st semester 2018 results - eiffage.com · 2 ifrs 15 norm impacts the ifrs 15 norm “revenuefrom...
TRANSCRIPT
29th august 2018
1st semester 2018 results
2
IFRS 15 norm impacts
The IFRS 15 norm “Revenue from Contracts with Customers” is used by the Group since January 1st, 2018 according to the
lookback methodology by accounting for the cumulative impact of the new norm at the beginning of the 1st comparative period, ie
1st January 2017.
The tables comparing 2017 published numbers to 2017 modified numbers are at the end of this presentation as well as in the
semester financial report.
Highlights
Benoît de Ruffray
Chairman and Chief Executive Officer
France
• A89 A6 junction
• Halle Boca in Euratlantique neighbourhood - Bordeaux
• Grand Hôtel-Dieu in Lyon
• Regeneration of road in place with a vegetable binder
Deliveries
• Property development : Reservations of 2,250 (+8%)
• Control of the ongoing major projects
• Ariane 6 Launch pad in Guyana, Luma Foundation in Arles, DUS - EDF
power plants
Activity
4
France
• APRR sustained motorway traffic
• Delivery of Metz congress center
• Preferred candidate for Reims Events Centre
• Refinancing of the A65
Concessions
& PPP
5
• Major projects of the Grand Paris Express : line 16 (Lot 1) and line 14
south (Lot GC03) in 2018, after line 15 south (Lot T2B) in 2017, Eole
and Line 14 north
• Airbus A350 production hall in Saint-Nazaire
• Deployment of fiber optic networks
• 400 kV line between Avelin and Gravelle
• Recycling of steel slags in Dunkirk steel mill
Order intake
6
International - Fixed bases
• Control of major projects, Dakar TER (regional express train)
• Anticipated activity slowdown in offshore wind (Smulders)
• Growth in infrastructures activities in Germany
• Strong activity in Spain
Activity
• Illumination of Beatus-Rhenanus Bridge between Strasbourg and KehlDeliveries
7
International - Fixed bases
• Closing of 3 significant acquisitions during the semester
• Kropman (Netherlands) and EDS (Spain) in energy
• Priora (Switzerland) in construction
External growth
• Extension of Mecedes-Benz plant in Poland
• Ampsin-Neuville lock in Belgium
• Porte de Hal tunnel refit in Brussels
• Mülheim bridge refurbishment in Germany
• Hospitals maintenance in Spain
Order intake
• Motorway A94 construction in Germany
• Strong motorway traffic growth in Senegal
Concessions
& PPP
8
International - Export
• Félix-Houphouët-Boigny Bridge in Ivory Coast
• Tema harbour in Ghana
• Monaco at sea extension
Activity
• Lomé 4th Lake in Togo
• Quay n° 7 in Freetown harbour in Sierra Leone
• Port terminal in Panama
Deliveries
• Paradise Park solar plant in Jamaica
• Studies related to the gas terminal for the Tortue field in Senegal
Order intake
• Integration of Eiffage Génie Civil marineExternal Growth
9
Transverse dynamic
• Health and Safety
• Construction site follow up - Contracting
• Monitoring work performed - Concessions
Digital tools for
use on site
• Exoskeletons
• Bionic gloves
• Snowkill
• Mobile recycling workshop
Equipment
innovations
Eiffage - June 2018 Revenue €M
+9.4%
6,511 6,605 6,4976,989
7,645
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
Financial net debt €M
€M (501)
12,635 12,234 11,868 11,501 11,000
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
Order book €bn
+22%
12.3 11.9 12.1 11.9
14.4
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
Activity and profit growth - Ongoing debt reduction - Increase in order book
Operating profit €M
+11.2%
574 596677
725806
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
69 79
133173
217
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
Net profit group share €M
+25.4%
Change in WCR €M
(442) (394) (375) (432)(537)
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
€M (105)
10
Outlook 2018
*Excluding non-recurring adjustment in deferred tax
New progress of activity and results* in Contracting and in Concessions
11
Results by business line and financial results
Christian Cassayre
Chief Financial Officer
5,522 5,684
1,2731,584
194
3776,989
7,645
H1 2017 H1 2018
+6.4%
5,6936,246
1,296
1,3996,989
7,645
H1 2017 H1 2018
14
Revenue (exc, IFRIC 12)
+9.7%
+7.9%
BREAKDOWN CONCESSIONS / CONTRACTING (€M)
ContractingConcessions
+2.9%
+24.4%
BREAKDOWN BY GEOGRAPHICAL AREA (€M)
+94.3%
+9.4% +9.4%
∆18/17∆18/17
International excluding Europe
France Europe excluding France
+6.0%
+8.4%+33.7%
At constant scope of
consolidation and
exchange rates
∆18/17
4,243 4,306
1,273
1,584
177
3565,6936,246
H1 2017 H1 2018
(3%)
(22%)
(75%) (69%)
(25%)
(6%)
15
Contracting revenue (exc. IFRIC 12)CONTRACTING BREAKDOWN
BY GEOGRAPHICAL AREA (€M) AND % OF TOTAL
+8.9%
+15.1%
+4.0%
BREAKDOWN BY DIVISION (€M)
Construction Infrastructures Energy Systems
+1.5%
+24.4%
X 2
+9.7% +9.7%
∆18/17 ∆18/17
International excluding Europe
France Europe excluding France
∆18/17Like-for-like
+6.0%
+11.2%
(0.5)%
+6,0%
+33.8%
1,777 1,935
2,1522,476
1,764
1,835
5,6936,246
H1 2017 H1 2018
Growth of operating profit on ordinary activities 11.2% to €M 806 (+€M 81)
Increase of the operating margin by 10 bps to 10.5%
16
Operating profit on ordinary activities and margins
H1 2017 H1 2018∆ 18/17
€M % revenue €M % revenue
Construction 64 3.6% 66 3.6% +3.1%
Infrastructures (38) (1.8)% (33) (1.3)% +13.2%
Energy Systems 57 3.2% 66 3.4% +15.8%
Sub-total Contracting 83 1.5% 99 1.6% +19.3%
Concessions 652 50.3% 718 51.3% +10.1%
Holding (10) (11)
Group total 725 10.4% 806 10.5% +11.2%
Continuous growth of the operating profit over 5 years and operating margin at 10.5%
17
Evolution of the operating margin
Operating profit (€M) and margin (%)
574596
677725
806
8.8%9.0%
10.4% 10.4% 10.5%
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
18
Construction - Activity and results
Revenue up by 4.0% ( (0.5)% lfl)
- France (5.3)%, Europe (excluding France) +49% (+ 23 % lfl)
Works
- Delivery of the Metz congress enter
Property development
- Reservations of 2,250 units to be compared to 2,080 in 2017 (+8%)
- Opening of the Halle Boca in Bordeaux and of the 1st stage of the
Grand Hôtel-Dieu in Lyon
Urban development
- Lizé neighbourhood in Montigny-lès-Metz, Clamart Grand Canal
Significant order intake
- Silex² Tower in Lyon, Mercedes-Benz plant in Jawor (Poland) and
Ampsin-Neuville lock (Belgium)
External growth
- Priora (Switzerland)
BREAKDOWN OF REVENUE
Operating margin stability
REVENUE (€M) - OPERATING MARGIN ON ORDINARY ACTIVITIES
1,770 1,650 1,729 1,764 1,835
3.7%3.5%
3.7%3.6% 3.6%
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
Works 84% 82% 81% 81% 80%
Property 16% 18% 19% 19% 20%
19
Nogent – Baltard urban projectJourdan – Corentin – Issoire workshop
Increase of the operating margin by 50bps to (1.3)%
20
Infrastructures - Activity and results
Revenue up 15.1% (+11.2% lfl)
- France +8.0% (+3.6% in Roads activity)
- International +28.8%
Margin evolution
- Fierce competitive landscape in France
- Increase of the international operations contribution
Delivery
- A89 A6 junction
- 4th Lomé lake in Togo
Significant order intake
- Lines 16.1 and 14 south (Lot GC03) of the Grand Paris
Express
- Mülheim bridge refurbishment in Cologne
External Growth
- Integration of Eiffage Génie Civil marine
- Migné Group (stone quarry and works) is being finalised
REVENUE (€M) - OPERATING MARGIN ON ORDINARY ACTIVITIES
2,0722,002
1,925
2,152
2,476
(1.5)%
(2.1)% (2.1)%
(1.8)%
(1.3)%
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
21
HSBL - Amiens
21
Energy Systems - Activity and results
Continuous growth of the operating margin by 20bps to 3.4%
Revenue up 8.9% (+6% lfl)
- France +2.1%
- International +31.4%
Increased operating margins
- Pursued progress across all divisions including the recurring
operations
Activity
- Solar plant in Chile
- Strength in the recurring operations
Order intake
- Optic fibre networks deployment
- Paradise Park solar plant in Jamaica
External growth
- Kropman (Netherlands) and EDS (Spain)
22
REVENUE (€M) - OPERATING MARGIN ON ORDINARY ACTIVITIES
1,554
1,7941,623
1,7771,935
2.6%
2.8%
3.0%
3.2%
3.4%
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
23
Expercité, dynamic bus lane
Revenue (exc. IFRIC 12) up 6.8%
Total traffic increase up 4.6%: LV +4.3% and HGV +6.3%
- Positive impact of railway service disruption
Tariff increase on February 1st: 2.00% APRR and 2.04% AREA
Operating margin progression
- Impact of the revenue increase and productivity gains
Services improvements
- 60% of non stop toll transactions
- Modernisation of service station and rest areas
- Development of new types of mobility : car sharing car
parks, charging stations and dynamic car sharing scheme
Pop & Vroom, express bus lane
Developments
- A89 A6 junction opening
- Capex plans execution
REVENUE (€M) – EBITDA / REVENUE
24
APRR - Activity and resultsIncrease of the EBITDA margin by 60bps to 76.0%
TRAFFIC TOLL RECEIPTS REVENUE MIX
HGV
16%
LV
84%
HGV
33%
LV
67%
Other
3%
Tolls
97%
1,029 1,057 1,116 1,156 1,235
74.3%
74.9%
74.4%
75.4%
76.0%
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
25
Dedicated bus lane
Revenue including APRR up 7.9% (+8.4% lfl)
- APRR: +6.8% at €M 1,235
- Motorways concessions (exc. APRR): +12.6% at €M 72
- Other concessions and PPPs: +11.6% at €M 92
Traffic evolution
Operating margin +10.2% at €M 718
- APRR and Eiffarie: +9.7% at €M 630
- Other concessions and PPPs: +14.0% at €M 88
Concessions - Activity and resultsOperating margin up 100bps at 51.3%
Motorways Revenue €M (∆18/17%) LV Traffic HGV Traffic
A65 31 (+10.5%) +5.2% +9.5%
Millau Viaduct 20 (+5.0%) +0.1% +3.4%
Autoroute de l’Avenir 21 (+24.6%) +31.4% of transactions
TOTAL 72 (+12.6%) Portfolio transaction
− Preferred candidate for Reims Events Centre
− In service launch: Two colleges in Var and University of
Nancy
− Refinancing of A65 (€M 825) in July 2018
26
REVENUE (€M) - OPERATING MARGIN ON ORDINARY ACTIVITIES
1,1151,159
1,2201,296
1,399
45.9%
46.9%
50.5% 50.3%
51.3%
H1 2014 H1 2015 H1 2016 H1 2017 H1 2018
*revenue net of collections for third parties
27
Volleyball Nations League – Pierre Mauroy Stadium
Consolidated income statement
in €M H1 2017 H1 2018 Δ 18/17
Revenue(1) 6,989 7,645 +9.4%
Operating profit on ordinary activities 725 806 +11.2%
(% of revenue) (10.4 %) (10.5 %)
Other operating income and expenses (24) (20)
Operating income 701 786 +12.1%
Cost of net debt (247) (223) (9.7)%
Other financial income and expenses (7) (12)
Net financial expenses (254) (235)
Share of profit of associates 2 4
Income tax (142) (179)
Net profit 307 376
Minority interests 134 159
Net profit (group share) 173 217 +25.4%
28
(1) Exc IFRIC 12
Increase in the operating profit on ordinary activities of 11.2% and of the net profit (group
share) of 25.4%
29
Simplified contracted balance sheet
in €M 30/06/2017 30/06/2018
Assets 18,416 18,126
Non current assets Concessions 13,963 13,328
Non current assets Holding & Contracting 4,453 4,798
Equity and Liabilities 18,416 18,126
Capital and reserves 4,678 5,331
Capital attributable to the Group 3,892 4,429
Minority interests 786 902
Financial net debt exc. Mtm of CNA debt and the swaps 11,501 11,000
Current liabilities 639 246
Non current liabilities incl. Mtm of the CNA debt and the swaps 1,598 1,549
1 126
537
59181
185 47 161 (1)244
Acquisitions
&
disposals
( , )( )
30
Financial net debt evolution (€M)
EBITDAΔ WCR
o/w Holding & Contracting €M (536)
o/w Concessions €M (1)
Interest &
taxes paid
Holding
&
Contracting
Concessions
Investments
Dividends
&
Capital
transactions
10,375
DFN 31/12/2017* DFN 30/06/2018** Exc. Mtm of the CNA debt and the swaps:
€M 226 €M 138
Variations
without
flows of
funds
(1,069) 432 663 74 328 (22) 23 (117) (24)
Operation
2
380(26)
H1 2017 figures
Free Cash flow 221
CAPEX
219
11,000
Concessions
Debt
repayment
(11,780)(11,577)
(11,095)
(88)76 95
(11,591) (11,213) (10,375)
31th December 30 June
31
334492
904
(11,925)(11,705)
(11,279)
31/12/15 31/12/16 31/12/17 30/06/16 30/06/17
(11,501)
FND
Holding &
Contracting
FND Concessions
without recourse
30/06/18
(11,868)
Exc. Mtm of the CNA debt and the swaps:
M€ 603 M€ 428 M€ 226 M€ 568 M€ 325 M€ 138
(11,000)
Financial net debt structure (€M)
Total
12.1 12.0 11.9 12.114.4
30/06/16 31/12/16 30/06/17 31/12/17 30/06/18
ORDER BOOK (€bn) AND EQUIVALENT NUMBER OF
MONTHS OF THE CONTRACTING TURNOVER
32
Contracting order book
3.3 3.3
4.66.6
4.0
4.511.9
14.4
30/06/17 30/06/18
BREAKDOWN BY DIVISION (€bn)
12 MONTHS VARIATIONS
Construction Infrastructures Energy Systems
0%
+44%
+14%
Contracting order book at €14.4 bn up 22% over one year
+22%
∆18/17
12.8
months
12.6
months12.0
months
12.6
months13.4
months
Appendices
SHAREHOLDERS AT 30/06/2018 (98.0M Shares)
34
Group’s shareholding
SHAREHOLDERS AT 31/12/2017 (98.0M Shares)
Free Float69.8%
Employees shareholding
18.2%
Treasure shares1.9%
BlackRock10.1%
Free Float73.0%
Employees shareholding
16.4%
Treasure shares0.3%
BlackRock10.3%
Benelux532 / (9)%
Germany483 / +28%
Spain246 / +45%
UK114 / ns
Switzerland91 / ns
Poland54 / (2)%
Other64
France5,684 / +3%
Europe Excluding
France1,584 / +24%
International Excluding
Europe377 / +94%
REVENUE BREAKDOWN IN EUROPE
EXCLUDING FRANCE (€M) / VARIATIONREVENUE BREAKDOWN (€M) / VARIATION
35
Revenue (exc. IFRIC 12)
36
Consolidated balance sheet - Assetsin €M 30/06/2017 31/12/2017 30/06/2018
Property, plant and equipment 1,599 1,649 1,690
Investment property 3 3 3
Fixed assets held under concessions 11,270 11,181 11,044
Goodwill on acquisition 2,949 2,995 3,214
Other intangible assets 178 182 188
Investment accounted for using the equity method 160 169 169
Financial assets on service concessions non-current 2,029 1,680 1,644
Other financial assets 228 189 174
Deferred tax assets 302 238 271
Total non current assets 18,718 18,286 18,397
Inventories 775 683 718
Trade receivables 4,559 4,977 5,406
Current tax receivables 223 206 240
Financial assets on service concessions current 63 50 55
Other current assets 1,384 1,287 1,458
Cash and cash equivalent 3,317 4,537 3,100
Asset held for sale - - -
Total current assets 10,321 11,740 10,977
Total assets 29,039 30,026 29,374
37
Consolidated balance sheet - Equity and liabilitiesin €M 30/06/2017 31/12/2017 30/06/2018
Share capital 392 392 392
Consolidated reserves 3,517 3,509 3,954
Profit & losses directly accounted for in equity (190) (159) (134)
Net profit for the period 173 548 217
Total capital and reserves, attributable to the Group 3,892 4,290 4,429
Minority interests 786 847 902
Total capital and reserves 4,678 5,137 5,331
Long-term debt 11,788 12,119 10,925
Deferred tax liabilities 990 881 894
Non current provisions 595 625 637
Other non current liabilities 151 150 149
Total non current liabilities 13,524 13,775 12,605
Trade creditors 3,162 3,278 3,512
Short-term loans and other borrowings 1,693 1,428 2,001
Non current borrowings due within one year 1,661 1,590 1,312
Current tax liabilities 103 131 115
Current provisions 530 569 537
Other creditors and accruals 3,688 4,118 3,961
Liabilities held for sale - - -
Total current liabilities 10,837 11,114 11,438
Total liabilities and shareholder’s equity 29,039 30,026 29,374
38
Consolidated income statement in €M H1 2017 2017 H1 2018
Revenue(1) 7,134 15,368 7,800
Other income 1 5 2
Raw materials and consumables used (1,299) (2,803) (1,388)
Staff costs (1,663) (3,287) (1,744)
Other expenses (2,931) (6,182) (3,257)
Taxes other than corporate tax (197) (460) (207)
Amortisation and depreciation expense (411) (836) (435)
Provisions (18) (101) 2
Changes in inventories 41 (35) (7)
Other operating income and expenses 68 63 40
Operating profit on ordinary activities 725 1,732 806
Other operating income and expenses (24) (56) (20)
Operating profit 701 1,676 786
Income from cash and cash equivalent 8 16 6
Cost of gross debt (255) (506) (229)
Net finance costs (247) (490) (223)
Other financial income (expenses) (7) (20) (12)
Share of profit (loss) of associates 2 5 4
Corporation tax (142) (336) (179)
Net profit 307 835 376
Attributable to the Group 173 548 217
Minority interests 134 287 159
(1) Including IFRIC 12
39
Consolidated cash flow statement In €M H1 2017 2017 H1 2018
Cash flow generated by operations 691 1,679 735
Change in working capital in operating activities (432) (99) (537)
Other variations(1) (283) (351) (200)
Cash flow from operations (26) 1,229 (2)
Cash flow from investments (380) (599) (219)
Free cash flow (406) 630 (221)
Acquisitions & disposals (23) 1 (161)
Dividends (145) (265) (328)
Change in equity 169 146 84
Cash flow from equity and others 1 (118) (405)
Change in net bank debt (405) 512 (626)
Change without flow of funds 117 326 1
Change in financial net debt(2) (288) 838 (625)
Of which Concessions 128 426 184
Of which Contracting and Holding (416) 412 (809)(1) Difference between paid and accounted for interests and taxes
(2) Exc. Mtm of the CNA debt and the swaps 325 226 138
Financial expenses and resultsIn €M H1 2017 2017 H1 2018
Concessions (245) (489) (220)
Of which:
APRR (88) (181) (76)
Eiffarie & Financière Eiffarie (88) (173) (83)
Financière Eiffarie Group (176) (354) (159)
A65 - A‘liénor (8) (17) (8)
Millau Viaduct (11) (25) (14)
Autoroute de l’Avenir (2) (5) (3)
BPL HSRL (31) (60) (26)
Grande Arche refurbishment (2) (5) (3)
Pierre Mauroy stadium and dependencies (7) (15) (6)
Other PPPs and concessions (8) (8) (1)
Holding & Contracting (2) (1) (3)
Cost of net debt (247) (490) (223)
Other financial income and expenses (7) (20) (12)
Financial result (254) (511) (235)
40
Pierre Mauroy Stadium196
BPL964
Grande Arche162
Education & Others152
APRR7,048
Eiffarie1,210
PPPs1,474
Other Motorway
concessions1,363
APRR and Eiffarie8,258
NON RECOURSE FND STRUCTURE (€M)NON RECOURSE FND BREAKDOWN (€M)
Concession financial net debt breakdownNon recourse debt raised in dedicated SPVs for €bn11.1(*)
Millau Viaduct564
A65781
Autoroute de l'Avenir (Senegal)
18
(*) Exc. Mtm of the CNA debt and the concessions swaps: €M 136
41
42
Contracts won by Eiffage as at 29 August 2018 as part of the
Grand Paris
Exc. Mtm of the CNA debt and the swaps
€M 431 €M 262 €M 95 €M 356 €M 177 €M 11
APRR & Eiffarie - Financial net debt structure (€M)
43
7,420 7,256 7,143 7,308 7,209 7,048
1,246 1,339 1,276 1,219 1,2971,210
396110 239
9,0628,705
8,4198,766
8,5068,258
31/12/2015 31/12/2016 31/12/2017 30/06/2016 30/06/2017 30/06/2018
Macquariequasi equity
Eiffarie
APRR
44
APRR - Gross debt profileDebt profile as at 30/06/2018 (€M)
* 75 75
275*
275
75 75
EMTN bonds details
Amount in €M Coupon Maturity Yield on 30/06/2018
500 4.875% 21/01/2019 (0.19)%
500 Eur3m+0.75% 31/03/2019 (0.16)%
500 Eur3m+070% 03/01/2020 (0.14)%
500 2.25% 16/01/2020 (0.01)%
700 1.125% 15/01/2021 0.10%
53 RPI indexed 25/01/2021 /
500 1.50% 15/01/2024 0.60%
700 1.875% 15/01/2025 0.80%
700 1.125% 09/01/2026 0.96%
500 1.25% 06/01/2027 1.08%
500 1.875% 06/01/2031 1.50%
500 1.625% 13/01/2032 1.60%
100 RPI indexed 05/04/2032 /
700 1.5% 1.66%
500 500
700
500
700 700
500
0 0 0
500 500
700
500 500 54
375
102
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
EMTN programme EIB
75 75
275
75
45
APRR & AREA - Tariff formulae 2018-2023
2018 2019 2020 2021 2022 2023
Tariff increase 1st of February 2018
85% x
1.02%70% x I* 70% x I* 70% x I* 70% x I* 70% x I*
+ + + + + +
APRR 2.00% 1.13% 0.25% 0.25% 0.25% 0.25% 0.25%
AREA 2.04% 1.17% 0.26% 0.26% 0.26% 0.26% 0.26%
2014-2018 management contract
Includes compensation for the Increase in
the land tax rates since 2013
Absent of new management contract
Includes compensation for the tariff freeze of 2015
*I = Inflation
Annual tariff increase excluding the motorway investment plan
€M 500 of capex covering growth and modernization of the
network
Major infrastructure projects
- Construction of the A89-A6 junction north of Lyon
- A43 / A41 / high speed urban road of Chambéry
- Three widenings on the A6 at Auxerre (southbound), on the A71 north of
Clermont-Ferrand (northbound), and on the A41 north of Annecy (in both
directions)
Operating investments
- Renovation of rest areas
- Environmental protection
- Improvement of service and security
46
APRR & AREA - 2014-2018 Management contracts
€M 720 of Capex covering growth and modernization of the
network
Concessions contracts lengthening
APRR +25 months, AREA +45 months
Major infrastructure projects
Reconfiguration of three motorways interchanges:
- A36 / N1019 / D437 in Sevenans
- A6 / A406 / N79 (RCEA) interchange near Mâcon (2 km length extension)
- A71 / N79 (RCEA) interchange near Montmarault (5 km length extension)
Management of two town crossings infrastructures:
- Widening (2X3) of A75 between Clermont-Ferrand and Le Crest (11 km
length extension)
- Reconstruction of the A48/A480 junction between Saint-Egrève and Claix
(15 km length extension)
47
APRR & AREA - Stimulus plan
80
85
90
95
100
105
110
115
120
4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18
Km travelled, 12 months rolling average, rebased to Q4 200748
APRR - Traffic evolution
HGV
LV
Total
106.4
119.1
116.9
CONSTRUCTION /
CAPEX
TENDER OPERATION
RAMP UP
49
PPP life cycle
Eiffage
Tender submission 5% - 10% Equity
90% - 95% Debt
Construction contract
Maintenance contract
Sale of equity
Preservation of O&M contract
Debt deconsolidation
Financial investor
Length
in years1 3 to 6 1 to 2 15 to 20
Value Financial
structuring
PPP contracts
signing
OPERATION
Assets in concession
50
Project Type CountryEnd of
concessionStatus % Shares Consolidation method
APRR & AREA Toll Concession FR 2035/2036 Operational 50% + 1 Full consolidation
Millau viaduct Toll Concession FR 2079 Operational 51.0% Full consolidation
A65 – A’liénor Toll Concession FR 2067 Operational 65.0% Full consolidation
A41 - Adélac Toll Concession FR 2060 Operational 49.9% Equity method
Prado South Tunnel Toll Concession FR 2054 Operational 41.5% Equity method
Prado Carénage Tunnel Toll Concession FR 2025 Operational 32.9% Equity method
Autoroute de l’Avenir Toll Concession SEN 2040 Operational 100.0% Full consolidation
Bretagne-Pays de la Loire HSRL PPP Railway FR 2036 Operational 100.0% Full consolidation
Grande Arche refurbishment PPP FR 2034 Operational 100.0% Full consolidation
Pierre Mauroy stadium and dependencies PPP FR 2043 Operational 100.0% Full consolidation
Nancy university PPP FR 2043 Under construction 100.0% Full consolidation
Metz university PPP FR 2042 Operational 100.0% Full consolidation
Lille university PPP FR 2041 Operational 100.0% Full consolidation
Aix-en-Provence university PPP FR 2042 Operational 100.0% Full consolidation
Kreis Lippe road network PPP AL 2033 Operational 100.0% Full consolidation
Le Plessis-Robinson (92) covered market PPP FR 2030 Operational 100.0% Full consolidation
Var colleges PPP FR 2043 Operational 100.0% Full consolidation
A94 PPP AL 2046 Under construction 33.3% Equity method
Grenoble university PPP FR 2041 Operational 19.9% Not consolidated
Prisons Lot 1 PPP FR 2037 Operational 19.9% Not consolidated
Région Centre high school CPE FR 2025 Operational 19.0% Not consolidated
Marche-en-Famenne prison PPP BEL 2038 Operational 18.4% Not consolidated
Ten Merina Solar Plant SEN 2042 Under construction 15.0% Not consolidated
Jean-Zay Lorraine high school PPP FR 2034 Operational 15.0% Not consolidated
Seine-St-Denis colleges lots 1 & 3 PPP FR 2034 Operational 15.0% Not consolidated
Amiens’ Aquatic center Concession FR 2042 Under construction 15.0% Not consolidated
Brittany university PPP FR 2038 Operational 10.0% Not consolidated
Huatacondo Solar Plant CHILE 2047 Under construction 10.0% Not consolidated
Assets in concessionCarrying value of assets held under concession (€M)* 30/06/2017 31/12/2017 30/06/2018
APRR & AREA 10,147 10,036 9,900
A65 – A’liénor 987 982 977
A41 - Adélac 73 73 72
Millau viaduct 358 359 357
Prado Carénage Tunnel 22 25 24
Prado South Tunnel 9 9 9
Autoroute de l’Avenir 101 101 101
HSR Bretagne-Pays de la Loire 1,130 1,112 1,096
Grande Arche refurbishment 183 177 175
Pierre Mauroy stadium and dependencies 307 354 361
Nancy university 29 39 28
Metz university 31 30 30
Lille university 39 38 36
Aix-en-Provence university 73 27 26
Le Plessis-Robinson (92) covered market 10 - -
Var colleges 53 71 73
Grenoble university 59 - -
Jean-Zay Lorraine high school 53 - -
Seine-St-Denis colleges lots 1 & 3 193 - -
Others concessions & PPP 107 64 63
National Police HQ - - -
Norscut - - -
LGV Perpignan-Figueras - - -
Total 13,964 13,497 13,328* Fully consolidated: 100% of asset/ Equity method: Group share
51
52
Revenue of the 1st semester (€M)
in €M
H1 2017 H1 2018
Variations
Actual structure
At constant scope of
consolidation and
exchange rates (lfl*)
CONSTRUCTION 1,764 1,835 +4.0% (0.5)%
Incl. property 332 369
INFRASTRUCTURES 2,152 2,476 +15.1% +10.9%
ENERGY SYSTEMS1,777 1,935 +8.9% + 6.0%
TOTAL CONTRACTING 5,693 6,246 +9.7% +6.0%
CONCESSIONS (exc. IFRIC 12) 1,296 1,399 +7.9% +8.4%
TOTAL GROUP (exc. IFRIC 12) 6,989 7,645 +9.4% +6.4%
Dont :
France 5,522 5,684 +2.9% +2.5%
International 1,467 1,961 +33.9% +20.5%
Europe excluding France 1,273 1,584 +24.4% +14.5%
Excluding Europe 194 377 + 94.3% +59.6%
Contracting revenue from Concessions (IFRIC 12) 175 128 n.s.
53
Revenue of the 2nd quarter
in €M H2 2017 H2 2018 Variations
CONSTRUCTION 968 1,036 +7.0%
Incl. property 200 195
INFRASTRUCTURES 1,216 1,459 +20.0%
ENERGY SYSTEMS 920 1,038 +12.8%
______________ ________________ ______________
TOTAL CONTRACTING 3,104 3,533 +13.8%
CONCESSIONS (exc. IFRIC 12) 684 733 +7.2%
TOTAL GROUP (exc. IFRIC 12) 3,788 4,266 +12.6%
Contracting revenue from Concessions (IFRIC 12) 108 86 n.s.
1,302 1,296
1,778 1,777
2,152 2,152
1,761 1,764
H1 2017 Published H1 2017 Restated
Concessions Energy Systems
Infrastructures Construction
6,993 6,989
54
H1 2017 published H1 2017 restated
M€ % CA M€ % CA
Construction 67 3.8% 64 3.6%
Infrastructures (39) (1.8)% (38) (1.8)%
Energy Systems 57 3.2% 57 3.2%
Sub-total Contracting 85 1.5% 83 1.5%
Concessions 652 50.1% 652 50.3%
Holding (10) (10)
Total Group 727 10.4% 725 10.4%
Revenue €M Operating profit
IFRS 15: Revenue and Operating profit at 30th June 2017
55
H1 2017 published H1 2017 restated
M€ % CA M€ % CA
Construction 153 4.1% 156 4.0%
Infrastructures 119 2.5% 119 2.5%
Energy Systems 158 4.2% 158 4.2%
Sub-total Contracting 430 3.5% 433 3.5%
Concessions 1,317 48.1% 1,317 48.3%
Holding (18) (18)
Total Group 1,729 11.5% 1,732 11.5 %
2,739 2,727
3,783 3,782
4,704 4,704
3,750 3,868
2017 published 2017 restated
Construction Infrastructures
Energy Systems Concessions
Revenue €M Operating profit
14,979 15,081
IFRS 15: Revenue and operating profit at 31st December
2017
56
Mds€H1 2017
published
H1 2017
restated
31/12/2017
published
31/12/17
restated
Real Estate - 0.6 - 0.7
Concessions - 1.1 - 1.1
IFRS 15 Impact – Order book
3.3 3.3
4.9 4.6
4.84.0
13.011.9
H1 2017 published H1 restated
Contracting order book (€bn)
Construction Infrastructures Energy Systems
Property development and concessions
order book (€bn)
2.9 2.9
5.0 4.9
4.9 4.3
12.912.1
31/12/17 published 31/12/17 restated
Xavier Ombrédanne
Phone: +33 (0)1 71 59 10 56
Register to receive press release at http://www.eiffage.com/press-releases
57
Investor relations contact and Agenda
Eiffage APRR
Quarterly information and turnover for the 3th quarter 2018 06.11.2018 18.10.2018
Quarterly information and turnover for the 4th quarter 2018 27.02.2019 ND
2018 annual results and analysts presentation 27.02.2019 27.02.2019
Quarterly information and turnover for the 1st quarter 2019 23.04.2019
General Meeting of shareholders 24.04.2019
Quarterly information and turnover for the 1st quarter 2019 14.05.2019
Quarterly information and turnover for the 2nd quarter 2019 23.07.2019
2019 half-year results and Analysts presentation 28.08.2019 28.08.2019
Quarterly information and turnover for the 3rd quarter 2019 06.11.2019 22.10.2019
Black out periods are starting 15 days before quarterly publications and 30 days before the annual and semi annual publications
58
Disclaimer
This presentation may contain forward-looking statements and information about the financial situation, operating
results, activities and development strategy of Eiffage. These statements and this information are based on
assumptions that may prove incorrect and that are subject to major risks and uncertainties. This information is
pertinent only on the day it was formulated. Eiffage assumes no responsibility to update this information or to revise
the statements on becoming privy to new information or because of future or other events taking place, subject to
applicable regulations in this matter. Additional information on factors that could influence the financial results of
Eiffage are contained in the document filed by the Group with the French financial markets supervisor (Autorité des
Marchés Financiers - AMF), which is available on the Group’s website www.eiffage.com or on request from the
company’s registered office.