QUARTERLY INFORMATION AT 31 MARCH 2024
Nanterre, 25 April 2024
QUARTERLY INFORMATION AT 31 MARCH
2024
- Revenue up almost 5% to €15.7
billion
- Good performance overall, both in
France and abroad
- VINCI Autoroutes: upturn in traffic
levels in March after disruptions at the start of the year
- VINCI Airports: passenger numbers
higher than in 2019 for the second consecutive quarter
- VINCI Energies: rise in business
activity and order intake
- Cobra IS: strong business levels
and outstanding order intake
- VINCI Construction: solid business
activity, good order book renewal
- Order book: new all-time high
- Net financial debt: limited
increase during the quarter despite higher operating
investments
- 2024 guidance confirmed
REVENUE AND OTHER KEY
INDICATORS
|
First quarter |
2024/2023 change |
(In € millions) |
2024 |
2023 |
Actual |
Like-for-like1 |
Concessions |
2,352 |
2,206 |
+6.6% |
+5.3% |
VINCI Autoroutes |
1,375 |
1,332 |
+3.2% |
+3.2% |
VINCI Airports |
876 |
767 |
+14.3% |
+10.8% |
VINCI Highways |
81 |
75 |
+9.2% |
+4.5% |
Other concessions2 |
20 |
32 |
−39.5% |
−39.5% |
VINCI Energies |
4,615 |
4,395 |
+5.0% |
+3.8% |
Cobra IS |
1,608 |
1,496 |
+7.5% |
+7.6% |
VINCI Construction |
6,999 |
6,737 |
+3.9% |
+3.8% |
VINCI Immobilier |
248 |
296 |
−16.1% |
−16.1% |
Eliminations and adjustments |
(97) |
(128) |
|
|
Group total* |
15,725 |
15,002 |
+4.8% |
+4.2% |
of which: France |
7,056 |
6,780 |
+4.1% |
+4.0% |
International |
8,669 |
8,222 |
+5.4% |
+4.5% |
Europe excl. France |
5,531 |
4,894 |
+13.0% |
+10.7% |
International excl. Europe |
3,138 |
3,328 |
−5.7% |
−4.9% |
|
|
|
|
|
VINCI Autoroutes’ traffic levels |
−1.4% vs Q1 2023 |
VINCI Airports’ passenger numbers |
+12.4% vs Q1 2023, +0.6% vs Q1 2019 |
Order intake (in € billions) |
18.5 |
15.5 |
+19% |
Order book** (in € billions) |
66.7 |
60.3 |
+11% |
Net financial debt** (in € billions) |
(16.9) |
(19.2) |
|
+2.3 |
* Excluding concession
subsidiaries’ revenue derived from works carried out by non-Group
companies (see glossary). ** Period-end.
The changes set out below are relative to the
first quarter of 2023 unless otherwise stated.
I. Consolidated key
figures
Consolidated revenue rose by 4.8% to
€15.7 billion in the first quarter of 2024 (organic growth
of 4.2%, a 0.5% positive impact from changes in the consolidation
scope and a near-neutral impact from exchange rate movements).
In France, revenue was €7.1 billion, up 4.1% on
an actual basis and up 4.0% on a like-for-like basis.
Outside France, revenue was €8.7 billion, up
5.4% on an actual basis and up 4.5% on a like-for-like basis.
Changes in scope mainly concerned the acquisitions made by VINCI
Energies3.
The proportion of revenue generated outside
France was 55.1% (54.8% in the first quarter of 2023).
Order intake at VINCI Energies,
Cobra IS and VINCI Construction rose by 19% in the first quarter to
€18.5 billion.4
As a result, the order book hit
a new all-time high of €66.7 billion at 31 March 2024. Marking
increases of 11% year on year and 9% since 31 December 2023, it
represents almost 14 months of average business activity in the
Energy and Construction businesses. The Group therefore has good
visibility, enabling it to maintain a selective approach to new
business in markets that remain generally well oriented.
International business made up 68% of the order book at the end of
the quarter, unchanged year on year.
II. Change by business
line
- CONCESSIONS: €2.4 billion (up 6.6%)
VINCI Autoroutes: €1,375 million (up
3.2%)
Traffic levels on VINCI Autoroutes’ networks
were adversely affected at the start of the year by numerous
farmers’ blockades. The disruptions took place between late January
and early March, to varying degrees.
Traffic levels then recovered in March, rising
by 4% relative to March 2023: the increase included positive
calendar effects for light vehicles, notably with Easter weekend
starting in March this year. The decline in the first quarter as a
whole was therefore limited to 1.4% (traffic levels down 0.8% for
light vehicles and down 4.1% for heavy vehicles).
Lastly, it should be noted that the traffic
levels observed in the first quarter are not representative of the
annual trend.5
VINCI Airports: €876 million (up 14%
actual; up 11% like-for-like)
Passenger numbers in the VINCI Airports network
continued to rise, driven by sustained demand and new routes. Many
airports – particularly in Portugal, Belgrade and the Dominican
Republic – achieved record passenger numbers. In Mexico, despite
occasional operational difficulties experienced by some airlines,
passenger numbers stabilised at a high level, well above 2019
figures. In Japan, passenger numbers are now back close to
pre-pandemic levels, due in particular to the resumption of routes
with China.
Overall, VINCI Airports welcomed over 62 million
passengers to its airports in the first quarter of 20246,
12% more than in the first quarter of 2023. For the second
consecutive quarter, passenger numbers were higher than in
2019.
VINCI Highways: €81 million (up 9.2%
actual; up 4.5% like-for-like)
VINCI Highways’ main concession assets7 saw
traffic levels rise between 2.5% and 5%.
In other concessions, it should be noted that
business levels at VINCI Stadium were near zero in the first
quarter of 2024 because of preparations for the Paris 2024 Olympic
and Paralympic Games.
- VINCI Energies: €4.6 billion (up 5.0% actual; up 3.8%
like-for-like)
VINCI Energies recorded further growth
in revenue and order intake despite a high base for comparison, due
to a particularly strong first quarter in 2023. This good start to
2024 confirmed the excellent market position of its companies and
good momentum in its markets, which are being driven by the energy
transition and the digital revolution.
In France (44% of the total), revenue was €2.0
billion, up 2.4% on an actual basis and up 2.0% on a like-for-like
basis. This pace of growth reflects the especially high base for
comparison, given the very strong business levels in the first
quarter of 2023 against the backdrop of the energy crisis in
particular.
Outside France (56% of the total), revenue was
€2.6 billion, up 7.2% on an actual basis and up 5.2% on a
like-for-like basis. Business levels were buoyant in most of VINCI
Energies’ geographical markets, and growth was particularly firm in
Northern and Central Europe.
Order intake rose 4% compared with the first
quarter of 2023 and hit a new record of over €21 billion on a
rolling twelve-month basis. The order book at 31 March 2024
amounted to €16.0 billion (up 11% year on year and up 12% compared
with 31 December 2023). It represented almost 10 months of VINCI
Energies’ average business activity.
- Cobra IS: €1.6 billion (up 7.5% actual; up 7.6%
like-for-like)
Cobra IS’s strong revenue growth –
particularly in Spain – reflects good impetus in flow business and
in large EPC (engineering, procurement and construction) projects.
Order intake was boosted by contract wins at
Dragados Offshore.
In Spain (53% of the total), revenue rose by 19%
to €845 million. It mainly consists of flow business and work on
renewable energy EPC projects.
Outside Spain (47% of the total), revenue was
€763 million, down 3% on both an actual and like-for-like basis.
This slight decrease resulted from the phasing of several large EPC
projects. In addition, Cobra IS demonstrated greater selectivity,
particularly in Latin America.
Order intake doubled relative to the first
quarter of 2023. The figure includes €2.5 billion relating to two
offshore windfarm energy converter platforms to be designed, built
and installed in the North Sea for the German operator TenneT
(contract announced in April 2023). In addition, the volume of new
small and medium-sized contracts remained satisfactory.
Cobra IS’s order book therefore hit a record
€16.7 billion at 31 March 2024 (up 46% year on year and up 16%
compared with 31 December 2023), representing more than 2.5 years
of its average business activity.
In renewable power generation,
work continued on solar power plant projects in Brazil and Spain,
with total capacity of 0.6 GW and 0.8 GW respectively. When
completed, these projects will join the Belmonte solar farm in
Brazil, which has been operating since July 2023 (0.6 GW).
- VINCI Construction: €7.0 billion (up 3.9% actual; up
3.8% like-for-like)
VINCI Construction’s revenue growth in
the first quarter was mainly driven by its French business.
Order intake during the period - in both flow business and
major projects - and particularly in Europe, ensured a good order
book renewal rate.
In France (48% of the total), revenue was €3.3
billion (up almost 6%). Business was driven by the renovation of
existing buildings, the construction of public buildings –
particularly in the hospital sector – and roadworks.
Outside France (52% of the total), revenue was
€3.7 billion, up 2% on both an actual and like-for-like basis.
Business growth remained very well oriented in most divisions,
particularly for the business lines of Speciality Networks and
in the United Kingdom. However, revenue fell sharply at Sogea-Satom
in Africa.
Order intake was up 10%, and the order book was
steady at €33.9 billion at 31 March 2024 (down 1% year on year, up
4% relative to 31 December 2023). It represents almost 13 months of
VINCI Construction’s average business activity.
- VINCI Immobilier: €248 million (down 16%)
VINCI Immobilier’s revenue fell again due to the
conjunctural difficulties in the residential sector and the office
market observed since several quarters against the backdrop of
interest rates increase.
However, a good level of bulk sales meant that
VINCI Immobilier saw the number of housing units reserved rise by
10% in the first quarter of 2024 to 915.
III. Financial position and
liquidity
VINCI’s consolidated net financial debt at 31
March 2024 amounted to €16.9 billion. The slight increase relative
to 31 December 2023 (€16.1 billion) reflects – in addition to the
seasonal increase in working capital requirements - higher
investments, particularly in Concessions8 and Energy.
VINCI maintained a very high level of liquidity
at 31 March 2024:
managed net cash of €12.0 billion (€13.2 billion at 31 December
2023);
VINCI SA’s unused confirmed credit facility of €6.5 billion, due
to expire in January 2029, with two options to extend it by one
year each.
In March 2024, rating agency Standard &
Poor’s reiterated its confidence in the Group’s credit quality by
affirming its A− long-term and A2 short-term ratings, both with
stable outlook.
IV. 2024
guidance confirmed
VINCI confirms the 2024 guidance that it
presented when publishing its 2023 financial statements in February
2024:
Barring any exceptional events, the Group
anticipates the following trends in its various business lines in
2024:
- VINCI Autoroutes expects traffic levels to
rise slightly compared with 2023.
- VINCI Airports is forecasting passenger
numbers9 slightly in excess of their 2019 levels, with variations
between airports and geographies.
- VINCI Energies should see organic revenue
growth continue, but at a slower pace than in 2023, while
maintaining its excellent operating margin10.
- Cobra IS, thanks to its very large order book,
expects to increase its revenue again and maintain its operating
margin10 at the high level achieved in 2023.
- New projects will be added to the renewable
energy portfolio in 2024 and its total capacity, in
operation or under construction, will be around 3.5 GW by the end
of the year, representing an increase of around 1.5 GW compared
with the end of 2023.
- VINCI Construction should see revenue
stabilise close to 2023 levels while continuing the improvement in
its operating margin10.
As a result, VINCI expects its total revenue to
rise again in 2024, although growth is likely to be more limited
than in 2023. Earnings are expected to increase as well.This
forecast does not take into account the negative impact of the new
tax on long-distance transport infrastructure operators being
introduced by the French government, estimated to around €280
million.Despite this negative impact, net income in 2024 could be
close to its level achieved in 2023.
V. Recent
developments
At the end of December 2023, VINCI
Airports, which has been operating six airports in the
Dominican Republic under concession via its Aerodom subsidiary
since 2016, was granted a 30-year extension to its concession
contract by the Dominican government. The contract is now due to
expire in 2060. In relation to this contract extension, Aerodom
made an initial payment of $300 million to the Dominican state in
January 2024. An additional payment of $475 million will be
made at the time of the financial close, which is expected to occur
mid-2024.
On 17 April 2024, VINCI
Airports announced that it had agreed to acquire a 50.01%
stake in Edinburgh Airport Limited, the freehold owner of
Edinburgh airport (the busiest airport in Scotland and number six
in the United Kingdom, welcoming 14.4 million passengers in 2023),
for £1.27 billion11 (value of the 50.01% equity stake). The deal is
expected to close in summer 2024 after regulatory approvals have
been obtained.
On 18 April 2024, VINCI
Highways completed the acquisition of 100% of
NWP HoldCo LLC, which holds the concession for the Northwest
Parkway – a 14 km toll section on the ring road around Denver
(Colorado, United States) – for a price of around $1.2 billion
(equity value at 100%).
VINCI Concessions’ management will comment on
these recent strategic developments in a conference call at
18:00 CEST on Monday, 29 April. To take part, please
obtain an individual access code ahead of the call via the
following link:
https://register.vevent.com/register/BI929b8adfcff24ac3ac494fd41fc6c584and
then dial one of the numbers provided.
VINCI Energies completed the acquisitions of 10
new companies in the first quarter of 2024, representing full-year
revenue of almost €80 million and including:
Premiere Automation in the United States, a company specializing
in the integration of industrial automation systems for the
automotive industry;
Kramer & Best, a German company specializing in the
integration of purified water process systems for the
pharmaceutical and fine chemicals industries;
Solu-tech, a French company specializing in automation,
industrial IT and robotics, mainly for the food and pharmaceutical
industries;
Hesselink, a German company specializing in services for
electrical distribution networks in north-west Germany.
In April, VINCI announced an investment in
NatPower SA, a renewable energy developer operating mainly in
Italy, the United Kingdom and the United States. This strategic
partnership with NatPower will enable in particular to speed up
Cobra IS’s development in the US renewable power
generation market.
Soletanche Freyssinet – VINCI Construction’s
subsidiary specialising in soil, structural and nuclear engineering
– completed several acquisitions in the first quarter of 2024,
including:
Geotech Drilling Services Ltd (British Columbia), a leader in
soil reinforcement technologies in Canada;
TSSD Services, Inc. (Maine, United States), which provides
nuclear decommissioning services.
These two companies generate combined annual
revenue of almost €80 million.
Conference calls and financial
calendar
The Group will comment on its revenue
and business activities in the first quarter of 2024 in a
conference call to be held in English today (Thursday, 25 April
2024) at 17:50 CEST.
To take part, please obtain an individual access
code ahead of the call via the following link:
https://register.vevent.com/register/BId8632bfb918c41199461cbec09cbf26f
and then dial one of the following
numbers:FR:
+33 1 86 47 80
85UK: +44 1400
220156US:
+1 864 991 4103
*********
Financial calendar |
29 April 2024 |
VINCI Concessions conference call: “Update on the latest
strategic developments” (after the market close)See connection
details on page 6 |
16 May 2024 |
VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger
numbers for April 2024 (after the market close) |
18 June 2024 |
VINCI Autoroutes’ traffic levels and VINCI Airports’ passenger
numbers for May 2024 (after the market close) |
16 July 2024 |
VINCI Airports’ passenger numbers for the second quarter of 2024
(after the market close) |
25 July 2024 |
Publication of VINCI’s first-half 2024 results (after the market
close) |
**********
INVESTOR RELATIONS
Grégoire THIBAULT
Tel: +33 (0)1 57 98 63 84
gregoire.thibault@vinci.com
Boris VALETTel: +33 (0)1 57 98 62
84boris.valet@vinci.com
PRESS CONTACTVINCI Press DepartmentTel: +33 (0)1
57 98 62 88media.relations@vinci.com
About VINCIVINCI is a global player in
concessions, energy and construction, employing 280,000 people in
more than 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,
above and beyond economic and financial results, we are committed
to operating in an environmentally and socially responsible 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. www.vinci.com
APPENDICES
APPENDIX A: ADDITIONAL INFORMATION ON
CONSOLIDATED REVENUE
Consolidated revenue* in the first
quarter of the year – Breakdown by region and business
line
|
|
|
2024/2023 change |
(In € millions) |
First quarter 2024 |
First quarter 2023 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
1,487 |
1,450 |
+2.5% |
+2.5% |
VINCI Autoroutes |
1,375 |
1,332 |
+3.2% |
+3.2% |
VINCI Airports |
92 |
86 |
+7.1% |
+7.1% |
Other concessions** |
19 |
32 |
−39.9% |
−39.9% |
VINCI Energies |
2,040 |
1,993 |
+2.4% |
+2.0% |
Cobra IS |
10 |
9 |
+19.7% |
+19.7% |
VINCI Construction |
3,342 |
3,159 |
+5.8% |
+5.7% |
VINCI Immobilier |
248 |
293 |
−15.5% |
−15.5% |
Eliminations and adjustments |
(71) |
(124) |
|
|
Total France |
7,056 |
6,780 |
+4.1% |
+4.0% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
866 |
756 |
+14.5% |
+10.5% |
VINCI Airports |
784 |
681 |
+15.2% |
+11.2% |
VINCI Highways |
81 |
75 |
+9.1% |
+4.4% |
Other concessions** |
0 |
0 |
-6.2% |
-7.9% |
VINCI Energies |
2,575 |
2,402 |
+7.2% |
+5.2% |
Cobra IS |
1,598 |
1,488 |
+7.4% |
+7.5% |
VINCI Construction |
3,656 |
3,578 |
+2.2% |
+2.1% |
VINCI Immobilier |
1 |
3 |
−71.7% |
−73.2% |
Eliminations and adjustments |
(26) |
(4) |
|
|
Total International |
8,669 |
8,222 |
+5.4% |
+4.5% |
* Excluding concession subsidiaries’ revenue
derived from works carried out by non-Group companies (see
glossary).
** VINCI Railways and VINCI Stadium.
APPENDIX B: VINCI AUTOROUTES AND VINCI AIRPORTS
INDICATORS
Traffic on motorway
concessions
|
First quarter |
(Millions of km travelled) |
2024 |
2024/2023 change |
VINCI
Autoroutes |
10,722 |
-1.4% |
Light
vehicles |
8,874 |
-0.8% |
Heavy
vehicles |
1,848 |
-4.1% |
of which: |
|
|
ASF |
6,598 |
−2.5% |
Light
vehicles |
5,383 |
−1.8% |
Heavy
vehicles |
1,215 |
−5.3% |
Escota |
1,676 |
+1.4% |
Light
vehicles |
1,496 |
+1.5% |
Heavy
vehicles |
180 |
+1.0% |
Cofiroute* |
2,346 |
−0.5% |
Light
vehicles |
1,920 |
+0.1% |
Heavy
vehicles |
427 |
−3.5% |
* Excluding A86 Duplex.
VINCI Autoroutes revenue
in the first quarter of 2024 |
VINCI Autoroutes |
Of which: |
|
|
ASF |
Escota |
Cofiroute |
Toll revenue (in € millions) |
1,341 |
765 |
204 |
344 |
2024/2023 change |
+3.1% |
+1.8% |
+4.9% |
+4.2% |
Revenue (in € millions) |
1,375 |
785 |
208 |
350 |
2024/2023 change |
+3.2% |
+2.1% |
+5.0% |
+4.3% |
VINCI Airports’ passenger
numbers1
|
First quarter |
|
(In thousands of passengers) |
2024 |
2024/2023 change |
2024/2019 change |
Portugal (ANA) |
13,429 |
+5.8% |
+21.9% |
of which Lisbon |
7,515 |
+5.5% |
+20.2% |
United Kingdom |
9,657 |
+13.9% |
−12.3% |
of which London Gatwick |
8,333 |
+11.6% |
−13.9% |
Mexico |
5,888 |
−1.3% |
+15.1% |
of which Monterrey |
2,857 |
+2.0% |
+20.2% |
France |
3,904 |
+8.1% |
−11.5% |
of which ADL (Lyon) |
2,236 |
+5.8% |
−12.8% |
Cambodia |
1,181 |
+23.0% |
−38.0% |
United States2 |
1,574 |
+4.4% |
+1.6% |
Brazil |
3,015 |
+1.9% |
−10.6% |
Serbia |
1,609 |
+22.5% |
+55.5% |
Dominican Republic |
1,860 |
+10.7% |
+27.3% |
Cabo Verde |
778 |
+19.5% |
+6.0% |
Total fully-consolidated subsidiaries |
42,896 |
+7.7% |
+3.1% |
Japan (40%) |
11,502 |
+28.9% |
−8.8% |
Chile (40%) |
7,044 |
+18.4% |
+0.8% |
Costa Rica (45%) |
687 |
+28.7% |
+53.0% |
Rennes-Dinard (49%) |
116 |
−19.9% |
−38.8% |
Total equity-accounted subsidiaries |
19,350 |
+24.4% |
−4.4% |
Total passengers managed by VINCI
Airports |
62,245 |
+12.4% |
+0.6% |
1 Figures at 100% including passenger numbers over
the period as a whole. 2 Passenger numbers for the first quarter of
2024 and previous periods exclude figures for Orlando Sanford
airport, which left the VINCI Airports network on 29 February
2024.
APPENDIX C: ORDER BOOK AND ORDER
INTAKE
Order book
|
At 31 March |
Change |
|
|
At 31 Dec. |
Change |
(In € billions) |
2024 |
2023 |
over 12 months |
|
|
2023 |
vs 31 Dec. 2023 |
VINCI Energies |
16.0 |
14.5 |
+11% |
|
|
14.3 |
+12% |
Cobra IS |
16.7 |
11.5 |
+46% |
|
|
14.4 |
+16% |
VINCI Construction |
33.9 |
34.3 |
−1% |
|
|
32.7 |
+4% |
Total |
66.7 |
60.3 |
+11% |
|
|
61.4 |
+9% |
of which: |
|
|
|
|
|
|
|
France |
21.3 |
19.4 |
+10% |
|
|
20.0 |
+6% |
International |
45.3 |
40.9 |
+11% |
|
|
41.4 |
+10% |
Europe excl. France |
29.9 |
23.2 |
+29% |
|
|
25.6 |
+17% |
Rest of the world |
15.5 |
17.7 |
−12% |
|
|
15.8 |
−2% |
Order intake
|
First quarter |
|
|
(In € billions) |
2024 |
2023 |
2024/2023 change |
VINCI Energies |
6.3 |
6.0 |
+4% |
Cobra IS |
4.0 |
2.0 |
+99% |
VINCI Construction |
8.2 |
7.5 |
+10% |
Total |
18.5 |
15.5 |
+19% |
of which: |
|
|
|
France |
7.0 |
7.0 |
−1% |
International |
11.5 |
8.5 |
+36% |
Europe excl. France |
9.2 |
5.9 |
+55% |
Rest of the world |
2.4 |
2.6 |
−8% |
GLOSSARY
Concession subsidiaries’ revenue derived from
works carried out by non-Group companies: this indicator relates to
construction work done by concession companies as programme manager
on behalf of concession grantors. Consideration for that work is
recognised as an intangible asset or financial asset depending on
the accounting model applied to the concession contract, in
accordance with IFRIC 12 “Service Concession Arrangements”. It
excludes work done by the VINCI Energies, Cobra IS and VINCI
Construction business lines.
Like-for-like revenue growth: this indicator
measures the change in revenue at constant scope and exchange
rates.
Constant scope: the scope effect is neutralised as follows:
For revenue in year Y, revenue from companies that joined the
Group in year Y is deducted.
For revenue in year Y−1, the full-period revenue of companies
that joined the Group in year Y−1 is included, and revenue from
companies that left the Group in years Y−1 and Y is excluded.
Constant exchange rates: the currency effect is neutralised by
applying exchange rates in year Y to foreign currency revenue in
year Y−1.
Net financial surplus/debt: this corresponds to
the difference between financial assets and financial debt. If the
assets outweigh the liabilities, the balance represents a net
financial surplus, and if the liabilities outweigh the assets, the
balance represents net financial debt. Financial debt includes
bonds and other borrowings and debt owed to financial institutions
(including derivatives and other liabilities relating to hedging
instruments). Financial assets include cash and cash equivalents
and assets relating to derivative instruments.
Under IFRS 16, the Group recognises right-of-use
assets relating to leased items under non-current assets, along
with a liability corresponding to the present value of lease
payments still to be made. That liability is not included in net
financial surplus/debt as defined by the Group, and is presented
directly on the balance sheet.
Order book
At VINCI Energies, Cobra IS and VINCI Construction, the order
book represents the volume of business yet to be carried out on
projects where the contract is in force (in particular after
service orders have been obtained or after conditions precedent
have been met) and financed.
At VINCI Immobilier, the order book corresponds to the revenue,
recognised on a progress-towards-completion basis, that is yet to
be generated on a given date with respect to property sales
confirmed by a notarised deed or with respect to property
development contracts on which the works order has been given by
the project owner.
Order intake
At VINCI Energies, Cobra IS and VINCI Construction, a new order
is recorded when the contract has been not only signed but is also
in force (for example, after the service order has been obtained or
after conditions precedent have been met) and when its financing is
in place. The amount recorded in order intake corresponds to the
contractual revenue.
At VINCI Immobilier, order intake corresponds to the value of
properties sold off-plan or sold after completion in accordance
with a notarised deed, or revenue from property development
contracts where the works order has been given by the project
owner.
For joint property developments:
If VINCI Immobilier has sole control over the development
company, it is fully consolidated. In that case, 100% of the
contract value is included in order intake.
If the development company is jointly controlled, it is
accounted for under the equity method and its order intake is not
included in the total.
VINCI Airports’ passenger numbers: this is the
number of passengers who have travelled on commercial flights from
or to a VINCI Airports airport during a given period, and is a
relevant indicator for estimating an airport’s revenue from both
aviation and non-aviation activities.
VINCI Autoroutes’ traffic levels: this is the
number of kilometres travelled by light and heavy vehicles on the
motorway network managed by VINCI Autoroutes during a given
period.
1 See glossary.2 VINCI Railways (up 7.4%) and
VINCI Stadium (almost zero business activity because of
preparations for the Paris 2024 Olympic and
Paralympic Games).
3 34 acquisitions were completed in 2023 and 10
in the first quarter of 2024. Recent acquisitions boosted revenue
by almost €60 million in the first quarter. 4 Including €2.5
billion relating to orders for offshore windfarm energy converter
platforms at Cobra IS, see page 3.5 In 2023, traffic levels in the
first quarter represented 20% of full-year traffic levels, while
those in the third quarter accounted for more than 30%.6 Figures at
100% including passenger numbers at all managed airports over the
period as a whole.7 Lima Expresa (central section of the Lima ring
road in Peru), Gefyra (Rion–Antirion bridge in Greece), SCDI
(Confederation Bridge in Canada) and Vía Sumapaz
(Bogotá–Girardot highway in Colombia, fully consolidated since
spring 2023). 8 Including VINCI Airports’ initial $300 million
payment relating to the 30-year extension of Aerodom’s airport
concession in the Dominican Republic. 9 Figures at 100% including
passenger numbers at all managed airports over the period as a
whole. 10 Ebit/revenue.11 Subject to any adjustments that may occur
before the close of the deal.
This press release is an official information
document of the VINCI Group.
- VINCI_CP_T1_2024 20240425_EN VDef
Vinci (TG:SQU)
過去 株価チャート
から 5 2024 まで 6 2024
Vinci (TG:SQU)
過去 株価チャート
から 6 2023 まで 6 2024