First Half 2020 Financial Results
Rueil Malmaison, 31 July 2020
FIRST HALF 2020 FINANCIAL
RESULTS
- Contraction in revenue and sharp decrease in earnings
because of the Covid-19 pandemic
- Substantial large-project order intake in the second
quarter – all-time high order book
- Very high level of liquidity – sharp year-on-year
reduction in debt
- Update at end-July 2020:
- VINCI Autoroutes: confirmation of the improving trend
in traffic levels
- VINCI Airports: slow recovery
- Contracting (VINCI Energies, Eurovia, VINCI
Construction): business activity close to estimated normal
levels
- Outlook: earnings expected to fall significantly in
2020 – confidence in the Group's ability to bounce back in
2021
Key figures
(in €
millions) |
First half |
|
|
2020 |
2019 |
2020/2019 change |
2019 |
Revenue1 |
18,493 |
21,729 |
-15% |
48,053 |
Cash flow from operations (Ebitda) |
1,803 |
3,625 |
-50% |
8,497 |
% of revenue |
9.7% |
16.7% |
|
17.7% |
Operating
income from ordinary activities (Ebit) |
267 |
2,289 |
(2,022) |
5,734 |
% of revenue |
1.4% |
10.5% |
|
11.9% |
Recurring operating income |
118 |
2,341 |
(2,223) |
5,704 |
Net income
attributable to owners of the parent |
(294) |
1,359 |
(1,654) |
3,260 |
Diluted
earnings per share (in €) |
(0.53) |
2.43 |
(2.96) |
5.82 |
Free
cash flow |
(182) |
316 |
(497) |
4,201 |
Net
financial debt* (in € billions) |
(22.1) |
(24.2) |
2.1 |
(21.7) |
|
|
|
|
|
Change
in motorway traffic at VINCI Autoroutes |
-32.8% |
+0.0% |
|
+2.8% |
Change
in VINCI Airports passenger numbers2 |
-61.4% |
+6.7% |
|
+5.7% |
Order
book* (in € billions) |
42.9 |
36.2 |
+18% |
36.5 |
Xavier Huillard, VINCI’s Chairman and CEO, made
the following comments:
"After a good start to the year, continuing the
trend seen in 2019, the Group's business levels and earnings were
badly affected by the Covid-19 pandemic.
"The crisis had a particularly severe impact in
France in all business lines after lockdown measures were
introduced on 17 March.
"At the same time, steps taken around the world
to try to halt the spread of Covid-19 caused air traffic to stop
almost completely.
"In response to this unprecedented situation, we
rapidly introduced measures to adjust expenditure and revise
investment programmes. We also took steps to bolster our financial
resources.
"In Contracting, business levels are now close
to normal again in all business lines. At VINCI Autoroutes, after a
sharp decrease in late March, traffic levels are now on track to
return to 2019 levels. At VINCI Airports, however, the upturn in
business is proving limited because of ongoing tight restrictions
and bans on international flights.
"In the circumstances, VINCI's financial
performance in 2020 will be well below that achieved in 2019.
"However, we intend to focus beyond 2020,
mobilised to support the resumption of economic activity in regions
in which we play an essential role in both Concessions and
Contracting.
"We have some major advantages that will help us
bounce back in 2021, depending on developments in the health
situation, and resume our sustained growth trajectory:
- A long-term business model that is well suited to the current
challenges facing society (energy efficiency, new mobility and
communication requirements);
- Long term buoyant markets in all our business lines;
- The ability of our businesses to respond rapidly due to our
highly decentralised organisation;
- Committed staff;
- A record order book;
- A very solid financial position.
"We aim to deliver sustained growth in both
economic and environmental terms: through the Group's energy
services, construction and mobility businesses, we will play a
central role in green growth.
"Addressing those issues is a challenge that
strongly motivates VINCI's 220,000 staff members."
VINCI’s Board of Directors, chaired by Xavier
Huillard, met on 30 July 2020 to finalise the financial statements
for the six months ended 30 June 2020. It also decided, given the
current exceptional circumstances, not to pay an interim dividend.
However, that decision does not predetermine the appropriation of
full-year 2020 income, which the Board of Directors will propose on
examining the Group's full-year financial statements.
I.
Consolidated key figures
Continuing the trend seen in 2019, VINCI
posted solid performance in both Concessions and Contracting until
mid-March. After France and many other countries entered lockdown,
the Group suffered a very severe drop in business activity. As a
result, the consolidated financial statements for the first half of
2020 show a contraction in revenue and a sharp fall in
earnings.
Consolidated revenue totalled
€18.5 billion3 in the first half of 2020, down 14.9% on an actual
basis relative to the first half of 2019 (down 17.0% like-for-like,
with a positive 2.4% impact from changes in scope, mainly outside
France and a negative 0.3% impact from movements in exchange
rates). Revenue fell more sharply in France than elsewhere, and the
proportion of revenue generated outside France was 49% (44% in the
first half of 2019).
Concessions revenue totalled €2.6 billion, down
32% on an actual basis (down 37% like-for-like), of which:
- At VINCI Autoroutes, revenue totalled €1.9 billion, down 27%
because of lower traffic levels following the introduction of
lockdown measures in France on 17 March. After falling 5% in the
first quarter, revenue was down 46% in the second.
- At VINCI Airports, revenue amounted to €0.6 billion (down 45%
on an actual basis and 56% like-for-like) as activity across all
airports in the network stopped almost entirely in the second
quarter (when revenue fell 89%) after most countries introduced
restrictions and bans on commercial flights.
Contracting revenue totalled €15.8 billion, down
11% (down 13% like-for-like). After a strong start to the year,
business levels were affected by the coronavirus crisis, although
the extent differed between countries. In France, business levels
were very low in building and public works for around a month after
the lockdown was introduced. The situation then improved from the
second half of April. In the first half as a whole, revenue was
down 21%. In many other countries, business levels remained close
to normal, the situation in each country reflecting the measures
introduced by local public health authorities. Revenue outside
France was close to stable in the first half (down 3%
like-for-like). As a result, the proportion of revenue generated in
France fell to 46%.
- VINCI Energies: revenue totalled €6.1 billion (down 4% on an
actual basis and down 8% like-for-like). In France (43% of the
total), revenue fell 10% (12% like-for-like). VINCI Energies
presence in certain essential sectors – such as healthcare,
electrical infrastructure, telecoms, pharmaceuticals and food –
limited the decline in revenue. Overall, the situation was better
outside France (57% of the total), where revenue rose 2% on an
actual basis (down 5% like-for-like). Certain regions in which
VINCI Energies has strong positions such as Germany, Switzerland
and Scandinavia saw business levels that were close to normal,
while the situation was more difficult on the East Coast of the
United States, in South-East Asia (Singapore and Indonesia) and, to
a lesser extent, in Africa. VINCI Energies also continued to grow
through acquisitions, which contributed around €300 million to its
revenue change in the first half, including almost €90 million from
the dozen new acquisitions completed in 2020 (mainly in
Europe).
- At Eurovia, revenue totalled €3.8 billion (down 12% on an
actual basis and like-for-like). In France (50% of the total),
revenue fell 24%. After shutting down almost completely for a
month, on-site activity resumed from mid-April and accelerated in
May. With its experience of previous recessions, Eurovia was able
to adjust its operational arrangements quickly to the situation.
Outside France (50% of the total), revenue rose 4%. Business
activity continued in most of Eurovia's countries, with levels
rising in the United States, Germany and the Czech Republic.
However, business levels fell in the United Kingdom, Canada and
Chile.
- At VINCI Construction, revenue totalled €5.8 billion (down 17%
on an actual basis and like-for-like). In France (47% of the
total), revenue fell 27% since the vast majority of worksites shut
down for more than a month before work resumed gradually from late
April. That resumption took place more quickly on public works
sites than on building sites, which are more affected by social
distancing rules. Outside France (53% of the total), the decline in
revenue was limited to 6% since it was possible to maintain
business activity in many countries, at least partially. Situations
varied fairly widely between divisions and geographical zones. They
also changed during the period depending on decisions taken by
local health authorities.
VINCI Immobilier's consolidated
revenue amounted to €436 million, down 7%. It rose until mid-March,
due to further strong production in commercial property relating to
several major developments such as the To-Lyon project in the
Part-Dieu district of Lyon. It then fell as construction sites shut
down for more than a month.
Ebitda totalled €1,803 million
(€3,625 million in the first half of 2019), equal to 9.7% of
revenue compared with 16.7% in the first half of 2019.
Operating income from ordinary
activities (Ebit) was sharply lower than in the first half of
2019, amounting to €267 million and breaking down as
follows:
- €545 million in Concessions, including a €701
million profit at VINCI Autoroutes and a €127 million loss at VINCI
Airports. Earnings at the Group's concession-holding subsidiaries
were badly affected by the decline in revenue, because their costs
are mostly fixed. Against that background, VINCI Airports
implemented a cost-optimisation plan, involving a drastic cut in
operating expenses. In addition, investments in consolidated
airports are cut by around €300 million in 2020 compared with the
initial budget.
- Contracting made a €255 million loss at the
Ebit level, with VINCI Energies posting a profit of
€186 million, Eurovia a loss of €120 million and VINCI
Construction a loss of €321 million. The Contracting business was
hit by lower-than-normal business activity, particularly in France
after the lockdown was introduced, and reduced productivity because
of containment measures on worksites. In the circumstances, the
good performance of VINCI Energies (Ebit margin of 3.0%) is worth
highlighting, showing once again the resilience of its companies.
Eurovia, meanwhile, was able to limit the reduction in its Ebit
margin despite the sudden shutdown of its worksites in France4.
Performance at VINCI Construction reflects the reduced coverage of
overheads resulting from the public health crisis and additional
costs arising from the shutdown then resumption of projects,
together with new health standards. The crisis also accentuated the
previously discussed difficulties in the oil and gas market. Those
difficulties led to the implementation of a plan to reorganise
Entrepose, including the pooling of expertise with the Major
Projects division and with Sogea-Satom.
Recurring operating income
amounted to €118 million. The figure includes notably the impact of
share-based payments (IFRS 2) and the negative contribution of
companies accounted for under the equity method, particularly in
the airports sector, whereas the impact was positive in 2019.
The Group generated a consolidated net
loss attributable to owners of the parent of €294 million
and earnings per share5 of -€0.53 (respectively €1,359 million and
€2.43 in the first half of 2019).
Operating cash flow (before
taking account of growth investments in concessions) amounted to
€388 million (€823 million in the first half of 2019). This
includes a significant reduction in the working capital requirement
– which usually increases in the first half due to seasonal
variations – because of particularly strong cash inflows from
customers in the second quarter of 2020.
Free cash flow was negative at
€182 million, as opposed to an inflow of €316 million in the first
half of 2019. It includes growth investments in concessions, which
rose slightly in the first half because of programmes already under
way at VINCI Airports.
Consolidated net financial debt
was €22.1 billion at 30 June 2020, down €2.1 billion relative to 30
June 2019.
The consolidated financial statements for the
six months ended 30 June 2020 will be available on the VINCI
website from 31 July 2020 after the market close:
https://www.vinci.com/vinci.nsf/en/investors
II.
Operational performance
After rising 9% in the first two months of the
year, traffic levels at VINCI Autoroutes fell very
sharply following the introduction of lockdown measures in France
on 17 March. They then remained very low until traffic restrictions
were partially lifted from 11 May, which meant that the
year-on-year decline went from 81% in April to 56% in May. After
the ban on travelling more than 100 km from home was lifted on 2
June, a further improvement took place in June, with traffic levels
down 21% year-on-year. In the first half as a whole, the decline in
traffic levels was 32.8% (a 36.6% decrease for light vehicles and a
12.2% decrease for heavy vehicles). Heavy-vehicle traffic was more
resilient as France maintained a basic level of economic activity.
Traffic levels have continued to recover in July, and are now close
to their 2019 level.
Passenger numbers at VINCI
Airports fell 61% in the first half of 2020, with a 21%
fall in the first quarter and a 96% drop in the second. After
seeing its Asian airports affected by the coronavirus crisis in
early 2020, it then saw activity at all of its airports shut down
almost completely from mid-March as most countries introduced
restrictions on commercial flights. That situation did not change
in April or May, when passenger numbers were down almost 98%
year-on-year. In June, domestic flights started to resume,
particularly in France, Japan and the United States, as did flights
within the Schengen Area. However, passenger numbers remain very
low, and were 94% lower in June 2020 than in June 2019.
In Contracting, order intake
reached €22.8 billion in the first half of 2020, an increase of 10%
year-on-year. On a rolling 12-month basis, order intake was up 9%
(up 11% outside France and up 6% in France). That increase was
driven by several major contracts won by the Group in Europe,
including two works packages on the HS2 rail project in the United
Kingdom (around €3 billion), a contract for The Link building in
Paris La Défense and several new contracts for the Grand Paris
Express project. However, the number of small and medium-sized
contracts won in France has slowed in the last few months, mainly
because of the electoral situation, with the second round of
municipal elections, initially scheduled for March 2020, finally
taking place in late June.
At 30 June 2020, the Contracting order
book stood at a record €42.9 billion, an increase of 18%
compared with 31 December 2019 (up 19% outside France and up
16% in France) and over 12 months, with growth in all business
lines. The order book represented almost 14 months of average
business activity (9 months at VINCI Energies, 11 months at Eurovia
and 21 months at VINCI Construction). International business made
up 58% of the order book at end-June 2020 (57% at end-June
2019).
At VINCI Immobilier, the number
of homes reserved in France, including those of the Urbat
subsidiary, fell 48% to 1,817 in the first half of 2020. Since the
start of the crisis, the company has suffered delays in obtaining
building permits in the residential segment because of the
electoral situation in France, and new developments have been
slower to begin.
Covid-19 impacts: the
consequences of Covid-19 on the half-year financial statements were
estimated in relation to the latest pre-pandemic budget forecasts.
The impacts are estimated at approximately €4.2 billion negative on
revenue, €2.2 billion negative on operating income and €1.5 billion
negative on consolidated net income attributable to owners of the
parent. They in particular include the effects of the lower
business volumes and the cost overruns generated by the pandemic,
as well as the non-recurring items recognised during the
period.
III.
Financial position
VINCI has responded to the crisis by taking
steps to bolster its financial resources.
- In late March, it took advantage of the reopening of the
commercial paper market following action taken by central
banks.
- It arranged an additional €3.3 billion credit facility, due to
expire in March 2021, with its banking partners.
- Cofiroute issued €950 million of bonds due to mature in May
2031.
The Group's efforts in this area were supported
by its excellent credit rating (A- from Standard & Poor's and
A3 from Moody’s, along with a stable outlook from both
agencies).
As a result, VINCI has a large amount of
liquidity. At 30 June 2020, it amounted to €18.3 billion (€15.9
billion at end-2019 and €13.5 billion at end-June 2019),
comprising:
- Managed net cash of €5.8 billion (€3.5 billion at 30 June 2019,
€6.8 billion at 31 December 2019), resulting from good control over
the operational cash position in the first half of the year;
- €1.2 billion of commercial paper issued (€1.8 billion at 30
June 2019 and €0.8 billion at 31 December 2019);
- Unused confirmed bank credit facilities totalling €11.3
billion, including €8.0 billion due to expire in November
2024.
At 30 June 2020, the Group’s long-term financial
debt had an average maturity of 8.0 years (8.1 years at 31
December 2019). The average interest rate on that debt in the first
half of 2020 was 2.3% (2.1% in the first half of 2019 and 2.4% in
2019).
IV.
Update and outlook
VINCI saw a further improvement in business
activity in July 2020.
- At VINCI Autoroutes, between 1 and 26 July 2020, traffic levels
were down 2.0% compared with the same period of 2019.
- At VINCI Airports, between 1 and 26 July 2020, the decline in
passenger numbers was 84% compared with the year-earlier
period.
- In Contracting, business activity is now close to its estimated
normal level in all three business lines, although the situation
remains tough in some countries.
Barring any further adverse development of the
pandemic and excluding exceptional events, VINCI's forecasts are as
follows.
Full-year 2020
- a 15-20% contraction in traffic levels at VINCI
Autoroutes;
- around 65% fall in passenger numbers at VINCI Airports.
- In Contracting, a 5-10% fall in revenue and a
150-200 basis point decline in Ebit margin compared with 2019.
On this basis, developments in terms of revenue
will have a significant impact on the Group's earnings.
That impact cannot be quantified reliably at the
moment because of uncertainty about the economic upturn and the
pace at which traffic levels at VINCI Autoroutes and passenger
numbers at VINCI Airports will recover.
In the circumstances, the Group's earnings are
likely to show a year-on-year decline in the second half of 2020.
However, that decline, barring exceptional items, should be much
less pronounced than that seen in the first half of 2020.
For 2021, the Group expects its
earnings to rise relative to 2020, but remain lower than their 2019
level overall.
VINCI's business levels in the next few years
should be supported by the various stimulus plans adopted,
particularly in Europe, where they are focused on the
environment.
V. Other highlights
The coronavirus crisis will accelerate the
adoption of a greater environmental focus within public policy and
companies' business models. VINCI is setting out new milestones
along this path, reaffirming its vision of all-round performance
and strengthening its environmental strategy and ambitions.
The Group announced ambitious targets in early
2020, including a 40% reduction in CO2 emissions on which it can
have a direct impact between 2018 and 2030. To ensure that all of
the Group's people share these targets, it will launch a global
competition on 22 September 2020 to coincide with its Environment
Day. The goal is to recognise, reward and deploy the initiatives
that best serve its environmental ambitions, with the main
principles being as follows:
- An inclusive approach, encouraging all employees to get
involved by submitting proposals, voting and supporting initiatives
through a volunteer network;
- Work to assess the environmental impact of the initiatives
proposed;
- A digital information-sharing platform, accessible to all
employees.
In January 2020, VINCI and ParisTech
consolidated their partnership by setting up the lab recherche
environnement. Its roadmap sets out three goals:
- Limiting the environmental impact of buildings and
neighbourhoods while controlling costs;
- Integrating environmental aspects into business digitalisation,
particularly by making energy simulation part of building
information modelling (BIM);
- Improving user well-being, comfort and health, including by
reducing urban heat islands.
Leonard, the Group's foresight and innovation
platform, held a Demo Day on 4 June. Several startups, incubated
via Leonard's SEED programme, presented projects addressing
construction, mobility and energy themes with the aim of
transforming cities and infrastructure. Startup and scaleup
companies – supported by the CATALYST programme that encourages
co-operation between innovative companies and VINCI – also had the
opportunity to show the results of their collaborations with the
Group.
VINCI Energies:
- Purchases of stakes in funds investing in European startups
that are addressing key challenges in the construction and property
sector;
- Partnership with startup company WIND my ROOF, which offers a
novel power generation solution using compact wind turbines placed
on the roofs of buildings;
- Development of tools to calculate the carbon footprint of
buildings.
Eurovia:
- Power Road:
an initial trial is under way in Quebec to assess constructability
and efficiency parameters with a view to developing this procedure
in northerly environments. VINCI Construction:
- Development of a full range of low-carbon concrete products by
replacing clinker, reducing their carbon footprint by up to 60%
compared with standard concrete based on Portland cement;
- Linaster, a project aiming to exploit data from earth-moving
machinery in real time in order to optimise fuel consumption,
cycles and productivity;
- Faster commercial development for brands that offer
environmental solutions: Urbalia (urban biodiversity), Equo Vivo
(environmental engineering), solutions developed in partnership
with ParisTech, Waste Marketplace (recycling of worksite waste), La
Ressourcerie du BTP (reuse of non-structural works materials) and
Résallience (making infrastructure more resilient to climate
change).
VINCI Autoroutes:
- Easy Charge, a subsidiary of VINCI Autoroutes and VINCI
Energies focused on electric mobility, alongside the Fonds de
Modernisation Ecologique des Transports, has won the public service
contract for the eborn electric charging station network. The
consortium will operate, develop and promote the network, located
in 11 administrative departments in south-east France, over the
next eight years.
Among the contracts won by the Group in the
first half of 2020, the most significant were as follows.
VINCI Energies:
- PPP contract to upgrade and operate the Velbert Bürgerforum
(Germany);
- Contract to build and upgrade high-voltage lines for Austrian
Power Grid in the region of Salzburg (Austria); contract to build a
new high-voltage line between Lower Saxony and Northern Hesse
(Germany);
- Contract, as part of a consortium, to install the electrical
architecture for Lines 16 and 17 of the Grand Paris Express.
Eurovia:-
Equipment and works contract covering tracks and overhead contact
lines for the West sector of Grand Paris Express Line 15 South, for
a consortium consisting of Eurovia subsidiary ETF (lead company)
and VINCI Energies subsidiary Mobility.
VINCI Construction:
- Contract for civil engineering works packages N1 and N2 on the
HS2 rail project in the United Kingdom, won by a joint venture
between Balfour Beatty and VINCI;
- Contract to build The Link, an office building that will house
Total’s future head office in Paris La Défense;
- Construction contract for works package 1 in relation to Grand
Paris Express Line 18;
- Two motorway upgrade contracts in Australia won by VINCI
Construction subsidiary Seymour Whyte.
VINCI Airports:
- In April,
the contract to operate Hollywood Burbank airport in California was
extended by 10 years. In May, VINCI Airports was named
preferred bidder for the renewal of the contract to operate the
international terminal of Hartsfield-Jackson Airport in Atlanta for
a minimum term of five years.
VINCI Highways:
- VINCI Highways was selected by Orange County and Riverside
County, near Los Angeles in California, to supply and operate a new
back office system and customer service centre for the 91 Express
Lanes (dedicated free-flow toll lanes within an existing
motorway).
On 15 July 2020, Standard & Poor's reviewed
the Class A debt of Gatwick Funding Limited, which raises funding
for London Gatwick Airport. The agency confirmed its BBB
investment-grade rating, but placed it on CreditWatch negative,
having previously had a negative outlook. On 24 June 2020, Moody's
confirmed its Baa1 rating on Gatwick Funding Limited, but
downgraded its outlook from stable to negative. On 30 April 2020,
Fitch Ratings confirmed its BBB+ rating on Gatwick Funding Limited,
but downgraded its outlook from stable to negative.
An update will be provided by London Gatwick
Airport by the end of August when its first-half 2020 results are
published. Those results will include the compliance certificate
concerning financial covenants associated with Gatwick Funding
Limited. In relation to the most recent compliance certificate
published on 24 April 20206, it was stated that: "If the impact of
Covid-19 is more protracted than currently expected, with revenues
lower for longer, the Senior ICR at 31 December 2020 will continue
to deteriorate and could, ultimately, breach the Group’s financial
covenants".
*********
Diary |
31 July 2020 |
First-half 2020 results
- Press conference: 08.30 a.m.
- Analysts' conference: 10.30 a.m.
Access to the analysts’ conference call:In French +33 (0)1
70 71 01 59 (PIN: 77814029#)In English +44 (0)20 7194 3759 (PIN:
79376162#) Delayed access to the webcast on our website:
https://www.vinci.com/vinci.nsf/en/finance-results/pages/index.htm
|
13 October 2020 |
VINCI Airports passenger numbers for the third quarter of 2020 |
20 October 2020 |
Quarterly information at 30 September 2020 |
**********This press release is available in
French and English on VINCI's website: www.vinci.com.
The slide presentation of the 2020 first-half
results will be available before the press conference on VINCI’s
website (www.vinci.com).
**********
PRESS CONTACTVINCI Press DepartmentTel: +33 1 47 16
31 82 media.relations@vinci.com
INVESTOR RELATIONSGrégoire ThibaultTel: +33 1 47 16 45
07gregoire.thibault@vinci.com
About VINCIVINCI is a global
player in concessions and contracting, employing 222,000 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,
above and beyond economic and financial results, 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.
APPENDICES
APPENDIX A: CONSOLIDATED FINANCIAL
STATEMENTS
Income statement |
First half |
|
(in € millions) |
2020 |
2019 |
Change2020/ 2019 |
Revenue excluding revenue
derived from concession subsidiaries’ works |
18,493 |
21,729 |
-15% |
Revenue derived from concession
subsidiaries’ works1 |
331 |
323 |
|
Total
revenue |
18,824 |
22,052 |
-15% |
Operating income from ordinary
activities (Ebit) |
267 |
2,289 |
-88% |
% of
revenue2 |
1.4% |
10.5% |
-910 bp |
Share-based payments (IFRS 2) |
(90) |
(100) |
|
Profit/(loss) of companies accounted for under the equity method
and other recurring operating items |
(59) |
153 |
|
Recurring operating
income |
118 |
2,341 |
-95% |
Non-recurring operating items |
-119 |
7 |
|
Operating income |
(0) |
2,348 |
-100% |
Cost of
net financial debt |
(303) |
(271) |
|
Other financial income and expense |
(9) |
(31) |
|
Income
tax expense |
(107) |
(635) |
|
Non-controlling interests |
124 |
(52) |
|
Net income attributable to
owners of the parent |
(294) |
1,359 |
-122% |
% of
revenue2 |
-1.6% |
6.3% |
-790 bp |
|
|
|
|
Earnings per share (in €)3 |
(0.53) |
2.43 |
-122% |
1 Applying IFRIC 12 "Service Concession
Arrangements".2 Percentage based on revenue
excluding concession subsidiaries’ works done by companies outside
the Group.3 After taking into account
dilutive instruments.
Simplified balance sheet
|
At 30 June 2020 |
At 31 December 2019* |
At 30 June 2019* |
(in €
millions) |
Non-current assets - Concessions |
41,355 |
42,968 |
42,299 |
Non-current assets – Contracting and
other |
13,973 |
14,055 |
13,314 |
WCR, provisions and other current debt
and receivables |
(6,403) |
(6,965) |
(5,008) |
Capital employed |
48,925 |
50,058 |
50,605 |
Equity attributable to owners of the
parent |
(18,697) |
(20,438) |
(18,720) |
Non-controlling interests |
(2,222) |
(2,604) |
(2,714) |
Total equity |
(20,919) |
(23,042) |
(21,434) |
Lease liabilities |
(1,828) |
(1,862) |
(1,583) |
Non-current provisions and other long-term liabilities |
(4,036) |
(3,500) |
(3,347) |
Long-term borrowings |
(26,783) |
(28,404) |
(26,364) |
Financial debt |
(27,932) |
(28,405) |
(27,726) |
Net
cash managed |
5,790 |
6,751 |
3,485 |
Net financial debt |
(22,142) |
(21,654) |
(24,241) |
* Adjusted for the application of the IFRS IC interpretation
published on 16 December 2019 clarifying the assessment of the
non-cancellable period of a lease with retroactive effect from 1
January 2019. |
Cash flow statement
|
First half |
(in € millions) |
2020 |
2019 |
|
Cash flow from operations before tax and financing costs
(Ebitda) |
1,803 |
3,625 |
Change in operating WCR and current
provisions |
471 |
(1,354) |
Income taxes paid |
(774) |
(529) |
Net interest paid |
(351) |
(250) |
Dividends received from companies accounted for under the equity
method |
31 |
110 |
Cash flows (used in)/from operating
activities |
1,180 |
1,602 |
Operating investments (net of
disposals) |
(497) |
(525) |
Repayment of lease liabilities and associated financial
expense |
(296) |
(254) |
Operating cash flow |
388 |
823 |
Growth investments in concessions and PPPs |
(569) |
(507) |
Free cash flow |
(182) |
316 |
Net financial investments |
(146) |
(8,044) |
Other |
2 |
2 |
Net cash flows before movements in share
capital |
(326) |
(7,726) |
Increases in share capital and
other |
77 |
590 |
Share buy-backs |
(336) |
(502) |
Dividends paid |
(9) |
(1,092) |
Net cash flows for the period |
(594) |
(8,729) |
Other
changes |
105 |
43 |
Change in net financial debt |
(488) |
(8,686) |
|
|
|
Net financial debt at beginning of
period |
(21,654) |
(15,554) |
Net financial debt at end of period |
(22,142) |
(24,241) |
APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED
REVENUE
Consolidated first-half revenue by business
line
|
First
half |
First
half |
2020/2019 change |
(in €
millions) |
2020 |
2019 |
Actual |
Like-for-like |
Concessions |
2,592 |
3,836 |
-32.4% |
-36.9% |
VINCI Autoroutes |
1,892 |
2,608 |
-27.4% |
-27.4% |
VINCI Airports |
592 |
1,070 |
-44.7% |
-56.0% |
Other concessions** |
108 |
158 |
-31.7% |
-30.9% |
Contracting |
15,756 |
17,737 |
-11.2% |
-12.6% |
VINCI Energies |
6,133 |
6,370 |
-3.7% |
-8.0% |
Eurovia |
3,824 |
4,353 |
-12.2% |
-11.9% |
VINCI Construction |
5,799 |
7,013 |
-17.3% |
-17.2% |
VINCI Immobilier |
436 |
470 |
-7.2% |
-7.2% |
Eliminations and adjustments |
(292) |
(313) |
|
|
Revenue* |
18,493 |
21,729 |
-14.9% |
-17.0% |
of which:France |
9,484 |
12,263 |
-22.7% |
-23.1% |
Europe excl. France |
5,501 |
5,771 |
-4.7% |
-9.4% |
International excl. Europe |
3,508 |
3,696 |
-5.1% |
Consolidated second-quarter
revenue
|
Second quarter |
Second quarter |
2020/2019 change |
(in €
millions) |
2020 |
2019 |
Actual |
Like-for-like |
Concessions |
889 |
2,175 |
-59.1% |
-61.2% |
VINCI Autoroutes |
781 |
1,438 |
-45.7% |
-45.7% |
VINCI Airports |
71 |
650 |
-89.1% |
-90.7% |
Other concessions** |
37 |
87 |
-57.5% |
-56.5% |
Contracting |
7,797 |
9,753 |
-20.1% |
-21.0% |
VINCI Energies |
2,961 |
3,353 |
-11.7% |
-15.3% |
Eurovia |
2,154 |
2,658 |
-18.9% |
-18.5% |
VINCI Construction |
2,681 |
3,742 |
-28.4% |
-28.0% |
VINCI
Immobilier |
199 |
280 |
-29.0% |
-29.0% |
Eliminations and adjustments |
(84) |
(174) |
|
|
Revenue* |
8,799 |
12,033 |
-26.9% |
-28.3% |
of which: France |
4,261 |
6,686 |
-36.3% |
-36.5% |
Europe excl. France |
2,800 |
3,330 |
-15,9% |
-18.2% |
International excl. Europe |
1,739 |
2,017 |
-13,8% |
* Excluding revenue from concession
subsidiaries’ construction work done by companies outside the Group
(see glossary).**Mainly VINCI Highways, VINCI Railways and VINCI
Stadium.
Consolidated first-half revenue* by
geographical area and business line
|
First
half |
First
half |
2020/2019 change |
(in €
millions) |
2020 |
2019 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
2,030 |
2,855 |
-28.9% |
-28.9% |
VINCI Autoroutes |
1,892 |
2,608 |
-27.4% |
-27.4% |
VINCI Airports |
100 |
185 |
-46.1% |
-46.1% |
Other concessions** |
38 |
62 |
-39.2% |
-39.2% |
Contracting |
7,295 |
9,235 |
-21.0% |
-21.6% |
VINCI Energies |
2,638 |
2,942 |
-10.4% |
-11.8% |
Eurovia |
1,920 |
2,521 |
-23.8% |
-24.1% |
VINCI Construction |
2,738 |
3,773 |
-27.4% |
-27.8% |
VINCI
Immobilier |
435 |
469 |
-7.4% |
-7.4% |
Eliminations and adjustments |
(276) |
(298) |
|
|
Total France |
9,484 |
12,263 |
-22.7% |
-23.1% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
562 |
980 |
-42.6% |
-55.1% |
VINCI Airports |
492 |
884 |
-44.4% |
-57.6% |
Other concessions** |
70 |
96 |
-26.8% |
-25.4% |
Contracting |
8,461 |
8,502 |
-0.5% |
-2.8% |
VINCI Energies |
3,496 |
3,428 |
+2.0% |
-4.9% |
Eurovia |
1,904 |
1,833 |
+3.9% |
+5.1% |
VINCI Construction |
3,061 |
3,241 |
-5.5% |
-4.8% |
Eliminations and adjustments |
(16) |
(15) |
|
|
Total
International |
9,009 |
9,467 |
-4.8% |
-9.4% |
* Excluding revenue from concession
subsidiaries’ construction work done by companies outside the Group
(see glossary).**Mainly VINCI Highways, VINCI Railways and VINCI
Stadium.
APPENDIX C: OTHER INFORMATION BY BUSINESS
LINE
Operating income from ordinary activities (Ebit) by
business line
|
First half |
First
half |
Change |
(in €
millions) |
2020 |
% of revenue* |
2019 |
% of revenue* |
2020/2019 |
Concessions |
545 |
21.0% |
1,844 |
48.1% |
-70% |
VINCI Autoroutes |
701 |
37.0% |
1,407 |
53.9% |
-50% |
VINCI Airports |
(127) |
(21.4%) |
432 |
40.4% |
-129% |
Other concessions*** |
(29) |
|
5 |
|
|
Contracting |
(255) |
(1.6%) |
432 |
2.4% |
-159% |
VINCI Energies |
186 |
3.0% |
378 |
5.9% |
-51% |
Eurovia** |
(120) |
(3.1%) |
(10) |
(0.2%) |
-1,085% |
VINCI Construction** |
(321) |
(5.5%) |
64 |
0.9% |
-605% |
VINCI Immobilier |
(27) |
(6.3%) |
5 |
1.1% |
-639% |
Holding companies |
4 |
|
8 |
|
|
Total
Ebit |
267 |
1.4% |
2,289 |
10.5% |
-88% |
Ebitda by business line
(in €
millions) |
First half 2020 |
% of revenue* |
First half 2019 |
% of revenue* |
2020/2019 change |
Concessions |
1,502 |
57.9% |
2,692 |
70.2% |
-44% |
of which: VINCI Autoroutes |
1,324 |
69.9% |
2,004 |
76.8% |
-34% |
VINCI Airports |
140 |
23.7% |
608 |
56.8% |
-77% |
Contracting |
304 |
1.9% |
877 |
4.9% |
-65% |
VINCI
Immobilier |
(18) |
(4.0%) |
11 |
2.3% |
-262% |
Holding companies |
14 |
|
46 |
|
|
Ebitda |
1,803 |
9.7% |
3,625 |
16.7% |
-50% |
Net financial debt by business line
(in €
millions) |
At 30 June 2020 |
Of which external NFD |
At 31 December 2019 |
Of which external NFD |
At 30 June 2019 |
Of which externalNFD |
Concessions |
(33,777) |
(20,143) |
(33,952) |
(19,901) |
(34,131) |
(19,419) |
VINCI Autoroutes |
(19,668) |
(14,500) |
(19,964) |
(14,275) |
(19,500) |
(14,405) |
VINCI Airports |
(10,691) |
(4,876) |
(10,530) |
(4,829) |
(12,049) |
(4,208) |
Other
concessions and holding companies*** |
(3,418) |
(767) |
(3,458) |
(797) |
(2,582) |
(806) |
Contracting |
(706) |
1,421 |
(168) |
1,729 |
(2,044) |
1,270 |
Holding
companies and miscellaneous |
12,340 |
(3,421) |
12,466 |
(3,482) |
11,935 |
(6,091) |
Net
financial debt |
(22,142) |
(22,142) |
(21,654) |
(21,654) |
(24,241) |
(24,241) |
* Excluding revenue from concession
subsidiaries’ construction work done by companies outside the Group
(see glossary).** Not representative of full-year performance due
to seasonal nature of business.*** Including VINCI Highways, VINCI
Railways and VINCI Stadium.
APPENDIX D: VINCI AUTOROUTES AND VINCI
AIRPORTS INDICATORS
Traffic on motorway
concessions*
|
Second quarter |
First
half |
(millions of km travelled) |
2020 |
Change |
2020 |
Change |
VINCI Autoroutes |
6,466 |
-51.8% |
16,032 |
-32.8% |
Light vehicles |
4,995 |
-56.7% |
12,800 |
-36.6% |
Heavy vehicles |
1,471 |
-21.2% |
3,231 |
-12.2% |
of which: |
|
|
|
|
ASF |
4,034 |
-51.7% |
9,982 |
-32.8% |
Light vehicles |
3,044 |
-57.2% |
7,812 |
-37.0% |
Heavy vehicles |
990 |
-20.1% |
2,171 |
-11.2% |
Escota |
971 |
-48.2% |
2,384 |
-30.5% |
Light vehicles |
840 |
-50.5% |
2,091 |
-32.1% |
Heavy vehicles |
131 |
-27.1% |
293 |
-15.8% |
Cofiroute (intercity network) |
1,423 |
-54.0% |
3,567 |
-34.3% |
Light vehicles |
1,083 |
-59.3% |
2,819 |
-38.3% |
Heavy vehicles |
341 |
-21.6% |
747 |
-13.3% |
Arcour |
37 |
-58.3% |
99 |
-36.8% |
Light vehicles |
29 |
-63.0% |
78 |
-40.3% |
Heavy vehicles |
9 |
-29.0% |
20 |
-18.4% |
* Excluding A86 duplex.
Change in VINCI Autoroutes revenue in the first half of
2020
|
VINCI Autoroutes |
Of which: |
|
|
|
ASF |
Escota |
Cofiroute |
Arcour |
Toll revenue (in € millions) |
1,859 |
1,081 |
270 |
486 |
22 |
2020/2019 change |
-27.4% |
-26.8% |
-26.8% |
-28.8% |
-31.3% |
Revenue (in € millions) |
1,892 |
1,102 |
274 |
492 |
23 |
2020/2019 change |
-27.4% |
-26.9% |
-26.7% |
-28.9% |
-31.1% |
VINCI Airports’ passenger
traffic1
|
Second quarter |
First half |
Rolling 12-month period |
(in
thousands of passengers) |
2020 |
2020/2019 change |
2020 |
2020/2019 change |
June 2019 - June 2020 |
Change vs. previous 12-month period |
Portugal (ANA) |
409 |
-97.5% |
9,734 |
-64.6% |
41,392 |
-27.6% |
of which Lisbon |
243 |
-97.1% |
5,651 |
-61.3% |
22,212 |
-25.8% |
United Kingdom |
60 |
-99.6% |
8,576 |
-66.1% |
36,101 |
-32.1% |
of which LGW |
45 |
-99.6% |
7,545 |
-66.0% |
31,892 |
-31.6% |
France |
74 |
-98.7% |
3,684 |
-63.1% |
14,150 |
-28.4% |
of which ADL |
34 |
-98.9% |
2,068 |
-63.7% |
8,127 |
-29.3% |
Cambodia |
65 |
-97.7% |
1,950 |
-67.5% |
7,579 |
-33.3% |
United States |
407 |
-85.0% |
2,374 |
-52.5% |
7,705 |
-21.5% |
Brazil |
130 |
-91.4% |
2,144 |
-42.5% |
6,198 |
-21.4% |
Serbia |
85 |
-94.6% |
1,008 |
-61.4% |
4,556 |
-21.3% |
Dominican Republic |
24 |
-98.2% |
1,390 |
-50.7% |
4,200 |
-20.2% |
Sweden |
14 |
-97.9% |
358 |
-66.3% |
1,572 |
-29.2% |
Total equity-accounted subsidiaries |
1,267 |
-97.3% |
31,217 |
-62.8% |
123,453 |
-28.4% |
Japan (40%) |
843 |
-93.5% |
9,516 |
-62.8% |
35,704 |
-28.3% |
Chile (40%) |
273 |
-95.1% |
6,388 |
-49.2% |
18,447 |
-25.1% |
Costa Rica (45%) |
0 |
-100.0% |
428 |
-42.1% |
913 |
-22.8% |
Rennes-Dinard (49%) |
1 |
-99.6% |
121 |
-73.9% |
606 |
-39.0% |
Total equity-accounted subsidiaries |
1,117 |
-94.2% |
16,453 |
-58.2% |
55,670 |
-27.3% |
Total
passengers managed by VINCI Airports |
2,384 |
-96.4% |
47,671 |
-61.4% |
179,123 |
-28.1% |
1 Figures at 100% published on 16 July 2020, including airport
passenger numbers over the full period.
APPENDIX E: CONTRACTING ORDER BOOK AND
ORDER INTAKE
Order book
|
At 30 June |
Change |
|
At |
Change |
(in €
billions) |
2020 |
2019 |
over 12 months |
|
31 Dec. 2019 |
vs. 31 Dec. 2019 |
VINCI Energies |
10.2 |
9.4 |
+9% |
|
9.1 |
+13% |
Eurovia |
8.8 |
8.2 |
+7% |
|
8.0 |
+10% |
VINCI
Construction |
23.9 |
18.6 |
+28% |
|
19.4 |
+23% |
Total
Contracting |
42.9 |
36.2 |
+18% |
|
36.5 |
+18% |
of which: |
|
|
|
|
|
|
France |
18.0 |
15.6 |
+15% |
|
15.6 |
+16% |
International |
24.9 |
20.6 |
+21% |
|
20.9 |
+19% |
Europe excl. France |
13.6 |
9.9 |
+37% |
|
9.9 |
+38% |
Rest of the world |
11.2 |
10.6 |
+6% |
|
11.0 |
+2% |
Order intake |
|
|
|
|
|
First half |
|
|
(in €
billions) |
2020 |
2019 |
Change 2020 / 2019 |
Change over rolling 12-month period to end-June 2020 |
VINCI Energies |
7.3 |
7.2 |
+1% |
+5% |
Eurovia |
4.8 |
5.5 |
-13% |
-4% |
VINCI
Construction |
10.7 |
7.9 |
+35% |
+21% |
Total
Contracting |
22.8 |
20.7 |
+10% |
+9% |
of which: |
|
|
|
|
France |
9.7 |
9.7 |
0% |
+6% |
International |
13.1 |
11.0 |
+19% |
+11% |
GLOSSARY
Cash flows from operations before tax and
financing costs (Ebitda): Ebitda corresponds to recurring operating
income adjusted for additions to depreciation and amortisation,
changes in non-current provisions and non-current asset impairment,
gains and losses on asset disposals. It also includes restructuring
charges included in non-recurring operating items.
Concession subsidiaries’ revenue from works done
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
Contracting business lines.
Cost of net financial debt: the cost of net
financial debt comprises all financial income and expense relating
to net financial debt as defined below. It therefore includes
interest expense and income from interest rate derivatives
allocated to gross debt, along with financial income from
investments and cash equivalents. The reconciliation between this
indicator and the income statement is detailed in the notes to the
Group’s consolidated financial statements.
Ebitda margin, Ebit margin and recurring
operating margin: ratios of Ebitda, Ebit, or recurring operating
income to revenue excluding concession subsidiaries’ revenue from
works done by non-Group companies.
Free cash flow: free cash flow is made up of
operating cash flow and growth investments in concessions and
PPPs.
Like-for-like revenue growth: this indicator
measures the change in revenue at constant scope and exchange
rates.
- Constant scope: the scope effect is neutralised as follows.
- For revenue in year N, revenue from companies that joined the
Group in year N is deducted.
- For revenue in year N-1, the full-year revenue of companies
that joined the Group in year N-1 is included, and revenue from
companies that left the Group in years N-1 and N is excluded.
- Constant exchange rates: the currency effect is neutralised by
applying exchange rates in year N to foreign currency revenue in
year N-1.
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.
Until 31 December 2018, financial debt included
liabilities consisting of the present value of lease payments
remaining due in respect of finance leases as defined by IAS 17. On
1 January 2019, IAS 17 was replaced by IFRS 16, which specifies a
single method for recognising leases. The Group now recognises a
right to use 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.
Non-recurring operating items: non-recurring
income and expense mainly includes goodwill impairment losses,
restructuring charges and income and expense relating to changes in
scope (capital gains or losses on disposals of securities and the
impact of changes in control).
Operating cash flow: operating cash flow is a
measurement of cash flows generated by the Group’s ordinary
activities. It is made up of Ebitda, the change in operating
working capital requirement and current provisions, interest paid,
income taxes paid, dividends received from companies accounted for
under the equity method, operating investments net of disposals and
repayments of lease liabilities and the associated financial
expense. Operating cash flow does not include growth investments in
concessions and public-private partnerships (PPPs).
Order book:
- In the Contracting business (VINCI Energies, Eurovia, VINCI
Construction), the order book represents the volume of business yet
to be carried out on projects where the contract is in force (in
particular after service orders have been obtained or after
conditions precedent have been met) and financed.
- For VINCI Immobilier, the order book corresponds to the
revenue, recognised on a progress-towards-completion basis, that is
yet to be generated on a given date with respect to property sales
confirmed by a notarised deed or with respect to property
development contracts on which the works order has been given by
the project owner.
Order intake:
- In the Contracting business lines (VINCI Energies, Eurovia,
VINCI Construction), a new order is recorded when the contract has
been not only signed but is also in force (for example, after the
service order has been obtained or after conditions precedent have
been met) and when the project’s financing is in place. The amount
recorded in order intake corresponds to the contractual
revenue.
- For VINCI Immobilier, order intake corresponds to the value of
properties sold off-plan or sold after completion in accordance
with a notarised deed, or revenue from property development
contracts where the works order has been given by the project
owner.
For joint
property developments:
- If VINCI Immobilier has sole control over the development
company, it is fully consolidated. In that case, 100% of the
contract value is included in order intake;
- If the development company is jointly controlled, it is
accounted for under the equity method and its order intake is not
included in the total.
Operating income: this indicator is included in
the income statement.
Operating income is calculated by taking
recurring operating income and adding non-recurring income and
expense (see above).
Operating income from ordinary activities
(Ebit): this indicator is included in the income statement.
Ebit measures the operational performance of
fully consolidated Group subsidiaries. It excludes share-based
payment expense (IFRS 2), other recurring operating items
(including the share of the income or loss of companies accounted
for under the equity method) and non-recurring operating items.
Public-private partnership – concessions and partnership
contracts: public-private partnerships are forms of long-term
public-sector contracts through which a public authority calls upon
a private-sector partner to design, build, finance, operate and
maintain a facility or item of public infrastructure and/or manage
a service.
In France, a distinction is drawn between
concessions (for works or services) and partnership contracts.
Outside France, there are categories of public contracts – known by
a variety of names – with characteristics similar to those of the
French concession and partnership contracts.In a concession, the
concession-holder receives a toll (or other form of remuneration)
directly from users of the infrastructure or service, on terms
defined in the contract with the public-sector authority that
granted the concession. The concession-holder therefore bears
“traffic level risk” related to the use of the infrastructure.In a
partnership contract, the private partner is paid by the public
authority, the amount being tied to performance targets, regardless
of the infrastructure’s level of usage. The private partner
therefore bears no traffic level risk.
Recurring operating income: this indicator is
included in the income statement. Recurring operating income is
intended to present the Group’s operational performance excluding
the impact of non-recurring transactions and events during the
period. It is obtained by taking operating income from ordinary
activities (Ebit) and adding the IFRS 2 expense associated with
share-based payments (Group savings plans and performance share
plans), the Group’s share of the income or losses of subsidiaries
accounted for under the equity method, and other recurring
operating income and expense. The latter category includes
recurring income and expense relating to companies accounted for
under the equity method and to non-consolidated companies
(financial income from shareholder loans and advances granted by
the Group to some of its subsidiaries, dividends received from
non-consolidated companies, etc.).
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.
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 Excluding concession subsidiaries’ revenue from works done by
non-Group companies (see Glossary).
2 Figures at 100% including passenger numbers at all airports
managed by VINCI Airports over the full period.
* End of period.
3 Excluding concession
subsidiaries’ revenue from works done by non-Group companies (see
Glossary).
4 It should also be borne in mind that the roadworks business is
highly seasonal, and first-half results are not representative of
full-year performance.
5 After taking into account dilutive instruments.
6 See page 23 of London Gatwick Airport's financial report for
the nine months ended 31 December 2019:
https://www.gatwickairport.com/globalassets/business--community/investors/april-2020/ivy-holdco-limited-consolidated-financial-statements-31-december-2019.pdf
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