Vinci SA · EURONEXT:DG
Vinci SA — FY2009 Earnings Presentation
80 slides from Vinci SA's earnings presentation, Mar 4, 2010
Slide 1: 2009 financial statements
2009 financial statements Analysts Meeting on 4 March 2010 Yves-Thibault de Silguy Chairman of the Board of Directors Xavier Huillard Director and CEO Christian Labeyrie Executive Vice-President and CFO
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 an
Slide 3: Introduction
Introduction ! Validity and resilience of concession-construction business model proved in 2009 ! Relevance of the strategy focused on international development and specialisation on niches with technological content ! Solid strengths for 2010 ! Opportunities for sustainable and profitable long-term
Slide 4: 2009 highlights
2009 highlights Introduction 2009 highlights 2009 consolidated financial statements Outlook Conclusion
Slide 5: 2009: sound performance illustrating the Group's robustness
2009: sound performance illustrating the Group's robustness ! Net profit maintained despite revenue decline ! Concessions ! French motorways: - Revenue growth - 2009 EBITDA/revenue targets exceeded ! Other concessions: new commercial successes ! Contracting ! Revenue and operating margins held up wel
Slide 6: 2009: key figures
2009: key figures (in € millions) 2008 2009 Δ∆ 09/08 Revenue* 33,458 31,928 -4.6% Cash flow from operations (EBITDA)** 4,872 4,964 +1.9% As % of revenue* 14.6% 15.5% Operating profit from 3,378 3,192 -5.5% ordinary activities As % of revenue* 10.1% 10.0% Net profit attributable to 1,591 1,596 +0.3% equi
Slide 7: 2010: 10-year overview of VINCI
2010: 10-year overview of VINCI Revenue (€ billions) Operating profit (€ millions) 3,192 31.9 10.0% of rev. x 2.3 x 4.4 Contracting 14.1 722 5.1% of rev. Concessions Net profit (€ millions) 1,596 Share price VINCI: +246% x 5.3 CAC 40: -34% 300 Restated 7
Slide 8: Revenue: growth in concessions, limited decline in contracting
Revenue: - growth in concessions - limited decline in contracting In € millions 09/08 change: (4.6%) - Organic (5.5%) (4.6%) - Consolidation scope +2.5% (5.7%) 33,458 - FX impact (1.6%) 31,928 28,520 26,891 4,614 VINCI 4,339 Energies 8,183 8,003 Eurovia +2.4% 15,722 14,549 VINCI 4,781 4,899 Construc
Slide 9: Growth of international business: over 38% of revenue
Growth of international business: over 38% of revenue generated outside France (44.5% in contracting) 2009 revenue by geographical area Δ∆ 09/08 Δ∆ at constant (in € millions) 2009 actual exchange rates France 19,621 -6.3% -6.3% Central & Eastern Europe 2,160 -12.5% -2.8% United Kingdom 2,149 -5.7%
Slide 10: Resilience of operating margins
Resilience of operating margins Operating profit from ordinary activities (in € millions and as % of revenue*) Concessions + Contracting = VINCI Group Op. profit/ 38.6%** 39.1% 4.8% 4.5% 9.8%** 10.0% revenue* 3,378 3,192 1,966 1,917 Other concessions 159 124 1,363 1,220 245 VINCI 230 French Energies m
Slide 11: French motorways: return of traffic growth
French motorways: return of traffic growth (+1.2% on a stable network) Traffic growth on a stable network (trailing 12 months) Δ∆ 2008/2007 Δ∆ 2009/2008 -1.4% +1.2% Light vehicles Heavy vehicles Total traffic ! Upturn in light-vehicle traffic from 2nd quarter 2009 ! Stabilisation of heavy-vehicle traffic afte
Slide 12: French motorways: 3.1% growth in revenue
French motorways: 3.1% growth in revenue French ASF Escota Cofiroute Arcour motorways Revenue (in € millions) 2,357 610 1,110 18 4,095 Δ∆ 2009/2008 +2.3% +3.2% +3.1% - +3.1% Light vehicles +3.6% +1.6% +3.4% - +3.2% Heavy vehicles -10.0% -7.2% -11.5% - -10.0% Traffic on a stable network +1.4% +0.7% +1.1
Slide 13: French motorways: 2009 margin targets exceeded
French motorways: 2009 margin targets exceeded Cash flow from operations before cost of financing and tax (similar to EBITDA) (in € millions and as % of revenue*) ASF/Escota Cofiroute 2009 target: 67% 2009 target: 69% 67.3% 65.4% 65.7% 65.1% 63.5% 72.0% 1,997 68.6% 70.8% 71.6% 1,840 1,902 67.2% 1,572 1
Slide 14: French motorways: new sections opened in 2009
French motorways: new sections opened in 2009 ! Arcour (A19) between Artenay and Courtenay (101 km) opened on 16 June 2009 ! Average traffic: 6,800 vehicles/day (over first six months) ! Total value of project: €847 million ! End of concession: 2070 ! First section of A86 between Rueil-Malmaison and Va
Slide 15: VINCI Park: revenue and cash flow growth
VINCI Park: revenue and cash flow growth No. of spaces Revenue Cash flow from operations* (thousands) (in € millions) (in € millions and as % of revenue) 1,252 619 623 203 1,164 200 374 213 210 32.6% 391 32.2% 878 406 413 773 2008 2009 2008 2009 2008 2009 Concessions/freehold France Service provider I
Slide 16: Other concessions: growth and new projects
Other concessions: growth and new projects ! New projects won ! A5 motorway in Germany: total value €600 million (VINCI: 50%) ! R1 expressway in Slovakia: total value €1.2 billion (VINCI: 50%) ! GSM-R railway communications system: total value ~ €1 billion (VINCI: 30%) ! VINCI preferred bidder (tota
Slide 17: VINCI Energies: 5.3% operating margin maintained
VINCI Energies: 5.3% operating margin maintained Revenue: €4.3 billion Operating profit: €230 million Net profit: €161 million Δ∆09-08: -6.0% 5.3% of revenue (stable) Δ∆09-08: +8.9% 4,614 4,339 1,453 1,335 245 230 3,161 3,004 5.3% 5.3% 161 148 3.7% 3.2% 2008 2009 2008 2009 2008 2009 France Internation
Slide 18: Eurovia: resilience of revenue and margin
Eurovia: resilience of revenue and margin (4.0% of revenue) Revenue: €8.0 billion Operating profit: €319 million Net profit: €206 million Δ∆09-08: -2.2% 4.0% of revenue (-20bp) Δ∆09-08: -1.5% 8,183 8,003 3,278 3,364 346 319 4.2% 4.0% 4,905 4,639 209 206 2.6% 2.6% 2008 2009 2008 2009 2008 2009 France I
Slide 19: VINCI Construction: slight decrease in margin to 4.6%
VINCI Construction: slight decrease in margin to 4.6% Revenue: €14.5 bn Operating profit: €671 million Net profit: €434 million Δ∆09-08: -7.5% 4.6% of revenue (-30bp) Δ∆09-08: -17.6% 15,722 14,549 7,501 7,265 773 671 4.9% 4.6% 527 434 8,221 7,284 3.4% 3.0% 2008 2009 2008 2009 2008 2009 France Internat
Slide 20: 2006-2009 plan: targets met despite crisis
2006-2009 plan: targets met despite crisis; financial situation improved 2009 targets 2009 achievements Revenue > €30 bn €31.9 bn French motorways +5% p.a. +4.5% VINCI Park +6% p.a. +6% Contracting +7% p.a. +7.7% 2 EBITDA €5 bn €5 bn (of which Concessions 65%) (of which Concessions 62%) ASF: EBITDA/R
Slide 21: 2009 consolidated financial statements
2009 consolidated financial statements Introduction 2009 highlights 2009 consolidated financial statements Outlook Conclusion
Slide 22: Consolidated income statement
Consolidated income statement (in € millions) 2008 2009 Δ∆ 09/08 Revenue* 33,458 31,928 -4.6% Operating profit from ordinary activities 3,378 3,192 -5.5% As % of revenue* 10.1% 10.0% Operating profit 3,276 3,145 -4.0% Net financial income/(expense) (806) (702) Income tax expense (771) (745) Non-control
Slide 23: Net financial income/(expense)
Net financial income/(expense) (in € millions) 2008 2009 Cost of net financial debt (863) (743) Concessions (845) (742) of which French motorways (769) (681) Contracting 67 7 Holding companies and misc. (85) (9) Other financial income/(expenses) 57 41 Capitalised borrowing costs on concessions investme
Slide 24: Improvement in cash flow from operations
Improvement in cash flow from operations Cash flow from operations before cost of financing and tax (similar to EBITDA) (in € millions and as % of revenue*) Concessions + Contracting = VINCI Group Cash flow/ 61.4% 63.0% 6.3% 6.5% 14.6% 15.5% revenue* 4,872 4,964 3,086 2,936 Other 279 concessions 262 1,8
Slide 25: Change in net financial debt in 2009
Change in net financial debt in 2009 (in € billions) Cash flow* +€1.7 bn (15.4) +5.0 Dividends -0.9 (13.7) Capital Interest and increase and misc. taxes paid Investments +0.6 Δ∆ WCR -1.5 Operating Concessions: -1.2 +0.6 investments Financial: -0.1 -0.8 Operational Development Financial +€3.3 bn -€1.3
Slide 26: Consolidated balance sheet: financial structure strengthened
Consolidated balance sheet: financial structure strengthened (in € millions) 31 Dec. 2008 31 Dec. 2009 EQUITY & LIABILITIES 9,026 10,440 Equity 1,305 1,401 Non-current provisions and other long-term liabilities 20,173 19,706 Borrowings WCR and current provisions 5,409 6,248 ASSETS 26,242 26,681 Non-c
Slide 27: Net financial debt by entity
Net financial debt by entity (in € billions) (13.7) (16.3) (15.4) Contracting Holding cos. & misc. Holding cos. concessions (17.5) (17.9) Other concessions (17.0) VINCI Park Arcour Cofiroute ASF/Escota 31-12-07 31-12-08 31-12-09 Net financial debt/EBITDA 2006 2007 2008 2009 TOTAL VINCI 3.7 x 3.6 x 3.2
Slide 28: Financial management: 2009 achievements (1/2)
Financial management: 2009 achievements (1/2) ! Good access to financing despite the financial crisis ! ASF refinancing: almost €1.4 billion in 10 or 15 year financing raised on the bond markets ! New concessions: €1.9 billion in non-recourse project financing ! A5 motorway in Germany (€0.4 billion at 28
Slide 29: Financial management: 2009 achievements (2/2)
Financial management: 2009 achievements (2/2) ! Prudent debt management ! 81% of long-term debt at 31 December 2009 (€18.9 billion) at fixed or capped rates ! Strong liquidity maintained: > €13 billion at 31 December 2009 ! €6.0 billion in net cash (up €1.2 billion over 12 months) ! Confirmed credit f
Slide 30: Outlook
Outlook Introduction 2009 highlights 2009 consolidated financial statements Outlook Conclusion
Slide 31: VINCI–Cegelec tie-up
VINCI–Cegelec tie-up 2009 data VINCI Energies Cegelec 2009 pro forma Revenue €4.3 bn €2.8 bn ~€7 bn of which international 31% 44% 36% Workforce 32,000 25,000 57,000 Operations in 21 countries 30 countries 36 countries ! Skills in the management of major projects in promising sectors: transport syst
Slide 32: VINCI–Cegelec tie-up: update
VINCI–Cegelec tie-up: update ! January 2010 ! Opinion of Cegelec employee representative bodies obtained ! Signature of Memorandum of Understanding between Qatari Diar and VINCI providing, inter alia, for the transfer of Cegelec to VINCI and the implementation of a strategic alliance between VINCI a
Slide 33: 2010 outlook: Concessions (1/2)
2010 outlook: Concessions (1/2) French motorways: stronger visibility ! Relations with concession grantor: good momentum ! "Green package": sustainable development investment of about €750 million to be made over the period 2010-2012 in exchange for a one-year extension to the concession contracts !
Slide 34: 2010 outlook: Concessions (2/2)
2010 outlook: Concessions (2/2) ! Responses expected to proposals submitted: ! France: SEA and BPL high-speed lines; Notre Dame des Landes airport ! Other Europe: A8-II motorway in Germany, high-speed train line in Portugal ! Negotiations under way: ! CDG Express ! Moscow–St Petersburg motorway ! So
Slide 35: 2010 outlook: Contracting order book
2010 outlook: Contracting Order book at 31 December 2009 (in € billions) Order intake Order book Order book France/International by business line 30.2 23.2 24.0 23.2 24.0 27.2 2.4 2.3 14.0 12.6 12.1 13.1 4.8 5.9 16.2 14.6 16.0 15.8 11.1 10.9 2008 2009 2008 2009 2008 2009 VINCI Energies France Intern
Slide 36: 2010 outlook: Contracting
2010 outlook: Contracting ! Careful selection of new business and protection of margins ! Responsiveness of operating units in the face of declining business activity ! Strict management of WCR and investments ! Further strengthening of international business ! Development of growth market segments
Slide 37: 2010 outlook: summary
2010 outlook: summary ! Revenue: ! Growth of motorway concessions ! Limited decline in contracting on a comparable structure basis ! Positive impact of integration of Cegelec and Tarmac Slight increase in total revenue ! Profit: ! French motorways: 2009 EBITDA margin maintained ! Contracting: targe
Slide 38: Conclusion
Conclusion Introduction 2009 highlights 2009 consolidated financial statements Outlook Conclusion
Slide 39: Shareholder base at 31 December 2009
Shareholder base at 31 December 2009 at at 31 Dec. 31 Dec. 2008 2009 Employees 8.2% 9.2% Treasury shares 4.6% 4.0% Individual shareholders 12.5% 12.3% Artemis 4.2% 4.0% French institutionals 28.1% 29.0% UK institutionals 6.9% 8.2% Other European institutionals 15.6% 17.7% North American institutiona
Slide 40: Dividend held at €1.62 per share in 2009
Dividend held at €1.62 per share in 2009 ! Final dividend of €1.10 per share (taking account of interim dividend of €0.52 paid on 17 December) ! Ex-dividend date: 14 May 2010 ! Option period : 14 May 2010 up to 7 June 2010 (included) ! Payment date: 17 June 2010 ! Shareholders may opt for payment of
Slide 41: Opportunities for sustainable long-term growth
Opportunities for sustainable long-term growth Urbanisation Mobility Energy Environment 41
Slide 42: Change in VINCI's corporate governance in 2010
Change in VINCI's corporate governance in 2010 ! Functions of Chairman and CEO combined ! Single source of command and representation ! Board of Directors’ means of control strengthened: Missions of “Vice Chairman / Senior Director” 42
Slide 43: Appendixes
Appendixes 2009 revenue by geographical area VINCI's business lines Detail of 2009 consolidated financial statements
Slide 44: 2009 revenue by geographical area
2009 revenue by geographical area Contracting: €26.9 bn revenue 44.5% generated outside France France Central & Eastern Europe United Kingdom Germany Rest of Europe Europe (excl. France) Concessions: Americas €4.9 bn revenue Africa 93.5% generated in France Asia/Middle East/Oceania Rest of the world
Slide 45: VINCI's business lines: Concessions
VINCI’s business lines: Concessions French motorways VINCI Park Other concessions
Slide 46: A diversified and unrivalled portfolio
A diversified and unrivalled portfolio 46
Slide 47: French motorways: resilience and visibility
French motorways: resilience and visibility ! Europe's biggest motorway network Cofi- A86 ASF Escota Arcour route* Duplex Network under 2,714 459 1,100 101 10 concession (km) % held by VINCI 100 100 83 100 83 No. of km in service 2,633 459 1,100 101 4.5 75 End of concession 2033 2027 2031 2070 yrs**
Slide 48: French motorways: key figures
French motorways: key figures Total ASF/ Total (in € millions) Escota Cofiroute Arcour Δ∆ 09/08 2008 2009 Revenue 3,972 2,967 1,111 18 4,095 +3.1% Op. profit from ordinary 1,807 1,189 597 7 1,793 activities 6.2%* 42.5%* 40.1% 53.7% 39.6% 43.8% as % of revenue Net profit 746 480 260 (7) 733 -1.8% Cash flo
Slide 49: French motorways: contractual framework of toll increases
French motorways: 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% * CPI Current master plan 2007-2011 2007-2011 Under discussion N/A - 2010 85% x CPI + 0.825% 85% x CPI + 0.9% 70% x CP
Slide 50: VINCI Park: key figures
VINCI Park: key figures (in € millions) 2008 2009 Δ∆ 09/08 2009 revenue by geographical area Revenue 619 623 +0.5% - France 406 413 +1.7% - International 213 210 -1.6%* France Op. profit from ordinary activities 126 101 -19.6% as % of revenue 20.4% 16.3% Germany United Kingdom Net profit 68 41 -39.2% S
Slide 51: Other concessions and PPP (1/2)
Other concessions and PPP (1/2) End of VINCI Consolid- County Type Name Description concession share ation1 Other PPP & concessions in France France Tunnel Prado Carénage Tunnel in Marseilles 2025 33% EM Tunnel Prado Sud Tunnel in Marseilles 2054 58.5% PC Light rail RhônExpress 15km light rail syste
Slide 52: Concessions and PPP (2/2)
Concessions and PPP (2/2) End of VINCI Consolid- Country Type Name Description concession share ation1 Concessions Greece Greece Bridge Rion–Antirion 2.9 km between Peloponnese and 2039 57.4% FC mainland Motorway Maliakos–Kleidi 230 km 2038 14% EM Motorway Athens–Patras–Corinth 365 km 2038 36% EM Ot
Slide 53: Concessions & PPP: projects under study (1/2)
Concessions & PPP: projects under study (1/2) Country Project VINCI preferred bidder/final negotiations under way France CDG Express: rail link between Charles de Gaulle airport and Paris Romania Cormanic–Brasov motorway Belgium Antwerp Ring: 10 km ring road* Russia 1st section of Moscow–St Petersbur
Slide 54: Concessions & PPP: projects under study (2/2)
Concessions & PPP: projects under study (2/2) Country Project VINCI prequalified/bids in preparation France LGV Nîmes–Montpellier: railway bypass A63: Bordeaux–Bayonne motorway (102 km) Vélodrome stadium in Marseilles Germany A9 motorway (A-Modell) Greece Kastelli airport (Crete) Prequalification unde
Slide 55: VINCI's business lines: Contracting
VINCI’s business lines: Contracting VINCI Energies Eurovia VINCI Construction
Slide 56: Contracting: key figures
Contracting: key figures 2009 revenue by geographical area (in € millions) 2008 2009 Δ∆ 09/08 Revenue 28,520 26,891 -5.7% - France 16,288 14,927 -8.4% France - International 12,232 11,964 -2.2% Central Europe Operating profit 1 363 1 220 -10.5% United Kingdom as % of revenue 4,8% 4,5% Germany Net profi
Slide 57: VINCI Energies
VINCI VINCI Energies
Slide 58: VINCI Energies: key figures
VINCI Energies: key figures (in € millions) 2008 2009 Δ∆ 09/08 2009 revenue by geographical area Revenue 4,614 4,339 -6.0% - France 3,161 3,004 -5.0% - International 1,453 1,335 -8.1% France Germany Operating profit 245 230 -6.2% as % of revenue 5.3% 5.3% Switzerland Benelux Net profit 148 161 +8.9% Sp
Slide 59: VINCI Energies: profile
VINCI Energies: profile Description ! Market leader in France and a major player in Europe in energy and information technology services ! Design and engineering, implementation, operation and maintenance in four business lines: ! Electrical power supply infrastructure (production and distribution),
Slide 60: Eurovia
Eurovia
Slide 61: Eurovia: key figures
Eurovia: key figures (in € millions) 2008 2009 Δ∆ 09/08 2009 revenue by geographical area Revenue 8,183 8,003 -2.2% - France 4,905 4,639 -5.4% - International 3,278 3,364 +2.6% France Operating profit 346 319 -7.8% as % of revenue 4.2% 4.0% Central Europe Net profit 209 206 -1.5% Germany United Kingdom
Slide 62: Eurovia: profile
Eurovia: profile Description ! 300 works divisions and subsidiaries: ! Construction and maintenance of transport infrastructure (roads, railways, …) ! Urban development, dedicated transport systems (light trains, tramways), traffic signs and roadmarking. ! Vertical integration strategy in materials pro
Slide 63: VINCI Construction
VINCI VINCI Construction
Slide 64: VINCI Construction: key figures
VINCI Construction: key figures (in € millions) 2008 2009 Δ∆ 09/08 2009 revenue by geographical area Revenue 15,722 14,549 -7.5% - France 8,221 7,284 -11.4% - International 7,501 7,265 -3.1% France Operating profit 773 671 -13.2% United Kingdom as % of revenue 4.9% 4.6% Central Europe Net profit 527 43
Slide 65: VINCI Construction: profile
VINCI Construction: profile Description ! Large array of expertise in building, civil engineering and hydraulic engineering: ! Strong roots in mainland and overseas France (network of 500 profit centres), Europe (United Kingdom, Germany, Belgium and Central Europe) and longstanding operations in Afric
Slide 66: Detailed 2009 financial consolidated statements
Detailed 2009 financial consolidated statements
Slide 67: Revenue by business line
Revenue by business line (in € millions) 2008 2009 Δ∆ 09/08 Δ∆ 09/08 actual comparable French motorways 3,972 4,095 +3.1% +3.1% VINCI Park 619 623 +0.5% +3.3% Other concessions 190 181 -4.9% -5.7% CONCESSIONS 4,781 4,899 +2.4% +2.8% VINCI Energies 4,614 4,339 -6.0% -6.6% Eurovia 8,183 8,003 -2.2% -3
Slide 68: Operating profit by business line
Operating profit by business line (in € millions) 2008 as % of 2009 as % of Δ∆ 09/08 revenue* revenue* French motorways 1,807 42.5%** 1,793 43.8% +6.2%** VINCI Park 126 20.4% 101 16.3% -19.6% Other concessions 33 23 CONCESSIONS 1,966 38.6%** 1,917 39.1% +3.8%** VINCI Energies 245 5.3% 230 5.3% -6.2%
Slide 69: Net profit attributable to equity holders by business line
Net profit attributable to equity holders of the parent by business line as % of as % of (in € millions) 2008 revenue* 2009 revenue* Δ∆ 09/08 French motorways 746 17.3% 699 17.1% +2.0% VINCI Park 68 10.9% 41 6.6% -39.2% Other concessions 23 12.0% 18 9.8% -22.0% Holdings cos. concessions (81) (48) CON
Slide 70: Cash flow from operations by business line
Cash flow from operations* by business line (in € millions) 2008 as % of 2009 as % of Δ∆ 09/08 revenue** revenue** French motorways 2,674 67.3% 2,807 68.5% +5.0% VINCI Park 200 32.2% 203 32.6% +1.6% Other concessions 63 76 CONCESSIONS 2,936 61.4% 3,086 63.0% +5.1% VINCI Energies 249 5.4% 256 5.9% +3.
Slide 71: Cash flow statement (1/3): Operating cash flow
Cash flow statement (1/3) : Operating cash flow (in € millions) 2008 2009 Δ∆ 09/08 Cash flow from operations* 4,872 4,964 +1.9% Interest paid (882) (784) Income taxes paid (582) (690) Change in WCR and current provisions 733 609 Cash flows from operating activities 4,141 4,100 -1.0% Gross investments in
Slide 72: Investments in operating assets
Investments in operating assets (in € millions) 2008 2009 Δ∆ 09/08 French motorways (12) (16) VINCI Park and other concessions (33) (33) Concessions (45) (49) +9.4% VINCI Energies (75) (69) -8.0% Eurovia (330) (250) -24.2% VINCI Construction (540) (522) -3.3% Contracting (944) (841) -11.0% Other (4)
Slide 73: Cash flow statement (2/3): Investments in concessions
Cash flow statement (2/3): Investments in concessions growth and financial investments (in € millions) 2008 2009 Δ∆ 09/08 Operating cash flow 3,244 3,302 +1.8% Investments in concession assets and PPP contracts (1,218) (1,227) Gross financial investments (480) (186) Sale of shares in subsidiaries and as
Slide 74: Investments in concessions & PPP growth
Investments in concessions & PPP growth (in € millions) 2008 2009 ASF/Escota (424) (524) Cofiroute (excl. A86) (183) (144) A86 Duplex (165) (171) Arcour (A19) (273) (106) VINCI Park (60) (36) Other (113) (246) of which A-Modell A4 and A5 (Germany) (35) (57) Locorail (Belgium) (9) (77) R1 expressway (
Slide 75: Cash flow statement (3/3)
Cash flow statement (3/3) (in € millions) 2008 2009 Δ∆ 09/08 Free cash flow after investments 1,819 1,958 139 Dividends (829) (873) (44) Capital increases 387 654 267 Share buy-backs (200) (2) 198 Movements in share capital (642) (221) 421 Net cash flow for the period 1,177 1,737 560 Other and impact o
Slide 76: Consolidated balance sheet
Consolidated balance sheet (in € millions) 2008 2009 ASSETS Non-current assets – concessions 26,242 26,681 Non-current assets– other business lines 4,828 5,057 Current financial assets 41 35 Net cash managed 4,802 6,022 Total assets 35,913 37,795 EQUITY AND LIABILITIES Share capital 9,026 10,440 Non-
Slide 77: Net financial debt by business line
Net financial debt by business line Debt/ Debt/ (in € millions) 2008 cash flow* 2009 cash flow* Δ∆ 09/08 French motorways (14,217) x 5.3 (14,029) x 5.0 188 VINCI Park (853) x 4.3 (830) x 4.1 23 VINCI Park (453) x 5.8 (611) x 7,9 (158) Other concessions (1 931) (2,447) (516) CONCESSIONS (17,454) x 5.9 (
Slide 78: Maturity of long-term gross debt
Maturity of long-term gross debt ! Average maturity of long term debt (€18.9 billion): 7.1 years ! Concessions: 8 years ! Holding companies and other business lines: > 3 years ASF ASF Holding Cofiroute Arcour Other concessions Holding companies and other business lines 78
Slide 79: Breakdown of long-term debt
Breakdown of long-term debt Breakdown by nature of debt Breakdown fixed/floating rate after hedging Good diversification of sources of medium- and long-term financing % of 2009 cf. 2008 total Fixed rate 12,419 66% 67% Capped/inflation- 2,798 15% 15% linked floating rate Total "protected" 15,216 81% 82% Fl
Slide 80: VINCI IR Contact
VINCI IR Contact Christopher WELTON christopher.welton@vinci.com Tel: +33 1 47 16 45 07 Marie-Amélia FOLCH marie-amelia.folch@vinci.com Tel: +33 1 47 16 45 39 80