Vinci returns to pre-Covid profit levels and asserts itself internationally

Driven by the resumption of travel and construction sites, the group recorded a net profit of 1,9 billion euros in the first half of the year, higher than before the Covid-19 pandemic and more than doubled compared to 2021.

The group's half-year turnover is also significantly above pre-Covid levels, at 28,52 billion euros (+26% compared to 2021).

This increase in turnover is due for "a little less than half" to the integration of Cobra IS, the energy branch of the Spanish construction group ACS acquired in 2021, said Christian Labeyrie, chief financial officer of the group, during a meeting. 'a press conference.

If the group is growing wherever it is present, "the arrival of Cobra allows us to develop very significantly, in the Iberian Peninsula and Latin America", underlined Xavier Huillard, CEO of the group. "For the first time in our history, the international exceeds 50% of our total activity, at exactly 53%", he welcomed, seeing in it the culmination of an orientation initiated several years ago.

“Almost all of the business divisions” have exceeded their levels of turnover and pre-health crisis results, noted Mr. Huillard.

These results are higher than the expectations of analysts, who were counting on a half-year turnover slightly above 27 billion euros, and a net profit around 1,5 billion.

"The results and cash flow of Vinci Airports have recovered spectacularly thanks to the acceleration of the recovery in air traffic and the effects of the savings plans carried out. Traffic is now very close to its 2019 level in many platforms of the network", noted Mr. Huillard.

The group has also slightly raised its objectives for this branch of its activity: it is now counting - excluding epidemic recovery - on "traffic over the whole of the year close to 70% of its 2019 level (compared to 60% before), leading to positive net income and free cash flow".

Objectives confirmed for the year

The construction branch, which accounts for almost half of the group's turnover, recorded revenues up 10,7% to 13,45 billion euros. Its highly seasonal operating profit amounted to 254 million euros, up nearly 20% compared to the first half of 2021.

Like the group as a whole, this branch was driven by activity outside France, which rose by 18%, compared to growth of 4% in France. It carried out more than 50% of its activity outside France for "the first time", according to Mr. Huillard.

With regard to road traffic, "Vinci Autoroutes recorded higher traffic than in 2019 for both light and heavy vehicles", commented Mr. Huillard.

However, "the trend for light vehicles is affected by the rise in fuel prices", while for heavy goods vehicles, activity "remains well oriented", he specified.

Mr. Huillard reaffirmed his group's desire to contribute to "decarbonising road transport". "All our areas will be equipped in 2023 with fast charging stations", he said, also referring to Vinci's participation in a call for projects led by the public investment bank Bpifrance, to experiment with several road solutions. allowing vehicles, and especially trucks, to be loaded while driving (ERS or electric road system).

The Vinci Energies branch, for its part, recorded growth of 8,3% in its turnover, to 7,75 billion euros.

The group's only activity in decline, Vinci Immobilier (-2,1%) suffered from "the wait-and-see attitude induced by the pandemic and teleworking" for office real estate and the rise in interest rates, among other things, for residential real estate.

Given these results and an order book considered to be good in construction, the group confirmed its objective of a 2022 net result higher than its 2019 level.