EIFFAGE (EPA:FGR) - Eiffage_Financial information as at 30 September 2021

Transparency directive : regulatory news

03/11/2021 17:40

Vélizy-Villacoublay, 3 November 2021
17:40

Financial information as at 30 September 2021

* Revenue at 30 September 2021 EUR13.5 billion (+17.7% compared to 2020; +2.3%
  compared to 2019)
* 3rd quarter activity buoyed by the traffic trend in Concessions
* Contracting order book strong at EUR16.4 billion, stable year-on-year
* Outlook for 2021:
- activity improving significantly compared to 2020, slightly higher than in
   2019 in Contracting and slightly lower in Concessions(1)
- net profit Group share significantly higher compared to 2020, could return
   to its 2019 level already this year
* Group liquidity up over the 12 months, reaching EUR4.6 billion

Key figures

                                                     Actual changes
in millions of euros          2019   2020    2021  2021/2020  2021/2019

Revenue at 30 September      13,218 11,492 13,525    +17.7%     +2.3%
of which Contracting         10,967  9,514 11,279    +18.6%     +2.8%
of which Concessions          2,251  1,978  2,246    +13.5%     -0.2%
3rd quarter revenue           4,683  4,574  4,825     +5.5%     +3.0%
of which Contracting          3,849  3,729  3,892     +4.4%     +1.1%
of which Concessions            834    845    933    +10.4%    +11.9%
APRR traffic (all vehicles)
at 30 September                                      +14.7%     -8.1%
of which 3rd quarter                                  +9.2%     +6.3%
Contracting order book
(in EUR billions)*             14.5   16.4   16.4       =        +13%
Group liquidity
(in EUR billions)*              3.7    4.1    4.6      +0.5      +0.9

*: see glossary

(1) excluding airports activities integrated in 2020

1 - REVENUE AT 30 SEPTEMBER 2021

                                 At 30/09               Changes       Change
                               2019    2020    2021    2021/2020    2021/2019
in millions of euros                                Actual  Lfl (*)  Actual
Construction                  3,020    2,439  2,911  +19.4% +19.5%    -3.6%
of which property development   668      543    734
Infrastructure                4,732    4,272  4,983  +16.6% +16.7%    +5.3%
Énergie Systèmes              3,215    2,803  3,385  +20.8% +20.0%    +5.3%
Contracting Sub-Total        10,967    9,514 11,279  +18.6% +18.4%    +2.8%
Concessions (excl. Ifric 12)  2,251    1,978  2,246  +13.5% +13.5%    -0.2%
Group Total (excl. Ifric 12) 13,218   11,492 13,525  +17.7% +17.6%    +2.3%
Of which:
France                        9,781    8,395  9,983  +18.9% +18.7%    +2.1%
International                 3,437    3,097  3,542  +14.4% +14.4%    +3.1%
Europe exc. France            2,858    2,516  2,960  +17.6% +17.4%    +3.6%
Outside Europe                  579      581    582   +0.2%  +1.6%    +0.5%
Construction revenue
(Ifric 12)*                     256      184    180    n.m.            n.m.
* : see glossary

2 - REVENUE FOR THE 3rd QUARTER 2021

                              3rd quarter             Change       Change
in millions of euros          2019   2020   2021   2021 / 2020  2021 / 2019
Construction                 1,002    966    941      -2.6%         -6.1%
of which property development  223    222    268
Infrastructure               1,734  1,724  1,816      +5.3%         +4.7%
Énergie Systèmes             1,113  1,039  1,135      +9.2%         +2.0%
Contracting Sub-Total        3,849  3,729  3,892      +4.4%         +1.1%
Concessions (excl. Ifric 12)   834    845    933     +10.4%        +11.9%
Group Total (excl. Ifric 12) 4,683  4,574  4,825      +5.5%         +3.0%
Construction revenue
(Ifric 12)*                     80     74     68       n.m.          n.m.
*: see glossary

3 - GENERAL DESCRIPTION OF THE ACTIVITY

In the 3rd quarter of 2021, Eiffage generated consolidated revenue of EUR4.8
billion, up 5.5% compared to the 3rd quarter of 2020 (+4.4% in Contracting and
+10.4% in Concessions) and 3.0% compared to the 3rd quarter of 2019 (+1.1% in
Contracting - of which +0.1% in France - and +11.9% in Concessions).

At 30 September 2021, the Group's consolidated revenue thus stood at EUR13.5
billion, up 17.7% in actual terms (+2.3% compared to 2019) and 17.6% on a
like-for-like basis.

In Contracting, activity grew by 18.6% (+18.4% lfl) compared to 2020 and is now
EUR11.3 billion, up 2.8% compared to 2019 (+2.8% in France and +2.9%
internationally).

Construction: EUR2,911 million (+19.4% compared to 2020; -3.6% compared to
2019)

- In Construction, activity increased by 24.6% to EUR2,246 million in France
(-0.4% compared to 2019), and by 4.6% to EUR665 million in Europe excluding
France (-13.2% compared to 2019, mainly in Switzerland and Poland).

- In property development, turnover increased by 35% year-on-year (+10%
compared to 2019). Sales of housing units totalled 2,591 reservations recorded
at the end of September 2021 compared with 3,186 at the end of September 2020
(3,356 at the end of September 2019).

Infrastructure: EUR4,983 million (+16.6% compared to 2020; +5.3% compared to
2019)

- In France, turnover increased by 17.1% to EUR3,258 million (+3.8% compared to
2019), still driven by the major projects of the Grand Paris Express and the
Saint-Nazaire wind farm (Metal and Civil Engineering).

- In Europe excluding France, activity was up 25.8% to EUR1,334 million (+11.2%
compared to 2019), benefitting from the ramp-up of works on the HS2 high speed
line in the UK and the A3 motorway in Germany.

- Outside Europe, revenue fell 9.1% to EUR391 million (-0.5% compared to
2019).

Énergie Systèmes: EUR3,385 million (+20.8% compared to 2020; +5.3% compared
to 2019)

- In France, revenue stands at EUR2,279 million, up 21.7% (+4.6% compared to
2019).

- In Europe excluding France, activity improved in all the countries the
division is present in to EUR960 million (+17.2% compared to 2020 and +7.6%
compared to 2019).

- Outside Europe, revenue was EUR146 million, compared with EUR112 million at
30 September 2020 (EUR145 million at 30 September 2019).

In Concessions, activity was up 13.5% compared to 30 September 2020 at EUR2,246
million and down slightly, by 0.2% compared to 2019 (-3.5% excluding revenue
from airports integrated in 2020).

APRR's consolidated revenue excluding construction came to EUR1,910 million, up
15.3% compared to 2020 and a limited decrease of 3.8% compared to 2019 thanks
to a very strong 3rd quarter (+8.5% in revenue terms and +6.3% in traffic terms
compared to the 3rd quarter of 2019). Overall traffic on the APRR network,
measured as the number of kilometres travelled, increased by 14.7% at 30
September 2021 compared to the same period in 2020 (-8.1% compared to 2019).
Traffic in light vehicles (LV) grew by 15.3% (-9.5% compared to 2019) and in
heavy goods vehicles (HGV) by 11.7% (-0.2% compared to 2019).

On the A65 motorway (Pau-Langon), revenue grew 13.1% and is now EUR48 million
(-4.4% compared to 2019), with traffic up 15.7% (LV: +17.2% and HGV: +4.5%). In
August 2021, Eiffage exercised its pre-emption right over the 35% of the share
capital of A'liénor (the company leasing the A65 motorway until 2067) held by
its sole co- shareholder Sanef, and entered into exclusive negotiations with
the latter for the acquisition of 100% of the share capital of Sanef Aquitaine,
the company that holds the A65 motorway operation and maintenance contract.

On the Millau viaduct, revenue increased by 22.7% to EUR43 million (+2.3%
compared to 2019) with traffic rising by 25.4% (LV: +27.8% and HGV: +8.9%).

Revenue from the Pierre Mauroy Stadium in Lille stood at EUR15 million, while
that from the "Autoroute de l'Avenir" motorway in Senegal grew 12.5% to EUR45
million.

The airport concessions (Lille and Toulouse airports) saw a 3.2% drop in
passenger traffic (x1.8 for the 3rd quarter), with revenue totalling EUR74
million. For the 3rd quarter, the drop in traffic compared to 2019 was 42%,
which confirms the recovery noted starting from the 2nd quarter in national and
European connections.

Other concessions and Public-Private Partnership operations generated revenue
of EUR111 million (EUR107 million at 30 September 2020).

4 - KEY EVENTS AFTER 30 SEPTEMBER 2021

Binding offer for the acquisition of EQUANS

On November 2, Eiffage, acting alone, has made a binding offer to ENGIE for the
purchase of the totality of EQUANS, whose activities are in line with the
Group's development strategy. Eiffage would not have recourse to a capital
increase if it were selected for this transaction. Eiffage will only
communicate on the aftermath of this project to the extent necessary and in
accordance with the confidentiality required for a process of this type.

Order intake

In early October 2021, the French Ministry of the Armed Forces designated the
Eiffage and Arcade-VYV consortium as the "preferred bidder" of the first
concession contract granted in France for outsourced management of their
residential housing stock in the territory. In this 35-year contract, more than
8,000 housing units will be renovated with the objective of improving their
energy performance and approximately 3,000 new housing units will be built at
55 sites throughout the territory, adopting a low-carbon approach. Nearly 4,000
housing units managed by other service providers will also be brought back into
the stock under contract and also renovated. The consortium will also be
responsible for the upkeep and maintenance of all the housing stock as well as
the modernisation and improvement of quality of the rental management service.
The works will be entrusted to Eiffage Construction and the stock will be
managed by Arcade-VYV. The contract is expected to be signed by the end of this
year.

5 - FINANCIAL SITUATION

At 30 September 2021, Eiffage SA and its Contracting subsidiaries had liquidity
of EUR4.6 billion composed of EUR2.6 billion in cash and cash equivalents and
an undrawn bank line of credit of EUR2 billion, without financial covenants.
This facility comes to maturity in 2026 for almost all of the amount. Eiffage
SA's liquidity is up EUR0.5 billion compared to 30 September 2020.

APRR for its own part had liquidity of EUR2.9 billion at 30 September 2021,
consisting of EUR0.9 billion in cash and cash equivalents and an undrawn bank
line of credit of EUR2 billion. This facility comes to maturity in 2026 for
almost all of this amount with a possible extension of one year. APRR's
liquidity is down by EUR0.5 billion compared to 30 September 2020.

6 - COMPOSITION OF THE BOARD OF DIRECTORS

Mr Abderrahim Hamdani, who has been in the Group for over 30 years, was
appointed by the Group's European Works Council on 8 October 2021 as a director
of Eiffage representing employees, bringing the number of members on the Board
of Directors to 12.

7 - OUTLOOK

Thanks to a very dynamic order intake from each of the Contracting divisions in
the third quarter, the Contracting order book stood at EUR16.4 billion at 30
September 2021. Stable year-on-year (-1% over 3 months), it currently
represents 12.7 months of activity.

In view of these figures for the business in the 3rd quarter, Eiffage
anticipates that, for the year as a whole, revenues will be slightly higher
than their 2019 level in Contracting and slightly lower in Concessions
(excluding the activity of airports integrated in 2020). Operating profit,
affected by Concessions in the 1st half-year, though benefitting from the
recovery in motorway traffic in the 3rd quarter, will probably remain slightly
behind its 2019 level. Net profit Group share, significantly higher than in
2020, could return to its 2019 level already this year.

For the Group, revenue and results for the 2021 financial year will be
published on 23 February 2022 after market closing. For APRR, revenue for the
2021 financial year will be published in January 2022.

Change in order books (EURbn)

                  At 30/09/2020 At 30/06/2021 At 30/09/2021 Change YoY Change
                                                                       over 3
                                                                       months
Contracting            16.4           16.6          16.4        =       -1%
Property development    0.7            0.6           0.6      -15%      -7%
Concessions             1.0            1.0           1.0       -5%      -1%

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: xavier.ombredanne@eiffage.com   e-mail: sophie.maire@eiffage.com

Glossary

Item

"Construction" revenue of Concessions (Ifric 12)

Definition

"Construction" revenue of the Concessions corresponds to the costs of carrying
out the construction or upgrade of infrastructure incurred by the concession
holder in application of the provisions of Ifric 12 "Service Concession
Arrangements", after removal of intra-group transactions.

Contracting order book

Portion of signed contracts not yet executed.

Operating margin

Operating profit/(loss) on ordinary activities as a percentage of revenues.

Like-for-like or at constant scope and exchange rate

Constant consolidation scope is calculated by neutralising:
the 2021 contribution made by companies consolidated for the first time in
2021;

the contribution made in 2021 by companies consolidated for the first time in
2020 for the period equivalent to that of 2020 which preceded their first-time
consolidation;

the contribution made in 2020 by companies deconsolidated in 2021 for the
period equivalent to that of 2021 after they were deconsolidated;

the 2020 contribution made by companies deconsolidated in 2020. Constant
exchange rate:

2020 exchange rates applied to 2021 revenues in currency.

Group Liquidity

The Group liquidity is calculated as follows:

cash and cash equivalents managed by Eiffage SA and its Contracting
subsidiaries + undrawn line(s) of credit of Eiffage SA

APRR Liquidity

APRR liquidity is calculated as follows: cash and cash equivalents managed by
APRR SA + undrawn line(s) of credit of APRR SA

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23/04/2024 17:45

EIFFAGE (EPA:FGR) - Eiffage_Financial information as at 30 September 2021

Transparency directive : regulatory news

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