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VINCI: 2015 ANNUAL RESULTS

RUEIL-MALMAISON, France, Feb. 4, 2016 (GLOBE NEWSWIRE) -- PDF VERSION

2015 ANNUAL RESULTS

SOLID PERFORMANCES

Stable revenue: €38.5 billion

9% growth in markets outside France, which represent almost 42% of total revenue

Improvement of 60 bp [1] in Ebit margin to 9.8%

Net income[2] up 10.7% at €2.1 billion

Strong free cash flow: €3.0 billion

Net financial debt reduced by €0.8 billion to €12.4 billion

Proposed dividend: €1.84 per share

2016 outlook: earnings growth expected

Key figures

(in € millions) 2015 2014 2015/2014 change
Actual Excluding VINCI Park 1
Revenue[3] 38,518 38,703 -0.5% +0.2%
Cash flow from operations (Ebitda) 5,664 5,561 +1.9% +3.6%
% of revenue 14.7% 14.4%
Operating income from ordinary activities (Ebit) 3,758 3,642 +3.2% +5.7%
% of revenue 9.8% 9.4%
% of revenue excluding VINCI Park 9.8% 9.2%
Recurring operating income 3,788 3,637 +4.2% +6.5%
Net income excluding non-recurring items 2,109 1,906 +10.7%
% of revenue 5.5% 4.9%
Net income attributable to owners of the parent 2,046 2,486 -17.7%
Diluted net earnings per share (in €) 3.66 4.43 -17.2%
Diluted net earnings per share excluding non-recurring items (in €) 3.78 3.39 +11.3%
Free cash flow 2,995 2,197 +798
Net financial debt (in € billions) (12.4) (13.3) 0.8
Proposed dividend per share (in €) 1.84 2.22 +4.0%[4]
Change in motorway traffic +3.0% +2.1%
Change in airport passenger traffic +11.4% +9.1%
Order book at 31 December (in € billions) 27.7 27.9 -0.9%

Xavier Huillard, Chairman and CEO, made the following comments:

"In 2015, VINCI demonstrated the relevance of its business model, which is based on the complementarity of its Concessions and Contracting activities.

The traffic upturn at VINCI Autoroutes has been confirmed. Growth accelerated at VINCI Airports. The Contracting business remained affected by weak market conditions in France and a more uncertain operating environment worldwide - caused in particular by lower oil prices - but margins were resilient and order intake increased in the second half.

In line with our strategic plan, we stepped up our international expansion and made new acquisitions. With its contract wins, notably in Chile and Japan, VINCI Airports will handle over 100 million passengers annually, making it one of the world's top five airport operators.

Synergies within the Group enabled us to win new public-private partnership contracts in France and Canada.

Agreements were finalised between VINCI Autoroutes and the French government as concession grantor regarding the motorway stimulus plan. In particular, these agreements confirm the extension of the duration of the concession contracts in compensation for the €2 billion investment programme launched by VINCI Autoroutes.

Earnings, excluding non-recurring items, increased and debt has been reduced thanks to strong cash flow generation.

VINCI is starting 2016 with confidence and we are aiming for a further earnings growth."

VINCI's Board of Directors, chaired by Xavier Huillard, met on 4 February 2016 to finalise the 2015 financial statements[5], which will be submitted for approval at the Shareholders' General Meeting on 19 April 2016.

I. Key financial data: good overall performance

VINCI's overall performance in 2015 was good. Revenue was stable, recurring operating income and net income[6] increased, free cash flow rose sharply and debt was reduced.

Consolidated revenue totalled €38.5 billion, very close to the 2014 figure (-0.5%). The positive impact of exchange rate movements (+1.8%) and changes in the consolidation scope (+2.0%) almost fully offset the 4.3% like-for-like decline in revenue.

Concessions revenue totalled €5.8 billion, up 3.9% on a like-for-like basis. Revenue rose 2.9% at VINCI Autoroutes and jumped 11.3% at VINCI Airports. On an actual basis, Concessions revenue fell slightly (by 0.3%) since VINCI Park is no longer consolidated in the Group's financial statements following the sale of a majority interest to other investors in June 2014.

Contracting revenue (VINCI Energies, Eurovia and VINCI Construction) was €32.6 billion, down 1.1%. Acquisitions - mainly outside France at VINCI Energies and VINCI Construction - and positive exchange rate effects offset most of a 6.2% like-for-like decline in revenue.

In France, consolidated revenue was €22.4 billion, down 6.4% on an actual basis and down 5.9% like-for-like. Of that decline, 2.2 percentage points were attributable to progress with the Tours-Bordeaux high-speed rail line (South Europe Atlantic) project, which was 91% complete at end-December 2015.

Outside France, consolidated revenue rose 9.0% to €16.1 billion on an actual basis, but fell 2.0% like-for-like. Revenue was boosted by positive exchange rate movements (the depreciation of the euro) and by the integration of recent acquisitions, mainly Imtech ICT in Europe, Electrix and HEB in Australia and New Zealand, and Orteng in Brazil.

Of VINCI's total revenue, 42% was generated outside France in 2015 (38% in 2014). In Contracting, the proportion generated outside France rose from 43% in 2014 to more than 47% in 2015. Those trends reflect the Group's strategy of increasing its presence in international markets.

Ebitda[7] totalled €5.7 billion, up 3.6% with respect to 2014[8]. Ebitda margin rose to 14.7% (14.2%8 in 2014) because of progress at VINCI Autoroutes and VINCI Airports. Concessions accounted for 69% of VINCI's total Ebitda.

Operating income from ordinary activities (Ebit) rose 5.7%8 to €3.8 billion. Ebit margin rose to 9.8% from 9.2%8 in 2014.

Concessions Ebit rose 10.0% to €2.6 billion, giving an Ebit margin of 44.4% versus 42.1%8 in 2014. At VINCI Autoroutes, the improvement reflected a firm grip on operating costs and the fact that depreciation charges are now being spread over a longer period following the extension of concession periods.

Contracting Ebit fell 4.2% to €1.1 billion, giving Ebit margin of 3.4% versus 3.5% in 2014. Performance varied between Contracting segments. Margins remained high at VINCI Energies, both in France and internationally. Despite a sharp fall in volumes and prices, Eurovia remained resilient in France and improved its operating margins outside France. However, VINCI Construction's Ebit fell because of lower business levels in France, along with reduced capital expenditure by companies operating in the oil and gas market and by producing countries, particularly in Africa. Those factors were partly offset by good results from Soletanche Freyssinet and VINCI Construction Grands Projets, and by reduced losses at VINCI Plc in the UK.

Recurring operating income - including the impact of share-based payments (IFRS 2), the Group's share of the income or loss of companies accounted for under the equity method, and other recurring operating items - rose 4.2% to €3.8 billion in 2015.

Operating income, including non-recurring items, amounted to €3.7 billion. That figure factors in a non-recurring €73 million charge, mainly relating to asset impairment and restructuring costs. In 2014, operating income totalled €4.2 billion including a net €0.6 billion of non-recurring income, partly due to the capital gain on the partial divestment of VINCI Park.

Net income attributable to owners of the parent amounted to €2,046 million, €441 million less than the 2014 figure (€2,486 million). Excluding non-recurring items, it rose 10.7% to €2,109 million (€1,906 million in 2014), giving diluted earnings per share[9] of €3.78, up 11.3% compared with the 2014 figure of €3.39.

Free cash flow [10]rose sharply to €3.0 billion, an increase of €0.8 billion with respect to 2014, despite a €0.1 billion increase in concession investments, particularly at VINCI Autoroutes under the motorway stimulus plan.

That increase reflects a sharp rise in free cash flow in the Contracting business from €0.4 billion in 2014 to €1.1 billion in 2015.

Financial investments amounted to €0.4 billion. Dividends paid and share buy-backs net of capital increases represented a total outflow of €1.3 billion. VINCI also repaid early €0.5 billion of perpetual subordinated bonds issued in 2006.

As a result of those various cash flows, net financial debt was €12.4 billion at 31 December 2015, down €0.8 billion compared with the end-2014 figure of €13.3 billion. At end-2015, the Group also had €10.1 billion of liquidity, consisting of €4.1 billion of managed net cash and €6.0 billion of confirmed bank credit facilities expiring in 2020.

Rating agencies Standard & Poor's and Moody's confirmed their credit ratings on VINCI, and on its ASF and Cofiroute subsidiaries - A- for Standard & Poor's and Baa1 for Moody's - with stable outlook.

The consolidated financial statements for the year ended 31 December 2015 are available on the VINCI website: http://www.vinci.com/vinci.nsf/en/finance.htm

II. Operational performance: improved in Concessions, resilient in Contracting

VINCI Autoroutes maintained its firm traffic growth in the fourth quarter of 2015 with a 3.3% increase. Over 2015 as a whole, traffic rose 3.0% (2.1% in 2014). Light vehicle traffic was up 2.9%, partly due to lower fuel prices. Heavy vehicle traffic grew 3.3%, supported by the upturn in economic activity in Spain. However, it remained around 6% lower than the peak levels seen in 2007 before the financial crisis.

VINCI Airports had another year of rapid growth, with passenger numbers totalling 52.1 million[11], an increase of 11.4%[12] after a 9.1% rise in 2014. Airports in Portugal (+11.0%) and Cambodia (+13.0%) continued to post strong performances. Passenger numbers at French airports remained buoyant, with a 3.9% increase on a constant structure basis, i.e. excluding Toulon-Hyères.

In Contracting, order intake grew 3.0% to €31.4 billion in 2015, with a 9% increase outside France offsetting a 2% decline in France. Performance varied widely between business lines, with an acquisition-driven 10% increase at VINCI Energies, a slight upturn at VINCI Construction (+1%) and a limited decline at Eurovia (-1%).

The order book amounted to €27.7 billion at 31 December 2015, a slight reduction (-0.9%) year-on-year. It represents around 10 months of average business activity. In France, the 4.3% decline in the order book was due entirely to progress with the SEA HSL project. Outside France, the order book grew by almost 3%. Orders from outside France now account for 52% of the total order book, as opposed to 50% at 31 December 2014.

France's residential property market continued to recover in 2015, and the number of homes reserved at VINCI Immobilier rose 26% to almost 4,200. However, revenue in the business property segment fell slightly after the completion of several major office projects.

III. Highlights

- Motorway stimulus plan

Amendments to the concession contracts held by motorway concession companies (ASF, Cofiroute and Escota) were published in France's official journal on 23 August 2015. Those amendments include the motorway stimulus plan, which was approved by the European Commission on 28 October 2014, along with arrangements for compensating companies for the increase in the redevance domaniale state fee in 2013 and the 2015 tariff freeze.

- New developments at VINCI Airports

April 2015: start of the 25-year Toulon-Hyères airport concession.
October 2015: 20-year contract for the consortium consisting of VINCI Airports (40%), Aéroports de Paris (45%) and Astaldi (15%) to operate Santiago de Chile airport.
December 2015:

  • New 44-year concession to operate Kansai and Osaka international airports in Japan, obtained by a consortium consisting of VINCI Airports (40%), Japanese group Orix (40%) and other Japanese partners (20%).
  • Acquisition of AERODOM, which holds concessions for six airports in the Dominican Republic, including Santo Domingo and Puerto Plata airports, until March 2030. The transfer of operations should take place by 31 March 2016.

- New contracts at VINCI Concessions

February 2015: VINCI appointed as operator of the Queen Elizabeth Olympic Park Stadium in London for a
25-year period.

July 2015: financing secured and contract signed for the construction of sections 7 and 8 of the Moscow-St Petersburg motorway under a 27-year public-private partnership (VINCI Concessions 40%).
August 2015: signature of a 30-year public-private partnership contract for the construction and operation of a motorway bypassing Regina in Saskatchewan province, Canada (VINCI Concessions 37.5%).
October 2015: consortium led by VINCI Concessions named preferred bidder for the concession contract for the A355 motorway (major bypass to the west of Strasbourg).

- Commercial successes in the Contracting business

Some major contracts were won in 2015.

  • France: redevelopment of the former La Samaritaine building in Paris, construction of the new building linking the South and West terminals of Orly airport, the renovation and extension of the Roland Garros tennis complex, and the construction of Tour Trinity, a high-rise building in the La Défense business district near Paris.
  • Outside France: construction of two sections of the Thames Tideway sewerage tunnel in London as part of the Eastern works package, construction of the new terminal at Santiago de Chile airport, and construction of a motorway bypassing the city of Regina in Saskatchewan province, Canada. The latter two contracts were won as part of public-private partnerships with VINCI Concessions.

- New acquisitions

March 2015: acquisition by VINCI Energies of Brazilian company Orteng Engenharia e Sistemas.

July 2015: formation of a strategic partnership between VINCI and Colombian company Constructora Conconcreto, which operates in the construction and property development markets.

August 2015: acquisition by VINCI Construction of HEB Construction in New Zealand.

October 2015:

  • increase in VINCI Construction's stake in Grupo Rodio Kronsa, a special foundations company operating mainly in Latin America, from 50% to 100%.
  • acquisition by VINCI Energies of APX Intégration, a French cloud builder.



IV. 2016 outlook: earnings growth expected

In Concessions, despite probably weaker traffic growth, revenue at VINCI Autoroutes is likely to increase at a similar rate to that seen in 2015, taking into account the new tariff arrangements applicable from 1 February 2016.

VINCI Airports is likely to continue growing in 2016. Given the higher base for comparison, however, its growth is expected to be slower, on a comparable structure basis, than in recent years.

In Contracting, the time spread of the order books suggests stable revenue at VINCI Energies, and a likely contraction of Eurovia and VINCI Construction revenues in 2016, on a like-for-like basis.

In a market that is stabilising in France and uncertain outside France in some areas, VINCI companies will continue to prioritise improving margins ahead of volumes. This may lead to a slight decrease in overall revenue, on a like-for-like basis, but an increase in operating income and net income.

V. Dividend

The Board of Directors has decided to propose a 2015 dividend of €1.84 to the Shareholders' General Meeting on 19 April 2016.

Since an interim dividend of €0.57 per share was paid in November 2015, the final dividend payment on 28 April 2016 will be €1.27 per share (all cash) if approved.

VI. Cancellation of treasury shares

Following the decision taken by the Board of Directors on 19 October 2015, VINCI cancelled 12 million treasury shares on 17 December 2015, equal to 2% of its share capital on 30 November 2015. At 31 December 2015, VINCI's capital consisted of 588.5 million shares, including 34.2 million treasury shares (5.8% of the capital).

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Diary
5 February 2016 2015 annual results
08.30: press conference - 11.00: analysts' meeting
19 April 2016 Shareholders' General Meeting
28 April 2016 Quarterly information at 31 March 2016

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This press release is available in French and English on VINCI's website: www.vinci.com.

The slide presentation of the 2015 annual results will be available before the press conference on VINCI's website: www.vinci.com.

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About VINCI

VINCI is a global player in concessions and construction, employing more than 185,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI's ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.

www.vinci.com

INVESTOR RELATIONS PRESS CONTACT
Arnaud Palliez Alexandra Bournazel Service de presse VINCI
Tél.: +33 1 47 16 45 07 Tél.: +33 1 47 16 33 46 Tél.: +33 1 47 16 31 82
arnaud.palliez@vinci.com alexandra.bournazel@vinci.com media.relations@vinci.com


APPENDIXES

APPENDIX A: CONSOLIDATED FINANCIAL STATEMENTS

Income statement
in € millions 2015 2014 2015/2014
change
Revenue excluding revenue derived from concession subsidiaries' works 38,518 38,703 -0.5%
Revenue derived from concession subsidiaries' works 1 643 340 +89.1%
Total revenue 39,161 39,043 +0.3%
Operating income from ordinary activities 3,758 3,642 +3.2%
% of revenue 2 9.8% 9.4% 3
Share-based payments (IFRS 2) (95) (102)
Profit/(loss) of companies accounted for under the equity method and other recurring items 125 96
Recurring operating income 3,788 3,637 +4.2%
Non-recurring operating items (73) 607
Operating income 3,715 4,243 -12.5%
Cost of net financial debt (557) (616)
Other financial income and expense (24) (61)
Income tax expense (1,055) (1,050)
Non-controlling interests (34) (30)
Net income attributable to owners of the parent 2,046 2,486 -17.7%
% of revenue 2 5.3% 6.4%
Net income attributable to owners of the parent excl. non-recurring items 2,109 1,906 +10.7%
% of revenue 2 5.5% 4.9%
Net earnings per share (in €) 4 3.66 4.43 -17.2%
Net income excl. non-recurring items per share (in €) 4 3.78 3.39 +11.3%
Ordinary dividend per share (in €) 1.84 5 1.77 +4.0%
Special dividend per share (in €) - 0.45 6

1 Applying IFRIC 12, Service Concession Arrangements
2 % calculated on revenue excluding revenue derived from concession subsidiaries' works
3 9.2% excluding VINCI Park, which was deconsolidated on 4 June 2014
4 After taking dilutive instruments into account
5 Proposal to be submitted at the Shareholders' General Meeting on 19 April 2016
6 Taking into account non-recurring items included in the 2014 financial statements

Simplified balance sheet

At 31 December
in € millions 2015 2014
Non-current assets - Concessions 27,559 27,691
Non-current assets - Contracting and other 9,121 8,838
WCR, provisions and other current debt and receivables (6,548) (5,962)
Capital employed 30,132 30,568
Equity attributable to owners of the parent (15,119) (14,743)
Non-controlling interests (137) (125)
Total equity (15,256) (14,868)
Non-current provisions and other long-term liabilities (2,440) (2,419)
Long-term borrowings (17,696) (17,287)
Financial debt (16,557) (17,821)
Net cash managed 4,121 4,540
Net financial debt (12,436) (13,281)

Cash flow statement

in € millions 2015 2014
Cash flow from operations before tax and financing costs (Ebitda) 5,664 5,561
Change in operating WCR and current provisions 307 (158)
Income taxes paid (1,041) (1,282)
Net interest paid (534) (586)
Dividends received from companies accounted for under the equity method 125 99
Cash flows (used in)/from operating activities 4,522 3,633
Operating investments (net of disposals) (624) (637)
Operating cash flow 3,898 2,997
Growth investments in concessions and PPPs (903) (799)
Free cash flow 2,995 2,197
Net financial investments (476) 585*
Other 44 (268)
Net cash flows before movements in share capital 2,564 2,515
Increases in share capital and other (71)** 442
Share buy-backs (688) (810)
Dividends paid (1,044) (1,287)
Net cash flows for the period 760 860
Other changes 84 (38)
Change in net financial debt 845 823
Net financial debt at beginning of period (13,281) (14,104)
Net financial debt at end of period (12,436) (13,281)

* Of which €1,675 million of inflows from the sale of a 75% stake in VINCI Park
** Of which €500 million of outflows related to the redemption of perpetual subordinated bonds

APPENDIX B: ADDITIONAL INFORMATION ON CONSOLIDATED REVENUE

Revenue by business line

2015/2014 change
in € millions 2015 2014 Actual Like-for-like
Concessions 5,804 5,564 +4.3% +3.9%
VINCI Autoroutes 4,881 4,743 +2.9% +2.9%
VINCI Airports 820 717 +14.4% +11.3%
Other concessions 102 104 -1.7% -3.7%
Contracting 32,570 32,916 -1.1% -6.2%
VINCI Energies 10,180 9,309 +9.4% -0.6%
Eurovia 7,899 8,188 -3.5% -5.0%
VINCI Construction 14,491 15,419 -6.0% -10.3%
VINCI Immobilier 707 587 +20.5% +20.5%
Eliminations and adjustments (562) (623)
Revenue* excluding VINCI Park 38,518 38,444 +0.2% -4.3%
of which:
France
22,414 23,755 -5.6% -5.9%
Europe excl. France 9,965 9,185 +8.5% -2.0%
International excl. Europe 6,139 5,504 +11.5%
VINCI Park** - 259
Total revenue* 38,518 38,703 -0.5% -4.3%

* Excluding concession subsidiaries' works revenue
** Deconsolidated on 4 June 2014

Revenue for the fourth quarter

Fourth quarter Fourth quarter 2015/2014 change
in € millions 2015 2014 Actual Like-for-like
Concessions 1,345 1,276 +5.4% +3.9%
VINCI Autoroutes 1,121 1,087 +3.2% +3.1%
VINCI Airports 198 163 +21.4% +10.0%
Other concessions 25 26 -2.5% -4.2%
Contracting 8,857 8,958 -1.1% -4.8%
VINCI Energies 2,872 2,666 +7.7% +2.1%
Eurovia 2,125 2,124 +0.1% -0.9%
VINCI Construction 3,860 4,168 -7.4% -11.2%
VINCI Immobilier 311 240 +29.4% +29.4%
Eliminations and adjustments (174) (204)
Total revenue * 10,338 10,270 +0.7% -2.7%
of which:
France
5,831 6,066 -3.9% -4.3%
Europe excl. France 2,800 2,609 +7.3% -0.5%
International excl. Europe 1,707 1,594 +7.0%

* Excluding concession subsidiaries' works revenue

Revenue * by geographical area and business line

2015/2014 change
in € millions 2015 2014 Actual Like-for-like
FRANCE
Concessions 5,053 4,921 +2.7% +2.7%
VINCI Autoroutes 4,871 4,736 +2.9% +2.9%
VINCI Airports 115 105 +10.0% +10.0%
Other concessions 67 81 -17.4% -17.4%
Contracting 17,187 18,842 -8.8% -9.1%
VINCI Energies 5,178 5,258 -1.5% -2.3%
Eurovia 4,483 4,886 -8.3% -8.4%
VINCI Construction 7,527 8,698 -13.5% -13.5%
VINCI Immobilier 707 587 +20.5% +20.5%
Eliminations and adjustments (533) (595)
Total France excluding VINCI Park 22,414 23,755 -5.6% -5.9%
VINCI Park** - 180
Total France 22,414 23,936 -6.4% -5.9%
INTERNATIONAL
Concessions 751 643 +16.7% +12.6%
VINCI Autoroutes 10 8 +27.8% +12.6%
VINCI Airports 705 612 +15.2% +11.5%
Other concessions 35 23 +53.6% +40.4%
Contracting 15,382 14,074 +9.3% -2.6%
VINCI Energies 5,002 4,051 +23.5% +1.4%
Eurovia 3,416 3,302 +3.4% -0.1%
VINCI Construction 6,964 6,721 +3.6% -6.4%
Eliminations and adjustments (29) (28)
Total International excluding VINCI Park 16,104 14,689 +9.6% -2.0%
VINCI Park** - 78
Total International 16,104 14,767 +9.0% -2.0%

* Excluding concession subsidiaries' works revenue
** Deconsolidated on 4 June 2014

APPENDIX C: OTHER INFORMATION BY BUSINESS LINE

Ebitda * by business line

in € millions 2015 % of revenue ** 2014 % of revenue ** 2015/2014 change
Concessions 3,933 67.8% 3,730 67.0% +5.5%
VINCI Autoroutes 3,524 72.2% 3,389 71.4% +4.0%
VINCI Airports 412 50.2% 342 47.7% +20.2%
Contracting 1,565 4.8% 1,624 4.9% -3.6%
VINCI Energies 597 5.9% 562 6.0% +6.1%
Eurovia 432 5.5% 437 5.3% -1.1%
VINCI Construction 536 3.7% 625 4.1% -14.2%
VINCI Immobilier 55 7.8% 26 4.5% +110.1%
Holding companies 111 88
Ebitda excluding VINCI Park 5,664 14.7% 5,468 14.2% +3.6%
VINCI Park*** - - 93 36.0%
Ebitda 5,664 14.7% 5,561 14.4% +1.9%

* Cash flow from operations before tax and net financing costs
** Excluding concession subsidiaries' works revenue
*** Deconsolidated on 4 June 2014

Operating income from ordinary activities (Ebit) by business line/operating income

in € millions 2015 % of revenue * 2014 % of revenue * 2015/2014 change
Concessions 2,576 44.4% 2,342 42.1% +10.0%
VINCI Autoroutes 2,352 48.2% 2,148 45.3% +9.5%
VINCI Airports 289 35.3% 231 32.2% +25.4%
Contracting 1,100 3.4% 1,148 3.5% -4.2%
VINCI Energies 568 5.6% 519 5.6% +9.4%
Eurovia 233 3.0% 249 3.0% -6.1%
VINCI Construction 299 2.1% 380 2.5% -21.5%
VINCI Immobilier 56 7.9% 28 4.7% +101.6%
Holding companies 26 38
Ebit excluding VINCI Park 3,758 9.8% 3,556 9.2% +5.7%
VINCI Park** - - 86 33.2%
Ebit 3,758 9.8% 3,642 9.4% +3.2%
Share-based payments (IFRS 2) (95) (102)
Income/(loss) of companies accounted for under the equity method and other 125 96
Recurring operating income 3,788 9.8% 3,637 9.4% +4.2%
Non-recurring operating items (73) 607
Operating income 3,715 9.6% 4,243 11.0% -12.5%

* Excluding concession subsidiaries' works revenue
** Deconsolidated on 4 June 2014

Net income attributable to owners of the parent, by business line

in € millions 2015 2014 2015/2014 change
Concessions 1,295 1,779 -27.2%
VINCI Autoroutes 1,100 916 +20.0%
VINCI Airports 202 154 +30.9%
Other concessions and holding companies (7) 708
Contracting 682 588 + 16.1%
VINCI Energies 373 330 + 13.1%
Eurovia 146 73 + 101.3%
VINCI Construction 164 186 -11.9%
VINCI Immobilier 41 36 +12.4%
Holding companies 27 84
Net income attributable to owners of the parent 2,046 2,486 -17.7%
of which non-recurring items after tax (63) 581
Net income attributable to owners of the parent excluding non-recurring items 2,109 1,906 +10.7%

Net financial debt by business line

in € millions 2015 2014 2015/2014 change
Concessions (23,551) (19,920) (3,631)
VINCI Autoroutes (20,246) (16,812) (3,434)
VINCI Airports (2,812) (2,967) 156
Contracting 1,034 1,606 (572)
VINCI Energies (472) (264) (208)
Eurovia 174 133 41
VINCI Construction 1,332 1,736 (405)
Holding companies and miscellaneous 10,081 5,033 5,048
Net financial debt (12,436) (13,281) 845

APPENDIX D: VINCI AUTOROUTES AND VINCI AIRPORTS INDICATORS

Change in VINCI Autoroutes revenue in 2015

VINCI Autoroutes Of which:
ASF Escota Cofiroute
Light vehicles +2.9% +3.0% +2.8% +2.5%
Heavy vehicles +3.3% +3.8% +3.1% +2.3%
Traffic (intercity network) +3.0% +3.1% +2.8% +2.5%
Tariff effects +0.0% +0.3% -0.3% -0.3%
A86 Duplex +0.1% - - +0.5%
Toll revenue (in € millions) 4,781 2,737 702 1,292
2015/2014 change +3.1% +3.4% +2.5% +2.7%
Total revenue (in € millions) 4,881 2,796 713 1,306
2015/2014 change +2.9% +3.1% +2.4% +2.7%

Total traffic on motorway concessions*

Fourth quarter Total at 31 December
Millions of km travelled 2015 Change 2015 Change
VINCI Autoroutes 10,998 +3.3% 48,902 +3.0%
Light vehicles 9,411 +3.2% 42,569 +2.9%
Heavy vehicles 1,587 +4.2% 6,333 +3.3%
of which:
ASF 6,729 +3.5% 30,301 +3.1%
Light vehicles 5,676 +3.3% 26,104 +3.0%
Heavy vehicles 1,052 +4.3% 4,196 +3.8%
Escota 1,597 +3.9% 6,970 +2.8%
Light vehicles 1,446 +3.8% 6,361 +2.8%
Heavy vehicles 151 +5.5% 610 +3.1%
Cofiroute (intercity network) 2,604 +2.5% 11,332 +2.5%
Light vehicles 2,229 +2.4% 9,840 +2.5%
Heavy vehicles 375 +3.2% 1,492 +2.3%

* Excluding A86 duplex

VINCI Airports passenger traffic

Fourth quarter Total at 31 December
Thousands of passengers 2015 2015/2014 change 2015 2015/2014 change
VINCI Airports 11,793 +11.7% 52,136 +11.4%
Excluding Toulon-Hyères 11,686 +10.7% 51,626 +10.3%
Of which:
ANA 8,643 +12.1% 38,948 +11.0%
Lisbon 4,680 +9.6% 20,090 +10.7%
Cambodia 1,746 +8.3% 6,470 +13.0%
France 1,403 +13.6% 6,718 +12.5%
Excluding Toulon-Hyères 1,297 +5.0% 6,207 +3.9%
Of which Nantes Atlantique 949 +7.4% 4,395 +5.7%

Taking into account passenger numbers at Toulon-Hyères airport from 1 January 2015.

VINCI Airports aircraft movements

Fourth quarter Total at 31 December
2015 2015/2014 change 2015 2015/2014 change
VINCI Airports 114,248 +8.7% 488,083 +8.3%
Excluding Toulon-Hyères 112,543 +7.1% 477,486 +5.9%
Of which:
ANA 74,335 +7.9% 320,392 +6.6%
Lisbon 39,260 +5.8% 162,042 +6.4%
Cambodia 18,903 +11.6% 70,558 +9.2%
France 21,010 +9.1% 97,133 +13.6%
Excluding Toulon-Hyères 19,305 +0.2% 86,536 1.2%
Of which Nantes Atlantique 11,041 +0.6% 49,248 +2.5%

Taking into account traffic at Toulon-Hyères airport from 1 January 2015.

APPENDIX E: CONTRACTING ORDER BOOK

At 31 December
in € billions 2015 2014 2015/2014 change
VINCI Energies 6.1 6.3 -4.3%
Eurovia 5.4 5.5 -2.8%
VINCI Construction 16.3 16.1 +1.2%
Total Contracting 27.7 27.9 -0.9%
of which:

France 13.4 14.0 -4.3%
France excl. SEA 13.0 13.0 -0.1%
International 14.3 14.0 +2.6%
Europe (excl. France) 7.8 7.5 +3.9%
Rest of the world 6.5 6.5 +1.0%
Total Contracting excl. SEA 27.3 26.9 +1.3%

[1] Excluding VINCI Park, which was deconsolidated on 4 June 2014

[2] Excluding non-recurring items

[3] Excluding concession subsidiaries' construction work carried out by non-Group companies

[4] Excluding special dividend of €0.45 per share in respect of 2014

[5] The consolidated financial statements have been audited, and the Statutory Auditors' report is in the process of being published

[6] Excluding non-recurring items

[7] Cash flow from operations before tax and net financing costs

[8] Excluding VINCI Park, which was deconsolidated on 4 June 2014

[9] Diluted earnings per share, including non-recurring items, was €3.66, down 17.2% from €4.43 in 2014

[10] Free cash flow: cash flow from operating activities less net investments in operating assets and growth investments in concessions and PPPs

[11] Excluding the new concession at Santiago airport in Chile, which was acquired in October 2015 and in which VINCI Airports has a 40% stake

[12] Of which 1.1 points related to the new Toulon-Hyères airport concession won in April 2015

PDF VERSION http://hugin.info/165789/R/1983856/727145.pdf

HUG#1983856

Source:VINCI