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Home > Media > Press releases > First Half 2021 Financial Results (30/07/2021)

First Half 2021 Financial Results

30 July 2021 - 7:31 am - Finances - France

• Sharp upturn in revenue and earnings – Return to normal in most business lines - VINCI Energies and VINCI Construction: revenue and earnings in excess of 2019 levels
  - VINCI Autoroutes: upturn in traffic levels since early May following the easing of restrictions in France
  - VINCI Airports: trends varying between countries, overall passenger numbers still substantially down on levels seen before the Covid-19 crisis
• Significantly higher net income and free cash flow
• Reduction in net financial debt and large amount of liquidity
• Record order book
• 2021 outlook: - Performance at VINCI Energies and VINCI Construction set to exceed pre-Covid levels
  - Recovery in traffic levels expected to continue at VINCI Autoroutes
  - VINCI Airports passenger numbers still low due to continuing travel restrictions in some countries
• 2021 interim dividend: €0.65 per share

Key figures

(in € millions) First half      
2021 2020 2019 2021/2020
Revenue1 22,607 18,493 21,729 +22.3% +4.0% 43,234
Cash flow from operations (Ebitda) 3,132 1,803 3,625 +1,329 -493 5,919
   % of revenue 13.9% 9.7% 16.7%     13.7%
Operating income from ordinary activities (Ebit) 1,598 267 2,289 +1,332 -690 2,859
   % of revenue 7.1% 1.4% 10.5%     6.6%
Recurring operating income 1,467 118 2,341 +1,349 -874 2,511
Net income attributable to owners of the parent
excluding non-recurring changes in deferred tax
877 (244) 1,359 +1,121 -482 1,292
Diluted earnings per share excluding this effect (in €) 1.53 (0.44) 2.43 +1.97 -0.90 2.29
Net income attributable to owners of the parent 682 (294) 1,359 +976 -677 1,242
Diluted earnings per share (in €) 1.19 (0.53) 2.43 +1.72 -1.24 2.20
Free cash flow 381 (182) 316 +563 +65 3,990
Net financial debt2(in € billions) (18.6) (22.1) (24.2) +3.5 +5.6 (18.0)
Order intake (in € billions) 22.4 22.8 20.7 -2% +8% 43.4
Order book2 (in € billions) 46.0 42.9 36.2 +7% +27% 42.4
Change in total traffic at VINCI Autoroutes       +29% -14%  
Change in passenger numbers3 at VINCI Airports       -50% -81%  

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

“The first half of 2021 brought a sharp upturn in revenue and earnings compared with 2020. Free cash flow was positive, despite seasonal business variations that traditionally have a negative impact in the early part of the year.

“Business levels and earnings at VINCI Energies and VINCI Construction were outstanding, exceeding levels seen in 2019. Order intake remained strong and the order book rose to a new record level, giving the Group good visibility as it looks forward to the post-Covid era.

“For VINCI Autoroutes, although heavy vehicle traffic was buoyant, light vehicle traffic was still affected by some travel restrictions. The gradual easing of those restrictions in early May led to rapid growth in traffic, which is now above 2019 levels.

“For VINCI Airports, as in the world’s air transport sector as a whole, passenger numbers remained low as a direct consequence of Covid-related travel restrictions. However, demand for air transport remains strong around the world. Although some airports are seeing a return to passenger numbers close to 2019 levels, trends vary depending on the geographic region. Against this backdrop, the Group continued its development, winning the concession for Manaus International Airport and six other small airports in Brazil.

“In April, VINCI announced the signing of an agreement with the ACS group to acquire its energy business. This unique opportunity fits with the Group’s strategy to create a global player in energy-related engineering, works and services and to develop renewable energy projects.

“VINCI is continuing to roll out and accelerate its environmental ambition. In late 2020, to encourage everyone across the Group to genuinely share and adopt this ambition, we launched our Environment Awards, open to all VINCI staff members around the world. The impressive dedication and enthusiasm demonstrated by our people, and the number and diversity of the projects submitted, show that the Group’s entities are committed to implementing this ambition.

“This collective effort supports our commitment to all-round performance, both in the economic success of our business activities, but also in relation to their workforce-related, social and environmental impacts.”

VINCI’s Board of Directors, chaired by Xavier Huillard, met on 29 July 2021 to finalise the financial statements for the six months ended 30 June 2021. Confident in the Group’s ongoing rebound, the Board also approved the payment of a 2021 interim dividend of €0.65 per share. It will be paid in cash on 18 November 2021 (ex date: 16 November 2021).

I. Strong earnings growth and firm free cash flow

VINCI’s financial statements for the first half of 2021 show sharp year-on-year increases in revenue and earnings along with outstanding free cash flow. Compared with the first half of 2019, VINCI Energies and VINCI Construction achieved higher earnings, while those generated by the Group’s concessions activities remained hampered by low levels of air traffic and, to a lesser extent, by a fall in motorway traffic levels.

Consolidated revenue in the first half of 2021 totalled €22.6 billion, up 22.3% on an actual basis relative to the first half of 2020 (up 21.7% like-for-like, with a positive 1.2% impact from changes in scope and a negative 0.6% impact from movements in exchange rates). The upturn was particularly strong in France, where business levels in the previous year were badly affected by the first lockdown that began on 17 March 2020. Of VINCI’s total revenue, 45% was generated outside France.

Compared with the first half of 2019, revenue was 4% higher on an actual basis.

Concessions revenue totalled €2.9 billion, down 24% on an actual basis compared with the first half of 2019, and broke down as follows:
  - VINCI Autoroutes: €2.4 billion, down 8% compared with the first half of 2019, but up 26% relative to the first half of 2020.
  - VINCI Airports: €0.4 billion (down 65% compared with the first half of 2019).
  - Other consolidated concessions: VINCI Highways, mainly comprising Lima Expresa and Gefyra (Rion–Antirion bridge in Greece), whose revenue has recovered close to the level seen in the first half of 2019.

Revenue at VINCI Energies totalled €7.2 billion, up 12% on an actual basis compared with the first half of 2019. That upturn mainly reflects the robust economic environment and, to a lesser extent, the impact of acquisitions. Since the start of 2021, the company has completed around 20 acquisitions, representing full-year revenue of approximately €100 million.
  - In France (46% of the total), revenue was €3.3 billion, up 12% from the first half of 2019.
  - Outside France (54% of the total), revenue totalled €3.9 billion, up 13% relative to the first half of 2019. It increased in Europe, North America, Africa and Asia-Oceania, and fell in Brazil and the Middle East.

Revenue at VINCI Construction4 amounted to €12.2 billion, up 7% on an actual basis compared with the first half of 2019.
  - In France (51% of the total), revenue was €6.1 billion, down 2% relative to the first half of 2019 but up 32% year on year. Business levels remained firm in public works and civil engineering – supported by Grand Paris Express projects – and in road and rail works as well as earthworks. In the building sector, business levels were driven by several major developments in the Paris region.
  - Outside France (49% of the total), revenue was €6.0 billion, up 19% compared with the first half of 2019. Growth was driven by the ramp-up of several large contracts obtained recently, including two works packages on the HS2 high-speed rail line in the United Kingdom.

VINCI Immobilier’s consolidated revenue amounted to €742 million. Excluding Urbat Promotion, it rose 44% relative to the first half of 2019, due in particular to strong production levels for non-residential programmes launched previously.

Ebitda totalled €3,132 million, equal to 13.9% of revenue.

Operating income from ordinary activities (Ebit) was €1,598 million. While far exceeding the first-half 2020 figure of €267 million, it was still lower than the level seen in the first half of 2019 (€2,289 million), and broke down as follows:
  · €944 million in Concessions, including a €1,180 million positive contribution from VINCI Autoroutes. Thanks to drastic cost-reduction measures, VINCI Airports limited its loss to €251 million;
  · €428 million from VINCI Energies, equating to an Ebit margin of 6.0%, higher than the same period in 2019;
  · €213 million for VINCI Construction, giving an Ebit margin of 1.8%5(0.5% in the first half of 2019).

Recurring operating income amounted to €1,467 million. The figure includes the impact of share-based payments (IFRS 2) and the contribution of companies accounted for under the equity method, which remained negative for VINCI Airports.

Consolidated net income attributable to owners of the parent amounted to €682 million, giving earnings per share After taking account of dilutive instruments. of €1.19. This includes a non-recurring deferred tax expense following the United Kingdom’s decision to raise its corporate income tax rate from 19% to 25% in 2023. This expense of close to €200 million relates mainly to the contribution of London Gatwick Airport, but has no cash impact. Excluding this effect, consolidated net income attributable to owners of the parent was €877 million (€1.53 per share2).

Operating cash flow (before taking account of growth investments in concessions) amounted to €811 million, similar to the figure for the first half of 2019. It includes a limited rise in the working capital requirement, which generally increases in the first half due to seasonal variations.

Free cash flow was €381 million, higher than in both the previous two first-half periods (an outflow of €182 million in the first half of 2020 and an inflow of €316 million in the first half of 2019).

Consolidated net financial debt was €18.6 billion at 30 June 2021, down more than €3.5 billion relative to 30 June 2020.

II. Buoyant operating performance in general

Traffic levels on VINCI Autoroutes’ intercity networks rebounded by 28.6% (light vehicles up 31.7%, heavy vehicles up 16.2%) compared with the first half of 20206.

Compared with the first half of 2019, traffic levels were down 13.7%. Heavy vehicle traffic remained buoyant (up 2.0%), due to firm economic activity in France and growth in e-commerce. However, light vehicle traffic remained hampered by ongoing restrictions 7and fell 16.5%. The lifting of the ban on travelling more than 10 km from the home from 3 May 2021 resulted in a rapid recovery in motorway traffic, which has currently reached higher levels than those seen in 2019. Between 1 and 25 July 2021, traffic levels (across all vehicle types) were up 1.5% relative to the comparable period of 2019.

Passenger numbers at VINCI Airports were 81% lower in the first half of 2021 than in the first half of 2019. The decline in commercial aircraft movements was more limited (down 63%). Trends varied between geographic regions, with passenger numbers returning to normal in the United States, the Dominican Republic and Costa Rica, but well below pre-Covid levels in Europe despite a positive inflexion in June in Portugal, France and Serbia. Numbers remained very low at London Gatwick, in Japan and in Cambodia. Between 1 and 25 July 2021, passenger numbers were down 65% compared with the same period in 2019, representing an improvement in the trend relative to June.

Order intake totalled €22.4 billion in the first half of 2021. Despite the high base for comparison caused by major contract wins in the first half of 2020, order intake was almost unchanged year on year. This very strong performance was driven by VINCI obtaining several large contracts in the first half of 2021, along with an uptick in smaller contract wins in France.

At 30 June 2021, the order book was 9% larger than at 31 December 2020 (up 12% outside France and up 3% in France). It represents 14 months of average business activity (9 months for VINCI Energies and 16 months for VINCI Construction). International business made up 62% of the order book at end-June 2021.

At VINCI Immobilier, the number of housing units reserved in France rose about 10% compared with the first half of 2019 to 3,281, thanks to the integration of Urbat Promotion. Excluding this effect, the level of reservations was close to that seen in the first half of 2019 due to robust demand, although the persistent lengthening of periods for obtaining building permits is weighing on the trend.

III. Solid financial position

VINCI has maintained very strong liquidity, which amounted to €17.3 billion at 30 June 2021:
  - managed net cash of €9.0 billion;
  - unused confirmed bank credit facilities totalling €8.0 billion, with expiry due in November 2025 for almost all of that amount;
  - €0.3 billion of commercial paper issued.

On 30 June 2021, VINCI issued €750 million of 10.5-year bonds with a coupon of 0.5%. The success of that issue confirmed investor confidence in VINCI’s credit quality; the company is rated A- with stable outlook by Standard & Poor’s and A3 with stable outlook by Moody’s.

At 30 June 2021, the average maturity of the Group’s gross financial debt was 7.7 years, and the average cost of debt was 2.3%.

In April 2021, Gatwick Airport Finance plc – the head holding company of London Gatwick Airport, a 50.01%-owned subsidiary of VINCI Airports – issued £450 million of bonds paying a coupon of 4.375% and due to mature in 2026. At the same time, Gatwick Funding Limited, which raises funding for London Gatwick Airport, issued £300 million of bonds due to mature in 2032 with a coupon of 2.5% in order to refinance an existing loan.

IV. Outlook

For VINCI Energies and VINCI Construction, the Group has raised its guidance: the strong start to the year and the large order books mean that VINCI now expects to achieve revenue and operating margins8 in excess of 2019 levels at both of these business lines, barring exceptional events.

In Concessions, business levels continue to depend on measures taken in response to the Covid-19 situation in France and abroad, and on the resulting travel restrictions. Given the continuing uncertainty as to how the pandemic may develop, it is still not possible at this stage to offer reliable forecasts regarding VINCI Airports passenger numbers for the next few quarters.

For VINCI Autoroutes nevertheless, the recovery in traffic levels is expected to continue, barring the implementation of new travel restrictions in France.

Due to these unknowns and the weight of the Concessions business on the Group’s overall performance, VINCI cannot provide reliable forecasts for 2021 earnings, which will not recover to 2019 levels in 2021.

However, VINCI has strengths that will enable it to get back onto a trajectory of consistent growth, its energy services, construction and mobility businesses playing a central role in green growth.

V. Other highlights

 · Recent developments

On 1 April 2021, VINCI announced the signing of an agreement with the ACS group to acquire its energy business. This transaction fits with VINCI’s development strategy. That strategy aims to build a global player in energy contracting and to develop a platform for renewables projects, in order to broaden the Group’s concessions portfolio and extend its average maturity. This strategic acquisition, which will enhance VINCI’s contribution to the climate transition, is subject to the usual regulatory approvals for this kind of transaction, including antitrust approval in the relevant countries, and could close around the end of 2021.

The synergies that VINCI has long been developing between its construction and concession activities have resulted in two motorway PPP contract wins so far this year:
  - In April, a consortium led by VINCI Highways and including Meridiam (50/50) completed the financing of the PPP contract for the D4 motorway in the Czech Republic, the first ever awarded in the country. The works will be carried out by Eurovia.
  - In July, VINCI Concessions won the PPP contract for the new B247 federal road in Germany. First federal road in the country ever attributed to a private operator under a PPP scheme, this project consolidates the leading position held by VINCI Concessions in German motorway concessions with a total of five PPPs, developed in synergy with VINCI Construction’s local subsidiaries, which will be carrying out the works.

In April 2021, VINCI Airports obtained a 30-year concession to operate seven airports in northern Brazil, including Manaus International Airport. On 23 July 2021, VINCI Airports signed the contract with the Haute-Savoie administrative department to hold the concession for Annecy Mont-Blanc Airport for the next 15 years starting 1 January 2022.

In January 2021, VINCI Immobilier purchased a 50.1% stake in Urbat Promotion, a property developer specialising in building homes in the south of France, taking its total stake in that company to 100%. Urbat Promotion is a highly successful operator in its region, and the deal gives VINCI Immobilier a recognised brand in the affordable housing segment.

 · New contracts

Among the contracts won by the Group since the start of the year, the most significant are listed below.

VINCI Energies:
  - Construction of 1,500 km of power transmission lines and distribution networks, along with 11 substations in Benin.
  - Renewal of the maintenance contract for La Poste’s parcel and mail sorting equipment in France (five-year extension).
  - Connection of Sweden’s largest solar farm in Härad to the distribution grid.
  - Contract to design and install digital infrastructure for the city of Utrecht in the Netherlands, then to operate the system for a period of seven years.
  - Design and development of IT infrastructure for the largest vaccination centre in Italy, located in Milan.
  - Technical work packages for the construction of Africa’s tallest tower (404 metres) in Abidjan, Côte d’Ivoire.

VINCI Construction:
  - Construction of the Fehmarnbelt Fixed Link, the world’s longest immersed road and rail tunnel (18 km), between Germany and Denmark.
  - Works package 2 in relation to the Lyon–Turin rail link.
  - Construction of a liquefied natural gas tank in the United Kingdom.
  - Upgrading of a road link in Melbourne, Australia.
  - Upgrading of Highway 40 south of Grande Prairie in Alberta, Canada.

 · Environment Awards

To build awareness of environmental issues among all its employees worldwide and empower them to play an active role in this area, VINCI launched its Environment Awards at the end of 2020. This Group-wide contest, intended to recognise the most innovative and impactful initiatives in the field, has been a great success.

More than 2,500 projects already under way, developed by 4,000 applicants, who are mentored by 800 local correspondents and experts, have been submitted. Nearly 50,000 Group employees, based in some 20 geographic regions, cast their votes to choose the winning projects.


30 July 2021 First-half 2021 results
- Press conference: 08.30 CET
- Analysts’ meeting: 10.30 CET

Access to the analyst conference call:
In French +33 (0)1 70 71 01 59 (PIN: 79038779#)
In English +44 (0)20 7194 3759 (PIN: 52282116#)

Live access to the webcast on the Group’s website or via the following links:
In French:
In English:
24 August 2021 VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for July 2021 (after the market close)
15 September 2021 VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for August 2021 (after the market close)
13 October 2021 VINCI Airports passenger numbers for the third quarter of 2021 (after the market close)
19 October 2021 Quarterly information at 30 September 2021 (after the market close)

1 Excluding concession subsidiaries’ revenue from work carried out by non-Group companies (see Glossary).
2 Period-end.
3 Figures at 100% including passenger numbers at all airports managed by VINCI Airports over the full period.
4 Since 1 February 2021, VINCI Construction and Eurovia have been combined and placed under the leadership of Pierre Anjolras. This new organisation enables VINCI to optimise these two companies’ operating methods and to develop synergies between them by integrating them within a single management unit. As announced when VINCI published its full-year 2020 results in February 2021, the Group is now reporting on this business segment under the name of VINCI Construction.
5 It should be borne in mind that VINCI Construction's activities are seasonal, particularly in roadworks, and so first-half results are not representative of full-year performance.
6 Traffic levels fell very sharply following the introduction of lockdown measures in France from 17 March to 11 May 2020. From 11 May until 2 June 2020, journeys of more than 100 km from the home were prohibited.
7Including a curfew until 20 June 2021, a lockdown from 3 April to 3 May 2021 including a ban on travelling more than 10 km from the home, the closure of many public spaces and restrictions on travel between countries.
8Ebit / revenue.


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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