Vinci Sa · EURONEXT:DG
Vinci Sa — Non-Deal Roadshow (May 2010)
53 slides from Vinci Sa's roadshow presentation, May 21, 2010
Slide 1: Roadshow Boston
VINCI “ Roadshow Boston May 21, 2010
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking objectives and statements about VINCI's financial situation, operating results, business activities and growth strategy. These objectives and statements are based on assumptions that are dependent upon significant risk and uncertainty factors
Slide 3: VINCI: Simplified Organization Chart
VINCI: Simplified Organization Chart 2009 Revenue: €31.9 bn VINCI Staff: 162,000 CONCESSIONS CONTRACTING VINCI VINCI AUTOROUTES PARKINGS EUROVIA CONSTRUCTION ENERGIES 2009 Rev (B€): 4.1 0.8 14.5 8.0 4.3 Staff: 9,000 8,000 71,000 42,000 32,000 3
Slide 4: VINCI Today
VINCI Today Concession-construction business model proved its validity and resilience in 2009 Relevance of the strategy focused on: Concessions: essentially on “greenfield” Contracting: international development & specialization on niches with technological content Solid strengths for 2010 and beyon
Slide 5: 10 Year Review
10 Year Review Revenue (€ billions) Operating Profit (€ millions) 3,192 31.9 10.0% of rev. x 2.3 x 4.4 Contracting 14.1 722 5.1% of rev. Concessions 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Net Profit (€ millions) 1,596 Share Price 70 60 VINCI: +246% x 5.3 50 CAC 40: -34% 40 30 300 20 10 0
Slide 6: Shareholder Structure as of April 30, 2010
Shareholder Structure as of April 30, 2010 At April At Dec. 30, 2010* 31, 2009 8.8% Institutional Shareholders: 67.4% 70.4% 3.3% France 27.8 % 29.0% 11.6% 1.6% Other Europe 16.9 % 17.7% 12.5% North America 11.6 % 12.1% United Kingdom 7.8 % 8.2% 16.9% 5.8% Rest of World 3.3 % 3.4% 3.9% Retail Shareho
Slide 7: 2009: Sound Performance
2009: Sound Performance Net profit maintained despite revenue decline Concessions French motorways: - Revenue growth - EBITDA/revenue targets exceeded Other concessions: new commercial successes Contracting Revenue and operating margins held up well Good renewal of order book Growing proportion of i
Slide 8: 2009: Key Figures
2009: Key Figures (€ in millions) 2009 2008 Δ 09/08 Revenue 31,928 33,458 -4.6% Cash flow from operations (EBITDA)* 4,964 4,872 +1.9% As % of revenue 15.5% 14.6% Operating profit from 3,192 3,378 -5.5% ordinary activities As % of revenue 10.0% 10.1% Net profit attributable to 1,596 1,591 +0.3% equit
Slide 9: 2009: Geographical Split of Business
2009: Geographical Split of Business 2009 Revenue Δ at constant Δ 09/08 (€ in millions) 2009 actual exchange rates France 19,621 -6.3% -6.3% Central & Eastern Europe 2,160 -12.5% -2.8% 6,8% 6,7% United Kingdom 2,149 -5.7% +5.2% 5,6% 3,0% Germany 1,784 +3.0% +3.0% 4,8% Belgium 972 -2.6% -2.6% Rest of
Slide 10: Business Development
Business Development France GSM-R Railway Comm System : € 1.0bn (VINCI: 30%) SEA High Speed Rail Link (Tours-Bordeaux): >€ 7.0 bn CDG Express Airport Rail Link to Paris BPL High Speed Rail Link (Le Mans-Rennes) Notre Dames de Landes Airport (Nantes) Belgium Antwerp Ring Road: € 2.3bn (VINCI: 49%) Ge
Slide 11: Strategic Imperatives: Concessions
Strategic Imperatives: Concessions VINCI Autoroutes Maintain/improve profitability (EBITDA) Manage relationship with French state Develop new services VINCI Park Consolidate market position in France Continue expansion outside of France Other Concessions Continue to develop regional airport business
Slide 12: Strategic Imperatives: Contracting
Strategic Imperatives: Contracting Organic top line growth is NOT the objective: margins take precedence over volume Acquisition Policy: buy growth that allows us to Increase revenue generated outside of France 2006 Rev: €21.5 bn 2009 Rev: €26.9 bn France 9% 14% Europe 31% 54% 60% 32% Rest of World
Slide 13: Recent Strategic Moves: Cegelec
Recent Strategic Moves: Cegelec 2009 data VINCI Energies Cegelec 2009 pro forma Revenue €4.3 bn €2.8 bn ~€7 bn of which international 31% 44% 36% Workforce 32,000 25,000 57,000 Operations in 21 countries 30 countries 36 countries Skills in the management of major projects in promising sectors: trans
Slide 14: Recent Strategic Moves: Tarmac
Recent Strategic Moves: Tarmac Acquisition (currently undergoing anti-trust review) by Eurovia of approximately 100 quarries in France, Germany, Poland and the Czech Republic Expand quarry network in areas in Europe experiencing high growth Production: approx. 30 million tons pa Acquisition would in
Slide 15: Recent Strategic Moves: Faceo
Recent Strategic Moves: Faceo Acquisition (currently undergoing personnel and anti-trust review) of one of Europe’s leading “Facilities Management” experts Specialties: provides integrated solutions for service sector maintenance, covering engineering, systems integration and multi-service and multi
Slide 16: 2010: Update
2010: Update 1st Quarter 2010 Revenue: €6.5 billion (-7.3%) 1st Quarter Full Year French Motorway Toll Receipts 2010 2009 Light Vehicles +1.4% +3.2% Heavy Vehicles +1.1% (10.0%) Stable Network Traffic +1.3% +1.2% New Section Traffic (Arcour/A86) +0.8% +0.6% Tariff Increase and Other +2.7% +1.5% Tota
Slide 17: 2010: Outlook
2010: Outlook Revenue: Slight growth of motorway concessions Limited decline in contracting on a comparable structure basis Positive impact of integration of Cegelec , Tarmac and Faceo Slight increase in total revenue Profit: French motorways: 2009 EBITDA margin maintained Contracting: targeting s
Slide 18: VINCI's business lines: Concessions
VINCI’s business lines: Concessions French Motorways VINCI Park Other Concessions
Slide 19: A diversified and unrivalled portfolio
A diversified and unrivalled portfolio 19
Slide 20: French motorways: resilience and visibility
French motorways: resilience and visibility Europe's biggest motorway network Cofi- A86 ASF Escota Arcour route* Duplex Network under 2,714 459 1,100 101 10 concession (km) % held by VINCI 100 100 83 100 83 No. of km in service 2,633 459 1,100 101 4.5 75 End of concession 2033 2027 2031 2070 yrs** N
Slide 21: French motorways: key figures
French motorways: key figures ASF/ Total (in € millions) Total 2008 Cofiroute Arcour Δ 09/08 Escota 2009 Revenue 3,972 2,967 1,111 18 4,095 +3.1% Op. profit from ordinary activities 1,807 1,189 597 7 1,793 6.2%* as % of revenue 42.5%* 40.1% 53.7% 39.6% 43.8% Net profit 746 480 260 (7) 733 -1.8% Cash
Slide 22: French motorways: contractual framework
French motorways: contractual framework of toll increases ASF Escota Cofiroute* Arcour End of concession 2033 2027 2031 2070 Minimum annual toll increase until end of concession: 70% * CPI Current master plan 2007-2011 2007-2011 Under discussion N/A - 2010 85% x CPI + 0.825% 85% x CPI + 0.9% 70% x C
Slide 23: VINCI Park: key figures
VINCI Park: key figures (in € millions) 2008 2009 Δ 09/08 2009 revenue by geographical area Revenue 619 623 +0.5% - France 406 413 +1.7% 5% - International 213 210 -1.6%* 7% France Op. profit from ordinary activities 126 101 -19.6% 5% as % of revenue 20.4% 16.3% Germany 5% United Kingdom Net profit
Slide 24: Other concessions and PPP (1/2)
Other concessions and PPP (1/2) End of VINCI Consolid- County Type Name Description concession share ation1 Other PPP & concessions in France France Tunnel Prado Carénage Tunnel in Marseilles 2025 33% EM Tunnel Prado Sud Tunnel in Marseilles 2054 58.5% PC Light rail RhônExpress 15km light rail syste
Slide 25: Concessions and PPP (2/2)
Concessions and PPP (2/2) End of VINCI Consolid- Country Type Name Description concession share ation1 Concessions Greece Greece Bridge Rion–Antirion 2.9 km between Peloponnese and 2039 57.4% FC mainland Motorway Maliakos–Kleidi 230 km 2038 14% EM Motorway Athens–Patras–Corinth 365 km 2038 36% EM Ot
Slide 26: Concessions & PPP: projects under study (1/2)
Concessions & PPP: projects under study (1/2) Country Project VINCI preferred bidder/final negotiations under way France CDG Express: rail link between Charles de Gaulle airport and Paris Romania Cormanic–Brasov motorway Belgium Antwerp Ring: 10 km ring road* Russia 1st section of Moscow–St Petersbu
Slide 27: Concessions & PPP: projects under study (2/2)
Concessions & PPP: projects under study (2/2) Country Project VINCI prequalified/bids in preparation France LGV Nîmes–Montpellier: railway bypass A63: Bordeaux–Bayonne motorway (102 km) Vélodrome stadium in Marseilles Germany A9 motorway (A-Modell) Greece Kastelli airport (Crete) Prequalification un
Slide 28: VINCI's business lines: Contracting
VINCI’s business lines: Contracting VINCI Energies Eurovia VINCI Construction
Slide 29: Contracting: key figures
Contracting: key figures 2009 revenue by geographical area (in € millions) 2008 2009 Δ 09/08 Revenue 28,520 26,891 -5.7% - France 16,288 14,927 -8.4% France - International 12,232 11,964 -2.2% Central Europe Operating profit 1 363 1 220 -10.5% United Kingdom as % of revenue 4,8% 4,5% Germany Net pro
Slide 30: VINCI Energies
VINCI VINCIEnergies Energies
Slide 31: VINCI Energies: key figures
VINCI Energies: key figures (in € millions) 2008 2009 Δ 09/08 2009 revenue by geographical area Revenue 4,614 4,339 -6.0% - France 3,161 3,004 -5.0% - International 1,453 1,335 -8.1% France Germany Operating profit 245 230 -6.2% as % of revenue 5.3% 5.3% Switzerland Benelux Net profit 148 161 +8.9%
Slide 32: VINCI Energies: profile
VINCI Energies: profile Description Market leader in France and a major player in Europe in energy and information technology services Design and engineering, implementation, operation and maintenance in four business lines: Electrical power supply infrastructure (production and distribution), publi
Slide 33: Eurovia
Eurovia Eurovia
Slide 34: Eurovia: key figures
Eurovia: key figures (in € millions) 2008 2009 Δ 09/08 2009 revenue by geographical area Revenue 8,183 8,003 -2.2% - France 4,905 4,639 -5.4% - International 3,278 3,364 +2.6% Operating profit 346 319 -7.8% France as % of revenue 4.2% 4.0% Central Europe Net profit 209 206 -1.5% Germany United Kingd
Slide 35: Eurovia: profile
Eurovia: profile Description 300 works divisions and subsidiaries: Construction and maintenance of transport infrastructure (roads, railways, …) Urban development, dedicated transport systems (light trains, tramways), traffic signs and road marking. Vertical integration strategy in materials product
Slide 36: VINCI Construction
VINCI VINCIEnergies Construction
Slide 37: VINCI Construction: key figures
VINCI Construction: key figures (in € millions) 2008 2009 Δ 09/08 2009 revenue by geographical area Revenue 15,722 14,549 -7.5% - France 8,221 7,284 -11.4% - International 7,501 7,265 -3.1% France Operating profit 773 671 -13.2% United Kingdom as % of revenue 4.9% 4.6% Central Europe Net profit 527
Slide 38: VINCI Construction: profile
VINCI Construction: profile Description Large array of expertise in building, civil engineering and hydraulic engineering: Strong roots in mainland and overseas France (network of 500 profit centres), Europe (United Kingdom, Germany, Belgium and Central Europe) and longstanding operations in Africa
Slide 39: Detailed 2009 financial consolidated statements
Detailed 2009 financial consolidated statements
Slide 40: Revenue by business line
Revenue by business line (in € millions) 2008 2009 Δ 09/08 Δ 09/08 actual comparable French motorways 3,972 4,095 +3.1% +3.1% VINCI Park 619 623 +0.5% +3.3% Other concessions 190 181 -4.9% -5.7% CONCESSIONS 4,781 4,899 +2.4% +2.8% VINCI Energies 4,614 4,339 -6.0% -6.6% Eurovia 8,183 8,003 -2.2% -3.7
Slide 41: Operating profit by business line
Operating profit by business line (in € millions) 2008 as % of 2009 as % of Δ 09/08 revenue* revenue* French motorways 1,807 42.5%** 1,793 43.8% +6.2%** VINCI Park 126 20.4% 101 16.3% -19.6% Other concessions 33 23 CONCESSIONS 1,966 38.6%** 1,917 39.1% +3.8%** VINCI Energies 245 5.3% 230 5.3% -6.2%
Slide 42: Net profit attributable to equity holders by business line
Net profit attributable to equity holders of the parent by business line as % of as % of (in € millions) 2008 revenue* 2009 revenue* Δ 09/08 French motorways 746 18,8% 733 17.9% (1,8%) VINCI Park 68 10.9% 41 6.6% -39.2% Other concessions 23 12.0% 18 9.8% -22.0% Holdings cos. concessions (81) (47) CO
Slide 43: Cash flow from operations by business line
Cash flow from operations* by business line (in € millions) 2008 as % of 2009 as % of Δ 09/08 revenue** revenue** French motorways 2,674 67.3% 2,807 68.5% +5.0% VINCI Park 200 32.2% 203 32.6% +1.6% Other concessions 63 76 CONCESSIONS 2,936 61.4% 3,086 63.0% +5.1% VINCI Energies 249 5.4% 256 5.9% +3.
Slide 44: Cash flow statement (1/3): Operating cash flow
Cash flow statement (1/3) : Operating cash flow (in € millions) 2008 2009 Δ 09/08 Cash flow from operations* 4,872 4,964 +1.9% Interest paid (882) (784) Income taxes paid (582) (690) Change in WCR and current provisions 733 609 Cash flows from operating activities 4,141 4,100 -1.0% Gross investments
Slide 45: Investments in operating assets
Investments in operating assets (in € millions) 2008 2009 Δ 09/08 French motorways (12) (16) VINCI Park and other concessions (33) (33) Concessions (45) (49) +9.4% VINCI Energies (75) (69) -8.0% Eurovia (330) (250) -24.2% VINCI Construction (540) (522) -3.3% Contracting (944) (841) -11.0% Other (4)
Slide 46: Cash flow statement (2/3): Investments in concessions
Cash flow statement (2/3): Investments in concessions growth and financial investments (in € millions) 2008 2009 Δ 09/08 Operating cash flow 3,244 3,302 +1.8% Investments in concession assets and PPP contracts (1,218) (1,227) Gross financial investments (480) (186) Sale of shares in subsidiaries and
Slide 47: Investments in concessions & PPP growth
Investments in concessions & PPP growth (in € millions) 2008 2009 ASF/Escota (424) (524) Cofiroute (excl. A86) (183) (144) A86 Duplex (165) (171) Arcour (A19) (273) (106) VINCI Park (60) (36) Other (113) (246) of which A-Modell A4 and A5 (Germany) (35) (57) Locorail (Belgium) (9) (77) R1 expressway
Slide 48: Cash flow statement (3/3)
Cash flow statement (3/3) (in € millions) 2008 2009 Δ 09/08 Free cash flow after investments 1,819 1,958 139 Dividends (829) (873) (44) Capital increases 387 654 267 Share buy-backs (200) (2) 198 Movements in share capital (642) (221) 421 Net cash flow for the period 1,177 1,737 560 Other and impact
Slide 49: Consolidated balance sheet
Consolidated balance sheet (in € millions) 2008 2009 ASSETS Non-current assets – concessions 26,242 26,681 Non-current assets– other business lines 4,828 5,057 Current financial assets 41 35 Net cash managed 4,802 6,022 Total assets 35,913 37,795 EQUITY AND LIABILITIES Share capital 9,026 10,440 Non
Slide 50: Net financial debt by business line
Net financial debt by business line Debt/ Debt/ (in € millions) 2008 cash flow* 2009 cash flow* Δ 09/08 French motorways (14,217) x 5.3 (14,029) x 5.0 188 VINCI Park (853) x 4.3 (830) x 4.1 23 Other concessions (453) x 5.8 (611) x 7,9 (158) Holding concessions companies (1 931) (2,447) (516) CONCESS
Slide 51: Maturity of long-term gross debt
Maturity of long-term gross debt Average maturity of long term debt (€18.9 billion): 7.1 years Concessions: 8 years Holding companies and other business lines: > 3 years 3 000 2 500 2 000 1 500 1 000 500 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 > 20
Slide 52: Breakdown of long-term debt
Breakdown of long-term debt Breakdown by nature of debt Breakdown fixed/floating rate after hedging Good diversification of sources of medium- and long-term financing 11% 2009 % of total cf. 2008 28% Fixed rate 12,419 66% 67% Capped/inflation- 2,798 15% 15% linked floating rate 30% Total "protected"
Slide 53: VINCI IR contacts
VINCI IR contacts Marie-Amélia FOLCH +33 1 47 16 45 39 marie-amelia.folch@vinci.com G. Christopher WELTON +33 1 47 16 45 07 christopher.welton@vinci.com 53