Vinci SA · EURONEXT:DG
Vinci SA — FY2016 Earnings Presentation
80 slides from Vinci SA's earnings presentation, Feb 8, 2017
Slide 1: 2016 full year results
2016 full year results 8 February 2017
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about VINCI’s financial situation, operating results, business activities and expansion strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty facto
Slide 3: 2016 highlights
2016 highlights Xavier Huillard, Chairman and CEO
Slide 4: 2016 Highlights
2016 Highlights Buoying toll road traffic Strong airport passenger traffic growth Recovery of contracting EBIT margins Strong Free Cash Flow generation Dynamic international expansion through recent acquisitions and new contracts 4
Slide 5: 2016 Group key figures
2016 Group key figures 2016 Vs. FY 2015 Revenue €38.1 bn (1.2%) EBIT €4.2 bn +11.1% EBIT/Revenue 11.0% +120 bp Net income €2.4 bn * +16.2%* EBITDA €6.0 bn +5.3% Free Cash Flow €2.9 bn stable Net financial debt as of 31.12.16 €(13.9) bn €(1.5) bn * Excluding non recurring changes in deferred taxes. I
Slide 6: VINCI Autoroutes in 2016
VINCI Autoroutes in 2016 Revenue EBITDA EBITDA/Revenue Δ 2016/2015 Δ 2016/2015 Δ 2016/2015 € 5.1 bn €3.7 bn 72.6% +4.9% +5.3% +30 bp 2016 Highlights • Launch of the Motorway Stimulus Plan works, following the New service area on the A 11 motorway , France (Cofiroute network) agreement with the grant
Slide 7: VINCI Airports in 2016
VINCI Airports in 2016 Revenue EBITDA EBITDA/ Passenger Revenue traffic* Δ 2016/2015 Δ 2016/2015 Δ 2016/2015 Δ 2016/2015 €1.1 bn €0.6 bn 53.3% 132.3m pax +28.6% +36.8% +310 bp +10.0% Lyon Saint-Exupéry Airport, France 2016 Highlights Passenger traffic (y o y change) FY 2016 / FY 2015 FY 2015 / FY 20
Slide 8: Highways major developments in 2016
VINCI Highways major developments in 2016 LAMSAC toll road in Lima, Peru Bogota-Girardot project, Colombia • Acquisition of LAMSAC, concessionaire of the Linea Amarilla highway • Bogota-Girardot concession project in Colombia, in partnership in Lima, Peru, and PEX, which operates the associated elec
Slide 9: Railways
VINCI Railways SEA construction project reached 97% completion as of December 2016 • The first high-speed test train travelled on the tracks of the central section of the SEA HSL on 25 July 2016 (302 km) • Entry into service expected one month ahead of initial schedule on the 2 July 2017 • The trip
Slide 10: Extension of the maturity of the concessions portfolio
Extension of the maturity of the concessions portfolio Remaining life(1) of the portfolio (number of years) 27 26 25 24 24 23 22 28 27 28 29 1 1 7 7 7.5 1 7 1 Extensions due to VINCI Highways development(2) 1 1 3 3.5 Extensions due to VINCI Airports development 27 26 Extensions due to VINCI Autorout
Slide 11: VINCI Energies in 2016
VINCI Energies in 2016 Revenue EBIT EBIT/Revenue Δ 2016/2015 Δ 2016/2015 Δ 2016/2015 0,45 € 10.2 bn €581 m 5.7% +0.2% 58+2.2% + 10 bp France: +2.2% International: (1.9%) 2016 Highlights • Acquisition of J&P Richardson, Australian specialist in electrical contracting works • Acquisition of Novabase*,
Slide 12: Eurovia in 2016
Eurovia in 2016 Revenue EBIT EBIT/Revenue Δ 2016/2015 Δ 2016/2015 Δ 2016/2015 € 7.6 bn €243m 0,42 3.2% (4.0%) +4.1% + 20 bp France: (4.3 %) International: (3.5 %) 2016 Highlights • Acquisition of Rail Cantech (Canada) and 50% minority interest buy-out in Bitumix CVV (Chile). • Good resilience in Fra
Slide 13: VINCI Construction in 2016
VINCI Construction in 2016 Revenue EBIT EBIT/Revenue Δ 2016/2015 Δ 2016/2015 Δ 2016/2015 €13.7 bn €330m 2.4% (5.6%) +10.4% + 30 bp France: (4.8%) International: (6.5%) 2016 Highlights • Stabilisation of the activity in France • Revenue decline outside France, in the oil- and commodity- producing cou
Slide 14: Contracting Order Intake in 2016
Contracting Order Intake in 2016 Order intake up by 1 % in 2016 Breakdown by business lines (in € bn) Breakdown by geographical area (in € bn) 31.4 +1% 31.9 31.4 +1 % 31.9 +2% +4% +4% (6%) (1%) +8% 2015 2016 2015 2016 VINCI Energies France Eurovia Europe excluding France VINCI Construction Internati
Slide 15: 2016 major contracts awarded
2016 major contracts awarded VINCI Construction, Strasbourg bypass, A 355 motorway (24 km) VINCI Concessions VINCI Construction CNIT-La Défense underground train station and adjacent tunnels Eurovia SNCF Réseau national railway network renovation programme Design / build contract for very high speed
Slide 16: VINCI Immobilier in 2016
VINCI Immobilier in 2016 Managed revenue* Consolidated Housing units sold Δ 2016/2015 revenue Δ 2016/2015 Δ 2016/2015 €919 m € 774 m 5,485 +11% +9.6% +31% Residential real estate: +21% Non-Residential real estate: (14%) EBIT EBIT/Revenue Δ 2016/2015 Δ 2016/2015 Elysée Wallace residential homes, Pute
Slide 17: 2016 revenue by geographical area
2016 revenue by geographical area 41 % of 2016 revenue generated outside France France +0 % €22.4 bn 59 % Central & Eastern Europe (15%) North America €1.6 bn €1.5 bn +4% 4% 4% Western Europe (excl. France) €8.1 bn +0% 21 % Asia/Middle East /Oceania Central & South €2.2 bn (5%) America +7% Africa 6%
Slide 18: 2016 financial data
2016 financial data Christian Labeyrie, Executive Vice-President and CFO
Slide 19: 2016 consolidated revenue evolution by division
2016 consolidated revenue evolution by division Concessions Contracting €6,298 m +8.5% €31,466 m (3.4%) Organic Scope Organic Scope FX €38,518 m €38,073 m +6.5% +2.0% (3.8%) +1.8% (1.4%) (1.2%) (1.8%) +1.9% (1.2%) Organic Scope FX 2015 Revenue change 2016 19
Slide 20: 2016 consolidated revenue evolution by geographical area
2016 consolidated revenue evolution by geographical area France International €22,418 m +0.0% €15,654 m (2.8%) Organic Scope Organic Scope FX €38,518 m €38,073 m (1.0%) +1.0% (3.0%) +3.0% (2.8%) (1.2%) (1.8%) +1.9% (1.2%) Organic Scope FX 2015 Revenue change 2016 20
Slide 21: Operating income from ordinary activities (EBIT)
Operating income from ordinary activities (EBIT) Concessions Contracting Concessions EBIT: €2,953 m +14.7% Contracting EBIT: €1,153 m +4.8% Concessions EBIT/Revenue: 46.9% +250 bp Contracting EBIT/Revenue: 3.7% +30 bp VINCI VINCI VINCI VINCI Eurovia Autoroutes Airports Energies Construction 2,588 2,
Slide 22: Income statement
Income statement (in € millions) 2016 2015 Δ 2016/2015 Operating income from ordinary activities (EBIT) 4,174 3,758 +11.1% % of revenue 11.0% 9.8% - share-based payment expense (IFRS 2) (118) (95) - profit/loss of equity-accounted cos. & other 111 125 Recurring operating income 4,167 3,788 +10.0% No
Slide 23: Change in net financial debt during 2016
Change in net financial debt during 2016 (in € billions) Share buy-backs** Capital increases** (0.6) 0.6 Acquisitions/ (13.9) Disposals (12.4) (3.4) EBITDA 6.0 Investments Interest & taxes (1.4) misc. Dividends (0.1) paid (1.1) (1.6) Δ WCR* 0.0 Free cash flow: €2.9 bn of which: 0.6 Contracting 2.0 C
Slide 24: Consolidated balance sheet
Consolidated balance sheet (in € millions) 31 Dec. 2016 31 Dec. 2015 Return on equity (ROE) * Non-current assets – concessions 30,992 27,559 2016 2015 Non-current assets – contracting and other 9,333 9,121 WCR, provisions and other current assets & liabilities (6,742) (6,548) 15.7% Capital employed
Slide 25: Corporate and project financing
Corporate and project financing Corporate Financing Project Financing In 2016 : In 2016 €1.3 bn successful placement of Cofiroute bond Santiago Airport, Chile €0.5 bn (2 equal tranches of 8.5- and 12-year maturity with respectively 0.375% and 0.75% coupon) Kansai Airports, Japan €1.4 bn €500 m succe
Slide 26: Gross financial debt evolution over the last 3 years
Gross financial debt evolution over the last 3 years 17.8 18.1 16.6 42.5% 43.6% 47.0% Evolution of the gross financial debt Floating rate in million euros Fixed rate 57.5% 56.4% 53.0% 2014 2015 2016 5,5 5.2 years 5.0 years Evolution of the average maturity of the 5 gross financial debt 4.6 years 4,5
Slide 27: Outlook and strategy
Outlook and strategy Xavier Huillard, Chairman and CEO
Slide 28: VINCI Autoroutes: toll increases and CAPEX forecast
VINCI Autoroutes: toll increases and CAPEX forecast Toll increases applied on 1st February 2017 CAPEX forecast (including 2015 Stimulus Plan) In € million 1 200 +1.20% +0.59% +0.57% 1 000 ASF Escota Cofiroute (intercity network) 800 600 New Investment Plan announced in January 2017 400 ✓ €432 millio
Slide 29: VINCI Autoroutes: recovery of HV traffic
VINCI Autoroutes : recovery of HV traffic Change in traffic over 12 trailing months (number of km travelled) Change since Q4 2007 as of Q4 2016 120 Light 115 vehicles +14.9% 110 105 Total traffic 100 +12.4% 95 Heavy vehicles 90 (2.2%) 85 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 30: VINCI Airports, a new success story
VINCI Airports, a new ”success story” 35 airports and 132.3 million* passengers managed in 2016 Passenger traffic* (in million pax.) 132 13 airports in France 3 airports in Cambodia 69 10 airports in Portugal 47 43 1 airport in Chile 2 airports in Japan 10 6 airports in Dominican Republic 2012 2013
Slide 31: Contracting order book
Contracting order book Order book up by 2% excluding SEA project and negative FX impacts Breakdown by business line (in € billion) Breakdown by geographical area (in € billion) Excl. FX & SEA project Excl. FX & SEA project 27.7 (1%) 27.4 +2% 27.7 (1%) 27.4 +2% 6.1 (3%) (3%) 5.9 13.4 +3% 13.8 +5% 5.4
Slide 32: 2017 Outlook
2017 Outlook Concessions Contracting Revenue at VINCI Autoroutes and VINCI Airports Return to revenue growth in Contracting: should continue to grow in 2017, but at a slower - Slight upturn expected in France. pace than in 2016, given the very high comparison - Outside France, the activity will rema
Slide 33: Dividend
Dividend up 2016 dividend* (all-cash) per share €2.10 14.1%** Of Which Paid on 10 €0.63 November 2016 25 April 2017 Ex-date To be paid €1.47 27 April 2017 Payment date * To be proposed to the shareholders’ General Meeting of 20 April 2017 ** Compared to €1.84 as of 2015 33
Slide 34: VINCI's constant group strategy
VINCI’s constant group strategy Concessions Contracting Extension of the Focus on the maturity of the development of VINCI concessions portfolio Energies and through focus on specialised businesses airports and of Eurovia and VINCI motorways Construction Concessions–Contracting International integra
Slide 35: R&D and Innovation policy
VINCI R&D and Innovation policy Our policy • Support urban development • Facilitate mobility and communications • Prepare the energy transition Our strategy BIM model of the Santiago airport new • Offer innovative solutions to our clients terminal (Building Information Modeling) • Propose global sol
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Slide 37: Appendixes
Appendixes Structure and shareholder base Business line profiles Financial data
Slide 38: Structure and shareholder base
Structure and shareholder base
Slide 39: A global leader in concessions and contracting – 2016 key figures
VINCI – A global leader in concessions and contracting – 2016 key figures 183,487 €38.1 bn 3,000 €38.1 bn employees Group revenue estimated number of business units market cap. at December 31, 2016 117,000 >110 270,000 61% employee shareholders countries where VINCI operates estimated number of work
Slide 40: Shareholder base at 31 December 2016
Shareholder base at 31 December 2016 France United Kingdom 13.0% 16.6% Individual investors Rest of Europe Institutional 7.7% 17.4% 589,3 m investors Employees 73.2 % shares 9.2% Treasury Shares 5.9% North America 20.9% 4.0% Qatar Holding LLC 5.3% Rest of the World Shareholding structure Over 500 in
Slide 41: Business line profiles
VINCI Ws Business line profiles
Slide 42: Concessions Profile
Concessions Profile 2016 Key figures 2016 revenue by geographical area Revenue 6,298 RoW 5 % France 5,332 Portugal 10 % International 966 EBITDA 4,302 as % of revenue 68.3% Net income * 1,664 France 85 % Capital employed at 31 December 2016 29,354 €6.3 bn Free Cash Flow 2,019 o/w growth CAPEX (822)
Slide 43: VINCI Autoroutes
VINCI Ws VINCI a” AUTOROUTES
Slide 44: Autoroutes - France's leading Toll Road concession operator
VINCI Autoroutes - France’s leading Toll Road concession operator 2016 Key figures 4,422 km under concession (€ in millions) Revenue 5,111 GCO* EBITDA 3,710 >35 % of total motorway network in France as % of revenue 72.6% Net income 1,412 Capital employed at 31 Dec. 2016 21,598 approx. 50 % of conced
Slide 45: Autoroutes: contractual framework of toll increases
VINCI Autoroutes Contractual framework of toll increases (LVs) ASF Escota Cofiroute Intercity Network End of concession 2036 2032 2034 2017* 1.20 % 0.59 % 0.57 % 2018 70% x i + 0.62 % 70% x i + 0.62 % 70% x i + 0.62 % 2019 to 2023** 70% x i + 0.39 % 70% x i + 0.25 % 70% x i + 0.10 % After 2023 70% x
Slide 46: Autoroutes - Stimulus Plan (2015)
VINCI Autoroutes - Stimulus Plan (2015) Main terms of the amendments to the concession contracts approved by decree of 21 August 2015, included in the MoU signed on 9 April 2015 with the Grantor 1. Stimulus Package (approved by the European Commission in 2014) CAPEX of €2 bn to be performed, compens
Slide 47: Autoroutes – new investment Plan related projects
VINCI Autoroutes – new investment Plan related projects VINCI Autoroutes signed a €432 million Motorway Investment Plan in January 2017. New motorway interchange Upgrades or new connections Studies for the creation of new The plan covers 25 projects to be carried out on the ASF, connections Stud
Slide 48: VINCI Airports
VINCI Ws VINCI * AIRPORTS
Slide 49: VINCI Airports
VINCI Airports VINCI AIRPORTS VINCI Country Name Description KPAX in 2016 End of concession Traffic risk Consolidation* share Phnom Penh Concession Cambodia Siem Reap Concession 7,024 2040 70% Yes FC Sihanoukville Concession Poitiers-Biard DSP** 109 2019 100% Yes FC Grenoble-Isère DSP** 307 2023 100
Slide 50: Highways and other concessions
VINCI Highways and other concessions
Slide 51: VINCI Highways
VINCI Highways VINCI HIGHWAYS Country Type Name Description End of concession VINCI share Traffic risk Consolidation* Road Infrastructure Motorway A4 Horselberg 45 km 2037 50% yes EM Germany Motorway A9 Thuringia/Bavarian border 46.5 km 2031 50% no EM Motorway A5 Malsch–Offenburg 60 km 2039 54% yes
Slide 52: Highways and other concessions
VINCI Highways and other concessions End of VINCI Traffic Country Type Name Description Consolidation* concession share risk Bridges & Tunnels Tunnel Prado Carénage Road tunnel, Marseille 2025 33.3% yes EM France Tunnel Prado Sud Road tunnel, Marseille 2055 58.5% yes EM Canada Bridge Confederation b
Slide 53: VINCI Railways and other concessions
VINCI Concessions VINCI RAILWAYS VINCI Traffic Country Type Name Description End of concession Consolidation* share risk Rail Rhônexpress 23 km light rail system, Lyon 2038 35% yes EM Rail GSM-Rail Ground-train communication system on 14,000 km of track 2025 30% no EM France Rail SEA High-Speed-Rail
Slide 54: Contracting
VINCI Ws Contracting
Slide 55: Contracting Profile
Contracting Profile 2016 Key figures 2016 revenue by geographical area (in € millions) Revenue 31,466 Asia/Russia 3% Rest of World 3% France 16,749 Africa 4% International 14,717 Americas 8% France 53% EBIT 1,153 as % of revenue 3.7 % Rest of Europe 7% Net income * 680 €31.5 bn Central & Eastern Eur
Slide 56: VINCI Energies
VINCI Energies 2016 Key figures 1,600 2016 revenue by geographical area (in € millions) Business Rest of the world 6% Units Africa 4% France 52% Revenue 10,200 Rest of Europe 7% France 5,292 Netherland 4% International 4,908 Belgium 4% EBIT 581 €10.2 bn Switzerland 5% as % of revenue 5.7% Net income
Slide 57: Eurovia
Eurovia 2016 Key figures 400 2015 revenue by geographical area (in €millions) Business USA 6% Latin Americas 3% Revenue 7,585 Units Canada 6% France 57% France 4,289 Rest of Europe 1% International 3,296 Central and Eastern Europe 9% EBIT 243 €7.6 bn as % of revenue 3.2 % UK 8% Net income * 160 Net
Slide 58: VINCI Construction
VINCI Construction 2016 Key figures 1,050 2016 revenue by geographical area (in € millions) Business Rest of the world 5% Revenue 13,681 Units Asia / Russia 6% France 7,168 Africa 7% France 52% International 6,512 Americas 9% EBIT 330 €13.7 bn as % of revenue 2.4 % Rest of Europe 3% Net income* 194
Slide 59: VINCI Immobilier
VINCI Ws VINCI Immobilier
Slide 60: VINCI Immobilier
VINCI Immobilier 2016 Key figures Presence in 2016 reservations by destination (€ in millions) 16 Managed revenue* 919 French cities Social, Institutional Buy to let Consolidated revenue 774 private EBIT 53 19% 35% Investors as % of revenue 6.8 % Net income ** 43 Net financial debt (322) 17% Headcou
Slide 61: Financial Data
VINCI Ws Financial Data
Slide 62: Consolidated revenue
Consolidated revenue Δ 2016/2015 € in millions 2016 2015 Actual Like-for-like Concessions 6,298 5,804 +8.5% +6.5% VINCI Autoroutes 5,111 4,871 +4.9% +4.9% VINCI Airports 1,055 820 +28.6% +14.2% Other Concessions 131 112 +17.0% +17.0% Contracting 31,466 32,570 (3.4%) (3.8%) VINCI Energies 10,200 10,1
Slide 63: Consolidated revenue – France
Consolidated revenue – France Δ 2016/2015 € in millions 2016 2015 Actual Like-for-like Concessions 5,332 5,053 +5.5% +5.1% VINCI Autoroutes 5,111 4,871 +4.9% +4.9% VINCI Airports 149 115 +29.4% +9.4% Other Concessions 72 67 +7.2% +7.2% Contracting 16,749 17,187 (2.5%) (3.7%) VINCI Energies 5,292 5,1
Slide 64: Consolidated revenue – international
Consolidated revenue – international Δ 2016/2015 € in millions 2016 2015 Actual Like-for-like Concessions 966 751 +28.7% +15.9% VINCI Airports 906 705 +28.5% +15.0% Other Concessions 60 45 +31.3% +31.9% Contracting 14,717 15,382 (4.3%) (3.9%) VINCI Energies 4,909 5,002 (1.9%) (2.9%) Eurovia 3,296 3,
Slide 65: EBIT - operating income from ordinary activities by business line
EBIT - operating income from ordinary activities by business line € in millions 2016 % of revenue* 2015 % of revenue* Δ 2016/2015 Concessions 2,953 46.9% 2,576 44.4 % +14.7% VINCI Autoroutes 2,588 50.6% 2,350 48.2 % +10.1% VINCI Airports 368 34.8% 289 35.3 % +27.1% Other Concessions (3) (64) Contrac
Slide 66: ROI – Recurring operating income by business line
ROI – Recurring operating income by business line € in millions 2016 % of revenue* 2015 % of revenue* Δ 2016/2015 Concessions 3,031 48.1% 2,627 45.3 % +15.4% VINCI Autoroutes 2,629 51.4% 2,341 48.1 % +12.3% VINCI Airports 443 42.0% 320 39.0 % +38.4% Other Concessions (42) (34) Contracting 1,055 3.4%
Slide 67: Financial income/(expense)
Financial income/(expense) € in millions 2016 2015 Δ 2016/2015 Cost of net financial debt (526) (557) +31 Other financial income and expenses (35) (24) (11) Borrowing costs capitalised 36 23 +13 Discounting retirement obligations and provisions (66) (49) (17) Foreign exchange gains and losses (6) 1
Slide 68: EBITDA
EBITDA* € in millions 2016 % of revenue** 2015 % of revenue** Δ 2016/2015 Concessions 4,302 68.3% 3,933 67.8 % +9.4% VINCI Autoroutes 3,710 72.6% 3,522 72.3 % +5.3% VINCI Airports 563 53.3% 412 50.2 % +36.8% Other Concessions 29 22.0% (0) (0.1 %) Contracting 1,581 5.0% 1,565 4.8 % +1.1% VINCI Energi
Slide 69: Operating CAPEX, net
Operating CAPEX, net € in millions 2016 2015 Δ 2016/2015 Concessions 26 29 (3) VINCI Autoroutes 9 10 (1) VINCI Airports 7 3 +4 Other Concessions 9 15 (6) Contracting 678 713 (35) VINCI Energies 116 121 (5) Eurovia 247 226 +21 VINCI Construction 315 366 (51) VINCI Immobilier and holdings 2 6 (4) Purc
Slide 70: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs € in millions 2016 2015 Δ 2016/2015 Concessions 822 917 (95) VINCI Autoroutes 686 784 (98) O/w : ASF 416 398 +18 Escota 100 274 (174) Cofiroute 121 111 +10 VINCI Airports 127 109 +18 Other Concessions 9 24 (15) Contracting 17 (14) +31 Net growth CAPEX in concessi
Slide 71: Cash flow statement (1/2)
Cash flow statement (1/2) € in millions 2016 2015 EBITDA* 5,966 5,664 Change in WCR** and current provisions 24 307 Income taxes paid (1,213) (1,041) Net interest paid (525) (534) Dividends received from companies accounted for under the equity method 94 125 Net operating CAPEX (558) (624) Operating
Slide 72: Cash flow statement (2/2)
Cash flow statement (2/2) € in millions 2016 2015 Free cash flow (after CAPEX) 2,948 2,995 Net financial investments and other cash flows (3,379) (431) Cash flow before movements in share capital (431) 2,564 Share capital increases and other operations * 630 (71)** Dividends (1,084) (1,044) Share bu
Slide 73: Net financial debt by business line
Net financial debt by business line Of which external Of which external 31 Dec. 2016 net debt 31 Dec. 2015 net debt Δ 2016/2015 (in € millions) Concessions (28,515) (14,827) (23,551) (13,228) (4,964) VINCI Autoroutes (22,309) (13,706) (20,247) (12,971) (2,062) VINCI Airports (4,295) (958) (2,812) (2
Slide 74: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt (€18.1 bn) at end December 2016: 5.0 years * Repayment schedule as of December 2016 (Including the €1 bn bond emission from ASF in January 2017, maturing in 2027) 3 000 2 500 2 000 1 500 1 000 500 0 S1 2017 S2 2017 2018 2019 2
Slide 75: Average cost of future debt repayment
Average cost of future debt repayment ASF Cofiroute Holdings and misc. Arcour Other concessions 3 000 2 500 2 000 1 500 1 000 500 0 2017 2018 2019 2020 2021 2022 Nominal amount in € millions 2,116 2,622 2,117 1,610 1,513 1,854 Average rate * 3.20% 3.71% 5.28% 1.39% 2.77% 3.13% *After hedging 75
Slide 76: Notes
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Slide 77: Notes
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Slide 78: Notes
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Slide 79: Notes
Notes VINCI “_ eer ( e.tsSC‘(‘aé‘$SU.UCUC*C;:;:;::
Slide 80: IR Contacts and Agenda
IR Contacts and Agenda CONTACT AGENDA 20 April 2017 Arnaud Palliez Shareholder’s general meeting Arnaud.palliez@vinci.com 25 April 2017 Tel: +33 1 47 16 45 07 dividend ex-date 27 April 2017 Alexandra Bournazel dividend payment date Alexandra.bournazel@vinci.com 27 April 2017 Tel: +33 1 47 16 33 46 1