Quarterly Report • Nov 12, 2014
Quarterly Report
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12 November 2014
| In millions of euros | To 30/09/2013 | To 30/09/2014 | Actual consolidation scope |
Like-for-like |
|---|---|---|---|---|
| CONSTRUCTION | 2,615 | 2,664 | +1.9% | + 2.0 % |
| Of which Property | 429 | 448 | ||
| PUBLIC WORKS | , 3,060 |
, 2,901 |
-5.2% | - 6.1 % |
| ENERGY | 2,311 | 2,162 | -6.4% | - 5.5 % |
| METAL | 634 | 655 | +3.3% | - 20.2 % |
| Sub-total Contracting | 8,620 | 8,382 | -2.8% | - 4.5 % |
| CONCESSIONS (excluding IFRIC 12) | 1,727 | 1,793 | +3.8% | + 3.2 % |
| TOTAL GROUP (excluding IFRIC12) | 10,347 | 10,175 | -1.7% | - 3.3 % |
| Of which: | , | |||
| . France | 8,773 | 8,451 | -3.7% | - 3.6 % |
| . Europe | 1,359 | 1,516 | +11.6% | + 0.8 % |
| . Rest of world | 215 | 208 | -3.3% | - 16.3 % |
| Construction revenue of Concessions (IFRIC 12) | 188 | 196 | nm |
| rd quarter 3 2013 |
rd quarter 3 2014 |
% change | |
|---|---|---|---|
| In millions of euros | |||
| CONSTRUCTION | 919 | 894 | -2.7% |
| Of which Property | 172 | 167 | |
| PUBLIC WORKS | 1,254 | 1,114 | -11.2% |
| ENERGY | 761 | 744 | -2.2% |
| METAL | 233 | 234 | +0.4% |
| Sub-total Contracting | 3,167 | 2,986 | -5.7% |
| CONCESSIONS (excluding IFRIC 12) | 653 | 678 | +3.8% |
| TOTAL GROUP (excluding IFRIC12) | 3,820 | 3,664 | -4.1% |
| Construction revenue of Concessions (IFRIC 12) | 74 | 77 | nm |
Consolidated sales reported by Eiffage for the third quarter of 2014 came to nearly €3.7bn, down by 4.1% compared with the third quarter of 2013.
In Contracting, because of the slowdown in public sector orders in the third quarter of 2014, the level of activity at the Public Works division was down, especially for road works in France. Motorway traffic increased, with revenue contributed by the Concessions rising by 3.8%.
Consolidated sales in the first nine months of 2014 reached nearly €10.2bn, equivalent to year-on-year decreases of 1.7% on a reported basis and of 3.3% on a like-for-like basis.
In Contracting, sales came to €8.4bn in the nine months to 30 September 2014, down by 2.8% on a reported basis and by 4.5% like-for-like.
In Concessions, total traffic on the APRR network, as measured by the number of kilometres travelled, increased by 1.4% in the first nine months of 2014 compared with the same period in 2013. Light vehicle traffic increased by 1.4% and heavy goods vehicle traffic by 1.9%.
Consolidated revenue contributed by APRR increased to €1,645m in the first nine months of 2014, up by 2.3% from €1,607m in the first nine months of 2013.
As regards the A65 Pau-Langon motorway operated by A'Liénor, there was another sharp increase in overall traffic, up by 9.5%, with increases of 5.7% for light vehicles and of 68.0% for heavy goods vehicles. Toll revenues increased by 15.3% to €36.9m in the first nine months of 2014.
Overall traffic on the Millau viaduct in the first nine months of 2014 was up by 1.7%, with increases of 1.0% for light vehicles and of 10.2% for heavy goods vehicles. Toll revenues increased by 5.7% to €33.2m in the first nine months of 2014.
Toll revenues for the Avenir motorway in Senegal reached €13.6m in the first nine months of 2014.
Revenue contributed by the Pierre Mauroy Stadium in Lille amounted to €15.7m, up from €13.6m in the first nine months of 2013.
Other concessions and public-private partnerships generated revenue of €48.3m, down from €52.7m in the first nine months of 2013, as several contracts have since been sold.
The Group's liquidity (as measured by money market investments and undrawn confirmed credit lines) reached €1.8bn at 30 September 2014 (up €0.8bn from 30 September 2013), compared with €1.5bn at 30 June 2014, this improvement stemming notably from the refinancing on 30 September 2014 of the Group's syndicated credit line for an amount of €1bn, confirmed through to end-2020.
This new facility, which is intended to fund the Group's general corporate purposes, replaced an undrawn confirmed credit line amounting to €700m, available until December 2015.
Arranged in excellent conditions, the new credit facility was oversubscribed by 25%, underlining the market's confidence in Eiffage. This new facility has improved the Group's liquidity and increased the average duration of the financial resources available to the Group.
As for APRR, it realised a new bond issue amounting to €1.4bn on 4 November 2014, consisting of two tranches of €700m each, at historically low rates: one tranche for six years, maturing in January 2021 and offering a coupon of 1.125%, and the other tranche for ten years, maturing in January 2025 and offering a coupon of 1.875%.
Given the decline in orders from the public sector, which was sharper than anticipated in the roads sector as well as the ongoing selectivity in order intake, Group sales for 2014 are now expected to be down slightly.
The Group is otherwise confirming its outlook of increase in results and reduction of net debt.
The order book increased to €11.9bn on 1 October 2014, an increase of 1.1% compared with 1 January 2014 (+5.9% excluding the BPL high-speed rail line project). The order book is equivalent to more than 12 months of activity in Contracting.
Sales for the year ending 31 December 2014 will be published after trading hours on 10 February 2015 and results for this period on 25 February 2015.
Investor contact: Xavier Ombrédanne Eiffage - 163 Quai du Docteur-Dervaux 92601 Asnières-sur-Seine Cedex Tel: + 33 (0)1 41 32 81 44 – E-mail: [email protected]
Press contact: Sophie Mairé Eiffage - 163 Quai du Docteur-Dervaux 92601 Asnières-sur-Seine Cedex Tel: + 33 (0)1 41 32 78 84 – E-mail: [email protected]
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