Vinci FY Profit Up 26.7%

(RTTNews) - French concession and construction company Vinci SA (VCISF.PK, VCISY.PK) on Wednesday said its net income for the full year 2014 increased 26.7% to 2.49 billion euros from 1.96 billion euros a year ago, despite an about 4% decline in revenues, reflecting mainly the capital gain from the opening of 75% of Vinci Park's capital.

On a per share basis, earnings for 2014 were 4.43 euros compared with 3.54 euros in the prior year.

Excluding items, adjusted earnings for 2014 were 1.91 billion euros or 3.39 euros per share compared with 1.9 billion euros or 3.42 euros per share a year ago.

Revenues for 2014 fell 4.1% to 38.7 billion euros from 40.3 billion euros last year. On a like-for-like basis, revenues slid 2%, the company said.

Revenue at the company's Concessions business was up 4.5% on a like-for-like basis, due to a good performance at Vinci Autoroutes and Vinci Airports. Revenue at its Contracting business, consisting of Vinci Energies, Eurovia and Vinci Construction, was down 3.2% on a like-for-like basis.

In France, Group revenue was down 2.9% ob a like-for-like basis, while International revenue was slightly down.

Vinci said 2014 was marked by an upturn in motorway traffic, the increase in airport traffic and the momentum in its activities outside Europe, helping to offset the deterioration in the French economic environment that affected the Contracting business as well as the difficulties in UK construction activities.

The company's operating margin for 2014 improved to 9.4% from 9.1% in the prior year.

EBITDA for 2014 was lower at 5.56 billion euros compared with 5.6 billion euros in the prior year, Vinci said.

At the next shareholders' general meeting, the company's board will propose a dividend of 2.22 euros per share for 2014.