Annual results Financial analysts meeting. 24 February 2016

Transcription

1 Annual results 2015 Financial analysts meeting 24 February 2016

2 Highlights Benoît de Ruffray Chairman and Chief Executive Officer

3 Highlights - Contracting Energy Ongoing recovery of margins Construction Margin resilience Property development Record in reservations and first operation in Luxembourg 3

4 Highlights - Contracting Roads Decrease in volume in France and improvement in Europe Civil engineering Stable activity in France Metal Sharp drop in activity, reorganization of production facilities in France Integrated offering Major projects under control: BPL HSR and PPPs 4

5 Highlights - APRR and AREA Exceptional events Successive lengthening of the concessions contracts Initial concession maturity Motorway Stimulus Package Maurice Lemaire tunnel integration Actual concession maturity APRR months +10 months AREA months No impacts Effective date 23 rd August st January 2016 Operation Traffic growth +2.7% EBITDA margin improvement to the record level of 71.8% (+ 110 bps) Decrease of 16% of APRR and Eiffarie financial expenses 5

6 Highlights - Other concessions Motorways concessions PPP portfolio Further improvement in traffic and profitability of the A65 Integration of the Viaduct service area in the Viaduct of Millau concession Important traffic growth of «Autoroute de l Avenir» in Senegal and opening of the new extension during 2016 Commercial successes in building in France and infrastructure in Germany Opening of the University of Grenoble and disposal of Eifficentre 6

7 Eiffage Revenue M -0.6% 13,732 14,035 14,264 13,987 13,909 Operating profit M +6.2% 1,104 1,200 1,318 1,347 1,431 Net profit group share M +13.5% Change in WCR M +46 M Financial Net debt M -423 M 12,645 12,469 12,579 12,014 11,591 Order Book bn % (+1.2% Exc. BPL) Ongoing profit growth - WCR improvements - Deleveraging - Slight decrease in order book 7

8 Outlook Slight decrease of activity New profit growth Proposal of a dividend of 1.50 per share (+25%) 8

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

10 Revenue (excluding IFRIC 12) BREAKDOWN CONCESSIONS / CONTRACTING ( M) BREAKDOWN BY GEOGRAPHICAL AREA ( M) 13,987 13,909 2,378 2, % +2.7% 13,987 13, % +26.3% 2,100 2, % +9.0 % 11,609 11, % 11,568 11, % / /14 Concessions Contracting France Europe excluding France International excluding Europe 10

11 Contracting revenue (excluding IFRIC 12) BREAKDOWN BY DIVISION ( M) CONTRACTING BREAKDOWN BY GEOGRAPHICAL AREA ( M) AND % OF TOTAL 11,609 11,466 3,733 3, % 11,609 11, % 300 (3%) 381 (3%) +27% -5.9% 2,100 (18%) 2,233 (20%) +6.3% 4,570 4, % 3,306 3, % 9,209 (79%) 8,852 (77%) -3.9% / /14 Construction Infrastructures Energy France Europe excluding France International excluding Europe 11

12 Operating profit on ordinary activities and margins Growth of operating profit on ordinary activities of 6.2% to 1,431M (+ 84M) Operating margin increase by 70 bps to 10.3% of revenue M % revenue M % revenue 15/14 Construction % % -12.8% Infrastructures % % -30.6% Energy % % +13.8% Sub-total Contracting % % -9.7% Concessions % 1, % +12.3% Holding GROUP TOTAL 1, % 1, % +6.2% 12

13 Evolution of the operating margin Continuous growth of the operating profit and margin to the level of 10.3% 1,104 1,200 1,318 1,347 1, % 8.0% 8.6% 9.2% 9.6% Operating profit (M ) and margin (%) 13

14 Construction: activity and results Upholding of the operating margin at the high level of 3.9% Revenue down 5.9% (-5.8% lfl) France -8.1%, Europe (excluding France) +4.0% Property development REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES 3,781 3,798 3,715 3,733 3,514 Record high in reservations with 3,671 units to be compared to 3,395 in 2014 First significant operation in Luxembourg New significant operation: ZAC Paris Affaires in Asnières Works 4.3% 4.2% 4.2% 4.2% 3.9% Decrease in revenue but strong reactivity in organizational restructuring Good execution of major works and iconic deliveries: The Cannes palace of festivals, Tour des finances in Liège and Le Garance in Paris Significant order intake Renovation of the Hall 7 of Paris parc des expositions, City of Gastronomy of Dijon, Lyon University Pole and PPP buildings BREAKDOWN OF REVENUE Works 85% 84% 82% 80% 79% Property 15% 16% 18% 20% 21% 14

15 Le Garance - Paris Pyrénées - Paris 20 e 15

16 Infrastructures (1) : activity and results Decrease of the operating margin by 70 bps to 1.7% Deterioration of the metal construction in France Revenue down 4.3% (-6.1% lfl) France -7.7%, Europe excluding France +9.1% and outside Europe -2.8% Drop in the metal construction activities in France Margin evolution Stable margin in civil engineering Reorganization in roads Reorganization in Metal construction works Major projects Bretagne-Pays de la Loire HSR: progress in line with expectations International development A94 Motorway in Germany (PPP) Metal walkways in Angola REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES 4,390 4,527 4,854 4,570 4, % 2.4% 1.8% 1.7% 0.7% VOLUME FIGURES Industries Coatings-M tons Quarries-M tons Binders -K tons (1) Previously Public works and Metallic construction 16

17 Short lived street Art on the Paris ring road 17

18 Energy (1) : activity and results Continuous growth of the operating margin over the last 5 years Increase of the operating margin by 20 bps over the year to 3.7% Revenue up 8.2% (+7.5% lfl) France +5.9%, Europe excluding France +4.8% and x2 outside Europe Increased operating margins REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES 3,417 3,535 3,434 3,306 3,578 Good performance of the system divisions Gradual acquisition (mainly in France regions) Iconic delivery 2.2% 2.6% 3.0% 3.5% 3.7% Successful realization of the largest photovoltaic farm in Europe (Cestas) Major Projects Photovoltaic farms in Chili Bretagne-Pays de la Loire HSR: ramping up (1) Previously Energy and Industrial maintenance 18

19 Deployment of optical fiber 19

20 Concessions: activity and results Increase of the operating margin up 390 bps to the high level of 45.3% Revenue up 2.7% (+2.8% lfl) REVENUE ( M) - OPERATING MARGIN ON ORDINARY ACTIVITIES Motorways concessions (exc. APRR): +9% at M 117 Motorways 117 Revenue M ( 15/14 %) LV Traffic HGV Traffic A65 52 (+8.3%) +4.9% +14.2% 2,144 2,175 2,261 2,378 2, % Millau Viaduct 43 (+5.3%) +1.4% +4.4% Autoroute de l Avenir 22 (+20%) +18% in transactions 40.4% 41.1% 42.2% 41.4% TOTAL 117 (+9%) Other concessions and PPPs : -7,9% at 112M (CHSF disposal) Operating margin +12% at M 1,106 APRR / Eiffarie: +11% at M 964 Other concessions and PPPs: +25% at M 142 Concessions contracts evolution APRR +35 months and AREA +45 months with the stimulus package and the Maurice Lemaire Tunnel integration Concession enlargement: integration of the Viaduct service area in the Millau Signing of new PPPs Metz university, Var Colleges, biology and health campus of Nancy A94 motorway in Germany Opening : GreEn-ER University in Grenoble Disposal : Energy Efficiency contract Efficentre viaduct concession 20

21 Eiffage Marathon of the Dakar motorway 21

22 APRR: activity and results Continuous growth of EBITDA and EBITDA margin over the last 5 years Increase of the EBITDA margin by 110 bps to the record level of 71.8% Revenue (Exc. Ifric 12) up 3.0% Total traffic increase up 2.7% LV +2.6% and HGV +2.9% Operating margin up Ongoing optimization of the structures Productivity gains in the core operations Extension to the concessions contracts APRR +35 months AREA +45 months Application of the contractual toll increase in 2016 Openings A719 Vichy / Gannat (January) A466 north of Lyon (July) REVENUE ( M) EBITDA / REVENUE 2,022 2, % 70.0% 2, % 2, % 2, % HGV 15% TRAFFIC TOLL RECEIPTS REVENUE MIX LV 85% HGV 33% LV 67% Other 3% Tolls 97% 22

23 Winter Activities - APRR 23

24 APRR & Eiffarie: Refinancing in 2015 New credit facilities and bonds issues for APRR and Eiffarie for a total of bn 4.6 Bank debt(*) APRR Bank debt Eiffarie EIB APRR Bonds APRR Bonds APRR TOTAL Date February February June and December October November Amount ( bn) Cost Floating +45 bps Floating +100 bps Floating +40 bps Fixed rate 1.5% Floating +70 bps Maturity 5 years + 2x1 year 5 years + 2x1 year 7 years 8 years 4 years Reimbursement On maturity Progressive 100M/year an average On maturity On maturity On maturity * Revolving credit facility (RCF) 24

25 APRR & AREA: Tariff formulae Contractual tariff increase and compensations Tariff increase 1st of February % x I 85% x I 70% x I 70% x I 70% x I 70% x I 70% x I APRR 1.23% 0.59% 1.13% 0.25% 0.25% 0.25% 0.25% 0.25% AREA 1.27% 0.62% 1.17% 0.26% 0.26% 0.26% 0.26% 0.26% Includes management contract tariff formulae Includes compensation for the Increase in the land tax rates since 2013 Absent of new management contract Includes compensation for the tariff freeze of 2015 I = Inflation 25

26 Consolidated income statement Increase in the operating profit on ordinary activities of 6.2% and of the net results of 13.5% Decrease in the financial expenses of 15.3% In M Δ 15/14 Revenue (1) 13,987 13, % Operating profit on ordinary activities (% of revenue) 1,347 (9.6%) 1,431 (10.3%) +6.2% Other operating income and expenses (67) (94) Operating income 1,280 1, % Cost of net debt (726) o/w Concessions (718) (615) o/w Concessions (612) -15.3% Other financial income and expenses (26) (38) Net financial expenses (752) (653) -13.2% Share of profit of associates (2) (5) Income tax (172) (220) Net profit % Minority interests Net profit (group share) % Net profit per share (1) Exc. IFRIC 12 26

27 Net profit (group share) and profit per share Continuous growth of the net profit and profit per share over the last 5 years 205 M 221 M 257 M M M Total capital s shares in millions

28 Consolidated and simplified balance sheet In M ASSETS 18,360 18,342 Non current assets Concessions 14,010 13,951 Non current assets Holding & Contracting 4,350 4,391 EQUITY AND LIABILITIES Capital and reserves 18,360 2,978 18,342 3,472 FND Exc. Mtm of CNA debt and the swaps WCR Other liabilities Inc. Mtm of CNA debt and the swaps 12,014 11, ,631 2,569 31/12/ /12/2015 Pro forma IFRIC 21 28

29 Financial net debt evolution ( M) 12,014 (2,074) EBITDA (46) Change in WCR: Holding & Contracting (93) Concessions 47 Operation (1,230) Interest & taxes paid Net Capex Contracting & Holding Capex Capex Concessions 33 (55) 81 Acquisitions & disposals Variations without flows of funds & misc Dividends & Capital transactions 11,591 FND 31/12/2014* FND 31/12/2015* *Exc. Mtm of the CNA debt and the swaps : M 799 M figures Pro forma of Capex reclassification (2,035) (47) (306) (1 095)

30 Financial net debt structure ( M) Financial net debt down 0.4bn over 1 year 1bn over 2 years 12, ,472 12, ,294 12, ,014 11,591 12, , ,925 FND Holding & Contracting FND Concessions with recourse 31/12/11 31/12/12 31/12/13 31/12/14 Exc. Mtm of the CNA debt and the swaps : M 1,065 M 1,302 M 860 M 799 M /12/15 DFN Concessions without recourse 30

31 Concession financial net debt breakdown Non recourse debt raised in dedicated SPVs for 11.9bn (*) NON RECOURSE FND BREAKDOWN ( M) NON RECOURSE FND STRUCTURE ( M) Macquarie Quasi equity 396 Eiffarie 1,246 APRR 7,420 APRR and Eiffarie 9,062 Millau Viaduct 581 Autoroute de l'avenir (Senegal) 40 A Other Motorway concessions 1,455 Education 289 Grande Arche 99 DGGN 121 Pierre-Mauroy Stadium 155 BPL HSR 744 PPPs 1,408 (*) Exc. Mtm of the CNA debt and the swaps : M

32 Activity and commercial dynamism Strong order book at 11.4bn down 2.8% over one year (+1.2% Exc. BPL) ORDER BOOK ( bn) AND EQUIVALENT NUMBER OF MONTHS OF THE CONTRACTING TURNOVER BREAKDOWN BY DIVISION ( bn) 12 MONTHS VARIATIONS % % 13.9 months 12.3 months 12.0 months 12.2 months 12.0 months % 31/12/11 31/12/12 31/12/13 31/12/14 31/12/ /12/14 31/12/15 Construction Infrastructures Energy -7.8% 15/14 32

33 Appendices

34 Group shareholding structure SHAREHOLDERS at 30/06/2015 (95,4 M Shares) SHAREHOLDERS AT 31/12/2015 (95,4 M Shares) BlackRock 6.3% BlackRock 6.3% BPI 18.8% Free float 47.6% BPI 13.9% Free float 51.2% Treasury shares 3.0% Treasury shares 4.9% Employees 24.3% Employees 23.7% 34

35 Revenue (excluding IFRIC 12) REVENUE BREAKDOWN ( M) REVENUE BREAKDOWN IN EUROPE EXCLUDING FRANCE ( M) Spain 344 Poland 199 France 11,272 Europe Excluding France 2,234 Germany 657 Other 237 International Excluding Europe 403 Benelux

36 Consolidated balance sheet - Assets In M 31/12/2013 (*) 31/12/2014(*) 31/12/2015 Property, plant and equipment 1,474 1,463 1,481 Investment property Fixed assets held under concessions 12,415 12,069 11,701 Goodwill on acquisition 2,849 2,873 2,904 Other intangible assets Investment accounted for using the equity method Financial assets on service concessions non-current 1,374 1,406 1,732 Other financial assets Deferred tax assets Total non current assets 18,966 18,661 18,634 Inventories Trade receivables 4,151 3,962 3,966 Current tax receivables Financial assets on service concessions current Other current assets 1,457 1,259 1,116 Cash and cash equivalent 2,097 4,265 3,641 Asset held for sale Total current assets 8,364 10,160 9,480 Total assets 27,330 28,821 28,114 * Pro forma IFRIC 21 36

37 Consolidated balance sheet - Equity and liabilities In M 31/12/2013(*) 31/12/2014(*) 31/12/2015 Share capital Consolidated reserves 2,430 2,617 2,789 Profit & losses directly accounted for in equity (340) (359) (286) Net profit for the period Total capital and reserves, attributable to the Group 2,705 2,902 3,197 Minority interests (7) Total capital and reserves 2,698 2,989 3,472 Long-term debt 13,261 14,140 12,847 Deferred tax liabilities 1,050 1,077 1,159 Non current provisions Other non current liabilities Total non current liabilities 14,892 15,867 14,633 Trade creditors 3,169 2,884 2,924 Short-term loans and other borrowings 1,184 1,337 1,520 Non current borrowings due with in one year 1,091 1,601 1,468 Current tax liabilities Current provisions Other creditors and accruals 3,693 3,592 3,468 Liabilities held for sale Total current liabilities 9,740 9,976 10,009 Total liabilities and share holder s equity 27,330 28,821 28,114 * Pro forma IFRIC 21 37

38 Consolidated income statement In M Revenue 14,272 13,948 14,060 Other income Raw materials and consumables used (2,627) (2,463) (2,775) Staff costs (3,357) (3,314) (3,240) Other expenses (5,767) (5,631) (5,463) Taxes other than corporate tax (398) (408) (426) Amortisation and depreciation expense (845) (858) (833) Provisions (20) (53) (37) Changes in inventories (25) (49) 43 Other operating income and expenses Operating profit on ordinary activities 1,318 1,347 1,431 Other operating income and expenses (56) (67) (94) Operating profit 1,262 1,280 1,337 Income from cash and cash equivalent Cost of gross debt (761) (770) (648) Net finance costs (727) (726) (615) Other financial income (expenses) (51) (26) (39) Share of profit (loss) of associates 5 (2) (5) Corporation tax (167) (172) (220) Net profit Attributable to the Group Minority interests

39 Consolidated cash flow statement In M 2014* 2015 Cash flow generated by operations 1,143 1,261 Change in working capital in operating activities Change in working capital interests and taxes (95) (77) Net Capital expenditure Contracting & Holding (81) (111) Capital expenditure Concessions (642) (637) Free Cash Flow Acquisition of minorities shares (9) - Acquisitions & disposals 306 (33) Dividends (115) (121) Change in equity Change in net bank debt Changes without flow of funds (25) 33 Changes in finance leases (21) 22 Change in financial net debt (1) of which concessions of which Contracting and Holding * Pro forma of Capex reclassification (1) Exc. Mtm of the CNA debt and the swaps:

40 Group financial structure In M 31/12/ /12/ /12/ /12/ /12/2015 Concessions - Financial debt 11,762 11,565 11,678 11,458 11,529 - Macquarie quasi equity Sub-total without recourse 12,472 12,294 12,386 12,038 11,925 - With recourse Concessions financial net debt 12,513 12,338 12,413 12,045 11,925 Holding & Contracting - Net cash (656) (759) (921) (1,678) (1,804) - Gross debt ,087 1,647 1,470 Holding & Contracting financial net debt Total financial net debt (1) 12,645 12,469 12,579 12,014 11,591 (1) Exc.Mtm of the CNA debt and the swaps: 1,065 1,

41 Financial expenses and results In M Δ 15/14 Concessions (367) (718) (612) -14.8% of which: APRR (302) (292) (252) Eiffarie & Financière Eiffarie (277) (287) (233) Financière Eiffarie Group (579) (579) (485) -16.2% A'Liénor (A65) (44) (44) (20) -54.6% VP1 (Millau Viaduct) (27) (23) (21) Héveil, Hanvol et H'ennez (Hospitals) (23) (12) - ERE (BPL HSR) (17) (32) (46) +41.4% Elisa (Pierre-Mauroy stadium) (14) (14) (14) Eiffigen (National Police HQ) (6) (6) (6) Armaneo (Grande Arche) - - (3) Other PPPs and concessions (13) (8) (18) Holding & Contracting (5) (8) (2) Cost of net debt (727) (726) (614) -15.4% Other financial income and expenses (15) (26) (39) Financial result (388) (752) (653) -13.1% 41

42 Operational Capex In M 2014* 2015 Contracting and Holding net Capex Concession Capex Total operational Capex * Pro forma of Capex reclassification 42

43 Contracting: market segmentation CONSTRUCTION Civil engineering 11% INFRASTRUCTURES Civil Engineering 20% ENERGY Climatic Engineering 13% Residential 39% Earthworks 6% Environment 8% O&M 17% Equipements / Non residential 50% Roads 56% Railways and other 10% Electric Engineering 70% 43

44 Contracting: customer segmentation CONSTRUCTION INFRASTRUCTURES ENERGY Private 62% Private 48% Private 75% Public 38% Public 52% Public 25% 44

45 APRR & AREA & 2016 evolutions Concessions length Tariffs Development of Investments Regulation Motorway stimulus Package and Integration of the Tunnel Maurice Lemaire in the APRR concession Compensation of the 2015 tariff freeze by an additional toll increase between 2019 and M of investments Establishment of an independent authority (ARAFER) and increased transparency APRR: 35 months lengthening to the end of November 2035 Compensation of the raise in the land tax rates since 2013 by an additional toll increase between 2016 and 2018 Contribution to a dedicated investment fund which will invest in the ecological modernization of transportation Strengthening of the protection against further taxation AREA: 45 months lengthening to the end of September 2036 Commercial policies: carpooling, ecological vehicle, student and youth, Macron bus. Implementation of a mechanism capping the profitability via the revenues Voluntary exceptional annual contribution to the AFITF 45

46 APRR & AREA Management contracts 500M of capex covering growth and modernization of the network Major infrastructure projects Construction of the A89-A6 junction north of Lyon 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 on the A41 north of Annecy (in both directions) Operating investments Renovation of rest areas Environmental protection Improvement of service and security 46

47 APRR & AREA - Stimulus plan 720M of Capex covering growth and modernization of the network Concessions contracts lengthening: APRR +25 months, AREA +45 months Major infrastructure projects Reconfiguration of three motorways interchanges: A36 / N1019 / D437 Sevenans interchange (2 km length extension) A6 / A406 / N79 (RCEA) interchange near Mâcon (2 km length extension) A71 / N79 (RCEA) interchange near Montmarault (5 km length extension) Management of two town crossings infrastructures: widening (2x3) of A75 between Clermont-Ferrand and Le-Crest (11 km length extension) Reconstruction of the A48/A480 junction between Saint-Egrève et Claix (15 km length extension) 47

48 APRR & Eiffarie Financial structure ( M) 10, ,971 9, , ,522 2,482 2,331 2,220 9, ,246 Macquarie quasi equity Eiffarie 6,096 6,760 6,751 6,696 7,420 APRR 31/12/ /12/ /12/ /12/ /12/2015 Exc. Mtm of the CNA debt and the swaps M 800 M 931 M 656 M 592 M

49 APRR - Debt profile Debt profile as at 31/12/2015 ( M) * 300 * , EMTN bonds details Amount in M Coupon Maturity Yield on 31/12/ Eur3m+0.87% 18/1/ % % 25/1/ % 1,000 5 % 12/1/ % % 18/1/ % % 21/1/ % 500 Eur3m+0.75% 31/3/ % 500 Eur3m+0.70% 3/1/ % % 16/1/ % % 15/1/ % 52 RPI indexed 25/1/ % 15/01/ % % 15/1/ % CNA EMTN program EIB *Reimbursed at the end of January

50 APRR - Traffic evolution LV Total HGV Km travelled, 12 months rolling average, rebased to Q

51 PPP life cycle Eiffage Financial investor Value 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 of tender 5% - 10% Equity 90% - 95% Debt Construction contract Maintenance contract Sale of equity Preservation of O&M contract Debt deconsolidation 51

52 Assets in concession Name Type Country End of concession Status % Shares Consolidation method APRR Toll Concession FR 2035/2036 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 Sud Tunnel Toll Concession FR 2054 Operational 41.5% Equity method Autoroute de l Avenir 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% Full consolidation Prison Lot 1 PPP FR 2037 Operational 19.9% Not consolidated Marche-en-Famenne prison PPP BEL 2038 Operational 19.0% Not consolidated Le Plessis-Robinson (92) covered market PPP FR 2030 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 Operational 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 Metz 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 Var colleges PPP FR 2043 Under construction 100.0% Full consolidation Kreis Lippe road network PPP GER 2033 Operational 100.0% Full consolidation La Grande Arche La Défense renovation PPP FR 2034 Under construction 100.0% Full consolidation 52

53 Assets in concession Carrying value of assets held under concession ( M)* 31/12/ /12/ /12/2015 APRR 11,134 10,837 10,469 A65 1,028 1,021 1,013 Millau viaduct Norscut Prado Carénage Tunnel Prado Sud Tunnel Autoroute de l Avenir motorway HSR Perpignan-Figueras HSR Bretagne-Pays de la Loire Prisons Optimep Le Plessis-Robinson (92) covered market CHSF Hospital National police HQ Pierre-Mauroy stadium Jean-Zay high school Lorraine GreEn-ER university Grenoble Lille university Aix-en-Provence university Metz university Seine-St-Denis colleges lot Energy efficiency contract EFFIGEN La Grande Arche La défense renovation Other concessions & PPPs Total 14,299 14,009 13,951 * Fully consolidated: 100% of asset/ Equity method: group share 53

54 Revenue for the 4 th Quarter 2015 vs 4 th Quarter 2014 ( M) 4 th Quarter th Quarter 2015 Variation Construction 1,069 1, % Of which property development Infrastructures 1,222 1, % Energy % Sub-total Contracting 3,227 3, % Concessions % Total Group (Exc. IFRIC 12) 3,812 3, % Construction revenue of concessions (IFRIC12) n.m 54

55 Summary revenue and operational profit on ordinary activities ( M) Revenue Operational profit on ordinary activities Operational margin Construction 3,781 3,798 3,715 3,733 3, % 4.2% 4.2% 4.2% 3.9% Infrastructures 4,390 4,527 4,854 4,570 4, % 1.8% 2.6% 2.4% 1.7% Energy 3,417 3,535 3,434 3,306 3, % 2.6% 3.0% 3.5% 3.7% Sub-total Contracting 11,588 11,860 12,003 11,609 11, % 2.8% 3.2% 3.3% 3.0% Concessions 2,144 2,175 2,261 2,378 2, , % 41.1% 42.2% 41.4% 45.3% Holding (29) (28) (20) (18) (18) Total Group 13,732 14,035 14,264 13,987 13,909 1,104 1,200 1,318 1,347 1, % 8.6% 9.2% 9.6% 10.3% 55

56 Restated revenue and operational profit on ordinary activities for 2014 ( M) Revenue Operational profit on ordinary activities Operational margin Published Metal division Restated Published Metal division Restated Published Restated Construction 3,733 3, % 4.2% Infrastructures 3, , % 2.4% Energy 3, , % 3.5% Metal 894 (894) - 17 (17) - 1.9% - Sub-total Contracting 11, , % 3.3% Concessions 2,378 2, % 41.4% Holding (18) (18) Total Group 13, ,987 1,347 1, % 9.6% 56

57 Investor relations contact and Agenda Xavier Ombrédanne Phone: +33 (0) Register to receive press release at Eiffage APRR Quarterly information and turnover for the 4 th quarter of annual results and 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 half-year results and Analysts presentation Quarterly information and turnover for the 3 rd quarter of

58 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. 58