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Home > Media > Press releases > Quarterly information at 30 September 2016 (25/10/2016)

Quarterly information at 30 September 2016

25 October 2016 - 5:45 pm - Finances

· Revenue for the nine months ended 30 September 2016: €27.6 billion (-2%)
    - Traffic growth still firm at VINCI Autoroutes
    - Strong growth at VINCI Airports
    - Decline in contracting activity
    - Good momentum at VINCI Immobilier
· Order book stabilisation
· Confirmation of trends for full-year 2016:
    - Slight decrease in revenue
    - Increase in operating income and net income

Consolidated revenue

 First nine months2016/2015 change
in € millions20162015ActualLike-for-like1
VINCI Autoroutes3,9333,752+4.8%+4.8%
VINCI Airports764622+22.7%+12.9%
Other concessions9485+10.9%+12.4%
VINCI Energies7,4067,309+1.3%-1.6%
VINCI Construction9,77610,631-8.0%-8.4%
VINCI Immobilier438396+10.4%+10.4%
Eliminations and adjustments(333)(389)  
VINCI Group total*27,62828,180-2.0%-2.9%
of which: France16,27016,582-1.9%-2.6%
Europe excl. France7,0407,165-1.8%+0.3%
International excl. Europe4,3184,432-2.6%-8.5%
Order intake (in € billions)23.823.7+1% 
Order book** (in € billions)27.928.5-2% 
Excl. the Tours-Bordeaux HSL (SEA project) 27.728.0-1% 
Net financial debt** (in € billions)(13.0)(13.2)+0.2 

* Excluding concession subsidiaries’ construction work carried out by non-Group companies.
** Period-end.


The business indicators for the first nine months of 2016 confirm the trends previously indicated:
- an increase in revenue at VINCI Autoroutes due to ongoing firm traffic growth;
- strong growth at VINCI Airports, due to good passenger numbers across all our airports and the integration of Aerodom (Dominican Republic Airports);
- a resilient performance at VINCI Energies;
- lower business levels at Eurovia and VINCI Construction;
- firm momentum at VINCI Immobilier, driven by the residential real-estate sector.

Order intake at the end of September rose slightly compared to the same period las year, stabilising the order book despite the substantial completion of the works on the Tours-Bordeaux high-speed rail line (SEA – Sud Europe Atlantique project).

The Group stepped up development in Concessions with the acquisition – currently being finalised – of LAMSAC, which holds the concession for a section of the Lima ring road in Peru. VINCI was also named preferred bidder – as part of a consortium with Caisse des Dépôts and Crédit Agricole Assurances – for the French State's stake in Aéroports de Lyon, and is the future concession-holder of a motorway in Colombia with its partner Conconcreto.

In Contracting, VINCI continued to make adjustments in units affected by lower business levels, mainly in France and in oil-producing countries, in order to achieve a gradual recovery in margins. At the same time, we started new developments in more buoyant market segments, particularly outside France.

As regards financing, the Group carried out a bond issue on Cofiroute, taking advantage of particularly favourable market conditions.

Based on this good work, VINCI is confirming the guidance previously given regarding full-year 2016: a slight decline in revenue and an increase in operating income and net income.


I. Key figures

Consolidated revenue in the first nine months of the year came to €27.6 billion2, down 2.0% on an actual basis. After adjusting for changes in the consolidation scope (+2.1%) and currency movements (-1.2%), revenue was down 2.9% like-for-like.

Concessions revenue totalled €4.8 billion, up 7.4% on an actual basis or 6.1% like-for-like, due to firm growth in traffic at VINCI Autoroutes (+3.1%) and passenger numbers at VINCI Airports (+10.5%).

Contracting revenue (VINCI Energies, Eurovia, VINCI Construction) was €22.7 billion, down 4.1% on an actual basis and down 5.0% like-for-like.

In France, consolidated revenue was €16.3 billion, down 1.9% on an actual basis (down 2.6% like-for-like). The decline was partly due to progress with the Tours-Bordeaux high-speed rail line project, which is expected to be completed in July 2017.

Outside France, revenue was €11.4 billion, down 2.1% on an actual basis and 3.2% like-for-like. Changes in scope (positive effect of 4.0%), mainly at VINCI Energies and VINCI Airports were partly offset by currency effects (negative effect of 2.9%) caused by the euro's rise against most other currencies.

VINCI's consolidated revenue in the third quarter of 2016 amounted to €10.0 billion, slightly down 2.8% compared with the third quarter of 2015 on an actual basis (down 3.4% like-for-like). Concessions revenue rose 8.4% thanks to very strong performances at VINCI Autoroutes and VINCI Airports. In Contracting, revenue fell 5.1% on an actual basis, with declines of 2.7% at VINCI Energies, 2.6% at Eurovia and 8.3% at VINCI Construction.

In Contracting, order intake in the first nine months of 2016 totalled €23.8 billion, slightly more than in the first nine months of 2015. Performance varied between business lines and geographical areas, with increases of 4% at VINCI Energies and 3% at Eurovia, but a 3% fall at VINCI Construction. In France, order intake increased by 4%, but it fell by 3% outside France.

However, the evolutions of the third quarter of 2016 do not accurately reflect these trends because of the high base for comparison, caused by several large orders that were won in summer 2015.

The order book at 30 September 2016 amounted to €27.9 billion, representing a slight decline year-on-year but a 1% increase since the start of the year. The order book represents almost 11 months of average business activity in the Contracting business.


II. Confirmation of broad 2016 trends

Performance at the end of September 2016 supports the full-year guidance previously given:
- revenue growth at VINCI Autoroutes in excess of the 2015 figure;
- like-for-like revenue growth at VINCI Airports close to that seen in 2015;
- a small increase in revenue at VINCI Energies, but with the possibility of a like-for-like decline;
- a slightly larger decrease in comparable revenue at Eurovia and VINCI Construction.

The market is stabilising in France in Contracting but remains uncertain in various regions of the world dependent on oil prices, and the competitive environment remains tough. However, productivity efforts made by VINCI companies suggest a slight margin increase.

Under these circumstances, VINCI is confirming its previous guidance regarding full-year 2016, i.e. a slight decline in revenue and an increase in operating income and net income.


III. Analysis of revenue in the first nine months of 2016 by business line

Concessions: €4,790 million (up 7.4% actual or 6.1% at constant scope and exchange rates)

VINCI Autoroutes: €3,933 million (up 4.8% both actual and like-for-like)

Traffic on VINCI Autoroutes' intercity networks remained buoyant in summer 2016. After the 3.3% increase in the first half of the year, traffic rose 2.9% in the third quarter. Light-vehicle traffic increased 3.0%, boosted by good weather conditions and fuel prices, while heavy-vehicle traffic was up 2.4%. In the first nine months of 2016, traffic rose 3.1% (2.9% for light vehicles and 4.3% for heavy vehicles).


VINCI Airports: €764 million (up 22.7% actual; up 12.9% like-for-like)
Airport traffic continued to grow at a firm pace (11.4%3 in the third quarter and 10.5%3 in the first nine months of 2016), with passenger numbers continuing to rise strongly in Portugal (up 12.4% in the first nine months), Cambodia (up 6.2%), France (up 5.5%) and in the Dominican Republic4 (up 6.3%).


Contracting: €22,733 million (down 4.1% actual; down 5.0% like-for-like)

VINCI Energies: €7,406 million (up 1.3% actual; down 1.6% like-for-like)

In France, revenue amounted to €3,897 million, up 1.4% on an actual basis including APX in the new technologies of information and communications. Like-for-like, revenue fell 1.9%, with performance varying between sectors. Revenue was almost unchanged in the tertiary sector, but fell slightly in infrastructure and manufacturing, while telecoms saw a sharper decline.

Outside France, revenue rose 1.2% to €3,509 million, driven by the integration of Brazilian company Orteng since March 2015 and J&P Richardson in Australia, since February 2016. Like-for-like, revenue fell 1.2%. Business levels grew at a good pace in Southern Europe, Belgium and the Netherlands, but fell in Germany, Central Europe and outside Europe.

VINCI Energies’ order book at 30 September 2016 amounted to €6.2 billion, up 3% since the start of the year but down 4% over 12 months. It represents 7 months of VINCI Energies' average business activity.


Eurovia: €5,551 million (down 3.9% actual; down 2.8% like-for-like)

In France, revenue totalled €3,129 million, down 4.8% both on an actual basis and like-for-like. The decline was due largely to a fall in rail work on the SEA project, which will soon be completed.

Outside France, revenue was €2,422 million, down 2.6% on an actual basis due to adverse currency effects, but stable like-for-like. Growth in the United States, Chile, Germany and the United Kingdom offset declines in Central Europe, Spain and Canada.

Eurovia's order book at 30 September 2016 amounted to €5.6 billion, up 4% since the start of the year but down 1% over 12 months. It represents almost nine months of Eurovia's average activity.


VINCI Construction: €9,776 million (down 8.0% actual; down 8.4% like-for-like)

In France, revenue totalled €5,041 million, down 8.9% both on an actual basis and like-for-like. The contraction was due to the situation in the French construction market, where trends varied between business lines and regions, and to the completion of civil engineering and excavation works on the SEA project; without that effect, revenue would have fallen only 6.5%. VINCI Construction France won its first orders as part of the Grand Paris project, and saw an upturn in activity in the residential construction sector.

Outside France, revenue totalled €4,735 million, down 7.1% or 8.0% like-for-like. As well as the high base for comparison in 2015, business levels outside France continued to suffer from lower oil and gas prices, which mainly affected Entrepose and some branches of Sogea-Satom in Africa.

VINCI Construction's order book at 30 September 2016 amounted to €16.1 billion, representing over 14 months of average business activity. Excluding the impact of the SEA project, the order book was stable relative to the start of the year and down 1% over 12 months.


VINCI Immobilier: €438 million (up 10.4% actual and like-for-like)

VINCI Immobilier's revenue rose 10.4%, driven by France's buoyant residential real-estate market. More than 3,500 units were reserved in the first nine months of 2016, up 29% compared with the year-earlier period.


IV. Financial position

Consolidated net financial debt at 30 September 2016 amounted to €13.0 billion, up €0.6 billion since the start of the year and down €0.2 billion over 12 months.

However, it should be noted that the debt figure does not include the impact of VINCI's latest acquisitions – mainly LAMSAC and Aéroports de Lyon – which are likely to be completed by the end of the year.

At 30 September 2016, the Group had total liquidity of €11 billion, consisting of €5 billion of net cash managed and €6 billion of unused credit facilities due to expire in 2021.

In early September, Cofiroute successfully issues a €1.3 billion bond in two tranches of €650 million each, at 8.5 and 12 years. The coupons were 0.375% for the first tranche and 0.75% for the second.

VINCI, along with its ASF and Cofiroute subsidiaries, have the following credit ratings: “A-; stable” from Standard & Poor's and “A3; stable” from Moody’s.


V. Third-quarter highlights

- New contracts

VINCI Construction Grands Projets and EMCC (VINCI Construction subsidiaries), as part of a consortium with dredging company Jan de Nul, won the contract to extend the port of Kingston, Jamaica, worth $147 million (around €130 million).

Eurovia, via its ETF subsidiary, was selected by SNCF Réseau for its 2018-2022 national rail network renovation programme. The work involved in this contract, consisting of replacing almost 200km of rail lines per year, will be largely automated using a specialist "high output renewal train".

- Strategic initiatives

VINCI sold its remaining 24.6% stake in Indigo (formerly VINCI Park) to Ardian Infrastructure and Crédit Agricole Assurances.

VINCI Airports, as part of a consortium with Caisse des Dépôts and Crédit Agricole Assurances, was named as preferred bidder by the French State to acquire its 60% stake in Aéroports de Lyon.

International developments:
- Eurovia's Chilean subsidiary Bitumix SA raised its holding in Bitumix CVV from 50% to 100%.
- VINCI Highways acquired 100% of Lamsac, concession-holder of the Linea Amarilla expressway in Lima, and PEX, operator of the related electronic toll system, from Brazilian group Invepar.
- VINCI Highways, in partnership with Constructora Conconcreto, was named by Colombia's national infrastructure agency ANI as future concession-holder of the Bogotá-Girardot motorway.
- VINCI Highways signed a co-operation agreement with Vietnam Expressway Corporation (VEC), a Vietnamese public-sector roads agency, to develop motorway concessions in the country.
- VINCI Highway acquired a stake in TollPlus, which specialises in developing, implementing and maintaining electronic toll management and customer relations solutions.
- VINCI Energies announced the acquisition of Novabase, a leading Portuguese IT systems integrator and IT outsourcing company.



8 November 2016Ex-dividend date for the 2016 interim dividend
10 November 2016Payment of the 2016 interim dividend (€0.63 per share)
2 December 2016VINCI Energies Institutional Investor Day in Brussels



APPENDIXES: see pdf version of press release


1 Like-for-like = At constant scope and exchange rates: impact of scope changes neutralised by removing from the 2016 scope companies that joined the Group in 2016 and removing from the 2015 scope, companies that left the Group in 2015 and 2016, while considering the full-year contribution of companies joining the Group in 2015. Currency effect neutralised by applying 2016 exchange rates to 2015 foreign-currency revenues..

2 Excluding concession subsidiaries’ construction work carried out by non-Group companies.Including construction work performed by external companies on behalf of the Group's concession subsidiaries, in accordance with IFRIC 12, VINCI's revenue totalled €28.0 billion in the first nine months of 2016, down 2.5% year-on-year and down 3.5% like-for-like.

3 Up 10.9% excluding Aerodom in the third quarter 2016 and up 10.9% excluding Aerodom in the first nine months of 2016

4 Aerodom has been consolidated since April 2016


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.

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