Highlights. Pierre Berger Chairman & CEO

Transcription

1 Highlights Pierre Berger Chairman & CEO

2 Eiffage 2014 Revenue M -1.9% 13,732 14,035 14,264 13,987 1,104 Operating profit M 1,200 1, % 1, % of Revenue Net Profit M % Change in WCR M Financial net debt M Order book bn M +304 over 4 years ,645 12,469 12,579 M , Stable to 12.2 months Profit growth- Net debt reduction- WCR improvements

3 Outlook 2015 Slight decrease of activity New increase in profit Dividend of 1.2 per share

4 Results by business line and financial results Christian Cassayre CFO

5 REVENUE (excluding IFRIC 12) BREAKDOWN CONCESSIONS / CONTRACTING ( M) BREAKDOWN BY GEOGRAPHICAL AREA ( M) 14,264 13,987 2,261 2, % 14, % 13, % +4.2% 319 1,924 2, % 12,003 11, % 12,034 11, % Concessions Contracting 14/ /13 France Europe excluding France International excluding Europe 5

6 CONTRACTING REVENUE (excluding IFRIC 12) BREAKDOWN BY BRANCH ( M) 12,003 11,609 3,715 3,733 4,215 3,957 3,159 3, % -6.1% -4.2% -2.2% CONTRACTING BREAKDOWN BY GEOGRAPHICAL AREA ( M) AND % OF TOTAL -3.3% 12, % 11, (2%) (3%) (16%) 1,925 (16%) (82%) 9,782 (81%) (3%) (3%) (18%) 2,100 (18%) (79%) 9,209 (79%) +1.4% +9.1% -5.9% 14/ / Construction Public Works Energy Metal France Europe excluding France International excluding Europe 6

7 OPERATING PROFIT ON ORDINARY ACTIVITIES AND MARGINS Growth of profit on ordinary activities to M 1,347 Margin increase by 40bps to the historically high level 9.6% of revenue 2013 M (% du revenue) 2014 M (% du revenue) 14/13 Construction 156 (4.2%) 156 (4.2%) 0% Public works 93 (2.2%) 95 (2.4%) +2.2% Energy 98 (3.1%) 112 (3.7%) +14.3% Metal 37 (4.0%) 17 (1.9%) -54.1% Concessions Holding 954 (42.2%) (41.4%) % Operating profit on ordinary activities 1,318 (9.2%) 1,347 (9.6%) +2.2% 7

8 EVOLUTION OF THE OPERATING PROFIT ON ORDINARY ACTIVITIES IN M AND % OF REVENUE Continuous increase of the Group operating margin over the last 5 years 1, % 1, % 1, % 1,318 1, % 9.6% % Concessions % 41.1% % 41.4% % 2.3% Contracting % 3.3% 2.8%

9 Michelin R&D center Eiffage integrated offering

10 CONSTRUCTION: ACTIVITY AND RESULTS Upholding of the operating margin at the high level of 4.2% of revenue REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES Revenue up 0.5% (+0.6% lfl) Activity in France: +0.5% Activity in Europe: stable Property development: +12.8%; very good activity with reservations of 3,231 units in France Stable margin at a high level Tight control of overhead costs; organizational reactivity Continuation growth in residential Good order book «Les Ateliers Jourdan-Corentin-Issoire» project for RATP Metz Congress Center 3,781 3,798 3,620 3,715 3, % 4.3% 4.3% 4.2% 4.2% BREAKDOWN OF REVENUE Activities WORKS 87% 85% 84% 82% 80% PROPERTY 13% 15% 16% 18% 20% 10

11 Lacina mall in Poznan, Poland

12 PUBLIC WORKS: ACTIVITY AND RESULTS Increase of the operating margin up 20bps at 2.4% of revenue Public orders under pressure Revenue down 6.1% (-7.3% lfl) France: -8.7% Europe: +3.0%; stable in Spain and +4.3% in Germany Outside Europe: +25.9% International development Acquisition of ICCI in Canada in 2014 Acquisition of Puentes y Torones in Colombia early 2015 Major Projects Bretagne-Pays de la Loire: progress in line with expectations 12 REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES 4,215 3,888 3,889 3,941 3, % 2.4% 1.7% 1.3% 0.2% VOLUME FIGURES Activities Coatings - M tons Quarries - M tons Binders - K tons

13 Notre-Dame-de-Lorette memorial, France

14 ENERGY: ACTIVITY AND RESULTS Ongoing recovery of the operating margin up 60bps at 3.7% of revenue REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES Revenue down 4.2% (-3.4% lfl) France: -5.9% Europe: +2.3% largely driven by the recovery of private orders in Spain Outside Europe: +5.3% 3,094 3,143 3,229 3, % 3.1% 2.5% 1.6% 3, % Increased operating margin Reorganisation of under performing entities in France Good performance of the systems divisions Significant contracts awarded Emergency diesel generator (DUS) for EDF nuclear power plants CESTAS s photovoltaic park for Neoen Electrical sub station in Algeria for Sonelgaz 14

15 Sahraouie tent, Institut du monde Arabe

16 METAL: ACTIVITY AND RESULTS Decrease of the operating margin by 1.9% of revenue Revenue down 2.2% (-18.5% lfl) France: -19.8% with the completion of some major projects Europe: +80% with the full year effect of the Smulders Group and to the good activity in Germany and Spain Implementation of a reorganisation and adaptation measures Decrease of orders in oil & gas Necessary modernisation of the production means, principally in France REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES % 3.1% 2.3% 2.2% 1.9%

17 Bridge over the Moselle river, Germany

18 CONCESSIONS: ACTIVITY AND RESULTS Operating margin at 41.4% of revenue Revenue up 5.2% (+4.3% lfl) Motorway concessions (exc. APRR): up 18.6% to M Motorways Revenue LV traffic HGV traffic A65 M 48.1 Up 12.6% Millau viaduct M 40.7 Up 6.3% Autoroute de l Avenir (Senegal) Pierre-Mauroy stadium for revenue of M 23.8 (+71.2%) Other concessions and PPPs for revenue of M 98.0 vs M 57.5 in 2013 Operating margin up 3.2% at M 985 APRR / Eiffarie up 2.8% at M 871 Other concessions and PPPs up 6.5% at M 114 Operating margin decrease due to the accounting treatment of the resolution of the CHSF situation 18 M 18.3 TOTAL M % +57.0% +1.2% +8.3% REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES 1, % 2,144 2,175 2,261 2, % 41.1% 42.2% 41.4% Signing of new PPP contracts La Grande Arche of La Défense renovation Aix-en-Provence University Start to operate 8 schools in Seine-Saint-Denis and Jean-Zay school Autoroute de l Avenir (Senegal) Disposal of CHSF

19 Grand Lille Campus, France

20 APRR: ACTIVITY AND RESULTS Continuous increase of the EBIDTA margin over the last 5 years up 40bps in 2014 to the historically high level 70.7% of revenue Toll receipts up 2.4% (Exc. Ifric 12) Improvement of traffic up 1.6% (LV +1.6% ; HGV +1.5%) Operating margin up thanks to the ongoing optimisation of the structures and productivity gains in the core operations Ongoing progress of toll automation: 95.1% automatic transactions (52.7% via electronic tolling) 1.7 million tolling badges APRR and AREA (+ 18.2%) Development of customer service initiatives Openings: A719 Vichy / Gannat: opened on 12 th January 2015 A466 north of Lyon: opening summer 2015 Implementation of management contracts 20 HGV 15% REVENUE ( M) EBITDA / REVENUE 1, % TRAFFIC 2,022 2, % 70.0% TOLL RECEIPTS 2,099 2, % 70.7% LV 85% HGV 33% LV 67% Other 3% REVENUE MIX Tolls 97%

21 APRR & EIFFARIE : REFINANCING Signing of the new credit facilities contracted of APRR and EIFFARIE on the 19 th February 2015 on favourable terms Division by 3 of the credit margin and the structuring fees Increase of bn 1.1 in APRR liquidity and decrease of bn 1 in EIFFARIE term loan Deletion of the Effarie s cash sweep mechanism in favour of a fixed back ended schedule of M 100 per year an average with remaining balance repaid on maturity Five-year term plus two possible extensions of one year each Improvement of APRR credit rating up to BBB+/ stable by S&P Credit facilities details: APRR RCF Before refinancing After refinancing Amount bn 0.7 bn 1.8 Margin 150 bps 45 bps Maturity 5 years 5 years + 2x1 year EIFFARIE term loan Before refinancing After refinancing Amount bn 2.5 bn 1.5 Margin 300 bps 100 bps Maturity 5 years 5 years + 2x1 year Repayment Cash Sweep Fixed back ended schedule of M 100/year an average 21

22 A719 Vichy / Gannat, France

23 CONSOLIDATED INCOME STATEMENT Growth in net result of 7.0% in millions of euros Δ 14/13 Revenue (1) 14,264 13, % Operating profit on ordinary activities 1,318 1, % % of revenue 9.2% 9.6% Other operating income and expenses (56) (67) Operating income 1,262 1, % Cost of net debt (727) o/w Concessions (723) (726) o/w Concessions (718) Other financial income and expenses (51) (26) Net financial expenses (778) (752) -3.3% Share of profit of associates 5 (2) Income tax (167) (172) Net profit % Minority interests Net profit (group share) % (1) Exc. IFRIC 12 23

24 CONSOLIDATED BALANCE SHEET in M 31/12/ /12/2014 ASSETS 18,670 18,360 Non current assets Concessions Non current assets Holding & Contracting 14,299 14,010 EQUITY AND LIABILITIES Capital and reserves FND Exc. Mtm of the swaps & CNA debt WCR Other liabilities 4,371 18,670 2,708 12, ,701 4,350 18,360 2,989 12, ,638 24

25 FINANCIAL NET DEBT EVOLUTION ( M) Decrease in the financial net debt of M 565 in ,579 (2,035) 642 (370) ,014 (47) EBITDA Change in WCR : contracting 22 concessions (69) Interest & Taxes paid Capex contracting & Holding Capex Concessions Capex 787 Disposals, Inc. CHSF (332) Variations without flows of funds & misc Dividends & capital transactions FND 31/12/2013 Operations FND 31/12/2014 (1,095) Exc. Mtm of the CNA debt and the swaps: M 860 M /12/2013 (1,941) 160 1, (246)

26 FINANCIAL NET DEBT STRUCTURE Financial net debt down bn 1.2 since December 2010 Holding returning cash positive for the first time since December , , , , ,014 FND Holding and Contracting FND Concessions with recourse 12,425 12,472 12,294 12, ,038 FND Concessions without recourse 31/12/ /12/ /12/ /12/ /12/2014 Exc. Mtm of the CNA debt and the swaps: M 753 M 1,065 M 1,302 M 860 M

27 FINANCIAL NET DEBT STRUCTURE BREAKDOWN Financial net debt largely non recourse and raised in dedicated SPVs NON RECOURSE FND BREAKDOWN ( M) FINANCIAL NET DEBT STRUCTURE ( M) Total FND Non recourse M 12,038 Eiffarie 2,220 Macquarie quasi equity 580 Millau viaduct 583 APRR 6,696 A Other Motorway concessions 1,429 APRR and Eiffarie 9,496 Holding & Contracting -31 Other 1 Education 225 Others 36 DGGN 123 Pierre- Mauroy Stadium 156 BPL 573 PPPs 1,113 Concessions with recourse 7 Exc. Mtm of the CNA debt and the swaps: 799 M Total FND down bn 0.6 over the last year to bn 12 Holding returning cash positive for the first time since December

28 FINANCING AND REFINANCING OF THE EIFFAGE GROUP Increase of the Holding liquidity and anticipation of financial needs Holding and Contracting Refinancing of Eiffage bn 1.0 syndicated credit facility for 5 years ( with 2 possible extensions of 1 year each) on favourable terms Completion of a 5 years private placement of M 100 and ramp up of the commercial paper program Concessions and PPPs Financial closing of three PPPs: Universities of Lille and Aix-en-Provence and Grande Arche of La Défense renovation APRR and Eiffarie Improvement of the APRR credit rating to BBB+ Refinancing of APRR and Eiffarie credit facilities for bn 3.3 for 5 years (with 2 possible extensions of 1 year each) on favourable terms Realization of three bond issues : M years 2.25% M years Euribor 3 months % M 1,400 1 st tranche in 6 years - 2 nd tranche in 10 years 1.5% an average 28

29 ACTIVITY AND COMMERCIAL DYNAMISM High order book at bn 11.8, up by 0.2% over 12 months ORDER BOOK ( bn) 12 MONTHS ROLLING AVERAGE BREAKDOWN BY BRANCH ( bn) 12 MONTHS VARIATIONS % % -9.7% -7.7% -3.5% -1.5% +0.2% 31/12/ /06/ /12/ /06/ /12/ /12/ /12/2014 Construction Energy Public Works Metal -7.7% +11.7% +3.1% 14/13 29

30 Appendices

31 GROUP SHAREHOLDING STRUCTURE SHAREHOLDERS AT 30/06/2014 (92.3 M shares) BlackRock 6.5% SHAREHOLDERS AT 31/12/2014 (92.3 M shares) BlackRock 6.5% BPI 19.5% Free float 40.0% BPI 19.5% Free float 40.0% Eiffaime 5.3% Treasury shares 2.2% Employees 26.5% Eiffaime 5.3% Treasury shares 3.4% Employees 25.3% 31

32 REVENUE (excluding IFRIC 12) INTERNATIONAL REVENUE BREAKDOWN ( M) REVENUE BREAKDOWN IN EUROPE EXCLUDING FRANCE ( M) Spain 285 Poland 169 France 11,568 Europe excluding France 2,100 Other 207 International excluding Europe 319 Germany 654 Benelux

33 CONSOLIDATED BALANCE SHEET - ASSETS in millions of euros 31/12/ /12/ /12/2014 Property, plant and equipment 1,436 1,474 1,463 Investment property Fixed assets held under concessions 12,640 12,415 12,069 Goodwill on acquisition 2,850 2,849 2,873 Other intangible assets Investment accounted for using the equity method Financial assets on service concessions non-current 1,175 1,374 1,406 Other financial assets Deferred tax assets Total non current assets 18,957 18,973 18,668 Inventories Trade receivables 4,096 4,151 3,962 Current tax receivables Financial assets on service concessions current Other current assets 1,365 1,496 1,299 Cash and cash equivalent 1,956 2,097 4,265 Asset held for sale Total current assets 8,045 8,403 10,200 Total assets 27,002 27,376 28,868 33

34 CONSOLIDATED BALANCE SHEET EQUITY AND LIABILITIES in millions of euros 31/12/ /12/ /12/2014 Share capital Consolidated reserves 2,234 2,429 2,617 Profit & losses directly accounted for in equity (519) (340) (359) Net profit for the period Total capital and reserves, attributable to the Group 2,285 2,704 2,902 Minority interests (80) 4 87 Total capital and reserves 2,205 2,708 2,989 Long-term debt 14,269 13,261 14,140 Deferred tax liabilities 991 1,063 1,091 Non current provisions Other non current liabilities Total non current liabilities 15,838 14,905 15,881 Trade creditors 3,080 3,169 2,884 Short-term loans and other borrowings 884 1,184 1,337 Non current borrowings due with in one year 574 1,091 1,601 Current tax liabilities Current provisions Other creditors and accruals 3,853 3,716 3,614 Liabilities held for sale Total current liabilities 8,959 9,763 9,998 Total liabilities and share holder s equity 27,002 27,376 28,868 34

35 CONSOLIDATED INCOME STATEMENT in millions of euros Revenue 14,028 14,272 13,948 Other income Raw materials and consumables used (2,832) (2,627) (2,463) Staff costs (3,436) (3,357) (3,314) Other expenses (5,511) (5,767) (5,631) Taxes other than corporate tax (401) (398) (408) Amortisation and depreciation expense (830) (845) (858) Provisions 13 (20) (53) Changes in inventories 89 (25) (49) Other operating income and expenses Operating profit on ordinary activities 1,200 1,318 1,347 Other operating income and expenses (57) (56) (67) Operating profit 1,143 1,262 1,280 Income from cash and cash equivalent Cost of gross debt (768) (761) (770) Net finance costs (729) (727) (726) Other financial income (expenses) (26) (51) (26) Share of profit (loss) of associates 3 5 (2) Corporation tax (133) (167) (172) Net profit Attributable to the Group Minority interests

36 CONSOLIDATED CASH FLOW STATEMENT in millions of euros Cash flow generated by operations 961 1,055 1,143 Change in working capital in operating activities 138 (160) 47 Change in working capital interests and taxes (70) (125) (95) Capital expenditure (702) (1,014) (787) Acquisition of minorities shares (54) ( 2) (9) Disposals Net cash flow 330 (211) 669 Dividends (120) (111) (115) Change in equity (4) Change in net bank debt 206 (275) 611 Changes without flow of funds (13) 239 (25) Changes in finance leases (17) (74) (21) Change in financial net debt (1) 176 (110) 565 Of which without recourse 175 (75) 348 Of which with recourse 1 (35) 217 (1) Exc. Mtm of the CNA debt and the swaps: 1,

37 NET PROFIT AND PROFIT PER SHARE M 232 M 205 M 221 M M Total capital s shares in millions

38 GROUP FINANCIAL STRUCTURE in millions of euros 30/12/ /12/ /12/ /12/ /12/2014 Concessions Financial debt 11,747 11,762 11,565 11,678 11,458 Macquarie quasi equity Sub total without recourse 12,425 12,472 12,294 12,386 12,038 With recourse Concessions financial net debt 13,010 12,513 12,338 12,413 12,045 Holding & Contracting Net cash (383) (656) (759) (921) (1,678) Gross debt ,087 1,647 Holding & Contracting financial net debt Total financial net debt (1) 13,213 12,645 12,469 12,579 12,014 (1) Exc MtM of the CNA debt and the swaps: 753 1,065 1,

39 APRR & EIFFARIE FINANCIAL STRUCTURE Decrease of the APRR and Eiffarie group debt down bn 1.3 since December 2010 and bn 0.3 over one year Macquarie quasi equity Eiffarie 10, ,618 10,328 9,971 9, , ,522 2,482 2,331 2,220 APRR 6,582 6,096 6,760 6,751 6,696 31/12/ /12/ /12/ /12/ /12/2014 Exc. Mtm of the CNA debt and the swaps: M 635 M 800 M 931 M 656 M

40 FINANCIAL RESULT in millions of euros Concessions (724) (723) (718) Of which: APRR (329) (302) (292) Eiffarie & Financière Eiffarie (257) (277) (287) Financière Eiffarie Group (586) (579) (579) A'Liénor (A65) (45) (44) (44) VP1 (Millau Viaduct) (32) (27) (23) Héveil, Hanvol and H'ennez (hospitals) (25) (23) (4) ERE (HSR BPL) (8) (17) (32) Elisa (Pierre-Mauroy stadium) (10) (14) (14) Eiffigen (National Police HQ) (6) (6) (6) Other PPPs and concessions (12) (13) (16) Holding & Contracting (5) (4) (8) Cost of net debt (729) (727) (726) Other financial income and expenses (26) (51) (26) Financial result (755) (778) (752) 40

41 CAPEX in millions of euros Intangible Concessions Tangible Financial TOTAL 702 1,

42 CONTRACTING: MARKET SEGMENTATION Construction Civil Engineering 11% Public works Civil engineering 17% Equipments / Non residential 50% Residential 39% Roads 60% Earthworks 12% Environment 8% Railways and other 3% Metal Energy Metallic and mechanical constructions 46% Maintenance and industrial contracting 34% Special buildings and facades 20% Electric Engineering 77% Climatic Engineering 13% O&M 10% 42

43 CONTRACTING: CUSTOMER SEGMENTATION Construction Public works Private 58% Public 42% Private 53% Public 47% Metal Energy Private 89% Public 11% Private 53% Public 47% 43

44 PPP LIFE CYCLE EIFFAGE Financial investor Value in Financial structuring PPP contracts signing 1 3 to 6 1 to 2 15 to 20 Length In years TENDER CONSTRUCTION / CAPEX OPERATION RAMP UP OPERATION Call for tender 5%-10% Equity 90%-95% Debt Construction contract Maintenance contract Sale of the equity Preservation of O&M contract Debt deconsolidation 44

45 ASSETS IN CONCESSIONS Name Type Country End of concession Status Shareholders Consolidation method APRR Toll concession FR 2032 Operational 50.1% Full consolidation A65 Toll concession FR 2067 Operational 65.0% Full consolidation Millau Viaduct Toll concession FR 2079 Operational 51.0% Full consolidation Norscut Toll concession PT 2037 Operational 36.0% Equity method Prado Carénage Tunnel Toll concession FR 2025 Operational 32.9% Equity method Prado SouthTunnel Toll concession FR 2054 Operational 41.5% Equity method Dakar Diamniadio Motorway Toll concession SEN 2040 Operational 100.0% Full consolidation HSR Perpignan-Figueras Railroad in concession FR / SP 2057 Operational 50.0% Equity method HSR Bretagne-Pays de la Loire Railroad in PPP FR 2036 Under construction 100.0% Intégration globale Prisons Lot 1 PPP FR 2037 Operational 19.9% Not consolidated Marche-en-Famenne Prison PPP BEL 2038 Operational 19.0% Not consolidated Covered market of Le Plessis-Robinson (92) PPP FR 2030 Operational 100.0% Full consolidation Hospital of Sud Francilien PPP FR 2041 Operational 100.0% Full consolidation National Police HQ PPP FR 2043 Operational 100.0% Full consolidation Pierre-Mauroy Stadium PPP FR 2043 Operational 100.0% Full consolidation Jean-Zay High School Lorraine PPP FR 2034 Operational 100.0% Full consolidation Green-ER University - Grenoble PPP FR 2041 Under construction 100.0% Full consolidation Bretagne University PPP FR 2038 Under construction 10.0% Not consolidated Lille University PPP FR 2041 Under construction 100.0% Full consolidation Aix-en-Provence University PPP FR 2042 Under construction 100.0% Full consolidation Seine-St-Denis colleges lot 1 PPP FR 2034 Operational 100.0% Full consolidation Seine-St-Denis colleges lot 3 PPP FR 2034 Operational 100.0% Full consolidation Energy Efficiency Contracts PPP FR 2025 Operational 100.0% Full consolidation Kreis Lippe road network PPP GER 2033 Operational 100.0% Full consolidation La Grande Arche of La Défense renovation PPP FR 2034 Under construction 100.0% Full consolidation 45

46 ASSETS IN CONCESSIONS Carrying value of assets held under Concession ( M)* 31/12/ /12/ /12/2014 APRR 11,375 11,134 10,838 A65 1,034 1,028 1,021 Millau Viaduct Norscut Prado Carénage Tunnel Prado SouthTunnel Dakar Diamniadio Motorway HSR Perpignan-Figueras HSR Bretagne-Pays de la Loire Prisons Optimep Châteauroux police quarter Covered market of Le Plessis-Robinson (92) Hospital of Sud Francilien Hospital of Rennes Hospital of Annemasse National Police HQ Pierre-Mauroy Stadium Jean-Zay High School Lorraine Green-ER University - Grenoble Lille University Aix-en-Provence University Seine-St-Denis colleges lot Seine-St-Denis colleges lot Energy Efficiency Contracts La Grande Arche of La Défense renovation Other concessions & PPPs Total 14,254 14,299 14,010 * Fully consolidated : 100% of asset / Equity method : group share 46

47 APRR - DEBT SCHEDULE AND BOND YIELDS Debt profile as at 31 December In M Coupon Maturity Yield on 31/12/ and % 12/1/ % 300 Eur3m+0.87% 18/1/ % % 25/1/ % 1,000 5% 12/1/ % % 18/1/ % % 21/1/ % 500 Eur3m+0.75% 31/3/ % % 16/1/ % % 15/1/ % % 15/1/ % 211 and 53 Inflation indexed 31/10/2015 and 25/1/ CNA Bonds (EMTN Program) Bank Term Loans

48 APRR TRAFFIC EVOLUTION CHANGE IN TRAFFIC (KMS TRAVELLED, 12 MONTHS ROLLING AVERAGE, REBASED TO Q4 2007) 108 LV Total HGV Q071Q082Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q14 48

49 APRR & AREA MANAGEMENT CONTRACT Contractual tariff formulae 85% X inflation (1) % for APRR 85% X inflation (1) % for AREA (1) Inflation excluding tobacco from October N-2 to October N-1 Around M 500 of capex covering growth and modernisation of the network between 2014 and 2020 Major infrastructure projects: Construction of the A89-A6 junction north of Lyon First phase of A43 / A41 / high speed urban road of Chambéry Three widenings on the A6 at Auxerre (southbound), on the A71 north of Clermont-Ferrand (northbound), and the A41 north of Annecy (in both directions) Operating investments: Renovation of rest areas Environmental protection Improvement of service and security 49

50 INVESTOR RELATIONS CONTACT AND AGENDA Xavier Ombrédanne Phone : +33 (0) Register to receive press release at EIFFAGE APRR 2014 annual results Analysts presentation General Meeting of shareholders Quarterly information and turnover for the 1 st quarter of Quarterly information and turnover for the 2 nd quarter of half-year results Analysts presentation Quarterly information and turnover for the 3 rd quarter of

51 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 risks and uncertainties. This information is pertinent only on the day it was formulated. Eiffage assumes no responsibility to update this information or to revise the statements on becoming privy to new information or because of future or other events taking place, subject to applicable regulations in this matter. Additional information on factors that could influence the financial results of Eiffage are contained in the document filed by the Group with the French financial markets supervisor (Autorité des Marchés Financiers - AMF), which is available on the Group s website or on request from the company s registered office. 51