COLAS (EPA:RE) - Press Release Revenue and Results 3rd quarter and first nine months of 2013

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13/11/2013 17:50

PRESS RELEASE

                                                  Boulogne, November 13, 2013

                              REVENUE AND RESULTS
                   3rd quarter and first nine months of 2013

* Results have improved for 3rd quarter
  o Revenue: EUR4.1 B (+1%)
  o Operating profit: EUR299 M (+EUR29 M)
  o Net profit attributable to the Group: EUR219 M (+EUR22 M)
* High level of work-on-hand: EUR7.1 B (+1%)

Consolidated key figures as of September 30, 2013

in millions of euros          As of        As of       Change   Full year
                           30/09/2012    30/09/2013                2012

Consolidated revenue         9,670         9,664       - 0.1%     13,036
of which France              5,455         5,543        +1.6%      7,363
of which International       4,215         4,121        -2.2 %     5,673
Operating profit               236           223     - EUR13 M       406
Consolidated net profit
(attributable to the Group)    178           187       +EUR9 M       302

(Net debt)
/Net cash                     (786)         (834)    - EUR48 M      (170)

Revenue

As of September 30, 2013, the Colas Group's consolidated revenue amounted to
9.7 billion euros, nearly identical to the figures posted on September 30,
2012 (-0.1% and +0.3% with comparable exchange rates and scope of business).
Following a first half year marked by particularly unfavorable weather in
Mainland France, Europe and North America, business went smoothly during the
3rd quarter, with normal climate conditions, making it possible to partially
catch up on delays in revenue recorded at the end of June.

Trends by business segments were as follows:

Roads

In Mainland France, revenue remained stable over the first nine months, thanks
to good levels of business during the 3rd quarter (+3.5% compared to 3rd
quarter 2012) which helped make up for delays during the first half year posted
end-June.

In Europe, business was down 4% (-2% with comparable exchange rates and scope
of business).

In North America, business during the 3rd quarter was not able to offset
weather-related delays from the first half year. Revenue is down 8% compared to
the end of September 2012 (-7% with comparable exchange rates and scope of
business), in particular in Canada due to a contraction of the market in
certain Provinces.

In the Rest of the World, revenue is up 2%. Asia/Australia and the French
overseas departments are enjoying growth. The Africa/Indian Ocean zone has
recorded a drop, principally in Morocco.

Specialized activities

During the first three quarters of 2013, revenue rose 11%. This increase
reflects disparities amongst the different lines of business, as was the case
during the first half year: strong growth was recorded for Railways (+23%) and
for the Sales of Refined Products (+18%) due to the end of a processing
contract with Total on January 1, 2013 (by which Total commercialized 40% of
SRD's production); Waterproofing held up well (+6%); Pipelines remained
practically stable (-1%) and Road Safety and Signaling was down (-5%).

Profitability

Operating profit for the 3rd quarter totaled 299 million euros, up 29 million
euros from 3rd quarter 2012. The majority of the Group's businesses performed
well, in particular Roads in Mainland France and Railways. Nonetheless, as of
the end of September 2013, this improvement has not offset the impact of
unfavorable weather during the first half year, losses in the Sales of refined
products activity which is suffering from additional downward trends in prices
compared to the first three quarters of 2012, and a decrease in North America's
operating profit, due to a combination of eroding profitability in Canada as
well as a sluggish recovery of traditional business segments and difficulties
encountered on civil engineering projects in the United States. In consequence,
as of September 30, 2013, operating profit totaled 223 million euros, compared
to 236 million euros on September 30, 2012.

The share of net profit attributable to the Group rose to 187 million euros
(+9 million euros compared to the end of September 2012), boosted in particular
by an increase in income from associates, notably the Thai subsidiary Tasco.

Financial situation

Net financial debt amounts to 834 million euros (786 million euros on September
30, 2012), thus reflecting conventional seasonality effects.

Outlook

Work on hand at the end of September 2013 remained high, at 7.1 billion euros
(+1% from the end of September 2012), due notably to the securing of major
contracts: a design-build project for the Tangiers-Kenitra high speed train
line in Morocco, the construction of two sections of Motorway M85 in Hungary,
and a consortium PPP to improve and upgrade the Iqaluit International Airport
in Nunavut, Canada.

Based on all currently available data, revenue for 2013 will total nearly
13.1 billion euros (previous forecast at 13.2 billion) due to the unfavorable
impact of the euro exchange rates.

  The financial statements have been subject to a limited review by statutory
                                    auditors.
   This press release is available in French and in English at www.colas.com

Consolidated condensed income statement for 3rd quarter 2013

in millions of euros           3rd quarter      Change
                              2012     2013

Revenue                      4,076    4,104      +0.7%
Operating profit               270     299      +EUR29 M
Net profit attributable
to the Group                   197     219      +EUR22 M

Revenue as of September 30, 2013 by business segment

in millions of euros       As of        As of    Change       Changes on
                        30/09/2012   30/09/2013          like-for-like basis

Roads Mainland France      3,855        3,858        =             =
Roads Europe               1,092        1,044       -4%           -2%
Roads North America        1,964        1,809       -8%           -7%
Roads Rest of the World    1,067        1,090       +2%           +2%
Total Roads                7,978        7,801       -2%           -2%
Specialized activities     1,672        1,849      +11%          +10%
Parent company              20           14        n/s            n/s
TOTAL                      9,670        9,664     -0.1%         +0.3%

Revenue as of September 30, 2013 by geographic zone

in millions of euros           As of          As of       Change
                            30/09/2012     30/09/2013

Mainland France               5,134           5,191         +1%
French Overseas Departments    321             352         +10%
France                        5,455           5,543         +2%
North America                 1,971           1,815         -8%
Europe (excl. France)         1,428           1,477         +3%
Rest of the World(1)            816             829         +2%
International(1)              4,215           4,121         -2%
TOTAL                         9,670           9,664       -0.1%

Net cash flow and Net capital expenditure as of September 30, 2013

in millions of euros        As of        As of      Change  Full year
                         30/09/2012   30/09/2013               2012

Net cash flow              519            466      -53 MEUR    723
Net capital expenditure    223            170      -53 MEUR    345

(1) Including French Overseas Territories

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COLAS (EPA:RE) - Press Release Revenue and Results 3rd quarter and first nine months of 2013

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