Vinci SA · EURONEXT:DG
Vinci SA — 9M 2019 Earnings Presentation
87 slides from Vinci SA's earnings presentation, November 2019
Slide 1: First nine months 2019 highlights
First nine months 2019 highlights Atlantic bridge in Panama
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 facto
Slide 3: First nine months 2019 Highlights
First nine months 2019 Highlights
Slide 4: 9M 2019 highlights
9M 2019 highlights Passenger numbers still buoyant at VINCI Airports (+6.8%) Traffic levels at VINCI Autoroutes slightly down for LV (-0.6%), growing further for HV (+2.1%) Good business momentum accross VINCI Energies, Eurovia, VINCI Construction and VINCI Immobilier Growth in the order intake (+17
Slide 5: Q3 2019 consolidated revenue
Q3 2019 consolidated revenue Δ 2019/2018 € in millions Q3 2019 Q3 2018 Actual Comparable Concessions 2,657 2,193 +21.2% +3.8% VINCI Autoroutes 1,680 1,659 +1.2% +1.2% VINCI Airports 896 458 +95.5% +11.6% Other Concessions 82 75 +8.4% +9.6% Contracting 10,336 9,427 +9.6% +6.1% VINCI Energies 3,430 3,
Slide 6: 9M 2019 consolidated revenue
9M 2019 consolidated revenue Δ 2019/2018 € in millions 9M 2019 9M 2018 Actual Comparable Concessions 6,493 5,619 +15.6% +4.3% VINCI Autoroutes 4,288 4,202 +2.0% +2.0% VINCI Airports 1,965 1,200 +63.8% +9.4% Other Concessions 240 217 +10.8% +18.0% Contracting 28,073 25,571 +9.8% +6.3% VINCI Energies
Slide 7: 9M 2019 revenue evolution by division
9M 2019 revenue evolution by division Concessions Real Estate Contracting €6,493 m +15.6% €811 m +32.0% €28,073 m +9.8% Organic Scope FX Organic Organic Scope FX €34,857 m €31,440 m +4.3% +10.9% +0.4% +32.0% +6.3% +3.1% +0.4% Total VINCI Group +10.9% +6.1% +4.4% +0.4% Organic Scope FX 9M 2018 Revenu
Slide 8: 9M 2019 revenue evolution by geographical area
9M 2019 revenue evolution by geographical area International represents 45% of the revenue at the end of Sept. 2019 (vs 43% at the end of Sept. 2018) France International €19,298 m +6.8% €15,559 m +16.3% Organic Scope Organic Scope FX €34,857 m €31,440 m +6.8% +0.0% +5.2% +10.3% +0.9% Total VINCI Gr
Slide 9: VINCI Autoroutes: 9M 2019 key takeaways
VINCI Autoroutes: 9M 2019 key takeaways ▪ Revenue: €4.3 bn (+2.0 %) Entry into service of the first free-flow lanes in France (A10) ▪ Overall traffic quasi-stable: -0.3% ✓ LV (-0.6%): residual impact in early 2019 of social unrest that started in late 2018 and generally unfavorable calendar and mete
Slide 10: VINCI Airports: 9M 2019 key takeaways
VINCI Airports: 9M 2019 key takeaways Integration of London Gatwick airport in May 2019 ▪ Revenue: €2.0 bn (+63.8 %; +9.4% lfl*) ▪ Firm airports passenger traffic growth: +6.8% 254 m managed pax** on 12 rolling months ▪ Recent acquisitions’ contribution to 9M 2019 revenue: €642 m ✓ Airports Worldwid
Slide 11: Airports 9M 2019 passenger traffic
VINCI Airports 9M 2019 passenger traffic Q3 2019 9M 2019 12 rolling months Var. Sept. 2018 Var. 12 rolling Passenger traffic (in thousands of pax) 2019 2019 Var. 2019/2018 2019/2018 to Sept. 2019 months Portugal (ANA) 18,425 +6.7% 45,887 +7.0% 58,321 +6.8% o/w Lisbonne 9,190 +7.7% 23,802 +7.0% 30,59
Slide 12: Other concessions: 9M key takeaways
Other concessions: 9M key takeaways Revenue: €240 m (+10.8 %; +18.0% lfl) VINCI Highways VINCI Railways and other concessions VINCI Stadium Revenue: €148 millions (+25.2%) Revenue: €35 millions (+3.2%) Revenue: €57 millions (+19.6% lfl) of which - Lamsac revenue contribution : €86 millions - Gefyra
Slide 13: VINCI Energies: 9M 2019 key takeaways
VINCI Energies: 9M 2019 key takeaways ▪ Revenue: €9.8 bn (+9.2%; +5.4% lfl) Installation of a new driver assistance system (position based ✓ Robust organic growth, with an acceleration in Q3 2019 signalling) for Pilatus railway, Switzerland (+6.8%) ✓ France: increase driven by ICT and Infrastructure
Slide 14: Eurovia: 9M 2019 key takeaways
Eurovia: 9M 2019 key takeaways ▪ Revenue: €7.5 bn (+15.7%; +8.2% lfl) Eurovia and VINCI Construction: extension to the Confederation ✓ France: momentum in the roadworks and urban development Line in Ottawa, Canada market remained strong ✓ International: strong business levels in Germany, the UK and
Slide 15: VINCI Construction: 9M 2019 key takeaways
VINCI Construction: 9M 2019 key takeaways ▪ Revenue: €10.8 bn (+6.6%; +6.0% lfl) Grand Paris Express (T3C) ✓ France: strong business levels in the Paris region due to Grand Paris projects ✓ International: business levels rose in Central Europe, the United Kingdom, Africa (Sogea-Satom) and Asia/Ocean
Slide 16: Contracting order intake
Contracting order intake Order intake up 12% (+17% on a rolling 12-month basis) at the end of September 2019 Breakdown by business lines (in €bn) Breakdown by geographical area (in € bn) +12% +12% 31.9 31.9 28.4 28.4 10.8 +5% 15.2 10.3 +13% 13.5 8.7 7.1 +22% 14.9 +12% 16.7 11.0 +13% 12.4 9M 2018 9M
Slide 17: Contracting order book at a record high level
Contracting order book at a record high level Order book up 14% year-on-year; International accounts for 57% Breakdown by business lines (in € bn) Breakdown by geographical area (in € bn) +14% Δ Sept.19/ +14% Δ Sept.19/ Sept..18 37.3 Sept..18 37.3 33.1 32.8 33.1 32.8 9.5 +11% +3% 8.6 8.4 16.0 15.6 1
Slide 18: VINCI Immobilier: 9M 2019 key takeaways
VINCI Immobilier: 9M 2019 key takeaways L’Archipel, VINCI future new Head office in Nanterre ▪ Revenue: €811 m (+32%) Ongoing firm production in both residential and commercial property around Paris and in other major French cities ▪ Managed revenue*: €1.0 bn (+34%) ▪ Housing units reservations stab
Slide 19: Net Debt as of 30 September 2019: €23.2 bn
Financial policy: liquidity increase and conditions optimised Net Debt as of 30 September 2019: €23.2 bn Strong credit rating Debt refinancing in excellent market conditions S&P A-/A2 Outlook positive €4.5 bn new debt issued in 2019 with a 13 years average maturity and a Confirmed in June 2019 2.14%
Slide 20: Financial policy: decrease of average cost of debt
Financial policy: decrease of average cost of debt Decrease of gross financial debt cost over the past 5 years (average rate) … 3.6% 3.5% FY 2014 FY 2015 3.2% FY 2016 2.7% FY 2017 2.3% 2.1% FY 2018 H1 2019 … despite a change of currency mix : 61% 25% 98% € 30 June £ € 31 December 2014 2019 7% $ 3% P
Slide 21: 2019 Outlook
2019 Outlook Concessions Contracting All business lines will see a like-for-like increase in VINCI Airports: positive traffic growth on a revenue. Contracting revenue will also be boosted comparable basis, although less dynamic than in by the full-year integration of recent acquisitions, 2018 due to
Slide 22: Dividend up 5.3%
Dividend 2019 interim dividend per share €0.79 Execution date 5 November 2019 (all-cash) up 5.3% Payment date 7 November 2019 Dividend per share since 2009 (in €) CAGR 2.67 +5.7% 2.45 2.22 2.10 1.84 1.67 1.77 1.77 1.77 1.62 Total dividend – interim dividend Interim dividend Special dividend linked t
Slide 23: Appendixes
Appendixes Financial data H1 2019 VINCI Group presentation Business line profiles
Slide 24: Financial Data
Financial Data As of June 30, 2019
Slide 25: Shareholder base at June 30, 2019
Shareholder base at June 30, 2019 France United Kingdom 12.3% 14.2% Rest of Europe Individual investors Institutional 17.1% 7.4% investors 600.3 m 72.5% 8.7% Employees shares 7.7% Treasury shares North America 23.4% 3.7% Qatar Holding LLC 5.5% Rest of the World Shareholding structure* ✓ Over 500 ins
Slide 26: Consolidated revenue
Consolidated revenue Δ 2019/2018 in € million H1 2019 H1 2018 Actual Like-for-like FY 2018 Concessions 3,836 3,426 +12.0% +4.6% 7,261 VINCI Autoroutes 2,608 2,543 +2.6% +2.6% 5,356 VINCI Airports 1,070 741 +44.3% +8.1% 1,607 Other Concessions 158 141 +12.0% +22.9% 298 Contracting 17,737 16,144 +9.9%
Slide 27: Consolidated revenue - France
Consolidated revenue - France Δ 2019/2018 in € million H1 2019 H1 2018 Actual Like-for-like FY 2018 Concessions 2,855 2,764 +3.3% +3.3% 5,809 VINCI Autoroutes 2,608 2,543 +2.6% +2.6% 5,356 VINCI Airports 185 167 +11.0% +11.0% 341 Other Concessions 62 54 +15.1% +15.1% 112 Contracting 9,235 8,519 +8.4
Slide 28: Consolidated revenue - International
Consolidated revenue - International Δ 2019/2018 in € million H1 2019 H1 2018 Actual Like-for-like FY 2018 Concessions 980 662 +48.1% +9.4% 1,453 VINCI Airports 884 575 +53.9% +7.3% 1,266 Other Concessions 96 87 +10.1% +28.5% 186 Contracting 8,502 7,625 +11.5% +4.5% 17,338 VINCI Energies 3,428 3,072
Slide 29: Ebit by business line
Ebit - operating income from ordinary activities by business line % of % of % of in € million H1 2019 H1 2018 Δ 2019/2018 FY 2018 revenue* revenue* revenue* Concessions 1,844 48.1% 1,642 47.9% +12.3% 3,429 47.2% Contracting 432 2.4% 436 2.7% -1.1% 1,472 4.1% VINCI Energies 378 5.9% 336 5.7% +12.7% 7
Slide 30: H1 2019 Ebit evolution by division
H1 2019 Ebit evolution by division Concessions Real Estate Contracting +€202 m to €1,844 m (€12 m) to €5 m (€5 m) to €432 m Ebit margin: 48.1% +20bp 1.1% -330 bp Ebit margin: 2.4% -30bp €2,289 m €2,099 m +€89 m +€111 m +€3 m (€12 m)* +€43 m +€7 m* (€54 m)* VINCI VINCI Other VINCI Eurovia VINCI Autor
Slide 31: Income statement
Income statement (in € million) H1 2019 H1 2018 Δ 2019/2018 Operating income from ordinary activities (Ebit) 2,289 2,099 +9.1% % of revenue 10.5% 10.6% -10bp - share-based payment expense (IFRS 2) (100) (80) - profit/loss of equity-accounted cos. & miscellaneous 153 135 Recurring operating income 2,
Slide 32: ROI – Recurring operating income by business line
ROI – Recurring operating income by business line in € million H1 2019 % of revenue* H1 2018 % of revenue* Δ 2019/2018 FY 2018 % of revenue* Concessions 1,954 50.9% 1,728 50.4% +13.1% 3,456 47.6% VINCI Autoroutes 1,402 53.8% 1,313 51.6% +6.8% 2,635 49.2% VINCI Airports 518 48.4% 374 50.4% +38.5% 806
Slide 33: Ebitda
Ebitda* in € million H1 2019 % of revenue** H1 2018 % of revenue** Δ 2019/2018 FY 2018 % of revenue* Concessions 2,692 70.2% 2,392 69.8% +12.5% 4,963 68.4% VINCI Autoroutes 2,004 76.8% 1,908 75.0% +5.0% 3,895 72.7% VINCI Airports 608 56.8% 441 59.5% +37.7% 941 58.6% Other Concessions 80 43 127 42.5%
Slide 34: Cash flow statement (1/2)
Cash flow statement (1/2) in € million H1 2019 H1 2018 FY 2018 Ebitda* 3,625 2,937 6,898 Change in WCR** and current provisions (1,354) (1,535) (266) Income taxes paid (529) (452) (1,222) Net interest paid (250) (285) (444) Dividends received from companies accounted for under the equity method 110
Slide 35: Positive FCF generation in H1 2019 despite seasonality
Positive FCF generation in H1 2019 despite seasonality FY VINCI Free Cash Flow generation since 2008 3500 3000 2500 in € million 2000 1500 H1 3500 500 1000 3000 300 500 2500 100 0 2000 -100 1500 -300 1000 500 -500 0 -700 Full year FCF Negative H1 FCF Positive H1 FCF 35
Slide 36: Cash flow statement (2/2)
Cash flow statement (2/2) in € million H1 2019 H1 2018 FY 2018 Free cash flow (after CAPEX) 316 (136) 3,179 Net financial investments and other cash flows* (8,041) (1,077) (2,802) Cash flow before movements in share capital (7,726) (1,213) 377 Share capital increases and other operations ** 590 375
Slide 37: Operating CAPEX
Operating CAPEX in € million H1 2019 H1 2018 Δ 2019/2018 FY 2018 Concessions 79 22 +57 46 VINCI Autoroutes 9 10 -1 19 VINCI Airports* 64 3 +61 12 Other Concessions 6 10 -4 14 Contracting 424 395 +29 918 VINCI Energies 74 81 -7 196 Eurovia 136 137 -1 312 VINCI Construction 214 177 +37 409 VINCI Immob
Slide 38: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs in € million H1 2019 H1 2018 Δ 2019/2018 FY 2018 Concessions 496 467 +29 980 VINCI Autoroutes 375 346 +28 673 Of which : ASF 144 217 -72 364 Escota 41 35 +6 80 Cofiroute 88 73 +15 158 Arcos 99 21 +78 68 VINCI Airports 119 107 +12 274 Other Concessions 3 14 -11 33
Slide 39: Consolidated balance sheet
Consolidated balance sheet (in € million) 30 Jun. 2019 31 Dec. 2018 30 Jun. 2018 Non-current assets – concessions 42,299 32,786 31,637 Non-current assets – contracting and other 13,257 11,699 10,881 WCR, provisions and other current assets & liabilities (5,008) (6,214) (4,739) Capital employed 50,54
Slide 40: Net financial debt by business line
Net financial debt by business line Of which Of which Of which Net Debt / Δ 30 jun. 2019/ 30 Jun. 2019 external 31 Dec. 2018 external 30 Jun. 2018 external Ebitda* net debt net debt net debt 30 Jun. 2018 in € million 30 June 2019 Concessions (34,131) (19,419) (27,029) (16,000) (26,640) (16,454) -7,4
Slide 41: Change in net financial debt during H1 2019
Change in net financial debt during H1 2019 (in € billions) Share buy-backs* Acquisitions/ (0.5) Disposals (24.2) (8.0) Capital increases** 0.6 Δ Working LGW Dividends Ebitda Interest & Capex (15.6) capital (7.7) (1.1) 3.6 taxes paid (1.3) requirements (0.7) (1.4) Free cash flow: €316 m LGW integrat
Slide 42: Total impact of LGW integration on net financial debt
Total impact of LGW integration on VINCI net financial debt as of 30/06/2019: €7.2 bn LGW acquisition impact on VINCI net financial debt as of 13/05/2019 (in £ bn) PPA minorities shareholder adjustments* loan adjustment (0.5) 0.3 (6.3)** (6.2) LGW net debt + derivatives (2.8) Shareholder loan (minor
Slide 43: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt (€27.7 bn) as of June 30, 2019: 8.3 years * 3 000 2 500 2 000 € Million 1 500 1 000 500 0 H2 S2 2019 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 >2035 * Concessions : 8.5 years ASF Cofiroute
Slide 44: Average cost of future debt repayment
Average cost of future debt repayment H2 S2 2019 2020 2021 2022 2023 2024 Nominal amount in € million 304 1,728 1,596 2,565 1,651 1,519 Average rate * 0.92% 1.48% 2.77% 2.26% 1.71% 3.07% *After hedging ASF Cofiroute VINCI Airports Other concessions Holdings and misc. 44
Slide 45: A natural hedging against interest rates rise
A natural hedging against interest rates rise Evolution of the gross financial debt in € billion 27.7 7.6* 21.2 18.8 54% 18.1 16.6 6.9 3.5** 6.0 6.5 48% 53% 63% 46% 5.7 5.6 4.1 4.8 4.1 46% 54% 52% 47% 37% FY 2015 FY 2016 FY 2017 FY 2018 30/06/2019 * As of 30/06/2019 (12 rolling months) ** Cash posit
Slide 46: Recent corporate financing
Recent corporate financing €8.8 bn new debt issued since early 2018 Jan. 2018 €1.0 bn 1.375% ASF 12-year public bond March 2018 $0.3 bn L$ + 0.65% VINCI 5-year term loan June 2018 €0.7 bn 1.375% ASF 10-year public bond €0.75 bn 1.00% Sept 2018 VINCI Dual tranche 7 and 12-year public bonds €1.0 bn 1.
Slide 47: VINCI Group
VINCI Ws VINCI Group
Slide 48: VINCI 2018 key figures
VINCI 2018 key figures 211,233 €43.5 bn 110 3,200 > 300,000 €43.0 bn employees Group revenue countries where estimated number estimated number market cap. at VINCI operates of business units of contracts December 31, 2018 Concessions Real estate Contracting Revenue: €7.3 bn Revenue: €1.1 bn Revenue:
Slide 49: A combination of two complementary business profiles
A combination of two complementary business profiles REVENUE EMPLOYEES EBITDA** €43.5 bn* 211,233 €6.9 bn 1% 17% 17% 1% 8% 2% 1% 2% 26% 11% 15% 82% 91% 72% 82% * o/w 43% outside France **Cash flow from operations before tax and financing costs FREE CASH FLOW CAPITAL EMPLOYED NET RESULT €3.2 bn €38.3
Slide 50: VINCI from 2007 to 2018
VINCI from 2007 to 2018 Revenue by business Net result by business 2007 2018 2007 2018 €30.4 bn €43.5 bn €3.0 bn 35% €1.5 bn Contracting* 83% Contracting* 85% 56% 65% Concessions 44% 15% Concessions 17% *including VINCI Immobilier 50
Slide 51: Strong free cash flow generation and cash allocation principles
Strong free cash flow generation and sound cash allocation principles Free cash flow generation from 2007 to 2018: €28 bn total 3 500 CASH ALLOCATION POLICY 3 000 CAGR: +6.3% 2 500 DIVIDENDS SHARE BUY BACK ACQUISITIONS 2 000 ✓ 50% payout ratio ✓ Eliminate ✓ Execution of Group 1 500 shareholder’s str
Slide 52: Acquisitions: a bottom-up and collective decision process
Acquisitions: a bottom-up and collective decision process Most M&A projects initiated and executed at the business line level, but subject to careful internal assessment and Board review RISK/INVESTMENT STRATEGY & CSR HIGHWAYS COMMITTEE COMMITTEE VINCI BOARD (VINCI top management) (Board committee)
Slide 53: A careful assessment of each M&A target
A careful assessment of each M&A target INDUSTRIAL VALUE CREATION RATIONALE (PRICE) ✓ The deal has to make sense… ✓ Capital discipline ✓ … on an industrial and ✓ Strong track record geographical point of view CULTURAL CONTROL % FIT ✓ Talent management: constant ✓ Full consolidation of contracting ac
Slide 54: Illustration of VINCI's international expansion in 2018
Illustration of VINCI’s international expansion in 2018 Eitech Stockholm Skavsta Belfast International Trev-2 TNT Gatwick Airport* Ertex Perazio Belgrade Airport Kobe airport, Japan PrimeLine Utility Services Hollywood Burbank Lane Plants & Paving Orlando Samford, Macon Downtown, Middle Georgia Regi
Slide 55: A growing internationalisation
A growing internationalisation 2008 revenue geographic breakdown 2018 revenue geographic breakdown 4% 7% 3% 3% 6% 7% 3% 5% €33.5 bn €43.5 bn 20% INCREASED EXPOSURE TO INTERNATIONAL 57% 22% 63% 2008 International Revenue CAGR 2008/2018 2018 International Revenue €12.5 bn +4.1% €18.8 bn France Africa
Slide 56: Steady returns over time
Steady returns over time VINCI ROCE and ROE over the past 5 years 16.6% 16.7% 15.7% 13.5% * 13.9% 9.0% 9.3% 9.3% 8.5% 7.9% 2014 2015 2016 2017 2018 * Excluding non recurring items (Sale of VINCI Park) ROCE ROE Return on capital employed (ROCE) is net operating income after tax, excluding non-recurri
Slide 57: Aim for a global performance
Aim for a global performance A sustainable economic project is impossible without an ambitious social, workforce-related and environmental commitment. 57
Slide 58: Business line profiles
VINCI Ws Business line profiles
Slide 59: Concessions Profile
Concessions Profile Revenue and Ebitda margin evolution over the last 5 years 2018 revenue by geographical area Revenue CAGR (since 2013): +5.3% 6.9 7.3 4% 5% 7,0.0 6.3 7.5% 11% 5.8 5.8 France 68.4% Portugal 67.8% 68.3% 67.8% 7.0% €7.3 bn Americas 3,50.0 65.7% 6.5% RoW 80% ,0.0 6.0% 2014 2015 2016 2
Slide 60: Concessions capex forecasts
Concessions capex* forecasts In € million 1800 1600 VINCI Autoroutes 1400 VINCI Airports Other concessions 1200 1000 Highlights 800 • VINCI Autoroutes capex include the 2015 Stimulus 600 Plan, the motorway Investment Plan and the construction of Arcos (A355) 400 • VINCI Airports capex include the ex
Slide 61: Non-controlling stakes in concessions
Non-controlling stakes in concessions VINCI share, based on best estimates as of 31.12.2018 Projects consolidated by the equity method, excluding ADP In € millions Equity committed Equity invested at Equity to be 31.12.2018 invested Kansai Airports (Japan) 253 253 0 Santiago Airport (Chile) 202 108
Slide 62: VINCI Autoroutes
VINCI Ws VINCI Autoroutes
Slide 63: Autoroutes key figures
VINCI Autoroutes key figures Revenue and Ebitda margin from 2014 to 2018 FY 2018 VINCI Autoroutes traffic Revenue CAGR (since 2013): +3.1% 5.1 5.3 5.4 4.8 4.9 7.4% 5,0.000 Total 4,0.000 7.3% 3,0.000 73.0% 72.7% 72.6% 7.2% 2,0.000 72.2% 1,0.000 71.3% 7.1% -0.5% -0.9% +2.1 % ,0.000 7.0% 2014 2015 2016
Slide 64: Autoroutes - France's leading motorway concession operator
VINCI Autoroutes - France’s leading motorway concession operator A strategic location network 4,443 km approx. 50% >35% GCO* under concession of conceded French of total motorway toll roads network in France Intercity (1) network End of concession Apr. 2036 Feb. 2032 Jun. 2034 Dec. 2086 Dec. 2070 Ja
Slide 65: Autoroutes - tariff contractually CPI-linked
VINCI Autoroutes - tariff contractually CPI-linked Contractual framework of toll increases (LVs) ASF Escota Cofiroute Intercity Network End of 2036 2032 2034 concession 2019* +1.896% +1.825% +1.655% 70% x i 70% x i 70% x i 2020 to 2021 + 0.39% (2015 toll freeze) + 0.25 % (2015 toll freeze) + 0.10% (
Slide 66: VINCI Airports
VINCI Ws VINCI Airports
Slide 67: Airports, 2nd airport operator worldwide
VINCI Airports, 2nd airport operator worldwide The most geographically diversified airports operator Passengers traffic1 (millions of pax.) evolution 46 platforms in 12 countries 254 195 157 132 69 43 47 Passengers traffic* (millions of pax.) evolution 10 2012 2013 2014 2015 2016 2017 2018 30 Septem
Slide 68: Integration of Gatwick in May 2019
Integration of Gatwick in May 2019 INDUSTRIAL RATIONALE VALUE CREATION Reasonable price resulting from balanced negotiations, ✓ Freehold airport: extension of our concessions which meets our investment and capital discipline criteria portfolio maturity ✓ Resilient asset (congested airport in a const
Slide 69: Airports in 2018
VINCI Airports in 2018 Revenue and Ebitda margin over the past 5 years VINCI Airports: 2018 Revenue and Ebitda by country Revenue CAGR (since 2013): +38.5% 1.6 1.4 6.5% 5% 12% 1% 1 400 8% 58.6% 1.1 57.3% 14% Revenue 17% 0.8 Ebitda 53.3% 700 0.7 50.2% 5.5% €1 607 m 52% €941 m 59% 47.7% 11% 21% 0 4.5%
Slide 70: Airports network (1/2)
VINCI Airports network (1/2) VINCI AIRPORTS VINCI Country Name Description KPAX in 2018 End of concession Traffic risk Consolidation* share London Gatwick Freehold 46,075 - 50% Yes FC UK Belfast Freehold 6,286 2993 100% Yes FC ANA Portugal (10 airports in Lisbon, Porto, Faro, Madeira, Azores) 55,325
Slide 71: Airports network (2/2)
VINCI Airports network (2/2) VINCI AIRPORTS VINCI Country Name Description KPAX in 2018 End of concession Traffic risk Consolidation* share Brazil Salvador Concession 8,017 2047 100% Yes FC Serbia Belgrade Concession 5,641 2043 100% Yes FC Dominican Aerodom (Santo Domingo, Puerto Plata, Samana, La C
Slide 72: Lisbon airport capacity expansion project
VINCI Airports (ANA) - project for the expansion of Lisbon’s airport capacity MOU signed in January 2019 with the Portuguese government ANA shall invest €1.15 billion by 2028: - €650 millions for the first phase of the extension of the existing Lisbon airport - €500 million for the opening of a new
Slide 73: Highways, VINCI Railways and other concessions
VINCI Highways, VINCI Railways and other concessions
Slide 74: Highways, Railways and other concessions in 2018
VINCI Highways, VINCI Railways and other concessions in 2018 Revenue over the past 5 years Key takeaways ▪ Revenue growth : +15.5% (+3.9% like for like) ▪ EBITDA: €127 m (42.5% of revenue) Lamsac’s acquisition 298 (Peru) 258 ▪ Section 2 of Lamsac opened in June 2018: ✓ FY 2018 traffic growth: +13.4%
Slide 75: Highways - Electronic Toll Collection developments
VINCI Highways - Electronic Toll Collection (ETC) developments Serving more than 1,2 million ETC subscribers worldwide Major Steps 1995: Opening of SR91 in Russian Los Angeles (managed M50 Interoperability (Dublin lane) ringroad) 2016: Acquisition of PEX in SR91 Greece Express Peru and participation
Slide 76: Highways
VINCI Highways VINCI HIGHWAYS Country Type Name Description End of concession VINCI share Traffic risk Consolidation* Road Infrastructure Motorway A7 Bockenem-Göttingen 60 km 2047 50% no EM Motorway A4 Horselberg 45 km 2037 50% yes EM Germany Motorway A9 Thuringia/Bavarian border 47 km 2031 50% no E
Slide 77: Highways and VINCI Stadium
VINCI Highways and VINCI Stadium Country Type Name Description End of concession VINCI share Traffic risk Consolidation* Bridges & Tunnels Tunnel Prado Carénage Road tunnel, Marseille 2025 33.3% yes EM France Tunnel Prado Sud Road tunnel, Marseille 2055 58.5% yes EM Canada Bridge Confederation bridg
Slide 78: Railways and other concessions
VINCI Railways and other concessions VINCI Railways Country Type Name Description End of concession VINCI share Traffic risk Consolidation* Rail Rhônexpress 23 km light rail system, Lyon 2038 35% yes EM Rail GSM-Rail Ground-train communication system on 14,000 km of track 2025 70% no EM France Rail
Slide 79: Contracting
VINCI Ws Contracting
Slide 80: Contracting profile
Contracting profile Revenue and Ebit margin evolution over the last 5 years 2018 revenue by geographical area Revenue CAGR (since 2013): +0.6% France 6% 40,0.0 35.8 0.5% 4% Germany 32.9 32.6 31.5 32.8 8% UK 4.1% 3.8% 0.4% Central & Eastern Europe 3.7% 10% 20,0.0 €35.8 bn 52% Rest of Europe 3.5% 3.4%
Slide 81: VINCI Energies profile
VINCI Energies: making digital transformation and the energy transition a reality Revenue and Ebit margin over the past 5 years 2018 revenue by geographical area Revenue CAGR (since 2013): +6.4% 1,800 12.6 Business 3% 4% France 5% 0.6% Units Germany 12,0.0 10.2 10.2 10.8 9.3 Scandinavia 20% 46% 0.6%
Slide 82: Eurovia profile
Eurovia: developing sustainable mobility solutions for communities Revenue and Ebit margin over the past 5 years 2018 revenue by geographical area Revenue CAGR (since 2013): +0.7% 450 5% 3% France 8.9 Business 6% Germany 9,0.0 8.2 8.1 0.5% 2% 7.9 7.6 Units UK 3.9% 3.7% 0.4% 12% Central & Eastern Eur
Slide 83: VINCI Construction profile
VINCI Construction, France’s leading construction company and a major global player Revenue and Ebit margin over the past 5 years 2018 revenue by geographical area Revenue CAGR (since 2013): -3.2% 830 5% France Business 7% UK 18,0.0 15.4 0.4% Units 7% 14.5 13.7 14.0 14.2 Central & Eastern Europe 0.4
Slide 84: The Grand Paris Express project
The Grand Paris Express project Line 17 4 new metro lines around Paris and 2 line extensions Line 11 Line 16 €28 bn 200 km 68 Line 15 to €35 bn Automatic New stations Construction metro lines Line 15 budget* Line 14 Expected completion in 2030 Line 18 Works by VINCI entities * source: Société du Gra
Slide 85: VINCI Immobilier
VINCI Ws VINCI Immobilier
Slide 86: Immobilier
VINCI Immobilier Revenue over the past 5 years 2018 reservations by destination 1.1 1200 Revenue CAGR (since 2013): +6.2% 0.9 €1.3 bn 1000 0.8 2018 managed Social, 0.7 revenue* Institutional 800 25% 0.6 Buy to let private 30% 600 investors 400 6,333 200 Presence in 0 2014 2015 2016 2017 2018 21 Mana
Slide 87: IR team and agenda
IR team and agenda TEAM AGENDA Grégoire THIBAULT Head of investor relations gregoire.thibault@vinci.com 5 November 2019 Tel: +33 1 47 16 45 07 Interim dividend execution date Alexandra BOURNAZEL Deputy-head of investor relations alexandra.bournazel@vinci.com 7 November 2019 Tel: +33 1 47 16 33 46 In