The group is expecting business to be flat in 2013, before taking acquisitions into account.
The economic climate is expected to remain difficult in 2013, especially in Europe. Contracting has started the year with a healthy order book but, if trends observed at the end of 2012 continue, there could be a downturn in order intake, due to the group’s emphasis on margins rather than volume for project selection.
Consolidated revenue rose 4.5% to €38.6bn (£33.4bn). This represents 1.5% organic growth, a 0.8% positive currency effect and 2.3% growth from acquisitions. The main acquisitions, made by contracting entities, were outside France. In 2012, 37% of total revenue was generated outside France, 42% in contracting.
Cash flow from operations before tax and financing costs (EBITDA) amounted to €5.4bn (+1%) and equal to 14.0% of revenue. Vinci Autoroutes’ EBITDA margin improved slightly to 69.5% in 2012 from 69.4% in 2011.
Operating income from ordinary activities (EBIT) was €3.7bn, up 0.3% and representing 9.5% of revenue, compared with 9.9% in 2011. In contracting, the EBIT margin was 4.2%, against 4.6% in 2011. The decline is attributable mainly to non-recurring items at Eurovia and Vinci Construction.
At 31 December 2012, the Group’s liquidity remained very high at €11.5bn. It comprises €5bn net cash managed and €6.5bn medium-term bank credit facilities maturing in 2016 and 2017.
Contracting maintained momentum throughout 2012, especially outside France. At 31 December 2012, its order book stood at €31.3bn (up more than 2% relative to the end of 2011), of which 45% is outside of France. The international order book is up 12% over 12 months.
On 27 December 2012, Vinci was selected by the Portuguese government to acquire ANA, the company that holds the 50-year concession contract for all the country’s airports - four on the mainland, four in the Azores and two in Madeira. This will generate revenue of about €600 million, with EBITDA of about €270 million.
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