Eiffage S.A. — Earnings Release 2010

Feb 11, 2011

SALES FOR THE FOURTH QUARTER OF 2010

In millions of euros	th quarter 2009 4	th quarter 2010 4	% change
CONSTRUCTION Of which property	893 112	1,011 198	+13.2%
PUBLIC WORKS	1,018	965	-5.2%
ENERGY	826	809	-2.1%
METAL	191	199	+4.2%
Sub-total Contracting Activities	2,928	2,984	+1.9%
CONCESSIONS (excluding IFRIC 12)	443	463	+4.5%
TOTAL GROUP (excluding IFRIC 12)	3,371	3,447	+2.2%
Construction revenue of Concessions (IFRIC 12)	107	84	n/s

SALES FOR THE FULL YEAR 2010

	2009	2010	Change
In millions of euros
CONSTRUCTION Of which Property	3,704 531	3,620 456	-2.3%
PUBLIC WORKS	3,731	3,888	+4.2%
ENERGY	3,194	3,094	-3.1%
METAL	706	737	+4.4%
Sub-total Contracting Activities	11,335	11,339	+0.0%
CONCESSIONS (excluding IFRIC 12)	1,898	1,991	+4.9%
TOTAL GROUP (excluding IFRIC 12)	13,233	13,330	+0.7%
Of which:
* France	11,159	11,185	+0.2%
* Europe	1,959	2,046	+4.4%
* Rest of world	115	99	-13.9%
Construction revenues of Concessions (IFRIC 12)	365	306	n/s

As in the two preceding quarters, EIFFAGE reported a 2.2% increase in its consolidated sales for the fourth quarter of 2010. Consolidated sales for the fourth quarter amounted to €3.4bn, with increases in both the Contracting activities (1.9% growth) and Concessions (4.5% growth).

Consolidated sales for the full year 2010 came to €13.3bn, in line with expectations at the start of the year, compared with €13.2bn in 2009. This represents 0.7% growth, but a decrease of 1.3% at constant scope and exchange rates.

In the Contracting activities, stable 2010 sales of €11.3bn matched those of 2009, mainly reflecting external growth. At constant scope and exchange rates, sales decreased by 2.4%, with a larger drop in figures for Europe excluding France, down 6.9%, than for France, down 1.3 %.

Construction: sales of €3,620m millions (down 2.3% on a reported basis and down 2.7% at constant consolidation scope and exchange rates)

• . In France, EIFFAGE CONSTRUCTION recorded sales of €2,843m, thanks to high growth in the fourth quarter. This high figure brought the full-year decline down to 3.9. Property sales picked up strongly at year-end. Reservations booked by EIFFAGE IMMOBILIER in 2010 amounted to 2,962 residential units, matching the pre-crisis level. This compares with 2,600 units in 2009 and 1,500 in 2008.
• . In the rest of Europe, sales increased by 2.5% in total, to €777m. In Benelux sales grew by 4.2% and in Poland by 15.1%, whereas further decreases were recorded in the Czech Republic, down 12.6%.

Public works: sales of €3,888m (up 4.2% on a reported basis and down -1.2% at constant consolidation scope)

• . In France, EIFFAGE TRAVAUX PUBLICS experienced problems with adverse weather conditions and protest-linked supply interruptions for asphalt and fuel oil during the fourth quarter. Sales were down 11.5%. For the full year, sales of €3,179m nearly matched the 2009 level, with a 0.3% decline.
• . In the rest of Europe, sales increased by 32.6% to €655m. Acquisitions of FABER and EIFFAGE RAIL doubled sales in Germany to €414m. Meanwhile, the Spanish market remained very difficult, and sales fell by more than 13%.

Energy: sales of €3,094m (down 3.1% on a reported basis and down 3.2% at constant consolidation scope)

• . In France, the change in trend that began at mid-year was confirmed, and after activity stabilised in the third quarter, it picked up slightly in the fourth quarter with sales growth of nearly 2%. For the full year, sales reached €2,544m, decreasing just 0.6%. Order intake increased at both FORCLUM and CLEMESSY.
• . In the rest of Europe, sales came to €519m, down 9.9%. Activity for 2010 as a whole varied by country, with 5% growth in Germany, a moderate 5% decline in Benelux, and steeper declines in the Iberian peninsula and Italy.

Metal: sales of €737m (up 4.4% on a reported basis and down 3.5% at constant consolidation scope)

• . In France, sales of EIFFEL's Metal business grew by 15.2%, buoyed by positive performance in metallic construction and 10.1% external growth. These factors offset lower activity in tertiary-sector facades and industrial services.and maintenance.
• . In the rest of Europe, sales declined to €88m, down 38.9%. The steep pullback resulted from completion of EIFFEL DEUTSCHLAND's large project at the Berlin airport. Order intake in 2010 consolidated order book.

In Concessions, traffic on the APRR network increased by 2.6%, as measured by the number of kilometres travelled. Light vehicle traffic grew by a solid 2% for the year as a whole, and the recovery in heavy goods vehicle traffic that began in the first quarter was confirmed during the subsequent quarters for full-year growth of 6.1%. Consolidated sales contributed by APRR (excluding IFRIC 12) amounted to €1,940m for 2010, compared with €1,860m in 2009, an increase of 4.3%.

Traffic on the Millau Viaduct totalled 4,750,000 vehicles in 2010, up 0.9%. Light vehicle traffic grew by 0.7% and heavy goods vehicles traffic grew by 4.1%. Toll receipts rose by 2.4% to €34m.

A'Liénor, which holds the concession to operate the A65 Pau-Langon motorway, opened the road to traffic on 16 December 2010. The operation is off to a satisfactory start, with receipts of €2m.

Eiffage's optical fibre networks concession produced sales of €5m in 2010 compared with €2m in 2009. The currently operating Public-Private Partnerships had sales of €10m compared with €2m in 2009.

The Group's order book rose by 7.7% during the last three months of 2010 and by 8.7% for the full year to €10.7b. It represents more than 11 months of activity for the works divisions.

Results for the full year ended 31 December 2010 will be published on 24 February 2011 after trading hours.

Investor contact:

Philippe Delmotte Eiffage 163 Quai du Docteur-Dervaux 92601 Asnières-sur-Seine Cedex Tel.: +33 (0)1 41 32 81 05 – e-mail: philippe.delmotte@eiffage.com