Earnings Release • Nov 6, 2017
Earnings Release
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Vélizy-Villacoublay, 6 th November 2017 17:40
| % change | ||||
|---|---|---|---|---|
| In millions of euro | At 30/09/2016 | At 30/09/2017 | Actual consolidation scope |
Like-for-like (lfl**) |
| Construction | 2,552 | 2,594 | +1.6% | +0.2% |
| Of which property | 457 | 511 | ||
| Infrastructures | 3,103 | 3,387 | +9.2% | +8.5% |
| Energy | 2,455 | 2,702 | +10.1% | +7.8% |
| Sub-total Contracting | 8,110 | 8,683 | +7.1% | +5.7% |
| Concessions (excluding IFRIC 12) | 1,952 | 2,093 | +7.2% | +7.4% |
| TOTAL GROUP (excluding IFRIC12) | 10,062 | 10,776 | +7.1% | +6.0% |
| Of which: | ||||
| France | 8,123 | 8,494 | +4.6% | +4.1% |
| International | 1,939 | 2,282 | +17.7% | +14.0% |
| Europe outside France | 1,667 | 1,945 | +16.7% | +12.4% |
| Rest of world | 272 | 337 | +23.9% | +23.9% |
| Construction revenue of Concessions (IFRIC 12) |
203 | 237 | nm |
(*) Excluding adjustment to non-current deferred taxes
(**) Constant consolidation scope: calculated by neutralising:
the 2017 contribution made by companies consolidated for the first time in 2016, for the period equivalent to that in 2016 before they were consolidated for the first time;
the 2016 contribution made by companies deconsolidated in 2017, for the period equivalent to that in 2017 after they were deconsolidated;
the 2016 contribution made by companies deconsolidated in 2016.
Constant exchange rates: 2016 exchange rates applied to 2017 local currency sales.
- the 2017 contribution made by companies consolidated for the first time in 2017;
| In millions of euro | rd quarter 3 2016 |
rd quarter 3 2017 |
% change |
|---|---|---|---|
| Construction | 823 | 833 | +1.2% |
| Of which property | 126 | 182 | |
| Infrastructures | 1,178 | 1,235 | +4.8% |
| Energy | 832 | 924 | +11.1% |
| __ | __ | _______ | |
| Sub-total Contracting | 2,833 | 2,992 | +5.6% |
| Concessions (excluding IFRIC 12) | 732 | 791 | +8.1% |
| TOTAL GROUP (excluding IFRIC12) | 3,565 | 3,783 | +6.1% |
| Construction revenue of Concessions (IFRIC 12) |
62 | 62 | nm |
Consolidated sales reported by Eiffage for the third quarter of 2017 increased to almost €3.8bn, up by 6.1% year-on-year (with increases of 5.6% for Contracting and 8.1% for Concessions).
As a result, consolidated sales for the first nine months of 2017 reached almost €10.8bn, up by 7.1% on a reported basis and by 6.0% like-for-like.
Sales contributed by the Contracting activities increased by 7.1% on a reported basis (and by 5.7% likefor-like) to €8.7bn.
Construction: sales of €2,594m (up by 1.6 % on a reported basis and by 0.2% like-for-like)
Infrastructures: sales of €3,387m (up by 9.2% on a reported basis and by 8.5% like-for-like)
Energy: sales of €2,702m (up by 10.1% on a reported basis and by 7.8% like-for-like)
In Concessions, overall traffic on the APRR network, as measured by the number of kilometres travelled, increased by 3.0% in the first nine months of 2017 compared with the same period in 2016 (with a 3.5% increase in the third quarter of 2017). Light vehicle traffic increased by 2.7%, while heavy goods vehicle traffic increased by 5.1%.
Total revenue contributed by APRR (excluding construction revenue) increased by 3.9% to €1,851m in the first nine months of 2017.
As regards the A65 Pau-Langon motorway operated by A'Liénor, overall traffic rose by 1.6%, with an increase of 2.1% for light vehicle traffic but a 2.7% decrease for heavy goods vehicle traffic. Total revenue increased by 3.4% to €44.2m.
Overall traffic on the Millau viaduct increased by 0.7%, with light vehicle traffic just about stable, inching up by 0.2%, whereas heavy goods vehicle traffic increased by 6.6%. Total revenue increased by 4.5% to €39.8m.
Revenue contributed by the Pierre Mauroy Stadium in Lille increased by 49.8% to €32.5m, while revenue contributed by the Avenir motorway in Senegal increased by 28.9% to €26.4m.
Other concessions and public-private partnerships generated revenue of €98.6m compared with €46.9m in the first nine months of 2016, the increase being due notably to the commissioning of the Bretagne-Pays de la Loire (BPL) high-speed rail line on 2 July 2017.
The Group's liquidity (as measured by money market investments and undrawn confirmed credit lines) reached €2.4bn at 30 September 2017, up by €0.2bn year-on-year.
On 6 October 2017, Fitch Ratings upgraded APRR's credit rating from BBB+ (Positive outlook) to A- (Stable outlook). Note that APRR has been rated A- (Stable outlook) by Standard & Poor's since November 2016.
APRR successfully realised today a new €700 million bond issue for 15 years (maturing in January 2033) with an annual coupon of 1.5%.
Thanks to the significant orders taken by all Contracting divisions, the order book increased to €13.0bn at 30 September 2017, up by 8.7% year-on-year (stable compared with 30 June 2017). The order book is equivalent to 12.9 months of activity for the Contracting divisions.
The level of activity and order intake in the first nine months of 2017 support the outlook of an increase in the Group's sales over 2017 as a whole, along with an increase in the results of all the divisions (before the adjustment to non-current deferred taxes).
Sales for the year ending 31 December 2017 will be published on 28 February 2018 after trading hours, at the same time as the Group's results for this period.
Investor contact Press contact Xavier Ombrédanne Sophie Mairé Tel: + 33 (0)1 71 59 10 56 Tel: + 33 (0)1 71 59 10 62 E-mail: [email protected] E-mail: [email protected]
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