VINCI: Quarterly Information at 31 March 2013

  VINCI: Quarterly Information at 31 March 2013

Business Wire

RUEIL MALMAISON, France -- April 25, 2013

Regulatory News:

  *Revenue up: €8.4 billion (+3.4% actual; +1.7% comparable basis)
  *Order intake up: €9.1 billion (+5.5% y-o-y)
  *Order book at 31 March 2013 provides good visibility: €33.1 billion (+5.8%
    since
    31 Dec. 2012, +1.5% y-o-y)
  *Net financial debt down: €12.8 billion (-€0.3 billion over 12 months)

                                  At 31 March    2013/12 change
Consolidated revenue
                                  2013   2012   Actual  Comparable
(€ in millions  )
Concessions                       1,177  1,172  +0.5%   +1.0%
VINCI Autoroutes                   944    931    +1.4%   +1.4%
VINCI Concessions                 233    241    -3.0%   -0.8%
Contracting                       7,231  6,874  +5.2%   +2.4%
VINCI Energies                     2,113   2,018   +4.7%    -0.9%
Eurovia                            1,342   1,387   -3.2%    -6.2%
VINCI Construction                3,775  3,469  +8.8%   +8.8%
VINCI Immobilier                  185    202    -8.3%   -8.3%
Eliminations and restatements     -171   -100          
Total*                            8,423  8,147  +3.4%   +1.1%
of which:
                                   5,343   5,360   -0.3%    -0.8%
France
International                      3,080   2,787   +10.5%   +4.6%
Europe (excluding France)          1,868   1,774   +5.3%    
International (excluding Europe)  1,212  1,013  +19.6% 
Order intake (€ in bns)           9.1    8.6    +5.5%
Order book (€ in bns)             33.1   32.6   +1.5%
Net financial debt (€ in bns)     -12.8  -13.1  +0.3

* Excluding concession subsidiaries’ works revenue (IFRIC 12 of the IFRS)

1st quarter 2013 summary

VINCI’s (Paris:DG) first quarter 2013 consolidated revenue amounted to €8,423
million^1, up 3.4% against the same period in 2012. This figure includes 1.1%
growth on a comparable basis, a 2.5% increase due to changes in consolidation
scope and a -0.2% exchange rate impact. Overall Group activity remained solid
despite poor weather conditions during the quarter.

Concessions business revenue amounted to €1,177 million (+0.5%). VINCI
Autoroutes’ revenue increased 1.4% to €944 million as 1^st quarter 2013
traffic held up well. VINCI Concessions revenue was €233 million.

Contracting business revenue increased 5.2% to €7,231 million, of which
€2,113million was generated by VINCI Energies (+4.7%), €1,342 million by
Eurovia (-3.2%) and €3,775million by VINCI Construction (+8.8%).

In France, despite poor weather conditions, revenue was €5.3 billion,
essentially unchanged (-0.3% on an actual basis; -0.8% on a comparable basis).

Outside France, revenue increased 10.5% to €3.1 billion (+4.6% on a comparable
basis). Revenue in Europe (excluding France) was €1.9 billion, an increase of
5.3%. Revenue outside of Europe was up strongly (+19.6%) at €1.2 billion.

Order intake during the 1^st quarter of 2013 was €9.1 billion, a year-on-year
increase of 5.5%.

The order book at 31 March 2013 stood at €33.1 billion, up 1.5% y-o-y and 5.8%
compared with 31December 2012, and was close to its historic high reached in
2012. In France, the order book was €18.0 billion, up 4.7% compared to the end
of 2012. The order book outside of France was up 7.0% at €15.1 billion: Europe
(ex-France) was €9.8 billion (+5.0%); ex-Europe was €5.3 billion (+11.1%).

Consolidated net financial debt at 31 March 2013 was €12.8 billion, down €290
million compared to 31 March 2012.

^1 In accordance with IFRIC 12 interpretation of the IFRS, VINCI’s total
revenue, including construction works awarded by its concession subsidiaries
to non-Group companies, amounted to €8,496 million at 31 March 2013, up 2.6%
against the first quarter of 2012 (+0.4% on a comparable structure basis).

2013 outlook

The Group expects a small increase in full year 2013 VINCI Autoroutes’
revenue, taking into account a decrease in intercity traffic of about 1%
(including the impact of the opening of the Balbigny-Lyon A89 section), the
continued ramp-up of traffic on the A86 Duplex, as well as tariff effects.

In Contracting, thanks to a good 1^st quarter 2013 order intake, the order
book at 31 March 2013 was higher than at the end of 2012. As a result, even if
a slowdown in order intake is possible for the rest of the year, especially in
France, the visibility of the activity level remains good.

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

1st quarter 2013 business activity

CONCESSIONS: €1,177 million (+0.5% actual; +1.0% comparable basis)

VINCI Autoroutes: €944 million (+1.4% actual and comparable bases)

1^st quarter 2013 toll revenue from the motorway networks operated by VINCI
Autoroutes (ASF, Cofiroute, Escota and Arcour) amounted to €922 million, up
1.3% compared to the same period last year. Traffic declined slightly by 0.3%
(light vehicles: +0.4%; heavy vehicles: -3.7%). This was more than offset by
additional traffic coming from the A86 Duplex (+0.1%) and tariff effects
(+1.6%). The impact of the opening of the Balbigny-Lyon A89 section in January
2013 on traffic was +0.3% in the 1^st quarter of 2013 (light vehicles: +0.4%;
heavy vehicles: +0.1%).

1^st quarter 2013 traffic would have been stable when calendar effects (one
day of the 2013 Easter holiday in March when all of the 2012 Easter holiday
was in April, the loss of one day compared to 2012 which was a leap year) are
taken into consideration.

VINCI Concessions: €233 million (-3.0% actual; -0.8% comparable basis)

VINCI Park’s revenue was €148 million, a decline of 3.6% compared to the same
period in 2012. On an actual basis, revenue was down 4.1% in France, due to a
decline in hourly parking as well as the fire-related closure of the Place
Vendôme parking garage in Paris in March 2012, and down 2.3% internationally.

VINCI Airports revenue grew 12.4% to €55 million thanks primarily to increased
passenger traffic at the Cambodian airports as well as the Nantes Atlantique
airport in France.

CONTRACTING: €7,231 million (+5.2% actual; +2.4% comparable basis)

VINCI Energies: €2,113 million (+4.7% actual; -0.9% comparable basis)

In France, 1^st quarter 2013 revenue amounted to €1,283 million, down -2.1% on
an actual basis (-2.7% on a comparable basis) due to contrasting situations:
infrastructure and telecommunication revenues increased, industry revenues
were essentially unchanged, while service sector revenue declined, primarily
related to facilities management where contract renewals were done on a more
selective basis.

Outside France, revenue was €831 million, up 17.2% on an actual basis (+1.9%
on a comparable basis) thanks primarily to the consolidation of the new German
subsidiary, GA Gruppe (formerly EVT) beginning in September 2012. Belgium,
Brazil, Indonesia, The Netherlands and Sweden continued to post good
performances. Activity was stable on a comparable basis in Germany and
Switzerland but declined in Spain.

VINCI Energies’ order book at 31 March 2013 stood at €7.1 billion, up 1.1%
over 12 months and 5.3% since the end of 2012. It represented more than 9
months of average business activity for the business line.

Eurovia: €1,342 million (-3.2% actual; -6.2% comparable basis)

Eurovia’s business is highly seasonal and, and its performance in the first
quarter is not significant and cannot be extrapolated to the full year.

In France, revenue for the first three months was €897 million, down 7.6% on
an actual basis and -8.2% on a comparable basis, primarily due to difficult
meteorological conditions in January and March 2013.

Outside France, revenue amounted to €445 million, an increase of 7.1% on an
actual basis (-1.8% on a comparable basis). In addition to the impact coming
from acquisitions in 2012 (Carmacks in Canada and NAPC in India), good growth
in Canada, the United Kingdom and the United States outpaced a decline in
business in the Czech Republic, Germany, Poland and Spain.

Eurovia’s order book at 31 March 2013 stood at €6.7 billion, up 7.2% over 12
months and 5.4% since the end of 2012. It represented over nine months of
average business activity for the business line.

VINCI Construction: €3,775 million (+8.8% actual; +7.9% comparable basis)

In France, 1^st quarter 2013 revenue totalled €2,045 million, up 9.0% on an
actual basis (+8.2% on a comparable basis) due to the ramp up of the
Tours–Bordeaux high-speed rail project.

Outside France, revenue increased 8.7% to €1,731 million (+7.4% on a
comparable structure basis). Business activity experienced high growth at
Sogea Satom (African subsidiaries), Soletanche-Freyssinet and VINCI
Construction Grands Projets, was up slightly at VINCI Construction UK, was
stable at Entrepose Contracting but declined in Central Europe.

VINCI Construction’s order book at 31 March 2013 stood at €19.2 billion, up
6.1% since the end of 2012. It is unchanged over 12 months despite the ramp-up
of the Tours–Bordeaux high-speed rail project and represented close to 15
months of average business activity.

VINCI Immobilier: €185 million (-8.3% actual and comparable bases)

VINCI Immobilier’s revenue was mostly impacted by a decrease in the
non-residential sector which benefitted from the sale of a large hotel project
in the 1^st quarter of 2012.

1st quarter 2013 other information

New contracts

Three previously announced significant contract awards were confirmed and
therefore entered the Group’s order book during the 1st quarter of 2013, for a
combined total amount of €470 million: the Atlantic Bridge in Panama, the Ohio
River Bridges Project’s East End Crossing in Kentucky, USA and a water
engineering contract in Jamaica.

During the quarter, the following significant projects were awarded and also
entered into the order book:

  *the International Thermonuclear Experimental Reactor (ITER) Tokamak
    reactor building near Aix-en-Provence, France
  *an office building in Saint Denis, France
  *a residential complex in the 19^th arrondissement of Paris, France
  *a commercial office complex in central Paris, France
  *the Sittomat waste treatment plant in Toulon, France
  *the Wouri Bridge project in Cameroun
  *the Swansea Bay University buildings construction project in the UK
  *a commercial office building in central London, UK, and
  *the Salem Creek Connector road project in North Carolina, USA.

Net financial debt/liquidity

VINCI’s consolidated net financial debt at 31 March 2013 stood at €12.8
billion, compared to €12.5 billion at the end of 2012 and €13.1 billion at 31
March 2012. Since 1 January 2013, net financial debt increased €260 million
due to the usual seasonal variation in Contracting operating cash flow.

Net financial debt at 31 March 2013 breaks down into gross financial debt of
€18.2 billion with an average maturity of 6.1 years and net cash managed of
€5.4 billion.

Since the beginning of 2013, the Group has successfully issued close to €1.9
billion (of which €0.6 billion in April) of public and private placements on
the bond market with an average spread above 3-month Euribor of 90 basis
points:

  *VINCI issued a 3-year public floating rate note (FRN) for €500 million and
    placed two 2-year private FRNs for a total of €450 million,
  *ASF issued a fixed rate 10-year bond for €700 million and two fixed rate
    private placements, one for 12 years and one for 15 years, for a total of
    €230 million.

The Group’s liquidity remained at the high level of €11.8 billion at 31 March
2013. In addition to net cash managed, it included €6.4 billion in undrawn
medium-term credit facilities maturing in 2016 and 2017.

During the quarter, 2.3 million new shares were issued in conjunction with the
Group’s employee share participation and option programs, and 1.3 million
shares were repurchased on the market. There were 42.4 million treasury shares
at 31 March 2013 (7.3% of VINCI’s capital).

                                  **********

Upcoming events

22 May 2013:

2012 final dividend payment of €1.22 per share in cash or scrip at a price of
€32.51 per new share
(ex-date: 23 April 2013; scrip option period for payment in new shares: 23
April 2013 through 13 May 2013)

30 July 2013:

Publication of 2013 first half 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 31 March by business line

                               At 31 March    2013/2012 change
(in € millions)                2013   2012   Actual  Comparable
FRANCE                                               
Concessions                     1,100   1,092   +0.7%    +0.6%
VINCI Autoroutes                940     928     +1.4%    +1.4%
VINCI Concessions               160     164     -3.0%    -3.6%
Contracting                     4,225   4,158   +1.6%    +1.0%
VINCI Energies                  1,283   1,310   -2.1%    -2.7%
Eurovia                         897     972     -7.6%    -8.2%
VINCI Construction              2,045   1,877   +9.0%    +8.2%
VINCI Immobilier                185     202     -8.3%    -8.3%
Eliminations and restatements  -167   -92           
Total France                   5,343  5,360  -0.3%   -0.8%
INTERNATIONAL
Concessions                     78      80      -2.5%    +6.4%
Contracting                     3,006   2,716   +10.7%   +4.4%
VINCI Energies                  830     708     +17.2%   +1.9%
Eurovia                         445     415     +7.1%    -1.8%
VINCI Construction              1,731   1,592   +8.7%    +7.4%
Eliminations and restatements  -4     -8            
Total international            3,080  2,787  +10.5%  +4.6%

* Excluding concession subsidiaries’ works revenue (IFRIC 12 interpretation of
the IFRS)

Order book

                       At 31 March  Mar.13/Mar.12  At       Mar.13/Dec.12

(in € billions)         2013  2012  change          31 Dec.  change
                                                       2012
VINCI Energies           7.1   7.0    +1%             6.8       +5%
Eurovia                  6.7    6.3    +7%             6.4       +5%
VINCI Construction      19.2  19.3  -0%             18.1     +6%
Total Contracting       33.1  32.6  +2%             31.3     +6%
of which:
France                   18.0   19.1   -6%             17.2      +5%
France ex-SEA            14.9   15.1   -2%             13.7      +8%
Europe excluding         9.8    9.0    +9%             9.4       +5%
France
International           5.3   4.5   +17%            4.7      +11%
excluding Europe
Total Contracting       30.0  28.6  +5%             27.8     +8%
ex-SEA

Change in VINCI Autoroutes’ revenue at 31 March 2013

                                VINCI Autoroutes  of which:
                                                 ASF    Escota  Cofiroute
Light vehicles                   +0.4%              +1.0%  -1.6%   +0.1%
Heavy vehicles                  -3.7%             -3.2%  -5.5%   -4.3%
Total traffic - Intercity       -0.3%             +0.2%  -2.0%   -0.7%
network
A86 Duplex                       +0.1%              -       -        +0.4%
Other impacts                   +1.6%             +1.6%  +1.1%   +1.5%
Toll revenue (in € millions)     922                519     144      250
2013/2012 change                +1.3%             +1.8%  -0.9%   +1.2%
Revenue (in € millions)          944                533     147      255
2013/2012 change                +1.4%             +2.0%  -0.7%   +1.1%

Total traffic on motorway concessions – Intercity network

                               First quarter
(in millions of km travelled)  2013   2012   Change
VINCI Autoroutes                9,167  9,197  -0.3%
Light vehicles                  7,667   7,639   +0.4%
Heavy vehicles                 1,500  1,558  -3.7%
of which:
ASF                             5,591   5,578   +0.2%
Light vehicles                  4,601   4,555   +1.0%
Heavy vehicles                 990    1,023  -3.2%
Escota                          1,415   1,444   -2.0%
Light vehicles                  1,272   1,293   -1.6%
Heavy vehicles                 143    152    -5.5%
Cofiroute (ex-A86 Duplex)       2,110   2,124   -0.7%
Light vehicles                  1,750   1,748   +0.1%
Heavy vehicles                 360    376    -4.3%

Contact:

VINCI
Press
Maxence Naouri
Tel: +33 1 47 16 31 82
E-mail: maxence.naouri@vinci.com
Investors
Thomas Guillois
Tel: +33 1 47 16 33 46
E-mail: thomas.guillois@vinci.com
or
Christopher Welton
Tel: +33 1 47 16 45 07
E-mail: christopher.welton@vinci.com