Results for the year ended 31 december 2012 Financial analysts meeting, 27 February 2013
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1 Results for the year ended 31 december 2012 Financial analysts meeting, 27 February 2013
2 I. II HIGHLIGHTS Pierre Berger Chief Executive Officer RESULTS BY BUSINESS SEGMENT AND FINANCIAL RESULTS Christian Cassayre Chief Financial Officer APPENDICES
3 EIFFAGE 2012 Highlights
4 EIFFAGE 2012 Highlights Great Stadium of Lille Metropole 17 August: 50,000 spectators for the inaugural Lille Nancy football match 17 November: 1 st Eiffage event with the France-Argentine rugby match APRR 20 February : successful refinancing 18 December : successful delisting Bretagne-Pays de la Loire September : clearing of all administrative hurdles within the anticipated timeframe December : approval of the detailed design Fondation Louis Vuitton Conception and construction of the envelope and complex glass casing Oustanding constructions Louvre Lens and Picasso museums Ateliers HERMES Energy and nuclear sector Polar bridge of the Taishan (China) EPR Acquisition December : acquisition of the Budillon-Rabatel quarries thereby increasing Eiffage production in France by c20%
5 Revenue M EIFFAGE 2012 Operating profit M Net profit M 13,330 13,732 14, % 1,041 1,104 1, % % Change in WCR M Financial net debt M Order book M M (+ 417M in 2 years) 13,213 12, M (- 744M in 2 years) 12,469 10,735 12,470 12, % Continued revenue and profit growth Ongoing deleveraging
6 EIFFAGE Outlook for Strong activity, revenue of 14.2Bn - Ongoing deleveraging - Expected increase of the operating and net profit - Dividend stable at 1.20 per share
7 I. II HIGHLIGHTS Pierre Berger Chief Executive Officer RESULTS BY BUSINESS SEGMENT AND FINANCIAL RESULTS Christian Cassayre Chief Financial Officer APPENDICES
8 REVENUE (excluding IFRIC 12) Part II Revenue up 2.2% to 14.0Bn in line with guidance BREAKDOWN OF REVENUE BY BRANCH / GEOGRAPHICAL AREA ( M) EVOLUTION OF REVENUE ( M) in millions euros /11 Construction 3,781 3, % Of wich property dvt Public Works 3,889 3, % Energy 3,143 3, % Metal % CONTRACTING 11,588 11, % CONCESSIONS 2,144 2, % TOTAL 13,732 14, % Of which France 11,579 11, % Of which Europe 1,983 1, % Of which others % Contracting Concessions 8
9 REVENUE (excluding IFRIC 12) Part II BREAKDOWN OF REVENUE BY BRANCH (%) BREAKDOWN OF REVENUE OUTSIDE FRANCE ( M) 9
10 OPERATING PROFIT ON ORDINARY ACTIVITIES AND MARGINS Part II Growth of profit on ordinary activities up 8.6% at 1,199M and margin increase by 50 bps to 8.5% of revenue in millions euros Δ12/11 % of revenue % of revenue % Construction 163 4,3% 160 4,2% 1,8% Public Works 8 0,2% 51 1,3% x6,4 Energy 79 2,5% 96 3,0% +21,2% Metal 17 2,2% 28 3,1% +65,7% CONTRACTING 267 2,3% 335 2,8% +25,4% Concessions ,4% ,1% +3,1% Holding (29) nm (29) nm nm OPERATING PROFIT ON ORDINARY ACTIVITIES 1,104 8,0% 1,199 8,5% +8,6% 10
11 CONSTRUCTION: ACTIVITY AND RESULTS Part II Stable activity, upholding of the operating margin at the high level of 4.2% of revenue Revenue slightly up 0.4 % (+3% like for like (lfl)) Good traction in buildings construction in France with an increase of 4% Reduction in revenue of 6% in Poland and Benelux Good resilience in residential property with reservations in France down only 11% in a market down 28% (1) Stable margin at a high level Tight control of overhead costs Prudence in contract selection Significant deliveries Louvre Lens museum Liège courthouse Significant orders intake Amber commercial centre in Poland Schools and university PPP REVENUE ( M) OPERATING MARGIN ON ORDINARY ACTIVITIES (%) BREAKDOWN OF REVENUE WORKS 85% 86% 87% 85% 84% PROPERTY 15% 14% 13% 15% 16% (1) Source sales for 2012, federation of property developpers 11
12 PUBLIC WORKS: ACTIVITY AND RESULTS Part II Sharp recovery of the operating margin up 110bps at 1.3% of revenue Revenue up 1.3% (+1.4% lfl) France: stable activity in Roads and Civil Engineering ; Large Projects up Europe: stability in Germany, decrease of 23.4% in Spain Recovery of profitability More stringent selectivity of orders intake and deployment in all divisions of a productivity improvement plan Bretagne Pays de la Loire Clearing of all administrative hurdles within the anticipated timeframe, approval of the detailed design Significant deliveries Great Stadium of Lille Metropole Dijon and Le Havre trams, Violay (A89) tunnel Significant orders intake Rosa Parks RER station in Paris, A719 REVENUE ( M) OPERATING MARGIN ON ORDINARY ACTIVITIES (%) Production Coatings M tonnes 11,2 10,8 10,6 9,3 8,3 Quarries M tonnes 22,5 20,4 20,2 21,4 18,7 Binders K tonnes
13 ENERGY: ACTIVITY AND RESULTS Part II Ongoing recovery of the operating margin up 50 bps at 3% of revenue Revenue up 2.7% (+1.3% lfl) Increase in France of 1.4% mainly due to the aerospace and nuclear sectors Increase in Europe of 8.7% with a strong activity in Germany, Belgium and Spain Increased operating margin Continued improvements of the Energy branch, in France as well as in Europe Significant deliveries Louvre Lens museum Lyon Confluence Retail and leisure Park Significant orders intake Kourou space centre maintenance REVENUE ( M) OPERATING MARGIN ON ORDINARY ACTIVITIES (%) 13
14 METAL: ACTIVITY AND RESULTS Part II Recovery of the operating margin up 90bps at an historically high 3.1% of revenue Revenue up 15.1% (+11.7% lfl) Metal construction up with the construction of the Ofon offshore platform and the Fondation Louis Vuitton Good activity in Germany and restarting of the windmill masts production in Spain Operating margin up to 3.1% Significant deliveries Satellite 4 at CdG airport, St Denis cinema complex and the first polar bridge on the Taishan EPR in China Hamburg station in Germany Significant orders intake Retrofit of Edf power plants condensers, 12 years maintenance of the Bacalan bridge in Bordeaux Vestas windmill masts, Pont de Sèvres (Paris) tower and Bourse center in Marseille REVENUE ( M) OPERATING MARGIN ON ORDINARY ACTIVITIES (%) 14
15 CONCESSIONS (including APRR): ACTIVITY AND RESULTS Part II Increase of the operating margin of 70bps at 41.1% of revenue Revenue up 1.4% (2.1% like for like) REVENUE ( M) OPERATING MARGIN ON ORDINARY ACTIVITIES (%) Ramp up of the various operations Motorways concessions with revenue of 79M including the A65 (traffic up 4.3% for LV and 9.1% for HGV), the Millau Viaduc (traffic down 1.7% for LV and 3,7% for HGV) and the autoroute de l Avenir in Senegal Various PPPs for revenue of 58M up 12.9% Operating margin up 3.1% to 893M APRR / Eiffarie up 2,1% at 801M Other concessions and PPPs up 12.2% at 92M Signing of new PPPs Seine St Denis schools and GreEn Er University in Grenoble Delivery Energy Performance Contract in the Centre region Bretagne Pays de la Loire contract On track One site to monitor progress : lgv bpl.com 15
16 APRR: ACTIVITY AND RESULTS Part II EBITDA margin up 80bps at an historically high level of 70% of revenue despite a limited growth of revenue in a challenging environment Toll receipts up 0.5% as a result of the traffic mix HGV / LV and the February tariff increase LV traffic : 1.3% and HGV traffic : 3.8% New increase in EBITDA margin to 70% of revenue thanks to the ongoing optimisation of the structures and productivity gains in the core operations 1,234 million of electronic badges up 16.2% compared to 31 December 2011 Ongoing progress of toll automation which accounts for 89.7% of transactions (versus 84.8% in 2011) of which 49.4% with electronic tags REVENUE ( M) EBITDA MARGIN (%) Development of customer service initiatives (refit of service areas, unique customer dedicated phone line the 3620 «Mon Autoroute» and smartphone application SOS Autoroute ) Initiation of credit rating by Fitch at BBB+ in October 2012 Delisting on 18 th December 2012 TRAFFIC TOLL RECEIPTS HGV: 15% HGV: 33% LV: 85% LV: 67% REVENUE MIX Other: 3% Toll receipts: 97% 16
17 CONSOLIDATED INCOME STATEMENT Part II Growth in operating profit of 8.6%, in net result of 7.3% and in net profit per share of 9.3% in millions euros /11 Revenue (1) 13,732 14,035 +2,2% Operating profit on ordinary activities 1,104 1,199 +8,6% % of revenue 8,0% 8,5% Other operating income and expenses (60) (57) Operating income 1,044 1,142 +9,4% Cost of net debt (633) (729) Of which Concessions (624) (724) Of which Holding & Contracting (9) (5) Other financial income and expenses (30) (26) Net financial expenses (663) (755) 13,9% Share of profit of associates 2 3 Income tax (120) (133) Net profit ,3% Minority interests Net profit (group share) ,3% % of revenue 1,5% 1,6% Net profit per share (in ) 2,36 2,58 +9,3% (1) Exc IFRIC 12 17
18 FINANCIAL STRUCTURE Part II Ongoing deleveraging with a financial net debt decreased by 176M year on year and 744M over 2 years in millions euros 31/12/ /12/ /12/2012 Concessions 14,763 14,366 14,254 Intangible assets 2,917 2,956 2,968 Tangible assets 1,195 1,199 1,229 Investments Fixed assets 19,040 18,686 18,616 Cash Holding & Contracting Other assets 6,079 6,082 6,413 TOTAL ASSETS 25,502 25,424 25,788 Capital and reserves 2,227 2,143 2,098 Net profit Shareholders' equity 2,459 2,348 2,318 Minority interests 43 (1) (78) Provisions 1, Concessions financial net debt 13,010 12,513 12,338 Holding & Contracting net debt Other liabilities (1) 8,384 8,792 9,378 TOTAL EQUITY AND LIABILITIES 25,502 25,424 25,788 (1) Inc MtM of the CNA debt and the swaps: 753 1,065 1,302 18
19 FINANCIAL NET DEBT EVOLUTION Part II Decrease of the financial net debt of 176M in one year Change in net debt since 31/12/2011 ( M) Operations CAPEX ,645 1, Capex Contracting & Holding 526 Capex Concessions Dividends & capital transactions APRR minorities 26 Other and divestments FND 31/12/2011 EBITDA Exc MtM of the CNA debt and the swaps: 1,065M Change in WCR Interest and taxes paid FND 31/12/2012 1,302M 19
20 FINANCIAL NET DEBT STRUCTURE Part II Ongoing deleveraging with financial net debt down by 176M over one year and 744M over two years 13,213 12,645 12,469 Exc MtM of the CNA debt and the swaps: 753M 1,065M 1,302M 20
21 FINANCIAL NET DEBT STRUCTURE BREAKDOWN FINANCIAL NET DEBT STRUCTURE (1) ( M) Total 12,469 NON RECOURSE FND BREAKDOWN ( M) Part II Financial net debt largely (99%) non recourse and raised in dedicated SPVs, down 176M over one year and of 744M over two years FND with recourse 131 FND with switching recourse 44 APRR / Eiffarie, total of 9,971M FND non recourse of the concessions raised in dedicated SPVs 12,294 99% of total Other Concessions, total of 2,323M (1) Exc MtM of the CNA debt and the swaps of 1,302M 21
22 FINANCING AND REFINANCING OF THE EIFFAGE GROUP Partie II. Diversification of the Holding liquidity, anticipation of the needs, use of innovative and diverse financing sources Holding and Contracting Signing of a 75M 5 year private placement Concessions et PPP Signing of more than 250M of long term bank loans (>25 years) for the financing of new PPPs in the education sector APRR and Eiffarie Signing of the 5 year refinancing of APRR and Eiffarie bank loans for a total of 3.5Bn early 2012 Signing of a 75M 7 year EIB loan, a 500M 6 year bond and a 120M of short term commercial paper programme 22
23 ACTIVITY AND COMMERCIAL DYNAMISM Part II The order book stands at 12.2bn at 31/12/2012, down by 9.7% compared to 31/12/2011, it is however up 13% from 31/12/2010 and remains at an historically high level More stringent selectivity of orders intake with the emphasis on margin over volume ORDER BOOK ( bn) and 12 months variation rolling average This order book represents more than 12 months of Contracting revenue Uncertainties over public orders over time ORDER BOOK BREAKDOWN ( M) in millions euros dec 11 dec 12 Δ 12/11 Construction 4,960 4, % Public Works 4,725 4, % Energy 2,745 2, % Metal 1, % TOTAL 13,470 12, % 23
24 2013 OUTLOOK Part II Target revenue for 2013 going up to 14.2bn in millions euros 2012 Forecast for /12 Construction 3,798 3,850 +1,4% Public Works 3,941 4,050 +2,8% Energy 3,229 3,250 +0,7% Metal ,7% CONTRACTING 11,860 12,000 +1,2% CONCESSIONS 2,175 2,200 +1,1% TOTAL 14,035 14,200 +1,2% 24
25 CONCLUSION 25
26 A1 EIFFAGE GROUP A2 CONCESSIONS 26
27 A1: ORGANISATION CHART Eiffage carries on five activities Construction, Public Works, Energy, Metal and Concessions organised into operational branches under the Holding company CONSTRUCTION PUBLIC WORKS ENERGY METAL 100% EIFFAGE CONSTRUCTION and its subsidiaries 100% EIFFAGE TRAVAUX PUBLICS and its subsidiaries 100% 99.8% EIFFAGE ENERGIE CLEMESSY 100% EIFFAGE CONSTRUCTION METALLIQUE and its subsidiaries and their subsidiaries CONCESSIONS 50% +1 share 51% 50% 65% 100% FINANCIERE EIFFARIE and EIFFARIE 100% APRR and its subsidiaries VERDUN PARTICIPATION 1 and 2 CEVM 100% TP Ferro Norscut SMTPC OPTIMEP 4 Marche en Famenne prison A LIENOR / A65 BPL Hospitals National Police Headquarters Lille Stadium Colleges Grenoble University Concessions &PPP SENAC 27
28 A1: GROUP SHAREHOLDER STRUCTURE SHAREHOLDERS AT 31 DECEMBER 2011 (87.2 million shares) SHAREHOLDERS AT 31 DECEMBER 2012 (87.2 million shares) Groupama 6,9% Free float 35,6% FSI 20,6% Eiffaime 8,3% Employees 26,8% Treasury shares 1,8% 28
29 A1: CONSOLIDATED BALANCE SHEET ASSETS in millions euros 31/12/ /12/ /12/2012 Property, plant and equipment 1,373 1,412 1,436 Investment property Fixed assets held under concessions 13,301 12,909 12,640 Goodwill on acquisition 2,850 2,851 2,850 Other intangible assets Investment accounted for using the equity method Financial assets on service concessions non current 1, ,175 Other financial assets Deferred tax assets Other non current assets Total non current assets 19,716 18,950 18,940 Inventories Trade receivables 3,798 4,158 4,096 Current tax receivables Financial assets on service concessions current Other current assets 1,136 1,120 1,365 Asset held for sale Cash and cash equivalent 874 2,402 1,956 Total current assets 6,277 8,220 8,045 Total assets 25,993 27,170 26,985 29
30 A1: CONSOLIDATED BALANCE SHEET EQUITY AND LIABILITIES in millions euros 31/12/ /12/ /12/2012 Share capital Consolidated reserves 2,050 2,156 2,246 Profit & losses directly accounted for in equity (184) (361) (497) Net profit for the period Total capital and reserves, attributable to the Group 2,458 2,348 2,318 Minority interests 43 (1) (78) Total capital and reserves 2,501 2,347 2,240 Long term debt 13,501 14,607 14,269 Deferrerd tax liabilities 1,620 1, Non current provisions Other non current liabilities Total non current liabilities 15,622 16,182 15,786 Trade creditors 2,676 2,862 3,080 Short tem loans and other borrowings Non current borrowings due within one year 1, Current tax liabilities Current provisions Other creditors and accruals 3,222 3,662 3,853 Liabilities held for sale Total current liabilities 7,870 8,641 8,959 Total liabilities and shareholder's equity 25,993 27,170 26,985 30
31 A1: CONSOLIDATED INCOME STATEMENT in millions euros Revenue 13,553 13,802 14,028 Other income Raw materials and consumables used (2,841) (2,703) (2,832) Staff costs (3,449) (3,512) (3,437) Other expenses (5,144) (5,306) (5,511) Taxes other than corporate tax (360) (388) (401) Amortisation and depreciation expense (811) (835) (830) Provisions (12) (41) 13 Changes in inventories Other operating income and expenses Operating profit on ordinary activities 1,041 1,104 1,199 Other operating income and expenses (34) (60) (57) Operating profit 1,007 1,044 1,142 Income from cash and cash equivalent Cost of gross debt (506) (666) (768) Net finance costs (480) (633) (729) Other financial income (expenses) (22) (30) (26) Share of profit (loss) of associates Corporation tax (183) (120) (133) Net profit Attributable to the Group Minority interests
32 A1: CONSOLIDATED CASH FLOW STATEMENT in millions euros Cash flow generated by operations 1,000 1, Change in working capital in operating activities (98) Change in working capital in non operating activities (100) 44 (70) Capital expenditure (2,306) (833) (755) Disposals Net cash flow (1,476) Dividends (129) (110) (120) Change in equity 260 (20) (4) Deconsolidation of prisons debt 246 Change in net bank debt (1,345) Changes without flow of funds (121) (91) (15) Changes in finance leases (6) (7) (17) Change in financial net debt (1) (1,472) Of which non recourse (47) 175 Of which with recourse (1) Exc MtM of the CNA debt and the swaps: 753 1,065 1,302 32
33 A1 : FINANCIAL STRUCTURE Ongoing deleveraging with financial net debt down by 176M over one year and 744M over two years in millions euros 31/12/ /12/ /12/2012 Concessions financial net debt 13,010 12,513 12,338 With switching recourse Non recourse 12,425 12,472 12,294 Of which financial debt 11,747 11,762 11,565 Of which Macquarie quasi equity Holding & Contracting financial net debt Net cash (383) (656) (759) Borrowings Financial net debt (1) 13,213 12,645 12, months FND variations (568) (176) 24 months FND variations (744) (1) Exc MtM of CNA debt and the swaps: 753 1,065 1,302 21
34 A1 : FINANCIAL STRUCTURE Ongoing deleveraging of the APRR and Eiffarie group with financial net debt down by 357M over one year and 798M over two years 10,769 10,328 9,971 Exc MtM of the CNA debt and the swaps: 635M 800M 931M 34
35 A1: FINANCE COSTS Impact of APRR and Eiffarie refinancing of February 2012 in millions euros Concessions (476) (624) (724) Of which: Financière Eiffarie Group (415) (494) (586) A'Liénor (A65) (1) (45) (45) VP1 (Millau Viaduc) (23) (31) (32) Héveil, Hanvol and Hénnez (hospitals) (12) (25) (25) ERE (HSR BPL) (3) (8) Elisa (Lille stadium) (6) (10) Eiffigen (Gendarmerie HQ) (5) (6) Others (25) (15) (11) Holding & Contracting (4) (9) (5) Cost of net debt (480) (633) (729) Other financial income and expenses (22) (30) (26) Financial result (502) (663) (755) 35
36 A1: INVESTMENTS Impact of the purchase of APRR minorities for c1.1bn since 2010 in millions euros Intangible Concessions 1, Tangible Financial Of which acquisition of APRR shares TOTAL 2,
37 A1 : EIFFAGE CONTRACTING : MARKET ANALYSIS Construction Public Works Metal Energy 37
38 A1 : EIFFAGE CONTRACTING : CLIENTS ANALYSIS Construction Public Works Metal Energy 38
39 A1 EIFFAGE GROUP A2 CONCESSIONS 39
40 A2: CONCESSIONS Name Type Country End of Concesison 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 South Tunnel 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 / ES 2057 Operational 50,0% Equity method HSR Bretagne Pays de la Loire Railroad in PPP FR 2036 Under construction 100,0% Full consolidation Prisons Lot 1 PPP FR 2037 Operational 19,9% Not consolidated Marche en Famenne Prison PPP BEL 2038 Under construction 19,0% Not consolidated Police Barracks Châteauroux PPP FR 2039 Operational 100,0% Full consolidation Covered Market of Plessis Robinson PPP FR 2030 Operational 100,0% Full consolidation Hospital of Sud Francilien PPP FR 2041 Operational 100,0% Full consolidation Hospital of Rennes PPP FR 2029 Operational 100,0% Full consolidation Hospital of Annemasse PPP FR 2043 Operational 100,0% Full consolidation Gendarmerie Nationale HQ PPP FR 2043 Operational 100,0% Full consolidation Grand Stadium of Lille PPP FR 2043 Under construction 100,0% Full consolidation Jean Zay High School PPP FR 2034 Under construction 100,0% Full consolidation Green ER University PPP FR 2041 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 for high schools Centre PPP FR 2025 Operational 100,0% Full consolidation Kreis Lippe road network PPP AL 2033 Operational 100,0% Full consolidation 40
41 A2: CONCESSIONS Carrying value of assets held under Concession (M )* 31/12/ /12/ /12/2012 APRR 12,107 11,732 11,375 A65 1,044 1,041 1,034 Millau Viaduc Norscut Prado Carénage Tunnel Prado South Tunnel 0 7 Dakar Diamniadio Highway 0 42 HSR Perpignan Figueras HSR Bretagne Pays de la Loire Prisons Lot Marche en Famenne Prison 0 0 Police Barracks Châteauroux Covered Market of Plessis Robinson Hospital of Sud Francilien Hospital of Rennes Hospital of Annemasse Gendarmerie Nationale HQ Grand Stadium of Lille Jean Zay High School Green ER University 0 4 Seine St Denis colleges lot Seine St Denis colleges lot Energy Efficiency Contracts for high schools Centre Region 0 35 Others Total 14,763 14,366 14,254 *Fully consolidated: 100% of asset / Equity method : group share 41
42 A2: APRR KEY DATA AND INVESTMENTS APRR: KEY DATA APRR AREA APRR Group Creation Network in operation (km) (1) 1, ,263 Network under construction or planned (km) End of concession (2) Km travelled in 2012 (M de km) 17,971 3,172 21,143 AADT vehicle / day) (3) 24,694 32,629 26,107 Revenue 2012 ( m) of which tolls (%) 96% 98% 97% Nb of employees (Déc. 2012), ETP (4) 2, ,636 (1)Inc ADELAC (A41, Annecy Genève) / (2) Exc tunnel Maurice Lemaire / (3) Annual average daily trafic / (4) Exc CATS APRR: INVESTMENTS REALISED ( M) *ICAS: Complementary investments on motorways in service 42
43 A2: APRR TRAFFIC Traffic at Europe s fourth largest motorway company CHANGE IN TRAFFIC (kilometres travelled, 12 month sliding basis, rebased Q4 2007) LV Total HGV 43
44 A2 : APRR MANAGEMENT CONTRACT Tariff formula 85% x inflation (1) % (1) Inflation excluding tobacco, from October Y 2 to October Y 1 For 2013 = 1,94% for APRR and AREA Around 500M of capex covering growth and modernisation of the network between 2009 and 2015 New sections and widenings: around 300M Other Additional capital expenditure on motorways in service: around 200M Environment protection Security and service improvement Rollout of non stop electronic toll collection system 44
45 A2 : REFINANCING OF APRR EIFFARIE GROUP Signing of APRR Eiffarie Group refinancing Signing of refinancing agreements for the bank debt of Eiffarie and the APRR standby credit on 20 February 2012 APRR: Eiffarie: More than 2.5bn of bonds since January bn standby credit with a 5 year term 150bp opening margin 2.8bn medium term credit line with a 5 year term Opening margin 300bp Dividends Possibility to upstream 50% of Eiffarie s free cash flow on average within the limits indicated below and subject to compliance with loan documentation 75% of free cash in 2012, 2013 and % in % in
46 CONTACT CONTACT INVESTOR RELATIONS AND AGENDA Xavier Ombrédanne Telephone :+33 (0) Item Date Eiffage Group APRR Annual General Meeting 17/04/2013 Quarterly information and turnover for the 1st quarter /05/ /04/2013 Quarterly information and turnover for the 2nd quarter /07/ /07/2013 First half 2013 results and analysts meeting 28/08/ /08/2013 Quarterly information and turnover for the 3rd quarter /11/ /10/
47 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 or 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 arecontainedinthedocumentfiledbythegroupwiththefrench financial markets supervisor (Autorité des Marchés Financiers AMF), which is available on the Group s website or on request from the company s registered office. 47
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