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Home > Media > Press releases > Quarterly information at 30 September 2018 (23/10/2018)

Quarterly information at 30 September 2018

23 October 2018 - 5:45 pm - Finances

· Strong revenue growth, up 7.7% to €31.4 billion in the first nine months of 2018, including a 9.5% increase in the third quarter
- Concessions revenue up 5.6%, buoyant passenger numbers at VINCI Airports and robust traffic at VINCI Autoroutes
- Contracting revenue up 8.4%, with growth in all three business lines (VINCI Energies, Eurovia and VINCI Construction); sustained activity in the third quarter (organic growth of 4.9%)
- VINCI Immobilier revenue up 4.3%

· Good commercial momentum, with increases in order intake (up 5% at end-September) and order book (up 7%)

· VINCI is entering the final quarter of 2018 with confidence and confirms its full-year forecasts

Consolidated revenue

 First nine months2018/2017 change
(in € millions)20182017ActualLike-for-like1
     VINCI Autoroutes4,2024,058+3.6%+3.6%
     VINCI Airports1,2001,068+12.3%+10.0%
     Other concessions217192+12.7%+1.3%
Contracting25,57123,595 +8.4%+3.1%
     VINCI Energies8,9767,674+17.0%+4.3%
     VINCI Construction10,14110,048+0.9%-0.7%
VINCI Immobilier614589+4.3%+2.9%
Eliminations and adjustments(364)(319)  
VINCI Group total* 31,44029,183+7.7%+3.3%
of which:    
          Europe excl. France8,3837,375+13.7%+3.9%
          International excl. Europe4,9954,576+9.2%-0.5%
Order intake(in € billions)28.426.95% 
Order book**(in € billions)32.830.67% 
Net financial debt**(in € billions)(16.1)(14.6)-1.5  

* Excluding concession subsidiaries’ revenue from works done by non-Group companies (see glossary).
** Period-end.


I. Business activity in the first nine months of 2018: key consolidated figures

VINCI had a strong third quarter, with consolidated revenue of €11.7 billion, up 9.5% on an actual basis and up 4.3% like-for-like compared with the third quarter of 2017. Business activity remained buoyant in Concessions (up 4.7%) and accelerated in Contracting (up 11.0% on an actual basis and 4.9% like-for-like).

Consolidated revenue in the first nine months of 2018 came to €31.4 billion2, up 7.7% on an actual basis compared with the year-earlier period or 3.3% like-for-like, with changes in the consolidation scope having a 5.5% positive effect and exchange-rate movements a 1.1% negative effect.

- In France (57% of the total), revenue was €18.1 billion, up 4.8% on an actual basis or 4.1% like-for-like, reflecting the good momentum in Contracting’s business activities.

- Outside France (43% of the total), revenue was €13.4 billion, up 11.9% on an actual basis or 2.3% like-for-like. Changes in scope boosted revenue by 12.2%. Currency movements had a 2.6% negative impact on revenue because of the euro’s rise against certain currencies.

Order intake in the Contracting business in the first nine months of 2018 totalled €28.4 billion, 5% more than in the first nine months of 2017. It increased by 21% outside France in the first nine months but fell 8% in France, due in particular to a high base for comparison after some major contract wins relating to the Grand Paris Express project in 2017.

The order book at 30 September 2018 amounted to €32.8 billion, up 7% year-on-year, and represents over 11 months of average business activity in the Contracting business.


II. Revenue by business line (figures at end-September 2018)

· CONCESSIONS: €5,619 million (up 5.6% actual; up 4.8% like-for-like)

VINCI Autoroutes: €4,202 million (up 3.6% both actual and like-for-like)

Traffic levels continued to grow at a good pace. Traffic on the intercity networks rose 1.4% in the third quarter of 2018, with growth of 1.3% for light vehicles and 2.7% for heavy vehicles. In the first nine months of 2018, traffic levels grew 1.9% (1.7% for light vehicles and 3.3% for heavy vehicles).

VINCI Airports: €1,200 million (up 12.3% actual; up 10.0% like-for-like)

Revenue for the first nine months of the year benefited from the integration of Salvador airport in Brazil on 1 January 2018 and the Airports Worldwide portfolio at the end of August 2018. The growth momentum in the VINCI Airports network’s passenger numbers continued in the third quarter of 2018, rising 6% excluding Japan, which was affected by exceptional weather conditions. Over the first nine months of 2018, they increased 8% (excluding Japan). Passenger numbers were up in most of VINCI Airports’ facilities and exceeded 180 million on a rolling 12-month basis to end-September 2018.

Other concessions: €217 million (up 12.7% actual, up 1.3% like-for-like)
Peruvian company Lamsac, concessionaire of the Lima ring road, contributed €66 million to VINCI Highways’ revenue. Since the opening of Section 2 in June, traffic levels have been rising more quickly than expected.


· CONTRACTING: €25,571 million (up 8.4% actual, up 3.1% like-for-like)

VINCI Energies: €8,976 million (up 17.0% actual, up 4.3% like-for-like)
In France (47% of the total), revenue was €4,195 million, up 5.1% on an actual basis or up 4.3% like-for-like. Each business area (building/services sector, infrastructure, industry and ICT) posted firm growth during the period. In the third quarter, organic growth was almost 4%.

Outside France (53% of the total), revenue was €4,781 million, up 30% on an actual basis or up 4.4% like-for-like. The main scope effects during the period relate to acquisitions made in 2017, particularly in Northern Europe, and those made in 2018 (mainly PrimeLine in the United States and Wah Loon Engineering in Singapore). Those transactions contributed more than €1 billion of additional revenue in the first nine months of 2018. In geographical terms, business levels were buoyant in most of VINCI Energies’ markets, and particularly in Germany, Switzerland, Scandinavia and West Africa.

Order intake was up 18% at VINCI Energies. The order book at 30 September 2018 amounted to €8.6 billion, up 20% over 12 months. It represents almost nine months of VINCI Energies’ average business activity.

Eurovia: €6,454 million (up 9.9% actual; up 8.2% like-for-like)

In France (57% of the total), consolidated revenue was €3,666 million, up 10.4% on an actual basis or up 9.4% like-for-like. After several years of recession, the recovery in traditional roadworks markets that started in 2017 is confirming in 2018.

Outside France (43% of the total), consolidated revenue was €2,787 million, up 9.2% on an actual basis or up 6.7% like-for-like. Business levels rose in the German and UK markets after a tough start to the year caused by poor weather conditions. They remained strong in Central Europe (Poland and the Czech Republic), Canada and Chile.

Order intake rose 10% at Eurovia. The order book at 30 September 2018 amounted to €6.5 billion, up 7% over 12 months, and represents nine months of Eurovia’s average business activity.

VINCI Construction: €10,141 million (up 0.9% actual; down 0.7% like-for-like)

In France (53% of the total), revenue was €5,380 million, up 1.8% like-for-like. This increase confirms the strength of the building and public works market, particularly in the Paris region.

Outside France (47% of the total), revenue was €4,761 million, down 1.1% on an actual basis or 3.4% like-for-like. Revenue grew in Central Europe, Asia and Oceania, but declined in Africa, the United Kingdom and business areas related to the oil and gas industry. Business levels at VINCI Construction Grands Projets were down due to the completion of several large projects.

Order intake fell 6% at VINCI Construction, because of a more selective approach to taking on new business and a high base for comparison after it won some large contracts relating to the Grand Paris Express project in 2017. The order book at 30 September 2018 amounted to €17.7 billion, up 2% over 12 months, and represents more than 15 months of VINCI Construction’s average business activity.

VINCI Immobilier: €614 million (up 4.3% actual; up 2.9% like-for-like)
VINCI Immobilier’s consolidated revenue increased 4%. In the residential segment, reserved revenue rose 4.5% despite stability in the number of reservations (4,225 housing units). The subsidiary Ovelia, managing seniors residences, was consolidated in January 2018.


III. 2018 guidance confirmed

The Group is confident going into the final part of 2018. Strong performance in the first nine months of the year confirms the previously announced trends.

In full-year 2018, VINCI expects to see growth in revenue, operating income and net income.

- In Concessions, traffic growth at VINCI Autoroutes is expected to be similar to that seen in 2017 provided that fuel prices do not rise further. VINCI Airports’ passenger numbers should continue growing in 2018, although at a slower pace than in 2017 because of the high base for comparison.

In Contracting, business levels are expected to continue growing in all business lines, driven by favorable French economy and international development, and Ebit margin should improve further.


IV. Financial position

Consolidated net financial debt at 30 September 2018 amounted to €16.1 billion, up €1.5 billion over 12 months. The increase was mainly due to financial investments made by the Group.

At 30 September 2018, VINCI had total liquidity of €10.5 billion, consisting of €4.5 billion of net cash managed and €6.0 billion of unused credit facilities due to expire in 2021.

In mid-September, VINCI – rated A- by Standard & Poor’s and A3 by Moody’s – placed €1.75 billion of bonds with investors, i.e. €0.75 billion of bonds maturing in September 2025, with a coupon of 1.00% and €1 billion of bonds maturing in September 2030, with a coupon of 1.75%. This bond, the largest ever issued by the Group, confirms that investors are confident in VINCI’s credit quality.


V. Third-quarter highlights

· Developments in Concessions

On 29 August 2018, VINCI Airports completed the acquisition of Airports Worldwide, which manages eight airports in the United Kingdom, the United States, Costa Rica and Sweden: two under freehold, two under concession and four under full management contracts.

Motorway investment plan: decrees were published for Cofiroute in late August 2018 but are still pending for ASF and Escota. A total of €385 million will be invested for this plan. The works will be financed jointly by the local authorities concerned and VINCI Autoroutes, in return for additional tariff increases between 2019 and 2021.

· International expansion in Contracting

On 20 August 2018, Eurovia signed an agreement to acquire the Asphalt Plants and Paving business of Lane Construction in the United States, which operates in 10 states on the East Coast and Texas. The acquisition remains subject to approval by the US authorities.

· VINCI Immobilier, offering extended in French growth regions

On 10 September 2018, VINCI Immobilier announced that it was in exclusive talks to acquire URBAT Promotion, a specialist homebuilder operating in the south of France. The transaction is subject to the signature of final agreements between the parties.

· Innovation

In October 2018, Eurovia, working with VINCI Autoroutes, built the world’s first 100% recycled road, consisting of a 1 km section of the A10 motorway in the Gironde département.

Eurovia is testing new types of asphalt for the Paris municipality with the aim of reducing sound pollution and combating urban heat islands.


Conference call
The Group will comment on its revenue and business activities in the period ended 30 September 2018 in a conference call to be held in English today (Tuesday 23 October 2018) at 18.15 Paris time.
To take part, please dial one of the following numbers from 18.05
In French: +33 (0)1 72 72 74 03 – PIN: 89250494#
In English: +44 (0)20 7194 3759 - PIN: 89250494#

Playback number (available within two hours):
In French: +33 (0)1 70 71 01 60 - PIN: 418795913# In English: +44 (0)20 3364 5147 - PIN: 418795913#




6 November 20182018 interim dividend ex-date
8 November 2018Payment of 2018 interim dividend (€0.75 per share)
20-21 November 2018Eurovia Investor Day in Marseille
6 February 2019Publication of full-year 2018 results before stock market opening



APPENDIXES: see pdf version of press release



1 See glossary
2 Excluding concession subsidiaries’ revenue from works done by non-Group companies (see glossary)


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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