Vinci: 2019 ANNUAL RESULTS

Rueil-Malmaison, February 5, 2020

2019 ANNUAL RESULTS

• Enhance in turnover: + 10% to 48.1 billion euros
  • Concessions + 18% (together with natural + 6%): visitors progress for VINCI Autoroutes (+ 2.Eight%) and VINCI Airports (+ 5.7%)
  • Contracting + 9%: enhance in exercise within the three enterprise traces (VINCI Energies, Eurovia and VINCI Building)
  • VINCI Immobilier: + 20%
• Stable development of outcomes:
  • Working revenue on exercise: + 15% to five.7 billion euros
  • Group share of internet revenue: + 9% to three.Three billion euros
• Very excessive stage of free money movement technology: four.2 billion euros (+1 billion euros in comparison with 2018)
• Dividend proposed for the 2019 monetary 12 months: Three.05 euros per share
• Accelerating the social and environmental accountability coverage: goal of decreasing the Group's carbon footprint by 40% by 2030

Key figures

Xavier Huillard, Chairman and CEO of VINCI, mentioned:

“VINCI had a file 12 months 2019, marked by dynamic exercise each in France and overseas, an extra enhance in Group outcomes and a exceptional technology of money movement.

These excellent performances, the results of the work of 222,000 VINCI staff, verify the solidity of its dealer-builder enterprise mannequin and its capacity to efficiently combine new firms. The primary spotlight of the 12 months was the acquisition of a majority stake in London Gatwick Airport, the second largest airport in the UK and the eighth in Europe.

In dealerships, after a begin to the 12 months nonetheless marked by the unfavorable affect of social actions in France, VINCI Autoroutes visitors recovered strongly on the finish of the 12 months and posted good general progress. VINCI Airports' visitors continued to develop for many of the 12 months, however progress was extra restricted within the final quarter as a result of occasional occasions on sure platforms. After the mixing of its current acquisitions, VINCI Airports is now the second largest airport operator on the earth by variety of passengers managed and probably the most diversified with a presence in 12 international locations by way of 45 airports.

In contracting, natural progress was sustained in all enterprise traces, each in France and overseas, as was the tempo of progress so as consumption. The order guide thus reached a brand new file on the finish of the 12 months. These good developments are accompanied by a rise within the margin, the enhancements made by VINCI Energies and Eurovia making it doable to compensate for a slight slowdown at VINCI Building impacted by the sub-activity of the oil & gasoline sector.

Making the most of the notably favorable scenario on the monetary markets, in 2019 VINCI carried out a number of debt refinancing operations beneath wonderful situations, which enabled it to elongate the common maturity whereas diversifying its sources of financing, with two Inaugural bond points in kilos sterling and US .

VINCI appears to be like ahead to 2020 with confidence, and may envisage additional will increase in turnover and revenue. Nevertheless, these ought to be extra restricted than in 2019 as a result of a very demanding comparability base and excluding main new acquisitions.

Pushed by a worldwide imaginative and prescient of success, VINCI will not be solely dedicated to enhancing its financial and monetary efficiency. Additionally it is involved with the social, environmental, societal and moral facets of its actions. On this context, the Group has introduced its ambition to cut back its carbon footprint by 40% by 2030. “

The VINCI Board of Administrators, assembly on February four, 2020 beneath the chairmanship of Xavier Huillard, permitted the accounts for the monetary 12 months 2019⁵, which might be submitted to the subsequent common assembly of shareholders on April 9, 2020.

I. Elevated turnover and outcomes; very excessive stage of free money movement technology

VINCI's 2019 consolidated monetary statements present will increase in turnover, EBITDA, working revenue from operations, internet revenue attributable to the Group and free money movement.

Consolidated gross sales amounted to 48.1 billion euros, up 10.four% in comparison with 2018. Natural progress was + 5.four% (+ 6.1% in France and + four.5% internationally), adjustments in scope have a constructive affect of + four.6% (primarily internationally) and alternate charge variations of + Zero.four% (a number of currencies, notably the US greenback , having appreciated towards the euro). The share of worldwide turnover continues to develop. It reached 45% (43% in 2018).

Gross sales within the concessions department got here to eight.5 billion euros, up 17.7% on an precise foundation (+ 5.Eight% on a comparable foundation), together with:

• VINCI Autoroutes: 5.6 billion euros, up four.four% pushed by the marked restoration in visitors on the finish of the 12 months, which greater than compensated for the disruption attributable to social actions on the finish of 2018 and early 2019 .
• VINCI Airports: 2.6 billion euros (+ 63.7%). It consists of contributions from AWW (built-in in August 2018), Belgrade (built-in in December 2018) and London Gatwick (built-in in Could 2019) airports, bringing in practically € 900 million in further income over 12 months. On a like-for-like foundation, the rise in VINCI Airports' gross sales amounted to eight.6%.
• The turnover of different concessions consists of that of Lamsac (116 million euros), the concession firm of two sections of the Lima ring street (Peru), of Gefyra (42 million euros), the concession firm of the Rion bridge- Antirion (Greece), VINCI Stadium (70 million euros) and Mesea (40 million euros), a upkeep firm for the Excursions-Bordeaux high-speed line.

The contracting department's turnover amounted to 38.9 billion euros, up Eight.7%. Natural progress was sustained within the three enterprise traces (+ 5.1%), each in France and overseas.

• VINCI Energies' turnover amounted to 13.7 billion euros, up 9.1% on an precise foundation (+ 5.Zero% on a comparable foundation). Exercise remained dynamic in most institutions each in Europe (France, Benelux, Switzerland, Sweden) and internationally (United States, Africa, Brazil, Singapore, Australia-New Zealand). The division additionally benefited from the contribution of acquisitions made in 2018 (primarily PrimeLine in america and Wah Loon Engineering in Singapore) in addition to 34 new transactions concluded in 2019 (within the Netherlands, Germany, Spain and in France, particularly). Worldwide (55% of the whole) elevated by 10.Eight% with actual construction and by four.6% with comparable construction, France (45% of the whole) by 7.Zero% with actual construction and by 5.6% with comparable construction.
• Eurovia’s gross sales rose sharply to 10.2 billion euros (+ 14.Three% on an precise foundation, + 6.2% on a comparable foundation). In France (54% of the whole, Eight.5% enhance on a comparable foundation), the great momentum within the street works and concrete growth market continued. Internationally (46% of the whole, up 21.Three% together with + Three.four% on a comparable foundation), exercise was buoyant in Germany, the Czech Republic, the UK, Canada and Chile . 2019 was additionally marked by the mixing of business actions and street works acquired in late December 2018 from Lane Building in america. North America thus represented 17% of the division's annual turnover (in comparison with 11% in 2018).
• VINCI Building’s gross sales reached € 14.9 billion (+ four.9% on an precise foundation, + four.Three% on a comparable foundation). Exercise in France (53% of the whole, enhance of four.6% on a comparable foundation) remains to be supported within the Paris area by the dynamics within the constructing in addition to by the civil engineering works of Higher Paris. Within the provinces, the scenario is extra combined relying on the area. Internationally (47% of the whole, + 6.four% on an precise foundation, + four.Zero% on a comparable foundation), gross sales elevated in Central Europe, Nice Britain, Africa and Oceania. Within the specialty trades, Soletanche Freyssinet once more had an excellent 12 months. After the completion of a number of main initiatives lately, the Giant Initiatives division has entered a brand new progress cycle: VINCI Building Grands Projets has gained a number of important offers in america, Canada and New Zealand and in Nice Britain. Entrepose, for its half, stays penalized by the sub-activity within the sector ofoil & gasoline.

VINCI Immobilier posted sturdy income progress (+ 19.5% to 1.Three billion euros) because of sustained manufacturing each within the residential sector and in business actual property, within the Paris area and in main French cities, in addition to the event of its exercise in managed residences (beneath the manufacturers Ovelia and Pupil Manufacturing facility).

Consolidated EBITDA amounted to eight.5 billion euros. It represents 17.7% of gross sales, an enchancment of greater than 180 bp in comparison with 2018. Restated for the affect of the appliance of the accounting normal IFRS 16 “Leases” since 1^st January 2019, EBITDA stood at 7.9 billion euros, up 14.Eight% in comparison with 2018.

Working revenue from operations (ROPA) was 5.7 billion euros, up 14.Eight%. It represents 11.9% of gross sales (11.5% in 2018).

• The contribution from concessions elevated by 16.Three% to four.Zero billion euros (together with VINCI Autoroutes Three.Zero billion euros and VINCI Airports 1.Zero billion euros), or 46.7% of the determine. within the department (47.2% in 2018).
• The contribution of contracting was 1.7 billion euros (+ 12.Three%), or four.Three% of gross sales (four.1% in 2018). VINCI Energies' margin elevated to six.Zero% (5.Eight% in 2018), that of Eurovia additionally improved to four.2% (Three.9% in 2018). VINCI Building's margin fell barely to 2.7% (2.Eight% in 2018).

Present working revenue (ROC), together with the affect of share-based funds (IFRS 2), the Group's share within the revenue of firms consolidated utilizing the fairness technique and varied present working gadgets, amounted to five.7 billion euros up 15.Eight%.

Consolidated internet revenue attributable to the Group was Three,260 million euros. It elevated by 9.Three% in comparison with 2018, regardless of the rise in monetary prices, a consequence of the rise in common debt following the acquisitions made within the interval. Earnings per share⁶ stood at 5.82 euros (5.32 euros in 2018), up 9.Three%.

Free money movement confirmed a really sturdy enchancment, at four,201 million euros (Three,179 million euros in 2018). The three divisions of contracting are the principle contributors to this enhance of greater than 1 billion euros over the interval.

Consolidated internet monetary debt stood at € 21.7 billion as of December 31, 2019, a rise of € 6.1 billion over one 12 months, primarily because of the takeover of London Gatwick Airport.

The Group's liquidity at December 31, 2019 was € 15.Zero billion (€ 13.6 billion at December 31, 2018). It’s break up between managed money movement of 6.Eight billion euros and confirmed unused financial institution credit score traces for Eight.Three billion euros: one held by VINCI for Eight.Zero billion euros at maturity November 2024 and the opposite by London Gatwick for Zero.Three billion euros maturing in 2024.

The consolidated monetary statements at December 31, 2019 can be found on the VINCI web site: https://www.vinci.com/vinci.nsf/fr/investisseurs.htm

II. Operational efficiency positively oriented

VINCI Autoroutes visitors rose sharply on the 4th^th 2019 quarter (+ 14.Eight% together with mild automobiles + 16.6% and heavy automobiles + 5.9%). It benefited from a positive base impact, the top of 2018 having been very strongly penalized by the social actions intervening in France. Some carryover of visitors on motorways because of the disruptions that affected rail service in December 2019 was additionally famous. Over the complete 12 months, the rise in visitors thus got here to + 2.Eight% (mild automobiles + 2.Eight%, heavy items automobiles + Three.1%).

The nice progress momentum in passenger visitors VINCI Airports was confirmed over most of 2019 (+ 5.7% in comparison with 2018 on a comparable community), with the opening of 325 new routes, together with 61 long-haul. Nevertheless, a slowdown was noticed within the final quarter on sure platforms affected by advert hoc occasions: in the UK (chapter of Thomas Cook dinner, pre-Brexit wait-and-see), in Asia (tensions between Japan and South Korea), in Chile (social occasions) and in France (discount of home Air France flights).

In contracting:

• Order consumption for the 12 months stood at 41.7 billion euros, a rise of Eight% in comparison with 2018. The rise stood at 10% in France and 6% overseas. Order consumption elevated by four% at VINCI Energies, 13% at Eurovia and 9% at VINCI Building.
• The order guide reached 36.5 billion euros as of December 31, 2019, up 10% over 12 months. It amounted to € 15.6 billion (+ Three%) in France and € 20.9 billion (+ 16%) internationally, which represented 57% of the whole (in comparison with 54% at finish of 2018). Rising in all divisions, it represents greater than 11 months of common exercise within the sector.

At VINCI Immobilier⁷, the variety of dwellings reserved in France has contracted barely however stays at a excessive stage at 6,215 heaps (6,333 heaps in 2018). In workplace property, the surfaces offered over the 12 months elevated sharply to nearly 102,000 m2 (+ 64%). They embrace the emblematic To Lyon operation, close to the Half-Dieu prepare station, and two further blocks adjoining the Group's future headquarters in Nanterre Les Groues.

III. Debt administration

In 2019, in a very favorable market surroundings, VINCI (rated A- by Commonplace & Poor's with constructive outlook and A3 by Moody's with secure outlook) carried out a number of financing operations:

• In January, a € 950 million bond situation maturing in January 2029, with a coupon of 1.625%.
• In March, an inaugural bond situation of 800 million kilos sterling, divided into two strains of 400 million kilos sterling maturing in March 2027, with a coupon of two.25%, and 400 million kilos sterling maturing in September 2034, with a coupon of two.75%.
• In April, an inaugural bond situation of US $ 1 billion, maturing in April 2029, with an annual coupon of three.75%.

ASF, for its half, issued in February a bond of 1 billion euros maturing in February 2031, with a coupon of 1.375%.

London Gatwick Airport issued a £ 300 million bond in early July, due June 2049, with an annual coupon of two.875%.

These transactions enable the Group to extend its liquidity, lengthen the common maturity of its debt, and diversify its sources of financing and its investor base.

As of December 31, 2019, the Group's gross monetary debt, earlier than taking into consideration out there money, amounted to 28.four billion euros. Its common maturity is Eight.1 years (6.four years as of December 31, 2018) and its common price of two.four%, a really slight enhance (2.Three% in 2018) as a result of a share in international forex extra vital.

IV. 2020 traits:

In an unsure geopolitical context and regardless of poor visibility of the worldwide financial and monetary outlook, VINCI is coming into 2020 with confidence.

For this, the Group depends on:

• a stable and environment friendly financial mannequin combining complementary trades working in buoyant markets: rising wants for mobility, public services and environment friendly buildings, digital revolution, power transition, environmental safety;
• shared values ​​extensively disseminated to its 222,000 staff: taking accountability as shut as doable to the sector, work security, ethics, formidable environmental aims, seek for general efficiency on the service of consumers and stakeholders;
• a really stable monetary place, well known by its companions: traders, monetary establishments, score businesses, and so on .;
• a transparent and constant technique, aimed on the geographic diversification of all companies and favoring the event of recurring actions with excessive added worth.

On this context, VINCI might envisage additional will increase in turnover and revenue for 2020. These ought to nevertheless be extra restricted than in 2019, as a result of a very demanding comparability base, each in concessions and in contracting, and excluding main new acquisitions.

V. Dividend

The Board of Administrators determined to suggest to the subsequent common assembly of shareholders on April 9, 2020 the distribution of a dividend of three.05 euros per share for the 2019 monetary 12 months (2.67 € per share for 2018).

Considering the down fee of Zero.79 euros per share paid in November 2019, there would stay a fee of two.26 euros per share in money on April 23, 2020 (date of coupon detachment: April 21, 2020).

VI. Evolution of share capital

As of December 31, 2019, VINCI's capital consisted of 605.2 million shares, of which 50.5 million treasury shares (representing Eight.Three% of the capital at that date).

VII. Social, Societal and Environmental Duty

Past its financial and monetary aims, VINCI confirms and deepens its moral, social, societal and environmental commitments structured by the VINCI Manifesto, which is out there in all companies and all geographies.

• Social and societal efficiency

• The well being and security of staff are prime priorities. The lost-time accident frequency charge might be diminished from 7.77 in 2013 to five.90 in 2019. In 2019, 72% of VINCI firms didn’t file any lost-time accident, in comparison with 66% in 2013 ;
• By way of parity, the target is to double the variety of girls on the administration committees of VINCI divisions and divisions and to carry the proportion of feminine managers within the Group's workforce to 25% within the coming years;
• four,000 folks in integration had been supported by VINCI firms in France in 2019, to facilitate their return to work;
• Round 142,000 VINCI staff and former staff maintain practically 9% of its capital by way of collective worker financial savings schemes: in 2019, these schemes had been prolonged to four new international locations, enabling 80% of the workforce exterior France to turn out to be shareholders of VINCI. In France, 100% of staff are actually shareholders;
• The Group's 13 Company Foundations have supported greater than 480 native affiliation initiatives, counting on the sponsorship of 950 staff in France and overseas;
• The Group has launched the “Give me 5” operation, which welcomes 5,000 pupils within the third 12 months of faculty annually from precedence training zones all through France, as a part of instructional immersion permitting them to find the scope and richness of the Group's companies. As well as, VINCI reserves 20% of its summer season internships and jobs for college kids in the identical neighborhoods, and affords tailored integration programs for younger people who find themselves out of labor.

• Environmental efficiency

The 12 months 2019 made it doable to establish the actions possible to enhance the Group's environmental efficiency in three areas: local weather change, the preservation of sources by way of the event of the round economic system and the conservation of pure environments. This method mobilized all of VINCI's operational entities. The progress components and transformation investments recognized make it doable to:

• Outline a carbon trajectory aiming for neutrality in 2050, with a primary milestone of 40% discount in CO emissions₂ by 2030 in comparison with 2018, on the direct affect perimeter (“Scopes 1 and a couple of”). This formidable goal is suitable with a trajectory to keep up the rise in world temperature to 2 levels most as set by COP21;
• Systematize the recycling and reuse coverage, working with a provide chain method each on the availability and demand of supplies;
• Develop, inside the framework of the “keep away from, scale back, compensate” method, a roadmap aiming at an goal of “zero internet loss” of biodiversity;
• Work to enhance the oblique environmental footprint generated by the actions of suppliers, companions and clients (“Scope Three”).

On this context, VINCI will dedicate a big a part of its analysis and innovation sources to the surroundings. These are deployed each in every of the enterprise traces and at Leonard, the Group's innovation and forecasting platform, particularly by way of its “intrapreneur” and assist applications. startups. VINCI will even implement particular actions inside the framework of exterior scientific and technological partnerships, particularly with ParisTech.

·Ethics and human rights

In accordance with the commitments of its Manifesto, VINCI carries out its initiatives in compliance with moral ideas and the safety of human rights that are imperatives for all its entities. The Code of ethics and behaviours and the Anti-corruption code of conduct can be found in 26 languages ​​to 99% of staff. The VINCI Human Rights Information explains the rules that every one Group firms should apply on this space, no matter their occupation and site.

1. Different highlights of 2019 and January 2020

• New developments:

VINCI Autoroutes:

• Continuation of labor on the A355 motorway bypassing Strasbourg from the west, at present the most important motorway development website in France. Its commissioning is scheduled for the autumn of 2021.

VINCI Airports:

• Finalization of the acquisition of a 50.01% stake within the capital of London Gatwick Airport, on Could 13, 2019;
• Continued discussions with the federal government of Portugal to organize, in Lisbon, the conversion of the navy airport of Montijo right into a civilian airport and the modernization of Humberto Delgado airport. This mission will enhance the reception capability of the Portuguese capital to deal with the anticipated progress in visitors within the coming years;
• Launch of the Belgrade airport modernization mission in synergies with VINCI Building Grands Projets, modernization works at Toulon-Hyères airport and the Kansai Worldwide airport extension and renovation mission;
• Supply, in December 2019, of extension and modernization works on the Salvador de Bahia platform, carried out in synergies with VINCI Energies. The airport's capability is thus elevated from 10 to 15 million passengers per 12 months.

VINCI Highways:

• Commissioning, in October, of the Regina bypass, the capital of the province of Saskatchewan in Canada. This achievement was made doable by the synergies of the experience of a number of group subsidiaries: VINCI Highways, Eurovia, Soletanche Freyssinet, VINCI Building Terrassement, VINCI Energies;
• Commissioning, on the finish of the 12 months, of sections 7 and eight of the brand new Moscow-Saint Petersburg motorway (M11). VINCI Highways can also be the concessionaire for the primary part of this freeway, delivered in 2014, which hyperlinks the Moscow ring street and Sheremetyevo airport.

VINCI Energies acquired 34 new firms in 2019, together with:

• Converse Vitality Initiatives GmbH in Germany, an organization specializing within the design and implementation of turnkey initiatives for industrial electrical distribution installations;
• SISTEM Melesur Energía and SISTEM Infraestructuras y Operaciones EPC, main gamers within the Spanish marketplace for companies within the distribution power in addition to the transport, transformation and manufacturing of power, particularly renewable power;
• OFM in Germany, within the telecommunications infrastructure sector;
• IZEN in Belgium, specialist within the set up of photovoltaic power manufacturing, for the residential and industrial markets.

In January 2019, VINCI Immobilier acquired 49.9% of the shares in URBAT Promotion, an organization specializing within the development of housing within the south of France.

· Administration

Arnaud Grison was appointed, in March 2019, Chairman and CEO of VINCI Energies, succeeding Yves Meignié. He joins the VINCI Govt Committee.

Jocelyne Vassoille was appointed, in January 2020, Group Human Sources Director. She joins the VINCI Govt Committee.

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This press launch is out there in French and in English on the VINCI web site: www.vinci.com.

The presentation of the 2019 annual outcomes might be out there earlier than the press convention on the VINCI web site: www.vinci.com.

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INVESTOR RELATIONS
Grégoire THIBAULT
Telephone: +33 1 47 16 45 07
gregoire.thibault@vinci.com

Alexandra BOURNAZEL
Telephone: +33 1 47 16 33 46
alexandra.bournazel@vinci.com

PRESS CONTACT
VINCI Press Service
Telephone: +33 1 47 16 31 82
media.relations@vinci.com

About VINCI

VINCI is a worldwide participant within the concessions and development trades, using greater than 222,000 folks in some 100 international locations. Its mission is to design, finance, construct and handle infrastructures and gear that contribute to enhancing every day life and mobility for everybody. As a result of its imaginative and prescient of success is world and goes past its financial outcomes, VINCI is dedicated to the environmental, social, societal and moral efficiency of its actions. As a result of its achievements are within the public curiosity, VINCI considers listening and dialogue with the entire stakeholders in its initiatives as a crucial situation for the train of its companies. VINCI's ambition is due to this fact to create long-term worth for its clients, shareholders, staff, companions and for society generally.

www.vinci.com

NOTES

APPENDIX A: CONSOLIDATED FINANCIAL STATEMENTS

¹ In utility of IFRIC 12 (accounting therapy of concessions), work turnover entrusted by VINCI concession subsidiaries to firms exterior the Group (see glossary).
² % calculé sur le chiffre d'affaires hors CA travaux des filiales concessionnaires confié à des entreprises extérieures au Groupe (voir glossaire).
^Three Après prise en compte des devices dilutifs.
^four Proposé à l’assemblée générale des actionnaires du 9 avril 2020.

VINCI a mis en œuvre la norme IFRS 16 « Contrats de location » à compter du 1^st janvier 2019. Depuis cette date, l’ensemble des contrats de location est comptabilisé selon un modèle distinctive impactant le bilan du Groupe d’une façon similaire aux contrats de location-financement sous l’ancien texte comptable appliqué jusqu’au 31 décembre 2018. La norme prévoit des inclinations de transition simplifiée n’impactant les comptes du Groupe qu’au 1^st janvier 2019 sans retraitement des données comparatives. Une dette de location de 1 421 hundreds of thousands d’euros, dont 166 hundreds of thousands déjà comptabilisés au titre des contrats de location financement, a été comptabilisée au 1^st janvier 2019 en contrepartie d’un « Droit d’utilisation », présenté, à l’actif, au sein des immobilisations corporelles du Groupe.

Bilan simplifié

Tableau des flux de trésorerie

¹ Observe IFRS 16.
² Voir glossaire et word IFRS 16. Influence de 575 hundreds of thousands d’euros de l’utility de l’IFRS 16 dans l’EBITDA du Groupe en 2019. Les données 2018 n’ont pas été ajustées.
^Three Dont investissements réalisés par l’aéroport de Londres Gatwick (182 hundreds of thousands d’euros).

ANNEXE B : DETAILS SUR LE CHIFFRE D’AFFAIRES CONSOLIDE

Chiffre d'affaires consolidé par pôle

¹ VINCI Highways, VINCI Railways, VINCI Stadium
² Hors travaux de development des filiales concessionnaires confiés à des entreprises extérieures au Groupe (voir glossaire)

Chiffre d'affaires consolidé du four^e trimester

¹ VINCI Highways, VINCI Railways, VINCI Stadium
² Hors travaux de development des filiales concessionnaires confiés à des entreprises extérieures au Groupe (voir glossaire)

Chiffre d'affaires¹ consolidé – répartition France / Worldwide par pôle

¹ Hors travaux de development des filiales concessionnaires confiés à des entreprises extérieures au Groupe (voir glossaire)
² VINCI Highways, VINCI Railways, VINCI Stadium

ANNEXE C : AUTRES INDICATEURS PAR POLE

Résultat opérationnel sur activité par pôle

¹ Hors chiffre d’affaires travaux des filiales concessionnaires confié à des entreprises extérieures au Groupe (voir glossaire)

² VINCI Highways, VINCI Railways, VINCI Stadium

Résultat internet half du Groupe par pôle (RNPG)

¹ VINCI Highways, VINCI Railways, VINCI Stadium

EBITDA¹ par pôle

¹ Voir glossaire et word IFRS 16. Influence de 575 hundreds of thousands d’euros de l’utility de l’IFRS 16 dans l’EBITDA du Groupe en 2019. Les données 2018 n’ont pas été ajustées.
²Hors chiffre d’affaires travaux des filiales concessionnaires confié à des entreprises extérieures au Groupe (voir glossaire)

Endettement financier internet (EFN) par pôle

¹ VINCI Highways, VINCI Railways, VINCI Stadium

ANNEXE D : CARNET ET PRISES DE COMMANDES DU CONTRACTING

Carnet de commandes

ANNEXE E : INDICATEURS VINCI AUTOROUTES ET VINCI AIRPORTS

Trafic whole des concessions autoroutières*

* Hors Duplex A86

Evolution du chiffre d’affaires de VINCI Autoroutes en 2019

¹ Données à 100%, hors considération des % de détention. Données 2019 et 2018 incluant le trafic des aéroports en période pleine.
² IG : intégration globale ; ME : mise en équivalence

GLOSSAIRE

Cafice – Capacité d’autofinancement avant coût de financement et impôts (Ebitda) : la CAFICE correspond au résultat opérationnel courant corrigé des dotations aux amortissements, des variations de provisions non courantes et des dépréciations d’actifs non courants, des résultats sur cessions d’actifs ; elle comprend également les expenses de restructuration incluses dans les éléments opérationnels non courants.

Carnet de commandes :

• Dans les métiers du contracting (VINCI Energies, Eurovia, VINCI Building), il représente le quantity d’affaires restant à réaliser pour les chantiers dont le contrat est entré en vigueur (notamment, après l’obtention des ordres de service ou la levée des situations suspensives) et est financé.
• Chez VINCI Immobilier : il correspond au chiffre d’affaires à l’avancement restant à réaliser à une date donnée au titre des ventes de biens immobiliers constatées par un acte notarié ou au titre des contrats de promotion immobilière (CPI) dont l’ordre de service a été donné par le maître d’ouvrage.

Money-flow opérationnel : le cash-flow opérationnel permet de mesurer les flux de trésorerie dégagés par l’activité courante du Groupe. Il est constitué de la Cafice, de la variation du besoin en fonds de roulement lié à l’activité et des provisions courantes, des intérêts financiers et des impôts payés, des dividendes reçus des sociétés mises en équivalence, des investissements opérationnels nets de cession et des remboursements de dettes de location et expenses financières associées. Le cash-flow opérationnel ne comprend pas les investissements de développement dans les concessions et les partenariats public-privé (PPP).

Money-flow libre : le cash-flow libre est composé du cash-flow opérationnel et des investissements de développement dans les concessions et les PPP.

Chiffre d’affaires travaux des filiales concessionnaires confiés à des entreprises extérieures au Groupe : cet indicateur correspond à la prestation de development remplie par les sociétés concessionnaires en tant que maitre d’ouvrage pour le compte des concédants. La contrepartie de ces travaux est comptabilisée en actif incorporel ou en créance financière selon le modèle comptable appliqué au contrat de concession, conformément aux inclinations de l’interprétation IFRIC 12 « Accords de concession de companies ». Il s’entend après éliminations des prestations réalisées par les pôles du contracting.

Coût de l’endettement financier internet : le coût de l’endettement financier internet comprend l’ensemble des expenses et des produits financiers relatifs à l’endettement financier internet, tel que défini ci-dessous. Il inclut ainsi les expenses d’intérêts et le résultat des produits dérivés de taux affectés à la dette brute, ainsi que les produits financiers des placements et des équivalents de trésorerie. La réconciliation de cet indicateur avec le compte de résultat est détaillée dans l‘Annexe aux comptes consolidés du Groupe.

Eléments opérationnels non courants : les expenses et produits non courants comprennent principalement les pertes de valeur des goodwill, les expenses de restructuration, ainsi que des produits et expenses relatifs aux variations de périmètre (plus ou moins-values de cession de titres, impacts des changements de contrôle).

Evolution du chiffre d’affaires à construction comparable : il s’agit de mesurer la variation du chiffre d’affaires à périmètre et change constants.

• Périmètre fixed : l’effet périmètre est neutralisé avec la méthodologie suivante :
  • Le chiffre d’affaires de l’année N est retraité des sociétés entrantes au cours de l’année N.
  • Le chiffre d’affaires de l’année N-1 est calculé en intégrant le chiffre d’affaires en année pleine des sociétés entrantes en N-1, et en excluant les contributions des sociétés sortantes de l’année N et N-1.
• Change fixed : l’effet change est neutralisé en appliquant les taux de change utilisé en N au chiffre d’affaires en devises de l’année N-1.

Excédent/Endettement financier internet : cet indicateur correspond à la différence entre les actifs financiers et les dettes financières. Selon que ce solde soit débiteur ou créditeur, il s’agit respectivement d’un excédent financier internet ou d’un endettement financier internet. Les dettes financières comprennent les emprunts obligataires et les autres emprunts et dettes financières (y compris dérivés et autres devices de couverture passifs). Les actifs financiers comprennent les disponibilités et équivalents de trésorerie, ainsi que les devices dérivés actifs.

Jusqu’au 31 décembre 2018, les dettes financières comprenaient le passif constitué par la valeur actualisée des loyers restant dus au titre des contrats de location financement tels que définis par la norme IAS 17 (166 hundreds of thousands d’euros au 31 décembre 2018). Au 1er janvier 2019, la norme IAS 17 a été remplacée par la norme IFRS 16, qui prévoit un mode de comptabilisation distinctive des contrats de location. Désormais, le Groupe comptabilise, en actifs non courants un droit d’utilization, en contrepartie d’un passif correspondant à la valeur actualisée des loyers restant à payer. Celui-ci n’est pas inclus dans l’Excédent/Endettement financier internet, tel que défini par le Groupe, il est présenté en lecture directe dans le bilan.

Partenariats public-privé – Contrats de concessions et Contrats de partenariat : les partenariats public-privé sont des formes de contrats publics de longue durée par lesquels une autorité publique fait appel à un partenaire privé pour concevoir, construire, financer, exploiter et entretenir un équipement ou une infrastructure publique et/ou gérer un service.

En France, on distingue les contrats de concessions (concessions de travaux ou concessions de companies) et les contrats de partenariat.

A l’worldwide, on rencontre, sous des appellations différentes, des catégories de contrats publics qui correspondent sensiblement aux caractéristiques respectives des contrats de concession ou des contrats de partenariat.

Dans un contrat de concession, le concessionnaire perçoit un péage (ou autre forme de rémunération) directement de la half de l’usager de l’infrastructure ou du service, selon des situations définies dans le contrat avec l’autorité publique concédante ; le concessionnaire supporte donc un risque de fréquentation ou « risque trafic », lié à l’utilisation de l’infrastructure.

Dans un contrat de partenariat, le partenaire privé est rémunéré par l’autorité publique, au moyen d’un loyer lié à des objectifs de efficiency, indépendamment du niveau de fréquentation de l’infrastructure par les usagers. Il en résulte que le partenaire privé ne supporte pas de risque de fréquentation.

Prise de commandes :

• Dans les métiers du contracting (VINCI Energies, Eurovia, VINCI Building) : une prise de commande est reconnue dès lors que le contrat est non seulement signé mais aussi entré en vigueur (par exemple, après obtention de l'ordre de service ou levée de l'ensemble des situations suspensives) et que le financement du projet est mis en place. Le montant enregistré en prise de commande correspond au chiffre d’affaires contractualisé.
• Chez VINCI Immobilier : une prise de commande correspond à la valeur des biens immobiliers vendus en l’état futur d’achèvement ou vendus après achèvement conformément à un acte définitif notarié ou au chiffre d’affaires des contrats de promotion immobilière dont l’ordre de service a été donné par le maître d’ouvrage.

Pour les opérations immobilières réalisées en co-promotion :

• Si VINCI Immobilier détient le contrôle exclusif de la société assist du programme, celle-ci est comptabilisée par intégration globale. Dans ce cas, 100% de la valeur du contrat est incluse dans le montant de la prise de commandes ;
• Si la société assist du programme est co-contrôlée, elle est consolidée par mise en équivalence sans prise en compte du montant de la prise commande de la société co-contrôlée.

ROPA – Résultat opérationnel sur activité (Ebit) : cet indicateur est présenté en lecture directe dans le compte de résultat.

Le résultat opérationnel sur activité correspond à la mesure de la efficiency opérationnelle des filiales du Groupe consolidées selon la méthode de l’intégration globale. Il exclut les expenses associées aux paiements en actions (IFRS 2), les autres éléments opérationnels courants (incluant la quote-part du résultat des sociétés mises en équivalence) ainsi que les éléments opérationnels non courants.

ROC – Résultat opérationnel courant : cet indicateur est présenté en lecture directe dans le compte de résultat. Le résultat opérationnel courant est destiné à présenter la efficiency opérationnelle du Groupe hors incidence des opérations et événements non courants de la période. Il est obtenu en ajoutant au résultat opérationnel sur activité (ROPA) les expenses IFRS 2 associées aux paiements en actions (plans d’épargne Groupe, actions de efficiency), la quote-part du groupe dans les résultats des filiales consolidées par mise en équivalence et les autres produits et expenses opérationnels courants, ceux-ci incluant notamment les produits et expenses courants relatifs aux sociétés mises en équivalence ou aux sociétés non consolidées (produits financiers sur les prêts et avances actionnaires accordés par le Groupe à certaines de ses filiales, dividendes reçus des sociétés non consolidées notamment).

RO – Résultat opérationnel : cet indicateur est présenté en lecture directe dans le compte de résultat.

Le résultat opérationnel est obtenu en ajoutant au résultat opérationnel courant (ROC) les expenses et produits non courants (voir ci-dessus).

Taux d’Ebitda/CA, ou de ROPA/CA, ou de ROC/CA : ratio rapportant l’Ebitda, le ROPA, ou le ROC au chiffre d’affaires hors chiffre d’affaires travaux des filiales concessionnaires confiés à des entreprises extérieures au Groupe.

Trafic autoroutier chez VINCI Autoroutes : il représente le nombre de kilomètres parcourus sur le réseau autoroutier géré par VINCI Autoroutes sur une période définie, par les véhicules légers (VL) et les poids lourds (PL).

Trafic passager (PAX) chez VINCI Airports : il représente le nombre de passagers ayant effectué un vol business à partir d’une ou vers une plate-forme aéroportuaire de VINCI Airports sur une période définie.

¹ Hors chiffre d’affaires travaux des filiales concessionnaires confié à des entreprises extérieures au Groupe (voir glossaire).

² Dont affect de 575 hundreds of thousands d’euros de l’utility de l’IFRS 16 en 2019 ; les données 2018 n’ont pas été ajustées.

^Three Proposé au titre de l’exercice 2019 à l’assemblée générale des actionnaires le 9 avril 2020.

^four Données 2019 et 2018 à 100 % incluant le trafic en année pleine de l’ensemble des aéroports gérés.

⁵ Les procédures d’audit sur les comptes consolidés ont été effectuées. Le rapport de certification des commissaires aux comptes est en cours d’émission.

⁶ Après prise en compte des devices dilutifs.

⁷ Données hors Urbat.