Eiffage Sa · EURONEXT:FGR

Eiffage Sa — Debt Investor Presentation (June 2020)

68 slides from Eiffage Sa's debt investor presentation, June 2020

1. Slide 1: Credit investors presentation

   Credit investors presentation June 2020 Making a difference

2. Slide 2: Disclaimer

   Disclaimer This presentation does not constitute a prospectus or an offering memorandum or an offer to acquire any securities. It is not intended to provide a basis for any evaluation of any securities and should not be considered as a recommendation that any investor should subscribe for or purchas

3. Slide 3: Table of contents

   Table of contents 1 Eiffage at a glance 2 Group strategy and business model 3 2019 highlights and results 4 1st quarter 2020 information, Covid-19 impacts, activity and outlook 5 Group financial debt structure 6 Key investment highlights Appendices, concessions portfolio details and 2019 financial s

4. Slide 4: 1. Eiffage at a glance

   1. Eiffage at a glance Grande Arche de La Défense

5. Slide 5: Eiffage at a glance

   Eiffage at a glance Europe’s 4th largest contractor and 3rd largest motorway A Group with solid foundations concession company (respectively 3rd and 2nd in France) €18.1 billion €2.0 billion in revenue Operating profit A long standing and clear Contracting-Concession business model and strategy €725

6. Slide 6: A global turnkey offering and a sustainable business model

   A global turnkey offering and a sustainable business model CONSTRUCTION CONCESSIONS Construction Infrastructures Energy Systems Concessions  Eiffage Construction  Eiffage Route  Eiffage Energie  Eiffage Concessions  Eiffage Immobilier  Eiffage Génie Civil Systèmes  Autoroutes APRR & AREA  Ei

7. Slide 7: Eiffage 10 year performance

   Eiffage 10 year performance Revenue €M Operating profit €M Net profit Group share €M +€1.0Bn +€0.5bn +€4.8Bn since 2010 since 2010 since 2010 515 416 312 2,005 257 275 725 18,143 629 16,577 1,732 1,857 232 221 15,081 1,597 205 515 14,035 14,264 1,347 1,431 416 1,200 1,318 13,330 13,732 13,987 13,909

8. Slide 8: Group shareholding structure

   Group shareholding structure Shareholding structure as of 31 December 2019 (98m shares) Listing on Euronext Paris Indices SBF 120® CAC Next 20® CAC Next 60® Euronext FAS IAS MSCI Europe Eiffage share price evolution vs CAC 40 since 1/1/2010 (base 100) as of close of 19 June 2020 300 Eiffage CAC 40 2

9. Slide 9: 2. Group strategy and business model

   2. Group strategy and business model Bretagne-Pays de la Loire high speed rail

10. Slide 10: A balanced profile and smart growth

    A balanced profile and smart growth Contracting Concessions Involve every Group’s business lines across  Manage, optimise and extend  Foster and develop the Group the value chain concessions European anchorage • Greenfield  Acquire specialised businesses concessions  Manage the rotation of the P

11. Slide 11: A balanced profile with key attributes

    A balanced profile with key attributes Contracting Concessions  Short cycle activities Involve every Group’s  Long cycle activities  High intensity of human capital business lines across  High intensity of financial capital the value chain  Barriers to entry especially for high end, large  Bar

12. Slide 12: Ambitions

    Ambitions Preserve the Group compactness and its entrepreneurship Promote synergies between the different business lines Making the difference thanks to innovation Further develop our Human Capital development Making the difference with low carbon offerings and realisations 12

13. Slide 13: The Group's strategic vision

    The Group’s strategic vision 13

14. Slide 14: A Committed Group

    A Committed Group  Rooted values, reaffirmed and shared by all EXEMPLARITY TRANSPARENCY RESPONSABILITY COURAGE TRUST LUCIDITY PUGNACITY  Sustainment of the employee share ownership as a performance tool and an engagement of the human capital at every level  Eiffage Foundation, long-term local par

15. Slide 15: 3. 2019 Highlights and results

    3. 2019 Highlights and results Picardie Art museum

16. Slide 16: Highlights - Group

    Highlights - Group  Contracting  More than 10% growth for the second consecutive year  81.5% of 2019 growth is organic  Concessions  €0.65bn investment in the Toulouse airport acquisition (2019) and the strengthening in APRR and ADELAC (2020)  Contracting-Concession business model  The succes

17. Slide 17: Highlights - Contracting

    Highlights - Contracting Grand Paris Express – 16.1 Line Châtenay-Malabry Roads works Hochmosel Bridge Athlete's village DUS Offshore Wind Farm BNP Paribas Fortis Headquarter 17

18. Slide 18: Highlights - Contracting

    Highlights - Contracting Contracting  Strong flow of activity  Commercial success in France − In France − Athlete’s village − Grand Paris Express − 1st offshore wind farm − Road works − Technical lots of the Grand Paris Express − In Europe  New increase in property development − Civil engineering

19. Slide 19: Highlights - Concessions

    Highlights - Concessions APRR Prado Carénage - Marseille Maurepas aquacenter Toulouse Airport RCEA A3 motorway PPP Lille Airport 9 micro-hydroelectric power stations 19

20. Slide 20: Highlights - Concessions

    Highlights - Concessions Travaux Concessions  APRR  Airports − Traffic up by 1.1% – Acquisition of Toulouse airport control − EBITDA margin up to 74.4% – Lille airport concession attribution − €3.1bn banking line refinancing with  PPP and similar ESG criteria (February 2020) – France: 3 new contr

21. Slide 21: Highlights

    Highlights Carbon footprint  Strengthening of the dry and low carbon sector: – Acquisitions of Savare (wood construction) and B3 Ecodesign (containers)  Sekoya, platform dedicated to low carbon materials and processes created by Eiffage: – Creation of the industrial club with 10 members – 1st call

22. Slide 22: Eiffage 2019

    Eiffage 2019 Revenue €M Operating profit €M Net profit Group share €M +9.4% +8.0% +15.3% 18,143 2,005 725 16,577 1,857 629 1,732 515* 15,081 1,597 416* 13,909 14,008 1,431 312 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 *Excluding non-recurring adjustment in deferred t

23. Slide 23: Revenue (excluding Ifric 12)

    Revenue (excluding Ifric 12) Breakdown concessions / contracting (€M) Breakdown by geographical area (€M) 18,143 +9.4% +7.7% +9.4% 18,143 16,577 16,577 794 -3.1% 2,962 +2.9% +2.9% 819 +10.3% 2,879 3,893 +13.5% 3,431 15,181 +10.8% +8.8% 12,327 13,456 13,698 +9.2% ∆19/18 ∆19/18 2018 2019 2018 2019 ∆19

24. Slide 24: Contracting revenue (excluding Ifric 12)

    Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total 15,181 15,181 +10.8% 13,698 +10.8% +8.8% 13,698 739 (5%) -4.3% 4,260 772 (6%) +10.2% 4,001 +6.5% +5.0% 3,893 (26%) +13.5% 3,431 (25%) 6,441 5,537 +16.3% +14.0% 10,549 (69%) 9,495 (6

25. Slide 25: Operating profit on ordinary activities and margins

    Operating profit on ordinary activities and margins Growth of operating profit on ordinary activities of 8.0% to €M 2,005 (€M +148) 2018 2019 ∆ 19/18 €M % revenue €M % revenue Construction 155 3.9% 157 3.7% +1.3% Infrastructures 151 2.7% 187 2.9% +23.8% Energy Systems 182 4.4% 205 4.6% +12.6% Sub-to

26. Slide 26: Evolution of the operating profit and operating margin

    Evolution of the operating profit (€M) and operating margin (%) Contracting Concessions 1,404 1,473 1,317 549 1,236 488 1,106 49.7% 433 48.8% 48.4% 378 48.3% 343 3.6% 3.6% 3.5% 3.3% 45.3% 3.0% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 26

27. Slide 27: Consolidated income statement

    Consolidated income statement Increase in the operating profit of 8.0% and of the net results Group share of 15.3% €M 2018 2019 Δ 19/18 Revenue(1) 16,577 18,143 +9.4% Operating profit on ordinary activities 1,857 2,005 +8.0% Other operating income and expenses (51) (68) Operating income 1,806 1,937

28. Slide 28: Contracting order book

    Contracting order book Contracting order book at €bn 14.2 up by 2% over one year Contracting order book (€bn) and equivalent number of Order book breakdown by division (€bn) and contracting activity 12 months variations 13.9 14.2 13.9 14.2 +2% 4.4 4.5 +2% 12.0 12.1 11.4 6.3 6.5 +1% 12.2 12.6 11.8 12

29. Slide 29: 4. 1st quarter 2020 information, Covid-19 impacts, activity and outlook

    4. 1st quarter 2020 information, Covid-19 impacts, activity and outlook Hypérion wood tower

30. Slide 30: 1st quarter 2020 turnover and order book

    1st quarter 2020 turnover and order book 1st quarter 1st quarter % change 2019 2020 Actual consolidation Like-for-like (lfl)* scope in millions of euros Construction 923 807 -12.6% -13.0% of which Property 205 182 Infrastructures 1,318 1,255 -4.8% -4.8% Energy Systems 993 1,002 +0.9% +0.5% Sub-total

31. Slide 31: Review of activity at 31 March 2020

    Review of activity at 31 March, 2020 Sales contributed by the Contracting activities decreased by 5.3% on a reported Sales contributed by Concessions, excluding Construction revenue**, increased by basis (and by 5.5% lfl) to nearly €3.1bn. 0.3% to €684m (-4.5% lfl, including a €33m contribution by t

32. Slide 32: Financial situation at 31 March 2020

    Financial situation at 31 March, 2020  The Group has a robust financial structure, both at the level of Eiffage S.A. (and its Contracting subsidiaries), which benefits from a short term rating of F2 by Fitch Ratings since 16 June 2020, and of its concession entities, the largest of which is APRR (r

33. Slide 33: Covid-19 impacts, activity and outlook

    Covid-19 impacts, activity and outlook Covid-19 impacts Activity and outlook Various measures have been taken at all of the Group’s business Growth in activity at the start of the year followed by an abrupt fall mid- lines to mitigate the effect of this unprecedented crisis on its financial March du

34. Slide 34: Significant events since 31 March 2020

    Significant events since 31 March, 2020  Two new contracts will generate around €1.7bn of work for the Group and strengthen the order book in the second quarter of 2020: – On 7 April 2020, Eiffage, in consortium with JOHANN BUNTE Bauunternehmung, signed a 30-year PPP agreement to design, widen, ope

35. Slide 35: 5. Group financial debt structure

    5. Group financial debt structure Line 16 of Grand Paris Express

36. Slide 36: Group financial net debt structure

    Group financial net debt structure Holding & Contracting Concessions  Financed with recourse to Eiffage Involve every Group’s  Financed on a non-recourse basis (self liquidating) business lines across  Cash pooling of all the contracting subsidiaries the value chain  Self standing for their need

37. Slide 37: Financial net debt evolution (€M)

    Financial net debt* evolution (€M) Total (11,591) (11,213) (10,375) (10,544) (10,218) Net treasury Holding & 904 526 664 Contracting 334 492 (10,882) (11,070) (11,279) (11,705) Financial net debt (11,925) Concessions 31/12/15 31/12/16 31/12/17 31/12/18 31/12/19 Incl IAS 17 debt €M286 €M302 €M313 €M3

38. Slide 38: Holding & Contracting net debt / cash evolution

    Holding & Contracting net debt / cash evolution Sources Uses  €2.6bn of cash at 31/12/19  Operational and seasonal working capital needs of  €2bn revolving credit facility (maturing in 2025 with a 1 year extension option from May 2019, contracting activities, plant acquisition undrawn at 31/12/19

39. Slide 39: Concessions financial net debt breakdown at 31/12/19

    Concessions financial net debt breakdown at 31/12/19 Non recourse debt raised in dedicated SPVs for €10.9bn* Non recourse fnd breakdown (€M) Non recourse fnd structure (€M) Eiffarie 1,020 APRR and APRR Eiffarie 7,003 8,023 Toulouse Airport Millau 128 Viaduct 550 Motorways and airport Autoroute de A6

40. Slide 40: Financings implemented during 2019 and 2020

    Financings implemented during 2019 and 2020 Holding & Contracting Concessions  May 2019: €2bn refinancing of the Group RCF for 5 years  APRR and Eiffarie: with two 1 year extension options and incorporating ESG • January 2019, APRR: €0.5bn bond issue due 2028 features • January 2020, APRR : €0.5bn

41. Slide 41: 6. Key investment highlights

    6. Key investment highlights 7. Key Investment Highlights Fondation Luma, Arles

42. Slide 42: Key investment highlights

    Key investment highlights 1 A strong European anchorage and a clear construction – concession strategy Rationale of Eiffage’s inaugural bond issuance 2 A stable and experienced management team Diversification of Eiffage’s sources of funding A proven and resilient business model across key sustainabl

43. Slide 43: Appendices

    Appendices Campus Eiffage, Vélizy-Villacoublay

44. Slide 44: Geographical mix and operating margins

    Geographical mix and operating margins Revenues breakdown in €M Group operating margin in % +43,6% France Europe exc France Rest of the world since 2010 +€4.6Bn +€1.7Bn +€0.7Bn 794 since 2010 since 2010 since 2010 819 3,893 470 170 243 306 319 403 378 3,431 99 2,700 3,431 2,700 2,233 2,383 2,100 2,2

45. Slide 45: 2019 revenues and Contracting clients' mix

    2019 revenues (excluding Ifric 12) and Contracting clients’ mix Revenue breakdown in Europe Excluding France (€M) Revenue breakdown (€M) 1,061 984 13,456 898 918 12,327 829 544 3,431 3,893 335 321 306 280 260 246 819 794 175 167 France International excluding Europe excluding France Europe Belgium /

46. Slide 46: Construction - Activity and results

    Construction - Activity and results Operating margin at 3.7% of revenue  Revenue up by 6.5% (+5.0% lfl) Revenue (€M) and operating margin on ordinary activities - France +7.8% - International +2.6% 4,260  Works 4,001 3,868 - Construction cost inflation 3,666  Property development 3,514 - Reservat

47. Slide 47: Infrastructures - Activity and results

    Infrastructures - Activity and results Increase of the operating margin by 20bps to 2.9% of revenue  Revenue up by 16.3% (+14.0% lfl) - France +20.6% Revenue (€M) and operating margin on ordinary activities - International +8.6% 6,441  Margin evolution 5,537 - Road works: positive momentum in Fran

48. Slide 48: Energy Systems - Activity and results

    Energy Systems - Activity and results Increase of the operating margin by 20bps to 4.6% of revenue  Revenue up by 7.7% (+5.6% lfl) - France +3.0% Revenue (€M) and operating margin on ordinary activities - International +19.3% 4,480  Increased operating margins 4,160  Activity 3,782 - Regular incr

49. Slide 49: Concessions - Activity and results

    Concessions - Activity and results Increase of the operating margin by 90bps to 49.7% of revenue  Revenue including APRR up 2.9% (+2.9% lfl) Revenue (€M) and operating margin on ordinary activities - APRR: +2.9% at €M 2,611 2,879 2,962 - Other concessions and PPPs: +2.9% at €M 351 2,727 2,556 49.7%

50. Slide 50: APRR - Activity and results

    APRR - Activity and results Increase of the EBITDA margin by 60bps to 74.4% of revenue  Revenue (exc. Ifric 12) up 2.9% Revenue (€M) and EBITDA marging  Total traffic increase up 1.1%: LV +1.1% and HGV +0.7% 2,611 - Impact of railway service disruption and social movements 2,538 2,425  Tariff inc

51. Slide 51: Concession portfolio details

    Concession portfolio details A48 / A480, Grenoble

52. Slide 52: Further information on Eiffage concessions at 31/12/19

    Further information on Eiffage concessions at 31/12/19 Internet sites of the Percentage of Nom Minority investors companies ownership APRR & AREA www.aprr.com 50.0% + 1 share* MAF and Atlas Arteria Adélac / A41 www.liane-autoroute.com 49.9%* MAF2 and Atlas Arteria Aliénor / A65 www.a65-alienor.com 6

53. Slide 53: APRR: France 2nd largest toll road operator

    APRR: France 2nd largest toll road operator  26% of French toll network  Mature and well developed network constructed over more than 50 years comprising, at end December 2019 2,314 km (1) of road already built, and 4 km to be buit  Concession until November 2035 for APRR and September 2036 for A

54. Slide 54: APRR performance since 2005

    APRR performance since 2005 Revenues (€M) EBITDA (€M) excluding construction 2,538 2,611 2,425 1,874 1,942 2,214 2,328 1,775 2,039 2,099 2,149 1,685 1,94 2,022 1,520 1,589 1,803 1,834 1,86 1,399 1,428 1,475 1,67 1,244 1,265 1,326 1,571 1,208 974 1,068 2005 2006 2007 2008 2009 2010 2011 2012 2013 201

55. Slide 55: APRR - Traffic evolution at 31/03/20

    APRR - Traffic evolution at 31/03/20 117.7 120 115 LV 115.9 110 105 107.6 Total 100 95 HGV 90 85 80 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q1 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 20

56. Slide 56: PPP life cycle

    PPP life cycle Eiffage Financial investor Value Financial structuring PPP contracts signing Length 1 year 3 to 6 years 1 to 2 years 15 to 20 years in years TENDER CONSTRUCTION / OPERATION OPERATION CAPEX RAMP UP Call for tender 5% - 10% Equity Sale of equity 90% - 95% Debt Preservation of O&M contra

57. Slide 57: Assets in concession (consolidated) at 31/12/19

    Assets in concession (consolidated) at 31/12/19 Project Type Country End of concession Status % Shares APRR & AREA Toll Concession FR 2035/2036 Operational 50% + 1* A65 - A'liénor Toll Concession FR 2067 Operational 65.00% Millau Viaduct Toll Concession FR 2079 Operational 51.00% Prado South Tunnel

58. Slide 58: Assets in concession (not consolidated) at 31/12/19

    Assets in concession (not consolidated) at 31/12/19 Project Type Country End of concession Status % Shares Getlink Concession FR / UK 2086 Operational 5.03% A41- Adélac Toll Concession FR 2060 Operational 49.90%* Brittany university PPP FR 2038 Operational 10.00% Huatacondo PV Solar plant CHIL 2047

59. Slide 59: 2019 financial statements

    2019 financial statements Grand Hôtel Dieu, Lyon

60. Slide 60: Consolidated balance sheet - Assets

    Consolidated balance sheet - Assets €M 31/12/2018 31/12/2019 Property, plant and equipment 1,853 1,817 Assets held under a finance lease - 889 Investment property 3 62 Fixed assets held under concessions 10,981 10,837 Goodwill on acquisition 3,219 3,703 Other intangible assets 205 249 Equity-method

61. Slide 61: Consolidated balance sheet - Equity and liabilities

    Consolidated balance sheet - Equity and liabilities €M 31/12/2018 31/12/2019 Share capital 392 392 Consolidated reserves 3,867 4,288 All other comprehensive income items (132) (157) Net profit for the period 629 725 Total capital and reserves, attributable to the Group 4,756 5,248 Non controlling in

62. Slide 62: Consolidated income statement

    Consolidated income statement €M 2018 2019 Revenue(1) 16,890 18,690 Other income 5 5 Raw materials and consumables used (3,022) (3,180) Staff costs (3,571) (3,800) Other expenses (7,099) (8,103) Taxes other than corporate tax (479) (495) Amortisation and depreciation expense (864) (1,041) Provisions

63. Slide 63: Consolidated cash flow statement

    Consolidated cash flow statement €M 2018 2019 €M 2018 2019 Cash and equivalents at 1 January 4,391 3,573 Purchases of fixed assets (318) (392) Currency effect 1 2 Purchase of intangible concession assets (377) (420) Restated cash and cash equivalents at 1 January 4,392 3,575 Purchase of non-current

64. Slide 64: 2019 Financial net debt evolution (€M)

    2019 Financial net debt evolution (€M) In millions of euros Free cash flow (1,280) 10,544 359 IAS17 (3,026) 534 10,218 (146 ) 10,185 566 537 ( 76 ) 483 Acquisitions Variations Dividends & without & 805 Cessions flows of Capital funds transactions Holding & Concessions Concessions (3) Contraction Inv

65. Slide 65: IFRS 16 norm impacts

    IFRS 16 norm impacts The IFRS 16 norm on renting contracts poses for a unique accounting method for the taker, as such, contracts are included in the balance sheet with a corresponding debt corresponding to the rent payment obligation and an asset corresponding to the usage right of the rented good.

66. Slide 66: Glossary

    Glossary Item Definition **Construction revenue of Concessions The construction revenue of concessions corresponds to costs relating to services to build or improve the infrastructure (Ifric 12) committed by the concession operator determined in accordance with the requirements of Ifric 12, “Service

67. Slide 67: Financial information agenda

    Financial information agenda Register to receive press release at www.eiffage.com/press-releases All financial information is available on www.eiffage.com Eiffage APRR Quarterly information and turnover for the 2nd quarter 2020 26.08.2020 21.07.2020 2020 half-year results and analysts presentation 2

68. Slide 68: More than one century of great achievements

    More than one century of great achievements 2006 1994 Eiffage acquires the 1973 Channel French Sydney Opera Tunnel State’s stake in APRR Australie France - GB France Louvre Millau Viaduct A 65 motorway Incorporation of Pyramid France France Fougerolle France France 2004 2010 1844 1989 2013 Dakar-Dia

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