Vinci SA · EURONEXT:DG
Vinci SA — FY2013 Earnings Presentation
77 slides from Vinci SA's earnings presentation, Feb 6, 2014
Slide 1: 2013 annual results
2013 annual results 6 February 2014
Slide 2: 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
Slide 3: Free!
Free! On 30 October 2013, Thierry Dol, Pierre Legrand and Marc Feret, our three colleagues from Sogea-Satom (VINCI Construction), along with Daniel Larribe, an Areva employee, returned to France after 1,139 days in captivity in the Sahel region
Slide 4: Contents
Contents 1. 2013 highlights 2. Financial data 3. Strategy and outlook 4
Slide 5: 2013 highlights
2013 highlights Xavier Huillard, Chairman and CEO
Slide 6: January 2013: VINCI Autoroutes opens A89 section
January 2013 VINCI Autoroutes opens Balbigny – La Tour de Salvagny section of the A89 (50 km), including 8 viaducts, 3 tunnels and 108 standard civil engineering structures 6
Slide 7: September 2013: Completion of acquisition of ANA
September 2013 Completion of acquisition of ANA, holder of the 50-year concession of Portugal’s 10 airports 7
Slide 8: VINCI Energies: Croix Rousse Tunnel upgrade
Septembre 2013 Finalisation de l’acquisition As part of the Croix Rousse Tunnel d’ANA, concessionnaire pour upgrade in Lyon, VINCI Energies installed 50 ans des 10 aéroports smart lighting equipment, CCTV, a fire portugais safety system as well as an information system covering all tunnels in Lyon 8
Slide 9: Eurovia: LGV Est phase 2
Septembre 2013 Finalisation de l’acquisition Eurovia Travaux Ferroviaires is d’ANA, concessionnaire pour working on phase 2 of the LGV 50 ans des 10 aéroports Est, the high-speed rail line portugais between Metz and Strasbourg in eastern France using an internally developed innovative track-laying t
Slide 10: VINCI Construction: Fondation Louis Vuitton
VINCI Construction Fondation Louis Vuitton Septembre 2013 Finalisation de l’acquisition d’ANA, concessionnaire pour VINCI 50 ansis desconstructing the 10 aéroports Fondation portugais Louis Vuitton in Paris, a true technological challenge 10
Slide 11: VINCI Construction: MuCEM
VINCI Construction MuCEM Septembre 2013 Finalisation de l’acquisition d’ANA, concessionnaire pour 50June ans2013des 10 aéroports portugais Opening of MuCEM, the Museum of European and Mediterranean Civilisations, built by VINCI Construction France 11
Slide 12: 2013 highlights
2013 highlights Robust business performance in a European environment that remains difficult A pivotal year for VINCI’s expansion in the airport sector Proactive management of the business portfolio 12
Slide 13: Robust economic performance, better than forecast
2013 highlights Robust economic performance, better than forecast Growth in revenue +4.4% Growth in EBITDA* +3.3% Stable recurring operating income +0.1% Growth in Group net income +2.3% * Cash flow from operations before taxes and net financing costs 13
Slide 14: Good operating performance
2013 highlights Good operating performance Concessions Contracting Improvement in traffic at Growth in order intake VINCI Autoroutes LV: +1.3 % +5.2% to €34.4 bn +1.1% HV: -0.2% (of which outside France: +7.6% ) Strong growth in VINCI Airports Tours–Bordeaux HSR: passenger traffic P >50% progress at en
Slide 15: Fast-track expansion in the airport sector
2013 highlights Fast-track expansion in the airport sector Completion of ANA acquisition in September 2013 P Integration on track Stake in ADP’s capital increased to 8% P VINCI represented on ADP’s Board of Directors New projects outside France under study P Greenfield and brownfield VINCI Airports
Slide 16: Proactive management of business portfolio
2013 highlights Proactive management of business portfolio Value created by CFE taking New industrial project for CFE 100% control of DEME Buy-out of non-controlling VINCI Autoroutes controls 100% interests in Cofiroute of Cofiroute Externalise VINCI Park’s value Launch of process to open up VINCI whi
Slide 17: VINCI Autoroutes: Traffic growth comes back
VINCI Autoroutes Traffic growth comes back Change in total traffic over 12 trailing months (number of km travelled) 120 LV HV Total Traffic in 2013: 115 110 105 LV: +1.3% 100 (87% of total traffic) 95 90 HV: -0.2% 85 (13% of total traffic) 80 75 Total: +1.1% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 18: VINCI Concessions: Continued expansion
VINCI Concessions Continued expansion " New commercial successes in France and abroad: P Dams on the Aisne and Meuse rivers (France) P Dunkirk Arena (France) P Ohio River Bridge (United States) P Extension of airport passenger terminals (Cambodia) P Preferred bidder for Comarnic–Brasov motorway
Slide 19: VINCI Energies: Holding up in a difficult environment
VINCI Energies Holding up in a difficult environment +2.6% " Business levels and order intake held up well despite slowdown in investment in service sector and industry in Revenue France " Continued international expansion: successful integration of of which GA Gruppe in Germany, acquisition of Mentor
Slide 20: Eurovia: Robust performance in France
Eurovia Robust performance in France, situations in Poland and Germany cleaned up Business levels/margin: robust performance in France despite -1.5% " difficult weather conditions in H1 Revenue " Successful restructuring in Poland and Germany of which Eurovia all set to improve its margins in these co
Slide 21: VINCI Construction: Very good performance
VINCI Construction Very good performance in France and abroad Strong growth in revenue both in France and abroad +9.4% " " Work on Tours–Bordeaux HSR at its peak Revenue " High order intake level of which +9.8% Order book at record high despite strong activity on constant in 2013 structure basis Con
Slide 22: 2013 financial data
2013 financial data Christian Labeyrie, Executive Vice-President and CFO
Slide 23: Consolidated revenue
Consolidated revenue Contracting Concessions VINCI Immobilier and eliminations +4.7% +4.9% Organic growth Scope & 40,338 exchange rate 38,634 +262 -104 +3.9% +0.8% +1,291 +255 Revenue growth: +4.4% +€1,704 million 2012 2013 (in € millions) 13/12 change Organic growth Consolidation scope Exchange rat
Slide 24: 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
Slide 25: 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
Slide 26: 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 Con
Slide 27: 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
Slide 28: 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
Slide 29: 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 20% 1.4 CNA 1.0 61% EIB 8% H2 H1 2014 2015 2016 2017 2018 2019 2020 Optimise financing cost 5.7 years: average g
Slide 30: Strategy and outlook
Strategy and outlook Xavier Huillard, Chairman and CEO
Slide 31: 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 Restructure sub-par country-sector combinations P Cristallise value of VINCI Park P Complete motorway stimulus plan P Build resources for
Slide 32: 2014 outlook: Contracting order book
2014 outlook: Contracting order book Maintain order book at very high level Good visibility over 2014 business level Breakdown by geographical area Breakdown by business line Excluding CFE and Tours– Excluding CFE and Bordeaux HSR: Tours–Bordeaux HSR: 30.1 29.4 +2% 30.1 29.4 +2% 6.8 6.4 -6% 17.2 16.
Slide 33: 2014 outlook
2014 outlook Revenue: stable in 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 " busine
Slide 34: Dividend
Dividend 2013 dividend*: €1.77 per share " Interim dividend of €0.55/share paid on 14 November 2013 " Final dividend (all-cash): €1.22/share " 25 April 2014: ex-date " 30 April 2014: payment date Dividend policy Dividend yield** 50% 3.7% of net income * Proposed to Shareholders’ General Meeting of 1
Slide 35: Non-financial performance
Non-financial performance: be a first-class partner when working on our projects " A process set in 2012 based on the new VINCI Manifesto " Control tool Advance (covering 30 % of 2013 Group revenue) " Results / targets: " CO2 emissions: -30 % by 2020 (2013: -13.8%) " Managers: 20% female by 2015 (2013
Slide 36: Thank you for your attention
Thank you for your attention
Slide 37: Appendixes
Appendixes Structure and shareholder base Business line profiles Financial data
Slide 38: Structure and shareholder base
Structure and shareholder base
Slide 39: 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 39
Slide 40: 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
Slide 41: Business line profiles
VINCI “? Business line profiles
Slide 42: Concessions
VINCI “? Concessions
Slide 43: VINCI Autoroutes
VINCI “? VINCI a” AUTOROUTES
Slide 44: 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
Slide 45: 2013 toll revenue: +3.3%
2013 toll revenue: +3.3% 2012 2013 YoY change Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Traffic - intercity -1.3% -2.4% -1.0% -2.2% -1.7% -0.3% +0.7% +1.3% +2.5% +1.1% network of which: Light vehicles -1.2% -2.0% -0.6% -2.1% -1.4% +0.4% +0.9% +1.2% +2.7% +1.3% Heavy vehicles -2.1% -4.7% -4.6% -2.6% -3.5% -3.7% -0
Slide 46: 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
Slide 47: 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 47
Slide 48: VINCI Concessions
VINCI “? CONCESSIONS VINCI a”
Slide 49: 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%
Slide 50: 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
Slide 51: 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
Slide 52: Change in passenger traffic
Change in passenger traffic 2012 2013 YoY change FY Q1 Q2 Q3 Q4 FY Cambodia +17.6% +21.0% +17.7% +16.9% +14.9% +17.7% France +7.6% +6.2% +8.7% +6.8% +5.6% +6.9% Portugal (ANA) +1.4% +2.2% +4.9% +4.8% +7.7% +5.0% Total +3.7% +5.8% +6.5% +5.9% +8.4% +6.6% 52
Slide 53: 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
Slide 54: 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
Slide 55: VINCI Airports
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)
Slide 56: 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
Slide 57: 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
Slide 58: 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
Slide 59: Contracting
VINCI “? Contracting
Slide 60: Contracting profile
Contracting Profile Key figures (€ in millions) 2013 2012 Δ∆ 13/12 2013 revenue by geographical area Germany 8% 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
Slide 61: 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
Slide 62: 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
Slide 63: 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
Slide 64: Detailed consolidated financial statements
Detailed consolidated financial statements
Slide 65: 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
Slide 66: 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
Slide 67: 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,
Slide 68: 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
Slide 69: 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
Slide 70: Net income attributable to owners 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 %
Slide 71: 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
Slide 72: 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
Slide 73: 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
Slide 74: Cash flow statement (1/2)
Cash flow statement (1/2) € in millions 2013 Concessions Contracting 2012 Cash flow from operations 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 account
Slide 75: 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
Slide 76: Maturity of gross financial debt
Maturity of gross financial debt " Average maturity of gross financial debt at end December 2013: 5.7 years (Concessions: 6.2 years) 3 000 Repayment schedule 2 500 at end December 2013 2 000 1 500 1 000 500 0 1H 14 2H 14 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 > 2028 ASF
Slide 77: IR Contacts and Agenda
IR Contacts and Agenda CONTACTS AGENDA 15 April 2014 G. Christopher Welton Shareholders’ general meeting [email protected] Tel: +33 1 47 16 45 07 24 April 2014 1st quarter 2014 information Thomas Guillois 25 April 2014 [email protected] Final 2013 dividend ex-date Tel: +33 1 47 16