05.02.2013 18:25
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VINCI – 2012 Annual Results

Regulatory News:

Vinci (Paris:DG):

A robust performance in a difficult economic climate:

  • Revenue: €38.6 billion (+4.5%)
  • Net income: €1.9 billion (+0.7%)
  • Earnings per share: €3.54 (+1.6 %)
  • 2012 dividend (proposed): €1.77 (stable)
  • Stable net financial debt
  • Order book: €31.3 billion (+2% over 12 months)

Acquisition of ANA in Portugal: a major step in VINCI’s growth strategy for the airport sector

2012 key figures

€ in millions   2012   2011   2012/2011
change

Revenue1

  38,634   36,956   +4.5%
Cash flow from operations (EBITDA) 2   5,418   5,366   +1.0%
% of revenue   14.0%   14.5%    
Operating income from ordinary activities 3,671 3,660 +0.3%
% of revenue   9.5%   9.9%    
Operating income 3,651 3,601 +1.4%
% of revenue   9.5%   9.7%    
Net income attributable to owners of the parent 1,917 1,904 +0.7%
% of revenue   5.0%   5.2%    

Earnings per share (€) 3

3.54 3.48 +1.6%
Dividend per share (€) 4   1.77   1.77   -
Net financial debt   (12,527)   (12,590)   63
Order book at 31 December (€ in billions)   31.3   30.6   +2.3%

1 Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies. Revenue calculated according to IFRIC 12, including works carried out by non-Group companies, amounted to €39,183 million in 2012, up 4.1% compared with 2011.

2 EBITDA: cash flow from operations before tax and financing costs.

3 After taking stock options into account.

4 Proposed to the Shareholders’ General Meeting on 16 April 2013 (with scrip dividend option).

VINCI’s Board of Directors, chaired by Xavier Huillard, met on 5 February 2013 to finalise the annual financial statements1 for the year ended 31 December 2012 prior to submitting them for approval at the Shareholders’ General Meeting on 16 April 2013.

********

VINCI turned in a robust performance in 2012, with further growth in revenue and net income despite a difficult economic climate, particularly in Europe.

This achievement reflects the soundness of the Group’s fundamentals: the complementary nature and resilience of its two core businesses (Concessions and Contracting), growth focusing on high value-added activities outside France and prudent financial management.

VINCI’s consolidated revenue rose 4.5% to €38.6 billion. This represents 1.5% organic growth, a 0.8% positive currency effect and 2.3% growth from acquisitions. The main acquisitions, made by Contracting entities, were outside France. In 2012, 37% of total revenue was generated outside France (42% in Contracting).

Cash flow from operations before tax and financing costs (EBITDA) amounted to €5.4 billion (+1%) and equal to 14.0% of revenue. VINCI Autoroutes’ EBITDA margin improved slightly to 69.5% in 2012 (69.4% in 2011).

Operating income from ordinary activities (EBIT) was €3.7 billion, up 0.3% and representing 9.5% of revenue, compared with 9.9% in 2011. In Contracting, the EBIT margin was 4.2%, against 4.6% in 2011. The decline is attributable mainly to non-recurring items at Eurovia and VINCI Construction.

Operating income, which reflects the impact of IFRS 2 share-based payment expense, impairment charges and the Group’s share of income or loss from companies accounted for under the equity method, was €3.7 billion (+1.4% compared to 2011).

Net income attributable to owners of the parent amounted to €1,917 million, representing 0.7% growth compared with 2011. Earnings per share2 increased 1.6% to €3.54, partly due to the Group’s purchases of its own shares during 2012.

Net financial debt was €12.5 billion at 31 December 2012, slightly down relative to end-December 2011. Operating cash flow amounted to €3.1 billion in 2012 and covered all investments by VINCI Autoroutes (€1.1 billion), 2012 acquisitions (€0.7 billion) and dividends paid (€1.1 billion).

VINCI’s credit ratings were confirmed by Standard & Poor’s (BBB+) and Moody’s (Baa1), both with stable outlooks.

The Group obtained excellent terms for several bond issues and placements totalling more than €1.5 billion, at an average interest rate of 3.66%, to refinance its debt in advance. VINCI continued to benefit from good access to credit and was able to renew for 5 years a bank credit facility granted to ASF for €1.8 billion.

At 31 December 2012, the Group’s liquidity remained very high at €11.5 billion. It comprises €5.0 billion net cash managed and €6.5 billion medium-term bank credit facilities maturing in 2016 and 2017.

Contracting maintained its good business momentum throughout 2012, especially outside France. At 31 December 2012, its order book stood at €31.3 billion (up more than 2% relative to end-2011), of which 45% is outside of France. The international order book is up 12% over 12 months.

1 The consolidated financial statements have been audited and the Statutory Auditors’ report is being published.

2 After taking stock options into account.

On 27 December 2012, VINCI was selected by the Portuguese government to acquire ANA, the company that holds the 50-year concession contract for all the country’s airports (four on the mainland, four in the Azores and two in Madeira). ANA handled over 30 million passengers in 2012, half of them through its Lisbon hub. By acquiring ANA, VINCI Airports will become one of the leading players in the airport sector, managing a total of 23 airports in Portugal, France and Cambodia with more than 40 million passengers a year. This activity will generate revenue of about €600 million, with EBITDA of about €270 million.

2013 trends

The economic climate is expected to remain difficult in 2013, especially in Europe:

For VINCI Autoroutes entities, the outlook for growth in traffic, which depends on economic growth in France and neighbouring countries, remains uncertain at this stage and could decline along the same lines as in 2012.

Contracting has started the year with a very healthy order book in both France, with the high-speed rail line project between Tours and Bordeaux, and abroad.

However, if trends observed at the end of 2012 continue, there could be a downturn in order intake, due to the Group’s emphasis on margins rather than volume for project selection.

Against this backdrop, the Group is expecting business to be flat in 2013, before taking ANA or any other new acquisitions into account.

ANNUAL RESULTS

Revenue: €38,634 million (+4.5% actual; +1.5% on a comparable structure basis)

VINCI’s 2012 consolidated revenue amounted to almost €38.6 billion, up 4.5% compared with 2011. This reflects 1.5% organic growth and a 0.8% positive exchange rate effect, along with 2.3% from the acquisitions made by Eurovia (NAPC in India and Carmacks in Canada) and VINCI Energies (GA Gruppe in Germany) in 2012 and by Soletanche Freyssinet in Turkey and the United Kingdom at the end of 2011.

Revenue by business line:

    2012/2011
change
€ in millions   2012   2011   Actual   Comparable
Concessions   5,354   5,297   +1.1%   +0.9%
VINCI Autoroutes 4,439   4,409 +0.7%   +0.7%
VINCI Concessions   915   888   +3.1%   +1.8%
Contracting   33,090   31,495   +5.1%   +1.5%
VINCI Energies 9,017 8,666 +4.0% +0.9%
Eurovia 8,747 8,722 +0.3% -4.5%
VINCI Construction   15,327   14,107   +8.6%   +5.5%
VINCI Immobilier   811   698   +16.2%   +16.2%
Eliminations and adjustments   (622)   (534)   -   -
Total revenue *   38,634   36,956   +4.5%   +1.5%
of which:

France

24,324 23,562 +3.2% +3.1%
Europe excl. France 9,349 9,310 +0.4%

} -1.1%

International excl. Europe   4,962   4,084   +21.5%  

* Excluding concession subsidiaries’ revenue derived from works (IFRIC 12).

Operating income from ordinary activities (EBIT): €3,671 million (+0.3%)

Operating income from ordinary activities amounted to €3,671 million in 2012, up 0.3% compared with that of 2011 (€3,660 million).

Operating margin from ordinary activities was 9.5% in 2012, against 9.9% in 2011.

EBIT by business line:

€ in millions   2012   % of revenue*   2011   % of revenue*   ? 2012/2011
Concessions   2,159   40.3%   2,149   40.6%   +0.5%
VINCI Autoroutes   2,019   45.5%   2,018   45.8%   +0.1%
VINCI Concessions   139   15.2%   130   14.7%   +6.6%
Contracting   1,403   4.2%   1,435   4.6%   -2.2%
VINCI Energies 502 5.6% 483 5.6% +4.0%
Eurovia 277 3.2% 322 3.7% -14.2%
VINCI Construction   625   4.1%   630   4.5%   -0.9%
VINCI Immobilier   62   7.6%   54   7.8%   +13.2%
Holding companies   47       22       -
Operating income from ordinary activities   3,671   9.5%   3,660   9.9%   +0.3%

* Excluding concession subsidiaries’ revenue derived from works (IFRIC 12).

The Concessions EBIT margin was 40.3%, essentially unchanged compared to 2011 (40.6%).

VINCI Autoroutes’ EBIT margin declined from 45.8% in 2011 to 45.5% in 2012, due mainly to the increase in concession depreciation expense following the commissioning of contractual investments (green motorway package and road widening works on the A63).

VINCI Concessions’ EBIT margin improved from 14.7% in 2011 to 15.2% in 2012, notably due to a good performance at VINCI Airports.

In Contracting, operating income from ordinary activities declined 2.2% to €1,403 million (€1,435 million in 2011). The EBIT margin was 4.2% (vs. 4.6% in 2011).

VINCI Energies’ EBIT margin of 5.6% remained stable compared to 2011.

Eurovia’s EBIT margin was 3.2%, a decline compared to 2011 (3.7%), due mainly to losses in Poland as a result of low business levels following the Euro 2012 football tournament and write-downs of works in progress.

The EBIT margin at VINCI Construction was 4.1%, compared with 4.5% in 2011. This reflects provisions taken at VINCI Construction Grands Projets within respect to an unfavourable court decision in the USA.

Operating income: €3,651 million (+1,4 %)

Operating income, after share-based payment expense (IFRS 2), goodwill impairment and VINCI’s share in the income or loss of companies accounted for under the equity method, amounted to €3,651 million in 2012 or 9.5% of revenue. This represents a 1.4% increase over that of 2011 (€3,601 million and 9.7% of revenue).

Net income attributable to owners of the parent: €1,917 million (+0.7%)

Net income attributable to owners of the parent was to €1,917 million in 2012, up 0.7% compared with that of 2011 (€1,904 million) and representing 5.0% of revenue.

Diluted earnings per share (i.e. after taking stock options into account) amounted to €3.54, a 1.6% increase (€3.48 per share in 2011).

Net income attributable to owners of the parent by business line:

€ in millions   2012   2011   ? 2012/2011
Concessions   886   852   +4.0%
VINCI Autoroutes   827   820   +0.9%
VINCI Concessions   59   32   +84.4%
Contracting   915   968   -5.4%
VINCI Energies 327 315 +4.0%
Eurovia 167 220 -24.1%
VINCI Construction   421   433   -2.8%
VINCI Immobilier   37   33   +12.8%
Holding companies   79   52   -
Net income attributable to owners of the parent   1,917   1,904   +0.7%

The cost of net financial debt was -€638 million in 2012 (-€647 million in 2011). The Group’s policy of converting fixed rate debt to floating rate enabled it to benefit from lower interest rates, and this completely offset the fall in returns from investments and the current higher costs of refinancing.

The average interest rate on long-term financial debt at 31 December 2012 was 3.63% (3.93% at 31 December 2011).

Income tax expense for the year was €969 million in 2012 (€984 million in 2011), resulting in an effective tax rate of 33.3% (33.6% in 2011).

Cash flow from operations (EBITDA)*: €5,418 million (+1.0%)

EBITDA was €5.4 billion (+1%) and represented 14.0% of revenue. VINCI Autoroutes’ EBITDA margin improved slightly in 2012 to 69.5% (69.4 % in 2011).

Cash flow from operations by business line:

€ in millions   2012   % of revenue*   2011   % of revenue*   2012/2011
change
Concessions   3,372   63.0%   3,366   63.5%   +0.2%
VINCI Autoroutes   3,087   69.5%   3,058   69.4%   +1.0%
VINCI Concessions   285   31.1%   308   34.7%   -7.5%
Contracting   1,875   5.7%   1,880   6.0%   -0.3%
VINCI Energies 532 5.9% 508 5.9% +4.7%
Eurovia 467 5.3% 524 6.0% -10.9%
VINCI Construction   876   5.7%   848   6.0%   +3.4%
VINCI Immobilier   60   7.4%   55   7.9%   +9.3%
Holding companies   112       65        
EBITDA   5,418   14.0%   5,366   14.5%   +1.0%

* Excluding concessions subsidiaries’ revenue derived from works (IFRIC 12).

Other cash flows

Changes in operating working capital requirement and current provisions resulted in an outflow of €37 million in 2012 compared with an inflow of €93 million in 2011. This mainly reflects an increase in the working capital requirement of Eurovia’s activities in Central and Eastern Europe and draw downs of project advances.

After accounting for interest and taxes paid, along with investments in operating assets, operating cash flow1 was €3,123 million, similar to the 2011 figure (€3,270 million).

Growth investments in concessions and PPPs totalled €1,140 million in 2012 (€1,135 million in 2011). They included €1,046 million invested by VINCI Autoroutes in France under its master plans and the green motorway package (€1,017 million in 2011).

Free cash flow after investments amounted to €1,983 million (€2,134 million in 2011), including €841 million generated by Concessions and €738 million by Contracting (€766 million and €1,130 million, respectively, in 2011).

Acquisitions, including the net debt of acquired companies and net of disposals, amounted to €700 million in 2012 (€172 million in 2011). They included Carmacks in Canada and NAPC in India, acquired by Eurovia, and GA Gruppe in Germany, acquired by VINCI Energies. They also included the buy-out of non-controlling interests in Entrepose Contracting and the increase in the Group’s stake in Geostock from 25% to 90%.

1 Operating cash flow: cash flow from operations adjusted for changes in operating working capital requirement and current provisions, interest and income tax paid, dividends received from companies accounted for under the equity method and net investments in operating assets.

Dividends paid during the year amounted to €1,057 million (€1,036 million in 2011). VINCI also continued its share buy-back programme, purchasing 17.7 million shares in the market for a total investment of €647 million. Capital increases in 2012 totalled €334 million.

Net financial debt: (€12,527) million

Consolidated net financial debt was €12.5 billion at 31 December 2012 (€12.6 billion at 31 December 2011) down €63 million.

For the Concessions business, including holding companies, net financial debt was €18.1 billion, down more than €800 million relative to 31 December 2011. Contracting, meanwhile, had a net cash surplus of €2.1 billion at year-end (€2.9 billion in 2011), due mainly to 2012 acquisitions.

The ratio of net financial debt to equity was 0.9 at 31 December 2012, in line with the end-2011 figure. Debt-to-EBITDA stood at 2.3 at end-2012, the same as at 31 December 2011.

The Group’s liquidity remained very high at €11.5 billion at 31 December 2012. It comprised €5.0 billion of net cash managed and €6.5 billion of unused confirmed credit facilities, including €1.1 billion expiring in 2016 and €5.3 billion in 2017.

With its investment grade credit ratings confirmed by S&P (BBB+) and Moody’s (Baa1) with stable outlooks, VINCI carried out several bond issues and placements totalling more than €1.5 billion at an average interest rate of 3.66% at issuance. The Group was thus able to refinance in advance the bank loans arranged for the acquisition of ASF as well as repayments on loans from CNA (Caisse Nationale des Autoroutes). Following these transactions, the average maturity of the Group’s long-term debt was 6.1 years at 31 December 2012, and bonds represented 53% of long-term debt (41% at 31 December 2011).

In January 2013, ASF successfully issued €700 million of 10-year bonds expiring in January 2023 paying an annual coupon of 2.875%.

VINCI continued to have good access to bank credit with a five-year syndicated bank facility for €1.8 billion in July 2012 for ASF, replacing a similar facility due to expire in 2013.

Lastly, VINCI finalised several project financing deals for infrastructure under concessions or public-private partnerships for a total of around €350 million. This concerned PFI (Private Finance Initiative) contracts for road maintenance in Hounslow (£88 million, 24.5 years) and the Isle of Wight (£95 million, up to 24.5 years) in the UK, and the Dunkerque Arena (€69 million, more than 27 years) in France.

Parent company results

The parent company generated net income of €256 million in 2012.

Dividend

The Board of Directors has decided to propose to the next Shareholders’ General Meeting that the amount of the dividend for 2012 be maintained at €1.77 per share, i.e. 50% of net income.

If approved, given that an interim dividend of €0.55 per share was paid in November 2012, a final dividend of €1.22 euro will be paid in cash on 22 May 2013. It will also be proposed that shareholders may opt to be paid the final dividend in shares. The scrip share price will be based on the average opening share price of the 20 trading days preceding the Shareholders’ General Meeting on 16 April 2013 less the amount of the interim dividend. A 5% discount will then be applied to that result.

**********

Diary

Analysts meeting: 08.30 on Wednesday, 6 February 2013 at Pavillon Ledoyen, 1 avenue Dutuit, 75008 Paris.

Press conference: 11.00 on Wednesday, 6 February 2013 at Pavillon Ledoyen, 1 avenue Dutuit, 75008 Paris.

This press release is available in French and English on VINCI’s website: www.vinci.com.

APPENDIXES

Appendix A: FINANCIAL STATEMENTS

INCOME STATEMENT
€ in millions   2012   2011   2012/2011
change
Revenue excluding concession subsidiaries’ revenue derived from works   38,634   36,956   +4.5%
Concession subsidiaries’ revenue derived from works 1 550 690 (20.4%)
Total revenue 39,183 37,646 +4.1%
Operating income from ordinary activities 3,671 3,660 +0.3%
% of revenue 2   9.5%   9.9%    
Share-based payment expense (IFRS 2) (94) (101)
Goodwill impairment expense (8) (8)
Income/(loss) of companies accounted for under the equity method   82   51    
Operating income 3,651 3,601 +1.4%
% of revenue 2   9.5%   9.7%    
Cost of net financial debt (638) (647)
Other financial income/(expense) (19) 25
Income tax expense   (969)   (984)    
Non-controlling interests   (109)   (92)    
Net income attributable to owners of the parent 1,917 1,904 +0.7%
% of revenue 2   5.0%   5.2%    
             
Earnings per share (in €) 3 3.54 3.48 +1.6%
Dividend per share (in €) 4   1.77   1.77   -

1 In application of IFRIC 12, Service Concession Arrangements.

2 % calculated on revenue excluding concession subsidiaries’ revenue derived from works.

3 After taking dilutive instruments into account.

4 Proposal to be submitted at the shareholders’ meeting on 16 April 2013, with scrip dividend option.

SIMPLIFIED CONSOLIDATED BALANCE SHEET

€ in millions   at 31 December 2012   at 31 December 2011
Non-current assets – Concessions   26,459   26,590
Non-current assets – other 8,921 8,226
WCR and current provisions   (6,697)   (6,817)
Capital employed   28,683   27,999
Equity attributable to owners of the parent (13,334) (12,890)
Non-controlling interests   (735)   (725)
Total equity (14,070) (13,615)
Non-current provisions and miscellaneous long-term liabilities   (2,086)   (1,794)
Long-term borrowings   (16,156)   (15,409)
Gross financial debt (17,510) (18,654)
Net cash managed   4,983   6,064
Net financial debt   (12,527)   (12,590)

CASH FLOW STATEMENT

€ in millions   2012   2011
Cash flow from operations before tax and financing costs (EBITDA)   5,419   5,366
Change in WCR   (75)   (47)
Change in current provisions 38 140
Income taxes paid (979) (936)
Net interest paid (595) (643)
Dividends received from companies accounted for under the equity method   57   58
Cash flows (used in)/from operating activities   3,865   3,938
Net investments in operating assets   (742)   (668)
Operating cash flow   3,123   3,270
Growth investments in concessions & PPP   (1,140)   (1,135)
Free cash flow   1,983   2,134
Net financial investments (700)1 (172)
Other   (50)   (96)
Net cash flows before movements in share capital   1,233   1,866
Increases/decreases in share capital 340 359
Share buy-backs (647) (624)
Dividends paid   (1,057)   (1,036)
Net cash flows for the period   (130)   566
Other changes   193   (96)
Change in net financial debt   63   470
         
Net financial debt at beginning of period (12,590) (13,060)
Net financial debt at end of period   (12,527)   (12,590)

1 Including the buy-out of non-controlling interests in Entrepose Contracting.

Appendix B: ADDITIONAL INFORMATION BY BUSINESS LINE

2012 consolidated revenue by business line

Concessions: €5,354 million (+1.1% actual; +0.9% on a comparable structure basis)

At VINCI Autoroutes, (ASF, Escota, Cofiroute and Arcour), revenue rose 0.7% to €4,439 million. Toll revenue increased 0.6% despite a 1.7% decrease in traffic on a stable network basis (light vehicles: -1.4%; heavy vehicles: -3.5%). This decline was offset by the ramp-up of the A86 Duplex (+0.2%) and tariff adjustments.

VINCI Concessions generated revenue of €915 million, up 3.1% (1.8% on a comparable structure basis). This was attributable to strong growth at VINCI Airports (+18%) due to growing traffic levels at Nantes-Atlantique airport and Cambodia Airports. VINCI Park’s revenue grew to €615 million (+2.6% on an actual basis or +1.5% on a comparable structure basis, including +1.3% in France and +2.2% internationally).

Contracting: €33,090 million (+5.1% actual; +1.5% on a comparable structure basis)

VINCI Energies: €9,017 million (+4.0% actual; +0.9% on a comparable structure basis)

In France, revenue was €5,486 million (-0.4% actual; stable on a constant structure basis). Business levels remained strong in telecommunications with the ramp-up of the GSM-R project, and in energy infrastructure, but they were adversely affected by weaker photovoltaic business. The industrial sector was resilient in an unfavourable economic environment. Activity in the tertiary sector was less robust, despite firm growth at VINCI Facilities (+5.6%).

Outside France, revenue totalled €3,531 million (+11.7% actual; +2.7% on a comparable structure basis). The situation varied geographically. In Europe, business levels fell sharply in Spain and Portugal, slight growth was registered in Switzerland and Germany, with stronger performances in Belgium, the Netherlands and Sweden. Strong growth was recorded in emerging-market countries (Indonesia, Morocco and Brazil).

Eurovia: €8,747 million (+0.3% actual; -4.5% on a comparable structure basis)

In France, revenue was €5,159 million, up 1.2% on an actual basis (0.5% on a constant structure basis). Roadworks business taking place through regional business units was stable, with a fall in volumes of around 4% offset by higher prices for oil products. Specialist businesses like demolition, industrial activities and rail sector works posted growth of over 9% (almost 5% on a comparable structure basis).

Outside France, revenue totalled €3,588 million, down 1.0% (-11.4% on a comparable structure basis). There was firm growth in the UK, Chile, the USA and Canada. However, Central European countries posted significant declines in activity due to the end of major projects (the R1 expressway in Slovakia and a fall in investment in Poland after the Euro 2012 football tournament) and a difficult economic environment in the Czech Republic. Business levels in Germany remained stable.

VINCI Construction: €15,327 million (+8.6% actual; +5.5% on a comparable structure basis)

In France, revenue amounted to €8,410 million (+8.8% actual; +8.5% on a constant structure basis). This reflects the ramp-up of the Tours–Bordeaux high-speed rail line project, which accounted for revenue of more than €550 million, along with ongoing steady growth in residential and non-residential building activity. French overseas territories posted a good performance.

Outside France, revenue was €6,917 million (+8.5% actual; +2.1% on a comparable structure basis). The change on a comparable structure basis reflects rapid growth at Sogea-Satom in Africa, which offset the contraction seen by Central European subsidiaries. Business levels in other divisions (Benelux and the UK) were stable overall.

VINCI Immobilier: revenue rose 16% to €811 million in 2012. This growth was driven by residential property after work began on a significant number of units in late 2011, and by several large business property projects.

Consolidated revenue* by geographical area and by business line

    2012/2011 change
€ in millions   2012   2011   Actual   Comparable

FRANCE

               
Concessions   5,043   5,000   +0.9%   +0.9%
VINCI Autoroutes 4,425   4,397 +0.6%   +0.6%
VINCI Concessions   618   602   +2.7%   +2.6%
Contracting   19,054   18,334   +3.9%   +3.7%
VINCI Energies 5,486 5,507 -0.4% -0.1%
Eurovia 5,159 5,098 +1.2% +0.5%
VINCI Construction   8,410   7,729   +8.8%   +8.5%
VINCI Immobilier   811   698   +16.2%   +16.2%
Eliminations and adjustments   (585)   (470)        
Total France   24,324   23,562   +3.2%   +3.0%
 

INTERNATIONAL

               
Concessions   311   297   +4.5%   +0.7%
VINCI Autoroutes 14 12 +22.3% +14.3%
VINCI Concessions   296   285   +3.8%   +0.1%
Contracting   14,036   13,161   +6.6%   -1.4%
VINCI Energies 3,531 3,160 +11.7% +2.7%
Eurovia 3,588 3,624 -1.0% -11.4%
VINCI Construction   6,917   6,378   +8.5%   +2.1%
Eliminations and adjustments   (37)   (64)        
Total International   14,310   13,394   +6.8%   -1.1%

* Excluding concession subsidiaries’ revenue derived from works (IFRIC 12).

Consolidated revenue* for the fourth quarter

    2012/2011 change
€ in millions   2012   2011   Actual   Comparable
Concessions   1,226   1,225   +0.1%   -0.2%
VINCI Autoroutes 1,001   1,002 -0.1%   -0.1%
VINCI Concessions   225   223   +0.8%   -0.5%
Contracting   9,105   8,643   +5.4%   +0.8%
VINCI Energies 2,603 2,429 +7.2% -0.6%
Eurovia 2,320 2,371 -2.2% -6.9%
VINCI Construction   4,183   3,843   +8.8%   +6.4%
VINCI Immobilier   290   284   +2.1%   +2.1%
Eliminations and adjustments   (193)   (85)        
Total revenue   10,429   10,067   +3.6%   -0.3%
of which:

France

6,377 6,392 -0.2% -0.6%
Europe excl. France 2,651 2,549 +4.0%

} +0.1%

International excl. Europe   1,401   1,126   +24.4%  

* Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies (IFRIC 12).

Net financial debt by business line

€ in millions   2012   Net financial debt/EBITDA   2011   Net financial debt/EBITDA   2012/2011
change
Concessions   (18,058)   5.4x   (18,895)   5.6x   838
VINCI Autoroutes   (16,617)   5.4x   (17,157)   5.6x   540
VINCI Concessions   (1,441)   5.1x   (1,738)   5.6x   298
Contracting   2,095   -   2,914   -   (819)
VINCI Energies (47) - 531 - (578)
Eurovia (136) - 90 - (226)
VINCI Construction   2,278   -   2,293   -   (15)
Holding companies &
VINCI Immobilier
  3,436   -   3,392   -   44
Net financial debt   (12,527)   2.3x   (12,590)   2.3x   63

Order book

 

  at 31 December  
€ in billions   2012   2011   2012/2011
change
VINCI Energies 6.8   6.4 +5.0%
Eurovia 6.4 5.8 +9.6%
VINCI Construction   18.1   18.3   -1.0%
Total Contracting   31.3   30.6   +2.3%
of which:
France 17.2 18.0 -4.6%
Europe excl. France 9.4 8.6 +9.2%
International excl. Europe   4.7   4.0   +17.9%

Appendix C: VINCI AUTOROUTES

VINCI Autoroutes 2012 revenue

  VINCI Autoroutes   of which:
      ASF   Escota   Cofiroute
Light vehicles -1.4% -1.3%   -1.0%   -1.9%
Heavy vehicles   -3.5%   -2.9%   -3.5%   -5.4%
Traffic on a stable network basis   -1.7%   -1.5%   -1.2%   -2.4%
New sections +0.2%* - - +0.7%*
Other effects   +2.1%   +1.9%   +2.4%   +2.2%
Toll revenue (€ in millions) 4,345 2,464 656 1,186
2012/2011 change   +0.6%   +0.4%   +1.2%   +0.5%
Revenue (€ in millions) 4,439 2,525 667 1,208
2012/2011 change   +0.7%   +0.5%   +1.3%   +0.5%

* A86 Duplex.

Total traffic on motorway concessions (excluding A86 Duplex)

  Fourth quarter   Total at 31 December
Millions of km travelled   2012   2011   Change   2012   2011   Change
VINCI Autoroutes 10,162   10,391   -2.2% 45,995   46,786   -1.7%
Light vehicles 8,676 8,866 -2.1% 39,959 40,530 -1.4%
Heavy vehicles   1,485   1,525   -2.6%   6,036   6,256   -3.5%
of which:                        
ASF 6,160 6,294 -2.1% 28,289 28,733 -1.5%
Light vehicles 5,184 5,297 -2.1% 24,326 24,654 -1.3%
Heavy vehicles   976   997   -2.1%   3,963   4,079   -2.9%
Escota 1,491 1,507 -1.1% 6,636 6,719 -1.2%
Light vehicles 1,348 1,361 -0.9% 6,039 6,101 -1.0%
Heavy vehicles   143   146   -2.2%   597   618   -3.5%
Cofiroute (intercity network) 2,451 2,529 -3.1% 10,802 11,069 -2.4%
Light vehicles 2,092 2,155 -2.9% 9,357 9,542 -1.9%
Heavy vehicles   359   375   -4.1%   1,445   1,527   -5.4%

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Analysen zu Vinci S.A.

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
08.08.2014Vinci NeutralGoldman Sachs Group Inc.
08.08.2014Vinci buyJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
07.08.2014Vinci HoldDeutsche Bank AG
05.08.2014Vinci HaltenIndependent Research GmbH
04.08.2014Vinci NeutralHSBC
08.08.2014Vinci buyJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
04.08.2014Vinci buySociété Générale Group S.A. (SG)
04.08.2014Vinci buyUBS AG
01.08.2014Vinci overweightJP Morgan Chase & Co.
22.07.2014Vinci OutperformMacquarie Research
08.08.2014Vinci NeutralGoldman Sachs Group Inc.
07.08.2014Vinci HoldDeutsche Bank AG
05.08.2014Vinci HaltenIndependent Research GmbH
04.08.2014Vinci NeutralHSBC
16.07.2014Vinci NeutralGoldman Sachs Group Inc.
23.09.2008Vinci verkaufenHamburger Sparkasse AG (Haspa)
14.12.2005Vinci verkaufenHelaba Trust
04.11.2005Vinci verkaufenHelaba Trust
26.10.2005Vinci verkaufenHelaba Trust
22.09.2005Vinci verkaufenHelaba Trust
Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Vinci S.A. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
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