Eiffage SA · EURONEXT:FGR

Eiffage SA — H1 2022 Earnings Presentation

62 slides from Eiffage SA's earnings presentation, Aug 31, 2022

  1. Slide 1: Half-year results 2022

    Half-year results 2022 August 31, 2022 1

  2. Slide 2: Highlights

    Highlights Benoît de Ruffray Chairman and Chief Executive Officer 2

  3. Slide 3: Major balances

    Major balances Contracting Concessions  Sustain and develop the Harness all the Group’s  Manage, optimise and extend Group’s European roots business lines right across the the maturity of our assets value chain  Complete acquisitions in  Greenfield concessions specialised business lines  Streng

  4. Slide 4: Group revenue and results

    Group revenue and results in millions of euros Revenue Operating profit Net profit group share +35% 18,721 +34% 18,143 x 2.5 16,577 16,321 2,005 1,919 777 1,857 725 15,081 1,732 629 13,909 14,008 1,597 515 416 375 1,431 312 1,263 ≃ 14 Bn € 2012 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018

  5. Slide 5: Contracting revenue and operating profit

    Contracting revenue and operating profit in millions of euros Operating profit Revenue +71% +37% 585 549 15,693 488 15,181 433 343 378 13,698 13,734 281 12,354 11,466 11,452 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 3,0% 3,3% 3,5% 3,6% 3,6% 2,0% 3,7% Revenue Revenue Reven

  6. Slide 6: Contracting revenue evolution

    Contracting revenue evolution in millions of euros 774 418 365 1,452 15,693 1,218 14 919 14 136 11,466 6

  7. Slide 7: Revenue and operating profit Concessions

    Revenue and operating profit Concessions in millions of euros Revenue +24% Operating profit +23% 3,028 2,962 1,464 2,879 1,394 1,308 1,338 2,727 1,224 2,556 2,587 1,091 2,443 992 11,4 % 11,5 % 11,2 % 11,1 % 7,7 % 10,3 % 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 2021 Group net

  8. Slide 8: Concessions: portfolio strengthened

    Concessions: portfolio strengthened 2015 2016 2018 2019 2020 2021 2022 Concessions Aliae (A79) won Reims Lille Cegelog Arena Airport Baie des Anges marina Extension SMTPC Autoroute de APRR l’Avenir in Senegal APRR Adelac (A41) 2% Increase in the 25% share capital Adelac (A41) A’liénor (A65) 2% 35% H

  9. Slide 9: Financial net debt structure

    Financial net debt* structure in millions of euros Total -10,375 -10,544 -10,218 -9,888 -9,332 FND 904 977 1,018 Holding & 526 664 Contracting (10,350) (11,070) (10,882) (10,865) (11,279) FND Concessions 31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 Inc. IAS 17 debt 313 359 / / / *Exc. IFRS 16 debt,

  10. Slide 10: Carbon climate issues

    Carbon climate issues Commitment to the Publications of the 3rd climate report 1.5°C target Commitment to carbon neutrality by 2050 Implementation of European Taxonomy indicators Non-financial ratings in place:   Reduction of greenhouse gas emissions by 2030 compared to 2019:     10

  11. Slide 11: A Group catering to the major trends in Europe

    A Group catering to the major trends in Europe Energy sovereignty Industrial sovereignty All the Group’s business lines harnessed  Decarbonisation of energy right across the value chain  Relocation & extension of generation manufacturing facilities  Eiffage Énergie Systèmes  Optimisation of use

  12. Slide 12: Highlights S1 2022

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  13. Slide 13: Highlights - Group

    Highlights - Group Business experiencing significant growth Solid financial position       Strong Contracting order book up 9% year-on-year to Significant improvement in earnings €18 billion   13

  14. Slide 14: Highlights: energy sovereignty

    Highlights ENERGY SOVEREIGNTY ENBW HE DREIHT OFFSHORE SAINT-NAZAIRE OFFSHORE BOYER AND JUGY POWER ILLOULOFIN POWER PLANT IN WIND FARM - GERMANY WIND FARM PLANT ON THE A6 MOTORWAY BENIN REDUCED ENERGY FOOTPRINT BUILDING REFURBISHMENT COMMERCIAL REFURBISHMENT CIRCULAR ECONOMY INDUSTRIALISED CONSTRUCTI

  15. Slide 15: Highlights: industrial sovereignty

    Highlights INDUSTRIAL SOVEREIGNTY SYMBIO GIGAFACTORY DOUVRIN GIGAFACTORY STMICROELECTRONICS PLANT DATA CENTERS SUSTAINABLE MOBILITY GRAND PARIS EXPRESS PROJECT PLANT-BASED RANGE CHARGING STATIONS MOTORWAY FLUIDITY 15

  16. Slide 16: Highlights: acquisitions

    Highlights ACQUISITIONS Switzerland The Netherlands The Netherlands Auvergne-Rhône-Alpes region CIEL HARWIG ELTRA HYDROTEC SERVICES Centre-Val de Loire region Occitanie region France France SRTC SOTECFLU SNEF TELECOM* SUN’R* *subject to customary conditions precedents 16

  17. Slide 17: Eiffage - 1st semester 2022

    Eiffage - 1st semester 2022 Revenue €M +8.6% Operating profit €M +36.2% Net profit group share €M +36.2% 9,452 806 836 925 8,535 8,700 679 354 290 7,645 260 6,918 217 262 -8 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 Change

  18. Slide 18: Outlook 2022 confirmed

    Outlook 2022 confirmed Growth of Contracting activity, more Increase in the results of sustained in Concessions Contracting and Concessions 18

  19. Slide 19: Results by business line and financial results

    Results by business line and financial results Christian Cassayre Chief Financial Officer 19

  20. Slide 20: Revenue (exc. Ifric 12)

    Revenue (exc. Ifric 12) Breakdown concessions / contracting (€M) Breakdown by geographical area (€M) 9,452 +8.6% 9,452 +8.6% +7.6% 8,700 366 -8.3% 8,700 399 1,593 +21.3% +21.5% +16.5% 1,313 2,295 +21.8% 1,885 7,859 7,387 +6.4% +5.1% 6,416 6,791 +5.8% H1 2021 H1 2022 ∆22/21 ∆22/21 H1 2021 H1 2022 ∆22

  21. Slide 21: Contracting revenue (exc. Ifric 12)

    Contracting revenue (exc. Ifric 12) Breakdown by division (€M) Breakdown by geographical area (€M) and % of total 7,859 +6.4% +5.1% 7,387 7,859 +6.4% +5.7% 7,387 334 (5%) (10)% 2,454 +9.1% 371 (5%) (5 %) 2,250 +16.5% 2,295 (29%) +21.8% 1,885 (26%) +5.3% +4.8% 3,167 3,334 5,131 (69%) 5,230 (66%) +1.9

  22. Slide 22: Operating profit on ordinary activities and margins

    Operating profit on ordinary activities and margins H1 2021 H1 2022 Var. M€ % CA M€ % CA Construction 67 3.4% 71 3.4% Infrastructure (28) (0.9)% (33) (1.0)% Energy Systems 89 4.0% 97 4.0% Sub-total 128 1.7% 135 1.7% Contracting Concessions 554 42.2% 791 49.6% Holding (3) (1) Group total 679 7.8% 925

  23. Slide 23: Construction - Activity and results

    Construction - Activity and results Operating margin on ordinary activities at 3.4% of revenue Revenue increased by 5.1% Property development Revenue (€m) and operating margin on ordinary (+4.7% lfl) activities  2,018 2,071 1,970 1,835 1,473 3.4% 3.6% 3.4% Urban development 3.4%  -2.1% Order intak

  24. Slide 24: Inauguration of Gévrise Émane community dojo

    INAUGURATION OF “GÉVRISE ÉMANE”, THE SECOND COMMUNITY DOJO 24

  25. Slide 25: Infrastructure - Activity and results

    Infrastructure - Activity and results Operating margin on ordinary activities at -1% of revenue Revenue increased by 5.3% Revenue (€m) and operating margin on ordinary Delivery (+4.8% lfl) activities  3,334 3,167 2,998 Order intake  2,548  2,476  -0.9% -1.0%  -1.3% -1.0%   -5.3% S1 2018 S1 20

  26. Slide 26: Footbridge linking Aquatic Olympic Center to Stade de France

    FOOTBRIDGE LINKING THE AQUATIC OLYMPIC CENTER TO THE STADE DE FRANCE 26

  27. Slide 27: Energy Systems - Activity and results

    Energy Systems - Activity and results Operating margin on ordinary activities at 4% of revenue Revenue increased by 9.1% Order intake (+5.7% lfl)  Revenue (€m) and operating margin on ordinary activities  2,454 2,250 2,102 1,935 1,764  4.0% 4.0% 3.6% 3.4% Major contract  Operations 1.1%    S1

  28. Slide 28: Orléans Arena

    ORLÉANS ARENA 28

  29. Slide 29: APRR - Activity and results

    APRR - Activity and results EBITDA margin up to 76.5% of revenue Revenue (excl. Ifric 12) up 21.1% Low-carbon projects (+7.8% compared with 2019) Revenue (€m) and EBITDA margin  Total traffic up 23.4% 1,348 1,235 1,251 (+2.3% compared with 2019) 1,113   934 76.5% 76.0%  75.3%  76.4% Price incre

  30. Slide 30: Animations on a service area

    ANIMATIONS ON A SERVICE AREA 30

  31. Slide 31: Concessions - Activity and results

    Concessions - Activity and results Revenue (€m) and operating margin on ordinary Operating margin up to 49.6% of revenue activities 1,593 Revenue up 21.3% versus H1 2021 1,399 1,417 (+21.5% lfl) 1,313 51.3% 51.6% 1,133 49.6% Revenue 22/21 chg. 22/21 chg. in traffic Name (end of concession | % holdin

  32. Slide 32: Castalia Aquatics Centre

    CASTALIA AQUATICS CENTRE =) EIFFAGE

  33. Slide 33: Consolidated income statement

    Consolidated income statement in millions of euros H1 2021 H1 2022 Δ 22/21 Sales(1) 8,700 9,452 +8.6% Operating profit on ordinary activities 679 925 +36.2% (% of sales) (7.8%) (9.8%) Other income (expenses) from operations (14) (20) Operating profit 665 905 +36.1% Net finance costs (119) (125) Othe

  34. Slide 34: Financial net debt evolution

    Financial net debt* evolution in millions of euros Δ WCR Concessions Variations Dividendes Holding & Contracting €M 540 Interest & Holding & Debt repayment Acquisitions without flows & Capital EBITDA Concessions -€M (54) Taxes paid Contracting Concessions and disposals and disposals of funds transac

  35. Slide 35: Financial net debt structure

    Financial net debt* structure in millions of euros Total -10,218 -9,888 -9,332 -10,925 -10,233 -9,988 FND* 977 1,018 Holding & Contracting 664 775 555 202 -10,350 -10,788 -10,763 -10,882 -10,865 -11,127 FND* Concessions 31/12/19 31/12/20 31/12/21 30/06/20 30/06/21 30/06/22 *Exc. IFRS 16 debt, mtm of

  36. Slide 36: Contracting order book

    Contracting order book Contracting order book Order book breakdown by division (€bn) (€bn and number of months) and 12 months variations +9% 16.6 18.0 5.1 +5% 17.1 4.9 16.2 16.6 14.2 7.8 +2% 7.6 11.2 14.8 14.1 13.0 13.4 5.2 +24% months months months months months 4.2 30/06/21 30/06/22 ∆22/21 30/06/2

  37. Slide 37: Appendices

    =) EIFFAGE a5— ia A © gg fdlh ——t ee Appendices

  38. Slide 38: Group shareholding structure

    Group shareholding structure Shareholding at 30/06/2021 Shareholding at 31/12/2021 Shareholding at 30/06/2022 (100.4M shares) (98M shares) (98M shares) 19.0% 18.9% 20.1% 2.6% 0.8% 2.4% 81.1 % 80.2% 78.7% 77.3% Employees Treasury shares Floating 38

  39. Slide 39: Revenue (excluding Ifric 12)

    Revenue (excluding Ifric 12) Revenue breakdown in Europe excluding France (€M) Revenue breakdown (€M) 600 551 6,791 471 6,416 451 466 414 351 2,295 146 145 150 1,885 118 98 107 112 399 366 France International exc. Europe Europe exc. France H1 2021 H1 2022 H1 2021 H1 2022 39

  40. Slide 40: Concessions financial net debt breakdown

    Concessions financial net debt breakdown Non recourse debt located in dedicated SPVs for €bn 10.8* Non recourse fnd breakdown (€M) Non recourse fnd structure (€M) Eiffarie APRR APRR and Eiffarie 1,048 7,163 Toulouse Airport A65 115 706 8,211 Motorways Autoroute de l'avenir (Senegal) Millau Viaduct a

  41. Slide 41: Liquidity and net financial debt

    Liquidity and net financial debt* Holding & Contracting’s liquidity Concessions’s liquidity APRR 2.8 + 2.0 = 4.8 0.9 + 2.0 = 2.9 billion of euros billion of euros undrawn billion of euros billion of euros billion of euros undrawn billion of euros of cash revolving credit line of liquidity of cash re

  42. Slide 42: Consolidated balance sheet - Assets

    Consolidated balance sheet - Assets in millions of euros 30/06/2021 31/12/2021 30/06/2022 Property, plant and equipment 1,717 1,727 1,758 Usage rights of rented assets 1,053 1,039 998 Investment property 58 57 55 Fixed assets held under concessions 11,528 11,591 11,593 Goodwill on acquisition 3,423

  43. Slide 43: Consolidated balance sheet - Equity and liabilities

    Consolidated balance sheet - Equity and liabilities in millions of euros 30/06/2021 31/12/2021 30/06/2022 Share capital 401 392 392 Consolidated reserves 4,938 4,543 4,863 Profit & losses directly accounted for in equity (196) (143) 138 Net profit for the period 260 777 354 Total capital and reserve

  44. Slide 44: Consolidated income statement

    Consolidated income statement in millions of euros H1 2021 2021 H1 2022 Revenue(1) 8,932 19,197 9,787 Other income 4 11 7 Raw materials and consumables used (1,507) (3,171) (1,705) Staff costs (2,079) (4,091) (2,171) Other expenses (3,939) (8,356) (4,213) Taxes other than corporate tax (202) (454) (

  45. Slide 45: Consolidated cash flow statement

    Consolidated cash flow statement in millions of euros H1 2021 2021 H1 2022 in millionseuros of H1 2021 2021 H1 2022 Cash and equivalents at 1 January 5,067 5,067 4,724 Purchases of fixed assets (183) (381) (167) Purchase of intangible concession assets (297) (663) (332) Currency effect - 2 1 Purchas

  46. Slide 46: Financial expenses and results

    Financial expenses and results in millions of euros H1 2021 2021 H1 2022 Concessions (111) (233) (120) Of which: APRR (45) (94) (50) Eiffarie & Financière Eiffarie (4) (8) (4) Groupe Financière Eiffarie (49) (102) (54) A65 - A’liénor (12) (25) (12) Millau Viaduct (10) (28) (18) Autoroute de l’Avenir

  47. Slide 47: Contracts won by Eiffage

    Contracts won by Eiffage as at 30/06/22 as part of the Grand Paris Express 47

  48. Slide 48: Evolution of the operating profit and operating margin

    Evolution of the operating profit (€M) and operating margin Contracting Concessions 791 128 135 718 731 115 99 1.7% 51.6% 1.6% 1.7% 49.6% 554 51.3% 1.6% 410 42.2% H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 36.2% -2.5% H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 -146 48

  49. Slide 49: APRR & AREA - Tariff formulae 2022 - 2036

    APRR & AREA - Tariff formulae 2022 - 2036 Annual tariff increase absent of new management contract 2022 2023 2024 - 2036 70% x I* 70% x I* Tariff increase 1st of February 2022 + APRR 2.05 % 0.25% AREA 2.06 % 0.26% *I = Inflation 49

  50. Slide 50: APRR & Eiffarie - Financial net debt structure

    APRR & Eiffarie - Financial net debt structure* in millions of euros 8,249 8,211 8,023 8,038 7,973 7,715 1,051 1,060 1,020 1,022 1,060 1,056 7,003 7,016 7,198 6,913 7,163 6,659 31/12/2019 31/12/2020 31/12/2021 30/06/2020 30/06/2021 30/06/2022 9 7 5 9 6 8 *Excluding Ifrs 16 debt, mtm of the CNA debt

  51. Slide 51: APRR - Gross debt profile

    APRR - Gross debt profile in millions of euros Debt profile as at 30/06/2022 500 500 500 110 700 700 700 500 500 500 500 500 500 500 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 EMTN Programme 51

  52. Slide 52: APRR - Changes to traffic

    APRR - Changes to traffic 125 124.4 120 122.2 115 LV 111.6 110 105 100 Total 95 90 85 HGV 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 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 20

  53. Slide 53: Assets under concession globally consolidated

    Assets under concession globally 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 – Aliae Concession FR 2068 Under construction 99.90% Millau Viaduct Concession FR 2079

  54. Slide 54: Assets under concession equity accounted and financial participations

    Assets under concession equity accounted and financial participations Project Type Country End of concession Status % Shares Getlink Concession FR / UK 2086 Operational 5.06% A41 – Adelac Concession FR 2060 Operational 52.00% Amiens Aqua center Concession FR 2042 Operational 15.00% Prado South Tunne

  55. Slide 55: Assets in concession consolidated

    Assets in concession consolidated Carrying value of assets held under concession (€M)* 30/06/2021 31/12/2021 30/06/2022 APRR & AREA 9,301 9,195 9,033 Toulouse Airport 1,077 1,055 1,034 Bretagne-Pays de la Loire HSRL 984 963 947 A65 - A’liénor 943 938 932 A79 - Aliae 289 494 665 Millau Viaduct 345 34

  56. Slide 56: PPP life cycle

    PPP life cycle Value Eiffage Financial investor Financial structuring PPP contracts signing Length in years 1 YEAR 3 TO 6 YEAR 1 TO 2 YEARS 15 TO 20 YEARS Tender Construction Operation Operation / Capex Ramp up Call for tender 5% - 10% Equity Sale of equity 90% - 95% Debt Preservation of O&M contrac

  57. Slide 57: Revenue of the 1st semester

    Revenue of the 1st semester 1st semester Variation in millions of euros 2021 2022 ∆22/21 Actual structure Lfl* Construction 1,970 2,071 +5.1% +4.7% of which property development 466 501 Infrastructure 3,167 3,334 +5.3% +4.8% Energy Systems 2,250 2,454 +9.1% +5.7% Contracting 7,387 7,859 +6.4% +5.1%

  58. Slide 58: Revenue of the 2nd quarter

    Revenue of the 2nd quarter 2nd quarter Variation in millions of euros 2021 2022 2022 / 2021 Construction 1,060 1,094 +3.2% of which property development 258 266 Infrastructure 1,798 1,897 +5.5% Energy Systems 1,184 1,263 +6.7% Total contracting 4,042 4,254 +5.2% Concessions (exc. Ifric 12) 684 825 +

  59. Slide 59: Reconciliation tables of two alternative performance indicators

    Reconciliation tables of two alternative performance indicators Reconciliation between the aggregates Reconciliation between items reported of the cash flow statement and the free cash flow in the balance sheet and net financial debt in millions of euros H1 2021 H1 2022 in millions of euros H1 2021

  60. Slide 60: Glossary

    Glossary Item Definition Definition of concessions revenue under Ifric 12: the Construction revenue of Concessions corresponds to costs relating to services to build or improve the Construction revenue of Concessions infrastructure committed by the concession operator determined in accordance with t

  61. Slide 61: Investor relations contact and Agenda

    Investor relations contact and Agenda Eiffage APRR Quarterly information and turnover for the 3rd quarter 2022 03.11.2022 19.10.2022 Xavier Ombrédanne Quarterly information and turnover for the 4th quarter 2022 22.02.2023 24.01.2023 xavier.ombredanne@eiffage.com 2022 annual results and analysts pres

  62. Slide 62: Disclaimer

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

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