Half-year results 2015 - Eiffage

Half-year results 2015

Financial analysts’ meeting

26 August 2015

Highlights

Pierre Berger

Chairman and Chief Executive Officer

Highlights - ContractingEnergy

Ongoing recovery of margins

Construction Good order intake over the second quarter of 2015, margins resilience

Property development High level of confirmed reservations, increased activity

Disposals of the Grand Hôtel-Dieu in Lyon to Prédica

Civil works Intense costing activities: Grand Paris, PPPs in Germany, Canada

Road works Industrial base reshaping in France, ongoing recovery in Spain

Improvement in order intake

Metal Decreasing turnover, ongoing reduction in the number of industrial sites

Multi-branch

All major projects are progressing in line with the expectations

Highlights - Concessions

APRR / AREA

Traffic growth (H1 2015: +2.2%), acceleration in July

Ongoing EBITDA margin improvement (+60 bps H1 2015 / H1 2014)

Effective reduction of financial charges post refinancing (February 2015)

Motorway stimulus package approved by decree published the 23th August 2015 at the Journal Officiel

Other concessions

Continuing profitability improvement (A 65 | Autoroute de l’Avenir in Senegal)

Progress in line with expectation for the building PPPs : UEB Campus, Rennes | Lille campus | Aix-Marseille

University | Lorraine, Metz University | Grande Arche of La Défense

EIFFAGE - 1st half 2015

Revenue €M

+1.4%

6,606 6,6166,527 6,511

6,605

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

Financial net debt €M

- 401 €M

13,76712,949 13,230

12,63512,234

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

Order book €bn

-3.3%(+1.7% exc. BPL)

11.3

13.512.5 12.3 11.9

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

Profit growth – Significant net debt reduction – Order book at a high level

Operating profit €M(*)

+3.8%

455

506525

574596

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

(*) restated with IFRIC 21

4351

5869 (*)

79

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

Net profit €M

+14.5%


Change in WCR €M

+ 48 €M

-396-290

-639-442(*) -394

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015


Slight decrease of activity

New increase in operating and net profit

Outlook 2015

Results by business line and financial results

Christian Cassayre

Chief Financial Officer

5,396 5,446

1,115 1,159

6,511 6,605

H1 2014 H1 2015

8

Revenue (excluding IFRIC 12)

+0.9%

+3.9%

BREAKDOWN CONCESSIONS / CONTRACTING (€M)

ContractingConcessions

5,424 5,430

979 1,010

108 1656,511 6,605

H1 2014 H1 2015

+0.1%

+3.2%

BREAKDOWN BY GEOGRAPHICAL AREA (€M)

+52.8%

+1.4% +1.4%

∆15/14 ∆15/14

International excluding Europe

France Europe excluding France

9

Contracting revenue (excluding IFRIC 12)

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

1,554 1,794

2,0722,002

1,770 1,650

5,396 5,446

H1 2014 H1 2015

+15.4%

-3.4%

-6.8%

BREAKDOWN BY BRANCH (€M)

ConstructionInfrastructures Energy

-0.9%

+3.2%

+56.7%

+0.9% +0.9%

∆15/14 ∆15/14

International excluding Europe

France Europe excluding France

4,318 4,281

979 1,010

99 155

5,396 5,446

H1 2014 S1 2015

(2%)

(18%)

(80%) (78%)

(19%)

(3%)

-38.7%

10

Operating profit on ordinary activities and margins

Growth of operating profit on ordinary activities to €M 596

Margin increase by 20 bps to 9.0% of revenue

H1 2014 €M (*) (% of revenue)

Operating profit on

ordinary activities574 (8.8%) 596 (9.0%) +3.8%

+6.3%

-10.8%

+22.0%

58 (3.5%)

544 (46.9%)

- 43 (-2.1%)

50 (2.8%)

-13 (xx,x %)

65 (3.7%)

512 (45.9%)

- 31 (-1.5%)

41 (2.6%)

-13 (xx,x %)

Infrastructures

Construction

Energy

Concessions

Holding

H1 2015 €M (% of revenue) ∆ 15/14


-13.3%65 (1.2%)75 (1.4%)Sub-total Contracting

455

506 525

574596

6.9%7.6%

8.0%8.8% 9.0%

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

11

Evolution of the operating profit on ordinary activities(*): in €M and % of revenue

Continuous growth of the group operating margin over the last 5 years

(*) historical figures are restated with IFRIC 21

12

Construction: activity and results

Revenue down 6.8% (-6.7% lfl)

Property development:

Good activity, reservations of 1,674 units until

June 2015 to be compared to 1,688 for the

same period in 2014

Works

Organizational reactivity

Good execution of major works

Significant order intake

Renovation of the Hall 7 of the Paris parc des

expositions

Hôtel-Dieu in Lyon transformation

Continuation growth in residential

1,872 1,8401,696 1,770

1,650

4,0% 4.1% 3.9% 3.7% 3.5%

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

WORKS 85% 86% 85% 84% 82%

PROPERTY 15% 14% 15% 16% 18%

BREAKDOWN OF REVENUE

Upholding of the operating margin at the high level of 3.5% of revenue

REVENUE (€M) – OPERATING MARGIN ON ORDINARY ACTIVITIES(*)

(*) Restated with IFRIC 21

Grand hôtel Dieu - Lyon

2,034 2,0382,078 2,072 2,002

-1.7% -1.9% -1.6% -1.5%-2.1%

H1 2011 H1 2012 H1 2013 H1 2014 S1 2015

Decrease of the operating margin of 60 bps at – 2.1% of revenue as a consequence of the

deterioration of the results of the metal construction

14

Infrastructures(1): activity et results

Revenue down 3.4% (-5.0% lfl)

France -7.9%, Europe +9.7%, Outside Europe +28.4%

Downturn in metallic works sector

Margin evolution

Stable margin in civil and road works

Ongoing reorganization of the metal construction

Major projects

Bretagne-Pays de la Loire: progress in line with

expectations

International development



(1) previously Public works and Metallic construction

Monaco : The descending Tunnel

Energy(1): activity and results

1,668 1,695 1,6791,554

1,794

1.6%

2.1%2.3%

2.6%2.8%

H1 2011 H1 2012 H1 2013 H1 2014 S1 2015

Ongoing recovery of the operating margin, up 20 bps at 2.8% of revenue

Revenue up 15.4% (+14.5% lfl)

France +14.9% and Europe +6.1%

Increased operating margin

Good performance of the systems divisions

Recovery of Eiffel Industry after the restructuration

Major projects

Cestas’s photovoltaic park

Bretagne-Pays de la Loire: ramping up

16



(1) previously Energy and Eiffel Industry

Sub-station of Pertre – HSR Bretagne-Pays de la Loire

1,032 1,043 1,0741,115

1,159

40.1%

43.8% 43.3%

45.9%46.9%

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

Revenue up 3.9% (+3.9% lfl)

Motorway concessions (exc. APRR): + 8.1%

Pierre-Mauroy stadium: +9.4%

Other concessions and PPPs: +39.3%

Operating margin up 6.3% at €M 544

APRR / Eiffarie : up 4.4% at €M 477

Other concessions and PPPs: up 24.1% at €M 67

Concessions: activity and results

Increase of the operating margin up 100bps at 46.9% of revenue

Motorways Revenue LV Traffic HGV Traffic

A65 €M 25.1

+6.5%

+2.8% +5.6%

Viaduct of Millau €M 16.8

+6.4%

+2.1% +5.8%

Autoroute de

l’Avenir (Senegal)

€M 9,9

+15.1%

TOTAL €M 51.8

Signing of a new PPP contract

Metz university

Opening

GreEn-ER- University in Grenoble

Disposal

Energy efficiency contract Efficentre (mid July)

18



Revenue up 2.7% (Exc. Ifric 12)

Improvement of traffic up 2.2%

LV +2.3% and HGV +2.0%

Operating margin up thanks to the ongoing optimization of

the structures and productivity gains in core business

Publication of the amendments relating to, amongst other,

the motorway stimulus package, following the April 9th

protocol between the State and the TROs

Openings:

‒ A719 Vichy / Gannat on 12th January 2015

‒ A466 north of Lyon on 4th July 2015

TRAFFIC REVENUE

REVENUE (€M) – EBITDA / REVENUE (*)

20

APRR: activity and results

REVENUE MIX

973 983 1,001 1,029 1,057

71.2%72.8% 72.6%

74.3% 74.9%

H1 2011 H1 2012 H1 2013 H1 2014 H1 2015

HGV

16%

LV

84%

HGV

35%

LV

65%

Other

3%

Tolls

97%

Increase of the EBITDA margin over the last 5 years to the historically high level of

74.9% of revenue


Motorway stimulus package:

APRR : end of concession of January 2035 (2 years and 1 month lengthening)

AREA: end of concession of September 2036 (3 years and 9 months lengthening)

Capex : €M 720

Tariff evolution from 2016 to 2023 in order to compensate:

The 2015 tariff freeze

The rise of the land tax rates in 2013

Regulation:

Establishment of an independent authority for the motorway sector (ARAFER) and increase transparency

Strengthening of the protection against further taxation

Implementation of a mechanism capping the profitability

Development of investment:

Voluntary exceptional annual contribution to the AFITF

Contribution to a dedicated investment fund which will invest in the ecological modernization of transportation

Strengthening the commercial policy in favour of sustainable development practices (carpooling and ecological

vehicles)

21

APRR & AREA - Concessions contract evolution

Summer entertainment– APRR motorways

23

Consolidated income statement

Growth in operating profit of 3.8% and of net result of 14.5%

In millions of euros H1 2014 (2) H1 2015 Δ 15/14

Revenue(1) 6,597 6,603 +0.1%

Operating profit on ordinary activities % of revenue

5748.8%

5969.0% +3.8%

Other operating income and expenses (28) (49)

Operating income 546 547 +0.2%

Cost of net debt (373) (336)

Other financial income and expenses (15) (7)

Net financial expenses (388) (343) -11.6%

Share of profit of associates (4) (2)

Income tax (47) (60)

Net profit 107 142 +32.7%

Minority interests 38 63

Net profit (group share) 69 79 +14.5%

(1) Exc. IFRIC 12 (2) Restated with IFRIC 21

o/w Concessions (367) o/w Concessions (333)

2,5382,631313737

12,23412,014

3,2112,978

18,29618,360

Capital and reserves

FND exc. Mtm of the swaps & CNA debt

WCR

Other liabilities

4,3484,350

13,94814,010

18,29618,360

Non current assets Concessions

Non current assets Holding & Contracting

24

Consolidated balance Sheet

ASSETS

in €M 31/12/2014 (*) 30/06/2015

EQUITY AND LIABLITIES


(43)(133)

(11)(918)

394

528 103

300

Operations

(4)

Capex

403

Disposals

25

Financial net debt evolution (€M)

EBITDA Change in WCR:

Holding & Contracting 364

Concessions 30

Interest &

taxes paid

Capex

contracting

& holding

Capex

Concessions

Dividends

&

Capital

transactions

12,01412,234

FND 31/12/2014 FND 30/06/2015Exc. Mtm of the swaps and CNA debt:

€M 799 €M 670

Variations

without

flows of

funds

&

misc

Financial net debt structure (€M)

Financial net debt down €bn 0.4 over 1 year and €bn 1 since June 2013

Exc. Mtm of the swaps and CNA debt:

€M 1,302 €M 860 €M 799 €M 1,070 €M 814 €M 670

51

12,294 12,268 12,003

131

44

911

27

166

31-Dec-2012 30-June-201430-June-201331-Dec-2013 30-June-2015

13,230

12,579 12,63512,469

FND Holding

& Contracting

FND

Concessions

with recourse

FND

Concessions

without recourse

607

25

12 386

12,014

31-Dec-2014

12,386

7

-31

12,038 11,938

12,234

300

- 4

26

Pierre-Mauroy stadium

156

BPL670

DGGN122

Other69

Education251

APRR7,499

Macquarie quasi equity

527

Eiffarie1,203

PPPs1,268

Other motorway

concessions1,441

APRR and Eiffarie9,229

Holding & Contracting

300

Concessions with recourse

- 4

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

27

Financial net debt structure breakdownFinancial net debt largely non recourse and raised in dedicated SPVs

• Total FND(*) down €M 0.4 over one year at €bn 12.2

Millau Viaduct

582A65842

Autoroute de l’Avenir (Senegal)

17

Total

Non recourse

Concessions’

FND

€M 11,938

(*) Exc. Mtm of the swaps and CNA debt: €M 670

12.5

11.7

12.3

11.811.9

-7.7% -3.5% -1.5% +0.2% -3.3%

June-13 Dec-13 June-14 Dec-14 June-15

ORDER BOOK (€bn)

12 MONTHS ROLLING VARIATION

28

Activity and commercial dynamism

3.1 3.0

4.0 4.2

4.7 4.7

11.8 11.9

Dec-14 June-15

BREAKDOWN BY BRANCH (€bn)

6 MONTHS VARIATION

Construction Infrastructures Energy

-2.3%

+3.1%

+1.6%

Strong order book at €bn 11.9 down by 3.3% over 12 months (+1.7% exc. BPL)

+1.1%

∆15/14

Appendices

Free Float47.6%

Employees24.3%

Treasury shares3.0%

BPI18.8%

BlackRock6.3%

SHAREHOLDERS AT 31 DECEMBER 2014 (92.3 M shares) SHAREHOLDERS AT 30 JUNE 2015 (95,4 M shares)

30

Group shareholding structure

Free Float40.0%

Employees25.3%

Treasury shares3.4%

Eiffaime5.3%

BPI19.5%

BlackRock6.5%

Benelux384

Germany288

Spain169

Poland84

Other85France

5,430

Europe excluding

France1,010

International excluding

Europe165

REVENUE IN EUROPE BREAKDOWN EXC. FRANCE (€M)INTERNATIONAL REVENUE BREAKDOWN (€M)

31

Revenue (excluding IFRIC 12)

32

Consolidated balance sheet - assets

In millions of euros 30/06/2014(*) 31/12/2014(*) 30/06/2015

Property, plant and equipment 1,446 1,463 1,456

Investment property 6 5 6

Fixed assets held under concessions 12,243 12,069 11,844

Goodwill 2,850 2,873 2,884

Other intangible assets 170 175 171

Investment accounted for using the equity method 99 102 94

Financial assets on service concessions non-current 1,238 1,407 1,572

Other financial assets 278 266 269

Deferred tax assets 308 301 293

Total non current assets 18,639 18,661 18,589

Inventories 599 518 552

Trade receivables 4,378 3,962 4,235

Current tax receivables 4 90 116

Financial assets on service concessions current 11 17 22

Other current assets 1,468 1,259 1,302

Cash and cash equivalent 2,673 4,265 2,395

Assets held for sale 50 49 49

Total current assets 9,183 10,160 8,671

Total assets 27,822 28,821 27,260


33

Consolidated balance sheet - equity and liabilities

In millions of euros 30/06/2014(*) 31/12/2014(*) 30/06/2015

Share capital 369 369 369

Consolidated reserves 2,673 2,617 2,895

Profit & losses directly accounted for in equity (331) (359) (304)

Net profit for the period 68 275 79

Total capital and reserves, attributable to the Group 2,779 2,902 3,052

Minority interests 25 76 159

Total capital and reserves 2,804 2,978 3,211

Long-term debt 13,230 14,140 12,113

Deferred tax liabilities 1,063 1,077 1,139

Non current provisions 562 599 584

Other non current liabilities 56 51 55

Total non current liabilities 14,911 15,867 13,891

Trade creditors 2,898 2,884 2,782

Short-term loans and other borrowings 1,305 1,337 1,457

Non current borrowings due with in one year 1,587 1,601 1,730

Current tax liabilities 20 65 64

Current provisions 468 477 485

Other creditors and accruals 3,809 3,592 3,620

Liabilities held for sale 20 20 20

Total current liabilities 10,107 9,976 10,158

Total liabilities and share holder’s equity 27,822 28,821 27,260


34

Consolidated income statement

In millions of euros H1 2014(*) 2014 H1 2015

Revenue 6,597 13,948 6,603

Other income 2 6 1

Raw materials and consumables used (1,170) (2,463) (1,292)

Staff costs (1,699) (3,314) (1,659)

Other expenses (2,650) (5,631) (2,543)

Taxes other than corporate tax (179) (408) (178)

Amortisation and depreciation expense (425) (858) (428)

Provisions (15) (53) 8

Changes in inventories 54 (49) 32

Other operating income and expenses 59 169 52

Operating profit on ordinary activities 574 1,347 596

Other operating income and expenses (28) (67) (49)

Operating profit 546 1,280 547

Income from cash and cash equivalent 19 44 13

Cost of gross debt (392) (770) (349)

Net finance costs (373) (726) (336)

Other financial income (expenses) (15) (26) (7)

Share of profit (loss) of associates (4) (2) (2)

Corporation tax (47) (172) (60)

Net profit 107 354 142

Attributable to the Group 69 275 79

Minority interests 38 79 63


35

Consolidated cash flow statement

En millions d'euros H1 2014(*) 2014(*) H1 2015

Cash flow generated by operations 497 1,143 567

Change in working capital in operating activities (442) 47 (394)

Change in working capital interests and taxes (186) (95) (177)

Capital expenditure (386) (787) (403)

Acquisition of minorities shares (7) (9) -

Disposals 354 370 43

Net cash flow (170) 669 (364)

Dividends (110) (115) (116)

Change in equity 105 57 127

Change in net bank debt (175) 611 (353)

Changes without flow of funds 120 (25) 105

Changes in finance leases (1) (21) 28

Change in financial net debt (1) (56) 565 (220)

Of which without recourse 383 348 100

Of which with recourse (439) 217 (320)

(1) Exc. Mtm of the swaps and CNA debt: 814 799 670


36

Group financial structure

In millions of euros 30/06/2013 31/12/2013 30/06/2014 31/12/2014 30/06/2015

Concessions

-Financial debt 11,532 11,678 11,341 11,458 11,411

- Macquarie quasi equity 736 708 662 580 527

Sub total without recourse 12,268 12,386 12,003 12,038 11,938

- With recourse 51 27 25 7 (4)

Concessions financial debt 12,319 12,413 12,028 12,045 11,934

Holding & Contracting

-Net cash (25) (921) (791) (1,678) (1,303)

-Gross debt 936 1,087 1,398 1,647 1,603

Holding & Contracting financial net debt 911 166 607 -31 300

Total financial net debt(1) 13,230 12,579 12,635 12,014 12,234

(1) Exc. Mtm of the swaps and CNA debt : 1,070 860 814 799 670

Exc. Mtm of the swaps and CNA debt

€M 931 €M 656 €M 592 €M 775 €M 652 €M 502

APRR & EFFARIE financial structure

6,760 6,751 6,696 6,664 6,7317,499

2,482 2,331 2,220 2,386 2,203 1,203

729 708 580 736 662527

9,971 9,7909,496 9,786 9,596

9,229

31-Dec-12 31-Dec-13 31-Dec-14 30-June-13 30-June-14 30-June-15

Macquariequasi equity

Eiffarie

APRR

37

Financial result

In millions of euros H1 2014 2014 H1 2015

Concessions (367) (718) (333)

Of which:

APRR (170) (322) (145)

Eiffarie & Financière Eiffarie (129) (257) (126)

Financière Eiffarie Group (299) (579) (270)

A'Liénor (A65) (22) (44) (11)

VP1 (Millau viaduct) (12) (23) (11)

Héveil, Hanvol et H'ennez (hospitals) (4) (4) -

ERE (HSR BPL) (14) (32) (21)

Elisa (Pierre-Mauroy stadium) (7) (14) (7)

Eiffigen (national police HQ) (3) (6) (3)

Other PPPs and concessions (6) (16) (10)

Holding & Contracting (6) (8) (3)

Cost of net debt (373) (726) (336)

Other financial income and expenses (15) (26) (7)

Financial result (388) (752) (343)

38

39

Capital expenditure

In millions of euros H1 2014 2014 H1 2015

Intangible 7 14 3

Concessions 313 642 300

Tangible 50 112 76

Financial 16 19 24

TOTAL 386 787 403

CONSTRUCTION

CAPEX

TENDEROPERATION

RAMP UP

40

PPP life cycle

EIFFAGE

Call of tender 5% - 10% Equity

90% - 95% Debt

Construction contract

Maintenance contract

Sale of equity

Preservation of O&M contract

Debt deconsolidation

Financial investor

Length

In years1 3 to 6 1 to 2 15 to 20

Value

in €Financial structuring

PPP contracts signing

OPERATION

Assets in concession

Name Type CountryEnd of

concessionStatus % Shares

Consolidation

method

APRR Toll Concession FR 2032 Operational 50.1% Full consolidation

A65 Toll Concession FR 2067 Operational 65.0% Full consolidation

Millau viaduct 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 Sud Tunnel Toll Concession FR 2054 Operational 41.5% Equity method

Dakar – Diamniadio motorway 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% Full consolidation

Prison Lot 1 PPP FR 2037 Operational 19.9% Not consolidated

Marche-en-Famenne prison PPP BEL 2038 Operational 19.0% Not consolidated

Le Plessis-Robinson (92) covered market PPP FR 2030 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 Operational 100.0% Full consolidation

GreEn-ER university - Grenoble PPP FR 2041 Operational 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

Metz university PPP FR 2042 Under construction 100.0% Full consolidation

Seine-St-Denis colleges lot 1 PPP FR 2034 Operational 100.0% Full consolidation

Seine-St-Denis colleges lot 3 PPP FR 2034 Operational 100.0% Full consolidation

Energy efficiency contract PPP FR 2025 Operational 100.0% Full consolidation

Kreis Lippe road network PPP GER 2033 Operational 100.0% Full consolidation

La Grande Arche La Défense renovation PPP FR 2034 Under construction 100.0% Full consolidation

41

Assets in concessions

Carrying value of assets held under concession (€M)* 30/06/2014 31/12/2014 30/06/2015

APRR 10,957 10,838 10,603

A65 1,024 1,021 1,017

Millau viaduct 371 369 367

Norscut 33 39 43

Prado Carénage Tunnel 20 22 21

Prado Sud Tunnel 7 8 8

Dakar – Diamniadio motorway 80 40 73

HSR Perpignan-Figueras 59 55 50

HSR Bretagne-Pays de la Loire 541 660 771

Prisons Optimep 4 3 3 1

Le Plessis-Robinson (92) covered market 11 11 11

National police HQ 129 128 127

Pierre-Mauroy stadium 299 299 351

Jean-Zay high school - Lorraine 59 59 58

GreEn-ER university - Grenoble 26 50 60

Lille university 3 4 16

Aix-en-Provence university 5 10 19

Seine-St-Denis colleges lot 1 93 105 106

Seine-St-Denis colleges lot 3 101 106 104

Energy efficiency contract EFFIGEN 31 30 29

La Grande Arche La Défense renovation - 15 50

Other concessions & PPPs 144 138 65

Total 13,995 14,010 13,948

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

42

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

A43 / A41 / high speed urban road of Chambéry

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

43

APRR & AREA 2014-2018 management contracts

KMs travelled, 12 months rolling average, rebased to Q4 2007

44

APRR – Traffic evolution

84

88

92

96

100

104

108

HGV

LV

Total

45

APRR – Debt schedule and bond yield

Debt profile as at 30 June 2015 (€M)

272436 391

714

4 4 5 5 5 5 6

213

1,000

53

500

500

500

300

500

500

700700

75

75

100

170

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

CNA Bonds (EMTN Program) EIB

In €M Coupon Maturity Yield on

30/06/2015

213 RPI indexed 31/10/2015

300 Eur3m+0.87% 18/1/2016 0.30%

500 4.375% 25/1/2016 0.30%

1,000 5% 12/1/2017 0.45%

500 5.125% 18/1/2018 0.57%

500 4.875% 21/1/2019 0.79%

500 Eur3m+0.75% 31/3/2019 0.79%

500 2.25% 16/1/2020 0.97%

700 1.125% 15/1/2021 1.32%

53 RPI indexed 25/1/2021

700 1.875% 15/1/2025 1.97%

Division by 3 of the credit margin and the structuring fees

Increase of €bn 1.1 in APRR liquidity and decrease of €bn 1 in EIFFARIE term loan

Deletion of the Effarie’s cash sweep mechanism in favor of a fixed back ended schedule of €M 100 per year an

average with remaining balance repaid on maturity

Five-year term plus two possible extensions of one year each

Improvement of APRR credit rating up to BBB+/ stable by S&P

Credit facilities details:

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APRR & EIFFARIE: RefinancingSigning of the new credit facilities contracted of APRR and EIFFARIE on the 19th February

2015 on favorable terms

APRR

RCF

Before

refinancing

After refinancing

Amount €bn 0.7 €bn 1.8

Margin 150 bps 45 bps

Maturity 5 years 5 years + 2x1 year

EIFFARIE

term loan

Before refinancing After refinancing

Amount €bn 2.5 €bn 1.5

Margin 300 bps 100 bps

Maturity 5 years 5 years + 2x1 year

Repayment Cash Sweep Fixed back ended schedule

of €M 100/year an average

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Restated Operational profit on ordinary activities

for the 1st half of 2014 (€M)

Operational profit on ordinary activities Operating margin

Published Metal division IFRIC 21 Restated Published Restated

Construction 70 (5) 65 4.0% 3.7%

Infrastructures (36) 12 (7) (31) -2.0% -1.5%

Energy 45 (5) 41 3.2% 2.6%

Metal 12 (12) 2.8%

Sub-total contracting 92 (17) 75 1.7% 1.4%

Concessions 476 36 512 42.7% 45.9%

Holding (12) (1) (13)

Total Group 556 19 574 8.5% 8.8%

Xavier Ombrédanne

[email protected]

phone: +33 (0)1 71 59 10 56Register to receive press release at http://www.eiffage.com/press-releases

48

Investor relations contact and agenda

EIFFAGE APRR

Quarterly information and turnover for the 4th quarter of 2015 24.02.2016 ND

2015 annual results and analysts presentation 24.02.2016 24.02.2016

General meeting of shareholders 20.04.2016

Quarterly information and turnover for the 1st quarter of 2016 09.05.2016 19.04.2016

Quarterly information and turnover for the 2nd quarter of 2016 31.08.2016 21.07.2016

2016 half-year results 29.08.2016

2016 half-year results and analysts presentation 31.08.2016

Quarterly information and turnover for the 3rd quarter of 2016 07.11.2016 20.10.2016

http://www.eiffage.com/press-releases

49

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 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.

http://www.eiffage.com/

Half-year results 2015 - Eiffage

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