EIFFAGE (EPA:FGR) - Eiffage - Financial information to 30 September 2019
Transparency directive : regulatory news
06/11/2019 17:40
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Vélizy-Villacoublay, 6 November 2019
17:40
Financial information to 30 September 2019
* Total sales to 30 September 2019 of EUR13.2bn (+10.6%, +8.6% lfl*)
- Brisk activity in Contracting (+12.7%, +10.3% lfl), both in France (+12.8%)
for international operations (+12.6%).
- Concessions revenue growth of 1.5%; slight decline in motorway traffic
(-0.8% on the APRR network).
* Contracting order book increased by +4% over one year to EUR14.5bn,
representing almost 12 months of activity.
* Confirmation of the Group's guidance of growth of activity and results for
the full year.
1 - SALES TO 30 SEPTEMBER 2019
To 30/09/2018 To 30/09/2019 Change
in millions of euros Actual Like-
consolidation for-like
scope (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
2 - SALES FOR THE THIRD QUARTER OF 2019
in millions of euros 3rd quarter 2018 3rd quarter 2019 Change
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
3 - REVIEW OF ACTIVITY
Consolidated sales reported by Eiffage for the 3rd quarter of 2019 reached
EUR4.7bn, 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 EUR13.2bn, 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
EUR11.0bn.
Construction: sales of EUR3,020m (+8.7% on a reported basis and +6.5% lfl)
- For construction, sales increased by 8.6% to EUR2,254m in France and by 9.0%
to EUR766m in Europe outside France on account of the contribution made by
Priora, the Swiss-based construction company acquired in 2018.
- For property development, sales increased by 16.4%. The marketing of new
housing units remained upbeat, with 3,356 reservations at the end of
September 2019 compared with 3,079 at the end of September 2018.
Infrastructure: sales of EUR4,732m (+19.2% on a reported basis and +16.7% lfl)
- In France, sales increased by 25.4% to EUR3,139m, with very sensible
increases for civil engineering, due notably to work on the Grand Paris
Express projects, as well as road construction (+11.9%).
- In Europe outside France, sales increased by 8.5% to EUR1,200m, particularly
in Spain.
- Outside Europe, sales increased by 8.9% to EUR393m.
Energy Systems: sales of EUR3,215m (+7.9% on a reported basis and +5.5% lfl)
- In France, sales increased by 2.2% to EUR2,178m.
- In Europe outside France, sales increased sharply by 36.4% to EUR892m, mainly
in the Netherlands (following the acquisition of Kropman) and in Spain.
- Outside Europe, sales reached EUR145m, compared to EUR193m at 30 September
2018.
Sales contributed by Concessions increased by 1.5% to EUR2,251m.
Total revenue contributed by APRR, excluding construction, reached EUR1,986m,
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 EUR51m,
with overall traffic up 1.5% (LV +1.9% and HGV -2.1%).
On the Millau viaduct, revenue increased by 2.5% to EUR42m 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 EUR23m,
while revenue contributed by the Autoroute de l'Avenir in Senegal came to
EUR40m.
Other concessions and public-private partnerships generated revenue of EUR109m
(EUR116m at 30 September 2018).
4 - SIGNIFICANT EVENT AFTER 30 JUNE 2019
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.
5 - FINANCIAL SITUATION
The Group's liquidity, as measured by money market investments and undrawn
confirmed credit lines, reached EUR3.7bn at 30 September 2019, up EUR1.3bn
year-on-year, due chiefly to the EUR1bn increase in the syndicated credit line
signed by the Group in May 2019.
6 - OUTLOOK
The Contracting order book stood at EUR14.5bn 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.
Change in order books (in billions of euros)
At 30/09/2018 At 30/06/2019 At 30/09/2019 % change % change
over 1 year 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%
Glossary
Item Definition
* Construction revenue The construction revenue of concessions
of Concessions (Ifric 12) 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 Portion of signed
book 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: xavier.ombredanne@eiffage.com e-mail: sophie.maire@eiffage.com