Vinci SA · EURONEXT:DG
Vinci SA — Q1 2018 Earnings Presentation
85 slides from Vinci SA's earnings presentation, 2018
Slide 1: First quarter 2018 highlights
First quarter 2018 highlights Santiago airport, Chile
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: VINCI Group presentation
VINCI Ws VINCI Group presentation
Slide 4: 2017 key figures
VINCI 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 >110 270,000 62% employee shareholders countries where VINCI operates estimated number of worksites shareholders outside France Concessions Real
Slide 5: Breakdown of 2017 main indicators by business lines
Breakdown of 2017 main indicators by business lines REVENUE by business line EMPLOYEES EBITDA €40.2 bn 194,428 €6.5 bn 1% 7% 1% 2% 17% 25% Contracting 73% Concessions 82% 92% Holdings & VINCI Immobilier REVENUE by geographical area NET PROFIT CAPITAL EMPLOYED €2.7 bn €35.1 bn 11% 8% 33% France 63% 3
Slide 6: VINCI business model
VINCI business model STRONG OPERATIONAL AND FINANCIAL COMPLEMENTARITY BETWEEN CONCESSIONS AND CONTRACTING BUSINESSES Concessions Contracting Transport infrastructure (motorways, airports), Construction, road and rail works, electrical public amenities engineering and works Operating cycles not align
Slide 7: A cautious financial policy
A cautious financial policy Solid credit ratings A high level of cash S&P A-/A2 Outlook positive Outlook positive €4.8bn managed net cash at 31 December 2017 since March 2018 Moody’s A3/P1 Outlook stable Confirmed €6.0bn unused bank credit facilities expiring in 2021 December 2017 Excellent debt ref
Slide 8: VINCI's unchanging strategy
VINCI’s unchanging strategy Concessions Contracting Prioritise development in: Extend maturity of concession portfolio VINCI Energies Focus on airports and motorways (greenfield and brownfield projects) Specialist activities at Eurovia and VINCI Construction Integrated Concessions-Contractin
Slide 9: Shareholder base at 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 10: First quarter 2018 highlights
First quarter 2018 highlights
Slide 11: First quarter 2018 highlights
First quarter 2018 highlights Strong passenger traffic growth at VINCI Airports Further rise in VINCI Autoroutes traffic Upturn confirmed in contracting Order book growth for all three contracting businesses 2018 outlook: higher consolidated revenue, operating income and net income 11
Slide 12: First quarter 2018 consolidated revenue
First quarter 2018 consolidated revenue Δ 2018/2017 € in millions Q1 2018 Q1 2017 Actual Comparable Concessions 1,539 1,450 +6.1% +5.9% VINCI Autoroutes 1,131 1,094 +3.4% +3.4% VINCI Airports 342 306 +11.7% +11.8% Other Concessions 66 50 +31.2% +26.2% Contracting 7,236 6,895 +4.9% +1.8% VINCI Energi
Slide 13: First quarter 2018 consolidated revenue evolution by division
First quarter 2018 consolidated revenue evolution by division Concessions Contracting €1,539 m +6.1% €7,236 m +4.9% Organic Scope FX Organic Scope FX €8,846 m €8,437 m +5.9% +1.3% (1.1%) +1.8% +5.1% (2.0%) Total VINCI Group +4.9% +2.2% +4.5% (1.8%) Organic Scope FX Q1 2017 Revenue change Q1 2018 13
Slide 14: First quarter 2018 consolidated revenue evolution by geographical area
First quarter 2018 consolidated revenue evolution by geographical area France International €5,222 m +3.8% €3,625 m +6.4% Organic Scope Organic Scope FX €8,846 m €8,437 m +3.6% +0.2% +0.1% +10.6% (4.3%) Total VINCI Group +4.9% +2.2% +4.5% (1.8%) Organic Scope FX Q1 2017 Revenue change Q1 2018 14
Slide 15: Airports in Q1 2018
VINCI Airports in Q1 2018 Q1 2018 €0.3 bn Revenue Δ Q1 2018/ Q1 2017 +11.7% actual +11.8% like for like Q1 2018 highlights Kobe airport in Japan • Signature in April 2018 of an agreement to acquire the portfolio of Passenger traffic (thousands of Q1 2018/ Rolling 2018/2017 Airports Worldwide, compri
Slide 16: Autoroutes in Q1 2018
VINCI Autoroutes in Q1 2018 Q1 2018 Revenue € 1,1 bn Δ Q1 2018/ Q1 2017 +3.4% Q1 2018 highlights • HV traffic above pre-crisis levels since H2 2017 despite a negative calendar effect in Q1 2018 (one business day less than in Q1 2017) • Positive calendar impact on LV traffic: Winter holidays ending A
Slide 17: Energies in Q1 2018
VINCI Energies in Q1 2018 Q1 2018 Revenue €2.8 bn Δ Q1 2018/ Q1 2017 +12.8% actual +3.1% like for like Q1 2018 highlights • Revenue growth in all business segments and organic growth driven by France despite poor weather conditions • Integration of most recent significant acquisitions: PrimeLine Uti
Slide 18: Eurovia in Q1 2018
Eurovia in Q1 2018 Q1 2018 Revenue € 1.4 bn +1.5% actual Δ Q1 2018/ Q1 2017 +2.5% like for like Q1 2018 highlights • Very high seasonality of Eurovia’s business and activity particularly affected in March by adverse weather conditions in Europe: the Q1 performance cannot be extrapolated to the full
Slide 19: Construction in Q1 2018
VINCI Construction in Q1 2018 Q1 2018 Revenue € 3.1 bn actual Δ Q1 2018/ Q1 2017 +0.2% and lfl* Q1 2018 highlights • France: upturn confirmed thanks to the recovery of the building and the civil engineering markets particularly in the Paris region • Outside France: Revenue decrease mainly due to : V
Slide 20: VINCI Immobilier in Q1 2018
VINCI Immobilier in Q1 2018 Q1 2018 Q1 2018 Managed revenue* Consolidated revenue Δ Q1 2018/ Q1 2017 Δ Q1 2018/ Q1 2017 €218 m € 178 m (9.9%) (9.5%) Testimonio 2 project in Monaco. Q1 2018 highlights • Strong commercial momentum in the residential sector with a Housing units reserved 1,256 20% incre
Slide 21: 2018 outlook
VINCI Ws 2018 outlook
Slide 22: 2018 Outlook confirmed
2018 Outlook confirmed 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 Contr
Slide 23: Robust growth at VINCI Autoroutes, buoyed by heavy-vehicle traffic
Robust growth at VINCI Autoroutes, buoyed by heavy-vehicle traffic Q1 2018/Q4 2007 change 120 Light vehicles +16.8% 115 Total traffic 110 +14.7% 105 Heavy vehicles 100 +2.8% 95 90 85 23
Slide 24: 2018 concessions development
2018 concessions development Start of operations at Salvador (Brazil), Kobe (Japan) SEA in full operations LAMSAC new section to be opened to traffic Financial closing of Belgrade (Serbia) and AWW acquisitions expected before 2018 year-end Traffic up 3.4% in Q1 2018 By the end of 2018, VINCI Airport
Slide 25: Contracting order book
Contracting order book Order book up by 5% as of March 31, 2018 and by 8% compared to December 31, 2017 (in € billion) By business line By geographical area Δ Mar. 18/ Mar. 17 Δ Mar. 18/ Mar. 17 31.8 +5% 31.8 +5% 30.2 29.3 30.2 6.1 29.3 8.1 +18% 6.9 6.7 6.7 15.9 16.1 +1% 6.3 +5% 15.5 6.0 5.7 5.7 16.
Slide 26: The Grand Paris Express project
The Grand Paris Express project Line 17 4 new metro lines around Paris and 2 line extensions Line 11 Line 16 €28 bn 200 km 68 Line 15 to €35 bn Automatic New stations Construction metro lines Line 15 budget* Line 14 Expected completion in 2030 Line 18 * source: Société du Grand Paris Line 15 South L
Slide 27: Q1 2018 major contracts awarded
Q1 2018 major contracts awarded VINCI Construction / Grand Paris: new contract on the metro Line 14 South Spie Batignolles VINCI Construction Construction of VINCI new head office in Nanterre (near La Défense business district) VINCI Construction Construction works of the “Origine” building complex
Slide 28: Contracting: beginning of a new cycle
Contracting: beginning of a new cycle 6,0% 5.7% 5,5% 5,0% 4,5% 4,0% 3.8% Start of recovery in 3,5% 3.7% EBIT margins 3,0% 2,5% 2.5% 2,0% 2010 2011 2012 2013 2014 2015 2016 2017 VINCI Energies Eurovia VINCI Construction Total Contracting 28
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Slide 30: Appendices
Appendices Business line profiles Financial data
Slide 31: Business line profiles
VINCI Ws Business line profiles
Slide 32: 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 1,689 France 82% Capital employed at 31 December 2017 29,605 €6.9 bn Free Cash Flow 1,968
Slide 33: 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 34: 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 35: VINCI Autoroutes
VINCI Ws VINCI Autoroutes
Slide 36: 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 37: 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 38: VINCI Autoroutes – new motorway Investment Plan related projects
VINCI Autoroutes – new motorway Investment Plan related projects Legend New motorway interchange 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
Slide 39: VINCI Airports
VINCI Ws VINCI Airports
Slide 40: 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) 5% 12 airports in France 4% 3% 12% 11% 3 airports in Cambodia 5% 6% 10 airports in Portugal 28% 1 airport in Chile 49% 2 airports in Japan 28% 33% 6 airport
Slide 41: VINCI Airports (1)
VINCI Airports (1) VINCI AIRPORTS VINCI Country Name Description KPAX in 2017 End of concession Traffic risk Consolidation* share 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
Slide 42: VINCI Highways and other concessions
VINCI Highways and other concessions
Slide 43: 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 44: VINCI Highways - Electronic Toll Collection (ETC) developments
VINCI Highways - Electronic Toll Collection (ETC) developments Serving about 1,2 millions ETC subscribers worldwide Major Steps Lamsac - PEX 1995: Opening of SR91 in Los Angeles 2002: Start of Toll Collect in Germany 2016: Acquisition of PEX in Peru and participation in Toll Plus in the US and India
Slide 45: VINCI Railways - SEA
VINCI Railways - SEA 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 46: 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 47: 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 48: 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 49: Contracting
VINCI Ws Contracting
Slide 50: Contracting Profile
Contracting Profile 2017 Key figures 2017 revenue by geographical area (in € millions) Asia/Russia 3% Revenue 32,830 Oceania 3% Rest of World 1% France 17,461 Africa 4% International 15,370 Americas 7% France 53% EBIT 1,260 as % of revenue 3.8 % Rest of Europe 8% Net income 793 €32.8 bn Central & Ea
Slide 51: 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 Noisy-Champs station – Line t
Slide 52: 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 Services Revenue > €100 m €50 m < Revenue < €100 m Revenue < €50 m Seymour Whyte VINCI Energies Eurovia VINCI Construction 52
Slide 53: 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 54: 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 55: 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 56: 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 7,364 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 57: VINCI Immobilier
VINCI Ws VINCI Immobilier
Slide 58: 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 59: Financial Data
VINCI Ws Financial Data
Slide 60: Financial data as of March 31, 2018
Financial data as of March 31, 2018
Slide 61: First quarter 2018 consolidated revenue - France
First quarter 2018 consolidated revenue - France Δ 2018/2017 € in millions Q1 2018 Q1 2017 Actual Comparable Concessions 1,237 1,186 +4.3% +4.3% VINCI Autoroutes 1,131 1,094 +3.4% +3.4% VINCI Airports 79 75 +5.2% +5.2% Other Concessions 27 17 +52.6% +52.6% Contracting 3,912 3,721 +5.1% +4.9% VINCI E
Slide 62: First quarter 2018 consolidated revenue - International
First quarter 2018 consolidated revenue - International Δ 2018/2017 € in millions Q1 2018 Q1 2017 Actual Comparable Concessions 302 264 +14.5% +13.6% VINCI Airports 263 231 +13.8% +14.1% Other Concessions 39 33 +19.8% +9.8% Contracting 3,324 3,174 +4.7% -1.8% VINCI Energies 1,376 1,127 +22.1% +1.9%
Slide 63: Maturity of gross financial debt
Maturity of gross financial debt Average maturity of gross financial debt (€19.3 bn) at end March 2018: 6.1 years * Repayment schedule as of March 2018 In k€ 3 000 2 500 2 000 1 500 1 000 500 0 9M 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 > 2033 ASF Cofiroute * Conce
Slide 64: Financial data as of December 31, 2017
Financial data as of December 31, 2017
Slide 65: Income statement
Income statement (in € millions) 2017 2016 Δ 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 66: French corporate income tax evolution
French corporate income tax evolution 2017 non recurring tax effects Planned decrease of French normal corporate income tax rate On net income : +€10 m • Surtax equal to 30% of corporate income tax for companies with revenue of over €3 bn: -€292 m • Refund of the 3% dividend tax: +€164 m • Gradual d
Slide 67: Consolidated revenue
Consolidated revenue Δ 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 68: 41% 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% 5% 4% Western Europe (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 69: Consolidated revenue – France
Consolidated revenue – France Δ 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 70: Consolidated revenue – international
Consolidated revenue – international Δ 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 71: EBIT - operating income from ordinary activities by business line
EBIT - operating income from ordinary activities by business line € in millions 2017 % of revenue* 2016 % of revenue* Δ 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 72: ROI – Recurring operating income by business line
ROI – Recurring operating income by business line € in millions 2017 % of revenue* 2016 % of revenue* Δ 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 73: Financial income/(expense)
Financial income/(expense) € in millions 2017 2016 Δ 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 74: EBITDA
EBITDA* € in millions 2017 % of revenue** 2016 % of revenue** Δ 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 75: Operating CAPEX, net
Operating CAPEX, net € in millions 2017 2016 Δ 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 76: Growth CAPEX in concessions and PPPs
Growth CAPEX in concessions and PPPs € in millions 2017 2016 Δ 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 77: 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 78: 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 79: 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 80: 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 Δ 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 81: 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 82: Average cost of future debt repayment
Average cost of future debt repayment ASF Cofiroute Holdings and misc. Arcour Other concessions 3 000 2 500 (1) 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% (1) Of which €1bn
Slide 83: Corporate financing
Corporate financing €3.7 bn new debt issued in 2017 with 9.8 years of average maturity and an average cost after hedging of 1.66%* Jan. 2017 €1.0 bn ASF 10-year bond 12-year amortising bonds & Jan 2017 €0.4 bn Aerodom 7-year bank loan (USD) Feb. 2017 €0.4 bn VINCI non-dilutive cash-settled convertib
Slide 84: 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 85: IR Contacts and Agenda
IR Contacts and Agenda CONTACTS AGENDA Arnaud Palliez Arnaud.palliez@vinci.com 27 July 2018 Tel: +33 1 47 16 45 07 First half 2018 financial results Alexandra Bournazel 23 October 2018 Alexandra.bournazel@vinci.com Q3 2018 revenue Tel: +33 1 47 16 33 46 85