VINCI: Quarterly Information at 30 September 2012

  VINCI:Quarterly Information at 30 September 2012

Business Wire

RUEIL MALMAISON, France -- October 25, 2012

Regulatory News:

VINCI (Paris:DG):

  *Sustained activity during the 3^rd quarter: +7.3% (+3.2% comparable basis)
  *Year-to-date revenue: €28.2 billion (+4.9% actual; +2.2% comparable basis)
  *Order book: €32.8 billion (+7.4% since 1 January 2012)
  *Net financial debt: €13.5 billion (down €0.1 billion over 12 months)
  *2012 net income: negative impact from new French tax and social charges

                                  At 30 September  2012/11 change
Consolidated revenue*
                                  2012    2011    Actual  Comparable
(€ in millions  )
Concessions                       4,128   4,071   1.4%    1.2%
VINCI Autoroutes                   3,438   3,407   0.9%    0.9%
VINCI Concessions                 689     664     3.8%    2.5%
Contracting                       23,985  22,853  5.0%    1.8%
VINCI Energies                     6,414    6,238    2.8%     1.5%
Eurovia                            6,427    6,350    1.2%     -3.6%
VINCI Construction                11,144  10,265  8.6%    5.2%
VINCI Immobilier                  521     414     25.8%   25.8%
Eliminations and restatements     (429)   (449)          
Total revenue                     28,205  26,889  4.9%    2.2%
of which:
                                   17,947   17,170   4.5%     4.4%
France
Europe (excluding France)          6,696    6,761    -1.0%    -1.6%
International (excluding Europe)  3,561   2,958   20.4%  
Order book (€ in bns)             32.8    30.0    9.5%
Net financial debt (€ in bns)     (13.5)  (13.6)  0.1

* Excluding concession subsidiaries’ works revenue (IFRIC 12)

VINCI’s year-to-date consolidated revenue at 30 September 2012 amounted to
€28,205 million^1, up 4.9% against the same period in 2011. This figure
includes 2.2% growth on a comparable basis, a 2.0% increase due to changes in
consolidation scope and a 0.7% favourable exchange rate impact.

Concessions business revenue amounted to €4,128 million, up 1.4%. VINCI
Autoroutes’ revenue increased 0.9% to €3,438 million, while that of VINCI
Concessions rose 3.8% to €689 million.

Contracting business revenue increased 5.0% to €23,985 million, of which
€6,414million was generated by VINCI Energies (+2.8%), €6,427 million by
Eurovia (+1.2%) and €11,144million by VINCI Construction (+8.6%).

In France, revenue was €17.9 billion, up 4.5% against the year-before figure
(+4.4% on a comparable basis).

Outside France, revenue increased 5.5% to €10.3 billion (-1.6% on a constant
consolidation and exchange rate basis). Revenue in Europe (excluding France)
was €6.7 billion, down slightly by 1.0%. Revenue outside of Europe was up more
than 20% at €3.6 billion.

3^rd quarter of 2012 consolidated revenue increased 7.3% (+3.2% on a
comparable basis), driven by an overall good performance in Contracting
(+7.6%), particularly from VINCI Construction and by the impact of
acquisitions made outside France by Eurovia and VINCI Energies in 2012 as well
as Soletanche Freyssinet at the end of 2011.

Year-to-date order intake at 30 September 2012 was €25.1 billion. In absolute
terms, this represents approximately a 7% decline compared with the same
period in 2011 but a 9.0% increase on a comparable consolidation scope basis
and excluding the exceptional Tours–Bordeaux high-speed line contract (booked
in June 2011).

The order book at 30 September 2012 stood at €32.8 billion, up 7.4% compared
with 31December 2011. In France, the order book was €18.3 billion, up 1.7%
over 12 months. The order book outside of France was up 15.5%: Europe
(ex-France) was €9.7 billion (+13.5%); ex-Europe was €4.8 billion (+19.7%).

Consolidated net financial debt at 30 September 2012 was €13.5 billion, down
approximately €100 million compared with 30 September 2011.

2012 outlook

The good activity during the 3^rd quarter of 2012 combined with recent
external growth transactions should lead to an approximate 4% increase in the
Group’s full-year 2012 top line.

In terms of operating and net incomes, despite the margin pressure being felt
in some sectors and countries, VINCI was targeting levels close to those
reached in 2011 before taking into account the new tax and social charges
being considered in France.

Ongoing discussions surrounding the proposed 2013 French Finance Law (le
Projet de Loi de Finances 2013) imply that these new charges could negatively
impact VINCI’s 2012 net income, which could be down by 3% to 4% compared to
its 2011 level.

^1 In accordance with IFRIC 12, VINCI’s total revenue, including construction
works awarded by its concession subsidiaries to non-Group companies, amounted
to €28,584 million at 30 September 2012, up 4.3% against the first nine months
of 2011 (+1.7% on a comparable structure basis).

Year-to-date revenue by business line

CONCESSIONS: €4,128 million (+1.4% actual; +1.2% comparable basis)

VINCI Autoroutes: €3,438 million (+0.9% actual and comparable bases)

Year-to-date toll revenue from the motorway networks operated by VINCI
Autoroutes (ASF, Cofiroute, Escota and Arcour) amounted to €3,365 million, up
0.7%. There was an overall 1.5% decline in traffic on a stable network (light
vehicles: -1.2%; heavy vehicles: -3.8%). This was offset by tariff impacts and
that of the A86 Duplex traffic growth (measured as the average number of
vehicles on a weekday) which increased 24% compared with the year-before
figure.

The decline in traffic on a stable network recorded in the first half of 2012
diminished slightly in the third quarter, during which traffic fell 1.0%
(light vehicles: -0.6%; heavy vehicles: -4.6%). Overall, VINCI Autoroutes
revenue increased 1.4% in the 3^rd quarter of 2012 compared to the same period
in 2011.

VINCI Concessions: €689 million (+3.8% actual; +2.5% comparable basis)

VINCI Park’s revenue grew 2.5% to €453 million (+1.6% comparable basis). On an
actual basis, revenue was up 1.6% in France and 4.6% internationally (+2.1%
comparable basis, the difference being attributable mainly to favourable
exchange rate fluctuations).

Revenue generated by VINCI Airports continued to increase sharply, by 20%
(+15.6% comparable basis), to €128 million driven by growth in passenger
traffic at Nantes Atlantique airport in France and those in Cambodia

During the 3^rd quarter, VINCI Concessions revenue increased by 3.7%
year-on-year.

CONTRACTING: €23,985 million (+5.0% actual; +1.8% comparable basis)

VINCI Energies: €6,414 million (+2.8% actual; +1.5% comparable basis)

In France, revenue generated over the first nine months of the year amounted
to €3,997 million, up 0.6% on an actual basis (+1.2% on a comparable basis).
In the 3^rd quarter, VINCI Energies activity in France was more or less flat
(-0.9%): business was relatively dynamic in energy and telecommunications
infrastructure, but less so in the industrial and service sectors. VINCI
Facilities’ 9-month 2012 revenue increased 6.8%.

Outside France, revenue was €2,417 million, up 6.7% on an actual basis (+2.1%
on a comparable basis). VINCI Energies’ international growth accelerated in
the 3^rd quarter (+14.5% actual, +6.3% on a comparable basis), mainly in
Germany as a result of steady organic growth and the consolidation of EVT.
Several other countries, including Sweden, Belgium, Brazil and Indonesia,
continued to post good performances.

VINCI Energies’ order book at 30 September 2012 stood at €7.4 billion, up
close to 12% over 12 months. It represented about 10 months of average
business activity for the business line.

Eurovia: €6,427 million (+1.2% actual; -3.6% comparable basis)

In France, revenue for the first nine months was €3,822 million, up 2.3% on an
actual basis and 1.4% on a comparable basis. Following a 1^st half of 2012
marked by difficult weather and unfavourable calendar effects compared to
2011, revenue in the 3^rd quarter of 2012 rose 6.6% (+6.3% on a comparable
basis), with situations varying from one region to another. Moreover,
Eurovia’s specialised activities, especially rail transport infrastructure,
continued to perform well.

Outside France, revenue amounted to €2,605 million, unchanged (-0.3%) on an
actual basis (-10.7% on a comparable basis). During the 3^rd quarter revenue
declined 2.2%: despite dynamic organic growth in Canada, the United States and
Chile, there was a decline in business in Slovakia and the Czech Republic
(completion of the R1 expressway, difficult market conditions) as well as in
Poland and Spain.

Eurovia’s order book at 30 September 2012 stood at €6.7 billion, up 22% over
12 months thanks to international acquisitions (principally Carmacks in Canada
and NAPC in India) and to long-term maintenance contracts won in the United
Kingdom. It represented over nine months of average business activity for the
business line.

VINCI Construction: €11,144 million (+8.6% actual; +5.2% comparable basis)

In France, revenue for the first nine months totalled €6,124 million, up 9.7%
on an actual basis (+9.4% on a comparable basis). Growth in the 3^rd quarter
was 14%. The building business, particularly private non-residential
buildings, was sustained. In addition, works for the Tours–Bordeaux high-speed
rail line continued to ramp up.

Outside France, revenue increased 7.2% to €5,020 million (+0.5% on a
comparable structure basis). Growth in the 3^rd quarter was close to 12%. The
acquisitions made by Soletanche Freyssinet at the end of 2011 continued to
contribute to the increase in revenue. Business growth remained steady at
Sogea Satom (African subsidiaries) and VINCI Construction Grands Projets but
was flat in Central Europe.

VINCI Construction’s order book at 30 September 2012 stood at €18.7 billion,
up 4.8% over 12 months. It represented 15 months of average business activity
for the business line.

VINCI Immobilier: €521 million (+26% on both an actual and comparable
structure basis)

VINCI Immobilier’s strong revenue growth continued in the 3rd quarter of 2012,
driven by several major projects under way in business and commercial property
in the Paris region. The residential sector, meanwhile, was bolstered by
programmes launched in 2011, but year-to-date reservations for new housing
units at the end of September 2012 were sharply down compared with the same
period in 2011.

3^rd quarter 2012 highlights

New contracts

In July, VINCI was named preferred bidder for the construction and operation
of the new stadium in Dunkirk (France) under a partnership contract. The
contract, covering a period of almost 28 years, calls for the design,
financing, construction, operation and maintenance of the 10,000-seat stadium.
The initial investment amounts to €112 million.

In August and September, VINCI completed the financing arrangements for two
contracts to repair and maintain the highways networks in the Hounslow Borough
of London and the Isle of Wight. The PFI (Private Finance Initiative)
contracts, each for 25 years, cover initial investments in the order of
£100million (about €125 million) and £145 million (about €180 million),
respectively.

In September, VINCI Plc, VINCI Construction’s British subsidiary, won two
contracts in Saudi Arabia in a joint venture with a local company. Worth a
total of around €138 million, the contracts call for the design and
construction of a water reservoir with a capacity of 1.5 million cubic metres
and a lifting station in Jeddah.

New developments

In September, VINCI Energies signed an agreement to acquire Vasundara, an
Indian engineering company based in Bangalore. Vasundara, which has operations
in Chennai and Hyderabad, together with subsidiaries in the United Emirates
and Malaysia, operates in the industrial automation, mechanical engineering
and robotics sectors.

Financial items

Net financial debt/liquidity

VINCI’s consolidated net financial debt at 30 September 2012 stood at €13.5
billion, against €13.6 billion at 30 September 2011. It was reduced by €0.7
billion in the 3^rd quarter of 2012, thanks mainly to an improvement in
operating cash.

Since 1 January 2012, net financial debt increased €0.9 billion. In addition
to the usual seasonal variation, this change reflects VINCI Autoroutes’ steady
investments within the framework of its master plans and the green motorway
package, as well as external growth transactions during the period.

Net financial debt at 30 September 2012 breaks down into gross financial debt
of €17.9 billion and net cash managed of €4.4 billion.

In July, ASF signed a five-year syndicated credit facility for €1.8 billion,
replacing an existing facility maturing in December 2013.

Thus, the Group’s liquidity remained at the high level of €10.9 billion at 30
September 2012. In addition to net cash managed, it includes €6.5 billion in
undrawn medium-term credit facilities maturing in 2016 and 2017.

                                  **********

Diary

15 November 2012:

2012 interim dividend cash payment of €0.55 per share (ex-date: 12 November
2012).

5 February 2013:

Publication of 2012 annual financial statements after close of trading on the
stock market.

This press release is available in French and English on VINCI’s website at
www.vinci.com.

APPENDIXES

France/international consolidated revenue* at 30 September by business line

                               At 30 September  2012/2011 change
(in € millions)                2012    2011    Actual  Comparable
FRANCE                                                 
Concessions                     3,890    3,851    1.0%     1.0%
Contracting                     13,943   13,294   4.9%     4.7%
VINCI Energies                  3,997    3,973    0.6%     1.2%
Eurovia                         3,822    3,737    2.3%     1.4%
VINCI Construction              6,124    5,584    9.7%     9.4%
VINCI Immobilier                521      414      25.8%    25.8%
Eliminations and restatements  (407)   (389)          
Total France                   17,947  17,170  4.5%    4.4%
                                                           
INTERNATIONAL
Concessions                     238      221      7.7%     3.8%
Contracting                     10,042   9,559    5.1%     -2.1%
VINCI Energies                  2,417    2,265    6.7%     2.1%
Eurovia                         2,605    2,613    -0.3%    -10.7%
VINCI Construction              5,020    4,681    7.2%     0.5%
Eliminations and restatements  (22)    (61)           
Total international            10,257  9,719   5.5%    -1.6%

* Excluding concession subsidiaries’ works revenue (IFRIC 12)

Third-quarter consolidated revenue*

                                Third quarter   2012/2011 change
(in € millions)                 2012    2011   Actual  Comparable
Concessions                     1,586   1,559  1.7%    1.3%
VINCI Autoroutes                 1,372   1,353  1.4%    1.4%
VINCI Concessions               214     206    3.7%    1.0%
Contracting                     8,675   8,061  7.6%    2.9%
VINCI Energies                   2,236    2,132   4.9%     1.8%
Eurovia                          2,595    2,530   2.6%     -3.7%
VINCI Construction              3,843   3,399  13.1%   8.4%
VINCI Immobilier                163     134    22.0%   22.0%
Eliminations and restatements   (161)   (187)         
Total revenue                   10,262  9,566  7.3%    3.2%
of which:
                                 6,452    6,044   6.8%     6.5%
France
Europe excluding France          2,465    2,485   -0.8%    -2.1%
International excluding Europe  1,345   1,038  29.6%  

* Excluding concession subsidiaries’ works revenue (IFRIC 12)

Order book

                  At 30 September  Sept.12/Sept.11  At     Sept.12/Dec.11
                                                        31
(in € billions)    2012     2011   change            Dec.   change
                                                        2011
VINCI Energies      7.4      6.6     11.9%             6.4     14.4%
Eurovia             6.7       5.5     21.9%             5.8     15.4%
VINCI              18.7     17.9   4.8%              18.3   2.3%
Construction
Total Contracting  32.8     30.0   9.5%              30.6   7.4%
of which:
France              18.3      17.8    2.9%              18.0    1.7%
Europe excluding    9.7       8.1     19.7%             8.6     13.5%
France
International      4.8      4.1    18.2%             4.0    19.7%
excluding Europe

Change in VINCI Autoroutes’ revenue at 30 September 2012

                              VINCI Autoroutes  Of which:
                                               ASF    Escota  Cofiroute
Light vehicles                 -1.2%              -1.1%  -1.0%   -1.6%
Heavy vehicles                -3.8%             -3.1%  -3.8%   -5.8%
Traffic on a stable network   -1.5%             -1.4%  -1.3%   -2.2%
New sections                   0.2%*              -       -        0.7%*
Other impacts                 2.0%              1.9%   2.9%    2.1%
Toll revenue (in € millions)   3,365              1,917   508      910
2012/2011 change              0.7%              0.5%   1.6%    0.6%
Revenue (in € millions)        3,438              1,965   516      927
2012/2011 change              0.9%              0.7%   1.7%    0.8%

* A86 Duplex

Total traffic on motorway concessions – entire network (excluding A86 Duplex)

                      Third quarter             Year-to-date at 30 September
(in millions of km    2012    2011    Change  2012      2011      Change
travelled)
VINCI Autoroutes       14,925  15,077  -1.0%    35,833    36,395    -1.5%
Light vehicles         13,487   13,569   -0.6%    31,283     31,664     -1.2%
Heavy vehicles        1,439   1,508   -4.6%   4,550     4,731     -3.8%
Of which:                                                    
ASF                    9,420    9,467    -0.5%    22,130     22,439     -1.4%
Light vehicles         8,474    8,484    -0.1%    19,142     19,356     -1.1%
Heavy vehicles        946     983     -3.7%   2,987     3,083     -3.1%
ESCOTA                 2,002    2,024    -1.1%    5,145      5,212      -1.3%
Light vehicles         1,856    1,873    -0.9%    4,691      4,740      -1.0%
Heavy vehicles        146     151     -3.6%   454       472       -3.8%
Cofiroute (intercity   3,415    3,499    -2.4%    8,351      8,539      -2.2%
network)
Light vehicles         3,076    3,133    -1.8%    7,265      7,387      -1.6%
Heavy vehicles        339     366     -7.3%   1,086     1,152     -5.8%

Contact:

VINCI
Press
Maxence Naouri, +33 1 47 16 31 82
maxence.naouri@vinci.com

Investors
Thomas Guillois, +33 1 47 16 33 46
thomas.guillois@vinci.com
or
Christopher Welton, +33 1 47 16 45 07
christopher.welton@vinci.com
 
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