Rueil Malmaison, 23 October 2018,
5.45pm CET
Quarterly
information at 30 September 2018
- Strong
revenue growth, up 7.7% to €31.4 billion in the first nine months
of 2018, including a 9.5% increase in the third
quarter
-
Concessions revenue up
5.6%, buoyant passenger numbers at VINCI Airports and robust
traffic at VINCI Autoroutes
-
Contracting revenue up
8.4%, with growth in all three business lines (VINCI Energies,
Eurovia and VINCI Construction); sustained activity in the third
quarter (organic growth of 4.9%)
-
VINCI Immobilier revenue
up 4.3%
- Good
commercial momentum, with increases in order intake (up 5% at
end-September) and order book (up 7%)
- VINCI is
entering the final quarter of 2018 with confidence and confirms its
full-year forecasts
Consolidated
revenue |
|
|
|
|
First nine
months |
2018/2017 change |
|
(in € millions) |
2018 |
2017 |
Actual |
Like-for-like[1] |
|
Concessions |
5,619 |
5,318 |
+5.6% |
+4.8% |
|
VINCI Autoroutes |
4,202 |
4,058 |
+3.6% |
+3.6% |
|
VINCI Airports |
1,200 |
1,068 |
+12.3% |
+10.0% |
|
Other
concessions |
217 |
192 |
+12.7% |
+1.3% |
|
Contracting |
25,571 |
23,595 |
+8.4% |
+3.1% |
|
VINCI Energies |
8,976 |
7,674 |
+17.0% |
+4.3% |
|
Eurovia |
6,454 |
5,873 |
+9.9% |
+8.2% |
|
VINCI
Construction |
10,141 |
10,048 |
+0.9% |
-0.7% |
|
VINCI Immobilier |
614 |
589 |
+4.3% |
+2.9% |
|
Eliminations and adjustments |
(364) |
(319) |
|
|
|
VINCI Group total* |
31,440 |
29,183 |
+7.7% |
+3.3% |
|
of
which: France |
18,062 |
17,232 |
+4.8% |
+4.1% |
|
International |
13,378 |
11,951 |
+11.9% |
+2.3% |
|
Europe excl. France |
8,383 |
7,375 |
+13.7% |
+3.9% |
|
International excl. Europe |
4,995 |
4,576 |
+9.2% |
-0.5% |
|
|
|
|
|
|
|
Order intake (in € billions) |
28.4 |
26.9 |
5% |
|
|
Order book** (in €
billions) |
32.8 |
30.6 |
7% |
|
|
Net financial debt** (in €
billions) |
(16.1) |
(14.6) |
-1.5 |
|
|
* Excluding concession subsidiaries' revenue from
works done by non-Group companies (see glossary).
** Period-end.
I. Business activity in the
first nine months of 2018: key consolidated figures
VINCI had a
strong third quarter, with consolidated revenue of €11.7
billion, up 9.5% on an actual basis and up 4.3% like-for-like
compared with the third quarter of 2017. Business activity remained
buoyant in Concessions (up 4.7%) and accelerated in Contracting (up
11.0% on an actual basis and 4.9% like-for-like).
Consolidated
revenue in the first nine months of 2018 came to €31.4
billion[2], up 7.7% on
an actual basis compared with the year-earlier period or 3.3%
like-for-like, with changes in the consolidation scope having a
5.5% positive effect and exchange-rate movements a 1.1% negative
effect.
-
In France (57% of the
total), revenue was €18.1 billion, up 4.8% on an actual basis or
4.1% like-for-like, reflecting the good momentum in Contracting's
business activities.
-
Outside France (43% of the
total), revenue was €13.4 billion, up 11.9% on an actual basis or
2.3% like-for-like. Changes in scope boosted revenue by 12.2%.
Currency movements had a 2.6% negative impact on revenue because of
the euro's rise against certain currencies.
Order intake in
the Contracting business in the first nine months of 2018
totalled €28.4 billion, 5% more than in the first nine months of
2017. It increased by 21% outside France in the first nine months
but fell 8% in France, due in particular to a high base for
comparison after some major contract wins relating to the Grand
Paris Express project in 2017.
The order book at
30 September 2018 amounted to €32.8 billion, up 7%
year-on-year, and represents over 11 months of average
business activity in the Contracting business.
II. Revenue
by business line (figures at end-September 2018)
- CONCESSIONS: €5,619 million
(up 5.6% actual; up 4.8% like-for-like)
VINCI
Autoroutes: €4,202 million (up 3.6% both actual and
like-for-like)
Traffic levels continued to grow
at a good pace. Traffic on the intercity networks rose 1.4% in the
third quarter of 2018, with growth of 1.3% for light vehicles and
2.7% for heavy vehicles. In the first nine months of 2018, traffic
levels grew 1.9% (1.7% for light vehicles and 3.3% for heavy
vehicles).
VINCI
Airports: €1,200 million
(up 12.3% actual; up 10.0% like-for-like)
Revenue for the first nine months
of the year benefited from the integration of Salvador airport in
Brazil on 1 January 2018 and the Airports Worldwide portfolio
at the end of August 2018. The growth momentum in the VINCI
Airports network's passenger numbers continued in the third quarter
of 2018, rising 6% excluding Japan, which was affected by
exceptional weather conditions. Over the first nine months of 2018,
they increased 8% (excluding Japan). Passenger numbers were up in
most of VINCI Airports' facilities and exceeded 180 million on a
rolling 12-month basis to end-September 2018.
Other
concessions: €217 million (up 12.7% actual, up 1.3%
like-for-like)
Peruvian company Lamsac,
concessionaire of the Lima ring road, contributed €66 million to
VINCI Highways' revenue. Since the opening of Section 2 in June,
traffic levels have been rising more quickly than expected.
- CONTRACTING: €25,571
million (up 8.4% actual, up 3.1% like-for-like)
VINCI
Energies: €8,976 million (up 17.0% actual, up 4.3%
like-for-like)
In France (47% of the total),
revenue was €4,195 million, up 5.1% on an actual basis or up 4.3%
like-for-like. Each business area (building/services sector,
infrastructure, industry and ICT) posted firm growth during the
period. In the third quarter, organic growth was almost 4%.
Outside France (53% of the total),
revenue was €4,781 million, up 30% on an actual basis or up 4.4%
like-for-like. The main scope effects during the period relate to
acquisitions made in 2017, particularly in Northern Europe, and
those made in 2018 (mainly PrimeLine in the United States and Wah
Loon Engineering in Singapore). Those transactions contributed more
than €1 billion of additional revenue in the first nine months of
2018. In geographical terms, business levels were buoyant in most
of VINCI Energies' markets, and particularly in Germany,
Switzerland, Scandinavia and West Africa.
Order intake was up 18% at VINCI
Energies. The order book at 30 September 2018 amounted to €8.6
billion, up 20% over 12 months. It represents almost nine months of
VINCI Energies' average business activity.
Eurovia:
€6,454 million (up 9.9% actual; up 8.2% like-for-like)
In France (57% of the total),
consolidated revenue was €3,666 million, up 10.4% on an actual
basis or up 9.4% like-for-like. After several years of recession,
the recovery in traditional roadworks markets that started in 2017
is confirming in 2018.
Outside France (43% of the total),
consolidated revenue was €2,787 million, up 9.2% on an actual basis
or up 6.7% like-for-like. Business levels rose in the German and UK
markets after a tough start to the year caused by poor weather
conditions. They remained strong in Central Europe (Poland and the
Czech Republic), Canada and Chile.
Order intake rose 10% at Eurovia.
The order book at 30 September 2018 amounted to €6.5 billion, up 7%
over 12 months, and represents nine months of Eurovia's average
business activity.
VINCI
Construction: €10,141 million (up 0.9% actual; down 0.7%
like-for-like)
In France (53% of the total),
revenue was €5,380 million, up 1.8% like-for-like. This increase
confirms the strength of the building and public works market,
particularly in the Paris region.
Outside France (47% of the total),
revenue was €4,761 million, down 1.1% on an actual basis or 3.4%
like-for-like. Revenue grew in Central Europe, Asia and Oceania,
but declined in Africa, the United Kingdom and business areas
related to the oil and gas industry. Business levels at VINCI
Construction Grands Projets were down due to the completion of
several large projects.
Order intake fell 6% at VINCI
Construction, because of a more selective approach to taking on new
business and a high base for comparison after it won some large
contracts relating to the Grand Paris Express project in 2017. The
order book at 30 September 2018 amounted to €17.7 billion, up 2%
over 12 months, and represents more than 15 months of VINCI
Construction's average business activity.
VINCI
Immobilier: €614 million
(up 4.3% actual; up 2.9% like-for-like)
VINCI Immobilier's consolidated
revenue increased 4%. In the residential segment, reserved revenue
rose 4.5% despite stability in the number of reservations (4,225
housing units). The subsidiary Ovelia, managing seniors residences,
was consolidated in January 2018.
III.
2018 guidance confirmed
The Group is confident going into
the final part of 2018. Strong performance in the first nine months
of the year confirms the previously announced trends.
In full-year 2018, VINCI expects
to see growth in revenue, operating income and net income.
- In Concessions, traffic growth at VINCI Autoroutes is
expected to be similar to that seen in 2017 provided that fuel
prices do not rise further. VINCI Airports' passenger numbers
should continue growing in 2018, although at a slower pace than in
2017 because of the high base for comparison.
- In Contracting, business levels are expected to
continue growing in all business lines, driven by favorable French
economy and international development, and Ebit margin should
improve further.
IV.
Financial position
Consolidated net
financial debt at 30 September 2018 amounted to €16.1 billion,
up €1.5 billion over 12 months. The increase was mainly due to
financial investments made by the Group.
At 30 September 2018, VINCI had
total liquidity of €10.5 billion, consisting of €4.5 billion of net
cash managed and €6.0 billion of unused credit facilities due to
expire in 2021.
In mid-September, VINCI - rated A-
by Standard & Poor's and A3 by Moody's - placed €1.75 billion
of bonds with investors, i.e. €0.75 billion of bonds maturing in
September 2025, with a coupon of 1.00% and €1 billion of bonds
maturing in September 2030, with a coupon of 1.75%. This bond, the
largest ever issued by the Group, confirms that investors are
confident in VINCI's credit quality.
V.
Third-quarter highlights
- Developments in
Concessions
On 29 August 2018, VINCI Airports
completed the acquisition of Airports Worldwide, which manages
eight airports in the United Kingdom, the United States, Costa Rica
and Sweden: two under freehold, two under concession and four under
full management contracts.
Motorway investment plan: decrees
were published for Cofiroute in late August 2018 but are still
pending for ASF and Escota. A total of €385 million will be
invested for this plan. The works will be financed jointly by the
local authorities concerned and VINCI Autoroutes, in return for
additional tariff increases between 2019 and 2021.
On 20 August 2018, Eurovia signed
an agreement to acquire the Asphalt Plants and Paving business of
Lane Construction in the United States, which operates in 10 states
on the East Coast and Texas. The acquisition remains subject to
approval by the US authorities.
- VINCI Immobilier,
offering extended in French growth regions
On 10 September 2018, VINCI
Immobilier announced that it was in exclusive talks to acquire
URBAT Promotion, a specialist homebuilder operating in the south of
France. The transaction is subject to the signature of final
agreements between the parties.
In October 2018, Eurovia, working
with VINCI Autoroutes, built the world's first 100% recycled road,
consisting of a 1 km section of the A10 motorway in the Gironde
département.
Eurovia is testing new types of
asphalt for the Paris municipality with the aim of reducing sound
pollution and combating urban heat islands.
Conference call
The Group will comment on its
revenue and business activities in the period ended 30 September
2018 in a conference call to be held in English today (Tuesday 23
October 2018) at 18.15 Paris time.
To take part, please dial one of
the following numbers from 18.05
In French: +33 (0)1 72 72 74 03 -
PIN: 89250494#
In English: +44 (0)20 7194 3759 -
PIN: 89250494#
Playback number
(available within two hours):
In French: +33 (0)1 70 71 01 60 -
PIN: 418795913#
In English: +44 (0)20 3364 5147 -
PIN: 418795913#
**********
Diary |
6
November 2018 |
2018
interim dividend ex-date |
|
8
November 2018 |
Payment of
2018 interim dividend (€0.75 per share) |
|
20-21
November 2018 |
Eurovia
Investor Day in Marseille |
|
6
February 2019 |
Publication of full-year 2018 results before stock market
opening |
|
**********
INVESTOR RELATIONS
Grégoire Thibault
Tel: +33 (0)1 47 16 45 07
gregoire.thibault@vinci.com
Alexandra Bournazel
Tel: +33 (0)1 47 16 33 46
alexandra.bournazel@vinci.com
PRESS CONTACT
Paul-Alexis Bouquet
Tel: +33 (0)1 47 16 31 82
media.relations@vinci.com
About
VINCI
VINCI is a global player in
concessions and contracting, employing more than 190,000 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.
VINCI's goal is to create long-term value for its customers,
shareholders, employees and partners, and for society at
large.
www.vinci.com
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. |
2018/2017 change |
(in €
millions) |
2018 |
2017 |
Actual |
Like-for-like |
FRANCE |
|
|
|
|
Concessions |
4,543 |
4,377 |
+3.8% |
+3.8% |
VINCI Autoroutes |
4,202 |
4,058 |
+3.6% |
+3.6% |
VINCI Airports |
260 |
243 |
+6.8% |
+6.8% |
Other
concessions** |
81 |
76 |
+6.6% |
+6.6% |
Contracting |
13,241 |
12,546 |
+5.5% |
+4.6% |
VINCI Energies |
4,195 |
3,993 |
+5.1% |
+4.3% |
Eurovia |
3,666 |
3,321 |
+10.4% |
+9.4% |
VINCI
Construction |
5,380 |
5,232 |
+2.8% |
+1.8% |
VINCI Immobilier |
611 |
587 |
+4.1% |
+2.7% |
Eliminations and adjustments |
(334) |
(278) |
|
|
Total France |
18,062 |
17,232 |
+4.8% |
+4.1% |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
Concessions |
1,076 |
941 |
+14.3% |
+9.4% |
VINCI Airports |
940 |
825 |
+13.9% |
+11.0% |
Other
concessions** |
135 |
116 |
+16.8% |
-2.5% |
Contracting |
12,330 |
11,049 |
+11.6% |
+1.6% |
VINCI Energies |
4,781 |
3,682 |
+29.9% |
+4.4% |
Eurovia |
2,787 |
2,552 |
+9.2% |
+6.7% |
VINCI
Construction |
4,761 |
4,816 |
-1.1% |
-3.4% |
Eliminations, adjustments and other |
(27) |
(39) |
|
|
Total International |
13,378 |
11,951 |
+11.9% |
+2.3% |
* Excluding concession subsidiaries' revenue from
works done by companies outside the Group.
** Including VINCI Highways, VINCI Railways and
VINCI Stadium.
Consolidated
revenue for the third quarter
|
Third quarter |
Third
quarter |
2018/2017
change |
(in €
millions) |
2018 |
2017 |
Actual |
Like-for-like |
Concessions* |
2,193 |
2,095 |
+4.7% |
+3.2% |
VINCI
Autoroutes |
1,659 |
1,605 |
+3.4% |
+3.4% |
VINCI Airports |
458 |
404 |
+13.5% |
+8.6% |
Other
concessions** |
75 |
86 |
-12.3% |
-25.9% |
Contracting |
9,427 |
8,491 |
+11.0% |
+4.9% |
VINCI
Energies |
3,120 |
2,613 |
+19.4% |
+6.2% |
Eurovia |
2,728 |
2,379 |
+14.7% |
+11.0% |
VINCI Construction |
3,579 |
3,498 |
+2.3% |
-0.3% |
VINCI Immobilier |
221 |
201 |
+10.2% |
+8.6% |
Eliminations and adjustments |
(159) |
(117) |
|
|
Total revenue* |
11,682 |
10,670 |
+9.5% |
+4.3% |
of
which:
France |
6,582 |
6,258 |
+5.2% |
+4.6% |
International |
5,100 |
4,412 |
+15.6% |
+3.9% |
* Excluding concession
subsidiaries' revenue from works done by companies outside the
Group.
** Including VINCI Highways, VINCI Railways and VINCI Stadium.
APPENDIX B:
CONTRACTING ORDER BOOK AND ORDER INTAKE
|
At 30 September |
Change |
|
At |
Change |
Order book
(in € billions) |
2018 |
2017 |
over 12 months |
|
31 Dec.
2017 |
vs. 31 Dec 2017 |
VINCI Energies |
8.6 |
7.1 |
+20% |
|
6.7 |
+27% |
Eurovia |
6.5 |
6.1 |
+7% |
|
5.7 |
+15% |
VINCI
Construction |
17.7 |
17.4 |
+2% |
|
16.9 |
+5% |
Total Contracting |
32.8 |
30.6 |
+7% |
|
29.3 |
+12% |
of
which: |
|
|
|
|
|
|
France |
15.6 |
16.0 |
-3% |
|
15.5 |
+0% |
International |
17.2 |
14.6 |
+18% |
|
13.8 |
+25% |
Europe excl.
France |
9.4 |
8.2 |
+14% |
|
7.6 |
+23% |
Rest of the
world |
7.9 |
6.4 |
+24% |
|
6.1 |
+28% |
Order
intake
|
At 30 September |
|
(in €
billions) |
2018 |
2017 |
Change 2018/2017 |
VINCI Energies |
10.3 |
8.7 |
+18% |
Eurovia |
7.1 |
6.5 |
+10% |
VINCI
Construction |
11.0 |
11.7 |
-6% |
Total Contracting |
28.4 |
26.9 |
+5% |
of
which: |
|
|
|
France |
13.5 |
14.7 |
-8% |
International |
14.9 |
12.3 |
+21% |
APPENDIX C: VINCI
AUTOROUTES AND VINCI AIRPORTS INDICATORS
VINCI Autoroutes revenue
Nine months to 30
Sept. 2018 |
VINCI Autoroutes |
Of which: |
|
|
ASF |
Escota |
Cofiroute |
Arcour |
|
Total traffic - intercity
network |
+1.9% |
+2.1% |
+1.1% |
+1.9% |
+6.1% |
|
Price effects |
+1.7% |
+1.6% |
+1.5% |
+1.6% |
+7.3% |
|
A86
Duplex |
+0.1% |
|
|
+0.2% |
|
|
Toll revenue (in € millions) |
4,128 |
2,392 |
589 |
1,096 |
50 |
|
2018/17 change |
+3.7% |
+3.7% |
+2.6% |
+3.7% |
+13.4% |
|
Revenue (in € millions) |
4,202 |
2,439 |
598 |
1,111 |
51 |
|
2018/17 change |
+3.6% |
+3.6% |
+2.6% |
+3.6% |
+13.3% |
|
Traffic on
motorway concessions*
|
Third
quarter |
Nine months to 30 Sept. |
(millions
of km travelled)
|
2018 |
Change |
2018 |
Change |
VINCI Autoroutes |
16,660 |
+1.4% |
40,529 |
+1.9% |
Light
vehicles |
14,950 |
+1.3% |
35,211 |
+1.7% |
Heavy vehicles |
1,710 |
+2.7% |
5,318 |
+3.3% |
of
which: |
|
|
|
|
ASF |
10,572 |
+1.4% |
25,366 |
+2.1% |
Light
vehicles |
9,444 |
+1.2% |
21,842 |
+1.9% |
Heavy vehicles |
1,127 |
+2.5% |
3,524 |
+3.2% |
Escota |
2,187 |
+0.8% |
5,673 |
+1.1% |
Light
vehicles |
2,022 |
+0.7% |
5,164 |
+1.0% |
Heavy vehicles |
165 |
+1.9% |
510 |
+2.2% |
Cofiroute (intercity network) |
3,786 |
+1.9% |
9,221 |
+1.9% |
Light
vehicles |
3,380 |
+1.7% |
7,972 |
+1.6% |
Heavy
vehicles |
405 |
+3.2% |
1,249 |
+3.7% |
Arcour |
115 |
+4.6% |
269 |
+6.1% |
Light
vehicles |
103 |
+3.4% |
233 |
+4.5% |
Heavy vehicles |
12 |
+15.4% |
36 |
+18.5% |
* Excluding A86
duplex
VINCI
Airports' passenger traffic1
|
|
|
|
|
(in thousands of passengers) |
Third
quarter |
Nine
months to 30 Sept. |
Rolling
12-month period |
2018 |
2018/2017 change |
2018 |
2018/2017 change |
2018 |
2018/2017 change |
Portugal
(ANA)
of which Lisbon |
17,262
8,532 |
+4.2%
+6.5% |
42,891
22,235 |
+7.0%
+10.3% |
54,596
28,755 |
+8.1%
+11.6% |
France
of which ADL |
5,474
3,166 |
+8.2%
+5.9% |
14,582
8,412 |
+9.0%
+6.9% |
18,554
10,833 |
+9.2%
+6.8% |
Cambodia (Cambodia
Airports) |
2,444 |
+16.4% |
7,644 |
+21.3% |
10,128 |
+21.9% |
United States |
2,376 |
+8.8% |
7,094 |
+9.8% |
9,402 |
+10.6% |
Brazil |
2,007 |
+3.0% |
5,865 |
+3.6% |
7,867 |
+4.5% |
United Kingdom |
1,951 |
+12.2% |
4,822 |
+5.8% |
6,111 |
+4.7% |
Dominican
Republic |
1,243 |
-0.4% |
3,819 |
-2.7% |
5,016 |
-1.9% |
Sweden |
664 |
-1.6% |
1,703 |
+4.4% |
2,185 |
+5.6% |
Total fully consolidated
subsidiaries |
33,422 |
+6.0% |
88,421 |
+7.8% |
113,859 |
+8.6% |
Kansai, Japan
(40%) |
11,570 |
-7.0% |
35,726 |
+3.1% |
47,686 |
+4.9% |
Santiago, Chile
(40%) |
5,773 |
+6.2% |
17,093 |
+9.2% |
22,862 |
+10.3% |
Liberia, Costa Rica
(45%) |
205 |
+4.5% |
888 |
+2.1% |
1,107 |
+0.1% |
Rennes-Dinard, France (49%) |
311 |
+13.7% |
745 |
+12.5% |
929 |
+12.2% |
Total equity-accounted
subsidiaries |
17,860 |
-2.6% |
54,451 |
+5.0% |
72,583 |
+6.5% |
Total VINCI Airports |
51,281 |
+2.8% |
142,872 |
+6.7% |
186,443 |
+7.8% |
1
Data at 100%, irrespective of percentage held.
2
2018 and 2017 data include full-year airport passenger
numbers.
APPENDIX D:
GLOSSARY
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.
Like-for-like revenue
growth: this indicator measures the change in revenue at constant
scope and exchange rates.
Net financial surplus/debt: the
reconciliation between this indicator and balance sheet items is
detailed in the notes to the Group's consolidated financial
statements.
It 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 finance lease transactions
and liabilities relating to financial instruments). Financial
assets include cash and cash equivalents and assets relating to
derivative instruments.
Order book: the order book in the
Contracting business (VINCI Energies, Eurovia, VINCI Construction)
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.
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.
VINCI Airports passenger traffic:
this is the number of passengers who have travelled on commercial
flights from 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.
Concession and PPP (public-private 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.
[2]
Excluding concession subsidiaries' revenue from works done by
non-Group companies (see glossary).
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Source: VINCI via Globenewswire
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