VINCI - Quarterly Information at 30 September 2013

  VINCI - Quarterly Information at 30 September 2013

Business Wire

RUEIL MALMAISON, France -- October 24, 2013

Regulatory News:

  *Year-to-date 2013 revenue: €29.5 billion (+4.7% actual; +3.6% comparable
    basis)
  *Confirmation of VINCI Autoroutes traffic improvement: +1.3% in 3^rd
    quarter; +0.7% YTD
  *ANA, concession holder of Portuguese airports, consolidated from 17
    September 2013
  *Order book: €30.8 billion (up 2% over 9 months, excluding SEA)
  *Net financial debt: €15.0 billion; Standard & Poors BBB+ and Moody’s Baa1
    credit ratings confirmed with stable outlooks

                               At 30 September  2013/2012 change
Consolidated revenue
                               2013    2012    Actual  Comparable
(€ in millions  )
Concessions                    4,225   4,128   2.4%    2.5%
VINCI Autoroutes                3,534   3,438    2.8%    2.8%
VINCI Concessions              691     689     0.2%    1.1%
Contracting                    25,274  23,985  5.4%    4.0%
VINCI Energies                  6,741    6,414    5.1%     -0.5%
Eurovia                         6,246    6,427    -2.8%    -2.3%
VINCI Construction             12,287  11,144  10.3%   10.4%
VINCI Immobilier               572     521     9.7%    9.7%
Eliminations and restatements  (536)   (429)          
Total revenue*                 29,535  28,205  4.7%    3.6%
of which:
                                18,553   17,947   3.4%     3.1%
France
International                   10,982   10,257   7.1%     4.4%
Europe (excluding France)       7,118    6,696    6.3%
Rest of World                  3,864   3,561   8.5%    
Order intake (€ in bns)        25.0    25.1    -0.1%
Order book (€ in bns)           30.8     32.8     -6.2%
Excluding SEA                  28.4    29.1    -2.6%
Net financial debt (€ in bns)  (15.0)  (13.5)  (1.5)

* Excluding concession subsidiaries’ revenue derived from works carried out by
non-Group companies

VINCI’s (Paris:DG) 4.7% increase in nine-month 2013 consolidated revenue of
€29,535 million^1 included +3.6% organic growth, +1.9% external growth and
-0.7% exchange rate impact.

Concessions revenue increased 2.4% to €4,225 million: VINCI Autoroutes revenue
increased 2.8% to €3,534 million, while that of VINCI Concessions was stable
at €691 million. ANA, the concession holder of the 10 Portuguese airports, was
consolidated for the first time as of 17 September 2013.

Contracting revenue increased 5.4% to €25,274 million, of which
€12,287million (+10.3%) was generated by VINCI Construction, €6,741million
(+5.1%) by VINCI Energies and €6,246 million (-2.8%) by Eurovia.

In France, nine-month 2013 revenue was €18,553 million, up 3.4% (+3.1% on a
like-for-like basis) thanks primarily to strong performances at VINCI
Construction and VINCI Autoroutes.

International nine-month 2013 revenue rose to €10,982 million, an increase of
7.1% (+4.4% like-for-like):

  *Europe (excluding France) was up 6.3% to €7,118 million with increases in
    Germany (consolidation of GA Gruppe in September 2012), Sweden and the UK,
  *Rest of World revenue increased 8.5% to €3,864 million, with sustained
    growth coming out of Asia, the Middle East and Oceania.

3^rd quarter of 2013 consolidated revenue of €10,824 million increased 5.5%
year-on-year (+5.3% like-for-like), driven by overall good activity across all
business segments, particularly VINCI Autoroutes, Eurovia and VINCI
Construction in France, and VINCI Energies, Sogea Satom (African
subsidiaries), VINCI Construction Grands Projects and VINCI Construction UK
outside of France.

3^rd quarter 2013 order intake was €8.2 billion (+2% y-o-y), bringing the
nine-month total to €25 billion, unchanged compared to the same period in
2012. Nine-month order intake in France was down 2% and was up 2% outside of
France. At 30 September 2013, the nine-month order intake was down 9% at
Eurovia, -2% at VINCI Energies and up 6% at VINCI Construction. Significant
contract wins that have not yet been counted in the above totals include the
Moscow Dynamo stadium in Russia, underground works for line B of the Rennes
metro in France and lines 3 and 6 of the Santiago metro in Chile.

The order book at 30 September 2013 stood at €30.8 billion compared to €32.8
billion at 30 September 2012. During the first nine months of 2013, VINCI
Energies order book increased slightly (+1%), Eurovia’s was flat overall and
VINCI Construction’s was slightly down (-3%). Excluding the impact of the
Tours-Bordeaux high speed rail contract (SEA), the total order book is up 2%
since the beginning of the year. At 30 September 2013, the order book in
France was €16.5 billion (-4%; +2% ex-SEA) and outside of France €14.3 billion
(+1%).

Consolidated net financial debt at 30 September 2013 was €15.0 billion, an
increase of €1.5 billion compared to 30 September 2012, and includes the
impact from the acquisitions of ANA (€2.8 billion) and 4.7% of Aéroports De
Paris’ (ADP) capital (€365 million).

^1 In accordance with IFRIC 12, VINCI’s total revenue, including construction
works awarded by its concession subsidiaries to non-Group companies, amounted
to €29,814 million at 30 September 2013, up 4.3% against the first nine months
of 2012 (+3.2% on a comparable structure basis).

2013 outlook

The good 3^rd quarter performance in terms of revenue and order intake
reinforces previously announced full year trends:

  *Slight organic revenue growth, with the confirmation of the VINCI
    Autoroutes traffic improvement in Concessions,
  *Increase of EBITDA,
  *Slight decline of operating income and, at an unchanged tax regime in
    France, net income. Nonetheless, the increase of the surtax of the French
    corporate tax rate, currently being considered by the French parliament,
    would negatively impact net income,
  *Order book to remain at a high level, particularly with a significant
    order intake coming from outside Europe.

Year-to-date 2013 revenue by business line

CONCESSIONS: €4,225 million (+2.4% actual; +2.5% comparable basis)

VINCI Autoroutes: €3,534 million (+2.8% actual and comparable bases)

Year-to-date toll revenue from the French motorway networks operated by VINCI
Autoroutes (ASF, Cofiroute, Escota and Arcour) amounted to €3,456 million, up
2.7%. This increase includes the 0.7% increase in intercity network traffic
(light vehicles: +0.9%; heavy vehicles: -0.7%) and the continued ramp-up of
traffic from the A86 Duplex for 0.1% (traffic is up 12.3% YTD on business
days; up 5.8% YTD on weekends and holidays).

Traffic improvement continued in the 3^rd quarter as total intercity network
traffic rose by 1.3% (light vehicles +1.2%, heavy vehicles +2.4%). This led to
a 3.7% increase in toll revenue.

Change in VINCI         2013
Autoroutes traffic
(Intercity network)     1^st quarter  2^nd quarter  3^rd quarter  9 months
Light vehicles           +0.4%         +0.9%         +1.2%         +0.9%
Heavy vehicles          -3.7%         -0.6%         +2.4%         -0.7%
Total traffic           -0.3%         +0.7%         +1.3%         +0.7%

VINCI Concessions: €691 million (+0.2% actual; +1.1% comparable basis)

VINCI Park revenue was €447 million, down 1.3%, including the impact of the
fire-related closure of the parking garage at Place Vendôme in Paris in 2012.
On a like-for-like basis, revenue was stable in France and internationally.

VINCI Airports revenue increased 31.2% to €167 million (+16.1% on a like-for
like basis) thanks to high passenger growth at the Nantes Atlantique airport
in France and those in Cambodia as well as the integration of ANA as of 17
September 2013 (adding €21 million to revenue at 30 September 2013). On a pro
forma basis, passenger traffic at VINCI airports was up 6.1% during the first
nine months of 2013 (ANA +4.2%; Cambodia +18.8%; France +7.3%).

CONTRACTING: €25,274 million (+5.4% actual; +4.0% comparable basis)

VINCI Energies: €6,741 million (+5.1% actual; -0.5% comparable basis)

In France, revenue generated over the first nine months of the year was
essentially unchanged at €3,986 million (-0.3% on an actual basis; -0.9% on a
comparable basis), despite the exit of low margin contracts at VINCI
Facilities. Business remained dynamic in energy and telecommunication
infrastructure, but less so in the industrial and service sectors.

Outside France, revenue was up 14% to €2,756 million (unchanged on a
comparable basis) thanks primarily to the consolidation of GA Gruppe in
Germany. Belgium, the Netherlands, Switzerland and the UK also posted good
performances.

VINCI Energies’ order book at 30 September 2013 stood at €6.8 billion, up 1%
since the beginning of the year. It represented about 9 months of average
business activity for the business line.

Eurovia: €6,246 million (-2.8% actual; -2.3% comparable basis)

In France, revenue for the first nine months was €3,841 million, up 0.5% on an
actual basis and 0.4% like-for-like. Following a 1^st half of 2013 marked by
very difficult weather conditions, revenue in the 3^rd quarter of 2013 rose
4.9% (+4.7% like-for-like). Eurovia’s specialised activities, especially rail
transport infrastructure, continued to perform well.

Outside France, revenue fell 7.7% to €2,404 million (-6.4% like-for-like).
During the 3^rd quarter revenue declined 2.1%. Activity was good in the UK but
down in the rest of Europe, especially in Poland which fell more than 45%. The
Americas held up well with the exception of Quebec which was down 15%.

Eurovia’s order book at 30 September 2013 stood at €6.4 billion, more or less
unchanged since the beginning of the year. It represented 9 months of average
business activity for the business line.

VINCI Construction: €12,287 million (+10.3% actual; +10.4% comparable basis)

In France, revenue for the first nine months totalled €6,687 million, up 9.2%
on an actual basis (+8.7% like-for-like), and included €903 million of works
for SEA. Growth in the 3^rd quarter was 6.9%. Private non-residential
buildings and civil engineering were the most dynamic segments during the
period.

Outside France, revenue rose 11.6% to €5,600 million (+12.4% like-for-like).
The increase in the 3^rd quarter was more than 11%. Strong business growth was
registered at Sogea Satom (African subsidiaries), VINCI Construction UK and
VINCI Construction Grands Projets. Activity in Central Europe declined close
to 15%.

VINCI Construction’s order book at 30 September 2013 stood at €17.6 billion,
up 3% since the beginning of the year excluding SEA. It represented 13 months
of average business activity for the business line.

VINCI Immobilier: €572 million (+9.7% actual and comparable bases)

VINCI Immobilier’s nine-month 2013 activity was driven by several major
projects under way in business and commercial property in the Paris region.
The residential sector, meanwhile, was stable.

3^rd quarter 2013 highlights

New contracts

During the quarter, several significant projects entered into the order book:

  *The 58,000 seat Stade de Lumières at Lyon, France
  *An incinerator at Cornwall, UK
  *A road works contract in Alberta, Canada, and
  *Renovation of 13 Crossrail stations in London, UK

New developments

In July 2013, VINCI acquired 4,643,968 shares of ADP representing 4.7% of
ADP's capital. This transaction was made at €78.50 per share for a total
investment of €365 million. VINCI now holds 8% of ADP's capital.

In September 2013, VINCI finalised the acquisition of ANA, the company that
holds a fifty-year concession for Portugal’s 10 airports located on the
continent (Lisbon, Porto, Faro and Beja), in the Azores (Ponta Delgada, Horta,
Flores and Santa Maria) and in Madeira (Funchal and Porto Santo). Combined,
they handled more than 30 million passengers in 2012, of which approximately
80% were international.

Also in September 2013, VINCI reached agreement with Ackermans & van Haaren NV
(AvH) whereby AvH will contribute to VINCI’s 46.84% Belgian subsidiary, CFE,
its 50% stake in DEME, one of the world’s principal dredging and marine
engineering companies. CFE will become the sole shareholder of DEME. At the
same time, VINCI will sell half of its stake in CFE to AvH at the price of €45
per share. The transaction is expected to close between now and the end of the
first quarter of 2014.

Financial items

Net financial debt/liquidity

VINCI’s consolidated net financial debt at 30 September 2013 stood at €15.0
billion, against €13.5 billion at 30September 2012. It increased by €2.0
billion in the 3^rd quarter of 2013 due to the acquisition of 95% of ANA’s
capital for €1.1 billion, the consolidation of ANA’s net financial debt in the
amount of €1.7 billion and the acquisition of 4.7% of ADP’s capital for €0.4
billion. These impacts were partially offset by the 3^rd quarter free cash
flow (after investments) in the amount of about €1.1 billion. Since 1 January
2013, net financial debt increased €2.5 billion.

Net financial debt at 30 September 2013 breaks down into gross financial debt
of €19.1 billion and net cash managed of €4.0 billion.

The Group’s liquidity remained at the high level of €10.4 billion at 30
September 2013. In addition to net cash managed, it includes €6.4 billion in
undrawn medium-term credit facilities maturing between 2016 and 2018.

The Group’s long-term, investment grade credit ratings at Standard & Poors
(BBB+) and Moody’s (Baa1) were confirmed after taking into account the ANA
transaction, both with stable outlooks.

                                  **********

Diary
14 Novembre 2013  2013 interim dividend cash payment of €0.55 per share
                   (ex-date: 11 November 2013)
5 February 2014   Publication of 2013 annual financial statements

                                  **********

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  2013/2012 change
(in € millions)                2013    2012    Actual  Comparable
FRANCE                                                 
Concessions                     3,982    3,890    2.4%     2.4%
Contracting                     14,514   13,943   4.1%     3.7%
VINCI Energies                  3,986    3,997    -0.3%    -0.9%
Eurovia                         3,841    3,822    0.5%     0.4%
VINCI Construction              6,687    6,124    9.2%     8.7%
VINCI Immobilier                572      521      9.7%     9.7%
Eliminations and restatements  (515)   (407)          
Total France                   18,553  17,947  3.4%    3.1%

INTERNATIONAL
Concessions                     243      238      2.1%     5.9%
Contracting                     10,760   10,042   7.2%     4.4%
VINCI Energies                  2,756    2,417    14.0%    0.0%
Eurovia                         2,404    2,605    -7.7%    -6.4%
VINCI Construction              5,600    5,020    11.6%    12.4%
Eliminations and restatements  (21)    (22)           
Total international            10,982  10,257  7.1%    4.4%

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

Third-quarter consolidated revenue*

                               Third quarter    2013/2012 change
(in € millions)                2013    2012    Actual  Comparable
Concessions                    1,648   1,586   3.9%    3.4%
VINCI Autoroutes                1,422   1,372   3.6%    3.7%
VINCI Concessions              226     214     5.5%    1.4%
Contracting                    9,146   8,675   5.4%    5.4%
VINCI Energies                  2,323    2,236    3.9%     -0.7%
Eurovia                         2,643    2,595    1.8%     3.6%
VINCI Construction             4,180   3,843   8.8%    10.3%
VINCI Immobilier               212     163     29.8%   29.8%
Eliminations and restatements  (181)   (161)          
Total revenue                  10,824  10,262  5.5%    5.3%
of which:

France
France                          6,744    6,452    4.5%     4.3%
International                   4,080    3,810    7.1%     7.0%
Europe (excluding France)       2,747    2,465    11.4%    
Rest of World                  1,334   1,345   -0.9%  

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

Change in VINCI Autoroutes’ revenue

at 30 September 2013            VINCI Autoroutes  of which:
                                                 ASF    Escota  Cofiroute
Light vehicles                   0.9%               1.3%   0.5%    0.0%
Heavy vehicles                  -0.7%             -0.5%  -2.3%   -0.7%
Total traffic - Intercity       0.7%              1.1%   0.2%    -0.1%
network
A86 Duplex                       0.1%               -       -        0.4%
Other impacts                   1.9%              2.1%   0.9%    2.1%
Toll revenue (in € millions)     3,456              1,978   513      931
2013/2012 change                2.7%              3.2%   1.1%    2.4%
Revenue (in € millions)          3,534              2,028   523      948
2013/2012 change                2.8%              3.2%   1.3%    2.3%

VINCI Autoroutes traffic

Intercity network     Third quarter             Year-to-date at 30 September
in millions of km     2013    2012    Change  2013      2012      Change
travelled
VINCI Autoroutes       15,121  14,925  1.3%    36,081    35,833    0.7%
Light vehicles         13,647   13,487   1.2%     31,562     31,283     0.9%
Heavy vehicles        1,474   1,439   2.4%    4,519     4,550     -0.7%
Of which:                                                    
ASF                    9,548    9,420    1.4%     22,373     22,130     1.1%
Light vehicles         8,580    8,474    1.3%     19,400     19,142     1.3%
Heavy vehicles        968     946     2.2%    2,973     2,987     -0.5%
ESCOTA                 2,024    2,002    1.1%     5,156      5,145      0.2%
Light vehicles         1,878    1,856    1.2%     4,712      4,691      0.5%
Heavy vehicles        146     146     0.4%    444       454       -2.3%
Cofiroute              3,459    3,415    1.3%     8,340      8,351      -0.1%
Light vehicles         3,107    3,076    1.0%     7,262      7,265      0.0%
Heavy vehicles        352     339     3.6%    1,078     1,086     -0.7%

VINCI Airports traffic

            Third quarter                     Year-to-date at 30 September
Passengers  2013        2012        Change  2013        2012        Change
VINCI        13,417,529  12,669,071  5.9%    33,248,226  31,341,147  6.1%
Airports *
of which:
ANA          10,733,472   10,242,934   4.8%     25,037,097   24,018,241   4.2%
(Portugal)
Cambodia     1,079,957    923,496      16.9%    3,657,009    3,077,222    18.8%
France      1,604,100   1,502,641   6.8%    4,554,120   4,245,684   7.3%

* Pro forma

Order book

                  At 30 September  Sept.13/Sept.12  At     Sept.13/Dec.12
                                                        31
(in € billions)    2013     2012   change            Dec.   change
                                                        2012
VINCI Energies      6.8      7.4     -7%               6.8     +1%
Eurovia             6.4       6.7     -6%               6.4     -1%
VINCI              17.6     18.7   -6%               18.1   -3%
Construction
Total Contracting  30.8     32.8   -6%               31.3   -1%
of which:
France              16.5      18.3    -10%              17.2    -4%
France ex-SEA       14.1      14.6    -4%               13.7    +2%
International       14.3      14.5    -2%               14.1    +1%
Europe (excluding   9.4       9.7     -3%               9.4     +1%
France)
Rest of World      4.9      4.8    +1%               4.7    +3%
Total Contracting  28.4     29.1   -3%               27.8   +2%
ex-SEA

Contact:

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
Christopher Welton
Tel: +33 1 47 16 45 07
E-mail: christopher.welton@vinci.com
 
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