2019 annual results
- Revenue up 10% to €48.1 billion
- Concessions up 18% (of which organic growth +6%): growth in traffic levels at VINCI Autoroutes (up 2.8%) and in passenger numbers at VINCI Airports (up 5.7%)
- Contracting up 9%: higher business levels across the three business lines (VINCI Energies, Eurovia and VINCIConstruction)
- VINCI Immobilier revenue up 20%
- Solid earnings growth:
- Operating income from ordinary activities: up 15% to €5.7 billion
- Net income attributable to owners of the parent: up 9% to €3.3 billion
- Very strong free cash flow generation: €4.2 billion, €1 billion more than in 2018
- Dividend proposed for 2019: €3.05 per share
- Accelerated social and environmental responsibility policy, including a targeted 40% reduction in the Group’s carbon footprint by 2030
Xavier Huillard, VINCI’s Chairman and CEO, made the following comments :
“VINCI broke records in 2019. Business levels grew strongly both in France and abroad, earnings rose again and cash flow was outstanding.
That very good performance was achieved through the hard work of VINCI’s 222,000 employees. It confirms the strength of our Concession-Contracting business model and our ability to integrate new companies successfully. The year’s main highlight was the acquisition of a majority stake in London Gatwick, the second-largest airport in the United Kingdom and the eighth-largest in Europe.
In Concessions, although social unrest in France continued to have an adverse impact in early 2019, VINCI Autoroutes traffic levels recovered strongly at the end of the year and showed firm growth for the year as a whole. VINCI Airports passenger numbers continued to rise for most of the year, but the growth was more limited in the fourth quarter due to several one-off events at certain airports. After integrating its recent acquisitions, VINCI Airports is now the world’s second-largest airport operator in terms of managed passenger numbers, and the most diversified with 45 airports in 12 countries.
In Contracting, organic growth was strong in all business lines, both in France and abroad, and order intake also saw firm growth. As a result, the order book hit a new record at the end of the year. These positive developments were accompanied by wider margins, with improvements at VINCI Energies and Eurovia making up for a slight decline at VINCI Construction, caused by under activity in the oil and gas sector.
VINCI took advantage of particularly favourable financial market conditions in 2019. We carried out several transactions to refinance debt on excellent terms, extending the average maturity of our debt while also diversifying our funding sources with two inaugural bond issues in sterling and US dollars.
VINCI is going into 2020 with confidence and can expect further growth in revenue and net income. However, that growth is likely to be more limited than in 2019 because of the high base for comparison and barring major new acquisitions.
VINCI views success in global performance terms and is not just committed to improving its economic and financial performance. We are also engaged on workforce-related, environmental, social and ethical matters. In this context, the Group has the stated aim of reducing its carbon footprint by 40% between now and 2030.”
VINCI’s Board of Directors, chaired by Xavier Huillard, met on 4 February 2020 to finalise the 2019 financial statements5 , which will be submitted for approval at the Shareholders’ General Meeting on 9 April 2020.
