VINCI – 2012 Annual Results

  VINCI – 2012 Annual Results

Business Wire

RUEIL-MALMAISON, France -- February 5, 2013

RegulatoryNews:

VINCI (Paris:DG):

A robust performance in a difficult economic climate:

  *Revenue: €38.6 billion (+4.5%)
  *Net income: €1.9 billion (+0.7%)
  *Earnings per share: €3.54 (+1.6 %)
  *2012 dividend (proposed): €1.77 (stable)
  *Stable net financial debt
  *Order book: €31.3 billion (+2% over 12 months)

Acquisition of ANA in Portugal: a major step in VINCI’s growth strategy for
the airport sector

2012 key figures

€ in millions                                 2012      2011      2012/2011
                                                                     change
Revenue^1                                     38,634    36,956    +4.5%
Cash flow from operations (EBITDA) ^2         5,418     5,366     +1.0%
% of revenue                                  14.0%     14.5%     
Operating income from ordinary activities      3,671      3,660      +0.3%
% of revenue                                  9.5%      9.9%      
Operating income                               3,651      3,601      +1.4%
% of revenue                                  9.5%      9.7%      
Net income attributable to owners of the       1,917      1,904      +0.7%
parent
% of revenue                                  5.0%      5.2%      
Earnings per share (€) ^3                      3.54       3.48       +1.6%
Dividend per share (€) ^4                     1.77      1.77      -
Net financial debt                            (12,527)  (12,590)  63
Order book at 31 December (€ in billions)     31.3      30.6      +2.3%

^1 Excluding concession subsidiaries’ revenue derived from works carried out
by non-Group companies. Revenue calculated according to IFRIC 12, including
works carried out by non-Group companies, amounted to €39,183 million in 2012,
up 4.1% compared with 2011.

^2 EBITDA: cash flow from operations before tax and financing costs.

^3 After taking stock options into account.

^4 Proposed to the Shareholders’ General Meeting on 16 April 2013 (with scrip
dividend option).

VINCI’s Board of Directors, chaired by Xavier Huillard, met on 5 February 2013
to finalise the annual financial statements^1 for the year ended 31 December
2012 prior to submitting them for approval at the Shareholders’ General
Meeting on 16 April 2013.

                                   ********

VINCI turned in a robust performance in 2012, with further growth in revenue
and net income despite a difficult economic climate, particularly in Europe.

This achievement reflects the soundness of the Group’s fundamentals: the
complementary nature and resilience of its two core businesses (Concessions
and Contracting), growth focusing on high value-added activities outside
France and prudent financial management.

VINCI’s consolidated revenue rose 4.5% to €38.6 billion. This represents 1.5%
organic growth, a 0.8% positive currency effect and 2.3% growth from
acquisitions. The main acquisitions, made by Contracting entities, were
outside France. In 2012, 37% of total revenue was generated outside France
(42% in Contracting).

Cash flow from operations before tax and financing costs (EBITDA) amounted to
€5.4billion (+1%) and equal to 14.0% of revenue. VINCI Autoroutes’ EBITDA
margin improved slightly to 69.5% in 2012 (69.4% in 2011).

Operating income from ordinary activities (EBIT) was €3.7 billion, up 0.3% and
representing 9.5% of revenue, compared with 9.9% in 2011. In Contracting, the
EBIT margin was 4.2%, against 4.6% in 2011. The decline is attributable mainly
to non-recurring items at Eurovia and VINCI Construction.

Operating income, which reflects the impact of IFRS 2 share-based payment
expense, impairment charges and the Group’s share of income or loss from
companies accounted for under the equity method, was €3.7 billion (+1.4%
compared to 2011).

Net income attributable to owners of the parent amounted to €1,917 million,
representing 0.7% growth compared with 2011. Earnings per share^2 increased
1.6% to €3.54, partly due to the Group’s purchases of its own shares during
2012.

Net financial debt was €12.5 billion at 31 December 2012, slightly down
relative to end-December 2011. Operating cash flow amounted to €3.1 billion in
2012 and covered all investments by VINCI Autoroutes (€1.1 billion), 2012
acquisitions (€0.7 billion) and dividends paid (€1.1billion).

VINCI’s credit ratings were confirmed by Standard & Poor’s (BBB+) and Moody’s
(Baa1), both with stable outlooks.

The Group obtained excellent terms for several bond issues and placements
totalling more than €1.5billion, at an average interest rate of 3.66%, to
refinance its debt in advance. VINCI continued to benefit from good access to
credit and was able to renew for 5 years a bank credit facility granted to ASF
for €1.8billion.

At 31 December 2012, the Group’s liquidity remained very high at €11.5
billion. It comprises €5.0billion net cash managed and €6.5 billion
medium-term bank credit facilities maturing in 2016 and 2017.

Contracting maintained its good business momentum throughout 2012, especially
outside France. At 31 December 2012, its order book stood at €31.3 billion (up
more than 2% relative to end-2011), of which 45% is outside of France. The
international order book is up 12% over 12 months.

^1 The consolidated financial statements have been audited and the Statutory
Auditors’ report is being published.

^2 After taking stock options into account.

On 27 December 2012, VINCI was selected by the Portuguese government to
acquire ANA, the company that holds the 50-year concession contract for all
the country’s airports (four on the mainland, four in the Azores and two in
Madeira). ANA handled over 30 million passengers in 2012, half of them through
its Lisbon hub. By acquiring ANA, VINCI Airports will become one of the
leading players in the airport sector, managing a total of 23 airports in
Portugal, France and Cambodia with more than 40 million passengers a year.
This activity will generate revenue of about €600 million, with EBITDA of
about €270 million.

2013 trends

The economic climate is expected to remain difficult in 2013, especially in
Europe:

For VINCI Autoroutes entities, the outlook for growth in traffic, which
depends on economic growth in France and neighbouring countries, remains
uncertain at this stage and could decline along the same lines as in 2012.

Contracting has started the year with a very healthy order book in both
France, with the high-speed rail line project between Tours and Bordeaux, and
abroad.

However, if trends observed at the end of 2012 continue, there could be a
downturn in order intake, due to the Group’s emphasis on margins rather than
volume for project selection.

Against this backdrop, the Group is expecting business to be flat in 2013,
before taking ANA or any other new acquisitions into account.

ANNUAL RESULTS

Revenue: €38,634 million (+4.5% actual; +1.5% on a comparable structure basis)

VINCI’s 2012 consolidated revenue amounted to almost €38.6 billion, up 4.5%
compared with 2011. This reflects 1.5% organic growth and a 0.8% positive
exchange rate effect, along with 2.3% from the acquisitions made by Eurovia
(NAPC in India and Carmacks in Canada) and VINCI Energies (GA Gruppe in
Germany) in 2012 and by Soletanche Freyssinet in Turkey and the United Kingdom
at the end of 2011.

Revenue by business line:

                                               2012/2011
                                                 change
€ in millions                 2012    2011    Actual  Comparable
Concessions                   5,354   5,297   +1.1%   +0.9%
VINCI Autoroutes               4,439   4,409    +0.7%   +0.7%
VINCI Concessions             915     888     +3.1%   +1.8%
Contracting                   33,090  31,495  +5.1%   +1.5%
VINCI Energies                 9,017    8,666    +4.0%    +0.9%
Eurovia                        8,747    8,722    +0.3%    -4.5%
VINCI Construction            15,327  14,107  +8.6%   +5.5%
VINCI Immobilier              811     698     +16.2%  +16.2%
Eliminations and adjustments  (622)   (534)   -       -
Total revenue *               38,634  36,956  +4.5%   +1.5%
of which:
                               24,324   23,562   +3.2%    +3.1%
France
Europe excl. France            9,349    9,310    +0.4%    } -1.1%
International excl. Europe    4,962   4,084   +21.5% 

* Excluding concession subsidiaries’ revenue derived from works (IFRIC 12).

Operating income from ordinary activities (EBIT): €3,671 million (+0.3%)

Operating income from ordinary activities amounted to €3,671 million in 2012,
up 0.3% compared with that of 2011 (€3,660 million).

Operating margin from ordinary activities was 9.5% in 2012, against 9.9% in
2011.

EBIT by business line:

€ in millions             2012   % of       2011   % of       Δ 2012/2011
                                   revenue*            revenue*
Concessions               2,159  40.3%      2,149  40.6%      +0.5%
VINCI Autoroutes          2,019  45.5%      2,018  45.8%      +0.1%
VINCI Concessions         139    15.2%      130    14.7%      +6.6%
Contracting               1,403  4.2%       1,435  4.6%       -2.2%
VINCI Energies             502     5.6%        483     5.6%        +4.0%
Eurovia                    277     3.2%        322     3.7%        -14.2%
VINCI Construction        625    4.1%       630    4.5%       -0.9%
VINCI Immobilier          62     7.6%       54     7.8%       +13.2%
Holding companies         47               22               -
Operating income from     3,671  9.5%       3,660  9.9%       +0.3%
ordinary activities

* Excluding concession subsidiaries’ revenue derived from works (IFRIC 12).

The Concessions EBIT margin was 40.3%, essentially unchanged compared to 2011
(40.6%).

VINCI Autoroutes’ EBIT margin declined from 45.8% in 2011 to 45.5% in 2012,
due mainly to the increase in concession depreciation expense following the
commissioning of contractual investments (green motorway package and road
widening works on the A63).

VINCI Concessions’ EBIT margin improved from 14.7% in 2011 to 15.2% in 2012,
notably due to a good performance at VINCI Airports.

In Contracting, operating income from ordinary activities declined 2.2% to
€1,403 million (€1,435million in 2011). The EBIT margin was 4.2% (vs. 4.6% in
2011).

VINCI Energies’ EBIT margin of 5.6% remained stable compared to 2011.

Eurovia’s EBIT margin was 3.2%, a decline compared to 2011 (3.7%), due mainly
to losses in Poland as a result of low business levels following the Euro 2012
football tournament and write-downs of works in progress.

The EBIT margin at VINCI Construction was 4.1%, compared with 4.5% in 2011.
This reflects provisions taken at VINCI Construction Grands Projets within
respect to an unfavourable court decision in the USA.

Operating income: €3,651 million (+1,4 %)

Operating income, after share-based payment expense (IFRS 2), goodwill
impairment and VINCI’s share in the income or loss of companies accounted for
under the equity method, amounted to €3,651 million in 2012 or 9.5% of
revenue. This represents a 1.4% increase over that of 2011 (€3,601 million and
9.7% of revenue).

Net income attributable to owners of the parent: €1,917 million (+0.7%)

Net income attributable to owners of the parent was to €1,917 million in 2012,
up 0.7% compared with that of 2011 (€1,904 million) and representing 5.0% of
revenue.

Diluted earnings per share (i.e. after taking stock options into account)
amounted to €3.54, a 1.6% increase (€3.48 per share in 2011).

Net income attributable to owners of the parent by business line:

€ in millions                                    2012   2011   Δ 2012/2011
Concessions                                      886    852    +4.0%
VINCI Autoroutes                                 827    820    +0.9%
VINCI Concessions                                59     32     +84.4%
Contracting                                      915    968    -5.4%
VINCI Energies                                    327     315     +4.0%
Eurovia                                           167     220     -24.1%
VINCI Construction                               421    433    -2.8%
VINCI Immobilier                                 37     33     +12.8%
Holding companies                                79     52     -
Net income attributable to owners of the parent  1,917  1,904  +0.7%

The cost of net financial debt was -€638 million in 2012 (-€647 million in
2011). The Group’s policy of converting fixed rate debt to floating rate
enabled it to benefit from lower interest rates, and this completely offset
the fall in returns from investments and the current higher costs of
refinancing.

The average interest rate on long-term financial debt at 31 December 2012 was
3.63% (3.93% at 31 December 2011).

Income tax expense for the year was €969 million in 2012 (€984 million in
2011), resulting in an effective tax rate of 33.3% (33.6% in 2011).

Cash flow from operations (EBITDA)*: €5,418 million (+1.0%)

EBITDA was €5.4 billion (+1%) and represented 14.0% of revenue. VINCI
Autoroutes’ EBITDA margin improved slightly in 2012 to 69.5% (69.4 % in 2011).

Cash flow from operations by business line:

€ in millions       2012   % of revenue*  2011   % of revenue*  2012/2011
                                                                     change
Concessions         3,372  63.0%          3,366  63.5%          +0.2%
VINCI Autoroutes    3,087  69.5%          3,058  69.4%          +1.0%
VINCI Concessions   285    31.1%          308    34.7%          -7.5%
Contracting         1,875  5.7%           1,880  6.0%           -0.3%
VINCI Energies       532     5.9%            508     5.9%            +4.7%
Eurovia              467     5.3%            524     6.0%            -10.9%
VINCI Construction  876    5.7%           848    6.0%           +3.4%
VINCI Immobilier    60     7.4%           55     7.9%           +9.3%
Holding companies   112                  65                   
EBITDA              5,418  14.0%          5,366  14.5%          +1.0%

* Excluding concessions subsidiaries’ revenue derived from works (IFRIC 12).

Other cash flows

Changes in operating working capital requirement and current provisions
resulted in an outflow of €37 million in 2012 compared with an inflow of €93
million in 2011. This mainly reflects an increase in the working capital
requirement of Eurovia’s activities in Central and Eastern Europe and draw
downs of project advances.

After accounting for interest and taxes paid, along with investments in
operating assets, operating cash flow^1 was €3,123million, similar to the
2011 figure (€3,270 million).

Growth investments in concessions and PPPs totalled €1,140 million in 2012
(€1,135 million in 2011). They included €1,046 million invested by VINCI
Autoroutes in France under its master plans and the green motorway package
(€1,017million in 2011).

Free cash flow after investments amounted to €1,983 million (€2,134million in
2011), including €841 million generated by Concessions and €738 million by
Contracting (€766million and €1,130 million, respectively, in 2011).

Acquisitions, including the net debt of acquired companies and net of
disposals, amounted to €700 million in 2012 (€172 million in 2011). They
included Carmacks in Canada and NAPC in India, acquired by Eurovia, and GA
Gruppe in Germany, acquired by VINCI Energies. They also included the buy-out
of non-controlling interests in Entrepose Contracting and the increase in the
Group’s stake in Geostock from 25% to 90%.

^1 Operating cash flow: cash flow from operations adjusted for changes in
operating working capital requirement and current provisions, interest and
income tax paid, dividends received from companies accounted for under the
equity method and net investments in operating assets.

Dividends paid during the year amounted to €1,057 million (€1,036 million in
2011). VINCI also continued its share buy-back programme, purchasing 17.7
million shares in the market for a total investment of €647 million. Capital
increases in 2012 totalled €334 million.

Net financial debt: (€12,527) million

Consolidated net financial debt was €12.5 billion at 31 December 2012 (€12.6
billion at 31December 2011) down €63 million.

For the Concessions business, including holding companies, net financial debt
was €18.1 billion, down more than €800 million relative to 31 December 2011.
Contracting, meanwhile, had a net cash surplus of €2.1 billion at year-end
(€2.9 billion in 2011), due mainly to 2012 acquisitions.

The ratio of net financial debt to equity was 0.9 at 31 December 2012, in line
with the end-2011 figure. Debt-to-EBITDA stood at 2.3 at end-2012, the same as
at 31 December 2011.

The Group’s liquidity remained very high at €11.5 billion at 31 December 2012.
It comprised €5.0billion of net cash managed and €6.5 billion of unused
confirmed credit facilities, including €1.1 billion expiring in 2016 and €5.3
billion in 2017.

With its investment grade credit ratings confirmed by S&P (BBB+) and Moody’s
(Baa1) with stable outlooks, VINCI carried out several bond issues and
placements totalling more than €1.5 billion at an average interest rate of
3.66% at issuance. The Group was thus able to refinance in advance the bank
loans arranged for the acquisition of ASF as well as repayments on loans from
CNA (Caisse Nationale des Autoroutes). Following these transactions, the
average maturity of the Group’s long-term debt was 6.1 years at 31December
2012, and bonds represented 53% of long-term debt (41% at 31December 2011).

In January 2013, ASF successfully issued €700 million of 10-year bonds
expiring in January 2023 paying an annual coupon of 2.875%.

VINCI continued to have good access to bank credit with a five-year syndicated
bank facility for €1.8 billion in July 2012 for ASF, replacing a similar
facility due to expire in 2013.

Lastly, VINCI finalised several project financing deals for infrastructure
under concessions or public-private partnerships for a total of around
€350million. This concerned PFI (Private Finance Initiative) contracts for
road maintenance in Hounslow (£88million, 24.5years) and the Isle of Wight
(£95million, up to 24.5 years) in the UK, and the Dunkerque Arena
(€69million, more than 27 years) in France.

Parent company results

The parent company generated net income of €256 million in 2012.

Dividend

The Board of Directors has decided to propose to the next Shareholders’
General Meeting that the amount of the dividend for 2012 be maintained at
€1.77 per share, i.e. 50% of net income.

If approved, given that an interim dividend of €0.55 per share was paid in
November 2012, a final dividend of €1.22 euro will be paid in cash on 22 May
2013. It will also be proposed that shareholders may opt to be paid the final
dividend in shares. The scrip share price will be based on the average opening
share price of the 20 trading days preceding the Shareholders’ General Meeting
on 16 April 2013 less the amount of the interim dividend. A 5% discount will
then be applied to that result.

                                  **********

Diary

Analysts meeting:  08.30 on Wednesday, 6 February  2013 at Pavillon Ledoyen, 1
avenue Dutuit, 75008 Paris.

Press conference: 11.00 on Wednesday, 6 February 2013 at Pavillon Ledoyen, 1
avenue Dutuit, 75008 Paris.

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

APPENDIXES

Appendix A: FINANCIAL STATEMENTS

INCOME STATEMENT
€ in millions                                     2012    2011    2012/2011
                                                                     change
Revenue excluding concession subsidiaries’        38,634  36,956  +4.5%
revenue derived from works
Concession subsidiaries’ revenue derived from      550      690      (20.4%)
works ^1
Total revenue                                      39,183   37,646   +4.1%
Operating income from ordinary activities          3,671    3,660    +0.3%
% of revenue ^2                                   9.5%    9.9%    
Share-based payment expense (IFRS 2)               (94)     (101)
Goodwill impairment expense                        (8)      (8)
Income/(loss) of companies accounted for under    82      51      
the equity method
Operating income                                   3,651    3,601    +1.4%
% of revenue ^2                                   9.5%    9.7%    
Cost of net financial debt                         (638)    (647)
Other financial income/(expense)                   (19)     25
Income tax expense                                (969)   (984)   
Non-controlling interests                         (109)   (92)    
Net income attributable to owners of the parent    1,917    1,904    +0.7%
% of revenue ^2                                   5.0%    5.2%    
                                                               
Earnings per share (in €) ^3                       3.54     3.48     +1.6%
Dividend per share (in €) ^4                      1.77    1.77    -

^1 In application of IFRIC 12, Service Concession Arrangements.

^2 % calculated on revenue excluding concession subsidiaries’ revenue derived
from works.

^3 After taking dilutive instruments into account.

^4 Proposal to be submitted at the shareholders’ meeting on 16 April 2013,
with scrip dividend option.

SIMPLIFIED CONSOLIDATED BALANCE SHEET

€ in millions                            at 31 December 2012  at 31 December
                                                                2011
Non-current assets – Concessions         26,459               26,590
Non-current assets – other                8,921                 8,226
WCR and current provisions               (6,697)              (6,817)
Capital employed                         28,683               27,999
Equity attributable to owners of the      (13,334)              (12,890)
parent
Non-controlling interests                (735)                (725)
Total equity                              (14,070)              (13,615)
Non-current provisions and               (2,086)              (1,794)
miscellaneous long-term liabilities
Long-term borrowings                     (16,156)             (15,409)
Gross financial debt                      (17,510)              (18,654)
Net cash managed                         4,983                6,064
Net financial debt                       (12,527)             (12,590)

CASH FLOW STATEMENT

€ in millions                                             2012      2011
Cash flow from operations before tax and financing costs  5,419     5,366
(EBITDA)
Change in WCR                                             (75)      (47)
Change in current provisions                               38         140
Income taxes paid                                          (979)      (936)
Net interest paid                                          (595)      (643)
Dividends received from companies accounted for under     57        58
the equity method
Cash flows (used in)/from operating activities            3,865     3,938
Net investments in operating assets                       (742)     (668)
Operating cash flow                                       3,123     3,270
Growth investments in concessions & PPP                   (1,140)   (1,135)
Free cash flow                                            1,983     2,134
Net financial investments                                  (700)^1    (172)
Other                                                     (50)      (96)
Net cash flows before movements in share capital          1,233     1,866
Increases/decreases in share capital                       340        359
Share buy-backs                                            (647)      (624)
Dividends paid                                            (1,057)   (1,036)
Net cash flows for the period                             (130)     566
Other changes                                             193       (96)
Change in net financial debt                              63        470
                                                                  
Net financial debt at beginning of period                  (12,590)   (13,060)
Net financial debt at end of period                       (12,527)  (12,590)

^1 Including the buy-out of non-controlling interests in Entrepose
Contracting.

Appendix B: ADDITIONAL INFORMATION BY BUSINESS LINE

2012 consolidated revenue by business line

Concessions: €5,354 million (+1.1% actual; +0.9% on a comparable structure
basis)

At VINCI Autoroutes, (ASF, Escota, Cofiroute and Arcour), revenue rose 0.7% to
€4,439million. Toll revenue increased 0.6% despite a 1.7% decrease in traffic
on a stable network basis (light vehicles: -1.4%; heavy vehicles: -3.5%). This
decline was offset by the ramp-up of the A86 Duplex (+0.2%) and tariff
adjustments.

VINCI Concessions generated revenue of €915 million, up 3.1% (1.8% on a
comparable structure basis). This was attributable to strong growth at VINCI
Airports (+18%) due to growing traffic levels at Nantes-Atlantique airport and
Cambodia Airports. VINCI Park’s revenue grew to €615million (+2.6% on an
actual basis or +1.5% on a comparable structure basis, including +1.3% in
France and +2.2% internationally).

Contracting: €33,090 million (+5.1% actual; +1.5% on a comparable structure
basis)

VINCI Energies: €9,017 million (+4.0% actual; +0.9% on a comparable structure
basis)

In France, revenue was €5,486 million (-0.4% actual; stable on a constant
structure basis). Business levels remained strong in telecommunications with
the ramp-up of the GSM-R project, and in energy infrastructure, but they were
adversely affected by weaker photovoltaic business. The industrial sector was
resilient in an unfavourable economic environment. Activity in the tertiary
sector was less robust, despite firm growth at VINCI Facilities (+5.6%).

Outside France, revenue totalled €3,531 million (+11.7% actual; +2.7% on a
comparable structure basis). The situation varied geographically. In Europe,
business levels fell sharply in Spain and Portugal, slight growth was
registered in Switzerland and Germany, with stronger performances in Belgium,
the Netherlands and Sweden. Strong growth was recorded in emerging-market
countries (Indonesia, Morocco and Brazil).

Eurovia: €8,747 million (+0.3% actual; -4.5% on a comparable structure basis)

In France, revenue was €5,159 million, up 1.2% on an actual basis (0.5% on a
constant structure basis). Roadworks business taking place through regional
business units was stable, with a fall in volumes of around 4% offset by
higher prices for oil products. Specialist businesses like demolition,
industrial activities and rail sector works posted growth of over 9% (almost
5% on a comparable structure basis).

Outside France, revenue totalled €3,588 million, down 1.0% (-11.4% on a
comparable structure basis). There was firm growth in the UK, Chile, the USA
and Canada. However, Central European countries posted significant declines in
activity due to the end of major projects (the R1 expressway in Slovakia and a
fall in investment in Poland after the Euro 2012 football tournament) and a
difficult economic environment in the Czech Republic. Business levels in
Germany remained stable.

VINCI Construction: €15,327 million (+8.6% actual; +5.5% on a comparable
structure basis)

In France, revenue amounted to €8,410 million (+8.8% actual; +8.5% on a
constant structure basis). This reflects the ramp-up of the Tours–Bordeaux
high-speed rail line project, which accounted for revenue of more than €550
million, along with ongoing steady growth in residential and non-residential
building activity. French overseas territories posted a good performance.

Outside France, revenue was €6,917 million (+8.5% actual; +2.1% on a
comparable structure basis). The change on a comparable structure basis
reflects rapid growth at Sogea-Satom in Africa, which offset the contraction
seen by Central European subsidiaries. Business levels in other divisions
(Benelux and the UK) were stable overall.

VINCI Immobilier: revenue rose 16% to €811 million in 2012. This growth was
driven by residential property after work began on a significant number of
units in late 2011, and by several large business property projects.

Consolidated revenue* by geographical area and by business line

                                               2012/2011 change
€ in millions                 2012    2011    Actual  Comparable
FRANCE                                             
Concessions                   5,043   5,000   +0.9%   +0.9%
VINCI Autoroutes               4,425   4,397    +0.6%   +0.6%
VINCI Concessions             618     602     +2.7%   +2.6%
Contracting                   19,054  18,334  +3.9%   +3.7%
VINCI Energies                 5,486    5,507    -0.4%    -0.1%
Eurovia                        5,159    5,098    +1.2%    +0.5%
VINCI Construction            8,410   7,729   +8.8%   +8.5%
VINCI Immobilier              811     698     +16.2%  +16.2%
Eliminations and adjustments  (585)   (470)          
Total France                  24,324  23,562  +3.2%   +3.0%
                                                          
INTERNATIONAL                                      
Concessions                   311     297     +4.5%   +0.7%
VINCI Autoroutes               14       12       +22.3%   +14.3%
VINCI Concessions             296     285     +3.8%   +0.1%
Contracting                   14,036  13,161  +6.6%   -1.4%
VINCI Energies                 3,531    3,160    +11.7%   +2.7%
Eurovia                        3,588    3,624    -1.0%    -11.4%
VINCI Construction            6,917   6,378   +8.5%   +2.1%
Eliminations and adjustments  (37)    (64)           
Total International           14,310  13,394  +6.8%   -1.1%

* Excluding concession subsidiaries’ revenue derived from works (IFRIC 12).

Consolidated revenue* for the fourth quarter

                                               2012/2011 change
€ in millions                 2012    2011    Actual  Comparable
Concessions                   1,226   1,225   +0.1%   -0.2%
VINCI Autoroutes               1,001   1,002    -0.1%   -0.1%
VINCI Concessions             225     223     +0.8%   -0.5%
Contracting                   9,105   8,643   +5.4%   +0.8%
VINCI Energies                 2,603    2,429    +7.2%    -0.6%
Eurovia                        2,320    2,371    -2.2%    -6.9%
VINCI Construction            4,183   3,843   +8.8%   +6.4%
VINCI Immobilier              290     284     +2.1%   +2.1%
Eliminations and adjustments  (193)   (85)           
Total revenue                 10,429  10,067  +3.6%   -0.3%
of which:
                               6,377    6,392    -0.2%    -0.6%
France
Europe excl. France            2,651    2,549    +4.0%    } +0.1%
International excl. Europe    1,401   1,126   +24.4% 

* Excluding concession subsidiaries’ revenue derived from works carried out by
non-Group companies (IFRIC 12).

Net financial debt by business line

                            Net                       Net            2012/2011
€ in millions   2012      financial     2011      financial     change
                            debt/EBITDA               debt/EBITDA
Concessions     (18,058)  5.4x          (18,895)  5.6x          838
VINCI           (16,617)  5.4x          (17,157)  5.6x          540
Autoroutes
VINCI           (1,441)   5.1x          (1,738)   5.6x          298
Concessions
Contracting     2,095     -             2,914     -             (819)
VINCI Energies   (47)       -              531        -              (578)
Eurovia          (136)      -              90         -              (226)
VINCI           2,278     -             2,293     -             (15)
Construction
Holding
companies &     3,436     -             3,392     -             44
VINCI
Immobilier
Net financial   (12,527)  2.3x          (12,590)  2.3x          63
debt

Order book

                           at 31 December 
€ in billions               2012    2011   2012/2011
                                              change
VINCI Energies               6.8     6.4     +5.0%
Eurovia                      6.4      5.8     +9.6%
VINCI Construction          18.1    18.3   -1.0%
Total Contracting           31.3    30.6   +2.3%
of which:
France                       17.2     18.0    -4.6%
Europe excl. France          9.4      8.6     +9.2%
International excl. Europe  4.7     4.0    +17.9%

Appendix C: VINCI AUTOROUTES

VINCI Autoroutes 2012 revenue

                                VINCI Autoroutes  of which:
                                                 ASF    Escota  Cofiroute
Light vehicles                   -1.4%              -1.3%  -1.0%   -1.9%
Heavy vehicles                  -3.5%             -2.9%  -3.5%   -5.4%
Traffic on a stable network     -1.7%             -1.5%  -1.2%   -2.4%
basis
New sections                     +0.2%*             -       -        +0.7%*
Other effects                   +2.1%             +1.9%  +2.4%   +2.2%
Toll revenue (€ in millions)     4,345              2,464   656      1,186
2012/2011 change                +0.6%             +0.4%  +1.2%   +0.5%
Revenue (€ in millions)          4,439              2,525   667      1,208
2012/2011 change                +0.7%             +0.5%  +1.3%   +0.5%

* A86 Duplex.

Total traffic on motorway concessions (excluding A86 Duplex)

                          Fourth quarter            Total at 31 December
Millions of km travelled  2012    2011    Change  2012    2011    Change
VINCI Autoroutes           10,162  10,391  -2.2%    45,995  46,786  -1.7%
Light vehicles             8,676    8,866    -2.1%    39,959   40,530   -1.4%
Heavy vehicles            1,485   1,525   -2.6%   6,036   6,256   -3.5%
of which:                                                    
ASF                        6,160    6,294    -2.1%    28,289   28,733   -1.5%
Light vehicles             5,184    5,297    -2.1%    24,326   24,654   -1.3%
Heavy vehicles            976     997     -2.1%   3,963   4,079   -2.9%
Escota                     1,491    1,507    -1.1%    6,636    6,719    -1.2%
Light vehicles             1,348    1,361    -0.9%    6,039    6,101    -1.0%
Heavy vehicles            143     146     -2.2%   597     618     -3.5%
Cofiroute (intercity       2,451    2,529    -3.1%    10,802   11,069   -2.4%
network)
Light vehicles             2,092    2,155    -2.9%    9,357    9,542    -1.9%
Heavy vehicles            359     375     -4.1%   1,445   1,527   -5.4%

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