QUARTERLY INFORMATION AT 31 MARCH 2020
Rueil Malmaison, 23 April 2020QUARTERLY INFORMATION AT 31 MARCH 2020Revenue stable at €9.7 billionGrowth in business levels in January and February, downturn in March following the introduction of Covid-19 containment measures in France and many other countriesRise in order intake and the order book, which reached an all-time highIncrease in liquidity to a very high level after the arrangement of additional bank credit facilities* Excluding concession subsidiaries’ revenue from works done by non-Group companies (see glossary).
** Period-end.Xavier Huillard, VINCI’s Chairman and CEO, made the following comments:“At VINCI, faced with an unprecedented global health crisis, our absolute priorities are the safety of our employees, partners, subcontractors, customers and stakeholders, along with the continuity of the public services for which we are responsible.“With our motorways, airports and other infrastructure we manage, we are notably helping to maintain the transport indispensable to ensure business continuity and the supply of medical equipment.“In our Contracting activities, VINCI companies are working, notably, to help ramp up hospital capacity and ensure that energy, communication, water treatment and waste processing networks continue to run smoothly.“As well as applying our expertise in this way, many solidarity initiatives have been launched by the Group and its employees in France and the various countries in which we operate.“After a strong start to the year, continuing the trend seen in 2019, VINCI’s business levels have been seriously affected by the measures introduced around the world to stem the spread of Covid-19, particularly in France after lockdown measures were introduced on 17 March.“The pandemic is having a significant impact on the activities of all Group business lines, in both Concessions and Contracting. In contrast to the situation in France, where a large number of projects have had to be put on hold, the picture in other countries is more varied and it has been possible to continue operating in many countries, to varying extents depending on the businesses involved.“In these circumstances, we expect a pronounced decline in the Group’s revenue in the next few months. This is why we have rapidly introduced measures to adjust expenditure and revise investment programmes across all our business lines.“VINCI companies are focusing on resuming activities that have been shut down as soon as the health and regulatory situation allows. In doing so, they will abide, in France, by the public health advice prepared by professional organisations and validated in early April by the country’s Ministry of Labour and Ministry for Solidarity and Health.“With the measures we have taken and the financial resources at our disposal, recently bolstered by the arrangement of additional bank facilities, VINCI is well equipped to get through this major, unprecedented crisis.“Looking further ahead, we are confident that we will bounce back strongly given our record order books and highly responsive operations, made possible by our decentralised organisation.”
I. Consolidated key figuresConsolidated revenue in the first quarter of 2020 amounted to €9.7 billion2. It was stable on an actual basis compared with the first quarter of 2019 and fell slightly like-for-like (down 3.3%). Changes in the consolidation scope had a 3.3% positive impact on revenue, while exchange rates had a neutral effect.In France (54% of the total), revenue was €5.2 billion, down 6.3% on an actual basis or 7.1% like-for-like.Outside France (46% of the total), revenue was €4.5 billion, up 8.5% on an actual basis or 1.6% like-for-like. Changes in scope – i.e. the integration of London Gatwick airport in which VINCI Airports acquired a majority stake in May 2019, along with VINCI Energies’ recent acquisitions – boosted revenue by 6.9%. Exchange-rate movements had a neutral impact (down 0.1%).Order intake in the Contracting business amounted to €9.8 billion in the first quarter of 2020, representing a 4% increase on the first quarter of 2019, despite the high base for comparison. On a rolling 12-month basis, order intake was up 9% (up 11% outside France and up 6% in France).The order book at 31 March 2020 was at an all-time high of €37.7 billion, up 8% year-on-year. It represented almost 12 months of average business activity in the Contracting business. International business makes up 57% of the order book (54% at end-March 2019).II.
