Vinci SA · EURONEXT:DG
Vinci SA — FY2012 Earnings Presentation
77 slides from Vinci SA's earnings presentation, Feb 6, 2013
Slide 1: 2012 annual results
2012 annual results Analyst meeting - 6 February 2013
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about VINCI’s financial situation, operating results, business activities and growth strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors th
Slide 3: Our thoughts are with them!
Thierry Dol, Marc Feret and Pierre Legrand, our colleagues from Sogea-Satom (VINCI Construction), along with Daniel Larribe, an employee of Areva, were taken hostage in Niger on 16 September 2010 Our thoughts are with them!
Slide 4: Contents
Contents 1. 2012 highlights 2. 2012 financial data 3. Outlook 4
Slide 5: 2012 highlights
2012 highlights Xavier Huillard - Chairman and CEO
Slide 6: 2012 highlights
2012 highlights Solid performance in a difficult economic climate, particularly in Europe +4.5% Revenue PGrowth in revenue and income PStrong cash flow generation +1.6% PStable net debt Earnings per share PHigh level of liquidity maintained Dynamic, targeted external growth in line with the Group’s str
Slide 7: 2012 key figures
2012 key figures € in millions 2012 2011 Δ∆ 12/11 Revenue * 38,634 36,956 +4.5 % Cash flow from operations (EBITDA) 5,418 5,366 +1.0 % % of revenue 14.0 % 14.5 % Operating income from ordinary activities (EBIT) 3,671 3,660 +0.3 % % of revenue 9.5 % 9.9 % Net income attributable to owners of the parent
Slide 8: Consolidated revenue
Consolidated revenue Contracting Concessions Real Estate Devt. and eliminations +5.1% +1.1% Consolidation Organic scope & exchange growth 38,634 rates 36,956 +57 +26 +1.5% +3.6% +490 +1,105 Revenue growth: +4.5% +€1,678m 2011 € in millions 2012 Change in 12/11 change Organic growth Consolidation sco
Slide 9: Revenue by geographical area
Revenue by geographical area Resilience in France, growth in most other areas France +3.2% 63% Eastern Europe -20% Western 5% Europe +8% (excl. France) Asia/Middle East/ 19% Oceania +32% Americas +43% 4% 5% Africa stable 4% X% Contribution to 2012 revenue +X% 2012/2011 change 9
Slide 10: Operating margins
Operating margins (as % of revenue and in € millions) VINCI Autoroutes Contracting EBITDA*/revenue: EBIT**/revenue: 69.5% versus 69.4% in 2011 4.2% versus 4.6% in 2011 Good control over operating expenses Impact of non-recurring items 3,058 3,087 630 625 483 502 69.4% 69.5% 322 4.5% 4.1% 277 5.6% 5.
Slide 11: VINCI Autoroutes
VINCI Autoroutes Total traffic: Revenue: Investments: A86 Duplex traffic: -1.7% +0.6% €1.1 bn +20% over 12 mos. over 12 mos. in 2012 23,786 vehicles/weekday on average in 2012 Change in total traffic over 12 rolling months (number of km travelled) Light vehicles -1.4% in 2012 Total traffic -1.7% in 2012 Hea
Slide 12: Concessions: good trend in France and abroad
Good trend in France and abroad Concessions " VINCI Airports: traffic +12% 2012 revenue: €167 m Open day on the A89 on 15 December 2012 " VINCI Autoroutes: completion of the A89 (Lyon-Balbigny) " LGV Tours-Bordeaux: project ramp-up 2012 project revenue: €0.6 bn (€0.2 bn in 2011) " Commercial successes
Slide 13: Contracting: good trend in France and abroad
Good trend in France and abroad Contracting " 2012 order intake: €32.7bn * " +1.1% relative to 2011 on a constant structure basis and excluding Tours-Bordeaux HSR UK: road maintenance contracts (Hertfordshire, France: Jussieu university campus (Paris), RTE Hounslow, Isle of Wight), pier 1 transforma
Slide 14: 2012 financial data
2012 financial data Christian Labeyrie - Executive Vice-President and CFO
Slide 15: Income statement (1/2)
Income statement (1/2) € in millions 2012 2011 Δ∆ 12/11 Revenue * 38,634 36,956 +4.5 % Cash flow from operations (EBITDA) 5,418 5,366 +1.0 % % of revenue 14.0 % 14.5 % Operating income from ordinary activities (EBIT) 3,671 3,660 +0.3 % % of revenue 9.5 % 9.9 % Operating income 3,651 3,601 +1.4 % % of
Slide 16: Income statement (2/2)
Income statement (2/2) € in millions 2012 2011 Δ∆ 12/11 Operating income 3,651 3,601 +1.4 % Financial income/(expense) (657) (621) Income tax expense (969) (984) Effective tax rate 33.3 % 33.6 % Non-controlling interests (109) (92) Net income attributable to owners of 1,917 1,904 +0.7 % the parent %
Slide 17: Financial income/(expense)
Financial income/(expense) € in millions 2012 2011 Δ∆ 12/11 Cost of net financial debt (638) (647) 9 Concessions (668) (719) 51 Contracting 14 14 0 Holding companies and misc. 17 58 (41) Other financial income and expenses (19) 25 (44) Capitalised borrowing costs for investments in progress 71 61 10 D
Slide 18: Reduction of net financial debt in 2012
Reduction of net financial debt in 2012: -€63m € in billions Share Capital increase buybacks and misc. EBITDA (0.6) 0.5 (12.6) 5.4 Concessions (12.5) investments Interest and (1.1) taxes paid (1.6) Dividends Δ∆ WCR Acquisitions (1.1) (0.0) (0.7) Operating investments (0.7) Free cash flow: €2.0 bn 2011
Slide 19: Consolidated balance sheet
Consolidated balance sheet € in millions 31 Dec. 2012 31 Dec. 2011 Non-current assets – concessions 26,459 26,590 14.9% Non-current assets – contracting and other 8,921 8,226 ROE (return on equity) WCR and current provisions (6,697) (6,817) Capital employed 28,683 27,999 Equity (14,070) (13,615) 9.0
Slide 20: Net financial debt by entity
Net financial debt by entity Net Net financial financial debt/ debt/ € in millions 2012 EBITDA* 2011 EBITDA* Δ∆ 12/11 Concessions (18,058) 5.4x (18,895) 5.6x 838 VINCI Autoroutes (16,617) 5.4x (17,157) 5.6x 540 VINCI Concessions (1,441) 5.1 x (1,738) 5.6x 298 Contracting 2,095 - 2,914 - (819) Holding c
Slide 21: Success of financing operations in 2012
Success of financing operations in 2012 > €1.5 bn €1.8 bn Bonds issued in 2012 Renewal of ASF credit facility by VINCI, ASF and CFE in July 2012 (maturity 2017) BBB+ Baa1 S&P Moody’s - Stable outlook - Credit ratings confirmed and unchanged since 2002 €11.5 bn Approx. €350 m Liquidity at 31 December 2
Slide 22: Financial debt management
Financial debt management Optimise average maturity of gross debt 2013-2019 maturity schedule (in € bn): 2.7 2.1 1.4 1.4 1.6 6.1 years 0.9 0.9 Average maturity of gross financial H2 debt at end 2012 H1 2013 2014 2015 2016 2017 2018 2019 Optimise cost of financing Diversify sources of financing " Reduct
Slide 23: Outlook
Outlook Xavier Huillard - Chairman and CEO
Slide 24: 2013 outlook: a tough economic environment
2013 outlook: a tough economic environment Change in GDP in 2013 Construction market in Europe (OECD forecast) (Euroconstruct forecast) France Eurozone +1.1% +0.3% -1.5% -0.1% 2013 2014 2013 French construction market forecast French local government financing Building Civil works " Creation of Publi
Slide 25: VINCI Autoroutes 2013 outlook
VINCI Autoroutes 2013 traffic " Weak economic growth " Low visibility on 2013 stable network traffic " Opening of A89 extension (Lyon–Balbigny) Robust economic model " Firm control over operating expenses " Average toll increase on 1 Feb. 2013: close to 2% " Finalisation of 5-year plans (2012-2016) at A
Slide 26: Contracting - order book at high level
Contracting - order book at high level €31.3 bn at 31 December 2012, of which approx. 2/3 to be executed in 2013 Good visibility on activity level € in billions Development of International Breakdown by business line No. of months Activity 12/11 change of average 12/11 change business activity 30.6
Slide 27: Contracting - Tours–Bordeaux high-speed rail line
Contracting - Tours–Bordeaux high-speed rail line Work level to reach maximum intensity in 2013 Project Revenue 2011 €0.2 bn 2012 €0.6 bn Forecast project revenue 2013 ~ €1.3 bn 2014 ~ €1.3 bn >2014 ~ €0.8 bn Buffer against the effects of a possible downturn in France’s public works market Path of the
Slide 28: Contracting – Large projects
Contracting – Large projects A very strong pipeline of large projects, especially outside of France Americas Europe East End River Crossing (USA) P ITER Tokamak (France) P Atlantic Bridge (Panama) P Rennes Métro (France) Rocade L2 (France) JWSIP cat. B water supply (Jamaica) P Tirana water treatment
Slide 29: Concessions - Acquisition of ANA in Portugal
Concessions - Acquisition of ANA in Portugal A major step in VINCI’s growth strategy for the airport sector PAn acquisition that fits perfectly with VINCI’s strategy Archipelago of the Azores Porto Flores PA high quality asset with strong growth Horta Ponta Delgada potential Santa Maria Lisbon P50 ye
Slide 30: High quality asset with strong growth potential
A high quality asset with strong growth potential A 50-year concession Resilient, diversified traffic Exposure to emerging economies 2002–2011 traffic growth: Lisbon: strategically located hub in Europe for Brazil (25% market share), South America (15% market CAGR 02/11: + 4.6% share) and Portuguese-spea
Slide 31: Transaction financing
Transaction financing Initial payment of €100m on signature of the Price of ANA equity €1.2 bn SPA (sale and purchase agreement) Balance due at closing Concession fee – 1st tranche €0.8 bn €0.8 bn paid by ANA on signature of the concession contract in December 2012 €0.4 bn paid by ANA at finan
Slide 32: Acquisition of ANA fits VINCI's strategy
The acquisition of ANA fits perfectly with VINCI’s strategy 2012 2012 pro forma 13 airports 23 airports 9.6 million PAX Emergence of a ~ 40 million PAX substantial airports Revenue: €167m Revenue: ~ €600m division EBITDA: €64m EBITDA: ~ €270m Concessions 6% 13 % business: Accelerated international Re
Slide 33: Strategic priorities
Strategic priorities In a challenging economic environment, especially in Europe: Strict management Reinforcement of synergies Alignment of cost base with anticipated Optimisation of offers through synergies of activity level Group expertises Margin discipline reinforced selectivity of Encour
Slide 34: 2013 outlook
Outlook 2013 outlook P High level of the Contracting order book P Ramp-up of Tours-Bordeaux HSR P FY impact of 2012 acquisitions Revenue O Slowdown of 4th quarter 2012 order intake O Low visibility on motorway traffic trends Stable revenue probable Excluding ANA or other potential M&A transactions 34
Slide 35: Shareholder base at December 2012
Shareholder base at 31 December 2012 Rest of the world Individual investors United Kingdom 3.3% 7.1% 10.9% North America 18.7% Employees 9.9% Institutional Qatari Diar investors 5.5% 65.2% Rest of Europe 1.4% Artémis* 18.5% 7.1% 17.6% Treasury shares France " Over 500 institutional investors " Almos
Slide 36: Dividend
Dividend 2012 Dividend: €1.77 per share* " Interim dividend of €0.55 per share paid on 15 Nov. 2012 4.9% 2012 dividend " Final dividend: €1.22 per share yield** " 23 April 2013: ex-date " 22 May 2013: payment date Shareholder option: cash or scrip dividend (scrip share price: average opening share p
Slide 37: The conditions for success for VINCI
The conditions for success for VINCI We believe in the virtues of business integrity in the interests of all the stakeholders of our projects We acknowledge our social responsibility as an employer as well as our commitment to civic engagement and to help people into work. We have enshrined these pr
Slide 38: Thank you for your attention
Thank you for your attention
Slide 39: Appendixes
Appendixes Structure Business line profiles Financial data
Slide 40: Structure
VINCI “ Structure
Slide 41: Simplified Organisation Chart
Simplified Organisation Chart 2012 Revenue | Net income * (€ in millions) 38,634 | 1,917 CONCESSIONS CONTRACTING 5,354 | 886 33,090| 915 4,439 | 827 915| 59 9,017| 327 8,747 | 167 15,327 | 421 Workforce at 31 December 2012 (>192,700 employees) 8,015 7,435 64,005 41,193 71,324 * After tax; attributabl
Slide 42: 2012 revenue by market and expertise
2012 revenue by market and expertise 2012 Revenue by: Market Expertise Of which: - France: ~20% - International: ~15% 7% 12% 3% 21% 35% 19% 10% 5% 12% 5% 31% 5% 3% 21% 13% Motorways Other Conc. (Car parks, Airports) Energy - Electric Energy - Other IT Road work Quarries & Other Residential Building
Slide 43: Business line profiles
VINCI “ Business line profiles
Slide 44: Concessions
Concessions
Slide 45: VINCI Autoroutes
VINCI “ VINCI oo AUTOROUTES
Slide 46: VINCI Autoroutes: resilience and visibility
VINCI Autoroutes Resilience and visibility " Europe’s biggest motorway network " 4,385 km under concession " of which 4,363 km in service A86 ASF Escota Cofiroute * Arcour Duplex Network under 2,714 459 1,100 101 11 concession (km) Km in service 2,692 459 1,100 101 11 End of concession 2033 2027 2031
Slide 47: VINCI Autoroutes 2012 key figures
VINCI Autoroutes* 2012 Key figures € in millions 2012 2011 Revenue 4,439 4,409 EBITDA 3,087 3,058 as % of revenue 69.5% 69.4% Operating income from ordinary activities 2,019 2,018 as % of revenue 45.5% 45.8% Operating cash flow** 1,744 1,688 Investments in concessions (1,046) (1,017) Net financial debt
Slide 48: 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 - 2013 (light vehicles) *** +2.24% +1.74% +1.91% +5.50% 8
Slide 49: VINCI Autoroutes: transparent and robust legal framework
VINCI Autoroutes Transparent and robust legal framework " Concessions contracts and their riders define the general framework and the concession company’s missions: " To finance, design and build infrastructure under concession and associated facilities " To meet delivery dates for sections under conc
Slide 50: VINCI Autoroutes 2012 toll revenue: +0.6%
VINCI Autoroutes 2012 toll revenue: +0.6% Y/Y-1 change Q1 Q2 Q3 Q4 2012 Traffic on a stable network -1.3% -2.4% -1.0% -2.2% -1.7% of which: Light vehicles -1.2% -2.0% -0.6% -2.1% -1.4% Heavy vehicles -2.1% -4.7% -4.6% -2.6% -3.5% New sections +0.3% +0.2% +0.1% +0.1% +0.2% Toll prices and other effects
Slide 51: VINCI Concessions
VINCI “ VINCI “? CONCESSIONS
Slide 52: VINCI Concessions: 2012 revenue by geographical area
2012 revenue by geographical area Key figures (€ in millions) 2012 2011 Δ∆ 12/11 Revenue 915 888 +3.1% United Kingdom 6% France 618 602 +2.7% France 68% International 296 285 +3.8% Rest of Europe 12% EBITDA 285 308 (7.5%) as % of revenue 31.1% 34.7% N. America 6% Net income Group share 59 32 +84.4% A
Slide 53: VINCI Park key figures
Key figures* (€ in millions) 2012 2011 Δ∆ 12/11 Revenue 615 599 +2.6% " 1,513,000 spaces managed (of which - France 429 422 +1.5% 1,063,000 outside France) in 12 countries - International 186 177 +5.3% Op. inc. from ordinary activities 114 107 +6.1% " 360,000 spaces under concession or as % of revenu
Slide 54: VINCI Airports
End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation1 VINCI Airports Cambodia Airport Phnom Penh Concession 2012: Airport Siem Reap Concession 4,313 KPAX 2040 70 % Yes FC Airport Sihanoukville Concession France Airport Chambéry-Savoie DSP (2012: 228 KPAX) 2013 99 %
Slide 55: Other concessions & PPPs in service
Other concessions & PPPs in service End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation1 France Stadium Stade de France 80,000 seats 2025 67% yes FC Tunnel Prado Carénage Road tunnel, Marseille 2025 33% yes EM Energy Lucitea Public lighting, Rouen 2027 100% no FC R
Slide 56: Concessions & PPPs under development
Concessions & PPPs under development End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation1 Ground-train communication France Rail Synerail system on 14,000 km of track 2025 30% no EM Stadium Allianz Riveria 35,000 seats, Nice 2040 50% yes EM Stadium Dunkirk Arena 10
Slide 57: Contracting
Contracting
Slide 58: Contracting 2012 key figures
Contracting 2012 key figures 2012 VINCI VINCI € in millions Eurovia Contracting Energies Construction Revenue 33,090 9,017 8,747 15,327 France 19,054 5,486 5,159 8,410 International 14,036 3,531 3,588 6,917 EBITDA 1,875 532 467 876 as % of revenue 5.7% 5.9% 5.3% 5.7% Operating income from ordinary ac
Slide 59: Contracting: quarterly revenue comparison
Contracting Quarterly revenue comparison € in millions +7.6% +5.4% +2.5% 9,105 8,675 8,643 8,436 8,228 8,061 +4.7% 6,874 6,564 Q1 2011 Q1 2012 Q2 2011 Q2 2012 Q3 2011 Q3 2012 Q4 2011 Q4 2012 External growth & FX Organic growth Change 12/11 Q1 Q2 Q3 Q4 2012 Total 4.7% 2.5% 7.6% 5.4% 5.1% Organic grow
Slide 60: Contracting profile
Contracting Profile Key figures (€ in millions) 2012 2011 Δ∆ 12/11 2012 revenue by geographical area Germany 7% Revenue 33,090 31,495 +5.1% CEE 6% France 19,054 18,334 +3.9% France 58% UK 7% International 14,036 13,161 +6.6% Op. income from ordinary activities 1,403 1,435 (2.2%) RoE 8% as % of revenue
Slide 61: VINCI Energies: 2012 revenue by geographical area
Key figures (€ in millions) 2012 2011 Δ∆ 12/11 2012 revenue by geographical area Revenue 9,017 8,666 +4.0% Germany 16% France 5,486 5,507 (0.4%) France 61% Belgium 4% International 3,531 3,160 +11.7% Netherlands 2% Op. income from ordinary activities 502 483 +4.0% Europe – Other EU 7% as % of revenue
Slide 62: Eurovia: 2012 revenue by geographical area
Key figures (€ in millions) 2012 2011 Δ∆ 12/11 2012 revenue by geographical area Revenue 8,747 8,722 +0.3% Germany 10% France 5,159 5,098 +1.2% UK 4% International 3,588 3,624 (1.0%) CEE 12% France 59% Op. income from ordinary activities 277 322 (14.2%) RoE 2% as % of revenue 3.2% 3.7% Net income 167
Slide 63: VINCI Construction: 2012 revenue by geographical area
Key figures (€ in millions) 2012 2011 Δ∆ 12/11 2012 revenue by geographical area Revenue 15,327 14,107 +8.6% UK 12% France 8,410 7,729 +8.8% Belgium 5% France 55% International 6,917 6,378 +8.5% RoE 8% Op. income from ordinary activities 625 630 (0.9%) as % of revenue 4.1% 4.5% Africa 9% Net income 4
Slide 64: Detailed consolidated financial statements
Detailed consolidated financial statements
Slide 65: Consolidated revenue
Consolidated revenue Δ∆ 12/11 € in millions 2012 2011 Actual Comparable Concessions 5,354 5,297 +1.1% +0.9% VINCI Autoroutes 4,439 4,409 +0.7% +0.7% VINCI Concessions 915 888 +3.1% +1.8% Contracting 33,090 31,495 +5.1% +1.5% VINCI Energies 9,017 8,666 +4.0% +0.9% Eurovia 8,747 8,722 +0.3% (4.5%) VIN
Slide 66: Consolidated revenue – France
Consolidated revenue – France Δ∆ 12/11 € in millions 2012 2011 Actual Comparable Concessions 5,043 5,000 +0.9% +0.9% VINCI Autoroutes 4,425 4,397 +0.6% +0.6% VINCI Concessions 618 602 +2.7% +2.6% Contracting 19,054 18,334 +3.9% +3.7% VINCI Energies 5,486 5,507 (0.4%) (0.1%) Eurovia 5,159 5,098 +1.2%
Slide 67: Consolidated revenue – international
Consolidated revenue – international Δ∆ 12/11 € in millions 2012 2011 Actual Comparable Concessions 311 297 +4.5% +0.7% VINCI Autoroutes 14 12 +22.3% +14.3% VINCI Concessions 296 285 +3.8% +0.1% Contracting 14,036 13,161 +6.6% (1.4%) VINCI Energies 3,531 3,160 +11.7% +2.7% Eurovia 3,588 3,624 (1.0%)
Slide 68: 2012 revenue: geographic split
2012 revenue: geographic split Revenue growth in France and outside of Europe France % of 2012 revenue CEE 5% +3.2% vs 2011 France 63% €24.3 bn UK 6% Germany 6% 37% Europe ex-France RoE 7% Americas 5% +0.4% vs 2011 Africa 4% €9.3 bn RoW 4% International ex-Europe +21.5% vs 2011 €5.0 bn 68
Slide 69: EBIT by business line
EBIT - operating income from ordinary activities by business line % of % of € in millions 2012 2011 Δ∆ 12/11 revenue* revenue* Concessions 2,159 40.3% 2,149 40.6% +0.5% VINCI Autoroutes 2,019 45.5% 2,018 45.8% +0.1% VINCI Concessions 139 15.2% 130 14.7% +6.6% Contracting 1,403 4.2% 1,435 4.6% (2.2%)
Slide 70: 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 2012 2011 Δ∆ 12/11 revenue* revenue* Concessions 886 16.6% 852 16.1% +4.0% VINCI Autoroutes 827 18.6% 820 18.6% +0.9% VINCI Concessions 59 6.4% 32 3.6% +84.4% Contracting 915 2.8% 968 3.1% (5.4%) VINCI Energies
Slide 71: EBITDA by business line
EBITDA - cash flow from operations before tax and financing costs by business line % of % of € in millions 2012 2011 Δ∆ 12/11 revenue* revenue* Concessions 3,372 63.0% 3,366 63.6% +0.2% VINCI Autoroutes 3,087 69.5% 3,058 69.4% +1.0% ASF/Escota 2,207 69.1% 2,185 68.9% +1.0% Cofiroute 856 70.8% 848 70.6%
Slide 72: Operating investments, net
Operating investments, net € in millions 2012 2011 Δ∆ 12/11 Concessions 58 57 1 VINCI Autoroutes 30 26 4 VINCI Concessions 27 31 (4) Contracting 809 697 112 VINCI Energies 95 94 1 Eurovia 258 223 34 VINCI Construction 457 380 76 VINCI Immobilier et holdings 4 3 1 Purchases of PP&E and intangible ass
Slide 73: Growth investments in concessions and PPPs
Growth investments in concessions and PPPs € in millions 2012 2011 Δ∆ 12/11 Concessions 1,125 1,109 16 VINCI Autoroutes 1,046 1,017 29 ASF / Escota 861 841 20 Cofiroute 182 172 10 VINCI Concessions 79 91 (12) VINCI Park 46 49 (3) VINCI Airports 31 39 (8) Contracting 14 27 (12) Growth investments in c
Slide 74: Cash flow statement (1/2)
Cash flow statement (1/2) € in millions 2012 Concessions Contracting 2011 Cash flow from operations 5,418 3,372 1,875 5,366 Change in WCR (75) 35 (93) (47) Change in current provisions 38 2 53 140 Income taxes paid (979) (743) (394) (936) Net interest paid (595) (656) (25) (643) Dividends received fro
Slide 75: Cash flow statement (2/2)
Cash flow statement (2/2) € in millions 2012 2011 Free cash flow (after investments) 1,983 2,134 Net financial investments (700)* (172) Other financial cash flows (50) (96) Cash flow before movements in share capital 1 233 1,866 Share capital increases and other operations 340 359 Dividends (1,057) (1,036
Slide 76: Maturity of gross financial debt
Maturity of gross financial debt " Average maturity of gross financial debt at end December 2012: 6.1 years (Concessions: 6.2 years) Repayment schedule 3 000 at end December 2012 2 500 2 000 1 500 1 000 500 0 H1 '13 H2 '13 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 > 2028 AS
Slide 77: IR Contacts and Agenda
IR Contacts and Agenda CONTACTS AGENDA G. Christopher Welton 16 April 2013 [email protected] Shareholders’ general meeting Tel: +33 1 47 16 45 07 25 April 2013 1st quarter 2013 information press release Thomas Guillois [email protected] 22 May 2013 Tel: +33 1 47 16 33 46 Final div