Earnings Release • Nov 6, 2019
Earnings Release
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Vélizy-Villacoublay, 6 November 2019 17:40
| To 30/09/2018 | To 30/09/2019 | Change | ||
|---|---|---|---|---|
| in millions of euros | Actual consolidation scope |
Like-for-like (lfl*) |
||
| Construction | 2,779 | 3,020 | +8.7% | +6.5% |
| Of which Property development | 574 | 668 | ||
| Infrastructure | 3,970 | 4,732 | +19.2% | +16.7% |
| Energy Systems | 2,979 | 3,215 | + 7.9% | +5.5% |
| Sub-total Contracting | 9,728 | 10,967 | +12.7% | +10.3% |
| Concessions (excl. Ifric 12) | 2,218 | 2,251 | +1.5% | +1.5% |
| Total Group (excl. Ifric 12) | 11,946 | 13,218 | +10.6% | +8.6% |
| Of which: | ||||
| France | 8,894 | 9,781 | +10.0% | +8.8% |
| International | 3,052 | 3,437 | +12.6% | +8.2% |
| Europe outside France | 2,462 | 2,858 | +16.1% | +10.8% |
| Outside Europe | 590 | 579 | -1.9% | -2.7% |
| Construction revenue (Ifric 12)** | 223 | 256 | nm |
| rd quarter 2018 3 |
rd quarter 2019 3 |
Change | |
|---|---|---|---|
| in millions of euros | |||
| Construction | 944 | 1,002 | +6.1% |
| Of which Property development | 205 | 223 | |
| Infrastructure | 1,494 | 1,734 | +16.1% |
| Energy Systems | 1,044 | 1,113 | +6.6% |
| Sub-total Contracting | 3,482 | 3,849 | +10.5% |
| Concessions (excl. Ifric 12) | 819 | 834 | +1.8% |
| Total Group (excl. Ifric 12) | 4,301 | 4,683 | +8.9% |
| Construction revenue (Ifric 12)** | 95 | 80 | nm |
Consolidated sales reported by Eiffage for the 3rd quarter of 2019 reached €4.7bn, up by 8.9% compared with the 3rd quarter of 2018 (+10.5% in Contracting and +1.8% in Concessions).
The Group's consolidated sales to 30 September 2019 thus came to €13.2bn, up by 10.6% on a reported basis and by 8.6% lfl.
Sales contributed by Contracting increased by 12.7% (+10.3% lfl) to almost €11.0bn.
Energy Systems: sales of €3,215m (+7.9% on a reported basis and +5.5% lfl)
Sales contributed by Concessions increased by 1.5% to €2,251m.
Total revenue contributed by APRR, excluding construction, reached €1,986m, up by 1.4%. Overall traffic on the APRR network, as measured by the number of kilometres travelled, declined slightly by 0.8% at 30 September 2019 (-0.5% in the third quarter) compared with the same period in 2018, when traffic benefited from the disruption of rail services. Light vehicle (LV) traffic declined by 1.2%, whereas heavy goods vehicle (HGV) traffic increased by 1.0%.
As regards the A65 Pau-Langon motorway, revenue increased by 3.6% to €51m, with overall traffic up 1.5% (LV +1.9% and HGV -2.1%).
On the Millau viaduct, revenue increased by 2.5% to €42m despite a 2.1% decline in traffic (LV -2.7% and HGV +3.3%).
Revenue contributed by the Pierre-Mauroy Stadium in Lille amounted to €23m, while revenue contributed by the Autoroute de l'Avenir in Senegal came to €40m.
Other concessions and public-private partnerships generated revenue of €109m (€116m at 30 September 2018).
On 25 July, Eiffage and Aéroport Marseille-Provence signed the concession agreement for the Lille Airport. The concession company in which Eiffage holds a majority stake, is responsible for making investments as well as servicing, maintaining and operating the airport over a 20-year period starting as of 1st of January 2020.
The Group's liquidity, as measured by money market investments and undrawn confirmed credit lines, reached €3.7bn at 30 September 2019, up €1.3bn year-on-year, due chiefly to the €1bn increase in the syndicated credit line signed by the Group in May 2019.
The Contracting order book stood at €14.5bn at 30 September 2019, up by 4% over one year (-3% over 3 months), representing 11.7 months of activity.
Eiffage confirms its guidance of growth of activity and results for the full year.
The Group's sales and results for the financial year 2019 will be published on 26 February 2020 after trading.
| At 30/09/2018 | At 30/06/2019 | At 30/09/2019 | % change over 1 year |
% change over 3 months |
|
|---|---|---|---|---|---|
| Contracting | 13.9 | 14.9 | 14.5 | +4% | -3% |
| Property development |
0.6 | 0.6 | 0.5 | -10% | -15% |
| Concessions | 1.1 | 1.1 | 1.1 | -3% | -1% |
Change in order books (in billions of euros)
| Item | Definition |
|---|---|
| * Construction revenue of Concessions (Ifric 12) |
The construction revenue of concessions corresponds to costs relating to services to build or improve the infrastructure committed by the concession operator determined in accordance with the requirements of Ifric 12, "Service Concession Arrangements", after elimination of intragroup operations. |
| Contracting activities order book |
Portion of signed contracts not executed. |
| ** lfl or like-for-like | Constant consolidation scope is calculated by neutralising: |
| The 2019 contribution made by companies consolidated for the first time in 2019; |
|
| The 2019 contribution made by companies consolidated for the first time in 2018, for the period equivalent to that in 2018 before they were consolidated for the first time; |
|
| The 2018 contribution made by companies deconsolidated in 2019, for the period equivalent to that in 2019 after they were deconsolidated; |
|
| The 2018 contribution made by companies deconsolidated in 2018. | |
| Constant exchange rates: 2018 exchange rates applied to 2019 local currency sales. |
Investor relations 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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