Vinci SA · EURONEXT:DG
Vinci SA — FY2019 Earnings Presentation
95 slides from Vinci SA's earnings presentation, Feb 5, 2020
Slide 1: 2019 full year results
2019 full year results 5 February 2020 Wildlife corridor on the A10 motorway
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: 2019 highlights
2019 highlights Xavier Huillard, Chairman and CEO
Slide 4: Airports: Salvador Bahia Airport upgrade (Brazil)
VINCI Airports: Salvador Bahia Airport upgrade (Brazil) 4
Slide 5: Autoroutes: safe meeting points for car-sharing
VINCI Autoroutes: development of the network to provide safe meeting points for car-sharing 5
Slide 6: Opening of the Regina bypass (Canada)
VINCI Highways, Eurovia, VINCI Construction and VINCI Energies : opening of the Regina bypass (Saskatchewan - Canada)
Slide 7: Energies: solar power plant in Chaillac (France)
VINCI Energies: solar power plant in Chaillac (France)
Slide 8: Eurovia: E-liner autonomous road-marking vehicle
Eurovia: development of the E-liner, an autonomous road-markingvehicle
Slide 9: Construction: ITER Tokamak Building completed
VINCI Construction: ITER, civil engineering work on the Tokamak Building completed, Cadarache (South of France)
Slide 10: Immobilier: Belvédère office building, La Défense
VINCI Immobilier: Belvédère office building in Paris la Défense for SPACES
Slide 11: 2019 highlights
2019 highlights Motorway traffic growth at VINCI Autoroutes (+2.8%) Good momentum in passenger numbers at VINCI Airports (+5.7%) Higher business levels accross VINCI Energies, Eurovia and VINCI Construction Solid earnings growth and very strong free cash flow Dividend proposed for 2019: €3.05 per sh
Slide 12: 2019 Group key figures
2019 Group key figures Revenue Ebit Ebit/Revenue Net Income Δ FY 2019/FY 2018 Δ FY 2019/FY 2018 Δ FY 2019/FY 2018 Δ FY 2019/FY 2018 48,053 5,734 11.9% 3,260 Data in € million (unless otherwise specified) +10.4% +14.8% +40 bp +9.3% Ebitda* Free Cash Flow Net financial debt Diluted net income/share (€
Slide 13: 45% of 2019 revenue generated outside France
45% of 2019 revenue generated outside France (43% in 2018) France €26.3 bn +6% 55% Central & North America Eastern Europe +1% €3.2 bn +59% €2.2 bn 5% 7% Western Europe (excl. France) +14% €10.9bn Asia/Middle East/ 22% Oceania +2% Central & €2.6 bn South America +10% Africa 5% €1.3 bn €1.6 bn +19% 3%
Slide 14: VINCI Autoroutes in 2019
VINCI Autoroutes in 2019 Revenue and Ebitda margin over the past 5 years Revenue CAGR (since 2014): +3.3% Key takeaways 6,0 5.6 76,0% 5.4 5.1 5.3 4.9 75,0% § Revenue growth in 2019 vs 2018: +4.4% 74,0% 73.0% 74.7% 3,5 72.2% 72.6% 73,0% § Traffic growth: +2.8% (of which + 14.8% in Q4 2019) 72.7% 72,0
Slide 15: VINCI Airports in 2019
VINCI Airports in 2019 Key takeaways Revenue and Ebitda margin over the past 5 years Revenue CAGR (since 2014): +30% § Managed revenue: €4.9 bn* 2.6 § Revenue growth in 2019 vs 2018: +64% (+8.6% like for like) 67,5% § Dynamic airports passenger traffic growth: +5.7% 100 1.6 ü 255 m managed pax* in F
Slide 16: Other concessions in 2019
Other concessions in 2019 Revenue over the past 5 years Key takeaways Revenue CAGR (since 2014): +25% § Revenue growth in 2019 vs 2018: +7.0% (+13.1% like for like) ü Lamsac : €116 m (+24%) Lamsac’s acquisition 319 ü Gefyra (Rion-Antirion bridge in Greece): €42 m (+3%) (Peru) 298 258 ü VINCI Stadium
Slide 17: VINCI Energies in 2019
VINCI Energies in 2019 Revenue and Ebit margin over the past 5 years Key takeaways Revenue CAGR (since 2014): +8.1% § Revenue growth in 2019 vs 2018: +9.1% (+5.0% like for like) 13.7 ü 10th consecutive quarter of organic growth 12.6 6,0% ü Good momentum in Europe (France, Benelux, Switzerland, 12,0
Slide 18: Eurovia in 2019
Eurovia in 2019 Revenue and Ebit margin over the past 5 years Key takeaways Revenue CAGR (since 2014): +4.5% § Revenue growth in 2019 vs 2018: +14.3% (+6.2% like for like) 10.2 5,0% ü France: strong momentum in the roadworks and urban 8.9 9,0 7.9 8.1 4.2% 4,5% refurbishment market 7.6 3.9% ü Interna
Slide 19: VINCI Construction in 2019
VINCI Construction in 2019 Revenue and Ebit margin over the past 5 years Key takeaways Revenue CAGR (since 2014): -0.6% § Revenue growth in 2019 vs 2018: +4.9% (+4.3% like for like) 14.5 14.2 14.9 3,5% 13.7 14.0 ü France: strong building activity in the Paris region and civil engineering works as pa
Slide 20: VINCI Immobilier in 2019
VINCI Immobilier in 2019 Revenue over the past 5 years Key takeaways § Revenue growth in 2019 vs 2018: +19.5% Revenue CAGR (since 2014): +17.6% ü Strong production in residential and commercial property, both in Paris and other major French cities 1.3 ü Increased activity in managed residences (Ovel
Slide 21: 2019 financial data
2019 financial data Christian Labeyrie, Executive Vice-President and CFO
Slide 22: 2019 consolidated revenue evolution by division
2019 consolidated revenue evolution by division Concessions Real Estate Contracting €8,544 m +17.7% €1,320 m +19.5% €38,884 m +8.7% Organic Scope FX Organic Organic Scope FX €48,053 m €43,519 m +5.8% +11.6% +0.3% +19.5% +5.1% +3.2% +0.4% Total VINCI Group +10.4% +5.4% +4.6% +0.4% 2018 Organic Scope
Slide 23: 2019 consolidated revenue evolution by geographical area
2019 consolidated revenue evolution by geographical area France International €26,307 m +6.2% €21,746 m +16.0% Organic Scope Organic Scope FX €48,053 m +6.1% +0.1% €43,519 m +4.5% +10.6% +0.9% Total VINCI Group +10.4% +5.4% +4.6% +0.4% 2018 Organic Scope FX 2019 Revenue change 23
Slide 24: Operating income from ordinary activities (Ebit)
Operating income from ordinary activities (Ebit) VINCI Group Ebit: €5,734 million (+14.8%) Ebit margin: 11.9% (+40 bp) VINCI Autoroutes VINCI Airports VINCI Immobilier VINCI Energies Eurovia VINCI Construction +280 2,967 2,686 1,016 +327 +100 53.0% 827 50.2% 727 689 +85 -4 6.0% 430 400 42.9% stable
Slide 25: Income statement
Income statement (in € millions) 2019 2018 Δ 2019/2018 Operating income from ordinary activities (Ebit) 5,734 4,997 +14.8% % of revenue 11.9% 11.5% +40bp - share-based payment expense (IFRS 2) (291) (206) - profit/loss of equity-accounted cos. & miscellaneous 261 133 Recurring operating income 5,704
Slide 26: Change in net financial debt during 2019
Change in net financial debt during 2019 €6.1 bn increase of net financial debt in 2019, of which LGW impact: €7.3 bn Share buy-backs** misc. (0.9) (0.2) Acquisitions/ (21.7) Disposals (8.3) Ebitda Capital increases*** (15.6) Dividends 8.5 0.9 LGW (1.8) Capex (7.7) Δ Working Interest & (2.9)* Capita
Slide 27: A high level of free cash flow and cash conversion
A high level of free-cash flow and cash conversion over the last 5 years Average cash conversion* over the last 5 years: 119% 142% 5 000 129% 4 500 124% 120% 4 000 107% 3 500 92% 3 000 80% 2 500 2 000 4.2 3.0 3.2 1 500 2.9 40% 1 000 2.5 500 0 0% 2015 2016 2017 2018 2019 FCF in €bn Cash conversion in
Slide 28: Consolidated balance sheet
Consolidated balance sheet (in € million) 31 Dec. 2019 31 Dec. 2018 Non-current assets – concessions 42,968 32,786 Non-current assets – contracting and other 13,998 11,699 WCR, provisions and other current assets & liabilities (6,965) (6,214) Capital employed 50,001 38,270 Equity (23,042) (19,818) L
Slide 29: Financial policy: liquidity increase and conditions optimised
Financial policy: liquidity increase and conditions optimised Strong credit rating Debt refinancing in excellent market conditions S&P A-/A2 Outlook positive €4.6 bn new debt issued in 2019 with a 12 years average maturity and a Confirmed in June 2019 2.14% average cost after hedging Moody’s A3/P1 O
Slide 30: Financial policy: optimisation of average cost of debt
Financial policy: optimisation of average cost of debt Decrease of gross financial debt cost over the past 5 years (average rate) and slight increase in 2019… 3.6% 3.5% FY 2014 FY 2015 3.2% FY 2016 2.7% 2.3% 2.4% FY 2017 FY 2018 FY 2019 … due to a change of currency mix : 59% 26% 98% 86% € £ € 31 De
Slide 31: A natural hedging against interest rates rise
A natural hedging against interest rates rise Natural hedge between floating rate + inflation linked debt and Ebitda (linked to inflation) + net cash managed (remunerated based on short-term floating rate) Evolution of the gross financial debt breakdown between fixed and floating rates portions (in
Slide 32: Outlook and strategy
Outlook and strategy Xavier Huillard, Chairman and CEO
Slide 33: Contracting order book
Contracting order book Order book up 10% in 2019 International accounts for 57% (54% in 2018) Breakdown by business lines (in € bn) Breakdown by geographical area (in € bn) +10% 36.5 36.5 +13% +10% +13% 33.1 33.1 +8% 9.1 8.4 15.6 +3% 8.0 15.1 7.0 +14% 9.9 9.4 +5% 17.7 +10% 19.4 8.6 +28% 11.0 Dec. 18
Slide 34: 2020 Outlook
2020 Outlook Concessions Contracting VINCI Airports and VINCI Autoroutes traffic Contracting revenue: Good level of order book growth likely slower than in 2019 due to high supports organic growth in revenue, but less comparison base dynamic than in 2019 VINCI expects further growth in its revenue a
Slide 35: Dividend
Dividend 2019 dividend* (all-cash) per share €3.05 of which €0.79 paid on €2.26 to be paid 7 November 2019 21 April 2020 Ex-date 23 April 2020 Payment date Dividend per share since 2010 (in €) +83% 2019 payout ratio CAGR 3.05 +6.9% 2.67 2.22 0.45** 2.10 2.45 52.5% 1.77 1.84 of net profit 1.67 1.77 1
Slide 36: VINCI's constant strategy
VINCI’s constant strategy VINCI’s strategy combines the natural organic growth of its businesses and development through acquisitions CONCESSIONS CONTRACTING ü Focus on airports and motorways ü Prioritise margin over revenue growth (greenfield, yellowfield and brownfield projects) ü Maintain rigorou
Slide 37: 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. 37
Slide 38: VINCI's social performance in 2019
VINCI’s social performance in 2019 Aiming for global performance and sharing with our stakeholders the benefits of our performance 2 million 72% 20.3% 4,422,865 142,000 of companies without % of female managers in hours of training provided in 2019 employees owning 9% hours of integration 2019 (vs 1
Slide 39: VINCI's environmental ambition
VINCI’s environmental ambition Developing solutions to improve the living environment, while managing and reducing the impact of our activities in 3 main areas Reduce greenhouse gas emissions and Resource preservation through development Conservation of natural environment guarantee the resilience o
Slide 40: 40
40
Slide 41: Appendices
VINCI “ Appendices
Slide 42: Other information
VINCI “ Other information
Slide 43: VINCI 2019 key figures
VINCI 2019 key figures 222,397 €48.1 bn 110 3,200 300,000 €60 bn employees Group revenue countries where estimated number estimated number market cap. at VINCI operates of business units of contracts December 31, 2019 Concessions Real estate Contracting Revenue: €8.5 bn Revenue: €1.3 bn Revenue: €38
Slide 44: A growing internationalisation
A growing internationalisation 2008 revenue geographic breakdown 2019 revenue geographic breakdown 4% 9% 3% 3% 5% 7% 3% 5% €33.5 bn €48.1 bn 20% INCREASED EXPOSURE 55% TO INTERNATIONAL 23% 63% 2008 International Revenue CAGR 2008/2019 2019 International Revenue €12.5 bn +5.1% €21.7 bn France Africa
Slide 45: Shareholder base at December 31, 2019
Shareholder base at December 31, 2019 France United Kingdom 11.7% 17.1% Rest of Europe Individual investors Institutional 6.8% investors 15.7% 605.2 m 8.8% Employees 72.4% shares 8.3% Treasury shares North America 22.9% 3.7% Qatar Holding LLC 5.0% Rest of the World Shareholding structure* ü Over 500
Slide 46: Free cash flow generation and cash allocation principles
Strong free cash flow generation and sound cash allocation principles Free cash flow generation from 2009 to 2019: €29 bn total 4 500 4,500 4 000 4,000 CASH ALLOCATION POLICY 3,500 3 500 CAGR: +6.4% 3,000 3 000 2,500 2 500 DIVIDENDS SHARE BUY BACK ACQUISITIONS 2,000 2 000 ü 52.5% in 2019 ü Eliminate
Slide 47: Acquisitions: a bottom-up and collective decision process
Acquisitions: a bottom-up and collective decision process M&A projects are generally initiated and executed at the business line level, but all are subject to systematic review by VINCI risk/investment committee. The larger ones are reviewed by the Strategy and CSR committee of the Board and eventua
Slide 48: A careful assessment of each M&A target
A careful assessment of each M&A target INDUSTRIAL VALUE CREATION RATIONALE (PRICE) ü The deal has to make sense… ü Capital discipline (required IRR vs WACC) ü … on an industrial and geographical point of view ü Strong track record CULTURAL CONTROL % FIT ü Talent management: constant ü Full consolid
Slide 49: Steady returns over time
Steady returns over time VINCI ROCE and ROE over the past 5 years 16.6% 16.7% 17.0% 15.7% 13.9% 9.0% 9.3% 9.3% 9.0% 8.5% 2015 2016 2017 2018 2019 ROCE ROE Return on capital employed (ROCE) is net operating income after tax, excluding non-recurring items, divided by the average capital employed at th
Slide 50: Financial Data
Financial Data As of December 31, 2019
Slide 51: Consolidated revenue
Consolidated revenue Δ 2019/2018 € in million FY 2019 FY 2018 Actual Like-for-like Concessions 8,544 7,261 +17.7% +5.8% VINCI Autoroutes 5,593 5,356 +4.4% +4.4% VINCI Airports 2,631 1,607 +63.7% +8.6% Other Concessions 319 298 +7.0% +13.1% Contracting 38,884 35,769 +8.7% +5.1% VINCI Energies 13,749
Slide 52: Consolidated revenue - France
Consolidated revenue - France Δ 2019/2018 € in million FY 2019 FY 2018 Actual Like-for-like Concessions 6,079 5,809 +4.7% +4.7% VINCI Autoroutes 5,593 5,356 +4.4% +4.4% VINCI Airports 371 341 +8.8% +8.8% Other Concessions 115 112 +3.2% +3.2% Contracting 19,555 18,431 +6.1% +6.0% VINCI Energies 6,158
Slide 53: Consolidated revenue - International
Consolidated revenue - International Δ 2019/2018 € in million FY 2019 FY 2018 Actual Like-for-like Concessions 2,464 1,453 +69.6% +9.7% VINCI Airports 2,261 1,266 +78.5% +8.6% Other Concessions 204 186 +9.2% +19.7% Contracting 19,329 17,338 +11.5% +4.1% VINCI Energies 7,591 6,851 +10.8% +4.6% Eurovi
Slide 54: Ebit by business line
Ebit - operating income from ordinary activities by business line € in million FY 2019 % of revenue* FY 2018 % of revenue* Δ 2019/2018 Concessions 3,989 46.7% 3,429 47.2% +16.3% Contracting 1,654 4.3% 1,472 4.1% +12.3% VINCI Energies 827 6.0% 727 5.8% +13.8% Eurovia 430 4.2% 345 3.9% +24.7% VINCI Co
Slide 55: ROI - Recurring operating income by business line
ROI – Recurring operating income by business line € in million FY 2019 % of revenue* FY 2018 % of revenue* Δ 2019/2018 Concessions 4,146 48.5% 3,456 47.6% +20.0% VINCI Autoroutes 2,948 52.7% 2,635 49.2% +11.9% VINCI Airports 1,187 45.1% 806 50.2% +47.2% Other Concessions 11 15 Contracting 1,461 3.8%
Slide 56: Ebitda
Ebitda* € in million FY 2019 % of revenue** FY 2018 % of revenue** Δ 2019/2018 Concessions 5,796 67.8% 4,963 68.4% +16.8% of which: VINCI Autoroutes 4,178 74.7% 3,895 72.7% +7.3% VINCI Airports 1,466 55.7% 941 58.6% +55.7% Contracting 2,446 6.3% 1,815 5.1% +34.8% VINCI Immobilier 93 7.1% 79 7.1% +18
Slide 57: Cash flow statement (1/2)
Cash flow statement (1/2) € in million FY 2019 FY 2018 Ebitda* 8,497 6,898 Change in WCR** and current provisions 428 (266) Income taxes paid (1,547) (1,222) Net interest paid (458) (444) Dividends received from companies accounted for under the equity method 170 176 Net operating CAPEX (1,249) (986
Slide 58: Cash flow statement (2/2)
Cash flow statement (2/2) € in million FY 2019 FY 2018 Free cash flow (after CAPEX) 4,201 3,179 Net financial investments and other cash flows1 (8,335) (2,802) Cash flow before movements in share capital (4,134) 377 Share capital increases and other operations2 933 444 Dividends3 (1,772) (1,443) Sha
Slide 59: Operating CAPEX
Operating CAPEX € in million FY 2019 FY 2018 Δ 2019/2018 Concessions 242 46 +196 VINCI Autoroutes 24 19 +5 VINCI Airports 205* 12 +193 Other Concessions 12 14 -2 Contracting 969 918 +51 VINCI Energies 160 196 -36 Eurovia 342 312 +30 VINCI Construction 466 409 +57 VINCI Immobilier and holdings 155 13
Slide 60: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs € in million FY 2019 FY 2018 Δ 2019/2018 Concessions 1,026 980 +46 VINCI Autoroutes 775 673 +102 Of which : ASF 266 364 -98 Escota 92 80 +13 Cofiroute 181 158 +24 Arcos 227 68 +159 VINCI Airports 248 274 -26 Other Concessions 3 33 -30 Contracting 39 (2) +41 Net g
Slide 61: Net financial debt by business line
Net financial debt by business line Of which Of which Δ 31 Dec. 2019/ Net Debt / Ebitda 31 Dec. 2019 external 31 Dec. 2018 external in € million net debt net debt 31 Dec. 2018 31 Dec. 2019 Concessions (33,952) (19,901) (27,029) (16,000) -6,923 x 5.9 VINCI Autoroutes (19,964) (14,275) (20,345) (14,65
Slide 62: Total impact of LGW integration on net financial debt
Total impact of LGW integration on VINCI net financial debt as of 31/12/2019: €7.3 bn LGW acquisition impact on VINCI net financial debt (in £ bn) PPA minorities shareholder adjustments* loan adjustment (0.5) 0.3 (6.3)** (6.2) LGW net debt + derivatives (2.8) Shareholder loan (minorities’ stake) (0.
Slide 63: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt (€28.4 bn) as of December 31, 2019: 8.1 years * 3 500 3 000 2 500 € Millions 2 000 1 500 1 000 500 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 > 2035 * Concessions : 8.5 years ASF Cofiroute Oth
Slide 64: Average cost of future debt repayment
Average cost of future debt repayment ASF Cofiroute Arcour VINCI Airports Other concessions Holdings and misc. 3 000 2 500 2 000 1 500 1 000 500 0 2020 2021 2022 2023 2024 2025 Nominal amount in € millions 2,037 1,613 2,577 1,675 1,533 1,764 Average rate * 2.14% 2.78% 2.63% 1.79% 3.15% 0.68% *After
Slide 65: Business line profiles
VINCI “ Business line profiles
Slide 66: Concessions Profile
Concessions Profile Revenue and Ebitda margin evolution over the last 5 years 2019 revenue by geographical area Revenue CAGR (since 2014): +8.0% 8.5 4% 5% 9,0 75,0% 6.9 7.3 9% 6.3 France 5.8 Portugal 5,5 68.4% 70,0% 11% 68.3% €8.5 bn UK 67.8% 67.8% 67.8% Americas 2,0 65,0% 71% RoW 2015 2016 2017 201
Slide 67: VINCI Autoroutes and VINCI Airports 2019 traffic
VINCI Autoroutes and VINCI Airports 2019 traffic FY 2019 VINCI Airports passenger traffic FY 2019 VINCI Autoroutes traffic Var 2019/ Var T4 19/ Passenger traffic (million pax) FY 2019 2018 T4 18 Total Portugal 59.1 +6.9% +6.4% United- Kingdom 52.9 +1.0% -0.6% France 20.6 +8.5% +4.7% +2.8% +2.8% +3.1
Slide 68: Concessions capex forecasts
Concessions capex* forecasts In € million 2 000 VINCI Autoroutes 1 800 VINCI Airports 1 600 1 400 1 200 1 000 Highlights 800 • VINCI Autoroutes capex include the 2015 Stimulus 600 Plan, the motorway Investment Plan and the 400 construction of Arcos (A355) 200 • VINCI Airports capex include the expan
Slide 69: Non-controlling stakes in concessions
Non-controlling stakes in concessions VINCI share, based on best estimates as of 31.12.2019 Projects consolidated by the equity method, excluding ADP In € millions Equity committed Equity invested Equity to be at 31.12.2019 invested Kansai Airports (Japan) 253 253 0 Santiago Airport (Chile) 196 135
Slide 70: VINCI Autoroutes
VINCI “ VINCI Autoroutes
Slide 71: Autoroutes - France's leading toll road concession operator
VINCI Autoroutes - France’s leading Toll Road 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 J
Slide 72: 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 2020* +0.956% +0.885% +0.715% 70% x i 70% x i 70% x i 2021 + 0.39% (2015 toll freeze) + 0.25 % (2015 toll freeze) + 0.10% (2015 tol
Slide 73: VINCI Airports
VINCI “ VINCI Airports
Slide 74: Airports, 2nd airport operator worldwide
VINCI Airports, 2nd airport operator worldwide The most geographically diversified airports operator Passengers traffic1 (millions of pax.) evolution 45 platforms in 12 countries 255 195 157 132 69 Passengers traffic* (millions of pax.) evolution 43 47 10 2012 2013 2014 2015 2016 2017 2018 2019 1 Da
Slide 75: VINCI Airports network (1/2)
VINCI Airports network (1/2) VINCI AIRPORTS VINCI Country Name Description mPAX in 2019 End of concession Traffic risk Consolidation* share London Gatwick Freehold 46.6 - 50% Yes Full consolidation UK Belfast International Freehold 6.3 2993 100% Yes Full consolidation ANA Portugal 59.1 (10 airports
Slide 76: VINCI Airports network (2/2)
VINCI Airports network (2/2) VINCI AIRPORTS VINCI Country Name Description mPAX in 2019 End of concession Traffic risk Consolidation* share Orlando-Sanford Concession 3.3 2039 100% Yes Full consolidation USA 4 airports : Hollywood Burbank Airport in California, Management 7.0 Atlantic City in New Je
Slide 77: Integration of Gatwick in May 2019
Integration of Gatwick in May 2019 INDUSTRIAL RATIONALE VALUE CREATION Reasonable price resulting from balanced negotiations, ü Freehold airport: extension of our concessions which meets our investment and capital discipline criteria portfolio maturity ü Resilient asset (congested airport in a const
Slide 78: Expansion of Lisbon's airport capacity
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 million for the first phase of the extension of the existing Lisbon airport - €500 million for the conversion of the
Slide 79: VINCI Highways and other concessions
VINCI Highways and other concessions
Slide 80: VINCI Highways - Electronic Toll Collection developments
VINCI Highways - Electronic Toll Collection (ETC) developments Managed revenue of ETC in 2019: €41 m (vs €19 m in 2018) Serving about 1,2 million ETC subscribers worldwide Russian M50 Interoperability (Dublin ringroad) SR91 Greece Express Lanes CTRMA NTTA Toll Plus ICICI Bank VIA 40 Bank of Baroda E
Slide 81: VINCI 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 Equity method Motorway A4 Horselberg 45 km 2037 50% yes Equity method Germany Motorway A9 Thuringia/Bavarian borde
Slide 82: 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 2.1 km road tunnel, Marseille 2032 33.3% yes Equity method France Tunnel Prado Sud 1.9 km road tunnel, Marseille 2055 58.5% yes Equity meth
Slide 83: 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 Equity method Rail GSM-Rail Ground-train communication system on 14,000 km of track 2025 70% no Equit
Slide 84: Contracting
VINCI “ Contracting
Slide 85: Contracting profile
Contracting profile Revenue and Ebit margin evolution over the last 5 years 2019 revenue by geographical area Revenue CAGR (since 2014): +3.4% France 11% 38.9 Germany 40,0 35.8 4,5% 4% 32.6 32.8 UK 31.5 5% 4.3% Central & Eastern Europe 4,0% 4.1% 10% €38.9 bn 50% Rest of Europe 20,0 3.8% USA 3.7% 3,5
Slide 86: VINCI Energies: digital transformation and energy transition
VINCI Energies: making digital transformation and the energy transition a reality 2019 revenue by geographical area 1,800 €45 k 3% 5% Business average contract 6% France Units size Germany 45% Scandinavia 21% €13.7 bn Rest of Europe ü Many external growth opportunities Americas ü Low execution risk
Slide 87: Eurovia: sustainable mobility solutions
Eurovia: developing sustainable mobility solutions for communities 2019 revenue by geographical area 500 €400 k 6% 2% France average contract Germany Business 11% Units size UK 2% Central & Eastern Europe 10% €10.2 bn 54% Rest of Europe ü Integrated business model (vertical integration strategy with
Slide 88: VINCI Construction, France's leading construction company
VINCI Construction, France’s leading construction company and a major global player 2019 revenue by geographical area France 836 €500 k 8% 4% UK Business average contract 7% Central & Eastern Europe Units size Rest of Europe 9% €14.9 bn 53% Americas 4% Oceania ü Focus on further margin improvement 5
Slide 89: Contracting order intake in 2019
Contracting order intake in 2019 Order intake up 8% in 2019 Breakdown by business lines (in € bn) Breakdown by geographical area (in € bn) +8% 41.7 +8% 41.7 +12% 38.6 38.6 +4% 14.2 20.0 13.7 +10% 18.2 9.8 +13% 11.0 -5% 11.5 12.2 15.1 +9% 16.5 8.2 +24% 10.1 2018 2019 2018 2019 VINCI Energies France E
Slide 90: Contracting order intake and order book by business line
2019 Contracting order intake and order book by business lines and geographical areas Order intake by business lines and Order book by business lines and geographical areas (in € bn) geographical areas (in € bn) +8% 41.7 36.5 +10% +13% 38.6 33.1 4.2 6.6 VINCI Energies - France +13% 6.0 +10% 3.7 VINC
Slide 91: The Grand Paris Express project
The Grand Paris Express project €8.4 bn attributed as of December 2019, o/w around €1.9 bn to VINCI entities 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 budget* Line 15 Line 14 Expecte
Slide 92: VINCI Immobilier
VINCI “ VINCI Immobilier
Slide 93: Immobilier
VINCI Immobilier 2019 reservations by destination Presence in €1.3 bn €1.6 bn 2019 consolidated 2019 managed 23 Social, Institutional Buy to let private revenue revenue* cities 30% 31% investors 6,215 11% Managed Residences 28% Private owners Residential Real Estate Non-residential Real Estate Servi
Slide 94: Notes
Notes VINCI “ i eeeeeereererrrrrrrrC“(‘i‘;E.:C(‘(SNNST YS
Slide 95: IR team and agenda
IR team and agenda TEAM AGENDA 28 February 2020 Grégoire THIBAULT Alexandra BOURNAZEL Head of investor relations Deputy-head of investor relations VINCI 2019 annual report gregoire.thibault@vinci.com alexandra.bournazel@vinci.com Tel: +33 1 47 16 45 07 Tel: +33 1 47 16 33 46 9 April 2020 VINCI Share