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Home > Media > Press releases > Quarterly information at 30 September 2017 (24/10/2017)

Quarterly information at 30 September 2017

24 October 2017 - 5:45 pm - Finances

· Revenue up 5.6% to €29.2 billion
    - Further improvement in heavy-vehicle traffic at VINCI Autoroutes
    - Ongoing strong growth at VINCI Airports
    - Confirmed upturn in business levels in all Contracting business lines (VINCI Energies, Eurovia, VINCI Construction)
    - Sales still robust at VINCI Immobilier

· Order intake up 13% and 9% increase in the order book
· Performance supports 2017 forecasts of higher revenue, operating income and net income

Consolidated revenue

  First nine months2017/2016 change
(in € millions)20172016ActualLike-for-like1
VINCI Autoroutes4,0583,933+3.2%+3.2%
VINCI Airports1,068764+39.8%+14.3%
Other concessions19294+104.6%+26.2%
VINCI Energies7,6747,406+3.6%+1.6%
VINCI Construction10,0489,776+2.8%+3.4%
VINCI Immobilier589438+34.6%+34.6%
Eliminations and adjustments(319)(333)  
VINCI Group total*29,18327,628+5.6%+4.5%
of which: France17,23216,270+5.9%+4.7%
Europe excl. France7,3757,040+4.8%+4.9%
International excl. Europe4,5764,318+6.0%+2.8%
Order intake (in € billions)26.923.8+13% 
Order book** (in € billions)30.627.9+9% 
Net financial debt** (in € billions)(14.6)(13.0)+11.9% 

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


VINCI’s consolidated revenue rose 6% like-for-like in the third quarter of 2017, confirming the positive trends seen since the start of the year:

- At VINCI Autoroutes, heavy-vehicle traffic continued to improve and is now back at levels seen before the 2008 financial crisis;
- VINCI Airports again posted strong growth, with further impressive increases in passenger numbers across all its airports, along with the integration of Aerodom (airports in the Dominican Republic) and ADL (Aéroports de Lyon);
- The three Contracting business lines (VINCI Energies, Eurovia and VINCI Construction) achieved further business growth, confirming the upturn in France and good overall performance elsewhere;
- At VINCI Immobilier, sales of residential properties continued at a rapid pace.

Order intake in the third quarter was substantially higher than in the year-earlier period, resulting in larger order books in all Contracting business lines.

During the third quarter, VINCI continued to pursue its strategic aims as part of its Concessions-Contracting business model:

- It strengthened its positions in the airport sector by signing a 30-year concession contract to operate Salvador airport in Brazil and a 42-year concession contract to operate Kobe airport in Japan, and by acquiring 51% of Lojas Francas Portugal (LFP), a company specialising in airport retail;
- VINCI Energies extended its network of companies; so far in 2017, it has acquired almost 20 companies representing additional full-year revenue of around €450 million;
- International development accelerated by new acquisitions: Eurovia in Germany and Latvia, and VINCI Construction in Australia.

The South Europe Atlantic high-speed rail line connecting Tours and Bordeaux came into service on 2 July 2017, one month ahead of schedule, and generated its first revenue. This is the largest project ever undertaken by the Group, and the infrastructure will be operated by VINCI and its partners under a 44-year concession contract.

Finally, as part of the Group’s policy of optimising its liquidity and borrowing terms, and against a market background that remains highly favourable, Cofiroute carried out a €750 million issue of 10-year bonds.

This strong performance in the first nine months of 2017 supports VINCI’s previous guidance regarding full-year 2017, i.e. growth in revenue, operating income and net income. 


I. Key figures

Consolidated revenue in the first nine months of the year came to €29.2 billion2, up 5.6% on an actual basis compared with the year-earlier period. Revenue was up 4.5% like-for-like after adjusting for changes in the consolidation scope (+1.6%) and currency movements (-0.5%).

Concessions revenue totalled €5.3 billion, up 11.0% on an actual basis or 6.0% like-for-like. Contracting revenue (VINCI Energies, Eurovia, VINCI Construction) was €23.6 billion, up 3.8% on an actual basis and up 3.4% like-for-like.

In France, the Group’s consolidated revenue totalled €17.2 billion, an increase of 5.9% (up 4.7% like-for-like). The main change in scope concerned the integration of Aéroports de Lyon (ADL), which was acquired in late 2016.

Outside France, revenue was €12.0 billion, up 5.2% on an actual basis and up 4.1% like-for-like. Changes in scope boosted revenue by 2.2%, and related mainly to acquisitions made in 2016 by VINCI Energies (Novabase IMS) and VINCI Concessions (Aerodom, which operates airports in the Dominican Republic, and Lamsac, which operates a section of the Lima ring road in Peru). Currency movements had a 1.1% negative impact on revenue, because of euro’s rise against sterling.

VINCI’s consolidated revenue in the third quarter of 2017 amounted to €10.7 billion, up 6.6% compared with the third quarter of 2016 on an actual basis (up 6.0% like-for-like). The third quarter brought further strong business levels in Concessions (up 9.8%) and confirmed the upturn in Contracting (up 5.6% overall, including growth of 6.9% at VINCI Energies, 4.9% at Eurovia and 5.2% at VINCI Construction).

The Contracting business’s order intake in the first nine months of 2017 totalled €26.9 billion, 13% more than in the first nine months of 2016. Order intake increased 12% in France and 15% elsewhere. All of the Group’s Contracting business lines saw growth in order intake: 14% at VINCI Energies, 9% at Eurovia and 15% at VINCI Construction.

The order book at 30 September 2017 amounted to €30.6 billion, up 9% year-on-year. The order book represents over 11 months of average business activity in the Contracting business.


II. 2017 guidance confirmed

This strong performance in the first nine months of 2017 supports VINCI’s previous guidance regarding full-year 2017, i.e. growth in revenue, operating income and net income:

- VINCI Autoroutes, despite a high base for comparison, is likely to achieve a further increase in revenue;
- VINCI Airports should post growth of at least 30% because of its recent acquisitions and ongoing strong passenger numbers;
- The Contracting business is confirming that all of its business lines are seeing renewed growth in France. Outside France, business levels should show an increase, despite the economic situation remaining weak in oil- and commodity-producing countries.


III. Analysis of revenue in the first nine months of 2017 by business line

CONCESSIONS BUSINESS: €5,318 million (up 11.0% actual; up 6.0% like-for-like)

VINCI Autoroutes: €4,058 million (up 3.2% both actual and like-for-like)

VINCI Autoroutes’ intercity traffic levels were up 1.1% year-on-year in the third quarter of 2017. That growth, on a constant network basis, broke down into a 0.7% rise in light-vehicle traffic and a 4.5% increase in heavy-vehicle traffic, with the latter now back to levels seen before the 2008 financial crisis. In the first nine months of 2017, VINCI Autoroutes’ traffic rose 1.7% (+1.4% for light vehicles and +4.0% for heavy vehicles).

VINCI Airports: €1,068 million (up 39.8% actual; up 14.3% like-for-like)

At airports managed by VINCI Airports, passenger numbers continued to grow rapidly in the third quarter (up 12.2%), comparable with the rate seen since the start of the year (up 12.6% in the first nine months of 2017). Passenger numbers in the first nine months of 2017 rose sharply in Portugal (up 17.7%), Cambodia (up 25.7%) and France (up 8.9%). In the Dominican Republic, passenger numbers were stable in the third quarter despite the hurricanes, and rose 4.7% in the first nine months of 2017. Recently acquired companies, i.e. Aerodom (integrated in April 2016) and ADL (integrated in November 2016) contributed €107 million and €139 million respectively to revenue in the first nine months of 2017.

Other concessions: €192 million (up 104.6% actual; up 26.2% like-for-like)

Peruvian company Lamsac, acquired in December 2016, contributed €63 million to VINCI Highways’ revenue. There was also good performance at VINCI Stadium, and a build-up of business at MESEA, the company that has been in charge of maintaining and operating the Tours–Bordeaux high-speed rail line since 2 July, one month ahead of schedule.


CONTRACTING BUSINESS: €23,595 million (up 3.8% actual; up 3.4% like-for-like)

VINCI Energies: €7,674 million (up 3.6% actual; up 1.6% like-for-like)

In France, revenue amounted to almost €4 billion, up 2.5% on an actual basis. Revenue was up 2.0% like-for-like, including strong growth of 5.9% in the third quarter due to an upturn in all business areas, namely information and communication technologies (ICT), industry, infrastructure and the service sector.

Outside France, revenue was €3,682 million (up 4.9% actual, up 1.3% like-for-like). As well as the integration of Novabase IMS in Portugal, VINCI Energies has made almost 20 acquisitions outside France since the start of 2017. Business levels stabilised in Germany, but grew rapidly in most of VINCI Energies’ other markets.

VINCI Energies’ order book at 30 September 2017 amounted to €7.1 billion, up 14% over 12 months. The order book represents eight months of VINCI Energies’ average business activity.

Eurovia: €5,873 million (up 5.8% actual; up 6.0% like-for-like)

In France, revenue was €3,321 million (up 6.2% actual, up 6.0% like-for-like). After several years of recession, the upturn in traditional roadworks markets was confirmed in the third quarter.

Outside France, revenue totalled €2,552 million, up 5.4% actual and up 5.9% like-for-like. Business levels were buoyant in Germany, Poland, Slovakia, the United States and Canada.

Eurovia’s order book at 30 September 2017 amounted to €6.1 billion, up 10% over 12 months. That figure represents more than nine months of Eurovia’s average business activity.

VINCI Construction: €10,048 million (up 2.8% actual, up 3.4% like-for-like)

In France, revenue was €5,232 million (up 3.8% actual, up 3.2% like-for-like). That increase confirms the resilience of the residential building market, particularly in the Paris region, and the improvement in the civil engineering market.

Outside France, revenue totalled €4,816 million (up 1.7% actual, up 3.5% like-for-like). Growth at Soletanche Freyssinet, Entrepose (Spiecapag) and in the Asia-Pacific region offset lower business levels at VINCI Construction UK, Sogea-Satom and VINCI Construction Grands Projets.

VINCI Construction’s order book at 30 September 2017 amounted to €17.4 billion, up 8% over 12 months. It represents almost 15 months of VINCI Construction’s average business activity.

VINCI Immobilier: €589 million (up 34.6% actual and like-for-like)

The sharp rise in VINCI Immobilier’s revenue reflects the firm momentum in the French residential real estate market. More than 4,450 units were reserved in the first nine months of 2017, up 27% compared with the year-earlier period.


IV. Financial position

Consolidated net financial debt at 30 September 2017 amounted to €14.6 billion, up €0.6 billion since the start of the year. The increase was due to seasonal movements in operating cash levels among Group companies, similar to those seen in 2016.

At 30 September 2017, VINCI had total liquidity of €9.4 billion, consisting of €3.4 billion of net cash managed and €6 billion of unused credit facilities due to expire in 2021.

In early October, Cofiroute – which is rated A- stable by Standard & Poor’s – successfully placed €750 million of newly issued 10-year bonds with a coupon of 1.125%.


V. Third-quarter highlights

- New contracts

VINCI Energies has won a large number of contracts for oil platform maintenance, including the multitechnical offshore maintenance of the Girassol (Block 17) and Dalia floating production storage and offloading (FPSO) units for Total E&P Angola. The business line also strengthened its position in the roll-out of fibre in France, winning six contracts since the start of the year. In addition, VINCI Energies delivered the Zagtouli solar power plant in Burkina Faso in August 2017 and installed 1,000 virtual servers (cloud) and associated services for the Church of Sweden.

Eurovia recorded several major orders in the third quarter, including:

- The extension of the contract with Disney’s amusement parks in Florida;
- The T6 section of the Lyon tramway;
- Miscellaneous rail works contracts in Central Europe.

In early July, a consortium led by VINCI Construction won the contract to build Noisy-Champs station on Line 15 South as part of the Grand Paris Express project T2D works package.

End of August, VINCI Construction won a contract to design and build a 10 km treated water transmission pipeline to supply the centre of Ho Chi Minh City, in Vietnam.

In October, a consortium led by VINCI Construction France signed a contract for the future Greater Paris campus of AgroParisTech and Inra (65,000 m2).

In addition, a consortium including Spiecapag (Entrepose) was selected to build an 85 km oil pipeline as part of the Trans Mountain Expansion Project (TMP) in British Columbia, Canada.

- Developments in the Concessions business

In July, VINCI Airports acquired a 51% stake in airport retail specialist Lojas Francas Portugal (LFP) from TAG GER, a subsidiary of Portuguese airline TAP. LFP operates 31 stores located in seven of the 10 Portuguese airports operated by VINCI Airports, including Lisbon airport. The other shares in LFP are still owned by Dufry Group, the world leader in airport retail.

On 28 July 2017, VINCI Airports signed a 30-year concession contract with ANAC (Brazil’s national civil aviation agency) and will start operating Salvador de Bahia airport from 1 January 2018.

On 26 September 2017, a consortium consisting of VINCI Airports, Orix and Kansai Airports signed a 42-year concession contract with the city of Kobe to manage Kobe airport. Kansai Airports – in which VINCI Airports and its Japanese partner Orix each own a 40% stake – will take over the running of this new airport on 1 April 2018, enabling it to develop operational synergies with Kansai international airport (KIX) and Osaka international airport (ITM), which Kansai Airports already operates.

In early October, through subsidiary UTS, VINCI Highways won a 10-year contract to operate 359 km of new sections of the MSP motorway. This makes VINCI Highways the sole operator of the 669 km motorway between Moscow and St Petersburg. Several sections are currently under construction and will be opened to traffic in 2018.

- International expansion in the Contracting business

VINCI Energies has completed several external growth operations:

- Novabase IMS, Portugal’s market leader in information systems integration and IT outsourcing, was integrated in January 2017. Novabase has 400 employees and generated revenue of €90 million in 2016;
- Acuntia, one of Spain’s leading service providers in the ICT sector. Acuntia employs 340 staff and generated revenue of €90 million in 2016;
- Asas Systems, Spain’s market leader in handling systems, which provides turnkey services and solutions to industrial customers, mainly in the automotive sector;
- SAIV, based in Italy and specialising in ICT sector services and solutions. With this acquisition, VINCI Energies has launched its Axians brand onto the Italian market.

Since the start of the year, VINCI Energies has made around 20 acquisitions, representing additional full-year revenue of about €450 million. These developments strengthen its network of companies in Europe and North America.

Eurovia has entered Latvia with the acquisition of Saldus Celinieks, a company specialising in roadworks, the extraction of aggregates and asphalt production. The company has around 300 employees and generated €24 million of revenue in 2016.

Eurovia has also strengthened its position in Germany with the acquisition of two companies:

- THG Baugesellschaft GmbH, which specialises in rail works involving both tram networks and the national rail network. THG has around 60 employees and its 2016 revenue amounted to €17 million;
- TKP Krächan GmbH, specialising in concrete structure renovation. TKP generated revenue of €10 million in 2016.
- VINCI Construction expanded its network to include Australia, completing its public tender offer for Seymour Whyte. In its financial year ended 30 June 2017, Seymour Whyte’s revenue amounted to A$433 million (around €287 million).

- Innovation

VINCI launched Leonard, its Group-wide platform dedicated to innovation and foresight, at the beginning of July. Leonard’s three missions are to maintain a technology watch, focus on foresight and develop incubation and acceleration programmes for innovative projects for all VINCI businesses.

In Contracting, two innovative solutions have been launched:

- Cway, developed by Mobility, a VINCI Energies business unit, enables the recharging of an entire fleet of electric buses;
- Power Road, a Eurovia innovation that captures the energy radiated from the sun onto roads and supplies it to buildings and infrastructure.


Conference call

The Group will comment on its revenue and business activities in the period ended 30 September 2017 in a conference call to be held in English today (Tuesday 24 October 2017) at 18.15 Paris time.

To take part, please dial one of the following numbers from 18.05
FR: +33 1 72 72 74 03 - PIN: 54914681#
UK: +44 20 71 943 759 - PIN: 54914681#

Playback number (available within two hours):
FR: +33 1 70 71 01 60 - PIN: 418705223#
UK: +44 20 33 645 147 - PIN: 418705223#



7 November 20172017 interim dividend ex-date
9 November 2017Payment of 2017 interim dividend (€0.69 per share)
14 November 2017VINCI Concessions Investor Day in Lyon



APPENDIXES: see pdf version of press release



1 Like-for-like = At constant scope and exchange rates: Impact of changes in scope neutralised by removing from the 2017 scope companies that joined the Group in 2017 and removing from the 2016 scope companies that left the Group in 2016 and 2017, while including the full-year figures of companies joining the Group in 2016. Currency effect neutralised by applying 2017 exchange rates to 2016 foreign currency revenue.

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 €29.6 billion in the first nine months of 2017, up 6.0% year-on-year (up 4.4% like-for-like).


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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