Results for the semester ended 30 June 2014 Financial analysts - - PowerPoint PPT Presentation

Results for the semester ended 30 June 2014

Financial analysts’ meeting, 27 August 2014

SEMESTER HIGHLIGHTS Pierre Berger – Chairman and Chief Executive Officer

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EIFFAGE 1st HALF 2014 – HIGHLIGHTS

Group debt

‐ Down by €M 595 over 1 year (and €M 1,132 over 3 years)

Major Projects

‐ Progress in line with expectations

Property development

‐ Satisfactory performance with 1,661 bookings of housing units

International

‐ Increase in order intake

Orders Intake

4

EIFFAGE 1st HALF 2014 – HIGHLIGHTS

Back up engines – EDF €M 548 (Eiffage share 44%) Lyon Turin Ferroviaire €M 390 (Eiffage share 30 %) Ligne 14 – RATP €M 230 (Eiffage share 55%) A9 – ASF €M 134 (Eiffage share 100%) CESTAS – NEOEN €M 284 (Eiffage share 75%)

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EIFFAGE 1st HALF 2014 – HIGHLIGHTS

APRR/AREA

‐ Ebitda at the historically high level of 71 % ‐ Finalisation of the stimulus package expected by year end ‐ Refinancing of Eiffarie brought forward by 2 years Objective of a significant bank debt margin reduction

PPP and other concessions

‐ Very good portfolio rotation ‐ Improvement of profitability (ramp up) A65 / Autoroute de l’Avenir in Sénégal / Pierre Mauroy Stadium

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EIFFAGE 1st HALF 2014

Revenue €M ‐0.2 %

6,606 6,616 6,527 6,511

H1 2011 H1 2012 H1 2013 H1 2014

Operating profit €M +7.3 %

451 499 518 556

H1 2011 H1 2012 H1 2013 H1 2014

Change in WCR €M ‐€M 208

‐396 ‐290 ‐639 ‐431

H1 2011 H1 2012 H1 2013 H1 2014

Financial net debt €M ‐€M 595

13,767 12,949 13,230 12,635

H1 2011 H1 2012 H1 2013 H1 2014

Order book €M ‐1.5 %

11.3 13.5 12.5 12.3

H1 2011 H1 2012 H1 2013 H1 2014

43 51 58 68

H1 2011 H1 2012 H1 2013 H1 2014

Net profit €M +17.2 % Profit growth ‐ Group net debt reduction ‐ High level of the order book

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Eiffage : Outlook for 2014

• Slight increase in revenues
• Increase in operating and net profit
• Decrease of Group net debt

EIFFAGE 1st HALF 2014 – OUTLOOK

RESULTS BY BUSINESS SEGMENT AND FINANCIAL RESULTS

Christian Cassayre – Chief Financial Officer

5,453 5,396 1,074 1,115 H1 2013 H1 2014

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REVENUE (excluding IFRIC 12)

‐1.0% +3.8%

BREAKDOWN CONCESSIONS / CONTRACTING (€M) Contracting Concessions International excluding Europe

844 979 129 108 H1 2013 H1 2014 ‐2.3% +16.0%

BREAKDOWN BY GEOGRAPHICAL AREA (€M)

‐16.3%

France Europe excluding France

6,527 6,511 6,527 6,511 5,554 5,424 ‐0.2% ‐0.2% ∆14/13 ∆14/13

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CONTRACTING REVENUE (excluding IFRIC 12)

CONTRACTING BREAKDOWN BY GEOGRAPHICAL AREA (€M) AND % OF TOTAL

844 979 127 99 H1 2013 H1 2014 401 421 1,550 1,418 1,806 1,787 1,696 1,770 H1 2013 H1 2014

+5.0%

‐8.5% ‐1.1% +4.4%

BREAKDOWN BY BRANCH (€M) Construction Public Works Energy Metal

5,453 5,396 5,453 5,396 4,482 4,318

International excluding Europe France Europe excluding France

∆14/13 ∆14/13 (2%) (16%) (82%) (2%) (18%) (80%) ‐1,0% ‐1,0% ‐3.7% +16.0% ‐22.0%

‐1.4%

Growth of profit on ordinary activities up 7,3% at €M 556 and margin increase by 60 bps to 8.5% of revenue OPERATING PROFIT ON ORDINARY ACTIVITIES AND MARGINS

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H1 2014 €M (% of revenue) H1 2013 €M (% of revenue)

Operating profit on

• rdinary activities

518 (7.9%) 556 (8.5%) +7.3%

CONTRACTING +4.5% ∆14/13

+7.7% +7.7% +4.7% ‐14.3%

70 (4.0%) 476 (42.7%) ‐36 (‐2.0%) 45 (3.2%) 12 (2.8%) ‐12 71 (4.2%) 442 (41.2%) ‐39 (‐2.2%) 43 (2.8%) 14 (3.5%) ‐12

Construction Public Works Energy Metal Concessions Holding

CONTRACTING 89 (1.6%) CONTRACTING 92 (1.7 %)

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BREAKDOWN OF MARGINS Concessions Contracting Total Increase of the Group operating margin of 60bps

35.5% 38.1% 41.6% 41.2% 42.7%

H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

1.7% 1.5% 1.6% 1.6% 1.7%

H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

6.4% 6.8% 7.5% 7.9% 8.5%

H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

Upholding of the operating margin at the high level of 4.0% of revenue slightly down by 20bps in an increasingly competitive environment

• Revenue up 4.4% (+4.5% lfl)

– Activity in France, up 5.0% at €M 1,435 – Increase in revenue in Europe of 1.8% at €M 335, particularly dynamic in Poland – Good activity in property development with reservations of 1,661 units vs 1,800 at the end of June 2013 (record semester) and 1,229 at the end of June 2012

• Stable margin at a high level despite the lower activity

– Tight control of overhead costs – Prudence and selectivity in contract selection REVENUE (€M) ‐ OPERATING MARGIN ON ORDINARY ACTIVITIES

CONSTRUCTION: ACTIVITY AND RESULTS

1,778 1,872 1,840 1,696 1,770 4.3% 4.3% 4.3% 4.2% 4.0% H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

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BREAKDOWN OF REVENUE

H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

WORKS

90% 85% 86% 85% 84%

PROPERTY

10% 15% 14% 15% 16%

15

Majunga Tower, La Défense

• Revenue down 1.1% (‐1.1% lfl)

– France: activity down 0.7% at €M 1,511 – Europe: activity up 3.8% at €M 221. Increase of 10.3% in Germany, but continued weakness of the public orders in Spain

• Recovery of profitability

– Ongoing deployment of a productivity improvement plan – Prudence and selectivity in contract selection

• Major Projects

– Bretagne‐Pays de la Loire : progress in line with expectations – Renewal of the order book

PUBLIC WORKS: ACTIVITY AND RESULTS

1,819 1,796 1,764 1,806 1,787 ‐1.7% ‐2.3% ‐2.7% ‐2.2% ‐2.0% H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

Increase of the operating margin up 20bps at ‐2.0% of revenue in uncertain environment of public orders

16

REVENUE (€M) ‐ OPERATING MARGIN ON ORDINARY ACTIVITIES

17

HSL Bretagne-Pays de la Loire

• Revenue down 8.5% (‐7.5% lfl)

– In France, decline in revenue of 10.8% to €M 1,131 in first half but noticeable increase in order intakes – Increase in Europe of 3.1% thanks to the sharp recovery of private purchasing in Spain

• Increased operating margin

– Ongoing recovery – Prudence and selectivity in contract selection particularly in under performing regions

Ongoing recovery of the operating margin up 40 bps at 3.2% of revenue

1,541 1,526 1,542 1,550 1,418 2.3% 2.4% 2.7% 2.8% 3.2% H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

ENERGY: ACTIVITY AND RESULTS

18

REVENUE (€M) ‐ OPERATING MARGIN ON ORDINARY ACTIVITIES

19

Optic fiber, Cantal

366 380 427 401 421 2.7% 0.8% 3.3% 3.5% 2.8% H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

• Revenue up 5.0% (‐20.2% lfl)

– In France, decrease of revenue by 26.2% to €M 240 with the completion of some major projects – In Europe, the revenue reaches €M 160 vs €M 47 the first half of 2013, largely due to the acquisition of the Smulders Group and good activity in Germany

• Successful integration of the Smulders Group
• Prudence and selectivity in contract selection

Decrease of the operating margin by 70bps 2.8% of revenue METAL: ACTIVITY AND RESULTS

20

REVENUE (€M) ‐ OPERATING MARGIN ON ORDINARY ACTIVITIES

Wind, Smulders

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• Toll receipts up 2.8% as a result of the traffic improvement

and the February 2014 tariff increase – Total traffic up 2.0 % (LV +1.9%, HGV +2.2%)

• Operating margin up thanks to the ongoing optimisation of

the structures and productivity gains in the core operations

• Ongoing progress of toll automation:

– 95.1% automatic transactions (53.6% via electronic tolling) – 1.6 million electronic tolling badges APRR and AREA (+ 15.9%)

• Development of customer service initiatives
• Starting of the implementation of 2014‐2018 management

contracts TRAFFIC TOLL RECEIPTS REVENUE (€M) – EBITDA MARGIN

22

REVENUE MIX

APRR: ACTIVITY AND RESULTS

931 973 983 1,001 1,029 67.7% 69.0% 70.6% 70.4% 71.0% H1 2010 H1 2011 H1 2012 H1 2013 H1 2014 HGV 16 % LV 84 % HGV 35 % LV 65 % Other 3 % Tolls 97 %

Increase of the EBIDTA margin of 60bps to the historically high level of 71.0% of revenue

APRR

23

952 1,032 1,043 1,074 1,115 35.5% 38.1% 41.6% 41.2% 42.7% H1 2010 H1 2011 H1 2012 H1 2013 H1 2014

• Revenue up 3.8% (+3.4% lfl)

– Motorways concessions (exc APRR) with revenue up 29.5%

to €M 47.9

– Pierre Mauroy Stadium for revenue of €M 10.6 (+12%) – Other concessions and PPPs for revenue of €M 28 (+8%)

• Operating margin up 7.7% at €M 476

– APRR / Eiffarie up 6.3% at €M 423 – Other concessions and PPPs up 20.5% at €M 53

Increase of the operating margin by 150bps to the historically high level of 42.7% of revenue

Motorways Revenue LV traffic HGV traffic A65 €M 23.5 up 14.6% +5.6% +70.6% Millau Viaduc €M 15.8 up 9.0% +2.3% +12.9% Autoroute de l’Avenir (Senegal) €M 8.6

CONCESSIONS: ACTIVITY AND RESULTS

24

REVENUE (€M) ‐ OPERATING MARGIN ON ORDINARY ACTIVITIES

25

University, Aix-en-Provence

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CONSOLIDATED INCOME STATEMENT Growth in operating profit of 7.3% and in net result of 17.2%

in millions euros H1 2013 H1 2014 Δ 14/13 Revenue (1) 6,527 6,511 ‐0.2% Operating profit on ordinary activities (% of revenue) 518

(7.9%)

556

(8.5%)

+7.3% Other operating income and expenses (29) (28) Operating income 488 528 +8.2% Cost of net debt (350) (373) Other financial income and expenses (12) (15) Net financial expenses (362) (388) ‐7.2% Share of profit of associates 3 (4) Income tax (45) (40) Net profit 84 96 +14.3% Minority interests 26 27 Net profit (group share) 58 68 +17.2%

(1) Exc IFRIC 12

• /w Concessions 348
• /w Concessions 367

8.8 8.8 1.4 1.1 12.0 12.4 1.1 1.1 2.8 2.7

Capital and reserves Long‐term liabilities Financial net debt Financial gross debt Other liabilities

6.9 6.6 0.8 0.9 4.4 4.3 14.0 14.3

Non current assets Non current assets Net cash Other assets

Non current assets : 18.4 Non current assets : 18.6

CONSOLIDATED BALANCE SHEET

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ASSETS

In billions euros 31-Dec-2013 30-Jun-2014

EQUITY AND LIABILITIES

Permanent equity : 3.8 Permanent equity : 3.9

‐ Concessions ‐ Contracting & Contracting ‐ Holding & Contracting ‐ Holding & Contracting ‐ Concessions

(354) (112) (893) 431 593 73 313 Operations 131 Capex 386

Disposals, inc CHSF (332)

(5)

28 EBITDA Capex Contracting & Holding Capex Concessions Dividends & capital transactions

12,579 12,635

Variations without flows & misc

Stability of the financial net debt despite the seasonal increase of the WCR FINANCIAL NET DEBT EVOLUTION

Change in net debt since 31/12/2013 (€M) FND 31/12/2013 FND 30/06/2014

Exc MtM of the CNA debt and the swaps: €M 860 €M 814

Change in WCR Interest and taxes paid

FINANCIAL NET DEBT STRUCTURE

29

Financial net debt down €M 595 over 1 year A financial structure characterised by the importance of the Concessions and the seasonality of the Contracting

31‐Dec‐12 30‐Jun‐13 30‐Jun‐12 31‐Dec‐13 30‐Jun‐14 FND Holding & Contracting FND Concessions with recourse FND Concessions without recourse 57 12,299 12,294 12,268 12,386 12,003 131 44 51 911 27 166 632 12,949 13,230 12,579 12,635 12,469 12,472 132 41 12,645 607 25 593 31‐Dec‐11

Exc MtM of the CNA debt and the swaps: €M 1,065 €M 1,302 €M 860 €M 1,190 €M 1,070 €M 814

BPL 428 DGGN 125 Education & others 248 Pierre Mauroy stadium 157 APRR 6,751

Macquarie quasi equity 708

Eiffarie 2,331

PPP 958 8% Other concessions 1,449 11%

APRR and Eiffarie 9,596 76%

FINANCIAL NET DEBT STRUCTURE (€M) NON RECOURSE FND BREAKDOWN (€M)

30

FINANCIAL NET DEBT STRUCTURE BREAKDOWN Financial net debt largely non recourse and raised in dedicated SPVs

Total €M 12,635 down €M 595 over 1 year

Millau Viaduct 582 A65 838

Senegal motorway 29

Total FND non recourse €M 12,003 (95% of total)

Holding & Contracting 607 5 %

Exc MtM of the CNA debt and the swaps: €M 814

Concessions without recourse 25

FINANCING AND REFINANCING OF THE EIFFAGE GROUP

• Holding and Contracting

– Completion of a 5 years private placement of €M 100 – Ramp up of the commercial paper programme

• Concessions and PPP

– Financial closing of the universities of Lille and Aix‐en‐Provence

• APRR and Eiffarie

– Realization of two bond issues €M 500 each, one to six years for a fixed coupon of 2.25% coupon, another

• ne floating for 5 years with a 0.75% margin

Increase of the Holding liquidity and anticipation of financial needs

31

ORDER BOOK (€bn) 12 MONTHS ROLLING AVERAGE

32

ACTIVITY AND COMMERCIAL DYNAMISM

BREAKDOWN BY BRANCH (€bn) 6 MONTHS VARIATIONS Construction Public Works Energy Metal

High order book at €12.3 bn at 30 June 2014, up by 4.8% over 6 months

0.9 1.0

2.6 2.9 3.5 3.7 4.7 4.7 dec‐13 june‐14

+11.5% +11.1%

+5.7% ‐0.8% 12.2 12.5 11.7 12.3 ‐9.7% ‐7.7% ‐4.1% ‐1.5% dec‐12 june‐13 dec‐13 june‐14 11.7 12.3 +4.8% ∆14/13

12,003 +0.4%

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2014 OUTLOOK

12,003 12,050 2,261 2,350 2013 2014 +0.4% +3.9%

BREAKDOWN CONCESSIONS / CONTRACTING (€M) Contracting Concessions

14,264 14,400 914 950 3,159 3,100 4,215 4,150 3,715 3,850 2013 2014

+3.9%

‐1.9% ‐1.5% +3.6%

BREAKDOWN BY CONTRACTING BRANCH (€M) Construction Public Works Energy Metal

12,050 +1.0% ∆14/13 ∆14/13

APPENDICES

Eiffage Group

CONCESSIONS CONCESSIONS

Financière Eiffarie and Eiffarie Financière Eiffarie and Eiffarie APRR and its subsidiaries APRR and its subsidiaries Verdun Participation 1 and 2 Verdun Participation 1 and 2 CEVM CEVM TP Ferro Norscut SMTPC Optimep 4 TP Ferro Norscut SMTPC Optimep 4 A’liénor / A65 A’liénor / A65

BPL Hospitals DGGN Pierre Mauroy Stadium Concessions & PPPs BPL Hospitals DGGN Pierre Mauroy Stadium Concessions & PPPs

CONSTRUCTION CONSTRUCTION PUBLIC WORKS PUBLIC WORKS ENERGY ENERGY METAL METAL

Eiffage carries on five activities – Construction, Public Works, Energy, Metal and Concessions –

• rganised into operational branches under the Holding

35

100% 100% 65% 51% 50% +1 share ≤50% 100%

ORGANISATION CHART

Free float 40.0% Employees 26.5% Treasury shares 2.2% Eiffaime 5.3% BPI 19.5% BlackRock 6.5% Free float 38.2% Employees 28.1% Treasury shares 2.4% Eiffaime 5.5% BPI 20.1% BlackRock 5.7% SHAREHOLDERS AT 30 JUNE 2014 (92.3M shares) SHAREHOLDERS AT 31 DECEMBER 2013 (89.4M shares)

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GROUP SHAREHOLDING STRUCTURE

Benelux 366 Germany 292 Spain 129 Poland 77 Other 115 France 5,424 83% REVENUE BREAKDOWN IN EUROPE EXCLUDING FRANCE (M€) INTERNATIONAL REVENUE BREAKDOWN (€M)

37

REVENUE (excluding IFRIC 12)

International excluding Europe 108 2% Europe excluding France 979 15%

CONSOLIDATED BALANCE SHEET ‐ ASSETS

38

In millions euros 30/06/2013 31/12/2013 30/06/2014 Property, plant and equipment 1,408 1,474 1,446 Investment property 6 6 6 Fixed assets held under concessions 12,496 12,415 12,243 Goodwill on acquisition 2,850 2,849 2,850 Other intangible assets 168 172 170 Investment accounted for using the equity method 101 107 99 Financial assets on service concessions non‐current 1,353 1,375 1,238 Other financial assets 250 272 278 Deferred tax assets 348 303 308 Other non current assets 1 1 Total non current assets 18,980 18,973 18,639 Inventories 631 556 599 Trade receivables 4,146 4,151 4,378 Current tax receivables 7 5 4 Financial assets on service concessions current 16 15 11 Other current assets 1,727 1,496 1,468 Cash and cash equivalent 1,498 2,097 2,673 Asset held for sale 83 50 Total current assets 8,025 8,403 9,183 Total assets 27,005 27,376 27,822

Note : 30/06/2013 and 31/12/2013 accounts as published

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CONSOLIDATED BALANCE SHEET – EQUITY AND LIABILITIES

In millions euros 30/06/2013 31/12/2013 30/06/2014 Share capital 358 358 369 Consolidated reserves 2,400 2,429 2 673 Profit & losses directly accounted for in equity (428) (340) (331) Net profit for the period 58 257 68 Total capital and reserves, attributable to the Group 2,388 2,704 2,779 Minority interests (10) 4 25 Total capital and reserves 2,378 2,708 2,804 Long‐term debt 14,172 13,261 13,230 Deferred tax liabilities 1,039 1,063 1,063 Non current provisions 532 529 562 Other non current liabilities 54 52 56 Total non current liabilities 15,797 14,905 14,911 Trade creditors 3,133 3,169 2,898 Short‐term loans and other borrowings 1,077 1,184 1,305 Non current borrowings due with in one year 549 1,091 1,587 Current tax liabilities 53 74 20 Current provisions 463 475 468 Other creditors and accruals 3,555 3,716 3,809 Liabilities held for sale 54 20 Total current liabilities 8,830 9,763 10,107 Total liabilities and share holder’s equity 27,005 27,376 27,822

Note : 30/06/2013 and 31/12/2013 accounts as published

40

CONSOLIDATED INCOME STATEMENT

In millions euros H1 2013 2013 H1 2014 Revenue 6,578 14,272 6,597 Other income 2 6 2 Raw materials and consumables used (1,233) (2,627) (1,170) Staff costs (1,701) (3,357) (1,699) Other expenses (2,622) (5,767) (2,650) Taxes other than corporate tax (184) (398) (197) Amortisation and depreciation expense (418) (845) (425) Provisions 9 (20) (15) Changes in inventories 22 (25) 54 Other operating income and expenses 65 79 59 Operating profit on ordinary activities 518 1,318 556 Other operating income and expenses (29) (56) (28) Operating profit 488 1,262 528 Income from cash and cash equivalent 18 34 19 Cost of gross debt (368) (761) (392) Net finance costs (350) (727) (373) Other financial income (expenses) (12) (51) (15) Share of profit (loss) of associates 3 5 (4) Corporation tax (45) (167) (40) Net profit 84 322 96 Attributable to the Group 58 257 68 Minority interests 26 65 28

Note : 30/06/2013 and 31/12/2013 accounts as published

41

CONSOLIDATED CASH FLOW STATEMENT

In millions euros H1 2013 2013 H1 2014 Cash flow generated by operations 451 1,055 486 Change in working capital in operating activities (639) (160) (431) Change in working capital in non operating activities (220) (125) (186) Capital expenditure (413) (1,014) (386) Acquisition of minorities shares ( 2) (7) Disposals 7 35 354 Net cash flow (814) (211) (170) Dividends (107) (111) (110) Change in equity 57 47 105 Change in net bank debt (864) (275) (175) Changes without flow of funds 121 239 232 Changes in finance leases (18) (74) (1) Change in financial net debt (1) (761) (110) 56 Of which Concessions 19 (75) 441 Of which Holding and Contracting (780) (35) (385)

(1) Exc MtM of the CNA debt and the swaps: 1,070 860 814

42

GROUP FINANCIAL STRUCTURE Financial net debt largely non recourse and raised in dedicated SPVs, down €M 595

• ver 1 year

In millions euros 30/06/2012 31/12/2012 30/06/2013 31/12/2013 30/06/2014 Concessions Financial debt 11,570 11,565 11,532 11,678 11,341 Macquarie quasi equity 729 729 736 708 662 Sub total without recourse 12,299 12,294 12,268 12,386 12,003 With recourse 57 44 51 27 25 Concessions financial net debt 12,356 12,338 12,319 12,413 12,028 Holding & Contracting Net cash (164) (759) (25) (921) (791) Gross debt 757 890 936 1,087 1,398 Holding & Contracting financial net debt 593 131 911 166 607 Total financial net debt(1) 12,949 12,469 13,230 12,579 12,635

(1) Exc MtM of the CNA debt and the swaps: 1,190 1,302 1,070 860 814

43

APRR & EIFFARIE FINANCIAL STRUCTURE Ongoing deleveraging of the APRR and Eiffarie group with financial net debt down by €M 190

• ver 6 months

Exc MtM of the CNA debt and the swaps: €M 800 €M 931 €M 656 €M 860 €M 775 €M 652

6,096 6,760 6,751 6,877 6,664 6,731 3,522 2,482 2,331 2,461 2,386 2,203 710 729 708 729 736 662 10,328 9,971 10,067 9,786 9,596 31‐Dec‐11 31‐Dec‐12 31‐Dec‐13 30‐June‐12 30‐June‐13 30‐June‐14 Macquarie quasi equity Eiffarie APRR 9,790

44

In millions euros H1 2013 2013 H1 2014 Concessions (348) (723) (367) Of which: APRR (167) (335) (170) Eiffarie & Financière Eiffarie (111) (244) (129) Financière Eiffarie Group (278) (579) (299) A'Liénor (A65) (22) (44) (22) VP1 (Millau Viaduc) (15) (27) (12) Héveil, Hanvol and H'ennez (hospitals) (13) (23) (4) ERE (HSR BPL) (6) (17) (14) Elisa (Pierre Mauroy stadium) (7) (14) (7) Eiffigen (National Police HQ) (3) (6) (3) Others (4) (13) (6) Holding & Contracting (2) (4) (6) Cost of net debt (350) (727) (373) Other financial income and expenses (12) (51) (15) Financial result (362) (778) (388)

FINANCIAL RESULT

45

CAPEX

In millions euros H1 2013 2013 H1 2014 Intangible 17 30 7 Concessions 322 845 313 Tangible 41 99 50 Financial 33 41 16 TOTAL 413 1,014 386

Metallic and mecanical constructions 45% Maintenance and industrial contracting 33% Special buildings and facades 22%

Metallic construction

Civil engineering 10% Residential 38% Equipements / Non residential 52%

Construction

46

CONTRACTING: MARKET SEGMENTATION IN 2013

Roads 60% Civil engineering 16% Earthworks 12%

Environment 9% Railways and

• ther

3%

Public Works

Electric engineering 76% Climatic engineering 14% O&M 10%

Energy

Private 84% Public 16%

Metallic construction

Private 58% Public 42%

Construction

47

CONTRACTING: CUSTOMER SEGMENTATION IN 2013

Private 52% Public 48%

Energy

Local authorities 44% Private 21% Motorways and concessions 19% National companies 12% State 4%

Public Works

APPENDICES

Concessions

49

PPP LIFE CYCLE

CONSTRUCTION / CAPEX TENDER

Eiffage

Call for tender 5%‐10% Equity 90%‐95% Debt Construction contract Maintenance contract

OPERATION RAMP UP

Sale of the equity Maintaining maintenance contract Debt deconsolidation

Financial investor

Length in Years 1 3‐6 1‐2 15‐20 Value in €

Financial structuring PPP contracts signing

OPERATION

ASSETS IN CONCESSIONS

50 Name Type Country End of concession Status Shareholders Consolidation method

APRR Toll concession FR 2032 Operational 50.1% Full consolidation A65 Toll concession FR 2067 Operational 65.0% Full consolidation Millau Viaduc Toll concession FR 2079 Operational 51.0% Full consolidation Norscut Toll concession PT 2037 Operational 36.0% Equity method Prado Carénage Tunnel Toll concession FR 2025 Operational 32.9% Equity method Prado SouthTunnel Toll concession FR 2054 Under construction 41.5% Equity method Dakar – Diamniadio Highway Toll concession SEN 2040 Operational 100.0% Full consolidation HSR Perpignan‐Figueras Railroad in concession FR / SP 2057 Operational 50.0% Equity method HSR Bretagne‐Pays de la Loire Railroad in PPP FR 2036 Under construction 100.0% Intégration globale Prisons Lot 1 PPP FR 2037 Operational 19.9% Not consolidated Marche‐en‐Famenne Prison PPP BEL 2038 Under construction 19.0% Not consolidated Covered market of Le Plessis‐Robinson (92) PPP FR 2030 Operational 100.0% Full consolidation Hospital of Sud Francilien PPP FR 2041 Operational 100.0% Full consolidation National Police HQ PPP FR 2043 Operational 100.0% Full consolidation Pierre Mauroy Stadium PPP FR 2043 Operational 100.0% Full consolidation Jean‐Zay High School – Lorraine PPP FR 2034 Under construction 100.0% Full consolidation Green‐ER University ‐ Grenoble PPP FR 2041 Under construction 100.0% Full consolidation Bretagne University PPP FR 2038 Under construction 10.0% Not consolidated Lille University PPP FR 2041 Under construction 100.0% Full consolidation Aix‐en‐Provence University PPP FR 2042 Under construction 100.0% Full consolidation Seine‐St‐Denis colleges lot 1 PPP FR 2034 Under construction 100.0% Full consolidation Seine‐St‐Denis colleges lot 3 PPP FR 2034 Under construction 100.0% Full consolidation Energy Efficiency Contracts PPP FR 2025 Operational 100.0% Full consolidation Kreis Lippe road network PPP GER 2033 Operational 100.0% Full consolidation

51

ASSETS IN CONCESSIONS

Carrying value of assets held under Concession (€M)* 30/06/2013 31/12/2013 30/06/2014

APRR 11,216 11,134 10,957 A65 1,031 1,028 1,024 Millau Viaduc 374 373 371 Norscut 26 30 33 Prado Carénage Tunnel 20 22 20 Prado SouthTunnel 9 9 7 Dakar – Diamniadio Highway 60 80 80 HSR Perpignan‐Figueras 53 54 59 HSR Bretagne‐Pays de la Loire 225 428 541 Prisons Optimep 4 3 2 3 Châteauroux police quarter 35 ‐ ‐ Covered market of Le Plessis‐Robinson (92) 11 11 11 Hospital of Sud Francilien 335 333 ‐ Hospital of Rennes 50 ‐ Hospital of Annemasse 160 ‐ National Police HQ 131 130 129 Pierre Mauroy Stadium 305 302 299 Jean‐Zay High School – Lorraine 56 58 59 Green‐ER University ‐ Grenoble 7 16 26 Lille University ‐ ‐ 3 Aix‐en‐Provence University ‐ ‐ 5 Seine‐St‐Denis colleges lot 1 41 66 93 Seine‐St‐Denis colleges lot 3 31 62 101 Energy Efficiency Contracts 33 32 31 Other concessions & PPP 82 130 144 Total 14,294 14,299 13,995

* Fully consolidated : 100% of asset / Equity method : group share

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Debt profile as at 31 December 2013 APRR – DEBT SCHEDULE AND BOND YIELDS

365 (2) 424 434 391 714 4 4 5 5 211 500 200 1,000 52 500 500 500 300 500 (1) 75 75 100

2014 2015 2016 2017 2018 2019 2020 2021 2022 CNA Bonds (EMTN program) Bank Term Loans

(1) Repaid at end of August 2014 (2) Repaid at end of June 2014 Coupon at launch Yield on 30th June 2014

€M 700 – 7.5% 2015 0.5% €M 500 – 4.375% 2016 0.7% €M 300 – FRN 2016 0.5% €M 1,000 – 5.0% 2017 0.9% €M 500 – 5.125% 2018 1.0% €M 500 – 4.875% 2019 1.1% €M 500 – FRN 2019 0.9% €M 500 – 2.25% 2020 1.4%

CHANGE IN TRAFFIC (KMS TRAVELLED, 12 MONTHS ROLLING AVERAGE, REBASED TO Q4 2007)

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APRR – TRAFFIC EVOLUTION

84 88 92 96 100 104 108

Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14

HGV LV Total

Tariff formulae

• 85% X inflation(1) + 0.37% for APRR and 0.41% for AREA

(1) Inflation excluding tobacco, from October Y‐2 to October Y‐1

• In 2014, average increase of 0.80% for APRR and 0.84 % for AREA

Around €M 500 of capex covering growth and modernisation of the network between 2014 and 2020

• Major infrastructure projects:
• Construction of the A89‐A6 junction north of Lyon
• First phase of A43 / A41 / high speed urban road
• Three widenings on the A6 at Auxerre (southbound), on the A71 north of Clermont‐Ferrand (northbound), and the A41

north of Annecy (in both directions)

• Operating investments:
• Renovation of rest areas
• Environmental protection
• Improvement of service and security

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APRR & AREA – 2014‐2018 MANAGEMENT CONTRACT

Xavier Ombrédanne xavier.ombredanne@eiffage.com Phone : +33 (0)1 41 32 81 44 Register to receive press release at http://www.eiffage.com/press‐releases

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INVESTOR RELATIONS CONTACT AND AGENDA

EIFFAGE APRR Quarterly information and turnover for the 3rd quarter of 2014 10.11.2014 20.10.2014 Quarterly information and turnover for the 4th quarter of 2014 10.02.2015 Not yet known 2014 annual results Analysts presentation 25.02.2015 25.02.2015 25.02.2015 General Meeting of shareholders 15.04.2015 ‐ Quarterly information and turnover for the 1st quarter of 2015 11.05.2015 20.04.2015 Quarterly information and turnover for the 2nd quarter of 2015 28.07.2015 20.07.2015 2015 half‐year results Analysts presentation 26.08.2015 26.08.2015 26.08.2015 Quarterly information and turnover for the 3rd quarter of 2015 09.11.2015 20.10.2015

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DISCLAIMER

This presentation may contain forward‐looking statements and information about the financial situation, operating results, activities and development strategy of Eiffage. These statements and this information are based on assumptions that may prove incorrect and that are subject to major risks and uncertainties. This information is pertinent only on the day it was formulated. Eiffage assumes no responsibility to update this information or to revise the statements on becoming privy to new information

• r because of future or other events taking place, subject to applicable regulations in this matter. Additional information on

factors that could influence the financial results of Eiffage are contained in the document filed by the Group with the French financial markets supervisor (Autorité des Marchés Financiers ‐ AMF), which is available on the Group’s website www.eiffage.com or on request from the company’s registered office.