Eiffage Sa · EURONEXT:FGR

Eiffage Sa — FY2022 Earnings Presentation

58 slides from Eiffage Sa's earnings presentation, Feb 22, 2023

  1. Slide 1: Annual Results 2022

    Annual Results 2022 22 february 2023

  2. Slide 2: Highlights

    Highlights Benoît de Ruffray Chairman and Chief Executive Officer

  3. Slide 3: Highlights - Contracting

    Highlights - Contracting OFFSHORE WIND TOULOUSE METRO 1 AND 2 LOTS USE OF BIOPHALT® ON A40 E18 MOTORWAY - NORWAY LYON-TURIN RAIL LINE MULTI-SERVICE NETWORK AND OFFICE BUILDING - MALAKOFF HOPEN TOWER - LA DÉFENSE MONITORING SYSTEMS LINE 18 3

  4. Slide 4: Highlights - Contracting

    Highlights Contracting Activity Order Book     Activity, operational profitability and order book to high levels   4

  5. Slide 5: Highlights - Concessions

    Highlights - Concessions A79 MOTORWAY - ALIAÉ VIADUCT MILLAU - ROAD A3 MOTORWAY - GERMANY TOULOUSE AIRPORT REFURBISHMENT NOVÉ, FRENCH MINISTRY OF ARMED ACQUISITION OF NEAR 75% LARGEST SHAREHOLDER OF GETLINK CHARGING STATIONS FORCES HOUSING STOCK MANAGEMENT OF THE SUN’R GROUP 5

  6. Slide 6: Highlights - Concessions

    Highlights Concessions Activity Strengthening of portfolio close to €1.5 billion of investment over the  year Concessions portfolio:   major changes over the year     6

  7. Slide 7: Highlights - Group

    Highlights Group Strong financial situation Extra-financial performance   −  − −   −   −  − − 7

  8. Slide 8: Eiffage 2022

    Eiffage 2022 Revenue €M +8.5% Operating profit €M +15.3% Net profit Group share €M +15.3% 2,212 896 20,319 2,005 777 1,857 1,919 725 18,143 18,721 629 16,577 16,321 1,263 375 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Change in WCR €M Financial Net debt €M* +834 Order

  9. Slide 9: Prospects for 2023

    Prospects for 2023 Increased activity in Contracting and Concessions Growth of the operating profit on ordinary activities in Contracting and Concessions Equity accounting of the Getlink participation in the second quarter* Proposed dividend** of €3.60 per share for 2022 *After Eiffage, subject to t

  10. Slide 10: Results by business line and financial results

    Results by business line and financial results Christian Cassayre Chief Financial Officer

  11. Slide 11: Revenue (excluding Ifric 12)

    Revenue (excluding Ifric 12) Breakdown Concessions and Contracting (€M) Breakdown by geographical area (€M) +8.5% +7.3% +8.5% 20,319 20,319 18,721 18,721 765 -5.3% 3,342 +10.4% +10.5% 808 +18.8% 3,028 5,238 +23.3% 4,247 16,977 +8.2% +6.7% 15,693 13,666 14,316 +4.8% 2021 2022 ∆22/21 ∆22/21 2021 2022

  12. Slide 12: Contracting revenue (excluding Ifric 12)

    Contracting revenue (excluding Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total 16,977 +8.2% +6.7% 16,977 +8.2% 15,693 15,693 699 (4%) -6.3% 4,362 746 (5%) +6.4% +6.0% 4,100 5,237 (31%) +23.3% +18.9% 4,246 (27%) 7,291 +6.6% +6.5% 6,840 10,701 (68%) 11,041 (65%)

  13. Slide 13: Operating profit on ordinary activities and margins

    Operating profit on ordinary activities and margins 2021 2022 €M % Revenue €M % Revenue Δ 22/21 Construction 152 3.7% 167 3.8% +9.9% Infrastructure 196 2.9% 209 2.9% +6.6% Energy Systems 237 5.0% 270 5.1% +13.9% Contracting 585 3.7% 646 3.8% +10.4% Concessions 1,346 44.5% 1,577 47.2% +17.2% Holding

  14. Slide 14: Construction - Activity and results

    Construction - Activity and results Operating margin increase at 3.8% of revenue Revenue increased by 6.4% Urban development Revenue (€M) and operating margin on ordinary activities  4,260 4,362 4,001 4,100 3,688 Property development  3.9% 3.7% 3.8% 3.7%  1.2% Results Order intake 2018 2019 2020

  15. Slide 15: A79 - Operation Center

    A79 – OPERATION CENTER 15

  16. Slide 16: Infrastructure - Activity and results

    Infrastructure - Activity and results Operating margin stable at 2.9% of revenue Revenue increased by 6.6% Low-carbon achievement Revenue (€M) and operating margin on ordinary activities  7,291 6,840  6,441 5,992 5,537 Deliveries 2.9% 2.9% 2.7%  2.9%  1.5% 2018 2019 2020 2021 2022  Volume figur

  17. Slide 17: Sagrada Familia

    SAGRADA F A M IA L 7I A 9 S - TAALRL I -E R B AVRI C AED LU O CNTA 17

  18. Slide 18: Energy Systems - Activity and results

    Energy Systems - Activity and results Operating margin increase at 5.1% of revenue Revenue increased by 12.0% Low-carbon projects  Revenue (€M) and operating margin on ordinary activities  5,324 4,753 4,480 4,160 4,054 Under construction 5.1%  4.4% 4.6% 5.0% 3.7% Results Order intake 2018 2019 20

  19. Slide 19: A79 - Operating Equipments

    A79 - OPERATING EQUIPMENTS 19

  20. Slide 20: APRR - Activity and results

    APRR - Activity and results EBITDA margin increase at 74.0% of revenue Revenue (excl. Ifric 12) Low-carbon projects increased by 9.7% Revenue (€M) and EBITDA margin  2,819 Total traffic increased by 8.0% 2,611 2,569  2,538  74.4%  73.8% 2,169 74.0%  Contractual tariff increase 71.4% 73.7%  Inv

  21. Slide 21: A79 - Bourbonnais Service Area

    A79 - BOURBONNAIS SERVICE AREA 21

  22. Slide 22: Concessions - Activity and results

    Concessions - Activity and results Revenue (€M) and current operating margin Current operating margin increase at 47.2% of revenue 3,342 2,962 3,028 Revenue increased by 10.4% 2,879 2,587 Name Revenue ∆22/21 Trafic ∆22/21 48.8% 49.7% 47.2% (end of concession |% holding) €M % Total 38.4% APRR-Eiffari

  23. Slide 23: A79 - First free-flow motorway in France

    A79 - FIRST FREE-FLOW MOTORWAY IN FRANCE 23

  24. Slide 24: Consolidated income statement

    Consolidated income statement in millions of euros 2021 2022 Δ 22/21 Revenue(1) 18,721 20,319 +8.5% Operating profit on ordinary activities 1,919 2,212 +15.3% Other operating income and expenses (51) (52) Operating income 1,868 2,160 Cost of net debt (246) (271) Other financial income and expenses (

  25. Slide 25: Financial net debt evolution

    Financial net debt evolution (in millions of euros) Δ WCR Interest & Dividends incl. Holding & Taxes paid Variations & Capital Contracting (185) Holding & Concessions Acquisitions Contracting & Cessions without flows of transactions EBITDA & Concessions Concessions Debt repayment funds (38) 1,462 (3

  26. Slide 26: Financial net debt structure

    Financial net debt structure* (in millions of euros) Total -10,544 -10,218 -9,888 -9,332 -10,166 Net treasury 977 1,018 Holding & Contracting 526 664 587 -10,350 -10,753 -10,882 -10,865 -11,070 Financial net debt Concessions 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 Incl. IAS 17 debt 359 / / / /

  27. Slide 27: Contracting order book

    Contracting order book Contracting order book (€bn) and corresponding Order book breakdown by division (€bn) months of Contracting activity and variation over 12 months 18.5 +14% 18.5 16.3 -1% 16.3 4.9 16.2 4.9 13.9 14.2 8.2 +17% 7.0 11.8 12.2 14.1 12.4 13.1 5.3 +25% months months months months mont

  28. Slide 28: Appendices

    Appendices =) EIFFAGE

  29. Slide 29: Group shareholding structure

    Group shareholding structure Shareholding at 31/12/2020 Shareholding at 31/12/2021 Shareholding at 31/12/2022 (98 million shares) (98 million shares) (98 million shares) 1.2% 2.4 % 3.4 % 17.7% 18.9% 19.3 % 81.1% 78.7% 77.3 % Employee shareholding Treasury shares Free float 29

  30. Slide 30: Revenue (excluding Ifric 12)

    Revenue (excluding Ifric 12) Revenue breakdown in Europe Excluding France (€M) Revenue breakdown (€M) 14,316 1,423 13,666 1,305 1,177 969 900 893 810 5,238 4,247 362 303 328 278 256 278 203 808 765 Belgium and The Netherlands Germany Spain Switzerland United Kingdom Others France International excl.

  31. Slide 31: Concessions financial net debt breakdown

    Concessions financial net debt breakdown Non-recourse debt raised in dedicated SPVs for €10.8 billion* Non-recourse FND breakdown (€M) Non-recourse FND structure (M€) Eiffarie APRR APRR and Eiffarie 1,061 7,096 Toulouse Airport 93 8,157 Motorways Millau Viaduct and airport 1,339 553 A65 693 1,257 Ot

  32. Slide 32: Liquidity and financial net debt

    Liquidity and financial net debt* Holding & Contracting liquidity APRR liquidity 2.7 + 2.0 = 4.7 1.5 + 2.0 = 3.5 billion of euros in cash billion of euros undrawn billion of euros billion of euros in billion of euros billion of euros and cash equivalents bank credit line in liquidity cash and cash u

  33. Slide 33: Net profit Group share

    Net profit Group share (in millions of euros and euros per share) €M 896 €M 777 €M 725 €9.46 €M 629 €7.98 €7.48 €6.49 €M 375 €3.83 2018 2019 2020 2021 2022 Number of shares in the 98 98 98 98 98 capital in millions 33

  34. Slide 34: Consolidated balance sheet - Assets

    Consolidated balance sheet - Assets in millions of euros 31/12/2021 31/12/2022 Property, plant and equipment 1,727 1,928 Assets held under a finance lease 1,039 1,049 Investment property 57 81 Fixed assets held under concessions 11,591 11,481 Goodwill on acquisition 3,483 3,702 Other intangible asse

  35. Slide 35: Consolidated balance sheet - Equity and liabilities

    Consolidated balance sheet - Equity and liabilities in millions of euros 31/12/2021 31/12/2022 Share capital 392 392 Consolidated reserves 4,543 4,744 All other comprehensive income items (143) 144 Net profit for the period 777 896 Total capital and reserves, attributable to the Group 5,569 6,176 No

  36. Slide 36: Consolidated income statement

    Consolidated income statement in millions of euros 2021 2022 Revenue(1) 19,197 20,867 Other income 11 17 Raw materials and consumables used (3,171) (3,540) Staff costs (4,091) (4,317) Other expenses (8,356) (9,037) Taxes other than corporate tax (454) (491) Amortisation and depreciation expense (1,2

  37. Slide 37: Consolidated cash flow statement

    Consolidated cash flow statement in millions of euros 2021 2022 in millions of euros 2021 2022 Cash and equivalents at 1 January 5,067 4,724 Purchases of fixed assets (381) (494) Currency effect 2 (2) Purchase of intangible concession assets (663) (527) Restated cash and cash equivalents at 1 Januar

  38. Slide 38: Financial expenses and results

    Financial expenses and results in millions of euros 2021 2022 Concessions (233) (255) Of which: APRR (94) (99) Eiffarie & Financière Eiffarie (8) (9) Financière Eiffarie group (102) (108) A65 – A‘liénor (25) (25) Millau Viaduct (28) (48) Autoroute de l’Avenir (3) (3) Toulouse Airport (10) (11) BPL H

  39. Slide 39: Contracting - Customer segmentation

    Contracting - Customer segmentation 58% of 2022 contracting revenues are generated with private clients Construction Infrastructure Energy Systems 77% 64% 41% 59% 36% 23% Private Public Private Public Private Public 39

  40. Slide 40: Evolution of the operating profit and operating margin

    Evolution of the operating profit (€M) and operating margin (%) Contracting Concessions 646 1,577 585 549 1,473 1,404 1,346 488 993 49.7% 48.8% 47.2% 44.5% 281 3.8% 38.4% 3.6% 3.6% 3.7% 2.0% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 40

  41. Slide 41: Grand Paris Express contracts won by Eiffage

    Grand Paris Express contracts won by Eiffage 41

  42. Slide 42: APRR & AREA - Contractual tariff formulas 2023 - 2036

    APRR & AREA - Contractual tariff formulas 2023 - 2036 Contractual tariff increase and compensations without investment plan 2027 - 2036 2023 2024 - 2026 2027 - 2036 70% x I* 70% x I* Tariff increase 1st February 2023 + APRR 4.74% 0.315% AREA 4.77% 0.33% *I = Inflation 42

  43. Slide 43: APRR & Eiffarie

    APRR & Eiffarie Financial net debt structure* (in millions of euros) Total 8,269 8,157 8,023 8,038 7,715 1,175 1,061 1,020 1,022 Eiffarie 1,056 7,094 7,003 7,016 7,096 6,659 APRR 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 *Excl. IFRS 16, fair value of CNA debt and swaps 11 9 7 5 9 43

  44. Slide 44: APRR - Gross debt profile

    APRR - Gross debt profile Profile as at 31/12/2022 (in millions of euros) 500 500 500 113 700 700 700 500* 500 500 500 500 500 500 500 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 *repaid 20/01/23 EMTN Program 44

  45. Slide 45: APRR - Changes to traffic

    APRR - Changes to traffic 125 122.2 120 120.4 115 LV 111.5 110 105 Total 100 100 95 HGV 90 85 80 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018

  46. Slide 46: Concessions activity (excl. Ifric 12)

    Concessions activity (excl. Ifric 12) Breakdown between APRR and other Concessions (in millions of euros) 3,342 +10.4% 2,962 3,028 2,879 523 +13.9% 341 351 2,587 459 418 2,819 +9.7% 2,538 2,611 2,569 2,169 2018 2019 2020 2021 2022 ∆22/21 Other Concessions APRR 46

  47. Slide 47: Motorway concessions in France

    Motorway concessions in France 47

  48. Slide 48: Assets under concession (consolidated)

    Assets under concession (consolidated) Project Type Country End of concession Status % Shares APRR & AREA Concession FR 2035/2036 Operational 52.00% A65 – A'liénor Concession FR 2067 Operational 100.00% A79 – Aliaé Concession FR 2068 Under construction 99.90% Millau Viaduct Concession FR 2079 Operat

  49. Slide 49: Assets under concession (equity accounted and participations)

    Assets under concession (equity accounted and participations) Project Type Country End of concession Status % Shares Getlink Concession FR / UK 2086 Operational 18.79% A41 – Adelac Concession FR 2060 Operational 52.00% Amiens Aqua center Concession FR 2042 Operational 15.00% Prado South Tunnel Conce

  50. Slide 50: Assets in concession (consolidated)

    Assets in concession (consolidated) Carrying value of assets held under concession (in millions of euros)* 31/12/2021 31/12/2022 APRR & AREA 9,195 8,906 Toulouse Airport 1,055 1,012 Bretagne-Pays de la Loire HSRL 963 919 A65 – A’liénor 938 926 A79 – Aliaé 494 724 Millau viaduct 344 342 Decathlon Are

  51. Slide 51: Life cycle of a PPP

    Life cycle of a PPP Value Eiffage Financial investor Financial structuring PPP contract signing Length in years 1 YEAR 3 TO 6 YEARS 1 TO 2 YEARS 15 TO 20 YEARS Tender Construction Launch of Operation Capex operations Call for tender 5%-10% Equity Sale of equity 90%-95% Debt Preservation of O&M contr

  52. Slide 52: 2021 and 2022 revenue

    2021 and 2022 revenue in millions of euros 2021 2022 ∆22/21 Actual (lfl) Construction 4,100 4,362 +6.4% +6.0% Incl. property 1,106 1,095 Infrastructure 6,840 7,291 +6.6% +6.5% Energy Systems 4,753 5,324 +12.0% +7.7% Contracting 15,693 16,977 +8.2% +6.7% Concessions (hors Ifric 12) 3,028 3,342 +10.4%

  53. Slide 53: Q4 2021 and Q4 2022 revenue

    Q4 2021 and Q4 2022 revenue 4th quarter Variation in millions of euros 2021 2022 2022 / 2021 Construction 1,189 1,230 +3.4% Incl. property development 372 310 Infrastructure 1,857 2,076 +11.8% Energy Systems 1,368 1,589 +16.2% Contracting 4,141 4,895 +10.9% Concessions (excl. Ifric 12) 782 797 +1.9%

  54. Slide 54: Details of green european taxonomy

    Details of green european taxonomy 2020 2021 2022 Eligibility Eligibility Eligibility Alignment Revenue 48.0% 50.1% 45.8% 16.7% Opex 31.0% 36.5% 34.8% 17.1% Capex 38.0% 31.6% 38.6% 14.6% 54

  55. Slide 55: Reconciliation tables of two API

    Reconciliation tables of two API Reconciliation of aggregates of net cash flow Reconciliation of line items in the statement and free cash flow tables of financial position and net financial debt in millions of euros 2021 2022 in millions of euros 2021 2022 Cash and cash equivalents 4,807 4,756 Net

  56. Slide 56: Glossary

    Glossary Item Definition Construction revenue generated Construction revenue generated by concessions corresponds to costs relating to services to build or improve infrastructure committed to by the concession operator by concessions (Ifric 12) determined in accordance with the requirements of Ifric

  57. Slide 57: Investor relations contact and agenda

    Investor relations contact and agenda Eiffage APRR Quarterly information and turnover for Quarter 4 2022 22.02.2023 24.01.2023 Xavier Ombrédanne 2022 results and analysts' presentation 22.02.2023 22.02.2023 Quarterly information and turnover for Quarter 1 2023 10.05.2023 18.04.2023 xavier.ombredanne

  58. Slide 58: Disclaimer

    Disclaimer This presentation may contain forward-looking statements and information about the Group's financial situation, operating results, activities and development strategy. These statements and information are based on assumptions that may prove incorrect and are subject to major risks and unc

Eiffage — FY2022 Earnings Presentation on 6ix