In This Article:
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Revenue Growth: Overall growth of 4%, with 3% organic growth.
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International Revenue: Accounts for 58% of total revenue, with a 6% increase internationally.
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EBIT: EUR9 billion, up 8% from the previous year.
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VINCI Airports EBITDA: Reached an all-time high, close to EUR3.3 billion.
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Free Cash Flow: Historic high of EUR6.8 billion.
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VINCI Energy Revenue: Exceeded EUR20 billion, with a 7.2% EBIT margin.
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Cobra EBIT Margin: Increased to 7.8%.
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Construction Revenue: Slightly up to EUR32 billion, with a 4.1% operating margin.
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Net Income: EUR4.4 billion, up 3%.
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CapEx: Increased to EUR5 billion, with significant investments in renewables and EHV lines.
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Debt: Increased by EUR4 billion, with a cost of debt at 4.9%.
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Dividend Proposal: EUR4.75 per share, with EUR1.05 already paid as an interim dividend.
Release Date: February 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Vinci SA (VCISF) reported record levels of revenue and earnings for 2024, despite the impact of a new tax on French motorways.
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The company continues to expand internationally, with 58% of its business and over half of its net earnings now coming from outside France.
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Vinci Airports had an excellent year, with passenger numbers up 8.5% and EBITDA reaching an all-time high of EUR3.3 billion.
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Vinci Energy and Cobra reported strong performances, with significant growth in revenue and order intake, and improved EBIT margins.
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The company generated exceptional free cash flow of EUR6.8 billion, with a strong order book and 70% of orders coming from outside France.
Negative Points
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Vinci Autoroutes faced challenges with traffic disruptions and a EUR284 million tax, leading to a decrease in EBITDA, EBIT, and net income.
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Vinci Real Estate is still experiencing a serious crisis, with a decline in revenue and nonrecurring charges impacting financial performance.
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The company faces potential risks from increased taxation in France, which could impact future profitability.
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There is uncertainty regarding the long-term attractiveness of toll road assets due to political and regulatory challenges.
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Vinci Construction experienced volatility in 2024, with challenges in Africa and potential impacts from French local election cycles.
Q & A Highlights
Q: With the current political climate in France, do you think the increase in taxes is temporary, and what are your expectations for the dividend policy in 2025? A: Xavier Huillard, CEO, expressed optimism that the tax increase is temporary, contingent on the government addressing public spending. Regarding dividends, he noted that the payout ratio is currently at 56%, leaving room for maneuver, and emphasized that Vinci has historically maintained its dividend except during COVID.