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2016 results boosted by better than expected Construction and Airport activities

  • 08 Feb 17

Vinci released full-year results ahead of market expectations, beating Q4 consensus by 2.8% on stronger Construction and Airport activities. Results For the full year, revenue came in ahead of expectations, at €38.1bn, representing a decrease of 1.2% compared to 2015 (consensus: €37.8bn, AV: €37.7bn). EBITDA came in 5.3% higher than last year, at €5.97bn, slightly above the €5.96bn consensus while EBIT was up 11.1%, at €4.17bn (€4.06bn consensus). The EBIT margin increased 250bp for the Concession business, at 46.9% and was up 30bp for Contracting activities, at 3.7%. Net profit was up 22.5%, at €2.51bn (vs €2.31bn consensus). In 2016, the concession business was up 8.5% (+6.5% lfl) at €6,298m, supported by a 14.2% lfl increase in Airports and a 4.9% increase in Toll roads. Contracting activities were down 3.4% (-3.8% lfl) translating a 0.2% increase at Vinci Energies, a 4% decrease at Eurovia and a 5.6% decline at Vinci Construction. During the fourth quarter, overall revenue was up 1% (+1.1% lfl), at €10,445m, beating the €10,156m consensus by 2.8% and translating a 12.1% increase in Concession revenue offset by a 1.4% decline in Contracting. Vinci Energies was down by 2.7% (-4.4% lfl), Eurovia was down 4.3% (-3.4% lfl) while Construction was up 1.1% (+3.6% lfl). The board proposed a €2.10 dividend, up 14.1% yoy, and 3.4% ahead of expectations. Outlook The company confirmed that 2017 should be the year when Contracting activities return to growth, with a slight upturn expected in France, while foreign activities are set to follow oil and commodity prices. The Concessions businesses are expected to continue growing albeit at much lower rates given the high base for comparison. For the group as a whole, Vinci expects consolidated revenue, EBIT and net income (before exceptional items) to rise.

Continued pressure on Contracting activities partly offset by a strong Concession business

  • 26 Oct 16

Vinci released a mitigated set of Q3 results, broadly in line with the first half of the year. Guidance confirmed The company expects a slight decrease in revenue and an increase in operating income and net income. Revenue During the 9-month period, total group revenue reached €27.6bn, down 2% yoy on an actual basis and down 2.9% on a like-for-like basis. Concessions revenue was up 7.4% yoy (+6.1% lfl) driven by a strong increase in revenue at Airports (+22.7% reported, +12.9% lfl) and Motorways (+4.8%). Finally, Contracting revenue was down 4.1% (-5% lfl) due to the continuing underperformance of the Construction (-8% actual, -8.4 lfl) and Eurovia (-3.9%, -2.8%) businesses, partly offset by a slight increase at Vinci Energy (+1.3%, -1.6%). Orders Order intake reached €23.8bn, up 1% yoy while the order book reached €27.9bn, down 2% compared to the previous year (-1% excluding the SEA project). Management confirmed that several major projects including the Fehmarnbelt tunnel and the Bogota-Girardot project were not yet part of the group’s backlog. Additionally, the group confirmed that several tender processes related to the Grand Paris were currently being negotiated but refused to make any further comments, arguing it was still too early. Net debt down by c.€200m At 30 September, Vinci’s net debt stood at €13bn, down €200m compared to a year earlier. This decrease mostly reflects the sale of the parking business that was closed in Q3 and generated c.€230m cash. Note that this figure does not include the acquisition of Lamsac and Aéroport de Lyon, both expected to be closed before the year end.