PARIS, Feb. 10 /PRNewswire-FirstCall/ -- On the basis of provisional
figures, VINCI (SGEF.PA) recorded consolidated net sales of 17.6 billion euros
in 2002, an increase of 2.4% over the previous year.
This result reflects a sustained level of activity within the Group in
construction related businesses following a year in which several business
segments turned in record performances. At constant scope and exchange rates,
net sales thus remained almost stable (-1.4%).
Highlights of the Group's performance in France were an increase of 9% in
sales recorded by Concessions and services (more than half of which is
attributable to organic growth), stability in VINCI Energies, despite a more
difficult situation in industry and the healthy resistance of VINCI
Construction. Overall sales of 10.4 billion euros in France however were
slightly below those of 2001 (-2.9%) due mainly to a fall of 9% in road
Outside France, sales amounted to a total of 7.2 billion euros, an
increase of 10% over 2001 (0.8% on a like-for-like basis) and represent 41% of
the total (compared to 38% in the previous year). These figures include the
recent acquisitions in airport services (WFS), information technology (TMS)
and building maintenance (Crispin & Borst). On a comparable basis, sales
increase in Concessions and services (+6%) and in VINCI Construction (+3%)
offset the slight fall in sales in roads and energy in Germany.
Concessions and services (actual: +26.5%; like-for-like: +5%)
Sales of this business line amounted to more than 10% of total sales at
1.9 billion euros, of which about 330 million euros came from recently
acquired companies in airport services (WFS in the United States; SEN in
France). Organic growth was 5%.
Net sales for Cofiroute were up by 6.2% at 787 million euros, on account
of an increase in traffic of almost 3%, including the full year impact of the
new sections (A28, A85) opened in 2001.
VINCI Park recorded sales growth of nearly 3% on a like-for-like basis
(483 million euros) due to a further increase in its business outside France.
Sales in France remained at the same level as in 2001 with a recovery in the
second half offsetting an unusually slow start to the year.
Sales of VINCI Airports exceeded 500 million euros, mainly in ground
support services. On a comparable basis, this business line recorded a rise
of more than 2%, thus confirming that the aftermath of September 11, 2001 has
now been overcome.
Sales for other infrastructure concessions grew by 30% to reach
77 million euros due to a good performance by the Stade de France and the
gradual increase in traffic on the Chillan-Collipulli motorway.
Energy and information (actual: +6.7%; like-for-like: -0.9%)
VINCI Energies recorded net sales of 3 billion euros, an increase of 6.7%,
including the impact of the first consolidation of TMS (229 million euros). On
a like-for-like basis, sales remained almost stable.
In France, sales increased slightly, illustrating the ability of these
companies to attract a steady flow of business, particularly in their
historical business lines of electrical and thermal engineering (climate
control and fire protection). In addition, by diversifying its offerings to
industry and focussing more on maintenance and services, VINCI Energies has
shown its ability to adapt to the downturn in the investment cycle of its
customers. In telecommunications, a recovery is in the offing driven by demand
for new infrastructure in mobile telephony.
Outside France, sales increased by over 20% on an actual basis but fell by
6.5% on a like-for-like basis due to a downturn in markets in Northern Europe
(mainly Sweden and the Netherlands). By contrast, in Germany and the United
Kingdom, VINCI Energies companies maintained their overall levels of business
by rejecting a drive for top-line growth and concentrating on their core
In a less favourable business climate for the automotive industry, TMS,
the newly acquired subsidiary specialised in the design and installation of
automated production systems showed resilience, particularly in Spain, where
it succeeded in winning contracts in other industries.
Roads (actual: -5.2%; like-for-like: -5.4%)
Eurovia recorded net sales of 5.2 billion euros in 2002, down by 5.4%
compared to 2001.
This fall in sales was due to a fall of 9% of road building in France
following two successive years of strong growth. Overall market weakness was
compounded by bad weather conditions at the start of the year and during the
fourth quarter, as well as Group companies' focus on profitability rather than
top line growth. These trends had been anticipated by restructuring in 2001
which resulted in an adjustment of operating capacity, corporate support
functions and capital spending.
Outside France, net sales remained stable at 2.3 billion euros amounting
to 43% of the total.
In Germany, where economic activity remained flat, the fall in sales, due
partly to the closure of some non-core activities, was limited (-4.3% at
623 million euros). A new GPS based toll scheme for trucks is due to be
introduced at the end of 2003 and should bring with it a revival in demand in
this sector as a proportion of toll revenues will be spent by government
agencies on road building.
Sales in countries other than France and Germany increased slightly to
1.6 billion euros, with ongoing buoyant activity in the United Kingdom, the
Czech Republic and Canada compensating for a downturn in the United States.
Construction (actual: +2%; like-for-like: stable)
Net sales of VINCI Construction, which exceeded 7.3 billion euros, were
stable on a like-for-like basis compared to 2001 and up slightly on an actual
basis due to the integration of Crispin & Borst.
In France, net sales of 3.8 billion euros were very similar to those of
the previous year (-2.6%) with the completion of the large Telia contract
being largely offset by a continuing high level of activity in building and a
substantial improvement in civil engineering, including several large
contracts for transportation infrastructure, a port extension and environment
Outside France net sales amounted to 3.5 billion euros, an increase of
7.2% over the previous year (+3% on a like-for-like basis) representing 48% of
total net sales. Business was buoyant in the United Kingdom (+10%) both in
building and civil engineering (rail link between London and the Channel
Tunnel) as well as in Germany where the Group's main business lies in
providing services to American bases. In Africa, Sogea-Satom's strong
positions enabled it to stabilise sales at a high level despite the completion
of the major contract for Esso in Cameroon and Chad. Finally, VINCI
Construction Grand Projets has continued to win profitable contracts and
increased its sales by 4.4% to 621 million euros.
The 2002 accounts will he published after the meeting of the Board of
Directors on March 5.
Initial estimates confirm that consolidated net income for 2002 will be
higher than that of the previous year.
Prospects for 2003
With orders already booked worth about 11.6 billion euros, the equivalent
of almost 9 months of activity (excluding concessions), an increase of 7% on a
like-for-like basis, VINCI confirms its good prospects for 2003.
In particular, the company has a clear visibility over its workload for
2003, and even beyond, in construction related business in which the backlog
amounts to 12 months.
This press release is a available in French, English and German on the
VINCI web site: http://www.vinci.com .
Public Limited Company ("Societe Anonyme") with capital stock of
Head Office: 1, cours Ferdinand de Lesseps - 92851 Rueil Malmaison Cedex -
Company Register ROCS Nanterre B 552 037 806
CONSOLIDATED NET SALES AT 31 DECEMBER 2002 (provisional figures)
(in millions of euros)
31 December 31 December Variation
2002 2001 2002/2001
CONSOLIDATED NET SALES
services 1,849.6 1,462.1 26.5% 5.0%
information 3,044.1 2,851.9 6.7% (0.9%)
Roads 5,213.4 5,498.4 (5.2%) (5.4%)
Construction 7,340.1 7,198.5 2.0% (0.1%)
double counts 129.9 161.6
Total 17,577.1 17,172.4 2.4% (1.4%)
Of which France
services 1,315.9 1,208.7 8.9% 4.6%
information 2,095.3 2,070.7 1.2% 1.2%
Roads 2,954.4 3,235.1 (8.7%) (9.0%)
Construction 3,838.7 3,931.0 (2.3%) (2.6%)
double counts 149.7 156.5
Total 10,354.0 10,601.9 (2.3%) (2.9%)
Of which outside France
services 533.8 253.4 ns 5.9%
Energy and information 948.8 781.2 21.5% (6.5%)
Roads 2,259.1 2,263.3 (0.2%) (0 2%)
Construction 3,501.3 3,267.5 7.2% 3.0%
double counts (19.7) 5.1
Total 7,223.2 6,570.5 9.9% 0.8%