EIFFAGE - Quaterly trading statement - Three months ended 31 March 2013

PR Newswire/Les Echos/ 
7 May 2013  
                          QUARTERLY INFORMATION  


                        Three months ended 31 March 2013 

- Sales in the first quarter of 2013 were down 4.4%, impacted by unfavourable
  weather conditions during the start of the year in Europe 

- The seasonal nature of the Contracting activities and the full contribution 
  of the Bretagne-Pays de la Loire (BPL) project from the 2nd quarter 2013 lead 
  to the confirmation of the 2013 sales guidance of EUR14.2bn 

- The order book stood at EUR12.8bn (up 5.0% from 1st January 2013 but down 
  9.6% year-on-year), which represents nearly 13 months of activity for the 
  Contracting activities and provides excellent forward visibility 

- Group's liquidity was stable over 12 months at more than EUR900m at 31 March
  2013 

1. SALES FOR THE FIRST QUARTER OF 2013 
                           1st quarter    1st quarter          % change


                           2012           2013 
 In millions of euro                                   Reported   Like-for-like 
CONSTRUCTION                    846           755       -10.8%       -9.4%
Of which Property               115           109  
PUBLIC WORKS                    747           704        -5.8%       -6.7%   
ENERGY                          762           751        -1.4%       -3.2% 
METAL                           181           178        -1.7%       -2.2% 
Sub-total Contracting 
Activities                    2,536         2,388        -5.8%       -6.1% 
CONCESSIONS 
(excluding IFRIC 12)            505           518        +2.6%       +2.6%  
TOTAL GROUP (excluding 
IFRIC 12)                     3,041         2,906        -4.4%       -4.7% 
Of which: 
* France 
* Rest of Europe 
* Rest of the world  
Construction revenue of 
Concessions (IFRIC 12)          24             44          n/s        n/s  


                                      * *
                                       *
    2. REVIEW OF ACTIVITY

Consolidated sales reported by EIFFAGE for the first quarter of 2013 came to
EUR2,906m, down year-on-year by 4.4% on a reported basis and by 4.7%
like-for-like.
The unfavourable wintery weather conditions in France and much of Europe were
largely to blame for this decline in activity. Building and Road Construction
and Maintenance were particularly affected, whereas Concessions recorded an
increase in revenue, mainly thanks to traffic having held up on APRR's network
and having increased on the A65 motorway.

At the Contracting activities, sales declined to EUR2,388m, down by 5.8% on a
reported basis and by 6.1% like-for-like.

Construction: sales of EUR755m (down by 10.8% on a reported basis and by 9.4%
like-for-like)

- In France, EIFFAGE CONSTRUCTION recorded sales of EUR619m, down by 12.9% on a
reported basis and by 11.6% like-for-like, with Building construction
particularly affected by the adverse weather.
At the Property business, while sales also declined, down 9.5%, marketing
performances were excellent in the first three months, with 846 reservations
compared with 585 in the first quarter of 2012.

- In the rest of Europe, sales were stable at EUR136m.
Public Works: EUR704m (down by 5.8% on a reported basis and by 6.7%
like-for-like)

- In France, EIFFAGE TRAVAUX PUBLICS recorded a 2.5% decrease in sales to
EUR587m, but performances were contrasted: whereas the adverse weather
conditions led to a sharp decrease in activity for Road Construction and
Maintenance, activity was stable for Civil Engineering and increased sharply 
for Large Projects, in addition the Bretagne-Pays de la Loire (BPL) high-speed 
rail line project will start its full contribution to the division's sales in 
the second quarter.

- In the rest of Europe (EUR73m, down 34.2%), conditions were difficult in the
first quarter in Germany and also in Spain, where the economic environment
remains depressed.

- In the rest of the world (EUR37m, up 37.0%), the construction of the 
autoroute de l'Avenir in Senegal is proceeding to plan.

Energy: sales of EUR751m (down by 1.4% on a reported basis and by 3.2%
like-for-like)

- In France (EUR609m, down 1.7%), activity declined in all regions, with the
exception of Clemessy which reported an increase in its sales.

- In the rest of Europe (EUR116m, down 1.7%), activity was buoyant in Germany
(14.2% increase) and Portugal (+26.3% increase) and stable in Italy, whereas it
decreased in Belgium and Spain.

Metal: sales of EUR178m (down by 1.7% on a reported basis and by 2.2%
like-for-like)

- In France (EUR148m, down 3.9%), the decrease in sales is attributable to
Industrial Services and, to a lesser extent, Metallic Construction, whereas
Facades (GOYER) recorded a more than twofold increase in sales because of the
major projects undertaken the Ile-de-France region.

- In the rest of Europe (EUR21m, stable), there were increases in Germany and
Poland.

In Concessions, total traffic on the APRR network, as measured by the number of
kilometres travelled, declined slightly by 0.2% in the first quarter of 2013
compared with the year before. Light vehicle traffic increased by 0.5%. On the
other hand, heavy goods vehicle traffic continued to be affected by the
deterioration in the economic environment and declined by 3.2% compared with 
the first quarter of 2012.

Given the toll rate revisions on 1 February 2013 (up 1.94% on average) and the
increase in other revenues (up 9.1%), sales contributed by APRR increased to
EUR484m, up 1.5% compared with the first quarter of 2012.

Overall traffic on the MILLAU VIADUCT was down by 2.0% compared with the first
quarter of 2012, with decreases of 1.7% for light vehicles and 3.6% for heavy
goods vehicles. Toll revenues were stable at EUR5.3m in the first quarter of
2013.

As regards the A65 Pau-Langon motorway, with A'LIÉNOR as concessionaire,
overall traffic recorded another sharp increase, up 4.6%, with increases of 
4.8% for light vehicles and of 1.9% for heavy goods vehicles. As a result, toll
revenues increased to EUR10.7m, up 9.2% compared with the first quarter of
2012

Overall traffic on the Autoroute de l'Avenir in Senegal increased by 26.1%,
the 27.1% increase for light vehicles more than offsetting the 4.4% decrease 
for heavy goods vehicles. Toll revenues amounted to EUR1m in the first quarter 
of 2013.
Other Concessions and Public Private Partnerships generated sales of EUR17m in
the first quarter of 2013 compared with EUR9m in the first quarter of 2012,
reflecting mainly the operations of two projects: the Grand Stade Lille
Métropole and the Energy Performance Contract for secondary schools in central
France.

3. FINANCIAL SITUATION

The Group's liquidity (as measured by money market investments and unused
confirmed credit lines) exceeded EUR900m at 31 March 2013, stable compared with
31 March 2012. Since then, this liquidity has improved as a result of the
capital increase reserved for the Group employees in France on 24 April 2013,
which amounted to nearly EUR60m.
Furthermore, APRR has signed a new 7-year loan amounting to EUR75m with the
European Investment Bank that will be applied to optimising the fluidity and
security of the motorway network. In addition, on 26 April APRR successfully
issued EUR300m of 3-year Floating Rate Notes (FRN), marking its maiden issue in
this segment of the capital market.

4. PROSPECTS

The order book stood at EUR12.8bn on 1 April 2013. This represents a 5% 
increase compared with 1 January 2013 (but a 9.6% decrease year-on-year) and is
equivalent to nearly 13 months of activity for the Contracting activities,
supporting the 2013 sales guidance of EUR14.2bn.
 
Investor contact: Xavier Ombrédanne
Eiffage
163 Quai du Docteur-Dervaux, 92601 Asnières-sur-Seine Cedex, France
Tel: + 33 (0)1 41 32 81 44 - E-mail: xavier.ombredanne@eiffage.com


                  
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-0- May/08/2013 10:45 GMT
 
 
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