VINCI announces 2018 Annual Results
The VINCI group announced on February 6th, 2019, its 2018 annual results.
Consolidated revenue totalled €43.5 billion, up 8.1% relative to 2017 (3.3% like-for-like growth1; a 5.6% positive impact from changes in consolidation scope, and a 0.8% negative effect from exchange rate movements).
- In France (57% of total), revenue was €24.8 billion, up 4.6% on an actual basis or 3.7% like-for-like, reflecting the good momentum in Contracting.
- Outside France (43% of total), revenue was €18.8 billion, up 13.2% on an actual basis or 2.8% like-for-like. Changes in consolidated scope boosted revenue by 12.2%, while currency movements had a 1.8% negative impact because of the euro’s rise against most currencies.
Concessions revenue totalled €7.3 billion, up 4.6% on an actual basis or 3.2% like-for-like.
- VINCI Autoroutes’ revenue rose 1.5% to €5.4 billion. Continuing the trends seen in previous quarters, traffic levels grew at a robust rate until mid-November. The exceptional social unrest which disrupted France until the end of the year led to a decline in traffic (-0.5%) over the whole year.
- VINCI Airports’ revenue rose sharply (14.0%) to €1.6 billion. That figure includes contributions from Salvador airport in Brazil (since 1 January 2018), the Airports Worldwide portfolio (since the end of August 2018) and Belgrade airport in Serbia (since late December 2018). Like-for-like, VINCI Airports’ revenue rose 9.4%, driven by continuing growth in passenger numbers across almost all airports.
- VINCI Highways’ revenue includes €93 million from Lamsac, concession-holder for the Lima ring road in Peru, which saw revenue boosted by the ramp-up of traffic on the second section that opened in June 2018.
The total number of passengers handled across all airports managed by VINCI Airports increased 6.8%2 to over 195 million, with continuing strong growth at almost all facilities: Cambodia (up 20%), France and the United States (up 9%) and Portugal (up 7%). Annual passenger numbers broke new ground, rising to over 55 million in Portugal (of which 29 million in Lisbon), 11 million at Lyon-Saint Exupéry and 10 million in Cambodia. Passenger numbers increased 7.2% in the fourth quarter.
VINCI Airports added a number of new airports to its portfolio in 2018:
- Salvador airport (Brazil): 30-year concession starting on 2 January 2018. This airport generated revenue of €47 million in 2018 and attracted 8 million passengers (up 4.6%).
- Kobe airport in Japan: 42-year concession since 1 April 2018. This airport is being managed by VINCI Airports and its Japanese partner Orix, which each have a 40% stake.
- Airports Worldwide (AWW): acquired in August 2018, with 2018 revenue amounting to €33 million. This is a portfolio of eight airports, of which two are freehold (Belfast International Airport in the United Kingdom and Skavsta Airport in Sweden), two are operated under concession (Orlando-Sanford International Airport in the United States and Daniel Oduber Quiros International Airport in Liberia, Costa Rica, 45% stake), and four are under management contracts in the United States.
- Belgrade airport in Serbia, acquired in late December 2018 (25-year concession).
At the end of December, VINCI Airports signed an agreement to become the majority shareholder of London Gatwick Airport. The transaction is expected to be completed in the first half of 2019.
In January 2019, ANA (VINCI Airports) signed an agreement with the Portuguese government to increase airport capacity in the Lisbon region. As part of that agreement, ANA undertook to invest, by 2028, €650 million in the first phase of extending Lisbon’s existing airport and €500 million to create a new civil airport in Montijo.
2019 outlooks: passenger numbers at VINCI Airports should, on a constant structure basis, continue to rise, although at a slower pace than in 2018 because of the high base for comparison. London Gatwick Airport should become part of the Group in the second quarter.
1 : Like-for-like: see Glossary.
2 : Change on a pro forma basis including Salvador, Kobe, AWW and Belgrade for the full year in 2017.