.5%) at €14.8 billion (-3% actual). Revenue outside France accounted for 38.2% of the Group total.

EBITDA6 totalled €5.6 billion (-0.6%) with the EBITDA margin increasing to 14.4% (13.9% in 2013) thanks to improvements at VINCI Autoroutes and VINCI Airports.

Operating income from ordinary activities (EBIT), which measures the operating performance of fully consolidated subsidiaries, was €3.6 billion (-0.8%), representing an EBIT margin of 9.4% (9.1% in 2013). In Concessions, the EBIT margin rose to 41.7% (38.4% in 2013). In Contracting, the EBIT margin fell to 3.5% (4.1% in 2013), mainly because of losses in UK construction activities. Excluding this impact, margins held up at VINCI Construction, were stable at VINCI Energies and improved at Eurovia.

Operating income totalled €4.2 billion, up 12.7% with respect to 2013. The figure includes €0.6 billion of non-recurring items, mainly consisting of the pre-tax capital gain from the opening up of the capital of VINCI Park.

Free cash flow after investments in Concessions was €2.2 billion (+0.8% versus 2013). After taking into account financial investments – mainly the buyout of non-controlling interests in Cofiroute – and the sale of a 75% stake in VINCI Park, available cash flow was €2.5 billion (as opposed to -€1.1 billion in 2013). €1.6 billion was returned to shareholders through dividend payments and share buybacks7 in 2014 (€0.9 billion in 2013).

Net financial debt fell €0.8 billion during the year to €13.3 billion at 31 December 2014 (€14.1 billion at 31 December 2013).

In March 2014, Standard & Poor’s upgraded its credit ratings on VINCI as well as on its subsidiaries, ASF and Cofiroute, from BBB+ to A- with stable outlook. Moody’s confirmed its credit ratings of Baa1 with stable outlook.

At the next Shareholders’ General Meeting, the Board of Directors will propose a dividend of €2.22 per share8 with respect to 2014. Given the interim dividend of €1.00 paid in November 2014, a final dividend of €1.22 will be paid in cash on 29 April 2015 if approved.

The consolidated financial statements for the year ended 31 December 2014 are available on the VINCI website: www.vinci.com.

Operational performance

Traffic at VINCI Autoroutes rose 2.1% in 2014 (light vehicles up 2.2%, heavy vehicles up 1.7%). The positive trend in the first nine months of the year continued in the fourth quarter, and notably renewed growth in heavy-vehicle traffic was confirmed.

VINCI Airports’ passenger traffic (46.8 million passengers) grew 9.1%9 in 2014. There were very strong performances in Portugal (up 9.5% including a 13.3% increase at Lisbon airport) and Cambodia (up 12.8%), along with good momentum in French airports (up 3.5%).

In Contracting, several large projects were completed in 2014, including the new section of the Cairo metro’s Line 3 in Egypt, the Triptis Schleiz section of the A9 motorway in Germany, the Liefkenshoek tunnel in the port of Antwerp in Belgium, and the first section of the M11 motorway between Moscow and St Petersburg in Russia. Furthermore, the progress on the HSR Tours Bordeaux (SEA) project neared 80% at the end of 2014.

Several new contracts were added to the order book in 2014. They included the construction of a viaduct, a dam and an interchange for the new coastal highway on Reunion Island, a road maintenance contract for Milton Keynes Council in the UK, the North West Corridor project in Atlanta, USA, the construction of a waste processing centre in North Yorkshire, UK, and the construction of two metro stations and related tunnels in Singapore. The order book stood at €27.9 billion at 31 December 2014 and represented approximately 10 months of average Contracting activity. Over 12 months, it is down 5% (-7% excluding SEA in France; +4% internationally).

Strategic initiatives

• January 2014: VINCI Autoroutes acquired Colas’ 16.67% stake in Cofiroute, taking its interest to 100%.
• June 2014: opening of 75% of VINCI Park’s capital. VINCI Concessions now has a 24.7% stake in VINCI Park, alongside Ardian (37%), Crédit Agricole Assurances (37%) and management. The transaction was based on an enterprise value of €2 billion. It reduced the Group’s net financial debt by €1.7 billion and boosted its consolidated net income by almost €0.7 billion.
• October 2014: VINCI Energies acquired Imtech ICT, the information and communication technologies arm of the Imtech group, and Electrix, an electrical works company operating in Australia and New Zealand. The two acquisitions represent additional annual revenue of around €900 million, all of which is generated outside France.

2015 Trends

VINCI forecasts a slight decrease of consolidated revenue in 2015:

• In Concessions, VINCI Autoroutes and VINCI Airports should continue to generate traffic growth, but at a slower rate than in 2014 because of the higher base for comparison.
• In Contracting, VINCI expects that revenue in France will fall between 5% and 10%. That decrease is likely to be offset partly by the Group’s international expansion. This should result in an increase in the proportion of Contracting revenue generated outside France, in line with the Group’s strategy.

The Group also expects the Contracting business EBIT margin to rise overall because of improved performance in loss-making operations, particularly in the UK.

Overall, net income attributable to owners of the parent, excluding non-recurring items, could be similar to that achieved in 2014.

Parent company results and dividend

Parent company VINCI reported net income of €2,792 million in 2014.

The Board of Directors has decided to propose a 2014 dividend of €2.22 to the Shareholders’ General Meeting on 14 April 2015.

Since an interim dividend of €1 per share (of which €0.45 per share is exceptional) was paid in November 2014, the final dividend payment on 29 April 2015 will be €1.22 per share (all cash) if approved.



Press conference: 08.30 CET on Thursday, 5 February 2015 at Pavillon Ledoyen, 1 avenue Dutuit, 75008 Paris, followed by an Analysts’ meeting at 11.00 CET at the same location.

This press release is available in French and English on VINCI’s website:www.vinci.com.


1 Excluding concession subsidiaries’ construction work carried out by non-Group companies
2 Like-for-like
3 Of which €0.45 per share exceptional
4 On a pro forma basis including ANA for all of 2013
5 The consolidated financial statements have been audited, and the Statutory Auditors’ report is in the process of being published.
6 Cash flow from operations before tax and net financing costs.
7 Net of capital increases.
8 Including an exceptional dividend of €0.45 per share.
9 On a pro forma basis including ANA for all of 2013.

APPENDIXES: see pdf version of press release


VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 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.

Subscribe to VINCI Press releases

Media contacts

Stéphanie Malek
Tel: +33 1 57 98 66 28

Investor Relations

Grégoire Thibault
Tel: +33 1 57 98 63 84

Boris Valet
Tel:+33 1 57 98 62 84