Vinci Sa · EURONEXT:DG
Vinci Sa — Non-Deal Roadshow (July 2004)
85 slides from Vinci Sa's roadshow presentation, July 2004
Slide 1: Group presentation
Group presentation July 2004
Slide 2: VINCI: an excellent combination of complementary skills in concessions and construction
VINCI: an excellent combination of complementary skills in concessions and construction related businesses • CONSTRUCTION • ROADS Design & build / “project Roadworks & maintenance management” Production of road materials Building Quality of life & environment Civil engineering Facility management CO
Slide 3: Breakdown of 2003 sales and workforce by business line
Breakdown of 2003 sales and workforce by business line VINCI Concessions Energies Routes Construction €7,716m €5,338m €3,115m €1,895m 45% 44% % of sales outside 29% of France 26% Workforce: 21,900 Workforce: 25,900 Workforce: 35,100 Workforce: 44,200 (o/w 13,340 outside of (o/w 7,570 outside of (o/w
Slide 4: Analysis of main financial indicators by business line
Analysis of main financial indicators by business line 11% 10% 41% Cofiroute 17% 44% 17% 52% 20% 10% Car parks 29% Other concessions 1% and holdings Concessions Operating income 2003 Net sales 2003 Energy €1.2 billion €18.1 billion Roads Construction 10% 10% 24% 29% Cofiroute 38% Cofiroute 4% 89% 32
Slide 5: A European leader with operations in 80 countries
A European leader with operations in 80 countries - 90% of net sales in Europe Rest of the world: 4.5% (of which Africa 2.4%; Asia 1.2%) North America: 5.2% (USA 4%; Canada 1.1%) Rest of Europe: 8.5% (of which Benelux 4.4%; Spain 1.9%) Central & Eastern Europe: 5.3% (of which Czech Republic 3.2%) Fr
Slide 6: Breakdown of sales by geographical area and by business line
Breakdown of sales by geographical area and by business line France Concessions France Construction 6% 4% 5% UK 14% 6% UK Belgium 3% 5% Germany Other European 5% countries 5% Central & Eastnern Europe 55% Other European North America 7% countries Africa 74% Rest of the world 11% Rest of the world Ro
Slide 7: Shareholder structure characterised by significant float (86%)
Shareholder structure characterised by significant float (86%) Shareholder structure at 10/03/04 (84.2 million shares *) A balanced shareholder French institutional Employees 9% (**) structure investors 26% Treasury stock 5% Employees remain biggest shareholding block (40,000 Individual persons) sha
Slide 8: Excellent quality results
Excellent quality results Key figures In € millions 2001 2002 2003 Change 2003/2002 Net sales 17,172 17,554 18,111 +5.5% * Operating income 980 1,067 1,166 +9% % of net sales 5.7% 6.1% 6.4% Operating income less 850 875 1,042 +19% net financial expense Net income 454 478 541 +13% Cash flow from oper
Slide 9: High performance with steady growth
High performance with steady growth In € millions Operating income Net income Cash flow from operations less capital expenditure CAGR +9% 2000–2003: 1 166 +21% 1 067 980 901 +9% 947 765 603 541 528 454 478 423 0 0 2000 2001 2002 2003 2000 2001 2002 2003 2000 2001 2002 2003 CAGR: Compound Annual Grow
Slide 10: Increased operating income from all VINCI business lines
Increased operating income from all VINCI business lines Growth of operating income Concessions Construction-related activities CAGR 2000–2003: +6% +10% 600 567 502 525 +9% +9% +10% 201 201 212 222 156 173 166 165 99 118 129 70 00 01 02 03 00 01 02 03 00 01 02 03 00 01 02 03 Concessions Energy Roads
Slide 11: A shareholder friendly financial policy
A shareholder friendly financial policy Continuous dividend increase dividend up 31% to €2.36 per share (€3.54 including tax credit) distribution rate: 36% in 2003 (30% in 2002) CAGR 1999–2003 2,15 2,36 2,05 +10% 1,95 1,80 1,85 1,75 1,65 1,70 1,60 1,65 1,55 1,45 1999 2000 2001 2002 2003 Continuous s
Slide 12: VINCI's key assets
VINCI’s key assets Leadership positions in all our business lines in our key geographical markets a combination of complementary expertise in construction, concessions and services A European network providing exceptionally dense coverage (approx. 2,500 profit centres) Financial resources net cash (
Slide 13: VINCI business lines
VINCI “? VINCI business lines
Slide 14: Concessions
CONCESSIONS CONCESSIONS 14
Slide 15: VINCI Concessions: a portfolio mainly focused on Western Europe
VINCI Concessions: a portfolio mainly focused on Western Europe with targeted presence in North America and the Far East Confederation bridge: 13 km Fredericton–Moncton motorway: 200km Severn crossings 48,000 car park spaces 46,700 car park spaces Newport southern bypass (including Luxembourg) Airpo
Slide 16: VINCI Concessions: stable business models
VINCI Concessions: stable business models Motorways Car parks Infrastructure Airport Airport Cofiroute Concessions & Services (bridges, management services full ownership tunnels …) Country / main France Mainly France France & Europe, France, Mexico, USA, France, location Western Europe Americas Cam
Slide 17: VINCI Concessions: key figures
VINCI Concessions: key figures 2003 net sales: CAGR: Compound Annual Growth Rate In € millions €1,895 million, +6.4%* 94 96 Other infrastructure 471 Airport services 91 486 Operating 163 income Net income CAGR 01-03: CAGR 01-03: 491 467 484 VINCI Park +7% +15%*** 741 787 837 Cofiroute 567 600 217***
Slide 18: VINCI Concessions operating income by business segment
VINCI Concessions operating income by business segment In € millions 600 (32%) 567 (31%) 15 15% Other 525 (36%) 22 24% 6 1% infrastructure 17 23% 9 2% 117 2 24% Airport 1% services 114 24% 119 25% VINCI Park 475 67% 399 64% 424 64% Cofiroute 2001 2002 2003 CAGR 2001–2003: +7% Good performance by Cof
Slide 19: Concessions net debt
Concessions net debt % Net financial debt EBITDA Debt/ control 31/12/02 31/12/03 2003 EBITDA In € millions Cofiroute (100%) 65% 1,636 1,691 577 x 2.9 (of which A86) 410 469 - ns VINCI Park 100% 518 479 165 x 2.9 VINCI Airports 6% to 302 272 21 x 13 100% Other concessions 12% to 477 599 32 x 19 83% H
Slide 20: Concessions capital employed and debt by maturity
VINCI Concessions (excl. ASF and airport services): capital employed and debt by maturity Capital employed Net debt 3500 “Mature” concessions 3000 €2.9 bn “Non-mature” concessions or €5.1 bn those under construction (A86 tunnels, Rion–Antirion, Newport, 21% 2500 Chile) 2000 €2.7 bn 1500 €1.3 bn 36%
Slide 21: Concessions: Cofiroute
CONCESSIONS Cofiroute 21
Slide 22: Cofiroute: history and network
Cofiroute: history and network Rajouté détail formule tarifaire 1970: creation of Cofiroute Shareholders: VINCI (65,34%), Eiffage (16,99%), Colas (16,67%), banks (1%) 1980: 700 km under concession, of which 508 km built Today: 1,100 km under concession, of which 900 km built Number of lane-km: 4,400
Slide 23: Cofiroute: a very fine track record
Cofiroute: a very fine track record Traffic growth: Net sales: CAGR 94–03: 2.5% CAGR 97–03: 7% 837 787 711 741 140 Base 100 at 677 635 31 Dec. 1994 580 122 120 100 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 1997 1998 1999 2000 2001 2002 2003 EBITDA: Net income: Dividends paid: CAGR 97–03: 10%
Slide 24: A86 west tunnels: an innovative, ambitious solution
A86 west tunnels: an innovative, ambitious solution in an urban environment C A B A86 West tunnels: 17.5 km A: East 1 tunnel (Rueil-A13): 4.5 km B: East 2 tunnel (A13-Pt Colbert): 5.5 km C: West tunnel (Rueil-A12): 7.5 km 24
Slide 25: A86 West tunnels: a vector for growth
A86 West tunnels: a vector for growth when intercity concessions reach maturity Estimated capital expenditure Scheduled opening dates In € bn Total To end est. 2003 East 1 tunnel End-2007 East 1 tunnel 0.9 0.40 East 2 tunnel End-2009 East 2 tunnel 0.5 0.06 West tunnel Discussions West tunnel 0.4 0.0
Slide 26: Cofiroute: a very valuable asset
Cofiroute: a very valuable asset A good example of value creation (for 100%): Capital invested in 1970: €61 million Î Equity at 31/12/03: €1.1 billion Internal valuation: €5 billion (equity value) Scheduled capital expenditure 900 Network undergoing rapid expansion: 800 A86 Intercity 700 Roadworks &
Slide 27: Cofiroute: very high expected cashflows
Cofiroute: very high expected cashflows improvement in the medium term Cofiroute cash contribution to VINCI amounts to €75 million p.a. through dividends Cofiroute committed to a complementary CAPEX programme of €2.9 billion over the 2004-2008 period Sharply reduced capex starting in 2008 A86 tunnel
Slide 28: Concessions: VINCI Park
CONCESSIONS VINCI Park 28
Slide 29: VINCI Park: No. 1 car park operator in Europe
VINCI Park: No. 1 car park operator in Europe Type of contract EBITDA/ Geographical area EBITDA/ Net sales Net sales 9% 13% 17% 14% 26% (21% 28% outside France) 43% 57% 45% 44% 44% 91% 86% 74% Services (67% 44% Concessions France) Rest of Outside France & full ownership 43% France France Paris 28% 1
Slide 30: VINCI Park in France: connected to other Concessions activities
VINCI Park in France: strongly connected to other VINCI Concessions activities (motorways, airport …) 464,000 spaces under management (31/12/03) No 1 in parking in France Operating in 165 cities Complementing the motorway network in which VINCI is involved (ASF, Escota, Cofiroute) Cofiroute network
Slide 31: VINCI Park: continuous growth in spaces managed
VINCI Park: continuous growth in the number of spaces managed Outside of + 15% in 2 years France France 811,000 463,900 347,100 900 000 735,000 800 000 704,900 19 200 15,400 3,800 18 700 700 000 15 900 600 000 327 281,50 46,200 500 000 700 0 318 331 Full ownership 600 900 400 000 Concessions 300 000
Slide 32: VINCI Park: a dynamic marketing strategy
VINCI Park: a dynamic marketing strategy The example of Parisian car parks Sample: 80 Parisian car parks – statistics between March 2001 and July 2003 11 million hourly customers – net sales: €65m 12% + 10,6% 10% 8% 6% 4% +2,4 % 2% 0% mars-01 juin-01 sept-01 déc-01 mars-02 juin-02 sept-02 déc-02 mar
Slide 33: DCF value of existing portfolio, no renewal
DCF value of existing portfolio – no renewal of expiring concessions assumed Assumptions: DCF value evolution (1) • Annual growth in net sales: 3% and expense: 2.1% • Current actual value of free cash flow (FCF): Enterprise value EBITDA – maintenance capex – income tax In € billions Equity value • 2
Slide 34: DCF value of existing portfolio with moderate growth
DCF value of existing portfolio – with moderate growth assumptions Assumptions: DCF value evolution (1) • €60 million invested each year over 11 years • Project mix: Enterprise value with targeted growth • 2 full ownership – 50 years • 2 large town concessions – 30 years In € billions Equity value w
Slide 35: Concessions: Infrastructure concessions
CONCESSIONS Infrastructure concessions 35
Slide 36: VINCI Infrastructures: 2003 key figures
VINCI Infrastructures: 2003 key figures (contribution to VINCI) Net sales: €81 million, up 6% over 2002 EBITDA: €32 million (40% of net sales) Net debt: €599 million, essentially non recourse (project financing) (1) Estimated equity value: about €250–300 million, for a total investment of approx. €1
Slide 37: Portfolio of infrastructure concessions
Portfolio of infrastructure concessions Residual term of Conso- contract lidation % held method (1) (years) ROADS AND MOTORWAYS Chillan–Collipulli 160 km - Chile 17 83 FC Newport * 10 km – Wales 38 50 PC Fredericton–Moncton 200 km - Canada 25 12 Invest. BRIDGES & TUNNELS Rion–Antirion * Peloponnesus
Slide 38: VINCI Infrastructures: 2003 operational data at 100%
VINCI Infrastructures: Detail of 2003 operational data at 100% Traffic Net sales EBITDA Debt (millions of (in €m) (as % of (in €m) passengers) net sales) Chillan-Collipulli motorway 5.8 13 34% 167 Confederation bridge 0.7 19 46% 170 Ron-Antirion bridge * na na na 295 Tagus crossings 39.6 69 86% 375
Slide 39: Rion–Antirion bridge: ahead of schedule
Rion–Antirion bridge: ahead of schedule Technical prowess The biggest infrastructure site currently under construction in Europe: about €800m Length: 2.9 km - seismic constraints – sea floor at a depth of 65 metres Ahead of schedule and within budget Excellent financing: Equity €69m (VINCI 53%), Gre
Slide 40: Concessions: Airport sector
CONCESSIONS Airport sector 40
Slide 41: Airport sector: a strategic area for growth
Airport sector: a strategic area for growth Key characteristics of the airport sector: Increasing deregulation Key growth drivers: traffic, outsourcing trend, partnering with airline companies Key assets for VINCI: Expertise in managing long-term contracts (airport management, cargo handling) Good t
Slide 42: Airport concessions: 2003 key figures
Airport concessions: 2003 key figures (contribution to VINCI) Net sales: €15 million, down 14% over 2002 * EBITDA: €2 million (10% of net sales) Net cash: €33 million (*) A total investment of about €200 million, the value of which has been preserved despite the crisis in the sector (*) Essentially
Slide 43: Portfolio of airport concessions
Portfolio of airport concessions Residual % Conso- term held lidation AIRPORTS (years) method (*) Central and Northern Mexico 13 airports - 10 million PAX/year 47 6 (1) EM Cambodia 2 airports - >1 million PAX/year 22 70 PC ADPM partnership 34 (2) EM •Liège 1 airport - 287,000 tonnes/year 36 •Beijing
Slide 44: Airport concessions: 2003 operational data at 100%
Airport concessions: Detail of 2003 operational data at 100% Traffic Net sales EBITDA Debt/(cash) (in millions of (in €m) (as % of net (in €m) passengers) sales) Central & Northern Mexico 9.7 83 43% (68) Southern Mexico (*) 12.2 118 58% (58) Cambodia 1.4 22 39% 16 (*) Investment sold in April 2004 4
Slide 45: Airport services: a key player in ground services
Airport services: a key player in ground services, principally in cargo handling A major player in ground services (North America, France): Over 300 customers (airlines, airports) All ground services: ramp, passenger, equipment maintenance, fuelling, etc. 1 million aircraft movements and 50 million
Slide 46: Airport services: refocus on cargo and Europe
Airport services: programme started to refocus on cargo and Europe Refocus on cargo Stronger growth Limited exposure to geopolitical risks Higher margins due to real barriers to entry (control of storage sites) A rebalanced customer portfolio In 2001: leading customer = American Airlines, with 20% o
Slide 47: Concessions: 2003 highlights and outlook
CONCESSIONS CONCESSIONS: 2003 highlights and outlook for 2004 47
Slide 48: VINCI Concessions: 2003 highlights
VINCI Concessions: 2003 highlights Cofiroute: Opening of new sections (A85) A86: breakthrough of VL1, preparatory work for VL2 Dartford: start of operations Toll Collect: liability and cautious provision made VINCI Park: 800,000-space milestone passed (o/w 347,000 through concession contracts and fu
Slide 49: VINCI Concessions: Outlook for 2004
VINCI Concessions: Outlook for 2004 VINCI Concessions: Commissioning of Rion–Antirion bridge and Newport bypass New developments in France (A19 and A41) and other areas where VINCI has operations (Greece, UK, Germany, Central & Eastern Europe, etc.) Cofiroute: Agreement on the terms of amendment 11
Slide 50: VINCI Concessions: Outlook for 2004 – ASF
VINCI Concessions: Outlook for 2004 ASF Our initial project: a French company with a European footprint, market leader in concessions and construction The project was stopped by the interministerial committee decision of 18 December 2003 As of 31/12/03, we hold a 20% interest in ASF: ASF is a strate
Slide 51: Energy
ENERGY VINCI
Slide 52: VINCI Energies: French leader for electrical and thermal engineering
VINCI Energies: French leader for electrical and thermal engineering works and services A network of 700 companies in Europe A diversified customer base (industry, tertiary sector, local authorities, telecom operators) Largely recurring business (about 30% of net sales), spread over a significant nu
Slide 53: Spark Iberica
© 3) = o = x [= oc 2. 7) VINCI 53
Slide 54: VINCI Energies: key figures
VINCI Energies: key figures CAGR: Compound Annual Growth Rate In € millions 2003 net sales: €3,115 million, +3%* CAGR 01-03: +5% Operating income Net income Outside 781 949 897 CAGR 01-03: France CAGR 01-03: +36% +24%** 118 129 70 4.1% France 2,071 2,095 2,218 2.5% 3.9% 75 72** 47 2001 2002 2003 200
Slide 55: VINCI Energies: 2003 highlights
VINCI Energies: 2003 highlights New name, new organisation closer to customers Good performance of business related to public authorities and tertiary sector (air conditioning, fire protection, communications) Upturn in telecom infrastructure Good resilience in French industry sector; difficulties i
Slide 56: VINCI Energies: strategy and outlook for 2004
VINCI Energies: strategy and outlook for 2004 Strengthen our domestic market position focusing on high margin activities Improvement of profitability of foreign entities Increase density of European network (especially in Southern and Eastern Europe) Gain leadership position in Europe in high-growth
Slide 57: Roads
ROADS
Slide 58: Eurovia
Eurovia No. 1 in Europe for roadworks and the production of materials 200 quarries, 400 coating stations, 95 binder plants 50 million tonnes produced a year; 30 years of reserves (1.5 billion tonnes) About 70% of net sales generated by repair and maintenance work through many small contracts (averag
Slide 59: VINCI Roads: key figures
VINCI Roads: key figures CAGR: Compound Annual Growth Rate 2003 net sales: €5,338 million, up +5%* In € millions CAGR 01-03: -1% Operating Outside income France 2,263 2,260 2,315 CAGR 01-03: Net income +8% CAGR 01-03: 201 173 166 3.8% +20% 3.1% 3.2% 126 France 3,235 2,949 3,023 96 88 2001 2002 2003
Slide 60: Eurovia: 2003 highlights
Eurovia: 2003 highlights Increase in net sales due to: Strong growth of business in Central Europe (major road and railway infrastructure contracts, particularly in the Czech Republic) Sustained business in France in maintenance, reconditioning and urban infrastructure Growing proportion of multi-ye
Slide 61: Eurovia: strategy and outlook for 2004
Eurovia: strategy and outlook for 2004 Make the most of the increasing use of multi-year maintenance contracts (e.g. UK) and the growing need for new infrastructure in Central and Eastern Europe Extend Eurovia network in Europe and North America through acquisitions that complement existing operatio
Slide 62: Eurovia: acquisition of quarries in Slovakia
Eurovia: acquisition of 6 quarries in Slovakia Production: over 800,000 tonnes p.a. 62
Slide 63: Construction
Va, 2 » < & CONSTRUCTION VINCI “?
Slide 64: VINCI Construction: a European leader
VINCI Construction: a European leader No 1 in France, one of Europe’s largest and most profitable market Limited exposure to economic cycles due to: Broadly diversified customer base (mostly local) and geographical presence Large range of skills Good synergy with concession business: Identification
Slide 65: VINCI Construction: key figures
VINCI Construction: key figures CAGR: Compound Annual Growth Rate In € millions 2003 net sales: €7,716 million, up 7.5%* CAGR 01-03: +4% Operating Outside income France 3,268 3,514 3,461 CAGR 01-03: +8% Net income CAGR 01-03: 222 +20% 201 212 France 3,931 3,836 4,255 2.8% 2.9% 2.9% 177 144 150 2001
Slide 66: VINCI Construction: 2003 highlights
VINCI Construction: 2003 highlights Dynamism of building sector in France / record order backlog level Public works: recovery during second half of the year (transport infrastructure, environment-related infrastructure) New contracts combining construction and multi-year maintenance PFI in UK SKE co
Slide 67: VINCI Construction: strategy and outlook for 2004
VINCI Construction: strategy and outlook for 2004 Very well oriented domestic market : expected growth in both sales and profit Pursue improvement in operating margins through better productivity on worksites more efficient organisation of worksites safety = absolute priority youth recruitment and t
Slide 68: 2004 financial data
VINCI “? 2004 financial data
Slide 69: Net sales at 31 March 2004
Net sales at 31 March 2004 In € millions 31 March 31 March Change Change 2003 2004 like-for-like Construction 1,730 1,815 +4.9% +5.6% Roads 916 1,000 +9.1% +13.2% Energy 706 749 +6.1% +4.5% Concessions and services 424 444 +4.8% +6.3% Total 3,775 4,046 +7.2% +8.3% * o/w France 2,283 2,593 +13.6% +12
Slide 70: Order backlog at 31 March 2004
Order backlog at 31 March 2004 In € millions 31 March In months of Change / Change / 2004 business March 2003 Dec. 2003 activity Construction 7,657 11.8 +5% +3% Roads 3,624 8.0 +6% +12% Energy 1,367 5.2 +5% +19% Total 12,648 9.3 +5% +7% An order backlog that is: solid and increasing in value offerin
Slide 71: Appendices: Financial statements at 31 December 2003
Appendices: Financial statements at 31 December 2003
Slide 72: Net sales
Net sales In € millions 2002 2003 Change Change on like-for-like basis Construction 7,350 7,716 +5% +6.6% Roads 5,209 5,338 +2.5% +4.6% Energy 3,044 3,115 +2.3% +0.6% Concessions and services 1,851 1,895 +2.4% +3% Miscellaneous 100 47 ns ns Total 17,554 18,111 +3.2% +4.3%* of which France 10,318 10,
Slide 73: Net sales in France
Net sales in France In € millions 2002 2003 Change Change on like-for-like basis Construction 3,836 4,255 +10.9% +9.5% Roads 2,949 3,023 +2.5% +2.2% Energy 2,095 2,218 +5.9% +5.1% Concessions and services 1,317 1,413 +7.3% +3.7% Miscellaneous 121 90 ns ns Total 10,318 10,999 +6.6% +5.4% Sustained le
Slide 74: Net sales outside France
Net sales outside France In € millions 2002 2003 Change Change on like-for-like basis Construction 3,514 3,461 -1.5% +3.3% Roads 2,260 2,315 +2.4% +8.1% Energy 949 897 -5.5% -9.5% Concessions and services 534 482 -9.7% +1% Miscellaneous (21) (43) ns ns Total 7,236 7,112 -1.7% +2.6%** Of which: Germa
Slide 75: Gross operating surplus (EBITDA)
Gross operating surplus (EBITDA) In € millions 2001 2002 2003 Change CAGR 03/02 01–03 Construction 323 395 449 +13.8% +18% Roads 366 322 364 +13% = Energy 138 175 196 +12% +19% Concessions and services 719 777 783 +0.8% +4.4% of which Cofiroute 512 537 577 +7.4% +6.5% VINCI Park 180 176 165 -6.4% -4
Slide 76: Operating income
Operating income In € millions 2001 2002 2003 Change CAGR 03/02 01–03 222 Construction 212 +4.5% +5.1% 201 201 Roads 166 +21.2% +7.8% 173 129 118 Energy 70 +9.7% +36% Concessions 525 567 600 +5.9% +6.8% Of which Cofiroute 400 424 475 +12% +9% VINCI Park 118 114 117 +3% = Total 980 1,067 1,166 +9.2%
Slide 77: Operating margin: improvement across all business lines
Operating margin: improvement across all business lines 2001 2002 2003 Operating income/Net sales 36% * 31% 32%* 3.4% 6,4% 6,1% 5,7% 2.9% 4,1% 3,8% 3,9% 3,2% 3,1% 2,8% 2,9%2,9% 2,5% Concessions & Energy Roads Construction Total services 2003: Net sales €1,895m €3,115m €5,338m €7,716m €18,111m Op. in
Slide 78: Income statement (1/2)
Strong growth in operating income less net financial expense Income statement (1/2) In € millions 2002 2003 Change Net sales 17,554 18,111 +3.2% Gross operating surplus 1,664 1,778 +6.8% % of net sales 9.5% 9.8% Operating income 1,067 1,166 +9.2% % of net sales 6.1% 6.4% Financial expense (192) (124
Slide 79: Income statement (2/2)
Significant increase in net income, reflecting the growth in operating income less net financial expense Income statement (2/2) In € millions 2002 2003 Change Operating income less 875 1,042 +19.1% net financial expense Exceptional income 7 13 Tax (223) (234) Effective tax rate 25.3% 22.2% Goodwill
Slide 80: Cash flow statement: strong cash flow generation
Cash flow statement: strong cash flow generation In € millions 2001 2002 2003 CAGR 01–03 Cash flow from operations 1,076 1,219 1,377 +13% - Net capital expenditure (473) (455) (430) Cash flow from operations less net capital expenditure 603 764 947 +25% Change in working capital requirement 175 353
Slide 81: Financial structure further strengthened
Financial structure further strengthened Increase in shareholders’ equity, provisions and working capital surplus Reduction of debt 31/12/2001 31/12/2002 31/12/2003 In € millions 188 182 356 Treasury stock 2 307 2 448 Debt 2 407 2 681 2 428 2 640 Working capital Other 1 095 fixed assets 1 080 requir
Slide 82: Capital employed and ROE by business line
Capital employed and ROE by business line as per 31/12/03 Construction Holding Roads Concessions companies In € millions Energy hors ASF ASF & misc. Total VINCI Shareholders’ equity 1,484 1,719 - (266) 2,937 Minority interests 147 404 - - 551 1,631 2,123 - (266) 3,488 Provisions & misc. 904 404 - 53
Slide 83: Consolidated net debt by business line
Consolidated net debt by business line at 31 December 2003 In € millions (3,009) Concessions (excl. ASF) Construction, Roads, Energy 1,972 (1,229) ASF Treasury stock 182 (182) Holding companies Cash Debt Consolidated net debt: (2,266) Of which: >1 year: (6,171) <1 year: 3,905 All VINCI’s debt is
Slide 84: Debt by maturity
Debt by maturity: well spread over time with significant liquidities short-term surplus (3,905) Net debt * €2,266 million of which debt of over 1 year 6,171 Analysis of debt of over one year by maturity 1 365 In € millions 828 717 542 541 404 375 409 303 345 343 2004 2005 2006 2007 2008 2009 2010- 2
Slide 85: Group presentation
Group presentation July 2004