Vinci Sa · EURONEXT:DG
Vinci Sa — Conference Presentation (November 2010)
30 slides from Vinci Sa's conference presentation, November 2010
Slide 1: Investor Conference Presentation
Investor Conference Presentation November 2010
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
Slide 3: Strategic Priorities
Strategic Priorities Create shareholder value by being prudent and versatile. CONCESSIONS CONTRACTING VINCI Autoroutes: Selective order-taking: ¾ Control operating expenses and ¾ Priority of margins over volumes investments Adapt structures, production ¾ Dialogue with concession resources and invest
Slide 4: Nine-month 2010 highlights
Nine-month 2010 highlights 3Q10 9M10 Continuing revenue growth +15.2% +6.9% French motorway receipts + 3.3% +4.4% Order intake + 7.3% +8.6% Order book € 28.3 bn Net financial debt € 14.9 bn 4
Slide 5: 3rd Quarter Consolidated Revenue
3rd Quarter Consolidated Revenue Δ 10/09 Δ 10/09 (in € millions) 3Q09 3Q10 actual comparable VINCI Autoroutes 1,281 1,323 +3.2% +3.2% VINCI Park 136 162 +18.5% +5.3% Other concessions 46 45 (0.9%) (7.0%) CONCESSIONS 1,463 1,529 +4.5% +3.1% Energies 1,193 1,962 +64.4% +2.4% Eurovia 2,372 2,516 +6.1%
Slide 6: Nine-Month Consolidated Revenue
Nine-Month Consolidated Revenue Δ 10/09 Δ 10/09 (in € millions) 9M09 9M10 actual comparable VINCI Autoroutes 3,159 3,295 +4.3% +4.3% VINCI Park 458 480 +4.8% +2.6% Other concessions 143 153 +7.2% (1.5%) CONCESSIONS 3,760 3,928 +4.5% +3.8% Energies 3,563 4,836 +35.7% (1.3%) Eurovia 5,836 5,956 +2.1%
Slide 7: VINCI Autoroutes: 4.3% revenue growth during 9M10
VINCI Autoroutes: 4.3% revenue growth during 9M10 VINCI ASF Escota Cofiroute Arcour Autoroutes Revenue (in € millions) 1,894 489 885 27 3,295 Δ 9M10 / 9M09 +3.7% +4.2% +3.8% - +4.3% Light vehicles +2.0% +1.7% +2.2% - +2.0% Heavy vehicles +2.5% +5.5% +3.2% - +3.0% Traffic on stable network +2.0% +2.1
Slide 8: VINCI Autoroutes: resumption of traffic growth
VINCI Autoroutes: resumption of traffic growth Continuation of increase in light-vehicle traffic Confirmation of return of growth in heavy-vehicle traffic Traffic on a stable network Light vehicles: (in no. of km travelled over 12 trailing months) up 2.0% during 9M 2010 10 5 Base 100: Q4 2007 Total
Slide 9: Order book at Sept 2010: €28.3 billion
Order book at 30 Sept 2010: €28.3 billion Growing share of international business Consolidation of Cegelec and Faceo: order book of €2.5 billion Good commercial momentum overall Order book (in € billions) Order intake (in € billions) +17% against 9M 2009 +9% against 9M 09 (incl. Cegelec & Faceo) +7%
Slide 10: 2010 Commercial Activity – Selected Projects
2010 Commercial Activity – Selected Projects 1st Half 2010 Contract Wins 3rd Quarter Contract Wins Bid Submission/Preparation Lee Tunnel UK Victoria Station UK LGV BPL FRA HK-Guanzhou Rail PRC Tour Descartes FRA Tottenham Court UK Peninsula Hotel FRA PNG Pipeline PNG Sheraton Car Park QAT BSF Sheffi
Slide 11: 2010 Outlook
2010 Outlook Increase in revenue of about 5% ¾ VINCI Autoroutes’ revenue expected to grow 4% ¾ Limited decline in Contracting on a comparable structure basis ¾ Significant impact of acquisitions (estimated at ~ €2.3 billion in 2010) Increase in operating profit in line with revenue ¾ Stabilisation o
Slide 12: Additional information
VINCI “ Additional information 12
Slide 13: VINCI: a world leader in Concessions and Contracting
VINCI : a world leader in Concessions and Contracting Concessions Contracting French Toll Roads Construction Parking Facilities Road & Rail Works Transportation Infrastructure and Large Public Equipment Electrical Contracting VINCI designs, finances, builds and manages: ¾ Public and private building
Slide 14: VINCI: Simplified Organization Chart
VINCI: Simplified Organization Chart 2009 Revenue: €31.9 bn VINCI Staff: 190,000 at June 30, 2010 CONCESSIONS CONTRACTING VINCI VINCI AUTOROUTES PARKINGS EUROVIA CONSTRUCTION ENERGIES 2009 Rev. €4.1 bn €0.8 bn €14.0 bn € 8.0 bn € 4.9 bn Staff: 9,000 8,000 71,000 41,000 57,000 14
Slide 15: Integrated concession-construction model
Integrated concession-construction model Concessions Cash Contracting Long Cycles Short and Medium High Capital Intensity Low Project company financed with Operating cash flow leverage effect and without Financing Methods structurally positive recourse to shareholders Project financing Expertise Abi
Slide 16: Key Figures: 2009 Highlights
Key Figures: 2009 Highlights of which (€ in millions) Total VINCI Concessions Contracting Revenue 31,928 4,899 26,891 Cash flow from operations (EBITDA)* 4,964 3,086 1,737 As % of revenue 15.5% 63.0% 6.5% Op. profit from ordinary activities (EBIT) 3,192 1,917 1,220 As % of revenue 10.0% 39.1% 4.5% N
Slide 17: A diversified geographical exposure
A diversified geographical exposure : over 38% of revenue generated outside France 2009 Revenue : €31.9 bn Central & Eastern Europe: 6.8% United Kingdom: 6.7% Germany: 5.6% Belgium: 3.0% France: 61.5% Contracting : 55.5% Rest of Europe: 4.8% Americas: 4.2% Africa:4.6% Rest of the world: 2.8% 44.5% o
Slide 18: Shareholder base at June 30, 2010
Shareholder base at June 30, 2010 Dec. 31, June 30, 2009 2010 Institutional investors 70.4% 67.6% 3.7% 12.1% France 29.0% 24.1% 9.8% Rest of Europe 17.7% 18.3% 9.1% North America 12.1% 11.7% 11.7% United Kingdom 8.2% 9.8% 5.7% Rest of the world 3.4% 3.7% Individual shareholders 12.3% 12.1% 3.8% 1.7%
Slide 19: First half 2010: key figures
First half 2010: key figures (in € millions) H1 2009 H1 2010 Δ 10/09 Revenue* 15,155 15,505 +2.3% Cash flow from operations before tax 2,147 2,229 +3.8% and cost of financing (EBITDA) % of revenue* 14.2% 14.4% Operating profit from ordinary activities 1,358 1,423 +4.8% % of revenue* 9.0% 9.2% Net pr
Slide 20: Maturity profile of long-term gross debt
Maturity profile of long-term gross debt Average maturity of long-term gross debt (€19 billion): 7.1 years (of which Concessions: > 8 years) 3,000 2,500 2,000 1,500 1,000 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 > 2028 ASF ASF Holding Cofiroute
Slide 21: Additional information by business lines
Additional information by business lines
Slide 22: VINCI Autoroutes: resilience and visibility
VINCI Autoroutes: resilience and visibility Europe’s biggest motorway network A86 ASF Escota Cofiroute* Arcour Duplex Network under 2,714 459 1,100 101 10 concession (km) % owned by VINCI 100% 100% 83% 100% 83% No. of km in service 2,633 459 1,100 101 4.5 End of concession 2033 2027 2031 2070 75 yrs
Slide 23: VINCI Autoroutes: contractual framework of toll changes
VINCI Autoroutes: contractual framework of toll changes ASF Escota Cofiroute* Arcour End of concession 2033 2027 2031 2070 Annual minimum toll increase until end of concession: 70% * CPI Current master plan 2007-2011 2007-2011 Under discussion N/A – 2010 85% x CPI + 0.825% 85% x CPI + 0.9% 70% x CPI
Slide 24: VINCI Autoroutes: 2010-2020 investment programme
VINCI Autoroutes: 2010-2020 investment programme (in € millions) 1600 1400 1200 1000 800 600 400 200 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Investment in new infrastructure Maintenance capex 24
Slide 25: Other concessions & PPPs in portfolio (1/2)
Other concessions & PPPs in portfolio (1/2) End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation1 Other PPPs & concessions in France France Stadium Stade de France 80,000 seats 2025 67% yes PC Tunnel Prado Carénage Road tunnel in Marseilles 2025 33% yes EM Energy
Slide 26: Other concessions & PPPs in portfolio (2/2)
Other concessions & PPPs in portfolio (2/2) End of VINCI Traffic Consoli- Country Type Name Description concession share risk dation1 Other concessions outside of France United Bridge Severn Crossings 2 bridges 2016 35% yes EM Kingdom Portugal Bridge Bridges over the Tagus 2 bridges in Lisbon 2030 3
Slide 27: Energies – profile
Energies – profile Description Market leader in France and a major player in Europe in services associated with energy and information technologies Design, engineering, implementation, operation and maintenance of equipment: Power transmission and distribution infrastructure, public lighting, CCTV I
Slide 28: Eurovia – profile
Eurovia – profile Description 300 divisions and subsidiaries: Construction, repair and maintenance of transport infrastructure (roads, rail tracks, airports, etc.) Urban development, light rail, signalling Strategy of vertical integration towards materials production and recycling Production of 73 m
Slide 29: Construction – profile
Construction – profile Description Wide variety of expertise in building and civil engineering: Strong local presence in mainland and overseas France (network of 500 profit centres), rest of Europe (United Kingdom, Belgium, Central Europe) and longstanding operations in Africa Leadership position in
Slide 30: Investor relations contacts
Investor relations contacts Christopher Welton christopher.welton@vinci.com Tel: +33 1 47 16 45 07 Marie-Amélia Folch marie-amelia.folch@vinci.com Tel: +33 1 47 16 45 39 30