Vinci Sa · EURONEXT:DG
Vinci Sa — Non-Deal Roadshow (May 2011)
43 slides from Vinci Sa's roadshow presentation, May 2011
Slide 1: 2011 Spring Roadshow
2011 Spring S i Roadshow R d h Paris, London, New York May 2011
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about VINCI VINCI’ss financial situation, situation operating results, results business activities and growth strategy. These objectives and statements are based on assumptions that are dependent upon significant risk
Slide 3: VINCI Key Messages
VINCI Key Messages Good start to the year 1st q quarter 2011 revenue up p sharply p y due to organic g and external g growth Order book set to pass €30 billion Net debt under control S Sound d financial fi i l managementt Balanced development strategy 3
Slide 4: 1st Quarter 2011 Revenue: +25.4%
1st Quarter 2011 Revenue: +25.4% +25.4% +1,557 m€ 7,685 6 128 6,128 FX External Other Organic growth +€ 54 million growth +€ 839 million +€ 664 million 1Q10 1Q11 Exchange rates and 11/10 change Organic growth External growth Change misc. Concessions +5.6% +0.7% +0.1% +6.4% Contracting +11.2% 11.2% +
Slide 5: Order book at 31 March 2011
Order book at 31 March 2011 Good visibility for 2011 and beyond France/International By business line Δ 11/10 Δ 11/10 Mos. of avg biz 25.9 26.6 +3% 26.6 +3% activity 25.9 67 6.7 +6% 6% 10 6.3 12.8 +2% 12.6 5.2 5.4 +6% 8 13.3 13.8 +4% 14.5 14.5 +0% 13 12-10 03-11 12-10 03-11 France International Ener
Slide 6: 2011 management and financial policy
2011 management and financial policy Finalise key project financial closings South Europe Atlantic HSR Moscow–St. Petersburg motorway Refinance ASF maturities on bond market about €600 million Return cash to shareholders Buyback shares to eliminate dilution from instruments giving access to
Slide 7: VINCI Strategy: Grow Revenue, Expand Margins, Create Value
VINCI Strategy: Grow Revenue, Expand Margins, Create Value by Pursuing international growth, especially outside Europe Strengthening synergies among the Group’s business lines Enhancing high technical value know-how Developing recurring revenue streams in contracting To g get there VINCI is targetin
Slide 8: VINCI: Key Operational Priorities
VINCI: Key Operational Priorities Focus on Margins & Cash Balanced Coherent Business Development Financial Management Objectives O t f Outperform the th sector t Pursue targeted growth opportunities Create shareholder value over the long-term 8
Slide 9: Appendixes: 1st Quarter 2011 Revenue
Appendixes: 1st Quarter 2011 Revenue
Slide 10: 1st quarter consolidated revenue
1st quarter consolidated revenue 1Q10 1Q11 Δ 11/10 (in € millions) actual comparable restated actual Concessions 1 078 1,078 1 147 1,147 +6 4% +6.4% +5 6% +5.6% VINCI Autoroutes 866 918 +6.1% +6.1% Other concessions 212 229 +7.8% +3.8% Contracting 5,022 6,564 +30.7% +11.2% Energies 1,093 1,985 +81.7
Slide 11: 1st quarter consolidated revenue - France
1st quarter consolidated revenue - France 1Q10 1Q11 Δ 11/10 (in € millions) actual comparable restated actual Concessions 1 010 1,010 1 072 1,072 +6 1% +6.1% +6 1% +6.1% VINCI Autoroutes 863 915 +6.1% +6.1% Other concessions 147 157 +6.2% +6.2% Contracting 2,964 3,897 +31.5% +12.9% Energies 733 1,26
Slide 12: 1st quarter consolidated revenue – outside France
1st quarter consolidated revenue – outside France 1Q10 1Q11 Δ 11/10 (in € millions) actual comparable restated actual Concessions 68 75 +10 5% +10.5% -1.4% 1 4% VINCI Autoroutes 3 3 -6.3% -8.2% Other concessions 65 72 +11.3% -1.1% Contracting 2,058 2,666 +29.6% +8.7% Energies 359 717 +99.6% +5.7% Eu
Slide 13: Appendixes: Concessions
VINCI Appendixes: Concessions
Slide 14: VINCI Autoroutes 1Q11 toll receipts: +6.2%
VINCI Autoroutes 1Q11 toll receipts: +6.2% Change in traffic on a stable network: +3.3% New sections (A86 Duplex & Arcour): +0.4% +6.2% T ll price Toll i effects ff t and d miscellaneous: i ll +2.5% 2 5% T ffi growth Traffic th on a stable t bl network t k 110 (number of km travelled over 12 rolling
Slide 15: VINCI Autoroutes: resilience and visibility
VINCI Autoroutes: resilience and visibility Europe’s largest toll motorway network 4,385 4 385 km k under d concessioni of which 4,310 km in service A86 ASF Escota Cofiroute* Arcour Duplex Network under 2 714 2,714 459 1 100 1,100 101 10 concession (km) % held by VINCI 100% 99% 83% 100% 83% N off kk
Slide 16: VINCI Autoroutes: contractual framework of toll increases
VINCI Autoroutes: contractual framework of toll increases ASF Escota Cofiroute* Arcour End of concession 2033 2027 2031 2070 Minimum annual toll increase until the end of the concession: 70% * CPI Current master plan 2007-2011 2007-2011 2011-2014 N/A - 2011 85% x CPI + 1.175% 85% x CPI + 1.2% 85% x
Slide 17: Duplex A86
Duplex A86 Total investment: € 2.2 billion Concession end: 31 December 2086 Start date 1st section Rueil-A13 (VL1): 1 July 2009 2nd section A13-Vélizy: y 9 JJanuaryy 2011 Concession holder retains tariff adjustment flexibility Adjustment in relation to hour and day of the week (232 hourly possibilit
Slide 18: VINCI Park: 2010 key figures
VINCI Park: 2010 key figures Key figures (€ millions) 2009 2010 Δ 10/09 1,391,000 spaces managed in 12 countries*, Revenue 576 596 +3,5% of which: - France 413 416 +0.8% +0 8% 383,000 under concession or freehold (+2% vs - International 163 180 +10.5% Dec. ‘09) and 1,008,000 under service contracts
Slide 19: Other concessions & PPPs in portfolio (1/2)
Other concessions & PPPs in portfolio (1/2) End of VINCI Traffic Consoli- Country Type Name Description dation1 concession share risk Other PPPs & concessions in France France Stadium Stade de France 80,000 seats 2025 67% yes FC Tunnel Prado Carénage Road tunnel in Marseilles 2025 33% yes EM Energy
Slide 20: 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 21: LISEA: South Europe Atlantic high-speed rail line
LISEA: South Europe Atlantic high-speed rail line Europe’s biggest transport infrastructure HSR concession project Existing lines Motorways Estimated total value: >€7 billion Kilometer Estimated works value: >€5 billion Delivery date: 2017 303 km of new high-speed high speed rail line 400 engineerin
Slide 22: Appendixes: Contracting
VINE! “? Appendixes: Contracting
Slide 23: Contracting: diversified and resilient business lines
Contracting: diversified and resilient business lines Energies: Significant organic and external growth potential Strong operating margin resilience/potential for improvement Strengthening of recurring business: PPPs, facilities management, services Eurovia: good adjustment to new market conditions
Slide 24: Energies – profile
Energies – profile Description Market leader in France and a major player in Europe in services associated i t d with ith energy and d iinformation f ti ttechnologies h l i Design, engineering, implementation, operation and maintenance of equipment: Power transmission and distribution infrastructure
Slide 25: Eurovia – profile
Eurovia – profile Description 300 divisions and subsidiaries: Construction, repair and maintenance of transport infrastructure (roads, rail tracks, airports, etc.) Urban development, p light g rail, signalling g g Strategy of vertical integration towards materials production and recycling Production
Slide 26: 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 27: VINCI Immobilier: 2010 highlights
VINCI Immobilier: 2010 highlights Revenue: +8.0%, including: Residential (€ 475 million): +12.7% Commercial (€ 114 million): -9.0% 9 0% Residential RE: 24% increase in units sold: 4,194 signed closings in 2010 Inventory of potential units: about 9,400 lots at 31 December 2010 (+13% ( versus 2009) Co
Slide 28: Appendixes: 2010 Financial Statements
Appendixes: 2010 Financial Statements
Slide 29: Income statement
Income statement 2009 2009 2010 (in € millions) Δ 10/09 published restated actual Revenue 31,928 30,741 33,376 8.6% Operating profit from ordinary activities 3,192 3,100 3,434 10.8% % of revenue 10 0% 10.0% 10 1% 10.1% 10 3% 10.3% Operating profit 3,145 3,110 3,429 10.2% Financial income/(expense) (
Slide 30: Cash flow statement (1/2)
Cash flow statement (1/2) 2009 2010 (in € millions) Concessions Contracting restated actual Cash flow from operations (EBITDA) 4,771 5,052 3,197 1,766 Income taxes paid (644) (950) (669) (243) Net interest paid (762) (693) (687) (15) Change in WCR and other 571 (24) (1) (33) Operating cash flow 3,93
Slide 31: Cash flow statement (2/2)
Cash flow statement (2/2) 2009 2010 (in € millions) restated actual Free cash flow 2,276 1,919 Net financial investments (incl. net financial debt) (96) (2,425)* Other financial cash flows (31) (68) Cash flow before movements in share capital 2,148 (575) p increases & other operations Capital p 621
Slide 32: Consolidated balance sheet
Consolidated balance sheet (in € billions) 31 Dec. ‘09 31 Dec. ‘10 Change EQUITY & LIABILITIES 10,467 13,025 Equity 10.5 13 0 13.0 +2.5 25 1,443 1,729 Non-current provisions and other 1.4 1.7 +0.3 long-term liabilities 19,017 18,669 Borrowings (A) 19.0 18.7 (0.3) WCR and current provisions 5,936 6,4
Slide 33: Change of net debt in 2010
Change of net debt in 2010 (in € billions) Unchanged over 12 months Free cash Dividends flow (1.0) (13 1) (13.1) +1.9 (13 1) (13.1) Capital M&A increase & (2.4)* other* +1.5 Net debt Net debt at 31 Dec. 2009 at 31 Dec. 2010 * Including acquisition of Cegelec shares (1.4 bn€) paid for with VINCI shar
Slide 34: Financing sources well-diversified
Financing sources well-diversified Prudent, optimised rate structure Net debt by: Divisions Financing source Fixed rate/Variable rate 18% 12% 6% 32% 34% 3% 29% 55% 56% 18% 27% 10% ASF Bonds Variable rate Cofiroute CNA (Caisse ( Nationale des Autoroutes)) Inflation capped Arcour Banks Fixed rate VINC
Slide 35: Net financial debt by entity
Net financial debt by entity 2009 Debt/cash 2010 Debt/cash (in € millions) Δ 10/09 restated flow* actual flow* Concessions ( (15,688) ) 5.1 x ( (15,599) ) 4.9 x 89 VINCI Autoroutes (14,029) 5.0 x (13,965) 4.8 x 64 VINCI Park (819) 41x 4.1 (787) 4.4 x 32 Other concessions (351) 4.3 x (408) 4.2 x (57)
Slide 36: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt at 31 December 2010: 6.6 years of which concessions: 7.5 years 3,000 2,500 2,000 1,500 1,000 500 0 2 011 2 012 2 013 2 014 2 015 2 016 2 017 2 018 2 019 2 020 2 021 2 022 2 023 2 024 2 025 2 026 2 027 > 2028 ASF ASF Holding Co
Slide 37: Financial indicators
Financial indicators 31 Dec. ‘09 (in € millions) 31 Dec. ‘10 restated Capital employed 25,005 27,766 of which: 25 066 25,066 25 121 25,121 Concessions Contracting (30) 2,580 ROCE – Return on capital employed 9 0% 9.0% 9 3% 9.3% Equity attributable to owners of the parent 9,811 12,304 ROE – Return on
Slide 38: Appendixes: VINCI Overview
VINCI “? Appendixes: VINCI Overview
Slide 39: VINCI: World Leader in Concessions and Contracting
VINCI: World Leader in Concessions and Contracting Concessions Contracting French Toll Roads Construction Parking Facilities Road & Rail Works Large Public Equipment Transportation Infrastructure Electrical Contracting VINCI designs designs, finances finances, builds and manages: Public and privat
Slide 40: Revenue 2010 and workforce by business
Revenue 2010 (in € millions) 33,376 CONCESSIONS CONTRACTING 5 097 5,097 28 150 28,150 VINCI VINCI VINCI ENERGY VINCI AUTOROUTES CONCESSIONS IMMOBILIER BUSINESS LINE EUROVIA CONSTRUCTION 4 259 4,259 838 603 7 102 7,102 7 930 7,930 13 118 13,118 Workforce 8,493 7,571 313 58,778 39,754 64,338 40
Slide 41: Long-term Market Drivers
Long-term Market Drivers Urbanisation Energy Mobility Environment Important needs of infrastructure and public equipment in emerging markets B tt acceptance Better t off th the ‘User-Payer’ ‘U P ’ principle i i l and d ttollll culture lt Development of PPP G General l ageing i off public bli equipm
Slide 42: 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 42
Slide 43: Page Index
Page Index Backlog 5 French Toll Roads: SEA 21 A86 17 Balance Sheet 32 Network Desc. 15 Strategy 7 Tariff Structures 16 Cashflow 30 – 31 Traffic Trends 14 VINCI Autoroutes: see French Toll Roads Contracting 23 Immobilier 27 Construction 26 VINCI Overview 39 – 41 Energy 24 Key Messages 3, 8 Eurovia 2