Eiffage Sa · EURONEXT:FGR
Eiffage Sa — FY2023 Earnings Presentation
60 slides from Eiffage Sa's earnings presentation, Feb 28, 2024
Slide 1: Annual results 2023
#FamilySpirit Annual results 2023 28 february 2024
Slide 2: Highlights
#FamilySpirit Highlights Benoît de Ruffray Chairman and Chief Executive Officer
Slide 3: Highlights - Group
Highlights - Group New year of significant growth in Contracting and Large Contracting order book to €26 billion (+€7.5 billion Concessions year-on-year) ▪ ▪ ▪ ▪ ▪ Solid financial position Large investment in growth ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ 3
Slide 4: Highlights - 30 years
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - 30 years 2011 – Signature of the 1993 - Birth of the Eiffage brand 2004 - Millau Viaduct opening 2006 - APRR and AREA acquisition PPP contract for BPL HSRL 2023 - Contract for Penly EPR2 2013 - Smulders acquisition 2018 - Grand Paris Express Line 16 2018
Slide 5: Highlights - Contracting
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Contracting Montreuil court Namur station - Belgium A334 del Almanzora - Spain Leverkusen bridge - Germany ACC gigafactory Salvia - Germany Line 15 East Penly EPR2 reactors 5
Slide 6: Highlights - Contracting
Highlights Contracting Activity Order intake ▪ ▪ ▪ Activity and operational profitability ▪ at high levels ▪ Outstanding order intake: Excluding order book ▪ ▪ Penly EPR2 reactors ▪ Line 15 East of the Grand Paris Express ▪ ▪ 6
Slide 7: Highlights - Concessions
CGOÉ NN SI E T RCUI C VTI LI O N Highlights - Concessions Nové - Managing of housing stock of the French Ministry of Armed Forces A412 motorway Marinas in the Bay of Toulon Getlink largest shareholder Decathlon Arena Stade Pierre Supporting new forms of mobility 100% of the Millau Viaduct Dynamic mo
Slide 8: Highlights - Concessions
Highlights Concessions Activity Strengthening of the portfolio ▪ ▪ Activity and profitability increasing ▪ ▪ Strenghtening of portfolio ▪ Investment plan Additional investment: ▪ ▪ Getlink Millau Viaduct Tender process: New tax on the operation of long- ▪ Marinas in the Bay of Toulon (awarded) dista
Slide 9: Concessions portfolio strengthening
Concessions portfolio strengthening 2015 2016 2018 2019 2020 2021 2022 2023 2024 Concessions Aliaé (A79) won Nové Toulon Machilly- Reims Lille Arena Airport Baie des (Cegelog) marina Thonon Anges marina (A412)* Autoroute de Extension l’Avenir Lille APRR SMTPC motorway in Airport Senegal APRR Millau
Slide 10: Carbon climate commitments
Carbon climate commitments Group’s low carbon approach Extra-financial rating ▪ 2030: SBTI validation of the Group targets set ▪ MSCI: AA based on a 1.5°C trajectory to curb ▪ Ecovadis: Gold – global score 72/100 greenhouse gas emissions ▪ CDP: B ▪ 46% for Scopes 1 and 2 ▪ ISS: C+ Prime, Transparenc
Slide 11: Eiffage 2023
Eiffage 2023 Revenue €M +7.4% Operating profit €M +8.6% Net profit Group share €M +13.1% 2,403 1,013 2,212 896 21,832 2,005 20,319 1,919 777 18,143 18,721 725 16,321 1,263 375 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Free cash flow €M +528 Financial Net debt €M* -25
Slide 12: Prospects for 2024
Prospects for 2024 Increased activities in Contracting and Concessions Organic growth in Contracting expected to progress at a slower pace than in 2023 Contracting results improving again Concessions results impacted by new tax on the transport infrastructure Net profit Group share of the same order
Slide 13: Results by business line and financial results
#FamilySpirit Results by business line and financial results Christian Cassayre Chief Financial Officer
Slide 14: Group revenue (excluding Ifric 12)
Group revenue (excluding Ifric 12) Breakdown Contracting and Concessions (€M) Breakdown by geographical area (€M) +7.4% +6.3% +7.4% 21,832 21,832 20,319 20,319 695 -9.2% 18,143 18,721 3,649 +9.2% +8.6% 18,143 18,721 765 +13.2% 3,342 808 +16.4% 16,321 794 16,321 6,099 2,962 3,028 5,238 3,893 806 4,24
Slide 15: Contracting revenue (excluding Ifric 12)
Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total +7.1% +5.8% 18,183 18,183 +7.1% (5 %) 16,977 16,977 629 (3%) -10.0% 15,181 15,693 -2.3% -2.5% 15,693 699 (4%) 4,262 15,181 4,362 746 (5%) +13.3% 13,734 739 (6%) 13,734 6,099 +16.5%
Slide 16: Operating profit on ordinary activities and margins
Operating profit on ordinary activities and margins 2022 2023 €M % Revenue €M % Revenue Δ 23/22 Construction 167 3.8% 157 3.7% -6.0% Infrastructure 209 2.9% 257 3.2% +23.0% Energy Systems 270 5.1% 322 5.4% +19.3% Contracting 646 3.8% 736 4.0% +13.9% Concessions 1,577 47.2% 1,690 46.3% +7.2% Holding
Slide 17: Construction - Activity and results
Construction - Activity and results Operating margin at 3.7% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue decreased by 2.3% 4.3 4.4 4.3 4.1 FRANCE EUROPE (excluding France) 3.7 3.7% 3.7% 3.8% 3.7% 1.2% Results ▪ 2019 2020 2021 2022 2023 Order book (€bn) - Evolutio
Slide 18: Infrastructure - Activity and results
Infrastructure - Activity and results Operating margin increased by 30 bps to 3.2% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 9.5% 8.0 7.3 FRANCE INTERNATIONAL 6.8 6.4 3.2% 6.0 2.9% 2.9% 2.9% ▪ 1.5% ▪ ▪ 2019 2020 2021 2022 2023 Results Order book (€
Slide 19: Energy Systems - Activity and results
Energy Systems - Activity and results Operating margin increased by 30 bps to 5.4% of revenue Revenue (€bn) and operating margin on ordinary activities (%) Revenue increased by 11.6% 5.9 5.3 5.4% FRANCE INTERNATIONAL 4.8 4.5 5.1% 4.1 5.0% 4.6% 3.7% Results ▪ 2019 2020 2021 2022 2023 Order book (€bn)
Slide 20: Eiffage supports high-level athletes since 2014
Eiffage supports high-level athletes since 2014 20
Slide 21: Concessions - Activity
Concessions - Activity Revenue increased by 9.2% Revenue APRR and AREA (€M) Name Revenue Revenue Traffic 2,974 (end of concession |% holding) (€M) ∆23/22 ∆23/22 2,813 APRR and AREA (2035/2036 | 52%) 2,974 +5.7% +2.5% 2,611 2,569 Aliaé (A79) (2068 | 52%) – opening 04/11/2022 45 / / Aliénor (A65) (206
Slide 22: APRR - AREA - Aliaé (A79) - Activity and results
APRR - AREA - Aliaé (A79) - Activity and results EBITDA margin increased by 20 pbs bps to 74.2% of revenue Consolidated revenue (excl. Ifric 12) increased by 7.1% Revenue (€M) and EBITDA margin Total APRR and AREA traffic increased by 2.5% 3,019 ▪ 2,818 2,611 2,569 Contractual tariff increase ▪ 74.4
Slide 23: Concessions - Activity and results
Concessions - Activity and results Name Revenue EBITDA EBITDA Margin Portfolio evolutions 2023 (end of concession | % holding) €m €m (%) ▪ Aliaé (A79) (2068 | 52%) – opening 04/11/2022 45 26 59.0% ▪ Aliénor (A65) (2067 | 100%) 72 56 77.5% Portfolio evolutions 2024 Millau Viaduct (2079 | 100%) 62 53
Slide 24: Getlink - Activity and results
Getlink - Activity and results Revenue increased by 14% compared to 2022 Revenue €M (100%) 1,829 1,599 Key figures 558 420 ▪ 1,085 150 137 126 816 774 Background 123 130 1,042 1,121 ▪ 959 693 644 ▪ ▪ 2019 2020 2021 2022 2023 ▪ Eurotunnel Europorte ElecLink Results Net profit €M (100%) 296 ▪ 252 159
Slide 25: Eiffage supports high-level athletes since 2014
Eiffage supports high-level athletes since 2014 A79 - VIADUC DE L’ALLIER 25
Slide 26: Consolidated income statement
Consolidated income statement in millions of euros 2022 2023 Δ 23/22 Revenue(1) 20,319 21,832 +7.4% Operating profit on ordinary activities 2,212 2,403 +8.6% Other operating income and expenses (52) (51) Operating income 2,160 2,352 Cost of net debt (271) (312) Other financial income and expenses (5
Slide 27: Financial net debt evolution (€M)
Financial net debt evolution* (€M) EBITDA Δ WCR Interest & Holding & Concessions Concessions Acquisitions Variations Dividends incl. Holding & Taxes paid Contracting Debt repayment & Cessions without flows of & Capital Contracting funds transactions €M 363 incl.637 Adelac incl. €M 351 to & Concessio
Slide 28: Financial net debt structure (€M)
Financial net debt structure* (€M) Total (10,218) (9,888) (9,332) (10,166) (9,916) Net treasury 977 1,018 966 Holding & Contracting 664 587 (10,350) (10,753) (10,882) (10,865) (10,882) Financial net debt Concessions 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 128 979 996 1,013 1,123 *Excl. IFRS 16
Slide 29: Contracting order book
Contracting order book Order book breakdown by division (€bn) Order book breakdown by division (€bn) and variation over 12 months +40% 26.0 26.0 5.1 +3% 9.0 +7.1bn 18.5 18.5 16.2 16.3 1.9 14.2 16.2 16.3 2.0 1.6 4.9 5.0 5.1 +3% 14.2 1.0 4.5 4.4 4.9 14.4 +75% 4.2 3.9 4.5 8.2 7.9 7.0 11.6 11.9 +3% 6.4
Slide 30: Appendices
#FamilySpirit Appendices
Slide 31: Group shareholding structure
Group shareholding structure Shareholding at 31/12/2022 Shareholding at 31/12/2023 (98 million shares) (98 million shares) 3.4% 4.1% 19.3% 20.0% 77.3% 75.9% Free float Employee shareholding Treasury shares 31
Slide 32: Revenue (excluding Ifric 12)
Revenue (excluding Ifric 12) Revenue breakdown in Europe Excluding France (€M) Revenue breakdown (€M) 15,038 1,761 14,316 1,423 1,229 1,177 1,025 969 857 810 6,099 5,238 377 278 303 292 225 183 150 765 695 141 63 74 France International exc. Europe exc. France Europe Germany Spain Belgium United Net
Slide 33: Concessions financial net debt breakdown
Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.9 billion* Non-recourse FND breakdown (€M) Non-recourse FND structure (M€) Eiffarie APRR APRR and Eiffarie 1,012 6,674 Toulouse Airport Adelac (A41) 69 637 Millau Viaduct Motorways 7,686 558 1,980 and airport
Slide 34: Liquidity and financial net debt
Liquidity and financial net debt* Holding & Contracting liquidity APRR liquidity 2.9 + 2.0 = 4.9 1.4 + 2.0 = 3.4 billion of euros in cash billion of euros billion of euros billion of euros in billion of euros billion of euros and cash equivalents undrawn bank in liquidity cash and cash undrawn bank
Slide 35: Net profit Group share
Net profit Group share (in millions of euros and euros per share) 1,013 896 €10.65 777 725 €9.46 €7.98 €7.48 375 €3.83 2019 2020 2021 2022 2023 Number of shares in 98 98 98 98 98 the capital at 31/12/n in million shares 35
Slide 36: Consolidated balance sheet - Assets
Consolidated balance sheet - Assets in millions of euros 31/12/2022 31/12/2023 Property, plant and equipment 1,928 2,099 Assets held under a finance lease 1,049 1,149 Investment property 81 75 Fixed assets held under concessions 11,481 11,738 Goodwill on acquisition 3,702 3,832 Other intangible asse
Slide 37: Consolidated balance sheet - Equity and liabilities
Consolidated balance sheet - Equity and liabilities in millions of euros 31/12/2022 31/12/2023 Share capital 392 392 Consolidated reserves 4,744 5,029 All other comprehensive income items 144 21 Net profit for the period 896 1,013 Total capital and reserves, attributable to the Group 6,176 6,455 Non
Slide 38: Consolidated income statement
Consolidated income statement in millions of euros 2022 2023 Revenue(1) 20,867 22,369 Other income 17 20 Raw materials and consumables used (3,540) (3,959) Staff costs (4,317) (4,673) Other expenses (9,037) (9,456) Taxes other than corporate tax (491) (489) Amortisation and depreciation expense (1,2
Slide 39: Consolidated cash flow statement
Consolidated cash flow statement in millions of euros 2022 2023 in millions of euros 2022 2023 Cash and equivalents at 1 January 4,724 4,621 Purchases of fixed assets (494) (514) Currency effect (2) 9 Purchase of intangible concession assets (527) (354) Restated cash and cash equivalents at 1 Januar
Slide 40: Financial expenses and results
Financial expenses and results in millions of euros 2022 2023 APRR - AREA - A79 (99) (98) Financière Eiffarie (9) (42) A65 - Aliénor (25) (27) Millau Viaduct (48) (50) Autoroute de l’Avenir motorway (3) (4) Toulouse airport (3) (2) BPL HSRL (42) (39) Other PPPs and concessions (18) (18) Concessions
Slide 41: Contracting - Customer segmentation
Contracting - Customer segmentation Construction Infrastructure Energy Systems 59% 75% 49% 51% 41% 25% Private Public 41
Slide 42: Grand Paris Express contracts won by Eiffage
Grand Paris Express contracts won by Eiffage 42
Slide 43: Change in working capital requirement (€M)
Change in working capital requirement (€M) Holding and Contracting Concessions 364 363 206 185 28 38 18 -15 -43 -4 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 +: treasury generation - : treasury consumption 43
Slide 44: Evolution of the operating profit (€M) and operating margin (%)
Evolution of the operating profit (€M) and operating margin (%) Contracting Concessions 736 1,690 1,577 646 1,473 585 1,346 549 993 49.7% 47.2% 46.3% 44.5% 4.0% 3.8% 3.6% 281 3.7% 38.4% 2.0% 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 44
Slide 45: Motorway Concessions in France
Motorway Concessions in France Contractual tariff formulaes for APRR and AREA 2024 2025-2026 Beyond 2026 APRR: 3.02% APRR: 70% xI + 0.315% APRR and AREA: 70% xI AREA: 3.04% AREA: 70% xI + 0.33% *I = Inflation 45
Slide 46: APRR & Eiffarie
APRR & Eiffarie Financial net debt structure* (€M) Total 8,157 8,023 8,038 7,715 7,686 1,020 1,022 1,061 Eiffarie 1,056 1,012 7,003 7,016 7,096 6,659 6,674 APRR 31/12/20 19 31/12/20 20 31/12/20 21 31/12/20 22 31/12/20 23 *Excl. IFRS 16, fair value of swaps 9 7 5 9 28 46
Slide 47: APRR - Gross debt profile
APRR - Gross debt profile in €M Profile as at 31/12/2023 700 500 500 500 116 700 700 700 500* 500 500 500 500 500 500 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 *matured on 15/01/24 EMTN Program 47
Slide 48: APRR and AREA - Changes to traffic
APRR and AREA - Changes to traffic 130 125 125.7 123.4 120 115 LV 112.1 110 105 Total 100 100 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 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2
Slide 49: Assets under concession (consolidated)
Assets under concession (consolidated) Project Type Country End of concession Status % Shares APRR & AREA Concession FR 2035/2036 Operational 52.00% A79 – Aliaé Concession FR 2068 Operational 52.00% A41 – Adelac Concession FR 2060 Operational 52.00% A65 – Aliénor Concession FR 2067 Operational 100.0
Slide 50: Assets under concession (equity accounted and participations)
Assets under concession (equity accounted and participations) Project Type Country End of concession Status % Shares Getlink Concession FR / UK 2086 Operational 20.55% Amiens Aqua center Concession FR 2042 Operational 15.00% Bordeaux-Mérignac Nautical Stadium Concession FR 2041 Operational 3.00% Pra
Slide 51: Assets under concession (equity accounted and participations)
Assets under concession (equity accounted and participations) Carrying value of assets held under concession (€M) 31/12/2022 31/12/2023 APRR & AREA 8,906 8,494 A79 - Aliaé 724 718 A41 - Adelac 153 666 A65 - Aliénor 926 916 Millau Viaduct 342 341 Autoroute de l’Avenir motorway 112 136 Prado Carénage
Slide 52: Life cycle of a PPP
Life cycle of a PPP Value Eiffage Financial investor Financial structuring PPP contract signing Length in years 1 YEAR 3 TO 6 YEARS 1 TO 2 YEARS 15 TO 20 YEARS Tender Construction Launch of Operation Capex operations Call for tender 5%-10% Equity Sale of equity 90%-95% Debt Preservation of O&M contr
Slide 53: Major balances
Major balances Contracting Concessions Harness all the Group’s ▪ Sustain and develop the business lines right across the ▪ Manage, optimise and Group’s European roots value chain extend the maturity of our assets ▪ Complete acquisitions in ▪ Greenfield concessions specialised business lines ▪ Streng
Slide 54: A Group catering to the major trends in Europe
A Group catering to the major trends in Europe Energy sovereignty Industrial sovereignty All the Group’s business lines harnessed right across the value chain ▪ Decarbonisation of energy ▪ Relocation & extension of generation ▪ Eiffage Énergie Systèmes manufacturing facilities ▪ Optimisation of use
Slide 55: 2022 and 2023 revenue
2022 and 2023 revenue in millions of euros 2022 2023 ∆23/22 Actual (lfl) Construction 4,362 4,262 -2.3% -2.5% Infrastructure 7,291 7,980 +9.5% +9.2% Energy Systems 5,324 5,941 +11.6% +8.0% Contracting 16,977 18,183 +7.1% +5.8% Concessions (Excl. Ifric 12) 3,342 3,649 +9.2% +8.6% Group total (Excl. I
Slide 56: Q4 2022 and Q4 2023 revenue
Q4 2022 and Q4 2023 revenue in millions of euros 2022 2023 ∆23/22 Actual (lfl) Construction 1,230 1,121 -8.9% -9.1% Infrastructure 2,076 2,236 +7.7% +7.4% Energy Systems 1,589 1,720 +8.2% +6.5% Contracting 4,895 5,077 +3.7% +3.0% Concessions (Excl. Ifric 12) 797 862 +8.2% +7.9% Group total (Excl. If
Slide 57: Reconciliation tables of two APIs
Reconciliation tables of two API Reconciliation of aggregates of net cash flow Reconciliation of line items in the statement and free cash flow tables of financial position and net financial debt in millions of euros 2022 2023 in millions of euros 2022 2022 Cash and cash equivalents 4,756 4,944 Net
Slide 58: Glossary
Glossary Item Definition Construction revenue generated Construction revenue generated by concessions corresponds to costs relating to services to build or improve infrastructure committed to by the concession operator by concessions (Ifric 12) determined in accordance with the requirements of Ifric
Slide 59: Investor relations contact and agenda
Investor relations contact and agenda Eiffage APRR Quarterly information and turnover for Quarter 4 2023 28.02.2024 29.01.2024 Xavier Ombrédanne 2023 annual results and analysts' presentation 28.02.2024 22.02.2024 Quarterly information and turnover for Quarter 1 2024 14.05.2024 23.04.2024 xavier.omb
Slide 60: Disclaimer
Disclaimer This presentation may contain forward-looking statements and information about the Group's financial situation, operating results, activities and development strategy. These statements and information are based on assumptions that may prove incorrect and are subject to major risks and unc