Vinci SA · EURONEXT:DG
Vinci SA — FY2017 Earnings Presentation
89 slides from Vinci SA's earnings presentation, Feb 8, 2018
Slide 1: 2017 full year results
2017 full year results 8 February 2018
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: 2017 highlights
2017 highlights Xavier Huillard, Chairman and CEO
Slide 4: VINCI Airports wins the Salvador airport concession in Brazil
VINCI Airports wins the Salvador airport concession in Brazil
Slide 5: Autonomous vehicle crosses tollgate: a world first
VINCI Autoroutes achieves the crossing of a tollgate by an autonomous vehicle: a world first
Slide 6: VINCI Highways delivers first phase of Regina Bypass in Canada
VINCI Highways delivers the first phase of the Regina Bypass project in Canada
Slide 7: Opening of the Sud Europe Atlantique Tours-Bordeaux High Speed Line
Opening of the Sud Europe Atlantique Tours-Bordeaux High Speed Line
Slide 8: VINCI Energies increases its presence in Northern Europe
With the acquisitions of Infratek, Horlemann and Eitech, VINCI Energies materially increases its presence in Northern Europe
Slide 9: Eurovia reinforces its position in UK road maintenance
Eurovia reinforces its position in road and motorway maintenance in the UK
Slide 10: Grand Paris Express - Line 14 extension works
Grand Paris Express Project - VINCI Construction in charge of Line 14 extension works Clichy Saint-Ouen station
Slide 11: VINCI Immobilier developer of future VINCI head office in Nanterre
VINCI Immobilier is the real estate developer of the future VINCI head office in Nanterre
Slide 12: 2017 Highlights
2017 Highlights Buoyant traffic at VINCI Airports HV traffic at VINCI Autoroutes now above pre-crisis levels Return to growth in revenue and order intake for all 3 contracting business lines Booming activity at VINCI Immobilier Overall improvement in operating margins International expansion in the
Slide 13: 2017 Group key figures
2017 Group key figures 2017 Vs. FY 2016 Revenue €40.2 bn +5.7% +4.4% like-for-like EBIT €4.6 bn +10.4% EBIT/Revenue 11.4% +40 bp Net income* €2.7 bn +15.2% EBITDA €6.5 bn +9.0% Free Cash Flow* €2.7 bn €(223) m Net financial debt as of 31.12.17 €(14.0) bn €(0.1) bn * Excluding non-recurring tax effec
Slide 14: VINCI Airports in 2017
VINCI Airports in 2017 Revenue EBITDA EBITDA/Rev. ROI ** ∆ 2017/2016 ∆ 2017/2016 ∆ 2017/2016 ∆ 2017/2016 €1.4 bn €0.8 bn 57.3% €0.6 bn +33.5% +43.5% +400 bp +32.8% Managed revenue: €3.2 bn Acquisition of retail company LFP 2017 Highlights Passenger traffic (million pax) FY 2017 FY 2017 / FY 2016 • I
Slide 15: VINCI Autoroutes in 2017
VINCI Autoroutes in 2017 Revenue EBITDA EBITDA/Revenue ∆ 2017/2016 ∆ 2017/2016 ∆ 2017/2016 €5.3 € 3.8 bn 73.0% bn +3.2% +3.8% +40 bp 2017 Highlights • HV traffic now above pre-crisis levels • Opening in advance of the new section of the A9 motorway by A9 motorway new section near Montpellier, France
Slide 16: VINCI Highways in 2017
VINCI Highways in 2017 Peru: LAMSAC Germany: A7 Greece Russia: UTS Colombia: Bogota- VINCI Highways via its UTS Girardot Works completed on last VINCI Highways wins its Two motorways built by subdidiary, confirms its section. Lima Municipality 4th A-Modell and confirms VINCI in consortia are now pos
Slide 17: VINCI Railways in 2017
VINCI Railways in 2017 South Europe Atlantic 300 km high-speed rail line (SEA HSL) between Tours and Bordeaux: • Entry into service on 2 July, one month ahead of initial schedule • 70% of additional traffic between Paris and Bordeaux between July and mid-September compared to the second half of 2016
Slide 18: VINCI Energies in 2017
VINCI Energies in 2017 Revenue EBIT EBIT/Revenue ∆ 2017/2016 ∆ 2017/2016 ∆ 2017/2016 € 10.8 bn € 615 m 5.7% +5.5% +5.9% stable +2.8% lfl* 2017 Highlights • Like-for-like revenue growth in all business segments, driven by France local branches and new offers • Strong development in West Africa (solar
Slide 19: Eurovia in 2017
Eurovia in 2017 Revenue EBIT EBIT/Revenue ∆ 2017/2016 ∆ 2017/2016 ∆ 2017/2016 € 8.1 bn € 301m 3.7% +6.9% +23.7% + 50 bp +7.0% lfl* 2017 Highlights • Revenue growth both within and outside France, particularly in Germany, Poland, Slovakia, Canada and the USA Power Road captures, stores and distribute
Slide 20: VINCI Construction in 2017
VINCI Construction in 2017 Revenue EBIT EBIT/Revenue ∆ 2017/2016 ∆ 2017/2016 ∆ 2017/2016 € 14.0 bn € 344m 2.5% +2.0% +4.4% + 10 bp +2.2% lfl* 2017 Highlights • France: upturn confirmed thanks to the resilience of the VINCI Construction delivers in December 2017 the Yamal LNG tanks, in Siberia reside
Slide 21: Booming contracting activity in Paris and Île-de-France
Booming contracting activity in Paris and Île-de-France New CNIT La Defense La Samaritaine store & hotel underground station redevelopment Trinity Tower in La Defense Rehabilitation of Reuilly barracks, 12th arrdt Saint Gobain tower in La Defense Upgrading Roland Garros tennis stadium Noisy-Champs s
Slide 22: Contracting order intake in 2017
Contracting order intake in 2017 Order intake up by 8 % in 2017 Breakdown by business lines (in € bn) Breakdown by geographical area (in € bn) +8% 34.5 +8% 34.5 31.9 31.9 +14% +11% +4% +11% +7% (4%) 2016 2017 2016 2017 VINCI Energies France Eurovia Europe excluding France VINCI Construction Internat
Slide 23: VINCI Immobilier in 2017
VINCI Immobilier in 2017 Consolidated ROI EBIT revenue ∆ 2017/2016 ∆ 2017/2016 ∆ 2017/2016 € 896 m € 89 m €72 m +15.7% +30.8% +36.0% Managed revenue* ROI/Revenue EBIT/Revenue €1,116M 10.0% 8.0% + 21.3% Testimonio 2 project in Monaco. Order intake* Housing units sold 2017 Highlights ∆ 2017/2016 ∆ 201
Slide 24: % of 2017 revenue generated outside France
41 % of 2017 revenue generated outside France France 2016 €23.7 bn +6% 0% 59 % Central & 2016 Eastern Europe North America +15% -15% 2016 €1.8 bn €1.5 bn -1% 4% Western Europe 5% 4% (excl. France) 2016 €8.3 bn +3% 0% 20 % Asia/Middle East /Oceania 2016 Central & South America €2.4 bn +9% -5% €1.2 bn
Slide 25: 2017 financial data
2017 financial data Christian Labeyrie, Executive Vice-President and CFO
Slide 26: 2017 consolidated revenue evolution by division
2017 consolidated revenue evolution by division Concessions Real Estate Contracting €6,945 m +10.3% €896 m +15.7% €32,830 m +4.3% Organic Scope & FX Actual Organic Scope FX €40,248 m €38,073 m +5.9% +4.4% +15.7% +3.6% +1.5% (0.7%) Total VINCI Group +5.7% +4.4% +1.9% (0.6%) 2016 Organic Scope FX 2017
Slide 27: 2017 consolidated revenue evolution by geographical area
2017 consolidated revenue evolution by geographical area France International €23,680 m +5.6% €16,568 m +5.8% Organic Scope Organic Scope FX +3.2% €40,248 m 4.1% 4.6% +1.0% (1.4%) €38,073 m Total VINCI Group +5.7% +4.4% +1.9% (0.6%) 2016 Organic Scope FX 2017 Revenue change 27
Slide 28: Operating income from ordinary activities (EBIT)
Operating income from ordinary activities (EBIT) Concessions VINCI Group EBIT Contracting €4,607 m +10.4% EBIT/Revenue: 11.4% Concessions EBIT: €3,251 m +10.1% Contracting EBIT: €1,260 m +9.3% Concessions EBIT/Revenue: 46.8% -10 bp Contracting EBIT/Revenue: 3.8% +10 bp VINCI VINCI VINCI VINCI VINCI
Slide 29: Income statement
Income statement (in € millions) 2017 2016 ∆ 2017/2016 Operating income from ordinary activities (EBIT) 4,607 4,174 +10.4% % of revenue 11.4% 11.0% - share-based payment expense (IFRS 2) (163) (118) - profit/loss of equity-accounted cos. & other 147 111 Recurring operating income 4,592 4,167 +10.2%
Slide 30: Change in net financial debt during 2017
Change in net financial debt during 2017 (in € billions) Share buy-backs** Capital increases** (0.6) 0.4 Acquisitions/ (13.9) Disposals (14.0) EBITDA 6.5 (1.3) Capex Interest & taxes (1.8) paid misc. (1.9) 0.2 Dividends Δ WCR* (1.2) (0.3) Free cash flow: €2.5 bn of which: 0.4 Contracting 2.0 Concess
Slide 31: Consolidated balance sheet
Consolidated balance sheet Return on equity (ROE) * (in € millions) 31 Dec. 2017 31 Dec. 2016 2017 2016 Non-current assets – concessions 31,121 30,992 Non-current assets – contracting and other 10,051 9,333 16.6%* WCR, provisions and other current assets & liabilities (6,098) (6,742) 15.7% Capital e
Slide 32: Corporate financing
Corporate financing €3.7 bn new debt issued in 2017 with 9.8 years of average maturity and Strong credit rating an average cost after hedging of 1.66%* Jan. 2017 €1.0 bn ASF 10-year bond A3/P1 Outlook stable A-/A2 12-year amortising bonds & Moody’s S&P Jan 2017 €0.4 bn Aerodom 7-year bank loan (USD)
Slide 33: Gross financial debt evolution over the last 3 years
Gross financial debt evolution over the last 3 years 18.1 18.8 16.6 46.2% 48.3% 52.9% Evolution of the gross financial debt Floating rate & inflation linked in € billions Fixed rate 53.8% 51.7% 47.1% 2015 2016 2017 5.7 years Average maturity of the gross financial 5.0 years debt 4.6 years 3.51% 3.16
Slide 34: Strategy and outlook
Strategy and outlook Xavier Huillard, Chairman and CEO
Slide 35: 2018 concessions development
2018 concessions development Traffic growth at VINCI Autoroutes driven by HV traffic SEA in full operations (2.5 million journeys in 6 months) 120 115 110 105 100 95 90 85 Q4 07 Q4 08 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Q4 16 Q4 17 Salvador (Brazil), Kobe (Japan) and Belgrade (Serbia) to be ma
Slide 36: Contracting order book
Contracting order book Order book up by 9% 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 27.4 +7% 29.3 +9% 27.4 +7% 29.3 +9% 6.1 5.9 +15% 6.7 +15% 13.8 +13% 15.5 +14%
Slide 37: Contracting: beginning of a new cycle
Contracting: beginning of a new cycle 6,0% 5.7% 5,0% 4,0% 3.8% Start of recovery in 3.7% EBIT margins 3,0% 2.5% 2,0% 2010 2011 2012 2013 2014 2015 2016 2017 VINCI Energies Eurovia VINCI Construction Total Contracting 37
Slide 38: 2018 Outlook
2018 Outlook Concessions Contracting Positive revenue evolution in the concession Upturn in revenue should continue across all businesses: business lines, both in France and internationally - Traffic trend at VINCI Autoroutes should be similar to that seen in 2017, provided that fuel Contracting EBI
Slide 39: Dividend
Dividend up 2017 dividend* (all-cash) per share €2.45 16.7%** Of Which Paid on 9 €0.69 November 2017 24 April 2018 Ex-date To be paid €1.76 26 April 2018 Payment date * To be proposed to the shareholders’ General Meeting of 17 April 2018 ** Compared to €2.10 as of 2016 39
Slide 40: 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 § Focus on airports specialised businesses and motorways of Eurovia and VINCI Construction Concessions–Contracting International integrated
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Slide 42: Appendices
Appendices Structure and shareholder base Business line profiles Financial data
Slide 43: Structure and shareholder base
Structure and shareholder base
Slide 44: VINCI – A global leader in concessions and contracting – 2017 key figures
VINCI – A global leader in concessions and contracting – 2017 key figures 194,428 €40.2 bn 3,000 €50.3 bn employees Group revenue estimated number of business units market cap. at December 31, 2017 122,000 >110 280,000 62% employee shareholders countries where VINCI operates estimated number of work
Slide 45: Shareholder base at 31 December 2017
Shareholder base at 31 December 2017 France United Kingdom 12,5% 15,3% Rest of Europe Individual investors Institutional 17,6% 7,7% investors 591.2 m 73,6% shares 8,8% Employees 6,1% Treasury shares North America 22,3% 3,8% 5,9% Qatar Holding LLC Rest of the World Shareholding structure Over 500 ins
Slide 46: Business line profiles
VINCI “ Business line profiles
Slide 47: Concessions Profile
Concessions Profile 2017 Key figures 2017 revenue by geographical area Revenue 6,945 Asia/Russia 3% RoW 1% France 5,704 Americas 3% International 1,241 EBITDA 4,710 Portugal 11% as % of revenue 67,8% Net income * 1,809 France 82% Capital employed at 31 December 2017 29,605 €6.9 bn Free Cash Flow* 2,
Slide 48: Concessions capex forecasts
Concessions capex forecasts In € millions 1400 VINCI Autoroutes 1200 VINCI Airports 1000 Other Concessions 800 600 Highlights • VINCI Autoroutes forecasts include the 400 implementation of 2015 Stimulus Plan and motorway Investment Plan 200 • Other Concessions capex in 2017 mostly related to LAMSAC
Slide 49: Non-controlling stakes in concessions
Non-controlling stakes in concessions Data in millions of euros, VINCI share, based on best estimates as of 31.12.2017 Projects consolidated by the equity method, excluding ADP Total Equity invested Equity equity committed at 31.12.2017 to be invested Greece: Corinth-Patras, Maliakos-Kleidi and Rion
Slide 50: VINCI Autoroutes
VINCI “ VINCI Autoroutes
Slide 51: VINCI Autoroutes - France's leading toll road concession operator
VINCI Autoroutes - France’s leading Toll Road concession operator 2017 Key figures 4,443 km under concession (€ in millions) Revenue 5,277 GCO* EBITDA 3,850 >35 % of total motorway network in France as % of revenue 73.0% Net income 1,325 Capital employed at 31 Dec. 2017 21,319 approx. 50 % of conced
Slide 52: Contractual framework of toll increases
VINCI Autoroutes Contractual framework of toll increases (LVs) ASF Escota Cofiroute Intercity Network End of concession 2036 2032 2034 2018* +1,34% +1,34% +1,34% 2019 to 2023** 70% x i + 0.39% 70% x i + 0.25 % 70% x i + 0.10% After 2023 70% x i 70% x i 70% x i i = Consumer price index excl. tobacco
Slide 53: VINCI Autoroutes – new motorway Investment Plan related projects
VINCI Autoroutes – new motorway Investment Plan related projects Legend New motorway interchange ü VINCI Autoroutes signed a €410 million Motorway Upgrades or new connections Investment Plan in January 2017 Studies for the creation of new connections Studies for the enhancement of urban crossings ü
Slide 54: VINCI Airports
VINCI “ VINCI Airports
Slide 55: VINCI Airports in 2017
VINCI Airports in 2017 156.6 million* passengers managed in 35 airports Passenger traffic* (in million pax.) Total managed revenue** (€ 3.2 Bn) 12 airports in France 3% 12% 4% 11% 3 airports in Cambodia 5% 6% 10 airports in Portugal 28% 1 airport in Chile 49% 2 airports in Japan 28% 33% 6 airports i
Slide 56: VINCI Airports
VINCI Airports VINCI AIRPORTS VINCI Country Name Description KPAX in 2017 End of concession share Traffic risk Consolidation* Phnom Penh Concession Cambodia Siem Reap Concession 8,787 2040 70% Yes FC Sihanoukville Concession Poitiers-Biard DSP** 117 2019 100% Yes FC Grenoble-Isère DSP** 346 2023 100
Slide 57: VINCI Highways and other concessions
VINCI Highways and other concessions
Slide 58: VINCI Highways
VINCI Highways VINCI HIGHWAYS Country Type Name Description End of concession VINCI share Traffic risk Consolidation* Road Infrastructure Motorway A7 Bockenem-Göttingen 60 km 2047 50% no EM Motorway A4 Horselberg 45 km 2037 50% yes EM Germany Motorway A9 Thuringia/Bavarian border 46.5 km 2031 50% no
Slide 59: VINCI Highways and other concessions
VINCI Highways and other concessions Country Type Name Description End of concession VINCI share Traffic risk Consolidation* 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 60: VINCI Concessions
VINCI Concessions VINCI Railways Country Type Name Description End of concession VINCI share Traffic risk Consolidation* 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 61: Contracting
VINCI “ Contracting
Slide 62: Contracting Profile
Contracting Profile (in € millions) 2017 Key figures 2017 revenue by geographical area Asia/Russia 3% Revenue 32,830 Oceania 3% Rest of World 1% France 17,461 Africa 4% International 15,370 France 53% Americas 7% EBIT 1,260 as % of revenue 3.8 % Rest of Europe 8% Net income 793 €32.8 bn Central & Ea
Slide 63: Significant steps in international expansion of contracting businesses in 2017
Significant steps in international expansion of contracting businesses in 2017 Infratek Eitech Saldus Celinieks Conetech Horlemann Acuntia Primeline Novabase Utility Sevices Revenue > €100 m €50 m < Revenue < €100 m Revenue < €50 m Seymour Whyte VINCI Energies Eurovia VINCI Construction 63
Slide 64: 2017 major contracts awarded
2017 major contracts awarded VINCI Construction (leader) Grand Paris express: T3C and T2D sections of Line 15 South / SPIE Batignolles Bouygues (leader) / Soletanche Grand Paris express: T3A, T3B and T2A section of Line 15 South VINCI Construction Duo Towers in the 13th arrondissement of Paris Upgra
Slide 65: VINCI Energies
VINCI Energies 2017 Key figures 1,600 2017 revenue by geographical area (in € millions) Business Rest of the world 5% Units Africa 4% France 51% Revenue 10,759 Rest of Europe 10% France 5,505 Netherland 4% International 5,254 Belgium 4% EBIT 615 €10.8 bn as % of revenue 5.7% Switzerland 5% Net incom
Slide 66: Eurovia
Eurovia 2017 Key figures 420 2017 revenue by geographical area (in €millions) Business USA 6% Latin Americas 2% Revenue 8,112 Units Canada 5% France 57% France 4,591 Rest of Europe 2% International 3,520 Central and Eastern Europe 11% EBIT 301 €8.1 bn as % of revenue 3.7% UK 7% Net income 216 Net fi
Slide 67: VINCI Construction
VINCI Construction 2017 Key figures 802 2017 revenue by geographical area (in € millions) Business Oceania 5% Rest of the world 1% Revenue 13,960 Units Asia / Russia 6% France 7,634 Africa 7% France 53% International 6,596 Americas 8% EBIT 344 €14.0 bn as % of revenue 2.5 % Rest of Europe 4% Net inc
Slide 68: VINCI Immobilier
VINCI “ VINCI Immobilier
Slide 69: VINCI Immobilier
VINCI Immobilier 2017 Key figures Presence in 2017 reservations by destination (€ in millions) 16 Managed revenue* 1,116 French cities Social, Buy to let private Institutional investors Consolidated revenue 896 27% 32% EBIT 72 as % of revenue 8.0% Net income 61 Net financial debt (376) 23% 18% Headc
Slide 70: Financial Data
VINCI “ Financial Data
Slide 71: Consolidated revenue
Consolidated revenue ∆ 2017/2016 € in millions 2017 2016 Actual Like-for-like Concessions 6,945 6,298 +10.3% +5.9% VINCI Autoroutes 5,277 5,111 +3.2% +3.2% VINCI Airports 1,409 1,055 +33.5% +13.7% Other Concessions 258 131 +96.7% +24.5% Contracting 32,830 31,466 +4.3% +3.6% VINCI Energies 10,759 10,
Slide 72: Consolidated revenue – France
Consolidated revenue – France ∆ 2017/2016 € in millions 2017 2016 Actual Like-for-like Concessions 5,704 5,332 +7.0% +4.0% VINCI Autoroutes 5,277 5,111 +3.2% +3.2% VINCI Airports 320 149 +115.1% +6.8% Other Concessions 106 72 +48.2% +48.2% Contracting 17,460 16,749 +4.2% +3.8% VINCI Energies 5,505 5
Slide 73: Consolidated revenue – international
Consolidated revenue – international ∆ 2017/2016 € in millions 2017 2016 Actual Like-for-like Concessions 1,241 966 +28.5% +15.4% VINCI Airports 1,089 906 +20.1% +15.9% Other Concessions 152 60 +154.9% +12.0% Contracting 15,370 14,717 +4.4% +3.3% VINCI Energies 5,254 4,909 +7.0% +1.9% Eurovia 3,520
Slide 74: EBIT by business line
EBIT - operating income from ordinary activities by business line € in millions 2017 % of revenue* 2016 % of revenue* ∆ 2017/2016 Concessions 3,251 46.8% 2,953 46.9% +10.1% VINCI Autoroutes 2,685 50.9% 2,588 50.6% +3.8% VINCI Airports 563 39.9% 368 34.8% +53.0% Other Concessions 3 (3) Contracting 1,
Slide 75: ROI – Recurring operating income by business line
ROI – Recurring operating income by business line € in millions 2017 % of revenue* 2016 % of revenue* ∆ 2017/2016 Concessions 3,270 47.1% 3,031 48.1% +7.9% VINCI Autoroutes 2,676 50.7% 2,629 51.4% +1.8% VINCI Airports 589 41.8% 443 42.0% +32.8% Other Concessions 6 (42) Contracting 1,208 3.7% 1,055 3
Slide 76: Financial income/(expense)
Financial income/(expense) € in millions 2017 2016 ∆ 2017/2016 Cost of net financial debt (481) (526) +44 Other financial income and expenses 40 (35) +75 Borrowing costs capitalised 86 36 +49 Discounting retirement obligations and provisions (35) (66) +31 Foreign exchange gains and losses (11) (6) (
Slide 77: EBITDA
EBITDA* € in millions 2017 % of revenue** 2016 % of revenue** ∆ 2017/2016 Concessions 4,710 67.8% 4,302 68.3% +9.5% VINCI Autoroutes 3,850 73.0% 3,710 72.6% +3.8% VINCI Airports 808 57.3% 563 53.3% +43.5% Other Concessions 51 19.8% 29 22.0% +75.9% Contracting 1,629 5.0% 1,581 5.0% +3.0% VINCI Energi
Slide 78: Operating CAPEX, net
Operating CAPEX, net € in millions 2017 2016 ∆ 2017/2016 Concessions 49 26 +23 VINCI Autoroutes 17 9 +8 VINCI Airports 10 7 +3 Other Concessions 23 9 +14 Contracting 810 678 +132 VINCI Energies 140 116 +24 Eurovia 301 247 +54 VINCI Construction 369 315 +54 VINCI Immobilier and holdings 5 2 +3 Purcha
Slide 79: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs € in millions 2017 2016 ∆ 2017/2016 Concessions 1,045 822 +223 VINCI Autoroutes 702 686 +16 O/w : ASF 413 416 (3) Escota 125 100 +25 Cofiroute 129 121 +8 VINCI Airports 169 127 +42 Other Concessions 175 9 +166 Contracting (35) 17 (52) Net growth CAPEX in concessi
Slide 80: Cash flow statement (1/2)
Cash flow statement (1/2) € in millions 2017 2016 EBITDA* 6,500 5,966 Change in WCR** and current provisions (286) 24 Income taxes paid (1,647) (1,213) Net interest paid (470) (525) Dividends received from companies accounted for under the 184 94 equity method Net operating CAPEX (745) (558) Operati
Slide 81: Cash flow statement (2/2)
Cash flow statement (2/2) € in millions 2017 2016 Free cash flow (after CAPEX) 2,525 2,948 Net financial investments and other cash flows (1,291) (3,379) Cash flow before movements in share capital 1,234 (431) Share capital increases and other operations * 421 630 Dividends (1,248) (1,084) Share buy
Slide 82: Net financial debt by business line
Net financial debt by business line Of which external Of which external 31 Dec. 2017 net debt 31 Dec. 2016 net debt ∆ 2017/2016 (in € millions) Concessions (27,145) (15,890) (28,515) (14,827) 1,370 VINCI Autoroutes (20,954) (15,088) (22,309) (13,706) 1,356 VINCI Airports (4,048) (472) (4,295) (958)
Slide 83: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt (€18.8 bn) at end December 2017: 5.7 years * Repayment schedule as of December 2017 (Including the €1 bn bond emission from ASF in January 2018, maturing in 2030) 3,000 € Millions 2,500 2,000 1,500 1,000 0,500 0,000 2018 2019
Slide 84: 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 2018 2019 2020 2021 2022 2023 Nominal amount in € millions 2,306 1,749 1,655 1,571 2,547 1,300 Average rate * 3.11% 4.51% 1.42% 3.01% 2.69% 1.60% *After hedging 84
Slide 85: Notes
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Slide 86: Notes
Notes VINCI “ i eeeeeeererererrrrrrrC“(;i‘;..:tsSC(‘é#.ST.TUC*#;®;:S:S::
Slide 87: Notes
Notes VINCI “ i eeeeeeererererrrrrrrC“(;i‘;..:tsSC(‘é#.ST.TUC*#;®;:S:S::
Slide 88: Notes
Notes VINCI “ i eeeeeeererererrrrrrrC“(;i‘;..:tsSC(‘é#.ST.TUC*#;®;:S:S::
Slide 89: IR Contacts and Agenda
IR Contacts and Agenda CONTACT AGENDA 17 April 2018 Shareholder’s general meeting Arnaud Palliez 24 April 2018 Arnaud.palliez@vinci.com dividend ex-date Tel: +33 1 47 16 45 07 26 April 2018 dividend payment date 26 April 2018 1st quarter 2017 information 89