Vinci SA · EURONEXT:DG
Vinci SA — H1 2012 Earnings Presentation
41 slides from Vinci SA's earnings presentation, Jul 31, 2012
Slide 1: 2012 half-year results
2012 half-year results Analyst meeting - 31 July 2012
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about VINCI’s financial situation, operating results, business activities and growth strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors th
Slide 3: First half 2012 highlights
First half 2012 highlights Xavier Huillard, Chairman and Chief Executive Officer
Slide 4: 1st half 2012 highlights
1st half 2012 highlights In a more difficult economic climate, particularly in Europe: Slight revenue growth Good commercial momentum Selective international development Results impacted by French government measures decided at the end of 2011 Financial debt optimisation: Good access to cred
Slide 5: 1st half 2012 key figures
1st half 2012 key figures st st 1 half 2012 1 half 2011 Δ∆ 12/11 (in € millions) Revenue 17,942 17,323 +3.6 % Cash flow from operations before tax and financing costs (EBITDA) 2,347 2,333 +0.6 % % of revenue 13.1 % 13.5 % Operating income from ordinary activities 1,542 1,569 -1.7 % % of revenue 8.6 % 9
Slide 6: 1st half 2012 revenue: +3.6%
1st half 2012 revenue: +3.6 % (in € millions) Contracting Concessions VINCI Immobilier and eliminations +3.5 % +1.2 % €17,942m +2.3 % €17,323m +1.2 % €30m €70m Other changes Organic growth €338m €181m +3.6 % +620 m€ H1 2011 H1 2012 H1 12 vs H1 11 Organic growth Other changes Change in revenue Conces
Slide 7: 1st half 2012 revenue by geographical area
1st half 2012 revenue by geographical area Revenue growth in France and outside Europe France (as % of H1 2012 revenue) France 64% Central and Eastern Europe 5% +3.3 % vs H1 2011 i.e. €11.5 bn United Kingdom 6% Germany 5% Rest of Europe 7% 36% Europe excl. France Americas 4% -1.1 % vs H1 2011 Africa
Slide 8: Operating margins
Operating margins (as % of revenue and in € millions) VINCI Autoroutes Contracting EBITDA/revenue: Op. income/revenue: 68.9 %* versus 68.3 % in H1 2011 3.2 %** versus 3.7 % in H1 2011 1,403 1,424 283 282 223 230 68.3 % 68.9 % 5.4 % 5.5 % 4.1 % 3.9 % 36 0.9 % (14) -0.4 % H1 2011 H1 2012 H1 2011 H1 20
Slide 9: VINCI Autoroutes: slight growth in toll revenue in 1st half 2012
VINCI Autoroutes: slight growth in toll revenue in 1st half 2012 " Toll revenue: +0.5 % in H1 2012 despite 1.9 % decline in traffic " Increasing A86 Duplex traffic : 23,780 vehicles/working day in H1 +28 % " Average increase in toll prices applied on 1 February 2012: 2.2 % " ASF and Escota master plans:
Slide 10: 1st half 2012: continued good commercial momentum - Concessions
1st half 2012: continued good commercial momentum Concessions " Strong traffic growth at VINCI Airports (+11 %) " Complete opening of R1 motorway in Slovakia R1 motorway in Slovakia " Tours-Bordeaux High-speed rail line: ramp-up of project work " Commercial successes " PFI contracts in the UK: Hounslo
Slide 11: 1st half 2012: continued good commercial momentum - Contracting
1st half 2012: continued good commercial momentum Contracting " Order intake: €17.1 bn in 1 half 2012 st " +17 % vs. 1st half 2011 at constant perimeter and excl. Tours-Bordeaux high-speed rail line " Good commercial momentum in France and outside France France: Jussieu campus (Paris), RTE United Ki
Slide 12: 1st half 2012 financial data
1st half 2012 financial data Christian Labeyrie, Executive Vice-President and CFO
Slide 13: Income statement (1/2)
Income statement (1/2) st st 1 half 1 half (in € millions) Δ∆ 12/11 2012 2011 Revenue 17,942 17,323 +3.6 % Cash flow from operations before tax and 2,347 2,333 +0.6 % financing costs (EBITDA) % of revenue 13.1 % 13.5 % Operating income from ordinary activities 1,542 1,569 -1.7 % % of revenue 8.6 %* 9.
Slide 14: Financial income/(expense)
Financial income/(expense) st st 1 half 1 half (in € millions) Δ∆ 12/11 2012 2011 Cost of financial debt (326) (318) (7) Concessions (343) (346) 3 VINCI Autoroutes (326) (324) (2) VINCI Concessions (16) (21) 5 Contracting 10 8 3 Holding companies and misc. 6 20 (13) Other financial income and expenses
Slide 15: Income statement (2/2)
Income statement (2/2) st st 1 half 1 half (in € millions) Δ∆ 12/11 2012 2011 Operating income and expenses 1,521 1,554 -2.1 % Financial income/(expense) (303) (304) Tax (391) (380) Effective rate 32.9 % 31.0 % Non-controlling interests (43) (57) Net income attributable to owners of the 784 814 -3.6
Slide 16: Change in net financial debt in 1st half 2012
Change in net financial debt in 1st half 2012 (in € billions) Capital increase Share & misc. buy-backs Concession 0.4 (0.5) Interest & taxes investments EBITDA (0.8) (0.6) (14.2) (12.6) 2.3 Δ∆ WCR (0.9) Dividends Acquisitions (0.7) Operating (0.4)* investments (0.4) Free cash flow: €0.4 bn H1 2011: €0
Slide 17: Consolidated balance sheet
Consolidated balance sheet (in € millions) 30 June 2012 30 June 2011 31 Dec. 2011 Non-current assets – Concessions 26,720 26,456 26,590 Non-current assets – other 8,522 7,973 8,226 WCR and current provisions (5,685) (5,057) (6,817) Capital employed 29,557 29,372 27,999 Equity (13,363) (13,055) (13,6
Slide 18: Net financial debt by business line
Net financial debt by business line Net Net 30 June Financial 30 June Financial Δ∆ June 12/ 31 Dec. (in € millions) 2012 2011 June 11 2011 Debt/ Debt/ EBITDA EBITDA Concessions (18,857) 5.6 x (17,373) 5.3 x (1,484) (18,895) VINCI Autoroutes (17,090) 5.6 x (15,801) 5.3 x (1,289) (17,157) of which: ASF
Slide 19: 1st half 2012 financial management and policy
1st half 2012 financial management and policy Optimisation of financial debt " New bond issues and placements: almost " Average debt maturity at end June 2012: 6.4 €1.5 bn years " Average rate at issue (before fixed- " Average cost: 3.90 % at 30/06/12 to floating rate swaps): 3.71 % " 2012-2017 repaymen
Slide 20: Outlook
Outlook Xavier Huillard, Chairman and Chief Executive Officer
Slide 21: Contracting: all-time high order book
Contracting All-time high order book €33.2 bn at end June 2012 +9 % vs. 31/12/11 +11 % vs. 30/06/11 (in € billions) Order book by geographical area Order book by business line No. of months of average business activity 33.2 June 12/ 33.2 12 Dec.11 change 30.0 30.6 30.0 30.6 7.3 10 6.8 6.4 18.7 +4 %
Slide 22: Contracting: projected order book execution timeline
Contracting Projected order book execution timeline (in € billions) Order book at 30/06/12 2012 2013 2014 and beyond 33.2 7.3 6.9 13.9 11.9 42 % of total 36 % of total 7.4 19.0 4.1 22 % of total 2.0 3.0 1.9 1.2 6.8 8.0 2.0 4.2 VINCI Energies Eurovia VINCI Construction 22
Slide 23: 2012 outlook
2012 outlook VINCI well prepared to face a probable deterioration in economic climate over the 2nd half of 2012 VINCI O Slight decrease in motorway traffic Autoroutes P Operating costs kept under control P All-time high order book O Possible downturn in public orders at the end of the year P Cost flexi
Slide 24: Interim dividend: stable compared with 2011
Interim dividend: stable compared with 2011 " Interim dividend of €0.55 per share (decision of Board of Directors meeting on 31 July 2012) " Stable compared with 2011 " Ex-dividend date: 12 November 2012 " Cash payment on 15 November 2012 24
Slide 25: 2012 half-year results
2012 half-year results Analyst meeting - 31 July 2012
Slide 26: Appendixes
Appendixes Shareholder base at 30 June 2012 VINCI Autoroutes – Quarterly change in toll revenue Detailed consolidated financial statements
Slide 27: Shareholder base at 30 June 2012
Shareholder base at 30 June 2012 Rest of the world Individual shareholders United Kingdom 3.7% 6.8% 11.0% North America 16.8% Employees 10.4% Institutional Qatari Diar investors 5.5% 65.2 % Rest of Europe 1.4% Artemis 18.6% 6.5% 19.2% Treasury shares France " Over 500 institutional shareholders " Al
Slide 28: VINCI Autoroutes quarterly change in toll revenue
VINCI Autoroutes Quarterly change in toll revenue H1 Y/Y-1 change Q1 Q2 Q3 Q4 2011 Q1 Q2 2012 Traffic on a stable network +3.3 % -0.9 % -0.6 % 1.6 % 0.6 % -1.3 % -2.4 % -1.9 % of which: Light vehicles +3.2 % -1.1 % -0.6 % 2.5 % 0.7 % -1.2 % -2.0 % -1.7 % Heavy vehicles +3.8 % +0.8 % -0.9 % -3.4 % 0.1
Slide 29: Detailed consolidated financial statements
Detailed consolidated financial statements
Slide 30: Consolidated revenue
Consolidated revenue Δ∆ 12/11 st st 1 half 1 half (in € millions) Actual Comparable 2012 2011 Concessions 2,542 2,512 +1.2 % +1.1 % VINCI Autoroutes 2,066 2,054 +0.6 % +0.6 % VINCI Concessions 476 458 +3.8 % +3.3 % Contracting 15,310 14,792 +3.5 % +1.2 % VINCI Energies 4,177 4,106 +1.7 % +1.4 % Euro
Slide 31: Consolidated revenue – France
Consolidated revenue – France Δ∆ 12/11 st st 1 half 1 half (in € millions) Actual Comparable 2012 2011 Concessions 2,386 2,367 +0.8 % +0.8 % VINCI Autoroutes 2,060 2,048 +0.5 % +0.5 % VINCI Concessions 326 318 +2.5 % +2.4 % Contracting 9,005 8,703 +3.5 % +3.4 % VINCI Energies 2,656 2,623 +1.2 % +2.3
Slide 32: Consolidated revenue – international
Consolidated revenue – international Δ∆ 12/11 st st 1 half 1 half (in € millions) Actual Comparable 2012 2011 Concessions 156 146 +7.3 % +5.3 % VINCI Autoroutes 6 6 +16.2 % +7.8 % VINCI Concessions 150 140 +6.9 % +5.2 % Contracting 6,305 6,089 +3.5 % -1.8 % VINCI Energies 1,522 1,484 +2.6 % -0.1 % E
Slide 33: Operating income from ordinary activities by business line
Operating income from ordinary activities by business line st st 1 half % of 1 half % of (in € millions) Δ∆ 12/11 2012 revenue* 2011 revenue* Concessions 993 39.1 % 1,004 40.0 % -1.1 % VINCI Autoroutes 902 43.6 % 893 43.5 % +1.0 % VINCI Concessions 91 19.2 % 111 24.2 % -17.6 % Contracting 497 3.2 %
Slide 34: Net income attributable to owners of the parent by business line
Net income attributable to owners of the parent by business line st st 1 half % of 1 half % of (in € millions) Δ∆ 12/11 2012 revenue* 2011 revenue* Concessions 405 15.9 % 420 16.7 % -3.6 % VINCI Autoroutes 351 17.0 % 367 17.9 % -4.5 % VINCI Concessions 54 11.4 % 53 11.5 % +2.8 % Contracting 316 2.1
Slide 35: EBITDA by business line
Cash flow from operations before tax and financing costs (EBITDA) by business line st st 1 half % of 1 half % of (in € millions) Δ∆ 12/11 2012 revenue* 2011 revenue* Concessions 1,581 62.2 % 1,556 62.0 % +1.6 % VINCI Autoroutes 1,424 68.9 % 1,403 68.3 % +1.5 % VINCI Concessions 157 33.0 % 153 33.5 % +
Slide 36: Net operating investments
Net operating investments st st 1 half 1 half (in € millions) Δ∆ 12/11 2012 2011 Concessions 26 23 +3 VINCI Autoroutes 13 9 +4 VINCI Concessions 13 14 (1) Contracting 387 284 +103 VINCI Energies 40 44 (4) Eurovia 110 89 +21 VINCI Construction 237 151 +86 VINCI Immobilier & holding companies 0 1 (1)
Slide 37: Growth investments in concessions and PPPs
Growth investments in concessions and PPPs st st 1 half 1 half (in € millions) Δ∆ 12/11 2012 2011 Concessions 583 489 +94 VINCI Autoroutes 544 456 +88 of which: ASF/Escota 441 383 +58 Cofiroute 102 73 +29 VINCI Concessions 39 33 +6 of which: VINCI Park 22 18 +4 Contracting 15 3 +12 Growth investments
Slide 38: Cash flow statement (1/2)
Cash flow statement (1/2) st st 1 half of which: of which: 1 half (in € millions) 2012 Concessions Contracting 2011 Cash flow from operations 2,347 1,581 722 2,333 Change in WCR and current provisions (921) (18) (874) (1,335) Income taxes paid (511) (398) (253) (481) Net interest paid (346) (375) (8)
Slide 39: Cash flow statement (2/2)
Cash flow statement (2/2) st st 1 half 1 half (in € millions) 2012 2011 Free cash flow (after investments) (359) (602) Net financial investments (390)* (31) Other financial cash flows (32) (105) Cash flow before movements in share capital (780) (738) Share capital increases and other operations 302 343 Di
Slide 40: Maturity of gross financial debt
Maturity of gross financial debt " Average maturity of gross financial debt at end June 2012: 6.4 years €m Repayment schedule 3,000 at end June 2012 2,500 2,000 1,500 1,000 500 0 H2 '12 H1 '13 H2 '13 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 > 2028 ASF ASF Holding Cofiroute
Slide 41: Investor relations contacts
Investor relations contacts G. Christopher Welton christopher.welton@vinci.com Tel: +33 1 47 16 45 07 Thomas Guillois thomas.guillois@vinci.com Tel: +33 1 47 16 33 46 41