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Home > Media > Press releases > Quaterly Information at 31st March 2020 (23/04/2020)

Quaterly Information at 31st March 2020

23 April 2020 - 4:55 pm - Finances - France

· Revenue stable at €9.7 billion
· Growth in business levels in January and February, downturn in March following the introduction of Covid-19 containment measures in France and many other countries
· Rise in order intake and the order book, which reached an all-time high
· Increase in liquidity to a very high level after the arrangement of additional bank credit facilities


Consolidated revenue

  First quarter2020/2019 change
In € million 2020 2019ActualLike-for-like1
Concessions 1,704 1,661 +2.6%-6.3%
   VINCI Autoroutes 1,112 1,170-5.0%-5.0%
   VINCI Airports 521 419+24.2%-9.7%
   Other concessions
   (VINCI Highways, VINCI Railways, VINCI Stadium)
71 72-0.5%-0.8%
Contracting 7,960 7,984 -0.3%-2.4%
   VINCI Energies 3,172 3,017+5.1%stable
   Eurovia 1,670 1,696-1.5%-1.5%
   VINCI Construction 3,118 3,271-4.7%-5.1%
VINCI Immobilier 238 190 +24.8%+24.8%
Eliminations and adjustments(208)(139)  
VINCI Group total* 9,693 9,696 stable-3.3%
of which: France 5,223 5,576-6.3%-7.1%
International 4,470 4,120+8.5%+1.6%
Europe excl. France2,7012,441+10.6%-0.9%
International excl. Europe1,7691,679+5.4%+5.7%
Change in total traffic at VINCI Autoroutes -8.6% +1.0%   
Change in VINCI Airports passenger numbers -20.9% +6.4%   
Order intake (in € billion) 9.8 9.4 +4%  
Order book** (in € billion) 37.7 34.9 +8%  
Net financial debt** (in € billion) (22.0) (16.1)(5.9) 

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



Xavier Huillard, VINCI’s Chairman and CEO, made the following comments:

“At VINCI, faced with an unprecedented global health crisis, our absolute priorities are the safety of our employees, partners, subcontractors, customers and stakeholders, along with the continuity of the public services for which we are responsible.

“With our motorways, airports and other infrastructure we manage, we are notably helping to maintain the transport indispensable to ensure business continuity and the supply of medical equipment.

“In our Contracting activities, VINCI companies are working, notably, to help ramp up hospital capacity and ensure that energy, communication, water treatment and waste processing networks continue to run smoothly.

“As well as applying our expertise in this way, many solidarity initiatives have been launched by the Group and its employees in France and the various countries in which we operate.

“After a strong start to the year, continuing the trend seen in 2019, VINCI’s business levels have been seriously affected by the measures introduced around the world to stem the spread of Covid-19, particularly in France after lockdown measures were introduced on 17 March.

“The pandemic is having a significant impact on the activities of all Group business lines, in both Concessions and Contracting. In contrast to the situation in France, where a large number of projects have had to be put on hold, the picture in other countries is more varied and it has been possible to continue operating in many countries, to varying extents depending on the businesses involved.

“In these circumstances, we expect a pronounced decline in the Group’s revenue in the next few months. This is why we have rapidly introduced measures to adjust expenditure and revise investment programmes across all our business lines.

“VINCI companies are focusing on resuming activities that have been shut down as soon as the health and regulatory situation allows. In doing so, they will abide, in France, by the public health advice prepared by professional organisations and validated in early April by the country’s Ministry of Labour and Ministry for Solidarity and Health.

“With the measures we have taken and the financial resources at our disposal, recently bolstered by the arrangement of additional bank facilities, VINCI is well equipped to get through this major, unprecedented crisis.

“Looking further ahead, we are confident that we will bounce back strongly given our record order books and highly responsive operations, made possible by our decentralised organisation.”

I. Consolidated key figures

Consolidated revenue in the first quarter of 2020 amounted to €9.7 billion(2) . It was stable on an actual basis compared with the first quarter of 2019 and fell slightly like-for-like (down 3.3%). Changes in the consolidation scope had a 3.3% positive impact on revenue, while exchange rates had a neutral effect.

- In France (54% of the total), revenue was €5.2 billion, down 6.3% on an actual basis or 7.1% like-for-like.

- Outside France (46% of the total), revenue was €4.5 billion, up 8.5% on an actual basis or 1.6% like-for-like. Changes in scope – i.e. the integration of London Gatwick airport in which VINCI Airports acquired a majority stake in May 2019, along with VINCI Energies’ recent acquisitions – boosted revenue by 6.9%. Exchange-rate movements had a neutral impact (down 0.1%).

Order intake in the Contracting business amounted to €9.8 billion in the first quarter of 2020, representing a 4% increase on the first quarter of 2019, despite the high base for comparison. On a rolling 12-month basis, order intake was up 9% (up 11% outside France and up 6% in France).

The order book at 31 March 2020 was at an all-time high of €37.7 billion, up 8% year-on-year. It represented almost 12 months of average business activity in the Contracting business. International business makes up 57% of the order book (54% at end-March 2019).

II. Revenue by business line

· CONCESSIONS €1,704 million (up 2.6% actual; down 6.3% like-for-like)

VINCI Autoroutes: €1,112 million (down 5.0% both actual and like-for-like)

Traffic levels on VINCI Autoroutes’ intercity networks rose sharply in the first two months of the year (up 8.8%, with a 10.0% increase for light vehicles and a 2.8% increase for heavy vehicles). As well as the leap-year effect, some traffic shifted onto the roads because of disruption to rail services, and there was a low base for comparison after traffic levels were affected by social unrest in January 2019.

In March, traffic levels fell sharply (down 39%, with a 44% drop for light vehicles and a 14% decrease for heavy vehicles) after lockdown measures were introduced across France on 17 March. The decline then gathered pace, and the trend in late March continued into early April. However, the fall in heavy vehicle traffic has been less severe than the drop in light vehicle traffic as France maintains a basic level of economic activity.

In the first quarter of 2020 as a whole, traffic levels were down 8.6% (down 9.7% for light vehicles and down 3.0% for heavy vehicles) compared with the first quarter of 2019.

VINCI Airports: €521 million (up 24.2% actual; down 9.7% like-for-like)

The growth seen in late 2019 continued in January 2020 (2% increase in passenger numbers), but in February passenger numbers fell 5% because of lower demand in Asia. Numbers then fell sharply in March (down 56%), affected by travel restrictions imposed by numerous countries (quarantines, lockdowns and border closures) to limit the spread of the virus. The decline was particularly pronounced in late March. Air traffic is now running at very low levels and is being limited in many platforms to health-related and emergency transportation, and freight.

Overall, passenger numbers in the first quarter of 2020 were down 21% compared with the first quarter of 2019, with the 45 airports making up the VINCI Airports network handling 45.3 million passengers in total(3).

The increase in revenue in the first quarter was the result of London Gatwick airport being integrated since 13 May 2019.

Other concessions (VINCI Highways, VINCI Railways, VINCI Stadium): €71 million (down 0.5% actual; down 0.8% like-for-like)

Other concessions included in the consolidated revenue figure relate mainly to the following assets: Lima Expresa (4); Gefyra (Rion–Antirion bridge in Greece); Mesea (maintenance work on the Tours–Bordeaux high-speed rail line) and VINCI Stadium. Their respective businesses are also seriously affected by the consequences of the pandemic since the end of the first quarter.

· CONTRACTING: €7,960 million (down 0.3% actual; down 2.4% like-for-like)

For the first time, international business accounted for more than half of the Contracting activity (47% in the first quarter 2019).

VINCI Energies: €3,172 million (up 5.1% actual; stable like-for-like)

Following a strong start to the year, VINCI Energies saw its activity in France fall after the lockdown. However, the business line’s operations in certain essential sectors, such as healthcare, energy, telecommunications, pharmaceuticals and food, enabled it to maintain around a third of its normal estimated business levels.

The situation outside France remains better overall, since some regions in which VINCI Energies has a large presence – such as Germany, Scandinavia and Switzerland – are continuing to show activity levels that are close to normal.

In the first quarter as a whole, the fall in business levels in late March was offset by VINCI Energies’ recent acquisitions, which number around 30 in countries such as the Netherlands, Germany, Spain and France.

In France (45% of the total), revenue was €1,433 million. It was stable on an actual basis or down 2.3% like-for-like.

Outside France (55% of the total), revenue was €1,739 million, up 9.8% on an actual basis or 2.1% like-for-like.

VINCI Energies’ order intake rose 15% in the first quarter of 2020, despite a high base for comparison. In the 12 months to end-March 2020, order intake was up 8% year-on-year. The order book at 31 March 2020 amounted to €10.2 billion, up 10% over 12 months. It represents almost nine months of VINCI Energies’ average business activity.

Eurovia: €1,670 million (down 1.5% both actual and like-for-like)

In France, after an excellent start to the year in which it benefited from both its good order book and favourable weather conditions, Eurovia’s business levels fell sharply after the lockdown. Its activities, after having almost come to a halt, are recovering very gradually. Outside France, however, activity has continued to at least some extent in most of Eurovia’s countries, with business levels close to normal in Germany and the United States.

In France (57% of the total), consolidated revenue was €956 million, down 10.3% on an actual basis or 10.5% like-for-like.

Outside France (43% of the total), revenue was €714 million, up 13.3% on an actual basis or 13.7% like-for-like.

Eurovia’s order intake rose 5% year-on-year in the first quarter of 2020. In the 12 months to end-March 2020, order intake was up 11% year-on-year. The order book at 31 March 2020 amounted to €8.6 billion, up 11% over 12 months. It represented more than 10 months of Eurovia’s average business activity.

VINCI Construction: €3,118 million (down 4.7% actual; down 5.1% like-for-like)

In mid-March, like the other Contracting business lines, VINCI Construction saw a sharp decline in its activities in France, where most of its projects were shut down. Outside France, however, activity continued to a varying extent in many countries depending on the region. The situation nevertheless remains changeable as the pandemic develops.

In France (50% of the total), revenue was €1,572 million, down 9.5% on an actual basis or 10.0% like-for-like.

Outside France (50% of the total), revenue was €1,546 million, up 0.7% on an actual basis or 0.6% like-for-like.

VINCI Construction’s order intake was up 9% in the 12 months to end-March 2020. However, there was a 10% year-on-year decrease in the first quarter of 2020 because of the signature of several large contracts being postponed until April. The order book at 31 March 2020 amounted to €19.0 billion, up 6% over 12 months. It represented more than 15 months of VINCI Construction’s average business activity.

VINCI Immobilier: €238 million (up 24.8% both actual and like-for-like)

VINCI Immobilier’s consolidated revenue rose until mid-March, due in particular to further strong production in commercial property relating to several major developments such as the To-Lyon project in the Lyon Part Dieu area. However, revenue fell in late March as almost all construction projects in France came to a halt.

The number of homes reserved in France, including Urbat, fell 29% to 1,041.

III. Financial position, liquidity and debt management

Consolidated net financial debt at 31 March 2020 amounted to €22.0 billion. By comparison with 31 December 2019, it showed a limited increase of €0.4 billion, with the seasonal increase in working capital requirement being smaller than that seen in the first quarter of 2019.

At 31 March 2020, VINCI had total liquidity of €15 billion, comprising:

- Managed net cash of €5.5 billion (€6.8 billion at end-December 2019), a record level of liquidity at that stage of the year, despite VINCI SA redeeming €750 million of bonds in March.

- Moreover, VINCI was able to take advantage of the reopening of the commercial paper (NEU CP) market in late March, following action taken by the monetary authorities. The €1.6 billion of commercial paper issued (€0.8 billion at 31 December 2019) increased the gross available cash to €7 billion at the end of March 2020.

- An unused confirmed syndicated bank credit facility of €8.0 billion, due to expire in November 2024.

In early April, VINCI arranged an additional €2.4 billion credit facility, due to expire on 31 March 2021, with a syndicate of six banking partners. The amount of that facility will be increased to €3.3 billion in early May when another five banks join the syndicate.

After these various transactions, the Group will have total liquidity of more than €18 billion, including NEU CP.

In April, the company that manages London Gatwick airport also obtained a new £0.3 billion bank loan due to mature in April 2022.

It should be noted that, despite the exceptionally difficult circumstances that the Group’s businesses currently face, on 9 April 2020 rating agency Moody’s confirmed its A3 rating with stable outlook on VINCI SA and ASF. On 17 April 2020, meanwhile, Standard & Poor’s confirmed its A- rating on VINCI SA, ASF and Cofiroute, with stable outlook (as opposed to the previous positive outlook).

IV. Trends in 2020

The Group, which was performing well overall in both its Concessions and Contracting business lines until mid-March, has suffered a very severe drop in activity following the lockdown in France and many other countries and the related logistical and administrative constraints.

VINCI Autoroutes’ traffic levels are currently down around 80% and VINCI Airports’ passenger numbers down more than 90%.

In the Contracting business in France, after a stage where activity was almost at a standstill, it is resuming very gradually for Eurovia and VINCI Construction. It is running at around a third of estimated normal levels at VINCI Energies. Outside France, the situation is more favourable overall as it has been possible to continue working to some degree depending on the activity and the country, with some countries maintaining close to normal business levels.

In the circumstances, the priority for the Group’s companies is to resume work wherever possible, as soon as the health situation allows it, after consultations with employees and their representatives, in agreement with project owners and in compliance with the standards defined by the public authorities. In France, the aim is to start resuming work before the end of April.

However, at this stage, given the uncertainty about the speed and extent of the resumption in activity, it is not possible to quantify how the health crisis will affect the Group’s 2020 financial statements. It appears nevertheless that VINCI will be unable to meet its target, announced on 5 February 2020, of achieving revenue and net income growth in 2020.

V. Other highlights

· Shareholders’ General Meeting
Given the new constraints resulting from the Covid-19 pandemic, VINCI’s Board of Directors, at its meeting on 26 March 2020, decided to postpone its annual Shareholders’ General Meeting, initially scheduled for 9 April 2020, until a later date. The new date of the Shareholders’ General Meeting will be announced as soon as VINCI’s Board of Directors has set it.

· New contracts
On 1 April 2020 a joint venture consisting of Balfour Beatty and VINCI Construction (50/50) was awarded the phase 2 contract for construction work on lots N1 and N2 of the UK’s HS2 high-speed rail project in the United Kingdom, near Birmingham. These works packages comprise the construction of 200 engineering structures along a 90 km stretch of track. The contract is worth around £5 billion, making it the Group’s largest project since the Tours–Bordeaux high-speed rail line. Work should begin in summer 2020, subject to strict compliance with health measures defined in the contract in response to the Covid-19 crisis and should last for 74 months.

· Solidarity initiatives
To continue and expand the numerous initiatives launched by its companies in France and around the world, the VINCI group has decided to support all those who are in the front line of fighting the Covid-19 crisis, working in hospitals, healthcare, social care and education. The emergency effort is being led by the Fondation VINCI pour la Cité, whose budget has been increased by €10 million for this purpose.
The foundation will prioritise donations to organisations and charities in France and abroad whose staff and volunteers are helping to combat the health and social consequences of the pandemic. VINCI will also encourage partnerships with non-profit organisations working in the social economy to address the economic difficulties that will follow the health crisis.

These efforts include:
- a plan to support medical staff;
- a plan to support the social care sector;
- an educational support programme.

Conference call
The Group will comment on its revenue and business activities in the period ended 31 March 2020 in a conference call to be held in English today (Thursday 23 April 2020) at 18.00 Paris time.
To take part, please dial one of the following numbers from 17.55:
In French: +33 (0)1 72 72 74 03 - PIN: 36403289#
In English: +44 (0)20 7194 3759 - PIN: 36403289#

Playback number (available within two hours):
In French: +33 (0)1 70 71 01 60 - PIN: 418924703#
In English: +44 (0)20 3364 5147 - PIN: 418924703#

16 July 2020
Publication of VINCI Airports passenger numbers for the second quarter of 2020 (after the market close)

31 July 2020
Publication of first-half 2020 results (before the market open)


(1)See glossary.
(2) Excluding concession subsidiaries’ revenue from works done by non-Group companies (see glossary).
(3) Figures at 100% estimated at 15 April 2020. 2019 figures including passenger numbers of managed airports over the full period.
(4)Previously Lamsac, the holder of concessions for two sections of the Lima ring road in Peru.


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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