Vinci SA · EURONEXT:DG
Vinci SA — H1 2017 Earnings Presentation
85 slides from Vinci SA's earnings presentation, Jul 28, 2017
Slide 1: 2017 first half results
2017 first half results 28 July 2017
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: Link building at Paris-Orly Airport
Construction of the “link building” connecting the Paris- Orly Airport’s South and West terminals
Slide 4: Duo buildings works by VINCI Construction
Start by VINCI Construction of the Duo buildings works, created by Ateliers Jean Nouvel
Slide 5: Jardins de l'Arche Tower project
Jardins de l’Arche Tower project, located on the boulevard de La Défense in Nanterre, in close proximity to the U Arena and nearby the future Les Groues transportation hub
Slide 6: First wind farm project in Indonesia
VINCI Energies won the first wind farm project to be executed in Indonesia, on the Sulawesi island
Slide 7: Eurovia urban planning contract in Calama, Chile
Eurovia won its biggest urban planning contract in Calama, Chile
Slide 8: 2017 first half highlights
2017 first half highlights Xavier Huillard, Chairman and CEO
Slide 9: 2017 first half highlights
2017 first half highlights Sharp increase in passenger numbers at VINCI Airports Sustained traffic growth at VINCI Autoroutes Confirmed upturn in heavy vehicle traffic Contracting: increase in order intake and order book Growth in EBIT and net income Confirmation of expected revenue and earnings gro
Slide 10: 2017 first half Group key figures
2017 first half Group key figures In € million H1 2017 Vs. H1 2016 Revenue* 18,513 +5.1% EBIT 1,883 +9.5% EBIT/revenue 10.2% +40 bp Net income 1,030 +11.9% Net income per share 1.84 +12.0% EBITDA 2,806 +7.7% Net financial debt as of 30 June 2017 (15,541) (1,151) 10 * Excluding revenue derived from c
Slide 11: Improving French economic environment
Improving French economic environment French revenue evolution over the last 12 months Contracting: French order book by business line (in € bn) Organic Changes in scope €11.0 bn €10.3 bn +8% 16.1 14.9 +1.2% +4.8% 3.8 3.5 +10% 2.7 2.5 +8% +6.0% 9.6 9.0 +7% H1 2016 Revenue change H1 2017 Jun. 2016 Ju
Slide 12: VINCI Airports
VINCI Airports Revenue EBITDA EBITDA/Revenue Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 € 0.7 bn € 0.4 bn 58.7% +46.0% +63% +610 bp H1 2017 Highlights Acquisition of 51% of LFP in Portugal • Integration of the 2016 acquisitions of Aerodom (Dominican Republic) H1 2017/ FY 2016 / and the Ly
Slide 13: VINCI Autoroutes
VINCI Autoroutes Revenue EBITDA EBITDA/Revenue Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 € 2.5 bn € 1.8 bn 74.6% +3.7% +3.7% -10 bp H1 2017 Highlights • Concession contract for the western Strasbourg bypass (A355 motorway) signed in 2016: financial closing in progress • New investment pl
Slide 14: VINCI Railways
VINCI Railways South Europe Atlantic high-speed rail line (SEA HSL) between Tours and Bordeaux: • Entry into service on July 2nd, one month ahead of initial schedule • The Group has contributed all of its expertise since 2011 to this construction project, valued at over €6bn • The trip between Paris
Slide 15: VINCI Highways
VINCI Highways LAMSAC toll road in Lima, Peru Bogota-Girardot project, Colombia A7 motorway (A-Modell), Germany • Consolidation of LAMSAC since • Bogota-Girardot concession project in • Financial closing for the A7 motorway in December 2016. Colombia, in partnership with Germany completed in April 2
Slide 16: VINCI Energies
VINCI Energies Revenue EBIT EBIT/Revenue Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 € 5.1 bn € 278 m 5.5% +2.0% actual +1.2% Stable -0.2% like for like H1 2017 Highlights • Revenue growth in ICT, Industry and Services offset a decline in Infrastructure. Deployment of charging infrastructu
Slide 17: Eurovia
Eurovia Revenue EBIT EBIT/Revenue Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 € 3.5 bn € (19) m (0.5)% +6.4% actual +33.4% + 40 bp +6.5% like for like H1 2017 Highlights • Revenue growth both within and outside France, particularly in Eurovia is renovating nearly 200km of national railway
Slide 18: VINCI Construction
VINCI Construction Revenue EBIT EBIT/Revenue Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 € 6.6 bn € 90 m 1.4% +1.5% actual -2.3% stable +1.9% like for like H1 2017 Highlights • Upturn confirmed in France • Strong performance of Soletanche-Freyssinet. • Entrepose and African activities stil
Slide 19: 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 €25 bn 200 km 68 Line 15 New Construction Automatic budget* metro lines stations Line 15 Line 14 Expected completion in 2030 Line 18 FOCUS ON LINE 15 SOUTH 8 contracts awarded in H1 2017 on L
Slide 20: VINCI Immobilier
VINCI Immobilier Managed revenue* Consolidated Housing units sold Δ H1 2017/H1 2016 revenue Δ H1 2017/H1 2016 Δ H1 2017/H1 2016 € 476 m €388 m 3,067 +49% +46.4% +30% H1 2017 Highlights • Start in April 2017 of the Innside by Melia 4* hotel project in Commissioning of the Elements office building in
Slide 21: 2017 first half financial data
2017 first half financial data Christian Labeyrie, Executive Vice-President and CFO
Slide 22: H1 2017 consolidated revenue
H1 2017 consolidated revenue Concessions Contracting €3,223 m +11.8% €15,104 m +2.8% Organic Changes in scope FX Organic Changes in scope FX €18,513 m €17,619 m +5.7% +5.9% +0.2% +2.2% +0.9% -0.3% +5.1% +3.6% +1.7% -0.2% Organic Changes in scope FX Revenue change H1 2016 H1 2017 22
Slide 23: Operating income from ordinary activities (EBIT)
Operating income from ordinary activities (EBIT) Group EBIT: €1,883 m (+€163 m; +9.5%) EBIT Margin: 10.2% (+40 bp ) Concessions Contracting EBIT: €1,530 m +€169 m (+12.4%) EBIT: €349 m +€11 m (+3.1%) EBIT Margin: 47.5% +30 bp EBIT Margin: 2.3% stable VINCI Autoroutes VINCI Airports VINCI Energies Eu
Slide 24: Income statement
Income statement Δ H1 2017/ (in € millions) 1H 2017 1H 2016 H1 2016 Operating income from ordinary activities (EBIT) 1,883 1,720 +9.5% % of revenue 10.2% 9.8% - share-based payment expense (IFRS 2) (57) (43) - profit / loss of equity-accounted cos. & miscellaneous 27 25 Recurring operating income 1,
Slide 25: Change in net financial debt during H1 2017
Change in net financial debt during H1 2017 (in € billions) Share buy-backs** Capital increases** (0.4) 0.2 Investments (15.5) Interest & (0.9) (13.9) EBITDA 2.8 taxes paid Δ WCR* (0.9) (1.1) Dividends Acquisitions/ (0.8) Disposals (0.5) Free cash flow: €(128) m H1 2016 : €(38) m Concessions Contrac
Slide 26: Consolidated balance sheet
Consolidated balance sheet (in € millions) 30 Jun. 2017 31 Dec. 2016 30 Jun. 2016 Non-current assets – concessions 30,976 30,992 28,493 Non-current assets – contracting and other 9,416 9,333 9,025 WCR, provisions and other current assets & liabilities (5,317) (6,742) (5,388) Capital employed 35,075
Slide 27: Corporate financing
Corporate financing €4.9 bn new debt issued in the last 15 months with 9 years of average maturity and an average cost after hedging of 1.12% 2016 April €0.4 bn ASF 17 year repayment EIB loan Strong credit rating May €0.5 bn ASF 10-year bond September €1.3 bn Cofiroute 2 equal tranches of 8.5- and 1
Slide 28: Gross financial debt over the last 3 years
Gross financial debt over the last 3 years Evolution of the gross financial debt (in euros billions) 17.8 18.1 18.0 16.6 43% 47% 52% 44% Floating rate Fixed rate 57% 56% 53% 48% FY 2014 FY 2015 FY 2016 H1 2017 5.2 years 5.5 years 5.0 years Evolution of the average maturity of the 4.6 years gross fin
Slide 29: 2017 outlook
2017 outlook Xavier Huillard, Chairman and CEO
Slide 30: VINCI Autoroutes: toll increases and traffic outlook
VINCI Autoroutes : toll increases and traffic outlook Change since Q4 2007 Change in traffic over 12 trailing months (number of km travelled) as of Q2 2017 120 LV +15.9% 115 110 Total +13.5% 105 100 HV 95 -0.4% 90 85 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 31: Contracting order book
Contracting order book Order book up by 5% as of June 30, 2017 and by 12% compared to December 31, 2016 Breakdown by business lines (in € bn) Breakdown by geographical area (in € bn) Δ 17 / 16 Jun. Δ 17 / 16 Jun. 30.7 +5% 30.7 +5% 29.2 27.4 29.2 27.4 6.4 7.0 +8% 5.9 +8% 14.9 16.1 5.9 6.3 +8% 13.8 5.
Slide 32: 2017 forecasts strengthened
2017 forecasts strengthened Concessions Contracting VINCI Autoroutes revenue will continue to rise, but to a lesser extent than in 2016, given the high Return to positive growth in France in 2017. comparison basis. Outside France, the picture is mixed, with business VINCI Airports revenue is expecte
Slide 33: Interim Dividend up
Interim Dividend up 2017 interim dividend* (all-cash) per share €0.69 9.5%* Execution date 7 November 2017 Payment date 9 November 2017 * Compared to €0.63 as of H1 2016 33
Slide 34: Leonard, a new structure dedicated to innovation
Leonard, a new structure dedicated to innovation Technology watch Detect emerging trends in Incubation & acceleration VINCI’s businesses and programs 3 markets open to both Group employees and 1 startups Foresight ü Impacts of the self-driving vehicles ü Climate resilient cities and infrastructures
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Slide 36: Appendixes
Appendixes Structure and shareholder base Business line profiles Financial data
Slide 37: Structure and shareholder base
Structure and shareholder base
Slide 38: VINCI – 2016 key figures
VINCI – 2016 key figures 183,487 €38.1 bn 3,000 €44.3 bn employees Group revenue estimated number of business units market cap. at June 30, 2017 117,000 >110 270,000 61% employee shareholders countries where VINCI operates estimated number of worksites shareholders outside France Concessions Real es
Slide 39: Shareholder base at June 2017
Shareholder base at 30 June 2017 France United Kingdom 12.4% 15.7% Individual investors Rest of Europe Institutional 16.8% 7.7% investors 593,0 m Employees 73.2 % shares 8.8% Treasury Shares 6.5% North America 21.8% 3.8% Qatar Holding LLC 6.5% Rest of the World Shareholding structure Over 500 instit
Slide 40: VINCI's constant group strategy
VINCI’s constant group strategy Concessions Contracting Extension of the Focus on the maturity of the development of VINCI concessions portfolio Energies and specialised through focus on businesses of Eurovia airports and and VINCI Construction motorways Concessions–Contracting International integra
Slide 41: Collaborative innovation at VINCI
Collaborative innovation at VINCI Optimise production and provide customers Develop new services aimed at enhancing with innovative solutions in the CONTRACTING users‘ experience and infrastructure activities performance in the CONCESSIONS BIM model of the Santiago airport new terminal (Building Inf
Slide 42: Business line profiles
VINCI “ Business line profiles
Slide 43: Concessions Profile
Concessions Profile 2016 Key figures 2016 revenue by geographical area Revenue 6,298 France 5,332 RoW 5 % International 966 Portugal 10 % EBITDA 4,302 as % of revenue 68.3% Net income * 1,664 France 85 % Capital employed at 31 December 2016 29,354 €6.3 bn Free Cash Flow 2,019 o/w growth CAPEX (822)
Slide 44: Extension of the maturity of the concessions portfolio
Extension of the maturity of the concessions portfolio Remaining life(1) of the portfolio (number of years) 27 26 25 24 24 23 22 28 27 28 29 1 1 7 7 7.5 1 7 1 Extensions due to VINCI Highways development(2) 1 1 3 3.5 Extensions due to VINCI Airports development 27 26 Extensions due to VINCI Autorout
Slide 45: VINCI Autoroutes
VINCI “ VINCI a” AUTOROUTES
Slide 46: VINCI Autoroutes - France's leading toll road concession operator
VINCI Autoroutes - France’s leading Toll Road concession operator 2016 Key figures 4,422 km under concession (€ in millions) Revenue 5,111 GCO* EBITDA 3,710 >35 % of total motorway network in France as % of revenue 72.6% Net income 1,412 Capital employed at 31 Dec. 2016 21,598 approx. 50 % of conced
Slide 47: VINCI Autoroutes CAPEX forecast
VINCI Autoroutes CAPEX forecast CAPEX forecast : including 2015 Stimulus Plan 1200 1000 800 In € million 600 Arcos (A 355) Cofiroute ASF 400 200 0 2017e 2018e 2019e 2020e 2021e 47
Slide 48: Contractual framework of toll increases
VINCI Autoroutes Contractual framework of toll increases (LVs) ASF Escota Cofiroute Intercity Network End of concession 2036 2032 2034 2017* 1.20 % 0.59 % 0.57 % 2018 70% x i + 0.62 % 70% x i + 0.62 % 70% x i + 0.62 % 2019 to 2023** 70% x i + 0.39 % 70% x i + 0.25 % 70% x i + 0.10 % After 2023 70% x
Slide 49: VINCI Autoroutes - Stimulus Plan (2015)
VINCI Autoroutes - Stimulus Plan (2015) Main terms of the amendments to the concession contracts approved by decree of 21 August 2015, included in the MoU signed on 9 April 2015 with the Grantor 1. Stimulus Package (approved by the European Commission in 2014) CAPEX of €2 bn to be performed, compens
Slide 50: VINCI Airports
VINCI “ VINCI “- AIRPORTS
Slide 51: VINCI Airports, a success story
VINCI Airports, a ”success story” 35 airports and 132.3 million* passengers managed in 2016 Passenger traffic* (in million pax.) 132 13 airports in France 3 airports in Cambodia 69 10 airports in Portugal 47 43 1 airport in Chile 2 airports in Japan 10 6 airports in Dominican Republic 2012 2013 2014
Slide 52: VINCI Airports
VINCI Airports VINCI AIRPORTS VINCI Country Name Description KPAX in 2016 End of concession Traffic risk Consolidation* share Phnom Penh Concession Cambodia Siem Reap Concession 7,024 2040 70% Yes FC Sihanoukville Concession Poitiers-Biard DSP** 109 2019 100% Yes FC Grenoble-Isère DSP** 307 2023 100
Slide 53: VINCI Highways and other concessions
VINCI Highways and other concessions
Slide 54: VINCI Highways
VINCI Highways VINCI HIGHWAYS Country Type Name Description End of concession VINCI share Traffic risk Consolidation* Road Infrastructure Motorway A4 Horselberg 45 km 2037 50% yes EM Germany Motorway A9 Thuringia/Bavarian border 46.5 km 2031 50% no EM Motorway A5 Malsch–Offenburg 60 km 2039 54% yes
Slide 55: VINCI Highways and other concessions
VINCI Highways and other concessions 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 b
Slide 56: VINCI Concessions
VINCI 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 France Rail GSM-Rail Ground-train communication system on 14,000 km of track 2025 30% no EM Rail SEA High-Speed-Rail
Slide 57: Contracting
VINCI “ Contracting
Slide 58: Contracting Profile
Contracting Profile 2016 Key figures 2016 revenue by geographical area (in € millions) Revenue 31,466 Asia/Russia 3% Rest of World 3% France 16,749 Africa 4% International 14,717 Americas 8% France 53% EBIT 1,153 as % of revenue 3.7 % Rest of Europe 7% Net income * 680 €31.5 bn Central & Eastern Eur
Slide 59: 2017 major contracts awarded
2017 major contracts awarded VINCI Construction (leader) Grand Paris express: T3C and T2D sections of Line 15 South / SPIE Batignolles Bouygues (leader) / Soletanche Grand Paris express: T3A, T3B and T2A section of Line 15 South VINCI Construction Duo Towers in the 13th arrondissement of Paris Upgra
Slide 60: VINCI Energies
VINCI Energies 2016 Key figures 2016 revenue by geographical area Rest of the world 6% (in € millions) Africa 4% France 52% Revenue 10,200 Rest of Europe 7% France International 5,292 4,908 1,600 Netherland 4% Business Belgium 4% EBIT 581 Units €10.2 bn as % of revenue 5.7% Switzerland 5% Net income
Slide 61: Eurovia
Eurovia 2016 Key figures 2016 revenue by geographical area (in €millions) USA 6% Latin Americas 3% Revenue 7,585 Canada 6% France 57% France 4,289 400 Rest of Europe 1% International 3,296 Business Central and Eastern Europe 9% EBIT 243 Units €7.6 bn as % of revenue 3.2 % UK 8% Net income * 160 Net
Slide 62: VINCI Construction
VINCI Construction 2016 Key figures 2016 revenue by geographical area (in € millions) Rest of the world 5% Revenue 13,681 Asia / Russia 6% France 52% France International 7,168 6,512 1,050 Africa 7% Business Americas 9% EBIT 330 €13.7 bn Units as % of revenue 2.4 % Rest of Europe 3% Net income* 194
Slide 63: VINCI Immobilier
VINCI “ VINCI Immobilier
Slide 64: VINCI Immobilier
VINCI Immobilier 2016 Key figures 2016 reservations by destination (€ in millions) Managed revenue* 919 Social, Consolidated revenue 774 Presence in Institutional Buy to let EBIT 53 16 19% 35% private Investors as % of revenue 6.8 % French cities Net income ** 43 Net financial debt (322) Headcount a
Slide 65: Financial Data
Financial Data As of 30 June 2017
Slide 66: Consolidated revenue
Consolidated revenue Δ 2017/2016 € in millions H1 2017 H1 2016 Actual Like-for-like 2016 Concessions 3,223 2,882 +11.8% +5.7% 6,298 VINCI Autoroutes 2,453 2,365 +3.7% +3.7% 5,111 VINCI Airports 664 455 +46.0% +14.0% 1,055 Other Concessions 106 62 +71.6% +5.0% 131 Contracting 15,104 14,695 +2.8% +2.2
Slide 67: 41% of H1 2017 revenue generated outside France
First half 2017 revenue by geographical area 41% of H1 2017 revenue generated outside France France +6 % €11.0 bn 59% Central & Eastern Europe +14% North America €0.7bn €0.7bn +6% Western Europe 4% 4% (excl. France) €3.9 bn +2% 21% Asia/Middle East /Oceania Central & South €1.1 bn +3% America +25% A
Slide 68: Consolidated revenue - France
Consolidated revenue - France Δ 2017/2016 € in millions H1 2017 H1 2016 Actual Like-for-like 2016 Concessions 2,645 2,465 +7.3% +3.7% 5,332 VINCI Autoroutes 2,453 2,365 +3.7% +3.7% 5,111 VINCI Airports 156 64 +144.2% +5.0% 149 Other Concessions 36 36 -0.2% -0.2% 72 Contracting 8,105 7,830 +3.5% +3.0
Slide 69: Consolidated revenue - International
Consolidated revenue - International Δ 2017/2016 € in millions H1 2017 H1 2016 Actual Like-for-like 2016 Concessions 579 417 +38.7% +15.9% 966 VINCI Airports 508 391 +29.9% +17.1% 906 Other Concessions 70 26 +170.8% +7.8% 60 Contracting 6,999 6,866 +1.9% +1.2% 14,717 VINCI Energies 2,415 2,332 +3.6%
Slide 70: EBIT by business line
EBIT - operating income from ordinary activities by business line % of % of % of € in millions H1 2017 H1 2016 Δ 2017/2016 FY 2016 revenue* revenue* revenue* Concessions 1,530 47.5% 1,361 47.2 % +12.4% 2,953 46.9% VINCI Autoroutes 1,264 51.5% 1,205 51.0 % +4.9% 2,588 50.6% VINCI Airports 269 40.5% 1
Slide 71: ROI – Recurring operating income by business line
ROI – Recurring operating income by business line % of % of € in millions H1 2017 % of revenue* H1 2016 Δ 2017/2016 FY 2016 revenue* revenue* Concessions 1,533 47.6% 1,389 48.2 % +10.3% 3,031 48.1% VINCI Autoroutes 1,264 51.5% 1,199 50.7 % +5.4% 2,629 51.4% VINCI Airports 247 37.2% 187 41.0 % +32.5%
Slide 72: Financial income/(expense)
Financial income/(expense) € in millions H1 2017 H1 2016 Δ 2017/2016 FY 2016 Cost of net financial debt (234) (262) +29 (526) Other financial income and expenses 18 (21) +38 (35) Borrowing costs capitalised 45 18 +26 36 Discounting retirement obligations and provisions (19) (26) +8 (66) Foreign exch
Slide 73: EBITDA
EBITDA* € in millions H1 2017 % of revenue** H1 2016 % of revenue** Δ 2017/2016 FY 2016 % of revenue** Concessions 2,229 69.1% 2,019 70.1 % +10.4% 4,302 68.3% VINCI Autoroutes 1,831 74.6% 1,766 74.7 % +3.7% 3,710 72.6% VINCI Airports 390 58.7% 239 52.6 % +63.0% 563 53.3% Other Concessions 8 13 29 Co
Slide 74: Operating CAPEX, net
Operating CAPEX, net € in millions H1 2017 H1 2016 Δ 2017/2016 FY 2016 Concessions 24 16 +8 26 VINCI Autoroutes 2 4 -2 9 VINCI Airports 5 6 -1 7 Other Concessions 17 7 +10 9 Contracting 353 331 +22 678 VINCI Energies 57 48 +9 116 Eurovia 136 127 +9 247 VINCI Construction 160 156 +4 315 VINCI Immobil
Slide 75: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs € in millions H1 2017 H1 2016 Δ 2017/2016 FY 2016 Concessions 555 419 +137 822 VINCI Autoroutes 389 359 +30 686 O/w : ASF 230 217 +13 416 Escota 66 55 +11 100 Cofiroute 70 62 +8 121 VINCI Airports 100 55 +45 127 Other Concessions 66 5 +61 9 Contracting 2 17 -15 1
Slide 76: Cash flow statement (1/2)
Cash flow statement (1/2) € in millions H1 2017 H1 2016 FY 2016 EBITDA* 2,806 2,606 5,966 Change in WCR** and current provisions (1,130) (1,137) 24 Income taxes paid (693) (495) (1,213) Net interest paid (328) (331) (525) Dividends received from companies accounted for under the 85 54 94 equity meth
Slide 77: Cash flow statement (2/2)
Cash flow statement (2/2) € in millions H1 2017 H1 2016 FY 2016 Free cash flow (after CAPEX) (128) (38) 2,948 Net financial investments and other cash flows (508) (1,038) (3,379) Cash flow before movements in share capital (637) (1,075) (431) Share capital increases and other operations * 205 321 63
Slide 78: Net financial debt by business line
Net financial debt by business line Of which external Of which external 30 Jun. 2017 net debt 31 Dec. 2016 net debt Δ 2017/2016 (in € millions) Concessions (27,954) (15,412) (28,515) (14,826) 561 VINCI Autoroutes (21,647) (14,356) (22,309) (13,706) 662 VINCI Airports (4,092) (896) (4,295) (957) 204
Slide 79: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt (€18.0 bn) as of June 30, 2017: 5.5 years * Repayment schedule as of June 30, 2017 3 000 2 500 2 000 1 500 1 000 500 0 S2 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 >2033 * Concessions : 5.
Slide 80: Average cost of future debt repayment
Average cost of future debt repayment (as of 31.12.2016) ASF Cofiroute Holdings and misc. Arcour Other concessions 3 000 2 500 2 000 1 500 1 000 500 0 2017 2018 2019 2020 2021 2022 Nominal amount in € millions 2,116 2,622 2,117 1,610 1,513 1,854 Average rate * 3.20% 3.71% 5.28% 1.39% 2.77% 3.13% *Af
Slide 81: Notes
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Slide 82: Notes
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Slide 83: Notes
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Slide 84: Notes
Notes VINCI “ i eeeeeeererererrrrrrrC“(;i‘;..:tsSC(‘é#.ST.TUC*#;®;:S:S::
Slide 85: IR Contacts and Agenda
IR Contacts and Agenda CONTACT AGENDA 24 October 2017 Arnaud Palliez 3rd quarter 2017 information Arnaud.palliez@vinci.com 7 November 2017 Tel: +33 1 47 16 45 07 Interim dividend ex-date 9 November 2017 Alexandra Bournazel Interim dividend payment date Alexandra.bournazel@vinci.com November 2017 14