Vinci Sa · EURONEXT:DG
Vinci Sa — H1 2004 Earnings Presentation
92 slides from Vinci Sa's earnings presentation, September 2004
Slide 1: First half 2004 results - Roadshow September 2004
First half 2004 results Roadshow - September 2004
Slide 2: Generally improved economic environment
Generally improved economic environment Strong sales in construction in France Signs of industrial recovery in Europe Many infrastructure projects in “new Europe” Growth in public-private partnerships in France and other European countries 2
Slide 3: Very good first half 2004 for VINCI
Very good first half 2004 for VINCI Brisk sales: +7% (of which France: +10%) Sharp increase in operating income (+22%) and net income (+28%) First half performance can not be extrapolated to full year 3
Slide 4: Construction sector outperformed the market
Construction sector outperformed the market +36% +12% +3% 31/12/2003 03/09/2004 VINCI CAC 40 DJ Stoxx Construction VINCI share outperformed indexes 4
Slide 5: Excellent results: key figures
Excellent results Key figures In € millions 1st half 1st half 1st half Change 2002 2003 2004 June 04 / June 03 Net sales 8,466 8,515 9,086 +6.8% * Operating income 416 427 520 +22% % of net sales 4.9% 5% 5.7% Operating income less 332 363 498 ** +37% net financial expense Net income (after tax and g
Slide 6: VINCI confirms capacity to generate sustainable income growth
VINCI confirms capacity to generate sustainable income growth In € millions Operating income Cash flow from operations less capital expenditure +11% / year Net income 520 +34% / year 427 416 427 378 +14% / year 328 334 252 196 179 170 174 1H01 1H02 1H03 1H04 1H01 1H02 1H03 1H04 1H01 1H02 1H03 1H04 6
Slide 7: All business lines contributed to the improvement in results
All business lines contributed to the improvement in results Change in half year operating income CONCESSIONS OTHER BUSINESS LINES +5% / year +20% / year +18% / year +32% / year +10% / year 1H01 1H02 1H03 1H04 1H01 1H02 1H03 1H04 1H01 1H02 1H03 1H04 1H01 1H02 1H03 1H04 Energy Roads Construction The
Slide 8: A leader in Europe with operations in main countries
A leader in Europe with operations in main countries Rest of the world: 4.3% (of which Africa 2.2%; Asia 0.9%) North America: 4.6% (USA 4.1%; Canada 0.5%) Rest of Europe: 8.5% (of which Benelux 4.9%; Spain 1.6%) Central and Eastern Europe: 4.1% UK: 8.1% France: 62.5% Germany: 7.9% First half 2004: I
Slide 9: Order taking still very brisk
Order taking still very brisk Due to: Buoyant markets Firm foothold of VINCI business units, especially in France In € millions 1st half Change / 2004 1st half 2003 Energy 1,742 +12% Roads 3,170 +11% Construction 4,864 +41% Total 9,776 +24% Of which: French subsidiaries +21% Central & Eastern Europe
Slide 10: Order backlog up sharply at June 2004
Consequently, order backlog up sharply at 30 June 2004 30/06/04 Number of Change / Change / In € millions months of Dec. 03 June 03 average activity Energy 1,434 5.4 +24% +11% Roads 3,874 8.0 +20% +12% Construction 8,443 12.7 +13% +18% Total 13,751 9.9 +15% +15% Projects in the order book are of goo
Slide 11: An eventful first half for VINCI
An eventful first half for VINCI Concessions Cofiroute: new amendment to concession contract ASF: industrial agreement concluded Rion–Antirion bridge in service five months ahead of schedule Airport sector: disposal of non-core assets Construction Strong sales in France PPP: Legal framework introduc
Slide 12: VINCI business lines
VINCI business lines
Slide 13: Concessions
CONCESSIONS VINEI “~
Slide 14: VINCI Concessions: key figures
VINCI Concessions: key figures In € millions Net sales +3% / year 882 910 937 58 Other infrastructure 56 52 231 232 Airport services Operating 230 income Net income 244 244 VINCI Park 233 +4% / year +23% / year 363 383 403 Cofiroute 253 257 273 72 89 109 1H02 1H03 1H04 1H02 1H03 1H04 1H02 1H03 1H04
Slide 15: VINCI Concessions operating income by segment
VINCI Concessions operating income by segment 1st half 2003 1st half 2004 Growth % €m % net €m % net sales sales Cofiroute 198 51.6% 210 52.1% +6.2% VINCI Park 57 23.9% 61 25.1% +7.6% Other infrastructure 8 14.9% 9 15% +14.3% Airport services -- -- 2 0.9% ns Total Concessions 257 28.2% 273 29.2% +6.
Slide 16: VINCI Concessions: first half 2004 highlights
VINCI Concessions: first half 2004 highlights Cofiroute: Signature of 11th amendment and 2004–2008 master plan Clear toll price rules Programme of new investments set A86: agreement with the French government progressing Toll Collect: limitation of Cofiroute’s exposure confirmed ASF: Industrial coop
Slide 17: VINCI Concessions: first half 2004 highlights (2)
VINCI Concessions: first half 2004 highlights Rion–Antirion: Commissioned on 12 August, almost five months ahead of schedule Start-up of operation promising VINCI Park: End of growth restrictions imposed by French competition commission 793,000 spaces managed at 30 June 2004, of which 326,000 under
Slide 18: Energy
ENERGY VINE!
Slide 19: VINCI Energies: key figures
VINCI Energies: key figures Net sales In € millions +5% / year 1,596 1,481 1,493 Internat’l 459 Operating 461 431 income Net income +6% / year 49 51 * 45 3.2% France 1,020 1,062 1,137 3% 3.3% 34 22 * 23 1H02 1H03 1H04 1H02 1H03 1H04 1H02 1H03 1H04 Improvement in operating income in France and in int
Slide 20: VINCI Energies: first half 2004 highlights
VINCI Energies: first half 2004 highlights France: More favourable economic climate in industry Dynamism in telecommunications sector Energy infrastructure market remains brisk Good outlook for service sector Northern Europe/Germany: Better visibility in industry Improved performance Spain: Still ve
Slide 21: Roads
ROADS
Slide 22: VINCI Routes: key figures
VINCI Routes: key figures Net sales +3% / year In € millions 2,531 2,382 2,329 Internat’l 1,013 985 1,022 Operating income (**) France 1,369 1,344 1,509 Net income/(loss) (**) 19 7 8 0.8% * 0.3% * 0.4% * 10 (9) 0+ 1H02 1H03 1H04 1H02 1H03 1H04 1H02 1H03 1H04 Steady sales in France and in internation
Slide 23: Eurovia: first half 2004 highlights
Eurovia: first half 2004 highlights France, growth in income due to: Brisk business: favourable weather conditions, start-up of several major contracts (tram systems in particular) Improved margins International: Dynamic business in the UK (multi-year maintenance contracts) and the USA Good contract
Slide 24: Construction
CONSTRUCTION VINEI
Slide 25: VINCI Construction: key figures
VINCI Construction: key figures Net sales In € millions +5% / year 3,981 3,633 3,759 Operating income Internat’l 1,729 1,751 1,708 +22% / year Net income 166 4.2% +19% / year 112 113 3.1% 3% 112 France 1,904 2,008 2,273 76 79 1H02 1H03 1H04 1H02 1H03 1H04 1H02 1H03 1H04 Cash flow from operations les
Slide 26: VINCI Construction: first half 2004 highlights
VINCI Construction: first half 2004 highlights Strong sales in France across all market segments and regions Improvement in operating margins Very high order backlog Good contracts won in Central and Eastern Europe Germany’s first PPP won by SKE (€295m over 15 years) Decline in major projects outsid
Slide 27: Financial statements at June 2004
Financial statements at 30 June 2004
Slide 28: Net sales
Net sales In € millions 1st half 1st half Change Change 2003 2004 like-for-like Construction 3,759 3,981 +5.9% +5.9% Roads 2,329 2,531 +8.7% +9.8% Energy 1,493 1,596 +6.9% +4.7% Concessions and services 910 937 +3% +4.6% Miscellaneous 24 41 ns ns Total 8,515 9,086 +6.7% +6.8% of which France 5,132 5
Slide 29: Net sales in France
Net sales in France In € millions 1st half 1st half Change Change 2003 2004 like-for-like Construction 2,008 2,273 +13.2% +12% Roads 1,344 1,509 +12.3% +11.1% Energy 1,062 1,137 +7.1% +5.1% Concessions and services 675 708 +4.9% +4.9% Miscellaneous 43 55 ns ns Total 5,132 5,682 +10.7% +9.6% Very str
Slide 30: Net sales outside France
Net sales outside France In € millions 1st half 1st half Change Change 2003 2004 like-for-like Construction 1,751 1,709 -2.4% -1.4% Roads 985 1,022 +3.8% +7.9% Energy 431 459 +6.4% +3.7% Concessions and services 235 229 -2.5% +4% Miscellaneous (19) (15) ns ns Total 3,383 3,404 +0.6% +2.4% VINCI Cons
Slide 31: Gross operating surplus
Gross operating surplus In € millions 1st half 1st half 1st half Change 2002 2003 2004 04/03 Construction 191 178 227 +27% Roads 89 76 93 +22% Energy 85 70 88 +27% Concessions and services 356 358 368 +3% of which Cofiroute 242 255 259 +1.5% VINCI Park 81 85 88 +4.1% Miscellaneous 1 4 9 Total 722 68
Slide 32: Operating income
Operating income In € millions 1st half 1st half 1st half Change 2002 2003 2004 04/03 +47% Construction +135% Roads +4% Energy Concessions +7% Of which Cofiroute 182 198 210 +6% VINCI Park 53 57 61 +8% Total 416 427 520 +22% 4.9% of 5% of 5.7% of net sales net sales net sales Improved operating perf
Slide 33: Operating margins: improvement across all business lines
Operating margins: improvement across all business lines CONCESSIONS Operating income/Net sales (and airport services) * * * OTHER BUSINESS LINES VINCI TOTAL 2.9% 2.2% Energy Roads Construction 1st half 2004: Net sales €937m €1,596m €2,531m €3,981m €9,086m Op. income €273m €51m €20m €166m €520m (*)
Slide 34: Strong improvement in financial expense
Strong improvement in financial expense In € millions 1st half 1st half 2003 2004 Net interest expense (90) (75) Of which (66) (51) Concessions Other business lines and (24) (24) holding companies Dividends received 29 (a) 39 (a) Foreign currency translation, (2) 14 provisions and other Financial ex
Slide 35: Income statement (1/2)
Strong growth in operating income less net financial expense Income statement (1/2) 1st half 1st half Change In € millions 2003 2004 Net sales 8,515 9,086 +7% Gross operating surplus 686 785 +14.5% % of net sales 8.1% 8.6% Operating income 427 520 +22% % of net sales 5% 5.7% Financial expense (*) (6
Slide 36: Exceptional items have little impact on 1st half 2004 figures
Exceptional items have little impact on 1st half 2004 figures In € millions 1st half 1st half 2003 2004 (a) Capital gains on disposals 13 6 Restructuring costs (17) (10) Other exceptional items 36 (2) Exceptional income/(expense) before Toll Collect 32 (6) Reclassification of Toll Collect -- 35 (b)
Slide 37: Goodwill amortisation
Goodwill amortisation In € millions 1st half 1st half 2003 2004 Amortisation for the year (31) (28) Exceptional write-downs (15) 3 Goodwill amortisation (46) (25) 37
Slide 38: Income statement (2/2)
Net income up despite decline in exceptional income and heavier tax Income statement (2/2) 1st half 1st half Change In € millions 2003 2004 Operating income less net 363 498 +37% financial expense * Exceptional income/(expense) * 32 (6) Tax (111) (173) Effective tax rate 28% 35% Goodwill (46) (25) C
Slide 39: Cash flow statement (1/2)
Cash flow statement (1/2): strong cash flow generation In € millions 1st half 1st half 1st half Change 2002 2003 2004 1H04/1H03 Cash flow from operations 524 494 607 +113 - Net capital expenditure (196) (160) (180) -20 Cash flow from operations less net capital expenditure 328 334 427 +93 Change in
Slide 40: Cash flow statement (2/2): share buy-back policy strengthened
Cash flow statement (2/2): share buy-back policy strengthened In € millions 1st half 1st half 1st half Change 2002 2003 2004 1H04/1H03 Cash flow for the period before capital stock movements (1,456) (552) (446) +106 Capital stock movements: - Capital increase 134 26 125 +99 - Share buy-back programm
Slide 41: Financial structure still very sound
Financial structure still very sound 30/06/2003 31/12/2003 30/06/2004 In € millions 182 156 182 Treasury stock 2 448 2 369 Debt Other 2 286 2 307 2 991 fixed assets 3 176 Working capital 1 095 772 requirement 603 Provisions and 2 226 2 242 misc. long-term debt 2 106 Concession 6 958 fixed assets 6 5
Slide 42: Consolidated debt by business line at June 2004
Consolidated debt by business line at 30 June 2004 In € millions (3,035) Concessions (excluding ASF) Construction, Roads, Energy 1,718 Holding companies (1,674) (including €1,231m in respect of acquisition of Treasury stock 156 interest in ASF) Cash Debt Consolidated debt: (2,835) Of which: >1 yea
Slide 43: VINCI Concessions: capital employed and debt by maturity
VINCI Concessions (excluding ASF and airport services): breakdown of capital employed and debt by maturity Capital employed at 30/06/04 Debt at 30/06/04 3500 “Mature” concessions €3.1 bn “Young” concessions or those €5.4 bn (1) 3000 under construction (Cofiroute 2500 network, A86, Rion–Antirion, 28%
Slide 44: Financial policy: VINCI honours commitments to its shareholders
Financial policy: VINCI honours commitments to its shareholders Share buy-back programme 4.4 million shares bought back since 1 January 2004 3.1 million shares cancelled No dilution for existing shareholders due to stock options and Group Savings Scheme (GSS) Interim dividend 2004: €1.20 per share P
Slide 45: Outlook for 2004
A. VINEI . 2 Outlook for 2004
Slide 46: Appendixes
Appendixes
Slide 47: Appendices
Appendices Slide nber IFRS 48 Changes in capital stock 49 Group présentation Shareholder structure 50 Business lines, know-how, financial indicators 51-54 Présentation of VINCI business lines Concessions : General 55-59 Cofiroute 60-66 VINCI Park 67-73 Infrastructure concessions 74-78 Airport sector
Slide 48: IFRS
IFRS Opening balance sheet at 01/01/04: Work on 1st half figures: in finalisation stage Questions pending: Method for first application of IAS39 (awaiting decision of European authorities) Treatment of concession contracts under IFRS (awaiting IFRIC interpretation early 2005) Principal options selec
Slide 49: Changes in capital stock in 1st half 2004
Changes in capital stock in 1st half 2004 In millions of shares 31/12/03 30/06/04 Number of shares making up capital stock 83.795 85.949 - Treasury stock available for cancellation 0.120 2.385 Number of shares making up capital stock, adjusted for 83.675 83.564 treasury stock -0.111 Number of shares
Slide 50: Shareholder structure characterised by significant float (83%)
Shareholder structure characterised by significant float (83%) Shareholder structure at 31/07/04 (85.9 million shares) Bigger percentage owned by employees, VINCI’s leading French Employees 10% shareholder block institutional investors Treasury stock 25% 7% Increase in treasury stock due to share bu
Slide 51: An excellent combination of complementary skills in concessions and construction
VINCI: an excellent combination of complementary skills in concessions and construction related businesses • CONSTRUCTION • ROADS Design & build / “project Roadworks & maintenance management” Production of road materials Building Quality of life & environment Civil engineering Facility management CO
Slide 52: A company providing diversified construction-related services
A company providing diversified construction-related services, combining complementary know-how Concessions Energy Infrastructure services 7% 3% Facilities management / 17% property services 5% 20% Civil engineering 30% Roadworks and quarries 18% Building 2003 net sales: €18.1 billion 52
Slide 53: A diversified customer base
A company providing construction-related services to a diversified customer base Local authorities / public entities 28% Industry and 57% commerce Private and other 6% investors 9% General public 2003 net sales: €18.1 billion 53
Slide 54: Analysis of main financial indicators by business line
Analysis of main financial indicators by business line 11% 10% 41% Cofiroute 17% 44% 17% 52% 20% 10% Car parks 29% Other concessions 1% and holdings Concessions Operating income 2003 Net sales 2003 Energy €1.2 billion €18.1 billion Roads Construction 10% 10% 29% Cofiroute 24% 38% Cofiroute 4% 89% 32
Slide 55: Concessions (details)
CONCESSIONS (details) VINEI “~
Slide 56: VINCI Concessions: overview of portfolio
VINCI Concessions: overview of portfolio 56
Slide 57: VINCI Concessions net sales and operating income
VINCI Concessions net sales and operating income Breakdown by segment In € millions 937 273 (29%) 910 253 (29%) 257 (28%) 882 Other 15% infrastructure 15% 1% 22% Airport services 3% 0% 25% 23% 23% Car parks Cofiroute 50% 52% 52% 1S02 1S03 1S04 1S02 1S03 1S04 Net sales Operating income Increase in th
Slide 58: VINCI Concessions net debt
VINCI Concessions net debt % Debt EBITDA Debt at 06.04 / In € millions control 31/12/03 30/06/04 2003 EBITDA 2003 Of which non- recourse Cofiroute (100%) 65% 1,691 1,837 1,837 577 x 3.2 (of which A86 and sections under construction) 65% 657 932 932 - ns VINCI Park 100% 479 466 -- 165 x 2.8 VINCI Air
Slide 59: VINCI Concessions: stable business models
VINCI Concessions: stable business models Motorw ays Car parks Infrastructure Airport Airport Cofiroute Concessions & Serv ices (bridges, management serv ices full ow nership tunnels …) Country / France Mainly France France & Europe, France, Mexico, USA, France, main location Western Europe Americas
Slide 60: Concessions: Cofiroute
CONCESSIONS Cofiroute 60
Slide 61: Cofiroute: history and network
Cofiroute: history and network Rajouté détail formule tarifaire 1970: creation of Cofiroute Shareholders: VINCI (65,34%), Eiffage (16,99%), Colas (16,67%), banks (1%) 1980: 700 km under concession, of which 508 km built Today: 1,100 km under concession, of which 900 km built Number of lane-km: 4,400
Slide 62: Cofiroute: a very fine track record
Cofiroute: a very fine track record Traffic growth: Net sales: CAGR 94–03: 2.5% CAGR 97–03: 7% 837 787 711 741 140 Base 100 at 677 635 31 Dec. 1994 580 12 120 2 100 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1997 1998 1999 2000 2001 2002 2003 EBITDA: Net income: Dividends paid: CAGR 97–03: 10
Slide 63: A86 west tunnels: an innovative solution in an urban environment
A86 west tunnels: an innovative, ambitious solution in an urban environment C A B A86 West tunnels: 17.5 km A: East 1 tunnel (Rueil-A13): 4.5 km B: East 2 tunnel (A13-Pt Colbert): 5.5 km C: West tunnel (Rueil-A12): 7.5 km 63
Slide 64: A86 West tunnels: a vector for growth
A86 West tunnels: a vector for growth when intercity concessions reach maturity Estimated capital expenditure Scheduled opening dates In € b n Total To end est. 2003 East 1 tunnel End-2007 East 1 tunnel 0.9 0.40 East 2 tunnel End-2009 East 2 tunnel 0.5 0.06 West tunnel Discussions West tunnel 0.4 0.
Slide 65: Cofiroute: a very valuable asset
Cofiroute: a very valuable asset A good example of value creation (for 100%): Capital invested in 1970: €61 million Equity at 31/12/03: €1.1 billion Internal valuation: €5 billion (equity value) Scheduled capital expenditure 900 Network undergoing rapid expansion: 800 A86 Intercity 700 Roadworks &
Slide 66: Cofiroute: very high expected cashflows
Cofiroute: very high expected cashflows improvement in the medium term Cofiroute cash contribution to VINCI amounts to €75 million p.a. through dividends Cofiroute committed to a complementary CAPEX programme of €2.9 billion over the 2004-2008 period Sharply reduced capex starting in 2008 A86 tunnel
Slide 67: Concessions: VINCI Park
CONCESSIONS VINCI Park 67
Slide 68: VINCI Park: No. 1 car park operator in Europe
VINCI Park: No. 1 car park operator in Europe Type of contract EBITDA/ Geographical area EBITDA/ Net sales Net sales 13% 17% (21% outside France) 45% 44% Services (67% Concessions France) Rest of Outside France & full ownership France France Paris Spaces: Net sales: EBITDA: 34% Spaces: Net sales: EB
Slide 69: VINCI Park in France
VINCI Park in France: strongly connected to other VINCI Concessions activities (motorways, airport …) 464,000 spaces under management (31/12/03) No 1 in parking in France Operating in 165 cities Complementing the motorway network in which VINCI is involved (ASF, Escota, Cofiroute) Cofiroute network
Slide 70: VINCI Park: continuous growth in spaces managed
VINCI Park: continuous growth in the number of spaces managed Outside + 15% in 2 years France of France 811,000 463,900 347,100 900 000 735,000 800 000 704,900 19 200 15,400 3,800 18 700 700 000 15 900 600 000 327 281,50 46,200 500 000 700 0 318 331 600 Full ownership 400 000 900 Concessions 300 000
Slide 71: VINCI Park: a dynamic marketing strategy
VINCI Park: a dynamic marketing strategy The example of Parisian car parks Sample: 80 Parisian car parks – statistics between March 2001 and July 2003 11 million hourly customers – net sales: €65m 12% + 10,6% 10% 8% 6% 4% +2,4 % 2% 0% mars-01 juin-01 sept-01 déc-01 mars-02 juin-02 sept-02 déc-02 mar
Slide 72: DCF value of existing portfolio – no renewal of expiring concessions
DCF value of existing portfolio – no renewal of expiring concessions assumed Assumptions: DCF value evolution (1) • Annual growth in net sales: 3% and expense: 2.1% • Current actual value of free cash flow (FCF): Enterprise value EBITDA – maintenance capex – income tax Equity value In € billions • 2
Slide 73: DCF value of existing portfolio – moderate growth assumptions
DCF value of existing portfolio – with moderate growth assumptions Assumptions: DCF value evolution (1) • €60 million invested each year over 11 years • Project mix: Enterprise value with targeted growth • 2 full ownership – 50 years • 2 large town concessions – 30 years In € billions Equity value w
Slide 74: Concessions: Infrastructure concessions
CONCESSIONS Infrastructure concessions 74
Slide 75: VINCI Infrastructures: 2003 key figures
VINCI Infrastructures: 2003 key figures (contribution to VINCI) Net sales: €81 million, up 6% over 2002 EBITDA: €32 million (40% of net sales) Net debt: €599 million, essentially non recourse (project financing) (1) Estimated equity value: about €250–300 million, for a total investment of approx. €1
Slide 76: Portfolio of infrastructure concessions
Portfolio of infrastructure concessions Residual term of Conso- contract lidation % held method (1) (years) ROADS AND MOTORWAYS Chillan–Collipulli 160 km - Chile 17 83 FC Newport * 10 km – Wales 38 50 PC Fredericton–Moncton 200 km - Canada 25 12 Invest. BRIDGES & TUNNELS Rion–Antirion * Peloponnesus
Slide 77: VINCI Infrastructures: 2003 operational data at 100%
VINCI Infrastructures: Detail of 2003 operational data at 100% Traffic Net sales EBITDA Debt (millions of (in €m ) (as % of (in €m ) passengers) net sales) Chillan-Collipulli motorway 5.8 13 34% 167 Confederation bridge 0.7 19 46% 170 Ron-Antirion bridge * na na na 295 Tagus crossings 39.6 69 86% 37
Slide 78: Rion–Antirion bridge: ahead of schedule
Rion–Antirion bridge: ahead of schedule Technical prowess The biggest infrastructure site currently under construction in Europe: about €800m Length: 2.9 km - seismic constraints – sea floor at a depth of 65 metres Ahead of schedule and within budget Excellent financing: Equity €69m (VINCI 53%), Gre
Slide 79: Concessions: Airport sector
CONCESSIONS Airport sector 79
Slide 80: Airport sector: a strategic area for growth
Airport sector: a strategic area for growth Key characteristics of the airport sector: Increasing deregulation Key growth drivers: traffic, outsourcing trend, partnering with airline companies Key assets for VINCI: Expertise in managing long-term contracts (airport management, cargo handling) Good t
Slide 81: Airport concessions: 2003 key figures
Airport concessions: 2003 key figures (contribution to VINCI) Net sales: €15 million, down 14% over 2002 * EBITDA: €2 million (10% of net sales) Net cash: €33 million (*) A total investment of about €100 million, the value of which has been preserved despite the crisis in the sector (*) Essentially
Slide 82: Portfolio of airport concessions
Portfolio of airport concessions Residual % Conso- term held lidation AIRPORTS (years) method (*) Central and Northern Mexico13 airports - 10 million PAX/year 47 6 (1) EM Cambodia 2 airports - >1 million PAX/year 22 70 PC ADPM partnership 34 (2) EM •Liège 1 airport - 287,000 tonnes/year 36 •Beijing
Slide 83: Airport concessions: 2003 operational data at 100%
Airport concessions: Detail of 2003 operational data at 100% Traffic Net sales EBITDA Debt/(cash) (in millions of (in €m) (as % of net (in €m ) passengers) sales) Central & Northern Mexico 9.7 83 43% (68) Southern Mexico (*) 12.2 118 58% (58) Cambodia 1.4 22 39% 16 (*) Investment sold in April 2004
Slide 84: Airport services: a key player in ground services
Airport services: a key player in ground services, principally in cargo handling A major player in ground services (North America, France): Over 300 customers (airlines, airports) All ground services: ramp, passenger, equipment maintenance, fuelling, etc. 1 million aircraft movements and 50 million
Slide 85: Airport services: refocus on cargo and Europe
Airport services: programme started to refocus on cargo and Europe Refocus on cargo Stronger growth Limited exposure to geopolitical risks Higher margins due to real barriers to entry (control of storage sites) A rebalanced customer portfolio In 2001: leading customer = American Airlines, with 20% o
Slide 86: Energy (details)
ENERGY (details) VINE!
Slide 87: VINCI Energies: French leader for electrical and thermal engineering
VINCI Energies: French leader for electrical and thermal engineering works and services A network of 700 companies in Europe A diversified customer base (industry, tertiary sector, local authorities, telecom operators) Largely recurring business (about 30% of net sales), spread over a significant nu
Slide 88: Roads (details)
ROADS (details) VINE!
Slide 89: Eurovia
Eurovia No. 1 in Europe for roadworks and the production of materials 200 quarries, 400 coating stations, 95 binder plants 50 million tonnes produced a year; 30 years of reserves (1.5 billion tonnes) About 70% of net sales generated by repair and maintenance work through many small contracts (averag
Slide 90: Construction (details)
CONSTRUCTION (details) VINEI
Slide 91: VINCI Construction: a European leader
VINCI Construction: a European leader No 1 in France, one of Europe’s largest and most profitable market Limited exposure to economic cycles due to: Broadly diversified customer base (mostly local) and geographical presence Large range of skills Good synergy with concession business: Identification
Slide 92: First half 2004 results - Roadshow September 2004
First half 2004 results Roadshow - September 2004