Vinci SA · EURONEXT:DG
Vinci SA — H1 2018 Earnings Presentation
92 slides from Vinci SA's earnings presentation, Jul 27, 2018
Slide 1: 2018 first half results
2018 first half results 27 July 2018
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: VINCI Airports: pre-opening of Osaka airport's new commercial area
VINCI Airports: pre-opening of Osaka airport’s new commercial area 3
Slide 4: VINCI Autoroutes: rapid charging stations for electric vehicles
VINCI Autoroutes: rapid charging stations for electric vehicles installed on 81 rest areas (Corri-Door project) 4
Slide 5: VINCI Highways: LAMSAC motorway section opened in Peru
VINCI Highways: section 2 of LAMSAC motorway, in Peru, opened to traffic in June 2018 5
Slide 6: VINCI Energies: windfarm in Scandinavia
VINCI Energies: windfarm in Scandinavia 6
Slide 7: VINCI Construction: Assiut dam handover in Egypt
VINCI Construction: handover in H1 2018 of the new Assiut dam in Egypt 7
Slide 8: Eurovia: Florida State Road project, United States
Eurovia: Florida State Road 50 project, in the United States 8
Slide 9: VINCI Immobilier: inauguration of the Helium project
VINCI Immobilier: inauguration of the Helium project in Rueil Malmaison in June 2018 9
Slide 10: Inauguration of Trendswatch and foresight by VINCI
Inauguration of Trendswatch and foresight by VINCI 10
Slide 11: 2018 first half highlights
2018 first half highlights Xavier Huillard, Chairman and CEO
Slide 12: 2018 first half highlights
2018 first half highlights Sustained traffic growth at VINCI Autoroutes Strong increase in VINCI Airports passenger numbers Contracting activity up in France Sharp improvement in earnings Further international expansion 2018 outlook confirmed €0.75 interim dividend per share (+8.7%) 12
Slide 13: 2018 first half Group key figures
2018 first half Group key figures Revenue (€m) Ebitda (€m) Ebit (€m) Ebit/Revenue Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 19,758 2,937 2,099 10.6% +6.7% +4.7% +11.4% +40 bp Net Income (€m) Diluted earnings per share Net financial debt (€m) Δ H1 2018/H1 2017 Δ H1 2018/
Slide 14: First half 2018 revenue by geographical area
First half 2018 revenue by geographical area 42% of H1 2018 revenue generated outside France France +5% €11.5 bn 58% Central & Eastern Europe +22% North America €0.9 bn €0.8bn +16% Western Europe 4% 4% (excl. France) €4.3 bn +11% 22% Asia/Middle East /Oceania Central & South €1.2 bn +12% America -2%
Slide 15: VINCI Airports H1 2018 highlights
VINCI Airports H1 2018 highlights Revenue Ebitda Ebitda/Revenue Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 € 0.7 bn € 0.4 bn 59.5% +11.6% actual +13.1% +80 bp +10.9% like for like Launch of renovation works at Las Américas airport – Santo Domingo (Dominican Republic) New Lisbon airport: d
Slide 16: VINCI Autoroutes H1 2018 highlights
VINCI Autoroutes H1 2018 highlights Revenue Ebitda Ebitda/Revenue Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 €2.5 bn € 1.9 bn 75.0% +3.7% +4.2% +40 bp • New motorway Investment Plan: decision of the State Council expected Widening to 2x3 lanes of the A63 motorway southwest of France • HV
Slide 17: VINCI Highways H1 2018 highlights
VINCI Highways H1 2018 highlights Peru: Lamsac Greece Russia: UTS Colombia: Bogotà-Girardot Construction works completed on Reconsolidation of Gefyra (Rion- VINCI Highways via its UTS Colombian national section 2: the 9 km new section Antirion bridge): €19 million subsidiary, confirmed its position
Slide 18: Significant steps in contracting international expansion in 2017/2018
Significant steps in contracting international expansion in 2017/2018 Infratek Eitech Trev-2 Saldus Celinieks Conetech TNT Horlemann Novabase Acuntia PrimeLine IMS Utility Services Wah Loon Revenue > €100 m €50 m < Revenue < €100 m Revenue < €50 m Seymour Whyte VINCI Energies Eurovia VINCI Construct
Slide 19: Contracting order intake in H1 2018
Contracting order intake in H1 2018 Order intake up by 3% as of June 30, 2018 compared to June 30, 2017 By business line (in € billion) Δ Jun. 18/ Jun. 17 19.1 +3% 18.5 6.1 8.7 6.0 7.3 +21% 6.5 VINCI Energies 4.3 Eurovia 4.5 +5% VINCI Construction 17.5 8.1 7.2 -11% Jun. 17 Jun. 18 19
Slide 20: VINCI Energies H1 2018 highlights
VINCI Energies H1 2018 highlights Revenue Ebit Ebit/Revenue Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 €5.9 bn € 336 m 5.7% +15.7% actual +20.9% +20 bp +3.4% like for like • External growth contributed €0.7 billion to H1 2018 revenue increase • Most significant H1 2018 integrations: VINCI
Slide 21: Eurovia H1 2018 highlights
Eurovia H1 2018 highlights Revenue Ebit Ebit/Revenue Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 €3.7 bn € (17*) m (0.5* %) +6.6% actual +9.3% stable +6.2% like for like * Not representative of full-year performance due to seasonal effects Eurovia completed in H1 2018 the first phase of co
Slide 22: VINCI Construction H1 2018 highlights
VINCI Construction H1 2018 highlights Revenue Ebit Ebit/Revenue Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 € 6.6 bn €118m 1.8% +0.2% actual +30.3% +40 bp -0.9% like for like • France: increasing activity buoyed by the Paris region • Outside France, revenue decrease mainly due to : ü Activ
Slide 23: VINCI Immobilier H1 2018 highlights
VINCI Immobilier H1 2018 highlights Managed revenue Consolidated Housing units sold Δ H1 2018/H1 2017 Revenue* Δ H1 2018/H1 2017 Δ H1 2018/H1 2017 € 478m €393m 3,178 +0.5% +1.3% +4% Robust activity despite a stabilising French housing market, with a 4% increase in housing units reserved (3,178) vs H
Slide 24: 2018 first half financial data
2018 first half financial data Christian Labeyrie, Executive Vice-President and CFO
Slide 25: H1 2018 consolidated revenue evolution by business
H1 2018 consolidated revenue evolution by business Concessions Contracting €3,425 m +6.3% €16,144 m +6.9% Organic Changes in scope FX Organic Changes in scope FX €19,758 m €18,513 m +5.8% +1.2% -0.7% +2.2% +6.3% -1.6% +6.7% +2.8% +5.3% -1.4% Organic Changes in scope FX Revenue change H1 2017 H1 2018
Slide 26: H1 2018 consolidated revenue evolution by geography
H1 2018 consolidated revenue evolution by geography France International €11,480 m +4.6% €8,278 m +9.8% Organic Scope Organic Scope FX €19,758 m +3.8% +0.8% €18,513 m +1.3% +11.9% -3.4% Total VINCI Group +6.7% +2.8% +5.3% -1.4% Organic Scope FX H1 2017 Revenue change H1 2018 26
Slide 27: Operating income from ordinary activities (Ebit)
Operating income from ordinary activities (Ebit) VINCI Group Ebit: €2,099 million (+11.4%), Ebit margin: 10.6% (+40 bp) Concessions Contracting Ebit Ebit margin 47.9% Ebit Ebit margin 2.7% €1,642 m €436 m Δ H1 2018/ Δ H1 2018/ Δ H1 2018/ Δ H1 2018/ H1 2017 +7.3% +40 bp +25.0% +40 bp H1 2017 H1 2017
Slide 28: Income statement
Income statement (in € million) 1H 2018 1H 2017 Δ H1 2018/ H1 2017 Operating income from ordinary activities (Ebit) 2,099 1,883 +11.4% % of revenue 10.6% 10.2% +40 bp - share-based payment expense (IFRS 2) (80) (57) - profit / loss of equity-accounted cos. & miscellaneous 135 27 Recurring operating
Slide 29: Change in net financial debt during H1 2018
Change in net financial debt during H1 2018 Share buy-backs** (in € billion) (0.5) Capital increases** 0.4 (16.7) Interest & Investments (14.0) Ebitda 2.9 taxes paid (0.9) Others Δ WCR* (0.6) (0.3) (1.5) Acquisitions/ Dividends Disposals (1.0) (1.1) Free cash flow: €(136) m H1 2017 : €(128) m Conces
Slide 30: Consolidated balance sheet
Consolidated balance sheet (in € million) 30 Jun. 2018 31 Dec. 2017 30 Jun. 2017 Non-current assets – concessions 31,637 31,121 30,976 Non-current assets – contracting and other 10,881 10,051 9,416 WCR, provisions and other current assets & liabilities (4,739) (6,098) (5,317) Capital employed 37,779
Slide 31: A cautious and constant financial policy
A cautious and constant financial policy Strong credit rating High level of liquidity Outlook revised S&P A-/A2 Outlook positive upwards in March 2018 €2.6 bn net cash managed as of 30 June 2018 Confirmed in €6.0 bn unused bank facilities maturing in 2021 Moody’s A3/P1 Outlook stable December 2017 €
Slide 32: A natural hedging against interest rates rise
A natural hedging against interest rates rise Evolution of the gross financial debt in € billion 18.8 19.3 18.1 16.6 4.9* 4.3 4.7 3.9 48.3% 52.9% 46.2% 61% 2.6 4.1 4.8 4.1 47.1% 53.8% 51.7% 39% FY 2015 FY 2016 FY 2017 H1 2018 * 12 months rolling Ebitda Floating rate & inflation linked debt Concessio
Slide 33: 2018 outlook
2018 outlook Xavier Huillard, Chairman and CEO
Slide 34: Robust growth at VINCI Autoroutes, buoyed by heavy-vehicle traffic
Robust growth at VINCI Autoroutes, buoyed by heavy-vehicle traffic Q2 2018/ CAGR Q4 2007 change 2018/2007 LV LV 120 +17.5% +1.5% 115 Total +15.4% Total 110 +1.4% 105 HV +3.9% HV 100 +0.4% 95 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 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 35: VINCI Airports among the world's top airports operators
VINCI Airports among the world’s top 5 airports operators 36 airports and 167 million* passengers managed as of June 30, 2018 Passenger traffic* (in million pax.) 12 airports in France 186 167* 3 airports in Cambodia 157 132 10 airports in Portugal 1 airport in Chile 3 airports in Japan 69 47 43 6 a
Slide 36: Contracting order book
Contracting order book Order book up by 7% as of June 30, 2018 and by 12% compared to December 31, 2017 (in € billion) By business line By geographical area Δ Jun. 18/ Jun. 17 Δ Jun. 18/ Jun. 17 32.7 +7% 32.7 +7% 30.7 29.3 30.7 6.1 29.3 8.7 +25% 7.0 6.7 6.7 15.9 -2% +3% 16.1 15.5 6.3 5.7 5.7 6.5 16.
Slide 37: 2018 Outlook confirmed
2018 Outlook confirmed Concessions Contracting Traffic trend at VINCI Autoroutes should be similar to that seen in 2017, provided that fuel prices do Upturn in revenue should continue across all not increase further business lines, driven by favorable French economy and international development At
Slide 38: Interim Dividend
Interim Dividend up 2018 interim dividend* per share €0.75 8.7 %* ALL CASH Execution date 6 November 2018 Payment date 8 November 2018 * Compared to €0.69/ share as of H1 2017 38
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Slide 40: Appendixes
Appendixes Structure and shareholder base Business line profiles Financial data
Slide 41: Structure and shareholder base
Structure and shareholder base
Slide 42: VINCI 2017 key figures
VINCI 2017 key figures 194,428 €40.2 bn 3,000 €50.3 bn employees Group revenue estimated number of business units market cap. at December 31, 2017 122,000 >110 280,000 62% employee shareholders countries where VINCI operates estimated number of worksites shareholders outside France Concessions Real
Slide 43: Shareholder base at 30 June 2018
Shareholder base at 30 June 2018 France United Kingdom 11.6% 15.5% Rest of Europe 7.5% Individual investors Institutional 17.7% investors 596.4 m shares 9.2% Employees 72.7% 6.8% Treasury shares North America 3.8% 22.6% 5.3% Qatar Holding LLC Rest of the World Shareholding structure § Over 500 insti
Slide 44: VINCI's strategy
VINCI’s strategy Concessions Contracting Prioritise development in: ü Extend maturity of concession portfolio ü VINCI Energies ü Focus on airports and motorways (greenfield and brownfield projects) ü Specialist activities at Eurovia and VINCI Construction Integrated Concessions-Contracting Internati
Slide 45: Business line profiles
VINCI “ Business line profiles
Slide 46: Concessions Profile
Concessions Profile 2017 Key figures 2017 revenue by geographical area Revenue 6,945 Asia/Russia 3% RoW 1% France 5,704 Americas 3% International 1,241 Ebitda 4,710 Portugal 11% as % of revenue 67,8% Net income 1,689 France 82% Capital employed at 31 December 2017 29,605 €6.9 bn Free Cash Flow 1,968
Slide 47: Concessions capex forecasts as of June 30, 2018
Concessions capex* forecasts as of June 30, 2018 In € million 1400 VINCI Autoroutes 1200 VINCI Airports Other Concessions 1000 800 Highlights 600 • VINCI Autoroutes forecasts include the implementation of 2015 Stimulus Plan and 400 motorway Investment Plan • Other Concessions capex mostly related to
Slide 48: Non-controlling stakes in concessions
Non-controlling stakes in concessions VINCI share, based on best estimates as of 31.12.2017 Projects consolidated by the equity method, excluding ADP Total Equity invested Equity In € million equity committed at 31.12.2017 to be invested Kansai Airports 253 253 0 Santiago Airport, Chile 228 69 159 L
Slide 49: VINCI Autoroutes
VINCI “ VINCI Autoroutes
Slide 50: VINCI Autoroutes - France's leading Toll Road concession operator
VINCI Autoroutes - France’s leading Toll Road concession operator 2017 Key figures 4,443 km under concession (€ in million) Revenue 5,277 GCO* Ebitda 3,850 >35 % of total motorway network in France as % of revenue 73.0% Net income 1,325 Capital employed at 31 Dec. 2017 21,319 approx. 50 % of concede
Slide 51: Contractual framework of toll increases
VINCI Autoroutes Contractual framework of toll increases (LVs) ASF Escota Cofiroute Intercity Network End of concession 2036 2032 2034 2018* +1,34% +1,34% +1,34% 2019 to 2023** 70% x i + 0.39% 70% x i + 0.25 % 70% x i + 0.10% After 2023 70% x i 70% x i 70% x i i = Consumer price index excl. tobacco
Slide 52: VINCI Airports
VINCI “ VINCI Airports
Slide 53: VINCI Airports in 2017
VINCI Airports in 2017 156.6 million* passengers managed in 35 airports Passenger traffic* (in million pax.) Total managed revenue** (€ 3.2 Bn) 3% 5% 12 airports in France 12… 4% 11% 3 airports in Cambodia 5% 6% 10 airports in Portugal 28% 1 airport in Chile 49% 2 airports in Japan 28% 33% 6 airport
Slide 54: VINCI Airports (1)
VINCI Airports (1) VINCI AIRPORTS VINCI Country Name Description KPAX in 2017 End of concession Traffic risk Consolidation* share Phnom Penh Concession Cambodia Siem Reap Concession 8,787 2040 70% Yes FC Sihanoukville Concession Poitiers-Biard Service contract 117 2019 100% Yes FC Grenoble-Isère Ser
Slide 55: VINCI Highways and other concessions
VINCI Highways and other concessions
Slide 56: VINCI Highways present in 13 countries
VINCI Highways present in 13 countries 2017/2018 achievements GERMANY New concession CANADA A7 Via Niedersachsen Delivery of Regina Bypass phase one RUSSIA New UTS contracts USA New toll services contracts GREECE PERU Delivery of two Completion of Lima’s highway projects ring road 56
Slide 57: VINCI Highways - Electronic Toll Collection developments
VINCI Highways - Electronic Toll Collection (ETC) developments Serving about 1,2 million ETC subscribers worldwide Russian M50 Interoperability (Dublin Toll Collect ringroad) SR91 Greece Express NTTA Lanes CTRMA Toll Plus ICICI Bank VIA 40 Bank of Baroda Express Major Steps Lamsac - 1995: Opening of
Slide 58: 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 EM Motorway A4 Horselberg 45 km 2037 50% yes EM Germany Motorway A9 Thuringia/Bavarian border 46.5 km 2031 50% no
Slide 59: 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 60: 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 Rail GSM-Rail Ground-train communication system on 14,000 km of track 2025 30% no EM France Rail SEA High-Speed-Rail
Slide 61: Contracting
VINCI “ Contracting
Slide 62: Contracting Profile
Contracting Profile 2017 Key figures 2017 revenue by geographical area (in € million) Asia/Russia 3% Revenue 32,830 Oceania 3% Rest of World 1% France 17,461 Africa 4% International 15,370 Americas 7% France 53% Ebit 1,260 as % of revenue 3.8 % Rest of Europe 8% Net income 793 €32.8 bn Central & Eas
Slide 63: H1 2018 major contracts awarded
H1 2018 major contracts awarded Grand Paris Express: 2 contracts on the metro Line 14 South VINCI Construction Construction of VINCI new head office in Nanterre (near La Défense business district) Construction works of the “Origine” building complex in Nanterre Renewal of facilities management contr
Slide 64: The Grand Paris Express project
The Grand Paris Express project Line 17 4 new metro lines around Paris and 2 line extensions Line 15 Line 11 Line 16 €28 bn 200 km 68 to €35 bn Automatic New stations Construction metro lines Line 15 budget* Line 14 Expected completion in 2030 Line 18 * source: Société du Grand Paris Line 15 South L
Slide 65: Contracting: beginning of a new cycle
Contracting: beginning of a new cycle 6,0% 5.7% 5,5% 5,0% 4,5% 4,0% 3.8% Start of recovery in 3,5% 3.7% Ebit margins 3,0% 2,5% 2.5% 2,0% 2010 2011 2012 2013 2014 2015 2016 2017 VINCI Energies Eurovia VINCI Construction Total Contracting 65
Slide 66: VINCI Energies
VINCI Energies 2017 Key figures 1,600 2017 revenue by geographical area Business Rest of the world 5% (in € million) Units Africa 4% France 51% Revenue 10,759 Rest of Europe 10% France 5,505 International 5,254 Netherland 4% Ebit 615 Belgium 4% €10.8 bn as % of revenue 5.7% Switzerland 5% Net income
Slide 67: Eurovia
Eurovia 2017 Key figures 420 2017 revenue by geographical area (in €million) Business USA 6% Latin Americas 2% Revenue 8,112 Units Canada 5% France 57% France 4,591 Rest of Europe 2% International 3,520 Central and Eastern Europe 11% Ebit 301 €8.1 bn as % of revenue 3.7% UK 7% Net income 216 Net fin
Slide 68: VINCI Construction
VINCI Construction 2017 Key figures 802 2017 revenue by geographical area (in € million) Business Oceania 5% Rest of the world 1% Revenue 13,960 Units Asia / Russia 6% France 7,364 Africa 7% France 53% International 6,596 Americas 8% Ebit 344 €14.0 bn as % of revenue 2.5 % Rest of Europe 4% Net inco
Slide 69: VINCI Immobilier
VINCI “ VINCI Immobilier
Slide 70: VINCI Immobilier
VINCI Immobilier 2017 Key figures Presence in 2017 reservations by destination (€ in million) 16 Managed revenue* 1,116 French cities Social, Buy to let private Institutional investors Consolidated revenue 896 27% 32% Ebit 72 as % of revenue 8.0% Net income 61 Net financial debt (376) 23% 18% Headco
Slide 71: Financial Data
Financial Data As of 30 June 2018
Slide 72: Consolidated revenue
Consolidated revenue Δ 2018/2017 € in million H1 2018 H1 2017 Actual Like-for-like 2017 Concessions 3,426 3,223 +6.3% +5.8% 6,945 VINCI Autoroutes 2,543 2,453 +3.7% +3.7% 5,277 VINCI Airports 741 664 +11.6% +10.9% 1,409 Other Concessions 141 106 +33.0% +24.7% 258 Contracting 16,144 15,104 +6.9% +2.2
Slide 73: Consolidated revenue - France
Consolidated revenue - France Δ 2018/2017 € in million H1 2018 H1 2017 Actual Like-for-like 2017 Concessions 2,764 2,645 +4.5% +4.5% 5,704 VINCI Autoroutes 2,543 2,453 +3.7% +3.7% 5,277 VINCI Airports 167 156 +6.8% +6.8% 320 Other Concessions 54 36 +50.9% +50.9% 106 Contracting 8,519 8,105 +5.1% +4.
Slide 74: Consolidated revenue - International
Consolidated revenue - International Δ 2018/2017 € in million H1 2018 H1 2017 Actual Like-for-like 2017 Concessions 662 579 +14.4% +11.9% 1,241 VINCI Airports 575 508 +13.0% +12.2% 1,089 Other Concessions 87 70 +24.0% +9.7% 152 Contracting 7,625 6,999 +8.9% +0.1% 15,370 VINCI Energies 3,072 2,415 +2
Slide 75: Ebit by business line
Ebit - operating income from ordinary activities by business line % of % of % of € in million H1 2018 H1 2017 Δ 2018/2017 FY 2017 revenue* revenue* revenue* Concessions 1,642 47.9% 1,530 47.5% +7.3% 3,251 46.8% VINCI Autoroutes 1,318 51.8% 1,264 51.5% +4.3% 2,685 50.9% VINCI Airports 322 43.4% 269 4
Slide 76: ROI - Recurring operating income by business line
ROI – Recurring operating income by business line H1 2018 % of revenue* % of % of € in million H1 2017 Δ 2018/2017 FY 2017 revenue* revenue* Concessions 1,728 50.4% 1,533 47.6% +12.7% 3,270 47.1% VINCI Autoroutes 1,313 51.6% 1,264 51.5% +3.9% 2,676 50.7% VINCI Airports 374 50.4% 247 37.2% +51.0% 589
Slide 77: Financial income/(expense)
Financial income/(expense) € in million H1 2018 H1 2017 Δ 2018/2017 FY 2017 Cost of net financial debt (236) (234) -2 (481) Other financial income and expenses 19 18 +1 40 Borrowing costs capitalised 43 45 -2 86 Discounted retirement obligations and provisions (17) (19) +1 (35) Foreign exchange gain
Slide 78: Ebitda
Ebitda* € in million H1 2018 % of revenue** H1 2017 % of revenue** Δ 2018/2017 FY 2017 % of revenue** Concessions 2,392 69.8% 2,229 69.1% +7.3% 4,710 67.8% VINCI Autoroutes 1,908 75.0% 1,831 74.6% +4.2% 3,850 73.0% VINCI Airports 441 59.5% 390 58.7% +13.1% 808 57.3% Other Concessions 43 8 51 Contrac
Slide 79: Cash flow statement (1/2)
Cash flow statement (1/2) € in million H1 2018 H1 2017 FY 2017 Ebitda* 2,937 2,806 6,500 Change in WCR** and current provisions (1,535) (1,130) (286) Income taxes paid (452) (693) (1,647) Net interest paid (285) (328) (470) Dividends received from companies accounted for under the 138 85 184 equity
Slide 80: French corporate income tax evolution
French corporate income tax evolution 2017 non recurring tax effects Planned decrease of French corporate income tax rate On net income : +€10 million • Surtax equal to 30% of corporate income tax for companies with revenue of over €3 bn: -€292 million • Refund of the 3% dividend tax: +€164 million
Slide 81: Cash flow statement (2/2)
Cash flow statement (2/2) € in million H1 2018 H1 2017 FY 2017 Free cash flow (after CAPEX) (136) (128) 2,525 Net financial investments and other cash flows (1,077) (508) (1,291) Cash flow before movements in share capital (1,213) (637) 1,234 Share capital increases and other operations * 375 205 42
Slide 82: Operating CAPEX
Operating CAPEX € in million H1 2018 H1 2017 Δ 2018/2017 FY 2017 Concessions 22 24 -2 49 VINCI Autoroutes 10 2 +8 17 VINCI Airports 3 5 -2 10 Other Concessions 10 17 -7 23 Contracting 395 353 +42 810 VINCI Energies 81 57 +24 140 Eurovia 137 136 +1 301 VINCI Construction 177 160 +17 369 VINCI Immobil
Slide 83: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs € in million H1 2018 H1 2017 Δ 2018/2017 FY 2017 Concessions 467 555 -89 1,045 VINCI Autoroutes 346 389 -43 702 O/w : ASF 217 230 -13 413 Escota 35 66 -31 125 Cofiroute 74 70 +4 129 VINCI Airports 107 100 +7 169 Other Concessions 14 66 -53 175 Contracting (3) 2 -
Slide 84: Net financial debt by business line
Net financial debt by business line Of which Of which Of which Of which Net Debt / Ebitda* 30 Jun. 2018 external internal 31 Dec. 2017 external internal Δ 2018/2017 (in € million) net debt net debt net debt net debt 30 June 2018 Concessions (26,640) (16,454) (10,186) (27,145) (15,890) (11,255) +505
Slide 85: Change in net financial debt (12 rolling months)
Change in net financial debt (12 rolling months) Share buy-backs Capital increases (in € billion) (0.8) (16.7) Acquisitions/ 0.6 Ebitda 6.6 Disposals (15.5) (1.9) Investments Others Interest & (1.8) (0.2) taxes paid Dividends (1.6) (1.4) Δ WCR* (0.7) Free cash flow: €2.5 bn Concessions Contracting N
Slide 86: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt (€19.3 bn) as of June 30, 2018: 6.3 years * Repayment schedule as of June 30, 2018 3 000 2 500 2 000 1 500 1 000 500 0 S2 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 > 2033 * Concessions : 6
Slide 87: Average cost of future debt repayment as of 30.06.2018
Average cost of future debt repayment as of 30.06.2018 3 000 2 500 ASF Cofiroute 2 000 Arcour Other concessions 1 500 Holdings and misc. 1 000 500 0 S2 2018 2019 2020 2021 2022 2023 Nominal amount in € million 632 1,750 1,689 1,329 2,795 1,407 Average rate after hedging 2.29% 4.34% 1.41% 3.30% 2.47%
Slide 88: 2017 Corporate financing
2017 Corporate financing €3.7 bn new debt issued in 2017 with 9.8 years of average maturity and an average cost after hedging of 1.66%* Jan. 2017 €1.0 bn ASF 10-year bond 12-year amortising bonds & Jan 2017 €0.4 bn Aerodom 7-year bank loan (USD) Feb. 2017 €0.4 bn VINCI non-dilutive cash-settled conv
Slide 89: Notes
Notes VINCI “ i eeeeeeererererrrrrrrC“(;i‘;..:tsSC(‘é#.ST.TUC*#;®;:S:S::
Slide 90: Notes
Notes VINCI “ i eeeeeeererererrrrrrrC“(;i‘;..:tsSC(‘é#.ST.TUC*#;®;:S:S::
Slide 91: Notes
Notes VINCI “ i eeeeeeererererrrrrrrC“(;i‘;..:tsSC(‘é#.ST.TUC*#;®;:S:S::
Slide 92: IR Contacts and Agenda
IR Contacts and Agenda CONTACTS AGENDA 11 October 2018 Grégoire Thibault VINCI Airports Q3 2018 traffic Gregoire.thibault@vinci.com Tel: +33 1 47 16 45 07 23 October 2018 Q3 2018 revenue Alexandra Bournazel Alexandra.bournazel@vinci.com Tel: +33 1 47 16 33 46 21 November 2018 Eurovia Investor Day 92