Vinci SA · EURONEXT:DG

Vinci SA — Kepler Cheuvreux Reverse Roadshow Infrastructure Europe (May 2014)

57 slides from Vinci SA's conference presentation, May 19, 2014

  1. Slide 1: Kepler Cheuvreux Reverse Roadshow Infrastructure Europe

    Kepler Cheuvreux Reverse Roadshow Infrastructure Europe 19 May 2014

  2. Slide 2: VINCI

    VINCI “?

  3. Slide 3: 1st Quarter 2014 highlights

    1st Quarter 2014 highlights May 2014

  4. Slide 4: Disclaimer

    Disclaimer This presentation may contain forward-looking objectives and statements about VINCI’s financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors

  5. Slide 5: 1st quarter 2014 highlights

    1st quarter 2014 highlights A good beginning to the year Revenue growth +4.1% like-for-like Toll road traffic +2.1% Airport passenger traffic +6.4% Order book at 31 March 2014 € 31 bn 5

  6. Slide 6: 1st quarter 2014 consolidated revenue

    1st quarter 2014 consolidated revenue Δ∆ 13/12 Euros in millions Q1 2014 Q1 2013 Actual Like-for-like Concessions 1,311 1,177 +11.3% +2.8% VINCI Autoroutes 981 944 +4.0% +4.0% VINCI Concessions 329 233 +41.1% -0.7% Contracting 7,309 7,231 +1.1% +4.5% VINCI Energies 2,126 2,113 +0.6% +0.0% Eurovia 1,

  7. Slide 7: 1st quarter 2014 consolidated revenue growth

    1st quarter 2014 consolidated revenue Contracting Concessions Immobilier & eliminations +1.1% +11.3 % Scope Organic Scope Organic 8,623 & FX growth & FX growth 8,423 (2.6%) +4.5% +8.5% +2.8% -247 +325 +101 +33 -12 Revenue growth: +2.4% +200 m€ Q1 2013 Q1 2014 Euros in millions Change 14/13 Organic g

  8. Slide 8: VINCI Autoroutes traffic

    VINCI Autoroutes 120 LV HV Total Q1 2014 traffic: 115 110 105 LV: +2.2% 100 (84% of total traffic) 95 90 HG: +1.5% (16% of total traffic) 85 80 Change in total traffic over 12 trailing months (number of km travelled) Total: +2.1% 75 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

  9. Slide 9: VINCI Airports

    VINCI Airports A major actor in the airport sector ! 42.9 million passengers in 2013 (32.0 million at ANA) ! 23 airports: ! 3 in Cambodia ! 10 in France ! 10 in Portugal ! 8% stake in ADP Change in 2012 2013 2014 passenger traffic FY Q1 Q2 Q3 Q4 FY Q1 Cambodia +17.6% +21.0% +17.7% +16.9% +14.9% +17.7%

  10. Slide 10: Contracting order book

    Contracting order book Order book remains a very high level Good visibility over 2014 activity Breakdown by geographical area Breakdown by business line 29.4 30.7 29.4 30.7 +4% +4% 6.4 6.8 +6% 16.0 17.1 +7% 5.8 6.2 +8% 7.8 8.4 +8% 17.3 17.7 +3% 5.6 5.2 -6% Dec 13 Mar 14 Dec 13 Mar 14 France HSR Tour

  11. Slide 11: Financial policy

    Financial policy Optimise average gross debt maturity Diversify financing sources 2014-2020 maturity schedule (in € bn): ! Gross debt by lender category: 2.6 Bonds 11% 2.1 1.9 Banks 1.6 1.6 19% 1.4 CNA 0.9 63% EIB 7% H2 Q2 2014 2015 2016 2017 2018 2019 2020 Optimise financing cost 5.7 years: average g

  12. Slide 12: 2014 outlook

    2014 outlook Revenue: stable on a constant structure basis ! Concessions: continuation of positive 2013 traffic trends at VINCI Autoroutes and VINCI Airports ! Contracting: ! good visibility thanks to high level of order book ! SEA: significant revenue contribution, similar to that of 2013 ! business e

  13. Slide 13: Strategic priorities

    Strategic priorities VINCI’s priorities for sustainable, profitable growth Extract more value from our current Complete sale of stake in VINCI Park positions P Complete motorway stimulus plan P Cristallise value of VINCI Park P Restructure sub-par country-sector P Build resources for Group expansion

  14. Slide 14: Appendixes

    Appendixes Structure and shareholder base Business line profiles Financial data

  15. Slide 15: Structure and shareholder base

    Structure and shareholder base

  16. Slide 16: Simplified group structure

    Simplified group structure 2013 190,700 employees Revenue: €40.3bn Operations in more than 100 Of which 38% outside France countries Net income: €2.0bn Concessions Contracting 2013 revenue: €4.6bn €1.0bn €16.8bn €8.6bn €9.2bn Headcount: 7,641 10,626 68,881 40,178 62,619 16

  17. Slide 17: Shareholder base at 31 December 2013

    Shareholder base at 31 December 2013 France 17.0% Individual investors United Kingdom 8.1% 9.2% 15.4% Employees Institutional Rest of Europe investors 9.5% 68.7% 5.2% Qatari Diar United States 23.4% 7.4% 4.8% Treasury shares Rest of World ! Over 500 institutional investors ! Approximately 205,000 in

  18. Slide 18: Business line profiles

    VINCI “? Business line profiles

  19. Slide 19: Concessions

    VINCI “? Concessions

  20. Slide 20: VINCI Autoroutes

    VINCI “? VINCI a” AUTOROUTES

  21. Slide 21: Europe's leading motorway concession operator

    Europe’s leading motorway concession operator Key figures (€ in millions) 2013 2012 Δ∆ 13/12 Revenue 4,596 4,439 +3.5% EBITDA 3,533 3,087 +4.8% as % of revenue 70.3% 69.5% Net income 798 825 -3.4% Operating cash flow 1,849 1,744 +6.0% Investments in concessions (689) (1,046) 357 Net financial debt at y

  22. Slide 22: VINCI Autoroutes contractual framework of toll increases

    VINCI Autoroutes Contractual framework of toll increases ASF Escota Cofiroute* Arcour End of concession 2033 2027 2031 2070 Minimum annual toll increase until end of concession: 70% x i ** Current master plans 2012-2016 2012-2016 2010-2014 N/A - 2014 (light vehicles) *** +1.23% +0.73% +0.91% +2.9% 80

  23. Slide 23: VINCI Autoroutes current capex forecast

    VINCI Autoroutes Current capex forecast VINCI Autoroutes planned capex 2014 - 2018 Including the ASF and Escota 5-year plans (2012-2016) 1.2 0.8 € in billions 0.4 0.0 2013 2014 2015 2016 2017 2018 23

  24. Slide 24: VINCI Concessions

    VINCI “? CONCESSIONS VINCI a”

  25. Slide 25: VINCI Concessions key figures

    Key figures (€ in millions) 2013 2012 Δ∆ 13/12 2013 revenue by geographical area Revenue 1,020 915 +11.6% United Kingdom 5% France 610 618 -1.4% France 60% International 411 296 +38.6% Rest of Europe 21% EBITDA 310 285 +5.8% N. America 5% as % of revenue 29.5% 31.1% €1.0 bn Net income 137 59 +133.0%

  26. Slide 26: VINCI Park key figures

    Key figures (€ in millions) 2013 2012 Δ∆ 13/12 Revenue 607 615 -1.1% ! 1,762,000 spaces managed in 14 France 423 429 -1.2% countries (of which 1,311,000 outside France) International 183 186 -0.8% EBITDA 209 210 -0.6% ! 436,000 spaces under concession or as % of revenue 34.4% 34.2% freehold, represen

  27. Slide 27: VINCI Airports key figures

    Key figures (€ in millions) 2013 2012 Δ∆ 13/12 ! 42.9 million passengers in 2013 Revenue 315 167 +89.0% (32.0 million at ANA) France 99 89 +10.7% ! 23 airports: International 217 78 nm ! 3 in Cambodia EBITDA 102 59 +73.6% as % of revenue 32.5% 35.3% ! 10 in France Net income 151 27 nm ! 10 in Portuga

  28. Slide 28: ANA economic regulation

    ANA economic regulation " No reference to a regulated asset base No cap on ROCE ANA will benefit from " Non æronautical activities not regulated all upsides on: " Aeronautical price cap to evolve based on an inflation-linked* formula • traffic • non æronautical " ANA free to set the structure and amount

  29. Slide 29: ANA economic regulation – Lisbon airport

    ANA economic regulation – Lisbon airport New regulation/ price cap increase to " No excessive tariff increase Trigger for expected discussions on NLA Yes compensate for with grantor: capex Traffic = 22m pax Agreement on NLA? 2013 No Compensation: " Guaranteed minimum IRR on capital estimated 4-year inv

  30. Slide 30: VINCI Airports concessions

    End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation* VINCI Airports Cambodia Airport Phnom Penh Concession 2013: Airport Siem Reap Concession 5,077 KPAX 2040 70 % Yes FC Airport Sihanoukville Concession France Airport Clermont-Ferrand Auvergne DSP (2013: 426 KPAX)

  31. Slide 31: Other infrastructures conceded or operated in PPPs

    Other infrastructures conceded or operated in PPPs End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation* Road and rail infrastructures Germany Motorway A4 Horselberg 45 km 2037 50% yes EM UK Road Hounslow PFI 432 km roads; 763 km sidewalks 2037 50% no EM UK Road Isl

  32. Slide 32: Other infrastructures conceded or operated in PPPs

    Other infrastructures conceded or operated in PPPs End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation* Rail infrastructures France Rail RhônExpress 23 km light rail system, Lyon 2038 35% yes EM Liefkenshœk, Belgium Tunnel Rail tunnel under the Escaut 2050 28% no E

  33. Slide 33: Infrastructures conceded or in PPPs under development

    Infrastructures conceded or in PPPs under development End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation* Ground-train France Rail GSM-Rail communication system on 2025 30% no EM 14,000 km of track Operation and Bus TCSP Martinique maintenance of bus route 2035 10

  34. Slide 34: Contracting

    VINCI “? Contracting

  35. Slide 35: Contracting profile

    Contracting Profile Key figures (€ in millions) 2013 2012 Δ∆ 13/12 2013 revenue by geographical area Germany 7% Revenue 34,636 33,090 +4.7% UK 7% France 19,806 19,054 +3.9% France 57% CEE 5% International 14,830 14,036 +5.7% RoE 9% EBIT 1,427 1,412 +1.1% €34.6 bn as % of revenue 4.1% 4.3% Africa 5% Ne

  36. Slide 36: VINCI Energies key figures

    Key figures (€ in millions) 2012 2012 Δ∆ 13/12 2013 revenue by geographical area Revenue 9,248 9,017 +2.6% Germany 18% France 5,455 5,486 -0.6% France 59% Switzerland 4% International 3,793 3,531 +7.4% Belgium 4% EBIT 517 502 +3.0% Netherlands 2% €9.2 bn as % of revenue 5.6% 5.6% RoE 7% Net income 31

  37. Slide 37: Eurovia key figures

    Key figures (€ in millions) 2013 2012 Δ∆ 13/12 2013 revenue by geographical area Revenue 8,613 8,747 -1.5% Germany 10% France 5,229 5,159 +1.4% UK 6% International 3,384 3,588 -5.7% CEE 11% France 61% EBIT 230 278 -17.6% €8.6 bn RoE 1% as % of revenue 2.7% 3.2% Canada 6% Net income 121 168 -27.9% Res

  38. Slide 38: VINCI Construction key figures

    Key figures (€ in millions) 2013 2012 Δ∆ 13/12 2013 revenue by geographical area Revenue 16,775 15,327 +9.4% UK 11% France 9,122 8,410 +8.5% Belgium 4% France 54% International 7,653 6,917 +10.6% RoE 9% EBIT 680 631 +7.9% €16.8 bn as % of revenue 4.1% 4.1% Africa 9% Net income 524 421 +24.5% Net finan

  39. Slide 39: Detailed consolidated financial statements

    Detailed consolidated financial statements

  40. Slide 40: Income statement

    Income statement (in € millions) 2013 2012 Δ∆ 13/12 Operating income from ordinary activities 3,670 3,679 (0.3%) % of revenue 9.1% 9.5% - share-based payment expense (IFRS 2) (86) (94) - recurring operating income of equity-accounted cos. 95 82 - other recurring operating items (2) 5 Recurring opera

  41. Slide 41: Consolidated revenue

    Consolidated revenue Δ∆ 13/12 € in millions 2013 2012 Actual Comparable Concessions 5,616 5,354 +4.9 % +3.1 % VINCI Autoroutes 4,596 4,439 +3.5 % +3.6 % VINCI Concessions 1,020 915 +11.6 % +0.9 % Contracting 34,636 33,090 +4.7 % +3.9 % VINCI Energies 9,248 9,017 +2.6 % (1.5 %) Eurovia 8,613 8,747 (1

  42. Slide 42: Consolidated revenue – France

    Consolidated revenue – France Δ∆ 13/12 € in millions 2013 2012 Actual Comparable Concessions 5,191 5,043 +2.9 % +2.9 % VINCI Autoroutes 4,581 4,425 +3.5 % +3.5 % VINCI Concessions 610 618 (1.4 %) (1.4 %) Contracting 19,806 19,054 +3.9 % +3.5 % VINCI Energies 5,455 5,486 (0.6 %) (1.2 %) Eurovia 5,229

  43. Slide 43: Consolidated revenue – international

    Consolidated revenue – international Δ∆ 13/12 € in millions 2013 2012 Actual Comparable Concessions 426 311 +37.1 % +6.9 % VINCI Autoroutes 15 14 +6.3 % +16.5 % VINCI Concessions 411 296 +38.6 % +6.4 % Contracting 14,830 14,036 +5.7 % +4.3 % VINCI Energies 3,793 3,531 +7.4 % (1.8 %) Eurovia 3,384 3,

  44. Slide 44: Operating income from ordinary activities

    Operating income from ordinary activities (in € millions and as % of revenue) CONCESSIONS CONTRACTING €2,155 mn €1,427 mn Margin: 38.4% Margin: 4.1% VINCI VINCI VINCI VINCI Autoroutes Concessions Energies Eurovia Construction 2,015 2,031 631 680 502 517 45.4% 44.2% 278 139 124 230 4.1% 4.1% 5.6% 5.6

  45. Slide 45: EBIT by business line

    EBIT - operating income from ordinary activities by business line % of % of € in millions 2013 2012 Δ∆ 13/12 revenue* revenue* Concessions 2,155 38.4 % 2,155 40.2 % 0.0 % VINCI Autoroutes 2,031 44.2 % 2,015 45.4 % +0.8 % VINCI Concessions 124 12.2 % 139 15.2 % (10.7 %) Contracting 1,427 4.1 % 1,412

  46. Slide 46: Financial income/(expense)

    Financial income/(expense) € in millions 2013 2012 Δ∆ 13/12 Cost of net financial debt (598) (638) 39 Concessions (628) (668) 40 Contracting (2) 14 (16) Holding companies and misc. 32 17 15 Other financial income and expenses (52) (32) (20) Capitalised borrowing costs for investments in progress 21 71

  47. Slide 47: Net income attributable to owners of the parent by business line

    Net income attributable to owners of the parent by business line % of % of € in millions 2013 2012 Δ∆ 13/12 revenue* revenue* Concessions 934 16.6 % 884 16.5 % +5.7 % VINCI Autoroutes 798 17.4 % 825 18.6 % (3.4 %) VINCI Concessions 137 13.4 % 59 6.4 % +133.0 % Contracting 963 2.8 % 914 2.8 % +5.3 %

  48. Slide 48: EBITDA

    EBITDA* % of % of € in millions 2013 2012 Δ∆ 13/12 revenue** revenue** Concessions 3,533 62.9 % 3,372 63.0 % +4.8 % VINCI Autoroutes 3,231 70.3 % 3,087 69.5 % +4.7 % ASF/Escota 2,316 70.0% 2,207 69.1% +5.0 % Cofiroute 886 71.4% 856 70.8% +3.5 % VINCI Concessions 301 29.5 % 285 31.1 % +5.8 % Contracti

  49. Slide 49: Cash flow statement (1/2)

    Cash flow statement (1/2) € in millions 2013 Concessions Contracting 2012 EBITDA* 5,596 3,533 1,898 5,418 Change in WCR and current provisions 6 74 (49) (37) Income taxes paid (1,408) (825) (522) (979) Net interest paid (605) (657) (44) (595) Dividends received from companies accounted for under the

  50. Slide 50: Operating investments, net

    Operating investments, net € in millions 2013 2012 Δ∆ 13/12 Concessions 64 58 +6 VINCI Autoroutes 25 30 (5) VINCI Concessions 39 27 +11 Contracting 712 809 (98) VINCI Energies 108 95 +13 Eurovia 218 258 (40) VINCI Construction 385 457 (71) VINCI Immobilier and holdings 1 4 (3) Purchases of PP&E and

  51. Slide 51: Growth investments in concessions and PPPs

    Growth investments in concessions and PPPs € in millions 2013 2012 Δ∆ 13/12 Concessions 764 1 125 (361) VINCI Autoroutes 689 1 046 (357) O/w : ASF / Escota 553 861 (308) Cofiroute 132 182 (50) VINCI Concessions 75 79 (4) Contracting 39 14 24 Growth investments in concessions and PPPs (net) 803 1 140

  52. Slide 52: Cash flow statement (2/2)

    Cash flow statement (2/2) € in millions 2013 2012 Free cash flow (after investments) 2 180 1 983 Net financial investments (3 220) (700)* Other financial cash flows (95) (50) Cash flow before movements in share capital (1 135) 1 233 Share capital increases and other operations 783 340 Dividends (1 072) (1

  53. Slide 53: Consolidated balance sheet

    Consolidated balance sheet (in € millions) 31 Dec. 2013 31 Dec. 2012 Non-current assets – Concessions 29,554 26,459 15.0% Non-current assets – Contracting and ROE 8,434 8,848 (return on equity) other WCR, current provisions and other current (6,619) (6,699) assets & liabilities Capital employed 31,3

  54. Slide 54: Net financial debt by entity

    Net financial debt by entity Net financial Net financial (in € millions) 2013 debt/EBITDA 2012 debt/EBITDA Δ∆ 13/12 Concessions (20,010) 5.7x (18,058) 5.4x (1,952) VINCI Autoroutes (15,387) 4.8x (16,617) 5.4x 1,229 VINCI Concessions (4,622) 15.3x (1,441) 5.1x (3,181) Contracting 2,129 - 2,095 - 34 Hold

  55. Slide 55: Change in net financial debt in 2013

    Change in net financial debt in 2013 (in € billions) Share buy- Capital backs increases & (0.2) misc. 0.8* EBITDA Investments (14.1) (12.5) 5.6 (1.5) Interest & 1.9 Dividends taxes paid (1.1)* (2.0) (0.7) 3.5 (0.8) Δ∆ WCR (0.6) Acquisitions (0.0) (1.4) (3.3) 0.2 Free cash flow: €2.2 bn 2012: €2.0 bn C

  56. Slide 56: Maturity of gross financial debt

    Maturity of gross financial debt ! Average maturity of gross financial debt at end March 2014: 5.7 years (Concessions: 6.1 years) 3 000 Repayment schedule 2 500 at end March 2014 2 000 1 500 1 000 500 0 2Q 14 2H 14 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 > 2028 ASF Cofirou

  57. Slide 57: IR Contacts

    IR Contacts CONTACTS G. Christopher Welton [email protected] Tel: +33 1 47 16 45 07 Thomas Guillois [email protected] Tel: +33 1 47 16 33 46 57

Vinci — Kepler Cheuvreux Reverse Roadshow Infrastructure Europe (May 2014) on 6ix