Vinci SA · EURONEXT:DG
Vinci SA — H1 2007 Earnings Presentation
82 slides from Vinci SA's earnings presentation, Sep 5, 2007
Slide 1: Analysts Meeting – 5 September 2007: 2007 interim financial statements
Analysts Meeting – 5 September 2007 2007 interim financial statements
Slide 2: Half-year highlights
Half-year highlights Half-year highlights Presentation of consolidated financial statements at 30 June 2007 VINCI business lines and outlook Appendixes
Slide 3: Strong revenue growth across all business lines during first half 2007
Strong revenue growth across all business lines during first half 2007 Total VINCI Concessions Energy Roads Construction +14.9% +7.4% +14.0% +8.4% +22.7% PF = pro forma: full consolidation of ASF from 1 January 2006 VINCI: a growth share 3
Slide 4: Dynamic business activity in France and Central and Eastern Europe
Dynamic business activity in France and Central and Eastern Europe France Central and Eastern Europe +15% +48% 959 645 Other : +59% Poland: +102% Czech Republic: +20% Hungary: +55% In € millions H1 2007 07/06 % of revenue France 9,229 +14.9% Central and Eastern Europe 959 +48.5% United Kingdom 898 +
Slide 5: Good traffic growth for all concessions
Good traffic growth for all concessions Motorway networks: At end July 2007 ASF ESCOTA Cofiroute Traffic on stable network +3.0% +2.4% +3.6% New sections +0.1% - +0.9% Toll prices +4.5% +3.4% +4.0% Toll revenue +7.6% +5.8% +8.5% Revenue 07/06 VINCI Park +7.3% France: +4.4%; outside France: +15.2% SM
Slide 6: Margins raised
Margins raised Growth of operating profit from ordinary activities ("Op. profit") higher than revenue growth +15.7% +17.5% +22.0% +198% +25.7% Op. profit Op. profit/ 9.5% 9.6% 33.6% 36.7% 4.9% 5.3% 1.0%(*) 2.7%(*) 4.5% 4.7% Revenue Δ Revenue +15% +7.4% +14% +8.4% +22.7% Total VINCI Concessions Energ
Slide 7: Strong increase in net profit
Strong increase in net profit Total VINCI Concessions Energy Roads (*) Construction +18% +12% +21% +278% +25% PF = pro forma: full consolidation of ASF from 1 January 2006 (*) Half-year results at 30 June are lower than half of the annual performance due to the seasonal nature of its business 7
Slide 8: Overview: Improvement in all financial indicators
Overview Improvement in all financial indicators In € billions H1 2006 PF H1 2007 07/06 PF Revenue 11.9 13.7 +14.9% Cash flow from operations 1.7 2.0 +15.1% Operating profit from ordinary activities 1.1 1.3 +15.7% as a % of revenue 9.5% 9.6% Net profit attributable to equity holders 518 614 +18.4% o
Slide 9: Strong external growth activity
Strong external growth activity VINCI Concessions Cofiroute: shareholding increased to 83.3% VINCI Construction Soletanche: acquisition of world leader in special foundations and soil improvement Entrepose Contracting: specialist in design-build of turnkey industrial projects for the oil and gas ind
Slide 10: Strong external growth activity
Strong external growth activity Eurovia Quarries in Scandinavia New implementations in Romania and Croatia Partnership agreement with Plastic Omnium on SIGNATURE (road markings and signage) VINCI Energies Etavis: Swiss electrical installation and telecommunications company Total: €800 million invest
Slide 11: Major concession and PPP contracts won
Major concession and PPP contracts won Greece: motorway networks Approximately 600 km of motorway to build or modernise, operate and finance Athens–Patras–Tsakona (365 km) Maliakos–Kleidi (230 km) Total investment: €4 billion (VINCI share: €1.2 billion) Greek motorways Netherlands: Cœntunnel Financi
Slide 12: Concession and PPP contracts won
Concession and PPP contracts won France: finalisation of several partnership contracts (French PPP) Railway: Leslys Public lighting: Rouen, Thiers, Hérouville Saint Clair and Saumur Building: INSEP (France's National Institute of Sport and Physical Education), gendarme stations Total investment: €30
Slide 13: A sound financial situation
A sound financial situation Improved cash flow from operations 14.4% of 14.5% of revenue revenue +15% PF = pro forma: full consolidation of ASF from 1 January 2006 Investments maintained at a high level Purchases of concession fixed assets Net investments in operating assets Financial investments: n
Slide 14: A sound financial situation
A sound financial situation Shareholder yield: commitments met In € millions Share buy-backs and calls Dividends New shares issued: Group savings scheme plans and share subscription options Net financial debt: up €1 billion compared with 30 June 2006 Maintained credit ratings: « solid investment gra
Slide 15: More diversified shareholder structure
More diversified shareholder structure Shareholder structure at 30 June 2007 At 31 Dec. At 30 June 2006 2007 Employees 8.8% 8.5% Treasury shares 0.9% 3.8% Individual shareholders 10.1% 10.3% Artemis 3.4% 5.0% Predica - 2.5% Carlo Tassara - 2.0% French institutional shareholders 31.7% 26.9% UK instit
Slide 16: Presentation of consolidated financial statements at 30 June 2007
Presentation of consolidated financial statements at 30 June 2007 Half-year highlights Presentation of consolidated financial statements at 30 June 2007 VINCI business lines and outlook Appendixes
Slide 17: Income statement (1/2)
Income statement (1/2) H1 2006 H1 2006 in € millions actual PF H1 2007 07/06PF Revenue 11,500 11,898 13,665 +14.9% Operating profit from ordinary 1,040 1,129 1,306 +15.7% activities as a % of revenue 9.0% 9.5% 9.6% Share-based payment expense (IFRS 2) and miscellaneous (36) (36) (46) non-recurring i
Slide 18: Financial expense
Financial expense In € millions H1 2006 H1 2006 H1 2007 actual PF 07/06PF Cost of net financial debt (231) (318) (363) (45) Concessions (187) (246) (326) Other business lines 20 20 33 Holding companies (64) (91) (70) Other financial income 52 55 67 12 Capitalised borrowing costs 37 38 60 Dividends r
Slide 19: Income statement (2/2)
Income statement (2/2) H1 2006 H1 2006 In € millions actual PF H1 2007 07/06PF Operating profit 1,004 1,093 1,261 +15.4% Financial expense (179) (263) (296) Tax expense (258) (260) (300) Effective tax rate 30.0% 30.0% 29.7% Share of profit of associates 17 7 9 Minority interest (70) (62) (60) Net pr
Slide 20: Improvement in cash flow from operations
Improvement in cash flow from operations In €m & as a % of revenue €1,975 million €1,715 million €1,472 million 14.5% of revenue 07/06PF 14.4% of revenue +15.2% 12.8% of revenue Property & holding companies ASF Energy Cofiroute Roads Construction VINCI Park and other concessions 20
Slide 21: Cash flow statement (1/2)
Cash flow statement (1/2) H1 2006 H1 2006 In € millions H1 2007 actual PF Cash flow from operations 1,472 1,715 1,975 Change in working capital requirement and current (618) (564) (400) provisions Income taxes and net interest paid (598) (717) (817) Net investments in operating assets (223) (a) (225
Slide 22: Cash flow statement (2/2)
Cash flow statement (2/2) In € millions H1 2006 H1 2007 Net cash flows before movements in (8,581) (1,210) share capital Dividends (299) (433) Capital increase 2,689 409 Share buy-backs - (900) Issue of deeply subordinated bonds 491 - Other cash flows 10 8 Movements in equity 2,891 (915) Net cash fl
Slide 23: Balance sheet
Balance sheet In € millions 30 June 2006 31 Dec. 2006 30 June 2007 ASSETS Non-current assets – concessions * 24,685 25,000 25,200 Other non-current assets * 2,695 2,913 3,285 Other current financial assets 218 42 46 Net cash 3,360 4,275 3,954 Total assets 30,958 32,230 32,485 EQUITY AND LIABILITIES
Slide 24: Net financial debt
Net financial debt In € billions (€15.7bn) (€14.8bn) (€16.8bn) Construction, 1,9 2,6 1,9 roads, energy Holding companies -2,2 -3,6 -5,7 -0,8 Other concessions -0,9 -3,1 VINCI Park -0,9 -3,0 Cofiroute -2,8 -9,6 -12,1 ASF + ASF Holding -8,0 30 June 2006 31 Dec. 2006 30 June 2007 24
Slide 25: Financial policy
Financial policy Optimisation of the cost of capital Reallocation of debt to concessions January: payment of €3.3 billion exceptional dividend by ASF Higher leverage in concessions to finance Group development Share buy-backs 14.9 million shares purchased during first half of 2007 (€ 0.8 bn) and 4 m
Slide 26: Financial policy
Financial policy Extension of maturity of the Group's financial debt Introduction of €6 billion EMTN programme for ASF June: success of first ASF bond issue (€1.5 billion, maturity 2022) July: reopening of Cofiroute's 2006 bond issue (€350 million, maturity 2021) August: reopening of ASF's 2022 bond
Slide 27: Financial policy
Financial policy Management of interest rate risk Fixed-rate debt at 30 June: 63%, increased to 69% at end August Capped floating rate debt at 30 June: 83%, increased to 93% at end August 31 Dec. 30 June 30 June % of (en millions d’euros) total 2006 2007 2007 * Fixed rate 10,337 10,512 11,486 69% Ca
Slide 28: VINCI business lines and outlook
VINCI business lines and outlook First-half highlights Presentation of consolidated financial statements at 30 June 2007 VINCI business lines and outlook Appendixes
Slide 29: Concessions
CONCESSIONS
Slide 30: VINCI Concessions: key figures
VINCI Concessions: key figures In € millions H1 2006 PF H1 2007 07/06 Breakdown of revenue Revenue 2,000 2,147 +7.4% of which outside France 124 124 Op. profit from ordinary activities (*) 671 789 +17.5% as a % of revenue 33.6% 36.7% Net profit 266 298 +12.1% as a % of revenue 13.3% 13.9% Cash flow
Slide 31: Strong growth in light and heavy vehicle traffic and revenue
Strong growth in light and heavy vehicle (LV/HV) traffic and revenue ASF and ESCOTA Cofiroute Change in traffic on stable network Change in traffic on stable network VINCI Park Other concessions Change in revenue 07/06: Change in revenue 07/06 +7.3% 275 Cambodian airports +23% 256 Rion–Antirion +11.
Slide 32: A well-defined contractual framework and promising growth prospects
A well-defined contractual framework and promising growth prospects ASF and ESCOTA Signature of ASF's and ESCOTA's 2007–2011 master plan Successful integration of ASF within VINCI Synergies confirmed Cofiroute Opening of northern Langeais bypass at the end of January 2007 (25 km) Signature of amendm
Slide 33: VINCI Concessions: a good crop of new PPP and concession projects
VINCI Concessions: a good crop of new PPP and concession projects Seven new concession or PPP contracts secured or finalised Status Total amount VINCI to be invested share Athens–Patras–Tsakona motorway Contract signed, awaiting €2,780 m €1,000 m ratification by Greek parliament Maliakos–Kleidi moto
Slide 34: VINCI Energy
VINCI ENERGY
Slide 35: VINCI Energies: key figures
VINCI Energies: key figures Revenue by geographical area France In € millions H1 2006 H1 2007 07/06 Germany Revenue 1,740 1,983 +14.0% Benelux Sweden of which outside France 440 510 +16.0% Spain Op. profit from ordinary activities 86 105 +22.0% Central Europe Rest of the world as a % of revenue 4.9%
Slide 36: VINCI Energies: outlook
VINCI Energies: outlook Good prospects in the infrastructure market in France and other European countries Energy: power production, transformation and distribution Transport: roads, light and heavy rail systems Winning new PPP contracts Good positioning in growth industries (biofuels, fine chemical
Slide 37: Roads
VINCI “?
Slide 38: Eurovia: key figures
Eurovia: key figures Revenue by geographical area In € millions H1 H1 07/06 France 2006 2007 Central Europe Germany Revenue 3,122 3,383 +8.4% United Kingdom of which outside France 1,216 1,212 (0.3%) Rest of Europe Op. profit from ordinary activities 30 90 +198% North America as a % of revenue 1.0%
Slide 39: Eurovia: outlook
Eurovia: outlook France Continued dynamic commercial activity Outside France New PPP projects under study in the United Kingdom and Germany (A-Modell) Continuation of external growth strategy, mainly in Europe Very distinct turnaround in Spain and the United States Strengthening of materials product
Slide 40: VINCI Construction
VINCI CONSTRUCTION
Slide 41: VINCI Construction: key figures
VINCI Construction: key figures Revenue by geographical area In € millions H1 H1 07/06 France 2006 2007 United Kingdom Revenue 4,928 6,047 +22.7% Central Europe Belgium of which outside France 2,091 2,601 +24.4% Rest of Europe Op. profit from ordinary activities 224 282 +25.7% North America as a % o
Slide 42: VINCI Construction: outlook
VINCI Construction: outlook France Successful integration of the Sogea and GTM networks within VINCI Construction France Increased popularity of PPP approach Outside France Presence strengthened by acquisitions (Soletanche Bachy, Nukem, Prumstav, Weaver) Oil & gas industry: successful takeover of En
Slide 43: VINCI business lines and outlook
VINCI business lines and outlook First-half highlights Presentation of consolidated financial statements at 30 June 2007 VINCI business lines and outlook Appendixes
Slide 44: Strong increase in order book
Strong increase in order book Months of 30 June 30 June average In € millions 2006 2007 business 07/06 activity Energy 1,755 2,231 6.8 27% Roads 4,664 5,151 8.2 11% Construction 11,044 13,042 13.5 18% Total 17,428 20,411 10.8 17% of which: France 9,210 10,547 9.4 +15% outside France 8,218 9,864 12.7
Slide 45: Board Meeting decisions on 4 September 2007
Board Meeting decisions on 4 September 2007 Interim dividend increased to €0.47/share payable on 20 December 2007 Full-year 2007: distribution of 50% of consolidated net profit 45
Slide 46: VINCI ahead of 2006–2009 plan
VINCI ahead of 2006–2009 plan 2007 revenue: 10% growth excluding Soletanche and Entrepose Contracting EBITDA of ASF and Cofiroute on the right path New PPP and concession contracts won: VINCI share amounted to €1,600 million at the end of August 2007 46
Slide 47: Appendixes
Appendixes Half-year highlights Presentation of consolidated financial statements at 30 June 2007 VINCI Business lines and outlook Appendixes
Slide 48: Appendixes
Appendixes Financial statements at 30 June 2007 Maturity of debt at 30 June 2007 Table of hedging instruments at 30 June 2007 PPP projects under study VINCI Concessions: key figures by subsidiary New PPP and concession projects: fact sheets
Slide 49: Consolidated revenue
Consolidated revenue In € millions H1 2006 PF H1 2007 07/06 Concessions 2,000 2,147 +7.4% ASF 1,210 1,301 +7.5% Cofiroute 442 481 +8.7% VINCI Park 256 275 +7.3% Other infrastructure 92 90 Energy 1,740 1,983 +14.0% Roads 3,122 3,383 +8.4% Construction 4,928 6,047 +22.7% Property 247 265 +7.2% Elimina
Slide 50: Consolidated revenue – France
Consolidated revenue – France In € millions H1 2006 PF H1 2007 07/06 Concessions 1,876 2,024 +7.9% ASF 1,210 1,301 +7.5% Cofiroute 437 478 +9.4% VINCI Park 188 196 +4.4% Other infrastructure 41 50 Energy 1,300 1,473 +13.3% Roads 1,906 2,171 +13.9% Construction 2,837 3,447 +21.5% Property 247 265 +7.
Slide 51: Consolidated revenue – outside France
Consolidated revenue – outside France In € millions H1 2006 H1 2007 07/06 Concessions 124 124 +0.0% ASF 0 0 Cofiroute 6 3 -44.2% VINCI Park 69 79 +15.2% Other infrastructure 49 41 Energy 440 510 +16.0% Roads 1,216 1,212 -0.3% Construction 2,091 2,601 +24.4% Property 0 0 Eliminations (9) (12) Consoli
Slide 52: Operating profit from ordinary activities by business line
Operating profit from ordinary activities by business line H1 2006 % of % of In € millions PF revenue H1 2007 revenue 07/06 Concessions 671 33.6% 789 36.7% +17.5% ASF * 364 30.1% 437 33.6% +20.2% Cofiroute 224 50.6% 258 53.7% +15.3% VINCI Park 63 24.8% 61 22.3% -3.1% Other infrastructure 20 32 Energ
Slide 53: Net profit by business line
Net profit by business line H1 2006 % of % of In € millions PF revenue H1 2007 revenue 07/06 Concessions 266 13.3% 298 13.9% +12.1% ASF 122 10.0% 125 9.6% Cofiroute 86 19.3% 121 25.1% VINCI Park 38 14.9% 27 9.9% Other infrastructure 20 25 Energy 53 3.1% 64 3.2% +20.5% Roads 16 0.5% 62 1.8% +278% Con
Slide 54: Cash flow from operations by business line
Cash flow from operations by business line H1 2006 % of % of In € millions PF revenue H1 2007 revenue 07/06 Concessions 1,188 59.4% 1,319 61.4% +11.1% ASF 764 63.1% 852 65.5% +11.6% Cofiroute 295 66.6% 338 70.3% +14.7% VINCI Park 94 36.5% 94 34.2% +0.5% Other infrastructure 36 35 Energy 98 5.6% 107
Slide 55: Investments in operating assets and purchases of concession fixed assets
Investments in operating assets and purchases of concession fixed assets H1 2006 In € millions H1 2006 PF H1 2007 actual Investments in operating assets 352 354 361 Construction 207 207 202 Roads 94 94 114 Energy 31 31 28 Concessions 18 20 14 Property and holding companies 2 2 3 Proceeds from sales
Slide 56: First-half change in net financial debt
First-half change in net financial debt In € billions Cash flow from operations Investments Financial Dividends in operating investments assets Other cash Borrowing WCR Purchases of Movements flows costs Taxes concession in share fixed assets capital Debt December 2006 Debt June 2007 56
Slide 57: Net financial debt
Net financial debt In € millions 30 June 31 Dec. 30 June 2006 2006 2007 Concessions (11,926) (13,852) (16,432) ASF + ASF Holding (7,969) (9,569) (12,088) Cofiroute (2,751) (3,006) (3,098) VINCI Park (866) (874) (833) Other infrastructure (341) (404) (413) Energy 445 536 518 Roads 189 613 253 Constru
Slide 58: Financial situation at 30 June 2007
Financial situation at 30 June 2007 Maturity of gross financial debt at more than one year: (€20,7bn) In € millions ASF Cofiroute Other concessions Holding companies and other business lines Credit ratings Moody’s: BAA1/P2 (stable) S&P: BBB+/A2 (negative outlook) Fitch: BBB+/F2 (stable) 58
Slide 59: PPP and concession projects under study
PPP and concession projects under study Estimated Project Country Description value at 100% Bids submitted A1 (A-Modell) Germany Bucholz–Bremer Kreuz motorway (75 km) > €500 m Antwerp ring road Belgium Viaduct and tunnel (total 10 km) > €1.5 bn Liefkenshœk Belgium Antwerp port rail link (16 km) > €6
Slide 60: PPP and concession projects under study
PPP and concession projects under study Estimated Project Country Description value at 100% Bids in preparation A5 (A-Modell) Germany Offenburg–Karlsruhe motorway (60km) > €350 m CDG Express France Paris–Roissy CDG rail link > €600 m GSM Rail France Railway communications system > €500 m Lille stadi
Slide 61: PPP and concession projects under study
PPP and concession projects under study Estimated Project Country Description value at 100% Prequalification in progress LGV Sud Europe Atlantique France Tours–Bordeaux high-speed rail link > €4.5 bn A831 France Fontenay le Comte– Rochefort motorway (64 > €500 m km) RN88 France PPP > €400 m A355 Fra
Slide 62: PPP and concession projects under study
PPP and concession projects under study Project Country Other concession and PPP projects expected North Seine canal France Nimes–Montpellier railway bypass (70 km) France Notre Dame des Landes Airport (new Nantes airport) France Moscow–St Petersburg motorway Russia New Forth Bridge United Kingdom T
Slide 63: VINCI Concessions: motorway networks in France
VINCI Concessions: motorway networks in France Network under concession km ASF 2,695 ESCOTA 459 Puymorens tunnel 6 Total ASF group 3,160 Cofiroute 1,101 A19 (Arcour) (*) 101 SMTPC 3 Total VINCI 4,365 APRR 1,895 AREA 384 Total APRR 2,279 Millau viaduct 3 SANEF 1,393 SAPN 379 Total SANEF 1,772 A’liéno
Slide 64: ASF and ESCOTA: key figures
ASF and ESCOTA: key figures In € millions H1 2006 H1 2007 07/06 PF Revenue 1,210 1,301 +7.5% Operating profit from ordinary activities (a) 364 437 +20.2% as a % of revenue 30.1% 33.6% Net profit 122 125 +3.0% as a % of revenue 10.0% 9.6% Cash flow from operations 764 852 +11.6% as a % of revenue 63.
Slide 65: ASF and ESCOTA: 2007–2011 master plan
ASF and ESCOTA: 2007–2001 master plan Toll prices applicable to class 1 vehicles (*) 2007 2008–2011 ASF 85% i 85% x i + 1.0925% + 0.825% ESCOTA 85% x i + 0.9% i = inflation excl. tobacco products (*) Class 1 = light vehicles Price increase for class 1 vehicles in 2007 calculated on the basis of infl
Slide 66: ASF and ESCOTA: 2007–2011 master plan
ASF and ESCOTA: 2007–2011 master plan Planned investments for the period 2007–2011 total €3.6 billion, of which €1.4 billion for new sections (current euros) ICAS: investments in roadworks on existing motorways IEAS: investments in operating equipment for existing motorways 66
Slide 67: Cofiroute: key figures
Cofiroute: key figures In € millions H1 2006 H1 2007 07/06 Revenue 442 481 +8.7% Operating profit from ordinary activities 224 258 +15.3% as a % of revenue 50.6% 53.7% Net profit at 100% 131 154 +17.5% as a % of revenue 29.6% 31.9% Cash flow from operations 295 338 +14.6% as a % of revenue 66.6% 70.
Slide 68: VINCI Park
VINCI Park In € millions H1 H1 2007 07/06 2006 836,000 spaces managed, of which 373,000 under Revenue 256 275 +7.3% concession or freehold of which outside France 69 79 +15.2% 25,500 spaces won during first half of 2007. Operating profit from ordinary 63 62 -3.1% activities Renewal rate outside Fran
Slide 69: Other infrastructure under concession
Other infrastructure under concession % End of Consolidation Country Type Name Description capital method 1 concession held France Motorway Arcour (A19) 101 km 2070 100% FC France Tunnel Prado–Carénage Marseilles 2025 33% EM France Stadium Stade de France 80,000 seats 2025 67% PC France Airport Cham
Slide 70: Greece: Athens–Tsakona motorway
Greece: Athens–Tsakona motorway Partners in Apion Kleos Financing, design-build and/or renovation, and operation for 30 years of 365 km of toll motorway Construction Concession between Athens and Tsakona, via Corinth and VINCI 36% 36% Patras (82 km of existing motorway, 120 km to Hochtief 23% 25% re
Slide 71: Greece: Maliakos–Kleidi motorway
Greece: Maliakos–Kleidi motorway Financing, design, construction and Partners in Aegan Motorway Group (*) Construction Concession operation for 30 years of 230 km of toll motorway between Maliakos and Kleidi VINCI 10,5% 14% linking Athens to Thessaloniki Hochtief 39,5% 35% Elliniki 19% 20% Status: c
Slide 72: Cœntunnel
Cœntunnel VINCI and Partners in Cœntunnel project Financing, design, construction of second its subsidiaries Cœntunnel, renovation of existing tunnel, Construction Concession extension of A8 and A10 sections, upgrade and VINCI 19% 18% integration of traffic management system, CFE 19% 18% maintenance
Slide 73: Leslys
Leslys Partners in Leslys project Express light rail system between Lyons' Part Dieu railway station and Saint Exupéry Concession airport: financing and construction of a 9 km VINCI Concessions 25% section and the maintenance centre, Other VINCI 3% operation of the subsidiaries 23 km link (including
Slide 74: A4 (A-Modell) « Hörselberg »
A4 (A-Modell) « Hörselberg » Partners in Hörselberg project Financing, design, construction and/or renovation of 45 km of motorway over 30 Construction Concession years between Gotha and Eisenach (20 Km of VINCI 50% Concessions existing motorway et 25 Km to build) Eurovia 33.3% Status: preferred bid
Slide 75: Lucitea: public lighting in Rouen
Lucitea: public lighting in Rouen 1st partnership contract (French PPP) signed in energy services sector in France: financing, Partners in Lucitea project design, construction, operation and supply of energy for public lighting and traffic VINCI Concessions 80% management facilities in Rouen VINCI E
Slide 76: VINCI Energies
VINCI Energies No. 2 in France for electrical engineering and installation of communication networks and HVAC systems 700 business units in Europe networked through six brands: Actemium (solutions for industry), Axians (voice-data-image communication), Citéos (urban lighting), Graniou (telecommunica
Slide 77: Eurovia
Eurovia Europe's market leader in roadworks and materials production and recycling 210 quarries, 385 coating plants, 60 binder plants, 135 recycling facilities Annual production: 62 million tonnes (Eurovia share) Over 30 years of reserves: 2.0 billion tonnes 70% of revenue generated through recurrin
Slide 78: VINCI Construction
VINCI Construction No. 1 in building and civil engineering in France A European network of local subsidiaries (370 profit centres in France) Offering covers the entire value chain: design, construction, maintenance Operations outside Europe target major projects and those calling for technical exper
Slide 79: Dynamic economic climate in France
Dynamic economic climate in France Construction: continuation of PPP growth Concessions: strong increase in motorway traffic Construction business in France Motorway traffic in France In € billions In billions of km covered in a 12-month period CAGR: +3.6% CAGR: +2.6% 160 80,0 155 77,0 76,6 148 74,9
Slide 80: Europe: positive trend driven by infrastructure needs
Europe: positive trend driven by infrastructure needs Western Europe Markets generally positive Increasing popularity of PPP approach Strong growth in Central and Eastern European countries United Kingdom VINCI 2006 revenue: €1.7 bn Euroconstruct forecast: Germany 2007: +1.9% VINCI 2006 revenue: €1.
Slide 81: PPPs: considerable growth potential in Europe
PPPs: considerable growth potential in Europe Estimated value of European PPP and concession market United Kingdom €13.7 bn Benelux €0.1 bn Germany €0.2 bn France €1.4 bn Spain Key €3.5 bn € bn Value of PPP contracts signed in 2006 (in € billions) Source: VINCI estimates 81
Slide 82: Analysts Meeting – 5 September 2007
Analysts Meeting – 5 September 2007 2007 interim financial statements