10/19/2021 | Press release | Distributed by Public on 10/19/2021 09:48
19 Oct 2021 17:45 CEST
VINCI
FR0000125486
Euronext
DG
Quarterly Information at 30 September 2021
Rueil-Malmaison, 19 October 2021, 5:45 pm
QUARTERLY INFORMATION AT 30 SEPTEMBER 2021
Consolidated revenue | First nine months |
2021/2020 change |
2021/2019 change | |||
(in € millions) | 2021 | 2020 | 2019 | Actual | Like-for-like1 | Actual |
Concessions | 5,153 | 4,515 | 6,493 | +14.1% | +14.5% | -20.6% |
VINCI Autoroutes | 4,154 | 3,526 | 4,288 | +17.8% | +17.8% | -3.1% |
VINCI Airports | 778 | 818 | 1,965 | -4.9% | -4.3% | -60.4% |
Other concessions2 | 221 | 171 | 240 | +29.0% | +37.1% | -7.9% |
VINCI Energies | 10,868 | 9,586 | 9,800 | +13.4% | +10.8% | +10.9% |
VINCI Construction3 | 19,247 | 16,352 | 18,228 | +17.7% | +17.7% | +5.6% |
VINCI Immobilier | 1,081 | 749 | 811 | +44.3% | +30.9% | +33.2% |
Eliminations and adjustments | (503) | (423) | (475) | |||
Group total4 | 35,845 | 30,778 | 34,857 | +16.5% | +15.3% | +2.8% |
of which: France | 19,364 | 16,300 | 19,298 | +18.8% | +17.9% | +0.3% |
International | 16,482 | 14,478 | 15,559 | +13.8% | +12.5% | +5.9% |
Europe excluding France | 9,867 | 8,805 | 9,454 | +12.1% | +10.4% | +4.4% |
International excluding Europe | 6,615 | 5,673 | 6,105 | +16.6% | +15.7% | +8.3% |
Change in total traffic at VINCI Autoroutes | +18.8% | -6.4% | ||||
Change in VINCI Airports passenger numbers5 | -14.3% | -72.5% | ||||
Order intake (in € billions) | 32.5 | 33.3 | 31.9 | -2% | +2% | |
Order book6(in € billions) | 45.4 | 42.8 | 37.3 | +6% | +22% | |
Net financial debt6(in € billions) | (16.9) | (20.8) | (23.2) | +3.9 | +6.3 |
I. Consolidated key figures
VINCI's revenue in the third quarter of 2021 amounted to €13.2 billion, up 1% on an actual basis compared with the third quarter of 2019 and up 8% compared with the third quarter of 2020. This increase confirms the good momentum - already seen in the first half of 2021 - in most of VINCI's businesses in France and abroad.
In the first nine months of 2021, consolidated revenue amounted to €35.8 billion, up 3% on an actual basis compared with 2019 and up 16% relative to 2020. Revenue broke down as follows:
Order intake at VINCI Energies and VINCI Construction in the first nine months of 2021 amounted to €32.5 billion. Order intake was almost unchanged year on year (-2%), despite the high base for comparison caused by major contract wins by the Group in 2020.
The order book amounted to €45.4 billion at 30 September 2021, up 6% year on year. It represents over 13 months of average business activity for VINCI Construction and VINCI Energies combined. International business made up 62% of the order book.
II. Revenue in the first nine months of 2021 and operational performance by business line
VINCI Autoroutes: €4,154 million (down 3% relative to 2019, up 18% relative to 2020)
In the third quarter of 2021, traffic levels on VINCI Autoroutes' intercity networks continued to improve, increasing 8.9% year on year. They are now back above their pre-crisis levels (up 4.1% relative to the third quarter of 2019), both for heavy vehicles - up 3.4% due to firm economic activity in France and growth in e-commerce - and for light vehicles (up 4.2%). This firm performance reflects a strong, rapid rebound in traffic levels after the lifting of travel restrictions.
As a result, traffic levels in the first nine months of 2021 rose sharply relative to 2020 (up 18.8%) and showed a limited decline of 6.4% compared with the same period in 2019 (down 7.7% for light vehicles7 and up 2.4% for heavy vehicles).
VINCI Airports: €778 million (down 60% relative to 2019, down 5% relative to 2020)
VINCI Airports' passenger numbers in the third quarter of 2021 were 59% lower than in the third quarter of 2019, which represents an improvement on previous quarters. Trends varied between geographic areas. In Portugal and France, passenger numbers benefited from the introduction of the health pass and positive developments in European tourist markets. Passenger numbers at some airports in the Americas (particularly those in the Dominican Republic) are now back at their pre-crisis levels. In the United Kingdom, however, ongoing restrictions on foreign travel have prevented passenger numbers from recovering. Passenger numbers remained very low in Japan, limited by the decision to close the country's borders, and did not recover in Cambodia because of travel restrictions imposed by other countries in the region.
In the first nine months of the year, passenger numbers fell by 72.5% compared with the same period in 2019.
The easing of travel restrictions announced by several countries in September - mainly the United States and the United Kingdom - should help international passenger numbers recover gradually.
Following on from its very good performance in the first half of 2021, VINCI Energies achieved revenue growth of 8% in the third quarter of 2021 compared with the third quarter of 2019. Order intake was also strong, both in France and abroad. In addition to a positive economic environment, this performance also reflects VINCI Energies' wide geographic foothold and range of expertise, as well as the impact of acquisitions. VINCI Energies has completed 27 acquisitions so far in 2021, representing full-year revenue of around €150 million.
In France (45% of the total), revenue was €4,926 million in the first nine months of the year, up 10% compared with 2019 (up 18% relative to 2020).
Outside France (55% of the total), revenue was €5,942 million in the first nine months of the year, up 12% compared with 2019 (up 10% relative to 2020). It increased in Europe, North America, Africa and Asia-Oceania, and fell in Brazil and the Middle East compared with 2019.
VINCI Energies' order intake in the first nine months of 2021 totalled €12.3 billion, 14% more than in the first nine months of 2020. The order book amounted to €11.4 billion, up 12% over 12 months, representing more than nine months of VINCI Energies' average business activity.
VINCI Construction's revenue was higher than its pre-crisis level in the third quarter of 2021 (up 3% compared with the third quarter of 2019). Growth was particularly strong outside France, driven by the ramp-up of several large projects that have been won recently.
In France (49% of the total), revenue was €9,460 million in the first nine months of the year (up 17% compared with 2020), slightly lower than in the equivalent period of 2019 (down 4%) because of the high base for comparison. Business levels remained firm in civil engineering - supported in particular by Grand Paris Express projects - and in road and rail works as well as earthworks. In building works, business levels were driven by several major developments in the Paris region.
Outside France (51% of the total), revenue was €9,786 million in the first nine months of the year, up 16% compared with the same period of 2019 (up 18% relative to 2020). Growth was driven by the ramp-up of several large projects obtained recently, including two works packages on the HS2 high-speed rail line in the United Kingdom. Revenue rose sharply in road and rail works as well as earthworks.
VINCI Construction's order intake fell 10% year on year in the first nine months of 2021. It should be borne in mind that this business line had won major contracts in the United Kingdom, France, Canada and Oceania in 2020. In addition, given current market trends and its historically large order book, VINCI Construction maintains a particularly selective approach to taking on new business. VINCI Construction's order book amounted to €34.0 billion at end-September, up 4% over 12 months, representing almost 16 months of VINCI Construction's average business activity.
VINCI Immobilier's consolidated revenue, excluding Urbat Promotion, was 21% higher than in the first nine months of 2019, because of strong production levels for non-residential programmes launched previously and the good number of signings of notarial deeds for residential programmes.
The number of homes reserved in France rose 3% over the period from its level in 2019 (4,977 units including Urbat Promotion) to 5,118 units, driven by strong demand. The continuation of this trend will depend on the time required to obtain building permits.
III. Financial position
Consolidated net financial debt at 30 September 2021 amounted to €16.9 billion, down €3.9 billion over 12 months and down €1.1 billion since the start of the year.
VINCI has increased its liquidity. At 30 September 2021, the latter amounted to €19.5 billion, comprising:
IV. Outlook
The Group confirms and specifies the full-year 2021 forecasts presented when publishing its first-half 2021 financial statements:
On this basis, VINCI's 2021 earnings should rise sharply relative to 2020, while remaining lower than their 2019 level.
VINCI has strengths that will enable it to get back rapidly onto a trajectory of sustainable growth, since with its energy services, construction and mobility businesses, the Group is playing a central role in green growth.
V. Other highlights
Air Liquide, TotalEnergies and VINCI, via its VINCI Concessions subsidiary, have joined forces with other large international companies to create the world's largest fund dedicated to the development of clean hydrogen infrastructure solutions. The fund aims to reach €1.5 billion and has already secured initial commitments of €800 million. Its objective is to accelerate the growth of the hydrogen ecosystem by investing in large strategic projects and leveraging the alliance of industrial and financial players. The Group has committed to invest €100 million in this project.
In September, VINCI Concessions completed the financing of the PPP contract for the B247 in Germany. This project for the first German federal road ever attributed to a private operator under a PPP strengthens VINCI Concessions' position as Germany's leading motorway concession holder with five PPPs in operation or under development, in synergy with VINCI Construction's German subsidiaries.
Contracts won by the Group in the third quarter of 2021 included the following:
VINCI Energies:
VINCI Construction:
Given its very strong financial situation, VINCI has decided to implement its share buy-back programme, which was interrupted at the start of the pandemic in March 2020. On 1 October 2021, the Group signed a share purchase agreement with an investment service provider. Under this agreement, VINCI will acquire, by 25 October 2021, a certain quantity of VINCI shares up to a maximum value of €200 million, at an average price per share determined on the basis of market prices during the term of the agreement, with a guaranteed discount.
London Gatwick Airport, a 50.01%-owned subsidiary of VINCI Airports, obtained the agreement of its lenders for a temporary waiver of financial covenants - relating to £2.8 billion of reference net debt (senior net debt) at end-June 2021 - and for the amendment of certain terms within those covenants.
Conference call
The Group will comment on its revenue and business activities in the period ended 30 September 2021 in a conference call to be held in English today (Tuesday, 19 October 2021) at 6:00 pm CET.
To take part, please dial one of the following numbers from 5:55 pm CET:
In France: +33 (0)1 72 72 74 03 PIN: 96018654#
In the United Kingdom: +44 (0) 20 7194 3759 PIN: 96018654#
In the United States: +1 646 722 4916 PIN: 96018654#
Playback number (available within two hours):
In France: +33 (0)1 70 71 01 60 PIN: 425014007#
In the United Kingdom: +44 (0) 20 3364 5147 PIN: 425014007#
In the United States: +1 646 722 4969 PIN: 425014007#
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Diary | ||
16 November 2021 | Ex date for the 2021 interim dividend (€0.65 per share) | |
16 November 2021 | VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for October 2021 (after the market close) | |
18 November 2021 | Payment of the 2021 interim dividend (€0.65 per share) | |
15 December 2021 | VINCI Autoroutes traffic levels and VINCI Airports passenger numbers for November 2021 (after the market close) | |
4 February 2022 | Publication of full-year 2021 results (before the market open) |
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About VINCI
VINCI is a global player in concessions, construction and energy businesses, employing more than 217,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally 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
INVESTOR RELATIONS
Grégoire THIBAULT
Tel: +33 (0)1 47 16 45 07
[email protected]
Boris VALET
Tel: +33 (0)1 47 16 33 45
[email protected]
PRESS CONTACT
Stéphanie MALEK
Tel: +33 (0)1 47 16 31 82
[email protected]
APPENDICES
APPENDIX A: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE
Consolidated revenue* in the first nine months of the year - Breakdown by region and business line
Nine months to 30 Sept. | Nine months to 30 Sept. | Nine months to 30 Sept. |
2021/2020 change |
2021/2019 change | ||
(in € millions) | 2021 | 2020 | 2019 | Actual | Like-for-like | Actual |
FRANCE | ||||||
Concessions | 4,375 | 3,727 | 4,666 | +17.4% | +17.4% | -6.2% |
VINCI Autoroutes | 4,154 | 3,526 | 4,288 | +17.8% | +17.8% | -3.1% |
VINCI Airports | 153 | 146 | 287 | +4.4% | +4.4% | -46.7% |
Other concessions** | 68 | 55 | 92 | +23.7% | +23.7% | -25.6% |
VINCI Energies | 4,926 | 4,170 | 4,473 | +18.1% | +17.6% | +10.1% |
VINCI Construction*** | 9,460 | 8,064 | 9,812 | +17.3% | +17.1% | -3.6% |
VINCI Immobilier | 1,076 | 747 | 811 | +44.0% | +30.6% | +32.7% |
Eliminations and adjustments | (474) | (408) | (463) | |||
Total France | 19,364 | 16,300 | 19,298 | +18.8% | +17.9% | +0.3% |
INTERNATIONAL | ||||||
Concessions | 778 | 788 | 1,827 | -1.2% | +0.6% | -57.4% |
VINCI Airports | 626 | 672 | 1,679 | -6.9% | -6.3% | -62.7% |
Other concessions** | 153 | 116 | 148 | +31.5% | +44.2% | +3.0% |
VINCI Energies | 5,942 | 5,415 | 5,328 | +9.7% | +5.8% | +11.5% |
VINCI Construction*** | 9,786 | 8,288 | 8,416 | +18.1% | +18.2% | +16.3% |
Eliminations and adjustments | (29) | (15) | (12) | |||
Total International | 16,482 | 14,478 | 15,559 | +13.8% | +12.5% | +5.9% |
*Excluding concession subsidiaries' revenue from work carried out by non-Group companies (see Glossary).
** VINCI Highways, VINCI Railways, VINCI Stadium.
*** In addition to its existing construction activities, VINCI Construction now includes Eurovia. Pro forma data after intra-business line eliminations.
Consolidated third-quarter revenue*
Third quarter | Third quarter | Third quarter |
2021/2020 change |
2021/2019 change | ||
(in € millions) | 2021 | 2020 | 2019 | Actual | Like-for-like | Actual |
Concessions | 2,253 | 1,923 | 2,657 | +17.2% | +17.0% | -15.2% |
VINCI Autoroutes | 1,761 | 1,633 | 1,680 | +7.8% | +7.8% | +4.8% |
VINCI Airports | 407 | 226 | 896 | +79.9% | +75.2% | -54.6% |
Other concessions** | 85 | 63 | 82 | +34.5% | +41.0% | +4.0% |
VINCI Energies | 3,706 | 3,452 | 3,430 | +7.3% | +3.7% | +8.0% |
VINCI Construction*** | 7,095 | 6,750 | 6,890 | +5.1% | +4.2% | +3.0% |
VINCI Immobilier | 339 | 313 | 341 | +8.3% | -2.5% | -0.6% |
Eliminations and adjustments | (155) | (153) | (191) | |||
Total revenue* | 13,238 | 12,286 | 13,128 | +7.8% | +5.9% | +0.8% |
of which: France |
6,998 |
6,817 | 7,036 |
+2.7% |
+2.0% |
-0.5% |
International | 6,240 | 5,469 | 6,092 | +14.1% | +10.7% | +2.4% |
*Excluding concession subsidiaries' revenue from work carried out by non-Group companies (see Glossary).
** VINCI Highways, VINCI Railways, VINCI Stadium.
*** In addition to its existing construction activities, VINCI Construction now includes Eurovia. Pro forma data after intra-business line eliminations.
APPENDIX B: ORDER BOOK AND ORDER INTAKE AT VINCI ENERGIES AND VINCI CONSTRUCTION
Order book
|
At 30 September | Change | At | |||
(in € billions) | 2021 | 2020 | 2019 | over 12 months | 31 Dec. 2020 | |
VINCI Energies | 11.4 | 10.2 | 9.5 | +12% | 9.9 | |
VINCI Construction | 34.0 | 32.6 | 27.8 | +4% | 32.5 | |
Total | 45.4 | 42.8 | 37.3 | +6% | 42.4 | |
of which: | ||||||
France | 17.1 | 17.6 | 16.0 | ‐3% | 16.9 | |
International | 28.3 | 25.2 | 21.3 | +12% | 25.5 | |
Europe excluding France | 16.8 | 14.3 | 10.2 | +17% | 14.1 | |
Rest of the world | 11.5 | 10.8 | 11.1 | +6% | 11.4 |
Order intake
Nine months to 30 Sept. | ||||
(in € billions) |
2021 |
2020 |
2019 |
2021/2020 change |
VINCI Energies | 12.3 | 10.8 | 10.8 | +14% |
VINCI Construction | 20.2 | 22.5 | 21.1 | -10% |
Total | 32.5 | 33.3 | 31.9 | ‐2% |
of which: | ||||
France | 14.5 | 14.3 | 15.2 | +2% |
International | 18.0 | 19.0 | 16.7 | ‐5% |
APPENDIX C: VINCI AUTOROUTES AND VINCI AIRPORTS INDICATORS
Traffic on motorway concessions*
Third quarter | Nine months to 30 Sept. | |||||
(in millions of km travelled) |
2021 | 2021/2020 change | 2021/2019 change | 2021 | 2021/2020 change |
2021/2019 change |
VINCI Autoroutes | 17,237 | +8.9% | +4.1% | 37,847 | +18.8% | -6.4% |
Light vehicles | 15,427 | +9.3% | +4.2% | 32,283 | +20.0% | -7.7% |
Heavy vehicles | 1,810 | +5.0% | +3.4% | 5,564 | +12.3% | +2.4% |
of which: | ||||||
ASF | 10,957 | +9.5% | +4.1% | 23,904 | +19.6% | -5.8% |
Light vehicles | 9,756 | +10.1% | +4.2% | 20,189 | +21.1% | -7.3% |
Heavy vehicles | 1,201 | +4.9% | +3.6% | 3,715 | +12.0% | +3.1% |
Escota | 2,262 | +7.6% | +4.3% | 5,222 | +16.4% | -6.7% |
Light vehicles | 2,088 | +7.7% | +4.4% | 4,699 | +16.6% | -7.5% |
Heavy vehicles | 174 | +6.1% | +2.8% | 523 | +14.5% | +1.2% |
Cofiroute (intercity network) | 3,893 | +7.8% | +4.0% | 8,463 | +17.9% | -7.7% |
Light vehicles | 3,471 | +8.1% | +4.2% | 7,175 | +19.0% | -9.2% |
Heavy vehicles | 422 | +4.9% | +2.8% | 1,288 | +12.1% | +1.2% |
Arcour | 125 | +16.6% | +9.9% | 257 | +24.9% | -4.7% |
Light vehicles | 113 | +18.0% | +10.4% | 220 | +26.7% | -5.6% |
Heavy vehicles | 13 | +5.7% | +4.9% | 37 | +15.2% | +0.6% |
* Excluding A86 duplex.
VINCI Autoroutes revenuein the first nine months of 2021
VINCI Autoroutes |
Of which: | |||||
ASF | Escota | Cofiroute | Arcour | |||
Toll revenue (in € millions) | 4,073 | 2,397 | 570 | 1,053 | 54 | |
2021/2020 change | +17.6% | +18.4% | +16.0% | +16.7% | +22.3% | |
2021/2019 change | -3.3% | -2.3% | -3.9% | -5.0% | -1.8% | |
Revenue (in € millions) | 4,154 | 2,448 | 579 | 1,069 | 54 | |
2021/2020 change | +17.8% | +18.5% | +15.9% | +17.0% | +22.1% | |
2021/2019 change | -3.1% | -2.3% | -3.9% | -4.9% | -1.8% |
VINCI Airports' passenger traffic1
Third quarter | Nine months to 30 Sept. | |||||
(in thousands of passengers) | 2021 | 2021/2020 change | 2021/2019 change | 2021 | 2021/2020 change | 2021/2019 change |
Portugal (ANA) | 10,012 | +92.8% | -45.7% | 15,267 | +2.3% | -66.7% |
of which Lisbon | 4,570 | +115.2% | -50.3% | 7,088 | -8.8% | -70.2% |
United Kingdom | 3,480 | +44.5% | -78.1% | 4,492 | -59.1% | -89.1% |
of which LGW | 2,548 | +33.1% | -81.9% | 3,118 | -67.0% | -91.4% |
France | 3,448 | +82.8% | -41.6% | 5,427 | -2.5% | -65.9% |
of which ADL | 1,826 | +89.5% | -45.8% | 2,923 | -3.6% | -67.8% |
Cambodia | 45 | -57.3% | -98.4% | 182 | -91.2% | -97.9% |
United States | 2,134 | +198.2% | -19.8% | 4,670 | +47.9% | -39.4% |
Brazil (Salvador) | 1,490 | +212.8% | -22.5% | 3,714 | +41.7% | -34.3% |
Serbia | 1,514 | +216.9% | -29.2% | 2,436 | +64.0% | -48.7% |
Dominican Republic | 1,390 | +234.3% | -1.0% | 3,298 | +82.6% | -21.9% |
Sweden | 292 | +176.4% | -57.8% | 452 | -2.6% | -74.2% |
Total fully consolidated subsidiaries | 23,804 | 102.0% | -54.1% | 39,938 | -7.3% | -70.6% |
Japan (40%) | 2,967 | +12.8% | -77.9% | 7,081 | -41.8% | -81.9% |
Chile (40%) | 2,638 | +426.0% | -57.0% | 5,971 | -13.3% | -68.1% |
Costa Rica (45%) | 224 | NM* | +0.5% | 565 | +31.6% | -41.3% |
Rennes-Dinard (49%) | 151 | +40.6% | -47.2% | 257 | +12.8% | -65.7% |
Total equity-accounted subsidiaries | 5,980 | +84.6% | -70.2% | 13,874 | -29.6% | -76.7% |
Total passengers managed by VINCI Airports |
29,784 | +98.3% | -58.6% | 53,812 | -14.3% | -72.5% |
1 Data at 100%, irrespective of percentage held. 2019 figures including airport passenger numbers over the full period.
* In the third quarter of 2020, passenger traffic was very low because of the pandemic. As a result, the comparison with the third quarter of 2021 is not meaningful.
APPENDIX D: GLOSSARY
Concession subsidiaries' revenue from work 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 and VINCI Construction business lines.
Like-for-like revenue growth: this indicator measures the change in revenue at constant scope and exchange rates.
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 financial debt (including derivatives and other liabilities relating to hedging instruments). Financial assets include cash and cash equivalents and assets relating to derivative instruments.
On 1 January 2019, IAS 17 was replaced by IFRS 16, which specifies a single method for recognising leases. The Group now recognises right-of-use assets 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:
Order intake:
For joint property developments:
VINCI Airports passenger traffic: 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 motorway traffic: 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 Highways, VINCI Railways and VINCI Stadium.
3 In addition to its existing construction activities, VINCI Construction now includes Eurovia. Pro forma data after intra-business line eliminations.
4 Excluding concession subsidiaries' revenue from work carried out by non-Group companies (see Glossary).
5 Figures at 100% including passenger numbers at all airports managed by VINCI Airports over the full year.
6 Period-end.
7 Light vehicle traffic in the first half of 2021 was 16.5% lower than in the first half of 2019, held back by restrictions including a curfew until 20 June 2021, a lockdown from 3 April to 3 May 2021 including a ban on travelling more than 10 km from the home, the closure of many public spaces and limitations on travel between countries.
8 Since 1 February 2021, VINCI Construction and Eurovia have been combined and placed under the leadership of Pierre Anjolras. This new organisation enables VINCI to optimise these two companies' operating methods and to develop synergies between them by integrating them within a single management unit. As announced when VINCI published its full-year 2020 results in February 2021, the Group is now reporting on this business segment under the name of VINCI Construction.
9 Ebit / revenue.
Attachment
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